Stock Ticker: 2429

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

Abonmax Co., Ltd. and its Subsidiaries

Consolidated Financial Statements and Independent Auditor's Report

2025 and 2024

Address: 4F, No. 286, Section 1, Gaotie Zhanqian West Road, Zhongli District, Taoyuan City (Conference Room)

Tel. No.: (03)4336666

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

§Table of Contents§

Item		Page No.	Financial statements Note Number
I.	Front cover	1	-
II.	Table of Contents	2	-
III.	Statement on the Consolidated Financial Statements of Affiliated Companies	3	-
IV.	Independent Auditor's Report	4-8	-
V.	Consolidated Balance Sheet	9	-
VI.	Consolidated Statements of Comprehensive Income	10-11	-
VII.	Consolidated Statement of Changes in Equity	12	-
VIII.	Consolidated Statements of Cash Flows	13-14	-
IX.	Notes to Consolidated Financial Statements
	(I) Company History	15	2
	(II) Date and Procedures for Approval of Financial Statements	15	2
	(III) Application of New and Revised Standards and Interpretation	15-18	3
	(IV) Summary of Significant Accounting Policies	18-32	4
	(V) Significant Accounting Judgments and Estimations, and Main Sources of Assumption Uncertainties	32	5
	(VI) Summary of Significant Accounting Items	32-64	6-27
	(VII) Related Party Transactions	64-67	28
	(VIII) Pledged Assets	68	29
	(IX) Significant Contingent Liabilities and Unrecognized Contract Commitments	68	30
	(X) Significant Subsequent Events	-	-
	(XI) Information on Foreign Currency Financial Assets and Liabilities With Significant Effect	68-69	31
	(XII) Notes to Financial Statements
	1. Information on Significant Transactions	68, 72-76	32
	2. Information on Reinvestment Ventures	68, 77	32
	3. Information on Investment in Mainland China	69	32
	(XIII) Segment Information	69-71	33

Statement on the Consolidated Financial Statements of Affiliated Companies

Considering that the companies to be included in the consolidated financial statements of affiliated enterprises under the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports, and Consolidated Financial Statements of Affiliated Enterprises" were the same as those to be included in the consolidated financial statements of the parent and subsidiaries under IFRS 10 in 2025 (from January 1 to December 31, 2025), and the related information to be disclosed in the consolidated financial statements of affiliated enterprises was already disclosed in the said consolidated financial statements of the parent and subsidiaries, no consolidated financial statements of affiliated enterprises were prepared separately.

The Declaration is hereby presented.

Company name: Abonmax Co., Ltd.

Person in charge: Chou Wei-Kun

March 27, 2026

Independent Auditor’s Report

To Abonmax Co., Ltd.

Audit Opinions

We have audited the accompanying consolidated balance sheets of Abonmax Co., Ltd. and (the “Company”) and its subsidiaries (collectively, the “Group”) as of December 31, 2025 and the relevant consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and relevant notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the consolidated financial statements)”.

In our opinion, based on our audit results, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025, and its financial performance and its cash flows for the year then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission (FSC) of the Republic of China.

Basis for opinion

We conducted our audit in accordance with the Regulations Governing Financial Statements Audit and Attestation Engagements of Certified Public Accountants Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the auditors’ responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on our audit results and other auditors’ reports, we believe that sufficient and appropriate audit evidence has been obtained in

order to serve as the basis for expressing the audit opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

We hereby state the key audit findings for the 2025 consolidated financial statements of the Group as follows:

Authenticity of sales revenue recognition for specific customers

As a public-listed company, revenue and profitability are key metrics for investors. Specifically, the transaction volume with certain customers is material to overall operating revenue, and is sensitive to economic conditions. Consequently, there is significant risk regarding the veracity of its revenue, and the authenticity of sales to these specific customers is identified as a key audit matter. For the accounting policy on revenue recognition, please refer to Note 4 of the consolidated financial statements.

The main audit procedures that we have implemented for the above matters are as follows:

Understand and assess the effectiveness of the design and implementation of internal controls relevant to audit risks in the sales and cash collection cycle.
A detailed spot check is performed on the sales revenue of specific customers, reviewing supporting documents such as orders, invoices, and shipping documents, as well as payment vouchers, to verify the accuracy of sales revenue recognition for those customers.

Other Matters

We have audited and issued an unqualified opinion on the parent company only financial statements of the Company as at and for the year ended December 31, 2025.

The consolidated financial statements of the Group for 2024 were audited by other independent auditors and issued with an unqualified opinion on March 28, 2025.

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

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRS, IAS, IFRIC, and SIC endorsed and issued into effect by Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial

statements free from material misstatement, whether due to fraud or error.

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

Those charged with governance (including the Audit Committee) are responsible for overseeing the Group's financial reporting process.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high-level assurance but is not a guarantee that an audit conducted in accordance with the auditing standards will always detect a material misstatement when it exists. Misstatements might be due to fraud or error. If an individual or total amount misstated was reasonably expected to have an impact on the economic decision-making of users of the consolidated financial statements, the misstatement was deemed as material.

As part of an audit in accordance with the auditing standards, we exercise professional judgement and maintain professional skepticism throughout the audit. We also performed the following works:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, and whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we
6 -

are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure, and content of the consolidated financial statements, including the disclosure, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence concerning the financial information of component entities within the Group, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.

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

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

From the matters communicated with those charged with governance, we determined those matters that were of most significance in the audit of consolidated financial statements for the year ended December 31, 2025 and are therefore the key audit matters. We describe these matters in our auditor's report unless the law or regulation precludes public disclosure about the matter, or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Deloitte & Touche
CPA Su Ting-Chien
CPA Wang Hsiang-Min

Financial Supervisory
Commissionapproval number
Jin-Guan-Zheng-Shen-Zi
No. 1070323246

Financial Supervisory
Commissionapproval number
Jin-Guan-Zheng-Shen-Zi
No. 1110348898

March 27, 2026

Notes to Readers

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

AbonMax Co., Ltd and its Subsidiaries
Consolidated Balance Sheet
December 31, 2025 and 2024
Unit: NTD thousand

Code	Assets	December 31, 2025		December 31, 2024 (After adjustment)
		Amount	%	Amount	%
Current assets
1100	Cash and cash equivalents (Note 6)	$ 271,623	16	$ 440,872	34
1136	Financial assets at amortized cost - current (Notes 7 and 29)	5,972	-	4,583	-
1170	Accounts receivable - non-related parties (Notes 9 and 21)	16,707	1	5,743	1
1206	Other receivables (Notes 9, 23 and 28)	5,564	-	7,356	1
130X	Inventory (Note 10)	119,359	7	70,135	5
1476	Other financial assets - current (Note 29)	21,794	1	15,652	1
1479	Other current assets (Notes 16 and 28)	46,976	3	105,349	8
11XX	Total current assets	487,995	28	649,690	50
Non-current assets
1517	Financial assets at fair value through other comprehensive income - non-current (Note 8)	9,779	1	9,915	1
1550	Investments accounted for using the equity method (Note 12)	17,616	1	-	-
1600	Property, plant and equipment (Notes 13, 28 and 29)	485,088	28	262,564	20
1755	Right-of-use assets (Notes 14 and 25)	305,243	17	73,970	5
1805	Intangible assets (Notes 15, 25, and 28)	201,626	12	142,110	11
1840	Deferred tax assets (Notes 23 and 25)	23,496	1	22,160	2
1980	Other financial assets - non-current	6,560	-	6,619	-
1990	Other non-current assets (Notes 16 and 28)	212,046	12	145,592	11
15XX	Total non-current assets	1,261,454	72	662,930	50
1XXX	Total assets	$ 1,749,449	100	$ 1,312,620	100
Code	Liabilities and equity
Current liabilities
2100	Short-term borrowings (Notes 17 and 29)	$ 251,847	14	$ 23,356	2
2111	Short-term notes payable (Note 17)	-	-	85,700	6
2130	Contract liabilities - current (Note 21)	15,232	1	9,662	1
2152	Notes payable	-	-	51,959	4
2170	Accounts payable - non-related parties	57,960	3	-	-
2180	Accounts payable - related parties (Note 28)	-	-	7,158	1
2200	Other payables - non-related parties (Notes 18 and 25)	46,996	3	46,396	4
2220	Other payables - related parties (Note 28)	34	-	69,126	5
2230	Current tax liabilities (Note 23)	6,104	-	1,200	-
2280	Lease liabilities - current (Notes 14 and 25)	10,247	1	8,768	1
2320	Long-term borrowings due within one year (Notes 17 and 29)	30,242	2	4,697	-
2399	Other current liabilities	692	-	4,946	-
21XX	Total current liabilities	419,354	24	312,968	24
Non-current liabilities
2540	Long-term borrowings (Notes 17 and 29)	224,190	13	4,036	-
2570	Deferred tax liabilities (Notes 23 and 25)	17,376	1	15,093	1
2580	Lease liabilities - non-current (Note 14)	300,568	17	67,363	5
2670	Other non-current liabilities	4,456	-	4,110	1
25XX	Total non-current liabilities	546,590	31	90,602	7
2XXX	Total liabilities	965,944	55	403,570	31
Equity attributable to the Company's owners
3110	Common share capital	855,000	49	855,000	65
3200	Capital reserve	451,199	26	451,199	35
3350	Losses yet to be offset	( 522,015 )	( 30 )	( 402,091 )	( 31 )
3400	Other rights	( 13,214 )	( 1 )	( 13,078 )	( 1 )
31XX	Total equity of the Company's owners	770,970	44	891,030	68
36XX	Non-controlling interests	12,535	1	18,020	1
3XXX	Total equity	783,505	45	909,050	69
Total liabilities and equity		$ 1,749,449	100	$ 1,312,620	100

The accompanying notes are an integral part of the consolidated financial statements
(Please refer to the audit report issued by Deloitte & Touche on March 27, 2026)

Chairman: Chou Wei-Kun
Manager: Pan Chin-Hsing
Accounting Supervisor: Yang Tzu-Wei

AbonMax Co., Ltd and its Subsidiaries
Consolidated Statements of Comprehensive Income
From January 1 to December 31, 2025 and 2024

Unit: NT$ thousands, except for loss per share which is in dollars

Code		2025		2024
		Amount	%	Amount	%
4000	Operating revenues (Notes 21 and 28)	$ 490,344	100	$ 307,957	100
5000	Operating costs (Notes 10, 22 and 28)	474,738	97	301,650	98
5900	Operating gross margins	15,606	3	6,307	2
	Operating expenses (Notes 22 and 28)
6100	Selling expenses	20,978	4	25,901	8
6200	Administrative expenses	68,300	14	63,664	21
6300	Research and Development expenses	57,626	12	12,703	4
6450	Expected loss from credit impairment	6,560	1	3,012	1
6000	Total operating expenses	153,464	31	105,280	34
6900	Net Operating Loss	( 137,858 )	( 28 )	( 98,973 )	( 32 )
	Non-operating income and expenses
7100	Interest income	2,411	-	2,570	1
7010	Other income (Notes 22 and 28)	14,687	3	4,325	2
7020	Other gains and losses (Notes 22 and 28)	19,548	4	( 17,546 )	( 6 )
7050	Financial costs (Notes 22 and 28)	( 15,413 )	( 3 )	( 5,374 )	( 2 )
7060	Share of profit or loss of affiliates accounted for under the equity method (Note 12)	( 2,184 )	-	-	-
7000	Total non-operating revenues and expenses	19,049	4	( 16,025 )	( 5 )
7900	Net profit (loss) before tax	( 118,809 )	( 24 )	( 114,998 )	( 37 )
7950	Income tax expenses (Note 23)	6,594	2	19,130	6
8200	Net loss for the period	( 125,403 )	( 26 )	( 134,128 )	( 43 )
(continued on next page)

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(continued from previous page)

Code		2025		2024
		Amount	%	Amount	%
8310	Other comprehensive income
8316	Items not reclassified to profit or loss:
	Unrealized valuation profit/loss from investment in equity instruments measured at fair value through other comprehensive income	($ 136)	-	($ 4,872)	( 2)
8360	Titles that could be reclassified as profit (loss) accounts in the future:
8361	Exchange differences on translation of financial statements of foreign operating units (net of tax)	-	-	43	-
8300	Other comprehensive income for the year (net after tax)	( 136)	-	( 4,829)	( 2)
8500	Total comprehensive income for the period	($ 125,539)	( 26)	($ 138,957)	( 45)
	Net loss attributable to:
8610	The Company's owners	($ 119,924)	( 25)	($ 132,831)	( 43)
8620	Non-controlling interests	( 5,479)	( 1)	( 1,297)	( 1)
8600		($ 125,403)	( 26)	($ 134,128)	( 44)
	Total comprehensive income attributable to:
8710	The Company's owners	($ 120,060)	( 25)	($ 137,660)	( 45)
8720	Non-controlling interests	( 5,479)	( 1)	( 1,297)	-
8700		($ 125,539)	( 26)	($ 138,957)	( 45)
	Loss per share
9750	Basic	($ 1.40)		($ 2.17)
9850	dilution	($ 1.40)		($ 2.17)

The accompanying notes are an integral part of the consolidated financial statements

(Please refer to the audit report issued by Deloitte & Touche on March 27, 2026)

Chairman: Chou Wei-Kun

Manager: Pan Chin-Hsing

Accounting Supervisor: Yang Tzu-Wei

AbonMax Co., Ltd and its Subsidiaries

Consolidated Statements of Changes in Equity

From January 1 to December 31, 2025 and 2024

Unit: NT$ thousands, except for dividends which are in dollars

Code		Equity attributable to the owners of the Company (Note 20)
		Common stock	Capital reserve (Note 24)	Retained earnings Losses to be covered	Other equity		Unrealized gain or loss on financial assets measured at fair value through other comprehensive income	Total	Non-controlling interests (Note 11)
					Exchange differences from translation of foreign financial statements	Total
A1	Balance as of January 1, 2024	$ 437,482	$ 73,535	($ 269,260)	($ 43)	($ 8,206)	$ 233,508	$ 14,417	$ 247,925
E1	Cash capital increase	417,518	353,664	-	-	-	771,182	-	771,182
N1	Share-based payment transaction	-	24,000	-	-	-	24,000	-	24,000
O1	Increase in non-controlling interests	-	-	-	-	-	-	4,900	4,900
D1	2024 net loss	-	-	( 132,831)	-	-	( 132,831)	( 1,297)	( 134,128)
D3	Other comprehensive income after tax for 2024	-	-	-	43	( 4,872)	( 4,829)	-	( 4,829)
D5	Total comprehensive income for 2024	-	-	( 132,831)	43	( 4,872)	( 137,660)	( 1,297)	( 138,957)
Z1	Balance as of December 31, 2024	855,000	451,199	( 402,091)	-	( 13,078)	891,030	18,020	909,050
O1	Increase in non-controlling interests	-	-	-	-	-	-	( 6)	( 6)
D1	Net loss in 2025	-	-	( 119,924)	-	-	( 119,924)	( 5,479)	( 125,403)
D3	Other comprehensive income after tax for 2025	-	-	-	-	( 136)	( 136)	-	( 136)
D5	Total comprehensive income for 2025	-	-	( 119,924)	-	( 136)	( 120,060)	( 5,479)	( 125,539)
Z1	Balance as of December 31, 2025	$ 855,000	$ 451,199	($ 522,015)	$ -	($ 13,214)	$ 770,970	$ 12,535	$ 783,505

The accompanying notes are an integral part of the consolidated financial statements

(Please refer to the audit report issued by Deloitte & Touche on March 27, 2026)

Chairman: Chou Wei-Kun

Manager: Pan Chin-Hsing

Accounting Supervisor: Yang Tzu-Wei

AbonMax Co., Ltd and its Subsidiaries
Consolidated Statements of Cash Flows
From January 1 to December 31, 2025 and 2024
Unit: NTD thousand

Code	Cash flow from operating activities	2025	2024
A10000	Net loss before tax for the year	($ 118,809)	($ 114,998)
A20010	Income/expense items:
A20100	Depreciation expense	31,310	18,752
A20200	Amortization expense	5,369	391
A20300	Expected loss from credit impairment	6,560	3,012
A20900	Financial cost	15,413	5,374
A21200	Interest income	( 2,411)	( 2,570)
A23700	Losses (reversal gains) on inventory write-downs and obsolescence	6,593	( 2,798)
A22300	Share of profit/loss of associates accounted for using the equity method	2,184	-
A22500	Gains on disposals of property, plant and equipment	( 5,576)	( 314)
A22600	Impairment loss on property, plant and equipment	-	10,639
A22700	Gains on disposal of other non-current assets	( 23,707)	-
A21900	Cost of share-based remuneration	-	24,000
A22000	Impairment loss of financial assets	-	2,970
A21100	Impairment loss of non-financial assets	8,493	6,271
A29900	Lease modification loss (gain)	( 1,910)	83
	Net changes in operating assets and liabilities
A31130	Notes receivable	-	286
A31150	Accounts receivable	( 16,701)	1,068
A31180	Other receivables	5,867	83,069
A31200	Inventory	( 69,915)	( 32,053)
A31240	Other current assets	53,401	( 79,778)
A32125	Contract liabilities	5,570	8,150
A32150	Accounts payable	50,802	( 2,987)
A32180	Other payables	( 75,816)	( 5,604)
A32200	Reserve for liabilities	816	-
A32230	Other current liabilities	( 4,191)	2,172
A33000	Cash generated from operations	( 126,658)	( 74,865)
A33100	Interest received	2,487	2,570
A33300	Interest paid	( 15,390)	( 5,363)
A33500	Income tax paid	( 2,444)	( 2,051)
AAAA	Net cash outflow from operating activities	( 142,005)	( 79,709)

(continued on next page)

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(continued from previous page)

Code		2025	2024
	Cash flow from investing activities
B00040	Purchase of financial assets at amortized cost	($ 1,389)	($ 4,583)
B01800	Acquisition of long-term equity investment accounted for using the equity method	( 19,800)	-
B02200	Acquisition of subsidiaries	( 107,469)	( 134,660)
B02700	Purchase of property, plant and equipment	( 185,913)	( 11,421)
B02800	Proceeds from disposal of property, plant and equipment	61,346	1,911
B04500	Acquisition of intangible assets	( 259)	( 2,160)
B06500	Decrease (increase) in other financial assets	( 6,083)	8,006
B06700	Increase in other non-current assets	( 147,588)	( 53,960)
BBBB	Net cash outflow from investing activities	( 407,155)	( 196,867)
	Cash flow from financing activities
C00100	Increase (decrease) in short-term loans	228,491	( 76,849)
C00600	Decrease in short-term notes payable	( 85,700)	-
C01600	Taking out long-term borrowings	263,770	-
C01700	Repayment of long-term loans	( 18,071)	( 36,594)
C03100	Increase in guarantee deposits	420	743
C04020	Principal repayment of lease liabilities	( 8,993)	( 8,621)
C04600	Cash capital increase	-	771,182
C05800	Changes in non-controlling interests	( 6)	4,900
CCCC	Net cash inflow from financing activities	379,911	654,761
DDDD	Effect of changes in exchange rate on cash and cash equivalents	-	43
EEEE	Net increase (decrease) in cash and cash equivalents during the year	( 169,249)	378,228
E00100	Cash and cash equivalents balance at beginning of year	440,872	62,644
E00200	Cash and cash equivalents at end of year	$ 271,623	$ 440,872

The accompanying notes are an integral part of the consolidated financial statements (Please refer to the audit report issued by Deloitte & Touche on March 27, 2026)

Chairman: Chou Wei-Kun

Manager: Pan Chin-Hsing

Accounting Supervisor: Yang Tzu-Wei

AbonMax Co., Ltd and its Subsidiaries
Notes to the Consolidated Financial Statements
From January 1 to December 31, 2025 and 2024
(Unless otherwise stated, all amounts are in thousands of NTD and foreign currencies)

I. Corporate History

Abonmax Co., Ltd. (hereinafter referred to as the "Company") was established on November 30, 1978, and its main business items include the production and sales of optical panels, optoelectronic glass substrates, and electronic whiteboards, as well as the construction and operation of solar photovoltaic projects and the wholesale and retail of unmanned vehicles and their components.

The Company was approved for trading by Taipei Exchange on April 2, 1999, and was listed on the Taiwan Stock Exchange on September 11, 2000.

The consolidated financial statements are presented in the Company's functional currency—New Taiwan dollar.

II. Date and Procedures for Approval of Financial Statements

The consolidated financial statements were approved by the Board of Directors on March 12, 2026.

III. Application of New and Revised Standards and Interpretation

(I) Initial application of the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), interpretations (IFRIC), and interpretations announcements (SIC) approved and promulgated by the Financial Supervisory Commission (hereinafter referred to as the "FSC") (hereinafter referred to as "IFRS Accounting Standards")

The first-time application of the IFRS accounting standards endorsed and announced by the FSC will not cause material changes in the accounting policies of the Company and the entities controlled by the Company (hereinafter referred to as the "Consolidated Company").

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(II) The IFRSs approved by the FSC applicable in 2026

New/Revised/Amended Standards and Interpretations	Effective date of issuance by the International Accounting Standards Board (IASB)
Amendments to IFRIS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”	January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”	January 1, 2026
“Annual Improvements to IFRS Accounting Standards — Volume 11”	January 1, 2026
IFRS 17 "Insurance Contracts" (including amendments in 2020 and 2021)	January 1, 2023

As of the date of approval of the consolidated financial statements, the Consolidated Company has assessed that the amendments to the above standards and interpretations will not have a material impact on its financial position and financial performance.

(III) The impact of IFRS issued by IASB but not yet endorsed by the FSC

New/Revised/Amended Standards and Interpretations	Effective date announced by IASB (Note 1)
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”	Undetermined
IFRS 18 “Presentation and Disclosures of Financial Statements”	January 1, 2027 (Note 2)
IFRS 19 "Subsidiaries Without Public Accountability: Disclosure" (including amendments for 2025)	January 1, 2027
Amendments to IAS 21 “Translation to a Hyperinflationary Presentation Currency”	January 1, 2027

Note 1: Unless stated otherwise, the new/revised/amended standards and interpretations above are effective for annual reporting periods beginning on or after their respective effective dates.

Note 2: On September 25, 2025, the FSC announced that IFRS 18 should be applicable to Taiwanese companies from January 1, 2027, or they may choose to apply it earlier after IFRS 18 is endorsed by the FSC.

IFRS 18 “Presentation and Disclosure in Financial Statements” and related amendments

IFRS 18 will replace IAS 1 “Presentation of Financial Statements”. The main changes in this standard include:

The Consolidated Company shall assess whether it has specific main business activities such as investing in specific types of assets and providing financing to customers, based on which the income and expense items in the income statement are classified into operating, investing, financing, income tax and discontinued operations categories.
An entity has to present totals and subtotals in the statement of profit or loss for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
Requirements for provision of guidance to enhance aggregation and disaggregation: The Consolidated Company should identify assets, liabilities, equity, income, expenses, losses, and cash flows in each transaction or other events, and classify and aggregate them based on shared characteristics so that the main line items presented in the financial statements share at least one similar characteristic. Items with non-similarity characteristics in the main financial statements and notes should be divided. The Consolidated Company only marks "other" in the absence of more information.
Disclosure of Performance Measures Defined by Management: When the Consolidated Company engages in public communications outside of the financial statements, or communicates with users of the financial statements regarding management's perspective on a particular aspect of the Consolidated Company's overall financial performance, it shall disclose, in a single note to the financial statements, information regarding the performance measures defined by management. Such disclosure shall include a description of the measure, the method of calculation, a reconciliation to the nearest subtotal or total specified under IFRS, and the effects of income tax and non-controlling interests on the related adjustment items.

In addition, the following amendments have been made to IAS 7 "Statement of Cash Flows":

When the Consolidated Company prepares the statement of cash flows from operating activities using the indirect method, operating profit or loss shall be the starting point for reconciliation.
The interest and dividends received by the Consolidated Company shall be classified as investment activities, and interest and dividends paid shall be classified as financing activities. If the Consolidated Company is assessed to have specific main business activities, it must consider the types of dividend income,
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interest income, and interest expense listed in the income statement to determine the classification of receiving dividends, receiving interest, and paying interest in the statement of cash flows. However, the above cash flows can only be classified in a single activity in the statement of cash flows.

In addition to the above effects, as of the release date of these consolidated financial statements, the Consolidated Company continues to evaluate other impacts of the amendments to the above-mentioned IFRSs and interpretations on the financial position and financial performance, and the relevant impacts will be disclosed when the evaluation is completed.

IV. Summary of Significant Accounting Policies

(I) Compliance statement

The consolidated financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRS accounting standards endorsed and issued by the Financial Supervisory Commission.

(II) Basis of preparation

The consolidated financial statements were prepared on the historical cost basis, except for financial instruments measured at fair value and net defined benefit liabilities recognized as the present value of the defined benefit obligation less the fair value of plan assets.

The fair value measurement is classified into three levels based on the observability and significance of relevant inputs:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
Level 3 inputs are unobservable inputs for an asset or liability.

(III) Classification of current and non-current assets and liabilities

Current assets:

Assets held primarily for trading purposes;
Assets expected to be realized within 12 months after the reporting period; and
Cash and cash equivalents (excluding those that are restricted for exchanging or settling liabilities more than 12 months after the balance sheet date.
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Current liabilities:

Liabilities held primarily for trading purposes;
Liabilities due for settlement within 12 months after the balance sheet date; and
Liabilities for which the settlement deadline cannot be deferred until at least 12 months after the balance sheet date.

Those that are not current assets or liabilities above are classified as non-current assets or liabilities.

(IV) Basis for consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. The consolidated statement of comprehensive income includes the operating results of subsidiaries acquired or disposed of during the period, from the date of acquisition to the date of disposal. The financial statements of the subsidiaries have been adjusted to align their accounting policies with those of the Consolidated Company. When preparing the consolidated financial statements, all intra-group transactions, balances, income, and expenses have been eliminated. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Consolidated Company's ownership interests in subsidiaries that do not result in the Consolidated Company losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the interests of the Consolidated Company and the non-controlling interests have been adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.

For details of subsidiaries, shareholding ratios and business items, please refer to Note 11 and Table 5.

(V) Business combination

Business combinations are accounted for using the acquisition method. Acquisition-related costs are expensed in the period they are incurred and the related services are received.

Goodwill is measured as the total of the fair value of the consideration transferred, the amount of non-controlling interests in the acquiree, and the fair value

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of the acquirer's pre-existing equity interest in the acquiree, less the net amount of the identifiable assets acquired and liabilities assumed as of the acquisition date.

The non-controlling interest in the acquiree, representing current ownership rights and a proportionate share of the acquiree's net assets upon liquidation, is measured based on its proportionate share of the acquiree's identifiable net assets that have already been recognized. Other non-controlling interests are measured at fair value.

(VI) Foreign currency

When an entity prepares its financial statements, transactions conducted in a currency other than its functional currency (foreign currency) shall be converted into the functional currency using the exchange rate on the transaction date.

Monetary items denominated in foreign currencies are translated at the closing exchange rate on each balance sheet date. The exchange differences arising from the settlement or conversion of monetary items are recognized in profit or loss in the year they occur.

Non-monetary items measured at fair value that are denominated in foreign currencies are translated at the exchange rates prevailing on the date fair value was determined. Any resulting exchange differences are recognized in profit or loss for the year, except when changes in fair value are recognized in other comprehensive income, in which case the exchange differences are recognized in other comprehensive income.

Foreign currency-denominated non-monetary items measured at historical cost are translated at the exchange rate prevailing on the transaction date and are not re-translated.

Upon preparation of consolidated financial statements, the assets and liabilities of foreign operations (including subsidiaries or associates operating in countries with currencies different from the Company's) are translated into NTD at the exchange rate prevailing on each balance sheet date. Income and expense items are translated at the average exchange rates for the year. Any resulting exchange differences are recognized in other comprehensive income and allocated to the owners of the Company and non-controlling interests.

If the Consolidated Company disposes of all interests in a foreign operation, all cumulative translation adjustments attributable to the owners of the Company and related to that foreign operation will be reclassified to profit or loss.

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(VII) Inventory

Inventories include raw materials, supplies, work-in-progress, finished goods, and merchandise. Inventory is measured at the lower of cost or net realizable value. The comparison of cost and net realizable value is based on individual items, except for items within the same inventory category. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost to complete and the estimated costs to sell. The cost of inventory is calculated using the weighted average method.

(VIII) Investment in associates

Associates are those enterprises over which the Consolidated Company has significant influence, but which are neither subsidiaries nor joint ventures.

The Consolidated Company adopts the equity method for its investments in associates.

Under the equity method, investments in an associate are initially recognized at cost and adjusted thereafter to recognize the Consolidated Company's share of the profit or loss and other comprehensive income of the associate. In addition, changes in the equity of associated companies are recognized based on the shareholding ratio.

The amount of the acquisition cost in excess of the Consolidated Company's share of the net fair value of the identifiable assets and liabilities of an associate acquired at the date of acquisition is classified as goodwill, which is included in the carrying amount of the investment and cannot be amortized.

Where an associate issues new shares, if the Consolidated Company fails to subscribe in proportion to its percentage of ownership, which causes a change in the percentage of its ownership and thus the net equity value of the investment increases or decreases, the capital surplus—changes in the net value of equity of the associate under the equity method and investments accounted for using equity method shall be adjusted according to the increase or decrease. However, if the Consolidated Company fails to subscribe for or acquire the shares in proportion to its percentage of ownership, which results in a decrease in its ownership interests of the associate, the amount recognized in other comprehensive income related to the associate is reclassified in proportion to the decrease, and the basis of the accounting treatment is the same as the basis that associate must adopt if it directly disposes of relevant assets or liabilities. If the adjustment in the preceding paragraph shall be debited to the capital surplus, and the balance of the capital surplus generated from the

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investment under the equity method is insufficient, the difference is debited to the retained earnings.

When the Consolidated Company evaluates impairment, it considers the entire carrying amount of the investment (including goodwill) as a single asset, comparing its recoverable amount to it carrying amount to perform an impairment test. Any impairment loss recognized is not allocated to any assets that make up the investment's carrying amount, including goodwill. Any reversal of that impairment loss is recognized to the extent the recoverable amount of the investment subsequently increases.

Profit or loss on upstream, downstream, or lateral transactions between the Consolidated Company and its associates is recognized in the consolidated financial statements only to the extent that it does not affect the Consolidated Company's interests in the associates.

(IX) Property, plant and equipment

Property, plant and equipment are initially recognized at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment loss.

Property, plant and equipment under construction are recognized at cost less accumulated impairment loss. Costs shall include professional service expenses and the borrowing costs eligible for capitalization. Such assets are classified into the appropriate property, plant, and equipment categories upon completion and reaching their intended use, and depreciation begins at that time.

Property, plant, and equipment are depreciated on a straight-line basis over their useful lives, with depreciation calculated separately for each major component. The Consolidated Company conducts at least one annual review at the end of each year to assess the estimated useful life, residual value, and depreciation methods, and applies the effect of changes in applicable accounting estimates prospectively.

When derecognizing an item of property, plant and equipment, the difference between the net disposal proceeds and the carrying amount of the asset shall be recognized in loss or profit.

(X) Goodwill

The cost of goodwill from business combination is the amount of goodwill recognized at the acquisition date, and is subsequently measured at cost less accumulated impairment losses.

For the purposes of impairment testing, goodwill is allocated among each cash

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generating unit or a group of cash generating units (referred to as "CGUs"), which is expected to benefit from the synergies of the combination.

The carrying amount and recoverable amount of the CGUs to which goodwill is allocated will be compared every year (and whenever there is an indication that the unit may be impaired) as impairment testing on the units. If the goodwill allocated to the CGUs is acquired in a business combination during the year, the CGUs shall be tested for impairment before the end of the year. If the recoverable amount of CGUs to which goodwill is allocated is lower than its carrying amount, the impairment loss is first deducted from the carrying amount of the goodwill of said CGUs. Next, the carrying amount of other assets within said CGUs is deducted from the carrying amount of the goodwill of said CGUs in proportion to the carrying amount of each asset. Any impairment loss is recognized in loss in the current year. Goodwill impairment losses cannot be reversed in subsequent periods.

(XI) Intangible assets

Acquired separately

Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Intangible assets are amortized using straight-line method over the useful lives. The Consolidated Company conducts at least one annual review at the end of each year to assess the estimated useful life, residual value, and amortization methods, while applying the effects of changes in accounting estimates prospectively. Intangible assets with indefinite useful lives are recognized at cost less accumulated impairment loss.

Acquired by business combination

The intangible assets acquired in a business combination are recognized at the fair value on the acquisition date and are recognized separately from goodwill, and the subsequent measurement is the same as the intangible assets acquired separately.

Derecognition

On derecognition of an intangible asset, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.

(XII) Impairment of assets related to property, plant and equipment, right-of-use assets,

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investment properties, and intangible assets (excluding goodwill).

The Consolidated Company assesses if there are any signs of possible impairment in property, plant, and equipment as well as right-of-use, investment properties, and intangible assets (excluding goodwill) at the end of each reporting period. If there is any sign of impairment, an estimate is made of its recoverable amount. If it is not possible to determine the recoverable amount of an individual asset, the Consolidated Company estimates the recoverable amount of the CGU to which the asset belongs. Common assets are allocated to individual CGUs on a reasonable and consistent basis.

The recoverable amount is the fair value less cost of sales or its value in use, whichever is higher. If the recoverable amount of an individual asset or a CGU is lower than its carrying amount, the carrying amount is reduced to the recoverable amount, and the impairment loss is recognized in profit or loss.

When the impairment loss is subsequently reversed, the carrying amount of the asset, the CGU, or the asset related to contract cost is increased to the revised recoverable amount, provided that the increased carrying amount shall not exceed the carrying amount (less amortization or depreciation) of the asset, CGU, or the asset related to contract cost which was not recognized in impairment loss in prior years. The reversal of the impairment loss is recognized in profit or loss.

(XIII) Financial instruments

Financial assets and financial liabilities shall be recognized in the consolidated balance sheet when the Consolidated Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities not measured at fair value through profit or loss are measured at fair value plus transaction costs directly attributable to their acquisition or issuance. Transactional costs directly attributable to the acquisition or issuance of financial assets or financial liabilities measured at fair value through profit or loss are recognized immediately in profit or loss.

Financial assets

Regular trading of financial assets is recognized and derecognized on a trade-date basis.

Types of measurement

The types of financial assets held by the Consolidated Company are financial assets measured at amortized cost and equity investments measured at

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fair value through other comprehensive income.

(1) Financial assets at amortized cost

The Consolidated Company's investments in financial assets are classified as financial assets at amortized cost if they meet both of the following conditions:

A. Held under a certain business model, of which the objective is to collect contractual cash flows by holding the financial assets; and
B. The cash flows on specific dates specified in the contractual terms are solely payments of the principal and interest on the principal amount outstanding.

After initial recognition, such assets (including cash and cash equivalents, notes receivable, trade receivables, other receivables measured at amortized cost, and refundable deposits) are measured at the amortized cost of the total carrying amount determined by the effective interest method less any impairment loss, and any foreign currency exchange gains or losses are recognized in profit or loss.

Interest revenue is calculated by multiplying the effective interest rate by the total carrying amount of financial assets.

Cash equivalents include time deposits and short-term bills that are highly liquid and readily convertible into a fixed amount of cash at any time within 3 months from the date of acquisition while featuring little risk of value changes, which are used to meet short-term cash commitments

Restricted deposits resulting from contracts with third parties are also considered cash unless those restrictions alter the nature of the deposit, causing it to no longer qualify as cash. If the contract usage restrictions on demand deposits extend beyond 12 months after the balance sheet date, the relevant amount is classified as non-current assets.

(2) Investments in equity instruments measured at fair value through other comprehensive income

Upon initial recognition, a business combination may make an irrevocable election to designate an equity instrument investment—other than one held for trading or recognized as contingent consideration in a business combination—as measured at fair value through other

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comprehensive income.

Investments in an equity instrument measured at fair value through other comprehensive income are measured at fair value, and any subsequent fair value changes are recognized in other comprehensive income and accumulated in other equity. Upon disposal of investments, cumulative gain or loss is directly transferred to retained earnings and are not reclassified to profit or loss.

Dividends of investments in equity instruments measured at fair value through other comprehensive income are recognized in profit or loss when the Consolidated Company's right to receive dividends is established unless such dividends clearly represent the recovery of a part of the investment cost.

2. Impairment of financial assets

The Consolidated Company assesses impairment losses on financial assets (including accounts receivable) measured at amortized cost based on expected credit losses as of each balance sheet date.

Accounts receivable are provided with an allowance for expected credit losses based on their remaining maturities. Other financial assets are first assessed based on whether the credit risk has increased significantly since the initial recognition. If there is no significant increase in the risk, a loss allowance is recognized at an amount equal to 12-month expected credit losses.

Expected credit losses are weighted average credit losses based on the risk of default. The expected credit losses refer to the weighted average credit loss with the risk of default as the weight. The 12-month expected credit losses represent the expected credit losses from possible defaults of a financial instrument within 12 months after the reporting date. The lifetime expected credit losses represent the expected credit losses from all possible defaults in a financial instrument over the expected life of a financial instrument.

For internal credit risk management purposes, the Consolidated Company considers the following situations as indicating that a financial asset has defaulted (without considering any collateral held):

Internal or external information indicates that it is impossible for the debtor to settle the debt.
It is overdue for more than 180 days, unless there is reasonable and corroborative information showing that a default date postponed is more
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appropriate.

The book value of all financial assets is reduced by an allowance for impairment loss, except for debt instruments measured at fair value through other comprehensive income, for which impairment losses are recognized in other comprehensive income and do not reduce the book value.

Derecognition of financial assets

The Consolidated Company derecognizes a financial asset when the contractual rights to the cash inflow from the financial asset expire or when it transfers the financial assets and substantially all the risks and rewards of ownership of the asset to another party.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset's carrying amount and the consideration received is recognized in profit or loss. When derecognizing an investment in equity instrument at fair value through other comprehensive income in its entirety, the cumulative profit or loss is transferred directly to retained earnings and is not reclassified to profit or loss.

Financial liabilities

Subsequent measurement

All financial liabilities are measured at amortized cost using the effective interest method.

Derecognition of financial liabilities

When derecognizing a financial liability, the difference between its carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

(XIV) Liability provisions

The amount recognized as a provision for liabilities is based on the risk and uncertainty of the obligation, and represents the best estimate of the expenditure required to settle the obligation as of the balance sheet date. Liability reserves are measured at the estimated present value of cash flows for settling obligations.

According to the installation and management regulations for renewable energy power generation facilities stipulated by the Bureau of Energy, Ministry of Economic Affairs, the Consolidated Company estimates power station module recycling costs based on the scale of the facilities and recognizes a liability reserve according to the present value of the expected decommissioning costs.

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(XV) Revenue recognition

The Consolidated Company identifies performance obligations in client contracts, allocates the transaction price to each performance obligation, and recognizes revenue when each performance obligation is satisfied.

For contracts where the time between the transfer of goods or services and the receipt of consideration is within one year, the significant financial components of the transaction price are not adjusted.

Merchandise sales revenue

Revenue from sales of goods is recognized when the client obtains control over the promised assets, that is, when the goods are delivered to the designated location and the performance obligations have been satisfied. Advance payments received for goods sold are recognized as contract liabilities before the goods are transferred.

Revenue from sales of goods is measured at the fair value of consideration received or receivable, less estimated client returns, discounts, and other similar allowances. The Company estimates potential sales returns and discounts based on historical experience and varying contract terms.

When materials are processed on consignment, control of ownership of the processed products does not transfer, and therefore revenue is not recognized upon removal of the materials.

Electricity sales revenue

Electricity sales revenue is recognized based on actual electricity sold and applicable rates.

(XVI) Lease

At the inception of the contract, the Consolidated Company assesses whether the contract is (or contains) a lease.

The Consolidated Company as the lessor

Leases are classified as finance leases when the terms transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Lease payments for operating leases, net of lease incentives, are recognized as revenue on a straight-line basis over the relevant lease terms. The initial direct cost incurred in obtaining an operating lease is added to the carrying amount of the underlying asset and recognized as expenses on a straight-line

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basis over the lease term. The lease negotiation with each lessee is handled as a new lease from the effective date of the lease modification.

The Consolidated Company as the lessee

The Consolidated Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of each lease, except for low value asset leases and short-term leases accounted for by applying a recognition exemption where lease payments are recognized as expenses on a straight-line basis over the lease terms.

The right-of-use asset is initially measured at cost (including the initial measurement of the lease liability, original direct costs, and the estimated cost of restoring the underlying asset), and subsequently measured at cost less accumulated depreciation and accumulated impairment losses, with adjustments for remeasurements of the lease liability. The right-of-use assets are presented separately in the consolidated balance sheets.

Right-of-use assets are depreciated on a straight-line basis from the lease start date to the earlier of the end of their useful life or the end of the lease term.

Lease liabilities are initially measured at the present value of lease payments (including fixed payments). If the interest rate implicit in a lease can be readily determined, lease payments are discounted using that rate. If the interest rate is not readily determined, the lessee's incremental borrowing rate should be used.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, and interest expense is recognized over the lease term. If a change in the lease term results in a change in future lease payments, the Consolidated Company remeasures the lease liability and adjusts the right-of-use asset accordingly. However, if the carrying amount of the right-of-use asset has been reduced to zero, the remaining remeasurement amount is recognized in profit or loss. Lease liabilities are presented separately on the consolidated balance sheet.

(XVII) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as part of the asset's cost until the asset is substantially ready for its intended use or sale. All other borrowing costs are recognized in profit or loss in the year they are incurred.

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(XVIII) Government subsidies

Government grants are recognized only when there is reasonable assurance that the Consolidated Company will comply with the conditions attached to them and that the grants will be received.

Government subsidies related to revenues are recognized in profit or loss on a systematic basis over the period in which the related costs they are intended to compensate are recognized as expenses by the Consolidated Company. Government grants conditioned on the Consolidated Company purchasing, constructing, or otherwise acquiring non-current assets are recognized as deferred revenue and recognized in profit or loss over the useful life of the assets on a reasonable and systematic basis.

Government subsidies are recognized in profit or loss in the period they become receivable if they are intended to compensate for expenses or losses already incurred or to provide immediate financial support to the Consolidated Company with no future related costs.

(XIX) Employee benefits

Short-term employee benefits

Short-term employee benefit liabilities are measured at the undiscounted amount expected to be paid in exchange for employee services.

Post-employment benefits

The pension expense for the defined contribution pension plan is recognized as an expense when the amount to be contributed is determined during the employee's service period.

The defined benefit cost (including service cost, net interest expense, and remeasurements) of the defined benefit pension plan is actuarially determined using the projected unit benefit method. The service cost (including current service cost and past service cost) and the net interest on the net defined benefit liability (asset) are recognized as employee benefit expense when incurred. The remeasurement (including actuarial gains and losses and the return on plan assets, net of interest) is recognized in other comprehensive income and accumulated in retained earnings as incurred, and is not subsequently reclassified to profit or loss.

The net defined benefit assets (liabilities) represent the remaining contributions to the defined benefit pension plan. The net defined benefit asset

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may not exceed the present value of any refunds from the plan or reductions in future contributions.

(XX) Income tax

Income tax expense is the sum of current and deferred income tax.

Current income tax

The Consolidated Company determines its income (loss) for the current year based on the regulations of each income tax filing jurisdiction, and calculates income tax payable (recoverable) accordingly.

The income tax levied on undistributed earnings calculated in accordance with the Income Tax Act of the Republic of China is recognized in the year the resolution is adopted at the shareholders' meeting.

Adjustments to income tax payable in prior years are included in current year income tax.

Deferred tax

Deferred tax is calculated on temporary differences between the book values of assets and liabilities and their respective tax bases.

Deferred income tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized when it is probable that there will be taxable income available to offset deductible temporary differences and utilize loss carryforwards.

Deferred tax liabilities are recognized for taxable temporary differences related to investments in subsidiaries and associates, except when the Consolidated Company can control the timing of the reversal of those differences and it is probable that the reversal will not occur in the foreseeable future. Deductible temporary differences related to such investments are recognized only when it is probable that sufficient taxable income will be available to realize the temporary differences, and when reversal of those differences is expected in the foreseeable future.

The book value of deferred income tax assets is reviewed on each balance sheet date, and the carrying amount is reduced when it is no longer probable that sufficient taxable income will be available to realize all or part of the assets. The amount not originally recognized as a deferred income tax asset is also re-examined on each balance sheet date, and the book value is increased when it becomes probable that future taxable income will be generated to recover all or part of the asset.

Deferred tax assets and liabilities are measured at the tax rates in the period in which the liabilities are expected to be settled or assets realized, based on tax rates and tax laws that have been enacted or substantively enacted at the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Consolidated Company expects, at the end of the reporting period, to recover

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or settle the carrying amount of its assets and liabilities.

Current and deferred income tax

Current and deferred taxes are recognized in profit or loss, except for those related to items recognized in other comprehensive income or directly in equity, which are recognized in other comprehensive income or directly in equity, respectively.

If the income tax or deferred income tax for the year arises from a business combination, the income tax effect is included in the business combination accounting.

V. Significant Accounting Judgments and Estimations, and Main Sources of Assumption Uncertainties

In the application of the Consolidated Company's accounting policies, the management is required to make judgments, estimations, and assumptions about the relevant information that is not readily accessible from other sources based on historical experience and other relevant factors. Actual results may vary from estimates.

The accounting policies, estimates, and underlying assumptions used by the Consolidated Company were assessed by management, and no significant accounting judgments, estimates, or assumptions have material uncertainties.

VI. Cash and cash equivalents

	December 31, 2025	December 31, 2024
Cash on hand and petty cash	$ 42	$ 127
Bank checks and checking accounts	271,581	440,745
	$ 271,623	$ 440,872

VII. Financial assets at amortized cost - current

	December 31, 2025	December 31, 2024
Current
Time deposits with an original maturity date exceeding 3 months.	$ 5,972	$ 4,583

For information on pledges of financial assets measured at amortized cost, please refer to Note 29.

VIII. Financial assets at fair value through other comprehensive income - non-current

Name of investee	December 31, 2025	December 31, 2024
Unlisted domestic common stocks
HUAI I Precision Technology	$ 6,655	$ 7,186
Careman Technology Co., Ltd.	1,448	589
SyncVision Technology
Corporation	1,676	2,140
	$ 9,779	$ 9,915

The Consolidated Company invested in the common stock of the aforementioned companies to achieve its mid- and long-term strategic goals, and anticipates generating profits through these long-term investments. The Consolidated Company's management believes that recognizing the short-term fluctuations in the fair value of such investments in profit or loss is not consistent with the aforementioned long-term investment plan. Therefore, the management elected to designate these investments in equity instruments as at fair value through other comprehensive income.

IX. Accounts receivable and other receivables

	December 31, 2025	December 31, 2024
Accounts receivable
Measured at amortized cost
Gross carrying amount	$ 25,993	$ 9,292
Less: Allowance for doubtful accounts	( 9,286 )	( 3,549 )
	$ 16,707	$ 5,743
Other receivables
Purchase returns	$ 3,277	$ 3,855
Others	5,564	5,955
Less: Allowance for doubtful accounts	( 3,277 )	( 2,454 )
	$ 5,564	$ 7,356

(I) Accounts receivable

The Consolidated Company determines credit terms for goods sales based on the customer, region, and specific conditions.

To mitigate credit risk, management of the Consolidated Company has assigned a dedicated team to handle credit limit decisions, credit approvals, and other monitoring procedures to ensure appropriate action is taken on collecting overdue receivables. In addition, the Consolidated Company reviews the recoverable amount of receivables individually at the balance sheet date to ensure that appropriate impairment losses have been recognized for uncollectible receivables. In this regard, management of the Consolidated Company believes its credit risk has been significantly reduced.

The Consolidated Company recognizes an allowance for expected credit losses on accounts receivable based on their expected lifetime. The full lifetime ECLs are calculated using a provision matrix that considers clients' historical default records and current financial status, industry and economic conditions, and GDP forecasts and industry outlook. The expected credit impairment loss rate is determined based on the client's historical loss experience, credit risk rating, and forward-looking information, taking into account risk grade and accounts receivable past due days.

If there is evidence that the counterparty is facing serious financial difficulties and the Consolidated Company does not reasonably expect to recover the amount, the Consolidated Company will directly write off the related accounts receivable, while continuing collection efforts. Any amounts recovered through these efforts will be recognized in profit or loss.

The Consolidated Company measures its allowance for doubtful accounts as follows:

	Not overdue	Overdue 1-60 days	Overdue 61-180 days	Overdue 181-365 days	Overdue by more than 365 days.	Total
December 31, 2025
Expected credit loss rate	0%-0.75%	0%-0.75%	0%-12.17%	0%-100%	100%
Gross carrying amount	$ 16,707	$ -	$ -	$ 4,401	$ 4,885	$ 25,993
Loss allowance (lifetime expected credit losses)	-	-	-	( 4,401 )	( 4,885 )	( 9,286 )
Amortized cost	$ 16,707	$ -	$ -	$ -	$ -	$ 16,707
December 31, 2024
Expected credit loss rate	0%-0.75%	0%-0.75%	0%-50%	0%-41%	-
Gross carrying amount	$ 1,971	$ 45	$ 6,258	$ 1,018	$ -	$ 9,292
Loss allowance (lifetime expected credit losses)	-	-	( 3,132 )	( 417 )	-	( 3,549 )
Amortized cost	$ 1,971	$ 45	$ 3,126	$ 601	$ -	$ 5,743

Information on changes in the allowance for doubtful accounts are as follows:

	2025	2024
Balance at beginning of year	$ 3,549	$ 3,887
Impairment loss for the year	5,737	3,012
Amount written off during the year due to uncollectibility	-	( 3,350 )
Balance at end of year	$ 9,286	$ 3,549

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(II) Other receivables

The Consolidated Company recognizes an allowance for expected credit losses on other receivables based on their expected lifetime. The following is information on changes in the allowance for other receivables:

	2025	2024
Balance at beginning of year	$ 2,454	$ 2,454
Impairment loss for the year	823	-
Balance at end of year	$ 3,277	$ 2,454

X. Inventory

	December 31, 2025	December 31, 2024
Product	$ 112,398	$ 70,014
Raw materials	6,723	-
Finished goods	238	-
Work in progress	-	121
	$ 119,359	$ 70,135

The nature of the cost of goods sold related to inventory is as follows:

	2025	2024
Cost of goods sold	$ 464,810	$ 295,266
Losses (reversal gains) on inventory write-downs and obsolescence	6,593	( 2,798 )
Unallocated manufacturing costs	3,335	( 123 )
Others	-	9,305
	$ 474,738	$ 301,650

The Consolidated Company recognizes Losses on inventory write-downs and obsolescence in operating costs when the net realizable value of inventory falls below cost due to obsolescence or unusability. Conversely, a recovery of net realizable value is recognized as a gain when the factors that previously caused the value to fall below cost are no longer present.

XI. Subsidiaries

(I) Subsidiaries included in the consolidated financial statements

Entities covered by the consolidated financial statements are as follows:

Investor name	Subsidiary name	Business nature	Percentage of ownership (%)
			December 31, 2025	December 31, 2024
The Company	Shi-Song-Da Photoelectricity (Shenzhen) Co., Ltd.	Production and sales of electronic components, electrical appliances and audiovisual electronic products	-	-
	Abongreen Energy Co., Ltd.	Renewable energy power generation	100	100
	Abonmax Power One Energy Co., Ltd.	Renewable energy power generation	100	100
	Ming Wei Solar Co., Ltd.	Renewable energy power generation	100	100
	Abonwon Co., Ltd.	Sales of electronic parts	51	51
	Xin Li Energy Co., Ltd.	Renewable energy power generation	100	100
	Abonflux Power Co., Ltd.	Renewable energy power generation	100	100
	Abonmax Power Two Energy Co., Ltd.	Renewable energy power generation	100	100
Abongreen Energy Co., Ltd.	Hong Wang Investment Co., Ltd.	General investment	100	-
	Yunan Energy Development Investment Co., Ltd.	General investment	50	50
Yunan Energy Development Investment Co., Ltd.	Xuwang Green Energy Co., Ltd.	Renewable energy power generation	100	100
	Liu Jia Yi Power Co., Ltd.	Renewable energy power generation	100	100
	Ririwang Renewable Energy Co., Ltd.	Renewable energy power generation	100	100

(continued on next page)

(continued from previous page)

Name of the investing company	Subsidiary name	Business nature	Percentage of ownership (%)
			December 31, 2025	December 31, 2024
Abonmax Power Two Energy Co., Ltd.	Ming Ting Co., Ltd.	Renewable energy power generation	-	100
	Ming Ding Energy Co., Ltd.	Renewable energy power generation	-	100
	Ming Yu Co., Ltd.	Renewable energy power generation	100	100
	Ming Chao Co., Ltd.	Renewable energy power generation	-	100
	Kai Fu Sheng Co., Ltd.	Renewable energy power generation	100	-
Ming Yu Co., Ltd.	Liboda Co., Ltd.	Renewable energy power generation	51	-
Abonflux Power Co., Ltd.	Yiqiwang Sustainable Technology Co., Ltd.	Renewable energy power generation	100	-
Kai Fu Sheng Co., Ltd.	Mingkai Power Co., Ltd.	Renewable energy power generation	100	-

The Board of Directors of Shenzhen Sungsung Optoelectronics Co., Ltd. passed a resolution for liquidation on August 10, 2023. Liquidation was completed on March 27, 2024.

Abongreen Energy Co., Ltd. acquired $50\%$ of the shares of Yunan Energy Development Investment Co., Ltd. on May 3, 2023. The Group considers the majority of the directors' seats of the Yunan Energy Development Investment Co., Ltd., indicating that the Group has the actual ability to lead relevant activities. Therefore, the Group treats the Yunan Energy Development Investment Co., Ltd. as a subsidiary.

The paid-in capital of Abonwon Co., Ltd. is NT$10,000 thousand, and the company was approved for establishment on October 24, 2024. The Consolidated Company holds a 51% investment stake.

The Consolidated Company acquired $100\%$ equity interest in Xin Li Energy Co on December 3, 2024, and gained control of the company.

The Consolidated Company acquired $49\%$ and $51\%$ equity interests in Abonflux Power Co., Ltd. on December 13, 2024 and December 27, 2024, respectively, gaining control of the company.

Abonmax Power Two Energy Co., Ltd., with paid-in capital of NT$200 thousand, was approved for establishment on December 10, 2024.

Ming Ting Co., Ltd., Ming-Ding Energy Co., Ltd., Ming Yu Co., Ltd., and Ming Chao Co., Ltd., all with paid-in capital of NT$20 thousand, were approved for

establishment on December 24, 2024. Ming Ting Co., Ltd., Ming-Ding Energy Co., Ltd., and Ming Chao Co., Ltd. were dissolved in November 2025.

Abonmax Power Two Energy Co., Ltd. acquired 100% equity interest in Kai Fu Sheng Co., Ltd. on March 18, 2025, and restructured as a joint stock company to gain control of the company.

Hong Wang Investment Co., Ltd., with paid-in capital of NT$200 thousand, was approved for establishment on May 26, 2025.

Ming Yu Co., Ltd. acquired 51% equity interest in Liboda Co., Ltd. on June 9, 2025, and restructured as a joint stock company to gain control of the company.

Mingkai Power Co., Ltd., with paid-in capital of NT$100 thousand, was approved for establishment on October 7, 2025.

Yiqiwang Sustainable Technology Co., Ltd., with paid-in capital of NT$100 thousand, was approved for establishment on October 23, 2025.

On January 2026, Abonflux Power Co., Ltd. signed a purchase agreement with Xuwang Green Energy Co., Ltd. to acquire the company's rooftop renewable energy power plant for NT$60,746 thousand.

Ming Wei Solar Power Co., Ltd. signed a purchase agreement with Xin Li Energy Co in January 2026 to purchase the company's ground-mounted solar power plant for NT$126,419 thousand.

XII. Investments accounted for using the equity method

	December 31, 2025	December 31, 2024
Individual non-material associates	$ 17,616	$ -

(I) Investments in individual non-material associates are as follows:

Associate name	Business nature	Principal place of business	Percentage of shareholding and voting rights (%)
			December 31, 2025	December 31, 2024
Formosa Standard Reference Materials Co., Ltd	Basic chemical industry	Taiwan	16	-

On March 13, 2025, the Consolidated Company's Board of Directors approved participation in the cash capital increase of Formosa Standard Reference Materials Co., Ltd, subscribing for 6,600 thousand shares at NT$3 per share, with a base date of April 29, 2025.

The Company holds less than 20% of the voting rights in Formosa Standard Reference Materials Co., Ltd.; however, it has one seat on the company's three-member Board of Directors and participates in decisions regarding its financial and operational policies, giving it significant influence over Formosa Standard Reference Materials Co., Ltd.

(II) Aggregated financial information of non-material associates of the Consolidated Company

	2025	2024
Equity attributable to the Consolidated Company
Net profit (loss) for the period	($ 2,184)	$ -
Other comprehensive income	-	-
Total comprehensive income	($ 2,184)	$ -

The share of profit or loss and other comprehensive income of investments accounted for using the equity method, and the Consolidated Company's share, are calculated based on unaudited financial statements. However, the Consolidated Company's management believes that the lack of audit for the aforementioned investees' financial statements will not have a significant impact.

39 -

XIII. Property, plant, and equipment

	Land	Houses and buildings	Machine equipment	Power plant equipment	Other equipment	Unfinished works and equipment awaiting verification.	Total
Cost
Balance as of January 1, 2025	$ 16,511	$ 33,276	$ 39,881	$ 193,507	$ 11,766	$ 22,875	$ 317,816
Addition	-	-	-	71,933	3,926	220,443	296,302
Disposal of	-	-	( 16,784 )	( 58,829 )	( 2,321 )	-	( 77,934 )
Reclassification	-	-	-	-	-	57	57
Balance as of December 31, 2025	$ 16,511	$ 33,276	$ 23,097	$ 206,611	$ 13,371	$ 243,375	$ 536,241
Accumulated depreciation and impairment losses
Balance as of January 1, 2025	$ -	$ 3,328	$ 29,306	$ 15,317	$ 7,301	$ -	$ 55,252
Addition	-	950	2,075	11,402	2,569	-	16,996
Disposal	-	-	( 16,784 )	( 1,990 )	( 2,321 )	-	( 21,095 )
Balance as of December 31, 2025	$ -	$ 4,278	$ 14,597	$ 24,729	$ 7,549	$ -	$ 51,153
Net amount as of December 31, 2025	$ 16,511	$ 28,998	$ 8,500	$ 181,882	$ 5,822	$ 243,375	$ 485,088
Cost
Balance as of January 1, 2024	$ 16,511	$ 33,276	$ 105,640	$ -	$ 18,792	$ -	$ 174,219
Acquired through a business combination	-	-	-	134,678	-	9,609	144,287
Addition	-	-	-	58,829	1,645	13,266	73,740
Disposal	-	-	( 65,759 )	-	( 8,706 )	-	( 74,465 )
Reclassification	-	-	-	-	35	-	35
Balance as of December 31, 2024	$ 16,511	$ 33,276	$ 39,881	$ 193,507	$ 11,766	$ 22,875	$ 317,816
Accumulated depreciation and impairment losses
Balance as of January 1, 2024	$ -	$ 2,375	$ 79,179	$ -	$ 13,197	$ -	$ 94,751
Acquired through a business combination	-	-	-	14,306	-	-	14,306
Addition	-	953	4,341	1,011	2,119	-	8,424
Disposal	-	-	( 64,853 )	-	( 8,015 )	-	( 72,868 )
Impairment loss	-	-	10,639	-	-	-	10,639
Balance as of December 31, 2024	$ -	$ 3,328	$ 29,306	$ 15,317	$ 7,301	$ -	$ 55,252
Net amount as of December 31, 2024	$ 16,511	$ 29,948	$ 10,575	$ 178,190	$ 4,465	$ 22,875	$ 262,564

Due to poor market sales of glass and bicycle products from the new product business department, the Consolidated Company anticipates reduced future economic benefits from the machinery and equipment used in their production, resulting in an impairment loss of NT$10,639 thousand recognized in 2024.

Depreciation is computed on a straight-line basis over the following useful lives:

Housing and construction 35 years
Machinery and equipment 7 years
Power plant equipment 10 to 20 years
Other equipment 3 to 7 years

For the amount of property, plant, and equipment pledged as collateral for loans and financing facilities, please refer to Note 29.

XIV. Lease agreement

(I) Right-of-use assets

| | December 31, 2025 | December 31, 2024
(After adjustment) |
| --- | --- | --- |
| Book value of right-of-use assets | | |
| Land | $ 288,107 | $ 45,196 |
| Housing and construction | 15,615 | 28,774 |
| Transportation equipment | 1,521 | - |
| | $ 305,243 | $ 73,970 |
| | 2025 | 2024 |
| Addition of right-of-use assets | $ 93,263 | $ 33,374 |
| Acquired through a business combination | $ 201,862 | $ 15,081 |
| Depreciation expense for right-of-use assets | | |
| Land | $ 10,031 | $ 1,556 |
| Housing and construction | 3,848 | 8,364 |
| Transportation equipment | 435 | 408 |
| | $ 14,314 | $ 10,328 |

In addition to the abovementioned additions, acquisitions from business combinations, and recognition of depreciation expenses, the Consolidated Company's right-of-use assets did not undergo significant subleases or impairments in 2025 and 2024.

(II) Lease liabilities

| | December 31, 2025 | December 31, 2024
(After adjustment) |
| --- | --- | --- |
| Book value of lease liabilities | | |
| Current | $ 10,247 | $ 8,768 |
| Non-current | $ 300,568 | $ 67,363 |

The discount rate $(\%)$ range for lease liabilities is as follows:

	December 31, 2025	December 31, 2024
Land	3.37	2.48-3.37
Housing and construction	3.37	3.18-3.37
Transportation equipment	3.37	-

41 -

(III) Important lease events and terms

The Group leases buildings and structures for offices and factories. Part of the lease includes the lease extension and the same period of lease extension as the original contract upon the expiration of the lease term. The Group leases land, buildings and structures and installs solar photovoltaic power generation systems. The lease term is from the date of commercial operation of the solar power generation system to the expiration of 20 years. In addition, the rent of part of the leased land, buildings and structures is based on the revenue from power generation.

(IV) Other lease information

	2025	2024
Short-term rental expense	$ 1,706	$ 731
Changes not included in lease liability measurement
Lease payments	$ 3,328	$ 245
Total cash (outflow) from lease	$ 13,952	$ 10,642

The Consolidated Company has elected to apply the recognition exemption to equipment leases qualifying as short-term leases and to certain equipment leases qualifying as low-value asset leases, and will not recognize related right-of-use assets and lease liabilities for these leases.

XV. Intangible assets

	December 31, 2025	December 31, 2024
Computer software and others	$ 83,448	$ 73,878
Goodwill	118,178	68,232
	$ 201,626	$ 142,110
	Computer software and others	Goodwill
---	---	---
Cost
Balance as of January 1, 2025	$ 75,548	$ 68,268
Acquired separately	259	-
Acquired through a business combination	14,680	49,946
Balance as of December 31, 2025	$ 90,487	$ 118,214

	Computer software and others	Goodwill	Total
Accumulated amortization and impairment loss
Balance as of January 1, 2025	$ 1,670	$ 36	$ 1,706
Amortization expense	5,369	-	5,369
Balance as of December 31, 2025	$ 7,039	$ 36	$ 7,075
Net amount as of December 31, 2025	$ 83,448	$ 118,178	$ 201,626
Cost
Balance as of January 1, 2024	$ 1,971	$ 36	$ 2,007
Acquired separately	2,160	-	2,160
Acquired through a business combination	71,417	68,232	139,649
Balance as of December 31, 2024	$ 75,548	$ 68,268	$ 143,816
Accumulated amortization and impairment loss
Balance as of January 1, 2024	$ 1,279	$ 36	$ 1,315
Amortization expense	391	-	391
Balance as of December 31, 2024	$ 1,670	$ 36	$ 1,706
Net amount as of December 31, 2024	$ 73,878	$ 68,232	$ 142,110

The Consolidated Company acquired Kai Fu Sheng Co., Ltd. on March 18, 2025, and generated goodwill of NT$49,946 thousand. Please refer to Note 25 for related information.

The Consolidated Company acquired Xin Li Energy Co on December 3, 2024, and Abonflux Power Co., Ltd. on December 13, 2024, and December 27, 2024, respectively, generating goodwill of NT$14,913 thousand and NT$53,319 thousand, respectively. Please refer to Note 25 for related information.

The Consolidated Company does not manage goodwill internally, but instead assesses impairment at the operating segment level solely for financial reporting purposes. Due to the varying nature and scale of each project site, the Consolidated Company treats each site as an independent CGU when performing impairment tests.

The Consolidated Company assesses goodwill impairment at the end of each fiscal year, primarily using value in use as the basis for calculating the recoverable amount of

the operating units. The value in use is based on the Consolidated Company's management's forecast of cash flows for the next five years, with cash flows beyond five years estimated using a constant growth rate and then discounted using an annual discount rate. The pre-tax discount rate used as of December 31, 2025 was 8.92%. Based on this analysis, the Group did not recognize any impairment loss on goodwill for 2025. Key assumptions the Consolidated Company used to calculate the value in use of the operating segments also include the revenue growth rate, which is evaluated based on the Consolidated Company's and related industry growth forecasts and historical experience.

For the evaluation of the value in use of the operating segments, management of the Consolidated Company believes that changes to the aforementioned key assumptions would not likely cause the carrying amount of each operating segment to materially exceed its recoverable amount.

XVI. Other assets

The details of other current assets and non-current assets of the Group are as follows:

	December 31, 2025	December 31, 2024
Prepayments for goods	$ 8,420	$ 90,593
Import duties and retained tax credit	27,786	12,175
Prepaid development expenses	14,726	21,025
Prepayment for equipment and construction	127,230	119,567
Prepayments for property	55,090	-
Others	25,770	7,581
	$ 259,022	$ 250,941

The prepayment for development and construction progress for solar power generation systems and solar power plant land development projects as of December 31, 2025 and December 31, 2024 were NT$132,710 thousand and NT$140,592 thousand, respectively. Please refer to Note 28.

In response to future capacity expansion and business development needs, the Company purchased a plant in Zhongli District, Taoyuan City on December 31, 2025, for a prepayment of NT$55,090 thousand and contractual payment. Please refer to Note 30.

44 -

45 -

XVII. Loans

(I) Short-term bank loans

	December 31, 2025	December 31, 2024
Secured loan
Bank loans	$ 194,426	$ 23,356
Unsecured loans
Credit loans	57,421	-
	$ 251,847	$ 23,356
Annual interest rate (%)	2.45-6.07	6.45

(II) Short-term notes payable

	December 31, 2025	December 31, 2024
Commercial papers payable	$ -	$ 85,700
Annual interest rate (%)	-	2.49

(III) Long-term bank loans

	December 31, 2025	December 31, 2024
Secured loan
Mortgage loans	$ 171,003	$ 8,733
Unsecured loans
Credit loans	83,429	-
	254,432	8,733
Less: due within one year	( 30,242 )	( 4,697 )
Long-term bank loans	$ 224,190	$ 4,036
Annual interest rate (%)	2.48-3.37	3.37

The Consolidated Company's financing limit is secured by restricted bank deposits and property, plant, and equipment. Please refer to Note 29.

XVIII Other accounts payable

	December 31, 2025	December 31, 2024
Salaries and bonuses due	$ 4,301	$ 2,824
Construction and equipment payments	65	4,468
Other liabilities	42,630	39,104
	$ 46,996	$ 46,396

XIX. Post-employment benefits plan

(I) Defined benefit plan

The Group’s defined benefit plan is allocated to the labor pension reserve account at the Bank of Taiwan. The pension payment for each employee is calculated based on the number of years of service and the average salary of the six months before retirement.

The Group’s labor pension reserve has reached the amount to support labor pensions. Therefore, the Group applied to the Taoyuan City Government Labor Bureau for suspension of the appropriation. The application was approved, and there was no significant market fluctuation, curtailment, liquidation, or other significant one-time events after the end of the previous fiscal year.

(II) Defined contribution plan

For the Consolidated Company's pension expenses under the defined contribution pension plan, which have been appropriated to the Bureau of Labor Insurance, please refer to Note 22.

XX. Equity

(I) Common stock

	December 31, 2025	December 31, 2024
Authorized shares (in thousands)	400,000	400,000
Authorized capital	$ 4,000,000	$ 4,000,000
Number of shares issued and fully paid-in (in thousands)	85,500	85,500
Issued capital	$ 855,000	$ 855,000

The par value of each common share is NT$10, and each share carries one voting right and the right to receive dividends.

On June 14, 2024, the Board of Directors resolved to issue common shares at a private placement price of NT$17.8 per share, with a par value of NT$10 per share. A total of 1,752 thousand new shares were issued through private placement for a total of NT$31,182 thousand. June 27, 2024 was set as the record date for the private placement.

On March 5, 2024, the Board of Directors resolved to issue 40,000 thousand common shares at NT$18.5 per share, with a par value of NT$10 per share, for a total of NT$740,000 thousand. The record date for the capital increase is set at August 2, 2024.

46 -

The transfer of the private placement of common shares and the subsequent issuance of bonus shares shall be handled in accordance with the provisions of Article 43-8 of the Regulations Governing the Administration of Securities Firms. The application for public listing on the Taiwan Stock Exchange shall be submitted to the Financial Supervisory Commission for public listing three years after the delivery date of the private placement of common shares. The approval letter issued by the Taiwan Stock Exchange, which meets the listing standards, must be obtained before the application for public listing on the Taiwan Stock Exchange.

On June 13, 2025, the shareholders' meeting resolved to authorize the Board of Directors to issue up to 10,000 thousand shares via private placement in three tranches within one year of the resolution, with a face value of NT$10 per share. The private placement price will be determined in accordance with the "Directions for Public Companies Conducting Private Placements of Securities".

(II) Capital surplus

	December 31, 2025	December 31, 2024
Stock issuance premium (Note 1)	$ 415,983	$ 415,983
Changes in ownership interests in subsidiaries recognized (Note 2)	35,213	35,213
Company's put option (Note 1)	3	3
	$ 451,199	$ 451,199

Note 1: May be used to cover losses or, if there are no losses, to distribute cash dividends or to capitalize equity, with capitalization limited to a certain percentage of paid-in capital annually.

Note 2: May only be used to cover losses.

(III) Policy on retained earnings and dividends

If the Group has earnings in the annual final accounts, the Group shall first pay taxes, make up for the accumulated losses of previous years, then set aside 10% of the balance as the legal reserve, and set aside or reverse the special reserve in accordance with the laws and regulations or the regulations of the competent authorities. If there are still earnings, the remaining balance shall be added to the accumulated undistributed earnings of previous years, and the Board of Directors shall prepare a distribution proposal and submit it to the shareholders' meeting for resolution before distribution.

The Company's shareholders' meeting on June 13, 2025, and June 4, 2024, approved the loss carryforwards for the 2024 and 2023, respectively.

On March 12, 2026, the Board of Directors proposed a loss carryforward appropriation for 2025, pending resolution at the annual shareholders' meeting expected to be held in June 2026.

(IV) Non-controlling interests

	2025	2024
Balance at beginning of period	$ 18,020	$ 14,417
Acquisition of increased controlling interest in Subsidiary Abonwon Co., Ltd.	-	4,900
Acquisition of the non-controlling interest in a subsidiary of Liboda Co., Ltd.	( 6 )	-
Net loss for the period	( 5,479 )	( 1,297 )
Balance, end of period	$ 12,535	$ 18,020

XXI. Revenue

	2025	2024
Customer contract revenue
Commodity sales revenue	$ 490,344	$ 307,957

(I) Contract balance

	2025	2024
Accounts receivable	$ 16,707	$ 5,743
Contract liabilities – current
Merchandise sales	$ 15,232	$ 9,662

(II) Breakdown of customer contract revenue

	2025	2024
Key regional markets
Taiwan	$ 132,413	$ 64,482
China	357,931	243,475
	$ 490,344	$ 307,957
Key products
Optical panel	$ 378,362	$ 293,937
Others	111,982	14,020
	$ 490,344	$ 307,957
XXII. Net profit
(I) Other income
	2025	2024
Rent income	$ 453	$ 958
Others	14,234	3,367
	$ 14,687	$ 4,325
(II) Other income and expenses
	2025	2024
Gains on disposals of property, plant and equipment	$ 5,576	$ 314
Impairment loss on property, plant and equipment	-	( 10,639 )
Lease termination profit (loss)	1,910	( 83 )
Impairment loss of non-financial assets	( 8,493 )	( 6,271 )
Foreign exchange gain (loss)	( 2,489 )	1,627
Impairment loss of financial assets	-	( 2,970 )
Gains on disposal of other non-current assets	23,707	-
Others	( 663 )	476
	$ 19,548	($ 17,546 )
(III) Finance costs
	2025	2024
Interest expense	$ 15,413	$ 5,374

(IV) Employee benefit expenses, depreciation, and amortization.

By nature	Classified as Operating Cost	Classified as Operating Expense	Total
2025
Employee benefit expense
Payroll expense	$ 901	$ 52,605	$ 53,506
Labor and health insurance expense	177	4,584	4,761
Pension expense	73	2,352	2,425
Other employee benefits	49	2,656	2,705
Remuneration to directors	-	1,993	1,993
Depreciation expense	24,814	6,496	31,310
Amortization expense	-	5,369	5,369
2024
Employee benefit expense
Payroll expense	128	56,973	57,101
Labor and health insurance expense	13	2,879	2,892
Pension expense	7	1,550	1,557
Other employee benefits	7	1,465	1,472
Remuneration to directors	-	2,181	2,181
Depreciation expense	12,190	6,562	18,752
Amortization expense	-	391	391

(V) Remuneration to employees and directors

The Company amended its Articles of Incorporation by a resolution at the shareholders' meeting on June 13, 2025. According to the amended Articles of Incorporation, if the Company makes a profit in a year, it shall appropriate no less than 4% as remuneration for employees (of which at least 10% of this amount will be allocated to rank-and-file employees) and no more than 3% as remuneration for directors and supervisors. However, if the Company still has accumulated losses, sufficient funds should be reserved to cover them. The aforementioned employees eligible for stock or cash remuneration may include employees of affiliated companies who meet certain criteria.

The provisions of the Articles of Incorporation prior to amendment stipulated that if the Company generated a profit for the year, it would allocate no less than 4% as remuneration for employees and no more than 3% as remuneration for directors and supervisors. However, if the Company still has accumulated losses, sufficient funds should be reserved to cover them. Current year's profits as stated above refers to the profit before tax of the current year before the distribution of remuneration to

employees, directors and supervisors. The distribution of remuneration to employees and directors shall be approved by a majority of the directors present at the meeting attended by two-thirds of the directors and reported to the shareholders' meeting. Remuneration to employees may be paid in the form of shares or cash. The Group may distribute remuneration to employees of affiliated companies that satisfy certain criteria.

The Company did not distribute remuneration to employees and directors in 2025 and 2024 due to accumulated losses. Please refer to the Taiwan Stock Exchange's Market Observation Post System (MOPS) for information on employee and director remuneration as resolved by the Board of Directors.

XXIII. Income tax

(I) The main components of income tax expense recognized in profit or loss are as follows:

	2025	2024
Current year income tax
Generated this year	$ 7,688	$ 110
Prior years' adjustment	( 340 )	( 7 )
	7,348	103
Deferred tax
Generated this year	( 754 )	19,027
Income tax expense recognized in profit or loss	$ 6,594	$ 19,130

(II) The reconciliation between accounting income and income tax expense is as follows:

	2025	2024
Net loss before income tax from continuing operations	($ 118,809)	($ 114,998)
Income tax benefit on pre-tax net loss, calculated at the statutory rate of 20%	($ 30,200)	($ 23,963)
Non-deductible income and expenses for tax purposes	12	6
Tax-exempt income	2,787	133
Unrecognized deductible temporary differences	( 1,218 )	20,930
Loss carryforward not recognized	35,553	22,031
Adjustments to prior-year current income tax expense for the year	( 340 )	( 7 )
Income tax expense recognized in profit or loss	$ 6,594	$ 19,130

(III) Current income tax assets and liabilities

	December 31, 2025	December 31, 2024
Current tax assets
Tax refunds receivable	$ 1,602	$ -
Current tax liabilities
Income tax due	$ 6,104	$ 1,200

(IV) Deferred tax assets and liabilities

The Consolidated Company offsets certain deferred income tax assets and liabilities that meet the criteria for netting.

Changes in deferred tax assets and liabilities are as follows:

2025

	Balance at beginning of year	Acquired through merger	Recognized in profit or loss	Balance at end of year
Deferred tax assets
Temporary difference	$ -	$ 1,348	($ 12)	$ 1,336
Loss carryforwards	22,160	-	-	22,160
	$ 22,160	$ 1,348	($ 12)	$ 23,496
Deferred tax liabilities
Temporary difference	$ 15,093	$ 3,049	($ 766)	$ 17,376

2024

	Balance at beginning of year	Acquired through merger	Recognized in profit or loss	Balance at end of year
Deferred tax assets
Loss carryforwards	$ 41,187	$ -	($ 19,027)	$ 22,160
Deferred tax liabilities
Temporary difference	$ -	$ 15,093	$ -	$ 15,093

(V) Deductible temporary differences and unused loss carryforwards not recognized as deferred tax assets in the consolidated balance sheet

	December 31, 2025	December 31, 2024
Loss carryforwards	$ 381,485	$ 253,023
Deductible temporary difference	25,260	32,905
	$ 406,745	$ 285,928

(VI) Information on unused loss carryforwards

As of December 31, 2025, information on loss carryforwards is as follows:

Balance not yet deducted	Final deduction year
$ 38,122	2026
29,743	2027
14,806	2028
23,509	2029
4,597	2030
43,216	2032
38,220	2033
112,202	2034
128,462	2035
$ 432,877

(VII) Income tax assessment

The income tax filings of the Company and its subsidiaries have been reviewed and approved by the tax authorities through 2023.

XXIV. Share-based payment

On March 5, 2024, the Consolidated Company's Board of Directors approved a cash increase in capital and reserved 4,000 thousand shares for employee subscription, as detailed below:

Type	Cash capital increase reserved and employee subscription
Grant date	2024.6.17
Quantity granted	4,000 thousand shares
Grantee of authorization	Employees of the Company
Vested conditions	Vested immediately

The Consolidated Company's cash capital increase is reserved for employee subscription at a share price of NT$24.5 on the grant date, with an exercise price of NT$18.5 per warrant. Each warrant has a fair value of NT$6, and remuneration cost recognized for 2024 is NT$24,000 thousand.

XXV. Business combination

(I) Acquisition of subsidiary – Kai Fu Sheng Co., Ltd.

On March 18, 2025, the Consolidated Company acquired 100% of the shares of Kai Fu Sheng Co., Ltd. for a total of NT$55,510 thousand, gaining control of the company and acquiring the rights to the indoor farming and photoelectric installation project development held by Kai Fu Sheng Co., Ltd. Acquisition of a controlling stake in Kai Fu Sheng Co., Ltd. allows the Consolidated Company to expand into green energy investments.

From the acquisition date to December 31, 2025, the revenue and net loss contributed by Kai Fu Sheng Co., Ltd. were NT$0 thousand and NT$19,254 thousand, respectively. If the acquisition had occurred on January 1, 2025, management estimates the Consolidated Company’s revenue for 2025 would be NT$490,344 thousand and the pro forma net loss would be NT$128,067 thousand. These amounts do not reflect the actual revenues and operating results that would have been generated if the business combination had been completed at the start of the acquisition year, and should not be used as a basis for forecasting future operating results.

The main categories of the consideration for the transfer, the assets acquired and liabilities assumed on the acquisition date, and the amount of goodwill recognized are as follows:

The fair value of the main categories of the transfer consideration on the acquisition date is as follows:

The main categories of the consideration for the transfer are as follows:

Cash
$ 55,510

54 -

Identifiable assets acquired and liabilities assumed.

The fair value of identifiable assets and liabilities acquired and borne on the acquisition date is as follows:

	March 18, 2025
Acquisition of identifiable assets
Right-of-use assets	$ 201,862
Development rights	14,680
Others	1,350
	217,892
Liabilities assumed
Other payables	( 7,417 )
Lease liability	( 201,862 )
Others	( 3,049 )
	( 212,328 )
Fair value of identifiable net assets	$ 5,564

The goodwill generated from acquisitions primarily results from the control premium. In addition, the consideration paid for the business combination includes expected revenue growth and future market development. However, as these benefits do not meet the criteria for recognizing identifiable intangible assets, they are not recognized separately.

Goodwill resulting from a business combination is not anticipated to be tax deductible.

Goodwill

The goodwill recognized due to acquisition is as follows:

Transfer consideration $ 55,510

Less: The fair value of the net identifiable assets ( 5,564 )

Goodwill $ 49,946

(II) Acquisition of subsidiary – Abonflux Power Co., Ltd.

On December 13 and December 27, 2024, the Consolidated Company acquired 100% of the shares of Abonflux Power Co., Ltd. for a total of NT$173,197 thousand, gaining control of the company. The NT$51,959 thousand acquisition payment—not yet paid (recorded as notes payable) as of December 31, 2024—was paid in January 2025. Abonflux Power Co., Ltd. is a special-purpose company that owns a solar power plant. Its primary business focuses on the development, construction, operation, and maintenance of solar power facilities. Acquisition of a controlling stake in Abonflux Power Co., Ltd. allows the Consolidated Company to expand into green energy investments.

55 -

If the acquisition had occurred on January 1, 2024, management estimates the Consolidated Company's revenue for 2024 would be NT$331,966 thousand and the pro forma net loss would be NT$129,585 thousand. These amounts do not reflect the actual revenues and operating results that would have been generated if the business combination had been completed at the start of the acquisition year, and should not be used as a basis for forecasting future operating results.

The main categories of the transfer consideration, the assets acquired and liabilities assumed as of the acquisition date, and the amount of goodwill recognized are as follows:

The fair value of the main categories of the transfer consideration on the acquisition date is as follows:

The main categories of the consideration for the transfer are as follows:

Cash

$ 173,197

Identifiable assets acquired and liabilities assumed.

The fair value of identifiable assets and liabilities acquired and borne on the acquisition date is as follows:

	2024/12/27
Acquisition of identifiable assets
Cash and Cash Equivalents	$ 6,835
Property, plant, and equipment	120,372
Other non-current assets - construction
prepayments	56,148
Electricity purchase agreement	62,296
Others	11,649
	257,300
Liabilities assumed
Short-term notes payable	( 85,700 )
Other payables	( 34,277 )
Others	( 17,445 )
	( 137,422 )
Net assets fair value	$ 119,878

Goodwill resulting from a business combination is not anticipated to be tax deductible.

3. Goodwill

The goodwill recognized due to acquisition is as follows:

Transfer consideration	$ 173,197
Less: The fair value of the net identifiable assets	( 119,878 )
Goodwill	$ 53,319

(III) Acquisition of subsidiary – Xin Li Energy Co

On December 3, 2024, the Consolidated Company acquired 100% of the shares of Xin Li Energy Co. For a total of NT$ 20,257 thousand, gaining control of the company. Xin Li Energy Co. is a special-purpose company that owns a solar power plant under construction. Its primary business focuses on the development, construction, operation, and maintenance of solar power facilities. Xin Li Energy Co. operates as a renewable energy captive power generation facility. The Group acquired the control of Xin Li Energy Co., Ltd., so that the Group can expand the investment in green energy.

From the acquisition date to December 31, 2024, the revenue and net loss contributed by Xin Li Energy Co. were NT$0 thousand and NT$285 thousand, respectively. If the acquisition had occurred on January 1, 2024, management estimates the Consolidated Company’s revenue for 2024 would be NT$307,957 thousand and the pro forma net loss would be NT$135,327 thousand. These amounts do not reflect the actual revenues and operating results that would have been generated if the business combination had been completed at the start of the acquisition year, and should not be used as a basis for forecasting future operating results.

The main categories of the consideration for the transfer, the assets acquired and liabilities assumed on the acquisition date, and the amount of goodwill recognized are as follows:

The fair value of the main categories of the transfer consideration on the acquisition date is as follows:

The main categories of transfer consideration are as follows:

Cash $ 20,257

57 -

Identifiable assets acquired and liabilities assumed.

The fair value of identifiable assets and liabilities acquired and borne on the acquisition date is as follows:

	2024/12/3
Acquisition of identifiable assets
Cash and Cash Equivalents	$ 14,453
Property, plant, and equipment	9,609
Right-of-use assets	15,081
Electricity purchase agreement	9,121
Others	4,535
	52,799
Liabilities assumed
Other payables	( 29,740 )
Lease liability	( 15,081 )
Others	( 2,634 )
	( 47,455 )
Fair value of identifiable net assets	$ 5,344

Goodwill resulting from a business combination is not anticipated to be tax deductible.

Goodwill

The goodwill recognized due to acquisition is as follows:

Transfer consideration $ 20,257

Less: The fair value of the net identifiable assets (5,344)

Goodwill $ 14,913

(IV) The Consolidated Company completed the identification of the difference between the investment cost and the net fair value share of the identifiable assets and liabilities of Kai Fu Sheng, Abonflux, and Xinli in the fourth quarter of 2025, and retrospectively adjusted the consolidated financial statements. Adjustment to the consolidated balance sheet as of December 31, 2024 is as follows:

Consolidated Balance Sheet	After retroactive adjustment	Before retroactive adjustment
December 31, 2024
Right-of-use assets	$ 73,970	$ 69,962
Intangible assets	$ 142,110	$ 109,817

59 -

Consolidated Balance Sheet	After retroactive adjustment	Before retroactive adjustment
December 31, 2024
Other payables - non-related parties	$ 46,396	$ 25,146
Lease liabilities - current	$ 8,768	$ 8,810
Deferred tax liabilities	$ 15,093	$ -

XXVI. Capital risk management

The Group manages capital to ensure that it can maximize shareholder returns by optimizing debt and equity balances while continuing to operate.

The Group and the industry both have capital managed in accordance with the debt to equity ratio. The ratio is calculated by having net debt divided by total capital. Net liabilities are the total liabilities less cash and cash equivalents on the balance sheet. Total capital is the entire equity (i.e. share capital, capital reserve, retained earnings and other equity) plus net debt.

XXVII. Financial instruments

(I) Fair value information – financial instruments not measured at fair value

The Consolidated Company's management believes that the carrying amounts of financial assets and financial liabilities not measured at fair value approximate their fair values, and disclosure of fair value information is not required under applicable regulations.

(II) Information on fair value–Financial instruments measured at fair value on a recurring basis.

1. Fair value hierarchy

December 31, 2025	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through other comprehensive income
Investments in equity securities
Unlisted domestic companies
Stocks	$ -	$ -	$ 9,779	$ 9,779
December 31, 2024
Financial assets measured at fair value through other comprehensive income
Investments in equity securities
Unlisted domestic companies
Stocks	$ -	$ -	$ 9,915	$ 9,915

There were no transfers between Level 1 and Level 2 fair value measurements for 2025 and 2024.

Adjustment of financial instruments measured at Level 3 fair value.

2025

Financial assets	Financial assets measured at fair value through other comprehensive income
	Equity instrument	Total
Balance at beginning of year	$ 9,915	$ 9,915
Recognized in other comprehensive income
Unrealized gain or loss on investments	( 136 )	( 136 )
Balance at end of year	$ 9,779	$ 9,779

2024

Financial assets	Financial assets measured at fair value through other comprehensive income
	Equity instrument	Total
Balance at beginning of year	$ 14,787	$ 14,787
Recognized in other comprehensive income
Unrealized gain or loss on investments	( 4,872 )	( 4,872 )
Balance at end of year	$ 9,915	$ 9,915

(III) Types of financial instruments

	December 31, 2025	December 31, 2024
Financial assets
Measured at amortized cost (Note 1)	$ 345,984	$ 480,825
Measured at fair value through other comprehensive income
Investments in equity securities	9,779	9,915
Financial liabilities
Measured at amortized cost (Note 2)	939,848	368,559

Note 1: The balances include cash and cash equivalents, financial assets measured at amortized cost, accounts receivable (including related parties), other receivables (including related parties), and financial assets measured at amortized cost.

Note 2: The balances include financial liabilities such as short-term borrowings, long-term borrowings due within one-year, long-term borrowings, short-term notes payable, notes payable, accounts payable (including related parties), other payables (including related parties), and lease liabilities.

(IV) Financial risk management objectives and policies

The Consolidated Company's main financial instruments include equity investments, accounts receivable, accounts payable, lease liabilities, and bank loans. The Consolidated Company's financial management department provides services to its business units, coordinates operations in domestic and international financial markets. The department also oversees and manages financial risks related to the Consolidated Company's operations through analysis of internal risk reports, assessing exposure based on risk level and scope. These risks include market risk (including exchange rate risk and interest rate risk), credit risk, and liquidity risk.

Important financial activities of the Consolidated Company are reviewed by the Board of Directors in accordance with relevant regulations and the internal control system.

Market risk

The main financial risks to which the Consolidated Company is exposed as a result of its operating activities are foreign currency exchange rate fluctuations and interest rate fluctuations. The Consolidated Company uses some derivative financial instruments to manage its foreign exchange risk.

There were no changes to the Consolidated Company's exposure to financial instrument market risk, nor to how that exposure is managed and measured. The description of the main financial risks is as follows:

(1) Exchange rate risk

The Consolidated Company's operating activities are primarily transacted in foreign currencies, exposing it to exchange rate fluctuations. The Consolidated Company manages its exchange rate risk exposure within the scope of policy by utilizing forward exchange contracts or currency swap agreements.

61 -

For the book value of monetary assets and monetary liabilities denominated in non-functional currencies on the balance sheet date, please refer to Note 31.

Sensitivity analysis

The Consolidated Company is primarily affected by fluctuations in the US dollar and Japanese yen exchange rates.

The sensitivity analysis used by the Consolidated Company to report exchange rate risk internally to key management is primarily applied to foreign currency monetary items as of the financial reporting period end date. If the functional currency appreciated by 1% against each relevant foreign currency, the Consolidated Company's net loss after tax for 2025 and 2024 would have decreased by NT$308 thousand and increased by NT$99 thousand, respectively.

(2) Interest rate risk

Interest rate risk arises due to the fact that many entities within the Consolidated Company finance themselves with floating-rate debt.

The Consolidated Company did not hedge floating rates with interest rate swap contracts. The Group's measures to respond to the risk of interest rate changes are mainly to regularly evaluate the interest rates of banks and loans in various currencies, and maintain good relationships with financial institutions to obtain lower financing costs, while strengthening the management of working capital, and reducing dependence on bank loans to diversify the risk of interest rate changes.

The Consolidated Company's carrying amounts of financial assets and financial liabilities exposed to interest rate risk as of the balance sheet date are as follows:

	December 31, 2025	December 31, 2024
Fair value interest rate risk
Financial assets	$ 5,972	$ 4,583
Financial liabilities	310,815	161,831
Cash flow interest rate risk
Financial assets	293,375	456,397
Financial liabilities	506,279	32,089

Sensitivity analysis

The sensitivity analysis is based on the interest rate risk exposure of derivative and non-derivative instruments as of the balance sheet date. For assets and liabilities with floating interest rates, the analysis method assumes that the amount of liabilities outstanding on the balance sheet date remained outstanding throughout the reporting period. The Consolidated Company's rate of change used internally to report interest rate risk to key management is a fluctuation of 0.5% in interest rates, representing management’s assessment of a reasonably possible range of interest rate changes.

If the interest rate increases by 0.5% while all other variables remain unchanged, the Consolidated Company's net loss after tax for 2025 and 2024 would have decreased by NT$1,065 thousand and increased by NT$2,122 thousand, respectively.

Credit risk

Credit risk refers to the risk of financial loss stemming from a counterparty's failure to fulfill its contractual obligations. As of the balance sheet date, the Consolidated Company’s counterparties all have good credit, and therefore significant credit risk is not anticipated.

The Consolidated Company's accounts receivable are from a diverse customer base across various industries. Management also continuously assesses the financial condition of accounts receivable clients.

The Consolidated Company has a large and diverse customer base, resulting in low concentration of credit risk.

Liquidity risk

The Consolidated Company manages and maintains sufficient cash and cash equivalents to fund operations and mitigate the impact of cash flow volatility. Management of the Consolidated Company oversees the use of bank loan facilities and ensures adherence to the loan agreement terms.

Bank loans are a key source of liquidity for the Consolidated Company. As of December 31, 2025, and December 31, 2024, the Consolidated Company’s unused short-term bank financing facilities were NT$158,229 thousand and NT$36,644 thousand, respectively.

63 -

The following table presents an analysis of the Consolidated Company's financial liabilities by agreed repayment terms, with amounts listed as undiscounted maturity values.

	Within one year	1 to 5 years	Over 5 years
December 31, 2025
Non-derivative financial liabilities
Non-interest-bearing debt	$ 99,509	$ -	$ -
Lease liability	20,619	83,480	332,325
Floating rate instruments	290,850	101,145	129,303
	$ 410,978	$ 184,625	$ 461,628
December 31, 2024
Non-derivative financial liabilities
Non-interest-bearing debt	$ 150,456	$ 21,250	$ -
Lease liability	10,884	39,009	42,478
Floating rate instruments	29,717	4,172	-
	$ 191,057	$ 64,431	$ 42,478

Further information on the maturity analysis of the above financial liabilities is as follows:

	Less than 1 year	1 to 5 years	5 to 10 years	10 to 15 years	Over 15 years
December 31, 2025
Lease liability	$ 20,619	$ 83,480	$ 101,977	$ 101,977	$ 128,371
Floating rate instruments	290,850	101,145	95,016	34,287	-
	$ 311,469	$ 184,625	$ 196,993	$ 136,264	$ 128,371
December 31, 2024
Lease liability	$ 10,884	$ 39,009	$ 14,858	$ 14,858	$ 12,762
Floating rate instruments	29,717	4,172	-	-	-
	$ 40,601	$ 43,181	$ 14,858	$ 14,858	$ 12,762

XXVIII. Related party transactions

Transactions, balances, income and expenses between the Company and its subsidiaries (related parties of the Company) have been eliminated in consolidation and are not disclosed in this note. Transactions between the Consolidated Company and related parties are as follows:

(I) Names of related parties and their respective relationships

Name of related party	Relationship with the Consolidated Company
Abon Touchsystems Inc. (Abon Touchsystems)	Substantive related party (non-related party since Q4 2025)
Uniconn Interconnections Technology Co., Ltd.	Substantive related party
Simpatica Co., Ltd. (Simpatica)	Substantive related party
J&V Energy Technology Co., Ltd. (J&V Energy)	Substantive related party
Greenet Co., Ltd.	Substantive related party
Green President Co., Ltd.	Substantive related party
Leivo Technology Co., Ltd.	Substantive related party
He Feng Renewable Energy Co., Ltd. (He Feng)	Substantive related party
GINWIN TECHNOLOGY CO., LTD.	Substantive related party
Xhinchia Construction Co., Ltd. (Xhinchia Construction)	Substantive related party
Yan An Renewable Energy Co., Ltd. (Yan An Renewable Energy)	Substantive related party
Guang Ting Energy Co., Ltd.	Substantive related party
Chang, Chun-Hao	Substantive related party
Wu, Yi-Chen	Substantive related party
Wang Wen-Yi	Substantive related party
SHINING ENERGY COMPANY LIMITED.	Other related party
Canadian Solar Projects Taiwan Co., Ltd.	Other related party
Rili System Technology Co., Ltd. (Rili System)	Other related party

(II) Business dealings

	2025	2024
1. Sales
Substantive related party	$ 1,368	$ 683

The Group's selling price to related parties is not significantly different from the general selling price. The payment term is 30 to 90 days, and there is no significant difference from the general manufacturers. No collateral is received for accounts receivable from related parties.

	2025	2024
2. Purchase
Substantive related party	$ 25,230	$ -

66 -
Other business transactions

	2025	2024
Operating expenses
Substantive related party	$ 598	$ 299
Rental expense
Substantive related party	$ 189	$ -
Non-operating income - other income
Substantive related party	$ 253	$ 1,691
Non-operating expenses – finance costs
Substantive related party	$ -	$ 1
Non-operating expenses - other losses
Substantive related party J&V Energy	$ 1,792	$ -
He Feng Renewable Energy	$ 6,298	$ -
	$ 8,090	$ -
	December 31, 2025	December 31, 2024
4. Other receivables
Other related party
Rili System	$ 3,474	$ -
Substantive related party
Xhinchia Construction	-	5,849
Others	32	-
	$ 3,506	$ 5,849
	December 31, 2025	December 31, 2024
5. Accounts payable
Substantive related party
Abon Touchsystems	$ -	$ 7,158
6. Other accounts payable
Substantive related party
J&V Energy	$ -	$ 68,258
Others	17	35
Other related party
Others	17	833

Prepayments (classified under other current assets and other assets)

Account in the book	Type of Related Party	December 31, 2025	December 31, 2024
Other prepayments	Other related party	$ 100,490	$ -
Other prepayments	Substantive related party	5,000	5,000
Prepayment for equipment and construction	Substantive related party	13,266	28,285
		$ 118,756	$ 33,285

Unfinished construction

	December 31, 2025	December 31, 2024
Substantive related party	$ -	$ 22,875
Other related party	9,610	-
	$ 9,610	$ 22,875

(III) Property, plant, and equipment acquired

	Purchase price
	2025	2024
Substantive related party	$ 800	$ 57,779

(IV) Disposal of real estate, factories, and equipment

Type of Related Party	2025		2024
	Disposal price	Gain or loss on disposal	Disposal price	Gain or loss on disposal
Substantive related party	$ 61,246	$ 5,476	$ -	$ -

(V) Acquisition of intangible assets

	Purchase price
	2025	2024
Substantive related party	$ -	$ 1,500

(VI) Remuneration of key management personnel

	2025	2024
Short-term employee benefits	$ 26,928	$ 23,059
Post-employment benefits	987	890
	$ 27,915	$ 23,949

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

XXIX. Assets pledged as collateral

The following assets are offered as collateral for financing loans, lease deposits, customs deposits, bid bonds, and research and development project subsidies.

	December 31, 2025	December 31, 2024
Property, plant, and equipment	$ 226,044	$ 162,901
Refundable deposit	6,560	6,635
Restricted bank deposits
(classified as other financial assets – current)	21,794	15,636
Financial assets measured at amortized cost – current	5,972	4,583
	$ 260,370	$ 189,755

XXX. Significant contingent liabilities and unrecognized contract commitments

In addition to those described in other notes, the Consolidated Company's unrecognized contractual commitments are as follows:

	December 31, 2025	December 31, 2024
Purchase of property, plant and equipment	$ 219,910	$ 233,690

XXXI. Information on foreign currency assets and liabilities with significant effect

The information below is aggregated and presented in foreign currencies other than the individual functional currencies of the entities of the Consolidated Company. The disclosed exchange rates are those used to convert these foreign currencies into the functional currencies. The significant assets and liabilities denominated in foreign currencies are as follows:

Foreign currency assets	December 31, 2025			December 31, 2024
	Foreign currency	Exchange rate	NTD	Foreign currency	Exchange rate	NT$
Monetary items
USD	$ 1,123	31.430	$ 35,296	$ 900	32.735	$ 29,462
JPY	16,391	0.2008	3,291	17,806	0.2079	3,702
Foreign currency liabilities
Monetary items
USD	2,208	31.430	69,397	710	32.735	23,042

The Consolidated Company is primarily exposed to foreign exchange risk from USD and JPY.

The Consolidated Company's foreign currency exchange gains (losses) (realized and unrealized) were (NT$2,489)$ thousand and NT$1,627 thousand for 2025 and 2024, respectively. Due to the large number of foreign currency transactions and the diversity of functional currencies within the Group, exchange gains and losses cannot be disclosed by each major currency.

XXXII. Notes to the financial statements

(I) Information on significant transactions and (II) information on reinvestment:

Loaning of funds to others: Table 1.
Endorsements / Guarantees for others: See Table 2.
Significant securities held at the end of the period (excluding investments in subsidiaries, associates, and joint ventures): Table 3.
Transactions with related parties reaching NT$100 million or exceeding 20% of the paid-in capital: None.
Receivables from related parties reaching NT$100 million or exceeding 20% of paid-in capital: None.
Other: Details of business relationships and signification transactions between the parent company and its subsidiaries, and among subsidiaries, including amounts: Table 4.
Information on investees: Table 5.

(III) Information on investment from mainland China

Information on any investee in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, current income or loss and investment income or loss recognized, carrying amount of the investment at the end of the period, repatriations of investment income, and limit on the amount of investment in the mainland China area: None.
Any of the following significant transactions with investees in mainland China, either directly or indirectly through a third party, and their prices, payment terms, and unrealized gains or losses:

(1) Purchase amounts and percentages, and the related balances and percentages of accounts payable at period end: None.

69 -

(2) Sales amounts and percentages, and the related balances and percentages of accounts receivable at period end: None.
(3) Amount of property transactions and the amount of resulting gains or losses: None.
(4) The balance for notes endorsed as guarantee or collateral provided, and its purpose at period end: None.
(5) Maximum balance, ending balance, interest rate range, and total interest earned for capital lending: None.
(6) Other transactions that have a material impact on the profit or loss for the period or on the financial position, such as the provision or receipt of services: None.

XXXIII. Segment information

Information reported to chief operating decision-makers for resource allocation and segment performance assessment focuses on the types of goods or services delivered or provided. The reportable segments of the Consolidated Company are the optics segment and others.

(I) Segment revenues and operating results

The income and operating results of the Consolidated Company's continuing operations are analyzed by reportable segment as follows:

	Segment revenue		Segment income
	2025	2024	2025	2024
Optical panel	$ 378,362	$ 293,937	$ 3,040	$ 13,465
Others	111,982	14,020	(140,898)	(112,438)
Total continuing business units	$ 490,344	$ 307,957	(137,858)	(98,973)
Financial cost			(15,413)	(5,374)
Share of profit/loss of associates accounted for using the equity method			(2,184)	-
Interest income			2,411	2,570
Other income			14,687	4,325
Other profits and losses			19,548	(17,546)
Net income before tax			($ 118,809)	($ 114,998)

The revenue reported above is generated from transactions with external customers. Inter-segment sales for 2025 and 2024 had been written off.

Segment profits represent the profits earned by each segment, excluding subsidy revenue, finance costs, the share of profit or loss of associates accounted for using the equity method, interest income, other income, other expenses, loss on disposal of property, plant and equipment, net foreign exchange gains (losses), and income tax

expense. This measurement is reported to the chief operating decision-maker for allocating resources to departments and evaluating their performance.

(II) Regional information

The Consolidated Company operates mainly in two areas: Taiwan and Mainland China. Information on revenue and non-current assets from external customers for continuing operations, broken down by operating area, is presented below:

	Revenue from external customers		Non-current assets
	2025	2024	December 31, 2025	December 31, 2024 (After adjustment)
Taiwan	$ 132,413	$ 64,482	$ 1,221,619	$ 624,236
China	357,931	243,475	-	-
	$ 490,344	$ 307,957	$ 1,221,619	$ 624,236

Non-current assets exclude financial instruments, deferred tax assets, and redeemable deposits.

(III) Information on major customers

Revenues from a single customer representing 10% or more of the Consolidated Company’s total revenues are as follows:

	2025		2024
	Amount	%	Amount	%
Customer A	$ 178,602	36	$ 169,997	55
Customer B	61,042	12	-	-

AbonMax Co., Ltd.

Loaning of funds to others

January 1 to December 31, 2025

Table 1
Unit: NTD thousand

No. (Note 1)	The lender of funds	The borrower of funds	Financial statement account	Related parties or not	Highest balance this year	Balance at end of year	Actual amounts drawn (Note 5)	Interest rate range	Nature of funds loaning (Note 2)	Amount of business transactions	Reasons for the necessity of short-term financing	Amount of allowance for losses	Collateral	Financing limit for each borrower (Note 4)	Aggregate financing limit (Note 3)
Name	Value
0	AbonMax Co., Ltd.	Xin Li Energy Co., Ltd.	Short-term loans	Yes	$ 15,000	$ -	$ -	5%	2	$ -	Repayment of loans	$ -	-	$ -	$ 77,097
Xin Li Energy Co., Ltd.	Short-term loans	Yes	20,000	20,000	19,823	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Xin Li Energy Co., Ltd.	Short-term loans	Yes	30,000	30,000	-	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Abonmax Power Two Energy Co., Ltd.	Short-term loans	Yes	23,100	23,100	23,100	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Abonmax Power Two Energy Co., Ltd.	Short-term loans	Yes	9,000	9,000	4,000	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Ming Ting Co., Ltd.	Short-term loans	Yes	100	100	-	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Ming Ding Energy Co., Ltd.	Short-term loans	Yes	100	100	-	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Ming Yu Co., Ltd.	Short-term loans	Yes	100	100	74	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Ming Chao Co., Ltd.	Short-term loans	Yes	100	100	-	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Kai Fu Sheng Co., Ltd.	Short-term loans	Yes	60,000	60,000	58,304	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
Abonmax Power One Energy Co., Ltd.	Short-term loans	Yes	9,000	9,000	998	5%	2	-	Operating cash flow	-	-	-	77,097	308,388
1	Abonflux Power Co., Ltd.	Kai Fu Sheng Co., Ltd.	Short-term loans	Yes	30,000	30,000	30,000	5%	2	-	Operating cash flow	-	-	-	63,952
2	Abongreen Energy Co., Ltd.	Kai Fu Sheng Co., Ltd.	Short-term loans	Yes	20,000	20,000	20,000	2.6%	2	-	Operating cash flow	-	-	-	29,688

Note 1: The number column is completed in the following manners:
(1) 0 is the parent company.
(2) Subsidiaries are numbered sequentially in Arabic numerals, starting with 1.

Note 2: The method for completing the loan nature section is as follows:
(1) A company which the Company has business dealings with.
(2) A company in need of short-term funding.

Note 3: According to the “Procedures for Loaning of Funds to Others” the total amount of external loans by the parent company shall not exceed 40% of the net worth as reported in the Company’s most recent financial statements, and the total amount of external loans by subsidiaries shall not exceed 50% of the net worth as reported in the Company’s most recent financial statements.

Note 4: According to the “Procedures for Loaning of Funds to Others”, loans from the parent company to a single entity shall not exceed 10% of the net worth as reported in the Company’s most recent financial statements, and loans from a subsidiary to a single entity shall not exceed 40% of the net worth as reported in the Company’s most recent financial statements.

Note 5: The transactions of the consolidated entity mentioned above were written off when the consolidated financial statements were prepared.

73 -

AbonMax Co., Ltd.

Endorsements/guarantees for others:

January 1 to December 31, 2025

Table 2
Unit: NTD thousand

No.	Endorsing/guaranteeing company	Endorsed/guaranteed company		Limit of Endorsements/ Guarantees for a Single Enterprise (Note 2)	Maximum amount endorsed/ guaranteed during the year (Note 4)	Outstanding endorsement/ guarantee at year-end (Note 4)	Actual amounts drawn	Amount of property pledged as collateral for endorsements/guarantees	Ratio of cumulative endorsements/ guarantees to the net worth as reported in the Company's most recent financial statements (%)	Maximum endorsement/ guarantee limit (Note 3)	Endorsements/ guarantees made by the parent company for its subsidiaries	Endorsements/ guarantees made by the subsidiaries for its parent company	Endorsements/ guarantees made for the operations in Mainland China
		Company name	Relationship (Note 1)
0	The Company	Xin Li Energy Co., Ltd.	4	$ 1,927,425	$ 98,685	$ 98,685	$ 74,607	$ -	12.80	$ 3,083,880	Y	N	N
0	The Company	Ming Wei Solar Co., Ltd.	4	1,927,425	51,770	51,770	50,827	51,770	6.71	3,083,880	Y	N	N
0	The Company	Abonflux Power Co., Ltd.	4	1,927,425	259,800	259,800	220,907	259,800	33.70	3,083,880	Y	N	N
0	The Company	Abongreen Energy Co., Ltd.	4	1,927,425	50,000	50,000	15,977	-	6.49	3,083,880	Y	N	N
0	The Company	Abonwon Co., Ltd.	2	1,927,425	10,000	10,000		-	1.30	3,083,880	Y	N	N

Note 1: The relationship between the endorser/guarantor and endorsee/guarantee is classified into 7 categories as follows. It is only necessary to mark the type:
(1) A business associated company.
(2) Companies in which the Group directly and indirectly holds more than 50% of the voting shares below the standard.
(3) Companies with more than 50% shareholdings with voting rights of the Group directly and indirectly.
(4) Between companies in which the Group directly and indirectly holds more than 90% of the voting shares.
(5) The company needing mutual guarantee pursuant to an agreement in the same industry or between joint proprietors for undertaking engineering projects.
(6) The company received endorsements/guarantees from the shareholders proportionally to their shareholding due to a joint venture relationship.
(7) Escrow and joint and several guarantee of the contracts in the same industry that involve transaction of pre-sale houses according to the Consumer Protection Act.

Note 2: The limit of the Company's endorsements/guarantees for a single entity is capped at 60% of the net worth as reported in the Company's most recent financial statements. However, if approved by the Board of Directors, endorsements/guarantees issued to subsidiaries are not subject to this limit, but will not exceed 250% of the net worth as reported in the Company's most recent financial statements. For the endorsements and guarantees provided due to the business transactions with the Company, the amount of endorsements and guarantees provided by the Company shall not exceed the amount of business transactions between the two parties, except for the limits mentioned above. The term "business transaction amount" as used herein means the purchase or sale amount between the two parties, whichever is higher.

Note 3: The maximum amount of the Company's endorsements/guarantees is limited to 400% of the net worth as reported in the Company's most recent financial statements.

Note 4: The transactions of the consolidated entity mentioned above were written off when the consolidated financial statements were prepared.

AbonMax Co., Ltd.
Major securities held at year-end
December 31, 2025

Table 3
Unit: NTD thousand

Companies held	Types and names of securities	Relationship with the securities issuer	Account in the book	Ending balance
				Number of Shares	Book value	Shareholding percentage (%)	Fair value
The Company	Stocks
	HUAI I Precision Technology	Non-related party	Financial assets measured at fair value through other comprehensive income – non-current	582,800	$ 6,655	2.00	$ 6,655
	Careman Technology Co., Ltd.	Non-related party	Financial assets measured at fair value through other comprehensive income – non-current	1,000,000	1,448	11.27	1,448
	SYNCVISION TECHNOLOGY CORPORATION	Non-related party	Financial assets measured at fair value through other comprehensive income – non-current	400,000	1,676	2.85	1,676

Note: This table lists marketable securities deemed material by the Company.

75 -

AbonMax Co., Ltd.

Details of business relationships and signification transactions between the parent company and its subsidiaries, and among subsidiaries, including amounts

January 1 to December 31, 2025

Table 4
Unit: NTD thousand

No. (Note 1)	Company name	Counterparty	Relationship with the counterparty (Note 2)	Transaction details
				Account	Amount (Note 3)	Payment terms	% of consolidated revenue or total assets
0	The Company	Xin Li Energy Co., Ltd.	1	Other receivables	$ 20,081	Note 3	1
		Abonmax Power Two Energy Co., Ltd.	1	Other receivables	28,282	Note 3	2
		Kai Fu Sheng Co., Ltd.	1	Other receivables	60,352	Note 3	3
1	Abongreen Energy Co., Ltd.	Kai Fu Sheng Co., Ltd.	2	Other receivables	20,201	Note 3	1
		Abonflux Power Co., Ltd.	2	Advance receipts	106,362	Note 3	6
		Xin Li Energy Co., Ltd.	2	Advance receipts	71,054	Note 3	4
2	Abonflux Power Co., Ltd.	Kai Fu Sheng Co., Ltd.	2	Other receivables	30,579	Note 3	2

Note 1: The information on transactions between the parent company and its subsidiaries shall be indicated in the No. column as follows:
(1) The parent company is "0".
(2) Subsidiaries are numbered sequentially in Arabic numerals, starting with 1.

Note 2: Relationship with the counterparty: (1) Parent company to subsidiary, (2) Subsidiary to subsidiary.

Note 3: Written off.

Note 4: As stipulated in the contract.

Note 5: Transaction amounts below 1% of total consolidated revenue or total assets are not disclosed.

AbonMax Co., Ltd and its Subsidiaries

Information on investees, their locations, and other relevant details.

January 1 to December 31, 2025

Table 5: Unit: NT$ thousand

Name of the investing company	Name of the investee	Location	Main business activities	Original investment amount	Held at year-end	Profit (loss) of the investee for the year.	Investment gain (loss) for the year	Remark
End of this year	End of last year	Number of Shares	Ratio (%)	Book value
The Company	GOAL REACH HOLDINGS LIMITED	Samoa		$ -	$ -	-	100	$ -
Abongreen Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	76,000	76,000	7,600,000	100	91,138	16,919
Abonmax Power One Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	2,200	2,200	220,000	100	1,847	(196)
Ming Wei Solar Co., Ltd.	Taoyuan City	Renewable energy power generation	75,000	15,000	7,500,000	100	77,219	2,346
Abonwon Co., Ltd.	Taoyuan City	Sales of electronic parts	5,100	5,100	510,000	51	402	(8,870)
Xin Li Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	20,257	20,257	1,000	100	15,600	(3,682)
Abonflux Power Co., Ltd.	Taoyuan City	Renewable energy power generation	273,197	173,197	18,000,000	100	263,770	3,226
Abonmax Power Two Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	51,700	200	5,170,000	100	30,186	(21,511)
Hong Wang Investment Co., Ltd.	Taoyuan City	General investment	200	-	20,000	100	173	(27)
Formosa Standard Reference Materials Co., Ltd	Taoyuan City	Basic chemical industry	19,800	-	6,600,000	16	17,616	(16,686)
Abongreen Energy Co., Ltd.	Yunan Energy Development Investment Co., Ltd.	Taoyuan City	General investment	15,000	15,000	1,500,000	50	12,207
Yunan Energy Development Investment Co., Ltd.	Xuwang Green Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	17,000	17,000	1,700,000	100	21,555
Liu Jia Yi Power Co., Ltd.	Taoyuan City	Renewable energy power generation	10,000	10,000	1,000,000	100	2,053	(4,616)
Ririwang Renewable Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	2,005	2,005	200,500	100	(70)	(1,912)
Abonmax Power Two Energy Co., Ltd.	Ming Ting Co., Ltd.	Taoyuan City	Renewable energy power generation	-	20	-	-	-
Ming Ding Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	-	20	-	-	-	(74)
Ming Yu Co., Ltd.	Taoyuan City	Renewable energy power generation	20	20	2,000	100	(119)	(139)
Ming Chao Co., Ltd.	Taoyuan City	Renewable energy power generation	-	20	-	-	-	(75)
Kai Fu Sheng Co., Ltd.	Taoyuan City	Renewable energy power generation	75,510	-	2,351,000	100	56,256	(21,918)
Ming Yu Co., Ltd.	Liboda Co., Ltd.	Tainan City	Renewable energy power generation	10	-	1,020	51	(43)
Kai Fu Sheng Co., Ltd.	Mingkai Power Co., Ltd.	Taoyuan City	Renewable energy power generation	100	-	10,000	100	83
Abonflux Power Co., Ltd.	Yiqiwang Sustainable Technology Co., Ltd.	Taoyuan City	Renewable energy power generation	100	-	10,000	100	80

Note: The transactions of the consolidated entity mentioned above were written off when the consolidated financial statements were prepared.

AI assistant

PWT — Audit Report / Information 2025

52077_rns_2026-05-22_edd52c5f-e262-4249-90c4-05a47bcef19c.pdf

Consolidated Financial Statements and Independent Auditor's Report

Statement on the Consolidated Financial Statements of Affiliated Companies

Audit Opinions

Basis for opinion

Key audit matters

Other Matters

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

Auditor's responsibilities for the audit of the consolidated financial statements

IV. Summary of Significant Accounting Policies

(I) Compliance statement

(II) Basis of preparation

(III) Classification of current and non-current assets and liabilities

2. Impairment of financial assets

Financial liabilities

XVII. Loans

(I) Short-term bank loans

(II) Short-term notes payable

(III) Long-term bank loans

XVIII Other accounts payable

(IV) Non-controlling interests

XXI. Revenue

(I) Contract balance

XXIII. Income tax

3. Goodwill

(III) Acquisition of subsidiary – Xin Li Energy Co

XXVI. Capital risk management

XXVII. Financial instruments

1. Fair value hierarchy

Sensitivity analysis

(2) Interest rate risk

XXVIII. Related party transactions

XXIX. Assets pledged as collateral

XXX. Significant contingent liabilities and unrecognized contract commitments

XXXI. Information on foreign currency assets and liabilities with significant effect

XXXII. Notes to the financial statements

XXXIII. Segment information

(I) Segment revenues and operating results

(II) Regional information

(III) Information on major customers

AbonMax Co., Ltd and its Subsidiaries

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PWT Audit Report / Information 2025