Stock Code:6776

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors' Report
For the Years Ended December 31, 2025 and 2024

Address: 2F, 39, sec. Chung Hsiao W. Rd. Taipei 100, Taiwan (R.O.C)

Telephone:

The independent auditors' report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' report and consolidated financial statements, the Chinese version shall prevail.

Contents	Page
1. Cover Page	1
2. Table of Contents	2
3. Representation Letter	3
4. Independent Auditors’ Report	4
5. Consolidated Balance Sheets	5
6. Consolidated Statements of Comprehensive Income	6
7. Consolidated Statements of Changes in Equity	7
8. Consolidated Statements of Cash Flows	8
9. Notes to the Consolidated Financial Statements
(1) Company history	9
(2) Authorization of the consolidated financial statements	9
(3) New standards, amendments and interpretations adopted	9~11
(4) Summary of material accounting policies	11~25
(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty	25~26
(6) Explanation of significant accounts	26~67
(7) Related-party transactions	68~73
(8) Pledged assets	74
(9) Significant commitments and contingencies	74
(10) Losses due to major disasters	74
(11) Subsequent events	74
(12) Other	74
(13) Other disclosures
(a) Information on significant transactions	75~76
(b) Information on investees	76~77
(c) Information on investment in China	77
(14) Segment information	78~80

Representation Letter

The entities that are required to be included in the combined financial statements of Weblink International Inc. as of and for the year ended December 31, 2025 under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports, and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with International Financial Reporting Standards No. 10 by the Financial Supervisory Commission, "Consolidated Financial Statements." In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, Weblink International Inc. and Subsidiaries do not prepare a separate set of combined financial statements.

Hereby declare

Company name: Weblink International Inc.
Chairman: Jason Chen
Date: March 10, 2026

KPMG

李伐建東聯合會計師事務所

KPMG

台北市110615信義路5段7號68樓(台北101大樓)

68F., TAIPEI 101 TOWER, No. 7, Sec. 5,

Xinyi Road, Taipei City 110615, Taiwan (R.O.C.)

電話 Tel +886 2 8101 6666

傳真 Fax +886 2 8101 6667

網址 Web kpmg.com/tw

Independent Auditors’ Report

To the Board of Directors of Weblink International Inc.:

Opinion

We have audited the consolidated financial statements of Weblink International Inc. and its subsidiaries (“the Group”), which comprise the consolidated balance sheet as of December 31, 2025 and 2024, the consolidated statement of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.

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 with the International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”), Interpretations developed by the International Financial Reporting Interpretations Committee (“IFRIC”) or the former Standing Interpretations Committee (“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 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 of 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 of the current period. 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.

1. Revenue recognition

Please refer to note 4(o) "Recognition of Revenue" for accounting policy related to revenue recognition and note 6(v) for the information related to revenue of the consolidated financial statements.

Description of key audit matter

The Group’s operating revenue is a key indicator for investors and management in evaluating its financial and operating performance. Since Weblink International Inc. is a listed company, there is an inherent risk of material misstatement. Furthermore, the appropriateness of the timing of revenue recognition is of critical importance. Therefore, we have identified revenue recognition during a certain period before and after the balance sheet date as one of our key audit matters.

KPMG, a Taiwan partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

KPMG
4-1

How the matter was addressed in our audit:

Our audit procedures included:

Understanding the operation and industry characteristics of the Group and reviewing sales contracts to confirm whether the time point of revenue recognition and accounting treatment were appropriate.
Assessing and testing the design, and the effectiveness of the internal controls over revenue recognition.
Performing trend analysis on operating income generated from each top ten customer in current period versus that in latest quarter and last year to assess the occurrence of any significant variation and the rationale for the variation.
Performing test-of-details on transactions to assess the existence of the transactions and the accuracy of the recognized sales as well as the timing of the recognition.
Performing sales cut-off test over a period prior and post to the balance sheet date by vouching relevant documents of sales transactions to determine whether the revenue have been recognized in proper period.

2. Valuation of inventories

Please refer to note 4(h) "Inventories" for accounting policy related to valuation of inventories, note 5(a) for accounting assumptions and estimation uncertainties of inventories and note 6(e) for information related to impairment of inventories of the consolidated financial statements.

Description of key audit matter:

The Group is principally engaged in the distribution and sales of IT consumer products and other products. As a result of rapid technological changes, innovative products may significantly change consumers' needs and shorten products' life cycles. Additionally, intense competition and market saturation lead to the risk of inventory write-down. As of December 31, 2025, the inventory balance of $3,604,588 thousands consisted of 32% of the total consolidated assets. Valuation of inventory relies on past experience and future sales forecast, which involved the subjective judgment from the top management. Therefore, the subsequent measurement of inventories was considered to be one of our key audit matters.

How the matter was addressed in our audit:

Our audit procedures included:

Assessing whether provision policies for inventories are applied.
Assessing the appropriateness of the aging movement by examining the aging analysis of inventories.
Assessing whether the Group's subsequent measurement of inventories has been evaluated in accordance with the Group's provision policy on a consistent basis.
Understanding the reasonableness of sales prices adopted by the Group's top management and the changes of the market prices after the reporting date, as well as verifying the sales prices and the calculation of net realizable value by vouching the source documents of samples; then, determining whether the provision for net realizable value has been appropriately valuated.
For inventories with low turnover, examining the sales after the reporting date and assessing the basis on net realizable value that was adopted to verify the appropriateness of the Group's valuation on provision on obsolete stock.

KPMG
4-2

3. Impairment of goodwill

Please refer to note 4(n) “Impairment of Non-financial Assets” in the consolidated financial statements for accounting policies on goodwill impairment, note 5(b) for uncertainties over accounting assumptions and estimation regarding goodwill impairment, and note 6(k) “Intangible Assets” for estimate of goodwill impairment.

Description of key audit matter:

The Weblink Group has generated goodwill through merger. Assessing impairment of goodwill involves assumptions regarding the Company's estimates of future cash flows and the discounted value thereof. Besides, such assumptions and assessment not only involve management’s subjective judgment and but also have a high degree of uncertainty. Therefore, we considered impairment of goodwill to be a key audit matter.

How the matter was addressed in our audit:

Our audit procedures included:

Assessing cash generating units (CGUs) identified by management.
Ascertaining the completeness of the book values attributable to assets of CGUs.
Evaluating both the estimation basis and key assumptions adopted by management in the measurement of recoverable amounts, including the reasonableness of discount rates, projected revenue growth rates and forecasted future cash flows;
Appointing internal experts to assess the reasonableness of important assumptions; and
Reviewing whether the Group had disclosed information about assessment of goodwill impairment appropriately.

Other Matter

Weblink International Inc. has prepared its parent-company-only financial statements 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 with the IFRSs, IASs, IFRC, 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 are responsible for overseeing the Group’s financial reporting process.

KPMG

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 auditor’s 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 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 auditor’s 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 the 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.

KPMG

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

The engagement partners on the audit resulting in this independent auditors’ report are Chiang, Chia-Chi and Chang, Chun-I.

KPMG

Taipei, Taiwan (Republic of China)
March 10, 2026

Notes to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with the 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 accepted and applied in the Republic of China.

The independent auditors’ report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors’ report and consolidated financial statements, the Chinese version shall prevail.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

Assets		December 31, 2025		December 31, 2024		Liabilities and Equity		December 31, 2025		December 31, 2024
11xx	Current assets:	Amount	%	Amount	%	21xx	Current liabilities:	Amount	%	Amount	%
1100	Cash and cash equivalents (note 6(a))	$ 656,087	6	633,131	7	2100	Short-term borrowings (notes 6(l) and 9)	$ 3,523,733	31	1,698,498	18
1150	Notes receivable, net (notes 6(c), (v) and 7)	123,441	1	156,468	2	2130	Contract liabilities—current (notes 6(v) and 7)	74,548	1	48,421	1
1170	Accounts receivable, net (notes 6(c) and (v))	3,668,125	33	3,281,818	35	2150	Notes payable	7	-	2,006	-
1180	Accounts receivable—related parties (notes 6(c), (v) and 7)	68,071	1	71,028	1	2170	Accounts payable	2,829,802	25	2,725,407	30
1200	Other receivables (notes 6(c) and (d))	73,737	1	59,643	-	2180	Accounts payable—related parties (note 7)	387,087	3	416,338	4
1210	Other receivables—related parties (notes 6(d) and 7)	1,018	-	9	-	2200	Other payables (notes 6(r) and (w))	628,023	6	597,632	6
1220	Current income tax asset	17,016	-	3,034	-	2220	Other payables—related parties (notes 7 and 9)	5,970	-	455,386	5
130x	Inventories (note 6(e))	3,604,588	32	2,667,782	28	2230	Current tax liabilities	63,031	1	27,075	-
1410	Prepayments	125,346	1	98,842	1	2280	Lease liabilities—current (note 6(m))	63,555	1	70,939	1
1470	Other current assets	27,638	-	7,428	-	2322	Current portion of long-term borrowings (notes 6(h), (n) and 8)	-	-	100,000	1
	Total current assets	8,365,067	75	6,979,183	74	2365	Refund liabilities—current	49,232	-	43,176	-
15xx	Non-current assets:					2300	Other current liabilities	5,970	-	3,824	-
1517	Financial assets at fair value through other comprehensive income—non-current (note 6(b))	129,381	1	148,077	2	25xx	Total current liabilities	7,630,958	68	6,188,702	66
1550	Investments accounted for using equity method (note 6(f))	453,232	4	338,563	4	2540	Non-Current liabilities:
1600	Property, plant and equipment (notes 6(h), (j), (n), 7 and 8)	1,451,258	13	999,307	11	2570	Long-term borrowings (notes 6(h), (n) and 8)	230,340	2	350,000	4
1755	Right-of-use assets (notes 6(i) and (m))	221,073	2	362,952	4	2580	Deferred tax liabilities (note 6(q))	9,358	-	19,040	-
1760	Investment property, net (notes (h), (j), (o) and 7)	128,612	1	128,731	1	2640	Lease liabilities—non-current (note 6(m))	163,101	2	299,614	3
1780	Intangible assets (notes 6(k) and 7)	278,500	3	296,548	3	2645	Defined benefit liabilities—non-current (note 6(p))	42,308	1	47,736	1
1840	Deferred tax assets (note 6(q))	88,309	1	90,194	1	2670	Guarantee deposits received (note 7)	28,866	-	28,866	-
1915	Prepayment for equipment	20,032	-	17,251	-	2640	Other non-current liabilities	3,048	-	3,048	-
1920	Refundable deposits (note 7)	15,590	-	24,398	-	2xxx	Total non-current liabilities	477,021	5	748,304	8
	Total non-current assets	2,785,987	25	2,406,021	26	31xx	Total liabilities	8,107,979	73	6,937,006	74
						3110	Equity attributable to owners of parent (notes 6(b), (f), (g), (p), (q), (s) and (t)):
						3200	Common stock	915,814	8	815,814	9
						3300	Capital surplus	1,016,550	9	637,261	7
						3310	Retained earnings:
						3320	Legal reserve	292,760	3	259,236	3
						3320	Special reserve	76,511	1	54,882	-
						3350	Unappropriated retained earnings	523,446	4	481,948	5
								892,717	8	796,066	8
						3400	Other equity	(22,322)	-	(76,510)	(1)
							Total equity attributable to owners of parent	2,802,759	25	2,172,631	23
						36xx	Non-controlling interests (note 6(g))	240,316	2	275,567	3
						3xxx	Total equity	3,043,075	27	2,448,198	26
1xxx	Total assets	$ 11,151,054	100	9,385,204	100	2-3xx	Total liabilities and equity	$ 11,151,054	100	9,385,204	100

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars, Except for Earnings Per Common Share)

	2025		2024
		Amount	%	Amount	%
4000	Operating revenues (notes 6(v) and 7)	$ 29,299,060	100	25,513,028	100
5000	Operating costs (notes 6(e), (h), 7 and 12)	27,550,902	94	23,847,789	93
5900	Gross profit from operations	1,748,158	6	1,665,239	7
6000	Operating expenses (notes 6(c), (h), (i), (k), (m), (p), (t), (w), 7 and 12):
6100	Selling expenses	956,357	3	918,898	4
6200	Administrative expenses	335,813	1	285,642	1
6450	Expected credit losses	1,524	-	6,057	-
	Total operating expenses	1,293,694	4	1,210,597	5
6900	Operating income	454,464	2	454,642	2
7000	Non-operating income and expenses (notes (f), (h), (j), (m), (o), (x), 7 and 12):
7100	Interest income	9,089	-	15,320	-
7010	Other income	15,486	-	6,701	-
7020	Other gains and losses	20,644	-	11,100	-
7050	Finance costs	(114,453)	(1)	(95,057)	(1)
7060	Share of profits of associates	33,643	-	51,933	1
	Total non-operating income and expenses	(35,591)	(1)	(10,003)	-
7900	Profit from continuing operations before tax	418,873	1	444,639	2
7950	Less: Income tax expenses (note 6(q))	89,674	-	94,979	1
8200	Net profit	329,199	1	349,660	1
8300	Other comprehensive income (notes 6(f), (g), (p), (q) and (s)):
8310	Components of other comprehensive income that will not be reclassified to profit or loss
8311	Gains (losses) on remeasurements of defined benefit plans	(4,293)	-	7,932	-
8316	Unrealized gains (losses) from investments in equity instruments measured at fair value through other comprehensive income	53,997	-	(41,831)	-
8349	Less: Income tax related to components of other comprehensive income that will not be reclassified to profit or loss	(859)	-	1,586	-
	Total items that will not be reclassified subsequently to profit or loss	50,563	-	(35,485)	-
8360	Components of other comprehensive income (loss) that will be reclassified to profit or loss
8361	Exchange differences on translation of foreign financial statements	(13,847)	-	18,074	-
8370	Share of other comprehensive income of associates and joint ventures accounted for using the equity method	7,120	-	572	-
8399	Less: Income tax related to components of other comprehensive income that will be reclassified to profit or loss	(1,194)	-	3,615	-
	Components of other comprehensive income that will be reclassified to profit or loss	(5,533)	-	15,031	-
8300	Other comprehensive income (loss)	45,030	-	(20,454)	-
8500	Total comprehensive income (loss)	$ 374,229	1	329,206	1
	Profit attributable to:
8610	Owners of parent	$ 346,112	1	335,243	1
8620	Non-controlling interests	(16,913)	-	14,417	-
		$ 329,199	1	349,660	1
	Comprehensive income (loss) attributable to:
8710	Owners of parent	$ 395,583	1	309,392	1
8720	Non-controlling interests	(21,354)	-	19,814	-
		$ 374,229	1	329,206	1
	Earnings per share (expressed in New Taiwan dollars) (note 6(u))
9750	Basic earnings per share	$ 4.20		4.11
9850	Diluted earnings per share	$ 4.15		4.06

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	Equity attributable to owners of parent
	Common stock	Capital surplus	Retained earnings				Foreign currency translation differences	Unrealised gains (losses) on financial assets measured at fair value through other comprehensive income	Gains (losses) on remeasurement of defined benefit	Total other equity interest	Total equity attributable to owners of parent	Non-controlling interests	Total equity
			Legal reserve	Special reserve	Unappropriated retained earnings	Total
Balance at January 1, 2024	$ 815,814	629,750	217,966	54,882	473,510	746,358	(1,669)	(578)	(48,412)	(50,659)	2,141,263	241,900	2,383,163
Appropriation and distribution of retained earnings:
Legal reserve appropriated	-	-	41,270	-	(41,270)	-	-	-	-	-	-	-	-
Cash dividends of ordinary share	-	-	-	-	(285,535)	(285,535)	-	-	-	-	(285,535)	-	(285,535)
Net profit for the year	-	-	-	-	335,243	335,243	-	-	-	-	335,243	14,417	349,660
Other comprehensive income for the year	-	-	-	-	-	-	9,634	(41,831)	6,346	(25,851)	(25,851)	5,397	(20,454)
Total comprehensive income for the year	-	-	-	-	335,243	335,243	9,634	(41,831)	6,346	(25,851)	309,392	19,814	329,206
Difference between consideration and carrying amount of subsidiaries acquired or disposed	-	7,511	-	-	-	-	-	-	-	-	7,511	18,254	25,765
Distribution of cash dividends from subsidiaries to non-controlling interests	-	-	-	-	-	-	-	-	-	-	-	(4,401)	(4,401)
Balance at December 31, 2024	815,814	637,261	259,236	54,882	481,948	796,066	7,965	(42,409)	(42,066)	(76,510)	2,172,631	275,567	2,448,198
Appropriation and distribution of retained earnings:
Legal reserve appropriated	-	-	33,524	-	(33,524)	-	-	-	-	-	-	-	-
Special reserve appropriated	-	-	-	21,629	(21,629)	-	-	-	-	-	-	-	-
Cash dividends of ordinary share	-	-	-	-	(244,744)	(244,744)	-	-	-	-	(244,744)	-	(244,744)
Net profit	-	-	-	-	346,112	346,112	-	-	-	-	346,112	(16,913)	329,199
Other comprehensive income	-	-	-	-	-	-	(1,096)	53,997	(3,430)	49,471	49,471	(4,441)	45,030
Total comprehensive income	-	-	-	-	346,112	346,112	(1,096)	53,997	(3,430)	49,471	395,583	(21,354)	374,229
Issue of shares	100,000	370,000	-	-	-	-	-	-	-	-	470,000	-	470,000
Share-based payments	-	9,289	-	-	-	-	-	-	-	-	9,289	-	9,289
Disposal of investments in equity instruments designated at fair value through other comprehensive income	-	-	-	-	(4,717)	(4,717)	-	4,717	-	4,717	-	-	-
Distribution of cash dividends from subsidiaries to non-controlling interests	-	-	-	-	-	-	-	-	-	-	-	(13,897)	(13,897)
Balance at December 31, 2025	$ 915,814	1,016,550	292,760	76,511	523,446	892,717	6,869	16,305	(45,496)	(22,322)	2,802,759	240,316	3,043,075

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	2025	2024
Cash flows from operating activities:
Profit before tax	$ 418,873	444,639
Adjustments:
Adjustments to reconcile profit:
Depreciation expense	105,225	81,983
Amortization expense	26,697	25,436
Expected credit losses	1,524	6,057
Net loss on financial assets or liabilities at fair value through profit or loss	(220)	2,523
Interest expense	114,453	95,057
Interest income	(9,089)	(15,320)
Dividend income	(6,300)	-
Compensation costs of share based payments	9,289	-
Shares of profits of associates accounted for using equity method	(33,643)	(51,933)
Loss (gain) on disposal of property, plant and equipment	(133)	122
Gain on lease modification	(2,609)	(3,227)
Total adjustments to reconcile profit	205,194	140,698
Changes in operating assets and liabilities:
Changes in operating assets:
Financial assets at fair value through profit or loss	6,136	(900)
Notes receivable	33,027	26,007
Accounts receivable	(369,175)	(838,839)
Accounts receivable – related parties	2,957	53,124
Other receivables	(32,794)	(3,448)
Other receivables – related parties	(1,009)	181
Inventories	(936,806)	(303,553)
Prepayments	(26,504)	77,298
Other current assets	(20,210)	4,382
Total changes in operating assets	(1,344,378)	(985,748)
Changes in operating liabilities:
Financial liabilities at fair value through profit or loss	(5,916)	(2,771)
Contract liabilities	26,127	13,464
Notes payable	(1,999)	(12,681)
Accounts payable	104,395	516,565
Accounts payable – related parties	(29,251)	89,897
Other payables	26,053	(8,454)
Other payables – related parties	3,517	(54)
Refund liabilities	6,056	(1,552)
Other current liabilities	2,146	663
Net defined benefit liability	(9,721)	(17,016)
Total changes in operating liabilities	121,407	578,061
Total changes in operating assets and liabilities	(1,222,971)	(407,687)
Total adjustments	(1,017,777)	(266,989)
Cash inflow generated from (used in) operations	(598,904)	177,650
Interest received	9,133	15,337
Income taxes paid	(73,486)	(129,344)
Net cash flows from (used in) operating activities	(663,257)	63,643
Cash flows from (used in) investing activities:
Acquisition of financial assets at fair value through other comprehensive income	-	(168,076)
Acquisition of investments accounted for using equity method	(28,950)	-
Proceeds from disposal of subsidiaries	-	25,765
Acquisition of property, plant and equipment	(523,567)	(949,807)
Proceeds from disposal of property, plant and equipment	244	4
Decrease in guarantee deposits paid	8,808	12,038
Acquisition of intangible assets	(8,649)	(7,776)
Acquisition of investment properties	(681)	-
Increase in prepayments for equipment	(2,781)	(17,251)
Dividends received	34,037	61,843
Net cash flows from (used in) investing activities	(521,539)	(1,043,260)
Cash flows from (used in) financing activities:
Increase in short-term borrowings	24,393,547	15,217,284
Decrease in short-term borrowings	(22,569,965)	(14,021,130)
Increase in short-term notes and bills payable	250,000	-
Decrease in short-term notes and bills payable	(250,000)	-
Proceeds from long-term borrowings	230,340	500,000
Repayments of long-term borrowings	(450,000)	(50,000)
Decrease in guarantee deposits received	-	(1,284)
Increase in other payables to related parties	-	1,207,814
Decrease in other payables to related parties	(401,441)	(1,184,304)
Payment of lease liabilities	(70,975)	(56,410)
Cash dividends paid	(244,744)	(285,535)
Proceeds from issuing shares	470,000	-
Interest paid	(110,208)	(92,863)
Cash dividends distributed to non-controlling interests	(13,897)	(4,401)
Net cash flows from (used in) financing activities	1,232,657	1,229,171
Effect of exchange rate changes on cash and cash equivalents	(24,905)	46,636
Increase in cash and cash equivalents for the period	22,956	296,190
Cash and cash equivalents at beginning of period	633,131	336,941
Cash and cash equivalents at end of period	$ 656,087	633,131

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)
WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars, Unless Otherwise Specified)

(1) Company history

Weblink International Inc. (the “Company”) was incorporated on December 22, 1977 as a company limited by shares under the Company Act of the Republic of China (R.O.C.). The address of its registered office is 2F, 39, sec. Chung Hsiao W. Rd. Taipei 100, Taiwan (R.O.C.). Since January 6, 2020, the Company has become a public entity with the Taipei Exchange’s approval. On March 25, 2020, the Company was listed on the Emerging Stock Board (ESB) of the Taipei Exchange. On March 31, 2021, the Company was listed on the Taiwan Stock Exchange. The Company mainly engages in agency services and sales regarding information electronics products as well as rubber products.

(2) Authorization of the consolidated financial statements:

The consolidated financial statements were authorized for issuance by the Board of Directors on March 10, 2026.

(3) New standards, amendments and interpretations adopted:

(a) The impact of the IFRS Accounting Standards endorsed by the Financial Supervisory Commission, R.O.C. which have already been adopted.

The Group has initially adopted the following new amendments, which do not have a significant impact on its consolidated financial statements, from January 1, 2025:

Amendments to IAS21 “Lack of Exchangeability”

(b) The impact of IFRS Accounting Standards endorsed by the FSC but not yet effective

The Group assesses that the adoption of the following new amendments, effective for annual period beginning on January 1, 2026, would not have a significant impact on its consolidated financial statements:

IFRS 17 “Insurance Contracts” and amendments to IFRS 17 “Insurance Contracts”
Amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”
Annual Improvements to IFRS Accounting Standards—Volume 11
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The following new and amended standards, which may be relevant to the Group, have been issued by the International Accounting Standards Board (IASB), but have yet to be endorsed by the FSC:

Standards or Interpretations	Content of amendment	Effective date per IASB
IFRS 18 “Presentation and Disclosure in Financial Statements”	The new standard introduces three categories of income and expenses, two income statement subtotals and one single note on management performance measures. The three amendments, combined with enhanced guidance on how to disaggregate information, set the stage for better and more consistent information for users, and will affect all the entities.

• A more structured income statement: under current standards, companies use different formats to present their results, making it difficult for investors to compare financial performance across companies. The new standard promotes a more structured income statement, introducing a newly defined ‘operating profit’ subtotal and a requirement for all income and expenses to be allocated between three new distinct categories based on a company’s main business activities.

• Management performance measures (MPMs): the new standard introduces a definition for management performance measures, and requires companies to explain in a single note to the financial statements why the measure provides useful information, how it is calculated and reconcile it to an amount determined under IFRS Accounting Standards.

• Greater disaggregation of information: the new standard includes enhanced guidance on how companies group information in the financial statements. This includes guidance on whether information is included in the primary financial statements or is further disaggregated in the notes. | January 1, 2027
note: On September 25, 2025, the FSC issued a press release announcing that Taiwan will adopt IFRS 18 beginning in 2028. Entities that need to adopt the new standard earlier may do with the endorsement of the FSC. |

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group is evaluating the impact on its consolidated financial position and consolidated financial performance upon the initial adoption of the abovementioned standards or interpretations. The results thereof will be disclosed when the Group completes its evaluation.

The Group does not expect the following other new and amended standards, which have yet to be endorsed by the FSC, to have a significant impact on its consolidated financial statements:

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture”
IFRS 19 “Subsidiaries without Public Accountability: Disclosures” and amendments to IFRS 19 “Subsidiaries without Public Accountability: Disclosures”
Amendments to IAS 21 “Translation to a Hyperinflationary Presentation Currency”

(4) Summary of material accounting policies:

The significant accounting policies presented in the consolidated financial statements are summarized below. The following accounting policies were applied consistently throughout the periods presented in the consolidated financial statements.

(a) Statement of compliance

These consolidated financial statements have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (hereinafter referred to as “the Regulations”) and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations endorsed and issued into effect by the FSC (hereinafter referred to as the IFRSs endorsed by the FSC).

(b) Basis of preparation

(i) Basis of measurement

Except for the following significant accounts, the consolidated financial statements have been prepared on a historical cost basis:

1) Financial assets at fair value through other comprehensive income are measured at fair value;
2) The defined benefit liabilities (assets) are measured at fair value of the plan assets less the present value of the defined benefit obligation, limited as explained in note 4(p).

(ii) Functional and presentation currency

The functional currency of each Group entity is determined based on the primary economic environment in which the entity operates. The consolidated financial statements are presented in New Taiwan Dollar (NTD), which is the Company’s functional currency. All financial information presented in NTD has been rounded to the nearest thousand, unless otherwise stated.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Principles of preparation of the consolidated financial statements

The consolidated financial statements comprise the Company and subsidiaries.

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

The Group attributes the profits (losses) of subsidiaries' non-controlling interests (NCIs) to NCIs, even if this results in the non-controlling interests having a deficit balance. When the Group loses control over a subsidiary, it derecognizes the carrying amount of the assets, liabilities, and any non-controlling interests of the subsidiary on the date when the control is lost. Any investment retained in the former subsidiary is measured at fair value on the date when the control is lost, with the resulting difference being recognized in profits (losses attributable to the Company.

Intragroup balances and transactions, and any unrealized income and expenses arising from Intragroup transactions are eliminated in preparing the consolidated financial statements.

Changes in the Group's ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

(ii) List of subsidiaries in the consolidated financial statements

List of the subsidiaries included in the consolidated financial statements:

Name investor	Name of investee	Principal activity	Shareholding
			December 31, 2025	December 31, 2024
The Company	Wellife Inc. (WELL)	Retail of household appliances and 3C products	100.00 %	100.00 %
The Company	Pecer Bio-medical Technology Incorporated (PBT)	Healthcare product distribution and biotechnology services	75.00 %	75.00 %
The Company	Protrade Applied Materials Corp. (PAM)	Trading of rubber and various rubber products	59.91 %	59.91 %
PAM	Protrade Asia Limited (PAL)	Trading of rubber and various rubber products	100.00 %	100.00 %
PAM	Dakota Co., Ltd. (DCL)	Investment	100.00 %	100.00 %
PAM	Cascadia Resources, Inc. (CRI)	Trading of rubber and various rubber products	100.00 %	100.00 %
PAM	Protrade Resources Vietnam Company Limited (PRV)	Trading of rubber and various rubber products	100.00 %	100.00 %
DCL	Protrade (Shanghai) Trading Co., Ltd.(PST)	Trading of rubber and various rubber products	100.00 %	100.00 %

(iii) Subsidiaries excluded from the consolidated financial statements: None.

(d) Foreign currency

(i) Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. At the end of each subsequent reporting period, monetary items denominated in foreign currencies are translated into the functional currencies using the exchange rate at that date.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Non-monetary items denominated in foreign currencies that are measured at fair value are translated into the functional currencies using the exchange rate at the date that the fair value was determined. Non-monetary items denominated in foreign currencies that are measured based on historical cost are translated using the exchange rate at the date of the transaction.

Except for the differences in an investment in equity securities designated as at fair value through other comprehensive income which are recognized in other comprehensive income, the foreign currency differences are recognized in profit and loss.

(ii) Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into the presentation currency at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into the presentation currency at the average exchange rate. Exchange differences are recognized in other comprehensive income.

(e) Classification of current and non-current assets and liabilities

The Group classifies the asset as current under one of the following criteria, and all other assets are classified as non-current.

(i) It is expected to be realized, or intended to be sold or consumed, in the normal operating cycle;
(ii) It is held primarily for the purpose of trading;
(iii) It is expected to be realized within twelve months after the reporting period; or
(iv) The asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

The Group classifies the liability as current under one of the following criteria, and all other liabilities are classified as non-current.

(i) It is expected to be settled in the normal operating cycle;
(ii) It is held primarily for the purpose of trading;
(iii) It is due to be settled within twelve months after the reporting period; or
(iv) The Group does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period.

(f) Cash and cash equivalents

Cash comprises cash on hand, demand deposits and cheque deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. Time deposits which meet the above definition and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes should be recognized as cash equivalents.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(g) Financial instruments

Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(i) Financial assets

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

On initial recognition, a financial asset is classified as measured at amortized cost or fair value through other comprehensive income.

Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

1) Financial assets measured at amortized cost

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

These assets are subsequently measured at amortized cost, which is the amount at which the financial asset is measured at initial recognition, plus/minus, the cumulative amortization using the effective interest method, adjusted for any loss allowance. Interest income, foreign exchange gains and losses, as well as impairment, are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.

2) Fair value through other comprehensive income (FVOCI)

Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss.

Dividend income is recognized in profit or loss on the date (ex-dividend date usually) on which the Group’s right to receive payment is established.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

If the Group acquires a previously recognized financial asset at FVOCI by batches, and thus obtained significant influence over it, then the fair value thereof shall be adjusted to the date on which the Significant Influence is obtained. Besides, unrealized gains (losses) on financial assets at FVOCI shall be accounted for as realized and transferred to retained earnings.

3) Impairment of financial assets

The Group recognizes loss allowances for expected credit losses (ECL) on financial assets measured at amortized cost (including cash and cash equivalents, trade receivables (includes related parties) and notes receivable, other receivable (includes related parties) and guarantee deposit paid).

The Group measures loss allowances for notes receivable and trade receivables at an amount equal to lifetime ECL.

Impairment for bank deposits, other receivables and refundable deposits (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis based on the Group’s historical experience and informed credit assessment as well as forward-looking information.

The Group assumes that the credit risk on a financial asset has increased significantly if it is past due.

The Group considers a financial asset to be in default when the financial asset is more than 61 days (91 days for some subsidiaries) past due, or the debtor is unlikely to pay its credit obligations to the Company in full.

ECL are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). ECL are discounted at the effective interest rate of the financial asset.

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

4) Derecognition of financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred.

(ii) Financial liabilities and equity instruments

1) Equity instrument

An equity instrument is any contract that evidences residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued are recognized as the amount of consideration received, less the direct cost of issuing.

2) Financial liabilities

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

3) Derecognition of financial liabilities

The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

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

4) Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset and the net amount presented in the statement of balance sheet when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) Derivative financial instruments and hedge accounting

The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met.

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss.

(h) Inventories

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is calculated using the weighted average method, and includes necessary expenditure incurred in bringing them to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

(i) Investment in associates

Associates are those entities in which the Group has significant influence, but not control or joint control, over their financial and operating policies.

Investments in associates are accounted for using the equity method and are recognized initially at cost. The cost of the investment includes transaction costs. The carrying amount of the investment in associates includes goodwill arising from the acquisition less any accumulated impairment losses.

The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of those associates, after adjustments to align their accounting policies with those of the Group, from the date on which significant influence commences until the date on which significant influence ceases.

Gains and losses resulting from transactions between the Group and an associate are recognized only to the extent of unrelated Group’s interests in the associate.

When the Group’s share of losses of an associate equals or exceeds its interests in an associate, it discontinues recognizing its share of further losses. After the recognized interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

(j) Investment property

Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services, or for administrative purposes. Investment property is measured at cost on initial recognition, and subsequently at cost, less accumulated depreciation and accumulated impairment losses. Depreciation expense is calculated based on the depreciation method, useful life, and residual value which are the same as those adopted for property, plant and equipment.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount) is recognized in profit or loss.

Rental income from investment property is recognized as other revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognized as an integral part of the total rental income, over the term of the lease.

(k) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

(ii) Subsequent expenditure

Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.

(iii) Depreciation

Depreciation is calculated on the cost of an asset less its residual value and is recognized in profit or loss on a straightline basis over the estimated useful lives of each component of an item of property, plant and equipment.

Land is not depreciated.

The estimated useful lives of property, plant and equipment for current and comparative periods are as follows:

1) Buildings	45~50 years
2) Building-related improvement	10 years
3) Computer equipment	1~5 years
4) Transportation equipment	1~5 years
5) Office equipment	3~8 years
6) Machinery equipment	1~5 years
7) Lease assets	6 years
8) Leasehold improvement	2~10 years

Depreciation methods, useful lives and residual values are reviewed by the Group at each reporting date and adjusted if appropriate.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Reclassification to investment property

A property is reclassified to investment property at its carrying amount when the use of the property changes from owner-occupied to investment property.

(l) Lease

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

(i) As a leasee

The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be reliably determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.

Lease payments included in the measurement of the lease liability comprise the following:

fixed payments, including in-substance fixed payments;
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
amounts expected to be payable under a residual value guarantee; and
payments for purchase or termination options that are reasonably certain to be exercised.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when:

there is a change in future lease payments arising from the change in an index or rate; or
there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee; or
there is a change in the lease term resulting from a change of its assessment on whether it will exercise an option to purchase the underlying asset, or

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

there is a change of its assessment on whether it will exercise a extension or termination option; or
there is lease modifications in terms of lease property, scope of lease or other lease term.

When the lease liability is remeasured, other than lease modifications, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero.

When the lease liability is remeasured to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease, the Group accounts for the remeasurement of the lease liability by decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease, and recognize in profit or loss any gain or loss relating to the partial or full termination of the lease.

The Group presents right-of-use assets that do not meet the definition of investment property and lease liabilities as a separate line item respectively in the statement of financial position.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of warehouse, office, parking spaces and dormitories leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

(ii) As a leasor

When the Group acts as a lessor, it determines at lease commencement whether each lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards of ownership incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then the lease is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

(m) Intangible assets

(i) Goodwill and customer relationships

Goodwill arising on the acquisition of subsidiaries is measured at cost, less accumulated impairment losses. Customer relationship obtained by the Group is measured at cost, less accumulated amortization and impairment.

(ii) Computer software

The computer software acquired by the Company is measured at cost, less accumulated amortization and accumulated impairment losses.

(iii) Subsequent expenditure

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Amortization

Amortization is calculated over the cost of the asset, less its residual value, and is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use.

The estimated useful lives for current and comparative periods are as follows:

1) Customer relationships 10 years
2) Computer software 1~5 years

Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(n) Impairment of non-derivative financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment.

For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash-generating units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.

An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount.

Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined which is the net of depreciation or amortization, if no impairment loss had been recognized in the past.

(o) Recognition of Revenue

Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. The Group recognizes revenue when it satisfies a performance obligation by transferring control of a good or a service to a customer. The accounting policies for the Group’s main types of revenue are explained below.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(i) Sale of goods

The Group recognizes revenue when control of the products has been transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all criteria for acceptance have been satisfied.

The Group recognizes revenue based on the price specified in the contract, net of the estimated volume discounts and rebates. Accumulated experience is used to estimate the discounts and rebates using the expected value method, and revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. A refund liability is recognized for expected sales discounts and rebate payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term ranged from 30 to 90 days, which is consistent with the market practice.

A receivable is recognized when the goods are delivered as this is the point in time that the Group has a right to an amount of consideration that is unconditional.

(ii) Customer loyalty program

The Group operates a customer loyalty program to its customers. Customers obtain points for purchases made, which entitle them to discount on future purchases. The Group considers that the points provide a material right to customers that they would not receive without entering into a contract. Therefore, the promise to provide points to the customer is a separate performance obligation. The transaction price is allocated to the product and the points on a relative stand-alone selling price basis. Management estimates the stand-alone selling price per point on the basis of the discount granted when the points are redeemed and on the basis of the likelihood of redemption, based on past experience. The stand-alone selling price of the product sold is estimated on the basis of the retail price. The Group has recognized contract liability at the time of sale on the basis of the principle mentioned above. Revenue from the award points is recognized when the points are redeemed or when they expire.

(iii) Revenue from service rendered

The Group provides repairment services, IT management and warehousing services for goods sold. Revenue from providing services is recognized in the accounting period in which the services are rendered.

(p) Employee benefits

(i) Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Defined benefit plans

The Group’s net obligation in respect of defined benefit plans is calculated separately for each the plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income, and reflected in other equity. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset). Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.

(iii) Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

(q) Share-based payment

The grant-date fair value of equity-settled share-based payment arrangements granted to employees is generally recognized as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Grant date of a share-based payment award is the date on which the Company and the employees reached a mutual understanding regarding the subscription price and the number of share to be subscribed.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(r) Income taxes

Income taxes comprise current taxes and deferred taxes. Except for expenses related to business combinations or recognized directly in equity or other comprehensive income, all current and deferred taxes are recognized in profit or loss.

The Group has determined that interest and penalties related to income taxes, including uncertain tax treatment, do not meet the definition of income taxes, and therefore accounted for them under IAS37.

The Group has determined that the global minimum top-up tax – which it is required to pay under Pillar Two legislation – is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

Current taxes comprise the expected tax payables or receivables on the taxable profits (losses) for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payables or receivables are the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date.

Deferred taxes arise due to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. Deferred taxes are recognized except for the following:

(i) temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and at the time of the transaction (i) affects neither accounting nor taxable profits (losses) and (ii) does not give rise to equal taxable and deductible temporary differences;

(ii) temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and

(iii) taxable temporary differences arising on the initial recognition of goodwill.

Deferred tax assets are recognized for the carry forward of unused tax losses, unused tax credits, and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefits will be realized.

Deferred taxes are measured at tax rates that are expected to be applied to temporary differences when they reserve, using tax rates enacted or substantively enacted at the reporting date.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Deferred tax assets and liabilities are offset if the following criteria are met:

(i) the Group has a legally enforceable right to set off current tax assets against current tax liabilities; and

(ii) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either:

1) the same taxable entity; or

2) different taxable entities which intend to settle current tax assets and liabilities on a net basis, or to realize the assets and liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

(s) Government grant

The Group’s unconditional government grants are recognized as other revenue when the related government grants are available to be received.

(t) Earnings per share

The Group discloses the Company’s basic and diluted earnings per share attributable to ordinary shareholders of the Company. Basic earnings per share of the Group is calculated as the profit attributable to ordinary shareholders of the Company divided by the weighted average number of ordinary shares outstanding. Diluted earnings per share is calculated as the profit attributable to ordinary shareholders of the Company divided by the weighted average number of ordinary shares outstanding after adjustment for the effects of all potentially dilutive ordinary shares, such as remuneration.

(u) Operating segments

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Group). Operating results of the operating segment are regularly reviewed by the Group’s chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance. Each operating segment consists of standalone financial information.

(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty:

In preparing these consolidated financial statements, management has made judgments and estimates about the future, including climate-related risks and opportunities, that affect the application of the accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group’s risk management and climate-related commitments where appropriate. Revisions to estimates are recognized prospectively in the period of the change and future periods.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

In judging whether the Group had substantive control over the investee, the Company assessed that its accounting policies not only involved material judgment but also had significant influence on the amounts that had been stated in parent-company-only financial statements.

As the single largest shareholder, the Group held 30.22% voting shares in Piovision International Inc. (hereinafter referred to as “Piovision International”). The other 33.90% and 26.30% voting shares were held by the other 2 directors, their spouses, and relatives of the 1st degree.

Consequently, the Group was unable obtain more than half of Piovision International’s Board seats and voting rights of shareholders attending a shareholders' meeting. Therefore, the Group determined that it had significant influence over Piovision International.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is as follows:

(a) Valuation of inventories

As inventories are stated at the lower of cost or net realizable value, the Group estimates the net realizable value of inventories for obsolescence and unmarketable items at the end of the reporting period and then writes down the cost of inventories to net realizable value. The net realizable value of the inventory is mainly determined based on assumptions as to future demand within a specific time horizon. Due to the rapid industrial transformation, there may be significant changes in the net note 6(e) for further description of the subsequent measurements of inventories.

(b) Impairment of goodwill

The assessment of impairment of goodwill requires the Group to make subjective judgments to identify CGUs, allocate the goodwill to relevant CGUs, and determine the recoverable amount of the relevant CGUs. Please refer to note 6(k) for further description of the impairment assessment of goodwill.

(6) Explanation of significant accounts:

(a) Cash and cash equivalents

	December 31, 2025	December 31, 2024
Cash	$ 144	271
Demand and cheque deposits	608,714	581,394
Time deposits with original maturities of less three months	47,229	51,466
Cash and cash equivalents in the consolidated statement of cash flows	$ 656,087	633,131

Please refer to note 6(y) for the disclosure of interest rate risks of the Groups' financial assets and liabilities.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(b) Financial assets measured of fair value through other comprehensive income—non-current

	December 31, 2025	December 31, 2024
Equity investments measured at fair value through other comprehensive income
Oversea unlisted stock—Bluechip Infotech Pty Ltd (Bluechip)	$ -	59,943
Domestic unlisted company stocks—Jet One Technology Co., Ltd.	129,381	88,134
Total	$ 129,381	148,077

(i) Equity investments at FVOCI

On May 20, 2025, the Group participated in the cash capital increase of Bluechip for AUD1,500 thousand (approximately NT$28,950 thousand), wherein its shareholding increased from 18.10% to 23.60%, resulting in the Group to obtain significant influence over Bluechip. Thereafter, the investment was accounted for using the equity method. Upon derecognition, the cumulative fair value loss of $4,717 thousand had been reclassified to retained earnings.

On April 19, 2024, the Group participated in the cash capital increase of Bluechip for AUD2,630 thousand (approximately NT$55,000 thousand), and its shareholding increased from 7.38% to 16.88%. On December 5, 2024, Bluechip repurchased 500 thousand treasury shares from its shareholders, resulting in the Group’s shareholding increasing from 16.88% to 18.10%.

On October 21, 2024, the Group acquired 10% of Jet One’s common stock for $113,076 thousand in cash. Jet One primarily engages in the sale of electronic components.

The Group holds these equity instrument investments as long-term strategic investments and not for trading purposes, and they have been designated as measured at fair value through other comprehensive income.

In 2024, the Group did not dispose of any strategic investments, and the accumulated gains and losses during these periods were not transferred within equity.

(ii) For information related to market risk, please refer to note (y).

(iii) The aforementioned financial assets did not pledge as collateral for borrowings.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2025	December 31, 2024
Notes receivable	$ 123,441	156,468
Accounts receivable	3,703,589	3,335,607
Accounts receivable – related parties	68,071	71,028
Less: loss allowance – accounts receivable	(35,464)	(53,789)
	$ 3,859,637	3,509,314

The Group applies the simplified approach to provide for its expected credit losses, i.e. the use of lifetime expected loss provision for all receivables. To measure the expected credit losses, notes receivable and trade receivables have been grouped based on shared credit risk characteristics, as well as the incorporated forward-looking information.

As of December 31, 2025 and 2024, analysis of expected credit losses on notes receivable, accounts receivable and long-term receivables arising from operating consumer electronics and healthcare products were as follows:

	December 31, 2025
	Gross carrying amount	Weighted average loss rate (%)	Loss Allowance
Current	$ 2,892,645	0~0.21	5,939
Past due 1-30 days	254,649	1.81	4,600
Past due 31-60 days	910	46.75	425
Past due over 61 days	3,024	0~100.00	2,979
	$ 3,151,228		13,943
	December 31, 2024
	Gross carrying amount	Weighted average loss rate (%)	Loss Allowance
Current	$ 2,544,002	0~0.22	5,488
Past due 1-30 days	176,151	1.72	3,035
Past due 31-60 days	2,550	59.06	1,506
Past due over 61 days	835	100.00	835
	$ 2,723,538		10,864

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

As of December 31, 2025 and 2024, analysis of expected credit losses on notes receivable and accounts receivable arising from operating rubber and plastic products were as follows:

	December 31, 2025
	Gross carrying amount	Weighted average loss rate (%)	Loss Allowance
Current	$ 550,168	0.23~0.59	1,931
Past due 1-30 days	146,385	1.51~4.78	2,335
Past due 31-60 days	29,194	4.94~15.25	1,756
Past due 61-90 days	3,225	18.54	598
Past due over 91 days	377	100.00	377
	$ 729,349		6,997

The gross carrying amount of the aforementioned notes and accounts receivable excludes accounts receivable of $14,524 thousand (CNY3,231 thousand) from certain customers. This is primarily due to the Group's assessment of a higher risk of default from these customers, wherein a full allowance for expected credit losses has been recognized. Regarding the aforesaid accounts receivable, the Group has maintained credit insurance with coverage ranging from 80% to 90% of the receivable amount. The Group assesses that compensation will be recoverable in the event of an actual credit loss; therefore, a reimbursement right asset and a corresponding gain on reimbursement were recognized concurrently with the expected credit losses. These are recorded under other receivables and as a reduction of expected credit losses respectively.

	December 31, 2024
	Gross carrying amount	Weighted average loss rate (%)	Loss Allowance
Current	$ 597,216	0.00~0.77	1,472
Past due 1-30 days	183,134	0.00~2.21	2,725
Past due 31-60 days	15,836	2.80~8.98	1,285
Past due 61-90 days	1,968	26.60	523
Past due over 91 days	130	100.00	130
	$ 798,284		6,135

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The gross carrying amount of the abovementioned notes and accounts receivable does not include the accounts receivable of $41,281 thousand (including the amounts of NTD15,668 thousand, CNY5,618 thousand and USD12 thousand) from specific customers. The Group assessed that these customers have a higher risk of default, and except for the amount of $4,491 thousand (CNY1,000 thousand) recovered on February 10, 2025, the remaining accounts receivable of $36,790 thousand were fully recognized as expected credit losses. For the abovementioned accounts receivable, the Group has insured credit insurance, with the compensation rate ranging from 80% to 90% of the receivable amount. The Group assesses that compensation will be received if actual credit losses are incurred. Therefore, when recognizing the related expected credit losses, the Group also recognized the indemnification assets and indemnification benefits, which are presented under other receivables and as a deduction from expected credit losses respectively.

Movements of the allowance for notes and accounts receivable were as follows:

	2025	2024
Balance at January 1	$ 53,789	16,025
Reversals during the period	(26,225)	-
Impairment losses	9,093	37,521
Amount written off during the year due to uncollectibility	(867)	(32)
Effect of movement in exchange rates	(326)	275
Balance at December 31	$ 35,464	53,789

Movements of the compensation rights asset were as follows:

	2025	2024
Balance at January 1	$ 31,494	-
Provision for the period	7,569	31,464
Amount recovered or reversed during the period	(26,225)	-
Amount recovered or reversed during the period	(373)	30
Balance at December 31	$ 12,465	31,494

(d) Other receivables

	December 31, 2025	December 31, 2024
Other receivables	$ 73,737	59,643
Other receivables – related parties	1,018	9
Less: Loss allowance	-	-
	$ 74,755	59,652

The Group did not have any past due other receivables as of December 31, 2025 and 2024.

For more information on credit risk, please refer to note 6(y).

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(e) Inventories

	December 31, 2025	December 31, 2024
Goods in stock	$ 3,358,227	2,463,669
Space parts	33,702	25,700
Goods in transit	212,659	178,413
	$ 3,604,588	2,667,782

In addition to the cost of inventories transferred to operating cost as a result of normal sales transactions, the total amount of other expenses and losses directly recognized in operating cost for the years ended 2025 and 2024 is set forth as follows:

	2025	2024
Write-down of inventories (gain on reversal)	$ 23,170	(24,480)
Cost of maintenance	18,201	18,754
Inventory physical count loss	628	867
Other costs	2,224	2,096
	$ 44,223	(2,763)

The reversal of previously recognized inventory write-downs in 2024 was primarily attributable to the sale of inventories for which the write-downs had been previously recognized.

(f) Investments accounted for using equity method

	December 31, 2025	December 31, 2024
Associates	$ 453,232	338,563

The Group's investment in Bluechip was originally classified as "financial assets at fair value through other comprehensive income." On May 20, 2025, due to an increase in its shareholding to 23.60%, the Group obtained significant influence over Bluechip, resulting in this investment to be recognized using the equity method. For further details, please refer to note 6(b)

(i) Associate which is material

Name of Associates	Nature of Relationship with the Group	Main operating location/ Registered Country of the Company	Proportion of shareholding and voting rights
			December 31, 2025	December 31, 2024
Antung Trading Corporation	Investee	Taiwan	20.00 %	20.00 %

The following consolidated financial information of significant associate has been adjusted according to individually prepared IFRS financial statements of these associate as to reflect the fair value adjustments made by the company upon acquiring shares of the associate as well as the adjustments made for the differences in accounting policy:

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2025	December 31, 2024
Current assets	$ 737,793	967,558
Non-current assets	1,555,059	1,389,610
Current liabilities	(808,161)	(838,548)
Non-current liabilities	(10,029)	(42,553)
Net assets	$ 1,474,662	1,476,067
	2025	2024
Operating revenue	$ 1,621,016	2,008,134
Profit from continuing operations	$ 122,430	255,913
Other comprehensive income	(3,834)	5,813
Total comprehensive income	$ 118,596	261,726
Share of net assets of associate as of January 1	$ 295,214	303,622
Comprehensive income attributable to the Company	23,719	51,592
Dividends received from associate	(24,000)	(60,000)
Share of net assets of associate as of December 31	294,933	295,214
Add: Customer relationship	42,103	42,103
Less: Customer relationship amortization	20,602	17,364
Carrying amount of the Company’s equity interest of the associate as of December 31	$ 316,434	319,953

(ii) Insignificant associate

The Group’s financial information for investments accounted for using the equity method that are individually insignificant was as follows:

	December 31, 2025	December 31, 2024
Carrying amount of individually insignificant associates’ equity	$ 136,798	18,610
	2025	2024
Attributable to the Company:
Profit from continuing operations	$ 12,395	4,152
Other comprehensive income	7,887	-
Comprehensive income	$ 20,282	4,152

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) On December 24, 2025, the Company’s Board of Directors approved a proposed acquisition of an equity interest in Bluechip from a related party within the Group. Upon completion of the transaction, the Company is expected to hold 4,006 thousand ordinary shares of Bluechip, representing 53.86% of Bluechip’s total issued shares. As of March 10, 2026, the aforementioned equity transaction had not yet been completed.

(iv) Collateral

The Group's investments accounted for using equity method were not pledged as collateral as of December 31, 2025 and 2024.

(g) Material non-controlling interests of subsidiaries

The material non-controlling interests of subsidiaries were as follows:

Subsidiaries	Main operationplace	Percentage of non-controlling interests
		December 31, 2025	December 31, 2024
PAM and subsidiaries (PAM Group)	Taiwan	40.094 %	40.094 %

The following information on the aforementioned subsidiaries has been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers. Included in this information are the fair value adjustments made during the acquisition and relevant differences in accounting principles as of the acquisition date. Such financial information represents amounts before elimination of inter-company transactions.

Collective financial information for PAM Group:

	December 31, 2025	December 31, 2024
Current assets	$ 1,605,251	1,942,729
Non-current assets	467,396	268,349
Current liabilities	(1,338,262)	(1,562,399)
Non- current liabilities	(242,550)	(88,901)
Net assets	$ 491,835	559,778
Net assets attributable to non-controlling interests	$ 197,198	224,437
Add: Customer relationship	42,847	50,757
Carrying amounts of non-controlling interests	$ 240,045	275,194

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	2025	2024
Sales revenue	$ 5,871,607	6,070,472
Net income (loss)	$ (22,447)	58,570
Other comprehensive income	(11,094)	14,459
Comprehensive income	$ (33,541)	73,029
Profit (loss), attributable to non-controlling interests	$ (9,000)	21,853
Comprehensive income, attributable to non-controlling interests	$ (13,448)	27,250
Net cash flows from operating activities	$ 28,243	(62,431)
Net cash flows from investing activities	(292,442)	(4,607)
Net cash flows from financing activities	143,460	160,312
Net decrease in cash and cash equivalents	$ (120,739)	93,274

(h) Property, plant and equipment

The cost, depreciation and impairment losses of the property, plant and equipment of the Group in the years ended December 31, 2025 and 2024, were as follows:

	Land	Buildings	Buildings-related improvement	Computer equipment	Transportation equipment	Office equipment	Machinery and equipment	Leased equipment	Leasehold improvement	Construction in progress	Total
Cost:
Balance at January 1, 2025	$ 532,129	375,342	40,688	25,779	21,901	31,112	10,356	13,242	13,413	-	1,063,962
Additions	276,200	191,556	1,757	7,869	1,645	3,235	591	515	1,559	-	484,927
Disposals	-	-	-	(1,599)	(2,500)	(2,003)	-	(8)	(537)	-	(6,647)
Reclassification	-	-	12,543	-	-	-	-	-	(12,543)	-	-
Effect of movements in exchange rates	-	-	-	(20)	-	(89)	-	-	(73)	-	(182)
Balance at December 31, 2025	$ 808,329	566,898	54,988	32,829	21,846	32,255	10,947	13,749	1,819	-	1,542,860
Balance at January 1, 2024	$ 103,224	36,454	-	29,453	10,036	16,060	6,902	12,141	543	-	222,813
Additions	532,128	-	40,688	2,619	3,865	16,184	3,687	1,101	12,833	375,342	988,447
Reclassification (note)	-	(810)	-	(6,460)	-	(1,252)	(233)	-	-	-	(8,755)
Disposals	(103,223)	339,698	-	-	-	-	-	-	-	(375,342)	(138,867)
Effect of movements in exchange rates	-	-	-	167	-	120	-	-	37	-	324
Balance at December 31, 2024	$ 532,129	375,342	40,688	25,779	21,901	31,112	10,356	13,242	13,413	-	1,063,962
Accumulated depreciation:
Balance at January 1, 2025	$ -	5,620	339	19,738	16,193	13,869	5,797	2,520	579	-	64,655
Depreciation	-	8,888	4,597	4,045	2,215	7,086	2,330	2,224	1,420	-	32,805
Disposals	-	-	-	(1,577)	(2,500)	(1,914)	-	(8)	(537)	-	(6,536)
Reclassification	-	-	957	-	-	-	-	-	(957)	-	-
Effect of movements in exchange rates	-	-	-	(14)	-	(69)	-	-	(39)	-	(122)
Balance at December 31, 2025	$ -	14,588	5,893	22,192	15,908	18,972	8,127	4,736	466	-	98,802

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	Land	Buildings	Building-related improvement	Computer equipment	Transportation equipment	Office equipment	Machinery and equipment	Leased equipment	Leasehold improvement	Construction in progress	Total
Balance at January 1, 2024	$ -	10,183	-	23,265	14,216	12,993	5,877	423	226	-	65,183
Depreciation	-	6,323	339	2,675	1,977	2,049	2,153	2,097	334	-	17,947
Disposals	-	(810)	-	(6,346)	-	(1,240)	(233)	-	-	-	(8,629)
Reclassification (note)	-	(10,076)	-	-	-	-	-	-	-	-	(10,076)
Effect of movements in exchange rates	-	-	-	144	-	67	-	-	19	-	230
Balance at December 31, 2024	$ -	5,628	339	19,738	16,193	13,869	5,797	2,520	579	-	64,655
Carrying amounts
Balance at December 31, 2025	$ 808,329	552,398	49,095	9,837	5,138	13,283	2,820	9,013	1,353	-	1,451,258
Balance at December 31, 2024	$ 532,129	369,722	40,349	6,841	5,708	17,243	4,559	10,722	12,834	-	999,387

Note: Reclassification to investment property

Please refer to note 8 for details regarding the Group pledge property, plant and equipment as collateral.

(i) Right-of-use assets

The Group leases building and the information about leases for which the Company as a lessee is presented below:

	Buildings
Cost:
Balance at January 1, 2025	$ 449,217
Additions	38,244
Disposals (end of contract and early termination of contract)	(152,807)
Effect of movements in exchange rates	(1,210)
Balance at December 31, 2025	$ 333,444
Balance at January 1, 2024	$ 167,624
Additions	419,127
Disposals (end of contract and early termination of contract)	(139,049)
Effect of movements in exchange rates	1,515
Balance at December 31, 2024	$ 449,217
Accumulated depreciation of right-of-use asset:
Balance at January 1, 2025	$ 86,265
Depreciation	71,620
Disposals (end of contract and early termination of contract)	(44,592)
Effect of movements in exchange rates	(922)
Balance at December 31, 2025	$ 112,371

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	Buildings
Balance at January 1, 2024	$ 88,753
Depreciation	63,976
Disposals (end of contract and early termination of contract)	(67,191)
Effect of movements in exchange rates	727
Balance at December 31, 2024	$ 86,265
Carrying amount:
Balance at December 31, 2025	$ 221,073
Balance at December 31, 2024	$ 362,952

(j) Investment property

	Owned property
	Land	Buildings	Total
Cost:
Balance at January 1, 2025	$ 103,223	35,644	138,867
Additions	-	681	681
Balance at December 31, 2025	$ 103,223	36,325	139,548
Balance at January 1, 2024	$ -	-	-
Reclassification (note)	103,223	35,644	138,867
Balance at December 31, 2024	$ 103,223	35,644	138,867
Depreciation and Impairment Losses:
Balance at January 1, 2025	$ -	10,136	10,136
Depreciation	-	800	800
Balance at December 31, 2025	$ -	10,936	10,936
Balance at January 1, 2024	$ -	-	-
Additions	-	60	60
Reclassification (note)	-	10,076	10,076
Balance at December 31, 2024	$ -	10,136	10,136
Book value:
Balance at December 31, 2025	$ 103,223	25,389	128,612
Balance at December 31, 2024	$ 103,223	25,508	128,731
Fair value
Balance at December 31, 2025			$ 219,068
Balance at December 31, 2024			$ 218,243

Note: Transferred from property, plant and equipment.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

As of December 31, 2025 and 2024, the fair value of the Group’s investment property was determined by the Group with reference to market evidence of transactions involving similar properties.

(k) Intangible assets

	Goodwill	Customer relationship	Computer software	Total
Costs:
Balance at January 1, 2025	$ 162,983	197,291	32,079	392,353
Addition	-	-	8,649	8,649
Disposal	-	-	(3,230)	(3,230)
Balance at December 31, 2025	$ 162,983	197,291	37,498	397,772
Balance at January 1, 2024	$ 162,983	197,291	25,019	385,293
Addition	-	-	7,776	7,776
Disposals	-	-	(716)	(716)
Balance at December 31, 2024	$ 162,983	197,291	32,079	392,353
Amortization and impairment loss:
Balance at January 1, 2025	$ -	70,696	25,109	95,805
Amortization	-	19,729	6,968	26,697
Disposals	-	-	(3,230)	(3,230)
Balance at December 31, 2025	$ -	90,425	28,847	119,272
Balance at January 1, 2024	$ -	50,967	20,118	71,085
Amortization	-	19,729	5,707	25,436
Disposals	-	-	(716)	(716)
Balance at December 31, 2024	$ -	70,696	25,109	95,805
Carrying amount:
Balance at December 31, 2025	$ 162,983	106,866	8,651	278,500
Balance at December 31, 2024	$ 162,983	126,595	6,970	296,548

In June 2021, the Group obtained control over Protrade Global Limited (PGL) by acquiring PGL's shares. Goodwill arising from the acquisition is deemed as the consideration paid, which included the expected synergy of consolidation. Customer relationships are recognized as intangible assets due to characteristics such as being identifiable, controllable by entities, and able to generate future economic benefits. PGL was liquidated in 2022 as part of the Group's reorganization. Following the liquidation, the Company directly held its interest in the PAM Group, with the book value of customer relationship and the remaining useful life of $106,866 thousand and 5.4 years, respectively, as of December 31, 2025.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

As stipulated by IAS 36, goodwill acquired through business combination shall be tested for impairment at least annually. The impairment test for goodwill is to allocate goodwill to CGUs that are expected to benefit from the synergy of combination. The PGL Group itself is a CGU that generates cash flows independently. Therefore, impairment of goodwill is assessed by calculating the PGL Group’s value in use and the book value of net assets, so as to determine whether it is necessary to recognize impairment.

The recoverable amount of the cash generating unit is based on value in use. Value in use is discounted based on future cash flows arising from ongoing access to the unit. The value in use (including goodwill) was calculated based on the following key assumptions:

(i) Cash flows are estimated based on past experience, actual operating result, and a 5-year operating scheme. Cash flows after 5 years are forecasted using a growth rate of 0%.

(ii) The Group calculates pre-tax discount rate according to weighted-average cost of capital. As of December 31, 2025 and 2024, the discount rate was 10.96% and 9.51%, respectively.

Based on the assessment on asset impairment, the recoverable amount was greater than its carrying amount; hence, no impairment loss was recognized.

(1) Short-term borrowings

The short-term borrowings of the Group were summarized as follows:

	December 31, 2025	December 31, 2024
Unsecured bank borrowings	$ 3,523,733	1,698,498
Unused credit line	$ 3,326,831	4,772,570
Range of interest rate (%)	1.87~5.77	1.90~6.75

Please refer to note 9 for details regarding the promissory note issued by the Company as collateral for the loaning limit.

(m) Lease liabilities

The amounts of leased liability were as follows:

	December 31, 2025	December 31, 2024
Current	$ 63,555	70,939
Non-current	163,101	299,614
Total	$ 226,656	370,553

Please refer to note 6(y) for more information on maturity analysis.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The amounts recognized in profit or loss were as follows:

	2025	2024
Interest on lease liabilities	$ 4,161	4,042
Variable lease payments not included in the measurement of lease liabilities	$ 53,868	36,757
Expenses relating to short-term leases	$ 2,346	14,928
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets	$ 118	84

The amounts recognized in the statement of cash flows for the Group were as follows:

	2025	2024
Total cash outflow from operating activities	$ 56,332	51,769
Total cash outflow from financing activities- lease principal	70,975	56,410
Total cash outflow from financing activities- interest expense	4,161	4,042
Total cash outflow for leases	$ 131,468	112,221

The Group leases buildings for its office space, warehouse and retail stores as of December 31, 2025 and 2024. The lease of office, parking space, dormitories, warehouse and retail stores typically run for a period of 1 to 10 years.

Some leases of warehouses contain variable lease payments that are based on monthly actual usage area of the Group. According to the lease contract, the fixed and variable lease payments for the Group in 2025 were as follows:

	Variable payments	Estimated annual impact on rent of a 1% increase in actual usage area
Leases with lease payments based on usage area	$ 53,868	539

(n) Long-term borrowings

	December 31, 2025
	Interest rate range(%)	Due date	Amount
Secured bank borrowing	1.90	2035.8.15	$ 230,340
Less: Current Portion Due Within One Year			-
Total			$ 230,340
Unused credit limit			$ -

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2025
	Interest rate range(%)	Due date	Amount
Secured bank borrowing	2.03	2029.3.26	$ 450,000
Less: Current Portion Due Within One Year			(100,000)
Total			$ 350,000
Unused credit limit			$ -

For details of the collateral provided for bank borrowings secured by assets, please refer to Note 8.

(o) Operating lease

The Group leases out its investment property. The Group has classified these leases as operating leases, because it does not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Please refer to note 6(j) that sets out information about the operating leases of investment property.

A maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date are as follows:

	December 31, 2025	December 31, 2024
Less than one year	$ 2,955	2,955
One to two years	3,523	3,523
Two to three years	3,523	3,523
Three to four years	3,553	3,523
Four to five years	3,876	3,553
More than five years	15,180	19,056
Total undiscounted lease payments	$ 32,610	36,133

In the year 2025 and 2024, the rental income from investment property was $2,965 thousand and $19 thousand, respectively.

(p) Employee benefits

(i) Defined benefit plans

The reconciliation between the present value of defined benefit obligation and plan asset at fair value are as follows:

	December 31, 2025	December 31, 2024
Present value of the defined benefit obligations	$ 133,729	128,143
Fair value of plan assets	(91,421)	(80,407)
Net defined benefit liabilities	$ 42,308	47,736

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group makes defined benefit plan contributions to the pension fund account with Bank of Taiwan that provides pensions for employees upon retirement. Plans (covered by the Labor Standards Law) entitle a retired employee to receive retirement benefits based on years of service and average monthly salary for the six months prior to retirement.

1) Composition of plan assets

The Group allocates pension funds in accordance with the Regulations for Revenues, Expenditures, Safeguard and Utilization of the Labor Retirement Fund, and such funds are managed by the Bureau of Labor Funds, Ministry of Labor. Regarding the utilization of the funds, minimum earnings shall be no less than the earnings attainable from two year time deposits with interest rates offered by local banks.

In accordance with the “Regulations Governing the Custody, Utilization, and Distribution of Employee Pension Funds of Profit-seeking Enterprises”, the Group sets aside a pension fund and place it in a special account with a designated financial institution in the form of time or demand deposit. The utilization of the pension fund is completely separate from the Group, and both the principal and interest of the fund shall not be used in any form except for the payments of pension and severance.

The Group’s Bank of Taiwan labor pension reserve account balance amounted to $91,338 thousand as of December 31, 2025. For information on the utilization of the labor pension fund assets, including the asset allocation and yield of the fund, please refer to the website of the Bureau of Labor Funds, Ministry of Labor.

2) Movements in present value of the defined benefit obligations

The movements in present value of the defined benefit obligations for the Group were as follows:

	2025	2024
Defined benefit obligation at January 1	$ 128,143	128,602
Current service costs and interest	3,208	2,779
Remeasurements of the net defined benefit liability
—Actuarial gains and losses arising from experience adjustments	5,463	1,877
—Actuarial gains and losses arising from changes in financial assumptions	3,152	(5,115)
Benefits paid by the plan	(6,237)	-
Defined benefit obligation at December 31	$ 133,729	128,143

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

3) Movements of defined benefit plan assets

The movements in the present value of the defined benefit plan assets for the Group were as follows:

	2025	2024
Fair value of plan assets at January 1	$ 80,407	55,918
Interest revenue	1,755	963
Remeasurements loss
—Actuarial loss (current interest excluded)	4,322	4,694
Amount allocated to the plan	11,174	18,832
Benefits paid	(6,237)	-
Fair value of plan assets at December 31	$ 91,421	80,407

4) Expenses recognized in profit or loss

The expenses recognized in profit or loss for the Group were as follows:

	2025	2024
Current service costs	$ 664	696
Net interest on the net defined benefit liability	789	1,120
	$ 1,453	1,816

5) Remeasurements of the net defined benefit liability recognized under other comprehensive income

The Group's remeasurements of the net defined benefit liability recognized in other comprehensive income were as follows:

	2025	2024
Cumulative amount at January 1	$ (52,584)	(60,516)
Current period recognition	(4,293)	7,932
Cumulative amount at December 31	$ (56,877)	(52,584)

6) Actuarial assumptions

Assumptions used on calculating the present value of the defined benefit obligation as of December 31, 2025 and 2024 were as follow:

	December 31, 2025	December 31, 2024
Discount rate	1.750~2.000%	2.000~2.375%
Future salary increases	3.000~4.000%	3.000~4.000%

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The expected allocation payment to be made by the Group to the defined benefit plans for the one-year period after the reporting date is $8,546 thousand.

The weighted average duration of the defined benefit plan is 12~23 years.

7) Sensitivity analysis

As of December 31, 2025 and 2024, the effect of changes in actuarial assumption on the present value of the defined benefit obligation was as follows:

	The effect of defined benefit obligation
	Increase 0.25%	Decrease 0.25%
At December 31, 2025
Discount rate	(3,136)	3,239
Future salary adjustment rate	3,095	(3,020)
At December 31, 2024
Discount rate	(3,313)	3,405
Future salary adjustment rate	3,265	(3,197)

The above sensitivity analysis is analyzed based on the effect of changes in single assumption under the condition that other assumptions remain constant. In practice, many changes in assumptions may be linked together. The method used for sensitivity analysis and calculation of net pension liability is the same. The method and assumptions used to carry out the sensitivity analysis is the same as in the prior year.

(ii) Defined contribution plans

The Group allocates 6% of each employee's monthly wages to the labor pension personal account at the Bureau of Labor Insurance in accordance with the provisions of the Labor Pension Act. Under this defined contribution plan, the Group allocates a fixed amount to the Bureau of Labor Insurance without additional legal or constructive obligations.

According to the defined contribution plans policy of the Company and its subsidiaries, the reported pension expense were as follows:

	2025	2024
Operating expense	$ 16,453	15,351

Other consolidated subsidiaries pension expense under the defined contribution method were $4,419 thousand and $4,172 thousand for 2025 and 2024, respectively.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(q) Income taxes

(i) Income tax expense (benefit) of the Group for 2025 and 2024 was as follows:

	2025	2024
Current tax expense (benefit)
Current period	$ 91,776	96,235
Adjustments for prior year	3,684	(41)
Additional tax on undistributed earnings	-	3
	95,460	96,197
Deferred tax expense (benefit)
Occurrence and reversal of temporary differences	(5,786)	(1,218)
Income tax expense	$ 89,674	94,979

Income tax (benefit) recognized under other comprehensive income for 2025 and 2024 was as follows:

	2025	2024
Items that will not reclassified into profit and loss
Remeasurements of defined benefit liability	$ (859)	1,586
Items that will reclassified into profit and loss
Exchange differences on translation	$ (1,194)	3,615

Reconciliation of income tax and profit before tax for 2025 and 2024 is as follows:

	2025	2024
Profit before income tax	$ 418,873	444,639
Income tax calculated by a statutory tax rate applied by subsidiaries	$ 83,775	88,928
Effect of tax rates in foreign jurisdiction	(1,783)	8,273
Dividend income	(1,260)	-
Effect of non-deductible amounts	207	299
Gains on investment	(6,729)	(10,386)
Prior year tax adjustment	3,684	(41)
Additional tax on undistributed earnings	-	3
Current-year losses for which no deferred tax asset was recognized	3,932	8,148
Reversal of tax losses for which deferred tax assets were previously recognized	7,932	-
Overestimates and underestimates of deferred income tax assets and liabilities in prior periods	(84)	(245)
Total	$ 89,674	94,979

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Deferred tax assets and liabilities

1) Unrecognized Deferred Tax Liabilities

The Group is able to control the timing of the reversal of the temporary differences associated with investments in subsidiaries before reorganization. Also, the management considers it probable that the temporary differences will not reverse in the foreseeable future. Hence, such temporary differences are not recognized under deferred tax liabilities. However, after its organizational restructuring, taking into account its future capital planning and development strategy, the Group considers it probable that the temporary differences, recognized under deferred tax assets or liabilities from 2022, will reverse in the foreseeable future. As of December 31, 2025 and 2024, the amounts of temporary differences in unrecognized deferred income tax liabilities prior to reorganization were both $172,885 thousand.

2) Unrecognized deferred tax assets

Deferred tax assets have not been recognized in respect of the following items:

	December 31, 2025	December 31, 2024
The carryforward of unused tax losses	$ 84,412	39,740

In accordance with the P.R.C. Enterprise Income Tax Law, tax losses of PST, a subsidiary of the Company, may be carried forward to subsequent years and recovered using income generated during subsequent years. However, the carry forward period shall not be longer than 5 years. Deferred tax assets have not been recognized in respect of the aforementioned tax losses because it is not probable that future taxable profit will be available against which PST can utilize the benefits therefrom.

The Group's estimated unused loss carry-forwards are not recognized ended at December 31, 2025, deduction period were as follows:

Year of loss	Unused amount	Year of expiry
2022	$ 7,301	2027
2023	32,010	2028
2024	29,235	2029
2025	15,866	2030
	$ 84,412

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

3) Recognized deferred tax assets and liabilities

Changes in deferred tax assets and liabilities in 2025 and 2024, respectively, are as follows:

Deferred tax assets

	Defined Benefit Plans	Provision for inventories write-down	Others	Total
Balance at January 1, 2025	$ 9,488	38,877	41,829	90,194
Recognized in profit or loss	(1,995)	4,770	(5,327)	(2,552)
Recognized in other comprehensive income	859	-	-	859
Effect in exchange rate	-	(126)	(66)	(192)
Balance at December 31, 2025	$ 8,352	43,521	36,436	88,309
Balance at January 1, 2024	$ 14,536	43,392	27,224	85,152
Recognized in profit or loss	(3,462)	(4,767)	13,855	5,626
Recognized in other comprehensive income	(1,586)	-	(6)	(1,592)
Effect in exchange rate	-	252	756	1,008
Balance at December 31, 2024	$ 9,488	38,877	41,829	90,194

Deferred tax liabilities:

	Gain on foreign exchange	Unrealized gain	Share of profit of associates	Exchange differences on translation	Others	Total
Balance at January 1, 2025	$ 654	-	4,754	3,609	10,023	19,040
Recognized in profit or loss	(654)	-	(3,001)	-	(4,683)	(8,338)
Recognized in other comprehensive income	-	-	-	(1,194)	-	(1,194)
Effect in exchange rate	-	-	-	-	(150)	(150)
Balance at December 31, 2025	$		1,753	2,415	5,190	9,358
Balance at January 1, 2024	$ 1,335	(257)	5,743	-	4,024	10,845
Recognized in profit or loss	(681)	257	(989)	-	5,821	4,408
Recognized in other comprehensive income	-	-	-	3,609	-	3,609
Effect in exchange rate	-	-	-	-	178	178
Balance at December 31, 2024	$ 654	-	4,754	3,609	10,023	19,040

(iii) Examination and approval

The Company and its subsidiaries, PBT, WELL, and PAM, have had their income tax returns through 2023 examined and cleared by the tax authorities.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(r) Other payable

	December 31, 2025	December 31, 2024
Salary payable	$ 118,701	121,853
Marketing expenses	326,766	288,888
Royalties payable	16,962	17,588
Freight payable	40,103	38,790
Wages payable	4,215	6,367
Value-added tax payable	3,716	13,887
Employees' and directors' remuneration	48,970	50,062
Others	68,590	60,197
Total	$ 628,023	597,632

(s) Share capital and other equity

(i) Issuance of ordinary shares

As of December 31, 2025 and 2024, the Company's authorized share capital was 1,500,000 thousand and 1,000,000 thousand, respectively, with a par value of 10 per share. The total number of issued shares was 91,581 thousand and 81,581 thousand, respectively. All proceeds from the issued shares have been fully collected.

Reconciliations of shares outstanding as of December 31, 2022 and 2021 were as follows:

	Unit: thousand shares
	2025	2024
Balance on January 1	81,581	81,581
Cash capital increase	10,000	-
Balance on December 31	91,581	81,581

With the approval of its board on March 12, 2025, the Group conducted a cash capital increase on December 2, 2025 through the issuance of 10,000 thousand ordinary shares, with a par value of $10 per share; of which, 15% of the shares, representing 1,500 thousand shares, were reserved employees' subscription in accordance with the Group's articles of incorporation. For those unsubscribed shares, the Chairman has been authorized to negotiate with specific individuals for subscription. The above transaction had been approved by the competent authority on September 12, 2025; in which the total proceeds of $470,000 thousand had been received as of December 31, 2025. After deducting the share capital of $100,000 thousand, the difference of $370,000 thousand was recognized as capital surplus in 2025.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Capital surplus

The balance of capital surplus was as follows:

	December 31, 2025	December 31, 2024
Additional paid-in capital stock	$ 975,179	597,282
Change in shares in hands of subsidiaries	12,610	12,610
Recognition of premium arising from organizational restructuring of subsidiaries	19,858	19,858
Employee share options	442	-
Difference between consideration and carrying amount of subsidiaries acquired or disposed	7,511	7,511
Forfeited employee share options	950	-
	$ 1,016,550	637,261

In November 2024, the company disposed of 601 thousand shares of the subsidiary, Portrade Applied Materials Corp. (PAM) for $25,765 thousand. After the disposal, its shareholding in the subsidiary was 59.91%, maintaining its control. The difference between the disposal price and the book value, amounting to $7,511 thousand, was recorded under capital surplus.

According to the R.O.C. Company Act, capital surplus can only be used to offset a deficit, and only the realized capital surplus can be used to increase the common stock or be distributed as cash dividends. The aforementioned realized capital surplus includes capital surplus resulting from premium on issuance of capital stock and earnings from donated assets received. According to the Regulations Governing the Offering and Issuance of Securities by Securities Issuers, capital increases by transferring capital surplus in excess of par value should not exceed 10% of the total common stock outstanding.

(iii) Retained Earnings

As stipulated by the Company’s Articles of Incorporation, the Company’s earnings, if any, shall first be used to pay income taxes and offset prior years’ losses. Of the remaining portion, 10% is to be appropriated as legal reserve, unless the amount of legal reserve has already reached that of total paid-in capital. In addition, the Company shall appropriate or reverse special reserve pursuant to applicable laws and regulations. The remainder, together with the unappropriated earnings from the previous years, may be distributed as dividends to shareholders. The Company shall not distribute both dividend and bonus when there are no earnings, with exceptions allowed only in the case of appropriation from reserves in accordance with laws and regulations.

As the Company is in an industry with rapidly changing business climate and development trends, the Company adopts a residual dividend policy. Dividends are appropriated taking into account mainly future business expansion and cash flow requirements; share dividends and cash dividends are distributed where required. If cash dividends are distributed, they shall take up a minimum of 10% of the total dividends distributed for the year.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

1) Legal reserve

If the Company has no accumulated deficit, it may, pursuant to a resolution approved by the stockholders, distribute its legal reserve by issuing new shares or distributing cash for the portion of legal reserve which exceeds 25% of the paid-in capital.

2) Special reserve

In accordance with the rulings issued by the FSC, a special reserve equal to the total amount of items that are accounted for as deductions from stockholders’ equity shall be set aside from current and prior-year earnings. This special reserve shall revert to retained earnings and be made available for distribution when the items that are accounted for as deductions from stockholders’ equity are reversed in subsequent periods.

3) Earnings distribution

The amounts of cash dividends on the appropriations of earnings for 2024 and 2023 had been approved during the shareholders’ meeting on May 28, 2025 and May 30, 2024. The relevant dividend distributions to shareholders were as follows:

	2024	2023
Dividends distributed to ordinary shareholders:
Cash	$ 244,744	285,535

On March 10, 2026, the Company's Board of Directors resolved to appropriate the 2025 earnings. The relevant dividend distributions to shareholders were as follows:

	2025
Dividends distributed to ordinary shareholders:
Cash	$ 274,744

The earnings distribution information would be available on the Market Observation Post System.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Other equity items (net after tax)

	Exchange differences on translation of foreign financial statements	Unrealized gains from financial assets measured at fair value through other comprehensive income	Remeasurement of defined benefit plans	Total
Balance at January 1, 2025	$ 7,965	(42,409)	(42,066)	(76,510)
Foreign exchange differences arising from translation of foreign operations	(8,296)	-	-	(8,296)
Share of exchange differences of associates accounted for using equity method	7,120	-	-	7,120
Unrealized gains from financial assets measured at fair value through other comprehensive income	-	53,997	-	53,997
Disposal of equity instruments at fair value through other comprehensive income	-	4,717	-	4,717
Remeasurement of defined benefit plans	-	-	(3,430)	(3,430)
Balance at December 31, 2025	$ 6,789	16,305	(45,496)	(22,402)
Balance at January 1, 2024	$ (1,669)	(578)	(48,412)	(50,659)
Foreign exchange differences arising from translation of foreign operations	9,062	-	-	9,062
Share of exchange differences of associates accounted for using equity method	572	-	-	572
Unrealized gains from financial assets measured at fair value through other comprehensive income	-	(41,831)	-	(41,831)
Remeasurement of defined benefit plans	-	-	6,346	6,346
Balance at December 31, 2024	$ 7,965	(42,409)	(42,066)	(76,510)

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(t) Share-based payment

The Company's share-based payment transaction for 2025 was as follows:

	New shares reserved for employee subscription
Grant date	2025.10.03
Number of shares granted (Shares)	1,500,000
Contract term (year)	0.1315
Recipients	All employees
Vesting conditions	Immediately vested

(i) Determining the fair value of equity instruments granted

The Company used Black Scholes Option Pricing Model method in measuring the fair value of the share-based payment at the grant date as follows:

	New shares reserved for employee subscription
Fair value at grant date (stock option)	5.898
Share price at the grant date	52.50
Exercise price	47.00
Expected life (years)	0.1315
Expected dividend (%)	-
Risk-free interest rate (%)	1.2250

(ii) Details of the employee stock options are as follows:

	Weighted average exercise price	Number of options
Outstanding at January 1	$ -	-
Granted during the year (number)	47.00	1,500,000
Exercised during the year (number)	47.00	(1,339,000)
Expired during the year (number)	47.00	(161,000)
Outstanding at December 31	-	-
Exercisable at December 31	-	-

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) Employee expenses

The cash injection for the share-based payments to the Company’s employees in 2025 resulted in the expense of $8,847 thousand to be recognized.

The salary expense recognized by the Company’s subsidiaries in respect of the share options granted to their employees amounted to $442 thousand.

There was no such transaction in 2024.

(u) Earnings per share

	Unit: in thousands shares
	2025	2024
Basic earnings per share:
Profit attributable to ordinary shareholders of the Company	$ 346,112	335,243
Weighted average number of ordinary shares	82,403	81,581
Basic earnings per share (New Taiwan dollars)	$ 4.20	4.11
Diluted earnings per share:
Profit attributable to ordinary shareholders of the Company	$ 346,112	335,243
Weighted average number of ordinary shares	82,403	81,581
Potential dilutive effect on common stock
Influence of employee stock remuneration	1,028	923
Weighted average number of ordinary shares (after the adjustment of potential dilutive effect on common stock)	83,431	82,504
Diluted earnings per share (New Taiwan dollars)	$ 4.15	4.06

(v) Revenues from contracts with customers

(i) Disaggregation of revenue

	2025
	The Company	PAM Group	Others	Total
Primary geographical markets:
Taiwan	$ 22,338,733	401,085	1,033,101	23,772,919
USA	-	1,870,664	-	1,870,664
Other	55,619	3,599,858	-	3,655,477
	$ 22,394,352	5,871,607	1,033,101	29,299,060

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	2025
	The Company	PAM Group	Others	Total
Major products/services lines:
Computer software	$ 4,406,700	-	15,603	4,422,303
System information and digital entertainment products	17,947,640	-	1,012,655	18,960,295
Rubber products	-	4,067,040	-	4,067,040
Plastic products	-	1,535,721	-	1,535,721
Other	40,012	268,846	4,843	313,701
	$ 22,394,352	5,871,607	1,033,101	29,299,060
	2024
	The Company	PAM Group	Others	Total
Primary geographical markets:
Taiwan	$ 18,518,108	302,559	889,633	19,710,300
China	15,823	1,972,978	-	1,988,801
USA	-	1,885,239	-	1,885,239
Other	18,992	1,909,696	-	1,928,688
	$ 18,552,923	6,070,472	889,633	25,513,028
Major products/services lines:
Computer software	$ 3,907,533	-	20,756	3,928,289
System information and digital entertainment products	14,592,921	-	853,892	15,446,813
Rubber products	-	4,185,454	-	4,185,454
Plastic products	-	1,589,769	-	1,589,769
Other	52,469	295,249	14,985	362,703
	$ 18,552,923	6,070,472	889,633	25,513,028

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Contract balances

	December 31, 2025	December 31, 2024	January 1, 2024
Notes receivable	$ 123,441	156,468	182,475
Accounts receivable	3,703,589	3,335,607	2,496,525
Accounts receivable—related parties	68,071	71,028	124,152
Less: loss allowance—accounts receivable	(35,464)	(53,789)	(16,025)
Total	$ 3,859,637	3,509,314	2,787,127
Contract liabilities	$ 74,548	48,421	34,957

Please refer to note 6(d) for details on notes and accounts receivable and related loss allowance.

The amount of revenue recognized for the years ended December 31, 2025 and 2024 that was included in the contract liability balance at the beginning of the period were $45,849 thousand and $27,236 thousand, respectively.

(w) Remunerations to employees and directors

On May 28, 2025, the Company resolved at its shareholders’ meeting to amend its Articles of Incorporation. Under the revised articles, if the Company incurs profit for the year, the profit should first be used to offset against any accumulated deficits. Thereafter, a minimum of 2% of the profit before tax (in form of stock or cash) shall be appropriated as employee remuneration (of which, a minimum of 0.5% shall be reserved specifically for frontline employees); recipients may include employees of the Company's subsidiaries who meet certain requirements. Moreover, a maximum of 0.8% of the remaining profit (in cash) shall be appropriated as remuneration to directors. The distribution shall first be resolved by the board then reported at the shareholders’ meeting. Prior to the amendment, the Articles of Incorporation provided for the same distribution ratios, except for the minimum distribution requirement for the frontline employees.

For the years ended December 31, 2025 and 2024, the Company accrued its remuneration to employees amounting of $47,000 thousand and $46,000 thousand, respectively, and the remuneration for directors of $820 thousand and $800 thousand, respectively. The said amounts, which were recognized as operating expenses, were calculated based on pre-tax net profit for each year before deducting the amount of the remuneration to employees, directors and supervisors, multiplied by the proposed distribution ratio of remuneration to employees, directors and supervisors. If there are any subsequent adjustments to the actual remuneration amounts, the adjustment will be regarded as changes in accounting estimates and will be reflected in profit or loss in the following year.

The amounts, as stated in the consolidated financial statements, are identical to those of the actual distribution for 2025 and 2024.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(x) Non-operating income and expenses

(i) Interest revenue

	2025	2024
Interest arising from bank deposits	$ 8,830	15,108
Interest income arising from guarantee deposits paid	259	212
	$ 9,089	15,320

(ii) Other revenue

	2025	2024
Rental income	$ 3,080	19
Dividend income	6,300	-
Government grants	9	-
Income transferred from recovered doubtful debts	8	1,015
Income transferred from temporary credits of more than 2 years	959	675
Reimbursement income	955	1,103
Revenue arising from insurance claim	-	21
Directors' remuneration	1,657	849
Management service revenue	952	952
Other	1,566	2,067
	$ 15,486	6,701

(iii) Other gains and losses

	2025	2024
Net gains (losses) on foreign exchange	$ 21,659	5,804
Net gains (losses) on financial assets and liabilities measured at fair value through profit and loss	220	2,523
Gain on lease modification	2,609	3,227
Gains (losses) on disposal of property, plant and equipment	133	(122)
Compensation losses	(946)	-
Depreciation - Investment Property	(800)	-
Other	(2,231)	(332)
	$ 20,644	11,100

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iv) Financial cost

	2025	2024
Interest expense:
Bank borrowings	$ 107,644	42,572
Borrowings from related parties	2,638	48,443
Lease liabilities	4,161	4,042
Other	10	-
	$ 114,453	95,057

(y) Financial instruments

(i) Credit risk

1) Risk exposure

The carrying amounts of the financial assets represents the maximum amounts exposed to credit risk.

2) Concentration of credit risk

The concentration of credit risk is limited because the Group's customer groups are numerous and unaffiliated.

3) Credit risk of accounts receivable

For information related to credit risk exposure of notes and accounts receivable, please refer to note 6(c).

Please refer to note 6(d) for details of other receivables. As for the financial assets that have low credit risk, the loss allowance recognized during the period is measured at the 12-month expected credit losses. Regarding of the determination of credit risk by the Group, please refer to note 4(g).

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Liquidity risk

The following table shows the maturity of the financial liabilities including estimated interest:

	Carrying amount	Contractual cash flows	Less than 1 year	1-2 years	2-5 years	Over 5 years
December 31, 2025
Non-derivative financial liabilities
Short-term borrowings	$ 3,523,733	3,545,134	3,545,134	-	-	-
Notes and accounts payable (including related parties)	3,216,896	3,216,896	3,216,896	-	-	-
Other payables (including related parties)	633,993	633,993	633,993	-	-	-
Refund Liability	49,232	49,232	49,232	-	-	-
Lease liabilities	226,656	234,481	65,694	65,225	81,791	21,771
Long-term borrowings (including current portion of long-term borrowings)	230,340	256,870	4,376	15,571	93,728	143,195
Guarantee deposits	28,866	28,866	-	-	28,250	616
	$ 7,909,716	7,965,472	7,515,325	80,796	203,769	165,582
December 31, 2024
Non-derivative financial liabilities
Short-term borrowings	$ 1,698,498	1,713,637	1,713,637	-	-	-
Notes and accounts payable (including related parties)	3,143,751	3,143,751	3,143,751	-	-	-
Other payables (including related parties)	1,053,018	1,053,018	1,053,018	-	-	-
Refund Liability	43,176	43,176	43,176	-	-	-
Lease liabilities	370,553	389,504	75,746	71,837	205,196	36,725
Long-term borrowings (including current portion of long-term borrowings)	450,000	470,622	108,125	106,100	256,397	-
Guarantee deposits	28,866	28,866	-	-	28,250	616
	$ 6,787,862	6,842,574	6,137,453	177,937	489,843	37,341

The Group does not expect the cash flows included in the maturity analysis to occur significantly earlier or at significantly different amounts.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) Currency risk

1) Currency risk exposure

The Group's significant exposure to foreign currency risk was as follows:

	December 31, 2025			December 31, 2024
	Foreign currency	Exchange rate	Amount	Foreign currency	Exchange rate	Amount
Financial assets
Monetary items
USD	$ 22,378	31.42	703,028	16,724	32.78	548,232
EUR	685	36.90	25,297	786	33.96	26,690
Financial liabilities
Monetary items
USD	22,460	31.42	705,619	34,387	32.78	1,127,255
SGD	772	24.44	18,858	604	23.99	14,487

2) Sensitivity analysis

The Group's exposure to foreign currency risk arises from the translation of the non-monetary items exchange gains and losses on cash and cash equivalents, trade receivables (payables), notes and other receivables (payables), that are denominated in foreign currency.

A 1% weakening of the TWD against the USD, EUR and SGD as of December 31, 2025 and 2024, the net profit before income tax would have increased by $38 thousand and decreased $5,668 thousand during both periods respectively. The analysis is performed on the same basis.

3) Foreign exchange gain and loss on monetary items

Due to the numerous types of functional currencies of the Group, the Group discloses its exchange gains and losses of monetary items aggregately. The Group's exchange gains (losses), including realized and unrealized, were $21,659 thousand and $5,804 thousand for the years ended December 31, 2025 and 2024, respectively.

(iv) Market risk

Please refer to note 6(e)- Fair value measurements in Level 3 – sensitivity analysis of reasonably possible alternative assumptions, for details on the price changes of the Level 3 equity securities.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(v) Interest rate risk

The following sensitivity analysis is based on the exposure to the interest rate risk of non-derivative financial instruments on the reporting date. Regarding financial instruments with variable interest rates, the analysis is based on the assumption that the amount of assets and liabilities outstanding at the reporting date was outstanding throughout the year. The rate of change is expressed as the interest rate increases or decreases by 1% when reporting to management internally, which also represents the Group management's assessment of the reasonably possible interest rate change.

If the interest rate had increased / decreased by 1% basis points, the Group’s net income before tax would have increased / decreased by $3,359 thousand and $8,913 thousand for the fiscal year 2025 and 2024 with all other variable factors remaining constant which is mainly due to the Group’s borrowing at variable rates.

(vi) Fair value information

1) Categories and fair value of financial instruments

The Group’s financial assets measured at fair value through other comprehensive income are measured on a recurring basis at fair value. The carrying amounts and fair values of various categories of financial assets and financial liabilities (including fair value hierarchy information) are disclosed below. However, for financial instruments not measured at fair value whose carrying amounts approximate their fair values, as well as lease liabilities for which disclosure of fair value information is not required under relevant regulations, only the carrying amounts are presented.

	December 31, 2025
	Amount	Level 1	Level 2	Level 3	Total
Financial assets at fair value through other comprehensive income
Unquoted equity instruments measured at fair value	$ 129,381	-	-	129,381	129,381

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2025
	Amount	Fair value
		Level 1	Level 2	Level 3	Total
Financial assets measured at amortized cost
Cash and cash equivalents	$ 656,087	-	-	-	-
Notes receivables and accounts receivables (including related parties)	3,859,637	-	-	-	-
Other receivables (including related parties)	74,755	-	-	-	-
Refundable deposits	15,590	-	-	-	-
Subtotal	4,606,069	-	-	-	-
Total	$ 4,735,450	-	-	129,381	129,381
Financial liabilities measured at amortized cost
Bank borrowings	$ 3,523,733	-	-	-	-
Note payable and accounts payable (including related parties)	3,216,896	-	-	-	-
Other payables (including related parties)	633,993	-	-	-	-
Refund liability	49,232	-	-	-	-
Lease liabilities	226,656	-	-	-	-
Long-term borrowings (including current portion of long-term borrowings)	230,340	-	-	-	-
Guarantee deposits	28,866	-	-	-	-
Total	$ 7,909,716	-	-	-	-

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

	December 31, 2024
	Amount	Fair value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through other comprehensive income
Unquoted equity instruments measured at fair value	$ 148,077	-	-	148,077	148,077
Financial assets measured at amortized cost
Cash and cash equivalents	633,131	-	-	-	-
Notes receivables and accounts receivables (including related parties)	3,509,314	-	-	-	-
Other receivables (including related parties)	59,652	-	-	-	-
Refundable deposits	24,398	-	-	-	-
Subtotal	4,226,495	-	-	-	-
Total	$ 4,374,572	-	-	148,077	148,077
Financial liabilities measured at amortized cost
Bank borrowings	$ 1,698,498	-	-	-	-
Notes payable and accounts receivable (including related parties)	3,143,751	-	-	-	-
Other payables (including related parties)	1,053,018	-	-	-	-
Refund liability	43,176	-	-	-	-
Lease liabilities	370,553	-	-	-	-
Long-term borrowings (including current portion of long-term borrowings)	450,000	-	-	-	-
Guarantee deposits	28,866	-	-	-	-
Total	$ 6,787,862	-	-	-	-

There's no financial assets and liabilities being transferred to another fair value level in the year 2025 and 2024.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

2) Valuation techniques and assumptions used in fair value determination

a) Non-derivative financial instruments

The fair values of the Group’s financial instruments without an active market are estimated using the company approach. The main assumption of the company approach is measurement based on the multiplier of enterprise value to sales ratio, price-to-earings ratio and price-to-book ratio derived from both the investee’s revenue, net profit after tax, net asset value and quoted market prices of comparable publicly quoted entities. The estimate has been adjusted for the discount on equity securities arising from lack of liquidity.

b) Derivative financial instruments

The valuation of forward exchange contracts are usually based on forward exchange rate.

3) Reconciliation of level 3 fair values

Financial assets measured at fair value through other comprehensive income	Unquoted equity instruments
Balance at January 1, 2025	$ 148,077
Total gains and losses
Recognized in other comprehensive income	53,997
Disposal	(72,693)
Balance at December 31, 2025	$ 129,381
Balance at January 1, 2024	$ 21,832
Total gains and losses
Recognized in other comprehensive income	(41,831)
Purchased	168,076
Balance at December 31, 2024	$ 148,077

4) Quantified information on significant unobservable inputs (level 3) used in fair value measurements

The Group’s financial assets measured at fair value through other comprehensive income are classified within Level 3 of the fair value hierarchy.

The Group’s equity instrument investments in inactive markets contain several significant unobservable inputs. These significant unobservable inputs are independent of each other; therefore, no interrelationship exists among them.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Quantified information of significant unobservable inputs was as follows:

Item	Valuation technique	Significant unobservable inputs	Inter-relationship between significant unobservable inputs and fair value measurement
Financial assets at fair value through other comprehensive income- Investment in equity instruments without active market	Regulations which is analogous to listed or OTC companies	• Enterprise value to sales ratio (December 31, 2025 and 2024 were 0.35 and 0.35)	• The higher the multiplier, the higher the fair value
		• The multiplier of price-to-earnings ratio (December 31, 2025 and 2024 were 16.32 and 16.05)	• The higher the multiplier, the higher the fair value
		• The multiplier of price-to-book ratio (December 31, 2025 and 2024 were 1.84 and 1.55)	• The higher the multiplier, the higher the fair value
		• Discount for lack of marketability (December 31, 2025 and 2024 were both 30% and 40%)	• The higher the discount for lack of marketability, the lower the fair value

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

5) Fair value measurements in Level 3 – sensitivity analysis of reasonably possible alternative assumptions

The fair value of the financial instruments of the Company were being measured rationally. However, if a different valuation model or parameter is used, it may result in a different outcome. In regards of the financial instruments classified as Level 3, when there is a change in the valuation parameter, the effects on other comprehensive income were shown below:

Financial assets measured at fair value through comprehensive income	Input	Upwards or downwards movement	Changes in fair value that reflects on other comprehensive income
			favorable	unfavorable
Investment in equity instruments without active market:
Balance at December 31, 2025	The multiplier of price-5% to-earnings ratio and price-to-book value ratio of stock		6,469	(6,469)
Balance at December 31, 2024	Enterprise value to sales ratio	5%	8,215	(8,215)
	The multiplier of price-5% to-earnings ratio and price-to-book value ratio of stock		4,407	(4,407)

The favorable and unfavorable effects represent the changes in fair value, and fair value is based on a variety of unobservable inputs calculated using a valuation technique. The analysis above only reflects the effects of changes in a single input, and it does not include the interrelationships with another input.

(z) Financial risk management

(i) Overview

The Group has exposures to the following risks from its financial instruments:

1) Credit risk
2) Liquidity risk
3) Market risk

The following likewise discusses the Group’s objectives, policies and processes for measuring and managing the above-mentioned risks

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Structure of risk management

The Board of Directors is responsible for developing and monitoring the Group’s risk management policies. Risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor compliance with the risk and risk limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities.

The Group’s management monitors and reviews the financial activities in accordance with procedures required by relevant regulations and internal controls. Internal auditors undertake reviews of risk management controls and procedures, and the results of which are reported to the Board of Directors on a regular basis.

(iii) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s financial assets which are transaction of derivative instruments, receivables from customers and other receivables.

1) Trade and other receivables

As a distributor of information electronics consumer products, the Group has a broad customer base. As of December 31, 2025 and 2024, the balances of the Group’s notes and accounts receivable were not concentrated within few customers, hence no significant concentration of credit risk associated with accounts receivable. The Group has formulated policies on granting of credit lines, with an aim to determine credit lines for customers respectively after carrying out credit analysis for them. In addition, the Group continues to assess customers’ financial position and mitigate credit risk through insurance.

2) Transaction of derivative instruments

The transaction parties of deposits and derivative financial instruments of the Group are banks with good credit, which do not give rise to significant credit risk.

3) Guarantee

For guarantees and endorsements for other parties, please refer to note 13.

(iv) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages liquidity risk by monitoring regularly the current and mid- to long-term capital requirement and maintaining adequate cash and cash equivalents as well as banking facilities. As of December 31, 2025 and 2024, the unused credit lines amounted to $3,326,831 thousand and $4,772,570 thousand, respectively.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(v) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, and equity prices, and will affect the Group’s income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The Group utilizes derivative financial instruments to manage market risks and the volatility of profit or loss. All such transactions are carried out within the guidelines set by the Board of Directors.

1) Currency risk

The Group is exposed to currency risk arising from purchases denominated in currencies other than the Group’s functional currencies, and the primary functional currency is USD. The Group’s hedge strategy is to enter into foreign currency forward contracts and cross currency swap contracts. These financial instruments reduce, but do not eliminate, the impact of movements in exchange rate.

2) Interest rate risk

The Group's time deposits and short-term loans are at fixed interest rates, thus not exposed to interest rate market fluctuation risks. The major interest rate-sensitive financial liability of the company is long-term loans calculated at floating interest rates. However, the interest rate changes are assessed to be immaterial, and therefore, they do not pose significant cash flow risks to the company.

3) Other price risks

The Group’s non-current financial assets at fair value through other comprehensive income refer to shares in domestic and foreign unlisted entities measured at fair value, exposing the Group to the risk of changes in the market price of equity securities. To manage market risk, the Group selects investment targets discreetly and controls the portions held.

(aa) Capital management

In consideration of industry dynamics and future developments, as well as external environment factors, the Group makes plans to meet the requirements of working capital, capital expenditure, dividend expenditure, as well as ensures that the Group is able to continue as a going concern, reward shareholders and protect the interests of other stakeholders, with a view to maintaining an optimal capital structure to enhance shareholders’ value on a long-term basis. The Group monitors capital through periodical review of debt-to-equity ratio. This ratio is the total net debt divided by the total capital. The net debt from the balance sheet is derived from the total liabilities less cash and cash equivalents. The total capital and equity include share capital, capital surplus, retained earnings, and other equity.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

The Group’s debt-to-equity ratio at the end of the reporting period as of December 31, 2025 and 2024, are as follows:

	December 31, 2025	December 31, 2024
Total liabilities	$ 8,107,979	6,937,006
Less: Cash and cash equivalents	(656,087)	(633,131)
Net liabilities	$ 7,451,892	6,303,875
Total equity	$ 3,043,075	2,448,198
Debt-to-equity ratio	244.88 %	257.49 %

(ab) Non-cash investing and financing activities

The non-cash transaction investments and financing activities of the Group were acquisitions of right-to-use assets through leasing arrangements in the fiscal year of 2025 and 2024. Please refer to notes 6(i) and (m) for details.

Reconciliation of liabilities arising from financing activities of the Group as of December 31, 2025 and 2024 were as follows:

	January 1, 2025	Cash flows	Non-cash movements
			Addition	Deduction	Changes in fair value	December 31, 2025
Long-term borrowings	$ 450,000	(219,660)	-	-	-	230,340
Short-term borrowings	1,698,498	1,823,582	-	-	1,653	3,523,733
Lease liabilities	370,553	(70,975)	38,244	(110,824)	(342)	226,656
Other payables – related parties	414,200	(401,441)	-	-	(12,759)	-
Total liabilities from financing activities	$ 2,933,251	1,131,506	38,244	(110,824)	(11,448)	3,980,729
	January 1, 2024	Cash flows	Non-cash movements
---	---	---	---	---	---	---
			Addition	Foreign exchange movement	Changes in rates	December 31, 2024
Short-term borrowings	$ -	450,000	-	-	-	450,000
Long-term borrowings	494,752	1,196,154	-	-	7,592	1,698,498
Lease liabilities	82,079	(56,410)	419,127	(75,085)	842	370,553
Other payables – related parties	368,820	23,510	-	-	21,870	414,200
Total liabilities from financing activities	$ 945,651	1,613,254	419,127	(75,085)	30,304	2,933,251

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(7) Related-party transactions

(a) Parent Company and ultimate controlling party

Acer Incorporated is both the parent company and the ultimate controlling party of the Group and its subsidiaries who owns 54.06% of all shares outstanding of the Company as of December 31, 2025.

(b) Names and relationship with related parties

The followings are entities that have had transactions with related party during the periods covered in the consolidated financial statements.

Name of related party	Relationship with the Group
Acer Incorporated (Acer)	The parent company
Piovision International Inc. (HPT)	Associate
Antung Trading Corporation (ANT)	Associate
Acer Synergy Tech Corp. (AST)	Other related party (subsidiary of Acer)
Acer e-Enabling Service Business Inc.(AEB)	Other related party (subsidiary of Acer)
Acer Cyber Security Incorporated(ACSI)	Other related party (subsidiary of Acer)
ACSI Cyber security Academy Inc.(ACAD)	Other related party (subsidiary of Acer)
Acer ITS Inc. (ITS)	Other related party (subsidiary of Acer)
Acer e-Enabling Data Center Incorporated (EDC)	Other related party (subsidiary of Acer)
Acer Being Communication Inc. (ABC)	Other related party (subsidiary of Acer)
Acer Gaming Inc. (AGM)	Other related party (subsidiary of Acer)
Acer Healthcare Inc. (AHC)	Other related party (subsidiary of Acer)
Acer Medical Inc. (AMED)	Other related party (subsidiary of Acer)
Acer AI Cloud Inc. (AIC)	Other related party (subsidiary of Acer)
Acerpure Inc. (API)	Other related party (subsidiary of Acer)
Acer Mobile Power System Inc. (MPS)	Other related party (subsidiary of Acer)
Acer Asset Management Incorporated (AAM)	Other related party (subsidiary of Acer)
Altos Computing Inc. (ALT)	Other related party (subsidiary of Acer)
AOPEN Inc. (AOI)	Other related party (subsidiary of Acer)
Aopen SmartVision Incorporated (AOSV)	Other related party (subsidiary of Acer)
Acer Gadget Inc. (AGT)	Other related party (subsidiary of Acer)
Aspire Service & Development Inc. (ASDI)	Other related party (subsidiary of Acer)
Highpoint Service Network Corporation (HSNC)	Other related party (subsidiary of Acer)
Acer Energy Pack Inc. (ENP)	Other related party (subsidiary of Acer)
Acer Computer (Far East) LTD. (AFE)	Other related party (subsidiary of Acer)

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Name of related party	Relationship with the Group
Gateway Inc.(GWI)	Other related party (subsidiary of Acer)
Acer Computer (Shanghai) Ltd.(ACCN)	Other related party (subsidiary of Acer)
Portwell Inc.(PWTW)	Other related party (subsidiary of Acer)
Posiflex Technology, Inc.(POSI)	Other related party (subsidiary of Acer)
Acer Fashion Inc.(AFS)	Other related party (subsidiary of Acer)
Acer Synergy Manpower Corp.(ASM)	Other related party (subsidiary of Acer)
Smart Frequency Technology Inc. (SFT)	Other related party (associate of Acer)
ECOM Software Inc. (ECS)	Other related party (associate of Acer)
Apacer Technology Inc. (AMT)	Other related party (associate of Acer)
Erics Sports Marketing Inc. (ERICS)	Other related party (associate of Acer)
Chao-Chi Property Management Consulting Co., Ltd.(CCP)	Other related party (associate of Acer)
Shine Passion Engineering Co., Ltd (SPE)	Other related party (subsidiary of AST)
Acer Fundation	Other related party (Substantive related party of Acer)
QSAN Technology Inc. (QSAN)	Other related party (associate of ALT)
Mu-Jin Investments Co., Ltd.	Other related party (Same chairman with the Company)
Mu-Shi Investment Co., Ltd.	Other related party (Same chairman with the Company)
Satoro Taiwan Inc.	Substantive related party

(i) Sales

The amounts of significant sales by the Group to related parties were as follows:

	2025	2024
Parent company – Acer	$ 81,647	108,661
Associate	4,538	4,607
Other related parties	391,292	343,715
Total	$ 477,477	456,983

The payment terms of sales to related parties are 30 to 60 days. Except for the sales to some related parties, the Group has not sold similar products to other related parties, hence no comparable price of transactions with other customers. The payment terms of the Group's sales to other related parties and associates are not significantly different from those of arm's length transactions..

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Purchase

The amounts of significant purchase by the Group to related parties were as follows:

	2025	2024
Parent company – Acer	$ 2,209,432	2,183,793
Other related parties	141,014	101,566
Total	$ 2,350,446	2,285,359

The Group has not purchased products similar to those purchased in the above-mentioned related-party transactions from other suppliers, hence no comparable transaction prices. The payment terms are 45 to 60 days, which were not materially different from arm’s length purchases.

(iii) Operating costs and expenses

The details of payment for management services and maintenance expenses to related parties were as follows:

Account	Relationship	2025	2024
Operating costs	Parent company – Acer	$ 179	137
	Other related parties	3,273	1,507
		3,452	1,644
Operating expenses	Parent company – Acer	2,113	1,183
	Other related parties	2,520	3,357
		4,633	4,540
Total		$ 8,085	6,184

(iv) Leases

The Group rents parking spaces, offices, and data center spaces from the parent company and other related parties. The rent is calculated based on the agreed prices between the parties. The details are as follows:

Account	Relationship	2025	2024
Operating expenses	Parent company – Acer	$ -	36
	Other related parties	1,657	1,657
Total		$ 1,657	1,693

As of December 31, 2025 and 2024, the Company recognized the rental income of $2,965 thousand and $10 thousand, respectively, which were determined based on the market rental rates within the vicinity, from Chao-Chi Property Management Consulting Co., Ltd., a related party, whose guarantee deposit amounted to $617 thousand.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(v) Receivables from Related Parties

The receivables from related parties generated from sales, service rendered and paying bills on behalf of others were as follows:

Account	Relationship	December 31, 2025	December 31, 2024
Notes receivable, net	Other related parties	$ 195	355
Accounts receivable — related parties	Parent company — Acer	2,616	9,309
	Associates	71	53
	Other related parties	65,384	61,666
		68,071	71,028
Other receivables — related parties	Other related parties	1,018	9
Total		$ 69,284	71,392

Provision for bad debts of the above-mentioned receivables were not necessary for the Group as of December 31, 2025 and 2024.

(vi) Payables

The amounts of payables to related parties generated from purchases of goods and services, as well as from equipment-related payables, were as follows

Account	Relationship	December 31, 2025	December 31, 2024
Accounts payable — related parties	Parent company — Acer	$ 367,140	387,262
	Other related parties	19,947	29,076
		387,087	416,338
Other payable — related parties	Parent company — Acer	1,032	1,501
	Other related parties	4,938	952
		5,970	2,453
Total		$ 393,057	418,791

As of December 31, 2025 and 2024, the amounts of equipment related payables to other related parties of $0 thousand and $38,640 thousand, respectively, were included in the above payables to related parties.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(vii) Borrowings from Related Parties

The borrowings from related parties were as follows:

Account	Relationship	December 31, 2025	December 31, 2024
Other payable—related parties	Parent company—Acer	$ -	151,952
Other payable—related parties	Other related parties—GWI	-	262,248
Total		$ -	414,200
Interest rate interval (%)		-	1.573~5.490
Account	Relationship	2025	2024
Interest expense	Parent company	$ 246	26,258
	Other related parties	2,392	22,185
Total		$ 2,638	48,443
Account	Relationship	December 31, 2025	December 31, 2024
Other payable—related parties	Parent company—Acer	$ -	93

For details on the issuance of promissory notes by the Group to secure the loan facilities provided by the parent company, please refer to note 9.

(viii) Guarantee deposits paid

As of December 31, 2025 and 2024, guarantee deposits paid to the parent company’s Repair and Maintenance Center for management of repair and maintenance materials amounted to $100 thousand.

(ix) Property transactions

1) Acquisition of property, plant and equipment

	2025	2024
Parent company—Acer	$ -	348
Other related parties	1,770	58,000
Total	$ 1,770	58,348

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

As of December 31, 2025 and 2024, both office renovation and electrical engineering of the Group amounting to $1,300 thousand and $48,000 thousand, recognized as building related improvements, as well as the amounts of $470 thousand and $10,000 thousand, respectively, recognized as office equipment, were provided by other related parties; with the outstanding balances of $0 thousand and $38,640 thousand, respectively, recognized as other payables – related parties. For details on the Group’s investment properties, buildings, and equipment, please refer to note 6(h).

2) Acquisitions of other assets

The acquisitions of other assets from related parties are summarized as follows:

Relationship	Account	2025	2024
Other related parties	Intangible assets	$ 627	-

(x) Other income

In the years 2025 and 2024, the Group received compensation for trademark sales, management services, and serving as directors. These compensations were recognized under other income, detailed as follows:

Account	Relationship	2025	2024
Other income	Associate	$ 757	624
	Other related parties	952	952
Total		$ 1,709	1,576

(xi) Contract liabilities

Details of prepayments received by the Group generated from sales to related parties were as follow:

	December 31, 2025	December 31, 2024
Other related parties	$ 694	-

(d) Management personnel compensation

Key management personnel compensation comprised:

	2025	2024
Short-term employee benefits	$ 30,054	32,552
Post-employment benefits	498	621
Share-based payment	767	-
Total	$ 31,319	33,173

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(8) Pledged assets:

The carrying values of pledged assets were as follows:

Pledged assets	Object	December 31, 2025	December 31, 2024
Property, plant, and equipment:
Land	Long-term borrowings	$ 697,232	529,193
Buildings	Long-term borrowings	477,020	367,718
Total		$ 1,174,252	896,911

The Company had fully repaid its long-term borrowings in 2025. Among the assets pledged as collateral, land amounting to $529,193 thousand and buildings and constructions amounting to $360,252 thousand were applied for and completed deregistration on January 20, 2026.

(9) Significant commitments and contingencies:

As of December 31, 2025 and 2024, the promissory notes issued by the Group to secure long-term and short-term credit lines amounted to $7,194,150 thousand and $6,760,816 thousand, respectively. As of both dates, the guarantees provided to suppliers for purchases amounted to $376,000 thousand. Provided loan facility guarantees to the parent company—Acer, amounting to $0 thousand and $871,172 thousand, respectively

(10) Losses due to major disasters: None

(11) Subsequent events: None

(12) Other:

A summary of personnel benefit costs, depreciation, depletion and amortization is as follows:

| Function
Account | 2025 | | | 2024 | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Operating cost | Operating expenses | Total | Operating cost | Operating expenses | Total |
| Personnel benefit costs | | | | | | |
| Salaries | - | 520,570 | 520,570 | - | 484,591 | 484,591 |
| Health insurance | - | 42,397 | 42,397 | - | 39,551 | 39,551 |
| Pension | - | 22,325 | 22,325 | - | 21,339 | 21,339 |
| Other personnel expense | - | 53,203 | 53,203 | - | 45,714 | 45,714 |
| Depreciation (note) | 2,224 | 102,201 | 104,425 | 2,096 | 79,827 | 81,923 |
| Amortization | - | 26,697 | 26,697 | - | 25,436 | 25,436 |

Note: The depreciation expenses for investment properties in 2025 and 2024 were $800 thousand and $60 thousand, respectively, recorded under other gains and losses.

(Continued)

WEBLINK INTERNATIONAL INC.

Notes to Consolidated Interim Financial Statements

(13) Other disclosures:

(a) Information on significant transactions:

The following were the information on significant transactions required by the “Regulations Governing the Preparation of Financial Reports by Securities Issuers” for the Group for the year ended December 31, 2025:

(i) Loans to other parties: None.

(ii) Guarantees and endorsements for other parties:

No.	Name of guarantor	Counter-party of guarantee and endorsement		Limitation on amount of guarantees and endorsements for a specific enterprise (note 2)	Highest balance for guarantees and endorsements during the period	Balance of guarantees and endorsements at of reporting date	Actual usage amount during the period	Property pledged for guarantees and endorsements (Current)	Ratio of accumulated amounts of guarantees and endorsements to act worth of the latest financial statements	Maximum amount for guarantees and endorsements (note 2)	Parent company endorsements guarantees to third parties on behalf of subsidiary	Subsidiary endorsements guarantees to third parties on behalf of parent company	Endorsements' guarantees to third parties on behalf of companies in Mainland China
		Name	Relationship with the Company
0	The Company	CRI	1	568,552	199,092	-	-	-	- %	1,401,380	Y	N	N
0	The Company	PAM	1	568,552	82,955	-	-	-	- %	1,401,380	Y	N	N
0	The Company	PST	1	568,552	149,319	-	-	-	- %	1,401,380	Y	N	Y
0	The Company	PAL	1	568,552	38,159	-	-	-	- %	1,401,380	Y	N	N
1	PAM	CRI	1	245,917	80,063	-	-	-	- %	491,835	Y	N	N
1	PAM	PST	1	245,917	80,063	78,540	1,197	-	15.97 %	491,835	Y	N	Y

Note 1:
1. An entity wherein the Company owned more than 50% voting rights, directly or indirectly.
2. For entities in which the Company, directly or indirectly, owned more than 90% of their shares.

Note 2: The “Regulations Governing Endorsements and Guarantors” of the Company and its subsidiaries were as follows:

The Company

(1) The aggregate amount of guarantees/endorsements provided for other parties shall not exceed 50% of the net value stated in the most recent financial statements. The guarantees/endorsements provided for a single entity shall not exceed 20% of net value.

(2) The aggregate amount guarantees/endorsements provided by the Company and its subsidiaries shall not exceed 50% of the Company’s net value stated in the most recent financial statements. The aggregate amount of guarantees/endorsements provided for a single entity shall not exceed 20% of the Company’s net value.

(1) The aggregate amount of endorsements and guarantees provided on behalf of other companies shall not exceed the net worth shown in PAM’s most recent financial statements.

(2) The amount of endorsements and guarantees provided to any single enterprise shall not exceed 20% of the net worth shown in PAM’s most recent financial statements.

(3) The amount of endorsements and guarantees provided to any single company in which PAM holds, directly or indirectly, 100% of the voting shares or capital shall not exceed 50% of the net worth shown in PAM’s most recent financial statements.

(iii) Securities held as of December 31, 2025 (excluding investment in subsidiaries, associates and joint ventures):

Name of holder	Category and name of security	Relationship with company	Account title	Ending balance				Highest		Note
				Shares/Units (thousands)	Carrying value	Percentage of ownership (%)	Fair value	Percentage of ownership (%)
The Company	Stock: Jet One Technology Co., Ltd	-	Financial assets measured at fair value through other comprehensive income – non-current	1,800	129,381	10.00	129,381	1,800

(iv) Related-party transactions for purchases and sales with amounts exceeding the lower of NTD100 million or 20% of the capital stock:

Company name	Counterparty	Nature of relationship (note 2)	Transaction details				Transactions with terms different from others		Notes/Accounts receivable (payable)		Remarks
			Purchase /Sale	Amount	Percentage of total purchases (sales) (%)	Credit terms (days)	Unit price	Payment terms	Ending balance of notes and accounts receivable (payable) (%)	Percentage of total notes and accounts receivable (payable) (%)
The Company	Acer	Parent company of the Company	Purchases	2,209,432	9.52	EM45	(note 1)		(367,140)	(11.88)
The Company	WELL	Subsidiary of the Company	(Sales)	(922,524)	(3.96)	EM45			60,682	1.91	note 3
The Company	AEB	Other related parties of the Company	(Sales)	(337,072)	(1.45)	EM60			58,017	1.83
WELL	The Company	Subsidiary of the Company	Purchases	922,524	95.91	EM45			(60,682)	(88.95)	note 3

(Continued)

WEBLINK INTERNATIONAL INC.

Notes to Consolidated Interim Financial Statements

Company name	Counter-party	Nature of relationship (note 2)	Transaction details				Transactions with terms different from others		Notes/Accounts receivable (payable)		Remarks
			Purchase /Sale	Amount	Percentage of total purchases (sales) (%)	Credit terms (days)	Unit price	Payment terms	Ending balance of notes and accounts receivable (payable)	Percentage of total notes and accounts receivable (payable) (%)
CRI	PAM	Other related parties of the Company	Purchases	916,255	50.51	EM120	(note 2)		(175,054)	177.69	note 3
PAM	CRI	Fellow subsidiary	(Sales)	(916,255)	(26.71)	EM120	(note 2)		175,054	39.64	note 3

Note 1: The Company has not purchased similar products from other suppliers, hence no comparative transaction prices.
Note 2: Agreed by both parties.
Note 3: The above-mentioned intercompany transactions have been eliminated in the consolidated financial statements.

(v) Receivables from related parties with amounts exceeding the lower of NTD100 million or 20% of the capital stock:

Name of company	Counter-party	Nature of relationship	Ending balance	Turnover rate	Overdue		Amounts received in subsequent period (note 1)	Allowance for bad debts
					Amount	Action taken
PAM	CRI	Associate	175,054	2.70	43,781	note 2	72,578	-

Note 1: As of February 28, 2026.
Note 2: The amount had been collected as of the reporting date.
Note 3: The above-mentioned intercompany transactions have been eliminated in the consolidated financial statements.

(vi) Business relationships and significant intercompany transactions:

No. (note 1)	Name of company	Name of counter-party	Nature of relationship (note 2)	Intercompany transactions
				Account name	Amount	Trading terms	Percentage of the consolidated net revenue or total assets
0	The Company	WELL	1	Sales Revenue	922,524	No significant different	3.15%
1	PAM	CRI	3	Sales Revenue	916,225	Agreed by both parties	3.13%
1	PAM	CRI	3	Accounts receivable	175,054	Agreed by both parties	1.57%

Note 1: Entities are numbered as follows:
1. "0" represents the parent company.
2. Subsidiaries are sequentially numbered starting from "1".

Note 2: Relationships with transaction counterparties are numbered as follows:
1. Parent and subsidiary.
2. Subsidiary and parent.
3. Associates.

Note 3: Disclosure only covers balance sheet accounts that amounted to more than 1% of the total consolidated assets and comprehensive income statement accounts that amounted to more than 1% of the total consolidated revenues.

Note 4: The above-mentioned intercompany transactions have been eliminated in the consolidated financial statements.

(b) Information on investees:

The following is the information on investees for the years ended December 31, 2025:

(In Thousands of New Taiwan Dollars)

Name of investor	Name of investor	Location	Main businesses and products	Original investment amount		Balance as of December 31, 2025			Highest	Net income (losses) of investee	Share of profits/ losses of investee (note 1)	Note
				December 31, 2025	December 31, 2024	Shares (thousands)	Percentage of ownership	Carrying value (note 1)	Percentage of ownership
The Company	WELL	Taiwan	Retail of household appliances and 3C products	10,000	10,000	1,000	100.00	44,192	10,000	28,247	28,247	Subsidiary
The Company	PBT	Taiwan	Healthcare product distribution and biotechnology services	750	750	75	75.00	745	750	(11)	(9)	Subsidiary
The Company	HPT	Taiwan	Software retail and services	26,820	26,820	882	30.22	18,505	26,820	12,019	3,632	Associates

(Continued)

WEBLINK INTERNATIONAL INC.

Notes to Consolidated Interim Financial Statements

| Name of investor | Name of investor | Location | Main businesses and products | Original investment amount | | Balance as of December 31, 2025 | | | Highest
Percentage of ownership | Net income (losses) of investor | Share of profits/ losses of investor (note 1) | Note |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | December 31, 2025 | December 31, 2024 | Shares (thousands) | Percentage of ownership | Carrying value (note 1) | | | | |
| The Company | ANT | Taiwan | Agency service, sales, and OEM of components of heavy machinery, automobiles, and motorcycles | 203,052 | 203,052 | 6,000 | 20.00 | 316,434 | 203,052 | 122,430 | 21,248 | Associates |
| The Company | Bluechip | Australia | Engaged in the sale of computer peripheral hardware and software | 106,361 | 77,411 | 1,756 | 23.60 | 118,293 | 106,361 | 37,128 | 8,763 | Associates |
| The Company | PAM | Taiwan | Trading of rubber and various rubber products | 602,150 | 602,150 | 13,739 | 59.91 | 521,640 | 602,150 | (22,447) | (25,266) | Subsidiary |
| PAM | PAL | British Virgin Islands | Trading of rubber and various rubber products | 36,979 | 36,979 | 70 | 100.00 | 59,458 | 36,979 | 8,243 | - | Sub-subsidiary |
| PAM | DCL | Samoa | Investment | 135,924 | 135,924 | 650 | 100.00 | 48,396 | 135,924 | (23,142) | - | Sub-subsidiary |
| PAM | CRI | USA | Trading of rubber and various rubber products | 99,078 | 99,078 | 2,000 | 100.00 | 174,318 | 99,078 | (13,223) | - | Sub-subsidiary |
| PAM | PRV | Vietnam | Trading of rubber and various rubber products | 14,940 | 14,940 | (note 4) | 100.00 | 11,142 | 14,940 | (1,322) | - | Sub-subsidiary |

Note 1: Equity-accounted investment gains (losses) and carrying amount, recognized by the investee based on financial statements audited by the parent company’s auditors, have been eliminated in the consolidated financial statements. The profits (losses) of sub-subsidiaries have been included in those of subsidiaries.

Note 2: The amount includes investment gains of $24,486 thousand and amortization of customer relationships of $(3,238) thousand.

Note 3: The amount includes investment gains of $(13,447) thousand and amortization of customer relationships of $(11,819) thousand.

Note 4: PRV is a limited company with only investment amounts, therefore, it does not have shares.

Note 5: All transactions (including operating transactions, amounts of accounts receivable and payable, and gains or losses on long-term equity investments or debt-type investments not separately presented) between the Company and its consolidated entities, as well as among its subsidiaries, have been eliminated upon consolidation.

(c) Information on investment in China:

(i) The names of investees in China, the main businesses and products, and other information:

Unit: in thousands of dollars

Name of investor	Main businesses and products	Total amount of paid-in capital	Method of investment (Note 1)	Accumulated outflow of investment from Taiwan as of January 1, 2025	Investment flows		Accumulated outflow of investment from Taiwan as of December 31, 2025	Net income (losses) of the investor	Percentage of ownership	Highest Percentage of ownership	Investment income (losses)	Book value	Accumulated remittance of earnings in current period
					Outflow	Inflow
PST	Trading of rubber and various rubber products	19,960	2	-	-	-	-	(22,951)	100.00 %	100 %	(22,951)	46,084	-

Note 1: There are 3 investment methods:
1. Direct investment in Mainland China.
2. Indirect investment in Mainland China through DCL.
3. Other methods.

Note 2: Equity-accounted investment gains (losses) and carrying amount, recognized by the investee based on financial statements audited by the parent company’s auditor s, have been eliminated in the consolidated financial statements.

(ii) Limitation on investment in China:

Accumulated Investment in Mainland China as of December 31, 2025	Investment Amounts Authorized by Investment Commission, MOEA	Upper Limit on Investment
(note 1)	139,299
(USD 4,434 thousand)	295,101
(note 3)

Note 1: The amount represents indirect investments in Mainland China as a result of acquiring PGL rather than the Company’s direct investment. Exchange consideration is USD 4,434 thousand, approved by the Investment Commission of the Ministry of Economic Affairs.

Note 2: USD:NTD=1:31.416.

Note 3: Calculated as 60% of PAM net value.

(iii) Significant transactions in China: None.

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(14) Segment information:

(a) General information

The Company mainly engages in distribution of computer and communications products, while the PAM Group mainly engages in sales of rubber and related products.

The Group’s other operating segments mainly engage in sales of computer and communications products, matching of expert services, and rendering of services through customer service platform. During 2025 and 2024, none of these operating segments met the quantitative thresholds for reportable segments.

(b) Information about reportable segments and their measurement and reconciliations

The Group uses the internal management report which consists of the net operating profit of each segment that the chief operating decision maker reviews as the basis to determine resource allocation and make a performance evaluation. The Group did not allocate income tax expense and unusual profit and loss to the reportable segments. The reportable amount is similar to that in the report used by the chief operating decision maker.

The Group’s operating segment information and reconciliation are as follows:

	2024
	The Company	PAM Group	Others	Adjustments and eliminations	Total
Revenue:
Revenue from external customers	$ 22,394,352	5,871,607	1,033,101	-	29,299,060
Revenue from transactions with other operating segments	924,202	-	10,940	(935,142)	-
Total revenue	$ 23,318,554	5,871,607	1,044,041	(935,142)	29,299,060
Depreciation and amortization	$ 85,914	35,792	11,016	-	132,722
Segment's profit or loss	$ 410,385	8,994	35,085	-	454,464
	2024
	The Company	PAM Group	Others	Adjustments and eliminations	Total
Revenue:
Revenue from external customers	$ 18,552,923	6,070,472	889,633	-	25,513,028
Revenue from transactions with other operating segments	786,984	-	21,443	(808,427)	-
Total revenue	$ 19,339,907	6,070,472	911,076	(808,427)	25,513,028
Depreciation and amortization	$ 66,428	30,877	10,114	-	107,419
Segment's profit or loss	$ 310,382	112,216	31,344	700	454,642

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Reconciliation of profit before tax of reportable operating segments and continuing operation segments of the Group were as follows:

	2025	2024
Reportable operation segments’ profit or loss	$ 454,464	454,642
Non-operating revenues and expenses	(35,591)	(10,003)
Profit before tax of continuing operation segments	$ 418,873	444,639
	The Company	PAM Group
---	---	---
Segment's assets
December 31, 2025	$ 9,253,930	2,342,496
December 31, 2024	$ 7,407,460	2,500,656
Segment's liabilities
December 31, 2025	$ 6,451,171	1,580,812
December 31, 2024	$ 5,234,829	1,651,300

Revenue from the external customers of the Group was as follows:

Products and services	2025	2024
Computer software	$ 4,422,303	3,928,289
System information and digital entertainment products	18,960,295	15,446,813
Rubber products	4,067,040	4,185,454
Plastic products	1,535,721	1,589,769
Other	313,701	362,703
Total	$ 29,299,060	25,513,028

(d) Geographic financial information

In presenting information on the basis of geography, segment revenue is based on the geographical location of customers and segment assets are based on the geographical location of the assets.

For information about revenue from external customers, please refer to note 6(v).

(Continued)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Information on non-current assets were as follows:

Region	December 31, 2025	December 31, 2024
Taiwan	$ 2,088,978	1,790,857
China	6,067	6,049
America	3,794	6,757
Vietnam	636	1,126
Total	$ 2,099,475	1,804,789

Non-current assets include property, plant and equipment, right-of-use assets, investment property, intangible assets and prepayment of equipment while financial instruments, deferred tax assets and refundable deposits were excluded.

(e) Information on major customers

None of the customer of the Group made up of 10% and about of sales in the income statement in the fiscal year of 2025 and 2024.

AI assistant

Weblink — Annual Report 2025

52627_rns_2026-05-06_ff8f4ceb-43e0-4629-8650-c38a9acdc6f9.pdf

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Table of contents

Representation Letter

Independent Auditors’ Report

Opinion

Basis for Opinion

Key Audit Matters

1. Revenue recognition

Description of key audit matter

How the matter was addressed in our audit:

2. Valuation of inventories

Description of key audit matter:

How the matter was addressed in our audit:

3. Impairment of goodwill

Description of key audit matter:

How the matter was addressed in our audit:

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

Notes to Readers

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31, 2025 and 2024

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars, Except for Earnings Per Common Share)

(English Translation of Consolidated Financial Statements Originally Issued in Chinese) WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(4) Summary of material accounting policies:

(a) Statement of compliance

(b) Basis of preparation

(i) Basis of measurement

(ii) Functional and presentation currency

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(6) Explanation of significant accounts:

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

WEBLINK INTERNATIONAL INC. AND SUBSIDIARIES

Weblink Annual Report 2025