Stock Code: 2429

(English Translation of parent Company Only Financial Statements and Report Originally Issued in Chinese)

AbonMax Co., Ltd.

Parent company only financial statement 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 parent company only 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 parent company only financial statements, the Chinese version shall prevail

§Table of Contents§

Item		Page	Financial statements Note Number
I.	Front cover	1	-
II.	Table of Contents	2	-
III.	Independent Auditor’s Report	3-6	-
IV.	Individual Balance Sheet	7	-
V.	Parent Company Only Statement of Comprehensive Income	8-9	-
VI.	Parent Company Only Statement of Changes in Equity	10	-
VII.	Parent Company Only Statement of Cash Flows	11-12	-
VIII.	Notes to the Parent Company Only Financial Statements
	(I) Company History	13	2
	(II) Date and Procedures for Approval of Financial Statements	13	2
	(III) Application of New and Revised Standards and Interpretation	13-16	3
	(IV) Summary of Significant Accounting Policies	16-29	4
	(V) Significant Accounting Judgments and Estimations, and Main Sources of Assumption Uncertainties	29	5
	(VI) Description of Major Account Titles	29-52	6- 26
	(VII) Related Party Transactions	52-56	27
	(VIII) Pledged Assets	56	28
	(IX) Significant Contingent Liabilities and Unrecognized Contract Commitments	56	29
	(X) Significant Losses from Disasters	-	-
	(XI) Significant Subsequent Events	-	-
	(XII) Information on Foreign Currency Financial Assets and Liabilities With Significant Effect	57	30
	(XIII) Supplementary Disclosures
	1. Information on Major Transactions	57, 59-62	31
	2. Information on Invested Companies	57, 63	31
	3. Information on Investment in Mainland China	57-58	31
IX.	Major Account Title List	64-73	-

Independent Auditors' Report

To the AbonMax Co., Ltd:

Audit opinions

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

In our opinion, the accompanying parent company only financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its parent company only financial performance and its parent company only cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

The basis for opinions

We concluded our audits in accordance with the regulations governing auditing and attestation of financial statements by certified public accountants and auditing standards. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the parent company only financial statements section of our report. We were independent of AbonMax Co., Ltd. in accordance with the Norms of Professional Ethics for Certified Public Accountants and fulfilled all other responsibilities thereunder. 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 parent company only financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the parent company only 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 parent company only financial statements of the Company 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 information

The parent company only financial statements of the Company 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 parent company only financial statements

Management is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Firms, and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements free from material misstatement, whether due to fraud or error.

In preparing the parent company only 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 Company or to cease operations, or has no realistic alternative but to do so.

AbonMax Co., Ltd.'s governance unit (including the Audit Committee) was responsible for supervising the financial reporting procedures.

Auditor’s responsibilities for the audit of the parent company only financial statements

Our objectives are to obtain reasonable assurance about whether the parent company only 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 can arise from 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 parent company only financial statements, the misstatement was deemed as material.

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

We identified and evaluated the risk of any misstatements in the separate financial statements due to fraud or errors, designed and implemented applicable response measures for the evaluated risks, and acquired sufficient and appropriate audit evidence to base our audit opinions. 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.
We understood the internal control related to the audit to an extent necessary to design audit procedures applicable to the current circumstance; however, the purpose of such work was not to express opinions toward the effectiveness of AbonMax Co., Ltd.’s internal control.
We evaluated the appropriateness of the accounting policies adopted by the management
5 -

and the rationality of the accounting estimates and relevant disclosures made by the management.

We drew a conclusion about the appropriateness of applying the going concern basis of accounting by management and whether the events or circumstances that might cause major doubts about AbonMax Co., Ltd.'s ability to continue as a going concern had a material uncertainty. If any material uncertainty is deemed to exist in such events or circumstances, we must provide a reminder in the parent company only financial statements for users to pay attention to the relevant disclosures therein, or amend our audit opinions when such disclosures are inappropriate. Our conclusions are based on the audit evidence obtained up to the date of the auditor's report. However, future events or circumstances might result in a situation where AbonMax Co., Ltd. would no longer have the ability of going concern.
We evaluated the overall presentation, structure and contents of the parent company only financial statements (including relevant notes), and whether the parent company only financial statements presented relevant transactions and events fairly.
We acquired sufficient and appropriate audit evidence with respect to the financial information of the entities comprising the Group to provide opinions on the parent company only financial statements. We are responsible for the direction, supervision, and performance of the company 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 provide those in charge of governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable (related safeguards).

We determined the key audit matters to be audited in AbonMax Co., Ltd.'s parent company only financial statements for 2025 based on the matters communicated with the governance unit. 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

March27,2026

Notes to Readers

The accompanying parent company only financial statements are intended only to present the parent company only 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 parent company only financial statements are those generally accepted and applied in the Republic of China.

AbonMax Co., Ltd.

Parent Company Only Balance Sheet

December 31, 2025 and 2024

Unit: NT$ thousands

Code	Assets	December 31, 2025		December 31, 2024
		Amount	%	Amount	%
Current assets
1100	Cash and cash equivalents (Note 6)	$ 56,220	6	$ 400,518	39
1136	Financial assets at amortized cost - current (Notes 7 and 28)	5,972	1	4,583	-
1170	Accounts receivable - non-related parties (Notes 9 and 20)	-	-	3,848	-
1206	Other receivables (Notes 9, 23 and 27)	111,320	11	20,194	2
130X	Inventory (Note 10)	118,621	12	70,135	7
1476	Other financial assets - current (Note 28)	14,752	1	13,845	1
1479	Other current assets (Notes 15 and 27)	22,598	2	91,471	9
11XX	Total current assets	329,483	33	604,594	58
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 11)	497,951	49	289,427	28
1600	Property, plant and equipment (Notes 12, 28 and 29)	59,676	6	61,464	6
1755	Right-of-use assets (Note 13)	7,416	1	28,774	3
1805	Intangible assets (Notes 14 and 27)	1,460	-	2,462	-
1840	Deferred tax assets (Note 22)	22,160	2	22,160	2
1980	Other financial assets - non-current	2,820	-	2,609	-
1990	Other non-current assets (Note 15)	76,069	8	19,726	2
15XX	Total non-current assets	677,331	67	436,537	42
1XXX	Total assets	$ 1,006,814	100	$ 1,041,131	100
Code	Liabilities and equity
Current liabilities
2100	Short-term borrowings (Note 16)	$ 86,651	9	$ 23,356	2
2130	Contract liabilities - current (Note 20)	14,883	2	9,662	1
2152	Notes payable	-	-	51,959	5
2170	Accounts payable - non-related parties	54,760	5	-	-
2180	Accounts payable - related parties (Note 27)	-	-	7,158	1
2200	Other payables - non-related parties (Note 17)	13,642	1	11,051	1
2220	Other payables - related parties (Note 27)	17	-	4,777	1
2280	Lease liabilities - current (Note 13)	3,809	-	7,097	1
2320	Long-term loans due within one year (Note 16)	15,976	2	4,697	-
2399	Other current liabilities (Note 27)	462	-	4,299	-
21XX	Total current liabilities	190,200	19	124,056	12
Non-current liabilities
2540	Long-term borrowings (Note 16)	41,334	4	4,036	-
2580	Lease liabilities - non-current (Note 13)	3,890	-	22,009	2
2670	Other non-current liabilities	420	-	-	-
25XX	Total non-current liabilities	45,644	4	26,045	2
2XXX	Total liabilities	235,844	23	150,101	14
Equity
3110	Common stock	855,000	85	855,000	82
3200	Capital reserve	451,199	45	451,199	43
3350	Losses to be covered	( 522,015 )	( 52 )	( 402,091 )	( 38 )
3400	Other equity	( 13,214 )	( 1 )	( 13,078 )	( 1 )
3XXX	Total equity	770,970	77	891,030	86
	Total liabilities and equity	$ 1,006,814	100	$ 1,041,131	100

The accompanying notes are an integral part of the parent company only 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.
Parent Company Only Statement 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 20 and 27)	$ 409,804	100	$ 306,212	100
5000	Operating costs (Notes 10, 21 and 27)	403,330	98	298,945	98
5900	Operating gross margins	6,474	2	7,267	2
	Operating expenses (Notes 21 and 27)
6100	Selling expenses	19,702	5	25,639	8
6200	Administrative expenses	47,803	12	62,691	21
6300	Research and Development expenses	57,626	14	12,703	4
6450	Expected loss from credit impairment	2,159	-	3,012	1
6000	Total operating expenses	127,290	31	104,045	34
6900	Net Operating Loss	( 120,816 )	( 29 )	( 96,778 )	( 32 )
	Non-operating income and expenses
7100	Interest income	5,616	1	2,419	1
7010	Other income (Notes 21 and 27)	14,090	3	4,166	1
7020	Other gains and losses (Note 21)	( 2,116 )	-	( 17,473 )	( 6 )
7050	Finance costs (Notes 21 and 27)	( 3,883 )	( 1 )	( 4,483 )	( 1 )
7060	Share of profit or loss of affiliates accounted for under the equity method (Note 11)	( 12,815 )	( 3 )	( 1,662 )	-
7000	Total non-operating income and expenses	892	-	( 17,033 )	( 5 )

(continued on next page)

(continued from previous page)

Code		2025		2024
		Amount	%	Amount	%
7900	Net profit (loss) before tax	($ 119,924)	( 29 )	($ 113,811)	( 37 )
7950	Income tax expenses (Note 22)	-	-	19,020	6
8200	Net loss for the period	( 119,924)	( 29 )	( 132,831)	( 43 )
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 from translation of foreign financial statements	-	-	43	-
8300	Other comprehensive income for the year (net after tax)	( 136 )	-	( 4,829)	( 2 )
8500	Total comprehensive income for the period	($ 120,060)	( 29 )	($ 137,660)	( 45 )
9750	Loss per share
	Basic	($ 1.40 )		($ 2.17 )
9850	dilution	($ 1.40 )		($ 2.17 )

The accompanying notes are an integral part of the parent company only 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.
Parent Company Only Statement of Changes in Equity
From January 1 to December 31, 2025 and 2024

Unit: NTD thousand

Code		Common stock	Capital reserve	Retained earnings	Other equity		Total equity
			(Note 19)	Losses to be covered	Exchange differences from translation of foreign financial statements	Unrealized gain or loss on financial assets measured at fair value through other comprehensive income
A1	Balance as of January 1, 2024	$ 437,482	$ 73,535	($ 269,260)	($ 43)	($ 8,206)	$ 233,508
E1	Cash capital increase	417,518	353,664	-	-	-	771,182
N1	Share-based payment transaction	-	24,000	-	-	-	24,000
D1	2024 net loss	-	-	( 132,831)	-	-	( 132,831)
D3	Other comprehensive income after tax for 2024	-	-	-	43	( 4,872)	( 4,829)
D5	Total comprehensive income for 2024	-	-	( 132,831)	43	( 4,872)	( 137,660)
Z1	Balance as of December 31, 2024	855,000	451,199	( 402,091)	-	( 13,078)	891,030
D1	Net loss in 2025	-	-	( 119,924)	-	-	( 119,924)
D3	Other comprehensive income after tax for 2025	-	-	-	-	( 136)	( 136)
D5	Total comprehensive income for 2025	-	-	( 119,924)	-	( 136)	( 120,060)
Z1	Balance as of December 31, 2025	$ 855,000	$ 451,199	($ 522,015)	$ -	($ 13,214)	$ 770,970

The accompanying notes are an integral part of the parent company only 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.
Parent Company Only Statement of Cash Flows
From January 1 to December 31, 2025 and 2024
Unit: NTD thousand

Code		2025	2024
Cash flows from operating activities
A10000	Net loss before tax for the year	($ 119,924)	($ 113,811)
A20010	Income/expense items:
A20100	Depreciation expense	9,496	16,245
A20200	Amortization expense	1,261	391
A20300	Expected loss from credit impairment	2,159	3,012
A20900	Financial cost	3,883	4,483
A21200	Interest income	( 5,616)	( 2,419)
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	12,815	1,662
A22500	Gains on disposals of property, plant and equipment	( 100)	( 314)
A22600	Impairment loss on property, plant and equipment	-	10,639
A21900	Cost of share-based remuneration	-	24,000
A22000	Impairment loss of financial assets	-	2,970
A21100	Impairment loss of non-financial assets	404	6,271
A23100	Disposal of investment gains	-	( 997)
A29900	Lease modification loss (gain)	( 177)	83
Net changes in operating assets and liabilities
A31130	Notes receivable	-	286
A31150	Accounts receivable	2,512	1,539
A31180	Other receivables	( 89,253)	-
A31200	Inventory	( 55,079)	( 32,053)
A31240	Other current assets	68,873	( 73,292)
A32125	Contract liabilities	5,221	8,150
A32130	Notes payable	( 51,959)	-
A32150	Accounts payable	47,602	3,783
A32180	Other payables	( 2,169)	3,963
A32230	Other current liabilities	( 3,837)	2,178
A33000	Cash generated from operations	( 167,295)	( 136,029)
A33100	Interest received	1,498	2,419
A33300	Interest paid	( 3,883)	( 4,483)
A33500	Refund of income tax paid	1,422	( 2,050)
AAAA	Net cash outflow from operating activities	( 168,258)	( 140,143)

(continued on next page)

(continued from previous page)

Code		2025	2024
	Cash flows 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	( 231,500)	( 208,794)
B01900	Disposal of long-term equity investment accounted for using the equity method	-	2,249
B02700	Purchase of property, plant and equipment	( 3,771)	( 1,645)
B02800	Proceeds from disposal of property, plant and equipment	100	1,912
B04500	Acquisition of intangible assets	( 259)	( 2,161)
B06500	Decrease (increase) of other financial assets	( 1,118)	78,785
B06700	Increase in other non-current assets	( 56,747)	( 13,613)
B07600	Dividends received from subsidiaries	10,161	-
BBBB	Net cash outflow from investing activities	( 284,523)	( 147,850)
	Cash flows from financing activities
C00100	Increase (decrease) in short-term loans	63,295	( 76,849)
C01600	Taking out long-term loans	62,000	-
C01700	Repayment of long-term loans	( 13,423)	( 36,594)
C03000	Increase (decrease) in guarantee deposits	420	( 103)
C04020	Principal repayment of lease liabilities	( 3,809)	( 8,064)
C04600	Cash capital increase	-	771,182
CCCC	Net cash inflow from financing activities	108,483	649,572
EEEE	Net increase (decrease) in cash and cash equivalents during the year	( 344,298)	361,579
E00100	Cash and cash equivalents balance at beginning of year	400,518	38,939
E00200	Cash and cash equivalents at end of year	$ 56,220	$ 400,518

The accompanying notes are an integral part of the parent company only 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.
Notes to the Parent Company Only Financial Statements
January 1 to December 31, 2025 and 2024
(In NT$ thousands, unless otherwise specified)

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 separate financial statements are stated in the Company's functional currency NTD.

II. Date and Procedures for Approval of Financial Statements

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

III. Application Of New Standards, Amendments And Interpretations

(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 application of IFRSs endorsed and announced by the FSC will not cause material changes in the accounting policies of the Company.

14 -

(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 parent company only financial statements, the 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 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 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 Company only marks "other" in the absence of more information.
Disclosure of Performance Measures Defined by Management: When the 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 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 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 Company shall be classified as investment activities, and interest and dividends paid shall be classified as
16 -

financing activities. If the Company is assessed to have specific main business activities, it must consider the types of dividend income, 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 parent company only financial statements, the 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 separate financial statements are prepared in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers."

(II) Basis of preparation

The parent company only 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
17 -

Cash and cash equivalents (excluding those that are restricted for exchanging or settling liabilities more than 12 months after the balance sheet date.

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) 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 parent company only 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 Company disposes of all interests in a foreign operation, all cumulative

18 -

translation adjustments attributable to the owners of the Company and related to that foreign operation will be reclassified to profit or loss.

(V) Inventories

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.

(VI) Investment in subsidiaries

The Company adopts the equity method to account for its investments in subsidiaries.

Subsidiaries refer to entities controlled by the Company.

Under the equity method, the investment is initially recognized at cost, and the carrying amount after acquisition increases or decreases with the Company's share of the subsidiary's profit or loss and other comprehensive income, as well as profit distributions. In addition, changes in other equity interests of subsidiaries attributable to the Company are recognized based on its shareholding ratio.

Changes in the Company's ownership interests in subsidiaries that do not result in the Company losing control over the subsidiaries are accounted for as equity transactions. The difference between the carrying amount of the investment and the fair value of the consideration paid or received is recognized directly in equity.

When the Company's share of a subsidiary's losses equals or exceeds its equity in that subsidiary, it continues to recognize losses proportionally based on its ownership stake.

When assessing impairments, the Company considers cash-generating units (CGUs) as a whole in the financial statements and compares their recoverable amounts with their carrying amounts. Subsequently, if the recoverable amount of the asset increases, the reversal of impairment loss shall be recognized as profit, but the asset's carrying amount after the reversal shall not exceed it carrying amount before the impairment loss was recognized, less accumulated depreciation.

When control over a subsidiary is lost, the Company measures its remaining investment in the former subsidiary at fair value at the date of loss of control. The

19 -

difference between the fair value of the remaining investment and the carrying amount of the investment on the date of loss of control, if any, is recognized in profit or loss for the period. In addition, all amounts recognized in other comprehensive income related to the subsidiary are accounted for on the same basis as if the Company had directly disposed of the related assets or liabilities.

Unrealized gains and losses from upstream transactions between the Company and its subsidiaries are eliminated in the individual financial statements. The profits or losses arising from upstream and lateral transactions between the Company and its subsidiaries are recognized in the parent company only financial statements only to the extent they do not relate to the Company's interest in its subsidiaries.

(VII) Investments in associates

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

The 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 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 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 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

20 -

the capital surplus, and the balance of the capital surplus generated from the investment under the equity method is insufficient, the difference is debited to the retained earnings.

When the Company evaluates impairment, it considers the entire carrying amount of the investment as a single asset, comparing its recoverable amount to its 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. 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 Company and its associates is recognized in the parent company only financial statements only to the extent that it does not affect the Company's interests in the associates.

(VIII) 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 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.

(IX) Intangible assets

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 Company conducts at least one annual review at

21 -

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.

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.

(X) Impairment of assets related to property, plant and equipment, right-of-use assets, investment properties, and intangible assets.

The 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 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 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.

(XI) Financial instruments

Financial assets and financial liabilities shall be recognized in the parent company only balance sheet when the 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.

22 -

23 -

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 Company are financial assets measured at amortized cost and equity investments measured at fair value through other comprehensive income.

(1) Financial assets at amortized cost

The 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 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 Company's right to receive dividends is established unless such dividends clearly represent the recovery of a part of the investment cost.

Impairment of financial assets

The 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.

24 -

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

(1) Internal or external information indicates that it is impossible for the debtor to settle the debt.

(2) It is overdue for more than 180 days, unless there is reasonable and corroborative information showing that a default date postponed is more 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 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.

(XII) Revenue recognition

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

25 -

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.

Commodity 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.

(XIII) Lease

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

The 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 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 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

26 -

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 parent company only 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 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 parent company only balance sheet.

(XIV) 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.

(XV) Government subsidies

Government grants are recognized only when there is reasonable assurance that the 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

27 -

compensate are recognized as expenses by the Company. Government grants conditioned on the 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 Company with no future related costs.

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

(XVII) Income tax

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

Current income tax

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

28 -

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, except when the 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 Company expects, at the end of the reporting period, to recover or

29 -

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.

30 -

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

In the application of the 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	$ 30	$ 77
Bank checks and checking accounts	56,190	400,441
	$ 56,220	$ 400,518

VII. Financial assets measured 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 28.

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

Name of the investee	December 31, 2025	December 31, 2024
Unlisted domestic common stocks
HUAI I PRECISION
TECHNOLOGY CO., LTD.	$ 6,655	$ 7,186
CAREMAN TECHNOLOGY CO., LTD.	1,448	589
SYNCVISION TECHNOLOGY CORPORATION	1,676	2,140
	$ 9,779	$ 9,915

The 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 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	$ 4,885	$ 7,397
Less: Allowance for losses	( 4,885 )	( 3,549 )
	$ -	$ 3,848
Other receivables
Related parties (Note 27)	$ 109,836	$ 20,194
Others	4,761	2,454
Less: Allowance for losses	( 3,277 )	( 2,454 )
	$ 111,320	$ 20,194

(I) Accounts receivable

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

To mitigate credit risk, management of the 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 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 Company believes its credit risk has been significantly reduced.

The 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 Company does not reasonably expect to recover the amount, the 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.

32 -

The 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%-21.34%	100%
Gross carrying amount	$ -	$ -	$ -	$ -	$ 4,885	$ 4,885
Loss allowance (lifetime expected credit losses)	-	-	-	-	( 4,885 )	( 4,885 )
Amortized cost	$ -	$ -	$ -	$ -	$ -	$ -
December 31, 2024
Expected credit loss rate	0%-0.75%	0%-0.75%	0%-50%	0%-41%	100%
Gross carrying amount	$ 76	$ 45	$ 6,258	$ 1,018	$ -	$ 7,397
Loss allowance (lifetime expected credit losses)	-	-	( 3,132 )	( 417 )	-	( 3,549 )
Amortized cost	$ 76	$ 45	$ 3,126	$ 601	$ -	$ 3,848

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	1,336	3,012
Actual write-offs for the year	-	( 3,350 )
Balance at end of year	$ 4,885	$ 3,549

(II) Other receivables

The 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
Merchandise	$ 111,660	$ 70,014
Raw materials	6,723	-
Finished goods	238	-
Work in process	-	121
	$ 118,621	$ 70,135

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

	2025	2024
Cost of goods sold	$ 393,402	$ 292,561
Losses (reversal gains) on inventory write-downs and obsolescence	6,593	( 2,798 )
Unallocated manufacturing expenses	3,335	9,305
Others	-	( 123 )
	$ 403,330	$ 298,945

The 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. Investments accounted for using the equity method

	December 31, 2025	December 31, 2024
Investment in subsidiaries	$ 480,335	$ 289,427
Investments in associates	17,616	-
	$ 497,951	$ 289,427

(I) Investment in subsidiaries

Investment in subsidiaries	December 31, 2025	December 31, 2024
Non-listed companies
GOAL REACH HOLDINGS LIMITED	$ -	$ -
Abongreen Energy Co., Ltd.	91,138	74,219
Abonmax Power One Energy Co., Ltd.	1,847	2,043
Ming Wei Solar Co., Ltd.	77,219	14,873
Abonwon Co., Ltd.	402	4,926
Xin Li Energy Co., Ltd.	15,600	19,972
Abonflux Power Co., Ltd.	263,770	173,197
Abonmax Power Two Energy Co., Ltd.	30,186	197
Hong Wang Investment Co., Ltd.	173	-
	$ 480,335	$ 289,427

Subsidiary name	Percentage of ownership and voting rights (%)
	December 31, 2025	December 31, 2024
GOAL REACH HOLDINGS LIMITED	100	100
Abongreen Energy Co., Ltd.	100	100
Abonmax Power One Energy Co., Ltd.	100	100
Ming Wei Solar Co., Ltd.	100	100
Abonwon Co., Ltd.	51	51
Xin Li Energy Co., Ltd.	100	100
Abonflux Power Co., Ltd.	100	100
Abonmax Power Two Energy Co., Ltd.	100	100
Hong Wang Investment Co., Ltd.	100	-

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 Company holds a 51% investment stake.

The Company acquired 100% equity interest in Xin Li Energy Co on December 3, 2024, and gained 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.

The 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.

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

(II) Investments in associates

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

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 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.

Aggregated financial information of non-material associates of the Company

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

XII. Property, plant, and equipment

	Land	Housing and construction	Machinery and equipment	Other equipment	Total
Cost
Balance as of January 1, 2025	$ 16,511	$ 33,276	$ 39,881	$ 11,706	$ 101,374
Addition	-	-	-	3,771	3,771
Disposal	-	-	( 16,784 )	( 2,321 )	( 19,105 )
Balance as of December 31, 2025	$ 16,511	$ 33,276	$ 23,097	$ 13,156	$ 86,040
Accumulated depreciation and impairment losses
Balance as of January 1, 2025	$ -	$ 3,328	$ 29,306	$ 7,276	$ 39,910
Addition	-	951	2,075	2,533	5,559
Disposal	-	-	( 16,784 )	( 2,321 )	( 19,105 )
Balance as of December 31, 2025	$ -	$ 4,279	$ 14,597	$ 7,488	$ 26,364
Net amount as of December 31, 2025	$ 16,511	$ 28,997	$ 8,500	$ 5,668	$ 59,676
Cost
Balance as of January 1, 2024	$ 16,511	$ 33,276	$ 105,642	$ 18,730	$ 174,159
Addition	-	-	-	1,645	1,645
Disposal	-	-	( 65,761 )	( 8,704 )	( 74,465 )
Reclassification	-	-	-	35	35
Balance as of December 31, 2024	$ 16,511	$ 33,276	$ 39,881	$ 11,706	$ 101,374
Accumulated depreciation and impairment losses
Balance as of January 1, 2024	$ -	$ 2,377	$ 79,179	$ 13,185	$ 94,741
Addition	-	951	4,341	2,105	7,397
Disposal	-	-	( 64,853 )	( 8,014 )	( 72,867 )
Impairment loss	-	-	10,639	-	10,639
Balance as of December 31, 2024	$ -	$ 3,328	$ 29,306	$ 7,276	$ 39,910
Net amount as of December 31, 2024	$ 16,511	$ 29,948	$ 10,575	$ 4,430	$ 61,464

Due to poor market sales of glass and bicycle products from the new product business department, the 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
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 28.

XIII. Lease agreement

(I) Right-of-use assets

	December 31, 2025	December 31, 2024
Book value of right-of-use assets
Housing and construction	$ 5,894	$ 28,774
Transportation equipment	1,522	-
	$ 7,416	$ 28,774
	2025	2024
Addition of right-of-use assets	$ 1,956	$ 33,374
Depreciation expense for right-of-use assets
Land	$ -	$ 75
Housing and construction	3,502	8,365
Transportation equipment	435	408
	$ 3,937	$ 8,848

In addition to the abovementioned additions and recognition of depreciation expenses, the 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
Book value of lease liabilities
Current	$ 3,809	$ 7,097
Non-current	$ 3,890	$ 22,009

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

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

(III) Important lease events and terms

The Company leases the buildings for use as office space for a term of 3 years. Upon termination of the lease, the lessee shall have no right of first refusal to purchase the leased asset, and agrees not to sublet or assign the leased asset in whole or in part without the lessor's consent.

38 -

(IV) Other lease information

	2025	2024
Short-term rental expense	$ 620	$ 628
Total cash (outflow) from lease	$ 4,640	$ 9,160

The Company has elected to apply the recognition exemption to equipment leases that qualify as short-term leases, and will not recognize related right-of-use assets and lease liabilities for these leases.

XIV. Intangible assets

	Computer software	Patent right	Others	Total
Cost
Balance as of January 1, 2025	$ 1,800	$ 559	$ 1,773	$ 4,132
Acquired separately	259	-	-	259
Balance as of December 31, 2025	$ 2,059	$ 559	$ 1,773	$ 4,391
Accumulated amortization and impairment loss
Balance as of January 1, 2025	$ 915	$ 317	$ 438	$ 1,670
Amortization expense	152	31	1,078	1,261
Balance as of December 31, 2025	$ 1,067	$ 348	$ 1,516	$ 2,931
Net amount as of December 31, 2025	$ 992	$ 211	$ 257	$ 1,460
Cost
Balance as of January 1, 2024	$ 1,140	$ 559	$ 272	$ 1,971
Acquired separately	660	-	1,501	2,161
Balance as of December 31, 2024	$ 1,800	$ 559	$ 1,773	$ 4,132
Accumulated amortization and impairment loss
Balance as of January 1, 2024	$ 812	$ 286	$ 181	$ 1,279
Amortization expense	103	31	257	391
Balance as of December 31, 2024	$ 915	$ 317	$ 438	$ 1,670
Net amount as of December 31, 2024	$ 885	$ 242	$ 1,335	$ 2,462

XV. Other assets

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

	December 31, 2025	December 31, 2024
Current
Prepayments for goods	$ 8,305	$ 87,338
Import duties and retained tax credit	4,724	1,976
Others	9,569	2,157
	$ 22,598	$ 91,471
Non-current
Prepayments for property	$ 55,090	$ 19,726
Others	20,979	-
	$ 76,069	$ 19,726

XVI. Loans

(I) Short-term bank loans

	December 31, 2025	December 31, 2024
Secured loan
Bank loans	$ 29,230	$ 23,356
Unsecured loans
Credit loans	57,421	-
	$ 86,651	$ 23,356
Annual interest rate (%)	2.45-5.73	6.45

(II) Long-term bank loans

	December 31, 2025	December 31, 2024
Secured loan
Mortgage loans	$ 44,681	$ 8,733
Unsecured loans
Credit loans	12,629	-
	57,310	8,733
Less: due within one year	( 15,976 )	( 4,697 )
Long-term bank loans	$ 41,334	$ 4,036
Annual interest rate (%)	2.96-3.37	3.37

The Consolidated Company's financing limit is secured by restricted bank deposits and property, plant, and equipment. Please refer to Note 28.

40 -

41 -

XVII. Other payables

Salaries and bonuses due
Others

December 31, 2025	December 31, 2024
$ 3,745	$ 2,588
9,897	8,463
$ 13,642	$ 11,051

XVIII. Post-employment benefit plans

(I) Defined benefit plan

The Company'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 Company's pension reserve is sufficient to cover pension payments, so it applied to the Department of Labor, Taoyuan City Government for a suspension of contributions, which was approved. Furthermore, there have been no significant market fluctuations or major reductions, settlements, or other significant one-time events since the end of the previous year.

(II) Defined contribution plan

For the Company's pension expenses under the defined contribution pension plan, which have been appropriated to the Bureau of Labor Insurance, please refer to Note 21.

XIX. 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.

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.

XX. Revenue

	2025	2024
Customer contract revenue
Commodity sales revenue	$ 409,804	$ 306,212
(I) Contract balance
	2025	2024
Accounts receivable	$ -	$ 3,848
Contract liabilities – current
Merchandise sales	$ 14,883	$ 9,662
(II) Breakdown of customer contract revenue
	2025	2024
Key regional markets
Taiwan	$ 52,855	$ 62,737
China	356,949	243,475
	$ 409,804	$ 306,212
Key products
Optical panel	$ 378,362	$ 293,937
Others	31,442	12,275
	$ 409,804	$ 306,212

XXI. Net profit

(I) Other income
	2025	2024
Rent income	$ 531	$ 967
Others	13,559	3,199
	$ 14,090	$ 4,166

(II) Other profits and losses

	2025	2024
Gains on disposals of property, plant and equipment	$ 100	$ 314
Impairment of property, plant and equipment	-	( 10,639 )
Disposal of investment gains	-	997
Gain (loss) on lease modification	177	( 83 )
Impairment loss of non-financial assets	( 404 )	( 6,271 )
Foreign exchange gain (loss)	( 1,986 )	1,627
Impairment loss of financial assets	-	( 2,970 )
Others	( 3 )	( 448 )
	($ 2,116)	($ 17,473)

(III) Financial cost

	2025	2024
Interest expense	$ 3,883	$ 4,483

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

By nature	Classified as Operating Cost	Classified as Operating Expense	Total
2025
Employee benefit expense
Payroll expense	$ -	$ 46,593	$ 46,593
Labor and health insurance expense	-	4,113	4,113
Pension expense	-	2,130	2,130
Other employee benefits	-	2,516	2,516
Remuneration to directors	-	1,993	1,993
Depreciation expense	3,335	6,161	9,496
Amortization expense	-	1,261	1,261
2024
Employee benefit expense
Payroll expense	123	56,768	56,891
Labor and health insurance expense	13	2,879	2,892
Pension expense	7	1,550	1,557
Other employee benefits	7	1,462	1,469
Remuneration to directors	-	2,181	2,181
Depreciation expense	9,698	6,547	16,245
Amortization expense	-	391	391

The Company had 56 and 43 employees in 2025 and 2024, respectively, including three and two directors who were not concurrently employees. The calculation basis is consistent with employee benefit expenses.

The Company's average employee benefit expenses were NT$1,044 thousand and NT$1,532 thousand in 2025 and 2024, respectively. The average employee salary expenses were NT$879 thousand and NT$1,388 thousand, respectively. The adjusted change in average employee salary expenses was a decrease of 36.67%.

Salary and remuneration policy

The remuneration to employees and managers is divided into fixed and floating ones. Fixed remuneration is paid monthly regardless of profit or loss and is determined based on the employee's job duties and ranks. Variable salary includes year-end bonus, performance bonus, and employee remuneration. The remuneration of employees and managers is determined based on the overall environment, the Company's profitability, performance, and special contributions, and is positively correlated to the Company's earnings and overall operating performance.

The remuneration of the change of managerial officers is determined by the Remuneration Committee based on the achievement rate and implementation status of the goals, and then submitted to the Board of Directors for resolution.

Director remuneration is determined according to the Company's Articles of Incorporation, with varying amounts granted based on each director's level of involvement in company operations and the value of their contributions. The Remuneration Committee considers the Company's operating performance and results when preparing a proposal for the Board of Directors' resolution.

(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

45 -

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 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

XXII. Income taxes

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

	2025	2024
Current income tax
Prior years' adjustment	$ -	($ 7)
Deferred tax
Generated this year	-	19,027
Income tax expense recognized in profit or loss	$ -	$ 19,020

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

	2025	2024
Net loss before income tax from continuing operations	($ 119,924)	($ 113,811)
Income tax benefit on pre-tax net loss, calculated at the statutory rate of 20%	($ 23,985)	($ 22,762)
Non-deductible tax expenses	10	6
Loss carryforward not recognized	22,539	20,750
Unrecognized deductible temporary differences	( 1,131)	20,900
Tax-exempt income	2,567	133
Prior years' income tax adjustments	-	( 7)

Income tax expense recognized in profit or loss

$ - $ 19,020

(III) Deferred tax assets and liabilities

2025	Balance at beginning of year	Recognized in profit or loss	Recognized in other comprehensive income	Balance at end of year
Deferred tax assets
Loss carryforwards	$ 22,160	$ -	$ -	$ 22,160
2024
Deferred tax assets
Loss carryforwards	$ 41,187	($ 19,027)	$ -	$ 22,160

(IV) Deductible temporary differences and unused loss carryforwards not recognized as deferred tax assets in the parent company only balance sheet

	December 31, 2025	December 31, 2024
Loss carryforwards	$ 357,322	$ 244,629
Deductible temporary difference	25,260	30,914
	$ 382,582	$ 275,543

(V) 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
	36,229	2033
	105,799	2034
	112,693	2035
	$ 408,714

(VI) Income tax audit status

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

48 -

XXIII. Share-based payment

On March 5, 2024, the 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 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.

XXIV. Acquisition of subsidiaries

	Major operating activities	Acquisition date	Ownership interests with voting rights / acquisition ratio (%)	Transfer consideration
Abonflux Power Co., Ltd.	Development, construction, operation, and maintenance of solar power plants	December 13 and December 27, 2024	100%	$ 173,197
Xin Li Energy Co., Ltd.	Development, construction, operation, and maintenance of solar power plants	December 3, 2024	100%	20,257
				$ 193,454

The Company acquired Abonflux Power Co., Ltd. and Xin Li Energy Co., Ltd. to expand its green energy investment business. Please refer to Note 25 to the Company's 2025 consolidated financial statements for details regarding Abonflux Power Co., Ltd. and Xin Li Energy Co., Ltd.

XXV. Capital risk management

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

The Company 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.

XXVI. Financial instruments

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

The 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.

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	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	$ -	$ -	$ 9,915	$ 9,915

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

49 -

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)	$ 191,084	$ 445,597
Measured at fair value through other comprehensive income
Investments in equity securities	9,779	9,915
Financial liabilities
Measured at amortized cost (Note 2)	220,079	136,140

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, accounts payable (including related parties), other payables (including related parties), and lease liabilities.

(IV) Financial risk management objectives and policies

The Company's main financial instruments include equity investments, accounts receivable, accounts payable, lease liabilities, and bank loans. The 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 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 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 Company is exposed as a result of its operating activities are foreign currency exchange rate fluctuations and interest rate fluctuations. The Company uses some derivative financial instruments to manage its foreign exchange risk.

There were no changes to the 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 Company's operating activities are primarily transacted in foreign currencies, exposing it to exchange rate fluctuations. The Company manages its exchange rate risk exposure within the scope of policy by utilizing forward exchange contracts or currency swap agreements.

For the book value of monetary assets and monetary liabilities denominated in non-functional currencies on the balance sheet date, please refer to Note 30.

51 -

52 -

Sensitivity analysis

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

The sensitivity analysis used by the 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 Company's net loss after tax for 2025 and 2024 would have decreased by NT$363 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 Company finance themselves with floating-rate debt.

The Company did not hedge floating rates with interest rate swap contracts. The Company'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 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	7,699	29,106
Cash flow interest rate risk
Financial assets	70,942	412,778
Financial liabilities	143,962	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 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 Company's net loss after tax for 2025 and 2024 would have decreased by NT$365 thousand and increased by NT$1,903 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 Company’s counterparties all have good credit, and therefore significant credit risk is not anticipated.

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

Liquidity risk

The Company manages and maintains sufficient cash and cash equivalents to fund operations and mitigate the impact of cash flow volatility. Management of the 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 Company. As of December 31, 2025, and December 31, 2024, the Company’s unused short-term bank financing facilities were NT$2,858 thousand and NT$36,644 thousand, respectively.

The following table presents an analysis of the Company’s financial

53 -

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	$ 64,558	$ -	$ -
Lease liability	3,999	3,951	-
Floating rate instruments	106,677	42,644	-
	$ 175,234	$ 46,595	$ -
December 31, 2024
Non-derivative financial liabilities
Non-interest-bearing debt	$ 72,270	$ -	$ -
Lease liability	7,912	23,103	-
Floating rate instruments	29,717	4,172	-
	$ 109,899	$ 27,275	$ -

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	$ 3,999	$ 3,951	$ -	$ -	$ -
Floating rate instruments	106,677	42,644	-	-	-
	$ 110,676	$ 46,595	$ -	$ -	$ -
December 31, 2024
Lease liability	$ 7,912	$ 23,103	$ -	$ -	$ -
Floating rate instruments	29,717	4,172	-	-	-
	$ 37,629	$ 27,275	$ -	$ -	$ -

XXVII. 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 Company and related parties are as follows:

(I) Names of related parties and their respective relationships

Name of related party	Relationship with the Company
Abongreen Energy Co., Ltd. (Abongreen Energy)	Subsidiary of the Company
Abonwon Co., Ltd.	Subsidiary of the Company
Ming Wei Solar Co., Ltd.	Subsidiary of the Company
Abonmax Power Two Energy Co., Ltd.	Subsidiary of the Company
Ming Ding Energy Co., Ltd.	Subsidiary of the Company
Ming Yu Co., Ltd.	Subsidiary of the Company
Ming Ting Co., Ltd.	Subsidiary of the Company
Ming Chao Co., Ltd.	Subsidiary of the Company
Abonmax Power One Energy Co., Ltd.	Subsidiary of the Company
Xin Li Energy Co (Xin Li Energy)	Subsidiary of the Company
Abonflux Power Co., Ltd.	Subsidiary of the Company
Yunan Energy Development Investment Co., Ltd.	Subsidiary of the Company
Xuwang Green Energy Co., Ltd.	Subsidiary of the Company
Ririwang Renewable Energy Co., Ltd.	Subsidiary of the Company
Liu Jia Yi Power Co., Ltd.	Subsidiary of the Company
Kai Fu Sheng Co., Ltd. (Kai Fu Shen)	Subsidiary of the Company
Hong Wang Investment Co., Ltd.	Subsidiary of the Company
Minkai Power Co., Ltd.	Subsidiary of the Company
Yiqiwang Sustainable Technology Co., Ltd.	Subsidiary of the Company
Liboda Co., Ltd.	Subsidiary of the Company
Abon Touchsystems Inc. (Abon Touchsystems)	Substantive related party
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
Xinjia Engineering Co., Ltd. (Xinjia)	Substantive related party
Yan An Renewable Energy Co., Ltd. (Yan An)	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

56 -

(II) Business dealings

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

The terms of sale for the Company's sales to related parties are not significantly different from prevailing sales prices. 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.

Other business transactions

	2025	2024
Operating expenses
Substantive related party	$ 432	$ 299
Rental expense
Substantive related party	$ 189	$ -
Non-operating income - other income
Subsidiary	$ 4,449	$ 67
Substantive related party	-	1,524
	$ 4,449	$ 1,591
Non-operating expenses – finance costs
Substantive related party	$ -	$ 1

57 -
Other receivables

	December 31, 2025	December 31, 2024
Subsidiary
Kai Fu Sheng Co., Ltd.	$ 60,352	$ -
Abonmax Power Two Energy Co., Ltd.	28,281	-
Xin Li Energy Co., Ltd.	20,081	14,511
Others	1,106	-
Substantive related party
Xinjia Engineering Co., Ltd.	-	5,683
Others	16	-
	$ 109,836	$ 20,194

The Company's lending of funds to subsidiaries is based on the average interest rate of the Company's short-term loans from financial institutions in the year the funds are disbursed, and all such loans are unsecured.

Accounts payable

	December 31, 2025	December 31, 2024
Substantive related party
Abon
Touchsystems
Inc.	$ -	$ 7,158

Other payables

Subsidiary
Abongreen
Energy Co., Ltd.	$ -	$ 4,777
Substantive related party
Simpatica	17	-
	$ 17	$ 4,777

Prepayments (classified under other current assets)

Account in the book	Type of Related Party	December 31, 2025	December 31, 2024
Other prepayments	Substantive related party	$ 5,000	$ -

Advance receipts (classified under other current liabilities)

	December 31, 2025	December 31, 2024
Subsidiary	$ 462	$ 60

(III) Acquisition of intangible assets

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

(IV) Deposits received

	2025	2024
Subsidiary	$ 62	$ 12

(V) Remuneration of key management

	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.

XXVIII. 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	$ 45,509	$ 46,459
Refundable deposits	2,820	2,609
Restricted bank deposits
(classified under other financial assets - current)	14,752	12,337
Financial assets measured at amortized cost – current	5,972	4,583
	$ 69,053	$ 65,988

XXIX. Significant Contingent Liabilities and Unrecognized Contractual Commitments

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

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

XXX. 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 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	NTD
Monetary items
USD	$ 949	31.430	$ 29,827	$ 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	23,242

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

The Company's foreign currency exchange gains (losses) (realized and unrealized) were (NT$1,986) 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.

XXXI. 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.
59 -

Receivables from related parties reaching NT$100 million or exceeding 20% of paid-in capital: None.

(II) Information on Reinvestment Ventures Table 4
(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.
(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.

60 -

AbonMax Co., Ltd and its Subsidiaries

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	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	Limit of financing to individual borrowers (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 description of the number column is as follows:
(1) 0 is the parent company.
(2) Each subsidiary is numbered in sequential order starting from 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.

62 -

AbonMax Co., Ltd and its Subsidiaries

Endorsements/guarantees for others:

January 1 to December 31, 2025

Table 2
Unit: NTD thousand

No.	Endorsing/guaranteeingcompany	Endorsed/guaranteed company		Limit ofEndorsements/Guarantees fora SingleEnterprise(Note 2)	Maximumamountendorsed/guaranteedduring the year	Outstandingendorsement/guarantee atyear-end	Actual amountsdrawn	Amount ofpropertypledged ascollateral forendorsements/guarantees	Ratio of thecumulativeendorsement/guaranteeamount to thenet worth inthe mostrecentfinancialstatements(%)	Maximumendorsement/guarantee limit(Note 3)	Endorsements/guaranteesmade by the parentcompany for itssubsidiaries	Endorsements/guaranteesmade by the subsidiariesfor its parent company	Endorsements/guaranteesmade for the operationsin Mainland China
		Company name	Relationship(Note 1)
0	TheCompany	Xin Li Energy Co.,Ltd.	4	$ 1,927,425	$ 98,685	$ 98,685	$ 74,607	$ -	12.80	$ 3,083,880	Y	N	N
0	TheCompany	Ming Wei SolarCo., Ltd.	4	1,927,425	51,770	51,770	50,827	51,770	6.71	3,083,880	Y	N	N
0	TheCompany	Abonflux PowerCo., Ltd.	4	1,927,425	259,800	259,800	220,907	259,800	33.70	3,083,880	Y	N	N
0	TheCompany	Abongreen EnergyCo., Ltd.	4	1,927,425	50,000	50,000	15,977	-	6.49	3,083,880	Y	N	N
0	TheCompany	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.

AbonMax Co., Ltd and its Subsidiaries

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 CO., LTD.	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.

AbonMax Co., Ltd and its Subsidiaries

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

January 1 to December 31, 2025

Table 4: 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	16,919	Subsidiary
	Abonmax Power One Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	2,200	2,200	220,000	100	1,847	( 196)	( 196)	Subsidiary
	Ming Wei Solar Co., Ltd.	Taoyuan City	Renewable energy power generation	75,000	15,000	7,500,000	100	77,219	2,346	2,346	Subsidiary
	Abonwon Co., Ltd.	Taoyuan City	Sales of electronic parts	5,100	5,100	510,000	51	402	( 8,870)	( 4,524)	Subsidiary
	Xin Li Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	20,257	20,257	1,000	100	15,600	( 3,682)	( 4,372)	Subsidiary
	Abonflux Power Co., Ltd.	Taoyuan City	Renewable energy power generation	273,197	173,197	18,000,000	100	263,770	3,226	734	Subsidiary
	Abonmax Power Two Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	51,700	200	5,170,000	100	30,186	( 21,511)	( 21,511)	Subsidiary
	Hong Wang Investment Co., Ltd.	Taoyuan City	General investment	200	-	20,000	100	173	( 27)	( 27)	Subsidiary
	Formosa Standard Reference Materials Co., Ltd	Taoyuan City	Basic chemical industry	19,800	-	6,600,000	16	17,616	( 16,686)	( 2,184)	Investees evaluated by the Company using the equity method.
Abongreen Energy Co., Ltd.	Yunan Energy Development Investment Co., Ltd.	Taoyuan City	General investment	15,000	15,000	1,500,000	50	12,207	( 2,161)	( 1,081)	Subsidiary
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	4,506	4,506	Subsidiary
	Liu Jia Yi Power Co., Ltd.	Taoyuan City	Renewable energy power generation	10,000	10,000	1,000,000	100	2,053	( 4,616)	( 4,616)	Subsidiary
	Ririwang Renewable Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	2,005	2,005	200,500	100	( 70)	( 1,912)	( 1,912)	Subsidiary
Abonmax Power Two Energy Co., Ltd.	Ming Ting Co., Ltd.	Taoyuan City	Renewable energy power generation	-	20	-	-	-	( 74)	( 74)	Subsidiary
	Ming Ding Energy Co., Ltd.	Taoyuan City	Renewable energy power generation	-	20	-	-	-	( 74)	( 74)	Subsidiary
	Ming Yu Co., Ltd.	Taoyuan City	Renewable energy power generation	20	20	2,000	100	( 119)	( 139)	( 139)	Subsidiary
	Ming Chao Co., Ltd.	Taoyuan City	Renewable energy power generation	-	20	-	-	-	( 75)	( 75)	Subsidiary
	Kai Fu Sheng Co., Ltd.	Taoyuan City	Renewable energy power generation	75,510	-	2,351,000	100	56,256	( 21,918)	( 19,254)	Subsidiary
Ming Yu Co., Ltd.	Liboda Co., Ltd.	Tainan City	Renewable energy power generation	10	-	1,020	51	( 43)	( 106)	( 54)	Subsidiary
Kai Fu Sheng Co., Ltd.	Minkai Power Co., Ltd.	Taoyuan City	Renewable energy power generation	100	-	10,000	100	83	( 17)	( 17)	Subsidiary
Abonflux Power Co., Ltd.	Yiqiwang Sustainable Technology Co., Ltd.	Taoyuan City	Renewable energy power generation	100	-	10,000	100	80	( 20)	( 20)	Subsidiary

§Table of Contents of Significant Accounting Items§

ITEM	CODE/INDEX
Statement of Assets, Liabilities and Equity
Statement of Cash and Cash Equivalents	Statement 1
Statement of Inventories	Statement 2
Statement of Financial Assets Measured at Fair Value Through Other Comprehensive Income	Table 3
Statement of changes in investment under equity method	Statement 3
Statement of Changes in Property, Plant and Equipment	Note 12
Statement of Changes in Accumulated Depreciation of Property, Plant and Equipment	Note 12
Schedule of Deferred Tax Assets	Note 22
Other current and non-current assets	Note 15
Statement of short-term loans	Statement 4
Statement of Accounts Payable - Non-related Parties	Statement 5
Statement of Long-term Bank Loans	Statement 6
Statement of Profit and Loss
Statement of Operating Revenue	Statement 7
Statement of operating cost	Statement 8
Statement of Operating Expenses	Statement 9
Statement of Net Other Income and Expenses	Note 21
Statement of Financial Costs	Note 21
Summary of employee benefits, depreciation and amortization expenses by functions for the current year	Note 21

66 -

AbonMax Co., Ltd.
Statement of Cash and Cash Equivalents
December 31, 2025

Statement1
(In NT$ thousands, unless otherwise specified)

Item	Amount
Cash on hand and petty cash	$ 30
Bank deposits
Demand deposits	34,396
Foreign currency demand deposits (Note)	21,794
	56,190
	$ 56,220

Note: Including USD 589 thousand (USD 1 = NTD 31.43) and JPY 16,391 thousand (JPY 1 = NTD 0.2008).

67 -

AbonMax Co., Ltd.
Statement of Inventories
December 31, 2025

Statement 2
Unit: NTD thousand

Item	Cost	Market price (Note 1)
Raw materials	$ 6,723	$ 6,884
Finished goods	238	696
Merchandises	111,660	124,851
	$ 118,621	$ 132,431

Note 1: The market price is valued at net realizable value.
Note 2: No inventory was provided as collateral.

68 -

AbonMax Co., Ltd.
Statement of changes in investment under equity method
January 1 to December 31, 2025
Statement 3
Unit: NTD thousand

Name of the investee	Balance at beginning of year		Increase in the year		Share of (loss) or gain of subsidiaries and associates accounted for using the equity method	Cash dividends	Balance at end of year			Net equity at year-end (Note 1)
	Number of Shares	Amount	Number of Shares	Amount			Number of Shares	Amount	Shareholding %
Investment in subsidiaries
GOAL REACH HOLDINGS LIMITED	-	$ -	-	$ -	$ -	$ -	-	$ -	100	$ -
Abongreen Energy Co., Ltd.	7,600,000	74,219	-	-	16,919	-	7,600,000	91,138	100	91,138
Abonmax Power One Energy Co., Ltd.	220,000	2,043	-	-	( 196 )	-	220,000	1,847	100	1,847
Ming Wei Solar Co., Ltd.	1,500,000	14,873	6,000,000	60,000	2,346	-	7,500,000	77,219	100	77,219
Abonwon Co., Ltd.	510,000	4,926	-	-	( 4,524 )	-	510,000	402	100	402
Xin Li Energy Co., Ltd.	1,000	19,972	-	-	( 4,372 )	-	1,000	15,600	100	( 9,160 )
Abonflux Power Co., Ltd.	8,000,000	173,197	10,000,000	100,000	734	( 10,161 )	18,000,000	263,770	100	163,105
Abonmax Power Two Energy Co., Ltd.	20,000	197	5,150,000	51,500	( 21,511 )	-	5,170,000	30,186	100	30,186
Hong Wang Investment Co., Ltd.	-	-	20,000	200	( 27 )	-	20,000	173	100	173
Investments in associates
Formosa Standard Reference Materials Co., Ltd	-	-	6,600,000	19,800	( 2,184 )	-	6,600,000	17,616	16	3,843
		$ 289,427		$ 231,500	($ 12,815 )	($ 10,161 )		$ 497,951		$ 358,753

Note 1: The net equity value is calculated based on the audited financial statements of the investee company and the Company's shareholding ratio.
Note 2: None of the above investees have provided any guarantees or pledges.

69 -

AbonMax Co., Ltd.
Statement of Short-term Bank Loans
December 31, 2025

Statement 4
Unit: NTD thousand

Type of loan and bank name	Loan maturity date (Note)	Annual interest rate (%)	Amount
Secured loan
Taishin International Bank	2026.01.28	5.67	$ 5,029
Taishin International Bank	2026.02.13	5.67	9,429
Taishin International Bank	2026.03.26	5.73	14,772
			29,230
Unsecured loans
Bank SinoPac	2026.02.27	3.11	17,660
Bank SinoPac	2026.04.29	3.11	11,467
CTBC Bank	2026.03.10	2.45	16,260
CTBC Bank	2026.03.21	2.45	12,034
			57,421
			$ 86,651

Note: The maturity dates listed represent the final maturity date among multiple borrowings.

70 -

AbonMax Co., Ltd.
Statement of Accounts Payable - Non-related Parties
December 31, 2025

Statement 5
Unit: NTD thousand

Vendor name	Amount
Non-related party
Company A	$ 40,134
Company B	9,209
Company C	393
Company D	349
Company E	4,547
Other (Note)	128
	$ 54,760

Note: Each balance is less than 5% of the account balance.

71 -

AbonMax Co., Ltd.
Statement of Long-term Bank Loans
December 31, 2025

Statement 6
Unit: NTD thousand

Type of loan and bank name	Loan period (Note)	Annual interest rate (%)	Due within one year	Due after one year	Total
Unsecured loans
Bank SinoPac	2024.10.30-2026.10.30	3.37	$ 4,036	$ -	$ 4,036
First Commercial Bank	2025.3.17-2030.3.17	2.96	1,926	6,667	8,593
			5,962	6,667	12,629
Secured loan
First Commercial Bank	2025.3.17-2030.3.17	2.96	10,014	34,667	44,681
			$ 15,976	$ 41,334	$ 57,310

Note: These are the earliest borrowing dates and latest maturity dates for multiple loans.

72 -

AbonMax Co., Ltd.
Statement of Operating Revenue
January 1 to December 31, 2025

Statement 7
Unit: NTD thousand

Item	Amount
Optical panel	$ 378,362
Others	31,540
Gross operating revenue	409,902
Goods returned for sale	( 84 )
Sales discount	( 14 )
Net operating revenues	$ 409,804

73 -

AbonMax Co., Ltd.

Statement of operating cost

January 1 to December 31, 2025

Statement 8
Unit: NTD thousand

Item	Amount
Raw materials at start of year	$ 126
Material input	44,348
Raw materials at year-end	( 6,849 )
Raw materials sold	( 7 )
Others	( 60,596 )
Raw materials consumed	( 22,978 )
Direct labor	-
Manufacturing overhead	11
Manufacturing cost	( 22,967 )
Work in progress at beginning of year	121
Others	( 121 )
Cost of finished goods	( 22,967 )
Finished goods at beginning of year	480
Others	22,487
Cost of self-manufactured goods	-
Cost of merchandise at beginning of year	74,688
Procurement of merchandise	421,122
Merchandise at year end	( 123,246 )
Others	( 107 )
Total	372,457
Cost of raw materials and work-in-progress sold	22,986
Inventory devaluation and obsolescence loss	6,593
Others	1,294
Operating costs	$ 403,330

74 -

AbonMax Co., Ltd.
Statement of Operating Expenses
January 1 to December 31, 2025
Statement 9
Unit: NTD thousand

Item	Selling expenses	Administrative expenses	Research and Development expenses
Salary	$ 7,384	$ 23,191	$ 16,018
Depreciation and amortization expenses	2,274	3,783	1,365
R&D expenses	-	-	21,971
Others	10,044	20,829	18,272
	$ 19,702	$ 47,803	$ 57,626

75 -

AI assistant

PWT Audit Report / Information 2025

52077_rns_2026-05-22_a2ee9873-f2b6-4d85-a339-faeb78e476dd.pdf

Auditor’s responsibilities for the audit of the parent company only financial statements

Financial assets

Commodity sales revenue

(XIII) Lease

XVII. Other payables

XVIII. Post-employment benefit plans

(I) Defined benefit plan

(II) Defined contribution plan

XIX. Equity

(I) Common stock

XX. Revenue

XXI. Net profit

Salary and remuneration policy

(V) Remuneration to employees and directors

XXIII. Share-based payment

XXIV. Acquisition of subsidiaries

Sensitivity analysis

(2) Interest rate risk

XXVII. Related party transactions

AI assistant

PWT — Audit Report / Information 2025

52077_rns_2026-05-22_a2ee9873-f2b6-4d85-a339-faeb78e476dd.pdf

Auditor’s responsibilities for the audit of the parent company only financial statements

Financial assets

Commodity sales revenue

(XIII) Lease

XVII. Other payables

XVIII. Post-employment benefit plans

(I) Defined benefit plan

(II) Defined contribution plan

XIX. Equity

(I) Common stock

XX. Revenue

XXI. Net profit

Salary and remuneration policy

(V) Remuneration to employees and directors

XXIII. Share-based payment

XXIV. Acquisition of subsidiaries

Sensitivity analysis

(2) Interest rate risk

XXVII. Related party transactions

More from PWT

PWT Audit Report / Information 2025