WEI CHUAN — Audit Report / Information 2023

Nov 9, 2023

WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT DECEMBER 31, 2023 AND 2022

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For the convenience of readers and for information purpose only, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail.

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WEI CHUAN FOODS CORPORATION

Declaration of Consolidated Financial Statements of Affiliated Enterprises

For the year ended December 31, 2023, pursuant to ‘Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises’, the entities that are required to be included in the consolidated financial statements of affiliates are the same as those required to be included in the consolidated financial statements of parent and subsidiary companies under IFRS 10. Also, if relevant information that should be disclosed in the consolidated financial statements of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies, it shall not be required to prepare separate consolidated financial statements of affiliates.

Hereby declare,

Wei Chuan Foods Corporation March 12, 2024

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INDEPENDENT AUDITORS’ REPORT TRANSLATED FROM CHINESE

PWCR23000492

To the Board of Directors and Shareholders of Wei Chuan Foods Corporation

Opinion

We have audited the accompanying consolidated balance sheets of Wei Chuan Foods Corporation and subsidiaries (the “Group”) as at December 31, 2023 and 2022, and the related consolidated statements of comprehensive income, of changes in equity and of 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 at December 31, 2023 and 2022, 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 the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission.

Basis for opinion

We conducted our audits of the consolidated financial statements in accordance with the Regulations Governing Financial Statement Audit and Attestation Financial Statement 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 for our opinion.

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Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Group’s 2023 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Group’s 2023 consolidated financial statements are stated as follows:

Estimation of sales incentives

Description

Refer to Note 4(30) for accounting policy on revenue, Note 5(2) for the uncertainty of accounting judgments, assumptions and estimates in relation to revenue recognition and Note 6(22) for details of revenue.

The Group enters into different sales incentive agreements with different sales customers due to the nature of the industry. The Group pays incentives to sales customers if they meet the sales targets at various reward and promotion activities that the Group launches over a number of periods for cooperating with customers and distributors to promote products. International Financial Reporting Standards require that if sales incentives are substantively linked to operating revenue, the Group shall combine the two transactions and record the sales incentives as a deduction item to operating revenue.

The Group calculates and estimates the sales incentive amounts based on the actual sales amounts and the contract terms negotiated with sales customers. Given that the aforementioned process to recognise sales incentives usually involves management judgment and the calculations are relatively complicated, we consider the estimation of sales incentives a key audit matter.

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How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

1. Obtained an understanding of the Group’s internal control designed for sales incentives and tested the effectiveness of the control, such as ascertained whether the calculations and estimates of each main sales incentive were reviewed by an authorised supervisor.

2. Obtained the reports derived from the Group’s system and the relevant proofs of delivery, and then sampled and verified the actual sales volumes and unit prices.

3. Obtained the sales agreements of the Group’s main sales customers. Used the actual sales amounts to recalculate the incentives based on the terms specified in the agreement.

4. Performed tests of subsequent deductions and write-offs for the balances of incentives payable that are material on the balance sheet date.

Evaluation of inventories

Description

Refer to Note 4(13) for accounting policy on inventory evaluation, Note 5(2) for critical judgement in relation to inventory evaluation, and Note 6(4) for details of inventories.

The Group is primarily engaged in the manufacture and sale of dairy products, beverages and soy sauce. Due to the high competitiveness of similar products in the food market, the growing consumer awareness of food safety in recent years and the short shelf-life of most dairy products, there is a higher risk of inventories losing value or becoming obsolete if the products are not selling as expected.

The Group applies judgments and estimates in determining the net realisable value of inventories on balance sheet date and then writes down the inventory costs to the net realisable value. Given that the inventories are the main operating assets for the Group, the evaluation of inventories involves management judgments and evaluation amounts are material to the financial statements, we consider the evaluation of inventories a key audit matter.

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How our audit addressed the matter

We performed the following audit procedures on the above key audit matter:

1. Obtained the policies for inventory valuation and determined whether the policies applied in provision of allowance for inventory valuation losses in the different periods are in agreement.

2. Observed physical inventory count at the end of period to identify whether there are obsolete, damaged or unsalable inventories.

3. Obtained aging statements of each kind of inventory and tested the changes in ages of inventory. Selected samples with inventory number and verified the date of manufacture, checked the accuracy of classification range of inventory ages.

4. Obtained net realizable value statement of each kind of inventory and checked the applied calculation logic. Tested relevant parameters, including: sales or purchases data, reasonableness of marketing to sales ratio calculation, and relevant estimate document. Checked and compared allowance for valuation losses that the Group should provision at the lower of cost and net realizable value.

Other matter – Parent company only financial statements

We have audited and expressed an unqualified opinion on the parent company only financial statements of Wei Chuan Food Corporation as at and for the years ended December 31, 2023 and 2022.

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 the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission, 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.

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

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

Auditors’ responsibilities for the audit of the consolidated financial statements

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

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

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

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

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

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

3. 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.

4. Obtain sufficient 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.

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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.

Huang, Shih-Chun Wu, Yu-Lung

For and on behalf of PricewaterhouseCoopers, Taiwan March 12, 2024

------------------------------------------------------------------------------------------------------------------------------The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’’’ report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars)

Assets	Notes 6(1) 6(2) 6(3) 6(3) 6(3) and 7(2) 7(2) 6(4) 7(2) 6(2) 6(1) and 8 6(5) 6(6) and 8 6(7) 6(8) and 8 6(9) 6(10) 6(28) 6(11)	December 31,2023 AMOUNT % $ 1,667,471 9 269,087 2 33,720 - 2,436,563 14 169,657 1 57,564 - 26,198 - 1,692,374 10 419,969 2 12,667 - 6,785,270 38 23,452 - 8,000 - 15,962 - 8,513,627 47 834,047 5 211,619 1 215,815 1 140,839 1 1,143,552 6 135,532 1 11,242,445 62 $ 18,027,715 100	(Reexpression)	(Reexpression)
			December 31, 2022
		AMOUNT $ 1,667,471 269,087 33,720 2,436,563 169,657 57,564 26,198 1,692,374 419,969 12,667 6,785,270 23,452 8,000 15,962 8,513,627 834,047 211,619 215,815 140,839 1,143,552 135,532 11,242,445 $ 18,027,715	AMOUNT $ 964,499 2,270 31,965 2,321,146 172,040 117,142 37,199 1,551,775 496,811 28,182 5,723,029 23,452 8,060 16,441 9,093,780 787,959 216,866 190,166 142,086 1,186,142 271,426 11,936,378 $ 17,659,407	%
Current assets 1100 Cash and cash equivalents 1110 Current financial assets at fair value through profit or loss 1150 Notes receivable, net 1170 Accounts receivable, net 1180 Accounts receivable due from related parties, net 1200 Other receivables 1220 Current tax assets 130X Inventories 1410 Prepayments 1470 Other current assets 11XX Total current Assets Non-current assets 1510 Non-current financial assets at fair value through profit or loss 1535 Non-current financial assets at amortised cost 1550 Investments accounted for using equity method 1600 Property, plant and equipment 1755 Right-of-use assets 1760 Investment property, net 1780 Intangible assets 1830 Non-current biological assets 1840 Deferred tax assets 1900 Other non-current assets 15XX Total non-current assets 1XXX Total assets				5 - - 13 1 1 - 9 3 -
				32
				- - - 52 4 1 1 1 7 2
				68
				100

(Continued)

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars)

Liabilities and Equity

December 31,2023 (Reexpression) December 31, 2022 Notes AMOUNT % AMOUNT % 6(13) $ 2,671,611 15 $ 2,041,678 12 6(14) 222,907 1 155,231 1 6(22) 91,156 1 94,300 - 93 - 212 - 1,681,805 9 1,563,356 9 7(2) 88,672 1 54,675 - 6(15) 2,029,231 11 1,896,034 11 75,247 - 29,549 - 160,967 1 135,975 1 6(16) 114,701 1 220,919 1 13,070 - 14,902 - 7,149,460 40 6,206,831 35 6(16) 2,487,961 14 2,974,351 17 6(28) 623,059 4 718,853 4 232,542 1 233,489 1 6(17) 242,693 1 293,227 2 3,586,255 20 4,219,920 24 10,735,715 60 10,426,751 59 6(19) 5,060,629 28 5,060,629 29 6(20) 36,115 - 36,115 - 6(21) 821,468 5 786,135 4 204,898 1 285,547 2 1,435,071 8 1,260,898 7 ( 274,237) ( 2) ( 204,898) ( 1 ) 7,283,944 40 7,224,426 41 8,056 - 8,230 - 7,292,000 40 7,232,656 41 9 11 $ 18,027,715 100 $ 17,659,407 100

Current liabilities 2100 Short-term borrowings 2110 Short-term notes and bills payable 2130 Current contract liabilities 2150 Notes payable 2170 Accounts payable 2180 Accounts payable to related parties 2200 Other payables 2230 Current income tax liabilities 2280 Current lease liabilities 2320 Long-term liabilities, current portion 2399 Other current liabilities, others 21XX Total current Liabilities Total non-current liabilities 2540 Non-current portion of non-current borrowings 2570 Deferred tax liabilities 2580 Non-current lease liabilities 2600 Other non-current liabilities 25XX Total non-current liabilities 2XXX Total Liabilities Equity attributable to owners of parent Share capital 3110 Ordinary share Capital surplus 3200 Capital surplus Retained earnings 3310 Legal reserve 3320 Special reserve 3350 Unappropriated retained earnings Other equity interest 3400 Other equity interest 31XX Total equity attributable to owners of parent 36XX Non-controlling interest 3XXX Total equity Significant contingent liabilities and unrecognised contract commitments Significant events after the balance sheet date 3X2X Total liabilities and equity

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

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars)

Items

Year ended December 31 2023 2022 Notes AMOUNT % AMOUNT % 6(22) and 7(2) $ 21,476,354 100 $ 19,972,832 100 6(4)(26) and 7(2) ( 15,672,351) ( 73) ( 14,474,786) ( 73) 5,804,003 27 5,498,046 27 6(26) ( 4,276,019) ( 20) ( 4,107,491) ( 21) ( 904,836) ( 4) ( 846,046) ( 4) ( 242,995) ( 1) ( 210,338) ( 1) 12(2) ( 59,103) - 6 - ( 5,482,953) ( 25) ( 5,163,869) ( 26) 321,050 2 334,177 1 34,823 - 21,024 - 6(23) and 7(2) 296,753 1 313,214 2 6(24) ( 104,528) - ( 267,432) ( 1) 6(25) ( 165,812) ( 1) ( 120,397) ( 1) 12(2) - - 20,833 - 6(5) ( 479) - ( 1,619) - 60,757 - ( 34,377) - 381,807 2 299,800 1 6(28) ( 112,291) ( 1) ( 58,717) - $ 269,516 1 $ 241,083 1 6(18) ($ 19,014) - $ 113,133 1 ( 19,014) - 113,133 1 ( 74,694) - 81,520 - 6(28) 5,087 - ( 828) - ( 69,607) - 80,692 - ($ 88,621) - $ 193,825 1 $ 180,895 1 $ 434,908 2 $ 268,323 1 $ 240,283 1 1,193 - 800 - $ 269,516 1 $ 241,083 1 $ 179,961 1 $ 433,983 2 934 - 925 - $ 180,895 1 $ 434,908 2 6(29) $ 0.53 $ 0.47 6(29) $ 0.53 $ 0.47

4000 Operating revenue 5000 Operating costs 5950 Gross profit from operations Operating expenses 6100 Selling expenses 6200 General and administrative expenses 6300 Research and development expenses 6450 Expected credit gains (losses) 6000 Total operating expenses 6900 Operating profit Non-operating income and expenses 7100 Interest income 7010 Other income 7020 Other gains and losses 7050 Finance costs 7055 Expected credit profit 7060 Share of loss (profit) of associates and joint ventures accounted for using equity method 7000 Total non-operating income and expenses 7900 Profit before income tax 7950 Income tax expense 8200 Profit for the year Components of other comprehensive income that will not be reclassified to profit or loss 8311 Gains (losses) on remeasurements of defined benefit plans 8310 Components of other comprehensive (loss) income that will not be reclassified to profit or loss Components of other comprehensive income that will be reclassified to profit or loss 8361 Exchange differences on translation 8399 Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss 8360 Components of other comprehensive (loss) income that will be reclassified to profit or loss 8300 Other comprehensive (loss) income 8500 Total comprehensive income Profit, attributable to: 8610 Owners of the parent 8620 Non-controlling interest Profit for the year Comprehensive income attributable to: 8710 Owners of the parent 8720 Non-controlling interest Total comprehensive income Basic earnings per share 9750 Profit for the year Diluted earnings per share 9850 Profit for the year

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

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars)

Year ended December 31, 2022 Balance at January 1, 2022 Profit for the year Other comprehensive income for the year Total comprehensive income for the year Appropriation and distribution of 2021 retained earnings Legal reserve appropriated Special reserve appropriated Cash dividends Changes in non-controlling interests Balance at December 31, 2022 Year ended December 31, 2023 Balance at January 1, 2023 Profit for the year Other comprehensive loss for the year Total comprehensive income (loss) for the year Appropriation and distribution of 2022 retained earnings Legal reserve appropriated Special reserve reversed Cash dividends Changes in non-controlling interests Balance at December 31, 2023	Notes						Equity attributable to owners of the parent	Equity attributable to owners of the parent	Equity attributable to owners of the parent				Non-controlling interest		Total equity
		Ordinary Share		Capital surplus			Retained Earnings			Other equity		Total
							Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements
	6(21) 6(21) 6(21) 6(21) 6(21) 6(21)		$ 5,060,629 - - - - - - - $ 5,060,629 $ 5,060,629 - - - - - - - $ 5,060,629		$ 36,115 - - - - - - - $ 36,115 $ 36,115 - - - - - - - $ 36,115		$ 736,381 - - - 49,754 - - - $ 786,135 $ 786,135 - - - 35,333 - - - $ 821,468	$ 252,501 - - - - 33,046 - - $ 285,547 $ 285,547 - - - - ( 80,649 ) - - $ 204,898	$ 1,243,902 240,283 113,051 353,334 ( 49,754 ) ( 33,046 ) ( 253,538 ) - $ 1,260,898 $ 1,260,898 268,323 ( 19,023 ) 249,300 ( 35,333 ) 80,649 ( 120,443 ) - $ 1,435,071	($ 285,547 ) - 80,649 80,649 - - - - ($ 204,898 ) ($ 204,898 ) - ( 69,339 ) ( 69,339 ) - - - - ($ 274,237 )	$ 7,043,981 240,283 193,700 433,983 - - ( 253,538 ) - $ 7,224,426 $ 7,224,426 268,323 ( 88,362 ) 179,961 - - ( 120,443 ) - $ 7,283,944		$ 8,072 800 125 925 - - - ( 767 ) $ 8,230 $ 8,230 1,193 ( 259 ) 934 - - - ( 1,108 ) $ 8,056	$ 7,052,053 241,083 193,825 434,908 - - ( 253,538 ) ( 767 ) $ 7,232,656 $ 7,232,656 269,516 ( 88,621 ) 180,895 - - ( 120,443 ) ( 1,108 ) $ 7,292,000

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

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax Adjustments Adjustments to reconcile profit (loss) Depreciation expense Amortisation expense Expected credit loss Interest expense Interest income Dividends income Net loss (gains) on financial assets or liabilities at fair value through profit or loss Share of (loss) profit of associates accounted for using the equity method Losses on disposal of property, plant and equipment and biological assets Net gain or loss on disposals of subsidiaries Reversal of impairment loss on non-financial assets Prepayments for business facilities transferred to expense Changes in operating assets and liabilities Changes in operating assets Notes receivable Accounts receivable Accounts receivable due from related parties Other receivables Inventories Prepayments Other current assets Other non-current assets Changes in operating liabilities Current contract liabilities Notes payable Accounts payable Accounts payable to related parties Other payables Other current liabilities Other non-current liabilities Cash inflow generated from operations Interest received Dividends received Interest paid Income taxes paid Net cash flows from operating activities

YearendedDecember 31 Notes 2023 2022 $ 381,807 $ 299,800 6(26) 1,055,262 1,090,557 6(26) 36,211 28,365 12(2) 59,103 ( 20,839 ) 6(25) 165,812 120,397 ( 34,823 ) ( 21,024 ) 6(23) ( 6,596 ) ( 2,081 ) 6(24) ( 16,011 ) 4,802 6(5) 479 1,619 6(24) 36,063 26,231 6(24) ( 18,426 ) - 6(24) - ( 16 ) 150 - ( 1,755 ) 11,031 ( 173,402 ) 44,616 2,383 48,221 57,445 20,793 ( 140,599 ) ( 168,166 ) 76,842 ( 6,039 ) 15,515 ( 11,806 ) 176,354 ( 16,563 ) ( 3,144 ) 7,820 ( 119 ) 151 118,449 ( 61,727 ) 33,997 ( 3,245 ) 103,531 ( 276,237 ) ( 1,832 ) 2,514 ( 73,419 ) ( 48,975 ) 1,849,277 1,070,199 34,823 21,024 6,351 2,057 ( 168,973 ) ( 114,224 ) ( 103,641 ) ( 130,376 ) 1,617,837 848,680

(Continued)

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars)

CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of financial assets at fair value through profit or loss Proceeds from disposal of financial assets at fair value through profit or loss Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Acquisition of right-of-use assets Acquisition of intangible assets Acquisition of biological assets Proceeds from disposal of biological assets Increase in prepayments for business facilities Decrease (increase) in refundable deposits Decrease (increase) in restricted bank deposits Net cash flows used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Increase in short-term borrowings Increase (decrease) in short-term notes and bills payable Payments of lease liabilities Repayments of long-term borrowings Proceeds from long-term borrowings (Decrease) increase in guarantee deposits Dividends paid Changes in non-controlling interests Net cash flows used in financing activities Effect of exchange rate changes Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

YearendedDecember 31 Notes 2023 2022 ($ 273,635 ) ($ 175,384 ) 29,858 173,663 6(30) ( 298,526 ) ( 609,349 ) 6(30) 90,684 2,595 ( 49,292 ) ( 42,027 ) 6(9) ( 64,681 ) ( 47,064 ) 6(10) ( 65,549 ) ( 64,609 ) 6(30) 16,815 15,838 ( 131,609 ) ( 98,054 ) 6(11) ( 2,329 ) 5,083 60 ( 60 ) ( 748,204 ) ( 839,368 ) 6(31) 629,933 594,852 6(31) 67,676 ( 14,769 ) 6(31) ( 174,823 ) ( 166,470 ) 6(31) ( 5,991,643 ) ( 4,902,996 ) 6(31) 5,400,000 4,410,486 6(17) 3,863 ( 15,116 ) 6(21) ( 120,443 ) ( 253,538 ) ( 1,108 ) ( 767 ) ( 186,545 ) ( 348,318 ) 19,884 11,434 702,972 ( 327,572 ) 6(1) 964,499 1,292,071 6(1) $ 1,667,471 $ 964,499

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

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WEI CHUAN FOODS CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. History and Organisation

2. (1) Wei Chuan Foods Corporation (the “Company”) was incorporated as a company limited by shares under the provisions of the Company Act of the Republic of China (R.O.C.) and other related regulations in September 1953. The Company is primarily engaged in manufacturing, processing and sale of dairy products, beverages and instant foods. The information regarding the main business activities that the Company and its subsidiaries (the “Group”) are engaged in is provided in Note 4(3).

3. (2) The Company’s shares have been listed on Taiwan Stock Exchange since February 1962.

4. The Date of Authorisation for Issuance of the Financial Statements and Procedures for Authorisation

5. These consolidated financial statements were authorised for issuance by the Board of Directors on March 12, 2024.

6. Application of New Standards, Amendments and Interpretations

7. (1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS[®] ”) Accounting Standards that came into effect as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by FSC and became effective from 2023 are as follows:

Effective date by International Accounting New Standards, Interpretations and Amendments Standards Board Amendments to IAS 1, ‘Disclosure of accounting policies’ January 1, 2023 Amendments to IAS 8, ‘Definition of accounting estimates’ January 1, 2023 Amendments to IAS 12, ‘Deferred tax related to assets and liabilities January 1, 2023 arising from a single transaction’ Amendments to IAS 12, ‘International tax reform - pillar two model rules’ May 23, 2023 Except for the following, the above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

Amendments to IAS 12, ‘Deferred tax related to assets and liabilities arising from a single transaction’ The amendments require an entity to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences.

Upon adoption, the Group expects to recognise a deferred tax asset and liability for all deductible and taxable temporary differences associated with right-of-use assets and lease liabilities as of January 1,

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1. These amendments resulted to an increase in deferred tax assets by $60,573, $53,416, and $51,181 and deferred tax liabilities by $60,573, $53,416, and $51,181 as of December 31, 2023, January 1, 2022, and December 31, 2022, respectively.

(2) Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC

but not yet adopted by the Group

New standards, interpretations and amendments endorsed by the FSC and will become effective from 2024 are as follows:

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Effective date by
International Accounting
New Standards, Interpretations and Amendments Standards Board
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2024 are as follows: New Standards,Interpretations and Amendments	Effective date by International Accounting Standards Board
Amendments to IFRS 16, ‘Lease liability in a sale and leaseback’	January 1, 2024
Amendments to IAS 1, ‘Classification of liabilities as current or	January 1, 2024
non-current’
Amendments to IAS 1, ‘Non-current liabilities with covenants’	January 1, 2024
Amendments to IAS 7 and IFRS 7 , ‘Supplier finance arrangements’	January 1, 2024
The above standards and interpretations have no significant impact to the Group’s financial condition
and financial performance based on the Group’s assessment.

(3) IFRS Accounting Standards issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRS Accounting Standards as endorsed by the FSC are as follows:

Accounting Standards as endorsed by the FSC are as follows:
New Standards,Interpretations andAmendments Amendments to IFRS 10 and IAS 28, ‘Sale or contribution of assets between an investor and its associate or joint venture’ IFRS 17, ‘Insurance contracts’ Amendments to IFRS 17, ‘Insurance contracts’ Amendment to IFRS 17, ‘Initial application of IFRS 17 and IFRS 9 – comparative information’ Amendments to IAS 21, ‘Lack of exchangebility’	Effective date by International Accounting StandardsBoard
	To be determined by International Accounting Standards Board January 1, 2023 January 1, 2023 January 1, 2023 January 1, 2025

The above standards and interpretations have no significant impact to the Group’s financial condition and financial performance based on the Group’s assessment.

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4. Summary of Material Accounting Policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

The consolidated financial statements of the Group have been prepared in accordance with the “Regulations Governing the Preparation of Financial Reports by Securities Issuers”, International Financial Reporting Standards, International Accounting Standards, IFRIC[®] Interpretations, and SIC[®] Interpretations that came into effect as endorsed by the FSC (collectively referred herein as the “IFRSs”).

(2) Basis of preparation

• A. Except for the following items, the consolidated financial statements have been prepared under the historical cost convention:

• (a) Financial assets at fair value through profit or loss.

• (b) Defined benefit liabilities recognised based on the net amount of pension fund assets less present value of defined benefit obligation.

• B. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(3) Basis of consolidation

• A. Basis for preparation of consolidated financial statements

• (a) All subsidiaries are included in the Group’s consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries.

• (b) Inter-company transactions, balances and unrealised gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

• (c) Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the noncontrolling interests having a deficit balance.

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• (d) Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary (transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their capacity as owners. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity.

• (e) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognised in profit or loss. All amounts previously recognised in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognised in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

• B. Subsidiaries included in the consolidated financial statements:

Name of investor	Name of subsidiary	Main business activities Process, manufacture and trade of tinplate products such as tin cans, tin boxes and bottle caps General import and export trade business Trade of vegetables and fruits as well as agricultural and fishery products Planning, design and implementation of construction projects Livestock farm management General investment General investment	December 31,2023 December 31,2022 98.68 98.68 99.99 99.99 99.79 99.79 99.85 99.85 100 100 100 100 100 100 Ownership(%)	Description
			December 31,2023 98.68 99.99 99.79 99.85 100 100 100
Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation	KING CAN INDUSTRY CORPORATION CONCOURSE INTERNATIONAL INC. CHINA YOUTH CO., LTD. KANG CHUAN ENGINEERING CO., LTD. Cheng Shuen Nung Ranch Dairy Co., Ltd. WEI CHUAN BUSINESS DEVELOPMENT CORPORATION WEI-CHUAN INTERNATIONAL LIMITED			- - Note 1 Note 2 - Note 3 -

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Name of Name of investor subsidiary Wei Chuan Foods Corporation WEI-CHUAN (BVI) CO., LTD. Wei Chuan Foods Corporation WEI-CHUAN ASIAN INVESTMENT LIMITED Wei Chuan Foods Corporation THAI WEI-CHUAN CO., LTD. KING CAN INDUSTRY CORPORATION KingCan (BVI) Corporation KingCan (BVI) Corporation KUNSHAN KING CAN MOLD INDUSTRIAL CO., CONCOURSE INTERNATIONAL INC. CONCOURSE INTERNATIONAL LIMITED CONCOURSE INTERNATIONAL LIMITED HANGZHOU CONCOURSE TRADING CO., LTD. WEI-CHUAN INTERNATIONAL LIMITED WEI-CHUAN ASIAN INVESTMENT LIMITED WEI-CHUAN (BVI) CO., LTD. WEI CHUAN FOODS INVESTMENT CO., LTD. WEI-CHUAN (BVI) CO., LTD. Hangzhou Weichuan Biotechnology Foods Co., Ltd. WEI-CHUAN (BVI) CO., LTD. HANGZHOU WEI- CHUAN FOOD CO., LTD. WEI CHUAN FOODS INVESTMENT CO., LTD. HANGZHOU WEI- CHUAN FOOD CO., LTD. WEI CHUAN FOODS INVESTMENT CO., LTD. LANGFANG WEI- CHUAN FOODS CO., LTD. WEI CHUAN FOODS INVESTMENT CO., LTD. SUZHOU WEI- CHUAN FOODS CO., LTD.	Main business activities December 31,2023 December 31,2022 Ownership(%) General investment 100 100 General investment 1 1 Food processing 60 60 General investment 100 100 Manufacture of food molds and injection molds - 100 General investment 100 100 General import and export trade business 100 100 General investment 99 99 General investment 100 100 Manufacture and sale of food products such as solid drinks 100 100 Manufacture and brand marketing of refrigerated dairy beverages - 100 Manufacture and brand marketing of refrigerated dairy beverages 100 - Manufacture and brand marketing of refrigerated dairy beverages 100 100 Manufacture and brand marketing of refrigerated dairy beverages 100 100	Description - - - Note 5 Note 6 - - - - - Note 4 Note 4 - -

The financial statements of subsidiaries included in the consolidated financial statements for the years ended December 31, 2023 and 2022 were audited by the Company’s independent auditors. Note 1: In November 2016, the shareholders of the investee approved to dissolve the investee, which was approved by the competent authority in January 2017. As of March 12, 2024, the investee is in the process of liquidation.

Note 2: In December 2016, the Board of Directors of the investee resolved to dissolve the investee. As of March 12, 2024, the liquidation has not been registered.

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• Note 3: To execute the strategic investment, the Company invested $100,000 to establish a wholly-owned subsidiary, WEI CHUAN BUSINESS DEVELOPMENT CORPORATION, in January 2022

• Note 4: To expand the development of the food segment in China, the Company implemented a Group reorganization restructuring, using the Group’s subsidiary, Wei Chuan Foods Investment Co., Ltd. conducting a layout of the refrigerated food products in China market.

  • In the first quarter of 2023, Wei Chuan Foods Investment Co., Ltd., through an equity conversion, acquired a 100% equity interest in HANGZHOU WEI-CHUAN FOOD CO., LTD. through its indirect wholly-owned investee company, WEI CHUAN FOODS INVESTMENT CO., LTD.. The aforementioned transaction was completed on May 22, 2023.

• Note 5: In December 22, 2023, the Board of Directors of the investee resolved liquidation of the investee. As of February 27, 2024, the liquidation has been registered.

• Note 6: In December 2023, the Board of Directors of the investee resolved liquidation of the investee. As of December 28, 2023, the liquidation has been registered.

• C. Subsidiaries not included in the consolidated financial statements:

Name of investor	Name of subsidiary	Main business activities General investment Dairy and other products Condiments and other products	December December 31,2023 31,2022 75 75 70 70 67 67 Ownership(%)	Description
			December 31,2023 75 70 67
WEI-CHUAN ASIAN INVESTMENT LIMITED WEI-CHUAN INTERNATIONAL LIMITED WEI-CHUAN INTERNATIONAL LIMITED	HEALTH CAN DEVELOPMENT LIMITED HEILONGJIANG WEI CHUAN DAIRY CO. HEILONGJIANG WEI CHUAN FOOD CO.			Note 1 Note 2 Note 2

• Note 1: The subsidiary was not included as a consolidated entity in the consolidated financial statements as its assets did not reach 0.05% of total assets of the parent company and it did not have operating revenue.

• Note 2: The subsidiary was not included as a consolidated entity in the consolidated financial statements as it is in the process of liquidation.

• D. Adjustments for subsidiaries with different balance sheet dates: None.

• E. Significant restrictions: None.

• F. Subsidiaries that have non-controlling interests that are material to the Group: None.

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(4) Foreign currency translation

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in New Taiwan dollars, which is the Company’s functional and the Group’s presentation currency. Subsidiaries’s functional currencies are presented in New Taiwan dollars, Chinese Yuan and United States dollars.

• A. Foreign currency transactions and balances

• (a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in profit or loss in the period in which they arise.

• (b) Monetary assets and liabilities denominated in foreign currencies at the period end are retranslated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognised in profit or loss.

• (c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in other comprehensive income. However, nonmonetary assets and liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions.

• (d) All foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other gains and losses’.

• B. Translation of foreign operations

• (a) The operating results and financial position of all the group entities, associates and jointly controlled entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

  • i. Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;

  • ii. Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and

iii. All resulting exchange differences are recognised in other comprehensive income.

• (b) Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing exchange rates at the balance sheet date.

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(5) Classification of current and non-current items

• A. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:

• (a) Assets arising from operating activities that are expected to be realised, or are intended to be sold or consumed within the normal operating cycle;

• (b) Assets held mainly for trading purposes;

• (c) Assets that are expected to be realised within twelve months from the balance sheet date;

• (d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to settle liabilities more than twelve months after the balance sheet date.

• B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:

• (a) Liabilities that are expected to be settled within the normal operating cycle;

• (b) Liabilities arising mainly from trading activities;

• (c) Liabilities that are to be settled within twelve months from the balance sheet date;

• (d) Liabilities for which the repayment date cannot be extended unconditionally to more than twelve months after the balance sheet date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

(6) Cash equivalents

• Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Time deposits that meet the definition above and are held for the purpose of meeting short-term cash commitments in operations are classified as cash equivalents.

• (7) Financial assets at fair value through profit or loss

• A. Financial assets at fair value through profit or loss are financial assets that are not measured at amortised cost or fair value through other comprehensive income.

• B. On a regular way purchase or sale basis, financial assets at fair value through profit or loss are recognised and derecognised using trade date accounting.

• C. At initial recognition, the Group measures the financial assets at fair value and recognises the transaction costs in profit or loss. The Group subsequently measures the financial assets at fair value, and recognises the gain or loss in profit or loss.

• D. The Group recognises the dividend income when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

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(8) Financial assets at amortised cost

• A. Financial assets at amortised cost are those that meet all of the following criteria:

• (a) The objective of the Group’s business model is achieved both by collecting contractual cash flows and selling financial assets.

• (b) The assets’ contractual cash flows represent solely payments of principal and interest.

• B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and derecognised using trade date accounting.

• C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. Interest income from these financial assets is included in finance income using the effective interest method. A gain or loss is recognised in profit or loss when the asset is derecognised or impaired.

• D.The Group’s time deposits which do not fall under cash equivalents are those with a short maturity period and are measured at initial investment amount as the effect of discounting is immaterial.

• (9) Accounts and notes receivable

• A. Accounts and notes receivable entitle the Group a legal right to receive consideration in exchange for transferred goods or rendered services.

• B. The short-term accounts and notes receivable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

• (10) Impairment of financial assets

• For financial assets at amortised cost, at each reporting date, the Group recognises the impairment provision for twelve months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable that do not contain a significant financing component, the Group recognises the impairment provision for lifetime ECLs.

(11) Derecognition of financial assets

The Group derecognises a financial asset when the contractual rights to receive the cash flows from the financial asset expire.

- (12) Leasing arrangements (lessor) operating leases

Lease income from an operating lease (net of any incentives given to the lessee) is recognised in profit or loss on a straight-line basis over the lease term.

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(13) Inventories

The Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted-average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (allocated based on normal operating capacity). It excludes borrowing costs. The item by item approach is used in applying the lower of cost and net realisable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

• (14) Investments accounted for using the equity method / associates

• A. Associates are all entities over which the Group has significant influence but not control. In general, it is presumed that the investor has significant influence, if an investor holds, directly or indirectly 20 percent or more of the voting power of the investee. Investments in associates are accounted for using the equity method and are initially recognised at cost.

• B. The Group’s share of its associates’ post-acquisition profits or losses is recognised in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.

• C. When changes in an associate’s equity do not arise from profit or loss or other comprehensive income of the associate and such changes do not affect the Group’s ownership percentage of the associate, the Group recognises change in ownership interests in the associate in ‘capital surplus’ in proportion to its ownership.

• D. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

(15) Property, plant and equipment

• A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are capitalised.

• B. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

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• C. Land is not depreciated. Other property, plant and equipment apply cost model and are depreciated using the straight-line method to allocate their cost over their estimated useful lives. Each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item must be depreciated separately.

• D. The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year-end. If expectations for the assets’ residual values and useful lives differ from previous estimates or the patterns of consumption of the assets’ future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, ‘Accounting Policies, Changes in Accounting Estimates and Errors’, from the date of the change. The estimated useful lives of property, plant and equipment are as follows:

Buildings and structures 5 ~ 60 years Machinery and equipment 2 ~ 30 years Office equipment 3 ~ 15 years Transportation equipment 3 ~ 10 years Others 2 ~ 40 years

(16) Leasing arrangements (lessee) - right-of-use assets/ lease liabilities

• A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. For short-term leases or leases of lowvalue assets, lease payments are recognised as an expense on a straight-line basis over the lease term.

• B. Lease liabilities include the net present value of the remaining lease payments at the commencement date, discounted using the incremental borrowing interest rate. Lease payments are comprised of fixed payments, less any lease incentives receivable.

• The Group subsequently measures the lease liability at amortised cost using the interest method and recognises interest expense over the lease term. The lease liability is remeasured and the amount of remeasurement is recognised as an adjustment to the right-of-use asset when there are changes in the lease term or lease payments and such changes do not arise from contract modifications.

• C. At the commencement date, the right-of-use asset is stated at cost comprising the amount of the initial measurement of lease liability and any initial direct costs incurred by the lessee. The right-of-use asset is measured subsequently using the cost model and is depreciated from the commencement date to the earlier of the end of the asset’s useful life or the end of the lease term. When the lease liability is remeasured, the amount of remeasurement is recognised as an adjustment to the right-of-use asset.

• D. For lease modifications that decrease the scope of the lease, the lessee shall decrease the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease, and recognise the difference between remeasured lease liability in profit or loss.

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(17) Investment property

An investment property is stated initially at its cost and measured subsequently using the cost model. Except for land, investment property is depreciated on a straight-line basis over its estimated useful life of 38 ~ 60 years.

(18) Intangible assets

• A. Computer software

Computer software is stated at cost and amortised on a straight-line basis over its estimated useful life of 1 to 10 years.

B.Goodwill

Goodwill arises in a business combination accounted for by applying the acquisition method.

(19) Biological assets

Biological assets are measured at fair value. However, biological assets may be measured at cost less accumulated depreciation if the fair value cannot be obtained from the active market, and the alternative estimation of the fair value is clearly not reliable. They are depreciated over the expected useful life using the straight-line method, which is primarily 5 years. In addition to acquisition cost, feeding costs are capitalised when incurred and are tested annually for impairment. Where there is objective evidence of impairment, an impairment loss is recognised.

(20) Impairment of non-financial assets

• A. The Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. Except for goodwill, when the circumstances or reasons for recognising impairment loss for an asset in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not be more than what the depreciated or amortised historical cost would have been if the impairment had not been recognised.

• B. The recoverable amounts of goodwill, intangible assets with an indefinite useful life and intangible assets that have not yet been available for use are evaluated periodically. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Impairment loss of goodwill previously recognised in profit or loss shall not be reversed in the following years.

• C. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or groups of cash-generating units, that is/are expected to benefit from the synergies of the business combination.

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(21) Borrowings

• A. Borrowings comprise long-term and short-term bank borrowings and other long-term and shortterm loans. Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

• B. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

• (22) Notes and accounts payable

• A.Accounts payable are liabilities for purchases of raw materials, goods or services and notes payable are those resulting from operating and non-operating activities.

• B. The short-term notes and accounts payable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(23) Derecognition of financial liabilities

• Financial liability is derecognised when the obligation specified in the contract is either discharged or cancelled or expires.

• (24) Offsetting financial instruments

Financial assets and liabilities are offset and reported in the net amount in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

(25) Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation on the balance sheet date. Provisions are not recognised for future operating losses.

(26) Employee benefits

• A. Short-term employee benefits

Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period and should be recognised as expense in that period when the employees render service.

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B. Pensions

• (a) Defined contribution plans

For defined contribution plans, the contributions are recognised as pension expense when they are due on an accrual basis. Prepaid contributions are recognised as an asset to the extent of a cash refund or a reduction in the future payments.

  - (b) Defined benefit plans

     - i. Net obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive on retirement for their services with the Group in current period or prior periods. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The net defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The rate used to discount is determined by using interest rates of government bonds (at the balance sheet date) of a currency and term consistent with the currency and term of the employment benefit obligations.

     - ii. Remeasurements arising on defined benefit plans are recognised in other comprehensive income in the period in which they arise and are recorded as retained earnings.

     - iii. Past service costs are recognised immediately in profit or loss.

• C. Termination benefits

  • Termination benefits are employee benefits provided in exchange for the termination of employment as a result from either the Group’s decision to terminate an employee’s employment before the normal retirement date, or an employee’s decision to accept an offer of redundancy benefits in exchange for the termination of employment. The Group recognises expense as it can no longer withdraw an offer of termination benefits or it recognises relating restructuring costs, whichever is earlier. Benefits that are expected to be due more than 12 months after balance sheet date shall be discounted to their present value.

• D. Employees’ compensation and directors’ remuneration

  • Employees’ compensation and directors’ remuneration are recognised as expense and liability, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates.

• (27) Income tax

• A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or items recognised directly in equity, in which cases the tax is recognised in other comprehensive income or equity.

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• B. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. An additional tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

• C. Deferred tax is recognised, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled.

• D. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. At each balance sheet date, unrecognised and recognised deferred tax assets are reassessed.

• E. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to settle on a net basis or realise the asset and settle the liability simultaneously.

• F. A deferred tax asset shall be recognised for the carryforward of unused tax credits resulting from acquisitions of equipment or technology, research and development expenditures and equity investments to the extent that it is possible that future taxable profit will be available against which the unused tax credits can be utilised..

(28) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or stock options are shown in equity as a deduction, net of tax, from the proceeds.

(29) Dividends

Cash dividends are recorded as liabilities in the Company’s financial statements in the period in which they are resolved by the Company’s Board of Directors.

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(30) Revenue recognition

• A. The Group manufactures and sells food and packaging products. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer. Delivery occurs when the customer has accepted the products in accordance with the sales contract, or the Group has objective evidence that all criteria for acceptance have been satisfied.

• B. The products are often sold with volume discounts based on aggregate sales over a 12-month period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated sales discounts and allowances. Accumulated experience is used to estimate and provide for the sales discounts and allowances, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. The estimation is subject to an assessment at each reporting date. A refund liability is recognised for expected sales discounts and allowances payable to customers in relation to sales made until the end of the reporting period. No significant financing component is deemed present as the sales are made with a credit term of 15 to 90 days, which is consistent with market practice.

• C. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

(31) Government grants

Government grants are recognised at their fair value only when there is reasonable assurance that the Group will comply with any conditions attached to the grants and the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises expenses for the related costs for which the grants are intended to compensate. Government grants related to property, plant and equipment are recognised as non-current liabilities and are amortised to profit or loss over the estimated useful lives of the related assets using the straight-line method.

(32) Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision - Maker. The Group’s Chief Operating Decision - Maker is responsible for allocating resources and assessing performance of the operating segments.

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1. Critical Accounting.Judgements, Estimates and Key Sources of Assumption Uncertainty

The preparation of these consolidated financial statements requires management to make critical judgements in applying the Group’s accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates may differ from the actual results and are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year ; and the related information is addressed below:

• (1) Critical judgements in applying the Group’s accounting policies

None.

• (2) Critical accounting estimates and assumptions

• A. Revenue recognition

The Group estimates the incentives relating to the sales revenue based on the agreements. Provisions for such liabilities are recorded as a deduction item to sales revenues when the sales are recognised. The Group reassesses the reasonableness of estimates of incentives periodically.

• B. Evaluation of inventories

As inventories are stated at the lower of cost and net realisable value, the Group must determine the net realisable value of inventories on balance sheet date using judgements and estimates. The Group evaluates the amounts of normal inventory consumption, obsolete inventories or inventories without market selling value on balance sheet date, and writes down the cost of inventories to the net realisable value. Such an evaluation of inventories is principally based on the demand for the products within the specified period in the future. Therefore, there might be material changes to the evaluation.

• C. Realisability of deferred tax assets

• Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and unused tax losses can be utilised. Assessment of the realisability of deferred tax assets involves critical accounting judgements and estimates of the management, including the assumptions of expected future sales revenue growth rate and profit rate, available tax credits, tax planning, etc. Any variations in global economic environment, industrial environment, and laws and regulations might cause material adjustments to deferred tax assets.

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6. Details of Significant Accounts

(1) Cash and cash equivalents

tails of Significant Accounts Cash and cash equivalents
Cash on hand and revolving funds Checking accounts and demand deposits Time deposits	December31,2023 2,685 $ 959,570 705,216 1,667,471 $	December31,2022 2,350 $ 761,481 200,668
		964,499 $

• A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

• B. As of December 31, 2023 and 2022, the Group’s Cash in bank deposits amounting to $8,000 and $8,060, were restricted due to the guarantee deposit paid for the operational use and were reclassified as non-current financial assets at amortised cost. Refer to Note 8 for more details.

(2) Financial assets at fair value through profit or loss

	December	31,2023	December	31,2022
Financial assets mandatorily measured at fair value
through profit or loss
Current items:
Listed stocks	$	112,755	$	1,668
Exchange Traded Fund		149,890		-
Valuation adjustment		6,442		602
	$	269,087	$	2,270
Non-current items:
Unlisted stocks	$	461,364	$	461,413
Valuation adjustment	(	437,912)	(	437,961)
	$	23,452	$	23,452

• A. Amounts recognised in profit or loss in relation to financial assets at fair value through profit or loss are listed below:

Gain or loss on financial assets mandatorily measured at fair value through profit or loss Listed stocks Exchange Traded Fund Unlisted stocks	2023 2022 12,247 $ 3,209) ($ 3,764 12,052) ( - 10,459 16,011 $ 4,802) ($ Years endedDecember31

• B. Information relating to credit risk is provided in Note 12(3).

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(3) Notes and accounts receivable (including related parties)

	December31,2023	December31,2023	December31,2023	December31,2022	December31,2022	December31,2022
Notes receivable		$	33,720		$	31,965
Accounts receivable		$	2,492,801		$	2,324,286
Accounts receivable due from related parties			169,657			172,040
			2,662,458			2,496,326
Less: Allowance for uncollectible accounts	(		56,238)	(		3,140)
		$	2,606,220		$	2,493,186

• A. Information relating to ageing analysis and credit risk of accounts receivable and notes receivable (including related parties) is provided in Note 12(2).

• B. As of December 31, 2023 and 2022, accounts receivable and notes receivable were all from contracts with customers. Also, as of January 1, 2022, the balance of receivables from contracts with customers amounted to $2,639,907.

• C. The Group has no accounts receivable and notes receivable pledged to others.

• (4) Inventories

Raw materials Work in progress Finished goods Merchandise inventory Inventory in transit Raw materials Work in progress Finished goods Merchandise inventory Inventory in transit		December31,2023
	Allowance for Cost valuation loss 826,865 $ 7,951) ($ 161,751 1,302) ( 589,538 11,634) ( 53,909 259) ( 81,457 - 1,713,520 $ 21,146) ($ Allowance for Cost valuation loss 802,192 $ 11,614) ($ 143,125 2,309) ( 521,404 14,294) ( 87,510 111) ( 25,872 - 1,580,103 $ 28,328) ($ December31,2022		CarryingAmount
			818,914 $ 160,449 577,904 53,650 81,457
			1,692,374 $
			CarryingAmount 790,578 $ 140,816 507,110 87,399 25,872 1,551,775 $

• A. The above inventories were not pledged as collateral.

• B. The cost of inventories recognised as expense for the year:

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			Years ended	December31	December31	December31
			2023			2022
Cost of goods sold		$	15,329,768		$	14,155,357
(Gain on reversal of) loss on	(		7,182)	(		2,142)
decline in market value (Note)
Loss on scrapping inventory			223,888			203,615
Revenue from sales of scraps	(		18,596)	(		14,447)
Loss on excess capacity			144,473			132,403
		$	15,672,351		$	14,474,786

Note: Gain on reversal of decline in market value was caused by the sale of inventories previously written down which was charged to cost of goods sold.

(5) Investments accounted for using equity method

Associates: FU TING FOODS CO., LTD.	Shareholding Shareholding Carrying amount ratio Carrying amount ratio 15,962 $ 37.50% 16,441 $ 37.50% December 31, 2023 December 31, 2022	Shareholding Shareholding Carrying amount ratio Carrying amount ratio 15,962 $ 37.50% 16,441 $ 37.50% December 31, 2023 December 31, 2022
		Shareholding ratio
		37.50%

The carrying amount of the Group’s interests in all individually associates are immaterial and the Group’s share of the operating results are summarised below:

		Years ended	December 31	December 31
		2023		2022
Loss for the year from continuing operations	($	479)	($	1,619)
Other comprehensive income, net of tax		-		-
Total comprehensive loss	($	479)	($	1,619)

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(6) Property, plant and equipment

At January 1 Cost Accumulated depreciation and impairment Opening net book amount as at January 1 Additions Disposals Reclassifications Depreciation expense Net exchange differences Closing net book amount as at December 31 At December 31 Cost Accumulated depreciation and impairment

Unfinished construction Buildings and Machinery and Office Transportation and equipment Land structures equipment equipment equipment under acceptance Others Total 2,786,501 $ 4,177,626 $ 7,302,984 $ 717,594 $ 408,653 $ 631,616 $ 5,136,665 $ 21,161,639 $ - 1,993,803) ( 5,473,452) ( 636,446) ( 393,533) ( - 3,570,625) ( 12,067,859) ( 2,786,501 $ 2,183,823 $ 1,829,532 $ 81,148 $ 15,120 $ 631,616 $ 1,566,040 $ 9,093,780 $ 2,786,501 $ 2,183,823 $ 1,829,532 $ 81,148 $ 15,120 $ 631,616 $ 1,566,040 $ 9,093,780 $ - 5,674 54,238 15,209 695 187,458 65,637 328,911 - 1,407) ( 30,290) ( 63) ( 170) ( 53,939) ( 7,251) ( 93,120) ( - 8,996 310,498 6,364 - 433,879) ( 200,079 92,058 - 128,033) ( 375,260) ( 31,935) ( 3,764) ( - 304,643) ( 843,635) ( - 21,942) ( 25,054) ( 552) ( 75) ( 3,677) ( 13,067) ( 64,367) ( 2,786,501 $ 2,047,111 $ 1,763,664 $ 70,171 $ 11,806 $ 327,579 $ 1,506,795 $ 8,513,627 $ 2,786,501 $ 4,139,411 $ 7,447,539 $ 731,504 $ 405,463 $ 327,579 $ 5,299,035 $ 21,137,032 $ - 2,092,300) ( 5,683,875) ( 661,333) ( 393,657) ( - 3,792,240) ( 12,623,405) ( 2,786,501 $ 2,047,111 $ 1,763,664 $ 70,171 $ 11,806 $ 327,579 $ 1,506,795 $ 8,513,627 $ 2023

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2022

At January 1 Cost Accumulated depreciation and impairment Opening net book amount as at January 1 Additions Disposals Reclassifications Depreciation expense Reversal of impairment loss Net exchange differences Closing net book amount as at December 31 At December 31 Cost Accumulated depreciation and impairment

Unfinished construction Buildings and Machinery and Office Transportation and equipment Land structures equipment equipment equipment under acceptance Others Total 2,786,501 $ 3,795,959 $ 6,915,181 $ 747,288 $ 406,027 $ 1,065,926 $ 4,673,503 $ 20,390,385 $ - 1,872,462) ( 5,041,407) ( 650,112) ( 393,228) ( - 3,262,578) ( 11,219,787) ( 2,786,501 $ 1,923,497 $ 1,873,774 $ 97,176 $ 12,799 $ 1,065,926 $ 1,410,925 $ 9,170,598 $ 2,786,501 $ 1,923,497 $ 1,873,774 $ 97,176 $ 12,799 $ 1,065,926 $ 1,410,925 $ 9,170,598 $ - 3,452 33,811 9,013 5,463 481,192 59,181 592,112 - - 584) ( 13) ( 679) ( - 161) ( 1,437) ( - 358,123 342,674 10,466 2,748 934,228) ( 380,304 160,087 - 114,599) ( 441,722) ( 36,044) ( 5,298) ( - 291,176) ( 888,839) ( - - - - - - 16 16 - 13,350 21,579 550 87 18,726 6,951 61,243 2,786,501 $ 2,183,823 $ 1,829,532 $ 81,148 $ 15,120 $ 631,616 $ 1,566,040 $ 9,093,780 $ 2,786,501 $ 4,177,626 $ 7,302,984 $ 717,594 $ 408,653 $ 631,616 $ 5,136,665 $ 21,161,639 $ - 1,993,803) ( 5,473,452) ( 636,446) ( 393,533) ( - 3,570,625) ( 12,067,859) ( 2,786,501 $ 2,183,823 $ 1,829,532 $ 81,148 $ 15,120 $ 631,616 $ 1,566,040 $ 9,093,780 $

• A. The Group’s property, plant and equipment are for its own use.

• B. Information about the property, plant and equipment that were pledged to others as collateral is provided in Note 8.

• C. The above land items both include $24,800 of farmland held by the natural person as of December 31, 2023 and 2022. The title to the farmland will be transferred to the Company following the change of land category. However, the land was pledged as collateral in the amounts of $45,000 and $86,300 to the Company in order to safeguard the interests of the Company.

• D. The amounts of interest capitalised, which were calculated based on monthly average interest rates, for the years ended December 31, 2023 and 2022 were $198 and $19 , 120, respectively.

• E. Information about the (reversal of) impairment loss on property, plant and equipment is provided in Note 6(12).

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(7) Leasing arrangements - lessee

• A. The Group leases various assets including land, offices, warehouses, machinery and equipment and business vehicles. Rental contracts are typically made for periods of 1 to 50 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets cannot be subleased, lent, sold or granted in any different form to third parties without the consent of the lessor.

• B. The carrying amount of right-of-use assets and the depreciation expense are as follows:

Land Buildings and structures Machinery and equipment Transportation equipment	December 31, 2023 Carrying amount 433,812 $ 349,074 46,958 4,203 834,047 $	2023 Depreciationexpense 11,563 $ 169,207 9,238 1,902 191,910 $	December 31, 2022 2022 Carrying amount Depreciation expense 403,585 $ 10,021 $ 323,025 158,741 56,195 11,704 5,154 1,478 787,959 $ 181,944 $

• C. For the years ended December 31, 2023 and 2022, the additions to right-of-use assets were $249,935 and $185,876, respectively.

• D. Information on profit or loss in relation to lease contracts is as follows:

Items affecting profit or loss Interest expense on lease liabilities Expense on short-term lease contracts	Years ended December 31	Years ended December 31
	2023 11,947 $ 32,177 $	2022
		13,553 $
		21,343 $

• E. Apart from the cash outflow for the interest expense on lease liabilities and expenses on shortterm lease contracts as aforementioned in Note 6(7)D, the cash outflow resulting from payments of the principal portion of the lease liability is provided in Note 6(31).

(8) Investment property, net

At January 1 Cost Accumulated depreciation Opening net book amount as at January 1 Depreciation expense Closing net book amount as at December 31 At December 31 Cost Accumulated depreciation

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==> picture [476 x 239] intentionally omitted <==

----- Start of picture text -----

2022
Buildings
Land and structures Total
At January 1
Cost $ 144,336 $ 169,970 $ 314,306
Accumulated depreciation - ( 91,853) ( 91,853)
$ 144,336 $ 78,117 $ 222,453
Opening net book amount as at January 1 $ 144,336 $ 78,117 $ 222,453
Depreciation expense - ( 5,587) ( 5,587)
Closing net book amount as at December 31 $ 144,336 $ 72,530 $ 216,866
At December 31
Cost $ 144,336 $ 169,970 $ 314,306
Accumulated depreciation - ( 97,440) ( 97,440)
$ 144,336 $ 72,530 $ 216,866
----- End of picture text -----

• A. Rental income from investment property and direct operating expenses arising from investment property are shown below:

property are shown below:
Rental income from investment property Direct operating expenses arising from the investment property that generated rental income during the year	Years ended December31
	2023 25,080 $ 5,247 $	2022
		26,562 $
		5,587 $

• B. The fair value of the investment property held by the Group as at December 31, 2023 and 2022 was $1,077,966 and $1,064,502, respectively, which was valued based on the transaction prices of similar property in the neighbouring areas.

• C. Information about the investment property that was pledged to others as collateral is provided in Note 8.

~39~

(9) Intangible assets

A. Details of amortisation on intangible assets are as follows: Computer software At January 1 Cost 250,628 $ Accumulated amortisation and impairment 115,553) ( 135,075 $ Opening net book amount as at January 1 135,075 $ Additions－acquired separately 64,681 Amortisation expense 36,211) ( Net exchange differences 2,812) ( Closing net book amount as at December 31 160,733 $ At December 31 Cost 309,820 $ Accumulated amortisation and impairment 149,087) ( 160,733 $ Computer software At January 1 Cost 210,600 $ Accumulated amortisation and impairment 95,799) ( 114,801 $ Opening net book amount as at January 1 114,801 $ Additions－acquired separately 47,064 Amortisation expense 28,365) ( Net exchange differences 1,575 Closing net book amount as at December 31 135,075 $ At December 31 Cost 250,628 $ Accumulated amortisation and impairment 115,553) ( 135,075 $ General and administrative expenses

Goodwill Total 55,091 $ 305,719 $ - 115,553) ( 55,091 $ 190,166 $ 55,091 $ 190,166 $ - 64,681 - 36,211) ( 9) ( 2,821) ( 55,082 $ 215,815 $ 55,082 $ 364,902 $ - 149,087) ( 55,082 $ 215,815 $ 2023 Goodwill Total 49,655 $ 260,255 $ - 95,799) ( 49,655 $ 164,456 $ 49,655 $ 164,456 $ - 47,064 - 28,365) ( 5,436 7,011 55,091 $ 190,166 $ 55,091 $ 305,719 $ - 115,553) ( 55,091 $ 190,166 $ 2022 2023 2022 36,211 $ 28,365 $ Years ended December31

~40~

• B. Goodwill is allocated as follows to the food segment and the value in use is used as recoverable amount:

amount:
		Years ended	December31
		2023		2022
Goodwill	$	55,082	$	55,091
Accumulated impairment		-		-
	$	55,082	$	55,091

The excess of the consideration transferred over the fair value of the identifiable assets acquired and the liabilities assumed was recorded as goodwill at the acquisition date.

(10) Non-current biological assets

Non-current biological assets
					2023
					Immature
			Biological		biological
			assets		assets			Total
At January 1
Cost		$	83,267	$	78,841		$	162,108
Accumulated depreciation	(		20,022)		-	(		20,022)
		$	63,245	$	78,841		$	142,086
Opening net book amount as at January 1		$	63,245	$	78,841		$	142,086
Additions			-		65,549			65,549
Disposals	(		44,878)	(	7,448)	(		52,326)
Reclassifications			56,476	(	56,476)			-
Depreciation expense	(		14,470)		-	(		14,470)
Closing net book amount as at December 31		$	60,373	$	80,466		$	140,839
At December 31
Cost		$	80,257	$	80,466		$	160,723
Accumulated depreciation	(		19,884)		-	(		19,884)
		$	60,373	$	80,466		$	140,839

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==> picture [505 x 406] intentionally omitted <==

----- Start of picture text -----

2022
Immature
Biological biological
assets assets Total
At January 1
Cost $ 86,818 $ 65,403 $ 152,221
Accumulated depreciation ( 16,461) - ( 16,461)
$ 70,357 $ 65,403 $ 135,760
Opening net book amount as at January 1 $ 70,357 $ 65,403 $ 135,760
Additions - 64,609 64,609
Disposals ( 35,641) ( 8,455) ( 44,096)
Reclassifications 42,716 ( 42,716) -
Depreciation expense ( 14,187) - ( 14,187)
Closing net book amount as at December 31 $ 63,245 $ 78,841 $ 142,086
At December 31
Cost $ 83,267 $ 78,841 $ 162,108
Accumulated depreciation ( 20,022) - ( 20,022)
$ 63,245 $ 78,841 $ 142,086
(11) Other non-current assets
December 31, 2023 December 31, 2022
Long-term notes and accounts receivable $ 2,260 $ 179,558
Prepayments for business facilities 76,781 38,259
Refundable deposits 53,432 51,103
Accrued pension asset 3,059 2,322
Others - 184
$ 135,532 $ 271,426
----- End of picture text -----

(12) Impairment of non-financial assets

A. The Group assessed the carrying amount of certain real estate based on the market trading prices of similar real estate for the years ended December 31, 2023 and 2022, and taking into consideration the utilization of assets and reversing the impairment loss at the balance sheet date. Details of the gain on reversal of impairment are as follows:

Impairment (loss)/gain on reversal of impairment loss-others	Years ended December31	Years ended December31	Years ended December31
	Recognised in other Recognised in comprehensive profit or loss income - $ - $ 2023	2022
	Recognised in profit or loss - $	Recognised in profit or loss 16 $	Recognised in other comprehensive income
			- $

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B. The impairment loss reported by operating segments is as follows:

			Years ended	Years ended	December31
			2023		2022
			Recognised			Recognised
			in	other		in other
			Recognised in comprehensive		Recognised in	comprehensive
			profit or loss income		profit or loss	income
	Food segment		- $ $	-	16 $	- $
(13)	Short-term borrowings
	Type of borrowings	December 31, 2023		December 31, 2022		Collateral
	Short-term borrowings
	Unsecured borrowings	$	2,471,611	$	1,795,678	None
	Secured borrowings		200,000		246,000	Note 8
		$	2,671,611	$	2,041,678
	Interest rate range		1.74%~3.49%	1.45%~4.35%
	Information on the interest expense	recognised in profit or loss is provided in Note				6(25).
(14)	Short-term notes and bills payable

(14)	Short-term notes and bills payable
		December31,		2023	December	31, 2022
			Amount		Amount		Collateral
	Short-term notes and bills payable	$	223,000		$	155,500	Note 8
	Less: Unamortised discount	(		93)	(	269)
		$	222,907		$	155,231
	Interest rate range		1.92%~2.038%		1.803%~2.02%
(15)	Other payables
			December		31,2023	December31,2022
	Sales commission payable		$		764,647	$	703,909
	Salary, wages and bonus payable				362,562		321,395
	Freight payable				323,776		270,853
	Business tax payable				110,526		99,974
	Advertisement expense payable				74,311		142,298
	Machinery and equipment payable				88,490		58,105
	Accrued interest payable				8,178		11,409
	Others				296,741		288,091
			$	2,029,231		$	1,896,034

~43~

- (16) Long term borrowings

Long-term borrowings
		December31,2023			December31,2022	Collateral
Unsecured borrowings		$	1,052,662		1,233,270 $	None
Secured borrowings			1,550,000		1,962,000	Note 8
			2,602,662		3,195,270
Less: Current portion
(shown as Long-term liabilities,	(		114,701)	(	220,919)
current portion)
		$	2,487,961		2,974,351 $
Expiration date range			2025.1~2026.1		2024.1~2025.2
Interest rate range			1.85%~4.162%		1.69%~4.50%

• A. The above agreements were entered into with United Overseas Bank and Far Eastern International Bank contain default clauses, which are examined on a semi-annual and annual basis. The banks have the right to terminate the facility, cancel the undrawn facility or require the Company to make immediate repayment of the principal amount of loan facility withdrawn and outstanding and the relevant expenses if any events of default occur.

• The events of default mainly include: Breach of commitments (including financial covenants) and restrictions or special agreements, etc. As of December 31, 2023, the Company has no event of default.

• B. Information on the interest expense recognised in profit or loss is provided in Note 6(25).

(17) Other non-current liabilities

Other non-current liabilities
Accrued pension liabilities Long-term deferred revenue Guarantee deposits Others	December 31, 2023 55,695 $ 117,707 66,372 2,919 242,693 $	December31,2022
		80,016 $ 146,069 62,509 4,633
		293,227 $

(18) Pensions

A. Defined benefit pension plans

(a) The Company and its domestic subsidiaries have a defined benefit pension plan in accordance with the Labor Standards Act, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company and its domestic subsidiaries contribute monthly an amount equal to 0% ~ 15% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company and its domestic subsidiaries would assess the balance in the aforementioned labor pension reserve account by the end of December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company and its domestic subsidiaries will make contributions for the deficit by next March.

~44~

(b) The amounts recognised in the balance sheet are as follows:

==> picture [465 x 421] intentionally omitted <==

----- Start of picture text -----

Other non-current assets December 31, 2023 December 31, 2022
Present value of defined benefit obligations ($ 66,509) ($ 70,729)
Fair value of plan assets 69,568 73,051
Net defined benefit assets $ 3,059 $ 2,322
Other non-current liability December 31, 2023 December 31, 2022
Present value of defined benefit obligations ($ 761,111) ($ 822,412)
Fair value of plan assets 705,416 742,396
Net defined benefit liability ($ 55,695) ($ 80,016)
(c) Movements in net defined benefit liabilities are as follows:
Present value of
defined benefit Fair value of Net defined
obligations Plan assets benefit liability
2023
Balance at January 1 ($ 893,141) $ 815,447 ($ 77,694)
Current service cost ( 3,949) - ( 3,949)
Interest (expense) income ( 12,817) 12,037 ( 780)
( 909,907) 827,484 ( 82,423)
Remeasurements:
Return on plan assets (excluding amounts
-
included in interest income or expense) 5,336 5,336
-
Change in financial assumptions ( 5,656) ( 5,656)
Experience adjustments ( 18,694) - ( 18,694)
( 24,350) 5,336 ( 19,014)
Pension fund contribution - 48,801 48,801
Paid pension 106,637 ( 106,637) -
Balance at December 31 ($ 827,620) $ 774,984 ($ 52,636)
----- End of picture text -----

~45~

	Present value of	Present value of
	defined benefit		Fair		value of		Net defined
		obligations		Planassets		benefitliability
2022
Balance at January 1	($	1,022,040)		$	784,421	($	237,619)
Current service cost	(	4,742)			-	(	4,742)
Interest (expense) income	(	5,791)			4,547	(	1,244)
	(	1,032,573)			788,968	(	243,605)
Remeasurements:
Return on plan assets (excluding amounts
included in interest income or expense)		-			62,436		62,436
Change in demographic assumptions		3,112			-		3,112
Change in financial assumptions		53,741			-		53,741
Experience adjustments	(	6,156)			-	(	6,156)
		50,697			62,436		113,133
Pension fund contribution		-			52,778		52,778
Paid pension		88,735	(		88,735)		-
Balance at December 31	($	893,141)		$	815,447	($	77,694)

(d) The Bank of Taiwan was commissioned to manage the Fund of the Company’s and domestic subsidiaries’ defined benefit pension plan in accordance with the Fund’s annual investment and utilisation plan and the “Regulations for Revenues, Expenditures, Safeguard and Utilisation of the Labor Retirement Fund” (Article 6: The scope of utilisation for the Fund includes deposit in domestic or foreign financial institutions, investment in domestic or foreign listed, over-the-counter, or private placement equity securities, investment in domestic or foreign real estate securitization products, etc.). With regard to the utilisation of the Fund, its minimum earnings in the annual distributions on the final financial statements shall be no less than the earnings attainable from the amounts accrued from two-year time deposits with the interest rates offered by local banks. If the earnings is less than aforementioned rates, government shall make payment for the deficit after being authorised by the Regulator. The Company and domestic subsidiaries have no right to participate in managing and operating that fund and hence the Company and domestic subsidiaries are unable to disclose the classification of plan assets fair value in accordance with IAS 19 paragraph 142. The composition of fair value of plan assets as of December 31, 2023 and 2022 is given in the Annual Labor Retirement Fund Utilisation Report announced by the government.

(e) The principal actuarial assumptions used were as follows:

Discount rate Future salary increases	Years endedDecember31	Years endedDecember31
	2023 1.3%~1.4% 1.0%~3.0%	2022
		1.25%~1.8%
		1.0%~2.5%

Future mortality rate was estimated based on the 6th Taiwan Standard Ordinary Experience Mortality Table and the Annuity Mortality Table.

Because the main actuarial assumption changed, the present value of defined benefit obligation is affected. The analysis was as follows:

~46~

	Discountrate	Discountrate	Future salaryincreases	Future salaryincreases
	Increase 0.5%	Decrease 0.5%	Increase 0.5%	Decrease 0.5%
December 31, 2023
Effect on present value of
defined benefit obligation	25,952) ($	27,423 $	27,438 $	26,218) ($
December 31, 2022
Effect on present value of
defined benefit obligation	28,593) ($	30,283 $	30,317 $	28,901) ($
The sensitivity analysis above is based on		one assumption	which changed	while the other
conditions remain unchanged. In practice, more than one assumption may change all at once.
The method of analysing sensitivity and the		method of calculating net pension liability in the
balance sheet are the same.

• (f) Expected contributions to the defined benefit pension plans of the Group for the following year amount to $48,947.

• (g) As of December 31, 2023, the Group’s weighted average duration of the retirement plan is 6.4~12 years. The analysis of timing of the future pension payment was as follows:

Within 1 year 1-2 year(s) 2-5 years 5-10 years	Amount
	122,298 $ 81,380 235,694 269,425
	708,797 $

• B. Defined contribution pension plans

• (a) Effective July 1, 2005, the Company and its domestic subsidiaries have established a defined contribution pension plan (the “New Plan”) under the Labor Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company and its domestic subsidiaries contribute monthly an amount no lower than 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. The pension costs under defined contribution pension plans of the Company and its domestic subsidiaries for the years ended December 31, 2023 and 2022, were $50,663 and $49,900, respectively.

• (b) The Group’s mainland China subsidiaries, HANGZHOU CONCOURSE TRADING CO., LTD., Hangzhou Weichuan Biotechnology Foods Co., Ltd., HANGZHOU WEI-CHUAN FOOD CO., LTD., KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD., SUZHOU WEI-CHUAN FOODS CO., LTD. and LANGFANG WEI-CHUAN FOODS CO., LTD., have a defined contribution plan. Monthly contributions to an independent fund administered by the government in accordance with the pension regulations in the People’s Republic of China (PRC) are based on certain percentage of employees’ monthly salaries and wages. Other than the monthly contributions, the Group has no further obligations. The pension costs recognised for the years ended December 31, 2023 and 2022 were $121,869 and $103,210, respectively.

~47~

(19) Share capital

• As of December 31, 2023, the Company’s authorised capital was $8,000,000 and the paid-in capital was $5,060,629 with a par value of $10 (in dollars) per share. All the shares issued by the company are ordinary shares. All proceeds from shares issued have been collected. The number of shares issued and outstanding was 506,063 thousand shares for the years ended December 31, 2023 and 2022.

• (20) Capital surplus

• A. Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Act requires that the amount of capital surplus to be capitalised mentioned above should not exceed 10% of the paid-in capital each year. However, capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

  • Additionally, the changes in capital surplus for the years ended December 31, 2023 and 2022 are provided in the consolidated statement of changes in equity.

• B. The dividends unclaimed by shareholders for over 5 years shall be recognised as capital surplus in accordance with Order No. Jing-Shang-10602420200 issued in September 2017 by the Ministry of Economic Affairs, R.O.C.

• (21) Retained earnings / Events after the balance sheet date

• A. Under the Company’s Articles of Incorporation, every year’s earnings, if any, shall first be used to pay business income tax and offset prior years’ deficits and then 10% of the remaining amount shall be set aside as legal reserve, and setting aside or reversal for special reserve in accordance with related laws, if any, the Board of Directors should propose the distribution or to retain the remaining earnings along with prior accumulated undistributed earnings for the approval of the shareholders. The dividends shall be distributed in proportion to the number of shares held by each shareholder accordingly, and the dividends to shareholders every year shall account for at least 50% of net profit of the year. However, dividends are not distributed if the net profit of the year is lower than 5% of paid-in capital. Dividends can be distributed to shareholders in the form of cash or stocks, provided the cash dividends shall not be less than 50% of the total dividends distributed.

  • The Company may, by a resolution adopted by a majority vote at a meeting of the Board of Directors attended by two-thirds of the total number of directors, have the earnings in whole or in part distributed in the form of cash; and in addition thereto a report of such distribution shall be submitted to the shareholders at the shareholders’ meeting.

• B. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in excess of 25% of the Company’s paid-in capital.

• C. In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When debit balance on other equity items is reversed subsequently, the reversed amount could be included in the distributable earnings.

~48~

• D. The appropriation of earnings by the Company

• (a) The appropriation of 2021 earnings approved by the shareholders of the Company on June 29, 2022 is as follows:

Legal reserve Special reserve Cash dividends	Earnings per Amount share (indollars) 49,754 $ 33,046 $ 253,538 $ 0.501 Year ended December31,2021

• (b) The appropriation of 2022 earnings approved by the shareholders of the Company on June 28, 2023 is as follows:

28, 2023 is as follows:
		Year ended December31,2022
			Earnings per
		Amount	share(in dollars)
Legal reserve	$	35,333
Reversal of special reserve	($	80,649)
Cash dividends	$	120,443	0.238

• (c) The appropriation of 2023 earnings proposed by the Board of Directors on March 12, 2024 but not yet resolved by the shareholders of the Company is as follows:

Legal reserve Special reserve Cash dividends	Year ended December31,2023
	Earnings per Amount share (in dollars) 24,930 $ 69,340 $ 134,613 $ 0.266

(22) Operating revenue

• A. Disaggregation of revenue from contracts with customers

• The Group derives revenue from the transfer of goods at a point in time in the following major segments:

segments:
Food segment Packaging segment Others	2023 2022 Revenue from contracts Revenue from contracts withcustomers with customers 20,388,164 $ 18,990,627 $ 596,016 517,834 492,174 464,371 21,476,354 $ 19,972,832 $ Years endedDecember31
	2023 Revenue from contracts withcustomers 20,388,164 $ 596,016 492,174 21,476,354 $

B. Contract liabilities

• (a) The Group has recognised the revenue-related contract liabilities as a result of advance sales receipts for the sale of goods, which were recorded as current contract liabilities in the amounts of $91,156, $94,300 and $86,480 as of December 31, 2023 and 2022, and January 1, 2022, respectively.

~49~

• (b) Revenue recognised for the years ended December 31, 2023 and 2022 that was included in the contract liability balance at the beginning of the period amounted to $91,809 and $84,288, respectively.

• (23) Other income

Rental income Royalty income Government grant income (Note) Dividend income Settlement and compensation revenue from litigation Others	2023 2022 61,880 $ 50,761 $ 16,493 18,381 72,568 78,880 6,596 2,081 96,430 123,800 42,786 39,311 296,753 $ 313,214 $ Years endedDecember31

Note: This pertains to the recognition of government subsidies during the year related to enterprise development and investments of property, plant and equipment.

(24) Other gains and losses

ther gains and losses
			Years ended	December31
			2023		2022
Net gain(loss) on financial assets or liabilities at fair		$	16,011	($	4,802)
value through profit or loss
Losses on disposal of property, plant and	(		36,063)	(	26,231)
equipment and biological assets
Losses on sales of non-finished goods	(		48,553)	(	183,899)
Reversal of impairment loss on			-		16
non-financial assets
Net foreign exchange (losses) gains	(		8,036)		9,974
Depreciation expense of investment property	(		5,247)	(	5,587)
Gain on disposal of subsidiaries			18,426		-
Others	(		41,066)	(	56,903)
	($		104,528)	($	267,432)

(25) Finance costs

inance costs
			Years ended	December31
			2023		2022
Interest expense on bank borrowings		$	154,063	$	106,953
Interest expense on lease liabilities			11,947		13,553
Less: capitalized interest payments
that meets the requirements	(		198)	(	109)
		$	165,812	$	120,397

~50~

(26) Expenses by nature

(26)	Expenses by nature
(27)	Employee benefit expense Employee benefit expense Property, plant and equipment, right-of-use assets, investment property and depreciation expense of biological assets Amortisation expense on intangible assets Wages and salaries Labour and health insurance fees Pension costs Directors’ remuneration Other personnel expenses (Note)	2023 2022 2,829,816 $ 2,689,289 $ 1,055,262 $ 1,090,557 $ 36,211 $ 28,365 $ Years endedDecember31 2023 2022 2,219,538 $ 2,136,028 $ 202,971 190,800 177,261 159,096 19,929 20,680 210,120 182,685 2,829,819 $ 2,689,289 $ Years ended December 31
			2,136,028 $ 190,800 159,096 20,680 182,685
			2,689,289 $

• Note: It included meal expenses, employee benefits/welfare, education training, severance pay, housing fund and work uniforms, etc.

• A. In accordance with the Articles of Incorporation of the Company, distributable profit of the current year, shall be distributed as employees’ compensation and directors’ remuneration in the form of cash. The ratio shall not be lower than 1% for employees’ compensation and shall not be higher than 5% for directors’ remuneration. The employees include the employees of the Company’s subsidiaries who meet certain specific requirements. If the Company incurs accumulated deficit, earnings should be reserved to cover losses prior to the appropriation of profit as employees’ compensation and directors’ remuneration according to the aforementioned ratios.

• B. The employees’ compensation and directors’ remuneration are accrued based on the ratio of pretax profit of the year before deducting any employees’ compensation and directors’ remuneration. The accrued amounts are as follows:

The accrued amounts are as follows:
Employees’ compensation Directors’ remuneration	Years endedDecember31
	2023 2,384 $ 2,336 $	2022
		2,720 $
		2,665 $

The aforementioned employees’ compensation and directors’ remuneration were recorded under wages and salaries and directors’ remuneration.

Employees’ compensation and directors’ remuneration for 2022 as resolved by the Board of Directors of the Company amounting to $2,720 and $2,665, were in agreement with those amounts recognised in the 2022 parent company only financial statements. As of December 31, 2023, the aforementioned employees’ compensation and directors’ remuneration for the year ended December 31, 2022 are fully and actually distributed.

• C. Information about employees’ compensation and directors’ remuneration of the Company as resolved at the meeting of Board of Directors will be posted in the “Market Observation Post System” at the website of the Taiwan Stock Exchange.

~51~

(28) Income tax

A. Income tax expense

(a) Components of income tax expense:

tax ome tax expense Components of income tax expense:
			Years ended	December31
			2023			2022
Current tax on profits for the year		$	82,570		$	42,374
Prior year income tax overestimation	(		2,270)	(		17,745)
Tax on undistributed surplus earnings			2,121			-
Offshore income tax expense			80,613			29,211
Total current tax			163,034			53,840
Deferred tax:
Origination and reversal of temporary
differences	(		50,743)			4,877
Total deferred tax	(		50,743)			4,877
Income tax expense		$	112,291		$	58,717

• (b) The income tax (charge)/credit relating to components of other comprehensive income is as follows:

follows:
Years ended	December31
2023		2022
Currency translation differences 5,087) ($	$	828
(c) For the years ended December 31, 2023 and 2022, the Company	had	no income tax
charged/(credited) relating to equity during the year.

• B. Reconciliation between income tax expense and accounting profit

			Years ended	December31	December31
			2023		2022
Tax calculated based on profit before tax and		$	200,661	$	97,055
statutory tax rate (Note)
Effects from items disallowed by tax regulation	(		119,174)	(	33,180)
Change in assessment of realisation of deferred tax	(		65,616)	(	34,325)
assets and liabilities
Taxable loss not recognized as deferred tax assets			15,956		17,701
Prior year income tax under (over) estimation	(		2,270)	(	17,745)
Tax on undistributed surplus earnings			2,121		-
Offshore income tax expense			80,613		29,211
Income tax expense		$	112,291	$	58,717

Note: The basis for computing the applicable tax rate are the rates applicable in the respective countries where the Group entities operate.

~52~

• C. Amounts of deferred tax assets or liabilities as a result of temporary differences and tax losses are as follows:

are as follows:
Recognised in January1 profit or loss Deferred tax assets: - Temporary differences: Unrealised losses on overseas investments 89,090 $ 17,744 $ Unrealised accrued expenses 116,639 1,028) ( Unrealised loss for market value decline 5,352 1,269) ( and obsolete and slow-moving inventories Impairment loss on fixed assets 18,002 1,148) ( Accrued unused compensated absences 6,947 168) ( Unrealised loss on doubtful debts 1,684 12,590 Pensions 152 - Unrealised foreign exchange loss 95 95) ( Lease liabilities 51,181 10,466 Others 35,883 5,753) ( - Tax losses 861,117 70,227) ( 1,186,142 $ 38,888) ($ Deferred tax liabilities: - Temporary differences: Reserve for land value increment tax 561,900) ($ - $ Unrealised gains on overseas investments 100,586) ( 100,586 Unrealised exchange gain 97) ( 489) ( Currency translation differences 5,089) ( - Right-of-use assets 51,181) ( 10,466) ( 718,853) ($ 89,631 $ 467,289 $ 50,743 $			2023
			Recognised in other comprehensive Translation income differences December 31 - $ - $ 106,834 $ - 1,873) ( 113,738 - - 4,083 - 39) ( 16,815 - - 6,779 - 280) ( 13,994 - - 152 - - - - 1,074) ( 60,573 - 488) ( 29,642 - 52 790,942 - $ 3,702) ($ 1,143,552 $ - $ - $ 561,900) ($ - - - - - 586) ( 5,087 2 - - 1,074 60,573) ( 5,087 $ 1,076 $ 623,059) ($ 5,087 $ 2,626) ($ 520,493 $		December 31
					106,834 $ 113,738 4,083 16,815 6,779 13,994 152 - 60,573 29,642 790,942
					1,143,552 $
					520,493 $

~53~

							2022
						Recognised in other
				Recognised in			comprehensive		Translation
		January1		profit or loss			income		differences		December 31
Deferred tax assets:
- Temporary differences:
Unrealised losses on overseas investments	$	89,048	$	42	$		-	$	-	$	89,090
Unrealised accrued expenses		109,108		6,114			-		1,417		116,639
Unrealised loss for market value decline		5,539	(	187)			-		-		5,352
and obsolete and slow-moving inventories
Impairment loss on fixed assets		15,678		2,337			-	(	13)		18,002
Accrued unused compensated absences		7,220	(	273)			-		-		6,947
Unrealised loss on doubtful debts		2,087	(	413)			-		10		1,684
Pensions		152		-			-		-		152
Unrealised foreign exchange loss		3,571	(	3,476)			-		-		95
Lease liabilities		53,416	(	2,235)							51,181
Others		37,668	(	2,356)			-		571		35,883
- Tax losses		911,890	(	50,799)			-		26		861,117
	$	1,235,377	($	51,246)	$		-	$	2,011	$	1,186,142
Deferred tax liabilities:
- Temporary differences:
Reserve for land value increment tax	($	561,900)	$	-	$		-	$	-	($	561,900)
Unrealised gains on overseas investments	(	144,720)		44,134			-		-	(	100,586)
Currency translation differences	(	4,261)		-	(		828)		-	(	5,089)
Unrealised exchange gain	(	97)		-			-		-	(	97)
Right-of-use assets	(	53,416)		2,235			-		-	(	51,181)
	($	764,394)	$	46,369	($		828)	$	-	($	718,853)
	$	470,983	($	4,877)	($		828)	$	2,011	$	467,289

• D. Expiration dates of the Company’s and its domestic subsidiaries’ unused tax losses and amounts of unrecognised deferred tax assets are as follows:

of unrecognised	deferred tax assets	are as follows:
Year incurred 2013 ~ 2019 Year incurred 2012 ~ 2019	Amount filed/ assessed 7,416,338 $ Amount filed/ assessed 7,572,495 $	Unused amount Deferred tax assets 5,703,686 $ 1,748,978 $ Unused amount Deferred taxassets 6,162,531 $ 1,931,084 $ December31,2023 December31,2022	Expiry year
			2023 ~ 2029 Expiry year
			2022 ~ 2029

• E. The amounts of deductible temporary difference that are not recognised as deferred tax assets are as follows:

are as follows:
Deductible temporary differences	December31,2023 22,176 $	December31,2022
		22,176 $

~54~

• F. The status of the Company’s and its domestic subsidiaries’ income tax returns assessed and approved by the Tax Authority are as follows:

CHINA YOUTH CO., LTD. (Note1)

The Company

CHENG SHUEN NUNG RANCH DAIRY CO.,LTD., KING CAN INDUSTRY CORPORATION, and CONCOURSE INTERNATIONAL INC. KANG CHUAN ENGINEERING CO., LTD. WEI CHUAN BUSINESS DEVELOPMENT CORPORATION

Status Assessed and approved to 2016 (Note2) Assessed and approved to 2021 Assessed and approved to 2022 Not assessed and approved

• Note 1: The subsidiary was dissolved as approved by its shareholders of the investee in November 2016, and the dissolution was approved by the regulatory authority in January 2017. It is currently in the process of liquidation. As of March 12, 2024, the investee is in the process of liquidation.

• Note 2: The Company’s income tax returns through 2019 and of 2021 have been assessed and approved by the Tax Authority. Besides, the Company’s income tax returns through 2020 have not been assessed and approved by the Tax Authority.

(29) Earnings per share

arnings per share
Year ended December 31, 2023 Basic/Diluted earnings per share Profit attributable to ordinary shareholders of the parent Year ended December 31, 2022 Basic/Diluted earnings per share Profit attributable to ordinary shareholders of the parent	Amount after tax 268,323 $ Amount aftertax 240,283 $	Weighted average number of ordinary shares outstanding (shareinthousands) 506,063 Weighted average number of ordinary shares outstanding (shareinthousands) 506,063	Earnings per share (indollars) 0.53
			Earnings per share (in dollars)
			0.47 $

~55~

(30) Supplemental cash flow information

Investing activities with partial cash payments:

upplemental cash flow information Investing activities with partial cash payments:
			Years ended	December 31
			2023			2022
Purchase of property, plant and equipment (Note)		$	328,911		$	592,112
Add: Opening balance of payable on equipment			58,105			75,342
Less: Ending balance of payable on equipment	(		88,490)	(		58,105)
Cash paid during the year (Note)		$	298,526		$	609,349

Note ： Including the capitalized interest payments in the years 2023 and 2022 amounted to $198 and $109, respectively.

			Years ended	December 31	December 31	December 31
			2023			2022
Proceeds from disposal of property, plant and equipment		$	93,120		$	1,437
Gain (loss) on disposal of property, plant and equipment	(		2,436)			1,158
Add: Opening balance of other receivables			-			-
Less: Ending balance of other receivables			-			-
Cash received during the year		$	90,684		$	2,595
			Years ended	December 31
			2023			2022
Proceeds from disposal of biological assets		$	52,326		$	44,096
Loss on disposal of biological assets	(		33,627)	(		27,389)
Add: Opening balance of other receivables			869			-
Less: Ending balance of other receivables	(		2,753)	(		869)
Cash received during the year		$	16,815		$	15,838

(31) Changes in liabilities from financing activities

At January 1 Changes in cash flow from financing activities Impact of changes in foreign exchange rate Changes in other non-cash items At December 31		2023
	Short-term borrowings 2,041,678 $ 629,933 - - 2,671,611 $	Long-term Short-term borrowings notes and Lease (including billspayable liability currentportion) 155,231 $ 369,464 $ 3,195,270 $ 67,676 174,823) ( 591,643) ( - 1,775) ( 1,034) ( - 200,643 69 222,907 $ 393,509 $ 2,602,662 $	Long-term borrowings (including currentportion)
			2,602,662 $

~56~

2022

At January 1 Changes in cash flow from financing activities Impact of changes in foreign exchange rate Changes in other non-cash items At December 31	Long-term Short-term borrowings Short-term notes and Lease (including borrowings billspayable liability currentportion) 1,446,826 $ 170,000 $ 391,412 $ 3,682,507 $ 594,852 14,769) ( 166,470) ( 492,510) ( - - 673 5,077 - - 143,849 196 2,041,678 $ 155,231 $ 369,464 $ 3,195,270 $	Long-term borrowings (including currentportion)

7. Related Party Transactions

(1) Names of related parties and relationship

Names of related parties

THE BREAD CO., LTD.

Relationship with the Company

An entity controlled by the investor with significant influence over the Company

SHANGHAI DINGSHI WAREHOUSE CO.,LTD (SHANGHAI DINGSHI)

An entity controlled by the investor with significant influence over the Company

HANGZHOU TINGZHENG PACKING MATERIAL CO.,LTD.

An entity controlled by the investor with significant influence over the Company

TAIWAN TING QIAO RESTAURANT MANAGEMENT CO. LTD.

An entity controlled by the investor with significant influence over the Company

Hangzhou Kenko&Ting Foods Co., Ltd.

An entity controlled by the investor with significant influence over the Company

Hangzhou Bingxin Green Packaging Co., Ltd.

An entity controlled by the investor with significant influence over the Company

Tianjin Bingxin Packaging Co., Ltd.

An entity controlled by the investor with significant influence over the Company

Shanghai Epurus Information Technologies Co., Ltd.

An entity controlled by the investor with significant influence over the Company

FU TING FOODS CO., LTD.

An investee accounted for using the equity method by the Company

RIKKEI TRADING CORP.

A director of the Company is also the chairman of the entity

CHAMPION LINKER CORP.

A director of the Company is also the chairman of the entity

~57~

Names of related parties

Relationship with the Company

TAIWAN STAR TELECOM CORPORATION LIMITED HEALTH CAN DEVELOPMENT LIMITED(HEALTH CAN DEVELOPMENT)

A director of the Company is also the chairman of the entity(Note)

A subsidiary of the Company not included as a consolidated entity

All directors, general managers and main management personnel

Key management personnel and governing bodies of the Company

Note:The company merged with Taiwan Mobile Co., Ltd. in 2023, resulting in its dissolution. The company was the dissolved company. Therefore, as of the merger effective date (December 1, 2023), the company was no longer recognized as a related party.

(2) Significant related party transaction

A. Sales transactions

• (a) Operating revenue

Details of operating revenue arising from goods sold by the Group to related parties are as follows:

Other related parties	Years ended December 31	Years ended December 31
	2023 823,427 $	2022
		909,621 $

The Group’s sales price, conditions and credit terms to related parties were approximately the same as those for third party customers. The credit terms for third party customers approximately ranged from 10 to 90 days after monthly billings.

(b) Accounts receivable

Details of accounts receivable arising from the aforementioned sales to related parties are as follows:

Other related parties	December31,2023 169,657 $	December31,2022
		172,040 $

B. Purchase transactions

(a) Costs of goods purchased

Details of goods purchased by the Group from related parties are as follows:

Other related parties	Years ended December31	Years ended December31
	2023 615,262 $	2022
		456,450 $

Goods purchased from related parties are based on the price lists in force and terms agreed upon by both parties. Payment terms have no major difference between related parties and third parties, which are 30 ~ 90 days end of month for general suppliers.

~58~

(b) Accounts payable

Details of accounts payable arising from the aforementioned goods purchased from related parties are as follows:

parties are as follows:
	December31,2023	December 31, 2022
Other related parties	88,672 $	54,675 $
Prepayments
Prepayments arising from goods purchased by the Group from related		parties are as follows:
	December31,2023	December31,2022
CHAMPION LINKER CORP.	- $	85,562 $
Other related parties	29,786	-
	29,786 $	85,562 $

• (c) Prepayments

• C. Lease transactions

• (a) Rent income

The Group leased some offices and plants (shown as ‘investment property’) to related parties, the details of rental revenue were as follows:

the details of rental revenue were as follows:
Rent calculation Lessee Leased object and payment - Other related parties Offices, plant and others Quarterly prepayment/ Monthly payment	Years ended December31
	2023 6,418 $	2022
		5,830 $

There were no other receivables arising from the aforementioned transactions as of December 31, 2023 and 2022.

D. Other transactions

The Group’s receivables due from subsidiaries (shown as other receivables), the details of transactions were as follows:

transactions were as follows:
		December	31,2023		December	31,2022
Subsidiaries -HEALTH CAN DEVELOPMENT		$	5,220		$	5,110
Less: Allowance for receivables due from
subsidiaries	(		324)	(		324)
		$	4,896		$	4,786

• E. In addition to the above transactions with subsidiaries, the Group’s information service of other transactions with related parties for the years ended December 31, 2023 and 2022 were immaterial and the details are not intended to be disclosed.

(3) Key management compensation

and the details are not intended to be disclosed. Key management compensation
Salaries and other short-term employee benefits Post-employment benefits	Years endedDecember31
	2023 72,756 $ 205 72,961 $	2022
		72,383 $ 201
		72,584 $

~59~

8. Pledged Assets

As of December 31, 2023 and 2022, the Group’s assets pledged as collateral are as follows:

Pledged asset Restricted bank deposits (shown as non-current financial assets at amortised cost) Land (shown as property, plant and equipment and investment property) Buildings and structures (shown as property, plant and equipment and investment property)	CarryingAmount December31,2023 8,000 $ 2,665,013 776,075 3,449,088 $	CarryingAmount December31,2022 Purpose 8,060 $ Collateral for business use 2,665,013 Collateral for short-term notes and bills as well as long-term and short-term borrowings 840,680 Collateral for short-term notes and bills as well as long-term and short-term borrowings 3,513,753 $

9. Significant Contingent Liabilities and Unrecognised Contract Commitments

(1) Significant Contingencies

None.

(2) Significant Unrecognised Commitments

• A. As of December 31, 2023 and 2022, the Group’s total unused letters of credit issued for the import of material and merchandise were $174,724 and $324,757, respectively.

• B. As of December 31, 2023 and 2022, the total contract consideration, excluding the settled payment, arising from the contracts that the Group entered into for commissioning each construction project or purchasing of equipment, that it shall pay for the construction and equipment in future years amounted to $113,951 and $287,148, respectively.

• C. As of December 31, 2023 and 2022, the Group has drawn from the endorsements and guarantees for the entities in the Group in the amounts of $2,074,663 and $2,798,805, respectively, and the amount used is $226,867 and $963,585, respectively.

10. Significant Disaster Loss

None.

11. Significant Events after the Balance Sheet Date

Information on the appropriation of 2023 earnings proposed by the Board of Directors on March 12, 2024 but not yet resolved by the shareholders of the Company is provided in Note 6(21).

12. Other

(1) Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust to the optimal capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, or issue new shares. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total liabilities divided by total assets. Total liabilities are the total amount of liabilities as shown in the consolidated balance sheet. Total assets are the total amount of assets as shown in the consolidated balance sheet.

~60~

(2) Financial instruments

A. Financial instruments by category

The information of the Group’s financial assets (including cash and cash equivalents, financial assets at fair value through profit or loss (current and non-current), notes receivable, accounts receivable (including related parties), other receivables, non-current financial assets at amortised cost, other non-current assets – long-term notes and accounts receivable, other non-current assets - guarantee deposits paid) and financial liabilities (including short-term borrowings, short-term notes and bills payable, notes payable, accounts payable (including related parties), other payables, lease liabilities (current and non-current), long-term borrowings (including current portion) and other non-current liabilities - guarantee deposits received) are provided in consolidated balance sheet and Note 6.

• B. Financial risk management policies

• (a) The Group adopts a comprehensive risk management and control system to identify, evaluate and control all risks, including market risk (including exchange rate risk, interest rate risk and price risk), credit risk, liquidity risk, in order for the management to control these risks effectively.

• (b) Risk management is carried out by a central treasury department (Group treasury) under policies approved by the managements. Group treasury identifies, evaluates and hedges financial risks in close co-operation with the Group’s operating units. The management provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

• C. Significant financial risks and degrees of financial risks

• (a) Market risk

  • i. Foreign exchange risk

  • (i) Some of the Group’s sales and purchases are denominated in USD. The fair value changes according to the fluctuations in market exchange rates. As the Company offsets these market risks by matching the foreign currency assets and liabilities positions and their payment periods, it does not expect significant market risk.

  • (ii) The Group’s businesses involve some non-functional currency operations. The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

~61~

(Foreign currency: functional currency) Financial assets Monetary items USD:NTD USD:RMB RMB:NTD Financial liabilities Monetary items USD:NTD USD:RMB RMB:NTD (Foreign currency: functional currency) Financial assets Monetary items USD:NTD USD:RMB RMB:NTD Financial liabilities Monetary items USD:NTD USD:RMB RMB:NTD

Foreign currency amount Carrying Amount (Inthousands) Exchangerate (NTD) 7,830 $ 30.71 240,472 $ 86 7.08 2,646 129,913 4.34 563,824 141 30.71 4,319 $ 3,918 7.08 120,307 21 4.34 89 December31,2023 Foreign currency amount Carrying Amount (Inthousands) Exchangerate (NTD) 11,270 $ 30.71 346,111 $ 86 6.96 2,645 30,781 4.41 135,745 4,171 30.71 128,083 $ 4,642 6.96 142,542 2,883 4.41 12,715 December31,2022

The total exchange gain (loss), including realised and unrealised, arising from significant foreign exchange variation on the monetary items held by the Group for the years is provided in Note 6(25).

Analysis of foreign currency market risk arising from significant foreign exchange variation:

~62~

(Foreign currency: functional currency) Financial assets Monetary items USD:NTD USD:RMB RMB:NTD Financial liabilities Monetary items USD:NTD USD:RMB RMB:NTD (Foreign currency: functional currency) Financial assets Monetary items USD:NTD USD:RMB RMB:NTD Financial liabilities Monetary items USD:NTD USD:RMB RMB:NTD	Year ended December31,2023	Year ended December31,2023
	Sensitivity analysis
	Effect on other Degree of Effect on profit comprehensive variation or loss income or loss 1% 2,405 $ - $ 1% 26 - 1% 5,638 - 1% 43) ($ - $ 1% 1,203) ( - 1% 1) ( - Year ended December31,2022	Effect on other comprehensive income or loss
	Degree of Effect on profit variation or loss 1% 3,461 $ 1% 26 1% 1,357 1% 1,281) ($ 1% 1,425) ( 1% 127) ( Sensitivity analysis	Effect on other comprehensive income or loss
		- $ - - - $ - -

ii. Price risk

• (i) The Group’s equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss.

(ii) The Group has investments in equity securities. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant, pre-tax profit for the years ended December 31, 2023 and 2022 would have increased/decreased by $2,925 and $257, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss.

~63~

• iii. Cash flow and fair value interest rate risk

• The Group’s main interest rate risk arises from long-term and short-term borrowings as well as short-term notes and bills payable. Borrowings issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group’s long-term and short-term borrowings as well as short-term notes and bills payable are with floating rates. During the years ended December 31, 2023 and 2022, the Group’s borrowings at variable rates were denominated in NTD，USD and RMB.

• As of December 31, 2023 and 2022, if the borrowing interest rate had increased/decreased by 0.1% with all other variables held constant, pre-tax profit for the years ended December 31, 2023 and 2022 would have decreased/increased by $5,497 and $5,392, respectively. The main factor is that floating-rate borrowings result in increase/decrease in interest expense.

• (b) Credit risk

• i. Credit risk refers to the risk of financial loss to the Company arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the note and accounts receivable based on the agreed terms.

• ii. The Group manages their credit risk taking into consideration the entire group’s concern. According to the Group’s credit policy, each local entity in the Group is responsible for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the managements. The utilisation of credit limits is regularly monitored.

• iii. The Group adopts assumptions under IFRS 9 to assess whether there has been a significant increase in credit risk on that instrument since initial recognition. If the contract payments were past due over the reasonable collection time lag based on the terms, there has been a significant increase in credit risk on that instrument since initial recognition.

• iv. The Group adopts the assumptions under IFRS 9, the default occurs when the contract payments are past the time range acceptable to the Group.

• v. .The Group has strengthened the control and tracking of customers with overdue accounts. After evaluation, when it is deemed that there is no doubt that the accounts cannot be recovered, the Group will immediately add the customers to the project and ensure the relevant creditor's rights, and at the same time carry out the relevant procedures for the provision of bad debts.

• vi. The Group classifies customers’ accounts receivable and notes receivable in accordance with customer types. The Group adopts a modified approach and uses a simplified approach to estimate expected credit losses based on the loss rate method.

• vii. The Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures. However, the Group will continue executing the recourse procedures to secure their rights.

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• viii. The Group uses the forecastability to adjust historical and timely information to assess the default possibility. The loss rate methodology is as follows:

December 31, 2023 Expected loss rate Total book value December 31, 2022 Expected loss rate Total book value	1~30 days 31~90 days Notpast due past due past due 0.013%~0.56% 0.017%~0.70% 0.02%~0.84% 2,414,445 $ 225,139 $ 131 $ 1~30 days 31~90 days Not past due past due past due 0.015%~0.28% 0.017%~0.34% 0.019%~0.46% 2,443,032 $ 76,520 $ 1,313 $	Over 90 days past due 100.00% 56,463 $ Over 90 days past due 100.00% 7,426 $	Total
			2,696,178 $
			Total
			2,528,291 $

The above ageing analysis was based on past due date.

• ix. Movements in relation to the Group’s loss allowance for accounts receivable, other receivables and other non-current assets - long-term notes and accounts receivable are as follows:

follows:
						2023
			Accounts			Other			Overdue
			receivable		receivables			receivables				Total
At January 1	$		3,140	$		12,948	$		17,475	$		33,563
Expected credit loss (gain)			59,103			-			-			59,103
Write-offs	(		4,913)	(		316)			-	(		5,229)
Reclassifications			26	(		26)			-			-
Effect of exchange rate changes	(		1,118)			-			-	(		1,118)
At December 31	$		56,238	$		12,606	$		17,475	$		86,319
						2022
			Accounts			Other			Overdue
			receivable		receivables			receivables				Total
At January 1		$	10,908		$	13,184	$		36,823		$	60,915
Expected credit loss (gain)	(		62)			56	(		20,833)	(		20,839)
Write-offs	(		7,748)	(		324)			-	(		8,072)
Effect of exchange rate changes			42			32			1,485			1,559
At December 31		$	3,140		$	12,948	$		17,475		$	33,563

• (c) Liquidity risk

• i. The Group chooses the equity instruments with sufficient liquidity when investing in the equity financial instruments. Group management monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs, so it does not expect significant liquidity risk.

• ii. Surplus cash held by the units over and above balance required for working capital management are transferred to the Group treasury. Group treasury invests surplus cash in interest bearing current accounts and time deposits, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient head-room as determined by the above-mentioned forecasts.

• iii. As of December 31, 2023 and 2022, the amounts of undrawn available borrowing facilities were $9,706,780 and $9,749,486, respectively.

• iv. The Group has no derivative financial liabilities. Except for the items disclosed in the following table, the Group’s non-derivative financial liabilities, which were classified by its maturity date, were due within one year and approximates the amounts which were shown in the balance sheets. The amounts disclosed in the table are the contractual undiscounted cash flows.

~65~

December 31, 2023 Non-derivative financial liabilities: Lease liability Long-term borrowings (including current portion) December 31, 2022 Non-derivative financial liabilities: Lease liability Long-term borrowings (including current portion)	Less than Between 1 1year and2year(s) 166,898 $ 100,620 $ 165,286 2,310,295 Less than Between 1 1year and 2 year(s) 156,104 $ 111,671 $ 397,775 1,967,465	Between 2 and 5 years 107,044 $ 200,146 Between 2 and 5 years 83,302 $ 1,052,149	Over5 years Total 33,392 $ 407,954 $ - 2,675,727 Over 5 years Total 50,763 $ 401,840 $ - 3,417,389

(3) Fair value information

• A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

• Level 3: Unobservable inputs for the asset or liability. The fair value of the Group’s investment in equity investment without active market is included in Level 3.

• B. Fair value information of investment property at cost is provided in Note 6(8).

• C. The carrying amounts of the Group’s financial instruments not measured at fair value, including cash and cash equivalents, notes receivable, accounts receivable (including related parties), other receivables, non-current financial assets at amortised cost, other non-current assets - long-term notes and accounts receivable, other non-current assets - guarantee deposits paid, short-term borrowings, short-term notes and bills payable, notes payable, accounts payable (including related parties), other payables, lease liabilities(current and non-current), long-term borrowings (including current portion) and other non-current liabilities - guarantee deposits received, are approximate to their fair values.

• D. The related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities at December 31, 2023 and 2022 are as follows:

• (a) The related information of natures of the assets and liabilities is as follows:

December 31, 2023 Level 1 Level 2 Level 3 Total

Assets

Recurring fair value measurements Financial assets at fair value through profit or loss Equity securities $ 269,087 $ - $ 23,452 $ 292,539

~66~

December 31, 2022 Level 1 Level 2 Level 3 Total

Assets Recurring fair value measurements Financial assets at fair value through profit or loss Equity securities $ 2,270 $ - $ 23,452 $ 25,722

• (b) The methods and assumptions the Group used to measure fair value are as follows:

• i. The instruments the Group used market quoted prices as their fair values (that is, Level 1) are listed below by characteristics:

Listed shares Exchange Traded Fund Market quoted price Closing price Closing price

• ii. Except for financial instruments with active markets, the fair value of other financial instruments is measured by using valuation techniques or by reference to counterparty quotes. The fair value of financial instruments measured by using valuation techniques can be referred to current fair value of instruments with similar terms and characteristics in substance, discounted cash flow method or other valuation methods, including calculated by applying model using market information available at the balance sheet date.

• iii. When assessing non-standard and low-complexity financial instruments, for example, debt instruments without active market, interest rate swap contracts, foreign exchange swap contracts and options, the Group adopts valuation technique that is widely used by market participants. The inputs used in the valuation method to measure these financial instruments are normally observable in the market.

• iv. The output of valuation model is an estimated value and the valuation technique may not be able to capture all relevant factors of the Group’s financial and non-financial instruments. Therefore, the estimated value derived using valuation model is adjusted accordingly with additional inputs, for example, model risk or liquidity risk and etc. In accordance with the Group’s management policies and relevant control procedures relating to the valuation models used for fair value measurement, management believes adjustment to valuation is necessary in order to reasonably represent the fair value of financial and non-financial instruments at the consolidated balance sheet. The inputs and pricing information used during valuation are carefully assessed and adjusted based on current market conditions.

• E. For the years ended December 31, 2023 and 2022, there was no transfer between Level 1 and Level 2.

• F. The following chart is the movement of Level 3 for the years ended December 31, 2023 and 2022:

At January 1 Gains and losses recognised in profit or (loss) Disposed in the period At December 31	2023 2022 Non-derivative Non-derivative equityinstrument equityinstrument 23,452 $ 33,452 $ - 10,459 - 20,459) ( 23,452 $ 23,452 $

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• G. Treasury segment is in charge of valuation procedures for fair value measurements being categorised within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently calibrating valuation model, performing back-testing, updating inputs used to the valuation model and making any other necessary adjustments to the fair value.

• H. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

Non-derivative equity instrument: Unlisted shares- LI JIA CONSTRUCTION Unlisted shares CONNECTION INVESTMENT, Non-derivative equity instrument: Unlisted shares LI JIA CONSTRUCTION Unlisted shares CONNECTION INVESTMENT,	Fair value at December31,2023 Valuation technique 5,617 $ Market approach-price- book ratio 17,835 Net asset value Fair value at December 31, 2022 Valuation technique 5,617 $ Market approach-price- book ratio 17,835 Net asset value	Fair value at December31,2023 Valuation technique 5,617 $ Market approach-price- book ratio 17,835 Net asset value Fair value at December 31, 2022 Valuation technique 5,617 $ Market approach-price- book ratio 17,835 Net asset value	Significant unobservable input Discount for lack of marketability N/A Significant unobservable input Discount for lack of marketability N/A	Range (weighted average) 25% - Range (weighted average) 25% -	Relationship of inputs to fairvalue
					N/A Relationship of inputs to fairvalue The higher the discount for lack of marketability, the lower the fair value
	5,617 $ 17,835	Market approach-price- book ratio Net asset value			N/A The higher the discount for lack of marketability, the lower the fair value

• J. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. If net asset value from financial assets and liabilities categorised within Level 3 had increased or decreased by 1%, profit or loss would not have been significantly impacted as of December 31, 2023 and 2022.

• (4) Others

• A. Due to more problematic oil was announced by the government organisations between September 2014 and October 2014, resulting in a loss recognition amounting to $226,017 as of and for the year ended December 31, 2015. To safeguard the interests of the Company, the Company continually filed lawsuits for compensation against a number of suppliers and upstream suppliers. As of March 12, 2024, all lawsuits against all claimants (Flavor Full Foods Inc., Lihao Co., Ltd., Ting Hsin Oil & Fat Industrial Co., Ltd., Cheng-I Food Co., Ltd., Chang Guann Co., Ltd. and its upstream suppliers) were all confirmed won, mediation established or withdrawn the lawsuits without economic benefits. there are compensations actually received

~68~

amounting to $164,930 (shown as other income), and certificate of the obligatory claim received amounting to $121,361.

• B. In January 2016, the Company transferred all its held 51% of the shares in investee company, Wang De Xing Tea Company. Before transferring, the funds that the Company’s subsidiary, WEI-CHUN(BVI) loaned to Wang De Xing Tea Company and its subsidiaries (“WANG DE XING Group”) amounted to USD 6.35 million. WANG DE XING Group provided collaterals and gradually paid the payments and interest based on the repayment plan.On September 28, 2023, Wang De Xing Tea Company fully paid off the remaining undue repayable principal of US1.277 million. As of December 31, 2012, WEI-CHUN(BVI) had no funds to lend to the group.

• C. The Company’s subsidiary, Kang Chuan Engineering Co., Ltd. (“Kang Chuan”) undertook the Kaohsiung plant project of CPC Corporation, Taiwan (“CPC”). In June 2013, Kang Chuan filed a lawsuit against CPC for the construction payment due to the dispute of contract performance. On March 31, 2024, Kang Chuan and CPC reach settlement in litigation, As of December 31, 2023, Kang Chuan. actually received $165,000 and interest of $48,266 from CPC, and after offsetting the initial other receivables of $156,516, the remaining balance is recognized as $56,750 in other income for the current period.

13. Supplementary Disclosures

• (1) Significant transactions information

• A. Lending funds to others: Please refer to table 1.

• B. Providing endorsements or guarantees for others: Please refer to table 2.

• C. Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures): Please refer to table 3.

• D. Acquisition or sale of the same security with the accumulated cost exceeding $300 million or 20% of the Company's paid-in capital: None.

• E. Acquisition of real estate reaching NT$300 million or 20% of paid-in capital or more: None.

• F. Disposal of real estate reaching NT$300 million or 20% of paid-in capital or more:None.

• G. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 4.

• H. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 5.

• I. Trading in derivative instruments undertaken during the reporting periods: None.

• J. Significant inter-company transactions during the reporting periods: Please refer to table 6.

• (2) Information on investees

• Names, locations and other information of investee companies (not including investees in Mainland China): Please refer to table 7.

• (3) Information on investments in Mainland China

• A. Basic information: Please refer to table 8.

• B. Significant transactions conducted with investees in Mainland China directly or indirectly through other companies in the third areas: For the year ended December 31, 2022, significant transactions, either directly or indirectly with investee companies in the Mainland Area and the significant transactions of endorsements and guarantees, sales/purchase and receivables and payables conducted with investees in Mainland China, please refer to Note 13(1) J.

• (4) Major shareholders information

Major shareholders information: Please refer to table 9.

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14. Segment Information

(1) General information

Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker that are used to make strategic decisions. Food segment is primarily engaged in the research and development, manufacturing and sales of food and other related products, while packaging segment are primarily engaged in the manufacturing and sales of packaging products, and others are primarily engaged in import and export trade, etc.

There is no material change in the basis for formation of entities and division of segments in the Group or in the measurement basis for segment information during this period. The accounting policies of the operating segments are in agreement with the significant accounting policies summarised in Note 4.

(2) Measurement of segment information

The post-tax net income is used to measure the Group’s operating segment profit (loss) and performance of the operating segments.

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(3) Segment Information

The segment information provided to the Chief Operating Decision-Maker for the reportable segments is as follows:

				Year	ended December31,2023	ended December31,2023	ended December31,2023	ended December31,2023
				Packaging				Adjustments
		Food segment		segment		Others		and eliminations		Total
Revenue from external customers	$	20,388,164	$	596,016	$	492,174	$	-	$	21,476,354
Inter-segment revenue		2,275,228		434,108		660,367	(	3,369,703)		-
Total segment revenue	$	22,663,392	$	1,030,124	$	1,152,541	($	3,369,703)	$	21,476,354
Segment income (loss)	$	418,711	$	87,272	$	449,529	($	685,996)	$	269,516
Segment income (loss), including:
Depreciation expense	($	1,014,153)	($	40,024)	($	1,085)	$	-	($	1,055,262)
Interest income		45,581		5,164		9,142	(	25,064)		34,823
Interest expense	(	180,023)	(	6,853)	(	4,732)		25,796	(	165,812)
Share of profit or loss of investments accounted for using		241,129	(	36,088)		480,475	(	685,995)	(	479)
the equity method
Segment assets		16,473,700		946,615		607,400		-		18,027,715

				Year	ended December31,2022	ended December31,2022	ended December31,2022	ended December31,2022
				Packaging				Adjustments
		Food segment		segment		Others		and eliminations		Total
Revenue from external customers	$	18,990,627	$	517,834	$	464,371	$	-	$	19,972,832
Inter-segment revenue		1,314,956		473,892		546,413	(	2,335,261)		-
Total segment revenue	$	20,305,583	$	991,726	$	1,010,784	($	2,335,261)	$	19,972,832
Segment income (loss)	$	263,537	$	66,541	$	204,905	($	293,900)	$	241,083
Segment income (loss), including:
Depreciation expense	($	1,038,549)	($	50,919)	($	1,089)	$	-	($	1,090,557)
Interest income		26,547		8,726		3,498	(	17,747)		21,024
Interest expense	(	130,705)	(	4,106)	(	4,322)		18,736	(	120,397)
Share of profit or loss of investments accounted for using		128,889		5,430		165,347	(	301,285)	(	1,619)
the equity method
Segment assets		16,058,145		696,857		904,405		-		17,659,407

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(4) Reconciliation for segment income (loss)

• A. Sales between segments are carried out at arm’s length. The revenue from external customers reported to the Chief Operating Decision-Maker is measured in a manner consistent with that in the statement of comprehensive income.

• The Company’s Chief Operating Decision-Maker assesses performance of operating segments and allocates resources based on post-tax net income, thus, reconciliation is not needed.

• B. The amounts provided to the Chief Operating Decision - Maker with respect to total assets are measured in a manner consistent with that of the financial statements.

(5) Information on products and services

Details of revenue are as follows:

nformation on products and services Details of revenue are as follows:
Others Revenue from food manufacturing sales Revenue from trade of molds and other packaging	Years ended December 31
	2023 20,388,164 $ 596,016 492,174 21,476,354 $	2022
		18,990,627 $ 517,834 464,371
		19,972,832 $

(6) Geographical information

The information of revenue from external customers is according to the location of the customers, and non-current assets are grouped according to the location of non-current assets as follows:

Taiwan Mainland China and others	Years ended December 31	Years ended December 31	Years ended December 31
	Non-current Revenue assets 8,685,055 $ 5,224,311 $ 12,791,299 4,768,418 21,476,354 $ 9,992,729 $ 2023	2022
	Revenue 8,685,055 $ 12,791,299 21,476,354 $	Revenue 8,732,221 $ 11,240,611 19,972,832 $	Non-current assets
			5,415,431 $ 5,053,869
			10,469,300 $

Note: Non-current assets excluded financial instruments and deferred income tax assets.

(7) Major customer information

The Group’s major customers with which the sales revenues from a single customer accounting for more than 10% of total net operating revenue in the consolidated statement of comprehensive income. Details are as follows:

ncome. Details are as follows:
Customer A	Years endedDecember31
	Revenue Segment 3,027,507 $ Food Segment 2023	2022
	Revenue 3,027,507 $	Revenue 3,172,231 $	Segment
			Food Segment

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Wei Chuan Foods Corporation and subsidiaries

Table 1

Expressed in thousands of NTD

Lending funds to others

Year ended December 31, 2023

(Except as otherwise indicated)

No. （Note1）	Creditor	Borrower	General ledger account	Is a related party	Maximum outstanding balance during the year ended December31,2023	Balance at December31,2023	Actual amount drawndown	Interest rate	Nature of loan （Note2）	Amount of transactions with the borrower	Reason for short-term financing	Allowance for doubtful accounts	Collateral	Collateral	Limit on loans granted to a single party	Ceiling on total loans granted	Footnote
													Item	Value
0 0 1 2 2 2 2 3 3 3	Wei Chuan Foods Corporation Wei Chuan Foods Corporation WEI-CHUAN(BVI) CO., LTD. HANGZHOU WEI- CHUAN FOOD CO., LTD. HANGZHOU WEI- CHUAN FOOD CO., LTD. HANGZHOU WEI- CHUAN FOOD CO., LTD. HANGZHOU WEI- CHUAN FOOD CO., LTD. KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD. KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD. KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD.	WEI-CHUAN FOODS INVESTMENT CO., LTD. Cheng Shuen Nung Ranch Dairy Co., Ltd. WANG DE XING TEA COMPANY LANGFANG WEI- CHUAN FOODS CO., LTD. Hangzhou Weichuan Biotechnology Foods Co., Ltd. SUZHOU WEI- CHUAN FOODS CO., LTD. WEI-CHUAN FOODs INVESTMENT CO., LTD. LANGFANG WEI- CHUAN FOODS CO., LTD. Hangzhou Weichuan Biotechnology Foods Co., Ltd. SUZHOU WEI- CHUAN FOODS CO., LTD.	Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables Other receivables	Y Y N Y Y Y Y Y Y Y	677,595 $ 100,000 57,201 222,139 488,359 587,254 542,081 128,841 44,428 111,070	650,280 $ 100,000 - - 346,817 563,577 520,225 - - -	- $ - - - 303,465 335,979 455,197 - - -	- 2.03% 2.50% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30%	2 2 2 2 2 2 2 2 2 2	- $ - - - - - - - - -	Working capital needs Working capital needs Loan repayment and working capital needs Working capital needs Working capital needs Working capital needs Working capital needs Loan repayment and working capital needs Loan repayment and working capital needs Working capital needs	- $ - - - - - - - - -	None None None None None None None None None None	- $ - - - - - - - - -	1,456,789 $ 1,456,789 555,902 1,711,629 1,711,629 1,711,629 1,711,629 296,562 296,562 296,562	2,913,578 $ 2,913,578 1,111,805 1,711,629 1,711,629 1,711,629 1,711,629 296,562 296,562 296,562	Note 3 Note 3 Note 4 and 7 Note 5 Note 5 Note 5 Note 5 Note 6 Note 6 Note 6

Table 1, Page 1

Note1: The Company is ‘0’; the subsidiaries are numbered in order starting from ‘1’. The same company shall have the same number.

Note 2: The numbers filled in for the nature of loans are as follows:

• (1) Business transaction: 1.

• (2) Short-term financing: 2.

Note 3: Ceiling on total loans granted and limit on loans granted to a single party as prescribed in Wei Chuan Foods Corporation’ s “Procedures for Loaning Funds to Others” are as follows:

• (1) Ceiling on total loans granted by Wei Chuan Foods Corporation is 40% of net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

• (2) For short-term financing, limit on loans granted to a single party by Wei Chuan Foods Corporation is 20% of net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

Note 4: Ceiling on total loans granted and limit on loans granted to a single party as prescribed in WEI-CHUAN(BVI) CO., LTD.’s “Procedures for Loaning Funds to Others” are as follows:

• (1) Ceiling on total loans granted by WEI-CHUAN(BVI) CO., LTD. is 40% of net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

• (2) For short-term financing, limit on loans granted to a single party by WEI-CHUAN(BVI) CO., LTD. is 20% of net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

• (3) For loans granted between overseas companies in which WEI-CHUAN(BVI) CO., LTD. or Wei Chuan Foods Corporation holds100% of the voting shares directly or indirectly, WEI-CHUAN(BVI) CO., LTD.’s ceiling on total loans granted is100% of WEI-CHUAN(BVI) CO., LTD.'s net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

Limit on loans granted to a single party is 100% of WEI-CHUAN(BVI) CO., LTD.’s net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors. Note5: Ceiling on total loans granted and limit on loans granted to a single party as prescribed in HANGZHOU WEI-CHUAN FOOD CO., LTD.’s “Procedures for Loaning Funds to Others” are as follows:

• (1) Ceiling on total loans granted by HANGZHOU WEI-CHUAN FOOD CO., LTD. is 40% of net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

• (2) For short-term financing, limit on loans granted to a single party by HANGZHOU WEI-CHUAN FOOD CO., LTD. is 20% of net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

• (3) For loans granted between overseas companies in which HANGZHOU WEI-CHUAN FOOD CO., LTD. or Wei Chuan Foods Corporation holds100% of the voting shares directly or indirectly, HANGZHOU WEI-CHUAN FOOD CO., LTD.’s ceiling on total loans granted is 100% of HANGZHOU WEI-CHUAN FOOD CO., LTD.’s net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors. Limit on loans granted to a single party is 100% of HANGZHOU WEI-CHUAN FOOD CO., LTD.’s net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors.

Note 6: Ceiling on total loans granted and limit on loans granted to a single party as prescribed in KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD.’s“Procedures for Loaning Funds to Others” are as follows:

• (1) Ceiling on total loans granted by KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD. is 40% of net asset value based on its latest financial statements.

• (2) For short-term financing, limit on loans granted to a single party by KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD. is 20% of net asset value based on its latest financial statements.

• (3) For loans granted between overseas companies in which KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD. or Wei Chuan Foods Corporation holds100% of the voting shares directly or indirectly, ceiling on total loans granted is 100% of KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD.’s net asset value based on its latest financial statements.

Limit on loans granted to a single party is 100% of KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD.’s net asset value based on the latest consolidated financial statements audited (reviewed) by independent auditors. Note 7: The Group transferred its entire equity interest of 51% in WANG DE XING TEA COMPANY in January 2016.

Table 1, Page 2

Wei Chuan Foods Corporation and subsidiaries

Table 2

Expressed in thousands of NTD

(Except as otherwise indicated)

Providing endorsements or guarantees for others

Year ended December 31, 2023

Number	Endorser/ guarantor	endorsed/guaranteed Party being	endorsed/guaranteed Party being	Limit on endorsements/ guarantees provided for a single party （Note 2）	Maximum outstanding endorsement/ guarantee amount as of December 31, 2023 （Note 3）	Outstanding endorsement/ guarantee amount at December 31, 2023 （Note 4）	Actual amount drawn down （Note 5）	Amount of endorsements/ guarantees secured with collateral	Ratio of accumulated endorsement/ guarantee amount to net asset value of the endorser/ guarantor company (Note 6)	Ceiling on total amount of endorsements/ guarantees provided	Provision of endorsements/ guarantees by parent company to subsidiary	Provision of endorsements/ guarantees by subsidiary to parent company	Provision of endorsements/ guarantees to the party in Mainland China	Footnote
		Companyname	Relationship with the endorser/ guarantor （Note 1）
0 0 0 1 1	Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD.	Cheng Shuen Nung Ranch Dairy Co., Ltd. Hangzhou Weichuan Biotechnology Foods Co., Ltd. CONCOURSE INTERNATIONAL INC. Hangzhou Weichuan Biotechnology Foods Co., Ltd. SUZHOU WEI-CHUAN FOODS CO., LTD.	(2) (2) (2) (4) (4)	2,427,981 $ 2,427,981 2,427,981 1,711,629 1,711,629	515,000 $ 222,140 922,200 451,734 903,468	$ 160,000 - 614,100 433,521 867,042	$ 96,000 - - 28,166 102,701	- $ - - - -	2.20 - 8.43 25.33 50.66	7,283,944 $ 7,283,944 7,283,944 1,711,629 1,711,629	Y Y Y N N	N N N N N	N Y N Y Y

Table 2, Page 1

Note 1: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following seven categories; fill in the number of category each case belongs to:

• (1) A company with which it does business.

• (2) A company in which the public company directly and indirectly holds more than 50 percent of the voting shares.

• (3) A company that directly and indirectly holds more than 50 percent of the voting shares in the public company.

• (4) Companies in which the public company holds, directly or indirectly, 90% or more of the voting shares may make endorsements/guarantees for each other.

• (5) Where a public company fulfills its contractual obligations by providing mutual endorsements/guarantees for another company in the same industry or for joint builders for purposes of undertaking a construction project.

• (6) Where all capital contributing shareholders make endorsements/ guarantees for their jointly invested company in proportion to their shareholding percentages

• (7) Where companies in the same industry provide among themselves joint and several security for a performance guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other. Note 2: 1. Provision of endorsements and guarantees by Wei Chuan Foods Corporation:

• (1) Ceiling on total amount of endorsements/guarantees provided is Wei Chuan Foods Corporation’s net asset value.

• (2) Limit on endorsements/guarantees provided for a single party is a third of total amount of endorsements/guarantees provided by Wei Chuan Foods Corporation.

• (3) Ceiling on total amount of endorsements/guarantees provided by Wei Chuan Foods Corporation and its subsidiaries is 1.2 times of Wei Chuan Foods Corporation’s net asset value.

• Limit on endorsements/guarantees provided by Wei Chuan Foods Corporation and its subsidiaries for a single party is a third of total amount of endorsements/guarantees provided.

• Provision of endorsements and guarantees by HANGZHOU WEI-CHUAN FOOD CO., LTD.:

• (1) Ceiling on total amount of endorsements/guarantees provided is the net asset value based on its latest consolidated financial statements audited (reviewed) by independent auditors.

• (2) Limit on endorsements/guarantees provided for a single party is the total amount of endorsements/guarantees provided by HANGZHOU WEI-CHUAN FOOD CO., LTD.

• (3) Ceiling on total amount of endorsements/guarantees provided by HANGZHOU WEI-CHUAN FOOD CO., LTD. and its subsidiaries is 1.2 times of HANGZHOU WEI-CHUAN FOOD CO., LTD.’s net asset value based on its latest

• consolidated financial statements audited (reviewed) by independent auditors. Limit on endorsements/guarantees provided by HANGZHOU WEI-CHUAN FOOD CO., LTD. and its subsidiaries for a single party is the total amount of endorsements/guarantees provided. Note 3: Fill in the year-to-date maximum outstanding balance of endorsements/guarantees provided as of the reporting period.

• Note 4: Fill in the amount approved by the Board of Directors or the chariman if the chairman has been authorised by the Board of Directors based on subparagraph 8, Article 12 of the Regulations Governing Loaning of Funds and Making of Endorsements/Guarantees by Public Companies. Note 5: The actual amount of endorsements/guarantees used by the endorsed/guaranteed company.

Note 6: For endorsements/guarantees provided by the Company, the net asset value is based on the Company’s latest financial statements.

For endorsements/guarantees provided by HANGZHOU WEI-CHUAN FOOD CO., LTD., the net asset value is based on the entity’s consolidated financial statements audited (reviewed) by independent auditors.

Table 2, Page 2

Wei Chuan Foods Corporation and subsidiaries

Table 3

Expressed in thousands of NTD

Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures)

Year ended December 31, 2023

(Except as otherwise indicated)

Securitiesheld by	Marketable securities	Relationship with the securitiesissuer	General ledgeraccount		As of December31,2023	As of December31,2023		Footnote
				Numberofshares	Carrying amount	Ownership (%)	Fairvalue
Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation	ICE US Treasury 1~3 Year Bond Index ICE US Treasury 20+ Year Bond Index Bloomberg US 20+ Year BBB Corporate Bond liquid index Bloomberg Banking Senior 10+ Year Bond Index Turvo International Co.,Ltd. SDI CORPORATION BAFANG YUNJI INTERNATIONAL CO., LTD Magnate Technology Co.,Ltd Drewloong Precision, Inc. Jih Lin Technology Co., Ltd. TAIWAN SEMICONDUCTOR CO., LTD. SPORTON INTERNATIONAL INC. MACAUTO INDUSTRIAL CO., LTD Stock of CONNECTION INVESTMENT CO., LTD. Stock of COCORD BUILDERS ENTERPRISE CO., LTD. Stock of AN LI INVESTMENT CO., LTD. Stock of RAINIER INVESTMENT CO., LTD. Stock certificate of LI JIA CONSTRUCTION LTD.	None None None None None None None None None None None None None None None None None None	Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Current financial assets at fair value through profit or loss	981,000 978,000 1,429,000 1,144,000 46,000 170,000 55,000 436,000 70,000 277,000 211,000 41,000 70,000 1,380,000 22,340,197 3,329,500 3,329,500 Note	$ 30,009 30,171 51,443 42,030 6,394 19,295 9,378 13,756 12,180 19,944 19,307 9,881 5,299	0.25 0.02 0.04 0.05 0.08 0.09 0.08 0.64 0.18 0.27 0.08 0.04 0.09 16.67 10.75 18.50 18.50 18.36	30,009 $ 30,171 51,443 42,030 6,394 19,295 9,378 13,756 12,180 19,944 19,307 9,881 5,299
					$269,087		$269,087
					17,500 - - - 5,617		17,500 - - - 5,617
					23,117 $		23,117 $

Table 3, Page 1

Securitiesheld by	Marketable securities	Relationship with the securitiesissuer	General ledgeraccount		As of December31,2023	As of December31,2023		Footnote
				Numberofshares	Carrying amount	Ownership (%)	Fairvalue
KANG CHUAN ENGINEERING CO., LTD. KANG CHUAN ENGINEERING CO., LTD. KANG CHUAN ENGINEERING CO., LTD. KANG CHUAN ENGINEERING CO., LTD. WEI-CHUAN INTERNATIONAL LIMITED WEI-CHUAN INTERNATIONAL LIMITED WEI-CHUAN ASIAN INVESTMENT LIMITED	Stock of COCORD BUILDERS ENTERPRISE CO., LTD. Stock of CONNECTION INVESTMENT CO., LTD. Stock of RAINIER INVESTMENT CO., LTD. Stock of AN LI INVESTMENT CO., LTD. Stock certificate of Shanghai Wei Chuan Foods Industrial Co., Ltd. Stock certificate of Kuiling Wei-Chuan Food Ltd. Stock certificate of Kuiling Wei-Chuan Food Ltd.	None None None None None None None	Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss Non-current financial assets at fair value through profit or loss	545,431 41,400 82,650 82,650 Note Note Note	- $ 335 - -	0.26 0.50 0.46 0.46 19.00 10.77 5.10	- $ 335 - - 335 $ - $ - $ - $
					335 $
					- $
					- $
					- $

Note: The investee is a limited company without shares.

Table 3, Page 2

Wei Chuan Foods Corporation and subsidiaries

Purchases or sales of goods from or to related parties reaching NT$100 million or 20% of paid-in capital or more

Year ended December 31, 2023

Table 4 Purchaser/seller	Counterparty	Relationship with the counterparty		Transaction	Transaction		Differences in transaction terms compared to third party transactions	Differences in transaction terms compared to third party transactions	Percentage of total notes/accounts Balance receivable (payable) Footnote Notes/accountsreceivable (payable) Expressed in thousands of NTD (Except as otherwise indicated)	Percentage of total notes/accounts Balance receivable (payable) Footnote Notes/accountsreceivable (payable) Expressed in thousands of NTD (Except as otherwise indicated)	Percentage of total notes/accounts Balance receivable (payable) Footnote Notes/accountsreceivable (payable) Expressed in thousands of NTD (Except as otherwise indicated)
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit term	Unit price	Credit term	Balance	Percentage of total notes/accounts receivable (payable)
Wei Chuan Foods Corporation KING CAN INDUSTRY CORPORATION Wei Chuan Foods Corporation CONCOURSE INTERNATIONAL INC. Wei Chuan Foods Corporation Cheng Shuen Nung Ranch Dairy Co., Ltd. KING CAN INDUSTRY CORPORATION CONCOURSE INTERNATIONAL INC. HANGZHOU WEI-CHUAN FOOD CO., LTD. SUZHOU WEI-CHUAN FOODS CO., LTD.	KING CAN INDUSTRY CORPORATION Wei Chuan Foods Corporation CONCOURSE INTERNATIONAL INC. Wei Chuan Foods Corporation Cheng Shuen Nung Ranch Dairy Co., Ltd. Wei Chuan Foods Corporation CONCOURSE INTERNATIONAL INC. KING CAN INDUSTRY CORPORATION SUZHOU WEI-CHUAN FOODS CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD.	Parent company to subsidiary Subsidiary to parent company Parent company to subsidiary Subsidiary to parent company Parent company to subsidiary Subsidiary to parent company The Company’s subsidiary The Company’s subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to second-tier subsidiary	Purchases Sales Purchases Sales Purchases Sales Purchases Sales Purchases Sales	433,081 $ 433,081) ( 429,698 429,698) ( 160,980 160,980) ( 123,025 123,025) ( 946,410 946,410) (	0.09 0.42 0.09 0.59 0.03 1.00 0.18 0.17 0.17 1.00	60-90 days 60-90 days 60-90 days 60-90 days 30 days 30 days 120 days 120 days 30 days 30-45 days	In accordance with agreement In accordance with agreement No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions In accordance with agreement In accordance with agreement No significant difference from general transactions No significant difference from general transactions	No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions	86,591) ($ 86,591 1,358) ( 1,358 10,613) ( 10,613 202) ( 202 135,328) ( 135,328	0.16 0.37 - 0.02 0.02 1.00 - - 0.12 1.00

Table 4, Page 1

Purchaser/seller	Counterparty	Relationship with the counterparty		Transaction	Transaction		Differences in transaction terms compared to third party transactions	Differences in transaction terms compared to third party transactions	Notes/accountsreceivable (payable)	Notes/accountsreceivable (payable)	Footnote
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit term	Unit price	Credit term	Balance	Percentage of total notes/accounts receivable (payable)
HANGZHOU WEI-CHUAN FOOD CO., LTD. LANGFANG WEI-CHUAN FOODS CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU CONCOURSE TRADING CO., LTD.	LANGFANG WEI-CHUAN FOODS CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. CONCOURSE INTERNATIONAL INC. RIKKEI TRADING CORP. Hangzhou Bingxin Green Packaging Co., Ltd. SHANGHAI DINGSHI WAREHOUSE CO.,LTD CONCOURSE INTERNATIONAL INC.	Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to subsidiary Second-tier subsidiary to other related party Second-tier subsidiary to other related party Second-tier subsidiary to other related party Second-tier subsidiary to subsidiary	Purchases Sales Purchases Purchases Purchases Sales Purchases	1,053,270 1,053,270) ( 215,885 $ 279,337 111,936 763,845) ( 212,663	0.18 1.00 0.04 0.05 0.02 0.06 0.05	30 days 30 days 30 days 30 days 30 days 30-45 days 60 days	No significant difference from general transactions No significant difference from general transactions In accordance with agreement No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions	No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions No significant difference from general transactions	125,232) ( 125,232 11,662) ( 45,443) ( 30,260) ( 162,415 57,073) (	0.11 1.00 0.01 0.04 0.03 0.11 0.93

Table 4, Page 2

Wei Chuan Foods Corporation and subsidiaries

Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more

Year ended December 31, 2023

Table 5 Creditor	Counterparty	Relationship with the counterparty	Balance as at December31,2023	Turnover rate	Overdue receivables	Overdue receivables	Amount collected subsequent to the Allowance for balance sheet date uncollectible Expressed in thousands of NTD (Except as otherwise indicated)	Amount collected subsequent to the Allowance for balance sheet date uncollectible Expressed in thousands of NTD (Except as otherwise indicated)
					Amount	Action taken
SUZHOU WEI-CHUAN FOODS CO., LTD. LANGFANG WEI-CHUAN FOODS CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD.	HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. SHANGHAI DINGSHI WAREHOUSE CO.,LTD	Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to other related party	135,328 $ 125,232 162,415	13.99 10.78 4.66	- $ - -	None None None	135,328 $ 125,232 138,744	- $ - -

Note：Refer to table 1 for the details of the fund loans between the parent company and its subsidiaries arising from loans to others.

k

Table 5,Page 1

Wei Chuan Foods Corporation and subsidiaries

Table 6

Expressed in thousands of NTD

Significant inter-company transactions during the reporting periods

Year ended December 31, 2023

(Except as otherwise indicated)

Transaction

Number	Companyname	Counterparty	Relationship	General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets
0 0 0 3 1 1 1 1 1 2	Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation KING CAN INDUSTRY CORPORATION HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU WEI-CHUAN FOOD CO., LTD. HANGZHOU CONCOURSE TRADING CO., LTD.	KING CAN INDUSTRY CORPORATION CONCOURSE INTERNATIONAL INC. Cheng Shuen Nung Ranch Dairy Co., Ltd. CONCOURSE INTERNATIONAL INC. SUZHOU WEI-CHUAN FOODS CO., LTD. SUZHOU WEI-CHUAN FOODS CO., LTD. LANGFANG WEI-CHUAN FOODS CO., LTD. LANGFANG WEI-CHUAN FOODS CO., LTD. CONCOURSE INTERNATIONAL INC. CONCOURSE INTERNATIONAL INC.	Parent company to subsidiary Parent company to subsidiary Parent company to subsidiary subsidiary to subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to second-tier subsidiary Second-tier subsidiary to subsidiary Second-tier subsidiary to subsidiary	Purchases Purchases Purchases Purchases Account payable Purchases Account payable Purchases Purchases Purchases	433,081 $ 429,698 160,980 123,025 135,328 946,410 125,232 1,053,270 215,885 212,663	In accordance with agreement Same as third parties Same as third parties Same as third parties Same as third parties Same as third parties Same as third parties Same as third parties Same as third parties Same as third parties	2.02% 2.00% 0.75% 0.57% 0.75% 4.41% 0.70% 4.90% 1.01% 0.99%

Note 1: Individual transaction amounts less than $100 million are not disclosed. In addition, the same transactions are not disclosed twice. Note 2: Refer to table 1 for the details of the fund loans between the parent company and its subsidiaries arising from loans to others. Note 3: Refer to table 2 for the details of the endorsements and guarantees between the parent and its subsidiaries arising from provision of endorsements and guarantees to others.

Table 6, Page 1

Wei Chuan Foods Corporation and subsidiaries

Table 7

Information on investees

Year ended December 31, 2023

Expressed in thousands of NTD (Except as otherwise indicated)

Investor	Investee	Location	Main business activities	Initial investment amount	Initial investment amount	Shares held as at December 31,2023	Shares held as at December 31,2023	Shares held as at December 31,2023	Net profit (loss) of the investee for the year ended Dcember 31,2023	Investment income(loss) recognised by the Company for the year ended December 31,2023	Footnote
				Balance as at December 31,2023	Balance as at December 31,2022	Number of shares	Ownership (%)	Carryingamount
Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation Wei Chuan Foods Corporation KING CAN INDUSTRY CORPORATION CONCOURSE INTERNATIONAL INC. WEI-CHUAN INTERNATIONAL LIMITED WEI-CHUAN ASIAN INVESTMENT LIMITED	KING CAN INDUSTRY CORPORATION CONCOURSE INTERNATIONAL INC. CHINA YOUTH CO., LTD. KANG CHUAN ENGINEERING CO., LTD. Cheng Shuen Nung Ranch Dairy Co., Ltd. WEI CHUAN BUSINESS DEVELOPMENT CORPORATION WEI-CHUAN INTERNATIONAL LIMITED WEI-CHUAN (BVI) CO., LTD. WEI-CHUAN ASIAN INVESTMENT LIMITED THAI WEI-CHUAN CO., LTD. FU TING FOODS CO., LTD. KingCan (BVI) Corporation CONCOURSE INTERNATIONAL LIMITED WEI-CHUAN ASIAN INVESTMENT LIMITED HEALTH CAN DEVELOPMENT LIMITED	Taiwan Taiwan Taiwan Taiwan Taiwan Taiwan British Virgin Islands British Virgin Islands Hong Kong Thailand Taiwan British Virgin Islands Samoa Hong Kong Hong Kong	Process, manufacture and trade of tinplate products such as tin cans, tin boxes and bottle caps General import and export trade business Trade of vegetables and fruits as well as agricultural and fishery products Planning, design and implementation of construction projects Livestock farm management General investment General investment General investment General investment Food processing Livestock farm management General investment General investment General investment General investment	- $ 1,959,112 212,041 172,146 753,035 100,000 787,549 2,967,203 - 37,919 75,000 - 25,673 255 4	- $ 1,959,112 212,041 377,499 753,035 100,000 787,549 2,967,203 - 37,919 75,000 123,213 25,673 255 4	34,539,451 14,034,753 8,481,905 14,578,085 57,929,989 10,000,000 - - - 390,000 7,500,000 - - - -	98.68 99.99 99.79 99.85 100.00 100.00 100.00 100.00 1.00 60.00 37.50 100.00 100.00 99.00 75.00	592,165 $ 225,247 8,011 56,565 514,347 101,090 60,881 2,767,292 6) ( 7,388) ( 15,962 - 44,457 628) ( -	84,284 $ 38,023 16 52,678 79,781) ( 1,598) ( 795 148,386 150) ( - 1,448) ( 36,088) ( 4,404 150) ( -	83,172 $ 38,021 16 52,599 79,781) ( 1,598) ( 795 148,386 2) ( - 479) ( - - - -	- - Note 1 Note 2 - - Note 3 Note 3、4 Note 3 - - Note 3、4、 5、6 Note 3、4、6 Note 3、6 Note 3、6

Table 7, Page 1

Note 1: The Company’s 99.79% owned investee, CHINA YOUTH CO., LTD., was dissolved as approved by its shareholders in November 2016 and the dissolution was approved by the competent authority in January 2017. As of March 12, 2024, the investee is in the process of liquidation.

Note 2: The Company’s 99.85% owned investee, KANG CHUAN ENGINEERING CO., LTD., was dissolved as resolved by its Board of Directors in December 2016.

As of March 12, 2024, the liquidation has not been registered.

Note 3: The investee is a limited company without shares.

Note 4: Information relating to the Company’s investment in the investees in Mainland China through investee companies, WEI-CHUAN(BVI) CO., LTD., KingCan (BVI) Corporation and CONCOURSE INTERNATIONAL LIMITED is provided in table 8.

Note 5: The company acquired 98.68% equity interest in KingCan (BVI) Corporation, through its indirect 98.68% owned investee company, KING CAN INDUSTRY CORPORATION. On December 29 2023, the board of directors passed a resolution to handle liquidation and other related matters. Liquidation has been completed on February 27, 2024. Note 6: The investment income which was not disclosed was recognised by a subsidiary company.

Table 7, Page 2

Wei Chuan Foods Corporation and subsidiaries

Information on investments in Mainland China

Year ended December 31, 2023

Investee in Mainland China Table 8	Main business activities	Paid-in capital	Investment method （Note 1）	Accumulated amount of remittance from Taiwan to Mainland China as of January1,2023	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the year ended December 31,2023	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the year ended December 31,2023	Accumulated amount of remittance from Taiwan to Mainland China as of December 31,2023	Net income of investee as of December 31,2023	Ownership held by the Company (direct or indirect)	Investment income (loss) recognised by the Group for the year ended December 31,2023	Accumulated amount Carrying amount of of investment investments in income Mainland China remitted back to as of December Taiwan as of 31,2023 December 31,2023 Expressed in thousands of NTD (Except as otherwise indicated)	Accumulated amount Carrying amount of of investment investments in income Mainland China remitted back to as of December Taiwan as of 31,2023 December 31,2023 Expressed in thousands of NTD (Except as otherwise indicated)	Footnote
					Remitted to Mainland China	Remitted back to Taiwan
Fuzhou Kefu Convenient Food Co., Ltd. Kuiling Wei-Chuan Food Ltd. HEILONGJIANG WEI CHUAN FOOD CO. HEILONGJIANG WEI CHUAN DAIRY CO. Shanghai Wei Chuan Foods Industrial Co., Ltd. Hangzhou Weichuan Biotechnology Foods Co., Ltd. HANGZHOU WEI- CHUAN FOOD CO., LTD. WEI CHUAN FOODS INVESTMENT CO., LTD. KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD. HANGZHOU CONCOURSE TRADING CO., LTD. LANGFANG WEI- CHUAN FOODS CO., LTD. SUZHOU WEI-CHUAN FOODS CO., LTD.	Instant noodles Monosodium glutamate (MSG) Condiments and other products Dairy and other products Instant noodles and other products Manufacture and sale of food products such as solid drinks Manufacture and brand marketing of refrigerated dairy beverages General investment Manufacture of food molds and injection molds General import and export trade business Manufacture and brand marketing of refrigerated dairy beverages Manufacture and brand marketing of refrigerated dairy beverages	48,440 $ 284,325 72,633 249,163 136,238 326,435 1,268,366 2,136,210 - 25,105 449,250 882,349	3 3 2 2 2 2 2 2 2 2 2 2	15,602 $ 44,349 19,896 121,501 22,278 326,435 1,268,366 450,319 98,716 25,165 - -	- $ - - - - - - - - - - -	- $ - - - - - - - 98,716 - - -	15,602 $ 44,349 19,896 121,501 22,278 326,435 1,268,366 450,319 - 25,165 - -	- $ - - - - 11,584) ( 135,182 238,646 2,988 4,417 28,506 78,006	37.50 15.87 67.00 70.00 19.00 100.00 100.00 100.00 - 99.99 100.00 100.00	- $ - - - - (11,584) 135,182 238,646 (29,153) 4,417 28,506 78,066	- $ - - - - (202,201) 1,711,629 2,912,881 - 43,969 697,313 899,366	- $ - - - - - 1,958,028 - 459,698 - - -	- - Note 5 Note 5 Note 5 Note 2、 Note 6 Note 2、 Note 9 Note 2、 Note 6 Note 2、 Note 7、 Note10 Note 2、 Note 8 Note 2、 Note 9 Note 2、 Note 9

Table 8, Page 1

Companyname	Accumulated amount of remittance from Taiwan to Mainland China as of December31,2023	Investment amount approved by the Dept. of Investment Review,MOEA	Ceiling on investments in Mainland China imposed by the Dept. of Investment Review,MOEA(Note 4)
Wei Chuan Foods Corporation	$ 3,095,424	$ 2,860,203	$ 4,375,200

• Note 1: Investment methods are classified into the following three categories; fill in the number of category each case belongs to:

• (1) Directly invest in a company in Mainland China.

• (2) Through investing in an existing company in the third area, which then invested in the investee in Mainland China.

• Note 2: Investment income (loss) recognised by the Group for the current year was valued based on each investee’s self-prepared financial statements of the same reporting period that were audited or reviewed by independent auditors.

• Note 3: The amounts shown in the table are expressed in New Taiwan dollars. Additionally, paid-in capital is translated using the exchange rates at the time of initial investment.

• Note 4: In accordance with the regulations, the ceiling of investment is the net assets of the parent company or 60% of consolidated net assets, whichever is higher. However, the parent company has obtained the

• operating headquarters certificate issued by the Industrial Development Administration Ministry of Economic Affairs for the period from June 1, 2021 to June 1, 2024, therefore, according to the regulations of the Dept. of Investment Review, MOEA there is no ceiling of the investment amount.

• Note 5: The Company acquired 67%, 70% and 19% equity interest in HEILONGJIANG WEI CHUAN FOOD CO., HEILONGJIANG WEI CHUAN DAIRY CO. and Shanghai Wei Chuan Foods Industrial Co., Ltd., through its direct wholly- owned investee company, WEI-CHUAN INTERNATIONAL LIMITED.

• Note 6: The Company acquired 100% equity interest in Hangzhou Weichuan Biotechnology Foods Co., Ltd., HANGZHOU WEI-CHUAN FOOD CO., LTD. and WEI CHUAN FOODS INVESTMENT CO., LTD. through its direct wholly-owned investee company, WEI-CHUAN(BVI) CO., LTD.

• Note 7: The company acquired 98.68% equity interest in KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD., through its indirect 98.68% owned investee company, KingCan (BVI) Corporation. In December 2023, the board of directors passed a resolution to handle liquidation and other related matters. Liquidation has been completed on Feb. 27, 2024.

• Note 8: The Company acquired 99.99% equity interest in HANGZHOU CONCOURSE TRADING CO., LTD. through its indirect 99.99% owned investee company, CONCOURSE INTERNATIONAL LIMITED.

• Note 9: The Company acquired 100% equity interest in HANGZHOU WEICHUAN FOOD CO., LTD., LANGFANG WEI-CHUAN FOODS CO., LTD., SUZHOU WEI-CHUAN FOODS CO., LTD.,

• through its direct wholly-owned investee company, WEI CHUAN FOODS INVESTMENT CO., LTD.

• Note 10: The company acquired 98.68% equity interest in KUNSHAN KING CAN MOLD INDUSTRIAL CO., LTD., through its indirect 98.68% owned investee company, KingCan (BVI) Corporation. In December 2023, the board of directors passed a resolution to handle liquidation and other related matters, the relevant investment review and preparation procedures from the Dept. of Investment Review, MOEA has been completed on February 1, 2024.

Table 8, Page 2

Wei Chuan Foods Corporation and subsidiaries

Table 9

Major shareholders information

Year ended December 31, 2023

Name of major shareholders		Shares
	Number of shares held(common shares)	Number of shares held(preference shares)	Ownership (%)
KANG CHENG CO., LTD. KANG CHAU COMPANY LTD. KONG SHENG INVESTMENT CORP. KONG CHING CORP. LTD. KONG FA INVESTMENT CORP.	50,523,000 50,407,000 36,688,000 35,880,000 29,828,000	- - - - -	9.98% 9.96% 7.24% 7.09% 5.89%

• Note 1: The major shareholders information was derived from the data that the Company issued common shares (including treasury shares) and preference shares in dematerialised form which were registered and held by the shareholders above 5% on the last operating date of each quarter and was calculated by Taiwan Depository & Clearing Corporation. The share capital which was recorded in the financial statements may differ from the actual number of shares issued in dematerialised form because of a different calculation basis.

• Note 2: If the aforementioned data contains shares which were held in trust by the shareholders, the data disclosed is the settlor’s separate account for the fund set by the trustee. As for the shareholder who reports share equity as an

insider whose shareholding ratio is greater than 10% in accordance with Securities and Exchange Act, the shares include the self-owned shares and shares held in trust, and at the same time, the shareholder has the power to decide how to allocate the trust assets. The information on the reported share equity of insider is provided in the “Market Observation Post System”.

Table 9, Page 1