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Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Financial Statements for the Six
Months Ended June 30, 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

Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Financial Statements for the Six Months Ended June 30, 2025 and 2024
and Independent Auditors' Review Report
Contents

Item	Page No.
I. Cover page	1
II. Table of Contents	2 ~ 3
III. Independent Auditors' Review Report	4
IV. Consolidated Balance Sheet	5 ~ 6
V. Consolidated Statement of Comprehensive Income	7
VI. Consolidated Statement of Changes in Equity	8
VII. Consolidated Statement of Cash Flows	9 ~ 10
VIII. Notes to the Consolidated Financial Statements	11 ~ 70
(I) History and Organization	11
(II) Date and Procedure for Approval of Financial Statements	11
(III) Application of New Standards, Amendments, and Interpretations	11 ~ 13
(IV) Summary of Significant Accounting Policies	13 ~ 17
(V) Critical Accounting Judgments, Estimates and Key Sources of Assumption Uncertainty	17
(VI) Details of Significant Accounts	18 ~ 50
(VII) Transaction with Related Parties	51 ~ 57
(VIII) Pledged Assets	57
(IX) Significant Contingent Liabilities and Unrecognized Commitments	58
(X) Significant Disaster Loss	58

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Item	Page No.
(XI) Significant Subsequent Events	58
(XII) Others	58 ~ 68
(XIII) Separately Disclosed Items	68 ~ 69
(XIV) Information on Operating Segments	69 ~ 70

Independent Auditors' Review Report
(2025) Cai-Shen-Bao-Zi No. 25001089

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") as of June 30, 2025 and 2024, the consolidated comprehensive income statements for the three and six months ended June 30, 2025 and 2024, and the consolidated statements of changes in equity and cash flows for the six months ended June 30, 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 be 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 June 30, 2025 and 2024, consolidated financial performance for the three and six months ended June 30, 2025 and 2024, and consolidated cash flows for the six months ended June 30, 2025 and 2024, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 "Interim Financial 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

August, 13, 2025

Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Balance Sheet
June 30, 2025, December 31, 2024, and June 30, 2024
Unit: NT$ thousands

	Assets	Notes	June 30, 2025		December 31, 2024		June 30, 2024
			Amount	%	Amount	%	Amount	%
Current Assets
1100	Cash and cash equivalents	6(1)	$ 691,099	7	$ 905,794	9	$ 880,314	11
1136	Financial assets measured by amortized cost - current		50,351	-	50,000	-	-	-
1140	Contract asset - current	6(19) and 7	783,381	8	750,639	7	503,197	6
1150	Net notes receivable	6(2)	171,708	2	255,353	3	184,360	2
1160	Notes receivable - related parties - net	6(2) and 7	16,157	-	52,121	1	22,260	-
1170	Net Accounts Receivable	6(2)	837,540	9	713,190	7	726,950	9
1180	Accounts receivable - related parties - net	6(2) and 7	81,393	1	74,597	1	128,804	2
1200	Other receivables		2,336	-	2,660	-	2,509	-
1210	Other Receivables - related party	7	236	-	-	-	-	-
1220	Current tax assets		-	-	87	-	87	-
130X	Inventories	6(3)	735,145	7	751,973	7	802,069	10
1410	Prepayments		35,514	-	31,031	-	44,994	1
1470	Other Current Assets	6(1) and 8	158,450	2	155,701	2	2,969	-
11XX	Total current assets		3,563,310	36	3,743,146	37	3,298,513	41
Non-current assets
1517	Financial assets at fair value through other comprehensive income - non-current	6(4)	528,520	5	717,099	7	675,405	8
1550	Investments accounted for using equity method	6(5)(12) and 8	1,615,345	17	1,576,964	16	-	-
1600	Property, plant, and equipment	6(6), 7 and 8	3,746,621	38	3,700,847	37	3,693,035	46
1755	Right-of-use assets	6(7)	28,690	-	36,837	-	45,769	1
1780	Intangible Assets	6(8)	164,848	2	164,806	2	167,012	2
1840	Deferred tax Assets		35,107	-	32,464	-	32,261	-
1900	Other non-current Assets	6(1)(6) and 8	155,404	2	117,580	1	116,052	2
15XX	Total non-current assets		6,274,535	64	6,346,597	63	4,729,534	59
1XXX	Total Assets		$ 9,837,845	100	$ 10,089,743	100	$ 8,028,047	100

(Continued)

Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Balance Sheet
June 30, 2025, December 31, 2024, and June 30, 2024
Unit: NT$ thousands

	Liabilities and Equity	Notes	June 30, 2025		December 31, 2024		June 30, 2024
			Amount	%	Amount	%	Amount	%
Current liabilities
2100	Short-term borrowings	6(9) and 8	$ 1,650,000	17	$ 1,200,000	12	$ 500,000	6
2110	Short-term notes and bills payable	6(10)
			349,819	4	409,822	4	299,892	4
2130	Contract liabilities - current	6(19) and 7	28,045	-	94,412	1	47,581	1
2150	Notes payable		152,343	2	201,331	2	103,572	1
2160	Notes payable - related party	7	1,043	-	566	-	679	-
2170	Accounts Payable		1,126,261	11	1,214,182	12	993,556	12
2180	Accounts payable - related party	7
			87,355	1	2,107	-	4,023	-
2200	Other payables	6(11)	218,442	2	288,585	3	385,349	5
2220	Other Payable - Related Party	7	622	-	446	-	1,192	-
2230	Income tax liabilities of current period		36,640	-	49,661	1	32,536	1
2280	Lease liabilities - current	6(7)	28,049	-	24,440	-	24,048	-
2399	Other current liabilities - other	6(14)
			12,003	-	5,628	-	4,760	-
21XX	Total Current Liabilities		3,690,622	37	3,491,180	35	2,397,188	30
Non-current liabilities
2540	Long-term borrowings	6(12) and 8	3,270,000	33	3,430,000	34	2,700,000	34
2570	Deferred income tax liabilities		478	-	5,417	-	4,513	-
2580	Lease liabilities - non-current	6(7)	6,409	-	15,499	-	21,972	-
2600	Other non-Current liabilities	6(14)	39,011	1	38,478	-	34,688	-
25XX	Total Non-Current Liabilities		3,315,898	34	3,489,394	34	2,761,173	34
2XXX	Total Liabilities		7,006,520	71	6,980,574	69	5,158,361	64
Equity
Equity attributed to owners of the parent
	Capital	6(16)
3110	Share capital		1,500,000	15	1,500,000	15	1,500,000	19
	Capital surplus	6(17)
3200	Capital surplus		746,018	7	746,018	7	746,018	9
	Retained earnings	6(18)
3310	Legal reserve		81,032	1	62,246	1	62,246	1
3320	Special reserve		48,663	1	55,895	1	55,895	1
3350	Undistributed earnings		148,857	2	188,065	2	79,790	1
	Other equities
3400	Other equities		( 202,124)	( 2)	( 48,663)	( 1)	( 81,729)	( 1)
31XX	Total equity attributable to owners of parent		2,322,446	24	2,503,561	25	2,362,220	30
36XX	Non-controlling Interest	4(3)	508,879	5	605,608	6	507,466	6
3XXX	Total Equity		2,831,325	29	3,109,169	31	2,869,686	36
	Significant Contingent Liabilities and Unrecognized Commitments	9
	Significant subsequent events	11
3X2X	Total Liabilities and Equity		$ 9,837,845	100	$ 10,089,743	100	$ 8,028,047	100

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

Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Statements of Comprehensive Income
For the Six Months Ended June 30, 2025 and 2024
Unit: NT$ thousands
(Except earnings per share, which is in NT$)

	Item	Notes	April 1 to June 30, 2025		April 1 to June 30, 2024		January 1 to June 30, 2025		January 1 to June 30, 2024
			Amount	%	Amount	%	Amount	%	Amount	%
4000	Operating Revenue	6(19) and 7	$ 1,827,451	100	$ 1,551,901	100	$ 3,530,127	100	$ 3,070,849	100
5000	Operation cost	6(3)(8)
		(13)(20)
		(25)
		(26) and 7	( 1,568,532)	( 86)	( 1,379,597)	( 89)	( 3,124,431)	( 89)	( 2,685,644)	( 87)
5900	Gross profit		258,919	14	172,304	11	405,696	11	385,205	13
	Operating Expenses	6(8)(13)
		(25)
		(26) and 7
6100	Selling expenses		( 32,672)	( 2)	( 27,235)	( 1)	( 65,340)	( 2)	( 56,868)	( 2)
6200	General & administrative expenses		( 53,388)	( 3)	( 47,029)	( 3)	( 96,701)	( 2)	( 98,709)	( 3)
6300	R&D expenses		( 16,866)	( 1)	( 13,211)	( 1)	( 30,405)	( 1)	( 26,391)	( 1)
6450	Expected credit impairment gains (losses)	12(2)
			( 3,144)	-	( 3,297)	-	640	-	( 2,039)	-
6000	Total Operating Expenses		( 106,070)	( 6)	( 90,772)	( 5)	( 191,806)	( 5)	( 184,007)	( 6)
6900	Operating Profit		152,849	8	81,532	6	213,890	6	201,198	7
	Non-operating Income and Expenses
7100	Interest revenue	6(21)	3,371	-	1,770	-	6,074	-	2,725	-
7010	Other income	6(22)	1,032	-	285	-	1,310	-	598	-
7020	Other gains and losses	6(23)	( 372)	-	( 203)	-	( 568)	-	( 287)	-
7050	Financial Costs	6(24)	( 24,167)	( 1)	( 15,900)	( 1)	( 48,163)	( 1)	( 31,319)	( 1)
7060	Share of income of associates and joint ventures accounted for using the equity method	6(5)
			48,623	3	-	-	83,291	2	-	-
7000	Total non-operating income and expenses		28,487	2	( 14,048)	( 1)	41,944	1	( 28,283)	( 1)
7900	Net profit before tax		181,336	10	67,484	5	255,834	7	172,915	6
7950	Income tax expense	6(27)	( 19,046)	( 1)	( 11,916)	( 1)	( 31,274)	( 1)	( 33,032)	( 1)
8200	Net income of current period		$ 162,290	9	$ 55,568	4	$ 224,560	6	$ 139,883	5
	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	6(4)
			($ 58,242)	( 3)	$ 86,006	5	($ 188,579)	( 5)	$ 37,206	1
8349	Income tax relating to non-reclassified items	6(27)
8310	Total of items not to be reclassified into profit or loss		( 56,783)	( 3)	83,608	5	( 183,654)	( 5)	36,143	1
8500	Total comprehensive income for the current period		$ 105,507	6	$ 139,176	9	$ 40,906	1	$ 176,026	6
	Profit attributable to:
8610	Owners of the parent		$ 114,827	6	$ 22,942	2	$ 137,346	4	$ 79,588	3
8620	Non-controlling Interest		$ 47,463	3	$ 32,626	2	$ 87,214	2	$ 60,295	2
	Comprehensive Income attributed to:
8710	Owners of the parent		$ 66,989	4	$ 93,043	6	($ 16,115)	( 1)	$ 109,611	4
8720	Non-controlling Interest		$ 38,518	2	$ 46,133	3	$ 57,021	2	$ 66,415	2
	Earnings per share	6(28)
9750	Basic earnings per share		$ 0.77		$ 0.15		$ 0.92		$ 0.53
9850	Diluted earnings per share		$ 0.77		$ 0.15		$ 0.92		$ 0.53

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

Ruentex Materials Co., Ltd. and its subsidiaries

Consolidated Statements of Changes in Equity

For the Six Months Ended June 30, 2025 and 2024

Unit: NTS thousands

	Notes	Share capital	Issued at premium	Capital surplus		Retained earnings			Unrealized financial assets at fair value through other comprehensive income acquired Income (Loss)	Total	Non-controlling Interest	Total Equity
				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	Legal reserve	Special reserve	Undistributed earnings
January 1 to June 30, 2024
Balance on January 1, 2024		$1,500,000	$621,657	$15,076	$40,391	$50,770	$50,317	$114,756	($111,752)	$2,281,215	$322,234	$2,603,449
Net income of current period		-	-	-	-	-	-	79,588	-	79,588	60,295	139,883
Other comprehensive income		-	-	-	-	-	-	-	30,023	30,023	6,120	36,143
Total comprehensive income for this period		-	-	-	-	-	-	79,588	30,023	109,611	66,415	176,026
Appropriation and distribution of the earnings for 2023:	6(18)
Profit set aside as legal reserve		-	-	-	-	11,476	-	(11,476)	-	-	-	-
Provision of special reserves		-	-	-	-	-	5,578	(5,578)	-	-	-	-
Cash dividends		-	-	-	-	-	-	(97,500)	-	(97,500)	-	(97,500)
Changes in ownership interests in subsidiaries	4(3) and 6(29)	-	-	-	68,894	-	-	-	-	68,894	211,067	279,961
Cash dividends for non-controlling interests	4(3)	-	-	-	-	-	-	-	-	-	(92,250)	(92,250)
Balance on June 30, 2024		$1,500,000	$621,657	$15,076	$109,285	$62,246	$55,895	$79,790	($81,729)	$2,362,220	$507,466	$2,869,686
January 1 to June 30, 2025
Balance on January 1, 2025		$1,500,000	$621,657	$15,076	$109,285	$62,246	$55,895	$188,065	($48,663)	$2,503,561	$605,608	$3,109,169
Net income of current period		-	-	-	-	-	-	137,346	-	137,346	87,214	224,560
Other comprehensive income		-	-	-	-	-	-	-	(153,461)	(153,461)	(30,193)	(183,654)
Total comprehensive income for this period		-	-	-	-	-	-	137,346	(153,461)	(16,115)	57,021	40,906
Appropriation and distribution of the earnings for 2024:	6(18)
Profit set aside as legal reserve		-	-	-	-	18,786	-	(18,786)	-	-	-	-
Reversal of special reserve		-	-	-	-	-	(7,232)	7,232	-	-	-	-
Cash dividends		-	-	-	-	-	-	(165,000)	-	(165,000)	-	(165,000)
Cash dividends for non-controlling interests	4(3)	-	-	-	-	-	-	-	-	-	(153,750)	(153,750)
Balance on June 30, 2025		$1,500,000	$621,657	$15,076	$109,285	$81,032	$48,663	$148,857	($202,124)	$2,322,446	$508,879	$2,831,325

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

Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2025 and 2024

Unit: NT$ thousands

	Notes	January 1 to June 30, 2025		January 1 to June 30, 2024
Cash flows from operating activities
Profit before Income Tax current period		$	255,834	$	172,915
Adjustments
Income and expenses with no cash flow effects
Depreciation expense	6(6)(7)
	(25)		143,119		142,461
Depreciation and amortization expenses	6(8)(25)		542		4,092
Expected credit impairment (incomes) losses	12(2)
		(	640 )		2,039
Interest Cost	6(24)		48,163		31,319
Interest revenue	6(21)	(	6,074 )	(	2,725 )
Compensation cost of employee stock options	6(15)
	(26)		-		1,735
Share of profit of associates and joint ventures accounted for using the equity method	6(5)
		(	83,291 )		-
Gains on lease modifications	6(7)(23)	(	5 )		-
Changes in assets/liabilities relating to operating activities
Net changes in assets relating to operating activities
Contract asset - current		(	32,742 )	(	125,460 )
Notes receivable			83,645	(	15,873 )
Bills receivable - related parties			35,964	(	16,757 )
Accounts receivable		(	123,710 )		140,568
Account Receivable - Related Party		(	6,796 )		119,198
Other receivables			16		1,999
Other receivables - related Party		(	236 )		-
Inventories			16,828	(	69,251 )
Prepayments		(	4,483 )	(	7,286 )
Other Current Assets		(	1 )		2
Net change in liabilities related to operating activities
Contract liabilities		(	66,367 )	(	2,771 )
Notes payable		(	48,988 )	(	33,005 )
Notes payable - related party			477	(	42 )
Accounts Payable		(	87,921 )		253,069
Accounts payable - related party			85,248		1,965
Other payables		(	74,582 )	(	59,745 )
Other Payable - Related Party			176		574
Provisions - current and non-current	6(14)		5,900	(	226 )
Other Current liabilities			1,262		359
Other non-Current liabilities		(	856 )	(	3,222 )
Cash flow in from operating			140,482		535,932
Dividends received	6(5)		44,910		-
Interest received			6,382		2,503
Interest paid		(	48,527 )	(	31,479 )
Income tax paid		(	46,952 )	(	43,946 )
Income tax refunded			87		-
Cash inflow from operating activities			96,382		463,010
	(Continued)

Ruentex Materials Co., Ltd. and its subsidiaries
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2025 and 2024

Unit: NT$ thousands

	Notes	January 1 to June 30, 2025	January 1 to June 30, 2024
Cash flows from investing activities
Acquisition of financial assets measured at amortized costs - current		($ 351)	$ -
Decrease (increase) in other financial assets		( 2,770)	13,975
Real estate, plant and equipment acquired	6(30)	( 172,524)	( 129,419)
Acquisition of intangible assets	6(8)	( 584)	( 830)
Increase in prepayments for equipment		( 1,029)	( 1,533)
Increase in prepayments for building and land	6(6)	( 38,803)	-
Decrease (increase) in refundable deposits		( 54)	50
Cash used in investing activities		( 216,115)	( 117,757)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings	6(31)	450,000	( 250,000)
Increase (decrease) in short-term notes and bills payable	6(31)	( 60,000)	30,000
Proceeds from long-term borrowings	6(31)	390,000	200,000
Repayments of long-term borrowings	6(31)	( 550,000)	-
Principal elements of lease payments	6(31)	( 6,814)	( 23,427)
Increase in guarantee deposits	6(31)	602	-
Cash dividends paid	6(18)	( 165,000)	-
Changes in non-controlling interests - cash capital increase by subsidiaries	6(29)	-	278,226
Changes in non-controlling interests - cash dividends paid by subsidiaries	4(3)	( 153,750)	-
Net cash generated from (used in) financing activities		( 94,962)	234,799
Increase (decrease) of cash and cash equivalents - current period		( 214,695)	580,052
Cash and cash equivalents, beginning of period		905,794	300,262
Cash and cash equivalents, end of period		$ 691,099	$ 880,314

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

Ruentex Materials Co., Ltd. and its subsidiaries
Notes to the Consolidated Financial Statements
For the Six Months Ended June 30, 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 August 13, 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:

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

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 2026 are as follows:

New and revised standards, amendments to standards and interpretations	Effective date published by the International Accounting Standards Board
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”	January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”	January 1, 2026
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 IFRS 9—Comparative Information”	January 1, 2023
Annual Improvements to IFRS Accounting Standards—Volume 11	January 1, 2026

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:

Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”

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.

~12~

(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
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”	To be determined by the International Accounting Standards Board (IASB)
IFRS 18 "Presentation and Disclosure in of Financial Statements"	January 1, 2027
IFRS 19 “Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures”	January 1, 2027

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:

IFRS 18 "Presentation and Disclosure in of Financial Statements"

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.

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

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

(II) Basis of preparation

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

~13~

(1) Financial assets at fair value through other comprehensive income.
(2) Defined benefit liabilities recognized based on the net amount of pension fund Assets less present value of defined benefit obligation.

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

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.

Subsidiaries included in the consolidated financial statements:

Name of the investing company	Name of Subsidiary	Business nature	Percentage of Ownership			Description
			June 30, 2025	December 31, 2024	June 30, 2024
Ruentex Materials Co., Ltd.	Ruentex Interior Design Inc. (Ruentex Interior Design)	Interior decoration design and construction and garden greening design	31.66%	31.66%	31.66%	Note

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

Note 2: 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:

Name of Subsidiary	Principal Place of Business	Non-controlling Interest
		June 30, 2025		December 31, 2024
		Amount	Percentage shareholding	Amount	Percentage shareholding
Ruentex Interior Design	Taiwan	$ 508,879	68.34%	$ 605,608	68.34%
Name of Subsidiary	Principal Place of Business			June 30, 2024
				Amount	Percentage shareholding
Ruentex Interior Design	Taiwan			$ 507,466	68.34%

Summary of subsidiaries' financial information:

Balance Sheets

	Ruentex Interior Design
	June 30, 2025	December 31, 2024	June 30, 2024
Current Assets	$ 1,695,448	$ 1,870,494	$ 1,505,572
Non-current assets	195,922	210,173	203,710
Current liabilities	( 1,129,888)	( 1,170,400)	( 939,064)
Non-current liabilities	( 16,781)	( 24,012)	( 27,584)
Total net assets	$ 744,701	$ 886,255	$ 742,634

Statements of Comprehensive Income

	Ruentex Interior Design
	April 1 to June 30, 2025		April 1 to June 30, 2024
Income	$	611,106	$ 458,117
Net profit before tax		86,867	61,009
Income tax expense	(	17,407)	( 12,258)
Net profit for the period of the continued business unit		69,460	48,751
Other comprehensive income (Net of tax)	(	13,092)	20,468
Total comprehensive income for this period	$	56,368	$ 69,219
Total comprehensive income attributed to non-controlling interest	$	38,518	$ 46,133
Dividends paid to non-controlling interest	$	153,750	$ 92,250
	Ruentex Interior Design
	January 1 to June 30, 2025		January 1 to June 30, 2024
Income	$	1,187,008	$ 876,654
Net profit before tax		159,591	114,381
Income tax expense	(	31,959)	( 22,940)
Net profit for the period of the continued business unit		127,632	91,441
Other comprehensive income (Net of tax)	(	44,186)	9,071
Total comprehensive income for this period	$	83,446	$ 100,512
Total comprehensive income attributed to non-controlling interest	$	57,021	$ 66,415
Dividends paid to non-controlling interest	$	153,750	$ 92,250

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Statements of Cash Flows

	Ruentex Interior Design
	January 1 to June 30, 2025	January 1 to June 30, 2024
Net cash generated from (used in) operating activities	($ 13,698)	$ 278,426
Net cash inflow (outflow) from investing activities	( 43,036)	13,643
Net Cash outflow (Inflow) from financing activities	( 229,036)	274,234
Increase (decrease) of cash and cash equivalents – current period	( 285,770)	566,303
Cash and cash equivalents, beginning of period	746,721	182,917
Cash and cash equivalents, end of period	$ 460,951	$ 749,220

(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 accordance with the aforementioned policies.

(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

	June 30, 2025	December 31, 2024	June 30, 2024
Cash on hand and revolving funds	$ 260	$ 260	$ 260
Checking deposits	108,540	42,227	29,906
Demand deposits	147,062	84,685	43,994
Time deposits	352,785	351,136	150,854
Cash equivalents - Bonds under repurchase agreements	82,452	427,486	655,300
	$ 691,099	$ 905,794	$ 880,314

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.
The Group's restricted time deposits on June 30, 2025, December 31, 2024, and June 30, 2024, due to guarantees for the performance of contracts, were NT$250,364, NT$247,594, and NT$94,841, respectively. Of these amounts, NT$158,444, NT$155,696, and NT$2,965 were classified as other financial assets – current (recognized in “other current assets”), while NT$91,920, NT$91,898, and NT$91,876 were classified as other financial assets – non-current (recognized in “other non-current assets”). Please refer to Note 8.

(II) Notes and accounts receivable

	June 30, 2025	December 31, 2024	June 30, 2024
Notes receivable	$ 171,708	$ 255,353	$ 184,360
Notes Receivable – related party	16,157	52,121	22,260
	$ 187,865	$ 307,474	$ 206,620
Accounts receivable	$ 847,435	$ 723,725	$ 736,133
Less: Allowance for loss	( 9,895)	( 10,535)	( 9,183)
Subtotal	837,540	713,190	726,950
Accounts receivable - related party	81,393	74,597	128,804
	$ 918,933	$ 787,787	$ 855,754

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 liabilities, the notes and accounts receivable, as well as advance sales receipts related to undelivered cement, are offset against each other and presented at net values. As of June 30, 2025, December 31, 2024, and June 30, 2024, the amounts were NT$90,258, NT$92,525, and NT$74,279.

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

	June 30, 2025		December 31, 2024		June 30, 2024
	Accounts receivable	Notes receivable	Accounts receivable	Notes receivable	Accounts receivable	Notes receivable
Not overdue	$ 914,337	$ 187,865	$ 786,347	$ 307,474	$ 855,518	$ 206,620
Overdue
Within 30 days	7,521	-	2,698	-	4,635	-
31--60 days	1,623	-	770	-	980	-
61--90 days	1,497	-	1,970	-	317	-
91 days and more	3,850	-	6,537	-	3,487	-
	$ 928,828	$ 187,865	$ 798,322	$ 307,474	$ 864,937	$ 206,620

The aging analysis was based on past due date.

The balances of notes and accounts receivable on June 30, 2025, December 31, 2024, and June 30, 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.
The Group's maximum exposure to credit risk, before consideration of associated collateral held and other credit enhancements, was NT$187,865, NT$307,474, and NT$206,620 for notes receivable as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively; NT$918,933, NT$787,787, and NT$855,754 for accounts receivable as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively.
For credit risk information related to accounts receivable, please refer to Note 12(2).

(III) Inventories

	June 30, 2025
	Cost	Allowance for valuation losses		Carrying amount
Materials and supplies	$ 481,847	($	2,416)	$ 479,431
Work in process	134,763	(	10,517)	124,246
Finished goods	137,050	(	6,252)	130,798
Merchandise inventory	670		-	670
	$ 754,330	($	19,185)	$ 735,145
	December 31, 2024
	Cost	Allowance for valuation losses		Carrying amount
Materials and supplies	$ 505,512	($	2,478)	$ 503,034
Work in process	138,575		-	138,575
Finished goods	110,119	(	154)	109,965
Merchandise inventory	399		-	399
	$ 754,605	($	2,632)	$ 751,973
	June 30, 2024
	Cost	Allowance for valuation losses		Carrying amount
Materials and supplies	$ 542,397	($	2,561)	$ 539,836
Work in process	129,979		-	129,979
Finished goods	133,501	(	4,017)	129,484
Merchandise inventory	2,770		-	2,770
	$ 808,647	($	6,578)	$ 802,069

~20~

Inventory cost recognized as expenses in the current period:

	April 1 to June 30, 2025	April 1 to June 30, 2024
Cost of inventories sold	$ 1,061,905	$ 1,000,212
Loss on market value decline of inventory	10,090	3,874
Unallocated manufacturing costs	-	1,710
Revenue from sales of scraps	( 1,605)	( 1,964)
	$ 1,070,390	$ 1,003,832
	January 1 to June 30, 2025	January 1 to June 30, 2024
Cost of inventories sold	$ 2,131,845	$ 1,974,636
Loss on market value decline of inventory	16,553	3,960
Unallocated manufacturing costs	-	3,420
Revenue from sales of scraps	( 2,460)	( 3,324)
	$ 2,145,938	$ 1,978,692

(IV) Financial assets at fair value through other comprehensive income acquired - non-Current

Item	June 30, 2025	December 31, 2024	June 30, 2024
Non-current items:
Equity Instrument
Shares of TWSE listed companies	$ 690,007	$ 690,007	$ 690,007
Shares of the TPEx listed companies	25,753	25,753	24,868
	715,760	715,760	714,875
Adjustments for valuation
Shares of TWSE listed companies	( 165,776)	19,419	( 21,736)
Shares of the TPEx listed companies	( 21,464)	( 18,080)	( 17,734)
	( 187,240)	1,339	( 39,470)
Total	$ 528,520	$ 717,099	$ 675,405

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$524,231, NT$709,426, and NT$668,271, as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively.
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$4,289, NT$7,673, and NT$7,134, as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively.

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

	April 1 to June 30, 2025	April 1 to June 30, 2024
Equity instruments at fair value through other comprehensive income
Changes in fair value recognized as other comprehensive income	($ 58,242)	$ 86,006
	January 1 to June 30, 2025	January 1 to June 30, 2024
Equity instruments at fair value through other comprehensive income
Changes in fair value recognized as other comprehensive income	($ 188,579)	$ 37,206

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$528,520, NT$717,099, and NT$675,405 as of June 30, 2025, December 31, 2024, and June 30, 2024, respectively.
For information on the price risk of financial assets at fair value through other comprehensive income, please refer to Note 12(2).

(V) Investments accounted for using equity method

Statement of investments accounted for using the equity method is as follows:

	June 30, 2025	December 31, 2024
Associates:
Teh Hsin Enterprise Co., Ltd. (Teh Hsin)	$ 1,615,345	$ 1,576,964

The share of profit or loss of associates recognized under the equity method for the three and six months ended June 30, 2025, is as follows:

	April 1 to June 30, 2025
Associates:
Teh Hsin	$ 48,623

Associates: January 1 to June 30, 2025

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3. Associates

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

Company name	Principal Place of Business	Shareholding percentage		Nature of relationship	Measurement method
Teh Hsin	Taiwan	June 30, 2025	December 31, 2024	Diversification	Equity method
		35%	35%

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

Balance Sheets

	Teh Hsin
	June 30, 2025	December 31, 2024
Current Assets	$ 1,367,528	$ 1,319,000
Non-current assets	813,435	652,051
Current liabilities	( 322,347)	( 218,577)
Non-current liabilities	( 44)	( 3,561)
Total net assets	$ 1,858,572	$ 1,748,913
Portion of the net assets of associates (Note)	$ 650,514	$ 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

	Teh Hsin
	April 1 to June 30, 2025
Income	$	510,557
Net income of current period		138,919
Other comprehensive income (Net of tax)		-
Total comprehensive income for this period	$	138,919
Dividends received from associates	$	44,910
	January 1 to June 30, 2025
Income	$	879,262
Net income of current period		237,963
Other comprehensive income (Net of tax)		-
Total comprehensive income for this period	$	237,963
Dividends received from associates	$	44,910

(3) As of June 30, 2025, investments accounted for using the equity method in Teh Hsin were valued based on financial statements reviewed by the independent auditor; as of December 31, 2024, investments accounted for using the equity method in Teh Hsin were valued based on financial statements audited by the independent auditor.

(4) 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.

(5) 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 indicates 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.

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

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(VI) Property, plant, and equipment

	2025
	Land	Buildings and structures	Machinery and equipment	Transportation equipment	Office equipment	Leased assets	Miscellaneous equipment	Unfinished construction and equipment pending for inspection	Total
January 1
Cost	$ 1,535,961	$ 1,500,468	$ 2,350,658	$ 13,969	$ 18,328	$ 2,279	$ 84,821	$ 51,967	$ 5,558,451
Accumulated depreciation	-	( 585,920)	( 1,155,573)	( 10,825)	( 11,152)	( 1,616)	( 26,367)	-	( 1,791,453)
Accumulated impairment	-	( 10,331)	( 55,441)	-	-	-	( 379)	-	( 66,151)
	$ 1,535,961	$ 904,217	$1,139,644	$ 3,144	$ 7,176	$ 663	$ 58,075	$ 51,967	$ 3,700,847
January 1	$1,535,961	$ 904,217	$1,139,644	$ 3,144	$ 7,176	$ 663	$ 58,075	$ 51,967	$3,700,847
Addition	-	785	30,153	-	662	121	3,267	142,336	177,324
Transfer for current period (Note)	-	-	97,679	-	-	-	-	( 95,595)	2,084
Costs of disposal	-	-	-	-	( 190)	-	-	-	( 190)
Disposal of accumulated depreciation	-	-	-	-	190	-	-	-	190
Depreciation expense	-	( 17,671)	( 108,353)	( 457)	( 1,453)	( 150)	( 5,550)	-	( 133,634)
June 30	$ 1,535,961	$ 887,331	$1,159,123	$ 2,687	$ 6,385	$ 634	$ 55,792	$ 98,708	$ 3,746,621
June 30
Cost	$1,535,961	$ 1,501,253	$ 2,478,490	$ 13,969	$ 18,800	$ 2,400	$ 88,088	$ 98,708	$ 5,737,669
Accumulated depreciation	-	( 603,591)	( 1,263,926)	( 11,282)	( 12,415)	( 1,766)	( 31,917)	-	( 1,924,897)
Accumulated impairment	-	( 10,331)	( 55,441)	-	-	-	( 379)	-	( 66,151)
	$1,535,961	$ 887,331	$1,159,123	$ 2,687	$ 6,385	$ 634	$ 55,792	$ 98,708	$ 3,746,621

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

	2024
	Land	Buildings and structures	Machinery and equipment	Transportation equipment	Office equipment	Leased assets	Miscellaneous equipment	Unfinished construction and equipment pending for inspection	Total
January 1
Cost	$1,535,961	$1,477,660	$2,071,138	$13,969	$16,278	$2,279	$66,997	$209,720	$5,394,002
Accumulated depreciation	-	(544,090)	(1,057,135)	(9,843)	(9,064)	(1,315)	(35,151)	-	(1,656,598)
Accumulated impairment	-	(10,331)	(55,441)	-	-	-	(379)	-	(66,151)
	$1,535,961	$923,239	$958,562	$4,126	$7,214	$964	$31,467	$209,720	$3,671,253
January 1	$1,535,961	$923,239	$958,562	$4,126	$7,214	$964	$31,467	$209,720	$3,671,253
Addition	-	2,460	19,363	-	1,976	-	8,673	112,592	145,064
Transfer for current period (Note)	-	140	238,908	-	-	-	18,298	(255,549)	1,797
Depreciation expense	-	(24,116)	(94,814)	(491)	(1,263)	(150)	(4,245)	-	(125,079)
June 30	$1,535,961	$901,723	$1,122,019	$3,635	$7,927	$814	$54,193	$66,763	$3,693,035
June 30
Cost	$1,535,961	$1,480,260	$2,329,409	$13,969	$18,254	$2,279	$93,968	$66,763	$5,540,863
Accumulated depreciation	-	(568,206)	(1,151,949)	(10,334)	(10,327)	(1,465)	(39,396)	-	(1,781,677)
Accumulated impairment	-	(10,331)	(55,441)	-	-	-	(379)	-	(66,151)
	$1,535,961	$901,723	$1,122,019	$3,635	$7,927	$814	$54,193	$66,763	$3,693,035

Details of the property, plant and equipment pledged to others as collateral are provided in Note 8.
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.
In June 2025, the Board of Directors of the Company resolved to enter into a real estate purchase agreement with non-related parties for the acquisition of land and buildings located in the Changan Section, Zhongshan District, Taipei City, at a purchase price of NT$96,780. As of June 30, 2025, an amount of NT$38,700 had been paid in accordance with the agreement, with transaction costs of NT$103, totaling NT$38,803 (recorded under “Other Non-current Assets”). The remaining balance was paid, and the title transfer and property handover were completed on July 11, 2025.
On August 13, 2025, the Board of Directors of the Company resolved to enter into a real estate purchase agreement with non-related parties for the acquisition of land and buildings located in the Changan Section, Zhongshan District, Taipei City, at a purchase price of NT$31,500.

(VII) Lease transactions - lessees

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 2030. 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.
The lease period for the employee dormitories, warehouse and exhibition center leased by the Group is less than 12 months.
Information on the carrying amount of the right-of-use assets and the recognized depreciation expenses is as follows:

	2025
	Land	Buildings	Transportation equipment	Total
January 1
Cost	$22,165	$63,202	$752	$86,119
Accumulated depreciation	(3,335)	(45,571)	(376)	(49,282)
	$18,830	$17,631	$376	$36,837
January 1	$18,830	$17,631	$376	$36,837
Addition-Newly added lease contracts	658	-	972	1,630
Cost of derecognition	(662)	-	-	(662)
Accumulated depreciation on the de-booking date	662	-	-	662
Lease contract modifications – costs	-	-	(752)	(752)
Lease contract modifications – accumulated depreciation	-	-	460	460
Depreciation expense	(2,753)	(6,595)	(137)	(9,485)
June 30	$16,735	$11,036	$919	$28,690
June 30
Cost	$22,161	$63,202	$972	$86,335
Accumulated depreciation	(5,426)	(52,166)	(53)	(57,645)
	$16,735	$11,036	$919	$28,690
	2024
	Land	Buildings	Transportation equipment	Total
January 1
Cost	$7,265	$63,145	$752	$71,162
Accumulated depreciation	(6,306)	(32,880)	(125)	(39,311)
	$959	$30,265	$627	$31,851
January 1	$959	$30,265	$627	$31,851
Addition-Newly added lease contracts	21,454	-	-	21,454
Cost of derecognition	(16,400)	-	-	(16,400)
Accumulated depreciation on the de-booking date	16,400	-	-	16,400
Revaluation of lease liabilities	9,846	-	-	9,846
Depreciation expense	(10,676)	(6,580)	(126)	(17,382)
June 30	$21,583	$23,685	$501	$45,769
June 30
Cost	$22,165	$63,145	$752	$86,062
Accumulated depreciation	(582)	(39,460)	(251)	(40,293)
	$21,583	$23,685	$501	$45,769

Lease liabilities related to lease contracts are as the following:

	June 30, 2025	December 31, 2024	June 30, 2024
Total amount of lease liabilities	$ 34,458	$ 39,939	$ 46,020
Less: Due within one year (listed as lease liabilities - current)	( 28,049)	( 24,440)	( 24,048)
	$ 6,409	$ 15,499	$ 21,972

Information of income items related to lease contracts are as the following:

	April 1 to June 30, 2025	April 1 to June 30, 2024
Items affects the income of the current period
Interest expenses of lease liabilities	$ 113	$ 73
Expenses of short-term lease contracts	$ 759	$ 742
Gains on lease modifications	($ 5)	$ -
	January 1 to June 30, 2025	January 1 to June 30, 2024
Items affects the income of the current period
Interest expenses of lease liabilities	$ 232	$ 153
Expenses of short-term lease contracts	$ 1,539	$ 1,466
Gains on lease modifications	($ 5)	$ -

The total cash outflow for the lease of the Group for the six months ended on June 30, 2025 and 2024 was NT$8,585 and NT$25,046, respectively.
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 a letter from the Yilan Branch of the Forestry and Conservation Administration, Ministry of Agriculture, in March 2024, the rent for the mining land was calculated based on the approved market value of forest land and included in the ecological damage compensation. The Company reassessed the 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.

~29~

(VIII) Intangible Assets

	2025
	Mineral source	Trademark, patent rights and service concession	Others	Total
January 1
Cost	$ 234,798	$ 30,000	$ 116,991	$ 381,789
Accumulated amortization	( 60,416)	( 30,000)	( 53,355)	( 143,771)
Accumulated impairment	( 61,972)	-	( 11,240)	( 73,212)
	$ 112,410	$ -	$ 52,396	$ 164,806
January 1	$ 112,410	$ -	$ 52,396	$ 164,806
Addition	-	-	584	584
Amortization	-	-	( 542)	( 542)
June 30	$ 112,410	$ -	$ 52,438	$ 164,848
June 30
Cost	$ 234,798	$ 30,000	$ 117,575	$ 382,373
Accumulated amortization	( 60,416)	( 30,000)	( 53,897)	( 144,313)
Accumulated impairment	( 61,972)	-	( 11,240)	( 73,212)
	$ 112,410	$ -	$ 52,438	$ 164,848
	2024
	Mineral source	Trademark, patent rights and service concession	Others	Total
January 1
Cost	$ 234,798	$ 30,000	$ 118,848	$ 383,646
Accumulated amortization	( 60,416)	( 30,000)	( 49,744)	( 140,160)
Accumulated impairment	( 61,972)	-	( 11,240)	( 73,212)
	$ 112,410	$ -	$ 57,864	$ 170,274
January 1	$ 112,410	$ -	$ 57,864	$ 170,274
Addition	-	-	830	830
Cost of derecognition	-	-	( 2,792)	( 2,792)
Accumulated amortization on the derecognition date	-	-	2,792	2,792
Amortization	-	-	( 4,092)	( 4,092)
June 30	$ 112,410	$ -	$ 54,602	$ 167,012
June 30
Cost	$ 234,798	$ 30,000	$ 116,886	$ 381,684
Accumulated amortization	( 60,416)	( 30,000)	( 51,044)	( 141,460)
Accumulated impairment	( 61,972)	-	( 11,240)	( 73,212)
	$ 112,410	$ -	$ 54,602	$ 167,012

Details of amortization of intangible assets are as follows:

	April 1 to June 30, 2025	April 1 to June 30, 2024
Operation cost	$ 200	$ 1,950
Operating Expenses	82	89
	$ 282	$ 2,039
	January 1 to June 30, 2025	January 1 to June 30, 2024
Operation cost	$ 399	$ 3,905
Operating Expenses	143	187
	$ 542	$ 4,092

The Company owns the mine operation rights at Yilan Lankan Mine (Tai-Ji-Cai-Zi 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. In addition, the Company has submitted an extension application for Hualien Huahsin Mine, which is currently under review. At present, the limestone quarrying in the original mining area has nearly been exhausted and an application has been 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 resulting from the adverse impact on the Company's assets due to the administrative authorities' determination of facts and application of laws have led to signs of impairment of the Company's assets in accordance with IAS 36. The property, plants, and equipment valued at NT$66,151, along with intangible assets of NT$73,212 related to the Yilan Lankan Mine, totaling NT$139,363, were recognized as 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 Company'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 made 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 involved borrowing the road of another entity. However, since consent to pass through the adjacent mines was not obtained, the Company took the initiative to withdraw the application and will file a new application after re-planning. As of August 13, 2025, the relevant planning is still in progress, and the application procedure has not yet been completed.

(IX) Short-term borrowings

	June 30, 2025	December 31, 2024	June 30, 2024
Credit bank loan	$ 1,650,000	$ 1,200,000	$ 500,000
Interest rate collars	1.91%~1.96%	1.90%~1.95%	1.91%~1.95%

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:

	June 30, 2025	December 31, 2024	June 30, 2024
Guarantee notes	$ 2,600,000	$ 1,950,000	$ 1,650,000

(X) Short-term bills payable

	June 30, 2025	December 31, 2024	June 30, 2024
Commercial papers payable	$ 350,000	$ 410,000	$ 300,000
Less: Unamortized discount	( 181)	( 178)	( 108)
	$ 349,819	$ 409,822	$ 299,892
Interest rate collars	1.64%~1.76%	1.62%~1.82%	1.57%~1.76%

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

	June 30, 2025	December 31, 2024	June 30, 2024
Guarantee notes	$ 700,000	$ 800,000	$ 650,000

(XI) Other payables

	June 30, 2025	December 31, 2024	June 30, 2024
Dividends payables	$ -	$ -	$ 189,750
Salary and wages payable	107,974	165,966	96,415
Electricity bill payable	33,749	38,683	20,572
Payables for equipment	29,484	24,684	28,710
Commodity tax payable	13,160	16,353	9,674
Business tax payable	7,614	3,900	13,159
Other Payable	26,461	38,999	27,069
	$ 218,442	$ 288,585	$ 385,349

(XII) Long-term borrowings

Nature of loan	Loan period and borrowing method	Interest rate collars	Guarantee	June 30, 2025
Long-term bank loan
Secured loan	From September 1, 2024 to November 1, 2027, monthly payment of interest, re-payment on maturity.	1.865%~ 1.98%	Note	$ 2,580,000
Credit Loan	From October 22, 2024 to May 12, 2027, monthly payment of interest, re-payment on maturity.	1.95%~ 1.98%	Note
				690,000
				$ 3,270,000
Nature of loan	Loan period and borrowing method	Interest rate collars	Guarantee	December 31, 2024
Long-term bank loan
Secured loan	From September 1, 2024 to November 1, 2027, monthly payment of interest, re-payment on maturity.	1.865%~ 1.90%	Note	$ 2,480,000
Credit Loan	From January 23, 2024 to October 31, 2026, monthly payment of interest, re-payment on maturity.	1.95%~ 2.096%	Note
				950,000
				$ 3,430,000

Nature of loan	Loan period and borrowing method	Interest rate collars	Guarantee	June 30, 2024
Long-term bank loan
Secured loan	From September 1, 2023 to August 31, 2025, monthly payment of interest, re-payment on maturity.	1.865%	Note	$ 1,700,000
Credit Loan	Interest will be paid monthly from September 30, 2023 to January 23, 2026 with interest repayable upon maturity.	1.90% ~1.925%	Note	1,000,000
				$ 2,700,000

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:

	June 30, 2025	December 31, 2024	June 30, 2024
Guarantee notes	$ 3,080,000	$ 2,880,000	$ 2,000,000

The Company entered into a credit facility agreement with E.SUN Bank in November 2024 to support its 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 Company'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 June 30, 2025, borrowings under the medium-term loan facilities amounted to NT$1,180,000. 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) 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 fund, which is deposited with the Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. In addition, the Group 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 and six months ended June 30, 2025 and 2024, pension expenses were NT$38, NT$35, NT$74, and NT$68, 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 a monthly 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 a lump sum upon termination of employment.

(2) For the three and six months ended June 30, 2025 and 2024, the pension costs recognized by the Group in accordance with the aforementioned pension plan amounted to NT$4,626, NT$4,377, NT$9,366 and NT$8,636, respectively.

(XIV) Provisions

	2025			2024
	Warranty provision	Carbon fee	Total	Warranty provision
January 1	$ 12,639	$ -	$ 12,639	$ 11,329
Provisions recognized for the current period	1,120	5,227	6,347	642
Provisions utilized during the current period	( 447)	-	( 447)	( 868)
June 30	$ 13,312	$ 5,227	$ 18,539	$ 11,103

An analysis of provisions is as follows:

	June 30, 2025	December 31, 2024	June 30, 2024
current	$ 9,057	$ 3,944	$ 2,953
non-current	9,482	8,695	8,150
	$ 18,539	$ 12,639	$ 11,103

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.

Carbon fee

The Company assessed that it is highly probable it will receive approval from the competent authority for its voluntary emissions reduction plan and be designated as a high carbon leakage risk industry. It is also highly likely that it will meet the 2025 targets and is expected to submit the 2025 progress report on its voluntary emissions reduction plan by the end of April 2026. Accordingly, the carbon fee liability provision is calculated based on the preferential carbon fee rate applicable to entities with approved reduction plans and is adjusted using the emission adjustment coefficient for high carbon leakage risk industries in accordance with regulations.

(XV) Share-based payment

As of December 31, 2024 and June 30, 2024, the share-based payment agreement of subsidiary Ruentex Interior Design is as follows:

Type of agreement	Grant date	Quantity granted (share)	Contract volume	Vesting conditions
Shares retained from cash capital increase for employee subscription	May 7, 2024	225,000	NA	Immediate vesting

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

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

	2024
	Number of stock options (shares)	Strike price (NT$)
Outstanding stock options on January 1	-	-
Stock options granted in this period	225,000	165
Stock options exercised in this period	(225,000)	165
Outstanding stock options on June 30	-	-

For Ruentex Interior 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:

Type of agreement	Grant date	Fair value per share of options (NTD)	Expected price volatility	Expected duration (years)	Expected dividend rate	Strike price (NT$)	Risk-free rate	Fair value per share (NT$)
Shares retained from cash capital increase for employee subscription Employee stock options	May 7, 2024	$171.73	34.43%	0.02	0.00%	$ 165	1.22%	$7.7106

Share-based payments for the expenses generated by transactions are as follows:

Equity settled	January 1 to June 30, 2024
	$ 1,735

(XVI) Capital

The number of outstanding shares of the Company as of June 30, 2025 and 2024 was both 150,000 thousand shares, and the number of shares for the six months ended on June 30, 2025 and 2024 remained unchanged.
As of June 30, 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

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

~37~

(XVIII) Retained earnings

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

(1) First pay income tax.

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

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

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

(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.

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 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 derived from 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.
Except for covering accumulated deficits or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserves 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.
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.
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
	Amount	Dividend per share (NTD)
Legal reserve	$ 11,476
Special reserve	5,578
Cash dividends	97,500	$ 0.65
Total	$ 114,554

The Company’s earning distribution plan for the year ended December 31, 2024 approved by the shareholders’ meeting on May 16, 2025 is as follows:

	2024
	Amount	Dividend per share (NTD)
Legal reserve	$ 18,786
Profit reversed as special reserve	( 7,232)
Cash dividends	165,000	$ 1.10
Total	$ 176,554

(XIX) Operating Revenue

	April 1 to June 30, 2025	April 1 to June 30, 2024
Revenue from contracts with customers:
Revenue from sales of goods	$ 1,177,924	$ 1,057,115
Revenue from construction contracts	620,796	474,685
Other revenue from contracts	28,731	20,101
	$ 1,827,451	$ 1,551,901
	January 1 to June 30, 2025	January 1 to June 30, 2024
Revenue from contracts with customers:
Revenue from sales of goods	$ 2,265,972	$ 2,138,676
Revenue from construction contracts	1,216,804	887,378
Other revenue from contracts	47,351	44,795
	$ 3,530,127	$ 3,070,849

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:

April 1 to June 30, 2025	Cement business	Building materials business	Engineering and construction business	Total
Departmental revenue	$ 536,270	$ 673,844	$ 620,796	$ 1,830,910
Revenue from internal department transactions	-	( 3,459)	-	( 3,459)
Revenue from contracts with external customers	$ 536,270	$ 670,385	$ 620,796	$ 1,827,451
Timing of revenue recognition
Revenue recognized at a point in time	$ 507,539	$ 670,385	$ -	$ 1,177,924
Revenue recognized over time	28,731	-	620,796	649,527
	$ 536,270	$ 670,385	$ 620,796	$ 1,827,451

April 1 to June 30, 2024	Cement business	Building materials business	Engineering and construction business	Total
Departmental revenue	$ 466,520	$ 612,467	$ 474,685	$ 1,553,672
Revenue from internal department transactions	-	( 1,771)	-	( 1,771)
Revenue from contracts with external customers	$ 466,520	$ 610,696	$ 474,685	$ 1,551,901
Timing of revenue recognition
Revenue recognized at a point in time	$ 446,419	$ 610,696	$ -	$ 1,057,115
Revenue recognized over time	20,101	-	474,685	494,786
	$ 466,520	$ 610,696	$ 474,685	$ 1,551,901
January 1 to June 30, 2025	Cement business	Building materials business	Engineering and construction business	Total
Departmental revenue	$ 1,005,279	$ 1,314,761	$ 1,216,949	$ 3,536,989
Revenue from internal department transactions	-	( 6,717)	( 145)	( 6,862)
Revenue from contracts with external customers	$ 1,005,279	$ 1,308,044	$ 1,216,804	$ 3,530,127
Timing of revenue recognition
Revenue recognized at a point in time	$ 957,928	$ 1,308,044	$ -	$ 2,265,972
Revenue recognized over time	47,351	-	1,216,804	1,264,155
	$ 1,005,279	$ 1,308,044	$ 1,216,804	$ 3,530,127
January 1 to June 30, 2024	Cement business	Building materials business	Engineering and construction business	Total
Departmental revenue	$ 1,016,786	$ 1,170,403	$ 888,973	$ 3,076,162
Revenue from internal department transactions	-	( 3,718)	( 1,595)	( 5,313)
Revenue from contracts with external customers	$ 1,016,786	$ 1,166,685	$ 887,378	$ 3,070,849
Timing of revenue recognition
Revenue recognized at a point in time	$ 971,991	$ 1,166,685	$ -	$ 2,138,676
Revenue recognized over time	44,795	-	887,378	932,173
	$ 1,016,786	$ 1,166,685	$ 887,378	$ 3,070,849

As of June 30, 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:

Year	Year of the estimated recognized revenues	Amounts of the signed contracts
2025	2025 - 2029	$ 1,504,080
2024	2024 - 2026	$ 1,496,371

Contract assets and contract liabilities

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

	June 30, 2025	December 31, 2024	June 30, 2024	January 1, 2024
Contract asset:
Contract asset - Retainable receivable (including related parties)	$ 72,703	$ 54,019	$ 40,224	$ 13,150
Contract asset - Construction contract (including related parties)	710,678	696,620	462,973	364,587
Total	$ 783,381	$ 750,639	$ 503,197	$ 377,737
Contract liability:
Contract liability - Sales contract for goods	$ 7,535	$ 32,533	$ 10,261	$ 23,527
Contract liabilities - Construction contract (including related parties)	20,510	61,879	37,320	26,825
Total	$ 28,045	$ 94,412	$ 47,581	$ 50,352

The contract assets/contract liabilities recognized in the aforementioned construction contracts on June 30, 2025, December 31, 2024, June 30, 2024, and January 1, 2024 are as follows:

	June 30, 2025	December 31, 2024	June 30, 2024	January 1, 2024
Total costs incurred plus profits recognized	$ 2,967,874	$ 2,131,744	$ 2,218,030	$ 1,552,369
Less: Amount requested for progress of works	( 2,277,706)	( 1,497,003)	( 1,792,377)	( 1,214,607)
Status of net assets and liabilities of contracts	$ 690,168	$ 634,741	$ 425,653	$ 337,762

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

(XX) Operation cost

	April 1 to June 30, 2025	April 1 to June 30, 2024
Cost of sales of goods	$ 1,070,390	$ 1,003,832
Cost of construction contract	497,311	374,478
Other costs from contracts	831	1,287
	$ 1,568,532	$ 1,379,597
	January 1 to June 30, 2025	January 1 to June 30, 2024
Cost of sales of goods	$ 2,145,938	$ 1,978,692
Cost of construction contract	976,941	703,474
Other costs from contracts	1,552	3,478
	$ 3,124,431	$ 2,685,644

(XXI) Interest revenue

	April 1 to June 30, 2025	April 1 to June 30, 2024
Interest on cash in banks	$ 3,173	$ 1,770
Interest income from the financial assets measured at amortized costs	198	-
	$ 3,371	$ 1,770
	January 1 to June 30, 2025	January 1 to June 30, 2024
Interest on cash in banks	$ 5,683	$ 2,725
Interest income from the financial assets measured at amortized costs	391	-
	$ 6,074	$ 2,725

(XXII) Other income

	April 1 to June 30, 2025	April 1 to June 30, 2024
Rent income	$ 281	$ 281
Other income	751	4
	$ 1,032	$ 285
	January 1 to June 30, 2025	January 1 to June 30, 2024
Rent income	$ 559	$ 559
Other income	751	39
	$ 1,310	$ 598

(XXIII) Other gains and losses

	April 1 to June 30, 2025	April 1 to June 30, 2024
Gain (loss) on foreign currency valuation	($ 75)	$ 11
Gains on lease modifications	5	-
Others	(302)	(214)
	($ 372)	($ 203)
	January 1 to June 30, 2025	January 1 to June 30, 2024
Gain (loss) on foreign currency valuation	($ 65)	$ 71
Gains on lease modifications	5	-
Others	(508)	(358)
	($ 568)	($ 287)

(XXIV) Financial Costs

	April 1 to June 30, 2025	April 1 to June 30, 2024
Interest expense:
Bank loan	$ 24,054	$ 15,827
Lease liabilities	113	73
	$ 24,167	$ 15,900
	January 1 to June 30, 2025	January 1 to June 30, 2024
Interest expense:
Bank loan	$ 47,931	$ 31,166
Lease liabilities	232	153
	$ 48,163	$ 31,319

(XXV) Additional information of expenses by nature

	April 1 to June 30, 2025	April 1 to June 30, 2024
Changes in products, finished goods, and works-in-process, and raw materials and supplies consumed	$ 647,869	$ 608,132
Contract work	493,393	369,804
Employee benefit expense	157,700	135,576
Depreciation expenses for property, plant and equipment	69,132	64,755
Depreciation expenses for right-of-use assets	4,749	4,579
Depreciation and amortization expenses of intangible assets	282	2,039
Other expense	301,477	285,484
Operating costs and expenses	$ 1,674,602	$ 1,470,369
	January 1 to June 30, 2025	January 1 to June 30, 2024
Changes in products, finished goods, and works-in-process, and raw materials and supplies consumed	$ 1,257,211	$ 1,205,873
Contract work	947,516	680,223
Employee benefit expense	323,430	290,565
Depreciation expenses for property, plant and equipment	133,634	125,079
Depreciation expenses for right-of-use assets	9,485	17,382
Depreciation and amortization expenses of intangible assets	542	4,092
Other expense	644,419	546,437
Operating costs and expenses	$ 3,316,237	$ 2,869,651

(XXVI) Employee benefit expense

	April 1 to June 30, 2025	April 1 to June 30, 2024
Wages and salaries	$ 131,860	$ 110,498
Labor and Health Insurance costs	10,488	9,662
Pension expense	4,664	4,412
Directors’ Remuneration	1,497	1,377
Compensation cost of employee stock options	-	1,735
Other employment fees	9,191	7,892
	$ 157,700	$ 135,576

	January 1 to June 30, 2025	January 1 to June 30, 2024
Wages and salaries	$ 268,157	$ 240,512
Labor and Health Insurance costs	25,549	21,238
Pension expense	9,440	8,704
Directors’ Remuneration	3,219	3,039
Compensation cost of employee stock options	-	1,735
Other employment fees	17,065	15,337
	$ 323,430	$ 290,565

According to the Articles of Incorporation, the Company shall appropriate at least 1% of the remaining 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’s remuneration. The shareholders’ meeting on May 16, 2025, approved the amendment of the Articles of Incorporation, which states that the total amount of remuneration allocated to junior staff must not be lower than 50% of the total remuneration for employees.
(1) The Company’s estimated amounts of employee remuneration for the three and six months ended June 30, 2025 and 2024 were NT$1,176, NT$228, NT$1,380, and NT$906, respectively, and the aforementioned amounts were recorded as salary expenses.

(2) The employees’ compensation was estimated and accrued based on 1% of distributable profit of the current year for the six months ended on June 30, 2025.

(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.

(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

Income tax expense

(1) Components of income tax expense:

	April 1 to June 30, 2025	April 1 to June 30, 2024
Current income tax:
Income tax occurred in the current period	$ 22,722	$ 11,832
Extra imposed on undistributed earnings	2	-
Underestimate (Overestimate) of income tax for prior years	( 3,344)	214
Total income tax for current period	19,380	12,046
Deferred income tax:
Origination and reversal of temporary differences	( 334)	( 130)
Total deferred income tax	( 334)	( 130)
Income tax expense	$ 19,046	$ 11,916
	January 1 to June 30, 2025	January 1 to June 30, 2024
Current income tax:
Income tax occurred in the current period	$ 37,273	$ 32,779
Extra imposed on undistributed earnings	2	-
Underestimate (Overestimate) of income tax for prior years	( 3,344)	214
Total income tax for current period	33,931	32,993
Deferred income tax:
Origination and reversal of temporary differences	( 2,657)	39
Total deferred income tax	( 2,657)	39
Income tax expense	$ 31,274	$ 33,032

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

	April 1 to June 30, 2025	April 1 to June 30, 2024
Changes in fair value through other comprehensive income	$ 1,459	($ 2,398)
	January 1 to June 30, 2025	January 1 to June 30, 2024
Changes in fair value through other comprehensive income	$ 4,925	($ 1,063)

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

(XXVIII) Earnings per share

	April 1 to June 30, 2025
	After-tax amount	Number of shares outstanding (thousand shares) at the end of the period	Earnings per share (NTD)
Basic earnings per share
Net income attributable to ordinary shareholders of the parent	$ 114,827	150,000	$ 0.77
Diluted earnings per share
Net income attributable to ordinary shareholders of the parent	114,827	150,000
Impact of potential diluted common shares
Remuneration to employee	-	60
Effects of the net income attributable to ordinary shareholders of the parent plus potential ordinary shares	$ 114,827	150,060	$ 0.77
	April 1 to June 30, 2024
	After-tax amount	Number of shares outstanding (thousand shares) at the end of the period	Earnings per share (NTD)
Basic earnings per share
Net income attributable to ordinary shareholders of the parent	$ 22,942	150,000	$ 0.15
Diluted earnings per share
Net income attributable to ordinary shareholders of the parent	22,942	150,000
Impact of potential diluted common shares
Remuneration to employee	-	31
Effects of the net income attributable to ordinary shareholders of the parent plus potential ordinary shares	$ 22,942	150,031	$ 0.15

	January 1 to June 30, 2025
	After-tax amount	Number of shares outstanding (thousand shares) at the end of the period	Earnings per share (NTD)
Basic earnings per share
Net income attributable to ordinary shareholders of the parent	$ 137,346	150,000	$ 0.92
Diluted earnings per share
Net income attributable to ordinary shareholders of the parent	$ 137,346	150,000
Impact of potential diluted common shares
Remuneration to employee	-	92
Effects of the net income attributable to ordinary shareholders of the parent plus potential ordinary shares	$ 137,346	150,092	$ 0.92
	January 1 to June 30, 2024
	After-tax amount	Number of shares outstanding (thousand shares) at the end of the period	Earnings per share (NTD)
Basic earnings per share
Net income attributable to ordinary shareholders of the parent	$ 79,588	150,000	$ 0.53
Diluted earnings per share
Net income attributable to ordinary shareholders of the parent	$ 79,588	150,000
Impact of potential diluted common shares
Remuneration to employee	-	50
Effects of the net income attributable to ordinary shareholders of the parent plus potential ordinary shares	$ 79,588	150,050	$ 0.53

(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 a capital increase in cash by issuing new shares in May 2024. The Company did not subscribe in proportion to its 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:

~49~

Cash
Share-based payment
Increase in the carrying amount of non-controlling interests
Capital surplus - changes in the ownership interests of subsidiaries as recognized

January 1 to June 30, 2024
$ 278,226
1,735
( 211,067)
$ 68,894

(XXX) Cash flow supplementary information

Investing activities not affecting cash flow:

	January 1 to June 30, 2025	January 1 to June 30, 2024
Prepayments for construction funds and business facilities reclassified to real estate, plants, and equipment	$ 2,084	$ 1,797

Investing activities paid partially by cash:

	January 1 to June 30, 2025	January 1 to June 30, 2024
Acquisition of property, plant and equipment	$ 177,324	$ 145,064
Add: Payables for equipment at the beginning of the period	24,684	13,065
Less: Payables for equipment at the end of the period	( 29,484)	( 28,710)
Cash payments for current period	$ 172,524	$ 129,419

Financing activities with no cash flow effects:

	January 1 to June 30, 2025	January 1 to June 30, 2024
The amount of cash dividends announced by the Company and yet to be paid out	$ -	$ 97,500
The amount of cash dividends announced by subsidiaries and yet to be paid out	$ -	$ 92,250

(XXXI) Changes of liabilities from financing activities

	2025
	Short-term borrowings	Short-term bills payable	Lease liabilities - current and non-current	Long-term borrowings	Non-current liabilities (guarantee deposits received)	Total liabilities from financing activities
January 1	$ 1,200,000	$ 409,822	$ 39,939	$ 3,430,000	$ 8,792	$ 5,088,553
Changes of the financing cash flows	450,000	( 60,000)	( 6,814)	( 160,000)	602	223,788
Addition-Newly added lease contracts	-	-	1,630	-	-	1,630
Lease contract modifications	-	-	( 297)	-	-	( 297)
Other non-cash changes	-	( 3)	-	-	-	( 3)
June 30	$ 1,650,000	$ 349,819	$ 34,458	$ 3,270,000	$ 9,394	$ 5,313,671
	2024
	Short-term borrowings	Short-term bills payable	Lease liabilities - current and non-current	Long-term borrowings	Non-current liabilities (guarantee deposits received)	Total liabilities from financing activities
January 1	$ 750,000	$ 269,936	$ 38,147	$ 2,500,000	$ 7,541	$ 3,565,624
Changes of the financing cash flows	( 250,000)	30,000	( 23,427)	200,000	-	( 43,427)
Addition-Newly added lease contracts	-	-	21,454	-	-	21,454
Revaluation of lease liabilities	-	-	9,846	-	-	9,846
Other non-cash changes	-	( 44)	-	-	-	( 44)
June 30	$ 500,000	$ 299,892	$ 46,020	$ 2,700,000	$ 7,541	$ 3,553,453

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

Name of the related party	Relation to the Group
Huei Hong Investment Co., Ltd.	Other related party (The Group’s juridical person director)
Shu-Tien Urology and Ophthalmology Clinic	Other related party (a juridical person director of an affiliate of the ultimate parent company of 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 Co., Ltd.	Other related parties (investees accounted for using the equity method by the ultimate parent company of the Company)
Teh Hsin Enterprise Co., Ltd. (Teh Hsin) (Note 1)	Associate (investee accounted for using the equity method 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 (Note 3)	Chairperson of the subsidiary of the Company
Lu, Yu-Huang (Note 4)	President of the subsidiary of the Company

Note 1: The Group acquired a 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: Chen, Hsueh-Hsien resigned from the position of President on March 12, 2025. The Company appointed Lin, Yi-Chieh as the new President pursuant to a resolution of the Board of Directors.

Note 3: Chien, Tsang-Tsun resigned from the role of Chairman of the subsidiary, Ruentex Interior Design, on August 13, 2025, and Lu, Yu-Huang was elected by the Board of Directors’ resolution as the Chairman of Ruentex Interior Design.

Note 4: Lu, Yu-Huang resigned from the role of President of the subsidiary, Ruentex Interior Design, on August 13, 2025, and Hsu, Tzu-Rong was elected by the Board of Directors’ resolution as the President of Ruentex Interior Design.

(III) Significant related party transactions and balances

Operating Revenue

	April 1 to June 30, 2025	April 1 to June 30, 2024
Sales of goods:
—The ultimate parent company	$ 5,664	$ 14,259
—The direct parent company	33,147	32,973
—Other related parties	2,614	4,653
—Associates	82	-
Contract of construction:
—The ultimate parent company	84,844	104,621
—The direct parent company	2,952	44,318
—Fellow subsidiary	4,428	151,876
—Other related parties	184	7,320
	$ 133,915	$ 360,020
	January 1 to June 30, 2025	January 1 to June 30, 2024
Sales of goods:
—The ultimate parent company	$ 8,347	$ 45,973
—The direct parent company	76,277	66,915
—Other related parties	4,736	7,734
—Associates	135	-
Contract of construction:
—The ultimate parent company	261,879	176,009
—The direct parent company	10,627	51,320
—Fellow subsidiary	10,324	253,630
—Other related parties	237	21,873
	$ 372,562	$ 623,454

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.

Purchase of goods

	April 1 to June 30, 2025	April 1 to June 30, 2024
Project investment by:
—Ruentex Engineering & Construction	$ 251,911	$ -
—Other related parties	416	109
	$ 252,327	$ 109
	January 1 to June 30, 2025	January 1 to June 30, 2024
Project investment by:
—Ruentex Engineering & Construction	$ 251,911	$ -
—Fellow subsidiary	94	-
—Other related parties	534	217
	$ 252,539	$ 217

The contract prices for the construction contract are negotiated by both parties, and the payments are made using promissory notes due within 2 months, which is consistent with general payment terms.

3. Receivables from related parties

	June 30, 2025	December 31, 2024	June 30, 2024
Notes receivable:
—Ruentex Development	$ 14,043	$ 48,729	$ 21,258
—The direct parent company	2,064	2,413	1,002
—Other related parties	-	979	-
—Associates	50	-	-
	$ 16,157	$ 52,121	$ 22,260
Accounts receivable
—The ultimate parent company	$ 49,301	$ 35,201	$ 46,558
—The direct parent company	30,082	27,849	26,991
—Fellow subsidiary	-	9,985	40,147
—Other related parties	1,974	1,505	15,108
—Associates	36	57	-
	$ 81,393	$ 74,597	$ 128,804
Other receivables (Note):
—The direct parent company	$ 137	$ -	$ -
—Associates	99	-	-
	$ 236	$ -	$ -

Note: This is mainly due to samples income receivable and remuneration to directors.

4. Contract assets - retainable receivables

	June 30, 2025	December 31, 2024	June 30, 2024
—The ultimate parent company	$ 20,554	$ 14,786	$ 8,225
—The direct parent company	2,005	2,247	4,656
—Fellow subsidiary	32,573	32,573	25,589
—Other related parties	8	-	780
	$ 55,140	$ 49,606	$ 39,250

Incomplete work of construction contracting and advance construction receipts

	June 30, 2025		December 31, 2024
	Total contract amount (tax excluded)	Amount requested for progress of works	Total contract amount (tax excluded)	Amount requested for progress of works
Ruentex Development	$ 908,344	$ 458,383	$ 938,046	$ 310,804
Ruentex Innovative Development	718,675	620,447	717,881	626,915
The direct parent company	61,799	37,679	65,250	30,772
Other related parties	6,015	73	3,660	-
	$ 1,694,833	$ 1,116,582	$ 1,724,837	$ 968,491
			June 30, 2024
			Total contract amount (tax excluded)	Amount requested for progress of works
Ruentex Development			$ 1,087,223	$ 225,807
Ruentex Innovative Development			687,602	522,865
The direct parent company			98,448	63,701
Other related parties			43,592	17,795
			$ 1,916,865	$ 830,168

Balance of accounts payable from related parties

	June 30, 2025	December 31, 2024	June 30, 2024
Notes payable:
—The ultimate parent company	$ -	$ -	$ 81
—The direct parent company	664	566	181
—Other related parties	379	-	417
	$ 1,043	$ 566	$ 679
Accounts payable:
—The direct parent company	$ 87,355	$ 2,107	$ 4,023
	June 30, 2025	December 31, 2024	June 30, 2024
Other payables (Note):
—The ultimate parent company	$ 4	$ 6	$ 8
—The direct parent company	-	4	732
—Fellow subsidiary	200	200	200
—Other related parties	418	236	252
	$ 622	$ 446	$ 1,192

Note: Mainly due to insurance premiums, rents, employee uniform expenses, phone bills, and health checkup fees.

7. 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 project. The company is expected to undertake the construction of the new project, and the inspection and acceptance of the project's completion are to be completed in March 2025. The final total contract price and the paid amount is NT$2,084.

8. Lease transactions - Lessee/rent expenses

Rent expenses of short-term lease contracts

	April 1 to June 30, 2025	April 1 to June 30, 2024
Fellow subsidiary	$ 514	$ 514
Other related parties	55	55
	$ 569	$ 569
	January 1 to June 30, 2025	January 1 to June 30, 2024
Fellow subsidiary	$ 1,028	$ 1,028
Other related parties	110	110
	$ 1,138	$ 1,138

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

The Company and its direct parent company signed and entered into an agreement on contract processing in January 2023. The monthly payment is NT$1,200. If the monthly production surpasses 3,800 metric tons, an additional payment of NT$80 per kiloton shall be made (for production of less than one kiloton, it will be calculated based on one kiloton). The processing expenses recognized for the three and six months ended June 30, 2025 and 2024 were NT$3,600, NT$3,600, NT$7,200, and NT$7,200, respectively.
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 metric tons, 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 and six months ended June 30, 2025 and 2024 were NT$1,896, NT$1,896, NT$3,792, and NT$3,792, respectively.

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

	June 30, 2025	December 31, 2024	June 30, 2024
The direct parent company	$ 88,368	$ 88,368	$ 88,368
Key management personnel	$ 8,380,000	$ 7,630,000	$ 6,300,000

Related party who owns the land based on a trust deed

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 land obtained in 2009, 2010, 2015, and 2020 were registered to the chief management and pledged as collateral to the Company. As of June 30, 2025, the carrying value of agricultural and animal husbandry land was NT$84,306 under “Property, plant and equipment.”

(IV) Key management compensation information

	April 1 to June 30, 2025	April 1 to June 30, 2024
Wages and salaries and short-term employee benefits	$ 18,306	$ 18,858
Post-employment benefits	242	279
Total	$ 18,548	$ 19,137
	January 1 to June 30, 2025	January 1 to June 30, 2024
Wages and salaries and short-term employee benefits	$ 38,541	$ 38,133
Post-employment benefits	525	544
Total	$ 39,066	$ 38,677

VIII. Pledged Assets

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

Asset items	Carrying amount			For guarantee purpose
	June 30, 2025	December 31, 2024	June 30, 2024
Investments accounted for using equity method	$ 1,615,345	$ -	$ -	Long-term borrowings and guarantee quota Performance bond
Other financial assets-current (listed as Other Current Assets)	158,444	155,696	2,965
Property, plant, and equipment	1,513,932	1,518,993	1,514,682	Long-term and Short-term borrowings and guarantee quota Performance bond
Other financial assets - non-current (listed as “other non-current assets”)	91,920	91,898	91,876
	$ 3,379,641	$ 1,766,587	$ 1,609,523

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:

As of June 30, 2025, December 31, 2024 and June 30, 2024, the total amounts of the construction contracts entered into by the Group for undertaking and renovation projects were NT$2,994,374, NT$2,564,091 and NT$2,175,441, respectively. Amounts of NT$1,567,295, NT$953,599 and NT$1,258,904 have been paid, respectively, and the remainder will be paid based on the stage of completion.
As of June 30, 2024, the amounts of letters of credit issued by the Group but not yet used are USD 760 thousand and EUR 215 thousand, respectively.

X. Significant Disaster Loss

None.

XI. Significant subsequent events

Please refer to Note 6(6)3, 6(6)4, and 7(2).

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 Group’s debt ratios as of June 30, 2025, December 31, 2024, and June 30, 2024 were as follows:

	June 30, 2025	December 31, 2024	June 30, 2024
Total borrowings	$ 5,270,000	$ 5,040,000	$ 3,500,000
Less: Cash and cash equivalents	( 691,099)	( 905,794)	( 880,314)
Net debt	4,578,901	4,134,206	2,619,686
Total equity	2,831,325	3,109,169	2,869,686
Total capital	$ 7,410,226	$ 7,243,375	$ 5,489,372
Debt-to-total-capital ratio	61.79%	57.08%	47.72%

(II) Financial instruments

Type of financial instruments

	June 30, 2025	December 31, 2024	June 30, 2024
Financial assets
Financial assets measured at amortized costs
Cash and cash equivalents	$ 691,099	$ 905,794	$ 880,314
Financial assets measured at amortized costs – current	50,351	50,000	-
Notes receivable (including related parties)	187,865	307,474	206,620
Accounts receivable (including related parties)	918,933	787,787	855,754
Other receivables (including related parties)	2,572	2,660	2,509
Refundable deposits (recorded as other non-current assets)	23,653	23,599	23,598
Other financial assets (listed as other current assets and other non-current assets)	250,364	247,594	94,841
The equity instrument investments by the option to designate a financial asset measured at fair value through other comprehensive income	528,520	717,099	675,405
	$ 2,653,357	$ 3,042,007	$ 2,739,041
	June 30, 2025	December 31, 2024	June 30, 2024
Financial liabilities
Financial liabilities measured at amortized cost
Short-term borrowings	$ 1,650,000	$ 1,200,000	$ 500,000
Short-term notes and bills payable	349,819	409,822	299,892
Notes payable (including related parties)	153,386	201,897	104,251
Accounts payable (including related parties)	1,213,616	1,216,289	997,579
Other payables (including related parties)	219,064	289,031	386,541
Long-term borrowings	3,270,000	3,430,000	2,700,000
Guarantee deposits received (listed as other non-current liabilities)	9,394	8,792	7,541
	$ 6,865,279	$ 6,755,831	$ 4,995,804
Lease liabilities - current and non-current	$ 34,458	$ 39,939	$ 46,020

~59~

~60~

Risk management policies

(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.

(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.

Significant financial risks and degrees of financial risks

(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:

(Foreign currency: Functional currency) Financial assets - Monetary items USD:NTD	June 30, 2025
	Foreign currency amount (thousands)	Exchange rate measurement at the end of the period	Carrying amount (NT$)	Sensitivity analysis
				Range of variation	Effects on profit and loss
Financial liabilities - Monetary items USD:NTD	$ 16	29.30	$ 469	1%	$ 5
EUR:NTD	84	29.30	2,461	1%	25
JPY:NTD	14	34.35	481	1%	5
	2,340	0.2034	476	1%	5

~61~

(Foreign currency: Functional currency)	December 31, 2024
	Foreign currency amount (thousands)	Exchange rate measurement at the end of the period	Carrying amount (NT$)	Sensitivity analysis
				Range of variation	Effects on profit and loss
Financial assets - Monetary items
USD:NTD	$ 17	32.79	$ 557	1%	$ 6
Financial liabilities - Monetary items
USD:NTD	52	32.79	1,705	1%	17
EUR:NTD	2	34.14	68	1%	1
JPY:NTD	409	0.2099	86	1%	1
(Foreign currency: Functional currency)	June 30, 2024
---	---	---	---	---	---
	Foreign currency amount (thousands)	Exchange rate measurement at the end of the period	Carrying amount (NT$)	Sensitivity analysis
				Range of variation	Effects on profit and loss
Financial assets - Monetary items
USD:NTD	$ 18	32.45	$ 584	1%	$ 6
Financial liabilities - Monetary items
USD:NTD	2,879	32.45	93,424	1%	934

C. Foreign exchange risk has a significant impact on the Group. The foreign exchange gains or losses (including realized and unrealized) on monetary items recognized were a loss of NT$75, a gain of NT$11, a loss of NT$65, and a gain of NT$71 for the three and six months ended June 30, 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 the classification of gains or losses from equity investments at fair value through other comprehensive income for the six months ended June 30, 2025 and 2024 would have increased/decreased by NT$5,285 and NT$6,754, 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 six months ended June 30, 2025 and 2024, the Group’s borrowings issued at variable rates were mostly denominated in the New Taiwan Dollar.

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 six months ended June 30, 2025 and 2024, would have decreased/increased by NT$1,968 and NT$1,280, 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.

~62~

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.

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 utilized the forecasting capabilities of the Taiwan Institute of Economic Research report to adjust historical and timely information in order to assess the likelihood of default and estimate impairment provisions for accounts receivable (including those from related parties) and contract assets (including those from related parties). As of June 30, 2025, December 31, 2024, and June 30, 2024, the loss rate methodology is as follows:

	Group 1	Group 2	Total
June 30, 2025
Expected loss	0.01%~0.03%	0.97%~100%
Total carrying amount	$ 1,398,477	$ 313,732	$ 1,712,209
Allowance for losses	$ 103	$ 9,792	$ 9,895
	Group 1	Group 2	Total
---	---	---	---
December 31, 2024
Expected loss	0.01%~0.03%	0.63%~100%
Total carrying amount	$ 1,239,921	$ 309,040	$ 1,548,961
Allowance for losses	$ 97	$ 10,438	$ 10,535
	Group 1	Group 2	Total
---	---	---	---
June 30, 2024
Expected loss	0.01%~0.03%	0.63%~100%
Total carrying amount	$ 1,041,421	$ 326,713	$ 1,368,134
Allowance for losses	$ 82	$ 9,101	$ 9,183

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.

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	2024 Accounts receivable
January 1	$ 10,535	$ 7,144
Reversal of impairment loss	( 640)	-
Provision of impairment loss	-	2,039
June 30	$ 9,895	$ 9,183

I. The financial assets measured at amortized cost accounted for by the Group are demand deposits with original maturity dates of 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 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.

C. Details of the loan credit not yet drawn down by the Group are as follows:

	June 30, 2025	December 31, 2024	June 30, 2024
Due within one year	$ 1,322,850	$ 1,211,260	$ 1,476,253
Due longer than one year	835,350	700,000	600,000
	$ 2,158,200	$ 1,911,260	$ 2,076,253

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:

June 30, 2025	3 months and below	Within 3 months to 1 year	More than 1 year
Short-term borrowings	$ 1,650,000	$ -	$ -
Short-term notes and bills payable (Note)	350,000	-	-
Notes payable (including related parties)	152,546	840	-
Accounts payable (including related parties)	310,488	759,515	143,613
Other payables (including related parties)	180,123	27,794	11,147
Lease liabilities - current (Note)	14,489	13,831	-
Long-term borrowings (Note)	15,449	46,347	3,299,231
Lease liabilities - non-current (Note)	-	-	6,535
Guarantee deposits received (listed as other non-current liabilities)	-	-	9,394

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

Non-derivative financial liabilities:

December 31, 2024	3 months and below	Within 3 months to 1 year	More than 1 year
Short-term borrowings	$ 1,200,000	$ -	$ -
Short-term notes and bills payable (Note)	410,000	-	-
Notes payable (including related parties)	201,183	714	-
Accounts payable (including related parties)	303,729	793,302	119,258
Other payables (including related parties)	242,520	35,390	11,121
Lease liabilities - current (Note)	8,957	15,899	-
Long-term borrowings (Note)	16,364	49,091	3,489,962
Lease liabilities - non-current (Note)	-	-	15,707
Guarantee deposits received (listed as other non-current liabilities)	-	-	8,792

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

Non-derivative financial liabilities:

June 30, 2024	3 months and below	Within 3 months to 1 year	More than 1 year
Short-term borrowings	$ 500,000	$ -	$ -
Short-term notes and bills payable (Note)	300,000	-	-
Notes payable (including related parties)	103,411	840	-
Accounts payable (including related parties)	318,246	562,303	117,030
Other payables (including related parties)	343,986	27,198	15,357
Lease liabilities - current (Note)	8,888	15,692	-
Long-term borrowings (Note)	12,716	35,299	2,710,569
Lease liabilities - non-current (Note)	-	-	22,318
Guarantee deposits received (listed as other non-current liabilities)	-	-	7,541

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

(III) Fair value information

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:

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.

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

Level 3: Unobservable inputs for the asset or liability.

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 (including related parties), 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.

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:

June 30, 2025	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value
Financial Assets at fair value through other comprehensive income acquired
Equity securities	$ 528,520	$ -	$ -	$ 528,520
December 31, 2024	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value
Financial Assets at fair value through other comprehensive income acquired
Equity securities	$ 717,099	$ -	$ -	$ 717,099

~67~

June 30, 2024	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value
Financial Assets at fair value through other comprehensive income acquired
Equity securities	$ 675,405	$ -	$ -	$ 675,405

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.
There was no transfer between the Level 1 and the Level 2 fair values for the six months ended June 30, 2025 and 2024.

XIII. Separately Disclosed Items

(I) Significant transaction information

Loans to others: None.
Endorsement/guarantee provided for others: None.
Holding of significant marketable securities at the end of the period (not including subsidiaries): Please refer to Table 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.
Accounts receivable from related parties of at least NT$100 million or 20% of the paid-in capital: None.
Business relationship between the parent and subsidiaries and status of the important transactions: None.

(II) Information on Investees

Names, locations, and other information of investees: Please refer to Table 3.

(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 June 30, 2025
	Cement business	Building materials business	Engineering and construction business	Total
External revenue	$ 1,005,279	$ 1,308,044	$ 1,216,804	$ 3,530,127
Internal departmental revenue	-	6,717	145	6,862
Departmental revenue	$ 1,005,279	$ 1,314,761	$ 1,216,949	$ 3,536,989
Net operating profit (loss) from the segment	($ 97,594)	$ 143,425	$ 168,059	$ 213,890
Segment income (loss) includes:
Depreciation expense	$ 100,989	$ 36,892	$ 5,238	$ 143,119
Amortization	306	199	37	542
	$ 101,295	$ 37,091	$ 5,275	$ 143,661
	January 1 to June 30, 2024
	Cement business	Building materials business	Engineering and construction business	Total
External revenue	$ 1,016,786	$ 1,166,685	$ 887,378	$ 3,070,849
Internal departmental revenue	-	3,718	1,595	5,313
Departmental revenue	$ 1,016,786	$ 1,170,403	$ 888,973	$ 3,076,162
Net operating profit from the segment	$ 23,653	$ 56,549	$ 120,996	$ 201,198
Segment income (loss) includes:
Depreciation expense	$ 111,280	$ 26,193	$ 4,988	$ 142,461
Amortization	363	3,631	98	4,092
	$ 111,643	$ 29,824	$ 5,086	$ 146,553

(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:

	January 1 to June 30, 2025		January 1 to June 30, 2024
Net operating profit from the segment	$	213,890	$	201,198
Interest revenue		6,074		2,725
Interest Cost	(	48,163)	(	31,319)
Other items		84,033		311
Net income before tax from the segment	$	255,834	$	172,915

~70~

Ruentex Materials Co., Ltd. and its subsidiaries

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

June 30, 2025

Attached Table 1

Unit: NT$ thousands

(Except as Otherwise Indicated)

Company holding the securities	Type and name of the securities (Note 1)	Relationship with the securities issuer (Note 2)	Account recognized	End of the period
				Shares	Carrying amount (Note 3)	Shareholding percentage	Fair value
Ruentex Materials Co., Ltd.	Shares of Ruentex Industries Ltd.	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	7,200,236	$ 385,213	0.65	$ 385,213
	Shares of OBI Pharma, Inc.	Substantive related party of the Company	Financial assets at fair value through other comprehensive income - non-current	131,165	4,289	0.05	4,289
Ruentex Interior Design Inc.	Shares of Ruentex Industries Ltd.	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	2,598,464	139,018	0.24	139,018

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

January 1 to June 30, 2025

Attached Table 2

Unit: NT$ thousands

(Except as Otherwise Indicated)

			Transaction conditions				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
The company making the purchase (sale) of goods	Name of counterparty	Relationship	Purchase (sale) of goods	Amount	As a percentage of total purchases (sales) of goods (Note 4)	Credit period	Unit price	Credit period	Balance	As a percentage of notes receivable/payable and accounts receivable/payable (Note 4)
Ruentex Interior Design Inc.	Ruentex Development Co., Ltd.	Ultimate parent company of the Company	Project solicitation, Service revenue, Sales revenue	($ 251,609)	21.20	The amount shall be collected in accordance with the term of the construction/services/sales contract	Negotiated price	The amount shall be collected in accordance with the term of the construction/services/sales contract	$ 63,321	24.75
Ruentex Interior Design Inc.	Ruentex Engineering & Construction Co., Ltd.	Direct parent company of the Company	Contract of construction	251,911	27.72	Amount paid according to the prescribed period of the construction contract	Negotiated price	Amount paid according to the prescribed period of the construction contract	( 84,921)	8.25

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

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

January 1 to June 30, 2025

Attached Table 3

Unit: NT$ thousands

Name of the investing company	Name of the investee company (Notes 1 and 2)	Location	Main business items	Original investment amount		Holding at the end of period			Profit or loss of the investee for the period (Note 2(2))	Investment gains and losses recognized in the current period (Note 2(3))	Remark
				End of the current period	End of last year	Shares	Percentage	Carrying amount
Ruentex Materials Co., Ltd.	Ruentex Interior Design Inc.	Taiwan	Interior design	$ 126,721	$ 126,721	4,750,000	31.66	$ 235,822	$ 127,632	$ 40,417	Subsidiaries
Ruentex Materials Co., Ltd.	Teh Hsin Enterprise Co., Ltd.	Taiwan	Building Materials	1,564,348	1,564,348	14,969,837	35.00	1,615,345	237,963	83,291	Associates

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 3 Page 1

AI assistant

RTM Interim / Quarterly Report 2025

52747_rns_2026-04-24_901a364c-190d-4591-bb2b-3886ea6d1782.pdf

Introduction

Scope of Review

Conclusion

3. Associates

Balance Sheets

Statements of Comprehensive Income

(XXIX) Transactions with non-controlling interests

VII. Transaction with Related Parties

(I) Parent Company and the ultimate controller

(II) Names of related parties and relationship

3. Receivables from related parties

4. Contract assets - retainable receivables

7. Property transactions

8. Lease transactions - Lessee/rent expenses

Price risk

Cash flow and fair value interest rate risk

(2) Credit risk

XIII. Separately Disclosed Items

(I) Significant transaction information

(II) Information on Investees

AI assistant

RTM — Interim / Quarterly Report 2025

52747_rns_2026-04-24_901a364c-190d-4591-bb2b-3886ea6d1782.pdf

Introduction

Scope of Review

Conclusion

3. Associates

Balance Sheets

Statements of Comprehensive Income

(XXIX) Transactions with non-controlling interests

VII. Transaction with Related Parties

(I) Parent Company and the ultimate controller

(II) Names of related parties and relationship

3. Receivables from related parties

4. Contract assets - retainable receivables

7. Property transactions

8. Lease transactions - Lessee/rent expenses

Price risk

Cash flow and fair value interest rate risk

(2) Credit risk

XIII. Separately Disclosed Items

(I) Significant transaction information

(II) Information on Investees

More from RTM

RTM Interim / Quarterly Report 2025