YP - Audit Report / Information 2024

"Stock Code: 2023"

Yieh Phui Enterprise Co., Ltd. Independent Auditors’ Report for Standalone Financial Statements 2024 and 2023 (after restatement)

Company address: No.369, Yuliao Rd., Qiaotou Dist., Kaohsiung City TEL.: 07-6117181

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Table of Contents

Item	Page No.
I. Cover Page II. Table of Contents III. Independent Auditors’ Report IV. Parent Company Only Balance Sheet V. Parent Company Only Statement of Comprehensive Income VI. Parent Company Only Statements of Changes in Equity VII. Parent Company Only Statements of Cash Flows VIII. Notes to Parent Company Only Financial Statements (I) History and Organization (II) The Authorization of Financial Statements (III) Application of Newly Issued and Amended Standards and Interpretations (IV) Summary of Significant Accounting Policies (V) Critical Accounting Judgements and Key Sources of Estimation and Uncertainty (VI) Contents of Significant Accounts (VII) Related-party Transactions (VIII) Pledged Assets (IX) Significant Contingent Liabilities and Unrecognized Commitments (X) Significant Disaster Loss (XI) Material Events After the Balance Sheet Date (XII) Others (XIII) Additional Disclosures 1. Information on Significant Transactions 2. Information on investees 3. Information on Investment in Mainland China 4. Information of major shareholders (XIV) Operating Segment Information IX. List of Significant Accounting Items	1 2 3 4 5 6 7 8 8 8~12 12~26 26~28 29~57 57~65 65 65~66 66 66 66~74 74~75 75~82 85~89 90~91 92 93 94~118

Item

Page No.

I.
Cover Page
II.
Table of Contents
III.
Independent Auditors’ Report
IV.
Parent Company Only Balance Sheet
V.
Parent Company Only Statement of Comprehensive Income
VI.
Parent Company Only Statements of Changes in Equity
VII. Parent Company Only Statements of Cash Flows
VIII. Notes to Parent Company Only Financial Statements
(I) History and Organization
(II) The Authorization of Financial Statements
(III) Application of Newly Issued and Amended Standards and Interpretations
(IV) Summary of Significant Accounting Policies
(V) Critical Accounting Judgements and Key Sources of Estimation and Uncertainty
(VI) Contents of Significant Accounts
(VII) Related-party Transactions
(VIII) Pledged Assets
(IX) Significant Contingent Liabilities and Unrecognized Commitments
(X) Significant Disaster Loss
(XI) Material Events After the Balance Sheet Date
(XII) Others
(XIII) Additional Disclosures
1. Information on Significant Transactions
2. Information on investees
3. Information on Investment in Mainland China
4. Information of major shareholders
(XIV) Operating Segment Information
IX.
List of Significant Accounting Items

1
2
3
4
5
6
7
8
8
8~12
12~26
26~28
29~57
57~65
65
65~66
66
66
66~74
74~75
75~82
85~89
90~91
92
93
94~118

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Independent Auditors’ Report

To YIEH PHUI ENTERPRISE CO., LTD.:

Audit opinion

We have completed audit of the balance sheets of Yieh Phui Enterprise Co., Ltd. (“the Company”) as at December 31, 2024 and 2023, as well as parent company only statements of income, of equity changes, of cash flow and notes of the financial statements, including a summary of major accounting policies, between January 1 and December 31, 2024 and 2023.

In our opinion, based on our audit results and the financial statements audited by other CPAs, the financial statements above-mentioned are in conformity with the Regulation Governing the Preparation of Financial Reports by Securities Issuers, in all material respects, which fairly represent fairly the financial position of the Company as of December 31, 2024 and 2023, and its financial performance and cash flows for the years ended December 31, 2024 and 2023.

Basis for audit opinion

We conducted our audits in accordance with the Regulations Governing the Auditing and Attestation of Financial Statements by Certified Public Accountants and auditing standards of the Republic of China. Our responsibilities as an auditor for the parent company only financial statements under the abovementioned standards are explained in the Responsibilities paragraph. We are independent of the Company in accordance with the Code of Professional Ethics for Certified Public Accountant, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Based on our audit results and other auditor’s reports, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis

As stated in Note IV (XIX) to the financial statements, Yieh Phui Enterprise Co., Ltd. changed the accounting policy of investment property by resolution of the board of directors on March 12, 2025. The subsequent measurement is changed from the cost model to the fair value model. Due to the retrospective application of the accounting policy, the affected items were adjusted, and the financial statements for 2023 were restated. We did not modify our audit opinion for this reason.

Key audit matters

Key audit issues are matters that we considered to be the most important, based on professional judgment, when auditing the 2024 parent company only financial statements of the Company. These issues have already been addressed when we audited and formed our opinions on the parent company only financial statements. Therefore we do not provide opinions separately for individual issues. Key audit matters for the Company's parent company only financial statements for the year ended December 31, 2024 are stated as follows:

I. Recognizing sales revenue

Please refer to Note IV (XVII) to the parent company only financial statements for the accounting policy of revenue recognition; please refer to Note V (I)1. to the parent company only financial statements for important accounting judgments, estimates and assumptions of revenue recognition; please refer to Note VI (XXIV) to the parent company only financial statements for the revenue recognition.

Description of key audit matters:

Due to the fierce competition in the industry, the Company may be subject to the impact of performance growth and industry competition, increasing the risk of operating revenue recognition. The amount of sales revenue from specific customers has increased significantly from the previous year. The authenticity of sales revenue is listed as a key audit matter by us.

The corresponding audit procedures:

(I) Understand and test the internal control related to the authenticity of the sales revenue recognized from customers.

－ 3 －

(II) Obtaining detailed information on sales revenue from specific customers referred to above, and sample such for reviewing the shipping documents, and verifying if the payment receivers and

amounts are consistent with the sales counterparty and the amount of sales revenue recognized, to confirm the actual occurrence of sales revenue.

II. Valuation of Inventories

Please refer to Note IV (VII)) to the parent company only financial statements for the accounting policy of inventory valuation; please refer to Note V (II)6. to the parent company only financial statements for important accounting judgments, estimates and assumptions of inventory valuation; please refer to Note VI (VI) to the parent company only financial statements for the inventory valuation.

Description of key audit matters:

As of December 31, 2024, the Company's inventory amounted to NT$4,067,120 thousand, accounting for 7.21% of the total assets. The evaluation of inventory was measured at the lower of cost or net realizable value. As the evaluation of inventory net realizable value matters to the material judgement and estimation, and the valuation of inventory is subject to the international metal price fluctuations, with great magnitude of change, we therefore determine that this is a key audit matter.

The corresponding audit procedures:

Our main audit procedures include obtaining the lower evaluation data of inventory cost and net realizable value prepared by the management, sample-checking the estimated selling price to the latest sales record; assessing the basis of the net realizable value estimated by the management and its reasonableness, etc.

Other matters

We did not audit the financial statements of some of the affiliates recognized under the equity method in the 2024 and 2023 parent company only financial statements. These were audited by other CPAs. Therefore, in our opinion on the parent company only financial statements, the amounts listed in the financial statements of these affiliated companies are based on the audit reports of other CPAs (in which the accounting policy of the investment property has been adjusted by the Company and the adopted Fair value model, and we have implemented the necessary audit procedures). The investments in associates accounted for using the equity method by the Company were NT$3,710,186 thousand and NT$3,950,325 thousand as of December 31, 2024 and 2023, respectively, accounting for 6.57% and 6.71% of the total assets. The shares of profit or loss of associates and joint ventures recognized using the equity method for 2024 and 2023, were NT$(236,000) thousand and NT$(344,126)thousand, respectively, accounting for 13.74% and 56.83% of the profit before tax. The shares of other comprehensive income of associates and joint ventures recognized using the equity method for the same periods were NT$(4,139) thousand and NT$7,500 thousand, respectively, accounting for (0.53)% and 6.39% of the net other comprehensive income.

Responsibilities of the management and governance body to the parent company only financial statements

Responsibilities of the management were to prepare and ensure fair presentation of parent company only financial statements in accordance with "Regulations Governing the Preparation of Financial Reports by Securities Issuers" and the version of IFRS, IAS, IFRIC and interpretations thereof approved and effected by the Financial Supervisory Commission, and to exercise proper internal control practices that are relevant to the preparation of parent company only financial statements so that the parent company only financial statements are free of material misstatements, whether caused by fraud or error.

In preparing the parent company only financial statements, the management is responsible for assessing the ability of the Company in continuing as a going concern, disclosing relevant matters, and adopting the going concern basis of accounting unless the management intends to liquidate the Company or cease the operations without other viable alternatives.

The Company’s governing bodies (including the Audit Committee) are responsible for supervising the financial reporting process.

Responsibilities of the auditor when auditing parent

company only financial statements

The purposes of our audit were to obtain reasonable assurance of whether the parent company only financial statements were prone to material misstatements, whether due to fraud or error, and to issue a report of our audit opinions. We considered assurance to be reasonable only if it is highly credible. However, audit tasks conducted in accordance with the auditing principles do not necessarily guarantee detection of all material misstatements within the parent company only financial statements. Misstatement may arise from frauds or errors. Misstatements are considered material if the individual amount or aggregate total is reasonably expected to affect economic decisions of the parent company only financial statement user.

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We have utilized our professional judgment and professional skepticism when performing the audit work in accordance with the auditing standards of the Republic of China. We also perform the following tasks:

I. Identifying and assessing risks of material misstatement due to fraud or error; designing and executing appropriate response measures for the identified risks; and obtaining adequate and appropriate audit evidence to support audit opinions. Fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Therefore, the risk of not detecting a material misstatement resulting from fraud is higher than the one resulting from error.
II. Developing the required level of understanding on relevant internal controls and designing audit procedures that are appropriate under the prevailing circumstances, but without providing opinion on the effectiveness of internal control system of the Company.
III. Evaluate the appropriateness of accounting policies adopted and the reasonableness of accounting estimates and relevant disclosures made by the management.
IV. We have made conclusions on the appropriateness of the management's adoption of the going concern basis of accounting based on the audit evidence obtained and whether a material uncertainty exists for events or conditions that may cast significant doubt over the Company's ability to continue as a going concern. We are bound to remind users of parent company only financial statements and make related disclosures if uncertainties exist in regards to the abovemenetioned events or circumstances, and amend audit opinions when the disclosures are no longer appropriate. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
V. Assessing the overall presentation, structure, and contents of the parent company only financial statements (including related footnotes), and whether certain transactions and events are presented appropriately in the parent company only financial statements.
VI. Obtain sufficient and appropriate audit evidence concerning the financial information of entities within the Company, to express an opinion on the financial statements. We were responsible for guiding, supervising, and performing the audit and forming an audit opinion about the Company.

The matters communicated between us and the governing body include the planned scope and times of the audit and significant audit findings (including any significant deficiencies in internal control identified during the audit).

We also provide those charged with governance with statements 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 (including related safeguards).

We have identified the key audit issues after communicating with the governance body regarding the 2024 parent company only financial statements of the Company. 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.

Crowe Horwath (TW) CPAs Kaohsiung, Taiwan Republic of China

CPA: Hsieh, Jen-Yao

CPA: Tsai, Shu-Man

Approval # FSC Inspection No.10200032833

March 12, 2025

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Notice to Readers

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

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

－ 3-3 －

Yieh Phui Enterprise Co., Ltd. Individual Balance Sheets

For the years ended December 31, 2024 and 2023

Unit: NT$1,000

Code	Assets	December 31, 2024	December 31, 2023 (after restatement)	December 31, 2023 (after restatement)	January 1, 2023 (after restatement)	January 1, 2023 (after restatement)
		Amount %	Amount	%	Amount	%
1100 1110 1140 1150 1170 1180 1200 1210 1220 130x 1410 1476 11xx 1517 1550 1600 1755 1840 1920 1975 1980 15xx 1xxx	Current assets Cash and cash equivalents (Note VI (I)) Financial assets evaluated at fair value through profit and loss - current (Note VI (II)) Contract assets - current (Note VI (XXIV)) Notes receivable, net (Note VI (III)) Accounts receivable, net (Note VI (IV)) Accounts receivable - related parties, net (Note VII) Other receivables (Note VI (V)) Other receivables - related parties (Note VII) Current income tax assets Inventories (Note VI (VI)) Pre-payments (Note VI (VII)) Other financial assets - current (Note VIII) Total current assets Non-current assets Financial assets measured by fair value through other comprehensive profit or loss: non-current (Note VI (VIII)) Investment using equity method (Note VI (IX)) Property, plant and equipment (Note VI (X)) Right-of-use assets (Note VI (XI)) Deferred income-tax assets (Note VI (XXX)) Refundable deposits (Note VI (XII)) Defined benefit assets - non-current (Note VI (XVIII)) Other financial assets – non-current (Note VIII) Total noncurrent assets Total assets	$ 1,595,483 3 37,681 - 780,190 1 57 - 791,009 1 488,364 1 121,191 - 1,055,276 2 75,200 - 4,067,120 8 230,322 - - -	$ 1,797,422 34,668 590,209 579 1,550,617 210,307 460,742 1,051,837 - 4,102,484 245,111 -	3 - 1 - 3 - 1 2 - 7 - -	$ 2,133,667 33,914 228,625 1,746 747,316 485,683 80,641 2,302,740 - 4,269,507 297,919 30,710	4 - - - 1 1 - 4 - 7 - -
		9,241,893 16	10,043,976	17	10,612,468	17
		791,908 1 39,023,496 70 6,061,861 11 255,973 - 590,361 1 457,405 1 21,675 - 309 -	779,160 40,057,224 6,377,333 273,467 591,020 737,157 - 306	1 69 11 - 1 1 - -	732,973 41,223,998 6,696,259 287,096 437,914 782,097 - 304	1 69 11 - 1 1 - -
		47,202,988 84	48,815,667	83	50,160,641	83
		$ 56,444,881 100	$ 58,859,643	100	$ 60,773,109	100

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(Continued from previous page)

Code	Liabilities and Equity	December 31, 2024	December 31, 2023 (after restatement)	December 31, 2023 (after restatement)	January 1, 2023 (after restatement)	January 1, 2023 (after restatement)
		Amount %	Amount	%	Amount	%
2100 2110 2130 2150 2170 2200 2230 2250 2280 2320 21xx 2540 2570 2580 2640 2645 2670 25xx 2xxx 3100 3110 3200 3300 3310 3320 3350 3400 3500 3xxx	Current liabilities Short-term borrowings (Note VI (XIII)) Short-term notes payable (Note VI (XIV)) Contract liability - current (Note VI (XXIV)) Notes payable Accounts payable Other payables (Note VI (XV)) Current tax liabilities Provisions - current (Note VI (XVI)) Lease liability: current (Note VI (XI)) Current portion of long-term liabilities (Note VI (XVII)) Total current liabilities Non-current liabilities Short-term borrowings (Note VI (XVII)) Deferred income tax liabilities (Note VI (XXX)) Lease liability - non-current (Note VI (XI)) Defined benefit liabilities - non-current (Note VI (XVIII)) Deposit received Other noncurrent liabilities: other (Note VI (IX)) Total noncurrent liabilities Total liabilities Equity Share capital (Note VI (XIX)) Common share capital Capital reserve (Note VI (XX)) Retained earnings (Note VI (XXI)) Legal reserve Special reserve Unappropriated earnings Other equity (Note VI (XXII)) Treasury stock (Note VI (XXIII)) Total equity Total liabilities and equity	$ 6,638,302 12 998,295 2 263,754 - 397,306 1 559,259 1 756,327 1 - - 55,497 - 8,687 - 2,652,771 5	$ 6,177,256 998,681 521,161 481,914 485,514 684,108 137,624 53,640 11,645 1,720,054	10 2 1 1 1 1 - - - 3	$ 5,949,747 698,755 184,494 312,774 435,057 677,828 389,744 54,148 12,314 1,377,909	10 1 - 1 1 1 1 - - 2
		12,330,198 22	11,271,597	19	10,092,770	17
		5,236,253 10 11,688 - 178,558 - - - 2,000 - 192,091 -	7,155,226 - 188,286 172,569 2,000 -	13 - - - - -	8,572,649 - 196,976 284,574 2,000 -	15 - - - - -
		5,620,590 10	7,518,081	13	9,056,199	15
		17,950,788 32	18,789,678	32	19,148,969	32
		19,742,172 34 4,675,737 8 3,488,666 6 753,044 1 10,161,696 19 (103,315) - (223,907) -	19,491,710 4,747,823 3,488,666 822,369 12,329,137 (751,087) (58,653)	33 8 6 1 21 (1) -	19,850,980 4,927,302 3,393,805 785,047 13,621,313 (820,409) (133,898)	32 8 6 1 22 (1) -
		38,494,093 68	40,069,965	68	41,624,140	68
		$ 56,444,881 100	$ 58,859,643	100	$ 60,773,109	100

(Please refer to the Note under standalone financial statements) Chairman: I-Shou Lin, Managerial Officer: Chen-Wu Chang Accounting Officer: Wen-Chung Tian

－ 4-1 －

Yieh Phui Enterprise Co., Ltd.

Standalone Statements of Comprehensive Income For the years ended December 31, 2024 and 2023

2024	％ 100 (90) 10 (5) (2) (7) 3 - - 1 (2) (9) (10) (7) - (7) 1 - - - 2 - 3 (4)	Unit: Thousand NTD 2023(after restatement)	Unit: Thousand NTD 2023(after restatement)
Amount $ 25,525,473 (22,944,356) 2,581,117 (1,426,367) (397,635) (1,824,002) 757,115 57,242 110,270 132,140 (409,746) (2,365,243) (2,475,337) (1,718,222) 122,102 (1,596,120) 134,141 26,281 26,173 (26,828) 724,551 (104,130) 780,188 $ (815,932) $ (0.81) $ (0.81)	％	Amount $ 24,660,661 (22,611,234) 2,049,427 (1,140,020) (373,971) (1,513,991) 535,436 49,359 546,124 42,739 (430,493) (1,348,722) (1,140,993) (605,557) (11,325) (616,882) 54,801 58,823 140,602 (10,960) (157,861) 31,960 117,365 $ (499,517) $ (0.31) $ (0.31)	％
	100 (90)		100 (91)
	10 (5) (2)		9 (4) (2)
	(7)		(6)
	3		3
	- - 1 (2) (9)		- 2 - (2) (5)
	(10)		(5)
	(7) -		(2) -
	(7)		(2)
	1 - - - 2 -		- - 1 - (1) -
	3		-
	(4)		(2)

(Please refer to the Note under standalone financial statements)

Chairman: I-Shou Lin, Managerial Officer: Chen-Wu Chang Accounting Officer: Wen-Chung Tian

－ 5 －

Yieh Phui Enterprise Co., Ltd.

Standalone Statements of Changes in Equity For the years ended December 31, 2024 and 2023

Unit:Thousand NTD

Common share capital	Capital surplus		Retained earnings			Other equity		TreasuryStock	Total equity
		Legal reserve	Special reserve	Unappropriated earnings	Exchange difference from translating the financial statements of foreign operations	Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	Gains (loss) of hedging instruments
$ 19,850,980 -	$ 4,927,302 -	$ 3,393,805 -	$ 785,047 -	$ 3,582,001 10,039,312	$ (964,147) 1,960	$ 130,825 -	$ 10,953 -	$ (133,898) -	$ 31,582,868 10,041,272
19,850,980	4,927,302	3,393,805	785,047	13,621,313	(962,187)	130,825	10,953	(133,898)	41,624,140
- - - - - -	- - - - - -	94,861 - - - - -	- 37,322 - - - -	(94,861) (37,322) (592,759) 1,605 (616,882) 71,078	- - - - - (127,627)	- - - - - 172,188	- - - - - 1,726	- - - - - -	- - (592,759) 1,605 (616,882) 117,365
-	-	-	-	(545,804)	(127,627)	172,188	1,726	-	(499,517)
- - (359,270) - -	- - (180,156) 677 -	- - - - -	- - - - -	- - - - (23,035)	- - - - -	- - - - 23,035	- - - - -	(464,306) 125 539,426 - -	(464,306) 125 - 677 -
19,491,710 - - 389,062 - - - -	4,747,823 - - - - 8 - -	3,488,666 - - - - - - -	822,369 (69,325) - - - - - -	12,329,137 69,325 (389,062) (389,062) 5,062 - (1,596,120) 132,416	(1,089,814) - - - - - - 625,051	326,048 - - - - - - 27,351	12,679 - - - - - - (4,630)	(58,653) - - - - - - -	40,069,965 - (389,062) - 5,062 8 (1,596,120) 780,188
-	-	-	-	(1,463,704)	625,051	27,351	(4,630)	-	(815,932)
- -	- -	- -	- -	- -	- -	- -	- -	(375,974) 26	(375,974) 26

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(Continued from previous page)

Yieh Phui Enterprise Co., Ltd.

Standalone Statements of Changes in Equity For the years ended December 31, 2024 and 2023

Unit:Thousand NTD

Common share capital	Capital surplus		Retained earnings			Other equity		TreasuryStock	Total equity
		Legal reserve	Special reserve	Unappropriated earnings	Exchange difference from translating the financial statements of foreign operations	Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	Gains (loss) of hedging instruments
(138,600)	(72,094)	-	-	-	-	-	-	210,694	-
$ 19,742,172	$ 4,675,737	$ 3,488,666	$ 753,044	$ 10,161,696	$ (464,763)	$ 353,399	$ 8,049	$ (223,907)	$ 38,494,093

(Please refer to the Note under standalone financial statements)

Chairman: I-Shou Lin, Managerial Officer: Chen-Wu Chang Accounting Officer: Wen-Chung Tian

－ 6-1 －

Yieh Phui Enterprise Co., Ltd. Standalone Statements of Cash Flows

For the years ended December 31, 2024 and 2023

Unit: NT$1,000

Item Cash flows from operating activities Income (loss) before income tax Items of adjustment Adjustments for Depreciation Net loss (profit) on financial assets and liabilities at fair value Interest expense Interest income Dividend income Share of loss (profit) of subsidiaries, associates and joint ventures Loss (gain) on disposal of property, plant and equipment Expense transferred from property, plant and equipment Gain on lease modification Loss (gain) on disposal of investments Impairment loss on non-financial assets Others Adjustments, total Changes in operating assets and liabilities Net changes in operating assets Decrease (increase) in financial assets at fair value through profit or loss Decrease (increase) of contract assets Decrease (increase) in notes receivable Decrease (increase) in accounts receivable Decrease (increase) in accounts receivable - related parties Decrease (increase) in other receivables Decrease (increase) in inventories Decrease (increase) in prepayments Total net changes in operating assets Net changes in operating liabilities Increase (decrease) in contract liabilities Increase (decrease) in notes payable Increase (decrease) in accounts payable Increase (decrease) in other payables Increase (decrease) in provisions Increase (decrease) in defined benefit liabilities Total net changes in operating liabilities Total net changes in operating assets and liabilities	2024 $ (1,718,222) 526,987 (1,269) 409,746 (57,242) (16,781) 2,365,243 19,317 4,330 (192) 6,270 109,730 (5,489) 3,360,650 (1,744) (190,910) 519 760,931 (278,448) 360,911 35,820 14,789 701,868 (257,407) (84,608) 73,745 49,824 1,857 (60,103) (276,692) 425,176	2023
		$ (605,557) 527,442 (1,451) 430,493 (49,359) (47,370) 1,348,722 13,295 - - - - 188
		2,221,960
		697 (362,209) 1,173 (804,267) 276,961 (400,882) 167,023 52,808
		(1,068,696)
		336,667 169,140 50,457 26,709 (508) (57,204)
		525,261
		(543,435)

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Item Total adjustments Cash generated from operations Interest received Dividends received Interest paid Income tax paid Net cash generated from operating activities Cash flows from investing activities Acquisition of financial assets measured by fair value through other comprehensive profit or loss Disposal of financial assets measured by fair value through other comprehensive profit or loss Financial assets measured by fair value through other comprehensive income - capital returned due to capital reduction Acquisition of investments accounted for using equity method Proceeds from disposal of investments accounted for using equity method Acquisition of property, plant and equipment Proceeds from disposal of property, plant and equipment Decrease in refundable deposits Increase in other receivables – related parties Proceeds from disposal of investment properties Decrease in other financial assets Net cash used in investing activities Cash flows from financing activities Increase in short-term borrowings Increase in short-term bills payable Increase in long-term loans Repayment of long-term loans Repayment of the principal portion of leases Cash dividends paid Repurchase cost of treasury shares Discount on repurchase cost of treasury stock Net cash generated from (used in) financial activities Increase (decrease) in cash and cash equivalents in the current period Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year	2024 $ 3,785,826 2,067,604 56,943 53,214 (402,991) (209,333) 1,565,437 - 60 13,304 (428,219) 7,544 (306,200) - 279,752 (24,500) - (3) (458,262) 461,046 - 800,000 (1,793,951) (11,199) (389,062) (375,974) 26 (1,309,114) (201,939) 1,797,422 $ 1,595,483	2023
		$ 1,678,525
		1,072,968 48,456 63,957 (421,500) (395,551)
		368,330
		(1,135) - 13,771 (197,114) - (226,222) 755,233 44,940 (544,000) 1,044,767 30,708
		920,948
		227,509 300,000 400,000 (1,482,951) (13,141) (592,759) (464,306) 125
		(1,625,523)
		(336,245) 2,133,667
		$ 1,797,422

(Please refer to the Note under standalone financial statements)

Chairman: I-Shou Lin, Managerial Officer: Chen-Wu Chang Accounting Officer: Wen-Chung Tian

－ 7-1 －

Yieh Phui Enterprise Co., Ltd.

Notes to Standalone Financial Statements

For the years ended December 31, 2024 and 2023

(Unless otherwise stated, all amounts are in NTD thousand)

I. History and Organization
(I) Yieh Phui Enterprise Co., Ltd. (hereinafter referred to as “the Company”) was incorporated in April, 1978. The Corporation’s shares are currently traded on the Taiwan Stock Exchange. The Corporation engages in the processing, manufacturing marketing and import/export trading of rolled steel coils, refined steel, molded steel, steel and iron wires, galvanized, pre-painted and surface treated metal.
(II) The Company’s board of directors resolved on May 23, 2005 to merge (simplified merger) with Lien Kang Heavy Industrial Co., Ltd., with the Company as the surviving company. The record date of the merger was set on August 30, 2005. At the consolidated share exchange ratio, 2.5 common shares of Lien Kang Heavy Industrial Co., Ltd. were converted into 1 common stock of the Company. The Company additionally issued 4,859 thousand common shares for the merger, the rights and obligations of which are identical with the shares already issued by the Company.
(III) Lien Kang Heavy Industrial Co., Ltd. was established on November 23, 1989. Its main business is the manufacturing, processing and trading of various mechanical parts, as well as piping engineering, engineering design, manufacturing and installation.
(IV) Due to the expansion of steel pipe department, the steel pipe department was separated from the Company and named Shin Yang Steel Co., Ltd. The investment was approved by the Board of Directors on January 18, 2011 and a total of 191 employees was transferred to Shin Yang Steel Co., Ltd.
(V) The parent company only financial statements are expressed in NTD, which is the Company's functional currency.
II. The date and procedures for the approval of the financial statements

The parent company only financial statements were approved by the board of directors on March 12, 2025 for issue.

III. Application of Newly Issued and Amended Standards and Interpretations
(I) The effects of application of the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) (collectively, the “IFRSs”) endorsed and issued into effect by the FSC

The following table summarizes all newly Issued, amended, and revised standards and Interpretations approved by the FSC to be applicable in 2024:

New/Revised/Amended Standards and Interpretations Effective Date Issued by IASB Amendments to IFRS 16 “Lease Liability in a Sale and Leaseback” January 1, 2024 (Note) Amendments to IAS 1 regarding "Classification of Liabilities as Current or January 1, 2024 (Note) Non-current" Amendments to IAS 1 “Non-current Liabilities with Covenants” January 1, 2024 (Note) Amendments to IAS 7 and IFRS 7 "Supplier Financing Arrangements" January 1, 2024 (Note)

Note: The amendments apply to the annual reporting periods beginning on or after January 1, 2024.

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Amendments to IFRS 16 “Lease Liability in a Sale and Leaseback”

The amendments clarify that, for a sale and leaseback transaction, if the transfer of assets is treated as a sale in accordance with IFRS 15, the liability of the seller-lessee arising from the leaseback should be treated in accordance with IFRS 16 regarding lease liabilities; However, if it involves variable lease payments that do not depend on the index or rate, the seller and lessee should still recognize the lease liabilities arising from such variable payments in a manner that does not recognize gains and losses related to the retained right of use. The difference between the subsequent actual lease payment amount and the reduced carrying amount of the lease liability is recognized in profit or loss.

2. Amendments to IAS 1 regarding "Classification of Liabilities as Current or Non-current"

The amendments clarify that when judging whether or not a liability is classified as non-current, it shall assess whether or not the enterprise has the right to defer the settlement period for at least 12 months after the reporting period at the end of the reporting period. If the enterprise has the right at the end of the reporting period, regardless of whether or not the enterprise is expected to exercise the right, the liability should be classified as non-current. In order to classify a liability as non-current, an entity must have complied with specific conditions as of the end of the reporting period, regardless of whether or not the creditor tests the entity's compliance with those conditions at a later date and grants the right to defer settlement.

In addition, the amendments stipulate that, for the purpose of liability classification, the aforementioned settlement refers to the transfer of cash, other economic resources or the Company's equity instruments to the counterparty to result in disappearance of liabilities. However, if the terms of a liability may, at the option of the counterparty, result in its settlement by the transfer of the Company's equity instruments and if the option is recognized separately in equity in accordance with IAS 32 "Financial Instruments: Presentation," the aforementioned provisions do not affect the classification of liabilities.

3. Amendments to IAS 1 “Non-current Liabilities with Covenants”

The amendment further clarifies that only the contractual terms before the end of the reporting period affect the classification of a liability on that date. The terms of the contract to be complied with within 12 months after the reporting period do not affect the classification of the liability, except for those classified as non-current at the end of the reporting period if they are unable to comply with the contractual terms and must be settled within 12 months after the reporting period, the relevant facts and circumstances should be disclosed in the notes.

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4. Amendments to IAS 7 and IFRS 7 "Supplier Financing Arrangements"

A supplier financing arrangement is one or more financing providers that pay the supplier on behalf of the enterprise and the enterprise agrees to pay the financing provider on the payment date agreed with the supplier or on a later date. The amendments to IAS 7 are to require enterprises to disclose information about their supplier financing arrangements, so that users of financial statements can assess the impact of such arrangements on an enterprise's liabilities, cash flow and liquidity risk exposure. The amendments to IFRS 7 include in its application guidance that when disclosing how to manage the liquidity risk of financial liabilities, enterprises may also consider whether or not they have obtained or can obtain financing risk concentration.

The standards and interpretations have no material impact on the Company's financial position and

financial performance based on the assessment.

(II) Effect of new/revised IFRSs, as endorsed by the FSC, not yet adopted

The following table summarizes all newly Issued, amended, and revised standards and Interpretations approved by the FSC to be applicable in 2025: New/Revised/Amended Standards and Interpretations Effective Date Issued by IASB Amendment to IAS No. 21 "Lack of Convertibility"10 January 1, 2025

Amendments to IAS 21 "Lack of Convertibility"

These amendments define convertibility and provide guidance on how to determine the spot exchange rate on the measurement date when a currency lacks convertibility. In addition, this amendment requires an enterprise to provide more useful information in its financial statements when a certain currency is not convertible into another currency.

The standards and interpretations have no material impact on the Company's financial position and financial performance based on the assessment.

(III) Effect of IFRSs issued by IASB but not yet endorsed by the FSC:

(III) Effect of IFRSs issued by IASB but not yet endorsed by the FSC:	(III) Effect of IFRSs issued by IASB but not yet endorsed by the FSC:
The following table summarizes all newly Issued, amended, revised IASB standards and Interpretations
but not yet approved by the FSC:
New/Revised/Amended Standards and Interpretations	Effective Date Issued byIASB
Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments"	January 1, 2026
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”	January 1, 2026
Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets Between	To be determined
an Investor and Its Associate or Joint Venture"
IFRS 17 “Insurance Contracts”	January 1, 2023
Amendments to IFRS 17 "Insurance Contracts"	January 1, 2023
Amendment to IFRS 17: “Comparative information on first application of IFRS 17 and IFRS 9	January 1, 2023
IFRS 18 "Presentation and Disclosures of Financial Statements"	January 1, 2027
‧IFRS 19 "Subsidiaries without Public Accountability: Disclosures”	January 1, 2027
Annual improvement of IFRS - Volume11	January 1, 2026

Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial

Instruments" are described as follows, respectively:

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(1) Clarify the dates of recognition and derecognition of certain financial assets and liabilities, add that when a financial liability (or part of a financial liability) is settled in cash by the electronic payment system, if and only if the enterprise initiates a payment instruction resulting in the following circumstances, the enterprise is allowed to have its financial liabilities discharged before the settlement date:
- A. The payment cannot be withdrawn, stopped or cancelled;
- B. The enterprise no longer has the practical ability to access the cash due to the payment instruction;
- C. The settlement risk associated with the electronic payment system is insignificant.
(2) Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; the scope includes contractual terms that can change cash flows based on contingent events (for example, interest rates linked to ESG targets), instruments with non-recourse features; and contractually-linked instruments.
(3) Add new disclosures required for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement environment, social and governance (ESG) targets), for its qualitative description of the nature of the contingent event; quantitative information about the possible changes to contractual cash flows — for example, the range of possible changes; and he gross carrying amount of financial assets and amortized cost of financial liabilities subject to these contractual terms.
(4) Update the disclosures for equity instruments irrevocably designated at fair value through other comprehensive income (FVOCI) shall be disclosed for the fair values by category but not each underlying instrument. In addition, an entity is required to disclose the fair value gain or loss presented in OCI during the period, showing separately the fair value gain or loss that relates to investments derecognized in the period and the fair value gain or loss that relates to investments held at the end of the period, as well as disclose any transfers of the cumulative gain or loss within equity during the reporting period related to the investments derecognized during that reporting period.
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”

The amendment describes the contracts that expose an entity to variability in the underlying amount of electricity because the source of electricity generation depends on uncontrollable natural conditions (for example, the weather) respectively as below:

(1) Clarify the application of “own use” requirement under the contracts where an entity buys or sells nature-dependent electricity:

Where a contract requires an entity to buy and take delivery of the electricity when it is generated, and the design and operation of the electricity market in which the electricity is transacted under the contract require any amounts of unused electricity to be sold within a specified time, the entity shall consider reasonable and supportable information about its past, current and expected future electricity transactions over a reasonable amount of time not exceeding 12 months. An entity is a net purchaser of electricity if it buys sufficient electricity to offset the sales of any unused electricity in the same market in which it sold the electricity. It is

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added that contracts involving nature-dependent electricity that are accounted for as 'own use' by applying the amendments shall disclose:

A. The variability of the underlying amount of electricity and to the risk that the entity could be required to buy electricity during a delivery interval in which it cannot use the electricity;
B. The unrecognized contractual commitments, including the estimated future cash flows from buying electricity under these contracts; and
C. The effect of the contracts on an entity’s financial performance during the reporting period
(2) Clarify how the designation of a contract involving nature-dependent electricity as a hedging instrument is able to apply the hedge accounting:

A variable nominal amount in a forecast electricity transaction may be designated as the hedged item, and the amount is aligned with the variable amount expected to be delivered by the generation facility referenced in the hedging instrument. In addition, when a cash flow entity of a hedging instrument, in a cash flow hedging relationship, designates a contract involving nature-dependent electricity as a hedging instrument with the condition of the occurrence of a designated expected transaction, the occurrence of the expected transaction is presumed to be highly probable.

Entities that designate contracts involving nature-dependent electricity as a hedging instrument shall disclose the terms and conditions of the hedging instruments by risk category in accordance with IFRS 7.

Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture"

This amendment resolves the inconsistency between existing IFRS 10 and IAS 28. For the sale (contribution) of assets by investors and their associates or joint ventures, all or part of the gains or losses on disposal should be recognized depending on the nature of the assets sold (contributed).

(1) When the assets sold (contributed) meet the criteria of "business," all gains and losses on disposal are recognized;

(2) When the assets sold (contributed) do not qualify as "business," only part of the gain or loss on

disposal of the affiliated enterprise or joint venture with the non-affiliate investor is recognized.

IFRS 18 "Presentation and Disclosures of Financial Statements"

IFRS 18 "Financial Statements Presentation and Disclosure" replaces IAS 1 and updates the structure of the Income Statement, adds management performance measurement disclosures and strengthens the principle of aggregation and disaggregation applied to key financial statements and notes.

IFRS 19 "Subsidiaries without Public Accountability: Disclosures”

The standard allows eligible subsidiaries to apply IFRS with reduced disclosure requirements. Other than the above-mentioned effect, as of the release date of the parent company only financial statements, the Company continues to assess the effect of the standards and interpretations above on the Company's financial position and financial performance, and the relevant effects will be disclosed once the assessment is completed.

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IV. Summary of Significant Accounting Policies

The main accounting policies used in the preparation of the parent company only financial statements are described below. Unless otherwise stated, such policies apply consistently throughout all reporting periods.

(I) Statement of compliance

The parent company only financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

(II) Basis of preparation

The standalone financial statements have been prepared on the historical cost basis except for the key items listed below:
- (1) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.
- (2) Financial assets at fair value through other comprehensive income.
- (3) Cash-settled share-based payment arrangement measured at fair value.
- (4) Defined benefit liabilities recognized at the net amount of the pension fund assets deducting the present value of the defined benefit obligation.
- (5) Investment properties measured at fair value model.
The preparation of the parent company only financial statements in compliance with the IFRSs approved by the FSC requires the use of some important accounting estimates. The process of applying the Company's accounting policies also requires the management to exercise its judgment. It involves items of a high degree of judgment or complexity, or matters that involve For significant assumptions and estimates, please refer to Note V.
The Company used equity method for accounting to incorporate its subsidiaries, associated companies or joint venture entities. To make net profit for the year, other comprehensive income and equity in the parent company only financial statements equal to those attributed to owners of the Company on parent company only financial statements, the effect of the differences between basis of standalone and basis of consolidation are adjusted in the “investments accounted for using equity method”, the related share of other comprehensive income from subsidiaries and associates and joint ventures using equity method” and related equity items.
(III) Foreign currency translation
Foreign currency transactions and balances
- (1) Transactions denominated in foreign currencies are translated into the functional currency using the spot exchange rates prevailing on the transaction date or measurement date.
- (2) The balance of foreign currency monetary assets and liabilities shall be and adjusted as per the rates of exchange prevailing at the balance sheet date, and the exchange difference arising from the adjustment is recognized as the current profit or loss.
- (3) The foreign currency non-monetary items measured at fair value is translated at the exchange rate on the date when the fair value is determined, and the exchange difference generated is recognized in profit or loss of the year. However, for the change in fair value recognized in other comprehensive income, the exchange difference generated is recognized in the other

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comprehensive income. Non-monetary items in foreign currency measured at historical cost are translated at the exchange rate on the transaction date and will not be retranslated.

Translation of foreign operations
- (1) All subsidiaries and associated companies that use functional currencies other than the reporting
  - currency have used the methods below to translate their operation result and financial status:
  - A. The assets and liabilities presented on each balance sheet are translated at the rates of exchange prevailing at the balance sheet date.
  - B. The income and expenses expressed in each comprehensive income statement are translated at the average exchange rate of the current period.
  - C. All exchange differences arising from translation are recognized in other comprehensive income.
- (2) Exchange differences arising from disposition of partial or whole associated foreign operation, is relocated proportionally to be recognized in other comprehensive income (exchange difference) and disposal gain or loss for the period. When the Company still keeps partial interest of the former associated company but no longer have significant impact, the transaction is recorded as disposition the entire interest of the investment.
- (3) Accumulated exchange recognized from a foreign subsidiary will be relocated proportionally into comprehensive income (exchange difference) and non-controlling interest under the foreign operation entity, when the entity is wholly or partially disposed.
  - When the Company still keeps partial interest of the former subsidiary but no longer have significant impact, the transaction is recorded as disposition the entire interest of the foreign operation entity.
(4) Classification of Current and Noncurrent Assets and Liabilities
Rolled coil goods division
- (1) Assets that meet one of the following conditions are classified as current assets:
  - A. Assets expected to be realized in the ordinary course of business, or intended to be sold or consumed.
  - (b)Liabilities arising mainly from trading activities;
  - C. Assets expected to be realized within 12 months after the reporting period.
  - D. Cash or cash equivalents (excluding assets restricted from being exchanged or used to settle a liability or subject to other restrictions for at least 12 months after the reporting period).
  - The Company classifies all assets not meeting the criteria above as non-current assets.
- (2) Liabilities that meet one of the following conditions are classified as current liabilities:
  - (a)Liabilities that are expected to be paid off within the normal operating cycle;
  - (b)Liabilities arising mainly from trading activities;
  - C. Those must be settled within 12 months after the balance sheet date. (They will be current liabilities even if an agreement is reached for long-term refinance or payment rearrangement after the balance sheet date and before financial statements are approved for release.)
  - D. At the balance sheet date, the Company does not have substantive powers to defer the settlement period to at least 12 months after the balance sheet date. Terms of a liability that

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could, at the option of the counterparty, result in its settlement by the issue of equity

instruments do not affect its classification.

The Company classifies all liabilities not meeting the criteria above as non-current liabilities.

2. Heavy industry division:

For the Group's construction-related business, with the operating cycle over one year, the operating cycle is the criteria to classify the construction-related assets and liabilities as current or noncurrent.

(V) Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank deposits and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. (Including demand deposits matured within three months.)

(VI) Financial instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

1. Financial assets

Conventional transactions of financial assets are recognized and derecognized by trade date accounting.

(1) Measurement types

The types of financial assets held by the Company are financial assets at fair value through profit or loss, financial assets measured by amortized cost, and equity instrument investments measured by fair value through other consolidated profit or loss.

A. Financial assets at fair value through profit or loss

Financial assets measured at fair value through profit or loss are those mandatorily measured at fair value through profit or loss. Financial assets mandatorily at fair value through profit or loss include investments in equity instruments not designated by the Company to be measured at fair value through other comprehensive income and investments in debt instruments that do nor qualify as either at amortized cost or at fair value through other comprehensive income.

Financial assets at fair value through profit or loss are measured at fair value, and dividends and interests generated therefrom are recognized in other income, and remeasurement gains or losses are recognized in other gains or losses. Please refer to Note XII (III) for the methods of determining fair values.

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B. Financial assets at amortized cost

If the Company's investment financial assets meet the both of the criteria below at the same time, they are classified as financial assets at amortized cost:

(a) Financial assets held under the operational model for the purpose of collecting cash flow from contracts; and

(b) The contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, such assets are measured at the amortized cost of the total carrying amount determined by the effective interest method less any impairment loss, and any exchange differences are recognized in profit or loss.

Except for the two circumstances below, interest income is calculated by multiplying the effective interest rate by the gross carrying amount of a financial asset.

(a) For a credit-impaired financial asset purchased or created, interest income is calculated by multiplying the credit-adjusted effective interest rate

by the amortized cost of the financial asset.

(b) For a financial asset purchased or created that is not credit-impaired but becomes

credit-impaired subsequently, the interest income is calculated by multiplying the effective interest rate

by the amortized cost of the financial asset.

C. Equity instrument investments measured by fair value through other comprehensive profit or loss.

When initially recognized, the Company can make an irrevocable choice to designate equity instrument investments held not for trading, not recognized by M&A parties, or with consideration to be measured by fair value through other consolidated profit or loss. As these equity instrument investments are measured by fair value through other consolidated profit or loss, subsequent fair value changes should be recognized as other consolidated profit or loss and accumulated as other equity. When disposing an investment, its accumulated profit or loss will directly be transferred to retained earnings and not be reclassified as profit or loss.

Dividends from equity instrument investments measured by fair value through other comprehensive profit or loss will be recognized as profit or loss when the receiving right is established unless the dividends clearly represent partial return of investment costs.

(2) Impairment of financial assets

A. The Company assesses the impairment loss of financial assets measured at amortized cost (including accounts receivable), investments in debt instruments at fair value through other comprehensive income, and lease receivables and contract assets as per expected credit losses at each balance sheet date.
B. Accounts receivable and contract assets are recognized in allowance loss based on the lifetime expected credit losses (ECLs). Other financial assets are first assessed based on whether the

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credit risk has increased significantly since the initial recognition. If there is no significant increase in the risk, a loss allowance is recognized at an amount equal to 12-month ECLs. If the risks have increased significantly, a loss allowance is recognized at an amount equal to ECLs.

C. The ECLs refer to the weighted average credit loss with the risk of default as the weight. The 12-month ECLs represent the ECLs from possible defaults of a financial instrument within 12 months after the reporting date. The lifetime ECLs represent the ECLs from all possible defaults in a financial instrument over the expected life of a financial instrument.
D. The Company recognizes an impairment loss for all financial instruments with a

corresponding adjustment to their carrying amount through a loss allowance account.

(3) Derecognition of financial assets

The Company will derecognized the financial assets if any of the following conditions is met:

A. The contractual rights to receive cash flows from the financial asset expire.
B. When the majority of the risks and rewards associated with the ownership of the financial asset has been transferred, and the contractual rights to the cash flows from the financial asset are transferred as well.
C. The Company neither retains nor transfers substantially all risks and rewards of ownership of the financial asset; however, it has not retained control of the financial asset.

On derecognition of a financial asset at amortized cost in its entirety, the difference between

the asset’s carrying amount and the consideration received is recognized in profit or loss. When derecognizing an investment in equity instrument at FVTOC in its entirety, the cumulative profit or loss is transferred directly to retained earnings and is not reclassified to profit or loss.

2. Equity instruments

Equity and debt instruments issued by the Company are classified based on nature of the negotiation contracts and the definition of the issuances.

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognized at the proceeds

received, net of direct issue costs.

3. Financial liabilities

(1) Subsequent measurement

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

(2) Derecognition of financial liabilities

The Group derecognizes financial liabilities only when the obligations are discharged,

cancelled or expired. Difference between the carrying value and total payments made or payables (including any non-cash assets transferred or liability carried) is recognized as profit or loss when the financial liability is derecognized.

4. Modification of financial instruments

When the contractual cash flow of a financial instrument is renegotiated or modified, and the

instrument should not be derecognized as a result, the Company recalculates the total carrying amount

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of the financial asset or the amortized cost of the financial liability by discounting the modified contractual cash flows at the initial effective interest rate and recognizes the modification gains or losses in profit or loss; and recognizes the costs or charges incurred as an adjustment to the carrying amount of the modified financial instrument and amortizes it over the remaining period after modification. If such a renegotiation or modification results in the derecognition of the financial instrument, it shall be handled in accordance with the derecognition rules.

(VII) Inventories

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

(VIII) Investments/subsidiaries and affiliates using the equity method
A subsidiary refers to an entity (including a structured entity) controlled by the Company. The Company controls the entity when it is exposed to variable returns from its involvement in the entity or has rights to the variable returns, and has the ability to affect such returns through its power over the entity.
Unrealized gains and losses arising from the transactions between the Company and its subsidiaries have been eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Company.
The Company recognizes the share of profit or loss on subsidiaries after acquired in current profit or loss, and recognizes the share of other comprehensive income on subsidiaries after acquired as other comprehensive income. If the share of losses on subsidiaries recognized by the Company is equal to or exceeds the equity in such subsidiaries, the Company continues to recognize such losses in proportion to its shareholding.
If the change in the shareholding of the subsidiary does not result in the loss of control (transaction with non-controlling interests), it is treated as an equity transaction, that is, it is regarded as a transaction with the owner. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity.
When the Company loses control of a subsidiary, the remaining investment in the former subsidiary is re-measured at fair value and treated as the fair value of the initially recognized financial assets or the cost of the investment in affiliates or joint ventures initially. The difference between the fair value and the carrying amount and recognized in profit or loss. For previous recognition in other comprehensive income relating to a subsidiary, the Company will reclassify the recognition from the equity as profit or loss when the it was handled under the same basis as the Company had directly disposed the related assets or liabilities (meaning reclassification into profit and loss would be required at the disposition if it was recognized as other comprehensive income or loss).
Associates refer to all entities that the Company has a significant influence on without control. Generally, the Company holds at least 20% of their voting shares directly or indirectly. The Company

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adopts the equity method to treat the investment in associates, which is recognized at cost of acquisition.

The Company recognizes the share of profit or loss on associates after acquired in current profit or loss, and recognizes the share of other comprehensive income on subsidiaries after acquired as other comprehensive income. When the Company’s share of losses of an associate equals or exceeds its interest in that associate (including the carrying amount of an investment in an associate determined using the equity method and any long-term equity that substantively constitute part of the Company's net investment in the associate), the Company discontinues recognizing its share of further losses. Additional losses and liabilities are recognized only to the extent that the Company has incurred legal obligations, or constructive obligations, or made payments on behalf of that associate.
Unrealized gains or losses arising from transactions between the Company and associates have been eliminated based on the proportion of its equity of the associates; unless evidence shows that the assets transferred have been impaired, the unrealized losses are also eliminated. The accounting policies of the associates have been adjusted as necessary and are consistent with the policies adopted by the Company.
Where an associate issues new shares, if the Company fails to subscribe for or acquire such shares pro rata, resulting in a change in the ownership percentage, with a significant influence on it retained, the "capital surplus" and "investment under equity method" will be adjusted in response to the increase or decrease of the net value of equity. Where the ownership percentage decreases, in addition to the adjustments above, the gains or losses that are related to the decrease of the ownership interest that has been previously recognized in other comprehensive income, and said gains or losses that must be reclassified to profit or loss when the relevant assets or liabilities are disposed of shall be reclassified to profit or loss in proportion to the decrease.
Where the Company disposes of an associate and if it loses significant influence on the associate, for all amounts previously recognized in other comprehensive income related to the associate, the accounting treatment is on the same basis as if the associate directly disposes of the relevant assets or liabilities, that is, the gains or losses previously recognized in other comprehensive income will be reclassified to profit or loss when the relevant assets or liabilities are disposed of, so when the significant influence on the associate is lost, the gains or losses will be reclassified from equity to profit or loss. If the Company still has a significant influence on the associate, only the amount previously recognized in other comprehensive income is transferred out in the manner above on a pro-rata basis.
According to “Regulations Governing the Preparation of Financial Reports by Securities Issuers” the profit or loss for the period and other comprehensive income presented in the standalone financial reports shall be the same as the allocations of profit or loss for the period and of other comprehensive income attributable to owners of the parent presented in the financial reports prepared on a parent company only basis, and the owners' equity presented in the standalone financial reports shall be the same as the equity attributable to owners of the parent presented in the financial reports prepared on a parent company only basis.
(IX) Property, plant and equipment

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Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are capitalized. Before property, plant and equipment in progress are ready for intended use, samples produced to test whether such assets can function normally are measured at the lower of cost or net realizable value, and the selling price and cost are recognized in profit or loss.
Subsequent costs are included in the carrying amount of the assets or recognized as a separate asset only when the future economic benefits related to an item are likely to flow into the Company and the cost of the item can be reliably measured. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
Land is not depreciated. Other property, plant and equipment apply cost model and are depreciated using the straight-line method to allocate their cost over their estimated useful lives. The estimated useful lives, residual values and depreciation method are reviewed at each balance sheet date. If the review results in differently from the previous estimation or changes in depreciation model based on the future benefits brought by the asset, the Company will handle the difference as change of accounting estimate based on IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” on the date of change. Useful lives of assets

Buildings

Main buildings of plants 40-44 years

Office main buildings 40 to 60 years Plant accessories and other equipment 8 to 35 years

Machinery and equipment 2–53 years

Remaining equipment 3-33 years

Property, plant and equipment will be derecognized upon disposal or when future economic benefits

cannot be expected from use or disposal. The amount of gains or losses from derecognition of property, plant and equipment is the difference between the net proceeds from disposal and the carrying amount of the asset, and is recognized in the current profit or loss.

(X) Leases

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

The Company as lessee

Except for leases of low-value underlying assets and short-term leases with expenses recognized on a straight-line basis, the Company recognizes right-of-use assets and lease liabilities on the commencement date of all leases.

Right-of-use assets

A right-of-use asset is initially measured at cost (including the initial measured amount of lease liabilities, the amount of lease payments made to the lessor less lease incentives received prior to the inception of a lease, initial direct costs, and the estimated costs of restoring underlying assets), and subsequently measured at cost less accumulated depreciation and accumulated impairment and adjusted for any remeasurement of the lease liabilities.

A right-of-use asset is depreciated on a straight-line basis over the period from the lease

commencement date to the end of its useful life, or to the end of the lease term, whichever is earlier.

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However, if the ownership of the underlying asset will be acquired at the expiration of the lease term, or if the cost of the right-of-use asset represents the execution of the purchase option, the underlying asset will be depreciated from the lease commencement date through the expiration of the useful life of said asset.

Lease liabilities

Lease liabilities are initially measured at the present value of lease payments, including fixed payments, in-substance fixed payments, and variable lease payments which depend on an index or a rate. If the interest rate implicit in a lease can be easily determined, the lease payment is discounted at such an interest rate. If the interest rate cannot be easily determined, the lessee's incremental borrowing rate applies.

Subsequently, lease liabilities are measured at the amortized cost using the effective interest rate method, and interest expense is amortized over the lease term. If changes in the evaluation of the purchase options of an underlying asset, amount expected to be paid under the guaranteed residual value, or index or rate used to determine the lease payment over the lease term lead to changes in future lease payments, the Company remeasure the lease liabilities with a corresponding adjustment to the right-of-use assets. However, if the carrying amount of the right-of-use assets has been reduced to zero, the remaining remeasurement amount is recognized in profit or loss. Lease liabilities are recognized in a single line in the individual balance sheet.

Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which they are incurred.

2. The Company as lessor

Where almost all the risks and rewards attached to the ownership of an asset are transferred to the lessee under lease terms, such leases are classified as finance leases; otherwise, it is classified as an operating lease.

Under operating leases, lease payments, less lease incentives, are recognized on a straight-line basis. The initial direct cost incurred in obtaining an operating lease is added to the carrying amount of an underlying asset, and is recognized in expenses over the lease term on the same basis adopted for the recognition of lease income.

(XI) Investment Property

Investment properties are those held for earning rents and/or for price appreciation, including properties under construction for these purposes. Investment properties include land held by the Company without any specific future usage. Investment property also includes right-of-use assets that meet the definition of investment property.

Investment property acquired through lease is initially measured at cost, which includes the initial measured amount of the lease liability, any lease payment made before the lease inception date, the original direct costs, and estimated cost to restore the underlying asset to the required status in the terms and conditions of lease, net of any lease incentives received.

All investment properties are subsequently measured at fair value model, and gains or losses arising from changes in fair value are recognized in profit or loss in the year in which they occur.

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The profit or loss of an investment property is recognized by the difference between its net disposal price and its carrying amount, and is recognized in the current profit or loss.

(XII) Impairment of non-financial assets

The Company will estimate recoverable amount for assets showing signs of impairment at the balance sheet date. Impairment loss is recognized when the carry value is below the recoverable value. A recoverable amount is the higher of an asset’s fair value less either its costs of disposal or its value in use. While the circumstance of the impairment losses of assets recognized in the prior year does not exist, the loss is reversed to the extent of the previously recognized impairment loss.

(XIII) Provisions

Provisions (including short-term employee benefits and estimates of onerous contract) are recognized when the Company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation at the balance sheet date, which is discounted using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to passage of time is recognized as interest expense. Provisions are not recognized for future operating losses.

(XIV) Employee benefits

1. Short-term employee benefits

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

2. Pension

(1) Defined contribution plans

Regarding the defined contribution plans, the amount of the pension funds that shall be contributed is recognized as the current pension cost on an accrual basis. Prepaid contributions are recognized as an asset to the extent of a cash refund or a reduction in the future payments.

(2) Defined benefit plans

A. The net obligation under the defined benefit plan is calculated by discounting the amount of future benefits earned by employees in the current or past service period, with the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan assets. The net obligation under the defined benefit plan is calculated annually by actuaries using the projected unit benefit method. The discount rate is the market yield rate of government bonds (at the balance sheet date) with the currency and period consistent with those of the defined benefit plan at the balance sheet date.
B. The remeasurement generated by the defined benefit plan is recognized in other
- comprehensive income in the current period and presented in retained earnings.
C. The relevant expenses of the service costs in the prior period are immediately recognized as profit or loss.
Employee compensation and directors’ and supervisors’ remuneration

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Employee compensation and directors’ and supervisors’ remuneration are recognized as expenses and liabilities, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. However, if the accrued amounts for employee compensation and directors’ and supervisors’ remuneration are different from the actual distributed amounts as resolved subsequently, it shall be treated as a change in accounting estimates.

4. Post-employment benefits

Post-employment benefits are benefits provided when an employee’s employment is terminated before the normal retirement date or when the employee decides to accept the benefits offered by the Company in exchange for termination of employment. The Company recognizes such benefits as expenses when it is no longer able to withdraw the offer of post-employment benefits or when the relevant restructuring costs are recognized, whichever is earlier. Benefits that are not expected to be fully settled 12 months after the reporting period shall be discounted.

(XV) Capital and treasury stock

1. Share capital

Common stocks are classified to Equities. Additional costs classified directly to issuances of new stocks or costs of options are listed as deducted items in the equities.

Treasury shares

The issued stock repurchased by the Company is stated as “treasury stock” at the price of the consideration paid for the repurchase (including directly attributed cost), to be deducted from equity. If the disposal price of treasury share is higher than the carrying amount, the price difference shall be stated as capital surplus-treasury stock transactions. If the disposal price is lower than the carrying value, the price difference shall first be offset against capital surplus from the same class of treasury share transactions, and the remainder, if any, should be debited to un-appropriated retained earnings. The carrying amount of treasury stocks is calculated separately according to the class of treasury stock transaction using the weighted average method.

When treasury share is retired, the treasury stock account is reduced and common stocks as well as the capital surplus - additional paid-in capital are reversed on a pro rata basis. When the carrying value of the treasury stock exceeds the sum of the par value and the excess of the issuance price over the par value, the price difference is charged to capital surplus arising from the same class of treasury stock transaction and to retained earnings for any remaining amount. When the carrying amount is lower than the sum of the par value and the excess of the issuance price over the par value, the price difference is credited to capital surplus arising from the same class of treasury share transaction.

(XVI) Income Tax

The tax expense for the period comprises current and deferred tax. Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or items recognized directly in equity, in which cases the tax is recognized in other comprehensive income or equity.
Income tax is calculated based on taxable business transactions and tax rates as in the laws that have been enacted or substantively enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations.

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Undistributed earnings are subject to a surtax per the Income Tax Act of the R.O.C. In the year following the year in which the earnings are generated, after the shareholders' meeting has passed the earnings distribution proposal, income tax expenses based on the actual earnings to be distributed are recognized.

Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the parent company only balance sheet. However, the deferred income tax is not accounted for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. The Company is able to control the time of reversal for temporary difference generated from subsidiary investment. Temporary difference that might not be reversed in a foreseeable future will not be recognized. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted as of the end of the reporting period and are expected to apply when the relevant deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. At each balance sheet date, unrecognized and recognized deferred income tax assets are reassessed.
Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to settle on a net basis or realize the asset and settle the liability simultaneously.
The Corporation adopted tax credit accounting for taxation incentives arising from purchasing equipment and technology, research and development expenditures, personnel training expenses, equity investments, etc.
(XVII) Revenue recognition

The Company's steps of recognizing revenue from customer contracts are as follows:

(1) Identify a customer contract;
(2) Identify the obligations to be fulfilled in the contract;
(3) Determine the transaction price;
(4) Allocate the transaction price to the obligations to be fulfilled in the contract; and
(5) Recognize it as revenue when all obligations are fulfilled.

In the case of contracts where the time interval between the transfer of goods or services and the receipt of the consideration is less than one year, the transaction prices of the material financial components of the contract will not be adjusted.

1. Sales revenue

Revenue from sales of merchandise is derived from the sale of galvanized coils and pre-painted steel

coils. Sales revenue is recognized when the control of a product is transferred to a customer as the

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customer already has the right to set the price and use of the product and takes on the main responsibility for resale, and assumes the risk of obsolescence. At such a point in time, the Company recognizes the sales as revenue and accounts receivable, which are presented as a net amount, less sales returns, quantity discounts, and discounts.

When raw materials are transferred out for processing, the control of the ownership of the materials processed has not been transferred, so the income is not recognized when said materials are transferred out.

2. Revenue from service

Revenue from service is recognized when the service is rendered. The revenue generated from rendering services in accordance with the contract is recognized based on the degree of completion of the contract.

Construction revenue

For the property construction contract controlled by the customer during the construction process, the Company recognizes the revenue over time. Since the costs invested in a construction is directly related to the degree of completion of the performance obligation, the Company measures the progress of completion based on the ratio of the actual invested cost to the expected total cost. The Company recognizes contract assets progressively during the construction process and reclassifies them to accounts receivable when billing. If the construction payment received exceeds the amount recognized as revenue, the amount difference is recognized as a contract liability. The retained payment of a construction project withheld by the customer pursuant to the terms of the contract, is to ensure that the Company fulfill all contractual obligations and is recognized as a contract asset before the Company's performance is completed.

If the result of the performance obligation cannot be measured reliably, the construction revenue is recognized only within the expected recoverable range of the costs incurred to meet the performance obligation.

Rental income, dividend income, and interest income
(1) Rental income is recognized on a straight-line basis over the term of the relevant lease.
(2) Dividend income from investment activities are recognized at the time when the shareholder's right to receive payment is established, provided that economic interests generated related to the transaction are likely to flow into the Company and reasonably measured.
(3) Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable on accrual basis.

(XVIII) Borrowing costs

Borrowing costs directly attributable to an acquisition, construction, or production of qualifying assets are added to the cost of said assets, until such time as the assets are substantially ready for their intended use or sale.

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Where investment revenue is earned from temporary investment using specific borrowings before the occurrence of capital expenditures that meet the requirements, it will be deducted from the borrowing costs eligible for capitalization.

Except for the above, all borrowing costs are recognized as profit or loss in the current period.

(XIX) Changes in accounting policies

The Company changed the accounting policy for investment property, effective January 1, 2024, and the

subsequent measurement was changed from the cost model to the fair value model.

The new accounting policy can provide more relevant value information of investment property. The Company applies the accounting policy retrospectively and adjusts the affected items in the financial

statements of each period. The impact of this change in accounting policy on the financial statements of each period and the amounts are as follows:

each period and the amounts are as follows:
BALANCE SHEET	January	1,2024	January1,2023
Increase in investments using equity method Increase in equity Statement of Comprehensive Income	$	10,505,974	$10,041,272
	$	10,505,974	$10,041,272
		2023 $464,705 $464,705 $464,702
Increase in share of profit (loss) of associates and joint ventures Increase in net income (loss) for the period Increase in comprehensive Income

V. Major Sources of Uncertainty regarding Accounting Judgement, Estimate and Assumption

The Company takes into account the economic impact of climate change and relevant government policies and regulations in its critical accounting estimates, and will constantly review the basic assumptions and estimates. If an amendment to estimates only affects the current period, it shall be recognized in the period of said amendment; if an amendment to accounting estimates affects the current year and future periods, it shall be recognized in the period of said amendment and future periods.

Judgment on accounting policy adoption and significant accounting estimates and assumptions made for repairing the parent company only financial statements are as follows:

(I) Material Judgment When Adopting Accounting Policies

1. Revenue recognition

As per IFRS 15, the Company judges whether a customer has obtained or has not obtained control of specific goods or services before transferring specific goods or services to the customer as a principal or an agent in the transaction. If it is judged to be the agent in the transaction, the net transaction amount is recognized as revenue.

In the case of any of the following circumstances, the Company is the principal:

(1) Before the goods or other assets are transferred to a customer, the Company obtains control of said goods or assets from the other party first; or
(2) The Company controls the right to provide services by the other party, hence has the ability to lead the other party to provide services to customers on behalf of the Company; or
(3) The Company obtains control of goods or services from the other party to combine with other goods or services to provide specific products or services to customers.

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The indicators used to determine whether the Company controls a specific product or service before transferring it to a customer include (but are not limited to):

(1) The Company assumes primary responsibilities for fulfilling the commitment to provide specific goods or services.
(2) The Company assumes inventory risks before delivering specific goods or services to the customer.
(3) The Company has the discretion to set the price.
During the lease term

When deciding on a lease term, the Company considers all relevant facts and circumstances that lead to economic incentives to execute (or not execute) the option, including the expected changes in all facts and circumstances from the commencement date to the date the option is executed. The factors considered include the terms and conditions of a contract during the term covered by the option, material leasehold improvements made (or expected) during the lease term, and the importance of the underlying assets to the Company's operations, etc. When a material event takes place or situation changes significantly within the scope of the Company’s control, the lease term is reassessed.

(II) Significant Accounting Estimates and Assumptions
Estimated Impairment of Financial Assets

The estimated impairment of accounts receivable is based on the Company’s assumptions on default rate and expected loss rate. The Company makes assumptions and selects inputs for estimating impairment by taking into account past experience, current market situation and forward-looking information. If the actual future cash flow is lower than expected, it is possible to bring material impairment loss.

Fair value measurement and valuation process

When there is no quoted market price for assets and liabilities measured at fair value, the Company decides whether to appoint a third party to appraise the value and decide the appropriate fair value valuation technique in accordance with relevant laws and regulations or as per its judgment. If the Level 1 input cannot be obtained when a fair value is estimated, the Company decides the input with reference to the analysis results of an investee's financial position and operating results, recent transaction prices, quoted prices of the same equity instruments in the non-active market, quoted market prices of similar instruments, or comparable Company valuation multiples. For the derivatives, the market price, interest rates, and characteristics of derivatives are referred to, for determining the inputs. If the actual change in the input in the future is different from the expected, there may be a change in the fair value. The Company regularly updates each input based on the market conditions to monitor whether the fair price measurement is appropriate.

Impairment of Tangible Assets and Intangible Assets

During the assessment of asset impairment, the Company relies on subjective judgment and determines separate cash flows, useful lives, and future possible income and losses from specific asset group because any shift of economy or change of estimate due to business strategy could cause material impairment.

Evaluation of Impairment Loss Using the Equity Method

－ 27 －

When an equity investment shows impairment sign that indicates the recovery of its carrying amount is not likely, the Company will assess the impairment of the investment immediately. The recoverable amount is estimated based on the Company’s share of present value of estimated cash flows generated by investees, estimated cash dividend received, and present value of cash flows received from disposal. The analysis for the reasonableness of the analysis will be carried out as well.

5. Evaluation of the Reliability of Deferred Income Tax Assets

Deferred income tax assets are only recognized to the extent that it is probable that there will be sufficient taxable profits for deductible temporary differences. While evaluating the reliability of deferred income tax assets, it is necessary to involve assumptions of management's significant accounting judgment and estimation, including expectation of the growth of the future sales revenue, the period of the tax exemption, the deductible income tax, and tax planning. Any changes in the global environment of economy, industrial environments, laws and regulations are possible to cause significant adjustments of deferred income tax assets.

Valuation of Inventories

As inventory was recorded at the lower of the cost or the realizable value, the Company needs to exercise judgment and estimate to determine the inventory’s realizable value at the balance sheet. Due to normal losses, aging or lacking of market value, the Company has write down the inventory to its realizable value at the balance sheet date.

Calculation of net defined benefit liabilities

To calculate the present value of the defined benefit obligation, the Company uses its judgments and estimates to determine related actuarial assumptions at the end date of the reporting period, including discount rate, future salary increase, etc. Any change in actuarial assumptions may significantly affect the amount of the Company’s defined benefit obligation.

8. Lessee's incremental borrowing rate

When determining the lessee’s incremental borrowing rate for discounting lease payments, the risk-free interest rate in the same currency in the relevant periods is adopted as the benchmark rate, and the estimated lessee’s credit risk discount and lease-specific adjustments (factors, such as asset

specificity and collateral provided) are taken into consideration.

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VI. Contents of Significant Accounts

(I)Cash and cash equivalents

ents of Significant Accounts sh and cash equivalents
Item	December 31,2024	December 31,2023
Cash $ 1,760 Checking deposit 163,485 Demand deposit 1,410,238 Cash equivalents Time deposits with original maturity date within three months 20,000 Total $1,595,483		$ 1,760 259,691 1,443,841 92,130
		$1,797,422

The credit ratings of the financial institutions with which the Company deals are good, and the Company engages in business dealings with a number of financial institutions at the same time to diversify credit risks; thus, the probability of default is expected to be very low.
The Company did not pledge cash and cash equivalents.
(II) Financial assets measured at fair value through profit and loss - current

Item	December 31,2024	December 31,2023
Financial assets mandatorily at fair value through profit or loss Non-derivative financial assets Beneficiary certifictes of funds	$37,681	$34,668

No financial asset at fair value through profit or loss was pledged by the Company as collateral.
For related credit risk management and its valuation method, please refer to Note XII (II).
(III) Notes receivable, net

Notes receivable, net
Item	December 31, 2024	December 31, 2023
	$ 62 (5)	$ 581 (2)
	$ 57 $ 579

The Company did not pledge any notes receivable.
For transactions with related parties, please refer to the descriptions in Note VII (III) 5.
For the relevant disclosure of the allowance for losses on notes receivable, please refer to the descriptions in Note VI (IV).

(IV) Accounts receivable, net

ccounts receivable, net
Item	December 31,2024	December 31,2023
At amortized cost Total carrying amount Less: Allowance for losses Accounts receivable, net	$ 794,090 (3,081)	$ 1,555,021 (4,404)
	$791,009	$1,550,617

For the Company’s accounts receivable from sales of goods, the average credit period of the sales from the carbon-steel product department; and the construction department complies with the payment due

－ 29 －

date agreed in the contract, which is based on the credit standards set as per counterparties’ industry characteristics, business scale, and profitability.

The Company did not pledge any accounts receivable.
The Company adopts the simplified approach of IFRS 9 to recognize the loss allowance for notes and accounts receivable based on lifetime expected credit losses. The lifetime ECLs are calculated using a provision matrix, which takes into account customers’ past default records, current financial position, economic trends in their industries, and other forward-looking information. Based on the Company’s history of credit losses, as there was no significant difference in the loss patterns among different customer groups, the customer groups were not further differentiated in the provision matrix, and only ECLs rate was set based on the number of days for which accounts receivable was past due. When there was information indicating that the counterparty was in severe financial difficulty and the Company could not reasonably expect the amount to be recovered, the Company would write off relevant claims and continued to collect the receivable due. The receivable recovered was recognized in profit or loss.

The Company measures the loss allowance for notes and accounts receivable (including related parties) based on the provision matrix as follows:

December 31, 2024	ECLs	Total carrying amount	Allowance for losses (lifetime ECLs)	At amortized cost
Not past due December 31, 2023	0%-0.5% ECLs	$ 1,283,382	$ (3,952)	$ 1,279,430
		Total carrying amount	Allowance for losses (lifetime ECLs)	At amortized cost
Not past due	0%-0.5%	$ 1,766,384	$ (4,881)	$ 1,761,503

(1) Changes in the allowance for losses on notes and accounts receivable (including related parties) are as follows:

are as follows:
Item	2024	2023
Beginning balance Less: Reversal of impairment loss Ending balance	$ 4,881 (929)	$ 5,506 (625)
	$3,952	$4,881

(2) Please refer to Note VI (XXIV) for the statement of changes in allowance for loss of contract assets.
(3) The other credit enhancements held have been considered in the above amounts. As of December 31, 2024 and 2023, Other credit enhancements (such as bank acceptances and letters of credit) amounted to NT$1,061,315 thousand, and NT$1,593,267 thousand, respectively.
(4) For related credit risk management and its valuation method, please refer to Note XII (II).

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(V) Other receivables

ther receivables
Item	December 31,2024	December 31,2023
Corporate tax refundable Purchase return receivable Refundable dumping duties Other receivables Total Less: Allowance for losses Net amount	$ 115,000 4,540 292 1,359	$ 105,500 7,517 346,360 1,365
	121,191 -	460,742 -
	$121,191	$460,742

In June 2015, the U.S. Department of Commerce initiated an anti-dumping investigation on corrosion-resistant steel products from Taiwan and other countries. After completing all investigation procedures in July 2016, it officially announced the provisional dumping margins for corrosion-resistant products produced and sold by Taiwanese companies. It also notified Customs to impose provisional anti-dumping duties on the Company's products sold to the U.S. upon entry. The U.S.A. adopts a retrospective system for levying anti-dumping duties. If the provisional tax rate paid is higher than the final tax rate, the difference is recognized as security deposit; otherwise, it is recognized as other payables. In response to the results of the aforementioned investigation, the Company believed that there were disputes. Therefore, in August 2016, it filed an appeal with the court. After years of litigation, on February 14, 2022, the Department of Commerce (DOC) followed the court's judgment and resubmitted the review results to the Court of International Trade (CIT). The review results showed that the Company's tax rate was 1.2% (less than 2% de minimis, meaning it is considered negligible) and it was explicitly stated that if the court upheld the review results, the Company should be excluded from the aforementioned

anti-dumping order. According to the final judgment of the Court of International Trade (CIT) dated June 23, 2023, CIT upheld the termination of the aforementioned anti-dumping investigation and excluded the Company from the aforementioned anti-dumping orders. In August 2023, the DOC had announced the amendment to the final decision of the CIT investigation and revoked the anti-dumping duty order against the Company in accordance with the aforementioned CIT decision. Anti-corrosion products have been subject to anti-dumping duties in the U.S. in September 2024, and refund of unsettled taxes from previous years.

Based on this, the Group has estimated a reversal of anti-dumping duty difference of NT$70,411 thousand (including the provision for guarantee deposits and other payables) as of December 31, 2024, and an anti-dumping duty payment of NT$346,360 thousand paid at the original provisional tax rate starting from the fourth year of the investigation, totaling NT$416,771 thousand to be reversed (for the year 2023, respectively recorded as other income NT$422,312 thousand and foreign exchange loss of NT$(5,541) thousand). The aforementioned anti-dumping duty payment starting from the fourth year of the investigation, as of December 31, 2024, should increase the refund of anti-dumping duty by NT$22,075 thousand (recorded as other income).

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(VI) Inventory and cost of goods sold

Inventory and cost of goods sold
Item	December 31,2024	December 31,2023
Rolled coil goods division: Raw materials Supplies Work in progress Finished goods By-products and scraps Subtotal Heavy Industry Department: Raw materials Supplies Subtotal Total	$ 1,910,672 15,575 507,982 1,418,516 94,137	$ 1,560,751 15,013 697,055 1,561,627 110,203
	3,946,882	3,944,649
	116,610 3,628	155,121 2,714
	120,238	157,835
	$4,067,120	$4,102,484

Inventory gains (losses) recognized as cost of goods sold for the current period are as follows:

Item	2024	2023
Cost of goods sold Construction cost Processing costs Unallocated manufacturing expense Purchase and construction contract losses (recovery gains) Inventory devaluation and obsolescence losses (or gains on reversal) Total operating cost	$ 21,971,916 784,860 127,917 65,956 17 (6,310)	$ 21,744,605 729,481 159,985 102,088 (616) (124,309)
	$22,944,356	$22,611,234

On December 31, 2024 and 2023, the Company's allowance for valuation decline and slowdown loss recognized as items of inventory cost were NT$316,013 thousand, NT$9,420 thousand, and NT$15,730 thousand, respectively.
The Company wrote down its inventory to the net realizable value in 2024 and 2023. This value increased as market terms became stable; prices of some products were raised; and some inventory was digested. As a result, the Company recognized inventory depreciation loss or appreciation gains at NT$(6,310) thousand and NT$(124,309) thousand
The Company did not pledge any inventory.
(VII) Pre-payments

Pre-payments
Item	December 31, 2024	December 31, 2023
Prepayments of materials Prepaid insurance Pre-paid sea freight Other prepayments Total	$ 155,144 48,270 15,799 11,109	$ 75,303 46,770 116,915 6,123
	$ 230,322	$ 245,111

For transactions with related parties, please refer to the descriptions in Note VII (III) 7.

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(VIII) Financial assets measured by fair value through other comprehensive profit and loss--noncurrent

Item	December 31,2024	December 31,2023
Equity instrument investment Domestic listed stocks of TWSE/TPEX companies Shares of domestic private companies Subtotal Valuation adjustment Total	$ 21,796 568,640	$ 21,965 582,004
	590,436 201,472	603,969 175,191
	$791,908	$779,160

The Company invests in the above-mentioned stocks of domestic (un)listed companies for medium- and long-term strategic purposes and expects to make profits through long-term investments. The Company Management believes to recognize the fluctuation of short-term fair value of these investments as profit or loss is not consistent with the long-term planning for these investments. Therefore, it chooses to designate them to be measured at fair value through other consolidated profit or loss.
For related credit risk management and its valuation method, please refer to Note XII (II).
The financial assets measured at fair value through other comprehensive income of the Company were not pledged as of December 31, 2024 and 2023.

(IX) Investments Using Equity Method

Investees	December 31,2024	December 31,2023	January1,2023
The Corporation: YIEH PHUI (HONG KONG) HOLDINGS LIMITED Yieh Hsing Enterprise Co., Ltd. Kuo Chang Enterprise Co., Ltd. United Brightening Development Corp. Great Emperor Hotel Co., Ltd. Kings Garden International Co., Ltd. Others Subtotal Affiliated enterprise: Material associates: Yieh United Steel Corp. Eliter International Corp. Tang Eng Iron Works Co., Ltd. E-Da Development Corp. Individual non-material associate Subtotal Plus: transfer to other non-current liabilities Total	$ 8,918,439 (192,091) 2,682,913 4,511,220 2,528,493 2,294,221 4,428,412	$ 9,278,296 381,263 2,775,707 4,648,544 2,619,307 2,167,757 3,934,425	$ 9,256,089 916,071 2,878,892 4,781,264 2,708,506 2,306,161 3,246,740
	25,171,607	25,805,299	26,093,723
	3,066,265 3,143,603 4,652,944 722,665 2,074,321	3,625,062 3,112,007 4,726,014 875,102 1,913,740	4,459,679 3,127,539 4,765,554 891,318 1,886,185
	13,659,798	14,251,925	15,130,275
	192,091	-	-
	$39,023,496	$40,057,224	$41,223,998

Subsidiaries: For information on the Company's subsidiaries, please refer to Note IV (III) to the

Company's 2024 consolidated financial statements.

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2. Associates

(1) Basic information on material associates of the Company

Company Name		% of Ownership
	December 31, 2024	December 31, 2023	January 1, 2023
Yieh United Steel Corp. Eliter International Corp. Tang Eng Iron Works Co., Ltd. E-Da Development Corp.	25.82% 30.23% 11.30% 28.44%	25.82% 30.23% 11.30% 28.44%	25.82% 30.23% 11.30% 28.44%

For information on the nature of business, principal place of business, and country of incorporation of

the above-mentioned affiliated enterprises, please refer to Tables 8 and 9 in Note XIII.

(2) The aggregate financial information in respect of the Company’s associate is set out below:

A. Balance Sheet

	Yieh United Steel Corp.
December 31,2024	December 31,2023	January1,2023
$ 12,196,063 40,604,254 22,588,389 17,715,408	$ 11,256,653 37,084,702 21,985,292 11,774,709	$ 11,412,844 35,371,870 16,696,478 12,394,087
$12,496,520	$14,581,354	$17,694,149
$ 3,226,934 (160,669)	$ 3,765,294 (140,232)	$ 4,569,100 (109,421)
$ 3,066,265	$ 3,625,062	$ 4,459,679

	Eliter InternationalCorp.
December 31,2024	December 31,2023	January1,2023
$ 6,772,537 6,590,134 1,467,319 1,350,143	$ 6,761,807 6,491,624 1,665,913 1,146,765	$ 6,904,181 6,328,153 1,438,125 1,301,991
$10,545,209	$10,440,753	$10,492,218
$ 3,187,292 (43,689)	$ 3,155,719 (43,712)	$ 3,171,274 (43,735)
$ 3,143,603	$ 3,112,007	$ 3,127,539
Tang Eng Iron Works Co., Ltd.		January 1, 2023 $ 3,383,887 54,921,553 2,510,042 13,625,552 $ 42,169,846 $ 4,765,554 $ 4,765,554
December 31, 2024	December 31, 2023
$ 3,625,214 56,082,229 2,938,952 15,595,122	$ 2,628,193 55,712,217 2,150,850 14,369,602
$ 41,173,369	$ 41,819,958
$ 4,652,944	$ 4,726,014
$ 4,652,944	$ 4,726,014
	E-Da Development Corp.
December 31, 2024	December 31, 2023	January 1, 2023
$ 293,795	$ 675,575	$ 415,062

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Non-current assets	7,187,058	7,376,867	7,615,363
Current liabilities	796,190	684,546	1,268,260
Non-current liabilities	4,119,647	4,266,245	3,602,817
Equity	$ 2,565,016	$ 3,101,651	$ 3,159,348
Shares of associate’s net assets	$ 729,549	$ 882,179	$ 898,590
Unrealized gains and losses of the transactions with associate	(6,884)	(7,077)	(7,272)
Carrying amount of associate	$ 722,665	$ 875,102	$ 891,318

B. Statement of Comprehensive Income

Operating revenue Net income (loss) for the year Other comprehensive income (net of tax) Total comprehensive income for the year	Yieh United Steel Corp.	Yieh United Steel Corp.
	2024	2023
	$40,090,416	$36,337,685
	(2,588,051) 549,734	(3,150,810) 39,667
	$ (2,038,317)	$ (3,111,143)

Operating revenue Net income (loss) for the year Other comprehensive income (net of tax) Total comprehensive income for the year Operating revenue Net income (loss) for the year Other comprehensive income (net of tax) Total comprehensive income for the year Operating revenue Net income (loss) for the year Other comprehensive income (net of tax) Total comprehensive income for the year	Eliter InternationalCorp. 2024 2023 $145,537 $192,111 112,600 (45,303) (8,143) (6,163) $104,457 $ (51,466) TangEngIron Works Co.,Ltd. 2024 2023 $12,189,393 $10,706,636 (633,054) (374,415) (13,535) 24,527 $ (646,589) $ (349,888) E-Da Development Corp. 2024 2023 $591,298 $701,956 (518,455) (343,940) (18,179) (13,757) $ (536,634) $ (357,697)
	2024
	$591,298
	(518,455) (18,179)
	$ (536,634)

(3) The aggregate information on the share of profit or loss on the Company's individual associates that are not material is as follows:

at are not material is as follows:
Share of profit or loss Net profit this term Other comprehensive income (net of tax) Total comprehensive income for the year	2024	2023
	$ 94,313 23,497	$ (10,500) 22,967
	$ 117,810	$ 12,467

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(4) The information on the Level 1 fair value with market quoted prices in respect of the Company's associate is as follows:

associate is as	follows:
YIEH UNITED STEEL CORP. (Note) Tang Eng Iron Works Co., Ltd. Total	December 31, 2024	December 31, 2023	January 1, 2023
	$ 3,122,526 1,239,987	$ 3,607,817 1,317,115	$ 4,019,579 1,255,808
	$ 4,362,513	$ 4,924,932	$ 5,275,387

(Note) The fair value information listed above does not include shares that are not freely transferable in the open market acquired through private placement.

(5) Investing in Tang Eng Iron Works Co., Ltd., Tian-Yue Hot Spring And Resort Inc., E-DA Tour Bus Co., Ltd, Eda Bus Transportation Co., Ltd., and E-DA Entertainment Co., Ltd., with significant influence as the total shareholding with subsidiaries is over 20%, or serving as a director, so the equity method is adopted for the valuation.
(6) The Company and subsidiaries, as a whole, holds ownership stakes of 45% in Zheng Xin Security Co., Ltd., 43.56% in Eliter International Corp., 34.38% in E-Da Development Corp., and 30.51% in YIEH UNITED STEEL CORP., making it the largest single shareholder in each. Considering the relative voting rights held by other shareholders and their distribution, as well as the lack of significant dispersion among other shareholders, the Company is unable to control the aforementioned companies' relevant activities. The management of the Company believes that it has only a significant influence on the company listed above, so it is listed as an affiliate of the Company.
(7) The Company subscribed to private placement shares of Yieh United Steel Corp. at a price of NT$7 per share in February 2017 and December 2015, with subscription amounts of NT$204,876 thousand and NT$1,100,400 thousand, respectively, totaling NT$1,305,276 thousand. According to securities regulations, the privately held securities must be held for a minimum of three years from the delivery date and can only be freely traded on the open market after the Company completes its public offering.
(8) Under the equity method, YIEH UNITED STEEL CORP., in which the Company holds mutual equity interests with equity method, calculates investment gains and losses using the treasury share method.
(9) The accounting policy for evaluating the investment property in the financial statements of the investees under the equity method has been adjusted to the evaluation at fair value model as identical to the Company.
(10) The investments under equity method and the Company's share of profit and loss and other comprehensive income in such investments are calculated based on the financial statements audited by CPAs, except for E United Japan Co., Ltd., whose calculation is based on the financial statements not audited by CPAs. However, the management of the Company believes that despite the financial statements of the above-mentioned investee have not been audited by CPAs, no significant impact will occur.

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(11) The Company did not pledge as collateral any investments using the equity method as at December 31, 2024 and 2023.

(X) Property, plant and equipment

December 31, 2024 and 2023. roperty, plant and equipment
Item	December 31, 2024	December 31, 2023
Land Buildings Machinery and equipment Other equipment Construction in progress and equipment to be inspected Total cost Less: accumulated depreciation Accumulated impairment Net amount	$ 1,293,296 3,545,788 13,498,820 880,425 358,531	$ 1,293,296 3,535,317 13,425,786 822,605 266,409
	19,576,860 (13,334,598) (180,401)	19,343,413 (12,895,409) (70,671)
	$6,061,861	$6,377,333

Cost	Land	Buildings	Machinery and equipment	Other equipment	Construction in progress and equipment to be inspected	Total
	$ 1,293,296 - - - - -	$ 3,535,317 10,500 (3,939) 3,910 - -	$ 13,425,786 71,512 (51,571) 53,093 - -	$ 822,605 15,737 (35,406) 77,489 - -	$ 266,409 231,400 - (134,492) (456) (4,330)	$ 19,343,413 329,149 (90,916) - (456) (4,330)
Balance as of January 1, 2024 Additions Disposal Reclassification Reclassified to inventories Reclassified to expenses Balance as of December 31, 2024 Accumulated depreciation and impairment
	$ 1,293,296	$ 3,545,788	$ 13,498,820	$ 880,425	$ 358,531	$ 19,576,860
	$ - - - -	$ 2,431,188 115,057 (2,812) -	$ 9,921,766 341,698 (33,987) -	$ 542,455 54,033 (34,800) -	$ 70,671 - - 109,730	$ 12,966,080 510,788 (71,599) 109,730
Balance as of January 1, 2024 Depreciation Disposal Provision (reversal) of impairment Balance as of December 31, 2024
	$ -	$ 2,543,433	$ 10,229,477	$ 561,688	$ 180,401	$ 13,514,999

Cost	Land	Buildings	Machinery and equipment	Other equipment	Construction in progress and equipment to be inspected	Total
	$ 1,293,296 - - -	$ 3,527,064 7,337 (3,552) 4,468	$ 13,399,063 73,929 (69,618) 22,412	$ 835,836 22,259 (46,410) 10,920	$ 203,334 100,875 - (37,800)	$ 19,258,593 204,400 (119,580) -
Balance as of January 1, 2023 Additions Disposal Reclassification Balance as of December 31, 2023 Accumulated depreciation and impairment
	$ 1,293,296	$ 3,535,317	$ 13,425,786	$ 822,605	$ 266,409	$ 19,343,413
	$ - - -	$ 2,321,837 112,222 (2,871)	$ 9,625,912 353,541 (57,687)	$ 543,914 44,268 (45,727)	$ 70,671 - -	$ 12,562,334 510,031 (106,285)
Balance as of January 1, 2023 Depreciation Disposal Balance as of December 31, 2023
	$ -	$ 2,431,188	$ 9,921,766	$ 542,455	$ 70,671	$ 12,966,080

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Property, plant and equipment added into the statements of cash flow in current period are adjusted as

following: Item	2024	2023
Additions of property, plant and equipment Increase/decrease in equipment payable Amount of cash for acquisition of property, plant and equipment	$ 329,149 (22,949)	$ 204,400 21,822
	$ 306,200	$ 226,222

Property, plant and equipment sold during the period is reconciled with the statements of cash flow as

following:

following:
Item	2024	2023
Proceeds from sale of property, plant and equipment Increase/decrease in proceeds receivable from sale of property, plant and equipment Amount of cash received for sale of property, plant and equipment	$ - -	$ - 755,233
	$ -	$ 755,233

Please refer to Note VI (XXIX) for the information on capitalization of borrowing costs for property, plant and equipment.
The cumulative impairment recognized by the Company for the equipment and pre-painting line equipment of the Pingnan Plant whose expansion plan was discontinued, as of December 31, 2024 and 2023, were NT$180,401 thousand and NT$70,671 thousand, respectively.
For information on collateral with property, plant and equipment, please refer to the descriptions in Note VIII.
As of December 31, 2024 and 2023, the Company registered land valued at NT$8,516 thousand in both years as personal property rather than Company property because of legal restrictions. But to ensure its property interest, the Company has taken safety measure by pledging the land as collateral.

(XI) Lease Agreement

Right-of-use assets

greement ight-of-use assets
Item	December 31,2024	December 31,2023
Land Buildings Total costs Less: Accumulated depreciation Net amount	$ 301,462 18,457	$ 301,589 45,087
	$ 319,919 (63,946)	$ 346,676 (73,209)
	$255,973	$273,467

－ 38 －

Cost	Land	Buildings
Balance as of January 1, 2024 Additions in the current period Not recognized in current period Balance as of December 31, 2024 Accumulated depreciation and impairment	$ 301,589 4,187 (4,314)	$ 45,087 - (26,630)
	$301,462	$18,457
	$ 49,906 12,579 (2,383)	$ 23,303 3,620 (23,079)
Balance as of January 1, 2024 Depreciation expenses Not recognized in current period Balance as of December 31, 2024 Cost
	$60,102	$3,844
	Land	Buildings
Balance as of January 1, 2023 Additions in the current period Not recognized in current period Balance as of December 31, 2023 Accumulated depreciation and impairment	$ 298,583 3,782 (776)	$ 45,087 - -
	$301,589	$45,087
	$ 39,377 11,305 (776)	$ 17,197 6,106 -
Balance as of January 1, 2023 Depreciation expenses Not recognized in current period Balance as of December 31, 2023
	$49,906	$23,303

2. Lease liabilities

Lease liabilities
Item	December 31,2024	December 31,2023
Carrying amount of lease liabilities Current Non-current	$8,687	$11,645
	$178,558	$188,286

The range of discount rate for lease liabilities is 1.9661%~2.2817%.

Please refer to Note XII (II) for the maturity analysis of lease liabilities.

3. Important leasing activities and terms

The Company leases certain lands and buildings for operating purposes. The remaining lease terms range from 1 to 27 years. Some of the leases have renewal options at the end of the lease term and some of the leases are based on the land area or the rent is based on the announced present value of the land in the current year. In addition, as per the agreements, the Company shall not sublease the leased assets to others without the consent of the lessors. As of December 31, 2024 and 2023, there were no signs of impairment of right-of-use assets. The Company consequently did not conduct any impairment evaluation.

4. Other leasing information

(1) The information on lease-related expenses for the current period is as follows:

Item	2024	2023
Short-term lease expenses Total cash outflow from leases (Note)	$16,519	$14,104
	$27,718	$27,245

(Note): Including the amount of the payment for the principal of the lease liabilities in the current period.

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(XII) Refundable deposits

fundable deposits
Item	December 31, 2024	December 31, 2023
Bonds for customs duties and fees Bonds for issuing L/C Deposit for lease Others Total	$ 436,040 18,002 3,343 20	$ 733,850 - 3,307 -
	$457,405	$737,157

(XIII) Short-term borrowings

ort-term borrowings
Types of borrowings	December 31, 2024
	Amount	Interest rate
Borrowings for material purchase Credit borrowings Total	$ 3,983,302 2,655,000	2.525%~2.90844% 2.37645%~2.90844%
	$ 6,638,302

Types of borrowings	December 31, 2023	December 31, 2023
	Amount	Interest rate
	$ 3,117,256 3,060,000
	$ 6,177,256

In terms of short-term borrowings, the Company provide part of bank deposits and property, plant and

equipment, as collateral for such borrowings. Please refer to Note VIII for details.

(XIV) Short-term notes payable

ort-term notes payable
Item	December 31,2024
Commercial paper payable Less: unamortized discount on bonds payable Net amount Interest rate range	$ 1,000,000 (1,705)
	$998,295

(XV) Other payables

her payables
Item	December 31,2024 $ 347,527 142,662 42,054 51,520 23,793 17,668 18,565 112,538 $756,327	December 31,2023 $ 289,102 178,045 19,105 46,012 23,386 17,892 19,119 91,447 $684,108
Salary and bonus payable Payables for export fees and freight Equipment payable Utilities payable Cash dividends payable - prior period Repair and maintenance expense payable Interest payable Others Total

For transactions with related parties, refer to the descriptions in Note VII (III) 6.

－ 40 －

(XVI) Provision for liabilities - current

ovision for liabilities - current
Item		December 31,2024		December 31,2023
Employee benefits Onerous contract Total Item			$ 55,381 116		$ 53,541 99
			$55,497		$53,640
			Onerous contract		Total
Balance on January 1, 2024 New provisions in this period Provisions used in this period Balance at December 31, 2024 Item	$ 53,541 55,381 (53,541)		$ 99 116 (99)		$ 53,640 55,497 (53,640)
	$55,381		$116		$55,497
	Employee benefit		Onerous contract		Total
Balance on January 1, 2023 New provisions in this period Provisions used in this period Balance at December 31, 2023	$ 53,433 53,541 (53,433)		$ 715 99 (715)		$ 54,148 53,640 (54,148)
	$53,541		$99		$53,640

The provision for employee benefits is an estimate of employees' vested short-term service leave entitlements.
The liability reserve for onerous contracts is the difference between the Company's estimated cost of fulfilling contractual obligations in an irrevocable raw material purchase contract signed will exceed the economic benefits expected from the contract and the construction contract the expected loss.

(XVII) Long-term borrowings and current portion of long-term borrowings

Item	December 31,2024	December 31,2023
Syndicated loans with banks: Secured bank borrowings Unsecured bank borrowings Total Less: unamortized discount on bonds payable Current portion Long-term loans Interest rate range	$ 7,005,000 613,637 280,000	$ 8,406,000 356,589 130,000
	7,898,637 (9,613) (2,652,771)	8,892,589 (17,309) (1,720,054)
	$5,236,253	$7,155,226
	2.5632%~2.8950%	2.4316%-2.795%

For the collateral for the bank borrowings listed above, please refer to the descriptions in Note VIII.
According to the syndicated loan agreement between the Company and the banks, the Company shall maintain a specific financial ratios including current ratio, debt ratio and interest coverage ratio, on the calculation basis of the annual financial statements audited and the consolidated financial statements reviewed by CPAs, in the duration of the loan. The Company calculates the agreed these financial ratios based on the 2024 consolidated financial statements, and except for the interest coverage ratio falling short from the contractual standards, all of them complied with the provisions of the syndicated loan agreement. From the next day when the announcing the consolidated financial statements not conforming to the agreement, the interest rate shall be increased by 0.15% (annual interest rate) until improved. However, the aforementioned violation of the financial ratios are not deemed as a breach of contract.

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(XVIII) Pension

Defined contribution plans
(1) The Company adopted a pension system under the Labor Pension Act (LPA), which is a state-managed defined contribution plan. Under the LPA, the Company makes monthly contributions to employees’ individual pension accounts at 6% of monthly salaries and wages.
(2) The Company paid contributions in 2024 and 2023 in accordance with the percentage stated in the defined contribution plans. Expenses totaled NT$63,300 thousand and NT$57,158 thousand, respectively, was recognized in the consolidated statements of income.
Defined benefit plans
(1) The pension system under the Labor Standards Act applicable to the Company is the defined benefit pension plan managed by the government. Upon retirement, pension payments are calculated based on total years of service and average salary of the six months prior to the approved date of retirement. The Company contributes 10% of the total monthly salary as the employees' pension fund, which is deposited by the account under the name of Labor Pension Fund Supervisory Committee in the Bank of Taiwan. Before the end of the year, if the balance in the dedicated account is insufficient to pay the employees who meet the retirement requirements in the following year, the difference will be contributed in a lump sum before the end of March of the following year. The dedicated account is managed by the Bureau of Labor Funds, Ministry of Labor. The Company has no right to affect the investment management strategy.
(2) The amounts of the Company's obligations arising from the defined benefit plans recognized in the balance sheet are listed as follows:

Item	December 31,2024	December 31,2023
Present value of available refunds Fair value of plan assets Net defined benefit liability (assets)	$ 1,042,054 (1,063,729)	$ 1,142,644 (970,075)
	$ (21,675)	$172,569

(3) The changes in the net defined benefit liabilities are listed below:

Item		2024
	Present value of net defined benefit plan obligations	Fair value of plan assets	Net defined benefit assets
Balance on January 1, 2024 Service cost Current service cost Service costs of the previous period Interest expense (income) Recognized in profit or loss Remeasurements Return on plan assets (except for the amount included in the net interest) Actuarial (gain) loss - Changes in financial assumptions Experience adjustments Stated as other comprehensive income Employer contributions Payments for benefits Balance at December 31, 2024	$ 1,142,644 877 - 13,250	$ (970,075) - - (11,537)	$ 172,569 877 - 1,713
	14,127	(11,537)	2,590
	- (29,856) (18,443)	(85,842) - -	(85,842) (29,856) (18,443)
	(48,299)	(85,842)	(134,141)
	- (66,418)	(62,693) 66,418	(62,693) -
	$1,042,054	$(1,063,729)	$ (21,675)

－ 42 －

Item		2023
	Present value of net defined benefit plan obligations	Fair value of plan assets	Net defined benefit liabilities
Balance on January 1, 2023 Service cost Current service cost Service costs of the previous period Interest expense (income) Recognized in profit or loss Remeasurements Return on plan assets (except for the amount included in the net interest) Actuarial (gain) loss - Changes in financial assumptions Experience adjustments Stated as other comprehensive income Employer contributions Payments for benefits Balance at December 31, 2023	$ 1,220,156 1,404 (537) 14,892	$ (935,582) - - (11,727)	$ 284,574 1,404 (537) 3,165
	15,759	(11,727)	4,032
	- 4,274 (50,900)	(8,175) - -	(8,175) 4,274 (50,900)
	(46,626)	(8,175)	(54,801)
	- (46,645)	(61,236) 46,645	(61,236) -
	$1,142,644	$ (970,075)	$172,569

(4) The Company is exposed to the risks below due to the pension system under the Labor Standards Act:

A. Investment risks

The Bureau of Labor Funds, Ministry of Labor, invests labor pension funds in domestic (foreign) equity securities, debt securities, and bank deposits on its own and through mandate operations. However, the amount available for distribution is the income calculated with the interest rate not lower than the 2-year time deposit at the local bank.

B. Interest rate risk

A decrease in the interest rate of government bonds will increase the present value of defined benefit obligations, but the return on investment of plan assets in bonds will also increase, and the two will be partially offset each other for the net defined benefit liabilities.

C. Salary risk

The calculation of the present value of the defined benefit obligations is based on the future salary of the members in the plan. Therefore, the increase in the salary of the members in the plan will lead to an increase in the present value of the defined benefit obligations.

(5) The present value of the Company’s defined benefit obligations is calculated by a qualified actuary.

The critical assumptions at the measurement date are listed as follows:

Item	Measurement date	Measurement date
	December 31,2024	December 31,2023
Discount rate Future salary increase rate Average duration of defined benefit obligations	1.60%	1.20%
	2.00%	2.00%
	7 years	7 years

A. The assumptions for the future mortality rate are based on the Taiwan Life Insurance Life Table No. 6.

－ 43 －

B. Where the major actuarial assumptions are subject to reasonably possible changes, with all

other assumptions held constant, the amount of increase (decrease) in the present value of the

defined benefit obligations is as follows: Item December 31,2024	defined benefit obligations is as follows: Item December 31,2024	December 31,2023
Discount rate Increase by 0.25% Decrease by 0.25% Expected salary increase percentage Increase by 0.25% Decrease by 0.25%	$ (18,019)	$ (21,115)
	$18,508	$21,725
	$18,389	$21,499
	$ (17,992)	$ (21,003)

As actuarial assumptions may be related to each other, it quite unlikely for only one single assumption to undergo changes, so the sensitivity analysis above may not reflect the actual changes in the present value of the defined benefit obligations.

(6) The expected contribution in 2025 to the Company’s pension plan is NT$57,269 thousand.

(XIX) Share capital

Adjustments of the Corporation's outstanding ordinary shares and amounts were as following:

Item	2024	2024
	Shares (thousand)	Amount
Balance at January 1 Capital increase out of retained earnings Cancellation of treasury stock Balance at December 31	1,949,171 38,906 (13,860)	$ 19,491,710 389,062 (138,600)
	1,974,217	$19,742,172

Item	2023	2023
	Shares(thousand)	Amount
Balance at January 1 Cancellation of treasury stock Balance at December 31	1,985,097 (35,927)	$ 19,850,980 (359,270)
	1,949,170	$19,491,710

As of December 31, 2024, the Company's authorized capital was NT$30,000,000 thousand, divided into 3,000,000 thousand shares.
On December 25 2024, the Board of Directors resolved to cancel treasury shares. The capital reduction amounted to NT$100,000 thousand, and 10,000 thousand shares were eliminated. The ratio of capital reduction was 0.50%. The base date of capital reduction was December 31, 2024
The capital increase from earnings for $389,062 thousand was approved by the Board of Directors of the Company on June 20, 2024 and approved by the Financial Supervisory Commission, Executive Yuan on July 18, 2024. A total of 38,906 thousand in common shares with $10 par value had been issued. The base date of the capital increase is September 3, 2024
On January 25, 2024, the Board of Directors resolved to cancel treasury shares. The capital reduction amounted to NT$38,600 thousand, and 3,860 thousand shares were eliminated. The ratio of capital reduction was 0.20%. The base date of capital reduction was February 15, 2024.
On March 9, 2023, the Board of Directors resolved to cancel treasury shares. The capital reduction amounted to NT$92,330 thousand, and 9,233thousand shares were eliminated. The ratio of capital reduction was 0.47%. The base date of capital reduction was March 15, 2023.

－ 44 －

On August 8, 2023, the Board of Directors resolved to cancel treasury shares. The capital reduction amounted to NT$100,210 thousand, and 10,021 thousand shares were eliminated. The ratio of capital reduction was 0.51%. The base date of capital reduction was August 16, 2023.
On November 6, 2023, the Board of Directors resolved to cancel treasury shares. The capital reduction amounted to NT$166,730 thousand, and 16,673 thousand shares were eliminated. The ratio of capital reduction was 0.851%. The base date of capital reduction was November 7, 2023

(XX) Capital reserve

pital reserve
Item	December 31, 2024	December 31, 2023
	$ 3,911,842 496,386 219,251 8,665 39,585 8	$ 3,939,458 540,864 219,251 8,665 39,585 -

Under the Securities and Exchange Act, capital surplus of additional paid-in capital and gifts of assets donated may be used for offsetting deficit. Furthermore, if the Company has no accumulated loss, capital surplus may be used for issuing new shares or distributing cash in proportion to shareholders' original holdings. In accordance with regulations in the Securities and Exchange Act, when the above-mentioned capital surplus is used for capitalization, the total amount every year shall not exceed 10% of paid-in capital. The Company may use capital surplus to offset loss only when the amount of earnings and reserves are insufficient to offset the loss. The capital surplus generated from investment under equity method shall not be used for any purposes.

(XXI) Retained Earnings

The Company is in the mature stage of its industry lifecycle. The dividend policy aligns with current and future development plans, considering the investment environment, capital requirements and domestic and international competition, while also taking into account shareholders' interests. Each year, no less than 20% of distributable earnings are allocated for shareholder dividends. However, if the accumulated distributable earnings are less than 20% of the paid-in capital, dividends may not be distributed. Assess the capital requirement based on the expansion plan and profitability. In principle, stock dividends are distributed to retain the required capital. Cash dividends are distributed, depending on the profitability, between 20% and 100% of the total dividends. Stock dividends are distributed between 0% and 80% of the total dividends.

For each fiscal year's earnings, after paying all taxes and covering past losses, the Company allocates 10% of the remaining earnings as legal reserve. Additionally, special reserves may be allocated or reversed as required by operations or regulations. The sum of these amounts, along with the

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undistributed earnings from previous years, constitutes the distributable earnings. The Board of Directors drafts a proposal for the distribution of these earnings. If the distribution is to be made by issuing new shares, it requires approval by the shareholders' meeting.

When legally allocating special reserves, the Company must first allocate from the undistributed earnings of previous years an amount equal to the “net increase in fair value of investment properties accumulated from previous periods” and the “net amount of other equity deductions accumulated from previous periods” that were insufficiently allocated. If there is still a shortfall, the Company must allocate the same amount from the current period's net profit, including items added to the undistributed earnings for the current period, before distributing the earnings.

The legal reserve shall not be used except for compensation of the Company’s deficit and issue of new shares or cash in proportion to the shareholders’ original shareholdings. However, in the case of issue of new shares or cash, it shall be limited to the portion of the legal reserve in excess of 25% of the paid-in capital.
3.Special reserve

capital. pecial reserve
Item	December 31,2024	December 31,2023
Reserves for debit balance on other equity Reserve for first-time application of IFRS Total	$ 425,286 327,758	$ 494,611 327,758
	$753,044	$822,369

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

The distribution of earnings for 2024 and 2023 and the dividends per share as proposed by the Board of Directors in March 2025 and resolved in the shareholders' meeting in June 2024 were as follows:

Item	Allocation	of earnings	Dividends Per Share ($)	Dividends Per Share ($)
	2024	2023	2024	2023
Legal reserve Special reserve Cash dividends for common shares Stock dividends for common shares Total	$ - 9,854,287 - -	$ - (69,325) 389,062 389,062	- -	0.2 0.2
	$ 9,854,287	$ 708,799

(1) In 2024, the investment property was subsequently measured at fair value for the first time, and the net increase in fair value was transferred to retained earnings and provided as special reserve of the same amount of NT$10,504,017 thousand; as of December 31, 2024, it was accounted for in other equity net deduction, and the special reserve reversed upon the resolution was NT$ 649,730 thousand.

Regarding the distribution of earnings proposed by the Board of Directors and resolved by the Shareholders' Meeting, please visit the Market Observation Post System of Taiwan Stock Exchange.

－ 46 －

(XXII) Other Equity

ther Equity
Item	Exchange difference from translating the financial statements of foreign operations	Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	Gains (loss) of hedging instruments	Total
Balance as of January 1, 2024 Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income Share of subsidiaries, associates, and joint ventures recognized using the equity method Balance as of December 31, 2024	$ (1,089,814) - 625,051	$ 326,048 26,281 1,070	$ 12,679 - (4,630)	$ (751,087) 26,281 621,491
	$ (464,763)	$353,399	$8,049	$ (103,315)

Exchange difference from translating the financial statements of foreign operations	Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	Gains (loss) of hedging instruments	Total
	$ 130,825 -	$ 10,953 -	$ (822,369) 1,960
(962,187)	130,825	10,953	(820,409)
- (127,627) -	58,823 113,365 23,035	- 1,726 -	58,823 (12,536) 23,035
$ (1,089,814)	$326,048	$12,679	$ (751,087)

(XXIII) Treasury shares

The reasons for the recall of shares and the change in the quantity:

Unit: Thousand Shares

			Unit: Thousand Shares
	2024
January1	Increase	Decrease	December 31
3,860			15,000 Unit: Thousand Shares
January1	Increase	Decrease	December 31
9,233	30,554	(35,927)	3,860

On October 17, 2022, to maintain the Company's credit and shareholder rights, the board of directors approved the execution of a buyback of treasury stocks. The buyback was scheduled to take place from October 18, 2022 to December 17, 2022, with the intention to repurchase 30,000 thousand shares. As of December 17, 2022, the Company had repurchased 9,233 thousand shares, totaling NT$133,898 thousand. On March 9, 2023, the board of directors decided to cancel the treasury shares, eliminating 9,233 thousand shares, and reducing the capital by 0.47%. The date for the reduction of capital was set for March 15, 2023.
On May 4, 2023, to maintain the Company's credit and shareholder rights, the board of directors approved the execution of a buyback of treasury stocks. The buyback was scheduled to take place from

－ 47 －

May 5, 2023 to July 4, 2023, with the intention to repurchase 20,000 thousand shares. As of July 4, 2023, the Company had repurchased 10,021 thousand shares, totaling NT$152,788 thousand. On August 8, 2023, the board of directors decided to cancel the treasury shares, eliminating 10,021 thousand shares, and reducing the capital by 0.51%. The date for the reduction of capital was set for August 16, 2023.

On August 14, 2023, to maintain the Company's credit and shareholder rights, the board of directors approved the execution of a buyback of treasury stocks. The buyback was scheduled to take place from August 15, 2023 to October 14, 2023, with the intention to repurchase 20,000 thousand shares. As of October 14, 2024, the Company had repurchased 16,673 thousand shares, totaling NT$252,848 thousand. On November 6, 2023, the board of directors decided to cancel the treasury shares, eliminating 16,673 thousand shares, and reducing the capital by 0.85%. The date for the reduction of capital was set for November 7, 2023.
On October 16, 2023, to maintain the Company's credit and shareholder rights, the board of directors approved the execution of a buyback of treasury stocks. The buyback was scheduled to take place from October 17, 2023 to December 16, 2023, with the intention to repurchase 20,000 thousand shares. As of December 16, 2023, the Company had repurchased 3,860 thousand shares, totaling NT$58,670 thousand. On January 25, 2024, the board of directors decided to cancel the treasury shares, eliminating 3,860 thousand shares, and reducing the capital by 0.20%. The date for the reduction of capital was set for February 15, 2024.
On November 5, 2024, to maintain the Company's credit and shareholder rights, the board of directors approved the execution of a buyback of treasury stocks. The buyback was scheduled to take place from November 6 2024 to January 5, 2025, with the intention to repurchase 10,000 thousand shares. As of December 4, 2024, the Company had repurchased 10,000 thousand shares, totaling NT$152,067 thousand. On December 25, 2024, the board of directors decided to cancel the treasury shares, eliminating 10,000 thousand shares, and reducing the capital by 0.50%. The date for the reduction of capital was set for December 31, 2024.
On December 4, 2024, to maintain the Company's credit and shareholder rights, the board of directors approved the execution of a buyback of treasury stocks. The buyback was scheduled to take place from December 5, 2024 to February 4, 2025, with the intention to repurchase 15,000 thousand shares. As of December 31, 2024, the Company had repurchased 15,000 thousand shares, totaling NT$223,907 thousand.
According to the Securities and Exchange Act, a company's repurchase of its outstanding shares must not exceed ten percent of the total issued shares. Additionally, the total amount spent on repurchasing shares must not exceed the sum of retained earnings, share premium, and realized capital surplus.
According to the Securities and Exchange Act, the treasury stocks held by the Company shall not be pledged and shall not be entitled to the rights of shareholders before they are transferred.

－ 48 －

(XXIV) Operating revenue

erating revenue
Item	2024	2023
Revenue from customer contracts Revenue from sales Construction revenue: Revenue from processing Realized (unrealized) sales gains Total sales revenues from customer contracts Less: sales return Sales discount Net operating revenue from customer contracts	$ 24,558,486 866,220 154,612 5,782	$ 23,731,298 805,036 183,949 97
	$ 25,585,100 - (59,627)	$ 24,720,380 (496) (59,223)
	$ 25,525,473	$ 24,660,661

1. Breakdown of revenue from contracts with customers

The Company’s revenue comes from merchandise and services that are transferred over time and at a certain point in time. The revenue can be broken down into the main business groups below:

(1) Breakdown of revenue by product type and labor service:

2024 External customers	Galvanized and pre-painted steel coils	Construction revenue	Others	Total
	$ 24,498,859	$ 872,002	$ 154,612	$ 25,525,473
Revenue from contracts Time of revenue recognition
	Galvanized and pre-painted steel coils	Construction revenue	Others	Total
	$ 24,498,859 -	$ - 872,002	$ 154,612 -	$ 24,653,471 872,002
Obligations fulfilled at a certain point in time Obligations fulfilled over time Total
	$ 24,498,859	$ 872,002	$ 154,612	$ 25,525,473

－ 49 －

2023

2023
External customers	Galvanized and pre-painted steel coils	Construction revenue	Others	Total
	$ 23,671,579	$ 805,133	$ 183,949	$ 24,660,661
Revenue from contracts Time of revenue recognition
	$ 23,671,579 -	$ - 805,133	$ 183,949 -	$ 23,855,528 805,133

2. Balance of contracts

The Company recognizes relevant revenue from customer contracts as the receivables and contract

liabilities as follows:

Item	December 31,2024	December 31,2023	January1,2023
Notes and accounts receivable Contract assets - current Steel structure and cranes Contract liabilities -- current Unearned sales revenue Partial construction billing Total	$1,279,430	$1,761,503	$1,234,745
	$780,190	$590,209	$228,625
	$ 185,661 78,093	$ 443,300 77,861	$ 54,346 130,148
	$263,754	$521,161	$184,494

(1) Changes in contract assets and contract liabilities are mainly due to the difference between the point

of meeting the performance obligation and the time of payment by the customer.

(2) Allowance for loss on contract assets:

lowance for loss on contract assets:
ECLs Total carrying amount Allowance for losses (duration expected credit losses)	December 31, 2024	December 31, 2023
	0%-0.5%	0%-0.5%
	$ 782,795 (2,605)	$ 591,885 (1,676)
	$ 780,190	$ 590,209

The Company recognizes loss allowance for contract assets based on lifetime expected credit losses. The contract assets will be reclassified as accounts receivable when the bill is issued and the credit risk characteristics are the same as the accounts receivable generated from similar contracts. Therefore, the Company believes that the expected credit loss rate of accounts receivable can also be applied to contracts assets. Changes in the allowance for losses on contract assets are as follows:

－ 50 －

Opening balance Provision of (reversal for) impairment loss Ending balance	2024	2023
	$ 1,676 929	$ 1,051 625
	$ 2,605	$ 1,676

(3) Contract liabilities since the beginning of a year and recognized as operating revenue in 2024 and

2023 were NT$433,300 thousand and NT$54,346 thousand, respectively.

(4) Contracts with customers not yet completed

As of December 31, 2024 and 2023, the aggregate amount of the transaction price allocated to

the outstanding performance obligations was NT$869,144 thousand and NT$1,076,686 thousand, respectively. The Company will gradually recognize the income as the projects are completed. These contract revenues are expected to be recognized until December 2026.

(XXV) Employee benefit, depreciation, and amortization expenses

Category		2024
	Operating Cost	OperatingExpense	Total
Employee benefit expenses Salaries Labor and health insurance Pension Directors remuneration Other employee benefit expenses Depreciation Total	$ 877,740 92,397 47,279 - 163,413 505,467	$ 399,419 36,890 18,611 8,589 41,490 21,520	$ 1,277,159 129,287 65,890 8,589 204,903 526,987
	$1,686,296	$526,519	$2,212,815

Category		2023
	OperatingCost	OperatingExpense	Total
Employee benefit expenses Salaries Labor and health insurance Pension Directors remuneration Other employee benefit expenses Depreciation Total	$ 781,809 85,823 43,230 - 148,988 504,306	$ 365,222 35,854 17,960 10,439 44,221 23,136	$ 1,147,031 121,677 61,190 10,439 193,209 527,442
	$1,564,156	$496,832	$2,060,988

The number of employees in 2024 and 2023 was 1,500 and 1,433, respectively. Five directors were not concurrent employees.
The Company is a company who shares listed on the stock exchange, and the following information shall be additionally disclosed:
(1) The average employee benefits expenses were NT$1,122 thousand in 2024 ("Total employee benefits expenses for 2024 - Total remunerations to directors"/"Number of employees in 2024 - Number of directors who did not serve as employees concurrently")

－ 51 －

The average employee benefits expenses were NT$1,067 thousand in 2023 ("Total employee benefits expenses for 2023 - Total remunerations to directors"/"Number of employees in 2023 -

Number of directors who did not serve as employees concurrently")

(2) The average employee salaries expenses were NT$854 thousand in 2024 (Total salary expenses for 2024/"Number of employees in 2024 - Number of directors who did not serve as employees concurrently")

The average employee salaries expenses were NT$803 thousand in 2023 (Total salary expenses for 2023/"Number of employees in 2024 - Number of directors who did not serve as employees concurrently")

(3) The average adjustment to and change in employee salary expense was 6.35% ("Average employee salary expense in 2024 Average employee salary expense in 2023"/Average employee salary expense in 2023)
(4) The Company has established the Audit Committee, and the remunerations of independent directors have been incorporated into the remunerations to directors for disclosure.
(5) Remuneration policy
- A. The remuneration of the Company's directors is determined in accordance with the system and structure of the Company's remuneration of directors, with reference to the level of peers and listed companies. If the Company has earnings, it shall also provide such in accordance with the provisions of the Articles of Incorporation. After the review by the Remuneration Committee and the approval of the Board of Directors, it shall be reported to the Shareholders' Meeting. If a director is an employee concurrently, the remuneration shall be paid in accordance with the provisions of B and C below.
- B. The remuneration standards for the Company's President, Executive Vice Presidents, and Vice Presidents are determined by the Company's Human Resources Department in accordance with the Company's personnel performance appraisal regulations, and based on individual performance and contribution to the Company's overall operations, with reference to the market level among peers, to establish the principles, and are implemented after being reviewed by the Remuneration Committee and approved by the Board of Directors.
- C. The Company's remuneration policy is based on an individual's ability, contribution to the Company, and performance, which are positively related to business performance. The overall remuneration package mainly includes basic salary, bonus, employee bonus, and benefits. Regarding the standard of remuneration payment, is that the basic salary is determined based on the market competition of the position held by the employee and the Company's policy. The bonus and employee bonus are distributed depending on the employee's performance, department goal achievement or the business performance of the Company. For the benefit design, the premise is to comply with the laws and regulations, while taking the needs of employees into account the needs of employees, to design the benefit measures meeting the needs of employees.
According to the Company's Articles of Incorporation, the Company allocates no less than 0.2% and no more than 0.1% of the profits before tax for the year before the distribution of employees' and directors'

－ 52 －

remuneration to employees' and directors' remuneration, respectively. Employee remuneration and director remuneration were estimated both NT$0 thousand for 2024 and 2023 due to the losses generated from the operation. Where there is any change in said amount after the annual financial statements are passed, it will be treated as a change in accounting estimates and adjusted and accounted for in the following year.

In March 2025 and March 2024, the Company's board of directors approved the remuneration to employees and directors for 2024 and 2023 as NT$0, respectively, not different from NT$0 thousand recognized in the financial statements.
For information on remuneration to employees and directors approved by the Company's board of directors, please visit the Market Observation Post System (MOPS) of the Taiwan Stock Exchange.

(XXVI) Interest income

rest income
Item	2024	2023
Interest from bank deposit Interest on loans to others Other interest income Total	$ 23,853 33,062 327	$ 20,286 28,198 875
	$57,242	$49,359

(XXVII) Other equity

her equity
Item	2024	2023
Rent income Dividend income Other income Revenues from anti-dumping tax rebates Revenue from claim payment Income from sale of industrial waste Income from processing fee for guarantees provided Others Subtotal Total	$ 3,718 16,781 22,075 900 35,961 16,123 14,712	$ 3,953 47,370 422,312 84 31,697 18,627 22,081
	89,771	494,801
	$ 110,270	$ 546,124

For the details of income from refunded dumping duties, please refer to the descriptions in Note VI (V).

(XXVIII) Other gains and losses

ther gains and losses
Item	2024	2023
Realized (unrealized) exchange foreign exchange gains or losses Gains or losses from disposal of investments accounted for using equity method Gain (loss) on valuation of financial assets at fair value through profit or loss Net foreign currency exchange gain (loss) Loss from disposition of Property, plant and equipment Impairment loss of property, plant and equipment Others Total	$ (285) (6,270) 1,269 267,331 (19,317) (109,730) (858)	$ (285) - 1,451 54,910 (13,295) - (42)
	$ 132,140	$ 42,739

－ 53 －

(XXIX) Financial cost

ancial cost
Item	2024	2023
Interest expenditure of bank borrowings Interest expenditure of lease liabilities Others Subtotal Less: Amount of asset qualified capitalization Financial cost	$ 405,705 3,982 2,461	$ 423,690 3,572 3,503
	412,148 (2,402)	430,765 (272)
	$409,746	$430,493

(XXX) Income tax

Income tax expense
(1) The components of income tax expenses (benefit) are as follows:

Item Income tax arising in the current period Adjustment of income taxes in prior years Deferred income tax arising from temporary differences Income tax expense (benefit)	2024
	$ - (3,491) (118,611)
	$ (122,102)

(2) Income tax expense (benefit) related to other comprehensive income:

Item	2024 $ 104,130 26,828 $130,958	2023
Share of other comprehensive income of subsidiaries, associates, and joint ventures under equity method Exchange difference from translating the financial statements of foreign operations Remeasurement of defined benefit plans Total		$ (31,960 10,960
		$ (21,000

Reconciliation between accounting income and income tax expenses recognized in profit or loss is as

follows:

follows:
Item	2024	2023
Net profit before tax Income tax expense calculated at the statutory rate Tax effect of adjustment items: Effect of excluded items from calculation of taxable income Investment loss (income) recognized under equity method Unrealized inventory valuation losses (reversal gains) Differences in the points in time of recognizing sales revenue Unrealized (realized) investment losses Other adjustments Operating loss carry-forwards Adjustment of income taxes in prior years Net change in deferred income tax Income tax expense (income) recognized in profit or loss	$ (1,718,222)	$ (605,557)
	$ (343,644) 473,049 (1,262) (4,477) (216,898) (15,381) 108,613 (3,491) (118,611)	$ (121,111) 269,744 (24,862) 16,838 (2,050) 2,085 - 2,787 (132,106)
	$ (122,102)	$ 11,325

The Income Tax Act of the Republic of China is applicable to the Company, and the applicable tax rate is 20%. The applicable tax rate for undistributed earnings is 5%.

－ 54 －

Deferred income tax assets or liabilities arising from temporary differences, loss carryforward, and investment income tax credits:

Item		2024	2024
	Beginningbalance	Recognized in profit(loss)	Recognized in other comprehensive income(loss)	Endingbalance
Deferred income tax assets: Deductible temporary difference Investment loss (income) under equity method Exchange difference from translating the financial statements of foreign operations Allowance for inventory valuation losses Impairment of property, plant and equipment Allowance for sales return and discount Difference in depreciation of taxes Bonus for unused leave Net defined benefit liabilities Time of the recognition of sales revenue and the recognition of cost Unrealized foreign exchange losses Others Unused loss carry-forwards Total Deferred income tax liabilities: Taxable temporary difference Net defined benefit assets Unrealized foreign exchange gains Subtotal Total Item	$ 242,551 205,469 3,146 14,134 596 13,450 10,708 34,514 17,506 17,005 31,941 -	$ 30,176 - (1,262) 21,946 483 241 368 (7,686) (4,478) (17,005) (1,097) 108,613	$ - (104,130) - - - - - (26,828) - - - -	$ 272,727 101,339 1,884 36,080 1,079 13,691 11,076 - 13,028 - 30,844 108,613
	$591,020	$130,299	$ (130,958)	$590,361
	- $-	(4,335) $ (7,353)	- $-	(4,335) $ (7,353)
	$-	$ (11,688)	$-	$ (11,688)
	$591,020	$118,611	$ (130,958)	$578,673
		2023
	Beginning balance	Recognized in profit (loss)	Recognized in other comprehensive income(loss)	Ending balance
Deferred income tax assets: Deductible temporary difference Investment loss (income) under equity method Exchange difference from translating the financial statements of foreign operations Allowance for inventory valuation losses Impairment of property, plant and equipment Allowance for sales return and discount Difference in depreciation of taxes Bonus for unused leave Net defined benefit liabilities Time difference between the recognition of sales revenue and the	$ 105,882 173,509 28,008 14,134 791 14,852 10,687 56,915 668	$ 136,669 - (24,862) - (195) (1,402) 21 (11,441) 16,838	$ - 31,960 - - - - - (10,960) -	$ 242,551 205,469 3,146 14,134 596 13,450 10,708 34,514 17,506

－ 55 －

recognition of cost Unrealized foreign exchange losses 386 16,619 Others 32,082 (141) Total $437,914 $132,106 $ 4. Items not recognized as deferred income tax assets Item December 31,2024 Deductible temporary difference: Investment loss recognized under equity method $ 1,338,981 Impairment loss on investment under cost method 46,539 Re-evaluation of confirmed employee benefits programs (8,252) Exchange difference of translated 13,168 available-for-sale financial assets Total $ 1,390,436	386 32,082	16,619 (141)	16,619 (141)		- -
	$437,914	$132,106		$	21,000
Deductible temporary difference: Investment loss recognized under equity method Impairment loss on investment under cost method Re-evaluation of confirmed employee benefits programs Exchange difference of translated available-for-sale financial assets Total			$ 1,338,981 46,539 (8,252) 13,168		$ 1,008,537 46,539 (3,231) 53,979
			$ 1,390,436		$ 1,105,824

Up to 2022, the income tax for the profit-seeking business of the Company has been approved by the tax authorities.

(XXXI)Other comprehensive income

(XXXI)Other comprehensive income
Item		2024
	Before Income Tax	Income tax expense (gain)	Net after tax
Items not reclassified as profit or loss Re-evaluation of confirmed employee benefits programs Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income Share of profit and loss from subsidiaries, associates and joint ventures: Re-evaluation of confirmed employee benefits programs Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income Subtotal Items may be later reclassified as profit or loss Share of profit and loss from subsidiaries, associates and joint ventures: Exchange difference from translating the financial statements of foreign operations Exchange difference from translating the financial statements of foreign operations transferred to profit and loss Gains (loss) of hedging instruments Subtotal Stated as other comprehensive income Item	$ 134,141 26,281 25,103 1,070	$ (26,828) - - -	$ 107,313 26,281 25,103 1,070
	186,595	(26,828)	159,767
	722,745 6,436 (4,630)	(104,130) - -	618,615 6,436 (4,630)
	724,551	(104,130)	620,421
	$ 911,146	$ (130,958)	$ 780,188
		2023
	Before Income Tax	Income tax expense (gain)	Net after tax
Items not reclassified as profit or loss Re-evaluation of confirmed employee benefits programs Unrealized gains (loss) of financial assets measured at	$ 54,801 58,823	$ (10,960) -	$ 43,841 58,823

－ 56 －

fair value through other comprehensive income

Item		2023
	Before Income Tax	Income tax expense (gain)	Net after tax
Share of profit and loss from subsidiaries, associates and joint ventures: Re-evaluation of confirmed employee benefits programs Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income Subtotal Items may be later reclassified as profit or loss Share of profit and loss from subsidiaries, associates and joint ventures: Exchange difference from translating the financial statements of foreign operations Gains (loss) of hedging instruments Subtotal Stated as other comprehensive income	27,237 113,365	- -	27,237 113,365
	254,226	(10,960)	243,266
	(159,587) 1,726	31,960 -	(127,627) 1,726
	(157,861)	31,960	(125,901)
	$ 96,365	$ 21,000	$ 117,365

(XXXII) Basic earnings per share Item A. Basic earnings per share: Net profit for the period Weighted average number of outstanding shares (thousand shares) Weighted average number of outstanding shares after retroactive adjustment (thousand shares) Basic earnings per share (after tax) (NT$) B. Diluted earnings per share: Net profit for the period Weighted average number of outstanding shares Effect of employee compensation (Note) Weighted average outstanding shares for calculation of diluted earnings per share Diluted earnings per share (after tax) (NT$)	2024	2023
A. Basic earnings per share: Net profit for the period Weighted average number of outstanding shares (thousand shares) Weighted average number of outstanding shares after retroactive adjustment (thousand shares) Basic earnings per share (after tax) (NT$) B. Diluted earnings per share: Net profit for the period Weighted average number of outstanding shares Effect of employee compensation (Note) Weighted average outstanding shares for calculation of diluted earnings per share Diluted earnings per share (after tax) (NT$)	$ (1,596,120) 1,981,451 1,981,451	$ (616,882) 1,962,822 2,002,078
	$ (0.81)	$ (0.31)
	$ (1,596,120)	$ (616,882)
	1,981,451 -	2,002,078 24
	1,981,451	2,002,102
	$ (0.81)	$ (0.31)

(Note) If the Company can elect to pay employee compensation in stock or cash, when the diluted earnings per share are calculated, it is assumed that the employee compensation will be issued in the form of stock, and when the potential ordinary shares are dilutive, they will be included in the weighted average number of outstanding shares to calculate the diluted earnings per share. When the diluted earnings per share are calculated before the number of shares to be issued as employee compensation is decided in the following year, the dilution effect on ordinary shares will also continue to be considered.

－ 57 －

VII. Related Party Transactions

(I) Parent company and ultimate controller:

The Company is the ultimate controller of the Group.

(II) Names of related parties and their relationships

Name of the related party Relationship with the Company SHIN YAGN STEEL CORP. Subsidiaries Shin Phui Steel Corporation Subsidiaries Yieh Hsing Enterprise Co., Ltd. Subsidiaries Great Emperor Hotel Co., Ltd. Subsidiaries Kings Garden International Co., Ltd. Subsidiaries YIEH PHUI (HONG KONG) HOLDINGS Subsidiaries LIMITED YIEH PHUI (CHINA) TECHNOMATERIAL CO., Subsidiaries LTD. Kuo Chang Enterprise Co., Ltd. Subsidiaries United Brightening Development Corp. Subsidiaries Sin Bang Investment & Development Co., Ltd Subsidiaries Hong Yu Asset Management Corp. Subsidiaries LIAN SO(H.K.) CO., LIMITED Subsidiaries EMMT Systems Corporation Subsidiaries Gen-Wan Technology Corp Subsidiaries HUAGLAM International Co., Ltd. Subsidiaries YIEH PHUI AMERICA, INC. Subsidiaries YIEH UNITED INVESTMENT HOLDING Subsidiaries PTE. LTD. Yieh United Steel Corp. Associates Yieh Mau Corp. Associates ASIAZONE CO., LTD. Associates Cheng Shin Security Co., Ltd. Associates Eliter International Corporation Associates Eda Bus Transportation Co., Ltd. Associates E-DA Tour Bus Co., Ltd Associates E-DA Entertainment Co., Ltd. Associates E-Da Development Corp. Associates E-DA VISUAL EFFECTS CORP. Associates SHIN JAN ENGINEERING and MANAGEMENT Associates CONSULTING CO., LTD. Yieh Hong Enterprise Co., Ltd. Other related parties Yieh Corp. Other related parties Li Hsin Enterprise Co., Ltd. Other related parties SKYLARK INTERNATIONAL HOTEL CO., Other related parties LTD. Pacific Harbor Stevedoring Corporation Other related parties Yieh Corporation Limited Other related parties Royal Palace Hong Kong Restaurant Co., Ltd. Other related parties UNIPATTERN CO. Other related parties Wei Hung Investment & Development Co., Ltd. Other related parties Lian Cheng Ready-mixed Products Co., Ltd. Other related parties New Springs Construction Co., Ltd. Other related parties

Name of the related party

Relationship with the Company

E-DA ROYAL HOTEL COMPANY LTD. Other related parties E-Da Hospital Other related parties I-Shou University Other related parties I-Shou University Internship Center Other related parties VISTA TRAVEL SERVICE CO., LTD. Other related parties

－ 58 －

(III) Major transactions with related parties

The details of the transactions between the Company and related parties are disclosed as follows:

1. Operating revenue

Operating revenue
Financial statement account	Type/Name of related party	2024	2023
Sales revenue Construction revenue	Subsidiaries Associates Other related parties Total Subsidiaries Associates Other related parties Total	$ 513,027 1,175,952 1,625,305	$ 976,575 1,391,200 2,105,123
		$3,314,284	$4,472,898
		$ 13,172 113,347 368,574	$ 21,933 97,500 358,680
		$495,093	$478,113

(1) The Company's transaction prices for sales revenue (pre-painted steel coils and galvanized steel coils, etc.) and scrap income (head and tail plates, etc.) to related parties are roughly equivalent to those of other customers, and the payment term is about 1 to 2 months.
(2) The selling price of the Company's carbon steel scraps and scraps sold to the related party was determined by reference to the purchase price of the relative transaction from the non-related party. The payment term is open on settlement with 15 days monthly settlement.
(3) The construction contracts between the company and the above related parties were established at prices negotiated by both parties; contract proceeds were collected according to the collection clauses stated in these contracts.

2. Purchases

Purchases
Type/Name of relatedparty	2024	2023
Subsidiaries Associates Other related parties Yieh Hong Enterprise Co., Ltd. Others Total	$ 1,913 572,640 4,349,579 45,476	$ 1,355 185,467 5,086,474 39,231
	$4,969,608	$5,312,527

The Company purchases from the above-mentioned related parties mainly for cold/hot-rolled coils and plates. The purchase price is equivalent to that of general suppliers. supplier comparison) or T/T.

3. Contract assets

Contract assets
Financial statement account	Type/Name of related party	December 31, 2024	December 31, 2023
Contract assets	Subsidiaries Associates Yieh United Steel Corp. Other related parties New Springs Construction Corp. Total Less: Allowance for losses Net amount	$ - 161,096 513,289	$ 14,344 83,702 450,588
		$ 674,385 -	$ 548,634 -
		$674,385	$548,634

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4. Contract liabilities Financial statement account Contract liabilities	4. Contract liabilities Financial statement account Contract liabilities	Type/Name of related party	December 31, 2024	December 31, 2023
	Contract liabilities	Subsidiaries Associates Other related parties Total	$ 6,634 18,153 -	$ 1,601 5,052 1,325
			$24,787	$7,978

5. Receivables from related parties (excluding loans to related parties and contract assets)

Item	Type/Name of relatedparty	December 31,2024	December 31,2023
Notes receivable Accounts receivable Other receivables Item	Other related parties Associates Total Less: Allowance for losses Net amount Subsidiaries Associates ASIAZONE CO.,LTD Others Other related parties New Springs Construction Corp. Others Total Less: Allowance for losses Net amount Subsidiaries SHIN YAGN STEEL CORP. Others Associates Other related parties Total Less: Allowance for losses Net amount Type/Name of relatedparty	$ - 62	$ 22 55
		62 (5)	77 -
		$57	$77
		$ 32,305 129,809 81,261 162,299 83,556	$ 42,850 48,525 82,668 2,334 34,405
		$ 489,230 (866)	$ 176,377 (475)
		$ 488,364	$ 210,307
		$ 1,712 6,069 2,945 6,050	$ 1,560 6,018 8,406 21,853
		$ 16,776 -	$ 37,837 -
		$16,776	$37,837
		December 31,2024	December 31,2023
Refundable deposits	Subsidiaries YIEH PHUI AMERICA. INC.	$ 436,040	$ 733,850

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

Item	Type/Name of relatedparty	December 31,2024	December 31,2023
Notes payable Accounts payable Other payables	Associates Other related parties Total Subsidiaries Associates Other related parties Total Subsidiaries Associates Other related parties Total	$ 2,633 3,386	$ 44 3,559
		$6,019	$3,603
		$ 1,669 17,719 8,221	$ 1,078 10,706 7,764
		$27,609	$19,548
		$ 6,001 864 7,977	$ 1,241 3,351 1,640
		$ 14,842	$ 6,232

7. Prepayments

Prepayments
Type/Name of relatedparty	December 31,2024	December 31,2023
Other related parties Yieh Hong Enterprise Co., Ltd.	$84,123	$10,568

8. Property transactions

(1) Property, plant and equipment acquired:

2024 Type/Name of relatedparty	Transaction content	Transaction amount
Subsidiary	Computers and transport equipment Other equipment	$ 13,200 175

The above transaction price was negotiated by both parties. All payments were already completed by December 31, 2024.

2023 Type/Name of relatedparty	Transaction content	Transaction amount
Subsidiary Associates	Other equipment Transportation equipment	$ 4,113 1,150

The above transaction price was negotiated by both parties. All payments were completed by December 31, 2023.

(2) Disposal of other assets: none.

9. Lease agreements:

(1) Acquisition of additional right-of-use assets: none.
(2) The Company terminated an lease agreement with the subsidiary early in May 2024, resulting in a

decrease of NT$3,551 thousand in right-of-use assets and NT$3,743 thousand in lease liabilities, and recognized NT$192 thousand as a gain on lease modification.

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(3) Lease liabilities

(3) Lease liabilities
Item	Type/Name of related party	December 31, 2024	December 31, 2023 $149,813 2023 $3,046 $ 6,526 2,537 $9,063
Lease liabilities Subsidiaries (4) Miscellaneous expenses Item Type/Name of related party		$138,973
		2024
Interest expense Lease expense	Subsidiaries Associates Other related parties Total	$2,829
		$ 7,967 2,433
		$10,400

(4) Miscellaneous expenses

The above lease conditions are written in the contract and rents are paid monthly or quarterly.

10. Loans to related parties

(1) Other receivables

Type/Name of relatedparty	2024	2024
	Endingbalance	Maximum balance
Subsidiaries United Brightening Development Corp. Guo Chang Enterprise Co., Ltd. Total Type/Name of relatedparty	$ 730,000 308,500	$ 1,110,000 480,000
	$1,038,500	$1,590,000
	2023
	Endingbalance	Maximum balance
Subsidiaries United Brightening Development Corp. Guo Chang Enterprise Co., Ltd. Total Interest income Type/Name of related party	$ 711,000 303,000	$ 1,065,000 460,000
	$1,014,000	$1,525,000
	2024	2023
Subsidiaries United Brightening Development Corp. Guo Chang Enterprise Co., Ltd. Total Interest rate range	$ 23,220 9,842	$ 19,723 8,475
	$ 33,062	$ 28,198
	3.13%~3.33%	3.19%

11. Endorsements and guarantees:

(1) Endorsement and guarantee provided by the Company for the related parties to get bank loan were as follows:

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Unit: Thousand NTD

2024

Type of relatedparty	Bycurrency	Endingbalance
Subsidiaries Type of relatedparty
	Bycurrency	Endingbalance
Subsidiaries	USD CNY	119,000 575,000

(2) The subsidiaries provided their lands and buildings as the collaterals for the Company's application

for financing facilities from banks, as of December 31, 2024 and 2023, the amounts were both NT$981,890 thousand.

12. Others

(1) Miscellaneous income

iscellaneous income
Type/Name of related party	2024	2023
Subsidiaries Associates Yieh United Steel Corp. Others Other related parties Total	$ 23,725 23,536 2,256 195	$ 27,330 15,138 1,996 50
	$49,712	$44,514

Mainly income from processing fees for guarantees and technical service fees

(2) Miscellaneous expenses

iscellaneous expenses
Type/Name of relatedparty	2024	2023
Subsidiaries Associates Other related parties Total	$ 22,946 50,718 109,306	$ 21,520 34,725 124,733
	$182,970	$180,978

Primarily service fees and export fees.

(3) Construction contract

(a) As of December 31, 2024, the project undertaken by the related party not yet closed is as follows:

	follows:
Type/Name of related party	Construction Name	Total Contract Price	Total costs incurred and recognized profit or loss/amount solicited	Contract assets/contract liabilities
Subsidiaries Associates Other related parties New Springs Construction Corp.	New construction of control room etc Installation of overhead crane in the precision steel belt factory, etc The steel structure of E-DA Asia Empire Commercial Building, etc.	$ 65,279 334,157 2,565,136	$ 19,529 26,163 188,950 46,008 2,066,433 1,553,145	6,634 161,096 18,153 513,289 -

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(b) As of December 31, 2023, the project undertaken by the related party not yet closed is as follows:

	follows:
Type/Name of related party	Construction Name	Total Contract Price	Total costs that have occurred and the recognized profits and losses /amount reimbursed	Contract assets /Contract liabilities
Subsidiary Associates Other related parties New Springs Construction Corp.	New construction of control room etc Installation of overhead crane in the precision steel belt factory, etc Above-ground structure project of E-DA Asia Empire Commercial Building, etc.	$ 36,825 292,610 2,447,855	$ 21,618 8,875 155,553 76,903 1,724,040 1,274,777	14,344 1,601 83,702 5,052 450,588 1,325

The capital increase in cash and the investment amount of the Company's related parties are as follows:

2024

2024
Investees	Increase in investment		Shareholdingratio Before capital increase After capital increase 80.00% 80.00% 54.89% 57.59% 78.51% 78.51% - 80.00% 14.63% 14.63% 49.00% 49.00% Shareholdingratio Before capital increase After capital increase 80.00% 80.00% 80.00% 80.00% 100.00% 100.00% Shareholdingratio Before capital increase After capital increase 17.09% 17.09% 32.00% 32.00% 28.44% 28.44%
	Shares (thousand)	Amount	Before capital increase
Subsidiaries Hong Yu Asset Management Corp. Kings Garden International Co., Ltd. EMMT Systems Corporation YIEH UNITED INVESTMENT HOLDING PTE.LTD. Associates Tian-Yue Hot Spring And Resort Inc. E-DA VISUAL EFFECTS CORP. 2023 Investees
	Shares (thousand)	Amount	Before capital increase
Subsidiaries LIANSO(H.K)CO.,LIMITED Hong Yu Asset Management Corp. Sin Bang Investment & Development Co., Ltd Investees
	Shares (thousand)	Amount	Before capital increase
Associates Eda Bus Transportation Co., Ltd. SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD. E-Da Development Corp.	1,025 640 8,533	10,252 6,400 85,327	17.09% 32.00% 28.44%

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The Company entrusted its subsidiary, YIEH PHUI AMERICA, INC. to sell pre-painted and galvanized steel coils for NT$1,758,840 thousand and NT$3,798,390 thousand in 2024 and 2023, respectively. As of December 31, 2023, the resulting contract liabilities amounted to NT$143,317 thousand and NT$370,240 thousand, respectively.
Part of the lands of the Company is registered in the name of the related party. The details are as follows:

Type of related

Te of related
yp party Other related parties	Amount 8,516	Significant transactions
		Due to legal restrictions, some of the Company's land under property, plant and equipment cannot be transferred in the name of the Company as restricted by laws, and temporarily registered under the name of the Company’s executives. To ensure the rights and interests, the security measures for the mortgage registration have been processed.

(IV) Remuneration of key management personnel

Remuneration of key management personnel
Type/Name of relatedparty	2024 $ 28,827 526 - - - $29,353	2023 $ 28,285 575 - - - $28,860
Salary and other short-term employees’ benefits Benefits after retirement Other long-term employees’ benefits Resignation benefits Stock-based payment Total

VIII. Pledged Assets

Assets below were put up as collaterals for bank loan and performance guarantee:

Item	December 31,2024 $ 309 5,269,387 $ 5,269,696	December 31,2023
Other financial assets - non-current Time deposits pledged Property, plant and equipment (net) Total		$ 306 5,027,130
		$ 5,027,436

IX. Significant Contingent Liabilities and Unrecognized Commitments
(I) As of December 31, 2024 and 2023, the Company issued guarantee notes totaled NT$24,674,902 thousand and NT$25,496,697 thousand, respectively, to secure credit facilities and purchase performance.
(II) As of December 31, 2024 and 2023, the guarantee notes received by the Company for the purpose of construction performance bond and secured claims of payment were NT$236,259 thousand and NT$190,010 thousand, respectively.

(III) As of December 31, 2024 and 2023, the Company's significant issued unused letters of credit (over

NT$50,000 thousand) are detailed as follows:

December 31,	2024	December 31,	Unit: Thousand Dollars 2023
L/C Amount	Bond	L/C Amount	Bond
NTD 730,384 USD 5,592	- -	NTD 492,989 USD 7,458	- -

(IV) Please refer to Note VII (III)12 for endorsement and guarantee provided to others as of December 31, 2024 and 2023.
(V) As of December 31, 2024 and 2023, the Company’s guarantee provided by banks caused by contract

performance and warrants amounted to $3,623 thousand and $21,263 thousand, respectively.

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  - (VI)  The Company entered the contracts of raw material such as zinc-aluminum ingots with the supplies, such as Korea at the price agreed by both parties. Until December 31, 2024, the non-performance part has been 259 tons, amounted NT$27,555 thousand.

  - (VII)  In August 2024, the subsidiaries Great Emperor Hotel Co., Ltd. and Kings Garden International Co., Ltd. signed a syndicated loan agreement with Taiwan Land Bank and First Commercial Bank. Yieh United Steel Corp., the Company, and the subsidiary Yieh Hsing Enterprise Co., Ltd. promised that together with related enterprises of the E United Company, they would hold at least 50% of the shares of Great Emperor and Kings Garden and control more than half of the board seats of Great Emperor and Kings Garden. As of December 31, 2024, 100% of the shares of Great Emperor Hotel Co., Ltd. and Kings Garden were held by the Group, and all the seats of directors of these two companies were obtained.

X. Significant Disaster Loss: None.
XI. Material Events After the Balance Sheet Date: None.

XII. Other

(I)Capital risk management

The Company has sufficient to support production expansion and facility upgrade. Our capital management aims to ensure financial resources and business plans available to support operating capital, CAPEX, R&D, loan repayment, dividend payment, etc. for the next 12 months.

(II)Financial instruments
Financial risk of financial instruments
- (1) Financial risk management policy

The Company is exposed to various financial risks, including market risks (foreign exchange, interest, and price change), credit risk and liquidity risk. In order to mitigate the relevant financial risks, the Company is dedicated to identifying, evaluating, and evading uncertainty in market and to mitigating the potential adverse effect brought by changes in the market on the Company’s financial performance.

Important financial transactions were reviewed in accordance with relevant regulations and internal controls by the board. During the execution of financial planning, the Company shall abide by the entire financial management system and relevant operating procedures regarding overall financial risk management and division of responsibilities.

(2) Nature and extent of significant financial risk

A. Market risk

(A) Exchange rate risk

The Company was exposed to foreign exposure risk driven from sales, purchase and loan dominated in non-functional currencies. The Company’s functional currency is New Taiwan Dollars. Currencies denominated for business transactions is mainly USD. To avoid decreasing value of foreign assets and future cash flow fluctuation brought by

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foreign currencies, the Company adopted foreign borrowing and derivative instruments to hedge foreign currency risks. The use of such derivative financial instruments helps reduce but not completely eliminate the impact of changes in foreign exchange rates. The foreign operation is for strategic purpose, so the Company did not implement any hedging activity.

a. Exchange rate risk exposure and sensitivity analysis

(Foreign currency: Functional currency) Financial assets	Foreign currency	Exchange rate		December 31, 2024	December 31, 2024	December 31, 2024
			Carrying amount (New Taiwan Dollars)		Analysis of sensitivity
				Range of change	Effect on profit or loss	Effect on equity
	79,421 310,016 Foreign currency	32.785 32.785 Exchange rate	2,603,819 10,163,880	Revaluation 1% 26,038 Revaluation 1% - December 31, 2023		- 101,639
Monetary items
USD: NTD Long-term investment under equitymethod
USD: NTD (Foreign currency: Functional currency) Financial assets
			Carrying amount (New Taiwan Dollars)		Analysis of sensitivity
				Range of change	Effect on profit or loss	Effect on equity
	116,059 340,939	30.705 30.705	3,563,610 10,468,524	Revaluation 1% Revaluation 1%	35,636 -	- 104,685
Monetary items
USD: NTD Long-term investment under equitymethod
USD: NTD

While all other variables remain unchanged, if the NT dollar appreciates against the above-mentioned currency, the amounts denominated in this currency as at December 31, 2024 and 2023 will be affected equally but reversely.

b. The aggregate amount of all exchange gains and losses (including realized and unrealized) recognized in 2024 and 2023 due to exchange rate fluctuations on the monetary items of the Company was NT$267,331 thousand and NT$54,910 thousand, respectively.

(B) Price risk

Since its securities investments are classified as financial assets at fair value through profit or loss or financial assets at fair value through other comprehensive income in the parent company only financial statements, the Company is exposed to securities price risks.

The Company mainly invests in the stocks and beneficiary certificates of domestic (non) listed companies, and the prices of these securities will be affected by the uncertainty of the future value of the investment objects.

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If the securities price had increased or decreased by 1%, the income after tax for 2024 and 2023 would have increased or decreased by NT$377 thousand and NT$347 thousand due to an increase or decrease in the fair value of financial assets measured at fair value through profit or loss, respectively. The other comprehensive income after tax for 2024 and 2023 would have increased or decreased by NT$7,919 thousand and NT$7,792 thousand, respectively, due to an increase or decrease in the fair value of financial assets measured at fair value through other comprehensive income.

(C) Interest rate risk

The Company’s financial assets and financial liabilities exposed to the interest rate

risk at the reporting date are as follows:

Item	CarryingAmount	CarryingAmount
	December 31,2024	December 31,2023
Interest rate risk with fair value: Financial assets Financial liabilities Net amount Interest rate risk with cash flow: Financial assets Financial liabilities Net amount	$ 20,309 (1,185,540)	$ 92,436 (1,198,612)
	$ (1,165,231)	$ (1,106,176)
	$ 2,448,738 (14,527,326)	$ 2,457,841 (15,052,536)
	$ (12,078,588)	$ (12,594,695)

a. Sensitivity analysis of fair value interest rate risk

The Company does not classify any fix-interest-rate financial assets and liabilities as financial assets measured by fair value through profit or loss as well as by fair value through other comprehensive profit or loss. Neither does it designate derivatives (interest swap) as hedge instruments under the fair value hedge accounting model. Therefore, the fluctuation in interest rate on reporting date will not affect the income and other comprehensive income.

b. Sensitivity analysis of cash flow interest rate risk

The interest-fluctuate instruments possessed by the Company were floating-interest assets (liabilities). Therefore the effective interest rate, as well as the future cash flows, changed along the market movement. Each 1% decrease (increase) in the market interest rate will increase (decrease) the net income 2024 and 2023 by NT$(131,171) thousand and NT$(125,947) thousand, respectively.

B. Credit risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk of the Company mainly came from account payables generated from operating activities, and bank deposits and other financial instruments under investment activities. The operation-related credit risk and credit risk are managed separately.

Operation-related credit risk

To maintain the quality of accounts receivable, the Company has established relevant procedures to manage credit risks arising from operation.

－ 68 －

The risk evaluation of individual customers takes into consideration such factors that are likely to affect the customers’ solvency as the customers’ financial position, internal credit ratings by the Company, historical transaction records, and current economic status. Financial credit risk

The credit risk arising from bank deposits and other financial instruments are measured and controlled by the Company's finance department. The Company does not expect significant credit risk because the counterparties are creditworthy and investment-graded financial institutions, companies and government agencies. In addition, the Company does not have investment in debt instruments classified as at amortized cost and as at fair value through other comprehensive income.

(A) Credit concentration risk

As of December 31, 2024 and 2023, the balance of accounts receivable from the Company’s ten top customers were 69.78% and 47.54%, respectively, of its total accounts receivable. The credit concentration risk for other accounts receivable are not material.

(B) Measurement of expected credit impairment loss
a. Account receivable and contract assets: the Company uses the simplified method. Please refer to Note VI (IV) and (XXIV).
b. The basis for judging whether the credit risk has increased significantly: None. (The Company does not have investments in debt instruments classified as at amortized cost and as at fair value through other comprehensive income.)
c. Holding of collateral and other credit enhancements to hedge the credit risk arising from financial assets.

The financial impact of the financial assets recognized in the parent company only balance sheet and the collateral held by the Company as security, the general agreements on net settlements, and other credit enhancements related to the maximum credit risk exposure is shown in the table below:

December 31, 2024	Carrying Amount	Amount of reduction in the maximum credit risk exposure	Amount of reduction in the maximum credit risk exposure	Amount of reduction in the maximum credit risk exposure	Amount of reduction in the maximum credit risk exposure
		Collateral	General agreements on netsettlements	Other credit enhancements	Total
Financial instruments not applicable under IFRS 9 impairment requirements: Financial assets at fair value through profit or loss Financial assets measured at fair value through other comprehensive income Total	$ 37,681 791,908	$ - -	$ - -	$ - -	$ - -
	$829,589	$-	$-	$-	$-

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December 31, 2023	Carrying Amount	Amount of reduction in the maximum credit risk exposure	Amount of reduction in the maximum credit risk exposure	Amount of reduction in the maximum credit risk exposure	Amount of reduction in the maximum credit risk exposure
		Collateral	General agreements on netsettlements	Other credit enhancements	Total
Financial instruments not applicable under IFRS 9 impairment requirements: Financial assets at fair value through profit or loss Financial assets measured at fair value through other comprehensive income Total	$ 34,668 779,160	$ - -	$ - -	$ - -	$ - -
	$813,828	$-	$-	$-	$-

C. Liquidity risk

(A) General:

The aim of liquidity risk management is to maintain cash and cash equivalent,

high-liquidity securities and sufficient bank lines needed for the operation to ensure ample financial flexibility.

(B) The table below summarize the financial liabilities held by the Company with defined

repayment terms based on maturity sequence and undiscounted payment at the maturity:

Non-derivative financial liabilities				December 31,2024
	Within six months	7-12 months $ 540,000 - - - - 6,077 1,662,476 -	1-2 years $ - - - - - 10,990 4,783,846 -	2-5 years	More than 5 years	Contract cash flow	Carrying Amount
Short-term loans Short-term bills payable Notes payable Accounts payable Other payables Lease liabilities (including current) Long-term borrowings (including those due within one year) Deposit received Total	$ 6,098,302 1,000,000 397,306 559,259 756,327 6,865 990,295 -			$ - - - - - 32,271 295,340 -	$ - - - - - 186,849 166,680 2,000	$ 6,638,302 1,000,000 397,306 559,259 756,327 243,052 7,898,637 2,000	$ 6,638,302 998,295 397,306 559,259 756,327 187,245 7,889,024 2,000
	$ 9,808,354	$ 2,208,553	$ 4,794,836	$ 327,611	$ 355,529	$ 17,494,883	$ 17,427,758

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

Lease liabilities Non-derivative financial liabilities	Less than 1 year	1-5 years $ 43,261	5-10 years $ 49,712	10-15 years	15-20 years	More than 20 years	Total undiscounted lease payments
	$ 12,942			$ 42,735	$ 42,735	$ 51,667	$ 243,052
				December 31,2023
	Within six months	7-12 months	1-2 years	2-5 years	More than 5 years $ - - - - - 192,230 13,360 2,000 $ 207,590	Contract cash flow	Carrying Amount
Short-term loans Short-term bills payable Notes payable Accounts payable Other payables Lease liabilities (including current) Long-term borrowings (including those due within one year) Deposit received Total	$ 5,607,256 1,000,000 481,914 485,514 684,108 7,938 961,976 -	$ 570,000 - - - - 7,571 761,976 -	$ - - - - - 12,116 2,427,952 -	$ - - - - - 32,661 4,727,325 -		$ 6,177,256 1,000,000 481,914 485,514 684,108 252,516 8,892,589 2,000	$ 6,177,256 998,681 481,914 485,514 684,108 199,931 8,875,280 2,000
	$ 9,228,706	$ 1,339,547	$ 2,440,068	$ 4,759,986		$ 17,975,897	$ 17,904,684

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

Lease liabilities	Less than 1 year	1-5 years	5-10 years	10-15 years	15-20 years $ 42,735	More than 20 years	Total undiscounted lease payments
	$ 15,509	$ 44,777	$ 50,733	$ 42,735		$ 56,027	$ 252,516

The Company does not expect that the cash flows will take place earlier, or the actual amount will vary remarkably.

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2. Types of financial instruments

Types of financial instruments
Financial assets Financial assets at amortized cost Cash and cash equivalents Notes and accounts receivable (including related parties) Other receivable (including related parties) Refundable deposits Other financial assets - non-current Financial assets at fair value through profit or loss - current Financial assets measured at fair value through other comprehensive profit and loss--noncurrent Financial liabilities Financial liabilities at amortized cost Short-term loans Short-term bills payable Notes and accounts payable (including related parties) Other payables (including related parties) Long-term borrowings (including current portion) Lease liabilities (including current portion) Deposit received	December 31,2024	December 31,2023
	$ 1,595,483 1,279,430 1,176,467 457,405 309 37,681 791,908 6,638,302 998,295 956,565 756,327 7,889,024 187,245 2,000	$ 1,797,422 1,761,503 1,512,579 737,157 306 34,668 779,160 6,177,256 998,681 967,428 684,108 8,875,280 199,931 2,000

(III) Information on fair value:
Please refer to Note XII (III) 3 for the information on the fair value of the Company's financial assets and financial liabilities that are not measured by fair value. Please refer to Note VI (IX) for the information

on the fair value of the investments in associates with market quoted prices.

The definitions of the three levels of fair values

Level one:

Input of this level is open quotations of similar instruments in an active market where an instrument is in. All markets meet the following criteria are active markets: goods trading in the market are homogeneous; parties willing to buy and sell the goods can be found any time in the market; price

information is available to the public. The fair values of the Company's investments in listed stocks and beneficiary certificates fall in this category.

Level two:

Input of this level is observable prices other than open quotations in the active market, including inputs observed directly, such as prices and indirectly, such as deduction from prices. Level three:

Level three inputs are those, when measured by fair value, the input parameters are not observable

inputs available in the market. The values of the equity instruments without an active market invested by the Company belong to this level.

Financial instruments not measured at fair value:

The Company's financial instruments not measured at fair value, such as cash and cash equivalents, accounts receivable, other financial assets, refundable deposits, short-term borrowings, short-term bills payable, accounts payable, and lease liabilities (including current and non-current assets) ), long-term

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borrowings (including those due within one year or one operating cycle) and the book value of guarantee deposits are reasonably approximate to the fair value.

4. Information on fair value levels:

Repetitiveness is the measurement basis for all financial assets of the Company measured by fair value. The following table shows Information on fair value levels:

Item		December 31,2024	December 31,2024
	Level one	Level two	Level three
Assets Repetitiveness of fair value Financial assets at fair value through profit or loss - noncurrent Assets Non-derivative financial assets held for trading Financial assets measured by fair value through other comprehensive profit or loss Shares of domestic private companies Shares traded on the Taiwan Stock Exchange or OTC exchange Total Item	$ 37,681 - 24,639	$ - - -	$ - 767,269 -
	$62,320	$-	$767,269
		December 31,2023
	Level one	Level two	Level three
Assets Repetitiveness of fair value Financial assets at fair value through profit or loss Non-derivative financial assets held for trading Financial assets measured by fair value through other comprehensive profit or loss Shares of domestic private companies Shares traded on the Taiwan Stock Exchange or OTC exchange Total	$ 34,668 - 21,993	$ - - -	$ - 757,167 -
	$56,661	$-	$757,167

5. Evaluation technique for instruments measured by fair value:

(1) If the quoted market price of a financial instrument is available, such a price shall be adopted as its fair value. The market prices announced by major exchanges and market prices of popular central government bonds based on the judgment announced by the OTC are the bases for the fair values of publicly listed equity instruments and debt instruments with quoted market prices. If quoted market prices for financial instruments are available on a timely and regular basis from exchanges, brokers, underwriters, industry associations, pricing service agencies, or competent authorities, and such prices represent actual and frequent fair market transactions, then the quoted market prices for such financial instruments are available. If the above criteria are not met, the market is deemed inactive. Generally speaking, a large bid-ask spread, a significant increase in the bid-ask spread, or a low volume of transactions are all indicators of an inactive market.

If the financial instruments held by the Company belong to an active market, their fair values are listed below by category and attribute:

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  - A. Publicly listed companies’ stocks: Closing prices.

  - B. Open-end funds: Net worth.

(2) Except for the above-mentioned financial instruments with active markets, the fair value of other financial instruments is obtained through valuation techniques or with reference to the quoted prices of counterparties. To obtain fair values through evaluation technique, one can refer to current fair values of financial instruments of similar nature and features, use the cash flow discount method or use other evaluation techniques, including using models to calculate market information on the balance sheet date.
Transition between first and second levels: none.
A detailed list of level three changes

A detailed list of level three changes
Item	Investments in financial instruments without open quotations
	2024	2023
Opening balance Purchase in the current period Sales in the current period Return of paid-in capital for capital reduction Stated as other comprehensive income Ending balance	$ 757,167 - (60) (13,304) 23,467	$ 714,981 1,135 - (13,771) 54,822
	$ 767,270	$ 757,167

Evaluation procedures for level-three fair value

The Company procedures for evaluating level-three fair value include independent verification of financial instrument fair values by the Company financial department, using information from independent sources so that evaluation results are closer to market situation. Evaluation results will be reviewed regularly to ensure their reasonableness.

The fair value of the shares of unlisted companies without an active market held by the Company is mainly estimated by the market approach and the net asset approach. The market approach makes determinations with reference to the valuation of comparable companies, third-party quotations, the Company's net worth and evaluation of its operating conditions; the net assets approach evaluates the value of the entity by mainly basing on each asset in the entity’s balance sheet.

Quantitative information on the fair value measurement of major unobservable inputs (Level 3):

Part of the unlisted stocks are measured by the market approach and the net asset approach. The unobservable major inputs include liquidity discount and control discount. When the liquidity discount decreases and the control discount increases, the fair value of the investment will increase.

For Level 3 fair value measurement, the fair value sensitivity analysis to reasonably possible alternative assumptions:

For the Company's assets measured at repetitive fair value and rated in Level 3 of the fair value hierarchy, the significant unobservable inputs used for fair value measurement are listed in the following table:

Major unobservable Valuation[Relations between input and fair ] Item input Range technique value

－ 73 －

Financial assets measured at Market Discount for the 10%~32.28% The higher the discount for the fair value through other approach lack of lack of marketability, the lower comprehensive profit and loss-marketability the fair value. stocks Net asset Discount for the 11.46%~19.26% The higher the discount for the approach lack of lack of marketability, the lower marketability the fair value. Discount of 17.15%~17.36% The higher the control discount, control right the lower the fair value.

(IV) Transfer of financial assets: None.
(V) Offsetting of financial assets and financial liabilities
(VI) Others:

In view of the increasingly fierce competition in the stainless steel market following the rise of the steel industries in China and Indonesia, the Group plans to form a strategic alliance with Yieh United Steel Corp. (Yieh United) through Tang Eng Iron Works Co., Ltd. (Tang Eng). This alliance aims to achieve economies of scale in production and sales, thereby enhancing the international competitiveness of Taiwan's stainless steel industry. On May 4, 2022, the Group's board of directors approved the filing with the Fair Trade Commission regarding the business combination with Yieh United to jointly operate Tang Eng. The Group will proceed to the acquisition of Tang Eng's equity after obtaining the approval of the fair trade union. The Group and Yieh United will directly or indirectly acquire more than one third or more than 50% of the equity of Tang Eng Company through public tender offer or other means. After the said joint case was reported, the Fair Trade Commission in August 2022 rejected it on the grounds that the information submitted was still incomplete. On August 8, 2023, the boards of directors of the Company and Yieh United approved a re-filing with the Fair Trade Commission for the business combination. The updated plan includes the Company's subsidiaries, SHIN YAGN STEEL CORP. (Shin Yang) and Kuo Chang Enterprise Co., Ltd. (Kuo Chang), acquiring approximately 8.84% and 2% of Tang Eng, respectively. Yieh United’s subsidiary, Long Yuan Investment Development Co., Ltd. (Long Yuan), will acquire an additional 6% of Tang Eng's shares, bringing their total holdings to approximately 48%, including their existing 31.16% stake. Shin Yang, Kuo Chang and Long Yuan will convene a board meeting and announce the acquisition of information related to Tang Eng's equity in accordance with the Procedures for Acquisition or Disposal of Assets and the relevant regulations of the Securities and Exchange Act after obtaining the permission of the fair club.

XIII. Additional Disclosures

(I) Information on significant transactions:
Loaning of funds to others: Table I.
Endorsements and Guarantees: Table 2.
Marketable securities held at the end of the period: Table 3.
The cumulative purchase or sale amount of the same securities over NT$300 million or 20% of paid-in capital: Table 4
The acquisition of real estate over NT$300 million or 20% of paid-in capital: Table 5
Disposal of real estate for an amount over NT$300 million or 20% of the paid-in capital: None.
Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital: Table 6.

－ 74 －

Receivables from related parties amounting to NT$100 million or more than 20% of the paid-in capital: Table 7.
Engagement in derivative trading: None.
(II) Information on reinvestment businesses: Table 8.
(III) Information on investments in Mainland China: Table 9.
(IV) Information on major shareholders (names of shareholders with a shareholding ratio of 5% or more, number of shares held, and percentage): Table 10.

－ 75 －

Appendix table I

Yieh Phui Enterprise Co., Ltd.

Loans to Others

December 31, 2024

Unit: NTD and foreign currencies in thousands

No	Name of Creditor	Name of Borrower	Financial statement account	Related party	Highest balance during the latest period	Ending balance	Actual amount implemented	Interest rate range	Nature of Loan	Amount arising from ordinary course of business	Reason for short-term financing	Allowance for doubtful accounts	Collaterals	Collaterals	Limit on loans granted to single party	Limit of total loans
													Type	Value
0	Yieh Phui Enterprise Co., Ltd.	Kuo Chang Enterprise Co., Ltd.	Other receivable- related parties	Y	480,000	320,000	308,500	3.13%- 3.33%	2	－	Operating capital requirement	－	－	－	(Note 2) 15,397,637	(Note 1) 15,397,637
		United Brightening ~~D~~evelopment Corp.	Other receivable- related parties	Y	1,110,000	755,000	730,000	3.13%- 3.33%	2	－	Operating capital requirement	－	－	－	(Note 2) 15,397,637	(Note 1) 15,397,637
1	YIEH PHUI (HONG KONG) HOLDINGS LIMITED	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Long-term receivables - related parties and other receivables - relatedparties	Y	3,718,506 (RMB 378,538) (USD 63,200)	2,897,129 (RMB 325,313) (USD 43,113)	2,897,129 (RMB 325,313) (USD 43,113)	3.56%- 8.07%	2	－	Operating capital requirement	－	－	－	(Note 3) 15,397,637	(Note 3) 15,397,637
2	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Long-term receivables – related party	Y	230,185 (RMB 50,000)	159,628 (RMB 35,000)	159,628 (RMB 35,000)	4.41%- 5.02%	2	－	Operating capital requirement	－	－	－	(Note 3) 15,397,637	(Note 3) 15,397,637

(Note 1) The total amount of loans shall not exceed 40% of the net value of the Company to which it is loaned.

(Note 2) The limit of the loaning of funds to individual counterparties shall not exceed 40% of the net worth of the Company.

(Note 3) For inter-company loans of funds between foreign companies in which the Company holds, directly or indirectly, 100% of the voting rights, the total amount of funds lending shall be limited to 40% of the Company's net worth.

(Note 4) The entry method for the loaning of funds is as follows: "1" for those who have business dealings; "2" for those who need short-term financing

(Note 5) Transactions between the parent company and subsidiaries referred to above have been written off.

－ 76 －

Appendix table II

Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024

Appendix table II	Appendix table II	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024	Yieh Phui Enterprise Co., Ltd. Endorsements and Guarantees December 31, 2024
		Unit:NTD andforeigncurrenciesin thousands
No	Name of the company providing guarantee	Parties being guaranteed		Limit of guarantee for such party	Maximum guarantee amount for the current period	Outstanding guarantee amount-ending	Actual amount implemented	Guarantee amount with collateral placed	Ratio of accumulated guarantee amount to latest net assets of the Company	Maximum endorsement and guarantee amount	Endorsement and guarantee made by parent company for subsidiary	Endorsement and guarantee made by subsidiary for parent company	Endorsement and guarantee made for mainland area
		Company Name	Relationship
0	Yieh Phui Enterprise Co., Ltd. (Note 1)	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Investee of the Company’s Sub-subsidiary	38,494,093	4,353,115 (RMB 965,000)	2,234,792 (RMB 490,000)	1,908,695 (RMB 418,500)	－	5.81%	38,494,093	Y	－	Y
		YIEH PHUI (HONG KONG) HOLDINGS LIMITED	Subsidiary of the Company	38,494,093	3,907,365 (USD 119,000)	3,901,415 (USD 119,000)	3,009,495 (USD 46,363) (RMB 326,588)	－	10.14%	38,494,093	Y	－	－
1	Shin Phui Steel Corporation (Note 2)	Yieh Phui Enterprise Co., Ltd.	The company’s parent company	1,332,830	981,890	981,890	981,890	981,890	368.35%	1,332,830	－	Y	－
2	Kings Garden International Co., Ltd. (Note 3)	Great Emperor Hotel Co., Ltd.	Same parent company	27,882,514	8,175,000	-	-	-	-	27,882,514	－	－	－
3	Great Emperor Hotel Co., Ltd. (Note 4)	Kings Garden International Co., Ltd.	Same parent company	29,424,644	7,583,000	-	-	-	-	29,424,644	－	－	－

(Note 1): The total amount of endorsements/guarantees made by the Company shall not exceed the net worth of the Company; the net worth of a single subsidiary of the Company shall not exceed the net worth of the Company.

(Note 2): The total amount of external endorsement and guarantee of Shin Phui is limited to five times the net worth of Shin Phui; the amount of endorsement and guarantee for a single enterprise is limited to five times of the net worth of Shin Phui.

(Note 3): The total amount of external endorsements/guarantees by Kings Garden International is limited to seven times the net worth of Kings Garden International; the amount of endorsements/guarantees for a single enterprise is limited to seven times the net worth of Kings Garden International.

(Note 4): The total amount of endorsements/guarantees made by Great Emperor Hotel Co., Ltd. is limited to seven times the net worth of the hotel; the amount of endorsements and guarantees made to a single enterprise is limited to seven times the net worth of the hotel.

－ 77 －

Appendix table 3

Yieh Phui Enterprise Co., Ltd.

Statement of securities held at the end of the period (excluding investment in affiliates and joint ventures)

December 31, 2024

Unit: thousand shares; NTD and foreign currencies in thousands

Held by	Type and name of marketable securities	Relationship with the issuers	Financial statement account		End of	period	period
				Quantity or Unit	Carrying Amount	% of ownership	Fair Value
Yieh Phui Enterprise Co., Ltd.	Fund/ AB FCP I-Global High Yield Portfolio	None	Financial assets measured at fair value through profit and loss - current	434	5,026	－	5,026
	Fund/ Taishin US-Japan and Taiwan Semiconductor Equity Fund	None	Financial assets measured at fair value through profit and loss - current	800	7,960	－	7,960
	Fund/ Jih Sun Taiwan Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	300	3,000	－	3,000
	Fund/ Mega ESG Taiwan-U.S. Sustainable Double Profits Multi-Asset Fund (Ganshan, BOT)	None	Financial assets measured at fair value through profit and loss - current	1,700	16,694	－	16,694
	Fund/ Hua Nan Non-Investment Grade Bond Fund	None	Financial assets measured at fair value through profit and loss - current	500	5,001	－	5,001
		Total			37,681		37,681
	Stock /TaiwanVes-Power Co., Ltd.	Related party in substance	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	252	54,890	3.60%	54,890
	Stock / Hsin Chuan Construction Corp.	Related party in substance	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	17,003	274,232	15.49%	274,232
	Stock / Taiwan Implant Technology Company,Ltd.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	815	3,135	4.14%	3,135
	Shares/Sunny Bank Ltd.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	5,256	59,739	0.14%	59,739
	Stock / Universal Venture Capital Investment Co.,Ltd.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	1,100	8,653	0.91%	8,653
	Stock /Yieh Corporation Limited	Related party in substance	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	200	66,973	2.38%	66,973
	Stock / Pacific Harbour Stevedoring Corp.	A director of the related party is the company's director	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	150	3,163	3.00%	3,163
	Stock / ImageDJ Corporation	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	24	535	0.96%	535
	Shares/Mega Growth Venture Capital Co., Ltd.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	417	2,796	0.79%	2,796
	Stock/SKYLARK INTERNATIONAL HOTEL CO.,LTD.	Related party in substance	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	25,999	283,025	13.68%	283,025
	Stock/Taiwan Business Bank No. 1 Venture	-	Financial assets measured at fair value through other	1,000	10,128	1.12%	10,128

－ 78 －

Held by	Type and name of marketable securities	Relationship with the issuers	Financial statement account	End ofperiod	End ofperiod	End ofperiod	End ofperiod
				Quantity or Unit	Carrying Amount	% of ownership	Fair Value
	Capital Limited Partnership		comprehensiveprofit and loss--noncurrent
	Stock/Far EasTone Telecommunications Co., Ltd.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	275	24,639	0.01%	24,639
		Total			791,908		791,908
Kings Garden International Co.,Ltd.	Fund/ FSITC Japan Quantitative Equity Fund	None	Financial assets measured at fair value through profit and loss - current	1,000	9,800	－	9,800
Great Emperor Hotel Co., Ltd.	Fund/ Mega ESG Taiwan-U.S. Sustainable Double Profits Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	500	4,910	－	4,910
SHIN YAGN STEEL CORP.	Fund/ Nomura All Weather Fund of Funds	None	Financial assets measured at fair value through profit and loss - current	300	2,961	－	2,961
	Fund/ Mega ESG Taiwan-U.S. Sustainable Double Profits Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	200	1,964	－	1,964
		Total			4,925		4,925
	Stock/Zheng Zi Technology Co., Ltd.	Related party in substance	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	293	3,198	19.50%	3,198
	Stock/E-Da Health Biotechnology Co., Ltd.	Related party in substance	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	8,550	79,026	19.00%	79,026
	Stock/UNICOCELL BIOMED CO., LTD.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	8,000	369,590	13.70%	369,590
		Total			451,814		451,814
EMMT Systems Corporation	Fund/ Taishin US-Japan and Taiwan Semiconductor EquityFund	None	Financial assets measured at fair value through profit and loss - current	180	1,791	－	1,791
	Fund/ Mega ESG Taiwan-U.S. Sustainable Double Profits Fund	None	Financial assets measured at fair value through profit and loss - current	190	1,866	－	1,866
		Total			3,657		3,657
	Stock/Rodan (Taiwan) Ltd.	-	Financial assets measured at fair value through other comprehensiveprofit and loss--noncurrent	17	2	0.51%	2
Yieh Hsing Enterprise Co., Ltd.	Fund/ Taishin US-Japan and Taiwan Semiconductor EquityFund	None	Financial assets measured at fair value through profit and loss - current	500	4,975	－	4,975
	Fund/ Mega ESG Taiwan-U.S. Sustainable Double Profits Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	800	7,856	－	7,856
	Fund/ Hua Nan Non-Investment Grade Bond Fund	None	Financial assets measured at fair value through profit and loss - current	500	5,000	－	5,000
		Total			17,831		17,831
	Stock / Pacific Harbour Stevedoring Corp.	A director of the related party is the company's chairman	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	150	3,163	3.00%	3,163

－ 79 －

Appendix table 4

Yieh Phui Enterprise Co., Ltd.

The cumulative purchase or sale amount of the same securities over NT$300 million or 20% of paid-in capital

January 1 to December 31, 2024

					January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024
					Unit: Thousand shares; NT$ thousand
Company Name	Type and name of marketable securities	Financial statement account	Name of related party	Relationship	Beginning of period		Buy		Sell				End of period
					Number of shares	Amount	Number of shares	Amount	Number of shares	Selling price	Carrying Amount	Disposal gain (loss)	Number of shares	Amount
Yieh Phui Enterprise Co., Ltd.	Kings Garden International Co., Ltd.	Investments accounted for using equity method	Capital increase in cash	Subsidiary of the Company	258,000	2,167,757	29,986	126,464 (Note)	-	-	-	-	287,986	2,294,221

(Note): Including the cash capital increase of NT$308,856 thousand, the investment gain (loss) of NT$ (153,758) thousand recognized under equity method, and the accumulated gain of NT$(28,634) thousand that was not subscribed to new shares pro rata to the ownership.

－ 80 －

Appendix table 5

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries

The Acquisition of Real Estate over NT$300 Million or 20% of Paid-in Capital

January 1 to December 31, 2024

Unit: Thousand NTD

Company acquiring property	Name of property	Date of occurrence	Transaction amount	Payment status	Name of related party	Relationship	When a counterparty is a related party, its previous transfer data	When a counterparty is a related party, its previous transfer data	When a counterparty is a related party, its previous transfer data	When a counterparty is a related party, its previous transfer data	Reference bases for price determination	Purpose of acquisition and condition of using	Other matter agreed
							Owner	Relationship with the issuer	Transfer date	Amount
EMMT Systems Corporation	Part of lands of E-Da Entrepreneurship Promotion Center.	2024.9.16	706,072	Note 1	~~S~~hangmao Enterprise Co., Ltd.	~~R~~elated party in substance	Yieh Mau Corp.	Associates	2017.2.9	113,397	Based on the appraisal report issued by a professional agency, the appraisal amount was NT$757,413 thousand, and the price was determined through the negotiated by both parties	To meet the demand for future order growth	None
	Part of the buildings and parking spaces of E-Da Entrepreneurship Promotion Center.						Note 2	Note 2	Note 2	454,090

(Note 1): The contract was signed in October 2024. As of December 31, 2024, payment has been made in full amount.

(Note 2): It is that Shangmao Enterprise Co., Ltd. acquired prime lands for construction, and the date of building completion and acquisition of the certificate of title was June 2024.

－ 81 －

Appendix table 6

Yieh Phui Enterprise Co., Ltd. Purchase and Sales with Related Parties Exceeding NT$100 Million or 20% of the Paid-in Capital January 1 to December 31, 2024

				January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024	January 1 to December 31, 2024
									Unit: NTD and foreign currencies in thousands
Purchaser/ Seller	Counterparty	Relationship with the counterparty		Transaction status			Differences in transaction terms compared to arms-length transaction		Notes or accounts receivable (payable)		Remarks
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit period	Unit price	Credit term	Balance	Percentage of total notes and accounts receivable (payable)
Yieh Phui Enterprise Co., Ltd.	Yieh Hong Enterprise Co., Ltd.	Related party in substance	Purchases	4,349,579	22.00%	Issue sight L/C or T/T	－	－	－	－	Accounts payable
	Yieh United Steel Corp.	Equity-method investee	Sales	592,627	2.32%	1-2 months for galvanized steel, 15 days for carbon steel scraps, as per the contract	－	－	81,261	6.35%	Accounts receivable
			Ph	159790	081%	I iht L/C T/T	－	－	24	001%	Nt bl
			urcases	,	.	ssue sg or				.	oes payae
	Yieh Corp.	Related party in substance	Sales	1,597,086	6.26%	1-2 months	－	－	83,556	6.53%	Accounts receivable
	Yieh Mau Corp.	Related party in substance	Purchases	412,849	2.09%	1-2 months	－	－	17,719	3.17%	Accounts payable
	Asiazone Co., Limited	Equity-method investee	Sales	696,672	2.73%	1-2 months	－	－	129,809	10.15%	Accounts receivable
	New Springs Construction Corp.	Related party in substance	Sales	368,574	1.44%	As agreed upon in the contract	－	－	162,299	12.69%	Accounts receivable
	SHIN YAGN STEEL CORP.	Subsidiary of the Company	Sales	422,571	1.66%	1-2 months	－	－	22,394	1.75%	Accounts receivable
YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Subsidiary	Sales	780,598 (RMB 173,227)	2.48%	1-4 months	－	－	151,756 (RMB33,274)	29.51%	Accounts receivable
	Asiazone Co., Limited	Equity-method investee of parent company	Sales	159,209 (USD 4,969)	0.51%	1-2 months	－	－	12,687 (USD 387)	2.47%	Accounts receivable
	Yieh Corp.	Related party in substance	Sales	103,164 (USD 3,232)	0.33%	1-2 months	－	－	3,156 (USD 96)	0.61%	Accounts receivable

－ 82 －

Purchaser/ Seller	Counterparty	Relationship with the counterparty	Transaction status	Transaction status	Transaction status	Transaction status	Differences in transaction terms compared to arms-length transaction	Differences in transaction terms compared to arms-length transaction	Notes or accounts receivable (payable)	Notes or accounts receivable (payable)	Remarks
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit period	Unit price	Credit term	Balance	Percentage of total notes and accounts receivable (payable)
SHIN YAGN STEEL CORP.	Yieh United Steel Corp.	Equity-method investee	Sales	141,213	2.77%	1-2 months	－	－	15,125	5.67%	Accounts receivable
Yieh Hsing Eti C	Yih Uitd Stl C	Eitthd it	Ph	3436950	5536%	I iht L/C T/T	－	－	24642	100%	Accounts
nerprse o.~~,~~ Ltd.	e ne ee orp.	quy-meo nvesee	urcases	,,	.	ssue sg or			,		payable

(Note): Transactions between the parent company and subsidiaries above have been written off.

－ 83 －

Appendix table 7

Yieh Phui Enterprise Co., Ltd.

Receivable from Related Parties Exceeding $100 Million or 20% of the Paid-in Capital

December 31, 2024

Unit: NTD and foreign currencies in thousands

Name of creditor	Counterparty	Relationship	Related-party account receivables	Turnover rate	Overdue receivable	Overdue receivable	Accounts receivable related party Amount recovered (Note 2)	Allowance for doubtful accounts
					Amount	Treatment method
Yieh Phui Enterprise Co., Ltd.	Kuo Chang Enterprise Co., Ltd.	Subsidiary	308,500	(Note 1)	－	－	－	－
	United Brightening DevelopmentCorp.	Subsidiary	730,000	(Note 1)	－	－	－	－
	ASIAZONE CO., LIMITED	Associates	129,809	(Note 1)	－	－	129,809 (USD 3,959)	－
	New Springs Construction Corp.	Related party in substance	162,299	(Note 1)	－	－	162,299	－
YIEH PHUI (HONG KONG) HOLDINGS LIMITED	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Subsidiary	2,897,129 (RMB 325,313) (USD 43,113)	(Note 1)	－	－	36,090 (RMB 7,913)	－
YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Subsidiary	151,756 (RMB 33,274)	4.25	－	－	45,608 (RMB 10,000)	－
			159,628 (RMB 35,000)	(Note 1)	－	－	－	－

(Note 1): It is a margin financing receivable and thus the calculation of turnover rate is not applicable.

(Note 2): The amount recovered as of March 12, 2025

(Note 3): The transactions between the parent company and subsidiaries referred to above have been written off.

－ 84 －

Appendix table 8

Yieh Phui Enterprise Co., Ltd.

Information about Investees

December 31, 2024

Unit: NTD and foreign currencies in thousands

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount	Original investment amount	EndingBalance	EndingBalance	EndingBalance	Net Income (Losses) of the Investee	Investment gain(loss) recognized in current period	Remark
				End of current period	Last yearend	Shares (thousand)	Ratio	Carrying Amount
Yieh Phui Enterprise Co., Ltd.	YIEH PHUI (HONG KONG) HOLDINGS LIMITED	Hong Kong	Investment company	7,455,877	7,455,877	233,500	100.00%	8,918,439	(832,052)	(832,052)
	Eliter International Corp.	Kaohsiung City	Constructing buildings	3,030,403	3,030,403	303,290	30.23%	3,143,603	112,600	34,033
	Yieh Hsing Enterprise Co., Ltd.	Kaohsiung City	Wire rods trading	2,261,296	2,261,296	304,654	57.41%	(192,091)	(1,084,119)	(611,650)
	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	1,453,572	1,453,572	39,553	11.30%	4,652,944	(633,054)	(71,540)
	E-Da Development Corp.	Kaohsiung City	Leisure development	2,181,523	2,181,523	109,076	28.44%	722,665	(518,455)	(147,460)
	United Brightening Development Corp.	Kaohsiung City	Technical consultant for iron and steel production	1,877,263	1,877,263	158,060	95.56%	4,511,220	(153,066)	(146,274)
	SHIN YAGN STEEL CORP.	Kaohsiung City	Steel products related businesses	870,000	870,000	195,948	100.00%	889,738	290,396	290,260
	Yieh Mau Corp.	Kaohsiung City	Trading & manufacturing	422,605	422,605	66,954	23.00%	909,062	397,710	105,407
	Kuo Chang Enterprise Co., Ltd.	Kaohsiung City	Wholesaling of hardware	1,385,973	1,385,973	110,341	99.04%	2,682,913	(103,636)	(102,641)
	ASIAZONE CO., LTD.	Hong Kong	Steel products trading and related businesses	595,424	595,424	15,090	32.80%	767,389	16,566	5,434
	Shin Phui Steel Corporation	Kaohsiung City	Steel products trading	214,236	214,236	24,228	100.00%	273,001	4,991	5,897
	Sin Bang Investment & Development Co.,Ltd	Kaohsiung City	Investment company	267,209	267,209	19,453	100.00%	850,420	(13,278)	(13,278)
	EMMT Systems Corporation	Taichung City	Manufacturing and marketing of military specification printed circuit boards	310,351	310,350	87,034	78.51%	1,186,074	158,540	124,471
	GOOD HONOR HOLDINGS LTD.	British Virgin Islands	Investment company	-	14,723	-	-	-	53	53	Liquidated
	Gen-Wan Technology Corp	Kaohsiung City	Telecommunications contracts	151,165	151,164	8,442	90.12%	109,235	11,759	10,597
	Zheng Xin Security Co., Ltd.	Kaohsiung City	Systematic security services	14,000	14,000	1,400	35.00%	6,376	1,890	661

－ 85 －

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount	Original investment amount	EndingBalance	EndingBalance	EndingBalance	Net Income (Losses) of the Investee	Investment gain(loss) recognized in current period	Remark
				End of current period	Last yearend	Shares (thousand)	Ratio	Carrying Amount
	Eda Bus Transportation Co., Ltd.	Kaohsiung City	Bus passenger transport	80,510	80,510	1,845	17.09%	11,208	(2,538)	(434)
Yieh Phui Enterprise Co., Ltd.	E-DA Tour Bus Co., Ltd	Kaohsiung City	Bus passenger transport	20,900	20,900	1,349	19.00%	8,314	(4,171)	(792)
	WORTHING HONOR HOLDINGS LTD.	British Virgin Islands	Investment company	-	6,672	-	-	-	34	34	Liquidated
	E United Japan Co., Ltd.	Japan	Steel products trading and related businesses	8,027	8,027	-	47.00%	4,797	1,858	873
	Tian-Yue Hot Spring And Resort Inc.	Kaohsiung City	Hotel industry	16,088	11,700	1,609	14.63%	3,077	(995)	(1,311)
	E-DA Entertainment Inc.	Kaohsiung City	Entertainment business	74,100	74,100	7,410	19.00%	43,759	(264)	(50)
	Li Hui Development Co., Ltd.	Kaohsiung City	Investment company	321,216	321,216	88,811	44.56%	308,090	17,039	156	Note 1
	Chi Chang Enterprise Co., Ltd.	Kaohsiung City	Investment company	5,050	5,050	1,459	45.00%	4,423	149	(62)	Note 1
	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	5,023,625	5,023,625	676,661	25.82%	3,066,265	(2,588,051)	(689,443)	Note 1
	Hong Yu Asset Management Corp.	Kaohsiung City	Management service	1,647,200	1,551,200	167,920	80.00%	640,772	(60,278)	(48,222)
	E-DA VISUAL EFFECTS CORP.	Kaohsiung City	Entertainment business	44,693	27,543	4,900	49.00%	2,291	(13,186)	(14,859)
	LIAN SO(H.K.)CO.,LIMITED	Hong Kong	Investment company	580,422	580,422	18,960	80.00%	295,944	(41,808)	(33,446)
	YIEH PHUI AMERICA, INC.	USA	Steel products trading	292	292	1	100.00%	182,108	16,539	16,539
	Great Emperor Hotel Co., Ltd.	Kaohsiung City	Hotel industry	3,265,100	3,265,100	317,000	60.15%	2,528,494	(150,975)	(90,814)
	Kings Garden International Co., Ltd.	Kaohsiung City	Housing and Building Development and Rental, Department Stores	2,966,256	2,657,400	287,986	57.59%	2,294,221	(274,798)	(153,758)
	SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD.	Kaohsiung City	Manpower Dispatched	9,600	9,600	960	32.00%	5,534	(2,217)	(709)
	YIEH UNITED INVESTMENT HOLDING PTE.LTD.	Singapore	Investment company	1,824	-	80	80.00%	1,120	(1,008)	(863)
	Plus: transfer to other non-current liabilities							192,091
	Total			36,555,800	36,148,975			39,023,496	(5,447,825)	(2,365,243)

Note 1: Due to the mutual shareholding of the Company and Yieh United Steel Corp., the Company adopted the valuation method under the equity method. The investment income was calculated under the treasury stock method. Therefore, the investment of Yieh United was deducted from the profit and loss of the investee listed above by Yieh United. The relevant gains and losses recognized by the equity method.

－ 86 －

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount	Original investment amount	EndingBalance	EndingBalance	EndingBalance	Net Income (Losses) of the Investee	Investment gain(loss) recognized in current period	Remark
				End of current period	Last yearend	Shares (thousand)	Ratio	Carrying Amount
Shin Phui Steel Corporation	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	24,562	24,562	3,178	0.12%	14,388	(2,588,051)	(3,238)	Note 1
	Great Emperor Hotel Co., Ltd.	Kaohsiung City	Hotel industry	515	515	50	0.01%	399	(150,975)	(13)
	Kings Garden International Co., Ltd.	Kaohsiung City	Housing and Building Development and Rental, Department Stores	515	515	50	0.01%	398	(274,798)	(29)
Gen-Wan Technology Corp	EMMT Systems Corporation	Taichung City	Manufacturing and marketing of military specification printed circuit boards	27,630	27,630	8,291	7.48%	112,985	158,540	11,857
EMMT Systems Corporation	APPLIED WIRELESS IDENTIFICATIONS GROUP，INC.	San Francisco, USA	RFID	243,395	243,395	40,601	88.93%	527,004	80,649	71,724
	Unipattern Co.	Kaohsiung City	Computer and Peripheral Equipment Manufacturing	54,960	54,960	5,460	43.33%	57,239	(3,859)	(1,672)
SHIN YAGN STEEL CORP.	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	17,385	17,385	2,195	0.08%	9,939	(2,588,051)	(2,236)	Note 1
	SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD.	Kaohsiung City	Manpower Dispatched	1,500	1,500	150	5.00%	865	(2,217)	(111)
Sin Bang Investment & Development Co., Ltd	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	265,482	265,482	7,224	2.07%	849,818	(633,054)	(13,066)
Kuo Chang Enterprise Co., Ltd.	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	439,197	439,197	56,817	2.17%	257,276	(2,588,051)	(57,891)	Note 1
	Eliter International Corp.	Kaohsiung City	Constructing buildings	256,709	256,709	25,053	2.50%	259,745	112,600	2,811
	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	786,714	786,714	21,328	6.09%	2,508,988	(633,054)	(38,576)
United Brightening Development Corp.	Chao Ying Investment and Development Co.,Ltd.	Kaohsiung City	Investment company	341,992	341,992	30,400	100.00%	1,046,973	(16,326)	(16,326)
	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	449,508	449,508	58,151	2.22%	263,316	(2,588,051)	(59,250)	Note 1

－ 87 －

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount	Original investment amount		EndingBalance	EndingBalance	Net Income (Losses) of the Investee	Investment gain(loss) recognized in current period
				End of current period	Last yearend	Shares (thousand)	Ratio	Carrying Amount
	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	1,177,838	1,177,838	32,050	9.16%	3,770,304	(633,054)	(57,970)
	Eliter International Corp.	Kaohsiung City	Constructing buildings	368,542	368,542	34,292	3.42%	355,530	112,600	3,848
Chao Ying Investment and Development Co., Ltd.	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	336,957	336,957	8,898	2.54%	1,046,745	(633,054)	(16,094)
Hong Yu Asset ~~M~~anagement Corp.	Lian Hsin Steel Co., Ltd.	Indonesia	Metal Manufacturing	988,549	891,697	3,180	60.40%	536,852	(97,451)	(58,869)
	Prepaid stock - Lian Hsin Steel Co., Ltd.	Indonesia	Metal Manufacturing	55,440	55,440	-	-	55,440	-	-
	Lian Hong Minerals Co., Ltd.	Indonesia	Nickel Mining Business	100,303	100,303	3,787	19.00%	108,322	114,220	15,471
	Pre-payment for shares - Lian Hong Minerals Co., Ltd.	Indonesia	Nickel Mining Business	7,367	7,367	-	-	7,367	-	-
	Lian Heng Minerals Co., Ltd.	Indonesia	Nickel Mining Business	9,371	9,371	381	75.00%	(42,778)	(1,943)	(1,457)
	Pre-payment for shares - Lien Heng Minerals Co., Ltd.	Indonesia	Nickel Mining Business	69,365	69,365	-	-	69,365	-	-
	Ya Mai Co., Ltd.	Indonesia	Nickel Mining Business	89,386	89,386	55	100.00%	61,817	24,256	24,256
LIAN SO(H.K)CO., LIMITED	Lian Yang (Hong Kong) Trading Limited	Hong Kong	Trading business	3,071	3,071	100	100.00%	16,458	673	673
	Lian Hsin Steel Co., Ltd.	Indonesia	Metal Manufacturing	640,199	640,199	2,085	39.60%	351,980	(97,441)	(38,592)

－ 88 －

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount	Original investment amount	EndingBalance	EndingBalance	EndingBalance	Net Income (Losses) of the Investee	Investment gain(loss) recognized in current period	Remark
				End of current period	Last yearend	Shares (thousand)	Ratio	Carrying Amount
Lian Hsin Steel Co., Ltd.	Lian Hong Minerals Co., Ltd.	Indonesia	Nickel Mining Business	410,207	410,207	16,142	81.00%	449,838	114,220	65,955
	Pre-payment for shares - Lian Hong Minerals Co., Ltd.	Indonesia	Nickel Mining Business	72,393	72,393	-	-	72,393	-	-
	Lian Heng Minerals Co., Ltd.	Indonesia	Nickel Mining Business	18,586	18,586	127	25.00%	(14,259)	(1,943)	(486)
Yieh Hsing Enterprise Co., Ltd.	Great Emperor Hotel Co., Ltd.	Kaohsiung City	Hotel	2,099,500	2,099,500	209,950	39.84%	1,674,628	(150,975)	(60,148)
	Kings Garden International Co., Ltd.	Kaohsiung City	Housing and Building Development and Rental, Department Stores	2,119,500	2,119,500	211,950	42.39%	1,688,485	(274,798)	(121,009)
	UNITED WINNER METALS L.P	State of Virginia , USA	Recycling of scrap steel	106,878	107,150	3,460	33.75%	169,769	25,400	8,573
Yieh Hsing Enterprise Co., Ltd.	Zheng Xin Security Co., Ltd.	Kaohsiung City	Systematic security services	4,000	4,000	400	10.00%	1,822	1,890	189
	Eliter International Corp.	Kaohsiung City	Constructing buildings	748,896	748,896	74,427	7.42%	771,640	112,600	8,352
	E-Da Development Corp.	Kaohsiung City	Leisure development	455,740	455,741	22,787	5.94%	152,410	(518,455)	(30,806)
	Yieh United Steel Corp.	Kaohsiung City	Steel related	20,204	20,204	2,542	0.10%	11,590	(2,588,051)	(2,513)	Note 2
	SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO.,LTD.	Kaohsiung City	Manpower Dispatched	2,400	2,400	240	8.00%	1,383	(2,217)	(177)
Kings Garden International Co., Ltd.	HUAGLAM International Co., Ltd.	Kaohsiung City	Wholesale of Daily Supplies and Cosmetics	110,000	110,000	11,000	100.00%	(7,605)	(20,966)	(20,966)
	Yimao Development Co., Ltd.	Kaohsiung City	Department Stores, Amusement Parks, Hotels	100,224	27,520	10,022	12.80%	100,006	(493)	(63)
Great Emperor Hotel Co., Ltd.	Yimao Development Co., Ltd.	Kaohsiung City	Department Stores, Amusement Parks, Hotels	100,224	27,520	10,022	12.80%	100,006	(493)	(63)

－ 89 －

Appendix table IX

Yieh Phui Enterprise Co., Ltd.

Disclosure of Information on Investments in Mainland China January 1 to December 31, 2024

						Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands	Unit: NTD and foreign currencies in thousands
Investment company	Name of Investee in Mainland China	Main Businesses	Paid-in Capital	Investment method (Note 1)	Accumulated investment balance - beginning of current period	Amount remitted or recovered in the currentperiod		Accumulated investment balance-end of current period	Net Income (Losses) of the Investee	Direct and indirect percentage of ownership	Investment gains and losses recognized in the current period (Note 2)	Carrying amount at the ending quarter	Accumulated investment income received until the end of period
						Remitted	Received
Yieh Phui Enterprise Co., Ltd.	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Manufacturing and marketing of pickled, cold rolled, galvanized and pre-painted steel coils	7,743,817 (USD 236,200) (Note 6)	(II)	7,655,297 (USD 233,500)	－	－	7,655,297 (USD 233,500)	(825,032)	100%	(825,032) (II.2)	8,959,530	－
	ZHANG HUI (CHANGSHU) TRADE CO., LTD.	Steel products trading	45,608 (RMB 10,000)	(II) (Note 4)	－	－	－	－	464	100%	464 (II.2)	50,460	－
	Tianjin Lianfa Precision Steel Corporation Beneficiary	Manufacturing and marketing of special high grade alloy	442,597 (USD 13,500)	(II) (Note 5)	－	－	－	－	(30,333)	100%	(30,333) (II.2)	(258,443)	－

Name of Investor		Name of Investee in Mainland China			Accumulated amount of remittance from Taiwan to Mainland China at the end of period			Investment amount approved by the Investment Commission of the Ministry of Economic Affairs			Ceiling on investment in Mainland China imposed by the Investment Commission of the Ministry of Economic Affairs
Yieh Phui Enterprise Co., Ltd.		YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.			7,655,297 (USD 233,500)			7,743,817 (USD 236,200)			23,096,456

Note 1: Investment is handled in one of the three methods below, please specify the chosen investment method:

(I) Direct investment in Mainland China.
(II) Reinvesting in Mainland China through a company in a third region (please specify the investment company in the third region).

YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.: reinvests in companies in Mainland China through YIEH PHUI (HONG KONG) HOLDINGS LIMITED, a company incorporated in a third region. ZHANG HUI (CHANGSHU) TRADE CO., LTD.: Invested by YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.

Tianjin Lianfa Precision Steel Corporation Beneficiary: Invested by YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.

(III) Other methods.

Note 2: Columns of investment gains and losses recognized for the current period:

(I) Please notify if still at the development stage; hence, no profit or loss has occurred.
(II) Bases to recognized investment profit and loss are divided into three categories, which shall be noted
Financial statements are audited and certified by the international CPA Firm that cooperates with the ROC CPA Firm.
Financial statements are audited and certified by the CPA Firm of the parent company in Taiwan.
Others

Note 3: If the amount in this table involves foreign currency, the book value of the investment at the end of the period is converted into NTD based on the exchange rate on the date of financial reporting (USD:NTD

1:32.785; RMB 1:4.5608; For the recognition of profit or loss, the average exchange rate on January 1 to December 31, 2024 (USD:NTD 1:32.0531; RMB:NTD 1:4.5060) is converted into NTD.

Note 4: RMB 10,000 thousand was invested by Yieh Phui (China) Technomaterial Co., Ltd. with its own funds. As of December 31, 2024, the cumulative investment amount was RMB 10,000 thousand.

Note 5: The company originally held a 100% stake in Tianjin Lianfa Precision Steel Corporation Beneficiary (with paid-in capital of USD 13,500 thousand) in mainland China through Hsing Jui Investments Limited. In July 2015, this equity was transferred to Yieh Phui (China) Technomaterial Co., Ltd. for RMB 20,000 thousand. After deducting the applicable taxes, the actual amount received was RMB 19,990 thousand

－ 90 －

(approximately USD 3,213 thousand), which has been remitted back to the company's domestic accounts.

Note 6: In April 2016, Yieh Phui (China) Technomaterial Co., Ltd. capitalized on earnings by US$2,700 thousand.

Note 7: AWID (Changshu) Co., Ltd. was liquidated in June 2021. AWID China Co., Ltd. was liquidated in July 2020. The investment in Changshu Chiyang Emerging Building Materials Ltd. was completely sold in February 2013, with the investment funds and earnings repatriated. Jiangsu Jieyang Construction And Installation Ltd. was liquidated in 2012. Therefore:

(1) Amount of investment from Taiwan disposed of by subsidiaries in Mainland China: NT$529,431 thousand
(2) Repatriation of investment income of the subsidiaries in Mainland China already disposed: NT$69,518 thousand
(II) The significant transactions between the Company and investment companies in Mainland China directly or indirectly through third regions from January 1 to December 31, 2024 are as follows:
Significant transactions with investment companies in Mainland China: Please refer to Tables 5 to 7 in Note XIII.
Financing with investment companies in Mainland China: See Note XIII, Table I.
Endorsements and guarantees provided to investment companies in Mainland China: See Note XIII, Table II.

－ 91 －

Appendix table 10

Appendix table 10	Appendix table 10	Appendix table 10
Yieh Phui Enterprise Co., Ltd. Information of major shareholders December 31,2024
Name of major shareholder	Number of shares held	% of ownership
Yieh United Steel Corp.	323,554,814	16.30%
Wei Qiao Investment Development Co., Ltd.	220,325,638	11.10%

Note: This table of major shareholder information is calculated by the Taiwan Depository & Clearing Corporation (TDCC) based on the last business day of each quarter. It includes data on shareholders holding five percent or more of the company's dematerialized registered common and preferred shares (including treasury shares). The share capital reported in the financial report and the actual number of shares that have completed the scripless registration may be different due to different calculation bases.

－ 92 －

XIV. Operating Segment

Disclosure of the segment information in standalone financial statements is waived because the information has included in the Company’s parent company only financial reports.

－ 93 －

IX. Index for Statement of Significant AccountingItems	IX. Index for Statement of Significant AccountingItems
Item	No./Index
Asset,liabilityand equityitems
Details of cash and cash equivalents	89
Financial asset at fair value throughprofit or loss - current	90
Notes receivable	91
Details of accounts receivable	92
Details of other receivables	93
Details of inventory	94
Details ofprepayments	Note VI(VII)
Statement of changes in financial assets measured at fair value through other comprehensive income - non-current	95
Investment accounted for usingequitymethod	96
Property, plant and equipment	Note VI(X)
Statement of changes in accumulated depreciation and accumulated impairment of property, plant and equipment	Note VI (X)
Statement of changes in right-of-use assets	Note VI(XI)
Statement of changes in accumulated depreciation and accumulated impairment of right-of-use assets	Note VI (XI)
Deferred income tax assets	Note VI(XXX)
refundable deposits	98
Other financial assets – non-current	99
Details of short term loans	100
Details of short term notespayable	102
Details of notespayable	103
Details of accountspayable	104
Otherpayable	Note VI(XV)
Statement of reserve for liabilities - current	Note VI(XVI)
Long-term borrowing	105
Statement of other lease liabilities	108
Deferred income tax liabilities	Note VI(XXX)
guarantee deposit received	109
Gain and loss items
Details of operatingrevenue	110
Details of operatingcost	111
Details of marketingexpenses	113
Details of administrative expenses	113
Summaryof nature of employee benefits,depreciation,depletion and amortization	Note VI(XXV)
Statement of net othergains and expense losses	Note VI(XXVIII)
Financial cost	Note VI(XXIX)

－ 94 －

Yieh Phui Enterprise Co., Ltd. Details of cash and cash equivalents December 31, 2024

Item Cash Bank deposits Bank deposits, subtotal Cash equivalents Total	Summary Cash on hand Checking deposit Demand deposits - NTD Demand deposits - foreign currency Time deposits with original maturity date within three months	Unit: NTD and foreign currencies in thousands Amount Remarks $1,760 $ 163,485 37,130 1,373,108 USD 41,793 SGD 120 JPY 0.011 $1,573,723 20,000 $1,595,483	Unit: NTD and foreign currencies in thousands Amount Remarks $1,760 $ 163,485 37,130 1,373,108 USD 41,793 SGD 120 JPY 0.011 $1,573,723 20,000 $1,595,483
			USD 41,793 SGD 120 JPY 0.011

(Note) December 31, 2024 exchange rate: USD exchange rate: 1: 32.7850 JPY exchange rate 1: 0.2099 SGD exchange rate 1: 24.1300

－ 95 －

Yieh Phui Enterprise Co., Ltd. Financial asset at fair value through profit or loss - current December 31, 2024

Name of financial Instruments	Summary	Quantity or Unit	Cost of Acquisition	Unit: Thousand shares; Thousand NTD Fair Value Unit price Total amount Remarks 11.58 $ 5,026 9.95 7,960 10.00 3,000 9.82 16,694 10.00 5,001 $37,681	Unit: Thousand shares; Thousand NTD Fair Value Unit price Total amount Remarks 11.58 $ 5,026 9.95 7,960 10.00 3,000 9.82 16,694 10.00 5,001 $37,681
				Unit price	Total amount
AB FCP I-Global High Yield Portfolio Taishin US-Japan and Taiwan Semiconductor Equity Fund Jih Sun Taiwan Multi-Asset Fund Mega ESG Taiwan-U.S. Sustainable Double Profits Multi-Asset Fund Hua Nan Non-Investment Grade Bond Fund Total	Funds Funds Funds Funds Funds	434 800 300 1,700 500	$ 5,050 8,048 3,000 17,050 5,045	11.58 9.95 10.00 9.82 10.00	$ 5,026 7,960 3,000 16,694 5,001
			$38,193		$37,681

－ 96 －

Yieh Phui Enterprise Co., Ltd. Notes receivable December 31, 2024

Counterparty Others Total Less: Allowance for losses Net amount	Summary Notes receivable for progress payment (Less than 5%)	Amount $ 62 - $ 62 (5) $57	Unit: NT$1,000 Remarks

－ 97 －

Yieh Phui Enterprise Co., Ltd. Details of accounts receivable December 31, 2024

	December 31, 2024
Counterparty Not-related party Company B Company C Company D Company E Others Total Less: Allowance for losses Net amount Related Party: New Springs Construction Co., Ltd. Asiazone Co., Limited YIEH CORPORATION LIMITED(HK) Yieh United Steel Corp. Others Total Less: Allowance for losses Net amount	Summary Sales payment receivable Sales payment receivable Sales payment receivable Sales payment receivable (aggregation of these less than 5%) Progress payment receivable Sales payment receivable Sales payment receivable Sales payment receivable (aggregation of these less than 5%)	Unit: NTD and foreign currencies in thousands Amount Remarks $ 271,748 USD 8,289 96,470 USD 2,942 52,821 USD 1,611 43,322 329,729 $ 794,090 (3,081) $791,009 $ 162,299 129,809 USD 3,959 83,556 USD 2,549 81,261 32,305 $ 489,230 (866) $488,364
		$ 271,748 96,470 52,821 43,322 329,729	USD 8,289 USD 2,942 USD 1,611 USD 3,959 USD 2,549
		$ 794,090 (3,081)
		$791,009
		$ 162,299 129,809 83,556 81,261 32,305
		$ 489,230 (866)
		$488,364

USD exchange rate 1:32.785 on December 31, 2024

－ 98 －

Yieh Phui Enterprise Co., Ltd. Details of other receivables December 31, 2024

Item Not-related party Related Party:	Summary Business tax refundable for November-December Refundable dumping duties Purchase return receivable Other receivable Loans to others receivable Purchase return receivable Guarantee processing fee receivable Workforce support receivable Scrapped iron income receivable Interest income receivable Other receivable	Unit: NTD and foreign currencies in thousands Amount Remarks $ 115,000 292 USD 9 4,540 1,359 $121,191 $ 1,038,500 6,050 3,798 USD 116 1,548 2,406 1,986 988 $1,055,276	Unit: NTD and foreign currencies in thousands Amount Remarks $ 115,000 292 USD 9 4,540 1,359 $121,191 $ 1,038,500 6,050 3,798 USD 116 1,548 2,406 1,986 988 $1,055,276
			USD 9 USD 116

USD exchange rate 1: on December 31, 2024 32.785

－ 99 －

Yieh Phui Enterprise Co., Ltd. Details of inventory December 31, 2024

Unit: NT$1,000

Item	Summary	Amount	Amount
		Cost	Net realizable value
Rolled coil goods division: Raw materials Supplies Work in progress Finished goods By-products and scraps Subtotal Less: Allowance for losses on obsolesce and market value decline in inventories Net amount Heavy Industry Department: Raw materials Supplies Subtotal Less: Allowance for losses on obsolesce and market value decline in inventories Net amount Total	Steel coil LPG, LNG, resin chromic acid, thinner Rolled, galvanized and pre-painted steel coils Pickled, cold rolled, galvanized and pre-painted, steel coils Scraps and byproducts Angle steel, section steel Bolt, shear concrete stud	$ 1,910,672 15,575 509,880 1,419,449 100,294	$ 1,973,809 15,611 514,792 1,536,139 96,593
		3,955,870 (8,988)	4,136,944 -
		3,946,882	4,136,944
		117,042 3,628	124,384 3,539
		120,670 (432)	127,923 -
		120,238	127,923
		$4,067,120	$4,264,867

－ 100 －

Yieh Phui Enterprise Co., Ltd.

Statement of changes in financial assets measured at fair value through other comprehensive income - non-current

January 1 to December 31, 2024

Unit: Thousand shares; Thousand NTD

Name	Beginning balance	Beginning balance	Increase	Increase	Decrease	Decrease	Ending balance	Ending balance	Collateral or pledge provided
	Shares	Fair Value	Shares	Fair Value	Shares	Fair Value	Shares	Fair Value
Far EasTone Telecommunications Co., Ltd. Taiwan Ves-Power Co., Ltd. New Springs Construction Corp. Taiwan Implant Technology Co., Ltd. Sunny Bank Ltd. Universal Venture Capital Investment Co., Ltd. Yieh Corporation Limited Pacific Harbor Stevedoring Corporation Dance & Jump Software Co., Ltd. Mega Growth Venture Capital Co., Ltd. Skylark International Hotel Co., Ltd. Shin Jan Capital Co., Ltd. Taiwan Business Bank No. 1 Venture Capital Limited Partnership Chateau Bridgetop Inc. Grand Fortune Special Steel Co., Ltd. Strategic Advisory Investment Ltd. Windance Co., Ltd. Total	276 252 17,003 815 4,912 1,100 200 150 24 556 26,000 1,197 - 5,000 3,558 100 18,469	$ 21,993 53,826 177,933 4,392 54,312 8,123 60,451 3,863 535 3,553 369,912 10,166 10,101 - - - -	- - - - 344 - - - - - - - - - - - -	$ 2,646 1,064 96,299 - 5,427 530 6,522 - - - - - 27 - - - -	- - - - - - - - - 139 - 1,197 - - - - -	$ - - - 1,257 - - - 700 - 757 86,887 10,166 - - - - -	276 252 17,003 815 5,256 1,100 200 150 24 417 26,000 - - 5,000 3,558 100 18,469	$ 24,639 54,890 274,232 3,135 59,739 8,653 66,973 3,163 535 2,796 283,025 - 10,128 - - - -	None None None None None None None None None None None None None None None None None
	79,612	$ 779,160	344	$ 112,515	1,336	$ 99,767	78,620	$ 791,908

Description: 1. An increase of NT$112,515 thousand for the current period is due to the recognition of unrealized valuation gains of NT$112,515 thousand.

The decrease of NT$99,767 thousand for the current period is mainly due to the sale of NT$60 thousand, the cost written off by refunded share payment from a capital decrease, amounted NT$13,304 thousand, cash dividends of NT$169 thousand and unrealized valuation loss of NT$86,234 thousand.

－ 101 －

Yieh Phui Enterprise Co., Ltd.

Investment accounted for using equity method

January 1 to December 31, 2024

Unit: Thousand shares; Thousand NTD

Name	Beginning balance	Beginning balance	I	ncrease	D	ecrease		Ending bala	nce	Market valu	e or net worth	Collateralized or pledged	Remarks
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	% of ownership	Amount	Unit price	Net value of equity
YIEH PHUI (HONG KONG) HOLDINGS LIMITED Eliter International Corp. Yieh Hsing Enterprise Co., Ltd. Tang Eng Iron Works Co., Ltd. E-Da Development Corp. United Brightening Development Corp. SHIN YAGN STEEL CORP. Yieh Mau Corp. Kuo Chang Enterprise Co., Ltd. ASIAZONE CO., LTD. Shin Phui Steel Corporation Sin Bang Investment & Development Co., Ltd EMMT Systems Corporation GOOD HONOR HOLDINGS LTD. Gen-Wan Technology Corp Zheng Xin Security Co., Ltd. Eda Bus Transportation Co., Ltd. E-DA Tour Bus Co., Ltd WORTHING HONOR HOLDINGS LTD. E United Japan Co., Ltd. Tian-Yue Hot Spring And Resort Inc. E-DA Entertainment Inc. Li Hui Development Co., Ltd.	233,500 303,290 304,654 39,553 218,152 158,060 186,617 65,641 110,341 15,090 24,228 19,452 72,528 46 6,396 1,400 1,845 1,349 100 - 1,170 7,410 71,277	$9,278,296 3,112,007 381,263 4,726,014 875,102 4,648,544 547,330 811,779 2,775,707 713,497 266,484 863,978 1,076,258 4,259 96,782 5,715 11,642 9,107 2,882 4,072 - 50,712 296,487	- - - - - - 9,331 1,313 - - - - 14,506 - 2,046 - - - - - 439 - 17,534	$ 472,195 34,057 38,276 2,409 194 13,473 345,265 122,965 13,856 53,892 6,613 440 146,085 240 12,453 661 - - 163 873 4,388 - 11,680	- - - - 109,076 - - - - - - - - 46 - - - - 100 - - -	$ 832,052 2,461 612,879 75,479 152,631 150,797 2,857 25,682 106,650 - 96 13,998 36,269 4,499 - - 434 793 3,046 148 1,311 6,953 77	233,500 303,290 304,654 39,553 109,076 158,060 195,948 66,954 110,341 15,090 24,228 19,452 87,034 - 8,442 1,400 1,845 1,349 - - 1,609 7,410 88,811	100.00 30.23 57.41 11.30 28.44 95.56 100.00 23.00 99.04 32.80 100.00 100.00 78.51 - 90.12 35.00 17.09 19.00 - 47.00 14.63 19.00 44.56	$8,918,439 3,143,603 (192,091) 4,652,944 722,665 4,511,220 889,738 909,062 2,682,913 767,389 273,001 850,420 1,186,074 - 109,235 6,376 11,208 8,314 - 4,797 3,077 43,759 308,090	38.19 10.51 (0.15) 31.35 6.69 28.46 4.54 13.93 24.43 50.85 11.00 43.72 13.63 - 12.94 4.55 6.07 6.16 - - 1.91 5.91 4.20	$8,918,439 3,187,291 (46,116) 4,652,944 729,549 4,499,131 889,503 932,962 2,695,442 767,389 266,566 850,420 1,186,074 - 109,235 6,376 11,208 8,314 - 4,797 3,077 43,759 373,417	None None None None None None None None None None None None None None None None None None None None None None None

－ 102 －

Chi Chang Enterprise Co., Ltd. 1,042 Yieh United Steel Corp. 676,661 Hong Yu Asset Management Corp. 158,320 E-DA VISUAL EFFECTS CORP. 3,185 LIAN SO(H.K.)CO.,LIMITED 18,960 YIEH UNITED INVESTMENT HOLDING PTE.LTD - YIEH PHUI AMERICA, INC. 1 Great Emperor Hotel Co., Ltd. 317,000 Kings Garden International Co., Ltd. 258,000 SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD. 960 Plus: transfer to other non-current liabilities Total	4,486 417 3,625,062 - 606,861 9,600 - 1,715 314,879 - - 80 154,711 - 2,619,308 - 2,167,757 29,986 6,244 - $40,057,224	- - 147,946 - 96,000 - 17,150 - 14,511 - 1,989 - 27,397 - - - 308,856 - - - $ 1,894,027	63 1,459 45.00 706,742 676,661 25.82 62,089 167,920 80.00 14,859 4,900 49.00 33,446 18,960 80.00 869 80 80.00 - 1 100 90,814 317,000 60.15 182,392 287,986 57.59 710 960 32.00 $ 3,121,096	4,423 3.81 3,066,265 4.77 640,772 3.82 2,291 0.47 295,944 15.61 1,120 14.00 182,108 182,108.00 2,528,494 7.98 2,294,221 7.97 5,534 5.76 192,091 $39,023,496	5,566 None 3,226,934 None 640,772 None 2,291 None 295,944 None 1,120 None 182,108 None 2,528,494 None 2,294,221 None 5,534 46,116 $39,318,876

Note: Other than increases or decreases in investment, the increase and decrease this year is mainly due to the elimination of unrealized gains and losses on downstream transactions, investment gains and losses recognized under the equity method, and the net amount of equity-related adjustments, as well as cash dividends received.

－ 103 －

Yieh Phui Enterprise Co., Ltd. refundable deposits December 31, 2024

Item	Summary	Unit: NTD and foreign currencies in thousands Amount Remarks $ 436,040 USD 13,300 18,022 3,343 $457,405	Unit: NTD and foreign currencies in thousands Amount Remarks $ 436,040 USD 13,300 18,022 3,343 $457,405
Refundable deposits Total	Bonds for customs duties and fees Bonds for issuing L/C Deposit for lease	$ 436,040 18,022 3,343	USD 13,300
		$457,405

USD exchange rate 1:32.785 on December 31, 2024

－ 104 －

Yieh Phui Enterprise Co., Ltd. Other financial assets – non-current December 31, 2024

Item Bank of Taiwan Gangshan Mega Kaohsiung Total	Summary Time deposits pledged Time deposits pledged	Amount $ 160 149 $309	Unit: NT$1,000 Remarks

－ 105 －

Yieh Phui Enterprise Co., Ltd. Details of short term loans December 31, 2024

			December 31, 2024
Creditor	Summary	Endingbalance	Contract tenor	Credit limit(Note 3)	Collateral or security	Unit: NT$1,000 Remarks
Bangkok Bank-Kaohsiung Branch Mega Bank (Kaohsiung Metropolitan Branch) Shanghai Commercial & Savings Bank (Chien Chin Branch) Land Bank (Kangshan Branch) Chinatrust Commercial Bank (Mintsu Branch) Taichung Bank Kaohsiung SinoPac North Kaohsiung Hua Nan Bank (Kangshan Branch) Chang Hwa Commercial Bank (Kaohsiung Branch) Xinxing Branch, Bank of Panshin KGI Kaohsiung Taiwan Cooperative Bank (Kaohsiung Branch) ONE Kaohsiung Taiwan Business Bank, Kaohsiung Bank of Taiwan (Kangshan Branch) First Commercial Bank - Hsin Hsing Branch Subtotal Taiwan Shin Kong Bank-Chi Hsien	Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Loans for material purchase Unsecured loan	$ 304,595 280,631 159,087 392,457 325,254 196,794 99,745 297,307 402,288 49,102 559,435 39,268 199,879 241,210 149,626 286,624	2024/09/05-2025/06/24 2024/10/15-2025/05/03 2024/08/08-2025/06/03 2024/08/15-2025/05/24 2024/11/28-2025/03/26 2024/10/17- 2025/06/08 2024/12/05-2025/03/11 2024/11/07-2025/05/23 2024/09/02-2025/06/29 2024/12/20-2025/06/20 2024/10/08- 2025/06/19 2024/11/01- 2025/06/18 2024/11/14-2025/05/27 2024/11/06-2025/6/7 2024/12/19-2025/06/24 2024/10/9-2025/6/24 2024/12/02-2025/02/02	$ 650,500 1,180,000 161,650 550,000 500,000 200,000 300,000 300,000 700,000 230,000 600,000 550,000 400,000 660,800 750,000 600,000	Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 Note 1 None
		$3,983,302		$8,332,950
		$ 100,000		$ 200,000

－ 106 －

COTA in Feng Shan Unsecured loan Export-Import Bank of the Republic of China Kaohsiung Unsecured loan Bank of China – Taipei Branch Unsecured loan Mega Bank (Kaohsiung Metropolitan Branch) Unsecured loan Yuanta Bank (Kaohsiung Branch) Unsecured loan Sunny Bank - Liwen Branch Unsecured loan Taiwan Cooperative Bank (Kaohsiung Branch) Unsecured loan Taipei Fubon Kaohsiung Unsecured loan First Commercial Bank - Hsin Hsing Branch Unsecured loan Chang Hwa Commercial Bank (Kaohsiung Branch) Unsecured loan Xinxing Branch, Bank of Panshin Unsecured loan Land Bank (Kangshan Branch) Unsecured loan Taihsin Bank (Linya Branch) Unsecured loan Entie Commercial Bank (Kaohsiung Branch) Unsecured loan Bank of Taiwan (Kangshan Branch) Unsecured loan Total Interest rate interval at the end of the period	100,000 2024/11/13- 2025/05/13 100,000 2024/05/28- 2025/05/28 300,000 2024/10/09- 2025/01/23 150,000 2024/12/20-2025/06/18 150,000 2024/11/08-2025/02/08 100,000 2024/11/11-2025/11/11 340,000 2024/08/14-2025/12/31 150,000 2024/11/12-2025/02/10 100,000 2024/12/26-2025/12/26 100,000 2024/11/04- 2025/05/02 150,000 2024/11/05-2025/02/04 100,000 2024/10/23-2025/01/21 240,000 2024/12/30- 2025/01/30 275,000 2024/12/25-2025/01/31 200,000 2024/12/20-2025/06/18 $2,655,000 $6,638,302 2.37645%~2.908%	100,000 None 100,000 None 647,900 None 1,180,000 None 250,000 None 100,000 None 550,000 None 200,000 None 600,000 None 700,000 None 230,000 None 550,000 None 250,000 None 400,000 None 750,000 $6,807,900

Note 1: Please refer to Note VIII for guarantee for short-term borrowings above. Note 2: The above-mentioned facilities represented comprehensive facilities for common use provided by the same bank.

－ 107 －

Yieh Phui Enterprise Co., Ltd. Details of short term notes payable December 31, 2024

Item Commercial paper Commercial paper Commercial paper Commercial paper Commercial paper Commercial paper Commercial paper Total Interest rate range	Acceptance institutions Mega Bills Finance Corp. International Bills Finance Corp. Da Chung Bills Finance Corp. China Bills Finance Corp. EFTC Kaohsiung Ta Ching Bill Finance Corp. Cooperative Bills Finance Corporation	Contract tenor 20241211-20250115 20241220-20250121 20241228-20250116 20241223-20250211 20241030-20250108 20241129-20250116 20241226-20250225	Issuing Amount $ 100,000 200,000 150,000 200,000 100,000 100,000 150,000 $1,000,000	Note discounts $ 84 248 160 513 53 107 540 $1,705	Carrying amount $ 99,916 199,752 149,840 199,487 99,947 99,893 149,460 $998,295 2.43%~2.45%	Unit: NT$1,000 Collateral or security

－ 108 －

Yieh Phui Enterprise Co., Ltd. Details of notes payable December 31, 2024

Counterparty Mega Bank (note) Company H Company I Others Total	Summary Notes payable for payment of goods Notes payable for payment of goods Notes payable for payment of goods (aggregation of these less than 5%)	Amount $ 140,679 33,415 27,112 196,100 $397,306	Unit: NT$1,000 Remarks

Note: notes payable to China Steel, which was transferred to Mega Bank by China Steel for all the right.

－ 109 －

Yieh Phui Enterprise Co., Ltd. Details of accounts payable December 31, 2024

	December 31, 2024
Counterparty Company I Company J Company J Others Total	Summary Inventory purchases payable Inventory purchases payable Inventory purchases payable (aggregation of these less than 5%)	Amount $ 269,813 96,240 29,728 163,478 $559,259	Unit: NT$1,000 Remarks

－ 110 －

Yieh Phui Enterprise Co., Ltd. Long-term borrowing December 31, 2024

		December	31, 2024
Creditor (I) Syndication of Mega Bank and other syndicated banks Mega Bank (Kaohsiung Metropolitan Branch) Chang Hwa Commercial Bank (Kaohsiung Branch) Agricultural Bank of Taiwan (Operating Department) Taiwan Cooperative Bank (Kaohsiung Branch) Bank of Taiwan (Kangshan Branch) First Bank Hua Nan Bank (Kangshan Branch) Taiwan Business Bank, Kaohsiung Land Bank (Kangshan Branch) Mega Bank (Kaohsiung Metropolitan Branch) Chang Hwa Commercial Bank (Kaohsiung Branch) Agricultural Bank of Taiwan (Operating Department) Taiwan Cooperative Bank (Kaohsiung Branch) Bank of Taiwan (Kangshan Branch) First Bank Hua Nan Bank (Kangshan Branch) Taiwan Business Bank, Kaohsiung Land Bank (Kangshan Branch) Subtotal	Description Secured loan Secured loan Secured loan Secured loan Secured loan Secured loan Secured loan Secured loan Secured loan Unsecured loan Unsecured loan Unsecured loan Unsecured loan Unsecured loan Unsecured loan Unsecured loan Unsecured loan Unsecured loan	Balance of borrowings $ 258,000 258,000 192,000 192,000 192,000 192,000 192,000 134,250 114,750 248,250 248,250 183,000 183,000 183,000 183,000 183,000 128,250 110,250 3,375,000	Contract tenor 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07 2021.01.07-2026.01.07	Unit: NT$1,000 Collateral or security Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment Land, building, machinery equipment None None None None None None None None None	Remarks

(II) Syndication of Taiwan Cooperative Bank and other syndicated banks

－ 111 －

Taiwan Cooperative Bank (Kaohsiung Branch)	Taiwan Cooperative Bank (Kaohsiung Branch)	Secured loan	285,000	2021.06.22-2026.06.22	Land, building, equipment	machinery
Hua Nan Bank (Kangshan Branch)		Secured loan	164,250	2021.06.22-2026.06.22	Land, building, equipment	machinery
Land Bank (Kangshan Branch)		Secured loan	228,750	2021.06.22-2026.06.22	Land, building, equipment	machinery
Mega Bank (Kaohsiung Metropolitan Branch)		Secured loan	70,500	2021.06.22-2026.06.22	Land, building, equipment	machinery
First Commercial Bank - Hsin Branch	Hsing	Secured loan	164,250	2021.06.22-2026.06.22	Land, building, equipment	machinery
Agricultural Bank of Taiwan (Operating Department)		Secured loan	70,500	2021.06.22-2026.06.22	Land, building, equipment	machinery
Shanghai Commercial & Savings (Chien Chin Branch)	Bank	Secured loan	70,500	2021.06.22-2026.06.22	Land, building, equipment	machinery
Taihsin Bank (Linya Branch)		Secured loan	70,500	2021.06.22-2026.06.22	Land, building, equipment	machinery
Chang Hwa Commercial (Kaohsiung Branch)	Bank	Secured loan	117,000	2021.06.22-2026.06.22	Land, building, equipment	machinery
Taiwan Business Bank, Kaohsiung		Secured loan	33,750	2021.06.22-2026.06.22	Land, building, equipment	machinery
Taiwan Cooperative Bank (Kaohsiung Branch)		Unsecured loan	453,750	2021.06.22-2026.06.22	None
Hua Nan Bank (Kangshan Branch)		Unsecured loan	260,250	2021.06.22-2026.06.22	None
Land Bank (Kangshan Branch)		Unsecured loan	363,750	2021.06.22-2026.06.22	None
Mega Bank (Kaohsiung Metropolitan Branch)		Unsecured loan	111,750	2021.06.22-2026.06.22	None
First Commercial Bank - Hsin Branch	Hsing	Unsecured loan	260,250	2021.06.22-2026.06.22	None
Agricultural Bank of Taiwan (Operating Department)		Unsecured loan	111,750	2021.06.22-2026.06.22	None
Shanghai Commercial & Savings (Chien Chin Branch)	Bank	Unsecured loan	111,750	2021.06.22-2026.06.22	None
Taihsin Bank (Linya Branch)		Unsecured loan	111,750	2021.06.22-2026.06.22	None
Chang Hwa Commercial (Kaohsiung Branch)	Bank	Unsecured loan	186,000	2021.06.22-2026.06.22	None
Taiwan Business Bank, Kaohsiung		Unsecured loan	54,000	2021.06.22-2026.06.22	None
Taiwan Cooperative Bank (Kaohsiung Branch)		Secured loan	74,085	2022.05.27-2026.06.22	Land, building, equipment	machinery
Land Bank (Kangshan Branch)		Secured loan	59,268	2022.05.27-2026.06.22	Land, building, equipment	machinery
Hua Nan Bank (Kangshan Branch)		Secured loan	42,438	2022.05.27-2026.06.22	Land, building,	machinery

－ 112 －

First Commercial Bank - Hsin Hsing
Branch
Secured loan
Chang
Hwa
Commercial
Bank
(Kaohsiung Branch)
Secured loan
Mega Bank (Kaohsiung Metropolitan
Branch)
Secured loan
Agricultural Bank of Taiwan (Operating
Department)
Secured loan
Shanghai Commercial & Savings Bank
(Chien Chin Branch)
Secured loan
Taihsin Bank (Linya Branch)
Secured loan
Taiwan Business Bank, Kaohsiung
Secured loan
Subtotal
Mega Bank (Kaohsiung Metropolitan
Branch)
Secured loan
First Commercial Bank - Hsin Hsing
Branch
Secured loan
First Commercial Bank - Hsin Hsing
Branch
Secured loan
Bank of Taiwan (Kangshan Branch)
Secured loan
The Export-Import Bank of ROC
Secured loan
Mortgage borrowings, subtotal
Mega Bank (Kaohsiung Metropolitan
Branch)
Unsecured loan
Bank of Shanghai
Unsecured loan
Credit loans, subtotal
Total
Less: Unamortised discount
Less: due within one year or one business
cycle
Long-term liabilities
Interest rate range of ending loans

equipment
42,438
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
30,294
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
18,183
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
18,183
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
18,183
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
18,183
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
8,745
2022.05.27-2026.06.22
Land,
building,
machinery
equipment
3,630,000
300,000
2024.03.19~2031.03.19
Land and building
30,700
2013.07.29-2028.07.29
Land and building
40,080
2015.08.03-2030.08.03
Land and building
42,857
2022.04.25-2026.04.25
Land, building
200,000
2024.05.24-2025.08.24
Land, building
613,637
100,000
2024.03.19~2031.03.19
None
180,000
2024.03.12-2027.02.21
None
280,000
7,898,637
(9,613)
(2,652,771)
$5,236,253
2.5632%~2.8950%

－ 113 －

Yieh Phui Enterprise Co., Ltd. Statement of other lease liabilities December 31, 2024

Leaseperiod	Discount rate	Unit: NT$1,000 Amount
2 to 32 years 10 years	1.9661%-2.2817% 1.9661%-2.077%	$ 172,323 14,922
		187,245 (8,687)
		$178,558

－ 114 －

Yieh Phui Enterprise Co., Ltd. guarantee deposit received December 31, 2024

Item	Summary	Amount	Unit: NT$1,000 Remarks
Deposit received	Deposit for customer sales	$ 2,000

－ 115 －

Yieh Phui Enterprise Co., Ltd.

Details of operating revenue

2024

	Details of operating revenue 2024
Item Rolled coil goods division Galvanized steel coil Color-coated steel coil Others Revenue from finished products, subtotal Revenue from raw materials, byproduct and scraps Subtotal of sales revenue Revenue from steel plate OEM Total of the Rolled coil goods division Heavy Industry Department: Construction revenue Total Realized (unrealized) gross profit from sales Less: Return on sales Sales discount Net operating revenue	Quantity (MT) 507,107 229,537 2,109 61,713 23,545	Unit: NT$1,000 Amount Remarks $ 14,127,923 9,527,235 27,985 9,555,220 875,343 24,558,486 154,612 24,713,098 866,220 25,579,318 5,782 - (59,627) $25,525,4

－ 116 －

Yieh Phui Enterprise Co., Ltd. Details of operating cost 2024

Yieh Phui Enterprise Co., Ltd. Details of operating cost 2024
Item Rolled coil goods division Raw material-beginning Incoming-current period Other additions – freights of purchase. Raw material-ending Others-transferred to expenses, etc. Sale of raw materials Consumed raw materials-current period Materials-beginning Incoming-current period Materials-ending Others-transferred to expenses Consumed raw materials-current period Direct labor Manufacturing overheads Manufacturing cost Work in progress-beginning Others-transfer from finished products Work in progress-ending Scraps and byproducts Cost of finished products Finished product-beginning Finished product-ending Transferred-out processing costs Others-transferred to expenses, etc. Others-transfer of finished products Cost of finished goods sold Adjustments to costs Inventory devaluation losses (reversal gains) Unallocated manufacturing overheads Other additions/deductions - delivery incentives of lading, etc. Cost of Rolled Steel (Product) Department, subtotal Cost for sale of raw materials Cost for sale of byproduct, etc. Processing costs Cost of Rolled Steel (Product) Department, total	Unit: NT$1,000 Amount
	$ 1,560,751 18,760,557 103,602 (1,910,672) (49,670) (338,242)
	18,126,326
	15,013 667,927 (15,575) (667,365)
	-
	332,435 3,112,764
	21,571,525 697,055 148,122 (509,880) (493,659)
	21,413,163
	1,561,627 (1,419,449) (127,917) (145,729) (148,122)
	21,133,573
	3,423 65,956 (9,031)
	21,193,921
	338,242 509,132 127,917
	22,169,212

Heavy Industry Department: Cost of construction Inventory devaluation losses (reversal gains) Purchase and construction contract losses (recovery gains) Cost of Heavy Industry Department, subtotal Total operating cost	784,860 (9,733) 17
	775,144
	$22,944,356

－ 117 －

Yieh Phui Enterprise Co., Ltd. Statement of sales expenses 2024

Item Salary expense Insurance premium Entertainment expenses Depreciation Employee benefits Pension Export charges Other expenses (Note) Total	Sellingexpenses $ 174,562 19,077 7,397 11,147 8,304 8,482 1,143,620 53,778 $1,426,367	Administrative expenses $ 233,446 24,742 19,020 10,374 9,122 10,129 - 90,802 $397,635	Unit: NT$1,000 Total
			$ 408,008 43,819 26,417 21,521 17,426 18,611 1,143,620 144,580
			$1,824,002

(Note): Each of the amounts did not exceed 2% of the amount of the respective item.

－ 118 －

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YP — Audit Report / Information 2024

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Yieh Phui Enterprise Co., Ltd. Independent Auditors’ Report for Standalone Financial Statements 2024 and 2023 (after restatement)

Independent Auditors’ Report

To YIEH PHUI ENTERPRISE CO., LTD.:

Audit opinion

Basis for audit opinion

Emphasis

Key audit matters

Description of key audit matters:

Other matters

Responsibilities of the management and governance body to the parent company only financial statements

Responsibilities of the auditor when auditing parent

company only financial statements

Notice to Readers

Yieh Phui Enterprise Co., Ltd.

Yieh Phui Enterprise Co., Ltd.

Yieh Phui Enterprise Co., Ltd.

Yieh Phui Enterprise Co., Ltd. Standalone Statements of Cash Flows

For the years ended December 31, 2024 and 2023

(Continued from previous page)

Yieh Phui Enterprise Co., Ltd.

Notes to Standalone Financial Statements

2. Amendments to IAS 1 regarding "Classification of Liabilities as Current or Non-current"

3. Amendments to IAS 1 “Non-current Liabilities with Covenants”

4. Amendments to IAS 7 and IFRS 7 "Supplier Financing Arrangements"

(II) Effect of new/revised IFRSs, as endorsed by the FSC, not yet adopted

(III) Effect of IFRSs issued by IASB but not yet endorsed by the FSC:

(I) Statement of compliance

(II) Basis of preparation

2. Heavy industry division:

(V) Cash and cash equivalents

(VI) Financial instruments

1. Financial assets

(1) Measurement types

A. Financial assets at fair value through profit or loss

(2) Impairment of financial assets

2. Equity instruments

3. Financial liabilities

(1) Subsequent measurement

(2) Derecognition of financial liabilities

4. Modification of financial instruments

(X) Leases

Lease liabilities

2. The Company as lessor

(XI) Investment Property

(XII) Impairment of non-financial assets

(XIII) Provisions

(XIV) Employee benefits

1. Short-term employee benefits

2. Pension

(1) Defined contribution plans

(2) Defined benefit plans

4. Post-employment benefits

(XV) Capital and treasury stock

1. Share capital

(XVI) Income Tax

1. Sales revenue

2. Revenue from service

(XVIII) Borrowing costs

(XIX) Changes in accounting policies

1. Revenue recognition

5. Evaluation of the Reliability of Deferred Income Tax Assets

8. Lessee's incremental borrowing rate

VI. Contents of Significant Accounts

(IV) Accounts receivable, net

(V) Other receivables

(IX) Investments Using Equity Method

2. Associates

A. Balance Sheet

B. Statement of Comprehensive Income

(XI) Lease Agreement

2. Lease liabilities

3. Important leasing activities and terms

4. Other leasing information

(XII) Refundable deposits

(XIII) Short-term borrowings

(XIV) Short-term notes payable

(XV) Other payables

YP Audit Report / Information 2024