U-MING — AGM Information 2025

Jun 4, 2025

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U-MING MARINE TRANSPORT CORP.

Meeting Minutes for the 2025 Annual Shareholders’ Meeting

Meeting time and date: 9:00 a.m., May 27, 2025

Meeting location: GIS MOTC Convention Center (5th F, No. 24, Sec. 1, Hangzhou S. Rd., Zhongzheng Dist., Taipei City)

Convening method: Hybrid shareholders’ meeting

Video Conferencing Platform: e-Meeting Platform (https://stockservices.tdcc.com.tw) Total number of outstanding shares: 845,055,712 shares

Total shares represented by presence of shareholders: 625,134,318 shares (73.97%)

In attendance: Douglas Jefferson Hsu (Vice Chairman of the board)

Hsu, Shu-Ping (Director)

Lee, Kun-Yen (Director)

Wu, Ling-Ling (Director)

Ong Choo Kiat (Director)

Lee, Kuan-Chun (Director)

Tung, Li-Chen (Director)

Chu, Shao-Hua (Independent Director & Chairman of Audit Committee & Member of Remuneration Committee)

Liu, Chorng-Jian (Independent Director & Member of Audit Committee & Chairman of Remuneration Committee)

Pan, Wen-Yen (Independent Director & Member of Audit Committee and Remuneration Committee)

Liu, Wen-Ling (Auditor)

Chairperson: Douglas Jefferson Hsu

Recorder: Chen, Chang-Sheng

Important Resolutions

I. Matters To Be Reported

1. 2024 Business Report

2. 2024 Financial Statements

3. The Audit Committee’s Review Report on 2024 Business and Financial Statements

4. Distribution of 2024 Remuneration to the Employees and Directors

II. Matters To Be Ratified

1. The 2024 Business Report and Financial Statements

Explanation:

• (1) The supervisor’s review report is hereby issued after reviewing the 2024 financial statements (including the business report and the independent auditor’s report issued by CPA Wen-Ling Liu and CPA Xin-Wei Tai of Deloitte & Touche; please refer to the handbook) without any nonconformity identified.

• (2) Please approve.

Resolved that:

Shareholders who are present represented 625,134,318 votes in total (including electronic votes). 604,326,669 votes (including electronic votes) ratify the motion, accounting to 96.67% of total votes ； 88,771 votes (including electronic votes) against the motion ； 20,718,878 votes (including electronic votes) abstained. The motion is ratified.

2. The proposal for Earnings Distribution of 2024 Explanation:

• (1) Please refer to the 2024 Earnings Distribution proposed in accordance with Article 27 of the Company’s Articles of Incorporation as follows:

of the Company’s Articles of Incorporation as follows:
	NT$
Unappropriated retained earnings of previous year	11,416,516,537
Less: Investment adjusted retained earnings by using
equity method	( 78,665 )
Add: Re-evaluation of defined benefit plans recognized as
retained earnings	10,627,984
Add: Disposal of investments in equity instruments
designated as at fair value through other comprehensive
income by associates	1,153,413,322
Less: Changes in ownership interests in subsidiaries	( 14,360,748 )
Adjusted unappropriated retained earnings	12,566,118,430
Add: 2024 net income	4,681,466,240
Less: 10% legal reserve appropriated	( 583,106,813 )
Earnings available for distribution	16,664,477,857
Less: 2024 earning distribution
(cash dividend NT$3.2 per share)	( 2,704,178,278 )
Unappropriated retained earnings	13,960,299,579

• (2) The distribution of earnings is calculated to the dollar (round up to the dollar). The total amount of the odd shares will be booked as the other income of the Company. It is proposed that the Board authorized the Chairman to fix the record date of ex-cash dividend after the approved by the year 2025 annual shareholders’ meeting. Upon the approval of the annual shareholders’ meeting, it is proposed that the Board be authorized to adjust the amount per share based on the actual

shares outstanding number on the record date of ex-cash dividend for the legal reserve distribution by cash if there is an amendment of the number of shares outstanding before the date.

• (3) Please approve.

Resolved that:

Shareholders who are present represented 625,134,318 votes in total (including electronic votes). 604,698,628 votes (including electronic votes) ratify the motion, accounting to 96.73% of total votes ； 93,911 votes (including electronic votes) against the motion ； 20,341,779 votes (including electronic votes) abstained. The motion is ratified.

III. Matters to Be Discussed and Elected

1. To approve the amendment to the “Articles of Incorporation” Explanation:

• (1) Pursuant to the Financial Supervisory Commission letter No. 1130385442 dated November 8, 2024, and in accordance with Article 14, Paragraph 6 of the Securities and Exchange Act, listed companies are required to stipulate in their Articles of Incorporation a fixed percentage of annual earnings to be allocated for salary adjustments or remuneration distribution to non-executive employees. The amendment to the Articles of Incorporation must be completed no later than the 2025 shareholders’ meeting. Accordingly, certain provisions of the Company’s Articles of Incorporation have been revised as shown in the attached table.

• (2) This proposal has been approved by the 12th meeting of the 19th Board of Directors on March 6, 2025.

• (3) Please approve.

  • (Table of Amendments to the Articles of Incorporation)

Articles		After Amendment	Before Amendment	Note
No. 26		If the Corporation has a profit at the end of a fiscal year, the Corporation shall allocate one percent as the remuneration of employees, and less than one percent as the remuneration of Directors.Not less than 2% of the employee remuneration shall be allocated to non- executive employees.But if the Corporation still has had losses of the previous years, should	If the Corporation has a profit at the end of a fiscal year, the Corporation shall allocate one percent as the remuneration of employees, and less than one percent as the remuneration of Directors. But if the Corporation still has had losses of the previous years, should remain to make up the losses first.	Pursuant to Article 14, Paragraph 6 of the Securities and Exchange Act, listed companies are required to specify in their Articles of Incorporation a certain percentage of annual earnings to be allocated for salary adjustment or

		remain to make up the losses first. Employee remuneration may be distributed in the form of stock or cash. The actual distribution ratio,amount, method, and number of shares shall be determined by a resolution of the Board of Directors attended by at least two-thirds of the directors and approved by a majority of the directors present, and shall be reported to the shareholders’ meeting. The actual distribution ratio and amount of directors’ remuneration shall also be determined by the Board of Directors and reported to the shareholders’ meeting.	Employee remuneration may be distributed in the form of stock or cash. The actual distribution amount, method, and number of shares shall be determined by a resolution of the Board of Directors attended by at least two-thirds of the directors and approved by a majority of the directors present, and shall be reported to the shareholders’ meeting. The actual distribution ratio and amount of directors’ remuneration shall also be determined by the Board of Directors and reported to the shareholders’ meeting.	remuneration distribution to non- executive employees. Amendments were made to align with practical operational requirements.
No. 29		The Articles of Incorporation of the Corporation was stipulated on June 22, 1968 and after resolution was obtained in the shareholders’ regular meeting. It was submitted to the competent authority for approval and became effective on the same day. Subsequent amendment to these Articles of Incorporation shall become effective after being passed at the shareholders’ meeting. The 1st revision was on August 16, 1968. . . . The 50th revision was in June	The Articles of Incorporation of the Corporation was stipulated on June 22, 1968 and after resolution was obtained in the shareholders’ regular meeting. It was submitted to the competent authority for approval and became effective on the same day. Subsequent amendment to these Articles of Incorporation shall become effective after being passed at the shareholders’ meeting. The 1st revision was on August 16, 1968. . . . The 50th revision was in June

		8th 2022. The 51st revision was in May 27th 2025.	8th 2022.

Resolved that:

Shareholders who are present represented 625,134,318 votes in total (including electronic votes). 604,693,709 votes (including electronic votes) ratify the motion, accounting to 96.73% of total votes ； 87,831 votes (including electronic votes) against the motion ； 20,352,778 votes (including electronic votes) abstained. The motion is approved.

2. To elect Directors (including Independent Directors) of the Company

• Explanation:

• (1) The current directors (including independent directors) of the Company were elected at the 2022 Annual General Meeting, and their term of office is approaching expiration. In accordance with applicable regulations, re-election shall be conducted at the 2025 Annual General Meeting.

• (2) Pursuant to Article 16 of the Company’s Articles of Incorporation, it is proposed to re-elect 12 directors, including 4 independent directors, for a threeyear term commencing from the date of their election.

• (3) The election of directors and independent directors shall adopt the candidate nomination system. Candidates may be nominated by the Board of Directors or by shareholders holding 1% or more of the Company’s outstanding shares. During the nomination period from March 22 to March 31, 2025, no candidates were nominated by shareholders. The Board of Directors nominated 8 director candidates and 4 independent director candidates, and the list of candidates was reviewed and approved by resolution at the 12th meeting of the 19th Board of Directors held on March 6, 2025, and has been duly announced in accordance with the law.

• (4) Please refer to the handbook for the candidate list.

• (5) Please elect.

Election result:

Title	Name	Votes Received	Name of Institutional Shareholders
Directors	HSU, Shu-Tong	631,509,018	-
	HSU, Shu-Ping	564,563,576	-
	LEE, Kun-Yen	564,537,936	Asia Cement Corp.
	WU, Ling-Ling	564,456,853	Asia Cement Corp.

Title	Name	Votes Received	Name of Institutional Shareholders
	Douglas Jefferson HSU	649,927,582	Asia Cement Corp.
	ONG Choo Kiat	620,303,286	Yue DingIndustryCo., Ltd.
	LEE, Kuan-Chun	549,210,486	Yuan DingInvestment Co., Ltd.
	TUNG, Li-Chen	548,620,475	Far Eastern Construction Co., Ltd.
Independent Directors	PAN, Wen-Yen	598,565,323	-
	CHU, Shao-Hua	563,305,765	-
	LIU, Chorng-Jian	563,265,740	-
	Li, Pin	604,098,097	-

3. To approve the release of the relevant Directors from the non-competition restriction under Article 209 of the Company Act

Explanation:

• (1) This is processed in accordance with Paragraph 1 of Article 209 of the Company Act: “A director who acts for himself or on behalf of another person in a manner that is within the scope of the company’s business shall explain to the shareholders’ meeting the essential contents of such act and obtain the approval from shareholders’ meeting”.

• (2) In light of the potential that the newly appointed directors of the Company may invest in, or engage in the management of, other enterprises operating within the same or similar lines of business as the Company—and may serve as directors or managers of such entities (as detailed in the attachment)—it is hereby proposed, pursuant to Article 209 of the Company Act, that the shareholders' meeting grant approval to exempt the newly appointed directors and their representatives from the restrictions of the non-compete clause.

(3) Please approve.

Title	Name	Serve as Director/Chairman at other companies in the industry
Director	Hsu, Shu-Tong	Director,Global EnergyMarine Transport Corp.
		Director,Cape Asia Ltd.
		Director,New Cape Asia Ltd.
		Director,Cape Asia Newbuildings(III)Ltd.
		Director,Winyield Investment Ltd.
Director	Douglas Jefferson	Director, Global Energy Marine Transport Corp.

	Hsu (Representative of Asia Cement Corp.)	Director, KMU LNG Shipping Pte. Ltd.
Director	Ong Choo Kiat (Representative of Yue Ding Industry Co.,Ltd.)	Director,Global EnergyMarine Transport Corp.
		Director,Winyield Investment Ltd.
		Director,ITG-Uming (Xiamen)ShippingCo.,Ltd.
		Director,ITG-UmingShippingCo.,Ltd.

Resolved that:

Shareholders who are present represented 625,134,318 votes in total (including electronic votes). 600,759,820 votes (including electronic votes) ratify the motion, accounting to 96.10% of total votes ； 252,510 votes (including electronic votes) against the motion ； 24,121,988 votes (including electronic votes) abstained. The motion is approved.

IV. Shareholders’ Speech:

Shareholder Account Number: 0326364

Summary of Question: What is the proportion of Handy-size vessels in U-Ming's newbuilding orders over the next few years?

Reply (as instructed by the Chairman and responded by President Ong):

Among the new vessels under construction scheduled for delivery between 2027 and 2028, Ultramax bulk carriers account for approximately 32% of the total deadweight tonnage.

V. Extempore Motions: None

VI. Meeting Adjourned

Chairperson: Douglas Jefferson Hsu

Recorder: Chen, Chang-Sheng

INDEPENDENT AUDITORS’ REPORT

The Board of Directors and Shareholders U-Ming Marine Transport Corporation

Opinion

We have audited the accompanying consolidated financial statements of U-Ming Marine Transport Corporation and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the consolidated financial statements, including material accounting policy information (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Stage of Completion of Freight Contracts

The Group’s freight revenue is recognized by reference to the stage of completion of the contract. Because management is required to exercise judgments and to have estimates to a certain extent when measuring and calculating the stage of completion of freight contracts, revenue recognition and measurement might be affected by the selection and application of calculation methods; therefore, the determination of the stage of completion of freight contracts was deemed to be a key audit matter. Refer to Note 5 to the consolidated financial statements: Material accounting judgments and key sources of estimation uncertainty for information on the stage of completion of freight contracts.

The main audit procedures that we performed in respect of the key audit matter stated above were as follows:

1. We obtained an understanding of and tested the design and implementation of the key controls over the recognition of freight revenue.

2. We obtained relevant documents and understood the determination of the stage of completion of freight contracts, and we confirmed that the calculation method was appropriate and applied consistently.

3. We verified the management’s calculation of the percentage of voyages and freight revenue by collating the information on actual voyages, entering/departing reports, sailing schedules and freight contracts.

Other Matter

We have also audited the parent company only financial statements of U-Ming Marine Transport Corporation as of and for the years ended December 31, 2024 and 2023 on which we have issued an unmodified opinion.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

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

Those charged with governance, including the audit committee, are responsible for overseeing the Group’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

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

1. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

6. Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended December 31, 2024, 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 Wen-Ling Liu and Xin-Wei Tai.

Deloitte & Touche Taipei, Taiwan Republic of China

March 6, 2025

Notice to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally applied in the Republic of China.

For the convenience of readers, the independent auditors’ report and the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors’ report and consolidated financial statements shall prevail.

U-MING MARINE TRANSPORT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

ASSETS CURRENT ASSETS Cash and cash equivalents (Notes 6 and 24) Financial assets at fair value through profit or loss (Notes 7 and 24) Financial assets at fair value through other comprehensive income (Notes 8, 24 and 25) Financial assets at amortized cost Contract assets (Note 18) Trade receivables from unrelated parties (Note 9) Trade receivables from related parties (Notes 9 and 24) Other receivables (Note 24) Fuel inventory Other current assets Total current assets NON-CURRENT ASSETS Financial assets at fair value through other comprehensive income (Note 8) Financial assets at amortized cost Investments accounted for using the equity method (Note 11) Property, plant and equipment (Notes 12, 25 and 26) Intangible assets Deferred tax assets (Note 20) Prepayments for equipment (Notes 12 and 26) Refundable deposits (Notes 24 and 25) Long-term receivables from related parties (Note 24) Total non-current assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings (Notes 14, 24 and 25) Short-term bills payable (Notes 14 and 25) Financial liabilities at fair value through profit or loss (Note 7) Trade payables (Note 24) Other payables (Note 15) Current tax liabilities (Note 20) Current portion of long-term borrowings (Notes 14 and 25) Other current liabilities (Notes 18 and 24) Total current liabilities NON-CURRENT LIABILITIES Bank loans (Notes 14 and 25) Deferred tax liabilities (Note 20) Net defined benefit liabilities (Note 16) Total non-current liabilities Total liabilities EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Note 17) Common share capital Capital surplus Retained earnings Legal reserve Unappropriated earnings Total retained earnings Other equity Total equity attributable to owners of the company NON-CONTROLLING INTERESTS Total equity TOTAL		2024 Amount % $ 17,859,129 20 1,400,482 2 6,615,898 8 294,059 - 398,290 1 746,975 1 57,322 - 329,962 - 801,224 1 313,000 - 28,816,341 33 2,360,865 3 1,752,058 2 5,134,834 6 47,956,463 54 34,229 - 451 - 1,654,274 2 99,592 - 302,324 - 59,295,090 67 $ 88,111,431 100 $ 4,830,000 6 799,841 1 2,592 - 265,362 - 1,387,821 2 141,124 - 6,261,689 7 404,679 - 14,093,108 16 33,469,242 38 15,107 - 73,174 - 33,557,523 38 47,650,631 54 8,450,557 10 115,986 - 8,170,778 9 17,247,584 20 25,418,362 29 6,475,895 7 40,460,800 46 - - 40,460,800 46 $ 88,111,431 100		2023
				Amount % $ 13,499,793 17 1,317,154 2 7,921,478 10 160,764 - 437,283 1 836,651 1 16,402 - 325,975 - 606,769 1 305,145 - 25,427,414 32 2,397,502 3 1,762,785 2 4,840,703 6 43,810,923 54 39,287 - 1,820 - 1,859,564 2 98,913 - 395,030 1 55,206,527 68 $ 80,633,941 100 $ 10,672,000 13 1,459,349 2 1,292 - 246,100 - 1,069,067 1 203,024 - 3,660,187 5 365,046 1 17,676,065 22 29,032,073 36 13,989 - 88,666 - 29,134,728 36 46,810,793 58 8,450,557 11 119,009 - 7,897,055 10 13,718,373 17 21,615,428 27 3,513,005 4 33,697,999 42 125,149 - 33,823,148 42 $ 80,633,941 100

The accompanying notes are an integral part of the consolidated financial statements.

U-MING MARINE TRANSPORT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

OPERATING REVENUE Freight revenue (Notes 18 and 24) Other operating revenue (Note 19) Total operating revenue OPERATING COSTS Freight cost (Notes 19 and 24) GROSS PROFIT OPERATING EXPENSES General and administrative expenses (Notes 19 and 24) Expected credit loss (Note 9) Total operating expenses PROFIT FROM OPERATIONS NON-OPERATING INCOME AND EXPENSES Other income (Note 24) Finance costs Share of the profit or loss of associates (Note 11) Interest income Dividend income Gain on disposal of property, plant and equipment Net gain on foreign currency exchange Net gain on financial assets and liabilities at fair value through profit or loss Other losses Loss on disposal of investments Impairment loss Total non-operating income and expenses PROFIT BEFORE INCOME TAX INCOME TAX EXPENSE (BENEFIT) (Note 20) NET PROFIT FOR THE YEAR		2024 Amount % $ 15,995,972 98 346,531 2 16,342,503 100 11,121,538 68 5,220,965 32 735,626 5 452 - 736,078 5 4,484,887 27 18,424 - (1,486,439) (9) 315,263 2 959,639 6 116,811 1 24,830 - 4,216 - 460,503 3 (123,235) (1) (28) - - - 289,984 2 4,774,871 29 107,542 - 4,667,329 29		2023
				Amount % $ 14,113,634 98 261,839 2 14,375,473 100 10,993,363 76 3,382,110 24 661,072 5 13,103 - 674,175 5 2,707,935 19 15,568 - (1,472,927) (10) 273,042 2 786,776 6 199,541 1 4,705 - 13,450 - 214,004 2 (10,864) - - - (79,242) (1) (55,947) - 2,651,988 19 (16,882) - 2,668,870 19

(Continued)

U-MING MARINE TRANSPORT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

OTHER COMPREHENSIVE INCOME Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans (Note 16) Unrealized gain on investments in equity instruments at fair value through other comprehensive income Share of the other comprehensive (loss) income of associates accounted for using the equity method Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of the financial statements of foreign operations Share of the other comprehensive income (loss) of associates accounted for using the equity method Other comprehensive income for the year, net of income tax TOTAL COMPREHENSIVE INCOME FOR THE YEAR NET PROFIT (LOSS) ATTRIBUTABLE TO Owners of the Company Non-controlling interests TOTAL COMPREHENSIVE INCOME (LOSS) Owners of the Company Non-controlling interests EARNINGS PER SHARE (Note 21) Basic Diluted		2024 Amount % $ 9,623 - 598,859 3 (19,196) - 3,418,029 21 119,617 1 4,126,932 25 $ 8,794,261 54 $ 4,681,466 29 (14,137) - $ 4,667,329 29 $ 8,808,398 54 (14,137) - $ 8,794,261 54 $ 5.54 $ 5.53		2023
				Amount % $ (12,325) - 769,389 5 12,961 - 21,508 - (3,042) - 788,491 5 $ 3,457,361 24 $ 2,738,915 19 (70,045) - $ 2,668,870 19 $ 3,527,406 25 (70,045) (1) $ 3,457,361 24 $ 3.24 $ 3.24

The accompanying notes are an integral part of the consolidated financial statements.

(Concluded)

U-MING MARINE TRANSPORT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

BALANCE AT JANUARY 1, 2023 Appropriation of 2022 earnings Legal reserve Reversal of special reserve Cash dividends distributed by the Company Changes in capital surplus from investments in associates accounted for using the equity method Net profit (loss) for the year ended December 31, 2023 Other comprehensive income (loss) for the year ended December 31, 2023, net of income tax Total comprehensive income (loss) for the year ended December 31, 2023 Disposal of investments in equity instruments designated as at fair value through other comprehensive income Cash dividends claimed after over prescription by shareholders Changes from investments in associates accounted for using the equity method BALANCE AT DECEMBER 31, 2023 Appropriation of 2023 earnings Legal reserve Cash dividends distributed by the Company Changes in capital surplus from investments in associates accounted for using the equity method Net profit (loss) for the year ended December 31, 2024 Other comprehensive income (loss) for the year ended December 31, 2024, net of income tax Total comprehensive income (loss) for the year ended December 31, 2024 Actual acquisition of interests in subsidiaries Disposal of investments in equity instruments designated as at fair value through other comprehensive income Cash dividends claimed after over prescription by shareholders Changes from investments in associates accounted for using the equity method BALANCE AT DECEMBER 31, 2024				Equity Attri	butable to Owners of the Company				Total Equity to Owners of the Company Non-controlling Interests $ 32,705,309 $ 195,194 - - - - (2,535,167) - 517 - 2,738,915 (70,045) 788,491 - 3,527,406 (70,045) - - (53) - (13) - 33,697,999 125,149 - - (2,028,134) - (352) - 4,681,466 (14,137) 4,126,932 - 8,808,398 (14,137) (17,024) (111,012) - - (8) - (79) - $ 40,460,800 $ -	Total Equity $ 32,900,503 - - (2,535,167) 517 2,668,870 788,491 3,457,361 - (53) (13) 33,823,148 - (2,028,134) (352) 4,667,329 4,126,932 8,794,261 (128,036) - (8) (79) $ 40,460,800
		Common Share Capital Capital Surplus $ 8,450,557 $ 118,545 - - - - - - - 517 - - - - - - - - - (53) - - 8,450,557 119,009 - - - - - (352) - - - - - - - (2,663) - - - (8) - - $ 8,450,557 $ 115,986		Retained Earnings Legal Reserve Special Reserve Unappropriated Earnings $ 7,454,292 $ 2,227,895 $ 11,731,182 442,763 - (442,763) - (2,227,895) 2,227,895 - - (2,535,167) - - - - - 2,738,915 - - (9,232) - - 2,729,683 - - 7,556 - - - - - (13) 7,897,055 - 13,718,373 273,723 - (273,723) - - (2,028,134) - - - - - 4,681,466 - - 10,629 - - 4,692,095 - - (14,361) - - 1,153,413 - - - - - (79) $ 8,170,778 $ - $ 17,247,584		Other Equity		Total $ 2,722,838 - - - - - 797,723 797,723 (7,556) - - 3,513,005 - - - - 4,116,303 4,116,303 - (1,153,413) - - $ 6,475,895
					Exchange Differences on Translation of the Financial Unrealized Valuation Gain (Loss) on Financial Assets at Fair Value through Other Statements of Foreign Operations Comprehensive Income $ (709,638) $ 3,432,306 - - - - - - - - - - 18,466 779,257 18,466 779,257 - (7,556) - - - - (691,172) 4,204,007 - - - - - - - - 3,537,645 578,740 3,537,645 578,740 - - - (1,153,413) - - - - $ 2,846,473 $ 3,629,334	Gain (Loss) on Hedging Instruments G $ 1 - - - - - - - - - - 1 - - - - - - - - - - $ 1	ain on Property Revaluation $ 169 - - - - - - - - - - 169 - - - - (82) (82) - - - - $ 87

The accompanying notes are an integral part of the consolidated financial statements.

U-MING MARINE TRANSPORT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Depreciation expenses Amortization expenses Expected credit loss reversed on trade receivables Net gain on financial assets and liabilities at fair value through profit or loss Finance costs Interest income Dividend income Share of the profit or loss of associates Gain on disposal of property, plant and equipment Impairment loss recognized on property, plant and equipment Net (gain) loss on foreign currency exchange Changes in operating assets and liabilities Financial assets mandatorily classified as at fair value through profit or loss Contract assets Trade receivables (including related parties) Other receivables Fuel inventory Other current assets Trade payables Other payables Other current liabilities Net defined benefit liabilities Cash generated from operations Interest received Dividends received Interest paid Income tax paid Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of financial assets at fair value through other comprehensive income Proceeds from sale of (purchase of) financial assets at amortized cost Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Decrease (increase) in refundable deposits Decrease in financing provided - related parties Payments for intangible assets Increase in prepayments for equipment	2024 $ 4,774,871 3,525,290 20,681 452 (460,503) 1,486,439 (959,639) (440,229) (315,263) (24,830) - (29,505) 464,667 66,271 91,557 58,413 (153,786) (8,080) 19,262 271,729 39,633 (5,868) 8,421,562 966,094 440,229 (1,486,090) (166,961) 8,174,834 1,961,981 7,577 (3,140,291) 25,245 2,173 173,082 (13,007) (1,396,760)	2023 $ 2,651,988 3,246,256 22,963 13,103 (214,004) 1,472,927 (786,776) (454,657) (273,042) (4,705) 79,242 40,077 351,099 (228,288) 45,173 143,287 (82,699) (50,144) 3,328 (71,688) 103,448 (7,594) 5,999,294 697,603 454,657 (1,415,617) (25,147) 5,710,790 115,165 (124,878) (7,275,829) 495,214 (21,993) - (1,540) (777,581) (Continued)

U-MING MARINE TRANSPORT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

Dividends received Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES (Repayments of) proceeds from short-term borrowings Repayments of short-term bills payable Proceeds from long-term borrowings Repayments of long-term borrowings Dividends paid to owners of the Company Changes in non-controlling interest Net cash (used in) generated from financing activities EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH HELD IN FOREIGN CURRENCIES NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	2024 $ 198,282 (2,181,718) (5,952,000) (660,000) 25,917,504 (19,755,189) (2,028,136) (128,036) (2,605,857) 972,077 4,359,336 13,499,793 $ 17,859,129	2023 $ 71,310 (7,520,132) 3,590,000 (2,362,000) 14,902,315 (12,859,662) (2,535,220) - 735,433 15,103 (1,058,806) 14,558,599 $ 13,499,793

The accompanying notes are an integral part of the consolidated financial statements.

(Concluded)

INDEPENDENT AUDITORS’ REPORT

The Board of Directors and Shareholders U-Ming Marine Transport Corporation

Opinion

We have audited the accompanying parent company only financial statements of U-Ming Marine Transport Corporation (collectively referred to as the “Company”), which comprise the parent company only balance sheets as of December 31, 2024 and 2023, and the parent company only statements of comprehensive income, changes in equity and cash flows for the years then ended, and the notes to the parent company only financial statements, including material accounting policy information (collectively referred to as the “parent company only financial statements”).

In our opinion, 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, 2024 and 2023, 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 the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the 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, 2024. 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.

Stage of Completion of Freight Contracts

The Company’s freight revenue is recognized by reference to the stage of completion of the contract. Because management is required to exercise judgments and to have estimates to a certain extent when measuring and calculating the stage of completion of freight contracts, revenue recognition and expression might be affected by the selection and application of calculation methods; therefore, the determination of the stage of completion of freight contracts was deemed to be a key audit matter. Refer to Note 5 to the parent company only financial statements: material accounting judgments and key sources of estimation uncertainty for information on the stage of completion of freight contracts.

The main audit procedures that we performed in respect of the key audit matter stated above were as follows:

1. We obtained an understanding of and tested the design and implementation of the key controls over the recognition of freight revenue.

2. We obtained relevant documents and understood the determination of the stage of completion of freight contracts, and we confirmed that the calculation method is appropriate and applied consistently.

3. We verified the management’s calculation of the percentage of voyages and freight revenue by collating the information on actual voyages, entering/departing reports, sailing schedules and freight contracts.

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 parent company only 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 auditing standards generally accepted in 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 auditing standards generally accepted in the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. 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.

2. 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.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

4. 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.

5. 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.

6. Obtain sufficient and appropriate audit evidence regarding the financial information of 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 company 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, 2024 and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors’ report are Wen-Ling Liu and Xin-Wei Tai.

Deloitte & Touche Taipei, Taiwan Republic of China

March 6, 2025

Notice to Readers

The translation version is intended for reference only. If any inconsistency between the Chinese and English versions, the Chinese version shall govern.

U-MING MARINE TRANSPORT CORPORATION PARENT COMPANY ONLY BALANCE SHEETS DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

ASSETS CURRENT ASSETS Cash and cash equivalents (Note 6 and 22) Financial assets at fair value through other comprehensive income - current (Note 7 and 23) Contract assets (Note 16) Trade receivables from unrelated parties (Note 8) Trade receivables from related parties (Note 8 and 22) Other receivables (Note 22) Fuel inventory Other current assets (Note 22) Total current assets NON-CURRENT ASSETS Financial assets at fair value through other comprehensive income (Note 7) Investments accounted for using equity method (Note 9) Property, plant and equipment (Note 10 and 23) Intangible assets Deferred tax assets (Note 18) Prepayments for equipment Refundable deposits (Note 22 and 23) Total non-current assets TOTAL LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings (Note 12, 22 and 23) Short-term bills payable (Note 12) Trade payables (Note 22) Other payables (Note 13) Current tax liabilities (Note 18) Current portion of long-term borrowings (Note 12) Other current liabilities (Note 16 and 22) Total current liabilities NON-CURRENT LIABILITIES Bank loans (Note 12 and 23) Deferred tax liabilities (Note 18) Net defined benefit liabilities (Note 14) Total non-current liabilities Total liabilities EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Note 15) Common share capital Capital surplus Retained earnings Legal reserve Unappropriated earnings Total retained earnings Other equity Total equity TOTAL		2024 Amount % $ 80,185 - 2,381,827 4 45,559 - 21,454 - 92,872 - 15,671 - 41,021 - 67,417 - 2,746,006 4 848,753 1 64,832,076 91 2,530,540 4 27,754 - 451 - 21,560 - 53,613 - 68,314,747 96 $ 71,060,753 100 $ 4,780,000 7 749,960 1 46,640 - 457,179 - 81,188 - 4,030,000 6 26,680 - 10,171,647 14 20,350,000 29 15,107 - 63,199 - 20,428,306 29 30,599,953 43 8,450,557 12 115,986 - 8,170,778 12 17,247,584 24 25,418,362 36 6,475,895 9 40,460,800 57 $ 71,060,753 100		2023
				Amount % $ 186,820 - 2,255,095 4 - - 154,319 - 16,402 - 14,291 - 59,292 - 42,693 - 2,728,912 4 831,123 1 58,040,905 91 1,698,025 3 39,287 - 1,820 - 395,677 1 66,495 - 61,073,332 96 $ 63,802,244 100 $ 10,150,000 16 1,459,349 2 45,528 - 377,430 1 197,287 1 1,470,000 2 84,213 - 13,783,807 22 16,230,000 25 13,989 - 76,449 - 16,320,438 25 30,104,245 47 8,450,557 13 119,009 - 7,897,055 12 13,718,373 22 21,615,428 34 3,513,005 6 33,697,999 53 $ 63,802,244 100

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

U-MING MARINE TRANSPORT CORPORATION

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

OPERATING REVENUE (Note 16 and 22) OPERATING COSTS (Note 17 and 22) GROSS PROFIT OPERATING EXPENSES (Note 17 and 22) (LOSS) PROFIT FROM OPERATIONS NON-OPERATING INCOME AND EXPENSES Other income (Note 22) Financial costs Share of the profit or loss of subsidiaries and associates (Note 9) Interest income Dividend income Net gain on foreign currency exchange Other losses Gain (loss) on disposal of property, plant and equipment Total non-operating income and expenses PROFIT BEFORE INCOME TAX INCOME TAX EXPENSE(BENEFIT) (Note 18) NET PROFIT FOR THE YEAR		2024	% 100 75 25 27 (2) 1 (31) 283 - 6 - - 2 261 259 2 257		2023
		Amount $ 1,820,284 1,357,852 462,432 495,266 (32,834) 23,744 (564,844) 5,149,137 2,260 114,266 2,060 (4,386) 24,830 4,747,067 4,714,233 32,767 4,681,466			Amount % $ 1,873,771 100 1,523,092 81 350,679 19 423,170 23 (72,491) (4) 21,963 1 (511,262) (27) 3,052,452 163 6,446 - 195,226 10 14,332 1 (4,726) - (18) - 2,774,413 148 2,701,922 144 (36,993) (2) 2,738,915 146 (Continued)

U-MING MARINE TRANSPORT CORPORATION

PARENT COMPANY ONLY STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars, Except Earnings Per Share)

OTHER COMPREHENSIVE INCOME Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans (Note 14) Unrealized gain on investments in equity instruments at fair value through other comprehensive income Share of the other comprehensive income of subsidiaries, associates and joint ventures using the equity method Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations Share of the other comprehensive income of subsidiaries, associates and joint ventures using the equity method Other comprehensive income for the year, net of income tax TOTAL COMPREHENSIVE INCOME FOR THE YEAR EARNINGS PER SHARE (Note 19) Basic Diluted		2024 Amount % $ 6,395 1 144,362 8 438,530 24 3,415,636 187 122,009 7 4,126,932 227 $ 8,808,398 484 $ 5.54 $ 5.53	2024 Amount % $ 6,395 1 144,362 8 438,530 24 3,415,636 187 122,009 7 4,126,932 227 $ 8,808,398 484 $ 5.54 $ 5.53		2023	2023
					Amount $ (9,377) 75,495 703,906 19,104 (637) 788,491 $ 3,527,406 $ 3.24 $ 3.24		% (1) 4 38 1 - 42 188
			$			$

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

U-MING MARINE TRANSPORT CORPORATION

PARENT COMPANY ONLY STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

Common Share Capital Capital Surplus BALANCE AT JANUARY 1, 2023 $ 8,450,557 $ 118,545 Appropriation of 2022 earnings Legal reserve - - Special reserve - - Cash dividends distributed by the Company - - Changes in capital surplus from investments in associates and joint ventures accounted for using the equity method - 517 Net profit for the year ended December 31, 2023 - - Other comprehensive income for the year ended December 31, 2023, net of income tax - - Total comprehensive income for the year ended December 31, 2023 - - Disposal of investments in equity instruments designated as at fair value through other comprehensive income by associate - - Cash dividends claimed after over prescription by shareholders - (53) Changes from investments in associates and joint ventures accounted for using the equity method - - BALANCE AT DECEMBER 31, 2023 $ 8,450,557 $ 119,009 Appropriation of 2023 earnings Legal reserve - - Cash dividends distributed by the Company - - Changes in capital surplus from investments in associates and joint ventures accounted for using the equity method - (352) Net profit for the year ended December 31, 2024 - - Other comprehensive income (loss) for the year ended December 31, 2024, net of income tax - - Total comprehensive income (loss) for the year ended December 31, 2024 - - Actual acquisition of interests in subsidiaries - (2,663) Disposal of investments in equity instruments designated as at fair value through other comprehensive income by associate - - Cash dividends claimed after over prescription by shareholders - (8) Changes from investments in associates and joint ventures accounted for using the equity method - - BALANCE AT DECEMBER 31, 2024 $ 8,450,557 $ 115,986		Retained Earnings Unappropriated Legal Reserve Special Reserve Earnings $ 7,454,292 $ 2,227,895 $ 11,731,182 442,763 - (442,763 ) - (2,227,895) 2,227,895 - - (2,535,167 ) - - - - - 2,738,915 - - (9,232) - - 2,729,683 - - 7,556 - - - - - (13) $ 7,897,055 $ - $ 13,718,373 273,723 - (273,723 ) - - (2,028,134 ) - - - - - 4,681,466 - - 10,629 - - 4,692,095 - - (14,361) - - 1,153,413 - - - - - (79) $ 8,170,778 $ - $ 17,247,584	Other Equity	Total $ 2,722,838 - - - - - 797,723 797,723 (7,556) - - $ 3,513,005 - - - - 4,116,303 4,116,303 - (1,153,413) - - $ 6,475,895	Total Equity $ 32,705,309 - - (2,535,167 ) 517 2,738,915 788,491 3,527,406 - (53) (13) $ 33,697,999 - (2,028,134 ) (352) 4,681,466 4,126,932 8,808,398 (17,024) - (8) (79) $ 40,460,800
			Unrealized Exchange Valuation Gain Differences on (Loss) on Translating the Financial Assets Financial at Fair Value Statements of through Other Gain (Loss) on Foreign Comprehensive Hedging Gain on Property Operations Income Instruments Revaluation $ (709,638 ) $ 3,432,306 $ 1 $ 169 - - - - - - - - - - - - - - - - - - - - 18,466 779,257 - - 18,466 779,257 - - - (7,556) - - - - - - - - - - $ (691,172 ) $ 4,204,007 $ 1 $ 169 - - - - - - - - - - - - - - - - 3,537,645 578,740 - (82) 3,537,645 578,740 - (82) - - - - - (1,153,413) - - - - - - - - - - $ 2,846,473 $ 3,629,334 $ 1 $ 87

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

U-MING MARINE TRANSPORT CORPORATION

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Depreciation expenses Amortization expenses Finance costs Interest income Dividend income Share of the profit of subsidiaries, associates and joint ventures Gain on (loss) on disposal of property, plant and equipment Net gain on foreign currency exchange Changes in operating assets and liabilities Contract assets Trade receivables (including related parties) Other receivables Fuel inventory Other current assets Trade payables Other payables Other current liabilities Net defined benefit liabilities Cash generated from operations Interest received Dividends received Interest paid Income tax paid Net cash used generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Decrease (increase) in refundable deposits Payments for intangible assets Increase in prepayment for equipment Dividends received from investments accounted for using equity method Net cash generated from investing activities	2024 $ 4,714,233 219,862 20,681 564,844 (2,260) (114,266) (5,149,137) (24,830) (4,391) (45,559) 56,395 (1,498) 18,271 (24,724) 1,112 75,186 (57,533) (6,855) 239,531 2,378 114,266 (559,676) (146,379) (349,880) (664,963) 25,245 12,882 (6,664) (16,196) 2,444,722 1,795,026	2023 $ 2,701,922 204,202 21,761 511,262 (6,446) (195,226) (3,052,452) 18 (1,346) - 44,397 8,979 (34,628) (2,576) 11,065 (70,058) 67,511 (8,259) 200,126 6,628 195,226 (518,085) (545) (116,650) (34,279) - (18,164) (1,540) (230,415) 1,838,328 1,553,930 (Continued)

U-MING MARINE TRANSPORT CORPORATION

PARENT COMPANY ONLY STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 (In Thousands of New Taiwan Dollars)

CASH FLOWS FROM FINANCING ACTIVITIES (Repayments of) proceeds from short-term borrowings Repayments of short-term bills payable Proceeds from long-term borrowings Repayments of long-term borrowings Dividends paid Changes in non-controlling interest Net cash used in financing activities EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH HELD IN FOREIGN CURRENCIES NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	2024 $ (5,480,000) (710,000) 23,720,000 (16,930,000) (2,028,136) (128,036) (1,556,172) 4,391 (106,635) 186,820 $ 80,185	2023 $ 3,650,000 (2,340,000) 9,000,000 (9,145,000) (2,535,220) - (1,370,220) 1,346 68,406 118,414 $ 186,820

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

(Concluded)