Ta Chen Stainless Pipe Co., Ltd.

Parent Company Only Financial Statements for the Years Ended December 31, 2025 and 2024 and Independent Auditors' Report

Deloitte.

勤業眾信

勤業眾信聯合會計師事務所

110421 台北市信義區松仁路100號20樓

Deloitte & Touche

20F, Taipei Nan Shan Plaza

No. 100, Songren Rd.,

Xinyi Dist., Taipei 110421, Taiwan

Tel: +886 (2) 2725-9988

Fax: +886 (2) 4051-6888

www.deloitte.com.tw

INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders

Ta Chen Stainless Pipe Co., Ltd.

Opinion

We have audited the accompanying parent company only financial statements of Ta Chen Stainless Pipe Co., Ltd. (the "Company"), which comprise the parent company only balance sheets as of December 31, 2025 and 2024, and the parent company only statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the parent company only financial statements, including material accounting policy information.

In our opinion and based on our and other independent auditor's reports (please refer to Other Matter paragraph), the accompanying parent company only financial statements present fairly, in all material respects, the parent company only financial position of the Company as of December 31, 2025 and 2024, and its parent company only financial performance and its parent company only cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and 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 Parent Company Only 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 parent company only financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the parent company only financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The key audit matter of the Company’s parent company only financial statements for the year ended December 31, 2025 is described as follows:

Authenticity of Revenue Recognition from Specific Customers

Sales revenue of the Company comes primarily from the sale of stainless steel pipes and stainless steel pipe fittings. Since revenue from the specific customers is significant to the financial statements, considering that there is a presumed significant risk in revenue recognition, the authenticity of revenue recognition from the specific customers has been identified as a key audit matter. Refer to Note 4 (n) to the financial statements for the accounting policies on revenue recognition.

The main audit procedures that we performed in regard of the aforementioned key audit matter are as follows:

We obtained an understanding of and tested the effectiveness of the design of the relevant internal controls and implementation related to revenue recognition from specific customers.
We selected samples and checked the documents and payment status related to the sales revenue of the specific customers to verify the occurrence of the sales.

Other Matter

We did not audit the financial statements of some investees accounted for using the equity method included in the financial statements of the Company, but such statements were audited by other auditors. Our opinion, insofar as it relates to the amounts included herein is based solely on the reports of other auditors. As of December 31, 2024, the total investment of these investments accounted for using the equity method was NT$289,881 thousand, accounting for 0.33% of total assets; for the year ended December 31, 2024, the amount of the Company’s share of comprehensive income of such subsidiaries was NT$3,002 thousand, accounting for 0.04% of the Company’s comprehensive income.

Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements

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

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

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 Parent Company Only Financial Statements

Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level 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 parent company only 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 parent company only financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, 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 parent company only 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 parent company only financial statements, including the disclosures, and whether the parent company only 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 parent company only 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 parent company only 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 Chi-Chen Lee and Chang-Chun Wu.

Deloitte & Touche
Taipei, Taiwan
Republic of China
March 13, 2026

Notice to Readers

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

For the convenience of readers, the independent auditors’ report and the accompanying parent company only 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 parent company only financial statements shall prevail.

Ta Chen Stainless Pipe Co., Ltd.

PARENT COMPANY ONLY BALANCE SHEETS

DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	December 31, 2025		December 31, 2024
ASSETS	Amount	%	Amount	%
CURRENT ASSETS
Cash and cash equivalents (Notes 4 and 6)	$ 3,602,166	4	$ 1,819,784	2
Financial assets at fair value through profit or loss - current (Notes 4 and 7)	51,215	-	50,972	-
Financial assets at amortized cost - current (Notes 4, 11 and 31)	1,288,893	2	1,304,889	2
Financial assets for hedging - current (Note 29)	30,935	-	-	-
Notes receivable (Notes 4 and 9)	8,993	-	21,416	-
Accounts receivable, net (Notes 4, 9 and 23)	95,912	-	88,634	-
Accounts receivable from related parties (Notes 4, 9, 23 and 30)	472,522	1	6,009,546	7
Other receivables (Note 4)	39,862	-	20,607	-
Other receivables from related parties (Notes 4 and 30)	1,304	-	3,251,074	4
Current tax liabilities (Notes 4 and 25)	112,625	-	-	-
Inventories (Notes 4 and 10)	2,495,450	3	2,557,837	3
Prepayments (Note 17)	57,337	-	107,580	-
Total current assets	8,257,214	10	15,232,339	18
NON-CURRENT ASSETS
Financial assets at fair value through other comprehensive income - non-current (Notes 4 and 8)	27,152	-	27,152	-
Financial assets at amortized cost - non-current (Notes 4, 11, 30 and 31)	160,430	-	243,171	-
Investment accounted for using the equity method (Notes 4, 12 and 31)	69,926,004	82	65,223,728	75
Property, plant and equipment (Notes 4, 13 and 31)	4,626,747	6	4,483,779	5
Investment properties (Notes 4, 14 and 31)	1,208,836	1	1,219,884	2
Right-of-use assets (Notes 4 and 15)	51,407	-	60,085	-
Other intangible assets (Notes 4 and 16)	1,204	-	1,593	-
Deferred tax assets (Notes 4 and 25)	372,403	1	242,703	-
Net defined benefit assets - non-current (Notes 4 and 21)	199,550	-	185,066	-
Other non-current assets	4,604	-	130,832	-
Total non-current assets	76,578,337	90	71,817,993	82
TOTAL	$ 84,835,551	100	$ 87,050,332	100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term borrowings (Notes 18 and 31)	$ 5,632,528	7	$ 7,187,944	8
Financial liabilities at fair value through profit or loss - current (Notes 4 and 7)	32,935	-	93,145	-
Notes payable (Note 19)	106,700	-	69,517	-
Accounts payable (Notes 19 and 30)	203,059	-	156,029	-
Other payables (Notes 20 and 30)	826,548	1	815,914	1
Current tax liabilities (Notes 4 and 25)	-	-	126,097	-
Lease liabilities - current (Notes 4 and 15)	18,112	-	40,063	-
Current portion of long-term borrowings (Notes 18 and 31)	240,524	1	605,524	1
Other current liabilities	12,860	-	23,370	-
Total current liabilities	7,073,266	9	9,117,603	10
NON-CURRENT LIABILITIES
Long-term borrowings (Notes 18 and 31)	2,643,560	3	10,284,475	12
Deferred tax liabilities (Notes 4 and 25)	43,896	-	80,600	-
Lease liabilities - non-current (Notes 4 and 15)	30,933	-	22,470	-
Total non-current liabilities	2,718,389	3	10,387,545	12
Total liabilities	9,791,655	12	19,505,148	22
EQUITY (Note 22)
Ordinary shares	25,842,606	30	24,342,606	28
Capital surplus	26,560,017	31	23,155,021	27
Retained earnings
Legal reserve	5,110,938	6	4,752,560	6
Special reserve	626,382	1	-	-
Unappropriated earnings	17,294,236	20	14,271,510	16
Total retained earnings	23,031,556	27	19,024,070	22
Other equity	3,140,379	4	5,411,695	6
Treasury shares	(3,530,662)	(4)	(4,388,208)	(5)
Total equity	75,043,896	88	67,545,184	78
TOTAL	$ 84,835,551	100	$ 87,050,332	100

The accompanying notes are an integral part of the parent company only financial statements.

(With Deloitte & Touche auditors' report dated March 13, 2026)

Ta Chen Stainless Pipe Co., Ltd.

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	%
OPERATING REVENUE (Notes 4, 23 and 30)	$ 9,846,930	100	$ 9,627,572	100
OPERATING COSTS (Notes 10, 21, 24 and 30)	7,991,211	81	7,957,017	82
GROSS PROFIT	1,855,719	19	1,670,555	18
UNREALIZED GAIN ON TRANSACTIONS WITH SUBSIDIARIES	(856,389)	(9)	(744,402)	(8)
REALIZED GAIN ON TRANSACTIONS WITH SUBSIDIARIES	744,402	8	985,218	10
REALIZED GROSS PROFIT	1,743,732	18	1,911,371	20
OPERATING EXPENSES (Notes 21, 24 and 30)
Selling and marketing expenses	115,919	1	135,559	1
General and administrative expenses	779,795	8	655,098	7
Total operating expenses	895,714	9	790,657	8
OTHER OPERATING INCOME, NET (Note 24)	2,658	-	3,169	-
PROFIT FROM OPERATIONS	850,676	9	1,123,883	12
NON-OPERATING INCOME AND EXPENSES (Notes 7, 12, 24 and 30)
Interest income	166,502	1	319,771	3
Other income	194,652	2	33,265	-
Other gains and losses	(879,078)	(9)	434,834	5
Finance costs	(318,291)	(3)	(366,693)	(4)
Share of profit or loss of subsidiaries and associates	6,489,710	66	2,422,676	25
Total non-operating income and expenses	5,653,495	57	2,843,853	29
PROFIT BEFORE INCOME TAX FOR THE YEAR	6,504,171	66	3,967,736	41
INCOME TAX (BENEFIT) EXPENSE (Notes 4 and 25)	(171,592)	(2)	429,454	4
NET PROFIT FOR THE YEAR	6,675,763	68	3,538,282	37

(Continued)

Ta Chen Stainless Pipe Co., Ltd.

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	%
OTHER COMPREHENSIVE INCOME (Notes 22 and 25)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans	$ 12,897	-	$ 50,825	-
Share of other comprehensive income (loss) of subsidiaries accounted for using the equity method	57,812	1	(36,645)	-
Income tax related to items that will not be reclassified subsequently to profit or loss	(2,580)	-	(10,165)	-
	68,129	1	4,015	-
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of the financial statements of foreign operations	(2,133,156)	(22)	3,543,130	37
Gain on hedging instruments not subject to basis adjustment	11,415	-	-	-
Share of the other comprehensive (loss) income of subsidiaries accounted for using the equity method	(190,681)	(2)	169,452	1
Income tax related to items that may be reclassified subsequently to profit or loss	(2,283)	-	-	-
	(2,314,705)	(24)	3,712,582	38
Other comprehensive (loss) income for the year, net of income tax	(2,246,576)	(23)	3,716,597	38
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	$ 4,429,187	45	$ 7,254,879	75
EARNINGS PER SHARE (Note 26)
Basic	$ 2.88		$ 1.53
Diluted	$ 2.87		$ 1.53

The accompanying notes are an integral part of the parent company only financial statements.

(With Deloitte & Touche auditors' report dated March 13, 2026)

(Concluded)

Ta Chen Stainless Pipe Co., Ltd.

PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Except Dividends Per Share)

	Retained Earnings					Other Equity
	Share Capital	Capital Surplus	Legal Reserve	Special Reserve	Unappropriated Earnings	Exchange Differences on Translation of the Financial Statements of Foreign Operations	Unrealized Valuation Gain (loss) on Financial Assets at Fair Value Through Other Comprehensive Income	Gain (Loss) on Hedging Instruments	Total Other Equity	Treasury Shares	Total Equity
BALANCE ON JANUARY 1, 2024	$ 24,342,606	$ 23,001,551	$ 4,217,219	$ 64,308	$ 14,079,877	$ 1,290,561	$ (61,163)	$ 511,197	$ 1,740,595	$ (4,386,159)	$ 63,059,997
Appropriation of 2023 earnings (Note 22)
Legal reserve	-	-	535,341	-	(535,341)	-	-	-	-	-	-
Special reserve	-	-	-	(64,308)	64,308	-	-	-	-	-	-
Cash dividends distributed by the Company - NT$1.2 per share	-	-	-	-	(2,921,113)	-	-	-	-	-	(2,921,113)
Net profit for the year ended December 31, 2024	-	-	-	-	3,538,282	-	-	-	-	-	3,538,282
Other comprehensive income (loss) for the year ended December 31, 2024, net of income tax (Note 22)	-	-	-	-	45,497	3,941,150	(41,482)	(228,568)	3,671,100	-	3,716,597
Total comprehensive income (loss) for the year ended December 31, 2024	-	-	-	-	3,583,779	3,941,150	(41,482)	(228,568)	3,671,100	-	7,254,879
Cash dividends distributed by subsidiaries	-	149,229	-	-	-	-	-	-	-	-	149,229
Difference between consideration and carrying amount of subsidiaries acquired (Note 27)	-	7,774	-	-	-	-	-	-	-	-	7,774
Changes in percentage of ownership interests in subsidiaries (Note 27)	-	(3,533)	-	-	-	-	-	-	-	(2,049)	(5,582)
BALANCE ON DECEMBER 31, 2024	24,342,606	23,155,021	4,752,560	-	14,271,510	5,231,711	(102,645)	282,629	5,411,695	(4,388,208)	67,545,184
Appropriation of 2024 earnings (Note 22)
Legal reserve	-	-	358,378	-	(358,378)	-	-	-	-	-	-
Special reserve	-	-	-	626,382	(626,382)	-	-	-	-	-	-
Cash dividends distributed by the Company - NT$1.1 per share	-	-	-	-	(2,677,687)	-	-	-	-	-	(2,677,687)
Net profit for the year ended December 31, 2025	-	-	-	-	6,675,763	-	-	-	-	-	6,675,763
Other comprehensive income (loss) for the year ended December 31, 2025, net of income tax (Note 22)	-	-	-	-	24,821	(2,378,026)	43,308	63,321	(2,271,397)	-	(2,246,576)
Total comprehensive income (loss) for the year ended December 31, 2025	-	-	-	-	6,700,584	(2,378,026)	43,308	63,321	(2,271,397)	-	4,429,187
Issuance of ordinary shares for cash (Note 22)	1,500,000	3,150,000	-	-	-	-	-	-	-	-	4,650,000
The Parent's shares held by subsidiaries accounted as treasury shares	-	-	-	-	-	-	-	-	-	(283,527)	(283,527)
Disposal of the Parent's shares held by subsidiaries recognized as treasury shares transaction	-	137,173	-	-	-	-	-	-	-	1,163,082	1,300,255
Cash dividends distributed by subsidiaries	-	144,091	-	-	-	-	-	-	-	-	144,091
Difference between consideration and carrying amount of subsidiaries acquired (Note 27)	-	(21,023)	-	-	(15,330)	-	-	-	-	-	(36,353)
Changes in percentage of ownership interests in subsidiaries (Note 27)	-	(21,907)	-	-	-	-	-	-	-	(22,009)	(43,916)
Share-based payments (Note 22)	-	16,662	-	-	-	-	-	-	-	-	16,662
Disposal of investments in equity instruments designated as at fair value through other comprehensive income	-	-	-	-	(81)	-	81	-	81	-	-
BALANCE ON DECEMBER 31, 2025	$ 25,842,606	$ 26,560,017	$ 5,110,938	$ 626,382	$ 17,294,236	$ 2,853,685	$ (59,256)	$ 345,950	$ 3,140,379	$ (3,530,662)	$ 75,043,896

The accompanying notes are an integral part of the parent company only financial statements.

(With Deloitte & Touche auditors' report dated March 13, 2026)

Ta Chen Stainless Pipe Co., Ltd.

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	$ 6,504,171	$ 3,967,736
Adjustments for:
Depreciation expenses	264,320	288,056
Amortization expense	11,900	34,697
Net (gain) loss on financial instruments at fair value through profit or loss	(63,948)	221,066
Finance costs	318,291	366,693
Interest income	(166,502)	(319,771)
Dividend income	(364)	(510)
Compensation cost of employee share options	16,662	-
Share of profit of subsidiaries and associates accounted for using the equity method	(6,489,710)	(2,422,676)
Gain on disposal of property, plant and equipment	(2,658)	(3,169)
Loss on disposal of subsidiaries	619	-
Impairment loss on non-financial assets	-	44,022
Unrealized gain on the transaction with subsidiaries	856,389	744,402
Realized gain on the transaction with subsidiaries	(744,402)	(985,218)
Unrealized net gain on foreign currency exchange	(98,408)	(221,603)
Gain on modification of lease	(800)	(617)
Changes in operating assets and liabilities
Notes receivable	12,423	18,592
Accounts receivable	(7,492)	41,336
Accounts receivable from related parties	5,631,966	68,912
Other receivables (including those of related parties)	(127,490)	(849)
Inventories	62,387	207,852
Prepayments	49,777	174,269
Net defined benefit assets	(1,587)	(5,702)
Notes payable	(6,909)	(27,190)
Accounts payable	47,030	32,283
Other payables	14,156	10,299
Other current liabilities	(10,510)	10,687
Cash generated from operations	6,069,311	2,243,597
Income tax paid	(125,772)	(725,765)
Net cash generated from operating activities	5,943,539	1,517,832
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of financial assets at amortized cost	96,449	1,096,979
Purchase of financial assets at fair value through profit or loss	(87,760)	(66,480)
Proceeds from sale of financial assets at fair value through profit or loss	91,255	132,069
Payments for property, plant and equipment	(126,733)	(142,789)
Proceeds from disposal of property, plant and equipment	1,559	1,919
Increase in refundable deposits	(5)	(196)
Decrease in refundable deposits	2,293	1,676
Payments for intangible assets	(11,186)	(9,322)
Payments for right-of-use assets	(2,450)	-
		(Continued)

Ta Chen Stainless Pipe Co., Ltd.

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025	2024
Increase in other receivables from related parties	$ -	$ (114,429)
Decrease in other receivables from related parties	3,248,479	-
Increase in prepayments for equipment	(64,640)	(8,794)
Other dividends received	364	510
Interest received	170,252	329,788
Dividends received from subsidiaries	684,915	665,654
Net cash generated from investing activities	4,002,792	1,886,585
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings	18,663,601	16,055,847
Repayments of short-term borrowings	(20,234,857)	(18,856,506)
Proceeds from short-term bills payable	-	599,490
Repayments of short-term bills payable	-	(600,000)
Proceeds from long-term borrowings	3,235,000	3,935,000
Repayments of long-term borrowings	(11,246,531)	(2,757,659)
Repayment of the principal portion of lease liabilities	(37,277)	(47,693)
Dividends paid	(2,677,687)	(2,921,113)
Proceeds from issuance of ordinary shares	4,650,000	-
Acquisition of additional interests in subsidiary	(200,000)	(310,000)
Interest paid	(316,198)	(360,796)
Net cash used in financing activities	(8,163,949)	(5,263,430)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,782,382	(1,859,013)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	1,819,784	3,678,797
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	$ 3,602,166	$ 1,819,784

The accompanying notes are an integral part of the parent company only financial statements.

(With Deloitte & Touche auditors’ report dated March 13, 2026)

(Concluded)

10 -

Ta Chen Stainless Pipe Co., Ltd.

NOTES TO PARENT COMPANY ONLY FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1. GENERAL INFORMATION

Ta Chen Stainless Pipe Co., Ltd. (the “Company”) was incorporated in November 1986. The Company is engaged in the manufacturing, processing and selling of stainless steel pipes and stainless steel pipe fittings, sale of stainless steel plates as well as the manufacturing and sale of venetian blinds.

The Company’s shares were listed and have been trading on the Taiwan Stock Exchange since October 1996.

The parent company only financial statements are presented in the Company’s functional currency, the New Taiwan dollar.

2. APPROVAL OF FINANCIAL STATEMENTS

The parent company only financial statements were approved by the Company’s board of directors and authorized for issue on March 11, 2026.

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

a. Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the “IFRS Accounting Standards”) endorsed and issued into effect by the Financial Supervisory Commission (FSC).

The initial application of the revised IFRS Accounting Standards endorsed and issued into effect by the FSC did not have material impact on the Company’s accounting policies.

b. The IFRS Accounting Standards endorsed by the FSC for application starting from 2026

New, Amended and Revised Standards and Interpretations	Effective Date Announced by IASB
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
Annual Improvements to IFRS Accounting Standards - Volume 11	January 1, 2026
IFRS 17 “Insurance Contracts” (including the 2020 and 2021 amendments to IFRS 17)	January 1, 2023

As of the date the parent company only financial statements were authorized for issue, the Company has assessed that the application of other standards and interpretations will not have a material impact on the Company’s financial position and financial performance.

c. The IFRS Accounting Standards in issue but not yet endorsed and issued into effect by the FSC

New, Amended and Revised Standards and Interpretations	Effective Date Announced by IASB (Note 1)
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”	To be determined by IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”	January 1, 2027 (Note 2)
IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (including the 2025 amendments to IFRS 19)	January 1, 2027
Amendments to IAS 21 “Translation to a Hyperinflationary Presentation Currency”	January 1, 2027

Note 1: Unless stated otherwise, the above IFRS Accounting Standards are effective for annual reporting periods beginning on or after their respective effective dates.

Note 2: On September 25, 2025, the FSC announced that IFRS 18 will take effect starting from January 1, 2028. Domestic entities could elect to apply IFRS 18 for an earlier period after the endorsement of IFRS 18 by the FSC.

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

IFRS 18 will supersede IAS 1 “Presentation of Financial Statements”. The main changes comprise:

To classify items of income and expenses presented in the statement of profit or loss into the operating, investing, financing, income taxes and discontinued operations categories, the Company shall assess whether it has specified main business activities of investing in particular types of assets and providing financing to customers.
The statement of profit or loss shall present totals and subtotals for operating profit or loss, profit or loss before financing and income taxes and profit or loss.
Provides guidance to enhance the requirements of aggregation and disaggregation: The Company shall identify the assets, liabilities, equity, income, expenses and cash flows that arise from individual transactions or other events and shall classify and aggregate them into groups based on shared characteristics, so as to result in the presentation in the primary financial statements of line items that have at least one similar characteristic. The Company shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Company labels items as “other” only if it cannot find a more informative label.
Disclosures on Management-defined Performance Measures (MPMs): When in public communications outside financial statements and communicating to users of financial statements management’s view of an aspect of the financial performance of The Company as a whole, The Company shall disclose related information about its MPMs in a single note to the financial statements, including the description of such measures, calculations, reconciliations to the subtotal or total specified by IFRS Accounting Standards and the income tax and non-controlling interests effects of related reconciliation items.

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

The Company shall use operating profit or loss as the starting point when presenting cash flows from operating activities under the indirect method.
Interest and dividends received by the Company shall be classified as investing activities, while interest and dividends paid shall be classified as financing activities. However, if, after assessment,
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the Company has a specific main operating activity, it shall determine how to classify dividends received, interest received and interest paid in the statement of cash flows by referring to how it classifies dividend income, interest income and interest expense in the statement of profit or loss. The total of each of these cash flows shall be classified in a single category in the statement of cash flows.

Except for the above impact, as of the date the parent company only financial statements were authorized for issue, the Company is continuously assessing other impacts of the above amended standards and interpretations on the Company's financial position and financial performance and will disclose the relevant impact when the assessment is completed.

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

a. Statement of compliance

The parent company only financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

b. Basis of preparation

The parent company only financial statements have been prepared on the historical cost basis except for financial instruments which are measured at fair value and net defined benefit assets which are measured at the present value of the defined benefit obligation less the fair value of plan assets.

The fair value measurements, which are grouped into Levels 1 to 3 based on the degree to which the fair value measurement inputs are observable and based on the significance of the inputs to the fair value measurement in its entirety, are described as follows:

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

When preparing these parent company only financial statements, the Company used the equity method to account for its investments in subsidiaries and associates. In order for the amounts of the net profit for the year, other comprehensive income for the year and total equity in the parent company only financial statements to be the same with the amounts attributable to the owners of the Company in its consolidated financial statements, adjustments arising from the differences in accounting treatments between the parent company only basis and the consolidated basis were made to investments accounted for using the equity method, the share of profit or loss of subsidiaries and associates, the share of other comprehensive income of subsidiaries and associates and the related equity items, as appropriate, in these parent company only financial statements.

c. Classification of current and non-current assets and liabilities

Current assets include:

1) Assets held primarily for the purpose of trading;
2) Assets expected to be realized within 12 months after the reporting period; and
3) Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.

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Current liabilities include:

1) Liabilities held primarily for the purpose of trading;

2) Liabilities due to be settled within 12 months after the reporting period, and

3) Liabilities for which the Company does not have the substantial right at the end of the reporting period to defer settlement for at least 12 months after the reporting period.

Assets and liabilities that are not classified as current are classified as non-current.

d. Foreign currencies

In preparing the Company’s financial statements, transactions in currencies other than the Company’s functional currency (i.e., foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences on monetary items arising from settlement or translation are recognized in profit or loss in the period in which they arise except for exchange differences on transactions entered into in order to hedge certain foreign currency risks.

Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising from the retranslation of non-monetary items are included in profit or loss for the period except for exchange difference arising from the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income.

Non-monetary items that are measured at historical cost in a foreign currency are not retranslated using the exchange rate at the date of the transaction.

For the purposes of presenting the parent company only financial statements, the Company’s foreign operations (including subsidiaries in other countries or those that use currencies that are different from the Company) are translated into the New Taiwan dollar using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period. The resulting currency translation differences are recognized in other comprehensive income.

e. Inventories

Inventories consist of raw materials (including raw materials in transit), supplies, finished goods, merchandise, work-in-process, etc. Inventories are stated at the lower of cost or net realizable value. Inventory write-downs are made by item, except where it may be appropriate to Company similar or related items. Net realizable value is the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Inventories are recorded at moving average cost.

f. Investments in subsidiaries

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

A subsidiary is an entity that is controlled by the Company.

Under the equity method, an investment in a subsidiary is initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the subsidiary. The Company also recognizes the changes in the Company’s share of other equity of

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subsidiaries.

Changes in the Company’s ownership interest in a subsidiary that do not result in the Company losing control of the subsidiary are equity transactions. The Company recognizes directly in equity any difference between the carrying amount of the investment and the fair value of the consideration paid or received.

When the Company’s share of losses of a subsidiary exceeds its interest in that subsidiary (which includes any carrying amount of the investment accounted for using the equity method and long-term interests that, in substance, form part of the Company’s net investment in the subsidiary), the Company continues recognizing its share of further losses.

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets and liabilities of a subsidiary that constitutes a business at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized. Any excess of the Company’s share of the net fair value of the identifiable assets and liabilities of a subsidiary that constitutes a business over the cost of acquisition is recognized immediately in profit or loss.

The Company assesses its investment for any impairment by comparing the carrying amount with the estimated recoverable amount as assessed based on the investee’s financial statements as a whole. Impairment loss is recognized when the carrying amount exceeds the recoverable amount. If the recoverable amount of the investment subsequently increases, the Company recognizes a reversal of the impairment loss; the adjusted post-reversal carrying amount should not exceed the carrying amount that would have been recognized (net of amortization) had no impairment loss been recognized in prior years.

When the Company loses control of a subsidiary, it recognizes the investment retained in the former subsidiary at its fair value at the date when control is lost. The difference between the fair value of the retained investment plus any consideration received and the carrying amount of the previous investment at the date when control is lost is recognized as a gain or loss in profit or loss. Besides this, the Company accounts for all amounts previously recognized in other comprehensive income in relation to that subsidiary on the same basis as would be required had the Company directly disposed of the related assets or liabilities.

Profits or losses resulting from downstream transactions are eliminated in full only in the parent company only financial statements. Profits and losses resulting from upstream transactions and transactions between subsidiaries are recognized only in the standalone financial statements only to the extent of interests in the subsidiaries that are not related to the Company.

g. Investments in associates

An associate is an entity over which the Company has significant influence and which is neither a subsidiary nor an interest in a joint venture. The Company uses the equity method to account for its investments in associates.

Under the equity method, investments in an associate is initially recognized at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate and joint venture. The Company also recognizes the changes in the Company’s share of the equity of associates.

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets and liabilities of an associate at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and is not amortized. Any excess of the Company’s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.

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When the Company subscribes for additional new shares of an associate at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the associate. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to capital surplus - changes in capital surplus from investments in associates and joint ventures accounted for using the equity method. If the Company’s ownership interest is reduced due to its additional subscription of the new shares of the associate, the proportionate amount of the gains or losses previously recognized in other comprehensive income in relation to that associate is reclassified to profit or loss on the same basis as would be required had the investee directly disposed of the related assets or liabilities. When the adjustment should be debited to capital surplus, but the capital surplus recognized from investments accounted for using the equity method is insufficient, the shortage is debited to retained earnings.

When the Company’s share of losses of an associate equals or exceeds its interest in that associate (which includes any carrying amount of the investment accounted for using the equity method and long-term interests that, in substance, form part of the Company’s net investment in the associate), the Company discontinues recognizing its share of further loss, if any. Additional losses and liabilities are recognized only to the extent that the Company has incurred legal obligations, or constructive obligations, or made payments on behalf of that associate.

The entire carrying amount of an investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

The Company discontinues the use of the equity method from the date on which its investment ceases to be an associate. Any retained investment is measured at fair value at that date, and the fair value is regarded as the investment’s fair value on initial recognition as a financial asset. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate. The Company accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required had that associate directly disposed of the related assets or liabilities. If an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate, the Company continues to apply the equity method and does not remeasure the retained interest.

When the Company transacts with its associate, profits and losses resulting from the transactions with the associate are recognized in the Company’s financial statements only to the extent of interests in the associate that are not related to the Company.

h. Property, plant, and equipment

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

Property, plant, and equipment in the course of construction are measured at cost. Cost includes professional fees and borrowing costs eligible for capitalization. Such assets are depreciated and classified to the appropriate categories of property, plant and equipment when completed and ready for their intended use.

Depreciation of property, plant, and equipment is recognized using the straight-line method. Each significant part is depreciated separately. If a lease term is shorter than the assets’ useful lives, such assets are depreciated over the lease term. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each reporting period, with the effects of any changes in the

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estimates accounted for on a prospective basis.

On derecognition of an item of property, plant and equipment, the difference between the sales proceeds and the carrying amount of the asset is recognized in profit or loss.

i. Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties also include and held for a currently undetermined future use.

Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment loss.

Depreciation is recognized using the straight-line method.

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

j. Intangible assets

1) Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful lives, residual values, and amortization methods are reviewed at the end of each reporting period, with the effect of any changes in the estimates accounted for on a prospective basis.

2) Derecognition of intangible assets

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

k. Impairment of property, plant and equipment, investment properties, right-of-use assets and intangible assets

At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment, right-of-use assets and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount with the resulting impairment loss recognized in profit or loss.

When an impairment loss is subsequently reversed, the carrying amount of the corresponding asset, cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized on the asset, cash-generating unit or assets related to contract costs in prior years. A reversal of an impairment loss is recognized in profit or loss.

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Financial instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

1) Financial assets

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

a) Measurement category

Financial assets are classified into the following categories: financial assets at FVTPL, financial assets at amortized cost and investments in equity instruments at FVTOCI.

i. Financial assets at FVTPL

Financial assets are classified as at FVTPL when such financial assets are mandatorily classified as at FVTPL. Financial assets mandatorily classified as at FVTPL include investments in equity instruments that are not designated as at FVTOCI and debt instruments that do not meet the amortized cost criteria or the FVTOCI criteria.

Financial assets at FVTPL are subsequently measured at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividends or interest earned on such a financial asset. Fair value is determined in the manner described in Note 29.

ii. Financial assets at amortized cost

Financial assets that meet the following conditions are subsequently measured at amortized cost:

i) The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Subsequent to initial recognition, financial assets at amortized cost, including cash and cash equivalents, financial assets at amortized cost, accounts receivable, and other receivables, which equals the gross carrying amount determined using the effective interest method less any impairment loss. Exchange differences are recognized in profit or loss.

Interest income is calculated by applying the effective interest rate to the gross carrying amount of such a financial asset, except for:

i) Purchased or originated credit-impaired financial assets, for which interest income is calculated by applying the credit-adjusted effective interest rate to the amortized cost of such financial assets; and

ii) Financial assets that are not credit-impaired on purchase or origination but have subsequently become credit-impaired, for which interest income is calculated by applying the effective interest rate to the amortized cost of such financial assets in subsequent reporting periods.

A financial asset is credit impaired when one or more of the following events have occurred:

i) Significant financial difficulty of the issuer or the borrower;
ii) Breach of contract, such as a default;
iii) It is becoming probable that the borrower will enter bankruptcy or undergo a financial reorganization; or
iv) The disappearance of an active market for that financial asset because of financial difficulties.

Cash equivalents include time deposits with original maturities within 3 months from the date of acquisition, which are highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. These cash equivalents are held for the purpose of meeting short-term cash commitments.

iii. Investments in equity instruments at FVTOCI

On initial recognition, the Company may make an irrevocable election to designate investments in equity instruments as at FVTOCI. Designation as at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination.

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments; instead, it will be transferred to retained earnings.

Dividends on these investments in equity instruments are recognized in profit or loss when the Company's right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment.

b) Impairment of financial assets

The Company evaluates expected credit losses on financial assets at amortized cost (including trade receivables) at the end of each reporting period.

The Company always recognizes lifetime expected credit losses (ECLs) for trade receivables. For all other financial instruments, the Company recognizes lifetime ECLs when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on a financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECLs.

Expected credit losses reflect the weighted average of credit losses with the respective risks of default occurring as the weights. Lifetime ECLs represent the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECLs represent the portion of lifetime ECLs that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting

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date.

For internal credit risk management purposes, the Company determines that the following situations indicate that a financial asset is in default (without taking into account any collateral held by the Company):

i. Internal or external information show that the debtor is unlikely to pay its creditors.

ii. When a financial asset is more than 90 days past due unless the Company has reasonable and corroborative information to support a more lagged default criterion.

The Company recognizes an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognized in other comprehensive income and does not reduce the carrying amount of such a financial asset.

c) Derecognition of financial assets

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

If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and any associated liabilities for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. On derecognition of an investment in a debt instrument at FVTOCI, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss which had been recognized in other comprehensive income is recognized in profit or loss. However, on derecognition of an investment in an equity instrument at FVTOCI, the difference between the asset's carrying amount and the sum of the consideration received and receivable is recognized in profit or loss, and the cumulative gain or loss which had been recognized in other comprehensive income is transferred directly to retained earnings, without recycling through profit or loss.

2) Equity instruments

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.

The repurchase of the Company's own equity instruments is recognized in and deducted directly from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of the Company's own equity instruments.

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3) Financial liabilities

Except the following situations, all financial liabilities are measured at amortized cost using the effective interest method:

a) Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when such financial liabilities are held for trading.

Financial liabilities held for trading are stated at fair value, with any gain or loss arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any interest or dividends paid on such financial liability.

Fair value is determined in the manner described in Note 29.

b) Derecognition of financial liabilities

The difference between the carrying amount of a financial liability derecognized and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

4) Derivative financial instruments

The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate, including foreign exchange forward swap contracts and foreign exchange forward contracts.

Derivatives are initially recognized at fair value at the date on which the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event, the timing of the recognition in profit or loss depends on the nature of the hedging relationship. When the fair value of a derivative financial instrument is positive, the derivative is recognized as a financial asset; when the fair value of a derivative financial instrument is negative, the derivative is recognized as a financial liability.

Derivatives embedded in hybrid contracts that contain financial asset hosts that is within the scope of IFRS 9 are not separated; instead, the classification is determined in accordance with the entire hybrid contract. Derivatives embedded in non-derivative host contracts that are not financial assets that is within the scope of IFRS 9 (e.g. financial liabilities) are treated as separate derivatives when they meet the definition of a derivative; their risks and characteristics are not closely related to those of the host contracts; and the host contracts are not measured at FVTPL.

m. Hedge accounting

The Company designates certain hedging instruments, which include derivatives as cash flow hedges.

1) Fair value hedges

Gains or losses on derivatives that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognized in profit or loss in the line item relating to the hedged item.

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2) Cash flow hedges

The effective portion of changes in the fair value of derivatives that is designated and qualified as cashflow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized in profit or loss.

The associated gains or losses that were recognized in other comprehensive income are reclassified from equity to profit or loss as a reclassification adjustment in the line item relating to the hedged item in the same period when the hedged item affects profit or loss. If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the associated gains and losses that were recognized in other comprehensive income are removed from equity and are included in the initial cost of the non-financial asset or non-financial liability.

The Company discontinues hedge accounting only when the hedging relationship ceases to meet the qualifying criteria; for instance, when the hedging instrument expires or is sold, terminated or exercised. The cumulative gain or loss on the hedging instrument that was previously recognized in other comprehensive income (from the period in which the hedge was effective) remains separately in equity until the forecasted transaction occurs. When a forecasted transaction is no longer expected to occur, the gains or losses accumulated in equity are recognized immediately in profit or loss.

n. Revenue recognition

The Company identifies contracts with customers, allocates the transaction price to the performance obligations and recognizes revenue when performance obligations are satisfied.

Revenue from the sale of goods

Revenue from the sale of goods comes from sales of stainless steel pipes, stainless steel fittings, stainless steel plates, and venetian blinds. Sales of the aforementioned goods are recognized as revenue when the terms of trading are met or the goods are received by the buyers since the significant risks and rewards of ownership of the goods are transferred to the buyers and the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold. Accounts receivable are recognized concurrently.

The Company does not recognize revenue on materials delivered to subcontractors because this delivery does not involve a transfer of control.

o. Leases

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

1) The Company as lessor

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

Lease payments (less any lease incentives payable) from operating leases are recognized as income on a straight-line basis over the terms of the relevant leases. Initial direct costs incurred in obtaining operating leases are added to the carrying amounts of the underlying assets and recognized as expenses on a straight-line basis over the lease terms.

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When a lease includes both land and building elements, the Company assesses the classification of each element separately as a finance or an operating lease based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element have been transferred to the lessee. The lease payments are allocated between the land and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element of the lease at the inception of a contract. If the allocation of the lease payments can be made reliably, each element is accounted for separately in accordance with its lease classification. When the lease payments cannot be allocated reliably between the land and building elements, the entire lease is generally classified as a finance lease unless it is clear that both elements are operating leases; in which case, the entire lease is classified as an operating lease.

2) The Company as lessee

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

Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs needed to restore the underlying assets, and less any lease incentives received. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the balance sheets.

Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms.

Lease liabilities are initially measured at the present value of the lease payments, which comprise fixed payments, variable lease payments which depend on an index or a rate. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If that rate cannot be readily determined, the lessee's incremental borrowing rate will be used.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, a change in the amounts expected to be payable under a residual value guarantee, a change in the assessment of an option to purchase an underlying asset, or a change in future lease payments resulting from a change in an index or a rate used to determine those payments, The Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use-assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the balance sheets.

Variable lease payment that does not depend on an index or a rate are recognized as expenses in the periods in which they are incurred.

p. Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

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Other than those stated above, all borrowing costs are recognized in profit or loss in the year in which they are incurred.

q. Employee benefits

1) Short-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related services.

2) Retirement benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered services entitling them to the contributions.

Defined benefit costs (including service cost, net interest and remeasurement) under defined benefit retirement benefit plans are determined using the projected unit credit method. Service cost (including current service cost) and net interest on the net defined benefit liabilities (assets) are recognized as employee benefits expense in the period in which they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which it occurs. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Net defined benefit liabilities (assets) represent the actual deficit (surplus) in the Company’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any refunds from the plans or reductions in future contributions to the plans.

r. Share-based payment arrangements employee share options

The fair value at the grant date of the employee share options is expensed on a straight-line basis over the vesting period, based on the Company’s best estimates of the number of shares or options that are expected to ultimately vest, with a corresponding increase in capital surplus - employee share options. The expense is recognized in full at the grant date if the grants are vested immediately. The grant date of issued ordinary shares for cash which are reserved for employees is the date on which the number of shares that the employees purchase is confirmed.

s. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

1) Current tax

Income tax payable (recoverable) is based on taxable profit (loss) for the year determined according to the applicable tax laws of each tax jurisdiction.

According to the Income Tax Act in the ROC, an additional tax on unappropriated earnings is provided for in the year the shareholders approve to retain earnings.

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.

2) Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities and the corresponding tax bases used in the computation of taxable profit.

24 -

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which those deductible temporary differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profit against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the assets to be recovered. A previously unrecognized deferred tax asset is also reviewed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

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

3) Current and deferred tax for the year

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.

MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, management is required to make judgments, estimations, and assumptions on the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

Based on the assessment of the Company’s management, the accounting policies, estimates, and assumptions adopted by the Company have not been subject to material accounting judgements, estimates and assumptions uncertainty.

25 -

26 -

6. CASH AND CASH EQUIVALENTS

	December 31
	2025	2024
Cash on hand	$ 320	$ 320
Checking accounts and demand deposits	2,924,686	1,212,119
Cash equivalents (investments with original maturities of 3 months or less)
Time deposits	677,160	607,345
	$ 3,602,166	$ 1,819,784

The interest rate intervals of time deposits at the end of the year were as follows:

	December 31
	2025	2024
Time deposits	1.65%-4.2%	1.52%-5.03%

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

	December 31
	2025	2024
Financial assets - current
Financial assets held for trading
Derivative financial assets (not under hedge accounting)
Foreign exchange forward contracts (a)	$ 731	$ 19
Financial assets mandatorily classified as at FVTPL
Non-derivative financial assets
Mutual funds	50,484	50,953
	$ 51,215	$ 50,972
Financial liabilities - current
Financial liabilities held for trading
Derivative financial liabilities (not under hedge accounting)
Foreign exchange forward contracts (a)	$ 32,935	$ 93,145

At the end of the reporting period, outstanding foreign exchange forward contracts not under hedge accounting were as follows:

December 31, 2025

	Currency	Maturity Date	Notional Amount (In Thousands)
Sell	USD to NTD	2026.01-2026.04	USD 56,000/NTD 1,731,100

December 31, 2024

	Currency	Maturity Date	Notional Amount (In Thousands)
Sell	USD to NTD	2025.01-2025.07	USD 120,000/NTD 3,830,510

The Company entered into forward foreign exchange contracts to hedge the exposure risk arising from exchange rate fluctuations for foreign-currency denominated assets and liabilities.

The net gain (loss) attributable to the above derivative contracts in 2025 and 2024 were as follows:

	For the Year Ended December 31
	2025	2024
Interest rate swap contracts	$ -	$ (730)
Mutual funds	3,029	7,897
Foreign exchange forward contracts	113,899	(371,759)
	$ 116,928	$ (364,592)

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

	For the Year Ended December 31
	2025	2024
Non-current
Domestic investments
Unlisted shares	$ 27,152	$ 27,152

These investments in equity instruments at FVTOCI are not held for trading. Instead, they are held for medium to long-term strategic purposes. Accordingly, the management elected to designate these investments in equity instruments as at FVTOCI as they believe that recognizing short-term fluctuations in these investments' fair value in profit or loss would not be consistent with the Company's strategy of holding these investments for long-term purposes.

9. NOTES RECEIVABLE AND ACCOUNTS RECEIVABLE (INCLUDING RELATED PARTIES)

	December 31
	2025	2024
Notes receivable
Notes receivable - operating	$ 8,993	$ 21,416
Accounts receivable (including related parties)
At amortized cost
Gross carrying amount	$ 570,664	$ 6,100,410
Less: Allowance for impairment loss	(2,230)	(2,230)
	$ 568,434	$ 6,098,180

The average credit period of the sale of goods is 30-180 days. No interest was charged on accounts receivable. The allowance for impairment loss was recognized based on estimated irrecoverable amounts determined by reference to the accounts' aging analysis, past default experience with the respective customers and analysis of those customers' current financial positions.

The Company adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Company uses publicly available financial information or its own trading records to rate its customers. The Company's exposure and the credit ratings of its counterparties are continuously monitored. Credit exposure is controlled by counterparty limits that are reviewed and approved by the Company annually.

In order to minimize credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up actions are taken to recover overdue debts. In addition, the Company reviews the recoverable amount of each individual trade debt at the end of the reporting period to ensure that adequate allowance is made for possible irrecoverable amounts. In this regard, the management believes the Company's credit risk is significantly reduced.

The Company measures the loss allowance for accounts receivable at an amount equal to lifetime ECLs. The expected credit losses on accounts receivable are estimated using a provision matrix prepared by reference to the past default records of the debtor and an analysis of the debtor's current financial position and GDP forecasts. As the Company's historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status for notes receivable and the provision for loss allowance based on invoice date for accounts receivable are not further distinguished according to the Company's different customer base.

The Company writes off an account receivable when there is evidence indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. For accounts receivable that have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

The following tables detail the loss allowance of notes receivable and accounts receivable based on the Company's provision matrix:

Notes Receivable

The Company assessed that the notes receivable were not past due based on the past due status; thus, the Company did not recognize an expected credit loss for notes receivable as of December 31, 2025 and 2024.

Accounts Receivable (including related parties)

December 31, 2025

	Invoice date to 60 Days	61 to 90 Days	91 to 120 Days	Over 121 Days	Total
Expected credit loss rate	0%	0%	55.36%	100%
Gross carrying amount	$ 543,989	$ 22,663	$ 3,992	$ 20	$ 570,664
Loss allowance (Lifetime ECLs)	-	-	(2,210)	(20)	(2,230)
Amortized cost	$ 543,989	$ 22,663	$ 1,782	$ -	$ 568,434

December 31, 2024

	Invoice date to 60 Days	61 to 90 Days	91 to 120 Days	Over 121 Days	Total
Expected credit loss rate	0%	0%	0%	0.07%
Gross carrying amount	$ 1,343,360	$ 794,985	$ 764,032	$ 3,198,033	$ 6,100,410
Loss allowance (Lifetime ECLs)	-	-	-	(2,230)	(2,230)
Amortized cost	$ 1,343,360	$ 794,985	$ 764,032	$ 3,195,803	$ 6,098,180

The movements of the loss allowance of accounts receivable were as follows:

	For the Year Ended December 31
	2025	2024
Balance on January 1 and December 31	$ 2,230	$ 2,230

10. INVENTORIES

	December 31
	2025	2024
Finished goods	$ 453,968	$ 593,264
Merchandise	264,322	322,888
Work in progress	557,737	579,379
Raw materials	1,144,912	944,237
Materials	5,061	6,555
Raw materials in transit	69,450	111,514
	$ 2,495,450	$ 2,557,837

The cost of inventories recognized as cost of goods sold for the years ended December 31, 2025 and 2024 was NT$7,991,211 thousand and NT$7,957,017 thousand, respectively, including loss on inventory, prepayment for goods impairment and obsolescence loss of NT$44,022 thousand in 2024.

11. FINANCIAL ASSETS AT AMORTIZED COST

	December 31
	2025	2024
Current
Pledged time deposits	$ 439,363	$ 555,498
Pledged demand deposits (reserve account)	349,530	355,971
Time deposits with original maturities of 3 months or less	500,000	393,420
	$ 1,288,893	$ 1,304,889
		(Continued)

30 -

	December 31
	2025	2024
Non-current
Pledged demand deposits (reserve account)	$ -	$ 80,453
Refundable deposits	160,430	162,718
	$ 160,430	$ 243,171
		(Concluded)

a. As of December 31, 2025 and 2024, the interest rates of time deposits were 0.675%-4% and 0.15%-5.56%, respectively.
b. Refer to Note 31 for information related to financial assets at amortized cost pledged as collateral.

12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

	December 31
	2025	2024
Investments in subsidiaries	$ 69,602,702	$ 64,985,759
Investments in associates	323,302	237,969
	$ 69,926,004	$ 65,223,728

a. Investments in subsidiaries

	December 31
	2025		2024
	Amount	Percentage of Ownership (Note 1)	Amount	Percentage of Ownership (Note 1)
Ta Chen International, Inc. (“TCI”)	$ 58,956,068	100%	$ 55,677,240	100%
Ta Chen (B.V.I.) Holdings Ltd. (“Ta Chen BVI”)	2,318,721	100%	2,317,562	100%
Brighton-Best International (Taiwan) Inc. (“BBI-TW”) (Note 2)	7,725,211	42.72%	6,374,292	42.72%
Yinrong (Shanghai) Investment Management Limited (Yinrong) (Note 3)	-	-	6,849	100%
Wei Mei Roller Blind Co., Ltd.	182,596	100%	206,830	100%
Ta Chen (Hong Kong) Limited (“TCHK”)	260,399	100%	262,320	100%
Ta Chen Lung Mei Home Life Co., Ltd.	152,467	99.99%	133,622	99.99%
Right Way Industrial Co., Ltd. (Right Way) (Note 2)	7,240	0.26%	7,044	0.26%
	$ 69,602,702		$ 64,985,759

Note 1: The proportion of ownership and voting rights of the subsidiaries as of the balance sheet date.

Note 2: The Company has the practical ability to control BBI-TW and Right Way Co., Ltd. and deem them as subsidiaries.

Note 3: Yinrong (Shanghai) Investment Management Limited completed the cancellation registration in December 2024, and the investment was recovered in June 2025.

See Tables 7 and 8 for the information on investees and the places of incorporation and principal places of business.

b. Investments in associates

	December 31
	2025	2024
Investments in associates
Associate that is not individually material
TY Steel Co., Ltd.	$ 264,761	$ 178,297
Ta Chen Green System Co., Ltd.	57,365	57,907
City Mocean Co., Ltd. (Note)	1,176	1,765
	$ 323,302	$ 237,969

Note: The dissolution registration of City Mocean Co., Ltd. was completed in January 2026.

Refer to Table 7 “Information on Investees” for the nature of activities, principal place of business and country of incorporation of the associate.

13. PROPERTY, PLANT AND EQUIPMENT

Refer to Table 1 for the movements of property, plant and equipment in 2025 and 2024.

Property, plant and equipment are depreciated on a straight-line basis over their estimated useful lives as follows:

Land improvements	2-50 years
Buildings
Main buildings	10-50 years
Motorized power equipment	5-10 years
Engineering systems	2-25 years
Machinery and equipment	2-25 years
Electrical equipment	2-20 years
Transportation equipment	2-5 years
Office equipment	2-10 years
Molding equipment	2-10 years
Leasehold improvements	2-25 years
Other equipment	2-20 years

Refer to Note 31 for the carrying amount of property, plant and equipment pledged as collateral for bank borrowings.

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14. INVESTMENT PROPERTIES

	Land	Buildings	Total
Cost
Balance on January 1 and December 31, 2024	$ 874,183	$ 376,350	$ 1,250,533
Accumulated depreciation
Balance on January 1, 2024	$ -	$ 19,562	$ 19,562
Depreciation expenses	-	11,087	11,087
Balance on December 31, 2024	$ -	$ 30,649	$ 30,649
Carrying amount on December 31, 2024	$ 874,183	$ 345,701	$ 1,219,884
Cost
Balance on January 1 and December 31, 2025	$ 874,183	$ 376,350	$ 1,250,533
Accumulated depreciation
Balance on January 1, 2025	$ -	$ 30,649	$ 30,649
Depreciation expenses	-	11,048	11,048
Balance on December 31, 2025	$ -	$ 41,697	$ 41,697
Carrying amount on December 31, 2025	$ 874,183	$ 334,653	$ 1,208,836

Investment properties are depreciated using the straight-line method over their estimated useful lives of 15-50 years.

As of December 31, 2025 and 2024, the fair value of the investment properties were NT$1,432,009 thousand and NT$1,631,583 thousand, respectively, the fair value is determined with reference to the actual selling price of similar properties in the vicinity of The Company’s investment properties.

Refer to Note 31 for the carrying amount of investment properties pledged as collateral for bank borrowings.

15. LEASE ARRANGEMENTS

a. Right-of-use assets

	December 31
	2025	2024
Carrying amount
Land	$ 42,108	$ 14,344
Buildings	7,890	40,950
Transportation equipment	1,409	4,791
	$ 51,407	$ 60,085

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	For the Year Ended December 31
	2025	2024
Additions to right-of-use assets	$ 46,335	$ 7,725
Depreciation charge for right-of-use assets
Land	$ 9,614	$ 9,576
Buildings	23,188	32,248
Transportation equipment	3,382	3,382
	$ 36,184	$ 45,206

b. Lease liabilities

	December 31
	2025	2024
Carrying amount
Current	$ 18,112	$ 40,063
Non-current	$ 30,933	$ 22,470

Ranges of discount rates for lease liabilities were as follows:

	December 31
	2025	2024
Land	1.55%-2.02%	1.55%-1.58%
Buildings	1.73%-1.83%	1.56%-1.83%
Transportation equipment	1.81%	1.81%

c. Material leasing activities and terms

The Company leases land and buildings for the use of plants, warehouses and dormitories. The ranges of lease terms for right-of-use assets were as follows:

Land	3 to 50 years
Buildings	3 years
Transportation equipment	3 years

d. Other lease information

	For the Year Ended December 31
	2025	2024
Expenses relating to short-term leases	$ 22,441	$ 26,381
Expenses relating to variable lease payments not included in the measurement of lease liabilities	$ 7,218	$ 6,097
Total cash outflow for leases	$ (67,849)	$ (81,660)

The Company's leases of certain office equipment qualify as short-term leases. The Company has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases.

34 -

16. INTANGIBLE ASSETS

	Computer Software
Cost
Balance on January 1, 2024	$ 68,821
Additions	9,322
Disposals	(75,617)
Balance on December 31, 2024	$ 2,526
Accumulated amortization
Balance on January 1, 2024	$ 42,100
Amortization	34,450
Disposals	(75,617)
Balance on December 31, 2024	$ 933
Carrying amount on December 31, 2024	$ 1,593
Cost
Balance on January 1, 2025	$ 2,526
Additions	11,186
Disposals	(11,227)
Balance on December 31, 2025	$ 2,485
Accumulated amortization
Balance on January 1, 2025	$ 933
Amortization	11,575
Disposals	(11,227)
Balance on December 31, 2025	$ 1,281
Carrying amount on December 31, 2025	$ 1,204
Intangible assets are amortized on a straight-line basis over their estimated useful lives as follows:
Computer Software	1.5-2 years

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17. PREPAYMENTS AND OTHER ASSETS

	December 31
	2025	2024
Prepayments
Prepaid purchases	$ 42,229	$ 94,195
Prepaid insurance	9,831	8,884
Other prepayments	5,277	4,501
	$ 57,337	$ 107,580

18. BORROWINGS

a. Short-term borrowings

	December 31
	2025	2024
Revolving bank borrowings	$ 4,874,880	$ 5,645,000
Borrowings of usance L/C	757,648	1,542,944
	$ 5,632,528	$ 7,187,944

The interest rates of short-term borrowings were as follows:

	December 31
	2025	2024
Revolving bank borrowings	1.47%-5.1%	1.50%-2.03%
Borrowings of usance L/C	1.78%-1.8%	1.79%-1.84%

b. Long-term borrowings

	December 31
	2025	2024
The Company
1) Syndicated bank loan - 2023
a) Loan (A) medium-term and long-term secured borrowings	$ -	$ 4,000,000
b) Loan (B) medium-term and long-term secured borrowings	-	900,000
c) Loan (C) medium-term and long-term secured borrowings	1,600,000	3,700,000
2) Unsecured loan
Due from April 2027 to August 2027, interest rates at 2.07%-2.08% p.a. and 1.84%-2.05% p.a. as of December 31, 2025 and 2024, respectively.	250,000	1,200,000 (Continued)

	December 31
	2025	2024
3) Secured loan
Due from April 2026 to December 2029, interest rates at 1.92%-2.18% p.a. and 1.92%-2.24% p.a. as of December 31, 2025 and 2024, respectively.	$ 1,045,316	$ 1,106,847
	2,895,316	10,906,847
Less: Unamortized arrangement fees of long-term borrowings	11,232	16,848
	2,884,084	10,889,999
Less: Current portions	240,524	605,524
Long-term borrowings	$ 2,643,560	$ 10,284,475
		(Concluded)

The main purposes of the syndicated loan and medium-term and long-term loans are to enhance operating revolving funds and arrange for capital expenditures in accordance with the long-term financial plans of the Company. The details are as follows:

The Company entered into a syndicated loan agreement (credit facility of up to NT$15.6 billion) with a syndicate of banks on January 17, 2023 (due in January 2028).

The credit line and credit used as of December 31, 2025 and 2024 were as follows:

	Credit Line	Credit used		Loan Period	Interest Rate
		December 31, 2025	December 31, 2024
Loan (A)	$ 4,000,000	$ -	$ 4,000,000	Within 5 years from the first drawdown date until the maturity date, inclusive of a grace period of 24 months.	2.23% as of December 31, 2024
Loan (B)	2,000,000	-	900,000	Within 5 years from the first drawdown date until the maturity date.	2.27% as of December 31, 2024
Loan (C)	9,600,000	1,600,000	3,700,000	Within 5 years from the first drawdown date until the maturity date.	2.24% and 2.23%-2.24% as of December 31, 2025 and 2024, respectively.
	$ 15,600,000	$ 1,600,000	$ 8,600,000

Repayment terms were as follows:

Loan (A): Within 24 months from the first drawdown date until the maturity date, repayable in seven semiannual installments. The first two installments each repays 5% of the unsettled balance of principal; the third to sixth installments each repays 10% of the unsettled balance of principal; and the seventh installment repays 50% of the unsettled balance of principal (all the outstanding principal remained).

Loan (B) and Loan (C):

a) Within 24 months from the first drawdown date until the maturity date, repayable in seven semiannual installments. The first two installments each repays 5% of the unsettled balance of principal; the third to sixth installments each repays 10% of the unsettled balance of principal; and the seventh installment repays 50% of the unsettled balance of principal.

b) On the date of the reduction, the outstanding principal balance of the credit in respect of such credit shall be settled in advance of the outstanding principal, interests and related expenses in excess of the amount of credit after such reduction, if the amount of the credit is exceeded by the amount of the credit after such reduction. The preceding advance settlement shall not be subject to the prior settlement clause of Article 19 of the Joint Credit Agreement.

c) Credit lines have been reduced and cannot be used for any further action. The Company should settle each loan or other agreed settlement under the joint letter of credit on the expiry date set out in each application.

Under the syndicated loan agreement, the land, buildings and other facilities were pledged as collateral.

The syndicated loan agreement contains certain financial covenants as follows:

a) Current ratio: At least 120%

b) Debt ratio: No more than 290%

c) Interest coverage ratio: At least 2 times

d) Tangible net worth: At least $13.5 billion

e) All of the liabilities and interest expenses attributed to the application of IFRS 16 are excluded from the computation of debt ratio and interest coverage ratio above.

The Company is required to comply with those financial covenants in each of its annual audited consolidated financial statements and the reviewed consolidated financial statements for the second quarter.

As of and for the year ended December 31, 2025, the Company had complied with the above requirements.

19. NOTES PAYABLE AND ACCOUNTS PAYABLE

	December 31
	2025	2024
Notes payable
Operating	$ 43,749	$ 51,600
Non-operating	62,951	17,917
	$ 106,700	$ 69,517

a. Notes payable

The non-operating notes payable listed above were used for purchasing property, plant, and equipment.

b. Accounts payable

Accounts payable resulted from operating activities. The Company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

20. OTHER PAYABLES

	December 31
	2025	2024
Other payables
Employees’ compensation	$ 658,170	$ 592,450
Salaries and incentive bonus	33,807	78,962
Remuneration of directors	24,000	24,000
Labor and health insurance payables	14,654	13,869
Payables for annual leave	12,680	12,680
Interest payables	11,879	15,402
Other	71,358	78,551
	$ 826,548	$ 815,914

21. RETIREMENT BENEFIT PLANS

a. Defined contribution plan

The Company adopted a pension plan under the Labor Pension Act (LPA), which is a state-managed defined contribution plan. Under the LPA, an entity makes monthly contributions to employees' individual pension accounts at 6% of monthly salaries and wages.

b. Defined benefit plan

The Company adopted the defined benefit plan under the Labor Standards Act, under which pension benefits are calculated on the basis of the length of service and average monthly salaries of the six months before retirement. The Company makes contributions, equal to 2% of total monthly salaries, to a pension fund, for which the contributions are deposited in the Bank of Taiwan in the name of and administered by the pension fund monitoring committee. Before the end of each year, the Company assesses the balance in the pension fund. If the amount of the balance in the pension fund is inadequate to pay retirement benefits for employees who conform to retirement requirements in the next year, the Company is required to fund the difference in one appropriation that should be made before the end of March of the next year. The pension fund is managed by the Bureau of Labor Funds, Ministry of Labor (the "Bureau"); the Company has no right to influence the investment policy and strategy.

The amounts included in the standalone balance sheets were as follows:

	December 31
	2025	2024
Present value of defined benefit obligation	$ 303,177	$ 290,751
Fair value of plan assets	(502,727)	(475,817)
Net defined benefit assets	$ (199,550)	$ (185,066)

Movements of net defined benefit assets were as follows:

	Present Value of the Defined Benefit Obligation	Fair Value of the Plan Assets	Net Defined Benefit Assets
Balance on January 1, 2024	$ 311,351	$ (439,890)	$ (128,539)
Service cost
Current service cost	2,962	-	2,962
Net interest expense (income)	3,503	(5,067)	(1,564)
Recognized in profit or loss	6,465	(5,067)	1,398
Remeasurement
Return on plan assets (excluding amounts included in net interest)	-	(39,894)	(39,894)
Actuarial gain - changes in financial assumptions	(8,229)	-	(8,229)
Actuarial gain - experience adjustments	(2,702)	-	(2,702)
Recognized in other comprehensive income	(10,931)	(39,894)	(50,825)
Contributions from the employer	-	(7,100)	(7,100)
Benefits paid	(16,134)	16,134	-
Balance on December 31, 2024	290,751	(475,817)	(185,066)
Service cost
Current service cost	2,245	-	2,245
Past service cost	998	-	998
Net interest expense (income)	4,361	(7,191)	(2,830)
Recognized in profit or loss	7,604	(7,191)	413
Remeasurement
Return on plan assets (excluding amounts included in net interest)	-	(33,610)	(33,610)
Actuarial loss - changes in financial assumptions	2,569	-	2,569
Actuarial loss - experience adjustments	18,144	-	18,144
Recognized in other comprehensive income	20,713	(33,610)	(12,897)
Contributions from the employer	-	(2,000)	(2,000)
Benefits paid	(15,891)	15,891	-
Balance on December 31, 2025	$ 303,177	$ (502,727)	$ (199,550)

An analysis by function of the amounts recognized in profit or loss in respect of the defined benefit plans is as follows:

	For the Year Ended December 31
	2025	2024
Operating costs	$ (361)	$ 884
Selling and marketing expenses	(52)	119
General and administrative expenses	826	395
	$ 413	$ 1,398

Through the defined benefit plans under the Labor Standards Act, the Company is exposed to the following risks:

1) Investment risk

The plan assets are invested in domestic and foreign equity and, debt securities, bank deposits, etc. The investment is conducted at the discretion of the Bureau of Labor Funds, Ministry of Labor or under the mandated management. However, in accordance with relevant regulations, the return generated by plan assets should not be below the interest rate for a 2-year time deposit with local banks.

2) Interest risk

A decrease in the government and corporate bond interest rates will increase the present value of the defined benefit obligation; however, this will be partially offset by an increase in the return on the plans' debt investments.

3) Salary risk

The present value of the defined benefit obligation is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the present value of the defined benefit obligation.

The actuarial valuations of the present value of the defined benefit obligation were carried out by qualified actuaries. The principal assumptions used for the purposes of the actuarial valuations were as follows:

	December 31
	2025	2024
Discount rate	1.375%	1.5%
Expected rate of salary increase	2.5%	2.5%

If possible reasonable changes in each of the significant actuarial assumptions were to occur and all other assumptions were to remain constant, the present value of the defined benefit obligation would increase (decrease) as follows:

	December 31
	2025	2024
Discount rate
0.25% increase	$ (5,102)	$ (5,291)
0.25% decrease	$ 5,252	$ 5,446
Expected rate of salary increase
0.25% increase	$ 5,106	$ 5,301
0.25% decrease	$ (4,986)	$ (5,177)

The sensitivity analysis presented above may not be representative of the actual changes in the present value of the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

	December 31
	2025	2024
Expected contributions to the plans for the next year	$ 2,050	$ 8,953
Average duration of the defined benefit obligation	7 years	7.5 years

22. EQUITY

a. Ordinary shares

	December 31
	2025	2024
Number of shares authorized (in thousands)	3,200,000	3,200,000
Shares authorized	$ 32,000,000	$ 32,000,000
Number of shares issued and fully paid (in thousands)
Ordinary shares	2,584,261	2,434,261
Shares issued
Ordinary shares	$ 25,842,606	$ 24,342,606

Pursuant to a resolution of the Board of Directors on June 26, 2025, the Company approved a cash capital increase through the issuance of 150,000 thousand new shares with a par value of NT$10 per share, to be issued at a premium of NT$31 per share. A portion of the newly issued shares was reserved for employee subscription. Compensation expense of NT$16,662 thousand was recognized based on the fair value of the subscription rights granted to employees, with a corresponding amount recognized in capital surplus.

The above-mentioned cash capital increase was approved and became effective upon filing with the Securities and Futures Bureau of the FSC on June 17, 2025. The proceeds from the cash capital increase were fully received, and the Company completed the registration of the capital increase, with September 1, 2025 designated as the capital increase record date pursuant to a resolution of the Board of Directors.

The employee stock subscription rights associated with the cash capital increase were fully vested on the grant date; the pertinent details are as follows:

	For the Year Ended December 31
	2025
	Number of Options (In Thousands of Units)	Weighted-average Exercise Price ($)
Balance on January 1	-	$ -
Options issued	5,862	31
Options exercised	(5,862)	(31)
Balance at December 31	-

Options granted in July 2025, are priced using the Black-Scholes pricing model, and the inputs to the model are as follows:

	July 2025
Exercise price (per share)	NT$31
Expected volatility	41.31%
Expected life (in years)	0.1178
Risk-free interest rate	1.3772%

b. Capital surplus

	December 31
	2025	2024
May be used to offset a deficit, distributed as cash dividends, or transferred to share capital (1)
Issuance of ordinary shares	$ 25,220,834	$ 22,054,172
Treasury share transactions	1,320,707	1,039,443
The difference between the consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition	-	21,023
Expired employee share options	13,503	13,503
May only be used to offset a deficit
Shares of changes in capital surplus of subsidiary (2)	4,973	26,880
	$ 26,560,017	$ 23,155,021

1) Such capital surplus may be used to offset a deficit; in addition, when the Company has no deficit, such capital surplus may be distributed as cash dividends or transferred to share capital (limited to a certain percentage of the Company’s capital surplus and once a year).

2) Such capital surplus arises from the effects of changes in ownership interests in subsidiaries resulting from equity transactions other than actual disposals or acquisitions or from changes in capital surplus of subsidiaries accounted for using the equity method.

c. Retained earnings and dividends policy

Under the dividends policy as set forth in the amended Articles, where the Company made a profit in a fiscal year, the profit shall be first utilized for paying taxes, offsetting losses of previous years, setting aside as a legal reserve 10% of the remaining profit, setting aside or reversing a special reserve in accordance with the laws and regulations, and then any remaining profit together with any undistributed retained earnings shall be used by the Company’s board of directors as the basis for proposing a distribution plan, which should be resolved in the shareholders’ meeting for the distribution of dividends and bonuses to shareholders. For the policies on the distribution of employees’ compensation and remuneration of directors and supervisors before and after amendment, refer to compensation of employees and remuneration of directors and supervisors in Note 24(h).

In line with current and future development plans, the Company’s dividend policy is to allocate no less than 20% of the distributable earnings as shareholders’ dividends and bonuses, taking into consideration the investment environment, funding needs, domestic and foreign competitive conditions and shareholders’ interests. Dividends can be distributed in the form of cash or shares, out of which no less than 20% of the total dividends distributed should be in the form of cash.

Appropriation of earnings to the legal reserve shall be made until the legal reserve equals the Company’s paid-in capital. The legal reserve may be used to offset a deficit. If the Company has no deficit and the legal reserve has exceeded 25% of the Company’s paid-in capital, the excess may be transferred to capital or distributed in cash.

Under Rule issued by the FSC and the directive titled “Questions and Answers for Special Reserves Appropriated Following Adoption of IFRSs (IFRS Accounting Standards), the Corporation should appropriate or reverse a special reserve. In addition, in accordance with the Standards, the difference between the market value of the Company's shares held by the subsidiaries at the end of the year and the carrying amount of the Company's shares is recognized as a special reserve based on the proportion of the Company's shareholding. If the market value of the Company's shares recovers, a portion of the amount will be transferred from the special reserve to unappropriated earnings in proportion to the Company's ownership percentage.

The appropriations of earnings for 2024 and 2023, approved in the shareholders’ meetings on June 11, 2025 and June 19, 2024, respectively, were as follows:

	Appropriation of Earnings		Dividends Per Share (NT$)
	For the Year Ended December 31		For the Year Ended December 31
	2024	2023	2024	2023
Legal reserve	$ 358,378	$ 535,341
Appropriate (reversed) Special reserve	626,382	(64,308)
Cash dividends	2,677,687	2,921,113	$ 1.1	$ 1.2

The appropriations of earnings for 2025 was proposed by the Company’s board of directors on March 11, 2026. The appropriations were as follows:

	Appropriation of Earnings	Dividends Per Share (NT$)
Legal reserve	$ 668,517
Special reserve reversed	(626,382)
Cash dividends	3,876,391	$ 1.5

The appropriation of earnings for 2025 is subject to the resolution of the shareholders meeting.

d. Other equity items

1) Exchange differences on the translation of the financial statements of foreign operations

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 5,231,711	$ 1,290,561
Recognized for the year
Exchange differences on the translation of the financial statements of foreign operations	(2,133,775)	3,543,130
Shares from subsidiaries accounted for using the equity method	(244,870)	398,020
Reclassification adjustments
Disposal of foreign operations	619	-
Balance on December 31	$ 2,853,685	$ 5,231,711

2) Unrealized valuation gain / (loss) on financial assets at fair value through other comprehensive income

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ (102,645)	$ (61,163)
Recognized for the year
Shares from subsidiaries accounted for using the equity method	43,308	(41,482)
Cumulative gain or loss of equity instruments
Transferred to retained earnings due to disposal	81	-
Balance on December 31	$ (59,256)	$ (102,645)

3) Gain (loss) on hedging instruments

	For the Year Ended December 31
	2025	2024
Balance on January 1	$ 282,629	$ 511,197
Recognized for the year
Shares from subsidiaries accounted for using the equity method	54,189	(228,568)
Gain on changes in the fair value of hedging instruments
Foreign exchange forward contracts	19,056	-
Related income tax	(2,283)	-
Reclassification adjustments
Hedged items affecting profit or loss
Foreign exchange forward contracts	(7,641)	-
Balance on December 31	$ 345,950	$ 282,629

e. Treasury shares

Purpose of Buy-back	Shares Held by Subsidiaries (In Thousands of Shares)
Number of shares on January 1, 2025	290,352
Increase during the year	18,760
Decrease during the year	(77,090)
Number of shares on December 31, 2025	232,022
Number of shares on January 1, 2024 and December 31, 2024	290,352

BBI-TW and TCE held shares of the Company and classified them as financial assets at FVTPL and financial assets at FVTOCI. The Company recognized treasury shares by ownership percentage of BBI-TW and TCE.

For the purpose of investment, related information regarding shares of the Company held by subsidiaries on the balance sheet date was as follows:

Name of Subsidiary	Number of Shares Held (In Thousands of Shares)	Cost	Market Price
December 31, 2025
BBI-TW	185,964		$ 6,620,315
TCE	46,058		$ 1,639,674
Belonging to the Company	99,886	$ 3,530,662	$ 3,555,942
December 31, 2024
BBI-TW	167,204		$ 5,057,917
TCE	123,148		$ 3,725,239
Belonging to the Company	124,358	$ 4,388,208	$ 3,761,826

The number of shares of the Company held by the subsidiaries listed in the table above was based on the number of shares actually held by the subsidiaries. The amount of the treasury shares recognized by the Company was calculated based on the Company's shareholding percentage of the subsidiaries.

Treasury shares held by BBI-TW and TCE are bestowed shareholders' rights because the ownership percentage held by the Company was under 50%.

For the year ended December 31, 2025, the Company sold 77,090 thousand shares for a total consideration of NT$3,025,018 thousand.

45 -

46 -

23. REVENUE

	For the Year Ended December 31
	2025	2024
Revenue from contracts with customers
Revenue from sale of goods	$ 9,846,930	$ 9,627,572
Contract balances
	December 31
	2025	2024
Accounts receivable (Note 9)	$ 568,434	$ 6,098,180

Refer to Statement 13 for segment revenue information.

24. PROFIT BEFORE INCOME TAX

a. Other operating income, net

	For the Year Ended December 31
	2025	2024
Net gain on disposal of property, plant and equipment	$ 2,658	$ 3,169

b. Interest income

	For the Year Ended December 31
	2025	2024
Bank deposits and financial assets at amortized cost	$ 117,678	$ 155,038
Interest expense on loans	48,824	164,733
	$ 166,502	$ 319,771

c. Other income

	For the Year Ended December 31
	2025	2024
Rental income	$ 24,388	$ 26,423
Dividends	364	510
Service income	157,495	1,920
Others	12,405	4,412
	$ 194,652	$ 33,265

d. Other gains and losses

	For the Year Ended December 31
	2025	2024
Foreign exchange gains	$ 2,269,259	$ 2,583,199
Foreign exchange losses	(3,259,083)	(1,784,057)
Net gain (loss) on fair value changes of financial instruments at FVTPL	116,928	(364,592)
Loss on disposal of subsidiaries	(619)	-
Others	(5,563)	284
	$ (879,078)	$ 434,834

e. Finance costs

	For the Year Ended December 31
	2025	2024
Interest on bank loans	$ 323,205	$ 371,760
Gain arising from derivatives designated as hedging instruments in cash flow hedge accounting relationships reclassified from equity to profit or loss	(7,641)	-
Interest on lease liabilities	913	1,489
Amortization of arrangement fees of syndicated bank loans	5,616	5,616
	322,093	378,865
Less: Amounts included in the cost of qualifying assets	3,802	12,172
	$ 318,291	$ 366,693

Information about capitalized interest was as follows:

	For the Year Ended December 31
	2025	2024
Capitalized interest	$ 3,802	$ 12,172
Capitalization rate	2.08%-2.17%	1.76%-2.11%

f. Depreciation and amortization

	For the Year Ended December 31
	2025	2024
An analysis of depreciation by function
Operating costs	$ 185,556	$ 193,372
Operating expenses	78,764	94,684
	$ 264,320	$ 288,056
An analysis of amortization by function
Operating costs	$ 449	$ 347
Operating expenses	11,451	34,350
	$ 11,900	$ 34,697

g. Employee benefits expense

	For the Year Ended December 31
	2025	2024
Short-term benefits	$ 975,147	$ 874,502
Post-employment benefits (refer to Note 21)
Defined contribution plans	28,812	27,564
Defined benefit plans	413	1,398
	29,225	28,962
Share-based payments
Equity-settled	16,662	-
	$ 1,021,034	$ 903,464
An analysis of employee benefits expense by function
Operating costs	$ 515,517	$ 526,625
Operating expenses	505,517	376,839
	$ 1,021,034	$ 903,464

h. Employees' compensation and directors' remuneration for 2025 and 2024

According to the Company's Articles of Incorporation, the Company accrued employees' compensation and the remuneration of directors at a rate of no less than 3% and no more than 1.5%, respectively, of net profit before income tax, employees' compensation and directors' remuneration. In accordance with the amendments to the Securities and Exchange Act in August 2024, the shareholders of the Company resolved the amendments to the Company's Articles at their 2025 regular meeting. The amendments explicitly stipulate that 50% of employees' compensation shall be allocated as compensation distributions for non-executive employees. The employees' compensation and remuneration of directors for the year ended December 31, 2025 and 2024, which was approved by the Company's board of directors on March 11, 2026 and March 12, 2025, were as follows:

Accrual rate

	For the Year Ended December 31
	2025	2024
Employees' compensation	3%	3%
Remuneration of directors	0.36%	0.58%
Amount
	For the Year Ended December 31
	2025	2024
Employees' compensation - cash	$ 201,902	$ 123,456
Remuneration of directors - cash	24,000	24,000

If there is a change in the amounts after the annual standalone financial statements are authorized for issue, the differences are recorded as a change in the accounting estimate.

There was no difference between the actual amounts of employees' compensation paid and the remuneration of directors and the amounts recognized in the standalone financial statements for the year ended December 31, 2024 and 2023.

Information on the compensation of employees and remuneration of directors resolved by the Company’s board of directors is available at the Market Observation Post System website of the Taiwan Stock Exchange.

25. INCOME TAX

a. Income tax recognized in profit or loss

Major components of income tax expense (benefit) are as follows:

	For the Year Ended December 31
	2025	2024
Current tax
In respect of the current year	$ 24,129	$ 222,822
Income tax on unappropriated earnings	-	98,063
Adjustments for prior years	(24,454)	14,692
	(325)	335,577
Deferred tax
In respect of the current year	(171,267)	93,877
Income tax expense (benefit) recognized in profit or loss	$ (171,592)	$ 429,454

The reconciliation of accounting profit and income tax expense (benefit) is as follows:

	For the Year Ended December 31
	2025	2024
Profit before tax	$ 6,504,171	$ 3,967,736
Income tax expense calculated at the statutory rate	$ 1,300,834	$ 793,547
Unrealized gain on investments	(1,297,942)	(484,535)
Adjustments for prior years	(24,454)	14,692
Income tax on unappropriated earnings	-	98,063
Unrecognized deductible (additional) temporary differences	1,764	(2,228)
Capital reduction of investee companies to offset losses	(177,693)	-
Differences in withholding tax on foreign income	24,128	-
Controlled foreign corporation tax liability	1,771	9,915
Income tax expense (benefit) recognized in profit or loss	$ (171,592)	$ 429,454

b. Income tax recognized in other comprehensive income

	For the Year Ended December 31
	2025	2024
Deferred tax
Recognized for the year
Cash flow hedge	$ (2,283)	$ -
Remeasurement of defined benefit plans	(2,580)	(10,165)
	$ (4,863)	$ (10,165)

c. Current tax assets and liabilities

	December 31
	2025	2024
Current tax assets
Tax refund receivable	$ 112,625	$ -
Current tax liabilities
Income tax payable	$ -	$ 126,097

d. Deferred tax assets and liabilities

The movements of deferred tax assets and deferred tax liabilities were as follows:

For the year ended December 31, 2025

Deferred Tax Assets	Opening Balance	Recognized in Profit or Loss	Recognized at in Other Comprehensive Income	Closing Balance
Temporary differences
Difference between tax reporting and financial reporting - depreciation expenses	$ 12,024	$ 292	$ -	$ 12,316
Unrealized gross profit on sales	148,881	22,397	-	171,278
Defined benefit obligations	436	-	(436)	-
Unrealized loss on inventories	52,345	(2,867)	-	49,478
Payables for annual leave	2,536	-	-	2,536
Unallocated fixed manufacturing costs	7,478	(1,236)	-	6,242
Unrealized loss on financial liabilities	19,003	(12,416)	-	6,587
	242,703	6,170	(436)	248,437
Tax losses	-	123,966	-	123,966
	$ 242,703	$ 130,136	$ (436)	$ 372,403
Deferred Tax Liabilities
Temporary differences
Hedging instruments	$ -	$ -	$ 2,283	$ 2,283
Unrealized exchange gains	43,147	(41,601)	-	1,546
Unrealized gain or loss on financial instrument	4	153	-	157
Net defined benefit assets	37,449	317	2,144	39,910
	$ 80,600	$ (41,131)	$ 4,427	$ 43,896

For the year ended December 31, 2024

Deferred Tax Assets	Opening Balance	Recognized in Profit or Loss	Recognized at in Other Comprehensive Income	Closing Balance
Temporary differences
Difference between tax reporting and financial reporting - depreciation expenses	$ 15,161	$ (3,137)	$ -	$ 12,024
Unrealized gross profit on sales	197,044	(48,163)	-	148,881
Defined benefit obligations	10,601	-	(10,165)	436
Unrealized loss on inventories	43,540	8,805	-	52,345
Payables for annual leave	2,536	-	-	2,536
Unallocated fixed manufacturing costs	4,763	2,715	-	7,478
Unrealized exchange losses	46,597	(46,597)	-	-
Unrealized loss on financial liabilities	-	19,003	-	19,003
	$ 320,242	$ (67,374)	$ (10,165)	$ 242,703
				(Continued)

51 -

Deferred Tax Liabilities	Opening Balance	Recognized in Profit or Loss	Recognized at in Other Comprehensive Income	Closing Balance
Temporary differences
Unrealized exchange gains	$ -	$ 43,147	$ -	$ 43,147
Unrealized gain or loss on financial instrument	28,389	(28,385)	-	4
Net defined benefit assets	25,708	11,741	-	37,449
	$ 54,097	$ 26,503	$ -	$ 80,600
				(Concluded)

e. Deductible temporary differences for which no deferred tax assets have been recognized in the parent company only balance sheets

	December 31
	2025	2024
Deductible temporary differences	$ 33,712	$ 28,844

f. Aggregate amount of temporary differences associated with investments for which deferred tax liabilities have not been recognized

The Company determined that the unappropriated earnings of overseas subsidiaries would be reinvested permanently for the continuous expansion of the scale of operations and to support the needs for operating funds of overseas subsidiaries (the unappropriated earnings as of December 31, 2025 were approved by the Company's board of directors on March 11, 2026). As a result, no deferred tax liability has been recognized on the related investment income recognized under the equity method.

As of December 31, 2025 and 2024, the taxable temporary differences associated with investments in subsidiaries for which no deferred tax liabilities have been recognized were NT$37,543,698 thousand and NT$29,897,992 thousand, respectively.

g. Income tax assessments

The tax returns through 2023 have been assessed by the tax authorities.

26. EARNINGS PER SHARE

The earnings and weighted average number of ordinary shares outstanding used in the computation of earnings per share were as follows:

	For the Year Ended December 31
	2025	2024
Net profit for the year	$ 6,675,763	$ 3,538,282

Number of Shares

Unit: In Thousands of Shares

	For the Year Ended December 31
	2025	2024
Weighted average number of ordinary shares used in the computation of basic earnings per share	2,319,979	2,309,943
Effect of potentially dilutive ordinary shares: Employees’ compensation	6,159	5,093
Weighted average number of ordinary shares used in the computation of diluted earnings per share	2,326,138	2,315,036

The Company offered to settle compensation paid to employees in cash or shares, therefore, the Company assumed the entire amount of the compensation will be settled in shares and the resulting potential shares were included in the weighted average number of shares outstanding used in the computation of diluted earnings per share, as the effect is dilutive. Such dilutive effect of the potential shares is included in the computation of diluted earnings per share until the shareholders resolve the number of shares to be distributed to employees in their meeting in the following year.

27. PARTIAL ACQUISITION OF SUBSIDIARIES - WITHOUT LOSS OF CONTROL

For details about the partial acquisition of subsidiaries, refer to Note 32 to the Company’s consolidated financial statements for the year ended December 31, 2025.

28. CAPITAL MANAGEMENT

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The Company’s overall strategy remains unchanged for 2025 and 2024.

The capital structure of the Company consists of net debt and equity of the Company.

Key management personnel of the Company review the capital structure on a quarterly basis. As part of this review, the key management personnel consider the cost of capital and the risks associated with each class of capital. Based on recommendations of the key management personnel, in order to improve the Company’s earnings and manage the overall capital structure, the Company may adjust the amount of dividends paid to shareholders or existing debt redeemed and invested in financial instruments.

29. FINANCIAL INSTRUMENTS

a. Fair value of financial instruments not measured at fair value

The carrying amounts of the Company’s financial instruments that are not measured at fair value, such as cash and cash equivalents, accounts receivable, other receivables, financial assets at amortized cost, bank borrowings, accounts payable and other payables approximate their fair values.

b. Fair value of financial instruments measured at fair value on a recurring basis

1) Fair value hierarchy

December 31, 2025

	Level 1	Level 2	Level 3	Total
Financial assets at FVTPL Derivatives	$ -	$ 731	$ -	$ 731
Mutual funds	50,484	-	-	50,484
	$ 50,484	$ 731	$ -	$ 51,215
Financial assets at FVTOCI Domestic unlisted shares	$ -	$ -	$ 27,152	$ 27,152
Financial assets for hedging Derivatives	$ -	$ 30,935	$ -	$ 30,935
Financial liability at FVTPL Derivatives	$ -	$ 32,935	$ -	$ 32,935
December 31, 2024
	Level 1	Level 2	Level 3	Total
Financial assets at FVTPL Derivatives	$ -	$ 19	$ -	$ 19
Mutual funds	50,953	-	-	50,953
	$ 50,953	$ 19	$ -	$ 50,972
Financial assets at FVTOCI Domestic unlisted shares	$ -	$ -	$ 27,152	$ 27,152
Financial liability at FVTPL Derivatives	$ -	$ 93,145	$ -	$ 93,145

There were no transfers between Levels 1 and 2 in the current and prior periods.

2) Valuation techniques and inputs applied for the purpose of Level 2 fair value measurement

The fair value measurement of foreign exchange forward contracts and cross-currency swap contracts are based on the exchange rate quotations and corresponding yield curves.

c. Categories of financial instruments

	December 31
	2025	2024
Financial assets
Financial assets at FVTPL
Held for trading	$ 731	$ 19
Mandatorily classified as at FVTPL	50,484	50,953
Financial assets for hedging	30,935	-
Financial assets at amortized cost (Note 1)	5,670,082	12,759,121
Financial assets at FVTOCI	27,152	27,152
Financial liabilities
Financial liabilities at FVTPL
Held for trading	32,935	93,145
Financial liabilities at amortized cost (Note 2)	9,652,919	19,119,403

Note 1: The balances include financial assets at amortized cost, which comprise cash and cash equivalents, notes receivable, accounts receivable (related parties included), other receivables (related parties included) and financial assets at amortized cost (current assets and non-current assets included).

Note 2: The balances include financial liabilities at amortized cost, which comprise short-term loans, notes payable, accounts payable, other payables and long-term loans (long-term loans due in one year included).

d. Financial risk management objectives and policies

The Company's major financial instruments include equity investments, accounts receivable, accounts payable and borrowings. The Company's corporate treasury function provides services to the business, coordinates access to domestic and international financial markets, and monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze exposures by degree and magnitude of risks. These risks are market risk (including foreign currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The Company sought to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives was governed by the Company's policies approved by the board of directors, which provided written principles on foreign currency risk, interest rate risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits was reviewed by the internal auditors on a continuous basis. The Company did not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

1) Market risk

The Company's activities exposed itself primarily to the financial risks of changes in foreign currency exchange rates (refer to (a) below), interest rates (refer to (b) below) and other price risks (refer to (c) below).

There has been no change to the Company's exposure to market risks or the manner in which these risks were managed and measured.

55 -

a) Foreign currency risk

The Company has foreign currency sales and purchases, which exposes the Company to foreign currency risk. Exchange rate exposures were managed within approved policy parameters utilizing foreign exchange forward contracts.

The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are set out in Note 33.

Sensitivity analysis

The Company was mainly exposed to the USD.

The following table details the Company’s sensitivity to an increase and decrease in the functional currency against the relevant foreign currencies. A positive number below indicates an increase in pre-tax profit associated with the functional currency strengthening 1% against the relevant currency. For a 1% weakening of the functional currency against the relevant currency, there would be an equal and opposite impact on pre-tax profit, and the balances below would be negative.

USD Impact
For the Year Ended December 31
2025 (Note)	2024
Profit or loss	$ 16,000	$ 69,237

Note: The effect of the USD for the year ended December 31, 2025 has excluded the short-term borrowings, US$16,000 thousand, hedged by the cross-currency and interest rate swap financial instruments.

This was mainly attributable to the exposure of outstanding cash and cash equivalents and receivables denominated in USD which were not hedged at the balance sheet date.

The Company’s sensitivity to foreign currency decreased during the current period due to the decrease of the US dollar denominated asset. The management believes that the sensitivity analysis cannot represent the inherent risk of the exchange rate because the foreign currency risk at the balance sheet date cannot be reflected on the interim period that the sales in US dollar will vary with orders and asset investment position.

Hedge accounting-For the year ended December 31, 2025

Cross-currency swap contracts

The Company’s hedging strategy is to enter into cross-currency swap contracts to hedge against fair value interest rate risk and cash flow fluctuating risks arising from changes in market interest rates and exchange rates of outstanding floating rates and foreign currency denominated borrowings.

The source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Company’s own credit risk on the fair value of the cross-currency swap contracts, which is not reflected in the fair value of the hedged item attributable to changes in foreign exchange rates. No other sources of ineffectiveness is expected to emerge from these hedging relationships.

The information of cross-currency swap contracts was as follows:

December 31, 2025

Designated Hedging Instruments					Carrying Amount
Financial instruments designated as the hedging instruments	Fair value	Period in which cash outflow is expected to be generated	Related gains and losses expected during the period of recognition of the income statement	Balance Sheet	Asset
Cross-currency swap	$ 30,935	2025.5.7-2026.2.9	2025.5.7-2026.2.9	Financial Assets for hedging	$ 30,935

Transaction terms and conditions are stated as follows:

i. Notional principal: USD$16,000 thousand.
ii. Swap the interest each month, with the fixed interest 0.5%, paid by the Company and the swap interest rate as 5.1%.
iii. Upon expiration, the Company subscribed for USD$16,000 thousand (USD1: NTD30.21) to repay the loan denominated in foreign currency. The expiration date is February 9, 2026.

Hedged Items	Change in Fair Value Used for Calculating Hedge Ineffectiveness	Change in Value Used for Calculating Hedge Ineffectiveness	Accumulated Gains or Losses on Hedging Instruments in Other Equity
			Continuing Hedges	Hedge Accounting No Longer Applied
Cash flow hedge Cross-currency swap	$ 19,056	$ (19,056)	$ 19,056	$ -

For the year ended December 31, 2025

Comprehensive Income	Hedging Gains (Losses) Recognized in OCI	Amount Reclassified to P/L and the Adjusted Line Item
		Due to Hedged Item Affecting P/L	Due to Hedged Future Cash Flows No Longer Expected to Occur
Cash flow hedge Fluctuations of interest of loan	$ 11,415	$ 7,641	$ -

b) Interest rate risk

The Company was exposed to interest rate risk because the Company borrowed funds at both fixed and floating interest rates. The risk is managed by the Company through maintaining an appropriate mix of fixed and floating rate borrowings.

The carrying amounts of the Company’s financial assets and financial liabilities with exposure to interest rates at the end of the reporting period were as follows:

	December 31
	2025	2024
Fair value interest rate risk
Financial assets	$ 1,776,953	$ 1,718,981
Financial liabilities	49,045	62,533
Cash flow interest rate risk
Financial assets	3,226,069	1,601,675
Financial liabilities	8,516,612	18,077,943

Sensitivity analysis

The sensitivity analysis below was determined based on the Company’s exposure to interest rates for both derivative and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis was prepared assuming the amount of each liability outstanding at the end of the reporting period was outstanding for the whole year.

If interest rates had been 1% higher or lower with all other variables were held constant, the Company’s pre-tax profit for the years ended December 31, 2025 and 2024 would decrease/increase by NT$52,905 thousand and NT$164,763 thousand, showing no significant changes between the two years.

2) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Company. As at the end of the reporting period, the Company’s maximum exposure to credit risk, which would cause a financial loss to the Company due to the failure of counterparties to discharge an obligation and financial guarantees provided by the Company, could arise from:

a) The carrying amount of the respective recognized financial assets as stated in the parent company only balance sheets; and
b) The maximum amount the entity would have to pay if the financial guarantee is called upon, irrespective of the likelihood of the guarantee being exercised.

Apart from subsidiary TCI, which is the largest customer, the Company did not have significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The remaining accounts receivable consisted of a large number of customers which are spread across diverse industries and geographical areas. Ongoing credit evaluations are performed on the financial condition of customers with accounts receivable.

3) Liquidity risk

The Company manages liquidity risk by monitoring and maintaining a level of cash and cash equivalents deemed adequate to finance the Company’s operations and mitigate the effects of fluctuations in cash flows. In addition, management monitors the utilization of bank borrowings and ensures compliance with loan covenants.

The Company relies on bank borrowings as a significant source of liquidity. As of December 31, 2025 and 2024, the Company had available unutilized short-term bank loan facilities set out in (C) below.

a) Liquidity and interest rate risk table for non-derivative financial liabilities

The following table details the Company's remaining contractual maturities for its non-derivative financial liabilities with agreed repayment periods. The table was drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Company can be required to pay. The table included both interest and principal cash flows. Specifically, bank loans with a repayment on demand clause were included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities were based on the agreed repayment dates.

To the extent that interest rates are floating, the undiscounted amount was derived from the interest rate curve at the end of the reporting period.

December 31, 2025

	On Demand or Less than 1 Year	More than 1 Year
Non-derivative financial liabilities
Non-interest bearing liabilities	$ 1,136,307	$ -
Lease liabilities	18,875	32,498
Floating interest rate bank loans	5,976,965	2,737,961
Financial guarantee contracts	1,776,579	-
	$ 8,908,726	$ 2,770,459

Additional information about the maturity analysis for lease liabilities:

	Less than 1 Year	1-5 Years	5+ Years
Lease liabilities	$ 18,875	$ 30,162	$ 2,336
December 31, 2024
	On Demand or Less than 1 Year		More than 1 Year
Non-derivative financial liabilities
Non-interest bearing liabilities	$ 1,041,460		$ -
Lease liabilities	40,768		22,935
Floating interest rate bank loans	8,080,996		10,761,318
Financial guarantee contracts	1,422,063		-
	$ 10,585,287		$ 10,784,253

Additional information about the maturity analysis for lease liabilities:

	Less than 1 Year	1-5 Years	5+ Years
Lease liabilities	$ 40,768	$ 22,544	$ 391

b) Liquidity and interest rate risk table for derivative financial liabilities

The following table details the Company’s liquidity analysis for its derivative financial instruments. The table was based on the undiscounted contractual net cash inflows and outflows on derivative instruments that were settled on a net basis. When the amount payable or receivable was not fixed, the amount disclosed was determined by reference to the projected interest rates as illustrated by the yield curves at the end of the reporting period.

c) Financing facilities

	December 31
	2025	2024
Unsecured bank loan facilities, reviewed annually:
Amount used	$ 4,437,528	$ 7,942,944
Amount unused	7,579,472	11,677,056
	$ 12,017,000	$ 19,620,000
Secured bank loan facilities which may be extended by mutual agreement:
Amount used	$ 4,090,316	$ 10,151,847
Amount unused	14,693,684	8,032,153
	$ 18,784,000	$ 18,184,000

30. TRANSACTIONS WITH RELATED PARTIES

Details of transactions between the Company and related parties are disclosed below.

a. The names of the related parties and their relationships with the Company

Related Party Name	Relationship
Ta Chen International, Inc. (TCI)	Subsidiary
Empire Resources, Inc. (ERI)	Subsidiary
Right Way Industrial Co., Ltd. (Right Way)	Subsidiary
TMCT Product, Inc. (TMCT)	Subsidiary
TCI Texarkana Inc. (TKA)	Subsidiary
Ta Chen (Boye) Co., Ltd.	Subsidiary (Note)
Wei Mei Roller Blind Co., Ltd. (Wei Mei)	Subsidiary
Wei Mei Hsin Shu Interior Decoration Co., Ltd. (Wei Mei Hsin Shu)	Subsidiary
Ta Chen Lung Mei Home Life Co., Ltd. (Lung Mei)	Subsidiary
Ou Bo Hua Company	Related party in substance
Ying Lun Investment Co., Ltd.	Related party in substance
Brighton-Best International (Taiwan) Inc. (BBI-TW)	Subsidiary
Ta Chen Empire Co., Ltd. (TCE)	Subsidiary

Note: The company's subsidiary, Ta Chen BVI, sold 100% of the shares of Ta Chen (Boye) Co., Ltd. to an unrelated party in July 2025.

b. Sales of goods

Line Item	Related Party Category/Name	For the Year Ended December 31
		2025	2024
Revenue from sales of goods	Subsidiaries
	TCI	$ 8,699,050	$ 8,421,866
	Other	87,189	94,795
		$ 8,786,239	$ 8,516,661

1) Transaction prices

a) The prices of goods sold to the U.S. were determined in consideration of both local market prices in the U.S. and related operating costs of subsidiaries. There are no similar transactions for the prices on goods sold to the U.S.

b) The prices of items sold to subsidiaries in Taiwan do not have similar transactions to which they can be compared.

2) Collection terms

For sales to subsidiaries, collections were 6 months after sales. As for unrelated parties, collection term is 3 months for domestic sales and 1 to 3 months for export sales.

c. Purchases of goods

Related Party Category	For the Year Ended December 31
	2025	2024
Subsidiaries	$ 55,419	$ 61,081

1) Transaction prices

The items and prices of the purchases from related parties do not have similar transactions to which they can be compared.

2) Payment terms

The Company's payment terms to subsidiaries are 1 to 3 months (depending on transaction terms); and the payment terms for third parties are 1 to 3 months.

d. Receivables from related parties (excluding loans to related parties)

Line Item	Related Party Category/Name	December 31
		2025	2024
Accounts receivables from related parties	Subsidiaries
	TCI	$ 464,821	$ 5,997,127
	Other	7,701	12,419
		$ 472,522	$ 6,009,546
Other receivables from related parties	Subsidiaries	$ 1,304	$ 2,595

The outstanding accounts receivable from related parties are unsecured for the years ended December 31, 2025 and 2024. No impairment loss was recognized for receivables from related parties for the years ended December 31, 2025 and 2024.

e. Payables to related parties

Line Item	Related Party Category	December 31
		2025	2024
Accounts payable	Subsidiaries	$ -	$ 6,910
Other payable	Subsidiaries	$ 301	$ -

The outstanding accounts payable to related parties are unsecured.

f. Refundable deposits

Line Item	Related Party Category	December 31
		2025	2024
Financial assets at amortized cost - non-current	Related parties in substance	$ 1,360	$ 1,760

g. Lease arrangements - the Company is lessee

The Company entered into a contract with its subsidiary and related parties to lease Plant, Taipei office space, two dormitory locations in Tainan and one car in total, with the lease term of 1 year. The rental is based on similar assets' market rental rates, which are paid monthly.

Lease expenses included expenses relating to short-term leases, low-value asset leases and variable lease payments that do not depend on an index or a rate. Future lease payables related to short-term leases and low-value asset leases are as follows:

	December 31
	2025	2024
Future lease payables	$ 12,788	$ 12,788

62 -

Related Party Category	For the Year Ended December 31
	2025	2024
Lease expense
Subsidiaries	$ 17,143	$ 17,143
Related parties in substance	9,270	11,046
	$ 26,413	$ 28,189

h. Lease arrangements - the Company is lessor

Lease arrangements - the Company is lessor under operating leases

The Company entered into a contract with its subsidiaries to rent out office space and system cabinet equipment, with lease terms ranging from 1 to 5 years. The rental is based on the market rental rates of similar properties. Lease income was as follows:

Related Party Category/Name	December 31
	2025	2024
Subsidiaries
Right way	$ 14,400	$ 14,400
Other	3,461	3,651
	$ 17,861	$ 18,051

Future lease payments receivable are as follows:

Related Party Category/Name	December 31
	2025	2024
Subsidiaries
Right way	$ 14,400	$ 14,400
Other	1,732	2,018
	$ 16,132	$ 16,418

i. Loans to related parties (including principal and interest)

Related Party Category/Name	December 31
	2025	2024
Subsidiaries
TKA	$ -	$ 3,048,179
Lung Mei	-	200,300
	$ -	$ 3,248,479

Interest income

Related Party Category/Name	For the Year Ended December 31
	2025	2024
Subsidiaries
TKA	$ 48,108	$ 159,793
Lung Mei	716	3,668
Wei Mei	-	1,272
	$ 48,824	$ 164,733

The Company provided unsecured short-term loans to the above subsidiaries with interest rates ranging from 1.8%-5.46% on December 31, 2024.

j. Endorsements and guarantees

Refer to Table 3 for information regarding endorsements and guarantees provided by the Company.

k. Other transactions with related parties

1) Information service income

The Company authorized its subsidiaries to use the information system and provided assistance to maintain the system. The information service income, included in other income, were both NT$960 thousand for the years ended December 31, 2025 and 2024.

2) Management service income

The Company supports its subsidiaries in operational activities and charges management service fees.

The management service income included in other income was as follows:

Related Party Category/Name	For the Year Ended December 31
	2025	2024
Subsidiaries
TCI	$ 155,575	$ -
Other	1,920	1,920
	$ 157,495	$ 1,920

l. Remuneration of key management personnel

	For the Year Ended December 31
	2025	2024
Short-term employee benefits	$ 59,536	$ 57,694
Post-employment benefits	(211)	322
	$ 59,325	$ 58,016

The remuneration of directors and key executives was determined by the remuneration committee based on the performance of individuals.

64 -

31. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The following assets were provided as collateral for bank borrowings:

	December 31
	2025	2024
Financial assets at amortized cost (pledged time deposits and reserve account)	$ 788,893	$ 991,922
Property, plant and equipment, net	2,062,979	2,090,662
Investment properties	61,842	63,742
Investment accounted for using the equity method (shares of BBI-TW)	473,391	1,475,819
	$ 3,387,105	$ 4,622,145

32. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

In addition to those disclosed in other notes, significant commitments and contingencies of the Company as of December 31, 2025 and 2024 were as follows:

a. Unused letters of credit for purchases of raw materials were as follows:

	December 31
	2025	2024
Unused letters of credit for purchases of raw materials	$ 263,414	$ 319,270

b. Unrecognized commitments were as follows:

	December 31
	2025	2024
Acquisition of property, plant and equipment	$ 57,995	$ 142,522

c. The Company's provision of endorsement and guarantee to the subsidiaries for bank borrowings were as follows:

	December 31
	2025	2024
Amount endorsed and guaranteed	$ 3,577,632	$ 3,960,334
Amount utilized	$ 1,776,579	$ 1,422,063

33. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The Company’s significant financial assets and liabilities denominated in foreign currencies aggregated by the foreign currencies other than functional currencies and the related exchange rates between the foreign currencies and the respective functional currencies were as follows:

December 31, 2025

| | Foreign Currency
(In Thousands) | Exchange Rate | Carrying Amount
(In Thousands) |
| --- | --- | --- | --- |
| Financial assets | | | |
| Monetary items
USD | $ 51,377 | 31.43 | $ 1,614,780 |
| Non-monetary items
Investment accounted for
using the equity method
USD | 1,987,579 | 31.43 | 62,473,206 |
| Financial liabilities | | | |
| Monetary items
USD | 16,469 | 31.43 | 517,623 |
| December 31, 2024 | | | |
| | Foreign Currency
(In Thousands) | Exchange Rate | Carrying Amount
(In Thousands) |
| Financial assets | | | |
| Monetary items
USD | $ 211,199 | 32.785 | $ 6,924,173 |
| Non-monetary items
Investment accounted for
using the equity method
USD | 1,801,974 | 32.785 | 59,077,702 |
| Financial liabilities | | | |
| Monetary items
USD | 15 | 32.785 | 493 |

The above carrying amounts of investments in subsidiaries accounted for under the equity method in New Taiwan dollars are before deducting unrealized gains and differences in buyer's tax rates.

65 -

The significant realized and unrealized foreign exchange gains (losses) were as follows:

Foreign Currency	2025		2024
	Exchange Rate	Net Foreign Exchange Gain (Loss)	Exchange Rate	Net Foreign Exchange Gain (Loss)
USD	31.180 (USD:NTD)	$ (990,945)	32.112 (USD:NTD)	$ 798,873
EUR	35.176 (EUR:NTD)	1,171	34.74 (EUR:NTD)	241
GBP	41.062 (GBP:NTD)	(50)	41.05 (GBP:NTD)	28
		$ (989,824)		$ 799,142

34. SEPARATELY DISCLOSED ITEMS

a. Information about significant transactions:

1) Financing provided to others (Table 2)
2) Endorsements/guarantees provided (Table 3)
3) Significant marketable securities held (excluding investments in subsidiaries, associates and joint ventures) (Table 4)
4) Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 5)
5) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital (Table 6)

b. Information on investees (Table 7)

c. Information on investments in mainland China

1) Information on any investee company in mainland China, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, ownership percentage, net income of investees, investment income or loss, carrying amount of the investment at the end of the period, repatriations of investment income, and limit on the amount of investment in the mainland China area (Table 8)

2) Any of the following significant transactions with investee companies in mainland China, either directly or indirectly through a third party, and their prices, payment terms, and unrealized gains or losses (Tables 2, 3, 5, 7 and 8):

a) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the year
b) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the year
c) The amount of property transactions and the amount of the resultant gains or losses
d) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the year and the purposes

e) The highest balance, the ending balance, the interest rate range, and total current period interest with respect to the financing of funds

f) Other transactions that have a material effect on the profit or loss for the year or on the financial position, such as the rendering or receipt of services

67 -

TABLE 1

Ta Chen Stainless Pipe Co., Ltd.

MOVEMENTS OF PROPERTY, PLANT AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)

	Land	Land Improvements	Buildings	Machinery Equipment	Electrical Equipment	Transportation Equipment	Office Equipment	Molding Equipment	Leasehold Improvements	Other Equipment	Equipment under installation and Construction in Progress	Total
Cost
Balance on January 1, 2024	$ 2,520,101	$ 92,987	$ 1,351,393	$ 2,894,604	$ 342,491	$ 126,091	$ 20,568	$ 232,628	$ 90,343	$ 224,832	$ 467,254	$ 8,363,292
Additions	-	740	598	21,551	-	5,434	-	-	-	25,158	80,726	134,207
Disposals	-	-	(35,143)	(7,246)	-	(6,754)	-	(5,763)	-	(3,845)	-	(58,751)
Reclassifications	-	-	-	5,636	-	-	-	-	-	-	-	5,636
Balance on December 31, 2024	$ 2,520,101	$ 93,727	$ 1,316,848	$ 2,914,545	$ 342,491	$ 124,771	$ 20,568	$ 226,865	$ 90,343	$ 246,145	$ 547,980	$ 8,444,384
Accumulated Depreciation and Impairment
Balance on January 1, 2024	$ -	$ 48,337	$ 603,219	$ 2,346,673	$ 236,866	$ 91,495	$ 19,283	$ 228,781	$ 86,396	$ 125,382	$ -	$ 3,786,432
Depreciation expenses	-	4,364	83,875	89,318	18,810	11,863	1,206	2,204	1,259	18,864	-	231,763
Disposals	-	-	(35,144)	(7,246)	-	(5,592)	-	(5,763)	-	(3,845)	-	(57,590)
Balance on December 31, 2024	$ -	$ 52,701	$ 651,950	$ 2,428,745	$ 255,676	$ 97,766	$ 20,489	$ 225,222	$ 87,655	$ 140,401	$ -	$ 3,960,605
Carrying amount on December 31, 2024	$ 2,520,101	$ 41,026	$ 664,898	$ 485,800	$ 86,815	$ 27,005	$ 79	$ 1,643	$ 2,688	$ 105,744	$ 547,980	$ 4,483,779
Cost
Balance on January 1, 2025	$ 2,520,101	$ 93,727	$ 1,316,848	$ 2,914,545	$ 342,491	$ 124,771	$ 20,568	$ 226,865	$ 90,343	$ 246,145	$ 547,980	$ 8,444,384
Additions	-	370	18,217	37,175	4,510	2,010	-	8,113	1,410	8,333	201,594	281,732
Disposals	-	-	(308)	(80,418)	(77)	(5,620)	(4,326)	(4,140)	(2,195)	(2,851)	-	(99,935)
Reclassifications	-	-	472,094	79,636	61,823	-	-	-	-	-	(533,917)	79,636
Balance on December 31, 2025	$ 2,520,101	$ 94,097	$ 1,806,851	$ 2,950,938	$ 408,747	$ 121,161	$ 16,242	$ 230,838	$ 89,558	$ 251,627	$ 215,657	$ 8,705,817
Accumulated Depreciation and Impairment
Balance on January 1, 2025	$ -	$ 52,701	$ 651,950	$ 2,428,745	$ 255,676	$ 97,766	$ 20,489	$ 225,222	$ 87,655	$ 140,401	$ -	$ 3,960,605
Depreciation expenses	-	4,485	63,556	98,148	19,362	9,819	79	1,454	1,310	18,875	-	217,088
Disposals	-	-	(308)	(80,418)	(77)	(4,308)	(4,326)	(4,140)	(2,195)	(2,851)	-	(98,623)
Balance on December 31, 2025	$ -	$ 57,186	$ 715,198	$ 2,446,475	$ 274,961	$ 103,277	$ 16,242	$ 222,536	$ 86,770	$ 156,425	$ -	$ 4,079,070
Carrying amount on December 31, 2025	$ 2,520,101	$ 36,911	$ 1,091,653	$ 504,463	$ 133,786	$ 17,884	$ -	$ 8,302	$ 2,788	$ 95,202	$ 215,657	$ 4,626,747

TABLE 2

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

FINANCING PROVIDED TO OTHERS

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

No.	Leader	Borrower	Financial Statement Account	Related Party	Highest Balance for the Period	Ending Balance	Actual Amount Borrowed	Interest Rate (%)	Nature of Financing (Note 2)	Business Transaction Amount	Reasons for Short-term Financing	Allowance for Impairment Loss	Collected		Financing Limit for Each Borrower (Note 1)	Aggregate Financing Limit (Note 1)
													Item	Value
8	The Company	Ta Chen Long Mei Heme Lih Co., Ltd.	Other receivables from related parties	Y	$ 200,000	$ -	$ -	-	2	$ -	Operating capital	$ -	None	$ -	$ 7,504,390	$ 30,017,558
		TCI Treachana, Inc.	Other receivables from related parties	Y	4,870,500	-	-	-	2	-	Operating capital	-	None	-	7,504,390	30,017,558
1	Brighton-Hent International (Taiwan) Inc.	Brighton-Hent International (NZ), Limited	Other receivables from related parties	Y	19,959	19,959	19,959	Note 3	24,817	-	-	None	-	24,817	11,163,335
		Brighton-Hent International (AU), Pty Ltd.	Other receivables from related parties	Y	466,485	384,897	384,897	Note 3	1	490,521	-	-	None	-	490,521	11,163,335
		Brighton-Hent International (Brazil), Comércio De Pumbuso Ltda.	Other receivables from related parties	Y	36,261	29,836	29,836	Note 3	1	36,367	-	-	None	-	36,367	11,219,917
		Brighton-Hent International (UK), Limited	Other receivables from related parties	Y	124,043	122,757	122,757	Note 3	2	-	Operating capital	-	None	-	5,315,815	10,631,630
2	Brighton-Hent International (AU), Pty Ltd.	Brighton-Hent International (AU), Pty Limited	Other receivables from related parties	Y	41,620	-	-	Note 3	2	-	Operating capital	-	None	-	5,315,815	10,631,630
		Brighton-Hent International (Brazil), Comércio De Pumbuso Ltda.	Other receivables from related parties	Y	166,025	141,435	141,435	-	2	-	Operating capital	-	None	-	5,577,236	7,154,471
		Brighton-Hent International (UK), Inc.	Other receivables from related parties	Y	83,913	-	-	-	2	-	Operating capital	-	None	-	5,577,236	7,154,471
3	Brighton-Hent International (AU), Pty Ltd.	Brighton-Hent International (NZ), Limited	Other receivables from related parties	Y	72,035	69,335	46,000	-	2	-	Operating capital	-	None	-	168,283	336,567
4	Hapac Technology Co., Ltd.	Nozi Guang Enterprise Co., Ltd.	Other receivables from related parties	Y	44,000	-	-	1.50%	2	-	Operating capital	-	None	-	45,873	91,745
5	Shie Shin Enterprise Co., Ltd.	Nozi Guang Enterprise Co., Ltd.	Other receivables from related parties	Y	32,000	32,000	32,000	1.50%	2	-	Operating capital	-	None	-	71,527	143,055
6	Right way industrial Co., Ltd.	Right Way Industrial (Malaysia) Sdn Bhd.	Other receivables from related parties	Y	49,000	47,145	47,145	5.00%	-	106,595	-	-	None	-	106,595	1,116,743
7	Ta Chen Empire Co., Ltd. (TCE)	Brighton-Hent International (Taiwan) Inc.	Other receivables from related parties	Y	500,000	500,000	500,000	1.85%	2	-	Operating capital	-	None	-	736,587	1,473,174
		Nozi Guang Enterprise Co., Ltd.	Other receivables from related parties	Y	60,000	60,000	45,000	1.85%	2	-	Operating capital	-	None	-	736,587	1,473,174
7	Empire Resources, Inc.	Ta Chen International, Inc.	Other receivables from related parties	Y	2,753,400	2,753,400	2,753,400	-	2	-	Operating capital	-	None	-	5,348,365	5,348,365
		Itabuli Metals BVBA	Other receivables from related parties	Y	253,200	-	-	IM SOFR=1.6%	2	-	Operating capital	-	None	-	5,348,365	5,348,365
		Empire Resources (UK) Limited	Other receivables from related parties	Y	226,000	-	-	IM SOFR=1.6%	2	-	Operating capital	-	None	-	5,348,365	5,348,365
8	Ta Chen (Hong Kong) Limited	Ta Chen (Beyo) Co., Ltd.	Other receivables from related parties	Y	144,025	-	-	4.00%	2	-	Operating capital	-	None	-	2,603,990	2,603,990
9	8911 Kelse Drive	Empire Resources, Inc.	Other receivables from related parties	Y	80,655	-	-	-	2	-	Operating capital	-	None	-	Note 4	Note 4

Note 1

Financing Limit for Each Borrower

The Company

Brighton-Hent International (Taiwan) Inc.

Brighton-Hent International (AU), Pty Ltd.

Hapac Technology CO., LTD.

Shie Shin Enterprise Co., Ltd.

Empire Resources, Inc.

Primer Pipe and Tube Holding, Inc.

Ta Chen (Hong Kong) Limited

8911 Kelse Drive

Right Way Industrial Co., Ltd.

The net worth in recently audited financial statements or reviewed financial statements

For business transaction: Recently business transaction amount

For short-term financing: 20% of net worth in recently audited financial statements or reviewed financial statements

20% of net worth in recently audited financial statements or reviewed financial statements

The net worth mentioned above is the total equity attributable to owners of the leader.

Note 2: The nature for financing is as follows:

1) Business transaction
2) The need for short-term financing

Note 3: The interest shall accrue at the average interest rate of borrowings from financial institutions by the Company.

Note 4: The dissolution and liquidation were completed in December 2025.

Aggregate Financing Limit

40% of net worth in recently audited financial statements or reviewed financial statements

For business transaction: Recently business transaction amount plus 48% of net worth in recently audited financial statements or reviewed financial statements

For short-term financing: 40% of net worth in recently audited financial statements or reviewed financial statements

40% of net worth in recently audited financial statements or reviewed financial statements

100% of net worth in recently audited financial statements or reviewed financial statements

1,000% of net worth in recently audited financial statements or reviewed financial statements

1,00% of net worth in recently audited financial statements or reviewed financial statements

100% of net worth in recently audited financial statements or reviewed financial statements

For business transaction: 40% of net worth in recently audited financial statements reviewed financial statements

For short-term financing: 40% of net worth in recently audited financial statements

TABLE 3

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

ENDORSEMENTS/GRANNETES PROVIDED

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated (Microvia)

No.	Endorser/Guarantor	Endorser/Guarantor	Limit on Endorsement/ Guarantor Given on Behalf of Each Party (Notes 1 and 3)	Maximum Amount Endorsed/ Guaranteed During the Period	Outstanding Endorsement/ Guarantor at the End of the Period (Notes 3)	Actual Amount Borrowed	Amount Endorsed/ Guaranteed by Collateral	Ratio of Accumulated Endorsement/ Guarantor to Net Equity in Latest Financial Statements (%)	Aggregate Endorsement/ Guarantor Limit (Note 1)	Endorsement/ Guarantor Given by Parent on Behalf of Subsidiaries	Endorsement/ Guarantor Given by Subsidiaries on Behalf of Parent	Endorsement/ Guarantor Given on Behalf of Companies in Mainland China
Name	Relationship
0	The Company	Empire Resources, Inc.	Sub-subsidiary	$ 150,007,792	$ 181,170	$ -	$ -	$ -	-		Y	N
Ta Chen (Bexei Co., Ltd.	Sub-subsidiary	150,007,792	161,532	-	-	-	-		Y	N	Y
TMCT Products, Inc.	Sub-subsidiary	150,007,792	174,132	174,132	160,802	-	-		Y	N	N
Ta Chen Long Mei Home Life Co., Ltd.	Subsidiary	150,007,792	2,520,000	2,530,000	2,271,397	-	3		Y	N	N
TCT Troubles, Inc.	Sub-subsidiary	150,007,792	913,500	913,500	314,300	-	1		Y	N	N
Wei Mei Hsin Sha Interior Decoration Co., Ltd.	Sub-subsidiary	150,007,792	160,800	160,800	30,000	-	-	$ 150,007,792	Y	N	N
1	Brighton-Best International (Taiwan) Inc.	Brighton-Best International (AU), Pty Ltd.	Subsidiary (100% of ownership)	21,263,260	170,733	170,733	-	-	1		Y	N
Brighton-Best International (NZ), Limited	Subsidiary (100% of ownership)	21,263,260	87,475	83,782	-	-	-	26,579,075	Y	N	N
2	Ta-Chen Empire Co., Ltd.	Hapax Technology Co., Ltd.	Subsidiary	2,946,349	140,000	119,788	119,700	-	3		Y	N
Novi Geong Enterprise Co., Ltd.	Subsidiary (80% of ownership)	2,946,349	190,000	161,500	161,500	-	4	3,602,936	Y	N	N
Novi Geong Enterprise Co., Ltd.	Subsidiary (80% of ownership)	190,000	161,500	161,500	-	4	3,602,936	Y	N	N	N
3	Ta-Chen International, Inc.	Empire Resources Pacific, Ltd.	Sub-subsidiary	119,708,170	29,230,500	29,230,500	15,715,000	-	49		N	N
TCT Investment Group, Inc.	Subsidiary	119,708,170	29,230,500	29,230,500	49	-	49		N	N	N
Empire Resources, Inc.	Subsidiary	119,708,170	29,230,500	29,230,500	15,715,000	-	49		N	N	N
TCT Troubles, Inc.	Subsidiary	119,708,170	29,230,500	29,230,500	15,715,000	-	49		N	N	N
Primes Pipe and Tube Holdings, Inc.	Subsidiary	119,708,170	29,230,500	29,230,500	15,715,000	-	49		N	N	N
Primes Pipe and Tube Inc.	Sub-subsidiary	119,708,170	29,230,500	29,230,500	15,715,000	-	49		N	N	N
Bread Pipe and Tube, Inc.	Sub-subsidiary	119,708,170	29,230,500	29,230,500	15,715,000	-	49		N	N	N
Ta Chen International, Inc.	Parent company	106,967,300	29,230,500	29,230,500	15,715,000	-	547		N	N	N
Empire Resources Pacific, Ltd.	Subsidiary	106,967,300	29,230,500	29,230,500	15,715,000	-	547		N	N	N
4	Empire Resources, Inc.	TCT Investment Group, Inc.	106,967,300	29,230,500	29,230,500	15,715,000	-	547		N	N	N
TCT Investment Group, Inc.	106,967,300	29,230,500	29,230,500	15,715,000	-	547		N	N	N
Bread Pipe and Tube, Inc.	106,967,300	29,230,500	29,230,500	15,715,000	-	547		N	N	N
5	TCT Investment Group, Inc.	Bread Pipe and Tube, Inc.	106,967,300	29,230,500	29,230,500	15,715,000	-	547		106,967,300	N	N
Ta Chen International, Inc.	Parent company	Note 2	29,230,500	29,230,500	15,715,000	-	-		N	N	N
Empire Resources, Inc.	Fellow subsidiaries	Note 2	29,230,500	29,230,500	15,715,000	-	-		N	N	N
Empire Resources, Inc.	Fellow subsidiaries	Note 2	29,230,500	29,230,500	15,715,000	-	-		N	N	N
TCT Troubles, Inc.	Fellow subsidiaries	Note 2	29,230,500	29,230,500	15,715,000	-	-		N	N	N
Primes Pipe and Tube Holdings, Inc.	Fellow subsidiaries	Note 2	29,230,500	29,230,500	15,715,000	-	-		N	N	N
Primes Pipe and Tube, Inc.	Fellow subsidiaries	Note 2	29,230,500	29,230,500	15,715,000	-	-		N	N	N
Bread Pipe and Tube, Inc.	Fellow subsidiaries	Note 2	29,230,500	29,230,500	15,715,000	-	-		Note 2	N	N
Ta Chen International, Inc.	Parent company	81,500,000	29,230,500	29,230,500	15,715,000	-	0,966,411		N	N	N
6	Empire Resources Pacific, Ltd.	TCT Investment Group, Inc.	Fellow subsidiaries	81,500,000	29,230,500	29,230,500	15,715,000	-	0,966,411		N	N
Empire Resources, Inc.	Fellow subsidiaries	81,500,000	29,230,500	29,230,500	15,715,000	-	0,966,411		N	N	N
TCT Troubles, Inc.	Fellow subsidiaries	81,500,000	29,230,500	29,230,500	15,715,000	-	0,966,411		N	N	N
Primes Pipe and Tube Holdings, Inc.	Fellow subsidiaries	81,500,000	29,230,500	29,230,500	15,715,000	-	0,966,411		N	N	N
Primes Pipe and Tube, Inc.	Fellow subsidiaries	81,500,000	29,230,500	29,230,500	15,715,000	-	0,966,411		91,500,000	N	N
Bread Pipe and Tube, Inc.	Fellow subsidiaries	81,500,000	29,230,500	29,230,500	15,715,000	-	991		N	N	N
Ta Chen International, Inc.	Parent company	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
Empire Resources, Inc.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
TCT Investment Group, Inc.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
Empire Resources Pacific, Ltd.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
7	Primes Pipe and Tube Holdings, Inc.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
Fellow Industrial Group, Inc.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
Empire Resources, Inc.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
TCT Investment Group, Inc.	Fellow subsidiaries	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N
Fellow Industrial Group, Inc.	Fellow Industrial Group, Inc.	114,842,420	29,230,500	29,230,500	15,715,000	-	991		N	N	N

(Continued)

71 -

Non1:

Endorsements/Guarantees Limit for Each Borrower

The Company
Brighton Best International (Taiwan) Inc.
Tu Chon Empire Co., Ltd.
Tu Chon International, Inc.
Empire Resources, Inc.
TCI Investment Group, Inc.
Empire Resources Pacific, Ltd.

Primus Pipe and Tube, Inc.
TCI Texarkana, Inc.
Bristol Pipe and Tube, Inc.

Aggregate Endorsements/Guarantees Limit

200% of net worth in recently audited financial statements or reviewed financial statements
10% of net worth in recently audited financial statements or reviewed financial statements
90% of net worth in recently audited financial statements or reviewed financial statements
200% of net worth in recently audited financial statements or reviewed financial statements
2400% of net worth in recently audited financial statements or reviewed financial statements
12,000% of net worth in recently audited financial statements or reviewed financial statements
23,000,000% of net worth in recently audited financial statements or reviewed financial statements

200% of net worth in recently audited financial statements or reviewed financial statements
100% of net worth in recently audited financial statements or reviewed financial statements
100% of net worth in recently audited financial statements or reviewed financial statements
200% of net worth in recently audited financial statements or reviewed financial statements

200% of net worth in recently audited financial statements or reviewed financial statements

Primus Pipe and Tube Holding, Inc.
Primus Pipe and Tube, Inc.
TCI Texarkana, Inc.
Bristol Pipe and Tube, Inc.

90% of net worth in recently audited financial statements or reviewed financial statements
100% of net worth in recently audited financial statements or reviewed financial statements
100% of net worth in recently audited financial statements

200% of net worth in recently audited financial statements

Primus Pipe and Tube, Inc.
TCI Texarkana, Inc.
Bristol Pipe and Tube, Inc.

90% of net worth in recently audited financial statements

Primus Pipe and Tube, Inc.
TCI Texarkana, Inc.
Bristol Pipe and Tube, Inc.

90% of net worth in

TABLE 4

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company	Financial Statement Account	December 31, 2025
				Number of Shares	Carrying Amount	Percentage of Ownership (%)	Fair Value
Brighton-Best International (Taiwan) Inc.	Listed shares - ROC and Emerging market shares
	Tung Mung Development Co., Ltd.	None	Financial assets at fair value through other comprehensive income - non-current	39,857,365	$ 355,926	9.58%	$ 355,926
	Ta Chen Stainless Pipe Co., Ltd.	Parent Company	Financial assets at fair value through profit or loss - current	5,113,089	182,026	0.20%	182,026
	Ta Chen Stainless Pipe Co., Ltd.	Parent Company	Financial assets at fair value through other comprehensive income - non-current	180,850,795	6,438,289	7.00%	6,438,289
Ta Chen Empire Co., Ltd. (TCE)	Listed shares - ROC
	Ta Chen Stainless Pipe Co., Ltd.	Ultimate parent company	Financial assets at fair value through other comprehensive income - non-current	46,058,271	1,639,674	1.78%	1,639,674
Right Way Industrial Co., Ltd.	Listed shares - ROC
	Ta Chen Stainless Pipe Co., Ltd.	Parent Company	Financial assets at fair value through other comprehensive income - non-current	26,449,000	892,654	2.56%	892,654
	Tung Mung Development Co., Ltd.	None	Financial assets at fair value through other comprehensive income - non-current	12,155,493	108,549	2.92%	108,549

Note 1: The Group determines the securities that must be listed in accordance with the principle of materiality.
Note 2: Refer to Table 7 and Table 8 for information regarding investment in subsidiaries.

TABLE 5

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Buyer	Related Party	Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts Receivable (Payable)		Note
			Purchase/Sale	Amount	% of Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% of Total
The Company	Ta Chen International, Inc.	Subsidiaries (100% ownership)	(Sale)	$ (8,699,049)	(88)	Within 120-180 days	The price is decided taking both local market price in the US and the operation costs of TCI into consideration. There is no third-party that could be compared	For third-party, 90 days for domestic sales and 30-90 days for export sales.	$ 464,821	80	-
Ta Chen International, Inc.	TCI Texarkana, Inc.	Subsidiaries (100% ownership)	(Sale)	(287,209)	-	Within 30 days	The price is decided taking both local market price in the US and the operation costs of TCI into consideration.	Same	22,886	-	-
	TCI Texarkana, Inc.	Subsidiaries (100% ownership)	Purchase	19,947,379	39	Within 30 days	The price is decided taking both local market price in the US and the operation costs of TKA into consideration.	Same	(1,584,525)	(31)	-
	Primus Pipe and Tube, Inc.	Sub-subsidiaries (100% indirect shareholding)	Purchase	527,082	1	Within 30 days	General market price	Same	(46,695)	(1)	-
	Bristol Pipe and Tube, Inc.	Sub-subsidiaries (100% indirect shareholding)	Purchase	200,686	-	Within 30 days	General market price	Same	(22,658)	-	-
Empire Resources, Inc.	TCI Texarkana, Inc.	Fellow Subsidiaries	Purchase	2,502,569	82	Within 30 days	The price is decided taking both local market price in the US and the operation costs of TKA into consideration.	Same	(244,608)	(100)	-
Brighton-Best International (Taiwan) Inc.	Brighton-Best International, Inc.	Subsidiaries (100% ownership)	(Sale)	(6,098,180)	(81)	Within 180 days	No third-party could be compared	No third-party could be compared	106,866	16	-
	Brighton-Best International (AU), Pty Ltd.	Subsidiaries (100% ownership)	(Sale)	(585,404)	(8)	Within 180 days	No third-party could be compared	No third-party could be compared	356,314	52	-
	Brighton-Best International (Canada), Inc.	Subsidiaries (100% ownership)	(Sale)	(494,844)	(7)	Within 180 days	No third-party could be compared	No third-party could be compared	30,313	4	-
	Brighton-Best International (UK), Limited	Subsidiaries (100% ownership)	(Sale)	(240,546)	(3)	Within 180 days	No third-party could be compared	No third-party could be compared	158,254	23	-
	Fang Sheng Screw Co., Ltd.	Referred party in substance	Purchase	665,907	9	Within 45-90 days	No third-party could be compared	Note	(100,480)	(15)	-
	Winlink Fasteners Co., Ltd.	Referred party in substance	Purchase	150,184	2	T/T 5 days after final acceptance or prepaid	No third-party could be compared	Note	(15,400)	(2)	-
	Tong Win International Co., Ltd.	Referred party in substance	Purchase	1,005,292	14	T/T 5 days after final acceptance or prepaid	No third-party could be compared	Note	(37,126)	(6)	-
Jinn Her Enterprise Co., Ltd.	Corporate directors	Purchase	314,831	4	T/T 45 days after final acceptance or prepaid	No third-party could be compared	Note	(50,308)	(8)	-
Brighton-Best International, Inc.	Jinn Her Enterprise Co., Ltd.	Corporate directors of parent entity	Purchase	1,192,380	13	T/T 45 days after final acceptance or prepaid	No third-party could be compared	Note	(94,299)	(40)	-
	Brighton-Best International (Canada), Inc.	Fellow subsidiaries	(Sale)	(124,602)	(1)	Within 180 days	No third-party could be compared	Note	32,809	2	-
Ta Chen Empire Co., Ltd.	Ta Chen International, Inc.	Fellow subsidiaries	(Sale)	(575,327)	(100)	Within 180 days	No third-party could be compared	No third-party could be compared	27,756	100	-
Right Way Industrial Co., Ltd.	Right Way Industrial (Malaysia) Sdn. Bhd.	Subsidiaries (79.63% ownership)	Purchase	106,595	24	Net 75 days from month-end	No third-party could be compared	No third-party could be compared	(23,732)	(24)	-
	Ta Chen Lung Mei Home Life Co., Ltd.	Fellow subsidiaries	(Sale)	(102,782)	(12)	Net 30 days from month-end	No third-party could be compared	No third-party could be compared	9,587	7	-

Note: The payment term for third parties is prepaid or 0 to 90 days.

TABLE 6

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NTS100 MILLION OR 20% OF THE PAID-IN CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Company Name	Related Party	Relationship	Ending Balance (Note 1)	Turnover Rate	Overdue		Amount Received in Subsequent Period	Allowance for Impairment Loss
					Amount	Actions Taken
The Company	Ta Chen International, Inc.	Subsidiaries (100% ownership)	$ 464,821	2.69	$ -	-	$ 464,821	$ -
Ta Chen International, Inc.	TCI Texarkana, Inc.	Subsidiaries (100% ownership)	15,715,000	Note 2	-	-	-	-
	Bristol Pipe and Tube, Inc.	Sub-subsidiary (100% ownership)	324,671	Note 2	-	-	-	-
TCI Texarkana, Inc.	Ta Chen International, Inc.	Parent company	1,584,525	13.09	-	-	1,584,525	-
	Empire Resources, Inc.	Fellow subsidiaries	244,608	13.96	-	-	244,608	-
Empire Resources, Inc.	Ta Chen International, Inc.	Parent company	2,753,400	Note 2	-	-	-	-
Brighton-Best International (Taiwan) Inc.	Brighton-Best International, Inc.	Subsidiaries (100% ownership)	106,866	11.31	-	-	106,866	-
	Brighton-Best International (AU), Pty Inc.	Subsidiaries (100% ownership)	356,314	1.89	-	-	-	-
	Brighton-Best International (UK), Limited	Subsidiaries (100% ownership)	158,254	1.89	-	-	-	-
	Brighton-Best International (AU), Pty Inc.	Subsidiaries (100% ownership)	510,480	Note 2	-	-	115,495	-
	Brighton-Best International (UK), Limited	Subsidiaries (100% ownership)	157,190	Note 2	-	-	33,208	-
Brighton-Best International, Inc.	Brighton-Best International (Brasil), Comercio de Parafusos Ltda	Subsidiaries (100% ownership)	141,435	Note 2	-	-	-	-
Ta Chen Empire Co., Ltd.	Brighton-Best International (Taiwan) Inc.	Parent company	500,000	Note 2	-	-	-	-

Note1: The ending balance of receivables includes both trade receivables-related parties and other receivables-related parties.
Note2: The ending balance primarily consists of other receivables for financing purposes and other receivables for out-of-pocket expenses, which are not applicable for the calculation of turnover rate.

TABLE7

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investor Company	Investor Company	Location	Main Businesses and Products	Original Investment Amount		As of December 31, 2025			Net Income (Loss) of the Investor	Share of Profit (Loss)	Note
				December 31, 2025	December 31, 2024	Number of Shares	%	Carrying Amount
The Company	Ta Chen International, Inc.	U.S.A	Manufacture and sale of stainless steel pipes, rolls and pipe fittings	$ 23,327,317	$ 23,327,317	482,836	100	$ 58,956,068	$ 5,428,169	$ 5,414,600	Note 2
	Ta Chen (B.V.I.) Holdings Ltd.	British Virgin Islands	Investment	990,817	990,817	32,625,300	100	2,318,721	9,823	11,530	Note 3
	Brighton-Best International (Taiwan) Inc.	Taiwan	Import, export and sale of screws and nuts	8,500,081	8,500,081	440,610,040	42.72	7,725,211	3,127,837	1,168,485	Note 6
	WEI MEI ROLLER BLIND CO., LTD.	Taiwan	Investment	180,000	180,000	18,000,000	100	182,596	(234)	(234)
	Ta Chen Lang Mei Home Life Co., Ltd.	Taiwan	Manufacture and sale of curtains and cloth products	1,806,468	1,606,468	30,998,356	99.99	152,467	(184,895)	(185,756)
	Ta Chen (Hong Kong) Limited	Hong Kong	Trade	279,720	279,720	10,000,000	100	260,399	8,898	8,898
	TY Steel Co., Ltd.	Thailand	Manufacture of steel billets and steel bars	889,216	889,216	26,395,800	38.75	264,761	200,697	73,269
	Ta Chen GREEN SYSTEM CO., LTD.	Taiwan	Interior design	60,000	60,000	6,000,000	50	57,365	(1,083)	(542)
	Right Way Industrial Co., Ltd.	Taiwan	Manufacture and sales of automobile and motorcycle parts	17,843	17,843	779,000	0.26	7,240	18,329	49
	City Mocean Co., Ltd.	Taiwan	asset management industry	4,900	4,900	490,000	49	1,176	(1,175)	(589)
Ta Chen International, Inc.	TCI Investment Group, Inc.	U.S.A	Import, export and sale of screws and nuts	-	94,950	-	-	-	1,791		Note 8
	Empire Resources, Inc.	U.S.A	Investment	1,714,340	1,714,340	8,250,455	100	5,348,365	334,536
	Primus Pipe and Tube Holdings, Inc.	U.S.A	Investment	2,371,540	877,540	74,000	100	3,281,212	103,210
	TCI Texarkana, Inc.	U.S.A	Manufacture and sale of aluminum products	17,127,300	14,298,600	110,000	100	14,331,279	(378,586)
Primus Pipe and Tube Holdings, Inc.	Primus Pipe and Tube, Inc.	U.S.A	Manufacture and sale of stainless steel	873,575	873,575	1,000	100	1,541,088	4,512
	Bristol Pipe and Tube, Inc.	U.S.A	Manufacture and sale of stainless steel	1,494,000	-	1,000	100	1,521,889	104,051
Empire Resources, Inc.	Empire Resources Pacific Ltd.	U.S.A	Import, export and sale of stainless steel and aluminum products	-	-	100	100	326	4		Note 5
	Imbali Metals BVBA	Belgium	Import, export and sale of stainless steel and aluminum products	624	624	1,000	100	179,520	(13,383)
	Empire Resources UK Ltd.	United Kingdom	Import, export and sale of stainless steel and aluminum products	208,224	208,224	5,400,000	100	427,087	2,002
	8911 Kelso Drive	U.S.A	Import, export and sale of stainless steel and aluminum products	-	-	-	100	-	(188)		Note 8
Brighton-Best International (Taiwan) Inc.	Brighton-Best International, Inc.	U.S.A	Import, export and sale of screws and nuts	5,801,521	5,801,521	186,480	100	16,894,922	2,386,809
	Brighton-Best International (AU), Pty Ltd.	Australia	Import, export and sale of screws and nuts	1,498,544	1,498,544	54,000,000	100	848,590	(37,809)		-
	Brighton-Best International (Canada), Inc.	Canada	Import, export and sale of screws and nuts	381,149	381,149	12,003,893	100	1,156,940	16,432		-
	Brighton-Best International (UK), Limited	United Kingdom	Import, export and sale of screws and nuts	453,097	453,097	9,200,000	100	468,200	(29,674)		-
	Brighton-Best International (NZ), Limited	New Zealand	Import, export and sale of screws and nuts	19,328	19,328	1,000	100	9,205	(2,967)		-
	Ta Chen Empire Co., Ltd.	Taiwan	Import, export and sale of aluminum products	3,300,000	5,300,000	330,000,000	100	3,682,936	152,567
	Brighton-Best International, Inc. (Cayman)	Cayman Islands	Investment	-	-	-	-	-	-		Note 4
	Right Way Industrial Co., Ltd.	Taiwan	Manufacture and sales of automobile and motorcycle parts	1,042,598	615,673	91,200,000	30.36	901,637	18,330
Brighton-Best International (Brazil), Comerciale Paraiso Ltda.	Brazil	Import, export and sale of screws and nuts	6,486	6,486	4,000,000	100	(58,781)	6,181
Ta Chen Empire Co., Ltd.	Brighton-Best International (Brazil), Commercial Paraiso Ltda.	United Arab Emirates	Import and sale of protective products	959	959	1	100	-	(963)
	West Guang Enterprise Co., Ltd.	Taiwan	Manufacturing of screws and nuts	77,785	77,785	7,778,598	80	70,588	(6,098)
Right Way Industrial (Malaysia) Sdn. Bhd	Hupao Technology CO., LTD.	Taiwan	Energy technology service industry	191,092	191,092	19,109,228	80	183,490	(2,307)
	Shie Shin Enterprise Co., Ltd.	Taiwan	Manufacturing of screws and nuts	285,171	285,171	28,517,132	80	286,109	(800)
Excellent Growth Investments Limited	Right Way North America Inc.	Malaysia	Manufacture of automobile and motorcycle pistons	234,336	234,336	28,665,667	79.63	310,941	3,917
	TRIM Engineering Sdn. Bhd.	Malaysia	Investment	(MYR 30,276)	(MYR 30,276)
Ta Chen (B.V.I.) Holdings Ltd.	TMCT Products, Inc.	U.S.A	Trading of Automobile Engine Parts	1,575	-	-	-	-	-		Note 7
	Lee Osos Holdings, Inc.	U.S.A	Connecting rod manufacturing	-	55,999	-	-	-	(13)		Note 9
Ta Chen (B.V.I.) Holdings Ltd.	TMCT Products, Inc.	U.S.A	Investment	403,413	403,413	13,000	100	634,707	35,161
	Lee Osos Holdings, Inc.	U.S.A	Investment	110,237	110,237	-	100	116,230	(188)
TMCT Products, Inc.	North Metals, LLC	U.S.A	Investment	14,240	14,240	-	100	14,954	(58)
Lee Osos Holdings, Inc.	West Metals, LLC	U.S.A	Aluminum processing industry	221,327	221,327	-	100	476,341	80,449
WEI MEI ROLLER BLIND CO., LTD.	West Metals, LLC	USA	Trade	557	557	-	100	557	-

76 -

Note 1: Refer to Table 8 for information regarding investment in mainland China.

Note 2: The difference between the share of profit (loss) and net income (loss) of the investee was the effect of tax rate of unrealized gross profit.

Note 3: The difference between the share of profit (loss) and net income (loss) of the investee was the effect of realized gross profit from upstream transactions with sub-subsidiaries.

Note 4: Established in February 2016, no actual capital was remitted; it was formally removed from the records following the completion of its deregistration on September 30, 2025.

Note 5: It’s the trans-investment company of the acquired company; hence, no original investment amount is listed.

Note 6: The difference between the share of profit (loss) and net income (loss) of the investee was the effect of unrealized gross profit from side stream transactions among subsidiaries. The shareholding ratio adopted by the Company for investments using the equity method regarding BBI-TW considered the effects of the shares of the company held by Right Way (treasury shares of the subsidiary).

Note 7: The dissolution and liquidation were completed in April 2025. The investment was repatriated in July 2025.

Note 8: The dissolution and liquidation were completed in 2025.

Note 9: The liquidation procedures as of December 2025 are still ongoing.

TABLE 8

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Investee Company	Main Businesses and Products	Paid-in Capital (Note 2)	Method of Investment (Note 4)	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025 (Note 2)	Remittance of Funds (Note 2)		Accumulated Outward Remittance for Investment from Taiwan as of December 31, 2025 (Note 2)	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Notes 1 2) and 5)	Carrying Amount as of December 31, 2025	Accumulated Repatriation of Investment Income as of December 31, 2025
					Outward	Inward
Ta Chen (Shijiazhuang) Co., Ltd.	Manufacture and sale of stainless steel valves and casting products	$ 152,121	(2) Ta Chen (B.V.I.) Holdings Ltd.	$ 132,110	$ -	$ -	$ 132,110	$ 43,898	93.14	$ 40,885	$ 576,846	$ -
Ta Chen (Boye) Co., Ltd.	Manufacture and sale of stainless steel valves and casting products	375,123	(2) Ta Chen (B.V.I.) Holdings Ltd.	312,477	-	-	312,477	31,798	-	31,798	-	-
Yinrong (Shanghai) Investment Management Limited (Note 7)	Investment	-	(3) The Company	2,428	-	2,428	-	-	-	-	-	-
Name of Investment Company	Accumulated Outward Remittance for Investment in Mainland China as of December 31, 2025 (Note 2)	Investment Amount Authorized by Investment Commission, MOEA (Note 2)	Upper Limit on the Amount of Investment Stipulated by Investment Commission, MOEA
---	---	---	---
Ta Chen	$ 444,587	$ 998,695	$ 45,026,338 (Note 3)
Right Way	-	534,153 (US$ 16,995)	1,675,114 (Note 6)

Note 1: In the column of investment gains or losses recognized during the period:

If in preparation, no investment gains or losses yet, it should be noted.

Methods of basis of investment gains or losses recognition, it should be noted:

1) The financial statement is reviewed by certified public accounting firm with all cooperative relations with the Republic of China Accounting Firm.
2) The financial statement is reviewed by certified public accountants of Taiwan's parent company.
3) The financial statement isn't reviewed by certified public.

Note 2: The amounts were calculated based on the foreign exchange rate of the Bank of Taiwan as of December 31, 2025. (USD: NTD = 1: 31.43, CNY: NTD = 1: 4.496)

Note 3: The limit on investment in mainland China pursuant to "Principle of investment or Technical Cooperation in mainland China" is calculated as shown below: NT$75,043,896 thousand x 60% = NT$45,026,338 thousand

(Continued)

Note 4: Methods of investment are classified as below:

1) Direct investment.
2) Investments through a holding company registered in a third region.
3) Others

Note 5: The difference is caused by the recognition of amortization attributed to unrealized gain on selling assets.

Note 6: Right Way’s net worth of equity x 60% = NT$2,791,857 thousand x 60% = NT$1,675,114 thousand.

Note 7: The Company completed the cancellation registration in December 2024. The investment was recovered in June 2025.

(Concluded)

78 -

79 -

THE CONTENTS OF STATEMENTS OF MAJOR ACCOUNTING ITEMS

ITEM	STATEMENT INDEX
MAJOR ACCOUNTING ITEMS IN ASSETS, LIABILITIES AND EQUITY
STATEMENT OF CASH AND CASH EQUIVALENTS	1
STATEMENT OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS - CURRENT	Note 7
STATEMENT OF FINANCIAL ASSETS FOR HEDGING - CURRENT	Note 29
STATEMENT OF NOTES RECEIVABLE	2
STATEMENT OF ACCOUNTS RECEIVABLE	3
STATEMENT OF INVENTORIES	4
STATEMENT OF PREPAYMENTS	Note 17
STATEMENT OF FINANCIAL ASSETS AT AMORTIZED COST	5
STATEMENT OF CHANGES IN FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NON-CURRENT	6
STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD	6
STATEMENT OF CHANGES IN PROPERTY, PLANT AND EQUIPMENT	Table 1
STATEMENT OF CHANGES IN ACCUMULATED DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT	Table 1
STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS	7
STATEMENT OF CHANGES IN OTHER INTANGIBLE ASSETS	Note 16
STATEMENT OF DEFERRED TAX ASSETS	Note 25
STATEMENT OF SHORT-TERM BORROWINGS	8
STATEMENT OF FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS - CURRENT	Note 7
STATEMENT OF NOTES PAYABLE	9
STATEMENT OF ACCOUNTS PAYABLE	10
STATEMENT OF OTHER PAYABLES	Note 20
STATEMENT OF LONG-TERM BORROWINGS	11
STATEMENT OF LEASE LIABILITIES	12
STATEMENT OF DEFERRED TAX LIABILITIES	Note 25
MAJOR ACCOUNTING ITEMS IN PROFIT OR LOSS
STATEMENT OF OPERATING REVENUES	13
STATEMENT OF OPERATING COSTS	14
STATEMENT OF OPERATING EXPENSES	15
STATEMENT OF NET OTHER OPERATING INCOME	Note 24
STATEMENT OF FINANCE COSTS	Note 24
STATEMENT OF EMPLOYEE BENEFITS, DEPRECIATION AND AMORTIZATION	16

STATEMENT 1

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF CASH AND CASH EQUIVALENTS
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

Item	Amount
Cash on hand	$ 320
Deposits
Demand deposits	2,185,372
Foreign currency deposits (Note)	691,167
Checking accounts	48,147
Subtotal of deposits	2,924,686
Cash equivalents
Time deposits	677,160
	$ 3,602,166

Note: Including US$21,892,842.58, EUR$83,343.53 and RMB$53.85
US$1=NT$31.43, EUR$1=NT$36.9 and RMB$1=NT$4.496.

80 -

STATEMENT 2

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF NOTES RECEIVABLE
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Customer Name	Description	Amount
Operating
Non-related parties
Company (A)	Sale	$ 3,165
Company (B)	Sale	2,153
Company (C)	Sale	1,242
Company (D)	Sale	1,041
Company (E)	Sale	902
Company (F)	Sale	490
		$ 8,993

81 -

STATEMENT 3

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF ACCOUNTS RECEIVABLE

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

Customer Name	Description	Amount
Non-related Parties
Company (G)	Sale	$ 30,788
Company (H)	Sale	19,176
Company (I)	Sale	8,044
Company (A)	Sale	7,062
Company (J)	Sale	6,656
Others (Note)	Sale	26,416
		98,142
Less: Allowance for impairment loss		2,230
		$ 95,912
Related parties
Ta Chen International, Inc.	Sale	$ 464,821
Right Way Industrial Co., Ltd.	Sale	5,353
Ta Chen Lung Mei Home Life Co., Ltd.	Sale	2,348
		$ 472,522

Note: The amount of individual customer included in others does not exceed 5% of the account balance.

82 -

STATEMENT 4

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF INVENTORIES
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Item	Amount
	Cost	Net Realizable Value
Raw materials	$ 1,144,912	$ 1,157,479
Work in progress	557,737	641,645
Finished goods	453,968	545,767
Merchandise	264,322	264,322
Materials	5,061	5,061
Raw materials in transit	69,450	69,450
	$ 2,495,450	$ 2,683,724

Note: Refer to Note 4(e) for detailed information regarding the basis of net realizable value of inventory.

83 -

STATEMENT 5

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF FINANCIAL ASSETS AT AMORTIZED COST
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Item	Interest Rate (%)	Maturity Date	Amount
Current
Pledged time deposits	0.675-4	2026.01.06-2026.12.29	$ 439,363
Pledged demand deposits (reserve account)			349,530
Time deposits with original maturities of 3 months or less	1.645	2026.01.11	500,000
			$ 1,288,893
Non-current
Refundable deposits			$ 160,430

84 -

STATEMENT 6

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF CHANGES IN FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME – NON-CURRENT AND INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD FOR THE YEAR ENDED DECEMBER 31, 2025 (In Thousands of New Taiwan Dollars)

Investor Company	Balance, January 1, 2025		Additions (Reductions)		Balance, December 31, 2025
	Shares	Amount	Shares/Units	Amount	Note	Gain (loss) on Investments	Cumulative Translation Adjustment	Unrealized Gain (loss) on Financial Assets at Fair Value Through Other Comprehensive Income	Cash Flow Hedge	Treasury Shares	Shares	Proportion of Ownership (%)	Amount	Fair Value	Provide Guarantee or Collateral
Investment accounted for using the equity method
Ta Chen International, Inc.	402,836	$ 55,677,240	-	$ (99,926)	Note 1	$ 5,414,600	$(2,090,035)	$ -	$ 54,189	$ -	402,836	100	$ 58,956,068	$ 59,894,085	None
Ta Chen (B.V.J.) Holdings Ltd.	32,625,300	2,317,562	-	-	-	11,530	(46,156)	35,785	-	-	32,625,300	100	2,318,721	2,318,722	None
Brighton Best International (Taiwan) Inc.	440,610,040	6,374,292	-	(437,642)	Note 2	1,160,485	(244,979)	7,420	-	857,546	440,610,040	42.72	7,725,211	11,442,292	Yes
Vimong (Shanghai) Investment Management Limited	-	6,849	-	(7,468)	Note 3	-	619	-	-	-	-	100	-	-	None
Wai Mei Boiler Blind Co, LTD.	18,000,000	206,830	-	(24,000)	Note 6	(234)	-	-	-	-	18,000,000	100	182,596	182,596	None
Ta Chen Long Mei Home Life Co., Ltd.	30,995,367	133,622	2,989	204,681	Note 4	(105,756)	-	-	-	-	30,998,356	99.99	152,467	153,350	None
Ta Chen (Hong Kong) Limited	10,000,000	262,320	-	-	-	8,898	(10,819)	-	-	-	10,000,000	100	260,399	260,399	None
Ta Chen Green Symon Co., Ltd.	6,000,000	57,907	-	-	-	(542)	-	-	-	-	6,000,000	50	57,565	57,565	None
Right Way Industrial Co., Ltd.	779,000	7,044	-	4	Note 5	49	40	103	-	-	779,000	0.26	7,240	7,240	None
TY Steel Co., Ltd.	105,583,201	178,297	(79,187,481)	-	-	73,269	13,195	-	-	-	26,395,800	38.75	264,761	264,761	None
City Meeum Co., Ltd.	490,000	1,765	-	-	-	(589)	-	-	-	-	490,000	49	1,178	1,178	None
Total		$ 65,223,720		$(364,451)		$ 6,409,710	$(2,378,026)	$ 43,308	$ 54,189	$ 857,546			$ 69,926,004	$ 74,581,986
Financial assets at fair value through other comprehensive income - non-current
IBT VIF Venture Capital Co., Ltd.	435,296	$ 4,353		$ -		$ -	$ -	$ -	$ -	$ -	435,296	2.5	$ 4,353	$ 4,353	None
Sunny Bank Ltd.	16,698,872	12,000		-		-	-	-	-	-	16,698,872	0.05	12,000	12,000	None
Greencasa Co., Ltd.	553,824	10,799		-		-	-	-	-	-	553,824	18	10,799	10,799	None
		$ 27,152		$ -		$ -	$ -	$ -	$ -	$ -			$ 27,152	$ 27,152
Note 1: The details of the increase (decrease) were as follows:
	Actuarial profit and loss adjustments for pensions			$ 9,650
	Unrealized gain from downstream transactions - adjustments			(111,947)
	Adjustment of realized gain on disposal of fixed assets			2,411
				$(99,926)
Note 2: The details of the increase (decrease) were as follows:
	Cash dividends paid by subsidiaries			$(660,915)
	Change in percentage of ownership interest in subsidiaries - capital surplus			(21,893)
	Difference between consideration and carrying amount of subsidiaries acquired - capital surplus			(21,023)
	Difference between consideration and carrying amount of subsidiaries acquired - retained earnings			(15,530)
	Adjustment amount of dividends allocated to the subsidiary by the parent company			144,091
	Disposal of the company's shares held by subsidiaries recognized as treasury shares transactions			157,175
	Actuarial profit and loss adjustments for pensions			237
				$(437,642)
Note 3: Liquidation of the subsidiary in 2025.
Note 4: The details of the increase (decrease) were as follows:
	The subscription of the ordinary share of subsidiaries			$ 200,000
	Change in percentage of ownership interest in subsidiaries - capital surplus			(12)
	Actuarial profit and loss adjustments for pensions			4,613
				$ 204,681
Note 5: The details of the increase were as follows:
	Actuarial profit and loss adjustments for pensions			$ 4

Note 6: Repatriation of the earnings of the subsidiary

STATEMENT 7

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF CHANGE IN RIGHT-OF-USE ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

	Land	Buildings	Transportation equipment	Total
Cost
Balance on January 1, 2025	$ 78,868	$ 107,267	$ 10,146	$ 196,281
Increase	46,335	-	-	46,335
Decrease	(17,914)	(28,096)	-	(46,010)
Balance on December 31, 2025	$ 107,289	$ 79,171	$ 10,146	$ 196,606
Accumulated Depreciation
Balance on January 1, 2025	$ 64,524	$ 66,317	$ 5,355	$ 136,196
Depreciation expenses	9,614	23,188	3,382	36,184
Decrease	(8,957)	(18,224)	-	(27,181)
Balance on December 31, 2025	$ 65,181	$ 71,281	$ 8,737	$ 145,199
Carrying amount on December 31, 2025	$ 42,108	$ 7,890	$ 1,409	$ 51,407

86 -

STATEMENT 8

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF SHORT-TERM BORROWINGS

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

	Balance	Maturity Date	Credit Line		Collateral
Borrowings of usance L/C (Note 1)	$ 757,648	2026.1.15-2026.8.30	$ 6,435,000	Note 3	Pledged time deposits and Reserve account
Revolving bank borrowings (Note 2)	4,874,880	2026.1.16-2026.9.23	6,127,000	Note 3	Pledged time deposits, Transactions collateralized by stocks and Reserve account
Total	$ 5,632,528		$ 12,562,000

Note 1: The range of interest rates at 1.78% - 1.8%.
Note 2: The range of interest rates at 1.47% - 5.1%.
Note 3: Under the same line of credit agreement.

87 -

STATEMENT 9

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF NOTES PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Vendor Name	Amount
Non related parties
Company A	$ 28,214
Company B	15,504
Company C	6,300
Company D	5,838
Company E	5,450
Others (Note)	45,394
	$ 106,700

Note: The amount of individual vendor included in others does not exceed 5% of the account balance.

88 -

STATEMENT 10

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF ACCOUNTS PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Vendor Name	Description	Amount
Non-related parties
Company F	Purchase	$ 61,776
Company G	Purchase	44,987
Company H	Purchase	14,447
Others (Note)		81,849
		$ 203,059

Note: The amount of individual vendor included in others does not exceed 5% of the account balance.

89 -

STATEMENT 11

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF LONG-TERM BORROWINGS
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Bank Name (Note)	Description	Balance	Current portion	Non-current portion	Loan Period	Collateral	Repayment terms
Chang Hwa Commercial Bank (the leading bank of the syndicated loan)	Loan (C)	$ 1,600,000	$ -	$ 1,600,000	2023.01-2028.01	See Note 31 to the standalone financial report	See Note 18 to the standalone financial report
O-Bank	Medium-term secured borrowings	35,000	35,000	-	2024.04-2026.04	Property asset	A lump sum payment made for the entirety of an outstanding loan amount at maturity
Bank of the Republic of China	Medium-term unsecured borrowings	150,000	100,000	50,000	2022.04-2027.04	-	Within 18 months from the first drawdown date until the maturity date, repays the principal portion of the borrowings in 8 semiannual installments
Bank of the Republic of China	Medium-term unsecured borrowings	100,000	50,000	50,000	2022.08-2027.08	-	Within 18 months from the first drawdown date until the maturity date, repays the principal portion of the borrowings in 8 semiannual installments
Union Bank of Taiwan	Medium-term secured borrowings	45,444	10,740	34,704	2022.12-2029.12	Property asset	Repays the principal portion and interest in 84 monthly installments by using annual method. The remaining amount will be repaid when it's due
Union Bank of Taiwan	Medium-term secured borrowings	639,272	31,200	608,072	2022.12-2029.12	Property asset	Repays the principal portion and interest in 84 monthly installments by using annual method. The remaining amount will be repaid when it's due
FCB	Medium-term secured borrowings	172,800	9,600	163,200	2023.02-2028.02	Property asset	Monthly amortization of the principal amount of $800 thousand and the first mortgage of real estate shall be set at 1.2 times the principal amount of the loan
FCB	Medium-term secured borrowings	152,800	9,600	143,200	2023.02-2028.02	Property asset	Monthly amortization of the principal amount of $800 thousand and the first mortgage of real estate shall be set at 1.2 times the principal amount of the loan
		2,895,316	246,140	2,649,176
Less: Unamortized arrangement fees of long-term borrowings		11,232	5,616	5,616
		$ 2,884,084	$ 240,524	$ 2,643,560

Note: The range of interest rates was 1.92% - 2.24%.

STATEMENT 12

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF LEASE LIABILITIES
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Item	Description	Period (Note)	Discount Rates (%)	Amount
Land	Lease of land of Tainan factory	2014.05-2064.05	1.55-2.02	$ 39,364
Buildings	Lease of warehouse and offices at Taoyuan city	2022.03-2027.05	1.73-1.83	8,241
Transportation equipment	Car	2023.06-2026.05	1.81	1,440
Less: Current portion				49,045
(18,112)
Noncurrent portion				$ 30,933

91 -

STATEMENT 13

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF OPERATING REVENUES
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Item	Quantities (Metric Tons)	Amount
Sale of goods
Manufactured products
Stainless steel pipes	43,026	$ 4,362,052
Butt-welding fittings	3,257	533,274
Valve/stainless nipples	1,894	727,732
		5,623,058
Stainless plates (rods)	30,401	3,901,947
Others (Note)	6,904	323,676
Total operating revenue		9,848,681
Less: sales return		262
Sales discounts		1,489
Net operating revenue		$ 9,846,930

Note: The amount of each item included in others does not exceed 10% of the account balance.

92 -

STATEMENT 14

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF OPERATINGS COSTS
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Item	Amount
Raw materials used
Raw materials, beginning of year (including raw material in transit)	$ 1,055,751
Add: Raw material purchased	3,504,979
Transferred from finished goods	330,321
Less: Raw materials, end of year (including raw material in transit)	1,214,362
Raw material consumption	3,676,689
Direct labor	283,987
Manufacturing expenses	984,840
Manufacturing cost	4,945,516
Work in progress, beginning of year	579,379
Add: Work in progress purchased	116,473
Less: Work in progress, end of year	557,737
Manufacturing cost	5,083,631
Finished goods, beginning of year	593,264
Add: Finished goods purchased	182,191
Less: Finished goods, end of year	453,968
Reclassified to raw material	330,321
Others	626
Finished goods costs of sales	5,074,171
Commodity transaction
Inventory, beginning of year	322,888
Add: Inventory purchased	2,849,740
Others	21
Less: Inventory, end of year	264,322
Costs of commodity transaction	2,908,327
Subtotal	7,982,498
Add: Unallocated production overhead	9,325
Less: Revenue from sale of scraps	612
Total operating costs	$ 7,991,211

93 -

STATEMENT 15

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF OPERATING EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2025
(In Thousands of New Taiwan Dollars)

Item	Selling Expenses	General and Administrative Expenses	Total
Payroll expense and remuneration of directors	$ 18,352	$ 452,197	$ 470,549
Container freight station and warehouse fee	39,138	-	39,138
Shipping fee	36,796	-	36,796
Depreciation	2,524	76,240	78,764
Entertainment	350	41,471	41,821
Insurances	2,391	24,282	26,673
Others (Note)	16,368	185,605	201,973
Total	$ 115,919	$ 779,795	$ 895,714

Note: The amount of each item included in others does not exceed 5% of the account balance.

94 -

STATEMENT 16

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF EMPLOYEE BENEFITS, DEPRECIATION AND AMORTIZATION

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	Year Ended December 31, 2025			Year Ended December 31, 2024
	Classified as Operating Costs	Classified as Operating Expenses	Total	Classified as Operating Costs	Classified as Operating Expenses	Total
Employee benefits
Salaries	$ 423,341	$ 446,549	$ 869,890	$ 436,987	$ 323,436	$ 760,423
Labor and health insurance	57,846	21,844	79,690	54,512	16,761	71,273
Post-employment benefits	20,411	8,814	29,225	20,583	8,379	28,962
Remuneration of directors	-	24,000	24,000	-	24,000	24,000
Others	13,919	4,310	18,229	14,543	4,263	18,806
	$ 515,517	$ 505,517	$ 1,021,034	$ 526,625	$ 376,839	$ 903,464
Depreciation	$ 185,556	$ 78,764	$ 264,320	$ 193,372	$ 94,684	$ 288,056
Amortization	$ 449	$ 11,451	$ 11,900	$ 347	$ 34,350	$ 34,697

Note 1: As of December 31, 2025 and 2024, the Company had 1,019 and 1,025 employees, respectively, which included 9 and 10 non-employee directors in 2025 and 2024 years, respectively.
Note 2: Additional disclosures are as follows:

Average employee benefits for the year ended December 31, 2025 was NT$987 thousand (amounts of employee benefits for the year ended December 31, 2025 less amounts of remuneration of directors for the year ended December 31, 2025/number of employees for the year ended December 31, 2025 less number of directors not serving concurrently as employees for the year ended December 31, 2025).
Average employee benefits for the year ended December 31, 2024 was NT$866 thousand (amounts of employee benefits for the year ended December 31, 2024 less amounts of remuneration of directors for the year ended December 31, 2024/number of employees for the year ended December 31, 2024 less number of directors not serving concurrently as employees for the year ended December 31,2024).
Average salaries for the year ended December 31, 2025 was NT$861 thousand (amounts of salaries for the year ended December 31, 2025/number of employees for the year ended December 31, 2025 less number of directors not serving concurrently as employees for the year ended December 31, 2025).
Average salaries for the year ended December 31, 2024 was NT$749 thousand (amounts of salaries for the year ended December 31, 2024/number of employees for the year ended December 31, 2024 less number of directors not serving concurrently as employees for the year ended December 31, 2024).
Changes of adjustments of average salaries was (14.95%) (average salaries for the year ended December 31, 2025 less average salaries for the year ended December 31, 2024/average salaries for the year ended December 31, 2024).
The Company has established its Audit Committee, and the Company has no supervisor.

The Company’s compensation policies: The Company’s employees are entitled to a comprehensive compensation and benefits program above the industry average. Employees’ compensation includes a monthly salary and bonuses based on the Company’s annual profitability, and are distributed in accordance with the Company’s articles of incorporation. In accordance with the articles of incorporation, the Company determines the total amount of bonuses to be distributed based on the results of the Company’s operations with reference to the industry levels in the ROC, and the amount and method of distribution are recommended by the compensation committee to the board of directors for approval. The amount distributed to each employee is based on the employee’s job responsibilities and performance, as well as contribution to the Company’s operations.
The remuneration of managers is determined based on their job responsibilities, contribution to the Company as well as the Company’s operating performance for the year, taking into consideration future risks. The remuneration of managers is first reviewed by the compensation committee before submitting to the board of directors for approval.
In accordance with the Company’s articles of incorporation, 3% and no more than 1.5% of the Company’s annual pre-tax net income before deduction of employees’ compensation and remuneration of directors shall be distributed as employees’ compensation and remuneration of directors, respectively. The amendments explicitly stipulate the allocation of 50% of the compensation of employees as compensation distributions for non-executive employees. However, an amount should first be set aside for the offsetting of the Company’s losses, if any, and authorized by the board of directors.

The fixed portion of the remuneration of independent directors is determined by the board of directors, and the independent directors are not to participate in the distribution of remuneration of directors.

96 -

AI assistant

TC — Audit Report / Information 2025

51953_rns_2026-05-19_4c5394cb-ec22-4b4a-8be8-57cea3966f44.pdf

INDEPENDENT AUDITORS' REPORT

Opinion

Basis for Opinion

Key Audit Matters

Authenticity of Revenue Recognition from Specific Customers

Other Matter

Responsibilities of Management and Those Charged with Governance for the Parent Company Only Financial Statements

Auditors’ Responsibilities for the Audit of the Parent Company Only Financial Statements

Notice to Readers

Ta Chen Stainless Pipe Co., Ltd.

1. GENERAL INFORMATION

2. APPROVAL OF FINANCIAL STATEMENTS

3. APPLICATION OF NEW, AMENDED AND REVISED STANDARDS AND INTERPRETATIONS

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

8. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

9. NOTES RECEIVABLE AND ACCOUNTS RECEIVABLE (INCLUDING RELATED PARTIES)

Notes Receivable

Accounts Receivable (including related parties)

10. INVENTORIES

11. FINANCIAL ASSETS AT AMORTIZED COST

12. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

13. PROPERTY, PLANT AND EQUIPMENT

14. INVESTMENT PROPERTIES

15. LEASE ARRANGEMENTS

16. INTANGIBLE ASSETS

17. PREPAYMENTS AND OTHER ASSETS

18. BORROWINGS

19. NOTES PAYABLE AND ACCOUNTS PAYABLE

20. OTHER PAYABLES

21. RETIREMENT BENEFIT PLANS

22. EQUITY

23. REVENUE

24. PROFIT BEFORE INCOME TAX

25. INCOME TAX

26. EARNINGS PER SHARE

27. PARTIAL ACQUISITION OF SUBSIDIARIES - WITHOUT LOSS OF CONTROL

28. CAPITAL MANAGEMENT

29. FINANCIAL INSTRUMENTS

30. TRANSACTIONS WITH RELATED PARTIES

31. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

32. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

33. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

34. SEPARATELY DISCLOSED ITEMS

Ta Chen Stainless Pipe Co., Ltd.

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

Financing Limit for Each Borrower

Aggregate Financing Limit

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

Endorsements/Guarantees Limit for Each Borrower

Aggregate Endorsements/Guarantees Limit

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

TA CHEN STAINLESS PIPE CO., LTD. AND SUBSIDIARIES

THE CONTENTS OF STATEMENTS OF MAJOR ACCOUNTING ITEMS

TA CHEN STAINLESS PIPE CO., LTD.

STATEMENT OF ACCOUNTS RECEIVABLE

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

TA CHEN STAINLESS PIPE CO., LTD.

TA CHEN STAINLESS PIPE CO., LTD.

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