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MAYER PIPE Interim / Quarterly Report 2025

Dec 31, 2025

51948_rns_2025-12-31_6d69c177-aa0f-4a6b-800e-79cb155108c1.pdf

Interim / Quarterly Report

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Stock Code: 2020

Mayer Steel Pipe Corporation and Subsidiaries Consolidated Financial Statements and Independent Auditors’ Report Q3 of 2025 and 2024

Address: 12F, No. 2-1, Sec. 3, Minquan E. Rd., Zhongshan Dist., Taipei City

Tel: (02) 2509-1199

～ 1 ～

Mayer Steel Pipe Corporation and Subsidiaries

Table of Contents

Item
I. Front cover
II. Table of Contents
III. CPA’s Report
IV. Consolidated Balance Sheet
V. Consolidated Statements of Comprehensive Income
VI. Consolidated Statements of Changes in Equity
VII. Consolidated Statements of Cash Flows
VIII. Notes to the Consolidated Financial Statements
(I) History of the Company
(II) Date and procedure of financial report approval
(III) Applicability of newly issued and revised accounting
standards and interpretations
(IV) Summary of Significant Accounting Policies
(V) Significant accounting judgments, estimates and
sources of assumption uncertainty
(VI) Description of significant accounting items
(VII) Related party transactions
(VIII) Assets pledged
(IX) Material contingent liabilities and unrecognized
contractual commitments
(X) Losses due to major disasters
(XI) Material events after the reporting period
(XII) Others
(XIII) Disclosures in notes
1. Material transactions with related parties
2. Information on investees
3. Investment information in Mainland China
(XIV) Department Information		 Page
1
2
3-4
5
6
7
8-9
10
10
10-16
16-19
19
19-49
49-53
53
53~54
54
54
45456
63
64
64
64-65

～ 2 ～

CPA’s Report

To Mayer Steel Pipe Corporation:

Foreword

We have audited the consolidated financial statements of Mayer Steel Pipe Corporation (the “Company”) and its subsidiaries, which comprise the consolidated balance sheets as of September 30, 2025 and 2024, the consolidated statements of comprehensive income for the periods from July 1 to September 30, 2025 and 2024, and from January 1 to September 30, 2025 and 2024, the consolidated statements of changes in equity and cash flows for the periods from January 1 to September 30, 2025 and 2024, and the notes to the consolidated financial statements (including a summary of significant accounting policies). The management is accountable for the preparation and fair presentation of the consolidated financial statements in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers" and the International Accounting Standard No. 34 "Interim Financial Reporting" that have been recognized and issued by the Financial Supervisory Commission. Based on the examination of these consolidated financial statements, the accountants are obligated to render a conclusion.

Scope

Except as stated in the Basis for Qualified Conclusion paragraph, we conducted the review in accordance with the "Audit Review of Financial Statements" of the "TWSRE 2410". The procedures to be executed in reviewing the consolidated financial statements include inquiry (mainly with the person in charge of financial and accounting affairs), analytical procedures, and other review procedures. The scope of a review is significantly smaller than the scope of an audit. We therefore are unable to express an opinion on the significant matters that can be identified by an audit.

Basis for Qualified Conclusion

As stated in Notes 4(3) and 6(11) to the consolidated financial statements, the financial statements of some non-material subsidiaries and investee companies under the equity method included in the above consolidated financial statements have not been reviewed by the CPAs. As of September 30, 2025 and 2024, the net amounts of investments accounted for using the

～ 3 ～

equity method were NT$574,200 thousand and NT$608,011 thousand, representing 6% and 7% of the total consolidated assets, respectively. The loan balances of investments under the equity method as of the same dates were NT$58,303 thousand and NT$60,621 thousand, both representing 1% of the total consolidated assets. For the periods from July 1 to September 30, 2025 and 2024, and from January 1 to September 30, 2025 and 2024, the total profit or loss and other comprehensive income recognized from associates accounted for using the equity method were NT$36,214 thousand and NT$55,685 thousand, and NT$66,347 thousand and NT$102,326 thousand, representing 33%, 42%, 20%, and 12% of the total consolidated comprehensive income, respectively.

The information on investees as described in Note 13 to the consolidated financial statements is based on the financial statements of the investees for the same period that have not been reviewed by a Certified Public Accountant.

Qualified Conclusion

Based on our review, except for the possible impact of adjustments to the consolidated financial statements due to the financial statements and related information of certain immaterial subsidiaries and equity-method investees mentioned in the basis for the qualified conclusion, we have not found any material aspects in the aforementioned consolidated financial statements that would cause them not to be prepared in accordance with the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” and International Accounting Standard 34 “Interim Financial Reporting,” as endorsed and issued by the Financial Supervisory Commission. Therefore, the consolidated financial position of Mayer Steel Pipe Corporation and its subsidiaries as of September 30, 2025 and 2024, as well as the consolidated financial performance for the periods from July 1 to September 30, 2025 and 2024, and from January 1 to September 30, 2025 and 2024, and the consolidated cash flows, are fairly presented.

Crowe (TW) CPAs

Certified Public Accountant: Chun-Chih Lin Certified Public Accountant: Meng-Ta Wu Approval No.: Jin-Guan-Zheng-Shen-Zi No. 1050001113 November 10, 2025

～ 4 ～

Mayer Steel Pipe Corporation and Subsidiaries Consolidated Balance Sheets

September 30, 2025, and December 31 and September 30, 2024

Code Assets 2025.09.30 2025.09.30 2024.12.31 2024.12.31 Unit: NT$ thousand
2024.09.30		 Unit: NT$ thousand
2024.09.30
Amount
%		 Amount
%		 Amount
%

1100
1110
1120
1136
1150
1170
1180
1197
1200
1210
1220
1310
1320
1410
1470
11XX
1510
1517
1550
1600
1755
1760
1780
1840
1975
1900
15XX
1XXX

2100
2110
2130
2150
2170
2180
2200
2220
2230
2280
2320
2399
21XX
2540
2550
2560
2570
2580
2670
25XX
2XXX
3100
3200
3310
3320
3350
3300
3400
31XX
36XX
3XXX
3X2X		 Current assets:

Cash and cash equivalents (Note 6)

Current Financial Assets at Fair Value through Profit or Loss
(Note 6)
Current financial assets at fair value through other comprehensive
income (Note 6)
Current financial assets measured at amortized cost (Note 6)
Notes receivable, net (Note 6)
Net accounts receivable (Note 6)
Accounts receivable - related parties, net (Note 6 and 7)
Finance lease receivable, net (Note 6 and 8)
Other receivables (Note 6)
Other receivables - Related parties, net (Note 7)
Current income tax assets
Inventories - Manufacturing (Note 6)
Inventories - Construction (Note 6, 7 and 8)
Prepayments (Note 7)
Other current assets (Note 6 and 8)
Total current assets

Non-current assets:
Non-current Financial Assets at Fair Value through Profit or Loss
(Note 6)
Non-current financial assets at fair value through other
comprehensive income (Note 6)
Net investment under equity method (Note 6 and 7)
Property, plant and equipment (Note 6 and 8)
Right-of-use assets (Note 6)
Investment property (Note 6 and 8)
Intangible assets
Deferred income tax assets (Note 6)
Net defined benefit assets - non-current (Note 6)
Other non-current assets (Note 6, 7 and 8)
Total non-current assets

Total assets


Liabilities and equity
＄		 805,822
97,302
35,300
157,194
13,631
431,250
8,474
2,145
20,464
1,491
200
1,194,587
3,289,974
113,034
262,056		 9
1
-
2
-
5
-
-
-
-
-

12
35
1
3		 ＄


477,043
87,398
49,513
157,731
40,611
414,397
8,221
1,719
12,123
74
207
1,251,048
1,917,779
94,675
426,415		 6
1
1
2
-
5
-
-
-
-
-

15

23
1
5		 ＄ 438,518
116,780
55,430
178,939
29,491
513,776
13,345
1,998
22,435
244
170
1,270,935
1,672,234
96,503
506,733		 5
2
1
2
-
6
-
-
-
-
-
16
21
1
6
6,432,924
68		 4,938,954
59		 4,917,531
60

394,669
136,339
574,200
1,090,337
434,301
136,635
35,515
6,168
31,808
138,867

4
1
6

12
5
2
-
-
-
2

321,664
159,080
628,716
1,111,007
479,422
138,835
2,503
9,520
30,850
465,955

4
2
8

13
6
2
-
-
-
6
330,955
144,809
608,011
1,076,639
495,023
139,568
2,522
9,177
1,553
477,662
4
2
7
13
6
2
-
-
-
6
2,978,839
32		 3,347,552
41		 3,285,919
40
＄ 9,411,763
100		 ＄ 8,286,506
100		 ＄ 8,203,450
100

＄		 3,633,477
79,920
38,090
212,464
97,528
-
149,617
8
37,173
60,736
2,897
11,720
39
1
-
2
1

-
2
-
-
1
-
-		 ＄ 2,246,399
79,801
98,714
42,699
41,831
-
194,412
12
73,579
61,012
2,848
14,087		 27
1
1
1
1
-
2
-
1
1
-
-		 ＄ 2,058,159
-
78,517
280,998
106,227
100
159,406
135
63,456
60,548
2,832
26,831		 25
-
1
4
1
-
2
-
1
1
-
-
Current liabilities:
Short-term loans (Note 6 and 8)

Short-term notes payable (Note 6 and 8)
Contract liabilities - current (Note 6 and 7)
Payable notes
Accounts payable
Accounts payable - Related parties (Note 7)
Other payables
Other payables - Related parties (Note 7)
Current income tax liabilities
Lease liabilities - current (Note 6)
Long-term liabilities due within one year or one operating cycle
(Note 6 and 8)
Other current liabilities - Other
Total of current liabilities

Non-current liabilities:
Long-term loans (Note 6 and 8)
Non-current provisions (Note 6)
Current income tax liabilities - non-current (Note 6)
Deferred income tax liabilities (Note 6)
Lease liabilities - non-current (Note 6)
Other non-current liabilities - others (Note 6)
Total non-current liabilities

Total liabilities

Equity attributable to owners of the parent company

Share capital (Note 6)
Common stock capital (Note 6)
Capital reserve (Note 6)
Retained earnings (Note 6)
Legal reserve
Special reserves
Undistributed earnings
Total retained earnings

Other equity (Note 6)
Total equity attributable to owners of the parent company

Non-controlling interests (Note 6)
Total equity

Total liabilities and equity
4,323,630
46		 2,855,394
35		 2,837,209
35

9,621
55,583
-
180,543
413,061
87,288

-
1

-
2
4
1
11,799
80,016
10,580
191,448
454,363
91,821

-
1
-
2
6
1
12,517
80,505
16,927
186,892
469,300
88,999
-
1
-
2
6
1
746,096
8		 840,027
10		 855,140
10
5,069,726
54		 3,695,421
45		 3,692,349
45

2,670,313
281,622
523,582
102,504
750,998


28
3
6
1
8

2,670,313
281,622
435,767
102,504
983,008


32
4
5
1
12
2,670,313
281,622
435,767
102,504
887,058
33
3
5
1
11
1,377,084
350
15
-		 1,521,279
108,346
18
1		 1,425,329
127,426
17
2
4,329,369
12,668
46
-		 4,581,560
9,525
55
-		 4,504,690
6,411
55
-
4,342,037
46		 4,591,085
55		 4,511,101
55
＄ 9,411,763
100		 ＄ 8,286,506
100		 ＄ 8,203,450
100

(Please refer to the accompanying notes to the consolidated financial statements)

Chairman: Chun-Fa Huang Manager: Min-Chi Hsiao Accounting Supervisor: Chia-Pei Chen

～ 5 ～

Mayer Steel Pipe Corporation and Subsidiaries Consolidated Statements of Comprehensive Income

For the periods from July 1 to September 30, 2025 and 2024, and January 1 to September 30, 2025 and 2024

Code
Item
Operating revenue (Notes 6, 7 and
14)
Operating cost (Note 6 and 7)
Operating gross profit
Unrealized gains (losses) from sales
Realized profit (loss) from sales
Gross operating profit, net
Operating expenses (Note 6 and 7)
Sales promotion expenses
Administrative expenses
Expected credit impairment (loss)
benefit
Total operating expenses
Operating profit
Non-operating income and expenses
Interest revenue (Note 6)
Other income (Note 6 and 7)
Other gains and losses, net (Note
6)
Net finance cost (Note 6)
Net share of profit or loss of
affiliated companies and joint
ventures under equity method (Note
6 and 14)
Total non-operating income and
expenses
Profit (loss) before tax from
continuing operations
Income tax (expense) gains (Note 6
and 14)
Net income (loss)
Other comprehensive income
Unrealized profit or loss on
investments in equity instruments at
fair value through other
comprehensive income (Note 6)
Total of items not reclassified to
profit or loss
Exchange differences on
translation (Note 6)

Share of other comprehensive
income of affiliates and joint
ventures under equity method
- Items that may be reclassified
into profit or loss (Note 6)
Income tax related to items that
may be reclassified (Note 6)
Total of items that may be
reclassified subsequently to profit or
loss
Other comprehensive income, net
Total comprehensive income

Net income (loss) attributable to:
Owners of the parent company (net
profit/loss)
Non-controlling interests (net
income/loss)


Total comprehensive income
attributable to:
Shareholders of the parent company
(comprehensive profit or loss)
Non-controlling interests
(comprehensive income or loss)


Basic earnings per share (Note 6)		 July to September 2025
Amount
%
＄ 1,597,194 100
(
1,295,995) ( 81 )
301,199
19
(
1,236 ) -

- -
299,963
19

(
43,201 ) (
3 )
(
50,504 ) (
3 )
( 100,854 ) (
6 )
( 194,559)( 12)
105,404
7

4,765 -
84,236
5
(
31,063 ) (
2 )
(
10,546 ) (
1 )
30,325
2

77,717
4
183,121
11
(
26,644 ) (
1 )
156,477
10

(
52,803 ) (
3 )

(
52,803 ) (
3 )
2,794 -
5,443
-
(
1,625 ) -

6,612
-
(
46,191)(
3)
＄
110,286
7


＄
156,608
10
(
131 ) -
＄
156,477
10

＄
110,305
7
(
19 ) -

＄
110,286
7

＄
0.59
 July to September 2024
Amount
%
＄ 1,234,239 100
(
1,055,396) ( 86 )

178,843
14
(
488 )
-
-
-

178,355
14


(
24,335 ) (
2 )
(
50,755 ) (
4 )

943 -

(
74,147)(
6)

104,208
8


5,497 -
37,544
3
44,547
4
(
10,704 ) (
1 )
29,504
2



106,388
8
210,596
16
(
19,415 ) (
1 )
191,181
15


(
80,661 ) (
6 )


(
80,661 ) (
6 )
1,559 -


26,262
2
(
5,587 ) -

22,234
2
(
58,427)(
4)
＄
132,754
11




＄
191,130
15
51 -
＄
191,181
15


＄
132,817
11
(
63 ) -
＄
132,754
11


＄
0.72
 January to September
2025

Amount
%
＄ 3,735,256 100
( 3,049,085 ) ( 82 )
686,171
18
(
5,165 )
-
4,661
-

685,667
18

(
90,100 ) ( 2 )
(
146,159 ) ( 4 )
(
191,509 ) ( 5 )
(
427,768)( 11)

257,899
7

13,779 -
157,787
5
39,831
1
(
29,996 ) ( 1 )
81,571
2


262,972
7
520,871
14
(
77,113 ) ( 2 )
443,758
12

(
69,334 ) ( 2 )

(
69,334 ) ( 2 )
(
33,746 ) ( 1 )

(
14,923 )
-
9,665 -

(
39,004 ) ( 1 )
(
108,338)( 3)
＄
335,420
9


＄
443,273
12
485 -
＄
443,758
12

＄
335,277
9
143 -
＄
335,420
9

＄
1.66
 Unit: NT$ thousand
(Earnings per share: NT$ )
January to September
2024
Amount
%
＄ 4,074,679 100
(
3,451,079) ( 85 )
623,600
15
(
5,298 ) -
5,494 -

623,796
15

(
75,963 ) ( 2 )
(
176,916 ) ( 4 )

8,019 -
(
244,860)( 6)

378,936
9

18,766 -
304,026
7
144,693
4
(
31,451 ) ( 1 )
80,382
2

516,416
12
895,352
21
(
134,519 ) ( 3 )
760,833
18

80,360
2

80,360
2
4,955 -
20,958
1
(
5,164 ) -

20,749
1

101,109
3
＄
861,942
21


＄
759,916
18
917 -
＄
760,833
18

＄
860,931
21
1,011 -
＄
861,942
21
＄
2.85
4000
5000
5900
5910
5920
5950
6100
6200
6450
6000
6900
7100
7010
7020
7050
7060
7000
7900
7950
8200
8316
8310
8361
8370
8399
8360
8300
8500
8610
8620

8710
8720

9750

(Please refer to the accompanying notes to the consolidated financial statements)

Chairman: Chun-Fa Huang Manager: Min-Chi Hsiao Accounting Supervisor: Chia-Pei Chen

～ 6 ～

Mayer Steel Pipe Corporation and Subsidiaries Consolidated Statements of Changes in Equity January 1 to September 30, 2025 and 2024

Ite
m
Co
de		 Item Ordinary share
capital		 Additional
paid-in capital		 Retaine d earnings Otherequity
Total equity
attributable to
owners of
parent
Total equity
attributable to
owners of
parent
Legal reserve
Special
reserves		 Undistributed
earnings
Total
retained
earnings
Exchange
differences
on translation
Unrealized gains
(losses) from financial
assets measured at fair
value through other
comprehensiveincome		 Total of other
equity
interest
A1
B1
B5
B9
D1
D3
D5
Q1
Z1
A1
B1
B5
D1
D3
D5
O1
Z1		 Balance on January 1, 2024
Appropriation of legal reserve
Cash dividends of ordinary share
Common stock dividends
Profit (loss) from January to
September 2024
Other comprehensive income
from January to September 2024
Total comprehensive income from
January to September 2024

Disposal of equity instruments at
fair value through other
comprehensive income
Balance on September 30, 2024
Balance on January 1, 2025
Appropriation of legal reserve
Cash dividends of ordinary share
Profit (loss) from January to
September 2025
Other comprehensive income
from January to September 2025
Total comprehensive income from
January to September 2025
Increase/decrease in non-
controlling equity
Balance on September 30, 2025		 ＄
2,225,261
-
-
445,052
-
-		 ＄
281,622
-
-
-
-

-		 ＄
328,919
106,848
-
-
-

-		 ＄
102,504
-
-
-
-

-		 ＄
26,838
-
-
-
-

101,015
-
-
-
-
759,916
759,916
20,655
80,360
101,015
860,931
1,011
- - - - 22,275
22,275
-
-
＄
2,670,313		 ＄
281,622		 ＄
435,767		 ＄
102,504		 ＄
887,058		 ＄
1,425,329		 ＄
127,426		 ＄
4,504,690		 ＄
6,411
＄
2,670,313
-
-
-
-		 ＄
281,622
-
-
-

-		 ＄
435,767
87,815
-
-

-		 ＄
102,504
-
-
-

-
-
-
-
-
443,273
443,273
143
- - - - - - - - - - 3,000
＄
2,670,313		 ＄
281,622		 ＄
523,582		 ＄
102,504		 ＄
750,998		 ＄
1,377,084		 ＄
350		 ＄
4,329,369		 ＄
12,668

(Please refer to the accompanying notes to the consolidated financial statements)

Chairman: Chun-Fa Huang Manager: Min-Chi Hsiao Accounting Supervisor: Chia-Pei Chen

～ 7 ～

Mayer Steel Pipe Corporation and Subsidiaries Consolidated Statements of Cash Flows January 1 to September 30, 2025 and 2024

Item January to September 2025

＄
520,871
101,569
10,839
191,509
(
19,337 )
29,996
(
13,779 )
(
81,266 )
(
81,571 )
923
(
27,260 )
361
111,984
84,490
26,980
(
16,838 )
(
254 )
(
198,779 )
(
1,417 )
(
1,315,733 )
(
18,359 )
248
(
1,439,662)
(
60,625 )
169,765
55,697
-
(
46,024 )
(
4 )
(
24,432 )
(
2,366 )
(
958 )
91,053
(
1,348,609 )
(
1,236,625)
(
715,754 )
12,693
197,143
(
19,115 )
(
121,749)
(
646,782 )		 Unit: NT$ thousand
January to September 2024
＄
895,352
104,354
6,736
(
8,019 )
(
105,760 )
31,451
(
18,766 )
(
35,880 )
(
80,382 )
69
(
40,523 )
358
(
146,362 )
55,600
(
1,927 )
(
23,305 )
(
3,976 )
4,727
(
146 )
(
667,857 )
(
72,841 )
27,102
(
682,623)
72,318
135,248
21,944
(
5 )
(
41,568 )
122
(
867 )
(
5,113 )
(
679 )
181,400
(
501,223 )
(
647,585)
247,767
21,210
134,163
(
22,885 )
(
385,294)
(
5,039 )
Cash flow from operating activities:
Profit (loss) before tax
Adjustments:
Adjustments to reconcile profit (loss)
Depreciation expense
Amortization expense
Expected credit impairment loss (gain)
Net loss (gain) on financial assets and
liabilities at fair value through profit or loss
Interest expense
Interest income
Dividend income
Share of loss (gain) on affiliates and
joint ventures under equity method
Losses (gains) from the disposal and
scrapping of property, plant and equipment
Loss (gain) on disposal of investments
Other items
Total adjustments to reconcile profit
(loss)
Changes in operating assets and
liabilities
Decrease (increase) in financial assets
at fair value through profit or loss,
mandatorily measured at fair value
Decrease (increase) in notes receivable
Decrease (increase) in accounts
receivable
Decrease (increase) in accounts
receivable due from related parties
Decrease (increase) in other
receivables
Decrease (increase) in other
receivables due from related parties
Decrease (increase) in inventories
Decrease (increase) in prepayments
Decrease (increase) in other current
assets
Total changes in operating assets
Increase (decrease) in contract
liabilities
Increase (decrease) in notes payable
Increase (decrease) in accounts
payable
Increase (decrease) in accounts
payable to related parties
Increase (decrease) in other payables
Increase (decrease) in other payable to
related parties
Increase (decrease) in provisions
Increase (decrease) in other current
liabilities
Increase (decrease) in net defined
benefit liabilities
Total changes in operating liabilities
Total changes in operating assets and
liabilities
Total adjustments
Cash inflow (outflow) generated from
operations
Interest received
Dividends received
Interest paid
Income taxes refund (paid)
Net cash flows from (used in) operating
activities

～ 8 ～

Item Januaryto September 2025
 Januaryto September 2025
 Januaryto September 2024 Januaryto September 2024
Cash flows from (used in) investing activities:
Acquisition of financial assets at fair value through
other comprehensive income		 - ( 36,772 )
Disposal of financial assets at fair value through
other comprehensive income		 - 38,481
Proceeds from capital reduction of financial assets
at fair value through other comprehensive income		 10,930 10,930
Acquisition of financial assets at amortized cost ( 164,015 ) ( 178,375 )
Proceeds from repayments of financial assets at
amortised cost		 148,459 371,653
Acquisition of property, plant and equipment ( 33,117 ) ( 66,909 )
Disposal of property, plant and equipment - 23
Increase in refundable deposits - ( 216,320 )
Decrease in refundable deposits 359,816 -
Acquisition of intangible assets ( 34,793 ) -
Increase in long-term lease receivables - ( 13,640 )
Decrease in long-term lease receivables 556 -
Increase in other non-current assets ( 10,098 ) ( 3,432 )
Increase in prepayments for business facilities ( 33,684 ) -
Decrease in prepayments for business facilities - 21,395
Other investing activities 503 ( 195 )
Net cash flows from (used in) investing
activities		 244,557 ( 73,161 )
Cash flows from (used in) financing activities:
Increase in short-term loans 1,387,078 366,216
Increase in short-term notes payable 119 -
Repayment of long-term loans ( 2,129 ) ( 2,085 )
Increase in refundable deposits received 250 -
Decrease in refundable deposits received - ( 10,500 )
Lease principal repayment ( 56,048 ) ( 53,491 )
Cash dividend payment ( 587,468 ) ( 445,052 )
Change of non-controlling interests 3,000 -
Net cash flows from (used in) financing
activities		 744,802 ( 144,912 )
Effect of exchange rate changes on cash and cash
equivalents		 ( 13,798 ) 2,174
Increase (decrease) in cash and cash equivalents 328,779 ( 220,938 )
Cash and cash equivalents at beginning of period 477,043 659,456
Cash and cash equivalents at end of period ＄ 805,822 ＄ 438,518

(Please refer to the accompanying notes to the consolidated financial statements)

Chairman: Chun-Fa Huang

Manager: Min-Chi Hsiao Accounting Supervisor: Chia-Pei Chen

～ 9 ～

Mayer Steel Pipe Corporation and Subsidiaries

Notes to the Consolidated Financial Report January 1 to September 30, 2025 and 2024 (In NT$thousand unless otherwise stated)

I. History of the Company

Mayer Steel Pipe Corporation (hereinafter referred to as the "Company") was established in September 1959 in accordance with the Company Act of the Republic of China and was registered in Taipei City. As the first professional steel pipe manufacturer in Taiwan, the Company and the entities controlled by the Company mainly engage in the production and sale of black steel pipes, galvanized steel pipes and stainless-steel coils. The Company has obtained the CNS Mark Certificate issued by the Bureau of Standards Metrology and Inspection, Ministry of Economic Affairs on "low-voltage seamless black steel pipes, low-voltage seamless galvanized steel pipes, carbon-steel pipes for general structures, carbon-steel pipes for mechanical structures, and steel pipes for wires". In order to expand diversified operations since 2003, the Company established a construction department, and purchased construction land for self-construction on its own land or for the construction of public housing by means of joint construction and separate sales. For the main operating activities of the Company and its subsidiaries (hereinafter referred to as the "Group"), please refer to the descriptions in Note 4(3).

The Company’s shares were approved for public offering by the Securities and Futures Commission of the Ministry of Finance (now renamed as the Securities and Futures Bureau, Financial Supervisory Commission of the Executive Yuan) in August 1990, and was approved for listing on February 4, 1993. The Company was officially listed for trading on April 27, 1993.

II. Date and procedure of financial report approval

This consolidated financial statement was announced after being submitted to the Board of Directors on November 10, 2025.

III. Applicability of newly issued and revised accounting standards and interpretations

  • (I) Impacts of the International Financial Reporting Standards (hereinafter referred to as "IFRSs"), International Accounting Standards, and Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) or the former

～ 10 ～

Standing Interpretations Committee (SIC), endorsed and issued into effect by the Financial Supervisory Commission (hereinafter referred to as the "FSC")

The following table summarizes the new, amended, and revised IFRS standards and interpretations approved by the FSC and applicable in 2025:

New/amended/revised standards and interpretations
Amendment to IAS 21 "Lack of Convertibility"		 Effective date of IASB
release
January 1, 2025

Amendment to IAS 21 "Lack of Convertibility"

These amendments define convertibility and provide guidance on how to determine the spot exchange rate on the measurement date when a currency lacks convertibility. In addition, this amendment requires an enterprise to provide more useful information in its financial statements when a currency is not convertible into another currency.

The Group has assessed that the standards and interpretations above have no significant impact on the financial position and financial performance of the Group.

  • (II) Impact of not adopting the new and amended IFRSs approved by the FSC:

The following table summarizes the new, amended, and revised IFRS standards and interpretations approved by the FSC and applicable in 2026:

New/amended/revised standards and interpretations
Amendments to IFRS 9 and IFRS 7 “Amendments to
the Classification and Measurement of Financial
Instruments”
Amendments to IFRS 9 and IFRS 7 “Nature-
dependent electricity contracts”
IFRS 17 "Insurance Contracts"
Amendments to IFRS 17 "Insurance Contracts"
Amendments to IFRS 17 "Initial Application of IFRS
17 and IFRS 9 - Comparative Information"
Annual Improvements of IFRS - Vol. 11		 Effective date of IASB
release
January 1, 2026
January 1, 2026
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2026

～ 11 ～

Except for the following, the Group has assessed that the standards and interpretations above have no significant impact on the Group’s financial position and financial performance:

  1. Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”

  2. (1) Clarified and added further guidelines for assessing whether financial assets meet the SPPI standard; the scope includes contractual terms that change cash flows based on contingent events (e.g., interest rates linked to ESG targets), instruments with non-recourse characteristics, and contract-linked instruments.

  3. (2) Added instruments with contractual clauses that may change cash flows (e.g. instruments with features related to achieving environmental, social, and governance (ESG) goals), qualitative descriptions of contingent nature that should be disclosed, quantitative information on the range of changes in contractual cash flows that may be derived from these contractual terms, and the total carrying amount of financial assets and the amortized cost of financial liabilities under these contractual terms.

  4. (3) Clarified the dates of recognition and derecognition of certain financial assets and liabilities, and added that when a financial liability (or part of a financial liability) is settled in cash using an electronic payment system, the company is allowed to have its financial liabilities discharged before the settlement date if and only if the company initiates a payment instruction that results in the following situations:

  5. A.The enterprise does not have the ability to revoke, stop or cancel the payment designation;

  6. B.Due to the payment instruction, the enterprise has no actual ability to access the cash that will be used for settlement;

  7. C.The settlement risk related to the electronic payment system is not significant.

  8. (4) Updated that for equity instrument irrevocably designated to be measured at fair value through other comprehensive income (FVTOCI), the fair value of each category should be disclosed, and it is not necessary to disclose the fair value of

～ 12 ～

each subject. Additionally, disclose the fair value profit or loss recognized in other comprehensive income during the reporting period, and separately list the fair value profit or loss related to investments derecognized during the reporting period, the fair value profit or loss related to investments still held at the end of the reporting period, and the cumulative profit or loss of investments derecognized during the reporting period but transferred to equity in the same period.

  1. Amendments to IFRS 9 and IFRS 7 “Nature-dependent electricity contracts”

This amendment pertains to contracts involving changes in electricity generated by uncontrollable natural conditions (such as weather) that affect the source of power generation for enterprises. The explanations are as follows:

  • (1) Clarifying the application of the "self-use" requirement in the contract for the purchase or sale of nature-dependent electricity by enterprises:

When the contract stipulates that the enterprise has an obligation to purchase and receive electricity when generating electricity, and the design and operation of the contract’s electricity trading market require the enterprise to sell any amount of unused electricity within a specified time, the enterprise must examine reasonable and supportive information about its past, current, and expected future electricity transactions within a reasonable period of no more than 12 months. When it purchases enough electricity to offset any unused electricity sold in the same market where it sells electricity, the enterprise is a net purchaser of electricity.

If the added application amendment involves a nature-dependent electricity contract, the disclosure shall include:

  • A.The risk that the enterprise may face changes in basic electricity consumption, and be required to purchase electricity during delivery intervals when electricity cannot be used,

  • B.the unrecognized contractual commitments include the estimated future cash flow based on these contracts, and

  • C.The impact on corporate financial performance during the reporting period

～ 13 ～

of the contract.

  • (2) Clarifying how to apply hedge accounting for contracts that involve naturedependent electricity:

The hedged item can be designated as the variable nominal amount of the predicted electricity transaction, which is consistent with the nature-dependent electricity variable amount delivered by the power generation facility mentioned in the hedged instrument. In addition, when a cash flow hedging instrument is used by an enterprise in a cash flow hedging relationship, and a contract involving nature-dependent electricity is designated as a hedging instrument based on the occurrence of a specified expected transaction, then the expected transaction is presumed to be highly likely to occur.

For enterprises that will involve in the use of nature-dependent electricity as a hedging instrument, the terms and conditions of the hedging instrument shall be disclosed by risk type in accordance with IFRS 7.

  1. Amendments to IFRS 17 "Initial Application of IFRS 17 and IFRS 9 - Comparative Information"

This amendment allows companies to elect to apply the categorization approach to the comparative periods presented upon initial application of IFRS 17. This option allows the company to classify all financial assets, including those held for activities not linked to contracts within the scope of IFRS 17, on an instrumentby-instrument basis during the comparative period, based on their expected classification upon initial application of IFRS 9. Entities that have adopted IFRS 9 or will adopt IFRS 9 and IFRS 17 for the first time concurrently may elect to apply the classification overlay approach.

As of the date of release of these consolidated financial statements, the Group continues to evaluate the impact of the above standards and interpretations on the Group’s financial position and financial performance, and the relevant impact will be disclosed when the evaluation is completed.

  • (III) The impact of the IFRSs issued by the IASB but not yet endorsed by the FSC:

～ 14 ～

The table below summarizes the new, amended, and revised standards and interpretations that have been published by the IASB but have not yet been endorsed by the Financial Supervisory Commission (FSC):

Effective date of IASB

New/amended/revised standards and interpretations release Amendments to IFRS 10 and IAS 28 "Sale or To be determined by IASB Contribution of Assets between an Investor and its Affiliate or Joint Venture" IFRS 18 "Presentation and Disclosures of Financial January 1, 2027 (Note) Statements" IFRS 19 “Subsidiaries Not Responsible: Disclosures” January 1, 2027

Note: On September 25, 2025, the FSC announced that Taiwan will adopt IFRS 18 starting in 2028, or may elect for early adoption with FSC approval.

Except for the following, the Group has assessed that the standards and interpretations above have no significant impact on the Group’s financial position and financial performance.

  1. Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets between an Investor and its Affiliate or Joint Venture"

This amendment resolves the existing inconsistency between IFRS 10 and IAS 28. When an investor sells (invests) assets with its affiliates or joint ventures, all or part of it will be recognized as disposition gain or loss depending on the nature of the assets sold (invested):

  • (1) When the assets sold (invested) meet the criteria of "business," all gains and losses on disposal are recognized;

  • (2) When the sold (invested) assets do not qualify as "business," only part of the gain or loss on disposal of the equity in affiliates or joint ventures with nonaffiliate investors can be recognized.

  • IFRS 18 "Presentation and Disclosures of Financial Statements"

IFRS 18 "Presentation and Disclosures in Financial Statements" replaces IAS

  • 1 and updates the structure of the comprehensive income statement, adds

～ 15 ～

management performance measurement disclosures, and strengthens the principle of aggregation and disaggregation applied to key financial statements and notes.

  1. IFRS 19 “Subsidiaries Not Responsible: Disclosures”

This standard allows qualified subsidiaries to apply IFRS with reduced disclosure requirements.

As of the date of release of these consolidated financial statements, the Group continues to evaluate the impact of the above standards and interpretations on the Group’s financial position and financial performance, and the relevant impact will be disclosed when the evaluation is completed.

IV. Summary of Significant Accounting Policies

Significant accounting policies are same as in Note 4 to the 2024 consolidated financial report, except for the declaration of compliance, basis of preparation, basis of consolidation and additions which are explained as follows. Unless otherwise stated, these policies apply consistently throughout the reporting period.

(I) Statement of Compliance

The consolidated financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS No. 34 "Interim Financial Reporting" endorsed and issued into effect by the FSC. This consolidated financial report should be read in conjunction with the 2024 consolidated financial report.

(II) Basis of Preparation

  1. These consolidated financial statements have been prepared using a historical cost basis, with the exception of financial instruments measured at fair value and defined benefit liabilities recognized as the net amount of the present value of defined benefit obligations minus the fair value of plan assets. Historical cost is typically determined by the fair value of the consideration received in exchange for the assets.

  2. The preparation of financial reports in conformity with IFRSs recognized by the FSC requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Group’s accounting policies. The items involving a higher degree of judgment or complexity,

～ 16 ～

or items for which assumptions and estimates are significant to the consolidated financial report are disclosed in Note 5.

  1. The items listed in the financial statements of each entity in the Group are measured in accordance with the functional currency of the entity. The consolidated financial statements are prepared in accordance with the functional currency of the Company, NTD.

(III) Basis of Consolidation

  1. Principles for the preparation of consolidated financial statements

  2. (1) The Group included all subsidiaries in the consolidated financial statements. A subsidiary is an entity that is controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are included in the consolidated financial statements from the date the Group acquires the control, and the consolidation is terminated from the date of loss of control.

  3. (2) Inter-company transactions, unrealized gains and losses have been eliminated. The accounting policies of the subsidiaries have been adjusted as necessary to be consistent with the policies adopted by the Group.

  4. (3) The components of profit or loss and other comprehensive income are attributed to the owners and non-controlling interests of the parent company; the total amount of comprehensive income is also attributed to the owners and noncontrolling interests of the parent company, even if the resulting non-controlling interests incur balance.

  5. (4) If the change in the shareholding of the subsidiary does not result in a loss of control (transaction with non-controlling interests), it is treated as an equity transaction, i.e., it is deemed to be a transaction with the owner. The difference between the adjusted amount of the non-controlling interests and the fair value of the consideration paid or received is recognized directly in equity.

  6. (5) When the Group loses control of a subsidiary, the remaining investment in the former subsidiary is re-measured at fair value, and treated as the fair value of the

～ 17 ～

initially recognized financial assets or the cost of the investment in affiliates or joint ventures initially. The difference between the fair value and the carrying amount and recognized in profit or loss. For all amounts previously recognized in other comprehensive income related to the subsidiary, the accounting treatment is the same as if the Group had directly disposed of the related assets or liabilities. That is, if the gain or loss previously recognized in other comprehensive income would be reclassified to profit or loss upon disposal of the related assets or liabilities, then the Group reclassifies that gain or loss from equity to profit or loss upon the loss of control of the subsidiary.

2. Subsidiaries included in the consolidated financial statements

The entities in the consolidated financial statements are as follows:

Name of investing company
Name of subsidiary		 Nature of
business		 Percentage of equityheld Percentage of equityheld Percentage of equityheld
2025.09.30 2024.12.31 2024.09.30
Mayer Steel
Pipe
Corporation
VIETNAM MAYER
CORP., LTD
Mei Kong Development
Co., Ltd.
MIRAMAR
DEVELOPMENT (HK)
CO.,LTD.
MAYER INN
CORPORATION
Meiyi Construction Co.,
Ltd.		 Processing and
sale of steel
pipes, steel
sheets and other
metal products
Various
investments and
real estate
development
Various
investments
Regular Hotel
and International
Trade
Real estate
investment and
development
business		 100.00%
100.00%
90.00%
100.00%
90.00%		 100.00%
100.00%
90.00%
100.00%
90.00%		 100.00%
100.00%
90.00%
100.00%
90.00%

  1. Subsidiaries not included in the consolidated financial statements: None.

  2. Information on subsidiaries with significant non-controlling equity: None.

(IV) Employee benefits

Post-employment benefits

Defined benefit plan

The pension cost in the interim period is calculated using the actuarially determined pension cost rate at the end of the previous fiscal year from the beginning of the year to the end of the current period, and is subject to significant market fluctuations and material one-time events are adjusted accordingly.

～ 18 ～

(V) Income taxes

Income tax expense represents the sum of current income tax and deferred income tax. Income tax for the interim period is assessed on an annual basis, with the tax rate applicable to the expected total earnings for the year, on the interim income before tax. The impact of changes in tax rates due to amendments to the tax law in the interim period is consistent with the accounting treatment principles of the transactions that give rise to tax consequences, and is recognized in a lump sum in the period in which they occur.

V. Significant accounting judgments, estimates and sources of assumption uncertainty

When the Group prepared the consolidated financial report, the major judgments made, significant accounting estimates and assumptions about the main sources of uncertainty are consistent with those in Note 5 to the 2024 consolidated financial report.

VI. Description of significant accounting items

(I) Cash and cash equivalents

Cash and cash equivalents
Cash on hand and revolving funds
Bank deposits
Cash equivalents		 2025.09.30
$ 455
692,232
113,135
$ 805,822		 2024.12.31
$ 356
426,491
50,196
$ 477,043		 2024.09.30
$ 341
407,270
30,907
$ 438,518

  1. The credit quality of the financial institutions with which the Group interacts is good, and the Group interacts with multiple financial institutions to diversify credit risks, and the possibility of default is expected to be very low.

  2. Please refer to Note 8 for the Group’s bank deposits and cash equivalents on September 30, 2025 and December 31 and September 30, 2024, which were provided to financial institutions as bank loan collateral due to restrictions on their usage.

(II) Financial assets at fair value through profit or loss

Current financial assets
Mandatorily at fair value through profit or
loss
Non-derivative financial assets
Domestic listed (OTC) stock		 2025.09.30
$ 93,237		 2024.12.31
$ 86,431		 2024.09.30
$ 113,755

～ 19 ～

Fund beneficiary certificates
Financial assets-noncurrent
Mandatorily at fair value through profit or
loss
Non-derivative financial assets
Domestic unlisted stocks		 2025.09.30
4,065
$ 97,302
$ 394,669		 2024.12.31
967
$ 87,398
$ 321,664		 2024.09.30
3,025
$ 116,780
$ 330,955

  1. The Group’s investment in the above-mentioned investment targets is not for strategic investment. The Group’s management believes that the short-term fluctuation of the fair value of these investments should be included in profit or loss, and chose to designate these investments as mandatory investments at fair value through profit and loss.

  2. Please refer to Note 8 for the financial assets at fair value through profit or loss provided by the Group as bank loan collateral on September 30, 2025 and December 31 and September 30, 2024.

(III) Financial assets at fair value through other comprehensive income

Current
Equity instruments
Domestic TWSE/TPEx listed stocks
Evaluation adjustment
Non-current
Equity instruments
Domestic unlisted stocks
Foreign unlisted stocks
Evaluation adjustment		 2025.09.30
$ 30,134
5,166
$ 35,300
$ 7,660
90,146
38,533
$ 136,339		 2024.12.31
$ 30,134
19,379
$ 49,513
$ 7,660
101,076
50,344
$ 159,080		 2024.09.30
$ 29,499
25,931
$ 55,430
$ 7,660
101,076
36,073
$ 144,809
  1. The Group invests in the investment in accordance with medium and long-term strategic purposes, and expects to make profits through long-term investment. The Group’s management believes that including the short-term fluctuation of fair value of these investments in profit or loss is not consistent with the aforementioned long-

～ 20 ～

term investment plan, and therefore chooses to designate these investments as measured at fair value through other comprehensive income.

  1. During the period from January to September 2024, the Group adjusted its investment portfolio to diversify risks and sold a portion of its domestic TWSE/TPEx listed stocks at a fair value of NT$40,094 thousand and NT$38,481 thousand. The related amount of "Other equity - unrealized gains and losses on financial assets measured at fair value through other comprehensive income" of NT$23,003 thousand and NT$22,275 thousand respectively were reclassified to "Retained earnings".

  2. Please refer to Note 8 for the financial assets at fair value through other comprehensive income as bank loan collateral on September 30, 2025 and December 31 and September 30, 2024.

(IV) Financial assets measured at amortized cost

Current
Bank time deposits with original
maturity date of more than 3 months
Interest rate range		 2025.09.30
$ 157,194
1.73%-5.80%		 2024.12.31
2024.09.30
$ 157,731
$ 178,939
0.03%-5.80% 0.72%-5.70%

As of September 30, 2025 and December 31 and September 30, 2024, the financial assets measured at amortized cost above were not restricted in use or provided as collateral for guarantees.

(V) Notes receivable, net

Notes receivable
Less: Loss allowance		 2025.09.30
$ 13,910
(279)
$ 13,631		 2024.12.31

$ 41,147
(536)
$ 40,611		 2024.09.30
$ 29,978
(487 )
$ 29,491

  1. Please refer to the following accounts receivable for the relevant disclosure of the loss allowance for notes receivable.

  2. As of September 30, 2025 and December 31 and September 30, 2024, the notes receivable above were not restricted in use or provided as collateral for guarantees.

～ 21 ～

(VI) Net accounts receivable

Accounts receivable due from non-
related parties
Less: Loss allowance
Accounts receivable - non-related
parties, net
Accounts receivable - related parties		 2025.09.30
$ 435,223
(3,973)
431,250
8,474
$ 439,724		 2024.12.31

$ 418,127
(3,730)
414,397
8,221
$ 422,618		 2024.09.30
$ 518,524
(4,748 )
513,776
13,345
$ 527,121

The Group’s average credit period for sales of goods is 30 to 120 days. For the allowance loss, the uncollectible amount is estimated with reference to the aging analysis, historical experience and analysis of the customer’s current financial condition.

The Group adopts a simplified method to recognize the loss allowance for accounts receivable based on the expected credit loss during the period. The lifetime expected credit losses are based on customers’ past payments and industry’s characteristic. As the Group’s historical credit loss experience shows that there is no significant difference in the loss patterns among different customer groups, forwardlooking information has been incorporated, and the expected credit loss rate is determined based on the number of days past due on accounts receivable and actual circumstances.

The Group measures the allowance for losses of notes receivable and accounts receivable (excluding related parties) based on the provision matrix as follows:

2025.09.30
Not past due
2024.12.31
Not past due		 Expected
credit loss
rate
0%-1%
Expected
credit loss
rate
0%-1%		 Total carrying
amount
$ 449,133
Total carrying
amount
$ 459,274		 Allowance for
losses
(expected credit
loss during the
duration)

$ (4,252
)
Allowance for
losses
(expected credit
loss during the
duration)

$ (4,266
)		 Amortized cost
$ 444,881
Amortized cost
$ 455,008

～ 22 ～

2024.09.30
Not past due		 Expected
credit loss
rate
0%-1%		 Total carrying
amount
$548,502		 Allowance for
losses
(expected credit
loss during the
duration)

$( 5,235
)		 Amortized cost
$543,267

The changes in the allowance for losses on notes and accounts receivable were as

follows:

follows:
Beginning balance
Add: Impairment loss (profit) of the
current year
Ending balance		 January to
September 2025
$4,266
(14)
$4,252		 January to
September 2024
$4,954

281
$5,235

The changes in allowance for losses on other notes and accounts receivable (excluding related parties) were as follows:

Beginning balance
Add: Impairment loss (Note 1)
Less: Amount recovered this year (Note
2)
Foreign exchange difference
Ending balance		 January to
September 2025
$8,920
200,000
( 8,477
)
(443)
$ 200,000		 January to
September 2024
$16,314
－

( 8,300
)

599
$8,613

Note 1: This relates to the expected credit loss recognized for the guarantee deposit of

the joint construction project with the landowners of Nanshi Section, Zhonghe District, New Taipei City, which was assessed after obtaining the creditor’s certificate through compulsory enforcement and evaluating the future recovery risk. Please refer to Note 9(2).

Note 2: Indicated as "expected credit impairment loss (gain)."

For related credit risk management and assessment methods, please refer to Note 12 (3).

～ 23 ～

As of September 30, 2025, and December 31, 2024 and September 30, 2024, the above accounts receivable were not restricted in use or pledged as collateral for guarantees.

(VII) Financing lease receivables

Undiscounted lease payments
Year 1
Year 2
Year 3
Year 4
Year 5
Over 5 years
Less: Unearned financing income
Net investment in leases
Current
Non-current		 2025.09.30
$ 7,716
6,992
6,992
6,992
6,992
66,734
102,418
(51,885)
$ 50,533
$ 2,145
48,388
$ 50,533		 2024.12.31
$ 7,368
6,865
6,865
6,865
6,865
70,206
105,034
(53,945)
$ 51,089
$ 1,719
49,370
$ 51,089		 2024.09.30
$ 7,896
7,027
7,026
7,026
7,026
73,881
109,882
(58,018)
$ 51,864
$ 1,998
49,866
$ 51,864

In the power supply contract signed with respect to the Company’s solar power generation equipment, it is agreed that all the electricity generated will be sold to Taipower from the date of the commercial transfer, and its accounting treatment is treated as a financial lease with an average financing period of 20 years.

The Company measures the loss allowance for the finance lease receivable based on the lifetime expected credit. As of the end of the reporting period, there were no overdue finance lease receivables. Considering the counterparties’ past default records, the future development of the related industries of the lease targets, and the value of collateral, the Group believes that there is no impairment of the aforementioned finance lease receivables.

Please refer to Note 8 for the information on the provision of solar power generation equipment to financial institutions as collateral for bank loans by the Company on September 30, 2025 and December 31 and September 30, 2024.

～ 24 ～

(VIII) Inventories - Manufacturing

2025.09.30

Inventories-Manufacturing 2025.09.30
Finished goods
Work in process
Semi-finished product
Raw materials and supplies
Commodities
Total
Finished goods
Work in process
Semi-finished product
Raw materials and supplies
Commodities
Total
Finished goods
Work in process
Semi-finished product
Raw materials and supplies
Commodities
Total		 Cost
$ 302,111
16,101
119,252
637,528
141,665
$ 1,216,657		 Loss allowance
$ ( 6,417 )
( 117 )
( 7,117 )
( 2,138 )
( 6,281 )
$ ( 22,070 )
2024.12.31		 Carrying
amount
$ 295,694

15,984

112,135

635,390
135,384
$ 1,194,587
Cost
$ 307,123
43,294
128,362
690,181
95,761
$1,264,721		 Loss allowance
$ ( 7,222 )
－
( 3,531
)
( 1,330
)
( 1,590
)
$ (13,673 )
2024.09.30		 Carrying
amount
$ 299,901
43,294

124,831

688,851
94,171
$1,251,048
Cost
$ 359,632
57,450
138,171
659,571
66,400
$1,281,224		 Loss allowance
$ ( 7,462 )
－
( 1,918 )
( 909 )
－
$ (10,289 )		 Carrying
amount
$ 352,170
57,450

136,253

658,662
66,400
$1,270,935
  1. Gains (losses) related to inventories recognized as cost of goods sold in the current

period are as follows:

Cost of inventories
sold
Loss on inventory
valuation and
obsolescence
(recovery profit)
Loss of inventory
idle capacity
(recovery profit)		 July to
September
2025
$ 961,667
2,007
1,234
$ 964,908		 July to
September
2024
$ 1,027,617
1,988
454
$ 1,030,059		 January to
September
2025
$ 2,656,278
10,877
( 139)
$ 2,667,016		 January to
September
2024
$ 3,392,640
( 15,869)

( 1,037)
$ 3,375,734
  1. As of September 30, 2025 and December 31 and September 30, 2024, the

inventories above have not been provided with restrictions in use and as collateral

for guarantees.

～ 25 ～

(IX) Inventories - Construction

Name of construction site
Buildings and land for sale
Construction site
Real estate under construction
Prepayment for land		 2025.09.30

$ 51,130
2,434,115
804,729
－
$ 3,289,974		 2024.12.31
$ 1,161

768,226

940,595
207,797
$ 1,917,779		 2024.09.30
$ 1,161

766,958

904,115

－
$ 1,672,234

  1. On March 7, 2008, the Company entered into an agreement with Ching-Huei Chien and three others to purchase land No.800 located in Guoguang Section, Banqiao District, New Taipei City, with a total price of NT$1,930,800 thousand. In the same year, the Company paid NT$89,110 thousand according to the agreement. The land readjustment project for the Guoguang Section in Banqiao District was completed on November 26, 2015, and the land was subsequently registered in the Yongcui Section, Banqiao District. However, the Company discovered that Ching-Huei Chien and the others had engaged in detrimental actions such as gifting and selling parts of the subject land. As a result, the Company applied for provisional attachment and provisional disposition. A settlement record was signed on September 14, 2023, the four parties including Ching-Huei Chien and others have made full payment in accordance with the agreement, and the Company has also scratched the surface of the amount in accordance with the agreement. the maximum amount of mortgage established before the cancellation and the provisional disposition, provisional attachment, and provisional execution to preserve the abovementioned claims were closed in January 2024.

  2. In March 2025 and December 2024, the Company purchased the land at the Chongde Section in Xizhi District from a non-related party and signed a land purchase contract for a total contract price of NT$1,579,474 thousand. As of September 30, 2025, NT$1,551,710 thousand has been paid.

  3. In May 2025, the Company purchased reserved land for public facilities within the New Taipei City urban planning area from a non-related party and signed a purchase contract with a total contract price of NT$76,770 thousand. As of September 30, 2025, all amount had been paid in accordance with the contract.

～ 26 ～

  1. Please refer to Note 8 for the “inventories - construction industry” provided by the Group as bank loan collateral on September 30, 2025 and December 31 and September 30, 2024.

(X)Other current assets

Other financial assets
Payment on behalf of others		 2025.09.30

$ 259,045
3,011
$ 262,056		 2024.12.31
$ 426,405
10
$ 426,415		 2024.09.30
$ 506,723
10
$ 506,733

Please refer to Note 8 for the financial assets provided by the Group as collateral for secured bank loans as of September 30, 2025 and December 31 and September 30, 2024.

(XI) Investments accounted for under the equity method

  1. The Group’s investments under equity method are listed as follows:
Original
investment
cost
Subsidiaries
Mayer Corporation
Development International
Limited (BVI)
$ 390,881
Glory World Development
Ltd.(BVI)
259,121
Subtotal
Less: Accumulated impairment -
Investments accounted for using equity method
Associated companies that are
not individually material
GRAND TECH PRECISION
MANUFACTURING
(THAILAND)
CORPORATION LIMITED
179,688
Diamond Precision Steel
Corp.
106,248
LUEN JIN ENTERPRISE
CO., LTD.
156,600		 Original
investment
cost		 2025.09.30
2024.12.31 2024.09.30
$ 15,287 $ 15,287 $ 15,287
－
－
－
15,287
15,287
15,287
( 15,287
)
( 15,287
)
( 15,287
)
－
－
－
232,622
240,885
236,215
192,494
233,743
221,350
149,084
154,088
150,446
574,200
628,716
608,011
$ 574,200 $ 628,716 $608,011
  1. The Group’s ownership interest and percentage of voting rights in the subsidiaries and associates at the end of the reporting period are as follows:

～ 27 ～

Mayer Corporation Development
International Limited (BVI)
Glory World Development Ltd. (BVI)
GRAND TECH PRECISION
MANUFACTURING (THAILAND)
CORPORATION LIMITED
Diamond Precision Steel Corp.
LUEN JIN ENTERPRISE CO., LTD.		 2025.09.30

100.00%
(Note 1)

50.21%
(Note 2)

45.01%
42.50%
30.00%		 2024.12.31
100.00%
(Note 1)

50.21%
(Note 2)

45.01%
42.50%
30.00%		 2024.09.30
100.00%
(Note 1)
50.21%
(Note 2)
45.01%
42.50%
30.00%

  • Note 1: Mayer Corporation Development International Limited (BVI) was approved by the Court of the British Virgin Islands (BVI) on March 27, 2017 to enter the liquidation procedure and appointed a liquidator. As a result, the Company lost control and excluded from the consolidated financial statements.

  • Note 2: Glory World Development Ltd.(BVI) was ruled to be struck off status by the local government on November 3, 2020, and thus was not included as an entity in the consolidated report as of November 3, 2020.

Please refer to Table 5 for information on the business nature and principal place of business of the above subsidiaries and affiliated companies.

3. Information on subsidiaries:

The Group’s
share
Net income
from continuing
operations
Other
comprehensive
income in the
current period
Total
comprehensive
income		 July to
September
2025
July to
September
2024
$ ( 202) $ ( 219)
( 1,374 )
1,794
$ ( 1,576)
$ 1,575		 January to
September
2025
$ ( 632)
5,415
$ 4,783		 January to
September
2024
$ ( 650)
( 2,136)
$ ( 2,786)
  1. The market price of the equity investment of listed companies under the equity

method on the balance sheet date is calculated as follows: None.

  1. The aggregate financial information of material affiliates is as follows: None.

  2. Aggregate information on individually immaterial associates:

～ 28 ～

The Group’s
share
Net income
from continuing
operations
Other
comprehensive
income in the
current period
Total
comprehensive
income		 July to
September
2025
$ 30,527
6,817
$ 37,344		 July to
September
2024
$ 29,723
24,468
$ 54,191		 January to
September
2025
$ 82,203
( 20,338
$ 61,865		 January to
September
2024
$ 81,032
)
23,094
$ 104,126

  1. As of September 30, 2025 and December 31 and September 30, 2024, the investments above under the equity method were not restricted in use or provided as collateral for guarantees.

  2. The Group conducted assessment and impairment testing on the investment in affiliates from January to September, 2025 and 2024. After assessment, there was no impairment loss that should be recognized.

(XII)Property, plant and equipment

Cost:
Beginning balance
Increase
Decrease
Impact of exchange
differences on
translation
Ending balance
Accumulated
depreciation:
Beginning balance
Increase
Decrease
Impact of exchange
differences on
translation
Ending balance
Closing net amount		 Januaryto September 2025 Januaryto September 2025 Januaryto September 2025 Total
$ 2,970,827
33,117
( 4,855 )
( 14,709
)
$2,984,380
$ 1,859,820
50,366
( 3,932 )
( 12,211
)
$1,894,043
$1,090,337
Land

$ 557,911
－
－

－
$557,911
$－
－
－

－
$－
$ 557,911		 Houses and
buildings

$ 304,090
3,602
－
( 2,889 )
$304,803
$ 227,603
3,563
－
( 1,190 )
$229,976
$ 74,827		 Machinery and
equipment

$ 1,672,288
13,842
( 3,912 )

( 9,028 )
$1,673,190
$ 1,372,045
26,698
( 3,119 )

( 8,449 )
$1,387,175
$286,015		 Transportation
equipment
$ 71,517
10,401

－

( 306 )
$81,612
$ 57,922
2,293

－

( 146
)
$60,069
$21,543		 Other
equipment
$ 221,960
5,272
( 943 )

( 2,486 )
$223,803
$ 146,013
10,302
( 813 )

( 2,426 )
$153,076
$ 70,727		 Leasehold
improvements
$ 143,061
－

－

－
$143,061
$ 56,237
7,510

－

－
$63,747
$ 79,314
Cost:
Beginning balance
Increase
Decrease		 Januaryto September 2024 Januaryto September 2024 Januaryto September 2024 Total
$ 2,854,436
66,909
( 1,952 )
Land

$ 557,911
－
－		 Houses and
buildings

$ 259,824
7,145
( 105 )		 Machinery and
equipment

$ 1,645,161
17,545

－		 Transportation
equipment
$ 66,982
4,678
( 1,606 )		 Other
equipment
$ 181,497
37,541

( 241 )		 Leasehold
improvements
$ 143,061
－

－

～ 29 ～

Land

Impact of exchange
differences
on
translation
－
Ending balance
$557,911
Accumulated
depreciation:
Beginning balance
$－
Increase
－
Decrease
－
Impact of exchange
differences
on
translation
－
Ending balance
$－
Closing net amount
$ 557,911		 Januaryto September 2024 Januaryto September 2024 Januaryto September 2024 Total
2,198
$2,921,591
$ 1,790,825
54,220
( 1,860 )
1,767
$1,844,952
$1,076,639
Houses and
buildings

434
$267,298
$ 224,693
2,823
( 79 )
168
$227,605
$ 39,693		 Machinery and
equipment

1,358
$1,664,064
$ 1,333,240
28,821

－
1,213
$1,363,274
$ 300,790		 Transportation
equipment
32
$70,086
$ 57,040
1,831
( 1,580 )
25
$57,316
$12,770		 Other
equipment
374
$219,171
$ 129,628
13,235

( 201 )
361
$143,023
$ 76,148		 Leasehold
improvements
－
$143,061
$ 46,224
7,510

－
－
$53,734
$ 89,327

  1. The property, plant and equipment held by the Group are mainly for self-use.

  2. Please refer to Note 8 for the property, plant and equipment provided as guarantees or pledges by the Group on September 30, 2025 and December 31 and September 30, 2024.

  3. The Group’s property, plant and equipment had no impairment loss recognized from January to September 2025 and 2024.

(XIII) Lease agreement

  1. Right of use assets
Cost:
Beginning balance
Increase
Decrease
Impact of exchange
differences
on
translation
Ending balance
Accumulated
depreciation:
Beginning balance
Increase
Decrease
Impact of exchange
differences
on
translation
Ending balance
Closing net amount
Cost:
Beginning balance		 January to September 2025 January to September 2025 Total
$ 755,988
4,819
( 3,665 )
( 1,183
)
$ 755,959
$ 276,566
49,003
( 3,665 )
( 246
)
$ 321,658
$ 434,301
Total
$ 750,304
Land

$ 17,139
－
－
( 1,183
)
$ 15,956
$ 5,436
1,691
－
( 246
)
$ 6,881
$ 9,075		 Houses and
buildings
$ 735,541
1,708
( 1,567 )

－
$ 735,682
$ 268,736
46,013
( 1,567 )

－
$ 313,182
$ 422,500		 Machinery
and
equipment
Transportation
equipment
$ 693
$ 2,098
－
3,111

－
( 2,098 )
－
－
$ 693
3,111
$ 521
$ 1,633
104
1,106

－
( 2,098 )
－
－
$ 625
$ 641
$ 68
$ 2,470
January to September 2024		 Other
equipment
$ 517
－

－
－
$ 517
$ 240
89

－
－
$ 329
$ 188
Land

$ 16,980		 Houses and
buildings
$ 730,016		 Machinery
and
equipment

$ 693		 Transportation
equipment
$ 2,098		 Other
equipment
$ 517

～ 30 ～

Increase
Decrease
Impact of exchange
differences
on
translation
Ending balance
Accumulated
depreciation:
Beginning balance
Increase
Decrease
Impact of exchange
differences
on
translation
Ending balance
Closing net amount		 January to September 2024 January to September 2024 Total
40,363
( 34,889)
178
$ 755,956
$ 247,857
47,934
( 34,889)
31
$ 260,933
$ 495,023
Land

－
－
178
$ 17,158
$ 3,131
1,708
31
$ 4,870
$ 12,288		 Houses and
buildings
40,363
( 34,889 )
－
$ 735,490
$ 243,558
45,306
( 34,889 )
－
$ 253,975
$ 481,515		 Machinery
and
equipment

－

－
－
$ 693
$ 382
104

－
$ 486
$ 207		 Transportation
equipment
－
－
－
$ 2,098
$ 664
727
－
$ 1,391
$ 707		 Other
equipment
－
－
－
$ 517
$ 122
89
－
$ 211
$ 306

The Group’s income from sublease of right-of-use assets for the periods from

July to September 2024 and from January to September 2024 amounted to NT$22 thousand and NT$112 thousand, respectively.

  1. Lease liabilities
Lease liabilities
Carrying amount of lease liabilities
Current
Non-current		 2025.09.30
$ 60,736
413,061
$ 473,797		 2024.12.31
$ 61,012
454,363
$ 515,375		 2024.09.30
$ 60,548
469,300
$ 529,848

Range of discount rate for lease liabilities:

Land
Houses and buildings
Machinery and equipment
Transportation equipment
Other equipment		 2025.09.30
2.65%
2.45%-3.88%
1.53%
3.07%-3.15%
1.80%-2.27%		 2024.12.31
2.65%
2.33%-3.88%
1.53%
1.68%-2.35%
1.80%-2.27%		 2024.09.30
2.65%
2.33%-3.17%
1.53%
1.68%-2.35%
1.80%-2.27%

3. Important lease-in activities and terms and conditions

The Group leases land, buildings and equipment as plant, office, regular hotel business premises and operating equipment. The lease term is 1 to 14 years, with renewal option upon expiry of the lease term. In addition, according to the contract, without the consent of the lessor, the Group shall not sublease the underlying assets of the lease to others. As of September 30, 2025, right-of-use assets have no indication of impairment and hence no impairment assessment.

4. Other lease information

～ 31 ～

The Group chose the recognition exemption for short-term leases and leases of low-value assets from January to September 2025 and 2024, and did not recognize right-of-use assets and lease liabilities for these leases. The related expenses are as follows:

Short-term lease expense
Low-value asset lease expense
Variable lease payments not included
in the measurement of lease
liabilities
Total cash outflow for leases		 January to
September 2025
$ 584
160
229
$ 973
$ ( 57,021)		 January to
September 2024
$ 670
156
219
$ 1,045
$ ( 54,536)

(XIV)Investment property

1. The Company’s investment property is listed as follows:

January to September 2025 2025
Land
 Buildings Total
Cost:
Beginning balance $
82,543 $
104,963		 $
187,506
Ending balance $
82,543 $
104,963		 $
187,506
Accumulated depreciation:
Beginning balance $
－$
48,671		 $
48,671
Increase － 2,200 2,200
Ending balance $ － $ 50,871 $ 50,871
Closing net amount $
82,543 $
54,092		 $
136,635
January to September 2024
Land
 Buildings Total
Cost:
Beginning balance $
82,543 $
104,963		 $
187,506
Ending balance $
82,543 $
104,963		 $
187,506
Accumulated depreciation:
Beginning balance $
－$
45,738		 $
45,738
Increase － 2,200 2,200
Ending balance $ － $ 47,938 $ 47,938
Closing net amount $
82,543 $
57,025		 $
139,568
Rental income and direct operating expenses of investment property:
July to July to January to January to
September September September September
2025 2024 2025 2024
Rent income from $ 2,714 $
2,714 $
8,143		 $
8,143
investment property
Direct operating expenses
of investment property
that generates rental
income ( 733 ) ( 734) (2,200 ) (2,200)

2. Rental income and direct operating expenses of investment property:

～ 32 ～

$ 1,981 $

1,980 $ 5,943 $

5,943

  1. On September 30, 2025 and December 31 and September 30, 2024, the total lease payments to be received in the future for the investment properties leased out under operating leases are as follows:
Within 1 year
Over 1 year but no more than 5 years		 2025.09.30
$ 2,714
－
$ 2,714		 2024.12.31
$ 10,857
－
$ 10,857		 2024.09.30
$ 10,857
2,714
$ 13,571

  1. The Company’s investment property is depreciated on a straight-line basis over 35 years.

  2. The fair value of the investment property held by the Company as of December 31, 2023 was NT$285,803 thousand, which was based on the evaluation results of independent evaluation experts. The valuations on September 30, 2025 and on December 31 and September 30, 2024 are based on market evidence of similar real estate transaction prices, and there is no significant change in the basic assumptions as of December 31, 2023.

  3. Please refer to Note 8 for the Company’s investment property as collateral for bank borrowings on September 30, 2025 and December 31 and September 30, 2024.

(XV) Other non-current assets

Deposit for joint construction
Prepayments for business facilities
Long-term financing lease receivable
Others		 2025.09.30

$ －
43,446
48,388
47,033
$ 138,867		 2024.12.31
$ 360,000
9,762
49,370
46,823
$ 465,955		 2024.09.30
$ 360,000
29,399
49,866
38,397
$ 477,662
  1. On December 25, 2023, the Company signed a joint construction contract with the landowners of Nanshi Section, Zhonghe District, New Taipei City, and, in accordance with the contract, paid a joint construction guarantee deposit of NT$360,000 thousand, which was fully paid in 2024. Subsequently, due to a dispute between the landowners and a third-party construction company, the Company, in

～ 33 ～

order to safeguard its rights, applied for compulsory enforcement and obtained a creditor’s certificate in accordance with the law. Please refer to Note 9(2).

  1. Please refer to Note 8 for the information on the provision of solar power generation equipment to financial institutions as collateral for bank loans by the Company on September 30, 2025 and December 31 and September 30, 2024.

(XVI)Short-term loans

ort-term loans
Secured loans
Bank borrowings
Unsecured borrowings
Credit limit borrowings
Letter of credit borrowing for
purchase of materials
Interest rate range
Undrawn limit
Secured borrowings		 2025.09.30

$ 2,653,707
889,000
90,770
979,770
$ 3,633,477
2.07%~3.50%
$ 1,988,532
Note 8		 2024.12.31
$ 1,805,191
259,000
182,208
441,208
$ 2,246,399
2.07%~3.63%
$ 2,187,035
Note 8		 2024.09.30
$ 1,415,724
370,000
272,435
642,435
$ 2,058,159
2.08%~3.18%
$ 2,273,132
Note 8

(XVII) Short-term notes payable

Commercial paper payable
Less: Discounts on short-term notes
payable
Net Amount
Interest rate range
Undrawn limit
Secured borrowings
Long-term loans
Secured loans
Bank borrowings		 2025.09.30

$ 80,000
( 80)
$ 79,920
1.85%
$ －
Note 8
2025.09.30

$ 12,518		 2024.12.31
$ 80,000

( 199)
$ 79,801
1.85%
$ －
Note 8
2024.12.31
$ 14,647		 2024.09.30
$ －

－
$ －
－
$ 80,000
Note 8
2024.09.30
$ 15,349

(XVIII)Long-term loans

～ 34 ～

(XIX) Less: Due within one year
Interest rate range
Undrawn limit
Secured borrowings
Provision for liabilities
Employee benefits
Cost of decommissioning, restoration
and restoration
Others		 2025.09.30

(2,897)
$ 9,621
2.28%
$ －
Note 8
2025.09.30

$ 2,498
3,910
49,175
$ 55,583		 2024.12.31
(2,848)
$ 11,799
2.28%
$ －
Note 8
2024.12.31
$ 2,110
28,731
49,175
$ 80,016		 2024.09.30
(2,832 )
$ 12,517
2.28%
$ －
Note 8
2024.09.30
$ 2,110
29,220
49,175
$ 80,505

(XX) Post-employment benefit plan

  1. Defined contribution plan

  2. (1) The pension system under the "Labor Pension Act" applicable to the Company and its subsidiaries in the Republic of China is a government-managed defined contribution plan. A pension contribution of 6% of employees’ monthly salary is made to their personal accounts at the Bureau of Labor Insurance. The subsidiaries outside the Republic of China have participated in the defined contribution plan managed by the local government and make monthly contributions to the local government as pension funds.

  3. (2) The pension expenses recognized by the Group in 2025 and July to September 2024 and January to September 2025 and 2024 were NT$2,444 thousand, NT$2,478 thousand, and NT$7,439 thousand, and NT$7,355 thousand, respectively.

2. Defined benefit plan

The defined benefit plan-related pension expenses recognized by the Group for the periods from July to September 2025 and 2024, and from January to September 2025 and 2024, were NT$118 thousand, NT$276 thousand, NT$353

～ 35 ～

thousand, and NT$828 thousand, respectively. The above was calculated using the actuarial pension cost rates determined as of December 31, 2024 and 2023.

(XXI) Equity

1. Ordinary share capital

Ordinary share capital
Rated shares (thousand shares)
Authorized share capital
Issued and paid shares (thousand
shares)
Issued share capital		 2025.09.30

320,000
$ 3,200,000
267,031
$ 2,670,313		 2024.12.31
320,000
$ 3,200,000
267,031
$ 2,670,313		 2024.09.30
320,000
$ 3,200,000

267,031
$ 2,670,313

The par value per share of the issued ordinary share is NT$10, and the holder is entitled to one voting right and the right to receive dividends.

On June 7, 2024, the Company’s shareholders’ meeting approved the distribution of stock dividends of NT$445,052 thousand from undistributed earnings to shareholders. The capital increase was approved by the Financial Supervisory Commission and filed. The ex-date was August 5, 2024, and the share capital change registration was completed on September 25, 2024,

2. Additional paid-in capital

Additional paid-in capital
Convertible corporate bond conversion
premium
Difference between the equity price
and carrying amount of the subsidiary
acquired for disposal
Changes in net equity of affiliated
companies and joint ventures under
equity method
Interest compensation payable for
convertible corporate bonds		 2025.09.30


$ 232,709
36,010
6,828
6,075
$ 281,622		 2024.12.31
$ 232,709
36,010
6,828
6,075
$ 281,622		 2024.09.30
$ 232,709

36,010

6,828
6,075
$ 281,622

～ 36 ～

According to the Company’s Articles of Incorporation, if there is a surplus after the annual final accounts, it shall be used to offset accumulated losses from previous years. Additionally, the surplus from issuing shares above par value (including premiums from issuing common stock above par value, capital surpluses from stock issuance due to mergers, conversion premiums from convertible bonds, and gains from treasury stock transactions) and received donations can also be used to offset losses. Furthermore, if there are no losses, these amounts can be used to distribute cash dividends or to increase capital. However, the annual capital increase is limited to a certain percentage of the paidin capital.

The capital reserves arising from investments under the equity method, employee share options and share options shall not be used for any purpose.

3. Retained earnings and dividend policy

According to the Company’s profit distribution policy set forth in its Articles of Incorporation, if the Company has earnings for the year, 1% to 5% of such earnings shall be allocated as employee compensation, and no more than 3% shall be allocated as director compensation. Of the employee compensation, no less than 10% shall be distributed to basic-level employees in accordance with the Securities and Exchange Act. If the Company has accumulated losses, the amount required to offset such losses shall first be retained before calculating the allocations based on the remaining balance.

Employees’ remuneration may be paid in the form of shares or cash, and the remuneration may be paid to the employees of the Company and the subsidiaries of the Company who meet certain criteria. Remuneration to directors shall be in the form of cash only.

Matters concerning the distribution of employees’ remuneration and directors’ remuneration shall be resolved by a board of directors meeting attended by at least two-thirds of the directors and approved by more than half of the attending directors, and shall be reported at a shareholders’ meeting.

If the board of directors has resolved to pay employees’ remuneration in the form of shares, the board of directors may, at the same time, resolve to issue new shares or repurchase its own shares.

～ 37 ～

The Company’s dividend policy takes into account the Company’s capital needs and long-term financial planning, in line with current and future development plans, the investment environment and domestic and international competition, and the interests of shareholders, in order to determine the amount and type of earnings distribution. If the Company has earnings in the annual final accounting, it shall first pay income tax and make up for the losses of the previous years, and then set aside 10% of the balance as a legal reserve, unless the legal reserve amounts to the total paid-in capital. and special reserve shall be appropriated or reversed in accordance with the regulations of the competent authority. However, if a special reserve is appropriated for the net deduction of other equity accumulated in the previous period, the same amount of special reserve shall be appropriated from the undistributed earnings of the previous period. If there is still insufficient, after adding the current after-tax net profit and the item other than the current period’s net profit and including in the amount of undistributed earnings of the current period, together with the accumulated undistributed earnings, It shall be proposed to the shareholders’ meeting for resolution.

The Company may distribute earnings in the form of cash dividends or stock dividends. If distribution is made, shareholders’ dividends shall be set aside based on the distributable earnings in the year of final accounting for no less than 50% each year. The percentage of stock dividends shall not exceed 50% of the total dividends.

If the distribution of shareholders’ dividends is to be made in the form of cash, per the authorization of the board of directors, the proposal shall be approved at a board meeting attended by at least two-thirds of the directors, and the resolution shall be passed by more than half of the directors present at the meeting. The resolution shall be reported to the shareholders’ meeting.

When distributing earnings, the Company must deduct the net amount of other shareholders’ equity (such as the exchange difference on the translation of the financial statements of foreign operations and the accumulated balance of unrealized gain or loss on financial assets at fair value through other comprehensive income), set aside as special reserve before distribution. When the

～ 38 ～

amount of other deductions in other equity is reversed, the reversed amount can be included in the income available for distribution.

The Company’s 2024 and 2023 earnings distribution proposals resolved by the board meetings on April 17, 2025 and March 13, 2024 respectively are as follows:

ollows:
Appropriation of legal reserve
Cash dividends of ordinary
share
Common stock dividends		 2024
$ 87,815
587,468
－		 2023

$ 106,848

445,052

445,052		 2024

$ 2.20
$ －		 2023
$ 2.00
$ 2.00

The above proposal for the distribution of earnings for 2024 and 2023 was passed by the Board of Directors and was passed at the general shareholders’ meeting as it was.

4. Special reserves

Adopted IFRSs to provide special
reserve for the first time		 2025.09.30

$ 102,504		 2024.12.31
$ 102,504		 2024.09.30
$ 102,504

The company, in accordance with the letter Jin-Guan-Zheng-Fa No. 1010012865 and Jin-Guan-Zheng-Fa No. 1010047490 issued by the Financial Supervisory Commission and the "Q&A on the Appropriateness of Special Reserve under IFRSs," has appropriated and reversed special reserves. If the balance of the deduction of other shareholders’ equity is reversed subsequently, the special reserve may be reversed in accordance with the requirements for distribution of earnings and reversal of the reversal.

5. Other equity

Other equity
Beginning balance
Exchange differences
arising from the
translation of the
financial statements of
foreign operations		 January to September 2025
Exchange
differences on
translation
Unrealized gains
(losses) from financial
assets measured at fair
value through other
comprehensive
income
Total
$ ( 11,643 )$ 119,989 $ 108,346
( 33,404 )
－
( 33,404)
Exchange
differences on
translation
Unrealized gains
(losses) from financial
assets measured at fair
value through other
comprehensive
income
$ ( 11,643 )$ 119,989
( 33,404 )
－

～ 39 ～

January to September January to September January to September 2025
Unrealized gains
Exchange
differences on
translation		 (losses) from financial
assets measured at fair
value through other
comprehensive		 Total
income
Unrealized gains (losses) － ( 69,334) ( 69,334)
from financial assets
measured at fair value
through other
comprehensive income
Portions of affiliates and ( 14,923 ) － ( 14,923)
joint ventures recognized
under the equity method
Income tax related to other 9,665 － 9,665
comprehensive income
components
Ending balance $ ( 50,305 )$ 50,655 $ 350
January to September 2024
Unrealized gains
Exchange
differences on
translation		 (losses) from financial
assets measured at fair
value through other
comprehensive		 Total
income
Beginning balance $ ( 26,497 )$ 53,335 $ 26,838
Exchange differences 4,861 － 4,861
arising from the
translation of the
financial statements of
foreign operations
Unrealized gains (losses) － 80,360 80,360
from financial assets
measured at fair value
through other
comprehensive income
Portions of affiliates and 20,958 － 20,958
joint ventures
recognized under the
equity method
Income tax related to other ( 5,164 ) － ( 5,164)
comprehensive income
components
Disposal of equity － ( 427) ( 427)
instruments at fair value
through other
comprehensive income
Ending balance $ ( 5,842 )$ 133,268 $ 127,426
Non-controlling interests
January to January to
September 2025 September 2024
Beginning balance $ 9,525 $ 5,400
Share attributable to non-controlling
equity:

6. Non-controlling interests

～ 40 ～

Net income (loss) for the year
Exchange differences arising from
the translation of the financial
statements of foreign operations
Increase/decrease in non-controlling
equity
Ending balance		 485
917

( 342 )
94
3,000
－
$ 12,668 $ 6,411

(XXII) Operating income

1. Revenue from contracts with customers

Revenue from
customer contracts
Sales revenue
Construction
revenue (Note)
Others		 July to
September
2025
$ 1,147,170
410,707
39,317
$ 1,597,194		 July to
September
2024
$ 1,196,898
－
37,341
$ 1,234,239		 January to
September
2025
$ 3,187,920
410,707
136,629
$ 3,735,256		 January to
September
2024
$ 3,939,112
( 72 )
135,639
$ 4,074,679

Please refer to Note 14(3) for the analysis of the revenue of each main product. Note: January to September 2024 is the sales discount for the sale of houses.

2. Contract balance

Information on the Group’s revenue from contracts with customers for January to September 2025 and 2024 is as follows:

Sale of goods
Property sales
Others
Sale of goods
Property sales
Others		 2025.01.01
$ 16
98,034
664
$ 98,714
2024.01.01
$ 1,430
3,994
775
$ 6,199		 2025.09.30
$ 14
37,930
146
$ 38,090
2024.09.30
$ 1,436
76,861
220
$ 78,517		 Differences
$ ( 2)
( 60,104)
(518)
$(60,624)
Differences
$ 6
72,867
(555)
$ 72,318

The change in contractual liabilities is mainly due to the difference between

the point of meeting the repayment obligation and the time of payment by the customer.

～ 41 ～

The amounts from the contract liabilities at the beginning of the year recognized as operating revenues from January to September 2025 and 2024 were NT$71,132 thousand and NT$2,159 thousand, respectively.

(XXIII) Interest income

(XXIV) Interest on bank
deposits
Other interest income
Other income
Rental income
Dividend income
Compensation income
Default penalty
income
Others		 July to
September
2025
$ 2,774
1,991
$ 4,765
July to
September
2025
$ 2,724
78,496
－
－
3,016
$ 84,236		 July to
September
2024
$ 2,954
2,543
$ 5,497
July to
September
2024
$ 2,746
32,522
－
－
2,276
$ 37,544		 January to
September
2025
$ 9,035
4,744
$ 13,779
January to
September
2025
$ 8,173
81,266
－
62,105
6,243
$ 157,787		 January to
September
2024
$ 13,037
5,729
$ 18,766
January to
September
2024
$ 8,283
35,880
253,798
－
6,065
$ 304,026

  1. The compensation income is due to the rights litigation between the Company and four parties including Ching-Huang Chien, Ching-Ming Chien, Ching-Hsing Chien, Ching-Huei Chien due to the scheduled sale and purchase contract and supplementary agreement. The reconciliation record was signed on September 14, 2023. When it is certain to be realized, it is recognized in the book, and the necessary costs and litigation expenses are deducted.

  2. The default penalty income arose from the termination of construction industry sales agreements signed by the Company with non-related parties on May 27, 2025 and June 14, 2025. The Company recognized the gain when realization was certain, net of related necessary costs and expenses.

(XXV) Other gains and losses, net

Gains (losses) on the
disposal and
scrapping of
property, plant and
equipment
Gains (losses) on
disposal of investment		 July to
September
2025
July to
September
2024
$ ( 395) $ －
8,953
5,651		 January to
September
2025
$ ( 923)
27,260		 January to
September
2024
$ ( 69)
40,523

～ 42 ～

Net foreign currency
exchange gain (loss)
Gain (loss) on
financial assets at
fair value through
profit or loss
Other losses		 July to
September
2025
July to
September
2024
January to
September
2025
January to
September
2024
400
( 2,624
)
( 3,820 )
2,622
( 39,098 )
44,820
19,337
105,760
( 923)
( 3,300)
(2,023)
(4,143)
$ ( 31,063) $ 44,547 $ 39,831 $ 144,693

(XXVI) Finance costs, net

Interest expense
Borrowing interest
Lease liabilities and
expenses
Others
Less: Amount of
capitalized
assets that meet
the criteria		 July to
September
2025
July to
September
2024
January to
September
2025
January to
September
2024
$ 25,195 $ 13,332 $ 56,195 $ 35,440
3,124
3,386
9,651
10,010
11
10
32
30
( 17,784 )
( 6,024 )
( 35,882 ) ( 14,029 )
$ 10,546 $ 10,704 $ 29,996 $ 31,451

(XXVII) Additional information on the nature of the expense

Employee benefit
expense
Salary expenses
Labor and
national health
insurance expenses
Pension expense
Other employee
benefit expenses
Depreciation
expense
Amortization
expense
Total		 July to September 2025
Attributable
to operating
costs
Attributable
to operating
expenses
Total
$ 48,134 $ 19,888 $ 68,022
5,234
1,543
6,777
1,831
1,583
3,414
2,864
18,299
21,163
29,363
3,884
33,247
2,749
1,801
4,550
$ 90,175 $ 46,998 $ 137,173		 July to September 2025
Attributable
to operating
costs
Attributable
to operating
expenses
Total
$ 48,134 $ 19,888 $ 68,022
5,234
1,543
6,777
1,831
1,583
3,414
2,864
18,299
21,163
29,363
3,884
33,247
2,749
1,801
4,550
$ 90,175 $ 46,998 $ 137,173		 July to September July to September 2024
Attributable
to operating
costs
$ 48,134
5,234
1,831
2,864
29,363
2,749
$ 90,175		 Attributable
to operating
expenses
$ 19,888
1,543
1,583
18,299
3,884
1,801
$ 46,998		 Attributable
to operating
costs
$ 51,217
5,155
1,950
2,775
31,051
2,156
$ 94,304		 Attributable
to operating
expenses

Total
$ 21,193
1,548
804
21,722
3,680
9		 $ 72,410
6,703
2,754
24,497
34,731
2,165
$ 48,956 $ 143,260
Employee benefit
expense
Salary expenses
Labor and
national health
insurance expenses
Pension expense
Other employee
benefit expenses		 January to September 2025
Attributable
to operating
costs
Attributable
to operating
expenses
Total
$ 142,367 $ 61,394 $ 203,761
16,607
5,304
21,911
5,604
3,468
9,072
8,109
52,973
61,082		 January to September 2025
Attributable
to operating
costs
Attributable
to operating
expenses
Total
$ 142,367 $ 61,394 $ 203,761
16,607
5,304
21,911
5,604
3,468
9,072
8,109
52,973
61,082		 January to September 2024 January to September 2024 January to September 2024
Attributable
to operating
costs
$ 142,367
16,607
5,604
8,109		 Attributable
to operating
expenses
$ 61,394
5,304
3,468
52,973		 Attributable
to operating
costs
$ 150,151
15,878
5,804
7,780		 Attributable
to operating
expenses

Total
$ 60,584
5,206
4,742
87,866		 $ 210,735

21,084
10,546

95,646

～ 43 ～

Depreciation
expense
Amortization
expense
Total		 January to September 2025
89,884
11,685
101,569
8,915
1,924
10,839
$ 271,486 $ 136,748 $ 408,234		 January to September 2025
89,884
11,685
101,569
8,915
1,924
10,839
$ 271,486 $ 136,748 $ 408,234		 January to September 2024 January to September 2024 January to September 2024
89,884
8,915
$ 271,486		 11,685
1,924
$ 136,748		 93,682
6,685
$ 279,980		 10,672
51
104,354

6,736
$ 169,121 $ 449,101
  1. In accordance with the Company’s Articles of Incorporation, the Company shall appropriate 1% to 5% of the balance, if any, after deducting accumulated losses from the current year’s profit as employees’ remuneration, and no more than 3% as directors’ remuneration.

Julyto September 2025
Remuneration
to employees
Remuneration
of Directors
$ 9,836 $ 5,901
Januaryto September 2025
Remuneration
to employees
Remuneration
of Directors
$ 27,924 $ 16,754		 Julyto September 2024 Julyto September 2024

Remuneration
to employees
Remuneration
of Directors
$ 11,337 $ 6,802
Januaryto September 2024		 Remuneration
of Directors
$ 6,802
Remuneration
to employees

$ 27,924
Remuneration
to employees

$ 48,187		 Remuneration
of Directors
$ 28,912

The remunerations to the employees and Directors are estimated at 5% and 3% of the net income before tax, respectively. If there is still a change in the amount of the annual financial statements after the publication date, it will be treated as a change in accounting estimates and will be adjusted and accounted for in the next year.

  1. The Company held board meetings on April 17, 2025 and March 13, 2024, respectively, and resolved to approve the employees’ remuneration and directors’ remuneration for 2024 and 2023:

2024 2023 Remuneration Remuneration Remuneration Remuneration to employees of Directors to employees of Directors Amount to be $ 52,962 $ 31,777 $ 56,384 $ 42,288 distributed as resolved

The employees’ remuneration and directors’ remuneration for 2024 and 2023 as resolved by board of meetings are consistent with the amounts recognized in the financial report.

～ 44 ～

Information on employees’ and directors’ remuneration as resolved by the Company’s Shareholders’ Meeting is available on the Market Observation Post System website of the Taiwan Stock Exchange.

(XXVIII) Income taxes

1. Components of income tax expense

July to July to January to January to January to
September September September September
2025 2024 2025 2024
Current income tax
Occurrences
in		 the
current year $ 19,040 $ 19,988 $ 74,036 $ 135,224
Return of withholding tax
on repatriated offshore
funds － ( 6,542 ) － ( 6,542 )
Adjusted
in
previous
years － － 84 24
Land Value Increment
Tax 881 － 881 －
19,921 13,446 75,001 128,706
Deferred income taxes
The origin and reversal
of the temporary difference 6,723 5,969 2,112 5,813
Income tax expense $ 26,644 $ 19,415 $ 77,113 $ 134,519
Income tax expenses related to other comprehensive income
July to July to January to January to
September September September September
2025 2024 2025 2024
Difference on translation of
financial
statements		 of
foreign operations $ 1,625 $ 5,587 $ ( 9,665) $ 5,164
The accounting income and income tax expense recognized in profit or loss for the
year are adjusted as follows:
July to July to January to January to
September September September September
2025 2024 2025 2024
Profit before tax $ 183,121 $ 210,596 $ 520,871 $ 895,352
Tax amount on net profit
before tax calculated at
statutory tax rate $ 41,406 $ 44,135 $ 119,038 $ 191,945
Tax effects of the adjusted
items:
Effects of items not
included in the
calculation of taxable
income ( 21,297 ) ( 23,680 ) ( 38,629 ) ( 51,175 )
Occurrence and reversal
of temporary difference 6,723 5,969 2,112 5,813
Loss carryforwards ( 1,298 ) ( 780 ) ( 6,602 ) ( 6,689 )
Basic tax amount 229 313 229 1,143
Return of withholding tax
on repatriated offshore
funds － ( 6,542 ) － ( 6,542 )

2. Income tax expenses related to other comprehensive income

  1. The accounting income and income tax expense recognized in profit or loss for the

～ 45 ～

Income tax adjustment for
prior years
Land Value Increment Tax
Income tax expense
recognized in profit or loss		 July to
September
2025
－
881
$ 26,644		 July to
September
2024
－
－
$ 19,415		 January to
September
2025
84
881
$ 77,113		 January to
September
2024

24

－
$ 134,519

The parent company only tax rate applicable to the Group under the Income Tax Act of the Republic of China is 20%. The applicable tax rate for the unappropriated earnings is 5%. Taxes arising in other jurisdictions are calculated in accordance with the tax rates applicable in the respective jurisdictions.

4. Deferred income tax assets or liabilities arising from temporary differences

Deferred income tax
assets
Temporary difference
Unrealized inventory
devaluation and
obsolescence losses
Others
Deferred income tax
liabilities
Property, plant and
equipment
Exchange differences
on foreign
operations
Income tax impact of
investment gains
and losses
recognized under
the equity method
Others		 January to September 2025 January to September 2025
Beginning
balance
$ 8,412
1,108
$ 9,520
$ 162,405
17,244
11,777
22
$ 191,448		 Recognized
in profit or
loss
Recognized in
other
Comprehensive
income (loss)
Ending
balance
$ ( 3,277 )$ －$ 5,135
(75)
－
1,033
$ (3,352)$ －$ 6,168
$ －$ －$ 162,405
－
( 9,665 )
7,579
( 1,236 )
－
10,541
(4)
－
18
$ (1,240 )$ ( 9,665 ) $ 180,543
January to September 2024		 Ending
balance
$ 5,135
1,033
$ 6,168
Beginning
balance		 Recognized
in profit or
loss		 Recognized in
other
Comprehensive
income (loss)		 Ending
balance

Deferred income tax

assets Temporary difference

～ 46 ～

Unrealized inventory
devaluation and
obsolescence losses
Others
Deferred income tax
liabilities
Property, plant and
equipment
Exchange differences
on foreign
operations
Income tax impact of
investment gains
and losses
recognized under
the equity method		 January to September 2024
Beginning
balance
$ 11,456
1,547
$ 13,003
$ 162,405
13,531
3,805
$ 179,741		 Recognized
in profit or
loss
Recognized in
other
Comprehensive
income (loss)
$ ( 3,623 )$ －
(203)
－
$ (3,826)$ －
$ －$ －
－
5,164
1,987
－
$ 1,987 $ 5,164		 Ending
balance
$ 7,833
1,344
$ 9,177
$ 162,405

18,695
5,792
$ 186,892
  1. Due to the impact of COVID-19, the Company’s 2022 profit-seeking enterprise income tax filing was approved by the National Taxation Bureau, Ministry of Finance, Taipei, on May 30, 2023, to be paid in 36 installments. The payment status as of September 30, 2025, is as follows:
Tax payable
Tax paid
Number of installments paid		 2022
$ 76,175
$ 59,247
28

6. Authorization of income tax

As of September 30, 2025, the Company’s profit-seeking enterprise income

tax returns have been approved by the tax collection authority up to the year 2022.

(XXIX) Earnings per share

Basic earnings per share:
Net income attributable to owners of
parent company
Weighted average number of outstanding
shares for the current period (thousand
shares)		 July to September
2025
$ 156,608
267,031		 July to September
2024
$ 191,130
267,031

～ 47 ～

July to September
July to September		 July to September
July to September
2025 2024
Basic earnings per share:
Basic earnings per share (after tax) (NTD) $ 0.59 $ 0.72
January to January to
September 2025 September 2024
Basic earnings per share:
Net income attributable to owners of
parent company		 $
443,273 $
759,916
Weighted average number of outstanding
shares for the current period (thousand 267,031 267,031
shares)
Basic earnings per share (after tax) (NTD) $
1.66 $
2.85
On June 7, 2024, the company resolved at the shareholders’ meeting that the
record date for the capitalization of earnings would be August 5, 2024. The
weighted average number of shares outstanding from January 1 to September 30,
2024 has been retroactively adjusted based on the earnings capitalization ratio.

(XXX) Reconciliation of liabilities arising from financing activities

Short-term loans
Short-term notes
payable
Long-term borrowings
(including long-term
liabilities due within
one year or one
operating cycle)
Lease liabilities
Refundable deposits
received
Total liabilities from
financing activities
Short-term loans		 2025.01.01

$ 2,246,399
79,801
14,647
515,375
6,583
$ 2,862,805
2024.01.01

$ 1,691,943		 Non-cash
changes
Cash flow
Others
$ 1,387,078 $ －
119
－
( 2,129 )
－
( 56,048 )
14,470
250
－
$ 1,329,270 $ 14,470
Non-cash
changes
Cash flow
Others
$ 366,216 $ －		 2025.09.30
$ 3,633,477
79,920
12,518
473,797
6,833
$ 4,206,545
2024.09.30
$ 2,058,159

～ 48 ～

Long-term borrowings
(including long-term
liabilities due within
one year or one
operating cycle)
Lease liabilities
Refundable
deposits
received
Total liabilities from
financing activities		 2024.01.01

17,434
532,965
17,083
$ 2,259,425		 Non-cash
changes
Cash flow
Others
( 2,085)
－
( 53,491)
50,374
( 10,500
)
－
$ 300,140 $ 50,374		 2024.09.30
15,349
529,848
6,583
$ 2,609,939

VII. Related party transactions

(I) Names and relationships of related parties

Name of related party Relationship with the Group Mayer Corporation Development International Limited Subsidiaries Mei Kong Development International Limited Subsidiaries (hereinafter referred to as Mayer Development) GRAND TECH PRECISION MANUFACTURING Affiliated company (THAILAND) CORPORATION LIMITED (hereinafter referred to as GRAND TECH PRECISION) Diamond Precision Steel Corp. Affiliated company Diamond Precision Steel Corp. (Vietnam) Affiliated company LUEN JIN ENTERPRISE CO., LTD. Affiliated company BPM Development Co., Ltd. (hereinafter referred to as Other related party BPM Development) Athena Information Systems Ltd., Co. Other related party Yuanqi Development Consulting Co., Ltd. Other related party Yuanyi Construction Co., Ltd. (hereinafter referred to as Other related party Yuanyi Construction) E-CON OPTICS COMMUNICATIONS INC. Other related party MIRAMAR HOSPITALITY CO., LTD Other related party All Director, Presidents, Vice Presidents, and other Key management managers personnel

(II) Material transactions with related parties

In 2025 and from January to September 2024, the Group conducted the following business transactions with the related party of the non-consolidated company:

～ 49 ～

1. Sales revenue

Sales revenue
Affiliated company July to
September
2025
$ 21,393		 July to
September
2024
$ 25,092		 January to
September
2025
$ 59,772		 January to
September
2024
$ 74,098

The Group’s sale to the above-mentioned related party is based on the terms and conditions agreed by both parties.

2. Accounts receivable

2. Accounts receivable
3.
4.
5.
6.
7.		 2025.09.30
Affiliated company
$ 8,474
Real estate under construction
2025.09.30
Other related party
$ 3,333
Other receivables (including loans of funds)
2025.09.30
General Payment
Subsidiaries
$ 171
Affiliated company
－
Other related party
1,491
Loaning of funds
Subsidiaries
18,547
Subtotal
20,209
Less: Loss allowance
(18,718)
$ 1,491
Prepayments
2025.09.30
Other related party
$ 10,400
Refundable deposits
2025.09.30
Other related party
$ 5
Accounts payable
2025.09.30		 2024.12.31
$ 8,221
2024.12.31
$ 1,762
2024.12.31
$ 184
74
－
19,973
20,231
(20,157)
$ 74
2024.12.31
$ 4,400
2024.12.31
$ 5
2024.12.31		 2024.09.30
$ 13,345
2024.09.30
$ 1,205
2024.09.30
$ 178
73
171
19,284
19,706
(19,462 )
$ 244
2024.09.30
$ 3,200
2024.09.30
$ 5
2024.09.30

General Payment
Subsidiaries
Affiliated company
Other related party
Loaning of funds
Subsidiaries
Subtotal
Less: Loss allowance
Prepayments
Other related party
Refundable deposits
Other related party
Accounts payable

～ 50 ～

$

－ $ 100

－ $

8.
9.
10.
11.		 Other related party
Other payables
Other related party
Other income
Other related party
Lease income
Other related party
Dividend income
Deductions of
investments accounted
for using the equity
method
GRAND TECH
PRECISION
KY—Diamond
Affiliated company
Other income recognized
TZE SHIN
INTERNATIONAL
Other related party		 July to
September
2025
$ 563
July to
September
2025
$ －
July to
September
2025
$ －
－
－
－
15,465
－
15,465
$ 15,465		 $ －
2025.09.30
$ 8
July to
September
2024
$ 171
July to
September
2024
$ 22
July to
September
2024
$ －
－
－
－
21,275
－
$ 21,275
$ 21,275		 $ －
2024.12.31
$ 12
January to
September
2025
$ 1,491
January to
September
2025
$ －
January to
September
2025
$ 42,791
69,823
3,263
115,877
15,465
－
15,465
$ 131,342		 $ 100
2024.09.30
$ 135
January to
September
2024
$ 171
January to
September
2024
$ 112
January to
September
2024

$ 39,850

55,823

2,610

98,283

21,275
413
$ 21,688
$ 119,971

12. Endorsements/guarantees

Counterparty of
endorsements/
guarantees
Mayer Steel
Pipe
Mai Kong
Development		 Counterparty
of
endorsements
and guarantees
Yuanyi
Construction
BPM
Development		 2025.09.30
$ 196,900
2,350,000
$ 2,546,900		 2024.09.30
$ －

2,350,000
$ 2,350,000

13. Others

～ 51 ～

(1) Attributable operating cost

July to
September
2025
Affiliated company
$ －
Other related party
22
$ 22
Attributable operating expenses
July to
September
2025
Other related party
$ 68		 July to
September
2024
January to
September
2025
January to
September
2024
$ ( 210 )$ ( 70 ) $ ( 618 )
36
67
107
$(174)$(3)$(511 )
July to
September
2024
January to
September
2025
January to
September
2024
$ 189 $ 226 $ 295

(2) Attributable operating expenses

  • (3) On February 4, 2021, the Group and BPM Development amended the contract for the joint construction of residential buildings on the land in Xitou Section, Qidu District, Keelung. The Group will be allocated 1.32 pings of the building property’s registered area per ping of construction land available.

(III) Compensation to key managerial officers

Salary and other short-term
employee benefits
Post-employment benefits		 July to
September
2025
$ 16,608
91
$ 16,699		 July to
September
2024
$ 17,251
79
$ 17,330		 January to
September
2025
$ 49,457
676
$ 50,133		 January to
September
2024
$ 67,773

606
$ 68,379

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

VIII.Assets pledged

On September 30, 2025 and December 31 and September 30, 2024, the carrying amounts of the restricted usage assets provided by the Group to financial institutions as for long and short-term loans are detailed as follows:

Inventories - Construction
Other financial assets - bank deposits		 2025.09.30
$ 2,198,332
35,477		 2024.12.31
$ 701,614
38,726		 2024.09.30
$ 494,924

53,008

～ 52 ～

Other financial assets - Current Financial
Assets at Fair Value through Profit or Loss
Other financial assets - Current investments in
equity instruments designated at fair value
through other comprehensive income
Other financial assets - Non-current Financial
Assets at Fair Value through Profit or Loss
Financing lease receivables
Property, plant and equipment
Investment property		 2025.09.30
38,500
107,565
77,503
36,777
618,286
136,635
$ 3,249,075		 2024.12.31

127,075

150,875
109,729
37,253
617,778
138,835
$ 1,921,885		 2024.09.30

128,775

171,110
153,830

37,847

580,790

139,568
$ 1,759,852

IX. Material contingent liabilities and unrecognized contractual commitments

  • (I) On April 5, 2017, the Securities and Futures Commission of Hong Kong ruled that Mayer Holdings Limited (Cayman) and nine current and former senior executives failed to fulfill their disclosure obligations under the Securities and Futures Ordinance and were collectively fined for HKD10.2 million. The Company appointed attorneys to represent the Company’s President to appeal to the Court of Appeal of Hong Kong High Court, awaiting its further instruction. As of September 30, 2025, the Company’s accumulated attorney fees recognized as a result of the above cases amounted to HKD 7,009 thousand.

  • (II) On December 25, 2023, the Company signed a construction contract with the landlord for the joint construction of the Nanshi Section, Zhonghe District, New Taipei City, and paid a guarantee fund of NT$360,000 thousand for the joint construction in accordance with the contract. On February 17, 2025, the Company was informed that Construction Company A had filed with the court for provisional injunction and provisional attachment of the land, and the Taiwan Taipei District Court granted the request. To safeguard the Company’s rights, the Company filed with the court for compulsory enforcement of the issued promissory notes and, in accordance with the contract, claimed that the landlord should terminate the joint construction contract with Construction Company A, or otherwise return the guarantee deposit paid by the Company. On March 14, 2025, for the purpose of claim protection, the Company

～ 53 ～

applied for compulsory enforcement against the landlord’s property. The Taiwan Taipei District Court accepted the case and issued a creditor’s certificate under Si-ZhiZi No. 60555 of 2025. The guarantee deposit of NT$200,000 thousand originally recorded under deposits for guarantees has been reclassified to other receivables, and expected credit losses have been recognized based on subsequent legal actions and the assessed likelihood of debt recovery.

  • (III) As of September 30, 2025, December 31, 2024, and September 30, 2024, the unused balances of the letters of credit issued by the Group were NT$144,531 thousand, NT$133,725 thousand, and NT$203,836 thousand, respectively.

  • (IV) As of September 30, 2025, and December 31 and September 30, 2024, the balances of guaranteed notes issued by the Group for bank loans, purchase of materials, and endorsements/guarantees were NT$4,262,520 thousand, NT$4,008,240 thousand, and NT$3,987,200 thousand, respectively.

  • (V) As of September 30, 2025, and December 31 and September 30, 2024, the significant contracted but unpaid amounts for the purchase of machinery and equipment, construction in progress, and land development of the Group were NT$548,939 thousand, NT$1,732,039 thousand and NT$231,531 thousand, respectively.

  • X. Losses due to major disasters: None.

XI. Material events after the reporting period: None.

XII. Others:

(I) Explanation of seasonality or periodicity of interim operations

The Group’s operations are not affected by seasonal or cyclical factors.

(II) Capital risk management

As the Group needs to maintain sufficient capital to support the needs for expansion and upgrade of plants and equipment. Therefore, the Group’s capital management aims to ensure that it has the necessary financial resources and operating plans to meet the needs for working capital, capital expenditures, research and development expenses, debt repayment and dividend payments required in the next 12 months.

(III) Financial instruments

～ 54 ～

1. Type of financial instruments

2025.09.30 2024.12.31 2024.09.30

Type of financial instruments 2025.09.30 2024.12.31 2024.09.30
Financial assets
Measured at amortized cost (Note 1) $ 1,546,537 $ 1,582,032 $ 1,683,554
Measured at fair value through profit 730,340
607,974 645,866
or loss
Measured at fair value through other 371,349
279,204 359,468
comprehensive income
Financial liabilities
Measured at amortized cost (Note 2) $ 4,192,365 $ 2,626,384 $ 2,626,957

Note 1: The balance includes financial assets measured at amortized cost, including cash and cash equivalents, notes receivable, accounts receivable, other receivables, refundable deposits, financing lease receivables, and other financial assets.

  • Note 2: The balance includes financial liabilities measured at amortized cost, including short-term borrowings, short-term notes payable, notes payable, accounts payable, other payables, guarantee deposits received and long-term borrowings.

2. Information on fair value

  • (1) Financial instruments not measured at fair value

The Group believes that the carrying amount of financial assets and financial liabilities measured at amortized cost is a reasonable approximation of the fair value.

  • (2) Financial instruments measured at fair value

The following table provides the relevant analysis of the financial instruments measured at fair value after initial recognition, and is divided into Levels 1 to 3 based on the observability of the fair value.

  • A. Level 1 fair value measurement refers to the open quotation (unadjusted) of the same asset or liability from the active market.

  • B. Level 2 fair value measurements refer to the deriving of the fair value from the directly (i.e., price) or indirect (i.e., price-derived) observable input values of the asset or liability, in addition to the publicly quoted prices in Level 1.

～ 55 ～

  • C. The third level of fair value measurement refers to the evaluation technology to derive the fair value from the input value of the asset or liability not based

on observable market data (unobservable input value).

Repetitive fair value 2025.09.30 2025.09.30
Level 1
Level 2
Level 3
Total
Financial assets at fair value
through profit or loss
Stocks of domestic
TWSE/TPEs listed
companies
Stocks of domestic non-
listed companies
Fund beneficiary
certificates
Financial assets at fair value
through other
comprehensive income
Stocks of domestic
TWSE/TPEs listed
companies
Stocks of domestic non-
listed companies
Stocks of foreign non-
listed (OTC) companies
Repetitive fair value		 $ 131,737
－
4,065		 $ －
－
－		 $ －
472,172
－		 $ 131,737
472,172
4,065
$ 135,802 $ － $ 472,172 $ 607,974
$ 142,865
－
－		 $ －
－
－		 $ －
2,681
133,658		 $ 142,865
2,681
133,658
$ 142,865 $ － $ 136,339 $ 279,204
2024.12.31
Level 1
Level 2
Level 3
Total
Financial assets at fair value
through profit or loss
Stocks of domestic
TWSE/TPEs listed
companies
Stocks of domestic non-
listed companies
Fund beneficiary
certificates
Financial assets at fair value
through other
comprehensive income
Stocks of domestic
TWSE/TPEs listed
companies
Stocks of domestic non-
listed companies
Stocks of foreign non-
listed (OTC) companies		 $ 213,506
－
967		 $ －
－
－		 $ －
431,393
－		 $ 213,506
431,393
967
$ 214,473 $ － $ 431,393 $ 645,866
$ 200,388
－
－		 $ －
－
－		 $ －
2,275
156,805		 $ 200,388
2,275
156,805
$ 200,388 $ － $ 159,080 $ 359,468

～ 56 ～

Repetitive fair value 2024.09.30 2024.09.30
Level 1
Level 2
Level 3
Total
Financial assets at fair value
through profit or loss
Stocks of domestic
TWSE/TPEs listed
companies
Stocks of domestic non-
listed companies
Fund beneficiary
certificates
Financial assets at fair value
through other
comprehensive income
Stocks of domestic
TWSE/TPEs listed
companies
Stocks of domestic non-
listed companies
Stocks of foreign non-
listed (OTC) companies		 $ 242,530
－
3,025		 $ －
－
－		 $ －
484,785
－		 $ 242,530
484,785
3,025
$ 245,555 $ － $ 484,785 $ 730,340
$ 226,540
－
－		 $ －
－
－		 $ －
2,324
142,485		 $ 226,540
2,324
142,485
$ 226,540 $ － $ 144,809 $ 371,349

There were no transfers between Level 1 and Level 2 fair value measurements of the Group’s financial assets and liabilities measured at fair value on a recurring basis from January 1 to September 30, 2025 and 2024. Reconciliation of financial instruments measured at Level 3 fair value

The Group’s financial assets classified as Level 3 fair value are investments in equity instruments that are measured at fair value through profit or loss and that are measured at fair value through other comprehensive income.

The adjustment of financial assets measured at fair value through profit and loss is as follows:

and loss is as follows:
Beginning balance
Increase in current period
Unrealized profit or loss of
financial assets measured at
fair value through profit or
loss
Ending balance		 January to
September 2025
$ 431,393
15,595
25,184
$ 472,172		 January to
September 2024
$ 349,658
34,984
100,143
$ 484,785

The adjustment of the investment in equity instruments measured at fair value through other comprehensive income is as follows:

～ 57 ～

Beginning balance
Refunds from decapitalization
Unrealized gain or loss on
financial assets at fair value
through other
comprehensive income
Ending balance		 January to
September 2025
$ 159,080
( 10,930 )
( 11,811 )
$ 136,339		 January to
September 2024
$ 136,198
( 10,930 )
19,541
$ 144,809

(3) Valuation techniques and assumptions adopted for measuring fair value

The fair value of the Group’s financial assets and financial liabilities is determined using the following methods and assumptions:

The fair value of financial assets and financial liabilities with standard terms and conditions and traded in active markets is determined by reference to market quotations (including corporate bonds, government bonds, stocks of TWSE/TPEX listed companies, and government bonds).

For the stocks of unlisted companies for which there is no active market, the fair value is estimated by the market method, and the determination is based on recent fund-raising activities, evaluation of companies of the same type, the company’s technology development, market conditions, and other economic indicators.

3. Financial risk management objectives and policies

The objective of the Group’s financial risk management is to manage exchange rate risk, interest rate risk, credit risk and liquidity risk related to operating activities. In order to reduce related financial risks, the Company is committed to identifying, evaluating and avoiding market uncertainties to reduce the potential adverse effects of market changes on the Company’s financial performance.

The Group’s major financial activities are reviewed by the Board of Directors in accordance with the relevant regulations and internal control system. During the period of the financial plan, the Company must strictly abide by the relevant financial operating procedures regarding overall financial risk management and division of authority.

(1) Market risk

～ 58 ～

The Group’s market risk arises from the fluctuation of 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.

A. Exchange rate risk

The Group’s operating activities and net investment in foreign operating institutions are mainly conducted in foreign currency, so the foreign currency exchange rate risk is generated. The Group’s receivables and payables denoted in foreign currencies are partially denominated in the same currency. In this case, certain positions will have a natural hedging effect; in addition, the net investment in foreign operating institutions is Hedging.

The sensitivity analysis on the calculation of foreign currency exchange rate risk from the information of foreign currency financial assets and liabilities of the Group with significant impact is as follows:

Unit: Each in thousands of foreign currency 2025.09.30

(Foreign
currency:
functional currency)
Financial assets
Monetary items
USD: NTD
USD: VND
Financial liabilities
USD: VND
HKD: NTD		 Foreign
currency
$ 711
324
$ 40
12,500		 Exchange
rate
30.44
26,424
26,424
3.917		 Range of
change
1%
1%
1%
1%		 Impacted
profit and
loss
(NTD)
217
99
12
490

Unit: Each in thousands of foreign currency 2024.12.31

(Foreign
currency:
functional currency)
Financial assets
Monetary items
USD: NTD
USD: VND
Financial liabilities
USD: VND
HKD: NTD		 Foreign
currency
$ 372
228
$ 11
12,500		 Exchange
rate
32.78
25,490
25,490
4.225		 Range of
change
1%

1%
1%

1%		 Impacted
profit and
loss
(NTD)
$ 122
75
$ 4
528

～ 59 ～

Unit: Each in thousands of foreign currency 2024.09.30

(Foreign
currency:
functional currency)
Financial assets
Monetary items
USD: NTD
USD: VND
Financial liabilities
USD: VND
 Foreign
currency
$ 1,591
216
$ 17		 Exchange
rate
31.65
24,575
24,575		 Range of
change
1%
1%
1%		 Impacted
profit and
loss
(NTD)
503
68
5

B. Interest rate risk

Interest rate risk refers to the risk of changes in the fair value of financial instruments due to changes in market interest rates. The Company’s interest rate risk is mainly from fixed income investments and fixed interest rate borrowings.

The sensitivity analysis of interest rate risk is based on the change in the fair value of the fixed income investment at the end of the reporting period. If the interest rate increases/decreases by 0.25%, and all other factors remain unchanged, the Group’s net income for the periods from January to September 2025 and 2024 would increase (decrease) by NT$(5,165) thousand and NT$(2,635) thousand, respectively.

C. Other price risk

The price risk of the Group’s equity instruments mainly comes from financial assets measured at fair value through gains and losses and financial assets measured at fair value through other comprehensive income. All significant equity instrument investments are subject to the approval of the Company’s board of directors.

The sensitivity analysis of equity instrument price risk is based on the change in fair value at the end of the reporting period. If the price of equity instruments increases/decreases by five percentage points (5%), the Group’s net income for the periods from January to September 2025 and 2024 would increase (decrease) by NT$6,793 thousand and NT$12,305 thousand,

～ 60 ～

respectively, and other comprehensive income would increase (decrease) by NT$7,167 thousand and NT$11,374 thousand, respectively.

(2) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations and cause financial loss to the Group. The Group’s credit risk mainly comes from receivables generated from operating activities, bank deposits, fixed income investment and other financial instruments generated from investment activities. Operation-related credit risk and financial credit risk are managed separately.

A. Operation-related credit risk

In order to maintain the quality of accounts receivable, the Group has established procedures for credit risk management related to operations.

The risk assessment of individual customer takes into account factors that may affect the customer’s ability to pay, including the customer’s financial position, credit rating agency ratings, the Group’s internal credit rating, historical transaction records, and current economic conditions. The Group also uses certain credit enhancement instruments at appropriate times, such as prepayment for purchases and credit insurance, in order to reduce the credit risk of specific customers.

The Group has a large customer base that are not related to each other, so the concentration of credit risk is limited. As of September 30, 2025 and December 31 and September 30, 2024, the balances of accounts receivable from the top ten customers as a percentage of the Group’s total accounts receivable balance were 56%, 54%, and 74%, respectively.

B. Financial credit risk

The credit risk of bank deposits and other financial instruments is measured and monitored by the Group’s Finance Department. As the counterparties of the Group’s transactions and the counterparties are banks with good credit standing and financial institutions with investment grade or above, and there is no major concern about performance, there is no significant credit risk.

～ 61 ～

(3) Liquidity risk management

The goal of the Group’s liquidity risk management is to maintain the cash and cash equivalents, highly liquid securities and sufficient bank financing facilities required for maintaining operations, to ensure that the Group has sufficient financial flexibility.

The following table summarizes the analysis of the Group’s financial liabilities with the agreed repayment periods by maturity date and undiscounted maturity amount:

Non-derivative financial 2025.09.30
2-3 years
$ －
－
－
－
118,462
5,996
$ 124,458		 4-5 years
$ －
－
－
－
115,011
3,625
$ 118,636
2024.12.31		 Over 5
years
$ －
－
－
－
179,588
－
$ 179,588		 Total
$ 3,633,477
79,920
309,992
149,625
473,797
12,518
$ 4,659,329
2-3 years
$ －
－
－
－
114,695
5,894
$ 120,589		 4-5 years
$ －
－
－
－
119,044
5,905
$ 124,949
2024.09.30		 Over 5
years
$ －
－
－
－
220,624
－
$ 220,624		 Total
$ 2,246,399
79,801
84,530
194,424
515,375
14,647
$ 3,135,176
Less than 1
year

$ 2,058,159
387,325		 2-3 years
$ －
－		 4-5 years
$ －
－		 Over 5
years
$ －
－		 Total
$ 2,058,159
387,325
liabilities
Short-term loans
Notes and accounts
payable (including
related parties)

～ 62 ～

Other payables
(including related
parties)
Lease liabilities
Long-term bank
borrowings		 159,541
60,548
2,832
$ 2,668,405		 －
114,858
5,861
$ 120,719		 －
120,314
6,133
$ 126,447		 －
234,128
523
$ 234,651		 159,541
529,848
15,349
$ 3,150,222

XIII. Disclosures in notes:

  • (I) Material transactions with related parties:

  • Loans to others: Please refer to Table 1.

  • Endorsements/guarantees provided for others: Please refer to Table 2.

  • Marketable securities held at the end of the period (excluding investments in subsidiaries, affiliates or joint ventures): Please refer to Table 3.

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

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

  • Business relationships and major transactions between the parent company and subsidiaries: Please refer to Table 4.

  • (II) Information on investees:

The name and location of the investee company and other relevant information - does not include the investee companies in Mainland China: Please refer to Table 5.

  • (III) Investment information in Mainland China

  • Information on the investee company in Mainland China, including the name, principal business, paid-in capital, method of investment, inward and outward remittance of funds, shareholding, investment income or loss, carrying amount of the investment at the end of the period, repatriation of investment income, and limit on the amount of investment in the Mainland China area: None.

  • Significant transactions with investee companies in mainland China, either directly or indirectly through third regions, and their prices, payment terms, and unrealized gains or losses: None.

XIV. Department Information

～ 63 ～

(I) General information

For management purposes, the Group’s operation decision-makers divided the operating units according to business entities and divided the main reportable departments into Steel Department, Real Estate Investment Department, Investment Department, and Hotel Service Department.

  1. Steel Department: This department produces and sells black steel pipes for piping, galvanized pipes, and stainless-steel coils.

  2. Real Estate Investment Department: This department engages in the development, leasing, and trading of real estate by purchasing and constructing lands for own construction or joint construction and separate selling.

  3. Investment Department: This department is mainly responsible for the holding company and investment business.

  4. Hotel Services Department: This department is mainly engaged in the business of hotels.

(II) Basis of measurement

The operational decision-makers of the Group supervise the operating results of each operating unit individually to make decisions on resource allocation and performance evaluation. The department’s performance is evaluated based on net income (loss) before tax, which is measured in a manner consistent with the net income (loss) before tax in the consolidated financial statements. In addition, as the Group does not include the amount of assets and liabilities in the business decision-making report, the measured amount of assets and liabilities of the operating department is zero. The accounting policies of the operating segments are the same as the summary of important accounting policies described in Note 2 to the consolidated financial statements.

(III) Information on departmental profits and losses, assets and liabilities

Information on segment revenue and operating results of the Group is as follows:

Income
 January to September 2025 January to September 2025 January to September 2025 January to September 2025 Total
3,735,256
－
3,735,256
Steel Department
$ 3,187,920
－
$ 3,187,920
Real Estate
Investment
Department
$ 410,707

－
$ 410,707		 Investment
Department

$ 2,071

－
$ 2,071		 Hotel Services
Department
$ 134,558

51
$ 134,609		 Elimination of
inter-segment
write-offs
$ －
( 51)
$(51)
Revenue from
external customers
Inter-department
revenue		 $ $ $ $ $ $
$ $ $ $ $ $
Operating income $ 331,005 $ (124,858) $ 9,030 $ 41,295 $ 1,427 $ 257,899
Share of net profit
of affiliated
companies and		 $ 156,348 $ － $ － $ － $ ( 74,777 ) $ 81,571

～ 64 ～

Income
 January to September 2025 January to September 2025 January to September 2025 January to September 2025 Total
Steel Department
Real Estate
Investment
Department		 Investment
Department
 Hotel Services
Department		 Elimination of
inter-segment
write-offs
joint ventures
under the equity
method
Income tax expense $ 75,311 $ 881 $ 692 $ 229 $ － $ 77,113
Income
 January to September 2024 Total
4,074,679
－
4,074,679
378,936
80,382
134,519
Steel Department
$ 3,939,112
－
$ 3,939,112
$ 328,471
$ 153,951
$ 131,392
Real Estate
Investment
Department
$( 72 )

－
$(72)
$(569)
$ －
$ 1,840		 Investment
Department

$ 1,491
－
$ 1,491
$ 9,486
$ －
$ 144		 Hotel Services
Department
$ 134,148

6
$ 134,154
$ 41,291
$ －
$ 1,143		 Elimination of
inter-segment
write-offs
$ －
( 6)
$(6)
$ 257
$ ( 73,569 )
$ －
Revenue from
external customers
Inter-department
revenue
Operating income
Share of net profit
of affiliated
companies and
joint ventures
under the equity
method
Income tax expense		 $
$
$
$
$

～ 65 ～

Mayer Steel Pipe Corporation and Subsidiaries Loans to others

January 1 to September 30, 2025

Table 1

Unit: NT$ thousand

Serial
number
(Note
1)		 Lending company Borrower Transaction
Items		 Related
party		 Current
maximum
amount		 Closing
balance
(Note 2)		 Actual
amount
drawn		 Interest
rate
range		 Nature
of loan		 Business
transactio
n amount		 Reasons for the
necessity of short-
term financing		 Amount
of
Allowanc
e for
Losses		 Collateral Collateral Limit of loans
to individual
borrowers
(Note 4)		 Total limit of
loans (Note 5)
Name Value
0 Mayer Steel Pipe
Corporation		 Mayer Corporation
Development
International Limited
Other
receivables		 Yes $ 20,217 $ 18,547 $ 18,547 1.22
%
(Note
6)		 Note 3 － In response to the
subsidiary’s
short-term
demand for
capital financing		 $ 18,547
－		 － $ 432,937
$ 1,731,748
0 Mayer Steel Pipe
Corporation		 Mei Kong
Development Co.,
Ltd.		 Other
receivables		 Yes 300,000
300,000
50,000
3%		 Note 3 － In response to the
subsidiary’s
short-term
demand for
capital financing		 － － － 432,937
1,731,748

Note 1: The method of filling in the number column is as follows:

  1. For the issuer, fill in "0".

  2. The investee companies are numbered sequentially starting from 1 by each company.

Note 2: The amount of loans to others still valid after the approval of the board of directors.

Note 3: In need of short-term financing.

Note 4: The Company’s financing limit for a single enterprise shall not exceed 10% of the Company’s net value in the most recent financial statements.

Note 5: The Company’s aggregate financing limit shall not exceed 40% of the Company’s net value in the most recent financial statements.

Note 6: Mayer Corporation Development International Limited entered the liquidation process on March 27, 2017, so the interest accrual has been stopped since April 2017.

～ 66 ～

Mayer Steel Pipe Corporation and Subsidiaries Endorsements/guarantees for others January 1 to September 30, 2025

Table 2

Unit: NT$ thousand

Serial
number
(Note
1)		 Endorsing/guarante
eing company name		 Counterparty of endorsements and
guarantees		 Counterparty of endorsements and
guarantees		 The limit of
endorsements/
guarantees for
a single
enterprise		 Current
maximum
endorsement
/guarantee
balance		 Ending
balance of
endorsement
s/guarantees		 Actual
amount
drawn		 Endorsement/
guarantee
amount
secured by
property		 Ratio of
accumulated
endorsement/
guarantee
amount to net
worth as
stated in the
latest
financial
statement		 Maximum
endorsements/
guarantees		 Endorsements/
guarantees
made by the
parent
company to
subsidiaries		 Endorsement/g
uarantee
provided by
the subsidiary
to the parent
company		 Endorsements
and guarantees
in Mainland
China

Company Name		 Relationship
with the
Company
(Note 2)
0
0
1		 Mayer Steel Pipe
Corporation
Mayer Steel Pipe
Corporation
Mei Kong
Development Co.,
Ltd.		 Meiyi Construction
Co., Ltd.
Yuanyi Construction
Co., Ltd.
De An Development
Co., Ltd.		 2
1
1		 $ 4,329,369
(Note 3)
4,329,369
(Note 3)
2,770,137
(Note 5)

$ 72,820


196,900


2,350,000		 $ 72,820

196,900

2,350,000		 $－

－

615,400		 $－
－

－		 1.68%
4.55%
424.17%		 $ 4,329,369
(Note 4)
4,329,369
(Note 4)
2,770,137
(Note 6)

Yes


No


No		 No
No
No		 No
No
No

Note 1: The method of filling in the number column is as follows:

  1. For the issuer, fill in "0".

  2. The investee companies are numbered sequentially starting from 1 by each company.

  3. Note 2: The relationship between the endorsing guarantor and the endorsee is divided into the following seven types:

  4. A company that has business dealings.

  5. A company in which the Company holds, directly or indirectly, more than 50% of the voting shares.

  6. The company directly or indirectly holds more than 50% of the voting shares of the company.

  7. Among companies in which the Company directly or indirectly holds more than 90% of the voting shares.

  8. Companies that require mutual insurance companies in the same industry or co-builders in accordance with the contract for the needs of contracting projects.

  9. A company to which all contributing shareholders endorse and guarantee in accordance with their shareholding ratios for joint investment.

  10. The joint guarantee for the performance of the pre-sale house sales contract is engaged in by the industry peers in accordance with the Consumer Protection Act.

Note 3: The limit of the Company’s endorsement and guarantee for a single enterprise shall not exceed the net value in the latest financial statement.

Note 4: The ceiling of the Company’s endorsement/guarantee is limited to 100% of the net value in the latest financial statements.

Note 5: The limit of Mei Kong Development’s endorsements/ guarantees for a single enterprise shall not exceed 500% of its net value in its latest financial statement.

Note 6: The ceiling of Mei Kong Development’s endorsements/ guarantees shall not exceed 500% of its net value in its latest financial statement.

～ 67 ～

Mayer Steel Pipe Corporation and Subsidiaries

Marketable securities held at the end of the period (excluding investments in subsidiaries, affiliates or joint ventures) September 30, 2025

Table 3

Unit: NT$ thousand

Holding company Type and name of marketable securities Relationship between
the securities issuer
and the Company		 Presentation account End ofperiod End ofperiod End ofperiod Market price Remarks
Number of
shares/unit		 Carrying
amount		 Ratio (%)
Mayer Steel Pipe
Corporation
Mei Kong Development
Co., Ltd.
MAYER INN
CORPORATION
MIRAMAR
DEVELOPMENT (HK)
CO.,LTD.		 IBF Financial Holdings Co., Ltd.
Qimin Entertainment Inc. (formerly XPEC Entertainment
Inc.)
TCB Income Optimization Multi-asset Fund - A Non-
interest distribution (NTD)
Nomura All-Weather Global Bond Fund
President Selected Low-volatility Multi-Asset Fund -
Cumulative Type
TZE SHIN INTERNATIONAL CO., LTD.
Taiwan Stock Exchange Corporation
De An Development Co., Ltd.
Miramar Resort Taitung Ltd.
Taiwan Linhang Asset Investment Co., Ltd.
Genesis Capital Holdings Limited
Jia Rui Investment Development Co., Ltd.
CSGT (Shenzhen) Co.,Ltd.
Jia Rui Investment Development Co., Ltd.
Xinlitong Co., Ltd. (formerly Xinglitong Logistics Co., Ltd.)
Syscom Computer Engineering Co. Ltd.
HON HAI PRECISION INDUSTRY CO., LTD.
INVENTEC CORPORATION
Oasis Eden Properties Limited		 Same chairman
Same chairman
 Current Financial Assets at Fair Value through Profit or
Loss
〞
〞
〞
〞
Current financial assets at fair value through other
comprehensive income
Non-current Financial Assets at Fair Value through Profit
or Loss
〞
〞
〞
〞
Non-current financial assets at fair value through other
comprehensive income
〞
Non-current financial assets at fair value through other
comprehensive income
〞
Current Financial Assets at Fair Value through Profit or
Loss
〞
〞
Current Financial Assets at Fair Value through Profit or
Loss		 5,500,629
70,225
100,000
200,000
100,000
9,430,000
961,158
5,000,000
2,389,500
18,000,000
3,151
1,836,000
20,000
1,384,976
1,276,600
90,000
120,000
400,000
1,750
$ 84,710

－

1,056

1,976

1,033

142,865

133,023

18,205

401

320,543

－

75,923

449

57,286

2,681

5,607

25,920

15,500

－

0.15
0.04

－

－

－

4.99

0.06

4.69

9.00

15.00
4.51

6.07

2.50

4.58

16.08

0.09

－

0.02
13.46		 $ 84,710
－
1,056
1,976
1,033
142,865
133,023
18,205
401
320,543
－
75,923
449
57,286
2,681
5,607
25,920
15,500
－

Pledged 2,500
thousand shares




Pledged 7,100
thousand shares
Pledged 560
thousand shares

Note 1: Please refer to Table 5 for information on investment in subsidiaries and associates.

～ 68 ～

Mayer Steel Pipe Corporation and Subsidiaries

Business relationships and important transactions between the parent company and its subsidiaries January 1 to September 30, 2025

Table 4

Unit: NT$ thousand

Table 4 Unit: NT$thousand Unit: NT$thousand Unit: NT$thousand Unit: NT$thousand
Serial
numb
er
(Note
1)		 Name of Transactor Transaction counterpart Relationship
with the
counterparty
(Note 2)		 Business Transactions
Account Amount Trading
terms
and
conditio
ns		 As a percentage
of consolidated
total revenue or
total assets
(Note 3)
0
0
0
0
0
0
0
0		 Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation
Mayer Steel Pipe Corporation		 Mei Kong Development Co., Ltd.
Mei Kong Development Co., Ltd.
Mei Kong Development Co., Ltd.
MAYER INN CORPORATION
Meiyi Construction Co., Ltd.
MIRAMAR
DEVELOPMENT
(HK) CO.,LTD.
MIRAMAR
DEVELOPMENT
(HK) CO.,LTD.
MIRAMAR
DEVELOPMENT
(HK)CO.,LTD.		 1
1
1
1
1
1
1
1		 Rental income
Interest income
Other receivables
Travel expenses
Rental income
Other receivables
Rental income
Other income		 86
776
50,648
51
86
1,200
86
1,170		 Note 4
Note 6
Note 6
Note 5
Note 4
Note 5
Note 4
Note 5		 －
0.02
0.54
－
－
0.01
－
0.03

  • Note 1: Information on business transactions between the parent company and its subsidiaries should be indicated in the numbered column. The number should be filled in as follows:

  • Fill in "0" for parent company.

  • Subsidiaries are numbered sequentially starting from 1 according to the company type.

  • Note 2: There are three types of relationship with traders as follows, indicating the type is sufficient:

  • Parent company to subsidiary

  • Subsidiary to parent company

  • Subsidiary to subsidiary

  • Note 3: For the calculation of the ratio of the transaction amount to the consolidated total revenue or total assets, in the case of assets and liabilities, it is calculated as the ending balance as a percentage of the consolidated total assets; in the case of profit and loss, it is calculated as the cumulative amount at the period as a percentage of the consolidated total operating revenue is calculated.

  • Note 4: The revenue is from office sublease. The lease terms and conditions are negotiated between the parties.

Note 5: The terms of the transaction with the related party are negotiated by both parties.

～ 69 ～

Note 6: Loan of funds.

～ 70 ～

Mayer Steel Pipe Corporation and Subsidiaries

The name, location, etc. of the investee company - excluding investee companies in Mainland China January 1 to September 30, 2025

Table 5

Unit: NT$ thousand

Name of investing
company		 Name of investee Location of the
area		 Main business items Initial investmentamount Initial investmentamount Held atend ofperiod Held atend ofperiod Held atend ofperiod Investee profit
(loss) for the
current period		 Investment
income (loss)
recognized by
the company		 Remarks
End of current
period		 End of last year Number of
shares		 Ratio Carrying amount
Mayer
Steel
Pipe
Corporation
Glory
World
Development Limited
Mayer Corporation Development International
Limited
VIETNAM MAYER CORP., LTD
Glory World Development Limited
Mei Kong Development Co., Ltd.
MIRAMAR DEVELOPMENT (HK) CO.,LTD.
MAYER INN CORPORATION
Meiyi Construction Co., Ltd.
GRAND TECH PRECISION MANUFACTURING
(THAILAND) CORPORATION LIMITED
Diamond Precision Steel Corp.
LUEN JIN ENTERPRISE CO., LTD.

Sinowise Devlopment Limited
Elternal Galaxy Limited
Grace Capital Group Limited		 British Virgin
Islands
Vietnam
British Virgin
Islands
Taiwan
Hong Kong
Taiwan
Taiwan
Thailand
Cayman Islands
Taiwan
British Virgin
Islands
British Virgin
Islands
Samoa		 Holding and various investments
Processing and sale of steel
pipes, steel sheets and other
metal products
Various investments
Various investments and real
estate development
Various investments
Regular Hotel and International
Trade
Real estate investment and
development business
Processing and sale of steel
pipes, steel sheets and other
metal products
Various investments
Other metal-related
manufacturing business
Trading of non-ferrous metals
and other mineral resources
Trading of non-ferrous metals
and other mineral resources
Trading of non-ferrous metals
and other mineral resources		 $ 390,881
212,601
259,121
510,149
498,923
324,800
72,000
179,688
106,248
156,600
236,731
291,617
2,099		 $ 390,881

212,601

259,121

510,149

498,923

324,800

45,000

179,688

106,248

156,600

236,731

291,617

2,099
5,550,000

－

8,881,539
505,000,000

17,100,000

10,000,000

4,500,000

17,350,000

3,527,500

6,525,000

7,550,000

9,350,000

70,000
100.00
100.00

50.21

100.00

90.00

100.00

90.00

45.01

42.50

30.00

100.00

100.00

100.00		 $－
(Note 1)

278,407

－
(Note 2)

544,187

43,179

155,331

70,839

232,622

192,494

149,084

－
(Note 3)

－
(Note 4)

－
(Note 5)
$－

22,993

( 1,258)

2,770

5,048

44,640
( 189)

78,417

109,937

614

－

( 1,258)
－		 $－

22,993
( 632)

2,770

4,543

44,640
( 170)

35,296

46,723

184
Note 6

Note 6
Note 6		 Subsidiaries
Subsidiaries
Subsidiaries
Subsidiaries
Subsidiaries
Subsidiaries
Subsidiaries
Invested company
under the equity
method
Invested company
under the equity
method
Invested company
under the equity
method
Sub-subsidiary of
indirect investment
Sub-subsidiary of
indirect investment
Sub-subsidiary of
indirect investment

Note 1: Mayer Corporation Development International Limited entered liquidation proceedings on March 27, 2017, and therefore is not included in the consolidated financial statements. Accordingly, the net carrying amount of equity (77,021) thousand deducted by other receivables provision for losses of 18,718 thousand results in a balance of (58,303) thousand transferred to non-current liabilities – other.

Note 2: Glory World Development Limited was ruled in a "struck off" state by the local government on November 3, 2020 and thus not included in the consolidated financial report. Therefore, it was transferred to Other non-current liabilities in accordance with the equity net value of NT$12,311 thousand.

Note 3: Transfer to non-current liabilities - others for NT$783 thousand.

Note 4: NT$22,000 thousand was transferred to non-current liabilities – others.

Note 5: NT$202 thousand was transferred to non-current liabilities – others.

Note 6: The profit and loss of the investee company has been included in the investee, so it is not presented separately.

～ 71 ～

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