[Stock Code: 2023]

YIEH PHUI ENTERPRISE CO., LTD. AND SUBSIDIARIES

Consolidated Financial Statements for the Years Ended

December 31, 2025 and 2024 and

Independent Auditors’ Report

Company address: No.369, Yuliao Rd., Qiaotou Dist., Kaohsiung City

TEL.: 07-6117181

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Table of Contents

	Item	Page
I.	Cover Page	1
II.	Table of Contents	2
III.	Representation Letter	3
IV.	Independent Auditors’ Report	4
V.	Consolidated Balance Sheets	5
VI.	Consolidated Statements of Comprehensive Income	6
VII.	Consolidated Statements of Changes In Equity	7
VIII.	Consolidated Statements of Cash Flows	8
IX.	Notes to Financial Statements
	(I) History and Organization	9
	(II) The Authorization of Financial Statements	9
	(III) Application of Newly Issued and Amended Standards and Interpretations	9~12
	(IV) Summary of Significant Accounting Policies	12~29
	(V) Critical Accounting Judgments and Key Sources of Estimation and Uncertainty	29~31
	(VI) Description of Material Accounting Items	32~67
	(VII) Related-party Transactions	68~75
	(VIII) Pledged Assets	75
	(IX) Significant Contingent Liabilities and Unrecognized Commitments	75~76
	(X) Significant Disaster Loss	76
	(XI) Material Events After the Balance Sheet Date	76
	(XII) Others	76~86
	(XIII) Additional Disclosures in Notes	87~105
	1. Information about significant transactions	88~97
	2. Information on Investee Companies	98~103
	3. Information on Investment in Mainland China	104~105
	(XIV) Operating Segment Information	106~108

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Yieh Phui Enterprise Co., Ltd.
Representation Letter

For the year ended December 31, 2025 (January 1 to December 31, 2025), pursuant to the "Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises", the entity that is required to be included in the consolidated financial statements of affiliates, is the same as the entity required to be included in the consolidated financial statements under International Financial Reporting Standards 10. Additionally, if relevant information that should be disclosed in the consolidated financial report of affiliates has all been disclosed in the consolidated financial statements of parent and subsidiary companies, it shall not be required to prepare consolidated financial statements of affiliates.

Very truly yours,

Name: Yieh Phui Enterprise Co., Ltd.
Responsible person: Lin I-Shou

March 6, 2026

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Independent Auditors' Report

To YIEH PHUI ENTERPRISE CO., LTD.:

Audit opinion

We have reviewed the consolidated balance sheets of Yieh Phui Enterprise Co., Ltd. and its subsidiaries (hereinafter "the Group") as of December 31, 2025 and 2024, as well as the consolidated statements of comprehensive income, consolidated statements of changes in equity, and consolidated statements of cash flows for the periods from January 1 to December 31, 2025 and 2024, as well as the notes to the consolidated financial statements (including a summary of significant accounting policies).

In our opinion, based on our audits and the report of another auditor (please refer to the Other Matter paragraph), the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024, and their financial performance and their cash flows for the years ended December 31, 2025 and 2024, in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC), and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

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 responsibility under those standards are further described in the section of "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements". We are independent of the Group 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 the audit conducted by us and the reports of other auditors, we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Group's consolidated financial statements for the year 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon and we do not provide a separate opinion on these matters. We describe the key audit matters in the audit of the the Group's consolidated financial statements for 2025 as follows:

I. Recognition of Sales Revenue

For the accounting policies on revenue recognition, please refer to Note 4(22) to the consolidated financial statements; for significant accounting judgments, estimates, and assumptions, please refer to Note 5(1)1.; and for details of revenue recognition, please refer to Note 6(30).

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Description of Key Audit Matter:

The principal business activities of the Group include steel rolling, steelmaking, structural steel, steel wire, iron wire, metal coating, painted metal, surface-treated metal processing, as well as domestic and export sales and import/export operations. Among these, revenue from the steel products segment accounts for nearly 90% of the Group's annual operating revenue. Revenue recognition is presumed to involve significant risk, is subject to fluctuations due to changes in market demand, and is a matter of focus for financial statement users. Accordingly, we identified the occurrence of sales revenue in the steel products segment as a key audit matter.

Corresponding Audit Procedures:

(I) Obtained an understanding of, and tested, the internal controls relevant to the occurrence of customer sales revenue.

(II) Obtained detailed listings of steel product sales revenue, selected samples, inspected shipping documents, and verified whether the collection counterparties and amounts were consistent with the recorded sales counterparties and recognized revenue amounts to confirm the occurrence of sales revenue.

II. Inventory Valuation

For the accounting policies on inventory valuation, please refer to Note 4(8); for significant accounting estimates and uncertainties, please refer to Note 5(2)7.; and for details of inventory valuation, please refer to Note 6(6).

Description of Key Audit Matter:

As of December 31, 2025, the Group's inventory amounted to NT$9,638,454 thousand, representing 9.68% of total assets. Inventory is measured at the lower of cost and net realizable value. As the estimation of net realizable value involves significant judgment and estimation, and is highly sensitive to fluctuations in international metal prices, we identified inventory valuation as a key audit matter.

Corresponding Audit Procedures:

Our principal audit procedures included obtaining management's assessment of the lower of cost and net realizable value, testing estimated selling prices against recent sales records, and evaluating the basis and reasonableness of management's estimation of net realizable value.

Others Matters

Certain investees accounted for using the equity method included in the consolidated financial statements were audited by other auditors. Accordingly, our opinion on the consolidated financial statements, insofar as it relates to the amounts included for these investees, is based on the audit reports of the other auditors. Therefore, in our opinion on the above-mentioned consolidated financial statements, the amounts listed in the financial statements of these affiliated companies are based on the audit reports of other auditors (in which the Group adjusted the accounting policies for investment properties to use the fair value method, a change we have reviewed and completed). As of December 31, 2025 and 2024, the carrying amounts of investments accounted for using the equity method in these investees (prior to fair value adjustments of investment properties) were NT$3,305,664 thousand and NT$3,788,831 thousand, representing 3.32% and 3.74% of total assets, respectively. For the years ended 2025 and 2024, the Group's share of profit or loss and other comprehensive income of these associates and joint ventures totaled NT$(483,167) thousand and NT$(244,675) thousand, representing 11.15% and 19.39% of total comprehensive income, respectively.

Yieh Phui Enterprise Co., Ltd. has also prepared parent company only financial statements for the years ended 2025 and 2024, on which we have issued unmodified audit opinions with an Other Matter paragraph, for reference.

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Responsibilities of the management and the governing body for the consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), IFRIC Interpretations (IFRIC) and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

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

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

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance on whether the consolidated financial statements as a whole are free from material misstatements arising from fraud or error, and to issue an independent auditors' report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with auditing standards will always detect a significant misstatement when it exists. Misstatements may arise from frauds or errors. If the amounts of misstatements, either separately or in aggregate, could reasonably be expected to influence the economic decisions of the users of the consolidated financial statements, they are considered material.

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 performed the following tasks:

I. Identify and assess the risks of material misstatements arising from fraud or error within the consolidated financial statements; design and execute countermeasures in response to said risks, and obtain sufficient and appropriate audit evidence to provide a basis of our opinion. 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. We have acquired the necessary understanding that concerns this audit in order to design appropriate audit procedures for applicable circumstances. However, the aim was not to comment on the effectiveness of the Group's internal controls.

III. Evaluate the appropriateness of accounting policies adopted and the reasonableness of accounting estimates and relevant disclosures made by 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 Group's ability to continue as a going concern. If we are of the opinion that a material uncertainty exists, we shall remind users of the consolidated financial statements to pay attention to relevant disclosures in said statements within our audit report. If such disclosures are inadequate, we need to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

— 4-2 —

V. Evaluate the overall presentation, structure, and content of the consolidated financial statements (including relevant notes), and whether the consolidated financial statements adequately present the relevant transactions and events.

VI. Obtain sufficient and appropriate audit evidence concerning the financial information of entities within the Group, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and review of the work performed by engagement team members, and for forming the Group audit opinion.

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

We determined the key audit matters in the 2025 consolidated financial reports of the Group from the matters communicated with the governance unit. We describe these matters in our auditor's 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 the 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: Kuo Yi-Ling

CPA: Huang Ling-Wen

Approval # FSC Inspection No. 1140366420
Approval # FSC Inspection No. 10200032833
March 6, 2026

Notice to Readers

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

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Consolidated Balance Sheets
December 31, 2025 and 2024
Unit: NT$ thousand

Code	Assets	December 31, 2025		December 31, 2024
		Amount	%	Amount	%
Current assets
1100	Cash and cash equivalents (Note 6 (1))	$ 8,708,576	9	$ 8,762,028	9
1110	Financial assets at fair value through profit and loss - current (Note 6 (2))	111,816	-	78,804	-
1140	Contract assets - current (Note 6(29))	635,858	1	780,190	1
1150	Notes receivable, net (Note 6(3))	680,226	1	1,776,177	2
1170	Accounts receivable, net (Note 6(4))	1,976,254	2	1,975,509	2
1180	Accounts receivable - related parties, net (Note 7)	379,392	-	503,538	-
1200	Other receivables (Note 6(5))	118,998	-	180,793	-
1210	Other receivables - related parties (Note 7)	14,998	-	9,530	-
1220	Current income tax assets	120,050	-	84,449	-
130x	Inventories (Note 6(6))	9,638,454	10	10,169,709	10
1410	Pre-payments (Note 6(7))	1,789,421	2	1,583,556	2
1476	Other financial assets - current (Note 6(8))	1,313,520	1	2,045,761	2
11xx	Total current assets	25,487,563	26	27,950,044	28
Non-current assets
1517	Financial assets measured by fair value through other comprehensive profit or loss: non-current (Note 6(9))	2,374,940	2	1,246,887	1
1550	Investment under equity method (Note 6(10))	24,713,069	25	24,362,576	24
1600	Property, plant and equipment (Note 6(11))	43,352,597	44	44,403,003	44
1755	Right-of-use assets (Note 6(12))	430,500	-	460,750	-
1760	Investment property, net (Note 6(13))	596,889	1	596,368	1
1780	Intangible assets (Note 6(14))	165,785	-	219,617	-
1840	Deferred income tax assets	1,448,988	1	1,381,825	1
1910	Other non-current assets (Note 6(15))	6,371	-	8,620	-
1920	Refundable deposits (Note 6(16))	323,860	-	185,727	-
1975	Defined benefit assets - non-current (Note 6 (22))	187,273	-	81,686	-
1980	Other financial assets - non-current (Note 8)	437,757	1	456,803	1
15xx	Total non-current assets	74,038,029	74	73,403,862	72
1xxx	Total assets	$ 99,525,592	100	$ 101,353,906	100

(Continued on next page)

(Continued from previous page)

Code	Liabilities and equity	December 31, 2025		December 31, 2024
		Amount	%	Amount	%
Current liabilities
2100	Short-term borrowings (Note 6(17))	$ 14,561,111	15	$ 13,411,422	12
2110	Short-term notes payable (Note 6(18))	1,178,630	1	1,447,845	1
2130	Contract liability - current (Notes 6 (29))	1,370,124	1	1,579,299	2
2150	Notes payable	538,184	1	800,081	1
2170	Accounts payable	1,567,307	2	1,631,595	2
2200	Other payables (Note 6(19))	1,818,145	2	2,010,269	2
2230	Current tax liabilities	30,770	-	54,496	-
2250	Provision for liabilities - current (Note 6(20))	165,536	-	139,520	-
2280	Lease liabilities - current (Note 6(12))	11,395	-	14,784	-
2320	Current portion of long-term liabilities (Note 6(21))	5,434,568	5	8,739,554	9
21xx	Total current liabilities	26,675,770	27	29,828,865	29
Non-current liabilities
2540	Long-term borrowings (Note 6(21))	39,426,322	40	31,934,729	32
2570	Deferred income tax liabilities	168,580	-	140,262	-
2580	Lease liabilities - non-current (Note 6(12))	42,174	-	40,502	-
2630	Long-term deferred income	18,465	-	20,926	-
2640	Defined benefit liabilities - non-current (Note 6 (22))	33,794	-	37,900	-
2645	Deposit received	60,693	-	16,048	-
25xx	Total noncurrent liabilities	39,750,028	40	32,190,367	32
2xxx	Total liabilities	66,425,798	67	62,019,232	61
Equity
Equity attributable to owners of the parent
3100	Share capital (Note 6(23))
3110	Common share capital	19,032,402	20	19,742,172	19
3200	Capital surplus (Note 6(24))	4,389,944	4	4,675,737	5
3300	Retained earnings (Note 6 (25))
3310	Legal reserve	3,488,666	4	3,488,666	3
3320	Special reserve	10,914,740	10	753,044	1
3350	Unappropriated earnings	(4,235,160)	(4)	10,161,696	10
3400	Other equity (Note 6(27))	(507,039)	(1)	(103,315)	-
3500	Treasury shares (Note 6(27))	(363,358)	-	(223,907)	-
31xx	Equity attributed to owner of parent company	32,720,195	33	38,494,093	38
36xx	Non-controlling interests (Note (6(28))	379,599	-	840,581	1
3xxx	Total equity	33,099,794	33	39,334,674	39
	Total liabilities and equity	$ 99,525,592	100	$ 101,353,906	100

(Please refer to notes of consolidated financial statements)

Chairman: Yi-Shou Lin

Manager: Cheng-Wu Chang

Accounting Supervisor: Wen-Chung Tien

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Consolidated Statements of Comprehensive Income
January 1 to December 31, 2025 and 2024
Unit: Thousand NTD

Code	Item	2025		2024
		Amount	%	Amount	%
4000	Operating revenue (Note 6(29))	$ 67,557,599	100	$ 73,981,747	100
5000	Operating cost (Note 6(6))	(61,972,812)	(92)	(68,074,641)	(92)
5900	Gross profit (loss)	5,584,787	8	5,907,106	8
	Operating expenses
6100	Selling expenses	(3,017,668)	(5)	(3,078,151)	(5)
6200	Administrative expenses	(2,319,223)	(3)	(2,334,303)	(3)
6300	R&D expenses	(192,987)	-	(154,220)	-
6000	Total operating expenses	(5,529,878)	(8)	(5,566,674)	(8)
6900	Operating income (loss)	54,909	-	340,432	-
	Non-operating income and expenses
7100	Interest revenue (Note 6(31))	141,933	-	157,353	-
7010	Other income (Note 6(32))	185,855	-	200,028	-
7020	Other gains and losses (Note 6(33))	(196,002)	-	193,231	-
7050	Financial costs (Note 6(34))	(1,830,965)	(3)	(1,924,519)	(2)
7060	Share of profit (loss) of associates and joint ventures	(2,243,367)	(3)	(1,040,215)	(1)
7000	Total non-operating income and expenses	(3,942,546)	(6)	(2,414,122)	(3)
7900	Income (loss) before income tax	(3,887,637)	(6)	(2,073,690)	(3)
7950	Income tax (expense) gains (Note 6(35))	(136,930)	-	19,527	-
8200	Net income (loss)	(4,024,567)	(6)	(2,054,163)	(3)
	Other comprehensive income (Note 6(36))
8310	Items that will not be reclassified subsequently to profit or loss
8311	Remeasurement of defined benefit plans	98,270	-	159,086	-
8316	Unrealized valuation income from investment in equity instruments measured by fair value through other comprehensive profit or loss	50,351	-	79,971	-
8320	Other consolidated gain (loss) from affiliates and joint venture under equity method	(80,082)	-	(48,132)	-
8349	Income tax related to items that will not be reclassified	(19,654)	-	(31,817)	-
8360	Items that may be reclassified subsequently to profit or loss
8361	Exchange difference from translating the financial statements of foreign operations	(248,856)	-	557,819	1
8370	Other consolidated gain (loss) from affiliates and joint venture under equity method	(153,378)	-	185,997	-
8399	Income tax (expense) benefits related to items that may be reclassified	44,249	-	(110,347)	-
8300	Other comprehensive income (net)	(309,100)	-	792,577	1
8500	Total comprehensive income for the year	$ (4,333,667)	(6)	$ (1,261,586)	(2)
8600	Net income (loss) attributable to:
8610	Owners of the parent company (net profit/loss)	$ (3,540,996)	(5)	$ (1,596,120)	(2)
8620	Non-controlling interests (net income/loss)	(483,571)	(1)	(458,043)	(1)
		$ (4,024,567)	(6)	$ (2,054,163)	(3)
8700	Total comprehensive income attributable to:
8710	Shareholders of the parent company (comprehensive profit or loss)	$ (3,831,615)	(5)	$ (815,932)	(1)
8720	Non-controlling interests (comprehensive income or loss)	(502,052)	(1)	(445,654)	(1)
		$ (4,333,667)	(6)	$ (1,261,586)	(2)
	Earnings per share (EPS)
9750	Basic earnings per share (Note 6 (37))	$ (1.85)		$ (0.81)
9850	Diluted earnings per share (Note 6 (37))	$ (1.85)		$ (0.81)

(Please refer to notes of consolidated financial statements)

Chairman: Yi-Shou Lin
Manager: Cheng-Wu Chang
Accounting Supervisor: Wen-Chung Tien

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
January 1 to December 31, 2025 and 2024

Unit:Thousand NTD

	Retained earnings					Other equity			Treasury Stock	Total equity attributable to owners of the parent company	Non-controlling interests	Total equity
	Common share capital	Capital surplus	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
Balance on January 1, 2024	$ 19,491,710	$ 4,747,823	$ 3,488,666	$ 822,369	$ 12,329,137	$ (1,089,814)	$ 326,048	$ 12,679	$ (58,653)	$ 40,069,965	$ 1,247,566	$ 41,317,531
Appropriations of prior year's earnings:
Reversal of special reserve	-	-	-	(69,325)	69,325	-	-	-	-	-	-	-
Cash dividends for common shares	-	-	-	-	(389,062)	-	-	-	-	(389,062)	-	(389,062)
Stock dividends for common shares	389,062	-	-	-	(389,062)	-	-	-	-	-	-	-
Changes in associates under equity method	-	-	-	-	17,236	-	-	-	-	17,236	8,369	25,605
Other changes in capital surplus	-	8	-	-	-	-	-	-	-	8	-	8
Net profit (loss) for 2024	-	-	-	-	(1,596,120)	-	-	-	-	(1,596,120)	(458,043)	(2,054,163)
Other comprehensive income for 2024	-	-	-	-	132,416	625,051	27,351	(4,630)	-	780,188	12,389	792,577
Total comprehensive income for 2024	-	-	-	-	(1,463,704)	625,051	27,351	(4,630)	-	(815,932)	(445,654)	(1,261,586)
Capital increase in cash	-	-	-	-	-	-	-	-	-	-	24,600	24,600
Treasury share buyback	-	-	-	-	-	-	-	-	(375,974)	(375,974)	-	(375,974)
Discount on repurchase cost of treasury stock	-	-	-	-	-	-	-	-	26	26	-	26
Cancellation of treasury stock	(138,600)	(72,094)	-	-	-	-	-	-	210,694	-	-	-
Difference between the equity price and book value of the subsidiary's equity actually acquired or disposed	-	-	-	-	(12,174)	-	-	-	-	(12,174)	12,174	-
Increase in non-controlling interests	-	-	-	-	-	-	-	-	-	-	(6,474)	(6,474)
Balance on December 31, 2024	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	840,581	39,334,674
Appropriations of prior year's earnings:
Special capital reserve	-	-	-	10,161,696	(10,161,696)	-	-	-	-	-	-	-
Changes in associates under equity method	-	77,427	-	-	(807,269)	-	-	-	-	(729,842)	35,562	(694,280)
Other changes in capital surplus	-	(1,651)	-	-	-	-	-	-	-	(1,651)	-	(1,651)
Net profit (loss) for 2025	-	-	-	-	(3,540,996)	-	-	-	-	(3,540,996)	(483,571)	(4,024,567)
Other comprehensive income for 2025	-	-	-	-	113,105	(334,222)	(68,280)	(1,222)	-	(290,619)	(18,481)	(309,100)
Total comprehensive income for 2025	-	-	-	-	(3,427,891)	(334,222)	(68,280)	(1,222)	-	(3,831,615)	(502,052)	(4,333,667)
Capital increase in cash	-	-	-	-	-	-	-	-	-	-	15,542	15,542
Treasury share buyback	-	-	-	-	-	-	-	-	(1,209,264)	(1,209,264)	-	(1,209,264)
Discount on repurchase cost of treasury stock	-	-	-	-	-	-	-	-	377	377	-	377
Cancellation of treasury stock	(709,770)	(359,666)	-	-	-	-	-	-	1,069,436	-	-	-
Difference between the equity price and book value of the subsidiary's equity actually acquired or disposed	-	(1,903)	-	-	-	-	-	-	-	(1,903)	1,903	-
Increase in non-controlling interests											(11,937)	(11,937)
Balance on December 31, 2025	$ 19,032,402	$ 4,389,944	$ 3,488,666	$ 10,914,740	$ (4,235,160)	$ (798,985)	$ 285,119	$ 6,827	$ (363,358)	$ 32,720,195	$ 379,599	$ 33,099,794

(Please refer to notes of consolidated financial statements)

Chairman: Yi-Shou Lin

Manager: Cheng-Wu Chang

Accounting Supervisor: Wen-Chung Tien

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
January 1 to December 31, 2025 and 2024
Unit: NT$ thousand

Item	2025	2024
Cash flows from operating activities
Income (loss) before income tax	$ (3,887,637)	$ (2,073,690)
Items of adjustment
Adjustments for
Depreciation	2,253,193	2,315,328
Amortization	50,435	54,591
Net loss (profit) on financial assets and liabilities at fair value	(672)	201
Interest expense	1,830,965	1,924,519
Interest income	(141,933)	(157,353)
Dividend income	(15,895)	(17,231)
Loss (gain) from affiliates and joint ventures under equity method	2,243,367	1,040,215
Loss (gain) on disposal of property, plant and equipment	30,447	29,802
Expense transferred from property, plant and equipment	24,293	6,005
Loss (gain) on disposal of investments	-	3,955
Impairment loss on non-financial assets	-	171,482
Gains from bargain purchase	(18,015)	-
Fair value adjustment loss (gain) on investment properties	(521)	(19,082)
Others	(217)	(209)
Adjustments, total	6,255,447	5,352,223
Changes in operating assets and liabilities
Net changes in operating assets
Decrease (increase) in financial assets at fair value through profit or loss	(32,340)	(13,917)
Decrease (increase) of contract assets	144,332	(205,256)
Decrease (increase) in notes receivable	1,095,956	66,653
Decrease (increase) in accounts receivable	(1,102)	607,006
Decrease (increase) in accounts receivable - related parties	124,146	(304,133)
Decrease (increase) in other receivables	57,814	338,546
Decrease (increase) in inventories	531,255	304,938
(Increase) decrease in pre-payments	(205,865)	782,043
Decrease (increase) in other financial assets	1,233,823	86,699
Decrease (increase) in other operating assets	(105,587)	(47,527)
Total net changes in operating assets	2,842,432	1,615,052
Net changes in operating liabilities
Increase (decrease) in contract liabilities	(209,175)	(257,241)
Increase (decrease) in notes payable	(261,897)	114,567
Increase (decrease) in accounts payable	(64,288)	19,169
Increase (decrease) in other payables	(178,560)	73,894
Increase (decrease) in provisions	26,016	37,411
Increase (decrease) in defined benefit liabilities	94,164	(16,129)
Total net changes in operating liabilities	(593,740)	(28,329)
Total net changes in operating assets and liabilities	2,248,692	1,586,723
Total adjustments	8,504,139	6,938,946
Cash generated from (used in) operating activities	4,616,502	4,865,256

(Continued on next page)

(Continued from previous page)

Item	2025	2024
Interest received	$ 140,446	$ 155,127
Dividends received	15,895	17,231
Interest paid	(1,868,318)	(1,937,690)
Refunded (paid) income tax	(212,172)	(494,803)
Net cash generated from (used in) operating activities	2,692,353	2,605,121
Cash flows from investing activities
Acquisition of financial assets measured by fair value through other comprehensive profit or loss	(1,080,000)	-
Disposal of financial assets measured by fair value through other comprehensive profit or loss	-	60
Financial assets measured by fair value through other comprehensive income - capital returned due to capital reduction	2,302	13,473
Acquisition of investments accounted for using equity method	(3,507,654)	(167,402)
De-capitalization refund of the invested company valued with Equity Method	2,631	271
Acquisition of property, plant and equipment	(1,544,955)	(1,548,960)
Proceeds from disposal of property, plant and equipment	23,591	11,710
Increase in refundable deposits	(138,133)	(133,392)
Acquisition of intangible assets	(4,658)	(6,104)
Increase in other financial assets	(482,536)	-
Decrease in other financial assets	-	359,733
Decrease in other non-current assets	2,249	2,249
Net cash used in investing activities	(6,727,163)	(1,468,362)
Cash flows from financing activities
Increase in short-term borrowings	1,149,689	1,750,737
Decrease in short-term bills payable	(270,000)	(120,000)
Increase in long-term loans	17,266,597	7,339,507
Repayment of long-term loans	(13,038,199)	(7,945,144)
Increase in guarantee deposits	44,645	-
Decrease in guarantee deposits	-	(4,203)
Repayment of the principal portion of leases	(11,584)	(12,014)
Decrease of other non-current liabilities	(2,461)	(2,943)
Cash dividends paid	-	(389,062)
Repurchase cost of treasury shares	(1,209,264)	(375,974)
Discount on repurchase cost of treasury stock	377	26
Changes in non-controlling interests	3,605	18,126
Net cash generated from (used in) financial activities (outflow)	3,933,405	259,056
Effect of exchange rate changes on cash and cash equivalents	47,953	(208,700)
Increase (decrease) in cash and cash equivalents in the current period	(53,452)	1,187,115
Cash and cash equivalents, beginning of year	8,762,028	7,574,913
Cash and cash equivalents, end of year	$ 8,708,576	$ 8,762,028

(Please refer to notes of consolidated financial statements)

Chairman: Yi-Shou Lin

Manager: Cheng-Wu Chang

Accounting Supervisor: Wen-Chung Tien

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
January 1 to December 31, 2025 and 2024
(Unless otherwise stated, all amounts are in NTD thousand)

I. History of the Company

(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) For the main operating activities of the Company and its subsidiaries (hereinafter referred to as the Group), please refer to the descriptions in Note 4(3)2.

(VI) The consolidated financial statements are expressed in NTD, which is the Company's functional currency.

II. Date and Procedure for Publishing the Financial Statement

This consolidated financial statement was approved by the Board of Directors on March 6, 2026 and released after publication.

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 2025:

New/Revised/Amended Standards and Interpretations	Effective Date Issued by IASB
Amendments to IAS 21 "Lack of Convertibility"	January 1 2025

The Group has assessed that the standards and interpretations above have no significant impact on the financial position and financial performance of the Group.

— 9 —

(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 2026:

New/Revised/Amended Standards and Interpretations	Effective Date Issued by IASB
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
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
Annual Improvements to IFRS Accounting Standards - Volume 11	January 1 2026

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

(1) Clarify and add the further guidance on whether financial assets meet the criteria of solely payments of principal and interest (SPPI), with the scope including contractual terms changing the cash flow based on contingent events (such as the interest rate linked to ESG objectives), instruments without recourse characteristics, and contract-linked instruments.

(2) Add that for some instruments with contractual terms that may change the cash flow (such as some instruments with characteristics related to ESG objectives), the qualitative description of contingent event nature, quantitative information on the range of changes from cash flows possibly generated from such contractual terms, and the total book value of financial assets and the amortized cost of financial liabilities under these contractual clauses shall be disclosed.

(3) Clarify the dates of recognition and derecognition of certain financial assets and liabilities, and add that entity is permitted to deem the financial liabilities (or part of financial liabilities) released when and only when the entity initiates the payment instruction and results the following circumstance against the backdrop where the financial liabilities are settled in cash by using electronic payment system:

A. The entity does not have the ability to cancel, cease or cancel payment.
B. The entity has no actual ability to obtain the cash for settlement due to the payment instruction.
C. The settlement risk related to the electronic payment system is not significant.

(4) Updated that the equity instrument measured at fair value through other comprehensive income (FVTOCI) designated through an irrevocable option shall be disclosed with its fair value by category, but not each underlying equity. In addition, the amount of fair value profit or loss recognized in other comprehensive income in the reporting period shall be disclosed by being listed separately in the amount of fair value profit or loss related to the investment derecognized in the reporting period, and the amount of fair value profit or loss related to the investment held as of the reporting date; and the cumulative profit or loss of the derecognized from investment in the reporting period but transferred to the equity in the reporting period.

Amendments to IFRS 9 and IFRS 7, "Contracts Referencing Nature-dependent Electricity"

The follows describe the amendments for contracts that expose an entity to variability in the underlying amount of electricity because the source of its generation depends on uncontrollable natural conditions (such as the weather)

(1) Clarify the application of the "own use" requirement in the contract for the purchase or sale of natural electricity by an entity:

When the contract specifies that the entity has the obligation to purchase and receive electricity during generation, and the design and operation of the electricity trading market requires the entity to sell any volume of unused electricity within the prescribed time, the entity must take the reasonable and supportive information on the past, present and expected future electricity transactions within a reasonable period of time of no more than 12 months into account. When the entity purchases sufficient electricity to offset any unused electricity sold in the same market, it is a net purchaser of electricity.

Add the application amendment that an own use contract involving natural electricity, is required to disclose:

A. The entity is facing the risk of variation of underlying electricity, and to be required to purchase electricity during the delivery interval when it is impossible to use the electricity;
B. Unrecognized contractual commitments, including the expected future cash flow from the purchases based on these contracts;
C. Impact from the contract on the entity's financial performance during the reporting period.

(2) Clarify how to apply hedge accounting for contract referencing nature-dependent electricity designated as a hedge instrument:

It is permitted the designation of a variable nominal amount of expected purchases and sales as a hedged item, and the amount is identical to the variable amount delivered from the expected generation facility mentioned in the hedge instrument. In addition, in the cash flow hedge relationship, when the cash flow entity as a hedge instrument, if a contract referencing nature-dependent electricity is used to hedge cash flows on the condition of occurring designated expected electricity transaction, the expected transaction is construed to be very likely to occur.

For entities designating contracts referencing nature-dependent electricity as hedge instruments, the terms and conditions thereof shall be disclosed as the hedge instruments categorized by risk categories specified in IFRS 7.

The Group has assessed that the standards and interpretations above have no significant impact on the financial position and financial performance of the Group.

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

The table below summarizes the new, revised, and amended standards and interpretations of the IFRSs, issued by the IASB but not yet endorsed by the FSC:

New/Revised/Amended Standards and Interpretations	Effective Date Issued by IASB
Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets Between an Investor and Its Associate or Joint Venture"	To be determined by IASB
IFRS 18 "Presentation and Disclosure in Financial Statements"	January 1, 2027 (Note)
IFRS 19 'Subsidiaries without Public Accountability: Disclosures'	January 1 2027
Amendments to IAS 21 "Translation to a Hyperinflationary Currency"	January 1 2027

Note: In a press release dated September 25, 2025, the FSC announced that IFRS 18 became applicable to public companies from 2028 onwards; in addition, companies may apply IFRS 18 earlier if the FSC approves its use.

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

The amendment resolves the existing inconsistency between IFRS 10 and IAS 28. For the sale (investment) 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 traded.

(1) When the sale (investment) of assets is qualified as "business," all profit and loss from disposal is recognized;
(2) When the sale (investment) of assets is not qualified as "business," only the profit and loss from disposal within the equity of the non-related investor in associates or joint ventures may be 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"

This Standard permits qualified subsidiaries to apply IFRS accounting standards reducing the disclosure requirements.

Amendments to IAS 21 "Translation to a Hyperinflationary Currency"

This amendment specifies that, when translating from a functional currency of a non-hyperinflationary economy to a presentation currency of a hyperinflationary economy, all amounts (including comparative amounts) shall be translated using the closing exchange rate at the date of the most recent statement of financial position. This amendment also includes an exception whereby entities whose functional currency and presentation currency are both currencies of hyperinflationary economies, and whose foreign operations have a functional currency of a non-hyperinflationary economy, are exempt from restating comparative amounts. In addition, new disclosure requirements have been introduced, including the translation method applied and summarized financial information of the foreign operations to which such method is applied.

As of the date of release of these consolidated financial statements, the Group continues to evaluate the impact of the above standards and interpretations on the Group's financial position and financial performance, and the relevant impact will be disclosed when the evaluation is completed.

IV. Summary of Significant Accounting Policies

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

(I) Statement of compliance

These consolidated financial statements are prepared by the Group in accordance with the Rules Governing the Preparation of Financial Statements by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations as endorsed by the FSC.

(II) Basis of preparation

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

(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.

The preparation of the consolidated financial statements in compliance with the IFRSs approved by the FSC requires the use of some important accounting estimates. The process of applying the Group'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 5.

(III) Basis of consolidation

Basis for preparation of consolidated financial statements:

(1) The Group included all subsidiaries in the consolidated financial statements. Subsidiaries refer to individual entities (including structured individual entities) controlled by the Group. When the Group is exposed to or entitled to variable remuneration from participation in the individual entity, and has the ability to influence such individual of equal returns, the Group controls the entity. Subsidiaries are included in the consolidated financial statements from the date the Group acquires the control, and the consolidation is terminated from the date of loss of control.
(2) Inter-company transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.
(3) The components of profit and loss and other comprehensive income are attributed to the owners and non-controlling interests of the parent company; the total amount of comprehensive income is also attributed to the owners and non-controlling interests of the parent company, even if the resulting non-controlling interests incur the balance.
(4) 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. The difference between the adjusted amount of the non-controlling interests and the fair value of the consideration paid or received is recognized directly in equity.
(5) When the Group 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 Associates or joint ventures initially. The difference between the fair value and the carrying amount and recognized in profit or loss. For all amounts related to the subsidiary previously recognized as other comprehensive income, the accounting treatment shall be the same as the basis for the direct disposal of the relevant assets or liabilities by the Group. assets or liabilities that will be reclassified as gains or losses upon disposal and shall be reclassified from equity to gains or losses when the Company loses control of the subsidiary.

— 13 —

Subsidiaries included in consolidated financial statements are as following:

Investor/subsidiary	Main Businesses	Percentage of Ownership or Investment (%)
		2025.12.31	2024.12.31
1. YIEH PHUI ENTERPRISE CO., LTD. (the Company)
GOOD HONOR HOLDINGS LTD.	Investment company	-	-
		(See Note 4(3) 2.(1) A. for description)
Shin Yang Steel Co., Ltd.	Steel products related businesses	100.00%	100.00%
YIEH PHUI (HONG KONG) HOLDINGS LIMITED	Investment company	100.00%	100.00%
Yieh Hsing Enterprise Co., Ltd.	Wire rods trading	57.41%	57.41%
Great Emperor Hotel Co., Ltd.	Hotel industry	62.73%	60.15%
Kings Garden International Co., Ltd.	Housing and Building Development and Rental, Department Stores	60.31%	57.59%
Shin Phui Steel Corporation	Steel products trading	100.00%	100.00%
WORTHING HONOR HOLDINGS LTD.	Investment company	-	-
		(See Note 4(3) 2.(1) A. for description)
Sin Bang Investment & Development Co., Ltd	Investment company	100.00%	100.00%
Gen-Wan Technology Corp	Telecommunications contracts	-	90.12%
		(See Note 4(3) 2.(1) C. for description)
EMMT Systems Corporation	Manufacturing and marketing of military specification printed circuit boards	85.99%	78.51%
		(See Note 4(3) 2.(1) C. for description)
Kuo Chang Enterprise Co., Ltd.	Wholesale of Hardware	99.04%	99.04%
United Brightening Development Corp.	Technical consultant for iron and steel production	95.56%	95.56%
Hong Yu Asset Management Corp.	Management service	80.00%	80.00%
LIAN SO (H.K.)CO., LIMITED	Investment company	80.00%	80.00%
YIEH PHUI AMERICA,INC.	Steel products trading	100.00%	100.00%
YIEH UNITED INVESTMENTHOLDING PTE.LTD.	Investment company	80.00%	80.00%
		(See Note 4(3) 2.(1) B. for description)

Investor/subsidiary	Main Businesses	Percentage of Ownership or Investment(%)
		2025.12.31	2024.12.31
2. Hong Yu Asset Management Corp.
Lian Hsin Steel Co., Ltd.	Metal Manufacturing	60.40%	60.40%
Lian Heng Minerals Co., Ltd.	Nickel Mining Business	75.00%	75.00%
Lian Hong Minerals Co., Ltd.	Nickel Mining Business	19.00%	19.00%
Ya Mai Co., Ltd.	Nickel Mining Business	99.50%	100.00%
3. GEN-WAN TECHNOLOGY CORP.
EMMT Systems Corporation	Manufacturing and marketing of military specification printed circuit boards	-	7.48%
4. YIEH PHUI (HONG KONG) HOLDINGS LIMITED
YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Manufacturing and marketing of pickled, cold rolled, galvanized and pre-painted steel coils	100.00%	100.00%
5. YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.:
Tianjin Lianfa Precision Steel Corporation Beneficiary	Manufacturing and marketing of special high grade alloy	100.00%	100.00%
ZHANG HUI (CHANGSHU) TRADE CO., LTD.	Steel products trading	100.00%	100.00%
6. EMMT Systems Corporation
APPLIED WIRELESS IDENTIFICATIONS GROUP, INC.	RFID	88.93%	88.93%
7. Shin Phui Steel Corporation
Great Emperor Hotel Co., Ltd.	Hotel industry	0.01%	0.01%
Kings Garden International Co., Ltd.	Housing and Building Development and Rental, Department Stores	0.01%	0.01%
8. YIEH HSING ENTERPRISE CO., LTD.
Great Emperor Hotel Co., Ltd.	Hotel industry	37.26%	39.84%
Kings Garden International Co., Ltd.	Housing and Building Development and Rental, Department Stores	39.67%	42.39%
9. Kings Garden International Co., Ltd.
HUAGLAM International Co., Ltd.	Wholesale of Daily Supplies and Cosmetics	-	100.00%
		(See Note 4(3) 2.(1) D. for description)
10. United Brightening Development Corp.
Chao Ying Investment and Development Co., Ltd.	Investment company	100.00%	100.00%

Percentage of Ownership or Investment (%)

Investor/subsidiary	Main Businesses	2025.12.31	2024.12.31
11. LIAN SO (H.K) CO.,LIMITED
Lian Hsin Steel Co., Ltd.	Metal Manufacturing	39.60%	39.60%
Lian Yang (Hong Kong)	Trading business	100.00%	100.00%
Trading Limited
Ya Mai Co., Ltd.	Nickel Mining Business	0.50%	-
12. Lian Hsin Steel Co., Ltd.
Lian Heng Minerals Co., Ltd. (Note)	Nickel Mining Business	25.00%	25.00%
Lian Hong Minerals Co., Ltd. (Note)	Nickel Mining Business	81.00%	81.00%

(Note) Due to local legal restrictions in the jurisdiction, a 25% equity interest in Lian Heng and a 51% equity interest in Lian Hong are temporarily registered under the name of a third party. However, to ensure the rights and interests, a notarized contract has been executed stipulating that the rights and interests belong to the Group.

(1) Increase/decrease in consolidated subsidiaries:

A. GOOD HONOR HOLDINGS LTD. And WORTHING HONOR HOLDINGS LTD. Were liquidated in December 2024.
B. The Group purchased 80% of the issued shares of YIEH UNITED INVESTMENT HOLDING PTE.LTD. in 2024.
C. In May 2025, the Group purchased an additional 7.48% of the issued shares of Gen-Wan Technology Corp., increasing its shareholdings from 78.51% to 85.99%. Gen-Wan Technology Corp had been approved for winding up by Kaohsiung City Government and registered for reference on June 19, 2025.
D. HUAGLAM International Co., Ltd. had been approved for winding up by Kaohsiung City Government and registered for reference on August 4, 2025.

Subsidiaries not included in the consolidated financial statements: none. None.
Different adjustment and treatment of subsidiaries during the accounting period: None.
Material Restriction:

Cash and bank deposits as of December 31, 2025 and 2024 amounted to NT$5,448,372 thousand and NT$3,873,967 thousand, respectively, and were deposited in the PRC, subject to local foreign exchange controls. These exchange controls restrict the remittance of funds outside China (except through regular dividends).

Contents of the parent company's securities held by subsidiaries: None.
Information on subsidiaries with significant non-controlling interests: December 31, 2025:

Name of subsidiary	% of ownership	Non-controlling interests	Profit and loss allocated to non-controlling interests
Yieh Hsing Enterprise Co., Ltd.	42.59%	$ (388,245)	$ (505,352)
Others		767,844	21,781
Total		$ 379,599	$ (483,571)

December 31, 2024:

Name of subsidiary	% of ownership	Non-controlling interests	Profit and loss allocated to non-controlling interests
Yieh Hsing Enterprise Co., Ltd.	42.59%	$ 79,997	$ (461,822)
Others		760,584	3,779
Total		$ 840,581	$ (458,043)

(1) For information on the principal places of business of the subsidiaries listed above and countries of incorporation of the Company, please refer to Table 7 in Note 13 and Table 8.
(2) The summarized financial information is as follows:

A. Balance Sheet:

	Yieh Hsing Enterprise Co., Ltd.
	December 31, 2025	December 31, 2024
Current assets	$ 1,876,708	$ 2,081,875
Non-current assets	10,464,714	10,580,250
Current liabilities	4,580,814	3,352,499
Non-current liabilities	3,542,480	3,992,045
Equity	4,218,128	5,317,581
Write-off of unrealized gains on land sales	(5,129,745)	(5,129,745)
Adjusted equity	$ (911,617)	$ 187,836

B. Statement of Comprehensive Income:

	Yieh Hsing Enterprise Co., Ltd.
	2025	2024
Operating revenue	$ 5,283,228	$ 6,899,957
Net income (loss) for the year	$ (1,186,376)	$ (1,084,119)
Other comprehensive income (net of tax)	12,149	28,273
Total comprehensive income for the year	$ (1,174,227)	$ (1,055,846)
Total comprehensive income attributable to non-controlling interests	$ (505,352)	$ (461,822)
Dividends paid to non-controlling interests	$ -	$ -

C. Statement of Cash Flows:

	Yieh Hsing Enterprise Co., Ltd.
	2025	2024
Net cash generated from (used in) operating activities	$ (658,065)	$ (614,329)
Net cash used in investing activities	(249,114)	(449,946)
Net cash generated from (used in) financial activities (outflow)	836,616	803,380
Increase (decrease) in cash and cash equivalents in the current period	$ (70,563)	$ (260,895)
Cash and cash equivalents, beginning of year	213,093	473,988
Cash and cash equivalents, end of year	$ 142,530	$ 213,093

(IV) Foreign currency translation

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in New Taiwan dollars, which is the Company's functional and the Group's presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognized in profit or loss in the period in which they arise. On the closing date of the Report, monetary items in foreign currency shall be re-translated at the spot exchange rate on the same day, and the exchange difference derived therefor shall be recognized as the current income. Non-monetary items measured at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Exchange differences arising on the retranslation of non-monetary items are included in profit or loss for the year except for exchange differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognized directly in other comprehensive income, in which case, the exchange differences are also recognized directly in other comprehensive income. Non-monetary items that are measured in terms of historical cost in foreign currencies are not retranslated.
For the purposes of presenting consolidated financial statements, the assets and liabilities of the Corporation's foreign operations are translated into New Taiwan Dollars using exchange rates prevailing at the end of each reporting period. Income and expenses items are translated at the average exchange rates for the period. Exchange difference arising, if any, are recognized in other comprehensive income and accumulated in equity of exchange differences translating from foreign operation's financial statements (attributed to non- controlling interest as appropriate).

(V) Classification of Current and Noncurrent Assets and Liabilities

Steel product division and other non-heavy industry divisions:

(1) Assets that meet one of the following conditions are classified as current assets:

A. Assets arising from operating activities that are expected to be realized, or are intended to be sold or consumed within the normal operating cycle;

B. Liabilities arising mainly from trading activities;

C. Assets expected to be realized within 12 months after the reporting period.

D. Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to pay off liabilities more than twelve months after the balance sheet date.

The Group classified any assets which do not meet said conditions into 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. It does not have the right at the end of the reporting period to defer settlement of the liability at least twelve months after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

The Group classified any liabilities which do not meet said conditions into non-current liabilities.

Heavy industry division:

The business cycle of the majority of our construction contracts is 12 months. Assets and liabilities related to the construction contracts are classified as current or non-current assets and liabilities according to the business cycle.

(VI) 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.)

(VII) Financial Instruments

Financial assets and financial liabilities are recognized when the Group become 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.

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 Group 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 Group to be measured at fair value through other comprehensive income and investments in debt instruments that do not qualify as either at amortized cost or at fair value through other comprehensive income.

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Financial assets at fair value through profit or loss are measured at fair value. Dividends and interest arising therefrom are recognized in other income, while gains or losses arising from remeasurement are recognized in other gains and losses. Please refer to Note 12(3) for the methods of determining fair values.

B. Financial assets at amortized cost

If the Group'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 Group 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 Group 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. Allowance for losses on accounts receivable and contract assets is recognized based on lifetime expected credit losses. Other financial assets are first assessed based on whether the 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

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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 Group derecognizes a financial asset when one 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.

Equity instruments

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

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.

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.

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 Group recalculates the total carrying amount 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 expenses 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

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the financial instrument, it shall be handled in accordance with the derecognition rules.

(VIII) 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.

(IX) Investment/affiliate accounted for using the equity method

Associates are all entities over which the Group has significant influence but not control. In general, it is presumed that the investor has significant influence, if an investor holds, directly or indirectly 20 percent or more of the voting power of the investee. The Group adopts the equity method to treat the investment in associates, which is recognized at cost of acquisition.
The Group's share of its associates' post-acquisition profits or losses is recognized in profit or loss, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. When the Group'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 Group's net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses and liabilities are recognized only to the extent that the Group has incurred legal obligations, or constructive obligations, or made payments on behalf of that associate.
Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group's interest in the associates. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.
Where an associate issues new shares, if the Group 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.
Upon loss of significant influence over an associate, the Group remeasures any investment retained in the former associate at its fair value. Any difference between fair value and carrying amount is recognized in profit or loss.
Where the Group 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

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associate, only the amount previously recognized in other comprehensive income is transferred out in the manner above on a pro-rata basis.

When the Group disposes of an affiliate, if the significant influence on the affiliate is lost, the capital reserves related to the affiliate is reclassified to gains and losses; if the Company still has significant influence over the affiliate, the capital surplus will be transferred to profit or loss according to the ratio of the disposal.

(X) Property, plant and equipment

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 asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is 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. D The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. If expectations for the assets' residual values and useful lives differ from previous estimates or the patterns of consumption of the assets' future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors', from the date of the change. Useful lives of assets

Buildings
Plant main buildings	15-70 years
Office main buildings	40-60 years
Other affiliated equipments	5-35 years
Machinery and equipment	2-53 years
Other equipment	2-41 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.

(XI) Government grant income

Government grants are recognized at fair value when there is reasonable assurance that the entity will comply with the conditions attached to the grants and that the grants will be received. If the nature of the government grants is to compensate the Group for expenses incurred, such grants are recognized in profit or loss on a systematic basis over the periods in which the related expenses are recognized. Government grants related to property, plant and equipment are recognized as non-current liabilities and are recognized in profit or loss on a straight-line basis over the estimated useful lives of the related assets.

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(XII) Leases

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

The Group as lessee

Except for leases of low-value underlying assets and short-term leases with expenses recognized on a straight-line basis, the Group 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. 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 Group 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 presented on a separate line the consolidated balance sheets.

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.

The Group 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.

(XIII) 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.

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Investment property acquired through a lease is initially measured at cost, which comprises the initial measurement of the lease liability, any lease payments made at or before the commencement date, any initial direct costs, and an estimate of the costs to restore the underlying asset to the condition required by the terms and conditions of the lease, less any lease incentives received.

All investment property is subsequently measured using the fair value model. Gains or losses arising from changes in fair value are recognized in profit or loss in the period in which they arise.

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

(XIV) Intangible assets

Separately acquired intangible assets with finite useful lives are carried at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis over the following useful lives: mining rights, 12 years; computer software, 2 to 5 years; trademarks, based on their economic useful lives or contractual periods. The estimated usefully years and amortization method will be reviewed on the closing date of the Report. The same shall apply to effect of any change in estimation.

An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Gains or losses arising from the derecognition of intangible assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in profit or loss.

(XV) Other non-current assets - exploration and evaluation assets

Exploration and evaluation assets are initially measured at cost. Based on the nature of the assets acquired, such assets are classified as either tangible or intangible assets, and this classification is applied consistently. Tangible assets (such as transportation equipment and drilling rigs) are subsequently measured at cost less accumulated depreciation and accumulated impairment losses; intangible assets (such as mineral exploration rights) are subsequently measured at cost less accumulated impairment losses. Once the technical feasibility and commercial viability of extracting mineral resources are demonstrable, the related exploration and evaluation assets shall no longer be classified as such. Prior to reclassification, the entity shall assess impairment and recognize any impairment loss.

(XVI) Impairment of non-financial assets

At the balance sheet date, the Group evaluates the recoverable amount of assets suffering impairment loss. While the recoverable amount is less than the carrying amount, an impairment loss is recognized in loss. 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.

(XVII) Provision for liabilities

Provisions (including warranties, onerous contracts, short-term employee benefits, decommissioning obligations, and carbon fees) are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and the amount 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.

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Carbon fees levied in accordance with the Climate Change Response Act of the Republic of China (Taiwan) and its related regulations are not within the scope of IFRIC 21 "Levies" and are instead recognized and measured in accordance with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets." If it is probable that total annual emissions will exceed the threshold, the related carbon fee liability shall be estimated in interim financial reports based on the proportion of emissions incurred to total estimated annual emissions.

(XVIII) Employee benefits

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.

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

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.

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 Group 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.

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(XIX) Capital and treasury stock

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 Stock

The issued stock repurchased by the Group 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 stock 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 stock 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 stock 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 stock transaction.

(XX) 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.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. 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 consolidated 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. If the Group is able to control the timing of reversal of temporary differences arising from investment in subsidiaries and the temporary differences are unlikely to reverse in the near future, the differences will not be recognized. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred 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

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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.

(XXI) Revenue recognition

The Group'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.

Sales revenue

Revenue from the sale of goods is derived from the sale of galvanized steel coils, pre-painted steel coils, steel pipes, electronic materials, and food and beverage services. Sales revenue is recognized when the control of a product is transferred to a customer as the 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 Group 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.

When another party provides goods or services to the customer, if the Group controls those goods or services before transferring them to the customer, it acts as the principal; otherwise, it acts as the agent. Revenue is recognized as the total amount of consideration expected to be received in exchange for transferring goods or services when acting as a principal; when acting as an agent, any fees or commissions expected to be received in exchange for providing goods or services are recognized as revenue. The Group's fees or commission may be the net amount of consideration, representing the amount retained by the Group after paying the other party for goods or services exchanged.

In a customer loyalty program, customers are granted reward credits for future purchases when they purchase goods. These reward credits provide important rights and are allocated to the transaction price of the reward points, which are recognized as contract liabilities upon receipt and reclassified as revenue when the reward points are redeemed or expire.

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Service revenue

Service revenue is recognized as the services are rendered. Revenue from services provided under contracts is recognized based on the stage of completion of the contract.

Revenue from customer lodging is recognized during the reporting period in which the services are provided. Customers pay the contract consideration in accordance with the agreed payment schedule.
Construction revenue

For construction contracts in which the customer controls the asset as it is created, the Group recognizes revenue over time. Because the costs incurred are directly related to the progress toward complete satisfaction of the performance obligation, the Group measures progress based on the proportion of actual costs incurred relative to total expected costs. The Group recognizes contract assets over time during the construction process and reclassifies them to accounts receivable when billing occurs. If the consideration received exceeds the amount of revenue recognized, the excess is recognized as a contract liability. Retention amounts withheld by customers under contract terms to ensure the Group's fulfillment of all contractual obligations are recognized as contract assets until the performance obligations are satisfied.

If the outcome of a performance obligation cannot be measured reliably, construction revenue is recognized only to the extent of costs incurred that are expected to be recoverable.

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) Stock dividend revenue from investment is recognized when the shareholder's right to receive payment is sustained, provided that the economic benefits related to the transaction is very likely to flow into the Group and the amount of revenue may be reliably 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.

(XXII) 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.

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.

V. Critical Accounting Judgements and Key Sources of Estimation and Uncertainty

The Group 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.

The preparation of the Group's consolidated financial statements is adopting accounting policies based on the following significant judgments, significant accounting estimates and assumptions:

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(I) Material Judgment When Adopting Accounting Policies

Revenue recognition

As per IFRS 15, the Group 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 Group is the principal:

(1) Before the goods or other assets are transferred to a customer, the Group obtains control of said goods or assets from the other party first; or
(2) The Group 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 Group; or
(3) The Group 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.

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

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

During the lease term

When deciding on a lease term, the Group 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 Group's operations, etc. When a material event takes place or situation changes significantly within the scope of the Group'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 Group's assumptions on default rate and expected loss rate. The Group 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 Group 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.

When Level 1 inputs are not available, the Group determines fair value by referring to analyses of the investee's financial position and operating results, recent transaction prices, quoted prices for identical equity instruments in inactive markets, quoted prices for similar instruments in active markets, and valuation multiples of comparable companies. For derivative instruments, inputs are determined with reference to market prices, interest rates, and the characteristics of the derivatives. If actual changes in inputs differ from expectations, changes in fair value may arise. The

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Group updates these inputs on a regular basis based on market conditions to monitor the appropriateness of fair value measurements.

Impairment of Tangible Assets and Intangible Assets

During the assessment of asset impairment, the Group 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

While there is any indication that an investment using the equity method may have an impairment loss so that the carrying amount cannot be recovered, the Group will evaluate immediately the impairment loss of the investment. The Group evaluates collectible amount based on the present discounted value of the investee's projected cash flow or the present discounted value of cash flow to be generated from cash dividend expected to be received and disposal of investment, and analyze the reasonability of related hypotheses.

Investment property

As investment property is subsequently measured at fair value, the Group's investment properties primarily comprise land and buildings. Accordingly, independent appraisers are engaged to determine the fair value of investment property at the end of the reporting period using their professional judgment and estimates. The Group adjusts the carrying amount of investment property to fair value based on the appraisal reports issued by the independent appraisers. The valuation of investment property is primarily based on the appraisers' reports. Accordingly, changes in factors such as product demand, real estate market conditions, and the appraisers' judgments and estimates in future periods may affect the measurement of fair value.

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

Inventories are stated at the lower of cost or net realizable value, and the Group uses judgment and estimates to determine the net realizable value of inventories on the balance sheet date. The Group evaluates the amount of inventories with normal wear and tear, obsolescence, and no market value and writes down the cost of inventories to the net realizable value.

Calculation of net defined benefit liabilities

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

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.

31 -

VI. Description of Material Accounting Items

(I) Cash and cash equivalents

Item	December 31, 2025	December 31, 2024
Cash	$ 10,971	$ 10,666
Checking account	528,658	655,833
Demand deposits	6,428,147	6,660,753
Cash equivalents
Time deposits with original maturity date within three months	1,700,800	1,302,096
Short term notes with original maturity date within three months	40,000	132,680
Total	$ 8,708,576	$ 8,762,028

The credit quality of the financial institutions with which the Group interacts is good, and the Group interacts with many financial institutions to diversify credit risks and the probability of default is expected to be very low.
The Group does not put cash and cash equivalents up for pledge.

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

Item	December 31, 2025	December 31, 2024
Financial assets - current
Financial assets mandatorily at fair value through profit or loss
Non-derivative financial assets
Beneficiary certificates of funds	$ 111,816	$ 78,804
Total	$ 111,816	$ 78,804

The Group does not pledge financial assets measured at fair value through profit or loss.
For related credit risk management and its valuation method, please refer to Note 12 (2).

(III) Notes receivable, net

Item	December 31, 2025	December 31, 2024
At amortized cost
Total carrying amount	$ 680,226	$ 1,776,182
Less: Allowance for losses	-	(5)
Notes receivable, net	$ 680,226	$ 1,776,177

Please refer to Note 8 for the status of part of the notes receivable that the Group pledged as collateral on December 31, 2025 and 2024.
For transactions with related parties, please refer to the descriptions in Note 7(3) 5.
For the relevant disclosure of the allowance for losses on notes receivable, please refer to the descriptions in Note 6(4).

(IV) Accounts receivable, net

Item	December 31, 2025	December 31, 2024
At amortized cost
Total carrying amount	$ 1,980,242	$ 1,979,140
Less: Allowance for losses	(3,988)	(3,631)
Accounts receivable, net	$ 1,976,254	$ 1,975,509

For the accounts receivable generated from the sale of goods, the average credit period for the sales of carbon steel products is 30-60 days, but the interest calculation can be deferred by both parties; the average credit period for the sales of stainless steel products is 7 days-26 days; the engineering department collects the payment deadline according to the contract; the average credit period for other departments is 60-90 days, which is based on the credit standard set by the counterparty's industrial characteristics, business scale and profitability.
For the information on collateral with accounts receivable of the Group, please refer to the descriptions in Note 8.
The Group sold part of its accounts receivable to banks without right of recourse. The Group has transferred almost all the risks and rewards of the accounts receivable at the time of sale, and therefore has been removed from the balance sheet. Please refer to Note XII(IV) for details.
The Group 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 Group'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.

If there is evidence that the counterparty is facing serious financial difficulties and the Group cannot reasonably expect to recover the amount, the Group will directly write off the relevant claims, but will continue the recourses, and the amount recovered will be recognized in profit or loss.

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

December 31, 2025	ECLs	Total carrying amount	Allowance for losses (lifetime ECLs)	At amortized cost
Not past due	0%-0.5%	$ 3,040,726	$ (4,854)	$ 3,035,872
December 31, 2024	ECLs	Total carrying amount	Allowance for losses (lifetime ECLs)	At amortized cost
Not past due	0%-0.5%	$ 4,259,726	$ (4,502)	$ 4,255,224

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

Item	2025	2024
Beginning balance	$ 4,502	$ 5,417
Less: Reversal of impairment loss	-	(930)
Plu: Reversal of writing-off for the curren period	-	24
Effect of foreign currency exchange difference	352	(9)
Ending balance	$ 4,854	$ 4,502

(2) Please refer to Note 6(29) for the statement of changes in allowance for loss of contract assets.

The other credit enhancements held have been considered in the above amounts. As of December 31, 2025 and 2024, other credit enhancements (such as bank acceptances and letters of credit) amounted to NT$2,285,936 thousand and NT$3,260,579 thousand, respectively.

For details of related credit risk management and estimate method, please refer to Note 12 (2).

(V) Other receivables

Item	December 31, 2025	December 31, 2024
Corporate tax refundable	$ 100,286	$ 151,345
Purchase return receivable	1,513	4,551
Interest receivable	8,573	7,086
Other receivables	8,626	17,811
Total	118,998	180,793
Less: Allowance for losses	-	-
Net amount	$ 118,998	$ 180,793

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 group'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 Group 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 Group'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 Group 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 Group 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 2023, 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), and an anti-dumping duty payment of NT$346,360 thousand not settled at the original provisional tax rate starting from the fourth year of the investigation to December 31, 2023, totaling NT$416,771 thousand to be reversed (for the year 2024, respectively recorded as a reduction of selling expenses of NT$46,450 thousand, other income of NT$375,862 thousand, and foreign exchange loss of NT$5,541 thousand). The

— 34 —

aforementioned anti-dumping duty payment starting from the fourth year of the investigation, as of September 30, 2025 and 2024, should increase the refund of anti-dumping duty by NT$0 and NT$22,075 thousand, respectively (recorded as other income).

(VI) Inventory and cost of goods sold

Item	December 31, 2025	December 31, 2024
Steel Products Department and other non-heavy engineering departments:
Raw materials	$ 3,787,523	$ 4,503,865
Supplies	554,830	528,872
Work in progress	1,122,489	1,216,932
Finished goods	3,867,246	3,585,990
Products	33,763	12,677
By-products and scraps	153,804	201,134
Sub-total	9,519,655	10,049,470
Heavy Industry Department:
Raw materials	114,365	116,611
Supplies	4,434	3,628
Sub-total	118,799	120,239
Total	$ 9,638,454	$ 10,169,709

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

Item	2025	2024
Cost of goods sold	$ 61,030,010	$ 67,026,472
Cost of construction	525,105	757,371
Loss from scrapping inventory and inventory losses	35	19
Unallocated manufacturing expense	364,028	176,734
Purchase and construction contract losses (recovery gains)	(5,497)	24,950
Inventory devaluation and obsolescence losses (or gains on reversal)	56,052	93,859
Effect of foreign currency exchange difference	3,079	(4,764)
Total operating cost	$ 61,972,812	$ 68,074,641

As of December 31, 2025 and 2024, the Group's allowance for inventory write-downs and obsolescence losses, recognized as a reduction of inventory cost, amounted to NT$372,065 thousand and NT$316,013 thousand, respectively.
In 2025 and 2024, the Group recognized inventory write-down losses (reversal of write-downs) of NT$56,052 thousand and NT$93,859 thousand, respectively, due to inventory being written down to net realizable value or because market conditions improved and prices of certain products increased, resulting in a recovery in net realizable value.
As of December 31, 2025 and 2024, the Group had not pledged any inventories as collateral.

(VII) Pre-payments

Item	December 31, 2025	December 31, 2024
Prepayments of materials	$ 1,421,444	$ 1,251,598
VAT paid (overpaid VAT)	209,054	138,325
Pre-paid sea freight	3,153	15,799
Prepaid insurance	94,368	103,073
Others	61,402	74,761
Total	$ 1,789,421	$ 1,583,556

For transactions with related parties, please refer to the descriptions in Note 7(3) 7.

(VIII) Other financial assets - current

Item	December 31, 2025	December 31, 2024
Time deposits with initial expiry date due in three months or more	$ 140,963	$ 1,374,786
Demand deposits pledged	899,393	540,295
Time deposits pledged	273,164	130,680
Total	$ 1,313,520	$ 2,045,761

(IX) Financial assets measured at fair value through other comprehensive income - non-current

Item	December 31, 2025	December 31, 2024
Equity instrument investment
Domestic listed stocks of TWSE/TPEX companies	$ 229,693	$ 21,795
Shares of domestic private companies	1,738,909	869,109
Sub-total	$ 1,968,602	$ 890,904
Valuation adjustment	406,338	355,983
Total	$ 2,374,940	$ 1,246,887

The Group 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 Group's management believes that including the short-term fluctuation of fair value of these investments in profit or loss is not consistent with the aforementioned long-term investment plan, and therefore chooses to designate these investments as measured at fair value through other comprehensive income.
As of December 31, 2025, the Group's investment in limited partnerships was NT$10,232 thousand. Pursuant to the descriptions in the IFRS Q&A for the "Questions Regarding Classification of Financial Assets Investing in Limited Partnership" published by the Accounting Research and Development Foundation. Since it is the investment in limited partnerships before June 30, 2023, it is not required to apply the IFRS Q&A for the "Questions Regarding Classification of Financial Assets Investing in Limited Partnership" published on June 15, 2023 retrospectively.
For related credit risk management and its valuation method, please refer to Note 12 (2).
The financial assets measured at fair value through other comprehensive income of the Group were not pledged as of December 31, 2025 and 2024.

(X) Investment under equity method

Investees	December 31, 2025	December 31, 2024
Associate:
Material associates:
Eliter International Corp.	$ 4,667,362	$ 4,530,517
Yieh Mau Corp.	1,583,385	909,062
Tang Eng Iron Works Co., Ltd.	12,509,971	12,828,800
Yieh United Steel Corp.	3,584,608	3,622,774
Individual non-material associate	2,367,743	2,471,423
Total	$ 24,713,069	$ 24,362,576

Associates

(1) Basic information of the major associates of the Group is as follows:

Company Name	% of Ownership
	December 31, 2025	December 31, 2024
Eliter International Corp.	45.48%	43.56%
Yieh Mau Corp.	41.88%	23.00%
Tang Eng Iron Works Co., Ltd.	31.16%	31.16%
Yieh United Steel Corp.	37.87%	30.51%

For information on the nature of business, principal place of business, and country of incorporation of the above-mentioned associated enterprises, please refer to Tables 7 and 8 in Note 13.

(2) The summarized financial information of the major associates of the Group is as follows:

A. Balance Sheet

	Eliter International Corp.
	December 31, 2025	December 31, 2024
Current assets	$ 6,699,035	$ 6,772,537
Non-current assets	6,562,303	6,590,134
Current liabilities	1,717,016	1,467,319
Non-current liabilities	1,144,353	1,350,143
Equity	$ 10,399,969	$ 10,545,209
Shares of associate’s net assets	$ 4,729,926	$ 4,593,104
Unrealized gains and losses of the transactions with associate	(62,564)	(62,587)
Carrying amount of associate	$ 4,667,362	$ 4,530,517
	Yieh Mau Corp.
---	---	---
	December 31, 2025	December 31, 2024
Current assets	$ 3,697,752	$ 4,298,831
Non-current assets	4,064,027	4,240,497
Current liabilities	2,824,545	3,426,156
Non-current liabilities	1,003,252	1,055,938
Equity	$ 3,933,982	$ 4,057,234
Shares of associate’s net assets	$ 1,647,781	$ 932,963
Unrealized gains and losses of the transactions with associate	(64,396)	(23,901)
Carrying amount of associate	$ 1,583,385	$ 909,062

38 -

Tang Eng Iron Works Co., Ltd.

	December 31, 2025	December 31, 2024
Current assets	$ 3,367,260	$ 3,625,215
Non-current assets	56,890,793	56,082,229
Current liabilities	3,036,994	2,938,953
Non-current liabilities	17,070,952	15,595,121
Equity	$ 40,150,107	$ 41,173,370
Shares of associate’s net assets	$ 12,509,971	$ 12,828,800
Unrealized gains and losses of the transactions with associate	-	-
Carrying amount of associate	$ 12,509,971	$ 12,828,800

Yieh United Steel Corp.

	December 31, 2025	December 31, 2024
Current assets	$ 10,604,911	$ 12,196,063
Non-current assets	40,760,560	40,604,254
Current liabilities	18,688,609	22,588,389
Non-current liabilities	22,708,894	17,715,408
Equity	$ 9,967,968	$ 12,496,520
Shares of associate’s net assets	$ 3,774,788	$ 3,813,031
Unrealized gains and losses of the transactions with associate	(190,180)	(190,257)
Carrying amount of associate	$ 3,584,608	$ 3,622,774

B. Statement of Comprehensive Income

	Eliter International Corp.
	2025	2024
Operating revenue	$ 192,976	$ 145,537
Net income (loss) for the year	(145,167)	112,600
Other comprehensive income (net of tax)	(73)	(8,143)
Total comprehensive income for the year	$ (145,240)	$ 104,457
Dividends received from associate	$ -	$ -

Yieh Mau Corp.

	2025	2024
Operating revenue	$ 3,819,020	$ 4,487,784
Net income (loss) for the year	147,449	397,710
Other comprehensive income (net of tax)	(270,503)	(77,549)
Total comprehensive income for the year	$ (123,054)	$ 320,161
Dividends received from associate	$ -	$ -

	Tang Eng Iron Works Co., Ltd.
	2025	2024
Operating revenue	$ 9,602,428	$ 12,189,393
Net income (loss) for the year	(1,125,023)	(633,054)
Other comprehensive income (net of tax)	101,760	(13,535)
Total comprehensive income for the year	$ (1,023,263)	$ (646,589)
Dividends received from associate	$ -	$ -
	Yieh United Steel Corp.
	2025	2024
Operating revenue	$ 31,936,175	$ 40,090,416
Net income (loss) for the year	(5,654,999)	(2,588,051)
Other comprehensive income (net of tax)	(349,548)	549,734
Total comprehensive income for the year	$ (6,004,547)	$ (2,038,317)
Dividends received from associate	$ -	$ -

(3) The shares of the non-significant affiliates of the Group are summarized as follows:

	2025	2024
Share of profit or loss
Net profit this term	$ (148,033)	$ (182,683)
Other comprehensive income (net of tax)	(39,170)	35,078
Total comprehensive income for the year	$ (187,203)	$ (147,605)

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

	December 31, 2025	December 31, 2024
YIEH UNITED STEEL CORP. (Note)	$ 3,825,593	$ 3,831,724
Tang Eng Iron Works Co., Ltd.	3,326,117	3,418,812
Total	$ 7,151,710	$ 7,250,536

(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 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 a director, so the equity method is adopted for the valuation.

(6) The Group holds ownership stakes of 45% in Zheng Xin Security Co., Ltd., 45.48% in Eliter International Corp., 34.38% in E-Da Development Corp., 37.87% in Yieh Mau Corp., and 41.88% 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 Group is unable to control the aforementioned companies' relevant activities. The management of the Group believes that it has only a significant influence on the company listed above, so it is listed as an associate of the Group.

(7) The Group subscribed to private placement shares of the Group in December 2025, February 2017, and December 2015 at NT$6, NT$7, and NT$7 per share, respectively. The subscription amounts were NT$2,520,000 thousand, NT$204,876 thousand, and NT$1,100,400 thousand, respectively, totaling NT$3,825,276 thousand. In accordance with the Securities and Exchange Act, privately placed securities must be held for at least three years from the date of delivery and may only be freely transferred in the public market after the investee completes its public offering procedures.

(8) Under the equity method, YIEH UNITED STEEL CORP., in which the Group holds mutual equity interests with equity method, calculates investment gains and losses using the treasury share method.

(9) The accounting policy for investment properties in the financial statements of the investees under the equity method has been adjusted to be measured using the cost model, consistent with the Group.

(10) Investments accounted for using the equity method and the Group's share of profit or loss and other comprehensive income therefrom are calculated based on the audited financial statements of the investees, except for E United Japan Co., Ltd., which is based on unaudited financial statements. However, the Group's management believes that the use of unaudited financial statements for the aforementioned investee does not have a material impact.

(XI) Property, plant and equipment

Item	December 31, 2025	December 31, 2024
Land	$ 6,296,469	$ 6,306,553
Buildings	18,000,435	18,043,680
Machinery and equipment	41,219,797	41,957,367
Other equipment	11,487,763	11,288,206
Construction in progress and equipment to be inspected	2,572,996	1,704,161
Total cost	$ 79,577,460	$ 79,299,967
Less: Accumulated depreciation	(35,930,330)	(34,561,798)
Accumulated impairment	(294,533)	(335,166)
Net amount	$ 43,352,597	$ 44,403,003

	Land	Buildings	Machinery and equipment	Other equipment	Construction in progress and equipment to be inspected	Total
Cost
Balance as of January 1, 2025	$ 6,306,553	$ 18,043,680	$ 41,957,367	$ 11,288,206	$ 1,704,161	$ 79,299,967
Additions	990	13,566	89,812	165,343	1,258,027	1,527,738
Transfer to expenses	-	-	-	-	(24,293)	(24,293)
Disposal	(11,074)	(6,320)	(583,379)	(154,630)	-	(755,403)
Reclassification	-	3,370	128,931	225,552	(357,853)	-
Effect of foreign currency exchange difference	-	(53,861)	(372,934)	(36,708)	(7,046)	(470,549)
Balance as of December 31, 2025	$ 6,296,469	$ 18,000,435	$ 41,219,797	$ 11,487,763	$ 2,572,996	$ 79,577,460
Accumulated depreciation and impairment
Balance as of January 1, 2025	$ -	$ 5,445,509	$ 25,264,587	$ 4,008,675	$ 178,193	$ 34,896,964
Depreciation	-	390,252	1,196,140	640,445	-	2,226,837
Disposal	-	(3,656)	(552,043)	(145,666)	-	(701,365)
Effect of foreign currency exchange difference	-	(21,875)	(149,061)	(26,637)	-	(197,573)
Balance as of December 31, 2025	$ -	$ 5,810,230	$ 25,759,623	$ 4,476,817	$ 178,193	$ 36,224,863
	Land	Buildings	Machinery and equipment	Other equipment	Construction in progress and equipment to be inspected	Total
Cost
Balance as of January 1, 2024	$ 6,035,452	$ 17,453,320	$ 40,889,605	$ 11,105,880	$ 1,471,692	$ 76,955,949
Additions	271,101	447,857	86,104	147,382	600,751	1,553,195
Transfer to expenses	-	-	(100)	-	(5,905)	(6,005)
Disposal	-	(5,439)	(103,065)	(130,682)	-	(239,186)
Provisional impairment	-	-	-	-	(171,482)	(171,482)
Reclassification	-	12,987	156,679	85,271	(254,937)	-
Effect of foreign currency exchange difference	-	134,955	928,144	80,355	64,042	1,207,496
Balance as of December 31, 2024	$ 6,306,553	$ 18,043,680	$ 41,957,367	$ 11,288,206	$ 1,704,161	$ 79,299,967
Accumulated depreciation and impairment
Balance as of January 1, 2024	$ -	$ 5,010,703	$ 23,720,317	$ 3,410,743	$ 178,193	$ 32,319,956
Depreciation	-	381,705	1,252,429	654,466	-	2,288,600
Disposal	-	(3,327)	(77,567)	(116,780)	-	(197,674)
Effect of foreign currency exchange difference	-	56,428	369,408	60,246	-	486,082
Balance as of December 31, 2024	$ -	$ 5,445,509	$ 25,264,587	$ 4,008,675	$ 178,193	$ 34,896,964

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

	January to December 2025	January to December 2024
Additions of property, plant and equipment (Increase)/Decrease in payables for equipment	$ 1,527,738	$ 1,553,195
	17,217	(4,235)
Amount of cash for acquisition of property, plant and equipment	$ 1,544,955	$ 1,548,960

Please refer to Note 6(34) for the amount of capitalization of borrowing costs.
The Group resolved in 2024 to discontinue the expansion of certain production line equipment that was previously under construction. After assessment by management, the likelihood of recovering the carrying amount was considered extremely low; accordingly, an impairment loss of NT$171,482 thousand was recognized in 2024.
For information on collateral with property, plant and equipment, please refer to the descriptions in Note 8.
As of December 31, 2025 and 2024, certain land of the Group, amounting to NT$16,516 thousand in both years, could not be registered under the Company's name due to legal restrictions and was temporarily registered under the names of individuals. To safeguard its rights and interests, the Group has established mortgage registrations as a protective measure.

(XII) Lease agreement

Right-of-use assets

Item	December 31, 2025	December 31, 2024
Land	$ 514,079	$ 519,039
Buildings	42,180	44,565
Transport equipment	1,051	1,072
Total costs	$ 557,310	$ 564,676
Less: Accumulated depreciation	(126,810)	(103,926)
Accumulated impairment	-	-
Net amount	$ 430,500	$ 460,750
Cost	Land	Buildings
---	---	---
Balance as of January 1, 2025	$ 519,039	$ 44,565
Additions in the current period	9,973	115
Not recognized in current period	(221)	(928)
Effect of foreign currency exchange difference	(14,712)	(1,572)
Balance as of December 31, 2025	$ 514,079	$ 42,180
Accumulated depreciation and impairment
Balance as of January 1, 2025	$ 63,685	$ 39,675
Depreciation expenses	21,293	4,719
Not recognized in current period	-	(928)
Effect of foreign currency exchange difference	(954)	(1,585)
Balance as of December 31, 2025	$ 84,024	$ 41,881

— 43 —

Cost	Land	Buildings	Transportation equipment	Total
Balance as of January 1, 2024	$ 507,573	$ 42,501	$ 1,019	$ 551,093
Additions in the current period	4,235	-	-	4,235
Not recognized in current period	(4,314)	(705)	-	(5,019)
Effect of foreign currency exchange difference	11,545	2,769	53	14,367
Balance as of December 31, 2024	$ 519,039	$ 44,565	$ 1,072	$ 564,676
Accumulated depreciation and impairment
Balance as of January 1, 2024	$ 45,156	$ 31,204	$ 198	$ 76,558
Depreciation expenses	19,390	6,985	353	26,728
Not recognized in current period	(2,384)	(704)	-	(3,088)
Effect of foreign currency exchange difference	1,523	2,190	15	3,728
Balance as of December 31, 2024	$ 63,685	$ 39,675	$ 566	$ 103,926

2. Lease liabilities

Item	December 31, 2025	December 31, 2024
Carrying amount of lease liabilities
Current	$ 11,395	$ 14,784
Non-current	$ 42,174	$ 40,502

The range of discount rate for lease liabilities is 1.9661% - 3.85%.

Please refer to Note 12(2) for the maturity analysis of lease liabilities.

3. Important leasing activities and terms

The Group leases certain lands and buildings for operating purposes. The remaining lease terms range from 1 to 37 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 Group shall not sublease the leased assets to others without the consent of the lessors. As of December 31, 2025 and 2024, there was no material impairment of right-of-use assets.

4. Other leasing information

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

Item	2025	2024
Short-term lease expenses	$ 26,751	$ 28,551
Total cash outflow from leases (Note)	$ 38,335	$ 40,565

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

For information on collateral with right-of-use assets, refer to the descriptions in Note 8.

(XIII) Investment properties, net

Item	December 31, 2025	December 31, 2024
Measured at fair value	$ 596,889	$ 596,368

Investment property measured at fair value are as follows:

Item	December 31, 2025	December 31, 2024
Balance at the beginning of the period	$ 596,368	$ 577,286
Valuation gains	521	19,082
Balance at the end of the period	$ 596,889	$ 596,368

(1) The fair value of investment property as of December 31, 2025 and 2024 was appraised in December 2025 and January 2025, respectively, by certified real estate appraisers, Wu Kuo-Shih and Huang Chien-Chih, of Chang-Hsing Appraisers Firm. The valuation was performed using the income approach and is classified as a Level 3 fair value. Please refer to Note 12(3).

(2) The market price of the monthly rent in the area where the investment property is located on 2025 is about NT$200 per ping. The market price of the similar comparable properties in the market is about NT$7 to NT$791 per ping.

(3) The market price of the monthly rent in the area where the investment property is located on 2024 is about NT$200 per ping. The market price of the similar comparable properties in the market is about NT$7 to NT$777 per ping.

(4) The fair value of investment property is valuated by the income approach. When the estimated future net cash inflow increases or the discount rate decreases, the fair value will increase. The important assumptions are as follows:

Item	December 31, 2025	December 31, 2024
Estimated cash inflow in the future	$ 759,294	$ 758,712
Estimated future cash outflows	$ 8,309	$ 7,743
Estimated future net cash inflows	$ 750,985	$ 750,969
Discount rate	2.47%~2.50%	2.47%~2.50%

A. The expected future cash inflow generated from investment property includes rental income, interest income on rental deposits and disposal value at the end of the period. The rental income is estimated based on the current lease contract of the Company and the market price of rent, while taking the annual rental growth rate into account. The income analysis period is estimated based on a 10-year period. The interest income on rental deposits is estimated based on a one-year time deposit interest rate, and the disposal value at the end of the period is estimated based on the direct capitalization method of the income approach. The expected future cash outflow generated investment property includes land tax and management fees, among other expenditures. These expenditures are estimated based on the current level of expenditures and the future adjustment of land prices is taken into account.

B. Discount rate is based on the interest rate of the two-year time deposit announced by Chunghwa Post Co., Ltd. Plus 0.75 percentage points.

Rent income and direct operating expense of investment properties:

Item	2025	2024
Rent income of investment properties	$ 1,812	$ 1,812
Direct operating expense incurred for the investment properties with current rent income	$ 392	$ 371
Direct operating expense incurred for the investment properties without current rent income	$ 215	$ 207

For information on collateral pledged on investment property, please refer to Note 8.
As of December 31, 2025 and 2024, the Group's land temporarily registered under individuals' names due to legal restrictions amounted to NT$7,886 thousand and NT$7,636 thousand, respectively. However, to secure its rights, the Group has registered preservation measures by setting up mortgage rights.

(XIV) Intangible assets

Item	December 31, 2025	December 31, 2024
Mining rights	$ 442,689	$ 464,202
Trademark rights	8,207	8,207
Others	67,243	62,585
Total cost	$ 518,139	$ 534,994
Less: Accumulated amortization	(352,354)	(315,377)
Accumulated impairment	-	-
Net amount	$ 165,785	$ 219,617
Cost	Mining rights	Trademark rights
---	---	---
Balance as of January 1, 2025	$ 464,202	$ 8,207
Additions	-	-
Effect of foreign currency exchange difference	(21,513)	-
Balance as of December 31, 2025	$ 442,689	$ 8,207
Accumulated amortization and impairment
Balance as of January 1, 2025	$ 269,150	$ 1,538
Amortization	36,527	411
Effect of foreign currency exchange difference	(13,458)	-
Balance as of December 31, 2025	$ 292,219	$ 1,949
Cost	Mining rights	Trademark rights
---	---	---
Balance as of January 1, 2024	$ 464,202	$ 8,207
Additions	-	-
Balance as of December 31, 2024	$ 464,202	$ 8,207
Accumulated amortization and impairment
Balance as of January 1, 2024	$ 230,700	$ 1,128
Amortization	38,450	410
Balance as of December 31, 2024	$ 269,150	$ 1,538

— 45 —

(XV) Other non-current assets

Item	December 31, 2025	December 31, 2024
Intangible exploration and evaluation assets	$ 12,497	$ 12,497
Others	6,371	8,620
Total	18,868	21,117
Less: Accumulated impairment	(12,497)	(12,497)
Net amount	$ 6,371	$ 8,620

The above-listed intangible exploration and evaluation assets are mainly the exploration rights for lateritic nickel ore and will be reclassified into intangible assets - mining rights once the technical feasibility and commercial value of future mining of mineral resources are proven; however, the Group's original plan The mineral resources were intended to supply the Group's smelter in Indonesia. Due to external environmental factors, the progress of the construction of the smelter was delayed, and the mineral resources have been unable to be mined and used. The amount of impairment recognized on December 31, 2025 and 2024 was all NT$12,497 thousand.

(XVI) Refundable deposits

Item	December 31, 2025	December 31, 2024
Performance bond	$ 290,984	$ 154,413
Security deposit	18,638	18,192
Others	14,238	13,122
Total	$ 323,860	$ 185,727

The performance bond mentioned above is mainly the performance bond for contracting vendor to mine red soil nickel.

(XVII) Short-term loans

Types of borrowings	December 31, 2025
	Amount	Interest rate
Credit borrowings	$ 7,109,869	1.92%-5.00%
Borrowings for material purchase	7,042,614	2.34%-3.50%
Secured loans	408,628	2.75%-3.00%
Total	$ 14,561,111

The interest rate for NTD loans is 1.92% - 3.50%, for USD loans is 4.66% - 5.00%, and for CNY loans is 2.11% - 3.35%.

Types of borrowings	December 31, 2024
	Amount	Interest rate
Credit borrowings	$ 6,963,645	2.38%-6.55%
Borrowings for material purchase	5,773,753	2.53%-3.46%
Secured loans	674,024	2.53%-2.75%
Total	$ 13,411,422

The interest rate for NTD loans is 2.38% - 3.46%, for USD loans is 6.26% - 6.55%, and for CNY loans is 2.45% - 4.00%.

For short-term borrowings, the Group provides some bank deposits, property, plant and equipment, investment property, notes and accounts receivable as collateral for the borrowings. Please refer to the descriptions in Note 8.

(XVIII) Short-term notes payable

Item	December 31, 2025	December 31, 2024
Commercial paper payable	$ 1,180,000	$ 1,450,000
Less: unamortized discount on bonds payable	(1,370)	(2,155)
Net amount	$ 1,178,630	$ 1,447,845
Interest rate range	2.23%-3.15%	2.23%-3.10%

For the short-term bills payable, the Group provides some property, plant and equipment and investment property as collateral. Please refer to the descriptions in Note 8.

(XIX) Other payables

Item	December 31, 2025	December 31, 2024
Salary and bonus payable	$ 815,682	$ 828,635
Equipment payable	44,114	61,331
Payables for export fees and freight	111,321	208,213
Taxes and levies payable	89,546	93,725
Interest payable	71,946	68,293
Utilities payable	92,900	98,347
Payable marketing expenses	12,878	12,516
Consumables payable	31,705	29,918
Business tax payable	27,248	27,746
Cash dividends payable - prior period	23,985	23,793
Repair and maintenance expense payable	23,505	23,013
Remuneration payable to employees, directors and supervisors - prior period	-	1,258
Others	473,315	533,481
Total	$ 1,818,145	$ 2,010,269

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

(XX) Provision for liabilities - current

Item	December 31, 2025	December 31, 2024
Employee benefits	$ 113,172	$ 105,660
Warranty	4,130	8,811
Onerous contract	19,552	25,049
Carbon fee	26,782	-
Decommissioning liability	1,900	-
Total	$ 165,536	$ 139,520
Item	Employee benefit	Warranty
---	---	---
January 1, 2025	$ 105,660	$ 8,811
New provisions in this period	87,368	4,157
Provisions used in this period	(79,856)	(8,838)
December 31, 2025	$ 113,172	$ 4,130

— 48 —

Item	Employee benefit	Warranty	Onerous contract	Carbon fee	Decommissioning liability	Total
January 1, 2024	$ 98,430	$ 3,580	$ 99	$ -	$ -	$ 102,109
New provisions in this period	82,860	5,231	75,945	-	-	164,036
Provisions used in this period	(75,630)	-	(50,995)	-	-	(126,625)
December 31, 2024	$ 105,660	$ 8,811	$ 25,049	$ -	$ -	$ 139,520

The provision for employee benefits is an estimate of employees' vested short-term service leave entitlements.
Provisions of warranty were related to the warranty of sales of electronic products and were estimated according to the historical warranty information of products.
The liability reserve for onerous purchase 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.
Carbon tax liability provision is based on the general carbon tax rate.

(XXI) Long-term loans

Item	December 31, 2025	December 31, 2024
Syndicated loans with banks:
The Company	$ 8,346,000	$ 7,005,000
Subsidiaries	32,849,722	32,280,969
Subtotal	$ 41,195,722	$ 39,285,969
Secured bank borrowings	2,923,041	613,637
Unsecured bank borrowings	906,833	897,592
Total	$ 45,025,596	$ 40,797,198
Less: unamortized discount on bonds payable	(164,706)	(122,915)
Less: current portion	(5,434,568)	(8,739,554)
Long-term borrowing	$ 39,426,322	$ 31,934,729
Interest rate range	2.68%-6.30%	2.34%-6.86%

For the collateral for the bank borrowings listed above, please refer to the descriptions in Note 8.
According to the Group's syndicated loan agreement with banks, the Group must maintain specific financial ratios, such as current ratio, debt ratio, and interest coverage ratio, based on the annual consolidated financial statements audited by the accountant and the second quarter consolidated financial statements reviewed by the accountant, or the subsidiary's annual or second quarter non-consolidated financial statements audited by the accountant, during the loan period. In 2025 and 2024, due to certain financial ratios of the subsidiaries Yieh Hsing, Kings Garden, and Great Emperor not meeting the contractual standards, the Group is required to pay a compensation fee of 0.125% of the outstanding credit balance or increase the interest rate by 0.1%~0.825% to the managing bank within the agreed timeframe. This is not considered a default.

(XXII) 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; the subsidiaries outside the ROC have participated in the defined contribution plan managed by the local government and make monthly contributions to the local government as pension funds.

(2) The pension expenses recognized by the Group for 2025 and 2024 were NT$193,544 thousand and NT$190,041 thousand, respectively.

Defined benefit plans

(1) The Group's domestic companies participate in the retirement pension plan under Taiwan's Labor Standards Act, which is classified as a government-managed defined benefit plan. Pension benefits are calculated based on an employee's years of service and the average monthly salary for the six months prior to the approved retirement date. The Group contributes an amount equal to 6%-10% of employees' monthly salaries to the employees' retirement fund, which is deposited into a dedicated account with the Bank of Taiwan under the name of the Labor Retirement Fund Supervisory Committee.

If, before the end of each year, the balance in the account is estimated to be insufficient to cover the payments for employees expected to qualify for retirement within the following year, the Group is required to make a supplemental contribution for the shortfall by the end of March of the following year. The account is managed by the Bureau of Labor Funds, Ministry of Labor, and the Group does not have the right to influence the investment management strategy.

(2) The amounts of the Group's obligations arising from the defined benefit plans recognized in the consolidated balance sheet are as follows:

Item	December 31, 2025	December 31, 2024
Present value of available refunds	$ 1,247,146	$ 1,346,989
Fair value of plan assets	(1,400,625)	(1,390,775)
Net defined benefit liabilities (assets)	$(153,479)	$(43,786)
asset listed as:
Net defined benefit assets - non-current	$(187,273)	$(81,686)
Net defined benefit liability - non-current	33,794	37,900
Total	$(153,479)	$(43,786)

— 49 —

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

Item	2025
	Present value of net defined benefit plan obligations	Fair value of plan assets	Net defined benefit liabilities
Balance on January 1, 2025	$ 1,346,989	$(1,390,775)	$(43,786)
Service cost
Current service cost	643	-	643
Previous period service cost	6,039	-	6,039
Interest expense (income)	20,744	(21,939)	(1,195)
Profit or loss on liquidation	(813)	-	(813)
Recognized in profit or loss	26,613	(21,939)	4,674
Remeasurements
Return on plan assets (excluding amounts included in net interest)	-	(97,427)	(97,427)
Actuarial (gain) loss - Changes in financial assumptions	20,160	-	20,160
Experience adjustments	(21,003)	-	(21,003)
Stated as other comprehensive income	(843)	(97,427)	(98,270)
Employer contribution	-	(10,729)	(10,729)
Payments for benefits	(125,613)	120,245	(5,368)
Balance on December 31, 2025	$ 1,247,146	$(1,400,625)	$(153,479)
Item	2024
---	---	---	---
	Present value of net defined benefit plan obligations	Fair value of plan assets	Net defined benefit liabilities
Balance on January 1, 2024	$ 1,466,322	$(1,287,367)	$ 178,955
Service cost
Current service cost	1,311	-	1,311
Previous period service cost	-	-	-
Interest expense (income)	17,059	(15,273)	1,786
Recognized in profit or loss	18,370	(15,273)	3,097
Remeasurements
Return on plan assets (excluding amounts included in net interest)	-	(114,770)	(114,770)
Actuarial (gain) loss - Changes in financial assumptions	(37,367)	-	(37,367)
Experience adjustments	(6,949)	-	(6,949)
Stated as other comprehensive income	(44,316)	(114,770)	(159,086)
Employer contribution	-	(62,807)	(62,807)
Payments for benefits	(93,387)	89,442	(3,945)
Balance on December 31, 2024	$ 1,346,989	$(1,390,775)	$ (43,786)

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

A. Investment risk

The Bureau of Labor Funds, Ministry of Labor, manages the Labor Retirement Fund through both direct investment and entrusted management. The fund is invested in domestic and foreign equity securities, debt securities, and bank deposits. However, the portion of the plan assets allocable to the Group is based on a return rate not lower than the local two-year time deposit interest rate.

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 Group's defined benefit obligations is calculated by a qualified actuary. The critical assumptions at the measurement date are listed as follows:

Item	Measurement date
	December 31, 2025	December 31, 2024
Discount rate	1.3%~1.35%	1.60%
Future salary increase rate	2.00%	2.00%
Average duration of defined benefit obligations	5.9-7 years	6-7 years

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

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, 2025	December 31, 2024
Discount rate
Increase by 0.25%	$ (19,957)	$ (22,762)
Decrease by 0.25%	$ 20,470	$ 23,365
Expected salary increase percentage
Increase by 0.25%	$ 20,630	$ 23,255
Decrease by 0.25%	$ (20,194)	$ (22,744)

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 Group's pension plan is NT$120 thousand.

(XXIII) Share Capital

Quantity and value of the Company's outstanding common shares at the beginning and ending of period are adjusted as following:

Item	2025
	Shares (thousand)	Amount
Balance at January 1	1,974,217	$ 19,742,172
Cancellation of treasury stock	(70,977)	(709,770)
Balance at December 31	1,903,240	$ 19,032,402
Item	2024
---	---	---
	Shares (thousand)	Amount
Balance at January 1	1,949,171	$ 19,491,710
Capital increase out of retained earnings	38,906	389,062
Cancellation of treasury stock	(13,860)	(138,600)
Balance at December 31	1,974,217	$ 19,742,172

As of December 31, 2025, the Company's authorized capital was NT$30,000,000 thousand, divided into 3,000,000 thousand shares.
On November 5, 2025, the Board of Directors resolved to cancel the treasury shares to decrease the capital by NT$231,160 thousand, and 23,116 thousand shares were eliminated. The ratio of capital reduction was 1.20%. The record date of capital reduction was November 10, 2025.
On July 2, 2025, the Board of Directors resolved to cancel the treasury shares to decrease the capital by NT$256,410 thousand, and 25,641 thousand shares were eliminated. The ratio of capital reduction was 1.31%. The record date of capital reduction was July 4, 2025.
On May 6, 2025, the Board of Directors resolved to cancel the treasury shares to decrease the capital by NT$72,200 thousand, and 7,220 thousand shares were eliminated. The ratio of capital reduction was 0.37%. The record date of capital reduction was May 9, 2025.
On March 12, 2025, the Board of Directors resolved to cancel the treasury shares to decrease the capital by NT$150,000 thousand, and 15,000 thousand shares were eliminated. The ratio of capital reduction was 0.76%. The record date of capital reduction was March 17, 2025.
On December 25, 2024, the Board of Directors resolved to cancel the treasury shares to decrease the capital by NT$100,000 thousand, and 10,000 thousand shares were eliminated. The ratio of capital reduction was 0.5%. The record date of capital reduction was December 31, 2024.
The capitalization of earnings for NT$389,062 thousand was approved by the regular shareholders' meeting 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 capitalization was September 3, 2024.
The Company's Board of Directors resolved on January 25, 2024 to cancel the treasury shares. The capital reduction amounted to NT$38,600 thousand, and 3,860 thousand shares eliminated. The ratio of capital reduction was 0.2%. The record date of capital reduction was February 15, 2024.

— 52 —

(XXIV) Capital surplus

Item	December 31, 2025	December 31, 2024
Premiums on the issuance of shares	$ 3,771,389	$ 3,911,842
Treasury stock transactions	277,173	496,386
Difference between the equity price and book value of the subsidiary's equity actually acquired or disposed	217,348	219,251
Changes in ownership interests in subsidiaries	7,014	8,665
Changes in associates and joint ventures	117,012	39,585
Recognized under the equity method
Exercise of disgorgement	8	8
Total	$ 4,389,944	$ 4,675,737

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.

(XXV) 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 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.
Special reserve

Item	December 31, 2025	December 31, 2024
Reserves for debit balance on other equity	$ -	$ 425,286
Reserve for first-time application of IFRS	327,758	327,758
The subsequent valuation of investment property adopts the fair value model	10,586,982	-
fair value model
Total	$ 10,914,740	$ 753,044

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

The resolution of 2024 and 2023 earnings and dividends per share had been resolved at the stockholders' meeting in June 2025 and June 2024. Details are summarized below:

Item	Allocation of earnings		Dividends Per Share ($)
	2024	2023	2024	2023
Legal reserve	$ -	$ -
Provision (reversal) of special reserve	10,161,696	(69,325)
Cash dividends for common shares	-	389,062	-	0.2
Stock dividends for common shares	-	389,062	-	0.2
Total	$ 10,161,696	$ 708,799

(1) The investment properties were valuated with the fair values for the subsequent measurement first time in 2024. The net increase in fair value was transferred to the retained earnings and appropriated the same amount as a special reserve for NT$10,504,017 thousand, and NT$242,525 thousand was provided as the special reserve, where the amount is identical to valuation gains of the subsequent measurement of investment property in 2024; as of December 31, 2024, NT$425,286 thousand was accounted as the net deduction to other equity of reversed special reserve; in 2024, NT$159,560 thousand from the special reserve compensated the deficit.

The Company's Board of Directors convened on March 6, 2026 to propose a loss carryforward from 2025. Due to operating losses, no dividends were distributed to shareholders. The above-mentioned earnings/losses carryforward is still pending resolution at the annual shareholders' meeting to be held in June 2026.

— 54 —

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.

(XXVI) Other 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, 2025	$ (464,763)	$ 353,399	$ 8,049	$ (103,315)
Exchange difference from translating the financial statements of foreign operations	(192,237)	-	-	(192,237)
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	-	50,635	-	50,635
Shares of associates and joint ventures under equity method	(141,985)	(118,915)	(1,222)	(262,122)
Balance as of December 31, 2025	$ (798,985)	$ 285,119	$ 6,827	$ (507,039)
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	$ (1,089,814)	$ 326,048	$ 12,679	$ (751,087)
Exchange difference from translating the financial statements of foreign operations	449,331	-	-	449,331
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	-	80,269	-	80,269
Shares of associates and joint ventures under equity method	175,720	(52,918)	(4,630)	118,172
Balance as of December 31, 2024	$ (464,763)	$ 353,399	$ 8,049	$ (103,315)

— 55 —

(XXVII) Treasury shares

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

Unit: Thousand Shares

2025
January 1	Increase	Decrease	December 31
15,000	80,512	(70,977)	24,535

Unit: Thousand Shares

2024
January 1	Increase	Decrease	December 31
3,860	25,000	(13,860)	15,000

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. By December 16, 2023, the group 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 shares. 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 Group had repurchased 10,000 thousand shares, totaling NT$152,067 thousand. On December 25, 2024, the board of directors resolved to cancel the treasury shares, to eliminate 10,000 thousand shares, and decreased the capital by 0.50%. The base date for the capital decrease 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 shares. 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 Group had repurchased 15,000 thousand shares, totaling NT$223,907 thousand. On March 12, 2025, the board of directors resolved to cancel the treasury shares, to eliminate 15,000 thousand shares, and decreased the capital by 0.76%. The base date for the capital decrease was set for March 17, 2025.
On January 1, 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 January 2, 2025 to March 1, 2025, with the intention to repurchase 15,000 thousand shares. As of March 1, 2025, the Group had repurchased 7,220 thousand shares, totaling NT$107,210 thousand. On May 6, 2025, the board of directors decided to cancel the treasury shares, eliminating 7,220 thousand shares, and reducing the capital by 0.37%. The date for the reduction of capital was set for May 9, 2025.
On April 8, 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 April 9, 2025 to June 8, 2025, with the intention to repurchase 30,000 thousand shares. As of March 1, 2025, the Group had repurchased 25,641 thousand shares, totaling NT$386,995 thousand. On July 2, 2025, the board of directors resolved to cancel the treasury shares, eliminating 25,641 thousand shares, and reducing the capital by 1.31%. The date for the reduction of capital was set for July 4, 2025.

On June 9, 2025, to maintain the Company's credit and shareholder rights, the Board of Directors approved the execution of a buyback of treasury stock. The buyback was scheduled to take place from June 10, 2025 to August 9, 2025, with the intention to repurchase 20,000 thousand shares. As of August 9, 2025, the Group had repurchased 15,236 thousand shares, totaling NT$232,241 thousand. On November 5, 2025, the Board of Directors resolved to cancel the treasury shares, eliminating 15,236 thousand shares, with a capital reduction ratio of 1.20%. The record date for the capital reduction was set as November 10, 2025.
On August 12, 2025, to maintain the Company's credit and shareholder rights, the Board of Directors approved the execution of a buyback of treasury stock. The buyback was scheduled to take place from August 12, 2025 to October 11, 2025, with the intention to repurchase 15,000 thousand shares. As of October 11, 2025, the Group had repurchased 7,880 thousand shares, totaling NT$119,388 thousand. On November 5, 2025, the Board of Directors resolved to cancel the treasury shares, eliminating 7,880 thousand shares, with a capital reduction ratio of 1.20%. The record date for the capital reduction was set as November 10, 2025.
On October 13, 2025, to maintain the Company's credit and shareholder rights, the Board of Directors approved the execution of a buyback of treasury stock. The buyback was scheduled to take place from October 14, 2025 to December 13, 2025, with the intention to repurchase 12,000 thousand shares. As of November 17, 2025, the Group had repurchased 12,000 thousand shares, totaling NT$177,380 thousand.
On November 17, 2025, to maintain the Company's credit and shareholder rights, the Board of Directors approved the execution of a buyback of treasury stock. The buyback was scheduled to take place from November 18, 2025 to January 17, 2026, with the intention to repurchase 15,000 thousand shares. As of December 31, 2025, the Group had repurchased 12,535 thousand shares, totaling NT$186,050 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 Group shall not be pledged and shall not be entitled to the rights of shareholders before they are transferred.

— 57 —

(XXVIII) Non-controlling interests

Item	2025	2024
Beginning balance	$ 840,581	$ 1,247,566
Shares attributable to non-controlling interests:
Net income (loss) for the year	(483,571)	(458,043)
Other comprehensive income the year:
Re-evaluation of confirmed employee benefits programs	9,365	393
Exchange difference from translating the financial statements of foreign operations	(18,698)	7,833
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	(284)	(298)
Shares of associates and joint ventures under equity method
Re-evaluation of confirmed employee benefits programs	758	120
Exchange difference from translating the financial statements of foreign operations	(3,820)	5,302
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	(5,779)	(874)
Gains (loss) of hedging instruments	(23)	(87)
Changes in associates under equity method	35,562	8,369
Increase of non-controlling interests - cash capital increase	15,542	24,600
Increase of non-controlling interests - sales	(1,201)	(2)
Increase of non-controlling interests - cash dividends	(10,736)	(6,472)
Increase (decrease) in non-controlling interests	1,903	12,174
Ending balance	$ 379,599	$ 840,581

(XXIX) Operating revenue

Item	2025	2024
Revenue from customer contracts
Sales revenue:	$ 67,115,411	$ 73,226,504
Construction revenue:	605,309	841,815
Realized (unrealized) sales gains	217	217
Total sales revenues from customer contracts	$ 67,720,937	$ 74,068,536
Less: sales return	(44,572)	(25,057)
Sales discount	(118,766)	(61,732)
Net operating revenue from customer contracts	$ 67,557,599	$ 73,981,747

Breakdown of revenue from contracts with customers

The Group’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:

2025:

	Steel coils and tubes	Cables and wires	Construction revenue	Others	Total amount
External customers
Revenue from contracts	$ 55,451,700	$ 5,167,491	$ 605,526	$ 6,332,882	$ 67,557,599
Time of revenue recognition
Revenue recognized at a certain point in time	$ 55,451,700	$ 5,167,491	$ -	$ 5,415,552	$ 66,034,743
Income recognized gradually over time	-	-	605,526	917,330	1,522,856
Total	$ 55,451,700	$ 5,167,491	$ 605,526	$ 6,332,882	$ 67,557,599

2024:

	Steel coils and tubes	Cables and wires	Construction revenue	Others	Total amount
External customers
Revenue from contracts	$ 59,582,984	$ 6,584,839	$ 842,032	$ 6,971,892	$ 73,981,747
Time of revenue recognition
Revenue recognized at a certain point in time	$ 59,582,984	$ 6,584,839	$ -	$ 6,158,041	$ 72,325,864
Income recognized gradually over time	-	-	842,032	813,851	1,655,883
Total	$ 59,582,984	$ 6,584,839	$ 842,032	$ 6,971,892	$ 73,981,747

(2) Please refer to Note 14 for the breakdown of revenue by department.

Balance of contracts

Item	December 31, 2025	December 31, 2024	January 1, 2024
Notes and accounts receivable	$ 3,035,872	$ 4,255,224	$ 4,623,812
Contract assets - current Steel structure and cranes	$ 635,858	$ 780,190	$ 575,864
Contract liabilities -- current
Advanced product payment - product sales	$ 1,105,617	$ 1,501,206	$ 1,758,679
Partial construction billing	264,507	78,093	77,861
Total	$ 1,370,124	$ 1,579,299	$ 1,836,540

(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:

	December 31, 2025	December 31, 2024
ECLs	0%-0.5%	0%-0.5%
Total carrying amount	$ 638,464	$ 782,796
Allowance for losses (duration expected credit losses)	(2,606)	(2,606)
Total	$ 635,858	$ 780,190

The Group 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 Group 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:

	2025	2024
Opening balance	$ 2,606	$ 1,676
Plus: Provision (reversal) for impairment loss	-	930
Ending balance	$ 2,606	$ 2,606

(3) The amount from contract liabilities at the beginning of the year recognized as operating revenue from 2025 and 2024 was NT$1,501,206 thousand and NT$1,758,679 thousand, respectively.

(4) Contracts with customers not yet completed

As of December 31, 2025 and 2024, the aggregate amount of the transaction price allocated to the outstanding performance obligations was NT$808,891 thousand and NT$707,019 thousand, respectively. The Group will gradually recognize the income as the projects are completed. These contract revenues are expected to be recognized until December 2026.

(XXX) Employee benefits, depreciation, depletion, and amortization expenses

Category	2025
	Operating Cost	Operating Expense	Total
Employee benefit expenses
Salaries	$ 2,336,876	$ 1,083,618	$ 3,420,494
Labor and health insurance	268,341	108,707	377,048
Pension	141,861	56,357	198,218
Other employee benefit expenses	480,467	130,504	610,971
Depreciation	1,616,391	636,802	2,253,193
Amortization	36,527	13,908	50,435
Total	$ 4,880,463	$ 2,029,896	$ 6,910,359

Category	2024
	Operating Cost	Operating Expense	Total
Employee benefit expenses
Salaries	$ 2,554,658	$ 1,099,575	$ 3,654,233
Labor and health insurance	239,821	104,781	344,602
Pension	142,835	50,303	193,138
Other employee benefit expenses	468,151	128,429	596,580
Depreciation	1,662,072	653,256	2,315,328
Amortization	37,231	17,360	54,591
Total	$ 5,104,768	$ 2,053,704	$ 7,158,472

Pursuant to the Articles of Incorporation, the Company allocates $0.2\%$ or more as the employee remuneration from its pre-tax profit before deducting employee and director/ remuneration, and of which, more than $6\%$ is allocated for the non-executive employees, and no more than $0.1\%$ for director remuneration. Due to operating losses in 2024 and 2023, estimated employee compensation and remuneration to directors and supervisors were both NT$0 thousand; any changes to the amount after the annual financial report was released will be treated as a change in accounting estimate and adjusted in the following year.
In March 2026 and March 2025, the Company's board of directors resolved to approve NT$0 as the remuneration to employees and directors for 2025 and 2024, respectively, which is no deviation from NT$0 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.

(XXXI) Interest income

Item	2025	2024
Interest from bank deposit	$ 141,933	$ 157,353

(XXXII) Other income

Item	2025	2024
Rent income - equipment and investment property	$ 14,391	$ 41,607
Dividend income	15,895	17,231
Gains from bargain purchase	18,015	-
Other income
Revenues from anti-dumping tax rebates	-	-
Income from sale of industrial waste	56,540	54,398
Others	81,014	86,792
Subtotal	137,554	141,190
Total	$ 185,855	$ 200,028

For the income from refunded dumping duties, please refer to the descriptions in Note 6(5).

(XXXIII) Other gains and losses

Item	2025	2024
Gain (loss) on valuation of financial assets at fair value through profit or loss	$ 672	$ (201)
Net foreign currency exchange gain (loss)	(150,298)	385,312
Fair value adjustment gain on investment property	521	19,082
Gain from impairment of property, plant and equipment	-	(171,482)
Loss from disposition of Property, plant and equipment	(30,447)	(29,802)
Gain from disposal of investments	-	(3,955)
Others	(16,450)	(5,723)
Total	$ (196,002)	$ 193,231

(XXXIV) Financial costs

Item	2025	2024
Interest expenses on bank borrowings	$ 1,881,625	$ 1,958,875
Interest expenses on lease liabilities	842	1,399
Subtotal	1,882,467	1,960,274
Less: portion qualified capitalization	(51,502)	(35,755)
Financial costs	$ 1,830,965	$ 1,924,519

(XXXV) Income tax

Income tax expense

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

Item	2025	2024
Income tax arising in the current period	$ 166,064	$ 183,896
Adjustment of income taxes in prior years	2,352	1,207
Surtax on undistributed earnings	152	2,652
Tax refund for correction of undistributed earnings tax assessment	(15,722)	-
Deferred income tax arising from temporary differences	(15,916)	(207,282)
Income tax expense (benefit)	$ 136,930	$ (19,527)

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

Item	2025	2024
Remeasurement of defined benefit plans	$ 19,654	$ 31,817
Exchange difference from translating the financial statements of foreign operations	(44,249)	110,347
Total	$ (24,595)	$ 142,164

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

Item	2025	2024
Net profit before tax	$ (3,887,637)	$ (2,073,690)
Income tax expense calculated at the statutory rate	$ (684,905)	$ (429,768)
Tax effect of adjustment items:
Effect of excluded items from calculation of taxable income
Investment loss (income) recognized under equity method	448,673	208,043
Unrealized inventory valuation losses (reversal gains)	13,220	27,805
Differences in the points in time of recognizing sales revenue	(12,627)	(6,791)
Unrealized (or realized) investment loss	(18,100)	(216,898)
Unpaid (or paid) pension	(1,626)	(12,725)
Other adjustments	216,616	(16,431)
Operating loss carry-forwards	204,813	630,661
Adjustment of income taxes in prior years	2,352	1,207
Surtax on undistributed earnings	152	2,652
Tax refund for correction of undistributed earnings tax assessment	(15,722)	-
Net change in deferred income tax	(15,916)	(207,282)
Income tax expense (benefit) recognized in profit or loss	$ 136,930	$ (19,527)

The applicable tax rate for entities of the Group under the Income Tax Act of the Republic of China is 20%; income taxes in other jurisdictions are calculated in accordance with the tax rates applicable in the respective jurisdictions.

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

Item	2025
	Beginning balance	Recognized in profit (loss)	Recognized in other comprehensive income (loss)	Exchange rate effects	Ending balance
Deferred income tax assets
Deductible temporary difference
Investment loss (gain) under the equity method	$ 350,553	$ 49,069	$ -	$ (1,005)	$ 398,617
Exchange differences on translation of foreign operations	101,339	-	39,851	-	141,190
Allowance for inventory valuation losses
Allowance for inventory valuation losses	59,712	10,819	-	(661)	69,870
Investment losses recognized under cost method	5,000	-	-	-	5,000
Property, plant and equipment	65,354	(7,769)	-	-	57,585
Impairment loss
Recognition of sales revenue and cost	15,340	(14,163)	-	-	1,177
Timing difference
Difference in depreciation of taxes	35,147	(306)	-	-	34,841
Net defined benefit liabilities	7,578	(925)	106	-	6,759
Others	54,970	5,647	-	-	60,617
Operating loss carry-forwards	686,832	(13,500)	-	-	673,332
Subtotal	$ 1,381,825	$ 28,872	$ 39,957	$ (1,666)	$ 1,448,988
Deferred income tax liabilities
Taxable temporary difference
Unrealized foreign exchange gains	$ (9,456)	$ 1,979	$ -	$ -	$ (7,477)
Exchange differences on translation of foreign operations	(7,975)	-	4,398	-	(3,577)
Allowance for inventory valuation losses
Investment income under equity method	(54,172)	(12,877)	-	-	(67,049)
Net defined benefit asset	(16,337)	(1,358)	(19,760)	-	(37,455)
Land value increment tax	(52,321)	(217)	-	-	(52,538)
Others	(1)	(483)	-	-	(484)
Subtotal	$ (140,262)	$ (12,956)	$ (15,362)	$ -	$ (168,580)
Total	$ 1,241,563	$ 15,916	$ 24,595	$ (1,666)	$ 1,280,408

Item	2024
	Beginning balance	Recognized in profit (loss)	Recognized in other comprehensive income (loss)	Exchange rate effects	Ending balance
Deferred income tax assets
Deductible temporary difference
Investment loss (gain) under the equity method	$ 312,989	$ 35,019	$ -	$ 2,545	$ 350,553
Exchange differences on translation of foreign operations	205,469	-	(104,130)	-	101,339
Allowance for inventory valuation losses
Allowance for inventory valuation losses	33,442	25,540	-	730	59,712
Investment losses recognized under cost method	5,000	-	-		5,000
Property, plant and equipment	43,408	21,946	-	-	65,354
Impairment loss
Recognition of sales revenue and cost	20,532	(5,192)	-	-	15,340
Timing difference
Difference in depreciation of taxes	38,529	(3,382)	-	-	35,147
Net defined benefit liabilities	42,621	(8,129)	(26,914)	-	7,578
Others	68,649	(13,679)	-	-	54,970
Operating loss carry-forwards	503,438	183,394	-	-	686,832
Subtotal	$ 1,274,077	$ 235,517	$ (131,044)	$ 3,275	$ 1,381,825
Deferred income tax liabilities
Taxable temporary difference
Unrealized foreign exchange gains	$ (118)	$ (9,338)	$ -	$ -	$ (9,456)
Exchange differences on translation of foreign operations	(1,758)	-	(6,217)	-	(7,975)
Allowance for inventory valuation losses
Investment income under equity method	(39,827)	(14,345)	-	-	(54,172)
Net defined benefit asset	(6,831)	(4,603)	(4,903)	-	(16,337)
Land value increment tax	(52,372)	51	-	-	(52,321)
Others	(1)	-	-	-	(1)
Subtotal	$ (100,907)	$ (28,235)	$ (11,120)	$ -	$ (140,262)
Total	$ 1,173,170	$ 207,282	$ (142,164)	$ 3,275	$ 1,241,563

Items not recognized as deferred income tax assets

Item	December 31, 2025	December 31, 2024
Investment loss recognized under equity method	$ 2,407,323	$ 1,338,981
Loss carryforward	1,506,625	1,451,350
Others	122,804	93,493
Total	$ 4,036,752	$ 2,883,824

Up to 2023, the income tax for the profit-seeking business of the Company has been approved by the tax authorities.

(XXXVI) Other consolidated income or loss

Item	2025
	Before Income Tax	Income tax expense (gain)	Net after tax
Items that will not be reclassified subsequently to profit or loss:
Re-evaluation of confirmed employee benefits programs	$ 98,270	$ (19,654)	$ 78,616
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	50,351	-	50,351
Share of associates and joint ventures accounted for using the equity method:
Re-evaluation of confirmed employee benefits programs	44,612	-	44,612
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	(124,694)	-	(124,694)
Subtotal	68,539	(19,654)	48,885
Items that may be reclassified subsequently to profit or loss:
Exchange difference from translating the financial statements of foreign operations	(248,856)	37,921	(210,935)
Share of associates and joint ventures accounted for using the equity method:
Exchange difference from translating the financial statements of foreign operations	(152,133)	6,328	(145,805)
Gains (loss) of hedging instruments	(1,245)	-	(1,245)
Subtotal	(402,234)	44,249	(357,985)
Stated as other comprehensive income	$ (333,695)	$ 24,595	$ (309,100)
Item	2024
---	---	---	---
	Before Income Tax	Income tax expense (gain)	Net after tax
Items that will not be reclassified subsequently to profit or loss:
Re-evaluation of confirmed employee benefits programs	$ 159,086	$ (31,817)	$ 127,269
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	79,971	-	79,971
Share of associates and joint ventures accounted for using the equity method:
Re-evaluation of confirmed employee benefits programs	5,660	-	5,660
Unrealized gains (loss) of financial assets measured at fair value through other comprehensive income	(53,792)	-	(53,792)
Subtotal	190,925	(31,817)	159,108
Items that may be reclassified subsequently to profit or loss:
Exchange difference from translating the financial statements of foreign operations	557,819	(100,655)	457,164
Share of associates and joint ventures accounted for using the equity method:
Exchange difference from translating the financial statements of foreign operations	190,714	(9,692)	181,022
Gains (loss) of hedging instruments	(4,717)	-	(4,717)
Subtotal	743,816	(110,347)	633,469
Stated as other comprehensive income	$ 934,741	$ (142,164)	$ 792,577

(XXXVII) Basic earnings per share

Item	2025	2024
A. Basic earnings per share:
Net income attributable to parent company	$ (3,540,996)	$ (1,596,120)
Weighted average number of outstanding shares (thousand shares)	1,919,198	1,981,451
Weighted average number of outstanding shares after retroactive adjustment (thousand shares)	1,919,198	1,981,451
Basic earnings per share (after tax) (NT$)	$ (1.85)	$ (0.81)
B. Diluted earnings per share:
Net income attributable to parent company	$ (3,540,996)	$ (1,596,120)
Weighted average number of outstanding shares	1,919,198	1,981,451
Effect of employee compensation (Note)	-	-
Calculate the diluted earnings per share by the weighted average number of Outstanding shares	1,919,198	1,981,451
Diluted earnings per share (after tax) (NT$)	$ (1.85)	$ (0.81)

(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.

(XXXVIII) Transactions with non-controlling interests

Changes in equity of subsidiaries

2025:

The Company paid NT$115,393 thousand in cash to purchase shares of its subsidiary, Emmt Systems, from Jian-Huan in 2025. The Company's shareholding in Emmt Systems increased from 78.51% to 85.99%. Subsequently, Jian-Huan was liquidated in June 2025. As this transaction did not change the Group's control over the subsidiary, the Group accounted for it as an equity transaction. This transaction resulted in an increase in non-controlling interests of NT$1,903 thousand.

2024:

The subsidiary, Kings Garden International Co., Ltd., conducted a cash capital increase in August 2024. Following the subscription, the Company's shareholding ratio increased from 54.89% to 57.60%, while Yieh Hsing's shareholding ratio decreased from 45.10% to 42.39%. Shin Phui's shareholding ratio remained at 0.01%. As this transaction did not change the Group's control over the subsidiary, the Group accounted for it as an equity transaction. This transaction resulted in an increase in non-controlling interests of NT$12,174 thousand.

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 consolidated company
Yieh United Steel Corp.	Associates
Yieh Mau Corp.	Associates
ASIAZONE CO., LTD.	Associates
Cheng Shin Security Co., Ltd.	Associates
Eliter International Corporation	Associates
UNIPATTERN CO.	Associates
Eda Bus Transportation Co., Ltd.	Associates
E-DA Tour Bus Co., Ltd	Associates
E-Da Development Corp.	Associates
E-DA CULTURAL CREATIVE INDUSTRIES CO., LTD.	Associates
E-DA VISUAL EFFECTS CORP.	Associates
Tang Eng Iron Works Co., Ltd.	Associates
SHIN JAN ENGINEERING & MANAGEMENT CONSULTING CO., LTD.	Associates
Tian-Yue Hot Spring And Resort Inc.	Associates
Yieh Hong Enterprise Co., Ltd.	Other related party
Li Hsin Enterprise Co., Ltd.	Other related party
Wei Chiao Investment & Development Co., Ltd.	Other related party
Fujian Liande Enterprise Co., Ltd.	Other related party
YIEH CORPORATION SC LIMITED	Other related party
SKYLARK INTERNATIONAL HOTEL CO., LTD.	Other related party
Pacific Harbor Stevedoring Corporation	Other related party
Royal Palace Hong Kong Restaurant Co., Ltd.	Other related party
KIWA INTERNATIONAL COMMERCIAL ASSET MANAGEMENT (TAIWAN) LIMITED	Other related party
E SKY International Co., Ltd.	Other related party
Chiao Ling Entertainment Co., Ltd.	Other related party
New Springs Construction Co., Ltd.	Other related party
E-DA Po Jue Building Management and Maintenance Co., Ltd.	Other related party
E-DA ROYAL HOTEL COMPANY LTD.	Other related party
I-Shou University	Other related party
I-Shou University Internship Center	Other related party
I-Shou International School	Other related party
Kaohsiung City E-DA Medical Kindergarten	Other related party
E-DA Kindergarten, Kaohsiung City	Other related party
VISTA TRAVEL SERVICE CO., LTD.	Other related party
Yieh Corp.	Other related party
YU MING INDUSTRIAL CO., LTD.	Other related party
Kuan Ying Enterprise Co., Ltd.	Other related party
Zheng Zi Technology Co., Ltd.	Other related party
E-Da Hospital	Other related party
E-Da Cancer Hospital	Other related party
E-Da Dachang Hospital	Other related party

Name of the related party	Relationship with the consolidated company
E-Da Bassinet	Other related party
E-DA Healthcare Group, Home Care	Other related party
E-DA NURSING HOME	Other related party
E-DA POSTPARTUM and BABYCARE CENTER	Other related party
E-Da Medical Management Center	Other related party
E-Da Pingtung Hospital	Other related party
E-Da Health Biotechnology Co., Ltd.	Other related party
Wei Hung Investment & Development Co., Ltd.	Other related party
Lian Shuo Investment Development Co., Ltd.	Other related party
Lian Cheng Ready-mixed Products Co., Ltd.	Other related party
E-DA Global International Co., Ltd.	Other related party
You Jing Sheng	Other related party
Chen Yung-Hsien	Other related party
CHAIN DOLLARS ENTERPRISE CO., LTD.	Other related party
Yemao Steel Trade (Shanghai) Co., Ltd.	Other related party
Shang Mau Enterprise Co., Ltd.	Other related party
Yun Yu Investment Co., Ltd.	Other related party

(III) Major transactions with related parties

The balances and transactions between the Company and its subsidiaries (the Company's related parties) have been eliminated when preparing the consolidated financial statements and are not disclosed. The details of the transactions between the Group and the related parties are disclosed as follows:

Operating revenue

Financial statement account	Type/Name of related party	2025	2024
Sales revenue	Associates	$ 1,157,344	$ 1,591,193
	Other related parties	2,003,050	1,802,315
	Total	$ 3,160,394	$ 3,393,508
Construction revenue	Associates	$ 101,790	$ 113,348
	Other related parties	322,099	368,574
	Subtotal	423,889	481,922
	Less: construction revenue eliminated in consolidation	(43,025)	(11,234)
	Total	$ 380,864	$ 470,688

(1) The Group's transaction prices for sales revenue (HRC and GALVANIZING, etc.) and scrap income (head and tail plates, etc.) of the Group are roughly equivalent to those of other customers, and the payment term is about 1 to 2 months.

(2) The selling price of the Group's carbon steel and stainless 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 contract signed between the Group and the above-mentioned related party is based on the price negotiation between the two parties and the

payment collection deadline is agreed in the contract. However, the payment collection may be postponed by mutual consent.

(4) As the Group not only contracted the steel structure works of the related parties but also contracted the works to other related parties, if they belong to the same project, the accounting treatment has been treated as if the other related parties had only entrusted the supervision and management of the project. For 2025 and 2024, the revenue from the elimination project was NT$43,025 thousand and NT$11,234 thousand, respectively.

Purchases

Type/Name of related party	2025	2024
Associate
Yieh United Steel Corp.	$ 2,506,014	$ 3,679,758
Yieh Mau Corp.	896,765	412,850
Others	708	-
Other related parties
Yieh Hong Enterprise Co., Ltd.	2,428,373	4,349,578
Others	62,201	46,158
Total	$ 5,894,061	$ 8,488,344

(1) The Group purchases from the above-mentioned related parties mainly for stainless steel billet, carbon steel billet, steel plate and cold/hot-rolled coils. The purchase price is equivalent to that of general suppliers. supplier comparison) or T/T, B/L, and payment is made 120 days after the date.

Contract assets

Financial statement account	Type/Name of related party	December 31, 2025	December 31, 2024
Contract assets	Associates
	Yieh United Steel Corp.	$ 195,899	$ 161,096
	Other related parties
	New Springs Construction Corp.	369,438	513,288
	Others	857	-
	Total	566,194	674,384
	Less: Allowance for losses	-	-
	Net amount	$ 566,194	$ 674,384

Contract liabilities

Financial statement account	Type/Name of related party	December 31, 2025	December 31, 2024
Contract liabilities	Associates	$ 8,139	$ 24,023
	Other related parties	23,596	3,097
	Total	$ 31,735	$ 27,120

Accounts receivable from related parties (excluding lending to related parties and contract assets)

Item	Type/Name of related party	December 31, 2025	December 31, 2024
Notes receivable	Associates	$ 2,320	$ 91
	Other related parties	646	134
	Total	2,966	225
	Less: Allowance for losses	-	-
	Net amount	$ 2,966	$ 225
Accounts receivable	Associates	$ 176,900	$ 247,997
	Other related parties	203,358	256,407
	Total	380,258	504,404
	Less: Allowance for losses	(866)	(866)
	Net amount	$ 379,392	$ 503,538
Other receivables	Associate	$ 12,997	$ 3,336
	Other related parties	2,000	6,194
	Total	14,997	9,530
	Less: Allowance for losses	-	-
	Net amount	$ 14,997	$ 9,530

Payables to related parties (excluding borrowings from related parties)

Item	Type/Name of related party	December 31, 2025	December 31, 2024
Notes payable	Associates	$ 527	$ 8,215
	Other related parties	1,831	10,909
	Total	$ 2,358	$ 19,124
Accounts payable	Associates	$ 20,533	$ 17,946
	Other related parties	13,646	33,884
	Total	$ 34,179	$ 51,830
Other payables	Associates	$ 12,260	$ 6,689
	Other related parties	14,039	10,536
	Total	$ 26,299	$ 17,225

Prepayments

Type/Name of related party	December 31, 2025	December 31, 2024
Other related parties	$ 174,071	$ 84,123

Property transactions

(1) Property, plant and equipment acquired: 2025:

Type/Name of related party	Transaction content	Transaction amount
Associates	Other equipment	$ 5,666
Other related parties	Construction in progress	26,304
	Other equipment	983

The transaction prices listed above were determined through negotiation between both parties and were paid in full as of December 31, 2025.

2024:

Type/Name of related party	Transaction content	Transaction amount
Other related parties	Construction in progress, et al.	$ 89,915
	Other equipment, et al.	466
	Land	258,603
	Building	426,161
Associate	Construction in progress, et al.	1,582
	Other equipment, et al.	2,909

The transaction prices listed above were determined through negotiation between both parties and were paid in full as of December 31, 2024.

(2) Proceeds from disposal of property, plant and equipment:

2025:

Type of related party	Item traded	Sales amount	Gain (loss) on sale
Other related parties	Other equipment	$ 50	$ 11

The above transaction price was negotiated by both parties. All payments were recovered by December 31, 2025.

2024:

Type of related party	Item traded	Sales amount	Gain (loss) on sale
Associates	Other equipment	$ 253	$ 165

The above transaction price was negotiated by both parties. As of December 31, 2024, an outstanding amount of NT$266 thousand had not yet been collected.

(3) Acquisition of equity

2025:

Type/Name of related party	Item traded	Transaction amount
Associates/ Yieh United	39,200 thousand shares of Yieh Mau Corp.	$ 500,976
Associates/ Yieh United	20,000 thousand shares of Eliter International Corp.	200,000
Other related parties/Wei Chiao	17,700 thousand shares of Yieh Mau Corp.	200,718
	Total	$ 901,694

The transaction prices listed above were determined through negotiation between both parties and were paid in full as of December 31, 2025.

2024: None.

Lease agreements:
(1) Acquisition of right-of-use assets: None.
(2) Lease liabilities: None.
(3) Expenses:

Item	Type of related party	2025		2024
Interest expense	Associate	$	-	$	-
Lease expense	Associates	$	12,054	$	5,131
	Other related parties		6,456		12,023
	Total	$	18,510	$	17,154

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

Others

(1) Miscellaneous income

Type/Name of related party	2025	2024
Associate	$ 23,412	$ 27,595
Other related parties	3,909	2,294
Total	$ 27,321	$ 29,889

Mainly due to technical service income and sporadic rental income, etc. The lease price is based on the contract and the rent is collected on a monthly or quarterly basis.

(2) Miscellaneous expenses

Type/Name of related party	2025	2024
Associate	$ 97,650	$ 92,503
Other related parties	120,671	154,846
Total	$ 218,321	$ 247,349

Primarily service fees and export fees.

(3) Construction contract

(a) As of December 31, 2025, the project undertaken by the related party not yet closed is as 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
Associate	Crane assembly and assembly, etc.	324,174	244,846	195,899
			50,529	1,582
Other related parties
New Springs	Above-ground structure project of	2,892,845	2,385,901	369,438
Construction Corp.	E-DA Asia Empire Commercial Building, etc.		2,038,707	22,244
Others	Elevator renovation and other projects at E-Da Hospital in Pingtung County	11,536	857	857

(b) As of December 31, 2024, the project undertaken by the related party not yet closed is as 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
Associate	Crane assembly and assembly, etc.	334,157	188,950	161,096
			46,008	18,153
Other related parties New Springs Construction Corp.	Above-ground structure project of	2,565,136	2,066,443	513,289
	E-DA Asia Empire Commercial Building, etc.		1,553,145	-

(Note) As described in Note 7(3) 1.(4.), where the Group is contracted by a related party, and contracts the related party in the same project, the accounting treatment is treated as if only the related party Personnel engaged in project supervision.

Part of the land of the Group is registered in the name of the related party. The details are as follows:

Type of related party	Amount	Significant transactions
Other related parties	24,292	Due to legal restrictions, some of the Group's property, plant and equipment and land under investment property cannot be transferred in the name of the Company. To ensure the rights and interests, the security measures for the mortgage registration have been processed.

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

2025:

Investees	Increase in investment		Shareholding ratio
	Shares (thousand)	Amount	Before capital increase	After capital increase
Associates
Yieh United Steel Corp.	420,000	2,520,000	30.51%	37.87%
E-Da Development Corp.	8,596	85,960	34.38%	34.38%
Other related parties
E SKY International Co., Ltd.	90,000	1,080,000	0.00%	17.31%

2024:

Investees	Increase in investment		Shareholding ratio
	Shares (thousand)	Amount	Before capital increase	After capital increase
Associates
Yimao Development Co., Ltd.	14,540	$ 145,408	25.60%	25.60%
E-DA VISUAL EFFECTS Co., Ltd.	1,715	17,150	49.00%	49.00%
Tian-Yue Hot Spring And Resort Inc.	438	4,388	14.63%	14.63%
YIEH UNITED INVESTMENT HOLDING PTE.LTD	45	456	0.00%	20.00%

(IV) Remuneration of key management personnel

Item	2025	2024
Salary and other short-term employees’ benefits	$ 114,799	$ 116,078
Benefits after retirement	1,804	2,860
Other long-term employees’ benefits	-	-
Severance benefits	-	-
Stock-based payment	-	-
Total	$ 116,603	$ 118,938

VIII. Pledged Assets

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

Item	December 31, 2025	December 31, 2024
Demand deposits pledged	$ 899,393	$ 540,295
Time deposits pledged	273,164	130,680
Subtotal of other financial assets - current	1,172,557	670,975
Demand deposits pledged	16,284	17,175
Time deposits pledged	421,473	439,628
Subtotal of other financial assets - non-current	437,757	456,803
Property, plant and equipment (net)	34,607,930	31,471,170
Right-of-use assets	146,626	154,133
Investment properties (Note)	572,419	572,682
Notes and accounts receivable	393,026	856,380
Total	$ 37,330,315	$ 34,182,143

(Note): Investment property measured using the fair value model.

IX. Important Contingent Liabilities and Unrecognized Contract Commitments

(I) As of December 31, 2025 and 2024, the amounts of guarantee notes provided by the Group to banks and project owners due to borrowings, purchases, contract performance, and warranties were NT$58,033,305 thousand and NT$52,050,360 thousand, respectively.

(II) As of December 31, 2025 and 2024, the amounts of guarantee notes received by the Group for construction performance guarantees and securing accounts receivable were NT$800,533 thousand and NT$1,335,929 thousand, respectively.

(III) As of December 31, 2025 and 2024, details of the Group's significant issued but unused letters of credit (exceeding NT$50,000 thousand) are as follows:

Item	December 31, 2025	Unit: Thousand NTD December 31, 2024
L/C Amount	USD13,057	USD30,867
	NTD520,937	NTD1,016,872

(IV) As of December 31, 2025 and 2024, the guarantees provided by banks for the Group in connection with the sale of gift vouchers, contract performance, and warranties amounted to NT$79,307 thousand and NT$81,892 thousand, respectively.

(V) As of December 31, 2025 and 2024, the Group had issued standby letters of credit for export business, both amounting to USD 13,400 thousand.

(VI) The Group entered into raw material procurement contracts with suppliers such as Metal One and Royal for cold-rolled steel coils, zinc-aluminum ingots, and steel billets, with prices determined through mutual negotiation. As of December 31, 2025, the unfulfilled portion amounted to 9,878 tons, totaling approximately NT$160,001 thousand.

(VII) Significant capital expenditures signed but not yet incurred:

Item	December 31, 2025	December 31, 2024
Property, plant and equipment	$ 347,733	$ 104,449

(VIII) 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 Group, 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, 2025, 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. Significant post-period events: None

XII. Others

(I) Capital risk management

The Group has to maintain sufficient capital to cover expansion and upgrade of factory premises and equipments. Therefore, the Group's capital management intends to ensure the necessary financing resources and operating plan to cover the working fund, capital expenditure, R&D, settlement of obligation and expenditure of stock dividend for next 12 months

(II) Financial instruments

Financial risk of financial instruments

The Group's daily operation is affected by a number of financial risks, including market risk (including exchange rate risk, interest rate risk, and price risk), credit risk, and liquidity risk. In order to mitigate the relevant financial risks, the Group is dedicated to identifying, evaluating and evading uncertainty in market and to mitigating the potential adverse effect brought by changes in the market to the Company's financial performance.

The Group's significant financial activities are reviewed and approved by the Board of Directors in accordance with the relevant regulations and internal control system. The Group must abide by the relevant financial procedures on the overall financial risk management and division of responsibilities throughout the implementation of the financial plan.

(1) Nature and extent of significant financial risk

A. Market risk

(A) Exchange rate risk

The Group was exposed to foreign exposure risk driven from sales, purchase and loan dominated in non-functional currencies. The functional currency of the Group is mainly NTD, and also includes RMB, USD, and EUR. Currencies used for business transactions included RMB and USD. To avoid decreasing value of foreign assets and future cash flow fluctuation brought by foreign currencies, the Group adopted foreign borrowing and derivative instruments to hedge foreign currency

76 -

risks. The use of such derivative financial instruments helps reduce but not completely eliminate the impact of changes in foreign exchange rates.

As the net investment in overseas business operation institutions is a strategic investment. Therefore, the Group does not hedge risk for it.

a. Currency exposure and sensitivity analysis

	Foreign currency	Exchange rate	Carrying amount (New Taiwan Dollars)	December 31, 2025
				Analysis of sensitivity
				Range of change	Effect on profit or loss	Effect on equity
(Foreign currency: Functional currency) Financial assets
Monetary items
USD: NTD	78,291	31.43	2,460,683	Revaluation 1%	24,607	-
USD: CNY	69,112	7.0288	2,172,178	Revaluation 1%	21,722	-
RMB: USD	265,962	0.1423	1,189,277	Revaluation 1%	11,893	-
Long-term investment under equity method
USD: NTD	29,462	31.43	925,990	Revaluation 1%	-	9,260
Financial liabilities
Monetary items
USD: NTD	117	31.43	3,667	Revaluation 1%	(37)	-
USD: CNY	60,800	7.0288	1,910,934	Revaluation 1%	(19,109)	-
RMB: USD	261,557	0.1423	1,169,579	Revaluation 1%	(11,696)	-
	Foreign currency	Exchange rate	Carrying amount (New Taiwan Dollars)	December 31, 2024
				Analysis of sensitivity
				Range of change	Effect on profit or loss	Effect on equity
(Foreign currency: Functional currency) Financial assets
Monetary items
USD: NTD	99,947	32.785	3,276,763	Revaluation 1%	32,768	-
USD: CNY	24,835	7.1884	814,214	Revaluation 1%	8,142	-
RMB: USD	331,575	0.1391	1,512,254	Revaluation 1%	15,123	-
Long-term investment under equity method
USD: NTD	28,585	32.785	937,158	Revaluation 1%	-	9,372
Financial liabilities
Monetary items
USD: NTD	3,032	32.785	99,401	Revaluation 1%	(994)	-
USD: CNY	63,594	7.1884	2,084,937	Revaluation 1%	(20,849)	-
EUR: CNY	16	7.5257	550	Revaluation 1%	(6)	-
RMB: USD	326,872	0.1391	1,487,018	Revaluation 1%	(14,870)	-

While all other variables remain unchanged, if the NTD appreciates against the above-mentioned currency, the amounts denominated in this currency as at December 31, 2025 and 2024 will be affected equally but reversely.

Note: These are foreign currency-denominated amounts for each consolidated entity in a non-functional currency, including items already eliminated in the consolidated financial statements for inter-group transactions and exchange rate risk that cannot be fully eliminated.

b. The aggregate amount of all exchange gains and losses (including realized and unrealized) recognized in 2025 and 2024 due to exchange

rate fluctuations on the monetary items of the Group were NT$(150,298) thousand and NT$385,312 thousand, respectively.

(B) Price risk

As the securities investments held by the Group are classified in the consolidated balance sheet as financial assets measured at fair value through profit or loss or financial assets measured at fair value through other comprehensive income, the Group is exposed to securities price risk.

The Group 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.

When the security price goes up or down 1%, the after-tax profit or loss would increase or decrease by NT$1,118 and NT$788 in 2025 and 2024 as the fair value used for measuring financial assets through profit or loss increases or decreases. The after-tax comprehensive income would increase or decrease by NT$23,749 and NT$12,469 in 2025 and 2024 as the fair value used for measuring financial assets through other comprehensive income increases or decreases.

The book value of financial assets and financial liabilities exposed to the interest rate risk on the date of reporting of the Group is as follows:

Item	Carrying Amount
	December 31, 2025	December 31, 2024
Interest rate risk with fair value:
Financial assets	$ 2,578,438	$ 3,565,597
Financial liabilities	(1,232,199)	(1,503,131)
Net amount	$ 1,346,239	$ 2,062,466
Interest rate risk with cash flow:
Financial assets	$ 7,360,107	$ 7,218,223
Financial liabilities	(59,422,002)	(54,085,705)
Net amount	$ (52,061,895)	$ (46,867,482)

a. Sensitivity analysis of fair value interest rate risk

The Group has not classified any fixed-rate financial assets and liabilities as financial assets measured at fair value through profit or loss or at fair value through other comprehensive income. Additionally, the Group has not designated derivative instruments (interest rate swaps) as hedging 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 Group's financial instruments with variable interest rates are assets (debt) with floating interest rates. Therefore, changes in market interest rates will cause changes in the effective interest rate, resulting in fluctuations in future cash flow. Every 1% decrease (increase) of market interest rates would increase (decrease) annual net profit by NT$(520,619) and NT$(468,675) in 2025 and 2024, respectively.

B. Credit risk

Credit risk refers to the breach of contractual obligations by the counterparty with the risk of financial loss resulted to the Group. The Group's

credit risk primarily arises from the accounts receivable from operating activities and the bank deposit and other financial instruments from investing activities. The operations-related credit risk and credit risk are managed separately.

Credit risk related to operation

In order to maintain the quality of accounts receivable, the Group has established the SOP for management of the credit risk over operation.

The risk evaluation on individual customers will take into consideration such factors likely to affect the customers' solvency as the customers' financial status, internal credit rating by the Group, historical trading record and current economic status.

Financial credit risk

The credit risk of bank deposits and other financial instruments is measured and monitored by the Group's Finance Department. Most of the trading counterparts and contract parties of the Group are renowned banks and other financial organizations, corporations and government entities capable of investment, whose performance ability is unquestionable. Therefore, no material credit risk is expected to arise. In addition, the Group does not classify investments in debt instruments measured at amortized cost and at fair value through other comprehensive income.

(A) Credit concentration risk

As of December 31, 2025 and 2024, the balance of accounts receivable from the top ten customers accounted for 54.91% and 50.88%, and the credit concentration risk of the remaining accounts receivable is relatively insignificant.

(B) Measurement of expected credit impairment loss

a. Accounts receivable and contract assets: The simplified method is adopted. Please refer to Note 6(4) and 6(29)
b. The basis for judging whether the credit risk has increased significantly: None. In addition, the Group does not classify investments in debt instruments measured at amortized cost and at fair value through other comprehensive income.
c. Holding collateral and other credit enhancements to hedge the credit risk of financial assets:

The financial impact of the financial assets recognized in the consolidated balance sheet and the collateral held by the Group 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, 2025	Carrying Amount	Amount of reduction in the maximum credit risk exposure
		Collateral	General agreements on net settlements	Other credit enhancements	Total
Financial instruments subject to impairment requirements of IFRS 9 with credit impairment	$ -	$ -	$ -	$ -	$ -
Financial instruments not applicable under IFRS 9 impairment requirements:
Financial assets at fair value through profit or loss	111,816	-	-	-	-
Financial assets measured by fair value through other comprehensive profit or loss	2,374,940	-	-	-	-
Total	$ 2,486,756	$ -	$ -	$ -	$ -

Amount of reduction in the maximum credit risk exposure

December 31, 2024	Carrying Amount	Collateral	General agreements on net settlements	Other credit enhancements	Total
Financial instruments subject to impairment requirements of IFRS 9 with credit impairment	$ -	$ -	$ -	$ -	$ -
Financial instruments not applicable under IFRS 9 impairment requirements:
Financial assets at fair value through profit or loss	78,804	-	-	-	-
Financial assets measured by fair value through other comprehensive profit or loss	1,246,887	-	-	-	-
Total	$1,325,691	$ -	$ -	$ -	$ -

C. Liquidity risk:

(A) General:

The Group's liquidity risk management is intended to maintain the cash and cash equivalent needed by operation, high-liquidity securities and sufficient bank facilities, to ensure the Group's financial flexibility.

(B) The following refers to the analysis about financial liabilities due within agreed time limit by the Group summarized by maturity date and undiscounted due amount:

Non-derivative financial liabilities	December 31, 2025
	Within six months	7-12 months	1-2 years	2-5 years	More than 5 years	Contract cash flow	Carrying Amount
Short-term loans	$ 11,581,909	$ 2,979,202	$ -	$ -	$ -	$ 14,561,111	$ 14,561,111
Short-term bills payable	1,180,000	-	-	-	-	1,180,000	1,178,630
Notes payable	538,184	-	-	-	-	538,184	538,184
Accounts payable	1,567,307	-	-	-	-	1,567,307	1,567,307
Other payables	1,818,145	-	-	-	-	1,818,145	1,818,145
Lease liabilities (including current)	2,163	4,766	6,351	9,248	41,256	63,784	53,569
Long-term borrowings (including those due within one year)	3,239,632	2,205,955	6,278,017	18,656,273	8,236,960	38,616,837	44,860,890
Deposit received	49,757	286	331	850	9,469	60,693	60,693
Total	$ 19,977,097	$ 5,190,209	$ 6,284,699	$ 18,666,371	$ 8,287,685	$ 58,406,061	$ 64,638,529

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	More than 20 years	Total undiscounted lease payments
	$ 6,929	$ 15,599	$ 13,009	$ 13,009	$ 13,009	$ 2,229	$ 63,784
Non-derivative financial liabilities	December 31, 2024
---	---	---	---	---	---	---	---
	Within six months	7-12 months	1-2 years	2-5 years	More than 5 years	Contract cash flow	Carrying Amount
Short-term loans	$ 11,629,295	$ 1,782,127	$ -	$ -	$ -	$ 13,411,422	$ 13,411,422
Short-term bills payable	1,570,000	-	-	-	-	1,570,000	1,447,845
Notes payable	800,081	-	-	-	-	800,081	800,081
Accounts payable	1,631,595	-	-	-	-	1,631,595	1,631,595
Other payables	2,010,269	-	-	-	-	2,010,269	2,010,269
Lease liabilities (including current)	3,929	4,974	3,632	8,566	41,253	62,354	55,286
Long-term borrowings (including those due within one year)	3,122,324	3,065,582	8,768,742	18,209,228	8,236,960	41,402,836	40,674,283
Deposit received	4,021	292	338	866	10,531	16,048	16,048
Total	$ 20,771,514	$ 4,852,975	$ 8,772,712	$ 18,218,660	$ 8,288,744	$ 60,904,605	$ 60,046,829

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	More than 20 years	Total undiscounted lease payments
	$ 8,903	$ 12,198	$ 12,860	$ 12,860	$ 12,860	$ 2,673	$ 62,354

The Group does not expect the cash flow analyzed on the maturity date will be significantly earlier or the actual amount will be significantly different.

2. Types of financial instruments

	December 31, 2025	December 31, 2024
Financial assets
Financial assets at amortized cost
Cash and cash equivalents	$ 8,708,576	$ 8,762,028
Notes and accounts receivable (including related parties)	3,035,872	4,255,224
Other receivables (including related parties)	133,996	190,323
Other financial assets - current	1,313,520	2,045,761
Refundable deposits	323,860	185,727
Other financial assets - non-current	437,757	456,803
Financial assets measured at fair value through profit and loss - current	111,816	78,804
Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	2,374,940	1,246,887
Financial liabilities
Financial liabilities at amortized cost
Short-term loans	14,561,111	13,411,422
Short-term bills payable	1,178,630	1,447,845
Notes and accounts payable (including related parties)	2,105,491	2,431,676
Other payables (including related parties)	1,818,145	2,010,269
Long-term borrowings (including current portion)	44,860,890	40,674,283
Deposit received	60,693	16,048
Lease liabilities (including current portion)	53,569	55,286

(III) Information on fair value:

For information on the fair value of the Group's financial assets and financial liabilities not measured at fair value, please refer to Note 12(3)3; for information on the fair value of investments in associates with quoted market prices, please refer to Note 6(10).
The definitions of the three levels of fair values

Level 1:

Input of this level is open quotations of similar instruments in an active market where an instrument is in. An active market is a market that meets all of the following conditions: 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 Group's investments in listed stocks and beneficiary certificates fall in this category.

Level 2:

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 3:

Level 3 inputs are those, when measured by fair value, the input parameters are not observable inputs available in the market. The Group's investments in equity instruments without active markets and investment properties fall within this category.

Financial instruments not measured at fair value:

The Group'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 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.

Information on fair value levels:

The Group's financial instruments measured at fair value are all measured at fair value on a repetitive basis. The fair value hierarchy is shown in the following table:

Item	December 31, 2025
	Level 1	Level 2	Level 3	Total
Assets
Recurrent fair value
Financial assets at fair value through profit or loss
Non-derivative financial assets held for trading	$ 111,816	$ -	$ -	$ 111,816
Financial assets measured by fair value through other comprehensive profit or loss
Shares of domestic private companies	-	-	1,799,816	1,799,816
Shares traded on the Taiwan Stock Exchange or OTC exchange	575,124			575,124
Investment properties (Note)	-	-	596,889	596,889
Total	$ 686,940	$ -	$ 2,396,705	$ 3,083,645
	December 31, 2024
Item	Level one	Level 2	Level 3	Total
Assets
Recurrent fair value
Financial assets at fair value through profit or loss
Non-derivative financial assets held for trading	$ 78,804	$ -	$ -	$ 78,804
Financial assets measured by fair value through other comprehensive profit or loss
Shares of domestic private companies	-	-	1,223,656	1,223,656
Shares traded on the Taiwan Stock Exchange or OTC exchange	23,231	-	-	23,231
Investment properties (Note)			596,368	596,368
Total	$ 102,035	$ -	$ 1,820,024	$ 1,922,059

(Note) They are the investment properties measured at fair value.

Evaluation technique for instruments measured by fair value:

(1) Financial instruments:

A. 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.

For the financial instruments held by the Group that belong to an active market, the fair value is listed as follows by category and attribute:

(A) A. Publicly listed companies' stocks: Closing prices.
(B) B. Open-end funds: Net worth.

B. 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.

(2) Investment properties:

A. The valuation technique for investment properties measured a fair value complies with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, by calculating with the income approach via the outsourced appraisal. Information of the related parameter assumptions and input value are as below:

(A) Cash flow: The cash flows are assessed in accordance with the existing lease contracts, local rent or market price of rent in the similar comparable market, while excluding prices too high or too low. If there is a value at the end of the period, the present value of such value at the end of the period may be added.
(B) Analysis period: For the income without a definite periods, the analysis period is no more than 10 years as principle. For the income with a definite period, the remaining period is used for calculation.
(C) Discount rate: The risk premium method is adopted, and the estimation is based on a certain interest rate, plus the individual characteristics of the investment property. The "certain interest rate" referred herein means the interest rate of the two-year time deposit announced by Chunghwa Post Co., Ltd. Plus 0.75 percentage points.
(D) Growth rate: Adjusted with reference to the average change rate of the CPI in the past decade.

B. The output of the valuation model is an estimated value, and the valuation technique may not reflect all relevant factors of the financial and non-financial instruments held by the Group. Therefore, the estimated value through the valuation model will be adjusted according to additional parameters, such as model risk or liquidity risk. According to the Group's management policy of the fair value valuation model and relevant control procedures, the management believes that the valuation adjustments are appropriate and necessary for the fair

— 83 —

presentation of the fair value of non-financial instruments in the balance sheets. The pricing information and parameters used in the valuation process are carefully evaluated and appropriately adjusted based on the current market conditions.

Transition between Level 1 and Level 2: None.
A detailed list of changes in Level 3:

Item	Investments in financial instruments without open quotations
	2025	2024
Opening balance	$ 1,223,656	$ 1,158,457
Additions in the current period	1,080,000	-
Transfers out of Level 3	(207,898)	-
Return of paid-in capital for capital reduction	(2,302)	(13,473)
Stated as other comprehensive income	(293,640)	78,672
Ending balance	$ 1,799,816	$ 1,223,656

Evaluation procedures for level-three fair value

The Group procedures for evaluating level-three fair value include independent verification of financial instrument fair values by the 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.

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

(1) Financial instruments

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.

(2) Investment properties

December 31, 2025:

Item	Fair Value	Valuation technique	Significant unobservable input	Range	Relations between input and fair value
Investment properties	$ 596,889	Discounted cash flow analysis approach	Discount rate	2.47%~2.50%	The higher the discount rate or capitalization rate, the lower the fair value.
			Terminal capitalization rate	1.47%~1.75%
Item	December 31, 2024:
	Fair Value	Valuation technique	Significant unobservable input	Range	Relations between input and fair value
Investment properties	$ 596,368	Discounted cash flow analysis approach	Discount rate	2.47%~2.50%	The higher the discount rate or capitalization rate, the lower the fair value.
			Terminal capitalization rate	1.65%~1.75%

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

For the Group'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:

Item	Valuation technique	Significant unobservable input	Range	Relations between input and fair value
Financial assets measured at fair value through other comprehensive profit and loss-- stocks	Market approach	Discount for the lack of marketability	10%~32.14%	The higher the discount for the lack of marketability, the lower the fair value.
	Net asset approach	Discount for the lack of marketability	12.44%~15.03%	The higher the discount for the lack of marketability, the lower the fair value.
		Discount of control right	12.66%~19.87%	The higher the control discount, the lower the fair value.

(IV) Transfer of financial assets:

De-recognition of transferred financial assets as a whole:

(1) Chang Hwa Bank has entered into an accounts receivable factoring agreement with the Group. The Group is not responsible for the risk of uncollectability of the transferred accounts receivable, only for the losses that arise from commercial disputes, as stipulated in the agreement. The relevant information of these factored accounts receivable that have not yet matured is as follows, as the Group does not have any ongoing involvement with these transferred accounts receivable:

December 31, 2025:

Name of related party	Amount of advance payment at the beginning of period	Amount of consignment in this period	Current amount received	Amount advanced as of the end of the period	Annual interest rate on pre-paid amount (%)	Limit
Chang Hua Bank	10,906 (EUR 294)	28,055 (EUR 801)	36,971 (EUR 1,039)	1,990 (EUR 56)	3.12%	EUR 450

December 31, 2024:

Name of related party	Amount of advance payment at the beginning of period	Amount of consignment in this period	Current amount received	Amount advanced as of the end of the period	Annual interest rate on pre-paid amount (%)	Limit
Chang Hua Bank	1,231 (EUR 36)	51,472 (EUR 1,492)	41,797 (EUR 1,234)	10,906 (EUR 294)	3.77%-3.84%	EUR 1,000

(2) The Group transferred some of the bank's acceptance receivable by endorsement to the supplier to pay for accounts payable, and the endorsement was transferred to the bank for application for discount. Relevant information is as follows:

	December 31, 2025	December 31, 2024
Transferred and derecognized	$ 228,409
(RMB 51,080)	$ 505,647
(RMB 110,868)

Almost all the risks and rewards of these acceptances receivable have been transferred, but if the derecognized bank acceptances are not cashed when due, the supplier still has the right to demand repayment from the Group, so the Group continues to participate in the and other notes. The maximum loss exposure amount of the Group's continuous participation in the derecognized bank acceptances is the face value of the bank acceptances that have been transferred but not yet expired. Considering the credit risk of the derecognized bank acceptances, the Group assessed that the amount of its continuing participation is not significant.

Transferred financial assets that are not de-recognized in their entirety:

Transferred but not recognized	December 31, 2025	December 31, 2024
	$ 3,837	$ 228,957
	(RMB 858)	(RMB 50,201)

If the acceptances receivable cannot be collected at the expiry date, the supplier is entitled to request the Group to pay the unsettled balance. Therefore, the Group has not transferred the significant risk and return of the acceptances receivable and continues to recognize the above receivables, and the transferred acceptances receivable shall be used as collateral.

(V) Offsetting of financial assets and financial liabilities: None.

(VI) Other Matters:

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 Group and Yieh United approved a re-filing with the Fair Trade Commission for the business combination. The updated plan includes the Group'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.

— 86 —

87 -

XIII. Additional Disclosures

(I) Information on significant transactions:
1. Loaning of funds to others: Table I.
2. Endorsements/guarantees provided by others: Table 2.
3. Marketable securities held at the end of the period: Table 3.
4. Total purchases from or sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital: Table 4.
5. Receivables from related parties amounting to NT$100 million or more than 20% of the paid-in capital: Table 5.
6. Business relationships and material transactions between the parent company and its subsidiaries: Table 6.

(II) Information on reinvestment businesses: Table 7.
(III) Information on investments in Mainland China: Table 8.

Table 1

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries

Loans to Others

December 31, 2025

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	Collateral		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	490,000	340,000	319,100	3.17589%-3.17889%	2	—	Operating capital requirement	—	—	—	(Note 2) 13,088,078	(Note 1) 13,088,078
		United Brightening Development Corp.	Other receivable-related parties	Y	1,145,000	780,000	754,500	3.17589%-3.17889%	2	—	Operating capital requirement	—	—	—	(Note 2) 13,088,078	(Note 1) 13,088,078
1	YIEH PHUI (HONG KONG) HOLDINGS LIMITED	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Long-term receivables - related party	Y	2,897,129 (RMB325,313) (USD43,113)	2,440,898 (RMB 261,200) (USD 40,500)	2,440,898 (RMB 261,200) (USD 40,500)	3.48485%-6.90%	2	—	Operating capital requirement	—	—	—	(Note 3) 13,088,078	(Note 3) 13,088,078
2	Shin Yang Steel Co., Ltd.	YIEH HSING ENTERPRISE CO., LTD.	Other receivable-related parties	Y	500,000	500,000	500,000	2.89%	2	—	Operating capital requirement	—	—	—	(Note 2) 1,230,251	(Note 1) 1,230,251
3	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Long-term receivables - related party	Y	223,580 (RMB 50,000)	223,580 (RMB 50,000)	223,580 (RMB 50,000)	3.42%-4.44%	2	—	Operating capital requirement	—	—	—	(Note 3) 13,088,078	(Note 3) 13,088,078
		ZHANG HUI (CHANGSHU) TRADE CO., LTD.	Long-term receivables - related party	Y	89,432 (RMB 20,000)	89,432 (RMB 20,000)	—	—	2	—	Operating capital requirement	—	—	—	(Note 3) 13,088,078	(Note 3) 13,088,078

(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.

Table 2

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Endorsements and Guarantees
December 31, 2025

Unit: NTD and foreign currencies in 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	Amount of endorsement and guarantee secured with properties	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.	The Company's Sub-subsidiary	32,720,195	2,266,887 (RMB 490,000)	2,191,085 (RMB 490,000)	1,551,199 (RMB 346,900)	—	6.70%	32,720,195	Y	N	Y
		YIEH PHUI (HONG KONG) HOLDINGS LIMITED	Subsidiary of the Company	32,720,195	3,901,415 (USD 119,000)	3,268,720 (USD 104,000)	2,550,903 (USD 44,000) (RMB 261,200)	—	9.99%	32,720,195	Y	N	N
1	Shin Phui Steel Corporation (Note 2)	Yieh Phui Enterprise Co., Ltd.	The company's parent company	5,599,882	1,964,430	1,964,430	1,964,430	1,964,430	175.40%	5,599,882	N	Y	N
2	APPLIED WIRELESS IDENTIFICATION GROUP,INC.	EMMT Systems Corporation	The company's parent company	217,369 (USD6,916)	166,025 (USD5,000)	157,150 (USD5,000)	80,000	157,150 (USD5,000)	24.10%	652,107 (USD20,745)	N	N	N
3	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Subsidiary of the Company	9,101,156 (RMB2,035,323)	80,489 (RMB18,000)	80,489 (RMB18,000)	44,716 (RMB10,000)	—	0.88%	9,101,156 (RMB2,035,323)	N	N	Y
4	Tianjin Lianfa Precision Steel Corporation Beneficiary	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	The company's parent company	1,365,173 (RMB 305,298)	670,740 (RMB 150,000)	670,740 (RMB 150,000)	—	—	7.37%	1,365,173 (RMB 305,298)	N	N	Y

(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 endorsement or guarantee provided by AWID shall not exceed the net worth of AWID; in addition, the endorsement or guarantee made for one enterprise shall not exceed 1/3 of AWID's net worth.
(Note 4): The total amount of endorsements/guarantees provided by Yieh Phui (China) shall not exceed its net worth; the amount for any single subsidiary shall not exceed its net worth.
(Note 5): The total amount of endorsements/guarantees provided by Tianjin Lianfa shall not exceed $15\%$ of Yieh Phui (China)'s net worth; the amount for any single subsidiary shall not exceed $15\%$ of Yieh Phui (China)'s net worth.
(Note 6): The net worth referred to above is based on the most recent financial statements certified or reviewed by a CPA.

Table 3
YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Statement of securities held at the end of the period (excluding investment in affiliates and joint ventures)
December 31, 2025

Held by	Type and name of marketable securities	Relationship with the issuers	Financial statement account	End of period
				Quantity or Unit	Carrying Amount	% of ownership	Fair Value
Yieh Phui Enterprise Co., Ltd.	Fund/Amundi Global Multi-Asset Growth & Income Fund	None	Financial assets measured at fair value through profit and loss - current	500	5,100	—	5,100
	Fund/CTBC Strategic Advantage Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	500	5,037	—	5,037
	Fund/Mega Dual Momentum Portfolio Fund	None	Financial assets measured at fair value through profit and loss - current	1,800	18,636	—	18,636
	Fund/Fubon NASDAQ-100 Index Fund	None	Financial assets measured at fair value through profit and loss - current	500	4,930	—	4,930
		Total			33,703		33,703
	Stock /TaiwanVes-Power Co., Ltd.	Related party in substance	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	252	52,362	3.60%	52,362
	Stock / Hsin Chuan Construction Corp.	Related party in substance	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	17,003	214,245	15.49%	214,245
	Stock / Taiwan Implant Technology Company, Ltd.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	240	2,695	4.14%	2,695
	Shares/Sunny Bank Ltd.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	5,466	70,108	0.14%	70,108
	Stock / Universal Venture Capital Investment Co., Ltd.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	1,100	9,022	0.91%	9,022
	Stock /Yieh Corporation Limited	Related party in substance	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	200	63,902	2.33%	63,902
	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	2,505	3.00%	2,505
Stock / ImageDJ Corporation	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	24	535	0.96%	535

Held by	Type and name of marketable securities	Relationship with the issuers	Financial statement account	End of period
				Quantity or Unit	Carrying Amount	% of ownership	Fair Value
	Shares/Mega Growth Venture Capital Co., Ltd.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	197	2,064	0.79%	2,064
	Stock/SKYLARK INTERNATIONAL HOTEL CO., LTD.	Related party in substance	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	26,000	276,654	13.68%	276,654
	Stock/Taiwan Business Bank No. 1 Venture Capital Limited Partnership	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	-	10,232	—	10,232
	Stock/Far EasTone Telecommunications Co., Ltd.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	275	24,335	0.01%	24,335
	Stock/E SKY International Co., Ltd.	A director of the related party is the company's chairman	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	50,000	568,811	9.62%	568,811
		Total			1,297,470		1,297,470
Great Emperor Hotel Co., Ltd.	Fund/ Mega ESG Taiwan-U.S. Sustainable Double Profits Multi-Asset Fund	-	Financial assets measured at fair value through profit and loss - current	1,750	619	—	619
	Fund/Mega Dual Momentum Fund of Funds TWD	None	Financial assets measured at fair value through profit and loss - current	1,750	17,500	—	17,500
		Total			18,119		18,119
Kings Garden International Co., Ltd.	Fund/CTBC Strategic Advantage Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	1,500	15,111	—	15,111
	Fund/Mega Dual Momentum Fund of Funds TWD	None	Financial assets measured at fair value through profit and loss - current	750	7,765	—	7,765
	Fund/Fubon NASDAQ-100 Index Fund	None	Financial assets measured at fair value through profit and loss - current	1,500	14,790	—	14,790
		Total			37,666		37,666
Shin Yang Steel Co., Ltd.	Fund/CTBC Strategic Advantage Multi-Asset Fund	None	Financial assets measured at fair value through profit and loss - current	500	5,037	—	5,037
	Fund/Fubon NASDAQ-100 Index Fund	None	Financial assets measured at fair value through profit and loss - current	500	4,930	—	4,930
		Total			9,967		9,967

— 91 —

Held by	Type and name of marketable securities	Relationship with the issuers	Financial statement account	End of period
				Quantity or Unit	Carrying Amount	% of ownership	Fair Value
	Stock/Zheng Zi Technology Co., Ltd.	Related party in substance	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	293	2,931	19.50%	2,931
	Stock/E-Da Health Biotechnology Co., Ltd.	Related party in substance	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	8,550	66,414	19.00%	66,414
	Stock/UNICOCELL BIOMED CO., LTD.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	8,000	550,789	12.57%	550,789
	Stock/E SKY International Co., Ltd.	A director of the related party is the company's director	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	40,000	454,831	7.69%	454,831
		Total			1,074,965		1,074,965
EMMT Systems Corporation	Stock/Rodan (Taiwan) Ltd.	-	Financial assets measured at fair value through other comprehensive profit and loss--noncurrent	17	-	0.51%	-
Yieh Hsing Enterprise Co., Ltd.	FSITC Global Utilities and Infrastructure Fund	-	Financial assets measured at fair value through profit and loss - current	127	2,197	—	2,197
	Fund/Neuberger Berman Strategic Income Fund	None	Financial assets measured at fair value through profit and loss - current	11	5,064	—	5,064
	Fund/Amundi Taiwan Multi-Asset Growth & Income Fund	None	Financial assets measured at fair value through profit and loss - current	500	5,100	—	5,100
		Total			12,361		12,361
	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	2,505	3.00%	2,505
		Total			2,505		2,505

— 92 —

Table 4
YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Purchase and Sales with Related Parties Exceeding NT$100 Million or 20% of the Paid-in Capital
January 1 to December 31, 2025
Unit: NTD and foreign currencies in thousands

Purchaser/ Seller	Counterparty	Relationship with the Company	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 term	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	2,280,802	13.99%	Issue sight L/C or T/T	-	-	-	-	-
	Yieh United Steel Corp.	Equity-method investee	Sales	456,879	2.20%	1-2 months for galvanized steel, 15 days for carbon steel scraps, as per the contract	-	-	80,618	6.24%	Accounts receivable
									2,166	48.51%	Notes receivable
			Purchases	185,322	1.14%	Issue sight L/C or T/T	-	-	1,863	0.41%	Accounts payable
	YIEH CORPORATION LIMITED	Related party in substance	Sales	1,879,391	9.04%	Issue sight L/C or T/T	-	-	188,612	14.60%	Accounts receivable
	Yieh Mau Corp.	Related party in substance	Purchases	896,765	5.50%	3-6 months	-	-	-	-	-
	ASIAZONE CO., LIMITED	Equity-method investee	Sales	587,527	2.83%	1-2 months	-	-	83,403	6.45%	Accounts receivable
	Shin Yang Steel Co., Ltd.	Subsidiary of the Company	Sales	579,979	2.79%	1-2 months	-	-	34,590	2.68%	Accounts receivable
	New Springs Construction Corp.	Related party in substance	Sales	321,242	1.54%	According to the terms of the contract	-	-	-	-	-
YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Subsidiary	Sales	463,456 (RMB105,637)	1.48%	1-4 months	-	-	147,000 (RMB32,874)	26.12%	Accounts receivable

Purchaser/ Seller	Counterparty	Relationship with the Company	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 term	Unit price	Credit term	Balance	Percentage of total notes and accounts receivable (payable)
Yieh Hsing Enterprise Co., Ltd.	Yieh United Steel Corp.	Equity-method investee	Purchases	2,017,445	42.80%	Issue sight L/C or T/T	—	—	18,505	20.61%	Accounts payable
	Yieh Phui Enterprise Co., Ltd.	Parent company	Purchases	170,024	3.61%	Issue sight L/C or T/T	—	—	1	—	Notes payable
Shin Yang Steel Corporation	Yieh United Steel Corp.	Equity-method investee	Purchases	303,247	8.56%	Issue sight L/C or T/T	—	—	—	—	—
			Sales	132,484	2.56%	Carbon steel scrap is settled monthly with payment due within 15 days	—	—	9,175	2.39%	Accounts receivable

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

Table 5
YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Receivable from Related Parties Exceeding $100 Million or 20% of the Paid-in Capital
December 31, 2025
Unit: NTD and foreign currencies in thousands

Name of creditor	Counterparty	Relationship	Related-party account receivables	Turnover rate	Overdue receivable		Accounts receivable related party Amount recovered (Note 2)	Allowance for doubtful accounts
					Amount	Action adopted
Yieh Phui Enterprise Co., Ltd.	Kuo Chang Enterprise Co., Ltd.	Subsidiary	319,100	(Note 1)	—	—	—	—
	United Brightening Development Corp.	Subsidiary	754,500	(Note 1)	—	—	—	—
	Yieh Corp.	Related party in substance	188,612	13.81	—	—	—	—
YIEH PHUI (HONG KONG) HOLDINGS LIMITED	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Subsidiary	2,440,898 (RMB 261,200) (USD 40,500)	(Note 1)	—	—	565,740 (USD 18,000)	—
YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	Subsidiary	223,580 (RMB 50,000)	(Note 1)	—	—	—	—
			147,000 (RMB 32,874)	3.19	—	—	72,760 (RMB 16,271)	—
Shin Yang Steel Co., Ltd.	Yieh Hsing Enterprise Co., Ltd.	Same parent company	500,000	(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 6, 2026.
(Note 3): The transactions between the parent company and subsidiaries referred to above have been written off.

Table 6

YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries

Business Relationship and Material Transactions between Parent Company and Subsidiaries

January 1 to December 31, 2025

Individual transaction amount less than NT$50 million (inclusive) was not disclosed; in addition, the disclosure method was for the asset and income aspect, and the opposing transactions were no longer disclosed.

Unit: NTD and foreign currencies in thousands

No. (Note 1)	Trader	Trading counterpart	Relationship with the Company (Note 2)	Details
				Account	Amount	Terms of Transaction	Percentage of consolidated net revenue or total assets (Note 3)
0	Yieh Phui Enterprise Co., Ltd.	Shin Yang Steel Corporation	1	Sales revenue	579,979	Payment collected within 1-2 months after shipment	0.86%
		Kuo Chang Enterprise Co., Ltd.	1	Other receivables	319,100	—	0.32%
		United Brightening Development Corp.	1	Other receivables	754,500	—	0.76%
		YIEH PHUI AMERICA, INC.	1	Refundable deposits	418,019	—	0.42%
		Shin Phui Steel Corporation	1	Right-of-use assets	174,277	—	0.18%
				Sales revenue	91,640	Payment collected within 1-2 months after shipment	0.14%
		Yieh Hsing Enterprise Co., Ltd.	1	Sales revenue	170,024	Payment collected within 1-2 months after shipment	0.25%
1	YIEH PHUI (HONG KONG) HOLDINGS LIMITED	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	1	Long-term receivables	2,440,898 (RMB 261,200) (USD 40,500)	—	2.45%
			1	Interest income	124,090	—	0.18%

No. (Note 1)	Trader	Trading counterpart	Relationship with the Company (Note 2)	Details
				Account	Amount	Terms of Transaction	Percentage of consolidated net revenue or total assets (Note 3)
2	YIEH PHUI (CHINA) TECHNOMATERIAL CO., LTD.	Tianjin Lianfa Precision Steel Corporation Beneficiary	1	Sales revenue	463,456 (RMB 105,637)	Payment collected within 1-4 months after shipment	0.69%
				Accounts receivable	147,000 (RMB 32,874)	—	0.15%
				Long-term receivables	223,580 (RMB 50,000)	—	0.22%
3	EMMT Systems Corporation	APPLIED WIRELESS IDENTIFICATIONS GROUP,INC.	1	Sales revenue	56,599	Payment collected within 1-2 months after shipment	0.08%
4	Shin Yang Steel Co., Ltd.	Yieh Hsing Enterprise Co., Ltd.	3	Other receivables	500,000	—	0.50%

Note 1: Information on business transactions between the parent company and its subsidiaries is indicated in the numbered column. The number is to be filled in as follows:
1. "0" for the parent company.
2. Subsidiaries are numbered starting from 1 in accordance with the parent company.

Note 2: The relationship with the counterparty is classified into the following three types and the two types are eligible:
1. Parent company to subsidiaries.
2. Subsidiary to parent company.
3. Subsidiary to subsidiary

Note 3: For the calculation of the ratio of the transaction amount to the total consolidated revenue and total assets, if it is a balance sheet item, it is calculated as the ending balance as a percentage of the consolidated total assets; for profit or loss, it is calculated as a percentage of the accumulated amount in the consolidated total revenue method.

Table 7
YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Information about Investees
December 31, 2025
Unit: NTD and foreign currencies in thousands

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount		Ending Balance			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	7,455,887	7,455,887	233,500	100.00%	9,053,557	302,734	302,734
	Eliter International Corp.	Kaohsiung City	Constructing buildings	3,030,403	3,030,403	314,208	30.23%	3,099,727	(145,167)	(43,877)
	Yieh Hsing Enterprise Co., Ltd.	Kaohsiung City	Wire rods trading	2,261,296	2,261,296	304,654	57.41%	(809,941)	(1,186,376)	(670,335)
	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	1,453,572	1,453,572	39,553	11.30%	4,537,306	(1,125,023)	(127,137)
	E-Da Development Corp.	Kaohsiung City	Leisure development	2,252,628	2,181,523	116,187	28.44%	656,609	(482,764)	(137,309)
	United Brightening Development Corp.	Kaohsiung City	Technical consultant for iron and steel production	1,887,263	1,887,263	426,920	95.56%	4,275,171	(286,450)	(273,738)
	Shin Yang Steel Co., Ltd.	Kaohsiung City	Steel products related businesses	870,000	870,000	221,813	100.00%	1,286,471	259,405	259,498
	Yieh Mau Corp.	Kaohsiung City	Trading & manufacturing	422,605	422,605	74,988	23.00%	881,919	147,449	35,105
	Kuo Chang Enterprise Co., Ltd.	Kaohsiung City	Wholesale of Hardware	1,385,973	1,385,973	252,020	99.04%	2,512,827	(204,838)	(202,871)
	ASIAZONE CO., LTD.	Hong Kong	Steel products trading and related businesses	595,424	595,424	15,090	32.80%	756,035	61,855	20,291
	Shin Phui Steel Corporation	Kaohsiung City	Steel products trading	214,236	214,236	101,444	100.00%	273,392	(1,949)	(1,114)
	Sin Bang Investment & Development Co., Ltd	Kaohsiung City	Investment company	267,209	267,209	72,850	100.00%	829,045	(23,475)	(23,475)
	EMMT Systems Corporation	Taichung City	Manufacturing and marketing of military specification printed circuit boards	425,745	310,351	104,857	85.99%	1,302,569	57,851	46,645
	Gen-Wan Technology Corp	Kaohsiung City	Telecommunications contracts	-	151,165	-	-	-	293	264	Note 2
	Zheng Xin Security Co., Ltd.	Kaohsiung City	Systematic security services	14,000	14,000	1,400	35.00%	7,034	1,879	658

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount		Ending Balance			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.	Eda Bus Transportation Co., Ltd.	Kaohsiung City	Bus passenger transport	80,510	80,510	1,845	17.09%	8,631	(15,086)	(2,578)
	E-DA Tour Bus Co., Ltd	Kaohsiung City	Bus passenger transport	20,900	20,900	1,349	19.00%	8,667	1,856	353
	E United Japan Co., Ltd.	Japan	Steel products trading and related businesses	8,027	8,027	0	47.00%	4,780	420	198
	Tian-Yue Hot Spring And Resort Inc.	Kaohsiung City	Hotel industry	16,088	16,088	1,609	14.63%	2,954	(843)	(123)
	E-DA Entertainment Inc.	Kaohsiung City	Entertainment business	74,100	74,100	7,410	19.00%	43,755	306	58
	Li Hui Development Co., Ltd.	Kaohsiung City	Investment company	321,216	321,216	88,811	44.56%	305,922	(4,863)	(2,167)	Note 1
	Chi Chang Enterprise Co., Ltd.	Kaohsiung City	Investment company	5,050	5,050	1,459	45.00%	4,382	(92)	(41)	Note 1
	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	7,543,625	5,023,625	1,096,661	34.05%	3,233,764	(5,654,999)	(1,474,758)	Note 1
	Hong Yu Asset Management Corp.	Kaohsiung City	Management service	1,687,200	1,647,200	171,920	80.00%	710,399	68,556	54,845
	E-DA VISUAL EFFECTS CORP.	Kaohsiung City	Entertainment business	-	44,693	0	-	0	(147)	(72)	Note 3
	LIAN SO(H.K.)CO.,LIMITED	Hong Kong	Investment company	585,721	580,422	19,120	80.00%	313,131	33,550	26,840
	YIEH PHUI AMERICA, INC.	USA	Steel products trading	292	292	1	100.00%	254,718	79,854	79,854
	Great Emperor Hotel Co., Ltd.	Kaohsiung City	Hotel industry	3,405,180	3,265,100	330,600	62.73%	2,545,626	(143,785)	(86,054)
	Kings Garden International Co., Ltd.	Kaohsiung City	Housing and Building Development and Rental, Department Stores	3,106,336	2,966,256	301,586	60.31%	2,240,996	(266,039)	(154,651)
	SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD.	Kaohsiung City	Manpower Dispatched	9,600	9,600	960	32.00%	5,301	(725)	(232)
	YIEH UNITED INVESTMENT HOLDING PTE.LTD.	Singapore	Investment company	18,694	1,824	800	80.00%	18,329	(502)	(401)
	Total			39,418,780	36,565,810			38,363,076	(8,527,115)	(2,373,590)

— 99 —

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount		Ending Balance			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	0.10%	9,070	(5,654,999)	(6,823)	Note 1
	Great Emperor Hotel Co., Ltd.	Kaohsiung City	Hotel industry	515	515	50	0.01%	385	(143,785)	(14)
	Kings Garden International Co., Ltd.	Kaohsiung City	Housing and Building Development and Rental, Department Stores	515	515	50	0.01%	372	(266,039)	(27)
Gen-Wan Technology Corp	EMMT Systems Corporation	Taichung City	Manufacturing and marketing of military specification printed circuit boards	-	27,630	-	-	-	-	-
EMMT Systems Corporation	APPLIED WIRELESS IDENTIFICATIONS GROUP,INC.	San Francisco, USA	RFID	243,395	243,395	40,601	88.93%	567,573	72,398	64,386
	Unipattern Co.	Kaohsiung City	Computer and Peripheral Equipment Manufacturing	54,960	54,960	5,460	43.33%	50,829	(14,793)	(6,410)
	Yieh Mau Corp.	Kaohsiung City	Trading & manufacturing	500,976	-	43,904	13.46%	499,922	147,449	17,375
Shin Yang Steel Co., Ltd.	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	17,385	17,385	2,195	0.07%	6,266	(5,654,999)	(4,713)	Note 1
	SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD.	Kaohsiung City	Manpower Dispatched	1,500	1,500	150	5.00%	828	(725)	(36)
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%	828,698	(1,125,023)	(23,220)
Kuo Chang Enterprise Co., Ltd.	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	439,197	439,197	56,817	1.76%	162,183	(5,654,999)	(121,997)	Note 1
	Eliter International Corp.	Kaohsiung City	Constructing buildings	256,709	256,709	25,955	2.50%	256,118	(145,167)	(3,624)
	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	786,714	786,714	21,328	6.09%	2,446,633	(1,125,023)	(68,556)

— 100 —

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount		Ending Balance			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
United Brightening Development Corp.	Chao Ying Investment and Development Co., Ltd.	Kaohsiung City	Investment company	341,992	341,992	93,237	100.00%	1,020,696	(28,865)	(28,865)
	Yieh United Steel Corp.	Kaohsiung City	Steel products related businesses	449,508	449,508	58,151	1.81%	165,990	(5,654,999)	(124,861)	Note 1
	Tang Eng Iron Works Co., Ltd.	Kaohsiung City	Steel products trading and related businesses	1,177,838	1,177,838	32,050	9.16%	3,676,603	(1,125,023)	(103,020)
	Eliter International Corp.	Kaohsiung City	Constructing buildings	368,542	368,542	35,526	3.42%	350,566	(145,167)	(4,961)
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%	1,020,731	(1,125,023)	(28,601)
Hong Yu Asset Management Corp.	Lian Hsin Steel Co., Ltd.	Indonesia	Metal Manufacturing	988,549	988,549	3,180	60.40%	566,394	(93,353)	(56,384)
	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%	150,113	270,676	45,509
	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%	(41,637)	(1,331)	(998)
	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	89,063	89,386	54	99.50%	67,050	8,661	8,659
LIAN SO(H.K)CO., LIMITED	Lian Yang (Hong Kong) Trading Limited	Hong Kong	Trading business	3,143 (USD100)	3,071 (USD100)	100	100.00%	16,340	574	574
	Lian Hsin Steel Co., Ltd.	Indonesia	Metal Manufacturing	655,316 (USD20,850)	640,199 (USD20,850)	2,085	39.60%	371,362	93,353	36,969
	Ya Mai Co., Ltd.	Indonesia	Nickel Mining Business	334 (USD10,613)	-	-	0.50%	336	8,661	2

— 101 —

Name of Investor	Name of Investee	Location	Main Businesses	Original investment amount		Ending Balance			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%	621,360	270,676	194,013
	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%	(13,879)	(1,331)	(333)
Yieh Hsing Enterprise Co., Ltd.	Great Emperor Hotel Co., Ltd.	Kaohsiung City	Hotel	1,995,122	2,099,500	196,350	37.26%	1,511,899	(143,785)	(57,718)
	Kings Garden International Co., Ltd.	Kaohsiung City	Housing and Building Development and Rental, Department Stores	2,016,933	2,119,500	198,350	39.67%	1,473,880	(266,039)	(111,354)
	UNITED WINNER METALS L.P	State of Virginia, USA	Recycling of scrap steel	106,467	106,878	-	33.75%	169,955	23,077	7,788
	Zheng Xin Security Co., Ltd.	Kaohsiung City	Systematic security services	4,000	4,000	400	10.00%	2,010	1,879	188
	Eliter International Corp.	Kaohsiung City	Constructing buildings	748,896	748,896	77,106	7.42%	760,867	(145,167)	(10,767)
	E-Da Development Corp.	Kaohsiung City	Leisure development	470,595	455,740	24,272	5.94%	138,569	(482,764)	(28,685)
	Yieh United Steel Corp.	Kaohsiung City	Steel related	20,204	20,204	2,542	0.08%	7,335	(5,654,999)	(5,459)	Note 1
SHIN JAN ENGINEERING and MANAGEMENT CONSULTING CO., LTD.	Kaohsiung City	Manpower Dispatched	2,400	2,400	240	8.00%	1,325	(725)	(58)
Kings Garden International Co., Ltd.	HUAGLAM International Co., Ltd.	Kaohsiung City	Wholesale of Daily Supplies and Cosmetics	-	110,000	-	-	-	(12,954)	(12,954)	Note 4
	Yimao Development Co., Ltd.	Kaohsiung City	Department Stores, Amusement Parks, Hotels	100,224	100,224	10,022	12.80%	100,078	3	72
	Yieh Mau Corp.	Kaohsiung City	Trading & manufacturing	100,359	-	8,850	2.71%	100,772	147,449	2,238
	Eliter International Corp.	Kaohsiung City	Constructing buildings	100,000	-	10,000	0.96%	100,042	(145,167)	42
Great Emperor Hotel Co., Ltd.	Yimao Development Co., Ltd.	Kaohsiung City	Department Stores, Amusement Parks, Hotels	100,224	100,224	10,022	12.80%	100,078	3	72
	Yieh Mau Corp.	Kaohsiung City	Trading & manufacturing	100,359	-	8,850	2.71%	100,772	147,449	2,238
	Eliter International Corp.	Kaohsiung City	Constructing buildings	100,000	-	10,000	0.96%	100,042	(145,167)	42

103 -

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.

Note 2: Winding up was approved and registered for reference in June 2025

Note 3: The dissolution and liquidation were approved in November 2025.

Note 4: Winding up was approved and registered for reference in August 2025.

Table 8
YIEH PHUI ENTERPRISE CO., LTD. and Subsidiaries
Disclosure of Information on Investments in Mainland China
January 1 to December 31, 2025
Unit: NTD and foreign currencies in thousands

Investment company	Name of Investee in Mainland China	Main Businesses	Paid-in Capital	Method of Investment (Note 1)	Accumulated investment balance - beginning of current period	Amount remitted or recovered in the current period		Accumulated investment balance-end of current period	Net Income (Losses) of the Investee	Direct and indirect percentage of ownership	Investment gain(loss) recognized in 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	7,423,766 (USD 236,200) (Note 6)	(II)	7,338,905 (USD 233,500)	—	—	7,338,905 (USD 233,500)	310,911	100%	310,911 (II. 2)	9,101,156	—
	ZHANG HUI (CHANGSHU) TRADE CO., LTD.	Steel products trading	44,716 (RMB 10,000)	(II) (Note 4)	—	—	—	—	457	100%	457 (II. 3)	49,940	—
	Tianjin Lianfa Precision Steel Corporation Beneficiary	Manufacturing and marketing of special high grade alloy	424,305 (USD 13,500)	(II) (Note 5)	—	—	—	—	21	100%	21 (II. 3)	(253,368)	—
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.	7,338,905 (USD 233,500)	7,423,766 (USD 236,200)	19,632,117

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:NTD1:31.43; RMB 1:4.4716; The average exchange rate on January 1 to December 31, 2025 (USD:NTD1:31.3196; RMB:NTD1:4.3871) 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 March 31, 2025, 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 (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, 2025 are as follows:

Significant transactions with investee companies in Mainland China: See Note 13, Tables 4 to 5.
Financing arrangements with investee companies in Mainland China: See Note 13, Table 1.
Endorsements and guarantees provided to investee companies in Mainland China: See Note 13, Table 2.

— 105 —

106 -

XIV. SEGMENT INFORMATION

(I) General information:

For management purposes, the Group's decision-makers divide the operating units into the following reporting segments based on the business groups:

Yieh Phui Business Group (Yieh Phui USA included): mainly engaged in production and sale of coated and painted steel products and manufacturing and installation of cranes.
Yieh Hsing Business Group: mainly engaged in production and sale of wire materials.
Shin Yang Business Group: Engaged in the production and sale of steel pipes and API casings.
EMMT Business Group: Mainly engaged in the production and sale of military supplies.
Yieh Phui (China) Business Group (Yieh Phui Hong Kong included): mainly engaged in production and sale of coated and painted steel products.
Great Emperor Business Group: mainly engaged in the operation of regular hotels, leisure activities and restaurants.
Kings Garden Business Group: Mainly engaged in general department stores.
Other business entities: Primarily engaged in the wholesale trading of iron and steel related products, telecommunication equipment and general investment.

(II) Measurement of departmental information:

The operational decision-makers of the Group supervise the operating results of each operating unit individually to make decisions on resource allocation and performance evaluation. The segment's performance is evaluated based on net income (net loss) before tax, which is measured in a manner consistent with the net operating income (net loss) in the consolidated financial statements. In addition, as the Group does not include the amount of assets and liabilities in the business decision-making report, the measured amount of assets and liabilities of the operating department is zero. The accounting policies of the operating segments are the same as the summary of important accounting policies described in Note 2 to the consolidated financial statements.

(III) Segment financial information:
2025:

Item	Yieh Phui Business Group	Yieh Hsing Business Group	Shin Yang Business Group:	EMMT Business Group	Yieh Phui (China) Business Entity	Great Emperor Business Group	Kings Garden Business Group	Other Business Group	Adjustment and offset	Total
Revenue
Revenue from external customers	$ 20,198,056	$ 5,283,229	$ 5,159,211	$ 988,654	$ 31,507,003	$ 1,927,617	$ 562,818	$ 1,974,036	$ (43,025)	$ 67,557,599
Inter-segment revenue	692,973	-	6,709	77,942	-	35,779	27,438	64,936	(905,777)	-
Total revenue	$ 20,891,029	$ 5,283,229	$ 5,165,920	$ 1,066,596	$ 31,507,003	$ 1,963,396	$ 590,256	$ 2,038,972	$ (948,802)	$ 67,557,599
Segment income/loss	$ (524,470)	$ (817,740)	$ 418,432	$ 53,707	$ 802,296	$ 81,360	$ (97,219)	$ 127,380	$ 11,163	$ 54,909
Non-operating income and expenses										(3,942,546)
Profit (loss) before tax										$ (3,887,637)
Income tax expense (gain)										(136,930)
Net profit (loss) after tax										$ (4,024,567)
Total assets										$ 99,525,592
Total liabilities										$ 66,425,798

2024:

Item	Yieh Phui Business Group	Yieh Hsing Business Group	Shin Yang Business Group:	EMMT Business Group	Yieh Phui (China) Business Entity	Great Emperor Business Group	Kings Garden Business Group	Other Business Group	Adjustment and offset	Total
Revenue
Revenue from external customers	$ 25,007,120	$ 6,899,956	$ 5,087,650	$ 1,182,584	$ 31,532,713	$ 1,860,844	$ 529,712	$ 1,892,402	$ (11,234)	$ 73,981,747
Inter-segment revenue	526,542	-	4,162	72,604	783,180	36,030	25,411	70,350	(1,518,279)	-
Total revenue	$ 25,533,662	$ 6,899,956	$ 5,091,812	$ 1,255,188	$ 32,315,893	$ 1,896,874	$ 555,123	$ 1,962,752	$ (1,529,513)	$ 73,981,747
Segment income/loss	$ 762,371	$ (729,865)	$ 385,533	$ 192,477	$ (227,264)	$ 78,689	$ (125,331)	$ 5,537	$ (1,715)	$ 340,432
Non-operating income and expenses										(2,414,122)
Profit (loss) before tax										$ (2,073,690)
Income tax expense (gain)										19,527
Net profit (loss) after tax										$ (2,054,163)
Total assets										$ 101,353,906
Total liabilities										$ 62,019,232

(IV) Information on products and services:

The revenue from main products and labor services of the Group's continuing operations was categorized by operating segments. Please refer to the disclosure of revenue by segments.

(V) Information on geographic areas:

Revenue from external customers (disclosed based on the country in which the customers are located):

Item	2025	2024
Taiwan	$ 16,462,287	$ 19,073,309
Americas	9,703,734	12,557,338
Asia	33,836,405	34,308,573
Europe	6,098,759	6,618,412
Other regions	1,456,414	1,424,115
Total	$ 67,557,599	$ 73,981,747

Non-current assets:

Item	2025	2024
Taiwan	$ 56,634,720	$ 56,508,391
China	12,152,904	12,988,955
Other regions	471,216	553,588
Total	$ 69,258,840	$ 70,050,934

(VI) Information on important customers: The criteria governing disclosure was not met.

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YP Audit Report / Information 2025

51950_rns_2026-06-05_2ee9417c-726a-4e4b-a0b6-956db0b03b64.pdf

YIEH PHUI ENTERPRISE CO., LTD. AND SUBSIDIARIES

Consolidated Financial Statements for the Years Ended

Audit opinion

Basis for audit opinion

Key Audit Matters

Responsibilities of the management and the governing body for the consolidated financial statements

Auditor's responsibilities for the audit of the consolidated financial statements

Notice to Readers

2. Lease liabilities

3. Important leasing activities and terms

4. Other leasing information

(XXVII) Treasury shares

VII. Related party transactions

VIII. Pledged Assets

IX. Important Contingent Liabilities and Unrecognized Contract Commitments

Credit risk related to operation

Financial credit risk

(A) Credit concentration risk

(B) Measurement of expected credit impairment loss

C. Liquidity risk:

(A) General:

(B) The following refers to the analysis about financial liabilities due within agreed time limit by the Group summarized by maturity date and undiscounted due amount:

2. Types of financial instruments

(III) Information on fair value:

(IV) Transfer of financial assets:

XIII. Additional Disclosures

XIV. SEGMENT INFORMATION

AI assistant

YP — Audit Report / Information 2025

51950_rns_2026-06-05_2ee9417c-726a-4e4b-a0b6-956db0b03b64.pdf

YIEH PHUI ENTERPRISE CO., LTD. AND SUBSIDIARIES

Consolidated Financial Statements for the Years Ended

Audit opinion

Basis for audit opinion

Key Audit Matters

Responsibilities of the management and the governing body for the consolidated financial statements

Auditor's responsibilities for the audit of the consolidated financial statements

Notice to Readers

2. Lease liabilities

3. Important leasing activities and terms

4. Other leasing information

(XXVII) Treasury shares

VII. Related party transactions

VIII. Pledged Assets

IX. Important Contingent Liabilities and Unrecognized Contract Commitments

Credit risk related to operation

Financial credit risk

(A) Credit concentration risk

(B) Measurement of expected credit impairment loss

C. Liquidity risk:

(A) General:

(B) The following refers to the analysis about financial liabilities due within agreed time limit by the Group summarized by maturity date and undiscounted due amount:

2. Types of financial instruments

(III) Information on fair value:

(IV) Transfer of financial assets:

XIII. Additional Disclosures

XIV. SEGMENT INFORMATION

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YP Audit Report / Information 2025