HannStar Board Corporation and Subsidiaries

Consolidated Financial Statements for the Six Months Ended June 30, 2025 and 2024 and Independent Auditors’ Review Report

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

INDEPENDENT AUDITORS' REVIEW REPORT

To the Board of Directors and Shareholders of HannStar Board Corporation

Introduction

We have reviewed the accompanying consolidated balance sheets of HannStar Board Corporation and its subsidiaries (the "Group") as of June 30, 2025 and 2024, the related consolidated statements of comprehensive income for the three months and six months ended June 30, 2025 and 2024, and the related consolidated statements of changes in equity, cash flows for the six months ended June 30, 2025 and 2024 and the related notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as 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 International Accounting Standards (IAS) No. 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

Except as explained in the following paragraph, we conducted our reviews in accordance with Standards on Review Engagements No.2410 "Review of Financial Information Performed by the Independent Auditor of the Entity". A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Qualified Conclusion for the six month period then ended June 30, 2025

As described in Note 13 to the consolidated financial statements, the financial statements of some non-significant subsidiaries included in the consolidated financial statements referred to in the first paragraph were not reviewed by independent auditors. As of June 30, 2025, the combined total assets of these non-significant subsidiaries were $ 9,512,896 thousand, representing 9.26% of the consolidated total assets, and the combined total liabilities of these subsidiaries were $ 8,302,458 thousand, representing 13.44% of the consolidated total liabilities. The comprehensive income (loss) for the three month ended June 30, 2025 and for the six month ended June 30, 2025 were both ($ 94,887) thousand, representing (1.60%) and (2.23%), respectively, of the consolidated comprehensive income (loss). In addition, the information disclosed in Note 40 to the consolidated financial statements were not reviewed by independent auditors.

Qualified and Unqualified Conclusion

Based on our reviews, except for adjustments, if any, as might have been determined to be necessary had the financial statements of the non-significant subsidiaries as described in the

preceding paragraph been reviewed, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects the consolidated financial position of the Group as of June 30, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the six months ended June 30, 2025 and 2024 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standards (IAS) No. 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

The engagement partners on the reviews resulting in this independent auditors' review report are KER-CHANG WU and CHIH-YI CHANG.

Deloitte & Touche
Taipei, Taiwan
Republic of China

August 6, 2025

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

(Reviewed, Not Audited)

	June 30, 2025(Reviewed)		December 31, 2024(Audited)		June 30, 2024(Reviewed)
ASSETS
CURRENT ASSETS
Cash and cash equivalents (Note 6)	$23,342,960	23	$21,158,826	24	$20,119,554	24
Financial assets at fair value through profit or loss - current (Note 7)	447,148	-	477,897	1	368,624	-
Financial assets at amortized cost-current (Note 8)	2,814,820	3	2,921,750	3	1,758,407	2
Notes receivable (Note 9)	524,626	1	657,281	1	496,870	1
Accounts receivable (Note 9)	14,654,602	14	11,896,329	13	11,018,003	13
Accounts receivable from related parties (Note 9 and 35)	14,725	-	27,955	-	25,294	-
Other receivables	1,054,933	1	927,590	1	918,353	1
Other receivables from related parties (Note 35)	7,089	-	4,759	-	6,917	-
Inventories (Note 10)	9,510,626	9	7,604,740	8	7,785,327	9
Non-current assets held for sale (Note 12)	-	-	-	-	381,057	1
Other current assets (Note 20)	518,543	-	301,764	-	257,482	-
Total current assets	52,890,072	51	45,978,891	51	43,135,888	51
NON-CURRENT ASSETS
Financial assets at fair value through profit or loss - non-current(Note 7)	396,955	-	411,478	-	394,313	1
Financial assets at fair value through other comprehensive income-non-current (Note 11)	6,745,371	7	7,390,884	8	7,799,016	9
Financial assets at amortized cost- non-current (Note 8)	14,403,289	14	14,330,152	16	12,939,123	15
Investments accounted for using equity method (Note 14)	4,274,622	4	4,331,997	5	4,793,476	6
Property, plant and equipment (Note 15)	16,247,152	16	13,364,390	15	11,640,146	14
Right-of-use assets (Note 16)	1,662,558	2	1,566,248	2	1,610,009	2
Investment property (Note 17)	547,728	1	593,189	1	606,006	1
Goodwill (Note 18)	4,289,674	4	707,039	1	705,883	1
Intangible assets (Note 19)	458,165	1	24,194	-	16,251	-
Deferred income tax assets (Note 4)	394,943	-	242,918	-	345,475	-
Other non-current assets (Note 20)	456,152	-	469,588	1	289,133	-
Total non-current assets	49,876,609	49	43,432,077	49	41,138,831	49
TOTAL	$102,766,681	100	$89,410,968	100	$84,274,719	100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term borrowings (Note 21)	$24,555,542	24	$17,174,806	19	$13,928,274	17
Financial liabilities at fair value through profit or loss - non-current(Note 7)	6,399	-	-	-	-	-
Contract liabilities-current (Note 26)	-	-	15,781	-	20,721	-
Notes payable	169,505	-	269,485	1	234,046	-
Accounts payable	9,663,096	9	6,898,301	8	6,541,926	8
Accounts payable to related parties (Note 35)	27,009	-	7,823	-	9,478	-
Other payables (Note 22)	7,105,294	7	4,718,537	5	5,772,897	7
Other payables to related parties (Note 22 and 35)	5,179	-	6,377	-	6,483	-
Current income tax liabilities (Note 4)	1,290,981	1	1,138,464	1	1,262,176	1
Lease liabilities-current (Note 16)	249,359	-	215,842	-	192,891	-
Current portion of long-term borrowing (Note 21)	1,580,565	2	678,139	1	121,020	-
Other current liabilities (Note 22)	1,080,166	1	1,040,162	1	1,039,187	1
Total current liabilities	45,733,095	44	32,163,717	36	29,129,099	34
NON-CURRENT LIABILITIES
Long-term borrowings (Note 21)	13,421,293	13	7,971,551	9	6,366,308	8
Deferred income tax liabilities (Note 4)	997,950	1	981,885	1	998,311	1
Lease liabilities-non-current (Note 16)	669,829	1	463,746	1	524,308	1
Other non-current liabilities (Note 22)	941,557	1	414,976	-	329,832	-
Total non-current liabilities	16,030,629	16	9,832,158	11	8,218,759	10
Total liabilities	61,763,724	60	41,995,875	47	37,347,858	44
Equity attributable to shareholders of parent share capital (note 25)
Ordinary share	4,861,660	5	4,861,660	5	5,284,413	6
Capital surplus	4,344,592	4	4,290,990	5	4,292,417	5
Retained earnings
Legal reserve	3,110,486	3	2,808,273	3	2,808,273	3
Special reserve	1,009,027	1	1,009,027	1	1,009,027	1
Unappropriated retained earnings	16,036,557	15	16,257,556	18	14,686,755	18
Total retained earnings	20,156,070	19	20,074,856	22	18,504,055	22
Other equity interest	(1,066,897)	(1)	3,150,355	4	4,379,586	5
Treasury shares	(282,406)	-	(182,034)	-	(184,434)	-
Total equity attributable to shareholders of parent	28,013,019	27	32,195,827	36	32,276,037	38
NON-CONTROLLING INTERESTS (Note 25)	12,989,938	13	15,219,266	17	14,650,824	18
Total equity	41,002,957	40	47,415,093	53	46,926,861	56
TOTAL	$102,766,681	100	$89,410,968	100	$84,274,719	100

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

(With Deloitte & Touche auditors' review report dated August 6, 2025)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
(Reviewed, Not Audited)

	For The Three Months Ended June 30				For The Six Months Ended June 30
	2025		2024		2025		2024
	Amount	%	Amount	%	Amount	%	Amount	%
OPERATION REVENUE (Note 26 and 35)	$ 15,563,475	100	$ 10,400,730	100	$ 26,132,407	100	$ 19,646,882	100
OPERATION COSTS (Note 10 + 27 + 28 and 35)	12,306,454	79	7,714,296	74	20,708,731	79	14,618,016	74
GROSS PROFIT	3,257,021	21	2,686,434	26	5,423,676	21	5,028,866	26
OPERATING EXPENSES (Note 27 + 28 and 35)
Selling expenses	330,693	2	228,725	2	584,063	2	460,742	2
Administrative expenses	818,590	5	729,702	7	1,393,455	6	1,343,496	7
Research and development expenses	131,461	1	88,780	1	231,790	1	166,903	1
Expected credit (reversal gain) loss (Note 9)	( 3,986 )	-	( 6,809 )	-	( 4,891 )	-	( 12,004 )	-
Total operating expenses	1,276,758	8	1,040,398	10	2,204,417	9	1,959,137	10
PROFIT FROM OPERATIONS	1,980,263	13	1,646,036	16	3,219,259	12	3,069,729	16
NON-OPERATING INCOME AND EXPENSES (Note 27 and 35)
Interest income	415,907	3	389,257	4	785,041	3	725,933	4
Other income	139,214	1	45,622	-	502,590	2	85,502	-
Other gains and losses	( 535,205 )	( 4 )	( 167,754 )	2	( 431,607 )	( 2 )	350,425	2
Finance costs	( 207,650 )	( 1 )	( 105,639 )	( 1 )	( 357,495 )	( 1 )	( 216,735 )	( 1 )
Share of profit of associates accounted for using equity method	( 214,461 )	( 2 )	( 53,559 )	( 1 )	( 405,706 )	( 1 )	( 178,171 )	( 1 )
Total non-operating income and expenses	( 402,195 )	( 3 )	443,435	4	92,823	1	766,954	4
PROFIT BEFORE INCOME TAX	1,578,068	10	2,089,471	20	3,312,082	13	3,836,683	20
INCOME TAX EXPENSE (Note 4 and 30)	( 625,243 )	( 4 )	( 655,563 )	( 6 )	( 1,205,226 )	( 5 )	( 1,536,585 )	( 8 )
NET PROFIT FOR THE PERIOD	952,825	6	1,433,908	14	2,106,856	8	2,300,098	12
OTHER COMPREHENSIVE INCOME
Components of other comprehensive income that will not be reclassified to profit or loss
Unrealized gains (losses) from investments in equity instruments measured at fair value through other comprehensive income (loss)	( 348,503 )	( 2 )	310,323	3	( 763,201 )	( 3 )	( 205,604 )	( 1 )
Share of other comprehensive income (loss) of associates accounted for using equity method	65,013	-	( 35,368 )	-	56,157	-	3,374	-
	( 283,490 )	( 2 )	274,955	3	( 707,044 )	( 3 )	( 202,230 )	( 1 )
Components of other comprehensive income that will be reclassified to profit or loss
Exchange differences on translation of financial statement of foreign operations	( 6,402,436 )	( 41 )	497,177	4	( 5,529,442 )	( 21 )	2,040,400	10
Share of other comprehensive income (loss) of associates accounted for using equity method	( 183,333 )	( 1 )	( 18,518 )	-	( 122,922 )	-	9,058	-
	( 6,585,769 )	( 42 )	478,659	4	( 5,652,364 )	( 21 )	2,049,458	10
Other comprehensive income (loss) for the year, net of income tax	( 6,869,259 )	( 44 )	753,614	7	( 6,359,408 )	( 24 )	1,847,228	9
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	($ 5,916,434 )	( 38 )	$ 2,187,522	21	($ 4,252,552 )	( 16 )	$ 4,147,326	21
NET PROFIT ATTRIBUTABLE TO:
Shareholders of parent	$ 555,361	4	$ 925,535	9	$ 1,291,298	5	$ 1,451,324	8
Non-controlling interests	397,464	2	508,373	5	815,558	3	848,774	4
	$ 952,825	6	$ 1,433,908	14	$ 2,106,856	8	$ 2,300,098	12
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Shareholders of parent	($ 3,985,241 )	( 26 )	$ 1,468,447	14	($ 2,920,623 )	( 11 )	$ 2,616,338	13
Non-controlling interests	( 1,931,193 )	( 12 )	719,075	7	( 1,331,929 )	( 5 )	1,530,988	8
	($ 5,916,434 )	( 38 )	$ 2,187,522	21	($ 4,252,552 )	( 16 )	$ 4,147,326	21
EARNINGS PER SHARE (Note 31)
Basic	$ 1.15		$ 1.76		$ 2.67		$ 2.75
Diluted	$ 1.15		$ 1.76		$ 2.67		$ 2.75

The accompanying notes are an integral part of the consolidated financial statements.
(With Deloitte & Touche auditors' review report dated August 6, 2025)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Thousands of New Taiwan Dollars)

(Reviewed, Not Audited)

	Equity Attributable to Shareholders of Parent
	Ordinary share	Capital surplus	Retained earnings			Exchange Differences on Translation of Financial Statements of Foreign Operations	Other Equity		Treasury shares	Total	Non-controlling interests	Total
			Legal reserve	Special reserve	Unappropriated retained earnings		Unrealized gain(loss) on financial assets measured at fair value through other comprehensive income	Total
Balance at January 1, 2024	$ 5,284,413	$ 4,219,051	$ 2,540,052	$ 1,009,027	$ 14,549,158	($ 1,533,453)	$ 4,748,025	$ 3,214,572	$ -	$ 30,616,273	$ 13,876,296	$ 44,492,569
Appropriation of 2023 earnings
Legal reserve	-	-	268,221	-	( 268,221 )	-	-	-	-	-	-	-
Cash dividends	-	-	-	-	( 845,506 )	-	-	-	-	( 845,506 )	-	( 845,506 )
Changes in capital surplus from investment in associates accounted for using the equity method	-	42,288	-	-	-	-	-	-	-	42,288	-	42,288
Net profit for the six months ended June 30,2024	-	-	-	-	1,451,324	-	-	-	-	1,451,324	848,774	2,300,098
Other comprehensive income(loss) for the six months ended June 30, 2024, net of income tax	-	-	-	-	-	1,326,660	( 161,646 )	1,165,014	-	1,165,014	682,214	1,847,228
Total comprehensive income(loss) for the six months ended June 30, 2024	-	-	-	-	1,451,324	1,326,660	( 161,646 )	1,165,014	-	2,616,338	1,530,988	4,147,326
Subscribe for treasury shares	-	-	-	-	-	-	-	-	( 184,434 )	( 184,434 )	-	( 184,434 )
Changes in capital surplus from investment in subsidiaries accounted for using the equity method	-	47,930	-	-	-	-	-	-	-	47,930	68,456	116,386
Employees of subsidiary subscribe for treasury shares	-	( 16,852 )	-	-	-	-	-	-	-	( 16,852 )	142,639	125,787
Changes in non-controlling interests	-	-	-	-	-	-	-	-	-	-	( 967,555 )	( 967,555 )
Balance at June 30, 2024	$ 5,284,413	$ 4,292,417	$ 2,808,273	$ 1,009,027	$ 14,686,755	($ 206,793 )	$ 4,586,379	$ 4,379,586	($ 184,434 )	$ 32,276,037	$ 14,650,824	$ 46,926,861
Balance at January 1, 2025	$ 4,861,660	$ 4,290,990	$ 2,808,273	$ 1,009,027	$ 16,257,556	$ 107,880	$ 3,042,475	$ 3,150,355	($ 182,034 )	$ 32,195,827	$ 15,219,266	$ 47,415,093
Appropriation of 2024 earnings
Legal reserve	-	-	302,213	-	( 302,213 )	-	-	-	-	-	-	-
Cash dividends	-	-	-	-	( 1,215,415 )	-	-	-	-	( 1,215,415 )	-	( 1,215,415 )
Changes in capital surplus from investment in associates accounted for using the equity method	-	43,966	-	-	-	-	-	-	-	43,966	-	43,966
Net profit for the six months ended June 30,2025	-	-	-	-	1,291,298	-	-	-	-	1,291,298	815,558	2,106,856
Other comprehensive income(loss) for the six months ended June 30, 2025, net of income tax	-	-	-	-	-	( 3,669,666 )	( 542,255 )	( 4,211,921 )	-	( 4,211,921 )	( 2,147,487 )	( 6,359,408 )
Total comprehensive income(loss) for the six months ended June 30, 2025	-	-	-	-	1,291,298	( 3,669,666 )	( 542,255 )	( 4,211,921 )	-	( 2,920,623 )	( 1,331,929 )	( 4,252,552 )
Subscribe for treasury shares	-	-	-	-	-	-	-	-	( 100,372 )	( 100,372 )	-	( 100,372 )
Changes in capital surplus from investment in subsidiaries accounted for using the equity method	-	16,581	-	-	-	-	-	-	-	16,581	24,070	40,651
Subsidiary subscribe for treasury shares	-	( 29,857 )	-	-	-	-	-	-	-	( 29,857 )	( 245,147 )	( 275,004 )
Employees of subsidiary subscribe for treasury shares	-	22,912	-	-	-	-	-	-	-	22,912	166,192	189,104
Disposal by the subsidiary of equity instruments measured at fair value through other comprehensive income	-	-	-	-	5,331	-	( 5,331 )	( 5,331 )	-	-	-	-
Changes in non-controlling interests	-	-	-	-	-	-	-	-	-	-	( 842,514 )	( 842,514 )
Balance at June 30, 2025	$ 4,861,660	$ 4,344,592	$ 3,110,486	$ 1,009,027	$ 16,036,557	($ 3,561,786 )	$ 2,494,889	($ 1,066,897 )	($ 282,406 )	$ 28,013,019	$ 12,989,938	$ 41,002,957

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

(With Deloitte & Touche auditors' review report dated August 6, 2025)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)

	For The Six Months Ended June 30
	2025	2024
	Amount	Amount
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax	$ 3,312,082	$ 3,836,683
Adjustments for:
Depreciation expense	1,444,921	1,179,592
Amortization expense	28,046	5,375
Expected credit profit recognized on receivables	( 4,891 )	( 12,004 )
Net gain on financial assets or liabilities at fair value through profit or loss	( 30,755 )	( 49,875 )
Finance costs	357,495	216,735
Interest income	( 785,041 )	( 725,933 )
Dividend income	( 35,916 )	( 2,061 )
Share-based payment	40,651	116,387
Share of loss of associates accounted for using equity method	405,706	178,171
Loss on disposal of property, plant and equipment	27,515	29,462
Loss (gain) on disposal of invest	4,679	( 319 )
Asset impairment reversal gain	( 71 )	-
Impairment loss (gain) on inventories	112,370	( 88,879 )
Changes in operating assets and liabilities
Financial assets at fair value through profit or loss, mandatorily measured at fair value	174,052	( 60,139 )
Notes receivable	181,093	90,224
Notes receivable from related parties	-	1,013
Accounts receivable	227,285	( 125,155 )
Accounts receivable from related parties	21,646	3,884
Other receivable	( 39,241 )	113,488
Other receivable from related parties	( 2,330 )	3,081
Inventories	38,959	( 541,573 )
Other current assets	( 49,714 )	( 39,715 )
Other non-current assets	( 4,253 )	( 78,287 )
Contract liabilities	( 15,781 )	12,882
Notes payable	( 99,980 )	( 102,080 )
Accounts payable	807,233	694,138
Accounts payable to related parties	19,186	( 1,757 )
Other payable	( 815,077 )	64,944
Other payable to related parties	( 1,198 )	690
Other current liabilities	32,408	130,865
Other non-current liabilities	( 85,762 )	( 10,951 )
Cash generated from operations	5,265,317	4,838,886
Interest received	730,396	580,125
Interest paid	( 339,243 )	( 190,997 )
Income tax paid	( 1,536,507 )	( 1,631,481 )
Net cash generated from operating activities	4,119,963	3,596,533

(Continued)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)
(Reviewed, Not Audited)

	For The Six Months Ended June 30
	2025	2024
	Amount	Amount
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	($ 424,707)	($ 418,771)
Disposal of financial assets at fair value through other comprehensive income	264,762	-
Acquisition of financial assets at amortized cost	( 2,774,305)	( 2,919,380)
Proceeds from disposal of financial assets at amortized cost	1,147,656	2,095,023
Purchase of financial assets at fair value through profit or loss	( 463,368)	( 146,410)
Proceeds from disposal of financial assets at fair value through profit or loss	327,938	134,143
Purchase of investments accounted for using equity method	( 371,130)	( 855,751)
Acquisition of subsidiaries (Note 32)	( 4,680,885)	-
Acquisition of property, plant and equipment	( 1,218,360)	( 1,533,847)
Proceeds from disposal of property, plant and equipment	4,472	113,626
Decrease in refundable deposits	11,910	18,397
Acquisition of intangible assets	( 4,890)	( 2,474)
Increase in other non-current assets	( 236,279)	( 197,880)
Dividends received	9,344	2,061
Net cash used in investing activities	( 8,407,842)	( 3,711,263)
CASH FLOWS FROM FINANCING ACTIVITIES
Short-term borrowings	7,227,037	1,852,375
Proceeds from long-term borrowings	7,758,280	6,168,694
Repayments of long-term borrowings	( 5,602,384)	( 7,325,000)
Decrease in guarantee deposits received	( 59,477)	( 14,343)
Repayments of the principle of lease liabilities	( 113,635)	( 96,275)
Payments for purchase of treasury stock	( 100,372)	( 184,434)
Payments of subsidiaries purchase of treasury shares	( 275,004)	-
Treasury stock transferred to employees of subsidiary	189,104	125,787
Net cash flows used in financing activities	9,023,549	526,804
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	( 2,551,536)	1,014,931
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,184,134	1,427,005
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	21,158,826	18,692,549
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	$ 23,342,960	$ 20,119,554

The accompanying notes are an integral part of the consolidated financial statements.
(With Deloitte & Touche auditors' review report dated August 6, 2025)

(Concluded)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

NOTES TO FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

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

(Reviewed, Not Audited)

1. GENERAL INFORMATION

HannStar Board Corp. (the Company), a Republic of China (R.O.C.) corporation, formerly Pacific Science and Technology Industrial Co., Ltd., was incorporated on March 22, 1989. The Company engages mainly in the manufacturing and selling printed circuit boards. It was officially renamed as HannStar Board Corp. from December 21, 1998. The company's shares were officially traded on the OTC market in February 2001 and were relisted on the Taiwan Stock Exchange (TWSE) on August 25, 2003.

The company merged Shin Ho Electronics Corp., Ltd. through the interim meeting of shareholders in 2001, in order to expand the business scale, reduce costs and improve operating performance. The base date of the merger was January 1, 2002.

The consolidated financial statements are presented in the Company's functional currency, New Taiwan dollars.

2. APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Company's board of directors on August 06, 2025.

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

(1) Initial application of the amendments to 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) (collectively, "IFRSs Accounting Standards") did not have a significant effect on the Company accounting policies.

(2) The IFRSs endorsed by the FSC for application starting from 2026

New, Revised or Amended Standards and Interpretations	Effective Date Announced by IASB
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”	January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature- dependent Electricity”	January 1, 2026
Annual Improvements to IFRS Accounting Standards - Volume 11	January 1, 2026
IFRS 17 “Insurance Contracts”	January 1, 2023
Amendments to IFRS 17	January 1, 2023
Amendments to IFRS 17 “Initial Application of IFRS 17 and IFRS 9 - Comparative Information”	January 1, 2023

Up to the date of approval for issuance of these consolidated financial statements, the Group is still assessing the impact of the amendments on its financial position and financial performance. The related effects will be disclosed upon completion of the assessment.

(3) The IFRSs Accounting Standards in issue but not yet endorsed and issued into effect by the FSC

New, Revised or Amended Standards and Interpretations	Effective Date Announced by IASB
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 of Financial Statements and Disclosures"	January 1, 2027
IFRS 19 “Subsidiaries without Public Accountability: Disclosures”	January 1, 2027

Unless stated otherwise, the above IFRSs are effective for annual reporting periods beginning on or after their respective effective dates.

IFRS 18 "Presentation and Disclosure in Financial Statements"

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

Items of income and expenses included in the statement of profit or loss shall be classified into the operating, investing, financing, income taxes and discontinued operations categories.
The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
Provides guidance to enhance the requirements of aggregation and disaggregation: The Company shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Company shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Company labels items as "other" only if it cannot find a more informative label.
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 Corporation and its subsidiaries as a whole, the Corporation and its subsidiaries 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.
Except for the above impact, as of the date the consolidated financial statements were authorized for issue, the Group is continuously assessing the possible impact of the application of other standards and interpretations on the Group’s financial position and financial performance and will disclose the relevant impact when the assessment is completed.
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4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) Statement of compliance

These interim consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34 "Interim Financial Reporting" as endorsed and issued into effect by the FSC. Disclosure information included in these interim consolidated financial statements is less than the disclosure information required in a complete set of annual consolidated financial statements.

(2) Basis of Preparation

The consolidated financial statements have been prepared on the historical cost basis except for financial instruments that are measured at fair value, and net defined benefit liabilities which are measured at the present value of the defined benefit obligation less the fair value of plan assets.

The fair value is grouped into Levels 1 to 3 based on the measurable and observable degree of its inputs:

A. Level 1: 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.

(3) Basis of consolidation

The basis of preparation for the consolidated financial statements in this report is consistent with the one used in the consolidated financial statements for the year ended December 31, 2024.

Please refer to Note 13 and attached Table 4, 10 and 11 for detailed information on subsidiaries.

(4) Other significant accounting policies

Except for the following, please refer to the consolidated financial statements for the year ended December 31, 2024.

A. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. Interim period income taxes are assessed on an annual basis and calculated by applying to an interim period's pre-tax income the tax rate that would be applicable to expected total annual earnings.

B. Business Combinations

Business combinations are accounted for using the acquisition method. Acquisition-related costs are recognized as expenses in the period in which they are incurred and the services are received.

11 -

Goodwill is measured as the excess of the total of the fair value of the consideration transferred, the fair value of the non-controlling interest in the acquiree, and the fair value of the acquirer's previously held equity interests in the acquiree, over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date.

When the consideration transferred in a business combination includes assets or liabilities arising from contingent consideration agreements, the contingent consideration is measured at its fair value as of the acquisition date and forms part of the consideration transferred in exchange for the acquiree. Any subsequent changes in the fair value of contingent consideration that are considered adjustments during the measurement period are retrospectively adjusted to the acquisition cost and correspondingly adjust goodwill. The measurement period refers to the period following the acquisition date (not exceeding one year) during which adjustments are made based on additional information regarding facts and circumstances that existed as of the acquisition date.

C. Provisions

The amount recognized as a provision is based on the best estimate of the expenditure required to settle the obligation, considering the risks and uncertainties related to the obligation as of the balance sheet date. Provisions are measured at the present value of the estimated future cash flows required to settle the obligation.

a. Warranties

The Group's warranty obligations under sales contracts are recognized at the time revenue from the related goods is recognized, based on management's best estimate of the expenditure required to settle the obligation.

b. Decommissioning and Restoration Obligations

Under lease agreements, the Group is required to restore leased factories to their original condition at the end of the lease term. The Group recognizes a provision at the present value of the best estimate of the future outflows of economic benefits resulting from the fulfillment of the restoration obligations under the lease agreement.

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY

In the application of the Group's accounting policies, management is required to make judgments, estimations, and assumptions 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 significant accounting estimates, the Group considers the related impacts of relevant significant estimates. Management will continue to review these estimates and their underlying assumptions.

After evaluating the accounting policies, estimates, and underlying assumptions adopted by the Group, the management has determined that there are no significant uncertainties related to accounting judgments, estimates, or assumptions.

12 -

6. CASH AND CASH EQUIVALENTS

	June 30, 2025	December 31, 2024	June 30, 2024
Cash	$ 3,009	$ 3,164	$ 3,159
Deposits in banks	11,702,412	13,292,242	8,076,065
Cash equivalents
Time deposits with original maturities of less than 1 years	11,637,539	7,797,850	12,040,330
Repurchase Agreement	-	65,570	-
	$ 23,342,960	$ 21,158,826	$ 20,119,554

7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

	June 30, 2025	December 31, 2024	June 30, 2024
Financial assets at fair value through profit or loss-current
Derivative financial assets (no hedging specified)
— Foreign exchange swap contract (4)	$ 14,153	$ 703	$ -
Non-derivative financial assets
— Domestic listed (OTC) stocks (1)	42,400	96,750	86,940
— Fund beneficiary certificate (1)	239,118	380,444	261,629
Hybrid financial assets
— Structured deposits (2)	151,477	-	20,055
	$ 447,148	$ 477,897	$ 368,624
Financial assets at fair value through profit or loss non-current
Non-derivative financial assets
— Capital bond beneficiary certificate (1)	$ 347,138	$ 361,914	$ 369,749
— Limited partnership(1)	49,817	49,564	24,564
	$ 396,955	$ 411,478	$ 394,313
Financial liabilities at fair value through profit or loss-current
Derivative financial assets (no hedging specified)
— Foreign exchange forward contracts (3)	$ 6,399	$ -	$ -

(1) For the six months ended June 30, 2025 and 2024, the net profit from the evaluation of non-derivative financial assets of the Group were NT$ 11,242 thousand and NT$ 55,679 thousand respectively.

(2) The Group entered into a short-term stock price-linked contract with banks. The stock price-linked contract includes an embedded derivative instrument which is closely related to the host contract, or its actual income is determined by the agreement rate. The entire contract is assessed and mandatorily classified as at FVTPL due to it contains a host contract that is an asset within the scope of IFRS 9. The Group’s net profit from short-term stock price-linked contract for the six-month period ended June 30, 2025 and 2024 were NT$ 253 thousand and NT$ 2,416 thousand respectively.

(3) For the six months ended June 30, 2025 and 2024, the net loss of engaging forward foreign exchange by the Group were NT$ 135 thousand and NT$ 8,220 thousand respectively. The mainly purpose of the transaction were hedge the risk from foreign currency assets and liabilities by the wave of exchange rate. The transaction of the Group engaging forward foreign exchange do not meet the effective hedging conditions, so they were not applicable for hedge accounting.

June 30, 2025

	Currency	Maturity period	Contract amount (In Thousands)
Selling forward foreign exchange	US dollar to JPY	2025.07.15-2025.09.10	USD	1,238
			JPY	177,527
Selling forward foreign exchange	US dollar to HKD	2025.07.15	USD	204
			HKD	1,586
Selling forward foreign exchange	US dollar to CHF	2025.12.16	USD	154
			CHF	123
Selling forward foreign exchange	US dollar to RMB	2025.07.28	USD	15
			RMB	106

(4) The Group's net profit from foreign exchange swaps contract for the six-month period ended June 30, 2025 was NT$ 19,395 thousand. The mainly purpose of the transaction were hedge the risk from foreign currency assets and liabilities by the wave of exchange rate. The transaction of the Group engaging foreign exchange swap transaction do not meet the effective hedging conditions, so they were not applicable for hedge accounting. The foreign exchange swap contract that were not yet due on the balance sheet date were as follows:

June 30, 2025

Currency	Maturity period	Contract amount (In Thousands)
HKD to US dollar	2025.07.15-2026.01.20	HKD	309,961
		USD	40,000
RMB to US dollar	2025.07.02-2025.07.28	RMB	511,035
		USD	71,148
JPY to US dollar	2025.07.15	JPY	2,863,334
		USD	20,000
CHF to US dollar	2025.12.16	CHF	16,204
		USD	20,000

December 31, 2024

Currency	Maturity period	Contract amount (In Thousands)
HKD to US dollar	2025.12.22	HKD	77,404
		USD	10,000
RMB to US dollar	2025.02.12-2025.02.20	RMB	213,226
		USD	30,000

FINANCIAL ASSETS AT AMORTIZED COST

	June 30, 2025	December 31, 2024	June 30, 2024
Current
Time deposits with original maturities of more than 1 years (Maturity date with in 1 year)	$ 1,328,719	$ 2,042,586	$ 1,661,667
Treasury Bonds (1)	43,811	-	96,740
Corporate bonds (2)	262,089	228,716	-
Structured deposits (3)	-	322,315	-
Restricted bank deposits (4)	1,180,201	328,133	-
	$ 2,814,820	$ 2,921,750	$ 1,758,407
Non-current
Time deposits with original maturities of more than 1 years	$ 2,726,234	$ 3,131,248	$ 4,804,984
Treasury Bonds (1)	379,097	472,262	595,046
Corporate bonds (2)	11,297,958	10,726,642	7,539,093
	$ 14,403,289	$ 14,330,152	$ 12,939,123

(1) The Group bought 2 to 10-years treasury bonds with a coupon rate of 2.00%~5.25% and effective interest rate of 3.53%~4.50%.
(2) The Group bought 2 to 10-years corporate bonds with a coupon rate of 1.339%~8.75% and effective interest rate of 3.88%~5.90%.
(3) The ranges of interest rates for structured deposits was 1.40%~2.62% per annum as of December 31, 2024.
(4) Information on the pledged financial assets at amortized cost, please refer to note 36.

NOTES AND ACCOUNTS RECEIVABLE, NET

	June 30, 2025	December 31, 2024	June 30, 2024
Notes receivable
Gross carrying amount	$ 524,626	$ 657,281	$ 496,870
Less: Allowance for impairment loss	-	-	-
	$ 524,626	$ 657,281	$ 496,870
Accounts receivable
At amortized cost
Gross carrying amount	$ 14,723,802	$ 11,966,179	$ 11,096,193
Less: Allowance for impairment loss	( 69,200 )	( 69,850 )	( 78,190 )
	$ 14,654,602	$ 11,896,329	$ 11,018,003
Accounts receivable from related parties (Note 35)
At amortized cost
Gross carrying amount	$ 15,253	$ 36,899	$ 34,238
Less: Allowance for impairment loss	( 528)	( 8,944)	( 8,944)
	$ 14,725	$ 27,955	$ 25,294

(1) Notes receivable

All the notes receivable of the Group as of June 30, 2025, December 31, 2024 and June 30, 2024 were not past due. The Group evaluates that the expected recoverable amount is equivalent to the original amount, therefore no allowance loss has been accounted for.

(2) Accounts receivable

The average credit period of sales was 30 to 180 days. No interest is charged on trade receivables. The Group adopted a policy of new customers' credit rating and, when necessarily, obtained sufficient collateral to mitigate the risk of financial loss from defaults. The Group uses other publicly available financial information or its own trading records to rate its major customers. The Groups continuously monitored the credit ratings of its customers and its credit exposure. To control the credit exposure, the Group will decide a transaction limit for customers.

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 action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade receivable 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. The expected credit losses on trade receivables are estimated using an expected credit loss rate that considered the past default experience of the debtor and the debtor's current financial position, general economic conditions of the industry and also takes into account GDP forecasts and industry outlook. As the Group's historical credit loss experience shows that there are no significantly differences in the loss patterns of different customer groups, the credit loss rate of accounts receivable is not differentiated according to the Group's different customer groups and is based on the accounts receivable overdue days analysis.

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. 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 expected credit loss rate of account receivable were as follow:

June 30, 2025
	Not Past Due	1 to 90 Days Past Due	91 to 180 Days Past Due	Over 180 Days Past Due	Total
Expected credit loss rate	0%	0%-20%	20%	43%-100%
Gross carrying amount	$ 13,386,677	$ 1,295,604	$ 26,617	$ 30,157	$ 14,739,055
Loss allowance (Lifetime ECLs)	-	( 51,563)	( 5,323)	( 12,842)	( 69,728)
Amortized cost	$ 13,386,677	$ 1,244,041	$ 21,294	$ 17,315	$ 14,669,327
December 31, 2024
	Not Past Due	1 to 90 Days Past Due	91 to 180 Days Past Due	Over 180 Days Past Due	Total
Expected credit loss rate	0%	0%-20%	20%	50%-100%
Gross carrying amount	$ 11,186,703	$ 766,601	$ 16,020	$ 33,754	$12,003,078
Loss allowance (Lifetime ECLs)	-	( 50,973)	( 3,204)	( 24,617)	( 78,794)
Amortized cost	$ 11,186,703	$ 715,628	$ 12,816	$ 9,137	$ 11,924,284
June 30, 2024
	Not Past Due	1 to 90 Days Past Due	91 to 180 Days Past Due	Over 180 Days Past Due	Total
Expected credit loss rate	0%	0%-15%	20%	50%-100%
Gross carrying amount	$ 10,681,274	$ 406,787	$ 12,386	$ 29,984	$ 11,130,431
Loss allowance (Lifetime ECLs)	-	( 65,357)	( 2,477)	( 19,300)	( 87,134)
Amortized cost	$ 10,681,274	$ 341,430	$ 9,909	$ 10,684	$ 11,043,297

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

	For the Six Months Ended June 30
	2025	2024
Balance at January 1	$ 78,794	$ 116,758
Provision (reversal of profit)	(4,891)	(12,004)
Written off amounts	-	(20,547)
Acquired through a corporate merger	340	-
Foreign exchange gains and losses	(4,515)	2,927
Balance at June 30	$ 69,728	$ 87,134

10. INVENTORIES

	June 30, 2025	December 31, 2024	June 30, 2024
Manufacturing inventory
Raw materials	$ 2,531,759	$ 2,168,813	$ 2,561,986
Work in progress	3,068,899	1,210,748	1,035,439
Finished goods	2,501,166	2,531,416	2,288,926
Inventory in transit	3,665	66,993	694
	8,105,489	5,977,970	5,887,045
Construction inventory
Residential and commercial buildings in Chongqing
Buildings and land held for sale	1,405,137	1,626,770	1,898,282
	$ 9,510,626	$ 7,604,740	$ 7,785,327

(1) For the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, the cost of goods sold related to inventory was as follows

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Cost of goods sold	$12,306,454	$7,714,296	$20,708,731	$14,618,016

(2) For the three months ended June 30, 2025 and 2024 and for the six months ended June 30, 2025 and 2024, the cost of goods sold including inventory write-down, inventory obsolete losses (reversal) and idle capacity loss was as follows:

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Inventory write-down and inventory obsolete losses (reversal)	$ 69,587	($ 73,428)	$ 112,370	($ 88,879)
Idle Capacity Loss	$ 303,150	$ 322,067	$ 699,107	$ 642,973

The gain from the reversal of write-downs and obsolescence inventory is due to the increase in sales prices of the inventory in specific markets.

(3) Construction inventory refers to the land and engineering cost invested in the development of residential and commercial buildings in Chongqing of Chongqing Dunning Real Estate Co., Ltd., a subsidiary of the company, have been fully completed and reclassified as property for sale, along with the related contract revenue disclosures, , please refer to note 26.

11. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

	June 30, 2025	December 31, 2024	June 30, 2024
Non-current
Domestic investment
Listed stocks
Walsin Technology Corp.	$ 5,291,621	$ 5,641,352	$ 6,539,513
Walton Advanced Engineering, Inc.	198,535	205,916	305,553
TXC Corporation	438,438	513,556	115,000
Non-listed stocks
Tsai Yi Co., Ltd.	253,015	272,455	302,331
Chin-Xin Investment Co., Ltd.	196,495	186,290	278,460
Chiang Yei Precision Industrial Co., Ltd.	-	3,847	3,847
Foreign investment
Listed stocks	358,922	567,468	254,312
Unlisted stocks	8,345	-	-
	$ 6,745,371	$ 7,390,884	$ 7,799,016

The Group invests in the common stock of the above-mentioned companies in accordance with its medium and long-term strategy and expects to profit from long-term investments. The management of the Group believes that if the short-term fluctuations on fair value of these investments are included in profit or loss, it will be inconsistent with the Group's aforementioned medium and long-term investment strategy, and therefore, the management chooses to designate these investments as measured at fair value through other comprehensive income or loss.

12. NON-CURRENT ASSETS HELD FOR SALE

	June 30, 2025	December 31, 2024	June 30, 2024
Right-of-use assets held for sale	$ -	$ -	$ 66,300
Property, plant and equipment assets held for sale	-	-	314,757
	$ -	$ -	$ 381,057

Kunshan Yuanmao Electronics Technology Co., Ltd. ("Kunshan Yuanmao") and Kunshan Xiongqiang Electronics Technology Co., Ltd. ("Kunshan Xiongqiang") had resolved to sign an agreement with Kunshan Development Zone House Expropriation Implementation Center agreeing to relocate its land use right and related real estate located on the north side of Jingwang Road and No.259 Jinsha South Road in Kunshan Development Zone. The relocation compensation paid to Kunshan Yuanmao and Kunshan Xiongqiang will amount to RMB $479,532 thousand and RMB $141,642 thousand, respectively.

The Group completed the relocation of the non-current assets held for sale and handed them over to the local government in 2024. Considering the uncertainty of subsequent collections, the related compensation income, expenses, and taxes will be recognized when they actually occur. For the six months ended June 30, 2025 the consolidated company had received compensation amounting to RMB 75,000 thousand. As of June 30, 2025, the Group had received a partial compensation amounting to RMB 90,264 thousand.

13. SUBSIDIARIES

Subsidiaries included in the consolidated financial statements

In addition to the company, the consolidated financial reporting entities include:

Investor	Investee	Nature of Activities	Proportion of Ownership (%)
			June 30, 2025	December 31, 2024	June 30, 2024
HannStar Board Corp.	HannStar Board (BVI) Holdings Corp.	Investment	100%	100%	100%
HannStar Board Corp.	Global Brands Manufacture Ltd.	Production, marketing & assembly of printed circuit board	40.79%	40.68%	40.65%
HannStar Board (BVI) Holdings Corp.	HannStar Board International Holdings Ltd.	Investment	100%	100%	100%
HannStar Board (BVI) Holdings Corp.	HannStar Board Investments (Hong Kong) Limited	Investment	100%	100%	100%
HannStar Board International Holdings Ltd.	HannStar Board (SAMOA) Holdings Corp	Investment	-	-	100%
HannStar Board International Holdings Ltd.	HannStar Board Holdings (Hong Kong) Ltd.	Investment	(Note 4)	(Note 4)	(Note 4)
HannStar Board International Holdings Ltd.	HannStar Board Holdings (Hong Kong) Ltd.	Investment	100%	100%	100%
HannStar Board Holdings (Hong Kong) Ltd.	HannStar Board Tech. (Jiangyin) Corp.	PCB production & sales	100%	100%	100%
HannStar Board Investments (Hong Kong) Limited	GHPW Enterprise Corporation (Hong Kong) Ltd.	Investment	15%	15%	15%
GHPW Enterprise Corporation (Hong Kong) Ltd.	GHPW Enterprise Corporation (CQ) Ltd	Enterprise real estate management	(Note 1)	(Note 1)	(Note 1)
HannStar Board Tech. (Jiangyin) Corp.	Chongqing Shuohong Investment Co., Ltd.	Investment	25.65%	25.65%	25.65%
Chongqing Shuohong Investment Co., Ltd.	Chongqing Dunning Real Estate Co., Ltd.	Enterprise real estate management	(Note 2)	(Note 2)	(Note 2)
Global Brands Manufacture Ltd.	Up First Investments Ltd.	Investment	100%	100%	100%
Global Brands Manufacture Ltd.	Dynamic Skyline Ltd.	Investment	100%	100%	100%
Global Brands Manufacture Ltd.	Success Ocean Investments Ltd.	Investment	100%	100%	100%
Global Brands Manufacture Ltd.	Cheng Cheng Enterprise Co., Ltd.	Plant lease and property managements	100%	100%	100%
Global Brands Manufacture Ltd.	Falcon Automation Equipment Corp.	Manufacturing of machine and equipment	50.24%	50.24%	50.24%
Global Brands Manufacture Ltd.	ELNA Printed Circuits Co., Ltd.	Manufacturing and sale of PCB	100%	100%	100%
Global Brands Manufacture Ltd.	GBM Electronics (M) Sdn.Bhd.	Fabrication and sale of PCB	100%	100%	100%
Global Brands Manufacture Ltd.	Lincstech Co., Ltd.	Manufacturing and sale of PCB	(Note 6)	(Note 6)	-
Up First Investments Ltd.	Chuan Yi Computer (Shenzhen) Co., Ltd.	Manufacturing and sale of PCB	100%	100%	100%
Up First Investments Ltd.	Yi-Kuan Electronics (Shenzhen) Co., Ltd.	Sale of PCB	100%	100%	100%
Up First Investments Ltd.	Forever Line Ltd.	Investment	100%	100%	100%
Up First Investments Ltd.	Chuan Yi Computer (Chongqing) Co., Ltd.	Manufacturing and sale of PCB	100%	100%	100%
Up First Investments Ltd.	Ever-Precise Recycle Company	Waste recycling and wastewater treatment	100%	100%	100%
Up First Investments Ltd.	Jincheng Yuanmao Electronic Technology (Chongqing) Co., Ltd.	Property Management	100%	100%	100%
Up First Investments Ltd.	Effort Growth Developments Ltd.	Investment	100%	100%	100%

19 -

Investor	Investee	Nature of Activities	Proportion of Ownership (%)
			June 30, 2025	December 31, 2024	June 30, 2024
Up First Investments Ltd.	GBM UP(HK) Ltd.	Investment	100%	100%	100%
GBM UP(HK) Ltd.	GHPW Enterprise Corporation (Hong Kong) Ltd.	Investment	30% (Note 1)	30% (Note 1)	30% (Note 1)
Chuan Yi Computer (Shenzhen) Co., Ltd.	Chongqing Shuohong Investment Co., Ltd.	Investment	12.83% (Note 2)	12.83% (Note 2)	12.83% (Note 2)
Effort Growth Developments Ltd.	Kunshan Xionqqiang Electronics Technology Co., Ltd.	Property Management	100%	100%	100%
Forever Line Ltd.	Kunshan Yuanmao Electronic Technology Co., Ltd.	Manufacturing and sale of PCB	100%	100%	100%
Dynamic Skyline Ltd.	Centralian Investments Limited	Investment	100%	100%	100%
Dynamic Skyline Ltd.	Will Grow Holdings Ltd.	Investment	99.90% (Note 7)	99.90% (Note 7)	-
Dynamic Skyline Ltd.	Total Rich Holdings Ltd.	Investment	100%	100%	100%
Dynamic Skyline Ltd.	Up Ever Holdings Ltd.	Investment	100%	100%	100%
Dynamic Skyline Ltd.	Global Brands Manufacture (Dongguan) Ltd.	Fabrication and sale of PCB	100% (Note 3)	100% (Note 3)	100% (Note 3)
Dynamic Skyline Ltd.	Dong Guang Yujia Electronics Technology Co., Ltd.	Fabrication and sale of PCB	- (Note 3)	- (Note 3)	100% (Note 3)
Dynamic Skyline Ltd.	Jingjia Electronics Technology (Wuhu) Co., Ltd.	Industrial plant lease	100%	100%	100%
Centralian Investments Limited	Will Grow Holdings Ltd.	Investment	0.10% (Note 7)	0.10% (Note 7)	100%
Up Ever Holdings Ltd.	Dong Guang Yao Cheng Electronics Technology Co., Ltd.	Property management	100%	100%	100%
Total Rich Holdings Ltd.	Dong Guang Jin Cheng Electronics Technology Co., Ltd.	Property management	100%	100%	100%
Will Grow Holdings Ltd.	Kunshan Yuansong Electronics Technology CO., Ltd.	Fabrication and sale of PCB	100%	100%	100%
Kunshan Yuansong Electronics Technology CO., Ltd.	Chongqing Shuohong Investment Co., Ltd.	Investment	12.83% (Note 2)	12.83% (Note 2)	12.83% (Note 2)
Success Ocean Investments Ltd.	CMK Global Brands Manufacture Ltd.	Investment	86%	86%	86%
Success Ocean Investments Ltd.	Always Up Investments Limited	Investment	100%	100%	100%
Always Up Investments Limited	Dong Guan Xiangcheng Electronic Technology Co., Ltd.	Industrial plant lease and property management	100%	100%	100%
CMK Global Brands Manufacture Ltd.	Dong Guang CMK Global Brands Manufacture Ltd.	Manufacturing and sale of PCB	100%	100%	100%
ELNA Printed Circuits Co., Ltd.	ELNA PCB (M) SDN. BHD.	Manufacturing and sale of PCB	98.63%	98.63%	98.63%
Lincstech Co., Ltd.	Lincstech YGA Co., Ltd.	Manufacturing and sale of PCB	100% (Note 8 ~ 9)	-	-
Lincstech Co., Ltd.	Lincstech Circuit Singapore Pte. Ltd.	Manufacturing and sale of PCB	100% (Note 8 ~ 9)	-	-
Lincstech Co., Ltd.	Lincstech America Inc.	Sale of PCB	100% (Note 8 ~ 9)	-	-

Note 1: HannStar Board Investments (Hong Kong) Limited and GBM UP (HK) Ltd. hold $45\%$ of the total shares, but the company has substantial control over GHPW Enterprise Corporation (Hong Kong) Ltd., so it is listed as a subsidiary.
Note 2: HannStar Board Tech. (Jiangyin) Corp., Chuan Yi Computer (Shenzhen) Co., Ltd. and Kunshan Yuansong Electronics Technology CO., Ltd. jointly hold $51.30\%$ of the shares.

Note 3: In order to integrate resources, simplify investment structure and save management and maintenance costs, the Company plans to merge Global Brands Manufacture (Dongguan) Ltd. ("GBM Dongguan") and Dong Guan Yujia Electronics Technology Co., Ltd. ("Yujia"). After the merger, GBM Dongguan will be the surviving company and Yujia will be extinguished. The merger was completed by the end of year 2024. Starting from the consolidation date, the surviving company shall assume all assets, liabilities, effective rights and obligations of the extinguished company.

Note 4: HannStar Board (SAMOA) Holdings Corp. completed liquidation on October 1, 2024.

Note 5: Chongqing Dunning Real Estate Co., Ltd. resolved in October of the year 2024 through a board resolution to reduce its capital by RMB 120,000 thousand in cash. After the reduction, the capital decreased from RMB 520,000 thousand to RMB 400,000 thousand.

Note 6: The board meeting of GBM ELECTRONICS (M) SDN.BHD has resolved to increase the company's capital by MYR 197,000 thousand in July, 2024. After capital increase, the company's capital increased from MYR 3,000 thousand to MYR 200,000 thousand.

Note 7: The Will Grow Holdings Limited's board has resolved to increase the capital in October, 2024. After capital increase, Dynamic Skyline Ltd. and Centralian Investments Ltd. holding percentage of Will Grow Holdings Limited were 99.90% and 0.10%, respectively.

Note 8: In December 2024, Global Brands Manufacture Ltd's board of directors resolved to acquire Lincstech Co., Ltd. and its wholly-owned subsidiaries Lincstech YGA Co., Ltd., Lincstech Circuit Singapore Pte. Ltd. and Lincstech America Inc. in April 2025. The primary business activities of these entities are the manufacturing and sales of PCB. For detailed acquisition information, please refer to Note 32.

Note 9: These subsidiaries are considered non-significant, and their financial statements as of June 30, 2025, have not been reviewed by independent auditors.

Information of subsidiaries with significant non-controlling interests

Name of subsidiary	Main business places	Proportion of shares and voting rights held by non-controlling interests
		June 30, 2025	December 31, 2024	June 30, 2024
Global Brands Manufacture Ltd.	Taiwan	59.21%	59.32%	59.35%

Please refer to Table 4 for information about the main business place and the country where the company is registered.

The following consolidated financial information of Global Brands Manufacture Ltd. is based on the amount before intercompany transaction cancellation:

	June 30, 2025	December 31, 2024	June 30, 2024
Current assets	$ 30,101,063	$ 21,414,366	$ 23,021,550
Non-current assets	26,123,460	19,588,287	16,793,090
Current liabilities	(26,295,544)	(12,749,729)	(13,913,098)
Non-current liabilities	(10,447,595)	(5,344,861)	(4,154,015)
Equity	$ 19,481,384	$ 22,908,063	$ 21,747,527

22 -

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Operating revenue	$ 9,659,530	$ 5,681,273	$14,822,973	$10,806,103
Profit from continuing operations	$ 698,495	$ 860,077	$ 1,435,271	$ 1,439,112
Net profit attributable to:
Owner of the company	$ 284,875	$ 351,008	$ 587,360	$ 588,477
Non-controlling interests of Global Brands
Manufacture Ltd.	413,929	512,428	852,752	858,173
Non-controlling interests of subsidiaries of Global Brands Manufacture Ltd.	( 309)	( 3,359)	( 4,841)	( 7,538)
	$ 698,495	$ 860,077	$ 1,435,271	$ 1,439,112

14. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD

Investments in associates	June 30, 2025	December 31, 2024	June 30, 2024
Significant influence
Career Technology (MFG.) Co., Ltd.	$ 2,664,039	$ 2,591,974	$ 3,055,795
INFO-TEK CORPORATION	912,663	971,694	961,526
No significant influence	697,920	768,329	776,155
	$ 4,274,622	$ 4,331,997	$ 4,793,476

The profit (loss) and other comprehensive income (loss) shares of affiliated companies adopting the equity method are recognized by the accountant review results of the affiliated companies during the same period.

Significant affiliated enterprises

Name of Associate	Nature of activities	Principal Place of Business	Shareholding Ratio
			June 30, 2025	December 31, 2024	June 30, 2024
Career Technology (MFG.) Co., Ltd	Manufacturing of electronic components	Shulin	27.73%	25.23%	25.23%
	Manufacturing of electronic components	Hsinchu	27.55%	27.55%	27.55%

Fair values (Level 1) of investments in associates from available published price quotations were summarized as follows:

Name of Associate	June 30, 2025	December 31, 2024	June 30, 2024
Career Technology (MFG.) Co., Ltd.	$ 2,443,355	$ 2,286,070	$ 3,230,479
INFO-TEK Corp.	914,951	1,320,857	1,455,604
	$ 3,358,306	$ 3,606,927	$ 4,686,083

In February 2025 and January 2024, the company participated in a cash capital increase of Career Technology (MFG.) Co., Ltd. contributing $317,130 thousand and $299,999 thousand, respectively. As a result, the shareholding percentage increased from 25.23% to 27.73% and from 24.04% to 25.23%, respectively. Due to the increase in the share of net assets, capital surplus was adjusted by NT$43,966 thousand and NT$42,288 thousand, respectively.

15. PROPERTY, PLANT AND EQUIPMENT

	Land	Buildings	Machinery and equipment	Other equipment	Construction in progress	Total
Cost
Balance at January 1, 2025	$ 393,498	$ 11,060,473	$ 24,401,769	$ 4,798,845	$ 3,495,022	$ 44,149,607
Additions	-	51,147	166,739	17,377	911,596	1,146,859
Disposals	-	( 28,529 )	( 376,450 )	( 25,308 )	-	( 430,287 )
Acquired through a corporate merger	267,152	3,719,626	8,458,125	479,716	335,519	13,260,138
Reclassified	-	695,997	2,159,476	56,581	( 2,674,725 )	237,329
Effects of foreign currency exchange differences	( 17,778 )	( 1,299,498 )	( 3,204,345 )	( 481,568 )	( 184,041 )	( 5,187,230 )
Balance at June 30, 2025	$ 642,872	$ 14,199,216	$ 31,605,314	$ 4,845,643	$ 1,883,371	$ 53,176,416
Accumulated depreciation and impairment
Balance at January 1, 2025	$ 5,604	$ 7,347,004	$ 19,290,254	$ 4,142,355	$ -	$ 30,785,217
Disposals	-	( 28,529 )	( 344,746 )	( 25,025 )	-	( 398,300 )
Depreciation expenses	-	293,391	887,368	110,814	-	1,291,573
Acquired through a corporate merger	132,588	1,957,847	6,623,302	433,901	-	9,147,638
Reclassified	-	( 1,938 )	17,109	( 77 )	-	15,094
Reversal of impairment loss	-	-	( 71 )	-	-	( 71 )
Effects of foreign currency exchange differences	( 14,925 )	( 913,429 )	( 2,559,795 )	( 423,738 )	-	( 3,911,887 )
Balance at June 30, 2025	$ 123,267	$ 8,654,346	$ 23,913,421	$ 4,238,230	$ -	$ 36,929,264
Carrying amount at January 1, 2025	$ 387,894	$ 3,713,469	$ 5,111,515	$ 656,490	$ 3,495,022	$ 13,364,390
Carrying amount at June 30, 2025	$ 519,605	$ 5,544,870	$ 7,691,893	$ 607,413	$ 1,883,371	$ 16,247,152
Cost
Balance at January 1, 2024	$ 395,697	$ 10,390,810	$ 23,093,787	$ 4,555,375	$ 594,399	$ 39,030,068
Additions	-	14,112	88,122	22,682	1,539,355	1,664,271
Disposals	-	( 14,585 )	( 754,161 )	( 36,923 )	-	( 805,669 )
Reclassified	-	46,952	452,477	43,873	( 213,606 )	329,696
Effects of foreign currency exchange differences	( 4,668 )	343,329	747,264	153,882	36,652	1,276,459
Balance at June 30, 2024	$ 391,029	$ 10,780,618	$ 23,627,489	$ 4,738,889	$ 1,956,800	$ 41,494,825
Accumulated depreciation and impairment
Balance at January 1, 2024	$ 5,604	$ 6,590,740	$ 18,287,628	$ 3,834,509	$ -	$ 28,718,481
Disposals	-	( 14,583 )	( 753,069 )	( 35,690 )	-	( 803,342 )
Depreciation expenses	-	272,460	663,651	105,956	-	1,042,067
Reclassified	-	-	( 3,064 )	-	-	( 3,064 )
Effects of foreign currency exchange differences	-	184,676	586,943	128,918	-	900,537
Balance at June 30, 2024	$ 5,604	$ 7,033,293	$ 18,782,089	$ 4,033,693	$ -	$ 29,854,679
Carrying amount at June 30, 2024	$ 385,425	$ 3,747,325	$ 4,845,400	$ 705,196	$ 1,956,800	$ 11,640,146

When the Group obtains the subsidy provided by the Chinese government, in accordance with the provisions of the standards, deduct the book value of the relevant machinery and equipment calculated by the subsidy, and reduce the depreciation expense to recognize the profit and loss.

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
Factory main buildings
Electromechanical power equipment
Engineering systems
Others
Machinery
Other equipment

5~50 years
3~10 years
3~10 years
1~20 years
1~19 years
1~10 years

16. LEASE AGREEMENT

(1) Right-of-use assets

	June 30, 2025	December 31, 2024	June 30, 2024
Amount of right-of-use assets
Land	$ 1,071,295	$ 897,552	$ 900,941
Buildings	560,580	637,825	678,174
Machinery and equipment	1,661	118	1,037
Other equipment	29,022	30,753	29,857
	$ 1,662,558	$ 1,566,248	$ 1,610,009
	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025
Increase in right-of-use assets(Note 35)	$ 6,669	$ 8,985	$ 38,791
Acquired through a corporate merger(Note 32)	$ 333,842	$ -	$ 333,842
Depreciation charge for right-of-use assets	$ 71,590	$ 63,132	$ 138,861

The Group leases land use rights in China to build its factories. Part of the land use rights and factory buildings are subleased to others in the form of business leases. Relevant buildings and right-of-use assets are classified as investment properties, please refer to Note 17 for details. The amount of the right-of-use assets does not include those right-of-use assets that meet the definition of investment properties.

(2) Lease liability

	June 30, 2025	December 31, 2024	June 30, 2024
Lease liability book value
Current	$ 249,359	$ 215,842	$ 192,891
Non-current	$ 669,829	$ 463,746	$ 524,308

The discount rate ranges for lease liabilities was as follows:

	June 30, 2025	December 31, 2024	June 30, 2024
Land	1.85%~6.23%	4.50%	4.50%
Buildings	0.98%~4.50%	0.98%~4.50%	0.98%~4.50%
Machinery and equipment	1.80%~4.35%	4.32%~4.35%	0.35%~4.35%
Other equipment	0.98%~4.50%	0.98%~4.50%	0.35%~4.50%

(3) Important leasing activities and terms

The Group leases a number of land and buildings as factory buildings for 2~60 years.

(4) Other lease information

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Expenses relating to short-term and low-value asset leases	$ 32,440	$ 11,794	$ 47,545	$ 24,302
Total cash outflow of leases	($ 96,066)	($ 66,694)	($ 161,180)	($ 120,577)

Some office equipment or computer leases of the Group are qualified as short-term leases or low-value assets 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.

INVESTMENT PROPERTIES

	June 30, 2025	December 31, 2024	June 30, 2024
Measured at cost
Completed investment properties	$ 511,342	$ 552,762	$ 565,311
Right-of-use assets	36,386	40,427	40,695
	$ 547,728	$ 593,189	$ 606,006

Expect for the depreciation recognition, the Group did not have significant addition, disposal, or impairment of investment properties for the six months ended June 30, 2025 and 2024.

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

Main buildings	8 ~ 50 years
Elevator equipment	5 ~ 9 years
Air conditioning system	5 ~ 9 years
Right-of-use assets	50 years
Others	2 ~ 6 years

The company's investment real estate has a book value of the investment real estate is NTD 7,484 thousand as of June 30, 2025, 2024 and December 31 2024. The investment real estate is the land located in Pingzhen District, Taoyuan City because. The amount is not material.

The fair values of the Global Brands Manufacture Ltd. investment properties were based on appraisal reports conducted by an independent appraiser and management using valuation models commonly adopted by market participants. The fair value is conducted either by professional appraisers or based on market evidence from similar real estate transaction prices referenced by management. The fair value of the right-of-use asset is assessed by netting the expected rental income against all expected payments, plus the associated lease liability recognized. The fair values were as follows:

	June 30, 2025	December 31, 2024	June 30, 2024
Fair value	$ 2,689,790	$ 2,732,261	$ 2,426,841

18. GOODWILL

	For The Six Months Ended June 30
	2025	2024
Cost
Balance at January 1	$ 1,097,651	$ 1,070,939
Acquisitions through business combinations (Note 32)	3,650,668	-
Effects of foreign currency exchange differences	( 100,759 )	22,410
Balance at June 30	$ 4,647,560	$ 1,093,349
Accumulated impairment
Balance at January 1	$ 390,612	$ 371,079
Effects of foreign currency exchange differences	( 32,726 )	16,387
Balance at June 30	$ 357,886	$ 387,466
Carrying amount at June 30	$ 4,289,674	$ 705,883

19. INTANGIBLE ASSETS

	Computer Software Cost	Emission License	Customer Relationships	Proprietary Technology	Others	Total
Cost
Balance at January 1, 2025	$ 86,669	$ 209	$ -	$ -	$ -	$ 86,878
Additions	4,890	-	-	-	-	4,890
Acquisitions through business combinations (Note 32)	123,510	-	395,071	142,104	4,067	664,752
Effects of foreign currency exchange differences	( 20,389 )	( 19 )	( 14,448 )	( 15,996 )	( 458 )	( 51,310 )
Balance at June 30, 2025	$ 194,680	$ 190	$ 380,623	$ 126,108	$ 3,609	$ 705,210
Accumulated depreciation and impairment
Balance at January 1, 2025	$ 62,496	$ 188	$ -	$ -	$ -	$ 62,684
Amortization expense	11,085	10	13,878	3,063	10	28,046
Acquisitions through business combinations (Note 32)	89,904	-	45,161	50,000	442	185,507
Effects of foreign currency exchange differences	( 18,138 )	( 18 )	( 5,214 )	( 5,772 )	( 50 )	( 29,192 )
Balance at June 30, 2025	$ 145,347	$ 180	$ 53,825	$ 47,291	$ 402	$ 247,045
Carrying amount at June 30, 2025	$ 49,333	$ 10	$ 326,798	$ 78,817	$ 3,207	$ 458,165
Cost
Balance at January 1, 2024	$ 74,482	$ 4,782	$ -	$ -	$ -	$ 79,264
Additions	2,474	-	-	-	-	2,474
Disposals	-	( 4,760 )	-	-	-	( 4,760 )
Effects of foreign currency exchange differences	2,676	185	-	-	-	2,861
Balance at June 30, 2024	$ 79,632	$ 207	$ -	$ -	$ -	$ 79,839

27 -

Computer Software Cost	Emission License	Customer Relationships	Proprietary Technology	Others	Total
Accumulated depreciation and impairment
Balance at January 1, 2024	$ 55,349	$ 4,742	$ -	$ -	$ 60,091
Amortization expense	5,365	10	-	-	5,375
Disposals	-	( 4,760)	-	-	( 4,760)
Effects of foreign currency exchange differences	2,698	184	-	-	2,882
Balance at June 30, 2024	$ 63,412	$ 176	$ -	$ -	$ 63,588
Carrying amount at June 30, 2024	$ 16,220	$ 31	$ -	$ -	$ 16,251

Intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:

Computer software costs	1~10 years
Emission license	5 years
Customer relationships	10 years
Proprietary technology	10 years
Other	7~10 years

20. OTHER ASSETS

	June 30, 2025	December 31, 2024	June 30, 2024
Current
Prepayments	$ 503,695	$ 288,589	$ 250,262
Others	14,848	13,175	7,220
	$ 518,543	$ 301,764	$ 257,482
Non-current
Refundable deposit(Note 35)	$ 95,046	$ 85,792	$ 77,543
Prepayments for equipment	266,263	302,006	145,322
Past due receivables	3,753	3,753	3,753
Allowance for uncollectible accounts – past due receivables	( 3,753 )	( 3,753 )	( 3,753 )
Defined benefit assets	81,301	80,278	64,697
Others	13,542	1,512	1,571
	$ 456,152	$ 469,588	$ 289,133

21. BORROWINGS

(1) Short-term borrowings

	June 30, 2025	December 31, 2024	June 30, 2024
Short-term credit borrowings	$ 24,555,542	$ 17,174,806	$ 13,928,274

The market interest rate interval of above-mentioned short-term borrowings at the balance sheet date was as follows:

(2) Long-term borrowings

	June 30, 2025	December 31, 2024	June 30, 2024
Secured borrowings
Bank loans	$ 191,014	$ 167,729	$ -
Less: Current portion	( 19,961 )	( 13,511 )	-
	171,053	154,218	-
Unsecured borrowings
Bank loans	14,817,645	8,489,628	6,496,020
Less: Current portion	( 1,560,604 )	( 664,628 )	( 121,020 )
Less: Administration fee of syndicated loans	( 6,801 )	( 7,667 )	( 8,692 )
	13,250,240	7,817,333	6,366,308
	$ 13,421,293	$ 7,971,551	$ 6,366,308

A. Bank loans

Bank loans	Due Date	Material terms	rate%	June 30, 2025	December 31, 2024	June 30, 2024
Floating rate loan
E. Sun Commercial Bank
Syndicated loans (2)	2029.04.26	On the expiry of 48 months from the first use date, the first installment will be repaid, and thereafter every 6 months will be 1 installment, 3 installments in total. The payment is amortized, 15% for each of the first to second installments, and 70% for the third installment.	2.08	$ 3,000,000	$ 3,450,000	$ 3,000,000
2.08
2.00
E. Sun Commercial Bank
Syndicated loans (1)	2029.03.25	On the expiry of 48 months from the first use date, the first installment will be repaid, and thereafter every 6 months will be 1 installment, 3 installments in total. The payment is amortized, 15% for each of the first to second installments, and 70% for the third installment.	2.093	3,525,000	2,375,000	2,375,000
2.0887
2.01
Far Eastern International Bank
Unsecured borrowings	2028.03.27	On the expiry of 2 years from the first use date, the first installment will be repaid, and thereafter every 6 months will be 1 installment.	2.04	1,460,000	-	-
E. Sun Commercial Bank
Unsecured borrowings	2028.03.31	On the expiry of 1 year from the first use date, the first installment will be repaid, and thereafter every 3 months will be 1 installment.	2.13	1,200,000	-	-
Taiwan Cooperative Bank	2028.09.28	From the fifth year, repayment is divided into 12 periods with the monthly principal and interest equally amortized.	2.018	1,000,000	1,000,000	1,000,000
2.018
1.89

Bank loans	Due Date	Material terms	rate%	June 30, 2025	December 31, 2024	June 30, 2024
Taipei Fubon Commercial Bank Co., Ltd.
Unsecured borrowings	2029.12.20	On the expiry of 2 years from the first use date, the first installment will be repaid, and thereafter every 3 months will be 1 installment.	1.56	$ 1,000,000	$ 1,000,000	-
Bank of Taiwan			1.56
Unsecured borrowings	2028.04.01	On the expiry of 2 years from the first use date, the first installment will be repaid, and thereafter every 3 months will be 1 installment.	1.97	1,500,000	-	-
Mega International Commercial Bank
Unsecured borrowings	2028.03.31	On the expiry of 1 year from the first use date, the first installment will be repaid, and thereafter every 6 months will be 1 installment.	2.24	500,000	-	-
China Everbright Bank
Unsecured borrowings	2025.10.24	Repay RMB 500,000 on the 6th and 12th months after the first use date, with the remaining principal repaid at maturity.	2.40	488,546	538,688	$ -
China Construction Bank Corporation			2.40
Unsecured borrowings	2026.03.24	Repay RMB 500,000 on the 6th months after the first use date, with the remaining principal repaid at maturity.	2.50	367,941	-	-
China Construction Bank Corporation
Unsecured borrowings	2026.05.24	Repay RMB 500,000 on the 6th months after the first use date, with the remaining principal repaid at maturity.	2.50	327,059	-	-
China Everbright Bank
Unsecured borrowings	2026.02.22	Repay RMB 500,000 on the 6th and 12th months after the first use date, with the remaining principal repaid at maturity.	2.50	327,059	-	-
Fubon China Bank
Syndicated loans (3)	2027.08.27	Repay 5% of the remaining balance on the 6th, 12th, 18th, 24th, and 30th months after the first use date, with the remaining principal repaid at maturity.	2.80	191,014	167,729	-
E. Sun Commercial Bank			2.80
Unsecured borrowings	2028.03.17	Bullet repayment	1.40	122,040	-	-
E. Sun Commercial Bank
Unsecured borrowings	2025.03.18	Repaid in year 2025 before maturity	1.26	-	125,940	121,020
			1.00
				$ 15,008,659	$ 8,657,357	$ 6,496,020

a. The Group has signed a syndicated loans agreement of NTD 5 billion with 8 banks including E. Sun Commercial Bank on March 6, 2024. According to the term of the agreement, the Group shall complete the first drawdown within 6 months from the date of signing. The Group had applied for its first drawdown on March 26, 2024.

b. The Group has signed a syndicated loans agreement of NTD 4.2 billion with 10 banks including E. Sun Commercial Bank on April 12, 2024. According to the term of the agreement, the Group shall complete the first drawdown within 6 months from the date of signing.

c. The borrow was jointly guaranteed by the related party Chongqing Songjia Property Co., Ltd which also provides property and building as collateral. Please refer to Note 35.

B. The above long-term borrowings are stipulated in the bank loan contracts as follows:

a. According to the loan agreements, the company should sustain its financial ratios in its annual consolidated financial statements during the loan period;

b. According to the syndicated loan agreements signed between Global Brands Manufacture Ltd. and E. Sun Commercial Bank in addition to general conventions, Global Brands Manufacture Ltd.'s annual consolidated financial statements should sustain certain financial ratios during the loan period.

c. According to the loan agreements, HannStar Board Tech. (Jiangyin) Corp. should sustain its financial ratios in its annual consolidated financial statements during the loan period;

22. OTHER LIABILITIES

	June 30, 2025	December 31, 2024	June 30, 2024
Current
Other payables
Payables for salaries	$ 1,325,684	$ 1,369,567	$ 1,111,988
Payables for annual leave	97,920	71,611	73,621
Dividends payable	2,057,929	-	1,774,414
Payable for Expenses	1,764,485	1,539,441	1,811,591
Payable for purchase of equipment	974,742	1,046,243	687,178
Others	884,534	691,675	314,105
	$ 7,105,294	$ 4,718,537	$ 5,772,897
Other payables - related parties (Note 35)	$ 5,179	$ 6,377	$ 6,483
Other liabilities
Provision for warranty	$ 862,820	$ 811,750	$ 785,014
Temporary receipts and receipts under custody	34,121	31,559	38,716
Others (Note 35)	183,225	196,853	215,457
	$ 1,080,166	$ 1,040,162	$ 1,039,187
Non-current
Other liabilities
Guarantee deposits received	$ 221,445	$ 282,870	$ 200,064
Accrued pension liabilities	431,880	125,853	122,689
Restoration obligation	281,978	-	-
Others	6,254	6,253	7,079
	$ 941,557	$ 414,976	$ 329,832

31 -

23. PROVISION FOR LIABILITIES

	June 30, 2025	December 31, 2024	June 30, 2024
Current
Warranty (accounted under other current liabilities)	$ 862,820	$ 811,750	$ 785,014
Payables for annual leave (accounted under other payables)	97,920	71,611	73,621
Restoration obligation (accounted under other non-current liabilities)	281,978	-	-
	$ 1,242,718	$ 883,361	$ 858,635

The provision for warranty liabilities is the present value of the best estimate of the outflow of future economic benefits caused by the warranty obligation from the management of the Group in accordance with the contract for the sale of goods. This estimate is based on historical warranty experience and takes into account the adjustment of new raw materials, process changes or other factors affecting product quality.

The provision for employee benefit liabilities includes the assessment of the employee's entitlement to service leave.

Pursuant to the lease agreement, the Group shall, at the end of the respective lease terms, restore the leased plant assets to their original condition at the time of the lease. Provisions are recognized based on the present value of the best estimate of future outflow of economic benefits that will be required by the fulfillment of the restoration obligation stated on the lease contract. The estimate will be reviewed regularly to adjust according to the use of the plant.

24. RETIREMENT BENEFIT PLANS

The pension expenses of defined benefit plans were NT$ 95 thousand and NT$ 1,458 thousand for the three months ended June 30, 2025 and 2024, respectively; and NT$ 190 thousand and NT$ 2,910 thousand, for the six months ended June 30, 2025 and 2024, respectively. And these were calculated based on the pension cost rate determined by the actuarial calculation on December 31, 2024 and 2023, respectively.

25. EQUITY

(1) Ordinary shares

	June 30, 2025	December 31, 2024	June 30, 2024
Authorized shares (in thousands)	700,000	700,000	700,000
Amount capital	$ 7,000,000	$ 7,000,000	$ 7,000,000
Issued and paid shares (in thousands)	486,166	486,166	528,441
Issued capital	$ 4,861,660	$ 4,861,660	$ 5,284,413

A holder of issued common shares with par value of NT$10 per share is entitled to vote and to receive dividends.

The company approved in the shareholders' meeting on June 18, 2024, the Company's share capital was reduced by $422,753 thousand, and the company's shares were eliminated by 42,275 thousand shares. The ratio of capital reduction was 8%, and paid-in capital after reduction was $4,861,660 thousand.

(2) Capital surplus

	June 30, 2025	December 31, 2024	June 30, 2024
May be used to offset a deficit, distributed as cash dividends or transferred to share capital(A)
Additional paid-in capital	$ 3,974,222	$ 3,974,222	$ 3,974,222
From changes in associates’ equity	86,254	42,288	-
Treasury share transactions	20,004	20,004	20,004
Others	889	889	889
May only be used to offset a deficit
From share of changes in equity of subsidiaries(B)	186,305	176,669	220,384
Redemption of convertible bonds	76,918	76,918	76,918
	$ 4,344,592	$ 4,290,990	$ 4,292,417

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

B. Such capital surplus arises from the effects of changes in ownership interests in subsidiaries resulting from equity transactions other than actual disposals or acquisitions or from changes in capital surplus of subsidiaries accounted for using the equity method.

(3) Retained earnings and dividends policy

Based on the Company’s Articles of Incorporation, where the Company made a profit in a fiscal year, the profit shall be first utilized for paying taxes, offsetting losses of previous years, setting aside as legal reserve 10% of the remaining profit, setting aside or reversing a special reserve in accordance with the laws and regulations, and then any remaining profit together with any undistributed retained earnings shall be used by the Company’s board of directors as the basis for proposing a distribution plan, which should be resolved in the shareholders’ meeting for the distribution of dividends to shareholders.

The Company’s Articles of Incorporation provide the distribution of employees' compensation and directors' remuneration; please refer to Note 29 for more information.

An appropriation of earnings to a legal reserve shall be made until the legal reserve equals the company’s paid-in capital. The legal reserve may be used to offset any 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 appropriation of 2024 and 2023 earnings were approved in the Shareholder's meetings on June 18, 2025 and June 18 2024. Details were summarized below:

33 -

Appropriation of Earnings
For The Year Ended December 31
| | 2024 | 2023 |
| --- | --- | --- |
| Legal reserve | $ 302,213 | $ 268,221 |
| Cash dividends | 1,215,415 | 845,506 |
| Cash dividends per share (NT$) | $ 2.50 | $ 1.60 |

(4) Non-controlling interests

For the Six Months Ended June 30
| | 2025 | 2024 |
| --- | --- | --- |
| Balance at January 1 | $ 15,219,266 | $ 13,876,296 |
| Net profit | 815,558 | 848,774 |
| Other comprehensive Loss or income | | |
| Exchange differences on translation of financial statements of foreign operations | ( 1,942,247 ) | 722,314 |
| Unrealized profit and loss of financial assets measured at FVTOCI | ( 161,939 ) | ( 40,005 ) |
| Share of other comprehensive income and loss of associated enterprises accounted for using equity method | ( 43,301 ) | ( 95 ) |
| Adjustments relating to changes in retained earnings of subsidiaries accounted for using the equity method | 24,070 | 68,456 |
| Subsidiaries purchase treasury shares | ( 245,147 ) | - |
| Subsidiaries transfer treasury shares to employees | 166,192 | 142,639 |
| Cash dividend of subsidiaries | ( 842,514 ) | ( 967,555 ) |
| Balance at June 30 | $ 12,989,938 | $ 14,650,824 |

(5) Treasury shares

The details of the company's treasury stock changes for the six months ended June 30, 2025, are as follows:

Unit: Thousand Shares
| Purpose | Balance at January 1 | Increase | Decrease | Balance at June 30 |
| --- | --- | --- | --- | --- |
| Shares Transferred to employees | 2,760 | 2,000 | - | 4,760 |

The details of the company's treasury stock changes for the six months ended June 30, 2024, are as follows:

Unit: Thousand Shares
| Purpose | Balance at January 1 | Increase | Decrease | Balance at June 30 |
| --- | --- | --- | --- | --- |
| Shares Transferred to employees | - | 3,000 | - | 3,000 |

In May 2025, the company's board of directors resolved to transfer 2,000 thousand treasury shares for employee subscription. The cost of the treasury shares was NT$ 100,372 thousand.

In March 2024, the company's board of directors resolved to transfer 3,000 thousand treasury shares for employee subscription. The cost of the treasury shares was NT$ 184,434 thousand. The company resolved in 2024 to conduct a cash capital reduction, reduce 240 thousand treasury shares, $2,400 thousand.

According to the Stock Exchange Law, the shares of treasury stock should not exceed 10% of the Company's issued and outstanding shares and the total amount of treasury stock should not exceed the total retained earnings and realized additional paid-in capital.

In addition, according to the Stock Exchange Law, the treasury stock should not be pledged and does not have the same right as the common stock to receive dividends and to vote.

26. OPERATING REVENUE

(1) Revenue from contracts with customers

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Sales of PCB	$15,464,232	$10,361,227	$25,976,543	$19,575,513
Sales of real estate	17,855	9,492	24,219	12,838
Others	81,388	30,011	131,645	58,531
	$15,563,475	$10,400,730	$26,132,407	$19,646,882

(2) Contract balance

	June 30, 2025	December 31, 2024	June 30, 2024
Contract liabilities-current
Advance payment for real estate sales
Land and Buildings held for sale	$ -	$ 15,781	$ 20,721

27. NET PROFIT FROM CONTINUING OPERATIONS

(1) Interest income

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Deposits in banks	$265,631	$293,401	$489,906	$555,163
Others	150,276	95,856	295,135	170,770
	$415,907	$389,257	$785,041	$725,933

(2) Other income

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Rental income	$ 8,767	$ 16,363	$ 17,575	$ 32,461
Dividend income	31,868	1,791	35,916	2,061
Others (Note 35)	98,579	27,468	449,099	50,980
	$139,214	$ 45,622	$502,590	$ 85,502

(3) Other gains and losses

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Gain (Loss) on disposal of real estate, plant and equipment	($ 29,576)	$ 1,317	($ 27,515)	($ 29,462)
Gain on financial assets at FVTPL(Note 7)	20,027	19,952	30,755	49,875
Gain (Loss) on foreign exchange (Note 39)	( 475,599 )	210,919	( 359,989 )	437,257
Gain (Loss) on disposal of invest	( 11,200 )	109	( 4,679 )	319
Others	( 38,857 )	( 64,543 )	( 70,179 )	( 107,564 )
	($535,205)	$167,754	($431,607)	$350,425

(4) Financial cost

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Bank loan interest	$196,676	$96,828	$339,789	$198,277
Interest on lease liabilities	10,430	7,887	16,640	15,710
Others	544	924	1,066	2,748
	$207,650	$105,639	$357,495	$216,735

Capitalization of interest information were as follows:

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Capitalized interest amount	$ -	$ -	$ 1,560	$ -
Capitalized interest rate	-	-	2.8%	-

(5) Depreciation and amortization

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Depreciation expense by function
Operating cost	$ 692,042	$ 527,200	$1,276,921	$1,039,434
Operating expense	84,156	70,973	168,000	140,158
	$ 776,198	$ 598,173	$1,444,921	$1,179,592
Amortized expense by function
Operating cost	$ 3,924	$ 1,371	$ 5,280	$ 3,020
Operating expense	21,556	997	22,766	2,355
	$ 25,480	$ 2,368	$ 28,046	$ 5,375

28. EMPLOYEE BENEFIT EXPENSES

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Short-term employee benefits	$2,977,683	$1,930,533	$4,943,504	$3,680,267
Retirement Benefits
Defined contribution plan	158,429	125,263	308,622	249,141
Defined benefit plan (Note24)	95	1,458	190	2,910
	$3,136,207	$2,057,254	$5,252,316	$3,932,318
Summary by function
Operating cost	$2,467,072	$1,577,306	$4,158,844	$2,994,608
Operating expense	669,135	479,948	1,093,472	937,710
	$3,136,207	$2,057,254	$5,252,316	$3,932,318

29. REMUNERATION OF EMPLOYEES AND DIRECTORS

In case of any profit of the company in the year, 2% to 10% of the profit before tax and before deducting the distributed employee and director's remuneration in the current year shall be taken as the employee's remuneration; in addition, not more than 2% shall be taken as the director's remuneration. However, if the company still has accumulated losses, it shall reserve the amount of compensation in advance. The remuneration of the employees shall be distributed in shares or cash by the resolution of the board of directors, and may include the company employees who meet requirements.

The estimated remuneration of employees and directors for the three months ended June 30, 2025 and 2024, the six months ended June 30, 2025 and 2024 were as follows

	For The Three Months Ended June 30
	2025		2024
	Amount	Estimated Ratio	Amount	Estimated Ratio
Amount of remuneration of employees	$ 19,281	2.85%	$ 31,371	2.85%
Amount of remuneration of directors	9,472	1.40%	15,410	1.40%
	For The Six Months Ended June 30
	2025		2024
	Amount	Estimated Ratio	Amount	Estimated Ratio
Amount of remuneration of employees	$ 42,719	2.85%	$ 48,688	2.85%
Amount of remuneration of directors	20,985	1.40%	23,917	1.40%

If there is a change in the amounts after the company's annual financial statement are authorized for issue, the differences are recorded as a change in the accounting estimate and adjusted in the next year.

The board of directors of the company held on February 19, 2025 and February 22, 2024 respectively resolved and approved the following remuneration for employees, directors and supervisors for 2024 and 2023, all in cash:

	For the Year Ended December 31
	2024		2023
	Employee remuneration	Remuneration of directors	Employee remuneration	Remuneration of directors
Amount of distribution by resolution of the board of directors	$ 98,336	$ 48,305	$ 87,032	$ 42,753
Amount recognized in each annual financial report	$ 98,336	$ 48,305	$ 87,572	$ 42,753

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

The 2023 differences are adjusted to profit and loss in 2024 respectively.

Information on the employees' compensation 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.

30. INCOME TAX

(1) Details of income tax recognized in profit or loss are as follows:

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Current income tax expense
Current tax expense recognized in the current year	$ 832,929	$ 440,024	$ 1,382,311	$ 828,334
Income tax on undistributed earnings	131,920	142,318	131,920	142,318
Income tax adjustment of previous year	30,222	5,746	30,222	5,746
Subsidiary Investment Income repatry	-	258,026	-	693,583
	995,071	846,114	1,544,453	1,669,981
Deferred income tax
Current tax expense recognized in the current year	( 369,828 )	( 190,551 )	( 339,227 )	( 133,396 )
Income tax expense recognized in profit or loss	$ 625,243	$ 655,563	$ 1,205,226	$ 1,536,585

The income tax rate to the ROC Income Tax Act of the consolidated company is 20%.

The income tax rate of China subsidiaries is 25%; as for other area, the income tax rate applied would follow respective local regulation.

(2) Income tax examination

The company’s income tax returns for profit-making enterprises up to the year 2023 have been approved by the tax collection authority authorities, expect for 2022.

EARNINGS PER SHARE

	For The Three Months Ended June 30		Unit: NT$ Per Share For The Six Months Ended June 30
	2025	2024	2025	2024
Basic earnings per share	$ 1.15	$ 1.76	$ 2.67	$ 2.75
Diluted earnings per share	$ 1.15	$ 1.76	$ 2.67	$ 2.75

To calculate earnings per share, the Company’s net income attributable to common shareholders of the parent and its weighted average number of ordinary shares outstanding (in thousands of shares) were as follows:

Net profit of the current period

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Basic Net profit attributable to shareholders of parent earnings	$ 555,361	$ 925,535	$ 1,291,298	$ 1,451,324

Number of shares

	For The Three Months Ended June 30		Unit: Thousand Shares For The Six Months Ended June 30
	2025	2024	2025	2024
Weighted average number of ordinary shares used in the computation of basic earnings per share	482,203	525,568	482,801	527,000
Effect of potentially dilutive ordinary shares:
Compensation of employees	695	871	1,175	1,281
Weighted average number of ordinary shares used in the computation of diluted earnings per share	482,898	526,439	483,976	528,281

The Group has the option to issue employee compensation in shares or cash, the calculation of diluted earnings per share is based on the assumption that the employee compensation will be issued in shares, and the weighted average number of outstanding shares will be included in the calculation of diluted earnings per share when the potential common shares are diluted. When calculating the diluted earnings per share before the board of directors decides to issue the number of shares for employee compensation in the next year, the potential dilution effect of such common shares shall also be considered.

39 -

32. BUSINESS COMBINATIONS

(1) Subsidiaries acquired

On April 8, 2025, the Group acquired 100% of the equity of Lincstech Co., Ltd. ("Lincstech") and its wholly owned subsidiaries Lincstech YGA Co., Ltd., Lincstech Circuit Singapore Pte., Ltd., and Lincstech America Inc.

(2) Consideration transferred

The consideration transferred was JPY 29.5 billion (approximately NT$6.75 billion) as of April 8, 2025, with subsequent price adjustments permitted under the agreement based on the operating results of Lincstech Co., Ltd.

(3) Assets acquired and liabilities assumed at the date of reorganization

	Lincstech Co., Ltd. and subsidiaries
Current Assets
Cash and cash equivalents	$ 1,878,826
Notes receivable	48,438
Accounts receivable	2,984,568
Other receivables	19,247
Inventories	1,956,028
Other current assets	167,065
Non-current Assets
Financial assets at fair value through other comprehensive income- non-current	13,601
Property, plant and equipment	4,112,500
Right-of-use assets	333,842
Goodwill	497,521
Intangible assets	479,245
Deferred tax assets	14,297
Deposits paid	21,164
Other non-current assets	12,567
Current Liabilities
Short-term borrowings	( 153,699 )
Accounts payable	( 1,957,562 )
Other payables	( 1,024,526 )
Current tax liabilities	( 239,947 )
Lease liabilities-current	( 50,314 )
Other current liabilities	( 7,596 )
Non-current Liabilities
Long-term borrowings	( 4,265,802 )
Deferred tax liabilities	( 217,564 )
Lease liabilities-non-current	( 353,381 )
Other non-current liabilities	( 671,820 )
	$ 3,596,698

The initial accounting for the acquisition of Lincstech Co., Ltd. was only provisionally determined at the end of the period. At the date of issuance of these consolidated financial statements, the necessary market valuations and other calculations have not been finalized. The final appraisal report, when issued, may result in changes to the current amounts.

(4) Goodwill recognized on acquisitions

	Lincstech Co., Ltd. and subsidiaries
Consideration transferred	$ 6,749,845
Less: Fair value of identifiable net assets acquired	( 3,596,698 )
Goodwill recognized on acquisitions	$ 3,153,147

The goodwill recognized in the acquisitions of Lincstech Co., Ltd. mainly represents the control premium included in the cost of the combinations. In addition, the consideration paid for the combinations effectively included amounts attributed to the benefits of expected synergies, revenue growth, future market development and the assembled workforces of Lincstech Co., Ltd. These benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.

(5) Net cash outflow on the acquisition of subsidiaries

	Lincstech Co., Ltd. and subsidiaries
Consideration paid in cash	$ 6,749,845
Less: Payable for acquisition investments	( 190,134 )
Less: Cash and cash equivalent balances acquired	( 1,878,826 )
	$ 4,680,885

(6) Impact of acquisitions on the results of the Group

The financial results of the acquirees since the acquisition dates, which are included in the consolidated statements of comprehensive income, were as follows:

	Lincstech Co., Ltd. and subsidiaries
Operating revenue	$ 3,612,846
Net profit for the period	$ 241,000

Effective April 8, 2025, the Group with Lincstech. However, as Lincstech's accounting standards and fiscal year differ from those of the Group, it is not possible to determine the impact on revenue and profit or loss for the reporting period had the acquisition date been January 1, 2025.

33. CAPITAL MANAGEMENT

The Group manages its capital to ensure that all the entities of the Group will be able to continue as going concerns while optimizing the balance of debt and equity to maximize returns for shareholders. The Group's key management reviews the capital structure annual and consider the cost of capital and the risks associated.

34. FINANCIAL INSTRUMENTS

(1) Fair value information

A. Financial instruments not measured at fair value

Except as set forth in the table below, the management of Group believes that the carrying amounts of financial assets and financial liabilities that are not measured at fair value approximate their fair values.

41 -

June 30, 2025

	Carrying Amount	Fair Value
		Level 1	Level 2	Level 3	Total
Financial Assets
Financial assets at amortized cost
— Treasury Bonds	$ 422,908	$ 426,450	$ -	$ -	$ 426,450
— Corporate Bonds	11,560,047	11,643,678	-	-	11,643,678

December 31, 2024

	Carrying Amount	Fair Value
		Level 1	Level 2	Level 3	Total
Financial Assets
Financial assets at amortized cost
— Treasury Bonds	$ 472,262	$ 470,491	$ -	$ -	$ 470,491
— Corporate Bonds	10,955,358	10,800,738	-	-	10,800,738

June 30, 2024

	Carrying Amount	Fair Value
		Level 1	Level 2	Level 3	Total
Financial Assets
Financial assets at amortized cost
— Treasury Bonds	$ 691,786	$ 685,601	$ -	$ -	$ 685,601
— Corporate Bonds	7,539,093	7,441,513	-	-	7,441,513

B. Financial instruments measured at fair value - measured at fair value on a recurring basis

June 30, 2025

	Level 1	Level 2	Level 3	Total
Financial assets at FVTPL
Derivative Instruments	$ -	$ 14,153	$ -	$ 14,153
Listed stocks	42,400	-	-	42,400
Mutual funds	239,118	-	-	239,118
Perpetual non-cumulative subordinated corporate bonds	-	347,138	-	347,138
Structured deposits	151,477	-	-	151,477
Limited partnership	-	-	49,817	49,817
	$ 432,995	$ 361,291	$ 49,817	$ 844,103
Financial assets at FVTOCI
Investments in equity instruments
—Listed stocks	$ 5,928,594	$ -	$ -	$ 5,928,594
—Non-listed stocks	-	449,510	-	449,510
—Foreign listed Stocks	358,922	-	-	358,922
—Non-Foreign listed Stocks	-	8,345	-	8,345
	$ 6,287,516	$ 457,855	$ -	$ 6,745,371
Financial liabilities at fair value through profit or loss
Foreign exchange forward contracts	$ -	$ 6,399	$ -	$ 6,399

December 31, 2024

	Level 1	Level 2	Level 3	Total
Financial assets at FVTPL
Derivative Instruments	$ -	$ 703	$ -	$ 703
Listed stocks	96,750	-	-	96,750
Mutual funds	380,444	-	-	380,444
Perpetual non-cumulative subordinated corporate bonds	-	361,914	-	361,914
Limited partnership	-	-	49,564	49,564
	$ 477,194	$ 362,617	$ 49,564	$ 889,375
Financial assets at FVTOCI
Investments in equity instruments
-Listed stocks	$ 6,360,824	$ -	$ -	$ 6,360,824
-Non-listed stocks	-	462,592	-	462,592
-Foreign listed Stocks	567,468	-	-	567,468
	$ 6,928,292	$ 462,592	$ -	$ 7,390,884

June 30, 2024

	Level 1	Level 2	Level 3	Total
Financial assets at FVTPL
Listed stocks	$ 86,940	$ -	$ -	$ 86,940
Mutual funds	261,629	-	-	261,629
Perpetual non-cumulative subordinated corporate bonds	-	369,749	-	369,749
Structured deposits	20,055	-	-	20,055
Limited partnership	-	-	24,564	24,564
	$ 368,624	$ 369,749	$ 24,564	$ 762,937
Financial assets at FVTOCI
Investments in equity instruments
-Listed stocks	$ 6,960,066	$ -	$ -	$ 6,960,066
-Non-listed stocks	-	584,638	-	584,638
-Foreign listed Stocks	254,312	-	-	254,312
	$ 7,214,378	$ 584,638	$ -	$ 7,799,016

There were no transfers between level 1 and level 2 fair value measurements for the six months ended June 30, 2025 and 2024.

C. Valuation techniques and assumption for value measurement

The fair value of financial assets and financial liabilities is determined in the following ways :

a. The fair value of financial assets and financial liabilities with standard terms and conditions and traded in the active market is determined by referring to the market quotation respectively.

b. Derivatives with quoted prices in the active market are at fair value at market prices. Option derivatives without market price for reference use option pricing model to estimate fair value. Non option derivatives without market price for reference use discounted cash flow analysis to estimate the fair value based on the yield curve applicable to the duration. The fair value of the forward foreign exchange contract is measured by the forward exchange rate quotation and the yield curve derived from the quotation interest rate during the maturity period of the contract.

c. The fair value of other financial assets and financial liabilities (except for the above) is determined according to the generally recognized pricing mode based on the discounted cash flow analysis.

(2) Financial risk management objectives and policies

The main financial instruments of the group include investment in equity and debt instruments, notes and accounts receivable, notes and accounts payable and loans. The financial management department of the Group provides services for each business, coordinates the entry into domestic and international financial markets, and supervises and manages the exchange rate risk, interest rate risk, credit risk and liquidity risk related to the operation of the Group by analyzing the internal risk report of the exposure according to the risk degree and breadth.

In order to mitigate the impact of such risks, the Group uses derivative financial instruments to avoid exposure risks. The use of derivative financial instruments is governed by the policies adopted by the board of directors of the Group, which are exchange rate risk, interest rate risk, credit risk, the use of derivative financial instruments and non-derivative financial instruments, and the written principles for investment of residual liquidity. Internal auditors continuously review the compliance of policies and the amount of risk exposure.

A. Market risk

The main financial risks borne by the Group due to its operating activities are foreign currency exchange rate fluctuation risk (see (a) below) and interest rate fluctuation risk (see (b) below).

a. Foreign currency risk

The risk management of foreign currency changes arising from the foreign currency transactions of the Group is to manage the risk by using forward foreign exchange contracts and exchange contracts within the scope of the regulatory permission of the procedures for dealing with derivative financial products.

Refer to Note 39 for the book amounts of non-functional currency denominated monetary assets and monetary liabilities and derivatives with foreign currency risk of the Group on the balance sheet date.

Sensitivity analysis

The Group is mainly affected by the exchange rate fluctuations of US dollar and RMB. The sensitivity analysis of the Group only includes the foreign currency monetary items circulating outside, and adjusts the amount of the pretax profit and loss by adjusting the exchange rate of US dollar and RMB at the end of the period to 1% of the appreciation of new Taiwan dollar; when the exchange rate of US dollar and RMB is 1% of the depreciation of new Taiwan dollar, the impact on the pretax profit and loss will be a negative number of the same amount.

	Impact of 1% appreciation of USD		Impact of 1% appreciation of RMB		Impact of 1% appreciation of JPY
	For The Six Months Ended June 30		For The Six Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024	2025	2024
Impact to net income before income tax	$ 123,500	$ 120,697	($ 31,877)	($ 17,898)	$ 12,456	($ 9,225)

b. Interest rate risk

The interest rate risk of the Group mainly comes from fixed and floating interest rate deposits and borrowings. The carrying amount of financial assets and liabilities of the Group exposure to interest rate risk on the balance sheet date is as follows :

	June 30, 2025	December 31, 2024	June 30, 2024
Interest rate risk with fair value
—Financial asset	$11,982,955	$11,493,190	$ 8,230,879
Interest rate risk with cash flow
—Financial asset	28,575,105	26,914,374	26,583,046
—Financial liability	39,557,400	25,824,496	20,415,602

Sensitivity analysis

The following sensitivity analysis is based on the interest rate exposure of non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis method assumes that the amount of liabilities outstanding on the balance sheet date is outstanding during the reporting period.

The sensitivity analysis of interest rate risk is based on the change of fair value of financial assets and liabilities with floating interest rate at the end of the financial reporting period. If the interest rate increases by one percentage point, the pretax net profit of the Group for the three months ended June 30,2025 and 2024 will be (decrease) increased by NT$(54,911) thousand and NT$30,837 thousand respectively.

B. Credit risk

Credit risk refers to the risk of financial loss caused by the default of the counterparty. In order to reduce credit risk, the management of the Group shall assign a dedicated team to take charge of the determination of credit line, credit approval and other monitoring procedures to ensure that appropriate actions have been taken for the recovery of overdue receivables. In addition, the Group will review the recoverable amount of the receivables one by one on the balance sheet date to ensure that the receivables that cannot be recovered have been set aside for appropriate impairment loss. Therefore, the management of the Group thinks that the credit risk of the Group has been significantly reduced.

C. Liquidity risk

The Group manages and maintains sufficient cash and cash equivalents to support the company's operations and mitigate the impact of cash flow fluctuations. The management of the Group monitors the utilization of bank borrowings and ensures the compliance with the loan contract.

Bank borrowings are an important source of liquidity for consolidated companies. As of the six months ended June 30,2025 and 2024, and December 31, 2024, the unused financing lines of the Group are as follows (b) description of financing lines.

a.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 was prepared in accordance with the undiscounted cash flows of financial liabilities from the earliest date on which the Group would be asked to pay Bank loans with a repayment on demand clause were included in the earliest period regardless the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities were based on the agreed upon repayment dates.

June 30, 2025

	Weighted average effective interest rate (%)	Less than 1 year	1~5 years	Over 5 years	Total
Non derivative financial liabilities
No interest bearing liabilities	-	$ 16,970,083	$ 221,445	$ -	$ 17,191,528
Lease liabilities	3.87%	249,359	415,027	254,802	919,188
Floating interest rate liabilities	1.98%	26,136,107	13,421,293	-	39,557,400
		$ 43,355,549	$ 14,057,765	$ 254,802	$ 57,668,116

Further information on maturity analysis of lease liabilities is as follows :

	Less than 1 year	1~5 years	5~10 years	10~15 years	15~20 years	Total
Lease liabilities	$ 249,359	$ 415,027	$ 254,802	$ -	$ -	$ 919,188

December 31, 2024

	Weighted average effective interest rate (%)	Less than 1 year	1~5 years	Over 5 years	Total
Non derivative financial liabilities
No interest bearing liabilities	-	$ 12,045,056	$ 138,337	$ -	$ 12,183,393
Lease liabilities	4.17%	215,842	460,349	3,397	679,588
Floating interest rate liabilities	2.05%	17,852,945	7,971,551	-	25,824,496
		$ 30,113,843	$ 8,570,237	$ 3,397	$ 38,687,477

Further information on maturity analysis of lease liabilities is as follows :

	Less than 1 year	1~5 years	5~10 years	10~15 years	15~20 years	Total
Lease liabilities	$ 215,842	$ 460,349	$ 3,397	$ -	$ -	$ 679,588

June 30, 2024

	Weighted average effective interest rate (%)	Less than 1 year	1~5 years	Over 5 years	Total
Non derivative financial liabilities
No interest bearing liabilities	-	$ 12,564,830	$ 200,064	$ -	$ 12,764,894
Lease liabilities	4.46%	192,891	520,902	3,406	717,199
Floating interest rate liabilities	1.90%	14,049,294	6,366,308	-	20,415,602
		$ 26,807,015	$ 7,087,274	$ 3,406	$ 33,897,695

Further information on maturity analysis of lease liabilities is as follows :

	Less than 1 year	1~5 years	5~10 years	10~15 years	15~20 years	Total
Lease liabilities	$ 192,891	$ 520,902	$ 3,406	$ -	$ -	$ 717,199

The amount of the floating rate instruments of non derivative financial liabilities mentioned above will be changed due to the difference between the floating rate and the estimated interest rate at the end of the reporting period.

b. Financing facilities

	June 30, 2025	December 31, 2024	June 30, 2024
Unsecured bank loan facilities which may be extended by mutual agreement:
- Amount used	$ 39,564,201	$ 25,832,163	$ 20,424,294
- Unused amount	32,623,783	32,404,724	36,775,928
	$ 72,187,984	$ 58,236,887	$ 57,200,222

35. TRANSACTIONS WITH RELATED PARTIES

The transactions, account balances, income and expenses between the company and its subsidiaries (which are related parties of the company) are all eliminated during the merger, so they are not disclosed in this Note. Except as disclosed in other Notes, the transactions between the merged company and related parties are as follows.

(1) Related party name and category

Related Party Name	Related Party Category
Walsin Technology Corp.	Significant investor
Walsin Lihwa Corporation	Significant investor
INFO-TEK CORPORATION	Affiliated enterprise
Career Technology (MFG) Co., Ltd.	Affiliated enterprise
Zheng cheng Precision Industry Co., Ltd.	Affiliated enterprise
Walsin New Energy Corporation	Affiliated enterprise

47 -

Related Party Name	Related Party Category
Career Electronic (Kunshan) Co., Ltd.	Other related party
Career Technology (Suzhou) Co., Ltd.	Other related party
Walsin Technology Corporation (HK) Ltd.	Other related party
Suzhou Walsin Technology Electronics Co., Ltd.	Other related party
Dong Guan Walsin Tech. Ele. Co., Ltd.	Other related party
INPAQ TECHNOLOGY CO., LTD.	Other related party
Shanghai Walsin Lihwa Power Wire & Cable Co., Ltd.	Other related party
Prosperity Dielectrics Co., Ltd.	Other related party
Info-Tek Electronics (Suzhou) Co., Ltd.	Other related party
VVG INC.	Other related party
PSA CHARITABLE FOUNDATION	Other related party
PSA VVG Foundation for Culture and Arts	Other related party
Kamaya Electric Co., Ltd.	Other related party
Kamaya Electric (M) Sdn. Bhd.	Other related party
Career Social Welfare Charity Foundation	Other related party
Silitech Technology Corporation	Other related party
Chongqing Songjia Property Co., Ltd.	Other related party
JOYIN CO., LTD.	Other related party
Holypag Tech (Suzhou) Co.,Ltd.	Other related party
Inpaq Technology (China) Co.,Ltd.	Other related party

(2) Business transactions

Line Item	Related Party Category	For The Three Months Ended June 30		For The Six Months Ended June 30
		2025	2024	2025	2024
Sales revenue	Significant investors	$ 725	$ 464	$ 1,776	$ 904
	Affiliated Enterprises	1,893	4,088	3,515	5,822
	Other related parties	14,730	13,901	30,313	26,959
		$ 17,348	$ 18,453	$ 35,604	$ 33,685
Purchase	Significant investors	$ 1,589	$ 243	$ 3,375	$ 1,104
	Affiliated Enterprises	19,028	350	21,385	2,802
	Other related parties	4,412	6,213	9,859	12,009
		$ 25,029	$ 6,806	$ 34,619	$ 15,915
Other incomes	Significant investors	$ 2,793	$ 2,500	$ 5,187	$ 5,389
	Affiliated Enterprises	3,927	1,553	6,580	2,643
		$ 6,720	$ 4,053	$ 11,767	$ 8,032
Other expenses and losses	Significant investors	$ 7,559	$ 9,274	$ 15,491	$ 17,886
	Other related parties	3,347	1,088	14,389	1,088
	Affiliated Enterprises	4,499	6,506	9,064	9,388
		$ 15,405	$ 16,868	$ 38,944	$ 28,362

The trading conditions for the purchase and sale of goods by the Group to the related parties shall be agreed upon by both parties. Other income refers to the consulting service income collected by the Group from related parties, and other expenses and losses refer to the rental expenses and consulting service fees paid by the Group to related parties, and the rental price is paid on a monthly basis with reference to the local general market.

The balance of receivables and payables of related parties at the balance sheet date is as follows:

Line Item	Related Party Category	June 30, 2025	December 31, 2024	June 30, 2024
Accounts receivable	Significant investors	$ 975	$ 707	$ 1,185
	Affiliated enterprises	3,164	12,290	13,635
	Other related parties	10,586	14,958	10,474
		$ 14,725	$ 27,955	$ 25,294
Other receivables	Significant investors	$ 2,936	$ 2,351	$ 2,681
	Affiliated enterprises	4,152	1,394	2,053
	Other related parties	1	1,014	2,183
		$ 7,089	$ 4,759	$ 6,917
Refundable deposit	Significant investors	$ 175	$ 175	$ 175
Accounts payable	Significant investors	$ 161	$ 142	$ -
	Affiliated enterprises	19,538	-	191
	Other related parties	7,310	7,681	9,287
		$ 27,009	$ 7,823	$ 9,478
Other payables	Significant investors	$ 2,775	$ 3,985	$ 3,723
	Affiliated enterprises	336	-	-
	Other related parties	2,068	2,392	2,760
		$ 5,179	$ 6,377	$ 6,483
Receipts in advance	Other related parties	$ 22,841	$ 23,630	$ 22,712

Receivables from related parties are not guaranteed. The balance of the outstanding payables to related parties is not guaranteed and will be settled in cash.

Other receivables refer to the consulting service fees receivable from related parties; other payables refer to the consulting service fees, rents, processing fees and collection and payment fees payable to related parties; Advances received refer to advances from related parties for purchasing merchandise.

(3) Acquisition of property, plant and equipment

	Purchase Price
	For The Six Months Ended June 30,
Related Party Category	2025	2024
Affiliated enterprises	$ 88	$ 3,200

(4) Disposal of property, plant and equipment

	Proceeds		Loss on Disposal
	For The Three Months Ended June 30		For The Three Months Ended June 30
Related Party Category	2025	2024	2025	2024
Other related parties	$ -	$ -	$ -	$ -

	Proceeds		Gain on Disposal
	For The Six Months Ended June 30		For The Six Months Ended June 30
Related Party Category	2025	2024	2025	2024
Other related parties	$ -	$ 1,788	$ -	$ 534

(5) Lease arrangements

		Purchase Price
		For The Six Months Ended June 30
Related Party Category		2025		2024
Acquisition of right-of-use assets
Other related parties		$ -		$ 108,535
Line Item	Related Party Category	June 30, 2025	December 31, 2024	June 30, 2024
Lease liabilities	Other related parties	$ 80,216	$ 90,417	$ 102,660
	Affiliated enterprises	44,682	49,528	-
		$ 124,898	$ 139,945	$ 102,660
	For The Three Months Ended June 30		For The Six Months Ended June 30
Related Party Category	2025	2024	2025	2024
Interest expense
Other related parties	$ 918	$ 1,183	$ 1,894	$ 1,980
Affiliated enterprises	216	-	443	-
	$ 1,134	$ 1,183	$ 2,337	$ 1,980

The Group leased factories and offices in Malaysia and Guanyin District, Taoyuan City from Kamaya Electric (M) Sdn. in February and November 2024, respectively. The lease term is 5 years. The rent is based on the rental level of similar assets, and fixed lease payments are paid monthly in accordance with the lease agreement.

(6) Endorsement guarantee

The long-term guaranteed loans of the Group are jointly and severally guaranteed by the related party Chongqing Songjia Property Co., Ltd., and the company provides houses and buildings as collateral. Please refer to Note 21.

(7) Compensation of key management personnel

	For The Three Months Ended June 30		For The Six Months Ended June 30
	2025	2024	2025	2024
Short-term employee benefits	$ 29,032	$ 37,701	$ 99,238	$ 103,881
Post-retirement benefits	183	231	367	468
	$ 29,215	$ 37,932	$ 99,605	$ 104,349

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

36. ASSETS PLEDGED AS COLLATERAL

The following assets have been provided as margin for operating derivative financial products :

	June 30, 2025	December 31, 2024	June 30, 2024
Restricted bank deposits
(Financial assets measured at amortized cost)	$ 1,180,201	$ 328,133	$ -

37. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

(1) Unused letters of credit were as follows :

Unit: In thousands of foreign currency

Currency	June 30, 2025	December 31, 2024	June 30, 2024
JPY	$ -	$ 10,175	$ 13,125
EUR	220	-	280

(2) Unrecognized commitments were as follows :

	June 30, 2025		December 31, 2024		June 30, 2024
	Price	Price paid	Price	Price paid	Price	Price paid
Acquisition of property, plant and equipment (Include construction industry inventory)	$ 6,368,398	$ 4,216,916	$ 5,742,519	$ 4,212,593	$ 5,668,324	$ 2,270,496

38. OTHER

On May 28, 2025, the board of directors of subsidiary, Global Brands Manufacture Ltd. resolved to issue 25,000 thousand ordinary shares and issue the 2nd domestic unsecured convertible corporate bonds for 1 billion. The main purpose of the funds is to repay bank loans. On July 1, 2025, the above transaction was approved by the FSC, and the subscription base date was determined by the board of directors to be July 26, 2025. The capital increase was issued at price NT$75 per share, amounting to $1,875,000 thousands. The Company subscribed to the capital increase in proportion to its shareholding, in the amount of $611.839 million.

39. SIGNIFICANT EXCHANGE RATE INFORMATION OF FOREIGN CURRENCY FINANCIAL ASSETS AND LIABILITIES

The following information is summarized and expressed in foreign currencies other than the functional currencies of each entity of the Group. Foreign currency assets and liabilities with significant impact were as follows:

Unit: In thousands of foreign currency

June 30, 2025
	Foreign currency	Exchange rate	Carrying amount
Financial asset
Monetary items
USD	$ 789,388	29.300	$ 23,129,068
RMB	521,836	4.0882	2,133,370
JPY	8,642,973	0.2034	1,757,981
Financial liabilities
Monetary item
USD	367,888	29.300	10,779,118
RMB	1,301,568	4.0882	5,321,070
JPY	2,518,898	0.2034	512,344
December 31, 2024
	Foreign currency	Exchange rate	Carrying amount
Financial asset
Monetary items
USD	$ 719,786	32.785	$ 23,598,184
RMB	499,480	4.4891	2,242,216
JPY	5,903,151	0.2099	1,239,071
Financial liabilities
Monetary item
USD	324,369	32.785	10,634,438
RMB	918,117	4.4891	4,121,519
JPY	6,238,382	0.2099	1,309,436
June 30, 2024
	Foreign currency	Exchange rate	Carrying amount
Financial asset
Monetary items
USD	$ 696,683	32.45	$ 22,607,363
RMB	535,478	4.4655	2,391,177
JPY	3,945,060	0.2017	795,719
Financial liabilities
Monetary item
USD	324,734	32.45	10,537,618
RMB	936,292	4.4655	4,181,012
JPY	8,518,803	0.2017	1,718,243

For the six months ended June 30, 2025 and 2024, the Group included unrealized and realized foreign currency exchange (losses) benefits were (NT$ 359,989) thousand NT$ 437,257 thousand respectively. Due to the variety of foreign currency transactions and functional currencies of the Group entities, it is unable to disclose exchange gains and losses according to the foreign currencies with significant impact.

40. SEPARATELY DISCLOSED ITEMS

(1) Information about significant transactions

No.	Item	Description
1	Financing provided to others.	Nil
2	Endorsements/guarantees provided.	Nil
3	Marketable securities held.	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.	Table 2
5	Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital.	Table 3

(2) Information on investees

No.	Item	Description
1	Information on investees.	Table 4
2	Financing provided to others.	Table 5
3	Endorsements/guarantees provided.	Table 6
4	Marketable securities held.	Table 7
5	Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital.	Table 8
6	Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital.	Table 9

(3) Information on investments in mainland China

No.	Item	Description
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 10~11
2	Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party.	Table 10~11

53 -

No.	Item	Description
3	Any of endorsement, guarantees, or collaterals provided to investee companies in mainland China, either directly or indirectly through a third party.	Table 10~11
4	Financing provided to investee companies in mainland China, either directly or indirectly through a third party.	Table 10~11
5	Other transactions that have a significant impact on the current profit or loss or financial position.	Nil

(4) Intercompany relationships and significant intercompany transactions

Refer to Table 12 for the intercompany relationships and significant intercompany transactions for the six months ended June 30, 2025.

41. SEGMENT INFORMATION

Each of operating segments is considered a separate operating segment by the chief operating decision maker. For the purposes of financial statement presentation, these individual operating segments have been aggregated into a single operating segment, taking into account the following factors:

The operating segments have similar long-term gross profit margins;
The cash flow is generated in the same way;
The daily operation activities are similar.

Segment revenue and results

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

PCB Segment—PCB manufacturing and sales

EMS Segment—PCB assembly & sales business

Other Segments—Others

The financial information of relevant segments of the group for the six months ended June 30, 2025 and 2024 is as follows:

	For The Six Months Ended June 30, 2025
	PCB Dept.	EMS Dept.	Other Dept.	Adjustment and write off	Total
Operating income	$ 24,473,584	$ 4,165,806	$ 187,231	($ 2,694,214)	$ 26,132,407
Cost of goods sold	19,941,972	3,365,196	99,632	( 2,698,069)	20,708,731
Gross profit	4,531,612	800,610	87,599	3,855	5,423,676
Operating expenses	1,779,288	205,863	222,489	( 3,223)	2,204,417
Operating profit (loss)	2,752,324	594,747	( 134,890)	7,078	3,219,259
Non-operating income and losses	( 261,322)	69,895	291,328	( 7,078)	92,823
Profit (Loss) before income tax from operations	$ 2,491,002	$ 664,642	$ 156,438	$ -	$ 3,312,082

54 -

For The Six Months Ended June 30, 2024

	PCB Dept.	EMS Dept.	Other Dept.	Adjustment and write off	Total
Operating income	$ 17,307,154	$ 4,343,742	$ 230,417	($ 2,234,431)	$ 19,646,882
Cost of goods sold	13,144,993	3,648,988	58,708	( 2,234,673)	14,618,016
Gross profit	4,162,161	694,754	171,709	242	5,028,866
Operating expenses	1,399,846	217,691	347,954	( 6,354)	1,959,137
Operating profit (loss)	2,762,315	477,063	( 176,245)	6,596	3,069,729
Non-operating income and losses	243,100	160,793	369,657	( 6,596)	766,954
Profit (Loss) before income tax from operations	$ 3,005,415	$ 637,856	$ 193,412	$ -	$ 3,836,683

The intersegment transactions have been written off for the six months ended June 30, 2025 and 2024.

Table 1

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

JUNE 30, 2025

(Amounts in Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account	JUNE 30, 2025
				Number of Shares	Carrying Amount (Foreign Currencies in Thousands)	Percentage of Ownership (%)	Fair Value (Foreign Currencies in Thousands)
HannStar Board Corp.	Shares
	Tsai Yi Corporation	Other related parties	Financial assets at FVTOCI- non-current	4,270,687	$ 75,591	2.91	$ 75,591
	Chin-Xin Investment Co., Ltd.	Other related parties	"	6,500,000	196,495	1.34	196,495
	Walsin Technology Corp.	Investors with significant influence	"	43,886,115	3,567,941	9.05	3,567,941
	Walton Advanced Engineering, Inc.	Other related parties	"	14,761,000	198,535	2.85	198,535

Note 1: The term "securities" in this Table refers to the stocks, bonds, beneficiary certificates and the securities derived from the above items within the scope of IFRS 9 financial instruments.
Note 2: This table lists the securities that the company determines should be disclosed based on the principle of materiality.
Note 3: Please refer to Tables 4, 10 and 11 for information about investment in subsidiaries, associates and joint ventures.

55 -

Table 2

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars)

Company Name	Related Party	Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts Receivable (Payable)
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
HannStar Board Corp.	HannStar Board Tech. (Jiangyin) Corp.	100% indirect subsidiary	Purchase	$ 2,028,547	66	Monthly settlement 95 days	N/A	N/A	($ 1,678,361)	(65)
〃	〃	〃	Sales	158,288	(4)	Monthly settlement 150 days	〃	〃	161,938	5

56 -

Table 3

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL JUNE 30, 2025

(In Thousands of New Taiwan Dollars / In Foreign currency)

Company Name	Related Party	Relationship	Ending Balance	Turnover Rate	Overdue
					Amount	Actions taken
HannStar Board Corp.	HannStar Board Tech. (Jiangyin) Corp.	100% indirect subsidiary	$ 161,938
USD 5,526,891	2.56	$ -	—	$ 15,521
USD 529,724	$ -

57 -

Table 4

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars / In Foreign currency)

Investor Company	Investor Company	Location	Main Businesses and Products	Original Investment Amount		June 30, 2025			Net Income (Loss) of the Invoze	Share of Profit (Loss)	Note
				June 30, 2025	December 31, 2024	Number of Shares	%	Carrying Amount
HannStar Board Corporation	HannStar Board (BVI) Holdings Corp.	British Virgin Islands	General investment	$ 1,724,145	$ 1,724,145	52,000,000	100.00	$ 23,349,005	$ 1,113,044	$ 1,113,044
“	Global Brands Manufacture Ltd.	Taiwan	PCB manufacturing and sales	4,483,961	4,483,961	192,815,499	40.79	9,062,988	1,440,112	587,360	Note 2
“	Career Technology (MFG) Co., Ltd	Taiwan	PCB manufacturing and sales	4,428,098	4,056,968	176,415,555	27.73	2,664,039	( 1,327,519 )	( 562,479 )
“	Walsin New Energy Corporation	Taiwan	Solar power generation	12,500	12,500	1,250,000	25.00	10,500	( 3,099 )	( 775 )
HannStar Board (BVI) Holdings Corp.	HannStar Board International Holdings Ltd.	Cayman Islands	General investment	4,140,581	4,140,581	1,316,250,000	100.00	14,945,919	957,046	957,046
“	HannStar Board Investments (Hong Kong) Limited	Hong Kong	General investment	108,578	108,578	USD 3,600,000	100.00	85,076	( 844 )	( 844 )
“	PSA JAPAN INVESTMENT G.K.	Japan	General investment	280,653	280,653	USD 8,623,538	18.00	260,077	( 90,635 )	( 16,314 )
HannStar Board Investments (Hong Kong) Limited	GHPW Enterprise Corporation (Hong Kong) Ltd.	Hong Kong	General investment	108,709	108,709	USD 3,600,000	15.00	85,063	( 5,629 )	( 844 )
HannStar Board International Holdings Ltd.	HannStar Board Holdings (Hong Kong) Ltd.	Hong Kong	General investment	8,674,729	8,674,729	215,970,000	100.00	14,930,697	956,984	956,984
HannStar Board Tech. (Jiangyin) Corp.	Chongqing Xincheng Electronics Co., Ltd.	Chongqing City, China	Sales of electronic components, Real estate investment and leasing	58,582	58,582	RMB 11,325,649	21.35	59,845	( 396 )	( 86 )
“	Chongqing Shushong Investment Co., Ltd.	Chongqing City, China	General investment, etc.	643,270	643,270	RMB 135,950,000	25.65	571,969	( 60,237 )	( 15,451 )
Chongqing Shushong Shushong Investment Co., Ltd.	UNS	British Virgin Islands	General investment	1,916,545	1,916,545	RMB 400,000,000	100.00	1,668,519	( 62,178 )	( 62,178 )
Global Brands Manufacture Ltd.	Up First Investments Ltd.	British Virgin Islands	General investment	5,220,149	5,220,149	USD 167,322,352	100.00	13,684,821	( RMB 14,139,473 )	( RMB 14,139,473 )
“	Dynamic Skyline Ltd.	British Virgin Islands	General investment	1,026,016	1,026,016	USD 32,800,000	100.00	8,059,066	319,112	319,112
“	Success Ocean Investments Ltd.	British Virgin Islands	General investment	1,655,630	1,655,630	USD 51,300,000	100.00	1,480,711	25,506	25,506
“	Cheng Cheng Enterprise Co., Ltd.	Taiwan	Real estate business and rents	344,393	344,393	14,000,000	100.00	224,432	( 17,325 )	( 17,325 )
“	Falcon Automation Equipment Corp.	Taiwan	Mechanical device and electronic components manufacture service	10,300	10,300	3,831,600	50.24	89,533	( 5,171 )	( 2,598 )
“	INFO-TEK CORPORATION	Taiwan	Electronic spare part manufacturing industry	319,666	319,666	33,270,949	27.55	912,663	( 3,794 )	( 1,393 )
Walsin New Energy Corporation	ELNA Printed Circuits Co., Ltd.	Taiwan	Solar energy generation	5,000	5,000	500,000	10.00	4,200	( 3,099 )	( 310 )
“	GBM ELECTRONICS (M) SDN. BHD.	Malaysia	PCB assembly sales service	1,398,284	1,399,284	200,000,000	100.00	( 475,743)	( 191,936 )	( 191,649 )
“	GBM ELECTRONICS (M) SDN. BHD.	Malaysia	PCB production and sales business	1,082,296	1,082,296	8,500	100.00	( 475,743)	( 191,936 )	( 191,649 )
“	Lincotech Co., Ltd.	Japan	PCB production and sales business	6,559,711	6,559,711	270,000	34.00	( 35,315,305)	( 76,849,027)	( 33,3857 )

(Continued)

Investor Company	Investor Company	Location	Main Businesses and Products	Original Investment Amount			June 30, 2025			Net Income (Loss) of the Investor
				June 30, 2025	December 31, 2024	Number of Shares	%	Carrying Amount
Up First Investments Ltd.	Effort Growth Developments Ltd.	British Virgin Islands	General investment	$ 235,060	$ 235,060	USD 7,326,152	100.00	($ 15,666)	$ 32,091	$ 32,091
				USD 7,326,152	USD 7,326,152	(Note 1)		(USD 534,678)	(USD 1,007,277)	(USD 1,007,277)
".	GBM UP (HK) Ltd.	Hong Kong	General investment	217,822	217,822	USD 7,200,000	100.00	170,142	( 1,698 )	( 1,698 )
				USD 7,200,000	USD 7,200,000	(Note 1)		USD 5,806,894	(USD 53,283 )	(USD 53,283 )
".	Forever Line Ltd.	Hong Kong	General investment	978,286	978,286	54,392,201	100.00	612,138	216,296	216,296
				USD 35,342,690	USD 35,342,690			USD 20,892,080	USD 6,789,161	USD 6,789,161
.	PSA Japan Investment G.K.	Japan	General investment	279,834	279,834	USD 8,623,538	18.00	260,077	( 86,406 )	( 15,553 )
				USD 8,623,538	USD 8,623,538	(Note 1)		JPY 1,278,647,621	(JPY 402,638,990 )	(JPY 72,475,018 )
Success Ocean Investments Ltd.	Always Up Investments Ltd.	Hong Kong	General investment	933,798	933,798	HKD 227,112,381	100.00	804,974	21,064	21,064
				USD 29,300,000	USD 29,300,000	(Note 1)		USD 27,473,518	USD 661,149	USD 661,149
.	CMK Global Brands Manufacture Ltd.	British Virgin Islands	General investment	1,034,792	1,034,792	8,600,000	86.00	398,074	5,166	4,443
				USD 31,500,000	USD 31,500,000			USD 13,586,150	USD 162,155	USD 139,453
Dynamic Skyline Ltd.	Centralian Investments Ltd.	British Virgin Islands	General investment	1,220,878	1,220,878	40,000,000	100.00	103,509	85	85
				USD 37,452,000	USD 37,452,000			USD 3,532,729	USD 2,672	USD 2,672
.	Will Grow Holdings Ltd.	Hong Kong	General investment	4	4	999	99.90	2,517,546	237,517	237,432
				USD 129	USD 129			USD 85,923,077	USD 7,455,260	USD 7,452,588
.	Total Rich Holdings Ltd.	Hong Kong	General investment	126	126	1	100.00	254,681	23,839	23,839
				USD 3,716	USD 3,716			USD 8,692,182	USD 748,270	USD 748,270
.	Up Ever Holdings Ltd.	Hong Kong	General investment	753	753	1	100.00	171,274	20,372	20,372
				USD 22,218	USD 22,218			USD 5,845,546	USD 639,431	USD 639,431
ELNA PCB (M) SDN. BHD.	Malaysia	PCB production and sales service	2,218,575	2,218,575	MYR 305,500,000	98.63	( 975,151 )	( 218,391 )	( 213,185 )
			MYR 305,500,000	MYR 305,500,000	(Note 1)		(MYR 139,937,322)	(MYR 29,817,317 )	(MYR 29,106,552 )
Centralian Investments Ltd.	Will Grow Holdings Ltd.	Hong Kong	General investment	1,300,814	1,300,814	1	0.10	2,376	237,517	85
				USD 40,000,000	USD 40,000,000			USD 81,097	USD 7,455,260	USD 2,672
Lincotech Co., Ltd.	Lincotech YGA Co., Ltd.	Japan	PCB production and sales service	22,691	-	198,000	100.00	( 151,169 )	( 30,002 )	( 30,002 )
				JPY 99,000,000	JPY -			(JPY 743,211,055)	(JPY 139,805,834 )	(JPY 139,805,834 )
.	Lincotech Circuit Singapore Pte. Ltd.	Singapore	PCB production and sales service	754,400	-	32,800,000	100.00	4,239,473	185,478	166,271
				SGD 32,800,000	JPY -			JPY 20,843,023,102	JPY 864,295,102	JPY 744,796,650
.	Lincotech America Inc.	United States of America	PCB production and sales service	20,510	-	1	100.00	74,323	21,505	21,641
				USD 700,000	JPY -			JPY 365,404,445	JPY 110,208,355	JPY 100,845,553
Chean Yi Computer (Chongqing) Co., Ltd.	Chongqing Ruishuang Technology Co., Ltd.	Chongqing City, China	Electronic fitting research and development and sale	45,327	45,327	RMB 9,050,000	34.51	47,908	( 206 )	( 71 )
				RMB 9,050,000	RMB 9,050,000	(Note 1)		USD 1,635,080	(USD 6,460 )	(USD 2,229 )
GBM UP (HK) Ltd.	GHPW Enterprise Corporation (Hong Kong) Ltd.	Hong Kong	General investment	217,822	217,822	USD 7,200,000	30.00	170,125	( 5,659 )	( 1,698 )
				USD 7,200,000	USD 7,200,000	(Note 1)		USD 5,806,355	(USD 177,616 )	(USD 53,285 )
Kanshan Yuanxong Electronics Technology CO., Ltd.	Chongqing Shuohong Investment Co., Ltd.	Chongqing City, China	General investment, etc.	320,186	320,186	RMB 67,990,000	12.828	286,240	( 60,491 )	( 7,760 )
				RMB 67,990,000	RMB 67,990,000	(Note 1)		USD 9,769,273	(RMB 13,738,342 )	(RMB 1,762,355 )
Chean Yi Computer (Shenzhen) Co., Ltd.	Chongqing Shuohong Investment Co., Ltd.	Chongqing City, China	General investment, etc.	320,186	320,186	RMB 67,990,000	12.828	286,240	( 60,491 )	( 7,760 )
				RMB 67,990,000	RMB 67,990,000	(Note 1)		USD 9,769,283	(RMB 13,738,342 )	(RMB 1,762,355 )

Note 1: It is presented in the original investment amount.
Note 2: Have significant non-controlling interests.
Note 3 : The investee company's profit (loss) for the current period is the amount from April 8 to June 30, 2025.

(Concluded)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

Table 5

FINANCING PROVIDED TO OTHERS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars / In Foreign currency)

No. (Note 1)	Lender	Borrower	Financial Statement Account	Related Party	Highest Balance for the Period	Ending Balance	Actual Amount Borrowed	Interest Rate (%)	Nature of Financing (Note 2)	Business Transaction Amount	Reasons for Short-term Financing	Allowance for Impairment Loss	Collateral		Financing Limit for Each Borrower (Note 3)	Aggregate Financing Limit (Note 3)
													Item	Value
1	Global Brands Manufacture Ltd.	ELNA PCB (M) SDN.BHD.	Other receivables from related parties	Y	$	332,050	$	293,000	$	-	Not more than 5.0%	2	$	Operating turnover and loan repayment	$	-	$	$	7,736,063
o	o	Cheng Cheng Enterprise Co., Ltd.	o	o	350,000	350,000	-	-	Not more than 3.0%	2	-	o	-	-	-	-	7,736,063	7,736,063
o	o	Lincstech Co., Ltd.	o	o	4,259,000	3,864,600	-	-	Not more than 3.0%	2	-	o	-	-	-	-	7,736,063	7,736,063
o	o	Lincstech YGA Co., Ltd.	o	o	448,400	406,800	-	-	Not more than 5.0%	2	-	o	-	-	-	-	7,736,063	7,736,063
2	Chuan Yi Computer (Shenzhen) Co., Ltd.	Kunshan Xiongqiang Electronics Technology Co., Ltd.	o	o	292,975	130,911	130,911	130,911	Not more than 5.0%	2	-	o	-	-	-	-	2,042,260	2,042,260
3	Up First Investments Ltd.	CMK Global Brands Manufacture Ltd.	o	o	996,150	586,000	550,433	Not more than 5.0%	2	-	o	-	-	-	-	-	5,473,928	13,684,821
o	o	ELNA PCB (M) SDN. BHD.	o	o	3,588,600	3,516,000	2,062,720	Not more than 5.0%	2	-	o	-	-	-	-	-	5,473,928	13,684,821
o	o	Global Brands Manufacture Ltd.	o	o	2,324,350	2,051,000	-	Not more than 5.0%	2	-	o	-	-	-	-	-	5,473,928	13,684,821
o	o	Cheng Cheng Enterprise Co., Ltd.	o	o	332,050	295,000	214,119	Not more than 5.0%	2	-	o	-	-	-	-	-	13,684,821	13,684,821
o	o	Lincstech Co., Ltd.	o	o	3,914,000	3,864,600	-	-	Not more than 5.0%	2	-	o	-	-	-	-	13,684,821	13,684,821
o	o	Lincstech YGA Co., Ltd.	o	o	412,000	406,800	345,780	Not more than 5.0%	2	-	o	-	-	-	-	-	13,684,821	13,684,821
4	Success Ocean Investments Ltd.	Up First Investments Ltd	o	o	568,195	556,700	277,647	Not more than 5.0%	2	-	o	-	-	-	-	-	888,427	888,427
5	Kunshan Yuansong Electronics Technology CO., Ltd.	Kunshan Yuannao Electronics Technology Co.	o	o	320,442	286,369	-	-	Not more than 5.0%	2	-	o	-	-	-	-	1,511,158	1,511,158
6	Dong Guan Xiangcheng Electronic Technology Co., Ltd.	Global Brands Manufacture (Dongguan) Ltd.	o	o	833,821	756,832	540,010	Not more than 5.0%	2	-	o	-	-	-	-	-	804,670	804,670
7	Dynamic Skyline Ltd.	ELNA PCB (M) SDN. BHD.	o	o	3,254,090	2,197,500	1,311,468	Not more than 5.0%	2	-	o	-	-	-	-	-	3,223,626	4,835,440
o	Dynamic Skyline Ltd.	Up First Investments Ltd.	o	o	897,150	879,000	556,700	Not more than 5.0%	2	-	o	-	-	-	-	-	4,835,440	4,835,440
8	Dong Guang Jin-Cheng Electronics Technology CO., Ltd.	Global Brands Manufacture (Dongguan) Ltd.	o	o	166,360	163,639	81,820	Not more than 5.0%	2	-	o	-	-	-	-	-	254,681	254,681
9	Yi-Kuan Electronics (Shenzhen) Co., Ltd.	Chuan Yi Computer (Shenzhen) Co., Ltd.	o	o	253,699	249,550	188,185	Not more than 5.0%	2	-	o	-	-	-	-	-	255,533	255,533
10	GBM ELECTRONICS (M) SDN. BHD.	ELNA PCB (M) SDN. BHD.	o	o	630,995	556,700	429,561	Not more than 5.0%	2	-	o	-	-	-	-	-	658,453	987,680
11	Ever-Precise Recycle Company	Chuan Yi Computer (Chongqing) Co., Ltd.	o	o	45,777	40,910	40,910	Not more than 5.0%	2	-	o	-	-	-	-	-	86,156	86,156
12	Lincstech Circuit Singapore Pte. Ltd.	Lincstech Co., Ltd.	o	o	1,185,906	1,075,884	1,075,884	2.75%	2	-	o	-	-	-	-	-	2,562,704	2,562,704
13	Kunshan Yuannao Electronics Technology Co.	Kunshan Xiongqiang Electronics Technology Co., Ltd.	o	o	3,095,000	308,550	20,455	Not more than 5.0%	2	-	o	-	-	-	-	-	612,135	612,135
o	o	Kunshan Yuansong Electronics Technology CO., Ltd.	o	o	395,106	388,643	61,365	Not more than 5.0%	2	-	o	-	-	-	-	-	612,135	612,135
14	Dong Guang Yao Cheng Electronics Technology CO., Ltd.	Global Brands Manufacture (Dongguan) Ltd.	o	o	103,975	102,275	888,250	Not more than 5.0%	2	-	o	-	-	-	-	-	171,274	171,274

Note 2: The method to fill in the loan and nature of funds is as follows:

(1) Please fill in 1 for business contacts.
(2) Fill in 2 if there is a need for short-term financing.

Note 3: (1) Global Brands Manufacture Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 40% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 40% of the value of the latest financial statement.
(2) Chuan Yi Computer (Shenzhen) Co., Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 60% of the value of the latest financial statement.
(3) Up First Investments Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 100% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 100% of the value of the latest financial statement. Among them, the loan limit to a single enterprise with less than 100% direct or indirect shareholding shall not exceed 40% of the net value of the latest financial statement.
(4) Success Ocean Investments Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 60% of the value of the latest financial statement.
(5) Kunshan Yuansong Electronics Technology CO., Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 60% of the value of the latest financial statement.
(6) Dong Guan Xiangcheng Electronic Technology Co., Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 100% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 100% of the value of the latest financial statement.
(7) Dynamic Skyline Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 60% of the value of the latest financial statement. Among them, the loan limit to a single enterprise with less than 100% direct or indirect shareholding shall not exceed 40% of the net value of the latest financial statement.
(8) Dong Guang Jin-Cheng Electronics Technology CO., Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 100% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 100% of the value of the latest financial statement.
(9) Yi-Kuan Electronics (Shenzhen) Co., Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 100% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 100% of the value of the latest financial statement.
(10) GBM ELECTRONICS (M) SDN. BHD. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit to a single enterprise with less than 100% direct or indirect shareholding shall not exceed 40% of the net value of the latest financial statement.
(11) Ever-Precise Recycle Company : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 60% of the value of the latest financial statement.
(12) Lincstech Circuit Singapore Pte. Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 60% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 60% of the value of the latest financial statement.
(13) Kunshan Yuanmao Electronics Technology Co. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 100% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 100% of the value of the latest financial statement.
(14) Dong Guang Yao Cheng Electronics Technology CO., Ltd. : According to the procedures for loan of funds from subsidiaries of the company to others, the total amount of loan of funds from subsidiaries to others shall not exceed 100% of the net value of financial statements audited or reviewed by a CPA in the latest period (the financial statements of June 30, 2025). Among them, the loan limit for a single enterprise to others shall not exceed 100% of the value of the latest financial statement.

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

Table 6

ENDORSEMENTS/GUARANTEES PROVIDED

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars / In Foreign currency)

No. (Note 1)	Endorser/Guarantor	Endorser/Guarantee		Limit on Endorsement/ Guarantee Given on Behalf of Each Party (Note 3)	Maximum Amount Endorsed/ Guaranteed During the Period	Outstanding Endorsement/ Guarantee at the End of the Period	Actual Amount Borrowed	Amount Endorsed/ Guaranteed by Collateral	Ratio of Accumulated Endorsement/ Guarantee to Net Equity in Latest Financial Statements (%)	Aggregate Endorsement/ Guarantee Limit (Note 5)	Endorsement/ Guarantee Given by Parent on Behalf of Subsidiaries (Note 5)	Endorsement/ Guarantee Given by Subsidiaries on Behalf of Parent( Note 5)	Endorsement/ Guarantee Given on Behalf of Companies in Mainland China (Note 5)
		Name	Relationship (Note 2)
1	Global Brands Manufacture Ltd	Up First Investments Ltd.	2	$ 19,340,158	$ 332,050	$ -	$ -	$ -	-	$ 38,680,316	Y	-	-
					USD 10,000,000	USD - (Note 4)
2	2	ELNA Printed Circuits Co., Ltd.	2	19,340,158	672,600	610,200	203,400	-	3.16	38,680,316	Y	-	-
					JPY 3,000,000,000	JPY 3,000,000,000 (Note 4)	JPY 1,000,000,000
3	3	ELNA PCB (M) SDN.BHD.	2	19,340,158	9,962	-	-	-	-	38,680,316	Y	-	-
					USD 300,000	USD -	USD -
4	4	Lincotech Co., Ltd.	2	19,340,158	6,592,000	6,508,800	3,864,600	-	33.65	38,680,316	Y	-	-
					JPY32,000,000,000	JPY32,000,000,000 (Note 4)	JPY19,000,000,000
2	Dong Guang Jin-Cheng Electronics Technology CO., Ltd	Global Brands Manufacture (Dongguan) Ltd.	4	127,341	5,219	4,664	-	-	1.83	127,341	-	-	Y
					RMB 1,140,000	RMB 1,140,000	RMB -

Note 1: The information on Hannstar Board Corporation and its subsidiaries is listed and labeled on the entitled "No." column.
(1) "0" represents Hannstar Board Corporation.
(2) Investees are numbered consecutively starting from 1.
Note2: The relationship between the endorser/guarantee and the party being endorsed/guaranteed is as follows:
(1) Having business relationship.
(2) The endorser/guarantee parent company owns directly and indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary.
(3) The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantee parent company.
(4) The endorser/guarantee parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company.
(5) Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract.
(6) Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.
(7) Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act.
Note3: (1) Global Brands Manufacture Ltd.: The limit of endorsements and guarantees for a single enterprise shall not exceed 100% of the company's net worth. The total amount of external endorsements and guarantees shall not exceed 200% of the company's net worth.
(2) Dong Guang Jin-Cheng Electronics Technology CO., Ltd: The limit of endorsements and guarantees for a single enterprise shall not exceed 50% of the company's net worth. The total amount of external endorsements and guarantees shall not exceed 50% of the company's net worth. If the endorsements and guarantees are engaged in due to business relations, they shall not exceed the total amount of transactions with the company in the past year (the higher of the purchase or sales amount between the two parties), so the current period is not exceeded.
Note 4: The balance refers to the amount of guarantee agreed between the company and the bank upon the resolution of the board of directors.
Note 5: Y is required only for those who are endorsers and guarantors of listed parent company to subsidiaries, those who are endorsers and guarantors of listed parent company to subsidiaries, and those who are endorsers and guarantors of mainland China.

Table 7

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

June 30, 2025

(In Thousands of New Taiwan Dollars)

Holding company Name	Type and Name of Marketable Securities (Note 1)	Relationship with the Holding Company	Financial Statement Account	June 30 2025
				Number of Shares	Carrying Amount (Foreign Currencies in Thousands)	Percentage of Ownership (%)	Fair Value (Foreign Currencies in Thousands)
Hannstar Board (BVI) Holdings Corp.	Government bonds
	US TREASURY NOTE	None	Financial assets at amortized cost- non-current	-	USD 12,938	-	USD 13,056
	Corporate bonds
	META PLATFORMS INC.	None	Financial assets at amortized cost- non-current	-	USD 12,774	-	USD 12,786
Global Brands	UNITEDHEALTH GROUP INC.	n	n	-	USD 11,278	-	USD 11,243
	Stock
	Tsai Yi Corporation.	Other related parties	Financial assets at FVTOCI	10,023,932	177,424	6.83	177,424
Manufacture Ltd.	Walsin Technology Corp.	Affiliated Enterprises	n	21,201,481	1,723,680	4.37	1,723,680

Note 1 : The term "securities" in this Table refers to stocks, bonds, beneficiary certificates and securities derived from the above items within the scope of IFRS 9 financial instruments.
Note 2 : Securities disclosed herein are those determined by the Company to be material, based on the principle of materiality.
Note 3 : Please refer to Tables 4 $\cdot$ 10 and 11 for information about investment in subsidiaries and related enterprises.

63 -

Table 8

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars)

Buyer	Related Party	Relationship	Transaction Details				Abnormal Transaction		Notes / Accounts Receivable (Payable)
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
Global Brands Manufacture Ltd.	Global Brands Manufacture (Dongguan) Ltd.	Subsidiary	Purchase	$ 188,111	3	60~120 days	-	-	($ 371,038)	(9)
n	Chuan Yi Computer (Shenzhen) Co., Ltd.	n	Purchase	1,882,879	29	60~120 days	-	-	(895,798)	(22)
n	Chuan Yi Computer (Chongqing) Co., Ltd	n	Purchase	2,647,996	40	60~150 days	-	-	(1,632,510)	(40)
n	Dong Guang CMK Global Brands Manufacture Ltd.	n	Purchase	474,299	7	60~120 days	-	-	(557,090)	(14)
n	GBM ELECTRONICS (M) SDN. BHD.	n	Purchase	323,371	5	60~120 days	-	-	(191,030)	(5)
n	Kunshan Yuansong Electronics Technology CO., Ltd.	n	Purchase	364,469	5	60~120 days	-	-	(226,749)	(6)
n	n	n	Sale	(757,856)	(10)	60~120 days	-	-	154,919	3
Chuan Yi Computer (Shenzhen) Co., Ltd.	Dong Guang CMK Global Brands Manufacture Ltd.	Subsidiary	Purchase	190,922	16	60~120 days	-	-	(128,614)	(16)
Lincstech Co., Ltd.	Lincstech America Inc.	Subsidiary	Sale	(201,042)	(18)	150 £	-	-	254,825	35
Lincstech Circuit Singapore Pte. Ltd.	Lincstech America Inc.	Subsidiary	Sale	(113,860)	(5)	90 £	-	-	104,714	7

Table 9

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL
June 30, 2025
(In Thousands of New Taiwan Dollars / In Foreign currency)

Company Name	Related Party	Relationship	Ending Balance	Turnover Rate	Overdue		Amounts Receivable in Subsequent Period	Allowance for Impairment Loss
					Amount	Actions taken
HannStar Board Tech. (Jiangyin) Corp	HannStar Board Corp.	Parent company	$ 1,678,361	2.54	$ -	-	$ 205,107	$ -
Global Brands Manufacture Ltd.	Kunshan Yuansong Electronics Technology Co., Ltd.	Brother company	USD 57,281,961	10.05	-	-	USD 7,000,241	-
Up First Investments Ltd.	Lincstech YGA Co., Ltd.	Brother company	USD 154,919	-	-	-	USD 154,919	-
Up First Investments Ltd.	Lincstech YGA Co., Ltd.	Brother company	USD 346,210	-	-	-	USD 5,287,339	-
Up First Investments Ltd.	Lincstech YGA Co., Ltd.	Brother company	JPY 1,702,115,555 (Note)	-	-	-	-	-
Up First Investments Ltd.	CMK Global Brands Manufacture Ltd	“	USD 550,433	-	-	-	-	-
Up First Investments Ltd.	CMK Global Brands Manufacture Ltd	“	USD 18,786,100 (Note)	-	-	-	-	-
Up First Investments Ltd.	ELNA PCB (M) SDN. BHD	“	USD 2,066,108	-	-	-	-	-
Up First Investments Ltd.	ELNA PCB (M) SDN. BHD	“	USD 70,515,644 (Note)	-	-	-	-	-
Success Ocean Investments Ltd.	Up First Investments Ltd.	Brother company	JPY 214,600	-	-	-	-	-
Success Ocean Investments Ltd.	Up First Investments Ltd.	Brother company	JPY 1,055,061,472 (Note)	-	-	-	-	-
Global Brands Manufacture (Dongguan) Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 371,038	2.74	-	-	USD 52,018	-
Dong Guan Xiangcheng Electronic Technology Co., Ltd.	Global Brands Manufacture (Dongguan) Ltd.	Brother company	USD 12,663,398	-	-	-	USD 1,775,347	-
Dong Guang Jin Cheng Electronics Technology Co., Ltd.	Global Brands Manufacture (Dongguan) Ltd.	Brother company	USD 546,386	-	-	-	-	-
Dong Guang Jin Cheng Electronics Technology Co., Ltd.	Global Brands Manufacture (Dongguan) Ltd.	Brother company	RMB 133,558,692 (Note)	-	-	-	-	-
Dong Guang CMK Global Brands Manufacture Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 557,090	1.64	-	-	USD 67,848	-
Dong Guang CMK Global Brands Manufacture Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 19,013,296	-	-	-	USD 2,315,615	-
Dong Guang Yi Computer (Shenzhen) Co., Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 128,614	3.45	-	-	USD 36,887	-
Dong Guang Yi Computer (Shenzhen) Co., Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 4,389,551	-	-	-	USD 1,258,925	-
Dong Yuan Yi Computer (Shenzhen) Co., Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 895,798	4.10	-	-	USD 340,954	-
Dong Yuan Yi Computer (Shenzhen) Co., Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 3,895,296	-	-	-	USD 11,636,646	-
Dong Yuan Yi Computer (Chongqing) Co., Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 1,632,510	3.47	-	-	USD 366,188	-
Dong Yuan Yi Computer (Chongqing) Co., Ltd.	Global Brands Manufacture Ltd.	Brother company	USD 55,717,066	-	-	-	USD 12,497,875	-
Yi-Kuan Electronics (Shenzhen) Co., Ltd.	Yi-Kuan Electronics (Shenzhen) Co., Ltd.	Brother company	USD 226,749	4.97	-	-	-	-
Yi-Kuan Electronics (Shenzhen) Co., Ltd.	Yi-Kuan Electronics (Shenzhen) Co., Ltd.	Brother company	USD 7,738,871	-	-	-	-	-

(Continued)

Company Name	Related Party	Relationship	Ending Balance	Turnover Rate	Overdue
					Amount	Actions taken
Dynamic Skyline Ltd.	ELNA PCB (M) SDN.BHD.	Brother company	$ 1,314,884
USD 44,876,574
(Note)	-	-	—	$	-
”	Up First Investments Ltd.	”	556,700
USD 19,000,000
(Note)	-	-	—	-	-
GBM ELECTRONICS (M) SDN. BHD.	Global Brands Manufacture Ltd.	Brother company	191,030
MYR 27,413,117	5.13	-	—	6,984
MYR 1,002,166	-
”	ELNA PCB (M) SDN. BHD.	”	436,858
MYR 62,690,507
(Note)	-	-	—	-	-
Lincstech Co., Ltd.	Lincstech America Inc.	Brother company	254,825
JPY 1,252,825,819	3.19	-	—	123,699
JPY 608,158,653	-
Lincstech Circuit Singapore Pte. Ltd.	Lincstech America Inc.	Brother company	104,714
USD 3,573,872	4.43	-	—	28,658
USD 978,073	-
”	Lincstech Co., Ltd.	”	1,076,266
USD 36,732,639
(Note)	-	-	—	-	-

Note : Presented under Other receivables - related parties

(Concluded)

Table 10

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars / In Foreign currency)

Name of mainland invested company, main business items, paid in capital, investment mode, and fund transfer in and out, shareholding ratio, and investment profit and loss, book value of investment and profit and loss of returned Investment:

Investee Company	Main Business and Products	Paid-in Capital	Method of Investment	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025	Remittance of Funds		Accumulated Outward Remittance for Investment from Taiwan as of June 30, 2025	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Note 3)	Carrying Amount as of June 30, 2025	Accumulated Repatriation of Investment Income as of June 30, 2025
					Outward	Inward
HannStar Board Tech. (Jiangyin) Corp.	PCB production and sales service	$ 8,320,321 USD 283,970,000 (Note 1)	Indirect investment in China through HannStar Board (BVI) Holdings Corp. of a third area British Virgin Islands.	$ - USD -	$ - USD -	$ - USD -	$ - USD -	$ 957,074 USD 30,049,984	100	$ 957,074 USD 30,049,984	$ 15,220,579 USD519,473,684	$ 2,089,382 USD 71,309,964
GHPW Enterprise Corporation (CQ) Ltd.	Enterprise real estate management	703,200 USD 24,000,000 (Note 2)	"	- USD -	- USD -	- USD -	- USD -	( 5,387) (USD 169,987)	15	( 808) (USD 25,498)	85,029 USD 2,902,001	- USD -

Note 1: Including US$109,000 thousand of surplus transferred capital increase and US$122,970 thousand of cash increase through third region business.
Note 2: Including US $24,000 thousand of cash capital increase through third region businesses.
Note 3: It is based on the financial statements of the invested company audited or reviewed by the accountant of the Taiwan parent company.
Note 4: June 30, 2025 exchange rate at USD: $\mathrm{NTD} = 1:29.30$

Investment limit in mainland China:

Accumulated Outward Remittance for Investments in Mainland China as of June 30, 2025	Investment Amount Authorized by the Investment Commission, MOEA (Note 5)	Upper Limit on the Amount of Investments Stipulated by the Investment Commission, MOEA
	USD303,017,037 (NT$ 8,878,399 thousand)	Note 6

Note 5: This amount includes surplus to capital increase and surplus repatriation.
Note 6: In accordance with Article 3 of the principles for the examination of investment or technical cooperation in mainland China, issued by the Industrial Bureau of the Ministry of Economic Affairs, enterprises within the scope of operation of the headquarters are excluded. This company is an enterprise which has obtained the aforementioned operating headquarters, so it is applicable for unlimited amount.
3. Major transactions with mainland invested companies directly or indirectly through third region enterprises: please refer to Note 35 and Table 12 for details.
4. Financing with mainland investee companies directly or indirectly through third region enterprises: none.
5. The situation of endorsements, guarantees or collateral provided directly or indirectly by the mainland invested company through a third regional enterprise: none.

Table 11

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars / In Foreign currency)

Name of mainland invested company, main business items, paid in capital, investment mode, fund transfer in and out, shareholding ratio, investment profit and loss, book value of investment and profit and loss of returned investment :

Investee Company	Main Business and Products	Paid-in Capital	Method of Investment	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025	Remittance of Funds		Accumulated Outward Remittance for Investment from Taiwan as of June 30, 2025	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Note 1)	Carrying Amount as of June 30, 2025	Accumulated Repatriation of Investment Income as of June 30, 2025
					Outward	Inward
Chuan Yi Computer (Shenzhen) Co., Ltd.	PCB production and sales service	USD 43,210,000	Indirect investment in the mainland through the third region British Virgin Islands Up First Investments Ltd.	$ 910,819	$ -	$ -	$ 910,819	$ 172,829 USD 5,424,816	100%	$ 172,829 USD 5,424,816	$ 3,408,870 USD 116,343,671	$ -
Yi-Kuan Electronics (Shenzhen) Co., Ltd.	PCB sales service	HKD 52,000,000	#	186,434	-	-	186,434	2,498 USD 78,406	100%	2,498 USD 78,406	258,821 USD 8,833,488	-
Chuan Yi Computer (Chengqing) Co., Ltd	PCB production and sales service	USD 47,000,000	#	1,410,198	-	-	1,410,198	342,755 USD 10,758,500	100%	342,755 USD 10,758,500	3,818,978 USD 130,340,537	-
Jingcheng Yuanmao Electronics Technology (Chengqing) Co., Ltd.	Property management	USD 12,000,000	#	376,540	-	-	376,540	(USD 6,615) USD 270,411	100%	(USD 6,615) USD 270,411	156,847 USD 5,353,124	-
Ever-Precise Recycle Company	Waste recycling and wastewater treatment trafficking	USD 2,100,000	#	43,190	-	-	43,190	16,760 USD 526,079	100%	16,760 USD 526,079	143,593 USD 4,900,776	-
GHPW Enterprise Corporation (CQ) Ltd.	Enterprise real estate management	USD 24,000,000	Indirect investment in the mainland through third region Hong Kong GBM UP (HK) LTD.	216,694	-	-	216,694	(USD 5,416) USD 169,987	30%	(USD 5,416) USD 169,987	170,057 USD 5,804,001	-
Kanshan Yuanmong Electronics Technology Co., Ltd	PCB assembly sales service	USD 40,000,000	Reinvest in mainland companies through third region Hong Kong Will Grow Holdings Ltd.	314,776	-	-	314,776	237,488 USD 7,454,338	100%	237,488 USD 7,454,338	2,518,597 USD 85,958,930	-
Dong Guan Xiangcheng Electronic Technology Co., Ltd.	Industrial plant rental and Property management	USD 34,300,000	Reinvest in mainland companies through third region Hong Kong Always Up Investments Ltd.	582,298	-	-	582,298	21,057 USD 660,947	100%	21,057 USD 660,947	804,670 USD 27,463,124	-
Kanshan Yuanmao Electronic Technology Co., Ltd.	PCB sales service	USD 80,000,000	Reinvest in mainland companies through third region Hong Kong Forever Line Ltd.	1,792,238	-	-	1,792,238	216,296 USD 6,789,160	100%	216,296 USD 6,789,160	612,135 USD 20,891,965	-
Dong Guang Jin Cheng Electronics Technology Co., Ltd.	Property management	USD 5,200,000	Indirect investment in the mainland through third region Hong Kong Total Rich Holdings Ltd.	-	-	-	-	23,839 USD 748,240	100%	23,839 USD 748,270	254,681 USD 8,692,177	-
Dong Guang Yao Cheng Electronics Technology CO., Ltd.	Property management	USD 1,500,000	Indirect investment in the mainland through the third region Hong Kong Up Ever Holdings Ltd.	-	-	-	-	20,372 USD 639,431	100%	20,372 USD 639,431	171,274 USD 5,845,542	-
Kanshan Xiongqiang Electronics Technology Co., Ltd.	Property management	USD 5,700,000	Indirect investment in the Mainland through the third region British Virgin Islands Effort Growth Developments Ltd.	235,060	-	-	235,060	30,676 USD 962,855	100%	30,676 USD 962,855	79,084 USD 2,699,117	-
Global Brands Manufacture (Dongguan) Ltd.	PCB assembly sales service	USD 68,000,000	Indirect investment in the Mainland through the third region British Virgin Islands Dynamic Skyline Ltd.	-	-	-	-	37,949 USD 1,191,160	100%	37,949 USD 1,191,160	2,244,413 USD 76,601,122	-
Jingjia Electronics Technology (Wuhu) Co., Ltd.	Industrial plant rental	USD 19,500,000	#	592,664	-	-	592,664	1,872 USD 58,755	100%	1,872 USD 58,755	444,014 USD 15,154,069	-
Dong Guang CMK Global Brands Manufacture Ltd.	PCB production and sales service	USD 14,219,970	Indirect investment in the mainland through the third region British Virgin Islands CMK Global Brands Manufacture Ltd.	-	-	-	-	5,163 USD 162,053	86%	4,440 USD 139,366	871,443 USD 29,742,081	-

(Continued)

Investment limit in mainland China:

Accumulated Outward Remittance for Investments in Mainland China as of June 30, 2025	Investment Amount Authorized by the Investment Commission, MOEA	Upper Limit on the Amount of Investments Stipulated by the Investment Commission, MOEA
$6,712,661	USD 345,961,600
HKD 30,000,001	(Note 4)

Note 1: The column of investment profit and loss recognized in the current period is the profit and loss recognized in the financial statements audited or reviewed by the accountant.

Note 2: June 30, 2025 exchange rate at USD : NTD = 1 : 29.30

FOR THE SIX MONTHS ENDED June 30, 2025 average exchange rate at USD : NTD = 1 : 31.859

Note 3: Global Brands Manufacture Ltd.'s original investment in Xinyuan Technology Enterprise (Sichuan) Co., Ltd. was NT$51,750 thousand. It was sold to non-related parties in July 2003 and was approved for cancellation by the Ministry of Economic Affairs on December 30, 2003. The original share capital is remitted back to Taiwan, and after being submitted to the Investment Review Board of the Ministry of Economic Affairs for reference, it is necessary to offset the mainland investment quota.

Note 4: According to the provisions of Article 3 of the "Principles for Investment or Technical Cooperation in Mainland China", enterprises approved by the Industrial Bureau of the Ministry of Economic Affairs that meet the scope of operation of the headquarters are not subject to the upper limit. The company is an enterprise that has obtained an operating headquarters, so there is no such limit.

Note 5: Major transactions with mainland invested companies directly or indirectly through enterprises in the third region: please refer to Note 35 and Table 12 for details.

Note 6: Financing with mainland investee companies directly or indirectly through third region enterprises: please refer to Table 5 for details.

Note 7: Endorsements, guarantees or collateral provided directly or indirectly by mainland invested companies through third regional enterprises: please refer to Table 6 for details.

(Concluded)

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

Table 12

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Investee Company	Counterparty	Relationship	Transaction Details
				Financial Statement Accounts	Amount	Payment Terms	% of Total Sales or Assets (Note 2)
0	HannStar Board Corp.	HannStar Board Tech. (Jiangyin) Corp.	Parent company to subsidiary company	Account receivable - related party	$ 161,938	No significant difference with non-related parties	-
〃	〃	〃	〃	Accounts payable-Related party	1,678,361	〃	2
〃	〃	〃	〃	Sales revenue	158,288	〃	1
〃	〃	〃	〃	Cost of goods sold	2,028,547	〃	8
1	Global Brands Manufacture Ltd	GBM ELECTRONICS (M) SDN.BHD.	Subsidiary to subsidiary	Cost of goods sold	323,371	Agreed gross margin based on cost plus	1
〃	〃	〃	〃	Accounts payable-Related parties	191,030	No significant difference with non-related parties	-
〃	〃	Global Brands Manufacture (Dongguan) Ltd.	〃	Cost of goods sold	515,263	Agreed gross margin based on cost plus	2
〃	〃	〃	〃	Accounts payable-Related parties	371,038	No significant difference with non-related parties	-
〃	〃	Chuan Yi Computer (Shenzhen) Co., Ltd.	〃	Cost of goods sold	1,882,879	Agreed gross margin based on cost plus	7
〃	〃	〃	〃	Accounts payable-Related parties	895,798	No significant difference with non-related parties	1
〃	〃	Chuan Yi Computer (Chongqing) Co., Ltd	〃	Cost of goods sold	2,647,996	Agreed gross margin based on cost plus	10
〃	〃	〃	〃	Accounts payable-Related parties	1,632,510	No significant difference with non-related parties	2
〃	〃	Dong Guang CMK Global Brands Manufacture Ltd.	〃	Cost of goods sold	474,299	Agreed gross margin based on cost plus	2

(Continued)

| No.
( Note 1 ) | Investee Company | Counterparty | Relationship | Transaction Details | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | Financial Statement Accounts | Amount | Payment Terms | % of Total Sales or Assets ( Note 2 ) |
| 1 | Global Brands Manufacture Ltd | Dong Guang CMK Global Brands Manufacture Ltd. | Subsidiary to subsidiary | Accounts payable-Related parties | $ 557,090 | No significant difference with non-related parties | 1 |
| 〃 | 〃 | Kunshan Yuansong Electronics Technology Co., Ltd | 〃 | Cost of goods sold | 364,469 | Agreed gross margin based on cost plus | 1 |
| 〃 | 〃 | 〃 | 〃 | Sales revenue | 757,856 | 〃 | 3 |
| 〃 | 〃 | 〃 | 〃 | Accounts payable-Related parties | 226,749 | No significant difference with non-related parties | - |
| 〃 | 〃 | 〃 | 〃 | Account receivable - related parties | 154,919 | 〃 | - |
| 2 | Up First Investments Ltd. | Lincstech YGA Co., Ltd. | 〃 | Other receivables - related parties | 346,210 | 〃 | - |
| 〃 | 〃 | CMK Global Brands Manufacture Ltd. | 〃 | Other receivables - related parties | 550,433 | 〃 | 1 |
| 〃 | 〃 | ELNA PCB (M) SDN. BHD. | 〃 | Other receivables - related parties | 2,066,108 | 〃 | 2 |
| 〃 | 〃 | Cheng Cheng Enterprise Co., Ltd. | 〃 | Other receivables - related parties | 214,600 | 〃 | - |
| 3 | Chuan Yi Computer (Shenzhen) Co., Ltd. | Kunshan Xiongqiang Electronics Technology Co., Ltd. | 〃 | Other receivables - related parties | 130,911 | 〃 | - |
| 〃 | 〃 | Dong Guang CMK Global Brands Manufacture Ltd. | 〃 | Cost of goods sold | 190,922 | Agreed gross margin based on cost plus | 1 |
| 〃 | 〃 | 〃 | 〃 | Accounts payable-Related parties | 128,614 | No significant difference with non-related parties | - |
| 4 | Dong Guan Xiangcheng Electronic Technology Co., Ltd. | Global Brands Manufacture (Dongguan) Ltd. | 〃 | Other receivables - related parties | 546,386 | 〃 | 1 |
| 5 | Dong Guang Jin Cheng Electronics Technology Co., Ltd. | Global Brands Manufacture (Dongguan) Ltd. | 〃 | Other receivables - related parties | 114,141 | 〃 | - |
| 6 | Yi-Kuan Electronics (Shenzhen) Co., Ltd. | Chuan Yi Computer (Shenzhen) Co., Ltd. | 〃 | Other receivables - related parties | 188,185 | 〃 | - |
| 7 | Dynamic Skyline Ltd. | ELNA PCB (M) SDH. BHD | 〃 | Other receivables - related parties | 1,314,884 | 〃 | 1 |
| 〃 | 〃 | Up First Investments Ltd. | 〃 | Other receivables - related parties | 556,700 | 〃 | 1 |
| 8 | Success Ocean Investments Ltd. | Up First Investments Ltd. | 〃 | Other receivables - related parties | 277,647 | 〃 | - |

(Continued)

No. (Note 1)	Investee Company	Counterparty	Relationship	Transaction Details
				Financial Statement Accounts	Amount	Payment Terms	% of Total Sales or Assets (Note 2)
9	GBM ELECTRONICS (M) SDN. BHD.	ELNA PCB (M) SDN. BHD.	Subsidiary to subsidiary	Other receivables - related parties	$ 436,858	No significant difference with non-related parties	-
10	Lincstech Co., Ltd.	Lincstech America Inc.	n	Sales revenue	201,042	Agreed gross margin based on cost plus	1
n	n	n	n	Account receivable - related parties	254,825	No significant difference with non-related parties	-
11	Lincstech Circuit Singapore Pte. Ltd	Lincstech America Inc.	n	Sales revenue	113,860	Agreed gross margin based on cost plus	-
n	n	n	n	Account receivable - related parties	104,714	No significant difference with non-related parties	-
n	n	Lincstech Co., Ltd.	n	Other receivables - related parties	1,076,266	n	1

Note 1 : The business information between the parent company and the subsidiary company shall be indicated in the number column respectively, and the number shall be filled in as follows:
(1) Fill in 0 for parent company.
(2) Subsidiaries are numbered in sequence starting with Arabic numeral 1 according to company type.

Note 2 : For the calculation of the ratio of the transaction amount to the total consolidated revenue or total assets, if it belongs to the account of assets and liabilities, it shall be calculated in the way that the ending balance accounts for the total consolidated assets; if it belongs to the account of profit and loss, it shall be calculated in the way that the accumulated amount in the period accounts for the total consolidated revenue.

Note 3 : Transactions deemed significant under this table shall be disclosed by the company based on the principle of materiality.

(Concluded)

AI assistant

HSB — Interim / Quarterly Report 2025

52477_rns_2026-05-13_52932cc5-4032-4ee4-81c0-abd4047ea0d2.pdf

HannStar Board Corporation and Subsidiaries

INDEPENDENT AUDITORS' REVIEW REPORT

Introduction

Scope of Review

Basis for Qualified Conclusion for the six month period then ended June 30, 2025

Qualified and Unqualified Conclusion

CONSOLIDATED BALANCE SHEETS

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

1. GENERAL INFORMATION

2. APPROVAL OF FINANCIAL STATEMENTS

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

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

C. Provisions

a. Warranties

b. Decommissioning and Restoration Obligations

5. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION AND UNCERTAINTY

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

June 30, 2025

June 30, 2025

December 31, 2024

10. INVENTORIES

11. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

12. NON-CURRENT ASSETS HELD FOR SALE

13. SUBSIDIARIES

14. INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD

Significant affiliated enterprises

15. PROPERTY, PLANT AND EQUIPMENT

16. LEASE AGREEMENT

18. GOODWILL

19. INTANGIBLE ASSETS

20. OTHER ASSETS

21. BORROWINGS

(1) Short-term borrowings

22. OTHER LIABILITIES

23. PROVISION FOR LIABILITIES

24. RETIREMENT BENEFIT PLANS

25. EQUITY

26. OPERATING REVENUE

27. NET PROFIT FROM CONTINUING OPERATIONS

28. EMPLOYEE BENEFIT EXPENSES

29. REMUNERATION OF EMPLOYEES AND DIRECTORS

30. INCOME TAX

32. BUSINESS COMBINATIONS

33. CAPITAL MANAGEMENT

34. FINANCIAL INSTRUMENTS

(2) Financial risk management objectives and policies

A. Market risk

a. Foreign currency risk

Sensitivity analysis

35. TRANSACTIONS WITH RELATED PARTIES

36. ASSETS PLEDGED AS COLLATERAL

37. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

38. OTHER

39. SIGNIFICANT EXCHANGE RATE INFORMATION OF FOREIGN CURRENCY FINANCIAL ASSETS AND LIABILITIES

40. SEPARATELY DISCLOSED ITEMS

41. SEGMENT INFORMATION

Segment revenue and results

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE SIX MONTHS ENDED JUNE 30, 2025

FINANCING PROVIDED TO OTHERS

FOR THE SIX MONTHS ENDED JUNE 30, 2025

ENDORSEMENTS/GUARANTEES PROVIDED

FOR THE SIX MONTHS ENDED JUNE 30, 2025

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

HANNSTAR BOARD CORPORATION AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

HSB Interim / Quarterly Report 2025