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MIC Interim / Quarterly Report 2025

Mar 30, 2026

52526_rns_2026-03-30_02eef80d-23e6-42ed-85d4-2286fe166eb8.pdf

Interim / Quarterly Report

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MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REVIEW REPORT MARCH 31, 2025 AND 2024

For the convenience of readers and for information purpose only, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail.

~1~

INDEPENDENT AUDITORS’ REVIEW REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Stockholders of Marketech International Corp.

Introduction

We have reviewed the accompanying consolidated balance sheets of Marketech International Corp. and subsidiaries (the “Group”) as at March 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the three months then ended, and notes to the consolidated financial statements, including a summary of material accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" that came into effect as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of Review

Except as explained in the following paragraph, we conducted our reviews in accordance with the Standard on Review Engagements 2410, "Review of Financial Information Performed by the Independent Auditor of the Entity" of the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Qualified Conclusion

As explained in Notes 4(3) and 6(6), we did not review the financial statements of certain insignificant consolidated subsidiaries and investments accounted for using equity method, which statements reflect total assets (including investments accounted for using equity method) of NT$ 2,265,270 thousand and NT$1,697,129 thousand, constituting 5% and 4% of the consolidated total assets, and total liabilities of NT$632,756 thousand and NT$401,040 thousand, constituting 2% and 1% of the consolidated total liabilities as at March 31, 2025 and 2024, respectively, and total comprehensive loss of (NT$20,911) thousand and (NT$20,095) thousand, constituting (2%) and (4%) of the consolidated total comprehensive income for the three months then ended, respectively. These amounts were based solely on the unreviewed financial statements of these companies as of March 31, 2025 and 2024.

~2~

Qualified Conclusion

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain insignificant consolidated subsidiaries and investments accounted for using equity method been reviewed by independent auditors, that we might have become aware of had it not been for the situation described above, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at March 31, 2025 and 2024, and of its consolidated financial performance and its consolidated cash flows for the three months then ended in accordance with “Regulations Governing the Preparation of Financial Reports by Securities Issuers” and International Accounting Standard 34, “Interim Financial Reporting” that came into effect as endorsed by the Financial Supervisory Commission.

SUNG-TSE WANG[Lin, Chun-Yao ]

For and on Behalf of PricewaterhouseCoopers, Taiwan May 6, 2025

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’ report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

~3~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2025, DECEMBER 31, 2024 AND MARCH 31, 2024

(Expressed in thousands of New Taiwan dollars)

Assets Notes March 31, 2025
AMOUNT
%
$
10,101,988 22
59,683
-
1,000
-
10,439,510 22
82,499
-
173
-
7,170,135 15
10,294
-
20,021
-
4,620
-
8,412,713 18
1,217,585
3
421,701
1
37,941,922 81
2,039,407
4
15,366
-
197,978
1
3,687,468
8
2,376,251
5
98,028
-
399,586
1
132,349
-
8,946,433 19
$
46,888,355 100		 December 31, 2024
AMOUNT
%
$
11,442,714
25
66,781
-
-
-
10,180,252
22
82,621
-
124
-
6,704,981
14
27,698
-
61,384
-
5,344
-
7,814,237
17
1,372,752
3
194,714
-
37,953,602
81
1,928,527
4
15,047
-
200,846
1
3,445,599
8
2,468,702
5
97,135
-
410,608
1
137,257
-
8,703,721
19
$
46,657,323
100		 March 31, 2024 March 31, 2024
AMOUNT
$
10,101,988
59,683
1,000
10,439,510
82,499
173
7,170,135
10,294
20,021
4,620
8,412,713
1,217,585
421,701
37,941,922
2,039,407
15,366
197,978
3,687,468
2,376,251
98,028
399,586
132,349
8,946,433
$
46,888,355		 AMOUNT
$
7,047,308
181,243
-
13,392,197
193,621
243
6,434,122
85,505
49,793
101,423
7,620,787
1,945,853
369,232
37,421,327
1,699,989
13,349
209,058
2,473,271
2,613,832
99,896
459,268
135,879
7,704,542
$
45,125,869		 %
Current assets
1100
Cash and cash equivalents
1110
Financial assets at fair value
through profit or loss - current
1136
Current financial assets at
amortized cost
1140
Current contract assets
1150
Notes receivable, net
1160
Notes receivable - related
parties
1170
Accounts receivable, net
1180
Accounts receivable - related
parties, net
1200
Other receivables
1220
Current tax assets
130X
Inventories, net
1410
Prepayments
1470
Other current assets
11XX
Total current assets
Non-current assets
1510
Financial assets at fair value
through profit or loss - non-
current
1535
Non-current financial assets at
amortized cost
1550
Investments accounted for
using equity method
1600
Property, plant and equipment,
net
1755
Right-of-use assets
1780
Intangible assets
1840
Deferred tax assets
1900
Other non-current assets
15XX
Total non-current assets
1XXX
Total Assets		 6(1)
6(2)
8
6(17)
6(3)
6(3) and 7
6(3)
6(3) and 7
6(5)
8
6(2) and 7
8
6(6)
6(7), 7 and 8
6(8) and 7
7
6(2)(6) and 8		 16
-
-
30
1
-
14
-
-
-
17
4
1
83
4
-
-
6
6
-
1
-
17
100

(Continued)

~4~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2025, DECEMBER 31, 2024 AND MARCH 31, 2024

(Expressed in thousands of New Taiwan dollars)

March 31, 2025 December 31, 2024 December 31, 2024 March 31, 2024
Liabilities and Equity Notes AMOUNT % AMOUNT % AMOUNT %
Current liabilities
2100 Short-term borrowings 6(9) and 8 $ 3,531,519 8 $ 5,911,945 13 $ 8,128,644 18
2130 Current contract liabilities 6(17) 12,284,871 26 11,468,095 25 9,233,110 21
2150 Notes payable 1,748,338 4 1,901,328 4 1,403,686 3
2160 Notes payable - related parties 7 2,560 - 9,008 - 4,725 -
2170 Accounts payable 7,703,121 16 7,661,889 16 7,030,132 16
2180 Accounts payable - related 7
parties 15,180 - 24,190 - 17,118 -
2200 Other payables 6(10) 846,322 2 1,015,174 2 940,653 2
2230 Current tax liabilities 458,563 1 342,555 1 546,226 1
2250 Current provisions 648,945 1 602,388 1 - -
2280 Current lease liabilities 7 566,634 1 577,927 1 563,064 1
2320 Long-term liabilities, current 6(12)
portion 4,883 - 4,846 - 3,611 -
2399 Other current liabilities 52,120 - 30,187 - 88,490 -
21XX Total current liabilities 27,863,056 59 29,549,532 63 27,959,459 62
Non-current liabilities
2530 Bonds payable 6(11) 2,327,772 5 2,434,568 5 2,402,207 5
2540 Long-term borrowings 6(12) 1,111,513 3 212,748 1 216,389 1
2570 Deferred tax liabilities 311,978 1 234,923 1 330,807 1
2580 Non-current lease liabilities 7 2,018,454 4 2,078,381 4 2,202,182 5
2640 Net defined benefit liability - 6(13)
non-current 109,494 - 110,181 - 138,385 -
2670 Other non-current liabilities 6(6) 16,856 - 11,120 - 6,040 -
25XX Total non-current
liabilities 5,896,067 13 5,081,921 11 5,296,010 12
2XXX Total Liabilities 33,759,123 72 34,631,453 74 33,255,469 74
Equity
Share capital 6(14)
3110 Ordinary shares 2,022,045 5 2,013,162 5 2,013,154 5
Capital surplus 6(15)
3200 Capital surplus 2,609,775 5 2,499,572 5 2,499,482 5
Retained earnings 6(16)
3310 Legal reserve 1,526,992 3 1,526,992 3 1,310,579 3
3320 Special reserve 226,430 1 226,430 1 182,589 -
3350 Unappropriated retained
earnings 6,606,691 14 5,718,006 12 5,852,779 13
Other equity interest
3400 Other equity interest ( 28,321 ) - ( 85,078) - ( 145,302) -
31XX Total equity attributable to
owners of parent 12,963,612 28 11,899,084 26 11,713,281 26
36XX Non-controlling interests 4(3) 165,620 - 126,786 - 157,119 -
3XXX Total Equity 13,129,232 28 12,025,870 26 11,870,400 26
Significant contingent liabilities 9
and unrecognized contract
commitments
3X2X Total Liabilities and Equity $ 46,888,355 100 $ 46,657,323 100 $ 45,125,869 100

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

~5~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars, except for earnings per share amount)

Items Three months ended March 31
2025
2024
Notes
AMOUNT
%
AMOUNT
%
6(17) and 7
$
13,260,751
100
$
14,615,323
100
6(5)(20) and 7
(
11,799,766) (
89) (
13,581,415) (
93)
1,460,985
11
1,033,908
7
6(20)
(
228,392) (
2) (
194,396) (
1)
(
504,014) (
4) (
361,757) (
3)
(
70,747)
- (
71,316) (
1)
12(2)
102,218
1 (
178,573) (
1)
(
700,935) (
5) (
806,042) (
6)
760,050
6
227,866
1
17,092
-
18,356
-
6(18)
10,921
-
13,962
-
6(2)(19)
472,586
4
481,024
4
7
(
61,022) (
1) (
126,634) (
1)
6(6)
(
8,487)
- (
6,799)
-
431,090
3
379,909
3
1,191,140
9
607,775
4
6(21)
(
312,434) (
2) (
131,621) (
1)
$
878,706
7
$
476,154
3
$
72,545
-
$
102,751
1
6(6)
(
938)
-
172
-
6(21)
(
14,189)
- (
20,282)
-
57,418
-
82,641
1
$
57,418
-
$
82,641
1
$
936,124
7
$
558,795
4
$
888,685
7
$
487,576
3
(
9,979)
- (
11,422)
-
$
878,706
7
$
476,154
3
$
945,442
7
$
568,704
4
(
9,318)
- (
9,909)
-
$
936,124
7
$
558,795
4
6(22)
$
4.41
$
2.42
6(22)
$
4.05
$
2.25
4000
Operating Revenue
5000
Operating Costs
5900
Gross Profit
Operating Expenses
6100
Sales and marketing expenses
6200
General and administrative expenses
6300
Research and development expenses
6450
Expected credit gain (loss)
6000
Total operating expenses
6900
Operating Profit
Non-operating Income and Expenses
7100
Interest income
7010
Other income
7020
Other gains and losses
7050
Finance costs
7060
Share of loss of associates and joint
ventures accounted for using equity
method
7000
Total non-operating income and
expenses
7900
Profit before Income Tax
7950
Income tax expense
8200
Net Income
Other Comprehensive Income
Components of other comprehensive
income that will be reclassified to
profit or loss
8361
Exchange differences on translation
of foreign operations
8370
Share of other comprehensive (loss)
income of associates and joint
ventures accounted for using equity
method
8399
Income tax relating to components
of other comprehensive income that
will be reclassified to profit or loss
8360
Other comprehensive income that
will be reclassified to profit or loss
8300
Other comprehensive income, net of
tax
8500
Total Comprehensive Income
Profit (loss) attributable to:
8610
Owners of the parent
8620
Non-controlling interests
Total
Comprehensive income (loss)
attributable to:
8710
Owners of the parent
8720
Non-controlling interests
Total
9750
Basic earnings per share (in dollars)
9850
Diluted earnings per share (in dollars)

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

~6~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

Three months ended March 31, 2024
Balance at January 1, 2024
Profit (loss) for the period
Other comprehensive income for the period
Total comprehensive income (loss)
Changes in ownership interest in subsidiaries
Change in non-controlling interests
Balance at March 31, 2024
Three months ended March 31, 2025
Balance at January 1, 2025
Profit (loss) for the period
Other comprehensive income for the period
Total comprehensive income (loss)
Changes in ownership interest in subsidiaries
Conversion of convertible bonds
Change in non-controlling interests
Balance at March 31, 2025		 Notes Equityattributable t o owners of theparent o owners of theparent o owners of theparent o owners of theparent Non-controllinginterests Total equity
Share capital -
ordinaryshares		 Capital Re serves Retained Earnings
d		 Financial statements
translation
ifferences of foreign
operations		 Total
Capital Surplus -
sharepremium		 Capital Surplus- -
others		 Legal reserve Special reserve Unappropriated retained
earnings
6(15)
6(15)
6(11)(14)(15)


$
2,013,154
-
-
-
-
-
$
2,013,154
$
2,013,162
-
-
-
-
8,883
-
$
2,022,045


$
2,365,746
-
-
-
-
-
$
2,365,746
$
2,365,841
-
-
-
-
114,483
-
$
2,480,324		 $
132,440
-
-
-
1,296
-
$
133,736
$
133,731
-
-
-
1,785
(
6,065 )
-
$
129,451		 $ 1,310,579
-
-
-
-
-
$ 1,310,579
$ 1,526,992
-
-
-
-
-
-
$ 1,526,992		 $ 182,589
-
-
-
-
-
$ 182,589
$ 226,430
-
-
-
-
-
-
$ 226,430		 $
5,365,203
487,576
-
487,576
-
-
$
5,852,779
$
5,718,006
888,685
-
888,685
-
-
-
$
6,606,691


($
226,430 )
-
81,128
81,128
-
-
($
145,302 )
($
85,078 )
-
56,757
56,757
-
-
-
($
28,321 )		 $
11,143,281
487,576
81,128
568,704
1,296
-
$
11,713,281
$
11,899,084
888,685
56,757
945,442
1,785
117,301
-
$
12,963,612		 $
92,758
(
11,422 )
1,513
(
9,909 )
-
74,270
$
157,119
$
126,786
(
9,979 )
661
(
9,318 )
-
-
48,152
$
165,620






$
11,236,039
476,154
82,641
558,795
1,296
74,270
$
11,870,400
$
12,025,870
878,706
57,418
936,124
1,785
117,301
48,152
$
13,129,232

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

~7~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments
Adjustments to reconcile profit (loss)
Net gain on financial assets at fair value through
profit or loss

Expected credit (gain) loss

Share of loss of associates and joint ventures
accounted for using equity method

Depreciation

Amortization

(Gain) loss on disposal of property, plant and
equipment

Gain on lease modification

Interest income
Interest expense
Dividend income

Onerous contract loss

Changes in operating assets and liabilities
Changes in operating assets
Contract assets – current
Notes receivable, net
Notes receivable – related parties, net
Accounts receivable, net
Accounts receivable – related parties, net
Other receivables
Inventories
Prepayments
Other current assets
Changes in operating liabilities
Contract liabilities – current
Notes payable
Notes payable – related parties
Accounts payable
Accounts payable – related parties
Other payables
Other current liabilities
Other non-current liabilities
Cash inflow generated from operations
Interest received
Dividends received
Interest paid
Income tax paid
Net cash flows from operating activities		 Threemonths endedMarch 31
Notes
2025
2024
$
1,191,140 $
607,775
6(2)(19)
(
283,052 ) (
294,963 )
12(2)
(
102,218 )
178,573
6(6)
8,487
6,799
6(7)(8)(20)
203,610
217,181
6(20)
13,861
8,919
6(19)
(
74 )
364
6(8)
(
8 )
-
(
17,092 ) (
18,356 )
61,022
126,634
6(18)
(
540 ) (
261 )
6(5)
43,386
-
(
259,258 )
138,534
122 (
21,743 )
(
49 ) (
145 )
(
310,924 )
1,998,980
21,151 (
59,589 )
43,783 (
3,195 )
(
570,495 ) (
285,856 )
155,782
73,474
(
12,028 ) (
33,222 )
816,776 (
578,105 )
(
152,990 ) (
337,209 )
(
6,448 ) (
6,610 )
(
23,193 )
329,492
(
9,010 ) (
3,763 )
(
184,665 ) (
421,954 )
22,472
23,109
(
687 ) (
702 )
648,861
1,644,161
17,060
18,271
-
261
(
55,638 ) (
117,509 )
(
123,677 ) (
93,720 )
486,606
1,451,464

(Continued)

~8~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through profit
or loss
Proceeds from disposal of financial assets at fair value
through profit or loss
Acquisition of financial assets at amortized cost
Proceeds from disposal of financial assets at amortized
cost
Acquisition of property, plant and equipment

Proceeds from disposal of property, plant and equipment
Acquisition of right-of-use assets
Acquisition of intangible assets
Increase in refundable deposits
Other investing activities
Increase in other non-current assets
Dividends received
Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in short-term borrowings

Increase in long-term borrowings

Repayment of long-term borrowings

Repayment of lease principal

Decrease in guarantee deposits received
Changes in non-controlling interests
Net cash flows used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period
 Threemonths endedMarch 31
Notes
2025
2024
($
9,433 ) ($
21,026 )
190,490
670
(
1,000 )
-
-
2,736
6(7)
(
301,911 ) (
110,232 )
6(7)
569
10
(
25,478 ) (
6,694 )
(
15,559 ) (
10,055 )
(
204,678 ) (
12,134 )
2,495
-
(
5,320 )
-
1,462
-
(
368,363 ) (
156,725 )
6(24)
(
2,399,303 ) (
1,685,736 )
6(24)
900,000
-
6(24)
(
1,198 )
-
6(8)(24)
(
97,677 ) (
128,108 )
- (
572 )
49,937
75,568
(
1,548,241 ) (
1,738,848 )
89,272
281,331
(
1,340,726 ) (
162,778 )
6(1)
11,442,714
7,210,086
6(1)
$
10,101,988 $
7,047,308

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

~9~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. ORGANIZATION AND OPERATIONS

Marketech International Corp. (the “Company”) was incorporated in the Republic of China (R.O.C) on December 27, 1988. On October 17, 2002, the Company’s common shares were officially listed on the Taiwan Over-The-Counter Securities Exchange and on May 24, 2004, the shares were transferred to be listed on the Taiwan Stock Exchange. The Company and its subsidiaries (collectively referred herein as the “Group”) are mainly engaged in (i) import and trade of various integrated circuits, semiconductors, electrical equipment and materials, chemicals, gas, components; (ii) factory affair and mechatronic system including clean room, automatic supply system of (specialty) gas and chemicals, monitoring system, Turn-key and Hook-up Project services and (iii) design and manufacturing of customized equipment. Ennoconn International Investment Co., Ltd. owns 41.28% of the shares of the Company. The ultimate parent company of the Company is Ennoconn Corporation.

2. THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL

STATEMENTS AND PROCEDURES FOR AUTHORIZATION

These consolidated financial statements were approved and authorized for issuance by the Board of Directors on May 6, 2025.

3. APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS[®] ”) Accounting Standards that came into effect as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by the FSC and became effective from 2025 are as follows:

2025 are as follows:
New Standards,Interpretations andAmendments Effective date by
International Accounting
StandardsBoard
Specific provisions of Amendments to IFRS 9 and IFRS 7, ‘Amendments
to the classification and measurement of financial instruments’
Amendments to IAS 21, ‘Lack of exchangeability’		 January 1, 2026
January 1, 2025

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

~10~

(2) Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC but not yet adopted by the Group

None.

(3) IFRS Accounting Standards issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRS Accounting Standards as endorsed by the FSC are as follows:

Accounting Standards as endorsed by the FSC are as follows:
New Standards,Interpretations andAmendments Effective date by
International Accounting
StandardsBoard
Specific provisions of Amendments to IFRS 9 and IFRS 7, ‘Amendments
to the classification and measurement of financial Instruments’
Amendments to IFRS 9 and IFRS 7, ‘Contracts referencing nature-
dependent electricity’
Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets
between an investor and its associate or joint venture’
IFRS 17, ‘Insurance contracts’
Amendments to IFRS 17, ‘Insurance contracts’
Amendment to IFRS 17, ‘Initial application of IFRS 17 and IFRS 9 –
comparative information’
IFRS 18, ‘Presentation and disclosure in financial statements’
IFRS 19, ‘Subsidiaries without public accountability: disclosures’
Annual Improvements to IFRS Accounting Standards—Volume 11		 January 1, 2026
January 1, 2026
To be determined by
International Accounting
Standards Board
January 1, 2023
January 1, 2023
January 1, 2023
January 1, 2027
January 1, 2027
January 1, 2026

Except for the following, the above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment. IFRS 18, ‘Presentation and disclosure in financial statements’

IFRS 18, ‘Presentation and disclosure in financial statements’ replaces IAS 1. The standard introduces a defined structure of the statement of profit or loss, disclosure requirements related to managementdefined performance measures, and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes.

~11~

4. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The principal accounting policies adopted are consistent with Note 4 in the consolidated financial statements for the year ended December 31, 2024, except for the compliance statement, basis of preparation, basis of consolidation and additional policies as set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

  • A. The consolidated financial statements of the Group have been prepared in accordance with the “ Regulations Governing the Preparation of Financial Reports by Securities Issuers” and IAS 34, ‘ Interim Financial Reporting’ that came into effect as endorsed by the FSC.

  • B. These consolidated financial statements should be read along with the consolidated financial statements as of and for the year ended December 31, 2024.

  • (2) Basis of preparation

  • A. Except for the following items, the consolidated financial statements have been prepared under the historical cost convention:

    • (a) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

    • (b) Defined benefit liabilities recognized based on the net amount of pension fund assets less present value of defined benefit obligation.

  • B. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(3) Basis of consolidation

  • A. Basis for preparation of consolidated financial statements:

  • The basis for preparation of these consolidated financial statements is the same as that for the preparation of the consolidated financial statements as of and for the year ended December 31, 2024.

~12~

B. Subsidiaries included in the consolidated financial statements:

Name of
investor
Marketech
International
Corp.



Marketech
International
Corp.



Marketech
International
Corp.


Marketech
International
Corp.


Marketech
International
Corp.


Marketech
International
Corp.



Marketech
International
Corp.



Marketech
International
Corp.



Marketech
International
Corp.

 Name of
Main business
subsidiary
activities
Marketech
Integrated
Pte. Ltd.
Contracting for semiconductor
automatic supply system
Headquarter
International
Ltd.
Investment holdings and
reinvestment
Tiger United
Finance Ltd.
Investment holdings and
reinvestment
Market Go
Profits Ltd.
Investment holdings and
reinvestment
MIC-Tech
Global Corp.
International trade
MIC-Tech
Viet Nam
Co., Ltd.
Trading, installation and repair
of various machinery equipment
and its peripherals; consulting
service and software execution
service associated with computer
hardware installation
Marketech
Engineering
Pte. Ltd.
Contracting for electrical
installation construction
eZoom
Information,
Inc.
Research, trading and
consulting of information
system software and
hardware appliance; sales
of medical devices
Marketech Co.,
Ltd.
Specialized contracting and
related repair services;
equipment sales and repair,
sales of cosmetics and daily
necessities; production,
development and
implementation of software
and providing coding service;
providing installation service
of industrial machine and
equipment		 March
December
March
31,2025
31,2024
31,2024
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
-
-
100

100
100
100
Percentage ofOwnership (%)		 March
December
March
31,2025
31,2024
31,2024
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
-
-
100

100
100
100
Percentage ofOwnership (%)		 Note
March
31,2025
100
100
100
100
100
100
100
-
100		 December
31,2024
100
100
100
100
100
100
100
-
100
Note 1
Note 1
Note 1
-
Note 1
Note 1
Note 1
Notes 1
and 4
Note 1

~13~

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

Percentage of Ownership (%)
Name of Name of Main business March December March
investor subsidiary activities 31, 2025 31, 2024 31, 2024 Note
----- End of picture text -----

Marketech Marketech Design, manufacturing, 100 100 100 Note 1
International Integrated installation of automatic
Corp. Manufacturing production equipment and
Company its parts
Limited
Marketech Marketech Specialized contracting and 100 100 100 Note 1
International International related repair services; sales of
Corp. Sdn. Bhd. medical devices
Marketech PT Marketech Trading of machinery equipment 99.92 99.92 99.92 Note 1
International International and parts
Corp. Indonesia
Marketech Marketech International trade of machine 100 100 100 Note 1
International Netherlands and components and technical
Corp. B.V. service
Marketech ADAT Research, development, 25.08 25.38 25.38 Notes 1
International Technology application, and service of and 2
Corp. Co., Ltd. software; supply of electronic
information and data processing
service
Marketech Marketech Specialized contracting and 100 100 100 -
International International related repair services
Corp. Corporation
USA
Marketech Spiro International trade 100 100 100 Note 1
International Technology
Corp. Systems Inc.
Marketech Smart Development and agent of smart 100 100 100 Note 1
International Group medical testing equipment, AI
Corp. Solutions plans and related software and
Corp. hardware; import and export
(Original name: sales and manufacturing of
Taiwan medical devices
Radisen
HealthCare
Co., Ltd.)
Marketech MIC Healthcare R&D, sales and professional 100 100 100 Note 1
International Korea Co., technical services of medical
Corp. Ltd. device and its parts;
international trade and import
and export business

~14~

==> picture [505 x 39] intentionally omitted <==

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

Percentage of Ownership (%)
Name of Name of Main business March December March
investor subsidiary activities 31, 2025 31, 2024 31, 2024 Note
----- End of picture text -----

Marketech Vertex System Trading of equipment for private 61.35 61.35 61.35 Note 1
International Corporation 5G wireless communication
Corp. networks (picocells and core
networks) and IoT intelligent
control gateway; maintenance
and operations of device
management platform (DMP)
and provision of services in
software management platform
and vertical integration of
information technology (IT)
and communication
technology (CT)
Marketech Marketech International trade; specialized 100 100 100 Note 1
International International contracting and related repair
Corp. Corp. Japan services
Marketech Advanced Warehousing logistics services; 68.97 68.97 68.97 Note 1
International Technology sales agent of semiconductor
Corp. Matrix United equipment, components and
Corporation consumables and semiconductor
materials
Marketech Marketech International trade of machine 100 100 100 Note 1
International International and components and technical
Corp. Corporation service; specialized contracting
Germany and related repair services
GmbH
Marketech MIC Industrial Assembling of air conditioning 100 100 100 Note 1
International Viet Nam Co., equipment and testing OEM
Corp. Ltd.
Marketech Marketop Smart Sales and service of smart medical 51 51 51 Note 1
International Solutions Co., devices, international trade and
Corp. Ltd. import and export business
Marketech Marketech Specialized contracting and related 100 100 - Note 1
International International repair services; sales of medical
Corp. (Thailand) devices; international trade;
Corp., Ltd. design, manufacturing,
installation of automatic
production equipment and its
parts

~15~

==> picture [505 x 39] intentionally omitted <==

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

Percentage of Ownership (%)
Name of Name of Main business March December March
investor subsidiary activities 31, 2025 31, 2024 31, 2024 Note
----- End of picture text -----

Smart eZoom Research, trading and 100 100 - Note 4
Group Information, consulting of information
Solutions Inc. system software and
Corp. hardware appliance; sales
(Original name: of medical devices
Taiwan
Radisen Health
Care Co., Ltd.)
Market Go MIC-Tech Investment holdings and 100 100 100 -
Profits Ltd. Ventures reinvestment
Asia Pacific
Inc.
MIC-Tech Russky H.K. Investment holdings and 100 100 100 -
Ventures Asia Limited reinvestment
Pacific Inc.
MIC-Tech MICT Investment holdings and - 60 60 Note 5
Ventures Asia International reinvestment
Pacific Inc. Limited
MIC-Tech MIC-Tech Manufacturing and sales of 100 100 100 -
Ventures Asia (WuXi) semiconductor devices,
Pacific Inc. Co., Ltd. intelligent storage equipments,
illuminators, masks and labor
protective products;
manufacturing of package
special equipments
MIC-Tech MIC-Tech Wholesale, commission agency, 100 100 100 -
Ventures Asia (Shanghai) maintenance, repairment,
Pacific Inc. Corp. manufacture, import and
export of semiconductor
production and its
consumables; trading agency
and consulting services in
customs bonded area
MIC-Tech MIC-Tech Installation and construction of 100 100 100 -
Ventures Asia Electronics mechanical and electrical
Pacific Inc. Engineering systems; professional building
Corp. renovation and decoration
services; design and
construction of smart
buildings; construction of
electronic projects and
related technical services
and consulting materials

~16~

==> picture [504 x 39] intentionally omitted <==

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

Percentage of Ownership (%)
Name of Name of Main business March December March
investor subsidiary activities 31, 2025 31, 2024 31, 2024 Note
----- End of picture text -----

MIC-Tech MIC-Tech Wholesale, commission agency 100 100 100 -
Ventures Asia China import and export
Pacific Inc. Trading installation, maintenance,
(Shanghai) repairment of chemical
Co., Ltd. products, semiconductors
and solar equipment
consumables, trading and
trading agency among
enterprises in customs
bonded area
Russky H.K. Shanghai Production of scrubber bins 87 87 87 -
Limited Maohua for semiconductor
Electronics manufacturers; design,
Engineering installation, debugging and
Co., Ltd. technology services of tunnel
system; equipment repair for
semiconductor manufacturers
Russky H.K. PT Marketech Trading of machine equipment 0.08 0.08 0.08 Note 1
Limited International and parts
Indonesia
MICT Integrated Development of special - - 60 Note 3
International Manufacturing equipment for solar cell
Limited & Services production, manufacture
Co., Ltd. of optical engine, cleaning
and regeneration of new
electrical device
Marketech Marketech Specialized contracting 98.40 98.40 98.33 Note 1
Engineering Integrated for electrical installation
Pte. Ltd. Construction construction
Co., Ltd.
Note 1：The financial statements of the entity as of and for the three months ended March 31,
2025 and 2024 were not reviewed by independent auditors as the entity did not meet the
definition of significant subsidiary.
Note 2：The Company holds less than 50% share ownership in ADAT Technology Co., Ltd.
However, as the definition of control is met, the subsidiary was included in the
consolidated entities.
Note 3：The Group completed the disposal of its equity in Integrated Manufacturing & Services
Co., Ltd. and lost control as of June 2024.
Note 4：Taiwan Radisen HealthCare Co., Ltd. was renamed as Smart Group Solutions Corp. in
September 2024. In addition, Smart Group Solutions Corp. acquired the Company’s
equity interest in eZoom Information, Inc. through the issuance of new shares (using
shares as capital contribution) to comply with the reorganization of the Group in August
2024.

~17~ 

     - Note 5 `：` The liquidation process of MICT International Limited had been completed in February 2025. However, the official cancellation documents have not yet been obtained.

  - C. Subsidiaries not included in the consolidated financial statements: None.

  - D. Adjustments for subsidiaries with different balance sheet dates: None.

  - E. Significant restrictions: None.

  - F. Subsidiaries that have non-controlling interests that are material to the Group: As of March 31, 2025, December 31, 2024 and March 31, 2024, the non-controlling interests amounted to $165,620, $126,786 and $157,119, respectively. Subsidiaries that have non-controlling interests are not material to the Group.

  • (4) Income tax

    • A. The income tax expense includes current and deferred income taxes. Except for income tax related to items recognized in other comprehensive income or directly in equity, which are separately recognized in other comprehensive income or directly in equity, the income tax is recognized in profit or loss.

    • B. The income tax expense for interim periods is calculated using the estimated annual average effective tax rate, and the related information is disclosed accordingly.

  • CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

There was no significant change in the reporting period. Refer to Note 5 in the consolidated financial statements as of and for the year ended December 31, 2024.

6. DETAILS OF SIGNIFICANT ACCOUNTS

(1) Cash and cash equivalents

Cash and cash equivalents
Cash on hand
Checking accounts and demand
deposits
Time deposits
Total		 March 31, 2025
December31,2024
15,580
$ 15,523
$ 10,086,408
11,407,191
-
20,000
10,101,988
$ 11,442,714
$		 March31,2024
16,159
$ 7,031,149
-
7,047,308
$

  • A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

  • B. Except for the cash and cash equivalents pledged to others as shown in Note 8 that was transferred to ‘financial assets at amortized cost’, the Group has no cash and cash equivalents pledged to others.

~18~

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

Current items:
Financial assets mandatorily
measured at fair value through
profit or loss
Listed stocks
Hybrid instruments-call provision
of convertible corporate bonds
(Note 6(11))
Valuation adjustment
Total
Non-current items:
Financial assets mandatorily
measured at fair value through
profit or loss
Listed stocks
Unlisted stocks
Private funds
Hybrid instruments
Valuation adjustment
Total
Prepayments to investments
(listed as ‘other
non-current assets’)
Stocks		 March31,2025
December31,2024
4,373
$ 4,373
$ 714
750
5,087
5,123
54,596
61,658
59,683
$ 66,781
$ 115,943
$ 115,943
$ 971,707
982,085
62,786
62,427
32,953

28,380
1,183,389
1,188,835
856,018
739,692
2,039,407
$ 1,928,527
$ 1,839
$ -
$		 March31,2024
4,373
$ 1,750
6,123
175,120
181,243
$
26,293
$ 894,705
57,872

32,413
1,011,283
688,706
1,699,989
$
32,320
$

A. Amounts recognized in profit or loss in relation to financial assets at fair value through profit or loss are listed below:

loss are listed below:
Threemonths ended March31,
2025 2024
Financial assets mandatorily measured at fair
value through profit or loss
Equity instruments $ 283,088
 $ 293,713
Hybrid instruments ( 36)
 1,250
$ 283,052 $ 294,963

B. The Group has no financial assets at fair value through profit or loss pledged to others.

~19~

(3) Notes and accounts receivable

Notes and accounts receivable
March 31,2025 December31,2024 March 31,2024
Notes receivable $ 82,499
 82,621
$		 $ 193,621
March 31,2025 December31,2024 March 31,2024
Accounts receivable $ 8,185,118
 7,802,678
$		 $ 7,403,101
Less: Loss allowance ( 1,014,983) ( 1,097,697)
 ( 968,979)
Total $ 7,170,135 6,704,981
$		 $ 6,434,122

The above accounts receivable and notes receivable were all from contracts with customers.

  • A. The ageing analysis of notes and accounts receivable (including related parties) that were past due but not impaired is as follows:

  • (a) Notes receivable

but not impaired is as follows:
(a) Notes receivable
(b) Accounts receivable
Not past due
Not past due
Up to 90 days
91 to 180 days
181 to 365 days
Over 365 days
Total		 March31,2025
December31,2024
82,672
$ 82,745
$ March31,2025
December 31, 2024
5,595,579
$ 5,186,536
$ 771,742
818,410
371,369
357,944
418,236
489,863
1,043,262
986,146
8,200,188
$ 7,838,899
$		 March31,2024
193,864
$
March31,2024
4,818,996
$ 1,202,012
224,503
389,289
861,041
7,495,841
$

The above ageing analysis was based on past due date.

  • B. As of March 31, 2025, December 31, 2024 and March 31, 2024, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group’s notes receivable (including related parties) were $82,672, $82,745 and $193,864, respectively. As of March 31, 2025, December 31, 2024 and March 31, 2024, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group’s accounts receivable (including related parties) were $7,180,429, $6,732,679 and $6,519,627, respectively.

  • C. The Group does not hold any collateral as security.

  • D. As of March 31, 2025, December 31, 2024 and March 31, 2024, the amount of the Group’s accounts receivable expected to be factored amounted to $0, $0 and $119,757, respectively, and belonged to financial assets at fair value through other comprehensive income which was shown as accounts receivable.

  • E. Information relating to credit risk is provided in Note 12(2).

~20~

(4) Transfer of financial assets

Transferred financial assets that are derecognized in their entirety

  • A. The Group entered into a factoring agreement with the bank to sell its accounts receivable. Under the agreement, the Group is not obligated to bear the default risk of the transferred accounts receivable, but is liable for the losses incurred on any business dispute. The Group does not have any continuing involvement in the transferred accounts receivable. Thus, the Group derecognized the transferred accounts receivable, and the related information is as follows:
Accounts receivable transferred
(Amount derecognized)
Amount advanced
Unpaid amount advanced		 March 31, 2025
December31,2024
-
$
-
$ -
$ -
$
-
$ -
$		 March 31, 2024
5,281
$
5,281
$
-
$
  • B. As of March 31, 2025, December 31, 2024 and March 31, 2024, the Group’s interest rate of amount advanced ranged from 0%, 0%, and 5.91%, respectively.

(5) Inventories

Materials
Merchandise inventory
Raw materials
Supplies
Work in process
Semi-finished goods and finished goods
Total		 March31,2025
Allowance for
valuation loss and
loss on obsolete
and slow-moving
Cost
inventories
2,372,769
$ 47,162)
($ 2,270,694
48,618)
(
2,404,444
43,493)
(
108,371
6,366)
(
991,767
11,557)
(
451,617
29,753)
(
8,599,662
$ 186,949)
($		 Bookvalue
2,325,607
$ 2,222,076
2,360,951
102,005
980,210
421,864
8,412,713
$
Raw materials
Supplies
Work in process
Semi-finished goods and finished goods
Total		 2,404,444
43,493)
(
108,371
6,366)
(
991,767
11,557)
(
451,617
29,753)
(
8,599,662
$ 186,949)
($		 2,360,951
102,005
980,210
421,864
8,412,713
$
Materials
Merchandise inventory
Raw materials
Supplies
Work in process
Semi-finished goods and finished goods
Total		 December31,2024
Allowance for
valuation loss and
loss on obsolete
and slow-moving
Cost
inventories
2,143,531
$ 46,311)
($ 2,141,842
59,515)
(
2,275,021
38,625)
(
109,676
6,895)
(
893,406
13,918)
(
440,945
24,920)
(
8,004,421
$ 190,184)
($		 Bookvalue
2,097,220
$ 2,082,327
2,236,396
102,781
879,488
416,025
7,814,237
$

~21~

Materials
Merchandise inventory
Raw materials
Supplies
Work in process
Semi-finished goods and finished goods
Total		 Allowance for
valuation loss and
loss on obsolete
and slow-moving
Cost
inventories
2,352,865
$ 48,036)
($ 1,502,606

47,003)
(
2,644,929
34,238)
(
120,742
5,741)
(
694,258

20,838)
(
491,145
29,902)
(
7,806,545
$ 185,758)
($ March31,2024		 Book value
2,304,829
$ 1,455,603
2,610,691
115,001
673,420
461,243
7,620,787
$
  • A. Relevant expenses of inventories recognized as operating costs for the three months ended March 31, 2025 and 2024 are as follows:
31, 2025 and 2024 are as follows:
Three months ended March 31,
2025 2024
Construction cost $ 7,305,007
 $ 9,725,611
Cost of sales 3,853,404 3,265,380
Other operating cost 602,642 580,846
Onerous contracts losses 43,386 -
(Gain on reversal of) loss on market
value decline (Note) ( 4,673)
 9,578
Total $ 11,799,766
 $ 13,581,415

Note: The Group reversed a previous inventory write-down which was accounted for as reduction

of cost of goods sold because the Group sold inventories, which had been previously provided with inventory valuation loss.

  • B. The Group has no inventories pledged to others.

~22~

(6) Investments accounted for using equity method

A. Details of investments accounted for using equity method:

March31,2025 March31,2025 December 31,2024
Carrying % interest Carrying % interest
amount held amount held
Glory Technology Service Inc. $ 63,896
 29.24% $ 63,763
 29.24%
Fortune Blessing Co., Limited 5,951 27.78% 6,277 27.78%
MIC Techno Co., Ltd. 1,861 29.85% 1,867 29.85%
Leader Fortune Enterprise Co., Ltd. ( 1,495)
 31.43% ( 1,585)
 31.43%
Bolite Co., Ltd. 39,018 37.33% 41,687 37.33%
Radisen Co., Ltd.
(ordinary shares) (Note) ( 14,892)
 18.49% ( 9,067)
 18.49%
Radisen Co., Ltd.
(preferred stock) (Note) 87,252 24.11% 87,252 24.11%
181,591 190,194
Add: Credit balance of long-term
equity investment transferred to
‘other non-current liabilities’ 16,387 10,652
Total $ 197,978 $ 200,846
Prepayments for long-term investments
(listed as ‘other non-current assets’)
Unlisted stocks $ 1,660
 $ 1,639
March31,2024
Carrying % interest
amount held
Glory Technology Service Inc. $ 68,654
 29.24%
Fortune Blessing Co., Limited 6,714 27.78%
MIC Techno Co., Ltd. 1,805 20.00%
Leader Fortune Enterprise Co., Ltd. ( 5,571)
 31.43%
Bolite Co., Ltd. 40,784 37.33%
Radisen Co., Ltd.
(ordinary shares) (Note) 3,849 18.49%
Radisen Co., Ltd.
(preferred stock) (Note) 87,252 44.85%
203,487
Add: Credit balance of long-term
equity investment transferred to
‘other non-current liabilities’ 5,571
Total $ 209,058
Prepayments for long-term investments
(listed as ‘other non-current assets’)
Unlisted stocks $ 1,600

~23~

  • Note: After the assessment, the Group’s equity investment in common shares and preferred stock of Radisen Co., Ltd. comprised 21.99% of comprehensive voting rights in Radisen Co., Ltd. Accordingly, the investment was accounted for using equity method.

B. Associates

Associates accounted for using equity method are all individually immaterial and the Group’s share of the operating results are summarized below:

Threemonths ended Threemonths ended March31,
2025 2024
Loss for the period from continuing operations ($ 8,487)
 ($ 6,799)
Other comprehensive (loss) income - net of tax ( 938)
 172
Total comprehensive loss ($ 9,425)
 ($ 6,627)

  • C. The investment accounted for using equity method for the three months ended March 31, 2025 and 2024 were evaluated based on the financial statements of the entity which were not reviewed by independent auditors. The investments accounted for using equity method for the year ended December 31, 2024 was evaluated based on the financial statements of the entities which were audited by independent auditors.

  • D. The Group is the single largest shareholder of Glory Technology Service Inc. with a 29.24% equity interest. Given that the remaining 70.76% of Glory Technology Service Inc.’s equity is concentrated in investors from other parties, the number of votes for the minority voting rights holders to act together has surpassed that of the Group. Therefore, the Group has no control over the company and only has significant influence on Glory Technology Service Inc..

  • E. The Group is the single largest shareholder of Bolite Co., Ltd. with a 37.33% equity interest. Given that the remaining 62.67% of Bolite’s equity is concentrated in investors from other parties, the number of votes for the minority voting rights holders to act together has surpassed that of the Group. Therefore, the Group has no control over the company and only has significant influence on Bolite Co., Ltd..

~24~

(7) Property, plant and equipment

At January 1
Cost
Accumulated depreciation and
impairment
Book value
Three months ended March 31
Opening net book amount
Additions
Transfers (Note)
Disposals
Depreciation
Net exchange differences
Closing net book amount
At March 31
Cost
Accumulated depreciation and
impairment
Book value		 2025

~25~

At January 1
Cost
Accumulated depreciation and
impairment
Book value
Three months ended March 31
Opening net book amount
Additions
Transfers (Note)
Disposals
Depreciation
Net exchange differences
Closing net book amount
At March 31
Cost
Accumulated depreciation and
impairment
Book value		 2024

Note: Transfers during the period pertain to certain previously unfinished constructions which had completed acceptance check and were transferred to buildings, machinery and equipment, others and operating expenses.

A. The above property, plant and equipment are all owner-occupied.

~26~

  • B. For the three months ended March 31, 2025, the amount of borrowing costs capitalised as part of property, plant and equipment was $297, and the range of the interest rates for such capitalisation was 1.34%. For the three months ended March 31, 2024, the Group had no borrowing costs capitalised as part of property, plant and equipment.

  • C. Information about the property, plant and equipment that were pledged to others as collateral is provided in Note 8.

  • －

  • (8) Leasing arrangements lessee

  • A. The Group leases various assets including land, buildings, machinery and equipment, office equipment, and other equipment. Rental contracts are typically made for periods of 1 to 75 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.

  • B. Short-term leases with a lease term of 12 months or less comprise buildings, machinery and equipment, office equipment, and other equipment. Consequently, those leases are not included in right-of-use assets.

  • C. The carrying amount of right-of-use assets and the depreciation charge are as follows:

Land
Buildings
Machinery and equipment
Office equipment
Other equipment		 March31,2025
December31,2024
Carryingamount
Carryingamount
1,294,542
$ 1,300,969
$ 995,544
1,080,876
550
652
862
190
84,753
86,015

2,376,251
$ 2,468,702
$		 March31,2024
Carryingamount
1,363,380
$ 1,170,261
959
616
78,616
2,613,832
$
Land
Buildings
Machinery and equipment
Office equipment
Other equipment		 Threemonths endedMarch31, Threemonths endedMarch31,
2025
Depreciationcharge

8,999
$
120,790
102
133

9,450
139,474
$		 2024
Depreciationcharge
8,760
$ 134,889
102
226
9,031
153,008
$
  • D. For the three months ended March 31, 2025 and 2024, the additions to right-of-use assets were $87,090 and $246,044, respectively.

~27~

  • E. The information on profit and loss accounts relating to lease contracts is as follows:
Three months ended March31,
2025 2024
Items affecting profit or loss
Interest expense on lease liabilities $ 19,831
 $ 19,557
Expense on short-term lease contracts $ 90,787
 $ 66,379
Gain on lease modification $ 8
 $ -

  • F. For the three months ended March 31, 2025 and 2024, the Group’s total cash outflow for leases were $208,295 and $214,044, respectively.

  • G. Extension options

  • (a) Extension options are included in approximately 25% of the Group’s lease contracts pertaining to land. These options are expected to be exercised for maximizing optional flexibility in terms of managing contracts.

  • (b) In determining the lease term, the Group takes into consideration all facts and circumstances that create an economic incentive to exercise an extension option. The assessment of lease period is reviewed if a significant event occurs which affects the assessment.

(9) Short-term borrowings

Short-term borrowings
Bank borrowings
Credit borrowings
Mortgage loan
Bank borrowings
Credit borrowings
Mortgage loan
Bank borrowings
Credit borrowings
Mortgage loan		 March31,2025
3,491,887
$ 39,632
3,531,519
$ December31,2024
5,873,337
$ 38,608
5,911,945
$ March31,2024
8,081,204
$ 47,440
8,128,644
$		 Interestraterange
1.715%~5.800%
4.5818%~4.9206%
Interestraterange
1.715%~7.7674%
5.0647%~5.4805%
Interestraterange
1.65%~8.8157%
5.4925%~5.6106%		 Collateral
Reserve account
Buildings
Collateral
None
Buildings
Collateral
None
Buildings

Details of mortgage loan are provided in Note 8.

~28~

(10) Other payables

Other payables
March 31,2025 December31,2024 March 31,2024
Salaries and bonus payable $ 288,362
 $ 525,373
 $ 352,266
Accrued employees’ compensation
and directors’ remuneration 401,613 314,844 389,992
Others 156,347 174,957 198,395
$ 846,322 $ 1,015,174 $ 940,653
Bonds payable
March 31, 2025 December 31, 2024 March 31, 2024
Bonds payable $ 2,379,700
 $ 2,499,800
 $ 2,499,900
Less: Discount on bonds payable ( 51,928)
 ( 65,232)
 ( 97,693)
$ 2,327,772 $ 2,434,568
 $ 2,402,207

(11) Bonds payable

The fifth unsecured convertible corporate bonds in 2023

  • (a) The Company issued the 5th domestic unsecured convertible bonds, as approved by the regulatory authority on June 27, 2023. The terms and conditions are as follows:

  • i. Total issuance amount: NT$2,500,000

  • ii. Issuance period: 3 years, and a circulation period from June 27, 2023 to June 27, 2026

  • iii. Coupon rate: 0%

  • iv. Conversion period: The bondholders have the right to ask for conversion of the bonds into common shares of the Company during the period from the date after three months of the bonds before the maturity date, except the stop transfer period as specified in the terms of the bonds or the laws/regulations. The rights and obligations of the new shares converted from the bonds are the same as the issued and outstanding common shares.

  • v. The conversion price of the bonds is set up based on the pricing model in the terms of the bonds, and is subject to adjustments if the condition of the anti-dilution provisions occurs subsequently. The conversion price will be reset based on the pricing model in the terms of the bonds on each effective date regulated by the terms. If the reset conversion price is higher than the conversion price before the reset, the conversion price will not be adjusted.

  • vi. Redemption method:

  • (i) Redemption on the maturity date: Redeemed in cash at face value at the maturity date.

  • (ii) Redemption before the maturity date: The Company may repurchase all the bonds outstanding in cash at the bonds’ face value at any time after the following events occur: (i) the closing price of the Company’s common shares is above the then conversion price by 30% for 30 consecutive trading days during the period from the date after one month of the bonds issue to 40 days before the maturity date, or (ii) the outstanding balance of the bonds is less than 10% of total initial issue amount during the period from the date after one month of the bonds issue to 40 days before the maturity date.

~29~

  • (iii)Under the terms of the bonds, all bonds redeemed, matured and converted are retired and not to be re-issued; all rights and obligations attached to the bonds are also extinguished.

  • vii. For the three months ended March 31, 2025, the bonds totaling $120,100 had been converted into 888,304 shares of common stock. Accordingly, the Group recognized capital surplus of $114,483 and reduced capital surplus - stock option by $6,065.

  • viii. As of March 31, 2025, the bonds totaling $120,300 had been converted into 889,756 shares of common stock. Accordingly, the Group recognized capital surplus of $114,671 and reduced capital surplus - stock option by $6,075.

  • (b) Regarding the issuance of convertible bonds, the equity conversion options amounting to $126,247 were separated from the liability component and were recognized in ‘capital surplus—stock warrants’ in accordance with IAS 32. The call options embedded in bonds payable were separated from their host contracts and were recognized in ‘financial assets or liabilities at fair value through profit or loss’ in net amount in accordance with IAS 39 because the economic characteristics and risks of the embedded derivatives were not closely related to those of the host contracts. The effective interest rate of the bonds payable after such separation is 1.7960%.

- (12) Long term borrowings

Long-term borrowings
Borrowing period and
Type ofborrowings
repayment term
Long-term bank
borrowings
Credit borrowings
Borrowing period is from
March 6, 2025 to
February 15, 2035; Interest
is payable monthly; principal
is payable monthly in 84
installments starting after 36
months from the date of
borrowing. The monthly
payment shall be calculated
by using equal total payment
〞
Borrowing period is from
March 27, 2025 to June 26,
2026; interest is payable
monthly; principal
is payable at maturity date		 Interestrate
1.340%
1.831%		 Collateral
None
None		 March31,2025
900,000
$ 200,000
$

~30~

Borrowing period and
Type of borrowings
repayment term
Interest rate
Long-term bank
borrowings
Credit borrowings
Borrowing period is from
May 10, 2023 to May 10,
2028; Interest is payable
monthly; principal is payable
monthly in 48 installments
starting after 12 months
from the date of borrowing.
The monthly payment shall
be calculated by using equal
total payment and the
principal and interest shall
be paid based on the
schedule
3.105%
〞
Borrowing period is from
June 29, 2023 to June 29,
2028; Interest is payable
monthly; principal is payable
monthly in 48 installments
starting after 12 months
from the date of borrowing.
The monthly payment shall
be calculated by using equal
total payment and the
principal and interest shall
be paid based on the
schedule
3.105%
Less: Long-term liabilities, current portion
(recorded as ‘Long-term liabilities, current portion’)		 Collateral
March31,2025
None
1,603
None
14,793
1,116,396
4,883)
(
1,111,513
$

~31~

Borrowing period and
Type of borrowings
repayment term
Interest rate
Long-term bank
borrowings
Credit borrowings
Borrowing period is from
December 27, 2024 to
March 26, 2026; interest is
payable monthly; principal
is payable at maturity date
1.829%
〞
Borrowing period is from
May 10, 2023 to May 10,
2028; Interest is payable
monthly; principal is payable
monthly in 48 installments
starting after 12 months
from the date of borrowing.
The monthly payment shall
be calculated by using equal
total payment and the
principal and interest shall
be paid based on the
schedule
3.105%
〞
Borrowing period is from
June 29, 2023 to June 29,
2028; Interest is payable
monthly; principal is payable
monthly in 48 installments
starting after 12 months
from the date of borrowing.
The monthly payment shall
be calculated by using equal
total payment and the
principal and interest shall
be paid based on the
schedule
3.105%
Less: Long-term liabilities, current portion
(recorded as ‘Long-term liabilities, current portion’)		 Collateral
December31,2024
None
200,000
$ None
1,723
None
15,871
217,594
4,846)
(
212,748
$

~32~

Borrowing period and
Type ofborrowings
repayment term
Interestrate
Long-term bank
borrowings
Credit borrowings
Borrowing period is from
March 28, 2024 to June 28,
2025; interest is payable
monthly; principal
is payable at maturity date
1.6562%
〞
Borrowing period is from
May 10, 2023 to May 10,
2028; Interest is payable
monthly; principal is payable
monthly in 48 installments
starting after 12 months
from the date of borrowing.
The monthly payment shall
be calculated by using equal
total payment and the
principal and interest shall
be paid based on the
schedule
3.105%
〞
Borrowing period is from
June 29, 2023 to June 29,
2028; Interest is payable
monthly; principal is payable
monthly in 48 installments
starting after 12 months
from the date of borrowing.
The monthly payment shall
be calculated by using equal
total payment and the
principal and interest shall
be paid based on the
schedule
3.105%
Less: Long-term liabilities, current portion
(recorded as ‘Long-term liabilities, current portion’)		 Collateral
March31,2024
None
200,000
$ None
2,000
None
18,000
220,000
3,611)
(
216,389
$

~33~

(13) Pensions

  • A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company contributes monthly an amount equal to 2% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company would assess the balance in the aforementioned labor pension reserve account by the end of December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March.

  • (b) For the aforementioned pension plan, the Group recognized pension costs of $532 and $558 for the three months ended March 31, 2025 and 2024, respectively.

  • (c) Expected contributions to the defined benefit pension plan of the Company for the year ending December 31, 2026 amount to $4,878.

  • B. (a) Effective July 1, 2005, the Company and its domestic subsidiaries have established a defined contribution pension plan (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company and its domestic subsidiaries contribute monthly an amount based on 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment.

  • (b) The Company’s Mainland China subsidiaries have a defined contribution plan. Monthly contributions to an independent fund administered by the government in accordance with the pension regulations in the People’s Republic of China (PRC) are based on a certain percentage of the employees’ monthly salaries and wages. Other than the monthly contributions, the Group has no further obligations.

  • (c) Certain overseas subsidiaries have a defined contribution plan. Contributions to an independent fund are based on a certain percentage of the employees’ monthly salaries and wages and are recognized as pension cost. Other than the monthly contributions, the Group has no further obligations.

  • (d) The pension costs under the defined contribution pension plan of the Group for the three months ended March 31, 2025 and 2024 were $44,499 and $38,402, respectively.

~34~

(14) Share capital

  • A. As of March 31, 2025, the Company’s authorized capital was $3,000,000, consisting of 300 million shares of ordinary stock (including 9,800 thousand shares reserved for employee stock options), and the paid-in capital was $2,022,045, consisting of 202,204,480 shares with a par value of $10 (in dollars) per share. All proceeds from shares issued have been collected.

  • B. Movements in the number of the Company’s ordinary shares outstanding are as follows:

2025
At January 1
201,316,176
Conversion of convertible bonds
888,304
At March 31
202,204,480		 2024
201,315,437

-

201,315,437

(15) Capital surplus

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Act requires that the amount of capital surplus to be capitalised mentioned above should not exceed 10% of the paidin capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

Details of movements in capital surplus are as follows:

At January 1
Changes in ownership
interest in subsidiaries
Conversion of
convertible bonds
At March 31
At January 1
Conversion of
convertible bonds
At March 31		 2025 2025
Share premium
Stockoptions
Others
2,365,841
$ 126,237
$ 7,494
$ -
-

1,785
114,483
6,065)
(
-

2,480,324
$ 120,172
$ 9,279
$ 2024		 Total
2,499,572
$ 1,785
108,418
2,609,775
$
Share premium
2,365,746
$ -
2,365,746
$		 Stockoptions
126,242
$ -
126,242
$		 Others
6,198
$ 1,296
7,494
$		 Total
2,498,186
$ 1,296
2,499,482
$

~35~

(16) Retained earnings

  • A. Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall first be used to pay all taxes and offset prior years’ operating losses and then 10% of the remaining amount shall be set aside as legal reserve. Also, special reserve shall be set aside or reversed as required by regulations or the Competent Authority. The remaining amount along with the prior years’ unappropriated earnings shall be proposed by the Board of Directors and resolved by the stockholders for appropriation or reserve.

  • B. The Company’s dividend policy is summarized below: in consideration of the overall environment development and industrial growth, fulfilling future operation development needs as priority and optimizing financial structure, distribution of stock dividends shall not exceed 50% of the dividends distributed.

  • C. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in excess of 25% of the Company’s paid-in capital.

  • D. (a) In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount could be included in the distributable earnings.

  • (b) The amounts previously set aside by the Company as special reserve on initial application of IFRSs shall be reversed proportionately when the relevant assets are used, disposed of or reclassified subsequently.

  • E. (a) Details of 2024 earnings appropriation proposed by the Board of Directors on February 24, 2025 and 2023 earnings appropriation resolved by the shareholders on May 27, 2024 are as follows:

follows:
Dividends
per share
Dividends
per share
Amount
(indollars)
Amount
(indollars)
Legal reserve
182,095
$ -
$ 216,413
$ -
$ (Reversal of)
appropriation for
special reserve
134,191)
(
-
43,841
-
Cash dividends
1,207,897
6
1,207,893
6
Total
1,255,801
$ 1,468,147
$ 2024
2023
Years endedDecember31,		 Years endedDecember31,
2023
Amount
216,413
$ 43,841
1,207,893
1,468,147
$		 Dividends
per share
(indollars)
-
$ -
6

~36~

The earnings appropriation for the year ended December 31, 2023 listed above had no difference from that proposed by the Board of Directors on February 19, 2024. As of May 6, 2025, the earnings appropriation for the year ended December 31, 2024 has not yet been approved by the shareholders, thus, no dividend was accrued in these consolidated financial statements.

Information about the earnings distribution for 2024 and 2023 as approved by the Board of Directors and resolved by the shareholders will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

(17) Operating revenue

Construction contract revenue
Sales contract revenue
Other contract revenue
Total		 2025
2024
7,690,727
$ 9,974,255
$ 4,663,833
3,850,627
906,191
790,441
13,260,751
$ 14,615,323
$ Three months ended March31,

A. Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods and services over time and at a point in time in the following major product lines:

time in the following major product lines:
Automatic supplying system
Total facility engineering turnkey project
R&D and manufacturing of customized equipment
Sales and service of high-tech equipment
and materials
Total
Timing of revenue recognition
At a point in time
Over time
Total		 2025
2024
5,256,251
$ 7,091,503
$ 2,288,792
2,785,623
2,187,167
1,975,153
3,528,541
2,763,044
13,260,751
$ 14,615,323
$ 4,870,810
$ 4,009,896
$ 8,389,941
10,605,427
13,260,751
$ 14,615,323
$ Threemonths endedMarch31,
7,091,503
$ 2,785,623
1,975,153
2,763,044
14,615,323
$
4,009,896
$ 10,605,427
14,615,323
$

~37~

B. Contract assets and liabilities

(a) The Group has recognized the following revenue-related contract assets and liabilities:

==> picture [443 x 211] intentionally omitted <==

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

March 31, 2025 December 31, 2024 March 31, 2024 January 1, 2024
Contract
assets:
Construction
contracts $ 10,439,510 $ 10,180,252 $ 13,392,197 $ 13,530,731
Contract
liabilities:
Construction $ 8,870,202 $ 8,961,656 $ 7,096,656 $ 7,807,091
contracts
Sales
contracts 2,898,210 2,123,218 1,701,252 1,518,877
Other
contracts 516,459 383,221 435,202 485,246
$ 12,284,871 $ 11,468,095 $ 9,233,110 $ 9,811,214
----- End of picture text -----

  • (b) Revenue recognized that was included in the contract liability balance at the beginning of the period:

period:
Revenue recognized that was included
in the contract liability balance at the
beginning of the period
Construction contracts
Sales contracts
Other contracts		 Three months ended March 31,
2025
2,594,537
$ 394,688
79,427
3,068,652
$		 2024
2,721,146
$ 360,936
77,157
3,159,239
$

(c) All contracts of the Group with periods of one year or less are billed based on time incurred. As permitted under IFRS 15, the transaction prices allocated to these unsatisfied contracts are not disclosed.

(18) Other income

Three months ended March 31,

Grants revenue
Dividend income
Rental revenue
Other income
Total		 2025
1,800
$ 540
1,663
6,918
10,921
$		 2024
4,606
$ 261
1,463
7,632
13,962
$

~38~

(19) Other gains and losses

Other gains and losses
Threemonths ended March31,
2025 2024
Net gains on financial assets at fair value through
profit or loss $ 283,052
 $ 294,963
Foreign exchange gains 192,227 188,813
Gains (losses) on disposals of property, plant and
equipment 74
 ( 364)
Other losses ( 2,767)
 ( 2,388)
Total $ 472,586
 $ 481,024

(20) Employee benefit expense, depreciation and amortization

A. Employee benefit expense, depreciation and amortization

Employee benefit expense
Wages and salaries
Labour and health insurance fees
Pension costs
Other employee benefit expense
Depreciation
Amortization
Employee benefit expense
Wages and salaries
Labour and health insurance fees
Pension costs
Other employee benefit expense
Depreciation
Amortization		 Threemonths endedMarch31,2025 Threemonths endedMarch31,2025 Threemonths endedMarch31,2025
Operating
Operating costs
expenses
Total
420,871
$ 492,857
$ 913,728
$ 36,640

28,418
65,058
27,565
17,466
45,031
22,046
14,176
36,222

148,390
55,220
203,610
7,315
6,546
13,861
Threemonths endedMarch31,2024
Operating costs
455,216
$ 34,106
25,357
7,038
175,641
4,300		 Operating
expenses
405,512
$ 23,400
13,603
9,470
41,540
4,619		 Total
860,728
$ 57,506
38,960
16,508
217,181
8,919

B. Employees’ compensation and directors’ remuneration

(a) According to the Articles of Incorporation of the Company, the ratio of distributable profit of the current year shall not be higher than 3% for directors’ remuneration and shall be 1~15% for employees’ compensation. If the Company has accumulated deficit, earnings should be reserved to cover losses.

~39~

  • (b) For the three months ended March 31, 2025 and 2024, employees’ compensation and directors’ remuneration were accrued as follows:
Three months ended March 31,
2025 2024
Employees’ compensation $ 119,319
 $ 60,893
Directors’ remuneration 11,932
 6,089
$ 131,251 $ 66,982

For the three months ended March 31, 2025, employees’ compensation and directors’ remuneration were estimated and accrued based on 10% and 1% of distributable profit of current year as of the end of reporting period, respectively.

The employees’ compensation and directors’ remuneration for 2024 as resolved by the Board of Directors were $245,784 and $24,578, respectively, and were in agreement with those amounts recognized in the 2024 financial statements.

Information about employees’ compensation and directors’ remuneration of the Company as resolved at the meeting of the Board of Directors will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

(21) Income tax

A. Income tax expense

(a) Components of income tax expense:

Current tax
Current tax on profits for the period
Prior year income tax under estimation
Total current tax
Deferred tax
Origination and reversal of temporary
differences
Income tax expense		 2025
2024
221,386
$ 171,082
$ 17,160
1,264
238,546
172,346
73,888
40,725)
(
312,434
$
131,621
$ Threemonths endedMarch31,
  • (b) The income tax (charge)/credit relating to components of other comprehensive income is as follows:
follows:
Threemonths endedMarch31,
2025 2024
Currency translation differences of
foreign operations $ 14,189 $ 20,282
Assessment of the Company’s and domestic subsidiaries’ income tax returns is as follows:
Assessment
The Company, Vertex System, eZoom, ADAT and Through 2023
Smart Group Solutions Corp.

D. Assessment of the Company’s and domestic subsidiaries’ income tax returns is as follows:

~40~

(22) Earnings per share

Earnings per share
Basic earnings per share
Profit attributable to ordinary
shareholders of the parent
Diluted earnings per share
Assumed conversion of all dilutive
potential ordinary shares
Convertible bonds
Employees’ compensation
Profit attributable to ordinary
shareholders of the parent plus
assumed conversion of all
dilutive potential ordinary shares
Basic earnings per share
Profit attributable to ordinary
shareholders of the parent
Diluted earnings per share
Assumed conversion of all dilutive
potential ordinary shares
Convertible bonds
Employees’ compensation
Profit attributable to ordinary
shareholders of the parent plus
assumed conversion of all
dilutive potential ordinary shares		 Weighted average
number of
ordinary shares
outstanding
(shares in
Earnings per
Amount aftertax
thousands)
share (indollars)
888,685
$ 201,500
4.41
$ 8,405
18,306
-
1,734
897,090
$ 221,540
4.05
$ Three months ended March31,2025
Three months ended March31,2024
Amount after tax
487,576
$ 8,396
-
495,972
$		 Weighted average
number of
ordinary shares
outstanding
(shares in
thousands)
201,315
17,831
1,369
220,515		 Earnings per
share(in dollars)
2.42
$
2.25
$

~41~

(23) Supplemental cash flow information

Financing activities with no cash flow effects

Convertible bonds converted to capital stocks

Three months ended March 31, 2025 2024 $ 117,301 $ -

(24) Changes in liabilities from financing activities

Long-term
Lease
Short-term
borrowings
liabilities
borrowings
(Note)
At January 1
2,656,308
$ 5,911,945
$ 217,594
$ Changes in cash flow from
financing activities
97,677)
(
2,399,303)
(
898,802
Impact of changes in
foreign exchange rate
15,223
18,877
-
Changes in other non-cash
items
11,234
-
-

At March 31
2,585,088
$ 3,531,519
$ 1,116,396
$ 2025
Long-term
Lease
Short-term borrowings
liabilities
borrowings
(Note)
At January 1
2,610,889
$ 9,679,501
$ 220,000
$ Changes in cash flow from
financing activities
128,108)
(
1,685,736)
(
-
Impact of changes in
foreign exchange rate
42,828
134,879
-
Changes in other non-cash
items
239,637
-
-
At March 31
2,765,246
$ 8,128,644
$ 220,000
$ 2024		 Long-term
borrowings
(Note)
217,594
$ 898,802
-
-

1,116,396
$ 2025
2024		 Bonds
payable
2,434,568
$ -
-
106,796)
(
2,327,772
$

Note: Including bonds payable and current portion of long-term borrowings (recorded as "Longterm liabilities, current portion").

~42~

7. RELATED PARTY TRANSACTIONS

(1) Parent company

The Company is controlled by Ennoconn International Investment Co., Ltd. (registered in the Republic of China), which owns 41.28% of the shares of the Company. The remaining 58.72% of the shares of the Company are held by the general public. The ultimate parent company of the Company is Ennoconn Corporation (registered in the Republic of China).

(2) Names of related parties and relationship

is Ennoconn Corporation (registered in the
Names of related parties and relationship		 Republic of China).
Names of related parties Relationship withthe Group
Ennoconn Corporation
Chung-Hsin Precision Machinery Co., Ltd.
Hon Hai Precision Industry Co., Ltd.
Chung-Hsin Electric & Machinery
Mfg. Corp.
Hong Kong Ennopower Information
Technology Co., Limited
Coiler Corporation
Foxconn Global Network Corporation
Hon Young Semiconductor Corporation
CTS Investment Corp.
Altus Technology Inc.
Qisda Corporation
Glory Technology Service Inc.
Macrotec Technology (Shanghai) Co. Ltd.
Fortune International Corporation
Radisen Co., Ltd.
Macrotec Technology Corp.
Forward Science Corp.
Shenzhen Hyper Power Information
Technology Co., Ltd.
ProbeLeader Co., Ltd.
Lucens Technology Inc.
Everlasting Digital ESG Co., Ltd.
E-WIN Investment Corp.		 Ultimate parent company
Other related party
"
"
"
"
"
"
"
"
"
Associate
"
"
"
Entity controlled by key management or entity with
significant influence
"
"
"
"
"
"

~43~

(3) Significant related party transactions and balances

A. Sales of goods and services

  • (a) Sales of goods
es of goods and services
Sales of goods
Three months ended March 31,
2025 2024
Other related parties $ 417
 $ 480
Associates 1,935
 1,504
$ 2,352 $ 1,984

Prices to related parties and third parties are based on normal sales transactions and sales are collected 2 to 3 months after the completion of transactions.

  • (b) Construction contract revenue
Construction contract revenue
Other related parties
Entities controlled by key management or
entities with significant influence
Total		 2025
2024
127,125
$ 161,392
$ 431
100

127,556
$ 161,492
$ Three months ended March31,
161,392
$ 100

161,492
$

  • i. Construction contract revenue from related parties and non-related parties are collected based on the general construction contract or general agreement. In addition, construction contracts entered into with related parties are based on the price lists in force and terms that would be available to third parties while the collection periods for construction contracts are about 2 to 3 months after inspection of construction depending on the construction contracts or individual agreements.

  • ii. As of March 31, 2025, December 31, 2024 and March 31, 2024, contract price and priced contract of unfinished construction are as follows:

Other related parties
Associates
Entities controlled
by key
management or
entities with
significant
influence
Total		 Total contract
Priced
price (before tax)
contract
(Note)
(Note)
2,454,569
$ 2,103,953
$ -
-
206,838
187,768
2,661,407
$ 2,291,721
$ March31,2025		 December31,2024 December31,2024
Total contract
price (before tax)
(Note)
2,454,569
$ -
206,838
2,661,407
$		 Total contract
price (before tax)
(Note)
2,464,652
$ 77
204,731
2,669,460
$		 Priced
contract
(Note)
2,046,824
$ 77
183,657
2,230,558
$

~44~

March31, 2024 2024
Total contract Priced
price (before tax) contract
(Note) (Note)
Other related parties $ 2,355,366
 $ 1,350,535
Entities controlled
by key
management or
entities with
significant
influence 206,863 185,304
Total $ 2,562,229 $ 1,535,839

Note: The amounts were translated at the original currency times exchange rate at each period end.

(c) Other contract revenue

period end.
Other contract revenue
Other related parties
Entities controlled by key management or
entities with significant influence
Total		 Three months ended March31,
2025
-
$ 507
507
$		 2024
192
$ 274
466
$

Other contract revenue from related parties and non-related parties are collected based on the general service contract or general agreement. In addition, service contracts entered into with related parties are based on the price lists in force and terms that would be available to third parties while the collection periods for service contracts are about 2 to 3 months after inspection of service depending on the other contracts or individual agreements.

B. Acquisition of goods and services

(a) Purchase of goods

uisition of goods and services
Purchase of goods
Entities controlled by key management or
entities with significant influence
Associates
Other related parties
Total		 Threemonths endedMarch31,
2025
1,623
$ 218
8,217
10,058
$		 2024
369
$ 98
8,397
8,864
$

Purchases from related parties and third parties are based on normal purchase prices and terms and are collectible about 2 to 3 months after inspection.

~45~

(b) Construction contract costs

Construction contract costs
Three months ended March31,
2025 2024
Entities controlled by key management or
entities with significant influence $ 3
 $ 83
Associates 32 12,437
Total $ 35
 $ 12,520

The outsourcing construction contract costs paid to related parties and third parties are based on normal construction contracts or individual agreements. Furthermore, the payment terms to related parties are approximately the same to third parties, which is about 2 months after inspection of construction depending on the construction contracts or individual agreements. C. Receivables from related parties

Notes receivable

Notes receivable
March 31,2025 December 31,2024 March 31,2024
Entities controlled by key
management or entities
with significant influence $ 173 $ 124
 $ 243
Accounts receivable
March 31,2025 December 31,2024 March 31, 2024
Other related parties $ 10,055
 $ 31,413
 $ 88,689
Entities controlled by key
management or entities
with significant influence 4,696 3,939 4,051
Associates 319 869 -
Subtotal 15,070 36,221 92,740
Less: Loss allowance ( 4,776)
 ( 8,523)
 ( 7,235)
Total $ 10,294 $ 27,698 $ 85,505

The collection terms to related parties and third parties are about 2 to 3 months after the sale while terms for construction are about 2 to 3 months after inspection of construction depending on the construction contracts or individual agreements.

~46~

D. Payables to related parties

Notes payable

Payables to related parties
Notes payable
Accounts payable
Entities controlled by key
management or entities
with significant influence
Other related parties
Associates
Total
Entities controlled by key
management or entities
with significant influence
Other related parties
Associates
Total		 March31,2025
December 31, 2024
2,560
$ 4,678
$ -

2,099

-

2,231
2,560
$ 9,008
$ March31,2025
December 31, 2024
7,297
$ 9,395
$ 7,685
10,110
198
4,685
15,180
$ 24,190
$		 March 31, 2024
1,271
$ 3,454
-
4,725
$
March31,2024
5,840
$ 5,719
5,559
17,118
$

The payment terms to related parties and third parties are about 2 to 3 months after inspection of purchases. The payment terms for outsourcing construction costs are about 2 months after inspection of construction, depending on normal construction contracts or individual agreements.

E. Property transactions

  • (a) Acquisition of property, plant and equipment, and intangible assets

For the three months ended March 31, 2025 and 2024, the Group has acquired computer equipment and related software from entities controlled by key management amounting to $3,946 and $3,169 (recorded as ‘property, plant and equipment’ and ‘intangible assets’), respectively.

  • (b) Acquisition of financial assets

Financial assets at fair value through profit or loss

respectively.
Acquisition of financial assets
Financial assets at fair value through profit or loss
Entities controlled by key management or
entities with significant influence		 2025
2024
3,156
$ -
$ Threemonths endedMarch31,
-
$

~47~

－ F. Lease transactions lessee

  • (a) i. The Group leases plants and offices from Chung-Hsin Precision Machinery Co., Ltd. Rental contracts are typically made for the period from September 1, 2021 to August 31, 2024, and rents are paid quarterly. Leased assets are not allowed to be used illegally, store hazardous materials or be used in any purpose which may be harmful to the environment and public safety. Without obtaining approval from lessors, all or certain leased assets cannot be subleased, lent or granted in any different form to third parties or the lease right of all or certain leased assets cannot be transferred to third parties. Abovementioned leasing contract was not included in the related party transactions because the Group disposed its equity shares in Integrated Manufacturing & Services Co., Ltd. in June 2024.

  • ii. The Group leases offices from CTS Investment Corp. Rental contracts are made for periods of 4 to 5 years from January 1, 2022 to June 30, 2028. Rents are paid monthly. There are no contractual restrictions and other important commitments.

  • iii. The Group leases offices from Coiler Corp. Rental contracts are made for a period of 5 years from January 1, 2022 to December 31, 2026. Rents are paid monthly. There are no contractual restrictions and other important commitments.

  • (b) Lease liabilities (including current and non-current)

  • i Outstanding balance:

March 31, 2025 December 31, 2024 March 31, 2024 Other related parties $ 16,293 $ 18,292 $ 19,361 ii Interest expense Three months ended March 31, 2025 2024 Other related parties $ 50 $ 768 Key management compensation Three months ended March 31, 2025 2024 Salaries and other short-term employee benefits $ 72,659 $ 47,815

(4) Key management compensation

~48~

8. PLEDGED ASSETS

Details of the book value of the Group’s assets pledged as collateral are as follows:

Book value

==> picture [503 x 177] intentionally omitted <==

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

Pledged asset March 31, 2025 December 31, 2024 March 31, 2024 Purpose
Restricted time deposits $ 16,366 $ 15,047 $ 13,349 Guarantee for bank’s
(recorded as ‘financial assets borrowing facility,
at amortized cost - current performance guarantee
and non-current’) and other guarantee
Guarantee deposits paid 278,491 64,059 184,597 Bid bond, performance
(recorded as ‘other current guarantee and warranty
assets’ and ‘other
non-current assets’)
Buildings and structures
(recorded as ‘property, Guarantee for bank’s
plant and equipment’) 13,148 12,875 12,923 borrowing facility
$ 308,005 $ 91,981 $ 210,869
----- End of picture text -----

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED CONTRACT

COMMITMENTS

(1) Contingencies

None.

(2) Commitments

  • A. As of March 31, 2025, the notes and letters of guarantee used for construction performance and custom security amounted to $2,715,092.

  • B. As of March 31, 2025, the Company’s capital expenditure contracted for at the balance sheet date but not yet incurred amounted to $460,726.

10. SIGNIFICANT DISASTER LOSS

None.

11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

None.

12. OTHERS

(1) Capital management

There was no significant change in the reporting period. Refer to Note 12 in the consolidated financial statements as of and for the year ended December 31, 2024.

~49~

(2) Financial instruments

A. Financial instruments by category

March 31, 2025 December 31, 2024 March 31, 2024

ancial instruments
Financial instruments by category		 March31,2025
December31,2024		 March31,2024
Financial assets
Financial assets measured at fair value
through profit or loss
Financial assets mandatorily measured
at fair value through profit or loss
Financial assets at amortized cost
/ Loans and receivables
Cash and cash equivalents
Notes receivable
(including related parties)
Accounts receivable
(including related parties)
Other accounts receivable
(including related parties)
Restricted time deposits (recorded
as ‘financial assets at amortized
cost - current and non-current’)
Guarantee deposits paid (recorded
as ‘other current assets’
and ‘other non-current assets’)
Financial liabilities
Financial liabilities measured at fair
value through profit or loss
Short-term borrowings
Notes payable
(including related parties)
Accounts payable
(including related parties)
Other accounts payable
Bonds payable (recorded as ‘Long-
term liabilities, current portion’)
Long-term borrowings (recorded as
‘Long term liabilities, current portion’)
Guarantee deposits received (recorded
as ‘other non-current liabilities’)
Lease liabilities		 2,099,090
$ 1,995,308
$ 10,101,988
11,442,714
82,672
82,745
7,180,429
6,732,679
20,021
61,384
16,366
15,047

383,738
179,060
19,884,304
$ 20,508,937
$ March31,2025
December31,2024
3,531,519
$ 5,911,945
$ 1,750,898
1,910,336
7,718,301
7,686,079
846,322
1,015,174
2,327,772
2,434,568
1,116,396
217,594
469
469
17,291,677
$ 19,176,165
$ 2,585,088
$ 2,656,308
$		 1,881,232
$ 7,047,308
193,864
6,519,627
49,793
13,349
266,817
15,971,990
$
March31,2024
8,128,644
$ 1,408,411
7,047,250
940,653
2,402,207
220,000
469
20,147,634
$
2,765,246
$

~50~

  • B. Financial risk management policies

  • There was no significant change in the reporting period. Refer to Note 12 in the consolidated financial statements as of and for the year ended December 31, 2024.

  • C. Significant financial risks and degrees of financial risks

  • (a) Market risk

Foreign exchange risk

  • i. The Group operates internationally and is exposed to exchange rate risk arising from the transactions of the Company and its subsidiaries used in various functional currency, primarily with respect to the USD, RMB, JPY and EUR. Exchange rate risk arises from future commercial transactions and recognized assets and liabilities.

  • ii. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency.

  • iii. The Group’s businesses involve some non-functional currency operations (the Company’s and certain subsidiaries’ functional currency: NTD; other certain subsidiaries’ functional currency: RMB, USD, SGD, IDR, and VND). The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：NTD
USD：RMB
USD：VND
USD：SGD
USD：JPY
EUR：NTD
JPY：NTD
JPY：RMB
RMB：NTD
USD：IDR
Financial liabilities
Monetary items
USD：NTD
USD：RMB
USD：SGD
JPY：NTD
JPY：RMB
USD：MYR		 March31,2025 March31,2025 March31,2025 March31,2025
Foreign
currency
amount
(in thousands)
128,998
$ 32,472
3,267
5,331
1,378
34,428
1,334,826
5,034,536
33,039
1,107
14,864
$ 1,390
3,484
727,315
675,641
1,000		 Exchange
rate
33.205
7.2613
25,941
1.3405
149.10
35.97
0.2227
0.0487
4.5729
16,357
33.205
7.2613
1.3405
0.2227
0.0487
4.5993		 Book value
(NTD)
4,283,364
$ 1,078,245
108,481
177,020
45,761
1,238,363
297,266
1,121,191
151,083
36,749
493,545
$ 46,144
115,699
161,973
150,465
33,205		 Sensitivityanalysis
Degree of
variation
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%		 Effect on
profit or
loss
42,834
$ 10,782
1,085
1,770
458
12,384
2,973
11,212
1,511
367
4,935
$ 461
1,157
1,620
1,505
332		 Effect on other
comprehensive
income
-
$ -
-
-
-
-
-
-
-
-
-
$ -
-
-
-
-






~51~

December 31, 2024

December31,2024 31,2024 31,2024 31,2024
(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：NTD
USD：RMB
USD：VND
USD：SGD
EUR：NTD
JPY：NTD
JPY：RMB
RMB：NTD
USD：IDR
Financial liabilities
Monetary items
USD：NTD
USD：RMB
EUR：NTD
JPY：NTD
JPY：RMB
USD：MYR
(Foreign currency:
functional currency)
Financial assets
Monetary items
USD：NTD
USD：RMB
USD：VND
USD：SGD
EUR：NTD
JPY：NTD
JPY：RMB
RMB：NTD
USD：IDR
Financial liabilities
Monetary items
USD：NTD
USD：RMB
JPY：NTD
JPY：RMB		 Foreign
currency
amount
(in thousands)
147,174
$ 28,264
3,124
2,490
29,051
1,922,942
2,369,944
51,476
1,106
15,447
$ 2,979
5,042
626,978
431,553
2,100		 Exchange
rate
32.785
7.3215
25,815
1.3587
34.14
0.2099
0.0469
4.4779
16,150
32.785
7.3215
34.14
0.2099
0.0469
4.6402		 Book value
Degree of
Effect on
profit or
Effect on other
comprehensive
(NTD)
variation
loss
income
4,825,107
$ 1%
48,251
$ -
$ 926,631
1%
9,266
-
102,414
1%
1,024
-
81,650
1%
817
-
991,794
1%
9,918
-
403,626
1%
4,036
-
497,451
1%
4,975
-
230,505
1%
2,305
-
36,261
1%
363
-
506,436
$ 1%
5,064
$ -
$ 97,683
1%
977
-
172,126
1%
1,721
-
131,603
1%
1,316
-
90,583
1%
906
-
68,849
1%
688
-
March31,2024
Sensitivityanalysis		 Sensitivityanalysis
Effect on
profit or
loss
48,251
$ 9,266
1,024
817
9,918
4,036
4,975
2,305
363
5,064
$ 977
1,721
1,316
906
688		 Effect on other
comprehensive
income
-
$ -
-
-
-
-
-
-
-
-
$ -
-
-
-
-
Foreign
currency
amount
(in thousands)
113,739
$ 21,574
3,096
2,201
23,466
475,998
1,724,315
63,429
1,113
11,896
$ 7,457
562,620
172,629		 Exchange
rate
32.000
7.2597
25,197
1.3491
34.46
0.2115
0.0480
4.4079
15,764
32.000
7.2597
0.2115
0.0480		 Book value
(NTD)
3,639,648
$ 690,364
99,081
70,442
808,637
100,674
364,693
279,587
35,621
380,660
$ 238,631
118,994
36,511		 Sensitivityanalysis
Degree of
variation
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%		 Effect on
profit or
loss
36,396
$ 6,904
991
704
8,086
1,007
3,647
2,796
356
3,807
$ 2,386
1,190
365		 Effect on other
comprehensive
income
-
$ -
-
-
-
-
-
-
-
-
$ -
-
-




~52~

  • iv. The total exchange gain, including realized and unrealized, arising from significant foreign exchange variation on the monetary items held by the Group for the three months ended March 31, 2025 and 2024 were $192,227 and $188,813, respectively.

  • Price risk

  • i. The Group’s equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

  • ii. The Group’s investments in equity securities comprise listed and unlisted stocks. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant, post-tax profit for the three months ended March 31, 2025 and 2024 would have increased/decreased by $20,219 and $18,064, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss.

  • Cash flow and fair value interest rate risk

  • i. The Group’s main interest rate risk arises from bank borrowings with variable rates and the advanced amount of accounts receivable transferred, which expose the Group to cash flow interest rate risk. For the three months ended March 31, 2025 and 2024, the Group’s borrowings at variable rate were mainly denominated in NTD, USD, SGD and RMB.

  • ii. The Group’s borrowings are measured at amortized cost. The borrowings are periodically contractually repriced and to that extent are also exposed to the risk of future changes in market interest rates.

  • iii. If the borrowing interest rate of NTD, USD, SGD and RMB had increased/decreased by 1% with all other variables held constant, profit, net of tax for the three months ended March 31, 2025 and 2024 would have decreased/increased by $9,296 and $16,697, respectively. The main factor is that changes in interest expense result from floating rate borrowings.

  • (b) Credit risk

  • i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed terms, and the contract cash flows of debt instruments stated at amortised cost.

~53~

  • ii. The Group manages its credit risk taking into consideration the entire group’s concern. For banks and financial institutions, only independently rated parties with a minimum rating of excellence are accepted. According to the Group’s credit policy, the Group is responsible for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Board of Directors. The utilisation of credit limits is regularly monitored.

  • iii. The Group adopts the following assumption under IFRS 9 to assess whether there has been a significant increase in credit risk on that instrument since initial recognition: If the contract payments are past due over 30 days based on the terms, there is a significant increase in credit risk on that instrument since initial recognition.

  • iv. The Group considers the historical experience and industrial characteristics, whereby a default occurs when the sale and construction contract payments are past due over 1 to 2 years in line with credit risk management procedure.

  • v. The following indicators are used to determine whether the credit impairment of debt instruments has occurred:

  • (i) It becomes probable that the issuer will enter bankruptcy or other financial reorganization due to their financial difficulties;

  • (ii) The disappearance of an active market for that financial asset because of financial difficulties;

  • (iii) Default or delinquency in interest or principal repayments;

  • (iv) Adverse changes in national or regional economic conditions that are expected to cause a default.

  • vi. The Group classifies customers’ accounts receivable in accordance with customer types. The Group applies the simplified approach using a provision matrix based on the loss rate methodology to estimate expected credit loss.

  • vii. The Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures. However, the Group will continue executing the recourse procedures to secure their rights. On March 31, 2025, December 31, 2024 and March 31, 2024, the Group has no written-off financial assets that are still under recourse procedures.

  • viii. The Group used the forecast ability of global boom information to adjust historical and timely information to assess the default possibility of notes and accounts receivable (including related parties). As of March 31, 2025, December 31, 2024 and March 31, 2024, the provision matrix and loss rate methodology are as follows:

~54~

(i) Accounts receivable in relation to construction

) Accounts receivable
March 31, 2025
Not past due
Up to 90 days
91 to 180 days
181 to 365 days
1 to 2 years
Over 2 years
Total
December 31, 2024
Not past due
Up to 90 days
91 to 180 days
181 to 365 days
1 to 2 years
Over 2 years
Total
March 31, 2024
Not past due
Up to 90 days
91 to 180 days
181 to 365 days
1 to 2 years
Over 2 years
Total
March 31, 2025
Not past due
Up to 90 days
91 to 180 days
181 to 365 days
Over 365 days
Total
December 31, 2024
Not past due
Up to 90 days
91 to 180 days
181 to 365 days
Over 365 days
Total		 in relation to sales
Expected loss rate
0%~2.4917%
0%~21.8445%
0%~32.8554%
0%~52.1017%
0%~93.5645%
100%
Expected loss rate
0%~2.4917%
0%~25.4384%
0%~37.9724%
0%~54.0947%
0%~88.9039%
100%
Expected loss rate
0%~2.4917%
0%~25.4384%
0%~37.9724%
0%~54.0947%
0%~88.9039%
100%
Expectedlossrate
0%~1.8338%
0%~10.7640%
0%~17.1121%
0%~62.6229%
0%~100%
Expected loss rate
0%~0.5198%
0%~21.2762%
0%~41.7847%
0%~94.0927%
0%~100%		 Total bookvalue
2,513,347
$ 312,407

241,462

255,980

244,222

115,722

3,683,140
$
Total bookvalue
2,364,626
$ 452,088
220,608
383,903
173,626
174,103
3,768,954
$ Total bookvalue
2,341,711
$ 695,135
134,941
254,099
258,628
115,922
3,800,436
$ Totalbookvalue
2,854,778
$ 422,870
88,447
147,242
194,142
3,707,479
$ Total bookvalue
2,634,501
$ 187,789
127,112
101,066
158,150
3,208,618
$		 Loss allowance
11,614
$ 27,497
62,187
48,763
110,812
115,722
376,595
$ Loss allowance
13,619
$ 64,174

37,260
101,383
110,044

174,103
500,583
$
Loss allowance
8,399
$ 89,667
41,595
52,411
137,536
115,922
445,530
$
Loss allowance
3,358
$ 12,342
5,433
30,999
194,142
246,274
$
Loss allowance
7,486
$ 7,372
9,813
37,903
158,150
220,724
$

(ii) Accounts receivable in relation to sales

~55~

March 31, 2024
Expectedlossrate
Not past due
0%~0.5198%
Up to 90 days
0%~21.2762%
91 to 180 days
0%~41.7847%
181 to 365 days
0%~94.0927%
Over 365 days
100%
Total		 Totalbookvalue
2,255,079
$ 506,855

88,968
116,518

152,322
3,119,742
$		 Loss allowance
6,495
$ 22,044
9,847
36,859

152,322
227,567
$

  • (iii) Based on historical experience, the Group applies individual assessment to evaluate expected credit loss of the high-credit risk customers. As of March 31, 2025, December 31, 2024 and March 31, 2024, accounts receivable and loss allowance amounted to $484,857 and $370,572, $475,619 and $366,140 and $348,094 and $298,956, respectively.

  • (iv) Due to the expected insignificant impairment, the Group applies individual assessment to evaluate expected credit loss of receivables due from construction warranties and notes receivable. As of March 31, 2025, December 31, 2024 and March 31, 2024, notes and accounts receivable and loss allowance amounted to $407,384 and $26,318, $468,453 and $18,773 and $421,433 and $4,161, respectively.

  • ix. Movements in relation to the Group applying the simplified approach to provide loss allowance for notes and accounts receivable (including related parties) are as follows:

Years ended March 31,
2025 2024
Accounts receivable Accounts receivable
At January 1 1,106,220
$		 $ 787,681
(Reversal of) provision for impairment ( 102,218)
 178,573
Write-offs ( 207)
 -
Effect of foreign exchange 15,964 9,960
At March 31 1,019,759
$		 $ 976,214

For (reversal of) provisioned loss for the three months ended March 31, 2025 and 2024, the impairment arising from customers’ contracts amounted to ($102,218) and $178,573, respectively.

~56~

  • x. For investments in debt instruments at amortised cost, the credit rating levels are presented below:
Financial assets at
amortised cost
Financial assets at
amortised cost
Financial assets at
amortised cost		 12 months
16,366
$ 12 months
15,047
$		 Significant
increase in credit
risk
Impairment of
credit
-
$ -
$ Significant
increase in credit
risk
Impairment of
credit
-
$ -
$ March31,2025
Lifetime
December31,2024
Lifetime
March 31, 2024		 Total
16,366
$
Total
15,047
$
12 months
13,349
$		 Significant
increase in credit
risk
Impairment of
credit
-
$ -
$ Lifetime		 Total
Significant
increase in credit
risk
-
$		 13,349
$

Financial assets at amortised cost held by the Group pertain to pledged time deposits, and there were no significant abnormalities in the credit rating levels.

  • (c) Liquidity risk

  • i. The Group invests in financial assets measured at fair value through profit or loss in active markets, so it expects to sell the financial assets in markets with prices approximate to fair value. Financial assets at cost are not traded in active markets, thus, liquidity risk is expected. However, the Group’s operating capital is sufficient to fulfill the Group’s capital needs and it does not expect significant liquidity risk.

  • ii. The table below analyses the Group’s non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities.

~57~

Non-derivative financial liabilities

Non-derivative financial liabilities
Less than
March31,2025
1year
Short-term borrowings
(including expected interest)
3,549,368
$ Notes payable (including
related parties)
1,750,898
Accounts payable (including
related parties)
7,718,301
Other payables
846,322
Bonds payable (including
current portion)
-
Long-term borrowings
(including expected interest,
long-term liabilities,
current portion)
21,003
Lease liabilities
584,173
Non-derivative financial liabilities
Less than
December31,2024
1year
Short-term borrowings
(including expected interest)
5,937,180
$ Notes payable (including
related parties)
1,910,336
Accounts payable (including
related parties)
7,686,079
Other payables
1,015,174
Bonds payable (including
current portion)
-
Long-term borrowings
(including expected interest,
long-term liabilities,
current portion)
8,923
Lease liabilities
647,691		 Between 1
and 2years
-
$ -
-
-
2,379,700
218,288
339,022
Between 1
and 2 years
-
$ -
-

-
2,499,800
206,223
346,704		 Between 2
and5 years
-
$ -
-
-
-
314,904
487,047
Between 2
and5 years
-
$ -
-
-
-
7,941
518,464		 Over 5
years
-
$ -
-
-
-
661,222
1,768,239
Over 5
years
December31,2024
Short-term borrowings
(including expected interest)
Notes payable (including
related parties)
Accounts payable (including
related parties)
Other payables
Bonds payable (including
current portion)
Long-term borrowings
(including expected interest,
long-term liabilities,
current portion)
Lease liabilities
-
$ -
-
-
-
-
1,780,466

~58~

Non-derivative financial liabilities

==> picture [429 x 30] intentionally omitted <==

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

Less than Between 1 Between 2 Over 5
March 31, 2024 1 year and 2 years and 5 years years
----- End of picture text -----

Short-term borrowings
(including expected interest) $ 8,157,538
 $ -
 $ -
 $ -
Notes payable (including
related parties) 1,408,411 - -
 -
Accounts payable (including
related parties) 7,047,250 - -
 -
Other payables 940,653 -
 -
 -
Bonds payable (including
current portion) -
 - 2,499,900 -
Long-term borrowings
(including expected interest,
long-term liabilities,
current portion) 7,520 206,147 11,933 -
Lease liabilities 581,577 342,113 553,456 1,903,939

(3) Fair value information

  • A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:

  • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group’s investment in listed stocks is included in Level 1.

  • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

  • Level 3: Unobservable inputs for the asset or liability. The fair value of the Group’s investment in equity investment without active market and beneficiary certificates are included in Level 3.

  • B. Financial instruments not measured at fair value

Except for financial assets at fair value through profit or loss, the carrying amounts of cash and cash equivalents, notes receivable (including related parties), accounts receivable (including related parties), other receivables (including related parties), restricted time deposits (recorded as financial assets at amortized cost-current and non-current), guarantee deposits paid (recorded as other current and non-current assets), short-term borrowings, notes payable (including related parties), accounts payable (including related parties), other payables, lease liabilities (including current and non-current), bonds payable (recorded as "Long-term liabilities, current portion"), long-term borrowings (recorded as "Long-term liabilities, current portion") and guarantee deposits received (recorded as other non-current liabilities) are approximate to their fair values.

~59~

  • C. The related information on financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets are as follows:

  • (a) The related information on the nature of the assets is as follows:

March31,2025
Assets:
Recurring fair value
measurements
Financial assets at fair value
through profit or loss
Equity securities
Private funds
Hybrid instruments
Total
December31,2024
Assets:
Recurring fair value
measurements
Financial assets at fair value
through profit or loss
Equity securities
Private funds
Hybrid instruments
Total
March31,2024
Assets:
Recurring fair value
measurements
Financial assets at fair value
through profit or loss
Equity securities
Private funds
Hybrid instruments
Financial assets at fair value
through other
comprehensive income
Accounts receivable that are
expected to be factored
Total		 Level 1
532,664
$ -
-
532,664
$ Level 1
499,113
$ -
-
499,113
$ Level 1
251,873
$ -
-
-
251,873
$		 Level 2
-
$ -
-
-
$ Level 2
-
$ -
-
-
$ Level 2
-
$ -
-
-
-
$		 Level3
1,489,253
$ 71,886
5,287
1,566,426
$ Level3
1,424,706
$ 70,739
750
1,496,195
$ Level3
1,554,541
$ 68,618
6,200
119,757
1,749,116
$		 Total
2,021,917
$ 71,886
5,287
2,099,090
$
Total
1,923,819
$ 70,739
750
1,995,308
$
Total
1,806,414
$ 68,618
6,200
119,757
2,000,989
$

(b) The methods and assumptions the Group used to measure fair value are as follows: Instruments which use market quoted prices as their fair value (that is, Level 1), are using the closing prices of listed shares as market quoted prices based on characteristics of the instruments.

~60~

  • D. For the three months ended March 31, 2025 and 2024, there was no transfer between Level 1 and Level 2.

  • E. The following chart is the movement of Level 3 for the three months ended March 31, 2025 and 2024:

024:
2025
Equity
instruments
and
beneficiary Debt Hybrid
certificates instruments instruments
At January 1 $ 1,495,445
 $ -
 $ 750
Acquired during the period 4,921 - 4,512
Decreased during the period ( 192,986)
 - -
Effect of exchange rate changes 4,223 - 61
Gains and losses recognized
in profit or loss (Note) 249,536 - ( 36)
At March 31 $ 1,561,139 $ - $ 5,287
Movement of unrealized gain
or loss in profit or loss of
assets and liabilities held
as at end of the period
(Note) $ 249,536 $ - ($ 36)
2024
Equity
instruments
and
beneficiary Debt Hybrid
certificates instruments instruments
At January 1 $ 1,340,388
 $ 230,697
 $ 4,950
Acquired during the period 24,269 119,757 -
Decreased during the period - ( 230,697)
 -
Gains and losses recognized
in profit or loss (Note) 258,502 - 1,250
At March 31 $ 1,623,159 $ 119,757 $ 6,200
Movement of unrealized gain
or loss in profit or loss of
assets and liabilities held
as at end of the period
(Note) $ 258,502 $ - $ 1,250

Note: Recorded as non-operating income and expense.

~61~

  • F. For the three months ended March 31, 2025 and 2024, there was no transfer into or out from Level 3.

  • G. Investment strategies segment is in charge of valuation procedures for fair value measurements being categorized within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently calibrating valuation model, updating inputs used to the valuation model and making any other necessary adjustments to the fair value.

  • H. The following is the qualitative information on significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

value measurement:
Non-derivative
equity instrument:
Unlisted shares
Venture capital
shares and
private funds
Hybrid instrument:
Convertible bond
– call provision
Convertible bond		 Fair value at
March 31,
2025		 Valuation
technique		 Significant
unobservable
input		 Range
(weighted
average)		 Relationship
of inputs to
fairvalue
1,468,196
$ 92,943
714
4,573		 Market
comparable
companies
Net asset
value
Binomial tree
pricing model
Discounted
cash flow		 Note 1
Not applicable
Volatility
Not applicable		 Not applicable
Not applicable
28.51%
~30.22%
Not applicable		 Note 2
Not applicable
The higher the
stock price
volatility, the
higher the
fair value
Not applicable

~62~

Non-derivative
equity instrument:
Unlisted shares
Venture capital
shares and
private funds
Hybrid instrument:
Convertible bond
– call provision
Non-derivative
equity instrument:
Unlisted shares
Venture capital
shares and
private funds
Hybrid instrument:
Convertible debt
Convertible bond
– call provision		 Fair value at
December
31,2024		 Valuation
technique		 Significant
unobservable
input		 Range
(weighted
average)		 Relationship
of inputs to
fairvalue
1,402,090
$ 93,355
750
Fair value at
March 31,
2024		 Market
comparable
companies
Net asset
value
Binomial tree
pricing model
Valuation
technique		 Note 1
Not applicable
Volatility
Significant
unobservable
input		 Not applicable
Not applicable
25.37%
~30.13%
Range
(weighted
average)		 Note 2
Not applicable
The higher the
stock price
volatility, the
higher the
fair value
Relationship
of inputs to
fairvalue
1,530,784
$ 92,375
4,450
1,750		 Market
comparable
companies
Net asset
value
Discounted
cash flow
Binomial tree
pricing model		 Note 1
Not applicable
Note 3
Volatility		 Not applicable
Not applicable
Not applicable
25.37%
~26.96%		 Note 2
Not applicable
Note 4
The higher the
stock price
volatility, the
higher the
fair value

Note 1: Price to earnings ratio multiple, price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITA multiple, discount for lack of marketability.

Note 2: The higher the multiple and control premium, the higher the fair value; the higher the discount for lack of marketability, the lower the fair value.

~63~

  • Note 3: Long-term revenue growth rate, weighted average cost of capital, long-term pre-tax operating margin, discount for lack of marketability.

  • Note 4: The higher the weighted average cost of capital, the lower the fair value; the higher the long-term revenue growth rate and long-term pre-tax operating margin, the higher the fair value; the higher the discount for lack of marketability, the lower the fair value.

  • I. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect on profit or loss or on other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used to valuation models have changed:

models have changed:
Input
Change
Financial assets
Equity instruments
and beneficiary
certificates
Stock price
and fair
value
± 10%
Hybrid instrument Stock price
± 10%
Hybrid instrument Volatility
± 5%
Total
Input
Change
Financial assets
Equity instruments
and beneficiary
certificates
Stock price
and fair
value
± 10%
Hybrid instrument Stock price
± 10%
Hybrid instrument Volatility
± 5%
Total		 Favorable
Unfavorable
Favorable
Unfavorable
change
change
change
change
156,114
$ 156,114)
($ -
$ -
$ 40
20)
(
-
-
40
20)
(
-
-
156,194
$ 156,154)
($ -
$ -
$ Favorable
Unfavorable
Favorable
Unfavorable
change
change
change
change
149,545
$ 149,545)
($ -
$ -
$ 20
20)
(
-
-
30
20)
(
-
-
149,595
$ 149,585)
($ -
$ -
$ March31,2025
Recognized in
Recognized in other
profit or loss
comprehensiveincome
December31,2024
Recognized in
Recognized in other
profit or loss
comprehensiveincome
Favorable
Unfavorable
change
change
156,114
$ 156,114)
($ 40
20)
(
40
20)
(
156,194
$ 156,154)
($ Recognized in
profit or loss
December
Favorable
Unfavorable
change
change
149,545
$ 149,545)
($ 20
20)
(
30
20)
(
149,595
$ 149,585)
($ Recognized in
profit or loss

~64~

Input
Change
Financial assets
Equity instruments
and beneficiary
certificates
Stock price
and fair
value
± 10%
Hybrid instrument Stock price
± 10%
Hybrid instrument Volatility
± 5%
Total		 Favorable
Unfavorable
Favorable
Unfavorable
change
change
change
change
162,316
$ 162,316)
($ -
$ -
$ 10
40)
(
-
-

40

40)
(
-
-
162,366
$ 162,396)
($ -
$ -
$
Recognized in
Recognized in other
profit or loss
comprehensiveincome
March31,2024

13. SUPPLEMENTARY DISCLOSURES

(1) Significant transactions information

  • A. Loans to others: Refer to table 1.

  • B. Provision of endorsements and guarantees to others: Refer to table 2.

  • C. Holding of significant marketable securities at the end of the period (not including subsidiaries and associates): Refer to table 3.

  • D. Purchases or sales of goods from or to related parties reaching NT$100 million or 20% of paidin capital or more: None.

  • E. Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more: Refer to table 4.

  • F. Significant inter-company transactions during the reporting periods: Refer to table 5.

(2) Information on investees

  • Names, locations and other information of investee companies (not including investees in Mainland China) : Refer to table 6.

(3) Information on investments in Mainland China

  • A. Basic information: Refer to table 7.

  • B. Significant transactions, either directly or indirectly through a third area, with investee companies in the Mainland Area: Refer to table 5.

~65~

14. SEGMENT INFORMATION

(1) General information

Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker that are used to make strategic decisions.

The Group is divided into the following 4 segments:

  • A. Agency for equipment materials segment: mainly engaged in semiconductor, optoelectronics and other high-tech industrial processing and trading, distribution, after-sale service and technical support of factory equipment and its materials, chemicals and parts.

  • B. Process system and mechatronic system service segment: mainly contracting electrical, clean room, peripheral system facilities and process, engaged in lump sum contracts, providing integrated services consisting of planning, design, construction, supervision, installation, testing, operational consulting, maintenance and repair for gas, automatic supply system of chemicals, special gas and factory monitor system. Services for general industries such as petrochemical plant, conventional industry plant, mechatronic system for intelligent buildings.

  • C. Customized equipment manufacturing segment: mainly engaged in research and development of customized automation equipment and process based on request of customers in semiconductor, optoelectronics and traditional industry.

  • D. Other segments: mainly providing repair, cleaning and renewal services to customers’ equipment and device in semiconductor, optoelectronics and traditional industry.

  • (2) Measurement of segment information

  • Management evaluates the performance of the operating segments based on their operational efficiency. The Group’s Chief Operating Decision-Maker allocates resources and assesses performance of the operating segments based on the measurement and it is measured in a manner consistent with operating income in the consolidated statement of comprehensive income. There is no material change in the operating segments’ accounting policies and accounting estimates and assumptions.

~66~

(3) Segment profit information

The segment information provided to the Chief Operating Decision-Maker for the reportable segments for the three months ended March 31, 2025 and 2024 is as follows:

Revenue from external
customers
Automatic supplying
system
Total facility engineering
turnkey project
R&D and manufacturing
of customized equipment
Sales and services of
high-tech equipment
and materials
Inter-segment revenue
Total segment revenue
Segment profit (loss)
Segment profit including:
Depreciation and
amortization		 Sales and services
for equipment
materials segment
109,625
$ -
-
2,558,859
2,668,484
78,993
2,747,477
$ 405,948
$ 18,660
$		 Facility system
Customized
and mechanic &
equipment
electric system
manufacturing
service segment
segment
Othersegments
5,146,626
$ -
$ -
$ 2,288,792

-
-
-

2,187,167
-
969,225
380
77
8,404,643
2,187,547
77
143,202
44,378
1,169
8,547,845
$ 2,231,925
$ 1,246
$ 116,093
$ 238,582
$ 573)
($
141,114
$ 57,363
$ 334
$ Threemonths endedMarch31,2025		 Total
5,256,251
$ 2,288,792
2,187,167
3,528,541
13,260,751
267,742
13,528,493
$
760,050
$
217,471
$

~67~

Revenue from external
customers
Automatic supplying
system
Total facility engineering
turnkey project
R&D and manufacturing
of customized equipment
Sales and services of
high-tech equipment
and materials
Inter-segment revenue
Total segment revenue
Segment profit (loss)
Segment profit including:
Depreciation and
amortization		 Threemonths endedMarch31,2024 Threemonths endedMarch31,2024
Facility system
Sales and services
and mechanic &
for equipment
electric system
materials segment
service segment
4,857
$ 7,086,646
$ -
2,785,623
-
-
1,668,595
1,093,688
1,673,452
10,965,957
60,362
166,262
1,733,814
$ 11,132,219
$ 219,937
$ 151,977)
($ 13,039
$ 153,273
$		 Customized
equipment
manufacturing
segment
Othersegments
-
$ -
$ -
-
1,975,153
-
689
72
1,975,842
72
12,980
1,118
1,988,822
$ 1,190
$ 160,218
$ 312)
($ 59,705
$ 83
$		 Total
7,091,503
$ 2,785,623
1,975,153
2,763,044
14,615,323
240,722
14,856,045
$
227,866
$
226,100
$

(4) Reconciliation for segment (loss) income

Sales and services between segments are carried out at arm’s length. The revenue and financial information from external customers reported to the Chief Operating Decision-Maker is measured in a manner consistent with that in the statement of comprehensive income. A reconciliation of reportable segment income or loss to the income before tax from continuing operations for the three months ended March 31, 2025 and 2024 is provided as follows:

Threemonths ended Threemonths ended March31,
2025 2024
Reportable segments income $ 760,623
 $ 228,178
Other reportable segments loss ( 573)
 ( 312)
Total segments 760,050 227,866
Other gains and losses 492,112 506,543
Finance costs ( 61,022)
 ( 126,634)
Income before tax from continuing operations $ 1,191,140 $ 607,775

~68~

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES Loans to others

For the three months ended March 31, 2025

Table 1

Expressed in thousands of NTD (Except as otherwise indicated)

No.
（Note 1）		 Creditor Borrower General
ledger account
(Note 2)		 Is a related
party		 Maximum outstanding
balance during
the three months ended
March 31, 2025
（Note 3）		 Balance at
March 31,
2025
（Note 8）		 Actual amount
drawn down		 Interest
rate (%)		 Nature of loan
（Note 4）		 Amount of
transactions
with the
borrower
（Note 5）		 Reason
for short-term
financing
（Note 6）		 Allowance
for doubtful
accounts		 Collateral Collateral Limit on loans
granted to
a single party
（Note 7）		 Ceiling on
total loans
granted
（Note 7）
Item Value
0 Marketech International Corp. Marketech International Sdn. Bhd. Other receivables
- related parties		 Y $ 69,731 $ 69,731 $ 33,205 $ 5.384 Short-term
financing		 $ - Operations $ - None $ - $ 5,185,445 $ 5,185,445
0 Marketech International Corp. Marketech International Corporation
USA		 Other receivables
- related parties		 Y 1,992,300 1,992,300 664,100 5.384 Short-term
financing		 - Operations - None - 5,185,445 5,185,445
0 Marketech International Corp. Marketech International Corp. Japan Other receivables
- related parties		 Y 44,540 44,540 33,405 5.384 Short-term
financing		 - Operations - None - 5,185,445 5,185,445
0 Marketech International Corp. Marketech Integrated Pte. Ltd. Other receivables
- related parties		 Y 97,955 97,955 97,955 5.384 Short-term
financing		 - Operations - None - 5,185,445 5,185,445
1 MIC-Tech Electronics Engineering Corp. Shanghai Maohua Electronics
Engineering Co., Ltd.		 Other receivables Y 45,119 18,291 18,291 4.350 Short-term
financing		 - Operations - None - 324,925 649,850
1 MIC-Tech Electronics Engineering Corp. MIC-Tech (WuXi) Co., Ltd. Other receivables Y 114,322 114,322 114,322 4.350 Short-term
financing		 - Operations - None - 649,850 649,850
2 MIC-Tech Viet Nam Co., Ltd. Marketech Co., Ltd. Other receivables Y 18,705 17,280 17,280 4.500 Short-term
financing		 - Operations - None - 182,938 182,938

Note 1:The numbers filled in for the loans provided by the Company or subsidiaries are as follows: (1) The Company is ‘0’.

(2) The subsidiaries are numbered in order starting from ‘1’. Note 2:Fill in the name of account in which the loans are recognized, such as receivables–related parties, current account with stockholders, prepayments, temporary payments, etc. Note 3:Fill in the maximum outstanding balance of loans to others during the three months ended March 31, 2024.

Note 4:The column of ‘Nature of loan’ shall fill in ‘Business transaction or ‘Short-term financing’.

  • Note 5:Fill in the amount of business transactions when nature of the loan is related to business transactions, which is the amount of business transactions occurred between the creditor and borrower in the current year. Note 6:Fill in purpose of loan when nature of loan is for short-term financing, for example, repayment of loan, acquisition of equipment, working capital, etc.

  • Note 7:Fill in limit on loans granted to a single party and ceiling on total loans granted as prescribed in the creditor company’s “Procedures for Provision of Loans”, and state each individual party to which the loans have been provided and the calculation for ceiling on total loans granted in the footnote. The Company’s ceiling on loans to others are as follows: (1) Limit on the total loans to others provided by the Company is 40% of the net assets based on the Company’s latest financial statements.

  • (2) Limit on the loans provided by the Company granted for a single party are as follows:

  • (2-1) Limit on loans to a single party with business transactions is the higher value of purchasing and selling during current year on the year of financing, and can’t exceed the total business transactions amount within 12 month. (2-2) For short-term financing, limit on loans granted for a single party is 40% of the net assets based on the latest financial statements of the lending companies. The amount of loans to a single party is the accumulated balance of the lending company's short-term financing for single party. (3) Limit on the accumulated balance of loans to others provided by the foreign companies whose voting rights are 100% owned directly and indirectly by the Company is not under the limit stated on (1). However, it shall make the limit and period for the loans to others in each subsidiary’s internal Companies. Limit on the loans provided by the Company’s mainland subsidiaries: (1) Limit on the total loans to others provided by the Company’s mainland subsidiaries is 80% of the net assets based on the latest financial statements of the lending companies.

  • (2) Limit on the loans provided by the Company’s mainland subsidiaries granted for a single party are as follows:

  • (2-1) Limit on loans to a single party with business transactions is the higher value of purchasing and selling during current year on the year of financing, and can’t exceed the total business transactions amount within 12 month. (2-2) For short-term financing between the Company’s mainland subsidiary and the foreign companies which the ultimate parent company holds 100% of the voting rights directly or indirectly, limit on loans granted for a single party is 80% of the net assets based on the latest financial statements of the lending companies. (2-3) For short-term financing between the Company’s mainland subsidiaries and aforementioned associates, limit on loans granted for a single party is 40% of the net assets based on the latest financial statements of the lending companies. The amount of loans to a single party is the accumulated balance of the lending company's short-term financing for single party. Limit on the loans provided by the Company’s Vietnam subsidiaries: (1) Limit on the total loans to others provided by the Company’s Vietnam subsidiaries is 80% of the net assets based on the latest financial statements of the lending companies.

  • (2) Limit on the loans provided by the Company’s Vietnam subsidiaries granted for a single party are as follows:

  • (2-1) Limit on loans to a single party with business transactions is the higher value of purchasing and selling during current year on the year of financing, and can’t exceed the total business transactions amount within 12 month. (2-2) For short-term financing between the Company’s Vietnam subsidiary and the foreign companies which the ultimate parent company holds 100% of the voting rights directly or indirectly, limit on loans granted for a single party is 80% of the net assets based on the latest financial statements of the lending companies. (2-3) For short-term financing between the Company’s Vietnam subsidiaries and aforementioned associates, limit on loans granted for a single party is 40% of the net assets based on the latest financial statements of the lending companies. The amount of loans to a single party is the accumulated balance of the lending company's short-term financing for single party. Note 8: The amounts of funds to be loaned to others which have been approved by the board of directors of a public company in accordance with Article 14, Item 1 of the “Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies” should be included in its published balance of loans to others at the end of the reporting period to reveal the risk of loaning the public company bears, even though they have not yet been appropriated. However, this balance should exclude the loans repaid when repayments are done subsequently to reflect the risk adjustment. In addition, if the board of directors of a public company has authorized the chairman to loan funds in instalments or in revolving within certain lines and within one year in accordance with Article 14, Item 2 of the “Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies”, the published balance of loans to others at the end of the reporting period should also include these lines of loaning approved by the board of directors, and these lines of loaning should not be excluded from this balance even though the loans are repaid subsequently, for taking into consideration they could be loaned again thereafter. 

Table 1-1

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES Provision of endorsements and guarantees to others

For the three months ended March 31, 2025

Table 2

Expressed in thousands of NTD (Except as otherwise indicated)

Number
（Note 1）		 Endorser/
guarantor		 Party being
endorsed/guaranteed		 Party being
endorsed/guaranteed		 Limit on
endorsements/
guarantees
provided for
a single party
（Note 3）		 Maximum outstanding
endorsement/
guarantee
amount as of
March 31, 2025
（Note 4）		 Outstanding
endorsement/
guarantee
amount at
March 31,
2025
(Note 5)		 Actual amount
drawn down
（Note 6）		 Amount of
endorsements/
guarantees
secured with
collateral		 Ratio of accumulated
endorsement/
guarantee amount to net
asset value of the
endorser/
guarantor company		 Ceiling on
total amount of
endorsements/
guarantees
provided
（Note 3）		 Provision of
endorsements/
guarantees by
parent company
to subsidiary
（Note 7）		 Provision of
endorsements/
guarantees by
subsidiary to
parent company
（Note 7）		 Provision of
endorsements/
guarantees to the
party in Mainland
China
（Note 7）
Companyname Relationship
with the
endorser/
guarantor
（Note 2）
0 Marketech International Corp. Marketech Integrated Pte. Ltd. 2 $ 6,481,806 $ 71,833 $ 71,833 $ 39,632 $ - 0.55% $ 12,963,612 Y N N
0 Marketech International Corp. MIC-Tech (Shanghai) Corp. 2 6,481,806 826,512 667,564 51,210 - 5.15% 12,963,612 Y N Y
0 Marketech International Corp. MIC-Tech (WuXi) Co., Ltd. 2 6,481,806 327,300 245,338 91,457 - 1.89% 12,963,612 Y N Y
0 Marketech International Corp. MIC-Tech Electronics
Engineering Corp.		 2 6,481,806 2,504,570 2,481,361 1,085,889 - 19.14% 12,963,612 Y N Y
0 Marketech International Corp. Marketech International Sdn.
Bhd.		 2 6,481,806 131,140 66,410 20,193 - 0.51% 12,963,612 Y N N
0 Marketech International Corp. eZoom Information, Inc. 2 6,481,806 70,000 70,000 10,406 - 0.54% 12,963,612 Y N N
0 Marketech International Corp. Te Chang Construction Co., Ltd. 5 6,481,806 22,845 22,845 22,845 - 0.18% 12,963,612 N N N
0 Marketech International Corp. Marketech International
Corporation USA		 2 6,481,806 1,162,175 1,162,175 611,926 - 8.96% 12,963,612 Y N N
0 Marketech International Corp. MIC-Tech Viet Nam Co., Ltd. 2 6,481,806 149,423 149,423 28,699 - 1.15% 12,963,612 Y N N
0 Marketech International Corp. Marketech Co., Ltd. 2 6,481,806 49,808 49,808 - - 0.38% 12,963,612 Y N N
0 Marketech International Corp. Tatung Company 5 6,481,806 93,450 93,450 93,450 - 0.72% 12,963,612 N N N
0 Marketech International Corp. Marketech International Corp.
Japan		 2 6,481,806 66,810 66,810 - - 0.52% 12,963,612 Y N N
1 MIC-Tech Electronics
Engineering Corp.		 Marketech International Corp. 3 2,436,939 164,002 146,989 146,989 - 18.10% 4,061,565 N Y N
1 MIC-Tech Electronics
Engineering Corp.		 The Second Construction Co.,
Ltd. of China Electronics System
Engineering		 5 2,436,939 1,164 1,164 1,164 - 0.14% 4,061,565 N N Y
1 MIC-Tech Electronics
Engineering Corp.		 MIC-Tech (Shanghai) Corp. 4 2,436,939 105,467 105,467 105,467 - 12.98% 4,061,565 N N Y
2 MIC-Tech (Shanghai) Corp. MIC-Tech Electronics
EngineeringCorp.		 4 3,387,648 317,284 317,284 317,284 - 28.10% 5,646,080 N N Y

Note 1:The numbers filled in for the endorsements/guarantees provided by the Company or subsidiaries are as follows:

  • (1) The Company is ‘0’.

(2) The subsidiaries are numbered in order starting from ‘1’.

  • Note 2:Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories; fill in the number of category each case belongs to:

  • (1) Having business relationship.

  • (2) The endorser/guarantor parent company owns directlyand indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary.

  • (3) The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantor parent company.

  • (4) The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company.

  • (5) Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract.

  • (6) Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.

  • (7) Joint guarantee of the performance guarantee for pre-sold home sales contract as required under the Consumer Protection Act.

  • Note 3: Fill in limit on endorsements/guarantees provided for a single party and ceiling on total amount of endorsements/guarantees provided as prescribed in the endorser/guarantor company’s “Procedures for Provision of Endorsements and Guarantees”, and state each individual party to which the endorsements/guarantees have been provided and the calculation for ceiling on total amount of endorsements/guarantees provided in the footnote. 

Table 2-1

Limit on endorsements and guarantees stated in “Regulations Governing Loaning of Funds and Making of Endorsements/ Guarantees by Public Companies”:

(1) In accordance with mutual guarantee requirement in the same industry for contracting constructions, limit on endorsement/guarantee to a single party is the net assets of the Company.

(2) In accordance with business relationship, limit on endorsement/guarantee to a single party is the total value of business transactions within past 12 months. (the value of business transactions is the higher of purchases or sales)

(3) Except for (1) and (2) mentioned above, limit on endorsement/guarantee to a single party is 50% of the net assets of the Company.

  • (4) For (2) and (3) mentioned above, limit on the total amount of endorsement/guarantee is the net assets of the Company.

  • (5) For the Company and subsidiaries, limit on endorsement/guarantee to a single party is the net assets of the Company ; limit on the total amount is 5 times of the net assets of the Company.

Limit on endorsements and guarantees of the Company’s mainland subsidiaries:

(1) In accordance with mutual guarantee requirement in the same industry or the common builders for contracting constructions, or provision of endorsements and guarantees for joint ventures from shareholders in proportion to shareholding ratio, limit on the total amount is 5 times of the net assets of the endorser/guarantor on endorsement/guarantee to a single party is three times of the net assets of the endorser/guarantor.

  • (2) Except for (1), the Group follows standards of endorsements and guarantees as below:

  • (2-1) Total amount: (2-1-1) Limit on the accumulated endorsements and guarantees is 5 times of the net assets of the endorser/guarantor;

  • (2-1-2) Limit on endorsements and guarantees to a company of which the endorser company and the Company directly or indirectly holds 90%, should meet the requirement in (2-1-1) and may not exceed 10% of the ultimate parent’s net assets. (2-1-3) Total endorsements and guarantees of the endorser/guarantor and its subsidiaries are limited to 5 times of the net assets of the endorser/guarantor.

  • (2-2) Limit on endorsement/guarantee to a single party

  • (2-2-1) For the companies having business relationship with the endorser/guarantor and thus being provided endorsements/guarantees, limit on endorsements to a single party is the total value of business transactions within past 12 months. (the value of business transactions is the higher of purchase or sales)

(2-2-2) Limit on endorsement/guarantee to a single party who having business relationship with the Group is 3 times of the net assets of the endorser/guarantor.

Note 4: Fill in the year-to-date maximum outstanding balance of endorsements/guarantees provided as of the reporting period.

Note 5: Fill in the amount approved by the Board of Directors or the chairman if the chairman has been authorised by the Board of Directors based on subparagraph 8, Article 12 of the Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies. Note 6: Fill in the actual amount of endorsements/guarantees used by the endorsed/guaranteed company. Note 7: Fill in ‘Y’ for those cases of provision of endorsements/guarantees by listed parent company to subsidiary and provision by subsidiary to listed parent company, and provision to the party in Mainland China. 

Table 2-2

Holding of significant marketable securities at the end of the period (not including subsidiaries, associates and joint ventures) For the three months ended March 31, 2025

Table 3

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

Expressed in thousands of NTD (Except as otherwise indicated)

Securities held by Type of marketable
securities		 Name of marketable
securities(Note 1)		 Relationship with the
securities issuer		 General ledger account As of Ma rch 31, 2025 Collateral Footnote
Number of
shares		 Book value
(Note 2)		 Ownership (%) Fair value
Marketech International Corp.
〞
Marketech International Corp.
〞
〞
〞
MIC-Tech (Shanghai) Corp.
〞
Marketech International
Corporation USA		 Ordinary shares
Other (Note 3)
Ordinary shares
〞
〞
Other (Note 3)
Ordinary shares
Other (Note 3)
Other (Note 3)		 Lasertec Corporation
Other (Note 3)
Taiwan Puritic Corp.
Taiwan Special Chemicals Corp.
MEGA UNION TECHNOLOGY
INCORPORATED
Other (Note 3)
Kore Semiconductor Co., Ltd.
Other (Note 3)
Other (Note 3)
Total		 None
〞
None
〞
〞
〞
〞
〞
〞		 Financial assets measured at fair value
through profit or loss - current
〞
Financial assets measured at fair value
through profit or loss - non-current
〞
〞
〞
〞
〞
〞		 20,000
-
2,657,196
1,858,827
725,820
-
37,500,000
-
-		 56,477
$ 2,492		 -
-
4.04%
1.26%
1.05%
-
7.38%
-
-		 56,477
$ 2,492		 None
〞
None
〞
〞
〞
〞
〞
〞
58,969
$		 58,969
$
457,002
384,777
272,637
703,966
182,915
4,573
33,537		 457,002
384,777
272,637
703,966
182,915
4,573
33,537
2,039,407
$		 2,039,407
$

Note 1: Marketable securities in the table refer to stocks, bonds, beneficiary certificates and other related derivative securities.

Note 2: Fill in the amount after adjusted at fair value and deducted by accumulated impairment for the marketable securities measured at fair value; fill in the acquisition cost or amortized cost deducted by accumulated impairment for the marketable securities not measured at fair value. Note 3: The amount of individual marketable securities accounting for more than 5% of the financial statements’ account shall be disclosed. As the amounts of other marketable securities items are insignificant, combined disclosure is adopted. 

Table 3-1

Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

March 31, 2025

March 31, 2025
Table 4
Creditor		 Counterparty Relationship
with the counterparty		 Balance as at March 31, 2025
（Note）		 Turnover rate Overdue receivables Amount collected
subsequent to the
balance sheet date		 Allowance for
doubtful accounts
Expressed in thousands of NTD
(Except as otherwise indicated)
Amount Action taken
Marketech International Corp.
MIC-Tech Electronics Engineering Corp.		 Marketech International Corporation USA
MIC-Tech (WuXi) Co., Ltd.		 Subsidiary
Subsidiary		 $ 664,100
114,322		 -
-		 $ -
-		 -
-		 $ -
-		 $ -
-

Note: Fill in separately the balances of accounts receivable–related parties, notes receivable–related parties, other receivables–related parties. 

Table 4-1

Table 5

Expressed in thousands of NTD (Except as otherwise indicated)

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

Significant inter-company transactions during the reporting period

For the three months ended March 31, 2025

Number
(Note 1)		 Companyname Counterparty Relationship
(Note 2)		 Transaction Transaction Transaction
General ledger account Amount Transaction terms Percentage of consolidated
total operating revenues or
total assets(Note 3)
0 Marketech International Corp. Marketech Integrated Pte. Ltd. 1 Accounts receivable 13,994 Sales revenue:
Prices and terms of sales of goods to related parties are
approximately the same to third parties. A certain
percentage of profit is negotiated for sale of services
with related parties.
Construction revenue:
The prices of construction contracts entered into with
related parties and third parties are based on normal
construction contracts or individual agreements.
Furthermore, the collection terms to related parties are
approximately the same to third parties, which is about
2 to 3 months after inspection of construction
depending on the construction contracts or individual
agreements.		 0.03%
0 Marketech International Corp. Marketech Integrated Pte. Ltd. 1 Sales revenue 11,962 0.09%
0 Marketech International Corp. Marketech Integrated Pte. Ltd. 1 Other receivables 98,519 0.21%
0 Marketech International Corp. eZoom Information,Inc. 1 Prepayment forpurchases 23,843 0.05%
0 Marketech International Corp. eZoom Information,Inc. 1 Construction revenue 40,934 0.31%
0 Marketech International Corp. eZoom Information,Inc. 1 Accounts receivable 15,650 0.03%
0 Marketech International Corp. Marketech International Sdn.Bhd. 1 Other receivables 33,519 0.07%
0 Marketech International Corp. Marketech International Corporation USA 1 Other receivables 664,100 1.42%
0 Marketech International Corp. Marketech International Corporation USA 1 Construction revenue 24,956 0.19%
0 Marketech International Corp. Spiro TechnologySystems Inc. 1 Prepayment forpurchases 18,339 0.04%
0 Marketech International Corp. Marketech Netherlands B.V. 1 Prepayment forpurchases 10,986 0.02%
0 Marketech International Corp. Marketech International Corp. Japan 1 Other receivables 33,624 0.07%
1 eZoom Information, Inc. Marketech International Corp. 2 Accounts receivable 11,890 0.03%
1 eZoom Information, Inc. Marketech International Corp. 2 Notes receivable 12,109 0.03%
1 eZoom Information, Inc. Marketech International Corp. 2 Services revenue 18,843 0.14%
1 eZoom Information, Inc. Marketech International Corp. 2 Construction revenue 34,324 0.26%
2 MIC-Tech Global Corp. Marketech International Corp. 2 Sales revenue 25,287 0.19%
3 Spiro TechnologySystems Inc. Marketech International Corp. 2 Sales revenue 27,696 0.21%
4 MIC-Tech Electronics EngineeringCorp. Shanghai Maohua Electronics EngineeringCo.,Ltd. 3 Other receivables 18,291 0.04%
4 MIC-Tech Electronics EngineeringCorp. MIC-Tech(WuXi)Co.,Ltd. 3 Other receivables 114,322 0.24%
5 MIC-Tech(WuXi)Co.,Ltd. MIC Industrial Viet Nam Co.,Ltd. 3 Sales revenue 10,665 0.08%
5 MIC-Tech(WuXi)Co.,Ltd. MIC Industrial Viet Nam Co.,Ltd. 3 Accounts receivable 11,036 0.02%
5 MIC-Tech(WuXi)Co.,Ltd. Marketech Integrated Pte. Ltd. 3 Sales revenue 21,109 0.16%
6 MIC-Tech Viet Nam Co.,Ltd. Marketech Co.,Ltd. 3 Other receivables 17,280 0.04%

Note 1:The numbers filled in for the transaction company in respect of inter-company transactions are as follows:

(1) Parent company is ‘0’.

(2) The subsidiaries are numbered in order starting from ‘1’.

Note 2:Relationship between transaction company and counterparty is classified into the following three categories (If transactions between parent company and subsidiaries or between subsidiaries refer to the same transaction, it is not required to disclose twice. For example, if the parent company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction; for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.):

(1) Parent company to subsidiary.

(2) Subsidiary to parent company.

(3) Subsidiary to subsidiary.

Note 3:Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.

Note 4: Individual amounts less than $10,000 are not disclosed.Additionally, if it is disclosed as assets and revenue, its opposite transactions will not be disclosed. 

Table 5-1

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES Information on investees

For the three months ended March 31, 2025

Table 6

Table 6 (Except as otherwise indicated)
Expressed in thousands of NTD
Investor Investee Location Main business activities Initial investment amount (Note 2) Shares held as at March 31, 2025 Net profit (loss)
of the investee for
the three months
ended March 31,
2025		 Investment income
(loss) recognized by
the Company for
the three months
ended March 31,
2025
(Note 1)		 Footnote
Balance
as at March 31,
2025		 Balance
as at December 31,
2024		 Number of shares Ownership
(%)		 Book value
Marketech International Corp. Marketech Integrated Pte. Ltd. Singapore Contracting for semiconductor
automatic supply system		 331,733
$		 331,733
$		 14,636,958 100 59,927
$		 3,905)
($		 3,905)
($		 The Company's subsidiary
Marketech International Corp. Market Go Profits Ltd. British Virgin
Islands		 Investment holding and reinvestment 1,299,429 1,299,429 40,119,104 100 2,808,479 382,560 382,560 The Company's subsidiary
Marketech International Corp. MIC-Tech Global Corp. South Korea International trade 19,147 19,147 131,560 100 21,883 263)
(		 263)
(		 The Company's subsidiary
Marketech International Corp. Headquarter International Ltd. British Virgin
Islands		 Investment holding and reinvestment 42,475 42,475 1,289,367 100 40,900 110 110 The Company's subsidiary
Marketech International Corp. Tiger United Finance Ltd. British Virgin
Islands		 Investment holding and reinvestment 46,475 46,475 1,410,367 100 39,122 371 371 The Company's subsidiary
Marketech International Corp. Marketech Engineering Pte. Ltd. Singapore Contracting for electrical installing
construction		 31,162 31,162 1,337,763 100 3,144 47)
(		 47)
(		 The Company's subsidiary
Marketech International Corp. Marketech Integrated
Manufacturing Company Limited		 Myanmar Design, manufacturing, installation of
automatic production equipment and its
parts		 478,985 478,985 1,535,600 100 120,909 3,342)
(		 3,342)
(		 The Company's subsidiary
Marketech International Corp. MIC-Tech Viet Nam Co., Ltd. Vietnam Trading, installation and repair of
various machinery equipment and its
peripherals; consulting service and
software execution service associated
with computer hardware installation		 271,476 271,476 - 100 228,672 5,773 5,773 The Company's subsidiary
Marketech International Corp. Marketech Co., Ltd. Vietnam Specialized contracting and related
repair services; equipment sales and
repair; sales of cosmetics and daily
necessities; production, development
and implementation of software and
providing coding service; providing
installation service of industrial
machine and equipment		 88,234 88,234 - 100 3,304 1,649)
(		 1,649)
(		 The Company's subsidiary
Marketech International Corp. Marketech International Sdn.Bhd. Malaysia Specialized contracting and related
repair services; sales of medical devices		 121,802 119,204 16,871,250 100 31,367 9,971 9,971 The Company's subsidiary
Marketech International Corp. Marketech International
Corporation USA		 USA Specialized contracting and related
repair services		 1,042,356 1,042,356 33,450,000 100 454,381 14,151)
(		 14,151)
(		 The Company's subsidiary 
Table 6-1
Investor Investee Location Main business activities Initial investment amount (Note 2) Initial investment amount (Note 2) Shares held as at March 31, 2025 Shares held as at March 31, 2025 Shares held as at March 31, 2025 Net profit (loss)
of the investee for
the three months
ended March 31,
2025		 Investment income
(loss) recognized by
the Company for
the three months
ended March 31,
2025
(Note 1)		 Footnote
Balance
as at March 31,
2025		 Balance
as at December 31,
2024		 Number of shares Ownership
(%)		 Book value
Marketech International Corp. Spiro Technology Systems Inc. USA International trade 54,074
$		 54,074
$		 1,000,000 100 92,680
$		 1,295
$		 1,295
$		 The Company's subsidiary
Marketech International Corp. ADAT Technology Co., Ltd. Taiwan Research, development, application,
and service of software; supply of
electronic information and data
processing service		 117,822 97,951 6,129,379 25.08 34,540 7,534)
(		 1,905)
(		 The Company's subsidiary
Marketech International Corp. PT Marketech International
Indonesia		 Indonesia Trading business of machine
equipment and parts		 38,042 38,042 1,199,000 99.92 36,860 458 458 The Company's subsidiary
Marketech International Corp. Marketech Netherlands B.V Netherlands International trade business of machine
and components and technical service		 54,085 54,085 1,200,000 100 766 1,655)
(		 1,655)
(		 The Company's subsidiary
Marketech International Corp. Glory Technology Service Inc. Taiwan Sale and installation of information and
communication equipment		 42,714 42,714 6,208,320 29.24 63,896 457 134 The Company's investee accounted
for using equity method
Marketech International Corp. MIC Techno Co., Ltd. Taiwan Sale of panels and its materials 2,000 2,000 200,000 29.85 1,861 18)
(		 5)
(		 The Company's investee accounted
for using equity method
Marketech International Corp. Smart Group Solutions Corp. Taiwan Development and agent of smart
medical testing equipment, AI plans
and related software and hardware;
import and export sales and
manufacturingof medical devices		 100,000 100,000 10,000,000 100 90,359 15,872)
(		 15,872)
(		 The Company's subsidiary
Marketech International Corp. Vertex System Corporation Taiwan Trading of equipment for private 5G
wireless communication networks
(picocells and core networks) and IoT
intelligent control gateway;
maintenance and operations of device
management platform (DMP), and
provision of services in software
management platform and vertical
integration of information technology
(IT) and communication technology		 50,000 50,000 5,000,000 61.35 4,996 8,770)
(		 5,380)
(		 The Company's subsidiary
Marketech International Corp. Bolite Co., Ltd. Taiwan Precision R&D, manufacturing and
sales of laser-related modules and
equipment, and provide laser
application solutions		 27,200 27,200 2,240,000 37.33 39,018 7,151)
(		 2,670)
(		 The Company's investee accounted
for using equity method
Marketech International Corp. MIC Healthcare Korea Co., Ltd. South Korea R&D, sales and professional technical
services of medical device and its parts;
international trade and import and
export business		 80,612 60,487 7,000,000 100 18,754 4,526)
(		 4,526)
(		 The Company's subsidiary
Marketech International Corp. Marketech International Corp.
Japan		 Japan International trade; specialized
contracting and related repair services		 65,254 65,254 30,000 100 52,660 7,636 7,636 The Company's subsidiary
Marketech International Corp. Advanced Technology Matrix
United Corporation		 USA Warehousing logistics services; sales
agent of semiconductor equipment,
components and consumables and
semiconductor materials		 60,960 60,960 2,000,000 68.97 66,688 1,448 999 The Company's subsidiary 
Table 6-2
Investor Investee Location Main business activities Initial investment amount (Note 2) Initial investment amount (Note 2) Shares held as at March 31, 2025 Shares held as at March 31, 2025 Shares held as at March 31, 2025 Net profit (loss)
of the investee for
the three months
ended March 31,
2025		 Investment income
(loss) recognized by
the Company for
the three months
ended March 31,
2025
(Note 1)		 Footnote
Balance
as at March 31,
2025		 Balance
as at December 31,
2024		 Number of shares Ownership
(%)		 Book value
Marketech International Corp. Radisen Co., Ltd. (Ordinary
shares)		 South Korea AI medical resolution and teleradiology
medical platform		 12,454
$		 12,454
$		 87,803 18.49 14,892)
($		 26,018)
($		 4,811)
($		 The Company's investee accounted
for using equity method
Marketech International Corp. Radisen Co., Ltd. (Preferred stock) South Korea AI medical resolution and teleradiology
medical platform		 73,208 73,208 188,961 24.11 87,252 26,018)
(		 - The Company's investee accounted
for using equity method
Marketech International Corp. Marketech International
Corporation Germany GmbH		 Germany International trade of machine and
components and technical service;
specialized contracting and related
repair services		 16,934 16,934 200,000 100 9,752 1,279)
(		 1,279)
(		 The Company's subsidiary
Marketech International Corp. MIC Industrial Viet Nam Co., Ltd. Vietnam Assembling of air conditioning
equipment and testing OEM		 39,567 39,567 - 100 28,100 1,226)
(		 1,226)
(		 The Company's subsidiary
Marketech International Corp. Marketop Smart Solutions Co.,
Ltd.		 Taiwan Sales and service of smart medical
devices, international trade and import
and export business		 30,600 30,600 3,060,000 51 28,752 1,712)
(		 873)
(		 The Company's subsidiary
Marketech International Corp. Marketech International
(Thailand) Corp., Ltd.		 Thailand Specialized contracting and related
repair services; sales of medical
devices; international trade; design,
manufacturing, installation of automatic
production equipment and its parts		 4,739 4,739 3,999,998 100 4,758 162)
(		 162)
(		 The Company's subsidiary
Smart Group Solutions Corp. eZoom Information, Inc. Taiwan Research, trading and consulting of
information system software and
hardware appliance; sales of medical
devices		 44,930 44,930 5,000,000 100 56,763 4,619)
(		 4,619)
(		 The investor's subsidiary
Market Go Profits Ltd. MIC-Tech Ventures Asia Pacific
Inc.		 Cayman
Islands		 Investment holding and reinvestment 1,293,932 1,293,932 40,016,604 100 2,807,185 382,560 - The investor's subsidiary
Marketech Engineering Pte Ltd. Marketech Integrated
Construction Co., Ltd.		 Myanmar Contracting for electrical installing
construction		 27,083 27,083 92,000 98.40 2,560 4 - The investor's subsidiary
MIC-Tech Ventures Asia Pacific Inc. Russky H.K. Limited Hong Kong Investment holding and reinvestment 34,551 34,551 833,000 100 22,140 3,977)
(		 - The investor's subsidiary
MIC-Tech Ventures Asia Pacific Inc. MICT International Limited Hong Kong Investment holding and reinvestment - 132,282 5,400,000 60 - 58 - The investor's subsidiary (Note 3)
MIC-Tech Ventures Asia Pacific Inc. Leader Fortune Enterprise Co.,
Ltd.		 Samoa Investment holding and reinvestment 8,990 8,990 303,000 31.43 1,495)
(		 445 - The investor's investee accounted
for using equity method
MIC-Tech Ventures Asia Pacific Inc. Fortune Blessing Co.,Limited Hong Kong Investment holding and reinvestment 45,985 45,985 500,000 27.78 5,951 1,632)
(		 - The investor's investee accounted
for using equity method
Russky H.K. Limited PT Marketech International
Indonesia		 Indonesia Trading business of machine
equipment and parts		 32 32 1,000 0.08 33 458 - The investor's investee accounted
for using equity method

Note 1: The amount of $0 means that the Company does not directly recognize gain or loss on investments.

Note 2: Except for subsidiaries in Malaysia which are translated at the current rate as of March 31, 2025, the initial investment amounts of other investees are translated at the current rate as of the investment date. Note 3: The liquidation process of MICT International Limited had been completed in February 2025. However, the official cancellation documents have not yet been obtained. 

Table 6-3

MARKETECH INTERNATIONAL CORP. AND SUBSIDIARIES

Expressed in thousands of NTD (Except as otherwise indicated)

Table 7

Information on investments in Mainland China

For the three months ended March 31, 2025

Investee in Mainland China Main business activities Paid-in capital
(Note 3)		 Investment
method
（Note 1）		 Accumulated
amount of
remittance from
Taiwan to
Mainland China
as of January 1,
2025
(Note 3)		 Amount remitted from Taiwan
to Mainland China/
Amount remitted back to
Taiwan for the three months
ended March 31, 2025
(Note 3)		 Amount remitted from Taiwan
to Mainland China/
Amount remitted back to
Taiwan for the three months
ended March 31, 2025
(Note 3)		 Accumulated
amount
of remittance
from Taiwan to
Mainland China
as of March 31,
2025
(Note 3)		 Net income
(loss) of
investee for the
three months
ended March
31, 2025		 Ownership
held by
the
Company
(direct or
indirect)		 Investment income
(loss) recognized
by the Company
for the three
months ended March
31, 2025
（Note 2）		 Book value of
investments in
Mainland China
as of March 31,
2025		 Accumulated
amount
of investment
income
remitted back to
Taiwan as of
March 31, 2025		 Footnote
Remitted to
Mainland China		 Remitted back
to Taiwan
MIC-Tech (WuXi) Co., Ltd. Manufacturing and sales of semiconductor devices, intelligent storage equipments,
illuminators, masks and labor protective products; manufacturing of package special
equipments		 846,728
$		 Note 1(2) 680,703
$		 -
$		 -
$		 680,703
$		 6,128)
($		 100 6,128)
($		 46,994
$		 -
$		 Note 2
(2)B
MIC-Tech (Shanghai) Corp. Wholesale, commission agency, maintenance, repairment, manufacture, import and export of
semiconductor production and its consumables; trading agency and consulting services in
customs bonded area		 273,642 Note 1(2) 16,603 - - 16,603 194,089 100 194,089 1,129,216 609,821 Note 2
(2)B
Shanghai Maohua Electronics
Engineering Co., Ltd.		 Production of scrubber bins for semiconductor manufacturers; design, installation, debugging
and technology services of tunnel system; equipment repair for semiconductor manufacturers		 19,923 Note 1(2) 20,023 - - 20,023 4,571)
(		 87 3,977)
(		 19,581 - Note 2
(2)B
MIC-Tech
Electronics
Engineering Corp.		 Installation and construction of mechanical and electrical systems; professional building
renovation and decoration services; design and construction of smart buildings; construction of
electronic projects and related technical services and consulting materials		 585,039 Note 1(2) 282,907 - - 282,907 129,499 100 129,499 812,313 572,720 Note 2
(2)B
MIC-Tech China Trading
(Shanghai) Co., Ltd.		 Wholesale, commission agency and import and export of chemical products, semiconductors,
inspection equipment and its consumables, solar equipment consumables, trading and trading
agency among enterprises in customs bonded area		 49,808 Note 1(2) 49,808 - - 49,808 69,081 100 69,081 501,004 - Note 2
(2)B

Table 7-1

Investee in Mainland China Main business activities Paid-in capital
(Note 3)		 Investment
method
（Note 1）		 Accumulated
amount of
remittance from
Taiwan to
Mainland China
as of January 1,
2025
(Note 3)		 Amount remitted from Taiwan
to Mainland China/
Amount remitted back to
Taiwan for the three months
ended March 31, 2025
(Note 3)		 Amount remitted from Taiwan
to Mainland China/
Amount remitted back to
Taiwan for the three months
ended March 31, 2025
(Note 3)		 Accumulated
amount
of remittance
from Taiwan to
Mainland China
as of March 31,
2025
(Note 3)		 Net income
(loss) of
investee for the
three months
ended March
31, 2025		 Ownership
held by
the
Company
(direct or
indirect)		 Investment income
(loss) recognized
by the Company
for the three
months ended March
31, 2025
（Note 2）		 Book value of
investments in
Mainland China
as of March 31,
2025		 Accumulated
amount
of investment
income
remitted back to
Taiwan as of
March 31, 2025		 Footnote
Remitted to
Mainland China		 Remitted back
to Taiwan
Macrotec Technology
(Shanghai) Co., Ltd.		 Wholesale, commission agency, import and export and other complementary service of
electrical products, instrumentation, metal products, electrical equipment, International and
entrepot trade, trading and trading agency among enterprises in customs bonded area		 31,774 Note 1(2) 9,986 - - 9,986 445 31.43 140 1,499)
(		 - Note 2
(2)C
Fortune International
Corporation		 Research and development, manufacturing, sales, installation and repair services of
semiconductor-related devices, equipment and materials; supply chain and property
management service; industrial park management service; venue rental; conference and
exhibition services; warehousing service		 59,769
$		 Note 1(2) 16,603
$		 -
$		 -
$		 16,603
$		 1,632)
($		 27.78 453)
($		 5,914
$		 -
$		 Note 2
(2)C

Note 1: Investment methods are classified into the following three categories:

  • (1) Directly invest in a company in Mainland China.

  • (2) Through investing in Market Go Profits Ltd., which then invested in the investee in Mainland China.

  • (3) Others.

Note 2: : In the ‘Investment income (loss) recognized by the Company for the year ended March 31, 2025’ column:

  • (1) It should be indicated if the investee was still in the incorporation arrangements and had not yet any profit during this year.

  • (2) Indicate the basis for investment income (loss) recognition in the number of one of the following three categories:

A.The financial statements were reviewed by international accounting firm which has cooperative relationship with accounting firm in R.O.C.

  • B.The financial statements were reviewed by R.O.C. parent company’s CPA.

  • C.Others-the financial statements were not reviewed by independent auditors.

Note 3: Paid-in capital and investment amount were translated at the original currency times exchange rate at period end.

2. Limit on investees in Mainland China

Companyname Accumulated amount of remittance from Taiwan to Mainland China
as of March 31,2025(Note 1) (Note 2) (Note 3) (Note 4)		 Investment amount approved by the Investment Commission of the
Ministryof Economic Affairs(MOEA) (Note 1)		 Ceiling on investments in Mainland China imposed by the
Investment Commission of MOEA
Marketech International Corp. 1,301,304
$		 2,548,842
$		 7,877,539
$

Note 1: The amount was translated at the original currency times exchange rate at period end.

Note 2: The Company has sold WUXI Probeleader Electronics Co., Ltd. at the end of November 2011. As the accumulated investment was different from the investment collected back, the difference between accumulated amount of remittance

from Taiwan to Mainland China as of November 30, 2011 and accumulated amount of remittance from Taiwan to Mainland China registered at and approved by MOEA was US$186 thousand.

  • Note 3: The liquidation of TPP-MIC (WuXi) Co., Ltd. was completed in November, 2015. As the accumulated investment was different from the investment collected back, the difference between accumulated amount of remittance from Taiwan to Mainland China as of March 31, 2025 and accumulated amount of remittance from Taiwan to Mainland China registered at and approved by MOEA was US$180 thousand.

  • Note 4: The original investment amount approved by the Investment Commission of the Ministry of Economic Affairs is US$ 43,630 thousand. Additionally, as of the end of this period, the total investment income from reinvestments in Mainland China that has been remitted back to Taiwan amounts to US$ 33,131 thousand. This amount has been approved by the Investment Commission to be used to offset the accumulated investment amount in Mainland China.

Table 7-2

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