PSC - Interim / Quarterly Report 2025

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REVIEW REPORT MARCH 31, 2025 AND 2024

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

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INDEPENDENT AUDITORS’ REVIEW REPORT TRANSLATED FROM CHINESE

PWCR25000336

To the Board of Directors and Shareholders of PRESIDENT SECURITIES CORPORATION

Introduction

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

Scope of Review

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

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Basis for Qualified Conclusion

As explained in Notes 4(3) and 6(12), the financial statements of certain insignificant consolidated subsidiaries and investments accounted for under the equity method were not reviewed by independent auditors. Those statements reflect total assets of $1,620,741 thousand and $1,541,174 thousand, constituting 0.77% and 0.85% of the consolidated total assets, and total liabilities of $70,836 thousand and $51,804 thousand, constituting 0.04 % and 0.04 % of the consolidated total liabilities as at March 31, 2025 and 2024, respectively, and total comprehensive income (loss) of $7,309 thousand and $13,681 thousand, constituting 20.42% and 0.72% of the consolidated total comprehensive income for the three months then ended, respectively. The balance of such investments accounted for under the equity method as at March 31, 2025 and 2024 were $3,713,870 thousand and $878,051 thousand, respectively; the Group’s share of comprehensive income of associates and joint ventures accounted for under the equity method, including share of profit or loss of associates and joint ventures accounted for under the equity method and share of other comprehensive income of associates and joint ventures accounted for under the equity method, for the three months then ended were $46,969 thousand and $80,844 thousand, constituting 131.23% and 4.25% of total consolidated comprehensive income, respectively.

Qualified Conclusion

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain insignificant consolidated subsidiaries and investments accounted for under the equity method been reviewed by independent auditors as described in the Basis for qualified conclusion section above, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at March 31, 2025 and 2024, and of its consolidated financial performance and its consolidated cash flows for the three months then ended in accordance with the “Regulations Governing the

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Preparation of Financial Reports by Securities Firms”, “Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants” and International Accounting Standard No. 34, “Interim Financial Reporting” that came into effect as endorsed by the Financial Supervisory Commission.

Wang, Fang-Yu

Independent Auditors

Kuo, Puo-Ju

For and on behalf of PricewaterhouseCoopers, Taiwan May 14, 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 MARCH 31, 2025, DECEMBER 31, 2024 AND MARCH 31, 2024

(Expressed in thousands of New Taiwan dollars)

Assets	Notes	March 31, 2025	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`	March 31, 2024
		AMOUNT `$` `8,786,144` `61,963,704` `5,953,008` `78,077` `20,086,760` `88` `74` `21,301,386` `36,632,076` `459,518` `453,954` `117` `41,090,112` `1,598` `48,304` `111,166` `214` `3,411,599` `200,377,899` `119,369` `1,510,217` `3,713,870` `2,622,587` `243,424` `182,375` `294,178` `132,813` `1,786,658` `10,605,491` `$` `210,983,390`	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 `$` `6,059,557` `65,319,903` `3,554,862` `-` `19,080,210` `-` `-` `13,344,585` `21,580,795` `488,925` `454,430` `370` `38,276,619` `1,307` `50,630` `66,910` `145` `2,828,300` `171,107,548` `124,118` `1,214,857` `3,505,138` `2,641,460` `172,977` `183,798` `305,047` `132,778` `1,331,932` `9,612,105` `$` `180,719,653`	%
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 114010 Bonds purchased under resale agreements 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	6(1) 6(2) 6(3) 6(4) 6(5) 6(6) 6(7) 6(7) 6(8) 6(9) 6(2) 6(3) 6(12) 6(13) 6(14) 6(16) 6(17) 6(47) 6(18)				`3` `36` `2` `-` `11` `-` `-` `8` `12` `-` `-` `-` `21` `-` `-` `-` `-` `2`
					`95`
					`-` `1` `2` `1` `-` `-` `-` `-` `1`
					`5`
					`100`

(Continued)

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PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2025, DECEMBER 31, 2024 AND MARCH 31, 2024

(Expressed in thousands of New Taiwan dollars)

Liabilities and Equity	Notes	March 31, 2025	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`	March 31, 2024
		AMOUNT `$` `11,309,951` `32,807,042` `11,588,215` `20,907,291` `622,642` `824,168` `3,313,753` `36,541,354` `2,459,165` `35,895,177` `2,853` `667,455` `1,709,548` `15,992,388` `410,488` `73,977` `151,112` `175,276,579` `19,991` `163,458` `16,953` `30,320` `230,722` `175,507,301` `14,558,313` `88,963` `4,233,889` `9,803,068` `4,322,628` `2,309,158` `35,316,019` `160,070` `35,476,089` `$` `210,983,390`	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 `$` `12,494,400` `26,853,933` `12,609,928` `21,001,692` `580,775` `837,472` `2,021,823` `21,502,913` `1,434,312` `34,488,324` `8,814` `897,140` `2,233,452` `8,952,901` `328,991` `62,071` `131,714` `146,440,655` `15,528` `105,016` `60,161` `56,039` `236,744` `146,677,399` `14,558,313` `91,261` `3,959,127` `9,253,546` `4,478,589` `1,605,111` `33,945,947` `96,307` `34,042,254` `$` `180,719,653`	%
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	6(19) 6(20) 6(21) 6(22) 6(6) 6(23) 6(24) 6(25) 6(47) 6(26) 6(28) 6(28) 6(28)(29)				`7` `15` `7` `12` `-` `-` `1` `12` `1` `19` `-` `1` `1` `5` `-` `-` `-`
					`81`
					`-` `-` `-` `-`
					`-`
					`81`
					`8` `-` `2` `5` `3` `1`
					`19`
					`-`
					`19`
					`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 THREE MONTHS ENDED MARCH 31, 2025 AND 2024

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

Items Three months ended March 31
2025
2024
Notes
AMOUNT
%
AMOUNT
%
6(30)
$
937,353
54
$
1,068,695
27
6(31)
20,263
1
31,966
1
15,486
1
19,914
-
6(32)
(
386,534)(
22)
2,608,415
65
22,171
1
20,957
1
6(33)
639,217
37
501,961
13
119,658
7
114,726
3
6(34)
(
1,970,167)(
114)
1,605,067
40
6(35)
(
52,603)(
3)(
326,102)(
8)
6(36)
477,734
28 (
156,672)(
4)
-
-
81,590
2
15,783
1 (
66,204)(
2)
1,157
-
1,531
-
6(37)
654,512
38 (
471,456)(
12)
6(38)
1,056,810
61 (
1,349,778)(
34)
6(39)
16,499
1
22,209
1
6(40)
160,984
9
291,297
7
1,728,323
100
3,998,116
100
6(41)
(
161,933)(
9)(
170,946)(
4)
(
3,419)
- (
3,753)
-
6(42)
(
422,184)(
24)(
359,050)(
9)
(
27,584)(
2)(
22,656)(
1)
(
27,662)(
2)(
31,885)(
1)
(
735)
- (
247)
-
6(43)
(
723,484)(
42)(
1,206,377)(
30)
6(44)
(
95,371)(
5)(
85,329)(
2)
6(45)
(
528,818)(
31)(
525,149)(
13)
(
1,991,190)(
115)(
2,405,392)(
60)

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
421800
Valuation gain (loss) on
securities for futures margin at
fair value through profit or loss
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

Items	Three months ended March 31 2025 2024 Notes AMOUNT % AMOUNT % 6(30) `$` `937,353` `54` `$` `1,068,695` `27` 6(31) `20,263` `1` `31,966` `1` `15,486` `1` `19,914` `-` 6(32) `(` `386,534)(` `22)` `2,608,415` `65` `22,171` `1` `20,957` `1` 6(33) `639,217` `37` `501,961` `13` `119,658` `7` `114,726` `3` 6(34) `(` `1,970,167)(` `114)` `1,605,067` `40` 6(35) `(` `52,603)(` `3)(` `326,102)(` `8)` 6(36) `477,734` `28 (` `156,672)(` `4)` `-` `-` `81,590` `2` `15,783` `1 (` `66,204)(` `2)` `1,157` `-` `1,531` `-` 6(37) `654,512` `38 (` `471,456)(` `12)` 6(38) `1,056,810` `61 (` `1,349,778)(` `34)` 6(39) `16,499` `1` `22,209` `1` 6(40) `160,984` `9` `291,297` `7` `1,728,323` `100` `3,998,116` `100` 6(41) `(` `161,933)(` `9)(` `170,946)(` `4)` `(` `3,419)` `- (` `3,753)` `-` 6(42) `(` `422,184)(` `24)(` `359,050)(` `9)` `(` `27,584)(` `2)(` `22,656)(` `1)` `(` `27,662)(` `2)(` `31,885)(` `1)` `(` `735)` `- (` `247)` `-` 6(43) `(` `723,484)(` `42)(` `1,206,377)(` `30)` 6(44) `(` `95,371)(` `5)(` `85,329)(` `2)` 6(45) `(` `528,818)(` `31)(` `525,149)(` `13)` `(` `1,991,190)(` `115)(` `2,405,392)(` `60)`
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 421800 Valuation gain (loss) on securities for futures margin at fair value through profit or loss 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 THREE MONTHS ENDED MARCH 31, 2025 AND 2024

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

Items	Three	months ended March 31
	2025	2024
		AMOUNT `$` `1,592,724` `40,994` `210,478` `1,844,196` `115,738)(` `$` `1,728,458` `$` `170,631` `2,613` `86,478` `88,034)(` `$` `171,688` `$` `1,900,146` `$` `1,725,653` `$` `2,805` `$` `1,896,455` `$` `3,691` `$`
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 902001Profit before tax 701000 Income tax (expense) benefit 902005Net income (loss) Other comprehensive income Components of other comprehensive income that will not be reclassified to profit or loss 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 Items may be reclassified to profit of 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) 902006Total current comprehensive income Income (loss) 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 (loss) per share (in dollars) 985000 Diluted earnings (loss) 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 THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

				Equity attributable	Equity attributable	to owners of the parent	to owners of the parent	to owners of the parent	to owners of the parent			Non-controlling interests
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
`$ 14,558,313` `-` `-` `-` `$ 14,558,313` `$ 14,558,313` `-` `-` `-` `-` `-` `$ 14,558,313`	`$ 91,261` `-` `-` `-` `$ 91,261` `$ 91,261` `-` `-` `-` `(` `2,298 )` `-` `$ 88,963`		`$ 3,959,127` `-` `-` `-` `$ 3,959,127` `$ 4,233,889` `-` `-` `-` `-` `-` `$ 4,233,889`		`$ 9,253,546` `-` `-` `-` `$ 9,253,546` `$ 9,803,068` `-` `-` `-` `-` `-` `$ 9,803,068`	`$ 2,752,936` `1,725,653` `-` `1,725,653` `$ 4,478,589` `$ 4,381,105` `(` `67,237 )` `-` `(` `67,237 )` `8,760` `-` `$ 4,322,628`	`$` `43,973` `-` `86,478` `86,478` `$` `130,451` `$` `200,689` `-` `67,283` `67,283` `-` `-` `$` `267,972`	`$` `1,390,336` `-` `84,324` `84,324` `$` `1,474,660` `$` `2,020,580` `-` `29,366` `29,366` `(` `8,760 )` `-` `$` `2,041,186`		`$ 32,049,492` `1,725,653` `170,802` `1,896,455` `$ 33,945,947` `$ 35,288,905` `(` `67,237 )` `96,649` `29,412` `(` `2,298 )` `-` `$ 35,316,019`		`$` `92,616` `2,805` `886` `3,691` `$` `96,307` `$ 104,697` `4,355` `2,024` `6,379` `2,298` `46,696` `$ 160,070`	`$ 32,142,108` `1,728,458` `171,688` `1,900,146` `$ 34,042,254` `$ 35,393,602` `(` `62,882 )` `98,673` `35,791` `-` `46,696` `$ 35,476,089`

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

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(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
Valuation gain (loss) on securities for futures margin at fair value
through profit or loss
Expected impairment loss and reversal of impairment gain
Depreciation
Amortization
Financial expense
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 on valuation of non-operating financial instrument
Changes in assets/liabilities relating to operating activities
Changes in operating assets
Financial assets at fair value through profit or loss
Financial assets at fair value through other comprehensive income
Bonds purchased under resale agreements
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 Three months ended March 31
Notes
2025
2024
$
50,497
$
1,844,196
6(2)(34)
1,970,167
(
1,605,067 )
6(36)
(
477,734 )
156,672
-
(
81,590 )
6(39)
(
16,360 )
(
22,031 )
6(44)
68,010
61,209
6(44)
27,361
24,120
6(42)
422,184
359,050
6(33)(46)
(
867,871 )
(
653,751 )
(
119,955 )
(
115,031 )
6(12)
(
42,241 )
(
40,994 )
6(13)
-
32
6(46)
(
5,750 )
(
8,513 )
(
2,524,148 )
(
9,930,783 )
(
1,433,354 )
(
320,955 )
(
78,077 )
-
1,864,918
(
1,662,317 )
6,559
1,982
5,439
1,476
(
2,701,256 )
(
4,097,416 )
(
1,086,536 )
(
1,054,678 )
(
56,633 )
(
37,528 )
(
79,515 )
21,275
221
1,105
(
11,183,604 )
(
19,099,989 )
(
654 )
(
116 )
(
11,136 )
(
1,084 )
(
23,313 )
(
6,622 )
(
240,912 )
(
1,102,428 )
(
1,470,589 )
1,981,944
5,317,410
1,861,186
(
586,050 )
(
340,318 )
(
882,922 )
(
326,032 )
2,340,177
389,815
1,018,980
1,005,019
486,025
582,229
8,122,636
17,381,307
(
829 )
5,172
(
290,543 )
282,760
(
1,174,846 )
(
41,959 )
2,190,805
3,728,882
61,741
47,659

(Continued)

~10~

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(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
Changes in non-controlling interest
Net cash flows from financing activities
Effect of exchange rate changes
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period Three months ended March 31
Notes
2025
2024
( $
1,401,698 )
( $
10,812,112 )
685,032
585,366
121,166
82,288
(
17,763 )
(
13,207 )
(
613,263 )
(
10,157,665 )
6(13)
(
11,344 )
(
19,321 )
6(17)
(
5,566 )
(
10,068 )
(
258,032 )
(
90,207 )
(
34,257 )
(
40,763 )
(
309,199 )
(
160,359 )
2,505,731
5,549,641
(
170,000 )
5,730,000
(
7,899 )
(
8,450 )
(
21,752 )
(
20,196 )
(
316,075 )
(
303,955 )
46,696
-
2,036,701
10,947,040
(
48,234 )
(
79,437 )
1,066,005
549,579
7,720,139
5,509,978
$
8,786,144
$
6,059,557

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

~11~

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(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 March 31, 2025, 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 1,807 and 1,703 as of March 31, 2025 and 2024, 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 May 14, 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 FSC and became effective from 2025 are as follows:

New Standards, Interpretations and Amendments Amendments to IAS 21, ‘Lack of exchangeability’

Effective date by International Accounting Standards Board January 1, 2025

~12~

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 2026 are as follows:

Effective date by International Accounting New Standards, Interpretations and Amendments Standards Board Specific provisions of Amendments to IFRS 9 and IFRS 7, ‘Amendments to January 1, 2026 the classification and measurement of financial instruments’

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

New Standards,Interpretations and Amendments

Effective date by
International Accounting
Standards Board

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

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

~13~

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 adopted are consistent with Note 4 in the consolidated financial statements for the year ended December 31, 2024, except for the compliance statement, basis of preparation, basis of consolidation and the portions applicable to interim financial statements as set out below.

1) Compliance statement

A. The consolidated financial statements of the Group have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Firms, and Regulations Governing the Preparation of Financial Reports by Futures Commission Merchants, and the International Accounting Standards No 34, ‘Interim financial reporting’ that came into effect as endorsed by the FSC.
B. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024.

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 International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the FSC (collectively referred herein as the “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.

~14~

3) Basis of consolidation

A. Basis for preparation of consolidated financial statements:

The principle for the preparation of this consolidated financial statements are the same as those for the consolidated financial statements for the year ended December 31, 2024.

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		Ownership (%)
			March 31,2025 95.82% (Note 5) 100% 100% 100% 100% - (Note2)	December 31,2024 96.69% 100% 100% 100% 100% - (Note2)	March 31,2024
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))				96.69% 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.

~15~

Note 2: The dissolution and liquidation of President Wealth management (HK) was approved by the Board of Directors in March 2022, and the liquidation was completed in July 2024, so it no longer was included in the consolidated entity.
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: Except for President Futures’ financial statements for the three months ended March 31, 2025 and 2024 that were reviewed by independent auditors, the above-listed subsidiaries included in the consolidated financial statements for the three months ended March 31, 2025 and 2024, were not reviewed by independent auditors.
Note 5: Subsidiary President Futures has completed a cash capital increase on March 25, 2025. The Company participated in the subscription in the amount of $453,706 based on its shareholding ratio. The Company's original investment amount increased from $644,650 to $1,098,356, and the shareholding ratio decreased from 96.69% to 95.82%.

4) Employee benefits

A. Except for the following explanation of interim standards, please refer to Note 4(22) of the consolidated financial statements for the year ended December 31, 2024.
B. Pension cost for the interim period is calculated on a year-to-date basis by using the pension cost rate derived from the actuarial valuation at the end of the period financial year, adjusted for significant market fluctuations since that time and for significant curtailments, settlements, or other significant one-off events. Also, the related information is disclosed accordingly.

5) Income tax

A.Except for the following explanation of interim standards, please refer to Note 4(24) of the consolidated financial statements for the year ended December 31, 2024.
B.The interim period income tax expense is recognized based on the estimated average annual effective income tax rate excepted for the full financial year applied to the pretax income of the interim period, and the related information is disclosed accordingly.

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

There were no significant changes as of March 31, 2025. Please refer to the explanation in Note 5 of the consolidated financial statements for the year ended December 31, 2024.

~16~

6. DETAILS OF SIGNIFICANT ACCOUNTS

1) Cash and cash equivalents

Cash and cash equivalents
Petty cash Checking deposits Current deposits: Deposits denominated in NTD Deposits denominated in foreign currencies Time deposits Total	March 31, 2025 1,650 $ 647,988 2,388,293 2,041,958 3,706,255 8,786,144 $	December 31, 2024 150 $ 652,376 1,738,726 1,341,884 3,987,003 7,720,139 $	March 31, 2024
			1,650 $ 560,510 1,252,508 1,078,399 3,166,490
			6,059,557 $

As of March 31, 2025, December 31, 2024 and March 31, 2024, the annual interest rates of time deposits, including foreign time deposits were 0.670%~5.250%, 0.665%~5.250% and 0.565%~5.400%, respectively.

2) Financial assets at fair value through profit or loss

and0.565%~5.400%, respectively. Financial assets at fair value through profit or loss
March31,2025 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 351,629 Commerial papers - Exchange-traded funds 172,942 Subtotal 524,571 Adjustment of open-ended funds, money market instruments and securities investment by brokers 9,144 Total 533,715 Trading securities-dealer Listed (TSE and OTC) stocks 7,935,794 Government bonds 447,891 Corporate bonds 5,182,523 Convertible corporate bonds 1,582,946 Emerging stocks 233,285 Overseas stocks 10,855,224 Exchange-traded funds 4,221,497 Unlisted stocks 168,943 Subtotal 30,628,103 Adjustment of trading securities - dealer ( 578,415) Total 30,049,688	December31,2024 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	March31,2024
		241,833 $ 3,001
		244,834
		222,515 29,572 98,711
		350,798 21,844
		372,642
		11,607,552 349,346 5,194,069 2,046,350 236,820 11,640,515 3,695,259 168,943
		34,938,854 1,534,984
		36,473,838

~17~

March31,2025 Trading securities-underwriter Listed (TSE and OTC) stocks $ 85,374 Convertible corporate bonds 737,974 Subtotal 823,348 Adjustment of trading securities - underwriter 116,355 Total 939,703 Trading securities-hedging Listed (TSE and OTC) stocks 6,566,397 Corporate bonds 4,860,014 Convertible corporate bonds 14,166,597 Warrants 42,141 Overseas stocks 479,515 Exchange traded funds 37,407 Subtotal 26,152,071 Adjustment of trading securities - hedging ( 945,631) Total 25,206,440 Options bought-futures 13,337 Futures Margin-Own Funds 5,050,929 Futures Margin-Securities - Derivative financial instrument assets-OTC 169,892 Total 61,963,704 $ Non-current items: Financial assets mandatorily measured at fair value through profit or loss: Trading securities - dealer - government bonds $ 49,890 Unlisted stocks 435 Others 50,000 Subtotal 100,325 Adjustment of trading securities 19,044 Total 119,369 $	December31,2024 $ 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 27,679,450 747 4,176,721 - 60,058 61,405,082 $ $ 49,878 435 50,000 100,313 17,358 117,671 $	March31,2024
		$ 107,100 618,100
		725,200 207,154
		932,354
		11,124,693 100,000 9,471,816 18,907 253,126 1,408
		20,969,950 1,335,817
		22,305,767
		8,609
		4,471,325
		482,900
		27,634
		65,319,903 $
		$ 49,841 435 50,000
		100,276 23,842
		124,118 $

a. For the three months ended March 31, 2025 and 2024, net realized and unrealized gains (losses) on financial assets and liabilities at fair value through profit or loss amounted to ($203,308) and $1,926,391, 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).

~18~

3) Financial assets at fair value through other comprehensive income

Current items: Equity instruments: Trading securities-dealer Listed (TSE and OTC) stocks Adjustment of trading securities - dealer Subtotal Debt instruments: Trading securities-dealer Overseas bonds Adjustment of trading securities - dealer Subtotal Total Non-current items: Equity instruments: Unlisted stocks Adjustment of trading securities Total	March 31, 2025 379,463 $ 433,061 812,524 5,069,349 $ 71,135 5,140,484 5,953,008 $ March31,2025 37,565 $ 1,472,652 1,510,217 $	December 31, 2024 279,894 $ 543,717 823,611 3,681,435 $ 9,156) ( 3,672,279 4,495,890 $ December31,2024 37,565 $ 1,414,996 1,452,561 $	March 31, 2024 189,812 $ 329,781 519,593 3,053,084 $ 17,815) ( 3,035,269 3,554,862 $ March31,2024 37,565 $ 1,177,292 1,214,857 $

a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.	a. The Group has elected to classify stocks investments that are considered to be strategic investments and consistently receiving dividends as financial assets at fair value through other comprehensive income. The fair value of such investments amounted to $2,322,741, $2,276,172 and $1,734,450 as at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
b. Amounts recognized in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below: Equity instruments at fair value through other comprehensive income Three months ended March 31,2025 Three months ended March 31,2024 Fair value change recognised in other comprehensive income - parent company 55,024) ($ 169,745 $ Fair value change recognised in other comprehensive income - non-controlling interest 2,024 886 Total 53,000) ($ 170,631 $ Dividend income recognised in profit or loss Held at end of period 3,002 $ 2,334 $ Debt instruments at fair value through other comprehensive income Three months ended March 31,2025 Three months ended March 31,2024 Fair value change recognised in other comprehensive income 79,662 $ 88,034) ($ Interest income recognised in profit or loss 51,051 $ 27,510 $
	Fair value change recognised in other comprehensive income - parent company Fair value change recognised in other comprehensive income - non-controlling interest Total Dividend income recognised in profit or loss Held at end of period Debt instruments at fair value through other comprehensive income	55,024) ($ 2,024 53,000) ($ 3,002 $ Three months ended March 31,2025			169,745 $ 886 170,631 $ 2,334 $ Three months ended March 31,2024
	Fair value change recognised in other comprehensive income Interest income recognised in profit or loss		79,662 $ 51,051 $	88,034) ($ 27,510 $

c. Details of the Group’s financial assets at fair value through other comprehensive

~19~

income pledged to others as collateral are provided in Note 8.

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

4) Bonds purchased under resale agreements

March 31, 2025 December 31, 2024 March 31, 2024 Foreign bonds $ 78,077 $ - $ -

The above bonds purchased under resale agreements as of March 31, 2025, December 31, 2024, and March 31, 2024 were due within one year and were contracted to be repurchased at the agree-upon price plus interest charge on the specific date after the transaction. The total purchase amounts were $78,882, $0, and $0, respectively, and the annual interest rates in every currency were shown as follows:

Currency March 31, 2025 December 31, 2024 March 31, 2024 Foreign currencies (Note) 4.05%~4.23% - - Note: Foreign currencies include AUD and USD.

5) Margin loans receivable

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

6) Customer margin account

Customer margin account
Bank deposit Futures clearing house Other futures commission merchant Securities Total	March31,2025 23,866,234 $ 5,526,770 7,238,661 411 36,632,076 $	December31,2024 23,313,389 $ 5,315,769 6,916,025 357 35,545,540 $	March31,2024
			14,443,967 $ 4,406,096 2,730,349 383
			21,580,795 $

The difference between the customer margin deposits accounts and futures traders’ equity as of March 31, 2025, December 31, 2024 and March 31, 2024, were outlined below:

		March31,2025	December31,2024	December31,2024			March31,2024
Customer margin deposits accounts	$	36,632,076	$	35,545,540		$	21,580,795
Add: Early customer margin deposits		27,699		11,446			2,265
Less: Service fee income pending for transfer	(	43,632)	(	18,959)	(		46,347)
Futures exchange tax pending for transfer	(	1,803)	(	1,180)	(		1,326)
Temporary receipts	(	72,986)	(	14,473)	(		32,474)
Futures trader’s equity	$	36,541,354	$	35,522,374		$	21,502,913

~20~

7) Accounts receivable

Accounts receivable - related parties Accounts receivable - non related parties Settlement price receivable-brokers Settlement price receivable-dealer Settlement price receivable-foreign bonds Spot exchange receivable, foreign currencies Interest receivable Settlement price Others Subtotal Less: Allowance for uncollectable accounts Total	March31,2025 1,598 $ 15,967,407 $ 5,229,298 13,907,171 280,873 1,021,800 3,992,702 691,547 41,090,798 686) ( 41,090,112 $	December31,2024 944 $ 14,492,455 $ 3,165,884 9,987,065 56,868 821,069 625,228 334,644 29,483,213 491) ( ( 29,482,722 $	March31,2024 1,307 $ 20,341,825 $ 7,202,165 4,819,945 - 558,259 4,954,604 400,122 38,276,920 301) 38,276,619 $

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

follows:
Accounts receivable Accounts receivable - related parties Accounts receivable - non related parties Total Accounts receivable Accounts receivable - related parties Accounts receivable - non related parties Total Accounts receivable Accounts receivable - related parties Accounts receivable - non related parties Total			March 31,2025			Total
	Up to 30 days	31 to 90 days	91 to 180 days	181 days to 12 months	More than 12 months
	868 $ 40,089,845 40,090,713 $	730 $ 91,079 91,809 $	- $ 266,183 266,183 $ December	- $ 446,655 446,655 $ 31,2024	- $ 197,036 197,036 $	1,598 $ 41,090,798 41,092,396 $ 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 $	- $ - $ 143,370 381,924 143,370 $ 381,924 $ March 31,2024		- $ 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
	879 $ 37,782,756 37,783,635 $	428 $ 79,878 80,306 $	- $ 184,118 184,118 $	- $ 160,492 160,492 $	- $ 69,676 69,676 $	1,307 $ 38,276,920 38,278,227 $

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

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

8) Other receivables

Other receivables
Interest receivable Others Subtotal Less: Allowance for uncollectible accounts Total	March31,2025 68,358 $ 43,083 111,441 275) ( 111,166 $	December31,2024 81,387 $ 19,770 101,157 275) ( 100,882 $	March31,2024
			40,605 $ 26,580
			67,185 275) (
			66,910 $

~21~

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

9) Other current assets

Other current assets
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	March31,2025 361,256 $ 500,000 31,116 31,930 2,459,165 28,132 3,411,599 $	December31,2024 178,819 $ 500,000 44,257 383,532 1,973,140 90,939 3,170,687 $	March31,2024
			335,708 $ 500,000 53,852 257,625 1,434,312 246,803
			2,828,300 $

10) 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.
B. Financial assets that do not meet the derecognition conditions and related financial liabilities are analysed below:

liabilities are analysed below:
	March31,2025	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 21,654,985 $ December31,2024	Carrying amount of transferred financial assets
		20,907,291 $
Financial assets category Financial assets measured at fair value through profit or loss Repurchase agreement	Carrying amount of transferred financial assets	Carrying amount of related financial liabilities
	16,421,349 $ March31,2024	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
	17,947,439 $ 3,035,269	18,048,925 $ 2,952,767

~22~

11) 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)

~23~

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

(1)Financial assets

inancial assets
		March		31, 2025		62,318 $ 1,156 63,474 $ Net amount
Derivative financial instruments Bonds purchased under resale agreements Total 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 107,004 $ - $ 76,921 - 183,925 $ - $ Net set off in the balance sheet
					Financial instruments
	169,322 $ 78,077 247,399 $				107,004 $ 76,921 183,925 $
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 $ - $ Net set off inthe balance sheet	16,616 $ 26,633 $ Net amount Net amount
					Financial instruments 43,442 $
	60,058 $			60,058 $ 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 1,001 $ - $ Net set off inthe balance sheet
					Financial instruments 1,001 $
	27,634 $		- $	27,634 $

~24~

(2) Financial liabilities

Financial liabilities
		March31,2025			- $ - - $ Net amount
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 107,004 $ - $ 15,694,956 - 15,801,960 $ - $ Net set off inthe balance sheet
				Financial instruments
	107,004 $ 15,694,956 15,801,960 $			107,004 $ 15,694,956 15,801,960 $
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 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 1,001 $ - $ 15,176,749 - 15,177,750 $ - $ Net set off inthe balance sheet
				Financial instruments 1,001 $ 15,176,749 15,177,750 $
	1,001 $ 15,176,749 15,177,750 $	- $ - - $	1,001 $ 15,176,749 15,177,750 $

~25~

12) Investments accounted for under the equity method

Uni-President Asset Management Corp. Jin Yuan President Securities Co., Ltd.	March31,2025 1,074,721 $ 2,639,149 3,713,870 $	December31,2024 970,159 $ 2,641,462 3,611,621 $	March31,2024
			878,051 $ 2,627,087
			3,505,138 $

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 three months ended March 31, 2025 and 2024 were $42,241 and $40,994, 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:

Companyname Princial place of businesss		Shareholdingratio		Nature of relationship	Methods of measurement
Uni-President Asset Management Corp. Taipei city Jin Yuan President Securities Co., Ltd. Xiamen	March 31,2025	December 31,2024	March 31,2024	Associate Associate	Equity method Equity method
	42.49% 49%	42.49% 49%	42.49% 49%

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

Balance sheet

follows: 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
		March 31, 2025 (Note)	December 31,2024
	1,765,195 $ 960,828 478,059) ( 141,488) ( 2,106,476 $ 895,199 $ 179,522 1,074,721 $		1,598,836 $ 942,434 531,046) ( 149,789) ( 1,860,435 $ 790,637 $ 179,522 970,159 $	1,284,205 $ 828,557 419,538) ( 49,527) ( 1,643,697 $ 698,529 $ 179,522 878,051 $

~26~

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.
	March 31, 2025 (Note)	December 31,2024	March 31,2024
	7,638,534 $ 264,117 2,424,657) ( 91,977) ( 5,386,017 $ 2,639,149 $ 2,639,149 $	6,228,068 $ 227,432 1,022,718) ( 42,046) ( 5,390,736 $ 2,641,462 $ 2,641,462 $	6,476,850 $ 230,250 1,298,238) ( 47,461) ( 5,361,401 $ 2,627,087 $ 2,627,087 $

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) Revenue Loss for the period from continuing operations Total comprehensive income (loss)	Three months ended March 31,2025(Note) Three months ended March 31,2024(Note) 630,407 $ 518,178 $ 234,916 $ 184,085 $ 11,125 6,150 246,041 $ 190,235 $ Uni-President Asset Management Corp. Jin Yuan President Securities Co.,Ltd.
		630,407 $ 234,916 $ 11,125 246,041 $ Jin Yuan President	518,178 $ 184,085 $ 6,150 190,235 $ Securities Co.,Ltd.
	Three months ended March 31,2025(Note)			Three months ended March 31,2024
	49,444 $ 117,536) ($ 117,536) ($		80,359 $ 75,994) ($ 75,994) ($

Note: The financial statements prepared by the associates were not reviewed by independent auditors.

(Blank below)

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13) Property and equipment

Property and equipment
January1		Threemonths endedMarch31,2025				Total
	Land	Buildings		Equipment	Leasehold improvements
Cost Accumulated depreciation and impairment Total January 1 Additions Reclassifications Depreciation March 31 March 31	1,738,051 $ - 1,738,051 $ 1,738,051 $ - - - 1,738,051 $ Land	1,182,575 $ 591,743) ( 590,832 $ 590,832 $ 1,442 10,995 11,255) ( 592,014 $ Buildings		615,696 $ 330,286) ( 285,410 $ 285,410 $ 9,902 5,205 33,408) ( 267,109 $ Equipment	46,574 $ 19,298) ( 27,276 $ 27,276 $ - - 1,863) ( 25,413 $ Leasehold improvements	3,582,896 $ 941,327) ( 2,641,569 $ 2,641,569 $ 11,344 16,200 46,526) ( 2,622,587 $ Total
Cost Accumulated depreciation and impairment Total January1	1,738,051 $ - 1,738,051 $					3,603,423 $ 980,836) ( 2,622,587 $ Total
	Land		Buildings	Equipment	Leasehold improvements
Cost Accumulated depreciation and impairment Total January 1 Additions Disposal Reclassifications Depreciation March 31 March 31	1,738,051 $ - 1,738,051 $ 1,738,051 $ - - - - 1,738,051 $ Land	1,176,715 $ 571,899) ( 604,816 $ 604,816 $ 310 - 1,560 10,574) ( 596,112 $ Buildings		564,286 $ 274,664) ( 289,622 $ 289,622 $ 17,868 32) ( 15,896 30,090) ( 293,264 $ Equipment	34,050 $ 21,462) ( 12,588 $ 12,588 $ 1,143 - 1,600 1,298) ( 14,033 $ Leasehold improvements	3,513,102 $ 868,025) ( 2,645,077 $ 2,645,077 $ 19,321 32) ( 19,056 41,962) ( 2,641,460 $ Total
Cost Accumulated depreciation and impairment Total	1,738,051 $ - 1,738,051 $	1,178,585 $ 582,473) ( 596,112 $		574,316 $ 281,052) ( 293,264 $	36,793 $ 22,760) ( 14,033 $	3,527,745 $ 886,285) ( 2,641,460 $

A. No interest was capitalized for property and equipment for the three months ended March 31, 2025 and 2024.

B. The information on property and equipment pledged or restricted as of March 31, 2025, December 31, 2024 and March 31, 2024 is described in Note 8.

`－` 14) Leasing arrangements lessee

A. The Group leases various assets including buildings, machinery and equipment, business vehicles

~28~

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:

March31,2025		December31,2024		March31,2024
CarryingAmount		CarryingAmount		CarryingAmount
224,984 $ 16,709 1,731 243,424 $	202,162 $ 18,077 2,438 222,677 $ Three months ended March 31,2025		154,738 $ 13,619 4,620 172,977 $ Three months ended March 31,2024
		Depreciation charge		Depreciation charge
		19,022 $ 1,367 739 21,128 $		16,485 $ 1,677 730 18,892 $

C. For the three months ended March 31, 2025 and 2024, the additions to right-of-use assets amounted to $41,865 and $59,808, 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	Three months ended March 31,2025 821 $ 1,360 18	Three months ended March 31,2024
		329 $ 1,276 21

E. For the three months ended March 31, 2025 and 2024, the Group’s total cash outflow for leases amounted to $23,951 and $21,822, respectively.

15) 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.

~29~

B. For the three months ended March 31, 2025 and 2024, the Group recognized rent income in the amount of $3,064 and $2,967, 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 2030 Total		March31,2025		December31,2024		March31,2024
		- $ 3,064 11,003 10,461 7,287 688 688 33,191 $		- $ 11,269 10,956 10,414 7,240 641 - 40,520 $		7,675 $ 9,593 9,593 9,593 6,599 - - 43,053 $

16) Investment property

January1
Cost
Accumulated depreciation and impairment
Total
January 1
Depreciation
March 31
March31
Cost
Accumulated depreciation and impairment
Total
January1
Cost
Accumulated depreciation and impairment
Total
January 1
Depreciation
March 31
March31
Cost
Accumulated depreciation and impairment
Total

Land
Buildings
Total
140,176
$ 72,533
$ 212,709
$ -
29,978)
(
29,978)
(
140,176
$ 42,555
$ 182,731
$ 140,176
$ 42,555
$ 182,731
$ -
356)
(
356)
(
140,176
$ 42,199
$ 182,375
$ Land
Buildings
Total
140,176
$ 72,533
$ 212,709
$ -
30,334)
(
30,334)
(
140,176
$ 42,199
$ 182,375
$ Land
Buildings
Total
140,176
$ 72,533
$ 212,709
$ -
28,556)
(
28,556)
(
140,176
$ 43,977
$ 184,153
$ 140,176
$ 43,977
$ 184,153
$ -
355)
(
355)
(
140,176
$ 43,622
$ 183,798
$ Land
Buildings
Total
140,176
$ 72,533
$ 212,709
$ -
28,911)
(
28,911)
(
140,176
$ 43,622
$ 183,798
$ Threemonths endedMarch31,2025
Threemonths endedMarch31,2024

~30~

A. For the three months ended March 31, 2025 and 2024, rental income from the lease of the investment property were $2,558 and $2,466, respectively, and direct operating expenses arising from the investment property were $637 and $644, respectively.
B. Details of fair value of investment property are provided in Note 12(5).
17) Intangible assets

Three months ended March 31, 2025

January1	Computer software	Computer software	Goodwill	Goodwill
Cost Accumulated amortization and impairment Total January 1 Additions Reclassifications Amortization March 31 March31	531,123 $ 318,176) ( 212,947 $ 212,947 $ 5,566 25,343 27,352) ( 216,504 $ Computer software		42,004 $ - 42,004 $ 42,004 $ - - - 42,004 $ Goodwill
Cost Accumulated amortization and impairment Total January1
		Computer sofware	Goodwill	Customer relationships and others Total 89,929 $ 604,169 $ 54,236) ( 311,732) ( 35,693 $ 292,437 $ 35,693 $ 292,437 $ - 10,068 - 26,658 5) ( 24,116) ( 35,688 $ 305,047 $
Cost Accumulated amortization and impairment Total January 1 Additions Reclassifications Amortization March 31	472,236 $ 257,496) ( 214,740 $ 214,740 $ 10,068 26,658 24,111) ( 227,355 $		42,004 $ - 42,004 $ 42,004 $ - - - 42,004 $

~31~

Three months ended March 31, 2024

March31	Computer software		Goodwill	Customer relationships and others Total 89,929 $ 636,025 $ 54,241) ( 330,978) ( 35,688 $ 305,047 $
Cost Accumulated amortization and impairment Total	504,092 $ 276,737) ( 227,355 $		42,004 $ - 42,004 $

A. No interest was capitalized for intangible assets for the three months ended March 31, 2025 and 2024.
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 2024
		0.00% 12.10%

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.

18) Other non-current assets

Operation guaranteed deposits Clearing and settlement fund Refundable deposits Prepaid pension expenses Prepayment for equipment Overdue receivables Others Subtotal Less: Allowance for uncollectible accounts Total	March31,2025 December31,2024 640,000 $ 640,000 $ 328,900 315,445 746,617 502,231 9,253 9,064 59,135 66,420 5,209 6,004 2,753 2,756 1,791,867 1,541,920 5,209) ( 6,004) ( 1,786,658 $ 1,535,916 $	March31,2024 640,000 $ 316,745 322,847 4,016 45,806 2,924 2,518 1,334,856 2,924) ( 1,331,932 $

~32~

19) Short-term loans

Unsecured loans Secured loans Call loans from banks Total	March31,2025 10,699,951 $ 610,000 - 11,309,951 $	December31,2024 8,545,865 $ 160,000 98,355 8,804,220 $	March31,2024
			11,104,400 $ 1,390,000 -
			12,494,400 $

As of March 31, 2025, December 31, 2024 and March 31, 2024, the interest rates of short-term loans, including foreign interest rates were 1.800%~4.955%, 1.870%~5.250% and 1.650%~5.870%, respectively.

20) Commercial papers payable

		March31,2025	December31,2024	December31,2024			March31,2024
Face value	$	32,840,000	$	33,010,000		$	26,880,000
Less: Discount on commercial papers payable	(	32,958)	(	40,185)	(		26,067)
Total	$	32,807,042	$	32,969,815		$	26,853,933

As of March 31, 2025, December 31, 2024 and March 31, 2024, the interest rates of commercial papers, including foreign interest rates were 1.670%~2.015%, 1.682%~2.022% and 1.400%~1.800%, respectively.

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

March 31, 2025
Investments in bonds under resale
agreements - short sales
179,851
$ Valuation adjustment of financial assets held for
trading
1,192
Subtotal
181,043
Liabilities on sale of borrowed securities
- hedged
903,989
Valuation adjustment on liabilities on sale
of borrowed securities - hedged
80,288)
(
Liabilities on sale of borrowed securities
- non-hedged
5,557,158
Valuation adjustment on liabilities on sale
of borrowed securities - non-hedged
131,006)
(
Subtotal
6,249,853

December 31, 2024
March 31, 2024
-
$ 99,491
$ -
-
-
99,491
793,826
1,153,203
49,671
28,020)
(
6,404,740
5,401,300
217,500
601,109
7,465,737
7,127,592

~33~

			March 31, 2025	December 31, 2024	December 31, 2024		March 31, 2024
Issuance of call (put) warrants		$	17,523,108	$	18,904,723	$	15,708,924
Loss (gain) on price fluctuation	(		8,454,756)	(	6,344,768)	(	1,505,532)
Market value (A)			9,068,352		12,559,955		14,203,392
Warrants redeemed	(		15,114,715)	(	16,132,320)	(	14,004,555)
Loss (gain) on price fluctuation			6,789,797		4,952,966		1,554,404
Market value (B)	(		8,324,918)	(	11,179,354)	(	12,450,151)
Warrants - net (A+B)			743,434		1,380,601		1,753,241
Options sold - TAIFEX			9,250		1,144		17,250
Outstanding Liability for Issuance of ETNs			302,208		306,853		401,216
Valuation adjustment on outstanding
Liability for Issuance of ETNs			41,109		69,293		99,232
Subtotal			343,317		376,146		500,448
Derivative financial liabilities - OTC			4,061,318		4,312,910		3,111,906
Total		$	11,588,215	$	13,536,538	$	12,609,928

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.

22) Bonds sold under repurchase agreements

Bonds sold under repurchase agreements
Government bonds Corporate bonds Bank debentures International bonds Foreign bonds Total	March31,2025 324,262 $ 4,180,300 100,576 3,128,420 13,173,733 20,907,291 $	December31,2024 104,131 $ 3,219,329 100,235 1,713,508 10,452,678 15,589,881 $	March31,2024
			957,588 $ 6,592,455 100,000 866,807 12,484,842
			21,001,692 $

The above bonds sold under repurchase agreements as of March 31, 2025, December 31, 2024 and March 31, 2024 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 $21,091,279, $15,730,764 and $21,181,346, respectively, and the annual interest rates in every currency were shown as follows:

urrency were shown as follows:
Currency March31,2025 NTD 1.14%~1.65% Foreign currencies (Note) 2.00%~4.77% Note: Foreign currencies include AUD, EUR, USD, and GBP.	December31,2024 1.14%~1.63% 1.75%~4.95%	March31,2024
		0.97%~1.53% 2.50%~5.75%

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23) Accounts payable

24) 25)	Other payables Other financial liabilities-current Settlement accounts payable - brokered trading Settlement proceeds Settlement accounts payable - operating Settlement accounts payable - foreign bonds Spot exchange payable, foreign currencies Others Total Salary and bonus payable Employees' and directors' remuneration payable Others Total Equity-linked notes (ELN) - Options Principal guaranteed notes (PGN) - fixed income Total	March 31, 2025 16,493,889 $ 1,991,222 2,536,553 14,191,291 280,461 401,761 35,895,177 $ March31,2025 860,068 $ 231,190 618,290 1,709,548 $ March31,2025 5,000 $ 15,987,388 15,992,388 $	December 31, 2024 12,373,337 $ 2,727,528 1,940,061 9,983,714 56,794 394,149 27,475,583 $ December31,2024 1,915,817 $ 223,772 719,265 2,858,854 $ December31,2024 - $ 13,801,583 13,801,583 $	March 31, 2024
				23,902,002 $ 547,119 5,292,524 4,230,557 - 516,122
				34,488,324 $
				March31,2024
				1,180,805 $ 223,757 828,890
				2,233,452 $
				March31,2024
				- $ 8,952,901
				8,952,901 $

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).

26) Other liabilities - non-current

Other liabilities-non-current
Guarantee deposits received Net defined benefit obligation Total	March31,2025 9,665 $ 20,655 30,320 $	December31,2024 9,042 $ 29,177 38,219 $	March31,2024
			4,270 $ 51,769
			56,039 $

27) 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

~35~

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) Under the defined benefit pension plan, the Group recognized the pension costs for the three months ended March 31, 2025 and 2024 in the statement of comprehensive income in the amounts of $409 and $564, respectively.
(C) Expected contributions to the defined benefit pension plans of the Group for the year ending December 31, 2026 amount to $37,948.
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 three months ended March 31, 2025 and 2024 were $24,839 and $21,490, 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 $19 and $3,578, respectively, for the three months ended March 31, 2025 and 2024.

28) Equity

A. Common stock

As of March 31, 2025, the Company’s authorized capital was $15,000,000 with a par value of $10 (in dollars) per share. As of March 31, 2025, December 31, 2024 and March 31, 2024, the common stocks issued and the outstanding common stocks were all 1,455,831 thousand shares.

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B. Capital reserve

March 31, 2025 Dectember 31, 2024 March 31, 2024		Sharepremium		Treasury share transactions		Expired stock options		Total
		22,805 $ 25,103 $ 25,103 $		65,675 $ 65,675 $ 65,675 $		483 $ 483 $ 483 $		88,963 $ 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.

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

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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.

29) 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 2024 was resolved by the Board of Directors on February 26, 2025; the appropriation of 2023 earnings was resolved by the shareholders’ meeting on June 27, 2024. Details are as follows:

Details are as follows:
Provision of legal reserve Provision of special reserve Cash dividends Stock dividends	For the year ended December 31,2024		For the year ended December 31,2023
	Amount	Dividends per share (in dollars)	Amount	Dividends per share (in dollars)
	437,415 $ 874,830 1,601,415 1,455,831 4,369,491 $	1.10 $ 1.00	274,762 $ 549,522 1,921,697 - 2,745,981 $	1.32 $ -

30) Brokerage handling fee revenue

Brokerage handling fee revenue
Revenues from brokered trading - TWSE Revenues from brokered trading - OTC Revenues from brokered trading - Futures Others Total		Three months ended March31,2025		Three months ended March31,2024
		513,769 $ 168,282 171,474 83,828 937,353 $		615,214 $ 204,104 179,615 69,762 1,068,695 $

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31) Revenues from underwriting business

Revenues from underwriting business
Net gain (loss) on sale of operating securities Revenues from underwriting securities on a firm commitment basis Others Total Dealers: -TAIEX -OTC -Overseas trading Subtotal Underwriters: -TAIEX -OTC Subtotal Hedging: -TAIEX -OTC -Overseas trading Subtotal Total		Three months ended March 31,2025	Three months ended March 31,2024
		9,586 $ 10,677 20,263 $ Three months ended March 31,2025	12,397 $ 19,569 31,966 $ Three months ended March 31,2024
	57,745 $ 39,592) ( 89,696) ( 71,543) ( 3,421 15,898 19,319 ( 306,657) 60,228) ( 32,575 334,310) ( 386,534) ($		1,032,007 $ 398,973 296,310 1,727,290 5,921 34,501 40,422 617,968 212,796 9,939 840,703 2,608,415 $

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

33) Interest income

Interest income Total	(	386,534) $		2,608,415 $
Interest income from margin loans Interest income from bonds Others Total		Three months ended March31,2025		Three months ended March31,2024
		262,363 $ 249,497 127,357 639,217 $		224,626 $ 214,107 63,228 501,961 $

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

Gain (loss) on sale of securities - dealer Gain (loss) on sale of securities - underwriting Gain (loss) on sale of securities - hedging Total	Three months ended March 31,2025		Three months ended March 31,2024
	956,278) ($ 36,298) ( 977,591) ( 1,970,167) ($		765,290 $ 31,912 807,865 1,605,067 $

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

Net valuation gain (loss) on borrowed securities and bonds with resale agreements-short sales at Three months ended March 31,2025 Three months ended March 31,2024 Gain (loss) from the bond investments under resale agreements 5,983) ($ - $ Gain (loss) from securities borrowing transactions 38,537) ( 297,665) ( Gain (loss) from covering 8,083) ( 28,437) ( Total 52,603) ($ 326,102) ($	Three months ended March 31,2025	Three months ended March 31,2024
fair value through profit or loss Net gain (loss) from issuance of call (put) warrants Valuation gain (loss) from securities borrowing transactions Valuation gain (loss) from covering Valuation gain from the bond investments under resale agreements Total 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	Three months ended March 31,2025	Three months ended March 31,2024
	350,407 $ 128,057 730) ( 477,734 $ Three months ended March 31,2025	186,404) ($ 29,732 - 156,672) ($ Three months ended March 31,2024
	886,522 $ 63,466) ( 168,544) ( 654,512 $	238,712) ($ 40,436) ( 192,308) ( 471,456) ($

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38) Net gain (loss) from derivatives

Net gain (loss) from derivatives
Futures contract gain (loss) Option trading gain (loss) OTC option trading gain (loss) Net gain (loss) on foreign exchange derivatives Asset SWAP Others Total	Three months ended March 31,2025	Three months ended March 31,2024
	492,881 $ 46,458 225,327 1,619 377,910 87,385) ( 1,056,810 $	907,464) ($ 13,984 329,653) ( 87,470 175,524) ( 38,591) ( 1,349,778) ($

39) Expected credit impairment loss and reversal of impairment gain

Other operating income 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		Three months ended March 31,2025		Three months ended March 31,2024
		16,360 $ 139 16,499 $ Three months ended March 31,2025		22,031 $ 178 22,209 $ Three months ended March 31,2024
	119,511 $ 69,830) ( 27,674 72,476 11,153 160,984 $			77,567 $ 128,633 23,577 48,522 12,998 291,297 $

40) Other operating income

41) Handling charges

Handling charges
Brokerage handling fee expense Dealer handling fee expense Refinancing processing fee expense Total		Three months ended March 31,2025		Three months ended March 31,2024
		104,686 $ 56,704 543 161,933 $		121,910 $ 48,935 101 170,946 $

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42) Financial costs

Financial costs
Interest expense from repurchase agreements Loans interest expense Other interest expense Total		Three months ended March 31,2025		Three months ended March 31,2024
		172,628 $ 208,707 40,849 422,184 $		184,241 $ 142,101 32,708 359,050 $

43) Employee benefits expense

Employee benefits expense
Salaries Labor and health insurance Pension Other employee benefits Total		Three months ended March 31,2025		Three months ended March 31,2024
		579,169 $ 69,274 25,267 49,774 723,484 $		1,088,553 $ 55,132 25,632 37,060 1,206,377 $

A. In accordance with the Company’s Article of Incorporation, the remainder of the year-end income 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 three months ended March 31, 2025 and 2024, employees’ compensation was accrued at $181 and $37,823, respectively; directors’ remuneration was accrued at $181 and $37,823, respectively. The aforementioned amounts were recognized in salary expenses.
C. For the three months ended March 31, 2025, 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 2024 as resolved by the Board of Directors was in agreement with the estimates in the 2024 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
Depreciation Amortization Total		Three months ended March 31,2025		Three months ended March 31,2024
		68,010 $ 27,361 95,371 $		61,209 $ 24,120 85,329 $

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45) Other operating expenses

Other operating expenses
Taxes Security lending expenses Computer information expenses TDCC service fee Others Total		Three months ended March 31,2025		Three months ended March 31,2024
		220,024 $ 64,192 62,359 25,294 156,949 528,818 $		256,900 $ 45,395 55,418 30,206 137,230 525,149 $

46) Other gains and losses

Other gains and losses
Income tax A. Income tax expense Components of income tax expense: Financial income Facility and equipment usage expense 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 Current tax: Current tax on profits for the periods Prior year income tax underestimation (overestimation) Total current tax Deferred taxes: Origination and reversal of temporary differences Total deferred taxes Income tax expense (gain)	Three months ended March 31,2025	Three months ended March 31,2024
	228,654 $ 16,291 176 5,750 5,334 14,918 271,123 $ Three months ended March 31,2025 117,762 $ - 117,762 4,383) ( 4,383) ( 113,379 $	151,790 $ 16,016 10,558 8,513 6,310 17,291 210,478 $ Three months ended March 31,2024 74,570 $ 2,117 76,687 39,051 39,051 115,738 $

47) Income tax

A. Income tax expense Components of income tax expense:

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B. As of March 31, 2025, 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.
C. 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.

48) Earnings per share

assessment. Earnings per share
Basic earnings per share Net income (loss) 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	Three	Weighted-average outstanding common shares(In thousands) Earnings (loss) per share (In dollars) 1,455,831 0.05) ($ 7 1,455,838 0.05) ($ Weighted-average outstanding common shares(In thousands) Earnings per share (In dollars) 1,455,831 1.19 $ 1,537 1,457,368 1.18 $ months ended March 31,2024 months ended March 31,2025
	Amount after tax	Weighted-average outstanding common shares(In thousands)
	Amount after tax	Weighted-average outstanding common shares(In thousands)
	1,725,653 $ - 1,725,653 $	1,455,831 1,537 1,457,368	1.19 $ 1.18 $

(Blank below)

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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 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.

2) Significant related party transactions and balances

A. Accounts receivable

Accounts receivable
	March31,2025		December31,2024		March31,2024
Entity having significant influence on
the company:
Uni-President Enterprises Corp.	$	636	$	318	$	332
Associate:
Uni-President Assets Management Corp.		-		-		10
Other related party:
ScinoPharm Taiwan, Ltd.		322		322		323
Ton Yi Industrial Corp.		100		-		100
President Chain Store Corp. (PCSC)		462		231		434
Others		78		73		108
Total	$	1,598	$	944	$	1,307
Prepayments

	March31,2025		December31,2024		March31,2024
Other related party:
Q-WARE Systems & Services Corp.	$	4,168	$	4,682	$	5,165
Tung Ho Development Co., Ltd.		600		600		600
President Chain Store Corp. (PCSC)		158		158		157
Presco Netmarketing Co., Ltd.		121		121		121
President Information Corp.		200		300		-
Others		25		26		18
Total	$	5,272	$	5,887	$	6,061

B. Prepayments

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C. Other receivables

C.	Other receivables
D. E.	Guarantee deposit received Other payables Associate: Uni-President Assets Management Corp. Other related party: Others Total Associate: Uni-President Assets Management Corp. Other related party: President Tokyo Co., Ltd. Presco Netmarketing Co., Ltd. President Information Corp. Total	March31,2025 December31,2024 14 $ 76 $ 9 18 23 $ 94 $ March31,2025 December31,2024 1,497 $ 1,497 $ March31,2025 December31,2024 - $ 4 $ 146 143 - 400 146 $ 547 $	March31,2024
			129 $ 9
			138 $
			March31,2024
			1,435 $
			March31,2024
			- $ 80 -
			80 $

－
F. 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) Acquisition of right-of-use assets

(B) Acquisition of right-of-use assets
(C) Lease liabilities a. Lease liabilities - current Other related party: President Tokyo Co., Ltd. Other related party: President Tokyo Co., Ltd. President Tokyo Auto Leasing Co., Ltd. Total	Three months ended March 31,2025 Three months ended March 31,2024 21 $ 152 $ March31,2025 December31,2024 March31,2024 5,323 $ 5,974 $ 6,992 $ 753 751 748 6,076 $ 6,725 $ 7,740 $	Three months ended March 31,2025	Three months ended March 31,2024
				152 March31,2024
				6,992 $ 748
				7,740 $

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b. Lease liabilities - non-current

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

$	10,428 $ 505 10,933 $ Three months ended March 31,2025	10,428 $ 505 10,933 $ Three months ended March 31,2025	$	8,694 $ 1,258
$			$	9,952 $

	$	60 2 62 Three months ended March 31,2025 46,915 $ 253 47,168 $
	$

G. Handling fee revenue

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

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

Associates: Uni-President Assets Management Corp.	Three months ended March 31,2025	Three months ended March 31,2024
	7,591 $	7,057 $

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

I. Other operating revenue - other

Three months ended Three months ended March 31, 2025 March 31, 2024 Associates: Uni-President Assets Management Corp. $ 600 $ 1,170

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J. Other operating revenue - handling fee revenues from underwriting funds

Associates: Uni-President Assets Management Corp.	Three months ended March 31,2025 25,685 $	Three months ended March 31,2024
		23,222 $

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

K. Rent income

Rent income
Associates: Uni-President Assets Management Corp.	Period 2016.01.01~2028.08.31	Deposit 1,497 $		Three months ended March 31,2025		Three months ended March 31,2024
				2,417 $		2,313 $

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.

L. 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	Three months ended March 31,2025	Three months ended March 31,2024
	954 $ 40 488 308 693 184 2,667 $	996 $ 40 488 309 651 184 2,668 $

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

M.Other operating expenses – other

Other operating expenses–other
Other related party: President Tokyo Co., Ltd. Presco Netmarketing Co., Ltd. President Professional Baseball Team Corp. Q-WARE Systems & Services Corp. President Information Corp. Total	Three months ended March 31,2025 23 $ 271 279 89 100 762 $	Three months ended March 31,2024
		3 $ 256 - - - 259 $

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N. Purchases of trading securities - dealer

urchases of trading securities-dealer
Entity having significant influence on the company: Uni-President Enterprises Corp. Security investment trust fund raised by the Uni-President Asset Management Corp.: Fund managed by Uni-President Asset Management Corp. Other related party: President Chain Store Corp. Ton Yi Industrial Corp. Total Entity having significant influence on the company: Uni-President Enterprises Corp. Security investment trust fund raised by the Uni-President Asset Management Corp.: Fund managed by Uni-President Asset Management Corp. Other related party: President Chain Store Corp. Total	Ending Shares (In thousands) EndingBalance 403 32,442 $ - 205,269 9 2,259 400 6,820 246,790 $ Ending Shares (In thousands) EndingBalance 100 8,090 $ - 183,107 9 2,367 193,564 $ March31,2025 December31,2024			Three months ended March31,2025
	Ending Shares (In thousands)		Gain(loss) 17) ($ 4,801 22 89) ( 4,717 $ Year ended December 31,2024
		32,442 $ 205,269 2,259 6,820 246,790 $ EndingBalance 31,2024
	Ending Shares (In thousands)			Gain(loss) 786 $ 32,542 130 33,458 $
	100 - 9	8,090 $ 183,107 2,367 193,564 $

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Entity having significant influence on the company: Uni-President Enterprises Corp. Security investment trust fund raised by the Uni-President Asset Management Corp.: Fund managed by Uni-President Asset Management Corp. Other related party: President Chain Store Corp. Total		Ending Shares (In thousands) EndingBalance 98 7,595 $ - 85,947 9 2,399 95,941 $ March31,2024	Ending Shares (In thousands) EndingBalance 98 7,595 $ - 85,947 9 2,399 95,941 $ March31,2024	Ending Shares (In thousands) EndingBalance 98 7,595 $ - 85,947 9 2,399 95,941 $ March31,2024		Three months ended March31,2024
		Ending Shares (In thousands)			Gain(loss) 4) ($ 8,668 - 8,664 $
		98 - 9		7,595 $ 85,947 2,399 95,941 $

O. Compensation of key management personnel

The compensation of key management such as directors, general managers, vice general managers were as follows:

ere as follows:
Salary and short-term employee benefits Retirement benefits Other long-term employee benefits Termination benefits Share-based payment Total		Three months ended March31,2025		Three months ended March31,2024
		28,782 $ 476 - - - 29,258 $		68,206 $ 484 - - - 68,690 $

(Blank below)

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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	March 31,2025 4,170,000 $ 292,200 8,792,469 3,415,466 100,000 4,980,750 32,686 500,000 50,000 1,078,990 640,000 2,000	December 31,2024 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	March 31,2024 6,591,000 $ 898,100 10,315,426 935,362 100,000 3,105,400 258,393 500,000 50,000 1,084,349 640,000 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.

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.

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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.
(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.

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  - 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 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

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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.

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.
- (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:

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(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. 9% 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.

(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).

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(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(11).
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(11).
(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.
(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

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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.
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.

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The definition of and expected credit losses recognized for each stage are as follows:

Item	Stage 1	Stage 2	Stage3
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.
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.

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(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) At March 31, 2025, December 31, 2024 and March 31, 2024, there were no changes in the loss allowance for investments in debt instruments measured at fair value through other comprehensive income.
(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:

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			Three months ended	Three months ended	March 31,2025	March 31,2025	Total
	Marginal receivable		Accounts receivable	Other receivables	Other non-current assets-overdue receivables
27,740 $ 15,760) ( 11,980 $ Marginal receivable			491 $ 195 686 $ Year				34,510 $ 16,360) ( 18,150 $ Total
	Marginal receivable		Accounts receivable	Other receivables		Other non-current assets-overdue receivables
46,779 $ 19,039) ( 27,740 $ Marginal receivable					1,965 $ 4,039 6,004 $ March 31,2024		49,660 $ 15,150) ( 34,510 $ Total
	Marginal receivable		Accounts receivable	Other receivables		Other non-current assets-overdue receivables
46,779 $ 22,651) ( 24,128 $		641 $ 340) ( 301 $		275 $ - 275 $		1,965 $ 960 2,925 $	49,660 $ 22,031) ( 27,629 $

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.

(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

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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:

		March31,2025
Immediately	Less than 3 months	3-12 months	1-5years - $ - - - - - - 16,140 - - 91,679 - - 163,458 271,277 $	Total
2,673,522 $ 2,400,000 6,430,896 3,691,159 - 622,642 824,168 - 36,541,354 35,697,573 559,993 29,185 - - 89,470,492 $	8,636,429 $ 30,440,000 - - 21,091,279 - - 2,272,084 - 197,604 15,783 299,981 14,987,016 18,572 77,958,748 $	- $ - - 1,466,160 - - - 1,025,529 - - - 1,380,382 1,005,372 55,405 4,932,848 $		11,309,951 $ 32,840,000 6,430,896 5,157,319 21,091,279 622,642 824,168 3,313,753 36,541,354 35,895,177 667,455 1,709,548 15,992,388 237,435
				172,633,365 $

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		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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		March 31,2024
Immediately	Less than 3 months	3-12 months	1-5years - $ - - - - - - 11,397 - - 87,218 - - 105,016 203,631 $	Total
4,430,000 $ 650,000 7,227,083 5,319,125 - 580,775 837,472 - 21,502,913 34,297,961 783,036 29,380 - - 75,657,745 $	8,064,400 $ 26,230,000 - - 21,181,346 - - 1,463,172 - 190,363 26,886 302,460 7,168,659 16,668 64,643,954 $	- $ - - 63,720 - - - 547,254 - - - 1,901,612 1,784,242 45,403 4,342,231 $		12,494,400 $ 26,880,000 7,227,083 5,382,845 21,181,346 580,775 837,472 2,021,823 21,502,913 34,488,324 897,140 2,233,452 8,952,901 167,087
				144,847,561 $

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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	Statistical table for one-dayVaR of transactions	Statistical table for one-dayVaR of transactions
Three months ended March 31,2025 March 31, 2025 VaR Maximum VaR Average VaR Minimum	Amount 104,062 $ 201,677 139,269 97,086	Three months ended March 31,2024 March 31, 2024 VaR Maximum VaR Average VaR Minimum	Amount 167,643 $ 287,435 172,440 43,520

Statistical table for VaR of various risk indicators of transactions Three months ended

Three months ended
March 31,2025	Foreign exchange 10,584 $ 25,063 10,781 2,469 Foreign exchange 9,716 $ 29,753 14,877 7,894	Interest 39,080 $ 40,536 28,018 2,603 Interest 4,164 $ 28,898 11,691 4,164	Share ownership
March 31, 2025 VaR Maximum VaR Average VaR Minimum Three months ended March 31,2024			101,264 $ 203,565 141,416 95,552 Share ownership
March 31, 2024 VaR Maximum VaR Average VaR Minimum			166,008 $ 285,493 172,934 38,055

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

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 Bond purchased under resale agreements 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				March 31,2025
	USD 1,617,840 $ 12,301,301 5,140,484 32,370 - 24,817,519 2,599,952 553,582 14,011,483 28,743,907	EUR 3,959 $ 1,253,251 - - - 426,972 - 588 1,130,309 337,777	AUD 4,748 $ 1,186,036 - 45,707 - 285,990 - 46,316 1,041,355 315,749	RMB 34,880 $ 11,927 - - 2,639,149 1,308 - 8,172 - 866,747	HKD 1,071,218 $ 108,256 - - - 1,847,154 - - - 1,820,837	Others 296,219 $ 687,447 - - - 234,162 - 5,306 119,006 523,242	Total
							3,028,864 $ 15,548,218 5,140,484 78,077 2,639,149 27,613,105 2,599,952 613,964 16,302,153 32,608,259

Note: As of March 31, 2025, foreign exchange rates of the above currencies to TWD were 1 USD = 33.205 TWD; 1 EUR = 35.970 TWD; 1 AUD = 20.810 TWD; 1 RMB = 4.573 TWD; and 1 HKD = 4.268 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 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.

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 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				March 31,2024
	USD 908,594 $ 10,216,950 1,665,067 - 9,804,329 1,654,400 223,720 9,328,900 12,194,710	EUR 106,728 $ 1,613,470 - - 883,629 - - 1,640,037 628,125	AUD 53,831 $ 1,025,254 1,370,202 - 603,917 - 33 2,223,770 598,593	RMB 29,427 $ 49,183 - 2,627,087 2,861 - 541 23,569 56,858	HKD 877,883 $ 74,119 - - 97,102 - - - 102,992	Others 74,674 $ 748,996 - - 335,070 - 930 135,373 167,264	Total
							2,051,137 $ 13,727,972 3,035,269 2,627,087 11,726,908 1,654,400 225,224 13,351,649 13,748,542

Note: As of March 31, 2024, foreign exchange rates of the above currencies to TWD were 1 USD = 32.000 TWD; 1 EUR = 34.460 TWD; 1 AUD = 20.820 TWD; 1 RMB = 4.408 TWD; and 1 HKD = 4.089 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 three months ended March 31, 2025 and 2024, amounted to ($64,496) and $134,943, 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 March 31, 2025 Investment property December 31, 2024 Investment property March 31, 2024 Investment property	Total 532,604 $ 532,604 $ 532,752 $	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 $ 532,604 $ 532,752 $	- $ - $ - $

The fair value of investment property held by the Group was assessed by external valuation experts using comparison approach and income approach, or the fair value can be assessed based on the market price of the area adjacent to the location where the Group’s investment property is located.

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

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options are valued at the Black-Scholes model.

(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 three months ended March 31, 2025 and 2024, 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 three months ended March 31, 2025 and 2024, 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		March31,2025	March31,2025
	Total 15,188,161 $ 36,721,165 4,820,220 812,524 5,140,484 1,733 49,636 68,000 1,510,217 6,430,896 5,234,158 5,157,319	Level 1 14,927,939 $ 6,647,457 4,820,220 812,524 5,140,484 - - - - 6,430,896 5,064,266 1,096,000	Level 2 123,234 $ 30,073,708 - - - - 49,636 - - - 169,892 4,061,319	Level3
				136,988 $ - - - - 1,733 - 68,000 1,510,217 - - -

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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	31,2024
	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 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		March31,2024	March31,2024
	Total 26,574,917 $ 29,276,327 4,478,191 519,593 3,035,269 74,557 49,561 1,214,857 7,127,592 4,990,468 5,482,336	Level 1 26,327,426 $ 8,635,892 4,478,191 519,593 3,035,269 - - - 7,127,592 4,962,834 2,370,430	Level 2 103,701 $ 20,640,435 - - - - 49,561 - - 27,634 3,111,906	Level3
				143,790 $ - - - - 74,557 - 1,214,857 - - -

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

		Three months ended March 31,2025	Three months ended March 31,2025	Three months ended March 31,2025	Three months ended March 31,2025
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		March 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
	145,389 $ 1,734 66,500 1,452,561	8,401) ($ - $ - $ 1) ( - - 1,500 - - - 57,656 - Year ended December 31,2024			- $ - - -	- $ - - -	- $ - - -	136,988 $ 1,733 68,000 1,510,217
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
	140,165 $ 10,004 58,500 1,168,288	7,224 $ - $ - $ 8,270) ( - - 8,000 - - - 284,273 - Three months ended March 31,2024			- $ - - -	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		March 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	5,625 $ 1,947) ( 8,000 -	- $ - - 46,569	- $ - - -	- $ - - -	2,000) ($ - - -	- $ - - -	143,790 $ 8,057 66,500 1,214,857

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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:

March31,2025	Fair value	Valuation technique	Significant unobservable input	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 1,733 Others 68,000 Financial assets at fair value through other comprehensive income - non-current Unlisted stocks 1,510,217 Unlisted stocks 136,988 $		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	1.55~12.04 16.16 25% Not applicable Not applicable Not applicable 16.58~21.70 2.96~4.12 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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December31,2024	Fair value	Valuation technique	Significant unobservable input	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 March 31, 2024 Fair value Unlisted stocks 145,389 $ Unlisted stocks 1,452,561		Net asset value Net asset value Valuation technique 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 Significant unobservable input	1.94~6.11 19.66 25% Not applicable Not applicable Not applicable 22.30~23.84 2.67~3.25 25% Range (weighted average)	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 Relationship of inputs to fair value The higher the multiple, the higher the fair value The higher the multiple, the higher the fair value
Financial assets at fair value through profit or loss - current 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 Unlisted stocks	8,057 66,500 143,790 $ 1,214,857	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	1.87~5.99 22.70 25% Not applicable Not applicable Not applicable 23.92~23.94 2.30 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

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(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%:

Item	Recognised inprofit or loss	Recognised inprofit or loss	Recognised in other comprehensive income	Recognised in other comprehensive income
March 31,2025	Favourable change	Unfavourable change	Favourable change	Unfavourable change
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	1,370 $ 1,370) ($ Not applicable Not applicable Not applicable Not applicable - - Recognised inprofit or loss		- $ - $ - - - - 15,102 15,102) ( Recognised in other comprehensive income
December 31,2024	Favourable change	Unfavourable change	Favourable change	Unfavourable change
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	1,454 $ Not applicable Not applicable -	1,454) ($ Not applicable Not applicable -	- $ - - 14,526	- $ - - 14,526) (

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Item	Recognised inprofit or loss	Recognised inprofit or loss	Recognised in other comprehensive income	Recognised in other comprehensive income
March 31,2024	Favourable change	Unfavourable change	Favourable change	Unfavourable change
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	1,438 $ Not applicable Not applicable -	1,438) ($ Not applicable Not applicable -	- $ - - 12,149	- $ - - 12,149) (

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%.
(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 March 31, 2025, December 31, 2024 and March 31, 2024, the capital adequacy ratios were 323%, 332% and 294%, 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

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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	March 31,2025	March 31,2025	March 31,2024	March 31,2024	Standard	Enforcement
		Calculation	Ratio	Calculation	Ratio
17	Stockholders’ equity (Total liability－futures trader’s equity)	3,090,064 40,552	76.20	2,059,817 578,102	3.56	`≧`1	Met the requirement
17	Current assets Current liabilities	5,998,459 40,552	147.92	5,449,752 578,102	9.43	`≧`1	Met the requirement
22	Stockholders’ equity Minimumpaid-in capital	3,090,064 400,000	772.52%	2,059,817 400,000	514.95%	`≧`60% `≧`40%	Met the requirement
22	Adjusted net capital Total amount of customer margins required for the open positions of futures traders	2,514,091 987,537	254.58%	913,827 1,547,720	59.04%	`≧`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	March 31,2025	March 31,2025	March 31,2024	March 31,2024	Standard	Enforcement
		Calculation	Ratio	Calculation	Ratio
17	Stockholders’ equity (Total liability－futures trader’s equity)	3,826,741 337,138	11.35	2,903,837 272,943	10.64	`≧`1	Met the requirement
17	Current assets Current liabilities	43,509,183 41,243,599	1.05	27,230,556 25,678,464	1.06	`≧`1	Met the requirement
22	Stockholders’ equity Minimumpaid-in capital	3,826,741 645,000	593.29%	2,903,837 645,000	450.21%	`≧`60% `≧`40%	Met the requirement
22	Adjusted net capital Total amount of customer margins required for the open positions of futures traders	3,488,191 7,483,494	46.61%	2,535,476 5,081,296	49.90%	`≧`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 (Three months ended March 31, 2025)	Details of transactions (Three months ended March 31, 2025)	Details of transactions (Three months ended March 31, 2025)	Details of transactions (Three months ended March 31, 2025)
				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	4,405,724	Note 4	2.09%
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	2,916	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	2,468	Note 4	0.00%
0	President Securities Corp.	President Futures Corp.	1	Equity for each customer in the account	7,264	Note 4	0.00%
0	President Securities Corp.	President Futures Corp.	1	Future commission revenue	6,783	Note 4	0.39%
0	President Securities Corp.	President Futures Corp.	1	Clearing charges	5,933	Note 4	0.34%
0	President Securities Corp.	President Futures Corp.	1	Investments accounted for under the equity method	453,706	Note 4	0.22%
0	President Securities Corp.	President Capital Management Corp.	1	Expense from investment advisory	16,200	Note 4	0.94%
0	President Securities Corp.	President Capital Management Corp.	1	Other non-operating rvenues-Rent revenue	1,014	Note 4	0.06%
0	President Securities Corp.	President Insurance Agency Corp.	1	Other receivables	65,741	Note 4	0.03%

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

The number zero is for parent company.
According to the sequential order, subsidiaries are numbered from 1.
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.

Subsidiaries to parent company.
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 March 31, 2025 Original	Balance on December 31, 2024 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	$ 1,098,356 (Note 5) 326,000 848,735 667,622	644,650 $ 326,000 848,735 667,622	73,899,647 30,000,000 192,600,000 14,904,630	95.82% 100% 100% 42.46%	3,666,964 $ 286,887 899,619 1,073,851	173,306 $ 21,524 12 630,407	120,328 $ 6,126) ( 5,660 234,916	115,979 $ 6,099) ( 5,658 99,754	- $ - - -	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 March 31, 2025 Original	Balance on December 31, 2024 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.	President Insurance Agency Corp. PSC Venture Capital Investment Limited Company Uni-President Asset Management Corp.	Taipei Taipei Taipei	2008.04.29 2013.10.29 1992.09.03	(Note2) 2013.08.08 Jing- Guan-Zheng-Chuan Letter No.1020028529 2000.07.19 (89) Tai-Cai-Zheng (2) Letter No.56407	Insurance Agent Consultation of investment management and venture capital; other unprohibited or unrestricted businesses beyond the permit Investment Trust	10,000 $ 300,000 478	10,000 $ 300,000 478	1,000,000 30,000,000 12,000	100% 100% 0.03%	55,927 $ 242,777 870	72,476 $ 7,442) ( 630,407	32,196 $ 9,239) ( 234,916	32,203 $ 9,237) ( 80	65,740 $ - -	Subsidiary of the Company Subsidiary of the Company Associates

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: Subsidiary President Futures has completed a cash capital increase on March 25, 2025. The Company participated in the subscription in the amount of $453,706 based on its shareholding ratio. The Company's original investment amount increased from $644,650 to $1,098,356, and the shareholding ratio decreased from 96.69% to 95.82%.

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.

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)	Accumulated amount of remittance from Taiwan to Mainland China as of January 1, 2025	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the three months ended March 31,2025	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the three months ended March 31,2025	Accumulated amount of remittance from Taiwan to Mainland China as of March 31, 2025	Net income of investee as of March 31, 2025	Ownership held by the Company (direct or indirect)	Investment income (loss) recognized by the Company for the three months ended March 31, 2025 (Note 2)	Book value of investments in Mainland China as of March 31, 2025	Accumulated amount of investment income remitted back to Taiwan as of March 31, 2025
					Remitted to Mainland China	Remitted back to Taiwan
Jin Yuan President Securities Co., Ltd.	Securities brokering, securities dealing, securities underwriting and sponsoring service	$ 6,859,500	Directly invest in a company in Mainland China	$ 3,138,169	$ -	$ -	$ 3,138,169	($ 117,536)	49%	($ 57,593) The financial statements provided by the investee were not reviewed by a CPA.	$ 2,639,149	$ -

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

Company name	Accumulated amount of remittance from Taiwan to Mainland China as of March 31,2025	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 $	$21,285,653

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 three months ended March 31, 2025’ column:

(1) It should be indicated if the investee was still in the incorporation arrangements and had not yet any profit during this period.
(2) Indicate the basis for investment income (loss) recognition in the number of one of the following three categories:
a. The financial statements were audited and attested by international accounting firm which has cooperative relationship with accounting firm in R.O.C.
b. The financial statements were audited and attested by R.O.C. parent company’s CPA.
c. The financial statements provided by the investee were not reviewed by a CPA.

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, Capital market, Proprietary Trading, Fixed Income and Reinvestment according to the

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sources of 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. Capital Market segment: assisted companies in applying for public offerings and listings, undertook cash capital increase assessments, assisted in corporate mergers and acquisitions, and provided professional consulting on finance and financial management.
D. 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.
E. Fixed Income segment: used own capital to trade domestic and foreign corporate and government bonds in the OTC market, offered tendering services of Taiwan government bonds, repo and reverse-repo transactions, and own structured products design and sales.
F. Reinvestment segment: companies reinvested by the consolidated entities.
G. Other operating segments include Financial Instrument 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

			Three months ended March	Three months ended March	31, 2025	31, 2025
Brokerage segment	Quantitative Tradingsegment	Capital Market segment	Proprietary Tradingsegment	Fixed Income segment		Reinvestment segment	Other operating segments 134,890 $ 48,078) ($	Others 67,242 $ 62,453 $	Total
1,170,513 $ 358,784 $	238,569 $ 7,976) ($	9,013) ($ 56,170) ($	431,731) ($ 297,977 $ 530,655) ($ 91,862 $ Three months ended March		259,876 $ 180,277 $ 31, 2024				1,728,323 $
									50,497 $

Brokerage segment	Quantitative Trading segment	Capital Market segment	Proprietary Trading segment	Fixed Income segment		Reinvestment segment	Other operating segments 321,798 $ 116,301 $	Others 163,668 $ 101,159) ($	Total
1,224,181 $ 381,658 $	522,716 $ 289,650 $	106,586 $ 67,344 $	1,207,679 $ 1,008,638 $	186,584 $ 53,762) ($		264,904 $ 135,526 $			3,998,116 $
									1,844,196 $

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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AI assistant

PSC — Interim / Quarterly Report 2025

52209_rns_2025-12-26_6d89bc8d-8e32-462d-ae3e-0332bdee71d8.pdf

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REVIEW REPORT MARCH 31, 2025 AND 2024

Introduction

Scope of Review

Basis for Qualified Conclusion

Qualified Conclusion

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2025, DECEMBER 31, 2024 AND MARCH 31, 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 2025, DECEMBER 31, 2024 AND MARCH 31, 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2025 AND 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2025 AND 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2025 AND 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

PRESIDENT SECURITIES CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 2025 AND 2024

1. HISTORY AND ORGANIZATION

2) Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by

the FSC but not yet adopted by the Group

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

4. SUMMARY OF MATERIAL ACCOUNTING POLICIES

1) Compliance statement

2) Basis of preparation

3) Basis of consolidation

4) Employee benefits

5) Income tax

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

6. DETAILS OF SIGNIFICANT ACCOUNTS

1) Cash and cash equivalents

2) Financial assets at fair value through profit or loss

3) Financial assets at fair value through other comprehensive income

4) Bonds purchased under resale agreements

5) Margin loans receivable

6) Customer margin account

7) Accounts receivable

8) Other receivables

9) Other current assets

10) Transfer of financial assets

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

(1)Financial assets

(2) Financial liabilities

12) Investments accounted for under the equity method

Balance sheet

Balance sheet

Statement of comprehensive income

13) Property and equipment

－ 14) Leasing arrangements lessee

15) Leasing arrangements – lessor

16) Investment property

18) Other non-current assets

19) Short-term loans

20) Commercial papers payable

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

22) Bonds sold under repurchase agreements

23) Accounts payable

26) Other liabilities - non-current

27) Pension plan

A. Defined benefit plans

28) Equity

A. Common stock

B. Capital reserve

C. Legal reserve

D. Special reserve

30) Brokerage handling fee revenue

31) Revenues from underwriting business

33) Interest income

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

38) Net gain (loss) from derivatives

39) Expected credit impairment loss and reversal of impairment gain

40) Other operating income

41) Handling charges

42) Financial costs

43) Employee benefits expense

44) Depreciation and amortization

PSC Interim / Quarterly Report 2025

`－` 14) Leasing arrangements lessee