YHT - Audit Report / Information 2023

Stock Code:4562

YING HAN Technology Co., Ltd.

Parent Company Only Financial Statements

for Year 2023 and 2022 and Independent Auditors’ Report

Address: No.50, Keji 1st Rd., Annan Dist., Tainan City 709405, Taiwan Telephone: +886-6-384-3188

INDEPENDENT AUDITORS' REPORT

The Board of Directors and Shareholders YING HAN Technology Co., Ltd.

Opinion

We have audited the accompanying individual financial statements of YING HAN Technology Co., Ltd. (the "Company"), which comprise the individual balance sheets as of December 31, 2023 and 2022, and the individual statements of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the individual financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying individual financial statements present fairly, in all material respects, the accompanying individual financial position of the Company as of December 31, 2023 and 2022, and its individual financial performance and its individual cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the individual financial statements for the year ended December 31, 2023. These matters were addressed in the context of our audit of the individual financial statements, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter for the Company’s individual financial statements for the year ended December 31, 2023, is stated as follows:

The revenue authenticity of specific customer

The Company is dedicated in designing, manufacturing, installing and sales of parts for automatic machinery such as intelligent pipe bender, forming machine, vertical working machine. The Company’s major revenue is from the sales of machinery. The machinery is small in quantity but has higher unit price. The revenue for specific customers has significant impact on the Company’s Operating Revenue which is shown on the customer sales report of machineries

for year 2023 and 2022. In consequence, we listed the authenticity of the revenue of specific customers for the Company as a key audit matter.

Our audit procedures based on the key audit matter found above includes:

Understand and test the internal control systems of operating procedures related to sales cycle and evaluate the effectiveness of the ratio nale behind the set up and implementation.
Sampling the year sales transaction report of specific customers, review the sales orders, customs declarations, invoices, and shipment or loading certificates with customer’s signature. And tally the payment afterwards or notices to verify the revenue authenticity.

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

Management is responsible for the preparation and fair presentation of the individual financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRS, IAS, IFRIC, and 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 individual financial statements that are free from material misstatement, whether due to fraud or error.

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

Those charged with governance (including members of the Audit Committee) are responsible for overseeing the Company’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Individual Financial Statements

Our objectives are to obtain reasonable assurance about whether the individual financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Miss tatements 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 individual financial statements. As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We are also:

Identify and assess the risks of material misstatement of the indivi dual financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
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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 Company’s internal control.
Evaluate the appropriateness of accounting policies used and th e 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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosu res in the individual financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the individual financial statements, including the disclosures, and whether the individual 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 Company to express an opinion on the individual 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 individual financial statements for the year ended December 31, 202 3 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.

Deloitte & Touche Taipei, Taiwan Republic of China Auditor WU CHANG JUN Auditor LIAO HUNG JU

No.Financial-Supervisory-Securities-AuditingNo.Financial-Supervisory-Securities-Auditing1110348898 0990031652

8 March 2024

Notice to Readers

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

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

YING HAN Technology Co., Ltd. INDIVIDUAL BALANCE SHEETS December 31, 2023 & 2022

Code 1100 1150 1170 1180 1200 1210 1220 130X 1410 1479 11XX 1550 1600 1755 1760 1821 1840 1900 1930 1940 1920 15XX 1XXX Code 2100 2110 2130 2170 2180 2219 2220 2250 2280 2320 2399 21XX 2540 2570 2580 2640 2645 25XX 2XXX 3110 3200 3310 3320 3350 3300 3400 3XXX	Assets CURRENT ASSETS Cash and cash equivalents (Note 4 and 6) Note receivable（Note 4, 7 and 19） Account receivable (Note 4, 7 and 19) Account receivables from related parties（Note 4, 7, 19 and 25） Other receivables（Note 4 and 7） Other receivables from related parties（Note 4, 7 and 25） Tax assets (Note 21) Inventories (Note 4 and 8) Prepayments (Note 25) Other current assets Total current assets NONCURRENT ASSETS Investment adjustments for Using Equity Method(Note 4 and 9) Property, plant and equipment (note 4,10 and 26) Right-of-use assets (Note 4 and 11) Investment properties (Note 4, 12 and 26) Other intangible assets (Note 4 and 13) Deferred income tax assets (Note 4 and 21) Othernoncurrent assets Long term Notes receivable (Note 7 and 19) Long term Receivables from related parties（Note 7, 19 and 25） Refundable deposits (Note 4) Total noncurrent assets Total Assets LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term borrowings (Note 14 and 26) Short-term commercial note (Note 14) Current contracts liabilities (Note 19 and 25) Account payable Account payable from related parties (Note 25) Other payables (Note 15) Other payables from related parties (Note 25) Current Provision for Liabilities (Note 4 and 16) Current Lease liabilities (Note 4, 11 and 25) Long-term loans due within one year (Note 14 and 26) Other current liabilities Total current liabilities NONCURRENT LIABILITIES Long-term bank loans (Note 14 and 26) Deferred income tax liabilities (Note 4 and 21) Non-current Lease liability (Note 4, 11 and 25) Non-current Net defined benefit liability (Note 4 and 17) Guarantee deposits (Note 25) Total noncurrent liabilities Total liabilities Equity (Note 18) Common stock Capital reserve Accumulated deficits Legal reserve Special reserve Accumulated deficit Total accumulated deficit Other equity Total equity Total liabilities and equity		December 31, 2023	December 31, 2023	Unit: Thousands of New Taiwan December 31, 2022 % Amount 9 $ 168,202 1 39,640 4 94,977 6 209,070 - 1,646 7 87,352 - 213 30 666,467 - 10,983 - 1,875 57 1,280,425 9 240,641 32 719,794 - 5,175 1 18,694 - 350 1 27,487 - 400 - 7,773 - 15,917 - 4,611 43 1,040,842 100 $ 2,321,267 18 $ 360,000 5 82,058 2 64,211 4 108,506 - 3,254 2 52,136 - 9,651 - 3,696 - 3,119 3 76,092 - 1,651 34 764,374 15 398,866 - 3,275 - 2,109 1 10,840 1 25,104 17 440,194 51 1,204,568 41 875,460 16 347,593 4 86,606 1 16,373 14) ( 206,732) ( 9) ( 103,753) ( 1 ( 2,601) 49 1,116,699 100 $ 2,321,267	Unit: Thousands of New Taiwan December 31, 2022 % Amount 9 $ 168,202 1 39,640 4 94,977 6 209,070 - 1,646 7 87,352 - 213 30 666,467 - 10,983 - 1,875 57 1,280,425 9 240,641 32 719,794 - 5,175 1 18,694 - 350 1 27,487 - 400 - 7,773 - 15,917 - 4,611 43 1,040,842 100 $ 2,321,267 18 $ 360,000 5 82,058 2 64,211 4 108,506 - 3,254 2 52,136 - 9,651 - 3,696 - 3,119 3 76,092 - 1,651 34 764,374 15 398,866 - 3,275 - 2,109 1 10,840 1 25,104 17 440,194 51 1,204,568 41 875,460 16 347,593 4 86,606 1 16,373 14) ( 206,732) ( 9) ( 103,753) ( 1 ( 2,601) 49 1,116,699 100 $ 2,321,267	Unit: Thousands of New Taiwan December 31, 2022 % Amount 9 $ 168,202 1 39,640 4 94,977 6 209,070 - 1,646 7 87,352 - 213 30 666,467 - 10,983 - 1,875 57 1,280,425 9 240,641 32 719,794 - 5,175 1 18,694 - 350 1 27,487 - 400 - 7,773 - 15,917 - 4,611 43 1,040,842 100 $ 2,321,267 18 $ 360,000 5 82,058 2 64,211 4 108,506 - 3,254 2 52,136 - 9,651 - 3,696 - 3,119 3 76,092 - 1,651 34 764,374 15 398,866 - 3,275 - 2,109 1 10,840 1 25,104 17 440,194 51 1,204,568 41 875,460 16 347,593 4 86,606 1 16,373 14) ( 206,732) ( 9) ( 103,753) ( 1 ( 2,601) 49 1,116,699 100 $ 2,321,267	Unit: Thousands of New Taiwan December 31, 2022 % Amount 9 $ 168,202 1 39,640 4 94,977 6 209,070 - 1,646 7 87,352 - 213 30 666,467 - 10,983 - 1,875 57 1,280,425 9 240,641 32 719,794 - 5,175 1 18,694 - 350 1 27,487 - 400 - 7,773 - 15,917 - 4,611 43 1,040,842 100 $ 2,321,267 18 $ 360,000 5 82,058 2 64,211 4 108,506 - 3,254 2 52,136 - 9,651 - 3,696 - 3,119 3 76,092 - 1,651 34 764,374 15 398,866 - 3,275 - 2,109 1 10,840 1 25,104 17 440,194 51 1,204,568 41 875,460 16 347,593 4 86,606 1 16,373 14) ( 206,732) ( 9) ( 103,753) ( 1 ( 2,601) 49 1,116,699 100 $ 2,321,267	Dollars % 7 2 4 9 - 4 - 29 - - 55 11 31 - 1 - 1 - - 1 - 45 100 16 4 3 5 - 2 - - - 3 - 33 17 - - 1 1 19 52 38 15 4 - 9) 5) - 48 100
			Amount $ 188,143 15,326 92,800 135,712 2,167 149,024 746 643,751 8,531 1,620 1,237,820 179,262 691,157 2,087 18,147 276 20,785 400 252 3,157 2,142 917,665 $ 2,155,485 $ 380,000 99,550 36,714 82,804 4,555 50,321 9,878 2,426 1,579 74,850 1,440 744,117 324,637 2,564 531 9,673 25,104 362,509 1,106,626 875,460 347,593 86,606 16,373 287,427) 184,448) 10,254 1,048,859 $ 2,155,485				Amount $ 168,202 39,640 94,977 209,070 1,646 87,352 213 666,467 10,983 1,875 1,280,425 240,641 719,794 5,175 18,694 350 27,487 400 7,773 15,917 4,611 1,040,842 $ 2,321,267 $ 360,000 82,058 64,211 108,506 3,254 52,136 9,651 3,696 3,119 76,092 1,651 764,374 398,866 3,275 2,109 10,840 25,104 440,194 1,204,568 875,460 347,593 86,606 16,373 206,732) 103,753) 2,601) 1,116,699 $ 2,321,267
		( (		( (		( ( (		( (

The appended notes are parts of this individual financial statements.

Chairman:

Manager:

Chief Accounting Supervisor:

YING HAN Technology Co., Ltd. Individual Statements of Comprehensive Income January 1 – December 31, 2023 & 2022

Unit: Thousands of New Taiwan Dollars *The net loss per share is New Taiwan Dollars

Code 4100 Operating revenues (Note 4, 19 and 25) 5110 Operating costs (Note 8, 20 and 25) 5900 Operating margin 5910 Unrealized interest income with parent companies ( 5920 Realized interest income with parent companies 5950 Realized operating margin Operating expenses (Note 7, 20 and 25) 6100 Sales and marketing expenses 6200 General and administrative expenses 6300 Research expenses 6450 Expected credit impairment losses（Rotation benefits） ( 6000 Total of operating expenses 6500 Other non-operating income and expenses (Note 20) 6900 Operating Loss Non-operating revenue and expenses (Note 4, 9, 20 and 25) 7100 Interest income 7010 Other income 7020 Other gains and losses ( 7050 Finance costs (		Year 2023	Year 2023
		Amount $ 650,666 422,993 227,673 6,104 ) 9,393 230,962 104,100 69,100 44,639 1,148) 216,691 8 14,279 6,627 15,121 2,344 ) 19,313 )

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Code 7070 Share of Profit or Loss of parent company using equity method 7000 Total of Non-operating revenue and expenses 7900 Loss before tax 7950 Income tax expense (or Benefit) (Note 4 and 21) 8200 Net loss Other Comprehensive Income 8310 Items not classified to profit or loss: 8311 Remeasurements of the net defined benefit (Note 17) 8360 Items may be classified to profit or loss: 8361 Exchange Differences on Translation of Foreign Financial Statements 8399 Income tax related to components of other comprehensive income that will be reclassified to profit or loss. (Note 21) 8300 Other comprehensive income (Net of tax） 8500 Total comprehensive income Net loss (Note 22) 9750 Basic 9850 Dilution		Year 2023	Year 2023
		Amount $ 92,435) 92,344) 78,065 ) 2,777 80,842) 147 16,069 3,214) 12,855 13,002 $ 67,840) $ 0.92 ) 0.92 )
	( ( ( ( ( ( ( (

T h e a p p e n d e d n o t e s a r e p a r t s o f t h i s i n d i v i d u a l f i n a n c i a l s t a t e m e n t s .

C h a i r m a n : M a n a g e r : C h i e f A c c o u n t i n g S u p e r v i s o r :

YING HAN Technology Co., Ltd. and Subsidiaries Individual Statements of Changes in Equity January 1 – December 31, 2023 & 2022

Code A1 Balance as of January 1, 2022 D1 Net Loss of Year 2022 D3 Other Comprehensive Income of Year 2022 (net of tax) D5 Total comprehensive income of Year 2022 Z1 Balance as of December 31, 2022 D1 Net Loss of Year 2023 D3 Other Comprehensive Income of Year 2023 (net of tax) D5 Total comprehensive income of Year 2023 Z1 Balance as of December 31, 2023	Common Stock $ 875,460 - - - 875,460 - - - $ 875,460	Capital Reserve $ 248,555 - - - 347,593 - - - $ 347,593		Accumulated deficits	Accumulated Deficits ( $ 197,774 ) ( 12,325 ) 3,367 ( 8,958) ( 206,732 ) ( 80,842 ) 147 ( 80,695) ($ 287,427)	Unit: Thousands of New Taiwan Dollars Other Equity Interest Exchange Differences on Translation of Foreign Financial Statements Total Equity ( $ 11,370 ) $ 1,116,888 - ( 12,325 ) 8,769 12,136 8,769 ( 189) ( 2,601 ) 1,116,699 - ( 80,842 ) 12,855 13,002 12,855 ( 67,840) $ 10,254 $ 1,048,859
			Legal Reserve $ 86,606 - - - 86,606 - - - $ 86,606	Special Reserve $ 16,373 - - - 16,373 - - - $ 16,373
						( (

The appended notes are parts of this individual financial statements.

Chairman:

Manager:

Chief Accounting Supervisor:

YING HAN Technology Co., Ltd. and Subsidiaries Individual Statements of Cash Flows

January 1 – December 31, 2023 & 2022

Unit: Thousands of New Taiwan Dollars

Code Operating Cash Flow A10000 Net loss before tax A20010 Adjustments to reconcile profit (loss): A20100 Depreciation A20200 Amortization A20300 Expected Credit Losses (Reversal gains) A20900 Finance costs A21200 Interest income from bank deposits A22400 Share of Profit or Loss of parent company using equity method A22500 Gain from disposal of fixed assets A23900 Unrealized interest income with parent companies A24000 Realized interest income with parent companies A30000 Changes in operating assets and liabilities A31130 Note receivable A31150 Account receivable A31160 Account receivable from related parties A31180 Other receivable A31190 Other receivable from related parties A31200 Inventory A31230 Prepayments A31240 Other current assets A32150 Account payable A32160 Account payable from related parties A32180 Other payable A32190 Other payable from related parties A32200 Liability reserve A32125 Contract liabilities A32230 Other current liabilities A32240 Liability – defined benefit liability A33000 Operating cash inflow A33100 Interest chargeable A33300 Interest payment A33500 Rebate of income tax AAAA Net cash inflow from operating activities	Year 2023 ( $ 78,065 ) 34,395 74 ( 1,148 ) 19,313 ( 6,627 ) 92,435 ( 8 ) 6,104 ( 9,393 ) 31,835 3,325 86,118 ( 521 ) ( 61,672 ) 22,716 2,452 255 ( 26,200 ) 1,301 ( 1,839 ) 227 ( 1,270 ) ( 27,497 ) ( 211 ) ( 1,020) 85,079 6,627 ( 19,558 ) ( 533) 71,615	Year 2022
		( $ 14,189 ) 38,367 74 4,966 17,499 ( 3,383 ) 64,351 - 10,448 ( 5,536 ) ( 22,828 ) 30,427 ( 8,959 ) 1,916 ( 61,999 ) 12,005 ( 1,022 ) 272 ( 24,066 ) ( 1,090 ) 2,091 ( 1,495 ) 1,114 33,891 ( 1,122 ) ( 625) 71,107 3,383 ( 17,184 ) 2,918 60,224

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Code Cash Flows from Investing Activities B00050 Financial assets measured at amortized cost are assets B02200 Net cash outflow from subsidiaries B02700 Purchase of property, plant and equipment B02800 Price on disposal of property, plant and equipment B03700 Increase of refundable deposit B03800 Decrease of refundable deposit BBBB Net cash inflow from investment activities Cash Flows from Financing Activities C00100 Increase of short-term borrowings C00200 Decrease of short-term borrowings C00500 Increase of short-term commercial note C00600 Decrease of short-term commercial note C01700 Repayment of long-term loan C04020 Payments of lease liabilities C05400 Acquisition interests in subsidiary CCCC Net cash outlow from financing activities EEEE Net increase (decrease) in cash and cash equivalents E00100 Cash and cash equivalents at the beginning of year E00200 Cash and cash equivalents at the end of year	Year 2023 $ - - ( 1,625 ) 8 ( 716 ) 3,185 852 775,000 ( 755,000 ) 738,100 ( 720,300 ) ( 75,471 ) ( 3,157 ) ( 11,698) ( 52,526) 19,941 168,202 $ 188,143	Year 2022
		$ 250,739 ( 56,573 ) ( 1,003 ) - ( 2,163 ) 836 191,836 852,000 ( 1,056,000 ) 871,600 ( 935,000 ) ( 67,759 ) ( 4,185 ) ( 8,250) ( 347,594) ( 95,534 ) 263,736 $ 168,202

T h e a p p e n d e d n o t e s a r e p a r t s o f t h i s i n d i v i d u a l f i n a n c i a l s t a t e m e n t s .

Chairman: Manager: Chief Accounting Supervisor:

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YING HAN Technology Co., Ltd. Notes to the Individual financial statements January 1 – December 31, 2023 & 2022

(Unit: Thousands of New Taiwan Dollars. Unless otherwise stated.)

Company History Founded in January 2008, YING HAN Technology Co., Ltd. ( The ‘Company’) is a leading and well organized manufacturer in Taiwan, specialized in designing, manufacturing, installing and sales of parts for automatic machinery such as tube & pipe bender, forming machine.

The Company was approved to issue stocks in August 2015 and was allowed to trade on the Taiwan Stock Exchange (TWSE) in November of the same year. In August 21, 2017 the Company was listed on Taiwan Stock Exchange.

The use of currency in this Individual Financial Statements is New Taiwan Dollars.

Date and Procedures of Authorization of Financial Statements for Issuance The accompanying individual financial statements were approved and authorized for issue by the Board of Directors on March 8, 2024.
Newly Issued or Revised Standards and Interpretations
Initial application of the amendments to the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC)(collectively, “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (FSC).
- The initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC did not have a significant effect on the accounting policies of the Company.
The IFRSs issued by International Accounting Standards Board (IASB) and endorsed by the FSC with effective date starting 2024 New, Revised or Amended Standards and Effective Date Issued by Interpretations IASB Amendments to IFRS 16 “Leases Liability in a Sale January 1, 2024 (Note 2) and Leaseback”
- Amendments to IAS 1 “Classification of Liabilities January 1, 2024 as Current or Non-current”
- Amendments to IAS 1 “Non-current Liabilities with January 1, 2024 Covenants”
- Amendments to IAS 7 and IFRS 7 “Supplier January 1, 2024 (Note 3) Finance Arrangements”
- Note 1: The above new, revised or amended standards and interpretations is applicable to annual reporting periods mentioned above. Unless otherwise stated.
- Note 2: The seller and lessee shall apply the amendments of IFRS 16 retrospectively to the sale and leaseback transactions signed after the date of initial application of IFRS 16.
- Note 3: The first time this amendment is applied, some disclosure requirements are exempted.
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The rest of the revised standards and interpretations did not have a significant effect on the financial condition and financial performance of the Company as of the release date of this individual financial statements.

The IFRSs issued by IASB but not yet endorsed and issued into effect by the FSC New, Revised or Amended Standards and Effective Date Issued by Interpretations IASB (Note 1) Amendments to IFRS 10 and IAS 28 “Sale or To be determined by Contribution of Assets IASB between an Investor and its Associate or Joint Venture” Amendments to IAS 17 “Insurance Contract” January 1, 2023 Amendments to IAS 17 January 1, 2023 Amendments to IAS 17 “Application of IFRS 17 January 1, 2023 and IFRS 9- Comparison” Amendments to IAS 21 “Lack of Exchangeability” January 1, 2025 (Note 2)
Note 1: The above new, revised or amended standards and interpretations is applicable to annual reporting periods mentioned above. Unless otherwise stated.
Note 2: An entity shall apply those amendments for annual reporting periods beginning on or after January 1, 2025. Upon initial application of the amendments, the entity recognizes any effect as an adjustment to the opening balance of retained earnings. When the Group uses a presentation currency other than its functional currency, it shall, at the date of initial application, recognize any effect as an adjustment to the cumulative amount of translation differences in equity.

As of the release date of this individual financial statements, the Company continues to evaluate the impact on its financial condition and financial performance from the initial adoption of the standards or interpretations and related applicable period. The related impact will be disclosed when the Company completes its evaluation.

Summary Explanation of Significant Accounting Policies
Statement of Compliance
- The accompanying individual financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRSs endorsed by the FSC with the effective dates (collectively, “Taiwan-IFRSs”).
Basis of Preparation

The accompanying individual financial statements have been prepared on the historical cost basis except for financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for the assets.

Financial assets can be categorized into 3 levels based on the degree of observability and importance of the input value:

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1) Level 1: Refers to quoted prices (unadjusted) in active markets for identical assets or liabilities that are available at the measurement date.
2) Level 2: Refers to observable inputs other than quoted prices at level 1, either directly (that is, prices) or indirectly (that is, derived from prices) for the asset or liability.
3) Level 3: An unobservable assets or liabilities.

When preparing the individual financial reports, it adopts the equity method for investment subsidiaries. In order to make the current year profit and loss, other comprehensive profit and loss and equity in this individual financial report the same as the current year profit and loss, other comprehensive profit and loss and equity attributable to the company's owners in the company's individual financial report, certain accounting treatment differences between the individual basis and the consolidated basis are adjusted "Investments using the equity method", "shares of profits and losses of subsidiaries using the equity method", "shares of other comprehensive profits and losses of subsidiaries using the equity method" and related equity items.

Classification of Current and Noncurrent Assets and Liabilities

Current assets are:

1) Assets held for trading purposes;
2) Assets expected to be converted to cash, sold or consumed within one year from the end of the reporting period;
3) Cash and cash equivalents (but excluding those that subject to restrictions on exchange or settlement of liabilities more than 12 months after the balance sheet date)

Current liabilities are:

1) Liabilities incurred for trading purposes;
2) Liabilities expected to be settled within one year from the end of the reporting period;
3) Liabilities for which settlement cannot be unconditionally deferred for at least 12 months after the balance sheet date.

Assets and liabilities that are not classified as current are noncurrent assets and liabilities, respectively.

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4. Foreign Currencies

In the preparation of the financial statements of the Company, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Such exchange differences are recognized in profit or loss in the year in which they arise.

Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the year except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income.

Non-monetary items that are measured in terms of historical cost in foreign currencies are not retranslated.

5. Inventories

Inventories include raw materials, work in progress and finished goods, etc. Inventories are stated at the lower of cost or net realizable value. The comparison of cost to net realizable value is done on an individual basis. Net realizable value represents the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. Inventories are adjusted to approximate weighted-average cost at the end of the reporting period.

6. Investment in subsidiaries

The Company uses the equity method include investments in subsidiaries. A subsidiary is an entity that is controlled by the Company.

Under the equity method, an investment in a subsidiary is initially recognized at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the subsidiary as well as the distribution received. The Company also recognized its share in the changes in the equity of subsidiaries. Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over the subsidiaries are accounted for as equity transactions. Any difference between the carrying amount of the subsidiary and the fair value of the consideration paid or received is recognized directly in equity.

When the company's share of the subsidiary's loss is equal to or exceeds its equity in the subsidiary (including the book value of the subsidiary under the equity method and other long-term interests that are substantially part of the company's net investment in the subsidiary), it is continue to recognize losses according to the shareholding ratio.

When the Company transacts with its subsidiaries, profits and losses resulting from the

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transactions with the subsidiaries are recognized in the Company’s parent company only financial statements only to the extent of interests in the subsidiaries that are not owned by the Company.

7. Property, Plant and Equipment

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

Property, plant and equipment in the course of construction for production, supply or administrative purposes are carried at cost, less any recognized impairment loss. Such assets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other identical categories of property, plant and equipment, commences when the assets are available for their intended use.

Except for freehold land which is not depreciated, depreciation is recognized so as to write off the cost of the assets less their residual values over their useful lives, and it is computed using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the assets. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss.

8. Investment properties

Investment properties is real estate held to earn rentals or for capital appreciation or both. Investment properties also includes land that has not yet been determined for future use.

Owned investment properties is initially measured at cost (including transaction costs), and subsequently measured at the cost minus accumulated depreciation and accumulated impairment losses.

9. Intangible Assets

(1) Acquired Separately

Other separately acquired intangible assets with finite useful lives are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized using the straight-line method. The company shall review the estimated useful life, residual value and amortization method at least at the end of each year, and postpone the impact of changes in applicable accounting estimates.

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(2) Derecognition

When an intangible asset is derecognized, the difference between the net disposal price and the value of the asset is recognized in profit or loss for the year.

Impairment of Property, Plant, Equipment, Right-of-use assets, Investment properties and Intangible Assets

At each balance sheet date, the Company reviews the carrying amounts of property, plant, equipment, right-of-use assets, investment properties and intangible assets and other intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

For intangible assets with undetermined useful lives and not available for use, impairment tests are conducted at least annually and when there is evidence of impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.

When an impairment loss subsequently reverses, the carrying amount of the asset or a cash-generating unit is increased to the revised estimate of its recoverable amount, but the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

11. Financial Instruments

Financial assets and financial liabilities are recognized in the individual balance sheet when the Company becomes a party to the contractual terms of the instrument.

If the financial assets and financial liabilities are not recognized by fair values of financial instruments initially, they are measured at fair value plus transaction costs directly attributable to the acquisition or issuance of financial assets or financial liabilities. Transaction costs directly attributable to the acquisition or issue of a financial asset or financial liability at fair value through profit or loss are recognized immediately in profit or loss and included in the originally recognized amounts of the financial asset and financial liability.

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(1) Financial Assets

Customary transactions of financial assets are recognized and derecognized by transaction date.

1) Type of measurement

The types of financial assets held by the Company are financial assets measured at amortized cost.

Financial assets measured at amortized cost.

Financial assets invested by the Company should be categorized as financial assets measured at amortized cost if both of the below conditions are met:

A. Held under an operating model whose purpose is to hold financial assets for the purpose of receiving contractual cash flows; and
B. The interest is based on the cash flow on the date agreed in the contract, the principal paid to complete the relevant cash flow, and the principal amount circulated overseas.

Financial assets measured at amortized cost (including cash and cash equivalents, notes receivable and accounts (including related parties) measured at amortized cost, other receivables and deposits) after original recognition is measured at the amortized cost of the gross carrying amount determined by the effective interest method less any impairment losses, and any foreign exchange gains or losses are recognized in profit or loss.

Interest income from bank deposits is calculated by multiplying the effective interest rate and the total amount if the financial asset except for the below 2 situations:

A. Purchased or initial impairment financial assets is calculated by multiplying the credit-adjusted effective interest rate by the amortized cost of the financial asset.
B. Non-purchased or initial impairment financial assets becomes impairment financial assets shall be calculated by multiplying the effective interest rate by the amortized cost of the financial asset from the reporting period following the credit-impairment.

Impairment financial assets means the issuer or debtor had encountered significant financial difficulties, defaulted or the debtor is likely having a bankruptcy or other financial difficulties that will make the active market disappear.

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Cash equivalents included deposit and repurchase bonds with high liquidity that is convertible into cash within 3-month and has lower risk of value change. It’s to satisfy the short-term cash commitments.

2) Impairment financial assets

The Company evaluates the impairment loss of financial assets (including notes receivable and accounts) measured at amortized cost based on expected credit losses on each balance sheet date.

Notes and accounts receivable are recognized as allowance losses based on expected credit losses during the duration. For other financial assets, first assess whether the credit risk has increased significantly since the original recognition. If there is no significant increase, the loss will be recognized as the 12-month expected credit loss. If there has been a significant increase, it will be recognized as the expected credit loss during the duration Allow for losses.

Expected credit loss is calculated average credit losses weighted by the risk of default. The 12-month expected credit loss represents the expected credit loss arising from possible default events of the financial instrument within 12 months after the reporting date, and the expected credit loss during the duration represents the expected credit loss arising from all possible default events of the financial instrument during the duration.

For the purpose of internal risk control, the Company will regard the below situation as defaulted in financial assets without considering the collateral held:

A. The internal or external indication showing the debtor is unlikely to pay back the debt.
B. Overdue exceeds the days of credit terms without reasonable and supportable information that shows a delayed payment is more appropriate.

Impairment losses on all financial assets are achieved by reducing their carrying amounts through the use of an allowance account.

3) Derecognition of financial assets

A Company derecognized a financial asset only when the contractual rights to the cash flows from the financial asset have lapsed, or when the financial asset has been transferred and substantially all the risks and rewards of ownership

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of the asset have been transferred to another entity.

When a financial asset is measured at amortized cost as a whole, the difference between its carrying amount and the consideration received is recognized in profit or loss. When an investment in a debt instrument at fair value through other comprehensive profit or loss is derecognized as a whole, the difference between its carrying amount and the sum of the consideration received plus any cumulative gain or loss that has been recognized in other comprehensive profit or loss is recognized in profit or loss. When an equity instrument investment measured at fair value through other comprehensive income is derecognized as a whole, the accumulated gain or loss is transferred directly to retained earnings and is not reclassified as profit or loss.

(2) Financial Liabilities

1) Measurement

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

2) Derecognition of financial liabilities

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

12. Preparation for financial liabilities

The amount recognized as a liability reserve is the best estimate of the expenditure required to settle the obligation on the balance sheet date, considering the risks and uncertainties of the obligation. The liability provision is measured at the discounted value of the estimated cash flows of the settlement obligation.

Warranty

The warranty obligation to ensure that the product is compatible to the agreed specifications is recognized when the relevant product is recognized as revenue based on the management's best estimate of the expenditure required to settle the obligations of the Company.

13. Revenue Recognition

The Company recognizes revenue when performance obligations are satisfied. The performance obligations are satisfied when customers obtain control of the promised goods.

Revenue from sale of goods

Revenue from sale of goods is recognized when the Company automatic machinery such as intelligent pipe bender, forming machine, vertical working machine are delivered to designated place or the installation certificate is obtained. The customer has the right to set the price and is responsible for the resales of it. In the meanwhile,

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customer should bear the risk of obsolete goods. The company recognized the revenue from sale of goods at that point of time. Advance payment is recognized as contract liabilities before shipment or installation certificates are obtained.

Leases

The Company assesses whether the contract is (or contains) a lease on the contract inception date.

The Company as lessor

When the term of the lease is transferred to the lessee substantially all the risks and rewards of ownership of the asset, it’s categorized as finance lease. All the other leases are categorized as operating leases.

Under operating leases, lease payments after deducting lease incentives are recognized as income on a straight-line basis over the relevant lease period. The original direct cost incurred in obtaining the operating lease is added to the book amount of the underlying asset and recognized as an expense on a straight-line basis over the lease term.

The Company as lessee
Except for payments for low-value asset leases and short-term leases (leases of machinery and equipment and others) which are recognized as expenses on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of the lease.

Right-of-use assets are measured at cost. The cost of right-of-use assets comprises the initial measurement of lease liabilities adjusted for lease payments and initial direct costs made at or before the commencement date, plus an estimate of costs needed to restore the underlying assets. Subsequent measurement is calculated as cost less accumulated depreciation and accumulated impairment loss and adjusted for changes in lease liabilities as a result of lease term modifications or other related factors. Right-of-use assets are presented separately in the individual balance sheets.

Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms. If the lease transfers ownership of the underlying assets to the Company by the end of the lease terms or if the cost of right-of-use assets reflects that the Company will exercise a purchase option, the Company depreciates the right-of-use assets from the commencement dates to the end of the useful lives of the underlying assets.

Lease liabilities are measured at the present value of the lease payments. Lease payments comprise fixed payments, variable lease payments which depend on an index or a rate and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. The lease payments are discounted using the lessee’s incremental borrowing rates.

Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, or a change in the assessment of an option to purchase an underlying asset, the Company

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remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. Lease liabilities are presented on a separate line in the individual balance sheets.

The company has negotiated with the leaser on the rental with regards to Covid-19 situation. The rental before June 30, 2021, has been adjust and reduced. The negotiation has no significant impact on the other part of the contract.

The company chooses to adopt a practical expedient approach to deal with the rent negotiation of the factory building and office lease contract that meets the conditions. It does not evaluate whether the negotiation is a lease modification but recognizes the reduction of the lease payment in profit or loss when the concession event or situation occurs (other income and expense), and correspondingly reduce the lease liability.

15. Borrowing Costs

Borrowing costs is the cost to directly obtain, construct or produce the destinated assets. It’s considered part of the cost of the assets until the use or sale of the item has been performed.

Investment income earned on the temporary investment of specific borrowings prior to the occurrence of eligible capital expenditures is deducted from the borrowing costs eligible for capitalization.

Except for the above, all other borrowing costs are recognized as profit or loss in the year in which they are incurred.

Government Grants

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

Government grants related to revenue are recognized in other income on a systematic basis over the period in which they are intended to compensate for the associated costs that are recognized as an expense by the combined company.

Government grants that are receivables as compensation for expenses already incurred are deducted from incurred expenses in the period in which they become receivables.

17. Employee Benefits

1) Short-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for service rendered by employees.

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2) Retirement benefits

For defined contribution retirement benefit plans, payments to the benefit plan are recognized as an expense when the employees have rendered service entitling them to the contribution. For defined benefit retirement benefit plans, the cost of providing benefit is recognized based on actuarial calculations. Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the Projected Unit Credit Method. Service cost (including current service cost), and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding interest), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Net defined benefit liability represents the actual deficit in the Company’s defined benefit plan.

18. Share-based payment arrangements Employee Stock Options

Employee stock options are recognized as expenses on a straight-line basis during the vesting period based on the fair value of the equity instrument on the grant date and the best estimated quantity expected to be acquired, and the capital reserve - employee stock options is adjusted at the same time. If it is immediately vested on the grant date, it shall be fully recognized as an expense on the grant date.

At the end of each reporting period, the Company revises its estimate of the number of restricted shares for employees that are expected to vest. The impact from such revision is recognized in profit or loss so that the cumulative expenses reflect the revised estimate, with a corresponding adjustment to capital surplus - restricted shares for employees.

19. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

1) Current tax

Income tax on unappropriated earnings (excluding earnings from foreign consolidated subsidiaries) is expensed in the year the shareholders approved the appropriation of earnings which is the year subsequent to the year the earnings are generated.

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.

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2) Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the individual financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, net operating loss carryforwards and tax credits for research and development expenses to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. The deferred tax assets which originally not recognized is also reviewed at the end of each reporting period and recognized to the extent that it is probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset is realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
3) Current and deferred tax for the year Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.
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Critical accounting judgements and key sources of estimation and uncertainty

In the application of the Company’s accounting policies, the Company is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The management of the Group evaluated that there were no critical accounting judgments or estimation uncertainty on the accounting policies, estimates and basic assumptions that were adopted by the Group.

Cash and cash equivalents

Cash and cash equivalents
Cash on hand Cheque and Deposit Cash equivalents (investment with initial due date within 3 month) Fixed deposit Repurchase agreements collateralized by bonds	December 31, 2023 $ 1,526 42,647 143,970 - $ 188,143	December 31, 2022
			$ 1,873 67,967 82,917 15,445 $ 168,202

The interest rate range of cash equivalent on the balance sheet date is as follows:

Fixed deposit Repurchase agreements collateralized by bonds	December 31, 2023 1.4%`～`5.4% -	December 31, 2022
		3.20%`～`3.75% 4%

Note receivable, account receivable (including related parties), other receivable (including related parties), long-term note receivable and long-term receivable - related parties

Note receivable Arising from operating activities Less: Allowance to reduce Account receivable (including related parties) Carried at amortized cost Total carrying amount Less: Allowance to reduce Less: Unrealized Interest Income	December 31, 2023 $ 15,326 - $ 15,326 $ 235,140 6,628 - $ 228,512	December 31, 2022	December 31, 2022
			$ 39,640 - $ 39,640 $ 312,180 7,776 357 $ 304,047

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Other receivables (including related parties) Long-term note receivable Long-term receivable - related parties Total carrying amount Less: Unrealized Interest Income	$ 151,191 $ 252 $ 3,227 70 $ 3,157	$ 88,998 $ 7,773 $ 16,267 350 $ 15,917

Note and account receivable measured at amortized cost

The Company set the credit term based on the financial condition, market region, and trading experience of each client. To management the risk, the Company has assigned a dedicated team to be responsible for the determination and examination of credit term of each client and to ensure all the note receivable have been managed properly. Additionally, on the balance sheet date, the Company will review the recoverable number of receivables one by one to ensure that unrecoverable receivables have been set aside for appropriate derogation losses. Hence the management of the Company believes that the credit risk of Company has been eased significantly.

The Company recognizes the allowance loss of accounts receivable according to the expected credit loss during the existence period. The expected credit loss during the duration is calculated using the provision matrix, which considers the customer’s past default record and current financial situation. As the Company’s historical credit loss experience does show significantly different loss patterns for different sales segments, the company uses different provision matrixes based on sales segments by geographical region, and determines the expected credit loss rate by reference to past due days of accounts receivable.

If there is evidence that shows the counterparty is facing severe financial difficulties and the Company cannot reasonably expect the recoverable amount, for example, the counterparty is undergoing liquidation, the Company will directly write off the relevant account receivable, but it will continue with the activities. The amount is recognized in profit or loss.

The Company measures the allowance loss of account receivable based on the reserve matrix as follows:

Note receivable as of December 31, 2023

E x p e c t e d c r e d it l o s s e s r ati o To t a l c a rr yi n g a m o u n t A l l o w a n c e t o r e d u c e ( E x p e c t e d c r e d it lo s s e s d u ri n g t h e d u r ati o n ) A m o r ti z e d c o st	Not Overdue 0 % $ 1 5 , 3 2 6 - $ 1 5 , 3 2 6		Overdue 0~180 days		Overdue 181～270 days 1 0 0 % $ - - $ -		Overdue 271～450 days 1 0 0 % $ - - $ -	Overdue 451 days and above 1 0 0 % $ - - $ -		Total
			1 0 0 % $ - - $ -							$ 1 5 , 3 2 6 - $ 1 5 , 3 2 6

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Account receivable as of December 31, 2023

E x p e c t e d c r e d it lo s s e s r ati o To t a l c a rr yi n g a m o u n t A l l o w a n c e t o r e d u c e ( E x p e c t e d c r e d it l o s s e s d u ri n g t h e d u r ati o n ) A m o r ti z e d c o st	0~120 days	121~210 days	211~300 days	301~485 days	485 days and above	Individual recognition $ 225,901 ( 1,433) $ 224,468	Total
	1% $ 3,396 ( 19) $ 3,377	36% $ 885 ( 231) $ 654	61% $ 41 ( 28) $ 13	88% $ 54 ( 54) $ -	100% $ 4,863 ( 4,863) $ -		$ 235,140 ( 6,628) $ 228,512

Note receivable as of December 31, 2022

Not Overdue Overdue 0~180 days E x p e c t e d c r e d it l o s s e s r ati o 0 % 1 0 0 % To t a l c a rr yi n g a m o u n t $ 3 9 , 6 4 0 $ - A l l o w a n c e t o r e d u c e ( E x p e c t e d c r e d it lo s s e s d u ri n g t h e d u r ati o n ) - - A m o r ti z e d c o st $ 3 9 , 6 4 0 $ - Account receivable as of December 31, 2022	Not Overdue Overdue 0~180 days E x p e c t e d c r e d it l o s s e s r ati o 0 % 1 0 0 % To t a l c a rr yi n g a m o u n t $ 3 9 , 6 4 0 $ - A l l o w a n c e t o r e d u c e ( E x p e c t e d c r e d it lo s s e s d u ri n g t h e d u r ati o n ) - - A m o r ti z e d c o st $ 3 9 , 6 4 0 $ - Account receivable as of December 31, 2022	Not Overdue Overdue 0~180 days E x p e c t e d c r e d it l o s s e s r ati o 0 % 1 0 0 % To t a l c a rr yi n g a m o u n t $ 3 9 , 6 4 0 $ - A l l o w a n c e t o r e d u c e ( E x p e c t e d c r e d it lo s s e s d u ri n g t h e d u r ati o n ) - - A m o r ti z e d c o st $ 3 9 , 6 4 0 $ - Account receivable as of December 31, 2022	Overdue 0~180 days
				1 $
				$
E x p e c t e d c r e d it lo s s e s r ati o To t a l c a rr yi n g a m o u n t A l l o w a n c e t o r e d u c e ( E x p e c t e d c r e d it l o s s e s d u ri n g t h e d u r ati o n ) A m o r ti z e d c o st	0~120 days	121~210 days
	1% $ 25,049 ( 142) $ 24,907	36% $ 124 ( 45) $ 79	61% $ 167 ( 103) $ 64		88% $ 1,461 ( 1,278) $ 183	100% $ 4,874 ( 4,874) $ -

Changes in the provision for losses on receivables are as follows:

Balance at the start of the year Impairment loss provision (Reversal gains) for the year Balance at the end of year		Year 2023 $ 7,776 1,148) $ 6,628		Year 2022
	(			$ 2,810 4,966 $ 7,776

Other receivable have not been provisioned for bad debts because past experience shows that the probability of recovery is extremely high.

8. Inventories

Inventories
Finished product WIP- Work in process Raw material	December 31, 2023 $ 68,918 429,335 145,498 $ 643,751	December 31, 2022
			$ 83,202 438,929 144,336 $ 666,467

The cost of goods sold related to inventories in 2023 and 2022 was NT $422,993 thousands and NT $486,762 thousands, respectively.

9. Investments using the equity method

Investments using the equity method
Investment subsidiary	December 31, 2023 $ 179,262	December 31, 2022
			$ 240,641

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YING HAN TECHNOLOGY Sp. Z O.O.(Poland Ying Han) YING HAN TEKNOLOJI LTD. STI(Turkey Ying Han) YING HAN TECHNOLOGY Limited(Russia Ying Han) HANNSA PRECISION SDN. BHD.(Malaysia Ying Han) YLM INDUSTRIAL CO., LTD.(Thailand Ying Han) Ying Han Teknoloji Ltd. Ylm Industrial Co., Ltd.(Vietnam Ying Han) YING HAN Technology Co., Ltd. (Tianjin) Shanghai Yingheng Machinery Technology Co., Ltd.(Shanghai Ying Han) YLM TUBE SOLUTIONS AND SERVICE P. LTD.(India Ying Han) PT. YING LIN MACHINE AND SERVICE(Indonesia Ying Han) Rdata System Co., Ltd.(Rdata) YING HAN TECHNOLOGY(USA), INC.,	December 31, 2023 ( $ 24,722 ) ( 50,508 ) ( 230 ) 4,392 1,613 ( 222 ) 118,061 61,921 1,691 3,231 12,010 52,025 $ 179,262	December 31, 2022	December 31, 2022
	( ( ( (	( ( ( (	$ 26,552 ) 43,369 ) 1,491 ) 2,313 2,884 978 ) 150,838 89,912 2,062 3,015 15,960 46,047 $ 240,641

Ownership Interest and Voting Percentage( ％ )

Name of subsidiaries Poland Ying Han Turkey Ying Han Russia Ying Han Malaysia Ying Han Thailand Ying Han Vietnam Ying Han Tianjin Ying Han Shanghai Ying Han India Ying Han Indonesia Ying Han Rdata USA Ying Han	Year 2023 31 December 100 100 100 100 46 100 100 100 99.99 99 55 100	Year 2022 31 December
		100 100 100 100 46 100 100 100 99.99 99 55 100

NT $8,250 thousands was agreed by the board of directors of the Company on April 1, 2022, with a 55% shareholding of the non-affiliated company. The transfer of the joint venture to the joint venture was approved for the difference of NT $5,333 thousands, please refer to notes 13 and 24. In addition, the Company increased its investment in the subsidiary by NT$8,250 thousands in September 2022 according to its shareholding ratio.
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YING HAN TECHNOLOGY (USA), INC. was set by the board of directors on March 1, 2022 with the investment amount of US$1,500 thousands. In addition, the Company increased its investment in the subsidiary by US$200 thousands in May 19, 2023.
the Company increased its investment in Poland Ying Han by US$177 thousands in November, 2023.

In 2023 and 2022, the profit and loss and other comprehensive profit and loss shares of subsidiaries using the equity method were recognized based on the financial reports of the subsidiaries audited by accountants for the same period.

10. Property, plant and equipment

	Land	Building	Machinery	Machinery	Vehicles	Equipment	Lease	Other Equipment	Other Equipment	Property in built	Property in built
												Total
Cost
Balance as of January 1, 2023	$ 499,064	$ 281,407	$ 77,341		$ 17,827	$ 72,951	$ 4,648	$ 60,981		$ -		$ 1,014,219

Addition	-	-	-		-	183	-	1,940		-		2,132
Disposal	-	-	-	(	101 )	-	-	-		-	(	101)
Balance as of December 31, 2023	$ 499,064	$ 281,407	$ 77,341		$ 17,726	$ 73,134	$ 4,648	$ 62,921		$ -		$ 1,016,241


Accumulated depreciation and reduction

Balance as of January 1, 2023	$ -	$ 133,523	$ 71,524		$ 16,784	$ 13,855	$ 4,648	$ 54,091		$ -		$ 294,425

Fee of depreciation	-	17,948	3,729		499	4,323	-	4,261		-		30,760
Disposal	-	-	-	(	101)	-	-	-		-	(	101)
Balance as of December 31, 2023	$ -	$ 151,471	$ 75,253		$ 17,182	$ 18,178	$ 4,648	$ 58,352		$ -		$ 325,084


Net as of December 31, 2023	$ 499,064	$ 129,936	$ 2,088		$ 544	$ 59,956	$ -	$ ,4,5960		$ -		$ 691,157


Cost
Balance as of January 1, 2022	$ 499,064	$ 279,937	$ 77,341		$ 17,827	$ 71,754	$ 4,648	$ 59,483		$ 241		$ 1,010,295

Addition	-	805	-		-	1,197	-	1,498		424		3,924
Reclassified	-	665	-		-	-	-	-	(	665)		-
Balance as of December 31, 2022	$ 499,064	$ 281,407	$ 77,341		$ 17,827	$ 72,951	$ 4,648	$ 60,981		$ -		$ 1,014,219


Accumulated depreciation and reduction

Balance as of January 1, 2022	$ -	$ 115,627	$ 65,528		$ 16,132	$ 9,271	$ 4,648	$ 49,488		$ -		$ 260,694

Fee of depreciation	-	17,896	5,996		652	4,584	-	4,603		-		33,731
Balance as of December 31, 2022	$ -	$ 133,523	$ 71,524		$ 16,784	$ 13,855	$ 4,648	$ 54,091		$ -		$ 294,425


Net as of December 31, 2022	$ 499,064	$ 147,884	$ 5,817		$ 1,043	$ 59,096	$ -	$ 6,890		$ -		$ 719,794

Part of the warehouses and extended shelters of the Company's factory buildings have been listed as impairment losses of NT $3,638 thousands in 2015.

Depreciation expense is provided on a straight-line basis over the following useful years:

years:
Building
Main warehouse	20~50 years
Renovation	10~15 years
Machinery	3~8 years
Vehicles	2~8 years
Equipment	3~15 years
Lease	5~10 years
Other equipment	2~10 years

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Please refer to Note 26 for the amount of property, plant and equipment pledged by the Company as a loan guarantee.

11. Lease

Right to use

ht to use
Carrying amount Building Vehicles Addition Depreciation Building Vehicles	December 31, 2023 $ - 2,087 $ 2,087 Year 2023 $ - $ 1,523 1,565 $ 3,088	December 31, 2022
			$ 1,523 3,652 $ 5,175 Year 2022
			$ 4,695 $ 3,046 1,043 $ 4,089

In addition to the depreciation expenses recognized above, the company's right-of-use assets did not have any major sublease and impairment in 2023 and 2022.

2. Lease liabilities

	December 31, 2023	December	31, 2022
Carrying amount
Current	$ 1,579	$	3,119
Non-current	$ 531	$	2,109
The discount rate range for the lease liability is as follows:
	December 31, 2023	December	31, 2022
Building and vehicles	1.30%`～`1.41%	1.30%`～`1.41%

3. Important lease activities and terms

If the Company leases official vehicles, the term is for a period of 3 years. These rental agreements do not have terms of renewal or right of purchase.

The Company also leases buildings as warehouse, and the lease period is 6 years. When the lease period ends, the Company has no preferential right to purchase the leased building, and it is agreed that the Company shall not sublease or transfer all or part of the leased object without the consent of the lessor.

4. Other lease information

Please refer to Note 12 for the Company's agreement on leasing investment real estate under business lease.

te under business lease.
Short-term Lease		Year 2023 $ 2,169		Year 2022
				$ 670

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Total cash outflow from leases		Year 2023 $ 5,365		Year 2022
				$ 4,908

The company chooses to apply the recognition exemption to the factory buildings and official vehicles that qualify for short-term leases, and does not recognize the relevant right-of-use assets and lease liabilities for these leases.

12. Investment Property

estment Property
Cost Balance as of January 1, 2023, and December 31, 2023. Accumulated Depreciation Balance as of January 1, 2023 Depreciation Balance as of December 31, 2023 Net as of December 31, 2023 Cost Balance as of January 1, 2022, and December 31, 2022 Accumulated Depreciation Balance as of January 1, 2022 Depreciation Balance as of December 31, 2022 Net as of December 31, 2022		Building
		$ 22,251 $ 3,557 547 $ 4,104 $ 18,147 $ 22,251 $ 3,010 547 $ 3,557 $ 18,694

The lease for investment property is 5 years. The lessee does not have the preferential purchase right of investment real estate at the end of the lease period.

The total lease payments to be received in the future for leasing investment property under operating leases are as follows:

under operating leases are as follows:
1stYear 2ndYear	December 31, 2023 $ 450 - $ 450	December 31, 2022
			$ 1,800 1,800 $ 3,600

Investment properties are depreciated on a straight-line basis over a useful life of 41 years.

The fair value of the investment real estate on December 31, 2021 was approximately NT $46,101 thousands respectively. There is no significant change in fair value on December 31, 2023 and 2022 compared with December 31, 2021. The fair value was evaluated by the management of the consolidated company with reference to the transactions in the neighboring housing market.

Please refer to Note 26 for the amount of investment real estate set as loan guarantee.

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13.	Other intangible assets Cost Balance as of January 1, 2023, and December 31, 2023 Accumulated depreciation Balance as of January 1, 2023 Amortization fee Balance as of December 31, 2023 Net as of December 31, 2023 Cost Balance as of January 1, 2022, and December 31, 2022 Accumulated depreciation Balance as of January 1, 2022 Amortization fee Balance as of December 31, 2022 Net as of December 31, 2022 Cost Balance as of January 1, 2022, and December 31, 2022		Patent $ 2,610 $ 2,307 45 $ 2,352 $ 258 $ 2,610 $ 2,262 45 $ 2,307 $ 303 $ 2,610		Software $ 6,815 $ 6,768 29 $ 6,797 $ 18 $ 6,815 $ 6,739 29 $ 6,768 $ 47 $ 6,815		Total
							$ 9,425 $ 9,075 74 $ 9,149 $ 276 $ 9,425 $ 9,001 74 $ 9,075 $ 350 $ 9,425

Amortization charges are calculated on a straight-line basis based on the number of useful years listed below:

useful years listed below:
Patent	5~14	years
Software	3	years

Other intangible assets of the Company are not mortgaged.

14. Borrowings

Short-term borrowings

1.	Short-term borrowings
	Unsecured Loan Bank credit loan Annual interest rate on unsecured loans	December 31, 2023 $ 380,000 2.1076%`～`2.265%	December 31, 2022
			$ 360,000 1.7982%`～`2.1038%

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Short-term commercial note

3.

Short-term commercial note
Commercial note IBFC MEGA BILLS Less: Discount The refinancing rate Long-term borrowings Secured Loan(Note 1) Borrowings Unsecured Loan(Note 2) Bank credit loan Total Less: Due in 1 year	December31,2023 $ 49,900 50,000 99,900 350 $ 99,550 2.278%`～`2.678% December31,2023 $ 371,154 28,333 399,487 74,850 $ 324,637	December31,2022
		$ 32,100 50,000 82,100 42 $ 82,058 2.038%`～`2.408% December31,2022
			$ 436,625 38,333 474,958 76,092 $ 398,866

Note 1:As of December 31, 2023 and 2022, the annual effective interest rate of bank borrowings secured by the the company’s freehold land and building (refer to Note 28) was 1.97%-4.3% and 1.85% - 4.3% per annum, respectively. And the aforementioned long-tern borrowings will mature from Novermber 2025 to March 2032, with interest calculated and principal repaid on schedule.

Note 2:The bank credit loan will mature sequentially before October 2028, with interest calculated and principal repaid on schedule. As of December 31, 2023 and 2022, the annual effective interest rate was 2.1%-2.97% and 1.67%-2.84% per annum, respectively.

15. Other payable

Other payable
Salaries Leave payment Commission payable Labor health insurance Pension Professional service fees Others	December31,2023 $ 27,454 6,190 4,218 3,144 2,247 1,925 5,143 $ 50,321	December31,2022
			$ 27,363 5,989 7,069 3,054 2,255 1,925 4,481 $ 52,136

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16.	Liability provision-Current Warranty liability reserve	December31,2023 $ 2,426	December31,2022	December31,2022
				$ 3,696

Warranty liability reserve is the current value of the best estimate of future economic benefit outflows caused by warranty obligations by the management of the Company in accordance with the sales contract. This estimate is based on historical warranty experience.

17. Retirement Benefit

1. Defined contribution plans

The Company have made monthly contributions of 6% of each employee’s monthly salary to employees’ pension accounts based on the R.O.C. Labor Pension Act (“the Act”).

2. Defined benefit plans

The Company has defined benefit plans under the R.O.C. Labor Standards Law that provide benefits based on an employee’s length of service and average monthly salary for the six-month period prior to retirement. The Company contributes an amount equal to 2% of salaries paid each month to their respective pension funds, which are administered by the Labor Pension Fund Supervisory and deposited in the Committee’s name in the Bank of Taiwan. Before the end of each year, the Company assesses the balance in the Funds. If the amount of the balance in the Funds is inadequate to pay retirement benefits for employees who conform to retirement requirements in the next year, the Company is required to fund the difference in one appropriation that should be made before the end of March of the next year. The Funds are operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the Funds.

Defined benefit plans loans listed in the individual balance sheet are listed as follows:

ws:
Defined benefit obligation Plan assets at fair value Net defined benefit liability	December31,2023 $ 12,939 ( 3,266) $ 9,673	December31,2022
	(	(	$ 13,326 2,486) $ 10,840

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The changes of net defined benefit liability are as follow:

Balance as of December 31, 2021 Interest expense Recognized in profit or loss Remeasurement Return on planned assets (In addition to the amount included in net interest) Actuarial interest －experience adjustment Actuarial benefits - changes in financial assumptions Relating to components of other comprehensive income Contributions by employer Benefit Payment Balance as of December 31, 2022 Interest expense Recognized in profit or loss Remeasurement Return on planned assets (In addition to the amount included in net interest) Actuarial interest －experience adjustment Actuarial benefits - changes in financial assumptions Relating to components of other comprehensive income Contributions by employer Benefit Payment Balance as of December 31, 2023		Defined benefit obligation 17,399 91 91 17 893 ) 2,285) 3,161) - 1,003) $ 13,326 180 180 52 357 ) 216 89) - 478) $ 12,939	Plan assets at fair value ( 2,567) - - ( 206 ) - - ( 206) ( 716) 1,003 ($ 2,486) - - ( 58 ) - - ( 58) ( 1,200) 478 ($ 3,266)	Net defined benefit liability	Net defined benefit liability
	( ( ( ( ( ( (		( ( ( ( ( ( ( ( (	( ( ( ( ( ( ( ( (	14,832 91 91 189 ) 893 ) 2,285) 3,367) 716) - $ 10,840 180 180 6 ) 357 ) 216 147) 1,200) - $ 9,673

The company is exposed to the following risks due to the pension system of the "Labor Standards Act":

1) Investment risk: The Labor Fund Utilization Bureau of the Ministry of Labor invests labor pension funds in domestic (foreign) equity securities, debt securities, and bank deposits through self-use and entrusted operation methods, but the planned assets of the merged company may be allocated The amount is calculated based on the local bank's 2-year fixed deposit interest rate.
2) Interest rate risk: The decline in the interest rate of government bonds will increase the present value of defined benefit obligations, but the debt investment return on project assets will also increase accordingly, and the impact of the two on net defined benefit liabilities will have a partial offset effect.
3) Salary risk: The calculation of the present value of the defined benefit obligation refers to the future salary of the plan members. An increase in
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plan member salaries will therefore increase the present value of the defined benefit obligation.

The present value of the confirmed benefit obligations of the Company is calculated by a qualified actuary, and the major assumptions on the measurement date are as follows:

Discount rate Expected rate of salary increases	December31,2023 1.625% 3%	December31,2022
		1.75% 3%

If there are reasonably possible changes in major actuarial assumptions, and all other assumptions remain unchanged, the amount that will increase (decrease) the present value of the defined benefit obligation is as follows:

Discount rate Increase 0.25% Decrease 0.25% Expected rate of salary increases Increase 0.25% Decrease 0.25%	December31,2023 ($ 428) $ 446 $ 432 ($ 417)	December31,2022	December31,2022
	( (	( (	$ 451) $ 470 $ 456 $ 440)

Since the actuarial assumptions may be related to each other, the possibility of only a single assumption changing is unlikely, so the above sensitivity analysis may not be able to reflect the actual changes in the present value of the defined benefit obligations.

benefit obligations.
Expected amount allocated within 1 year Determining the weighted average of benefit obligations Duration	December31,2023 $ 1,200 13.52 years	December31,2022
			$ 1,200 13.87 years

18. Equity

1. Capital Stock

Common stock

ital Stock Common stock
Authorized shares (in thousands) Authorized capital Issued and paid shares (in thousands) Issued capital	December31,2023 150,000 $ 1,500,000 87,546 $ 875,460	December31,2022
			150,000 $ 1,500,000 87,546 $ 875,460

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2. Capital reserve

ital reserve
Can be used to make up for losses, distribute cash or allocate capital (Note) Additional paid-in capital Lapsed employee stock options	December31,2023 $ 347,203 390 $ 347,593	December31,2022
			$ 347,203 390 $ 347,593

Note: This kind of capital reserve can be used to make up for losses, and can also be used to distribute cash dividends or transfer capital when the company has no losses.

3. Retained earnings and dividend policy

According to the Company’s Articles of Incorporation, if the Company's annual final accounts have surplus, after paying all taxes and contributions in accordance with the law and making up for previous years' losses, 10% should be allocated as the legal surplus reserve. However, this is not applicable when the total amount of paid-in capital is reached or it is listed or reversed according to the laws and regulations of the competent authority; if there is still a balance, no less than 10% should be allocated as shareholder dividends. The board of directors will submit to the shareholders' meeting for a resolution on the distribution of shareholder dividends and bonuses together with the previous surplus. Please refer to Note 20 (8) Employee Remuneration and Director Remuneration for the distribution policy of employees, directors and supervisors' remuneration after the revision of the Articles of Incorporation.

According to the Company’s Articles of Incorporation, cash dividends shall not be less than 10% of the total dividends distributed in the current year. However, it can be adjusted depends on whether the company has improved its financial structure or major capital expenditure plans in the current year. The ratio of cash dividend distribution can be increased or decreased by the resolution of the shareholders' meeting.

Legal reserve can be used to make up losses. When the Company has no losses, the portion of the legal reserve which exceeding 25% of the total paid-in share capital may be allocated to share capital and distributed in cash.

The Company withdraw and reverse the special reserve according Financial-Supervisory-Securities-Auditing-1090150022 and IFRSs- Questions and Answers about the Application of Special Reserve.

The company held regular shareholders' meetings on June 7, 2023, and June 14, 2022, and passed resolutions to make up for losses in 2022 and 2021, respectively.

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The 2023 loss surplus plan is yet to be resolved at the shareholders' meeting expected to be held in June 2024.

4. Others

19.

4. Others	4. Others	4. Others	4. Others	4. Others
Exchange differences arising on translation of foreign operations. Year 2023 Year 2022 Balance as of the beginning of the year ( $ 2,601 ) ( $ 11,370 ) Occurred in the current year 16,069 10,961 Exchange differences arising on translation of foreign operations. ( 3,214) ( 2,192) Income tax arising on translation of foreign operations. $ 10,254 ($ 2,601) Revenue Year 2023 Year 2022 Contract revenue Sales of goods $ 650,666 $ 692,587
		Year 2023 $ 2,601 ) 16,069 3,214) $ 10,254 Year 2023 $ 650,666
	( (		( ( (	$ 11,370 ) 10,961 2,192) $ 2,601) Year 2022
				$ 692,587

1. Description of customer contract Sales of goods

The Company recognized its revenue and accounts receivable when the automatic machinery such as intelligent pipe bender, forming machine, vertical working machine has been delivered or loading certificates with customer’s signature. The Company set the credit term based on the financial condition, market region, and trading experience of each customer. Most of the contracts are regards as accounts receivable when the commodity is transferred and there is an unconditional right to receive the consideration amount. These accounts receivable usually have a short collection period and do not have a significant financial component; only some contracts charge part of the consideration from the customer before transferring the goods, and the Company needs to undertake the obligation to transfer the goods later, so it is recognized as contract liabilities.

2. Contract balance

Contract balance
Notes receivable (Note 7) Accounts receivable (Note 7) Accounts receivable from related parties (Note 7)	2023 December 31 $ 15,326 $ 92,800 135,712	2022 December 31 $ 39,640 $ 94,977 209,070		2022 January 1
				$ 17,374 $ 130,370 196,730

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Long-term notes receivable (Note 7) Long-term accounts receivable from related parties (Note 7) Contract Liabilities－Current Sales of goods	2023 December 31 $ 228,512 $ 252 $ 3,157 $ 36,714	2022 December 31 $ 304,047 $ 7,773 $ 15,917 $ 64,211		2022 January 1
				$ 327,100 $ 7,211 $ 19,298 $ 30,320

Revenue from the beginning balance of the contract liability and satisfaction during the year 2023 and 2022 were as follows:

	Revenue from the beginning	Revenue from the beginning
	balance of contract liabilities			Year 2023		Year 2022
	Sales of goods			$	58,789	$	28,762
20.	Net loss before income tax
	1. Other income and net loss
				Year	2023		Year 2022
	Loss (gain) from disposal
	of property, plant and
	equipment		$		8	$	-
	2. Interest income from bank deposits
				Year	2023		Year 2022
	Bank deposit		$		5,711	$	2,382
	Long-term	account
	receivable				864		993
	Others				52		8
			$		6,627	$	3,383
	3. Other income
				Year	2023		Year 2022
	Solar Power Revenue		$		12,306	$	12,559
	Lease				1,622		1,820
	Subsidies				278		785
	Others				915		701
			$		15,121	$	15,865

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4. Other benefit and loss

4. Other benefit and loss
Net foreign currency exchange gains (Loss) 5. Financial costs Interest on borrowings from bank Interest on lease liabilities Less: Interest capitalization Interest capitalization amount Interest capitalization rate 6. Depreciation and amortization Depreciation classified by function Operation cost Operation expense Depreciation classified by function Operation cost 7. Employee benefit Short-term employee benefit Salary Labor health insurance Others Post-employment benefits(Note 17) Defined contribution plan Defined benefit plans Total		Year 2023 $ 2,344) Year 2023 $ 19,274 39 - $ 19,313 $ - - Year 2023 $ 23,394 11,001 $ 34,395 $ 74 Year 2023 $ 174,775 19,393 2,328 196,496 9,065 180 9,245 $ 205,741	Year 2021
	(		$ 70,604 Year 2022
			$ 17,449 53 3 $ 17,499 $ 3 1.30% Year 2022
			$ 27,416 10,951 $ 38,367 $ 94 Year 2022
			$ 179,098 20,199 1,829 201,126 9,781 91 9,872 $ 210,998

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(Continued)

Classified by function Operation cost Operation expense		Year 2023 $ 92,021 113,720 $ 205,741		Year 2022
				$ 97,618 113,380 $ 210,998

8. Employee and directors’ bonus stock

The company allocates employee remuneration and director remuneration at a rate of 1% to 5% and no more than 5% of the pre-tax profit before deducting the distribution of employee and director remuneration in the current year. The company's 2023 and 2022 years were net losses before tax, so the employee remuneration and director's remuneration were not estimated.

For information on employee remuneration and director remuneration for resolutions of the company's board of directors, please visit the "Public Information Observatory" of the Taiwan Stock Exchange.

Foreign currency exchange gain and loss

Total gains Total losses Net losses/gains		Year 2023 $ 16,769 19,113) $ 2,344)		Year 2022
	( (		(	$ 83,351 12,747) $ 70,604

21. Income Tax

Income tax expense (benefit) recognized relating to comprehensive income

The main components of income tax expense (benefit) are as follows:

Deferred income tax (benefit) Occurred at current year		Year 2023 $ 2,777		Year 2022
			(	$ 1,864)

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The adjustment of accounting income and income tax expense (benefit) is as follows:

as follows:
Net loss before tax Net loss before tax Income tax benefit calculated at statutory tax rate Non-deductible expenses Tax-free income Unrecognized loss deductions and deductible temporary differences Income tax expense (benefit) relating to comprehensive income		Year 2023 $ 78,065) $ 15,613 ) 36 4 ) 18,358 $ 2,777		Year 2022
	( ( (		( ( (	$ 14,189) $ 2,838 ) - - 974 $ 1,864)

2. Income tax recognized in other comprehensive income

		Year 2023		Year 2022
Deferred tax assets
Occurred at current year
Conversion of foreign
operating units	($	3,214)	($	2,192)
nt tax asset and liability
	December 31, 2023		December 31, 2022
Current tax asset
Tax refund receivable	$	746	$	213

Current tax asset and liability
Deferred tax asset Changes in deferred tax assets are as follows: Year 2023

Year 2023
Deferred tax asset Temporary differences Uncollectible accounts Inventory depreciation and sluggish loss Leave Payable Unrealized sales benefit Unrealized exchange loss Liabilities provision Conversion of foreign operating units Others	Balance as of the beginning of year $ 803 8,970 1,198 9,186 - 739 650 5,941 $ 27,487	Recognized in profit or loss $ 14 ( 546 ) 40 ( 5,055 ) 534 ( 254 ) - ( 785) ($ 6,052)		Recognized in OCI $ - - - - - - 650 ) - $ 650)	Balance as of the end of year
		( ( ( ( (	( (			$ 817 8,424 1,238 4,131 534 485 - 5,156 $ 20,785

(Continue on the next page)

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(Continued)

Deferred tax liability Temporary differences Conversion of foreign operating units Unrealized exchange gain Year 2022 Deferred tax asset Temporary differences Uncollectible accounts Inventory depreciation and sluggish loss Leave Payable Unrealized sales benefit Unrealized exchange loss Liabilities provision Conversion of foreign operating units Others Deferred tax liability Temporary differences Unrealized exchange gain	Balance as of the beginning of year $ - 3,275 $ 3,275 Balance as of the beginning of year $ - 9,186 1,068 4,502 1,358 517 2,842 5,067 $ 24,540 $ -	Recognize d in profit or loss $ - ( 3,275 ) ($ 3,275 ) Recognized in profit or loss $ 803 ( 216 ) 130 4,684 ( 1,358 ) 222 - 874 $ 5,139 $ 3,275		Recognized in OCI $ 2,564 - $ 2,564 Recognized in OCI	Balance as of the end of year	Balance as of the end of year
					$ 2,564 - $ 2,564 Balance as of the end of year $ 803 8,970 1,198 9,186 - 739 650 5,941 $ 27,487 $ 3,275
		( (	( (	$ - - - - - - 2,192 ) - $ 2,192) $ -		$ 803 8,970 1,198 9,186 - 739 650 5,941 $ 27,487 $ 3,275

Deductible temporary differences and unused loss deduction amounts not recognized in the balance sheet as deferred tax asset

Loss deductions Due year 2030 Due year 2031 Deductible temporary differences Net defined benefit liability Impairment loss on property, plant and equipment	December 31, 2023 110,483 116,568 $ 227,051 $ 15,647 2,058 $ 17,705	December 31, 2022	December 31, 2022
			110,513 116,568 $ 227,081 $ 16,667 2,255 $ 18,922

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Information about unused loss deductions and tax exemptions

The information as of December 31, 2023 is as follow: Balance not yet deducted $ 110,483 116,568 $ 227,051	Final deduction year 2030 2031

Income tax verification
The year 2020 income tax declaration of the Company has been approved by the tax collection agency

22. Net loss per share

The loss and weighted average number of common stocks used to calculate the net loss per share are as follows:

Net loss of the year

per share are as follows: Net loss of the year
Net loss Number of shares Weighted average number of common stocks used to calculate diluted net loss per share		Year 2023 $ 80,842) ( Unit: Year 2023 87,546	Year 2022 $ 12,325) Thousands share Year 2022 87,546
	(

If the Company can choose to issue employee remuneration in stock or cash, when calculating the diluted net loss per share, it is assumed that the employee remuneration will be issued in the form of stock, and when the potential ordinary shares have a dilutive effect, it will be included in the weighted average number of outstanding shares. Calculate diluted net loss per share. When calculating the diluted net loss per share before deciding on the number of shares issued for employee compensation in the next year, the dilution effect of these potential common stock will also continue to be considered.

23 Capital Risk Management

The capital management of the Company is to optimize the balance of debt and equity to make effective use of capital and ensure the smooth operation of each company. The overall strategy of the Company has not changed. The capital structure of the Company is composed of net debt and equity and does not need to comply with other external capital requirements. The management of the Company re-examines the capital structure on a quarterly basis, including consideration of the cost of various types of capital and related risks. According to the recommendations of the management, the Company will pay dividends or repay liabilities, and invest in financial products to increase the company's income and management capital structure.

24 Financial instruments

1.Fair value information - financial instruments not measured at fair value Financial instruments of the Company that are not measured at fair value, such as cash and cash equivalents, net receivables, other receivables, deposits,

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long-term and short-term loans The book amounts of , payables, other payables and deposits are reasonable approximations of fair values.

Type of financial instruments

of financial instruments
Financial Assets Financial assets measured at amortized cost (Note 1) Financial Liabilities Financial assets measured at amortized cost ( Note 2)	December 31, 2023 $ 588,723 1,051,699	December 31, 2022
		$ 629,188 1,115,667

Note 1: The balance includes cash and cash equivalents, note and account receivable (including related parties), other receivable (including related parties), deposits and long-term note receivable and long-term receivable - related parties and other financial assets measured at cost after amortization.
Note 2: The balance includes short-term loans, short-term commercial note, note and account payable (including related parties), other payable (including related parties), long-term loans (including long-term loans due within one year) and deposits, etc. Financial liabilities are measured at amortized cost.

3. Objectives and policies on financial risks

The main financial instruments of the Company include equity investment, account and note receivable, loans, account and note payable, etc. The financial management of the Company provides services for each business unit, supervises, and manages the financial risks related to the operation of the Company according to the level of risk. These risks include market risk (including exchange rate risk and interest rate risk), credit risk and liquidity risk.

1) Market risk

a. Foreign currency risk

The Company engages sales activities in foreign currency thus exposing the Company to risk of exchange rate fluctuations.

Please refer to Note 27 for the carrying amount of monetary assets and monetary liabilities denominated in non-functional currency of the Company on the balance sheet date.

Sensitivity Analysis

The Company is mainly affected by fluctuations in foreign exchange rates such as the U.S. dollar and the Chinese Yuan. The table below details the sensitivity analysis of the Company when the exchange rates of the Company’s foreign currencies to NT change. When the relevant foreign currencies appreciate by 1%, the impact on the profit and loss of the Company is as follows:

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Profit and loss Profit and loss	US Dollar	US Dollar
	Year 2023 $ 4,505 Chinese	Year 2022
		$ 3,778 Yuan
	Year 2023 $ 836	Year 2022
		$ 582

b. Interest Rate Risk

Because individuals within the Company borrow funds at floating rates, risks arise. The Company manages interest rate risk by maintaining an appropriate mixture of fixed and floating interest rates.

The carrying amounts of the financial assets and financial liabilities of the Company subject to interest rate exposure on the balance sheet date are as follows:

December 31, 2023 December 31, 2022

Fair value interest
rate risk
Financial Assets	$	143,970	$	98,362
Financial
Liabilities		101,660		87,286
Cash flow interest
rate risk
Financial
Assets		42,632		67,967
Financial
Liabilities		779,487		834,958

Sensitivity Analysis

The sensitivity analysis below is based on the interest rate exposure of non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis method assumes that the amount of liabilities outstanding on the balance sheet date is all outstanding during the reporting period. The rate of change used when reporting interest rates internally to key management within the Group is a 1% increase or decrease in interest rates and represents management's assessment of the range of reasonably possible changes in interest rates.

If the interest rate increases by 1%, and all other variables remain unchanged, the combined company’s net loss before tax in 2023 and 2022 will increase by NT $7,368 thousands NT $7,670 thousands respectively, mainly due to the change in interest rates of deposits and loans of the Company.

The sensitivity of the Company to interest rates decreased in the current period, mainly due to the reduction of debt instruments with variable interest rates.

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2) Credit risk

Credit risk refers to the risk that the counterparty defaults in contractual obligations and causes financial losses to the Group. As of the balance sheet date, the largest credit risk exposure of the Company that may cause financial losses due to the counterparty's failure to perform its obligations mainly comes from the book value of financial assets recognized in the individual balance sheet.

The policy adopted by the Company is to conduct transactions with reputable objects. The Company uses other publicly available financial information and mutual transaction records to evaluate major customers. The Company continues to monitor the credit risk and the credit evaluation of the counterparty, and controls the credit risk through the annual credit limit of the counterparty.

3) Liquidity risk

The Company manages and maintains sufficient cash and equivalent cash to support the group's operations and mitigate the impact of cash flow fluctuations. The management of the Company supervises the use of bank financing facilities and ensures compliance with the terms of the loan contract.

The operating capital of the Company and the amount of bank financing obtained are sufficient to meet future operating needs, so there is no liquidity risk due to inability to raise funds to fulfill contractual obligations

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

The remaining contractual maturity analysis of non-derivative financial liabilities is prepared based on the undiscounted cash flows (including principal and estimated interest) of financial liabilities based on the earliest date on which the Company may be required to repay. Therefore, the bank loans that the company can be required to repay immediately are listed in the earliest period in the table below, regardless of the probability of the bank's immediate execution of the right; the maturity analysis of other non-derivative financial liabilities is prepared according to the agreed repayment date.

For interest cash flows paid at floating rates, the undiscounted interest amount is derived based on the yield curve on the balance sheet date.

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Within one year More than one year December 31, 2023 No interest liabilities $ 147,558 $ 25,104 Lease liability 1,597 532 Floating Rate Instrument - Bank Loans 1.97%`～` 4.3% 464,164 340,027 Fixed Rate Instruments - Short-Term Notes Payable 2.278% `～`2.678% 99,900 - $ 713,219 $ 365,663 Further information on the lease liability maturity analysis is as follows: Within one year More than one year Lease liability $ 1,597 $ 532 Within a year More than a year December 31, 2022 No interest liabilities $ 173,547 $ 25,104 Lease liability 3,157 2,129 Floating Rate Instrument – Bank Loans 1.798%`～` 2.84% 446,046 420,544 Fixed Rate Instruments - Short-Term Notes Payable 2.038% `～`2.408% 82,100 - $ 704,850 $ 447,777	More than one year	More than one year
	$ 532 More than a year
		$ 25,104 2,129 420,544 - $ 447,777

Further information on the lease liability maturity analysis is as follows:

Lease liability	Within one year $ 3,157	More than one year	More than one year
			$ 2,129

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b. Financing amount

nancing amount
Unsecured Bank Overdraft Facility -Amount used -Amount unused Secured Bank Overdraft Facility -Amount used -Amount unused	December 31, 2023 $ 408,333 120,000 $ 528,333 $ 371,154 - $ 371,154	December 31, 2022
			$ 398,333 90,000 $ 488,333 $ 436,625 - $ 436,625

25. Related party transactions

The transactions between the Company and related parties are as follows: 1. Name of the related part and relationship

Name of the related party
YING HAN TECHNOLOGY Sp. Z
O.O.(Poland Ying Han)
YING HAN TEKNOLOJI LTD.
STI.(Turkey Ying Han)
YING HAN TECHNOLOGY
Limited(Russia Ying Han)
HANNSA PRECISION SDN.
BHD.(Malaysia Ying Han)
YLM INDUSTRIAL CO., LTD.(Thailand
Ying Han)
Ying Han Teknoloji Ltd. Ylm Industrial
Co., Ltd.(Vietnam Ying Han)
Tianjin Ying Han Technology
Co., Ltd.(Tianjin Ying Han)
Shanghai Ying Han Machinery Technology
Co., Ltd(Shanghai Ying Han)
YLM TUBE SOLUTIONS AND
SERVICE P. LTD.(India Ying Han)
PT. YING LIN MACHINE AND
SERVICE(Indonesia Ying Han)
YLM USA, INC(YLM USA)

Relationship

Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Other related party(The director of
the Company is the immediate
family to this related party’s
person in charge)

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(Continued)

Name of the related party Relationship YING LIN MACHINE INDUSTRIAL Investors with Significant CO., LTD.(Ying Lin) Influence TM Technology, Inc.(TM) Other related party(The chairman of the Company is also the chairman of this related party’s person in charge) Lian Yang (TIAN JIN) Machine Other related party(The chairman Co.,Ltd.(Lian Yang) of the Company is the second degree family to this related party’s person in charge) Long-Sing Construction Co., Ltd. Other related party(The chairman (Long-Sing) of the Company is the immediate family to this related party’s person in charge) Kaixing Energy Co., Ltd.(Kaixing) Other related party(TM Technology 100% holds this related party)

2. Operating Revenue

Item Sales Revenue	Category Subsidiary Other related party YLM USA		Year 2023 $ 171,283 39,558 $ 210,841		Year 2022
					$ 216,857 54,628 $ 271,485

The sales price of the parts and machinery is negotiated by both parties due to the nature of the product is customization.

The Company set the credit term based on the financial condition, market region, and trading experience of each client.

3. Purchase

rchase
Category Investors with Significant Influence Ying Lin Other related party YLM USA		Year 2023 $ 2,232 140 $ 2,372		Year 2022
				$ 4,180 953 $ 5,133

The price of equipment, machines and spare parts and credit terms set for the replated parties is the same as non-related party.

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Receivables from related parties (Excluding loans to related parties)

Item Account receivable Long-term accounts receivable	Category Subsidiary Turkey Ying Han Poland Ying Han Others Other related party YLM USA Other related party YLM USA	December 31 2023 $ 42,659 24,014 59,658 9,381 $ 135,712 $ 3,157	December 31 2022	December 31 2022
				$ 64,496 26,202 74,091 44,281 $ 209,070 $ 15,917

There is no guarantee for the outstanding receivables from related parties. The amount receivable from related parties in 2023 and 2022 has not been provisioned for loss.

5. Accounts payable – related party

Item Accounts Payable Others Payable 6. Lease Liabilities Item Lease Liabilities 7. Guarantee deposit Item Guarantee deposit 8. Prepayment Category Other related party	Category December 31 2023 December 31 2022 Investors with Significant Influence Ying Lin $ 4,555 $ 3,254 Subsidiary $ 9,878 $ 4,899 Other related party - 4,752 $ 9,878 $ 9,651 Category December 31 2023 December 31 2022 Subsidiary $ 8 $ 2,982 Category December 31 2023 December 31 2022 Other related party YLM USA $ 25,104 $ 25,104 December 31 2023 December 31 2022 $ - $ 481	Category December 31 2023 December 31 2022 Investors with Significant Influence Ying Lin $ 4,555 $ 3,254 Subsidiary $ 9,878 $ 4,899 Other related party - 4,752 $ 9,878 $ 9,651 Category December 31 2023 December 31 2022 Subsidiary $ 8 $ 2,982 Category December 31 2023 December 31 2022 Other related party YLM USA $ 25,104 $ 25,104 December 31 2023 December 31 2022 $ - $ 481	Category December 31 2023 December 31 2022 Investors with Significant Influence Ying Lin $ 4,555 $ 3,254 Subsidiary $ 9,878 $ 4,899 Other related party - 4,752 $ 9,878 $ 9,651 Category December 31 2023 December 31 2022 Subsidiary $ 8 $ 2,982 Category December 31 2023 December 31 2022 Other related party YLM USA $ 25,104 $ 25,104 December 31 2023 December 31 2022 $ - $ 481	December 31 2022
				$ 3,254 $ 4,899 4,752 $ 9,651 December 31 2022
				$ 2,982 December 31 2022
		$ 25,104

Other related party	$ -		$ 481

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9. Loans to related parties

ans to related parties
Item Others account receivable	Category Subsidiary	December 31 2023 $ 149,024	December 31 2022
				$ 87,352

There is no interest on loans to related parties.

10. Lease Agreement

ase Agreement
				December	31	December 31
Item		Category		2023			2022
Lease Liabilities	Investors		with
	Significant Influence
		Ying Lin		$	-	$	1,561
Item		Year	2023			Year	2022
Interest
Investors	with
Significant
Influence		$		-	$		16

11. Rental Agreement

The Company is leased to other related parties under an operating lease with a lease period of 1 to 5 years. The rental income recognized in 2023 and 2022 is NT$ 1,579 thousands and NT $1,820 thousands respectively.

12. Others

In year 2023 and 2022, the Company recognized the processing fees and business-related expenses of investors with significant influence as NT $6,511 thousands and NT $5,832 thousands respectively; the business-related expenses recognized as other related party were NT $10,113 thousands in 2022; The payment to subsidiaries to promote the business is NT $19,807 thousands and NT $ 14,758 thousands ; The other income listed in other related party is NT $390 thousands and NT $301 thousands respectively.

13. Salary of management

The total amount paid to chairman and management is as follows:

Short-term employee benefit Post-employment benefits		Year 2023 $ 12,946 296 $ 13,242		Year 2022
				$ 11,805 296 $ 12,101

The remuneration of directors and other management personnel is determined by the remuneration committee in accordance with individual performance and market trends.

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26. Pledged assets

The following assets were provided as collateral for financing borrowings:

Land Building Investment property	December 31, 2023 $ 499,064 129,936 18,147 $ 647,147	December 31, 2022	December 31, 2022
			$ 499,064 147,884 18,694 $ 665,642

Foreign assets and liabilities with significant impact The following information is summarized and expressed in terms of foreign currencies other than the individual functional currencies of the consolidated companies. The disclosed exchange rates refer to the exchange rates converted from these foreign currencies to the functional currencies. Information on foreign currency financial assets with significant impact is as follows:

Unit: Thousands

December 31, 2023

December 31, 2023			Unit: Thousands
Foreign Currency Assets Monetary items USD EUR CNY JPY Non-monetary items Related companies using the equity method CNY THB PLN TRY MYR RUB INR IDR VND USD	Foreign Currency $ 15,021 480 20,105 894 41,595 1,789 ( 3,168 ) ( 48,403 ) 685 ( 673 ) 4,590 1,631,702 ( 178,077 ) 1,694	Exchange Rate 30.705 (USD:TWD) 33.98 (EUR:TWD) 4.327 (CNY:TWD) 0.2172 (JYP:TWD) 4.327 (CNY:TWD) 0.9017 (THB:TWD) 7.8030 (PLN:TWD) 1.0435 (TRY:TWD) 6.411 (MYR:TWD) 0.3419 (RUB:TWD) 0.3685 (INR:TWD) 0.002 (IDR:TWD) 0.0012 (VND:TWD) 30.705 (USD:TWD)	Amount
			$ 461,216 16,326 86,993 194 179,982 1,613 ( 24,722 ) ( 50,508 ) 4,392 ( 230 ) 1,691 3,231 ( 222 ) 52,025

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Foreign Currency Liability Monetary items USD EUR CNY December 31, 2022 Foreign Currency Assets Monetary items USD EUR CNY JPY Non-monetary items Related companies using the equity method CNY THB PLN TRY MYR RUB INR IDR VND USD	Foreign Currency $ 348 18 794 Foreign Currency $ 12,527 396 14,286 1,918 54,617 3,226 ( 3,806 ) ( 26,427 ) 345 ( 3,406 ) 5,550 1,522,502 ( 760,721 ) 1,499	Exchange Rate 30.705 (USD:TWD) 33.98 (EUR:TWD) 4.327 (CNY:TWD) Exchange Rate 30.71 (USD:TWD) 32.72 (EUR:TWD) 4.408 (CNY:TWD) 0.2201 (JYP:TWD) 4.408 (CNY:TWD) 0.8941 (THB:TWD) 6.9767 (PLN:TWD) 1.6411 (TRY:TWD) 6.699 (MYR:TWD) 0.4377 (RUB:TWD) 0.3716 (INR:TWD) 0.00198 (IDR:TWD) 0.0012 (VND:TWD) 30.71 (USD:TWD)	Amount
			$ 10,680 604 3,435 Amount
			$ 384,808 12,946 62,974 422 240,750 2,884 ( 26,552 ) ( 43,369 ) 2,313 ( 1,491 ) 2,062 3,015 ( 978 ) 46,047

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(Continued)

Foreign Currency Liability Monetary items USD EUR CNY	Foreign Currency $ 229 116 1,088	Exchange Rate 30.71 (USD:TWD) 32.72 (EUR:TWD) 4.408 (CNY:TWD)	Amount
			$ 7,043 3,791 4,796

Foreign currency exchange profits and losses with significant impact (realized and unrealized) are as follows:

Year 2023	Net Losses and Profits $ 11,691 ( 346 ) ( 748 ) ( 12,941) ($ 2,344)	Year 2022
Functional currency Exchange currency 30.705(USD:TWD) 33.98(EUR:TWD) 4.327(CNY:TWD)		Functional currency Exchange currency 30.71(USD:TWD) 32.72(EUR:TWD) 4.408(CNY:TWD)	Net Losses and Profits
	( ( ( (		$ 25,760 163 2,364 42,317 $ 70,604

28. Other disclosures

1) Major transactions

Lending funds to others(Schedule I)
Endorsement for others(Schedule II)
Securities held at the end of the period(N/A)
Accumulated buying or selling of the same securities amounted to NT $300 million or more than 20% of the paid-in capital. (N/A)
The amount of property acquired is NT$300 million or more than 20% of the paid-in capital. (N/A)
The amount of disposing of property is NT$300 million or more than 20% of the paid-in capital. (N/A)
The amount of goods purchased and sold with related parties reaches NT$100 million or more than 20% of the paid-in capital. (N/A)
Receivables from related parties amount to NT$100 million or more than 20% of the capital. (Schedule VI)
Engage in derivative transactions. (N/A)

2) Information of investment business (Schedule III)

3) Mainland Investment Information:

The name of the mainland invested company, main business items, paid-in capital, investment method, capital remittance, shareholding ratio, investment profit and loss, investment book amount at the end of the period, repatriated investment profit and loss, and investment quota in the mainland. (Schedule IV)
The following major transactions, prices, payment terms, and unrealized profits and losses with mainland invested companies directly or indirectly via third regions. (Schedule V)
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<1> The purchase amount and percentage and the ending balance and percentage of related payables.
<2> The sales amount and percentage and the closing balance and percentage of related receivables.
<3> The amount of assets transactions and the amount of profits and losses arising therefrom.
<4> Ending balance of bill endorsement or guarantee and its purpose.
<5> Maximum balance of financing, ending balance, interest rate range and total interest of the current period.
<6> Other transactions that have a significant impact on the current profit and loss or financial status, such as the provision or receipt of labor services, etc.
4) Corporate shareholders: Names, shareholding amounts, and percentages of shareholders who own more than 5% of the company's equity. (Schedule VII)
56 -

YING HAN Technology Co., Ltd. and Subsidiaries Funds Lend to Others

January 1 to December 31, 2023

Schedule I

Units: Thousands of New Taiwan Dollars

No. (Note 1)	Company that lent funds	Company lent funds to	Business Objective	If It’s Related Party	Highest Balance of the period	Balance at the end of the period (Note4)	Actual spending amount	Ratio (％)	Fund loan nature(Note3)	Business dealings amount	Reasons for short-term financing	Allowance and debt amount	Collateral	Collateral	Individual fund loan and limit	Loan and total limit
													Item	Value
0	The Company	YING HAN TECHNOLOGY LIMITED(Russia) Ying Han Teknoloji Ltd. Ylm Industrial Co., Ltd.(Vietnam) HANNSA PRECISION SDN. BHD.(Malaysia Ying Han) YING HAN TEKNOLOJI LTD. STI(Turkey Ying Han ) YING HAN TECHNOLOGY SP. ZO. O. (Poland Ying Han ) YLM TUBE SOLUTIONS AND SERVICE P. LTD(India Ying Han ) PT.YING LIN MACHINE AND SERVICE(Indonesia Ying Han) YLM INDUSTRIAL CO., LTD. (Thailand Ying Han) Tianjin Yinghan Technology Co., Ltd. Shanghai Yingheng Machinery Technology Co., Ltd.	Other accounts payable Other accounts payable Other accounts payable Other accounts payable Other accounts payable Other accounts payable Other accounts payable Other accounts payable Other accounts payable Other accounts payable	Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes	$ 3,674 4,789 4,941 80,996 31,260 502 952 22,666 39,052 62,578	$ 389 4,789 4,941 80,996 31,260 115 903 17,551 39,052 36,861	$ - 2,222 - 65,975 22,242 9 - - 27,526 31,050	- - - - - - - - - -	1 1 1 1 1 1 1 1 1 1	$ 389 4,789 4,941 80,996 31,260 115 903 17,551 39,052 36,861	Business dealings Business dealings Business dealings Business dealings Business dealings Business dealings Business dealings Business dealings Business dealings Business dealings	$ - - - - - - - - - -	- - - - - - - - - -	$ - - - - - - - - - -	$ 389 (Note2) 4,789 (Note2) 4,941 (Note2) 80,996 (Note2) 31,260 (Note2) 115 (Note2) 903 (Note2) 17,551 (Note2) 39,052 (Note2) 36,861 (Note2)	$ 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2) 419,543 (Note2)

Note 1: Number 0 in the number column refers to the issuer. Invested companies are numbered sequentially starting from the Arabic numeral 1 by company.

Note 2: (1) The total amount of the company's funds lent to others shall not exceed 40% of the company's net value at the end of the period.

(2) The limit of the company's capital loan to individual companies or firms is limited to the lower of the business transaction amount and 10% of the company's net value at the end of the period. Note 3: (1) Business dealings.

(2) There is a need for short-term financing.

Note 4: It is the amount approved by the board of directors for the loan.

57 -

YING HAN Technology Co., Ltd. and Subsidiaries Endorsement for Others

January 1 to December 31, 2023

Schedule II

Units: Thousands of New Taiwan Dollars except for remarks

No. (Note1)	Endorsement guarantor company name	Guaranteed bythe endorsement	Guaranteed bythe endorsement	Quota for a single enterprise endorsement guarantee (Note3)	The highest endorsement in this period guaranteed balance(Note4)	End of term endorsement guaranteed balance(Note4)	Actual spending amount	Guarantee Amount secured by property Endorsement	Cumulative Endorsement Guarantee The amount accounted for the most recent Financial Statement Net Worth ratio of(％)	Endorsement guarantee maximum limit(Note3)	Parent company Subsidiary endorsement guarantee	Subsidiary pair Parent company endorsement guarantee	Mainland China endorsement guarantee
		Name of the company	Relationship (Note2)
0	The Company	Tianjin Yinghan Technology Co., Ltd.	(2)	$ 209,771	$ 173,080 (RMB 40,000,000)	$ 173,080 (RMB 40,000,000)	$ -	$ -	16.5	$ 524,429	Y	N	Y

Note1: The description of the number column is as follows:

(1) 0 for the issuer.
(2) Invested companies are numbered sequentially starting from the Arabic numeral 1 by company.
Note2: (1) Companies with business deals.

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

(3) Inter-companies in which the company directly and indirectly holds 90% of the voting shares.

Note3: The company's endorsement guarantee limit for a single enterprise is 20% of the company's net value at the end of the period, but for subsidiaries that hold more than 50% of the company's shares, it is limited to no more than 50% of the company's net value at the end of the period. Note4: The relevant amount is converted based on the exchange rate at the end of the period when one RMB equals NT$4.327.

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Schedule III				YING HAN Technology Co., Ltd. And Subsidiaries Information of Invested Companies January 1 to December 31, 2023	YING HAN Technology Co., Ltd. And Subsidiaries Information of Invested Companies January 1 to December 31, 2023	YING HAN Technology Co., Ltd. And Subsidiaries Information of Invested Companies January 1 to December 31, 2023	Unit: Share, Thousands of New Taiwan Dollars (Except for foreign currency) at the end of period Loss and profit recognized in this period Ratio Loss and profit of invested company ( ％ )Booking Amount (Note1) Note 100 ( $ 24,722 ) ( $ 835 ) ( $ 1,078 ) Note2 100 ( 50,508 ) ( 29,743 ) ( 29,743 ) 100 ( 230 ) 1,018 1,018 100 4,392 2,208 2,208 46 1,613 ( 3,278 ) ( 1,308 ) Note3 100 ( 222 ) 1,099 830 Note4 99.99 1,691 ( 364 ) ( 364 ) 99 3,231 224 224 55 12,010 ( 7,181 ) ( 3,950 ) 100 52,025 ( 82 ) ( 82 )	Unit: Share, Thousands of New Taiwan Dollars (Except for foreign currency) at the end of period Loss and profit recognized in this period Ratio Loss and profit of invested company ( ％ )Booking Amount (Note1) Note 100 ( $ 24,722 ) ( $ 835 ) ( $ 1,078 ) Note2 100 ( 50,508 ) ( 29,743 ) ( 29,743 ) 100 ( 230 ) 1,018 1,018 100 4,392 2,208 2,208 46 1,613 ( 3,278 ) ( 1,308 ) Note3 100 ( 222 ) 1,099 830 Note4 99.99 1,691 ( 364 ) ( 364 ) 99 3,231 224 224 55 12,010 ( 7,181 ) ( 3,950 ) 100 52,025 ( 82 ) ( 82 )	Unit: Share, Thousands of New Taiwan Dollars (Except for foreign currency) at the end of period Loss and profit recognized in this period Ratio Loss and profit of invested company ( ％ )Booking Amount (Note1) Note 100 ( $ 24,722 ) ( $ 835 ) ( $ 1,078 ) Note2 100 ( 50,508 ) ( 29,743 ) ( 29,743 ) 100 ( 230 ) 1,018 1,018 100 4,392 2,208 2,208 46 1,613 ( 3,278 ) ( 1,308 ) Note3 100 ( 222 ) 1,099 830 Note4 99.99 1,691 ( 364 ) ( 364 ) 99 3,231 224 224 55 12,010 ( 7,181 ) ( 3,950 ) 100 52,025 ( 82 ) ( 82 )	Unit: Share, Thousands of New Taiwan Dollars (Except for foreign currency) at the end of period Loss and profit recognized in this period Ratio Loss and profit of invested company ( ％ )Booking Amount (Note1) Note 100 ( $ 24,722 ) ( $ 835 ) ( $ 1,078 ) Note2 100 ( 50,508 ) ( 29,743 ) ( 29,743 ) 100 ( 230 ) 1,018 1,018 100 4,392 2,208 2,208 46 1,613 ( 3,278 ) ( 1,308 ) Note3 100 ( 222 ) 1,099 830 Note4 99.99 1,691 ( 364 ) ( 364 ) 99 3,231 224 224 55 12,010 ( 7,181 ) ( 3,950 ) 100 52,025 ( 82 ) ( 82 )	Unit: Share, Thousands of New Taiwan Dollars (Except for foreign currency) at the end of period Loss and profit recognized in this period Ratio Loss and profit of invested company ( ％ )Booking Amount (Note1) Note 100 ( $ 24,722 ) ( $ 835 ) ( $ 1,078 ) Note2 100 ( 50,508 ) ( 29,743 ) ( 29,743 ) 100 ( 230 ) 1,018 1,018 100 4,392 2,208 2,208 46 1,613 ( 3,278 ) ( 1,308 ) Note3 100 ( 222 ) 1,099 830 Note4 99.99 1,691 ( 364 ) ( 364 ) 99 3,231 224 224 55 12,010 ( 7,181 ) ( 3,950 ) 100 52,025 ( 82 ) ( 82 )
Name of Company	Name of Invested Company	Location	Main business items	B e g i n n i n g i n v e s t m e n t a m o u n t		Balance	at the end of period		Loss and profit of invested company	Loss and profit recognized in this period (Note1)	Note
				The end of period	The end of last period	Share	Ratio ( ％ )	Booking Amount
The Company	YING HAN TECHNOLOGY Sp. Z O.O.(Poland Ying Han) YING HAN TEKNOLOJI LTD. STI.(Turkey Ying Han) YING HAN TECHNOLOGY(Russia Ying Han) HANNSA PRECISION SDN. BHD.(Malaysia Ying Han) YLM INDUSTRIAL CO., LTD.(Thailand Ying Han) Ying Han Teknoloji Ltd. Ylm Industrial Co., Ltd. YLM TUBE SOLUTIONS AND SERVICE P. LTD.(India Ying Han) PT. YING LIN MACHINE AND SERVICE(Indonesia Ying Han) Rdata System Co., Ltd YING HAN TECHNOLOGY(USA), INC.(USA Ying Han)	Poland Turkey Russia Malaysia Thailand Vietnam India Indonesia Taiwan USA	Trading of machinery equipment and parts Trading of machinery equipment and parts Trading of machinery equipment and parts Trading of machinery equipment and parts Trading of machinery equipment and parts Trading of machinery equipment and parts Trading of machinery equipment and parts Trading of machinery equipment and parts UAV- Unmanned Aerial Vehicle system testing and sales Trading of machinery equipment and parts	$ 12,016 21,006 6,253 161 4,477 6,141 `（`USD 200,000`）` 2,193 `（`USD 71,434`）` 3,344 `（`USD 108,900`）` 16,500 52,199 `（`USD 1,700,000`）`	$ 6,466 21,006 6,253 161 4,477 6,454 `（`USD 200,000`）` 2,305 `（`USD 71,434`）` 3,514 `（`USD 108,900`）` 16,500 48,408 `（`USD 1,500,000`）`	500 - - 400,000 23,000 - 369,999 108,900 1,100,000 60,000	100 100 100 100 46 100 99.99 99 55 100	( $ 24,722 ) ( 50,508 ) ( 230 ) 4,392 1,613 ( 222 ) 1,691 3,231 12,010 52,025	( $ 835 ) ( 29,743 ) 1,018 2,208 ( 3,278 ) 1,099 ( 364 ) 224 ( 7,181 ) ( 82 )	( $ 1,078 ) ( 29,743 ) 1,018 2,208 ( 1,308 ) 830 ( 364 ) 224 ( 3,950 ) ( 82 )	Note2 Note3 Note4

Note1: It is only necessary to list the profit and loss amount of each subsidiary recognized by the company as a direct transfer investment and each investee company that adopts the equity method, and the rest is not required. Note2: The investment gain and loss recognized in the current period includes the current loss of NT $835 thousands minus the unrealized gross sales profit of NT $2,683 thousands in downstream transactions, plus the realized sales gross profit of NT $2,440 thousands. Note3: The investment gain and loss recognized in the current period include the current loss of NT $1,508 thousands minus the unrealized sales gross profit of NT $827 thousands in downstream transactions, plus the realized sales gross profit of NT $1,027 thousands. Note4: The investment gain and loss recognized in the current period includes the current profit of NT $1,099 thousands in the current period minus the unrealized sales gross profit of NT $398 thousands in downstream transactions, plus the realized sales gross profit of NT $129 thousands.

Note5: Please refer to schedule IV for relevant information on investee companies in mainland China.

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YING HAN Technology Co., Ltd. And Subsidiaries Mainland Investment Information

January 1 to December 31, 2023

Schedule IX

Units: Thousands of New Taiwan Dollars except for remarks

Schedule IX												U	nits: Thousands of New	Taiwan Dollars except fo	r remarks
Invested Company in Mainland	Main Business Items	Paid-in capital (Note4)		Investment method (Note1)	Beginning of period Accumulated Remittance from Taiwan Amount(Note4)	Remittance or withdrawal of investment amount in the current period			The end of period Accumulated Remittance from Taiwan Amount(Note4)	Loss and profit of invested company this period	The company directly or indirect investment Shareholding %	Recognized in this period Loss and profit of investment (Note2)	Investment at the end of period Booking Value	As of this period Repatriated investment income	Note
						Export		Import
Tianjin Yinghan Technology Co., Ltd. Shanghai Yingheng Machinery Technology Co., Ltd.	Manufacturing of machinery equipment and parts Trading of machinery equipment and parts	$ 175,047 (USD 5,700,000) 113,608 (USD 3,700,000)		(1) (1)	$ 175,047 (USD 5,700,000) 113,608 (USD 3,700,000)	$ - -		$ - -	$ 175,047 (USD 5,700,000) 113,608 (USD 3,700,000)	( $ 33,770 ) ( 26,733 )	100 100	( $ 30,168 ) (2)B. ( 26,733 ) (2)B.	$ 118,061 61,921	$ - -	Note3 －
Accumulated remittances from Taiwan at the end of the current period The investment amount approved by the Investment Review Committee of the Ministry of Economic Affairs According to the regulations of the Investment Review Committee of the Ministry of Economic Affairs Amount of investment in mainland China (Note4) (Note4) Investment limit for mainland China (Note5) $ 288,627 (USD 9,400,000) $ 288,627 (USD 9,400,000) $ 629,315
Accumulated remittances from Taiwan at the end of the current period Amount of investment in mainland China (Note4)			The investment amount approved by the Investment Review Committee of the Ministry of Economic Affairs (Note4)				According to the regulations of the Investment Review Committee of the Ministry of Economic Affairs Investment limit for mainland China (Note5)
$ 288,627 (USD 9,400,000)			$ 288,627 (USD 9,400,000)				$ 629,315

Note1: Investment methods are divided into the following three types, just classify by the category:

(1) Directly engage investment in Mainland.

(2) Reinvest in mainland China through a company in a third area (please specify the investment company in the third area).

(3) Other methods.

Note2: Investment gain and loss column recognized in the current period:

(1) If it is under preparation and there is no investment profit or loss, it should be noted.
(2) The recognition basis of investment profit and loss is divided into the following three types, which should be noted.
A. Financial statements audited by an international accounting firm that has cooperative relations with accounting firms in the Republic of China.
B. Financial statements audited by certified accountants of the parent company in Taiwan.

C. Other.

Note3: The investment gain and loss recognized in the current period include the current loss of NT$33,770 thousands minus the unrealized sales gross profit of NT$2,195 thousands from the downstream transaction, plus the realized sales gross profit of NT$5,797 thousands. Note4: The relevant amount is converted based on the exchange rate at the end of the period, when one U.S. dollar equals NT$30.705.

Note5: The company's NT$1,048,859 thousands × 60% = NT$629,315 thousands.

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YING HAN Technology Co., Ltd. And Subsidiaries Major transactions with mainland investee companies directly or indirectly through the third region, as well as their prices, payment terms, unrealized gains and losses, and other relevant information January 1 to December 31, 2023

Schedule V

Unit: Thousands of New Taiwan Dollars

The company that imports (sells) goods	Trading partners	Relationship		Trading Status	Trading Status		Circumstances and reasons why the transaction amount is different from the general transaction	Circumstances and reasons why the transaction amount is different from the general transaction	Notes receivable (payable), accounts	Notes receivable (payable), accounts
									Balance	Total receivables (payable) notes, Account ratio Ratio(%)
			Import (selling) goods	Amount	Accounted for total sales Ratio(%)	Credit terms
							Unit Price	Credit period
The Company	Tianjin Yinghan Technology Co., Ltd. Ying Han Teknoloji Ltd.	Subsidiary(Holding 100% share) Subsidiary(Holding 100% share)	Sales Sales	( $ 15,743 ) ( 14,047 )	2 2	To set individually To set individually	Fairly Fairly	To set individually To set individually	$ 14,533 13,467	6 5

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YING HAN Technology Co., Ltd. And Subsidiaries Receivable from related parties amount to NT$100 million or more than 20% of the capital January 1 to December 31, 2023

Schedule VI	Schedule VI							Unit: Thousands of New Taiwan Dollars	Unit: Thousands of New Taiwan Dollars
No.	Name of trader	Business Dealing Company	Relationship	Amount of receivable due from related parties (Note 1)	Turnover Rate (Note 2)	Overdue amounts receivable from related parties		Amount recovered in Subsequent period	Amount of provision for losses
						Amount	Processingmethod
0	The Company	YING HAN TEKNOLOJI LTD. STI.(Turkey Ying Han)	Subsidiary	Account Receivable $ 42,659 Other Receivable 65,975	0.7129	$ -	NA	$ 11,131	-

Note 1: The account receivable, note receiveable, other receivables, etc. of the related parties are filled in respectively. Note 2: Turnover rate = sales to the related party/average accounts receivable, note receiveable and collections receivable from the related party.

62 -

YING HAN Technology Co., Ltd. Main Shareholder’s information December 31, 2023

Schedule VII

Name of the main shareholder	Share	Share
	Number of shares held	Percentage %
YING LIN INVESTMENT CO., LTD XIAO,CAI-YUN INVESTMENT CO., LTD HU CHUN CHIA HU BO XIANG	14,678,838 6,270,000 5,649,600 5,112,600	16.76% 7.16% 6.45% 5.83%

Note 1: The main shareholder information in this table is calculated by CHEP on the last business day at the end of the quarter, and the shareholders hold more than 5% of the company's ordinary shares that have been delivered without physical registration. The capital recorded in the company's individual financial report and the actual number of shares delivered without physical registration may be different or different due to the different basis of preparation and calculation.
Note 2: If the above-mentioned information is that the shareholder transfers the holdings to the trust, it is disclosed by the individual account of the trustor who opened the trust account opened by the trustee. As for insider equity declarations for shareholders who hold more than 10% of the shares in accordance with the Securities and Exchange Act, their shareholding includes their own shares plus the shares they have delivered to the trust and have the right to use the trust property, etc. For information on insider equity declarations, please refer to public information Observatory.
63 -

§ STATEMENT OF IMPORTANT ACCOUNTING ITEMS §

Item
Schedule of Assets, Liabilities and Equity Items
Cash and Equivalent Cash Schedule
Schedule of Notes Receivable
Schedule of Net Accounts Receivable
Inventory List
Other Receivables Schedule
Prepayment Schedule
List of changes in long-term equity investment using
the equity method
Schedule of Changes in Property, Plant and Equipment
Schedule of Accumulated Depreciation and Impairment
Changes of Property, Plant and Equipment
Schedule of Changes in Right-of-Use Assets
Schedule of Changes in Accumulated Depreciation of
the Right to Use
Schedule of Changes in Investment Real Estate
Schedule of Changes in Accumulated Depreciation of
Investment Real Estate
Schedule of Changes in Accumulated Depreciation of
Investment Real Estate
Schedule of Deferred Income Tax Assets
Schedule of Long-term Notes Receivable
Schedule of Long-term Accounts Receivable
Short-term loan schedule
Schedule of short-term bills payable
Schedule of Accounts Payable
Other Payables Schedule
Schedule of Lease Liabilities
Contract Liabilities - Current, Other Current Liabilities
and Margin Deposit Details
Long-term loans and long-term loans due within one
year
Schedule of Lease Liabilities
Profit and loss item schedule
Schedule of Net Operating Income
Operating Cost Schedule
Schedule of Operating Expenses
Schedule of Other Income and Expenses and Losses
Non-operating income and expenses
Functional Summary Table of Employee Benefits,
Depreciation, Depletion and Amortization Expenses

Index

Schedule 1
Schedule 2
Schedule 3
Schedule 4
Schedule 5
Schedule 5
Schedule 6
Notes 10
Notes 10
Notes 11
Notes 11
Notes 12
Notes 12
Notes 13
Notes 21
Schedule 2
Schedule 3
Schedule 7
Notes 14
Schedule 8
Notes 15
Notes 16
Schedule 9
Schedule 10
Notes 11
Schedule 11
Schedule 12
Schedule 13
Notes 20
Notes 20
Schedule 14

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YING HAN Technology Co., Ltd. Cash and Equivalent Cash Schedule December 31, 2023

Schedule 1

Unit: Thousands of New Taiwan Dollars (Except for foreign currency)

Item Cash on hand and petty cash Bank deposit Check deposit Demand deposit(Note 1) Cash and Equivalent Bank fixed deposit(Note2)	Due 113.1.10`～`113.2.29	Annual Interest Rate 1.4%`～`5.4%		Amount
				$ 1,526 15 42,632 42,647 143,970 $ 188,143

Note 1: Including NT$7,065,000, US$1,028,149.36 (US$1=NT$30.705), RMB 76,660.3 (RMB$1=NT$4.327), Euro 107,819.13 (EUR$1=NT$33.98) and Japanese Yen 10,725.00 (JPY$1 =NT$0.2172).
＝
Note 2: USD$4,400,000.00 (US$1 NT$30.7051) and Euro$260,961.43 (EUR$1=NT$33.98)
65 -

YING HAN Technology Co., Ltd. Schedule of Notes Receivable December 31, 2023

Schedule 2

Unit: Thousands of New Taiwan Dollars

Name Notes Receivable Company A Company B Company C Others (Note) Long-term Notes Receivable Company D	Summary Sales payment Sales payment Sales payment Sales payment Sales payment		Amount
			$ 5,439 4,656 1,002 4,229 $ 15,326 $ 252

Note: The balance of each account does not exceed 5% of the balance of this subject.

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YING HAN Technology Co., Ltd. Schedule of Net Accounts Receivable December 31, 2023

Schedule 3 Unit: Thousands of New Taiwan Dollars

Name Accounts Receivable Non-related Party Company E Company F Company G Company H Company I Company J Company K Others(Note 1) Less: Allowance for losses Related Party Turkey Ying Han Poland Ying Han Tianjin Ying Han Shanghai Ying Han Thailand Ying Han America Ying Han YLM USA Others(Note 1) Less: Unrealized interest income Long-term Accounts Receivable Related Party YLM USA Less: Unrealized interest income	Summary Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment Sales payment		Amount
			$ 32,645 12,421 11,066 9,079 6,288 5,947 5,619 16,363 99,428 6,628 92,800 42,659 24,014 14,533 13,467 13,121 9,626 9,381 8,911 135,712 - 135,712 $ 228,512 $ 3,227 70 $ 3,157

Note 1: The balance ratio of each account does not exceed 5% of the balance of this subject. Note 2: NT $ 16,644 thousands for accounts aged over one year

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Schedule 4 Item Finished Product WIP Raw Materials	YING HAN Technology Co., Ltd. Inventory List December 31, 2023 Unit: Thousands of New Taiwan Dollars Amount Summary Cost Market Price Remarks Electric pipe bender, vertical integrated machining center, etc. $ 68,918 $ 82,354 Market price based on net realizable value Automatic pipe bending machine, etc. 429,335 815,294 Market price based on net realizable value Aluminum rails, reducers, curved and wire feeder machine parts. 145,498 155,676 Market price at replacement cost $ 643,751 $ 1,053,324	YING HAN Technology Co., Ltd. Inventory List December 31, 2023 Unit: Thousands of New Taiwan Dollars Amount Summary Cost Market Price Remarks Electric pipe bender, vertical integrated machining center, etc. $ 68,918 $ 82,354 Market price based on net realizable value Automatic pipe bending machine, etc. 429,335 815,294 Market price based on net realizable value Aluminum rails, reducers, curved and wire feeder machine parts. 145,498 155,676 Market price at replacement cost $ 643,751 $ 1,053,324
		Market price based on net realizable value Market price based on net realizable value Market price at replacement cost

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YING HAN Technology Co., Ltd. Other Receivables Schedule December 31, 2023

Schedule 5 Item Other Receivables Tax-refund Receivables Others Prepayment Prepaid fee Advance payment Residual tax credit	Unit: Thousands of Summary Receivable sales tax refund Solar Electricity Revenue Advance payment of exhibition fees, travel expenses and insurance fees, etc. Advance payment Residual tax credit	New	Taiwan Dollars Amount
			$ 1,658 509 $ 2,167 $ 6,026 2,455 50 $ 8,531

Unit: Thousands of New Taiwan Dollars

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YING HAN Technology Co., Ltd. List of changes in long-term equity investment using the equity method Year 2023

			Year 2023	Year 2023	Year 2023	Year 2023	Year 2023
Schedule 6 Name Long-term equity investment using the equity method YING HAN TECHNOLOGY Sp. Z O.O.(Poland Ying Han) YING HAN TEKNOLOJI LTD. STI.(Turkey Ying Han) YING HAN TECHNOLOGY Limited(Russia Ying Han) HANNSA PRECISION SDN. BHD.(Malaysia Ying Han) YLM INDUSTRIAL CO., LTD.(Thailand Ying Han) Ying Han Teknoloji Ltd. Ylm Industrial Co., Ltd.(Vietnam Ying Han) Tianjin Ying Han Technology Co., Ltd(Tianjin Ying Han) Shanghai Ying Han Technology Co., Ltd(Shanghai Ying Han) YLM TUBE SOLUTIONS AND SERVICE P. LTD.(India Ying Han) PT. YING LIN MACHINE AND SERVICE(Indonesia Ying Han) Rdata System Co., Ltd.(Rdata) YING HAN TECHNOLOGY (USA), INC.(USA Ying Han)	Balance at the beginning of year Share Amount 500 ( $ 26,552 ) - ( 43,369 ) - ( 1,491 ) 400,000 2,313 23,000 2,884 - ( 978 ) - 150,838 - 89,912 369,999 2,062 108,900 3,015 1,100,000 15,960 60,000 46,047 $ 240,641		Net Amount of increase (decrease) of year Share Amount Investment (loss) gain (Note1) Exchange difference on translation of financial statements of foreign operating institutions - $ 5,550 ( $ 1,078 ) ( $ 2,642 ) - - ( 29,743 ) 22,604 - - 1,018 243 - - 2,208 ( 129 ) - - ( 1,308 ) 37 - - 830 ( 74 ) - - ( 30,168 ) ( 2,609 ) - - ( 26,733 ) ( 1,258 ) - - ( 364 ) ( 7 ) - - 224 ( 8 ) - - ( 3,950 ) - - 6,148 ( 82 ) ( 88 ) $ 11,698 ($ 89,146) $ 16,069					Balance at the end of year			Unit: Share; Thousands of New Taiwan Dollars Market Price Net share value Amount Market price or net equity value(Note2) Guarantee or Pledge Situation $ 24,722 ) ( $ 19,954 ) N/A 50,508 ) ( 50,508 ) N/A 230 ) ( 230 ) N/A 4,392 4,392 N/A 1,613 3,329 N/A 222 ) 1,944 N/A 118,061 135,119 N/A 61,921 61,921 N/A 1,691 1,691 N/A 3,231 3,231 N/A 12,010 6,672 N/A 52,025 52,025 N/A $ 179,262 $ 199,632
	Share 500 - - 400,000 23,000 - - - 369,999 108,900 1,100,000 60,000		Share - - - - - - - - - - - -	Amount $ 5,550 - - - - - - - - - - 6,148 $ 11,698		Investment (loss) gain (Note1) $ 1,078 ) 29,743 ) 1,018 2,208 1,308 ) 830 30,168 ) 26,733 ) 364 ) 224 3,950 ) 82 ) $ 89,146)		Share 500 - - 400,000 23,000 - - - 369,999 108,900 1,100,000 60,000	Share Holding % 100 100 100 100 46 100 100 100 99.99 99 55 100
		( ( ( (			( ( ( ( ( ( ( ( (		( ( ( ( ( ( ( (			( ( ( (		N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Note

1: The investment profit and loss recognized in this year includes the loss of NT $ 92,435 thousands plus the unrealized gross profit of sales of NT $ 6,104 thousands minus the realized gross profit of NT $ 9,393 thousands from downstream transactions.

Note 2: The difference between the equity net value and the book value is the unrealized gross profit and loss of sales.

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YING HAN Technology Co., Ltd. Short-term loan schedule December 31, 2023

Schedule 7

Unit: Thousands of New Taiwan Dollars

Name Credit loan Bank of Taiwan Mega Bank Land Bank of Taiwan Export-Import Bank of China	ContractPeriod Annual Interest Rate(`％`) 112.11.7`～`113.11.7 2.18 112.6.29`～`113.6.28 2.235 112.8.21`～`113.8.21 2.265 110.10.1`～`113.4.1 2.1076		Balance $ 250,000 60,000 40,000 30,000 $ 380,000	Financing amount $ 250,000 190,000 70,000 80,000 $ 590,000	Mortgage or Guarantee
					N/A N/A N/A N/A

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YING HAN Technology Co., Ltd. Schedule of Accounts Payable December 31, 2023 Schedule 8 Unit: Thousands of Name Summary SUN-WA TECHNOS (TAIWAN) CO., LTD. Purchase payment GER YANG ENTERPRISE CO., LTD Purchase payment Others(Note) Purchase payment, processing fee	New Taiwan Dollars Amount	New Taiwan Dollars Amount
		$ 6,167 4,348 72,289 $ 82,804

Note: The balance of each account does not exceed 5% of the balance of this subject.

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YING HAN Technology Co., Ltd. Contract Liabilities – Current, Other Current Liabilities and Margin Deposit Details December 31, 2023

Schedule 9 Item Contract Liabilities – Current Contract Liabilities – Current Other current liabilities Temporary payment Guarantee Deposit	Unit: Thousands of Summary Pre-acquisition of machines and molds Withhold labor and health insurance premiums, etc. Sales Agreement Guarantee	New Taiwan Dollars Amount	New Taiwan Dollars Amount
			$ 36,714 $ 1,440 $ 25,104

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YING HAN Technology Co., Ltd. Long-term loans and long-term loans due within one year December 31, 2023

Schedule 10 Creditor Bank Bank of Taiwan Mega Bank Cathay United	Summary Mortgage Economy Ministry Revitalization Loan Trust Fund Guarantees Ministry of Economy Loans Mortgage Mortgage	Contract term 103.05.08`～`118.05.08 109.10.19`～`115.10.19 109.11.25`～`114.11.25 106.03.16`～`121.03.16 110.8.18`～`115.8.18	A m	o u	n t Due after a year $ 101,400 18,333 16,042 165,252 23,610 $ 324,637		Unit: Thousands of New Taiwan Dollars Total Mortgage or Guarantee Situation $ 123,933 Branch factory 28,333 N/A 33,542 Branch factory II 188,045 Branch factory II 25,634 Solar Equipment Mortgage $ 399,487
			Annual Interest Rate(`％`) 2.03 2.965 2.60 1.97 3.02	Due in a year $ 22,533 10,000 17,500 22,793 2,024 $ 74,850

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YING HAN Technology Co., Ltd. Schedule of Net Operating Income Year 2023

Schedule 11 Item Fully automatic whole plant equipment series Machinery series Others(Note) Less: Sales returns and allowances	Unit: Thousands of Number of units 164 units 55 units 1 unit	New Taiwan Dollars Amount	New Taiwan Dollars Amount
			$ 437,299 99,918 121,692 658,909 8,243 $ 650,666

Unit: Thousands of New Taiwan Dollars

Note: None of the Amounts exceeds 10% of the subject Amount.

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YING HAN Technology Co., Ltd. Operating Cost Schedule Year 2023

Schedule 12 Unit: Thousands of New Taiwan Dollars

Item Materials at the beginning of year Add: Materials purchased this year Recorvery from inventory valuation and obsolescence Less: Materials at the end of year Materials sold Transfer to work in progress Transfer fee Inventory loss Direct raw material consumption Direct labor Manufacturing Fee Manufacturing cost Add: Work in progress at the beginning of the year Purchase this year Material transfer Recorvery from inventory valuation and obsolescence Less: Work in progress at the end of the year Sales of work in progress Transfer fee Inventory loss Cost of finished product Add: Finished goods at the beginning of the year Less: Finished goods at the end of the year Inventory Valuation and Obsolescence Losses Inventory counting loss Production and sales cost Cost of materials sold and work in process Scrap income Duty refund Net inventory deficit Others Recorvery from inventory valuation and obsolescence		Amount
	( ( ( (	$ 144,336 204,112 1,246 145,498 22,445 6,131 1,449 578 173,593 73,691 85,784 333,068 438,929 41,545 6,131 2,239 429,335 45,672 1,474 3,918 341,513 83,202 68,918 752 59 354,986 68,117 357 ) 1,392 ) 4,555 183 ) 2,733) $ 422,993

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YING HAN Technology Co., Ltd. Schedule of Operating Expenses Year 2023

Schedule 13

Unit: Thousands of New Taiwan Dollars

Salary Business service fee Freight Insurance Depreciation expense Service fee Travel expenses Commission Exhibition fee Others Expected credit impairment losses Others (Note)	Promotional expenses Management costs $ 32,450 $ 29,409 19,807 - 5,322 45 4,255 2,819 207 9,914 - 5,255 12,704 3,139 7,873 - 8,216 - 663 5,923 - - 12,603 12,596 $ 104,100 $ 69,100		R&D Cost $ 34,136 - 5 3,949 880 46 161 - - 475 - ( 4,987 $ 44,639 (	Expected credit impairment losses $ - - - - - - - - - - 1,148 ) - $ 1,148)		Total
					(	$ 95,995 19,807 5,372 11,023 11,001 5,301 16,004 7,873 8,216 7,061 1,148 ) 30,186 $ 216,691

Note: None of the Amounts exceeds 5% of the Amount.

77 -

YING HAN Technology Co., Ltd. Functional Summary Table of Employee Benefits, Depreciation, Depletion and Amortization Expenses

Schedule 14 Employee Benefits Salary Labor health insurance Pension Director's remuneration Others Depreciation Amortization			Year 2023		Total $ 172,970 19,393 9,245 1,805 2,328 $ 205,741 $ 34,395 74	Unit: Thousands of New Taiwan Dollars Year 2022	Unit: Thousands of New Taiwan Dollars Year 2022	Unit: Thousands of New Taiwan Dollars Year 2022	Unit: Thousands of New Taiwan Dollars Year 2022	Unit: Thousands of New Taiwan Dollars Year 2022
	Operating cost $ 76,975 9,313 4,312 - 1,421 $ 92,021 $ 23,394 -		Operating expenses $ 95,995 10,080 4,933 1,805 907 $ 113,720 $ 11,001 74			Operating cost $ 81,758 9,688 4,803 - 1,369 $ 97,618 $ 27,416 -		Operating expenses $ 95,685 10,511 5,069 1,655 460 $ 113,380 $ 10,951 74		Total
										$ 177,443 20,199 9,872 1,655 1,829 $ 210,998 $ 38,367 74

Unit: Thousands of New Taiwan Dollars

Note: The number of employees in this year and the previous year were 289 and 309 respectively, of which the number of directors who were not concurrently employees was 4.
(1) The average employee benefit expense for the year is NT$ 716 thousands ("total employee benefit expenses for the year minus total directors' remuneration and divided by the number of employees for the year minus the number of directors who are not concurrent employees"). The average employee benefit expense in the previous year was NT $677 thousands ("total employee welfare expenses in the previous year minus total directors' remuneration divided by number of employees in the previous year minus number of directors who did not concurrently serve as employees").
(2) The average salary cost of employees this year is NT$607 thousands (total salary cost this year divided by number of employees this year minus number of directors who are not concurrently employees"). The average salary cost of employees in the previous year was NT$582 thousands (total salary cost in the previous year divided by number of employees in the previous year minus number of directors who did not concurrently serve as employees").
(3) Adjustment and change of average employee salary expenses 4.3% ("average employee salary expenses for the current year minus average employee salary expenses for the previous year divided by average employee salary expenses for the previous year).
(4) The company has no supervisors.
(5) The company's directors, managers and staff remuneration policy:
- 1) The company's director remuneration policy is stipulated in Article 22 of the company's articles of association: when all directors of the company perform their duties, the company may pay remuneration regardless of the company's operating profit or loss, and the remuneration authorizes the board of directors to The value of the contribution shall be paid according to the normal level of the industry; and, if the company makes a profit in the year, the remuneration shall be distributed in accordance with Article 25 of the company's articles of association.
- 2) The company's manager and employee remuneration policy include salary, bonus and employee remuneration. The company's salary and bonus policy is based on their education and experience, referring to the salary level of the industry, and evaluating the company's duties and responsibilities and the achievement of goals According to the degree and contribution of the company, as well as the company's operating results for the year, a reasonable remuneration will be given; and, if the company makes a profit for the year, the remuneration will be distributed in accordance with Article 25 of the company's articles of association.
78 -

AI assistant

YHT — Audit Report / Information 2023

52408_rns_2023-11-13_75d87483-f8a3-4c9f-aad2-ebe0f5053223.pdf

YING HAN Technology Co., Ltd.

INDEPENDENT AUDITORS' REPORT

Opinion

Basis for Opinion

Key Audit Matters

The revenue authenticity of specific customer

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

Auditors’ Responsibilities for the Audit of the Individual Financial Statements

Notice to Readers

YING HAN Technology Co., Ltd. INDIVIDUAL BALANCE SHEETS December 31, 2023 & 2022

YING HAN Technology Co., Ltd. Individual Statements of Comprehensive Income January 1 – December 31, 2023 & 2022

（ Continued ）

YING HAN Technology Co., Ltd. and Subsidiaries Individual Statements of Changes in Equity January 1 – December 31, 2023 & 2022

YING HAN Technology Co., Ltd. and Subsidiaries Individual Statements of Cash Flows

（ Continued ）

YING HAN Technology Co., Ltd. Notes to the Individual financial statements January 1 – December 31, 2023 & 2022

4. Foreign Currencies

5. Inventories

6. Investment in subsidiaries

7. Property, Plant and Equipment

8. Investment properties

9. Intangible Assets

(1) Acquired Separately

(2) Derecognition

11. Financial Instruments

Financial assets measured at amortized cost.

2) Impairment financial assets

3) Derecognition of financial assets

1) Measurement

12. Preparation for financial liabilities

Warranty

13. Revenue Recognition

Revenue from sale of goods

15. Borrowing Costs

17. Employee Benefits

2) Retirement benefits

18. Share-based payment arrangements Employee Stock Options

19. Taxation

1) Current tax

Note and account receivable measured at amortized cost

Account receivable as of December 31, 2023

Note receivable as of December 31, 2022

8. Inventories

9. Investments using the equity method

10. Property, plant and equipment

11. Lease

2. Lease liabilities

3. Important lease activities and terms

4. Other lease information

12. Investment Property

14. Borrowings

3.

15. Other payable

17. Retirement Benefit

1. Defined contribution plans

2. Defined benefit plans

18. Equity

1. Capital Stock

2. Capital reserve

3. Retained earnings and dividend policy

4. Others

19.

1. Description of customer contract Sales of goods

2. Contract balance

4. Other benefit and loss

8. Employee and directors’ bonus stock

21. Income Tax

2. Income tax recognized in other comprehensive income

(Continued)

22. Net loss per share

23 Capital Risk Management

3. Objectives and policies on financial risks

1) Market risk

Sensitivity Analysis

b. Interest Rate Risk

Sensitivity Analysis

2) Credit risk

YHT Audit Report / Information 2023