Consolidated financial statements 2026q1

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

To the Board of Directors and Shareholders of NANTEX INDUSTRY CO., LTD.

We have reviewed the accompanying consolidated balance sheets of NANTEX INDUSTRY CO., LTD. and subsidiaries (the "Group") as at March 31, 2026 and 2025, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the three months 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.

Based on our reviews, 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 March 31, 2026 and 2025, and of its consolidated financial performance and its consolidated cash flows for the three months 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.

Independent Accountants

Hsu, Huei-Yu Tien, Chung-Yu

PricewaterhouseCoopers, Taiwan Republic of China

May 11, 2026

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 Taiwan 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.

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026, DECEMBER 31, 2025 AND MARCH 31, 2025

(Expressed in thousands of New Taiwan dollars)

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026, DECEMBER 31, 2025 AND MARCH 31, 2025

(Expressed in thousands of New Taiwan dollars)

March 31, 2026 December 31, 2025 March 31, 2025

Liabilities and Equity Notes AMOUNT % AMOUNT % AMOUNT %

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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

Three months ended March 31

2026 2025

Items Notes AMOUNT % AMOUNT %

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars)

Equity attributable to owners of the parent

Capital Surplus Retained Earnings Other Equity Interest

Unrealised gains (losses) from financial assets

Changes in ownership interest

Unappropriated

Financial statements translation

differences of

measured at fair value through other comprehensive

Non-controlling

Notes Common stock of subsidiaries Legal reserve Special reserve retained earnings foreign operations income Total interest Total equity

Three months ended March 31, 2025

Three months ended March 31, 2026

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars)

Three months ended March 31

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars)

Three months ended March 31

Notes 2026 2025

CASH FLOWS FROM INVESTING ACTIVITIES

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

NANTEX INDUSTRY CO., LTD. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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

1. HISTORY AND ORGANISATION

   1. NANTEX INDUSTRY CO., LTD. (the "Company") was incorporated as a company limited by shares under the provisions of the Company Act of the Republic of China (R.O.C.) on January 10, 1979. The Company and its subsidiaries (collectively referred herein as the "Group") are primarily engaged in the manufacture, processing and sales of various types of latex, rubber and related products.

   2. The common shares of the Company have been listed on the Taiwan Stock Exchange since October 27, 1992.

2. THE DATE OF AUTHORISATION FOR ISSUANCE OF THE CONSOLIDATED FINANCIAL

   STATEMENTS AND PROCEDURES FOR AUTHORISATION

   These consolidated financial statements were authorised for issuance by the Board of Directors on May 11, 2026.

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 2026 are as follows:

      Effective date by International Accounting

      New Standards, Interpretations and Amendments Standards Board ("IASB")

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

      Amendments to IFRS 9 and IFRS 7, 'Contracts referencing nature-dependent electricity'

      January 1, 2026

      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

      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

      None.

   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 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 Presentation Currency

      January 1, 2027

      (Note)The FSC has announced in a press release on September 25, 2025 that public companies will apply IFRS 18 starting from the fiscal year 2028. Additionally, entities can choose to adopt IFRS 18 earlier based on their requirements after the FSC endorses IFRS 18.

      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 adopted are consistent with Note 4 of the consolidated financial statements for the year ended December 31, 2025, except for the compliance statement, basis of preparation and basis of consolidation as set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

   1. Compliance statement

      1. 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. The consolidated financial statements of the Group should be read together with the consolidated financial statements for the year ended December 31, 2025.

   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 at fair value through profit or loss.

         2. Financial assets at fair value through other comprehensive income.

         3. Defined benefit assets or 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 that came into effect as endorsed by the FSC (collectively referred herein as the "IFRSs") 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, 'Critical accounting judgements, estimates and key sources of assumption uncertainty'.

   3. Basis of consolidation

      1. Basis for preparation of consolidated financial statements:

         The basis for preparation of these consolidated financial statements is consistent with those for the preparation of consolidated financial statements for the year ended December 31, 2025.

      2. Subsidiaries included in the consolidated financial statements:

         Ownership (%)

         Name of investor Name of subsidiary Business activities			March 31, 2026	December 31, 2025	Note
         NANTEX	INTERMEDIUM	General	100.00%	100.00%	-
         INDUSTRY CO.,	INTERNATIONAL	investments
         LTD.	LIMITED
         	Nanmat Technology	CVD materials and	40.57%	40.57%	(Note1)
         	Co., Ltd.	metal surface			(Note2)
         		treatment
         INTERMEDIUM	Zhenjiang Nantex	chemicals Manufacture and	100.00%	100.00%	-
         INTERNATIONAL	Chemical Industry	sales of rubber
         LIMITED	Co., Ltd.	and latex
         				Ownership (%)
         				March 31,
         Name of investor Name of subsidiary Business activities 2025 Note
         NANTEX	INTERMEDIUM	General	100.00%		-
         INDUSTRY CO.,	INTERNATIONAL	investments
         LTD.	LIMITED
         	Nanmat Technology	CVD materials and	41.00%		(Note1)
         	Co., Ltd.	metal surface
         		treatment
         INTERMEDIUM	Zhenjiang Nantex	chemicals Manufacture and	100.00%		-
         INTERNATIONAL	Chemical Industry	sales of rubber
         LIMITED	Co., Ltd.	and latex

         Note 1:The Group held a relative majority interest in Nanmat Technology Co., Ltd. and a relative majority of the seats in the company's Board of Directors. Based on the comprehensive assessment, the Group has the right to govern the entity's financial or operating policies. Accordingly, the entity was included in the consolidated financial statements.

         Note 2:The subsidiary, Nanmat Technology Co., Ltd., increased its capital for the year ended December 31, 2025. As the Group did not acquire shares proportionately, the shareholding ratio was decreased from 41.00% to 40.57%. The Group recognised the adjustment of investments accounted for under equity method not acquired proportionately to shareholding ratio amounting to $9,856 (shown as contract account of 'capital surplus'). The related information is provided in Note 6(6) Investments accounted for under equity method of the parent company only financial statements for the year ended December 31, 2025.

      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 March 31, 2026, December 31, 2025 and March 31, 2025, the non-controlling interest were NT$2,156,407, NT$2,043,519 and NT$1,406,781, respectively. Information on the subsidiary that has non-controlling interest that is significant to the Group is as follows:

         Non-controlling interest

         March 31, 2026 December 31, 2025

         Principal place

         Ownership

         Ownership

         Name of subsidiary of business Amount (%) Amount (%) Nanmat Technology

         Co., Ltd. Taiwan

         $ 2,156,407

         59.43%

         $ 2,043,519

         59.43%

         Principal place

         Name of subsidiary of business Nanmat Technology

         Non-controlling interest

         March 31, 2025

         Ownership

         Amount (%)

         Co., Ltd. Taiwan

         Summary of financial information of subsidiary:

         $ 1,406,781

         59.00%

         Balance sheets Nanmat Technology Co., Ltd.

         		March 31, 2026		December 31, 2025		March 31, 2025
         Current Assets		$ 2,893,850		$ 2,771,994		$ 1,987,383
         Non-current Assets		1,377,163		1,301,417		986,173
         Current Liabilities	(	594,608)	(	601,685)	(	535,462)

         Non-current Liabilities ( 47,922) ( 33,195) ( 53,720)

         Total net assets

         $ 3,628,483

         $ 3,438,531

         $ 2,384,374

         Statements of comprehensive Income

         Three months ended March 31,

         	2026		2025
         Revenue	$ 724,908		$ 600,268
         Profit for the period Other comprehensive income	$ 189,952 -		$ 149,355 -
         Total comprehensive income	$ 189,952		$ 149,355
         Dividends paid to non-controlling interest	$ -		$ -
         Statements of cash flows
         Three months ended March 31,
         	2026		2025
         Net cash provided by operating activities	$ 50,899		$ 59,067
         Net cash used in investing activities	( 277,886) (		171,931)
         Net cash provided by financing activities	55,109		18,131
         Decrease in cash and cash equivalents	( 171,878) (		94,733)
         Cash and cash equivalents, beginning of period	584,995		699,442
         Cash and cash equivalents, end of period	$ 413,117		$ 604,709

   4. Employee benefits

      Pension cost for the interim period is calculated on a year-to-date basis by using the pension cost rate derived from the actuarial valuation at the end of the prior financial year, adjusted for significant market fluctuations since that time and for significant curtailments, settlements, or other significant one-off events. Also, the related information is disclosed accordingly.

   5. Income tax

      The interim period income tax expense is recognised based on the estimated average annual effective income tax rate expected for the full financial year applied to the pretax income of the interim period, and the related information is disclosed accordingly.

5. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND KEY SOURCES OF ASSUMPTION UNCERTAINTY

   There have been no significant changes during the period. Refer to Note 5 of the consolidated financial statements for the year ended December 31, 2025.

6. DETAILS OF SIGNIFICANT ACCOUNTS

   1. Cash and cash equivalents

      March 31, 2026 December 31, 2025 March 31, 2025

      Cash:
      Cash on hand	$	338		$	337		$	353
      Checking accounts and demand
      deposits	2,248,029			1,806,354			1,868,662
      	2,248,367			1,806,691			1,869,015
      Cash equivalents: Time deposits	7,242,057			7,744,480			8,059,507
      	$ 9,490,424			$ 9,551,171			$ 9,928,522

      1. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

      2. As of March 31, 2026, December 31, 2025 and March 31, 2025, the Group's time deposits maturing in excess of three months and within one year were classified as 'Current financial assets at amortised cost'.

      3. The Group classified cash and cash equivalents pledged as collateral as 'Current financial assets at amortised cost'.

   2. Current financial assets at fair value through profit or loss

      	March 31, 2026		December 31, 2025		March 31, 2025
      Financial assets mandatorily
      measured at fair value
      through profit or loss Beneficiary certificates	$ 41,760		$ 41,760		$ 30,000
      Valuation adjustment	-		125		-
      	$ 41,760		$ 41,885		$ 30,000

      1. For the three months ended March 31, 2026 and 2025, the Group recognised net loss from changes in fair values in the amount of $125 and $30, respectively. The Group recognised gain from the distribution of investment income in the amount of $282 and $－, respectively (listed as 'Other gains and losses').

      2. The Group has no financial assets at fair value through profit or loss pledged to others as of March 31, 2026, December 31, 2025 and March 31, 2025.

   3. Current financial assets at amortised cost

      	March 31, 2026		December 31, 2025		March 31, 2025
      Time deposits maturing over three	$ 1,721,464		$ 1,504,882		$ 515,609
      months
      Time deposits pledged	7,000		7,000		4,000
      	$ 1,728,464		$ 1,511,882		$ 519,609

      1. The Group recognised interest income in profit or loss in relation to financial assets at amortised cost in the amount of $6,411 and $4,674 for the three months ended March 31, 2026 and 2025, respectively.

      2. As of March 31, 2026, December 31, 2025 and March 31, 2025, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Group was the carrying amount.

      3. As of March 31, 2026, December 31, 2025 and March 31, 2025, the Group's financial assets at amortised cost pledged to others as collateral are provided in Note 8, 'Pledged assets'.

      4. Information relating to credit risk of financial assets at amortised cost is provided in Note 12(2), 'Financial instruments'. The counterparties of the Group's investments in certificates of deposits are financial institutions with high credit quality, so the Group expects that the probability of counterparty default is remote.

         March 31, 2026 $ 136,097	December 31, 2025 $ 136,834	March 31, 2025 $ 124,788
         $ 951,043	$ 804,542	$ 839,812
         ( 280)	( 256)	( 753)
         $ 950,763	$ 804,286	$ 839,059

   4. Notes and accounts receivable, net

      Notes receivable

      Accounts receivable Less: Loss allowance

      1. The ageing analysis of notes receivable and accounts receivable is as follows:

         March 31, 2026 December 31, 2025

         	Accounts receivable	Notes receivable	Accounts receivable	Notes receivable
         Not past due	$ 835,579	$ 136,097	$ 692,590	$ 136,834
         Less than 90 days	114,397	-	111,944	-
         Over 91 days	1,067	-	8	-
         	$ 951,043	$ 136,097	$ 804,542	$ 136,834
         	March 31, 2025 Accounts Notes
         	receivable			receivable
         Not past due	$ 617,717			$ 124,788
         Less than 90 days	199,695			-
         Over 91 days	22,400			-
         	$ 839,812			$ 124,788

         The above ageing analysis was based on past due date.

      2. As of March 31, 2026, December 31, 2025 and March 31, 2025, the balance of notes receivable and accounts receivable were all from contracts with customers. As of January 1, 2025, the balance

         of receivables from contracts with customers amounted to $1,145,930.

      3. As of March 31, 2026, December 31, 2025 and March 31, 2025, the Group both has no notes receivable and accounts receivable pledged to others as collateral.

      4. Without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk was the carrying amount.

      5. Information relating to credit risk of notes and accounts receivable is provided in Note 12(2), 'Financial instruments'.

   5. Inventories

      March 31, 2026 Allowance for

      	Cost	market price decline	Book value
      Merchandise	$ 2,986	($ 587)	$ 2,399
      Raw materials	735,230	( 16,795)	718,435
      Supplies	68,893	( 82)	68,811
      Work in progress	185,978	( 3,427)	182,551
      Finished goods	431,811	( 24,323)	407,488
      	$ 1,424,898	($ 45,214)	$ 1,379,684

      December 31, 2025 Allowance for

      	Cost	market price decline	Book value
      Merchandise	$ 2,287	($ 586)	$ 1,701
      Raw materials	717,872	( 19,825)	698,047
      Supplies	65,145	( 82)	65,063
      Work in progress	164,105	( 3,427)	160,678
      Finished goods	416,271	( 24,729)	391,542
      	$ 1,365,680	($ 48,649)	$ 1,317,031

      	Cost	market price decline	Book value
      Merchandise	$ 3,350	($ 723)	$ 2,627
      Raw materials	885,488	( 18,546)	866,942
      Supplies	65,933	( 71)	65,862
      Work in progress	142,962	( 3,304)	139,658
      Finished goods	911,401	( 26,017)	885,384
      	$ 2,009,134	($ 48,661)	$ 1,960,473

      March 31, 2025 Allowance for

      The cost of inventories recognised as expense for the period:

      Three months ended March 31,

      2026 2025

      Cost of goods sold Reversal of allowance for inventory market price	$ 1,897,581	$ 1,729,137
      decline (Note)	( 3,435)	( 734)
      (Gain) loss on physical inventory	( 1,521)	3,490
      Revenue from sale of scraps	( 3,928)	( 3,299)
      	$ 1,888,697	$ 1,728,594

      (Note) For the three months ended March 31, 2026 and 2025, the Group reversed a previous inventory write-down which was accounted for as reduction of cost of goods sold because the inventories which were previously provided with allowance were subsequently used and sold.

   6. Non-current financial assets at fair value through other comprehensive income

      March 31, 2026 December 31, 2025 March 31, 2025

      $ 176,560	$ 156,760	$ 53,220
      464,689	519,590	586,492
      $ 641,249	$ 676,350	$ 639,712

      Equity instruments Listed stocks Unlisted stocks

      1. On December 30, 2025, the Group's subsidiary, Nanmat Technology Co., Ltd., invested in JITech Co., Ltd. for a total consideration of $89,560. The purpose of the subsidiary's investment was to strengthen the relationships with suppliers. The transfer of the equity instrument is restricted within two years.

      2. The Group has elected to classify equity investments that are considered to be strategic investments and steady dividend income as financial assets at fair value through other comprehensive income.

      3. Amounts recognised in other comprehensive income in relation to the financial assets at fair value through other comprehensive income are listed below:

         Three months ended March 31,

         2026 2025

         Equity instruments at fair value through other comprehensive income

         Fair value change recognised in other comprehensive income

         Held at end of period

         ($ 37,469)

         $ 28,631

      4. As of March 31, 2026, December 31, 2025 and March 31, 2025, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at fair value through other comprehensive income held by the Group was the carrying amount.

      5. The Group has no financial assets at fair value through other comprehensive income pledged to others as collateral.

   7. Property, plant and equipment

      				Buildings Machinery								Unfinished construction
      		Land		and and				Leasehold Other				and equipment
      	Land	improvements		structures equipment				improvements equipment				under acceptance Total
      At January 1, 2026
      Cost	$ 461,888	$ 19,724		$ 2,051,433 $ 6,351,104				$ 7,960 $ 878,531				$ 72,563 $ 9,843,203
      Accumulated depreciation	-	( 18,322)		( 1,372,148) ( 5,156,078)				( 7,289) ( 679,072)				- ( 7,232,909)
      	$ 461,888	$ 1,402		$ 679,285 $ 1,195,026				$ 671 $ 199,459				$ 72,563 $ 2,610,294
      Three months ended March 31, 2026
      At January 1	$ 461,888	$ 1,402		$ 679,285 $ 1,195,026				$ 671 $ 199,459				$ 72,563 $ 2,610,294
      Additions - cost	-	-		1,797 578				- 2,325				7,722 12,422
      Transferred from prepayments
      for equipment	-	-		- 25,152				- 9,651				- 34,803
      Disposal - cost	-	-		- ( 1,640)				- ( 2,367)				- ( 4,007)
      - accumulated depreciation	-	-		- 1,506				- 2,320				- 3,826
      Depreciation	-	(	96)	(	18,155)	(	50,644)	(	92)	(	13,796)	-	(	82,783)
      Net exchange differences	-	- 6,076 18,464 - 1,292										579	26,411
      At March 31	$ 461,888	$ 1,306 $ 669,003 $ 1,188,442 $ 579 $ 198,884										$ 80,864	$ 2,600,966
      At March 31, 2026
      Cost	$ 461,888	$		19,724 $ 2,071,876 $ 6,465,219 $					7,960 $ 895,152			$	80,864	$ 10,002,683
      Accumulated depreciation	-	( 18,418) ( 1,402,873) ( 5,276,777) ( 7,381) ( 696,268)										-	( 7,401,717)
      	$ 461,888	$ 1,306 $ 669,003 $ 1,188,442 $ 579 $ 198,884										$ 80,864	$ 2,600,966

      At January 1, 2025

      Unfinished

      Buildings Machinery construction Land and and Leasehold Other and equipment

      Land improvements structures equipment improvements equipment under acceptance Total

      Cost

      $ 461,888 $

      18,474

      $ 1,890,189 $

      6,127,734 $

      7,960

      $ 831,219 $

      175,676

      $ 9,513,140

      Accumulated depreciation - ( 17,867) ( 1,308,776) ( 4,972,834) ( 6,619) ( 630,895) - ( 6,936,991)

      $ 461,888 $ 607 $ 581,413 $ 1,154,900 $ 1,341 $ 200,324 $ 175,676 $ 2,576,149

      Three months ended March 31, 2025

      At January 1

      $ 461,888 $

      607 $

      581,413 $

      1,154,900 $

      1,341

      $ 200,324 $

      175,676

      $ 2,576,149

      Additions - cost - - 2,030 11,950 - 7,672 13,129 34,781

      Transferred after acceptance

      inspection - 950 - 19,981 - - ( 20,931) -

      Disposal - cost - - - (

      1,654)

      - ( 2,267)

      - ( 3,921)

      - accumulated depreciation	-	-		-		1,599	-		2,249	-		3,848
      Depreciation	-	( 107)	(	13,123)	(	43,968)	( 183)	(	13,819)	-	(	71,200)
      Net exchange differences	-	-		3,732		10,521	-		778	252		15,283
      At March 31	$ 461,888	$ 1,450		$ 574,052		$ 1,153,329	$ 1,158		$ 194,937	$ 168,126		$ 2,554,940
      At March 31, 2025 Cost	$ 461,888	$ 19,424		$ 1,902,795		$ 6,208,618	$ 7,960		$ 839,721	$ 168,126		$ 9,608,532
      Accumulated depreciation	-	( 17,974) ( 1,328,743) ( 5,055,289) ( 6,802) ( 644,784)								-	( 7,053,592)
      	$ 461,888	$ 1,450 $ 574,052 $ 1,153,329 $ 1,158 $ 194,937								$ 168,126	$ 2,554,940

      1. The Group property, plant and equipment are all owner-occupied as at March 31, 2026, December 31, 2025 and March 31, 2025.

      2. The Group has not capitalised any interest for the three months ended March 31, 2026 and 2025.

      3. Information about the property, plant and equipment that were pledged to others as collateral is provided in Note 8, 'Pledged assets'.

   8. Leasing arrangements－lessee

      1. The Group leases various assets including land, buildings, machinery and equipment and business vehicles. Rental contracts are typically made for periods of 1 to 50 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.

      2. The carrying amount of right-of-use assets and the depreciation charge are as follows:

         	March 31, 2026	December 31, 2025	March 31, 2025
         	Carrying Amount	Carrying Amount	Carrying Amount
         Land	$ 57,100	$ 57,533	$ 62,266
         Buildings	32,535	33,563	36,648
         Machinery and equipment	74,581	82,632	103,519
         Transportation equipment
         (Business vehicles) 3,358		2,007	507
         $ 167,574		$ 175,735	$ 202,940
         Three months ended March 31,
         		2026	2025
         		Depreciation charge	Depreciation charge
         Land		$ 1,405	$ 1,402
         Buildings		1,028	1,028
         Machinery and equipment		6,962	6,950
         Transportation equipment (Business vehicles)		177	193
         		$ 9,572	$ 9,573

      3. For the three months ended March 31, 2026 and 2025, the additions to right-of-use assets were

         $439 and $－,respectively.

      4. The information on profit and loss accounts relating to lease contracts is as follows:

         Three months ended March 31,

         	2026	2025
         Items affecting profit or loss
         Interest expense on lease liabilities	$ 766	$ 941
         Expense on short-term lease or leases of low-value assets	382	379

      5. For the three months ended March 31, 2026 and 2025, the Group's total cash outflow for leases were $10,331 and $10,309, respectively.

   9. Intangible assets

      Three months ended March 31, 2026

      Computer

      	Trademarks	Patents	Software	Total
      At January 1, 2026
      Cost	$ 1,389 $	1,011 $	22,081 $	24,481
      Accumulated amortisation	( 1,142) (	634) (	13,261) (	15,037)
      Net exchange differences	-	- (	82) (	82)

      Net value	$ 247	$ 377	$ 8,738	$ 9,362
      Three months ended March 31, 2026
      At January 1	$ 247	$ 377	$ 8,738	$ 9,362
      Additions - acquired separately	63	-	150	213
      Amortisation	( 103) (	58) (	630) (	791)
      Net exchange differences	-	-	211	211
      At March 31	$ 207	$ 319	$ 8,469	$ 8,995
      At March 31, 2026
      Cost	$ 1,452	$ 1,011	$ 22,231	$ 24,694

      Accumulated amortisation	(	1,245) (	692) (	13,891) (	15,828)
      Net exchange differences		-	-	129	129
      Net value	$	207 $	319 $	8,469 $	8,995

      Three months ended March 31, 2025

      Computer

      	Trademarks			Patents	Software	Total
      At January 1, 2025
      Cost	$ 1,613 $			1,011 $	20,939	$ 23,563
      Accumulated amortisation	( 1,239) (			575) (	10,952) (	12,766)
      Net exchange differences	-			- (	62) (	62)
      Net value	$ 374			$ 436	$ 9,925	$ 10,735
      Three months ended March 31, 2025
      At January 1	$ 374			$ 436	$ 9,925	$ 10,735
      Additions - acquired separately	41			-	-	41
      Amortisation	( 119) (			59) (	589) (	767)
      Net exchange differences	-			-	134	134
      At March 31	$ 296			$ 377	$ 9,470	$ 10,143
      At March 31, 2025
      Cost	$ 1,654			$ 1,011	$ 20,939	$ 23,604
      Accumulated amortisation	(		1,358) (	634) (	11,541) (	13,533)
      Net exchange differences			-	-	72	72
      Net value	$		296 $	377 $	9,470 $	10,143

      Details of amortisation on intangible assets are as follows:

      Three months ended March 31,

      	2026	2025
      Operating costs	$ 106	$ 132
      Selling expenses	79	84
      General and administrative expenses	548	520
      Research and development expenses	58	31
      	$ 791	$ 767

   10. Short-term borrowings

       Type of borrowings	March 31, 2026	Interest rate range	Collateral
       Bank borrowings Unsecured borrowings	$ 110,000	1.86%～1.88%	None
       Type of borrowings	December 31, 2025	Interest rate range	Collateral
       Bank borrowings Unsecured borrowings	$ 70,000	1.86%～1.88%	None
       Type of borrowings	March 31, 2025	Interest rate range	Collateral
       Bank borrowings Unsecured borrowings	$ 70,000	1.86%～1.92%	None

       For the three months ended March 31, 2026 and 2025, the Group recognised interest expense in profit or loss. Refer to Note 6(22) for details.

   11. Other payables

       	March 31, 2026	December 31, 2025	March 31, 2025
       Wages and salaries payable	$ 289,044	$ 414,930	$ 209,867
       Employees' compensation and directors' remuneration payable	86,833	91,015	112,545
       Payables on equipment	1,733	7,272	6,682
       Dividends payable	492,417	-	492,417
       Others	227,067	200,186	125,516
       	$ 1,097,094	$ 713,403	$ 947,027

   12. Long-term borrowings

       Borrowing period Interest

       Type of borrowings and repayment term March 31, 2026 rate Collateral Installment-repayment

       borrowings

       Unsecured borrowings Borrowing period is from $

       March 3, 2026 to March

       3, 2029; interest is repayable monthly; principal is repayable quarterly from June 1, 2026

       Secured borrowings Borrowing period is

       from March 18, 2025 to

       March 18, 2028; interest

       30,000

       2.00% None

       Land, Buildings and

       Less: Current portion

       is repayable monthly 8,000 1.97%

       38,000 ( 14,000)

       $ 24,000

       Borrowing period Interest

       structures

       Type of borrowings and repayment term December 31, 2025 rate Collateral Installment-repayment

       borrowings

       Unsecured borrowings Borrowing period is from $

       March 1, 2024 to March

       1, 2027; interest is repayable monthly; principal is repayable quarterly from June 3, 2024

       Secured borrowings Borrowing period is

       from March 18, 2025 to

       March 18, 2028; interest

       12,500

       2.02% None

       Land, Buildings and

       Less: Current portion

       is repayable monthly 9,000 1.95%

       21,500 ( 14,000)

       $ 7,500

       structures

       Borrowing period		Interest
       Type of borrowings and repayment term	March 31, 2025	rate	Collateral
       Installment-repayment borrowings
       Unsecured borrowings Borrowing period is from	$ 32,000	1.79%～	None
       March 1, 2024 to March		1.97%
       1, 2027; interest is
       repayable monthly;
       principal is repayable
       quarterly from June 3,
       2024
       Less: Current portion	( 14,000)
       	$ 18,000

       For the three months ended March 31, 2026 and 2025, the Group recognised interest expenses in profit or loss. Refer to Note 6(22) for details.

   13. Pensions

       1. The Company and its domestic subsidiary have a defined benefit pension plan in accordance with the Labor Standards Act, covering all regular employees' service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Labor Standards Act. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. However, those who were mandatorily retired because injury at work will receive 20% in addition. The Company and its domestic subsidiary contribute monthly an amount equal to 2%～9% of the employees' monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company and its domestic subsidiary would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method to the employees expected to qualify for retirement in the following year, the Company and its domestic subsidiary will make contributions for the deficit by next March. The relevant information is as follows:

          1. For the aforementioned pension plan, the Group recognised pension revenue of $682 and

             $586 for the three months ended March 31, 2026 and 2025, respectively.

          2. Expected contributions to the defined benefit pension plan of the Group for the next year amount to $3,600.

       2. Effective July 1, 2005, the Company and its domestic subsidiary have established a defined contribution pension plan (the "New Plan") under the Labor Pension Act (the "Act"), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company and its domestic subsidiary contribute monthly an amount of no less than 6% of the employees' monthly salaries and wages to the employees' individual pension accounts at the Bureau of Labor Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment. The pension costs under the defined contribution pension plan of the Group for the three months ended March 31, 2026 and 2025 were $4,120 and $4,005, respectively.

       3. The Company's mainland China subsidiary, Zhenjiang Nantex Chemical Industry, Ltd., has a defined contribution plan. Monthly contributions to an independent fund administered by the government in accordance with the pension regulations in the People's Republic of China (P.R.C.) are based on 20% of employees' monthly salaries and wages. Other than the monthly contributions, this subsidiary has no further obligations. The pension costs under the defined contribution pension plan of this subsidiary for the three months ended March 31, 2026 and 2025 were $5,660 and $5,418, respectively.

   14. Share capital

       1. Movements in the number of the Company's ordinary shares outstanding are as follows (in thousands of shares):

          Three months ended March 31,

          2026 2025

          Beginning and ending balance 492,417 492,417

       2. As of March 31, 2026, the Company's authorised capital was $6,000,000, and the paid-in-capital was $4,924,167, consisting of 492,417 thousand shares, with a par value of $10 (in dollars) per share. All proceeds from shares issued have been collected.

   15. Share-based payment

       Cash capital increase reserved for employee preemption

       On August 1, 2025, the Board of Directors of the Group's subsidiary, Nanmat Technology Co., Ltd., resolved to increase its capital, of which 1,500 thousand shares were reserved for employee preemption. The grant date was set on August 1, 2025, and the subscription price was NT$90 (in dollars) per share. The subsidiary's compensation cost recognised for the cash capital increase reserved for employee preemption for the year ended December 31, 2025 was $28,894. The fair value of stock options on grant date is measured using the Black-Scholes option-pricing model. Options exercisable for the three months ended March 31, 2026 was $－. Relevant information is as follows:

       Grant date	August 1, 2025
       Dividend yield	0%
       Expected price volatility	42.02%
       Risk-free interest rate	1.220%
       Expected duration	0.08 years
       Fair value in dollars (per share)	$19.2626(in dollars)

   16. Capital surplus

       Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Act requires that the amount of capital surplus to be capitalised mentioned above should not exceed 10% of the paid-in capital each year. Capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

   17. Retained earnings

       1. Pursuant to the amended R.O.C. Company Act, the current year's after-tax earnings should be used initially to cover any accumulated deficit; thereafter 10% of the remaining earnings should be set aside as legal reserve until the balance of legal reserve is equal to that of paid-in capital. The legal reserve shall be exclusively used to cover accumulated deficit, to issue new stocks, or to distribute cash to shareholders in proportion to their share ownership. The use of legal reserve for the issuance of stocks or cash dividends to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in excess of 25% of the Company's paid-in capital.

       2. Since the Company is in a changeable industry environment tied with international macroeconomics and the Company is in the mature stage, the appropriation of earnings should consider fund requirements and capital budget to decide how much earnings will be kept or distributed and how much cash dividends will be distributed. According to the Company's Articles of Incorporation, 10% of the annual net income, after offsetting any loss of prior years and paying all taxes and dues, shall be set aside as legal reserve. The remaining net income and the unappropriated retained earnings from prior years can be distributed in accordance with a resolution passed during a meeting of the Board of Directors and approved at the stockholders' meeting. Of the amount to be distributed by the Company, stockholders' dividends shall comprise at least 20% of the unappropriated retained earnings, and the percentage of cash dividends shall not be less than 30% of dividends distributed. Based on the regulation, the Board of Directors of the Company shall adopt a special resolution to distribute whole or a part of the dividends in the form of cash and report to the stockholders, which is not applicable to the aforementioned provisions that are subject to stockholders' resolutions.

       3. Special reserve

          1. In accordance with the regulations, the Company shall set aside special reserve for 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.

          2. The amount previously set aside by the Company as special reserve on initial application of IFRSs in accordance with Order No. Financial-Supervisory-Securities-Corporate-1090150022, dated March 31, 2021 was $430,099, which shall be reversed proportionately when the relevant assets are used, disposed of or reclassified subsequently.

       4. The Company recognised cash dividends distributed to owners amounting to $492,417 ($1.0 (in dollars) per share) for the year ended December 31, 2025. On March 9, 2026, the Board of Directors proposed for the distribution of cash dividends of $492,417 ($1.0 (in dollars) per share) from the 2025 earnings, which has not yet been distributed (listed as 'Other payable').

   18. Operating revenue

       1. Disaggregation of revenue from contracts with customers

          Details of the Group's revenue from the transfer of goods at a point in time are as follows:

          Three months ended March 31, 2026

          	NANTEX	INTERMEDIUM	NANMAT	Total
          Revenue from latex products	$ 632,184	$ 45,941	$ -	$ 678,125
          Revenue from rubber products	241,012	951,043	-	1,192,055
          Organic-inorganic materials	-	-	724,120	724,120
          Others	-	596	788	1,384
          	$ 873,196	$ 997,580	$ 724,908	$ 2,595,684
          Three months ended March 31, 2025
          	NANTEX	INTERMEDIUM	NANMAT	Total
          Revenue from latex products	$ 646,871	$ 44,514	$ -	$ 691,385
          Revenue from rubber products	225,175	754,383	-	979,558
          Organic-inorganic materials	-	-	599,619	599,619
          Others	-	-	649	649
          	$ 872,046	$ 798,897	$ 600,268	$ 2,271,211

       2. Contract liabilities

          1. On March 31, 2026, December 31, 2025 and March 31, 2025, the Group has recognised the revenue-related contract liabilities amounting to $151,337, $63,124 and $40,242, respectively.

          2. On January 1, 2026 and 2025, the contract liabilities were $63,124 and $43,198, respectively, and the contract liabilities at the beginning of 2026 and 2025 of $57,790 and $28,676 were recognised as revenue for the three months ended March 31, 2026 and 2025, respectively.

   19. Interest income

       Interest income from bank deposits Interest income from financial assets at amortised cost

   20. Other income

       Three months ended March 31,

       2026			2025
       $	72,649		$	92,003
       	6,411			4,674
       $	79,060		$	96,677

       Three months ended March 31, 2026 2025

       Other income

   21. Other gains and losses

       $ 987 $

       1,572

       Three months ended March 31, 2026 2025

       Net currency exchange (losses) gains Gains (losses) on financial assets at fair value	($	790) $	17,688
       through profit or loss (Note)		157 (	30)
       Losses on disposal of property, plant and
       equipment	(	149) (	71)
       Other losses	(	149) (	357)
       	($	931) $	17,230

       (Note) Represents the distribution of fund income of $282 and $－ and unrealized valuation loss of $125 and $30 for the three months ended March 31, 2026 and 2025, respectively.

   22. Finance costs

       2026			2025
       $	449		$	420
       	766			941
       $	1,215		$	1,361

       Three months ended March 31,

       Interest expense Bank loans Lease liabilities

   23. Expenses by nature

       Three months ended March 31, 2026
       	Operating cost		Operating expense		Total
       Employee benefits expense	$ 105,120		$ 219,204		$ 324,324
       Depreciation	66,173		26,182		92,355
       Amortisation	106		685		791
       	$ 171,399		$ 246,071		$ 417,470
       Three months ended March 31, 2025
       	Operating cost		Operating expense		Total
       Employee benefits expense	$ 100,038		$ 170,956		$ 270,994
       Depreciation	57,019		23,754		80,773
       Amortisation	132		635		767
       	$ 157,189		$ 195,345		$ 352,534

   24. Employee benefits expense

       Three months ended March 31, 2026

       	Operating cost		Operating expense		Total
       Salaries and wages	$ 86,586		$ 172,619		$ 259,205
       Labor and health insurance
       expenses	7,641		7,574		15,215
       Pension costs	5,401		3,697		9,098
       Other personnel expenses	5,492		35,314		40,806
       	$ 105,120		$ 219,204		$ 324,324
       Three months ended March 31, 2025
       	Operating		Operating
       	cost		expense		Total
       Salaries and wages	$ 80,904		$ 129,543		$ 210,447
       Labor and health insurance
       expenses	8,309		7,732		16,041
       Pension costs	5,376		3,461		8,837
       Other personnel expenses	5,449		30,220		35,669
       	$ 100,038		$ 170,956		$ 270,994

       1. According to the Articles of Incorporation of the Company, the ratio of distributable profit of the current year shall be 2% for employees' compensation, of which the rank-and-file employees' compensation shall not be less than 1% of the current year's profit, and not be higher than 3% for directors' remuneration. If the Company has accumulated deficit, earnings should be reserved to cover losses. The current year's earnings represent current year's pre-tax profit excluding employees' compensation and directors' remuneration distributed.

       2. For the three months ended March 31, 2026 and 2025, the Company's employees' compensation was accrued at $3,570 and $3,150, respectively; while directors' remuneration was accrued at

          $5,355 and $4,725, respectively. The aforementioned amounts were recognised in salary expenses and other expenses. The expenses recognised for the three months ended March 31, 2026 and 2025 were accrued based on the earnings of current period and the percentage specified in the Articles of Incorporation of the Company. The employees' compensation and directors' remuneration for 2025 as resolved by the Board of Directors were $9,758 and $14,637. The difference of ($339) between the amount resolved at the Board meeting and the amount recognised in the 2025 financial statements of $24,734 had been adjusted in profit or loss for 2026.

          Information about the appropriation of employees' compensation and directors' remuneration of the Company as resolved by the Board of Directors will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

   25. Income tax

       1. Income tax expense

          1. Components of income tax expense:

             Three months ended March 31,

             	2026	2025
             Current tax:
             Current tax on profits for the period	$ 140,708	$ 19,313
             Prior year income tax under (over) estimation	10,593	( 4,734)
             Total current tax	151,301	14,579
             Deferred tax:
             Origination and reversal of temporary differences	( 30,612)	56,100
             Income tax expense	$ 120,689	$ 70,679

       2. The income tax returns of the Company and subsidiaries through 2024 have been assessed and approved by the Tax Authority. The Company and subsidiaries do not have any administrative remedy as of May 11, 2026.

   26. Earnings per share

       Three months ended March 31, 2026

       Weighted average number Earnings of shares outstanding per share

       Amount after tax (shares in thousands) (in dollars)

       Basic earnings per share Profit attributable to ordinary
       shareholders of the parent	$ 166,573	492,417	$ 0.34
       Diluted earnings per share Profit attributable to ordinary
       shareholders of the parent	$ 166,573
       Assumed conversion of all dilutive
       potential ordinary shares
       Employees' compensation	-	811
       Profit attributable to ordinary
       shareholders of the parent plus
       assumed conversion of all dilutive
       potential ordinary shares	$ 166,573	493,228	$ 0.34

       Three months ended March 31, 2025

       Weighted average number Earnings of shares outstanding per share

       Amount after tax (shares in thousands) (in dollars)

       Basic earnings per share Profit attributable to ordinary
       shareholders of the parent	$ 150,374	492,417	$ 0.31
       Diluted earnings per share
       Profit attributable to ordinary shareholders of the parent	$ 150,374
       Assumed conversion of all dilutive potential ordinary shares
       Employees' compensation	-	472
       Profit attributable to ordinary shareholders of the parent plus assumed conversion of all dilutive potential ordinary shares	$ 150,374	492,889	$ 0.31

   27. Supplemental cash flow information

       1. Investing activities with partial cash payments:

          Three months ended March 31,

          	2026	2025
          Purchase of property, plant and equipment	$ 12,422	$ 34,781
          Add: Beginning balance of payable on equipment (listed as 'other payables')	7,272	3,391

          Less: Ending balance of payable on equipment (listed as 'other payables')

          Cash paid for purchase of property, plant

          ( 1,733) ( 6,682)

          and equipment

          $ 17,961

          $ 31,490

       2. Investing and financing activities with no cash flow effects:

          Three months ended March 31,

          	2026	2025
          (a) Prepayments for equipment reclassified to
          property, plant and equipment	$ 34,803	$ -
          (b) Appropriation of cash dividends	$ 492,417	$ 492,417
          Less: Ending balance of payable on cash
          dividends	( 492,417)	( 492,417)
          Cash paid for cash dividends	$ -	$ -
          (28) Changes in liabilities from financing activities
          	Long-term
          	borrowings	Guarantee Liabilities from

          Short-term Lease (including deposits financing Three months ended March 31, 2026 borrowings liabilities current portion) received a ctivities-gross

          At January 1

          Changes in cash flows from

          $ 70,000

          $151,852 $

          21,500

          $10,479 $

          253,831

          financing activities 40,000 ( Changes in other non-cash

          9,183)

          16,500 284 47,601

          items - 439 - - 439

          At March 31

          $ 110,000

          $143,108

          $ 38,000

          $10,763

          $ 301,871

          Three months ended March 31, 2025	Short-term borrowings	Lease liabilities	Long-term borrowings (including current portion)	Liabilities from financing activities-gross
          At January 1	$ 110,000	$ 186,097	$ 22,500	$ 318,597
          Changes in cash flows from financing activities	( 40,000)	( 8,989)	9,500	( 39,489)
          At March 31	$ 70,000	$ 177,108	$ 32,000	$ 279,108

7. RELATED PARTY TRANSACTIONS

   1. Names of related parties and relationship

      Names of related parties Relationship with the Company Tainan Spinning Co., Ltd. (Tainan Spinning) Entity with significant influence to the Group

      Lushun Warehouse Co., Ltd. (Lushun

      Warehouse)

      Vietnam Bao Minh Textile & Garment (Bao Minh)

   2. Significant related party transactions

      1. Lease transactions－lessee

         Other related party

         Other related party

         1. The Group leases raw material tanks and office space from Lushun Warehouse and Tainan Spinning. Rental contracts are typically made for periods of 6 years and 20 years, respectively. Rents are paid monthly.

         2. Lease liabilities

            1. Outstanding balance

               	March 31, 2026	December 31, 2025	March 31, 2025
               Tainan Spinning	$ 35,506	$ 36,338	$ 38,815
               Lushun Warehouse	76,844	83,608	103,684
               	$ 112,350	$ 119,946	$ 142,499

            2. Interest expense

               Three months ended March 31,

               2026 2025

               Tainan Spinning

               $ 203 $

               220

               Lushun Warehouse 436 579

      2. Payables to related parties

         $ 639

         $ 799

         March 31, 2026 December 31, 2025 March 31, 2025

         Other payables

         Other related party Dividend payable

         (listed as 'other payables') Tainan Spinning

      3. Endorsements and guarantees

         $ 2,534

         $ 105,549

         $ 2,675

         $ -

         $ 2,520

         $ 105,549

         Details of provision of endorsements and guarantees to related parties are provided in Note 9.

   3. Key management compensation

      Three months ended March 31,

      2026 2025

      Salaries and other short-term employee benefits

      $ 56,556

      $ 50,256

8. PLEDGED ASSETS

   The Group's assets pledged as collateral are as follows:

   Book Value

   Pledged asset March 31, 2026 December 31, 2025 March 31, 2025 Purpose

   Pledged time deposits (Note 1) $

   7,000 $

   7,000 $

   4,000

   Customs guarantee Collateral for borrowing facilities

   Land (Note 2)	13,703	13,703	461,888
   Buildings and structures, net (Note 2)	9,807	9,858	23,675
   Guarantee deposits paid	413	413	413
   	$ 30,923	$ 30,974	$ 489,976

   Collateral for borrowing facilities

   Performance guarantee

   Note 1: Listed as 'Current financial assets at amortised cost'. Note 2: Listed as 'Property, plant and equipment'.

9. SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNISED CONTRACT COMMITMENTS

   1. As of March 31, 2026, December 31, 2025 and March 31, 2025, the Group's remaining balance due for construction in progress and prepayment for equipment were $108,788, $122,426 and $69,804, respectively.

   2. As of March 31, 2026, December 31, 2025 and March 31, 2025, the Group's unused letters of credit amounted to $－, $16,841 and $1,181, respectively.

   3. The significant purchase contracts entered by the Group are as follows:

      Quantity of purchase (in tonnes)

      Suppliers Items Price March 31, 2026 December 31, 2025 March 31, 2025

      CPC Corporation, Taiwan	Butadiene (BD)	Floating	19,980	19,980	19,980
      Formosa Petrochemical	Butadiene (BD)	Floating	13,320	13,320	13,320
      Corp.
      BASF-YPC Company	Butadiene (BD)	Floating	-	23,000	23,000
      Limited
      NanJing GongXi	Butadiene (BD)	Floating	12,280	12,100	12,100
      Chemical NOPEC CHEMICAL	Butadiene (BD)	Floating	23,000	23,000	23,000
      COMMERCIAL
      HOLDING COMPANY
      LIMITED
      (EAST CHINA) China Petrochemical	Acrylonitrile (AN)	Floating	18,000	18,000	18,000
      Development Corp.
      Formosa Plastics Corp.	Acrylonitrile (AN)	Floating	4,800	4,800	4,800
      YUGE (SHANGHAI)	Acrylonitrile (AN)	Floating	10,080	10,080	10,080
      CHEMICAL CO.,
      Shanghai Legend	Acrylonitrile (AN)	Floating	4,800	4,800	4,800
      Petrochemical Co., Ltd.
      WeiQiang International	Acrylonitrile (AN)	Floating	2,622	2,622	2,622
      Trade (SHANGHAI)
      Co., Ltd.
      Taiwan Styrene	Styrene (SM)	Floating	1,800	1,800	1,800

      Monomer Corp.

      As of March 31, 2026, 14,307 tonnes of BD, 8,232 tonnes of AN and 220 tonnes of SM were purchased.

   4. Details of the Group's endorsements and guarantees are as follows:

   Party being

   Endorser/guarantor endorsed/ guaranteed Purpose March 31, 2026 December 31, 2025 March 31, 2025

   INTERMEDIUM INTERNATIONAL LIMITED

   Vietnam Bao Minh Textile & Garment

   Guarantee for borrowings

   $ 102,309

   $ 106,178

   $ 106,178

   As of March 31, 2026, December 31, 2025 and March 31, 2025, Vietnam Bao Minh Textile & Garment has drawn from the endorsements and guarantees in the amount of $74,788, $73,468 and

   $77,617, respectively.

10. SIGNIFICANT DISASTER LOSS

    None.

11. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE

    None.

12. OTHERS

    1. Capital management

       The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

    2. Financial instruments

       1. Financial instruments by category

          Details of financial instruments by category of the Group are described in Note 6, 'Financial Assets'.

       2. Financial risk management policies

          1. The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk management programme focuses on unpredictable events in the financial market and seeks to reduce potential adverse effects on the Group's financial position and financial performance.

          2. Risk management is carried out by a central treasury department (Group treasury) under policies approved by the board of directors. Group treasury identifies, evaluates and hedges financial risks in close cooperation with the Group's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

       3. Significant financial risks and degrees of financial risks

          1. Market risk

             1. Foreign exchange risk

                1. The Group operates internationally and is exposed to foreign exchange risk arising from the transactions of the Company and its subsidiaries used in various functional currency, primarily with respect to the USD, JPY and RMB. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities.

                2. Management has set up a policy to require the group companies to manage its foreign exchange risk against the functional currency. The group companies are required to hedge the entire foreign exchange risk exposure with the Group treasury. Foreign exchange rate risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity's functional currency.

                3. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group's foreign operations is managed primarily through liabilities denominated in the relevant foreign currencies.

                4. The Group's businesses involve some non-functional currency operations (the Company's and certain subsidiaries' functional currency: NTD; other certain subsidiaries' functional currency: USD and RMB). The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

                   March 31, 2026 December 31, 2025 Foreign currency Foreign currency

                   	amount		amount
                   (in thousands)		Exchange rate	(in thousands)	Exchange rate
                   Financial assets
                   Monetary items
                   USD : NTD $ 22,890		32.00	$ 21,776	31.43
                   USD : RMB 33,166		6.90	32,277	6.99
                   JPY : NTD 29,300		0.2005	8,361	0.2008
                   Non-monetary items
                   KRW : NTD 4,128,198		0.0211	4,128,198	0.0217
                   Financial liabilities
                   Monetary items
                   USD : NTD	3,617	32.00	4,429	31.43
                   JPY : NTD	-	-	1,241	0.2008

                   March 31, 2025 Foreign currency

                   amount

                   Financial assets Monetary items	(in thousands)	Exchange rate
                   USD : NTD	$ 40,541	33.21
                   USD : RMB	34,848	7.26
                   JPY : NTD	42,038	0.2227

                   Financial liabilities Monetary items

                   USD : NTD 2,830 33.21

                   JPY : NTD 4,940 0.2227

                   Sensitivity analysis of foreign exchange risk is primarily for foreign currency monetary items at financial reporting date. If NTD had appreciated/depreciated by 1% against USD, RMB, EUR and JPY, the Group's net profit after tax for the three months ended March 31, 2026 and 2025 would have increased/decreased by $12,939 and

                   $18,770, respectively.

                5. The total exchange (loss) gain, including realised and unrealised, arising from significant foreign exchange variation on the monetary items held by the Group for the three months ended March 31, 2026 and 2025 amounted to ($790) and $17,688, respectively.

             2. Price risk

                1. The Group's equity securities, which are exposed to price risk, are the held financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

                2. The Group's investments in equity securities comprise shares issued by the domestic and foreign companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant, post-tax profit for the three months ended March 31, 2026 and 2025 would have increased/decreased by

                   $418 and $300, respectively, as a result of gains/losses on equity securities classified as at fair value through profit or loss. Other components of equity would have increased/decreased by $6,412 and $6,397, respectively, as a result of other comprehensive income on equity investment classified as at fair value through other comprehensive income.

             3. Cash flow and fair value interest rate risk

                1. The Group's main interest rate risk arises from bank borrowings with floating rates,

                   which expose the Group to cash flow interest rate risk. During the three months ended March 31, 2026 and 2025, the Group's borrowings at floating rate were mainly denominated in New Taiwan dollars.

                2. The Group's borrowings are long-term and short-term borrowings with floating interest rates. Therefore, changes in market interest rates will change the effective interest rates of the borrowings and cause fluctuations in their future cash flows. However, there is no significant effect on profit after tax.

          2. Credit risk

             1. Credit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed terms, and the contract cash flows of debt instruments stated at amortised cost and at fair value through other comprehensive income.

             2. The Group manages its credit risk taking into consideration the entire Group's concern. According to the Group's credit policy, each local entity in the Group is responsible for managing and analysing the credit risk for each of its new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by management. The utilisation of credit limits is regularly monitored.

             3. The Group adopts the assumption under IFRS 9, that is, if the contract payments were past due over 30 days based on the terms, there has been a significant increase in credit risk on that instrument since initial recognition.

             4. The Group adopts the assumption under IFRS 9, that is, the default occurs when the contract payments are past due over 90 days.

             5. The Group classifies customer's accounts receivable in accordance with credit rating of customer and customer types. The Group applies the modified approach using loss rate methodology to estimate expected credit loss under the provision matrix basis.

             6. The Group used the forecastability to adjust historical and timely information to assess the default possibility of accounts receivable as the Group's counterparties are all with high credit quality and have no default record after assessment.

             7. Movements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable are as follows:

             Three months ended March 31,

             	2026	2025
             At January 1	$ 256	$ 897
             Expected credit impairment loss (gain)	15	( 152)
             Effect of foreign exchange	9	8
             At March 31	$ 280	$ 753

          3. Liquidity risk

1. Cash flow forecasting is performed in the operating entities of the Group and aggregated by the Group treasury. Group treasury monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.

2. Surplus cash held by the operating entities over and above the balance required for working capital management are invested in interest bearing current accounts, time deposits and marketable securities, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the abovementioned forecasts, that are expected to readily generate cash inflows for managing liquidity risk.

3. The Group has the following undrawn borrowing facilities:

   March 31, 2026 December 31, 2025 March 31, 2025

   Floating rate:

   Expiring within one year $ 2,001,985 $ 3,429,132 $ 3,597,372

4. The table below analyses the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Between 1 Between 2 Over 5

March 31, 2026 Less than 1 year and 2 years and 5 years years Non-derivative financial

liabilities