2025 Q2 Financial Results - Consolidated Financial Report (IFRS)

FORMOSA CHEMICALS & FIBRE

CORPORATION AND SUBSIDIARIES

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

INDEPENDENT AUDITORS' REVIEW REPORT TRANSLATED FROM CHINESE

PWCR25000106

To the Board of Directors and Shareholders of Formosa Chemicals & Fibre Corporation

We have reviewed the accompanying consolidated balance sheets of Formosa Chemicals & Fibre Corporation and subsidiaries (the "Group") as at June 30, 2025 and 2024, and the related consolidated statements of comprehensive income for the three-month and six-month periods then ended, as well as the consolidated statements of changes in equity and of cash flows for the six-month periods then ended, and notes to the consolidated financial statements, including a summary of material accounting policies. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" that came into effect as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

We conducted our reviews in accordance with the Standard on Review Engagements 2410, "Review of Financial Information Performed by the Independent Auditor of the Entity" of the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

As explained in Notes 4(3) and 6(7), the financial statements of certain insignificant consolidated subsidiaries and investments accounted for using equity method were not reviewed by independent auditors. Those statements reflect total assets (including investments accounted for using equity method) of NT$93,693,273 thousand and NT$102,979,665 thousand, constituting 20% and 18% of the consolidated total assets, and total liabilities of NT$22,965,217 thousand and NT$23,764,023 thousand, constituting 13% and 12% of the consolidated total liabilities as at June 30, 2025 and 2024, respectively, and total comprehensive (loss) income (including share of profit or loss of associates and joint ventures accounted for using equity method and share of other comprehensive income of associates and joint ventures accounted for using equity method) of (NT$3,336,054) thousand, NT$2,086,143 thousand, (NT$3,555,888) thousand and NT$4,103,546 thousand, constituting 19%, (254%), 28% and (45%) of the consolidated total comprehensive income for the three-month and six-month periods then ended, respectively.

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries and investments accounted for using equity method been reviewed by independent auditors as described in the Basis for qualified conclusion section above, based on our reviews and the reports of other independent auditors (refer to the Other matter section), nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at June 30, 2025 and 2024, and of its consolidated financial performance for the three-month and six-month periods then ended, and of its consolidated cash flows for the six-month periods then ended, in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, "Interim Financial Reporting" that came into effect as endorsed by the Financial Supervisory Commission.

We did not review the financial statements of certain investments accounted for under the equity method which were reviewed by other auditors. Therefore, our conclusion expressed herein, insofar as it relates to the amounts included in respect of these associates, is based solely on the reports of the other auditors. The balance of these investments accounted for under the equity method amounted to NT$69,159,263 thousand and NT$78,781,575 thousand, constituting 15% and 14% of the consolidated total assets as at June 30, 2025 and 2024, respectively, and the comprehensive income (loss) recognised from associates and joint ventures accounted for under the equity method amounted to (NT$2,088,773) thousand, NT$1,520,997 thousand, (NT$655,193) thousand and NT$2,342,372 thousand, constituting 12%, (185%), 5% and (25%) of the consolidated total comprehensive income for the three-month and six-month periods then ended, respectively.

Juanlu, Man-Yu Hsu, Sheng-Chung

For and on Behalf of PricewaterhouseCoopers, Taiwan August 12, 2025

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

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

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

JUNE 30, 2025, DECEMBER 31, 2024 AND JUNE 30, 2024

(Expressed in thousands of New Taiwan dollars)

June 30, 2025 December 31, 2024 June 30, 2024

(Continued)

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

JUNE 30, 2025, DECEMBER 31, 2024 AND JUNE 30, 2024

(Expressed in thousands of New Taiwan dollars)

commitments

Significant events after the 11

balance sheet date

3X2X Total liabilities and equity $ 467,911,812 100 $ 490,949,627 100 $ 568,184,278 100

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

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars, except for earnings (loss) per share amount)

Three months ended June 30 Six months ended June 30

(

(

(

(

(

(

(

(Continued)

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars, except for earnings (loss) per share amount)

Three months ended June 30 Six months ended June 30

2025 2024 2025 2024

(

(

8710 Owners of the parent ( $ 14,958,796) ( 20) $ 101,932 - ( $ 11,286,746) ( 7) ( $ 5,864,587) ( 3)

8720 Non-controlling interest ( 2,250,112) ( 3) ( 923,376) ( 1) ( 1,480,646) ( 1) ( 3,326,580) ( 2) ( $ 17,208,908) ( 23) ( $ 821,444) ( 1) ( $ 12,767,392) ( 8) ( $ 9,191,167) ( 5)

Basic earnings (loss) per share (in dollars) 6(26) Before Tax After Tax Before Tax After Tax Before Tax After Tax Before Tax After Tax 9710 Profit (loss) for the period from continuing operations

Non-controlling interest

9750 Profit (loss) attributable to common shareholders of the parent

9710 Profit (loss) for the period from continuing operations Non-controlling interest

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

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

Equity attributable to owners of the parent

Retained Earnings Other Equity Interest

Unrealised (gains) losses from financial assets

Total capital surplus, additional

Unappropriated

Financial statements translation

differences of

measured at fair value through other comprehensive

Gains (losses) on hedging

Revaluation

Non-controlling

Notes Common stock paid-in capital Legal reserve Special reserve retained earnings foreign operations income instruments surplus Treasury stocks Total interest Total equity

Six months ended June 30, 2024

Decrease in non-controlling interest-disposal of 6(15)(27) ownership interests in subsidiaries

- - - - ( 138,660 ) - - - - - ( 138,660 ) ( 187,981) ( 326,641 )

Balance at June 30, 2024 $ 58,611,863 $ 9,278,429 $ 71,867,866 $ 76,745,060 $ 38,544,230 ($ 264,256) $ 70,471,432 $ 2,028 $ 1,002,383 ($ 323,952 ) $ 325,935,083 $ 40,006,371 $ 365,941,454

Six months ended June 30, 2025

Balance at January 1, 2025 $ 58,611,863 $ 9,313,342 $ 71,867,866 $ 76,745,060 $ 35,054,049 $ 93,775 $ 20,205,673 ($ 21,789 ) $ 1,002,383 ($ 323,952 ) $ 272,548,270 $ 32,937,544 $ 305,485,814

Loss for the period

Other comprehensive income (loss) for the period

Total comprehensive income (loss) for the period

Appropriation of 2024 earnings Cash dividends

Changes in the net interest of associates recognised under the equity method Dividends paid to subsidiaries to adjust capital surplus

Expired cash dividends reclassified to capital surplus

6(17)

6(15)

2,276 - 2,276

( 770 ) - ( 770 )

Changes in ownership interests in subsidiaries 6(15) Difference between consideration and carrying 6(15)(27) amount of subsidiaries acquired or disposed

Cash dividends paid by consolidated subsidiaries

Decrease in non-controlling interest-disposal of 6(15)(27) ownership interests in subsidiaries

Balance at June 30, 2025

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

( 3,031 ) 1,437 ( 1,594 )

( 76,188 ) ( 8,757) ( 84,945 )

- ( 964,118) ( 964,118 )

( 1,156 ) ( 2,598) ( 3,754 )

) $ 258,252,584 $ 30,482,862 $ 288,735,446

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

Six months ended June 30

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Expressed in thousands of New Taiwan dollars)

Six months ended June 30

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

FORMOSA CHEMICALS & FIBRE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

SIX MONTHS ENDED JUNE 30, 2025 AND 2024

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

1. History and Organisation

   Formosa Chemicals & Fibre Corporation (the ''Company") was founded on March 5, 1965. The Company and its subsidiaries (together referred herein as the "Group") now has eight business divisions, namely First Chemical Division, Petrochemicals Division, Third Chemical Division, Plastics Division, Textile Division, First Fiber Division and its subsidiaries, Second Fiber Division, and Engineering & Construction Division. The Group's major businesses are production and sales of petrochemical products, including PTA, PS, AN, Butadiene, SM polymer, SM, benzene, toluene, p-xylene (PX) and o-xylene (OX), as well as nylon fiber, and rayon staple fiber. The Group is also engaged in spinning, weaving, dyeing and finishing.

2. The Date of Authorisation for Issuance of the Financial Statements and Procedures for Authorisation These consolidated financial statements were authorised for issuance by the Board of Directors on August 12, 2025.

3. Application of New Standards, Amendments and Interpretations

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

      New standards, interpretations and amendments endorsed by the FSC and became effective from 2025 are as follows:

      New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
      Amendments to IAS 21, 'Lack of exchangeability'	January 1, 2025

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

   2. Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC but not yet adopted by the Group

      New standards, interpretations and amendments endorsed by the FSC and became effective from 2026 are as follows:

      New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
      Specific provisions of 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, 'Initial application of IFRS 17 and IFRS 9 - comparative information'	January 1, 2023
      Annual Improvements to IFRS Accounting Standards-Volume 11	January 1, 2026

      Except for the following, the above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

      Specific provisions of Amendments to IFRS 9 and IFRS 7, 'Amendments to the classification and measurement of financial instruments'

      The amendments require an entity to:

      1. Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion, covering contractual terms that can change cash flows based on contingent events (for example, interest rates linked to ESG targets), non-recourse features and contractually-linked instruments.

      2. Add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets), including a qualitative description of the nature of the contingent event, quantitative information about the possible changes to contractual cash flows that could result from those contractual terms and the gross carrying amount of financial assets and amortised cost of financial liabilities subject to these contractual terms.

      3. Clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception relating to the derecognition of a financial liability (or part of a financial liability) settled through an electronic cash transfer system. Applying the exception, an entity is permitted to derecognise a financial liability at an earlier date if, and only if, the entity has initiated a payment instruction and specific conditions are met.

         The conditions for the exception are that the entity making the payment does not have:

         1. the practical ability to withdraw, stop or cancel the payment instruction;

         2. the practical ability to access the cash used for settlement; and

         3. significant settlement risk.

      4. Update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). The entity shall disclose the fair value of each class of investment and is no longer required to disclose the fair value of each investment. In addition, the amendments require the entity to disclose the fair value gain or loss presented in other comprehensive income during the period, showing separately the fair value gain or loss related to investments derecognised during the reporting period and the fair value gain or loss related to investments held at the end of the reporting period; and any transfers of the cumulative gain or loss within equity during the reporting period related to the investments derecognised during that reporting period.

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

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

      New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
      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 International Accounting Standards Board
      IFRS 18, 'Presentation and disclosure in financial statements'	January 1, 2027
      IFRS 19, 'Subsidiaries without public accountability: disclosures'	January 1, 2027

      Except for the following, the above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

      IFRS 18, 'Presentation and disclosure in financial statements'

      IFRS 18, 'Presentation and disclosure in financial statements' replaces IAS 1. The standard introduces a defined structure of the statement of profit or loss, disclosure requirements related to management-defined performance measures, and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes.

4. Summary of Material Accounting Policies

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

   1. Compliance statement

      The consolidated financial statements of the Group have been prepared in accordance with the "Regulations Governing the Preparation of Financial Reports by Securities Issuers" and the International Accounting Standard 34, 'Interim Financial Reporting' that came into effect as endorsed by the FSC.

   2. Basis of preparation

      1. Except for the following items, the 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. Defined benefit liabilities recognised based on the net amount of pension fund assets less present value of defined benefit obligation.

      2. The preparation of financial statements in conformity with International Financial Reporting Standards, International Accounting Standards, IFRIC® Interpretations, and SIC® Interpretations as endorsed by the FSC (collectively referred herein as the "IFRS") requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial

         statements are disclosed in Note 5.

   3. Basis of consolidation

      1. Basis for preparation of consolidated financial statements:

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

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

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

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

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

         losses previously recognised in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

      2. Subsidiaries included in the consolidated financial statements:

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities June 30, 2025 December 31, 2024 June 30, 2024 Description

         The Company	Formosa FCFC Carpet Corp.	Spinning, dyeing, printing, finishing and manufacturing synthetic fibre, rug and carpet	100.00	100.00	100.00	The Company holds more than 50% of voting rights. (Note 5)
         The Company	Formosa Renewable Energy Corp.	Renewable energy technical services	100.00	100.00	100.00	The Company holds more than 50% of voting rights. (Note 2 and 5)
         The Company	FCFC Investment Corp. (Cayman)	Investing	100.00	100.00	100.00	The Company holds more than 50% of voting rights.
         The Company	Formosa Green Power Corp.	Renewable-energy-based electricity retailing	100.00	100.00	100.00	The Company holds more than 50% of voting rights. (Note 5)
         The Company	Formosa Biomedical Technology Corp.	Manufacturing and sales of cleaner and cosmetics	88.59	88.59	88.59	The Company holds more than 50% of voting rights. (Note 5)
         The Company	Formosa Idemitsu Petrochemical Corp.	Wholesale and retail of petrochemical and plastic raw materials	50.00	50.00	50.00	The Company has substantial control and thus regards Formosa Idemitsu Petrochemical Corp. as a subsidiary. (Note 5)
         The Company	Formosa	Chemistry,	50.00	50.00	50.00	The Company
         	INEOS Chemicals Corp.	international trade of petrochemistry				has substantial control and thus regards Formosa INEOS Chemicals Corp. as a subsidiary. (Note 5)

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities June 30, 2025 December 31, 2024 June 30, 2024 Description

         The Company	Chia-Nan Enterprise Corp.	Hydropower	51.00	51.00	51.00	The Company holds more than 50% of voting rights. (Note 5)
         The Company	Formosa	Production and	42.50	42.50	42.50	The Company
         	Industries	marketing of				has substantial
         	Corp.	textile, polyester				control and thus
         		staple fibre,				regards Formosa
         		cotton,				Industries Corp.
         		hydropower				as a subsidiary.
         						(Note 5)
         The Company	Formosa	Production and	37.40	37.40	37.40	The Company
         	Taffeta Co.,	marketing of				has substantial
         	Ltd.	Polyamine fabric,				control and thus
         		Polyester fabric,				regards Formosa
         		cotton fabric,				Taffeta Corp. as a
         		blended fabric				subsidiary.
         		and tire cord
         		fabric
         FCFC Investment	Formosa	Cogeneration	100.00	100.00	100.00	The company
         Corp. (Cayman)	Power	power generation				holds more than
         	(Ningbo) Co.,	business				50% of voting
         	Ltd.					rights through
         						wholly-owned
         						company - FCFC
         						Investment Corp.
         						(Cayman).
         						(Note 5)
         FCFC Investment	Formosa	Investing	100.00	100.00	100.00	The company
         Corp. (Cayman)	Chemicals &					holds more than
         	Fibre (Hong					50% of voting
         	Kong) Co.,					rights through
         	Ltd.					wholly-owned
         						company - FCFC
         						Investment Corp.
         						(Cayman).
         Formosa Chemicals	Formosa	Producing and	100.00	100.00	100.00	The company
         & Fibre (Hong	Chemicals	marketing of				holds more than
         Kong) Co., Ltd.	Industries	PTA、PS、				50% of voting
         	(Ningbo) Co., Ltd.	ABS、Phenol				rights through wholly-owned
         						company - FCFC
         						Investment Corp.
         						(Hong Kong).

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities June 30, 2025 December 31, 2024 June 30, 2024 Description

         Formosa Biomedical Technology Corp.	Hong Jing Resources Corp.	Removal and disposal of waste	90.61	90.61	92.21	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Notes 1 and 5)
         Formosa Biomedical Technology Corp.	Formosa Biomedical Technology (SAMOA) Co., Ltd.	Investment	100.00	100.00	100.00	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Note 5)
         Formosa Biomedical Technology Corp.	Formosa Waters Technology Co., Ltd.	Manufacturing industrial catalyst and wholesale of other chemical products	57.00	57.00	57.00	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Note 5)
         Formosa Biomedical Technology Corp.	Formosa Bio & Energy Corp. (Japan)	Manufacturing and sale of battery energy storage systems and related products	57.50	57.45	57.45	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Note 5)

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities June 30, 2025 December 31, 2024 June 30, 2024 Description

         Formosa Biomedical Technology Corp.	Ivy Life Sciences Co., Ltd.	Research and development and clinical application of cell therapy technologies	51.31	51.00	51.00	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Notes 4 and 5)
         Formosa Biomedical Technology Corp.	Formosa Eco Life Technology Co., Ltd.	Sales of cleaning supplies	70.00	70.00	70.00	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Note 5)
         Formosa Biomedical Technology Corp.	Formosa Biomedical Material Technology Corp.	Immunocyte capture and separation technology applications	76.92	52.63	-	The Company holds more than 50% of voting rights through an 88.59% voting rights owned company -Formosa Biochemical Technology Corp. (Notes 3 and 5)
         Formosa Biomedical Technology (SAMOA) Co., Ltd.	Formosa Biomedical Trading (Shanghai) Co., Ltd.	Importing, exporting and wholesale of heatlhy food	100.00	100.00	100.00	Formosa Biochemical Technology holds more than 50% of voting rights through a 100% owned company-Formosa Biomedical Technology (SAMOA) Co., Ltd. (Note 5)

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities June 30, 2025 December 31, 2024 June 30, 2024 Description

         Formosa Taffeta Co., Ltd.	Formosa Taffeta (Vietnam) Co., Ltd.	Production, processing, sales of yarn spinning, weaving, dyeing and finishing, carpets, curtains and cleaning supplies	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights. (Note 5)
         Formosa Taffeta Co., Ltd.	Formosa Development Co., Ltd.	Handling urban land consolidation, housing and building development and rental, new county and community construction and investment, and specific area development	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights. (Note 5)
         Formosa Taffeta Co., Ltd.	Formosa Taffeta (Hong Kong) Co., Ltd.	Sales of Nylon and Polyamine fabric	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights. (Note 5)
         Formosa Taffeta Co., Ltd.	Formosa Taffeta (Dong Nai) Co., Ltd.	Manufacturing of nylon and polyester filament products	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights. (Note 5)
         Formosa Taffeta (Hong Kong) Co., Ltd.	Formosa Taffeta (Changshu) Co., Ltd.	Manufacturing and processing fabric of nylon filament knitted cloth, weaving and dyeing as well as post processing of knitted fabric	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights through a 100% owned company -Formosa Taffeta (Hong Kong) Co., Ltd. (Note 5)

         Name of Name of Main business

         Ownership (%)

         investor subsidiary activities June 30, 2025 December 31, 2024 June 30, 2024 Description

         Formosa Taffeta (Hong Kong) Co., Ltd.	Formosa Taffeta (Zhong Shan) Co, Ltd.	Manufacturing of nylon and polyester filament greige cloth, coloured cloth, printed cloth and textured processing yarn products	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights through a 100% owned company -Formosa Taffeta (Hong Kong) Co., Ltd. (Note 5)
         Formosa Development Co., Ltd.	Public More Internation Co., Ltd.	Employment services and temporary worker services	100.00	100.00	100.00	Formosa Taffeta Co., Ltd. holds more than 50% of voting rights through a 100% owned company -Formosa Development Co., Ltd. (Note 5)

         Note 1: On March 14, 2024, the Board of Directors of the Group's subsidiary, Formosa Biomedical Technology Corp., resolved to acquire 21.21% equity interest in Hong Jing Resources Corp. for a cash consideration of $326,641. On September 19, 2024, the subsidiary sold 1.60% equity interest in Hong Jing Resources Corp. at a price of $40 per share to employees. The shareholding ratio decreased from 92.21% to 90.61%.

         Note 2: On May 9, 2024, the SCompany was approved by the competent authority to establish Formosa Renewable Energy Corporation with an investment amount of $50,000, and the shareholding ratio was 100%.

         Note 3: On November 11, 2024, the Group's subsidiary, Formosa Biomedical Technology Corp., invested in the establishment of Formosa Biomedical Material Technology Corporation with an investment amount of $50,000, and the shareholding ratio was 100%. Additionally, on November 25, 2024, the board of directors of Formosa Biomedical Material Technology Corporation resolved to increase capital through intangible assets by $45,000. The shareholding ratio decreased from 100% to 52.63%. On February 20, 2025, Formosa Biomedical Material Technology Corporation increased working capital amounting to

         $100,000. The Board of Directors of the Group resolved to invest $100,000, and the shareholding ratio increased from 52.63% to 76.92%.

         Note 4: On March 28, 2025, the Group's subsidiary, Formosa Biomedical Technology Corp., acquired equity interest in Ivy Life Sciences Co., Ltd. for a cash consideration of $3,753. The shareholding ratio increased from 51.00% to 51.31%.

         Note 5: The financial statements of the entity as of and for the six-month periods ended June 30, 2025 and 2024 were not reviewed by independent auditors as the entity did not meet the definition of a significant subsidiary.

      3. Subsidiaries not included in the consolidated financial statements: None

      4. Adjustments for subsidiaries with different balance sheet dates: None

      5. Significant restrictions: None

      6. Subsidiaries that have non-controlling interests that are material to the Group:

         As of June 30, 2025, December 31, 2024 and June 30, 2024, the non-controlling interest amounted to $30,482,862, $32,937,544 and $40,006,371, respectively. The information on non-controlling interest and respective subsidiary is as follows:

         Non-controlling interest

         		June 30, 2025		December 31, 2024
         Name of	Principal place	Ownership		Ownership
         subsidiary	of business	Amount (%)		Amount (%)
         Formosa Taffeta
         Co., Ltd.	Taiwan	$ 21,652,782	62.60	$ 23,000,840	62.60
         		Non-controlling interest
         		June 30, 2024
         Name of	Principal place	Ownership
         subsidiary	of business	Amount (%)
         Formosa Taffeta
         Co., Ltd.	Taiwan	$ 30,183,411			62.60

         Summarised financial information of the subsidiary: Balance sheets

         Formosa Taffeta Co., Ltd.

         June 30, 2025 D ecember 31, 2024 June 30, 2024

         Current assets

         $ 15,104,235 $

         15,290,355 $

         16,513,831

         Non-current assets 35,756,419 37,071,744 49,508,846

         Current liabilities

         ( 6,731,748) (

         5,964,402) (

         6,815,130)

         Non-current liabilities ( 9,401,827) ( 9,487,180) ( 10,817,494)

         Total net assets

         $ 34,727,079

         $ 36,910,517

         $ 48,390,053

         Statements of comprehensive income

         Formosa Taffeta Co., Ltd. For the three-month period For the three-month period ended June 30, 2025 ended June 30, 2024

         (Loss) profit before income tax	(	20,618)		267,765
         Income tax expense	(	13,804)	(	25,152)
         (Loss) profit for the period	(	34,422)		242,613
         Other comprehensive loss, net of tax	(	2,090,372)	(	1,631,885)
         Total comprehensive loss for the period	($	2,124,794)	($	1,389,272)

         Revenue

         $ 7,245,575 $

         7,623,397

         Formosa Taffeta Co., Ltd. For the six-month period For the six-month period ended June 30, 2025 ended June 30, 2024

         Revenue		$ 14,933,348	$	14,793,228
         Profit before income tax		220,886		515,012
         Income tax expense	(	68,235)	(	93,083)
         Profit for the period			152,651	421,929
         Other comprehensive loss, net of tax	(		980,254) (	5,544,343)
         Total comprehensive loss for the period	($		827,603) ($	5,122,414)

         Statements of cash flows

         Formosa Taffeta Co., Ltd. For the six-month period For the six-month period ended June 30, 2025 ended June 30, 2024

         Net cash provided by operating $ activities

         (	154,000)	(	291,120)
         (	549,156) (		836,429)
         (	399,783)		121,473
         (	11,203)		58,351

         Net cash used in investing activities Net cash used in financing activities Effect of exchange rates on

         cash and cash equivalents (Decrease) increase in cash and

         cash equivalents

         	3,524,678			4,241,157
         $	3,513,475		$	4,299,508

         Cash and cash equivalents, beginning of period

         Cash and cash equivalents, end of period

         1,091,736 $

         1,064,427

   4. Foreign currency translation

      Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in New Taiwan dollars, which is the Company's functional and the Group's presentation currency.

      1. Foreign currency transactions and balances

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

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

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

         4. All foreign exchange gains and losses are presented in the statement of comprehensive income within 'other gains and losses'.

      2. Translation of foreign operations

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

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

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

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

         2. When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange differences that were recorded in other comprehensive income are proportionately transferred to the non-controlling interest in this foreign operation. In addition, even when the Group retains partial interest in the former foreign subsidiary after losing control of the former foreign subsidiary, such transactions should be accounted for as disposal of all interest in the foreign operation.

   5. Classification of current and non-current items

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

         1. Assets that are expected to be realised, or are intended to be sold or consumed in the normal operating cycle;

         2. Assets that are held primarily for the purpose of trading;

         3. Assets that are expected to be realised within twelve months after the reporting period;

         4. Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to settle liabilities for at least twelve months after the reporting period.

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

         1. Liabilities that are expected to be settled in the normal operating cycle;

         2. Liabilities that are held primarily for the purpose of trading;

         3. Liabilities that are due to be settled within twelve months after the reporting period;

         4. 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.

   6. Cash equivalents

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

   7. Financial assets at fair value through profit or loss

      1. Financial assets at fair value through profit or loss are financial assets that are not measured at amortised cost or fair value through other comprehensive income. Financial assets at amortised cost or fair value through other comprehensive income are designated as at fair value through profit or loss at initial recognition when they eliminate or significantly reduce a measurement or recognition inconsistency.

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

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

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

   8. Financial assets at fair value through other comprehensive income

      1. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Group has made an irrevocable election at initial recognition to recognise changes in fair value in other comprehensive income and debt instruments which meet all of the following criteria:

         1. The objective of the Group's business model is achieved both by collecting contractual cash flows and selling financial assets; and

         2. The assets' contractual cash flows represent solely payments of principal and interest.

      2. On a regular way purchase or sale basis, financial assets at fair value through other comprehensive income are recognised and derecognised using trade date accounting.

      3. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. The Group subsequently measures the financial assets at fair value:

         1. The changes in fair value of equity investments that were recognised in other comprehensive income are reclassified to retained earnings and are not reclassified to profit or loss following the derecognition of the investment. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

         2. Except for the recognition of impairment loss, interest income and gain or loss on foreign exchange which are recognised in profit or loss, the changes in fair value of debt instruments are taken through other comprehensive income. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss.

   9. Financial assets at amortised cost

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

         1. The objective of the Group's business model is achieved by collecting contractual cash flows.

         2. The assets' contractual cash flows represent solely payments of principal and interest.

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

      3. At initial recognition, the Group measures the financial assets at fair value plus transaction costs.

         Interest income from these financial assets is included in finance income using the effective

         interest method. A gain or loss is recognised in profit or loss when the asset is derecognised or impaired.

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

   10. Accounts and notes receivable

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

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

   11. Impairment of financial assets

       For accounts receivable or contract assets that have a significant financing component, at each reporting date, the Group recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Group recognises the impairment provision for lifetime ECLs.

   12. Derecognition of financial assets

       The Group derecognises a financial asset when one of the following conditions is met:

       1. The contractual rights to receive the cash flows from the financial asset expire.

       2. The contractual rights to receive cash flows of the financial asset have been transferred and the Group has transferred substantially all risks and rewards of ownership of the financial asset.

       3. The contractual rights to receive cash flows of the financial asset have been transferred and the Group has not retained control of the financial asset.

   13. Leasing arrangements(lessor)-operating leases

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

   14. Inventories

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

   15. Investments accounted for using equity method /associates

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

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

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

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

       5. In the case that an associate issues new shares and the Group does not subscribe or acquire new shares proportionately, which results in a change in the Group's ownership percentage of the associate but maintains significant influence on the associate, then 'capital surplus' and 'investments accounted for under the equity method' shall be adjusted for the increase or decrease of its share of equity interest. If the above condition causes a decrease in the Group's ownership percentage of the associate, in addition to the above adjustment, the amounts previously recognised in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately on the same basis as would be required if the relevant assets or liabilities were disposed of.

       6. 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 recognised in profit or loss.

       7. When the Group disposes its investment in an associate and loses significant influence over this associate, the amounts previously recognised in other comprehensive income in relation to the associate, are reclassified to profit or loss, on the same basis as would be required if the relevant assets or liabilities were disposed of. If it retains significant influence over this associate, the amounts previously recognised in other comprehensive income in relation to the associate are reclassified to profit or loss proportionately in accordance with the aforementioned approach.

       8. When the Group disposes its investment in an associate and loses significant influence over this associate, the amounts previously recognised as capital surplus in relation to the associate are transferred to profit or loss. If it retains significant influence over this associate, the amounts previously recognised as capital surplus in relation to the associate are transferred to profit or loss proportionately.

   16. Property, plant and equipment

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

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

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

       4. 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. The estimated useful lives of property, plant and equipment are as follows:

          Land improvements 3 ~ 15 years

          Buildings 10 ~ 60 years

          Machinery and equipment 5 ~ 15 years

          Transportation equipment 3 ~ 15 years

          Other equipment 2 ~ 15 years

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

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

       2. Lease liabilities include the net present value of the remaining lease payments at the

commencement date, discounted using the incremental borrowing interest rate. Lease payments are comprised of Fixed payments, less any lease incentives receivable;The Company

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