Stock Code:8442

WW Holding Inc. AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors' Report

For the Years Ended December 31, 2025 and 2024

Address: P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Is

Address: Rm. 7, 3F., No. 1, Wuquan 1st Rd., Xinzhuang Dist., New Taipei City 242, Taiwan (R.O.C.)

Telephone: (02)2298-2927

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

Contents	Page
1. Cover Page	1
2. Table of Contents	2
3. Independent Auditors’ Report	3
4. Consolidated Balance Sheets	4
5. Consolidated Statements of Comprehensive Income	5
6. Consolidated Statements of Changes in Equity	6
7. Consolidated Statements of Cash Flows	7
8. Notes to the Consolidated Financial Statements
(1) Company history	8
(2) Approval date and procedures of the consolidated financial statements	8
(3) New standards, amendments and interpretations adopted	8~10
(4) Summary of material accounting policies	10~26
(5) Significant accounting assumptions and judgments, and major sources of estimation uncertainty	27
(6) Explanation of significant accounts	27~61
(7) Related-party transactions	61~66
(8) Assets Pledged as security	66
(9) Significant Commitments and contingencies	67
(10) Losses Due to Major Disasters	67
(11) Subsequent Events	67
(12) Other	67
(13) Other disclosures
(a) Information on significant transactions	68~72
(b) Information on investees	72
(c) Information on investment in Mainland China	73
(14) Segment information	74~76

KPMG

多快速索群合作計算學合作

KPMG

台北市110615信義路5段7號68樓(台北101大樓)

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

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

電話 Tel +886 2 8101 6666

傳真 Fax +886 2 8101 6667

網址 Web kpmg.com/tw

Independent Auditors’ Report

To the Board of Directors of WW Holding Inc.:

Opinion

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

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”), Interpretations developed by the International Financial Reporting Interpretations Committee (“IFRIC”) or the former Standing Interpretations Committee (“SIC”) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.

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

KPMG
3-1

Revenue recognition

Refer to Note (4)(n) and Note (6)(u) “Significant accounting assumptions and judgments, and major sources of estimation uncertainty”, of the consolidated financial statements.

Description of key audit matter:

Since revenue recognition is a concern for stakeholders, the test of revenue recognition is one of the key matters in our audit.

How the matter was addressed in our audit:

In relation to the key audit matter above, our audit procedures include:

Understand the purchase terms and conditions of the Group's major clients, and evaluate whether the timing of revenue recognition under the accounting policies is appropriate.
Analyze and compare the revenue from the Group's major clients to identify any significant anomalies.
Testing the sales and collection cycle, including the design and effectiveness of related internal controls.
Select shipments around the balance sheet date and verify relevant documents and forms to ensure that sales revenue is recognized in the appropriate period in the financial statements.
Assessing the adequacy of the Group’s disclosures in respect of revenue recognition.
Inventory valuation

Refer to Note (4)(h) “Inventory” for significant accounting policies regarding inventory valuation. For the accounting estimates and assumptions regarding inventory valuation and disclosures, refer to Note (5) and Note (6)(e) of the consolidated financial statements.

Description of key audit matter:

The management team of the Group uses lower of cost or net realizable value to value its inventory impairment. Under the impact of economic fluctuations, products can be out-of-date that can result the inventory to be obsolete or the costs to be higher than its net realizable value. The valuation of net realizable value also involves critical estimates and measurement uncertainty. Therefore, the valuation of inventory impairment is one of the key matters in our audit.

How the matter was addressed in our audit:

The main audit procedures for the above critical matter are as follows:

Re-evaluate whether the provisions for inventory write-downs are made in accordance with the Group's policy.
Obtain the detailed calculation sheet for the Group's provision for inventory write-downs and verify its consistency with the recorded accounts.
Obtain and inspect the accuracy of the inventory aging report calculations.
Understand the sales prices used by management in inventory valuation and inspect supporting documents for related transactions to evaluate the reasonableness of the net realizable value of inventory.
Assessing the adequacy of the Group’s disclosures in respect of inventory.

KPMG

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

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

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

Those charged with governance (including the Audit Committee) are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

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

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

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

KPMG

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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

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

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

The engagement partners on the audit resulting in this independent auditors' report are Chou, Pao-Lian and Lee, Fang-Yi.

KPMG

Taipei, Taiwan (Republic of China)

March 13, 2026

Notes to Readers

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

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

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

WW Holding Inc. and Subsidiaries

Consolidated Balance Sheets

December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollar)

Assets		December 31, 2025		December 31, 2024
Current assets:		Amount	%	Amount	%
1100	Cash and cash equivalents (note (6)(a))	$ 917,814	13	1,166,717	17
1110	Current financial assets at fair value through profit or loss (note (6)(b) and (m))	-	-	471	-
1170	Accounts receivable, net (note (6)(c))	1,392,064	20	1,119,975	16
1180	Accounts receivable due from related parties, net (note (6)(c) and (7))	1,132,743	16	1,039,001	15
1200-10	Other receivables (including related parties) (note (6)(d) and (7))	47,662	1	19,316	-
1220	Current tax assets	1,562	-	7,650	-
130X	Inventories (note (6)(e))	1,130,955	16	1,204,920	18
1470	Other current assets (note (6)(j), (7) and (8))	743,931	10	623,233	9
	Total current assets	5,366,731	76	5,181,283	75
	Non-current assets:
1600	Property, plant and equipment (note (6)(f) and (7))	1,189,709	17	1,086,793	16
1755	Right-of-use assets (note (6)(g) and (7))	209,273	3	339,839	5
1780	Intangible assets (note (6)(h))	121,492	2	131,997	2
1900	Other non-current assets (note (6)(j), (7) and (8))	129,169	2	152,059	2
	Total non-current assets	1,649,643	24	1,710,688	25
Liabilities and Equity	December 31, 2025	December 31, 2024
---	---	---
Current liabilities:	Amount %	Amount %
2100 Short-term borrowings (note (6)(k), (7) and (8))	$ 870,257	12 441,114
2130 Current contract liabilities (note (6)(u))	11,939	- 10,792
2150-70 Notes and accounts payable	663,608	10 670,598
2160-80 Notes and accounts payable to related parties (note (7))	144,165	2 263,285
2200 Other payables (note (6)(n))	558,229	8 680,103
2220 Other payables to related parties (note (7))	3,717	- 9,480
2230 Current tax liabilities	116,866	2 126,015
2251 Current provisions for employee benefits	14,739	- 16,028
2280 Current lease liabilities (including related parties) (note (6)(o) and (7))	87,745	1 151,348
2320 Long-term borrowings, current portion (note (6)(l), (m), (7) and (8))	403,439	6 155,601
2300 Other current liabilities	4,067	- 3,556
Total current liabilities	2,878,771	41 2,527,920
Non-Current liabilities:
2530 Bonds payable (note (6)(m) and (8))	-	- 348,979
2540 Long-term borrowings (note (6)(l), (7) and (8))	235,097	3
2551 Non-current provisions for employee benefits (note (6)(p))	29,264	- 31,308
2580 Non-current lease liabilities (including related parties) (note (6)(o) and (7))	95,005	2 160,637
2630 Long-term deferred revenue (note (6)(i))	3,597	- 3,773
2645 Guarantee deposits received	4,860	- 5,628
Total non-current liabilities	367,823	5 550,325
Total liabilities	3,246,594	46 3,078,245
Equity attributable to owners of parent (note 6(m) and (r)):
3100 Ordinary shares	701,698	10 672,748
3200 Capital surplus	1,549,858	22 1,421,151
3300 Retained earnings	1,567,616	22 1,718,446
3410 Exchange differences on translation of foreign financial statements	(49,392)	- 1,381
Total equity attributable to owners of parent:	3,769,780	54 3,813,726
Total equity	3,769,780	54 3,813,726
Total liabilities and equity	$ 7,016,374	100 6,891,971

Total assets $ 7,016,374 100 6,891,971 100

See accompanying notes to consolidated financial statements.

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2025 and 2024

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

	2025		2024
		Amount	%	Amount	%
4000	Operating revenues (note (6)(u) and (7))	$ 8,099,457	100	8,337,428	100
5000	Operating costs (note (6)(e), (7) and (12))	6,549,588	81	6,586,038	79
5900	Gross profit from operations	1,549,869	19	1,751,390	21
	Operating expenses (note (6)(c), (t) and (12)):
6100	Selling expenses	360,647	4	357,382	4
6200	Administrative expenses	534,003	7	508,976	6
6300	Research and development expenses	174,731	2	186,867	2
6450	Expected credit losses (gains)	5,351	-	3,334	-
	Total operating expenses	1,074,732	13	1,056,559	12
6900	Net operating income	475,137	6	694,831	9
	Non-operating income and expenses (note (6)(i),(m),(v) and (7)):
7020	Other gains and losses, net	(88,202)	(1)	132,587	2
7100	Interest income	29,870	-	38,611	-
7050	Finance costs	(70,381)	(1)	(57,630)	(1)
	Total non-operating income and expenses	(128,713)	(2)	113,568	1
7900	Profit before income tax	346,424	4	808,399	10
7950	Less: Income tax expenses (note (6)(q))	59,315	1	64,713	1
	Profit	287,109	3	743,686	9
8300	Other comprehensive income (loss):
8360	Components of other comprehensive income (loss) that will be reclassified to profit or loss (note (6)(q) and (r))
8361	Exchange differences on translation of foreign operations	(50,773)	-	157,427	2
8399	Income tax related to components of other comprehensive income (loss) that will be reclassified to profit or loss	-	-	-	-
	Components of other comprehensive income (loss) that will be reclassified to profit or loss
8300	Other comprehensive income (loss)	(50,773)	-	157,427	2
8500	Total comprehensive income	$ 236,336	3	901,113	11
	Profit attributable to:
8610	Owners of parent	$ 287,109	3	743,686	9
	Profit	$ 287,109	3	743,686	9
	Comprehensive income attributable to:
8710	Owners of parent	$ 236,336	3	901,113	11
	Comprehensive income	$ 236,336	3	901,113	11
	Earnings per share (in dollars) (note (6)(s))
9750	Basic earnings per share	$	4.18		11.12
9850	Diluted earnings per share	$	4.02		10.16

See accompanying notes to consolidated financial statements.

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Changes in Equity

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollar)

	Equity attributable to owners of parent
			Retained earnings			Total other equity interest
	Ordinary shares	Capital surplus	Special reserve	Unappropriated retained earnings	Total retained earnings	Exchange differences on translation of foreign financial statements	Total equity attributable to owners of parent	Total equity
Balance at January 1, 2024	$ 660,586	1,353,432	229,599	1,097,596	1,327,195	(156,046)	3,185,167	3,185,167
Profit	-	-	-	743,686	743,686	-	743,686	743,686
Other comprehensive loss	-	-	-	-	-	157,427	157,427	157,427
Total comprehensive income	-	-	-	743,686	743,686	157,427	901,113	901,113
Appropriation and distribution of retained earnings: Cash dividends of ordinary share	-	-	-	(352,435)	(352,435)	-	(352,435)	(352,435)
Conversion of preference share	12,162	67,719	-	-	-	-	79,881	79,881
Balance at December 31, 2024	672,748	1,421,151	229,599	1,488,847	1,718,446	1,381	3,813,726	3,813,726
Profit	-	-	-	287,109	287,109	-	287,109	287,109
Other comprehensive income	-	-	-	-	-	(50,773)	(50,773)	(50,773)
Total comprehensive income	-	-	-	287,109	287,109	(50,773)	236,336	236,336
Appropriation and distribution of retained earnings: Cash dividends of ordinary share	-	-	-	(437,939)	(437,939)	-	(437,939)	(437,939)
Conversion of preference share	28,950	128,707	-	-	-	-	157,657	157,657
Balance at December 31, 2025	$ 701,698	1,549,858	229,599	1,338,017	1,567,616	(49,392)	3,769,780	3,769,780

See accompanying notes to consolidated financial statements.

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollar)

	2025	2024
Cash flows from (used in) operating activities:
Profit before tax	$ 346,424	808,399
Adjustments:
Adjustments to reconcile (profit) loss
Depreciation expense	260,660	270,845
Amortization expense	7,786	8,439
Expected credit impairment losses	5,351	3,334
Net losses on financial assets or liabilities at fair value through profit or loss	471	2,485
Interest expense	70,381	57,630
Interest income	(29,870)	(38,611)
Losses from disposal of property, plan and equipment	1,442	467
Unrealized foreign exchange losses (gains)	9,738	(23,386)
Deferred income recognized	(100)	(103)
Total adjustments to reconcile losses	325,859	281,100
Changes in operating assets and liabilities:
Changes in operating assets:
Increase in accounts receivable	(285,526)	(71,075)
Increase in accounts receivable due from related parties	(95,256)	(309,897)
(Increase) decrease in other receivable	(26,219)	246,196
Increase in other receivable due from related parties	(524)	(3,156)
Decrease (increase) in inventories	73,965	(285,180)
Increase in other current assets	(2,520)	(81,606)
Total changes in operating assets	(336,080)	(504,718)
Changes in operating liabilities:
Increase in contract liabilities	157	3,391
(Decrease) increase in accounts payable	(4,002)	182,496
(Decrease) increase in accounts payable due from related parties	(118,625)	62,713
Decrease in other payable	(133,985)	(51,240)
Decrease in other payable due from related parties	(5,750)	(12,419)
(Decrease) increase in provisions	(3,333)	6,178
Increase (decrease) in other current liabilities	513	(728)
Total changes in operating liabilities	(265,025)	190,391
Total changes in operating assets and liabilities	(601,105)	(314,327)
Total adjustments	(275,246)	(33,227)
Cash inflow generated from operations	71,178	775,172
Interest received	29,346	39,754
Income taxes paid	(62,376)	(13,436)
Net cash flows from operating activities	38,148	801,490

See accompanying notes to consolidated financial statements.

7-1

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollar)

	2025	2024
Cash flows from (used in) investing activities:
Acquisition of property, plant and equipment	$ (144,605)	(275,004)
Proceeds from disposal of property, plant and equipment	5,314	801
Decrease in refundable deposits	2,696	1,474
Acquisition of intangible assets	(548)	(2,172)
Increase in other financial assets	(83,219)	(14,892)
Increase in prepayments for business facilities	(15,416)	(13,228)
Net cash flows used in investing activities	(235,778)	(303,021)
Cash flows from (used in) financing activities:
Increase in short-term borrowings	5,440,133	3,035,069
Decrease in short-term borrowings	(5,004,231)	(2,941,705)
Proceeds from long-term debt	280,184	-
Repayments of long-term borrowings	-	(141,350)
(Decrease) increase in guarantee deposits received	(768)	359
Payment of lease liabilities	(143,417)	(162,302)
Cash dividends paid	(437,939)	(352,435)
Interest paid	(61,156)	(47,643)
Net cash flows from (used in) financing activities	72,806	(610,007)
Effect of exchange rate changes on cash and cash equivalents	(124,079)	87,359
Net decrease in cash and cash equivalents	(248,903)	(24,179)
Cash and cash equivalents at beginning of period	1,166,717	1,190,896
Cash and cash equivalents at end of period	$ 917,814	1,166,717

See accompanying notes to consolidated financial statements.

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

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and 2024

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

(1) Company history

WW Holding Inc. (the “Company”) was incorporated as a company in November 27, 2009 in Cayman Islands. The address of the Company’s registered office is P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands. The Company and its subsidiaries (together referred to as the “Group”) primarily engaged in the manufacturing and selling of sports equipment, sports clothing, sports accessories, handbags, belts, suitcases, and leather accessories. Please refer to Note (14) for segment information.

The Company’s ordinary shares were listed on the Taiwan Stock Exchange (TWSE) on November 8, 2016.

(2) Approval date and procedures of the consolidated financial statements:

These consolidated financial statements were authorized for issue by the Board of Directors on March 13, 2026.

(3) New standards, amendments and interpretations adopted:

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

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

Amendments to IAS21 “Lack of Exchangeability”

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

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

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

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

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

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

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

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

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

(4) Summary of material accounting policies

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

(a) Statement of compliance

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

(b) Basis of preparation

(i) Basis of measurement

Except for certain parts of financial assets (liabilities) that are measured based on fair market value, the consolidated financial statements have been prepared on a historical cost basis.

(ii) Functional and presentation currency

The functional currency of each Group entity is determined based on the primary economic environment in which the entity operates. The functional currency of the consolidated financial statements was the U.S. Dollars (USD) before 2021, in response to changes in the economic environment and financing activities in Taiwan, the board of directors of the Group approved the resolution to change the functional currency of the consolidated financial statements to New Taiwan Dollars (NTD) since 2022, and in accordance with IAS 21 "The effects of changes in exchange rates", the effect was postponed to January 1 2022. The statements are presented in NTD. All financial information presented in NTD is in thousand. The Group converts all financial information into the new functional currency at the exchange rate on the date of change. The exchanged amounts of non-monetary items is regarded as its historical cost. The functional currency of the components entities of the Group which is different from the Group's will be converted as following manners:

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

1) Converted each assets and liabilities in the exchange rate of the balance sheet date.
2) The consolidated income statements and cash flow statements use the average exchange rate of the year.
3) The exchange gains and losses are recorded as other comprehensive income accordingly.

(c) Basis of consolidation

(i) Principles of preparation of the consolidated financial statements

The consolidated financial statements comprise the Company and subsidiaries. Subsidiaries are entities controlled by the Group. The Group “controls” an entity when it is exposed to, 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.

The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intragroup balances and transactions, and any unrealized income and expenses arising from Intragroup transactions are eliminated in preparing the consolidated financial statements. The Group attributes the profit or loss and each component of other comprehensive income to the owners of the parent and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.

The Group prepares consolidated financial statements using uniform accounting policies for like transactions and other events in similar circumstances.

Changes in the Group’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received will be recognized directly in equity, and the Group will attribute it to the owners of the parent.

(ii) List of subsidiaries in the consolidated financial statements

List of subsidiaries in the consolidated financial statements are as follows:

Name of investor	Name of subsidiary	Principal activity	Shareholding		Note
			December 31, 2025	December 31, 2024
The Company	Wellpower Commerce Holding Co., Limited (Wellpower (HK))	Trading and holding controlling ownership	100 %	100 %	Subsidiary
〃	Wilson Group Holdings Limited (SAMOA) (Wilson (Samoa))	Trading and holding controlling ownership	100 %	100 %	〃
〃	Global Worth Investment Holding Ltd. (GWI)	Trading and holding controlling ownership	100 %	100 %	〃
〃	Virtue King International Limited (VK (Samoa))	Trading and holding controlling ownership	100 %	100 %	〃

(Continued)

WW Holding Inc. and Subsidiaries Notes to the Consolidated Financial Statements

Name of investor	Name of subsidiary	Principal activity	Shareholding		Note
			December 31, 2025	December 31, 2024
Wellpower Commerce Holding Co., Limited	Wellpower Trading Co., Ltd. (Wellpower (Samoa))	Trading and holding controlling ownership	100 %	100 %	Second-tier subsidiary
#	Wellpower (JIANG XI) Sporting Goods Co., Ltd. (Wellpower (Jiangxi))	Manufacturing and selling sports equipment, sports clothing, and handbags	100 %	100 %	#
#	Wellpower (DONG GUAN) Sporting Goods Co., Ltd. (Wellpower (Dong Guan))	Manufacturing and selling sports equipment, sports clothing, and handbags	100 %	100 %	#
#	WP Sports (Cambodia) Co., Ltd (WP (Cambodia))	Manufacturing and selling sports equipment, sports clothing, and handbags	100 %	100 %	#
Wilson Group Holdings Limited (SAMOA)	Wilson Group Holdings Limited (Wilson (HK))	Trading and holding controlling ownership	100 %	100 %	#
#	Wilson Holdings (HK) Limited (Wilson Holdings (HK))	Holding company	100 %	100 %	#
Global Worth Investment Holding Ltd.	Global Vibrant Trading Limited (GVT)	Trading business	100 %	100 %	#
#	TWT Manufacturing Co., Ltd. (TWT)	Manufacturing and selling luxury suitcases and business bags	100 %	100 %	#
Virtue King International Limited	Virtue King Vietnam Company Limited (VK (Vietnam))	Manufacturing and selling sports bags	100 %	100 %	#
Wilson Group Holdings Limited	Wilson Leather (Cambodia) Co., Ltd. (Wilson (Cambodia))	Manufacturing and selling luxury bags	100 %	100 %	Third-tier subsidiary
#	Hong Sheng Leather (DONGGUAN) Ind. Co., Ltd. (Hong Sheng (Dongguan))	Manufacturing and selling luxury bags	100 %	100 %	#
#	Guang Dong Angaea International Co., Ltd. (Guang Dong Angaea)	Trading business	100 %	100 %	#
Wellpower Trading Co., Ltd.	Grenland Investment and Development (Cambodia) Co.,Ltd (GID)	land development	100 %	100 %	#
Wilson Holdings (HK) Limited	Jiangsu Wilson International Ind. Co., Ltd. (Wilson (Jiangsu))	Manufacturing and selling luxury bags	100 %	100 %	#
#	Nice-Bag Ind. Co., Ltd. (Nice-Bag (Jiangsu))	Manufacturing and selling luxury bags	100 %	100 %	#

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(d) Foreign currencies

(i) Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of the Group’s entities at the exchange rates at the dates of the transactions. At the end of each subsequent reporting period, monetary items denominated in foreign currencies are translated into the functional currencies using the exchange rate at that date. Non-monetary items denominated in foreign currencies that are measured at fair value are translated into the functional currencies using the exchange rate at the date that the fair value was determined. Non-monetary items denominated in foreign currencies that are measured based on historical cost are translated using the exchange rate at the date of the transaction. Exchange differences are generally recognized in profit or loss.

(ii) Foreign operations

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

When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes only a part of its investment in an associate of joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from such a monetary item that are considered to form part of the net investment in the foreign operation are recognized in other comprehensive income.

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

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

(i) It is expected to be realized, or intended to be sold or consumed, in the normal operating cycle;

(ii) It is held primarily for the purpose of trading;

(iii) It is expected to be realized within twelve months after the reporting period; or

(iv) The asset is cash or a cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

(i) It is expected to be settled in the normal operating cycle;

(ii) It is held primarily for the purpose of trading;

(iii) It is due to be settled within twelve months after the reporting period; or

(iv) The Group does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period.

(f) Cash and cash equivalents

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

Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the consolidated statement of cash flows.

(g) Financial instruments

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

(i) Financial assets

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

On initial recognition, a financial asset is classified as measured at: amortized cost; Fair value through other comprehensive income (FVOCI) – debt investment; FVOCI – equity investment; or FVTPL. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

1) Financial assets measured at amortized cost

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

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

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

2) Fair value through other comprehensive income (FVOCI)

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL :

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

3) Impairment of financial assets

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

The Group measures loss allowances at an amount equal to lifetime expected credit loss (ECL), except for the following which are measured as 12-month ECL:

debt securities that are determined to have low credit risk at the reporting date; and
other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

Loss allowance for trade receivables are always measured at an amount equal to lifetime ECL.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due.

The Group considers a financial asset to be in default when the financial asset is more than 180 days past due or the debtor is unlikely to pay its credit obligations to the Group in full.

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

At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt securities at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data :

significant financial difficulty of the borrower or issuer ;
a breach of contract such as a default or being more than 180 days past due ;
the lender of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession that the lender would not otherwise consider ;
it is probable that the borrower will enter bankruptcy or other financial reorganization ; or
the disappearance of an active market for a security because of financial difficulties.

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charge to profit or loss and is recognized in other comprehensive income instead of reducing the carrying amount of the asset.

The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

4) Derecognition of financial assets

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Group enters into transactions whereby it transfers assets recognized in its statement of balance sheet, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

(ii) Financial liabilities and equity instruments

1) Classification of debt or equity

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

2) Equity instrument

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

3) Compound financial instruments

Compound financial instruments issued by the Group comprise convertible bonds denominated in NTD that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.

The liability component of compound financial instruments is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not remeasured.

Interest related to the financial liability is recognized in profit or loss. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognized.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

4) Financial liabilities

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

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

5) Derecognition of financial liabilities

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

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

6) Offsetting of financial assets and liabilities

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

(iii) Derivative financial instruments

The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss.

(h) Inventories

Inventories are measured at the lower of cost and net realizable value. The cost of inventories is calculated using the weighted average method, and includes expenditure incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their present location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity.

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(i) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses.

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

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

(ii) Subsequent expenditure

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

(iii) Depreciation

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

Land is not depreciated.

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

1) Buildings 10~48 years
2) Machinery and equipment 1~15 years
3) Office and other equipment 1~20 years

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

(j) Leases

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

(i) As a leasee

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

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

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

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

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

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

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

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

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

If an arrangement contains lease and non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of land and buildings in which it is a lessee, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of buildings and office equipments that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

(ii) As a leasor

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

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption described above, then it classifies the sub-lease as an operating lease.

If an arrangement contains lease and non-lease components, the Group applies IFRS15 to allocate the consideration in the contract.

The lessor recognizes a finance lease receivable at an amount equal to its net investment in the lease. Initial direct costs, such as lessors to negotiate and arrange a lease, are included in the measurement of the net investment. The lessor recognizes the interest income over the lease term based on a pattern reflecting a constant periodic rate of return on the lessor’s net investment in the lease. The Group recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of ‘other income’.

(k) Intangible assets

(i) Recognition and measurement

Goodwill arising on the acquisition of subsidiaries is measured at cost, less accumulated impairment losses.

Expenditure on research activities is recognized in profit or loss as incurred.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to, and has sufficient resources to, complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost, less accumulated amortization and any accumulated impairment losses.

Other intangible assets, including customer relationships, that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses.

(ii) Subsequent expenditure

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

(iii) Amortization

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

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

1) Computer software 1~10 years
2) Customer relationships 9~10 years

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

(1) Impairment of non-financial assets

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

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

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

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

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

(m) Provisions

A provision is recognized if, as a result of a past event, the Group has a present obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

(n) Revenue recognition

(i) Revenue from contracts with customers

1) Sale of goods

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

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

2) Processing fees revenue

The Group provides luxury bags processing services for international companies and recognizes revenue while providing the services.

3) Financing components

The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(o) Government grants and government assistance

The Group recognizes an unconditional government grant related to social insurance in profit or loss as other income when the grant becomes receivable. Other government grants related to assets are initially recognized as deferred income at fair value if there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant; they are then recognized in profit or loss as other income on a systematic basis over the useful life of the asset. Grants that compensate the Group for expenses or losses incurred are recognized in profit or loss on a systematic basis in the periods in which the expenses or losses are recognized.

(p) Employee benefits

(i) Defined contribution plans

Obligations for contributions to the defined contribution plans are expensed as the related service is provided.

(ii) Defined benefit plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s obligation in respect to defined benefits plans is calculated on the basis of estimating the amounts of future benefits that the employees have earned in return for their service in the current and prior periods.

(iii) Short term employee benefits

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

(q) Income taxes

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

The Group determined that interest or penalties related to income taxes (including uncertain tax treatments) do not meet the definition of income taxes and are therefore accounted for in accordance with IAS 37.

The Group also concluded that the top-up tax payable under the Global Minimum Tax – Pillar Two regime falls within the scope of IAS 12 “Income Taxes.” The Group has applied the mandatory temporary exception to the accounting for deferred taxes related to top-up tax, and any actual top-up tax incurred is recognized as current income tax.

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

(i) Temporary differences on the initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profits (losses) at the time of the transaction;

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

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

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

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

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

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

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

1) the same taxable entity; or

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

(r) Business combination

The Company accounts for business combinations using the acquisition method. The goodwill arising from an acquisition is measured as the excess of (i) the consideration transferred (which is generally measured at fair value) and (ii) the amount of non-controlling interest in the acquiree, both over the identifiable net assets acquired at the acquisition date. If the amount calculated above is a deficit balance, the Company recognized that amount as a gain on a bargain purchase in profit or loss immediately after reassessing whether it has correctly identified all of the assets acquired and all of the liabilities assumed.

All acquisition-related transaction costs are expensed as incurred, except for the issuance of debt or equity instruments.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

For each business combination, the Group measures any non-controlling interests in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets, if the non-controlling interests are present ownership interests and entitle their holders to a proportionate share of the acquire’s net assets in the event of liquidation. Other components of non-controlling interests are measured at their acquisition-date fair values, unless another measurement basis is required by the IFRSs endorsed by the FSC.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, provisional amounts for the items for which the accounting is incomplete are reported in the Group’s financial statements. During the measurement period, the provisional amounts recognized at the acquisition date are retrospectively adjusted, or additional assets or liabilities are recognized to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The measurement period will not exceed one year from the acquisition date.

The Group recognizes the acquisition-date fair value of the contingent consideration as part of the consideration transferred. The cost of the acquisition and measuring goodwill will retrospectively be adjusted when some changes in the fair value of contingent consideration that the Group recognizes have been made after the acquisition date. Measurement period adjustments is the result of additional information that the Group obtained after that date about facts and circumstances that existed at the acquisition date. The measurement period will not exceed one year from the acquisition date. The Group accounts for the changes in the fair value of contingent consideration that are not measurement period adjustments based on the classification of contingent consideration. Contingent consideration classified as equity shall not be remeasured and its subsequent settlement will be accounted for within equity. Others will be measured at fair value at each reporting date and changes in fair value will be recognized in profit or loss or other comprehensive income.

(s) Earnings per share

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

(t) Operating segments

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

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

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

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

Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements is as follows:

(a) The loss allowance of trade receivables

The Group has estimated the loss allowance of trade receivables that is based on the risk of a default occurring and the rate of expected credit loss. The Group has considered historical experience, current economic conditions and forward-looking information at the reporting date to determine the assumptions to be used in calculating the impairments and the selected inputs. The relevant assumptions and input values, please refer to Note (6)(c).

(b) Valuation of inventories

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

(6) Explanation of significant accounts:

(a) Cash and cash equivalents

	December 31, 2025	December 31, 2024
Cash on hand	$ 22,022	13,686
Demand deposits	809,552	751,933
Time deposits	86,240	401,098
Cash and cash equivalents in the consolidated statement of cash flows	$ 917,814	1,166,717

For the interest rate risk and sensitivity analysis of the Group’s financial assets and liabilities, please refer to Note (6)(w).

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(b) Financial assets

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

	December 31, 2025	December 31, 2024
Financial assets at fair value through profit or loss - Current
Derivative instruments of convertible bonds	$ -	471
Total	$ -	471

For the amounts remeasured at fair value through profit or loss by the Group, please refer to Note 6(v), and for information relating to fair value remeasurement, please refer to Note 6(w).

(c) Accounts receivable

	December 31, 2025	December 31, 2024
Accounts receivable–measured as amortized cost	$ 1,413,623	1,147,799
Less: Loss allowance	(21,559)	(27,824)
Net	1,392,064	1,119,975
Accounts receivable due from related parties	1,137,319	1,042,873
Less: Loss allowance	(4,576)	(3,872)
Net	1,132,743	1,039,001
Total	$ 2,524,807	2,158,976

The Group applies the simplified approach, which uses the lifetime expected loss provision for all receivables, to estimate and measure its expected credit losses. Wherein its accounts receivable are being grouped based on shared credit risk characteristics and its clients' ability to make payments as well as incorporated forward looking information, including macroeconomic and relevant industry information. With respect to accounts receivable overdue for more than 180 days as of December 31, 2025 and 2024, the impairment losses of $7,591 thousand and $15,393 thousand respectively, had been recognized.

The expected credit loss analysis of the accounts receivable and the other receivables of the Group's sports equipment business were determined as follows:

	December 31, 2025
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 989,493	0.03%	284
1 to 60 days past due	14,846	5.64%~19.16%	1,243
61 to 150 days past due	18,949	0.79%~30.17%	5,672
More than 151 days past due	7,047	80.62%~100%	6,903
Total	$ 1,030,335		14,102

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	December 31, 2024
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 789,074	0.07%	519
1 to 60 days past due	6,311	2.41%~9.2%	198
61 to 150 days past due	812	20.81%	169
More than 151 days past due	5,258	100%	5,258
Total	$ 801,455		6,144

The expected credit loss analysis of the accounts receivable and the other receivables of the Group’s luxury bag business were determined as follows:

	December 31, 2025
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 1,415,010	0.22%	3,069
1 to 60 days past due	104,215	1.98%~11.18%	2,959
61 to 150 days past due	73	20.55%	15
More than 151 days past due	1,309	81.82%~100%	1,305
Total	$ 1,520,607		7,348
	December 31, 2024
	Gross carrying amount	Weighted-average loss rate	Loss allowance provision
Current	$ 1,275,844	0.24%	3,003
1 to 60 days past due	103,101	1.93%~8.6%	2,752
61 to 150 days past due	116	18.97%	22
More than 151 days past due	10,156	66.67%~100%	10,149
Total	$ 1,389,217		15,926

The movements in the allowance for accounts receivable and the other receivables were as follows:

	2025	2024
Balance on January 1	$ 31,696	29,095
Impairment losses recognized	5,351	3,334
Written off unrecoverable amount	(9,579)	(2,700)
Effect of movements in exchange rates	(1,333)	1,967
Balance on December 31	$ 26,135	31,696

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

As of December 31, 2025 and 2024, the accounts receivables were not pledged as collateral. For credit risks and market risks, please refer to Note (6)(w).

(d) Other receivables

	December 31, 2025	December 31, 2024
Other receivables	$ 43,497	15,662
Other receivables-related parties	4,165	3,654
Less: Loss allowance	-	-
Net	$ 47,662	19,316

The Group's other receivables mainly consist of receivables for materials, tax refunds, and interest. The Group generally measured its loss allowance at an amount equal to lifetime ECL.

None of the other receivables were past due, and none were pledged as collateral as of December 31, 2025 and 2024.

(e) Inventories

	December 31, 2025	December 31, 2024
Finished goods	$ 390,068	452,717
Work in progress	290,992	312,229
Raw materials and consumables	423,771	416,028
Goods in transit	26,124	23,946
Total	$ 1,130,955	1,204,920

Other than the inventory recognized, the information for other operating expenses were as follows:

	2025	2024
Inventory that has been sold	$ 6,544,300	6,558,313
Impairment loss on inventory and inventory obsolete	6,172	28,615
Gains on inventory physical count	(480)	(288)
Revenue from sale of scraps	(404)	(602)
Total	$ 6,549,588	6,586,038

As of December 31, 2025 and 2024, the inventories were not pledged as collaterals.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(f) Property, plant and equipment

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

	Land	Buildings and construction	Machinery and equipment	Office and other equipment	Construction in progress and equipment pending acceptance	Total
Cost or deemed cost:
Balance on January 1, 2025	$ 229,291	607,867	875,674	253,687	250,368	2,216,887
Additions	445	11,765	88,339	35,612	19,001	155,162
Reclassification	-	220,228	6,905	179	(128,578)	98,734
Disposals	-	-	(48,611)	(7,713)	-	(56,324)
Effect of movements in exchange rates	(5,278)	1,717	(15,446)	(5,540)	(10,930)	(35,477)
Balance on December 31, 2025	$ 224,458	841,577	906,861	276,225	129,861	2,378,982
Balance on January 1, 2024	$ 214,582	583,790	785,472	225,784	19,693	1,829,321
Additions	-	3,103	55,320	20,797	192,876	272,096
Reclassification	-	-	2,809	403	31,937	35,149
Disposals	-	-	(13,596)	(6,710)	-	(20,306)
Effect of movements in exchange rates	14,709	20,974	45,669	13,413	5,862	100,627
Balance on December 31, 2024	$ 229,291	607,867	875,674	253,687	250,368	2,216,887
Depreciation:
Balance on January 1, 2025	$ -	362,464	610,911	156,719	-	1,130,094
Depreciation	-	30,428	56,422	31,689	-	118,539
Disposals	-	-	(42,050)	(7,518)	-	(49,568)
Effect of movements in exchange rates	-	2,592	(8,509)	(3,875)	-	(9,792)
Balance on December 31, 2025	$ -	395,484	616,774	177,015	-	1,189,273
Balance on January 1, 2024	$ -	326,347	537,634	124,390	-	988,371
Depreciation	-	28,771	54,498	31,764	-	115,033
Disposals	-	-	(12,381)	(6,657)	-	(19,038)
Effect of movements in exchange rates	-	7,346	31,160	7,222	-	45,728
Balance on December 31, 2024	$ -	362,464	610,911	156,719	-	1,130,094
Carrying amount:
Balance at December 31, 2025	$ 224,458	446,093	290,087	99,210	129,861	1,189,709
Balance at January 1, 2024	$ 214,582	257,443	247,838	101,394	19,693	840,950
Balance at December 31, 2024	$ 229,291	245,403	264,763	96,968	250,368	1,086,793

(i) Additions

The Group’s property, plant, and equipment in 2025 and 2024 include construction in progress, building construction, and machinery and equipment required for the construction of factory buildings and the expansion of production lines by its Cambodian subsidiaries, WP (Cambodia and GID. In addition, machinery and office equipment were purchased from related parties. Please refer to Note (7).

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(ii) Disposals

For the year 2025, the Group’s property, plant, and equipment included the disposal of unused machines by its mainland subsidiary, Wellpower (Dong Guan), in line with its production line planning. There were no significant disposals in 2024.

(iii) Collaterals

As of December 31, 2025 and 2024, the property, plant and equipment were not pledged as collateral.

(g) Right-of-use assets

	Land	Building and construction	Machinery and equipment	Total
Cost:
Balance at January 1, 2025	$ 56,935	729,650	30,430	817,015
Additions	-	24,600	-	24,600
Disposals	-	(146,485)	-	(146,485)
Effect of movements in foreign exchange rates	(912)	(29,721)	(2,176)	(32,809)
Balance at December 31, 2025	$ 56,023	578,044	28,254	662,321
Balance at January 1, 2024	$ 54,628	642,864	29,864	727,356
Additions	-	129,412	-	129,412
Disposals	-	(72,441)	-	(72,441)
Effect of movements in foreign exchange rates	2,307	29,815	566	32,688
Balance at December 31, 2024	$ 56,935	729,650	30,430	817,015
Accumulated depreciation and impairment losses:
Balance at January 1, 2025	$ 17,724	435,615	23,837	477,176
Depreciation	1,223	135,250	5,648	142,121
Disposals	-	(147,011)	-	(147,011)
Effect of movements in foreign exchange rates	(259)	(17,277)	(1,702)	(19,238)
Balance at December 31, 2025	$ 18,688	406,577	27,783	453,048
Balance at January 1, 2024	$ 15,780	300,267	17,421	333,468
Depreciation	1,267	148,498	6,047	155,812
Disposals	-	(27,489)	-	(27,489)
Effect of movements in foreign exchange rates	677	14,339	369	15,385
Balance at December 31, 2024	$ 17,724	435,615	23,837	477,176
Carrying amount:
Balance at December 31, 2025	$ 37,335	171,467	471	209,273
Balance at January 1, 2024	$ 38,848	342,597	12,443	393,888
Balance at December 31, 2024	$ 39,211	294,035	6,593	339,839

In 2006 and 2011, the subsidiary, Wellpower (Jiangxi), prepaid rent to the County Government of Xingguo, Jiangxi Province, People’s Republic of China (Jiangxi Government), and to its Bureau of Land and Resources, for the land located in Xingguo Industrial Park (143.78 acres). The rented land was used for building factories, with a lease term of 50 years.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

In 2006, the subsidiary, Wilson (Jiangsu), prepaid rent to the People's Government of Huai'an City, Jiangsu Province, People's Republic of China, for the land located in Huai'an Economic Development Area (108.11 acres). The rented land was used for building factories and a staff dormitory, with a lease term of 50 years.

(i) Additions and Disposals

For the year 2025, the Group derecognized certain right-of-use assets because its mainland subsidiary, Wellpower (Dong Guan), did not renew the leases for portions of the land and factory buildings upon lease expiration, in line with its production line planning.

Due to the subsidiary, Wilson (Cambodia), leasing land and factory buildings in Cambodia, the lease has expired in November 2024. However, the lease has been renewed with an unrelated party for another five years. Additionally, due to factory production line planning, the land and factory buildings leased from the related party, Wilson (Thailand), were terminated by mutual agreement in July 2024.

(ii) Collaterals

As of December 31, 2025 and 2024, the right-of-use assets were not pledged as collateral.

(h) Intangible assets

The costs, amortization, and impairment of intangible assets of the Group for the years ended December 31, 2025 and 2024 were as follows:

	Goodwill	Computer software	Customer relationships	Total
Costs:
Balance at January 1, 2025	$ 97,390	33,223	126,248	256,861
Additions	-	548	-	548
Disposals	-	(1,167)	-	(1,167)
Reclassification	-	(7)	-	(7)
Effect of movements in foreign exchange rates	(3,164)	(647)	-	(3,811)
Balance at December 31, 2025	$ 94,226	31,950	126,248	252,424
Balance at January 1, 2024	$ 92,533	29,544	126,248	248,325
Additions	-	2,172	-	2,172
Disposals	-	(88)	-	(88)
Effect of movements in foreign exchange rates	4,857	1,595	-	6,452
Balance at December 31, 2024	$ 97,390	33,223	126,248	256,861

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	Goodwill	Computer software	Customer relationships	Total
Accumulated amortization and impairment losses:
Balance at January 1, 2025	$ -	29,560	95,304	124,864
Amortization	-	1,610	6,176	7,786
Disposals	-	(1,167)	-	(1,167)
Effect of movements in foreign exchange rates	-	(551)	-	(551)
Balance at December 31, 2025	$ -	29,452	101,480	130,932
Balance at January 1, 2024	$ -	26,188	88,929	115,117
Amortization	-	2,064	6,375	8,439
Disposals	-	(88)	-	(88)
Effect of movements in foreign exchange rates	-	1,396	-	1,396
Balance at December 31, 2024	$ -	29,560	95,304	124,864
Carrying amount :
Balance at December 31, 2025	$ 94,226	2,498	24,768	121,492
Balance at January 1, 2024	$ 92,533	3,356	37,319	133,208
Balance at December 31, 2024	$ 97,390	3,663	30,944	131,997

The amortization of intangible assets and their impairment losses are included in the statement of comprehensive income:

	2025	2024
Operating cost	$ 552	727
Operating expenses	7,234	7,712
Total	$ 7,786	8,439

(i) Long-term deferred revenue

Long-term deferred revenue of the Group for the years ended December 31, 2025 and 2024 were as follows:

	Long-term deferred revenue (Deferred Government Grants)
Balance at January 1, 2025	$ 3,773
Recognized in current period	(100)
Effect of changes in foreign exchange rate	(76)
Balance at December 31, 2025	$ 3,597

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	Long-term deferred revenue (Deferred Government Grants)
Balance at January 1, 2024	$ 3,686
Recognized in current period	(103)
Effect of changes in foreign exchange rate	190
Balance at December 31, 2024	$ 3,773

On May 17, 2011, the Group received the subsidy of $5,505 thousand from Jiangxi Government based on its Act of Incentive Investment. The amortized subsidy of $100 thousand and $103 thousand were recognized as long term deferred revenue under other income in the consolidated statement of comprehensive income and loss in 2025 and 2024, respectively.

(j) Other current assets and other non-current assets

The other current assets and other non-current assets of the Group were as follows:

	December 31, 2025	December 31, 2024
Other current financial assets	$ 452,159	333,997
Prepayments	67,995	77,722
Input VAT and Tax Credit Carryforward	196,014	211,059
Other	27,763	455
Total other current assets	$ 743,931	623,233
Other non-current financial assets	$ 47,019	81,962
Guarantee deposits paid	47,812	50,508
Prepaid construction and equipment costs	34,338	19,589
Total other non-current assets	$ 129,169	152,059

(i) Other financial assets – current and non-current

Other financial assets mainly consist of certificates of deposit and bank reserve accounts that were pledged as collateral for bank loans, as well as certificates of deposit with terms ranging from 3 to 12 months. Please refer to Note (8) for more details.

(ii) Prepayments

Prepayments mainly consist of advances to suppliers for goods, raw materials, and processing fees.

(iii) Guarantee deposits paid

Deposits mainly consist of factory deposits and land use right certificate guarantees.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(k) Short-term borrowings

	December 31, 2025	December 31, 2024
Secured bank loans	$ 870,257	441,114
Unused short term and long term credit lines	$ 2,541,597	2,743,296
Range of interest rates	1.83%~5.09%	2.29%~5.57%

(i) Borrowings and repayments

In 2025 and 2024, the Group increased its short-term borrowing of $5,440,133 thousand and $3,035,069 thousand, carrying the interest rates ranging from 1.83%~5.87% and 2.29%~6.47%, respectively, wherein the repayments made amounted to $5,004,231 thousand and $2,941,705 thousand, respectively.

(ii) Collaterals for bank loans

For collaterals endorsed by the related parties, please refer to Note (7). For the Group’s certificate of deposits and reserve account deposits pledged as collaterals, please refer to Note (8).

(l) Long-term borrowings

The details were as follows:

	December 31, 2025
	Currency	Interest rates	Expiration	Amount
Unsecured bank loans	USD	4.78%~4.79%	2027/10, 2028/3	$ 282,870
Less: current portion				(47,773)
Non current portion				$ 235,097
Unused long-term credit lines				$ 471,450

(i) Borrowings and repayments

The amounts issued for long-term borrowings in 2025 and 2024 were $280,184 thousand and $0 thousand, respectively. With repayments amounting to $0 thousand and $141,350 thousand, respectively. As of December 31, 2024, the Group's long-term borrowings have been fully repaid.

(ii) Collaterals for bank loans

For collaterals endorsed by the related parties, please refer to Note (7). For the Group’s certificate of deposits and reserve account deposits pledged by the Group as collaterals, please refer to Note (8).

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(m) Bonds payable

(i) The details on the Group’s bonds payable were as follows:

	December 31, 2025	December 31, 2024
Convertible bonds issued	$ 400,000	700,000
Less: Unamortized discount on convertible bonds	(5,834)	(15,120)
Cumulative converted and bought back amounts	(38,500)	(180,300)
	355,666	504,580
Less: Current portion	(355,666)	(155,601)
Non-current portion	$ -	348,979
Derative instrument – Call option (included in "Current financial asset at fair vaule through profit or loss)	$ -	(471)
Equity component – conversion options (included in “Capital surplus – stock options”)	$ 56,659	91,780
	2025	2024
Interest expense	$ 8,743	10,874

(ii) The major terms of bonds payable were as follows:

Terms	Type	Issuance Period	Total Amount (in thousand dollar)	Coupon Rate	Effective Rate	Conversion Price (in dollar)
Period 1	Secured convertible bonds payable	2022.08–2025.08	300,000	0 %	2.2000 %	expired
Period 2	Secured convertible bonds payable	2023.10.19–2026.10.19	400,000	0 %	2.0383 %	73.90
Total			$ 700,000

In August 2022 and October 2023, the Group issued its 1st and 2nd secured convertible bonds for a total of $3,000 and $4,000 bonds, with a face value of $100 thousand each. The bonds were issued at 105.71% and 111.6% of the face value. The total issuance amounted to $310,082 thousand and $438,825 thousand, resulting in the discount issuance cost decreasing by $7,419 thousand and $7,586 thousand, wherein the Group recognized the capital surplus of stock options of $29,087 thousand and $62,693 thousand.

Except for the following periods, the bondholders may opt to convert their bonds into common shares within the period between three months after issuance and the maturity date:

1) the mandated book closure date of common shares;
2) the book closure date for stock grants or cash dividends;
3) the period starting from 15 business days prior to the book closure date of stock options until the distribution record date;
4) the period from capital reduction record date to one day prior to the stock renewal date.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The conversion price of the first and second secured convertible bonds at the issuance date were $65 and $84.3 per share. In the event of any ex-rights or ex-dividend, the conversion price shall be adjusted using the conversion pricing formula specified in Article 14 of the Company's Bond Issuance Regulations.

Except for holders converting the convertible bonds into the Company's common stock in accordance with Article 13 of the Company's Bond Issuance Regulations or repurchased and canceled by the Company through securities firm business premises, the Company shall not request conversion of the bonds, and they shall be redeemed at par value upon maturity.

(iii) Repurchase of bonds

The group may redeem in advance if meets the following situation:

1) If the closing price of shares for each of 30 consecutive trading days is at least 130% of the conversion price between 3 months after the share issuance date and the 40th day before the maturity date, the Group may redeem all the outstanding bonds at their par value.

2) If the amount outstanding of bonds is less than 10% of the principal amount between the 3 months after the share issuance date and the 40th day before the maturity date, the Group may redeem all the outstanding bonds at their par value.

There was no outstanding bonds be redeemed by the Group in 2025 and 2024.

(iv) Conversion of bonds

In 2025 and 2024, the bondholders opted to convert the secured convertible bonds for a total of 1,582 bonds and 831 bonds, with carrying amounts of $157,657 thousand and $79,881 thousand, respectively. This resulted in the capital surplus and ordinary shares increasing by $128,707 thousand and $67,719 thousand, and $28,950 thousand and $12,162 thousand, respectively.

(v) Pledge

The first and second secured convertible bonds issued by the Company are guaranteed by E.Sun Commercial Bank Co., Ltd. and Taipei Fubon Commercial Bank Co., Ltd., respectively. The guarantee period extends from the issuance date of the convertible bonds, with a total of 700,000 thousand, until all obligations related to the convertible bonds, including principal and interest compensation, are fully settled. The handling fees are 1% and 0.75%, respectively. The guarantee covers the outstanding principal and interest compensation related to the main debt (including those with early redemption rights held by the issuing company, whereby all amounts required to be paid according to the issuance and conversion regulations upon the execution of the early redemption rights). The aforementioned first secured convertible bonds, with an aggregate guaranteed amount of $300,000 thousand, matured in August 2025 and were fully converted into ordinary shares of the Company.

Additionally, the merged company has pledged bank deposits as collateral for the company's bonds. Please refer to Note (8) for details.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(n) Other payables

	December 31, 2025	December 31, 2024
Salaries and bonuses payable	$ 367,274	407,631
Accrued expenses payable — five insurances and housing fund	39,994	50,696
Accrued accounts payable — material	-	86,577
Accounts payable — construction and equipment	16,163	5,606
Accounts payable — processing fee	2,346	3,709
Accounts payable — transportation	14,724	14,874
Other accrued expenses	117,728	111,010
Total Other payables	$ 558,229	680,103

The Group’s liabilities, incurred from the “five insurances and a fund” policy of China, are recognized by the subsidiaries Wellpower (Dong Guan), Hong Sheng (Dongguan), Guang Dong Angaea, Wellpower (Jiangxi), and Wilson (Jiangsu), in accordance with the rules and regulations of their respective regions. The liabilities are based on certain ratios of the employees’ monthly payments on insurance and fund, including pension insurance, injury insurance, medical insurance, unemployment insurance, birth insurance, and housing provident fund.

(o) Lease liabilities

The carrying amounts of the Group’s lease liabilities were as follows:

	December 31, 2025	December 31, 2024
Current	$ 87,745	151,348
Non-current	$ 95,005	160,637

For the maturity analysis, please refer to Note (6)(w).

The amounts recognized in profit or loss were as follows:

	2025	2024
Interest on lease liabilities	$ 9,617	14,501
Expenses relating to short-term leases	$ 3,655	1,151
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets	$ 1,307	1,837

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

	2025	2024
Total cash outflow for leases	$ 157,996	179,791

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The Group leases land and buildings for its office space, factory and employee dormitory. The leases of land typically run for a period of 50 years, factory for 5 to 10 years, and of employee dormitory and office space for 2 to 5 years. Some leases include an option to renew the lease for an additional period of the same curation after the end of the contract term.

The Group leases certain office equipment and employee dormitory for 1 year or less, which is deemed as low-value item. The Group has elected not to recognize right-of-use assets and lease liabilities for these leases.

(p) Employee benefits

(i) Defined benefit plans

The subsidiary in Thailand estimated its pension liability based on the years of service rendered by its employees in accordance with the local labor law as follows:

	December 31, 2025	December 31, 2024
Pension liability	$ 29,264	31,308

The subsidiary in Thailand estimated its pension liability in accordance with its local labor law, of which the total estimated amount for pension in 2025 and 2024 were $(3,037) thousand and $2,399 thousand.

(ii) Defined contribution plans

Under the labor law of pension plan, the defined contribution plans are applicable to the Taiwan offices of the Group and its subsidiaries, wherein the Group allocates 6% of each employee’s monthly wages to the labor pension personal account at the Bureau of Labor Insurance according to the provision of the Act of Labor Pension. Under such contribution plan, the Group allocates a fixed amount to the Bureau of Labor Insurance without additional legal or constructive obligations. In 2025 and 2024, the amounts of $3,403 thousand and $2,794 thousand were allocated respectively to the Labor Insurance Bureau according to the rules and regulations of the Act of Labor Pension.

For the subsidiary in Hong Kong, 10% of the employee total monthly wage needs to be allocated to the relevant segments of the Hong Kong Government, of which 5% is paid by the subsidiary and the other 5% is paid by their employees in accordance with the local labor law. Since no employee was hired in 2025 and 2024, the subsidiary was not required to pay for the defined contribution plan.

Furthermore, in 2025 and 2024, the subsidiaries in Dong Guan, Jiang Xi, Jiangsu, Cambodia and Vietnam, allocated the total amounts of $91,432 thousand and $90,951 thousand, respectively, for the pension in accordance with the rules and regulations of their local governments.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(q) Income tax

(i) Since the Group is a tax free registered offshore company, it has no income tax liability in accordance with the rules and regulations of the Taiwan government. For its overseas subsidiaries in both 2025 and 2024, the business income tax rate of the subsidiary in Hong Kong was 16.5%; while the subsidiaries in Dong Guan, Jiang Xi, and Jiang Su were 25%; and the subsidiary in Taiwan, Thailand, Cambodia and Vietnam were 20%.

(ii) Income tax expense

The details of income tax expense for the years ended December 31, 2025 and 2024 were as follows:

	2025	2024
Current tax expense
Current period	$ 57,711	64,932
Adjustment for prior periods	1,604	(219)
Income tax expense	$ 59,315	64,713

In 2025 and 2024, the Group did not recognize any income tax expense under its equity and other comprehensive income and loss.

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

	2025	2024
Profit excluding income tax	$ 346,424	808,399
Total income tax expense calculated based on interest rate applicable to each subsidiary	6,891	131,606
Non-deductible expenses	310	8,772
Tax-exempt income	(17,615)	(21,212)
Unrecognized tax losses	68,321	(27,614)
Permanent difference	1,518	(24,650)
Change in unrecognized temporary differences	(1,714)	11,962
Prior-period under (over) estimation	1,604	(219)
Others	-	(13,932)
Income tax expense	$ 59,315	64,713

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(iii) Deferred tax assets and liabilities

1) Unrecognized deferred tax assets

The details of unrecognized deferred tax assets were as follows:

	December 31, 2025	December 31, 2024
Deductible temporary differences
Unrealized allowance for doubtful accounts	$ 2,852	4,716
Impairment loss of inventory and loss of inventory obsolete	37,200	34,912
Unrealized employee fee	11,664	8,437
Accrued pension liability	5,585	6,073
Subtotal	57,301	54,138
Tax losses	199,142	141,456
Total	$ 256,443	195,594

Tax losses are regulated in accordance with the Act of Enterprise Income Tax. The subsidiaries and branches in Mainland China, Thailand, Vietnam and Taiwan can offset their past 5 or 10 year losses, which are assessed by their local tax authorities, against their current net profits. The taxable income is the amount after deducting the loss from the past 5 or 10 years. The items mentioned above were not recognized as deferred income tax assets because the Group considered the arbitration of the Tax Authorities in each region and assumed that it is not probable that the Group will have sufficient taxable income in the future periods to benefit from the deduction in tax payment deriving from the temporary difference between book and tax income.

As of December 31, 2025, the regions mentioned above had unused loss carry forwards that were not recognized as deferred tax assets. The carry-forward periods of their unused loss were as follows:

Year of occurrence	Remaining creditable amount	Expiry date
2020 (Filed)	$ 179,734	2025
2021 (Filed)	147,466	2026
2022 (Filed)	165,224	2027
2023 (Filed)	160,732	2028
2024 (Filed)	24,529	2029
2025 (Forecasted)	242,648	2030
Total	$ 920,333

2) Unrecognized deferred tax liabilities: None.

3) Recognized deferred tax assets and liabilities: None.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(iv) Examination and Approval

All the subsidiaries in Hong Kong, Mainland China, Thailand, Vietnam, and Cambodia have reported their income taxes to their respective local tax authorities for the year through 2024.

The subsidiaries in Taiwan have reported their income taxes to their local Tax Authorities for the year through 2023.

(r) Capital and other equity

(i) Issuance of Ordinary Shares

As of December 31, 2025 and 2024, the Company’s authorized common stock each consists of 150,000 thousand shares for both years, with a par value of $10 per share, amounting to $1,500,000 thousand, of which $701,698 thousand and $672,748 thousand were issued, respectively. All issued shares were paid up upon issuance.

In 2025 and 2024, the Company issued new shares of 2,895 thousand and 1,216 thousand, respectively, due to the exercise of conversion rights by convertible bondholders, amounting to $28,950 thousand and $12,162 thousand, respectively.

Outstanding ordinary shares in 2025 and 2024 were as follows:

	Unit: thousand shares
	Ordinary Shares
	2025	2024
Balance at January 1	$ 67,275	66,059
Ordinary shares converted from convertible bonds	2,895	1,216
Balance at December 31	$ 70,170	67,275

(ii) Capital surplus

The balances of additional paid in capital were as follows:

	December 31, 2025	December 31, 2024
Adjustments due to restructuring of the Group	$ 285,745	285,745
Additional paid-in capital	1,207,454	1,043,626
Additional paid-in the issuance of stock option of convertible bonds	56,659	91,780
Total	$ 1,549,858	1,421,151

In accordance with the R.O.C. Company Act, capital surplus should first be used to offset a deficit, and only after offsetting the deficit, should the realized capital surplus be distributed to the shareholders based on their original ownership percentage as stock dividends or cash dividends. The aforementioned realized capital surplus includes share premium and donation gains. In accordance with the Securities Offering and Issuance Guidelines, the amount of capital surplus to be reclassified under share capital shall not exceed 10% of the actual share capital amount.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(iii) Retained earnings and dividend policy

The Company’s articles of incorporation than the rules regulated by the law, when the Company has net earnings, the board would make an earnings distribution plan to be submitted during the shareholders’ meeting for approval, wherein the board shall distribute the earnings based on the following order:

1) Paying out tax payables in accordance with the law.
2) Offsetting negative retained earnings to a positive balance (if applicable).
3) Maintaining a special capital reserve based on the business law for public listed companies or based on the requests from authority.
4) Distributable retained earnings is calculated by deducting the amount from item (1) to (3) mentioned above and adding the retained earnings from prior period. The earnings distribution plan must be proposed by the board to be submitted during the shareholders’ meeting for approval based on the business law for public listed companies.

Article 34.2 of the Company’s Articles of Incorporation stipulates that the profit distribution shall be determined on a semi-annual profit basis. The amount of profit available for distribution shall be calculated as the profit for the period after deducting the items specified in subparagraphs (1) to (3) above, plus accumulated undistributed profit from prior periods. The profit available for distribution may be allocated to dividends upon a proposal submitted by the Board of Directors and shall be resolved by the shareholders’ meeting in accordance with applicable laws and regulations governing public traded companies.

As the Company is currently in a growth stage, and in consideration of capital expenditures, business expansion and the maintenance of a sound financial structure to ensure sustainable development, the Company’s dividend policy shall be determined based on its future capital expenditure budget and funding requirements. Dividends may be distributed to shareholders in the form of cash dividends and/or stock dividends. However, the total amount of dividends distributed shall be no less than 10% of the net income for the year after deducting the items specified in subparagraphs (1) to (3) above, and the proportion of cash dividends distributed shall not be less than 10% of the total dividends declared.

1) Special reserve

Taiwan Stock Exchange regulation 41(1) stipulates that public listed and listed over-the-counter market companies should allocate their special reserve the same amount as that of the negative equity accounts of the year. The special reserve amount should be allocated from the sum of the net profit after tax and retained earnings from prior year. Public listed and listed over-the-counter market companies should allocate the same amount as that of the negative equity accounts, including unrealized loss on financial instruments, cumulative translation adjustment, net loss not recognized as pension costs, and unrealized revaluation gain to their special reserve.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

2) Earnings distribution

On March 13, 2026, the Company's board of directors resolved the 2025 earnings distribution plan, allocating cash dividends of $210,509 thousand ($3 per share), to be reported at the shareholders' meeting.

The 2024 and 2023 earnings distribution plan were decided during the shareholders' meeting on June 17, 2025 and June 14, 2024, respectively.

The relevant dividend distributions to shareholders were as follows:

	2024		2023
	Amount per share	Total amount	Amount per share	Total amount
Cash dividends	$ 6.41	437,939	5.26	352,435

The above information can be found on the Market Observation Post System website.

(iv) Other equity interest (net taxes)

	Exchange differences on translation of foreign financial statements
Balance at January 1, 2025	$ 1,381
Exchange differences on foreign operation	(50,773)
Balance at December 31, 2025	$ (49,392)
Balance at January 1, 2024	$ (156,046)
Exchange differences on foreign operation	157,427
Balance at December 31, 2024	$ 1,381

(s) Earnings per share

The calculations for basic earnings per share and diluted earnings per share were as follows :

	2025	2024
Basic earnings per share
Net profit attributable to ordinary shareholders of the Company	$ 287,109	743,686
Weighted average number of ordinary shares outstanding (in thousand)	68,686	66,893
Basic earnings per share	$ 4.18	11.12
Diluted earnings per share
Net profit attributable to ordinary shareholders of the Company	$ 287,109	743,686
Interest expense generated from convertible bonds	8,743	10,874
Net profit attributable to ordinary shareholders of the Company	$ 295,852	754,560

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	2025	2024
Weighted average number of ordinary shares outstanding (in thousand)	68,686	66,893
Effects of potentially dilutive ordinary shares (in thousand)
Employee compensation and effects of conversion of convertible bonds	4,933	7,374
Weighted average number of ordinary shares outstanding after adjustment for the effects of potentially dilutive ordinary shares	73,619	74,267
Diluted earnings per share (in dollar)	$ 4.02	10.16

(t) Remuneration to employees, directors, and supervisor

In accordance with the articles of the Company, which require that earnings shall first be used to offset against any deficit, then, a minimum of 1% will be distributed as employee remuneration, and a maximum of 2% will be allocated as remuneration to directors and supervisors. Employees who are entitled to receive the employee remuneration, in share or cash, include the employees of the Company's subsidiaries who meet certain specific requirements. The distribution of employee remuneration must be based on the employee incentive plan in accordance to rule 1, chapter 11 of the articles of the Company.

The Company accrued and recognized amounts of $2,930 thousand and $7,589 thousand as remuneration to employees, directors, and supervisors for 2025 and 2024, respectively. These amounts were estimated using the Company's pre-tax income for each period before deducting the remunerations of employees, directors and supervisors, multiplied by the proposed percentages of remunerations of employees, directors, and supervisors as stated in the Company's Articles of Incorporation. These remunerations were expensed under operating costs or expenses for each period. The amounts of employees, directors, and supervisors remuneration resolved by the Board of Directors as mentioned above are not different from the amounts estimated in the Company's consolidated financial statements for the years 2025 and 2024. Relevant information can be found on the Market Observation Post System (MOPS) website.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(u) Revenue from contracts with customers

(i) Disaggregation of revenue

	2025
	Sports equipment business	Boutique bag business	Total
Primary geographical markets:
United States	$ 1,166,714	2,820,838	3,987,552
Mainland China	93,563	570,205	663,768
Belgium	305,243	163,819	469,062
France	256,942	216,384	473,326
Germany	134,963	355,258	490,221
Other countries	1,362,424	653,104	2,015,528
Total	$ 3,319,849	4,779,608	8,099,457
Major products:
Nylon bags and accessories	$ -	2,261,120	2,261,120
Leather bags and accessories	-	1,206,876	1,206,876
Suitcases and business bags	-	1,311,612	1,311,612
Sports protective gear	850,498	-	850,498
Sports gloves	325,674	-	325,674
Related sports products	305,786	-	305,786
Sports bags	1,837,891	-	1,837,891
Total	$ 3,319,849	4,779,608	8,099,457
	2024
	Sports equipment business	Boutique bag business	Total
Primary geographical markets:
United States	$ 1,115,465	2,566,166	3,681,631
Mainland China	103,534	581,244	684,778
Belgium	327,342	117,692	445,034
France	296,250	949,103	1,245,353
Germany	125,696	292,432	418,128
Other countries	1,275,719	586,785	1,862,504
Total	$ 3,244,006	5,093,422	8,337,428

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	2024
	Sports equipment business	Boutique bag business	Total
Major products:
Nylon bags and accessories	$ -	2,031,025	2,031,025
Leather bags and accessories	-	1,975,499	1,975,499
Suitcases and business bags	-	1,086,898	1,086,898
Sports protective gear	901,891	-	901,891
Sports gloves	393,983	-	393,983
Related sports products	297,543	-	297,543
Sport bags	1,650,589	-	1,650,589
Total	$ 3,244,006	5,093,422	8,337,428

Sales returns and allowances for the Group were $10,383 thousand and $2,800 thousand in 2025 and 2024, respectively.

(ii) Contract balances

	December 31, 2025	December 31, 2024
Accounts receivable	$ 1,413,623	1,147,799
Accounts receivable due from related parties	1,137,319	1,042,873
Less: Loss allowance	(26,135)	(31,696)
Total	$ 2,524,807	2,158,976
Contract liabilities- Advance sales receipts	$ 11,939	10,792

For details on accounts receivable and allowance for impairment, please refer to Note (6)(c).

The amounts of revenue recognized for the years ended December 31, 2025, and 2024, which were included in the contract liability balance at the beginning of the period, were $8,331 thousand and $3,061 thousand, respectively.

The major change in the balance of contract assets and contract liabilities is due to the difference in timing between the Group's performance of obligations to satisfy its customers and the payments received from its customers.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(v) Other gains and losses

(i) The details of other gains and losses were as follows:

	2025	2024
Government grants	$ 3,412	9,993
Other income	14,553	17,222
Gains on rent concession	-	3,045
Net losses on disposals of property, plant and equipment	(1,442)	(467)
Foreign exchange net (losses) gains	(96,254)	109,363
Losses on financial assets at fair value through profit and loss	(471)	(2,485)
Miscellaneous disbursements	(8,000)	(4,084)
Total	$ (88,202)	132,587

(ii) Financial costs

	2025	2024
Interest expense	$ (43,291)	(21,452)
Other expense	(18,347)	(25,304)
Interest expense generated from bonds payable	(8,743)	(10,874)
Finance cost, net	$ (70,381)	(57,630)

(w) Financial instruments

(i) Credit risk

1) Exposure to credit risk

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

2) Concentration of credit risk

The Group focuses on its consumers' demand on luxury bags, suitcases, and sports-related products. To decrease credit risks for accounts receivable, the Group constantly assesses the financial status of its customers and periodically evaluates the collectability of its receivables. Based on its assessment and evaluation, the Group regularly recognizes its allowance for doubtful accounts. Therefore, the actual bad debts are always less than the allowance. The outstanding balance of accounts receivable from the Group's four customers in 2025 and 2024 accounted for 83% and 85%, respectively, resulting in high credit risk.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

3) Credit risk of receivables

For credit risk exposure of accounts receivable and other receivables, please refer to Note (6)(c) and (6)(d).

All of these financial assets are considered to have low risk, and thus, the impairment provision for expected losses recognized during the period was limited to 12 months.

(ii) Liquidity risk

The following are the contractual maturities of financial liabilities, including estimated interest payments:

	Carrying amount	Contractual cash flows	Within 1 year	1-2 years	2-5 years	Over 5 years
December 31, 2025
Non-derivative financial liabilities
Short-term borrowings	$ 870,257	877,577	877,577	-	-	-
Notes and accounts payable	663,608	663,608	663,608	-	-	-
Notes and accounts payable to related parties	144,165	144,165	144,165	-	-	-
Other payables	558,229	558,229	558,229	-	-	-
Other payables to related parties	3,717	3,717	3,717	-	-	-
Bonds payable (current)	355,666	361,500	361,500	-	-	-
Long-term borrowings (includes current portion)	282,870	307,006	61,147	130,071	115,788	-
Lease liabilities (including related partie (current and non-current)	182,750	193,003	93,272	50,921	48,810	-
Guarantee deposits received	4,860	4,860	4,860	-	-	-
Total	$ 3,066,122	3,113,665	2,768,075	180,992	164,598	-
December 31, 2024
Non-derivative financial liabilities
Short-term borrowings	$ 441,114	446,783	446,783	-	-	-
Notes and accounts payable	670,598	670,598	670,598	-	-	-
Notes and accounts payable to related parties	263,285	263,285	263,285	-	-	-
Other payables	680,103	680,103	680,103	-	-	-
Other payables to related parties	9,480	9,480	9,480	-	-	-
Bonds payable (current and non-current)	504,580	519,700	157,700	362,000	-	-
Lease liabilities (including related parties) (current and non-current)	311,985	331,056	161,381	87,368	82,307	-
Guarantee deposits received	5,628	5,628	5,628	-	-	-
Total	$ 2,886,773	2,926,633	2,394,958	449,368	82,307	-

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(iii) Market risk

1) Exposure to foreign currency risk

The Group’s significant exposure to foreign currency risk were as follows:

Unit: in thousand

Functional currency	Exchange rate	December 31, 2025
		Currency	Foreign currency	NTD (Book Value)
Financial assets:
Monetary items
USD	4.472	CNY	$ 6,840	30,586
USD	4.039	HKD	1,286	5,194
USD	1.000	NTD	30,308	30,308
USD	36.825	EUR	504	18,560
CNY	31.430	USD	25,595	804,451
THB	31.430	USD	11,274	354,342
VND	31.430	USD	11,824	371,628
NTD	31.430	USD	9,196	289,030
Financial liabilities:
Monetary items
USD	4.472	CNY	$ 5,734	25,640
USD	4.039	HKD	1,664	6,721
USD	1.000	NTD	79,383	79,383
USD	0.999	THB	1,994	1,993
CNY	31.430	USD	7,115	223,624
CNY	36.825	EUR	61	2,246
THB	31.430	USD	4,360	137,035
VND	31.430	USD	3,093	97,213
NTD	31.430	USD	4,502	141,498

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

Functional currency	Exchange rate	December 31, 2024
		Currency	Foreign currency	NTD (Book Value)
Financial assets:
Monetary items
USD	4.561	CNY	$ 1,561	7,119
USD	4.224	HKD	1,814	7,661
USD	1.000	NTD	31,883	31,883
USD	34.323	EUR	878	30,135
CNY	32.785	USD	30,346	994,894
THB	32.785	USD	12,659	415,025
VND	32.785	USD	9,647	316,277
NTD	32.785	USD	35,716	1,170,949
Financial liabilities:
Monetary items
USD	4.224	HKD	1,419	5,993
USD	1.000	NTD	88,375	88,375
USD	34.323	EUR	33	1,133
CNY	32.785	USD	6,054	198,480
THB	32.785	USD	4,545	149,008
VND	32.785	USD	5,934	194,546
NTD	32.785	USD	1,272	41,703

2) Sensitivity analysis

The business activities of the Group involve several non-functional currencies (the functional currency of the company is NTD, while the functional currencies of the subsidiaries are USD, CNY, THB, and VND), thus exposing it to exchange rate risks arising from various currencies.

The Group’s exposure to foreign currency risk arises from foreign currency exchange gains and losses on cash and cash equivalents, accounts receivable, other receivables, accounts payable, and other payables, which are denominated in foreign currencies.

If the NTD appreciated/depreciated by 1% against major currencies (USD, CNY, EUR, etc.), with all variables remaining constant, the pre-tax net profit would increase or decrease by $11,887 thousand and $22,947 thousand in 2025 and 2024, respectively.

The analysis is performed on the same basis as the prior year.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

3) Exchange gains and losses of monetary items

As the Group transacts in different foreign currencies, the gains or losses on foreign exchange were summarized as a single amount. In 2025 and 2024, the foreign exchange net (losses) gains, including both realized and unrealized, amounted to $(96,254) thousand and $109,363 thousand, respectively.

(iv) Interest rate analysis

The exposure to interest rate risk for financial assets and liabilities was discussed in the liquidity risk management section.

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

If the interest rate had increased or decreased by 1%, due to the bank loans with variable interest rates, at the reporting date, with all variables remaining constant, the net profit before tax would have decreased or increased by $11,531 thousand or $4,411 thousand for the years ended December 31, 2025 and 2024, respectively.

(v) Fair value of financial instruments

1) The kinds of financial instruments and fair value

The carrying amount and fair value of the Group’s financial assets and liabilities, including the information on fair value hierarchy were as follows; however, except as described in the following paragraphs, for financial instruments not measured at fair value whose carrying amount is reasonably close to the fair value, and lease liabilities, disclosure of fair value information is not required:

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	December 31, 2025
	Book Value	Fair Value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Financial assets measured at amortized cost
Cash and cash equivalents	$ 917,814	-	-	-	-
Accounts receivable, net	1,392,064	-	-	-	-
Accounts receivable due from related parties, net	1,132,743	-	-	-	-
Other receivables (including related parties)	47,662	-	-	-	-
Other financial assets current and non-current	499,178	-	-	-	-
Guarantee deposits paid	47,812	-	-	-	-
Subtotal	$ 4,037,273	-	-	-	-
Financial liabilities measured at amortized cost
Short-term borrowings	$ 870,257	-	-	-	-
Notes and accounts payable	663,608	-	-	-	-
Notes and accounts payable to related parties	144,165	-	-	-	-
Other payables	558,229	-	-	-	-
Other payables due to related parties	3,717	-	-	-	-
Lease liabilities - current (including related parties)	87,745	-	-	-	-
Bonds payable (current)	355,666	-	-	-	-
Long-term borrowings (include current portion)	282,870	-	-	-	-
Lease liabilities - non-current (including related parties)	95,005	-	-	-	-
Guarantee deposits received	4,860	-	-	-	-
Subtotal	$ 3,066,122	-	-	-	-

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	December 31, 2024
	Book Value	Fair Value
		Level 1	Level 2	Level 3	Total
Financial assets at fair value through profit or loss
Derivative instruments of convertible bonds	$ 471	-	-	471	471
Financial assets measured at amortized cost
Cash and cash equivalents	$ 1,166,717	-	-	-	-
Accounts receivable, net	1,119,975	-	-	-	-
Accounts receivable due from related parties, net	1,039,001	-	-	-	-
Other receivables (including related parties)	19,316	-	-	-	-
Other financial assets current and non-current	415,959	-	-	-	-
Guarantee deposits paid	50,508	-	-	-	-
Subtotal	$ 3,811,476	-	-	-	-
Financial liabilities measured at amortized cost
Short-term borrowings	$ 441,114	-	-	-	-
Notes and accounts payable	670,598	-	-	-	-
Notes and accounts payable to related parties	263,285	-	-	-	-
Other payables	680,103	-	-	-	-
Other payables due to related parties	9,480	-	-	-	-
Lease liabilities - current (including related parties)	151,348	-	-	-	-
Bonds payable (current and non-current)	504,580	-	-	-	-
Lease liabilities - non-current (including related parties)	160,637	-	-	-	-
Guarantee deposits received	5,628	-	-	-	-
Subtotal	2,886,773	-	-	-	-

2) Valuation techniques for financial instruments not measured at fair value

The Group’s valuation techniques and assumptions used for financial instruments not measured at fair value are as follows:

2.1) Financial assets measured at amortized cost

If the quoted prices in active markets are available, the market price is established as the fair value. However, if quoted prices in active markets are not available, the estimated valuation or prices used by competitors are adopted.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

2.2) Non-derivative financial instruments

If there is quoted price generated by transactions, the recent transaction price and quoted price data is used as the basis for fair value measurement. However, if no quoted prices are available, the discounted cash flows are used to estimate fair values.

3) Valuation techniques for financial instruments measured at fair value

A financial instrument is regarded as being quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s-length basis. Whether transactions are taking place ‘regularly’ is a matter of judgment and depends on the facts and circumstances of the market for the instrument.

Quoted market prices may not be indicative of the fair value of an instrument if the activity in the market is infrequent, the market is not well-established, only small volumes are traded, or bid-ask spreads are very wide. Determining whether a market is active involves judgment.

Measurements of fair value of deraivative financial instruments and convertible bonds is based on the level 3 input value which was generally accepted by market participants such as binomial tree model.

4) Transfers between Level 1 and Level 2: None.

5) Transfers between Level 3:

	Fair value through profit or loss
	Designated at fair value through profit loss
Opening balance, January 1, 2025	$ 471
Recognized in profit or loss	(471)
Ending Balance, December 31, 2025	$ -
Opening balance, January 1, 2024	$ 2,956
Recognized in profit or loss	(2,485)
Ending Balance, December 31, 2024	$ 471

Total gains and losses that were included in "other gains and losses".

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

6) Quantified information on significant unobservable inputs (Level 3) used in fair value measurement

The fair value measurement of the Group's embedded derivative financial instruments is classified as Level 3, with only a single significant unobservable input.

Quantified information of significant unobservable inputs was as follows:

Item	Valuation	Significant unobservable inputs	Inter-relationship between Significant unobservable inputs and fair measurement
Derative financial instrument measured at fair value through profit or loss-Call option	Binomial model	· Volatility rate (35.15% at December 31, 2025 and 29.28% at December 31, 2024)	· The estimated fair value would increase (decrease) if the volatility rate decrease (increase)

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

	Inputs	Upward or downward movement	Profit or loss		Other comprehensive income
			Favourable	Unfavourable	Favourable	Unfavourable
December 31, 2025
Financial assets at fair value through profit or loss, derivative instrument-call option	Volatility rate	5%	$ 10	-	-	-
December 31, 2024
Financial assets at fair value through profit or loss, derivative instrument-call option	Volatility rate	5%	40	(40)	-	-

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

(x) Financial risk management

(i) Briefings

The Group is exposed to the following risks arising from financial instruments:

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

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

This note expresses the information on risk exposure and objectives, policies, and process for risk measurement and management. For detailed information, please refer to the related notes of each risk.

(ii) Structure of risk management

The Board of directors is responsible for establishing and supervising the structure of risk management of the Group. The Board authorizes each department to manage different controls, mainly with the operations and finance department in charge of managing risks regarding to sales and finances and controlling the overall risk management policy of the Group. The department periodically reports to the chairperson of the board of directors and to the audit committee, as well as to the board of directors, on the performance of the structure, when necessary.

The risk management policies are built on identifying and analyzing risks that the Group faces. The Group determines and establishes certain risk limits and controls and monitors the risk to determine whether risk limits are being followed. Risk management policy and systems are periodically reviewed by the Group to reflect changes in market conditions and in the Group's operations. Through announcement, management policies, and operation procedures, the Group intends to develop a disciplined and constructive control environment with engaging employees who understands their own roles and responsibilities.

(iii) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group's receivables from customers.

1) Accounts receivables and other receivables

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the statistics of the Group's customer base, including the default risk of the industry and country in which customers operate, as these factors may influence credit risk. The Group's finance and accounting department has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Group's credit limits are offered. The review of creditworthiness involves inspecting credit information provided by the customer or appointing institutions to perform credit checks. Credit limits are established for each customer and are reviewed periodically. Customers who fail to meet the Group's benchmark creditworthiness may transact with the Group only on a pre-paid basis.

In monitoring customer credit risk, customers are grouped according to their credit characteristics, including their overdue accounts receivable from previous and current year, whether they are international brands, public listed or listed at over-the-counter companies. Also being taken into consideration are their risks handling capacity, their operation performance, their profitability, their growth potentiality, their industry outlook, the year they were established, etc. The Group's accounts receivable and other accounts receivable are concentrated on luxury brands. The customers with high risks are attributed to customers who are being monitored by the business segment, wherein the sales to these customers will be based on cash or pre-paid basis.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The Group set the allowance for bad debt account to reflect its estimated losses for trade, other receivables, and investment. The allowance for bad debt account consists of specific losses relating to individually significant exposure and unrecognized losses arising from similar assets groups. The allowance for bad debt account is based on historical collection record of similar financial assets.

2) Investments

The credit risk exposure in bank deposits and other financial instruments are measured and monitored by the Group’s finance department. Since the Group’s transaction counterparties and contractual obligated counterparties are banks, financial institutions and corporate organizations with good credits ratings, there are no compliance issues, and therefore, no significant credit risk.

3) Guarantees

Pursuant to the Group’s policies, it is only permissible to provide financial guarantees to wholly owned subsidiaries. The Group did not provide guarantee to any non-consolidated subsidiaries as of December 31, 2025 and 2024.

(iv) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial assets. The Group’s approach to managing liquidity is to ensure, as far as possible, that it always has sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.

As of December 31, 2025 and 2024, the Group’s unused credit line amounted to $3,013,047 thousand and $2,743,296 thousand, respectively.

(v) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates, and prices of equity instrument that will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the returns on investment.

1) Currency risk

The Group is exposed to currency risk on sales, purchases, and borrowings that are denominated in a currency other than the respective functional currencies of the Group’s entities, primarily the USD, CNY, THB, and VND. The currencies used in these transactions are the USD, EUR, NTD, HKD, and CNY.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The Group’s operating activities are denominated in foreign currencies, thereby resulting in exposure to foreign exchange rate risk. In order to avoid fluctuation in fair value and future cash flows from changes in the exchange rates, the Group purchases derivatives such as forward contracts or swaps to hedge against exchange rate risks. These derivatives may reduce the risks but cannot completely eliminate the effects of exchange rate risk.

2) Interest rate risk

Short and long term borrowings of the Group are considered as debts with variable rates. Thus, the interest rate change in the market will also affect the change in the weighted average interest rate of the short and long term borrowings, as well as the future cash flow.

(y) Capital management

The policy of the Board is aimed towards managing capital in order to maintain the confidence of the investors, debt holders, and market, as well as to support the continuing development of the Company, and to maximize the returns using appropriate debt-to-equity ratio. Capital includes the share capital of the Group and its retained earnings. The Board controls returns on capital while ensuring the level of dividends on common stock.

The Group and other entities in the same industry use the debt-to-equity ratio to manage capital. This ratio is the total net debt divided by the total capital. The net debt from the balance sheet is derived from the total liabilities less cash and cash equivalents. The total capital and equity include share capital, capital surplus, retained earnings, and other equity plus net debt.

For the years ended December 31, 2025 and 2024, wherein their debt-to-equity ratios were as follows:

	December 31, 2025	December 31, 2024
Total liabilities	$ 3,246,594	3,078,245
Less: Cash and cash equivalents	(917,814)	(1,166,717)
Net Liabilities	2,328,780	1,911,528
Total Equity	3,769,780	3,813,726
Adjust capital	$ 6,098,560	5,725,254
Debt to equity ratio	38%	33%

The Group’s debt-to-capital ratio did not change significantly for the years ended 2025 and 2024. Any capital increase plans will be formulated separately based on future funding requirements.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(z) Non-cash investing and financing activities

For the years 2025 and 2024, the Company entered into the following non-cash financing activities:

(i) For right-of-use assets under leases, please refer to Note (6)(g).

(ii) Reconciliation of liabilities arising from financing activities were as follows:

	January 1, 2025	Net Cash flows	Non-cash changes		December 31, 2025
			Foreign exchange movement	Other
Short-term borrowings	$ 441,114	435,902	(6,759)		870,257
Bonds payable (current and non-current)	504,580	-	-	(148,914)	355,666
Long-term borrowings (including current portion)	-	280,184	2,686	-	282,870
Guarantee deposits received	5,628	(768)	-	-	4,860
Lease liabilities	311,985	(143,417)	(10,944)	25,126	182,750
Total liabilities from financing activities	$ 1,263,307	571,901	(15,017)	(123,788)	1,696,403
	January 1, 2024	Net Cash flows	Non-cash changes		December 31, 2024
			Foreign exchange movement	Other
Short-term borrowings	$ 330,323	93,364	17,427	-	441,114
Bonds payable (current and noncurrent)	573,587	-	-	(69,007)	504,580
Long-term borrowings (including current portion)	135,102	(141,350)	6,248	-	-
Guarantee deposits received	5,269	-	359	-	5,628
Lease liabilities	373,594	(162,302)	16,233	84,460	311,985
Total liabilities from financing activities	$ 1,417,875	(210,288)	40,267	15,453	1,263,307

(7) Related-party transactions:

(a) Parent company and ultimate controlling company

The Company is the ultimate controlling party of the Group.

(b) Names and relationship with related parties

Name of related party	Relationship with the Group
Summitop Industrial Co., LTD. (Summitop (HK))	Other related parties (its director is the chairman of the Group)
Dong Guan Shin Guang Sheng Sporting Goods Co., LTD. (Xin Guang Sheng Dongguan)	Other related parties (its chairman is the general manager of the Group)
Dongguan Golden Neoprene Goods Co., LTD (Guangde Rubber Dongguan)	Other related parties (its director is the director of the Group)

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

Name of related party	Relationship with the Group
Winning Industrial Co., Ltd. (Winning Dongguan)	Other related parties (its director is the director of the Group)
Guang Der Group Holding Co., Ltd. (Guang Der (HK))	Other related parties (its director is the director of the Group)
Dongguan Golden Prene Sporting Goods Co. Ltd. (Golden Prene (Dongguan))	Other related parties (its director is the director of the Group)
Sai Gon Golden Prene Enterprise Company Limited (Golden Prene (Sai Gon))	Other related parties (substantive related parties)
Guang Der Group Holding Corporation Taiwan Branch (Guang Der (Taiwan))	Other related parties (substantive related parties)
CF Creative Co., LTD. (CF Creative)	Other related parties (substantive related parties)
Yaw Liamy Enterprise Co., Ltd. (Yaw Liamy (Taiwan))	Other related parties (substantive related parties)
Summitop Industrial Co., LTD. (Summitop)	Other related parties (its director is the director of the Group)
Dongguan WEIZHI Sporting Goods, Co., LTD. (Dong Guan Wei Zhi)	Other related parties (its chairman is the general manager of the Group)
Dongguan Liaobu Guangrong Fabric Processing Factory (Dongguan Guangrong)	Other related parties (substantive related parties)
Guang Der Corporation Limited (Guang Der (Samoa))	Other related parties (substantive related parties)
Shen Zhen Yaw Liamy Trading Co., Ltd (Shen Zhen Yaw Liamy)	Other related parties (substantive related parties)
Yaw Liamy Enterprise Co., LTD (H.K.) (Yaw Liamy (HK))	Other related parties (substantive related parties)
Saigon Dayar Plastic Co., Ltd (Dayar (Saigon))	Other related parties (substantive related parties)
Dongguan City Wei Ji Trading Co.,LTD (Dongguan Weiji)	Other related parties (substantive related parties)
Wilson Leather (Thailand) Co., Ltd (Wilson (Thailand))	Other related parties (substantive related parties)

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

Name of related party	Relationship with the Group
Dongguan Run Wide LTD. (Run Wide)	Other related parties (substantive related parties)
Winning Industrial CO.LTD(Winning (HK))	Other related parties (substantive related parties)
Hung,Wei-Chien	Chairman of the Group
Hong, Yung-Yuh (The former Chairman stepped down from his position on June 17, 2025)	The Company's Major Shareholders
Sheu, Shing-Jiu	General manager of the Group
Hsiao, Jong-Chu (The former director stepped down from his position on June 17, 2025.)	The Company's Major Shareholders
Chiu, Ta-Jen	The former director stepped down from his position on June 17, 2025, and is no longer a related party.
Huang, Min-Hsin	The spouse of director Chiu; director Chiu stepped down on June 17, 2025, and is no longer a related party.
Liu, Rong-Cheng	Director of the Company and Chairman of the Subsidiary
All directors, general managers, and vice general managers, etc	Key managers of the Group

(i) Sales

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

	2025	2024
Other related parties — Guang Der (HK)	$ 2,619,732	2,467,893
Other related parties — Summitop	454,511	445,078
Other related parties — Others	6,921	59,807
Total	$ 3,081,164	2,972,778

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The Group sold its products to, or reprocessed the goods for, its related parties mentioned above. The prices were decided based on the production category and market competition, as well as the mutually agreed prices, with the collection terms ranging from 60-120 days. The Company will make the necessary adjustments according to its operating conditions.

(ii) Purchases

The amounts of significant purchases by the Group from related parties were as follows:

	2025	2024
Other related parties—Dayar (Saigon)	$ 23,007	142,847
Other related parties—Shen Zhen Yaw Liamy	46,904	353,554
Other related parties—Guang Der (Taiwan)	347,966	375,338
Other related parties—Yaw Liamy (Taiwan)	39,545	34,238
Other related parties—Xin Guang Sheng Dongguan	8,519	18,737
Other related parties—Yaw Liamy (HK)	2,472	56,181
Other related parties—Dongguan Weiji	42,478	14,750
Other related parties—Run Wide	245,505	-
Other related parties—other	11,684	16,716
Total	$ 768,080	1,012,361

The Group purchased goods from its related parties mentioned above, and the purchase price was based on the product category, market competition, and their mutually agreed price. The payment term was 30-90 days.

(iii) Receivables from related parties

The receivables from related parties were as follows:

Account	Relationship	December 31, 2025	December 31, 2024
Accounts receivable	Other related parties—Guang Der (HK)	$ 1,072,082	973,554
Accounts receivable	Other related parties—Summitop	63,617	58,431
Accounts receivable	Other related parties-other	1,620	10,888
Subtotal		1,137,319	1,042,873
Less: Loss allowance		(4,576)	(3,872)
Net		$ 1,132,743	1,039,001
Other receivables	Other related parties—Dayar (Saigon)	$ 3,726	3,503
Other receivables	Other related parties-other	439	151
Subtotal		4,165	3,654
Less: Loss allowance		-	-
Net		$ 4,165	3,654

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The Group’s other receivable mainly consist of receivable freight, rent and material costs.

(iv) Payables to related parties

The payables to related parties were as follows:

Account	Relationship	December 31, 2025	December 31, 2024
Accounts payable	Other related parties – Golden Prene (Sai Gon)	$ 30,746	32,072
Accounts payable	Other related parties – Shen Zhen Yaw Liamy	269	107,492
Accounts payable	Other related parties – Guang Der (Taiwan)	65,089	76,456
Notes and accounts payable	Other related parties – Yaw Liamy (Taiwan)	6,526	7,062
Accounts payable	Other related parties – Dongguan Weiji	18,854	6,410
Accounts payable	Other related parties – Run Wide	18,719	-
Accounts payable	Other related parties – Yaw Liamy (HK)	192	26,566
Accounts payable	Other related parties-other	3,770	7,227
Subtotal		144,165	263,285
Other payables	Other related parties – Dayar (Saigon)	$ 275	7,634
Other payables	Other related parties – Xin Guang Sheng Dongguan	3,200	1,349
Other payables	Other related parties-other	242	497
Subtotal		3,717	9,480
Total		$ 147,882	272,765

The Group paid service fees, processing fees, and sample fees to related parties amounting to $10,936 thousand and $31,144 thousand for the years 2025 and 2024, respectively.

(v) Leases

Account	Relationship	December 31, 2025	December 31, 2024
Lease liabilities	Other related parties – Winning Dongguan	$ 14,164	28,060
Lease liabilities	Other related parties – Yaw Liamy (Taiwan)	6,855	1,434
Lease liabilities	Other related parties – Chiu, Ta-Jen · Huang, Min-Hsin	-	3,128
Lease liabilities	Other related parties – Golden Prene (Sai Gon)	6,576	48,460
Total		$ 27,595	81,082
Current		$ 22,045	63,097
Non-current		$ 5,550	17,985

The Group leases offices, factory buildings, dormitories, and machinery equipment from the aforementioned related parties under finance lease agreements based on its operational needs. The lease terms typically range from one to eight years. In 2025 and 2024, the total lease payments (including interest) made to these related parties were $59,789 thousand and $64,948 thousand, respectively. It was agreed with the related party.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

The Group leased out a part of its factories to Dong Guan Wei Zhi and Dongguan Weiji both other related parties, for a lease period of one year, resulting in rental revenues of $144 thousand and $149 thousand for the years 2025 and 2024, respectively.

(vi) Property transactions

In 2025 and 2024, the Group purchased machinery equipment from Dongguan Weiji and Dayar (Saigon) for total purchase prices of $48,838 thousand and $16,190 thousand, respectively. As of December 31, 2025 and 2024, prepayments amounting to $10,571 thousand and $800 thousand, respectively, were recorded under prepayments for equipment, while the outstanding unpaid balances of $275 thousand and $1,452 thousand, respectively, were recorded under other payables – related parties.

(vii) Guarantee

As of December 31, 2025 and 2024, the Group obtained financing from different financial institutions and engaged in derivative financial instruments, with joint guarantees provided by the Company; Wilson (Samoa); Wellpower (HK); Wilson (HK); GWIB; GVT; Mr.Hung,Wei-Chien; Mr. Hong, Yung-Yuh; Mr. Sheu, Shing-Jiu; Mr. Hsiao, Jong-Chu; and Mr. Liu, Rong-Cheng; and the promissory notes amounting to $5,250,579 thousand and $5,307,715 thousand were issued as collateral.

(d) Key management personnel compensation

Key management personnel compensation comprised:

	2025	2024
Short-term employee benefits	$ 58,023	64,762
Post-employment benefits	50	50
Total	$ 58,073	64,812

(8) Assets Pledged as security:

Pledged assets	Pledged to secure	December 31, 2025	December 31, 2024
Other financial assets current and non-current (Certificate of deposit and bank reserve account)	Long-term, short-term borrowings and Bonds payable	$ 470,891	379,896

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(9) Significant Commitments and contingencies:

(a) Unrecognized contractual commitments:

The Group’s unrecognized contractual commitments were as follows:

	December 31, 2025	December 31, 2024
Acquisition of property, plant and equipment	$ 46,419	77,170

(b) Guarantee

The guarantees and endorsements between the Group and its subsidiaries are listed in Note (13)(a)(ii) for reference.

(10) Losses Due to Major Disasters:None.

(11) Subsequent Events:None.

(12) Other:

(a) A summary of employee benefits, depreciation, and amortization, by function, is was follows:

By item ByFUND	2025			2024
	Cost of Sale	Operating Expense	Total	Cost of Sale	Operating Expense	Total
Employee benefits
Salaries	1,551,024	458,589	2,009,613	1,372,179	450,780	1,822,959
Labor and health insurance (Note 1)	97,912	15,655	113,567	89,796	14,062	103,858
Pension (Note 2)	66,524	25,274	91,798	74,395	21,749	96,144
Others	68,311	25,712	94,023	66,267	19,286	85,553
Depreciation	195,287	65,373	260,660	195,951	74,894	270,845
Amortization	552	7,234	7,786	727	7,712	8,439

Note 1: This includes the local social insurance of subsidiaries in mainland China, such as employment injury insurance, maternity insurance, medical insurance, unemployment insurance, and the housing provident fund.
Note 2: This includes the local endowment insurance of subsidiaries in mainland China.

(Continued)

WW HOLDING INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(13) Other disclosures:

(a) Information on significant transactions:

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

(i) Loans to other parties:

(In Thousand of NTD)

Number (Note 1)	Name of lender	Name of borrower	Account name	Related parts	Highest balance of financing to other parties during the period	Ending balance	Actual usage amount during the period	Range of interest rates during the period	Purposes of final financing for the borrower (Note 2)	Transaction amount for business between two parties	Reasons for short-term financing	Allowance for bad debt	Colossal		Individual funding loan limits (Note 3)	Maximum limit of fixed financing (Note 2)
													Item	Value
0	The Company	Wellpower (HK)	Other receivables	Yes	282,870	282,870	-	-	2	-	Working capital	-	-	-	376,977	1,507,911
0	The Company	Wilson (HK)	Other receivables	Yes	282,870	282,870	-	-	2	-	Working capital	-	-	-	376,977	1,507,911
0	The Company	GWI	Other receivables	Yes	157,150	157,150	-	-	2	-	Working capital	-	-	-	376,977	1,507,911
0	The Company	VK (Sumoo)	Other receivables	Yes	157,150	157,150	-	-	2	-	Working capital	-	-	-	376,977	1,507,911
0	The Company	GVT	Other receivables	Yes	94,290	94,290	-	-	2	-	Working capital	-	-	-	376,977	1,507,911
0	The Company	Wilson (Sumoo)	Other receivables	Yes	282,870	282,870	-	-	2	-	Working capital	-	-	-	376,977	1,507,911
1	Wilson (Sungsu)	Hong Sheng (Dongguan)	Other receivables	Yes	185,032	178,864	145,327	-	2	-	Working capital	-	-	-	226,288	226,288
1	Wilson (Sungsu)	Guang Dong (Angara)	Other receivables	Yes	114,375	-	-	-	2	-	Working capital	-	-	-	226,288	226,288
2	Nico Bag (Sungsu)	Hong Sheng (Dongguan)	Other receivables	Yes	16,190	15,651	15,651	-	2	-	Working capital	-	-	-	17,212	17,212
3	Wilson (HK)	Wilson (Sumoo)	Other receivables	Yes	132,820	125,720	-	-	2	-	Working capital	-	-	-	513,031	513,031
3	Wilson (HK)	Wilson (Cambodia)	Other receivables	Yes	166,025	-	-	5.1	2	-	Working capital	-	-	-	513,031	513,031
4	Wilson (Sumoo)	Wilson (Cambodia)	Other receivables	Yes	188,580	188,580	188,580	5	2	-	Working capital	-	-	-	1,227,291	1,227,291
4	Wilson (Sumoo)	Wilson (HK)	Other receivables	Yes	188,580	188,580	14,144	-	2	-	Working capital	-	-	-	1,227,291	1,227,291

Note 1: The numbers are filled in as follows:
1. 0 represents the Company.
2. Investees are sorted in numerical order starting from 1.

Note 2: Financing purposes:
1. for entities the Company has business transactions with.
2. for entities with short term financing needs.

Note 3: Individual financing limit for entities the Company has business transactions with:
1. For entities the Company has business transactions with, the total amount available for financing shall not exceed 10% of the net worth of the lending company, which is based on its latest financial statement; the individual financing amount should not exceed the higher of the purchase or sales amount between the lender and the borrower of the current year.
2. For entities with short-term financing needs, the total amount available for financing shall not exceed 40% of the net worth of the lending company, which is based on its latest financial statement; the individual financing amount should not exceed 10% of the net worth of the lending company, which is based on its latest financial statement.
3. For transactions within offshore entities in which the Company, directly or indirectly, owned 100% voting right, the financing amount is unrestricted by limitation No.2 mentioned above; however, the total and individual amount available for financing should not exceed 100% net worth of the lending company.

Note 4: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(Continued)

WW HOLDING INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(ii) Guarantees and endorsements for other parties:

(In Thousand of NTD)

No. (Note 1)	Name of guarantor	Counter-party of guarantee and endorsement		Limitation on amount of guarantees and endorsements for a specific enterprise (Note 2)	Highest balance for guarantees and endorsements during the period (Note 4)	Balance of guarantees and endorsements as of reporting date	Actual usage amount during the period	Property pledged for guarantees and endorsements (Amount)	Ratio of accumulated amounts of guarantees and endorsements to net worth of the latest financial statements	Maximum amount for guarantees and endorsements (Note 3)	Parent company endorsements/guarantees to third parties on behalf of subsidiary	Subsidiary endorsements/guarantees to third parties on behalf of parent company	Endorsements/guarantees to third parties on behalf of companies in Mainland China
		Name	Relationship with the Company (Note 2)
0	The Company	Wellpower (HK)	2	7,539,560	1,666,891 (Note 5)	1,577,786 (Note 5)	650,601 (Note 5)	-	41.85 %	7,539,560	Y	N	N
0	The Company	Wilson (HK)	2	7,539,560	1,494,225 (Note 8)	1,414,350 (Note 8)	116,291 (Note, 8)	-	37.52 %	7,539,560	Y	N	N
0	The Company	GWI	2	7,539,560	180,000 (Note 11)	180,000 (Note 11)	95,000 (Note 11)	-	4.77 %	7,539,560	Y	N	N
0	The Company	GVT	2	7,539,560	431,665 (Note 11)	408,590 (Note 11)	31,430 (Note 11)	-	10.84 %	7,539,560	Y	N	N
0	The Company	Wilson (Samoa)	2	7,539,560	365,255 (Note 8)	345,730 (Note 8)	-	-	9.17 %	7,539,560	Y	N	N
0	The Company	YK (Samoa)	2	7,539,560	332,050 (Note 11)	314,300 (Note 11)	-	-	8.34 %	7,539,560	Y	N	N
0	The Company	YK (Vietnam)	2	7,539,560	166,025 (Note 11)	157,150 (Note 11)	-	-	4.17 %	7,539,560	Y	N	N
1	Wilson (Samoa)	Hong Sheng (Dongguan)	2	2,454,583	93,888 (Note 9)	44,716 (Note 9)	-	-	1.19 %	2,454,583	Y	N	Y
1	Wilson (Samoa)	Guang Dong Angaeu	2	2,454,583	139,348 (Note 9)	134,148 (Note 9)	98,375 (Note 9)	-	3.56 %	2,454,583	Y	N	Y
2	Wilson (Jiangsu)	Hong Sheng (Dongguan)	3	452,576	93,888 (Note 9)	44,716 (Note 9)	-	-	1.19 %	452,576	N	N	Y
2	Wilson (Jiangsu)	Guang Dong Angaeu	3	452,576	139,348 (Note 9)	134,148 (Note 9)	98,375 (Note 9)	-	3.56 %	452,576	N	N	Y

Note 1: The numbers are filled in as follows:
1. 0 represents the Company.
2. Investees are sorted in numerical order starting from 1.

Note 2: The counter party's relationship with the Company is as follows:
1. A company with which the Company has business transaction with.
2. A company in which the Company, directly and indirectly, holds more than 50% of the voting shares.
3. A company that, directly and indirectly, holds more than 50% of the voting shares in the Company.
4. A company in which the Company holds, directly or indirectly, 90% or more of its voting shares.
5. A company that fulfills the Company's contractual obligations, for the purpose of undertaking a construction project, wherein both parties provide endorsements/guarantees to each other. Also, both companies have to be in the same industry or have to have the same founder(s).
6. A company with contributing shareholders make endorsements/guarantees for their jointly invested company in proportion to their shareholding percentages.
7. Companies in the same industry that provide among themselves guarantees of sales contracts for pre construction homes in accordance to the Consumer Protection Act.

Note 3: Amount of endorsement:
1. The total amount available for endorsement shall not exceed 50% of the Company's net worth, which was audited by Certified Public Accountant.
2. The total amount of endorsement for a single enterprise shall not exceed 50% of the Company's net worth, which was audited by CPA.
3. The endorsement amounts for the enterprise resulting from its business relations with the Company shall not exceed the higher of the total purchase or sales amount of mutual transactions in the previous year.
4. The Company, directly or indirectly, owns more than 90% voting rights of the investee, of which endorsement amount shall not exceed 10% net worth of the endorser.
5. The Company, directly or indirectly, owns 100% voting rights of its subsidiary, of which the endorsement amount is not restricted by limitation No.4 mentioned above, wherein the total or individual endorsement amount shall not exceed 200% of the endorser's net worth.

Note 4: The maximum amount of endorsements for investees have been approved in the Board of directors' meeting.

Note 5: The Company; Mr. Sheu, Shing-Jiu are co-endorsers.

Note 6: The Company is the guarantor of its subsidiary.

Note 7: The Company, Wilson (Samoa); Mr. Hong, Yung-Yuh; Mr. Hsiao, Jong-Chu; and Mr. Liu, Rong-Cheng are co-endorsers.

Note 8: The Company; Mr. Liu, Rong-Cheng are co-endorsers.

Note 9: The subsidiaries are guaranteed by Wilson (Samoa) and Wilson (Jiangsu).

Note 10: The USD $10 million loan from E.Sun Bank is shared by the Company and its subsidiary, Wellpower (HK). The USD $15 million loan from E.Sun Bank is shared by the Company and its subsidiary, Wilson (HK). The aforementioned amounts are jointly controlled with the company's corporate bond guarantee amount, and the total balance used shall not exceed USD $15 million.

Note 11: The Company and Mr. Hong, Yung-Yuh are co-endorsers.

Note 12: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(Continued)

WW HOLDING INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(iii) Securities held as of December 31, 2025 (excluding investment in subsidiaries, associates and joint ventures): None.

(iv) Related-party transactions for purchases and sales with amounts exceeding the lower of NT$100 million or 20% of the capital stock:

(In Thousand of NTD)

Name of company	Related party	Nature of relationship	Transaction details				Transactions with terms different from others		Notes/Accounts receivable (payable)
			Purchase (Sale)	Amount (Note 1)	Percentage of total purchases (sales)	Payment terms	Unit price	Payment terms	Ending balance (Note 2)	Percentage of total notes/accounts receivable (payable)
Wellpower(HK)	Wellpower (DongGuan)	Group	Purchases	484,319	53 %	OA 30 days	-	-	(91,162)	94%
Wellpower(HK)	WP(Cambodia)	Group	Purchases	436,430	43 %	OA 30 days	-	-	-	-%
Wilson(Samoa)	VK(Samoa)	Group	Purchases	175,185	17 %	OA 30 days	-	-	(42,464)	35%
Wilson(Samoa)	Wilson (Cambodia)	Group	Purchases	848,025	83 %	OA 30 days	-	-	(77,561)	65%
Wilson(HK)	HongSheng (Dongguan)	Group	Purchases	1,318,939	48 %	OA 30 days	-	-	(328,377)	54%
Wilson(HK)	Wilson (Cambodia)	Group	Purchases	1,389,654	50 %	OA 30 days	-	-	(71,301)	12%
Guang Dong Angara	Wilson (Cambodia)	Group	Sale	850,924	99 %	OA 30 days	-	-	278,494	100%
GWI	TWT	Group	Sale	635,513	96 %	OA 30 days	-	-	109,138	94%
GVT	TWT	Group	Purchases	1,218,653	100 %	OA 30 days	-	-	(333,065)	99%
VK(Samoa)	VK(Vietnam)	Group	Purchases	1,770,789	100 %	OA 30 days	-	-	(303,292)	91%
VK(Vietnam)	Ran Wide	Otherrelatedparties	Purchases	245,505	16 %	OA 90 days	-	-	(18,719)	14%
VK(Vietnam)	GuangDer (Taiwan)	Otherrelatedparties	Purchases	347,966	23 %	OA 60 days	-	-	(65,089)	47%
Wilson(Samoa)	GuangDer(HK)	Otherrelatedparties	Sale	1,130,098	99 %	OA 60 days	-	-	389,221	99%
VK(Samoa)	Surunitop	Otherrelatedparties	Sale	376,623	19 %	OA 60 days	-	-	43,893	6%
VK(Samoa)	GuangDer(HK)	Otherrelatedparties	Sale	1,463,320	72 %	OA 60 days	-	-	672,443	89%

Note 1: Profits and losses denominated in USD are translated into NTD at the exchange rate of USD 1 to NTD 31.1315.
Note 2: Assets denominated in USD are translated into NTD at the exchange rate of USD 1 to NTD 31.4300.
Note 3: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(Continued)

WW HOLDING INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(v) Receivables from related parties with amounts exceeding the lower of NT$100 million or 20% of the capital stock:

(In Thousand of NTD)

Name of company	Counter-party	Nature of relationship	Ending balance	Turnover rate	Overdue		Amounts received in subsequent period	Allowance for bad debts
					Amount	Action taken
Wellpower(HK)	WP (Cambodia)	Group	Accounts receivable: 102,783	0.65	-	-	-	-
Hong Sheng(Dongguan)	Wilson (HK)	Group	Accounts receivable: 502,642	3.06	-	-	262,283	-
Guang Dong Angaea	Wilson(Cambodia)	Group	Accounts receivable: 278,494	3.03	-	-	175,515	-
GWI	TWT	Group	Accounts receivable: 109,138	5.45	-	-	62,614	-
TWT	GVT	Group	Accounts receivable: 334,540	3.45	-	-	189,310	-
VK (Vietnam)	VK (Samoa)	Group	Accounts receivable: 303,292	5.93	-	-	274,063	-
Wilson(Jiangsu)	Hong Sheng (Dongguan)	Group	Other receivables: 143,091	-	-	-	-	-
Wilson(Samoa)	Wilson (Cambodia)	Group	Other receivables: 194,182	-	-	-	-	-
Wilson(Samoa)	GuangDer(HK)	Otherrelatedparties	Accounts receivable: 389,221	2.69	-	-	100,339	-
VK (Samoa)	GuangDer(HK)	Otherrelatedparties	Accounts receivable: 672,443	2.45	-	-	157,157	-

Note 1: The information above shows the subsequent collection of accounts receivable from related parties as of february 28,2026.
Note 2: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(vi) Business relationships and significant intercompany transactions:

(In Thousand of NTD)

No. (Note 1)	Name of company	Name of counter-party	Nature of relationship (Note 2)	Intercompany transactions (Note 3)
				Account name	Amount	Trading terms	Percentage of the consolidated net revenue or total assets
1	Wellpower (HK)	Wellpower (Dong Guan)	1	Purchases	484,319	Same as general company	6%
1	Wellpower (HK)	Wellpower (Dong Guan)	1	Accounts payable	91,162	OA 30 Days	1%
1	Wellpower (HK)	WP (Cambodia)	1	Purchases	436,430	Same as general company	5%
1	Wellpower (HK)	WP (Cambodia)	1	Advance payment for loans	100,535	Based on collection status	1%
1	Wellpower (HK)	WP (Cambodia)	1	Accounts receivable	102,783	OA 30 Days	1%
2	Wellpower (DongGuan)	Wellpower (Jiangxi)	3	Advance payment for loans	59,617	Based on collection status	1%
2	Wellpower (DongGuan)	Wellpower (Jiangxi)	3	Processing expense	83,709	Same as general company	1%
3	Wilson (Samoa)	VK (Samoa)	3	Purchases	175,185	Same as general company	2%
3	Wilson (Samoa)	VK (Samoa)	3	Accounts payable	42,464	OA 30 Days	1%
3	Wilson (Samoa)	Wilson (Cambodia)	1	Purchases	848,025	Same as general company	10%
3	Wilson (Samoa)	Wilson (Cambodia)	1	Accounts payable	77,561	OA 30 Days	1%
3	Wilson (Samoa)	Wilson (Cambodia)	1	Other receivables	194,182	Based on collection status	3%
4	Wilson (HK)	Hong Sheng (Dongguan)	1	Purchases	1,318,939	Same as general company	16%
4	Wilson (HK)	Wilson (Cambodia)	1	Purchases	1,389,654	Same as general company	17%
4	Wilson (HK)	Hong Sheng (Dongguan)	1	Accounts payable	328,377	OA 30 Days	5%
4	Wilson (HK)	Wilson (Cambodia)	1	Accounts payable	71,301	OA 30 Days	1%
5	Hong Sheng (Dongguan)	Wilson (Jiangsu)	3	Other payables	143,091	Based on collection status	2%
6	Guang Dong Angaea	Wilson (Cambodia)	3	Sales revenue	850,924	Same as general company	11%
6	Guang Dong Angaea	Wilson (Cambodia)	3	Accounts receivable	278,494	OA 30 Days	4%
7	GWI	TWT	1	Sales revenue	635,513	Same as general company	8%
7	GWI	TWT	1	Accounts receivable	109,138	OA 30 Days	2%
8	GVT	TWT	3	Accounts payable	333,065	OA 30 Days	5%
8	GVT	TWT	3	Purchases	1,218,653	Same as general company	15%
9	VK (Samoa)	VK (Vietnam)	1	Purchases	1,770,789	Same as general company	22%
9	VK (Samoa)	VK (Vietnam)	1	Accounts payable	303,292	OA 30 Days	4%

Note 1: The numbers are filled in as follows:
1. 0 represents the Company.
2. Investees are sorted in numerical order starting from 1.

(Continued)

WW HOLDING INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

Note 2: Relationship:
1. Company to subsidiaries transaction.
2. Subsidiaries to Company transaction.
3. Transactions between subsidiaries.

Note 3: For business transactions between the Company and its subsidiaries, only the information on sales and accounts receivable are disclosed; the corresponding purchase and accounts payable are not listed.

Note 4: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(b) Information on investees:

The following is the information on investees for the years ended December 31, 2025 (excluding information on investees in Mainland China):

(In Thousand of NTD)

Name of investor	Name of investee	Location	Male businesses and products	Original investment amount		Balance as of December 31, 2025			Net income (losses) of investee	Shares of profits/losses of investee	Note
				December 31, 2025	December 31, 2024	Shares (thousand)	Percentage of ownership	Carrying value
The Company	Wellpower (HK)	Hong Kong	Trading and holding business	192,607 (USD 6,000)	195,607 (USD 6,000)	46,500	100.00 %	824,565	(129,442)	(129,442)
The Company	Wilson (Samoa)	Samoa	Trading and holding business	545,670 (USD 18,218)	246,570 (USD 8,218)	18,557	100.00 %	1,237,475	214,205	214,378	Note 1
The Company	GWI	Samoa	Trading and holding business	715,210 (USD 24,000)	655,390 (USD 22,000)	24,000	100.00 %	1,010,004	(16,463)	(16,463)
The Company	YK (Samoa)	Samoa	Trading and holding business	229,421 (USD 7,738)	139,691 (USD 4,738)	7,738	100.00 %	1,048,894	305,445	299,269	Note 1
Wellpower (HK)	WP (Cambodia)	Cambodia	Manufacturing and selling of sports kits, sportresour and handbags	64,700 (USD 2,000)	64,700 (USD 2,000)	2,000	100.00 %	(1,313)	(21,020)	(21,020)
Wellpower (HK)	Wellpower (Samoa)	Samoa	Offshore holding company	431,975 (USD 13,300)	371,513 (USD 11,300)	13,000	100.00 %	428,641	6,470	6,470
Wellpower (Samoa)	GID	Cambodia	Land development business	428,487 (USD 13,400)	367,879 (USD 11,400)	12,900	100.00 %	425,569	6,480	6,480
Wilson (Samoa)	Wilson (HK)	Hong Kong	Trading and holding business	3,947 (USD 135)	3,947 (USD 135)	1,050	100.00 %	513,031	200,804	200,804
Wilson (Samoa)	Wilson Holdings (HK)	Hong Kong	Offshore holding company	515,154 (USD 16,730)	515,154 (USD 16,730)	16,730	100.00 %	232,331	(19,377)	(19,377)
Wilson (HK)	Wilson (Cambodia)	Cambodia	Manufacturing and selling luxury bags	126,590 (USD 4,000)	64,059 (USD 2,100)	4,000	100.00 %	(18,602)	(5,652)	(7,831)	Note 1
GWI	GVT	Samoa	Trading business	30,020 (USD 1,000)	30,020 (USD 1,000)	1,000	100.00 %	202,688	44,190	44,190
GWI	TWT	Thailand	Manufacturing and selling of suitcases and business bags	558,121 (USD 18,502)	558,121 (USD 18,502)	2,500	100.00 %	711,890	(59,824)	(62,803)	Note 1
YK (Samoa)	YK (Vietnam)	Vietnam	Manufacturing and selling sports bags and golf bags	55,360 (USD 2,000)	55,360 (USD 2,000)	2,000	100.00 %	498,365	130,900	130,900

Note 1: The difference in profit or loss in the current period was due to the amortization of customer relationships, unrealized sales profit, and the amortization of property, plant, and equipment.
Note 2: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(Continued)

WW HOLDING INC. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

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

(In Thousand of NTD)

Name of investee	Main businesses and products	Total amount of paid-in capital	Method of investment	Accumulated outflow of investment from Taiwan as of January 1, 2024	Investment flows		Accumulated outflow of investment from Taiwan as of December 31, 2025	Net income (losses) of the investee	Percentage of ownership	Investment income (losses)	Book value	Accumulated remittance of earnings in current period
					Outflow	Inflow
Wellpower (Dong Guan)	Manufacturing and selling of sports kits, sportwear and handbags	115,420 (USD3,600)	(Note 1)	-	-	-	-	175,418	100%	(175,418)	315,306	-
Wellpower (Jiangsi)	Manufacturing and selling of sports kits, sportwear and handbags	272,565 (USD8,500)	(Note 1)	-	-	-	-	47,678	100%	47,678	217,069	-
Hong Sheng (Dongguan)	Manufacturing and selling luxury bags	268,776 (USD8,223)	(Note 1)	-	-	-	-	(41,775)	100%	(41,775)	372,296	-
Guang Dong Angnen	Manufacturing and selling luxury bags	44,424 (USD1,500)	(Note 1)	-	-	-	-	5,106	100%	5,106	50,262	-
Wilson (Jiangsu)	Manufacturing and selling luxury bags	517,005 (USD15,880)	(Note 1)	-	-	-	-	(19,346)	100%	(19,346)	226,288	-
Nice-Bag (Jiangsu)	Manufacturing and selling luxury bags	25,104 (USD850)	(Note 1)	-	-	-	-	(35)	100%	(35)	17,213	-

(ii) Limitation on investment in Mainland China:

Accumulated Investment in Mainland China as of December 31, 2025 (Note 2)	Investment Amounts Authorized by Investment Commission, MOEA (Note 2)	Upper Limit on Investment (Note 2)
-	-	-

Note 1: The Company subsequently reinvests in Mainland China through its investment companies in Hong Kong.
Note 2: Since the Company is an offshore company, it is not restricted by the "Regulation of Investment in Mainland China or Technical Cooperation Review Principles".
Note 3: The investment profit and loss realized by the Group is based on each investee's financial statements, which were audited by CPA.
Note 4: The aforementioned inter-company transactions have been eliminated in the consolidated financial statements.

(iii) Significant transactions:

The significant inter-company transactions of the year ended December 31, 2025 with the subsidiaries in Mainland China, which were eliminated in the consolidated financial statements, are disclosed in "Information on significant transactions".

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(14) Segment information:

(a) General information

The Group has two reportable segments: the sports equipment business and the luxury bag business. The former manufactures sports products, protection kits, and sports relevant commercial products, and the latter manufactures leather bags, backpacks, luggage, commercial bags, and relevant accessories.

(b) Profit or loss of reporting segments, assets, liabilities, basis of measurement and reconciliation

No income tax expenses (gains) or non-recurring gains or loss is allocated to the reporting segments. In addition, not all reporting segments include depreciation and amortization of significant non cash items. The reporting amount is similar to that in the report used by the chief operating decision maker.

The operating segment accounting policies are similar to those described in Note (4) “significant accounting policies” except for the recognition and measurement of pension cost, which is on a cash basis. The Group considers its intersegment sales and transfers as third party transactions, which are measured at market price.

	2025
	Sports equipment business	Luxury bag business	Adjustments and elimination	Total
Revenue:
Revenue from external customers	$ 3,319,848	4,779,609	-	8,099,457
Inter segment revenue	180,605	-	(180,605)	-
Interest income	17,788	12,082	-	29,870
Total revenues	$ 3,518,241	4,791,691	(180,605)	8,129,327
Interest expense	$ 43,377	27,004	-	70,381
Depreciations and amortization	112,590	155,856	-	268,446
Reportable segment profit or loss	$ 136,115	210,309	-	346,424
Reportable segment assets	$ 3,377,000	3,689,147	(49,773)	7,016,374
Reportable segment liabilities	$ 1,900,309	1,396,058	(49,773)	3,246,594
	2024
	Sports equipment business	Luxury bag business	Adjustments and elimination	Total
Revenue:
Revenue from external customers	$ 3,244,006	5,093,422	-	8,337,428
Inter segment revenue	280,298	-	(280,298)	-
Interest income	23,794	14,817	-	38,611
Total revenues	$ 3,548,098	5,108,239	(280,298)	8,376,039

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

	2024
	Sports equipment business	Luxury bag business	Adjustments and elimination	Total
Interest expense	$ 32,994	24,636	-	57,630
Depreciations and amortization	117,424	161,860	-	279,284
Reportable segment profit or loss	$ 477,067	331,332	-	808,399
Reportable segment assets	$ 3,996,147	3,752,749	(856,925)	6,891,971
Reportable segment liabilities	$ 1,914,260	2,020,910	(856,925)	3,078,245

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

Geographical Information	2025	2024
Revenue from external customers:
United States	$ 3,987,552	3,681,631
Mainland China	663,768	684,778
Belgium	469,062	445,034
France	473,326	1,245,353
Germany	490,221	418,128
Other countries	2,015,528	1,862,504
Total	$ 8,099,457	8,337,428
	December 31,	December 31,
Geographical Information	2025	2024
Non-current assets:
Mainland China	$ 405,995	512,950
Thailand	335,051	348,485
Cambodia	711,360	584,714
Taiwan	24,480	9,028
Vietnam	77,925	123,041
Total	$ 1,554,811	1,578,218

Non-current assets mainly include real estate, plant and equipment, right-of-use assets, intangible assets, and other non-current assets.

(Continued)

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(d) Information on revenue from major customers

For the years 2025 and 2024, the amounts of sales to customers representing greater than 10% of net revenue were as follows:

	2025	2024
Group A	$ 2,606,260	2,467,426
Group B	1,883,378	1,823,684
Group C	263,544	879,526
Total	$ 4,753,182	5,170,636

AI assistant

WW — Audit Report / Information 2025

52743_rns_2026-05-21_f1932b91-e558-4619-816c-9e7dd1927df0.pdf

WW Holding Inc. AND SUBSIDIARIES

Table of contents

Independent Auditors’ Report

Opinion

Basis for Opinion

Key Audit Matters

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

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Notes to Readers

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Cash Flows

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

WW Holding Inc. and Subsidiaries

Consolidated Statements of Cash Flows

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(4) Summary of material accounting policies

(a) Statement of compliance

(b) Basis of preparation

(i) Basis of measurement

(ii) Functional and presentation currency

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(c) Basis of consolidation

(i) Principles of preparation of the consolidated financial statements

(ii) List of subsidiaries in the consolidated financial statements

WW Holding Inc. and Subsidiaries Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(m) Provisions

(n) Revenue recognition

(i) Revenue from contracts with customers

1) Sale of goods

2) Processing fees revenue

3) Financing components

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(b) Financial assets

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

(c) Accounts receivable

WW Holding Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

WW Holding Inc. and Subsidiaries

WW Audit Report / Information 2025