Stock Code:1303

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors' Review Report
For the Three Months Ended March 31, 2025 and 2024

Address: 101, Shuiguan Road, Renwu Dist., Kaohsiung City 814, Taiwan
Telephone: (07)371-1411

The independent auditors' review report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' review report and consolidated financial statements, the Chinese version shall prevail.

Contents	Page
1. Cover Page	1
2. Table of Contents	2
3. Independent Auditors’ Review Report	3
4. Consolidated Balance Sheets	4
5. Consolidated Statement of Comprehensive Income	5
6. Consolidated Statement of Changes in Equity	6
7. Consolidated Statement of Cash Flows	7
8. Notes to the Consolidated Financial Statements
(1) Company history	8
(2) Approval date and procedures of the consolidated financial statements	8
(3) New standards, amendments and interpretations adopted	8~10
(4) Summary of material accounting policies	10~12
(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty	12~13
(6) Explanation of significant accounts	14~44
(7) Related-party transactions	45~51
(8) Pledged assets	52
(9) Significant Commitments and contingencies	52~54
(10) Losses Due to Major Disasters	54
(11) Subsequent Events	54
(12) Other	54
(13) Other disclosures
(a) Information on significant transactions	55、57~64
(b) Information on investees	55、65~66
(c) Information on investment in mainland China	55、67~68
(14) Segment information	55~56

KPMG

多侯連素群合作計算方法

KPMG

台北市110615信義路5段7號68樓(台北101大樓)

68F., TAIPEI 101 TOWER, No. 7, Sec. 5,

Xinyi Road, Taipei City 110615, Taiwan (R.O.C.)

電話 Tel +886 2 8101 6666

傳真 Fax +886 2 8101 6667

網址 Web kpmg.com/tw

Independent Auditors' Review Report

To the Board of Directors of NAN YA PLASTICS CORPORATION:

Introduction

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

Scope of Review

Except as explained in the Basis for Qualified Conclusion paragraph, we conducted our reviews in accordance with the Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" of the Republic of China. A review of the 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 conducted in accordance with the Standards on Auditing of the Republic of China 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 stated in Note 4 (b), the consolidated financial statements included the financial statements of certain non-significant subsidiaries, which were not reviewed by independent auditors. These financial statements reflect total assets amounting to $96,574,668 thousand and $90,318,966 thousand, constituting 15.60% and 13.85% of consolidated total assets as of March 31, 2025 and 2024, respectively, total liabilities amounting to $39,359,398 thousand and $34,922,367 thousand, constituting 15.20% and 12.80% of consolidated total liabilities as of March 31, 2025 and 2024, respectively, and total comprehensive income (loss) amounting to $288,505 thousand and $1,449,816 thousand, constituting 9.35% and 16.69% of consolidated total comprehensive income (loss) for the three months ended March 31, 2025 and 2024, respectively.

Furthermore, as stated in Note 6(g), the other equity accounted investments of the Group in its investee companies of $44,493,303 thousand and $44,309,067 thousand as of March 31, 2025 and 2024, respectively, and its equity in net earnings on these investee companies of $(399,142) thousand and $319,804 thousand for the three months ended March 31, 2025 and 2024, respectively, were recognized solely on the financial statements prepared by these investee companies, but not reviewed by independent auditors.

KPMG, a Taiwan partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

KPMG

Qualified Conclusion

Except for the adjustments, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and equity accounted investee companies described in the Basis for Qualified Conclusion paragraph above been reviewed by independent auditors, 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 of March 31, 2025 and 2024, and of its consolidated financial performance and its consolidated cash flows for the three months ended March 31, 2025 and 2024 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Other Matter

We did not review the financial statements of certain subsidiaries of the Group. Those financial statements were reviewed by other auditors, whose review reports have been furnished to us, and our conclusion, insofar as it relates to the amounts included for those subsidiaries, is based solely on the review reports of other auditors. The financial statements of those subsidiaries reflect total assets amounting to $115,297,139 thousand and $123,437,022 thousand, constituting 18.63% and 18.93% of consolidated total assets as of March 31, 2025 and 2024, respectively; and total operating revenues amounting to $18,027,797 thousand and $15,536,956 thousand, constituting 27.50% and 26.50% of consolidated total operating revenues for the three months ended March 31, 2025 and 2024, respectively.

We did not review the financial statements of certain investee companies, which represented the investment in other entities accounted for using the equity method. Those financial statements were reviewed by another auditor, whose review report has been furnished to us, and our conclusion, insofar as it relates to the amounts included for those investee companies, is based solely on the review report of another auditor. The investments in accounted for using the equity method amounted to $68,298,295 thousand and $74,071,394 thousand, constituting 11.04% and 11.36% of consolidated total assets as of March 31, 2025 and 2024, respectively; and the related shares of profit of associates and joint ventures accounted for using the equity method amounted to $851,673 thousand and $1,161,073 thousand, constituting 104.63% and 94.71% of consolidated total profit before tax for the three months ended March 31, 2025 and 2024, respectively.

The engagement partners on the reviews resulting in this independent auditors’ review report are Kuo, Hsin-Yi and Chen, Chun-Kuang.

KPMG

Taipei, Taiwan (Republic of China)
May 13, 2025

Notes to Readers

The accompanying consolidated financial statements are intended only to present the consolidated statement of financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to review such consolidated financial statements are those generally accepted and applied in the Republic of China.

The independent auditors’ review report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ review report and consolidated financial statements, the Chinese version shall prevail.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

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

(Expressed in Thousands of New Taiwan Dollars)

Assets	March 31, 2025		December 31, 2024		March 31, 2024
	Amount	%	Amount	%	Amount	%
Current assets:
1100 Cash and cash equivalents (notes 6(a) and (w))	$ 64,899,944	11	66,445,373	11	80,023,199	12
1110 Current financial assets at fair value through profit or loss (notes 6(b) and (w))	1,890,485	-	1,846,201	-	1,731,750	-
1120 Current financial assets at fair value through other comprehensive income (notes 6(c), (w) and 8)	14,559,619	2	14,407,700	2	28,274,354	5
1150 Notes receivable, net (notes 6(d) and (w))	3,517,477	1	2,853,793	1	2,784,397	-
1170 Trade receivables, net (notes 6(d) and (w))	38,876,197	6	37,190,281	6	33,695,624	5
1180 Trade receivables due from related parties (notes 6(d), (w) and 7)	1,254,948	-	1,807,747	-	1,231,098	-
1200 Other receivables (notes 6(e) and (w))	4,156,671	1	2,633,824	1	7,990,553	2
1210 Other receivables due from related parties (notes 6(e), (w) and 7)	131,742	-	194,530	-	2,832,301	-
130X Inventories (note 6(f))	50,508,764	8	51,696,294	8	50,028,152	8
1470 Other current assets (note 8)	8,175,724	1	6,425,853	1	5,169,466	1
Total current assets	187,971,571	30	185,501,596	30	213,760,894	33
Non-current assets:
1510 Non-current financial assets at fair value through profit or loss (notes 6(b) and (w))	672,996	-	664,863	-	692,696	-
1517 Non-current financial assets at fair value through other comprehensive income (notes 6(c) and (w))	19,978,292	3	20,801,552	3	22,049,458	3
1550 Investments accounted for using equity method (notes 6(g), 7 and 8)	170,353,177	28	170,622,891	28	175,190,361	27
1600 Property, plant and equipment (notes 6(h), 7 and 8)	217,491,572	35	218,272,850	35	219,853,669	34
1755 Right-of-use assets (notes 6(i) and 7)	971,104	-	877,666	-	921,926	-
1782 Intangible assets (note 6(j))	1,279,585	-	1,327,871	-	1,472,730	-
1812 Technology development expense	5,501	-	6,680	-	10,217	-
1840 Deferred tax assets	2,464,914	1	2,465,461	1	2,934,455	-
1915 Prepayments for purchase of equipment	3,673,433	1	2,903,091	1	3,501,694	1
1937 Overdue receivables (note 6(d))	-	-	-	-	-	-
1990 Other non-current assets (note 8)	14,042,446	2	14,028,976	2	11,532,961	2
Total non-current assets	430,933,020	70	431,971,901	70	438,160,167	67
Total assets	$ 618,904,591	100	617,473,497	100	651,921,061	100
Liabilities and Equity	March 31, 2025		December 31, 2024		March 31, 2024
---	---	---	---	---	---	---
	Amount	%	Amount	%	Amount	%
Current liabilities:
Short-term borrowings (notes 6(l), (w) and (z))	$ 23,369,300	4	22,975,600	4	32,700,578	5
Short-term notes and bills payable (notes 6(k), (w) and (z))	43,254,965	7	42,850,386	7	35,680,672	5
Notes and trade payables (note 6(w))	7,926,045	1	7,689,760	1	9,739,887	1
Trade payables to related parties (notes 6(w) and 7)	6,456,172	1	7,363,533	1	6,121,148	1
Other payables (including related parties) (note 7)	28,514,976	5	25,078,374	4	29,549,035	5
Current lease liabilities(notes 6(o), (w), (z) and 7)	110,269	-	110,121	-	128,072	-
Current portion of bonds payable (notes 6(n), (w) and (z))	10,620,361	2	10,619,603	2	9,271,115	1
Current portion of long-term borrowings (notes 6(m), (w) and (z))	2,000,000	-	20,747,315	3	-	-
Other current liabilities	3,743,667	1	3,236,381	1	3,479,612	1
Total current liabilities	125,995,755	21	140,671,073	23	126,670,119	19
Non-Current liabilities:
Bonds payable (notes 6(n), (w) and (z))	45,865,474	7	45,862,803	7	56,475,299	9
Long-term borrowings (notes 6(m), (w) and (z))	55,356,040	9	37,286,905	6	53,616,401	8
Deferred tax liabilities	15,015,096	2	14,932,132	2	17,823,658	3
Non-current lease liabilities (notes 6(o), (w), (z) and 7)	277,489	-	185,803	-	198,731	-
Long-term notes payable (notes 6(n), (w) and (z))	1,496,260	-	-	-	-	-
Net defined benefit liability-non-current	8,875,885	2	9,367,835	2	10,412,559	2
Guarantee deposits	1,100,315	-	988,280	-	921,315	-
Other non-current liabilities	4,993,739	1	5,575,361	1	6,755,782	1
Total non-current liabilities	132,980,298	21	114,199,119	18	146,203,745	23
Total liabilities	258,976,053	42	254,870,192	41	272,873,864	42
Equity attributable to owners of parent (note 6(r)):
Ordinary shares	79,308,216	13	79,308,216	13	79,308,216	12
Capital surplus	27,042,633	4	27,042,992	4	27,727,015	4
Retained earnings	224,020,658	36	229,117,977	37	226,520,153	35
Others	13,624,226	2	11,114,038	2	29,563,154	5
Total equity attributable to owners of parent:	343,995,733	55	346,583,223	56	363,118,538	56
Non-controlling interests	15,932,805	3	16,020,082	3	15,928,659	2
Total equity	359,928,538	58	362,603,305	59	379,047,197	58
Total liabilities and equity	$ 618,904,591	100	617,473,497	100	651,921,061	100

See accompanying notes to Consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statement of Comprehensive Income

For the three months ended March 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars, Except for Earnings Per Common Share)

	For the three months ended March 31
		2025		2024
		Amount	%	Amount	%
4000	Operating revenues (notes 6(t) and 7)	$ 65,551,631	100	58,629,908	100
5000	Operating costs (notes 6(f), (p), (u), 7 and 12)	60,928,591	93	55,299,779	94
	Gross profit from operations	4,623,040	7	3,330,129	6
5910	Less: Unrealized profit from affiliated companies (note 7)	(2,015)	-	(3,264)	-
	Total gross profit from operations	4,625,055	7	3,333,393	6
	Operating expenses (notes 6(o), (p), (u), 7 and 12):
6100	Selling expenses	2,311,725	4	2,014,571	3
6200	Administrative expenses	2,270,092	3	2,245,066	4
6450	Impairment loss determined in accordance with IFRS 9	7,406	-	-	-
	Total operating expenses	4,589,223	7	4,259,637	7
	Net Operating income	35,832	-	(926,244)	(1)
	Non-operating income and expenses (notes 6(g), (v) and 7):
7010	Other income	566,424	1	529,494	1
7020	Other gains and losses	350,709	-	861,959	1
7050	Finance costs	(1,068,167)	(2)	(1,100,415)	(2)
7060	Shares of profit of associates and joint ventures accounted for using equity method	435,741	1	1,224,058	2
7100	Interest income	493,473	1	637,068	1
	Total non-operating income and expenses	778,180	1	2,152,164	3
	Profit before tax	814,012	1	1,225,920	2
7950	Less: Income tax expenses (note 6(q))	320,143	-	61,365	-
	Profit	493,869	1	1,164,555	2
8300	Other comprehensive income (loss) (notes 6(g), (q) and (r)):
8310	Components of other comprehensive income (loss) that will not be reclassified to profit or loss
8316	Unrealized (losses) gains from investments in equity instruments measured at fair value through other comprehensive income	(668,001)	(1)	(1,564,340)	(3)
8320	Shares of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will not be reclassified to profit or loss	412,200	1	343,825	1
8349	Less: income tax related to components of other comprehensive income that will not be reclassified to profit or loss	-	-	-	-
	Total items that may not be reclassified subsequently to profit and loss	(255,801)	-	(1,220,515)	(2)
8360	Components of other comprehensive income (loss) that will be reclassified to profit or loss
8361	Exchange differences on translation	2,780,351	4	8,734,461	15
8370	Shares of other comprehensive income of associates and joint ventures accounted for using equity method, components of other comprehensive income that will be reclassified to profit or loss	68,528	-	8,828	-
8399	Less: income tax related to components of other comprehensive income that will be reclassified to profit or loss	-	-	-	-
	Total items that may be reclassified subsequently to profit and loss	2,848,879	4	8,743,289	15
8300	Other comprehensive income (loss)	2,593,078	4	7,522,774	13
8500	Total comprehensive income (loss)	$ 3,086,947	5	8,687,329	15
	Profit, attributable to:
8610	Owners of parent	$ 453,111	1	1,241,806	2
8620	Non-controlling interests	40,758	-	(77,251)	-
	Comprehensive income attributable to:
8710	Owners of parent	$ 2,963,299	5	8,531,567	15
8720	Non-controlling interests	123,648	-	155,762	-
		$ 3,086,947	5	8,687,329	15
	Basic earnings per share (note 6(x)):	Before Tax	After Tax	Before Tax	After Tax
9710	Income from continuing operations	$ 0.10	0.06	0.16	0.15
	Income from non-controlling equity	(0.03)	-	0.01	0.01
9750	Income attributable to shareholders of the parent	$ 0.07	0.06	0.17	0.16

See accompanying notes to Consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statement of Changes in Equity

For the three months ended March 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	Equity attributable to owners of parent
	Retained earnings					Items of other equity interest			Non-controlling interests
	Ordinary shares	Capital surplus	Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements	Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income	Gains (losses) on hedging instruments	Total equity attributable to owners of parent	Total equity attributable to total
Balance at January 1, 2024	$ 79,308,216	27,733,533	84,845,185	117,477,138	28,479,327	(8,713,581)	31,006,389	8,072	360,144,279	16,939,780	377,084,059
Profit	-	-	-	-	1,241,806	-	-	-	1,241,806	(77,251)	1,164,555
Other comprehensive income (loss)	-	-	-	-	-	8,488,429	(1,207,496)	8,828	7,289,761	233,013	7,522,774
Total comprehensive income (loss)	-	-	-	-	1,241,806	8,488,429	(1,207,496)	8,828	8,531,567	155,762	8,687,329
Distribution of retained earnings:
Cash dividends of ordinary share	-	-	-	-	(5,551,575)	-	-	-	(5,551,575)	-	(5,551,575)
Reversal of special reserve	-	-	-	(126)	126	-	-	-	-	-	-
Other changes in capital surplus:
Other changes in capital surplus	-	(6,518)	-	-	785	-	-	-	(5,733)	-	(5,733)
Changes in equity of associates and joint ventures accounted for using equity method	-	-	-	-	27,487	-	(27,487)	-	-	-	-
Disposal of investments in equity instruments designated at fair value through other comprehensive income	-	-	-	-	-	-	-	-	-	(1,166,883)	(1,166,883)
Balance at March 31, 2024	$ 79,308,216	27,727,015	84,845,185	117,477,012	24,197,956	(225,152)	29,771,406	16,900	363,118,538	15,928,659	379,047,197
Balance at January 1,2025	$ 79,308,216	27,042,992	85,554,515	117,873,677	25,689,785	3,039,093	8,095,794	(20,849)	346,583,223	16,020,082	362,603,305
Profit	-	-	-	-	453,111	-	-	-	453,111	40,758	493,869
Other comprehensive income (loss)	-	-	-	-	-	2,698,864	(257,204)	68,528	2,510,188	82,890	2,593,078
Total comprehensive income (loss)	-	-	-	-	453,111	2,698,864	(257,204)	68,528	2,963,299	123,648	3,086,947
Distribution of retained earnings:
Cash dividends of ordinary share	-	-	-	-	(5,551,575)	-	-	-	(5,551,575)	-	(5,551,575)
Reversal of special reserve	-	-	-	(205)	205	-	-	-	-	-	-
Other changes in capital surplus:
Other changes in capital surplus	-	(359)	-	-	1,145	-	-	-	786	-	786
Changes in non-controlling interests	-	-	-	-	-	-	-	-	-	(210,925)	(210,925)
Balance at March 31, 2025	$ 79,308,216	27,042,633	85,554,515	117,873,472	20,592,671	5,737,957	7,838,590	47,679	343,995,733	15,932,805	359,928,538

See accompanying notes to Consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statement of Cash Flows

For the three months ended March 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	For the three months ended March 31
	2025	2024
Cash flows from (used in) operating activities:
Profit before tax	$ 814,012	1,225,920
Adjustments:
Adjustments to reconcile profit (loss):
Depreciation expense	5,562,001	5,315,582
Amortization expense	131,150	144,660
Impairment loss determined in accordance with IFRS 9	7,406	-
Gain on disposal of investments accounted for using equity method	-	(3,934)
Net gains on financial assets at fair value through profit or loss	(44,284)	(90,152)
Interest expense	1,068,167	1,100,415
Interest income	(493,473)	(637,068)
Shares of profit of associates and joint ventures accounted for using equity method	(435,741)	(1,224,058)
Losses on disposal of property, plant and equipment	42,593	4,947
Property, plant and equipment transferred to expenses	14	11
Reversal of impairment loss on non-financial assets	-	(75)
Unrealized profit from affiliated companies	(2,015)	(3,264)
Unrealized foreign exchange gains	(266,764)	(412,456)
Other revenue, overdue dividends and compensation of board and directors	274	4,207
Total adjustments to reconcile profit (loss)	5,569,328	4,198,815
Changes in operating assets and liabilities:
(Increase) decrease in notes receivable	(664,378)	629,235
(Increase) decrease in trade receivables (including related parties)	(986,493)	181,434
Decrease in other receivables	292,271	2,486
Decrease in inventories	1,375,310	425,045
(Increase) decrease in other current assets	(1,184,161)	5,326
Total changes in operating assets	(1,167,451)	1,243,526
Decrease in notes and trade payables (including related parties)	(706,095)	(538,283)
Decrease in other payable	(2,494,842)	(233,046)
Increase in other current liabilities	507,286	559,374
Decrease in net defined benefit liability	(492,326)	(829,099)
Total changes in operating liabilities	(3,185,977)	(1,041,054)
Total changes in operating assets and liabilities	(4,353,428)	202,472
Total adjustments	1,215,900	4,401,287
Cash inflow generated from operations	2,029,912	5,627,207
Interest received	458,637	535,010
Interest paid	(914,662)	(945,223)
Income taxes paid	(209,793)	(141,749)
Net cash flows from operating activities	1,364,094	5,075,245
Cash flows from (used in) investing activities:
Proceeds from capital reduction of financial assets at fair value through other comprehensive income	3,438	-
Proceeds from disposal of investments accounted for using equity method	-	3,934
Acquisition of property, plant and equipment	(2,630,313)	(3,763,889)
Proceeds from disposal of property, plant and equipment	9,190	45,191
(Increase) decrease in refundable deposits	(13,791)	15,607
Decrease in other receivables due from related parties	62,788	467,119
Increase in other financial assets	(565,710)	-
Increase in other non-current assets	(1,804,998)	(783,566)
Net cash flows used in investing activities	(4,939,396)	(4,015,604)
Cash flows from (used in) financing activities:
Increase in short-term borrowings	393,700	895,627
Increase (decrease) in short-term notes and bills payable	450,000	(650,000)
Proceeds from long-term borrowings	8,493,380	12,300,000
Repayments of long-term borrowings	(9,500,000)	(16,245,210)
Increase in other borrowings (long-term notes payables)	1,500,000	-
Increase (decrease) in guarantee deposits	112,035	(20,049)
Payments of lease liabilities	(36,930)	(34,818)
Decrease in other non-current liabilities	(582,054)	(586,002)
Cash dividends paid	(2,290)	(7,506)
Change in non-controlling interests	(210,925)	(1,166,883)
Net cash flows used in financing activities	616,916	(5,514,841)
Effect of exchange rate changes on cash and cash equivalents	1,412,957	4,177,213
Net decrease in cash and cash equivalents	(1,545,429)	(277,987)
Cash and cash equivalents at beginning of period	66,445,373	80,301,186
Cash and cash equivalents at end of period	$ 64,899,944	80,023,199

See accompanying notes to Consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

March 31, 2025 and 2024

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

(1) Company history

Nan Ya Plastics Corporation ("the Company") was incorporated on August 22, 1958, and established its factories in Kaohsiung City. The Company and its subsidiaries ("the Group") engages in the manufacture and sale of plastic products, polyester fibers, petrochemical products, and electronic materials. It has gone through several capital increases and established many divisions. Currently, the Company has the following divisions: plastics, fiber, petrochemical, electronics, and engineering. It also has 10 manufacturing plants across Taiwan, 1 branch office in Mai-Liao and 1 branch office in Sen-Kong.

(2) Approval date and procedures of the consolidated financial statements

The accompanying consolidated financial statements were approved and authorized for issuance by the Board of Directors on May 13, 2025.

(3) New standards, amendments and interpretations adopted

(a) The impact of the IFRS Accounting Standards endorsed by the Financial Supervisory Commission, R.O.C. which have already been adopted.

The Group has initially adopted the following new amendments, which do not have a significant impact on its consolidated financial statements, from January 1, 2025:

Amendments to IAS21 “Lack of Exchangeability”
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” regarding the application guidance requirements for Section 4.1 of IFRS 9 and the related disclosure requirements of IFRS 7

(b) The impact of IFRS Accounting Standards issued by IASB but not yet endorsed by the FSC

The following new and amended standards, which may be relevant to the Group, have been issued by the International Accounting Standards Board (IASB), but have yet to be endorsed by the FSC:

Standards or Interpretations	Content of amendment	Effective date per IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”	The new standard introduces three categories of income and expenses, two income statement subtotals and one single note on management performance measures. The three amendments, combined with enhanced guidance on how to disaggregate information, set the stage for better and more consistent information for users, and will affect all the entities.	January 1, 2027

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Standards or Interpretations	Content of amendment	Effective date per IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”	• A more structured income statement: under current standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. The new standard promotes a more structured income statement, introducing a newly defined ‘operating profit’ subtotal and a requirement for all income and expenses to be allocated between three new distinct categories based on a company’s main business activities.
• Management performance measures (MPMs): the new standard introduces a definition for management performance measures, and requires companies to explain in a single note to the financial statements why the measure provides useful information, how it is calculated and reconcile it to an amount determined under IFRS Accounting Standards.
• Greater disaggregation of information: the new standard includes enhanced guidance on how companies group information in the financial statements. This includes guidance on whether information is included in the primary financial statements or is further disaggregated in the notes.	January 1, 2027

The Group is evaluating the impact on its consolidated financial position and consolidated financial performance upon the initial adoption of the abovementioned standards or interpretations. The results thereof will be disclosed when the Group completes its evaluation.

The Group does not expect the following other new and amended standards, which have yet to be endorsed by the FSC, to have a significant impact on its consolidated financial statements:

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” and amendments to IFRS 17 “Insurance Contracts”
IFRS 19 “Subsidiaries without Public Accountability: Disclosures”

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments” regarding the application guidance requirements for Sections 3.1 and 3.3 of IFRS 9 and the related disclosure requirements of IFRS 7
Annual Improvements to IFRS Accounting Standards—Volume 11
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”

(4) Summary of material accounting policies

(a) Statement of compliance

These consolidated financial statements have been prepared in accordance with the preparation and guidelines of IAS 34 “Interim Financial Reporting” which are endorsed and issued into effect by FSC, and do not include all of the information required by the Regulations and International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations and SIC Interpretations endorsed and issued into effect by the FSC (hereinafter referred to IFRS Accounting Standards endorsed by the FSC) for a complete set of the annual consolidated financial statements.

Except the following accounting policies mentioned below, the significant accounting policies adopted in the consolidated financial statements are the same as those in the consolidated financial statement for the year ended December 31, 2024. For the related information, please refer to note 4 of the consolidated financial statements for the year ended December 31, 2024.

(b) Basis of consolidation

(i) List of subsidiaries in the consolidated financial statements:

Investor	The name of subsidiaries	Business activity	Shareholding			Note
			March 31, 2025	December 31, 2024	March 31, 2024
The Company	Nan Ya Plastics Corporation U.S.A	production of chemical products	100.00 %	100.00 %	100.00 %	Note 1
The Company	Nan Ya Plastics Corporation America	production of plastic, polyester and chemical products	100.00 %	100.00 %	100.00 %	Note 1
The Company	Formosa Plastics Group Investment Corp.	investment	100.00 %	100.00 %	100.00 %	Note 1
The Company	Nan Ya Plastics (Hong Kong) Co., Ltd.	plastics and electronic products trading, investment	100.00 %	100.00 %	100.00 %
The Company	Superior World Wide Trading Co., Ltd.	plastics trading, investment	100.00 %	100.00 %	100.00 %	Note 1
The Company	Nan Ya PCB Corporation	production of printed circuit board	66.97 %	66.97 %	66.97 %
The Company	Wen Fung Industrial Co., Ltd.	production of electronic components	100.00 %	100.00 %	100.00 %	Note 1
The Company	Nan Chung Petrochemical Corporation	production of chemical products	50.00 %	50.00 %	50.00 %	Note 1
The Company	PFG Fiber Glass Corporation	production of glass fiber	100.00 %	100.00 %	100.00 %	Note 1
The Company	PFG Fiber Glass (Hong Kong) Corporation Limited	investment	100.00 %	100.00 %	100.00 %
Nan Ya PCB Corporation	Nan Ya PCB (U.S.A.) Corporation	retargeting	100.00 %	100.00 %	100.00 %
Nan Ya PCB Corporation	Nan Ya PCB (HK) Corporation	electronic materials trading, investment	100.00 %	100.00 %	100.00 %
Nan Ya PCB (HK) Corporation	Nan Ya PCB (Kunshan) Corporation	production of printed circuit board	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Plastics (Nantong) Co., Ltd.	production of plastic products, steam and electricity	100.00 %	100.00 %	100.00 %

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Investor	The name of subsidiaries	Business activity	Shareholding			Note
			March 31, 2025	December 31, 2024	March 31, 2024
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Electric (Nantong) Co., Ltd.	production of switch gear and control panel	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	China Nantong Huafeng Co., Ltd.	trading	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nantong Huafu Plastics Co., Ltd.	trading	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Electronic Materials (Kunshan) Co., Ltd.	production of copper clad laminate, glass fabrics, steam and electricity, copper clad, epoxy	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.	production of fiber	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Plastics (Guangzhou) Co., Ltd.	production of plastics products	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Plastics (Huizhou) Co., Ltd.	production of plastics products	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Electronic Materials (Huizhou) Co., Ltd.	production of electronic materials, glass fabrics	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Trading (Huizhou) Co., Ltd.	trading	100.00 %	100.00 %	100.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Plastics (Xiamen) Co., Ltd.	production of plastic products	85.00 %	85.00 %	85.00 %
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Plastics (Ningbo) Co., Ltd.	production of plastic products and plasticizer	100.00 %	100.00 %	100.00 %
Wen Fung Industrial Co., Ltd.	Wellink Technology Corporation	production of electronic components	100.00 %	100.00 %	100.00 %	Note 1
Nan Ya Plastics Corporation America	Nan Ya Plastics Corporation Texas	production of chemical products	100.00 %	100.00 %	100.00 %	Note 1
PFG Fiber Glass (Hong Kong) Corporation Limited	PFG Fiber Glass (Kunshan) Co., Ltd.	production of glass fiber	100.00 %	100.00 %	100.00 %

Note 1: The aforementioned companies are non-significant subsidiaries, their financial statements have not been reviewed.

The Company holds over fifty-percent voting shares of Nan Chung Petrochemical Corporation (Nan Chung) and the general manager of Nan Chung has been designated by the Company. As the Company has control over the operations of Nan Chung, hence, the Company included Nan Chung as one of its subsidiaries in its consolidated financial statements.

(ii) Subsidiaries excluded from the consolidated financial statements: None.

The pension cost in the interim period was calculated and disclosed on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior fiscal year, adjusted for significant market fluctuations since that time and for significant curtailments, settlements, or other significant one-off event.

(d) Income taxes

The income tax expenses have been prepared and disclosed in accordance with paragraph B12 of International Account Standards 34, "Interim Financial Reporting".

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Income tax expenses for the period are best estimated by multiplying pre-tax income for the interim reporting period using the effective annual tax rate as forecasted by the management. This should be recognized and allocated to current and deferred taxes based on its proportionate size.

Temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases shall be measured based on the tax rates that have been enacted or substantively enacted at the time of the asset or liability is recovered or settled, and be recognized directly in equity or other comprehensive income as tax expense.

(e) provision

A provision is recognized if, as a result of a past event, the Group has a present obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation in the future.

Carbon fees levied in accordance with Taiwan's Climate Change Response Act and Regulations Governing the Collection of Carbon Fees are estimated when the annual greenhouse gas emissions are probably to exceed the threshold, and the amount is estimated based on the proportion of annual greenhouse gas emissions that are anticipated to occur as of the reporting date divided by the total annual greenhouse gas emissions.

(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty

The preparation of the consolidated financial statements in conformity with the Regulations and IAS 34 "Interim Financial Reporting" endorsed by the FSC requires management to make judgments, and estimates about the future, including climate-related risks and opportunities, that affect the application of the accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The preparation of the consolidated interim financial statements, estimates and underlying assumptions are reviewed on an ongoing basis which are in conformity with the consolidated financial statements for the year ended December 31, 2024. For related information, please refer to note 5 of the consolidated financial statements for the year ended December 31, 2024.

The accounting policies involved significant judgments and the information that have significant effect on the amounts recognized in the consolidated financial statements are as follows:

(a) Judgment of whether the Group has substantive control over its investees-Nanya Technology Corporation

The Group holds 29.28% of the outstanding voting shares of Nanya Technology Corporation, which has a total number of 12 directors in its board, including 3 seats representing the Group. Although the Group is the single largest shareholder of the investee, it has no absolute rights and influence on its management decisions. Therefore, it is determined that the Group does not have control over Nanya Technology Corporation.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Judgment of whether the Group has substantive control over its investees-Nan YA Photonics Incorporation

The Group holds 29.01% of the outstanding voting shares of Nan YA Photonics Incorporation, which has a total number of 6 directors in its board, including 2 seats representing the Group. Although the Group is the single largest shareholder of the investee, it has no absolute rights and influence on its management decisions. Therefore, it is determined that the Group does not have control over Nan YA Photonics Incorporation.

The Group holds 45.00% of the outstanding voting shares of Formosa Automobile Sales Corporation, which has a total number of 5 directors, including 2 seats representing the Group. Although the Group is the single largest shareholder of the investee, it has no absolute rights and influence on its management decisions. Therefore, it is determined that the Group does not have control over Formosa Automobile Sales Corporation.

(d) Judgment of whether the Group has substantive control over its investees-Formosa Plastics Transport Corporation

The Group holds 33.33% of the outstanding voting shares of Formosa Plastics Transport Corporation, which has a total number of 7 directors, including 2 seats representing the Group. Although the Group is the single largest shareholder of the investee, it has no absolute rights and influence on its management decisions. Therefore, it is determined that the Group does not have control over Formosa Plastics Transport Corporation.

(e) Judgment of whether the Group has substantive control over its investees-Formosa Environmental Technology Corporation

The Group holds 26.99% of the outstanding voting shares of Formosa Environmental Technology Corporation, which has a total number of 5 directors, including 1 seat representing the Group. Although the Group is the single largest shareholder of the investee, it has no absolute rights and influence on its management decisions. Therefore, it is determined that the Group does not have control over Formosa Environmental Technology Corporation.

(f) Judgment of whether the Group has substantive control over its investees-Hwa Ya Technology Park Management Consulting Corporation

The Group holds 34.00% of the outstanding voting shares of Hwa Ya Technology Park Management Consulting Corporation, which has a total number of 3 directors, including 1 seat representing the Group. Although the Group is the single largest shareholder of the investee, it has no absolute rights and influence on its management decisions. Therefore, it is determined that the Group does not have control over Hwa Ya Technology Park Management Consulting Corporation.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(6) Explanation of significant accounts

Except for the following disclosures, there were no material differences in the disclosures of significant accounts between the interim consolidated financial statements for the current period and the 2024 consolidated financial statements. Please refer to Note 6 of the 2024 annual consolidated financial statements.

(a) Cash and Cash Equivalents

	March 31, 2025	December 31, 2024	March 31, 2024
Cash on hand	$ 1,685	1,668	1,280
Cash in banks	6,985,917	7,750,983	31,398,524
Time deposits	43,096,218	43,690,288	39,022,401
Cash equivalents	14,816,124	15,002,434	9,600,994
Cash and cash equivalents	$ 64,899,944	66,445,373	80,023,199

Please refer to note 6(w) for the interest rate risk and fair value sensitivity analysis.

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

	March 31, 2025	December 31, 2024	March 31, 2024
Current financial assets designated as at fair value through profit or loss:
Funds	$ 1,890,485	1,846,201	1,731,750
	March 31, 2025	December 31, 2024	March 31, 2024
Non-current financial assets designated as at fair value through profit or loss:
Foreign Bonds	$ 431,849	426,630	485,635
Foreign Stocks	241,147	238,233	207,061
Total	$ 672,996	664,863	692,696

Remeasurement at fair value recognized in profit or loss is disclosed in note 6(v).

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Current financial assets at fair value through other comprehensive income

	March 31, 2025	December 31, 2024	March 31, 2024
Equity instruments at fair value through other comprehensive income:
Shares of stocks of listes companies	$ 14,559,619	14,407,700	28,274,354

Non-current financial assets at fair value through other comprehensive income

	March 31, 2025	December 31, 2024	March 31, 2024
Equity instruments at fair value through other comprehensive income:
Shares of stocks of unlisted companies	$ 19,978,292	20,801,552	22,049,458

(i) Equity investments at fair value through other comprehensive income

1) The Group designated the investments shown above as equity instruments at fair value through other comprehensive income because these equity instruments represent those investments that the Group intends to hold for long-term for strategic purposes.

2) There were no disposals of strategic investments and transfers of any cumulative gain or loss within equity relating to these investments as of March 31, 2025 and 2024.

(ii) For credit risk and market risk; please refer to note 6(w).

(iii) The financial assets at fair value through other comprehensive income of the Group had been pledged as collateral; please refer to note 8.

(d) Notes and trade receivables

	March 31, 2025	December 31, 2024	March 31, 2024
Notes receivable from operating activities	$ 3,525,094	2,860,716	2,793,527
Trade receivables-measured as amortized cost	40,476,680	39,333,374	35,338,955
Trade receivables-fair value through profit or loss	2,352	2,383	20,454
Overdue receivables	1,355	1,504	1,903
Less: Loss allowance	(356,859)	(346,156)	(443,720)
	$ 43,648,622	41,851,821	37,711,119

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group applies the simplified approach to provide for its expected credit losses, i.e. the use of lifetime expected loss provision for all receivables on March 31, 2025, December 31 and March 31, 2024. To measure the expected credit losses, accounts receivables have been grouped based on shared credit risk characteristics and the days past due, as well as incorporated forward looking information, including macroeconomic and relevant industry information. The loss allowance provision were determined as follows:

	March 31, 2025
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 43,358,241	0.01%~0.63%	151,258
1 to 3 months past due	170,979	0.11%~4.30%	1,811
3 to 6 months past due	67,778	2.17%~13.76%	2,426
6 to 12 months past due	153,802	3.42%~20%	13,253
More than 1 year past due	254,681	55.48%~100%	188,111
	$ 44,005,481		356,859
	December 31, 2024
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 41,453,428	0.10%~0.67%	166,938
1 to 3 months past due	319,149	1.75%~13.55%	12,417
3 to 6 months past due	93,615	0.34%~57.72%	2,748
6 to 12 months past due	160,023	3.55%~75%	32,509
More than 1 year past due	171,762	67.09%~100%	131,544
	$ 42,197,977		346,156
	March 31, 2024
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 37,433,019	0.37%~1.35%	282,984
1 to 3 months past due	376,598	0.49%~34.61%	14,045
3 to 6 months past due	119,544	1.26%~57.14%	6,093
6 to 12 months past due	97,922	0.68%~90%	12,844
More than 1 year past due	127,756	100%	127,754
	$ 38,154,839		443,720

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The movements in the allowance for notes and trade receivables were as follows:

	For the three months ended March 31
	2025	2024
Balance at January 1, 2024 and 2023	$ 346,156	434,262
Impairment losses recognized	7,406	-
Foreign exchange losses (gains)	3,297	9,458
Balance at March 31, 2024 and 2023	$ 356,859	443,720

As of March 31, 2025, December 31 and March 31, 2024, notes and accounts receivable which were overdue or under legal proceedings amounted to $1,355, $1,504 and $1,903. Such receivables were reclassified to overdue receivables under other assets and provided with a full impairment loss provision.

The Group signed without-recourse factoring and financing contracts with financial institutions. According to these contracts, the net accounts receivable that have matured but are still uncollected will be paid by the financial institutions, except for those affected by trade disputes. As of March 31, 2025, December 31 and March 31, 2024, the outstanding accounts receivable factoring transactions between the Group and the financial institutions were as follows:

March 31, 2025
EXPAFOL S.L.	Purchase	Factoring Balance	Factoring Line	Advanced Amount	Range of Interest Rate	Guarantee project
	HSBC Bank	$ 2,352 USD	500	-	-	None
December 31, 2024
EXPAFOL S.L.	Purchase	Factoring Balance	Factoring Line	Advanced Amount	Range of Interest Rate	Guarantee project
	HSBC Bank	$ 2,383 USD	500	-	-	None
March 31, 2024
EXPAFOL S.L.	Purchase	Factoring Balance	Factoring Line	Advanced Amount	Range of Interest Rate	Guarantee project
	HSBC Bank	$ 2,890 USD	500	-	-	None
Gold Circuit Electronics, Ltd	E. Sun Bank	$ 17,564	150,000	-	-	None

(e) Other receivables

	March 31, 2025	December 31, 2024	March 31, 2024
Other receivables-other	$ 4,156,671	2,633,824	7,990,553
Other receivables-loans to associates	131,742	194,530	2,832,301
Less: Loss allowance	-	-	-
Total	$ 4,288,413	2,828,354	10,822,854

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(f) Inventories

The components of inventories were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Finished goods	$ 15,212,951	14,439,719	14,014,142
Work in process	13,152,546	13,545,403	12,181,928
Machinery and accessories in process	5,296,832	5,736,759	7,066,536
Raw materials	14,053,962	14,230,828	12,502,740
Supplies	1,939,514	2,162,037	1,746,353
Consigned-out raw materials	246,165	260,925	1,556,209
Consigned-out finished goods	759	22,601	21,356
Goods in transit	606,035	1,298,022	938,888
Inventories, net	$ 50,508,764	51,696,294	50,028,152

The details of the operating costs were as follows:

	For the three months ended March 31
	2025	2024
Cost of goods sold	$ 58,915,609	52,819,600
Write-down of inventories (Reversal of write-downs)	(80,362)	(100,036)
Unallocated production overheads	2,093,344	2,580,215
	$ 60,928,591	55,299,779

For the three months ended March 31, 2025 and 2024, the amounts of inventories recovery benefit recognized due to changes in inventories prices and the loss of inventories decline recognized due to inventory write-down to net realizable value were recognized as cost of revenue.

As of March 31, 2025, December 31 and March 31, 2024, the Group did not provide any inventory as collateral for its loans.

(g) Investments accounted for using equity method

The components of the investments accounted for using equity method at the reporting date were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Associates	$ 169,785,674	170,065,840	174,598,011
Joint ventures	567,503	557,051	592,350
	$ 170,353,177	170,622,891	175,190,361

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Associates

The Group’s share of net income of associates was as follows:

	For the three months ended March 31
	2025	2024
The Group’s share of net income of associates	$ 432,539	1,216,709

1) The unrealized translation gain or loss arising from the investment in foreign entities, which was based on exchange rates as of March 31, 2025, December 31 and March 31, 2024, were recognized in comprehensive income.

2) The unrealized sales profits from downstream transactions with investees under the equity method are treated as deductions from gross income. The realized sales profits from downstream sales are added to gross income. Details of these transactions please refer to note 7.

3) In August 2024, the Group purchased the shares of Nanya Photonics Incorporation at an amount of $69,646, resulting in its shareholding to increase from 23.02% to 29.01%.

4) In May 2024, the Group participated in the capital increase by cash of its associate company, Formosa Smart Energy Tech Corporation, with a total investment amounting to $2,500,000. The shareholding ratio remained unchanged.

5) In March 2024, the Group disposed its holdings in Formosa Fairway Corporation, at the fair value and net disposal amounting to $0 and $3,934, respectively, resulting in the amount of $3,934 to be recognized as gain on disposal of investment and the amount of $27,487 to be reclassified from accumulated unrealized gains from financial assets measured at FVOCI using equity method to undistributed earnings.

6) The Group’s financial information for investments accounted for using the equity method that are individually insignificant was as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Carrying amount of individually insignificant associates’ equity	$ 169,785,674	170,065,840	174,598,011
		For the three months ended March 31
		2025	2024
Attributable to the Group:
Net Income		$ 432,539	1,216,709
Other comprehensive income (loss)		965,967	1,888,342
Total comprehensive income (loss)		$ 1,398,506	3,105,051

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Joint ventures

The Group's share of net income of joint venture was as follows:

	For the three months ended March 31
	2025	2024
The Group’s share of net income of joint ventures	$ 3,202	7,349

The Group's financial information on investments in individually insignificant joint venture accounted for using equity method at the reporting date was as follows. This financial information is included in the consolidated financial statements.

	March 31, 2025	December 31, 2024	March 31, 2024
The carrying value of joint ventures that were not individually material	$ 567,503	557,051	592,350
		For the three months ended March 31
		2025	2024
Attributable to the Group:
Net income		$ 3,202	7,349
Other comprehensive income		-	-
Total comprehensive income		$ 3,202	7,349

(iii) Collateral

As of March 31, 2025, December 31 and March 31, 2024, the Group provide investment accounted for using equity method as collaterals to any financial institutions or court for its loans; please refer to note 8.

(iv) The unreviewed financial statements of investments accounted for using equity method

For the three months ended March 31, 2025 and 2024, except for Formosa Petrochemical Corporation, Nan Ya Technology Corporation, Formosa Advanced Technologies Co.,LTD, Nan Ya Kyowa Plastics (Nantong) Corporation and Nan Ya Plastics (Zhengzhou) Corporation, which were reviewed by other auditors, investments were accounted for by using the equity method, and the share of profit or loss and other comprehensive income of those investments were calculated based on the financial statements that have not been reviewed.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(h) Property, Plant and Equipment

	Land	Building and construction	Machinery and equipment	Transportation equipment	Other facilities	Construction in progress	Total
Cost or deemed cost:
Balance on January 1, 2025	$ 19,263,082	81,940,139	464,145,239	1,693,612	18,910,000	32,532,008	618,484,080
Additions	-	-	235,980	1,505	50,010	2,342,818	2,630,313
Disposals	-	(2,029)	(1,760,212)	(6,769)	(60,528)	(88)	(1,829,626)
Reclassification	-	98,839	1,136,370	10,172	282,482	(2,550,626)	(1,022,763)
Effect of movements in exchange rates	947	531,528	2,784,438	8,183	98,046	167,309	3,590,451
Balance on March 31, 2025	$ 19,264,029	82,568,477	466,541,815	1,706,703	19,280,010	32,491,421	621,852,455
Balance on January 1, 2024	$ 19,255,598	78,610,727	443,259,505	1,655,767	17,754,798	30,712,051	591,248,446
Additions	-	148	382,423	5,460	48,671	3,327,187	3,763,889
Disposals	-	(5,364)	(1,269,046)	(13,860)	(122,673)	-	(1,410,943)
Reclassification	423	187,870	916,211	(20,030)	417,680	(2,014,451)	(512,297)
Effect of movements in exchange rates	2,965	1,530,338	7,886,194	23,363	258,559	491,711	10,193,130
Balance on March 31, 2024	$ 19,258,986	80,323,719	451,175,287	1,650,700	18,357,035	32,516,498	603,282,225
Depreciation and impairment loss:
Balance on January 1, 2025	$ -	48,856,777	337,385,955	1,440,316	12,528,182	-	400,211,230
Depreciation for the period	-	627,839	4,602,325	16,997	269,905	-	5,517,066
Disposals	-	(1,736)	(1,698,988)	(6,769)	(70,336)	-	(1,777,829)
Disposals	-	-	(1,813,581)	2,394	(2,342)	-	(1,813,529)
Effect of movements in exchange rates	-	293,453	1,861,506	6,709	62,277	-	2,223,945
Balance on March 31, 2025	$ -	49,776,333	340,337,217	1,459,647	12,787,686	-	404,360,883
Balance on January 1, 2024	$ -	45,229,310	316,824,433	1,414,703	11,566,735	-	375,035,181
Depreciation for the period	-	643,940	4,344,909	16,259	267,937	-	5,273,045
Reversal of impairment	-	-	(75)	-	-	-	(75)
Disposals	-	(5,364)	(1,237,520)	(13,861)	(104,049)	-	(1,360,794)
Reclassification	-	-	(1,537,771)	(25,621)	25,189	-	(1,538,203)
Effect of movements in exchange rates	-	777,345	5,061,289	18,294	162,474	-	6,019,402
Balance on March 31, 2024	$ -	46,645,231	323,455,265	1,409,774	11,918,286	-	383,428,556
Carrying amounts:
Balance on March 31, 2025	$ 19,264,029	32,792,144	126,204,598	247,056	6,492,324	32,491,421	217,491,572
Balance on January 1, 2025	$ 19,263,082	33,083,362	126,759,284	253,296	6,381,818	32,532,008	218,272,850
Balance on March 31, 2024	$ 19,258,986	33,678,488	127,720,022	240,926	6,438,749	32,516,498	219,853,669

(i) Collateral

Please refer to note 8 for the property, plant and equipment pledged to secure bank loans as of March 31, 2025, December 31 and March 31, 2024.

(ii) Property, plant and equipment under construction

For the three months ended March 31, 2025 and 2024, the capitalized interest on borrowings for the purchase of the property, plant and equipment of the Group amounted to $63,478 and $88,743, respectively. The capitalized interest rate ranged from 1.384%~5.936% and 1.321%~6.85% for the three months ended March 31, 2025 and 2024, respectively.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Right-of-use assets

	Land	Building and construction	Machinery and equipment	Transportation equipment	Total
Carrying amount:
Balance at March 31, 2025	$ 598,168	94,530	56,636	221,770	971,104
Balance at January 1, 2025	$ 597,633	68,224	52,100	159,709	877,666
Balance at March 31, 2024	$ 609,956	70,018	52,450	189,502	921,926

The right-of-use assets of the Group have no significant additions, dispositions, impairment, or reversals for the three months ended March 31, 2025 and 2024. Please refer to note 12 for the amount of depreciation, and for other related information, please refer to note 6(i) of the consolidated financial statement for the year ended December 31, 2024.

(j) Intangible assets

	Trademark
Carrying value :
Balance at March 31, 2025	$ 1,279,585
Balance at January 1, 2025	$ 1,327,871
Balance at March 31, 2024	$ 1,472,730

The amortization expense relating to the intangible assets of the Group for the three months ended March 31, 2025 and 2024 were recognized in the administrative expenses in the statements of comprehensive income.

(k) Notes and bills payable

	March 31, 2025	December 31, 2024	March 31, 2024
Short-term notes and bills payable	$ 43,450,000	43,000,000	35,750,000
Discount on short-term notes and bills payable	(195,035)	(149,614)	(69,328)
Total	$ 43,254,965	42,850,386	35,680,672
Range of interest rates	1.68%~1.87%	1.68%~1.87%	1.42%~1.57%
	March 31, 2025	December 31, 2024	March 31, 2024
Long-term notes payable	$ 1,500,000	-	-
Discount on long-term notes payable	(3,740)	-	-
Total	$ 1,496,260	-	-
Range of interest rates	1.75%	-	-

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(l) Short-term borrowings

	March 31, 2025	December 31, 2024	March 31, 2024
Unsecured short-term loans	$ 23,369,300	22,975,600	32,700,578
Unused short-term credit lines	$ 149,892,073	146,415,358	155,231,643
Range of interest rates	1.75%~2.10%	1.75%~1.90%	1.07%~1.775%

For the three months ended March 31, 2025 and 2024, the Group issuance short-term borrowings amounting to $393,700 and $895,627, and there were no significant repaid on short-term borrowings. For information concerning interest expense, please refer to note 6(v).

As of March 31, 2025, December 31 and March 31, 2024, The Group did not provide any assets as collaterals for its short-term borrowings.

(m) Long-term borrowings

	March 31, 2025
	Currency	Interest rate	Expiration	Amount
Secured long-term loans	USD	5.5944%~5.7880%	2026	$ 25,607,547
Unsecured long-term loans	TWD	1.7500%~2.0500%	2025~2027	31,748,493
Less: current portion				(2,000,000)
Total				$ 55,356,040
Unused long-term credit lines				$ 18,965,950
	December 31, 2024
	Currency	Interest rate	Expiration	Amount
Secured long-term loans	USD	5.6771%~6.9602%	2026	$ 24,786,905
Unsecured long-term loans	TWD	1.7500%~1.9310%	2025~2027	33,247,315
Less: current portion				(20,747,315)
Total				$ 37,286,905
Unused long-term credit lines				$ 19,367,440
	March 31, 2024
	Currency	Interest rate	Expiration	Amount
Secured bank long-term debts	USD	6.7011%~6.6977%	2026	$ 21,572,621
Unsecured bank long-term debts	TWD	1.7300%~1.7895%	2025~2027	32,043,780
Total				$ 53,616,401
Unused long-term credit lines				$ 15,038,800

(i) Please refer to note 6(w) for information on the Group’s exposure to liquidity risk, and risk of changes in interest rates and liquidation risk.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) For the three months ended March 31, 2025, the Group issued and repaid long-term loans amounting to $8,493,380 and $9,500,000. For the three months ended March 31, 2024, the Group issued and repaid long-term loans amounting to $12,300,000 and $16,245,210. For information on interest expenses, please refer to Note 6(v).

(iii) Pledged assets for bank loans

For the collateral for long-term borrowings, please refer to note 8.

(iv) Financial covenants of significant loans and borrowings

The Company entered into a syndicated credit agreement with different financial institutions, with Bank of Taiwan being the lead bank, wherein the Company shall maintain certain financial ratios on the balance sheet date. (i.e. current ratio, debt ratio, etc.) If, however, the Company breach the contract, it should enhance its performance by increasing its cash capital or other means during the improvement period. Otherwise, the loans will be considered due and the Company will be required to pay the remaining amount of loan immediately. As of March 31, 2025, the Group has not breached the financial covenants.

(n) Bonds payable

	March 31, 2025	December 31, 2024	March 31, 2024
Domestic unsecured nonconvertible corporate bonds	$ 56,525,000	56,525,000	65,800,000
Less: Costs of issuing bonds	(39,165)	(42,594)	(53,586)
Less: Current portion	(10,620,361)	(10,619,603)	(9,271,115)
Total	$ 45,865,474	45,862,803	56,475,299

The terms of domestic corporate bonds as of March 31, 2025 were as follows:

	The second domestic unsecured nonconvertible corporate bond in 2013	The first domestic unsecured nonconvertible corporate bond in 2014	The first domestic unsecured nonconvertible corporate bond in 2018	The first domestic unsecured nonconvertible corporate bond in 2019
Issued amount	TWD10,400,000	TWD10,000,000	TWD10,500,000	TWD6,300,000
Balance, end of year	2,099,541	9,992,840	3,723,542	4,598,045
Current portion	2,099,541	-	1,524,403	1,399,405
Issuance date	December 18, 2013	June 24, 2014	September 6, 2018	June 17, 2019
Issuance period	10 years and 12 years	14 years and 15 years	5 years, 7 years and 10 years	5 years, 7 years and 10 years
Coupon rate	1.98% and 2.08%	2.04%	0.83%, 0.91% and 1.07%	0.74%, 0.82% and 0.91%
Interest payment date	December 18	June 24	September 6	June 17
Repayment method	Payable in 2 equal installments for each coupon rate in 2022–2023 and 2024–2025, respectively.	Payable in 2 equal installments for each coupon rate in 2028 and 2029, respectively.	Payable in 2 equal installments for each coupon rate in 2022–2023, 2024–2025, and 2027–2028, respectively.	Payable in 2 equal installments for each coupon rate in 2023–2024, 2025–2026, and 2028–2029, respectively.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	The second domestic unsecured nonconvertible corporate bond in 2019	The first domestic unsecured nonconvertible corporate bond in 2020	The first domestic unsecured nonconvertible corporate bond in 2021	The first domestic unsecured nonconvertible corporate bond in 2023
Issued amount	TWD5,100,000	TWD10,000,000	TWD11,500,000	TWD13,000,000
Balance, end of year	3,198,612	8,394,980	11,493,770	12,984,505
Current portion	1,249,458	1,599,044	2,748,510	-
Issuance date	October 15, 2019	September 24, 2020	June 3, 2021	October 5, 2023
Issuance period	5 years, 7 years and 10 years	5 years, 7 years and 10 years	5 years and 7 years	5 years and 10 years
Coupon rate	0.71%, 0.75% and 0.84%	0.49%, 0.58% and 0.62%	0.45% and 0.53%	1.57% and 1.77%
Interest payment date	October 15	September 24	June 3	October 5
Repayment method	Payable in 2 equal installments for each coupon rate in 2023-2024, 2025-2026, and 2028-2029, respectively.	Payable in 2 equal installments for each coupon rate in 2024-2025, 2026-2027, and 2029-2030, respectively.	Payable in 2 equal installments for each coupon rate in 2025-2026 and 2027-2028, respectively.	Payable in 2 equal installments for each coupon rate in 2027-2028 and 2032-2033, respectively.

(o) Lease liabilities

The carrying values of lease liabilities were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Current	$ 110,269	110,121	128,072
Non-current	$ 277,489	185,803	198,731

For information on the maturity analysis, please refer to note 6(w).

The amounts recognized in profit or loss were as follows:

	For the three months ended March 31
	2025	2024
Interest on lease liabilities	$ 3,067	2,010
Expenses relating to short-term leases	$ 50,264	46,749

The amounts recognized in the statement of cash flows were as follows:

	For the three months ended March 31
	2025	2024
Total cash outflow for leases	$ 90,261	83,577

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Real estate leases

The Group leases land and buildings for its office space and plants. The leases of land typically run for a period of 4 to 20 years, of office space for 2 to 20 years, and of plants for 3 years. Besides, the rights-of-use for land in mainland China typically run for 50 years. Some leases include an option to renew the lease for an additional period of the same duration after the end of the contract term.

Some leases require the Group to make payments that relate to the property taxes levied on the lessor and insurance payments made by the lessor; these amounts are generally determined annually.

The Group expects the relative proportions of fixed and variable lease payments to remain broadly consistent in future years.

(ii) Other leases

The Group leases transportation equipment, with lease terms of 2 to 7 years. In some cases, the Group has options to purchase the assets at the end of the contract term.

The Group leases machinery and equipment for a period of 3 to 8 years, with an option to extend the lease for the same duration as the original contract upon expiration.

The Group also leases buildings with contract terms of one year or less. These leases are short-term. The Group has elected not to recognize right-of-use assets and lease liabilities for these leases.

(p) Employee Benefits

(i) Defined benefit plans

Management believes that there was no material volatility of the market, no material reimbursement and settlement or other material one-time events since prior fiscal year. As a result, the pension cost in the accompanying interim consolidated financial statements was measured and disclosed according to the actuarial report as of December 31, 2024 and 2023.

The expenses recognized in profit or loss for the Group were as follows:

	For the three months ended March 31
	2025	2024
Operating costs	$ 53,661	59,937
Selling expenses	2,873	3,193
Administrative expenses	11,848	14,592
	$ 68,382	77,722

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Defined contribution plan

The Labor Pension Act (“The Act”) prescribes a defined contribution plan. Pursuant to the Act, the Company, and its subsidiaries namely, Nan Ya PCB Corp., Wen Fung Industrial Corp., Nan Chung Petrochemical Corp., Wellink Technology Corp. and PFG Fiber Glass Corporation have made monthly contributions equal to 6% of each employee’s monthly salary to employees’ pension accounts.

Nan Ya Plastics Corporation, America and Nan Ya PCB (U.S.A.) Corporation adopt a Defined Contribution Plan and periodically provide contributions thereon according to local law. Those contributions are recognized as an expense on an accrual basis.

Subsidiaries in China are governed by China laws and regulation. Based on China laws and regulation, those companies contribute for employees’ pension benefits at rates ranging from 6% to 20% of salary every month and remit those contributions to the related authority.

The Group’s expenses under the pension plan cost to the Bureau of Labor Insurance were as follows:

	For the three months ended March 31
	2025	2024
Operating costs	$ 348,871	317,480
Selling expenses	20,709	19,656
Administrative expenses	45,882	51,350
	$ 415,462	388,486

(q) Income taxes

(i) Income tax expenses

The components of income tax expenses were as follows:

	For the three months ended March 31
	2025	2024
Current income tax expenses
Current period	$ 389,011	638,433
Deferred tax expenses
Origination and reversal of temporary differences	(68,868)	(577,068)
Total income tax expense	$ 320,143	61,365

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Assessment of tax

The Corporation’s income tax return for the year 2022 had been examined by the tax authorities.

(iii) Global minimum top-up tax

As of March 31, 2025, there have been legislative or substantive legislative enactments on supplementary taxes in certain country where the location of operations; however, no related deferred income taxes have been recognized. Although the retrospective application of Amendments to IAS 12 "International Tax Reform—Pillar Two Model Rules" has no impact on its consolidated financial statements, the Group is closely monitoring the legislative developments related to the introduction of the Global minimum top-up tax in the jurisdictions where it operates.

The Group has applied the deferred tax accounting based on the temporary mandatory relief policy. Due to the impacts of the top-up tax, the income tax incurred by the Group during the year will be recognized as current tax. For the accounting policy, please refer to note 4(s) of the consolidated financial statement for the year ended December 31, 2024.

(r) Capital and other equity

As of March 31, 2025 and 2024, the Group’s government registered total authorized capital and issued capital stock both amounted to $79,308,216, divided into 7,930,822 thousand shares of stock with $10 par value per share.

(i) Capital surplus

The components of capital surplus were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Paid-in capital from conversion of corporate bond to common stock in excess of par value	$ 8,997,136	8,997,136	8,997,136
Gains on acquisition of Taiwan Plasticizer Corporation	74,474	74,474	74,474
Other	17,971,023	17,971,382	18,655,405
Total	$ 27,042,633	27,042,992	27,727,015

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Retained earnings

1) Special reserve

As the Company opted to avail of the exemptions allowed under IFRS 1 “First-time Adoption of International Financial Reporting Standards” during the Company’s first-time adoption of the IFRSs as endorsed by the FSC, unrealized revaluation increments and cumulative translation adjustments (gains) of $6,277,052, which were previously recognized in shareholders’ equity were reclassified to retained earnings. According to Ruling by FSC, a special reserve is appropriated from retained earnings for aforementioned reclassification. In addition, during the use, disposal or reclassifications of relevant assets, these special reserves can be reverted to distributable earnings proportionately. As the amount appropriated exceeds the increase in retained earnings arising from the adoption of IFRSs, only $6,243,060 is appropriated in compliance to the IFRSs as endorsed by the FSC. The balance of special reserve amounted to $6,098,860, $6,099,065 and $6,105,007 as of March 31, 2025, December 31 and March 31, 2024, respectively.

Pursuant to the Regulatory Permit mentioned above, the Company is also required to set aside an additional special reserve from current-period earnings and undistributed prior-period earnings during earnings distribution. The amount to be set aside should be equal to the difference between net current-period reduction of the other stockholders’ equity and the amount of above-mentioned special reserve. The accumulated prior-period reduction of the other stockholders’ equity shall be set aside as an additional special reserve, which does not qualify for earnings distribution, from undistributed prior-period earnings. Amounts of subsequent reversals pertaining to the net reduction of other shareholders’ equity shall qualify for additional distributions.

2) Earnings distribution

According to the Company’s Articles of Association, the Company’s annual net earnings, after providing for income tax and covering the losses of previous years, should first be set aside for legal reserve at the rate of 10% thereof. However, this is not the case when the accumulated legal reserve has reached the amount of paid-in capital of the Group. If necessary, may set aside a special reserve. If there is any unappropriated earnings in the current year, the Board of Directors shall prepare a proposal for the distribution of dividends to shareholders, of which the proposal for cash dividends is authorized to be distributed by the Board of Directors with the attendance of at least two-thirds of the directors and the resolution of a majority of the directors who attend the meeting, and shall be reported to the shareholders’ meeting; the proposal for stock dividends shall be submitted to the shareholders’ meeting for resolution. Special reserve referred to in the preceding paragraph includes reserve for special purposes, the profit accounted for using equity method, and net appraisal profit recognized for financial instruments transactions. However, when the accumulated amount decreases, special reserve shall be reduced by the same amount, limited to the amount listed in this item, and other special reserve set aside in accordance with laws.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Company belongs to a mature industry, in which the annual profit is stable. It adopts three kinds of dividend distribution policies, which are cash dividends, capitalization of earnings, and capital surplus. The net earnings after deducting the legal reserve and special reserve may first be distributed by way of cash dividends which shall be equal to at least fifty percent of the Company's total dividend distribution every year. The capitalization of earnings and capital surplus shall not exceed fifty percent of the total dividends.

The amounts of cash dividends for the 2024 earnings distribution had been approved and proposed by the board meeting held on March 11, 2025 and the 2023 earnings distribution had been approved and proposed by the board meeting held on March 12, 2024, respectively; while other items of the 2023 earnings distribution had been approved by the stockholders' meeting held on June 19, 2024, as follows:

	2023	2022
Dividends per share:
Cash dividends (dollars)	$ 0.70	$ 0.70

The aforementioned earnings distributions did not differ from those proposed by the board of directors and those estimated and accrued amount in the financial statements. The related information can be obtained from the Market Observation Post System website.

(iii) Other equity accounts (net of tax)

	Exchange differences on translation of foreign financial statements	Unrealized gains (losses) on financial assets at fair value through other comprehensive income	Gains (losses) on hedging instruments	Total
Balance at January 1, 2025	$ 3,039,093	8,095,794	(20,849)	11,114,038
Exchange differences arising on translation of foreign operations	2,217,872	-	-	2,217,872
Exchange differences on associates / joint ventures accounts for using equity method	480,992	-	-	480,992
Unrealized gains (losses) from financial assets at fair value through other comprehensive income	-	(669,404)	-	(669,404)
Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income, associates and joint ventures accounted for using equity method	-	412,200	-	412,200
Share of cash flow hedge of associates / joint ventures	-	-	68,528	68,528
Balance at March 31, 2025	$ 5,737,957	7,838,590	47,679	13,624,226
Balance at January 1, 2024	$ (8,713,581)	31,006,389	8,072	22,300,880
Exchange differences arising on translation of foreign operations	6,913,324	-	-	6,913,324
Exchange differences on associates / joint ventures accounted for using equity method	1,575,105	-	-	1,575,105
Unrealized gains (losses) from financial assets at fair value through other comprehensive income	-	(1,551,321)	-	(1,551,321)
Unrealized gains (losses) from financial assets measured at fair value through other comprehensive income, associates and joint ventures accounted for using equity method	-	343,825	-	343,825
Share of cash flow hedge of associates / joint ventures	-	-	8,828	8,828
Disposal of investments accounted for using equity method	-	(27,487)	-	(27,487)
Balance at March 31, 2024	$ (225,152)	29,771,406	16,900	29,563,154

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(s) Earnings Per Share

	For the three months ended March 31
	2025	2024
Profit attributable to ordinary shareholders	$ 453,111	1,241,806
Weighted average of ordinary shares	7,930,822	7,930,822
	$ 0.06	0.16

(t) Revenue from contracts with customers

	For the three months ended March 31, 2025
	Plastics industry	Chemical industry	Electronic industry	Polyester industry	Other industries	Total
Primary geographical markets
Taiwan	$ 4,161,129	4,022,234	5,525,753	2,589,956	947,520	17,246,592
China	1,853,783	5,076,949	16,551,577	588,280	92,429	24,163,018
U.S.A.	1,792,742	2,517,402	627,579	6,437,444	13,022	11,388,189
Other	1,222,038	4,014,588	5,328,504	2,171,040	17,662	12,753,832
	$ 9,029,692	15,631,173	28,033,413	11,786,720	1,070,633	65,551,631
Major Products
PVC sheet	$ 1,051,986	-	-	-	-	1,051,986
Rigid sheet	1,644,638	-	-	-	-	1,644,638
Pipes	1,491,131	-	-	-	-	1,491,131
Phthalate Plasticizers	-	2,085,013	-	-	-	2,085,013
BPA	-	3,220,969	-	-	-	3,220,969
EG	-	6,197,653	-	-	-	6,197,653
CCL	-	-	6,962,039	-	-	6,962,039
Epoxy	-	-	5,517,132	-	-	5,517,132
PCB	-	-	8,457,821	-	-	8,457,821
Polyester Staple Fiber	-	-	-	2,038,456	-	2,038,456
PET Resin	-	-	-	5,378,761	-	5,378,761
DTY	-	-	-	2,750,292	-	2,750,292
Machinery and Switchgear	-	-	-	-	964,405	964,405
Others	4,841,937	4,127,538	7,096,421	1,619,211	106,228	17,791,335
	$ 9,029,692	15,631,173	28,033,413	11,786,720	1,070,633	65,551,631

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	For the three months ended March 31, 2024
	Plastics industry	Chemical industry	Electronic industry	Polyester industry	Other industries	Total
Primary geographical markets
Taiwan	$ 4,345,158	4,501,218	4,558,928	2,586,670	823,071	16,815,045
China	2,115,919	3,235,160	13,509,540	655,619	144,143	19,660,381
U.S.A.	1,986,232	1,932,699	886,294	6,040,912	16,968	10,863,105
Other	1,017,974	3,126,789	5,046,402	2,082,886	17,326	11,291,377
	$ 9,465,283	12,795,866	24,001,164	11,366,087	1,001,508	58,629,908
Major Products
PVC sheet	$ 1,204,201	-	-	-	-	1,204,201
Rigid sheet	1,656,885	-	-	-	-	1,656,885
Pipes	1,606,822	-	-	-	-	1,606,822
Phthalate Plasticizers	-	2,199,785	-	-	-	2,199,785
BPA	-	3,424,302	-	-	-	3,424,302
EG	-	2,353,420	-	-	-	2,353,420
CCL	-	-	6,093,492	-	-	6,093,492
Epoxy	-	-	4,926,008	-	-	4,926,008
PCB	-	-	7,100,446	-	-	7,100,446
Polyester Staple Fiber	-	-	-	1,973,288	-	1,973,288
PET Resin	-	-	-	5,418,192	-	5,418,192
DTY	-	-	-	2,581,158	-	2,581,158
Machinery and Switchgear	-	-	-	-	905,423	905,423
Others	4,997,375	4,818,359	5,881,218	1,393,449	96,085	17,186,486
	$ 9,465,283	12,795,866	24,001,164	11,366,087	1,001,508	58,629,908

(u) Remunerations to employees

According to the Articles of Incorporation, once the Company has annual profit, 0.05% to 0.5% of the earnings before tax and bonuses should be appropriated to employees as remuneration. However, certain amounts of the earnings should be reserved if there is an accumulated loss from the operations in the previous years in advance of the appropriation of the remuneration.

The remunerations to employees amounted to $541 and $1,335, respectively, for the three months ended March 31, 2025 and 2024, respectively. These amounts were calculated using the Company's pre-tax income for each period before deducting the remunerations of employees, multiplied by the proposed percentage of remunerations of employees as stated in the Company's Articles of Incorporation. These remunerations were expensed under operating costs or expenses for each period. If there are any subsequent adjustments to the actual remuneration amounts after the annual shareholders' meeting, the adjustments will be regarded as changes in accounting estimates and will be reflected in profit or loss in the following year.

For the years ended December 31, 2024 and 2023, the remunerations to employees amounted to $3,896 and $5,743, respectively, which were paid in cash. There was no difference from the actual distribution. The information is available on the Market Observation Post System website.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(v) Non-operating income and expenses

(i) Interest income

The details of interest income were as follows:

	For the three months ended March 31
	2025	2024
Interest income from bank deposits	$ 398,685	551,472
Other interest income	94,788	85,596
	$ 493,473	637,068

(ii) Other income

The details of other income were as follows:

	For the three months ended March 31
	2025	2024
Other income	$ 566,424	529,494

(iii) Other gains and losses

The details of other gains and losses were as follows:

	For the three months ended March 31
	2025	2024
Losses on disposal of property, plant and equipment	$ (42,593)	(4,947)
Gains on disposal of investment	-	3,934
Foreign currency exchange gains	414,578	806,454
Gains on financial assets at fair value through profit or loss	44,284	90,152
Reversal of impairment losses on plant, property, and equipment	-	75
Others	(65,560)	(33,709)
	$ 350,709	861,959

(iv) Finance costs

The details of finance costs were as follows:

	For the three months ended March 31
	2025	2024
Interest expense	$ 1,131,645	1,189,158
Less: interest capitalized	(63,478)	(88,743)
	$ 1,068,167	1,100,415

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(w) Financial Instruments

Except for the contention mentioned below, there was no significant change in the fair value of the Group’s financial instruments and degree of exposure to credit risk, liquidity risk and market risk arising from financial instruments. For the related information, please refer to note 6(w) of the consolidated financial statements for the year ended December 31, 2024.

(i) Liquidity risk

The following table shows the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements.

	Carrying amount	Contractual cash flows	Within 6 months	6-12 months	1-2 years	2-5 years	Over 5 years
March 31, 2025
Non-derivative financial liabilities
Short-term notes and bills payable	$ 43,254,965	43,450,000	36,800,000	6,650,000	-	-	-
Notes and trade payables	7,926,045	7,926,045	7,926,045	-	-	-	-
Trade payables to related parties	6,456,172	6,456,172	6,456,172	-	-	-	-
Short-term borrowings	23,369,300	24,450,092	17,083,570	7,366,522	-	-	-
Long-term borrowings (including current portion)	57,356,040	59,986,544	7,352,673	832,509	42,288,912	9,512,450	-
Bonds payable (including current portion)	56,485,835	59,337,148	7,660,788	3,634,210	7,871,370	32,395,975	7,774,805
Long-term notes payable	1,496,260	1,500,000	-	-	-	1,500,000	-
Lease liabilities	387,758	436,424	68,983	53,154	82,489	127,311	104,487
	$ 196,732,375	203,542,425	83,348,231	18,536,395	50,242,771	43,535,736	7,879,292
December 31, 2024
Non-derivative financial liabilities
Short-term notes and bills payable	$ 42,850,386	43,000,000	43,000,000	-	-	-	-
Notes and trade payables	7,689,760	7,689,760	7,689,760	-	-	-	-
Trade payables to related parties	7,363,533	7,363,533	7,363,533	-	-	-	-
Short-term borrowings	22,975,600	23,332,371	23,023,671	308,700	-	-	-
Long-term borrowings (including current portion)	58,034,220	61,505,367	4,891,179	21,528,292	22,468,204	12,617,692	-
Bonds payable (including current portion)	56,482,406	59,337,148	4,449,890	6,845,108	7,871,370	32,395,975	7,774,805
Lease liabilities	295,924	323,549	75,042	48,116	63,183	79,641	57,567
	$ 195,691,829	202,551,728	90,493,075	28,730,216	30,402,757	45,093,308	7,832,372
March 31, 2024
Non-derivative financial liabilities
Short-term notes and bills payable	$ 35,680,672	35,750,000	35,750,000	-	-	-	-
Notes and accounts payable	9,739,887	9,739,887	9,739,887	-	-	-	-
Accounts payables to related parties	6,121,148	6,121,148	6,121,148	-	-	-	-
Short-term borrowings	32,700,578	32,764,504	32,764,504	-	-	-	-
Long-term borrowings (including current portion)	53,616,401	58,248,169	2,294,638	990,849	28,907,535	26,055,147	-
Bonds payable (including current portion)	65,746,414	69,393,803	5,907,545	4,149,110	11,294,998	32,281,185	15,760,965
Lease liabilities	326,803	355,487	73,001	61,757	72,058	84,361	64,310
	$ 203,931,903	212,372,998	92,650,723	5,201,716	40,274,591	58,420,693	15,825,275

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group does not expect the cash flows included in the maturity analysis to occur significantly earlier or at significantly different amounts.

(ii) Currency risk

1) Exposure to foreign currency risk

The Group’s significant exposure to foreign currency risk was as follows:

	March 31, 2025
	Foreign Currency	Exchange Rate	TWD
Financial assets
Monetary items
USD	$ 853,166	33.1820	28,309,754
JPY	672,172	0.2216	148,953
EUR	2,815	35.9413	101,175
HKD	509	4.2541	2,165
CNY	21,116	4.6225	97,609
Non-monetary items
USD	111,637	33.1820	3,704,339
CNY	62,660	4.6225	289,646
IDR	133,432,739	0.0021	280,209
VND	3,937,174,287	0.0013	5,118,327
Financial liabilities
Monetary items
USD	48,549	33.1820	1,610,953
JPY	1,267,498	0.2216	280,878
EUR	1,803	35.9413	64,802
CNY	6,933	4.6225	32,048
	December 31, 2024
	Foreign Currency	Exchange Rate	TWD
Financial assets
Monetary items
USD	$ 907,747	32.7810	29,756,854
JPY	781,324	0.2087	163,062
EUR	2,583	34.0652	87,990
HKD	956	4.2027	4,018
CNY	53,305	4.5603	243,087

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2024
	Foreign Currency	Exchange Rate	TWD
Non-monetary items
USD	$ 112,327	32.7810	3,682,191
CNY	63,782	4.5603	290,865
IDR	154,459,272	0.0021	324,364
VND	3,937,174,287	0.0013	5,118,327
Financial liabilities
Monetary items
USD	47,990	32.7810	1,573,160
JPY	1,018,920	0.2087	212,649
EUR	3,103	34.0652	105,704
CNY	11,909	4.5603	54,309
	March 31, 2024
	Foreign Currency	Exchange Rate	TWD
Financial assets
Monetary items
USD	$ 627,143	31.9900	20,062,305
JPY	290,640	0.2110	61,325
EUR	3,458	34.4645	119,178
HKD	578	4.1013	2,371
CNY	1,444,408	4.5090	6,512,836
Non-monetary items
USD	116,222	31.9900	3,717,942
CNY	64,981	4.5090	292,999
IDR	148,865,723	0.0020	297,731
VND	4,022,095,568	0.0013	5,228,724
Financial liabilities
Monetary items
USD	40,367	31.9900	1,291,340
JPY	2,771,671	0.2110	584,823
EUR	3,904	34.4645	134,549
CNY	18,156	4.5090	81,865

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) Sensitivity analysis

The Group’s exposure to exchange rate risk arises from the foreign currency exchange fluctuations on cash and cash equivalents, accounts receivable, other receivables, loans and borrowings, accounts payable and other payables that are dominated in foreign currency. The overall effects to net income before tax for the three months ended March 31, 2025 and 2024 assuming the TWD depreciated or appreciated by 1% against the USD, JPY, EUR, HKD and CNY as of March 31, 2025 and 2024 were as follows:

	For the three months ended March 31
	2025	2024
Appreciation in value of 1%	$ (266,704)	(246,691)
Depreciation in value of 1%	266,704	246,691

The analysis is performed on the same basis for the two periods.

3) Foreign exchange gain and loss on monetary items

Since the Group has many kinds of functional currency, the information on foreign exchange gain (loss) on monetary items is disclosed by total amount. For the three months ended March 31, 2025 and 2024, the foreign exchange gain (loss) (including realized and unrealized portions) amounted to gain $414,578 and gain $806,454, respectively.

(iii) Interest rate analysis

Please refer to the notes on liquidity risk management and interest rate exposure of the Group's financial assets and liabilities.

The following sensitivity analysis is based on the risk exposure to the interest rates risk of derivative and non derivative financial instruments on the reporting date. For variable rate instruments, the sensitivity analysis assumes the liabilities bearing variable interest rates are outstanding for the whole year. A 1% increase or decrease in interest rate is assessed by management to be a reasonable possible change in interest rate.

An increase or decrease of 1% in interest rates mainly from loans with floating interest rates at the reporting date would have increased or decreased net income by $603,645 and $569,096 for the three months ended March 31, 2025 and 2024, respectively.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Other market price risks

For the three months ended March 31, 2025 and 2024, the sensitivity analyses for the changes in the securities price at the reporting date were performed using the same basis for the comprehensive income as illustrated below:

	For the three months ended March 31
	2025	2024
	Other comprehensive income before tax	Other comprehensive income before tax
Prices of securities at the reporting date
Increasing 1%	$ 145,596	282,744
Decreasing 1%	$ (145,596)	(282,744)

(v) Fair value of financial instruments

1) Fair value hierarchy

The fair value of financial assets and liabilities at fair value through profit or loss and financial assets at fair value through other comprehensive income is measured on a recurring basis. The carrying amount and fair value of the Group's financial assets and liabilities, including the information on fair value hierarchy were as follows; however, except as described in the following paragraphs, for financial instruments not measured at fair value whose carrying amount is reasonably close to the fair value, and lease liabilities, disclosure of fair value information is not required:

	March 31, 2025
	Book Value	Fair Value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss	$ 2,563,481	-	1,890,485	672,996	2,563,481
Trade receivables	2,352	-	-	-	-
Total	$ 2,565,833	-	1,890,485	672,996	2,563,481
Financial assets at fair value through other comprehensive income
Stocks in listed companies	$ 14,559,619	14,559,619	-	-	14,559,619
Unquoted equity instruments	19,978,292	-	-	19,978,292	19,978,292
Total	$ 34,537,911	14,559,619	-	19,978,292	34,537,911
Financial assets measured at amortized cost
Cash and cash equivalent	$ 64,899,944	-	-	-	-
Notes and trade receivables (including related parties)	43,646,270	-	-	-	-
Other receivables (including related parties)	4,288,413	-	-	-	-
Total	$ 112,834,627	-	-	-	-

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	March 31, 2025
	Book Value	Fair Value
		Level 1	Level 2	Level 3	Total
Financial liabilities at amortized cost
Short-term borrowings	$ 23,369,300	-	-	-	-
Short-term notes and bills payable	43,254,965	-	-	-	-
Long-term notes payable	1,496,260	-	-	-	-
Notes and trade payables
(including related parties)	14,382,217	-	-	-	-
Bonds payable
(including due within on year)	56,485,835	-	-	-	-
Long-term borrowings
(including due within on year)	57,356,040	-	-	-	-
Lease liabilities	387,758	-	-	-	-
Total	$ 196,732,375	-	-	-	-
	December 31, 2024
	Book Value	Fair Value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss	$ 2,511,064	-	1,846,201	664,863	2,511,064
Trade receivables	2,383	-	-	-	-
Total	$ 2,513,447	-	1,846,201	664,863	2,511,064
Financial assets at fair value through other comprehensive income
Stocks in listed companies	$ 14,407,700	14,407,700	-	-	14,407,700
Unquoted equity instruments	20,801,552	-	-	20,801,552	20,801,552
Total	$ 35,209,252	14,407,700	-	20,801,552	35,209,252
Financial assets measured at amortized cost
Cash and cash equivalent	$ 66,445,373	-	-	-	-
Notes and trade receivables
(including related parties)	41,849,438	-	-	-	-
Other receivables
(including related parties)	2,828,354	-	-	-	-
Total	$ 111,123,165	-	-	-	-
Financial liabilities at amortized cost
Short-term borrowings	$ 22,975,600	-	-	-	-
Short-term notes and bills payable	42,850,386	-	-	-	-
Notes and trade payables
(including related parties)	15,053,293	-	-	-	-
Bonds payable
(including due within on year)	56,482,406	-	-	-	-
Long-term borrowings
(including due within on year)	58,034,220	-	-	-	-
Lease liabilities	295,924	-	-	-	-
Total	$ 195,691,829	-	-	-	-

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	March 31, 2024
	Book Value	Fair Value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Designated at fair value through profit or loss	$ 2,424,446	-	1,731,750	692,696	2,424,446
Accounts receivable	20,454	-	-	-	-
Total	$ 2,444,900	-	1,731,750	692,696	2,424,446
Financial assets at fair value through other comprehensive income
Stocks in listed companies	$ 28,274,354	28,274,354	-	-	28,274,354
Unquoted equity instruments	22,049,458	-	-	22,049,458	22,049,458
Total	$ 50,323,812	28,274,354	-	22,049,458	50,323,812
Financial assets measured at amortized cost
Cash and cash equivalent	$ 80,023,199	-	-	-	-
Notes and accounts receivable (including related parties)	37,690,665	-	-	-	-
Other receivables (including related parties)	10,822,854	-	-	-	-
Total	$ 128,536,718	-	-	-	-
Financial liabilities at amortized cost
Short-term borrowings	$ 32,700,578	-	-	-	-
Short-term notes and bills payable	35,680,672	-	-	-	-
Notes and accounts payable (including related parties)	15,861,035	-	-	-	-
Bonds payable (including due within on year)	65,746,414	-	-	-	-
Long-term borrowings (including due within on year)	53,616,401	-	-	-	-
Lease liabilities	326,803	-	-	-	-
Total	$ 203,931,903	-	-	-	-

2) Valuation techniques for financial instruments not measured at fair value

The Group’s valuation techniques and assumptions used for financial instruments not measured at fair value are as follows:

a) Financial assets measured at amortized cost

If the quoted prices in active markets are available, the market price is established as the fair value. However, if quoted prices in active markets are not available, the estimated valuation or prices used by competitors are adopted.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

b) Financial liabilities measured at amortized cost

If there is quoted price generated by transactions, the recent transaction price and quoted price data are used as the basis for fair value measurement. However, if no quoted prices are available, the discounted cash flows are used to estimate fair values.

3) Valuation techniques for financial instruments measured at fair value

a) Non-derivative financial instruments

Financial instruments traded in active markets are measured at fair value based on the quoted market prices. Quoted prices are the prices announced by the main stock exchanges and over-the-counter markets. They are the basis for recognizing the fair value of the listed and over-the-counter equity instruments.

Financial instrument possesses a quoted price in the active markets if the trading prices fairly represent the frequent and orderly transactions for financial instrument, and are readily available from trade centers, security brokers, underwriters, trade unions, pricing service institutes or other related authorities. The market for the said financial instrument shall be seen as inactive should the aforementioned requirements have not been met. Large or significantly increasing gap between the purchase and the exit prices of a financial instrument, or low trade volume, are general indicators of an inactive market.

If the financial instrument of the Group possesses an active market, its fair value should be recognized according to different categories and characteristics as follows:

For listed and over-the-counter stocks with standard terms and are publicly traded in active markets, their fair value are calculated by the market's quoted prices.

Other financial instruments that are not traded in active markets are measured with fair values provided by using the valuation techniques via market approach or the discounted cash flow method or other available methods.

If the financial instruments held by the Group are not traded in active markets, the valuation of their fair value is categorized as follows:

Bond investments that has no quoted prices: Fair value is measured with the income approach by applying the discounted cash flow method that convert future cash flow amounts to a single current amount on the basis of the value indicated by current market expectations about those future amounts.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

4) Transfers between levels of the fair value hierarchy

There were no transfers between levels of the fair value hierarchy for the three months ended March 31, 2025 and 2024.

5) Reconciliation of Level 3 fair values

	Fair value through profit and loss	Fair value through other comprehensive income
	Bond investment and others	Unquoted equity instruments
Balance at January 1, 2025	$ 664,863	20,801,552
Total gains and losses recognized:
In other comprehensive income	-	(820,871)
Return of capital from capital reduction	-	(3,438)
Effect of exchange rate changes	8,133	1,049
Balance at March 31, 2025	$ 672,996	19,978,292
Balance at January 1, 2024	$ 665,521	19,537,040
Total gains and losses recognized:
In other comprehensive income	-	2,509,136
Effect of exchange rate changes	27,175	3,282
Balance at March 31, 2024	$ 692,696	22,049,458

6) The valuation procedures for fair value measurements being categorized within Level 3 is to ensure the valuation results are reasonable by applying independent information to make results close to the current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price. According to the Group's accounting policy, the analysis of value changes on remeasured or reevaluated assets and liabilities at the reporting date is performed to ensure the reasonability of the evaluation results.

7) Quantified information on significant unobservable inputs (Level 3) used in fair value measurement

Most of the Group's financial instruments that use Level 3 inputs involve only one significant unobservable input. Only equity investment with no-active markets involves multiple significant unobservable inputs.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Quantified information of significant unobservable inputs was as follows:

Item	Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement
Financial assets at fair value through other comprehensive income - unquoted equity instruments	Market Approach	Price to earnings ratio multiple, price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	The higher the multiple, the higher the fair value
	Net Asset Value Method	Not applicable	Not applicable

8) Fair value measurement in Level 3 - sensitivity analysis of the possible alternative assumptions

The valuation models and assumptions used to measure the fair value of the financial instruments is reasonable. However, the use of different valuation models or assumptions may result in different measurements. For fair value measurements in Level 3, changing one or more of the assumptions to reflect reasonably possible alternative assumptions would have the following effects:

	Input	Change	Recognized in other comprehensive income
			Favorable change	Unfavorable change
March 31, 2025
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Price to earnings ratio multiple, price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	± 1%	$ 176,408	(176,408)
December 31, 2024
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Price to earnings ratio multiple, price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	± 1%	$ 179,282	(179,282)

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	Input	Change	Recognized in other comprehensive income
			Favorable change	Unfavorable change
March 31, 2024
Financial assets at fair value through other comprehensive income – unquoted equity instruments	Price to earnings ratio multiple, price to book ratio multiple, enterprise value to operating income ratio multiple, enterprise value to EBITDA multiple, discount for lack of marketability	± 1%	$ 186,411	(186,411)

(x) Financial risk management

There were no significant changes in the Group's financial risk management and policies as disclosed in note 6(x) of the consolidated financial statements for the year ended December 31, 2024.

(y) Capital Management

Management believes that the objectives, policies and processes of capital management of the Group has been applied consistently with those described in the consolidated financial statements for the year ended December 31, 2024. Also, management believes that there were no significant changes in the Group's capital management information as disclosed for the year ended December 31, 2024. Please refer to note 6(y) of the consolidated financial statements for the year ended December 31, 2024 for further details.

(z) Reconciliation of liabilities arising from financing activities

	Short-term borrowings	Short-term notes and bills payable	Long-term notes payable	Long-term borrowings (including current portion)	Bonds payable (including current portion)	Lease liabilities (including current portion)	Total liabilities arising from financing activities
Balance as of January 1, 2025	$ 22,975,600	42,850,386	-	58,034,220	56,482,406	295,924	180,638,536
Change in cash from financing activities	393,700	450,000	1,500,000	(1,006,620)	-	(36,930)	1,300,150
Non-cash changes	-	(45,421)	(3,740)	20,707	3,429	125,730	100,705
Foreign exchange movement	-	-	-	307,733	-	3,034	310,767
Balance as of March 31, 2025	$ 23,369,300	43,254,965	1,496,260	57,356,040	56,485,835	387,758	182,350,158
	Short-term borrowings	Short-term notes and bills payable	Long-term borrowings (including current portion)	Bonds payable (including current portion)	Lease liabilities (including current portion)	Total liabilities arising from financing activities
---	---	---	---	---	---	---
Balance as of January 1, 2024	$ 31,802,900	36,304,203	56,608,526	65,742,467	332,443	190,790,539
Change in cash from financing activities	895,627	(650,000)	(3,945,210)	-	(34,818)	(3,734,401)
Non-cash changes	-	26,469	11,007	3,947	19,928	61,351
Foreign exchange movement	2,051	-	942,078	-	9,250	953,379
Balance as of March 31, 2024	$ 32,700,578	35,680,672	53,616,401	65,746,414	326,803	188,070,868

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(7) Related-party transactions

(a) Parent company and ultimate controlling party

The Company is the ultimate controlling party of the Group and its subsidiaries.

(b) Names and relationship with related parties

The followings are entities that have had transactions with related party during the periods covered in the consolidated financial statements.

Name of related party	Relationship with the Group
Formosa Petrochemical Corporation	Associates
Nanya Technology Corporation	Associates
Formosa Resources Corporation	Associates
Formosa Heavy Industries Corporation	Associates
Formosa Heavy Industries (Ningbo) Co., Ltd.	Associates
Formosa Smart Energy Tech Corporation	Associates
Nan Ya Photonics Incorporation	Associates
Formosa Fairway Corporation	Associates (Note)
Formosa Industries Corporation	Associates
Formosa Group (Cayman) Limited	Associates
Formosa Environmental Technology Corporation	Associates
Formosa Advanced Technologies Co., Ltd.	Associates
Nan Ya Plastics (Zhengzhou) Co., Ltd.	Joint ventures
Nanya Kyowa Plastics (Nantong) Co., Ltd.	Joint ventures
P.T. Indonesia Nanya Indah Plastics Co.	Joint ventures
Formosa Plastics Corporation	Other related parties
Formosa Chemicals and Fiber Corporation	Other related parties
Formosa Taffeta Co., Ltd	Other related parties
Formosa Taffeta Viet Nam Co., Ltd	Other related parties
Formosa Ha Tinh (Cayman) Ltd.	Other related parties
Formosa Ha Tinh Steel Corporation	Other related parties
China Man-made Fiber Corporation	Other related parties
Formosa Industries (Ningbo) Co., Ltd.	Other related parties
Formosa Chemicals and Fiber (Ningbo) Corporation	Other related parties
Xiamen Haicang Investment Group Co., Ltd.	Other related parties
Formosa Plastics Marine Corporation	Other related parties
Formosa Plastics Corporation U.S.A.	Other related parties

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Name of related party	Relationship with the Group
Formosa Industries Corporation, U.S.A.	Other related parties
Formosa Electronic (Ningbo) Co., Ltd.	Other related parties
Formosa Ineos Chemicals Corporation	Other related parties
Ming Chi University Of Technology	Other related parties

Note : Formosa Fairway Corporation was previously an investee company accounted for by the Company using the equity method. However, the Company's entire equity shares in Formosa Fairway Corporation has been divested as of March 25, 2024. Hence, it is no longer considered as an affiliated of the Company thereafter.

(c) Significant related-party transactions

(i) Sales to related parties

The amounts of significant sales by the Group to related parties were as follows:

	For the three months ended March 31
	2025	2024
Associates and joint ventures	$ 1,285,356	852,536
Other related parties	1,745,660	2,010,475
	$ 3,031,016	2,863,011

The receivables from related parties were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Associates and joint ventures	$ 831,155	1,036,691	461,143
Other related parties	423,793	771,056	769,955
	$ 1,254,948	1,807,747	1,231,098

The selling prices and collection terms of sales to domestic related parties are not significantly different from those of third-party customers. The accounts receivable arising from sales of machinery and equipment, and machine parts are collected after the delivery inspection, and the accounts receivable arising from sales of other products are collected on the 30th day of the following month.

For those machinery sold to and engineering services provided to related parties in China and Vietnam, payment is made after the test run of machinery sold. However, for the other items sold to related parties in China and Vietnam, the selling prices are not materially different from those of third-party customers. Payments are collected 30 to 180 days after shipping of these other products.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Purchase from related parties

The amounts of significant purchases by the Group from related parties were as follows:

	For the three months ended March 31
	2025	2024
Associates and joint ventures
Formosa Petrochemical Corporation	$ 4,968,567	3,449,665
Other associates and joint ventures	158,209	31,727
Other related parties
Formosa Chemicals and Fiber Corporation	4,499,063	5,740,301
Other related parties	6,721,644	6,348,462
	$ 16,347,483	15,570,155

The payables to related parties were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Associates and joint ventures
Formosa Petrochemical Corporation	$ 1,801,628	1,885,543	1,424,171
Other associates and joint ventures	79,401	45,926	20
Other related parties
Formosa Chemicals and Fiber Corporation	1,435,721	1,922,607	2,227,411
Formosa Plastics Corporation U.S.A.	1,492,183	1,731,793	2,467,630
Other related parties	1,630,450	1,777,248	-
	$ 6,439,383	7,363,117	6,119,232

Purchase prices and payment terms of purchases from related parties are not materially different from those of non-related general suppliers. Payment shall be paid within 30 to 180 days of the month following the month of purchase with checks which are due and payable immediately.

(iii) Unrealized sales profit

Significant unrealized (realized) profits from sales to related parties were as follows:

Investee	For the three months ended March 31, 2025			For the three months ended March 31, 2024
	Unrealized sales profit at beginning of period	(Realized) Unrealized sales profits	Unrealized sales profit at end of period	Unrealized sales profit at beginning of period	(Realized) Unrealized sales profits	Unrealized sales profit at end of period
Associates and joint ventures	$ 48,565	(2,015)	46,550	47,511	(3,264)	44,247

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Construction

The Group contracted with associates to construct and expand the factory. The construction costs were as follows:

| | For the three months ended
March 31 | |
| --- | --- | --- |
| | 2025 | 2024 |
| Associates and joint ventures | | |
| Formosa Heavy Industries Corporation | $ 68,582 | 253,493 |
| The payables to related parties were as follows: | | |
| | March 31, 2025 | December 31, 2024 |
| Formosa Heavy Industries Corporation | $ 16,789 | 416 |

(v) Utility expenses

Part of the utilities of the Group's Lin-Yuan plant and all of the utilities of the Group's Ren-Wu plant, including power, water and steam, are supplied by or paid on behalf of the Group by the utility plants of Formosa Plastics Corporation. The utilities of the Group's Mai Liao plant, including power, water and steam, are supplied by Formosa Petrochemical Corporation. The expenses for utilities were as follows:

| | For the three months ended
March 31 | |
| --- | --- | --- |
| | 2025 | 2024 |
| Associates and joint ventures | | |
| Formosa Petrochemical Corporation | $ 968,558 | 980,900 |
| Other related parties | | |
| Other related parties | 30,583 | 25,058 |
| | $ 999,141 | 1,005,958 |

The payables to related parties were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Associates and joint ventures
Formosa Petrochemical Corporation	$ 56	56	593

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(vi) Loans to related parties

The loans to related parties were as follows:

	Other receivables from related parties
	March 31, 2025	December 31, 2024	March 31, 2024
Associates and joint ventures
Formosa Steel IB PTy Ltd	$ -	-	1,622,500
Other associates and joint ventures	53,159	117,004	85,670
Other related parties
Formosa Plastics Marine Corporation	-	-	1,047,479
Other related parties	78,583	77,526	76,652
	$ 131,742	194,530	2,832,301

The borrowings from related parties were as follows:

	Other payable to related parties
	March 31, 2025	December 31, 2024	March 31, 2024
Other related parties
China Man-made Fiber Corporation	$ 300,000	300,000	-

(vii) Property transaction

1) Acquisition of property, plant, and equipment

The amount of property, plant, and equipment acquired from the related parties were as follows:

	For the three months ended March 31
	2025	2024
Associates	$ 88,947	72,685
Other related parties	5,301	-
	$ 94,248	72,685

As of March 31, 2025 and 2024, there was no outstanding balance. For further description of the property, plant, and equipment, please refer to note 6(h).

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) Disposals of property, plant and equipment

The disposals of property, plant and equipment to related parties are summarized as follows:

	For the three months ended March 31, 2025
	Disposal price	Gain from disposal
Associates and joint ventures
Nanya Kyowa Plastics (Nantong) Co., Ltd.	$ 1,294	-
	For the three months ended March 31, 2024
	Disposal price	Gain from disposal
Associates and joint ventures
Nan Ya Technology Corporation	$ 350	43

(viii) Endorsements and guarantees

The amounts of the Group’s endorsements and guarantees for securing related parties’ loans were as follows:

	March 31, 2025	December 31, 2024	March 31, 2024
Associates and joint ventures
Formosa Group (Cayman) Limited	$ 8,295,500	8,195,250	7,997,500

(ix) Leases

1) The rental income of the Group from leasing its plants to its related parties, recognized as other income, were as follows:

	For the three months ended March 31
	2025	2024
Associates and joint ventures
Nan Ya Technology Corporation	$ 121,912	114,341

The rentals charged to related parties are determined based on the local market prices, and rents are collected monthly depending on the contract.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) The rental expenses of the Group's offices and buildings leased its relate parties, recognized as operating costs and expenses, were as follows:

	Financial Statement Account	March 31, 2025	December 31, 2024	March 31, 2024
Other related parties
Formosa Petrochemical Corporation	Lease liabilities	$ 1,093	1,367	-
Formosa Chemicals and Fiber Corporation	Lease liabilities	1,093	1,367	-
Ming Chi University Of Technology	Lease liabilities	50,957	51,795	54,292
Associates and joint ventures
Formosa Petrochemical Corporation	Lease liabilities	1,093	1,367	-
		$ 54,236	55,896	54,292
		Interest expense
		For the three months ended March 31
		2025	2024
Other related parties
Formosa Petrochemical Corporation		$ 7	-
Formosa Chemicals and Fiber Corporation		7	-
Ming Chi University Of Technology		182	194
Associates and joint ventures
Formosa Petrochemical Corporation		7	-
		$ 203	194

The rentals charged to related parties are determined base on the local market prices.

(d) Key management personnel compensation

	For the three months ended March 31
	2025	2024
Short-term employee benefits	$ 44,989	47,634

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(8) Pledged assets

The carrying values of pledged assets were as follows

Pledged assets	Object	Usage	March 31, 2025	December 31, 2024	March 31, 2024
Current financial assets at fair value through other comprehensive income—shares of stocks of Formosa Plastics Corporation	Others	The collateral to provisional execution in litigation	$ 466,138	452,128	877,510
Investment accounted for using equity method—stock of Formosa Petrochemical Corporation	Others	The collateral to provisional execution in litigation	51,064	-	55,399
Other current assets—time deposits	Others	The collateral to provisional execution in litigation	-	16,500	16,500
Buildings	Bank loans	Bank loans	37,398,092	37,537,524	38,293,161
Other non current assets—cash in bank	Others	The collateral to provisional execution in litigation	73,602	73,602	-
Other non current assets—time deposits	Bank loans	Bank loans	1,659,100	1,639,050	-
Total			$ 39,647,996	39,718,804	39,242,570

(9) Significant Commitments and contingencies

	March 31, 2025	December 31, 2024	March 31, 2024
(a) Outstanding standby letter of credit	$ 94,692	288,484	209,715
(b) Endorsements and guarantees	8,295,500	8,195,250	7,997,500
(c) Bonding guarantees by banks	26,000	26,000	22,000
(d) Letters of credit guarantees by banks	39,500	39,500	48,000

(e) Formosa Ha Tinh (Cayman) Ltd. (the Company’s investee) and Formosa Ha Tinh Steel Corporation (a subsidiary of Formosa Ha Tinh (Cayman) Ltd.), each separately signed a syndicated line of credit with a group of financial institutions amounting to USD 5,188,500 thousand and USD 2,903,500 thousand, respectively, for their operational needs. According to the requirement of the consortium, the Company has to offer a letter of undertaking or a letter of support based on its ownership of 11.432% and commit to monitor the operations of both companies to ensure they fulfill their financial obligations.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(f) Nan Ya Plastics Corporation America (the Company’s subsidiary) and Nan Ya Plastics Corporation Texas (a subsidiary of Nan Ya Plastics Corporation America), signed a syndicated line of credit with a group of financial institutions amounting to USD 1,000,000 thousand for their investment and expansion needs. According to the requirement of the consortium, the Company has to offer a letter of support based on its direct and indirect ownership of 100.00% and commit to monitor the operations of both companies to ensure they fulfill their financial obligations.

(g) Formosa Industries Corporation, a Company’s investee, signed a syndicated line of credit with a group of financial institutions amounting to USD 200,000 thousand for its operational needs. According to the requirement of the consortium, the Company has to offer a letter of support based on its ownership of 42.50% and commit to monitor the operations of Formosa Industries Corporation to ensure that it completes its financial obligation.

(h) Formosa Steel IB Pty Ltd. (a subsidiary of Formosa Resources Corporation), signed a syndicated line of credit with a group of financial institutions amounting to USD 1,615,000 thousand, for their operational needs. According to the requirement of the consortium, the Company has to offer a letter of support based on its ownership of 25.00% and commit to monitor the operations of Formosa Steel IB Pty Ltd. to ensure that it completes its financial obligation.

(i) Formosa Resources Corporation, a Company’s investee company, signed a syndicated line of credit with various banks amounting to USD 430,000 thousand for its operational needs. According to the requirement of the banks, the Company has to offer a letter of support based on its 25.00% direct shareholding in Formosa Resources Corporation, and commit to monitor the operations of Formosa Resources Corporation to ensure that it completes its financial obligation.

(j) Formosa Resources Australia Pty Ltd. (a subsidiary of Formosa Resources Corporation), signed a syndicated line of credit with various banks amounting to USD 550,000 thousand, for their operational needs. According to the requirement of the banks, the Company has to offer a letter of support based on its 25.00% indirect shareholding in Formosa Resources Australia Pty Ltd., and commit to monitor the operations of Formosa Resources Australia Pty Ltd. to ensure that it completes its financial obligation.

(k) Litigation between the Company and DBTEL Incorporated (a)

DBTEL Incorporated (DBTEL), a customer of the Company, placed multiple orders for LCD monitors in May 2003. However, DBTEL unexpectedly cancelled partial orders in June 2004. Additionally, DBTEL repeatedly changed the delivery schedule, and even refused to accept some delivery made by the Company, leading to a stock up of both raw materials and finished goods, as well as uncollectible accounts receivable, resulting in the Company to file a lawsuit against DBTEL in the Taiwan High Court on April 6, 2006, demanding for the damage claims of USD 5,392,620 and TWD 100,846,141.

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

On June 26, 2024, the Taiwan High Court ordered DBTEL to compensate the Company the amounts of USD 1,278,863, plus, USD 2,000,000 and TWD 10,000,000, for principal and interest. In addition, the court granted DBTEL two options in providing for security: (i) for provisional execution, the amount of TWD 22,340,000 is required; (ii) while the payment of TWD 67,000,000 is necessary for dismissal of provisional execution. On the other hand, the court also ruled that the Company has to pay 37% of the litigation costs. Since the Company did not fully agree to the above ruling, it has lodged a third-instance appeal with the Supreme Court. DBTEL Inc. has also filed a third-instance appeal concerning the portion of the judgment that was unfavorable to it. The case is currently under review by the Supreme Court, and the Company has retained legal counsel to represent its interests.

(l) Litigation between the Company and DBTEL Incorporated (b)

DBTEL alleged that during the abovementioned transaction, the Company had delayed payment and had delivered defective goods, which led to losses from the inability to manufacture mobile phones for timely sale and increased customer returns.

As a result, DBTEL filed a lawsuit to the Taipei District Court on June 29, 2018, seeking compensation for the losses amounting to $10 million, which was subsequently increased to $1 billion. On February 25, 2025, the Taipei District Court ruled in favor of the Company, prompting DBTEL to file an appeal to the Taiwan High Court.

(10) Losses Due to Major Disasters: None

(11) Subsequent Events: None

(12) Other

A summary of current-period employee benefits, depreciation, and amortization, by function, were as follows:

by function by item	For the three months ended March 31,
	2025				2024
	Operating Costs	Operating expenses	Non-Operating expenses	Total	Operating Costs	Operating expenses	Non-Operating expenses	Total
Employee benefit
Salaries	5,545,405	1,508,040	-	7,053,445	5,510,098	1,526,585	-	7,036,683
Labor and health insurance	629,951	103,934	-	733,885	568,025	104,464	-	672,489
Pension expenses	402,532	81,312	-	483,844	377,419	88,789	-	466,208
Remuneration of directors	-	9,646	-	9,646	-	9,333	-	9,333
Others personnel expenses	361,767	64,587	-	426,354	342,967	64,084	-	407,051
Depreciation	5,282,500	276,884	2,617	5,562,001	5,066,180	246,218	3,184	5,315,582
Amortization	62,086	69,064	-	131,150	74,699	69,961	-	144,660

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(13) Other disclosures

(a) Information on significant transactions:

(i) Loan to other parties: Please see attached Table 1.

(ii) Guarantees and endorsements for other parties: Please see attached Table 2.

(iii) Information regarding securities held at the reporting date (excluding investment in subsidiaries, associates and joint ventures): Please see attached Table 3.

(iv) Information regarding related-party transactions for purchases and sales with amounts exceeding the lower of TWD100 million or 20% of the capital stock: Please see attached Table 4.

(v) Information regarding receivables from related parties with amounts exceeding the lower of TWD100 million or 20% of the capital stock: Please see attached Table 5.

(vi) Significant transactions and business relationship between the Company and its subsidiaries: Please see attached Table 6.

(b) Information on investees: Please see attached Table 7.

(14) Segment information

	For the three months ended March 31, 2025
	Plastics Product	Plastics Material	Electronic Materials	Polyester Product	Other Departments	Reconciliations	Total
Revenue:
Revenue from external customers	$ 9,029,692	15,631,173	28,033,413	11,786,720	1,070,633	-	65,551,631
Intersegment revenue	403,341	2,065,338	4,779,658	402,365	864,746	(8,515,448)	-
Total revenue	$ 9,433,033	17,696,511	32,813,071	12,189,085	1,935,379	(8,515,448)	65,551,631
Reportable segment profit or loss	$ 785,216	(1,479,745)	821,171	(128,785)	1,011,547	(195,392)	814,012
	For the three months ended March 31, 2024
---	---	---	---	---	---	---	---
	Plastics Product	Plastics Material	Electronic Materials	Polyester Product	Other Departments	Reconciliations	Total
Revenue:
Revenue from external customers	$ 9,465,283	12,795,866	24,001,164	11,366,087	1,001,508	-	58,629,908
Intersegment revenue	241,224	1,817,443	3,946,002	287,043	938,754	(7,230,466)	-
Total revenue	$ 9,706,507	14,613,309	27,947,166	11,653,130	1,940,262	(7,230,466)	58,629,908
Reportable segment profit or loss	$ 768,309	(818,696)	(161,785)	(276,147)	1,123,463	590,776	1,225,920

(Continued)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	Plastics Product	Plastics Material	Electronic Materials	Polyester Product	Other Departments	Reconciliations	Total
Reportable segment assets
March 31, 2025	$ 33,495,380	93,197,158	180,139,550	29,184,538	483,557,496	(200,669,531)	618,904,591
December 31, 2024	$ 35,959,314	93,005,689	178,947,364	29,523,992	477,550,049	(197,512,911)	617,473,497
March 31, 2024	$ 35,062,786	92,546,319	192,683,345	28,686,031	510,091,287	(207,148,707)	651,921,061
	Plastics Product	Plastics Material	Electronic Materials	Polyester Product	Other Departments	Reconciliations	Total
Reportable segment liabilities
March 31, 2025	$ 6,829,868	36,805,937	38,848,471	8,655,401	176,442,194	(8,605,818)	258,976,053
December 31, 2024	$ 7,275,703	34,725,739	39,659,625	8,726,924	171,945,501	(7,463,300)	254,870,192
March 31, 2024	$ 6,737,867	32,411,142	45,029,990	8,042,477	188,469,412	(7,817,024)	272,873,864

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

LENDING TO OTHER PARTIES

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 1

No.	Name of Lenders	Name of Borrowers	Account Name	Related Party	Highest Balance of Financing to Other Parties during the Period	Ending Balance	Actual Usage during the Period	Range of Interest Rates during the Period.	Purposes of Fund Financing for the Borrowers (Note 1)	Transaction Amount for Business Between Two Parties (Note 2)	Reasons for Short-term Financing	Allowance for Bad Debt	Collateral		Individual Funding Loan Limits (Note 3.6)	Maximum Limitation on Fund Financing (Note 3.6)
													Item	Value
0	The Company	Formosa Plastics Group Investment Corp. (Note 6)	Other receivables from related parties	YES	100,000	100,000	-	-	2	-	Operating capital	-	-	-	34,399,373	171,997,867
0	The Company	Wolbirk Technology Corporation (Note 6)	Other receivables from related parties	YES	100,000	100,000	-	-	2	-	Operating capital	-	-	-	34,399,373	171,997,867
0	The Company	PFG Filter Glass Corporation(Note 6)	Other receivables from related parties	YES	500,000	500,000	-	-	2	-	Operating capital	-	-	-	34,399,373	171,997,867
0	The Company	Nan Ya Plastics (Hong Kong) Co., Ltd. (Note 6)	Other receivables from related parties	YES	500,000	500,000	-	-	2	-	Operating capital	-	-	-	34,399,373	171,997,867
0	The Company	Formosa Plastics Construction Corporation (Note 6)	Other receivables from related parties	YES	150,000	150,000	-	-	2	-	Operating capital	-	-	-	85,998,933	171,997,867
0	The Company	Nan Chang Petrochemical Corporation (Note 6)	Other receivables from related parties	YES	300,000	300,000	300,000	2.9%	2	-	Operating capital	-	-	-	85,998,933	171,997,867
0	The Company	Formosa Heavy Industries Corporation	Other receivables from related parties	YES	5,700,000	5,700,000	-	-	2	-	Operating capital	-	-	-	85,998,933	171,997,867
0	The Company	Formosa Petrochemical Corporation	Other receivables from related parties	YES	4,500,000	4,500,000	-	-	2	-	Operating capital	-	-	-	85,998,933	171,997,867
0	The Company	Formosa Plastics Corporation	Other receivables from related parties	YES	4,500,000	4,500,000	-	-	2	-	Operating capital	-	-	-	85,998,933	171,997,867
0	The Company	Formosa Chemicals and Fiber Corporation	Other receivables from related parties	YES	4,500,000	4,500,000	-	-	2	-	Operating capital	-	-	-	85,998,933	171,997,867
1	Nan Ya Plastics Corporation America	Nan Ya Plastics Corporation U.S.A. (Note 6)	Other receivables from related parties	YES	3,318,200	3,318,200	2,462,095	5.563%-5.582%	2	-	Operating capital	-	-	-	23,520,747	47,041,496
2	Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Drow Textured Yarn (Kanshan) Co., Ltd. (Note 6)	Other receivables from related parties	YES	1,849,002	1,849,002	1,849,002	0.7004%	2	-	Operating capital	-	-	-	49,578,424	99,156,847
3	Wen Fang Industrial Co., Ltd.	Wolbirk Technology Corporation (Note 6)	Other receivables from related parties	YES	23,000	23,000	-	-	2	-	Operating capital	-	-	-	25,344	253,443
4	Wen Fang Industrial Co., Ltd.	Formosa Environmental Technology Corporation	Other receivables from related parties	YES	60,000	-	-	2.17644%-2.178038%	2	-	Operating capital	-	-	-	101,377	253,443
4	Nan Ya Trading(Huizhou) Co., Ltd.	Nan Ya Drow Textured Yarn (Kanshan) Co., Ltd. (Note 6)	Other receivables from related parties	YES	1,386,732	1,294,301	1,294,301	2.48%	2	-	Operating capital	-	-	-	1,964,552	3,929,103
5	Nan Ya Plastics (Xiamen) Co., Ltd.	Xiamen Haisang Investment Group Co., Ltd.	Other receivables from related parties	YES	78,583	78,583	78,583	2.76%	2	-	Operating capital	-	-	-	294,287	588,576
5	Nan Ya Plastics (Xiamen) Co., Ltd.	Nan Ya Plastics (Zhengzhou) Co., Ltd.	Other receivables from related parties	YES	53,159	53,159	53,159	2.48%	2	-	Operating capital	-	-	-	294,287	588,576
5	China Nantong Haafeng Co., Ltd.	Nan Ya Drow Textured Yarn (Kanshan) Co., Ltd. (Note 6)	Other receivables from related parties	YES	179,815	179,815	179,815	2.48%	2	-	Operating capital	-	-	-	188,549	377,096
6	Nantong Huaih Plastics Co., Ltd.	Nan Ya Drow Textured Yarn (Kanshan) Co., Ltd. (Note 6)	Other receivables from related parties	YES	50,848	50,848	50,848	2.48%	2	-	Operating capital	-	-	-	54,301	108,602
6	Nan Ya Electronic Materials (Kanshan) Co., Ltd.	Nan Ya Drow Textured Yarn (Kanshan) Co., Ltd. (Note 6)	Other receivables from related parties	YES	2,121,730	1,936,830	1,936,830	2.48%	2	-	Operating capital	-	-	-	30,696,109	61,392,219
6	Nan Ya Electronic Materials (Kanshan) Co., Ltd.	Nan Ya Electronic Materials (Huizhou) Co., Ltd. (Note 6)	Other receivables from related parties	YES	5,038,530	4,114,029	4,114,029	2.48%	2	-	Operating capital	-	-	-	30,696,109	61,392,219

Note 1: (a) Those with business contact please fill in 1; (b) Those necessary for short-term financing please fill in 2.
Note 2: Amount from business contact stands for the sum of purchases and sales.
Note 3: Capital loaned to other parties should not exceed $50\%$ of the lender's net worth, of which the sum loaned to non-interested parties for capital requirements should not exceed $40\%$ of the net worth of borrower.
The cap amount of loans to associates and interested parties should not exceed $25\%$ of the equity of the lenders. Other parties should not exceed $20\%$ of the lender's net worth.
The Company's authorized loans should not exceed $10\%$ of the its net worth.
Note 4: 'Subsidiaries' capital loaned to associates and interested parties should not exceed $50\%$ of the equity of the lenders. Other parties should not exceed $40\%$ of the lender's net worth.
The subsidiaries' cap amount of loans to other parties should not exceed $100\%$ of its equity. Non-interested parties should not exceed $40\%$ of its net worth. However, subsidiaries' capital loaned to the parties located in non-Taiwan and directly or indirectly held by the company $100\%$ of the shares are not be limited.
Note 5: Reporting currency of Nan Ya Plastics corporation, America and Nan Ya Plastics corporation USA are denominated in USD, and the exchange rate of TWD to USD as of March 31, 2025 (in average) is $33.182(32.892)$ .
Reporting currency of Nan Ya Plastics (Hong Kong) Co., Ltd and Superior World Wide Trading Co., Ltd. are denominated in HKD, and the exchange rate of TWD to HKD as of March 31, 2025 (in average) is $4.2541(4.2170)$ : 1.
Note 6: This transaction has already been written off during the consolidation process.

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

GUARANTEES AND ENDORSEMENTS FOR OTHER PARTIES

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 2

No	Endorsement Guarantee Provider	Counterparty of Guarantees and Endorsement		Limitation Amount of Guarantees and Endorsements for a Specific Enterprise	Highest Balance for Guarantee and Endorsements during the Period	Ending Balance of Guarantees and Endorsements as of March 31,2025	Amount Secured by Guaranteed and Endorsed Property	Amount of Endorsement Guarantee Collateralized to Properties	Ratio of Accumulated Amounts of Guarantees and Endorsements to Net Worth of the Latest Financial Statements	Maximum Amounts for Guarantees and Endorsements	Parent Company Endorses Guarantees to Third Parties on Behalf of Subsidiary	Subsidiary Endorses Guarantees to Third Parties on Behalf of the Companies in Mainland China
		Name	Relationship with The Company (Note)
0	The Company	Furnose Group (Cayman) Ltd.	6	223,597,221	8,295,500	8,295,500	8,295,500	-	2.41%	447,194,453	N	N

Note1: The total amount of guarantees and endorsements by the company shall not exceed 1.3 times of the company's net value, and the amount of guarantees and endorsements for a specific enterprise shall not exceed one half of the foregoing total.

Note2: There are seven conditions in which the Company may have guarantees or endorsements for other parties as follows:

(1) The Company has business relationship.

(2) The Company holds directly and indirectly more than 50% of the voting shares of the subsidiaries.

(3) In aggregate, the Company holds directly or its subsidiaries hold indirectly more than 50% of the invoices.

(4) Subsidiaries in which the Company holds directly or indirectly more than 90% of the voting shares make endorsement and guarantees for each other.

(5) The Company is required to provide guarantees or endorsements for the construction project based on the construction contract.

(6) The stockholders of the Company provide guarantees or endorsements for the invoices in proportion to their stockholding percentage.

(7) According to Consumer Protection Act, companies are required to provide guarantees and endorsements for joint and several liabilities if take part in business of preconstruction real estate.

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

INFORMATION REGARDING SECURITIES HELD AT THE REPORTING DATE

(SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES NOT INCLUDED)

MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 3

Security Holder	Category and Name of Security	Relationship Between Issuer of Security and the Company which Holds Securities	Account Name	March 31,2025				Notes
				Number of Shares (in thousands)	Carrying Value	Shareholding Percentage	Market Value or Net Asset Value
The Company	Mega Internaitional Private USD Money Market	-	Financial assets valued at FVTPL - current	4,554	1,890,485	-	1,890,485
The Company	Formosa Plastics Corporation	Other related parties	Financial assets valued at FVTOCI - current	294,793	10,789,428	4.63%	10,789,428	Note 1
The Company	Formosa Chemicals and Fiber Corporation	Other related parties	Financial assets valued at FVTOCI - current	140,520	3,660,537	2.40%	3,660,537
The Company	Formosa Group Ocean Marine Investment Corporation	Other related parties	Financial assets valued at FVTOCI - non current	3	7,928,428	19.00%	7,928,428
The Company	Formosa Plastics Corporation U.S.A.	Other related parties	Financial assets valued at FVTOCI - non current	2	579,281	0.51%	579,281
The Company	Ostendo Technologies Inc.	-	Financial assets valued at FVTOCI - non current	150	-	0.12%	-
The Company	Formosa Plastics Maritime Corp.	Other related parties	Financial assets valued at FVTOCI - non current	4,442	22,946	18.00%	22,946
The Company	Formosa International Development Co., Ltd.	Other related parties	Financial assets valued at FVTOCI - non current	20,471	181,741	18.00%	181,741
The Company	Mai Liao Harbor Administration Corp.	Other related parties	Financial assets valued at FVTOCI - non current	39,562	824,928	17.98%	824,928
The Company	Formosa Plastics Marine Corporation	Other related parties	Financial assets valued at FVTOCI - non current	16,234	575,364	15.00%	575,364
The Company	ASIA Pacific Investment Co.	Other related parties	Financial assets valued at FVTOCI - non current	63,717	1,273,492	14.99%	1,273,492
The Company	Formosa Technologies Corporation	Other related parties	Financial assets valued at FVTOCI - non current	2,925	328,152	12.50%	328,152
The Company	Central Leasing Corp.	-	Financial assets valued at FVTOCI - non current	1,779	-	1.07%	-
The Company	Chinese Television System Inc.	-	Financial assets valued at FVTOCI - non current	1,769	20,540	1.04%	20,540
The Company	China Investment & Development Company, Limited	-	Financial assets valued at FVTOCI - non current	1,287	9,195	0.80%	9,195

Security Holder	Category and Name of Security	Relationship Between Issuer of Security and the Company which Holds Securities	Account Name	March 31,2025
				Number of Shares (in thousands)	Carrying Value	Shareholding Percentage	Market Value or Net Asset Value
The Company	Taiwan Aerospace Corp.	-	Financial assets valued at FVTOCI —non current	1,070	28,167	0.79%	28,167
The Company	Guang Yuan Securities Investment Consulting Corporation	-	Financial assets valued at FVTOCI —non current	3,750	37,350	3.91%	37,350
The Company	Mega Growth Capital Venture	-	Financial assets valued at FVTOCI —non current	698	6,224	1.97%	6,224
The Company	Formosa Ha Tinh (Cayman) Ltd.	-	Financial assets valued at FVTOCI —non current	621,178	7,420,297	11.43%	7,420,297
Nan Ya PCB Corporation	Formosa Plastics Corporation	Other related parties	Financial assets valued at FVTOCI —current	2,996	109,654	0.05%	109,654
Nan Ya Plastics Corporation America	Sutton (Bonds)	-	Financial assets valued at FVTPL—non current	-	431,849	-	431,849
Nan Ya Plastics Corporation America	MBIA Insurance Corp. (Preferred Stock)	-	Financial assets valued at FVTPL—non current	-	241,147	-	241,147
Nan Ya Plastics (Hong Kong) Co., Ltd.	Hua Ya (Dong Ying) Plastics Corp.	-	Financial assets valued at FVTOCI —non current	-	405,895	15.00%	405,895
Nan Ya Plastics (Hong Kong) Co., Ltd.	Hua Ya (Wu Hu) Plastics Corp.	-	Financial assets valued at FVTOCI —non current	-	336,292	15.00%	336,292

Note 1 : The Company pledged its shares of Formosa Plastics Corporation of 12,736 thousand common shares amounting to $466,138

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

INFORMATION REGARDING RELATED-PARTY TRANSACTIONS FOR PURCHASES AND SALES WITH AMOUNTS EXCEEDING THE LOWER OF TWD 100 MILLION OR $20\%$ OF THE CAPITAL STOCK

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 4

Company Name	Related Party	Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts (Payable) Receivable		Notes
			Purchases / (Sales)	Amount	% to total purchase/(sales)	Credit Period	Unit Price	Payment Term	Ending Balance	% to Total
The Company	Formosa Plastics Corporation	Other related parties	(Sales)	(312,027)	(1.05)%	30 days	-	-	156,803	1.00%
The Company	Formosa Chemicals and Fiber Corporation	Other related parties	(Sales)	(1,057,000)	(3.56)%	30 days	-	-	194,416	1.23%
The Company	Nan Ya PCB Corporation	Subsidiaries	(Sales)	(411,834)	(1.39)%	30 days	-	-	151,022	0.96%	Note
The Company	Formosa Petrochemical Corporation	Associates	(Sales)	(638,284)	(2.15)%	30 days	-	-	233,905	1.49%
The Company	Formosa Taffeta Co., Ltd.	Other related parties	(Sales)	(142,006)	(0.48)%	30 days	-	-	55,608	0.35%
The Company	Nan Ya Plastics Corporation U.S.A.	Subsidiaries	(Sales)	(299,427)	(1.01)%	O/A105 days	-	-	522,298	3.32%	Note
The Company	Nan Ya Electronic Materials (Huizhou) Co., Ltd.	Subsidiaries	(Sales)	(956,463)	(3.22)%	O/A180 days	-	-	814,500	5.17%	Note
The Company	Nan Ya Electronic Materials (Kunshan) Co., Ltd.	Subsidiaries	(Sales)	(657,989)	(2.21)%	O/A150 days	-	-	553,275	3.51%	Note
The Company	Formosa Industries Corporation	Associates	(Sales)	(190,656)	(0.64)%	O/A150 days	-	-	198,489	1.26%
The Company	Nan Ya Plastics (Ningbo) Co., Ltd.	Subsidiaries	(Sales)	(220,648)	(0.74)%	O/A150 days	-	-	124,717	0.79%	Note
The Company	Formosa Plastics Corporation	Other related parties	Purchases	1,786,267	10.64%	30 days	-	-	(637,640)	(8.13)%
The Company	Formosa Chemicals and Fiber Corporation	Other related parties	Purchases	4,366,707	26.01%	30 days	-	-	(1,321,352)	(16.85)%
The Company	Formosa Petrochemical Corporation	Associates	Purchases	4,968,193	29.60%	30 days	-	-	(1,801,582)	(22.97)%
The Company	PFG Fiber Glass Corporation	Subsidiaries	Purchases	468,324	2.79%	30 days	-	-	(166,500)	(2.12)%	Note
The Company	Formosa Industries Corporation	Associates	Purchases	129,706	0.77%	O/A150 days	-	-	(67,003)	(0.85)%
The Company	Formosa Ineos Chemicals Corporation	Other related parties	Purchases	105,455	0.63%	30 days	-	-	(21,089)	(0.27)%
The Company	Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.	Subsidiaries	Purchases	235,473	1.40%	O/A150 days	-	-	(155,832)	(1.99)%	Note
Nan Ya PCB Corporation	The Company	Parent	Purchases	411,834	15.18%	30 days	-	-	(151,022)	(11.13)%
Nan Ya PCB Corporation	Nan Ya PCB (Kunshan) Corporation	Subsidiaries	Purchases	1,046,325	38.56%	30 days	-	-	(417,529)	(30.78)%	Note
Nan Ya PCB Corporation	Formosa Advanced Technologies Co., Ltd.	Associates	(Sales)	(100,976)	(1.57)%	70 days	-	-	18,535	0.35%
Nan Ya PCB (Kunshan) Corporation	Nan Ya PCB Corporation	Subsidiaries	(Sales)	(1,046,325)	(33.88)%	30 days	-	-	417,529	18.46%	Note
Nan Ya PCB (Kunshan) Corporation	Nan Ya Electronic Materials (Kunshan) Co., Ltd.	Same chairman	Purchases	141,810	8.01%	60 days	-	-	(61,925)	(7.57)%
PFG Fiber Glass Corporation	The Company	Parent	(Sales)	(468,324)	(60.74)%	30 days	-	-	166,500	72.14%	Note
Nan Ya Plastics Corporation U.S.A.	Formosa Plastics Corporation U.S.A.	Other related parties	Purchases	143,338	16.74%	payment within one month	-	-	(59,252)	(8.60)%
Nan Ya Plastics Corporation U.S.A.	The Company	Parent	Purchases	299,427	34.96%	O/A105 days	-	-	(522,298)	(75.78)%	Note
Nan Ya Plastics Corporation America	Formosa Plastics Corporation U.S.A.	Other related parties	Purchases	1,044,474	14.88%	payment within one month	-	-	(228,760)	(26.78)%

Company Name	Related Party	Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts (Payable) Receivable		Notes
			Purchases / (Sales)	Amount	% to total purchase/(sales)	Credit Period	Unit Price	Payment Term	Ending Balance	% to Total
Nan Ya Plastics Corporation America	Nan Ya Plastics Corporation Texas	Subsidiaries	Purchases	355,518	5.07%	payment within one month	-	-	(358,653)	(41.98)%
Nan Ya Plastics Corporation America	Nan Ya Plastics Corporation America	Subsidiaries	(Sales)	(355,518)	(10.68)%	payment within one month	-	-	358,653	33.96%
Nan Ya Plastics Corporation America	Formosa Plastics Corporation U.S.A.	Other related parties	(Sales)	(137,047)	(4.12)%	payment within one month	-	-	-	0.00%
Nan Ya Plastics Corporation America	Formosa Plastics Corporation U.S.A.	Other related parties	Purchases	1,286,289	46.05%	payment within one month	-	-	(1,204,172)	(106.42)%
Nan Ya Plastics Corporation America	Nan Ya Electronic Materials (Kanshan) Co., Ltd.	Subsidiaries	(Sales)	(443,703)	(52.92)%	60 days	-	-	186,537	34.87%	Note
Nan Ya Plastics Corporation America	Nan Ya Electronic Materials (Huizhou) Co., Ltd.	Subsidiaries	(Sales)	(115,797)	(13.81)%	60 days	-	-	169,208	31.63%	Note
Nan Ya Plastics Corporation America	The Company	Parent	Purchases	956,463	28.71%	O/A180 days	-	-	(814,500)	(23.08)%	Note
Nan Ya Plastics Corporation America	PFG Fiber Glass (Kanshan) Co., Ltd.	Subsidiaries	Purchases	115,797	3.48%	60 days	-	-	(169,208)	(4.79)%	Note
Nan Ya Plastics Corporation America	Nan Ya Electronic Materials (Kanshan) Co., Ltd.	Subsidiaries	Purchases	1,852,054	55.60%	180 days	-	-	(2,444,712)	(69.26)%	Note
Nan Ya Plastics Corporation America	Formosa Industries (Ningbo) Co., Ltd.	Other related parties	Purchases	136,091	14.01%	60 days	-	-	(52,866)	(13.45)%
Nan Ya Plastics Corporation America	Nan Ya Electronic Materials (Kanshan) Co., Ltd.	Subsidiaries	(Sales)	(1,407,769)	(35.70)%	60 days	-	-	535,280	49.64%	Note
Nan Ya Plastics Corporation America	Formosa Chemicals and Fiber (Ningbo) Corporation	Other related parties	Purchases	2,110,852	60.62%	60 days	-	-	(831,575)	(48.57)%
Nan Ya Plastics Corporation America	The Company	Parent	Purchases	220,648	6.34%	O/A150 days	-	-	(124,717)	(7.28)%	Note
Nan Ya Plastics Corporation America	Nan Ya Electronic Materials (Huizhou) Co., Ltd.	Subsidiaries	(Sales)	(1,852,054)	(17.01)%	180 days	-	-	2,444,712	20.02%	Note
Nan Ya Plastics Corporation America	Nan Ya PCB (Kanshan) Corporation	Same chairman	(Sales)	(141,810)	(1.30)%	30 days	-	-	61,925	0.51%	Note
Nan Ya Plastics Corporation America	Nan Ya Draw Textured Yarn (Kanshan) Co., Ltd.	Subsidiaries	(Sales)	(101,951)	(0.94)%	60 days	-	-	36,507	0.30%	Note
Nan Ya Plastics Corporation America	The Company	Parent	Purchases	657,989	7.20%	O/A150 days	-	-	(553,275)	(21.84)%	Note
Nan Ya Plastics Corporation America	PFG Fiber Glass (Kanshan) Co., Ltd.	Subsidiaries	Purchases	443,703	4.86%	60 days	-	-	(186,537)	(7.36)%	Note
Nan Ya Plastics Corporation America	Nan Ya Plastics (Ningbo) Co., Ltd.	Subsidiaries	Purchases	1,407,769	15.41%	60 days	-	-	(535,280)	(21.13)%	Note
Nan Ya Plastics Corporation America	Nan Ya Electronic Materials (Kanshan) Co., Ltd.	Subsidiaries	Purchases	101,951	14.96%	60 days	-	-	(36,507)	(20.45)%	Note
Nan Ya Plastics Corporation America	Formosa Industries Corporation	Associates	(Sales)	(117,339)	(13.17)%	O/A151 days	-	-	71,164	18.83%	Note
Nan Ya Plastics Corporation America	The Company	Parent	(Sales)	(235,473)	(26.43)%	O/A150 days	-	-	155,832	41.22%	Note

Note : The transaction has been written off during the consolidation process.

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

INFORMATION REGARDING RECEIVABLES FROM RELATED-PARTIES WITH AMOUNTS EXCEEDING THE LOWER OF TWD 100 MILLION OR $20\%$ OF THE CAPITAL STOCK

MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 5

Company Name	Related Party	Relationship	Ending Balance	Turnover Rate	Overdue		Amounts Received in Subsequent Periods	Allowance for Bad Debts
					Amount	Action Taken
The Company	Formosa Plastics Corporation	Other related parties	Receivables from related parties :	156,805	8.68	-	-	42,829
The Company	Formosa Chemicals and Fiber Corporation	Other related parties	Receivables from related parties :	194,416	11.02	-	-	194,416
The Company	Nan Ya PCB Corporation(Note 1)	Subsidiaries	Receivables from related parties :	151,022	11.26	-	-	151,022
The Company	Formosa Petrochemical Corporation	Assosiates	Receivables from related parties :	233,905	11.49	-	-	225,534
The Company	Nan Ya Plastics Corporation U.S.A.(Note 1)	Subsidiaries	Receivables from related parties :	522,298	2.05	-	-	91,259
The Company	Nan Ya Electronic Materials (Huizhou) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	814,500	4.84	-	-	318,795
The Company	Nan Ya Electronic Materials (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	553,275	4.68	-	-	182,547
The Company	Nan Ya Electronic Materials (Ningbo) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	124,717	9.25	-	-	95,930
The Company	Formosa Industries Corporation	Assosiates	Receivables from related parties :	198,489	6.04	-	-	19,692
Nan Ya PCB (Kunshan) Corporation	Nan Ya PCB Corporation(Note 1)	Subsidiaries	Receivables from related parties :	417,529	10.74	-	-	417,529
PFG Fiber Glass Corporation	The Company(Note 1)	Parent	Receivables from related parties :	166,500	11.02	-	-	166,500
Nan Ya Plastics Corporation Texas	Nan Ya Plastics Corporation America(Note 1)	Subsidiaries	Receivables from related parties :	358,653	3.82	-	-	302,793
PFG Fiber Glass (Kunshan) Co., Ltd.	Nan Ya Electronic Materials (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	186,537	9.79	-	-	186,537
PFG Fiber Glass (Kunshan) Co., Ltd.	Nan Ya Electronic Materials (Huizhou) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	169,208	2.99	-	-	52,978
Nan Ya Plastics (Ningbo) Co., Ltd.	Nan Ya Electronic Materials (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	535,280	13.23	-	-	535,280
Nan Ya Electronic Materials (Kunshan) Co., Ltd.	Nan Ya Electronic Materials (Huizhou) Co., Ltd.(Note 1)	Subsidiaries	Receivables from related parties :	2,444,712	3.13	-	-	723,302
Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.	The Company(Note 1)	Parent	Receivables from related parties :	155,832	5.99	-	-	94,390
The Company	Nan Chung Petrochemical Corporation(Note 1)	Subsidiaries	Other receivables from related parties :	300,000	Note	-	-	-
Nan Ya Plastics Corporation America	Nan Ya Plastics Corporation U.S.A.(Note 1)	Subsidiaries	Other receivables from related parties :	2,462,093	Note	-	-	-
Nan Ya Plastics (Hong Kong) Co., Ltd.	Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Other receivables from related parties :	1,849,002	Note	-	-	-
Nan Ya Trading(Huizhou) Co., Ltd.	Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Other receivables from related parties :	1,294,301	Note	-	-	-
Nan Ya Electronic Materials (Kunshan) Co., Ltd.	Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Other receivables from related parties :	1,936,830	Note	-	-	-
Nan Ya Electronic Materials (Kunshan) Co., Ltd.	Nan Ya Electronic Materials (Huizhou) Co., Ltd.(Note 1)	Subsidiaries	Other receivables from related parties :	4,114,029	Note	-	-	-
China Nantong Huafeng Co., Ltd.	Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.(Note 1)	Subsidiaries	Other receivables from related parties :	179,815	Note	-	-	-

Note : The turnover rate of other receivables from related parties cannot be calculated.
Note 1 : The transaction has been written off during the consolidation process.

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

SIGNIFICANT TRANSACTIONS AND BUSINESS RELATIONSHIP BETWEEN THE COMPANY AND ITS SUBSIDIARIES

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 6

No. (Note 1)	Company Name	Counter-party	Relationship (Note 2)	Intercompany Transactions
				Financial Statement Item	Amount	Terms	Percentage of Consolidated Total Gross Sales or Total Assets
0	The Company	Nan Ya PCB Corporation and its subsidiaries	1	Sales	507,850	30-150days	0.77%
0	The Company	Nan Chung Petrochemical Corporation	1	Sales	11,607	30days	0.02%
0	The Company	PFG Fiber Glass Corporation	1	Sales	27,291	30days	0.04%
0	The Company	Nan Ya Plastics Corporation U.S.A	1	Sales	299,427	O/A 105days	0.46%
0	The Company	Nan Ya Plastics Corporation America	1	Sales	58,834	O/A 105days	0.09%
0	The Company	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	1	Sales	1,961,798	O/A 150-180days	2.99%
0	The Company	Superior World Wide Trading Co., Ltd.	1	Sales	4,669,642	O/A 150days	7.12%
1	Wen Fung Industrials Co., Ltd. and its subsidiaries	Nan Ya PCB Corporation and its subsidiaries	3	Sales	33,692	30days	0.05%
2	PFG Fiber Glass Corporation	The Company	2	Sales	468,324	30days	0.71%
3	Nan Ya Plastics Corporation U.S.A.	The Company	2	Sales	16,292	O/A 105 days	0.02%
4	Nan Ya Plastics Corporation America	Nan Ya Plastics Corporation U.S.A	3	Sales	44,731	payment within one month	0.07%
6	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	The Company	2	Sales	312,241	O/A 150-180 days	0.48%
6	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	Nan Ya PCB Corporation and its subsidiaries	3	Sales	256,774	60 days	0.39%
6	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	PFG Fiber Glass (Hong Kong) Corporation Limited and its subsidiaries	3	Sales	42,424	60 days	0.06%
7	PFG Fiber Glass (Hong Kong) Corporation Limited and its subsidiaries	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	3	Sales	559,500	60 days	0.85%
5	Nan Ya Plastics Corporation Texas	Nan Ya Plastics Corporation America	3	Sales	355,518	payment within one month	0.54%
9	Superior World Wide Trading Co., Ltd.	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	3	Sales	6,994	O/A 60 days	0.01%
0	The Company	Nan Ya PCB Corporation and its subsidiaries	1	Accounts receivable	246,145	30-150days	0.04%
0	The Company	Nan Ya Plastics Corporation U.S.A	1	Accounts receivable	522,298	O/A 105days	0.08%
0	The Company	Nan Ya Plastics Corporation America	1	Accounts receivable	83,221	O/A 105days	0.01%
0	The Company	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	1	Accounts receivable	1,633,334	O/A 150-180 days	0.26%
3	PFG Fiber Glass Corporation	The Company	2	Accounts receivable	166,500	30days	0.03%
6	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	The Company	2	Accounts receivable	216,450	O/A 150-180 days	0.03%
6	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	Nan Ya PCB Corporation and its subsidiaries	3	Accounts receivable	98,623	60 days	0.02%
7	PFG Fiber Glass (Hong Kong) Corporation Limited and its subsidiaries	Nan Ya Plastics (Hong Kong) Co., Ltd. and its subsidiaries	3	Accounts receivable	355,745	60 days	0.06%
8	Nan Ya Plastics Corporation Texas	Nan Ya Plastics Corporation America	3	Accounts receivable	358,653	payment within one month	0.06%
0	The Company	Nan Ya PCB Corporation and its subsidiaries	1	Rent revenue	77,428	30-150days	0.12%

Note 1: The appointed numbers represent:
1. 0 refers to the Parent Company.
2. Subsidiaries are numbered and organized in a ascending chronological order.

Note 2: Transactions are categorized as follows:
1. Parent company to subsidiary.
2. Subsidiary to parent company.
3. Subsidiary to subsidiary.

Note 3: Disclosure of information on significant transactions and business relationship between the parent company and its subsidiaries regarding sales and accounts receivable, excluding their related purchases and accounts payable.

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTEES (EXCLUDING THOSE IN MAINLAND CHINA)

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 7

Investor Company	Investee Company	Location	Major Operations	Original Investment Amount		Balance as of March 31, 2025			Net Income of Investee	Investment Income (Loss) Recognized by the Investor Company	Notes
				March 31, 2025	December 31, 2024	Shares (in thousands)	%	Carrying Value
The Company	Nan Ya Plastics Corporation U.S.A. (Note)	U.S.A.	production of plastic products	313,920	313,920	2	100.00%	3,532,049	21,894	21,894	Note 3.4
The Company	Nan Ya Plastics Corporation America (Note)	U.S.A.	production of plastic, polyester and chemical	7,853,605	7,853,605	60	100.00%	47,041,494	(242,671)	(242,671)	Note 3.4
The Company	Nan Ya Plastics (Hong Kong) Co., Ltd. (Note 1)	Hong Kong	plastics, electronic products trading, and investment	41,450,832	41,450,832	1,015,653	100.00%	99,106,842	317,146	317,146	Note 3.4
The Company	Superior World Wide Trading Co., Ltd. (Note 1)	Hong Kong	plastics trading and investment	33,677	33,677	14	100.00%	1,131,532	17,621	17,621	Note 3.4
The Company	Formosa Synthetic Rubber (Hong Kong) Corporation Limited (Note)	Hong Kong	production of synthetic rubber products	4,213,864	4,213,864	138,333	33.33%	1,553,621	(123,865)	(41,288)	Note 3
The Company	PFG Fiber Glass (Hong Kong) Corporation Limited (Note 1)	Hong Kong	investment	4,495,987	4,495,987	76	100.00%	8,191,951	7,462	2,445	Note 3.4
The Company	Formosa Industries Corporation (Note 2)	Vietnam	chemical fiber, dyeing and finishing and electric power	8,435,875	8,435,875	-	42.50%	5,041,343	(141,322)	(60,062)	Note 3
The Company	Nan Ya PCB Corporation	Taiwan	production of printed circuit board	4,480,417	4,480,417	432,745	66.97%	30,311,130	207,473	139,717	Note 3.4
The Company	Formosa Plastics Group Investment Corp.	Taiwan	investment	26,959	26,959	10	100.00%	1,074	(12)	(12)	Note 3.4
The Company	Nanya Technology Corporation	Taiwan	semiconductor production and marketing	52,438,472	52,438,472	907,304	29.28%	47,982,902	(1,940,639)	(568,235)	Note 3
The Company	Formosa Environmental Technology Corporation	Taiwan	environmental protection	672,370	672,370	46,257	26.99%	268,568	7,475	2,017	Note 3
The Company	Formosa Petrochemical Corporation	Taiwan	production of chemical products	24,647,480	24,647,480	2,201,306	23.11%	68,298,295	3,684,794	851,673	Note 3
The Company	PFG Fiber Glass Corporation	Taiwan	production of glass fiber	2,648,131	2,648,131	100,000	100.00%	2,924,525	(35,288)	(78,764)	Note 3.4
The Company	Nan Chung Petrochemical Corporation	Taiwan	production of chemical products	1,000,002	1,000,002	100,000	50.00%	796,679	(60,791)	(30,396)	Note 3.4
The Company	Wen Fung Industrial Co., Ltd.	Taiwan	production of electronic components	214,236	214,236	17,523	100.00%	254,195	689	677	Note 3.4
The Company	Formosa Automobile Sales Corporation	Taiwan	production of automobile	945,028	945,028	27,046	45.00%	417,456	53,428	24,043	Note 3
The Company	Ya Tai Development Corporation	Taiwan	development industry	53,941	53,941	1,304	44.96%	18,735	20	9	Note 3
The Company	Formosa Heavy Industries Corporation	Taiwan	machinery industry	2,497,721	2,497,721	661,334	32.91%	5,896,999	148,728	48,948	Note 3
The Company	Formosa Plastics Transport Corporation	Taiwan	transportation business	67,254	67,254	6,566	33.33%	1,412,538	36,472	12,158	Note 3

Note: The value of the total income of the investment in this study is not calculated as the total income of the investment in this study is the sum of the total income of the investment in this study.

Investor Company	Investee Company	Location	Major Operations	Original Investment Amount		Balance as of March 31, 2025			Net Income of Investee	Investment Income (Loss) Recognized by the Investor Company	Notes
				March 31, 2025	December 31, 2024	Shares (in thousands)	%	Carrying Value
The Company	Hwa Ya Technology Park Management Consulting Corporation	Taiwan	service business	359	359	34	34.00%	5,251	110	37	Note 3
The Company	Yi Jih Development Corporation	Taiwan	construction business	13,335	13,335	1,221	29.22%	19,976	(13)	(4)	Note 3
The Company	Mai Liao Power Corporation	Taiwan	electricity generation business	5,985,465	5,985,465	764,193	24.94%	16,227,206	518,929	129,431	Note 3
The Company	Nan YA Photonics Inc.	Taiwan	LED equipment manufacturer	831,466	831,466	13,372	29.01%	288,037	13,786	4,000	Note 3
The Company	Formosa Resources Corporation	Taiwan	mining industry	9,099,071	9,099,071	909,907	25.00%	6,013,698	(2,037,246)	(509,312)	Note 3
The Company	Formosa Group (Cayman) Limited (Note)	Cayman Islands	investment	377	377	13	25.00%	998,475	70,520	17,630	Note 3
The Company	Formosa Plastics Construction Corporation	Taiwan	construction business	1,100,000	1,100,000	110,000	33.33%	1,010,471	(8,124)	(2,708)	Note 3
The Company	FG Inc. (Note)	U.S.A.	investment	1,137,655	1,137,655	2	10.00%	1,152,236	9,451	945	Note 3
The Company	Formosa Smart Energy Tech Corporation	Taiwan	green batteries	4,250,000	4,250,000	425,000	25.00%	4,168,693	(99,945)	(24,986)	Note 3
Nan Ya Plastics Corporation America (Note)	Formosa Utility Venture, Ltd.(Note)	U.S.A.	electricity generation and trading	265,456	265,456	-	12.10%	2,921,805	249,163	30,149	Note 3
Nan Ya Plastics Corporation America (Note)	Nan Ya Plastics Corporation Texas (Note)	U.S.A.	production of chemical products	32,518,360	32,518,360	3	100.00%	15,837,975	(464,162)	(464,162)	Note 3.4
Nan Ya Plastics Corporation Texas (Note)	Formosa Olefins, L.L.C. (Note)	U.S.A.	chemical business	2,282,092	2,282,092	-	21.00%	5,643,107	2,444,154	513,272	Note 3
Nan Ya PCB Corporation	Nan Ya PCB (Hong Kong) Corporation	Hong Kong	production of electronic products and investment	8,595,674	8,595,674	2,152,020	100.00%	22,705,696	(384,368)	(384,368)	Note 3.4
Nan Ya PCB Corporation	Nan Ya PCB (U.S.A.) Corporation	U.S.A.	retargeting	3,479	3,479	1,000	100.00%	22,810	186	186	Note 3.4
Nan Ya PCB Corporation	Formosa Advanced Technologies Co.,LTD.	Taiwan	IC packaging, testing and modules	472,968	472,968	13,267	3.00%	446,262	152,269	4,822	Note 3
Nan Ya PCB (Hong Kong) Corporation	Nan Ya PCB (Kunshan) Corporation	China	production of printed circuit board	8,592,495	8,592,495	-	100.00%	22,689,137	(384,779)	(384,779)	Note 3.4
Wen Fung Industrial Co., Ltd.	Wellink Technology Corporation	Taiwan	production of electronic components	212,017	212,017	12,739	100.00%	129,985	226	226	Note 3.4
Superior World Wide Trading Co., Ltd. (Note 1)	P.T.Indonesia Nanya Indah Plastics Co.	Indonesia	production of plastic products	134,285	134,285	5	50.00%	277,857	16,694	8,347	Note 3

Note : The reporting currency of Nan Ya Plastics Corporation U.S.A, Nan Ya Plastics Corporation America, Formosa Synthetic Rubber (Hong Kong) Corporation Limited, Formosa Group (Cayman) Limited, FG Inc., Formosa Utility Venture, Ltd., Nan Ya Plastics Corporation Texas, and Formosa Olefins, L.L.C is denominated in USD, and the exchange rate of TWD to USD as of March 31, 2025 (in average) is 33.182(32.892) : 1.
Note 1 : The reporting currency of Nan Ya Plastics (Hong Kong) Co., Ltd., Superior World Wide Trading Co., Ltd. and PFG Fiber Glass (Hong Kong) Corporation Limited is denominated in HKD, and the exchange rate of TWD to HKD as of March 31, 2025 (in average) is 4.2541(4.2170) : 1.
Note 2 : The reporting currency of Formosa Industries Corporation, Vietnam is denominated in VND, and the exchange rate of TWD to VND as of March 31, 2025 (in average) is 0.001297185(0.001293128) : 1.
Note 3 : Investment income of the current period does not include cumulative translation adjustment and capital surplus adjustment.
Note 4 : The transaction has been written off during the consolidation process.
Note 5 : The Company pledged its shares of Formosa Plastics Corporation of 1,646 thousand common shares amounting to $51,064

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

INFORMATION ON INVESTMENT IN MAINLAND CHINA

FOR THE THREE MONTHS ENDED MARCH 31, 2025

(Expressed in thousands of New Taiwan Dollars)

TABLE 8
(a) Information regarding investments in Mainland China :

Name of the PRC Investor Company	Primary Business Scope	Amount of Paid-in Capital	Method of Investment	Investment Transferred from Taiwan as of January 1, 2025	For The Year Ended March 31, 2025		Investment Transferred from Taiwan as of March 31, 2025	Current Income of Investors	Direct and Indirect Shareholding Percentage by the Company	Investment Gain (Loss)	Carrying Value of Investment as of March 31, 2025	Accumulated Inward Remittance of Earnings as of March 31, 2025
					Outflow	Inflow
Nan Ya Plastics (Guangzhou) Co., Ltd.(Note1)	production of polyester products	1,998,681	Indirect investment	1,998,681	-	-	1,998,681	(22,621)	100.00%	(22,621)	1,742,166	1,208,243
Nan Ya Plastics (Xiamen) Co., Ltd.(Note1)	production of plastic products	775,457	Indirect investment	738,752	-	-	738,752	17,522	85.00%	14,894	1,069,391	72,820
Nan Ya Plastics (Huizhou) Co., Ltd.(Note1)	production of polyester products	2,527,462	Indirect investment	2,418,397	-	-	2,418,397	42,487	100.00%	42,487	3,904,724	191,237
Nan Ya Electronic Materials (Huizhou) Co., Ltd.(Note1)	production of electronic materials, glass fabrics, copper clad	12,208,913	Indirect investment	5,489,509	-	-	5,489,509	48,537	100.00%	48,537	16,970,538	-
Nan Ya Trading (Huizhou) Co., Ltd.(Note1)	trading	32,267	Indirect investment	32,267	-	-	32,267	64	100.00%	64	64,231	-
Nan Ya Plastics (Nantong) Co., Ltd.(Note1)	sale of plastic products, steam and electricity	4,540,736	Indirect investment	3,008,918	-	-	3,008,918	68,488	100.00%	68,488	8,885,344	2,342,542
China Nantong Haafeng Co., Ltd.(Note1)	trading	93,004	Indirect investment	99,636	-	-	99,636	672	100.00%	672	383,860	-
Nantong Huafu Plastics Co., Ltd.(Note1)	trading	79,111	Indirect investment	71,503	-	-	71,503	274	100.00%	274	111,289	-
Nan Ya Electric (Nantong) Co.,Ltd.(Note1)	production of switch gear and control panel	339,275	Indirect investment	339,275	-	-	339,275	6,859	100.00%	6,859	1,248,103	303,107
Nan Ya Kyowa Plastics (Nantong) Co., Ltd.	interior decorating business	200,988	Indirect investment	100,494	-	-	100,494	(8,534)	50.00%	(4,267)	216,447	-
Nan Ya Electronic Materials (Kunshan) Co., Ltd.(Note1)	production of copper clad laminate, polyester products, steam and electricity, copper clad, epoxy	15,159,216	Indirect investment	15,159,216	-	-	15,159,216	413,685	100.00%	413,685	51,803,996	24,444,784
Nan Ya Draw Textured Yarn (Kunshan) Co., Ltd.(Note1)	production of polyester products	7,035,085	Indirect investment	7,035,085	-	-	7,035,085	(46,285)	100.00%	(46,285)	(2,031,271)	-
Nan Ya Plastics (Zhengzhou) Co., Ltd.	production of plastic products	261,737	Indirect investment	130,869	-	-	130,869	(1,755)	50.00%	(878)	73,199	-
Nan Ya Plastics (Ningbo) Co., Ltd.(Note1)	production of BPA and plasticizer	4,472,993	Indirect investment	4,273,467	-	-	4,273,467	(212,432)	100.00%	(212,432)	11,099,564	1,789,880
PFG Fiber Glass (Kunshan) Co., Ltd.(Note1)	production of glass fiber	4,668,263	Indirect investment	4,487,409	-	-	4,487,409	7,040	100.00%	7,040	8,378,765	282,300

Note: All companies disclosed within the investment income of the current year column are recognized according to the reviewed financial statements of the Company, except for Formosa Synthetic Rubber (Ningbo) Co., Ltd., which are recognized according to the financial statements reviewed by an international accounting firm.

Note 1: The transaction has been written-off during the consolidation process.

(b) Quota for investments in Mainland China :

Accumulative Remittance from Taiwan to Mainland China as of March 31, 2025 (Note 1)	Amount of Investment Approved by Investment Commission, Ministry of Economic Affairs (Note 2)	Limit on the Amount of Investment in Mainland China (Note 3)
49,875,128	60,200,692	-

Note 1: Reporting currency of Chinese subsidiaries is CNY, and the monetary amount is first translated to HKD using the exchange rate as of March 31, 2025 (in average) is 1:1.0866(1.0870), and translated to TWD using the exchange rate as of March 31, 2025 (in average) is 1:4.2541(4.2170).

Note 2: It includes the amount of $3,024,033 from capital increase out of earnings and capital increase out of capital surplus.

Note 3: The Industrial Development Bureau of the MOEA issued a letter to the Company stating that it qualifies under Section 12 of the Statute for Upgrading Industries.

Note 4: The accumulative remittance from Taiwan to Mainland China, end of the period includes the amount of Nan Ya Plastics (Anshan) Co., Ltd.

(c) Information on significant transactions :

For more information concerning the direct or indirect significant transactions between the Company and its Chinese investees for the three months ended March 31, 2025, please refer to the attachment of note 13 for "Information on material transaction items".

Name of the PRC Investee Company	Primary Business Scope	Amount of Paid-in Capital	Method of Investment	Investment Transferred from Taiwan as of January 1, 2025	For The Year Ended March 31, 2025		Investment Transferred from Taiwan as of March 31, 2025	Current Income of Investees	Direct and Indirect Shareholding Percentage by the Company	Investment Gain (Loss)	Carrying Value of Investment as of March 31, 2025	Accumulated Inward Remittance of Earnings as of March 31, 2025
Hua Ya (Dong Ying) Plastics Corp.	production of plastic products	345,645	Indirect investment	34,591	-	-	34,591	-	15.00%	-	405,895	23,020
Hua Ya (Wu Hu) Plastics Corp.	production of plastic products	624,948	Indirect investment	34,591	-	-	34,591	-	15.00%	-	336,292	12,687
Formosa Synthetic Rubber (Ningbo) Limited Corporation	synthetic rubber	12,777,590	Indirect investment	4,162,010	-	-	4,162,010	(123,865)	33.33%	(41,288)	1,553,621	-

AI assistant

NPC — Interim / Quarterly Report 2025

51763_rns_2026-04-15_9c0b16dd-479e-4ba8-b17c-e75436170fea.pdf

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Table of contents

Independent Auditors' Review Report

Introduction

Scope of Review

Basis for Qualified Conclusion

Qualified Conclusion

Other Matter

Notes to Readers

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statement of Comprehensive Income

For the three months ended March 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars, Except for Earnings Per Common Share)

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Consolidated Statement of Cash Flows

For the three months ended March 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

(1) Company history

(2) Approval date and procedures of the consolidated financial statements

(3) New standards, amendments and interpretations adopted

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(4) Summary of material accounting policies

(a) Statement of compliance

(b) Basis of consolidation

(i) List of subsidiaries in the consolidated financial statements:

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(6) Explanation of significant accounts

(a) Cash and Cash Equivalents

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

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(f) Inventories

(g) Investments accounted for using equity method

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(o) Lease liabilities

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NAN YA PLASTICS CORPORATION AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

NPC Interim / Quarterly Report 2025