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Sitronix — AGM Information 2026
Jun 3, 2026
52706_rns_2026-06-03_769b0655-986e-4e9a-8c67-634c829ff3b5.pdf
AGM Information
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Sitronix Technology Corporation
2026 Annual Shareholders’ Meeting Minutes (Translation)
Time: 9:00 a.m., May 25, 2026 (Monday)
Place: 2F., No. 3, Taiyuan 1st Street, Zhubei City, Hsinchu County (Banquet Hall, Tai Yuen Hi-Tech Industrial Park Phase III)
Type of the meeting: Physical shareholders meeting.
Attendants: The total number of shares issued by the company is 120,136,876 shares. All shareholders and their proxy holders, representing 87,428,195 shares (Including 59,648,958 shares voted via electronic), or 72.77% of the total 120,136,876 outstanding shares, constitutes a quorum. The following persons were present: Vincent Mao (the chairman of the Board of Directors), I-Hsi Cheng (Director), Cheng-Chieh Dai (Independent Director & Chairman of the Audit Committee), Yu-Nu Lin (Independent Director), Chuang-Yao Fan (Independent Director), the number of Directors present at the meeting is more than half of total number of Directors.
Others Present: Ya-Yun Chang, CPA of Deloitte & Touche
Chairman: Mr. Vincent Mao, the chairman of the Board of Directors
Minute Recorder: Shu-Fang Hsu
I. Chairman announced commencement. (The aggregate shareholding of the shareholders present in person or by proxy constitutes a quorum. The Chairman called the meeting to order.)
II. Chairman’s Address (omitted)
III. Report Items
(I) 2025 Business Report (see Attachment I).
(II) 2025 Audit Committee’s Review Report (see Attachment II).
(III) Report on the distribution of remuneration for employees and directors for 2025.
Explanation: In accordance with the provisions of the Company's Articles of Incorporation, the remuneration of NT$22,807,253 and NT$152,048,354 have been distributed to directors and employees in cash, respectively.
(IV) Report on cash dividends of earnings distribution for 2025.
Explanation: 1. According the Article of Incorporation, the Board of Directors was authorized to resolve specifically to distribute all or part of the dividends payable and bonus in cash, which was reported at the shareholders' meeting.
- Allocate the shareholders dividends of NT$1,381,574,074 for the distribution in cash at NT$11.5 per share. The calculation method of "unconditional leaving out the number less than NT$1" was adopted for the distribution of cash dividends, and the total number of decimal fraction less than NT$1 shall be adjusted on the decimal number from big to small and the account number from front to back to accord with the total cash dividend distribution.
(V) Report on the Implementation of the Share Exchange between the Company and its Subsidiary, mCore Technology Corp. (see Attachment III).
Proceedings:
There were no questions raised by shareholders regarding the Report Items.
IV. Matters for Ratification
(I) 2025 Financial Statements and Business Report is submitted for approval.
(Proposed by the Board of Directors)
Explanation:
-
The Board of Directors has delivered the Company's 2025 Parent Company Only Financial Statements and Consolidated Financial Statements, which have been audited and completed by CPA Ya-Yun Chang and Mei-Chen Tsai of the Deloitte & Touche Taipei, Taiwan Republic of China, together with the business report, to the Audit Committee for verification, and the audit report has been issued.
-
2025 Business Report please refer to Attachment I, Independent Auditors' Report and the financial statements, please refer to Attachment IV and V.
-
Please approve.
Proceedings:
There were no questions raised by shareholders regarding this proposal.
Resolved, that the above proposal be and hereby was approved as proposed.
Voting Results:
Shares represented at the time of voting: 87,428,195 (59,648,958)*
| Voting Results* | % of the total represented share present | |
|---|---|---|
| Votes in favor: | 83,685,458 votes ( 55,907,221 votes) | 95.71% |
| Votes against: | 14,540 votes ( 14,540 votes) | 0.01% |
| Voting Results* | % of the total represented share present | ||
|---|---|---|---|
| Votes invalid: | 0 votes | ( 0 votes) | 0.00% |
| Votes abstained: | 3,728,197 votes | ( 3,727,197 votes) | 4.26% |
- Including votes casted electronically (numbers in brackets)
(II) 2025 Profit Distribution Proposal is submitted for approval.
(Proposed by the Board of Directors)
Explanation:
- The 2025 Profit Distribution Proposal of the Company has been approved by the Board of Directors on March 5, 2026.
- For the 2025 Profit Distribution Proposal, please refer to Attachment VI.
- Please approve.
Proceedings:
There were no questions raised by shareholders regarding this proposal.
Resolved, that the above proposal be and hereby was approved as proposed.
Voting Results:
Shares represented at the time of voting: 87,428,195 (59,648,958)*
| Voting Results* | % of the total represented share present | ||
|---|---|---|---|
| Votes in favor: | 84,270,241 votes | ( 56,492,004 votes) | 96.38% |
| Votes against: | 15,553 votes | ( 15,553 votes) | 0.01% |
| Votes invalid: | 0 votes | ( 0 votes) | 0.00% |
| Votes abstained: | 3,142,401 votes | ( 3,141,401 votes) | 3.59% |
- Including votes casted electronically (numbers in brackets)
V. Extemporary Motions :
Proceedings:
Summary of Shareholder's Inquiry and Response
Shareholder (Account Number 00099191) inquired about the Company's internal procedures for handling corporate governance issues raised by shareholders.
The Chairman responded that, upon receipt of such inquiries, the Company will process and respond to them in accordance with standard procedures.
VI. Adjournment: 9:14 a.m.
Attachment I
Sitronix Technology Corp. Business Report
I. Operating Performance in 2025
(I.) Implementation results of the business plan
Business performance in 2025
Despite the challenging environment, Sitronix Technology Corp. sustained its growth momentum during the year. Consolidated revenue for the full year reached NT$19 billion, representing a year-on-year (YoY) increase of 6.59%. Consolidated gross profit amounted to NT$5.82 billion. Net profit after tax totaled NT$2.22 billion, and earnings per share (EPS) after tax stood at NT$14.46.
Global economy and market competition in 2025
The global semiconductor industry faced multiple headwinds from geopolitical tensions and macroeconomic volatility. U.S. reciprocal tariff policies disrupted supply chain dynamics and demand–supply cycles, while rising gold prices led to increased raw material costs in assembly and testing. In addition, the appreciation of the New Taiwan Dollar against the U.S. Dollar placed further operational pressure on export-oriented IC design companies. In response to these external challenges, Sitronix (hereinafter referred to as “the Company”) maintained a prudent and steady management approach. Through flexible operational resource allocation and strategic execution, the Company mitigated the impact of external uncertainties.
The key operational focuses and achievements for the year are summarized as follows:
1. Realization of Product Strategy Benefits:
The Company’s long-term investment in its TDDI product line, featuring proprietary zero-capacitor technology, translated into tangible results in fiscal year 2025, with the Company successfully expanding its market share and becoming one of the major suppliers in this segment. Revenue from this product line grew significantly, not only establishing a new product growth cycle but also serving as a primary driver of overall revenue growth for the year. The Company will continue to optimize and broaden this product portfolio to address diverse application needs.
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2. Optimization of Cost Structure:
In response to the impact of rising gold prices on the cost structure of the Gold Bump process, the Company has implemented alternative metallurgy solutions. These measures effectively controlled production costs, maintained pricing competitiveness, and safeguarded profitability, enabling the Company to remain resilient amid raw material price volatility.
3. Results of Strategic Reinvestment:
The Company’s subsidiary, Sync-Tech System Corp. (Stock Code: 7815), was successfully listed on the Emerging Stock Market in January 2025. The subsidiary specializes in cantilever probe card technology and is actively expanding into vertical probe card solutions. Its entry into the capital market is expected to enhance its operational independence and increase visibility within the semiconductor probe card industry, while also generating stable, long-term investment returns for the Company.
(II.) Profitability Analysis
| Item | Year | 2025 (Note 2) | 2024 (Note 2) | |
|---|---|---|---|---|
| Return on Assets (%) | 10.21% | 11.97% | ||
| Return on Equity (%) | 13.60% | 15.90% | ||
| Ratio in Paid-in Capital (%) | Operating Profit | 176.80% | 207.25% | |
| Income before Tax | 203.08% | 236.23% | ||
| Net Profit Rate (%) | 11.70% | 13.75% | ||
| Basic earnings per share (NT$) (Note 1) | 14.66 | 15.42 |
Note 1: Calculated by the weighted average number of shares outstanding in the current year.
Note 2: Consolidated financial information using IFRS.
(III.) The condition of research and development
To maximize the efficiency of R&D resource, the Company initiated an optimization of its R&D organizational structure during the year by establishing a Project Lead System. This initiative aims to strengthen the alignment between product development and market demand, as well as to shorten product development cycles.
Key R&D focuses for the year are outlined below:
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Enhancement of Organizational Effectiveness:
Through greater organizational flexibility, the Company established a structured new product promotion process and strengthened its technical support framework to accelerate responsiveness to customer needs. -
Process Optimization:
To support the market expansion of new products, the Company has established a standard operational workflows and strengthened its technical service capabilities. -
Advancement of ASIC Technologies:
Through ongoing technical collaborations with tier-1 global customers, the Company continues to refine its ASIC design capabilities, further reinforcing its long-term technological foundation.
II. Future Outlook
The Company is committed to becoming a leading IC design house distinguished by both technological depth and market breadth. Its future development strategy will focus on enhancing organizational effectiveness and accelerating technology iteration. At the same time, the Company will continue to optimize its product portfolio and increase the proportion of diversified applications to mitigate the impact of industry cyclicality, thereby establishing a resilient and sustainable long-term profitability model and creating enduring value for shareholders.
In response to the normalization of risks arising from geopolitical developments and global supply chain restructuring, the Company has established comprehensive risk control mechanisms. On the commercial front, regional risk exposure is mitigated through market and customer portfolio diversification. Operationally, the Company continues to strengthen information and cybersecurity measures, intellectual property rights management, and the implementation of ESG performance metrics. In addition, close attention is paid to evolving climate change regulations and raw material price trends to ensure that operations remain aligned with sustainable development requirements.
Finally, on behalf of the management team, I would like to express our sincere appreciation to all shareholders for their continued support. Sitronix will remain committed to a pragmatic approach in achieving its operational objectives and sharing the results of its performance with shareholders.
Attachment II
Sitronix Technology Corp.
Audit Committee's Review Report
The Board of Directors has prepared the Company's business report, financial statements, and the profit distribution proposal for 2025, in which the financial statements have been audited by Deloitte & Touche Taipei, Taiwan Republic of China with the audit report issued. The above business statement, financial statements, and profit distribution proposal have been verified by the Audit Committee and deemed as appropriate, and reported as above in accordance with the relevant provisions of the Securities Exchange Act and the Company Act for approval.
Sincerely,
2026 Annual Shareholders' Meeting of Sitronix Technology Corp.
Sitronix Technology Corp.
Chairman of the Audit Committee: Cheng-Chieh Dai
March 5, 2026
Attachment III
Sitronix Technology Corp.
Report on the Implementation of the Share Exchange between the Company and its Subsidiary, mCore Technology Corp.
I. Pursuant to Article 7, Paragraph 2 of the Business Mergers and Acquisitions Act, the Company hereby reports on the implementation status of the merger and acquisition conducted in accordance with Article 30, Paragraph 1 of the same Act.
II. To integrate overall resources, enhance operational performance, and strengthen market competitiveness, the Company resolved, at meetings of the Audit Committee and the Board of Directors held on May 8, 2025, to carry out a simplified share exchange between the Company and its subsidiary, mCore Technology Corporation (the "mCore"), in which the Company held 90.73% of the issued common shares. Under the terms of the share exchange, the Company acquired the shares of mCore held by shareholders other than the Company at a cash consideration of NT$28 per common share, with July 1, 2025 designated as the share exchange record date. An independent expert's opinion has been obtained to support the fairness and reasonableness of the aforementioned share exchange consideration per share.
III. The Company completed the share exchange on July 1, 2025, acquiring a total of 979,659 shares of mCore from shareholders other than the Company, with an aggregate cash consideration of NT$27,430,452. Upon completion of this share exchange, mCore has become a 100% owned subsidiary of the Company, which is expected to enhance decision-making efficiency and generate positive benefits for the Company.
Attachment IV
INDEPENDENT AUDITORS' REPORT
The Board of Directors and the Shareholders
Sitronix Technology Corporation
Opinion
We have audited the accompanying financial statements of Sitronix Technology Corporation (the Company), which comprise the balance sheets as of December 31, 2025 and 2024, the statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the financial statements, including a summary of significant accounting policies (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The key audit matters of the Company's parent company only financial statements for the year ended December 31, 2025 are stated as follows:
Recognition of sales revenue
The Company's main source of revenue comes from the sale of goods, please refer to Notes 4 and 22 for information on the accounting policies of revenue recognition. Such revenue is recognized when the goods are transferred to the customer and the performance obligations are met. The revenue recognition process is that after receiving customers' orders and checking the transaction conditions, the business unit creates a manufacturing notice in the system, and enters into the production schedule after obtaining the approval from the supervisor. As soon as the production is completed, then the production unit would issue packing lists and invoices from the system, and the Company would obtain a signed packing list or the bill of ladings from the shipping companies when those shipping companies pick up the goods, then the system would check the shipping-related information, to generate the sales details. The accounting officers would recognize sales revenue according to the sales details.
We have assessed that the customers of the Company whose revenue significantly changed in 2025 are subject to the risk of validity of revenue recognition. Therefore, in order to confirm the validity of the Company’s revenue recognition, we performed the following audit procedures on the sales transactions of these customers:
- We obtained an understanding of the internal controls over revenue recognition, evaluated the design of the key controls, determined that the controls were implemented and tested the operating effectiveness of the controls.
- We sampled and inspected the existence of the original purchase orders for each sale and were approved appropriately.
- We inspected product names and quantities on notifications of manufacturing, invoices and goods receipts. We also inspected and confirmed the amounts were consistent.
- We inspected the reasonableness of the collection of accounts receivable and confirmed the collection amounts, and counterparties were consistent with the revenue recognized.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance, including the audit committee, are responsible for overseeing the Company’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
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Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements for the year ended December 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audit resulting in this independent auditors’ report are Ya-Yun Chang and Mei-Chen Tsai.
Deloitte & Touche
Taipei, Taiwan
Republic of China
March 5, 2026
Notice to Readers
The accompanying financial statements are intended only to present the financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ report and financial statements shall prevail.
SITRONIX TECHNOLOGY CORPORATION
PARENT COMPANY ONLY BALANCE SHEETS
DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| ASSETS | December 31, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| CURRENT ASSETS | ||||
| Cash and cash equivalents (Notes 4, 6 and 29) | $ 2,203,925 | 14 | $ 1,511,510 | 10 |
| Financial assets at fair value through profit or loss - current (Notes 4, 7 and 29) | 272,203 | 2 | 211,814 | 2 |
| Financial assets at fair value through other comprehensive income - current (Notes 4, 8, 10 and 29) | 549,141 | 4 | 311,348 | 2 |
| Financial assets at amortized cost - current (Notes 4, 9, 29 and 31) | 619,121 | 4 | 2,250,655 | 15 |
| Notes receivable and trade receivables (Notes 4, 11, 22 and 29) | 1,016,034 | 7 | 856,442 | 6 |
| Trade receivables from related parties (Notes 4, 22, 29 and 30) | 111,424 | 1 | 41,600 | - |
| Other receivables (Notes 4, 11 and 29) | 66,855 | - | 150,698 | 1 |
| Other receivables from related parties (Notes 4, 29 and 30) | 57,115 | - | 38,382 | - |
| Inventories (Notes 4 and 12) | 1,292,885 | 9 | 1,114,522 | 8 |
| Prepayments (Notes 18, 30 and 31) | 84,962 | 1 | 85,760 | 1 |
| Other current assets (Notes 4, 18 and 29) | 27,612 | - | 18,041 | - |
| Total current assets | 6,301,277 | 42 | 6,590,772 | 45 |
| NON-CURRENT ASSETS | ||||
| Financial assets at fair value through profit or loss - non-current (Notes 4, 7 and 29) | 308,689 | 2 | 239,264 | 2 |
| Financial assets at fair value through other comprehensive income - non-current (Notes 4, 8 and 29) | 1,166,860 | 7 | 918,286 | 6 |
| Investment accounted for using the equity method (Notes 4, 13, 26 and 30) | 6,225,974 | 41 | 5,687,709 | 39 |
| Property, plant and equipment (Notes 4 and 14) | 587,757 | 4 | 568,447 | 4 |
| Right-of-use assets (Notes 4 and 15) | 12,344 | - | 38,604 | - |
| Investment properties (Notes 4 and 16) | 365,930 | 2 | 372,841 | 3 |
| Intangible assets (Notes 4 and 17) | 110,881 | 1 | 91,939 | 1 |
| Deferred tax assets - non-current (Notes 4 and 24) | 820 | - | 2,623 | - |
| Other non-current assets (Notes 4, 18, 29 and 32) | 104,834 | 1 | 77,226 | - |
| Total non-current assets | 8,884,089 | 58 | 7,996,939 | 55 |
| TOTAL | $ 15,185,366 | 100 | $ 14,587,711 | 100 |
The accompanying notes are an integral part of the parent company only financial statements.
| LIABILITIES AND EQUITY | December 31, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| CURRENT LIABILITIES | ||||
| Financial liabilities at fair value through profit or loss (Notes 4, 7 and 29) | $ 49,847 | - | $ 15,813 | - |
| Trade payables (Note 29) | 1,153,282 | 8 | 1,035,369 | 7 |
| Trade payables to related parties (Notes 29 and 30) | 551,219 | 4 | 411,868 | 3 |
| Accrued profit sharing bonus to employees' compensation and remuneration of directors (Note 23) | 174,855 | 1 | 190,561 | 1 |
| Other payables (Notes 19 and 29) | 662,377 | 4 | 725,685 | 5 |
| Other payables to related parties (Notes 29 and 30) | 13,561 | - | 14,572 | - |
| Current tax liabilities (Notes 4 and 24) | 214,991 | 2 | 135,460 | 1 |
| Lease liabilities - current (Notes 4, 15, 27 and 29) | 12,737 | - | 26,725 | - |
| Other current liabilities (Notes 19, 22 and 29) | 59,523 | - | 78,919 | 1 |
| Total current liabilities | 2,892,392 | 19 | 2,634,972 | 18 |
| NON-CURRENT LIABILITIES | ||||
| Deferred tax liabilities (Notes 4 and 24) | 6,629 | - | 5,662 | - |
| Lease liabilities - non-current (Notes 4, 15, 27 and 29) | - | - | 12,737 | - |
| Net defined benefit liabilities - non-current (Notes 4 and 20) | 9,389 | - | 14,901 | - |
| Other non-current liabilities (Notes 4, 19, 27, 29, 30 and 32) | 40,461 | - | 58,478 | 1 |
| Total non-current liabilities | 56,479 | - | 91,778 | 1 |
| Total liabilities | 2,948,871 | 19 | 2,726,750 | 19 |
| EQUITY (Notes 4, 21 and 26) | ||||
| Share capital | ||||
| Ordinary shares | 1,201,369 | 8 | 1,201,369 | 8 |
| Capital surplus | 2,060,909 | 14 | 2,075,699 | 14 |
| Retained earnings | ||||
| Legal reserve | 2,537,139 | 17 | 2,351,222 | 16 |
| Special reserve | - | - | 76,387 | - |
| Unappropriated earnings | 6,275,327 | 41 | 6,076,690 | 42 |
| Total retained earnings | 8,812,466 | 58 | 8,504,299 | 58 |
| Other equity | ||||
| Exchange differences on translating the financial statement of foreign operations | 58,748 | - | 33,861 | - |
| Unrealized gain on financial assets at fair value through other comprehensive income | 262,842 | 2 | 101,742 | 1 |
| Total other equity | 321,590 | 2 | 135,603 | 1 |
| Treasury shares | ( 159,839) | ( 1) | ( 56,009) | - |
| Total equity | 12,236,495 | 81 | 11,860,961 | 81 |
| TOTAL | $ 15,185,366 | 100 | $ 14,587,711 | 100 |
SITRONIX TECHNOLOGY CORPORATION
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
| 2025 | 2024 | |||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| NET REVENUE (Notes 4, 22 and 30) | $ 10,662,649 | 100 | $ 10,657,884 | 100 |
| OPERATING COSTS (Notes 4, 12, 23, 30 and 32) | 7,754,483 | 73 | 7,713,631 | 72 |
| GROSS PROFIT | 2,908,166 | 27 | 2,944,253 | 28 |
| OPERATING EXPENSES (Notes 4, 20, 23 and 30) | ||||
| Selling and marketing expenses | 164,800 | 2 | 207,489 | 2 |
| General and administrative expenses | 254,412 | 2 | 237,249 | 2 |
| Research and development expenses | 1,419,018 | 13 | 1,366,080 | 13 |
| Expected credit gain | ( 12,000) | - | - | - |
| Total operating expenses | 1,826,230 | 17 | 1,810,818 | 17 |
| OTHER OPERATING INCOME AND EXPENSES (Notes 4, 15, 23 and 30) | 1,872 | - | 16,561 | - |
| INCOME FROM OPERATIONS | 1,083,808 | 10 | 1,149,996 | 11 |
| NON-OPERATING INCOME AND EXPENSES (Notes 4, 13, 23 and 30) | ||||
| Interest income | 69,896 | 1 | 83,261 | 1 |
| Other income | 89,226 | 1 | 73,885 | 1 |
| Other gains and losses | 22,120 | - | 31,787 | - |
| Finance costs | ( 410) | - | ( 775) | - |
| Share of profit of subsidiaries | 592,826 | 5 | 678,953 | 6 |
| Total non-operating income and expenses | 773,658 | 7 | 867,111 | 8 |
| INCOME BEFORE INCOME TAX | 1,857,466 | 17 | 2,017,107 | 19 |
| INCOME TAX EXPENSE (Notes 4 and 24) | 112,428 | 1 | 168,896 | 2 |
| NET INCOME FOR THE YEAR | 1,745,038 | 16 | 1,848,211 | 17 |
| OTHER COMPREHENSIVE INCOME (LOSS) (Notes 4, 20 and 21) | ||||
| Items that will not be reclassified subsequently to profit or loss | ||||
| Remeasurement of defined benefit plans | 2,458 | - | 9,227 | - |
| Unrealized (loss) gain on investments in equity instruments at fair value through other comprehensive income | 133,470 | 1 | 81,715 | 1 |
| Share of the other comprehensive (loss) income of subsidiaries accounted for using the equity method | 31,251 | 1 | 87,096 | 1 |
| (Continued) |
SITRONIX TECHNOLOGY CORPORATION
PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
| 2025 | 2024 | |||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| Items that may be reclassified subsequently to profit or loss | ||||
| Exchange differences on translating the financial statements of foreign operations | $ 24,887 | - | $ 36,619 | - |
| Unrealized (loss) gain on investments in debt instruments at fair value through other comprehensive income | ( 635 ) | - | 2,164 | - |
| Share of the other comprehensive (loss) income of subsidiaries accounted for using the equity method | ( 673 ) | - | 6,080 | - |
| Other comprehensive (loss) income for the year, net of income tax | 190,758 | 2 | 222,901 | 2 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | $ 1,935,796 | 18 | $ 2,071,112 | 19 |
| EARNINGS PER SHARE (Note 25) | ||||
| Basic | $ 14.66 | $ 15.42 | ||
| Diluted | $ 14.54 | $ 15.31 |
The accompanying notes are an integral part of the parent company only financial statements.
(Concluded)
SITRONIX TECHNOLOGY CORPORATION
PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| Share Capital (Notes 4 and 21) | Capital Surplus (Notes 21 and 26) | Retained Earnings (Note 21) | Other Equity (Notes 4 and 21) | Treasury Share (Note 21) | Total Equity | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Number of Shares (In Thousands) | Amount | Legal Reserve | Special reserve | Unappropriated Earnings | Exchanger Differences on Translating the Financial Statements of Foreign Operations | Unrealized Gain (Loss) on Financial Assets at Fair Value Through Other Comprehensive Income | ||||
| BALANCE AT JANUARY 1, 2024 | 120,137 | $ 1,201,369 | $ 1,839,449 | $ 2,165,105 | $ 288,225 | $ 5,633,437 | ($ 2,758) | ($ 73,630) | ($ 56,009) | $ 10,995,188 |
| Appropriation of 2023 earnings | ||||||||||
| Legal reserve | - | - | - | 186,117 | - | ( 186,117) | - | - | - | - |
| Special reserve | - | - | - | - | ( 211,838) | 211,838 | - | - | - | - |
| Cash dividends distributed by the Company | - | - | - | - | - | ( 1,441,642) | - | - | - | ( 1,441,642) |
| Other changes in capital surplus | ||||||||||
| Adjustment of capital surplus due to dividends distributed to subsidiaries | - | - | 3,349 | - | - | - | - | - | - | 3,349 |
| Differences between consideration received and the carrying amount of subsidiaries' net assets during actual acquisitions or disposals | - | - | 15,189 | - | - | - | - | - | - | 15,189 |
| Changes in percentage of ownership interests in subsidiaries | - | - | 217,712 | - | - | - | - | 53 | - | 217,765 |
| Disposal of equity instruments at fair value through other comprehensive income | - | - | - | - | - | 1,736 | - | ( 1,736) | - | - |
| Net income for the year ended December 31, 2024 | - | - | - | - | - | 1,848,211 | - | - | - | 1,848,211 |
| Other comprehensive income (loss) for the year ended December 31, 2024, net of income tax | - | - | - | - | - | 9,227 | 36,619 | 177,055 | - | 222,901 |
| Total comprehensive income (loss) for the year ended December 31, 2024 | - | - | - | - | - | 1,857,438 | 36,619 | 177,055 | - | 2,071,112 |
| BALANCE AT DECEMBER 31, 2024 | 120,137 | 1,201,369 | 2,075,699 | 2,351,222 | 76,387 | 6,076,690 | 33,861 | 101,742 | ( 56,009) | 11,860,961 |
| Appropriation of 2024 earnings | ||||||||||
| Legal reserve | - | - | - | 185,917 | - | ( 185,917) | - | - | - | - |
| Special reserve | - | - | - | - | ( 76,387) | 76,387 | - | - | - | - |
| Cash dividends distributed by the Company | - | - | - | - | - | ( 1,441,642) | - | - | - | ( 1,441,642) |
| Other changes in capital surplus | ||||||||||
| Adjustment of capital surplus due to dividends distributed to subsidiaries | - | - | 5,813 | - | - | - | - | - | - | 5,813 |
| Differences between consideration received and the carrying amount of subsidiaries' net assets during actual acquisitions or disposals | - | - | ( 32,661) | - | - | - | - | - | - | ( 32,661) |
| Changes in percentage of ownership interests in subsidiaries | - | - | 11,363 | - | - | - | - | - | - | 11,363 |
| The Company's shares held by its subsidiaries treated as treasury shares | - | - | - | - | - | - | - | - | ( 118,346) | ( 118,346) |
| Disposal of the Company's shares by its subsidiaries treated as treasury share transactions | - | - | 695 | - | - | - | - | - | 14,516 | 15,211 |
| Disposal of equity instruments at fair value through other comprehensive income | - | - | - | - | - | 2,313 | - | ( 2,313) | - | - |
| Net income for the year ended December 31, 2025 | - | - | - | - | - | 1,745,038 | - | - | - | 1,745,038 |
| Other comprehensive income (loss) for the year ended December 31, 2025, net of income tax | - | - | - | - | - | 2,458 | 24,887 | 163,413 | - | 190,758 |
| Total comprehensive income (loss) for the year ended December 31, 2025 | - | - | - | - | - | 1,747,496 | 24,887 | 163,413 | - | 1,935,796 |
| BALANCE AT DECEMBER 31, 2025 | 120,137 | $ 1,201,369 | $ 2,060,909 | $ 2,537,139 | $ - | $ 6,275,327 | $ 58,748 | $ 262,842 | ($ 159,839) | $ 12,236,495 |
The accompanying notes are an integral part of the parent company only financial statements.
SITRONIX TECHNOLOGY CORPORATION
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| 2025 | 2024 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Income before income tax | $ 1,857,466 | $ 2,017,107 |
| Adjustments for: | ||
| Depreciation expense | 199,799 | 172,933 |
| Amortization expense | 54,791 | 57,795 |
| Expected credit gain recognized on trade receivables | ( 12,000 ) | - |
| Net gain on fair value changes of financial assets and liabilities designated as at fair value through profit or loss | ( 22,234 ) | ( 22,439 ) |
| Finance costs | 410 | 775 |
| Interest income | ( 69,896 ) | ( 83,261 ) |
| Dividend income | ( 41,371 ) | ( 22,575 ) |
| Share of profits of subsidiaries | ( 592,826 ) | ( 678,953 ) |
| Net gain on disposal of property, plant and equipment | - | ( 14,786 ) |
| Write down of inventories recognized | 35,500 | 10,500 |
| Impairment loss | 7,074 | - |
| Realized gains with subsidiaries | ( 13,115 ) | ( 15,738 ) |
| Unrealized net loss on foreign currency exchange | 32,479 | 24,834 |
| Changes in operating activities assets and liabilities | ||
| Notes receivable and trade receivables | ( 133,678 ) | ( 11,448 ) |
| Receivables from related parties | ( 69,016 ) | ( 12,629 ) |
| Other receivables | 88,152 | ( 56,098 ) |
| Other receivables from related parties | ( 8,979 ) | ( 4,513 ) |
| Inventories | ( 213,863 ) | ( 205,673 ) |
| Prepayments | 798 | ( 12,353 ) |
| Other current assets | ( 9,571 ) | ( 7,355 ) |
| Trade payables | 101,752 | 532,322 |
| Payables to related parties | 133,675 | 44,193 |
| Other payables | ( 54,014 ) | ( 46,507 ) |
| Other payables to related parties | ( 1,011 ) | 6,533 |
| Provisions | ( 44 ) | - |
| Other current liabilities | ( 19,396 ) | 7,724 |
| Net defined benefit liabilities | ( 3,054 ) | ( 2,227 ) |
| Accrued profit sharing bonus to employees' compensation and remuneration of directors | ( 15,706 ) | 173 |
| Cash generated from operations | 1,232,122 | 1,678,334 |
| Interest received | 71,516 | 86,791 |
| Interest paid | ( 404 ) | ( 770 ) |
| Income tax paid | ( 28,567 ) | ( 322,764 ) |
| Net cash generated from operating activities | 1,274,667 | 1,441,591 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of financial assets at fair value through other comprehensive income | ( 366,815 ) | ( 250,652 ) |
| Disposal of financial assets at fair value through other comprehensive income | 13,257 | 34,500 |
| Purchase of financial assets measured at amortized cost | ( 1,319,121 ) | ( 2,807,811 ) |
| Proceeds from the return of principle of financial assets at amortized cost | 2,949,630 | 1,449,235 |
| Acquisition of financial assets at fair value through profit or loss | ( 260,267 ) | ( 345,526 ) |
| Disposal of financial assets at fair value through profit or loss | 180,702 | 546,788 |
| Acquisition of property, plant and equipment | ( 221,577 ) | ( 213,572 ) |
| (Continued) |
SITRONIX TECHNOLOGY CORPORATION
PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| 2025 | 2024 | |
|---|---|---|
| Proceeds from disposal of property, plant and equipment | $ 16 | $ 14,831 |
| Increase in refundable deposits | ( 3 ) | ( 186 ) |
| Decrease in refundable deposits | 378 | 58,791 |
| Increase in other receivables from related parties | ( 9,486 ) | ( 12,937 ) |
| Acquisition of intangible assets | ( 73,849 ) | ( 53,149 ) |
| Dividends received | 642,307 | 563,941 |
| Net cash generated from (used in) investing activities | 1,535,172 | ( 1,015,747 ) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Increase in guarantee deposits | - | 250 |
| Decrease in guarantee deposits | ( 14,051 ) | ( 20,288 ) |
| Repayment of the principal portion of lease liabilities | ( 26,725 ) | ( 26,649 ) |
| Cash dividends distributed | ( 1,441,642 ) | ( 1,441,642 ) |
| Acquisition of subsidiaries | ( 701,439 ) | ( 434,266 ) |
| Disposal of ownership interests in subsidiaries (without losing control) | 97,950 | 20,000 |
| Net cash used in financing activities | ( 2,085,907 ) | ( 1,902,595 ) |
| EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES | ( 31,517 ) | 29,028 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 692,415 | ( 1,447,723 ) |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 1,511,510 | 2,959,233 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | $ 2,203,925 | $ 1,511,510 |
The accompanying notes are an integral part of the parent company only financial statements. (Concluded)
Attachment V
INDEPENDENT AUDITORS' REPORT
The Board of Directors and the Shareholders
Sitronix Technology Corporation
Opinion
We have audited the accompanying consolidated financial statements of Sitronix Technology Corporation and its subsidiaries (the "Group"), which comprise the balance sheets as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies (collectively referred to as the "consolidated financial statements").
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The key audit matter of the Group's consolidated financial statements for the year ended December 31, 2025 is described as follows:
Recognition of sales revenue
The Group's main source of revenue comes from the sale of goods, please refer to Notes 4, 24, and 38 for information on the accounting policies of revenue recognition. Such revenue is recognized when the goods are transferred to the customer and the performance obligations are met. The revenue recognition process is that after receiving customers' orders and checking the transaction conditions, the business unit creates a manufacturing
notice in the system and enters into the production schedule after obtaining the approval from the supervisor. As soon as the production is completed, the production unit would issue packing lists and invoices from the system, then the Group would obtain a signed packing list or the bill of ladings on sight from the shipping companies when those shipping companies pick up the goods, then the system would check the shipping-related information, to generate the sales details. The accounting officers would recognize sales revenue according to the sales details.
We have assessed that the customers of the Group whose revenue significantly changed in 2025 are subject to the risk of validity of revenue recognition. Therefore, in order to confirm the validity of the Group's revenue recognition, we performed the following audit procedures on the sales transactions of these customers:
- We obtained an understanding of the internal controls over revenue recognition, evaluated the design of the key controls, determined that the controls were implemented and tested the operating effectiveness of the controls.
- We sampled and inspected the existence of the original purchase orders existed for each sale and were appropriately approved.
- We inspected product names and quantities on notifications of manufacturing, invoices and goods receipts. We also inspected and confirmed the amounts were consistent.
- We inspected the reasonableness of the collection of accounts receivable and confirmed the collection amounts, and counterparties were consistent with the revenue recognized.
Other Matter
We have also audited the parent company only financial statements of Sitronix Technology Corporation as of and for the years ended December 31, 2025 and 2024 on which we have issued an unmodified opinion.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance, including the audit committee, are responsible for overseeing the Group's financial reporting process.
22
Auditors' Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
-
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
23
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended December 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audits resulting in this independent auditors' report are Ya-Yun Chang and Mei-Chen Tsai.
Deloitte & Touche
Taipei, Taiwan
Republic of China
March 5, 2026
Notice to Readers
The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' report and consolidated financial statements shall prevail.
24
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| ASSETS | December 31, 2025 | December 31, 2024 | ||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| CURRENT ASSETS | ||||
| Cash and cash equivalents (Notes 4, 6 and 32) | $ 5,731,747 | 26 | $ 3,866,143 | 18 |
| Financial assets at fair value through profit or loss - current (Notes 4, 7 and 32) | 505,294 | 2 | 364,341 | 2 |
| Financial assets at fair value through other comprehensive income - current (Notes 4, 8, 10 and 32) | 1,009,619 | 5 | 617,778 | 3 |
| Financial assets at amortized cost - current (Notes 4, 9, 10, 32 and 34) | 2,995,650 | 14 | 6,046,327 | 28 |
| Notes receivable and trade receivables (Notes 4, 11, 24 and 32) | 1,763,490 | 8 | 1,634,072 | 7 |
| Trade receivables from related parties (Notes 4, 24, 32 and 33) | 3,018 | - | 3,405 | - |
| Other receivables (Notes 4, 11 and 32) | 95,515 | - | 171,622 | 1 |
| Inventories (Notes 4 and 12) | 3,227,581 | 15 | 3,083,686 | 14 |
| Prepayments (Notes 19, 33 and 35) | 243,510 | 1 | 227,764 | 1 |
| Other current assets (Notes 4, 19 and 32) | 35,564 | - | 21,302 | - |
| Total current assets | 15,610,988 | 71 | 16,036,440 | 74 |
| NON-CURRENT ASSETS | ||||
| Financial assets at fair value through profit or loss - non-current (Notes 4, 7 and 32) | 596,463 | 3 | 371,308 | 2 |
| Financial assets at fair value through other comprehensive income - non-current (Notes 4, 8, 10 and 32) | 2,180,821 | 10 | 1,734,144 | 8 |
| Investments accounted for using the equity method (Notes 4 and 14) | 2,809 | - | 5,213 | - |
| Property, plant and equipment (Notes 4 and 15) | 2,290,612 | 10 | 2,095,638 | 10 |
| Right-of-use assets (Notes 4 and 16) | 183,356 | 1 | 231,349 | 1 |
| Investment properties (Notes 4 and 17) | 674,595 | 3 | 635,984 | 3 |
| Intangible assets (Notes 4 and 18) | 204,688 | 1 | 189,571 | 1 |
| Deferred tax assets - non-current (Notes 4 and 26) | 1,840 | - | 2,623 | - |
| Other non-current assets (Notes 4, 19, 32 and 35) | 357,548 | 1 | 314,804 | 1 |
| Total non-current assets | 6,492,732 | 29 | 5,580,634 | 26 |
| LIABILITIES AND EQUITY | December 31, 2025 | December 31, 2024 | ||
| --- | --- | --- | --- | --- |
| Amount | % | Amount | % | |
| CURRENT LIABILITIES | ||||
| Short-term borrowings (Notes 4, 20, 30 and 32) | $ 37,716 | - | $ 169,659 | 1 |
| Financial liabilities at fair value through profit or loss (Notes 4, 7 and 32) | 71,445 | - | 23,143 | - |
| Notes payable and trade payables (Note 32) | 2,903,414 | 13 | 2,382,359 | 11 |
| Accrued profit sharing bonus to employees' compensation and remuneration of directors (Note 25) | 282,944 | 1 | 339,810 | 2 |
| Other payables (Notes 21 and 32) | 1,426,233 | 7 | 1,552,222 | 7 |
| Other payables to related parties (Notes 32 and 33) | 204 | - | 354 | - |
| Current tax liabilities (Notes 4 and 26) | 389,943 | 2 | 294,367 | 1 |
| Lease liabilities - current (Notes 4, 16, 30 and 32) | 38,510 | - | 60,477 | - |
| Other current liabilities (Notes 21, 24, 32 and 33) | 201,980 | 1 | 151,019 | 1 |
| Total current liabilities | 5,352,389 | 24 | 4,973,410 | 23 |
| NON-CURRENT LIABILITIES | ||||
| Deferred tax liabilities (Notes 4 and 26) | 13,590 | - | 9,927 | - |
| Lease liabilities - non-current (Notes 4, 16, 30 and 32) | 136,499 | 1 | 159,554 | 1 |
| Net defined benefit liabilities - non-current (Notes 4 and 22) | 9,389 | - | 14,901 | - |
| Other non-current liabilities (Notes 4, 21, 30, 32, 33 and 35) | 146,293 | 1 | 207,070 | 1 |
| Total non-current liabilities | 305,771 | 2 | 391,452 | 2 |
| Total liabilities | 5,658,160 | 26 | 5,364,862 | 25 |
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY (Notes 4, 23, 28 and 29) | ||||
| Share capital | ||||
| Ordinary shares | 1,201,369 | 5 | 1,201,369 | 5 |
| Capital surplus | 2,060,909 | 9 | 2,075,699 | 10 |
| Retained earnings | ||||
| Legal reserve | 2,537,139 | 12 | 2,351,222 | 11 |
| Special reserve | - | - | 76,387 | - |
| Unappropriated earnings | 6,275,327 | 28 | 6,076,690 | 28 |
| Total retained earnings | 8,812,466 | 40 | 8,504,299 | 39 |
| Other equity | ||||
| Exchange differences on translating the financial statements of foreign operations | 58,748 | 1 | 33,861 | - |
| Unrealized gain on financial assets at fair value through other comprehensive income | 262,842 | 1 | 101,742 | 1 |
| Total other equity | 321,590 | 2 | 135,603 | 1 |
| ( 159,839 | ( 56,009 | |||
| Treasury shares | ) | ( 1 ) | ) | - |
| Total equity attributable to owners of the Company | 12,236,495 | 55 | 11,860,961 | 55 |
| NON-CONTROLLING INTERESTS (Notes 13, 23 and 29) | 4,209,065 | 19 | 4,391,251 | 20 |
| Total equity | 16,445,560 | 74 | 16,252,212 | 75 |
| TOTAL | $ 22,103,720 | 100 | $ 21,617,074 | 100 |
The accompanying notes are an integral part of the consolidated financial statements.
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
| 2025 | 2024 | |||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| NET REVENUE (Notes 4, 24, 33 and 38) | $ 19,001,932 | 100 | $ 17,826,505 | 100 |
| OPERATING COSTS (Notes 4, 12, 25 and 33) | 13,183,256 | 69 | 11,748,213 | 66 |
| GROSS PROFIT | 5,818,676 | 31 | 6,078,292 | 34 |
| OPERATING EXPENSES (Notes 4, 11, 22, 25 and 33) | ||||
| Selling and marketing expenses | 315,956 | 2 | 323,045 | 2 |
| General and administrative expenses | 733,590 | 4 | 760,169 | 4 |
| Research and development expenses | 2,659,028 | 14 | 2,523,210 | 14 |
| Expected credit (gain) loss | ( 12,601) | - | 1,761 | - |
| Total operating expenses | 3,695,973 | 20 | 3,608,185 | 20 |
| OTHER OPERATING INCOME AND EXPENSES | ||||
| (Note 25) | 1,338 | - | 19,822 | - |
| INCOME FROM OPERATIONS | 2,124,041 | 11 | 2,489,929 | 14 |
| NON-OPERATING INCOME AND EXPENSES | ||||
| (Notes 4, 25 and 33) | ||||
| Interest income | 184,121 | 1 | 180,809 | 1 |
| Other income | 143,322 | 1 | 109,348 | 1 |
| Other gains and losses | 3,837 | - | 77,166 | - |
| Finance costs | ( 12,498) | - | ( 17,154) | - |
| Share of losses of associates | ( 3,019) | - | ( 2,017) | - |
| Total non-operating income and expenses | 315,763 | 2 | 348,152 | 2 |
| INCOME BEFORE INCOME TAX | 2,439,804 | 13 | 2,838,081 | 16 |
| INCOME TAX EXPENSE (Notes 4 and 26) | 215,839 | 1 | 385,639 | 2 |
| NET INCOME FOR THE YEAR | 2,223,965 | 12 | 2,452,442 | 14 |
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||
| (Notes 4, 22 and 23) | ||||
| Items that will not be reclassified subsequently to profit or loss | ||||
| Remeasurement of defined benefit plans | 2,458 | - | 9,227 | - |
| Unrealized (loss) gain on investments in equity instruments at fair value through other comprehensive income | 187,827 | 1 | 177,056 | 1 |
(Continued)
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
| 2025 | 2024 | |||
|---|---|---|---|---|
| Amount | % | Amount | % | |
| Items that may be reclassified subsequently to profit or loss | ||||
| Exchange differences on translation of the financial statements of foreign operations | $ 24,649 | - | $ 38,349 | - |
| Unrealized (loss) gain on investments in debt instruments at fair value through other comprehensive income | ( 6,316) | - | 14,292 | - |
| Other comprehensive (loss) income for the year, net of income tax | 208,618 | 1 | 238,924 | 1 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | $ 2,432,583 | 13 | $ 2,691,366 | 15 |
| NET INCOME ATTRIBUTABLE TO: | ||||
| Owners of the Company | $ 1,745,038 | 9 | $ 1,848,211 | 10 |
| Non-controlling interests | 478,927 | 3 | 604,231 | 4 |
| $ 2,223,965 | 12 | $ 2,452,442 | 14 | |
| TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: | ||||
| Owners of the Company | $ 1,935,796 | 10 | $ 2,071,112 | 12 |
| Non-controlling interests | 496,787 | 3 | 620,254 | 3 |
| $ 2,432,583 | 13 | $ 2,691,366 | 15 | |
| EARNINGS PER SHARE (Note 27) | ||||
| Basic | $ 14.66 | $ 15.42 | ||
| Diluted | $ 14.54 | $ 15.31 |
The accompanying notes are an integral part of the consolidated financial statements.
(Concluded)
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| Equity Attributable to Shareholders of the Company (Notes 4, 23 and 29) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share Capital | Capital Surplus | Retained Earnings | Other Equity | Taxes | Taxes | Total | Non-controlling Interests (Notes 13, 23, 28 and 29) | Total Equity | |||||
| Number of Shares (In Thousands) | Amount | Legal Reserve | Special reserve | Unappropriated Earnings | Exchange Differences on Translating the Financial Statements of Foreign Operations | Unrealized Gain (Loss) on Financial Assets at Fair Value Through Other Comprehensive Income | Treasury Share | Total | |||||
| BALANCE AT JANUARY 1, 2024 | 120,137 | $ 1,201,369 | $ 1,839,449 | $ 2,165,105 | $ 288,225 | $ 5,633,437 | ($ 2,758) | ($ 73,630) | ($ 56,009) | $ 10,995,188 | $ 3,599,824 | $ 14,595,012 | |
| Appropriation of 2023 earnings | |||||||||||||
| Legal reserve | - | - | - | 186,117 | - | ( 186,117) | - | - | - | - | - | - | |
| Special reserve | - | - | - | - | ( 211,838) | 211,838 | - | - | - | - | - | - | |
| Cash dividends distributed by the Company | - | - | - | - | - | ( 1,441,642) | - | - | - | ( 1,441,642) | - | ( 1,441,642) | |
| Other changes in capital surplus | |||||||||||||
| Adjustment of capital surplus due to dividends distributed to subsidiaries | - | - | 3,349 | - | - | - | - | - | - | 3,349 | 3,923 | 7,272 | |
| Differences between consideration received and the carrying amount of subsidiaries' net assets during actual acquisitions or disposals | - | - | 15,189 | - | - | - | - | - | - | 15,189 | 4,811 | 20,000 | |
| Changes in percentage of ownership interests in subsidiaries | - | - | 217,712 | - | - | - | - | 53 | - | 217,765 | ( 217,379) | 186 | |
| Disposal of equity instruments at fair value through other comprehensive income | - | - | - | - | - | 1,736 | - | ( 1,736) | - | - | - | - | |
| Net income for the year ended December 31, 2024 | - | - | - | - | - | 1,848,211 | - | - | - | 1,848,211 | 604,231 | 2,452,442 | |
| Other comprehensive income (loss) for the year ended December 31, 2024, net of income tax | - | - | - | - | - | 9,227 | 36,619 | 177,055 | - | 222,901 | 16,023 | 238,924 | |
| Total comprehensive income (loss) for the year ended December 31, 2024 | - | - | - | - | - | 1,857,438 | 36,619 | 177,055 | - | 2,071,112 | 620,254 | 2,691,366 | |
| Increase in non-controlling interests | - | - | - | - | - | - | - | - | - | - | 863,934 | 863,934 | |
| Subsidiary share-based payment transaction | - | - | - | - | - | - | - | - | - | - | 16,609 | 16,609 | |
| Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | - | ( 500,525) | ( 500,525) | |
| BALANCE AT DECEMBER 31, 2024 | 120,137 | 1,201,369 | 2,075,699 | 2,351,222 | 76,387 | 6,076,690 | 33,861 | 101,742 | ( 56,009) | 11,860,961 | 4,391,251 | 16,252,212 | |
| Appropriation of 2024 earnings | |||||||||||||
| Legal reserve | - | - | - | 185,917 | - | ( 185,917) | - | - | - | - | - | - | |
| Special reserve | - | - | - | - | ( 76,387) | 76,387 | - | - | - | - | - | - | |
| Cash dividends distributed by the Company | - | - | - | - | - | ( 1,441,642) | - | - | - | ( 1,441,642) | - | ( 1,441,642) | |
| Other changes in capital surplus | |||||||||||||
| Adjustment of capital surplus due to dividends distributed to subsidiaries | - | - | 5,813 | - | - | - | - | - | - | 5,813 | 6,739 | 12,552 | |
| Differences between consideration received and the carrying amount of subsidiaries' net assets during actual acquisitions or disposals | - | - | ( 32,661) | - | - | - | - | - | - | ( 32,661) | ( 42,437) | ( 75,098) | |
| Changes in percentage of ownership interests in subsidiaries | - | - | 11,363 | - | - | - | - | - | - | 11,363 | ( 11,363) | - | |
| The Company's shares held by its subsidiaries treated as treasury shares | - | - | - | - | - | - | - | - | ( 118,346) | ( 118,346) | ( 131,447) | ( 249,793) | |
| Disposal of the Company's shares by its subsidiaries treated as treasury share transactions | - | - | 695 | - | - | - | - | - | 14,516 | 15,211 | 12,287 | 27,498 | |
| Disposal of equity instruments at fair value through other comprehensive income | - | - | - | - | - | 2,313 | - | ( 2,313) | - | - | - | - | |
| Net income for the year ended December 31, 2025 | - | - | - | - | - | 1,745,038 | - | - | - | 1,745,038 | 478,927 | 2,223,965 | |
| Other comprehensive income (loss) for the year ended December 31, 2025, net of income tax | - | - | - | - | - | 2,458 | 24,887 | 163,413 | - | 190,758 | 17,860 | 208,618 | |
| Total comprehensive income (loss) for the year ended December 31, 2025 | - | - | - | - | - | 1,747,496 | 24,887 | 163,413 | - | 1,935,796 | 496,787 | 2,432,583 | |
| Increase in non-controlling interests | - | - | - | - | - | - | - | - | - | - | 8,774 | 8,774 | |
| Subsidiary share-based payment transaction | - | - | - | - | - | - | - | - | - | - | 33,379 | 33,379 | |
| Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | - | ( 554,905) | ( 554,905) | |
| BALANCE AT DECEMBER 31, 2025 | 120,137 | $ 1,201,369 | $ 2,060,909 | $ 2,537,139 | $ - | $ 6,275,327 | $ 58,748 | $ 262,842 | ($ 159,839) | $ 12,236,495 | $ 4,209,065 | $ 16,445,560 |
The accompanying notes are an integral part of the consolidated financial statements.
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| 2025 | 2024 | |
|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Income before income tax | $ 2,439,804 | $ 2,838,081 |
| Adjustments for: | ||
| Depreciation expense | 476,659 | 416,607 |
| Amortization expense | 100,925 | 101,309 |
| Expected credit (gain) loss recognized on trade receivables | ( 12,601) | 1,761 |
| Net gain on fair value changes of financial assets and liabilities designated as at fair value through profit or loss | ( 34,940) | ( 28,710) |
| Finance costs | 12,498 | 17,154 |
| Interest income | ( 184,121) | ( 180,809) |
| Dividend income | ( 65,269) | ( 34,354) |
| Compensation costs of share-based payments | 33,379 | 16,609 |
| Share of losses of associates | 3,019 | 2,017 |
| Net gain on disposal of property, plant and equipment | - | ( 18,246) |
| Gain on disposal of financial instruments | ( 1,235) | ( 1,473) |
| Write down of inventories recognized | 89,366 | 111,291 |
| Impairment loss | 7,074 | - |
| Realized gain with associates | ( 615) | ( 1,842) |
| Unrealized net loss (gain) on foreign currency exchange | 46,407 | ( 18,192) |
| Gain on modification of lease agreements | ( 3) | ( 319) |
| Changes in operating activities assets and liabilities | ||
| Notes receivable and trade receivables | ( 93,645) | 8,533 |
| Receivables from related parties | 387 | ( 1,623) |
| Other receivables | 88,563 | ( 56,659) |
| Inventories | ( 233,261) | ( 534,348) |
| Prepayments | ( 612) | ( 34,178) |
| Other current assets | ( 14,262) | ( 8,387) |
| Notes payable and trade payables | 488,670 | 686,569 |
| Other payables | ( 75,542) | 2,725 |
| Other payables to related parties | ( 150) | ( 17) |
| Provisions | ( 44) | ( 224) |
| Other current liabilities | 50,961 | 33,108 |
| Net defined benefit liabilities | ( 3,054) | ( 2,227) |
| Accrued profit sharing bonus to employees' compensation and remuneration of directors | ( 56,866) | 23,185 |
| Cash generated from operations | 3,061,492 | 3,337,341 |
| Interest received | 183,542 | 183,497 |
| Interest paid | ( 12,459) | ( 16,686) |
| Income tax paid | ( 127,165) | ( 661,932) |
| Net cash generated from operating activities | 3,105,410 | 2,842,220 |
(Continued)
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| 2025 | 2024 | |
|---|---|---|
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Acquisition of financial assets at fair value through other comprehensive income | ($ 815,059) | ($ 429,028) |
| Disposal of financial assets at fair value through other comprehensive income | 147,830 | 168,155 |
| Purchase of financial assets measured at amortized cost | ( 4,880,750) | ( 8,275,473) |
| Proceeds from the return of principal of financial assets at amortized cost | 7,930,402 | 5,395,680 |
| Acquisitions of financial assets at fair value through profit or loss | ( 674,820) | ( 557,506) |
| Disposal of financial assets at fair value through profit or loss | 382,184 | 759,199 |
| Acquisition of property, plant and equipment | ( 761,082) | ( 583,032) |
| Proceeds from disposal of property, plant and equipment | - | 18,329 |
| Increase in refundable deposits | ( 2,648) | ( 3,594) |
| Decrease in refundable deposits | 21,499 | 78,886 |
| Acquisition of intangible assets | ( 121,643) | ( 92,618) |
| Acquisition of right-of-use assets | ( 92) | ( 7,591) |
| Acquisition of investment properties | - | ( 3,487) |
| Dividends received | 65,116 | 34,592 |
| Net cash generated from (used in) investing activities | 1,290,937 | ( 3,497,488) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Proceeds from short-term borrowings | 2,027,331 | 2,878,872 |
| Repayments of short-term borrowings | ( 2,145,958) | ( 2,708,322) |
| Increase in guarantee deposits | 33,202 | 21,190 |
| Decrease in guarantee deposits | ( 84,312) | ( 131,265) |
| Repayment of the principal portion of lease liabilities | ( 60,495) | ( 56,059) |
| Cash dividends | ( 1,429,090) | ( 1,434,370) |
| Transaction costs for repurchase of treasury shares | ( 249,793) | - |
| Proceeds from the disposal of treasury shares | 27,498 | - |
| Acquisition of subsidiaries | ( 173,047) | - |
| Disposal of ownership interests in subsidiaries (without losing control) | 97,950 | 20,000 |
| Dividends paid to non-controlling interests | ( 554,905) | ( 500,525) |
| Increase in non-controlling interests | 1,502 | 845,394 |
| Employee compensation issued in the form of stock that are not vested | 7,272 | 4,402 |
| Net cash used in financing activities | ( 2,502,845) | ( 1,060,683) |
| EFFECT OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES | ( 27,898) | 82,752 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,865,604 | ( 1,633,199) |
(Continued)
SITRONIX TECHNOLOGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)
| 2025 | 2024 | |
|---|---|---|
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | $ 3,866,143 | $ 5,499,342 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | $ 5,731,747 | $ 3,866,143 |
The accompanying notes are an integral part of the consolidated financial statements. (Concluded)
31
Attachment VI
Sitronix Technology Corp. 2025 Profit Distribution Proposal
Unit: NT$
| Item | Amount |
|---|---|
| Unappropriated retained earnings | 4,525,517,325 |
| Net profit after tax for current period | 1,745,037,659 |
| Disposal of financial assets measured at fair value through other comprehensive income to adjust retained earnings | 2,314,432 |
| Actuarial profit and loss for adjustment of retained earnings | 2,457,475 |
| Items other than net profit for the current period are included in the amount of undistributed surplus for the current year | 1,749,809,566 |
| Less: appropriated for legal reserve of 10% | (174,980,957) |
| Less: Special Reserve in accordance with law | (7,633,790) |
| Retained earnings available for distribution for current period | 6,092,712,144 |
| Less: allocated items | |
| Shareholders' dividends (cash dividends of N$11.5 per share) | (1,381,574,074) |
| Unappropriated retained earnings | 4,711,138,070 |
Note:
(I.) The registered number of paid-in shares of the Company on Mar. 5, 2026 was 120,136,876. If the number of shares outstanding of the Company is affected by the change of the share capital, and the dividend ratio of the shareholders is changed and need to be revised, it is proposed that the annual shareholders' meeting shall give the Chairman full authority to handle.
(II.) According to the provisions of TCS No. 871941343 promulgated by the Ministry of Finance on Apr. 30, 1998, the earnings shall be distributed with the method of individual identification. According to the principle for distribution of earnings of the Company, the earnings of 2025 shall be distributed first. In case of any insufficient section, the distributable earnings accumulated previously shall be distributed in the order of first in first out and the order of year of generation of earnings.