Chailease : Annual financial and audit reports

Stock Code:5871

CHAILEASE HOLDING COMPANY LIMITED

AND SUBSIDIARIES

Consolidated Financial Statements

With Independent Auditors' Report

For the Years Ended December 31, 2023 and 2022

Address:	No.362, Ruiguang Rd., Neihu District, Taipei, Taiwan, (R.O.C.)
Telephone:	886-2-8752-6388

The independent auditors' report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' report and consolidated financial statements, the Chinese version shall prevail.

〜1〜

Table of contents

	Contents		Page
1.	Cover Page	1
2.	Table of Contents	2
3.	Representation Letter	3
4.	Independent Auditors' Report	4
5.	Consolidated Balance Sheets	5
6.	Consolidated Statements of Comprehensive Income	6
7.	Consolidated Statements of Changes in Equity	7
8.	Consolidated Statements of Cash Flows	8

9. Notes to Consolidated Financial Statements

(1)	Company history	9
(2)	Approval date and procedures of the consolidated financial statements	9
(3)	New standards, amendments and interpretations adopted	9～10
(4)	Summary of material accounting policies	10～36
(5)	Significant accounting assumptions and judgments, and major sources of	36～39
	estimation uncertainty
(6)	Explanation to significant accounts	39～102
(7)	Related party transactions	103～108
(8)	Pledged assets	108
(9)	Commitments and contingencies	108～109
(10)	Losses due to major disasters	109
(11)	Subsequent events	109
(12)	Other	109～111
(13)	Other disclosures
	i) Information on significant transactions	112～168
	ii) Information on investees	168～175
	iii) Information on investment in mainland China	175～176
	iv)Major shareholders	176
(14) Segment information	176～178

〜2〜

Representation Letter

The entities that are required to be included in the combined financial statements of Chailease Holding Company Limited as of and for the year ended December 31, 2023 under the Criteria Governing the Preparation of Affiliation Reports, Consolidated Business Reports, and Consolidated Financial Statements of Affiliated Enterprises are the same as those included in the consolidated financial statements prepared in conformity with International Financial Reporting Standards No. 10 endorsed by the Financial Supervisory Commission, "Consolidated Financial Statements." In addition, the information required to be disclosed in the combined financial statements is included in the consolidated financial statements. Consequently, Chailease Holding Company Limited and Subsidiaries do not prepare a separate set of combined financial statements.

Company Name: Chailease Holding Company Limited

Chairman: Fong Long, Chen

Date: February 27, 2024.

〜3〜

KPMG

110615	5 7 68 (	101	)	Tel	+ 886 2 8101 6666
68F., TAIPEI 101 TOWER, No. 7, Sec. 5,	Fax	+ 886 2 8101 6667
Xinyi Road, Taipei City 110615, Taiwan (R.O.C.)	Web	kpmg.com/tw

Independent Auditors' Report

To the Board of Directors of Chailease Holding Company Limited:

Opinion

We have audited the consolidated financial statements of Chailease Holding Company Limited and its subsidiaries ("the Group"), which comprise the consolidated balance sheet as of December 31, 2023 and 2022, the consolidated statement of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2023 and 2022, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the International Financial Reporting Standards ("IFRSs"), International Accounting Standards ("IASs"), Interpretations developed by the International Financial Reporting Interpretations Committee ("IFRIC") or the former Standing Interpretations Committee ("SIC") endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

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

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Based on our judgment, the key audit matters that should be disclosed in this audit report are as follows:

Impairment assessment of accounts receivable

Refer to Note (4)(g) " Financial instruments" and Note (5) " Significant accounting assumptions and judgments, and major sources of estimation uncertainty" and Note (6) (d) "accounts receivable, net" to the consolidated financial statements for the details of the information about impairment assessment on accounts receivable.

〜4〜

KPMG, a Taiwan partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Description of key audit matter:

The Group is engaged primarily in providing various services of leasing and financing, in which accounts receivable is a significant account of the Group. Impairment allowances are provided on accounts receivable based on management' s best estimate of the potential losses in the accounts receivable portfolios at the balance sheet date. Management exercise judgment in making assumptions and estimations when calculating for impairment allowances on both individually and collectively assessed accounts receivables.

How the matter was addressed in our audit:

In relation to the key audit matter above, we have performed certain key audit procedures that included evaluating the adequacy of the Group's impairment policy on financial assets; testing to check compliance with the internal control on the process of evaluating impairment losses on loans and receivable; evaluating and testing the appropriateness of expected credit loss model used by management while calculating the expected credit loss; evaluating and testing the assumptions and data used in the calculation; and evaluating the adequacy of the Group's disclosure for Impairment allowances on loans and receivables.

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

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the IFRSs, IASs, IFRC, SIC endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

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

Those charged with governance (including the Audit Committee) are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

〜4-1〜

1. Evaluate the propriety of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
2. Conclude on the propriety of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group' s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
3. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
4. Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors' report are Hsu, Shu-Min and Wu,Tsao-Jen.

KPMG

Taipei, Taiwan (Republic of China)

February 27, 2024

Notes to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial statements of financial position, financial performance and cash flows in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the International Financial Reporting Standards, International Accounting Standards, interpretation as well as related guidance endorsed by the Financial Supervisory Commission of the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally accepted and applied in the Republic of China.

The independent auditors' report and the accompanying consolidated financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' report and consolidated financial statements, the Chinese version shall prevail.

〜4-2〜

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

CHAILEASE HOLDING COMPANY LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2023 and 2022

(Amounts Expressed in Thousands of New Taiwan Dollars)

	Assets		2023.12.31				2022.12.31				LIABILITIES AND EQUITY		2023.12.31					2022.12.31
		Amount	%			Amount	%				Amount	%				Amount	%
	Current assets：												Current Liabilities：
1100	Cash and cash equivalents (Notes (6)(a) and (7))	$	36,993,987		4			67,598,651		8	2100	Short-term borrowings (Notes (6)(k), (7) and (8))	$	66,489,957		7			76,068,717		9
1110	Current financial assets at fair value through profit or loss (Note (6)(b))		4,533,228		1			3,522,343		-		2110	Short-term notes and bills payable (Notes (6)(j) and (8))		108,660,077	12		98,711,925		11
1136	Current financial assets at amortized cost (Notes (6)(b) and (7))		21,297,346		2			19,940,604		2	2126	Current financial liabilities for hedging (Notes (6)(b) and (6)(c))		679,513	-				793,253		-
1139	Current financial assets for hedging (Notes (6)(b) and (6)(c))		1,656,382		-			803,920		-		2170	Accounts and notes payable		4,353,433		-				5,247,199		1
1170	Accounts receivable, net (Notes (6)(d), (7) and (8))		543,160,503		58			500,468,244		57	2230	Current tax liabilities		4,235,166		-				3,969,906		-
1476	Other current financial assets (Notes (7) and (8))		23,098,161		2			9,936,173		1	2280	Current lease liabilities (Notes (6)(m) and (7))		1,229,402		-				1,920,279		-
1479	Other current assets (Notes (6)(e) and (7))		10,092,479		1			9,675,743		1	2305	Other current financial liabilities (Note (7))		73,377,891		8			71,060,780		8
			640,832,086		68			611,945,678		69	2320	Long-term liabilities, current portion (Notes (6)(k), (6)(l), (7) and (8))		281,238,343	30		219,746,917		25
	Non-current assets：											2399	Other current liabilities		5,515,833		1			5,757,969		1
1510	Non-current financial assets at fair value through profit or loss (Notes (6)(b)and (6)(l))		15,523	-			39,571		-					545,779,615		58			483,276,945		55
1517	Non-current financial assets at fair value through other comprehensive income (Note		981,404		-			1,036,670		-			Non-current Liabilities：
	(6)(b))											2530	Bonds payable (Note (6)(l))		59,502,724	6		55,993,856		6
1535	Non-current financial assets at amortized cost (Note (6)(b))		4,090,480	1		5,261,840		1	2540	Long-term borrowings (Notes (6)(k), (7) and (8))		155,838,606	17		172,198,833		20
1538	Non-current financial assets for hedging (Notes (6)(b) and (6)(c))		139,908	-			656,392		-		2570	Deferred tax liabilities (Note (6)(o))		3,745,918		-				3,211,911		-
1550	Investments accounted for using equity method (Note (6)(f))		3,082,905		-			2,562,210		-		2580	Non-current lease liabilities (Notes (6)(m) and (7))		5,762,990		1			4,173,612		1
1600	Property, plant and equipment (Notes (6)(g), (h), (7) and (8))		93,619,263	10		65,457,342		7	2600	Other non-current liabilities		9,379,219		1			8,186,850		1
1755	Right-of-use assets (Notes (6)(i) and (7))		6,940,570	1		6,036,695		1				234,229,457		25			243,765,062		28
1780	Intangible assets		580,386		-			198,980		-			Total Liabilities		780,009,072		83			727,042,007		83
1840	Deferred tax assets (Note (6)(o))		7,219,238	1		5,660,008		1
1930	Long-term accounts receivable, net (Notes (6)(d), (7) and (8))		173,869,909	18			156,378,445		18		Equity attributable to owners of the Company：(Note (6)(p))
1995	Other non-current assets (Notes (7) and (8))		11,973,198		1			21,964,923		3	3110	Ordinary share		16,145,724		2			15,829,141		2
			302,512,784		32			265,253,076		31	3120	Preferred share		1,500,000		-				1,500,000		-
												3200	Capital surplus		41,862,560		4			41,855,122		5
												3320	Special reserve		1,777,735		-				3,963,115		-
												3350	Unappropriated retained earnings		96,213,959	10		79,950,798		9
												3400	Other equity items		(3,541,758)	-				(1,777,735)	-
													Total equity attributable to owners of the Company		153,958,220		16			141,320,441		16
												36XX	Non-controlling interests		9,377,578		1			8,836,306		1
													Total equity		163,335,798		17			150,156,747		17
	TOTAL ASSETS	$	943,344,870		100			877,198,754		100		TOTAL LIABILITIES AND EQUITY	$	943,344,870		100			877,198,754		100

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

〜5〜

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

CHAILEASE HOLDING COMPANY LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

For the Years Ended December 31, 2023 and 2022

(Amounts Expressed in Thousands of New Taiwan Dollars)

				For the years ended December 31,
				2023					2022
	Operating revenues: (Note (7))			Amount	%		Amount	%
4111	Sales revenue	$	7,382,209		8		6,787,444		8
4810	Interest revenue - installment sales			20,923,689		21		17,370,158		20
4820	Interest revenue - capital leases			29,796,268		31		27,362,810		31
4300	Rental revenue - operating leases			6,215,939		6		5,861,834		7
4230	Interest revenue - loans			11,273,105		12		8,471,911		10
4240	Other interest revenue			12,724,513		13		11,323,619		13
4881	Other operating revenue			9,209,787			9		9,430,389			11
	Operating costs: (Note (7))			97,525,510		100		86,608,165		100
5111	Cost of sales			4,133,131		4		3,800,776		4
5240	Interest expense			19,298,963		20		13,580,713		16
5300	Cost of rental revenue			4,095,969		4		3,483,273		4
5800	Other operating costs			4,881,515			5		4,652,640			5
	Gross profit from operation			32,409,578			33		25,517,402			29
			65,115,932		67		61,090,763		71
6400	Operating expenses (Note (7))			18,143,555		19		15,644,039		18
6450	Expected credit loss (Note (6)(d))			14,977,902		15		9,396,454		11
6500	Net other income and expenses (Note (6)(s))			936,142			1		920,599			1
	Operating profit			32,930,617		34		36,970,869		43
	Non-operating income and expenses:
7100	Interest income			614,576		-		343,772		-
7130	Dividend income			52,369		-		39,612		-
7020	Other gains and losses (Note (6)(t) and (7))			2,693,335		3		1,944,257		2
7060	Share of profit (loss) of associates and joint ventures accounted for using equity method (Note (6)(f))			(77,949)	-		27,055		-
	Profit before income tax			3,282,331			3		2,354,696			2
7900			36,212,948		37		39,325,565		45
7950	Less: Income tax expenses (Note (6)(o))			10,168,244			10		10,861,362			12
	Profit for the period			26,044,704		27		28,464,203		33
	Other comprehensive income (loss):
8310	Components of other comprehensive income that will not be reclassified to profit or loss
8311	Gains on remeasurements of defined benefit plans			61,536		-		190,555		-
8316	Unrealized gains (losses) from investments in equity instruments measured at fair value through other comprehensive
	income			164,878		-		(49,342)	-
8349	Less: Income tax related to components that will not be reclassified to profit or loss (Note (6)(o))			12,295			-		37,918			-
	Total components of other comprehensive income that will not be reclassified to profit or loss			214,119		-		103,295		-
8360	Components of other comprehensive income (loss) that will be reclassified to profit or loss
8361	Exchange differences on translation of foreign financial statements			(1,548,549)	(2)	3,522,156		4
8368	Gains (losses) on hedging instruments (Note (6)(c))			(446,676)	-		(848,726)	(1)
8370	Share of other comprehensive income of associates and joint ventures accounted for using equity method, components of
	other comprehensive income that will be reclassified to profit or loss
	(Note (6)(f))			17,345		-		40,364		-
8999	Less: Income tax related to components of other comprehensive income that will be reclassified to profit or loss
	(Note (6)(o))			(28,666)	-		117,188		-
	Total components of other comprehensive income that will be reclassified to profit or loss
			(1,949,214)	(2)	2,596,606		3
	Other comprehensive income (net of tax)
			(1,735,095)	(2)	2,699,901		3
8500	Total comprehensive income for the period	$	24,309,609			25		31,164,104			36
	Profit attributable to:
8610	Owners of the Company	$	25,033,636		26		27,221,727		32
8620	Non-controlling interests	$	1,011,068			1		1,242,476			1
	Comprehensive income attributable to:	26,044,704		27		28,464,203		33
8710	Owners of the Company	$	23,330,992		24		29,563,836		34
8720	Non-controlling interests	$	978,617			1		1,600,268			2
	Earnings per common share (NT dollars) (Note (6)(q))	24,309,609		25		31,164,104		36
										16.83
9750	Basic earnings per share	$			15.15
9850	Diluted earnings per share	$
		14.97				16.62

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

〜6〜

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

CHAILEASE HOLDING COMPANY LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2023 and 2022

(Amounts Expressed in Thousands of New Taiwan Dollars)

											Equity Attributable to Owners of the Company
																				Other Equity Items
																					Unrealized gains
																							(losses) from
			Share Capital					Retained Earnings							financial assets
						Exchange			measured
															Unappropriated	differences on			at fair value	Gains (losses) on	Total equity
						Preferred	Capital	Special	translation of			through other	attributable	Non-controlling	Total
			Ordinary			retained	foreign financial			comprehensive	hedging	to owners of the
Balance at January 1, 2022			share			share	surplus	reserve	earnings	statements			income	instruments	Company	interests	equity
	$	14,503,944			1,500,000		31,050,217			3,307,294				63,225,727			(4,518,204)					(171,219)			726,308		109,624,067		6,890,196				116,514,263
Profit for the year ended December 31, 2022			-		-		-			-				27,221,727			-				-				-		27,221,727		1,242,476				28,464,203
Other comprehensive income (loss) for the year ended December 31, 2022			-		-		-			-				156,729			3,137,060				(54,316)		(897,364)	2,342,109		357,792				2,699,901
Total comprehensive income (loss) for the year ended December 31, 2022			-		-		-			-				27,378,456			3,137,060				(54,316)		(897,364)	29,563,836		1,600,268				31,164,104
Appropriation and distribution of retain earnings:
Special reserve appropriated			-	-		-			655,821				(655,821)		-			-				-		-		-				-
Cash dividends of ordinary share			-	-		-			-				(8,702,367)		-			-				-		(8,702,367)	-				(8,702,367)
Cash dividends of preferred stock			-	-		-			-				(570,000)	-			-				-		(570,000)	-				(570,000)
Stock dividends of ordinary share			725,197	-		-			-				(725,197)		-			-				-		-		-				-
Other changes in capital surplus			-	-		(175)		-				-			-			-				-		(175)	-				(175)
Capital increase in cash			600,000	-		10,827,334			-				-			-			-				-		11,427,334		-				11,427,334
Changes in ownership interests in subsidiaries			-	-		87			-				-			-			-				-		87		-				87
Changes in non-controlling interests			-	-		-			-				-			-			-				-		-		345,842				345,842
Change in equity of associates and joint ventures accounted for using method			-		-		(22,341)		-				-			-			-				-		(22,341)	-				(22,341)
Balance at December 31, 2022	$	15,829,141		1,500,000		41,855,122			3,963,115			79,950,798			(1,381,144)	(225,535)		(171,056)	141,320,441		8,836,306			150,156,747

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

〜7〜

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

CHAILEASE HOLDING COMPANY LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Years Ended December 31, 2023 and 2022

(Amounts Expressed in Thousands of New Taiwan Dollars)

											Equity Attributable to Owners of the Company
																		Other Equity Items
																			Unrealized gains
																					(losses) from
			Share Capital					Retained Earnings							financial assets
							Exchange			measured
													Unappropriated	differences on			at fair value	Gains (losses) on	Total equity
						Preferred			Capital	Special	translation of			through other	attributable	Non-controlling	Total
			Ordinary					retained	foreign financial			comprehensive	hedging	to owners of the
Balance at January 1, 2023			share			share			surplus	reserve	earnings	statements			income	instruments	Company	interests	equity
	$	15,829,141			1,500,000			41,855,122		3,963,115		79,950,798			(1,381,144)			(225,535)		(171,056)		141,320,441		8,836,306		150,156,747
Profit for the year ended December 31, 2023			-		-		-		-		25,033,636			-				-			-			25,033,636		1,011,068		26,044,704
Other comprehensive income (loss) for the year ended December 31, 2023			-		-		-		-		49,372			(1,515,080)	164,901			(401,837)	(1,702,644)	(32,451)	(1,735,095)
Total comprehensive income (loss) for the year ended December 31, 2023			-		-		-		-		25,083,008			(1,515,080)	164,901			(401,837)	23,330,992		978,617		24,309,609
Appropriation and distribution of retain earnings:
Cash dividends of ordinary share			-	-	-		-		(10,130,651)		-			-			-			(10,130,651)	-		(10,130,651)
Cash dividends of preferred stock			-	-	-		-		(570,000)	-			-			-			(570,000)	-		(570,000)
Stock dividends of ordinary share			316,583	-	-		-		(316,583)		-			-			-			-		-		-
Reversal of special reserve			-	-	-		(2,185,380)	2,185,380			-			-			-			-		-		-
Other changes in capital surplus			-	-	984		-		-			-			-			-			984		-		984
Changes in non-controlling interests			-	-	-		-		-			-			-			-			-		(430,891)	(430,891)
Disposal of investments in equity instruments designated at fair value through other
comprehensive income			-	-	-		-		12,007			-			(12,007)	-			-		-		-
Effects on the long-term equity investment not recognized based on shareholding
ratios			-		-		6,454		-		-			-				-			-			6,454		(6,454)	-
Balance at December 31, 2023	$	16,145,724		1,500,000		41,862,560		1,777,735		96,213,959			(2,896,224)	(72,641)	(572,893)	153,958,220		9,377,578		163,335,798

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

〜7-1〜