LD - AGM Information 2024 | FinancialReports.eu

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Leadtrend Technology Corporation

2024 Annual Shareholders’ Meeting Minutes

Time and Date of Meeting ： May 28, 2024(Tuesday) at 9:00 am

Location of Meeting: No. 3, Taiyuan 1st Street, Zhubei City, Hsinchu County (2nd Floor, Phase III Multi-functional meeting room)

Meeting type : Physical shareholders’ meeting

Total outstanding shares: 58,900,343 shares

Total shares represented by shareholders present in person or by proxy: 32,669,031 shares (among them, 5,200,106 shares voted via electronic transmission) Percentage of shares held by shareholders present in person or by proxy: 55.46%

、 Directors present: Power Investments Limited representative name: Chairman Yu-kun, Kao

、 Director Ming-Nan, Chuang Director Chuei-Hua, Chiou and Independent Director Jian Guo, Yang (The Convenor of The Audit Committee) 4 directors present and more than half of total directors.

Attendance: Yu-Fong, Huang ( Deloitte & Touche)

Chao-Tsung Huang (Chen & Lin Attorneys -At- Law)

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Chairman: Yu-kun, Kao Recorder: Ya-ching , Huang

The aggregate shareholding of the shareholders present in person or by proxy constituted a quorum. The Chairman called the meeting to order.

A.Chairman Address (omitted)

B. Report Items `：`

(1) Annual Business Report of the 2023 (please see Attachment 1)
(2) Audit Report of Audit Committee of the 2023 (please see Attachment 2)
(3) The report of distribution of remunerations to employees and directors for 2023 (please reference Meeting Hankbook)
(4) The report of cash distributed from capital surplus for 2023 (please reference Meeting Hankbook)

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C. Ratification Items `：`

Motion 1

Subject: The 2023 Business Report and financial statements are presented for recognition. [Proposed by Board of Directors]

Explanation:

(1) The financial statements of 2023 have been audited by Huang Yu-Fong and Tsai MeiChen CPAs of Deloitte & Touche, who have also issued an auditors’ report containing their unqualified opinion.
(2) For the 2023 Business Report, Independent Auditor’s Report and financial statements, please see Attachment 1 and Attachment 3.

Resolution: Approved, the voting result of this proposal had reached the standard by the law

Voting Results: 32,669,031 shares were represented at the time of voting (including 5,200,106 shares voted via electronic transmission)

% of the total representation Voting Results at the time of voting Votes in favor: 30,505,698 votes(including 3,036,773 shares 93.37% voted via electronic transmission) Votes against: 9,404 votes 0.02% (including 9,404 shares voted via electronic transmission) Votes invalid/ abstained:2,153,929 votes (including 6.59% 2,153,929 shares voted via electronic transmission)

Motion 2

Subject: The revised distribution of earnings for 2023 is presented for recognition.

[Proposed by Board of Directors]

Explanation:

(1) The company's earnings distribution statement for 2023 includes other rights in accordance with the letter No. 1090150022 dated March 31, 2021, adds a special surplus reserve of NT$786,216 related to the net deduction of other equity items.
(2) The revised earnings distribution statement in this case was approved by the audit committee and the board of directors on May 9, 2024. The revised earnings distribution table is as follows:

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Resolution: This amendment approved, the voting result of this proposal had reached the standard by the law

Voting Results: 32,669,031 shares were represented at the time of voting (including 5,200,106 shares voted via electronic transmission)

% of the total representation Voting Results at the time of voting Votes in favor: 27,468,925 votes(including 0 shares voted via 84.08% electronic transmission) Votes against: 0 votes 0.00% (including 0 shares voted via electronic transmission) Votes invalid/ abstained:5,200,106 votes (including 15.91% 5,200,106 shares voted via electronic transmission)

D.Discussion Items

Motion 1

Subject: The new restricted employee shares to be issued for 2024 are presented for discussion.

[Proposed by Board of Directors]

Explanation:

(1) We intend to issue restricted stock awards in accordance with Article 267 of the Company Act and applicable provisions of the Regulations Governing the Offering and Issuance of Securities by Securities Issuers.
(2) With respect to the restricted stock awards to be issued this time, the total amount and the conditions of the issue are stated as follows:
A.Total amount for the issue: The total amount is NT$4,200,000 and a total of 420,000 shares are issued, with par value of NT$10 per share. The board of directors is authorized to issue them all or separately in accordance with applicable laws within a year from the date of resolution made at the shareholders’ meeting.
B. Conditions of the issue:

(i)Expected issue price:The price for issuance is NT$0 per share.

(ii)Vesting Conditions:

After new restricted stock awards are allocated to an employee, the employee must obtain an assessment grade of “Compliance” or above (i.e. a scale score ≧5.8) for the latest Individual Performance prior to the vesting date and is still working at Leadtrend upon expiration of any of the following vesting periods. Then the employee will receive such new restricted stock awards based on the ratio of vested portion for the concerned vesting period.

Vesting Period From the vesting date to Oct. 11 of the next year From the vesting date to Apr. 11 of the next 2ndyear From the vesting date to Oct. 11 of the next 2ndyear From the vesting date to Apr. 11 of the next 3rdyear From the vesting date to Oct. 11 of the next 3rdyear From the vesting date to Apr. 11 of the next 4thyear	Ratio of Vested Portion 1/6 1/6 1/6 1/6 1/6 1/6

(iii)The restricted stock awards issued to employees this time are common shares.

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(iv)Measures to be taken when an employee fails to satisfy vesting conditions, or upon inheritance:

When an employee fails to satisfy vesting conditions, we will take back and cancel, without compensation payment and in accordance with the law, the restricted stock awards given to the employee. In case of occurrence of inheritance, the inheritance shall be dealt with in accordance with the Regulations for Issue of Restricted Stock Awards.

C. Employees’ Qualifications and Conditions, and Number of Shares Allocated or Subscribed:
(i)Full-time employees of Leadtrend and its subordinate companies who have reported for duty already as of the date on which new restricted stock awards are vested are eligible. The subordinate companies stated herein are defined in Article 369-2 of the Company Act.
(ii)The actual employees in whom stock awards are vested and the quantity of the new restricted stock awards obtainable, which are determined based on years of service, rank, work performance, overall contribution, special achievement and other conditions to be taken into account for management, shall be approved by Chairman and then reported to the board of directors for its consent. However, if any of the employees also serves as a director and/or manager, the consent of the remuneration committee shall be obtained first. Non-managerial employees shall be reported to the audit committee.
D. Necessary reasons for issuance of restricted stock awards:
To attract, retain and motivate talents and enhance employees’ centripetal force to develop Leadtread’s business consistently and stably and create the maximum benefits for Leadtread and its shareholders.
E. Possible expensable amount, dilution of Leadtread’s earnings per share, and other impacts on shareholders’ equity
(i)Possible expensable amount: No more than 420,000 shares for restricted stock awards are issued this time, and a holder is not permitted to assign before satisfying vesting conditions. After the issuance, the possible expensable amount is estimated to be NT$47,040 thousand. The expensable amount to be amortized every year is estimated to be NT$5,203 thousand for 2024, NT$23,343 thousand for 2025, NT$12,617 thousand for 2026, NT$5,224 thousand for 2027, and NT$635 thousand for 2028. (Because of gratuitous issuance, the current price is estimated temporarily based on NT$112, the closing price on Feb. 27, 2024.)
(ii)Dilution of Leadtread’s earnings per share, and other impacts on shareholders’ equity:

As for the impact of the vesting conditions and the amount amortized annually for the temporarily estimated expensable amount on earnings per share, the earnings per share for 2024, 2025, 2026, 2027 and 2028 will be probably reduced by NT$0.06, NT$0.28, NT$0.15, NT$0.06 and NT$0.008 respectively (which are calculated based on 58,917,843 shares, issued on Feb. 27, 2024, plus restricted stock awards). The dilution of earnings per share is limited, so there is no significant impact on shareholders’ equity.

(3) The Regulations for Issue of Restricted Stock Awards for 2024 are established. Please see Attachment 4. After the motion is approved, if the Regulations need to be revised

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due to changes in laws or upon request by the competent authority, Chairman is fully authorized to deal with all relevant matters.

Resolution: Approved, the voting result of this proposal had reached the standard by the law

Voting Results: 32,669,031 shares were represented at the time of voting (including 5,200,106 shares voted via electronic transmission)

% of the total representation Voting Results at the time of voting Votes in favor: 28,318,765 votes(including 849,840 shares 86.68% voted via electronic transmission) Votes against: 2,188,432 votes 6.69% (including 2,188,432 shares voted via electronic transmission) Votes invalid/ abstained: 2,161,834 votes (including 2,161,834 6.61% shares voted via electronic transmission)

Motion 2

Subject: 2023 capital increase by retained earning for discussion.

[Proposed by Board of Directors]

Explanation:

(1) We intend to withdraw NT$11,637,570 from the earnings distributable for 2023 and increase capital by issuing 1,163,757 new shares, with par value of NT$10 per share.
(2) The new shares issued this time for capital increase based on the shareholding of each shareholder recorded in the register of shareholders as of the record date with respect to the share allocation (capital increase). Every shareholder is entitled to 20 new shares for every 1,000 shares.
(3) In case of allocation of any fractional shares less than a share, a shareholder may request the stock agency of Leadtrend, within 5 days from the date of suspension of stock transfer upon ex-rights, to put the fractional shares held together. For all transaction shares held still less than a share, an amount calculated at par value (rounded to the whole number) is distributed in cash in accordance with Article 240 of the Company Act. Chairman is authorized to request specific persons to subscribe fractional shares at par value. Monies of fractional shares held by the shareholders participating in book-entry allocation of shares will be the funds to pay expenses of the book-entry operation.
(4) Rights and obligations for the new shares issued for capital increase this time are the same as those for the common shares issued originally.
(5) After the new shares to be issued for capital increase have been approved at the shareholders’ meeting and reported to and approved by the competent authority, the board of director is authorized to determine record date for share allocation (capital increase) and relevant matters. The board of directors is authorized to handle relevant matters if the number of outstanding shares is so impacted that the share allocation ratio changes due to any changes in legal requirements or any adjustments made by the competent authority, or any shares purchased back or cancelled, debentures converted or new shares issued by Leadtrend or other reasons that may influence changes in shares.

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Resolution: Approved, the voting result of this proposal had reached the standard by the law

Voting Results: 32,669,031 shares were represented at the time of voting (including 5,200,106 shares voted via electronic transmission)

% of the total representation Voting Results at the time of voting Votes in favor: 30,500,940 votes(including 3,032,015 shares 93.36% voted via electronic transmission) Votes against: 10,454 votes 0.03% (including 10,454 shares voted via electronic transmission) Votes invalid/ abstained: 2,157,637 votes (including 6.60% 2,157,637 shares voted via electronic transmission)

E. Extraordinary Motions: None

F. Adjournment: Meeting ended at 9:21 am

(There was no questions from shareholders at this shareholders’ meeting.)

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Independent Auditors’ Report

To: Leadtrend Technology Corporation

Opinion

We have audited the financial statements of Leadtrend Technology Corporation and its subsidiaries, which comprise the consolidated balance sheet as of Dec. 31, 2023 and 2022 and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the years then ended, and the notes to the consolidated financial statements (including a summary of material accounting policies).

In our opinion, the said consolidated financial statements are prepared, in all material respects, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations recognized and published into effect by the Financial Supervisory Commission, and present fairly the consolidated financial conditions of Leadtrend Technology Corporation and its subsidiaries as of Dec. 31, 2023 and 2022 and the consolidated financial performance and consolidated cash flows for the years then ended.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Delegated Certified Public Accountants and the Auditing Standards. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit section below. We and our accounting firm are independent of Leadtrend Technology Corporation and its subsidiaries in accordance with the Norm of Professional Ethics for Certified Public Accountant and have fulfilled our other responsibilities under the Norm. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are the matters that, in our professional judgment, were most important in our audit of the consolidated financial statements of Leadtrend Technology Corporation and its subsidiaries for the year ended Dec. 31, 2023. These matters were addressed in the process of our audit of the consolidated financial statements and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matters with respect to the consolidated financial statements of Leadtrend Technology Corporation and its subsidiaries for the year ended Dec. 31, 2023 are stated as follows:

Recognition of Sales Revenue

For the significant sales revenue amounts of Leadtrend Technology Corporation and its subsidiaries, please refer to Note 19. Proceeds from sale of power management integrated circuits are the main revenue of Leadtrend Technology Corporation and its subsidiaries. To initiate the process of recognizing such revenue, the production management personnel provide the delivery order to get the products ready for the customer as instructed by the business segment. After the products to be shipped are ready, quality assurance personnel are informed and requested to inspect the products. After products are inspected and qualified, production management personnel sign and affix the official seal to the delivery order and the

finished goods outbound order, have the products shipped after the approval of the authorized supervisor, and update the stock details in the operating system. Then the accountant recognizes the sales revenue based on the delivery order signed by the customer or the shipping company.

As the aforementioned transaction involves manual control, the risk of recognizing revenue by mistake or without obtaining the delivery order signed by the customer or the shipping company exists.
We consider the revenue recognition policy of Leadtrend Technology Corporation and its subsidiaries and evaluate appropriateness of the revenue recognition by understanding and testing the effectiveness of the internal controls on the approval of orders and the shipment procedures, sampling the vouchers relevant to sales revenue, reviewing the amounts received in cash or subsequent cash receipts in order to verify the existence and occurrence of the sales, and also check whether any abnormality about the entity to which products have been sold and the entity receiving payments exists.

Inventory Evaluation

Refer to Note 9 of the consolidated financial statements. It is significant that the inventory balance of Leadtrend Technology Corporation and its subsidiaries accounted for 32% of the total assets as of Dec. 31, 2023. Valuation allowance for inventories is a material accounting estimate. Leadtrend Technology Corporation and its subsidiaries engage in design and development of integrated circuits, and sell products after outsourcing manufacturing. As such products can be replaced fast in the highly competitive industry, inventory depreciation and obsolescence risks may exist.

At the specific aspects stated in any of the most important matters for the audit conducted this year, we have carried out the primary audit procedures as follows:

Understand and evaluate the rationality of the inventory valuation policy adopted by the management.
Obtain the evaluation information about the lower of inventory cost or net realizable value, sample and review the latest information of selling prices of inventories to verify the net realizable value of inventories, and compare the net realizable value of inventories with the book cost of inventories to test the rationality of the amount allocated as inventory loss. Obtain the inventory aging statements, sample and review the inventory change information to test whether the inventory aging classification, inventory quantity and amount are consistent in order to verify the accuracy and completeness of the inventory aging statements. Then verify the rationality of the amount allocated as inventory obsolescence loss pursuant to the inventory evaluation policy.
Carry out inventory retrospectability testing. Review the status of inventory write-off and compare with the inventory obsolescence loss allocation policy to verify whether the inventory obsolescence loss allocated for the current period is proper.

Other Matters

We have audited the financial statements of Leadtrend Technology Corporation for the years ended Dec. 31, 2023 and 2022 on which we have issued the auditors’ report containing an unqualified opinion for reference.

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

Management is responsible for preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting

Standards, IFRIC Interpretations and SIC Interpretations, which have been endorsed and issued into effect by the Financial Supervisory Commission, and also responsible for maintenance of the internal controls associated with the preparation of the consolidated financial statements, to ensure the consolidated financial statements free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is also responsible for assessing the ability of Leadtrend Technology Corporation and its subsidiaries to continue, as a going concern, disclosing any and all relevant matters and using the going concern basis of accounting unless management either intends to liquidate Leadtrend Technology Corporation and its subsidiaries or cease operations, or has no feasible alternative but to do so.

Those charged with governance (including the audit committee) are responsible for overseeing the financial reporting process of Leadtrend Technology Corporation and its subsidiaries.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

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

In conducting the audit in accordance with the auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also :

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for the one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
Obtain an understanding of the internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal controls of Leadtrend Technology Corporation and its subsidiaries.
Evaluate the appropriateness of accounting policies used, and the reasonableness of accounting estimates and related disclosures made, by management.
Conclude, based on the audit evidence obtained, on the appropriateness of the management’s use of the going concern basis of accounting, and whether a material uncertainty exists that is associated with any events or conditions casting significant doubt on the ability of Leadtrend Technology Corporation and its subsidiaries to continue as a going concern. If we believe that a material uncertainty exists, we are required to draw attention in our auditors’ report to the relevant disclosures in the consolidated financial statements, or to modify our opinion if such disclosures are inadequate. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause Leadtrend Technology Corporation and its subsidiaries to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements (including the notes thereof) and whether the consolidated financial statements appropriately represent the underlying transactions and events.
Obtain sufficient and appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated financial statements. We

are responsible for the direction, supervision and performance of the audit conducted for the Group, and also responsible for our audit opinion.

We have communicated with those charged with governance about the planned scope and timing of the audit, and significant audit findings (including any and all significant flaws identified, during our audit, in the internal controls).

We have also provided those charged with governance with a statement, declaring that we as CPAs comply with applicable ethical requirements regarding independence, and have communicated with them about all relationships and other matters that may reasonably be considered to influence our independence (including relevant protection measures).

From the matters communicated with those charged with governance, we have determined the key audit matters in the audit of the consolidated financial statements of Leadtrend Technology Corporation and its subsidiaries for the year ended Dec. 31, 2023. We have described these matters in our auditors’ report unless any law or regulation prohibits the matters from being disclosed or when, in extremely rare circumstances, we decide that the matters should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interests to be facilitated.

Deloitte & Touche Huang Yu-Feng, CPA

Tsai Mei-Chen, CPA

Securities and Futures Bureau Approval Financial Supervisory Commission Approval No.: No.: Tai-Cai-Zheng-6-Zi-0920123784 Jin-Guan-Zheng-Shen-Zi-1010028123

Feb. 29, 2024

Leadtrend Technology Corporation and Subsidiaries

Consolidated Balance Sheet

Dec. 31, 2023 and 2022

				(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)	(In Thousands of New Taiwan Dollars)
			Dec. 31,	2023			Dec. 31,2022
Code	Assets		Amount		%		Amount		%
	Current assets
1100	Cash and cash equivalents (Notes 4 and 6)		$ 457,745		24	$ 250,680			13
1110	Financial assets at fair value through profit or loss�
	Current (Notes 4 and 7)		83,823		5		55,634			3
1170	Notes and accounts receivable (Notes 4 and 8)		191,426		10		169,644			9
130X	Inventories (Notes 4, 5 and 9)		607,755		32		808,004		43
1470	Other current assets (Note 14)		19,210		1		36,407			2
11XX	Total current assets		1,359,959		72		1,320,369		70
	Non-current assets
1600	Property, plant and equipment (Notes 4 and 11)		477,962		26		529,530		28
1755	Right-of-use assets (Notes 4 and 12)		20,748		1		19,712			1
1780	Intangible assets (Notes 4 and 13)		11,132		1		13,829			1
1840	Deferred income tax assets (Notes 4 and 21)		541		-		91			-
1990	Other non-current assets (Notes 4 and 14)		7,747		-		8,871			-
15XX	Total non-current assets		518,130		28		572,033		30
1XXX	Total assets		$ 1,878,089		100	$	1,892,402		100
	Liabilities and Equity
	Current liabilities
2170	Accounts payable		$ 107,636		6	$	63,567			3
2200	Remunerations payable to employees and directors
	(Note 20)		19,215		1		37,508			2
2230	Current tax liabilities (Notes 4 and 21)		10,844		-		15,120			1
2280	Lease liabilities – Current (Notes 4 and 12)		11,785		1		12,415			1
2399	Other current liabilities (Note 15)		75,259		4		97,519			5
21XX	Total current liabilities		224,739		12		226,129		12
	Non-current liabilities
2580	Lease liabilities – Non-current (Notes 4 and 12)		9,529		1		7,568			1
2640	Net defined benefit liabilities – Non-current (Notes 4
	and 16)		-		-		4,840			-
2645	Guarantee deposits received		860		-		914			-
25XX	Total non-current liabilities		10,389		1		13,322			1
2XXX	Total liabilities		235,128		13		239,451		13
	Equity (Notes 4, 17 and 18)
	Share capital
3110	Ordinary share		589,178		31		568,838		30
	Capital reserve
3210	Share premium		254,672		14		258,027		14
3251	Donations received from shareholders		84,732		4		84,732			4
3273	Employee restricted stock award shares		50,306		3		47,567			3
3280	Others		125		-		106			-
	Retained earnings
3310	Legal reserve		215,284		11		199,793		11
3350	Unappropriated earnings		485,253		26		520,231		27
	Other equity
3410	Exchange differences on translation of foreign
	operations’ financial statements	(	786 )		-		5,602			-
3491	Employees’ unearned compensation	(	35,803)	(	2)	(	31,945)	(		2)
3XXX	Total equity		1,642,961		87		1,652,951		87
	Total liabilities and equity		$ 1,878,089		100	$	1,892,402		100

The accompanying notes constitute part of the consolidated financial statements.

Chairman: Kao Yu-Kun Manager: Chi Heng-Chung Accounting Manager: Huang Ya-Ching

Leadtrend Technology Corporation and Subsidiaries

Consolidated Statement of Comprehensive Income

for the years ended Dec. 31, 2023 and 2022

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

Code Operating revenue (Notes 4, 19 and 30) 4110 Sales revenue 4170 Sales return and allowance 4000 Net operating revenue Operating cost (Notes 9, 16 and 20) 5110 Cost of goods sold 5900 Gross profit Operating expenses (Notes 16 and 20) 6100 Selling expense 6200 Management expense 6300 Research and development expense 6000 Total operating expenses 6900 Net operating profit (loss) Non-operating incomes and expenses (Note 20) 7100 Interest income 7010 Other incomes 7020 Other gains and losses 7050 Financial cost 7000 Total non-operating incomes and expenses 7900 Profit before tax (Continued on next page)		2023		% 102 2) 100 63 37 6 9 23 38 1) 1 2 - - 3 2		2022
		Amount $ 1,168,764 27,170) 1,141,594 712,066 429,528 69,935 97,927 267,371 435,233 5,705) 4,207 22,772 3,909 461) 30,427 24,722				Amount $ 1,665,321 33,444) 1,631,877 968,729 663,148 87,577 107,549 312,978 508,104 155,044 3,472 15,514 16,735 564) 35,157 190,201		%
	( ( (		( (		( (		(	102 2) 100 60 40 5 7 19 31 9 - 1 1 - 2 11

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(Brought forward from previous page)
Code 7950 Tax (income) expense (Notes 4 and 21) ( 8200 Net profit of the year Other comprehensive incomes (losses) 8310 Items not reclassified subsequently to profit or loss: 8311 Remeasurement for defined employee benefit plan (Note 16) 8360 Items that may be reclassified subsequently to profit or loss: 8361 Exchange differences on translation of foreign financial statements (Note 17) ( 8300 Total other comprehensive incomes (losses) (Net) ( 8500 Total comprehensive incomes (losses) for the year Earnings per share (Note 22) 9750 Basic 9850 Diluted	2023		% 1) 3 - 1) 1) 2	2022
	Amount $ 4,142) 28,864 - 6,388) 6,388) $ 22,476 $ 0.50 $ 0.49			Amount $ 37,838 152,363 2,552 3,735 6,287 $ 158,650 $ 2.66 $ 2.59	%
		( ( (			2 9 - 1 1 10

The accompanying notes constitute part of the consolidated financial statements.

Chairman: Kao Yu-Kun Manager: Chi Heng-Chung Accounting Manager: Huang Ya-Ching

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) ) )
- 147,868 ) - 147,868 26,405 ) 8 152,363 6,287 158,650 - - - 21,013 1,652,951 - 31,286 ) - 31,286 19,909 ) 19 28,864 6,388 22,476 - - - 18,710 1,642,961
Total equity
$ 1,647,553
( ( ( ( ( ( ( $
- - - - - - - - - - - - - - - - - - - - - -
42,573 )
19,782 ) 30,410 31,945 ) 27,930 ) 24,072 35,803 )
Employees� unearned compensation
y ( $
uitq ( ( ( ( $
) )
- - - - - - - - - - - - - - - - - - - - - -
Other e 786 )
1,867 3,735 3,735 5,602 6,388 6,388
on translation of
financial statements of foreign operations $ ( ( ( $
Exchange differences
) ) ) )
749,944 - 147,868 ) 36,967 184,835 - - 152,363 2,552 154,915 - - - - 720,024 - 31,286 ) 17,065 48,351 - - 28,864 - 28,864 - - - - 700,537
Total
Accounting Manager: Hua ng Ya-Ching
$ ( ( ( ( ( ( $
gs 582,957 32,806 ) 147,868 ) ) 36,967 ) 217,641 - - 152,363 2,552 154,915 - - - - 520,231 15,491 ) 31,286 ) ) 17,065 ) 63,842 - - 28,864 - 28,864 - - - - 485,253
earnings
Retained earnin Unappropriated $ ( ( ( ( ( ( ( ( $
Legal reserve 166,987 32,806 - - 32,806 - - - - - - - - - 199,793 15,491 - - 15,491 - - - - - - - - - 215,284
$ $
98 - - - - - 8 - - - - - - - 106 - - - - - 19 - - - - - - - 125
Others
$ $
) )
51,708 - - - - - - - - - 15,582 11,301 ) 975 9,397 47,567 - - - - - - - - - 23,730 16,554 ) 925 5,362 50,306
Employee
restricted stock award shares
$ ( ( ( ( $
- - - - - - - - - - - - - - - - - - - - - - - - - -
Capital reserve
84,732 84,732 84,732
Donations received from shareholders Manager: Chi Heng-Chung
$ $
The accompanying notes constitute part of the consolidated financial statements.
Share premium 273,131 - - - - 26,405 ) - - - - - 11,301 - - 258,027 - - - - 19,909 ) - - - - - 16,554 - - 254,672
$ ( ( $
- - - - - - - - - - - - - - - - - -
975 ) 925 )
528,646 36,967 36,967 4,200 568,838 17,065 17,065 4,200 589,178
Amount
$ ( ( $
- - - - - - - - - - - - - - - - - -
Common share capital 52,864 3,697 3,697 420 98 ) 56,883 1,707 1,707 420 92 ) 58,918
(In Thousands)
Number of shares ( (
NTD 0.500 per share NTD 0.350 per share
Total earnings distributed Total earnings distributed
Legal reserve allocated Cash dividends to shareholders NTD 2.800 per share Stock dividends to shareholders NTD 0.700 per share Legal reserve allocated Cash dividends to shareholders NTD 0.550 per share Stock dividends to shareholders NTD 0.300 per share
Balance at Jan. 1, 2022 Earnings distributed for 2021: Capital reserve used for distribution of stock dividends Other changes in capital reserve Net profit of 2022 Other comprehensive incomes (losses) for 2022 Total comprehensive incomes (losses) for 2022 Issuance of employee restricted stock award shares Employee restricted stock award shares granted to employees Cancelled employee restricted stock award shares Compensation cost for employee restricted stock award shares Balance at Dec. 31, 2022 Earnings distributed for 2022: Capital reserve used for distribution of cash dividends Other changes in capital reserve Net profit of 2023 Other comprehensive incomes (losses) for 2023 Total comprehensive incomes (losses) for 2023 Issuance of restricted stock award shares Employee restricted stock award shares granted to employees Cancelled employee restricted stock award shares Compensation cost for employee restricted stock award shares Balance at Dec. 31, 2023
Code A1 B1 B5 B9 C15 C17 D1 D3 D5 N1 N1 N1 N1 Z1 B1 B5 B9 C15 C17 D1 D3 D5 N1 N1 N1 N1 Z1 Chairman: Kao Y u-Kun
----- End of picture text -----

Leadtrend Technology Corporation and Subsidiaries

Consolidated Statement of Cash Flows

for the years ended Dec. 31, 2023 and 2022

(In Thousands of New Taiwan Dollars)

Code Cash flows from operating activities A10000 Profit before tax A20010 Incomes, expenses and losses: A20100 Depreciation expense A20200 Amortization expense A20400 Net gain on financial assets at fair value through profit or loss A20900 Financial cost A21200 Interest income A21900 Compensation cost for employee restricted stock award shares A22500 Net loss (gain) on disposal of property, plant and equipment A29900 Profit from lease modification A24100 Net exchange loss (gain) A30000 Net change in operating assets and liabilities A31150 Decrease (increase) in notes and accounts receivable A31200 Decrease (increase) in inventories A31240 Decrease in other current assets A32150 Increase (decrease) in accounts payable A32200 Decrease in remunerations payable to employees and directors A32230 Increase (decrease) in other current liabilities A32240 Decrease in net defined benefit liabilities A33000 Net cash provided by (used in) operations A33300 Interest paid A33500 Income tax paid AAAA Net cash generated by operating activities	2023 $ 24,722 87,235 10,516 ( 1,102 ) 461 ( 4,207 ) 18,710 ( 1,843 ) - 3,378 ( 24,531 ) 200,249 2,367 45,099 ( 18,293 ) ( 18,978 ) ( 4,840) 318,943 ( 461 ) ( 584) 317,898	2022
		$ 190,201 89,102 13,194 ( 1,227 ) 564 ( 3,472 ) 21,013 151 ( 20 ) ( 1,854 ) 151,993 ( 349,783 ) 1,832 ( 191,586 ) ( 40,813 ) 6,831 ( 2,302) ( 116,176 ) ( 564 ) ( 81,973) ( 198,713)

(Continued on next page)

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(Brought forward from previous page)

(Brought forward from previous page)
Code Cash flows from investing activities B00100 Acquisition of financial assets at fair value through profit or loss B00200 Disposal of financial assets at fair value through profit or loss B02700 Acquisition of property, plant and equipment B02800 Proceeds from disposal of property, plant and equipment B03700 Increase (decrease) in refundable deposits B04500 Acquisition of intangible assets B07500 Interest received BBBB Net cash used in investing activities Cash flows from financing activities C03000 Decrease in guarantee deposits received C04020 Payments of lease liabilities C04500 Allocated cash dividends C09900 Other financing activities CCCC Net cash used in financing activities DDDD Effect of exchange rate changes on cash and cash equivalents EEEE Increase (decrease) in cash and cash equivalents for the year E00100 Balance of cash and cash equivalents at the beginning of the year E00200 Balance of cash and cash equivalents at the end of the year	2023 ( $ 103,848 ) 75,723 ( 34,380 ) 10,395 15,289 ( 7,819 ) 4,037 ( 40,603 ) ( 54 ) ( 12,762 ) ( 51,195 ) 19 ( 63,992 ) ( 6,238 ) 207,065 250,680 $ 457,745	2022
		( $ 57,304 ) 114,608 ( 124,711 ) - ( 14,486 ) ( 17,519 ) 3,550 ( 95,862 ) ( 332 ) ( 13,417 ) ( 174,273 ) 8 ( 188,014 ) 3,838 ( 478,751 ) 729,431 $ 250,680

The accompanying notes constitute part of the consolidated financial statements.

Chairman: Kao Yu-Kun Manager: Chi Heng-Chung Accounting Manager: Huang Ya-Ching

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Leadtrend Technology Corporation

Parent-company-only Balance Sheet

Dec. 31, 2023 and 2022

	Dec. 31, 2023 and	2022
					(In Thousands of New Taiwan Dollars)
				Dec. 31,	2023			Dec. 31,2022
Code	Assets			Amount		%		Amount		%
	Current assets
1100	Cash and cash equivalents (Notes 4 and 6)		$ 439,220			24	$ 223,300			12
1170	Accounts receivable (Notes 4, 5, 7 and 18)			108,662		6		103,592			5
1180	Accounts receivable�Related parties (Notes 4, 5, 7
	18 and 25)			40,266		2		29,074			2
130X	Inventories (Notes 4, 5 and 9)			541,979		29		750,880		40
1470	Other current assets (Notes 13 and 25)			14,360		1		34,071			2
11XX	Total current assets			1,144,487		62		1,140,917		61
	Non-current assets
1550	Investments accounted for using equity method
	(Notes 4 and 9)			235,499		13		207,124		11
1600	Property, plant and equipment (Notes 4 and 10)			431,913		23		480,674		26
1755	Right-of-use assets (Notes 4 and 11)			12,165		1		14,897			1
1780	Intangible assets (Notes 4 and 12)			11,132		1		13,829			1
1840	Deferred income tax assets (Notes 4 and 20)			541		-		91			-
1990	Other non-current assets (Notes 4 and 13)			5,272		-		7,788			-
15XX	Total non-current assets			696,522		38		724,403		39
1XXX	Total assets		$ 1,841,009			100	$	1,865,320		100
	Liabilities and Equity
	Current liabilities
2170	Accounts payable		$	94,183		5	$	58,122			3
2200	Remunerations payable to employees and directors
	(Note 19)			19,215		1		37,508			2
2230	Current tax liabilities (Notes 4 and 20)			10,844		1		15,120			1
2280	Lease liabilities�Current (Notes 4 and 11)			8,430		1		7,878			1
2399	Other current liabilities (Note 14)			60,912		3		81,510			4
21XX	Total current liabilities			193,584		11		200,138		11
	Non-current liabilities
2580	Lease liabilities�Non-current (Notes 4 and 11)			4,232		-		7,189			-
2640	Net defined benefit liabilities�Non-current (Notes 4
	and 15)			-		-		4,840			-
2645	Guarantee deposits received			232		-		202			-
25XX	Total non-current liabilities			4,464		-		12,231			-
2XXX	Total liabilities			198,048		11		212,369		11
	Equity (Notes 4, 16 and 17)
	Share capital
3110	Ordinary share			589,178		32		568,838		30
	Capital reserve
3210	Share premium			254,672		14		258,027		14
3251	Donations received from shareholders			84,732		4		84,732			4
3273	Employee restricted stock award shares			50,306		3		47,567			3
3280	Others			125		-		106			-
	Retained earnings
3310	Legal reserve			215,284		12		199,793		11
3350	Unappropriated earnings			485,253		26		520,231		28
	Other equity
3410	Exchange differences on translation of foreign
	operations’ financial statements	(		786 )		-		5,602			1
3491	Employees’ unearned compensation	(		35,803)	(	2)	(	31,945)	(		2)
3XXX	Total equity			1,642,961		89		1,652,951		89
	Total liabilities and equity		$	1,841,009		100	$	1,865,320		100

The accompanying notes constitute part of the parent-company-only financial statements.

Chairman: Kao Yu-Kun Manager: Chi Heng-Chung Accounting Manager: Huang Ya-Ching

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Leadtrend Technology Corporation

Parent-company-only Statement of Comprehensive Income

for the years ended Dec. 31, 2023 and 2022

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

Code Operating revenue (Notes 4, 18 and 25) 4110 Sales revenue 4170 Sales return and allowance 4000 Net operating revenue Operating cost (Notes 9, 15 and 19) 5110 Cost of goods sold 5900 Gross profit 5910 Unrealized profit from sales (Note 4) 5920 Realized profit from sales (Note 4) 5950 Realized gross profit Operating expenses (Notes 15 and 19) 6100 Selling expense 6200 Management expense 6300 Research and development expense 6000 Total operating expenses 6900 Net operating profit (loss) Non-operating incomes and expenses (Note 19) 7100 Interest income 7010 Other incomes (Note 22) 7020 Other gains and losses 7050 Financial cost 7070 Share of profit or loss of subsidiaries accounted for using the equity method (Notes 4 and 9) 7000 Total non-operating incomes and expenses (Continued on next page)		2023		% 103 3) 100 66 34 3 ) 3 34 5 9 23 37 3) - 2 - - 4 6		2022
								%
			( ( (				( (	102 2) 100 61 39 4 ) 2 37 3 7 18 28 9 - 1 1 - 1 3

(Brought forward from previous page)

(Brought forward from previous page)
Code 7900 Profit before tax 7950 Tax (income) expense (Notes 4 and 20) 8200 Net profit of the year Other comprehensive incomes (losses) 8310 Items not reclassified subsequently to profit or loss: 8311 Remeasurement for defined employee benefit plan (Note 15) 8360 Items that may be reclassified subsequently to profit or loss: 8361 Exchange differences on translation of foreign financial statements (Note 16) 8300 Total other comprehensive incomes (losses) (Net) 8500 Total comprehensive incomes (losses) for the year Earnings per share (Note 21) 9750 Basic 9850 Diluted		2023		% 3 - 3 - 1) 1) 2	2022
		Amount $ 24,722 4,142) 28,864 - 6,388) 6,388) $ 22,476 $ 0.50 $ 0.49			Amount $ 190,201 37,838 152,363 2,552 3,735 6,287 $ 158,650 $ 2.66 $ 2.59	%
	( ( (		( (			12 2 10 - - - 10

The accompanying notes constitute part of the parent-company-only financial statements.

Chairman: Kao Yu-Kun Manager: Chi Heng-Chung Accounting Manager: Huang Ya-Ching

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==> picture [489 x 756] intentionally omitted <==

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

1,647,553 - 147,868 ) - )147,868 26,405 ) 8 152,363 6,287 158,650 - - - 21,013 1,652,951 - 31,286 ) - )31,286 19,909 ) 19 28,864 )6,388 22,476 - - - 18,710 1,642,961
Total equity
( ( ( ( ( ( ( $
- - - - - - - - - - - - - - - - - - - - - -
42,573 ) $ 19,782 ) 30,410 31,945 ) 27,930 ) 24,072 35,803 )
Employees� unearned compensation
( $ ( ( ( ( $
) )
Other equity - - - - - - - - - - - - - - - - - - - - - -
786 )
1,867 3,735 3,735 5,602 6,388 6,388 Accounting Manager: Huang Ya-Ching
on translation of foreign operations
Exchange differences financial statements of $ ( ( ( $
) ) ) )
749,944 - 147,868 ) 36,967 184,835 - - 152,363 2,552 154,915 - - - - 720,024 - 31,286 ) 17,065 48,351 - - 28,864 - 28,864 - - - - 700,537
Total
$ ( ( ( ( ( ( $
) ) ) )
582,957 32,806 ) 147,868 ) 36,967 217,641 - - 152,363 2,552 154,915 - - - - 520,231 15,491 ) 31,286 ) 17,065 63,842 - - 28,864 - 28,864 - - - - 485,253
earnings
Retained earnings Unappropriated $ ( ( ( ( ( ( ( ( $
Legal reserve 166,987 32,806 - - 32,806 - - - - - - - - - 199,793 15,491 - - 15,491 - - - - - - - - - 215,284
$ $
98 - - - - - 8 - - - - - - - 106 - - - - - 19 - - - - - - - 125
Others
$ $
) )
51,708 - - - - - - - - - 15,582 11,301 ) 975 9,397 47,567 - - - - - - - - - 23,730 16,554 ) 925 5,362 50,306
Employee
restricted stock award shares
$ ( ( ( ( $
- - - - - - - - - - - - - - - - - - - - - - - - - -
Capital reserve
84,732 84,732 84,732
Donations received from shareholders
$ $ Manager: Chi Heng-Chung
- - - - - - - - - - - - - - - - - - - - - -
The accompanying notes constitute part of the parent-company-only financial statements.
Share premium 273,131 26,405 ) 11,301 258,027 19,909 ) 16,554 254,672
$ ( ( $
- - - - - - - - - - - - - - - - - -
975 ) 925 )
528,646 36,967 36,967 4,200 568,838 17,065 17,065 4,200 589,178
Amount
$ ( ( $
- - - - - - - - - - - - - - - - - -
Common share capital 52,864 3,697 3,697 420 98 ) 56,883 1,707 1,707 420 92 ) 58,918
(In Thousands)
( (
Number of shares
NTD 0.500 per share NTD 0.350 per share
Total earnings distributed Total earnings distributed
Legal reserve allocated Cash dividends to shareholders NTD 2.800 per share Stock dividends to shareholders NTD 0.700 per share Legal reserve allocated Cash dividends to shareholders NTD 0.550 per share Stock dividends to shareholders NTD 0.300 per share
Balance at Jan. 1, 2022 Earnings distributed for 2021: Capital reserve used for distribution of cash dividends Other changes in capital reserve Net profit of 2022 Other comprehensive incomes (losses) for 2022 Total comprehensive incomes (losses) for 2022 Issuance of employee restricted stock award shares Employee restricted stock award shares granted to employees Cancelled employee restricted stock award shares Compensation cost for employee restricted stock award shares Balance at Dec. 31, 2022 Earnings distributed for 2022: Capital reserve used for distribution of cash dividends Other changes in capital reserve Net profit of 2023 Other comprehensive incomes (losses) for 2023 Total comprehensive incomes (losses) for 2023 Issuance of restricted stock award shares Employee restricted stock award shares granted to employees Cancelled employee restricted stock award shares Compensation cost for employee restricted stock award shares Balance at Dec. 31, 2023
Code A1 B1 B5 B9 C15 C17 D1 D3 D5 N1 N1 N1 N1 Z1 B1 B5 B9 C15 C17 D1 D3 D5 N1 N1 N1 N1 Z1 Chairman: Kao Yu-Kun
----- End of picture text -----

Leadtrend Technology Corporation

Parent-company-only Statement of Cash Flows for the years ended Dec. 31, 2023 and 2022

(In Thousands of New Taiwan Dollars)

	�� Code Cash flows from operating activities A10000 Profit before tax A20010 Incomes, expenses and losses: A20100 Depreciation expense A20200 Amortization expense A20900 Financial cost A21200 Interest income A21900 Compensation cost for employee restricted stock award shares A22400 Share of profit or loss of subsidiaries accounted for using the equity method A23200 Proceeds from disposal of subsidiaries recognized by using equity method A22500 Net gain on disposal of property, plant and equipment A23900 Unrealized profit on intercompany sales A24000 Realized profit on intercompany sales A29900 Profit from lease modification A24100 Net exchange loss A30000 Net change in operating assets and liabilities A31150 Decrease (increase) in accounts receivable A31160 Decrease (increase) in accounts receivable – Related parties A31200 Decrease (increase) in inventories A31240 Decrease in other current assets A32150 Increase (decrease) in accounts payable A32200 Decrease in remunerations payable to employees and directors (Continued on next page)	2023 $ 24,722 79,199 10,516 338 ( 4,073 ) 18,710 ( 38,080 ) ( 1,139 ) ( 1,843 ) 28,146 ( 27,245 ) - 2,249 ( 7,819 ) ( 11,165 ) 208,901 4,843 37,091 ( 18,293 )	2022
			$ 190,201 81,204 13,194 433 ( 3,354 ) 21,013 ( 23,517 ) - - 55,786 ( 24,080 ) ( 20 ) 340 119,474 64,033 ( 322,889 ) 3,892 ( 189,607 ) ( 40,813 )

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(Brought forward from previous page) Code A32230 Decrease in other current liabilities A32240 Decrease in net defined benefit liabilities A33000 Net cash provided by (used in) operations A33300 Interest paid A33500 Income tax paid AAAA Net cash generated by operating activities Cash flows from investing activities B01900 Net cash generated from disposal of subsidiaries B02700 Acquisition of property, plant and equipment B02800 Proceeds from disposal of property, plant and equipment B03700 Decrease (increase) in refundable deposits B04500 Acquisition of intangible assets B07500 Interest received BBBB Net cash used in investing activities Cash flows from financing activities C03000 Increase in guarantee deposits received C04020 Payments of lease liabilities C04500 Allocated cash dividends C09900 Other financing activities CCCC Net cash used in financing activities DDDD Effect of exchange rate changes on cash and cash equivalents EEEE Increase (decrease) in cash and cash equivalents for the year E00100 Balance of cash and cash equivalents at the beginning of the year E00200 Balance of cash and cash equivalents at the end of the year	2023 ( $ 17,316 ) ( 4,840) 282,902 ( 338 ) ( 584) 281,980 3,555 ( 31,095 ) 10,395 15,227 ( 7,819 ) 3,903 ( 5,834) 30 ( 8,561 ) ( 51,195 ) 19 ( 59,707) ( 519) 223,300 $ 439,220	2022
		( $ 3,911 ) ( 2,302) ( 60,923 ) ( 433 ) ( 81,973) ( 143,329) - ( 118,835 ) - ( 14,520 ) ( 17,519 ) 3,432 ( 147,442) 11 ( 8,859 ) ( 174,273 ) 8 ( 183,113) 103 ( 473,781 ) 697,081 $ 223,300

The accompanying notes constitute part of the parent-company-only financial statements.

Chairman: Kao Yu-Kun Manager: Chi Heng-Chung Accounting Manager: Huang Ya-Ching

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LD — AGM Information 2024

52348_rns_2024-06-07_9c73cd84-3d4a-4eed-ae79-1b952ed4fa08.pdf

Leadtrend Technology Corporation

2024 Annual Shareholders’ Meeting Minutes

Total outstanding shares: 58,900,343 shares

A.Chairman Address (omitted)

B. Report Items ：

C. Ratification Items ：

Motion 1

Motion 2

D.Discussion Items

Motion 1

(ii)Vesting Conditions:

Motion 2

E. Extraordinary Motions: None

F. Adjournment: Meeting ended at 9:21 am

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Independent Auditors’ Report

To: Leadtrend Technology Corporation

Opinion

Basis for Opinion

Key Audit Matters

Recognition of Sales Revenue

Inventory Evaluation

Other Matters

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

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Leadtrend Technology Corporation and Subsidiaries

Consolidated Balance Sheet

Dec. 31, 2023 and 2022

Leadtrend Technology Corporation and Subsidiaries

Consolidated Statement of Comprehensive Income

for the years ended Dec. 31, 2023 and 2022

Leadtrend Technology Corporation and Subsidiaries

Consolidated Statement of Cash Flows

for the years ended Dec. 31, 2023 and 2022

(Brought forward from previous page)

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Leadtrend Technology Corporation

Parent-company-only Balance Sheet

Dec. 31, 2023 and 2022

Leadtrend Technology Corporation

Parent-company-only Statement of Comprehensive Income

for the years ended Dec. 31, 2023 and 2022

(Brought forward from previous page)

Leadtrend Technology Corporation

Parent-company-only Statement of Cash Flows for the years ended Dec. 31, 2023 and 2022

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LD AGM Information 2024

B. Report Items `：`

C. Ratification Items `：`

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