PSC — Audit Report / Information 2024

Dec 20, 2024

PRESIDENT SECURITIES CORPORATION AND

SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

DECEMBER 31, 2024 AND 2023

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

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PRESIDENT SECURITIES CORPORATION

Declaration of Consolidated Financial Statements of Affiliated Enterprises

The companies included in the consolidated financial statements of affiliated enterprises prepared by President Securities Corporation (the Company) for 2024 (from January 1, 2024 to December 31, 2024) in accordance with Article 33 of the “Regulations Governing the Preparation of Financial Reports by Securities Firms” and “Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises” are identical with those to be included in the consolidated financial statements of the parent company and subsidiaries in accordance with IFRS 10,“Consolidated Financial Statements”. The relevant information to be disclosed in the consolidated financial statements of affiliated enterprises has already been disclosed in the consolidated financial statements of the parent company and subsidiaries. Therefore, the Company does not prepare the consolidated financial statements of affiliated enterprises separately.

Hereby declare

PRESIDENT SECURITIES CORPORATION

Responsible person:

LIN, KUAN-CHEN

February 26, 2025

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INDEPENDENT AUDITORS’ REPORT TRANSLATED FROM CHINESE

PWCR24003683

To the Board of Directors and Shareholders of PRESIDENT SECURITIES CORPORATION

Opinion

We have audited the accompanying consolidated balance sheets of President Securities Corporation and subsidiaries (the “Group”) as at December 31, 2024 and 2023, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.

In our opinion, based on our audits and the report of other auditors (please refer to the Other matter section), the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Firms, and Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants, and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these

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requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Group’s 2024 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matter for the Group’s 2024 consolidated financial statements is stated as follows:

Fair value measurement of unlisted stocks without active market

Description

Please refer to Note 4(8) for the accounting policies on unlisted stocks without active market (shown as “financial assets at fair value through other comprehensive income”) and Note 5(2) for details of critical accounting judgements, estimates and assumption uncertainty. As at December 31, 2024, the unlisted stocks without active market held by the Group totaled 1,452,561 thousand New Taiwan Dollars and were shown as “financial assets at fair value through other comprehensive income” (Level 3 fair value).

Due to the lack of an active market, the fair value of the unlisted stocks held by the Group was determined using valuation method. Management measured their fair value by using comparable listed companies in the market approach. The main assumptions of the market approach are calculated based on the latest related parameters of comparable listed companies in similar industries and considering discounts on market liquidity or assessment of risk.

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Above-mentioned estimation of fair value involves various assumptions and material unobservable inputs, which has high uncertainty and relies on the subjective judgement of management. Any changes in judgements and estimates may affect the ultimate result of accounting estimates and have an impact on the financial statements of the Group. Thus, we have included the fair value measurement of unlisted stocks without active market as a key audit matter in our audit.

How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

1. Obtained an understanding and assessed policy documents, internal control system, fair value measurement models and approval processes that are related to fair value measurement of unlisted stocks;

2. Ascertained whether the measurement methods used by the management is commonly used by the industry;

3. Assessed the reasonableness of parameter of similar companies used by management;

4. Examined inputs and calculation formulas used in valuation models and agreed such data to supporting documents.

Other matter – Reference to the audits of other auditors

We did not audit the financial statements of certain investments accounted for under the equity method which were audited by other auditors. Therefore, our opinion expressed herein, insofar as it relates to the amounts included in respect of these associates, is based solely on the report of the other auditors. The balance of these investments accounted for under the equity method amounted to 2,641,462 thousand New Taiwan Dollars, constituting 1.37% of the consolidated total assets as at December 31, 2024, and the comprehensive income recognized from associates and joint ventures accounted for under the equity method amounted to (65,206) thousand New Taiwan Dollars, constituting (1.26%) of the consolidated total comprehensive income for the year then ended.

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Other matter – Parent company only financial reports

We have audited and expressed an unmodified opinion on the parent company only financial statements of President Securities Corporation, as at and for the years ended December 31, 2024 and 2023.

Responsibilities of management and those charged with governance for the consolidated financial statements

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 Firms, Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants, and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statement that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance, including the audit committee, are responsible for overseeing the Group’s financial reporting process.

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Auditors’ responsibilities for the audit of the consolidated financial statements

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

As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

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

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1. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

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

3. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about

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the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Lin, Se-Kai

Independent Auditors

Kuo, Puo-Ju

For and on behalf of PricewaterhouseCoopers, Taiwan

February 26, 2025

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

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

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

Assets	Notes 6(1) 6(2) 6(3) 6(4) 6(5) 6(6) 6(6) 6(7) 6(8) 6(2) 6(3) 6(11) 6(12) 6(13) 6(15) 6(16) 6(47) 6(17)	December 31, 2024 AMOUNT % $ 7,720,139 4 61,405,082 32 4,495,890 2 21,935,917 11 6,647 - 5,513 - 18,600,130 10 35,545,540 19 402,885 - 374,439 - 338 - 29,482,722 15 944 - 37,168 - 100,882 - 190 - 3,170,687 2 183,285,113 95 117,671 - 1,452,561 1 3,611,621 2 2,641,569 1 222,677 - 182,731 - 290,626 - 132,712 - 1,535,916 1 10,188,084 5 $ 193,473,197 100	December 31, 2023	December 31, 2023
		AMOUNT $ 7,720,139 61,405,082 4,495,890 21,935,917 6,647 5,513 18,600,130 35,545,540 402,885 374,439 338 29,482,722 944 37,168 100,882 190 3,170,687 183,285,113 117,671 1,452,561 3,611,621 2,641,569 222,677 182,731 290,626 132,712 1,535,916 10,188,084 $ 193,473,197	AMOUNT $ 5,509,978 53,698,997 3,078,680 17,395,242 1,982 1,476 9,247,169 20,526,117 451,397 475,705 1,475 19,095,101 1,191 49,546 74,632 125 1,725,872 131,334,685 118,280 1,168,288 3,412,924 2,645,077 132,026 184,153 292,437 130,674 1,246,679 9,330,538 $ 140,665,223	%
110000 Current assets 111100 Cash and cash equivalents 112000 Financial assets at fair value through profit or loss - current 113200 Financial assets at fair value through other comprehensive income - current 114030 Margin loans receivable 114040 Refinancing security deposits 114050 Receivables from refinance guaranty 114060 Receivable of securities business money lending 114070 Customer margin account 114090 Receivables from security lending 114100 Security lending deposits 114110 Notes receivable 114130 Accounts receivable 114140 Accounts receivable-related parties 114150 Prepayments 114170 Other receivables 114600 Current tax assets 119000 Other current assets 110000 Total current assets 120000 Non-current assets 122000 Financial assets at fair value through profit or loss - non-current 123200 Financial assets at fair value through other comprehensive income - non- current 124100 Investments accounted for under the equity method 125000 Property and equipment, net 125800 Right-of-use assets 126000 Investment property 127000 Intangible assets 128000 Deferred tax assets 129000 Other assets - non-current 120000 Total non-current assets 906001 Total Assets				4 38 2 12 - - 7 15 - - - 14 - - - - 1
				93
				- 1 3 2 - - - - 1
				7
				100

(Continued)

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

Liabilities and Equity	Notes 6(18) 6(19) 6(20) 6(21) 6(5) 6(22) 6(23) 6(24) 6(47) 6(25) 6(27) 6(27) 6(27)	December 31, 2024 AMOUNT % $ 8,804,220 5 32,969,815 17 13,536,538 7 15,589,881 8 1,208,692 1 1,707,090 1 973,576 1 35,522,374 18 1,973,140 1 27,475,583 14 3,682 - 957,998 1 2,858,854 1 13,801,583 7 310,465 - 72,104 - 89,371 - 157,854,966 82 15,585 - 149,590 - 21,235 - 38,219 - 224,629 - 158,079,595 82 14,558,313 8 91,261 - 4,233,889 2 9,803,068 5 4,381,105 2 2,221,269 1 35,288,905 18 104,697 - 35,393,602 18 $ 193,473,197 100	December 31, 2023	December 31, 2023
		AMOUNT $ 8,804,220 32,969,815 13,536,538 15,589,881 1,208,692 1,707,090 973,576 35,522,374 1,973,140 27,475,583 3,682 957,998 2,858,854 13,801,583 310,465 72,104 89,371 157,854,966 15,585 149,590 21,235 38,219 224,629 158,079,595 14,558,313 91,261 4,233,889 9,803,068 4,381,105 2,221,269 35,288,905 104,697 35,393,602 $ 193,473,197	AMOUNT $ 6,944,759 21,130,934 10,471,312 19,140,506 921,093 1,163,504 1,632,008 20,497,894 852,083 17,091,415 3,642 614,380 2,259,582 5,224,019 265,324 58,542 84,055 108,355,052 15,507 68,894 19,173 64,489 168,063 108,523,115 14,558,313 91,261 3,959,127 9,253,546 2,752,936 1,434,309 32,049,492 92,616 32,142,108 $ 140,665,223	%
210000 Current liabilities 211100 Short-term loans 211200 Commercial papers payable 212000 Financial liabilities at fair value through profit or loss - current 214010 Bonds sold under repurchase agreements 214040 Deposits on short sales 214050 Short sale proceeds payable 214070 Guarantee deposit received on borrowed securities 214080 Futures traders' equity 214090 Equity for each customer in the account 214130 Accounts payable 214150 Advance receipts 214160 Collections on behalf of third parties 214170 Other payables 214200 Other financial liabilities - current 214600 Current tax liability 216000 Current lease liabilities 219000 Other current liabilities 210000 Total current liabilities 220000 Non-current liabilities 225100 Non-current provisions 226000 Non-current lease liabilities 228000 Deferred tax liabilities 229000 Other liabilities-non-current 220000 Total non-current liabilities 906003 Total Liabilities 300000 Equity attributable to owners of the parent company 301000 Capital 301010 Common stock 302000 Capital reserve 304000 Retained earnings 304010 Legal reserve 304020 Special reserve 304040 Unappropriated earnings 305000 Other equity interest 300000 Total 306000 Non-controlling interests 906004 Total Equity 906002 Total liabilities and equity				5 15 7 14 1 1 1 14 1 12 - - 2 4 - - -
				77
				- - - -
				-
				77
				10 - 3 7 2 1
				23
				-
				23
				100

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

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023

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

Items

Year ended December 31 2024 2023 Notes AMOUNT % AMOUNT % 6(29) $ 4,599,154 35 $ 3,518,253 37 6(30) 116,587 1 104,284 1 80,191 1 55,919 1 6(31) 7,977,536 61 2,326,012 24 95,883 1 91,663 1 6(32) 2,221,739 17 1,366,104 14 848,754 7 3,662,857 38 6(33) ( 931,859) ( 7) 1,728,970 18 6(34) ( 845,728) ( 6) ( 60,644) ( 1) 6(35) 149,246 1 ( 1,376,328) ( 14) 6(36) ( 63,620) - ( 143,436) ( 1) ( 82,053) ( 1) ( 295,958) ( 3) 5,517 - 8,683 - 6(37) ( 65,805) ( 1) ( 221,645) ( 2) 6(38) ( 2,289,337) ( 18) ( 1,792,083) ( 19) 6(39) 22,193 - ( 16,996) - 6(40) 1,191,583 9 586,928 6 13,029,981 100 9,542,583 100 6(41) ( 752,215) ( 6) ( 566,639) ( 6) ( 9,030) - ( 8,484) - 6(42) ( 1,605,888) ( 12) ( 934,881) ( 10) ( 91,717) ( 1) ( 90,785) ( 1) ( 141,030) ( 1) ( 124,702) ( 2) ( 6,678) - ( 492) - 6(43) ( 4,039,076) ( 31) ( 3,149,201) ( 33) 6(44) ( 354,592) ( 3) ( 313,273) ( 3) 6(45) ( 2,368,317) ( 18) ( 2,032,604) ( 21) ( 9,368,543) ( 72) ( 7,221,061) ( 76)

400000 Revenues 401000 Brokerage handling fee revenue 404000 Revenues from underwriting business 406000 Net gain (loss) on wealth management 410000 Net gain (loss) on sale of operating securities 421100 Revenue from providing agency service for stock affairs 421200 Interest income 421300 Dividend income 421500 Net valuation gain (loss) on operating securities at fair value through profit or loss 421600 Net gain (loss) on covering of borrowed securities and bonds with resale agreements-short sales 421610 Net valuation gain (loss) on borrowed securities and bonds with resale agreements-short sales at fair value through profit or loss 421750 Net realized gain (loss) on financial liabilities measured at fair value through other comprehensive income 422000 Net gain (loss) on issuance of ETNs 422100 Administrative and handling fee revenues from issuance of ETNs 422200 Net gain (loss) from issuance of call (put) warrants 424400 Net gain (loss) from derivatives 425300 Expected credit impairment loss and reversal of impairment gain 428000 Other operating income Total revenues 500000 Expenditures and expenses 501000/ 502000/ 503000 Handling charges 507000 ETNs administrative expenses 521200 Financial costs 524100 Futures commission expense 524300 Expense of clearing and settlement 528000 Other operating expenditure 531000 Employee benefits expense 532000 Depreciation and amortization 533000 Other operating expenses Total expenditures and expenses

(Continued)

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023

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

Items

Year ended December31 2024 2023 Notes AMOUNT % AMOUNT % $ 3,661,438 28 $ 2,321,522 24 6(11) 305,992 2 124,630 2 6(46) 962,096 8 768,343 8 4,929,526 38 3,214,495 34 6(47) ( 542,734) ( 4) ( 324,740) ( 4) $ 4,386,792 34 $ 2,889,755 30 ($ 3,202) - ($ 158,746) ( 2) 622,271 5 84,763 1 21,148 - ( 6,620) - 6(47) 641 - 31,749 - 156,716 1 ( 59,037) - ( 3,556) - 126,397 1 $ 794,018 6 $ 18,506 - $ 5,180,810 40 $ 2,908,261 30 $ 4,373,054 34 $ 2,878,951 30 $ 13,738 - $ 10,804 - $ 5,161,110 40 $ 2,898,174 30 $ 19,700 - $ 10,087 - 6(48) $ 3.00 $ 1.98 $ 3.00 $ 1.97

Operating profit 601000 Share of the profit or loss of associates and joint ventures accounted for under the equity method 602000 Other gains and losses 902001 Profit before tax 701000 Income tax (expense) benefit 902005 Net income Other comprehensive income Components of other comprehensive income that will not be reclassified to profit or loss 805510 Gain (loss) on remeasurements of defined benefit plans 805540 Net unrealized gain (loss) from investments in equity instruments at fair value through other comprehensive income 805550 Other comprehensive gain (loss) of associates and joint ventures accounted for under the equity method 805599 Income tax (expense) benefit relating to components of other comprehensive income Items may be reclassified to profit or loss subsequently 805610 Translation gain (loss) on the financial statements of foreign operating entities 805615 Net unrealized gain (loss) from investments in debt instruments at fair value through other comprehensive income 805000 Current other comprehensive income (loss) (post-tax) 902006 Total current comprehensive income Income attributable to: 913100 Parent company 913200 Non-controlling interests Current comprehensive income (loss) attributable to: 914100 Parent company 914200 Non-controlling interests Earnings per share 975000 Basic earnings per share (in dollars) 985000 Diluted earnings per share (in dollars)

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

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

For the year ended December 31, 2023 Balance at January 1, 2023 Net income for the year Other comprehensive income (loss) for the year Total comprehensive income (loss) Appropriations of 2022 earnings: Legal reserve Special reserve Cash dividends Changes in non-controlling interests Balance at December 31, 2023 For the year ended December 31, 2024 Balance at January 1, 2024 Net income for the year Other comprehensive income (loss) for the year Total comprehensive income (loss) Appropriations of 2023 earnings: Legal reserve Special reserve Cash dividends Changes in non-controlling interests Balance at December 31, 2024	Notes							Equity attributable	Equity attributable	to owners of the parent	to owners of the parent	to owners of the parent	to owners of the parent	to owners of the parent			Non-controlling interests		Total equity
			Common stock		Capital reserve			R	etained earnings			Other equityinterest				Total
							Legal reserve		Special reserve	Unappropriated earnings		Exchange differences on translation of foreign financial statements	a f	Unrealised gain or loss on financial ssets measured at air value through other comprehensive income
	6(28) 6(28)		$ 14,558,313 - - - - - - - $ 14,558,313 $ 14,558,313 - - - - - - - $ 14,558,313		$ 91,261 - - - - - - - $ 91,261 $ 91,261 - - - - - - - $ 91,261		$ 3,877,849 - - - 81,278 - - - $ 3,959,127 $ 3,959,127 - - - 274,762 - - - $ 4,233,889		$ 9,090,989 - - - - 162,557 - - $ 9,253,546 $ 9,253,546 - - - - 549,522 - - $ 9,803,068	$ 816,933 2,878,951 ( 131,339 ) 2,747,612 ( 81,278 ) ( 162,557 ) ( 567,774 ) - $ 2,752,936 $ 2,752,936 4,373,054 1,096 4,374,150 ( 274,762 ) ( 549,522 ) ( 1,921,697 ) - $ 4,381,105	$ 103,010 - ( 59,037 ) ( 59,037 ) - - - - $ 43,973 $ 43,973 - 156,716 156,716 - - - - $ 200,689			$ 1,180,737 - 209,599 209,599 - - - - $ 1,390,336 $ 1,390,336 - 630,244 630,244 - - - - $ 2,020,580	$ 29,719,092 2,878,951 19,223 2,898,174 - - ( 567,774 ) - $ 32,049,492 $ 32,049,492 4,373,054 788,056 5,161,110 - - ( 1,921,697 ) - $ 35,288,905		$ 87,396 10,804 ( 717 ) 10,087 - - - ( 4,867 ) $ 92,616 $ 92,616 13,738 5,962 19,700 - - - ( 7,619 ) $ 104,697	$ 29,806,488 2,889,755 18,506 2,908,261 - - ( 567,774 ) ( 4,867 ) $ 32,142,108 $ 32,142,108 4,386,792 794,018 5,180,810 - - ( 1,921,697 ) ( 7,619 ) $ 35,393,602

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

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments Income and expenses having no effect on cash flows Net valuation (gain) loss on operating securities at fair value through profit or loss Net valuation (gain) loss on borrowed securities and bonds with resale agreements-short sales at fair value through profit or loss Expected impairment loss and reversal of impairment gain Depreciation Amortization Financial costs Interest income (include financial income) Dividend income Share of the profit of associates and joint ventures accounted for under the equity method (Gain) loss on disposal of property and equipment (Gain) loss from lease modification (Gain) loss on valuation of non-operating financial instrument Changes in assets/liabilities relating to operating activities Net changes in operating assets Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income Margin loans receivable Refinancing security deposits Receivables from refinance guaranty Receivable of securities business money lending Customer margin account Receivables from security lending Security lending deposits Notes receivable Accounts receivable Accounts receivable-related parties Prepayments Other receivables Other current assets Net changes in liabilities relating to operating activities Financial liabilities at fair value through profit or loss Bonds sold under repurchase agreements Deposits on short sales Short sale proceeds payable Guarantee deposit received on borrowed securities Futures traders’ equity Equity for each customer in the account Accounts payable Advance receipts Collections on behalf of third parties Other payables Other financial liabilities - current Other current liabilities

Year ended December 31 Notes 2024 2023 $ 4,929,526 $ 3,214,495 6(2)(33) 931,859 ( 1,728,970 ) 6(35) ( 149,246 ) 1,376,328 6(39) ( 15,150 ) 17,916 6(44) 254,774 234,094 6(44) 99,818 79,179 6(42) 1,605,888 934,881 6(32)(46) ( 2,988,166 ) ( 1,939,759 ) ( 878,803 ) ( 3,695,724 ) 6(11) ( 305,992 ) ( 124,630 ) 6(12) 37 89 ( 52 ) ( 1 ) 6(46) 16,261 ( 9,112 ) ( 8,651,028 ) ( 27,583,578 ) ( 882,770 ) ( 356,049 ) ( 4,521,636 ) ( 6,880,485 ) ( 4,665 ) 92,154 ( 4,037 ) 70,923 ( 9,352,961 ) ( 5,152,261 ) ( 15,019,423 ) 257,138 48,512 708,180 101,266 2,901,925 1,137 ( 712 ) ( 10,007,998 ) ( 8,795,781 ) 247 4 12,378 ( 10,977 ) 188 9,420 ( 1,444,815 ) 225,089 3,214,472 ( 62,336 ) ( 3,550,625 ) 12,175,082 287,599 ( 888,263 ) 543,586 ( 646,458 ) ( 658,432 ) ( 174,583 ) 15,024,480 ( 265,692 ) 1,121,057 586,157 10,381,314 6,183,634 40 1,366 343,618 ( 130,340 ) 599,628 668,702 8,577,564 2,439,933 5,316 842

(Continued)

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(Expressed in thousands of New Taiwan dollars)

Cash outflow generated from operations Interest received Dividends received Income tax paid Net cash flows used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment Acquisition of intangible assets (Increase) decrease in other non-current assets Increase in prepayment for equipment Net cash flows used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Increase (decrease) in short-term loans Increase (decrease) in commercial papers payable Increase (decrease) in other non-current liabilities Payments of lease liabilities Interest paid Distribution of cash dividends Changes in non-controlling interest Net cash flows from financing activities Effect of exchange rate changes Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

Year ended December 31 Notes 2024 2023 ( $ 10,335,234 ) ( $ 26,268,180 ) 2,614,266 1,742,307 1,083,695 3,851,936 ( 496,993 ) ( 205,839 ) ( 7,134,266 ) ( 20,879,776 ) 6(12) ( 95,234 ) ( 65,232 ) 6(16) ( 27,915 ) ( 30,338 ) ( 269,301 ) ( 46,982 ) ( 161,051 ) ( 127,016 ) ( 553,501 ) ( 269,568 ) 1,859,461 6,669,759 11,860,000 15,320,000 ( 33,760 ) ( 3,564 ) ( 75,678 ) ( 76,663 ) ( 1,650,472 ) ( 870,191 ) ( 1,921,697 ) ( 567,774 ) ( 7,619 ) ( 4,867 ) 10,030,235 20,466,700 ( 132,307 ) ( 1,951 ) 2,210,161 ( 684,595 ) 5,509,978 6,194,573 $ 7,720,139 $ 5,509,978

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

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2024 AND 2023

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

1. HISTORY AND ORGANIZATION

• 1) President Securities Corporation (the “Company”) was incorporated as a company limited by shares under the provisions of the Company Law of the Republic of China (R.O.C.) on December 17, 1988 and was renamed as President Securities Corporation on March 4, 1989. The Company started commercial operations on April 3, 1989. As of December 31, 2024, the Company had 31 operating branches (including the Head Office), and established Offshore Securities Unit in July 2014.

• 2) The Company and its subsidiaries (collectively referred herein as the “Group”) are primarily engaged in underwriting of securities, dealing or brokerage business of securities at the securities exchange markets and business premises, registration and transfer agency service for securities, margin loans and short sales business of securities, securities lending and borrowing business, futures introducing brokerage services, futures dealing, issuance of call (put) warrants, new financial instrument transactions, wealth management business, and trust business.

• 3) The Company’s shares are listed on the Taiwan Stock Exchange.

• 4) The number of employees of the Group were 1,760 and 1,690 as of December 31, 2024 and 2023, respectively.

• THE DATE OF AUTHORIZATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL STATEMENTS AND PROCEDURES FOR AUTHORIZATION

• These consolidated financial statements were authorized for issuance by the Board of Directors on February 26, 2025.

• APPLICATION OF NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS 1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS[®] ”) Accounting Standards that came into effect as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments that came into effect as endorsed by the FSC and became effective from 2024 are as follows:

Effective date by International Accounting New Standards, Interpretations and Amendments Standards Board Amendments to IFRS 16, ‘Lease liability in a sale and leaseback’ January 1, 2024

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New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
Amendments to IAS 1, ‘Classification of liabilities as current or non- current’ Amendments to IAS 1, ‘Non-current liabilities with covenants’ Amendments to IAS 7 and IFRS 7, ‘Supplier finance arrangements’	January 1, 2024 January 1, 2024 January 1, 2024

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

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

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

effective from 2025 are as follows:
New Standards,Interpretations andAmendments	Effective date by International Accounting Standards Board
Amendments to IAS 21, ‘Lack of exchangeability’	January 1, 2025

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

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

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

New Standards,Interpretations and Amendments

Effective date by International Accounting Standards Board

Amendments to IFRS 9 and IFRS 7, ‘Amendments to the classification and measurement of financial instruments’ Amendments to IFRS 9 and IFRS 7, ‘Contracts referencing nature- dependent electricity’ Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ IFRS 17, ‘Insurance contracts’ Amendments to IFRS 17, ‘Insurance contracts’ Amendment to IFRS 17, ‘Initial application of IFRS 17 and IFRS 9 – comparative information’ IFRS 18, ‘Presentation and disclosure in financial statements’ IFRS 19, ‘Subsidiaries without public accountability: disclosures’ Annual Improvements to IFRS Accounting Standards—Volume 11

January 1, 2026 January 1, 2026 To be determined by International Accounting Standards Board January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2027 January 1, 2027 January 1, 2026

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

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

4. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

1) Compliance statement

• The consolidated financial statements of the Group have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Firms, and Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants, and the International Financial Reporting Standards, International Accounting Standards, IFRIC[®] Interpretations, and SIC[®] Interpretations that came into effect as endorsed by the Financial Supervisory Commission (collectively referred herein as the “IFRSs”) .

2) Basis of preparation

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

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

• (B) Financial assets at fair value through other comprehensive income.

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

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

3) Basis of consolidation

• A. Basis for preparation of consolidated financial statements:

• (A)All subsidiaries are included in the Group’s consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns

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through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries.

• (B) Intercompany transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

• (C) Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

• (D)Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary (transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their capacity as owners. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.

• (E) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognized in profit or loss. All amounts previously recognized in other comprehensive income in relation to the subsidiary are reclassified to profit or loss, on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognized in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

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B. Subsidiaries included in the consolidated financial statements:

Name of Investor	Name of Subsidiary	Main Business Activities Futures brokerage and dealer Securities investment consulting Securities dealer, brokerage, underwriting and consulting (Note 3) Insurance Agent Consultation of investment management and venture capital; other unprohibited or unrestricted businesses beyond the permit Wealth management Nominee Service	Ownership (%)	Ownership (%)
			December 31, 2024 96.69% 100% 100% 100% 100% - (Note 2) - (Note 2)	December 31, 2023
The Company ″ ″ ″ ″ ″ ″	President Futures Corp. (President Futures) President Capital Management Corp. (President Capital Management) President Securities (HK) Ltd.(President Securities (HK)) (Note 1) President Insurance Agency Corp. (President Insurance Agency) PSC Venture Capital Investment Company Limited (President Venture Capital) President Wealth Management(HK) Ltd.(President Wealth Management (HK)) President Securities (Nominee) Ltd. (President Securities (Nominee))			96.69% 100% 100% 100% 100% 100% 100%

Note 1: Subsidiary President Securities (HK) Ltd. was approved by the Board of Directors in March 2022 to deal with the dissolution and liquidation matters, and the liquidation process is currently in progress.

Note 2: The dissolution and liquidation of President Securities (Nominee) and President Wealth management (HK) were approved by the Board of Directors in March 2022. The liquidation of President Securities (Nominee) was completed in January 2024, and that of President Wealth Management (HK) was completed in July 2024, so they were no longer included in the consolidated entity.

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• Note 3: President Securities (HK) Ltd. has completed the deregistration of securities trading-related licenses on March 27, 2024, and has no securities-related business activities.

• Note 4: The subsidiary, President Futures, will undergo a cash capital increase of $500,400. On December 25, 2024, the Company’s Board of Directors approved to participate in the subscription according to its shareholding ratio.

4) Classification of current and non-current items

• A. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:

  • (A)Assets arising from operating activities that are expected to be realized, or are intended to be sold or consumed within the normal operating cycle;

  • (B) Assets held mainly for trading purposes;

  • (C) Assets that are expected to be realized within twelve months from the balance sheet date;

  • (D)Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to pay off liabilities more than twelve months after the balance sheet date.

• B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:

  • (A)Liabilities that are expected to be paid off within the normal operating cycle;

  • (B) Liabilities arising mainly from trading activities;

  • (C) Liabilities that are to be paid off within twelve months from the balance sheet date;

  • (D)It does not have the right at the end of the reporting period to defer settlement of the liability at least twelve months after the reporting period.

• 5) Translation of foreign currency transactions

• A.Foreign currency translation and presentation

  • Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which the Group operates (the “functional currency”). Functional currency and bookkeeping currency of the Company and its domestic subsidiaries are all New Taiwan Dollars; functional currency and bookkeeping currency of overseas subsidiary-President Securities (HK) are Hong Kong Dollars. The consolidated financial statements are presented in New Taiwan Dollars.

• B.Foreign currency transactions and balances

  • Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions.

  • Monetary assets and liabilities denominated in foreign currencies are translated by the closing exchange rate at balance sheet date. The closing exchange rate is determined by the market exchange rate. Non-monetary assets and liabilities denominated in foreign

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currencies which are carried at historical cost are translated by the exchange rates prevailing at the original transaction date. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are retranslated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognized in other comprehensive income.

• C.Translation of foreign operations

• The operating results and financial position of all the group entities, associates and joint arrangements that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• (A)Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;

• (B) Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and

• (C) All resulting exchange differences are recognized in other comprehensive income.

6) Cash and cash equivalents

• A. In the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with banks, and other short-term highly liquid investments.

• B. Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Time deposits maturing within one year that meet the definition above and are held for the purpose of meeting short-term cash commitments in operations are classified as cash equivalents.

7) Financial assets and financial liabilities at fair value through profit or loss

• A. Financial assets at fair value through profit or loss are financial assets that are not measured at amortized cost or fair value through other comprehensive income.

• B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are recognized and derecognized using trade date accounting.

• C. At initial recognition, the Group measures the financial assets at fair value and recognizes the transaction costs in profit or loss. The Group subsequently measures the financial assets at fair value, and recognizes the gain or loss in profit or loss.

• D. The Group recognizes the dividend income when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

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8) Financial assets at fair value through other comprehensive income

• A. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Group has made an irrevocable election at initial recognition to recognize changes in fair value in other comprehensive income and debt instruments which meet all of the following criteria:

  • (A) The objective of the Group’s business model is achieved both by collecting contractual cash flows and selling financial assets; and

  • (B) The assets’ contractual cash flows represent solely payments of principal and interest.

• B. On a regular way purchase or sale basis, available-for-sale financial assets are recognized and derecognized using trade date accounting.

• C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. The Group subsequently measures the financial assets at fair value:

  • (A) The changes in fair value of equity investments that were recognized in other comprehensive income are reclassified to retained earnings and are not reclassified to profit or loss following the derecognition of the investment. Dividends are recognized as revenue when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

  • (B) Except for the recognition of impairment loss, interest income and gain or loss on foreign exchange which are recognized in profit or loss, the changes in fair value of debt instruments are taken through other comprehensive income. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss.

• 9) Notes and accounts receivable, other receivables and margin loans receivable

• A. Accounts and notes receivable and margin loans receivables entitle the Group a legal right to receive consideration in exchange for transferred goods or rendered services.

• B. The short-term accounts and notes receivable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

10) Bonds sold under repurchase agreements and bonds purchased under resale agreements

• Bond transactions under repurchase or resale agreements are stated at the amount of actual payment or receipt. When transactions of bonds with a condition of resale agreements occur, the actual payment or receipt shall be recognized in ‘bonds purchased under resale agreements’ under current assets. When transactions of bonds with a condition of repurchase agreements occur, the actual payment or receipt shall be recognized in ‘bonds sold under repurchase agreements’ under current liabilities. Any difference between the actual payment/receipt and predetermined redemption (repurchase) price is recognized in interest income or interest expense.

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11) Impairment of financial assets

• For debt instruments measured at fair value through other comprehensive income, at each reporting date, the Group recognizes the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognizes the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Group recognizes the impairment provision for lifetime ECLs.

12) Derecognition of financial instruments

• A.Derecognition of financial assets

• The Group derecognizes a financial asset when one of the following conditions is met:

• (A) The contractual rights to receive cash flows from the financial asset expire.

• (B) The contractual rights to receive cash flows from the financial asset have been transferred and the Group has transferred substantially all risks and rewards of ownership of the financial asset.

• (C) The contractual rights to receive cash flows of the financial asset have been transferred; however, the Group has not retained control of the financial asset.

• B.Derecognition of financial liabilities

• A financial liability is derecognized when the obligation under the liability specified in the contract is discharged or cancelled or expires.

13) Offsetting financial instruments-associates

• Financial assets and liabilities are offset and reported in the net amount in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

14) Investments accounted for under the equity method-associates

• A.Associates are all entities over which the Group has significant influence but not control. In general, it is presumed that the investor has significant influence, if an investor holds, directly or indirectly 20 percent or more of the voting power of the investee. Investments in associates are accounted for using the equity method and are initially recognized at cost.

• B. The Group’s share of its associates’ post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognize further losses, unless it has incurred statutory/constructive obligations or made payments on behalf of the associate.

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• C. When changes in an associate’s equity that are not recognized in profit or loss or other comprehensive income of the associate and such changes not affecting the Group’s ownership percentage of the associate, the Group recognizes its share of change in equity of the associate in ‘capital reserve’ in proportion to its ownership.

• D. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

• E. When there are objective evidences of impairment, at balance sheet date, the Group considers the whole investment carrying amount as single asset, and compares its recoverable amount (value in use or fair value less costs of disposal) with the carrying amount, to test its impairment. Value in use is determined by the present value of the Group’s share of the expected future cash flow from the associates. If the recoverable amount is less than its carrying amount, an impairment loss should be recognized. The loss will not be allocated to any of the components (including goodwill), which comprise the carrying amount of the investment. An impairment loss recognized in prior periods shall be reversed if circumstances of impairment no longer exist or have decreased.

15) Property and equipment

• A. Property and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are capitalized.

• B. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

• C. Land is not depreciated. Other property and equipment are subsequently measured using the cost model and depreciated using the straight-line method to allocate their cost over their estimated useful lives.

• D. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. If expectations for the assets’ residual values and useful lives differ from previous estimates or the patterns of consumption of the assets’ future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’, from the date of the change. The estimated useful lives of property and equipment are as follows:

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Buildings Equipment Leasehold improvements	Useful lives
	5~50 years 3~10 years 3~5 years

• E. When an asset is sold or retired, the cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is included in current operations.

16) Leasing arrangements (lessee) － right-of-use assets/ lease liabilities

• A. Leases are recognized as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. For short-term leases or leases of low value assets, lease payments are recognized as an expense on a straightline basis over the lease term.

• B. Lease liabilities include the net present value of the remaining lease payments at the commencement date, discounted using the incremental borrowing interest rate. Lease payments are mainly comprised of fixed payments.

• The Group subsequently measures the lease liability at amortized cost using the interest method and recognizes interest expense over the lease term. The lease liability is remeasured and the amount of remeasurement is recognized as an adjustment to the right-of-use asset when there are changes in the lease term or lease payments and such changes do not arise from contract modifications.

• C. At the commencement date, the right-of-use asset is stated at cost comprising mainly the amount of the initial measurement of lease liability.

• The right-of-use asset is measured subsequently using the cost model and is depreciated from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. When the lease liability is remeasured, the amount of remeasurement is recognized as an adjustment to the right-of-use asset.

17) Investment property

• A. Investment property of the Group is the property held either to earn long-term rental income or for capital appreciation or for both.

• B. Part of the property may be held by the Group for self-use purpose and the remaining are used to generate rental income or capital appreciation. If the property held by the Group can be sold individually, then the accounting treatment should be made respectively. If each part of the property cannot be sold individually and the self-use proportion is not material, then the property is deemed as investment property in its entirety.

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• C. When the future economic benefit related to the investment property is highly likely to flow into the Group and the costs can be reliably measured, the investment property shall be recognized as assets. When the future economic benefit generated from subsequent costs is highly likely to flow into the entity and the costs can be reliably measured, the subsequent expenses of the assets shall be capitalized. All maintenance cost are recognized in profit or loss as incurred.

• D. Investment property is subsequently measured using the cost model. Depreciated cost is used to calculate amortization expense after initial measurement. The depreciation method, remaining useful life and residual value should apply the same rules as applicable for property and equipment.

18) Intangible assets

• A. The cost of computer software is amortized using the straight-line method over the useful lives based on acquisition cost, with an amortization period of 4 years.

• B. Membership in a foreign futures exchange is stated at acquisition cost and has an indefinite useful life as it was assessed to generate continuous net cash inflow in the foreseeable future. It is not amortized, but is tested annually for impairment.

• C. In accordance with IFRS 3 ‘Business combinations’ as endorsed by FSC, goodwill arises when the acquisition cost exceeds the fair value of identifiable assets and liabilities of the consolidated subsidiary on the consolidation date. The goodwill arising from the consolidated subsidiary is included in the intangible asset. Goodwill is tested annually for impairment and any impairment loss will be recognized when impairment occurs. Impairment losses on goodwill are not reversed.

19) Impairment of non-financial assets

• A. The Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. Except for goodwill, when the circumstances or reasons for recognizing impairment loss for an asset in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not be more than what the depreciated or amortized historical cost would have been if the impairment had not been recognized.

• B. The recoverable amounts of goodwill, intangible assets with an indefinite useful life and intangible assets that have not yet been available for use are evaluated periodically. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. Impairment loss of goodwill previously recognized in profit or loss shall not be reversed in the following years.

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• C. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the business combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.

20) Financial liabilities at fair value through profit or loss

• A. Financial liabilities are classified in this category of held for trading if acquired principally for the purpose of repurchasing in the short-term. Derivatives are also categorized as financial liabilities held for trading unless they are designated as hedges.

• B. At initial recognition, the Group measures the financial liabilities at fair value. All related transaction costs are recognized in profit or loss. The Group subsequently measures these financial liabilities at fair value with any gain or loss recognized in profit or loss.

21) Contingent liabilities

Contingent liability is a possible obligation that arises from past event, whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. Or it could be a present obligation as a result of past event but the payment is not probable or the amount cannot be measured reliably. The Group did not recognize any contingent liabilities but made appropriate disclosure in compliance with relevant regulations.

22) Employee benefits

• A. Short-term employee benefits

Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period and should be recognized as expenses in that period when the employees render service.

• B. Termination benefits

Termination benefits are employee benefits provided in exchange for the termination of employment as a result from either the Group’s decision to terminate an employee’s employment before the normal retirement date, or an employee’s decision to accept an offer of redundancy benefits in exchange for the termination of employee. The Group recognized expense as it can no longer withdraw an offer of termination benefit or it recognizes relating restructuring costs, whichever is earlier. Benefits that are expected to be due more than 12 months after balance sheet date shall be discounted to their present value.

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C. Pensions

• (A) Defined contribution plans

  • Effective July 1, 2005, the Group established the defined contribution plan for employees of R.O.C. nationality. The employees have the option to participate in the New Plan. Under the New Plan, the Company contributes monthly an amount equivalent to fixed ratio of employees’ salaries to the employees’ personal pension accounts with the “Bureau of Labor Insurance”. Benefits accrued under the New Plan are portable upon termination of employment. Net defined benefit asset can only be recognized when there is a cash refund or elimination in the future accrued pension liabilities.

• (B) Defined benefit plans

  • a.In a defined benefit plan, the pension paid is determined based on the amount that an employee shall receive upon retirement, which could vary with age, work seniority and salary compensations. The Group recognizes the accrued pension obligations in the consolidated balance sheet based on the net amount of actuarial present value of defined benefit obligation less the fair value of fund, which is adjusted with the net of past service cost recognized as liabilities. Defined benefit obligation is assessed annually using projected unit credit method by the actuary. The present value of the defined benefit obligation is determined using the market yield of government bonds of a currency and term consistent with the currency and term of the employment benefit obligations.

  • b.Remeasurement arising on defined benefit plans are recognized in other comprehensive income in the period in which they arise and are recorded as retained earnings.

• D. Employees’ remuneration and directors’ remuneration

• Employees’ and directors’ remuneration are recognized as expenses and liabilities, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates.

23) Revenues and expenses

The Group’s revenues and expenses are recognized as incurred, which mainly include:

• A. Gains (losses) on sale of securities, securities brokerage fees, and commissions on brokerage and trading are recognized on the transaction date.

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• B. Underwriting fees and related service charges: application fees are recognized upon collection; underwriting fees and service charges are recognized when the contract is completed.

• C. Gains (losses) on futures contracts: The margin of futures transaction is recognized as cost. Costs and expenses are recognized as incurred.

• D. Operating expenses: operating expenses refer to required expenses invested in the Group’s operations, which primarily include employee benefit expense, depreciation and amortization, and other business and administrative expenses.

• 24) Income tax

• A. Current income tax

  • Income tax payable (refundable) is calculated on the basis of the tax laws enacted in the countries where a company operates and generates taxable income. Except for the transactions or other matters directly recognized in other comprehensive income or equity, in which cases the related income taxes in the period are recognized in other comprehensive income or directly derecognized from equity, all the others should be recognized as income or expense for the period.

• B. Deferred income tax

  • Deferred income tax assets and liabilities are measured based on the tax rate of the anticipated period that the future assets realization or the liabilities settlement requires, which is based on the effective or existing tax rate at the consolidated balance sheet date. The carrying amounts and temporary differences of assets and liabilities included in the consolidated balance sheet are calculated using the balance sheet method and recognized as deferred income tax. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit (loss) and does not give rise to equal taxable and deductible temporary differences. Deferred income tax assets are recognized only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. If the future taxable income is probable to provide unused loss carryforwards or deferred income tax credit which can be realized in the future, the proportion of realization is deemed as deferred income tax asset.

• C. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions for income tax liabilities where appropriate based on the amounts expected to be paid to the tax authorities. An additional tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

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• D. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to settle on a net basis or realize the asset and settle the liability simultaneously.

25) Share capital

• A. Incremental costs directly attributable to the issuance of new shares are shown as a deduction, net of tax, from equity. Dividends from common stocks are recognized as equity in the financial period in which they are approved by the Company’s shareholders. If the date of dividends declared is later than the consolidated balance sheet date, common stocks are disclosed in the subsequent events.

• B. Where the Company repurchases the Company’s equity share capital that has been issued, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders. Where such shares are subsequently reissued, the difference between their book value and any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company’s equity holders.

26) Earnings per share

• A. Earnings per share is calculated by dividing net income by the weighted average number of shares outstanding during the year after taking into consideration the retroactive effect of stock dividends and capital reserve capitalized.

• B. When the Group calculates earnings per share, basic earnings per share and diluted earnings per share for all potential ordinary shares shall all be disclosed in accordance with IAS 33 “Earnings per share”.

27) Operating segments

The Group’s operating segments are reported in a manner consistent with the internal reports provided to the Chief Operating Decision-Maker. The Group’s performance of segment profit (loss) is assessed based on the profit (loss) before tax, but not segment income, assets and liabilities. The Chief Operating Decision-Maker is responsible for allocating resources and assessing performance of the operating segments.

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5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

• 1) As the consolidated financial statements of the Group may be affected by the adoption of accounting policy, accounting estimate and assumption, the Group’s management shall properly exercise its professional judgement, estimates, and assumptions on the information of the key risks that is obtained from other resources and could affect the carrying amounts of financial assets and liabilities in the next fiscal year while adopting critical accounting policies as stated in Note 4. Estimates and assumptions of the Group are the best estimates made in compliance with IFRSs as endorsed by the FSC. Estimates and assumptions are made based on past experience and other factors deemed relevant; however, the actual results may differ from the estimates. The Group evaluates the estimates and assumptions on an ongoing basis and recognizes the adjustment of the estimates only in the period which is affected by the adjustment. If the adjustment simultaneously affects both the current and future periods, it should be recognized in both periods.

• 2) Relevant information on key assumptions to be made in the future, key sources of assumption uncertainty made at balance sheet date, and assumptions and estimates that may cause key risks that could affect the carrying amounts of financial assets and liabilities are as follows:

• A. Fair value of financial instruments

  • Financial instruments with no active market or quoted price use valuation technique to determine the fair value. Under such condition, fair value is assessed through the observable information or models of similar financial instruments. If there is no observable input available in a market, the fair value of financial instrument is assessed through appropriate assumptions. When valuation models are adopted to determine the fair value, all the models should be calibrated to ensure that the output can actually reflect actual information and market price. Models should try to take only observable information as much as possible.

• B. Expected credit losses

  • For financial assets, the measurement of expected credit losses uses complex models and multiple assumptions. These models and assumptions take into account future macro-economic conditions and credit behaviors of borrowers (e.g. probability of customer default and loss). Please refer to Note 12(2) for detailed information on parameters, assumptions, and estimation methods used in measuring expected credit losses and disclosure of the sensitivity of credit loss to the aforementioned factors. The measurement of expected credit losses according to applicable accounting rules involves significant judgement in several areas, for example:

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• (A)The criteria used to judge whether there is significant increase in credit risk.

• (B)The selection of appropriate models and assumptions for measuring expected credit losses.

For judgements and estimations of the above expected credit losses, please refer to Note 12(2).

• C. Impairment assessment on investment accounted for under the equity method

• When there are impairment indicators that show the investments accounted for under equity method are impaired and the carrying amount can no longer be recovered, the Group will assess the impairment of the investment. The Group assesses its share of the recoverable amount which is based on the discounted value of expected cash flow, and assess the reasonableness of relevant assumptions, including revenue growth rate, operating profit margin, net profit margin, financial forecast, and discount rate.

• D. Impairment assessment of goodwill

• The periodic impairment assessment of goodwill includes allocation of assets, liabilities, and goodwill to brokerage segment, and determines the recoverable amount based on brokerage segment’s present value of expected future cash flow. The periodic assessment also analyzes reasonableness of relevant assumptions, including expected future trading volumes, market share, segment’s operating profit margin, and discount rates.

6. DETAILS OF SIGNIFICANT ACCOUNTS

1) Cash and cash equivalents

rates. AILS OF SIGNIFICANT ACCOUNTS Cash and cash equivalents
Petty cash Checking deposits Current deposits: Deposits denominated in NTD Deposits denominated in foreign currencies Time deposits Total	December 31, 2024 150 $ 652,376 1,738,726 1,341,884 3,987,003 7,720,139 $	December 31, 2023
		150 $ 608,351 811,348 722,937 3,367,192
		5,509,978 $

As of December 31, 2024 and 2023, the annual interest rates of time deposits, including foreign time deposits were 0.665%~ 5.250% and 0.555%~5.500%, respectively.

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2) Financial assets at fair value through profit or loss

Current items: Financial assets mandatorily measured at fair value through profit or loss: Security lending Security lending Adjustment of security lending Total Open-ended funds, money market instruments and securities investment by brokers Open-ended mutual funds beneficiary Exchange-traded funds Subtotal Adjustment of open-ended funds, money market instruments and securities investment by brokers Total Trading securities-dealer Listed (TSE and OTC) stocks Government bonds Corporate bonds Convertible corporate bonds Emerging stocks Overseas stocks Exchange-traded funds Unlisted stocks Subtotal Adjustment of trading securities - dealer Total Trading securities-underwriter Listed (TSE and OTC) stocks Convertible corporate bonds Subtotal Adjustment of trading securities - underwriter Total Trading securities-hedging Listed (TSE and OTC) stocks Corporate bonds Convertible corporate bonds Warrants Overseas stocks Exchange traded funds Subtotal Adjustment of trading securities - hedging Total	December 31, 2024 26,015 $ 1,004) ( 25,011 352,740 116,807 469,547 3,393 472,940 8,767,530 99,972 3,613,718 1,421,755 245,565 7,919,695 5,272,039 168,945 27,509,219 477,428 27,986,647 67,610 783,244 850,854 152,654 1,003,508 8,605,280 4,350,000 14,190,274 38,420 438,295 25,222 27,647,491 31,959 27,679,450	December 31, 2023 89,389 $ 1,613) ( 87,776 240,985 65,080
		306,065 11,488
		317,553
		6,431,803 1,693,534 4,054,695 1,358,491 259,975 12,310,430 2,572,774 170,943
		28,852,645 623,506
		29,476,151
		95,604 602,696
		698,300 175,242
		873,542
		8,028,344 100,000 9,315,389 15,694 104,122 15,141
		17,578,690 527,952
		18,106,642

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Options bought-futures Futures Margin-Own Funds Derivative financial instrument assets-OTC Total Non-current items: Financial assets mandatorily measured at fair value through profit or loss: Trading securities - dealer - government bonds Unlisted stocks Others Subtotal Adjustment of trading securities Total	December 31, 2024 $747 4,176,721 60,058 61,405,082 $ December 31, 2024 $ 49,878 435 50,000 100,313 17,358 117,671 $	December 31, 2023 $5,547 4,830,957 829 53,698,997 $ December 31,2023
		$ 49,829 435 50,000 100,264 18,016 118,280 $

• a. For the years ended December 31, 2024 and 2023, net realized and unrealized gains (losses) on financial assets and liabilities at fair value through profit or loss amounted to $3,917,517 and $317,007, respectively.

• b. Details of the Group’s financial assets at fair value through profit or loss pledged to others as collateral are provided in Note 8.

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

3) Financial assets at fair value through other comprehensive income

December31,2024 Current items: Equity instruments: Trading securities-dealer Listed (TSE and OTC) stocks 279,894 $ Adjustment of trading securities - dealer 543,717 Subtotal 823,611 Debt instruments: Trading securities-dealer Overseas bonds 3,681,435 Adjustment of trading securities - dealer 9,156) ( Subtotal 3,672,279 Total 4,495,890 $ December 31, 2024 Non-current items: Equity instruments: Unlisted stocks 37,565 $ Adjustment of trading securities 1,414,996 Total 1,452,561 $	December31,2023
	189,812 $ 205,719
	395,531
	2,681,326 1,823
	2,683,149
	3,078,680 $
	December 31, 2023
	37,565 $ 1,130,723
	1,168,288 $

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• a. The Group has elected to classify stocks investments that are considered to be strategic investments and stably receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounts to $2,276,172 and $1,563,819 as at December 31, 2024 and 2023, respectively.

a. The Group has elected to classify stocks investments that are considered to be strategic investments and stably receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounts to $2,276,172 and $1,563,819 as at December 31, 2024 and 2023, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and stably receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounts to $2,276,172 and $1,563,819 as at December 31, 2024 and 2023, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and stably receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounts to $2,276,172 and $1,563,819 as at December 31, 2024 and 2023, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and stably receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounts to $2,276,172 and $1,563,819 as at December 31, 2024 and 2023, respectively.
b. Amounts recognized in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below: Equity instruments at fair value through other comprehensive income Year ended December 31,2024 Year ended December 31,2023 Fair value change recognised in other comprehensive income - parent company 616,356 $ 85,564 $ Fair value change recognised in other comprehensive income - non-controlling interest 5,915 801) ( Total 622,271 $ 84,763 $ Dividend income recognised in profit or loss Held at end of period 32,978 $ 34,087 $ Debt instruments at fair value through other comprehensive income Year ended December 31,2024 Year ended December 31,2023 Fair value change recognised in other comprehensive income 3,556) ($ 126,397 $ Interest income recognised in profit or loss 90,103 $ 95,230 $
	616,356 $ 5,915 622,271 $ 32,978 $ Year ended December 31,2024	85,564 $ 801) ( 84,763 $ 34,087 $ Year ended December 31,2023
	3,556) ($ 90,103 $		126,397 $ 95,230 $

• c. Details of the Group’s financial assets at fair value through other comprehensive income pledged to others as collateral are provided in Note 8.

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

4) Margin loans receivable

Margin loans receivable were secured by the securities purchased by customers under margin loans. The annual interest rate was 6.4%.

5) Customer margin account

Bank deposit Futures clearing house Other futures commission merchant Securities Total	December 31,2024 23,313,389 $ 5,315,769 6,916,025 357 35,545,540 $	December 31,2023 14,568,406 $ 3,207,614 2,749,733 364 20,526,117 $

The difference between the customer margin deposits accounts and futures traders’ equity as of December 31, 2024 and 2023, were outlined below:

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6)

Accounts receivable December 31, 2024 December 31, 2023 Customer margin deposits accounts 35,545,540 $ 20,526,117 $ Add: Early customer margin deposits 11,446 8,915 Less: Service fee income pending for transfer 18,959) ( 29,470) ( Futures exchange tax pending for transfer 1,180) ( 725) ( Temporary receipts 14,473) ( 6,943) ( Futures trader’s equity 35,522,374 $ 20,497,894 $ December 31, 2024 December 31, 2023 Accounts receivable - related parties 944 $ 1,191 $ Accounts receivable - non related parties Settlement price receivable-brokers 14,492,455 $ 13,698,197 $ Settlement price receivable-dealer 3,165,884 1,473,114 Settlement price receivable-foreign bonds 9,987,065 916,071 Spot exchange receivable, foreign currencies 56,868 37,393 Interest receivable 821,069 478,227 Settlement price 625,228 1,780,200 Others 334,644 712,540 Subtotal 29,483,213 19,095,742 Less: Allowance for uncollectable accounts 491) ( 641) ( Total 29,482,722 $ 19,095,101 $

A. The ageing analysis of accounts receivable that were past due but not impaired is as follows:

ollows:
Accounts receivable Accounts receivable - related parties Accounts receivable - non related parties Total Accounts receivable Accounts receivable - related parties Accounts receivable - non related parties Total			December	31,2024		Total
	Up to 30 days	31 to 90 days	91 to 180 days	181 days to 12 months	More than 12 months
	763 $ 28,682,701 28,683,464 $	181 $ 138,774 138,955 $	- $ 143,370 143,370 $ December	- $ 381,924 381,924 $ 31, 2023	- $ 136,444 136,444 $	944 $ 29,483,213 29,484,157 $ Total
	Up to 30 days	31 to 90 days	91 to 180 days	181 days to 12 months	More than 12 months
	763 $ 18,635,202 18,635,965 $	428 $ 119,962 120,390 $	- $ 151,182 151,182 $	- $ 122,488 122,488 $	- $ 66,908 66,908 $	1,191 $ 19,095,742 19,096,933 $

Note: The above ageing analysis was based on invoice date.

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

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7) Other receivables

Other receivables
Information relating to credit risk is provided in Other current assets Interest receivable Others Subtotal Less: Allowance for uncollectible accounts Total Pending settlements Pledged time deposits Deposits-in for foreign currency securities Underwriting share proceeds collected on behalf of customers Amounts held for each customer in the account Others Total	Note 12(2). December 31,2024 81,387 $ 19,770 101,157 275) ( 100,882 $ December 31,2024 178,819 $ 500,000 44,257 383,532 1,973,140 90,939 3,170,687 $	December 31,2023 54,949 $ 19,958 74,907 275) ( 74,632 $ December 31,2023
		282,289 $ 400,000 47,264 90,245 852,083 53,991
		1,725,872 $

8) Other current assets

9) Transfer of financial assets

A. During the Group’s activities, the transferred financial assets that do not meet derecognition conditions are mainly debt instruments with purchase agreements or debt instruments lent out in accordance with securities borrowing and lending agreement. The cash flow of the contract has been transferred and related liabilities of transferred financial assets that will be repurchased at a fixed price in the future have been reflected. The Group may not use, sell or pledge the transferred financial assets during the valid period of the transaction. The financial assets were not derecognized as the Group is still exposed to interest rate risk and credit risk.

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• B. Financial assets that do not meet the derecognition conditions and related financial liabilities are analysed below:

liabilities are analysed below:	liabilities are analysed below:
December31,2024		Carrying amount of related financial liabilities
Financial assets category Carrying amount of transferred financial assets Financial assets measured at fair value through profit or loss Repurchase agreement 16,421,349 $ December31,2023	Carrying amount of transferred financial assets
		15,589,881 $ Carrying amount of related financial liabilities
Financial assets category Financial assets measured at fair value through profit or loss Repurchase agreement Financial assets measured at fair value through other comprehensive income Repurchase agreement	Carrying amount of transferred financial assets
	17,723,768 $ 2,651,447	16,573,700 $ 2,566,806

10) Offsetting financial assets and financial liabilities

• A. The Group has transactions that are or are similar to net settled master netting arrangements but do not meet the offsetting criteria, i.e. derivative financial instruments, resale and repurchase agreements. If one party breaches the contract, the counterparty can choose to use net settlement for the above transactions.

(Blank below)

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B. The offsetting of financial assets and financial liabilities are set as follows:

(1)Financial assets

inancial assets
			December 31, 2024
Derivative financial instruments Description		Gross amounts of recognised financial assets	Gross amounts of recognised financial liabilities set off in the balance sheet			Net amounts of financial assets presented in the balance sheet		Financial instruments Cash collateral received 43,442 $ - $ 16,616 $ Net set off in the balance sheet Net amount
								Financial instruments 43,442 $
		60,058 $
Derivative financial instruments Description		Gross amounts of recognised financial assets	Gross amounts of recognised financial liabilities set off in the balance sheet			Net amounts of financial assets presented in the balance sheet		Financial instruments Cash collateral received 829 $ - $ - $ Net set off in the balance sheet Net amount
								Financial instruments 829 $
		829 $		- $		829 $

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(2) Financial liabilities

Financial liabilities
				December31,2024
Derivative financial instruments Bonds sold under repurchase agreements Total Description		Gross amounts of recognised financial liabilities		Gross amounts of recognised financial assets set off in the balance sheet		Net amounts of financial liabilities presented in the balance sheet		Financial instruments Cash collateral received 43,442 $ - $ 12,017,016 - 12,060,458 $ - $ Net set off inthe balance sheet	Net amount
								Financial instruments 43,442 $ 12,017,016 12,060,458 $
		43,442 $ 12,017,016 12,060,458 $							- $ -
									- $
Derivative financial instruments Bonds sold under repurchase agreements Total Description		Gross amounts of recognised financial liabilities		Gross amounts of recognised financial assets set off in the balance sheet		Net amounts of financial liabilities presented in the balance sheet		Financial instruments Cash collateral received 829 $ - $ 13,998,281 - 13,999,110 $ - $ Net set off in the balance sheet	Net amount
								Financial instruments 829 $ 13,998,281 13,999,110 $
		33,039 $ 13,998,281 14,031,320 $		- $ - - $		33,039 $ 13,998,281 14,031,320 $			32,210 $ -
									32,210 $

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11) Investments accounted for under the equity method

Uni-President Asset Management Corp. Jin Yuan President Securities Co., Ltd.	December31,2024 970,159 $ 2,641,462 3,611,621 $	December31,2023 797,207 $ 2,615,717 3,412,924 $

• A. The Group’s share of its associates’ profits or losses recognized in long-term equity investment accounted for under the equity method for the years ended December 31, 2024 and 2023 were $305,992 and $124,630, respectively.

• B. The Group holds 42.49% of the equity of Uni-President Asset Management Corp., making it the single largest shareholder of the company, while the other equity is mainly held by the other 21 shareholders. Half of the voting rights of the shareholders attending the shareholders meeting exceeds the voting rights of the Group, and the Group does not take an active role in the management of the company. This shows that the Group has no actual ability to direct relevant activities. The Group has no control over Uni-President Asset Management Corp., but has significant influence over it.

• C. The financial information of the Group’s principal associates is summarized as follows:

• (a) The basic information of the associates that are material to the Group is as follows: Princial

	Princial
Companyname	place of businesss	Shareholdingratio		Nature of relationship	Methods of measurement
Uni-President Asset Management Corp. Jin Yuan President Securities Co., Ltd.	Taipei city Xiamen	December 31,2024	December 31,2023 42.49% 49%	Associate Associate	Equity method Equity method
		42.49% 49%

• (b) The summarized financial information of the associates that are material to the Group is as follows:

Balance sheet

Balance sheet
Current assets Non-current assets Current liabilities Non-current liabilities Total net assets Share in associate's net assets Goodwill and others Carrying amount of the associate		Uni-President Asset	Management Corp.
		December 31,2024	December 31,2023
	1,598,836 $ 942,434 531,046) ( 149,789) ( 1,860,435 $ 790,637 $ 179,522 970,159 $		1,132,776 $ 822,436 443,166) ( 58,583) ( 1,453,463 $ 617,685 $ 179,522 797,207 $
				1,453,463 $
				617,685 $ 179,522
				797,207 $

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Balance sheet

Balance sheet
Current assets Non-current assets Current liabilities Non-current liabilities Total net assets Share in associate's net assets Carrying amount of the associate	Jin Yuan President	Securities Co.,Ltd.
	December 31,2024	December 31,2023
	6,228,068 $ 227,432 1,022,718) ( 42,046) ( 5,390,736 $ 2,641,462 $ 2,641,462 $	5,641,883 $ 243,503 487,824) ( 59,363) ( 5,338,199 $ 2,615,717 $ 2,615,717 $

Statement of comprehensive income

Statement of comprehensive income
Revenue Profit for the period from continuing operations Other comprehensive income (loss) - net of tax Total comprehensive income (loss) Dividends received from associates Revenue Loss for the period from continuing operations Total comprehensive income (loss)		Year ended December 31,2024 Year ended December 31,2023 2,312,109 $ 1,589,484 $ 873,460 $ 526,229 $ 49,763 15,577) ( 923,223 $ 510,652 $ 219,394 $ 167,887 $ Uni-President Asset Management Corp. Jin Yuan President Securities Co.,Ltd.
		Year ended December 31,2024
		2,312,109 $ 873,460 $ 49,763 923,223 $ 219,394 $ Jin Yuan President	1,589,484 $ 526,229 $ 15,577) ( 510,652 $ 167,887 $ Securities Co.,Ltd.
		Year ended December 31,2024		Year ended December 31,2023
	542,815 $ 133,074) ($ 133,074) ($		462,028 $ 212,561) ($ 212,561) ($

(Blank below)

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12) Property and equipment

Property and equipment
January1			YearendedDecember			31,2024	Total
		Land	Buildings		Equipment	Leasehold improvements
Cost Accumulated depreciation and impairment Total January 1 Additions Disposal Reclassifications Depreciation December 31 December 31		1,738,051 $ - 1,738,051 $ 1,738,051 $ - - - - 1,738,051 $ Land	1,176,715 $ 571,899) ( 604,816 $ 604,816 $ 2,142 - 26,547 42,673) ( 590,832 $ Buildings		564,286 $ 274,664) ( 289,622 $ 289,622 $ 90,550 37) ( 30,475 125,200) ( 285,410 $ Equipment	34,050 $ 21,462) ( 12,588 $ 12,588 $ 2,542 - 18,290 6,144) ( 27,276 $ Leasehold improvements	3,513,102 $ 868,025) ( 2,645,077 $ 2,645,077 $ 95,234 37) ( 75,312 174,017) ( 2,641,569 $ Total
Cost Accumulated depreciation and impairment Total January1		1,738,051 $ - 1,738,051 $				46,574 $ 19,298) ( 27,276 $ 31,2023	3,582,896 $ 941,327) ( 2,641,569 $ Total
		Land		Buildings	Equipment	Leasehold improvements
Cost Accumulated depreciation and impairment Total January 1 Additions Disposal Reclassifications Depreciation December 31 December 31		1,680,129 $ - 1,680,129 $ 1,680,129 $ - - 57,922 - 1,738,051 $ Land	1,140,158 $ 520,097) ( 620,061 $ 620,061 $ 670 - 25,340 41,255) ( 604,816 $ Buildings		500,641 $ 206,465) ( 294,176 $ 294,176 $ 63,014 89) ( 39,571 107,050) ( 289,622 $ Equipment	47,035 $ 31,759) ( 15,276 $ 15,276 $ 1,548 - 681 4,917) ( 12,588 $ Leasehold improvements	3,367,963 $ 758,321) ( 2,609,642 $ 2,609,642 $ 65,232 89) ( 123,514 153,222) ( 2,645,077 $ Total
Cost Accumulated depreciation and impairment Total		1,738,051 $ - 1,738,051 $	1,176,715 $ 571,899) ( 604,816 $		564,286 $ 274,664) ( 289,622 $	34,050 $ 21,462) ( 12,588 $	3,513,102 $ 868,025) ( 2,645,077 $

A. No interest was capitalized for property and equipment for the years ended December 31, 2024 and 2023.

B. The information on property and equipment pledged or restricted as of December 31, 2024 and 2023 is described in Note 8.

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－ 13) Leasing arrangements lessee

• A. The Group leases various assets including buildings, machinery and equipment, business vehicles and multifunction printers. Rental contracts are typically made for periods of 1 to 10 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.

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

Buildings Transportation equipment (Business vehicles) Office equipment (Photocopiers) Total Buildings Transportation equipment (Business vehicles) Office equipment (Photocopiers) Total		December31,2024		December31,2023
		CarryingAmount		CarryingAmount
		202,162 $ 18,077 2,438 222,677 $ Year ended December 31,2024		111,575 $ 15,296 5,155 132,026 $ Year ended December 31,2023
		Depreciationcharge		Depreciationcharge
		70,555 $ 5,852 2,928 79,335 $		69,325 $ 6,693 2,810 78,828 $

• C. For the years ended December 31, 2024 and 2023, the additions to right-of-use assets amounted to $172,768 and $45,385, respectively.

• D. The information on income and expense accounts relating to lease contracts is as follows:

Items affecting profit or loss Interest expense on lease liabilities Expense on short-term lease contracts Expense on variable lease payment	Year ended December31,2024	Year ended December31,2023
	2,124 $ 5,677 131	1,106 $ 10,358 116

• E. For the years ended December 31, 2024 and 2023, the Group’s total cash outflow for leases amounted to $83,610 and $88,243, respectively.

14) Leasing arrangements – lessor

• A. The Group leases various assets including office and parking space. Rental contracts are typically made for periods of 1 and 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.

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• B. For the years ended December 31, 2024 and 2023, the Group recognized rent income in the amount of $12,124 and $15,597, respectively, based on the operating lease agreement, which does not include variable lease payments.

• C. The maturity analysis of the lease payments under the operating leases is as follows:

2024 2025 2026 2027 2028 2029 Total		December31,2024		December31,2023
		- $ 11,269 10,956 10,414 7,240 641 40,520 $		4,488 $ 2,420 2,420 2,420 1,638 - 13,386 $

15) Investment property

Investment property
			YearendedDecember31,					2024
January1			Land			Buildings			Total
Cost		$	140,176		$	72,533		$	212,709
Accumulated depreciation and impairment			-	(		28,556)	(		28,556)
Total		$	140,176		$	43,977		$	184,153
January 1		$	140,176		$	43,977		$	184,153
Depreciation			-	(		1,422)	(		1,422)
December 31		$	140,176		$	42,555		$	182,731
December31			Land			Buildings			Total
Cost		$	140,176		$	72,533		$	212,709
Accumulated depreciation and impairment			-	(		29,978)	(		29,978)
Total		$	140,176		$	42,555		$	182,731
			YearendedDecember31,					2023
January1			Land			Buildings			Total
Cost		$	198,099		$	107,076		$	305,175
Accumulated depreciation and impairment			-	(		38,873)	(		38,873)
Total		$	198,099		$	68,203		$	266,302
January 1		$	198,099		$	68,203		$	266,302
Reclassifications	(		57,923)	(		22,182)	(		80,105)
Depreciation			-	(		2,044)	(		2,044)
December 31		$	140,176		$	43,977		$	184,153
December31			Land			Buildings			Total
Cost		$	140,176		$	72,533		$	212,709
Accumulated depreciation and impairment			-	(		28,556)	(		28,556)
Total		$	140,176		$	43,977		$	184,153

~47~

• A. For the years ended December 31, 2024 and 2023, rental income from the lease of the investment property were $10,141 and $13,189, respectively, and direct operating expenses arising from the investment property were $2,550 and $3,632, respectively.

• B. Details of fair value of investment property are provided in Note 12(5).

16) Intangible assets

January1			Year ended December31,2024	Year ended December31,2024	Year ended December31,2024
	Computer software			Goodwill
Cost Accumulated amortization and impairment Total January 1 Additions Reclassifications Amortization December 31 December31	472,236 $ 257,496) ( 214,740 $ 214,740 $ 27,915 70,077 99,785) ( 212,947 $ Computer software			42,004 $ - 42,004 $ 42,004 $ - - - 42,004 $ Goodwill
Cost Accumulated amortization and impairment Total January1	531,123 $ 318,176) ( 212,947 $
		Computer sofware		Goodwill	Customer relationships and others Total 89,929 $ 493,966 $ 54,218) ( 247,460) ( 35,711 $ 246,506 $ 35,711 $ 246,506 $ - 30,338 - 94,670 18) ( 79,077) ( 35,693 $ 292,437 $
Cost Accumulated amortization and impairment Total January 1 Additions Reclassifications Amortization December 31	362,033 $ 193,242) ( 168,791 $ 168,791 $ 30,338 94,670 79,059) ( 214,740 $			42,004 $ - 42,004 $ 42,004 $ - - - 42,004 $

~48~

Year ended December 31, 2023

December 31	Computer software		Goodwill	Customer relationships and others Total 89,929 $ 604,169 $ 54,236) ( 311,732) ( 35,693 $ 292,437 $	Total
Cost Accumulated amortization and impairment Total	472,236 $ 257,496) ( 214,740 $		42,004 $ - 42,004 $
					292,437 $

A. No interest was capitalized for intangible assets for the years ended December 31, 2024 and 2023.

• B. Goodwill and customer relationships were acquired through acceptance of transfer of the securities brokerage business of Standard Chartered (Taiwan) Bank’s retail banking business and were all allocated to the Group’s brokerage segment.

• C. The recoverable amount of goodwill was periodically determined based on its value in use. Calculations of value in use after-tax cash flow projections are based on financial budgets approved by the management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated below.

The recoverable amount calculated based on the value in use exceeded the carrying amount, thus the goodwill was not impaired. The key assumptions used for calculation of value in use are as follows:

follows:
Growth rate Discount rate		Brokerage Segment YearendedDecember31,2024 0.00% 12.10%	Brokerage Segment YearendedDecember31,2023 0.00% 12.68%

Management determined the growth rate based on past performance and its expectations of market development. The discount rates were based on the weighted average financing cost rates determined by the Company’s capital asset pricing model. The discount rates also reflect specific risks related to relevant operating segments.

17) Other non-current assets

risks related to relevant operating segments. Other non-current assets
	December31,2024			December31,2023
Operation guaranteed deposits	$	640,000		$	655,000
Clearing and settlement fund		315,445			308,649
Refundable deposits		502,231			225,738
Prepaid pension expenses		9,064			4,013
Prepayment for equipment		66,420			50,757
Overdue receivables		6,004			1,965
Others		2,756			2,522
Subtotal		1,541,920			1,248,644
Less: Allowance for uncollectible accounts	(	6,004)	(		1,965)
Total	$	1,535,916		$	1,246,679

~49~

18) Short-term loans

Short-term loans
Unsecured loans Secured loans Call loans from banks Total	December31,2024 8,545,865 $ 160,000 98,355 8,804,220 $	December31,2023
		6,944,759 $ - -
		6,944,759 $

As of December 31, 2024 and 2023, the interest rates of short-term loans, including foreign interest rates were 1.870%~5.250% and 1.650%~5.910%, respectively.

19) Commercial papers payable

Commercial papers payable
		December31,2024			December31,2023
Face value		$	33,010,000		$	21,150,000
Less: Discount on commercial papers payable	(		40,185)	(		19,066)
Total		$	32,969,815		$	21,130,934

As of December 31, 2024 and 2023, the interest rates of commercial papers, including foreign interest rates were 1.682%~ 2.022% and 1.460%~1.580%, respectively.

20) Financial liabilities at fair value through profit or loss - current

		December31,2024	December31,2024		December31,2023	December31,2023
Liabilities on sale of borrowed securities - hedged		$	793,826		$	490,037
Valuation adjustment on liabilities on sale of borrowed securities - hedged			49,671			27,380
Liabilities on sale of borrowed securities - non-hedged			6,404,740			5,270,361
Valuation adjustment on liabilities on sale
of borrowed securities - non-hedged			217,500			389,037
Subtotal			7,465,737			6,176,815
Issuance of call (put) warrants			18,904,723			14,926,912
Loss (gain) on price fluctuation	(		6,344,768)	(		2,567,109)
Market value (A)			12,559,955			12,359,803
Warrants redeemed	(		16,132,320)	(		13,268,465)
Loss (gain) on price fluctuation			4,952,966			1,944,352
Market value (B)	(		11,179,354)	(		11,324,113)
Warrants - net (A+B)			1,380,601			1,035,690
Options sold - TAIFEX			1,144			9,671
Outstanding Liability for Issuance of ETNs			306,853			492,775
Valuation adjustment on outstanding
Liability for Issuance of ETNs			69,293			59,115
Subtotal			376,146			551,890
Derivative financial liabilities - OTC			4,312,910			2,697,246
Total		$	13,536,538		$	10,471,312

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Among the warrants issued by the Group, except for contract-based warrants which are Europeanstyle warrants, all other warrants are American-style warrants. Warrants are stated as liabilities for issuance of warrants at issuance price prior to expiration. Upon repurchase of warrants after issuance, the repurchased amounts are recognized as warrants repurchase and charged as a deduction to liabilities for issuance of warrants. The issuer has the option to settle either by cash or stock delivery.

21) Bonds sold under repurchase agreements

Bonds sold under repurchase agreements
Government bonds Corporate bonds Bank debentures International bonds Foreign bonds Total	December31,2024 104,131 $ 3,219,329 100,235 1,713,508 10,452,678 15,589,881 $	December31,2023
		1,673,927 $ 3,738,850 100,000 664,516 12,963,213
		19,140,506 $

The above bonds sold under repurchase agreements as of December 31, 2024 and 2023 were due within one year and were contracted to be repurchased at the agreed-upon price plus interest charge on the specific date after the transaction. The total repurchase amounts were $15,730,764 and $19,322,093, respectively, and the annual interest rates in every currency were shown as follows:

Accounts payable Other payables Currency December31,2024 NTD 1.14%~1.63% Foreign currencies (Note) 1.75%~4.95% Note: Foreign currencies include AUD, EUR, USD, GBP and RMB. December31,2024 Settlement accounts payable - brokered trading 12,373,337 $ Settlement proceeds 2,727,528 Settlement accounts payable - operating 1,940,061 Settlement accounts payable - foreign bonds 9,983,714 Spot exchange payable, foreign currencies 56,794 Others 394,149 Total 27,475,583 $ December31,2024 Salary and bonus payable 1,915,817 $ Employees' and directors' remuneration payable 223,772 Others 719,265 Total 2,858,854 $	December31,2023
	0.97%~1.41% 2.20%~5.80% December31,2023
	14,683,802 $ 838,340 244,238 977,154 37,386 310,495
	17,091,415 $
	December31,2023
	1,397,414 $ 143,088 719,080
	2,259,582 $

22) Accounts payable

23) Other payables

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24) Other financial liabilities - current

Other financial liabilities-current
Principal guaranteed notes (PGN) - fixed income	December31,2024 13,801,583 $	December31,2023
		5,224,019 $

The Group deals in equity-linked products and combines fixed income instruments with call or put options. These products are categorized into ELN (Equity-Linked Notes) and PGN (Principal Guaranteed Notes). On trade date, the contracted amounts are collected in full from the counterparties. The payout amount on maturity will depend on the price fluctuation of the instruments linked to these contracts and be calculated as trading price less option strike price on maturity. All the linked products are financial instruments under the supervision of the SFB (Securities and Futures Bureau).

25) Other liabilities - non-current

Other liabilities-non-current
Guarantee deposits received Net defined benefit obligation Total	December31,2024 9,042 $ 29,177 38,219 $	December31,2023
		4,188 $ 60,301
		64,489 $

26) Pension plan

• A. Defined benefit plans

• (A)The Group has a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. The Group contributes monthly an amount which ranges between 2.0% and 7.2% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the supervisory committee of workers’ retirement reserve fund, and with Cathay United Bank, under the name of the management committee of employees’ retirement fund. Also, the Group would assess the balance in the aforementioned labor pension reserve account by the end of December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method, to the employees expected to be qualified for retirement next year, the Group will make contributions to cover the deficit by next March.

• (B) The amounts recognized in the balance sheet are as follows:

	December	31,2024	December	31,2023
Net present value of defined benefit liabilities	$	870,123	$	857,243
Fair value of plan assets	(	850,010)	(	800,955)
Net defined benefit (assets) liabilities	$	20,113	$	56,288

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(C) Movements in net defined benefit liabilities (assets) are as follows:

YearendedDecember31,2024	Present value of defined benefit obiligations	Fair value of plan assets	Net defined benefit liabilities (assets)
Balanced at January 1 Current service cost Interest expense (income) Remeasurements: Returned on plan assets (excluding amounts included in interest income or expense) Change in financial assumptions Experience adjustments Pension fund contribution Paid pension Balanced at December 31 Year ended December 31, 2023	857,243 $ 1,583 10,309 869,135 - 16,205) ( 57,338 41,133 - 40,145) ( 40,145) ( 870,123 $ Present value of defined benefit obiligations	800,955) ($ - 9,637) ( ( 810,592) 37,931) ( - - (37,931) 41,632) ( 40,145 1,487) ( 850,010) ($ Fair value of plan assets	$ 56,288 1,583 672 58,543
			37,931) ( 16,205) ( 57,338 3,202 41,632) ( - 41,632) ( 20,113 $ Net defined benefit liabilities (assets)
Balanced at January 1 Current service cost Interest expense (income) Remeasurements: Returned on plan assets (excluding amounts included in interest income or expense) Change in financial assumptions Experience adjustments Pension fund contribution Paid pension Balanced at December 31	721,282 $ 1,286 10,118 732,686 - 11,606 147,683 159,289 - 34,732) ( 34,732) ( 857,243 $	797,603) ($ - 11,184) ( (808,787) 543) ( - - (543) 26,357) ( 34,732 8,375 800,955) ($	($ 76,321) 1,286 1,066) ( ( 76,101) 543) ( 11,606 147,683 158,746 26,357) ( - 26,357) ( 56,288 $

(D) The Bank of Taiwan was commissioned to manage the Fund of the Group’s defined benefit pension plan in accordance with the Fund’s annual investment and utilization plan and “Regulations for Revenues, Expenditures, Safeguard and Utilization of the Labor Retirement Fund” (Article 6: The scope of utilization for the Fund includes deposit in domestic or foreign financial institutions, investment in domestic or foreign listed, over-the-counter, or private placement equity securities, investment in domestic or foreign real estate securitization products, etc.). With regard to the utilization of the Fund, its minimum earnings in the annual distributions on the final financial statements shall be no less than the earnings attainable from the amounts accrued from two-year time deposits with the interest rates offered by local banks. If the earnings is less than aforementioned rates, government shall make payment for the

~53~

deficit after being authorized by the Regulator. The Group has no right to participate in managing and operating that fund and hence the Group is unable to disclose the classification of plan asset fair value in accordance with IAS 19 paragraph 142. The composition of fair value of plan assets as of December 31, 2024 and 2023 is given in the Annual Labor Retirement Fund Utilization Report published by the government. In addition, for retirement fund deposits with Cathay United Bank, under the name of the management committee of employees’ retirement fund, the fund invests in time deposit accounts under Cathay United Bank.

(E) The principal actuarial assumptions used were as follows:

Discount rate Future salary increases		Year ended December 31,2024	Year ended December 31,2023
		1.5% 3%~3.5%	1.2%~1.3% 3%~3.5%

Assumptions regarding future mortality rate are set based on the Taiwan Standard Ordinary Experience Mortality Table (2021) for the years ended December 31, 2024 and 2023. Because the main actuarial assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows:

December31,2024	Discount rate	Discount rate	Discount rate		Future salaryincreases	Future salaryincreases
	Increase 0.25%		Decrease 0.25%		Increase 0.25%	Decrease 0.25%
	13,309) ($ 14,512) ($		13,643 $ 14,901 $		11,252 $ 12,448 $	11,050) ($ 12,205) ($
Effect on present value of defined benefit obligation December 31,2023
Effect on present value of defined benefit obligation

(F) Pension fund contribution plans to pay $40,391 for the year ended December 31, 2025.

B. Defined contribution plans

Effective from July 1, 2005, the Group established a defined contribution plan pursuant to the “Labor Pension Act”, which covers employees with R.O.C. nationality and those who chose or are required to apply the “Labor Pension Act”. The contributions are made monthly based on not less than 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The payment of pension benefits is based on the employees’ individual pension fund accounts and the cumulative profit in such accounts. The employees can choose to receive such pension benefits monthly or in lump sum. The pension costs under defined contribution pension plans of the Group for the years ended December 31, 2024 and 2023 were $92,403 and $79,997, respectively.

C. President Securities (HK) has defined benefit pension plans in accordance with local laws, and recognized the current pension expenses by contributing to the accrued pension assets. President Securities (HK) recognized pension expenses of $9,121 and $6,559, respectively, for the years ended December 31, 2024 and 2023.

~54~

27) Equity

A. Common stock

As of December 31, 2024, the Company’s authorized capital was $15,000,000 with a par value of $10 (in dollars) per share. As of December 31, 2024 and 2023, the common stocks issued and the outstanding common stocks were all 1,455,831 thousand shares.

• B. Capital reserve

December 31, 2024 December 31, 2023		Sharepremium		Treasury share transactions		Expired stock options	Difference between consideration and carrying amount of subsidiaries acquired or disposed	Difference between consideration and carrying amount of subsidiaries acquired or disposed		Total
		24,663 $ 24,663 $		65,675 $ 65,675 $		483 $ 483 $		440 $ 440 $		91,261 $ 91,261 $

Pursuant to the R.O.C. Company Law, capital reserve arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided it should not exceed 10% of the paid-in capital each year. Capital reserve should not be used to cover accumulated deficit unless the legal reserve is insufficient.

C. Legal reserve

Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall first be used to pay all taxes and offset prior years’ operating losses and then 10% of the remaining amount shall be set aside as legal reserve. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the balance of the reserve exceeds 25% of the Company’s paid-in capital.

• D. Special reserve

In accordance with the “Rules Governing the Administration of Securities Firms”, 20% of the current year’s earnings, after paying all taxes and offsetting prior years’ operating losses, and plus the items other than the after-tax net profit for the period, that are included in the unappropriated earnings of the period, if any, shall be set aside as special reserve until the cumulative balance equals the total amount of paid-in capital. The special reserve shall be used exclusively to cover accumulated deficit or to increase capital and shall not be used for any other purpose. Such capitalization shall not be permitted unless the Company had already accumulated a special reserve of at least 25% of its paid-in capital stock and only quarter of such special reserve may be capitalized.

~55~

In accordance with the regulations, the Company shall set aside an equivalent amount of special reserve from accumulated unappropriated retained earnings of the current year based on the decreased amount of equity. If there is any subsequent reversal of the decrease in equity, the earnings may be distributed based on the reversal proportion.

In accordance with Jing-Guan-Zheng-Chuan Letter No. 10500278285 dated August 5, 2016, securities firms should set aside 0.5% to 1% of net income after tax as special reserve, upon the distribution of earnings from 2016 to 2018. From fiscal year 2017, special reserve as mentioned above may be reversed based on an amount equal to employees’ transformation training expenditure, employee transfer and arrangement expenditure arising from the development of Fintech. Further, according to Jing-Guan-Zheng-Chuan Letter No. 1080321644 dated July 10, 2019, securities firms are no longer required to set aside special reserve starting from 2019. And the special reserve, within the balance of special reserve set aside in the previous years, could be reversed at the same amount for the aforementioned expenditures.

• 28) Unappropriated earnings and dividends policy

• A. Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall be used to pay all taxes and offset prior years’ operating losses first, and then set aside as legal reserve, accounted for as 10% of the remaining amount, and special reserve, accounted for as 20% of the remaining amount. Upon provision or reversal of special reserve in accordance with the law, any remaining amount together with unappropriated earnings at beginning of the period shall be distributed according to the following resolution adopted at the stockholders’ meeting: Distribution shall not be made if the balance of distributable earnings is less than 5% of paid-in capital.

• B. In addition, the total amount of dividends declared every year shall be at least 70% of distributable earnings, of which stock dividends shall be at least 50% and cash dividends shall be lower than 50%.

• C. The Company may determine a better proportion of cash and stock dividends distribution based on its actual operating conditions and capital utilization plan for the following year.

• D. The earnings distribution for 2023 and 2022 was resolved by the stockholders’ meeting on June 27, 2024 and May 31, 2023, respectively. Details are as follows:

Provision of legal reserve Provision of special reserve Cash dividends		For the year ended December 31,2023	For the year ended December 31,2023		For the year ended December 31,2022	For the year ended December 31,2022
		Amount	Dividends per share (in dollars)		Amount	Dividends per share (in dollars)
		274,762 $ 549,522 1,921,697 2,745,981 $	1.32 $		81,278 $ 162,557 567,774 811,609 $	0.39 $

~56~

• E. The earnings distribution for 2024 as resolved by the Board of Directors on February 26, 2025 is set forth below:

Brokerage handling fee revenue Revenues from underwriting business Provision of legal reserve Provision of special reserve Cash dividends Stock dividends Revenues from brokered trading - TWSE Revenues from brokered trading - OTC Revenues from brokered trading - Futures Others Total Revenues from underwriting securities on a firm commitment basis Others Total	Year ended December 31,2024	Year ended December 31,2024
	Amount	Dividends per share (in dollars)
	437,415 $ 874,830 1,601,415 1,455,831 4,369,491 $ Year ended December 31,2024 2,642,507 $ 856,656 788,562 311,429 4,599,154 $ Year ended December 31,2024 53,338 $ 63,249 116,587 $	1.10 $ 1.00 Year ended December 31,2023
		1,954,288 $ 666,523 722,947 174,495 3,518,253 $ Year ended December 31,2023
		49,979 $ 54,305 104,284 $

29) Brokerage handling fee revenue

30) Revenues from underwriting business

(Blank below)

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31) Net gain (loss) on sale of operating securities

Net gain (loss) on sale of operating securities
Interest income Dealers: -TAIEX -OTC -Overseas trading Subtotal Underwriters: -TAIEX -OTC Subtotal Hedging: -TAIEX -OTC -Overseas trading Subtotal Total Interest income from margin loans Interest income from bonds Others Total	Year ended December 31,2024 3,859,003 $ 499,478 396,107 4,754,588 52,810 142,630 195,440 2,206,303 731,859 89,346 3,027,508 7,977,536 $ Year ended December31,2024 1,020,256 $ 807,852 393,631 2,221,739 $	Year ended December 31,2023
		1,633,061 $ 313,461 19,264 1,965,786 8,417 126,471 134,888 84,153) ( 300,284 9,207 225,338 2,326,012 $ Year ended December31,2023
		712,126 $ 504,694 149,284 1,366,104 $

32) Interest income

33) Net valuation gain (loss) on operating securities at fair value through profit or loss

Net gain (loss) on covering of borrowed securities and Gain (loss) on sale of securities - dealer Gain (loss) on sale of securities - underwriting Gain (loss) on sale of securities - hedging Total	bonds with resale agreements-short sales Year ended December 31,2024 Year ended December 31,2023 413,279) ($ 796,622 $ 22,588) ( 116,722 495,992) ( 815,626 931,859) ($ 1,728,970 $ Year ended December 31,2024 Year ended December 31,2023 5,255 $ - $ 774,875) 53,396) ( 76,108) 7,248) ( 845,728) $ 60,644) ($	Year ended December 31,2023
Gain (loss) from the bond investments under resale agreements Gain (loss) from securities borrowing transactions ( Gain (loss) from covering ( Total (	Year ended December 31,2024 5,255 $ 774,875) ( 76,108) ( 845,728) $ (
		- $ 53,396) 7,248) 60,644) $

34) Net gain (loss) on covering of borrowed securities and bonds with resale agreements - short sales

~58~

35) Net valuation gain (loss) on borrowed securities and bonds with resale agreements-short sales at fair value through profit or loss

fair value through profit or loss
Valuation gain (loss) from securities borrowing transactions Valuation gain (loss) from covering Total	Year ended December 31,2024 172,412 $ 23,166) ( 149,246 $	Year ended December 31,2023
		1,309,405) ($ 66,923) ( 1,376,328) ($

36) 37) 38)	Net realized gain (loss) on financial liabilities measured at fair value through other comprehensive	Net realized gain (loss) on financial liabilities measured at fair value through other comprehensive	Net realized gain (loss) on financial liabilities measured at fair value through other comprehensive
	income Net gain (loss) from issuance of call (put) warrants Net gain (loss) from derivatives Foreign bonds Net gain (loss) on changes in fair value of call (put) warrant liabilities and redemption Net gain (loss) on exercise of call (put) warrants before maturity Expenses arising out of issuance of call (put) warrants Total Futures contract gain (loss) Option trading gain (loss) OTC option trading gain (loss) Net gain (loss) on foreign exchange derivatives Asset SWAP Others Total	Year ended December31,2024	Year ended December31,2023 143,436) ($ Year ended December 31,2023 213,817 $ 77,000) ( 358,462) ( 221,645) ($ Year ended December 31,2023 1,369,810) ($ 134,769 411,351) ( 82,302 100,497) ( 127,496) ( 1,792,083) ($
		63,620) ($ Year ended December 31,2024 746,190 $ 312,714) ( 499,281) ( 65,805) ($ Year ended December 31,2024 1,886,854) ($ 13,758) ( 690,988) ( 151,262 435,858 284,857) ( 2,289,337) ($

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39) Expected credit impairment loss and reversal of impairment gain

40) 41) 42) 43)	Other operating income Handling charges Financial costs Employee benefits expense Impairment (loss) and reversal of impairment gain Recovery of bad debts Total Income from securities lending Net currency exchange gain (loss) Handling fee revenues from funds Commission income from President Insurance Agency Others Total Brokerage handling fee expense Dealer handling fee expense Refinancing processing fee expense Total Interest expense from repurchase agreements Loans interest expense Other interest expense Total Salaries Labor and health insurance Pension Other employee benefits Total		Year ended December31,2024	Year ended December31,2023	Year ended December31,2023
			15,150 $ 7,043 22,193 $ Year ended December 31,2024	17,916) ($ 920 16,996) ($ Year ended December 31,2023
			430,996 $ 392,998 102,221 187,925 77,443 1,191,583 $ Year ended December31,2024	389,677 $ 58,210) ( 83,196 119,373 52,892 586,928 $ Year ended December31,2023
			526,506 $ 224,644 1,065 752,215 $ Year ended December31,2024		419,215 $ 145,504 1,920 566,639 $ Year ended December31,2023
			638,497 $ 782,198 185,193 1,605,888 $ Year ended December 31,2024		417,306 $ 407,569 110,006 934,881 $ Year ended December 31,2023
			3,616,955 $ 188,433 103,779 129,909 4,039,076 $		2,781,292 $ 162,323 86,776 118,810 3,149,201 $

A. In accordance with the Company’s Article of Incorporation, the remainder of the year-end income

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before taxes less income before appropriating employees’ compensation and directors’ remuneration, if any, shall appropriate an employees’ compensation no less than 1.6% and directors’ remuneration no more than 2%. However, when the Company has an accumulated deficit, earnings to cover the deficit shall first be retained before appropriating employees’ compensation and directors’ remuneration.

• B. For the years ended December 31, 2024 and 2023, employees’ compensation was accrued at $100,004 and $62,370, respectively; directors’ remuneration was accrued at $100,004 and $62,370, respectively. The aforementioned amounts were recognized in salary expenses.

• C. For the year ended December 31, 2024, employees’ compensation was estimated at 2% and directors’ remuneration at 2%, based on the period-end income before taxes less income before appropriating employees’ compensation and directors’ remuneration.

• D. The actual distributed amount of employees’ and directors’ remuneration for 2023 as resolved by the Board of Directors was in agreement with the estimates in the 2023 financial statements.

• E. Information on the appropriation of the Company’s earnings as resolved by the Board of Directors would be posted in the “Market Observation Post System” on the Taiwan Stock Exchange official website.

44) Depreciation and amortization

website. Depreciation and amortization
Other operating expenses Depreciation Amortization Total Taxes Security lending expenses Computer information expenses TDCC service fee Others Total		Year ended December31,2024		Year ended December31,2023
		254,774 $ 99,818 354,592 $ Year ended December 31,2024		234,094 $ 79,179 313,273 $ Year ended December 31,2023
		1,073,756 $ 232,806 247,840 133,111 680,804 2,368,317 $		893,480 $ 225,029 221,751 96,964 595,380 2,032,604 $

45) Other operating expenses

46) Other gains and losses

Other gains and losses
Financial income Net gain (loss) on disposal of investments Net gain (loss) on valuation of non-operating financial instruments Net currency exchange gain (loss) Other non-operating revenues (expenses) Total	Year ended December 31,2024		Year ended December 31,2023
	766,427 $ 32,874 16,261) ( 10,058 168,998 962,096 $		573,654 $ 2,859 9,112 634 182,084 768,343 $

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47) Income tax

A. Income tax expense

(a) Components of income tax expense:

A.	Income tax expense (a) Components of income tax expense:
			Year ended			Year ended
			December	31,2024	December 31,2023
	Current tax:
	Current tax on profits for the periods		$	555,220	$	344,905
	Prior year income tax underestimation
	(overestimation)	(		13,233)	(	35,000)
	Tax on undistributed surplus earnings			82		59
	Total current tax			542,069		309,964
	Deferred taxes:
	Origination and reversal of temporary differences			665		14,776
	Total deferred taxes			665		14,776
	Income tax expense (gain)		$	542,734	$	324,740
	(b) The income tax expense relating to components of	other comprehensive income is as follows:
			Year ended			Year ended
		December		31,2024	December 31,2023
	Remeasurement of defined benefit obligations	($		641)	($	31,749)
B.	Reconciliation between income tax expense and accounting profit:
			Year ended			Year ended
		December 31,2024			December 31,2023
	Tax calculated based on profit before tax and statutory tax rate	$	1,076,626		$	711,284
	Expenses disallowed by tax regulation	(		53,822)	(	119,097)
	Prior year income tax overestimation	(		13,233)	(	35,000)
	Tax exempt income by tax regulation	(	466,919)		(	232,506)
	Tax on undistributed surplus earnings			82		59
	Income tax expense	$	542,734		$	324,740

(Blank below)

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C. Amounts of deferred tax assets or liabilities as a result of temporary differences are as follows:

Deferred tax assets: -Temporary differences: Pension Other Subtotal Deferred tax liabilities: -Temporary differences: Valuation gain from financial instruments Unrealised exchange gain Pension Other Subtotal Total Deferred tax assets: -Temporary differences: Valuation loss from financial instruments Pension Other Subtotal Deferred tax liabilities: -Temporary differences: Valuation gain from financial instruments Unrealised exchange gain Pension Other Subtotal Total				Year ended December31,2024	Year ended December31,2024
		January1		Recognized in profit or loss	Recognized in other comprehensive income		December 31
	126,544 $ 4,130 130,674 $ 11,362) ($ 7,603) ( 207) ( 1) ( 19,173) ($ 111,501 $		- $ 1,146 $ 892 - 892 $ 1,146 $ 3,083) ($ - $ 1,529 - 3) ( 506) ( - 1 1,557) ($ 505) ($ 665) ($ 641 $ Year ended December 31,2023			127,690 $ 5,022 132,712 $ 14,445) ($ 6,074) ( 716) ( - 21,235) ($ 111,477 $
		January1		Recognized in profit or loss	Recognized in other comprehensive income		December 31
	7,925 $ 94,692 3,529 106,146 $ - $ 9,808) ( 240) ( 1,570) ( 11,618) ($ 94,528 $		7,925) ($ 139 601 7,185) ($ 11,362) ($ 2,205 3) ( 1,569 7,591) ($ 14,776) ($		- $ 31,713 - 31,713 $ - $ - 36 - 36 $ 31,749 $	- $ 126,544 4,130 130,674 $ 11,362) ($ 7,603) ( 207) ( 1) ( 19,173) ($ 111,501 $

D. As of December 31, 2024, the Company’s income tax returns have been approved by the Tax Authority until 2022, except for 2020 and 2021. The income tax returns through 2022 of all subsidiaries have been assessed, except for President Futures approval until 2019.

E. With respect to the income tax returns of the Company for 2019, the Tax Authority assessed to increase income tax payable by $2,222. The Company disagreed with the assessment and had filed for administrative remedy and had recognized the income tax expense based on the assessment.

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48) Earnings per share

Basic earnings per share Net income attributable to common shareholders Dilutive effect of common stock equivalents Employee bonus Basic earnings per share Net income attributable to common shareholders Dilutive effect of common stock equivalents Employee bonus		Year	Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 3.00 $ 3,884 1,459,715 3.00 $ Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 1.98 $ 3,174 1,459,005 1.97 $ endedDecember31,2023 endedDecember31,2024	Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 3.00 $ 3,884 1,459,715 3.00 $ Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 1.98 $ 3,174 1,459,005 1.97 $ endedDecember31,2023 endedDecember31,2024	Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 3.00 $ 3,884 1,459,715 3.00 $ Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 1.98 $ 3,174 1,459,005 1.97 $ endedDecember31,2023 endedDecember31,2024	Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 3.00 $ 3,884 1,459,715 3.00 $ Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 1.98 $ 3,174 1,459,005 1.97 $ endedDecember31,2023 endedDecember31,2024
		Amount after tax		Weighted-average outstanding common shares(In thousands)
		4,373,054 $ - 4,373,054 $ Year
		Amount after tax		Weighted-average outstanding common shares(In thousands)
		2,878,951 $ - 2,878,951 $		1,455,831 3,174 1,459,005		1.98 $ 1.97 $

7. RELATED PARTY TRANSACTIONS

1) Names and relationships of related parties

Names of related parties Relationship with the Company Uni-President Enterprises Corp. Entity having significant influence on the Company Uni-President Asset Management Corp. Associate President Tokyo Co., Ltd. Other related party President Tokyo Auto Leasing Co., Ltd. Other related party ScinoPharm Taiwan, Ltd. Other related party Ton Yi Industrial Corp. Other related party President Chain Store Corp. (PCSC) Other related party Presco Netmarketing Co., Ltd. Other related party President Professional Baseball Team Co., Ltd. Other related party President Information Corp. Other related party Q-WARE Systems & Services Corp. Other related party Tainan Spinning Retail and Distribution Co., Ltd. Other related party Tung Ho Development Co., Ltd. Other related party Fund managed by Uni-President Asset Security investment trust fund raised by the Management Corp. Uni-President Assets Management Corp.

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2) Significant related party transactions and balances

A. Accounts receivable

A.	Accounts receivable
B. C. D. E.	Prepayments Other receivables Acquisition of property and equipment Acquisition of other assets Entity having significant influence on the company: Uni-President Enterprises Corp. Other related party: ScinoPharm Taiwan, Ltd. President Chain Store Corp. (PCSC) Others Total Other related party: Q-WARE Systems & Services Corp. Tung Ho Development Co., Ltd. President Chain Store Corp. (PCSC) Presco Netmarketing Co., Ltd. President Information Corp. Others Total Associate: Uni-President Assets Management Corp. Other related party: Others Total Other related party: President Information Corp. Listed items Other related party: President Information Corp. Intangible assets	December31,2024 318 $ 322 231 73 944 $ December31,2024 4,682 $ 600 158 121 300 26 5,887 $ December31,2024 76 $ 18 94 $ Year ended December 31,2024 $- Year ended December31,2024	December31,2023 332 $ 322 434 103 1,191 $ December31,2023 4,682 $ 600 157 121 - 18 5,578 $ December31,2023 4 $ - 4 $ Year ended December 31,2023
	Acquisition of other assets Other related party: President Information Corp. Other related party: President Information Corp.
			$2,472 Year ended December31,2023
		Purchaseprice	Purchaseprice
		420 $	$ 5,363

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F. Guarantee deposit received

F.	Guarantee deposit received
G.	Other payables Associate: Uni-President Assets Management Corp. Other related party: President Tokyo Co., Ltd. Presco Netmarketing Co., Ltd. President Information Corp. Total	December 31, 2024 1,497 $ December31,2024 4 $ 143 400 547 $	December 31, 2023
			1,435 $
			December31,2023
			12 $ 125 -
			137 $

－ H. Lease transactions lessee

(A)The Group leases business vehicles and multifunction printers, etc., from President Tokyo Co., Ltd., etc. Rental contracts periods are typically 1 to 5 years. Rents are paid monthly.

• (B) Right-of-use assets

• a. Acquisition of right-of-use assets

) Right-of-use assets a.Acquisition of right-of-use assets
b. Disposition of right-of-use assets ) Lease liabilities a. Lease liabilities - current Other related party: President Tokyo Co., Ltd. Other related party: President Tokyo Co., Ltd. Other related party: President Tokyo Co., Ltd. President Tokyo Auto Leasing Co., Ltd. Total	Year ended December 31,2024 10,157 $ Year ended December 31,2024 8,375 $ December31,2024 5,974 $ 751 6,725 $	Year ended December 31,2023 5,757 $ Year ended December 31,2023
		1,290 $ December31,2023 7,428 $ 747 8,175 $

• (C) Lease liabilities

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b. Lease liabilities - non-current

December 31, 2024 December 31, 2023

	December31,2024	December31,2023
Other related party: President Tokyo Co., Ltd. President Tokyo Auto Leasing Co., Ltd. Total	11,490 $ 693 12,183 $	10,152 $ 1,445
		11,597 $

• c. Financial costs

c. Financial costs
d.Net gain from lease modification Handling fee revenue Other related party: President Tokyo Co., Ltd. President Tokyo Auto Leasing Co., Ltd. Total Other related party: President Tokyo Co., Ltd. Security investment trust fund raised by the Uni-President Asset Management Corp.: Fund managed by Uni-President Asset Management Corp. Other related party: Others Total		Year ended December 31,2024				Year ended December 31,2023
		199 $ 12 211 $ Year ended December 31,2024				162 $ 16 178 $ Year ended December 31,2023
						1 $ Year ended December 31,2023 114,007 $ 1,559 115,566 $
				217,393 $ 1,989 219,382 $			114,007 $ 1,559 115,566 $

I. Handling fee revenue

Terms of handling fee revenue mentioned above are similar to those of transactions with third parties.

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J. Net gain on wealth management - trust income from sales of funds

J.	Net gain on wealth management-trust income from sales of funds	Net gain on wealth management-trust income from sales of funds	Net gain on wealth management-trust income from sales of funds
K. L.	The revenues were collected on a monthly basis in accordance with contract Other operating revenue-other Other operating revenue-handling fee revenues from underwriting funds Year ended December 31,2024 Associates: Uni-President Assets Management Corp. 28,846 $ Year ended December 31,2024 Associates: Uni-President Assets Management Corp. 3,080 $ Year ended December 31,2024 Associates: Uni-President Assets Management Corp. 97,532 $			terms. Year ended December 31,2023 17,760 $ Year ended December 31,2023
				4,610 $ Year ended December 31,2023
	Associates: Uni-President Assets Management Corp.
			97,532 $	81,139 $

The revenues were collected on a monthly basis in accordance with contract terms.

M.Rent income

N.	Rental income mentioned above is derived from leasing part of the Group’s office space and business premises to various related parties and calculated as agreed by both parties. Lease payments are collected on schedule in accordance with the terms of the lease contracts. Revenues from underwriting business–other revenues from underwriting business Period Deposit Year ended December 31,2024 Year ended December 31,2023 Associates: Uni-President Assets Management Corp. 2016.01.01~2028.08.31 1,497 $ 9,530 $ 7,050 $ Other related party: President Tokyo Co., Ltd. 2019.04.01~2023.08.31 - - 5,961 Total 9,530 $ 13,011 $ Year ended December 31,2024 Year ended December 31,2023 Entity having significant influence on the company: Uni-President Enterprises Corp. 75 $ 3,775 $	Rental income mentioned above is derived from leasing part of the Group’s office space and business premises to various related parties and calculated as agreed by both parties. Lease payments are collected on schedule in accordance with the terms of the lease contracts. Revenues from underwriting business–other revenues from underwriting business Period Deposit Year ended December 31,2024 Year ended December 31,2023 Associates: Uni-President Assets Management Corp. 2016.01.01~2028.08.31 1,497 $ 9,530 $ 7,050 $ Other related party: President Tokyo Co., Ltd. 2019.04.01~2023.08.31 - - 5,961 Total 9,530 $ 13,011 $ Year ended December 31,2024 Year ended December 31,2023 Entity having significant influence on the company: Uni-President Enterprises Corp. 75 $ 3,775 $	Rental income mentioned above is derived from leasing part of the Group’s office space and business premises to various related parties and calculated as agreed by both parties. Lease payments are collected on schedule in accordance with the terms of the lease contracts. Revenues from underwriting business–other revenues from underwriting business Period Deposit Year ended December 31,2024 Year ended December 31,2023 Associates: Uni-President Assets Management Corp. 2016.01.01~2028.08.31 1,497 $ 9,530 $ 7,050 $ Other related party: President Tokyo Co., Ltd. 2019.04.01~2023.08.31 - - 5,961 Total 9,530 $ 13,011 $ Year ended December 31,2024 Year ended December 31,2023 Entity having significant influence on the company: Uni-President Enterprises Corp. 75 $ 3,775 $	Rental income mentioned above is derived from leasing part of the Group’s office space and business premises to various related parties and calculated as agreed by both parties. Lease payments are collected on schedule in accordance with the terms of the lease contracts. Revenues from underwriting business–other revenues from underwriting business Period Deposit Year ended December 31,2024 Year ended December 31,2023 Associates: Uni-President Assets Management Corp. 2016.01.01~2028.08.31 1,497 $ 9,530 $ 7,050 $ Other related party: President Tokyo Co., Ltd. 2019.04.01~2023.08.31 - - 5,961 Total 9,530 $ 13,011 $ Year ended December 31,2024 Year ended December 31,2023 Entity having significant influence on the company: Uni-President Enterprises Corp. 75 $ 3,775 $
	Entity having significant influence on the company: Uni-President Enterprises Corp.		Year ended December 31,2024
			75 $	3,775 $

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O. Stock custodian income

tock custodian income
Entity having significant influence on the company: Uni-President Enterprises Corp. Associate: Uni-President Assets Management Corp. Other related party: ScinoPharm Taiwan, Ltd. Ton Yi Industrial Corp. President Chain Store Corp. (PCSC) Others Total	Year ended December 31,2024		Year ended December 31,2023
		4,058 $ 136 2,214 1,241 2,863 729 11,241 $	4,253 $ 136 2,232 1,253 2,615 703 11,192 $

Terms of stock custodian income mentioned above are similar to third parties.

P. Other operating expenses – other

Other non-operating expenses–other Other related party: President Tokyo Co., Ltd. Presco Netmarketing Co., Ltd. President Professional Baseball Team Corp. Tainan Spinning Retail and Distribution Co., Ltd. Q-WARE Systems & Services Corp. President Information Corp. Total Other related party: President Tokyo Co., Ltd.	Year ended December31,2024 188 $ 2,102 2,464 1,320 733 538 7,345 $ Year ended December 31,2024 243 $	Year ended December31,2023
		118 $ 1,407 2,677 2,000 - - 6,202 $ Year ended December 31,2023
		- $

Q. Other non-operating expenses – other

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R. Purchases of trading securities - dealer

R.	Purchases of trading securities-dealer
S.	Compensation of key management personnel The compensation of key management such as directors, general managers, vice general managers were as follows: Year ended December 31,2024 Ending Shares (In thousands) EndingBalance Gain(loss) Entity having significant influence on the company: Uni-President Enterprises Corp. 100 8,090 $ 786 $ Security investment trust fund raised by the Uni-President Asset Management Corp.: Fund managed by Uni-President Asset Management Corp. 183,107 32,542 Other related party: President Chain Store Corp. 9 2,367 130 Total 193,564 $ 33,458 $ Year ended December 31,2023 Ending Shares (In thousands) EndingBalance Gain (loss) Entity having significant influence on the company: Uni-President Enterprises Corp. 136 10,149 $ 1,826 $ Security investment trust fund raised by the Uni-President Asset Management Corp.: Fund managed by Uni-President Asset Management Corp. 52,587 7,376 Other related party: President Chain Store Corp. 9 2,426 31) ( Others - - 11 Total 65,162 $ 9,182 $ December31,2024 December 31,2023 Year ended December 31,2024 Year ended December 31,2023 Salary and short-term employee benefits 438,762 $ 319,022 $ Retirement benefits 1,896 1,792 Other long-term employee benefits - - Termination benefits - - Share-based payment - - Total 440,658 $ 320,814 $		December				EndingBalance 31,2024				Year ended December 31,2024
			Ending Shares (In thousands)								Gain(loss) 786 $ 32,542 130 33,458 $ Year ended December 31,2023
							8,090 $ 183,107 2,367 193,564 $ EndingBalance 31,2023
			Ending Shares (In thousands)
					438,762 $ 1,896 - - - 440,658 $				319,022 $ 1,792 - - - 320,814 $

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8. PLEDGED ASSETS

The Group’s assets pledged or restricted for use were as follows:

Assets Trading securities (par value) - Corporate bonds - Government bonds - Overseas bonds - International bonds - Bank debentures Financial assets at fair value through other comprehensive income - current - Overseas bonds (par value) Others current assets - Pledged demand deposits - Pledged time deposits - Government bonds (par value) Property and equipment - Land and buildings (book value) Pledged time deposits (stated as other non-current asset) - Operating guarantee deposits - Refundable deposits Financial assets at fair value through profit or loss - current Financial assets at fair value through profit or loss - non-current	December31,2024 3,214,000 $ 93,900 7,312,417 1,847,763 100,000 3,606,350 384,288 500,000 50,000 1,080,330 640,000 2,000	December31,2023 3,735,000 $ 1,600,200 11,159,717 725,479 100,000 2,712,153 91,001 400,000 50,000 1,085,689 655,000 2,000	Purposes
			Securities for bonds sold under repurchase agreements Securities for bonds sold under repurchase agreements Securities for bonds sold under repurchase agreements Securities for bonds sold under repurchase agreements Securities for bonds sold under repurchase agreements Securities for bonds sold under repurchase agreements Collections on behalf of third parties and reimbursement for wages and stocks Securities for short-term loans and guarantees for issuance of commercial papers Trust fund deposit-out Securities for short-term loans and guarantees for issuance of commercial papers Security deposits Security deposits

9. SIGNIFICANT COMMITMENTS

None.

10. SIGNIFICANT LOSS FROM NATURAL DISASTER

None.

11. SIGNIFICANT SUBSEQUENT EVENT

None.

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12. OTHER

1) Management objective and policy of financial risks

• A. Risk management objective

• The Group continually strengthens risk culture to every employee and makes sure that the Group can actively develop various businesses under a healthy and effective risk management system. At the same time, by creating value of an entity and continually increasing profit, profit maximization may be achieved within appropriate risk tolerance.

• B. Risk management system

• In order to ensure the completeness of risk management system, run the balancing mechanism of risk management, and improve the division efficiency of risk management, the Group sets up “Risk Management Policy”. Such policy aims to establish internal system compliance and the guiding tools for policies communication within the Group and enable every layer of the Group engaged in different tasks to identify, evaluate, monitor, and control various risks with establishment of consistent compliance rules for risks of each business so that the risks can be controlled within the limits set in advance.

• The Group’s risk management system covers risks incurred from businesses on and off the balance sheet, such as market risk, credit risk, liquidity risk, operating risk, legal risk, model risk, reputation risk and climate risk, which are all included in the risk management.

• C. Risk management organization

• Risk management organization: Board of Directors, Risk Management Committee, Risk Control Office, Business units and other related segments (such as Office of Auditing, Office of General Manager, Compliance segment, Legal segment, Finance segment, Settlement segment and General Affair segment) are in charge of planning, supervising and execution.

• (A) The Board of Directors should ensure the effectiveness of risk management and be responsible for the ultimate result and the following duties:

  • a. To establish proper risk management system, operating process, and risk management culture in the Group with allocation of necessary resource for better execution and operation.

  • b. Policy of risk management review.

  • c. Review and approval of business application, transaction authorization and risk limit.

• (B) The Risk Management Committee reports to the Board of Directors and is responsible for the following:

  • a. Review risk management policy.

  • b. Review the highest risk tolerance.

  • c. Submit regular reports to the Board of Directors in relation to the risk management status of the whole Group.

• (C) The General Manager supervises daily risk management of the entire Group and is responsible for the following:

  • a. Supervise and monitor daily risk management of the entire Group.

  • b. Approval of management exceptions.

• (D) Assets and Liabilities Committee reports to the General Manager and is responsible for the following:

  • a. Set up the ultimate guidelines for assets and liabilities management of the entire Group. b. Analyze and control the entire Group’s assets and liabilities portfolio.

  • c. Approval of various businesses’ quotas.

  • d. Gather and analyze information on domestic and offshore interest rate, exchange rate, prosperity fluctuation, political and economic environmental changes, and predict the financial trend in the future.

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• (E) Risk Control Office implements risk management policy and related regulations and reports to the Risk Management Committee. Risk Control Office also reports daily risk management to the General Manager and is responsible for the following:

  • a. Establish Risk Management Policy of the entire Group.

  • b. Develop effective method for measurement and risk management in an entity.

  • c. Review risk management system of business units.

  • d. Generate risk report through information gathering and consolidation.

  • e. Analyze various business risks and report to the General Manager.

  • f. Report the risk management situation to the Risk Management Committee according to a meeting’s nature and needs.

  • g. Carry out duties as designated by the Risk Management Committee and control risks of business units.

• (F) Auditing Office is responsible for the following:

  • a. Execute operating risk control.

  • b. Include the risk management system into internal audit program and carry out the daily audit schedule.

  • c. Assess the effectiveness of internal control and verify the executed result.

• (G) Compliance segment and legal segment under the Office of General Manager are responsible for the following:

  • a. Compliance segment should make sure that the business operation and risk management system are in compliance with relevant regulations.

  • b. Legal segment is responsible for legal risk control.

  • c. Compliance segment also provides services of Anti-Money Laundering and Counter Terrorism Financing, including designs specification and internal control, establishes transaction monitoring, oversees the effective implementation of business units, conducts the employee training and reports any suspicion of money laundering.

• (H) Finance segment is responsible for the following:

  • a. Verify the correctness of position information and reasonability of profit and loss calculation.

  • b. Control and analyze self-owned capital adequacy ratio.

  • c. Analyze the appropriateness of structures of the assets and liabilities.

• (I) Business units are responsible for the following:

  • a. Set up risk management details of various businesses according to the risk management policy and other related regulations.

  • b. Provide sufficient position information and risk control information to the Risk Control Office.

• (J) Settlement division is responsible for the following:

  • a. Clearing and settlement; risk control and management of margin purchase and short sale of securities.

  • b. Risk control and management of trading middle office and enforcement of rules governing risk management of business segments.

• (K) General Affair segment is responsible for the following: a. Verify and manage greenhouse gas.

  • b. Sustainable resources management, responsible procurement and supplier management.

• D. Risk management policy

In order to ensure the completeness of risk management system, run the balancing mechanism of risk management, and improve the division efficiency of risk management, the Group sets up “Risk Management Policy”. Such policy aims to establish internal system compliance and the guiding tools for policies communication within the Group and enable every layer of the Group

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engaged in different tasks to identify, evaluate, monitor, and control various risks with establishment of consistent compliance rules for risks of each business so that the risks can be controlled within the limits set in advance.

Risk management processes include risk identification, risk evaluation, risk supervision and various risk control. Each kind of risk evaluations and responding strategies are described as follows:

• (A) Market risk management

  • The Group has implemented risk management information system (Risk Manager) in relation to market risk control. All trading positions of the Group have been included in the daily risk control system for the calculation of Value at Risk (VaR). Limit exceeding indicators are mainly the nominal principal, stop-loss, sensitivity (Greeks) and VaR. The risk management report is presented on a daily basis for implementation of regular control and limit exceeding handling procedures.

• (B) Credit risk management

  • In relation to risk control, the quantitative model of default rate adopts KMV model to calculate the default rate of issuers with credit exposure of the issuing company and the trading counterparties, and credit risk of securities disclosed in the report. The credit exposure is mitigated through regular review of credit status.

• (C) Fund liquidity risk

  • Unit in charge of fund procurement regularly predicts future fund demand and supply, and consolidates company guarantee or endorsement and capital lending businesses to monitor the condition of fund procurement on a daily basis.

• (D) Operating risks

  • Settlement segment is responsible for confirming the settlement and clearing, accounts opening and the actual disbursement. Finance segment prepares vouchers based on the actual transaction evidence and compares whether the accounts and cash accounts are matched, and confirms the operating risks of accuracy of the transaction from an accounting perspective. Auditing segment is responsible for internal audit and internal control, and regularly samples and checks the performance of each unit.

• (E) Legal risk

  • Legal segment is responsible for reviewing of the Company’s various derivative financial instrument contracts, ISDA and individual account contracts, etc. and handle all legalrelated issues.

• (F) Climate risks

  • Based on the two major risk indicators of climate risk, the physical risk and the transition risk, the potential climate risk on investment position is estimated by different scenario analyses. The Company regularly discloses implementation of climate risk management annually that complies with the policy guidelines set by the competent authorities and initiatives or guidelines internationally and generally recognised to enhance the quality and transparency of information disclosure.

• E. Hedging and risk-offsetting strategy

• (A) Policies of hedging and risk mitigating are parts of the Group’s risk management policies, and the hedging position and hedged trading position are supposed to be one portfolio, of which the gain and loss and risk information are measured on a consolidated basis.

• (B) The overall position (hedging position and trading position) is included in the daily risk management system to calculate Value at Risk and other relevant information. Limit exceeding indicators mainly include nominal principal, stop-loss point, price sensitivity and VaR. With the presentation of daily risk management report, routine control and limit exceeding treatment can be executed.

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• (C) The continued effectiveness of hedging and risk-offsetting strategy is measured by the gain and loss of overall position (hedging position and trading position), in order to track reasonableness of the profit or loss of hedging position and the offsetting relationship with the profit or loss of trading position, and to control them within a reasonable range.

• 2) Credit risk

• A. Source and definition of credit risk

The credit risk exposure of the Group as a result of engagement in financial transactions include issuer’s credit risk, credit risk of counterparty and credit risk of underlying assets:

• (A) Credit risk of the issuer refers to the issuers of financial debt instruments held by the Group failing to repay its obligation due to the fact that the issuer breaches the contract resulting in the risk of financial loss to the Group.

• (B) Credit risk of counterparty refers to risk of financial loss to the Group arising from default by the counterparty of financial instruments on the settlement or payment obligation.

• (C) Credit risk of the underlying assets happens when the credit rating of the underlying assets linked to the financial instrument is downgraded by the rating agency or when the losses occur as a result of contract default.

The financial assets held by the Group which could result in credit risk include bank deposit, debt securities, derivatives transactions in OTC, bonds purchased/sold under resale/repurchase agreements, refundable deposit of securities lending, futures trade margins, other refundable deposits and receivables.

• B. Maximum credit risk exposure and credit risk concentration

The maximum exposure to credit risk of financial assets in the consolidated balance sheet, without consideration of the collateral or other credit enhancements, is equivalent to the carrying amount. In Taiwan, the sources of credit risk of the Group are primarily resulting from cash deposited with banks or other financial institutions, debt securities issued or guaranteed by a bank, derivative instruments transaction underwritten by the Group, and all counterparties of customer margin deposits accounts being financial institutions. Credit risks of various financial assets are as follows:

• (A) Cash and cash equivalents

Cash and cash equivalents include time deposit, demand deposits and checking deposits. Correspondent institutions are mainly domestic financial institutions.

• (B) Financial assets at fair value through profit and loss - current a. Fund

  • The funds held by the Group are bond funds. As the positions held are not significant, credit risk is deemed low.

• b. Commercial papers

The commercial papers held by the Group are under resale agreements. As all the counterparties are financial institutions with good credit, the credit risk from counterparties is extremely low.

• c. Debt securities

Debt securities are mainly positions like government bonds, convertible corporate bonds and foreign bonds and the issuers are primarily R.O.C. government, domestic and foreign legal entities. 10% of convertible corporate bond is guaranteed by banks. Details are as follows:

• (a) Government bonds

The bonds held by the Group are mostly government bonds (inclusive of central and local government). As a whole, the credit risk of the bonds held by the Group is low.

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• (b) Corporate bonds

The corporate bonds held by the Group are mainly underlying investment with good credit rating and those with rating above (S&P BB).

• (c) Convertible corporate bond

The convertible corporate bonds held by the Group are mostly issued by the domestic legal entities. The Group mitigates highly risky credit exposure of the issuers by control through Taiwan Corporate Credit Risk Index (TCRI).

• (d) Foreign bonds

The foreign bonds held by the Group are mainly underlying investment with good credit rating and those with rating above (S&P BB).

• (C) Financial assets at fair value through other comprehensive income - current

The foreign government bonds held by the Group are classified as debt instruments at fair value through other comprehensive income. In general, the bonds held by the Group are with lower credit risk.

• (D) Derivatives - futures trade margin

When engaging in futures trades in stock exchange market, the Group needs to deposit margin into a margin deposit account of a financial institution designated by the futures merchants as a guarantee to fulfil contractual obligation in the future. As a result, the credit risk is low.

• (E) Derivatives - OTC

The Group signs International Swaps and Derivatives Association (ISDA) agreements with each counterparty when engaging in OTC derivatives as an agreement regarding such transactions for both parties. In the agreement, it provides a fundamental contractual model for OTC derivative transactions. If any party breaches the contract or terminates the transactions early, then all the open interest covered in the agreement should be settled by net amount as bound in the contract. When the ISDA agreement is signed, the Credit Support Annex (CSA) is also signed. According to the CSA, collateral will be transferred from a party to the other during transaction process to mitigate the risk of counterparty in open interest. Please refer to Note 6(10).

Types of OTC derivative transactions in which the Group is engaged include structured notes and swap transaction. The counterparties are all from financial service industry and mainly located in Taiwan, United States, and United Kingdom.

• (F) Bonds investment under a resale agreement

• Bonds sold under a resale agreement are the bonds that the client sold to the Group at a price, interest rate, length of period as agreed by two parties and the client shall repurchase the bonds at the specified price upon maturity. The Group needs to assume credit risk from counterparties when underwriting such business, as the payment being delivered to the other party. With consideration of good collateral obtained, the net of credit risk exposure from counterparties can be effectively reduced. As all the counterparties are financial institutions with good credit rating, the credit risks from counterparties are extremely low. Please refer to Note 6(10).

• (G) Margin loans receivable

Margin loans receivable are the loans provided to the client in order to process businesses of margin trading and short sale using the securities purchased through financing as collateral. The Group monitors the clients’ margin ratio through information system on a daily basis. As the margin ratio of margin trading is set at 130% according to Regulations Governing the Conduct of Securities Trading Margin Purchase and Short Sale Operations by Securities Firms, the credit risk is extremely low.

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• (H) Receivables of securities business money lending

• Receivables of securities business money lending are the non-restricted purpose loan business and monetary financing business, pursuant to an agreement between a securities firm and a customer, using customer securities and other commodities as collateral. The Group regularly assesses its customer line of credit and implements appropriate credit control. As the margin ratio of margin trading is set at 130% according to Regulations Governing the Conduct of Securities Trading Margin Purchase and Short Sale Operations by Securities Firms, the credit risk is extremely low.

• (I) Guaranteed price for securities lending Guaranteed price for securities lending is the sale price of the Group’s securities sold by other securities firms through margin trading after deduction of securities transactions tax and service fee, which is deposited in other securities firms as collateral. As all the counterparties are financial institutions with good credit rating, the credit risk from counterparties is extremely low.

• (J) Refundable deposits for securities lending Refundable deposits for securities lending are the margins deposited in other securities firm as collateral when the Group’s securities are sold. As all the counterparties are financial institutions with good credit, the credit risk from counterparties is extremely low.

• (K) Receivables

• Receivables are the credit rights arising from the securities business including settlement receivables of consignment trading, settlement receivables of operating securities sold, financing interest receivables of self-operating credit transaction, receivables of consignment trading for securities, and receivables from banks’ underwriting on foreign exchange transactions and foreign fund demand. As the majority of the Group’s receivables from the consignment businesses and self-operating businesses are settlement of securities from OTC or TWSE, the credit risk is extremely low. As the foreign exchange transactions are simply the receipt or payment of different currencies and the correspondent banks are of good credit rating, the credit risk is extremely low.

• (L) Other current assets

• Other current assets are mainly the collateral deposited in the bank for application for shortterm debt limit and guarantee for application for issuance of commercial papers. As the correspondent banks are all financial institutions with good credit rating, the credit risk is extremely low.

• (M) Financial assets at fair value through profit and loss - non-current

• In order to underwrite trust business, the Group deposits central government bonds in the Central Bank as collateral. Regardless of the bonds themselves or the financial institutions where the bonds are deposited, the credit risk is extremely low.

• (N) Other non-current assets

• Other non-current assets mainly comprise operating guarantee deposits, settlement funds, and refundable deposits. Operating guarantee deposits are mainly deposited in domestic banks with good credit rating. Settlement funds are deposited in securities exchange. Settlement funds are used as compensation when a party to a marketable securities transaction fails to fulfil the settlement obligation. The credit risks from the institutions where these two assets are deposited are extremely low. The refundable deposits refer to cash or other assets which are deposited externally by the Group and can be used as refundable deposits. Because deposits are placed in various financial institutions and each deposit amount is small, the credit risk is dispersed and the credit exposure of overall refundable deposit is extremely low.

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C. Expected credit loss assessment

• In the assessment of impairment and calculation of expected credit losses, the Group considers reasonable and supporting information about past events, current conditions and future economic conditions. The Group determines at the balance sheet date whether there has been a significant increase in credit risk since initial recognition or whether credit impairment has occurred, and recognizes expected credit loss according to which stage the asset belongs: no significant increase in credit risk or low credit risk at balance sheet date (Stage 1), significant increase in credit risk (Stage 2), and credit impaired (Stage 3). 12-month expected credit losses are recognized for assets in Stage 1, and lifetime expected credit loses are recognized for assets in Stage 2 and Stage 3. The definition of and expected credit losses recognized for each stage are as follows:

Item	Stage 1	Stage 2	Stage 3
Definition	No significant deterioration of credit quality of the financial asset since initial recognition, or the financial asset is considered low-risk at the balance sheet date.	Significant deterioration of credit quality of the financial asset since initial recognition, but the asset is not yet credit impaired.	The financial asset is credit impaired at the financial reporting date.
Expected credit losses recognition	12-month expected credit losses	Lifetime expected credit losses	Lifetime expected credit losses

• (A) Judgements of the significant increase in credit risk since initial recognition

• Judgements and assumptions used to determine whether the credit risk has a significant increase since initial recognition when the Group calculates expected credit loss under IFRS 9 are as follows:

• a. If contractual payments are over 30 days past due according to the payment terms, the financial asset is considered to have significant increase in credit risk since initial recognition.

• b. There is significant increase in credit risk at the reporting date if the credit rating of the issuer has been downgraded by more than 2 grades and the final external credit rating at the reporting date is non-investment grade, if the interest payments are over 30 days past due, or if there has been a default in the past.

• (B) Definition of default and credit-impaired financial assets According to the definition of credit impairment set by IFRS 9, a financial asset is creditimpaired when one or more events that have occurred and have a significant impact on the expected future cash flows of the financial asset. The criteria used to judge whether a financial asset is credit-impaired since initial recognition includes but is not limited to the following:

• a. Contractual payments or principal or interest payments on bonds are over 3 months (90 days) past due.

• b. Bond investment is rated as “in default” by external credit rating agencies.

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• c. Bond issuer has filed for bankruptcy, restructure, or other debt clearance procedures.

• d. Issuer or counterparty has financial difficulties.

• (C) Writing-off policy

• If any of the following condition applies, the Group will write off the non-recoverable portion of the overdue receivables as bad debt.

• a. Debt cannot be fully or partially recovered due to dissolution of, disappearance of, settlement with, bankruptcy declaration by the debtor, or any other reason.

• b. The collateral and the assets of the primary and secondary debtors could not be auctioned off after multiple attempts and multiple price discounts, and the Company has not received any real benefits in assuming the collateral.

• c. Payments are over two years past due and could not be recovered after attempts to collect.

• (D) Measurement of expected credit losses

• The Group considers reasonable supporting information which shows significant increase in credit risk since initial recognition when calculating expected credit losses. Main indexes include: internal/external credit rating, information of past due, credit spread, other market information in relation to the borrower, issuer or counterparty, and significant increase in credit risk of other financial instrument of the same borrower. Investments in bills and bonds

• (a)Probability of default was based on external credit rating, which include forward-looking information.

• (b)Loss given default was based on the average loss given default of external credit rating of investment position and counterparties.

• (c)Exposure at default

Stage 1, Stage 2 and Stage 3: Total carrying amount (including interest receivable).

• (E) Consideration of forward-looking information

  • Historical loss rate (based on the historical experience in the past 3 to 5 years) as obtained and compared with economic environment in the past, nowadays and future (forwardlooking factor) to see whether there is any significant change, and then to properly adjust future loss rate standards. If any significant default event occurs, the loss rate in the current year will be included in the calculation of future loss rate standard.

• D.Table of movements in loss provision of the Group

• (A) For the years ended December 31, 2024 and 2023, there were no changes in the loss allowance for investments in debt instruments measured at fair value through other comprehensive income.

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• (B) Except for bond interest receivable which was evaluated along with debt investments, the Group applies the simplified approach to measure the loss allowance at an amount equal to lifetime expected credit losses for marginal receivables, accounts receivable, other receivable-others and overdue receivables. The movements in loss provision of marginal receivables, accounts receivable, other receivable-others and other non-current assetsoverdue receivables of the Group are as follows:

At January 1 Provision (reversal of provision) for impairment At December 31 At January 1 Provision (reversal of provision) for impairment Derecognized At December 31			Year	Year	ended December 31,2024	ended December 31,2024	ended December 31,2024	ended December 31,2024	Total
		Marginal receivable	Accounts receivable			Other receivables		Other non-current assets-overdue receivables
	46,779 $ 19,039) ( 27,740 $ Marginal receivable		641 $ 150) ( 491 $ Year						49,660 $ 15,150) ( 34,510 $ Total
		Marginal receivable		Accounts receivable	Other receivables		Other non-current assets-overdue receivables
		28,315 $ 18,464 - 46,779 $	659 $ 18) ( - 641 $		355 $ 80) ( - 275 $		8,224 $ 450) ( 5,809) ( 1,965 $		37,553 $ 17,916 5,809) ( 49,660 $

3) Liquidity risk

• A. Definition and source of liquidity risk

Liquidity risk refers to possible financial losses arising from the inability to realize the asset or to obtain sufficient fund to fulfil the financial liabilities soon to be matured. Above situations may weaken the sources of cash from the Group’s trading and investment activities.

B. Liquidity risk management procedure and stimulation test

In order to prevent operational crisis as a result of liquidity risk, the Group has established responding crisis process with regular monitoring over liquidity gap of fund.

• (A) Procedure

In addition to the operating capital for various business and long-term investment, the Group needs to maintain revolving funds at a certain level for daily operation. The use of remaining fund shall avoid high concentration and should be based on the principle of holding sound earning assets with high liquidity and treated in compliance with policies of the Group.

The responsive unit for fund procurement adjusts the liquidity gap to ensure proper liquidity according to the daily volume and movement in the market.

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• (B) Stimulation test

  • a. The Group reviews fund liquidity risk from a perspective of supply and demand of fund every month with simulation analysis of available fund for emergency including scenario analysis of cash, funding limit of financial institutions, margin loans and short sale, and value of disposal of position in order to compute maximum available fund and fund demand. Finally, safety stock of fund is reviewed to monitor liquidity risk.

  • b. Above liquidity risk is generally reviewed monthly. However, if the available limit of increment banking credit risk in financing limit of a financial institution is lower than a certain amount (that is, the amount may be timely adjusted according to the fund liquidity in the market and the actual fund demand and supply in an entity), the safety stock will be reviewed weekly. After the early warning report for fund is submitted, the head of finance segment will call for a fund control meeting.

  • c. Other than individual funding liquidity risk of an entity, stress test of minimization funding supply and maximization funding demand in the event of significant crisis is simulated, including:

    • (a)When there is a significant crisis in the market, the financing limit of the financial institutions and the value of disposal of position can be deemed the minimized ratio of fund supply which is then adjusted according to actual condition to compute the total fund supply under maximum stress.

    • (b)Except for the operating expense, the stock concept is adopted for the calculation of total fund demand under maximum stress.

    • (c)The Group should conduct a review to see whether the total minimized fund supply is more than maximized total fund demand. The Group should further review how long (by month) the difference may cover the operating expenses so that the safety stock of fund (by month) under stress test can be computed.

    • (d)The minimum safety stock of fund under stress test (by month) may be adjusted according to the crisis itself and only operating expense for at least 6 months under a normal stimulation can be deemed safe.

• C. Maturity analysis for the financial assets and financial liabilities held for liquidity risk management

• (A)The Group holds cash and sound earning assets with high liquidity in order to fulfil the payment obligation and potential emergency fund demand in the market. Financial assets held for liquidity risk management are mainly cash and cash equivalents, among which, all time deposits mature within a year. Financial assets at fair value through profit and loss are mainly listed stocks, convertible bonds and debt securities. As all of them have positions in active market, the liquidity risk is deemed low.

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(B) Maturity analysis for the financial liabilities is as follows:

Short-term loans Commercial papers payable Financial liabilities at fair value through profit or loss - current Non-derivative financial liabilities Derivative financial liabilities Bonds sold under repurchase agreements Deposits on short sales Deposits payable for securities financing Securities lending refundable deposits Futures traders’ equity Accounts payable (includes notes payable) Collections on behalf of third parties Other payables Other financial liabilities - current Lease liabilities Total					December31,2024	December31,2024	December31,2024
		Immediately		Less than 3 months		3-12 months		1-5years - $ - - - - - - 81,549 - - 90,116 - - 149,590 321,255 $	Total
		1,060,000 $ 200,000 7,465,737 4,828,015 - 1,208,692 1,707,090 - 35,522,374 27,359,191 848,621 20,131 - - 80,219,851 $		7,244,220 $ 32,810,000 - - 15,730,764 - - 659,427 - 116,392 19,261 425,083 12,405,988 21,813 69,432,948 $		500,000 $ - - 1,242,786 - - - 232,600 - - - 2,413,640 1,395,595 50,291 5,834,912 $			8,804,220 $ 33,010,000 7,465,737 6,070,801 15,730,764 1,208,692 1,707,090 973,576 35,522,374 27,475,583 957,998 2,858,854 13,801,583 221,694
									155,808,966 $

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Short-term loans Commercial papers payable Non-derivative financial liabilities Derivative financial liabilities Bonds sold under repurchase agreements Deposits on short sales Deposits payable for securities financing Securities lending refundable deposits Futures traders’ equity Accounts payable (includes notes payable) Collections on behalf of third parties Other payables Other financial liabilities - current Lease liabilities Total Financial liabilities at fair value through profit or loss - current					December 31,2023	December 31,2023	December 31,2023
		Immediately		Less than 3 months		3-12 months		1-5years - $ - - - - - - 29,747 - - 86,888 - - 68,894 185,529 $	Total
		1,160,000 $ - 6,176,815 4,263,589 - 921,093 1,163,504 - 20,497,894 16,960,308 514,753 7,845 - - 51,665,801 $		5,784,759 $ 21,150,000 - - 19,322,093 - - 1,342,474 - 131,107 12,739 370,954 4,442,218 19,472 52,575,816 $		- $ - - 30,908 - - - 259,786 - - - 1,880,783 781,801 39,070 2,992,348 $			6,944,759 $ 21,150,000 6,176,815 4,294,497 19,322,093 921,093 1,163,504 1,632,007 20,497,894 17,091,415 614,380 2,259,582 5,224,019 127,436
									107,419,494 $

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4) Market risk

A. Definition of market risk

Market risk refers to the risk of decrease in the Group’s revenue or value of investment portfolio as a result of the changes in exchange rate, commodity price, interest rate, and stock price or other market risk factors.

The Group continually exercises risk management tools such as sensitivity analysis, Value at Risk, stress test and so on to completely and effectively measure, monitor and manage market risk.

B. Value at Risk (VaR)

Value at Risk is used to measure the possible maximum potential losses in investment portfolio as a result of movement in market risk factor in a specified period and confidence level. The Group currently uses confidence level of 95% to calculate Value at Risk of one day.

A VaR model must reasonably, completely and accurately measure the maximum potential risks of financial instruments or investment portfolio before being adopted as a risk management model by the Group. The VaR model used in risk management is continually certified and retrospectively tested to demonstrate that the model can reasonably and effectively measure the maximum potential risks of financial instruments or investment portfolios.

Statistical table for one-dayVaR of transactions	Statistical table for one-dayVaR of transactions
Year ended December 31,2024
December 31, 2024 VaR Maximum VaR Average VaR Minimum Year ended December 31,2024 Statistical
December 31, 2024 VaR Maximum VaR Average VaR Minimum Year ended December 31,2023
December 31, 2023 VaR Maximum VaR Average VaR Minimum

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C. Information on gap of foreign exchange risk

The following table summarizes financial instruments of foreign assets or liabilities by currency and the foreign exchange exposure presented by book value as of December 31, 2024 and 2023:

Financialassetsin foreigncurrencies Cash and cash equivalents Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income - current Investments accounted for under the equity method Others Financial liabilities in foreign currencies Short-term loans Financial liabilities at fair value through profit or loss Bonds sold under repurchase agreements Others			December 31,2024	December 31,2024	December 31,2024
	USD 1,189,726 $ 7,952,799 3,672,279 - 20,640,027 744,220 418,230 9,878,524 21,989,261	EUR 1,908 $ 1,045,709 - - 38,001 - - 947,867 33,282	AUD 3,611 $ 1,253,627 - - 10,886 - - 1,171,710 9,943	RMB 57,376 $ 59,368 - 2,641,462 1,583 - 3,385 40,157 404,327	HKD 971,842 $ 5,297 - - 1,458,704 - 201 - 1,449,485	Others 106,475 $ 631,134 - - 222,167 - 3,231 127,928 515,688	Total
							2,330,938 $ 10,947,934 3,672,279 2,641,462 22,371,368 744,220 425,047 12,166,186 24,401,986

Note: As of December 31, 2024, foreign exchange rates of the above currencies to TWD were 1 USD = 32.785 TWD; 1 EUR = 34.140 TWD; 1 AUD = 20.390 TWD; 1 RMB = 4.478 TWD; and 1 HKD = 4.222 TWD, respectively.

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Financial assets in foreign currencies Cash and cash equivalents Financial assets at fair value through profit or loss Financial assets at fair value through other comprehensive income - current Investments accounted for under the equity method Others Financial liabilitiesin foreigncurrencies Short-term loans Financial liabilities at fair value through profit or loss Bonds sold under repurchase agreements Others			December 31,2023	December 31,2023	December 31,2023
	USD 688,758 $ 10,472,325 1,307,681 - 7,462,170 1,034,759 63,591 9,381,587 9,432,548	EUR 5,394 $ 2,117,378 - - 38,366 - 565 1,880,550 29,268	AUD 1,562 $ 882,164 1,375,468 - 11,620 - 91 2,122,450 28,693	RMB 28,200 $ 47,581 - 2,615,717 3,086 - 709 34,594 59,619	HKD 856,354 $ 34,235 - - 90,733 - 4 - 102,503	Others 76,679 $ 694,094 - - 100,251 - 10,879 208,549 97,809	Total
							1,656,947 $ 14,247,777 2,683,149 2,615,717 7,706,226 1,034,759 75,839 13,627,730 9,750,440

Note: As of December 31, 2023, foreign exchange rates of the above currencies to TWD were 1 USD = 30.705 TWD; 1 EUR = 33.980 TWD; 1 AUD = 20.980 TWD; 1 RMB = 4.327 TWD; and 1 HKD = 3.929 TWD, respectively.

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     - D. The total exchange gain (loss), including realized and unrealized, arising from significant foreign exchange variation on the monetary items held by the Group for the years ended December 31, 2024 and 2023, amounted to $403,056 and ($57,576), respectively.

• 5) Fair values and hierarchy information

• A. Financial instruments and non-financial instruments not measured at fair value

  • Except for those listed in the table below, the carrying amounts of the Group’s financial instruments not measured at fair value (including cash and cash equivalents, bonds purchased under resale agreements, margin loans receivable, refinancing guaranty deposits, guaranteed proceeds receivable from refinancing, guaranteed price deposits for security borrowing, security borrowing deposits, customer margin deposit account, notes and accounts receivable, other receivables, short-term loans, commercial paper payable, bonds sold under repurchase agreements, guarantee deposit received from short sales, guaranteed price deposits received from securities borrowers, security borrowing deposits, equity of futures traders, accounts payable, collection for others, and other payables) approximate their fair values. The fair value information of financial instruments measured at fair value is provided in Note 12(5)3.

Non-financial assets December 31, 2024 Investment property December 31, 2023 Investment property	Total 532,604 $ 515,813 $	Quoted prices of the same assets in active markets (level 1)	Other significant observable inputs (level 2)	Significant non-observable inputs(level 3)
		- $ - $	532,604 $ 515,813 $	- $ - $

The fair value of investment property held by the Group was assessed by external valuation experts using comparison approach and income approach.

• B. Valuation techniques

• (A)For financial instruments held for trading purposes which are classified as non-derivative instruments, their fair values are based on their quoted prices in an active market. If there is no quoted market price for reference, a valuation technique will be adopted to measure the fair value. Estimates and assumptions of valuation technique adopted by the Group are in agreement with the information of estimates and assumptions adopted by market users for financial instrument pricing and the said information shall be accessible to the Group. For those classified as derivative instruments, their fair values are based on their market prices if their quoted prices are available from an active market. If quoted market prices in an active market are not available, SWAP and IRS are valued at the discounted cash flow method, and options are valued at the Black-Scholes model.

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(B)When financial assets at fair value through other comprehensive income have quoted market prices available in an active market, the fair value is determined using the market price.

• C. Fair value hierarchy of the financial instruments

• (A)Definitions for the hierarchy classifications of financial instruments measured at fair value a. Level 1

Level 1, are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. An active market has to satisfy all the following conditions: a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Group’s investments in listed stocks, beneficiary certificates, on-the-run Taiwan central government bonds and derivative instruments with quoted market prices, are deemed as Level 1.

• b. Level 2

Inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Investments of the Group such as emerging stock without active markets, off-the-run issue of government bonds, corporate bonds, bank debentures, convertible corporate bonds, currency swaps, interest rate swaps, options, asset swaps, and most derivatives are all classified within level 2. For the years ended December 31, 2024 and 2023, there was no significant transfer of financial instruments between Level 1 and Level 2.

• c. Level 3

Unobservable inputs for the assets or liability. The fair value of the Group’s investment in unlisted stocks is included in Level 3. For the years ended December 31, 2024 and 2023, some of the unlisted stocks became the emerging stocks, therefore these stocks were transferred from Level 3 to Level 2.

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(B)Hierarchy of fair value estimation of financial instruments

Recurring fair value Non-derivative financial instruments Assets Financial assets at fair value through profit or loss - current Stock investments Bond investments Others Financial assets at fair value through other comprehensive income - current Stock investments Bond investments Financial assets at fair value through profit or loss - non-current Stock investments Bond investments Others Financial assets at fair value through other comprehensive income - non-current Stock investments Liabilities Financial liabilities at fair value through profit or loss - current Derivative financial instruments Assets Financial assets at fair value through profit or loss - current Liabilities Financial liabilities at fair value through profit or loss - current		December	31,2024
	Total 19,696,036 $ 31,653,542 5,817,978 823,611 3,672,279 1,734 49,437 66,500 1,452,561 7,465,737 4,237,526 6,070,801	Level 1 19,407,784 $ 8,414,603 5,817,978 823,611 3,672,279 - - - - 7,465,737 4,177,468 1,757,891	Level 2 142,863 $ 23,238,939 - - - - 49,437 - - - 60,058 4,312,910	Level3
				145,389 $ - - - - 1,734 - 66,500 1,452,561 - - -

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Recurring fair value Non-derivative financial instruments Assets Financial assets at fair value through profit or loss - current Stock investments Bond investments Others Financial assets at fair value through other comprehensive income - current Stock investments Bond investments Financial assets at fair value through profit or loss - non-current Stock investments Bond investments Others Financial assets at fair value through other comprehensive income - non-current Stock investments Liabilities Financial liabilities at fair value through profit or loss - current Derivative financial instruments Assets Financial assets at fair value through profit or loss - current Liabilities Financial liabilities at fair value through profit or loss - current		December	31,2023
	Total 16,227,361 $ 29,548,975 3,085,328 395,531 2,683,149 10,004 49,776 58,500 1,168,288 6,176,815 4,837,333 4,294,497	Level 1 15,988,641 $ 7,543,011 3,085,328 395,531 2,683,149 - - - - 6,176,815 4,836,504 1,597,251	Level 2 98,555 $ 22,005,964 - - - - 49,776 - - - 829 2,697,246	Level3
				140,165 $ - - - - 10,004 - 58,500 1,168,288 - - -

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(C) The following table is the movement of financial assets at Level 3:

Year ended December 31, 2024

Financial assets at fair value through profit or loss - current Unlisted stocks Financial assets at fair value through profit or loss - non-current Venture capital shares Others Financial assets at fair value through other comprehensive income - non-current Unlisted stocks	January1	Valuation amount	Valuation amount	Increased	Increased	Decreased	Decreased	December 31
		Recorded in profit or loss	Recorded in other comprehensive income(loss)	Acquired/ Issued	Transfers into level 3	Sold/ Diposed or Settled	Transfers out from level 3
	140,165 $ 10,004 58,500 1,168,288	7,224 $ - $ - $ 8,270) ( - - 8,000 - - - 284,273 - Year ended December 31,2023			- $ - - -	2,000) ($ - - -	- $ - - -	145,389 $ 1,734 66,500 1,452,561
Financial assets at fair value through profit or loss - current Unlisted stocks Financial assets at fair value through profit or loss - non-current Venture capital shares Others Financial assets at fair value through other comprehensive income - non-current Unlisted stocks	January1	Valuation amount		Increased		Decreased		December 31
		Recorded in profit or loss	Recorded in other comprehensive income(loss)	Acquired/ Issued	Transfers into level 3	Sold/ Diposed or Settled	Transfers out from level 3
	140,494 $ 16,604 32,900 1,179,907	30,455) ($ 4,426) ( 10,600 -	- $ - - 11,619) (	42,351 $ - 15,000 -	- $ - - -	7,500) ($ 2,174) ( - -	4,725) ($ - - -	140,165 $ 10,004 58,500 1,168,288

(Blank below)

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

December31,2024	Fairvalue	Valuation technique	Significant unobservableinput	Range (weighted average)	Relationship of inputs to fairvalue
Financial assets at fair value through profit or loss - current Financial assets at fair value through profit or loss - non-current Venture capital shares 1,734 Others 66,500 Financial assets at fair value through other comprehensive income - non-current Unlisted stocks 1,452,561 Unlisted stocks 145,389 $		Net asset value Net asset value Market approach Market approach	Price to book ratio multiple Price to earnings ratio multiple Discount for lack of marketability Latest transaction price Not applicable Not applicable Market price net profit after tax multiplier Price to book ratio multiple Discount for lack of marketability	1.94~6.11 19.66 25% Not applicable Not applicable Not applicable 22.3~23.84 2.67~3.25 25%	The higher the discount for lack of marketability, the lower the fair value Not applicable Not applicable Not applicable The higher the discount for lack of marketability, the lower the fair value The higher the multiple, the higher the fair value The higher the multiple, the higher the fair value

(Blank below)

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December31,2023	Fairvalue	Valuation technique	Significant unobservableinput	Range (weighted average)	Relationship of inputs to fairvalue
Financial assets at fair value through profit or loss - current Financial assets at fair value through profit or loss - non-current Venture capital shares 10,004 Others 58,500 Financial assets at fair value through other comprehensive income - non-current Unlisted stocks 140,165 $ Unlisted stocks 1,168,288		Net asset value Net asset value Market approach Market approach	Price to book ratio multiple Price to earnings ratio multiple Discount for lack of marketability Latest transaction price Not applicable Not applicable Market price net profit after tax multiplier Price to book ratio multiple Discount for lack of marketability	1.78~7.34 32.76 25% Not applicable Not applicable Not applicable 22.62~24.52 2.48 25%	The higher the discount for lack of marketability, the lower the fair value Not applicable Not applicable Not applicable The higher the discount for lack of marketability, the lower the fair value The higher the multiple, the higher the fair value The higher the multiple, the higher the fair value

• (E) Valuation process for fair value at Level 3

The parent company’s risk management department is responsible for the verification of fair value categorized in Level 3. The department assesses the independence, reliability, consistency and representativeness of the source information, regularly verifies the valuation models and calibrates the parameters to ensure the valuation process and results are in compliance with IFRS Accounting Standards.

• (F) For the fair value measurement of Level 3, the sensitivity analysis of the fair value to the reasonable alternative hypothesis shows that the fair value measurement of the financial assets by the Group is reasonable. However, use of different valuation models or assumptions may result in different measurement. The following is the impact to profit or loss or to other comprehensive income from financial assets and liabilities categorized within Level 3 if the inputs used in valuation models have changed up or down by 1%:

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Item	Recognised inprofit or loss	Recognised inprofit or loss	Recognised in other comprehensive income	Recognised in other comprehensive income
December 31, 2024 Financial assets at fair value through profit or loss - current Unlisted stocks Financial assets at fair value through profit or loss - non-current Venture capital shares Others Financial assets at fair value through other comprehensive income - non-current Unlisted stocks Item	Favourable change	Unfavourable change	Favourable change	Unfavourable change
	1,454 $ 1,454) ($ Not applicable Not applicable Not applicable Not applicable - - Recognised inprofit or loss		- $ - $ - - - - 14,526 14,526) ( Recognised in other comprehensive income
December 31, 2023 Financial assets at fair value through profit or loss - current Unlisted stocks Financial assets at fair value through profit or loss - non-current Venture capital shares Others Financial assets at fair value through other comprehensive income - non-current Unlisted stocks	Favourable change	Unfavourable change	Favourable change	Unfavourable change
	1,402 $ Not applicable Not applicable -	1,402) ($ Not applicable Not applicable -	- $ - - 11,683	- $ - - 11,683) (

6) Capital management

A. Objective of capital management

• (A) The represented capital adequacy ratio basically shall not be lower than 200% in compliance with the warning standard addressed in the “Rules Governing Securities Firms”.

• (B) The Group includes all risks involved in the investment position as a part of risk management, such as market risk, credit risk, liquidity risk, operating risk, legal risk, and model risk and so on. Each risk management responsive unit should identify, evaluate, monitor and control various risks in order to enable the Group to defend impact from financial market, reflect the current operating strategies and make the investment portfolio applied to business planning and development.

• B. Capital management policy and procedure

In order to secure the long-term and stable development of various businesses and effectively assume risks, the Group manages capital based on the business development, related regulations and financial market environment. Major capital evaluation processes include:

• (A) Each segment should provide accurate and valid source of information to maintain calculation accuracy of capital adequacy ratio.

• (B) After the reporting at the 10th of each month, capital adequacy ratio should be computed by the end of every month. If the result is close to the legal standard, every unit will be called to attend a meeting for discussion and strategic planning to ensure that the basic objective of capital adequacy ratio is not less than 200%.

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• (C) Both the risk limits and economic capital of the Group should be agreed by the Board of Directors. The Group should quarterly report details of risk control with disclosure of investment condition in order to assess whether the risk position exceeds the limit and whether the investment direction is in line with the market trend. Within the authorized risk limits, the Group is actively engaged in development of various businesses and continually increases profit, creates company value, and complies with the capital management objective.

The Group calculates and reports the capital adequacy ratio according to “Rules Governing Securities Firms”. As of December 31, 2024 and 2023, the capital adequacy ratios were 332%, and 299%, respectively, as required by the regulations.

7) Assets and liabilities of trust accounts

Pursuant to Article 17 of Enforcement Rules of the Trust Enterprise Act, balance sheet, income statement, and property list of trust accounts shall be disclosed in the consolidated financial statements on a semiannual basis.

• A. Balance sheet of trust accounts

BALANCE SHEETS

DECEMBER	DECEMBER	31, 2024 AND 2023
Trust assets		December31,2024		December31,2023
Bank savings	$	663,664	$	452,424
Structured notes		3,376,842		1,740,784
Stock		1,652,767		1,335,438
Bond		1,543,777		1,175,323
Bonds sold under repurchase agreements		28,292		70,050
Fund		9,855,176		8,855,255
Accounts received		80,710		150,322
Total of trust assets	$	17,201,228	$	13,779,596
Trust liabilities and equity		December 31,2024		December 31,2023
Accounts payable	$	4,301	$	8,089
Trust capital		15,075,223		12,580,097
Net income (loss)		2,822,938		1,405,404
Accumulated surplus (deficit)	(	701,234)	(	213,994)
Total of trust liabilities and equity	$	17,201,228	$	13,779,596

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B. Income statement of trust accounts

STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2024 AND 2023

Item		Year ended December 31,2024		Year ended December 31,2023
Trust income Interest income Cash dividends received Investment realised gains - bond Investment realised gains - stock Investment realised gains - fund Investment realised gains - structured notes Investment unrealised gains - bond Investment unrealised gains - stock Investment unrealised gains - fund Investment unrealised gains - structured notes Other income Subtotal Trust expenses Management fee Service fee Investment realised losses - bond Investment realised losses - stock Investment realised losses - fund Investment realised losses - structured notes Investment unrealised losses - bond Investment unrealised losses - stock Investment unrealised losses - fund Investment unrealised losses - structured notes Income before income tax Income tax expense Net income	149,477 $ 67,207 675 12,672 760,651 39,182 14,695 686,589 1,607,888 60,802 13 3,399,851 1,587) ( 32,149) ( 11,703) ( 3,923) ( 50,428) ( 2,071) ( 117,327) ( 80,285) ( 195,360) ( 81,001) ( 2,824,017 1,079) ( 2,822,938 $		88,079 $ 32,077 1,529 8,376 361,042 17,796 30,718 473,232 919,887 5,746 13 1,938,495 1,508) ( 7,339) ( 2,181) ( 4,553) ( 92,319) ( - 74,359) ( 33,892) ( 301,863) ( 14,697) ( 1,405,784 380) ( 1,405,404 $

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C. Property list of trust accounts

PROPERTY LIST OF TRUST ACCOUNTS DECEMBER 31, 2024 AND 2023

Item Bank savings Structured notes Fund Bond Bonds under repurchase agreements Stock Others Total	December31,2024 663,664 $ 3,376,842 9,855,176 1,543,777 28,292 1,652,767 80,710 17,201,228 $	December31,2023
		452,424 $ 1,740,784 8,855,255 1,175,323 70,050 1,335,438 150,322
		13,779,596 $

(Blank Below)

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8) Status of the company in the limitations on financial ratios imposed by futures trading act, and the related implementation The table below is prepared according to “Regulations Governing Futures Commission Merchants”.

Article		Calculation formula		December 31,2024	December 31,2024		December 31,2023	December 31,2023	Standard	Enforcement
				Calculation	Ratio		Calculation	Ratio
17		Stockholders’equity (Total liability－futures trader’s equity)		3,136,072 110,680	28.33		1,983,329 69,475	28.55	≧1	Met the requirement
17		Current assets Currentliabilities		5,301,806 110,680	47.90		5,271,642 69,475	75.88	≧1	Met the requirement
22		Stockholders’equity Minimumpaid-incapital		3,136,072 400,000	784.02%		1,983,329 400,000	495.83%	≧60% ≧40%	Met the requirement
22		Adjustednet capital Total amount of customer margins required for the open positions of futures traders		2,661,069 819,533	324.71%		1,587,756 652,050	243.50%	≧20% ≧15%	Met the requirement

9) Status of the subsidiary in the limitations on financial ratios imposed by the futures trading act and the related implementation The table below is prepared according to “Regulations Governing Futures Commission Merchants”.

Article		Calculation formula		December 31,2024	December 31,2024		December 31,2023	December 31,2023	Standard	Enforcement
				Calculation	Ratio		Calculation	Ratio
17		Stockholders’ equity (Total liability－futures trader’s equity)		3,157,538 287,746	10.97		2,792,215 246,091	11.35	≧1	Met the requirement
17		Current assets Current liabilities		40,987,128 39,333,661	1.04		26,481,027 25,018,790	1.06	≧1	Met the requirement
22		Stockholders’ equity Minimumpaid-in capital		3,157,538 645,000	489.54%		2,792,215 645,000	432.90%	≧60% ≧40%	Met the requirement
22		Adjusted net capital Total amount of customer margins required for the open positions of futures traders		2,854,470 7,863,480	36.30%		2,442,555 4,034,497	60.54%	≧20% ≧15%	Met the requirement

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10) Prospective risk for futures trading

The main risk for futures merchants engaging in futures trading is credit risk, which could happen if the margin call cannot be made when it should have been made. While being consigned to conduct the futures trading, the Group pays attention to the individual margin account on a daily basis and request additional margin call or reduction in trading volume when necessary according to the condition of individual customer transactions in order to control the credit risk accordingly. The main risk faced by the Group while engaging in self-operating businesses is market price risk- that is risk of changes in market prices of futures or options contracts as a result of fluctuation in underlying investment index. Losses may occur if the market index price and underlying investment move adversely. However, the Group has set up stop-loss point to control such risk for reasons of risk management.

(Blank below)

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13. OTHER DISCLOSURE ITEMS

1) Information about significant transactions

• A. Lending to others: Excluding security margin trading and conditional bond trading business, there is no lending of funds to either the shareholders or other parties.

• B. Endorsements and guarantees for others: None.

• C. Acquisitions of real estate exceeding $300 million or 20 percent of contributed capital: None.

• D. Disposals of real estate exceeding $300 million or 20 percent of contributed capital: None.

• E. Purchases or sales transactions discount on brokers’ charges with related parties in excess of $5 million: None.

• F. Receivables from related parties exceeding $100 million or 20 percent of contributed capital: None.

G.Significant transactions between parent company and subsidiaries

No. (Note1)	Company	Counterparty	Relationship (Note 2)	Details of transactions (Year ended December 31, 2024)	Details of transactions (Year ended December 31, 2024)	Details of transactions (Year ended December 31, 2024)	Details of transactions (Year ended December 31, 2024)
				Account	Amount	Conditions	Percentage (%) of total consolidated net revenues or assets (Note 3)
0	President Securities Corp.	President Futures Corp.	1	Futures Margin-Own Funds	3,566,046	Note 4	1.84%
0	President Securities Corp.	President Futures Corp.	1	Deposit-out	34,000	Note 4	0.02%
0	President Securities Corp.	President Futures Corp.	1	Accounts receivables	2,362	Note 4	0.00%
0	President Securities Corp.	President Futures Corp.	1	Deposit-in	16,000	Note 4	0.01%
0	President Securities Corp.	President Futures Corp.	1	Other payables	1,341	Note 4	0.00%
0	President Securities Corp.	President Futures Corp.	1	Equity for each customer in the account	9,857	Note 4	0.01%
0	President Securities Corp.	President Futures Corp.	1	Future commission revenue	35,610	Note 4	0.27%
0	President Securities Corp.	President Futures Corp.	1	Clearing charges	24,769	Note 4	0.19%
0	President Securities Corp.	President Futures Corp.	1	Other non-operating revenues-Compensation of directors	6,401	Note 4	0.05%
0	President Securities Corp.	President Futures Corp.	1	Other non-operating rvenues-Rent revenue	1,315	Note 4	0.01%
0	President Securities Corp.	President Capital Management Corp.	1	Expense from investment advisory	50,522	Note 4	0.39%
0	President Securities Corp.	President Capital Management Corp.	1	Other non-operating revenues-Rent revenue	4,001	Note 4	0.03%

Note 1 ： The numbers in the No. column are represented as follows:

1. The number zero is for parent company.

2. According to the sequential order, subsidiaries are numbered from 1.

3. Note 2 ： There are three kinds of transactions between related parties and numbered from 1 to 3 were shown as follows (If transactions between parent company and subsidiaries or between subsidiaries refer to the same transaction, it is not required to disclose twice. For example, if the parent

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company has already disclosed its transaction with a subsidiary, then the subsidiary is not required to disclose the transaction; for transactions between two subsidiaries, if one of the subsidiaries has disclosed the transaction, then the other is not required to disclose the transaction.) 1. Parent company to subsidiaries.

1. Subsidiaries to parent company.

2. Subsidiaries to subsidiaries.

Note 3 ： The calculation basis of the trading amount accounting for the total consolidated net revenues or assets is that the account ending balance is divided by the total consolidated assets if it is attributed to the balance sheet accounts, and the accumulated trading amount of the interim period is divided by the total consolidated net revenues if it is attributed to the profit or loss accounts. Note 4 ： All the prices provided between related parties were traded by contracts.

Note 5 ： Based on materiality, only the amounts of the transactions that were above $1 million would be shown in the table. 2) Related information of investee companies

A. Related information of investee companies

Name of the investor	Name of the investee company	Location	Date of registration	Reference number and the date of approval letter issued byFSC	Major operating activities	Balance on December 31, 2024 Original	Balance on December 31, 2023 investment	Shares Percentage Ending Balanc	Shares Percentage Ending Balanc	e	Revenue of investee company	Net income (loss) of investee company	Investment income (loss) recognised by the Company	Cash dividends	Notes
									Percentage	Book vlaue
President Securities Corp. President Securities Corp. President Securities Corp. President Securities Corp.	President Futures Corp. President Capital Management Corp. President Securities (HK) Ltd. Uni-President Asset Management Corp.	Taipei Taipei Hong Kong Taipei	1994.03.01 1997.04.15 1994.07.26 1992.09.03	1994.03.01 Jing- Tou-Shen (83) Gong-Shang Letter No.1114 (Note 1) 1997.02.25 (86) Tai-Cai-Zheng (4) Letter No.17769 1993.11.4 (82) Tai- Cai-Zheng (2) Letter No.40913 2000.07.19 (89) Tai-Cai-Zheng (2) Letter No.56407	Futures brokerage and dealer Securities investment consulting Securities dealer, underwriting, brokerage and consulting (Note 4) Investment Trust	644,650 $ 326,000 848,735 667,622	644,650 $ 326,000 848,735 667,622	63,817,303 30,000,000 192,600,000 14,904,630	96.69% 100% 100% 42.46%	3,053,127 $ 292,986 884,272 969,373	833,144 $ 80,844 256 2,312,109	415,399 $ 19,593) ( 13,174 873,460	401,664 $ 19,492) ( 13,174 370,899	222,722 $ - - 219,218	Subsidiary of the Company Subsidiary of the Company Subsidiary of the Company Associates

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Name of the investor	Name of the investee company	Location	Date of registration	Reference number and the date of approval letter issued by FSC	Major operating activities	Balance on December 31, 2024 Original	Balance on December 31, 2023 investment	Shares Percentage Ending Balanc	Shares Percentage Ending Balanc	e	Revenue of investee company	Net income (loss) of investee company	Investment income (loss) recognised by the Company	Cash dividends	Notes
									Percentage	Book vlaue
President Securities Corp. President Securities Corp.	President Insurance Agency Corp. PSC Venture Capital Investment Limited Company	Taipei Taipei	2008.04.29 2013.10.29	(Note2) 2013.08.08 Jing- Guan-Zheng-Chuan Letter No.1020028529	Insurance Agent Consultation of investment management and venture capital; other unprohibited or unrestricted businesses beyond the permit	10,000 $ 300,000	10,000 $ 300,000	1,000,000 30,000,000	100% 100%	89,460 $ 252,014	187,925 $ 14,552	65,737 $ 5,798	65,760 $ 5,803	41,621 $ -	Subsidiary of the Company Subsidiary of the Company

President Uni-President Taipei 1992.09.03 2000.07.19 (89) Investment Trust 478 478 12,000 0.03% 786 2,312,109 873,460 299 176 Associates Insurance Asset Management Tai-Cai-Zheng (2) Agency Corp. Corp. Letter No.56407

Note 1: As FSC was established in July, 2004, President Futures Corp. was apporved by the Investment Commission, Ministry of Economic Affairs. Note 2: When securities corporations invest in domestic business within FSC's limitation, there is no need to obtain the approval from FSC in advance, according to Tai-Cai-Zheng (2) Letter No.0930000005. Therefore, there was no reference numbers for President Insurance Agency Corp.

Note 3: Subsidiary President Securities (HK) Ltd. was approved by the board of directors in March 2022 to deal with the dissolution and liquidation matters, and the liquidation process are all currently in progress. Note 4: President Securities (HK) Ltd. has completed the deregistration of securities trading-related licenses on March 27, 2024, and has no securities-related business activities. Note 5: The subsidiary, President Futures, will undergo a cash capital increase of $500,400. On December 25, 2024, the Company’s Board of Directors approved to participate in the subscription according to its shareholding ratio.

• B. Lending to others: Excluding security margin trading and conditional bond trading business, there is no lending of funds to either the shareholders or other parties.

• C. Endorsements and guarantees for others: None.

• D. Acquisitions of real estate exceeding $300 million or 20 percent of contributed capital: None.

• E. Disposals of real estate exceeding $300 million or 20 percent of contributed capital: None.

• F. Purchases or sales transactions discount on brokers’ charges with related parties in excess of $5 million: None.

• G. Receivables from related parties exceeding $100 million or 20 percent of contributed capital: None.

• H. Accordance with Jing-Guan-Zheng-Chuang Letter No. 11303479011, the Company is required to disclose details of businesses run by foreignenterprises that were incorporated in the countries identified as non-signatories to the IOSCO MMoU or have not obtained securities or futures license of signatories to the IOSCO MMoU:

• a) Revenue from engagement in consultation on assets management business, service contents and litigation: None b) Balance sheets

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PRESIDENT SECURITIES (HK) LTD. BALANCE SHEETS DECEMBER 31, 2024 AND 2023

Assets		December31,2024	December31,2024		Expressed in HK dollars December31,2023	Expressed in HK dollars December31,2023
		Amount 207,325,730 $ 2,069,578 106,794 209,502,102 - 256,732 81,600 338,332 209,840,434 $ 128,800 $ 267,608 396,408 192,600,000 13,643,939 3,200,087 209,444,026 209,840,434 $	% 99 1 - 100 - - - - 100 - - - 92 6 2 100 100	Amount % 203,331,314 $ 98 2,943,313 2 16,376 - 206,291,003 100 6,297 - 178,479 - 330,001 - 514,777 - 206,805,780 $ 100 377,125 $ - 184,716 - 561,841 - 192,600,000 93 16,719,420 8 3,075,481) ( 1) ( 206,243,939 100 206,805,780 $ 100
Current assets Cash and cash equivalents Other receivables Prepayments Total current assets Non-current assets Property and equipment, net Right-of-use assets Other assets - non-current Total non-current assets Total assets Liabilities and shareholders'equity
Current liabilities Other payables Current lease liabilities Total liabilities Shareholders’ equity Share capital Retained earnings Accumulated surplus (deficit) Total shareholders’ equity Total liabilities and shareholders’ equity
						100 100

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c) Statements of comprehensive income

PRESIDENT SECURITIES (HK) LTD. STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2024 AND 2023

Items		Year ended December31,2024		Expressed in HK dollars Year ended December31,2023
	Amount % - $ - 253 - 62,050 2 62,303 2 - - 11,443) ( - 4,657,890) ( 146) ( 4,669,333) ( 146) ( 7,807,117 244 3,200,087 100 - - 3,200,087 $ 100		Amount % 130 $ - 2,195 - 190,898 6) ( 193,223 6) ( 34,807) ( 1 12,620) ( - 11,270,782) ( 366 11,318,209) ( 367 8,049,505 (261) 3,075,481) ( 100 - - 3,075,481) ($ 100
Revenue Brokerage handling fee revenue Interest income Other operating income Total revenue Expenditures and expenses Handling charges Financial costs Other operating expenses Total expenditures and expenses Non-operating gains and losses Other gains and losses Profit (loss) before tax Income tax expense Net income (loss)

3) Information of overseas branches and representative office: None.

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4) Disclosure of investment in Mainland China

a) Information of investment in Mainland China

Investee in Mainland China	Main business activities	Paid-in capital (Note 4)	Investment method (Note 1)	Investment method (Note 1)	Accumulated amount of remittance from Taiwan to Mainland China as of January 1, 2024	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the year ended December 31, 2024	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the year ended December 31, 2024	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the year ended December 31, 2024	Accumulated amount of remittance from Taiwan to Mainland China as of December 31, 2024	Net income of investee as of December 31, 2024	Ownership held by the Company (direct or indirect)	Investment income (loss) recognized by the Company for the year ended December 31, 2024 (Note 2)	Investment income (loss) recognized by the Company for the year ended December 31, 2024 (Note 2)	Book value of investments in Mainland China as of December 31, 2024	Accumulated amount of investment income remitted back to Taiwan as of December 31, 2024
						Remitted to Mainland China	Remitted back to Taiwan
Jin Yuan President Securities Co., Ltd.	Securities brokering, securities dealing, securities underwriting and sponsoring service	$ 6,717,000	Directly invest in a company in Mainland China		$ 3,138,169	$ -	$ -		$ 3,138,169	($ 133,074)	49%	($ 65,206) The financial statements that are audited by international accounting firm which has cooperative relationship with accounting firm in R.O.C.		$ 2,641,462	$ -
Limitation on investment in Mainland China (expressed in thousands of dollars)
Company name				Accumulated amount of remittance from Taiwan to Mainland China as of December 31,2024				Investment amount approved by the Investment Commission of the Ministry of Economic Affairs(MOEA)					Ceiling on investments in Mainland China imposed by the Investment Commission of MOEA
Jin Yuan President Securities Co.,Ltd.				3,138,169 $				3,138,169 $					$21,236,161

• b) Limitation on investment in Mainland China (expressed in thousands of dollars)

Note 1: Investment methods are classified into the following three categories; fill in the number of category each case belongs to:

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

• (2) Through investing in an existing company in the third area, which then invested in the investee in Mainland. (Please indicate investment company in the third area.)

• (3) Others.

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Note 2: In the ‘Investment income (loss) recognized by the Company for the year ended December 31, 2024’ column:

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

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

• a. The financial statements that are audited and attested by international accounting firm which has cooperative relationship with accounting firm in R.O.C.

• b. The financial statements that are audited and attested by R.O.C. parent company’s CPA.

• c. Others.

Note 3: The numbers in this table are expressed in New Taiwan Dollars.

Note 4: The paid-in capital of Jin Yuan President Securities Co.,Ltd is CNY 1.5 billion.

• 5) Major shareholder information

Major shareholder information
Major shareholder	Number of shares held(thousands)	Shareholdingratio
Uni-President Enterprises Corp.	417,517	28.67%

• Note 1: The information of major shareholders in this table is based on the last business day of the end of each quarter by Taiwan Depository and Clearing Corp., which determines shareholders holding more than 5% of ordinary shares and special shares of securities firms that have completed unregistered delivery (including treasury shares). As for the share capital recorded in the financial report of the securities firm and the actual number of shares delivered by the securities firm without physical registration, there may be differences due to different calculation bases.

• Note 2: In the case of the above information, if a shareholder delivers shares to the trust, it is disclosed in individual accounts by the trustee who opened the trust account by the trustee. As for the shareholders’ declaration of insider’s shareholding in accordance with the Securities and Exchange Act, their shareholding includes their own shareholding plus the shares delivered to the trust and the right to use the trust property. For information on insider’s equity declaration, please refer to the Market Observation Post System.

14. SEGMENTS INFORMATION

1) General information

Financial information by the Group’s segments is disclosed in accordance with IFRS 8. Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker (CODM) that are used to make strategic decisions. The Group’s operating segments are classified into Brokerage, Quantitative Trading, Proprietary Trading, Financial Instrument and Reinvestment according to the sources of

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income. The remaining operating results which have not reached the threshold requirements are consolidated in ‘other operating segments’. Sources of income from products and services rendered by each segment are as follows:

• A. Brokerage segment: consigned trading of the listed securities, margin trading and short sale, assistance in futures trading and other instruments trading as approved by the regulations.

• B. Quantitative Trading segment: trading of domestic/overseas futures and options, ETF arbitrage, market maker, liquidity provider, hedging, spot/futures arbitrage as approved by Law.

• C. Proprietary Trading segment: using the self-owned equity to conduct securities trading such as stocks and bonds trading, and futures and options hedging in Stock Exchange and OTC.

• D. Financial Instrument segment: call (put) warrants (including negotiated warrants) and Callable Bull/Bear Contracts (CBBC) issuance, Structured Notes Trading, equity derivative trading, and Exchange Traded Note (ETN) and other derivative financial products approved by the competent authority.

• E. Reinvestment segment: companies reinvested by the consolidated entities.

• F. Other operating segments include Capital Market segment, Fixed Income segment and Shareholder Services segment.

2) Segments information

The accounting policies applied to the Group’s operating segments and summary of accounting policies disclosed in the notes to the financial statements are consistent and identical. The operating gains and losses are measured by the amount before tax and used as basis for performance appraisal. Income and expense attributable to each operating segment are attributed to the segmental gains and losses. Non-attributable indirect expenses and expenses from logistic support segment are amortized to each operating segment based on reasonable calculation standards and the expense nature. Those that cannot be reasonably amortized are listed under “Others”.

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3) Profit or loss of segments information

Segment revenues Segment profit or loss Segment revenues Segment profit or loss								Year ended December 31, 2024	Year ended December 31, 2024	Year ended December 31, 2024
		Brokerage segment		Quantitative Tradingsegment		Proprietary Tradingsegment		Financial Instrument segment		Reinvestment segment		Other operating segments 1,108,393 $ 34,294 $	Others 438,470 $ 158,654 $	Total
		5,381,751 $ 1,712,578 $		1,684,083 $ 523,603 $		1,922,184 $ 1,406,932 $								13,029,981 $
														4,929,526 $
		Brokerage segment		Quantitative Tradingsegment		Proprietary Tradingsegment		Financial Instrument segment		Reinvestment segment		Other operating segments 1,320,353 $ ( 402,810 $ (	Others 77,596) $ 82,337) $	Total
		3,948,469 $ 960,832 $		982,468 $ 265,138 $		1,403,427 $ 964,435 $		996,066 $ 277,818 $		969,396 $ 425,799 $				9,542,583 $
														3,214,495 $

Note 1: As operating income (loss) in total is consistent with consolidated statement of comprehensive income, there is no need for adjustment.

Note 2: The Group measures the performance of reportable operating segment based on specific performance indicators instead of assets and liabilities. The performance of reportable operating segment is regularly reviewed and assessed by the CODM as a reference for making resources allocation decision.

4) Information on products and services

The Group’s segments are based on different products and services, and had been disclosed in general information. It discloses the types of products and services of the Group’s segments source of income. There is no additional disclosure requirement on the income information of products and services.

5) Geographical information

The Group’s external customer income from a single foreign country is immaterial, so it would not be disclosed.

6) Major customer information

The Group did not have any significant customers that account for more than 10% of its revenue, so it would not be disclosed.

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