Voltronic Power Technology Corp. and Subsidiaries

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

DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES

The companies required to be included in the consolidated financial statements of affiliates in accordance with the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises" for the year ended December 31, 2025 are all the same as the companies required to be included in the consolidated financial statements of parent and subsidiary companies as provided in International Financial Reporting Standard No. 10, "Consolidated Financial Statements". Relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies. Hence, we do not prepare a separate set of consolidated financial statements of affiliates.

Very truly yours,

VOLTRONIC POWER TECHNOLOGY CORP.

HSIEH JOUR-MING
Chairman

March 6, 2026

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
Voltronic Power Technology Corp.

Opinion

We have audited the accompanying consolidated financial statements of Voltronic Power Technology Corp. and its subsidiaries (the Group), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years then ended, and 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, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

The key audit matter identified in the Group’s consolidated financial statements for the year ended December 31, 2025 is described as follows:

Validity of Occurrence of Operating Revenue

Since the Group is listed on the Taiwan Stock Exchange, the management may be under pressure to meet the profit targets in order to maintain shareholders’ and external investors’ expectations for revenue growth. Furthermore, operating revenue is one of the important indicators to measure the Group’s profitability and operating performance, and revenue recognition is inherently a higher risk. Among all the customers in 2025, operating revenue came from customers whose transaction amounts have increased and whose total transaction amounts for the whole year were significant, with the transaction amount accounting for 29% of the consolidated operating revenue. Therefore, we identified whether these significant transactions actually occurred as a key audit matter. The revenue recognition accounting policy is disclosed in Note 4 to the consolidated financial statements.

In response, we performed the following audit procedures:

We obtained an understanding of the internal controls related to the actual occurrence of operating revenue from the aforementioned sales transactions and assessed the operating effectiveness of the design and implementation of these controls.
We performed substantive testing of the aforementioned transactions. Through sampling from the transactions, we further examined the shipping documents and the recovery of receivables to verify the occurrence of the transactions.

Other Matter

We have also audited the parent company only financial statements of Voltronic Power Technology Corp. as of and for the years ended December 31, 2025 and 2024 on which we have issued an unmodified opinion.

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

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

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

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

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

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

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

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the group audit. We remain solely responsible for our audit opinion.

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

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the year ended December 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audits resulting in this independent auditors' report are Cheng-Chuan Yu and Wei-Lun Hung.

Deloitte & Touche
Taipei, Taiwan
Republic of China

March 6, 2026

Notice to Readers

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

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

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	2025		2024
ASSETS	Amount	%	Amount	%
CURRENT ASSETS
Cash and cash equivalents (Notes 4 and 6)	$ 6,415,213	38	$ 6,556,415	38
Financial assets at amortized cost - current (Notes 8 and 30)	323,094	2	-	-
Notes receivable (Notes 4, 9 and 21)	23,118	-	104,745	1
Trade receivables (Notes 4, 9 and 21)	3,220,182	19	3,169,541	18
Trade receivables from related parties (Notes 4, 9, 21 and 29)	143,753	1	175,533	1
Other receivables (Notes 4 and 9)	52,105	-	67,979	-
Current tax assets (Notes 4 and 23)	15,844	-	-	-
Inventories (Notes 4 and 10)	1,796,131	10	2,092,788	12
Other current assets (Note 15)	286,328	2	256,431	2
Total current assets	12,275,768	72	12,423,432	72
NON-CURRENT ASSETS
Financial assets at fair value through profit or loss - non-current (Notes 4, 7 and 28)	101,368	1	61,417	-
Property, plant and equipment (Notes 4, 12, 30 and 31)	4,171,549	24	4,390,165	25
Right-of-use assets (Notes 4 and 13)	285,988	2	301,416	2
Other intangible assets (Notes 4 and 14)	8,869	-	11,795	-
Deferred tax assets (Notes 4 and 23)	202,503	1	94,786	1
Other non-current assets (Notes 4 and 15)	37,804	-	38,463	-
Total non-current assets	4,808,081	28	4,898,042	28
TOTAL	$ 17,083,849	100	$ 17,321,474	100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Contract liabilities - current (Notes 4 and 21)	$ 267,287	1	$ 483,445	3
Notes payable (Note 17)	319,908	2	6	-
Trade payables (Note 17)	4,473,579	26	4,342,762	25
Trade payables to related parties (Note 29)	2,223	-	7,322	-
Other payables (Note 18)	1,201,489	7	1,202,418	7
Current tax liabilities (Notes 4 and 23)	443,765	3	409,863	2
Lease liabilities - current (Notes 4 and 13)	73,066	-	80,452	-
Current portion of long-term borrowings (Notes 16 and 30)	97,860	1	97,860	1
Other current liabilities (Note 18)	2,318	-	2,096	-
Total current liabilities	6,881,495	40	6,626,224	38
NON-CURRENT LIABILITIES
Long-term borrowings (Notes 16 and 30)	538,230	3	636,090	4
Deferred tax liabilities (Notes 4 and 23)	22,137	-	45,743	-
Lease liabilities - non-current (Notes 4 and 13)	87,209	1	82,417	1
Other non-current liabilities (Note 18)	1,763	-	1,848	-
Total non-current liabilities	649,339	4	766,098	5
Total liabilities	7,530,834	44	7,392,322	43
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY (Note 20)
Share capital
Ordinary shares	877,036	5	877,206	5
Capital surplus	1,377,293	8	1,580,612	9
Retained earnings
Legal reserve	2,761,914	16	2,341,482	13
Special reserve	-	-	349,767	2
Unappropriated earnings	4,651,316	28	4,796,274	28
Total retained earnings	7,413,230	44	7,487,523	43
Other equity (Notes 4, 20 and 25)	(114,544)	(1)	(16,189)	-
Total equity	9,553,015	56	9,929,152	57
TOTAL	$ 17,083,849	100	$ 17,321,474	100

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

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

	2025		2024
	Amount	%	Amount	%
OPERATING REVENUE
Sales (Notes 4, 21 and 29)	$ 20,521,345	100	$ 22,813,347	100
OPERATING COSTS
Cost of goods sold (Notes 10, 22 and 29)	(14,560,923)	(71)	(15,790,331)	(69)
GROSS PROFIT	5,960,422	29	7,023,016	31
OPERATING EXPENSES (Note 22)
Selling and marketing expenses	(305,263)	(2)	(385,308)	(2)
General and administrative expenses	(471,251)	(2)	(554,671)	(3)
Research and development expenses	(844,673)	(4)	(961,901)	(4)
Expect credit loss (Notes 4 and 9)	(10,548)	-	(6,250)	-
Total operating expenses	(1,631,735)	(8)	(1,908,130)	(9)
PROFIT FROM OPERATIONS	4,328,687	21	5,114,886	22
NON-OPERATING INCOME AND EXPENSES
Interest income (Note 22)	187,745	1	229,591	1
Other income (Note 22)	7,595	-	14,768	-
Other gains and losses (Note 22)	(158,250)	(1)	(204,039)	(1)
Finance costs (Note 22)	(48,887)	-	(65,150)	-
Total non-operating income and expenses	(11,797)	-	(24,830)	-
PROFIT BEFORE INCOME TAX FROM CONTINUING OPERATIONS	4,316,890	21	5,090,056	22
INCOME TAX EXPENSE (Notes 4 and 23)	(796,015)	(4)	(885,734)	(4)
NET PROFIT FOR THE YEAR	3,520,875	17	4,204,322	18
				(Continued)

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

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

	2025		2024
	Amount	%	Amount	%
OTHER COMPREHENSIVE (LOSS) INCOME
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of the financial statements of foreign operations (Notes 4 and 20)	$ (262,658)	(1)	$ 556,686	2
Income tax relating to items that may be reclassified subsequently to profit or loss (Notes 20 and 23)	52,532	-	(111,337)	-
Other comprehensive (loss) income for the year, net of income tax	(210,126)	(1)	445,349	2
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	$ 3,310,749	16	$ 4,649,671	20
EARNINGS PER SHARE (Note 24)
Basic	$ 40.23		$ 48.13
Diluted	$ 40.05		$ 47.88

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

(Concluded)

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars)

	Shares Capital	Capital Surplus	Retained Earnings			Other Equity
			Legal Reserve	Special Reserve	Unappropriated Earnings	Exchange Differences on Translation of the Financial Statements of Foreign Operations	Others	Treasury Shares	Total Equity
BALANCE AT JANUARY 1, 2024	$ 877,306	$ 1,772,473	$ 1,979,226	$ 200,346	$ 4,217,639	$ (349,767)	$ (339,420)	$ -	$ 8,357,803
Appropriation of 2023 earnings (Note 20)
Legal reserve	-	-	362,256	-	(362,256)	-	-	-	-
Special reserve	-	-	-	149,421	(149,421)	-	-	-	-
Cash dividends distributed by the Company	-	-	-	-	(3,114,435)	-	-	-	(3,114,435)
Cash from capital surplus (Note 20)	-	(175,461)	-	-	-	-	-	-	(175,461)
Share-based payment transactions (Notes 20, 22 and 25)	(100)	(16,400)	-	-	425	-	227,649	-	211,574
Net profit for the year ended December 31, 2024	-	-	-	-	4,204,322	-	-	-	4,204,322
Other comprehensive income for the year ended December 31, 2024, net of income tax (Note 20)	-	-	-	-	-	445,349	-	-	445,349
Total comprehensive income for the year ended December 31, 2024	-	-	-	-	4,204,322	445,349	-	-	4,649,671
BALANCE AT DECEMBER 31, 2024	877,206	1,580,612	2,341,482	349,767	4,796,274	95,582	(111,771)	-	9,929,152
Appropriation of 2024 earnings (Note 20)
Legal reserve	-	-	420,432	-	(420,432)	-	-	-	-
Cash dividends distributed by the Company	-	-	-	-	(3,596,543)	-	-	-	(3,596,543)
Reversal of special reserve	-	-	-	(349,767)	349,767	-	-	-	-
Donations from shareholders	-	2	-	-	-	-	-	(2)	-
Cash from capital surplus (Note 20)	-	(175,441)	-	-	-	-	-	-	(175,441)
Share-based payment transactions (Notes 20, 22 and 25)	(170)	(27,880)	-	-	1,377	-	111,771	-	85,098
Disposal of treasury shares	-	-	-	-	(2)	-	-	2	-
Net profit for the year ended December 31, 2025	-	-	-	-	3,520,875	-	-	-	3,520,875
Other comprehensive income for the year ended December 31, 2025, net of income tax (Note 20)	-	-	-	-	-	(210,126)	-	-	(210,126)
Total comprehensive income for the year ended December 31, 2025	-	-	-	-	3,520,875	(210,126)	-	-	3,310,749
BALANCE AT DECEMBER 31, 2025	$ 877,036	$ 1,377,293	$ 2,761,914	$ -	$ 4,651,316	$ (114,544)	$ -	$ -	$ 9,553,015

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

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)

	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$ 4,316,890	$ 5,090,056
Adjustments for:
Depreciation expenses	303,668	335,685
Amortization expenses	9,055	13,139
Expected credit loss recognized on trade receivables	10,548	6,250
Net gain on financial assets at fair value through profit or loss	(23,246)	(2,351)
Finance costs	48,887	65,150
Interest income	(187,745)	(229,591)
Compensation cost of employee share options	85,098	211,574
Loss on disposal of property, plant and equipment	6,841	556
Write-downs of inventories	20,047	21,196
Gain on lease modification	(1,938)	(167)
Net loss (gain) on foreign currency exchange	183,999	(383,900)
Changes in operating assets and liabilities
Notes receivable	81,627	(47,228)
Trade receivables	(51,409)	(315,496)
Trade receivables from related parties	32,298	(8,519)
Other receivables	6,352	(1,586)
Inventories	278,021	(704,756)
Other current assets	(29,897)	(62,624)
Contract liabilities	(216,158)	135,632
Notes payable	319,902	(38)
Trade payables	130,817	659,779
Trade payables to related parties	(5,099)	3,137
Other payables	6,118	120,961
Other current liabilities	222	66
Cash generated from operations	5,324,898	4,906,925
Interest received	197,267	221,263
Interest paid	(48,887)	(65,150)
Income tax paid	(856,748)	(659,339)
Net cash generated from operating activities	4,616,530	4,403,699
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at amortized cost	(315,954)	-
Purchase of financial assets at fair value through profit or loss	(16,705)	(16,704)
Acquisition of property, plant and equipment	(45,251)	(76,861)
Proceeds from the disposal of property, plant and equipment	738	2,156
Decrease in refundable deposits	3,460	3,609
Payments for intangible assets	(6,192)	(5,855)
Increase in prepayments for equipment	(14,781)	(10,239)
Net cash used in investing activities	(394,685)	(103,894)

(Continued)

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
(In Thousands of New Taiwan Dollars)

	2025	2024
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of long-term borrowings	$ (97,860)	$ (97,860)
Proceeds from refund of deposits received	(65)	(203)
Repayment of the principal portion of lease liabilities	(73,992)	(100,472)
Distributed cash dividends	(3,771,984)	(3,289,896)
Net cash used in financing activities	(3,943,901)	(3,488,431)
EFFECTS OF EXCHANGE RATE CHANGES ON THE BALANCE OF CASH AND CASH EQUIVALENTS HELD IN FOREIGN CURRENCIES	(419,146)	700,334
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(141,202)	1,511,708
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR	6,556,415	5,044,707
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR	$ 6,415,213	$ 6,556,415

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

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1. GENERAL INFORMATION

Voltronic Power Technology Corp. (the "Company", the Company and its subsidiaries, collectively, the "Group") was incorporated in the Republic of China (ROC) in May 2008. The Company mainly manufactures and sells uninterruptible power systems (UPS) and inverters.

The Company's shares have been listed on the Taiwan Stock Exchange since March 31, 2014.

The consolidated financial statements are presented in the Company's functional currency, the New Taiwan dollar.

2. APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Company's board of directors on March 6, 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 IFRS Accounting Standards endorsed and issued into effect by the FSC did not have a material impact on the Group'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” - the amendments to the application guidance of derecognition of financial liabilities	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

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

The amendments to the application guidance of derecognition of financial liabilities:

The amendments mainly stipulate that a financial liability is derecognized on the settlement date. However, when settling a financial liability in cash using an electronic payment system, the Group can choose to derecognize the financial liability before the settlement date if, and only if, the Group has initiated a payment instruction that resulted in:

The Group having no practical ability to withdraw, stop or cancel the payment instruction;
The Group having no practical ability to access the cash to be used for settlement as a result of the payment instruction; and
The settlement risk associated with the electronic payment system being insignificant.

An entity shall apply the amendments retrospectively but is not required to restate prior periods. The effect of initially applying the amendments shall be recognized as an adjustment to the opening balance at the date of initial application. An entity may restate prior periods if, and only if, it is possible to do so without the use of hindsight.

Except for the above impact, as of the date the consolidated financial statements were authorized for issue, the Group has assessed that the application of other standards and interpretations will not have a material impact on the Group'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 Group 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 Group 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 Group shall disaggregate items with dissimilar characteristics in the primary financial statements and in the notes. The Group 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 Group as a whole, the Group 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 Group 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 Group shall be classified as investing activities, while interest and dividends paid shall be classified as financing activities. However, if, after assessment, the Group 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 consolidated financial statements were authorized for issue, the Group is continuously assessing the other impacts of the above amended standards and interpretations on the Group's financial position and financial performance and will disclose the relevant impact when the assessment is completed.

4. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

For the convenience of readers, the accompanying consolidated financial statements have been translated into English from the original Chinese version prepared and used in the ROC. 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 financial statements shall prevail.

a. Statement of compliance

The consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and IFRS Accounting Standards as endorsed and issued into effect by the FSC.

b. Basis of preparation

The consolidated financial statements have been prepared on the historical cost basis except for financial instruments which are measured at fair value.

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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.

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.

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, even if an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the consolidated financial statements are authorized for issue; and
3) Liabilities for which the Group 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. Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (i.e., its subsidiaries). Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statement of profit or loss and other comprehensive income from the effective date of acquisition up to the effective date of disposal, as appropriate. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Company. All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation.

See Note 11 and Tables 6 and 7 for more information on subsidiaries (including the percentages of ownership and main businesses).

e. Foreign currencies

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

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At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences arising from settlement or translation are recognized in profit or loss in the period in which they arise.

Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

For the purpose of presenting the consolidated financial statements, the functional currencies of the Company and its foreign operations (including subsidiaries, associates, joint ventures and branches in other countries that use currencies different from the currency of the Company) are translated into the presentation currency - the New Taiwan dollar as follows: Assets and liabilities are translated at the 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.

f. Inventories

Inventories, which consist of raw materials, supplies, semi-finished goods, work-in-process and finished goods, 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 group 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 weighted-average cost on the balance sheet date.

g. Property, plant and equipment

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

Property, plant and equipment in the course of construction are carried at cost, less any recognized impairment loss. 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 on property, plant and equipment is recognized using the straight-line method. Each significant part is depreciated separately. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in the 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.

h. 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 by the Group 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.

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i. Impairment of property, plant and equipment, right-of-use asset, intangible assets

At the end of each reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use asset, 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 to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs. Corporate assets are allocated to the individual CGUs on a reasonable and consistent basis of allocation.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

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 CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU 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 asset or CGU 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 or CGU in prior years. A reversal of an impairment loss is recognized in profit or loss.

j. Financial instruments

Financial assets and financial liabilities are recognized when a group entity 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 issuance 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 FVTPL 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 categories

Financial assets are classified into the following categories: Financial assets at FVTPL, financial assets at amortized cost and investments in debt 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 which 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, and remeasurement gains or losses on such financial assets are recognized in other gains or losses. Fair value is determined in the manner described in Note 28: Financial Instruments.

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ii. Financial assets at amortized cost

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

i) The financial assets are 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 assets 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, notes receivable at amortized cost, trade receivables, trade receivables from related parties, other receivables, and refundable deposits are measured at amortized cost, 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 asset, 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 asset that is not credit impaired on purchase or origination but has 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: Significant financial difficulty of the issuer or the borrower, breach of contract, it is becoming probable that the borrower will enter bankruptcy or undergo a financial reorganization or the disappearance of an active market for that financial asset because of financial difficulties.

Cash equivalents include time deposits and notice 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 debt instruments at FVTOCI

Debt instruments that meet the following conditions are subsequently measured at FVTOCI:

i) The debt instrument is held within a business model whose objective is achieved by both the collecting of contractual cash flows and the selling of such financial assets; and
ii) The contractual terms of the debt instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Investments in debt instruments at FVTOCI are subsequently measured at fair value. Changes in the carrying amounts of these debt instruments relating to changes in foreign currency exchange rates, interest income calculated using the effective interest method and impairment losses or reversals are recognized in profit or loss. Other changes in the carrying amount of these debt instruments are recognized in other comprehensive income and will be reclassified to profit or loss when the investment is disposed of.

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b) Impairment of financial assets

The Group recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including trade receivables), along with the impairment losses recognized for these assets.

The Group always recognizes lifetime expected credit losses (ECLs) for trade receivables. For all other financial instruments, the Group 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 Group 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 date.

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

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

ii. When a financial asset is more than 180 days past due unless the Group has reasonable and corroborative information to support a more lagged default criterion.

The impairment loss of all financial assets is recognized in profit or loss by a reduction in their carrying amounts 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 the carrying amounts of such financial assets are not reduced.

c) Derecognition of financial assets

The Group 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.

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.

2) Equity instruments

Debt and equity instruments issued by a group entity 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 a group entity are recognized at the proceeds received, net of direct issue costs.

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The repurchase of the Company’s own equity instruments is recognized in and deducted directly from equity, and its carrying amounts are calculated based on weighted average by share types. No gain or loss is recognized in profit or loss on the purchase, sale, issuance or cancellation of the Company’s own equity instruments.

3) Financial liabilities

a) Subsequent measurement

All financial liabilities are measured at amortized cost using the effective interest method.

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.

k. Revenue recognition

The Group 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 uninterrupted power system electronic equipment. Sales of leisure goods and electronic equipment are recognized as revenue when the goods are shipped because it is the time when the customer has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility for sales to future customers and bears the risks of obsolescence. Trade receivables are recognized concurrently. Contract liabilities are the advance receipts which have not been recognized as revenue.

l. Leases

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

The Group as lessee

The Group 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 consolidated 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. 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.

20 -

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 or a rate used to determine those payments, the Group 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 consolidated balance sheets.

m. Government grants

Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attached to them and that the grants will be received.

Government grants related to income are recognized in other income on a systematic basis over the periods in which the Group recognizes as expenses the related costs that the grants intend to compensate.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they are received.

n. 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 expenses when employees have rendered services entitling them to the contributions.

o. Share-based payment arrangements

Restricted shares granted to employees

The fair value at the grant date of the restricted shares for employees is expensed on a straight-line basis over the vesting period, based on the Group's best estimates of the number of shares or options that are expected to ultimately vest, with a corresponding increase in other equity - unearned employee benefits. It is recognized as an expense in full at the grant date if vested immediately.

When restricted shares for employees are issued, other equity - unearned employee benefits are recognized on the grant date, with a corresponding increase in capital surplus - restricted shares for employees. Under certain conditions, some employees who receive restricted shares are required to return their shares to the issuer upon their resignation, all considerations received should be recognized as payables. Payables are continuously measured based on its estimated turnover rate for those granted before October 10, 2024 in accordance with the Q&A issued by the FSC and these shares will then be recognized as payables. If restricted shares for employees are granted for consideration and should be returned, they are recognized as payables. Dividends paid to employees on restricted shares that do not need to be returned if employees resign in the vesting period are recognized as expenses when the dividends are declared with a corresponding adjustment in retained earnings.

21 -

At the end of each reporting period, the Group revises its estimate of the number of restricted shares for employees expected to vest. The impact of the revision of the original estimates is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the capital surplus - restricted shares for employees.

p. 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.

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 profits 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 and associates, except where the Group 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 recognized only to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and such temporary differences 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 profits will be available to allow all or part of the asset 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 to the period in which the liabilities are settled or the assets are realized, based on tax rates and 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 of how the Group 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

Current and deferred taxes 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 taxes are also recognized in other comprehensive income or directly in equity, respectively.

22 -

23 -

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group’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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revisions affects both current and future periods.

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

6. CASH AND CASH EQUIVALENTS

	December 31
	2025	2024
Cash on hand	$ 817	$ 964
Demand deposits	874,120	509,075
Cash equivalents (investments with original maturities of 3 months or less)
Time deposits	3,977,141	4,659,470
Notice deposits	1,563,135	1,386,906
	$ 6,415,213	$ 6,556,415

The market interest rates for cash in bank at the end of the reporting period were as follows:

	December 31
	2025	2024
Demand deposits	0.001%-0.705%	0.001%-4.260%
Time deposits	3.850%-4.240%	0.800%-4.890%
Notice deposits	1.400%-1.450%	0.450%-1.450%

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

	December 31
	2025	2024
Financial assets at fair value through profit or loss (FVTPL) - non-current
Financial assets mandatorily classified as at FVTPL Non-derivative financial assets Fund beneficiary certificate	$ 101,368	$ 61,417

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8. FINANCIAL ASSETS AT AMORTIZED COST

	December 31
	2025	2024
Current
Domestic investments
Restricted demand deposit	$ 323,094	$ -

9. NOTES RECEIVABLE, TRADE RECEIVABLES (INCLUDING RELATED PARTIES) AND OTHER RECEIVABLES

	December 31
	2025	2024
Notes receivable
At amortized cost
Gross carrying amount	$ 23,118	$ 104,745
Less: Allowance for impairment loss	-	-
	$ 23,118	$ 104,745
Trade receivables
At amortized cost
Gross carrying amount	$ 3,178,741	$ 3,114,520
Less: Allowance for impairment loss	(39,967)	(29,468)
	3,138,774	3,085,052
At FVTOCI	81,408	84,489
	$ 3,220,182	$ 3,169,541
Trade receivables from related parties
At amortized cost
Gross carrying amount	$ 57,456	$ 126,304
Less: Allowance for impairment loss	-	-
	57,456	126,304
At FVTOCI	86,297	49,229
	$ 143,753	$ 175,533
Other receivables
Tax refund receivables	$ 15,103	$ 23,931
Interest receivables	11,900	21,422
Others	25,102	22,626
	$ 52,105	$ 67,979

a. Notes receivable

At amortized cost

The average credit period of notes receivable is 60 to 120 days.

The Group measures the loss allowance for notes receivables at an amount equal to lifetime ECLs. The expected credit losses on notes receivable are estimated by reference to past default experience of the debtor and adjusted for general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of economic conditions at the reporting date. As of December 31, 2025 and 2024, the Group evaluated no allowance for impairment loss was needed for notes receivable.

As of December 31, 2025 and 2024, the Group did not hold any collateral for the balance of notes receivable.

The following table details the aging analysis of notes receivable:

	December 31
	2025	2024
1 to 60 days	$ 12,080	$ 84,967
61 to 90 days	9,756	19,738
91 to 120 days	1,282	40
over 121 days	-	-
	$ 23,118	$ 104,745

The above aging analysis of notes receivable is based on the journal date.

b. Trade receivables

1) At amortized cost

The average credit period of sales of goods was 0 to 180 days.

In order to minimize credit risk, the management of the Group has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group 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 of Group believes the Group's credit risk was significantly reduced.

The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECLs. The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the customer, the customer's current financial position, economic conditions of the industry in which the customer operates, as well as the GDP forecast and industry outlook. The provision for expected credit losses is based on the number of past due days from the end of the credit term.

The Group writes off a trade receivable when there is information indicating that the customer is experiencing severe financial difficulty and there is no realistic prospect of recovery. For trade receivables that have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

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Since the Group purchased insurance individually and the credit rating is evaluated by the insurance company, no impairment loss was needed for trade receivables. As of December 31, 2025 and 2024, the carrying amount of trade receivables covered by insurance was $2,155,088 thousand and $2,330,651 thousand, respectively.

The following table details the loss allowance of trade receivables (including trade receivables from related parties) based on the Group's provision matrix.

December 31, 2025

	Not Past Due	Up to 90 Days	91 to 180 Days	181 to 270 Days	271 to 365 Days	Over 365 Days	Total
Expected credit loss rate	0.28%	3.46%	55.55%	100%	100%	100%
Gross carrying amount	$ 969,716	$ 48,312	$ 61,871	$ 159	$ 602	$ 449	$ 1,081,109
Loss allowance (Lifetime ECLs)	(2,715)	(1,673)	(34,369)	(159)	(602)	(449)	(39,967)
Amortized cost	$ 967,001	$ 46,639	$ 27,502	$ -	$ -	$ -	$ 1,041,142

December 31, 2024

	Not Past Due	Up to 90 Days	91 to 180 Days	181 to 270 Days	271 to 365 Days	Over 365 Days	Total
Expected credit loss rate	0.51%	4.04%	46.21%	100%	100%	100%
Gross carrying amount	$ 802,163	$ 73,185	$ 23,103	$ 1,156	$ 31	$ 10,535	$ 910,173
Loss allowance (Lifetime ECLs)	(4,114)	(2,955)	(10,677)	(1,156)	(31)	(10,535)	(29,468)
Amortized cost	$ 798,049	$ 70,230	$ 12,426	$ -	$ -	$ -	$ 880,705

The movements of the loss allowance of trade receivables were as follows:

	For the Year Ended December 31
	2025	2024
Balance at January 1	$ 29,468	$ 23,068
Add: Net remeasurement of loss allowance	10,548	6,250
Foreign exchange gains and losses	(49)	150
Balance at December 31	$ 39,967	$ 29,468

2) At FVTOCI

For trade receivables from a specific customer, the Group will decide whether to sell these trade receivables to banks without recourse based on its level of working capital. These trade receivables are classified as at FVTOCI because they are held within a business model whose objective is achieved by both the collecting of contractual cash flows and selling of financial assets.

Since the Group purchased insurance individually and the credit rating is evaluated by the insurance company, no impairment loss was needed for trade receivables at FVTOCI. As of December 31, 2025 and 2024, the carrying amount of trade receivables at FVTOCI was $19,072 thousand and $182 thousand, respectively.

The following table details the loss allowance of trade receivables (including related parties) at FVTOCI based on the Group’s provision matrix.

December 31, 2025

	Not Past Due	Up to 90 Days	91 to 180 Days	181 to 270 Days	271 to 365 Days	Over 365 Days	Total
Expected credit loss rate	-	-	-	100%	100%	100%
Gross carrying amount	$ 148,633	$ -	$ -	$ -	$ -	$ -	$ 148,633
Loss allowance (Lifetime ECLs)	-	-	-	-	-	-	-
Amortized cost	$ 148,633	$ -	$ -	$ -	$ -	$ -	$ 148,633

December 31, 2024

	Not Past Due	Up to 90 Days	91 to 180 Days	181 to 270 Days	271 to 365 Days	Over 365 Days	Total
Expected credit loss rate	-	-	-	100%	100%	100%
Gross carrying amount	$ 133,536	$ -	$ -	$ -	$ -	$ -	$ 133,536
Loss allowance (Lifetime ECLs)	-	-	-	-	-	-	-
Amortized cost	$ 133,536	$ -	$ -	$ -	$ -	$ -	$ 133,536

c. Other receivables

The Group’s other receivables included interest receivables and refundable tax. The Group follows the policy of trading only with customers who maintains good credit standing. The Group estimates whether the credit risk is significantly increased by monitoring the business situation and measures the loss allowance for other receivables by reference to past default experience of the debtor and analyze of the debtor’s current financial position. As of December 31, 2025 and 2024, the Group evaluated no allowance for impairment loss was needed for other receivables.

INVENTORIES

	December 31
	2025	2024
Raw materials	$ 679,847	$ 674,421
Supplies	3,449	3,517
Semi-finished goods	130,468	153,608
Work in progress	292,732	384,851
Finished goods	689,635	876,391
	$ 1,796,131	$ 2,092,788

The nature of the cost of goods sold is as follows:

	For the Year Ended December 31
	2025	2024
Cost of inventories sold	$ 14,540,876	$ 15,769,135
Inventory write-downs	20,047	21,196
	$ 14,560,923	$ 15,790,331

11. SUBSIDIARIES

Subsidiaries Included in the Consolidated Financial Statements

Investor	Investor	Nature of Activities	Proportion of Ownership		Remark
			December 31	December 31
Voltronic Power Technology Corp.	Voltronic International Corp.	Investment activities	100.00%	100.00%	a
	Voltronic Power Technology (Vietnam) Company Limited	Design, manufacture and sale of UPS and inverters	100.00%	100.00%	b
	Inversolenergy Tech, Inc.	Marketing, technical support and after-sales service of UPS and inverters	100.00%	100.00%	a and e
Voltronic International Corp.	Voltronic International H.K. Corp. Limited	Investment activities	100.00%	100.00%	a
	Potentia Technology Inc. Limited	Sale of uninterruptible power systems (UPS) and inverters	100.00%	100.00%	a
Voltronic International H.K. Corp. Limited	Voltronic Power Technology (Shen Zhen) Corp.	Design, manufacture and sale of UPS and inverters	100.00%	100.00%	c
	Orchid Power (Shen Zhen) Manufacturing Company	Design, manufacture and sale of UPS and inverters	100.00%	100.00%	c
	Zhongshan Voltronic Power Electronics Limited	Design, manufacture and sale of UPS and inverters	27.03%	27.03%	c and d
Orchid Power (Shen Zhen) Manufacturing Company	Zhongshan Voltronic Power Electronics Limited	Design, manufacture and sale of UPS and inverters	72.97%	72.97%	c and d
Zhongshan Voltronic Power Electronics Limited	Zhongshan Voltronic Precision Inc.	Design, manufacture and sale of UPS and inverters related components	100.00%	100.00%	c

a. The main operating risk is the foreign exchange rate risk.
b. The main operating risks are foreign exchange rate risks and government decrees.
c. The main operating risks are foreign exchange rate risks, government decrees and political risk arising from the uncertainty in relationship between China and Taiwan.
d. In February 2024, Orchid Power (Shen Zhen) Manufacturing Company subscribed to an increase in capital of Zhongshan Voltronic Power Electronics Limited with RMB450 million. Following the capital increase, Orchid Power (Shen Zhen) Manufacturing Company holds a 72.97% equity stake in Zhongshan Voltronic Power Electronics Limited, while the equity stake of Voltronic International H.K. Corp. Limited in Zhongshan Voltronic Power Electronics Limited decreased from 100% to 27.03%.
e. Approved by the board of directors on May 9, 2024, Voltronic Power Technology Corp. established Inversolenergy Tech, Inc. in the United States in response to operational needs. Voltronic Power Technology Corp. invested a capital of US$500 thousand in May 2024, holding 100% ownership stake in the subsidiary.

12. PROPERTY, PLANT AND EQUIPMENT

Assets Used by the Group

	Freehold Land	Buildings	Machinery and Equipment	Transportation Equipment	Office Equipment	Leasehold Improvements	Other Equipment	Property under Construction	Total
Cost
Balance at January 1, 2025	$ 1,307,921	$ 2,687,704	$ 991,305	$ 20,079	$ 104,266	$ 29,432	$ 450,439	$ -	$ 5,591,226
Additions	-	282	14,431	91	2,918	-	10,437	-	37,131
Disposals	-	(4,876)	(4,888)	(284)	(1,488)	(17,030)	(30,978)	-	(59,544)
Reclassified (Note 1)	-	-	11,009	-	-	-	-	-	11,009
Effect of foreign currency exchange differences	-	(28,170)	(18,302)	(443)	(1,770)	(952)	(11,649)	-	(61,286)
Balance at December 31, 2025	$ 1,307,921	$ 2,655,000	$ 993,555	$ 19,443	$ 103,918	$ 11,450	$ 427,249	$ -	$ 5,518,536

(Continued)

	Freehold Land	Buildings	Machinery and Equipment	Transportation Equipment	Office Equipment	Leasehold Improvements	Other Equipment	Property under Construction	Total
Accumulated depreciation and impairment
Balance at January 1, 2025	$ -	$ 279,198	$ 539,768	$ 11,651	$ 68,524	$ 25,229	$ 276,691	$ -	$ 1,201,061
Depreciation expenses	-	71,027	80,434	2,159	9,357	3,925	50,998	-	217,900
Disposals	-	(4,876)	(3,944)	(245)	(1,265)	(17,038)	(24,605)	-	(51,965)
Reclassified
Effect of foreign currency exchange differences	-	(2,101)	(8,737)	(234)	(966)	(784)	(7,187)	-	(20,009)
Balance at December 31, 2025	$ -	$ 343,248	$ 607,521	$ 13,331	$ 75,650	$ 11,340	$ 295,897	$ -	$ 1,346,987
Carrying amounts at December 31, 2025	$ 1,307,921	$ 2,311,752	$ 386,034	$ 6,112	$ 28,268	$ 110	$ 131,352	$ -	$ 4,171,549
Cost
Balance at January 1, 2024	$ 1,307,921	$ 2,572,065	$ 906,322	$ 18,045	$ 95,411	$ 32,901	$ 405,372	$ 51,112	$ 5,389,149
Additions	-	8,163	18,922	1,125	5,936	-	44,434	-	78,580
Disposals	-	(15,760)	(6,181)	(234)	(1,605)	(5,128)	(17,051)	-	(45,959)
Reclassified (Note 2)	-	51,112	35,822	293	97	-	648	(51,112)	36,060
Effect of foreign currency exchange differences	-	72,204	37,220	850	4,427	1,659	17,036	-	133,396
Balance at December 31, 2024	$ 1,307,921	$ 2,687,784	$ 991,305	$ 20,079	$ 104,266	$ 29,432	$ 450,439	$ -	$ 5,591,226
Accumulated depreciation and impairment
Balance at January 1, 2024	$ -	$ 216,254	$ 442,037	$ 9,092	$ 55,962	$ 23,156	$ 223,041	$ -	$ 969,542
Depreciation expenses	-	72,426	86,195	2,336	11,062	5,992	60,071	-	238,082
Disposals	-	(15,760)	(5,649)	(211)	(1,032)	(5,128)	(15,467)	-	(43,247)
Reclassified	-	-	-	-	-	-	-	-	-
Effect of foreign currency exchange differences	-	6,278	17,185	434	2,532	1,209	9,046	-	36,684
Balance at December 31, 2024	$ -	$ 279,198	$ 539,768	$ 11,651	$ 68,524	$ 25,229	$ 276,691	$ -	$ 1,201,061
Carrying amounts at December 31, 2024	$ 1,307,921	$ 2,408,586	$ 451,537	$ 8,428	$ 35,742	$ 4,203	$ 173,748	$ -	$ 4,390,165

Note 1: Reclassified from prepayments for equipment to property, plant and equipment $11,009 thousand.

Note 2: Reclassified from prepayments for equipment to property, plant and equipment $36,060 thousand.

For the years ended December 31, 2025 and 2024, no impairment assessment was performed as there was no indication of impairment.

The above items of property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives as follows:

Buildings
Main buildings
50 years
Draining and air-conditioning units
5-15 years
Machinery and equipment
2-20 years
Transportation equipment
3-10 years
Office equipment
2-10 years
Leasehold improvements
3-5 years
Other equipment
2-10 years

Refer to Note 30 for the carrying amount of property, plant and equipment pledged by the Group to secure borrowings.

The amounts of commitment liability for acquisition of property, plant and equipment were set out in Note 31.

30 -

13. LEASE ARRANGEMENTS

a. Right-of-use assets

	December 31
	2025	2024
Carrying amount
Land	$ 142,351	$ 148,719
Buildings	142,975	152,051
Transportation equipment	662	646
	$ 285,988	$ 301,416
	For the Year Ended December 31
	2025	2024
Additions to right-of-use assets	$ 96,523	$ 21,537
Depreciation charge for right-of-use assets
Land	$ 3,423	$ 3,536
Buildings	81,639	93,291
Transportation equipment	706	776
	$ 85,768	$ 97,603

b. Lease liabilities

	December 31
	2025	2024
Carrying amount
Current	$ 73,066	$ 80,452
Non-current	$ 87,209	$ 82,417

Range of discount rate for lease liabilities was as follows:

	December 31
	2025	2024
Buildings	4.75%-6.00%	4.75%-6.00%
Transportation equipment	5.58%	5.58%

c. Material leasing activities and terms

The Group leases land for use in operations with a lease term of 50 years. The Group does not have bargain purchase options to acquire the leased land at the end of the lease term.

The Group also leases buildings and vehicles used as offices, plants, dormitories and operations with lease terms of 2 to 8 years. The Group does not have bargain purchase options to acquire buildings and vehicles at the end of the lease terms.

d. Other lease information

	For the Year Ended December 31
	2025	2024
Expenses relating to short-term leases	$ 7,408	$ 10,894
Expenses relating to low-value asset leases	$ 1,211	$ 1,309
Total cash outflow for leases	$ (90,649)	$ (122,619)

The Group leases certain plants and transportation equipment qualify as short-term leases and certain office equipment qualify as low-value asset leases. The Group has elected to apply the recognition exemption and thus, did not recognize right-of-use assets and lease liabilities for these leases.

The amount of lease commitments for short-term leases for which the recognition exemption is applied was $143 thousand and $955 thousand as of December 31, 2025 and 2024.

OTHER INTANGIBLE ASSETS

	Computer Software
Cost
Balance at January 1, 2025	$ 52,227
Additions	6,192
Disposals	(12,621)
Effect of foreign currency exchange differences	(580)
Balance at December 31, 2025	$ 45,218
Accumulated amortization
Balance at January 1, 2025	$ 40,432
Amortization expenses	9,055
Disposals	(12,621)
Effect of foreign currency exchange differences	(517)
Balance at December 31, 2025	$ 36,349
Carrying amounts at December 31, 2025	$ 8,869
Cost
Balance at January 1, 2024	$ 58,691
Additions	5,855
Disposals	(13,573)
Effect of foreign currency exchange differences	1,254
Balance at December 31, 2024	$ 52,227
	(Continued)

Computer Software

Accumulated amortization

Balance at January 1, 2024 $ 39,882
Amortization expenses 13,139
Disposals (13,573)
Effect of foreign currency exchange differences 984
Balance at December 31, 2024 $ 40,432
Carrying amounts at December 31, 2024 $ 11,795
(Concluded)

The computer software are amortized on a straight-line basis over their estimated useful lives of 3 to 5 years.

Amortization expenses by function are as follows:

	For the Year Ended December 31
	2025	2024
Operating costs	$ 543	$ 907
Selling and marketing expenses	508	784
General and administrative expenses	3,632	4,728
Research and development expenses	4,372	6,720
	$ 9,055	$ 13,139

15. OTHER ASSETS

	December 31
	2025	2024
Current
Other assets
Prepayment for purchases	$ 9,744	$ 3,148
Overpaid sales tax	257,599	233,702
Other prepayments	18,985	19,581
	$ 286,328	$ 256,431
Non-current
Other assets
Refundable deposits	$ 23,823	$ 28,254
Prepayments for equipment	13,981	10,209
	$ 37,804	$ 38,463

32 -

33 -

16. BORROWINGS

	December 31
	2025	2024
Secured borrowings (Note 30)
Bank loans	$ 636,090	$ 733,950
Less: Current portion	(97,860)	(97,860)
	$ 538,230	$ 636,090

The weighted average effective interest rate on bank loans listed above was 1.9976% and 1.9960% as at December 31, 2025 and 2024.

In March 2022, the Group secured a loan of $978,600 thousand with its own land and buildings as collateral. The principal is amortized equally over 10 years, and the maturity date of the loan will be in March 2032.

17. NOTES PAYABLE AND TRADE PAYABLES

	December 31
	2025	2024
Notes payable
Operating	$ 319,908	$ 6
Trade payables
Operating	$ 4,473,579	$ 4,342,762

The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

18. OTHER LIABILITIES

	December 31
	2025	2024
Current
Other payables
Payables for salaries and bonuses	$ 502,216	$ 548,615
Payables for compensation of employees	414,491	357,734
Payables for commission	65,343	66,908
Payables for insurance	39,062	39,122
Payables for sales tax	20,211	36,314
Payables for purchases of equipment (including buildings)	22,205	30,325
Payables for remuneration of directors and supervisors	14,400	14,400
Payable for freight	14,105	14,508
Others	109,456	94,492
	$ 1,201,489	$ 1,202,418
		(Continued)

34 -

	December 31
	2025	2024
Other liabilities
Receipts under custody	$ 2,250	$ 2,088
Temporary receipts	68	8
	$ 2,318	$ 2,096
Non-current
Other liabilities
Guarantee deposits	$ 1,763	$ 1,848
		(Concluded)

19. RETIREMENT BENEFIT PLANS

Defined Contribution Plans

The Company adopted a pension plan under the Labor Pension Act (LPA), a state-managed defined contribution plan. Under the LPA, the Company makes monthly contributions to employees' individual pension accounts at 6% of monthly salaries and wages. The employees of the Group in China, Vietnam and the United States are members of state-managed retirement benefit plans by their local governments. The subsidiaries are required to contribute amounts calculated at a certain percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit plan is to make the specified contributions.

20. EQUITY

a. Share capital

Ordinary shares

	December 31
	2025	2024
Shares authorized (in thousands of shares)	100,000	100,000
Shares authorized	$ 1,000,000	$ 1,000,000
Shares issued and fully paid (in thousands of shares)	87,703	87,720
Shares issued and fully paid	$ 877,036	$ 877,206

Fully paid ordinary shares, which have a par value of $10, carry one vote per share and carry a right to dividends.

Shares authorized include $20,000 thousand for the issuance of employee share options.

On March 6, June 6 and November 6, 2025, the board of directors resolved to withdraw restricted shares. The Company withdraw $50 thousand and 5 thousand shares, $42 thousand and 4.2 thousand shares and $78 thousand and 7.8 thousand shares, respectively, with a par value of $10, on March 10, June 6 and November 30, 2025 as the effective date of reduction, and where the approval of the Ministry of Economic Affairs (MOEA) was obtained on April 7, July 16 and December 24, 2025, respectively.

On May 9 and August 8, 2024, the board of directors resolved to withdraw restricted shares. The Company withdraw $44 thousand and 4.4 thousand shares, and $56 thousand and 5.6 thousand shares, respectively, with a par value of $10, on June 20 and August 30, 2024 as the effective date of reduction, and where the approval of the Ministry of Economic Affairs (MOEA) was obtained on July 17 and October 8, 2024, respectively.

A reconciliation of the number of shares outstanding was as follows:

	Number of Shares (In Thousands of Shares)	Share Capital
Balance at January 1, 2025	87,720	$ 877,206
Retirement of recognized employee restricted shares (Note 25)	(17)	(170)
Balance at December 31, 2025	87,703	$ 877,206
Balance at January 1, 2024	87,730	$ 877,306
Retirement of recognized employee restricted shares (Note 25)	(10)	(100)
Balance at December 31, 2024	87,720	$ 877,206

b. Capital surplus

	December 31
	2025	2024
May be used to offset a deficit, distributed as cash dividends, or transferred to share capital (Note)
Premium from issuance ordinary shares	$ -	$ 77,827
Premium from employee restricted shares	1,377,291	1,015,869
May not be used for any purpose
Employee restricted shares	-	486,916
Donation shares	2	-
	$ 1,377,293	$ 1,580,612

Note: 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 only once a year.

A reconciliation of the capital surplus for 2025 and 2024 was as follows:

	Premium from Ordinary Shares	Premium from Employee Restricted Shares	Employee Restricted Shares	Donation from Shareholders
Balance at January 1, 2025	$ 77,827	$ 1,015,869	$ 486,916	$ -
Vested employee restricted shares	-	459,036	(459,036)	-
Retired employee restricted shares (Note 1)	-	-	(27,880)	-
Shareholders waives ownership of shares	-	-	-	2
Cash distribution	(77,827)	(97,614)	-	-
Balance at December 31, 2025	$ -	$ 1,377,291	$ -	$ 2
Balance at January 1, 2024	$ 253,288	$ 854,001	$ 665,184	$ -
Vested employee restricted shares	-	161,868	(161,868)	-
Retired employee restricted shares (Note 2)	-	-	(16,400)	-
Cash distribution	(175,461)	-	-	-
Balance at December 31, 2024	$ 77,827	$ 1,015,869	$ 486,916	$ -

Note 1: Reversal of compensation cost of the restricted shares amounting to $28,050 thousand, net of retired share capital of $170 thousand.
Note 2: Reversal of compensation cost of the restricted shares amounting to $16,500 thousand, net of retired share capital of $100 thousand.

c. Retained earnings and dividend policy

Under the dividend policy as set forth in the Articles, where the Company made a profit in a fiscal year, the profit shall be first utilized for offsetting losses of previous years (including adjusting the undistributed retained earnings), 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, refer to employees' compensation and remuneration of directors and supervisors in Note 22-g.

Distribution of the compensation may be made by way of cash dividends or share dividends, where the ratio of the cash dividends distributed shall not be less than 10% of the total bonuses distributed. However, in case where that the bonus per share is less than NT$0.3, the board of directors may cancel the bonus distribution by submitting such cancellation for resolution at the shareholders' meeting.

The legal reserve may be used to offset deficits. 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.

Items referred to under Rule No. 1090150022 should be appropriated to or reversed from a special reserve by the Company.

The appropriations of earnings for 2024 and 2023 were resolved in the shareholders' meetings on May 28, 2025 and June 14, 2024, respectively, were as follows:

	For the Year Ended December 31
	2024	2023
Legal reserve	$ 420,432	$ 362,256
Recognition of special (reversed) reserve	$ (349,767)	$ 149,421
Cash dividends	$ 3,596,543	$ 3,114,435
Cash dividends per share (NT$)	$ 41	$ 35.5

An issuance of cash dividends from capital surplus amounting to $175,441 thousand and $175,461 thousand was approved at the shareholders' meetings on May 28, 2025, and June 14, respectively.

The appropriation of earnings for 2025, which had been resolved by the Company's board of directors on March 6, 2026 was as follows:

	For the Year Ended December 31, 2025
Legal reserve	$ 352,088
Recognition of special reserve	$ 114,544
Cash dividends	$ 3,069,625
Cash dividends per share (NT$)	$ 35

The appropriation of earnings for 2025 is to be resolved by the shareholders in the their meeting on May 28, 2026.

In addition, the board of directors proposed the distribution of cash from the capital surplus of $175,407 thousand on March 6, 2026, which is to be resolved by the shareholders in their meeting on May 28, 2026.

The appropriation of earnings of the Company and its subsidiaries are based on each individual company's policy and is not limited by any contracts.

d. Special reserve

	For the Year Ended December 31
	2025	2024
Balance at January 1	$ 349,767	$ 200,346
Recognition of the debits to other equity items (reversed)	(349,767)	149,421
Balance at December 31	$ -	$ 349,767

e. Other equity items

Exchange differences on translating the financial statements of foreign operations

	For the Year Ended December 31
	2025	2024
Balance at January 1	$ 95,582	$ (349,767)
Recognized for the year
Exchange differences on translating foreign operations	(262,658)	556,686
Income tax related to exchange differences arising on translating to the presentation currency	52,532	(111,337)
Other comprehensive income from the year	(210,126)	445,349
Balance at December 31	$ (114,544)	$ 95,582

Unearned employee benefits

In the meetings of shareholders on June 17, 2022, the shareholders approved a restricted shares plan for employees (refer to Note 25).

	For the Year Ended December 31
	2025	2024
Balance at January 1	$ (111,771)	$ (339,420)
Share-based payment expenses recognized	83,721	211,149
Adjustment for retired restricted employee shares (Note)	28,050	16,500
Balance at December 31	$ -	$ (111,771)

Note: Deducted from compensation cost of restricted shares.

REVENUE

	For the Year Ended December 31
	2025	2024
Revenue from contracts with customers
Revenue from the sale of goods	$ 20,521,345	$ 22,813,347
	December 31, 2025	December 31, 2024
Contract balances
Notes receivable (Note 9)	$ 23,118	$ 104,745
Trade receivables (Notes 9 and 29)	$ 3,363,935	$ 3,345,074
Contract liabilities - current
Sale of goods	$ 267,287	$ 483,445

Revenue recognized in the current reporting period from contract liabilities at the beginning of the year is as follows:

	For the Year Ended December 31
	2025	2024
From contract liabilities at the beginning of the year
Sale of goods	$ 483,445	$ 347,813
22. NET PROFIT (LOSS) FROM CONTINUING OPERATIONS
a. Interest income
	For the Year Ended December 31
	2025	2024
Bank deposits	$ 187,745	$ 229,591
b. Other income
	For the Year Ended December 31
	2025	2024
Government grants	$ 3,683	$ 8,539
Others	3,912	6,229
	$ 7,595	$ 14,768
c. Other gains and (losses)
	For the Year Ended December 31
	2025	2024
Fair value changes of financial assets
Financial assets mandatorily classified as at FVTPL	$ 23,246	$ 2,351
Loss on disposal of property, plant and equipment	(6,841)	(556)
Net foreign exchange losses	(170,890)	(204,180)
Lease modification gains	1,938	167
Other losses	(5,703)	(1,821)
	$ (158,250)	$ (204,039)
d. Finance costs
	For the Year Ended December 31
	2025	2024
Interest on bank loans	$ 13,678	$ 15,090
Interest on lease liabilities	8,038	9,944
Other interest expense	27,171	40,116
	$ 48,887	$ 65,150

e. Depreciation and amortization

	For the Year Ended December 31
	2025	2024
An analysis of depreciation by function
Operating costs	$ 213,557	$ 232,845
Operating expenses	90,111	102,840
	$ 303,668	$ 335,685
An analysis of amortization by function
Operating costs	$ 543	$ 907
Operating expenses	8,512	12,232
	$ 9,055	$ 13,139

Refer to Note 14 for information relating to the line items in which any amortization of intangible assets is included.

f. Employee benefits expense

	For the Year Ended December 31
	2025	2024
Salary expenses (Note 1)	$ 2,259,079	$ 2,210,896
Other employee benefits
Labor and health insurance	53,023	52,122
Other employee benefits	103,513	104,712
Equity-settled share-based payments (Note 25)	85,098 (Note 2)	211,574 (Note 3)
Post-employment benefits
Defined contribution plans	149,463	142,336
Total employee benefits expense	$ 2,650,176	$ 2,721,640
An analysis of employee benefits expense by function
Operating costs	$ 1,587,887	$ 1,462,270
Operating expenses	1,062,289	1,259,370
	$ 2,650,176	$ 2,721,640

Note 1: The amount includes fee for dispatched temporary workers.

Note 2: Share-based payment expense recognized of $83,721 thousand and accumulated dividends that no need to be returned payout from returned and retired restricted shares of $1,377 thousand at December 31, 2025.

Note 3: Share-based payment expense recognized of $211,149 thousand and accumulated dividends that no need to be returned payout from returned and retired restricted shares of $425 thousand at December 31, 2024.

g. Compensation of employees and remuneration of directors

According to the Articles of Incorporation of the Company, the Company accrued employees' compensation and remuneration of directors at the rates between 3.75% and 11.5% and no higher than 3.75%, respectively, of net profit before income tax, employees' compensation and remuneration of directors. 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 the allocation no less than 5% of compensation of employees as compensation distributions for non-executive employee. The employees' compensation and remuneration of directors for the years ended December 31, 2025 and 2024, which have been approved by the Group's board of directors on March 6, 2026 and March 6, 2025, respectively, were as follows:

Accrual rate

	For the Year Ended December 31
	2025	2024
Employee’s compensation	3.99%	4.22%
Remuneration of directors	0.34%	0.29%
Amount
	For the Year Ended December 31
	2025	2024
	Cash	Cash
Employee’s compensation	$ 170,000	$ 210,000
Remuneration of directors	14,400	14,400

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

There is no difference between the actual amounts of employee's compensation and remuneration of directors paid and the amounts recognized in the consolidated financial statements for the years ended December 31, 2024 and 2023.

Information on the employee's compensation 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.

h. Gain or loss on foreign currency exchange

	For the Year Ended December 31
	2025	2024
Foreign exchange gains	$ 1,327,778	$ 661,426
Foreign exchange losses	(1,498,668)	(865,606)
Net losses	$ (170,890)	$ (204,180)

23. INCOME TAXES RELATING TO CONTINUING OPERATIONS

a. Income tax recognized in profit or loss

Major components of income tax expense are as follows:

	For the Year Ended December 31
	2025	2024
Current tax
In respect of the current year	$ (899,320)	$ (966,158)
Income tax on unappropriated earnings	(26,877)	-
Adjustments for prior year	50,629	69,544
	(875,568)	(896,614)
Deferred tax
In respect of the current year	79,553	10,880
Income tax expense recognized in profit or loss	$ (796,015)	$ (885,734)

A reconciliation of accounting profit and income tax expense is as follows:

	For the Year Ended December 31
	2025	2024
Profit before tax from continuing operations	$ 4,316,890	$ 5,090,056
Income tax expense calculated at the statutory rate	$ (1,271,807)	$ (1,585,116)
Nondeductible expenses in determining taxable income	171,018	205,947
Income tax expense calculated in accordance with Article 43-3 of the Parent Company’s Income Tax Law.	(6,890)	(9,196)
Deferred tax effect of earnings of subsidiaries	287,912	432,044
Income tax on unappropriated earnings	(26,877)	-
Unrecognized deductible temporary differences	-	1,043
Adjustments for prior years’ tax	50,629	69,544
Income tax expense recognized in profit or loss	$ (796,015)	$ (885,734)

The applicable tax rate used by the entity in ROC for the years ended December 31, 2025 and 2024 was 20%. Except for Voltronic Power Technology (Shen Zhen) Corp. and Zhongshan Voltronic Power Electronics Limited in 2025 and 2024, which used the tax rate of 15% due to owning the high-tech enterprise certificate. The applicable tax rate used by subsidiaries in China was 25%. Voltronic Power Technology (Vietnam) Company Limited is entitled to income tax incentives based on the Law on Foreign Investment in Vietnam and is entitled to income tax exemption for six years beginning from the first profit-earning year - full exemption in the first two years and half exemption in the next four years (10% tax rate) in 2025 and 2024.

As the status of the 2026 appropriations of earnings is uncertain, the potential income tax consequences of additional 5% on 2025 unappropriated earnings are not reliably determinable.

b. Income tax recognized in other comprehensive income (gains)

	For the Year Ended December 31
	2025	2024
Deferred tax
In respect of the current year
Translation of foreign operations	$ 52,532	$ (111,337)

c. Current tax assets and liabilities

	December 31
	2025	2024
Current tax assets
Tax refund receivable	$ 15,844	$ -
Current tax liabilities
Income tax payable	$ 443,765	$ 409,863

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

	Opening Balance	Recognized in Profit or Loss	Recognized in Other Compre-hensive Income	Exchange Differences	Closing Balance
Deferred tax assets
Temporary differences
Exchanges differences on foreign operations	$ -	$ -	$ 28,636	$ -	$ 28,636
Unrealized loss on write-down of inventories	11,070	(25)	-	(225)	10,820
Unrealized employee compensation	54,263	19,351	-	(477)	73,137
Allowance for impairment loss	1,871	2,653	-	(8)	4,516
Unrealized exchange loss	3,287	57,412	-	-	60,699
Lease liabilities	24,295	950	-	(550)	24,695
	$ 94,786	$ 80,341	$ 28,636	$ (1,260)	$ 202,503
Deferred tax liabilities
Temporary differences
Exchanges differences on foreign operations	$ 23,896	$ -	$ (23,896)	$ -	$ -
Right-of-use assets	21,847	788	-	(498)	22,137
	$ 45,743	$ 788	$ (23,896)	$ (498)	$ 22,137

For the year ended December 31, 2024

	Opening Balance	Recognized in Profit or Loss	Recognized in Other Comprehensive Income	Exchange Differences	Closing Balance
Deferred tax assets
Temporary differences
Exchanges differences on foreign operations	$ 87,441	$ -	$ (87,441)	$ -	$ -
Unrealized loss on write-down of inventories	9,254	1,374	-	442	11,070
Unrealized employee compensation	50,588	2,457	-	1,218	54,263
Allowance for impairment loss	709	1,129	-	33	1,871
Unrealized exchange loss	-	3,287	-	-	3,287
Lease liabilities	34,997	(12,256)	-	1,554	24,295
	$ 182,989	$ (4,009)	$ (87,441)	$ 3,247	$ 94,786
Deferred tax liabilities
Temporary differences
Exchanges differences on foreign operations	$ -	$ -	$ 23,896	$ -	$ 23,896
Unrealized exchange gains	3,330	(3,330)	-	-	-
Right-of-use assets	31,998	(11,559)	-	1,408	21,847
	$ 35,328	$ (14,889)	$ 23,896	$ 1,408	$ 45,743

e. The aggregate amount of temporary differences associated with investments for which deferred tax liabilities have not been recognized.

As of December 31, 2025 and 2024, the taxable temporary differences associated with investments in subsidiaries for which no deferred tax liabilities were recognized amounted to $13,292,460 thousand and $11,852,902 thousand, respectively.

f. Income tax assessments

The Company's income tax returns through 2023 have been assessed by the tax authorities. As of December 31, 2025, the Group has no unsettled lawsuits related to tax.

24. EARNINGS PER SHARE

Unit: NT$ Per Share

	For the Year Ended December 31
	2025	2024
Basic earnings per share
Basic earnings per share	$ 40.23	$ 48.13
Diluted earnings per share
Diluted earnings per share	$ 40.05	$ 47.88

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

	For the Year Ended December 31
	2025	2024
Net profit for the year	$ 3,520,875	$ 4,204,322
Weighted average number of ordinary shares used in the computation of basic earnings per share (in thousands)	87,512	87,356
Effect of potentially dilutive ordinary shares
Employees’ compensation or bonuses issued to employees	196	131
Employee restricted shares	200	331
Weighted average number of ordinary shares used in the computation of diluted earnings per share (in thousands)	87,908	$ 87,818

The Group may settle the compensation or bonuses paid to employees in cash or shares; therefore, the Group assumes that the entire amount of the compensation or bonuses will be settled in shares, and the resulting potential shares will be 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 number of shares to be distributed to employees is resolved in the following year.

25. SHARE-BASED PAYMENT ARRANGEMENTS - RESTRICTED SHARE PLAN FOR EMPLOYEES

a. 2022

On June 17, 2022, the shareholders resolved a restricted share plan for employees with a total amount of $5,400 thousand, consisting of 540 thousand shares, for free issuance. The base date of the capital increase and payment was September 8, 2022, which was the date determined by the board of directors on August 25, 2022. The restrictions on the rights of the employees who acquire the restricted shares but have not met the vesting conditions are as follows:

1) The employees should provide the restricted shares to the Company or the agency designated by the Company acting as the trust custodian and cooperate in complying with all related procedures and preparing the required documents.

2) The employees shall not sell, pledge, transfer, donate or, in any other way, dispose of these shares.

3) Employees holding equity under the custody of the trust agency do not have the right to attend shareholders’ meetings or to engage in motions, speech, and voting therein.

4) The employees’ other rights, which are the same as those of ordinary shareholders of the Company, include but are not limited to the rights to receive dividends, bonuses and capital surplus in shares and cash increases by share.

The vesting conditions of restricted shares are when an employee received the restricted shares, and the restriction of acquiring the shares would be canceled as follows:

After one year from the grant date with achieved operational goals by individuals and companies: 20%.

After two years from the grant date with achieved operational goals by individuals and companies: 20%.

45 -

After three years from the grant date with achieved operational goals by individuals and companies: 60%.

The individual performance target is set by the Chairman for different employees of each department. The Company's operating objectives are based on four indicators: Consolidated revenue, combined gross profit margin, combined operating profit and combined operating profit ratio. Each objective contains A and B target conditions, respectively, and achieving one of the target conditions is considered as achieving the objective. After each target condition is reached, 25% of the number of shares allocated in the current year can be obtained. The judgment of the achievement of the indicators and standards shall be based on the consolidated financial statements of the first year prior to the expiration of the Company's vested conditions. The target conditions are detailed in the table below.

Operating Objective	Target Condition A	Target Condition B	Ratio of the Number of Shares to Be Awarded in the Current Year
Revenue	10% (inclusive) or more than the previous year	Higher than the Company’s average for the first three years	25%
Gross profit (GM %)	Increase by 1% or more from the previous year	Higher than the Company’s average for the first three years	25%
Operating profit (OPM $)	10% (inclusive) or more than the previous year	Higher than the Company’s average for the first three years	25%
Operating profit ratio (OPM %)	Increase by 1% or more from the previous year	Higher than the Company’s average for the first three years	25%

If an employee fails to meet the vesting conditions, the Company will withdraw the restricted shares.

The aforementioned newly issued restricted employee shares were assessed to have a fair value of $1,650 per share based on the market approach. The unearned employee benefits of $891,000 thousand were recognized on the basis of vesting conditions and expensed on a straight-line basis over the vesting period. Compensation costs of $85,098 thousand and $211,574 thousand were recognized, respectively, within the vesting period for the years ended December 31, 2025 and 2024.

b. 2025

On May 28, 2025, the shareholder's meeting resolved restricted share plan for employees with 550 thousand shares, which have a par value of $10, for free issuance. It is estimated that the total amount of recognized compensation costs during the vesting period is $924,000 thousand. The actual issue date will be determined by the chairman authorized by the board of directors after reporting to the competent authority.

c. Information on the restricted share plan for employees was as follows:

	Number of Options (In Thousands of Units)
	For the Year Ended December 31
	2025	2024
Balance on January 1	297	406
Vested	(280)	(99)
Forfeited (Note)	(17)	(10)
Balance on December 31	-	297

Note: The forfeited shares for the years ended December 31, 2025 and 2024 were the shares that were cancelled due to the vesting conditions not being met.

26. CASH FLOWS INFORMATION

a. Non-cash transactions

In addition to those disclosed in other notes, the Group entered into the following non-cash investing activities which were not reflected in the consolidated statements of cash flows for the years ended December 31, 2025 and 2024:

As of December 31, 2025 and 2024, the unsettled payments for purchases of property, plant and equipment were $22,205 thousand and $30,325 thousand, respectively, and recorded as other payables - payables for purchases of equipment in the consolidated financial statements.

b. Changes in liabilities arising from financing activities

For the year ended December 31, 2025

	Opening Balance	Cash Flows	Non-cash Changes			Closing Balance
			New Leases	Change of Variable Payments	Exchange Rate Impact
Long-term borrowings (including current portion of long-term borrowings)	$ 733,950	$ (97,860)	$ -	$ -	$ -	$ 636,090
Guarantee deposits	1,848	(65)	-	-	(20)	1,763
Lease liabilities	162,869	(73,992)	96,523	(21,180)	(3,945)	160,275
	$ 898,667	$ (171,917)	$ 96,523	$ (21,180)	$ (3,965)	$ 798,128

For the year ended December 31, 2024

	Opening Balance	Cash Flows	Non-cash Changes			Closing Balance
			New Leases	Change of Variable Payments	Exchange Rate Impact
Long-term borrowings (including current portion of long-term borrowings)	$ 831,810	$ (97,860)	$ -	$ -	$ -	$ 733,950
Guarantee deposits	1,967	(203)	-	-	84	1,848
Lease liabilities	239,446	(100,472)	21,537	(7,851)	10,209	162,869
	$ 1,073,223	$ (198,535)	$ 21,537	$ (7,851)	$ 10,293	$ 898,667

27. CAPITAL MANAGEMENT

The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while considering operating risks and maximizing the returns to shareholders through the optimization of the debt and equity balance.

The capital structure of the Group consists of equity of the Group (comprising issued capital, reserve, retained earnings and other equity).

The Group is not subject to any externally imposed capital requirements.

Under the recommendations of the key management, to balance the overall capital structure, the Group may adjust the number of new shares issued.

28. FINANCIAL INSTRUMENTS

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

Management believes the carrying amounts of financial assets and financial liabilities recognized in the consolidated financial statements which are not measured at fair value 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
Fund beneficiary certificate	$ -	$ -	$ 101,368	$ 101,368
Financial assets at FVTOCI
Investments in debt instruments
Factored trade receivables to bank without recourses	$ -	$ -	$ 167,705	$ 167,705
December 31, 2024
	Level 1	Level 2	Level 3	Total
Financial assets at FVTPL
Fund beneficiary certificate	$ -	$ -	$ 61,417	$ 61,417
Financial assets at FVTOCI
Investments in debt instruments
Factored trade receivables to bank without recourses	$ -	$ -	$ 133,718	$ 133,718

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

48 -

2) Reconciliation of Level 3 fair value measurements of financial instruments

For the year ended December 31, 2025

	Financial Assets at FVTPL	Financial Assets at FVTOCI
Financial Assets	Fund Beneficiary Certificate	Debt Instrument
Balance at January 1, 2025	$ 61,417	$ 133,718
Purchases	16,705	-
Recognized in profit or loss (including other gains and losses)	23,246	-
Net increase	-	33,987
Balance at December 31, 2025	$ 101,368	$ 167,705

For the year ended December 31, 2024

	Financial Assets at FVTPL	Financial Assets at FVTOCI
Financial Assets	Fund Beneficiary Certificate	Debt Instrument
Balance at January 1, 2024	$ 42,362	$ 85,148
Purchases	16,704	-
Recognized in profit or loss (including other gains and losses)	2,351	-
Net increase	-	48,570
Balance at December 31, 2024	$ 61,417	$ 133,718

3) Valuation techniques and inputs applied for Level 3 fair value measurement

Categories of Financial Instruments	Valuation Techniques and Input Values
Factored trade receivables to bank without recourses	As the effect of discounting was not significant, the fair value is measured based on the original invoice amount.
Fund beneficiary certificate	Asset-based approach: Assess the net asset value, which is evaluated based on the fair value of the latest financial statements of the invested target.

c. Categories of financial instruments

	December 31
	2025	2024
Financial assets
FVTPL
Mandatorily classified as at FVTPL	$ 101,368	$ 61,417
Financial assets at amortized cost (1)	10,018,480	9,944,818
Financial assets at FVTOCI
Investments in debt instruments
Factored trade receivables to bank without recourses	167,705	133,718
Financial liabilities
Financial liabilities at amortized cost (2)	5,644,672	5,292,121

1) The balances include financial assets at amortized cost, which comprise cash and cash equivalents, restricted demand deposits, notes receivable, trade receivables (excluding debt instruments), trade receivables from related parties, other receivables and refundable deposits (included in other non-current assets).

2) The balances include financial liabilities at amortized cost, which comprise notes payable, trade payables, trade payables to related parties, other payables, current portion of long-term borrowings, long-term borrowings and guarantee deposit received (included in other non-current liabilities) that are measured at amortized cost.

d. Financial risk management objectives and policies

The Group’s major financial instruments included trade receivables, trade payables, borrowings, and lease liabilities. The Group’s corporate treasury function provides services to the business, coordinates access to financial markets, and monitors and manages the significant financial risks relating to the operations of the Group through internal risk reports that analyze exposures by degree and magnitude of risks. These risks include market risk (currency risk and interest rate risk), credit risk and liquidity risk.

The corporate treasury function reports regularly to the board of directors, who monitors risks and policies implemented to mitigate risk exposures.

1) Market risk

The Group’s activities exposed it primarily to the financial risks of changes in foreign currency exchange rates (see (a) below) and interest rates (see (b) below).

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

a) Foreign currency risk

The Group had foreign currency denominated sales and purchases, which exposed the Group to foreign currency risk.

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities (including those eliminated on consolidation) are set out in Note 32.

50 -

Sensitivity analysis

The Group is mainly exposed to the fluctuations in the USD and the RMB.

The following table shows the Group's sensitivity to a $1\%$ increase and decrease in the functional currencies of the group entities against the relevant foreign currencies (the USD and RMB). A sensitivity rate of $1\%$ is used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis included only outstanding foreign currency denominated monetary items, and their translation was adjusted at the end of the reporting period for a $1\%$ change in foreign currency rates. A positive number below indicated an increase in pretax profit when the New Taiwan dollar weakened by $1\%$ against the relevant currency. For a $1\%$ strengthening of the New Taiwan dollar against the relevant currency, there would be an equal and opposite impact on pretax profit and the balances below would be negative.

	USD Impact
	For the Year Ended December 31
	2025	2024
Profit or loss	$ 73,736	$ 78,607
	RMB Impact
	For the Year Ended December 31
	2025	2024
Profit or loss	$ (117,865)	$ (108,244)

The above impact on profit and loss was mainly attributable to the exposure on USD bank deposits, USD receivables and USD payables, RMB bank deposits and RMB payables at the end of the reporting period.

The Group's sensitivity to the USD decreased during the current period mainly because of the decrease in USD bank deposits. The Group's sensitivity to the RMB increased during the current period mainly because of the increase in RMB payables to related parties.

b) Interest rate risk

The carrying amounts of the Group's financial assets and financial liabilities with exposure to interest rate risks at the end of the reporting period were as follows:

	December 31
	2025	2024
Fair value interest rate risk
Financial assets	$ 5,540,276	$ 6,046,376
Financial liabilities	160,275	162,869
Cash flow interest rate risk
Financial assets	1,197,214	509,075
Financial liabilities	636,090	733,950

52 -

Sensitivity analysis

The sensitivity analysis below was determined based on the Group’s exposure to interest rates for non-derivative instruments at the end of the year. A 100-basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

If interest rates had been 100 basis points higher/lower and all other variables were held constant, the Group’s pre-tax profit for the years ended December 31, 2025 and 2024 would have increased/decreased by $5,611 thousand and decreased/increased by $2,249 thousand, respectively, which was mainly attributable to the Group’s exposure to interest rate risks on its floating-rate bank deposits and bank borrowings.

The Group’s sensitivity to interest rates increased during the current period mainly because of the increase in floating-rate bank deposits.

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 Group. As of the end of the reporting period, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure of counterparties to discharge an obligation pertain to financial assets recognized as stated in the consolidated balance sheets.

The Group 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.

To minimize credit risk, the management of the Group has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each trade debt at the end of the reporting period to ensure that adequate allowances are made for irrecoverable amounts. Thus, management believes the Group’s credit risk was significantly reduced.

The Group transacts with a large number of unrelated customers and thus, no concentration of credit risk was observed.

3) Liquidity risk

The Group manages liquidity risk by monitoring and maintaining a level of cash and cash equivalents deemed adequate to finance the Group’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 Group relies on bank borrowings as a significant source of liquidity. As of December 31, 2025 and 2024, the Group had available unutilized short-term bank loan facilities set out in (b) below.

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

The following tables show the Group’s remaining contractual maturity for its non-derivative financial liabilities with agreed-upon repayment periods. The tables were been drawn up based on the undiscounted cash flows of financial liabilities from the earliest date on which the Group can be required to pay. The tables included both interest and principal cash flows.

For interest flows pertaining to floating rates, the undiscounted amount was derived from the interest rate curve at the end of the reporting period.

December 31, 2025

	Less than 3 Months	3 Months to 1 Year	Over 1 Year to 5 Years	More than 5 Years
Non-derivative financial liabilities
Non-interest bearing	$ 2,944,920	$ 2,061,899	$ 1,763	$ -
Lease liabilities	26,103	52,487	92,027	-
Variable interest rate liabilities	52,063	57,521	418,811	148,983
	$ 3,023,086	$ 2,171,907	$ 512,601	$ 148,983

Further information on the maturity analysis of the above financial liabilities was as follows:

	Less than 1 Year	1-5 Years	5-10 Years	10-15 Years	15-20 Years	20+ Years
Variable interest rate liabilities	$ 109,584	$ 418,811	$ 148,983	$ -	$ -	$ -

December 31, 2024

	Less than 3 Months	3 Months to 1 Year	Over 1 Year to 5 Years	More than 5 Years
Non-derivative financial liabilities
Non-interest bearing	$ 2,656,135	$ 1,900,188	$ 1,848	$ -
Lease liabilities	24,898	61,311	85,257	-
Variable interest rate liabilities	52,538	58,975	426,565	250,736
	$ 2,733,571	$ 2,020,474	$ 513,670	$ 250,736

Further information on the maturity analysis of the above financial liabilities was as follows:

	Less than 1 Year	1-5 Years	5-10 Years	10-15 Years	15-20 Years	20+ Years
Variable interest rate liabilities	$ 111,513	$ 426,565	$ 250,736	$ -	$ -	$ -

b) Financing facilities

	December 31
	2025	2024
Unsecured bank loan facilities
Amount used	$ -	$ -
Amount unused	3,814,300	3,827,850
	$ 3,814,300	$ 3,827,850
Secured bank overdraft facilities
Amount used	$ 636,090	$ 733,950
Amount unused	-	-
	$ 636,090	$ 733,950

e. Transfers of financial assets

Factored trade receivables that are not yet overdue at the end of the year were as follows:

December 31, 2025

Counterparty	Receivables Factoring Proceeds	Amount Reclassified to Other Receivables	Advances Received - Unused	Advances Received - Used	Annual Interest Rates on Advances Received (Used) (%)
Mega International Commercial Bank Co., Ltd.	$ 375,016	$ -	$ -	$ 375,016	5.52%-6.33%
BNP Paribas S.A.	45,798	-	-	45,798	4.80%-5.10%
	$ 420,814	$ -	$ -	$ 420,814

December 31, 2024

Counterparty	Receivables Factoring Proceeds	Amount Reclassified to Other Receivables	Advances Received - Unused	Advances Received - Used	Annual Interest Rates on Advances Received (Used) (%)
Mega International Commercial Bank Co., Ltd.	$ 527,759	$ -	$ -	$ 527,759	5.89%-7.42%
BNP Paribas S.A.	47,717	-	-	47,717	5.45%-5.78%
	$ 575,476	$ -	$ -	$ 575,476

Pursuant to the agreements, losses from commercial disputes (such as sales returns and discounts) are borne by the Group, while losses from credit risk are borne by the bank.

55 -

29. TRANSACTIONS WITH RELATED PARTIES

Balances and transactions between the Company and its subsidiaries, which were related parties of the Company, have been eliminated upon consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.

a. Related party name and category

Related Name	Related Party Category
RPS SpA	Essential related party (whose managing director is the key management personnel of the Group)
RIELLO UPS (SHANGHAI) Co., Ltd.	Essential related party (whose managing director is the key management personnel of the Group)
FSP Technology Inc.	Key management personnel
WUXI Zhonghan Technology Co., Ltd.	Essential related party (whose parent company is the key management personnel of the Group)

b. Sales of goods

Line Item	Related Party Category	For the Year Ended December 31
		2025	2024
Sales	Essential related parties	$ 533,236	$ 847,263
	Key management personnel	109,842	144,853
		$ 643,078	$ 992,116

The selling prices of the goods sold to the related parties in the table above are not comparable, as these goods were not sold to other customers in 2025 and 2024. Payment terms for goods sold to related parties are 60-150 days from the end of the month and 0-180 days for general customers.

c. Purchases of goods

Related Party Category	For the Year Ended December 31
	2025	2024
Essential related parties	$ 5,564	$ 61,147

The purchase prices of the goods purchased from the related parties in the table above are not comparable as these same goods were not purchased from other suppliers in 2025 and 2024. Payment terms of goods purchased from related parties are 150 days following the end of each month, and 30-90 days for general suppliers.

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

Line Item	Related Party Category	December 31
		2025	2024
Trade receivables from related parties	Essential related parties	$ 94,888	$ 107,874
	Key management personnel	48,865	67,659
		$ 143,753	$ 175,533

The outstanding trade receivables from related parties were unsecured. In 2025 and 2024, no impairment loss was recognized for trade receivables from related parties.

e. Payables to related parties (excluding loans from related parties)

Line Item	Related Party Category	December 31
		2025	2024
Trade payables to related parties	Essential related parties	$ 2,223	$ 7,322

The outstanding trade payables to related parties are unsecured.

f. Remuneration of key management personnel

	For the Year Ended December 31
	2025	2024
Short-term employee benefits	$ 114,408	$ 110,204
Post-employee benefits	556	553
Share-based payments	17,272	34,201
	$ 132,236	$ 144,958

The remuneration of directors and key executives, as determined by the remuneration committee, is based on the performance of individuals and market trends.

30. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

The following assets were provided as collateral for bank borrowings:

	December 31
	2025	2024
Restricted demand deposits	$ 323,094	$ -
Land	587,160	587,160
Building	730,071	745,771
	$ 1,640,325	$ 1,332,931

31. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

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

Unrecognized commitments are as follows:

	December 31
	2025	2024
Acquisition of property, plant and equipment	$ 2,010	$ -
Acquisition of service	$ 483	$ 578

32. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The following information was aggregated by the foreign currencies other than functional currencies of the entities in the Group and the related exchange rates between the foreign currencies and the New Taiwan dollar are disclosed. The significant financial assets and liabilities denominated in foreign currencies were as follows:

December 31, 2025

	Foreign Currency (In Thousands)	Exchange Rate	Carrying Amount (In Thousands)
Financial assets
Monetary items
USD	$ 221,633	31.4300 (USD:NTD)	$ 6,965,929
USD	24,187	7.0288 (USD:RMB)	760,187
USD	32,601	26.138 (USD:VND)	1,024,693
RMB	10,382	4.4716 (RMB:NTD)	46,423
RMB	2,765,277	0.1423 (RMB:USD)	12,367,670
Financial liabilities
Monetary items
USD	26,154	31.4300 (USD:NTD)	822,025
USD	7,882	7.0288 (USD:RMB)	247,746
USD	9,783	26.138 (USD:VND)	307,481
RMB	2,765,303	4.4716 (RMB:NTD)	12,365,327
RMB	2,646,245	0.1423 (RMB:USD)	11,835,303
December 31, 2024
	Foreign Currency (In Thousands)	Exchange Rate	Carrying Amount (In Thousands)
Financial assets
Monetary items
USD	$ 232,923	32.7850 (USD:NTD)	$ 7,636,366
USD	22,056	7.1884 (USD:RMB)	723,090
USD	22,383	25,400 (USD:VND)	733,812
RMB	236	4.5608 (RMB:NTD)	1,077
RMB	2,478,248	0.1391 (RMB:USD)	11,301,787
Financial liabilities
Monetary items
USD	20,847	32.7850 (USD:NTD)	683,483
USD	8,016	7.1884 (USD:RMB)	262,788
USD	8,734	25,400 (USD:VND)	286,326
RMB	2,478,274	4.5608 (RMB:NTD)	11,302,912
RMB	2,373,547	0.1391 (RMB:USD)	10,824,310

The Group is mainly exposed to the USD and the RMB. The following information was aggregated by the functional currencies of the group entities, and the exchange rates between the respective functional currencies and the presentation currency were disclosed.

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

Foreign Currency	For the Year Ended December 31
	2025		2024
	Exchange Rate	Net Foreign Exchange Gains (Losses)	Exchange Rate	Net Foreign Exchange Gains (Losses)
NTD	1.00 (NTD:NTD)	$ (197,435)	1.00 (NTD:NTD)	$ (228,836)
USD	31.1958 (USD:NTD)	12,115	32.1638 (USD:NTD)	(2,204)
RMB	4.3722 (RMB:NTD)	(12,853)	4.5194 (RMB:NTD)	(1,393)
VND	0.0012 (VND:NTD)	27,283	0.0013 (VND:NTD)	28,253
		$ (170,890)		$ (204,180)

33. SEPARATELY DISCLOSED ITEMS

a. Information on significant transactions:

1) Financing provided to others: Table 1
2) Endorsements/guarantees provided: None
3) Significant marketable securities held (excluding investments in subsidiaries, associates and joint ventures): Table 2
4) Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital: Table 3
5) Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital: Table 4
6) Intercompany relationships and significant intercompany transactions: Table 5

b. Information on investees: Table 6

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 year, repatriations of investment income, and limit on the amount of investment in the mainland China area: Table 7
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: Table 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.

d. The criteria governing preparation of affiliation reports, consolidated business reports and consolidated financial statements for affiliates shall disclose the listed particulars for the affiliates:

1) Subsidiaries’ company names, relationships to the controlling company, nature of business, and the controlling company’s shareholding or capital proportion: Note 11

2) Variation of subsidiaries which are included in the current consolidated financial statements: Note 11

3) Subsidiaries’ company names, shareholding or capital proportion and the reasons that they are not listed on the consolidated financial statements: None

4) The adjustments and the ways to manage when the controlling company and a subsidiary have different fiscal year start/end dates: None

5) The adjustments when the controlling company and a subsidiary have different accounting policies: None

6) Operating risk such as exchange risk for an overseas subsidiary: Note 11

7) Retained earnings allocation of each subsidiary restricted by regulations or contracts: Note 20

8) Consolidated amortization methods and expirations: None

9) Others: None

e. The criteria governing preparation of affiliation reports, consolidated business reports and consolidated financial statements for affiliates shall disclose the below-listed for the controlling company and subordinate company respectively:

1) Information about accommodations of funds or endorsements: Table 1

2) Information about derivative instrument transactions: None

3) Significant contingencies: None

4) Significant events after the reporting period: None

5) Names, quantities, costs, market prices (if not available, disclose net worth per share), capital proportions and the highest shareholding situation of the securities: Note 10, Tables 2, 6 and 7

6) Others: None

59 -

f. The subsidiaries holding the parent company’s shares should list clearly the Company’s name, number of shares held, the total amounts and the related reasons: None

34. SEGMENT INFORMATION

a. Financial information

The Group is a single industrial segment, mainly engaged in the manufacture and sale of uninterruptible power system and inverters, and provides information to the chief operating decision makers for allocating resources and evaluating the performance of the segment, focusing on each type of products delivered or provided, so there is no need to disclose the operating information of the reportable segment.

b. Geographical information

The Group’s revenue from external customers by location of operations and information on its non-current assets by location of assets are shown below.

	Revenue from External Customers		Non-current Assets
	For the Year Ended December 31		December 31
	2025	2024	2025	2024
Taiwan	$ 17,554,000	$ 19,819,309	$ 2,444,273	$ 2,490,335
China	2,967,345	2,994,038	2,031,262	2,177,756
Vietnam	-	-	28,637	73,708
United States	-	-	38	40
	$ 20,521,345	$ 22,813,347	$ 4,504,210	$ 4,741,839

Non-current assets excluded non-current assets classified as financial instruments and deferred tax assets.

c. Information on major customers

Total revenue from the sale of uninterruptible power systems amounted to $20,521,345 thousand and $22,813,347 thousand in 2025 and 2024, respectively, and out of these amounts, $3,815,158 thousand and $3,893,329 thousand, respectively came from the Group’s biggest client. There is no other single customer that contributed 10% or more to the Group’s revenue for both 2025 and 2024.

TABLE 1

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

FINANCING PROVIDED TO OTHERS

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Leader	Borrower	Financial Statement Account (Note 6)	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	Collateral		Financing Limit for Each Borrower	Aggregate Financing Limit
													Item	Value
1	Orchid Power (Shen Zhen) Manufacturing Company	Zhongshan Voltronic Power Electronics Limited	Other receivables from related parties	Yes	$ 178,864 (RMB 40,000)	$ - (RMB -)	$ - (RMB -)	3.45	2	$ -	Operating capital financing funds	$ -	-	$ -	$ 6,446,011	$ 6,446,011
2	Subsidiaries - Voltronic Power Technology (Shen Zhen) Corp.	Zhongshan Voltronic Power Electronics Limited
Zhongshan Voltronic Power Electronics Limited	Other receivables from related parties
Other receivables from related parties	Yes
670,740 (RMB 150,000)	670,740 (RMB 150,000)	- (RMB -)	- (RMB -)	3.35	2	-	Operating capital financing funds
Operating capital financing funds	-	-	-	5,146,539	5,146,539

Note 1: Number column as follows:
a. "0" for the issuer.
b. Inventors are numbered from "1".

Note 2: Number 1 represents business relationship between companies or firms.
Number 2 represents short-term financing is necessary between companies or firms.

Note 3: The aggregate financing limit shall not exceed 40% of the Company's net equity value based on its latest financial statements which were audited and attested by certified public accountants.

Note 4: a. The aggregate financing limit shall not exceed 40% of the net value of Voltronic Power Technology Corp.
b. Financing limit for each borrower for the business relationship, the financing amount on each individual loan shall not exceed 30% of total business transaction amount or 10% of net assets value was in accordance with currently audited or reviewed financial statements by accountant; the lower value is final. The business transaction amount referred to the one with higher purchase or sales amount in the current year starting from one month before application date, for the necessary of short-term financing, the financing amount on each individual loan should not exceed 10% of net asset value in accordance with currently audited or reviewed financial statements by accountant but the restriction shall not apply to inter-company loans of funds between overseas subsidiaries in which the Company holds, directly or indirectly, 100% of the voting shares, nor to loans of fund to the Company by any overseas subsidiary in which the Company holds, directly or indirectly, 100% of the voting shares.

Note 5: The foreign-currency amounts of the highest balance for the period and ending balance were converted by exchange rate RMB1 into NT$4.4716 as of December 31, 2025.

Note 6: The amounts have been eliminated in the consolidated financial statements.

TABLE 2

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars and Shares)

Holding Company Name	Type and Name of Marketable Securities	Relationship with the Holding Company (Note 1)	Financial Statement Account	December 31, 2025				Note
				Number of Stock/Unit	Carrying Value	Percentage of Ownership (%)	Fair Value
Voltronic Power Technology	Hoshun Hing Intelligent Mobile Limited Partnership	-	Financial assets at FVTPL	-	$ 101,368	1.11	$ 101,368	-

Note 1: If the issuer of the securities is not a related party, this field is not required to be filled.
Note 2: Securities required to be disclosed in accordance with the principle of materiality.
Note 3: The mid-term highest holdings was the same as of December 31, 2025.
Note 4: There is no impignorate condition happened.
Note 5: Refer to Tables 6 and 7 for information regarding investment in subsidiaries.

TABLE 3

VOLTRONIC POWER TECHNOLOGY CORP. 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)

Company Name	Related Party	Nature of Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts Payable or Receivable		Note
			Purchase/Sale	Amount	% to Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% to Total
Voltronic Power Technology Corp.	RPS SpA	Essential related parties	(Sales)	$ (523,539)	(3)	Net 150 days from the end of the month of when invoice is issued	No identical item	0-180 days	$ 92,968	3	-
	FSP Technology Inc.	Key management personnel	(Sales)	(109,842)	(1)	Net 90 days from the end of the month of when invoice is issued	No identical item	0-180 days	48,865	2
	Potentia Technology Inc. Limited	Subsidiary	Purchase	13,268,475	94	Net 360 days from the end of the month of when invoice is issued	No identical item	30-90 days	(12,758,405)	(97)	Note 3
	Voltronic Power Technology (Shen Zhen) Corp.	Subsidiary	Purchase	513,282	4	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(256,650)	(2)	x
	Zhongshan Voltronic Power Electronics Limited	Subsidiary	Purchase	239,266	2	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(99,805)	(1)	x
Potentia Technology Inc. Limited	Voltronic Power Technology Corp.	Parent company	(Sales)	(13,268,475)	(85)	Net 360 days from the end of the month of when invoice is issued	Note 2	Note 2	12,758,405	96	x
	Voltronic Power Technology (Shen Zhen) Corp.	The same parent company	(Sales)	(550,292)	(4)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	54,884	1	x
	Voltronic Power Technology (Shen Zhen) Corp.	The same parent company	Purchase	4,334,961	28	Net 360 days from the end of the month of when invoice is issued	No identical item	30-90 days	(4,281,784)	(32)	x
	Zhongshan Voltronic Power Electronics Limited	The same parent company	(Sales)	(860,380)	(5)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	151,297	1	x
	Zhongshan Voltronic Power Electronics Limited	The same parent company	Purchase	8,704,356	56	Net 360 days from the end of the month of when invoice is issued	No identical item	30-90 days	(7,695,031)	(57)	x
	Voltronic Power Technology (Vietnam) Company Limited	The same parent company	(Sales)	(689,318)	(4)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	305,178	2	x
	Voltronic Power Technology (Vietnam) Company Limited	The same parent company	Purchase	1,148,129	7	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(1,016,844)	(8)	x
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	(Sales)	(261,094)	(2)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	40,575	1	x
Voltronic Power Technology (Shen Zhen) Corp.	Voltronic Power Technology Corp.	Parent company	(Sales)	(513,282)	(10)	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	256,650	6	x
	Potentia Technology Inc. Limited	The same parent company	(Sales)	(4,334,961)	(85)	Net 360 days from the end of the month of when invoice is issued	No identical item	30-90 days	4,281,784	92	x
	Potentia Technology Inc. Limited	The same parent company	Purchase	550,292	17	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(54,884)	(5)	x
	Zhongshan Voltronic Precision Inc.	The same parent company	Purchase	645,436	20	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(151,284)	(13)	x
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	Purchase	177,182	5	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(99,252)	(8)	x
Zhongshan Voltronic Power Electronics Limited	Voltronic Power Technology Corp.	Parent company	(Sales)	(239,266)	(3)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	99,805	1	x
	Potentia Technology Inc. Limited	The same parent company	(Sales)	(8,704,356)	(92)	Net 360 days from the end of the month of when invoice is issued	Note 2	Note 2	7,695,031	95	x
	Potentia Technology Inc. Limited	The same parent company	Purchase	860,380	11	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(151,297)	(6)	x
	Zhongshan Voltronic Precision Inc.	The same parent company	Purchase	927,490	12	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(446,232)	(16)	x
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	(Sales)	(472,957)	(5)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	280,423	3	x
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	Purchase	129,434	2	Net 270 days from the end of the month of when invoice is issued	No identical item	0-60 days	(82,439)	(3)	x

(Continued)

Company Name	Related Party	Nature of Relationship	Transaction Details				Abnormal Transaction		Notes/Accounts Payable or Receivable		Note
			Purchase/Sale	Amount	% to Total	Payment Terms	Unit Price	Payment Terms	Ending Balance	% to Total
Zhongshan Voltronic Precision Inc.	Voltronic Power Technology (Shen Zhen) Corp.	The same parent company	(Sales)	$ (645,436)	(35)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	$ 151,284	21	×
	Zhongshan Voltronic Power Electronics Limited	The same parent company	(Sales)	(927,490)	(51)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	446,232	62	×
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	(Sales)	(259,607)	(14)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	127,095	18	×
Voltronic Power Technology (Vietnam) Company Limited	Potentia Technology Inc. Limited	The same parent company	(Sales)	(1,148,129)	(100)	Net 270 days from the end of the month of when invoice is issued	Note 2	Note 2	1,016,844	100	Note 3
	Potentia Technology Inc. Limited	The same parent company	Purchase	689,318	93	Net 270 days from the end of the month of when invoice is issued	No identical item	30-90 days	(305,178)	(93)	×
Orchid Power (Shen Zhen) Manufacturing Company	Voltronic Power Technology (Shen Zhen) Corp.	The same parent company	(Sales)	(177,182)	(6)	Net 270 days from the end of the month of when invoice is issued	No identical item	0-60 days	99,252	15	×
	Potentia Technology Inc. Limited	The same parent company	Purchase	261,094	15	Net 270 days from the end of the month of when invoice is issued	No identical item	0-60 days	(40,575)	(4)	×
	Zhongshan Voltronic Power Electronics Limited	The same parent company	(Sales)	(129,434)	(4)	Net 270 days from the end of the month of when invoice is issued	No identical item	0-60 days	82,439	12	×
	Zhongshan Voltronic Power Electronics Limited	The same parent company	Purchase	472,957	27	Net 270 days from the end of the month of when invoice is issued	No identical item	0-60 days	(280,423)	(26)	×
	Zhongshan Voltronic Precision Inc.	The same parent company	Purchase	259,607	15	Net 270 days from the end of the month of when invoice is issued	No identical item	0-60 days	(127,095)	(12)	×

Note 1: Above amounts present in New Taiwan dollars (NT$). Foreign currency is converted into NT$ as of December 31, 2025; the amount of income accounts are converted by average exchange rate into New Taiwan dollars (NT$) as of 2025.

Note 2: There is no sales to unrelated parties.

Note 3: The amounts have been eliminated in the consolidated financial statements.

(Concluded)

TABLE 4

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

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

DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

Company Name	Related Party	Relationship	Ending Balance (Note 1)	Turnover Rate	Overdue		Amount Received in Subsequent Period (Note 3)	Allowance for Impairment Loss	Note
					Amount	Actions Taken
Trade receivables
Potentia Technology Inc. Limited	Voltronic Power Technology Corp.	Parent company	$ 12,758,405	1.09	$ -	-	$ 1,982,947	$ -	Note 4
	Zhongshan Voltronic Power Electronics Limited	The same parent company	151,297	5.50	-	-	151,297	-	n
	Voltronic Power Technology (Vietnam) Company Limited	The same parent company	305,178	2.34	-	-	63,737	-	n
Voltronic Power Technology (Shen Zhen) Corp.	Voltronic Power Technology Corp.	Parent company	256,650	2.09	-	-	96,497	-	n
	Potentia Technology Inc. Limited	The same parent company	4,281,784	1.02	-	-	674,558	-	n
Zhongshan Voltronic Power Electronics Limited	Potentia Technology Inc. Limited	The same parent company	7,695,031	1.20	-	-	1,338,215	-	n
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	280,423	1.74	-	-	56,873	-	n
Zhongshan Voltronic Precision Inc.	Zhongshan Voltronic Power Electronics Limited	The same parent company	446,232	2.09	-	-	210,948	-	n
	Voltronic Power Technology (Shen Zhen) Corp.	The same parent company	151,284	4.94	-	-	94,566	-	n
	Orchid Power (Shen Zhen) Manufacturing Company	The same parent company	127,095	2.24	-	-	25,696	-	n
Voltronic Power Technology (Vietnam) Company Limited	Potentia Technology Inc. Limited	The same parent company	1,016,844	1.32	-	-	175,031	-	n
Other receivables
Voltronic Power Technology (Shen Zhen) Corp.	Zhongshan Voltronic Power Electronics Limited	The same parent company	672,458 (Note 2)	-	-	-	1,709	-	n

Note 1: Above amounts are presented in New Taiwan dollar (NT$). Foreign currencies are converted into NT$; the exchange rate were US$1=NT$31.4300 and RMB1=NT$4.4716 as of December 31, 2025.
Note 2: Including interest receivables $1,709 thousand and receivables for equipment $9 thousand.
Note 3: The amount received in subsequent period was as of February 28, 2026.
Note 4: The amount have been eliminated in the consolidated financial statements.

TABLE 5

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT INTERCOMPANY TRANSACTIONS

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

No. (Note 1)	Investee Company	Counterparty	Relationship (Note 2)	Transaction Details
				Financial Statement Account	Amount (Note 5)	Payment Terms	% of Total Sales or Assets (Note 3)
1	Potentia Technology Inc. Limited	Voltronic Power Technology Corp.	2	Sales	$ 13,268,475	Net 360 days from the end of the month of when invoice is issued	65
		Voltronic Power Technology Corp.	2	Trade receivables from related parties	12,758,405	Net 360 days from the end of the month of when invoice is issued	75
		Voltronic Power Technology (Shen Zhen) Corp.	3	Sales	550,292	Net 270 days from the end of the month of when invoice is issued	3
		Voltronic Power Technology (Shen Zhen) Corp.	3	Trade receivables from related parties	54,884	Net 270 days from the end of the month of when invoice is issued	1
		Orchid Power (Shen Zhen) Manufacturing Company	3	Sales	261,094	Net 270 days from the end of the month of when invoice is issued	1
		Orchid Power (Shen Zhen) Manufacturing Company	3	Trade receivables from related parties	40,575	Net 270 days from the end of the month of when invoice is issued	1
		Zhongshan Voltronic Power Electronics Limited	3	Sales	860,380	Net 270 days from the end of the month of when invoice is issued	4
		Zhongshan Voltronic Power Electronics Limited	3	Trade receivables from related parties	151,297	Net 270 days from the end of the month of when invoice is issued	1
		Voltronic Power Technology (Vietnam) Company Limited	3	Sales	689,318	Net 270 days from the end of the month of when invoice is issued	3
		Voltronic Power Technology (Vietnam) Company Limited	3	Trade receivables from related parties	305,178	Net 270 days from the end of the month of when invoice is issued	2
2	Voltronic Power Technology (Shen Zhen) Corp.	Voltronic Power Technology Corp.	2	Sales	513,282	Net 270 days from the end of the month of when invoice is issued	3
		Voltronic Power Technology Corp.	2	Trade receivables from related parties	256,650	Net 270 days from the end of the month of when invoice is issued	2
		Potentia Technology Inc. Limited	3	Sales	4,334,961	Net 360 days from the end of the month of when invoice is issued	21
		Potentia Technology Inc. Limited	3	Trade receivables from related parties	4,281,784	Net 360 days from the end of the month of when invoice is issued	25
		Zhongshan Voltronic Power Electronics Limited	3	Other receivables from related parties	672,449 (Note 6)	The loan period is one year and will be returned in installments according to the financial situation during the period	4

(Continued)

No. (Note 1)	Investee Company	Counterparty	Relationship (Note 2)	Transaction Details
				Financial Statement Account	Amount (Note 5)	Payment Terms	% of Total Sales or Assets (Note 3)
3	Orchid Power (Shen Zhen) Manufacturing Company	Voltronic Power Technology (Shen Zhen) Corp.	3	Sales	$ 177,182	Net 270 days from the end of the month of when invoice is issued	1
		Voltronic Power Technology (Shen Zhen) Corp.	3	Trade receivables from related parties	99,252	Net 270 days from the end of the month of when invoice is issued	1
		Zhongshan Voltronic Power Electronics Limited	3	Sales	129,434	Net 270 days from the end of the month of when invoice is issued	1
		Zhongshan Voltronic Power Electronics Limited	3	Trade receivables from related parties	82,439	Net 270 days from the end of the month of when invoice is issued	1
4	Zhongshan Voltronic Power Electronics Limited	Voltronic Power Technology Corp.	2	Sales	239,266	Net 270 days from the end of the month of when invoice is issued	1
		Voltronic Power Technology Corp.	2	Trade receivables from related parties	99,805	Net 270 days from the end of the month of when invoice is issued	1
		Potentia Technology Inc. Limited	3	Sales	8,704,356	Net 360 days from the end of the month of when invoice is issued	42
		Potentia Technology Inc. Limited	3	Trade receivables from related parties	7,695,031	Net 360 days from the end of the month of when invoice is issued	45
		Orchid Power (Shen Zhen) Manufacturing Company	3	Sales	472,957	Net 270 days from the end of the month of when invoice is issued	2
		Orchid Power (Shen Zhen) Manufacturing Company	3	Trade receivables from related parties	280,423	Net 270 days from the end of the month of when invoice is issued	2
5	Zhongshan Voltronic Precision Inc.	Voltronic Power Technology (Shen Zhen) Corp.	3	Sales	645,436	Net 270 days from the end of the month of when invoice is issued	3
		Voltronic Power Technology (Shen Zhen) Corp.	3	Trade receivables from related parties	151,284	Net 270 days from the end of the month of when invoice is issued	1
		Orchid Power (Shen Zhen) Manufacturing Company	3	Sales	259,607	Net 270 days from the end of the month of when invoice is issued	1
		Orchid Power (Shen Zhen) Manufacturing Company	3	Trade receivables from related parties	127,095	Net 270 days from the end of the month of when invoice is issued	1
		Zhongshan Voltronic Power Electronics Limited	3	Sales	927,490	Net 270 days from the end of the month of when invoice is issued	5
		Zhongshan Voltronic Power Electronics Limited	3	Trade receivables from related parties	446,232	Net 270 days from the end of the month of when invoice is issued	3
6	Voltronic Power Technology (Vietnam) Company Limited	Potentia Technology Inc. Limited	3	Sales	1,148,129	Net 270 days from the end of the month of when invoice is issued	6
		Potentia Technology Inc. Limited	3	Trade receivables from related parties	1,016,844	Net 270 days from the end of the month of when invoice is issued	6

Note 1: Intercompany transactions information between parent company and subsidiaries are noted within the number column as follows:
a. "0" for the parent company.
b. Subsidiaries are numbered from "1".

(Continued)

Note 2: Parties involved in the transaction have a directional relationship noted by the following:

a. “1” represents transactions from parent company to subsidiaries.
b. “2” represents transactions from subsidiaries to parent company.
c. “3” represents transactions between subsidiaries.

Note 3: The amounts of asset account and liability account are calculated as a percentage of the consolidated total assets. The amounts of income account are calculated as a percentage of the consolidated total sales.

Note 4: Above amounts present in New Taiwan dollar (NT$). Foreign currency is converted into NT$ as of December 31, 2025; the amount of income accounts are converted by average exchange rate into New Taiwan dollar (NT$) as of 2025.

Note 5: The main transaction only discloses unidirectional transactions information between intercompany relationship, and the amount was eliminated upon consolidation.

Note 6: Including interest receivables of $1,709 thousand.

(Concluded)

TABLE 6

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

INFORMATION ON INVESTEES

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars and Foreign Currencies, and Shares)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		As of December 31, 2025			Net Income (Loss) of the Investee	Share of Profit (Loss)	Note
				December 31, 2025	December 31, 2024	Number of Stock (Shares)	%	Carrying Value
Voltronic Power Technology Corp.	Voltronic International Corp.	Anguilla	Investment activities	$ 888,285 (US$ 28,000)	$ 888,285 (US$ 28,000)	28,000	100	$ 13,739,243	$ 1,203,227	$ 1,203,737	Notes 1 and 2
	Voltronic Power Technology (Vietnam) Company Limited	Bac Ninh Province, Vietnam	Design, manufacture and sale of UPS and inverter	30,945 (US$ 1,000)	30,945 (US$ 1,000)	-	100	816,962	234,478	234,478	Notes 1 and 3
Voltronic International Corp.	Invensolenergy Tech, Inc.	U.S.A.	Marketing, technical support and after-sales service of UPS and inverter	16,135 (US$ 500)	16,135 (US$ 500)	100	100	17,429	1,343	1,343	Note 1
	Potentia Technology Inc. Limited Voltronic International H.K. Corp. Limited	Hong Kong	Sale of uninterruptible power systems (UPS) and inverter	-	-	-	100	60,194	20,378	20,378	Note 1
		Hong Kong	Investment activities	888,285 (US$ 28,000)	888,285 (US$ 28,000)	217,240	100	13,682,291	1,182,849	1,182,849	Note 1

Note 1: The amount of subsidiary was eliminated upon consolidation.
Note 2: The gain and loss of net amount of investment which recognized in the current period is the reversal of unrealized gain of the previous upstream transaction of $989 thousand and the deduction of unrealized profit of upstream transaction of the current period of $1,515 thousand and the addition of realized disposition of property, plant and equipment benefit of $1,036 thousand in the sidestream transaction.
Note 3: This company is a "limited company" without stock issuance.
Note 4: For information of investments in mainland China, refer to Table 7.
Note 5: The mid-term highest holdings was the same as of December 31, 2025.
Note 6: There is no impignorate condition happened.

TABLE 7

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

INFORMATION ON INVESTMENTS IN MAINLAND CHINA

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars and Foreign Currencies)

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 and repatriations of investment income in the mainland China area:

Investee Company	Main Businesses and Products	Paid-in Capital	Method of Investment (Note 1)	Accumulated Outward Remittance for Investment from Taiwan as of January 1, 2025	Remittance of Funds		Accumulated Outward Remittance for Investment from Taiwan as of December 31, 2025	Net Income (Loss) of the Investee	% Ownership of Direct or Indirect Investment	Investment Gain (Loss) (Notes 2 and 3)	Carrying Amount as of December 31, 2025 (Notes 2 and 3)	Accumulated Repatriation of Investment Income as of December 31, 2025
					Outflow	Inflow
Voltronic Power Technology (Shen Zhen) Corp.	Design, manufacture and sale of UPS and inverter	$ 64,630 (US$ 2,000)	b.	$ 64,630 (US$ 2,000)	$ -	$ -	$ 64,630 (US$ 2,000)	$ 8,580	100	$ 8,580	$ 5,146,539	$ -
Orchid Power (Shen Zhen) Manufacturing Company	Design, manufacture and sale of UPS and inverter	30,027 (US$ 1,000)	b.	30,027 (US$ 1,000)	-	-	30,027 (US$ 1,000)	940,592	100	940,592	6,446,011	-
Zhongshan Voltronic Power Electronics Limited	Design, manufacture and sale of UPS and inverter	2,794,537 (US$ 25,000) (RMB 450,000)	b.	793,628 (US$ 25,000)	-	-	793,628 (US$ 25,000)	233,677	100	233,677	7,730,334	-
Zhongshan Voltronic Precision Inc.	Design, manufacture and sale of UPS and inverter related components	250,401 (RMB 56,000)	c.	-	-	-	-	76,643	100	76,643	536,218	-

Limit on the amount of investment in the mainland China area:

Accumulated Outflow Remittance for Investment in Mainland China as of December 31, 2025	Investment Amount Authorized by Investment Commission, MOEA	Upper Limit on the Amount of Investment Stipulated by Investment Commission, MOEA
$ 888,285 (Note 4) (US$ 28,000)	$ 888,285 (Note 4) (US$ 28,000)	$ 5,731,809

Note 1: Investment methods are classified into the following three categories:
a. Directly invest in a company in mainland China.
b. Investment in mainland China through an existing company established in a third region.
c. Other methods.

Note 2: The investment gain or loss and the carrying amount as of December 31, 2025:

The Company recognized its reinvested companies of Voltronic Power Technology (Shen Zhen) Corp., Orchid Power (Shen Zhen) Manufacturing Company and Zhongshan Voltronic Power Electronics Limited through its subsidiary of Voltronic International H.K. Corp. Limited, and through its subsidiary of Zhongshan Voltronic Power Electronics Limited recognized the investment gains of its reinvested company of Zhongshan Voltronic Precision Inc. as of December 31, 2025 and the carrying amounts on December 31, 2025.

Note 3: The amount was calculated based on the financial statements which were audited and attested by certified public accounts engaged by Taiwan's parent company.
Note 4: The amount was calculated by the actual outflow exchange rate from the each times.
Note 5: The amounts have been eliminated in the consolidated financial statements.
Note 6: The mid-term highest holdings was the same as of December 31, 2025.
Note 7: There is no impignorate condition happened.

TABLE 8

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

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

FOR THE YEAR ENDED DECEMBER 31, 2025

(In Thousands of New Taiwan Dollars)

The amount and percentage of purchases and the balance and percentage of the related payables at the end of the year.

Investee Company	Transaction Type	Purchase/Sale		Transaction Details			Notes/Accounts Receivable (Payable)		Unrealized Gain
		Amount	%	Price	Payment Terms	Comparison with Normal Transactions	Ending Balance	%
Voltronic Power Technology (Shen Zhen) Corp.	Purchase	$ 4,639,278	33	Set by agreement of both parties	Net 270 days from the end of the month of when invoice is issued	No identical item	$ (4,512,147)	(34)	$ 1,515
Zhongshan Voltronic Power Electronics Limited	Purchase	8,227,536	58	Set by agreement of both parties	Net 270 days from the end of the month of when invoice is issued	No identical item	(8,211,978)	(63)	-

The amount and percentage of sales and the balance and percentage of the related receivables at the end of the year: None.
The amount of property transactions and the amount of the resultant gains or losses: None.
The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes: None.
The highest balance, the ending balance, the interest rate range, and total current period interest with respect to financing of funds: None.
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: None.

AI assistant

VOLTRONIC — Audit Report / Information 2025

52555_rns_2026-04-13_7dd3913f-7fd3-4c6e-88d5-f15790c11d1a.pdf

Voltronic Power Technology Corp. and Subsidiaries

DECLARATION OF CONSOLIDATION OF FINANCIAL STATEMENTS OF AFFILIATES

INDEPENDENT AUDITORS' REPORT

Opinion

Basis for Opinion

Key Audit Matters

Validity of Occurrence of Operating Revenue

Other Matter

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

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

Notice to Readers

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

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

5. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

6. CASH AND CASH EQUIVALENTS

7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

8. FINANCIAL ASSETS AT AMORTIZED COST

9. NOTES RECEIVABLE, TRADE RECEIVABLES (INCLUDING RELATED PARTIES) AND OTHER RECEIVABLES

11. SUBSIDIARIES

12. PROPERTY, PLANT AND EQUIPMENT

13. LEASE ARRANGEMENTS

Accumulated amortization

15. OTHER ASSETS

16. BORROWINGS

17. NOTES PAYABLE AND TRADE PAYABLES

18. OTHER LIABILITIES

19. RETIREMENT BENEFIT PLANS

Defined Contribution Plans

20. EQUITY

Ordinary shares

23. INCOME TAXES RELATING TO CONTINUING OPERATIONS

24. EARNINGS PER SHARE

25. SHARE-BASED PAYMENT ARRANGEMENTS - RESTRICTED SHARE PLAN FOR EMPLOYEES

26. CASH FLOWS INFORMATION

27. CAPITAL MANAGEMENT

28. FINANCIAL INSTRUMENTS

Sensitivity analysis

2) Credit risk

3) Liquidity risk

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

29. TRANSACTIONS WITH RELATED PARTIES

30. ASSETS PLEDGED AS COLLATERAL OR FOR SECURITY

31. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

32. SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

33. SEPARATELY DISCLOSED ITEMS

34. SEGMENT INFORMATION

a. Financial information

b. Geographical information

c. Information on major customers

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

VOLTRONIC POWER TECHNOLOGY CORP. AND SUBSIDIARIES

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