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RTM Interim / Quarterly Report 2025

Apr 24, 2026

52747_rns_2026-04-24_73eec7c7-92dd-4d7a-b178-197fd1adf702.pdf

Interim / Quarterly Report

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Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Financial Statements for the Three Months Ended March 31, 2025 and 2024 and Independent Auditors’ Review Report (Stock Code: 8463)

Company Address: 10F., No. 308, Sec. 2, Bade Rd., Taipei City Telephone: (02)8161-9989

~1~

Ruentex Materials Co., Ltd. and its subsidiaries

Consolidated Financial Statements for the Three Months Ended March 31, 2025 and

2024 and Independent Auditors’ Review Report

Contents

Item
Page
I.
Cover page
II.
Table of Contents
III.
Independent Auditors’ Review Report
IV.
Consolidated Balance Sheet
V.
Consolidated Statement of Comprehensive Income
VI.
Consolidated Statement of Changes in Equity
VII.
Consolidated Statement of Cash Flows
VIII. Notes to the Consolidated Financial Statements
(I)
History and Organization
(II)
Date and Procedure for Approval of Financial Statements
(III)
Application of New Standards, Amendments and Interpretations
(IV)
Summary of Significant Accounting Policies
(V)
Critical Accounting Judgements, Estimates and Key Sources of
Assumption Uncertainty
(VI)
Details of Significant Accounts
(VII) Transaction with Related Parties
(VIII) Pledged Assets
1
2 ~ 3
4
5 ~ 6
7
8
9 ~ 10
11 ~ 69
11
11
11 ~ 13
14 ~ 18
18
18 ~ 48
49 ~ 55
55

~2~

Item
Page
(IX)
Significant Contingent Liabilities and Unrecognized Commitments
(X)
Significant Disaster Loss
(XI)
Significant subsequent events
(XII) Others
(XIII) Separately Disclosed Items
(XIV) Information on operating segments
55 ~ 56
56
56
56 ~ 67
67 ~ 68
68 ~ 69

~3~

Independent Auditors’ Review Report

(2025) Cai-Shen-Bao-Zi No. 25000245 To the Board of Directors of Ruentex Materials Co., Ltd.:

Introduction

We have reviewed the consolidated balance sheets of Ruentex Materials Co., Ltd. and its subsidiaries (hereinafter referred to as “the Group”) for March 31, 2025 and 2024, the consolidated comprehensive income statements, equity statements and cash flow statements for the three months ended March 31, 2025 and 2024, and the notes to the consolidated financial report (including a summary of significant accounting policies). It is the responsibility of the management to prepare the consolidated financial statements with fair presentation in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IAS 34 "Interim Financial Reporting" endorsed and issued by the Financial Supervisory Commission. It is our responsibility to draw a conclusion on the consolidated financial statements based on the review results.

Scope of Review

We conducted the review in accordance with the R.O.C. Standards on Review Engagements 2410 "Reviews of Financial Statements." The procedures executed in reviewing the consolidated financial statements include inquiry (mainly with the person in charge of financial and accounting affairs), analytical procedures, and other review procedures. The scope of a review is significantly smaller than the scope of an audit. We therefore are unable to express an audit opinion since we may not able to identify all the significant matters that can be identified by an audit. Conclusion

Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as of March 31, 2025 and 2024, as well as its consolidated financial performance and its consolidated cash flows for the three months ended March 31, 2025 and 2024 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “InterimFinancial Reporting ” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

PwC Taiwan

Huang, Chin-Lien

Certified Public Accountant

Chang, Shu-Chiung

Financial Supervisory Commission

Approval Certificate No.: Jin-Guan-Zheng-Shen-Zi No. No. 1100348083 Former Financial Supervisory Commission, Executive Yuan Approval Certificate No.: Jin-Guan-Zheng-Shen-Zi No. No. 0990042602 May 14, 2025

~4~

Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Balance Sheet March 31, 2025, December 31, 2024, and March 31, 2024

Assets Notes March31,2025

Amount
%
$ 816,815
8
50,000
-
696,853
7
193,488
2
59,325
1
958,386
9
152,968
1
3,223
-
16
-
810,022
8
72,226
1
156,803
2
3,970,125
39
586,762
6
1,611,632
16
3,704,558
36
32,101
-
164,546
2
34,789
-
116,580
1
6,250,968
61
$ 10,221,093
100		 December31,2024

Amount
%
$ 905,794
9
50,000
-
750,639
7
255,353
3
52,121
1
713,190
7
74,597
1
2,660
-
87
-
751,973
7
31,031
-
155,701
2
3,743,146
37
717,099
7
1,576,964
16
3,700,847
37
36,837
-
164,806
2
32,464
-
117,580
1
6,346,597
63
$ 10,089,743
100		 Unit: NT$ thousands
March31,2024
Amount
%
$ 596,231
8
-
-
416,873
6
150,227
2
438
-
625,973
9
155,037
2
3,365
-
87
-
707,760
10
38,778
-
8,819
-
2,703,588
37
589,399
8
-
-
3,664,280
50
28,894
-
168,907
2
32,130
1
116,562
2
4,600,172
63
$ 7,303,760
100
Amount
$ 816,815
50,000
696,853
193,488
59,325
958,386
152,968
3,223
16
810,022
72,226
156,803
3,970,125
586,762
1,611,632
3,704,558
32,101
164,546
34,789
116,580
6,250,968
$ 10,221,093		 Amount
$ 905,794
50,000
750,639
255,353
52,121
713,190
74,597
2,660
87
751,973
31,031
155,701
3,743,146
717,099
1,576,964
3,700,847
36,837
164,806
32,464
117,580
6,346,597
$ 10,089,743		 Amount
$ 596,231
-
416,873
150,227
438
625,973
155,037
3,365
87
707,760
38,778
8,819
2,703,588
589,399
-
3,664,280
28,894
168,907
32,130
116,562
4,600,172
$ 7,303,760
Current Assets
1100
Cash and cash equivalents
1136
Financial assets measured by
amortized cost - current
1140
Contract asset - current
1150
Net notes receivable
1160
Notes receivable - related
parties - net
1170
Net Accounts Receivable
1180
Accounts receivable - related
parties - net
1200
Other receivables
1220
Current tax assets
130X
Inventories
1410
Prepayments
1470
Other Current Assets
11XX
Total current assets
Non-current assets
1517
Financial assets at fair value
through other comprehensive
income - non-current
1550
Investments accounted for
using equity method
1600
Property, plant, and equipment
1755
Right-of-use assets
1780
Intangible Assets
1840
Deferred tax Assets
1900
Other non-current Assets
15XX
Total non-current assets
1XXX
Total Assets		 6(1)
6(19) and 7
6(2)
6(2) and 7
6(2)
6(2) and 7
6(3)
6(1) and 8
6(4)
6(5)(12)
and 8
6(6), 7 and
8
6(7)
6(8)
6(1) and 8

(Continued)

~5~

Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Balance Sheet March 31, 2025, December 31, 2024, and March 31, 2024

Liabilities and Equity Notes March31,2025

Amount
%
$ 1,550,000
15
479,786
5
117,838
1
240,007
2
2,197
-
1,378,663
14
2,334
-
191,813
2
423
-
63,976
1
24,513
-
42,035
-
4,093,585
40
3,030,000
30
1,953
-
12,101
-
38,886
-
3,082,940
30
7,176,525
70
1,500,000
15
746,018
7
62,246
1
55,895
1
210,584
2
(
154,286 ) ( 2 ) (
2,420,457
24
624,111
6
3,044,568
30
$ 10,221,093
100		 December31,2024

Amount
%
$ 1,200,000
12
409,822
4
94,412
1
201,331
2
566
-
1,214,182
12
2,107
-
288,585
3
446
-
49,661
1
24,440
-
5,628
-
3,491,180
35
3,430,000
34
5,417
-
15,499
-
38,478
-
3,489,394
34
6,980,574
69
1,500,000
15
746,018
7
62,246
1
55,895
1
188,065
2

48,663 ) ( 1 ) (
2,503,561
25
605,608
6
3,109,169
31
$ 10,089,743
100		 Unit: NT$ thousands
March31,2024
Amount
%
$ 400,000
6
319,983
4
29,220
-
166,167
2
1,437
-
717,225
10
4,637
-
173,424
2
838
-
64,375
1
29,997
1
4,443
-
1,911,746
26
2,700,000
37
2,114
-
14,641
-
34,960
1
2,751,715
38
4,663,461
64
1,500,000
20
677,124
9
50,770
1
50,317
1
171,402
2

151,830 ) ( 2 )
2,297,783
31
342,516
5
2,640,299
36
$ 7,303,760
100
Amount
$ 1,550,000
479,786
117,838
240,007
2,197
1,378,663
2,334
191,813
423
63,976
24,513
42,035
4,093,585
3,030,000
1,953
12,101
38,886
3,082,940
7,176,525
1,500,000
746,018
62,246
55,895
210,584
(
154,286 ) (
2,420,457
624,111
3,044,568
$ 10,221,093		 Amount
$ 1,200,000
409,822
94,412
201,331
566
1,214,182
2,107
288,585
446
49,661
24,440
5,628
3,491,180
3,430,000
5,417
15,499
38,478
3,489,394
6,980,574
1,500,000
746,018
62,246
55,895
188,065

48,663 ) (
2,503,561
605,608
3,109,169
$ 10,089,743		 Amount
$ 400,000
319,983
29,220
166,167
1,437
717,225
4,637
173,424
838
64,375
29,997
4,443
1,911,746
2,700,000
2,114
14,641
34,960
2,751,715
4,663,461
1,500,000
677,124
50,770
50,317
171,402

151,830 ) (
2,297,783
342,516
2,640,299
$ 7,303,760
Current liabilities
2100
Short-term borrowings
2110
Short-term notes and bills
payable
2130
Contract liabilities - current
2150
Notes payable
2160
Notes payable - related party
2170
Accounts Payable
2180
Accounts payable - related
party
2200
Other payables
2220
Other Payable - Related Party
2230
Income tax liabilities of current
period
2280
Lease liabilities - current
2399
Other current liabilities - other
21XX
Total Current Liabilities
Non-current liabilities
2540
Long-term borrowings
2570
Deferred income tax liabilities
2580
Lease liabilities - non-current
2600
Other non-Current liabilities
25XX
Total Non-Current
Liabilities
2XXX
Total Liabilities
Equity
Equity attributed to owners of
the parent
Capital
3110
Share capital
Capital surplus
3200
Capital surplus
Retained earnings
3310
Legal reserve
3320
Special reserve
3350
Undistributed earnings
Other equities
3400
Other equities
31XX
Total equity attributable to
owners of parent
36XX
Non-controlling Interest
3XXX
Total Equity
Significant Contingent
Liabilities and Unrecognized
Commitments
3X2X
Total Liabilities and Equity		 6(9) and 8
6(10)
6(19) and 7
7
7
6(11)
7
6(7)
6(14)
6(12) and 8
6(7)
6(14)
6(16)
6(17)
6(18)

4(3)
9

The accompanying notes are an integral part of these consolidated financial statements, please refer to them all.

Chairman: Mo, Wei-Han

Manager: Lin, Yi-Chieh

Accounting Manager: Wu, Po-Chung

~6~

Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Statements of Comprehensive Income For the Three Months Ended March 31, 2025 and 2024

Unit: NT$ thousands (Except earnings per share, which is in NT$)

Item January 1 to March 31, 2025 January 1 to March 31, 2024
Notes
Amount
%
Amount
%
6(19) and 7
$ 1,702,676
100
$ 1,518,948
100
6(3)(8)(13)(20)(2
5)(26) and 7
(
1,555,899 )(
91 )(
1,306,047) (
86)
146,777
9
212,901
14
6(8)(13)(25)(26)
and 7
(
32,668 ) (
2 ) (
29,633 ) (
2)
(
43,313 ) (
2 ) (
51,680 ) (
3)
(
13,539 ) (
1 ) (
13,180 ) (
1)
12(2)
3,784
-
1,258
-
(
85,736 )(
5 )(
93,235) (
6)
61,041
4
119,666
8
6(21)
2,703
-
955
-
6(22)
278
-
313
-
6(23)
(
196 )
-
(
84 )
-
6(24)
(
23,996 ) (
1 ) (
15,419 ) (
1)
6(5)
34,668
2
-
-
13,457
1
(
14,235) (
1)
74,498
5
105,431
7
6(27)
(
12,228 )(
1 )(
21,116) (
2)
$ 62,270
4
$ 84,315
5
6(4)
( $ 130,337 ) (
8 ) ($ 48,800 ) (
3)
6(27)
3,466
-
1,335
-
(
126,871 )(
8 )(
47,465) (
3)
($ 64,601 )(
4 ) $ 36,850
2
$ 22,519
1
$ 56,646
3
$ 39,751
3
$ 27,669
2
($ 83,104 )(
5 ) $ 16,568
1
$ 18,503
1
$ 20,282
1
6(28)
$ 0.15
$ 0.38
$ 0.15
$ 0.38
4000
Operating Income
5000
Operation cost
5900
Gross profit
Operating Expenses
6100
Selling expenses
6200
General & administrative
expenses
6300
R&D expenses
6450
Expected credit impairment
gains
6000
Total Operating Expenses
6900
Operating Profit
Non-operating Income and
Expenses
7100
Interest revenue
7010
Other income
7020
Other gains and losses
7050
Financial Costs
7060
Share of income of associates
and joint ventures accounted for
using the equity method
7000
Total non-operating income
and expenses
7900
Net profit before tax
7950
Income tax expense
8200
Net income of current period
Other comprehensive income
(net)
Items not to be reclassified into
profit or loss
8316
Unrealized profit or loss on
equity investments at fair value
through other comprehensive
income
8349
Income tax relating to non-
reclassified items
8310
Total of items not to be reclassified
into profit or loss
8500
Total comprehensive income
(loss), current period
Profit attributable to:
8610
Owners of the parent
8620
Non-controlling Interest
Comprehensive Income attributed
to:
8710
Owners of the parent
8720
Non-controlling Interest
Earnings per share
9750
Basic earnings per share
9850
Diluted earnings per share

The accompanying notes are an integral part of these consolidated financial statements, please refer to them all.

Chairman: Mo, Wei-Han

Manager: Lin, Yi-Chieh

Accounting Manager: Wu, Po-Chung

~7~

Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Statements of Changes in Equity For the Three Months Ended March 31, 2025 and 2024

Unit: NT$ thousands

January 1 to March 31, 2024
Balance on January 1, 2024
Net income of current period
Other comprehensive income
Total comprehensive income
for this period
Balance on March 31, 2024
January 1 to March 31, 2025
Balance on January 1, 2025
Net income of current period
Other comprehensive income
Total comprehensive income
for this period
Balance on March 31, 2025		 Notes Equity attributed to owners ofthe parent Equity attributed to owners ofthe parent Equity attributed to owners ofthe parent Equity attributed to owners ofthe parent Equity attributed to owners ofthe parent Non-controlling
Interest		 Total Equity
Share capital Capitalsurplus Retained earnings Unrealized
financial assets
at fair value
through other
comprehensive
income
acquired
Income (Loss)		 Total
Issued at
premium		 Difference
between the
equity price and
the book value
of actual
acquisition or
disposition of
subsidiaries		 Changes in the
ownership
interests of
subsidiaries as
recognized
due to
recognition		 Legal reserve Special reserve Undistributed
earnings
$1,500,000
-
-
-
$1,500,000
$1,500,000
-
-
-
$1,500,000		 $ 621,657
-
-
-
$ 621,657
$ 621,657
-
-
-
$ 621,657		 $ 15,076
-
-
-
$ 15,076
$ 15,076
-
-
-
$ 15,076		 $ 40,391
-
-
-
$ 40,391
$ 109,285
-
-
-
$ 109,285		 $ 50,770
-
-
-
$ 50,770
$ 62,246
-
-
-
$ 62,246		 $ 50,317
-
-
-
$ 50,317
$ 55,895
-
-
-
$ 55,895		 $ 114,756
56,646
-
56,646
$ 171,402
$ 188,065
22,519
-
22,519
$ 210,584		 ( $ 111,752 )
-
(
40,078 )
(
40,078 )
( $ 151,830 )
( $ 48,663 )
-
(
105,623 )
(
105,623 )
( $ 154,286 )		 $2,281,215
56,646
(
40,078 )
16,568
$2,297,783
$2,503,561
22,519
(
105,623 )
(
83,104 )
$2,420,457		 $ 322,234
27,669
(
7,387 )
20,282
$ 342,516
$ 605,608
39,751
(
21,248 )
18,503
$ 624,111		 $2,603,449
84,315
(
47,465 )
36,850
$2,640,299
$3,109,169
62,270
(
126,871 )
(
64,601 )
$3,044,568

The accompanying notes are an integral part of these consolidated financial statements, please refer to them all.

Chairman: Mo, Wei-Han

Manager: Lin, Yi-Chieh

Accounting Manager: Wu, Po-Chung

~8~

Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and 2024

Cash flows from operating activities
Profit before Income Tax current period
Adjustments
Income and expenses with no cash flow effects
Depreciation expense

Depreciation and amortization expenses

Expected credit impairment gains

Interest Cost

Interest revenue

Share of profit of associates and joint
ventures accounted for using the equity
method

Changes in assets/liabilities relating to
operating activities
Net changes in assets relating to operating
activities
Contract asset - current
Notes receivable
Bills receivable - related parties
Accounts receivable
Account Receivable - Related Party
Other receivables
Inventories
Prepayments
Other Current Assets
Net change in liabilities related to operating
activities
Contract liabilities
Notes payable
Notes payable - related party
Accounts Payable
Accounts payable - related party
Other payables
Other Payable - Related Party
Provisions - current and non-current

Other Current liabilities
Other non-Current liabilities
Cash flow generated from (used in) operations
Interest received
Interest paid
Income tax paid
Income tax refunded
Net cash generated from (used in)
operating activities		 Unit: NT$ thousands
Notes
January 1 to March
31, 2025
January 1 to March
31, 2024
$ 74,498 $ 105,431

6(6)(7)(25)
69,238
73,127
6(8)(25)
260
2,053
12(2)
(
3,784 ) (
1,258 )
6(24)
23,996
15,419
6(21)
(
2,703 ) (
955 )
6(5)
(
34,668 )
-
53,786 (
39,136 )
61,865
18,260
(
7,204 )
5,065
(
241,412 )
244,842
(
78,371 )
92,965
(
388 )
1,264
(
58,049 )
25,058
(
41,195 ) (
1,070 )
-
1
23,426 (
21,132 )
38,676
29,590
1,631
716
164,481 (
23,262 )
227
2,579
(
98,233 ) (
78,971 )
(
23 )
220
6(14)
35,697 (
147 )
1,121 (
10 )
(
605 ) (
2,977 )
(
17,733 )
447,672
2,528
612
(
24,054 ) (
15,698 )
(
252 ) (
61 )
87
-
(
39,424 )
432,525

(Continued)

~9~

Ruentex Materials Co., Ltd. and its subsidiaries Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and 2024

Cash flows from investing activities
Decrease (increase) in other financial assets
Real estate, plant and equipment acquired

Acquisition of intangible assets

Increase in prepayments for equipment
Decrease (increase) in refundable deposits
Cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Increase in short-term bills payable

Proceeds from long-term borrowings

Repayments of long-term borrowings

Principal elements of lease payments

Increase in guarantee deposits

Net cash inflow (outflow) from
financing activities
Increase (decrease) of cash and cash equivalents –
current period
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period		 Unit: NT$ thousands
Notes
January 1 to March
31, 2025
January 1 to March
31, 2024
( $ 1,102 ) $ 8,146
6(30)
(
64,646 ) (
39,755 )
6(8)
- (
686 )
(
1,030 ) (
956 )
(
54 )
50
(
66,832 ) (
33,201 )
6(31)
350,000 (
350,000 )
6(31)
70,000
50,000
6(31)
-
200,000
6(31)
(
400,000 )
-
6(31)
(
3,325 ) (
3,355 )
6(31)
602
-
17,277 (
103,355 )
(
88,979 )
295,969
905,794
300,262
$ 816,815 $ 596,231

The accompanying notes are an integral part of these consolidated financial statements, please refer to them all.

Chairman: Mo, Wei-Han

Manager: Lin, Yi-Chieh

Accounting Manager: Wu, Po-Chung

~10~

Ruentex Materials Co., Ltd. and its subsidiaries Notes to the Consolidated Financial Statements For the Three Months Ended March 31, 2025 and 2024

Unit: NT$ thousands (Except as Otherwise Indicated)

I. History and Organization

Ruentex Materials Co., Ltd. (hereinafter referred to as the “Company”), was incorporated in September 1992 under the laws of the Republic of China (ROC) and began operations in July 2009. It was formerly known as “Ruentex Cement Co., Ltd.”. In December 2013, the Company changed its name to “Ruentex Materials Co., Ltd.”. The main businesses of the Company and subsidiaries (hereinafter referred to as “the Group”) are (1) The manufacture and distribution of semi-finished products and manufactured goods for cement, (2) The mining, manufacturing, and distribution of cement raw materials and mining and distribution of mineral ore, (3) Quarrying, (4) Building materials development, manufacture, and distribution, (5) Manufacture and sale of clay used for wall primer, powder coating material, tile adhesive, self - leveling cement, and dry-mixed cement mortar applications, (6) Interior decoration design and construction and garden greening design business, (7) Design and decoration of exhibition and expo venues, and (8) The sales, assembly, and import - export of furniture. Ruentex Engineering & Construction Co., Ltd. holds 39.15% equity of the Company. Ruentex Development Co., Ltd. is the ultimate parent company of the Group. The Company has been listed for trading on the Taipei Stock Exchange (TWSE) since July 13, 2015.

II. Date and Procedure for Approval of Financial Statements

The consolidated financial statements were authorized for issuance by the Company’s board of directors on May 14, 2025.

III. Application of New Standards, Amendments and Interpretations

  • (I) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRSs”) as endorsed and issued by the Financial Supervisory Commission (“FSC”)

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

Effective date published by the New and revised standards, amendments to standards and International Accounting Standards interpretations Board Amendments to IAS No. 21 "Lack of Convertibility" January 1, 2025

~11~

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

  • (II) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRSs”) as endorsed by FSC

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

Effective date published by the New and revised standards, amendments to standards and International Accounting Standards interpretations Board Some Amendments to IFRS 9 and IFRS 7 "Amendments January 1, 2026 to the Classification and Measurement of Financial Instruments”

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

  • (III) IFRSs issued by IASB but not yet endorsed by the FSC

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

New and revised standards, amendments to standards and
interpretations		 Effective date published by the
International Accounting
Standards Board
Some Amendments to IFRS 9 and IFRS 7 "Amendments to January 1, 2026
the Classification and Measurement of Financial Instruments”
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing January 1, 2026
Nature-dependent Electricity”
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of To be determined by the
Assets between an Investor and its Associate or Joint Venture”
International Accounting
Standards Board (IASB)
IFRS 17 “Insurance Contracts” January 1, 2023
Amendment to IFRS 17 “Insurance Contracts” January 1, 2023
Amendments to IFRS 17 “Initial Application of IFRS 17 and January 1, 2023
IFRS 9 - Comparative Information”
IFRS 18 "Presentation and Disclosure in of Financial January 1, 2027
Statements"
IFRS 19 “Disclosure Initiative - Subsidiaries without Public January 1, 2027
Accountability: Disclosures”
Annual Improvements to IFRS Accounting Standards - January 1, 2026
Volume 11

~12~

Except for the following, the above standards and interpretations have no significant impact on the Group’s financial condition and operating result based on the Group’s assessment:

  1. Some Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments”

  2. (1) They are to clarify the dates of recognition and derecognition of certain financial assets and liabilities, add that when a financi al liability (or part of a financial liability) is settled in cash using an electronic payment system, if and only if an enterprise initiates a payment instruction that results in the following, the enterprise is allowed to have its financial liabilities discharged before the settlement date:

    • A. The enterprise does not have the ability to withdraw, stop, or cancel the payment instruction;

    • B. The enterprise has no actual ability to obtain cash for settlement due to the payment instruction;

    • C. The settlement risk related to the electronic payment system is not significant.

  3. (2) It is updated that the fair values of equity instruments designated as at fair value through other comprehensive income through an irrevocable election should be disclosed on a per-category basis without a need to disclose the fair value per instrument. In addition, the amount of fair value gain or loss recognized in other comprehensive income during the reporting period should be disclosed and separately presented in the amount of fair value gain or loss related to the investments that were derecognized during the reporting period, the amount of fair value gain and loss related to the investments still held at the end of the reporting period; and cumulative gains and losses from investments derecognized during the reporting period and transferred to equity during the reporting period.

  4. IFRS 18 "Presentation and Disclosure in of Financial Statements"

  5. IFRS 18 "Presentation and Disclosure in of Financial Statements" replaces IAS 1, updates the structure of statements of comprehensive income, adds the disclosure of management performance measures, and improves the principles for aggregation and disaggregation used in the main financial statements and notes.

~13~

IV. Summary of Significant Accounting Policies

The compliance statement, basis of preparation, basis of consolidation, and additions are described as follows. The other significant accounting policies are the same as those in Note 4 to the 2024 consolidated financial statements. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(I) Compliance statement

  1. These consolidated financial statements have been prepared in accordance with the “Rules Governing the Preparation of Financial Statements by Securities Issuers” and IAS 34 "Interim Financial Reporting" endorsed and issued by the Financial Supervisory Commission.

  2. These consolidated financial statements shall be read in conjunction with the 2024 consolidated financial statements.

(II) Basis of preparation

  1. Except the following material items, these consolidated financial statements have been prepared under the historical cost convention:

  2. (1) Financial assets at fair value through other comprehensive income.

  3. (2) Defined benefit liabilities recognized based on the net amount of pension fund Assets less present value of defined benefit obligation.

  4. The preparation of financial statements in conformity with International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC (collectively referred herein as the “IFRSs”) requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(III) Basis of consolidation

  1. Basis for preparation of consolidated financial statements The basis for preparation of these consolidated financial statements are the same as that of the 2024 consolidated financial statements.

~14~

  1. Subsidiaries included in the consolidated financial statements:
Name of the
investing company
Name of
Subsidiary
Business
nature
Ruentex Materials
Co., Ltd.
Ruentex Interior
Design Inc.
(Ruentex Interior
Design)
Interior
decoration
design and
construction
and garden
greening
design		 Percentage of Ownership
March 31,
2025
December 31,
2024
March 31,
2024
31.66%
31.66%
35.19%		 Percentage of Ownership
March 31,
2025
December 31,
2024
March 31,
2024
31.66%
31.66%
35.19%		 Description
Note

March 31,
2025
31.66%
December 31,
2024
31.66%

  • Note: 1. Though the Company does not own more than 50% of the voting rights directly or indirectly, but meets the requirement of controlling capability, and thus it is included in the consolidated entity.

    1. In order to cooperate with the public underwriting before the initial listing on Taipei Exchange by Ruentex Interior Design, a subsidiary of the Company, the board of directors approved by resolution, on March 26, 2024, the cash capital increase by 1,500 thousand shares, with a face value of NT$10 per share, all of which are ordinary shares. May 17, 2024, was the record date for capital increase, and the registration of the change was completed on June 19, 2024. The Company did not subscribe in proportion to its shareholding, so its shareholding fell to 31.66% and recognized NT$68,894 in capital surplus - changes in the ownership interests of subsidiaries. Please find Note 6(29) for details of transactions with non-controlling interests.

  • Subsidiaries not included in the consolidated financial statements: None.

  • Adjustments for subsidiaries with different balance sheet dates: None.

  • Significant restrictions: None.

  • Subsidiaries that have non-controlling interests that are material to the Group:

~15~

Name of Subsidiary
Ruentex Interior
Design
Name of Subsidiary
Ruentex Interior
Design		 Principal Place of Principal Place of


March 31, 2025
Amount
Percentage
shareholding
$ 624,111
68.34%
$
$

Business
Taiwan
Principal Place of

Business
Taiwan

Summary of subsidiaries’ financial information:

Balance Sheets

Current Assets
Non-current assets
Current liabilities
Non-current liabilities
Total net assets

March 31, 2025
$ 2,099,414
173,625
( 1,341,151)
( 18,555)
$ 913,333
December 31, 2024
$ 1,870,494
210,173
( 1,170,400)
( 24,012)
$ 886,255

Statements of Comprehensive Income

Income
Net profit before tax
Income tax expense
Net profit for the period of
the continued business unit
Other comprehensive
income (Net of tax)
Total comprehensive
income for this period
Total comprehensive
income attributed to non-
controlling interest		 Ruentex Interior Design
January 1 to March 31, 2025
January 1 to March 31, 2024
$ 575,902
$ 418,537
72,724
53,372
( 14,552)
( 10,682)
58,172
42,690
( 31,094)
( 11,397)
$ 27,078
$ 31,293
$ 18,503
$ 20,282		 Ruentex Interior Design
January 1 to March 31, 2025
January 1 to March 31, 2024
$ 575,902
$ 418,537
72,724
53,372
( 14,552)
( 10,682)
58,172
42,690
( 31,094)
( 11,397)
$ 27,078
$ 31,293
$ 18,503
$ 20,282

$ 575,902
72,724
( 14,552)
58,172
( 31,094)
$ 27,078
$ 18,503

42,690
( 11,397)

$ 31,293

$ 20,282

~16~

Statements of Cash Flows

Net cash generated from
(used in) operating
activities
Net cash inflow
(outflow) from investing
activities
Net Cash (outflow) from
financing activities
Increase (decrease) of
cash and cash
equivalents – current
period
Cash and cash
equivalents, beginning
of period
Cash and cash
equivalents, end of
period		 Ruentex Interior Design
January 1 to March 31, 2025
January 1 to March 31, 2024

($ 106,730)
$ 254,986

( 1,613)
8,146

( 2,016)
( 1,993)
( 110,359)
261,139
746,721
182,917
$ 636,362
$ 444,056


($ 106,730)

( 1,613)

( 2,016)
( 110,359)
746,721
$ 636,362

(IV) Provisions

The carbon fee levied under Taiwan’s Climate Change Response Act and its regulations does not fall within the scope of IFRIC 21 Levies, but is instead recognized and measured in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets. If the estimated annual emissions are likely to exceed the threshold for carbon fee imposition, a related liability should be accrued in the interim financial statements based on the proportion of emissions incurred to date relative to the estimated total annual emissions.

(V) Employee benefits

The pension cost for the interim period was calculated using the actuarially determined pension cost rate at the end of the previous fiscal year based on the period from the beginning of the year to the end of the current period. If there are significant market changes and major reductions, settlements or other significant one-time events after the end date, adjustments will be made accordingly, and the relevant information will be disclosed in acc ordance with the aforementioned policies.

~17~

(VI) Income tax

The annual average effective tax rate used to estimate the interim income tax expense shall be used to calculate the interim income before tax, and the relevant information is disclosed in accordance with the aforementioned policies.

V. Critical Accounting Judgements, Estimates and Key Sources of Assumption Uncertainty

There was no significant change in the current period. Please refer to Note 5 to the 2024 consolidated financial statements.

VI. Details of Significant Accounts (I) Cash and cash equivalents

Cash on hand and
revolving funds
Checking deposits
Demand deposits
Time deposits
Cash equivalents -
Bonds under repurchase
agreements		 $



March 31, 2025
260
35,626
93,136
351,959
335,834
816,815		 December 31, 2024
$ 260
42,227
84,685
351,136
427,486
$ 905,794		 March 31, 2024
$ 260
31,083
41,700
50,717
472,471
$ 596,231


$

  1. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

  2. The Group’s restricted time deposits on March 31, 2025, December 31, 2024, and March 31, 2024 due to guarantees for the performance of contracts were NT$248,696, NT$247,594, and NT$100,670, respectively, of which NT$156,798, NT$155,696, and NT$8,814 were classified as other financial assets - current (recognized in “other current assets”) and NT$91,898, NT$91,898, and NT$91,856 were classified as other financial assets - noncurrent (recognized in “other non-current assets”). Please refer to Note 8.

~18~

(II) Notes and accounts receivable

Notes receivable
Notes Receivable – related party
Accounts receivable
Less: Allowance for loss
Subtotal
Accounts receivable - related party		 March 31, 2025
$ 193,488
59,325		 December 31, 2024 March 31, 2024
$ 150,227

438

$ 255,353

52,121

$ 252,813


$ 307,474

$ 150,665

$ 965,137
( 6,751)
958,386
152,968

$ 723,725
( 10,535)
713,190

74,597

$ 631,859
( 5,886)
625,973

155,037

$ 1,111,354

$ 787,787


$ 781,010

  1. The Company issues the invoice and bill of lading when taking the customer ’s order, debts accounts receivable and credits advance sales receipt (the “contract liability-current” account). When it receives notes issued by the customer, the amount is then transferred to notes receivable from accounts receivable. Based on demand quantity, the customer pick up the cement in batches, and the actual sales amount is then transferred from advance sales receipt to revenue. To prevent inflated assets and liabiliti es, the notes and accounts receivable and advance sales receipts related to undelivered cement are offset by each other and presented in net values. As of March 31, 2025, December 31, 2024, and March 31, 2024, the amounts were NT$66,566, NT$92,525, and NT$60,461.

  2. The aging analysis of accounts receivable (including related parties) and notes receivable (including related parties) is as follows:

Not overdue
Overdue
Within 30 days
31-60 days
61-90 days
91 days and more		 March 31, 2025
Accounts
receivable
Notes
receivable
$ 1,112,889
$ 252,813
1,067 -
786 -
401 -
2,962
-
$ 1,118,105
$ 252,813		 December 31, 2024
Accounts
receivable
Notes
receivable
$ 786,347
$ 307,474
2,698
-
770
-
1,970
-
6,537
-
$ 798,322
$ 307,474		 March 31, 2024
Accounts
receivable
Notes
receivable
$ 782,331
$ 150,665
527
-
361
-
341
-
3,336
-
$ 786,896
$ 150,665		 March 31, 2024
Accounts
receivable
Notes
receivable
$ 782,331
$ 150,665
527
-
361
-
341
-
3,336
-
$ 786,896
$ 150,665

Accounts
receivable
$ 1,112,889
1,067
786
401
2,962
Accounts
receivable
$ 786,347
2,698
770
1,970
6,537
$ 798,322
Accounts
receivable
$ 782,331
527
361
341
3,336
$ 786,896

$ 1,118,105		 $ 150,665

The aging analysis was based on past due date.

~19~

  1. The balances of notes and accounts receivable on March 31, 2025, December 31, 2024, and March 31, 2024 were all generated from contracts with customers. The balances of contractual notes receivable and accounts receivable are NT$173,990 and NT$1,117,559, respectively for January 1, 2024.

  2. The Group’s maximum exposure to credit risk, before consideration of associated collateral held and other credit enhancements, was NT$252,813, NT$307,474, and NT$150,665 for notes receivable as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively; NT$ 1,111,354, NT$787,787, and NT$781,010 for accounts receivable as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

  3. For credit risk information related to accounts receivable and notes receivable, please refer to Note 12(2).

(III) Inventories

Materials and
supplies
Work in process
Finished goods
Merchandise
inventory
Materials and
supplies
Work in process
Finished goods
Merchandise
inventory		 March 31, 2025 March 31, 2025
Carrying amount
525,431
126,957
156,847
787

Cost
$ 528,132
131,407
158,791
787
Allowance for valuation losses
($ 2,701)
$ ( 4,450)

( 1,944)


-

($ 9,095)
$ December 31, 2024
($ 2,701)
( 4,450)
( 1,944)

-
($ 9,095)
December 31, 2024
$ 819,117 $ 810,022




Carrying amount
503,034
138,575
109,965
399

Cost
$ 505,512
138,575
110,119
399
Allowance for valuation losses
($ 2,478)
$ -

( 154)


-

($ 2,632)
$
($ 2,478)
-
( 154)

-
($ 2,632)
$ 754,605 $ 751,973

~20~

Materials and
supplies
Work in process
Finished goods
Merchandise
inventory		 March 31, 2024

Carrying amount
$ 431,446
178,490
96,278
1,546

Cost

Allowance for valuation losses
$ 434,035
178,490
96,393
1,546		 ($ 2,589)
-
( 115)

-

($ 2,704)

$ 710,464
$ 707,760

Inventory cost recognized as expenses in the current period:

Cost of inventories sold
Loss on market value
decline of inventory
Unallocated
manufacturing costs
Revenue from sales of
scraps		 $

(		 January 1 to March 31, 2025
1,069,940
6,463
-
855)
1,075,548		 $

(		 January 1 to March 31, 2024
974,424
86
1,710
1,360)
974,860

$
$
  • (IV) Financial assets at fair value through other comprehensive income acquired non-Current
Item
Non-current items:
Equity Instrument
Shares of TWSE
listed companies
Shares of the
TPEx listed
companies
Adjustments for
valuation
Shares of TWSE
listed companies
Shares of the
TPEx listed
companies
Total


$		 March 31, 2025
690,007
25,753		 December 31, 2024
$ 690,007

25,753		 $ March 31, 2024
690,007
24,868
714,875
107,965)
17,511)
125,476)
589,399


715,760


715,760


(
(
110,904)
18,094)
128,998)
586,762

19,419
( 18,080)
(

(

(
1,339

(

$

$ 717,099
$

~21~

  1. The Group elected to classify the TWSE listed securities investments for stable dividends as financial assets at fair value through other comprehensive income; such investments amounted to NT$579,103, NT$709,426, and NT$582,042, as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

  2. The Group elected to classify the strategic investments in privately offered shares of TWSE listed companies as financial assets at fair value through other comprehensive income, amounting to NT$7,659, NT$7,673, and NT$7,357, as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

  3. TPEx-listed company, OBI Pharma, Inc., increased its capital in cash in November 2024, and the Company subscribed for 13,828 shares in an amount of NT$885.

  4. Detail of the financial Assets at fair value through other comprehensive income recognized under the comprehensive income is as follows:

January 1 to March 31, 2025 January 1 to March 31, 2024

Equity instruments at fair value through other comprehensive income Changes in fair value recognized as other comprehensive income ($ 130,337) ($ 48,800)

  1. The maximum exposure to credit risk for the Group’s financial assets at fair value through other comprehensive income, before consideration of associated collateral held and other credit enhancements, was NT$586,762, NT$717,099, and NT$589,399 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

  2. For information on the price risk of financial assets at fair value through other comprehensive income, please refer to Note 12(2).

  3. (V) Investments accounted for using equity method

  4. Statement of investments accounted for using the equity method is as

  5. follows:

March 31, 2025 December 31, 2024

Associates:

Teh Hsin Enterprise Co., Ltd. (Teh Hsin) $ 1,611,632 $ 1,576,964

~22~

  1. The share of profit or loss of associates recognized under the equity method for the three months ended March 31, 2025, is as follows:

January 1 to March 31, 2025 Associates: Teh Hsin $ 34,668

  1. Associates

  2. (1) The basic information of the Group’s significant associates is as follows:

Main business

Main business
Company name
Teh Hsin		 Place of business
Taiwan		 Shareholding percentage
Nature of
relationship
Measurement
method
December 31,
2024
35%
Diversification
Equity method

March 31, 2025
35%
  • (2) The summarized financial information of the associates that are material to the Group are as follows: Balance Sheets

Teh Hsin

Current Assets
Non-current assets
Current liabilities
Non-current liabilities
Total net assets
Portion of the net assets of associates (Note)		 March 31, 2025
$ 1,390,748
743,427
( 282,636)
( 3,576)
$ 1,847,963
$ 646,802		 December 31, 2024

$ 1,319,000
652,051
( 218,577)
( 3,561)
$ 1,748,913
$ 612,133

Note: The difference from the carrying amount is primarily attributable to the fair value difference of non-current assets.

Statements of Comprehensive Income

Statements of Comprehensive Income
Income
Net income of current period
Other comprehensive income (Net of tax)
Total comprehensive income for this period		 Teh Hsin
January 1 to March 31, 2025

$ 368,705
99,044
-
$ 99,044

~23~

  • (3) On September 20, 2024, the Board of Directors of the Company resolved to acquire equity interest in Teh Hsin. A share purchase agreement was entered into with a non-related party on September 26, 2024, for the purchase of 14,969,837 shares at NT$104.5 per share, totaling NT$1,564,348. The acquired shares represent a 35% equity interest. The share transfer registration was completed on November 15, 2024.

  • (4) The Group holds a 35% equity interest in Teh Hsin and is its single largest shareholder. However, based on the past shareholders' meeting attendance records, it is evident that other shareholders actively participate in Teh Hsin’s decision-making processes. Among the nine seats on Teh Hsin’s Board of Directors, the Group holds only three. This indicat es that the Group does not have the practical ability to direct the relevant activities of Teh Hsin. Accordingly, the Group has determined that it does not have control over Teh Hsin, but instead has significant influence.

  • (5) For information regarding the pledged shares of investments accounted for under the equity method, please refer to Notes 6(12) and 8.

~24~

(VI) Property, plant, and equipment

January 1
Cost
Accumulated depreciation
Accumulated impairment
January 1
Addition
Transfer for current period
(Note)
Costs of disposal
Disposal of accumulated
depreciation
Depreciation expense
March 31
March 31
Cost
Accumulated depreciation
Accumulated impairment		 2025
Land
$1,535,961
-
-
$1,535,961
$1,535,961
-

-
-
-
-
$1,535,961
$1,535,961
-
-
$1,535,961		 Buildings and
structures
$1,500,468
( 585,920)
( 10,331)
$ 904,217
$ 904,217
562
-
-
-
( 8,837)
$ 895,942
$1,501,030
( 594,757)
( 10,331)
$ 895,942		 Machinery and
equipment
$2,350,658
( 1,155,573)
( 55,441)
$1,139,644
$1,139,644
11,770
-
-
-
( 51,852)
$1,099,562
$2,362,428
( 1,207,425)
( 55,441)
$1,099,562		 Machinery and Transportation
equipment
$ 13,969
( 10,825)
-
$ 3,144
$ 3,144
-
-
-
-
( 246)
$ 2,898
$ 13,969
( 11,071)
-
$ 2,898		 Transportation Office
equipment
$ 18,328
( 11,152)
-
$ 7,176
$ 7,176
582
-
( 190)
190
( 720)
$ 7,038
$ 18,720
( 11,682)
-
$ 7,038		 Leased assets
Miscellaneous
equipment
$ 2,279 $ 84,821
( 1,616) ( 26,367)
-
( 379)
$ 663
$ 58,075
$ 663 $ 58,075
- 772
- -
- -
- -
( 75)
( 2,772)
$ 588
$ 56,075
$ 2,279 $ 85,593
( 1,691) ( 29,139)
-
( 379)
$ 588
$ 56,075		 Miscellaneous
$
equipment
pending for
inspection
51,967
-
-
51,967
51,967
52,443
2,084
-
-
-
106,494
106,494
-
-
106,494

equipment
13,969
10,825)
-
3,144
3,144
-
-
-
-
246)
2,898
13,969
11,071)
-
2,898		 equipment
84,821
26,367)
379)
58,075
58,075
772
-
-
-
2,772)
56,075
85,593
29,139)
379)
56,075
$
$ 663
$		 $

$



(
$ 663 $ -
-
-
-
( 75)
(
$




$

$ 588
$		 $

$ (
$ 2,279 $ ( 1,691) (
-
(
$
$
$ 588
$		 $

Note: The balance of the transfer amount is the transfer from prepayments for construction.

~25~

2024

2024
January 1
Cost
Accumulated depreciation
Accumulated impairment
January 1
Addition
Transfer for current period
(Note)
Depreciation expense
March 31
March 31
Cost
Accumulated depreciation
Accumulated impairment		 Land
$1,535,961
-
-
$1,535,961
$1,535,961
-

-
-
$1,535,961
$1,535,961
-
-
$1,535,961		 Buildings and
structures
$1,477,660
( 544,090)
( 10,331)
$ 923,239
$ 923,239
261
-
( 12,064)
$ 911,436
$1,477,921
( 556,154)
( 10,331)
$ 911,436		 Buildings and Machinery and
equipment
$2,071,138
( 1,057,135)
( 55,441)
$ 958,562
$ 958,562
9,652
162,767
( 45,423)
$1,085,558
$2,243,557
( 1,102,558)
( 55,441)
$1,085,558		 Machinery and
Transportation
equipment
$ 13,969
( 9,843)
-
$ 4,126
$ 4,126
-
-
( 245)
$ 3,881
$ 13,969
( 10,088)
-
$ 3,881		 Transportation Office
equipment
$ 16,278
( 9,064)
-
$ 7,214
$ 7,214
-
-
( 618)
$ 6,596
$ 16,278
( 9,682)
-
$ 6,596		 Leased assets
$ 2,279
( 1,315)
-
Miscellaneous
equipment
$ 66,997
( 35,151)
( 379)

$ 31,467
$ 31,467
5,082
18,110

( 1,899)

$ 52,760
$ 90,189
( 37,050)
( 379)

$ 52,760		 Miscellaneous Unfinished
construction and
equipment
pending for
inspection
Total
$ 209,720
$5,394,002
-
( 1,656,598)
-
( 66,151)
$ 209,720
$3,671,253
$ 209,720
$3,671,253
37,666
52,661
( 180,187)
690
-
( 60,324)
$ 67,199
$3,664,280
$ 67,199
$5,447,353
-
( 1,716,922)
-
( 66,151)
$ 67,199
$3,664,280
equipment
pending for
inspection
209,720
-
-
209,720
209,720
37,666
180,187)
-
67,199
67,199
-
-
67,199

equipment
13,969
9,843)
-
4,126
4,126
-
-
245)
3,881
13,969
10,088)
-
3,881		 equipment
66,997
35,151)
379)
31,467
31,467
5,082
18,110
1,899)
52,760
90,189
37,050)
379)
52,760
$ $ 964

$		 $

$

(		 $ 964
-
-
( 75)
$


(
$
(

$
$ 889


$		 $

$ (
 $ 2,279
( 1,390)
-
$ (
(
$
$ $ 889

$		 $

Note: The balance of the transfer amount is the transfer from prepayments for business facilities.

~26~

  1. Details of the property, plant and equipment pledged to others as collateral are provided in Note 8.

  2. Due to legal restrictions, part of the land of the Group is held in the name of another person and a mortgage is created to the Group. Please refer to Note 7 for details.

  3. (VII) Lease transactions - lessees

  4. The underlying assets leased by the Group are the offices, land for mining use, parking spaces and company vehicles, and the term of lease is between 2020 and 2028. The lease contracts are negotiated individually, with different terms and conditions. The leased assets are neither to be used as collaterals for loans, nor the rights to be transferred to others in the form of business transfer or merger, among other forms.

  5. The lease period for the employee dormitories, warehouse and exhibition center leased by the Group is less than 12 months.

  6. Information on the carrying amount of the right-of-use assets and the recognized depreciation expenses is as follows:

2025

2025 2025
January 1
Cost
Accumulated
depreciation
January 1
Depreciation expense
March 31
March 31
Cost
Accumulated
depreciation		 $ ( Land
22,165
3,335)
18,830
18,830
1,376)
17,454
22,165
4,711)
17,454		 $ ( Buildings
63,202
45,571)
17,631
17,631
3,297)
14,334
63,202
48,868)
14,334		 Transportation equipment $ ( Total
86,119
49,282)
36,837
36,837
4,736)
32,101
86,119
54,018)
32,101

$ 752
( 376)
$ 376
$ 376
( 63)
$ 313
$ 752
( 439)
$ 313

$
$ $ (
$
$

$ (
$ (

$
$ $ (
$
$

$ (
$ (

$
$
$

~27~

2024

2024 2024 2024
January 1
Cost
Accumulated
depreciation
January 1
Revaluation of
lease liabilities
Depreciation
expense
March 31
March 31
Cost
Accumulated
depreciation		 $ ( Land
7,265 $ 6,306)
(		 Buildings
Transportation equipment
63,145
$ 752
$ 32,880)
( 125)
(
30,265
$ 627
$ 30,265
$ 627
$ -
-

3,290)
( 63)
(
26,975
$ 564
$ 63,145
$ 752
$ 36,170)
( 188)
(
26,975
$ 564
$		 Total
71,162
39,311)
31,851

$ 752
( 125)
$ 627
$ 627
-
( 63)
$ 564
$ 752
( 188)
$ 564

$

959
$
$
$
(
959 $ 9,846
9,450)
(
$
(
31,851
9,846
12,803)

$

1,355
$
$
28,894

$ (

17,111 $ 15,756)
(
$ (
81,008
52,114)
28,894

$

1,355
$
$
  1. Lease liabilities related to lease contracts are as the following:
Total amount of lease
liabilities
Less: Due within one year
(listed as lease liabilities -
current)		 March 31, 2025
$ 36,614
( 24,513)
$ 12,101		 December 31, 2024
March 31, 2024
$ 44,638
( 29,997)

$ 39,939
( 24,440)
$ 15,499

$ 14,641
  1. Information of income items related to lease contracts are as the following:

January 1 to March 31, 2025 January 1 to March 31, 2024

January 1 to March 31, 2025 January 1 to March 31, 2024
Items affects the income of the $ 119
$ 780		 $ 80
current period
Interest expenses of lease
liabilities
Expenses of short-term lease
contracts
$ 724
  1. The total cash outflow for the lease of the Group for the three months ended

~28~

on March 31, 2025 and 2024 was NT$4,224 and NT$4,159, respectively.

  1. Yilan Luodong Business Area No. 70, 71, 73-75, 80, 82-85, and Nan’ao Business Area No. 27 and 28 were leased by the Company for mineral field use. As said leases expired on June 18, 2020. The Company applied to the competent authorities for the renewal of the leases of the ancillary facilities of the mining land, and the process was completed in January 2023. In addition, according to the letter from the Yilan Branch of the Forestry and Conservation Administration, Ministry of Agriculture, in March 2024, the rent of the mining land was calculated based on the approved market value of forest land and included in the ecological damage compensation. The Company re-assessed the said lease liability and recognized right -of-use assets of NT$9,846 and lease liabilities of NT$9,846. The above lease expires on June 18, 2024. The Company has applied to the competent authority for a lease extension through June 18, 2028, and has recognized a right -of-use asset of NT$21,454 and a lease liability of NT$21,454 accordingly.

(VIII) Intangible Assets

2025

January 1
Cost
Accumulated
amortization
Accumulated
impairment
January 1
Amortization
March 31
March 31
Cost
Accumulated
amortization
Accumulated
impairment		 Trademark, patent
rights and service
concession
Mineral source
$ 234,798 $ 30,000
( 60,416) ( 30,000)
( 61,972)
-
$ 112,410
$-
$ 112,410 $ -
-
-
$ 112,410
$-
$ 234,798 $ 30,000
( 60,416) ( 30,000)
( 61,972)
-
$ 112,410
$-		 Trademark, patent Trademark, patent
$ (
(		 Others
116,991
53,355)
11,240)		 $ (
(		 Total
381,789
143,771)
73,212)
164,806
164,806
260)
164,546
381,789
144,031)
73,212)
164,546

rights and service

concession
30,000
30,000)
-
-
-
-
-
30,000
30,000)
-
-

$ 112,410
$
$
52,396
$

$ 112,410 $ -
$ (

52,396 $ 260)
(
$ 112,410
$
$
52,136

$

$ 234,798 $ ( 60,416) (
( 61,972)
$ (
(
116,991
53,615)
11,240)
$ (
(

$ 112,410
$
$
52,136
$

~29~

2024

January 1
Cost
Accumulated
amortization
Accumulated
impairment
January 1
Addition
Cost of
derecognition
Accumulated
amortization on the
derecognition date
Amortization
March 31
March 31
Cost
Accumulated
amortization
Accumulated
impairment		 Trademark, patent
rights and service
concession
Mineral source
$ 234,798 $ 30,000
( 60,416)( 30,000)
( 61,972)
-
$ 112,410
$-
$ 112,410 $ -
- -
- -

- -
-
-
$ 112,410
$-
$ 234,798 $ 30,000
( 60,416)( 30,000)
( 61,972)
-
$ 112,410
$-		 Trademark, patent Trademark, patent
$ (
(		 Others
118,848 $ 49,744) (
11,240)
(		 Others
118,848 $ 49,744) (
11,240)
(		 Total
383,646
140,160)
73,212)
170,274

rights and service

concession
30,000
30,000)
-
-
-
-
-
-
-
-
30,000
30,000)
-
-

$ 112,410
$
$
57,864


$

$ 112,410 $ -
-

-
-
$
(

(

57,864 $ 686
1,354) (
1,354
2,053)
(
170,274
686
1,354)
1,354
2,053)
168,907
$ 112,410
$
$

56,497
$

$ 234,798 $ ( 60,416)(
( 61,972)
$ (
(

118,180 $ 50,443) (
11,240)
(
382,978
140,859)
73,212)
168,907

$ 112,410
$
$
56,497


$

Details of amortization of intangible assets are as follows:

Operation cost
Operating Expenses		 January 1 to March 31, 2025
$ 199
61
$ 260		 January 1 to March 31, 2024

$ 1,955
98
$ 2,053

The Company owns the mine operation rights at Yilan Lankan Mine (Tai-Ji-CaiZi No. 5569 Mine Operation Right) and Hualien Huahsin Mine (Tai -Ji-Cai-Zi No. 5345 Marble Mine Operation Right) which will expire on June 18, 2032 and July 1, 2025, respectively. At present, the limestone quarrying in the original mining area has nearly been exhausted and an application has been

~30~

made to the Bureau of Mines, Ministry of Economic Affairs, in accordance with Article 43 of the Mining Act for an extension of the mining area within the original mine operation rights (Expansion).

On September 15, 2020, the above-mentioned application for the Yilan Lankan Mine Expansion received the Administrative Disposition Jin Shou Wu Zi No. 10920107100 from the Ministry of Economic Affairs, which stated, “Because the public land authority (i.e. the Luodong District Office of the Forestry Bureau of the Council of Agriculture, Executive Yuan) has indicated that the approval of mineral land is denied because it does not meet the requirements of No. 13 of the Regulations for Conservation Forest Managements; therefore, the application is rejected in accordance with Article 43 of the Mining Act. ” The Company filed a petition in accordance with the law on October 6, 2020 due to dissatisfaction with the administrative sanction imposed by the authority; however, the petition was rejected by the Executive Yuan, referencing Yuan - Tai-Su-Zi No. 1100178798 dated July 8, 2021. The material changes from the adverse impact on the Company’s assets due to administrative authorities’ fact determination and application of laws had led to signs of impairment of the Company’s assets in accordance with the IAS 36. The property, plants, and equipment of NT$66,151 and intangible assets of NT$73,212 related to the Yilan Lankan Mine, totaling NT$139,363, were recognized in impairment losses in June 2021.

However, to ensure the equity and efficiency of the Company's assets, if the mining land for mining sources legally held can be expanded and continued to be mined, it will make a reasonable contribution to the Comp any's future profits. The Yilan Lankan Stone Mine expansion case was filed with The High Administrative Court on September 9, 2021, but the administrative lawsuit was dismissed on February 29, 2024 by the Taipei High Administrative Court judgment year 2021 Su-Zi No. 1062. The Company has already make a provision for impairment loss. Hence, there is no material impact on the Company’s finance or business of the judgment results, and an appeal has been filed to the Supreme Administrative Court in March 2024, and the litigation is ongoing.

The mining and transportation method for the Hualien Huahsin Mine expansion application was to borrow another entity’s road. However, because the consent to pass through the adjacent mines was not obtained, the Company took t he initiative to withdraw the application and will file another application after re - planning. As of May 14, 2025, the relevant planning is still in progress and the application procedure has not yet been completed.

~31~

(IX) Short-term borrowings

Credit bank loan
Interest rate collars		 March 31, 2025
$ 1,550,000
1.90%~1.96%		 December 31, 2024
$ 1,200,000
1.90%~1.95%		 March 31, 2024
$ 400,000

1.905%

In addition to the collateral provided for the short-term borrowings as described in Note 8, the Group also issued the guarantee notes of the amount as follows:

Guarantee notes March 31, 2025
$ 2,350,000		 December 31, 2024
$ 1,950,000		 March 31, 2024
$ 1,650,000

(X) Short-term notes and bills payable

March 31, 2025 December 31, 2024 March 31, 2024 Commercial papers payable $ 480,000 $ 410,000 $ 320,000 Less: Unamortized discount ( 214) ( 178) ( 17) $ 479,786 $ 409,822 $ 319,983 Interest rate collars 1.67%~1.77% 1.62%~1.82% 1.50%~1.59%

The guaranteed bills for the short-term notes and bills quota issued by the Group are as follows:

Guarantee notes March 31, 2025
$ 700,000		 December 31, 2024
$ 800,000		 March 31, 2024

$ 650,000

(XI) Other payables

Salary and wages payable
Electricity bill payable
Payables for equipment
Commodity tax payable
Business tax payable
Other Payable		 March 31, 2025
$ 69,666
28,544
26,167
11,633
21,309
34,494
$ 191,813		 December 31, 2024
$ 165,966
38,683
24,684
16,353
3,900
38,999
$ 288,585		 March 31, 2024
$ 74,069
21,040
25,971
15,212
3,863
33,269
$ 173,424

~32~

- (XII) Long term borrowings

Nature of loan
Loan period and borrowing
method
Long-term bank loan
Secured loan
From September 1, 2024 to
November 1, 2027, monthly
payment of interest, re-
payment on maturity.
Credit Loan
From October 22, 2024 to
October 31, 2026, monthly
payment of interest, re-
payment on maturity.		 Loan period and borrowing Interest rate collars
Guarantee
March 31, 2025
$ 2,480,000
550,000
$ 3,030,000
1.865%
~1.975%
1.95%
~1.975%		 Note
Note
Nature of loan
Loan period and borrowing
method
Long-term bank loan
Secured loan
From September 1, 2024 to
November 1, 2027, monthly
payment of interest, re-
payment on maturity.
Credit Loan
From January 23, 2024 to
October 31, 2026, monthly
payment of interest, re-
payment on maturity.
Nature of loan
Loan period and borrowing
method
Long-term bank loan
Secured loan
From September 1, 2023 to
August 31, 2025, monthly
payment of interest, re-
payment on maturity.
Credit Loan
Interest will be paid monthly
from September 30, 2023 to
January 23, 2026 with interest
repayable upon maturity.		 Interest rate
collars
1.865%
~1.90%
1.95%
~2.096%
Interest rate
collars
1.875%
1.78%
~1.936%		 Guarantee Guarantee
December 31, 2024
$ 2,480,000
950,000
$ 3,430,000
March 31, 2024
$ 1,700,000
1,000,000
$ 2,700,000
Note
Note
Guarantee
Note
Note

~33~

Note: In addition to the collateral provided for the long-term borrowings as described in Note 8, the Group also issued the guarantee notes of the amount as follows:

amount as follows:
Guarantee notes March 31, 2025
$ 2,880,000		 December 31, 2024
$ 2,880,000		 March 31, 2024

$ 2,000,000

The Company entered into a credit facility agreement with E.SUN Bank in November 2024 to support the Company’s working capital and investment needs. Facility 1 is a medium-term loan with a credit period from November 2024 to October 2026. Facility 2 is a short-term loan with a credit period from November 2024 to October 2025. Facility 1 and Facility 2 share a combined credit limit of NT$400,000. Facility 3 is a medium-term loan with a credit period from November 2024 to October 2027 and a credit limit of NT$780,000. The collateral for this facility is the Com pany’s equity-method investment in shares, and the share pledge must be completed within three months after the initial drawdown. The share pledge was completed in January 2025. As of March 31, 2025, borrowings under the medium -term loan facilities amounted to NT$980,000. The main covenants are as follows:

During the term of the credit facility, the following financial ratios must be maintained and reviewed semi-annually. If the requirements are not met, the interest rate shall be increased by 25 basis points:

  • a. The current ratio shall not be less than 60%.

  • b. The debt ratio shall not exceed 400%.

The above financial ratios are calculated based on the consolidated financial statements audited or reviewed by the certified public accountant.

(XIII) Pensions

  1. (1) In accordance with the Labor Standards Act, the Group has established a defined benefit plan. This plan applies to the years of service rendered by all formal employees prior to the implementation of the Labor Pension Act on July 1, 2005, and to the subsequent service years of employees who elected to continue under the Labor Standards Act after its implementation. It also applies to all employed foreign mid - level skilled workers. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Group contributes an amount equal to 2% of the employees’ monthly salaries and wages each month to the retirement

~34~

fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. In addition, the Grou p assesses the balance in the aforementioned labor pension reserve account by the end of December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method, the Group will make contributions to employees expected to be qualified for retirement next year to cover the deficit by next March.

  • (2) For the three months ended March 31, 2025 and 2024, the Group ’s pension expenses recognized under the above pension plan were NT$36 and NT$33, respectively.

  • (3) Expected contributions to the defined benefit pension plans of Ruentex Interior Design for the year ending December 31, 2025 amounts to NT$153.

  • (1) The Group has established a defined contribution pension plan (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Group contributes monthly an amount based on 6% of the employees ’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment.

  • (2) For the three months ended March 31, 2025 and 2024, pension expenses were NT$4,740 and NT$4,259, respectively.

(XIV) Provisions

January 1
Provisions newly recognized
for the current period
Provisions utilized during the
current period
March 31		 2025
Total
$ 12,639
35,955
( 258)
$ 48,336		 2024
Warranty provision
$ 11,329
332
( 479)
$ 11,182
Warranty provision
Carbon fee
$ 12,639
$ -
615
35,340

( 258)
-
$ 12,996
$ 35,340

$ 12,639
615

( 258)
$ 12,996

~35~

An analysis of provisions is as follows:

Current
$ Non-current
$		 Current
$ Non-current
$		 March 31, 2025
39,230
9,106
48,336		 December 31, 2024
$ 3,944
8,695
$ 12,639		 $
$		 March 31, 2024
3,005
8,177
11,182

$
  1. Warranty provision

The Group’s provision for warranty mainly arises from interior decoration projects and is estimated based on the contract amount of each project.

  1. Carbon fee

The provision for carbon fee is recognized based on the general carbon fee rate of NT$300 per metric ton. As of May 14, 2025, the Company has submitted its voluntary reduction plan, which has not yet been approved by the competent authority. If the plan is approved and the Company is designated as operating in a high carbon leakage risk industry, the provision for carbon fee liabilities will be adjusted using the preferential rate and multiplied by the applicable emission adjustment factor.

(XV) Share-based payment

  1. As of December 31, 2024, the share-based payment agreement of subsidiary Ruentex Interior Design is as follows:
Type of agreement
Grant date
Shares retained from cash
capital increase for employee
subscription
May 7, 2024		 Quantity
(share)

225,000		 Contract
volume
NA		 Vesting
conditions
Immediate
vesting

In the above-mentioned share-based payment agreement, the settlement is based on equity.

~36~

  1. Details of the above share-based payment agreement are as follows:

2024

Outstanding stock options on January 1
Stock options granted in this period
Stock options exercised in this period
Outstanding stock options on December 31		 Number of stock options (shares)
Strike price (NT$)
-
$ -
225,000
165
( 225,000)
165
-
-
  1. For Ruentex Design’s share-based payment transaction on the grant date, the Black-Scholes model was adopted to estimate the fair value of the stock options. The relevant information is as follows:
Grant date
Type of agreement
Shares retained from cash capital
increase for employee subscription113.05.07		 Fair value
per share of
options
(NTD)
$171.73		 Expected
price
volatility

34.43%		 Expected Expected
dividend
rate
Strike
price
(NT$)
Risk-
free
rate
0.00%
$ 165 1.22%		 Fair value

duration
(years)
0.02		 per share


(NT$)
$7.7106

(XVI) Capital

  1. The number of outstanding shares of the Company as of March 31, 2025 and 2024 was both 150,000 thousand shares, and the number of shares for the three months ended on March 31, 2025 and 2024 remained unchanged.

  2. As of March 31, 2025, the Company’s authorized capital was NT$2,000,000, and the paid-in capital was NT$1,500,000 with a par value of NT$10 per share; all shares are issued as ordinary shares. All proceeds from shares issued have been collected.

(XVII) Capital surplus

  1. Pursuant to the R.O.C. Company Act, capital surplus arising from paid -in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Act requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

~37~

  1. Regarding capital surplus - changes in the ownership interests of subsidiaries as recognized, please refer to Note 6(29).

(XVIII) Retained earnings

  1. Under the Articles of Incorporation of the Company, the earnings, if any, shall be distributed after close of the year as follows:

  2. (1) First pay income tax.

  3. (2) Make up loss accumulated in previous year, if any.

  4. (3) Amortize 10% as legal reserve unless the accumulated legal reserve is up to the total paid-in capital of the Company.

  5. (4) Amortize or rotate special reserve as required by law or the competent authority.

  6. (5) For the balance after deduction of the sums under the preceding Paragraphs (1)-(4), the Board of Directors shall propose the allocation to be duly allocated after being submitted and resolved in the shareholders’ meeting.

  7. The Company's dividend payout policy is based on the Company Act and the Company's Articles of Incorporation, which allow the Company to consider the financial, business, operational and capital budgeting factors, while taking into account shareholders' interests, balanced dividends, and the Company's long-term financial planning. A distribution plan by the Board shall be submitted to the shareholders' meeting. However, keeping within the available surplus for distribution, the dividends to shareholders shall be no less than 50 percent of the balance amount derived from taking the after-tax profit of the current year less the profit set aside as legal reserve and special reserve, the cash dividend ratio shall not be less than 30 percent of the total dividend distribution for the year.

  8. Except for covering accumulated deficit or issuing new stocks or cash to shareholder in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the balance of the reserve exceeds 25% of the Company’s paid-in capital.

  9. In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount could be included in the distributable earnings.

~38~

  1. The Company’s earning distribution plan for the year ended December 31, 2023 approved by the shareholders’ meeting on May 24, 2024 is as follows:

2023

Legal reserve
Special reserve
Cash dividends
Total		 Amount
$ 11,476
5,578
97,500
$ 114,554		 Dividend per share (NTD)

$ 0.65
  1. (1) The Company’s earning distribution plan for the year ended December 31, 2024 approved by the board of directors’ meeting on March 12, 2025 is as follows:
Legal reserve
Profit reversed as special
reserve
Cash dividends
Total		 2024
Amount
Dividend per share (NTD)
$ 18,786
( 7,232)
165,000
$ 1.10
$ 176,554		 2024
Amount
Dividend per share (NTD)
$ 18,786
( 7,232)
165,000
$ 1.10
$ 176,554
Amount
$ 18,786
( 7,232)
165,000
$ 176,554

$ 1.10
  • (2) The above-mentioned 2024 distribution plan had not yet been resolved by the shareholders' meeting as of May 14, 2025.

(XIX) Operating Revenue

Revenue from contracts with
customers:
Revenue from sales of goods
Revenue from construction
contracts
Other revenue from contracts		 January 1 to March 31,
2025
$ 1,088,048
596,008
18,620
$ 1,702,676		 January 1 to March 31, January 1 to March 31, January 1 to March 31,
2024
$ 1,081,561
412,693
24,694
$ 1,518,948

2025
1,088,048
596,008
18,620
1,702,676

$
$

1. Detail of customer contract income

The Group’s revenue is mainly from the transfer of services over time and transfer of products at a point of time, and it can be divided based on product lines as follows:

~39~

January 1 to March 31, 2025
Departmental revenue
Revenue from internal department
transactions
Revenue from contracts with external
customers
Timing of revenue recognition
Revenue recognized at a point in time
Revenue recognized over time		 $ Cement
business
469,009
-		 Building materials Building materials
Engineering and
construction business
$ 596,153
( 145)
$ 596,008
$ -
596,008
$ 596,008		 Total
$ 1,706,079
( 3,403)
$ 1,702,676
$ 1,088,048
614,628
$ 1,702,676

$ (
business
640,917
3,258)
637,659
637,659
-
637,659

$		 469,009
$

$
450,389
18,620
$

$
469,009		 $
January 1 to March 31, 2024
Departmental revenue
Revenue from internal department
transactions
Revenue from contracts with external
customers
Timing of revenue recognition
Revenue recognized at a point in time
Revenue recognized over time		 $ Cement
business
550,266
-		 Building materials Building materials
Engineering and
construction business
$ 414,288
( 1,595)
$ 412,693
$ -
412,693
$ 412,693		 Total
$ 1,522,490
( 3,542)
$ 1,518,948
$ 1,081,561
437,387
$ 1,518,948

$ (
business
557,936
1,947)
555,989
555,989
-
555,989

$		 550,266
$

$
525,572
24,694
$

$
550,266		 $
  1. As of March 31, 2025 and 2024 for the signed construction contracts, the aggregated amounts of the transaction amount allocated to the unsatisfied contract performance, and the estimated recognition years are as the following:
following:
Year
2025
2024		 Year of the estimated recognized revenues
Amounts of the signed contracts

2025 ~ 2028
2024 ~ 2025

$ 1,876,380
$ 1,646,601

~40~

  1. Contract assets and contract liabilities

The Group’s recognition of contract assets and contract liabilities related to contracts with customers is as follows:

Contract asset:
Contract asset - Retainable
receivable (including related
parties)
Contract asset - Construction
contract (including related
parties)
Total
Contract liability:
Contract liability - Sales
contract for goods
Contract liabilities -
Construction contract
(including related parties)
Total		 March 31, 2025
$ 59,165

637,688
$ 696,853
$ 8,073
109,765
$ 117,838		 December 31, 2024
March 31, 2024
$ 54,019
$ 25,604
696,620
391,269
$ 750,639
$ 416,873
$ 32,533
$ 11,116
61,879
18,104
$ 94,412
$ 29,220		 January 1, 2024

$ 54,019
696,620
$ 750,639
$ 32,533
61,879
$ 94,412
$ 13,150
364,587
$ 377,737
$ 23,527
26,825
$ 50,352
  1. The contract assets/contract liabilities recognized in the aforementioned construction contracts on March 31, 2025, December 31, 2024 and March 31, 2024 are as follows:

March 31, 2025 December 31, 2024 March 31, 2024 January 1, 2024 Total costs incurred plus $ 2,473,661 $ 2,131,744 $ 1,858,891 $ 1,552,369 profits recognized Less: Amount requested for ( 1,945,738) ( 1,497,003) ( 1,485,726) ( 1,214,607) progress of works Status of net assets and $ 527,923 $ 634,741 $ 373,165 $ 337,762 liabilities of contracts

  1. For information on the credit risk of related contract assets, please refer to Note 12(2).

~41~

(XX) Operation cost

Cost of sales of goods
Cost of construction contract
Other costs from contracts		 January 1 to March 31, 2025
$ 1,075,548
479,630
721
$ 1,555,899		 January 1 to March 31, 2024
$ 974,860
328,996
2,191
$ 1,306,047

(XXI) Interest revenue

Interest on cash in banks
Interest income from the financial
assets measured at amortized costs		 January 1 to March 31, 2025
$ 2,510
193
$ 2,703		 January 1 to March 31, 2024
$ 955
-
$ 955

(XXII) Other income

Rent income
Other income		 January 1 to March 31, 2025
$ 278
-
$ 278		 January 1 to March 31, 2024

$ 278
35
$ 313

(XXIII) Other gains and losses

January 1 to March 31, 2025
Gain on foreign currency valuation $ 10
Others
( 206)

($ 196)
 January 1 to March 31, 2024

$ 60
( 144)
($ 84)

~42~

(XXIV) Financial Costs

Interest expense:
Bank loan
Lease liabilities		 January 1 to March 31, 2025
$ 23,877
119
$ 23,996		 January 1 to March 31, 2024

$ 15,339
80
$ 15,419

(XXV) Additional information of expenses by nature

Changes in products, finished goods,
and works-in-process, and raw
materials and supplies consumed
Contract work
Employee benefit expense
Depreciation expenses for property,
plant and equipment
Depreciation expenses for right-of-
use assets
Depreciation and amortization
expenses of intangible assets
Other expense
Operating costs and expenses		 January 1 to March 31, 2025

$ 609,342
454,123
165,730
64,502
4,736
260
342,942
$ 1,641,635		 January 1 to March 31, 2024

$ 597,741
310,419
154,989
60,324
12,803
2,053
260,953
$ 1,399,282

(XXVI) Employee benefit expense

January 1 to March 31, 2025
Wages and salaries
$ 136,297
Labor and Health Insurance costs 15,061
Pension expense
4,776
Directors’ Remuneration
1,722
Other employment fees
7,874
$ 165,730		 January 1 to March 31, 2024

$ 130,014
11,576
4,292
1,662
7,445
$ 154,989

~43~

  1. According to the Articles of Incorporation, the Company shall appropriate at least 1% of the remainder of the profit for the year as profit sharing remuneration for employees after deducting the accumulated losses from the profit for the current year. None will be distributed for director remuneration.

  2. (1) The Company's estimated amounts of employee remuneration from January 1 to March 31, 2025 and 2024 were NT$204 and NT$678, respectively, and the aforementioned amounts were recorded as salary expenses.

  3. (2) The employees’ compensation was estimated and accrued based on 1% of distributable profit of the current year for the three months ended on March 31, 2025.

  4. (3) As resolved by the Board of Directors on March 12, 2025, the remuneration to employees for 2024 is consistent with the remuneration to employees of NT$2,092 recognized in the 2024 financial statements. The aforementioned employee remuneration will be distributed in the form of cash. As of the reporting date, the actual distribution has not yet been made.

  5. (4) Information about employees’ compensation and directors’ and supervisors’ remuneration of the Company as resolved by the board of directors and the shareholders at the shareholders’ meeting will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

(XXVII) Income tax

  1. Income tax expense

  2. (1) Components of income tax expense:

Current income tax:
Income tax occurred in the current
period
Total income tax for current period
Deferred income tax:
Origination and reversal of
temporary differences
Total deferred income tax
Income tax expense		 January 1 to March 31, 2025

$ 14,551
14,551
( 2,323)
( 2,323)
$ 12,228		 January 1 to March 31, 2024

$ 20,947
20,947
169
169
$ 21,116

~44~

  • (2) The income tax direct (debit) credit relating to components of other comprehensive income is as follows:

January 1 to March 31, 2025 January 1 to March 31, 2024 Changes in fair value through other comprehensive income $ 3,466 $ 1,335

  1. The Company’s income tax returns through 2022 have been assessed as approved by the Tax Authority.

(XXVIII) Earnings per share

Basic earnings per share
Net income attributable to
ordinary shareholders of the
parent
Diluted earnings per share
Net income attributable to
ordinary shareholders of the
parent
Impact of potential diluted
common shares
Remuneration to employee
Effects of the net income
attributable to ordinary
shareholders of the parent plus
potential ordinary shares		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15		 January 1 to March 31, 2025
After-tax
amount
Number of shares
outstanding (thousand
shares) at the end of
the period
Earnings per
share
(NTD)
22,519
150,000
$ 0.15
22,519 150,000
-
73
22,519
150,073
$ 0.15

$
After-tax
amount
22,519
Number of shares
outstanding (thousand

share
(NTD)
0.15
0.15

shares) at the end of


the period
150,000
150,000
73

$


22,519
-

$
$ 22,519 150,073

~45~

Basic earnings per share
Net income attributable to
ordinary shareholders of the
parent
Diluted earnings per share
Net income attributable to
ordinary shareholders of the
parent
Impact of potential diluted
common shares
Remuneration to employee
Effects of the net income
attributable to ordinary
shareholders of the parent plus
potential ordinary shares		 January 1 to March 31, 2024 January 1 to March 31, 2024 January 1 to March 31, 2024 January 1 to March 31, 2024 January 1 to March 31, 2024 January 1 to March 31, 2024
Earnings per
Earnings per

$
After-tax
amount
56,646
Number of shares
outstanding (thousand

share
(NTD)
0.38
0.38

shares) at the end of


the period
150,000
150,000
65

$


56,646
-

$
$ 56,646 150,065

(XXIX) Transactions with non -controlling interests

For the cash capitalization of a subsidiary, the Company has not subscribed according to the shareholding percentage.

Ruentex Interior Design, a subsidiary of the Company, conducted capital increase in cash by issuing new shares in May 2024. The Company did not subscribe in proportion to the shareholding, which resulted in a decrease in the combined shareholding of Ruentex Interior Design from 35.19% to 31.66%. Please find Note 4(3) for details. The effects of changes in Ruentex Interior Design’s equity in 2024 on the equity attributable to the owners of parent are as follows:

Cash
Share-based payment
Increase in the carrying amount of non-controlling interests
Capital surplus - changes in the ownership interests of
subsidiaries as recognized		 2024
$ 278,226
1,735
( 211,067)
$ 68,894

~46~

(XXX) Cash flow supplementary information

  1. Investing activities not affecting cash flow:

January 1 to March 31, 2025 January 1 to March 31, 2024

Prepayments for
construction funds and
business facilities
reclassified to real
estate, plants, and
equipment		 $ 2,084 $ 690
  1. Investing activities paid partially by cash:
Acquisition of property,
plant and equipment
Add: Payables for
equipment at the
beginning of the period
Less: Payables for
equipment at the end of
the period
Cash payments for
current period		 January 1 to March 31, 2025
January 1 to March 31, 2024		 January 1 to March 31, 2025
January 1 to March 31, 2024

$ 66,129
24,684
( 26,167)
$ 64,646

$ 52,661
13,065
( 25,971)
$ 39,755

~47~

(XXXI) Changes of liabilities from financing activities

January 1
Changes of the financing cash
flows
Other non-cash changes
March 31
January 1
Changes of the financing cash
flows
Revaluation of lease liabilities
Other non-cash changes
March 31		 2025 2025
Short-term borrowings
$ 1,200,000
350,000
-
$ 1,550,000
 Short-term notes
and bills payable
$ 409,822
70,000
( 36)
$ 479,786
 Lease liabilities-
current and non-
current
$ 39,939 $ ( 3,325) (
-
 Long-term
borrowings
3,430,000
400,000)
-
$ 36,614
$		 3,030,000
$
9,394
$




2024





Short-term borrowings
$ 750,000
( 350,000)
-
-
$ 400,000		 Short-term notes
and bills payable
$ 269,936
50,000
-
47		 Lease liabilities-
current and non-
current
$ 38,147 $ ( 3,355)
9,846

-
 Long-term
borrowings
2,500,000
200,000
-
-
$ 319,983 $ 44,638
$		 2,700,000
$ 7,541
$

~48~

VII. Transaction with Related Parties

(I) Parent Company and the ultimate controller

  • The Company is controlled by Ruentex Engineering & Construction Co., Ltd. which holds 39.15% of the Company’s shares. The ultimate parent company of the Company is the Ruentex Development Co., Ltd.

(II) Names of related parties and relationship

Name of the related party
Ruentex Development Co., Ltd. (Ruentex
Development)
Ruentex Engineering & Construction Co.,
Ltd.
Ruen Yang Construction Co., Ltd. (Ruen
Yang Construction)
Ruentex Property Management and
Maintenance Co., Ltd.
Ruentex Bai-Yi Development co., Ltd.
Ruentex Xu-Zhan Development co., Ltd.
Ruentex Construction & Development Co.,
Ltd.
Ruentex Innovative Development Co., Ltd.
(Ruentex Innovative Development)
Ruentex Industries Ltd.
Nan Shan Life Insurance Co., Ltd.
Nan Shan General Insurance Co., Ltd.
OBI Pharma, Inc.
Shing Yen Construction & Development
Co., Ltd.
Ruentex Construction & Engineering Co.,
Ltd.
Penglin Investment Co., Ltd.
Huei Hong Investment Co., Ltd.
Shu-Tien Urology and Ophthalmology
Clinic		 Relation to the Group
Ultimate parent company of the Group
Direct parent company (The parent company of the Group)
Fellow subsidiary (A subsidiary of the parent company of
the Group)
Fellow subsidiary (A subsidiary of the ultimate parent
company of the Group)
Fellow subsidiary (A subsidiary of the ultimate parent
company of the Group)
Fellow subsidiary (A subsidiary of the ultimate parent
company of the Group)
Fellow subsidiary (A subsidiary of the ultimate parent
company of the Group)
Fellow subsidiary (A subsidiary of the ultimate parent
company of the Group)
Other related parties (investees accounted for using the
equity method by the ultimate parent company of the
Company)
Other related parties (investees accounted for using the
equity method by the ultimate parent company of the
Company)
Other related parties (subsidiaries of investees accounted
for using the equity method by the ultimate parent company
of the Company)
Other related party (the Group’s substantial related party)
Other related parties (investees accounted for using the
equity method by the ultimate parent company of the
Company)
Other related party (the management personnel of the
Group’s parent company is the representative of the
juridical person director of the Company)
Other related party (its director is the representative of the
juridical person director of the Group)
Other related party (The Group’s juridical person director)
Other related party (a juridical person director of an
affiliate of the ultimate parent company of the Group)

~49~

Name of the related party Relation to the Group Chang Quan Investment Co., Ltd. Other related party (The Group’s representative of the juridical person director is the representative of the juridical person director of the company) Sunny Friend Environmental Technology Other related parties (investees accounted for using the Co., Ltd. equity method by the ultimate parent company of the Company) Teh Hsin ENTERPRISE CO., LTD. (Teh Associate (investee accounted for using the equity method Hsin) (Note 1) by the Group) Samuel Yen-Liang Yin Other related party (the relative within the first degree of kinship of the representative of the juridical corporate director of the Group) Mo, Wei-Han Chairperson of the Company Lin, Yi-Chieh (Note 2) President of the Company Chen, Hsueh-Hsien (Note 2) Former president of the Company Lee Chih-Hung Chairman of the Company’s direct parent company Chien Tsang-Tsun Chairperson of the subsidiary of the Company Lu, Yu-Huang President of the subsidiary of the Company

  • Note 1: The Group acquired 35% shares of Teh Hsin on November 15, 2024. Teh Hsin is an associate of the Group, and transactions with Teh Hsin have been disclosed starting from that date. For related information, please refer to Note 6(5).

  • Note 2: Hsueh-Hsien Chen resigned from the position of President on March 12, 2025. The Company appointed Yi-Chieh Lin as the new President pursuant to a resolution of the Board of Directors.

(III) Significant related party transactions and balances

  1. Operating Revenue
Sales of goods:
－The ultimate parent company
－The direct parent company
－Other related parties
－Associates
Contract of construction:
－Ruentex Development
－The direct parent company
－Fellow subsidiary
－Other related parties		 January 1 to March 31, 2025
$ 2,683
43,130
2,122
53
177,035
7,675
5,896
53
$ 238,647		 January 1 to March 31, 2024

$ 31,714
33,942
3,081
-
71,388
7,002
101,754
14,553
$ 263,434

~50~

There is no significant difference in the transaction prices and payment terms for goods sold and the non-related parties. The contract prices of the contract of construction is negotiated by both parties and are collected by the due date as stated in the contract.

  1. Receivables from related parties
Notes receivable:
－Ruentex Development
－The direct parent company
－Other related parties
－Associates
Accounts receivable
－Ruentex Development
－The direct parent company
－Ruentex Innovative Development
－Fellow subsidiary
－Other related parties
－Associates		 March 31, 2025
$ 59,285
-
-
40
$ 59,325
March 31, 2025
$ 119,398
28,542
-
2,925
2,087
16
$ 152,968		 December 31, 2024 March 31, 2024
$ -
438
-
-
$ 438
March 31, 2024
$ 53,447
28,920
63,878
5,032
3,760
-
$ 155,037

$ 48,729
2,413
979
-
$ 52,121
December 31, 2024

$ 35,201
27,849
6,792
3,193
1,505
57
$ 74,597
  1. Contract assets - retainable receivables
－The ultimate parent company
－The direct parent company
－Fellow subsidiary		 $
March 31, 2025
14,210
1,893
32,573
48,676		 December 31, 2024
$ 14,786
2,247
32,573
$ 49,606		 March 31, 2024
$ 4,351
1,149
19,245

$
$ 24,745

~51~

  1. Incomplete work of construction contracting and advance construction receipts
Ruentex
Development
Ruentex Innovative
Development
The direct parent
company
Other related parties
Ruentex
Development
Ruentex Innovative
Development
The direct parent
company
Other related parties		 March 31, 2025
Total contract
amount
Amount requested for
progress of works
(Tax excluded)
$ 900,305 $ 368,173
712,050 620,447
65,801 35,615
3,660
-
$ 1,681,816
$ 1,024,235		 March 31, 2025
Total contract
amount
Amount requested for
progress of works
(Tax excluded)
$ 900,305 $ 368,173
712,050 620,447
65,801 35,615
3,660
-
$ 1,681,816
$ 1,024,235		 December 31, 2024
Total contract
amount
Amount requested for
progress of works
(Tax excluded)
$ 938,046 $ 310,804
717,881 626,915
65,250 30,772
3,660
-
$ 1,724,837
$ 968,491
March 31, 2024		 December 31, 2024
Total contract
amount
Amount requested for
progress of works
(Tax excluded)
$ 938,046 $ 310,804
717,881 626,915
65,250 30,772
3,660
-
$ 1,724,837
$ 968,491
March 31, 2024

Total contract
amount
(Tax excluded)
$ 900,305
712,050
65,801
3,660
Total contract
amount
(Tax excluded)
$ 938,046
717,881
65,250
3,660

progress of works
$ 368,173
620,447
35,615

-
$ 1,024,235

$ 1,681,816
$ 1,724,837

Total contract
amount
(Tax excluded)
$ 1,069,838
686,839
61,461
46,512
Amount requested for

progress of works
$ 121,299
427,415
24,761

-
$ 573,475

$ 1,864,650

~52~

5. Balance of accounts payable from related parties

Notes payable:
－The direct parent company
－Fellow subsidiary
－Other related parties
Accounts payable:
－The direct parent company
Other payables (Note):
－The ultimate parent company
－The direct parent company
－Fellow subsidiary
－Other related parties		 March 31, 2025
$ 1,923
99
175
$ 2,197
$ 2,334
$ 5
7
200
211
$ 423		 December 31, 2024 March 31, 2024
$ 1,212
9
216

$ 566
-
-
$ 566
$ 2,107
$ 6
4
200
236
$ 446
$ 1,437
$ 4,637
$ 5
376
200
257
$ 838

Note: Mainly due to insurance premiums, rents, computer maintenance fees payable, phone bills, and cleaning fees.

  1. Property transactions

Real estate, plant and equipment acquired

To proceed with the construction of the "Technical Warehouse Expansion Project of Dongshan Plant, Yilan," the Company signed a construction contract with Ruen Yang Construction on March 13, 2024, after the Board of Directors approved the construction. The company is expected to undertake the construction of the new construction project, and the inspection and acceptance of the project completion is to be completed in March 2025. The final total contract price and the paid amount is NT$2,084.

  1. Lease transactions - Lessee/rent expenses

Rent expenses of short-term lease contracts

Fellow subsidiary
Other related parties		 January 1 to March 31, 2025
$ 514
55
$ 569		 January 1 to March 31, 2024

$ 514
55
$ 569

~53~

The Group’s rent objects are the exhibition center and the warehouse with monthly rental payment.

  1. The Company and the direct parent company signed and entered into an agreement in January 2023 on contract processing. The monthly payment is NT$1,200. If the monthly production surpasses 3,800 tonnes, an additional payment of NT$80 per kiloton shall be made (for production at less than one kiloton, it will be calculated based on one kiloton). The processing expenses recognized for the three months ended March 31, 2025 and 2024 were bot h NT$3,600.

  2. The Company and the direct parent company signed and entered into an agreement in August 2022 on contract processing. The monthly payment is NT$632. If the monthly production surpasses 2,000 tonnes, an additional payment of NT$80 per kiloton shall be made (for production at less than one kiloton, it will be calculated based on one kiloton). The processing expenses recognized for the three months ended March 31, 2025 and 2024 were both NT$1,896.

  3. Status of endorsements and guarantees provided by related parties to the Group

The direct parent company
Key management personnel		 March 31, 2025
$ 88,368
$ 7,930,000		 December 31, 2024
March 31, 2024

$ 88,368
$ 7,630,000

$ 88,368

$ 6,300,000

  1. Related party who owns the land based on a trust deed

  2. A portion of the Company’s land is agricultural land. Due to legal restrictions, the Group is not entitled to the property rights of the aforementioned land. Therefore, the property rights of the agricultural l and obtained in 2009, 2010, 2015, and 2020 were registered to the chief management and pledged as collateral to the Company. As of March 31, 2025, the carrying value of agricultural and animal husbandry land was NT$84,306 under "Property, plant and equipment."

~54~

(IV) Key management compensation information

Wages and salaries and short-term
employee benefits
Post-employment benefits
Total		 January 1 to March 31, 2025
January 1 to March 31, 2024

$ 20,235
283
$ 20,518

$ 19,275
265
$ 19,540

VIII. Pledged Assets

The Group’s Assets pledged as collateral are as follows:

Asset items
Investments accounted
for using equity method
Other financial assets-
current (listed as Other
Current Assets)
Property, plant, and
equipment
Other financial assets -
non-current (listed as
“other non-current
assets”)		 Carrying amount Carrying amount

March 31, 2024
$ -
8,814
1,520,782
91,856
$ 1,621,452		 For guarantee purpose
Long-term borrowings and
guarantee quota
Performance bond
Long-term and short-term
borrowings and guarantee
quota
Performance bond

March 31, 2025
$ 1,611,632
156,798
1,516,450
91,898
$ 3,376,778
December 31, 2024

$ -
155,696
1,518,993
901,898
$ 1,766,587

IX. Significant Contingent Liabilities and Unrecognized Commitments

  • (I) Contingencies

Please refer to Note 6(8).

(II) Commitments

Except those described in Note 6(7), (12) and 7, other material commitments are as follows:

  1. As of March 31, 2025, December 31, 2024 and March 31, 2024, the total amount of the construction contracts entered into by the Group for undertaking and renovation projects were NT$2,758,806, NT$2,564,091 and NT$1,832,366, respectively. Amounts of NT$1,096,722, NT$953,599 and NT$1,126,879 have been paid, respectively, and the remainder will be paid based on the stage of completion.

~55~

  1. As of March 31, 2024, the amounts of letters of credit issued by the Group but not yet used are EUR 106 thousand, respectively.

X. Significant Disaster Loss

None.

XI. Significant subsequent events

None.

XII. Others

(I) Capital management

The Group’s objectives when managing capital are to safeguard the company’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return share capital to shareholders, issue new shares or sell assets in order to adjust to reach the most suitable capital structure. The Group uses the debt-to-capital ratio to monitor its capital, and such ratio is calculated by dividing the net debt by the total capital. The net liabilities is equal to total borrowings (including “current and non-current borrowings” on the consolidated financial statements) deducting cash and cash equivalents. Total capital is the “equity” stated on the consolidated balance sheet plus net liabilities. The strategy in 2025 of the Group maintained the same strategy of 2024. The Group’s debt ratios as of March 31, 2025, December 31, 2024, and March 31, 2024 were as follows:

Total borrowings
Less: Cash and cash equivalents
Net debt
Total equity
Total capital
Debt-to-total-capital ratio		 March 31, 2025
$ 5,060,000
( 816,815)
4,243,185
3,044,568
$ 7,287,753
58.22%		 December 31, 2024
March 31, 2024
$ 3,420,000
( 596,231)
2,823,769
2,640,299
$ 5,464,068
51.68%

$ 5,040,000
( 905,794)
4,134,206
3,109,169
$ 7,243,375
57.08%

~56~

(II) Financial instruments

1. Type of financial instruments

Financial Assets
Financial assets at
amortzed cost
Cash and cash equivalents
Current financial assets at
amortized cost
Notes receivable due from
related parties
Accounts receivable due
from related parties
Other receivables
Refundable deposits
(recorded as other
non-current assets)
Other financial assets
(listed as other current
assets and other non-
current assets)
Investments in equity
instruments designated
as financial assets at
fair value through
other comprehensive
income		 March 31, 2025
$ 816,815
50,000
252,813
1,111,354
3,223
23,653
248,696
586,762		 March 31, 2025
$ 816,815
50,000
252,813
1,111,354
3,223
23,653
248,696
586,762		 December 31, 2024
$ 905,794
50,000
307,474
787,787
2,660
23,599
247,594
717,099
$ 3,042,007		 December 31, 2024
$ 905,794
50,000
307,474
787,787
2,660
23,599
247,594
717,099
$ 3,042,007		 March 31, 2024
$ 596,231
-
150,665
781,010
3,365
23,598
100,670
589,399		 March 31, 2024
$ 596,231
-
150,665
781,010
3,365
23,598
100,670
589,399

$ 3,093,316
$ 2,244,938

~57~

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

Financial Liabilities
Financial liabilities are
carried at
amortized cost
Short-term borrowings
Short-term notes and
bills payable
Notes payable
(including related
parties)
Accounts payable
(including related
parties)
Other payables
(including related
parties)
Long-term borrowings
Guarantee deposits
received (listed as
other non-current
liabilities)
Lease liabilities -
current and non-
current
 $ 1,550,000
479,786
242,204
1,380,997
192,236
3,030,000
9,394
$ 6,884,617
$ 36,614
 $ 1,200,000

409,822
201,897
1,216,289
289,031
3,430,000
8,792
$ 6,755,831
$ 39,939
 $ 400,000
319,983
167,604
721,862
174,262
2,700,000
7,541
$ 4,491,252

$ 44,638

  1. Risk management policies

  2. (1) The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk, and price risk), credit risk, and liquidity risk.

  3. (2) Risk management work is executed by the Group’s Financial Department according to the policies approved by the Board of Directors. Through close cooperation with the various operating units of the Group, the Group’s Financial Department is responsible for the identification, evaluation, and hedging of financial risks. The board of directors provides written principles for overall risk management , as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

~58~

  1. Significant financial risks and degrees of financial risks

  2. (1) Market risk

Foreign exchange risk

  • A. The Group’s risk management’s objective is to manage currency exchange risk, interest risk, credit risk, and liquidity risk regarding operating activities. To reduce relevant financial risks, the Group is devoted to identifying, evaluating, and circumventing market uncertainties to mitigate the potential negative impacts on the company’s financial performance due to market movements.

  • B. The Group’s businesses involve some non-functional currency operations. The information on assets and liabilities denominated in foreign currencies whose values would be affected by exchange rate fluctuations is as follow:

March 31, 2025

(Foreign currency:
Functional currency)
Financial assets -
Monetary items
USD:NTD
Financial liabilities -
Monetary items
USD:NTD
(Foreign currency:
Functional currency)
Financial assets -
Monetary items
USD:NTD
Financial liabilities -
Monetary items
USD:NTD
EUR:NTD
JPY:NTD		 Amount in
foreign currency		 End of period measured Carrying Carrying Carrying Sensitivity analysis
Range of
variation
Effects on
profit and loss
1%
$ 7
1%
1
 Sensitivity analysis
Range of
variation
Effects on
profit and loss
1%
$ 7
1%
1
 Sensitivity analysis
Range of
variation
Effects on
profit and loss
1%
$ 7
1%
1




Range of
variation
1%
1%


(NT$ Thousand)

$ 21
3

Amount in
foreign currency
(NT$ Thousand)
$ 17
52
2
409
End of period measured
exchange rate
32.79
32.79
34.14
0.2099
Carrying
amount
(NT$)
$ 557
1,705
68
86
Sensitivity analysis




Range of
Effects on
profit and loss
$ 6
17
1
1

amount
(NT$)
$ 557
1,705
68
86

variation
1%
1%
1%
1%

~59~

March 31, 2024

(Foreign currency:
Functional currency)
Financial assets -
Monetary items
USD:NTD
Financial liabilities -
Monetary items
USD:NTD		 Amount in
foreign currency
(NT$ Thousand)
$ 29
28		 End of period
measured exchange
rate
32.00
32.00		 Carrying Sensitivity analysis
Range of
variation
Effects on profit
and loss
1%
$ 9
1%
9		 Sensitivity analysis
Range of
variation
Effects on profit
and loss
1%
$ 9
1%
9

Range of

amount
(NT$)
$ 928
896

variation
1%
1%
$
  • C. Foreign exchange risk has significant impact on the Group, and all of the foreign exchange gains or losses (including realized and unrealized) on monetary items recognized were gains of NT$10 and NT$60, for the three months ended on March 31, 2025 and 2024, respectively.

Price risk

  • A. The Group’s equity instruments exposed to price risk were the financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

  • B. The Group mainly invests in domestic or foreign equity instruments. The prices of equity instruments is affected by the uncertainty of the future value of investment subject matters. If the prices of these equity instruments had increased/decreased by 1% with all other variables held constant, other comprehensive income due to classification to gains or losses of equity investments at fair value through other comprehensive income for the three months ended on March 31, 2025 and 2024 would have increased/decreased by NT$5,868 and NT$5,894, respectively.

Cash flow and fair value interest rate risk

  • A. The Group’s interest rate risk arises from short- and long-term borrowings with floating interest rates that expose the Group to cash flow interest rate risk. For the three months ended March 31, 2025 and 2024, the Group’s borrowings issued at variable rates were mostly denominated in the New Taiwan Dollar.

~60~

  • B. The borrowing of the Group was measured at amortized cost, and re-pricing was performed according to the annual interest rate specified in the contract. Therefore, the Group is exposed to the risk of future market interest rate changes.

  • C. If interest rates on borrowings had been 0.1% higher or lower with all other variables held constant, profit after income tax for the three months ended March 31, 2025 and 2024 would have decreased/increased by NT$916 and NT$620, respectively, due to change of interest expenses of borrowings at the variable interest rate.

  • (2) Credit risk

  • A. Credit risk refers to the risk of financial loss to the Group arising from default by clients or transaction counterparties of financial instruments on the contract obligations. Such risk is mainly due to the counterparties inability to repay the contract assets and accounts receivable according to the payment terms, and it is classified as contract cash flow at amortized cost.

  • B. The Group established management of credit risk from the Group ’s perspective. According to the internally specified credit extension policy, before each operating entity and each new customer establish the terms for payment and goods delivery, it is necessary to perform management and credit risk analysis. The internal risk control considers the financial position, past experience and other factors in order to assess the credit quality of customers. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board of directors. The utilization of credit limits is regularly monitored.

  • C. The Group adopts IFRS 9 to provide preliminary assumption, and when the payment specified according to the contract term has exceeded 90 days, breach of contract is deemed to have occurred.

  • D. The Group uses IFRS 9 to provide the following assumptions, to determine if the credit risks of the financial instrument significantly increased since the initial recognition. When the contractual payments are overdue from the payment terms for more than 30 days, it is deemed that the credit risks of the financial instrument significantly have increased since the initial recognition.

~61~

  • E. The Group classifies the accounts payable of customers according to the characteristics of customer type, and adopts the simplified method to use the loss rate method as the basis for estimating the expected credit loss.

  • F. After the collection procedures, the amount of financial assets that cannot be reasonably estimated will be written-off. However, the Group will continue to pursue the legal right of recourse to protect its claims.

  • G. The Group used the forecasting ability of the Taiwan Institute of Economic Research report to adjust historical and timely information to assess the default possibility and estimate impairment provisions for accounts receivable (including related parties) and contract assets (including related parties). As of March 31, 2025, December 31, 2024, and March 31, 2024, the loss rate methodology is as follows:

March 31, 2025
Expected loss
Total carrying amount
Allowance for losses
December 31, 2024
Expected loss
Total carrying amount
Allowance for losses
March 31, 2024
Expected loss
Total carrying amount
Allowance for losses		 Group I
0.01%~0.03%
$ 1,518,799
$ 89
Group I
0.01%~0.03%
$ 1,239,921
$ 97
Group I
0.01%~0.03%
$ 926,408
$ 93		 Group 2
1.01%~100%
$ 296,159
$ 6,662
Group 2
0.63%~100%
$ 309,040
$ 10,438
Group 2
0.50%~100%
$ 277,361
$ 5,793		 Total
$ 1,814,958
$ 6,751
Total
$ 1,548,961
$ 10,535
Total
$ 1,203,769
$ 5,886

Group 1: Sales counterparty established for 10 years and more, or accounts receivables arising from transactions with related parties and contracts for public construction or to debtors who have high probability of performing the payment financially.

~62~

  • Group 2: Sales counterparty established for less than 10 years, or those who have general payment performance ability.

  • H. The accounts receivable allowance loss change table under the simplified approach of the Group is as follows:

2025
Accounts receivable
January 1
$ 10,535
Reversal of impairment loss( 3,784)
March 31
$ 6,751		 2024
Accounts receivable
$ 7,144
( 1,258)
$ 5,886

  • I. The financial assets measured by the amortized cost accounted for by the Group are engineering contract guarantee deposits, demand deposit and pledged time certificate of deposit with original maturity date for more than three months. Because the cooperating financial institutions’ credit ratings are good, and the Company has conducted transactions with many financial institutions to diversify the credit risk, the probability of default is expected to be very low.

  • (3) Liquidity risk

  • A. Cash flow forecasting is performed by each of the operating entities of the Group and aggregated by the Finance Department. The Department also monitors the projections for the Group’s need for funds to ensure that there is sufficient funding to support operating requirements.

  • B. For the remaining cash held by each of the operating entities, when it exceeds the management needs of operating capital, it then invests the remaining capital in a saving deposit with interest, time deposit, or equivalent cash - repurchase agreements, etc. The instruments selected have appropriate maturity date or sufficient liquidity in order to cope with the aforementioned forecasts and to provide sufficient movement level.

~63~

  • C. Details of the loan credit not yet drawn down by the Group are as follows:
March 31, 2025
Due within one year
$ 1,441,260
Due longer than one year800,000
$ 2,241,260		 December 31, 2024
$ 1,211,260
700,000
$ 1,911,260		 March 31, 2024
$ 1,100,000
971,696

$ 2,071,696
  • D. The table below analyzes the Group’s non-derivative financial liabilities and net-settled or gross-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date for non-derivative financial liabilities. Derivative financial liabilities are analyzed on the remaining period at the balance sheet date to the expected maturity date. The amounts disclosed in the following table are the contractual undiscounted cash flows:

Non-derivative financial liabilities:

Non-derivative financial liabilities:
March 31, 2025
Short-term borrowings
Short-term notes and bills payable
(Note)
Notes payable (including related
parties)
Accounts payable (including
related parties)
Other payables (including related
parties)
Lease liabilities - current (Note)
Long-term borrowings (Note)
Lease liabilities - non-current
(Note)
Guarantee deposits received
(listed as other non-current
liabilities)		 3 months and below
Within 3 months to 1 year
More than 1 year


$ 1,550,000
$ -
$ -

480,000
-
-
241,130
1,074
-
336,193
917,281
127,523
175,785
5,434
11,017
9,012
15,844
-
14,478
43,434
3,072,928
-
-
12,264
-
-
9,394

Note: The amount includes the expected interest to be paid in the future.

~64~

Non-derivative financial liabilities:

Non-derivative financial liabilities:
December 31, 2024
Short-term borrowings
Short-term notes and bills payable
(Note)
Notes payable (including related
parties)
Accounts payable (including
related parties)
Other payables (including related
parties)
Lease liabilities - current (Note)
Long-term borrowings (Note)
Lease liabilities - non-current
(Note)
Guarantee deposits received
(listed as other non-current
liabilities)		 3 months and below
Within 3 months to 1 year
More than 1 year


$ 1,200,000
$ -
$ -

410,000
-
-
201,183
714
-
303,729
793,302
119,258
242,520
35,390
11,121
8,957
15,899
-
16,364
49,091
3,489,962
-
-
15,707
-
-
8,792

Note: The amount includes the expected interest to be paid in the future.

Non-derivative financial liabilities:

Non-derivative financial liabilities:
March 31, 2024
Short-term borrowings
Short-term notes and bills payable
(Note)
Notes payable (including related
parties)
Accounts payable (including
related parties)
Other payables (including related
parties)
Lease liabilities - current (Note)
Long-term borrowings (Note)
Lease liabilities - non-current
(Note)
Guarantee deposits received
(listed as other non-current
liabilities)		 3 months and below
Within 3 months to 1 year
More than 1 year


$ 400,000
$ -
$ -

320,000
-
-
166,754
850
-
230,540
378,835
112,487
142,366
16,604
15,292
20,148
10,178
-
11,930
34,455
2,720,521
-
-
14,666
-
-
7,541

Note: The amount includes the expected interest to be paid in the future.

~65~

(III) Fair value information

  1. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:

  2. Level 1: Quoted prices (unadjusted) in active markets for identical Assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The fair value of the Group’s investment in listed stocks is included.

  3. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

  4. Level 3: Unobservable inputs for the asset or liability.

  5. Financial instruments other than those measured at fair value The carrying amount of the Group’s cash and cash equivalents and the financial instruments measured at amortized cost, including notes receivable (including related parties), accounts receivable (including related parties), other receivables, other financial assets, guarantee deposits paid, short-term borrowings, short-term notes payable, notes payable (including related parties), accounts payable (including related parties), other payables (including related parties), other long-term borrowings, and guarantee deposits received are approximate to their fair values.

  6. The related information of financial and non-financial instruments measured at fair value by level on the basis of the natures, characteristic and risk, and fair value of the assets is as follows:

March 31, 2025 Level 1 Level 2 Level 3 Total Assets Recurring fair value Financial Assets at fair value through other comprehensive income acquired Equity securities - - $ 586,762 $ $ $ 586,762

~66~

December 31, 2024
Assets
Recurring fair value
Financial Assets at fair
value through other
comprehensive income
acquired
Equity securities
March 31, 2024
Assets
Recurring fair value
Financial Assets at fair
value through other
comprehensive income
acquired
Equity securities		 Level 1
$ 717,099
Level 1
$ 589,399		 Level 2
$-
Level 2
$-		 Level 3
$-
Level 3
$-		 Total
$ 717,099
Total
$ 589,399

  1. The Group’s financial instruments are traded in active markets, their fair value is measured based on the market quotation at the end of the balance sheet date. The market is deemed to be an active market when the quotation can be obtained instantly and regularly from the stock exchange, dealer, broker, industry, rating agencies, and regulatory body, and that the quotation represents the actual and regular market transactions conducted under the basis of a normal transaction. The market price of the financial assets held by the Group is the closing market price. These instruments belong to Level 1. Level 1 instruments are mainly equity instruments. Their classification is financial assets at fair value through other comprehensive income.

  2. There was no transfer between the Level 1 and the Level 2 fair values fo r the three months ended March 31, 2025 and 2024.

XIII. Separately Disclosed Items

(I) Significant transaction information

  1. Loans to others: None.

  2. Endorsement/guarantee provided for others: None.

  3. Holding of significant marketable securities at the end of the period (not including subsidiaries): Please refer to Table 1.

~67~

  1. Purchases or sales of goods from or to related parties reaching NT$100 million or 20% of paid-in capital or more: Please refer to Table 2.

  2. Receivables from related parties reaching NT$ 100 million or 20% of paidin capital or more: Please refer to Table 3.

  3. Business relationship between the parent and subsidiaries and status of the important transactions: None.

  4. (II) Information on Investees

  5. Names, locations, and other information of investees: Please refer to Table 4.

(III) Information on Investments in China

  • None.

XIV. Information on operating segments

(I) General information

The Group’s management has determined the reportable operating segments based on the reports reviewed by the Board of Directors that are used to make strategic decisions.

  • (II) Information on Departments

The segment information provided to the Chief Operating Decision-Maker for the reportable segments is as follows:

January 1 to March 31, 2025

External revenue
Internal departmental
revenue
Departmental revenue
Net operating profit
(loss) from the segment
Segment income (loss)
includes:
Depreciation expense
Amortization		 Cement business
$ 469,009
-		 Cement business
$ 469,009
-		 Building materials Building materials
Engineering and
construction
business
$ 596,008
145
$ 596,153
$ 78,832
$ 2,631
12
$ 2,643		 Engineering and Engineering and $ Total
1,702,676
3,403
1,706,079
61,041
69,238
260

construction
business
596,008
145
596,153
78,832
2,631
12
2,643

$
business
637,659
3,258
640,917
78,234
18,341
97
18,438

$ 469,009
$		 $
$

($ 96,025)

$
$

$

$ 48,266
151
$
$


$
$ 48,417 $ $ $ 69,498

~68~

January 1 to March 31, 2024

External revenue
Internal departmental
revenue
Departmental revenue
Net operating profit
from the segment
Segment income (loss)
includes:
Depreciation expense
Amortization		 Cement business
$ 550,266
-		 Building materials Building materials
Engineering and
construction
business
$ 412,693
1,595
$ 414,288
$ 56,082
$ 2,441
49
$ 2,490		 Engineering and Engineering and Total
$ 1,518,948
3,542
$ 1,522,490
$ 119,666
$ 73,127
2,053
$ 75,180

construction
business
412,693
1,595
414,288
56,082
2,441
49
2,490

$
business
555,989
1,947
557,936
23,310
12,952
1,819
14,771
$ 550,266
$
$

$ 40,274
$
$

$ 57,734
185
$
$

$ 57,919
$		 $

(III) Reconciliation for segment income (loss)

When the Chief Operating Decision-Maker of the Group evaluates the segment performance and allocates resources, the foundation for the judgement is based on the net operating profit. Reconciliation for current net operating profit/income before tax from the reportable segment is as follows:

Net operating profit from the segment
Interest revenue
Interest Cost
Other items
Net income before tax from the segment		 January 1 to March 31, 2025 January 1 to March 31, 2024

$ 61,041
2,703
( 23,996)
34,750
$ 74,498
$ 119,666
955
( 15,419)
229
$ 105,431

~69~

Ruentex Materials Co., Ltd. and its subsidiaries

Significant marketable securities held at the end of the period (not including subsidiaries, associates and joint ventures)

March 31, 2025

Attached Table 1

Unit: NT$ thousands (Except as Otherwise Indicated)

Company holding the securities
Type and name of the securities
(Note 1)
Ruentex Materials Co., Ltd.
Shares of Ruentex Industries Ltd.
Shares of OBI Pharma, Inc.
Ruentex Interior Design Inc.
Shares of Ruentex Industries Ltd.		 Relationship with the securities issuer
(Note 2)
Account recognized
The investee accounted for under the
equity method by the Company’s
ultimate parent company.
Financial assets at fair value
through other comprehensive
income - non-current
Substantive related party of the
Company
Financial assets at fair value
through other comprehensive
income - non-current
The investee accounted for under the
equity method by the Company’s
ultimate parent company.
Financial assets at fair value
through other comprehensive
income - non-current		 Shares
Carrying amou
7,200,236
$ 131,165

2,598,464
 Carrin amou End of the period
nt (Note 3)
Shareholding
percentage
Fair value
425,534
0.65
$ 425,534
7,659
0.05
7,659
153,569
0.24
153,569		 End of the period
nt (Note 3)
Shareholding
percentage
Fair value
425,534
0.65
$ 425,534
7,659
0.05
7,659
153,569
0.24
153,569		 Remarks

nt (Note 3)
425,534
7,659
153,569
(Note 4)

Note 1: Securities indicated in the Table refer to shares, bonds, beneficiary certificates and securities derived from the items mentioned above within the scope of IFRS No.9.

Note 2: Not required to be filled in for the issuers of securities that are not related parties. Note 3: For items measured at fair value, the carrying amount column shall reflect the amount after fair value adjustments. For items not measured at fair value, the carrying amount column shall reflect the original acquisition cost or amortized cost, net of accumulated impairment.

Note 4: The securities listed that are limited to their use due to the provision of security, pledge loans or others in accordance with the contract shall indicate the number of shares provided for guarantee or pledge, the amount of guarantee or pledge and the limits on the use in the in the column of “Remarks”.

Note 5: The securities listed in this schedule are determined by the Company based on the principle of materiality.

Attached Table 1 Page 1

Ruentex Materials Co., Ltd. and its subsidiaries

Total purchase from or sale to related parties amounting to at least NT$100 million or 20% of the paid-in capital

For the Three Months Ended March 31, 2025

Attached Table 2
The company making the
purchase (sale) of goods
Name of
counterparty
Relationship
Ruentex Interior Design
Inc.
Ruentex
Development Co.,
Ltd.
Ultimate parent
company of the
Company		 Purchase (sale) of goods
Project solicitation,
Service revenue, Sales
revenue
 Transaction conditions
Amount
As a percentage of
total purchases
(sales) of goods
(Note 4)
Credit period
$ 167,419
29.07
The amount shall be
collected in accordance
with the term of the
construction/services/sales
contract		 Unit: NT$ thousands
(Except as Otherwise Indicated)
Difference between the terms and
conditions of transaction and the general
type of transaction and the reason for any
such difference (Note 1)
Notes receivable/payable and
accounts receivable/payable
Remarks
(Note 2)
Unit price
Credit period
Balance
As a percentage of
notes
receivable/payable
and accounts
receivable/payable
(Note 4)
Negotiated
price
The amount shall be
collected in accordance
with the term of the
construction/services/sales
contract
$ 171,637
31.28

Note 1: If the terms and conditions of transaction with the related parties are different from the general terms and conditions of transaction, the difference and the reason for any such difference shall be specified in the column of unit price and the credit period. Note 2: In the case of prepayments in advance (or advance receipts), the reasons, the terms and conditions of the contract, the amount and the difference between the general type of transactions shall be specified in the column of Remarks.

  • Note 3: Paid-in capital refers to the paid-in capital of the parent. In the case of an issuer whose shares have no par value or have a par value other than NT$10, the monetary amount of the transaction of 20% of the paid-in capital shall be calculated at 10% of equity attributable to the owners of the parent as stated in the Balance Sheet.

Note 4: Calculate from the perspective of the entity of the company making the purchase (sale) of goods.

Attached Table 2 Page 1

Ruentex Materials Co., Ltd. and its subsidiaries

Accounts receivable due from related parties amounting to at least $100 million or 20% of the paid-in capital

March 31, 2025

Attached Table 3 Unit: NT$ thousands (Except as Otherwise Indicated) Balance of accounts receivable due from related Overdue accounts receivable due from related Period of receivables from related parties parties parties The company recognized as receivables counterpartyName of Relationship (Note 1) Turnover Amount Approach to handling amount recovered later Amount of loss allowance Ruentex Interior Design Inc. Ruentex Ultimate parent $ 171,637 5.39 $ - $ - $ 139,736 $ - Development Co., company of the Ltd. Company

Note 1: Please fill in the value separately according the accounts receivable, notes receivable and other receivables.

Note 2: Paid-in capital refers to the paid-in capital of the parent. In the case of an issuer whose shares have no par value or have a par value other than NT$10, the monetary amount of the transaction of 20% of the paid-in capital shall be calculated at 10% of equity attributable to the owners of the parent as stated in the Balance Sheet.

Attached Table 3 Page 1

Ruentex Materials Co., Ltd. and its subsidiaries

The name of the invested company, the location and other relevant information (excluding the invested companies in China)

For the Three Months Ended March 31, 2025

Attached Table 4

Unit: NT$ thousands

Name of the investing
company
Ruentex Materials Co., Ltd.
Ruentex Materials Co., Ltd.		 Name of the investee
company (Notes 1 and 2)
Ruentex Interior Design
Inc.
Teh Hsin Enterprise Co.,
Ltd.		 Location
Taiwan
Taiwan		 Main business items
Interior design
Building Materials		 Original investment amount
Holding at the end of period
End of the current
period
End of last year
Shares
Percentage
Carrying amount
$ 126,721
$ 126,721
4,750,000
31.66
$ 289,222
1,564,348
1,564,348
14,969,837
35.00
1,611,632		 Profit or loss of the Investment gains and
losses recognized in
the current period
(Note 2(3))
Remark
$ 18,421
Subsidiaries
34,668
Associates
investee for the
period (Note 2(2))
$ 58,172
99,044
period
$ 126,721
1,564,348

  • Note 1: For public companies with an overseas holding company and a consolidated financial statement as its principal financial statement according to the local laws and regulations must disclose only related information to that holding company, which is an overseas investee.

  • Note 2: Those who do not fall under the circumstances described in Note 1 shall be filled in according to the following rules:

  • (1) The columns of “Investee,” “Location,” “Main business items,” “Original investment amount” and “Ownership, end of the period” shall be filled out based on the (public) Company’s investment status and the investment situation of each investee directly or indirectly controlled in order, and the relationship between each investee and the (public) Company (e.g., a subsidiary or a sub-subsidiary) shall be indicated in the remarks column.

  • (2) In the column "Current profit or loss on investee,” the amount of current profit or loss on each investee shall be entered.

  • (3) In the column "Investment gains and losses recognized in the current period,” only the amount of profit or loss on each subsidiary recognized by the (public) Company as direct investment and on each investee measured by the equity method shall be entered, and the rest is not required to be entered. When filling in the “Recognized amount of current profit or loss on each subsidiary directly invested,” it shall be confirmed that the amount of the current profit or loss on each subsidiary has included the investment gains and losses that shall be recognized in accordance with the regulations for its investment.

Attached Table 4 Page 1

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