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LUNG MING Audit Report / Information 2025

Apr 29, 2026

52252_rns_2026-04-29_664dfecb-b637-4533-b00f-fe3440ef1d82.pdf

Audit Report / Information

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Stock code: 3018

Lung Ming Green Energy Technology Engineering Co., Ltd. Parent Company Only Financial Statements and Independent

Auditor's Report 2025 and 2024

(Unaudited of Financial Statements by Certified Public Accountant)

Company address: 3F, No. 602, Mingshui Road, Zhongshan District, Taipei City Telephone: (02) 8501-5778

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Lung Ming Green Energy Technology Engineering Co., Ltd. 2025 and 2024 Parent Company Only Financial Statements

Contents

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Item Page
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Item Page
I. Cover Page 1
II. Contents 2
III. Independent Auditors’ Audit Report 3-6
IV. Parent Company Only Balance Sheet 7
V. Parent Company Only Consolidated Income Statement 8
VI. Parent Company Only Statement of Changes in Shareholders’ Equity 9
VII. Parent Company Only Statement of Cash Flows 10
VIII. Notes to Parent Company Only Financial Statements 11
(I) Company history 11
(II) Date and procedures for approval of the financial statements 11
(III) Application of newly issued and amended standards and 11
interpretations
(IV) Summary of significant accounting policies 12
(V) Significant accounting judgments, estimations and major sources of 24~25
assumption uncertainty
(VI) Notes to significant accounts 25~50
(VII) Related party transactions 50~52
(VIII) Pledged or mortgaged assets 52
(IX) Significant contingent liabilities and unrecognized commitments 52~57
(X) Significant losses from disasters 57
(XI) Significant events after the reporting period 57
(XII) Others 57~60
(XIII) Other disclosures in notes 60
1.
Information on material transactions		 60
2.
Information on investee companies		 60
3.
Information on investments in Mainland China		 60
(XIV) Segment information 65
IX. Statement of Significant Accounting Items 66~77

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Independent Auditors’ Audit Report

To Lung Ming Green Energy Technology Engineering Co., Ltd.:

Audit opinion

We have audited Lung Ming Green Energy Technology Engineering Co., Ltd.’s parent company only balance sheets as of December 31, 2025 and 2024, the parent company only statements of comprehensive income, parent company only statements of changes in equity and parent company only statements of cash flows, and notes to parent company only financial statements (including a summary of significant accounting policies) for the years then ended December 31, 2025 and 2024.

In our opinion, based on our audit and the audit reports of other accountants (please refer to the Other Matters paragraph), the parent company only financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and present Lung Ming Green Energy Technology Engineering Co., Ltd. fairly in all material respects. The parent company only financial position of the Company as of December 31, 2025 and 2024, and the parent company only financial performance and parent company only cash flows of the Company from January 1 to December 31, 2025 and 2024. Basis for the audit opinion

We conducted the audit in accordance with the Regulations Governing the Audit of Financial Statements and Auditing Standards. Our responsibility to the standards will be explained in the paragraph of auditor’s responsibilities when auditing the parent company only financial reports. We are independent of Lung Ming Green Energy Technology Engineering Co., Ltd. in accordance with The Norm of Professional Ethics for Certified Public Accountant, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on the results of our audit and the audit reports of other auditors, we believe we have obtained sufficient and appropriate audit evidence to serve as the basis for the audit opinion.

Emphasis of Matter

As described in Note 9(9) to the parent company only financial statements, Lung Ming Green Energy Technology Engineering Co., Ltd. had two bank promissory notes returned unpaid by financial institutions on the afternoon of June 27, 2025, in the amounts of NTD 86,640 thousand and NTD 108,300 thousand, respectively. The Company subsequently convened a board meeting to report and explain the matter. Our opinion is not modified in respect of this matter.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the parent company only financial statements of Lung Ming Green Energy Technology Engineering Co., Ltd. for the year ended December 31, 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The key audit matters are described as below:

  • I. Assessment to the loss allowance of receivables Matter description

  • Please refer to item 5 of Note 4 of the parent-company only financial statements for accounting policies regarding the impairment assessment of the receivables; please refer to Note 5 for details on significant accounting estimates and assumptions; please refer to item 3 of Note 6 of the parentcompany only financial statements for descriptions of the accounts receivable.

  • The assessment to the loss allowance of receivables is the best estimate made by the management for the possible default of the receivables that existed on the balance sheet date. The estimate involves of multiple assessments and forecasts of the management such as the past events, current circumstance, and future macroeconomic situations, and the measurement results will directly affect the recognition of relevant amounts. Therefore, we consider the estimate of the Company's loss allowance for receivables is the most important matter in the audit.

Corresponding audit process

The audit procedures implemented by us to the aforesaid key audit matter included (but not limited to):

  1. Understand and evaluate the Company's policy for the provision of allowance losses on accounts receivable (including the relevance of forward-looking information on macro economic indicators), and evaluate the rationality of the policy.

  2. Assessed the receivables by referring to the probability of overdue credit losses in the past years,

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and set aside the loss allowance in accordance with the Company's policies. We understood and assessed the ratio of losses to overdue receivables in the past years and forward-looking information, to test and assess the appropriateness of the classification of receivable groups.

  1. Sampled to inspect the adequacy of the supporting documents and the amount provided in cases at the management level.

  2. Computed whether the loss allowance is provided based on the Company's policy.

  3. II. Recognition of construction revenue - Assessment of the percentage of completion Matter description

  4. For the accounting policies of construction contracts, please refer to Note 4(14) of the parent company only financial statements; for the important judgments, accounting estimates and uncertainties of assumptions used in the accounting policies of construction contracts, please refer to Note 5 to the parent company only financial statements; Please refer to Note 6(19) to the parent company only financial statements for related contract assets and liabilities.

  5. The construction revenue and costs of Lung Ming Green Energy Technology Engineering Co., Ltd. are primarily generated from contracted projects. When the outcome of a construction contract can be reasonably estimated, revenue is recognized based on the percentage-of-completion method and calculated based on the degree of completion during the contract period. The degree of completion is determined by the costs incurred for each contract up to the end of the financial reporting period as a percentage of the estimated total costs of that contract. The estimate of the aforementioned total costs, including subcontracting, material, labor, and other project expenses, is based on management’s assessments of the varying nature of each project and fluctuations in market conditions. As the estimated total cost affects the degree of completion and the recognition of revenue from projects, and the overall project cost items are complex, often involving subjective judgments, resulting in high uncertainty, so our assessment regarded the degree of completion used in the recognition of revenue from project as one of the key matter for the audit.

Corresponding audit process

The audit procedures implemented by us to the aforesaid key audit matter included (but not limited to):

  1. Evaluate the reasonableness of the internal operating procedures used to estimate the total cost of a project based on the understanding of its operation and the nature of the industry, including the basis for estimating the total cost of a construction contract of the same nature.

  2. Assessed and tested the management's internal control procedures for recognizing revenue from project based on the degree of completion, including checking supporting documents for works added or reduced and major projects priced in the current period.

  3. Randomly check the part of the contracts that have been awarded, and evaluate the basis and reasonableness of the estimated cost for the part that has not yet been awarded.

  4. Conducted relevant verification procedures for the income statement of the project at the end of the period, including sampling the incurred costs of the current period to appropriate certificates, and recalculating the revenue from project recognized based on the degree of completion, and it has been properly recorded.

  5. III. Assessment of the going concern ability Matter description

  6. Lung Ming Green Energy Technology Engineering Co., Ltd. is currently involved in ongoing litigation, as described in Note 9 to the parent company only financial statements. The potential adverse outcomes of these unresolved cases may exceed the Company’s financial capacity. As mentioned in Note 12(2) to the financial statements, the management has successively adopted necessary measures to ensure that Lung Ming Green Energy Technology Engineering Co., Ltd. can continue to operate in the future and gradually improve its situation. Since the feasibility of the contingency plan proposed by the management to improve the financial condition and financial performance involves subjective judgment, the accountant's assessment of the going concern is listed as the most important audit item.

Corresponding audit process

The audit procedures implemented by us to the aforesaid key audit matter included (but not limited to):

  1. Discuss with the management the events or situations that affect the assumption of the Company's continuing operations and the corresponding plans.

  2. Evaluate the feasibility of the management's response plan and the effect of improving the financial position.

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  1. Obtaining the management's financial budget for the next year, future cash flows, profits and other relevant information, and asking the management's basic assumptions and examining the reasonableness of the relevant supporting information.

  2. Inquire the management and review the audit evidence related to the audits in the post-period to assess whether there are matters that affect the Company's ability to continue as a going concern.

  3. Inquire about borrowings and other debt contracts, review the Company's past debt repayment status, and assess whether there is any doubt about its future solvency.

  4. Obtaining the investor's financial support commitment and reviewing the relevant evidence that the investment funds are in place, and assessing the effectiveness and feasibility of the financial support provided.

  5. Assess whether there is any doubt about the Company's ability to fulfill customer contracts.

  6. Inquire the minutes of the Board of Directors, shareholders' meetings and other important meetings, and evaluate whether there are unknown and possible lawsuits that are not conducive to the continued operation of the Company.

  7. Issue letters to the Company's external lawyers and relevant units to obtain the latest progress of important legal matters such as major known pending litigations, to assess whether there is a possibility of an outcome unfavorable to the Company's continued operation.

  8. Obtain and review the declaration issued by the management authority on the response plan and its feasibility.

  9. Evaluate the appropriateness of the disclosures made by the management in the notes to the financial statements.

Other matters

We did not audit the financial statements of certain investee companies, presented as investment accounted for using the equity method in the parent company only financial statements for 2024. Those financial statements were audited by other independent auditors. The opinions expressed in the consolidated financial statements for 2024 regarding the share of the profit or loss of the investment accounted for using the equity method were based on the audit reports of other independent auditors. On December 31, 2024, the investment in the aforesaid investee company under the equity method was NTD 14,318 thousand, accounting for 0.96% of the total assets of the parent company. From January 1 to December 31, 2024, the share of loss recognized under the equity method was NTD (350) thousand, accounting for 0.43% of the parent company's net loss before tax.

The responsibility of the management and the governing body for the parent company only financial statements

The management is responsible for preparing the appropriate parent company only financial statements in accordance with Regulations Governing the Preparation of Financial Reports by Securities Issuers. Additionally, it is responsible for maintaining the internal control mechanism that is related to and necessary for the preparation of the parent company only financial statements. As a result, it can ensure material misstatement due to fraud or error is not pertained in the parent company only financial statements.

Other than the situation that the management intends to liquidate Lung Ming Green Energy Technology Engineering Co., Ltd. or stop the business, or no other approaches can be used except for these two measures, during the preparation of the parent company only financial statements, the responsibility of the management also includes evaluating the going concern capacity of Lung Ming Green Energy Technology Engineering Co., Ltd., disclosure of relative matters, and adoption of the going concern accounting basis.

The governing body of the Lung Ming Green Energy Technology Engineering Co., Ltd. (including the Audit Committee) has the responsibility to supervise the financial reporting procedures.

Our responsibility for the audit of the parent company only financial statements

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

We exercised professional judgment and maintained professional skepticism in conducting our audit in accordance with auditing standards. We also perform the following work:

  1. We identify the material misstatement resulting from fraud or error in the parent company only financial statement and assess its risk. We design and implement appropriate corresponding measures for the assessed risk. We acquire sufficient and appropriate audit evidence to serve as the basis for the audit

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opinion. Due to the fact that fraud might include collusion, forgery, intended omission, misstatement and violation of internal control, the risk of the misstatement resulting from fraud is higher than that resulting from error.

  1. We acquire a necessary understanding of the internal control mechanism that is related to the audit to design an appropriate audit process for the situation at the time. The purpose of the knowledge is not to express opinions on the effectiveness of the internal control mechanism of Lung Ming Green Energy Technology Engineering Co., Ltd.

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

  3. Based on the acquired audit evidence, we decide whether the going concern accounting basis adopted by the management is suitable, whether events that might affect the going concern capacity of Lung Ming Green Energy Technology Engineering Co., Ltd. exist, and whether there is major uncertainty. A conclusion will be made afterwards. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusion is based on the audit evidence acquired as of the date of the audit report. Future events or circumstances might still result in Lung Ming Green Energy Technology Engineering Co., Ltd. no longer having the necessary going-concern capacity.

  4. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

  5. With respect to the financial information of the entities of Lung Ming Green Energy Technology Engineering Co., Ltd., sufficient and appropriate audit evidence is obtained to express an opinion on the parent company’s financial statements. The accountant is responsible for the guidance, supervision and performance of the audit case, and is responsible for forming an audit opinion on the parent company only financial statements.

We communicate with the governing body on the scope and time of the audit as well as the significant findings (including significant deficiencies of the internal control mechanism identified during the audit process).

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

From the matters communicated with the governing body, we determine the key audit matters for the audit of the 2025 parent company only financial statements of Lung Ming Green Energy Technology Engineering Co., Ltd. We clearly state all above matters in the audit report, unless the law prohibits us to publicly disclose certain matters, or under rare circumstances we decide not to include certain matters in the audit report since we can reasonably expect the resulting negative impact is greater than the public interest they bring.

Crown & Co., CPAs

CPA ： Jinn Der Chang

CPA ： Yu Jhih Li

No. of Approval Document by the Competent Authority Letter (79)Tai-Cai-Zheng-(I) No.00351 Jin-Guan-Zheng-Shen-Zi No. 1030033359 March 25, 2026

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Lung Ming Green Energy Technology Engineering Co., Ltd.

Individual Balance Sheet

December 31 of 2025 and 2024

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Unit: NTD thousand
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Assets Amount % Amount % Liabilities and equity Amount % Amount %
Current assets Current liabilities
1100 Cash and cash equivalent (Note 4 and 6) $ 116,660 11 $ 111,973 7 2100 Short-term loans (Note 4, 6, and 8) $ 21,400 2 $ 104,544 7
1110 Financial assets measured at fair values through profit or loss - Current 911 - 1,112 - 2130 Contract liabilities - current (Notes 4 and 6) 200,572 18 125,746 8
(Note 4 and 6) 2150 Notes payable (Note 4) 529 - 3,810 1
1136 Financial assets measured at amortized cost - Current 136,389 13 166,058 11 2170 Accounts payable (Note 4) 143,573 13 149,734 11
(Notes 4, 6 and 8) 2200 Other payables (Note 4) 23,233 2 36,863 2
1140 Contract assets - Current (Note 4 and 6) 208,442 20 272,997 19 2220 Other payables - related parties (Notes 4 and 7) 51,305 5 50,106 3
1170 Accounts receivable - Net (Note 4 and 6) 36,539 3 - - 2250 Provisions - current (Notes 4 and 6) 64,032 6 49,445 3
1180 Accounts receivable - related parties (Notes 4, 6, and 7) - - 123 - 2280 Lease liabilities - current (Notes 4 and 6) 9,565 1 4,307 -
1200 Other receivables (Notes 4 and 6) 62,150 6 60,003 4 2322 Long-term borrowings due within one year or one operating cycle (Notes 4, 6 - - 15,000 1
and 8)
1210 Other receivables - related parties (Notes 4, 6 and 7) - - 4,846 - 2399 Other current liabilities 964 - 2,486 -
1220 Current income tax assets (Note 4 and 6) 185 - 130 - 21XX Total of current liabilities 515,173 47 542,041 36
1310 Inventories (Note 4 and 6) - - - - Non-current liabilities
1410 Prepayments (Notes 6 and 7) 118,172 11 96,281 6 2540 Long-term borrowings (Notes 4, 6, and 8) - - 225,000 16
1478 Guarantee deposits paid 1,914 - 1,914 - 2550 Provisions - non-current (Notes 4 and 6) - - 13,078 1
11XX Total of Current Assets 681,362 64 715,437 47 2570 Deferred income tax liabilities (Notes 4 and 6) - - 271 -
Non-current assets 2580 Lease liabilities, non-current (Notes 4 and 6) 5,900 1 4,337 -
1517 Financial assets measured at fair values through other comprehensive profit or lo 3,153 - - - 2640 Net defined benefit liabilities - non-current (Notes 4 and 6) 1,898 - 2,631 -
(Note 4 and 6) 2645 Deposits received 2,997 - 2,997 -
1535 Financial assets measured at amortized cost (Notes 4, 6 and 8) 13,700 1 - - 25XX Total of non-current liabilities 10,795 1 248,314 17
1550 Investments accounted using the equity method (Note 4 and 6) 226,630 22 117,692 8 2XXX Total liabilities 525,968 48 790,355 53
1600 Property, plant and equipment (Note 4, 6, and 8) 12,126 1 13,423 1 Equity (Note 6)
1755 Right-of-use assets (Note 4 and 6) 15,303 1 8,573 1 3110 Common stock share capital 753,777 69 730,736 49
1760 Investment property (Notes 4, 6 and 8) - - 451,000 30 3200 Capital reserve 6,959 1 66,380 4
1780 Intangible assets (Note 4 and 6) - - 15 - 3300 Retained earnings
1840 Deferred income tax assets (Note 4 and 6) 77,706 7 54,240 4 3350 Accumulated deficit (181,505) (17) (449,962) (30)
1920 Guarantee deposits paid (Notes 6 and 9) 42,415 4 20,775 1 3400 Other equity (17,031) (2) 361,288 24
1960 Prepaid investment (Notes 6 and 7) 15,773 - 117,642 8 3XXX Total equity 562,200 51 708,442 47
15XX Total of Non-Current Assets 406,806 36 783,360 53
1XXX Total assets $ 1,088,168 100 $ 1,498,797 100 Total liabilities and equity $ 1,088,168 99 $ 1,498,797 100
----- End of picture text -----

(Please refer to the notes to the individual financial statements)

Chairman: Manager: Accounting Officer:

  • 7 -

Lung Ming Green Energy Technology Engineering Co., Ltd. Parent Company Only Consolidated Income Statement For the Years Ended December 31, 2025 and 2024

Unit: NTD thousand

4000
Net operating income (Notes 4 and 6)
5000
Operating cost (4, 6, and 7)
5900
Operating gross profit
6000
Operating expenses (Note 4, 6, and 7)
6200
Management expense
6450
Expected credit impairment (loss) benefit
6000
Total operating expenses
6900
Net operating profit (loss)
Non-operating income and expenses (Note 4, 6, and 7)
7100
Interest income
7010
Other revenue
7020
Other profits and losses
7050
Financial cost
7055
Expected loss from credit impairment
7060
Shareholding in the profit or loss of the affiliated
company under the equity method
7000
Total of non-operating income and expenses
7900
Net loss before tax
7950
Income tax benefits (expenses) (Note 4 and 6)
8200
Net loss for the period
Other comprehensive income (Notes 4 and 6):
8310
Titles not reclassified into income
8311
Re-measurement of defined benefit plan
8312
Revaluation increments of property, plant, and
equipment
8316
Unrealized gain (loss) from investments in equity
instruments measured at fair value through other
consolidated income or loss
8349
Less: Income taxes related to items not subject to
reclassification
Components of other comprehensive income that
will not be reclassified to profit or loss
8360
Titles potentially reclassified into income subsequently
8361
Components of other comprehensive income that
will be reclassified to profit or loss
8300
Other consolidated income (loss) - Net
8500
Total comprehensive income
Loss per share ($)
9750
Basic loss per share
9850
Diluted loss per share
Exchange difference in the financial statements of
foreign operations		 Amount
446,108
$ (403,976)
42,132
(97,029)
(44,869)
(141,898)
(99,766)
1,106
15,151
16,258
(16,666)
(6,081)
(92,019)
(82,251)
(182,017)
21,696
(160,321)
586
-
(16,347)
(117)
(15,878)
(43)
(43)
(15,921)
(176,242)
$ (2.16)
$ (2.16)
$ 2025		 %
100
(90)
10
(22)
(10)
(32)
(22)
-
3
3
(3)
(1)
(20)
(18)
(40)
5
(35)
-
-
(4)
-
(4)
-
-
(4)
(39)		 Amount
843,799
$ (652,142)
191,657
(93,294)
477
(92,817)
98,840
1,095
30,098
(63,900)
(20,416)
-
(126,883)
(180,006)
(81,166)
(12,197)
(93,363)
(680)
362,200
-
(135)
361,385
6
6
361,391
268,028
$ (1.46)
$ (1.46)
$ 2024		 %
100
(77)
23
(11)
-
(11)
12
-
4
(8)
(2)
-
(15)
(21)
(9)
(2)
(11)
-
43
-
-
43
-
-
43
32

(Please refer to the notes to the individual financial statements)

Manager:

Chairman:

Accounting Officer:

  • 8 -

Lung Ming Green Energy Technology Engineering Co., Ltd.

Parent Company Only Statement of Changes in Shareholders’ Equity

For the Years Ended December 31, 2025 and 2024

Unit: NTD thousand

Other equities

C
A1
Balance as at 1 January 2024
C11
Additional paid-in capital used to make up
loss
D1
Net income (loss)
D3
Other consolidated income (loss)
D5
Total consolidated income (loss)
E1
Capital increase in cash
Z1
Balance as at 31 December 2024
A1
Balance as at 1 January 2025
C11
Additional paid-in capital used to make up
loss
D1
Net income (loss)
D3
Other consolidated income (loss)
D5
Total consolidated income (loss)
E1
Capital increase in cash
T1
Disposal of investment property
Z1
Balance as at 31 December 2025		 ommon stock share capita
513,736
$ -
-
-
-
217,000
730,736
$ 730,736
$ -
-
-
-
23,041
-
753,777
$		 l
Capital reserve
85,217
$ (85,217)
-
-
-
66,380
66,380
$ 66,380
$ (66,380)
-
-
-
6,959
-
6,959
$		 Accumulated deficit
(441,272)
$ 85,217
(93,363)
(544)
(93,907)
-
(449,962)
$ (449,962)
$ 66,380
(160,321)
469
(159,852)
-
361,929
(181,505)
$		 Exchange difference in the
financial statements of
foreign operations
678
$ -
-
6
6
-
684
$ 684
$ -
-
(43)
(43)
-
-
641
$		 Unrealized gain (loss) of the
financial assets measured at
fair values through other
consolidated income or loss
(1,325)
$ -
-
-
-
-
(1,325)
$ (1,325)
$ -
-
(16,347)
(16,347)
-
-
(17,672)
$		 Revaluation increments of
property, plant, and
equipment
-
$ -
-
361,929
361,929
-
361,929
$ 361,929
$ -
-
-
-
-
(361,929)
-
$		 Total equities
157,034
$ -
(93,363)
361,391
268,028
283,380
708,442
$ 708,442
$ -
(160,321)
(15,921)
(176,242)
30,000
-
562,200
$

(Please refer to the notes to the individual financial statements)

Chairman: Manager: Accounting Officer:

  • 9 -

Lung Ming Green Energy Technology Engineering Co., Ltd. Parent Company Only Statement of Cash Flows

For the Years Ended December 31, 2025 and 2024

Unit: NTD thousand

AAAA
Cash flow from operating activities:
A10000
Net income (loss) before tax
A20010
Income/expenses:
A20100
Depreciation expense
A20200
Amortization expense
A20300
Expected credit impairment (gain)
A20400
A20900
Financial cost
A21200
Interest income
A22400
Share of losses of subsidiaries and associates accounted for using the equity
method
A22500
Disposal and scrapping of property, plant and equipment (gains)
A22700
Gain on disposal of investment property
A24600
Gain from fair value adjustment of investment property
A29900
Disposal of subsidiaries accounted for using the equity method
A29900
Losses on lease modifications
A29900
Designated reserve for liabilities
A30000
Changes in assets/liabilities related to operating activities - Net
A31125
Contract assets
A31150
Accounts receivable
A31160
Accounts receivable - related parties
A31180
Other receivable
A31190
Other receivable accounts-related party
A31230
Prepayments
A31990
Guarantee deposits paid
A32125
Contract liabilities
A32130
Notes payable
A32150
Accounts payable
A32160
Account payables-related parties
A32180
Other payable
A32200
Reserve for liabilities
A32230
Other current liabilities
A32240
Net defined benefit liability
A33000
Cash inflow (outflow) from operations
A33100
Interest received
A33300
Interest paid
A33500
Income tax paid
AAAA
Net cash inflow (outflow) from operating activities
BBBB
Cash flow from investing activities:
B00040
Acquired financial assets measured at amortized cost
B00050
Disposal of financial assets measured at amortized cost
B01800
Acquisition of investments under the equity method
B02000
Increase in prepaid investment
B02700
Acquisition of property, plant, and equipment
B02800
Disposal of property, plant, and equipment
B03700
Increase in guaranteed deposits paid
B03800
Decrease in guarantee deposits paid
B05500
Disposal of investment property
BBBB
Net cash inflows (outflow) from investing activities
CCCC
Cash flow from financing activities:
C00100
Increase in short-term loans
C00200
Decrease in short-term loans
C01600
Borrowing of long-term loan
C01700
Retirement of long-term loans
C03700
Increase in other payables - Related parties
C03800
Decrease in other payables - related parties
C04020
Lease principal payment
C04600
Capital increase in cash
CCCC
Net cash inflow (outflow) from financing activities
EEEE
Net (decrease) in cash and cash equivalents for the period
E00100
Opening balance of cash and cash equivalents
E00200
Closing balance of cash and cash equivalents
Net loss on financial assets measured at fair value through profit or loss		 2025
(182,017)
$ 12,141
15
50,950
201
16,666
(1,106)
92,019
(111)
(54,221)
(14,000)
-
-
18,787
19,686
(36,539)
123
(8,277)
4,846
(21,891)
-
74,826
(3,281)
(6,161)
-
(12,979)
(17,278)
(1,522)
(147)
(69,270)
1,155
(17,317)
(2,213)
(87,645)
-
15,969
(115,700)
(2,931)
(644)
111
(22,470)
830
519,221
394,386
125,000
(208,144)
-
(240,000)
1,199
-
(10,109)
30,000
(302,054)
4,687
111,973
116,660
$		 2024
(81,166)
$ 20,081
392
(477)
105
20,416
(1,095)
126,883
-
-
-
3,180
15
29,117
(2,237)
74,820
41,672
(30,122)
5,344
(55,314)
(150)
26,484
(11,564)
(15,676)
(2,916)
15,525
(2,776)
1,081
(516)
161,106
1,043
(20,220)
(92)
141,837
(134,058)
-
-
(134,634)
(1,154)
-
(6,279)
5,361
-
(270,764)
90,121
(48,977)
240,000
(231,860)
-
(225,538)
(9,020)
283,380
98,106
(30,821)
142,794
111,973
$

(Please refer to the notes to the individual financial statements)

Chairman:

Manager:

Accounting officer:

  • 10 -

Lung Ming Green Energy Technology Engineering Co., Ltd. Notes to Parent Company Only Financial Statements

2025 and 2024

Unit: NTD thousand (unless otherwise specified)

I. Company history

The Company formerly known as "Tung Kai Technology Engineering Co., Ltd." was established in January 1996, and in 1998, the shareholders' meeting resolved to set May 1, 1998 as the base date for the merger with Yongsheng Engineering Co., Ltd., with the Company as the surviving company, and Yong Sheng Engineering Co., Ltd. as the extinguished company. This merger has been approved by the competent authority. The Company was renamed Lung Ming Green Energy Technology Engineering Co., Ltd. in June 2022.

The Company is principally engaged in mechanical and electrical system integration works, construction works and waste disposal related to technology plants, industrial plants and residences. The Company's shares have been listed on the Taiwan Stock Exchange since August 26, 2002. Its place of registration and main business location is 3F, No. 602, Mingshui Road, Zhongshan District, Taipei City.

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

II. Date and procedures for approval of the financial statements

The parent company only financial statements were approved by the Board of Directors on March 25, 2026.

III. Application of newly issued and amended standards and interpretations

  • (I) The initial application of the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), and Interpretations (IFRIC) endorsed and issued into effect by the Financial Supervisory Commission (hereinafter referred to as the "FSC") and SIC Interpretations (SIC) (hereinafter referred to as "IFRS Accounting Standards").

The application of the IFRSs endorsed and issued into effect by the FSC does not have material impact on the Company's accounting policies.

  • (II) IFRS accounting standards recognized by the FSC applicable in 2026 The new / amended / revised standards or interpretation Effective Date per IASB

  • Amendments to IFRS 9 and IFRS 7 "Classification and January 01, 2026 measurement of Financial Instruments" Amendments to IFRS 9 and IFRS 7 "Contracts Referencing January 01, 2026 Nature-dependent Electricity" Annual Improvements to IFRS Accounting Standards – Volume 11 January 01, 2026

  • (III) IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) but not yet endorsed and issued into effect by the Financial Supervisory Commission (FSC)

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The new / amended / revised standards or interpretation Effective Date per IASB Amendment to IFRSs 10 and IAS 28 “The Assets Sales or Purchase To be determined between Investors and Their Affiliates or Joint Ventures” IFRS 18 "Presentation and Disclosure in Financial Statements" January 1, 2027 (Note)

  • Note: On September 25, 2025, the Financial Supervisory Commission announced that companies in Taiwan shall apply IFRS 18 starting from January 1, 2028, and may elect early adoption after IFRS 18 is endorsed by the Financial Supervisory Commission.

IFRS 18 "Presentation and Disclosure in Financial Statements" and related consequential amendments

IFRS 18 will supersede IAS 1 “Presentation of Financial Statements” and the main changes include:

  1. Items of income and expenses included in the income statement shall be classified into operating, investing, financing, income tax, and discontinued operations categories.

  2. The income statement shall present subtotals and totals for operating profit or loss, profit or loss before financing and income tax, and profit or loss.

  3. Provides guidance to enhance the requirements of aggregation and disaggregation: The Consolidated Company shall identify the assets, liabilities, equity, income, expenses, and cash flows that arise from individual transactions or other events and 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. Items with dissimilar characteristics shall be disaggregated in the primary financial statements and in the notes. The Consolidated Company labels items as “other” only if it cannot find a more informative label.

In addition, IAS 7 Statement of Cash Flows has been consequentially amended. When preparing cash flows from operating activities using the indirect method, the Company is required to use operating profit or loss as the starting point for reconciliation.

Except for the aforementioned impacts, as of the date of authorization for issuance of these parent company only financial statements, the Company is still in the process of assessing the effects of amendments to various standards and interpretations on its financial position and financial performance. The related impacts will be disclosed upon completion of the assessment.

IV. Summary of significant accounting policies

(I) Statement of Compliance

The parent company only financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers. (II) Basis of Preparation

Except for the financial instruments measured at fair value, the financial instruments are prepared in accordance with the historical cost.

The fair value is divided into Level 1 to Level 3 according to the observable degree and importance of the relevant input value:

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  1. Level 1 input: refers to the quoted price (unadjusted) of the same asset or liability available in the active market on the measurement date.

  2. Level 2 inputs: Inputs other than quoted prices in Level 1 that are observable for assets or liabilities, either directly (i.e. prices) or indirectly (derived from prices).

  3. Level 3 inputs are unobservable inputs for the asset or liability.

(III) Classification of current and non-current assets and liabilities

Current assets include:

  1. Assets held mainly for the purpose of trading;

  2. Assets expected to be realized within 12 months after the balance sheet date; and

  3. Cash and cash equivalents (excluding those restricted from being exchanged or used to settle a liability for at least 12 months after the balance sheet date).

  4. Current liabilities include:

  5. Liabilities held primarily for the purpose of trading;

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

  7. Liabilities for which there is no unconditional right at the balance sheet date to defer settlement for at least 12 months after the balance sheet date.

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

  9. (IV) Cash and cash equivalent

  10. Cash and cash equivalents include cash on hand, demand deposits, and short-term, highly liquid time deposits or investments that are readily convertible to known amounts of cash with an insignificant risk of changes in value.

  11. (V) Financial instruments Financial assets and financial liabilities shall be recognized in the parent company only balance sheet when the Company becomes a party to the contractual terms of financial instruments.

When financial assets and financial liabilities are initially recognized, if the financial assets or financial liabilities are not measured at fair value through profit or loss, they are measured at the fair value plus transaction costs that are directly attributable to the acquisition or issuance of financial assets or financial liabilities. Transaction costs directly attributable to the acquisition or issuance of financial assets or financial liabilities measured at fair value through profit or loss are immediately recognized in profit or loss.

  1. Financial assets

The recognition and derecognition of all the financial assets of the Company adopts the trade date accounting treatment.

  • (1) Measurement types

The types of financial assets held by the Company are financial assets measured at fair value through profit or loss and financial assets measured at amortized cost.

  • A. Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include receivables and

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financial assets mandatorily measured at fair value through profit or loss. Financial assets mandatorily measured at fair value through profit or loss include equity instrument investments that are not designated as measured at fair value through other comprehensive income and debt instrument investments that are not classified as investments measured at amortized cost or measured at fair value through other comprehensive income or loss. Financial assets at fair value through profit or loss are measured at fair value, and the dividends and interest generated are recognized in other income and interest revenue, respectively, and gains or losses generated from remeasurement are recognized in other profits and losses.

  • B. Financial assets measured at amortized cost If the Company's investment financial assets meet the following two conditions at the same time, they are classified as financial assets measured at amortized cost:

  • a. It is held under a certain business model, and the purpose of the model is to hold financial assets in order to collect contractual cash flows; and

  • b. The cash flow on a specific date arising from the terms of the contract, and such cash flow is solely for the payment of the principal and the interest on the amount of the outstanding principal.

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

Except for the following two situations, interest income is calculated by multiplying the effective interest rate by the total carrying amount of a financial asset:

  • a. For purchased or originated credit-impaired financial assets, interest revenue is calculated by multiplying the credit-adjusted effective interest rate by the amortized cost of the financial asset.

  • b. For financial assets that are not purchased or originated credit-impaired but credit-impaired subsequently, interest income is calculated by applying the effective interest rate to the post-amortized cost of the financial asset.

Equivalent cash includes time deposits and short-term bills that are highly liquid and readily convertible into a fixed amount of cash at any time with little risk of value changes within three months from the date of acquisition,

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which are used to meet short-term cash commitments.

  • C. Equity instrument investment measured at fair value through other comprehensive profit or loss

  • The Company may, at initial recognition, make an irrevocable election to designate at the fair value through other comprehensive income the investments in equity instruments that are not held for trading and are not recognized by an acquirer in a business combination.

Investments in equity instruments at fair value through other comprehensive income are measured at fair value. Subsequent changes in fair value are recognized in other comprehensive income and accumulated in other comprehensive income. When the investment is disposed, the accumulated profit or loss is directly transferred to the retained earnings and is not reclassified as profit or loss.

Dividends of investments in equity instruments measured at FVTOCI are recognized in profit or loss when the Company's right to receive payment is established, unless such dividends clearly represent the recovery of part of the investment cost.

  • (2) Impairment of financial assets

The Company assesses the impairment loss of financial assets measured at amortized cost (including accounts receivable) based on the expected credit loss at each balance sheet date.

The loss allowance for accounts receivable is based on the lifetime expected credit losses. For other financial assets, we first assess whether there is a significant increase in credit risk since the initial recognition. If there is no significant increase, an allowance for loss is recognized at an amount equal to 12-month expected credit losses.

The expected credit loss is the weighted average credit loss with the risk of default as the weight. The 12-month expected credit loss represents the expected credit loss generated by the possible default of the financial instrument within 12 months after the reporting date, and the lifetime expected credit loss represents the expected credit loss generated by all possible defaults of the financial instrument during the expected lifetime of the financial instrument. loss.

The impairment loss of all financial assets is reduced to the carrying amount through the allowance account. However, the allowance for loss of investment in debt instruments measured at FVTOCI is recognized in other comprehensive income without reducing the carrying amount.

  • (3) Removal of financial assets

The Company derecognizes a financial asset only when the contractual rights to

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the cash flows from the financial asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset are transferred to another party.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the carrying amount and the consideration received is recognized in profit or loss. When an investment in an equity instrument at FVTOCI is derecognized in its entirety, the accumulated profit or loss is directly transferred to retained earnings and is not reclassified as profit or loss.

  1. Equity instruments

  2. The equity instruments issued by the Company shall be recognized based on the payment of acquisition less the direct issuing cost.

The repurchase of the Company's own equity instruments is recognized in and deducted under equity. The purchase, sale, issuance or cancellation of the Company's own equity instruments is not recognized in profit or loss.

  1. Financial liabilities

  2. (1) Subsequent measurement

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

  3. (2) Removal of financial liabilities

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

(VI) Inventory

Inventories are measured at the lower of cost or net realizable value. The cost should include the costs of acquisition, production or processing or others incurred when the inventory is sellable or producible and at the location where the inventory is sellable or producible, and calculated under weighted average method. The net realizable value refers to the balance of the estimated selling price under normal operations less the estimated cost of completion and the estimated cost of sales.

(VII) The investment under equity method

The Company accounts for its investments in subsidiaries and affiliates using the equity method.

  1. Investment in subsidiaries

  2. A subsidiary is an entity (including structured entity) that is controlled by the Company.

Under the equity method, an investment is initially recognized at cost, and the book value after the acquisition is increased or decreased by the Company's share of the profit or loss and other comprehensive income of the subsidiary and the profit distribution. In addition, the changes in the Company's other equity in subsidiaries are recognized in proportion to the shareholding.

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Changes in the Company's ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The difference between the carrying amount of the investment and the fair value of the consideration paid or received is recognized directly in equity.

When the Company's share of losses on a subsidiary equals or exceeds its equity in the subsidiary (including the carrying amount of the subsidiary under the equity method and other long-term interests that in substance form part of the Company's net investment in the subsidiary), it continues to recognize the losses in proportion to the shareholding.

The excess of the acquisition cost in excess of the Company's share of the net fair value of the identifiable assets and liabilities of the subsidiary on the date of acquisition is recognized as goodwill. The goodwill is included in the book value of the investment and shall not be amortized. The share of net identifiable assets and liabilities net fair value of the subsidiary exceeds the acquisition cost and is recognized as current income.

In assessing impairment, the Company considers the cash-generating unit as a whole in the parent company only financial statements and compares the recoverable amount with the book value. If the recoverable amount of the asset increases subsequently, the reversal of the impairment loss will be recognized as gain. However, the carrying amount of the asset after the reversal of the impairment loss shall not exceed the amount that would have been appropriated if the impairment loss had not been recognized, less the carrying amount of amortization. The impairment loss attributable to goodwill shall not be reversed in the subsequent period.

When the Company loses control over a subsidiary, its remaining investment in the subsidiary is measured at the fair value on the date when the control is lost. The fair value of the remaining investment and the difference between any disposal price and the carrying amount of the investment is recognized as current profit or loss. In addition, the accounting treatment of all amounts recognized in other comprehensive income related to the subsidiary is the same as that required for the Company's direct disposal of relevant assets or liabilities.

Unrealized gains and losses on downstream transactions between the Company and its subsidiaries are written off in the parent company only financial statements. The gains and losses arising from the downstream and lateral transactions between the Company and its subsidiaries are recognized in the parent company only financial statements only to the extent that they are irrelevant to the Company's interests in the subsidiaries.

2. Investment in associates

An associate is an enterprise that the Company has significant influence over but is not a subsidiary.

The Company adopts the equity method for investment in associates. Under the equity

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method, an investment in an associate is initially recognized at cost, and the book value after the acquisition is adjusted by the Company's share of the profit or loss and other comprehensive income of the associate. In addition, the changes in the equity of affiliated companies are recognized based on the shareholding ratio.

The acquisition cost exceeding the Company's share of the net fair value of the identifiable assets and liabilities of the affiliated enterprise on the date of acquisition is recognized as goodwill. The goodwill is included in the book value of the investment and shall not be amortized. The share of net identifiable assets and liabilities net fair value of the affiliated company exceeding the acquisition cost is recognized in the current profit or loss.

When the affiliated enterprise issues new shares, if the Company fails to subscribe to the shares in proportion to their shareholding, resulting in a change in the shareholding ratio and thus causing an increase or decrease in the net equity investment, the increase or decrease should be adjusted to the capital reserve - recognized under the equity method, changes in the net equity of the enterprise and joint ventures, and investments under the equity method. However, if the shareholding in the affiliated company is decreased due to the failure to subscribe or acquire the equity in proportion to the shareholding, the amount related to the affiliated company recognized in other comprehensive income shall be reclassified proportionally to the decrease. If the related assets or liabilities are directly disposed of on the same basis; if the aforementioned adjustment should be debited to capital reserve, and the capital reserve balance generated by investment under the equity method is insufficient, the difference will be debited to retained earnings.

When the Company's share of losses in an associate equals or exceeds its equity in the associate (including the carrying amount of the investment in the associate under the equity method and other long-term interests that in substance form part of the Company's net investment in the associate), the recognition of further loss is stopped. The Company only recognizes additional losses and liabilities within the scope of legal obligations, presumed obligations, or payments made on behalf of affiliates.

When assessing impairments, the Company treats the entire book value (including goodwill) of the investment as a single asset and compares the recoverable amount with the book amount for impairment testing. The impairment loss recognized is also part of the book value of the investment. Any reversal of the impairment loss shall be recognized within the scope of the subsequent increase in the recoverable amount of the investment.

The Company ceases to adopt the equity method from the date its investment ceases to be an affiliate, and its retained interest in the former affiliate is measured at fair value. The difference between the fair value and the disposal price and the carrying amount of the investment on the date of cessation of the equity method is included in the current profit and loss. In addition, all amounts recognized in other comprehensive

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income related to the affiliated enterprise shall be accounted for on the same basis as the basis for the direct disposal of the relevant assets or liabilities by the affiliated enterprise.

Gains and losses arising from countercurrent, downstream and side-stream transactions between the Company and its affiliates are recognized in the parent company only financial statements only to the extent that they are irrelevant to the Company's interests in the affiliates.

(VIII) Property, plant and equipment

Property, plant and equipment are stated at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment loss.

Self-owned land is not depreciated.

The property, plant and equipment is depreciated separately for each significant component on a straight-line basis over their useful lives.

The consolidated company reviews the estimated useful life, residual value and depreciation method at least at the end of each year, and applies the impact of changes in accounting estimates prospectively.

When derecognizing property, plant and equipment, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.

Depreciation is accrued using the straight-line method based on the estimated useful lives of the following assets:

Land improvements 5 - 20 years Building and structure 3 - 55 years Machine & equipment 3 - 10 years Transportation equipment 3 - 5 years Office equipment 3 - 5 years Rental betterment Depending on the lease term or the useful life, whichever is shorter.

(IX) Lease

The Company assesses whether the contract is (or contains) a lease on the date of establishment of the contract.

1. The Company as the lessor

  • When the lease terms transfer almost all the risks and rewards attached to the ownership of assets to the lessee, it is classified as a finance lease. All other leases are classified as operating leases. Under operating leases, lease payments net of lease incentives are recognized as income on a straight-line basis over the relevant lease term.

  • The Company as the lessee

  • Except for low-value asset leases and short-term leases to which a recognition exemption applies, where lease payments are recognized as expenses on a straightline basis over the lease terms, all leases are recognized with a right-of-use asset and a lease liability on the lease commencement date. The right-of-use assets are measured at the original cost (including the original measured amount of the lease liability, the

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lease payment paid before the lease start date minus the lease incentives received, the original direct cost and the estimated cost of restoring the underlying asset), and the subsequent cost less accumulated depreciation and accumulated impairment loss after the loss, and adjust the remeasurement of the lease liability. Right-of-use assets are presented on a separate line in the parent company only balance sheets.

The right-of-use assets are depreciated on a straight-line basis from the lease start date to the end of the service life or the expiration of the lease term, whichever is earlier. If the Company obtains the ownership of the underlying asset at the end of the lease term, or if the cost of the right-of-use asset reflects the exercise of the purchase option, the Company depreciates the asset from the commencement date of the lease to the end of the useful life of the underlying asset.

Lease liabilities are initially calculated based on the amount to be paid by the lessee that is expected to be paid by the lessee under the residual value guarantee, the exercise price of the purchase option that is reasonably assured to be exercised, and it is measured by the present value of the lease termination penalty that has been reflected in the lease period, less the lease incentives received. If the lease implied interest rate can be easily determined, the lease payment is discounted at the said interest rate. If such interest rate cannot be easily determined, the lessee's incremental borrowing interest rate shall apply. Subsequently, the lease liability is measured at the amortized cost using the effective interest method, and the interest expense is amortized over the lease term. If there is a change in future lease payment during the lease term, the amount of payment expected under the residual value guarantee, the evaluation of the underlying asset purchase option, or the index or rate used to determine the lease payment, the Company remeasures the lease liability and adjusts the right-of-use assets. However, if the carrying amount of the right-of-use assets has been reduced to zero, the remaining remeasurement amount is recognized in profit or loss. Lease liabilities are presented on a separate line in the parent company only balance sheets. The variable rent in a lease agreement that is not dependent on the index or rate is recognized as an expense in the period in which it is incurred.

(X) Investment property Investment property refers to property held to earn rental or for capital appreciation or both, including property that meet the definition of investment property and are in the process of construction and right-of-use assets. Investment property also includes land held for a currently undetermined future use.

An owned investment property owned is initially measured at cost (including transaction cost). A leased investment asset is measured at the original cost (including the original measured amount of the lease liability, the lease payment paid before the lease start date, the original direct cost and the estimated cost of restoring the underlying asset, minus the lease incentives received). An investment property is subsequently measured using a fair value model, and changes in fair value are recognized in profit or loss in the period in

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which they occur.

When property, plant and equipment and right-of-use assets are reclassified as investment property at the end of self-use, the difference between their original carrying amount and fair value is recognized in other comprehensive income and accumulated in the revaluation surplus of equity. Upon derecognition of the asset, this amount is directly transferred to retained earnings.

  • When derecognizing an investment property, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.

  • (XI) Intangible assets

  • Intangible assets with limited useful life acquired separately are measured at the original cost, and subsequently measured at the cost less accumulated amortization and accumulated impairment losses. Intangible assets are amortized on a straight-line basis over the useful lives. At the end of each year, the estimated useful life, residual value, and amortization method are reviewed, and the effects of changes in accounting estimates are applied prospectively.

The Company's intangible assets with finite useful lives are amortized on a straight-line basis over the following useful lives:

Computer software 5 years

  • (XII) Impairment of tangible and intangible assets (excluding goodwill)

The Company assesses whether there is any indication that the tangible and intangible assets may have been impaired at each balance sheet date. If there is any sign of impairment, estimate the recoverable amount of the asset. If the recoverable amount of an individual asset cannot be estimated, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the pooled assets can be allocated to the cash-generating units on a consistent and reasonable basis, they are allocated to individual cash-generating units; otherwise, they are allocated to the smallest group of cash-generating units that can be allocated on a consistent and reasonable basis.

Intangible assets with indefinite useful lives and not yet available for use are tested for impairment at least annually and when there is a sign of impairment.

The recoverable amount is the fair value less cost of sales and its value in use, whichever is higher.

If the recoverable amount of an individual asset or cash-generating unit is lower than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, and the impairment loss is recognized in profit or loss. When the impairment loss is subsequently reversed, the carrying amount of the asset or cashgenerating unit is increased to the revised recoverable amount. However, the increased carrying amount shall not exceed the carrying amount that would have been determined if the asset or cash-generating unit had no impairment loss (less amortization or depreciation). Reversal of impairment loss is recognized in profit or loss.

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(XIII) Reserve for liabilities

The conditions for the recognition of a liability reserve are a present obligation (legal obligation or constructive obligation) arising from a past event, and it is very likely that an outflow of resources with economic benefits will be required to settle the obligation, and the amount of the obligation can be estimated reliably. When the Company expects that some or all of the liability reserve will be attributed, only when it is almost certain to be recognized as a separate asset. If the impact of the time value of money is material, the reserve for liabilities shall be discounted at an interest rate before tax that can properly reflect the time value of money and the specific risk of the liability.

  1. Warranty reserve

    • The warranty obligation under the sales contract is based on the management's best estimate of the expenditure required to settle the Company's obligation and is recognized on the date the relevant product is recognized as revenue.

  2. Onerous contracts

    • When the unavoidable cost of the Company's expected performance of a contractual obligation exceeds the expected economic benefits from the contract, the current obligation arising from the onerous contract is recognized as a reserve for liabilities. When assessing whether a contract is onerous, the cost of performing the contract includes the allocation of the incremental cost of performing the contract and other costs directly related to the performance of the contract.

  3. To be decided in legal proceedings

    • The Company 's liability provisions are measured in accordance with the court's judgments for cases yet to be determined.

  4. (XIV) Recognition of revenue

  5. After identifying the performance obligation in the customer contract, the Company allocates the transaction price to each performance obligation, and recognizes revenue when each performance obligation is satisfied.

  6. Construction income

    • The Company engages in the contracting business of construction projects. As the assets are controlled by the customers at the time of construction, the revenue is gradually recognized over time based on the proportion of the construction costs incurred to date. The contract includes fixed and variable consideration. The customer makes a fixed amount of payment in accordance with the agreed schedule. Consideration for some changes (such as fines calculated based on the number of days past due, price adjustment subsidy) are estimated based on past experience and expected values. The Company recognizes revenue only within the scope of the cumulative revenue level where it is probable that no significant reversal will occur. The Company's right to the consideration in exchange for having transferred goods or services to the customer is recognized as a contract asset; when the Company has an unconditional right to the consideration, the contract asset is reclassified into accounts

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receivable. However, there are some contracts where the Company collects part of the consideration from the customer at the time of payment according to the contract. The Company undertakes the obligation to provide construction work in the future, so it is recognized as a contract liability.

If the degree of completion of the performance obligation under the construction contract cannot be reasonably measured, the contract revenue is recognized only within the range of the expected recoverable cost.

If the situation changes, the estimates of revenue, cost and level of completion will be revised, and the resulting increase or decrease will be reflected in the profit or loss during the period in which the management is aware of the change.

  1. Labor service revenue

The labor services provided by the Company are mainly waste treatment, cleaning and transportation services. These services are priced separately or through negotiation, and the services are provided based on the results of waste treatment. They belong to the satisfaction of the performance obligation at a certain point in time and recognized as income. The contractual agreement price is collected according to the payment period stipulated in the contract.

  • (XV) Cost of borrowing

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

  • (XVI) Employee welfare

  • Short-term employee benefits

    • Short-term employee benefits are measured at non-discounted amount expected to be paid, and stated as expenses when the relevant services are provided.

  • Post-employment benefits

    • For the defined contribution pension plan, the amount of pension contribution that should be recognized is recognized as expenses during the period of service provided by employees.

  • Remuneration to employees and directors/supervisors Employee remuneration and remuneration to directors and supervisors are recognized as expenses and liabilities when they have legal or constructive obligations and the amount can be reasonably estimated. Subsequently, if the actual distributed amount resolved is different from the estimate, the difference shall be treated as a change in accounting estimate.

(XVII) Income tax

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

  1. Income tax in the current period

  2. The additional income tax on undistributed earnings calculated in accordance with the Income Tax Act of R.O.C. is listed as the income tax expense in the year resolved by the shareholders' meeting.

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2. Deferred income tax

Deferred income tax is calculated based on the temporary differences between the tax bases of assets and liabilities and their carrying amounts on the balance sheet at the end of the reporting period.

Deferred income tax liabilities are generally recognized for all taxable temporary differences, while deferred income tax assets are recognized when it is probable that taxable income will be available against which temporary differences and losses can be deducted or expenditures such as the purchase of machinery and equipment. The resulting income tax credits are recognized when used.

The taxable temporary differences related to the investment in subsidiaries, affiliates and joint agreements are all recognized as deferred income tax liabilities. However, if the Company can control the time point of the temporary difference reversal, and the temporary difference is likely to be available, except for those that will not be reversed in the future. The deductible temporary difference related to such investment is recognized as deferred income tax only when it is probable that there will be sufficient taxable income to realize the temporary difference and it is expected to be reversed in the foreseeable future.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date, and the carrying amount is reduced if it is no longer probable that sufficient taxable income will be available to allow all or part of the recovery of the assets. Deferred income tax assets that were not recognized as deferred income tax assets are also reviewed at each balance sheet date, and it is probable that future taxable income will allow all or part of the assets to be recovered, the carrying amount is increased. Deferred income tax assets and liabilities are measured at the tax rates in the period in which the liabilities are expected to be settled or assets realized, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would arise from the manner in which the Company expects to recover or settle the carrying amounts of its assets and liabilities at the balance sheet date.

  1. Current and deferred income tax

Current and deferred income tax is recognized in profit or loss, except for the current and deferred income tax related to the item that is recognized in other comprehensive income or directly in equity, respectively.

V. Significant accounting judgments, estimations and major sources of assumption uncertainty

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

The Company takes the recent development of COVID-19 in Taiwan and the possible impact on the economic environment into consideration for the cash flow projection, growth rate, profitability and other relevant significant accounting estimates. The management will continue to

-24-

review the estimates and basic assumptions. If a revision of an estimate only affects the current period, it is recognized in the period in which the revision is made; if a revision of an accounting estimate affects the current period and future periods, it is recognized in the period of the revision and future periods.

  • (I) Assessment of expected credit impairment loss of receivables

  • For the expected credit impairment of notes and accounts receivable of the Company, the allowance for loss for overdue accounts is based on the number of days late and the loss rate established with forward-looking factors such as future economic forecasts; If there is any abnormal sign in the financial status or payment situation that shows that the payment may not be collectible, the allowance for loss is recognized individually. The assessment process of the allowance for loss involves the assessment and forecast of past events, actual conditions and future overall economic condition; however, the actual result may differ from the estimate.

  • (II) Accounting policy for construction contracts

  • Construction revenue is recognized by the percentage of completion method over the contract period based on the degree of completion, and contract costs are recognized as expenses in the period in which they are incurred. The degree of completion is calculated based on the contract costs incurred for each contract until the end of the reporting period, as a percentage of the estimated total costs of the contract.

  • Since the estimated total cost and contract items are based on the evaluation and judgment of the management based on the nature of the project, the estimated contract amount, and the materials and work expenses, they may affect the calculation of engineering profit and loss.

VI. Notes to significant accounts

  • (I) Cash and cash equivalent
(I) Cash and cash equivalent
(II) Petty Cash
Bank Savings
Total
Derivatives
Details are as follows:
Financial assets
Financial assets measured at fair values through
profit or loss - Current
Financial assets measured at fair values through
other comprehensive profit or loss- non-current
Financial assets measured at amortized cost
Current
Non-current		 December 31, 2025
$1,525
115,135
$116,660
December 31, 2025		 December 31, 2024
$1,507
110,466
$111,973
December 31, 2024
$911 $1,112
$3,153 $－
$150,089 $166,058
$136,389
$13,700		 $166,058
$－

  1. The Company’s financial assets measured at fair value through other comprehensive income were reclassified from prepayments for investments. These equity investments are held for medium- to long-term purposes.

  2. Please refer to Note 8 for the details of the guarantees for short-term and long-term loans and financing quotas as of December 31, 2025 and 2024.

-25-

(III) Net accounts receivable (including related parties)

Accounts receivable
Accounts receivable - related parties
Less: Loss allowance
Receivable accounts, net		 December 31, 2025 December 31, 2024
$39,796
－
(3,257)
$36,539		 $3,257
123
(3,257)
$123
  1. The Company applies simplified method to estimate the expected credit losses of all accounts receivable, i.e. using the expected credit losses throughout the duration for measurement. For this measurement purpose, the accounts receivable is classified according to the common credit risk features concerning the representative customers' capacity of paying all amount due on the contract and is included in the forwardlooking information. The analysis of the Company's expected credit losses of the accounts receivable is as follows:
Undue
Less than 60 days
Overdue 61 to 90 days
Overdue 91 to 120 days
Overdue 121 to 180 days
Overdue over 181 days		 December 31, 2025 December 31, 2025
Book value of accounts
receivable		 Weighted average
rate of expected
credit losses		 Allowance for
expected credit losses
throughout the
duration
$36,539
－
－
－

－
3,257
$39,796		 －%
－%
－%
－%
－%
100%		 $－
－
－
－
－
(3,257)
$(3,257)
Undue
Less than 60 days
Overdue 61 to 90 days
Overdue 91 to 120 days
Overdue 121 to 180 days
Overdue over 181 days		 December 31, 2024 December 31, 2024
Book value of accounts
receivable		 Weighted average
rate of expected
credit losses		 Allowance for
expected credit losses
throughout the
duration
$123
－
－
－

－
3,257
$3,380		 －%
－%
－%
－%
－%
100%		 $－
－
－
－
－
(3,257)
$(3,257)
  1. The changes in the allowance for expected credit losses on accounts receivable of the Company for 2025 and 2024 are as follows:
Beginning balance
Current provision
Ending balance		 2025
$3,257
－
$3,257		 2024
$3,257
－
$3,257
  1. As of December 31, 2025 and 2024, none of the Company’s accounts receivable were pledged as collateral for long-term borrowings or credit facilities.

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(IV) Other receivables (including related parties)

December 31, 2025 December 31, 2024
Other receivable $70,872 $62,644
Other receivable accounts-related party － 4,846
Less: Loss allowance (8,722) (2,641)
Other receivables, net $62,150 $64,849
The changes in the allowance for loss of other receivables of the Company for 2025 and
2024 are as follows:
2024 are as follows:
(V) Beginning balance
Current provision
Ending balance
Inventory
Supplies
Less: Allowance for inventory write-downs		 2025
$2,641
6,081
$8,722
December 31, 2025
$29,144
(29,144)
$－		 2024
$2,641
－
$2,641
December 31, 2024
$29,144
(29,144)
$－

  • (1) As of December 31, 2025 and 2024, none of the Company's inventories were pledged as collateral.

  • (2) The Company's cost of inventories sold for 2025 and 2024 amounted to NTD 252

thousand and NTD 0 thousand, respectively, and no inventory write-down losses were recognized in either year.

(VI) Prepayments

were recognized in either year.
Prepayments
Prepayment for construction
Other prepaid expenses
Total		 December 31, 2025
$107,257
10,915
$118,172		 December 31, 2024
$86,376
9,905
$96,281

(VII) The investment under equity method

  1. Investee
1. Investee
Name of invested company December 31,2025 December 31,2024
Amount
Shareholding% Description
Amount Shareholding%

100.00

100.00

100.00

－

100.00

100.00


30.00
Investment in subsidiaries:
Tung Kai Construction Co., Ltd
TUNG CHUANG RESOURCE
TECHNOLOGY CO., LTD.
Viva Technologies Co., Ltd.
Xingrongxing Environmental
Protection Technology Co., Ltd.
Long Qiang Construction Co., Ltd.
Tung Kai Technology Engineering
Co., Ltd.
Subtotal
Investment in associates:
Shuangjian Photoelectric Limited
Total		 $203,666
6,905
838
－
968
435
$94,893
100.00

6,913
100.00

1,075
100.00
Note 3
－
－
Note 1

－
－
Note 2

493
100.00
Note 4
103,374

14,318
30.00
$117,692
212,812
13,818
$226,630

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  • Note 1: On September 16, 2024, the Board of Directors of Xingrongxing Environmental Protection Technology Co., Ltd. resolved to dissolve and liquidate the company. The dissolution application was submitted to the Taoyuan City Government on November 8, 2024, and subsequently approved. The proceeds of NTD 1,915 thousand from the dissolution and liquidation were recognized under other receivables, with a loss on disposal of NTD 3,180 thousand recognized.

  • Note 2: Long Qiang Construction Co., Ltd. was approved for incorporation on April 21, 2025.

  • Note 3: Gampire Technology Co., Ltd. changed its name to Viva Technologies Co., Ltd. in July 2025.

  • Note 4: The investee, Tung Kai Technology Engineering (Shanghai) Co., Ltd., has completed tax clearance, and the deregistration process is currently in progress.

  • The Company participated in the cash capital increase of Tung Kai Construction Co., Ltd. in 2025 and 2024, and the cash capital increase was NTD 200,000 thousand and NTD 100,000 thousand, respectively.

  • The Company's share of income (loss) recognized under the equity method in 2025 and 2024 and other comprehensive income are as follows:

==> picture [476 x 296] intentionally omitted <==

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

Investee 2025 2024 Basis
Financial statements for the
Tung Kai Construction Co., Ltd.
$(91,227) $(124,007) same period audited by CPAs
TUNG CHUANG RESOURCE Financial statements for the
TECHNOLOGY CO., LTD. (8) 196 same period audited by CPAs
Financial statements for the
Viva Technologies Co., Ltd.
(238) (4,657) same period audited by CPAs
Xingrongxing Environmental Financial statements for the
Protection Technology Co., Ltd. － 1,645 same period audited by CPAs
－ Financial statements for the
Long Qiang Construction Co., Ltd.
(32) same period audited by CPAs
Tung Kai Technology
EngineeringCo., Ltd. Financial statements for the
(14) 290 same period audited by CPAs
Shuangjian Photoelectric Limited (500) (350) Note 1
Total $(92,019) $(126,883)
Investee 2025 2024 Basis
Other comprehensive income:
$ － $362 Financial statements for the
Viva Technologies Co., Ltd.
same period audited by CPAs
Tung Kai Technology Engineering
(43) (356) Financial statements for the
Co., Ltd.
same period audited by CPAs
Total $(43) $6
----- End of picture text -----

Note 1: Investments in Shuangjian Photoelectric Limited accounted for using the equity method and the Company’s share of its comprehensive income (loss) for 2024 were recognized based on the investee’s financial statements for the same period audited by other auditors. As of December 31, 2024, the carrying amount of the investment accounted for using the equity method was NTD 14,318 thousand, and the Company’s share of investment loss recognized for 2024 was NTD (350)

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thousand. For 2025, such amounts were recognized based on the investee’s financial statements that were not audited by CPAs; however, management believes that the absence of an audit would not have a material impact on the financial statements.

  1. As of December 31, 2025 and 2024, the Company's investments under the equity method had not been provided as collateral.

  2. (VIII) Property, plant and equipment

Property, plant and equipment
Land and land improvements
Building and structure
Machine & equipment
Transportation equipment
Office equipment
Lease of improvements
Total		 December 31, 2025 December 31, 2024
$7,110
3,816
16
99
1,038
47
$12,126		 $7,296
4,559
105
161
767
535
$13,423

==> picture [512 x 448] intentionally omitted <==

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

Machine
Land and land Building & Transportation Office Lease of
improvements and structure equipment equipment equipment improvements Total
Cost
Balance as of
$75,746 $87,259 $75,977 $1,760 $17,626 $16,676 $275,044
January 1, 2024
Addition － － － 170 893 91 1,154
Disposition － (2,852) (72,050) － (763) － (75,665)
Reclassification (62,467) (58,587) － － － － (121,054)
Balance as of
$13,279 $25,820 $3,927 $1,930 $17,756 $16,767 $79,479
December 31, 2024
Balance as of
$13,279 $25,820 $3,927 $1,930 $17,756 $16,767 $79,479
January 1, 2025
Addition － － － － 644 － 644
Disposition － － － (1,196) (1,621) (3,439) (6,256)
Balance as of
$13,279 $25,820 $3,927 $734 $16,779 $13,328 $73,867
December 31, 2025
Machine
Land and land Building & Transportation Office Lease of
improvements and structure equipment equipment equipment improvements Total
Accumulated
depreciation
Balance as of
$5,796 $53,162 $63,375 $1,722 $17,278 $13,083 $154,416
January 1, 2024
Depreciation 187 2,411 5,345 47 334 3,149 11,473
Disposition － (2,058) (64,898) － (623) － (67,579)
Reclassification － (32,254) － － － － (32,254)
Balance as of
$5,983 $21,261 $3,822 $1,769 $16,989 $16,232 $66,056
December 31, 2024
Balance as of
$5,983 $21,261 $3,822 $1,769 $16,989 $16,232 $66,056
January 1, 2025
Depreciation 186 743 89 62 373 488 1,941
Disposition － － － (1,196) (1,621) (3,439) (6,256)
Balance as of
$6,169 $22,004 $3,911 $635 $15,741 $13,281 $61,741
December 31, 2025
----- End of picture text -----

  1. The reclassification in 2024 was due to a change in use of certain land and buildings

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of the Company, which are to be held for the purpose of earning rental income or capital appreciation, and were reclassified as investment property at their fair value at the date of change in use. The difference of NTD 362,200 thousand between the carrying amount and the fair value on the date of purpose change was recognized as other comprehensive income - revaluation increment of property, plant, and equipment. The fair value evaluation techniques and unobservable major input used by the consolidated company for that property on the date of the purpose change are consistent with those used on the reporting date. Please refer to Note 6(10) for details.

  1. In 2024, the difference of NTD 8,086 thousand between the decrease in the cost of property, plant and equipment due to disposal of NTD 75,665 thousand and the accumulated depreciation of NTD 67,579 thousand had not been collected and was recognized as other receivables.

  2. Please refer to Note 8 for the details of property, plant and equipment provided as collateral as of December 31, 2025 and 2024.

(IX) Lease agreement

  1. Right-of-use assets
Lease agreement
1. Right-of-use assets
Carrying amount of right-of-use assets
Houses and buildings
Transportation equipment
Total
Addition of right-of-use assets
Lease modification (lease cancellation)
Depreciation expense of right-of-use
assets
Building
Transportation equipment
Total
2. Lease liabilities
Carrying amount of lease liabilities
Current
Non-current
Discount rate of lease liabilities
Building
Transportation equipment		 December 31, 2025
$7,277
8,026
$15,303
2025
$16,930
$－
$6,380
3,820
$10,200
December 31, 2025
$9,565
$5,900
December 31, 2025
2.10%~3.420%
1.85%~3.615%		 December 31, 2024
$1,452
7,121
$8,573
2024
$7,669
$(1,222)
$5,779
2,829
$8,608
December 31, 2024
$4,307
$4,337
December 31, 2024
2.10%~3.180%
1.85%~3.615%

-30-

3. Other lease information

Other lease information
Expenses of low-value and short-term
lease assets
Total cash (outflow) for leases		 2025
$5,364
$(15,994)		 2024
$6,428
$(15,655)

The Company has elected the recognition exemption for the subject matter that qualifies for short-term leases and leases of low value, and does not recognize the related right-of-use assets and lease liabilities of these leases.

(X) Investment property

Investment property measured at fair value

Self-owned assets

Balance on January 1, 2024
Reclassification (Note 1)
Balance, December 31, 2024
Balance on January 1, 2025
Gain (loss) from changes in fair value
(Note 2)
Disposition
Balance, December 31, 2025		 Land
$－
393,681
$393,681
$393,681
20,749
(414,430)
$－		 Building and
structure
$－
57,319
$57,319
$57,319
(6,749)
(50,570)
$－		 Total
$－
451,000
$451,000
$451,000
14,000
(465,000)
$－

  1. The Company's reclassification of investment property is described in Note 6(8). The input used in the fair value evaluation techniques for the consolidated company's investment property is a level 3 input. For the reconciliation of the carrying amount at the beginning and ending of the period, please refer to the above table of changes.

  2. Note 1: The Company's investment property is subsequently measured using the discount cash flow analysis under the income approach. The relevant information is as follows:

Underlying asset Local or similar property rental NTD 348 - NTD 365/3.3058 m2/month levels Current status In normal use Capitalization rate 1.99% Discount rate 3.92% Outsourced appraisal or selfOutsourced appraisal appraisal Name of appraisal firm REPro International Appraisals Name of the professional Hsu, Hsiang-Yi and Wang, Hsin-Ya appraiser Date of appraisal 2024/5/22 Fair value by the outsourced $451,000 thousand appraisal Reviewing CPA WU,LIN-FANG Name of Reviewing CPA firm Wu Lin Fang CPA firm Conclusion of review Reasonable Date of review report 2024/6/18

Land and buildings at Guanyin Plant in Taoyuan City NTD 348 - NTD 365/3.3058 m2/month

-31-

For the appraisal using the income approach, the information of the subject property and comparable asset with the same or similar characteristics, including the total revenue, total expenses, and the capitalization rate or discount rate over the most recent three years, should be collected. The estimates of the above parameters are based on the information of the subject property and comparable asset with the same or similar characteristics over the most recent three years. They are adjusted through a comprehensive analysis of their continuity, stability, and growth to verify the availability and rationality of the data. The changes in future revenue (cash inflows) and expenses (cash outflows) for each period are based on the historical revenue and expenses (cash flows) of the subject property, as well as those of comparable assets in the same industry or with substitutable characteristics, idle or loss ratios, and the revenue and expenses from current or potential future plans. Estimation and calculation of the objective net operating income, determined as total revenue minus total expenses, are based on the objective net operating income of the subject property’s highest and best use, while taking into account the income of neighboring similar properties based on their highest and best uses.

The discount rate is determined using the risk premium approach, taking into consideration factors such as bank time deposit rates, government bond yields, the risk profile of real estate investments, currency fluctuations, and trends in property prices. An appropriate benchmark rate of return is selected based on investments in assets of a general nature, and the rate is then determined after adjusting for differences between such benchmark investments and the specific characteristics of the subject property. The discount rate is based on the floating rate offered by Chunghwa Post Co., Ltd. for two-year small postal time deposit, plus 0.75%, resulting in a calculated interest rate of 2.375%. After taking into consideration the liquidity, risk, appreciation, management, and tax of the subject property, the discount rate is determined to be 3.92%. The estimation of capitalization considers the net operating income of comparable subject properties divided by their price. The weighted-average capitalization rate is 1.99%.

The description of the fair value evaluation technique and unobservable major input are as follows:

Evaluation technique

Discounted cash flow (DCF) method of the income approach is adopted as the evaluation technique. Discounted cash flow method of the income approach: refers to the method that sums up the discounted net operating incomes over the future periods of analyzing cash flow

Relationship between the unobservable major input Unobservable major and the fair value input measurement Risk-adjusted discount The estimated fair value rate of 3.92%. will increase (or decrease) if:

The risk-adjusted discount rate decrease (increase).

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Relationship between the unobservable major input Unobservable major and the fair value input measurement

Evaluation technique and the property value at the end of the analysis periods using appropriate discounted rates to estimate the value for the subject property. This method is applicable to the evaluation of real estate investment for investment purposes.

Note 2: The Company's investment property is subsequently measured using the discount

cash flow analysis under the income approach. The relevant information is as follows:

==> picture [392 x 13] intentionally omitted <==

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

Underlying asset Land and buildings at Guanyin Plant in Taoyuan City
----- End of picture text -----

cash flow analysis under the
follows:
Underlying asset
 income approach. The relevant information is as
Land and buildings at Guanyin Plant in Taoyuan City
Local or similar property rental NTD 347 - NTD 437/3.3058 m2/month
levels
Current status In normal use
Capitalization rate 2.58%
Discount rate 3.92%
Outsourced appraisal or self- Outsourced appraisal
appraisal
Name of appraisal firm REPro International Appraisals
Name of the professional Hsu, Hsiang-Yi and Wang, Ming-Yang
appraiser
Date of appraisal 2025/8/6
Fair value by the outsourced $465,000 thousand
appraisal
Reviewing CPA WU,LIN-FANG
Name of Reviewing CPA firm Wu Lin Fang CPA firm
Conclusion of review Reasonable
Date of review report 2025/8/8

For the appraisal using the income approach, the information of the subject property and comparable asset with the same or similar characteristics, including the total revenue, total expenses, and the capitalization rate or discount rate over the most recent three years, should be collected. The estimates of the above parameters are based on data collected for the subject property and comparable properties with similar characteristics, including total income, total expenses, and capitalization rates or discount rates over the past three years. They are adjusted through a comprehensive analysis of their continuity, stability, and growth to verify the availability and rationality of the data. The changes in future revenue (cash inflows) and expenses (cash outflows) for each period are based on the historical revenue and expenses (cash flows) of the subject property, as well as those of comparable assets in the same industry or with substitutable characteristics, idle or loss ratios, and the revenue and expenses from current or potential future plans. Estimation and calculation of the objective net operating income, determined as total revenue minus total expenses, are based on the objective net operating income of the subject property’s highest and best use, while taking into account the income of neighboring similar properties based on their highest and best uses.

The discount rate is determined using the risk premium approach, taking into

-33-

consideration factors such as bank time deposit rates, government bond yields, the risk profile of real estate investments, currency fluctuations, and trends in property prices. An appropriate benchmark rate of return is selected based on investments in assets of a general nature, and adjustments are made by comparing differences between such benchmark investments and the subject property, including factors such as liquidity, risk, potential for appreciation, and the degree of management complexity. The discount rate for this valuation is based on the two-year postal time deposit floating rate for small deposits published by Chunghwa Post Co., Ltd., plus 0.75%, resulting in a calculated interest rate of 2.375%. After adjusting for factors such as the liquidity, risk, appreciation potential, management characteristics, and tax considerations of the subject property, the discount rate for this case was determined to be 3.92%. The capitalization rate is estimated with reference to the gross rental yield of the subject property and determined after considering local vacancy conditions and related expenses, with an additional risk premium applied, resulting in a capitalization rate of 2.58%.

The description of the fair value evaluation technique and unobservable major input are as follows:

Evaluation technique

Discounted cash flow (DCF) method of the income approach is adopted as the evaluation technique. Discounted cash flow method of the income approach: refers to the method that sums up the discounted net operating incomes over the future periods of analyzing cash flow and the property value at the end of the analysis periods using appropriate discounted rates to estimate the value for the subject property. This method is applicable to the evaluation of real estate investment for investment purposes.

Relationship between the unobservable major input Unobservable major and the fair value input measurement Risk-adjusted discount The estimated fair value rate of 3.92%. will increase (or decrease) if: The risk-adjusted discount rate decrease (increase).

  1. For information on investment property pledged as collateral, please refer to Note 8.

(XI) Intangible assets

Computer software

December 31, 2025
$－		 December 31, 2024
$15
Cost
Balance on January 1, 2024
Disposition
Balance, December 31, 2024
Balance on January 1, 2025
Disposition
Balance, December 31, 2025		 Computer software
$4,176
(2,214)
$1,962
$1,962
(1,831)
$131

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Accumulated amortization
Balance on January 1, 2024
Amortization expense
Disposition
Balance, December 31, 2024
Balance on January 1, 2025
Amortization expense
Disposition
Balance, December 31, 2025		 $3,769
392
(2,214)
$1,947
$1,947
15
(1,831)
$131

(XII) Prepaid investment

Prepaid investment December 31, 2025
$15,773		 December 31, 2024
$117,642

As resolved by the Board of Directors on December 16, 2021, the Company planned to invest a total of NTD 15,000 thousand in its subsidiary, Viva Technologies Co., Ltd. (formerly Gampire Technology Co., Ltd.) As of December 31, 2025, NTD 13,002 thousand had been paid toward the investment. Since the aforementioned investment has not yet completed the relevant registration procedures, it is recognized as a prepaid investment.

As resolved by the Board of Directors on March 5, 2025, the Company planned to invest a total of NTD 10,000 thousand in its subsidiary, Tung Chuang Resource Technology Co., Ltd. As of December 31, 2025, NTD 2,771 thousand had been paid toward the investment. Since the aforementioned investment has not yet completed the relevant registration procedures, it is recognized as a prepaid investment.

(XIII) Borrowings

  1. Short-term Borrowings
rowings
Short-term Borrowings
Secured borrowings
Credit loan
Total
Interest rate per annum		 December 31, 2025
$21,400
－
$21,400
3.3%~3.49%		 December 31, 2024
$89,200
15,344
$104,544
3.215%~3.615%

For the assets of the Company pledged as collateral for bank loans, please refer to note 8.

  1. Long-term loan
8.
Long-term loan
Secured borrowings
Less: Due within one year
Net amount
Interest rate per annum		 December 31, 2025
$－
－
$－
－		 December 31, 2024
$240,000
(15,000)
$225,000
3.215%

For the assets of the Company pledged as collateral for bank loans, please refer to note 8.

-35-

(XIV) Reserve for liabilities

Reserve for liabilities
Provisions - current
Provisions - non-current
Total
Warranty reserve
Balance on January 1, 2024
$461
Liability reserve increased in the
current period
－
Liability reserve used in the
current period
(461)
Balance, December 31, 2024
$－		 December 31, 2025
December 31, 2024
$64,032
$49,445
－
13,078
$64,032
$62,523
Pending legal
proceedings
Decision
preparation
Reserve for
onerous
contractual
liabilities
Total
$22,643
$13,078
$36,182
29,117
－
29,117
(2,315)
－
(2,776)
$49,445
$13,078
$62,523		 December 31, 2024
$49,445
13,078
$62,523
Total
$13,078
－
－
$13,078		 $36,182
29,117
(2,776)
$62,523
Warranty reserve
Balance on January 1, 2025
$－
Liability reserve increased in the
current period
－
Liability reserve used in the
current period
－
Balance, December 31, 2025
$－		 To be decided in
legal proceedings
$49,445
18,787
(4,200)
$64,032		 Reserve for
onerous
contractual
liabilities		 Total
$13,078
－
(13,078)
$－		 $62,523
18,787
(17,278)
$64,032
  1. Maintenance and warranty

If the Company still bears the warranty liability after the completion of the major project, the warranty reserve shall be set aside based on the warranty period stipulated in the contract and the possibility of incurring warranty expenses.

  1. Pending litigation

The Company's liability provisions are measured in accordance with the court's judgments for cases yet to be determined.

  1. The reserve for onerous contracts is the present value of the Company's existing future payment obligations under the irrevocable onerous contracts less the difference of the expected income earned from the contract.

(XV) Employee welfare

1. Defined contribution plan

The Company's pension system under the "Labor Pension Act" is a state-managed defined contribution plan. Under the Labor Pension Act, the Company makes monthly contributions to employees' individual pension accounts at 6% of their monthly salaries and wages.

2. Defined benefit plan

  • (1) The pension system adopted by the Company in accordance with the "Labor Standards Act" of R.O.C. is a defined benefit pension plan managed by the

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government. The payment of employee pension is based on the years of service and the average salary of the six months before the approved retirement date. The Company appropriates 2% of the total monthly salary of the employees as pension funds, which are deposited in the account at the Bank of Taiwan under the name of the Supervisory Committee of Labor Pension Reserve Fund. For employees who are expected to meet the retirement eligibility, the difference will be contributed in a lump sum before the end of March of the following year. The special account is managed by the Bureau of Labor Funds, Ministry of Labor. The Company has no right to affect the investment management strategy.

  • (2) The amount of the defined benefit plan recognized in the balance sheet is as follows:

==> picture [388 x 111] intentionally omitted <==

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

Item December 31, 2025 December 31, 2024
Present value of
defined benefit
obligation $11,488 $11,422
Fair value of plan
assets (9,590) (8,791)
Net defined benefit
liability $1,898 $2,631
----- End of picture text -----

  • (3) Due to the pension system under the "Labor Standards Act", the Company is exposed to the following risks:

  • A. Investment risk:

  • B. Interest rate risk

    • The Bureau of Labor Funds, Ministry of Labor, manages labor pension funds through both self-management and outsourced management, investing in domestic and foreign equity securities, debt securities, and bank deposits. However, the amount of plan assets allocated to the Company is calculated based on a return not lower than the interest rate on a two-year time deposit with local banks. A decrease in the interest rates of government bonds or corporate bonds will increase the present value of defined benefit obligations. However, the returns on debt investments of plan assets will also increase accordingly, resulting in a partially offsetting effect on the net defined benefit liability.

  • C. Salary risk: The calculation of the present value of the determined benefit obligation is based on the future salary of the members of the plan. Therefore, an increase in the salary of the plan members will increase the present value of the defined benefit obligation.

  • (4) The present value of the Company's defined benefit obligation was actuarially calculated by a qualified actuary. The significant assumptions on the measurement date are as follows:

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

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

Item December 31, 2025 December 31, 2024
Discount rate 1.33% 1.58%
----- End of picture text -----

Discount rate 1.33% 1.58%
Expected salary 2.00% 2.00%
adjustment rate
  • (5) If there are reasonable and possible changes to the major actuarial assumptions, and all other assumptions remain unchanged, the amount of increase (decrease) in the present value of the defined benefit obligation will be as follows:

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Discount rate
Increase by 0.5%
Decrease by 0.5%
Expected salary
adjustment rate
Increase by 0.5%
Decrease by 0.5%		 December 31, 2025
$(266)
$452
December 31, 2025
$447
$(266)		 December 31, 2024
$(149)
$495
December 31, 2024
$490
$(149)

Because actuarial assumptions may be interrelated, only a single assumption is unlikely to change. Therefore, the above sensitivity analysis may not be able to reflect the actual change in the present value of defined benefit obligation.

reflect the actual change in the present value of defined benefit obligation. in the present value of defined benefit obligation.
(6) The amount expected to be appropriated in the next year is as follows:
December 31, 2025 December 31, 2024
Expected amount to
be contributed within
one year $188 $546
Average period to
maturity of defined
benefit obligations 6 years 6 years

(7) The amount of appropriation to be appropriated by the Company in accordance with the percentage specified in the defined contribution plan in 2025 and 2024 has been recognized in the statement of comprehensive income for total expenses of NTD 3,837 thousand and NTD 3,391 thousand, respectively.

  • (XVI) Income tax of continuing operations

  • Income tax recognized in profit or loss

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

Item 2025 2024
Income tax in the current period
－ －
Incurred in the current period $ $
Deferred income tax
Incurred in the current year (21,696) 12,197
Income tax (profit) expense recognized in
$(21,696) $12,197
profit or loss
Reconciliation of accounting profit and income tax expense
Item 2025 2024
Net (loss) before tax from continuing
operations $(182,017) $(81,166)
Income tax expense with net profit before
－ －
tax calculated at statutory tax rate $ $
Land incremental tax 2,158 －
Effect of deferred income tax (23,854) 12,197
Income tax (profit) expense recognized in
$(21,696) $12,197
profit or loss
----- End of picture text -----

  1. Reconciliation of accounting profit and income tax expense

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3. Income tax recognized in other comprehensive income

Item 2025 2024
Deferred income tax
Incurred in the current year
Remeasurement of defined benefit plan $117 $(136)
Revaluation increments of property, plant,
and equipment － 271
Income tax expenses recognized in other
comprehensive income		 $117 $135
Current income tax asset
Item December 31, 2025 December 31, 2024
Current income tax asset
Income tax refund receivable $185 $130
Deferred tax assets and liabilities
Changes in deferred income tax assets and liabilities are as follows:
2025

4. Current income tax asset

5. Deferred tax assets and liabilities

2025
Deferred income tax assets
Net defined benefit
liability
Reserve for liabilities
Loss carryforwards
Expected loss from
credit impairment
Loss on inventory
valuation and
obsolescence
Onerous contracts
Others
Total
Deferred income tax
liabilities
Investment property		 Opening
balance
$526
7,729
36,245
1,022
5,368
2,615
735
$54,240
Opening
balance
$271		 Recognized in
income
statement
$(29)
3,757
22,679
(73)
－
(2,615)
(136)
$23,583
Recognized in
income
statement
$(271)		 Recognized in
other
comprehensive
income
$(117)
－
－
－
－
－
－
$(117)
Recognized in
other
comprehensive
income
$－		 Closing balance
$380
11,486
58,924
949
5,368
－
599
$77,706
Closing balance
$－

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2024

2024
Deferred income tax assets
Net defined benefit
liability
Reserve for liabilities
Loss carryforwards
Expected loss from
credit impairment
Loss on inventory
valuation and
obsolescence
Onerous contracts
Others
Total
Deferred income tax
liabilities
Investment property		 Opening
balance
$493
4,929
51,473
881
5,368
2,615
542
$66,301
Opening
balance
$－		 Recognized in
income
statement
$(103)
2,800
(15,228)
141
－
－
193
$(12,197)
Recognized in
income
statement
$－		 Recognized in
other
comprehensive
income
$136
－
－
－
－
－
－
$136
Recognized in
other
comprehensive
income
$271		 Closing balance
$526
7,729
36,245
1,022
5,368
2,615
735
$54,240
Closing balance
$271
  1. The Company’s profit-seeking enterprise income tax returns have been assessed by the tax authorities through the year 2023, and as of the date hereof, there are no significant tax administrative appeals or disputes.

(XVII) Equity

  1. Common stock share capital
ity
Common stock share capital
December 31, 2025
December 31, 2024
Rated shares (thousand shares) 384,000
384,000
Authorized share capital $3,840,000
$3,840,000
Issued and paid shares (thousand
shares) 75,378
73,074
Issued share capital $753,777
$730,736

  • (1) The ordinary shares issued have a par value of NTD 10 per share, and each share is entitled to one voting right and the right to receive dividends.

  • (2) The Company, in order to attract and retain talented employees, enhance employee engagement, and create value for the Company and its shareholders, resolved at the Board of Directors’ meetings held on September 16, 2024 and March 27, 2024 to issue restricted shares to employees, with planned issuances of 4,150 thousand shares and 5,000 thousand shares, respectively. Such issuances were subsequently approved by the extraordinary shareholders’ meeting held on

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November 19, 2024 and the annual general meeting held on June 6, 2024, respectively. The competent authority approved, on January 8, 2025, the issuance of 3,650 thousand restricted shares to employees within two years from the effective date of the filing.

  • (3) On June 6, 2024, the Company's shareholders' meeting resolved to authorize the Board of Directors to issue common shares for cash capital increase within four times within one year after the shareholders' meeting resolution, within the range of 64,000 thousand shares. On October 18, 2024, the Board of Directors resolved to amend the number of issuances to six batches within one year from the date of resolution at the shareholders’ meeting. On June 26, 2024, the Board of Directors approved the first capital increase by private placement of common shares, and 10,000 thousand shares were issued at a premium of NTD 15 per share, totaling NTD 150,000 thousand. June 28, 2024 was the basis for the capital increase, with all stock payment for the new shares fully settled. The registration change was approved and recorded by the competent authority on August 26, 2024. At the shareholders’ meeting held on June 23, 2025, it was reported that the Board of Directors had resolved not to proceed with the remaining private placement plan.

  • (4) On June 23, 2025, the shareholders’ meeting resolved to conduct a private placement of common shares of up to 54,000 thousand shares, to be carried out in up to six tranches within one year from the date of the shareholders’ resolution.

  • (5) On July 28, 2025, the Board of Directors resolved to proceed with a cash capital increase through a private placement of 2,304,149 common shares at a subscription price of NTD 13.02 per share, for a total amount of NTD 30,000 thousand. The record date for the capital increase was July 29, 2025, on which date the full amount of the share subscription proceeds was received. The capital increase was subsequently approved for amendment registration by the competent authority on November 20, 2025.

  • Capital reserve

December 31, 2025 December 31, 2024 Common stock premium $6,959 $66,380

  • (1) In accordance with the law, the capital reserve shall not be used except to make up for the Company's losses. When the Company has no losses, the capital reserve generated by the issuance of shares in excess of the par value and the income received as gifts may be allocated a certain percentage of the paid-in capital every year. To limit capitalization, the aforementioned additional paid-in capital may also be distributed in cash in proportion to the original shareholdings of shareholders.

  • (2) On June 6, 2024, the Company's general shareholders' meeting resolved to use NTD 40,494 thousand from additional paid-in capital - common stock premium and NTD 44,723 thousand from additional paid-in capital - expired stock options

-41-

of convertible corporate bonds to offset a deficit of NTD 85,217 thousand.

  • (3) On June 23, 2025, the general shareholders' meeting resolved to offset accumulated losses of NTD 66,380 thousand with capital surplus—share premium on common shares in the same amount.

  • Retained earnings and dividend policy

  • (1) According to the Company's Articles of Incorporation, if there are earnings in the annual final accounts, they shall be distributed in the following order: (1) Income tax is withheld; (2) losses are offset; (3) 10% of the earnings are set aside as legal reserve; (4), appropriate or reverse special reserve according to laws and regulations; (5) the remaining earnings distribution plan shall be proposed by the Board of Directors and submitted to the shareholders' meeting. In the retained shares distribution plan for each fiscal year, the method of distributing dividends and profit distribution to shareholders may involve offering of new shares and distributing cash. The specific proportion of each method shall be determined and planned by the Board of Directors based on actual needs.

    • However, the amount of cash dividends shall not be less than 20% of the total dividends to be distributed to shareholders in the current year. However, if the amount of cash dividend to be distributed according to the aforesaid minimum percentage is less than NTD 0.5, the Board of Directors may change the way of distribution in accordance with the prevailing conditions, which is not subject to the aforementioned minimum cash dividend to be distributed.

    • According to the Company Act, the legal reserve shall be appropriated until the total amount reaches the total capital. Legal reserve may be used to offset losses. When the Company has no loss, the portion of the legal reserve exceeding 25% of the paid-in capital can be used to issue new shares or cash in proportion to the original shareholding ratio of shareholders.

When distributing earnings, the Company is required, in accordance with applicable laws and regulations, to first appropriate a special reserve based on the balance of deductions from shareholders’ equity as of the year-end (such as exchange differences arising from the translation of financial statements of foreign operations) before any distribution may be made. Subsequently, when such deductions from shareholders’ equity are reversed, earnings may be distributed to the extent of the amount reversed.

  • (2) The Company's 2024 and 2023 loss compensation proposals were approved by the shareholders' meeting on June 23, 2025 and June 6, 2024, respectively. The information on the Company's previous earnings appropriation can be found on the MOPS.

-42-

  1. Other equities

  2. (1) Exchange difference in the financial statements of foreign operations

2025 2024
Beginning balance $684 $678
Exchange differences arising from
the translation of financial
statements of foreign operations (43) 6
Ending balance $641 $684
(2) Unrealized profit or loss on financial assets at fair value through other
comprehensive income
2025 2024
Beginning balance $(1,325) $(1,325)
Unrealized loss on equity
instruments measured at fair value (16,347) －
Ending balance $(17,672) $(1,325)
(3) Revaluation increments of property, plant, and equipment
2025 2024
Beginning balance $361,929 $－
Revaluation increments of property,
plant, and equipment － 361,929
Disposition (361,929) －
Ending balance $－ $361,929
(XVIII) Loss per share
2025 2024
Basic and diluted loss per share
Net income (loss) $(160,321) $(93,363)
Weighted average number of
outstanding common stock
(shares in thousands) 74,058 63,872
Basic loss per share (NTD) $(2.16) $(1.46)
(XIX) Revenuefrom customer contracts
2025 2024
Construction revenue - net $446,108 $843,799
1. Breakdown of contract revenue is as follows:
2025 2024
Timing of revenue recognition:
At a certain point in time $－ $－
Satisfy over time 446,108 843,799
Total $446,108 $843,799
2. The contract assets and contract liabilities related to the revenue from construction
contracts with customers recognized by the Company are as follows:
December 31, 2025 December 31, 2024
Total costs incurred and recognized
profit $2,472,726 $4,199,545
Less: Amount of invoices for
construction progress (2,532,857) (4,201,866)

-43-

3. Net contract assets and liabilities in
progress
Reported as:
Contract assets
Contract liabilities
Total
Contract balance
Contract assets
Construction contract payment
Construction retention receivables
Less: Loss allowance
Total
Contract liabilities
Construction contract payment		 $(60,131)
$140,441
(200,572)
$(60,131)
December 31, 2025
$140,441
70,593
(2,592)
$208,442
$200,572		 $(2,321)
$123,425
(125,746)
$(2,321)
December 31, 2024
$123,425
152,988
(3,416)
$272,997
$125,746

(1) The expected credit loss of the Company's contract assets is analyzed as follows:

Undue
Less than 60 days
Overdue 61 to 90 days
Overdue 91 to 120 days
Overdue 121 to 180 days
Overdue over 181 days		 December 31, 2025 December 31, 2025
Carrying amount of
construction retention
receivables
$68,688
－
－
－
－
1,905
$70,593		 Weighted average
rate of expected
credit losses		 Allowance for
expected credit
losses throughout
the duration
1%
－%
－%
－%
－%
100%		 $(687)
－
－
－
－
(1,905)
$(2,592)
Undue
Less than 60 days
Overdue 61 to 90 days
Overdue 91 to 120 days
Overdue 121 to 180 days
Overdue over 181 days		 December 31, 2024 December 31, 2024
Carrying amount of
construction retention
receivables		 Weighted average
rate of expected
credit losses		 Allowance for
expected credit
losses throughout
the duration
$151,083
－
－
－
－
1,905
$152,988		 1%
－%
－%
－%
－%
100%		 $(1,511)
－
－
－
－
(1,905)
$(3,416)

-44-

  • (2) The changes in the allowance for loss of contract assets of the Company for 2025 and 2024 are as follows:
The changes in the allowance for
and 2024 are as follows:		 loss of contract assets of the Company for 2025
Beginning balance
Add: Impairment loss recognized
for the period
Less: Amount written off as
uncollectible during the period
Less: Reversal of impairment loss
for the period
Ending balance		 2025
$3,416
45,693
(45,693)
(824)
$2,592		 2024
$3,893
－
－
(477)
$3,416

(XX) Employee remuneration

The Company's Articles of Incorporation stipulates that if there is a profit in the year, the Company shall allocate 1% to 8% as the remuneration to employees, and no more than 5% as the remuneration to directors and supervisors. However, if there are still accumulated losses, an amount shall be reserved in advance to make up for the losses. The aforementioned remuneration to the employees is to be paid in the form of shares or cash. The Board of Directors shall be so paid with the attendance of at least two-thirds of the directors and the approval of at least half of the directors present at the meeting, and shall be reported to the shareholders' meeting.

For 2025 and 2024, as the Company has accumulated losses yet to be offset, no accrual of employee remuneration or directors’ and supervisors’ remuneration is proposed. Relevant information is available on the Market Observation Post System

(XXI) Other revenue and expenses

1. Interest income

Other revenue and expenses
1. Interest income
Interest on bank deposits
2. Other revenue
Rent revenue
Others
Total
3. Other profits and losses
Gain on disposal of property, plant and
equipment
Gain on disposal of investment property
Loss on disposal of subsidiaries accounted
for using the equity method
Loss on lease modification
Net foreign exchange (loss) gain
Net loss on financial assets measured at
fair value through profit or loss
Gain on fair value adjustment of
investment property
Others
Total		 2025
$1,106
2025		 2024
$1,095
2024
$1,875
13,276
$15,151
2025
$111
54,221
－
－
(2)
(201)
14,000
(51,871)
$16,258		 $1,404
28,694
$30,098
2024
$－
－
(3,180)
(15)
4
(105)
－
(60,604)
$(63,900)

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4. Financial cost

Financial cost
Interest on bank borrowings
Interest on lease liabilities
Other interest
Total		 2025
$10,961
520
5,185
$16,666		 2024
$10,935
221
9,260
$20,416

(XXII) Financial instruments

  1. Fair value information – financial instruments not measured at fair value

The consolidated company's management believes that the book value of financial assets and financial liabilities not measured at fair value approaches their fair value or their fair value cannot be reliably measured.

  1. Fair value information – financial instruments measured at fair value on a recurring basis

Fair value hierarchy December 31, 2025

basis
Fair value hierarchy
December 31, 2025
Financial assets measured at
fair value through profit or
loss:
Domestic unlisted TWSE
(GTSM) stocks
Financial assets measured at
fair value through profit or
loss:
Shares of domestic
companies
December 31, 2024
Financial assets measured at
fair value through profit or
loss:
Shares of domestic
companies		 Class I
$－
$911
Class I
$1,112		 Class II
$－
$－
Class II
$－		 Class III
$3,153
$－
Class III
$－		 Total
$3,153
$911
Total
$1,112

There were no transfers between Level 1 and Level 2 fair value measurements in 2025 and 2024.

Domestic unlisted (OTC) equity investments are classified as Level 3 financial assets.

The valuation technique applied is the asset-based approach, with significant unobservable inputs reflecting discounts for lack of marketability in measuring fair value.

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

Financial assets measured at fair value through other comprehensive income – equity instruments

instruments
Opening balance
Reclassification (see Note 6(2))
Recognized in other comprehensive
income
Closing balance		 2025 2024
$－
19,500
(16,347)
$3,153		 $－
－
－
$－

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4. Categories of financial instruments

Categories of financial instruments
Financial assets
Financial assets at fair value through profit or
loss
Financial assets at fair value through other
comprehensive income
Financial assets measured at amortized cost
(Note 1)
Financial liabilities
Financial liabilities measured at amortized
cost (Note 2)		 December 31, 2025
$911
3,153
409,767
$243,037		 December 31, 2024
$1,112
－
365,692
$588,054

  • Note 1: The balances include financial assets measured at amortized cost, which comprise cash and cash equivalents, financial assets measured at amortized cost, accounts receivable, net (including related parties), other receivables (including related parties), construction deposits paid, and guaranteed deposits paid.

  • Note 2: The balances include financial liabilities measured at amortized cost, which comprise short-term borrowings, notes payable, accounts payable (including related parties), other payables (including related parties), long-term borrowings (including current portion of long-term borrowings), and guaranteed deposits received.

  • Financial risk management objectives and policies

  • The Company’s principal financial instruments comprise cash and cash equivalents, investments in equity instruments, accounts receivable, and short-term and long-term borrowings. The Company is committed to ensuring that the Company has sufficient and cost-effective working capital when necessary. The Company carefully manages the exchange rate risk, interest rate risk, credit risk and liquidity risk related to its operating activities to reduce the potential adverse effect of market uncertainty on the Company's finance.

The Company's major financial plans are reviewed by the Board of Directors in accordance with the relevant regulations and internal control system. The Company's finance department strictly abides by the relevant financial operating procedures regarding overall financial risk management and division of authority when executing financial planning.

  • (1) Market risk

The Company's market risk is the risk of fluctuations in fair value or cash flow due to changes in the market price of financial instruments. Market risk mainly includes exchange rate risk, interest rate risk and other price risks (such as equity instruments).

In practice, it is rare for a single risk variable to change independently, and the changes of each risk variable are usually correlated. However, the following sensitivity analysis of each risk does not consider the interaction of related risk variables.

-47-

A. Interest rate risk

The Company borrows funds at fixed interest rates and floating interest rates, respectively, resulting in interest rate risk exposure. The book value of financial liabilities with exposure to the interest rate risk of the Company at the balance sheet date is as follows:

Financial liabilities with cash
flow interest rate risk
Sensitivity analysis		 December 31, 2025
$21,400		 December 31, 2024
$344,544

The following sensitivity analysis is based on the interest rate risk exposure of the non-derivative instruments at the balance sheet date. For liabilities with floating interest rates, the analysis method is based on the assumption that the amount of liabilities outstanding on the balance sheet date is in outstanding throughout the reporting period. The rate of change used in the Company's internal reporting of interest rates to key management is for an increase of 1%, which also represents management's assessment of the reasonably possible range of changes in interest rates.

If the interest rate had changed by 1%, with all other variables remaining unchanged, the Company's net income before tax for 2025 and 2024 would have decreased by NTD 3,183 thousand and NTD 3,391 thousand, respectively.

B. Exchange rate risk

The company’s financial assets and liabilities exposed to significant foreign exchange rate risk is as follows:

(Unit: foreign currency/NTD thousand)

Financial assets
Monetary items
USD
CNY		 December 31,2025
Foreign
currency
Exchange
rate
New Taiwan
Dollar
$1.31
31.43
$41
5.4
4.496
24
Sensitivity analysis		 December 31,2025 December 31,2025 December 31,2025 December 31,2024 December 31,2024 December 31,2024
Foreign
currency		 Exchange
rate		 New Taiwan
Dollar		 Foreign
currency		 Exchange
rate		 New Taiwan
Dollar
31.43
4.496		 $41
24		 $1.31
5.4		 32.785
4.523		 $43
24

The Company’s exposure to foreign exchange risk primarily arises from cash and cash equivalents denominated in foreign currencies, which result in foreign exchange gains or losses upon translation. On December 31, 2025 and 2024, when NTD depreciates or appreciates by 1% against USD and CNY, and all other factors remain unchanged, net income for both 2025 and 2024 will increase or decrease by NTD 1 thousand. The analysis of two terms is

-48-

based on the same basis. The foreign currency exchange (losses) gains (including realized and unrealized) for 2025 and 2024 were NTD (2) thousand and NTD 4 thousand, respectively.

  • (2) Credit risk

Credit risk refers to the risk that a counterparty cannot perform its contractual obligation, resulting in a financial loss. The Company's credit risk arises from operating activities (mainly accounts and notes receivable) and financing activities (mainly bank deposits and various financial instruments).

  • A. Operation-related credit risk

The Company mainly engages in electromechanical and construction projects. The main clients are public authorities, publicly listed companies, and general private companies. Due to the characteristics of the industry, the relevant receivables are sometimes concentrated in a single customer. Therefore, the consolidated company must evaluate a customer's credit risk when developing a business, taking into consideration the customer's business scale, financial condition, ratings from credit rating agencies, past transaction experience, the current economic environment, and the Company's internal rating standards in order to decide whether to undertake the business. In addition, the bank also reduces the credit risk of specific customers through payment methods such as advance payment for goods and cheque collection. The Company's Finance Department manages the credit risk of bank deposits, fixed income securities and other financial instruments in accordance with the Group's policies.

  • B. Financial credit risk

Since the Company's trading counterparts are determined by internal control procedures, and they are creditworthy banks and investment-grade financial institutions, corporate organizations and government agencies, and have no significant performance concerns, there is no significant credit risk.

  • (3) Liquidity risk

The Company manages and maintains sufficient cash and cash equivalents to support operations and mitigate the impact of fluctuations in cash flows. The Company's management supervises the use of the bank's financing facilities and ensures compliance with the terms of the loan contract. Liquidity and interest rate risk table

The following table details the remaining contractual maturity analysis of the Company's non-derivative financial liabilities during the agreed repayment period. It is based on the earliest date on which the Company may be required to repay and is compiled based on the undiscounted cash flows of financial liabilities.

-49-

December 31, 2025
Non-derivative financial
liabilities
Non-interest-bearing
liabilities
Instruments with
floating interest rates
Lease liabilities
Total
December 31, 2024
Non-derivative financial
liabilities
Non-interest-bearing
liabilities
Instruments with
floating interest rates
Lease liabilities
Total		 Within 12
months

$218,640
21,677
9,902
$250,219
Within 12
months

$240,513
127,591
4,448
$372,552		 1- 3 years
$－
－
4,948
$4,948
1- 3 years
$－
53,021
3,489
$56,510		 More than 3
years
$－
－
1,126
$1,126
More than 3
years
$－
190,546
1,000
$191,546

(XXIII) Cash flow information

Changes in liabilities arising from financing activities are as follows:

==> picture [474 x 128] intentionally omitted <==

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

Non cash change
January 1, 2025 Cash flow Addition of Terminatio Exchange December 31, 2025
Lease － －
$8,644 $(10,109) $16,930 $ $ $15,465
liabilities
Non cash change
January 1, 2024 Cash flow Addition of Terminatio Exchange December 31, 2024
Lease －
$11,202 $(9,020) $7,669 $(1,207) $ $8,644
liabilities
----- End of picture text -----

VII. Related party transactions

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

(I) Names of related parties and their relationships

Name of related party Tung Kai Construction Co., Ltd. (Tong Kai Construction)

Viva Technologies Co., Ltd. (hereinafter referred to as Viva Technologies, formerly Gampire Technology Co., Ltd.)

Tung Chuang Resource Technology Co., Ltd. (hereinafter referred to as Tungchuang Resource) Hsu, Chin-Lung

Huayang Venture Capital Co., Ltd.

Relationship with the Company Subsidiary of the Company

Subsidiary of the Company

Subsidiary of the Company

Representative of the Company's juridical person chairman The Company's institutional chairperson

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Name of related party Relationship with the Company Vice Chairman of the Company Kuo, Hui-Lan (individual director) Substantive related party (the responsible Herlu tech CO., LTD. (hereinafter referred to as "Herlu person resigned in March 2025 and is no tech") longer a substantive related party)

(II)
(III)
(IV)		 Business transactions
Operating cost
Subsidiary
Accounts receivable and payable
1. Accounts receivable
Subsidiary
2. Other receivable
Subsidiary
Other transactions
1. Prepayments
Tung Kai Construction
Herlu tech
Total
2. Prepaid investment
Tung Kai Construction
Viva Technologies
Tung Chuang Resource
Total		 2025
$2
December 31, 2025
$－
December 31, 2025
$－
December 31, 2025		 2024
$28
December 31, 2024
$123
December 31, 2024
$4,846
December 31, 2024
1.
2.
$－
－
$－
December 31, 2025		 $15,103
38,095
$53,198
December 31, 2024
$－
13,002
2,771
$15,773		 $85,300
12,842
－
$98,142

The amount prepaid to subsidiaries for capital increase will be transferred to investment under the equity method after the record date of the capital increase. 3. Loans from related parties (recognized as other payables - related parties) The Company's borrowings from related parties are as follows:

Hsu, Chin-Lung
Kuo, Hui-Lan
Total
Interest rate interval		 December 31, 2025
$50,000
－
$50,000
5%~5.69%		 December 31, 2024
$－
50,000
$50,000
5.689%

For 2025 and 2024, interest expenses recognized by the Company on borrowings from related parties amounted to NTD 2,602 thousand and NTD 9,160 thousand, respectively. As of December 31, 2025 and 2024, NTD 1,305 thousand and NTD 106 thousand, respectively, remained unpaid.

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4. Operating expenses

5. Hua Yang Venture Capital Co., Ltd.
Non-operating income and expenses
Subsidiary		 2025
$4,419
2025
$1,222		 2024
$－
2024
$1,222

  1. Endorsement/guarantee

  2. (1) As of December 31, 2025 and 2024, guarantees provided by subsidiaries for the Company’s performance of engineering contracts amounted to NTD 0 thousand and NTD 13,158 thousand, respectively.

  3. (2) As of December 31, 2025 and 2024, guarantees provided by the Company for its subsidiaries’ bank financing and performance of engineering contracts amounted to NTD 634,756 thousand and NTD 660,077 thousand, respectively.

(V) Remuneration to key management personnel

Remuneration to key management personnel
Short-term employee benefits
Post-employment benefits
Total		 2025
$18,299
768
$19,067		 2024
$17,796
710
$18,506

VIII. Pledged or mortgaged assets

The following assets have been provided as guarantee deposits from banks, long-term and shortterm loan pledges, warranty pledges, construction performance bonds, restricted construction payments, refund of prepayments, and long-term loan collateral:

==> picture [468 x 61] intentionally omitted <==

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

Item December 31, 2025 December 31, 2024
Financial assets measured at amortized cost $150,089 $166,058
－
Property, plant and equipment $ $4,871
－
Investment property $ $451,000
----- End of picture text -----

IX. Significant contingent liabilities and unrecognized commitments

(I) The details of the guaranteed notes payable and bank guarantees issued by the Company as of December 31, 2025 and 2024 are as follows:

Construction performance bond
Project warranty
Guarantee of advance payment
Total		 December 31, 2025
$398,124
28,592
213,007
$639,723		 December 31, 2024
$485,191
77,307
126,368
$688,866

(II) The amounts of endorsements/guarantees as of December 31, 2025 and 2024 were NTD 634,756 thousand and NTD 660,077 thousand, respectively.

(III) The Company had a disagreement with the subcontractors Xin Hong Da Industrial Co., Ltd., Yi Hong Electrical Co., Ltd., Jun Xu Industrial Co., Ltd. and Meng Da Industrial Co., Ltd. over the amount of the construction payment, and the Company believed that the Company should pay NTD 11,909 thousand, the Company believes that the conditions for the payment of the construction payment have not yet been fulfilled, and the Company

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cannot request payment according to the contract. According to Taiwan Taipei District Court's verdict of the first instance, the Company shall pay NTD 11,909 thousand. However, due to significant omissions in the original verdict, the Company has filed an appeal against the original verdict. On January 10, 2025, the Taiwan High Court rendered a judgment, partially overturning the first-instance ruling by annulling the late payment interest imposed on the Company for the period from November 26, 2020, to October 13, 2021. The remaining appeals were dismissed. The Company filed an appeal with the Supreme Court on February 3, 2025. The appeal was dismissed by the Supreme Court on October 1, 2025. In January 2026, both parties reached a settlement, and in accordance with the terms of the settlement agreement, NT$11,909 thousand was paid by January 30, 2026.

  • (IV) The Company was prosecuted by Taiwan Changhua District Attorney's Office for violating the Waste Disposal Act. Taiwan Changhua District Court ordered 2020 litigation ruling Zhu-Shang-Su-Zhi No.1 that the penalty for execution was NTD 17,000 thousand and the unlawful income was NTD 40,082 thousand, and accrue interest on a monthly basis from December 2021 until paid into the state treasury. The Company did not agree with the verdict and filed an appeal. The whole case was appealed to Taiwan High Court Taichung Branch Court on February 22, 2023 under 2022 Appeal No. 991. The original judgment was revoked, and the penalty for enforcement was NTD 14,000 thousand, and the unlawful income was NTD 36,645 thousand. The Company filed an appeal to the Supreme Court on March 22, 2023. The case number is 2023 No. 2472. In April 2024, the Company received a judgment dismissing the appeal, with the third-instance ruling finalized. The Company has recognized related losses of NTD 28,002 thousand (under other gains and losses) in the consolidated financial statements for the Q1 2024. The decision in this case does not have a significant impact on the Company's operations and finances.

  • In addition, the Company received a letter from the Taichung City Government requesting that the local waste in Taichung be removed by a deadline. However, the Company believes that the quantity stated in the letter is different from the indictment, and the attribution of responsibility and whether it is a resource product are consistent with the above. In view of the discrepancy with the content of the verdict, the Company has filed a complaint to the Taichung City Government but the decision was rejected. It has now filed an administrative lawsuit with the Taichung High Administrative Court. The Taichung High Administrative Court has ruled that the appeal should be filed in 2022 with the Taichung Branch of the Taiwan High Court No. 991 concludes the criminal case until it is finalized. Litigation proceedings are suspended. During the period of the administrative litigation, the Environmental Protection Bureau on March 7, 2023, filed a claim for NTD 141,794 thousand to the Taoyuan Branch of the Administrative Enforcement Department of the Ministry of Justice for the seizure of the Guanyin Factory, a real estate owned by the Company, for execution. However, on March 16, 2023, the

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Company applied to the Taoyuan Branch of the Administrative Execution Department of the Ministry of Justice for the suspension of the execution (for seizure or payment), and stated the following conditions: (1) willing to pay in 72 instalments; (2) to report to the Environmental Protection Bureau, Taichung City Government and propose a specific clearing and transportation plan to avoid the compulsory execution on behalf of the Company. Accordingly, the Taoyuan Branch of the Administrative Enforcement Agency of the Ministry of Justice has canceled the seizure registration of the Guanyin Factory, a real property owned by the Company. The Company submitted a removal and transportation plan to the Environmental Protection Bureau, Taichung City Government on March 30, 2023 for review. On July 19, 2023, the removal plan was approved by the Environmental Protection Bureau, Taichung City Government. The Company may execute the clearance and transportation plan according to the reviewed content. Subsequently, the Environmental Protection Bureau of the Taichung City Government revised the estimated non-performance fee to NTD 76,948 thousand in a letter dated January 30, 2024 Taoyuan Branch of the Administrative and Enforcement Administration of the Ministry of Justice, and a further letter on February 22, 2024 to the Administration of the Ministry of Justice Taoyuan Branch of the Enforcement Department approved the Company to pay the guarantee in installments until the completion of the clearance plan. The Company withdrew the lawsuit from the Taichung High Administrative Court on June 27, 2024.

The Company should be liable for the costs and losses related to the disposal the Taichung Qiguo Plant. The Company filed a claim for related losses against its former management team and other parties involved in the case.

In sum, the Company has recognized provisions for the fines and unlawful income for NTD 45,245 thousand.

  • (V) The Company has a dispute with Rifeng Engineering Co., Ltd. regarding retention amounts of NT$1,643 thousand. On June 11, 2025, the Taiwan Taipei District Court rendered a judgment in favor of the Company. Rifeng Engineering Co., Ltd. has filed an appeal against the aforementioned verdict, which is currently under review by the Taiwan High Court.

  • (VI) The Company and JETWELL COMPUTER CO., LTD. were in a dispute over a construction payment of NTD 70,848 thousand. JETWELL COMPUTER CO., LTD. applied for a default summons from the Taiwan Taipei District Court, while the Company raised an objection within the statuary period and entered into the litigation process. The case is currently being reviewed by the Taipei District Court.

  • (VII) The Company and Fortune Electric Co., Ltd. were in a dispute over a construction payment of NTD 1,700 thousand. Fortune Electric Co., Ltd. applied for a default summons from the Taiwan Taipei District Court, while the Company raised an objection within the statuary period and entered into the litigation process. On July 24, 2025, the Taiwan Taipei District Court rendered a judgment in favor of the Company. Fortune Electric Co., Ltd.

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filed an appeal on August 11, 2025, and the case is currently under review by the Taiwan High Court.

  • (VIII) The Company has a dispute with Yong Han Electromechanical Co., Ltd. regarding engineering payments of NTD 109,502 thousand, and the case is currently under review by the Taiwan Taipei District Court.

  • (IX) The Company experienced an incident on the afternoon of June 27, 2025, in which company-issued bank promissory notes were returned unpaid by financial institutions. The Company hereby clarifies that the two bank promissory notes were issued as performance guarantees and do not represent actual debt payments. The return of the notes resulted from the improper presentment of such performance guarantee instruments by Formosa Builders, Inc. (hereinafter referred to as “Formosa Builders”), in breach of the cooperation agreement. This incident is not expected to have a material impact on the Company’s overall financial position or operations. The relevant details were reported to the Board of Directors on July 1, 2025, August 12, 2025, and October 1, 2025, as set out below:

  • On the same morning, the Company received a telephone notification from the Xinyi Branch of Taiwan Cooperative Bank that Formosa Builders had abruptly presented for payment two bank promissory notes previously issued by the Company as performance guarantees for the “Taoyuan Airport MRT A14 Station MEP and Environmental Control Project,” in the amounts of NTD 86,640 thousand and NTD 108,300 thousand, respectively. These two bank promissory notes were issued solely as performance guarantees between the parties and were not intended as instruments for the settlement of actual monetary obligations. Furthermore, the amounts covered by these performance guarantee notes had not been settled, and such notes do not represent amounts entirely attributable to Formosa Builders.

  • The Company has not committed any breach of contract. Construction activities at the project site have never been suspended, nor has the Company withdrawn from the project; it has continued to deploy personnel and participate in meetings led by Formosa Builders. The Company had not received any prior notice from Formosa Builders, whether by designated personnel, telephone, correspondence, or written communication, before the sudden presentment of the two performance guarantee promissory notes to the bank on that morning. As a result, the Company was unable to clarify or verify the reasons for such unexpected presentment in advance. Accordingly, in order to safeguard the interests of the Company and its shareholders, payment was withheld and funds were not remitted to the bank account for settlement of the promissory notes, which led to the return of the notes unpaid.

  • Since entering into the contract on December 21, 2023, the project site has experienced ongoing water leakage issues, and certain construction conditions have yet to be clarified. The Company issued written notices to Formosa Builders on January 22 and April 11, 2025; however, no appropriate action was taken. Accordingly, the Company

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sent further requests for remediation via notarized letters on June 5 and June 20, 2025, stating that failure to rectify the issues could result in termination of the contract due to the inability to proceed with construction. Formosa Builders neither provided any response nor issued any formal demand or notice, and instead abruptly presented the Company’s performance guarantee promissory notes without prior warning. Such actions are clearly inconsistent with Article 28 of the contract and the principle of good faith. The Company has proactively contacted Formosa Builders on multiple occasions and has urged the prompt convening of a coordination meeting to clarify responsibilities and determine the appropriate course for continued performance. Accordingly, the Company has not committed any breach of contract.

  1. Formosa Builders, as the project owner of the “Taoyuan International Airport MRT System A14 Station Civil, Water and Environmental Engineering Project—MEP Works,” presented the two performance guarantee promissory notes without prior consultation and while the contract between the parties remained in force. Such actions are not only unreasonable, but also constitute bad faith. The Company has filed a civil claim for damages against Formosa Builders with the Taiwan Taipei District Court on September 8, 2025, seeking compensation for losses arising from the returned promissory notes in order to safeguard the interests of the Company and its shareholders. The Taiwan Taipei District Court subsequently ruled on December 19, 2025, to refer the case to arbitration. The Company will determine the next course of legal action, in consultation with its legal counsel, based on the outcome of the arbitration proceedings.

  2. On July 31, 2025, the Company received a civil ruling from the Taiwan Kaohsiung District Court regarding the counterparty, Formosa Builders. After posting security of NTD 11,900 thousand on August 1, 2025, recorded as refundable deposits, the Company obtained an enforcement order (No. 114-Si-Zhi-Quan-Xuan-Zi 338) issued by the Taiwan Kaohsiung District Court against the obligor, Formosa Builders. The order prohibits Formosa Builders, prior to the final resolution of the arbitration, withdrawal, settlement, or other termination of the case, from seeking payment of the two promissory notes from the creditor, Lung Ming Green Energy Technology Engineering Co., Ltd., or from the paying bank, including presentment, application for a court ruling on the promissory notes, application for compulsory enforcement, and any other exercise of rights under the promissory notes, as well as transferring such rights to any third party. Third parties are also prohibited from making any payment to the obligor.

  3. As of the date of authorization for issuance of these financial statements, the Company has engaged legal counsel to assert its rights and, in accordance with the contract for the “Taoyuan International Airport MRT System A14 Station Civil, Water and Environmental Engineering Project—MEP Works,” submitted the case to the Chinese Arbitration Association, Republic of China on September 23, 2025. The Company

-56-

believes that it has handled this matter in an appropriate and reasonable manner to safeguard the interests of the Company and its shareholders. During the arbitration proceedings, Formosa Builders filed a counterclaim seeking damages and reimbursement of costs in the amount of NTD 322,091 thousand, alleging significant delays in project progress. The Company considers such claims to be unfounded.

  1. On February 4, 2026, the Company received a civil ruling from the Kaohsiung Branch of the Taiwan High Court regarding the Company’s application for provisional measures to maintain the status quo. The court ruled that the portion of the original ruling unfavorable to Formosa Builders was revoked. And that, with respect to the revoked portion, the Company’s application filed with the original court was dismissed. The Company has appealed the ruling and filed further appeals on February 9, February 25, and March 13, 2026. The case is currently under review by the Supreme Court.

  2. (X) The Company and Cheng An Fireguard Industries Corp. were in a dispute over a construction payment of NTD 8,163 thousand. Cheng An Fireguard Industries Corp. applied for a default summons from the Taiwan Taipei District Court, while the Company raised an objection within the statuary period and entered into the litigation process. The case is currently being reviewed by the Taipei District Court.

X. Significant losses from disasters : None.

  • XI. Significant subsequent events: Please refer to Note 9(3) and (9), item 7.

XII. Others

  • (I) The employee benefits, depreciation, depletion, and amortization expenses by function are summarized as follows:

==> picture [470 x 181] intentionally omitted <==

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

By function 2025 2024
Classified as Classified as Classified as Classified as
Nature operating operating operating operating
cost expense Total cost expense Total
Employee benefit expense
Salary expense $35,501 $34,099 $69,600 $48,025 $25,330 $73,355
Labor and health insurance 4,525 4,321 8,846 4,737 3,372 8,109
expense
Pension expense 2,152 1,685 3,837 2,223 1,168 3,391
Director’s remuneration － 7,841 7,841 － 6,607 6,607
Other employee welfare 4,763 1,710 6,473 5,879 3,681 9,560
expense
Depreciation expense 1,024 11,117 12,141 332 19,749 20,081
Amortization expense － 15 15 － 392 392
----- End of picture text -----

  1. The Company had 81 and 96 employees in 2025 and 2024, respectively, of which 7 were directors who did not serve as employees concurrently.

  2. A company whose shares are listed on the stock exchange or whose shares are traded on the OTC market shall additionally disclose the following information:

  3. (1) The average employee benefit expense amounted to NTD 1,193 thousand. The average employee benefits expense amounted to NTD 1,052 thousand in the previous year.

-57- 

  - (2) The average employee salary expense amounted to NTD 941 thousand. The average employee salary expense amounted to NTD 824 thousand in the previous year.

  - (3) The average employee salary adjustment change was 14.2%.

  - (4) The Company's employee remuneration policy is committed to providing employees with remuneration and benefits that are above the industry average. Employees' remuneration includes monthly salary. The amount of remuneration paid to each employee is determined according to their duties, contributions, and performance. The Company's directors and managerial officers' performance and salary/remuneration shall be evaluated with reference to the general level of payment in the industry, as well as the time invested, the responsibilities undertaken, the achievement of personal goals, performance in other positions, and equivalent positions awarded by the Company in recent years The Company evaluates the reasonableness of the association between individual performance and the Company's operating performance and future risks based on the achievement of the Company's short-term and long-term business goals and the Company's financial status.

  • (II) The Company intends to take the following countermeasures to improve the operational status and financial structure to maintain the Company's continuous operation:

  • Business strategy and management:

    • (1) Retaining the current customers: the high-tech plants have been the Company’s profitable area, and the current international customers have long-term partnerships with the Company, with trust in the Company’s professionalism and working quality. Therefore, the Company is still their first choice in case of the subsequent expansion, maintenance, and equipment replacement, which contributes to the Company’s stable profitability. The Company also continues to collaborate with project owners to develop future business opportunities.

    • (2) Cultivation of public works performance: The Company will use the experience of undertaking the Bade Minimum Security Prison and the recognition of the National Architecture Gold Award in the public works category received in 2024, and gradually increase the public works performance in the future to expand the scale of the Company's operations; The Company will be able to stably bring in profits. Following the completion of the Bade project in 2025, the Company plans to seek appropriate compensation from the Public Construction Commission, Executive Yuan for contract duration extensions and design changes, in order to recover entitled project revenue and offset losses incurred on the project. The Company also continues to evaluate participation in public works tenders.

    • (3) Development of solar photovoltaic, wind power and EPC power procurement and construction: The Company has built the solar photovoltaic power generation system in Da Pai, Pingtung City, the Linfengying Granary Solar Energy

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Development and Construction of the Liujia District Farmers' Association in Tainan City, and the Zhixing Precision Solar photovoltaic power generation system installation project. It has also undertaken projects for internationally recognized wind power clients at the Port of Taichung. The Company is actively engaging with other clients to pursue joint development opportunities in EPC projects.

  • (4) Development of joint-construction residential buildings: The Company has a track record in residential building projects, including the Mei Bang Kaohsiung Qinghai Section development, the Xutai Chengguang retail and residential complex, and the new building project for the China Grain Products Research and Development Institute. It is actively pursuing joint development opportunities with potential developers, as well as redevelopment projects involving the reconstruction of aging or unsafe buildings under urban renewal programs.

  • (5) Optimization of the existing cost evaluation model for construction projects: In the past, changes in engineering drawings, construction methods, and insufficient estimation experience resulted in losses. The Company has also learned from the experience. In the future, the number of personnel involved in the evaluation process will be increased. In addition to the design department, In addition, engineering personnel, finance department, and accounting department personnel with relevant actual records are added to form an evaluation committee to hold project meetings to reduce the financial risk caused by inaccurate evaluation.

  • (6) Strengthening of construction quality and specifying the follow-up warranty maintenance service items in the contract: In the past, the construction team did not clearly delineate the scope of the follow-up warranty maintenance service items for each project that has been accepted and completed with the client, and the contract was signed to clarify the responsibilities of both parties, as a result of the construction retention, the customer finds that the construction retention is withheld or only a part of the payment amounted to, and many meetings are held for communication or even resort to the court for the time-consuming and laborious process. Therefore, it is necessary to strengthen the construction quality and specify the follow-up warranty and maintenance service items in the contract to effectively reduce disputes with landlords and impact on the business partnership between both parties.

  • (7) Integration of Group resources to enhance efficiency and reduce operating costs: The Company plans to consolidate back-office administrative functions across its two core business units, namely MEP engineering and construction, and integrate existing information systems. Through process optimization, manual procedures and related manpower requirements will be reduced, allowing personnel to be redeployed to project execution. These initiatives are expected to improve operational efficiency and achieve cost reduction objectives.

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  1. Financial:

  2. (1) Capital enhancement through private placement of common shares: In consideration of its future operating plans, profitability, and funding needs, the Company’s annual general meeting held on June 23, 2025 approved a private placement of common shares of up to 54,000,000 shares, to be implemented in up to six tranches within one year, with the aim of attracting funding from insiders or strategic investors and expanding into new business areas. To date, the Company has completed the first tranche involving 2,304,149 shares. If the remaining 51,695,851 shares are not issued by May 2026, the Company plans to resubmit the proposal for discussion at the annual general meeting scheduled for June 26, 2026.

  3. (2) The Company plans to issue its 5th domestic secured convertible bonds in 2027 to fund new projects and operational needs, while also attracting investors to exercise conversion rights into common shares during the holding period, thereby increasing paid-in capital.

The Company's management believes that the above countermeasures will effectively reduce operating costs, improve operating performance and financial structure, and, with the support of major shareholders, the Company should be able to meet future working capital needs.

XIII. Other Disclosures in Notes

  • (I) Information on material transactions

  • The material transactions to be disclosed by the Company in 2025 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers are as follows:

  • Loans to others: none.

  • Endorsements/guarantees for others: Please refer to Table 1.

  • Significant marketable securities held at the end of the period (excluding investment in subsidiaries, affiliates and joint ventures): Please refer to Table 2.

  • Total purchases from or sales to related parties amounting to at least NTD 100 million or 20% of the paid-in capital: None.

  • Amounts receivable from related parties totaling more than NTD100 million or 20% of paid up capital: none.

  • (II) Information on investee companies:

  • Information on investee companies of the Company for 2025 (excluding investees in Mainland China): See Table 3.

  • (III) Information on investments in Mainland China: Please refer to Table 4.

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Lung Ming Green Energy Technology Engineering Co., Ltd. Notes to Financial Statements (continued)

(expressed in thousands unless otherwise specified)

Table 1: Endorsements and guarantees for others

Unit: NTD thousand
Endorsement
/guarantee
made for the
operations in
Mainland
China
Remarks
No
Note 2 and Note
3		 Unit: NTD thousand
Endorsement
/guarantee
made for the
operations in
Mainland
China
Remarks
No
Note 2 and Note
3
Endorsement and
guarantor		 Endorsed/guaranteed company Th liit f Current Ct Endorsement/g
t		 Percentage of
ltd		 Endorsement/
guarantee		 Endorsements/g
t d		 Endorsement
/t
No. Company name Company name Relations
hip (Note
1)		 e m o
endorsements/g
uarantees for a
single enterprise		 maximum
endorsement
/guarantee
balance		 urren
endorsement/
guarantee -
ending		 Drawdown uaranee
amount
secured with
property as
collateral		 accumuae
endorsements/guarante
es to net worth as
stated in the latest
financial statement		 Maximum
endorsements/g
uarantees		 made by the
parent
company for
its
subsidiaries		 uaranees mae
by the
subsidiaries for
its parent
company		 guaranee
made for the
operations in
Mainland
China
0 Lung Ming Green
Energy Technology
Engineering Co.,Ltd.		 Tung Kai
Construction Co.,
Ltd		 2 $1,686,550 $636,196 $634,756 $513,679 $－ 112.91% $2,811,000 Yes No No Note 2 and Note
3

Note 1: There are seven types of relationships between the endorser/guarantor and the counterparty, and it is sufficient to indicate the type:

  • (1) A company with business dealings.

  • (2) A company in which the Company holds, directly or indirectly, more than 50% of the voting shares.

  • (3) The company holds the majority shareholdings with voting rights of the company directly or indirectly.

  • (4) Among companies in which the Company directly or indirectly holds more than 90% of the voting shares.

  • (5) A company that provides mutual insurance between companies in the same industry or co-builders in accordance with the contract for the needs of contracting projects.

  • (6) A company that each contributing shareholder endorses/guarantees for in proportion to their shareholding ratio due to a joint investment relationship.

  • (7) The peers are engaged in joint guarantees for the performance of the pre-sale house sales contract in accordance with the regulations of the Consumer Protection Act.

  • Note 2: The total amount of endorsements/guarantees to external parties and endorsements/guarantees to one single entity are as follows: 1. Financing endorsements/guarantees, the total amount of endorsements/guarantees to external parties and endorsements/guarantees to one single entity shall not exceed 200% of the Company's net worth;

  • Customs duty endorsement/guarantee: for the endorsement/guarantee provided to a single enterprise, the total amount is limited to the tariff amount of the goods to be imported, sailed, and exported, and the total amount is limited to 50% of the Company's net worth; 3. for the contract endorsement/guarantee, the total amount of the endorsement/guarantee for a single enterprise is the total contract amount The total amount shall not exceed three times the net worth of the Company; 4. Other endorsements and guarantees, the total amount of external endorsements/guarantees and the total amount of endorsements/guarantees to a single enterprise shall not exceed 50% of the net worth of the Company.

  • Note 3: The total amount of endorsements/guarantees for the Company and its subsidiaries as a whole and the amount of endorsements/guarantees for a single enterprise is limited to 20 times the net worth of the Company.

  • Note 4: Except for the restrictions stated in Notes 2 and 3, the amount of individual endorsements/guarantees for the endorsements/guarantees that the Company has in a business relationship is limited to the amount of the business transaction between the two parties, and the higher of the sales amount.

  • Note 5: For the Company's endorsement/guarantee for an investee by all of its contributing shareholders in proportion to their shareholding ratios, in addition to the restrictions described in Notes 2 and 3, the endorsement/guarantee for the Company's investment in the investee shall not exceed the amount invested by the parent company in the investee or the net worth of the Company of 20%, whichever is lower.

  • Note 6: The total amount of endorsements/guarantees by subsidiaries and the amount of endorsements/guarantees for a single enterprise shall not exceed 20 times the net worth of the company. The total amount of financing and customs endorsement and guarantee excluding contractual endorsements and guarantees shall not exceed 50% of the net worth of the Company.

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Lung Ming Green Energy Technology Engineering Co., Ltd. Notes to Financial Statements (continued)

(expressed in thousands unless otherwise specified)

Table 2: Significant marketable securities held at the end of the period (excluding investment in subsidiaries, affiliates and joint ventures)

Unit: NTD thousand Unit: NTD thousand
Company in
possession		 Type and name of
marketable securities		 Relationship
with the
securityissuer		 Ledger account Year end Remarks
Shares/Units Book value Percentage
held		 Fair value
Lung Ming Green
Energy Technology
Engineering Co.,
Ltd.		 Young Optics Co., Ltd. － Financial assets measured at
fair values through profit or
loss- current		 18 $911 0.02% $911 －
Lung Ming Green
Energy Technology
Engineering Co.,
Ltd.		 Equity Securities -
Strong and Wise
Material Tech.
Company Inc.		 － Financial assets measured at
fair values through other
comprehensive profit or loss-
non-current		 780 $3,153 19.60% $3,153 －

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Lung Ming Green Energy Technology Engineering Co., Ltd.

Notes to Financial Statements (continued)

(expressed in thousands unless otherwise specified)

Table 3 The name, location, and other relevant information of the investee companies (excluding mainland China investee companies)

Unit: NTD thousand

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Original investment amount Held at year end Investment
Investee
End of the End of last Number of Ratio Book income
Name of profit (loss)
investment Name of invested Location Main business period year shares value for the recognized Remarks
company in the
company current
current
period
period
Lung Ming Green Tung Kai Technology Engaged in investment
Energy Technology Engineering Co., Ltd. in the design and
Engineering Co., construction of clean
Ltd. room electromechanical
systems, design and $39,644 $39,644 Subsidiary
SAMOA construction of US$1,205 US$1,205 1,330,000 100% $435 $(14) $(14) of the
industrial plant thousand thousand Company
electromechanical
systems, and trading of
electromechanical
equipment
Subsidiary
Tung Kai Construction Building and
Taiwan $734,804 $534,804 70,000,000 100% $203,666 $(91,227) $(91,227) of the
Co., Ltd construction industry
Company
TUNG CHUANG
Self-Use Renewable Subsidiary
RESOURCE
Taiwan Energy Generation $8,000 $8,000 800,000 100% $6,905 $(8) $(8) of the
TECHNOLOGY CO.,
Equipment Business. Company
LTD.
Wholesale of Machinery Subsidiary
Viva Technologies Co.,
Taiwan and Precision $155,500 $155,500 15,550,000 100% $838 $(238) $(238) of the
Ltd.
Instruments Company
Development and
Subsidiary
Long Qiang Leasing of Residential,
Taiwan $1,000 $- 100,000 100% $968 $(32) $(32) of the
Construction Co., Ltd. Commercial, and
Company
Industrial Properties
Affiliated
Self-Use Renewable
Shuangjian enterprises
Taiwan Energy Generation $15,525 $15,525 1,560,000 30% $13,818 $(1,666) $(500)
Photoelectric Limited of the
Equipment Business. Company
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Lung Ming Green Energy Technology Engineering Co., Ltd.

Notes to Financial Statements (continued)

(expressed in thousands unless otherwise specified)

Table 4: Information on investments in Mainland China:

  1. The name, principal business activities, paid-in capital, investment method, capital outward and inward remittances, investment gains and losses, carrying value of the investment at the end of the period, and repatriations of investment gains and losses of the investee in Mainland China:
Unit: NTD thousand Unit: NTD thousand
Name of
the invested
i		 Main business Paid-in
capital		 Investment
thd		 Accumulated
investment
amount
remitted from		 Investment amount
remitted or recovered in
the current period		 Accumulated
investment
amount
remitted from
Investee
income
recognized
i th		 The
shareholding
ratio of the
Company's		 Investment
gains and
losses
recognized		 The
carrying
t f		 Investment
income
repatriated
to Taiwan		 Remarks
company n
China		 amount meo Taiwan at the
beginning of
current period		 Remittance Collection Taiwan at the
end of current
period
n e
current
period		 direct or
indirect
investments		 in the
current
period		 amoun o
the		 as of
current
period
Tung Kai
Technology
Engineering
(Shanghai)
Co., Ltd.		 Research and
development, design, and
manufacturing of
purification system
equipment, and related
technical consulting
services, etc.		 $23,606
(USD 700
thousand)		 Note 1(2): $23,606
(USD 700
thousand)
$－		 $－ $23,606
(USD 700
thousand)

$493		 100% $493 $－ $－ －

Note 1: There are four types of investment as follows:

  • (I) Investing in companies in Mainland China via remittance from a third region.

  • (II) Investing in companies in Mainland China through companies set up in third regions.

  • (III) Reinvesting in companies in Mainland China through reinvesting in an existing company in a third region.

  • (IV) Other methods.

  • Limits on investment in Mainland China:

Limits on investment in Mainland China:
Accumulated amount of
remittance from Taiwan to
Mainland China at the end of
 Investment amount
approved by the
Investment Commission
of the Ministry of		 The limits on investment in
Mainland China approved
by the Investment
period
Economic Affairs		 Commission, MOEA
$23,606
(USD 700 thousand)		 $53,431
(USD 1,700 thousand		 $337,320

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XIV. Segment information

Please refer to the 2025 consolidated financial statements.

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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of Significant Accounting Items for 2025

(expressed in NTD thousands, unless otherwise specified)

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Item Number/Index
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Item Number/Index
Statement of assets, liabilities and equity
Statement of cash and cash equivalents Statement 1
Financial assets measured at fair values through profit or loss -
Current		 Statement 2
Financial assets measured at fair values through other
comprehensive profit or loss- non-current		 Statement 3
Financial assets measured at amortized cost Statement 4
Statement of contract assets Statement 5
Statement of changes in investment using equity method Statement 6
Statement of Property, plant and equipment Note 6.(8)
Statement of deferred income tax assets Note 6.(16)
Statement of short-term borrowings Statement 7
Statement of contract liabilities Statement 8
Statement of accounts payable Statement 9
Statement of other payables - related parties Note 7.(4)
Statement of provisions Note 6.(14)
Statement of profit and loss items
Statement of operating revenue Note 6.(19)
Statement of operating cost Statement 10
Statement of operating expenses Statement 11
Statement of other income Note 6.(21)
Statement of other gains and losses Note 6.(21)
Summary of employee benefits, depreciation, and amortization
expenses incurred in the current period by function		 Note 12 (1)

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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of cash and cash equivalents

December 31, 2025

Statement 1 Unit: NTD thousands

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Item Summary Amount
Cash on hand $1,525
Bank Savings
Demand deposit 114,841
Check deposits 294
Total $116,660
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Lung Ming Green Energy Technology Engineering Co., Ltd.

Statement of financial assets at fair value through profit or loss - current

December 31, 2025

Statement 2 Unit: NTD thousands

Name of
financial
instrument
Stock		 Summary
Young Optics
Co., Ltd.
(3504)		 Shares
thousand/units
thousand
18		 Face
value
$10		 Total
$180		 Interest
rate
－		 Cost of
acquisition
$2,397		 Fair value Changes in fair
value
attributable to
changes in
credit risk
$－
Unit
price
$50.6		 Total
$911

-68-

Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of financial assets measured at fair value through other comprehensive income – non-

current

December 31, 2025

Statement 3 Unit: NTD thousands

Fair value Changes in fair value Name of attributable to Cost of financial Summary Face value Total acquisition Unit Total changes in instrument price credit risk Strong and Wise Material Tech. No par － － Stock Company Inc. 780 value $19,500 $19,500 $4.04 $3,153 $

-69-

Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of financial assets measured at amortized cost

December 31, 2025

Statement 4 Unit: NTD thousands

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Item Summary Amount Remarks
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Current
Demand deposit
Guarantee of short-term
borrowings, deposits with
restricted use
Time deposit
Guarantee deposits
Subtotal
Non-current
Demand deposit
Guarantee deposits
Total		 $110,755
25,634
136,389
13,700
$150,089

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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of contract assets

December 31, 2025

Statement 5 Unit: NTD thousands

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Construction in progress
Item Advances received
Project name Construction cost Realized profit Contract assets
from customers
Construction projects T108001 $447,961 $18,796 $451,903 $14,854
T109003 770,571 (149,914) 534,785 85,872
T111007 45,287 24,192 64,375 5,104
T111013 85,136 37,154 115,380 6,910
T113001 97,111 10,776 82,514 25,373
T113006 1,404 586 - 1,990
T114003 270 68 - 338
(I) Subtotal - Construction
receivables 1,447,740 (58,342) 1,248,957 140,441
(II) Construction retention
68,001
receivables
Total $208,442
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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of changes in investment using equity method

2025

Statement 6 Unit: NTD thousands

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Increase in the current Net value of Guarantee
Beginning balance period ( Note 1) Current decrease Ending balance equity or pledge
Increase
(decrease) in
amount
accounted for Cumulative
using the translation
Name Amount Amount Amount equity method adjustments Amount
Tung Kai Technology
Engineering Co., Ltd. 1,330 $493 - $- - $- $(14) $(43) 1,330 100% $435 $435 None
Tung Kai Construction Co., Ltd 50,000 94,893 20,000 200,000 - - (91,227) - 70,000 100% 203,666 203,666 None
TUNG CHUANG RESOURCE 800 6,913 - - - - (8) - 800 100% 6,905 6,905 None
TECHNOLOGY CO., LTD.
Viva Technologies Co., Ltd. 15,550 1,075 - - - - (238) - 15,550 100% 838 838 None
Long Qiang Construction Co., - - 100 1,000 - - (32) - 100 100% 968 968 None
Ltd.
Shuangjian Photoelectric Limited 1,560 14,318 - - - - (500) - 1,560 30% 13,818 13,818 None
Total $117,692 $201,000 $- $(92,019) $(43) $226,630 $226,630
percentage
Shareholding
Number of shares (thousand shares) Number of shares (thousand shares) Number of shares (thousand shares) Number of shares (thousand shares)
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Note 1: It was an increase of investment.

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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of short-term borrowings

December 31, 2025

Statement 7 Unit: NTD thousands

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Pledge or
Type of loan Creditors Balance amount Duration
guarantee
Demand
deposits and
Secured Taiwan July 29, 2025 to July 29,
$13,400 Credit
borrowings Cooperative Bank 2026
Guarantee
Fund
Credit
Secured Union Bank of
8,000 2025.03.31 - 2026.03.31 Guarantee
borrowings Taiwan
Fund
$21,400
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Note: The interest rate ranged from 3.3% to 3.49%.

-73-

Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of contract liabilities

December 31, 2025

Statement 8 Unit: NTD thousands

Project name
T109004
T112006
T112007
T113002
T113004
T113005
T114001
T114002
Total		 Construction inprogress Advances received
from customers		 Contract
liabilities
Construction cost
$82,366
25,878
286,776
2,410
243,759
37,497
44,430
245
$723,361		 Realized profit
$5,907
8,890
54,630
864
51,911
7,209
7,278
95
$136,784		 $97,421
35,550
402,499
23,057
343,411
105,159
53,100
520
$1,060,717		 $9,148
782
61,093
19,783
47,741
60,453
1,392
180
$200,572

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Lung Ming Green Energy Technology Engineering Co., Ltd.

Statement of accounts payable

December 31, 2025

December 31, 2025 December 31, 2025
Statement 9
Vendor Name
Vendor A
Others (Note)		 Unit: NTD thousands
Summary
Amount
Construction costs
$8,164
Construction costs
135,409
$143,573
$8,164
135,409
$143,573

Note: Note: No individual balance exceeds 5% of the total balance of this account.

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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of operating cost

2025

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Statement 10 Unit: NTD thousands
Item Summary Amount Remarks
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Cost of sales
Construction cost
Materials under construction
Construction in progress
payment
Construction expenses in
progress
Total		 $252
90,178
244,104
69,442
$403,976

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Lung Ming Green Energy Technology Engineering Co., Ltd. Statement of operating expenses

2025

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Statement 11 Unit: NTD thousands
Item Summary Amount Remarks
Management expense
Salary and bonus $34,099
Insurance expense 6,139
Depreciation 11,116
Labor service expense 10,476
Others (Note) 35,199
Subtotal 97,029
Expected credit impairment gain 44,869
Total $141,898
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Note: Note: No individual balance exceeds 5% of the total balance of this account.

-77-

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