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美国

证券交易委员会

华盛顿\nD.C. 20549

表格\n6-K

外国私人发行人根据规则13a-16或15d-16提交的报告

根据\n1934年证券交易法

2026年10月\n的月份。

委员会\n文件编号 \t001-42767

J-Star\n控股有限公司

(注册人名称的英文翻译)

第3层，吴泉西路3号107号，

西区，台中市403025，

台湾\n(中华民国)

(主要执行办公室地址)

通过勾选方框表明注册人是否根据表格20-F或表格40-F提交年度报告。

表格\n20-F ☒ 表格40-F

J-Star\n控股有限公司宣布未经审计的2026年中期财务结果

J-Star\n控股有限公司（“J-Star”或“公司”）（纳斯达克：YMAT），一家开发和商业化碳增强和树脂系统技术的公司，其业务通过在台湾和香港的子公司进行，总部位于台湾，今天宣布了截至2026年6月30日止六个月的未经审计财务结果。

J-Star\n控股有限公司及其子公司

中期\n简要合并资产负债表

以美国美元表示

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		截至2026年6月\n 30日			截至2026年12月\n 31日
		2026			2025
资产	注释	(未经审计)			(经审计)
流动资产
现金及现金等价物	5	$	595,013			$	97,669
以摊余成本计量的流动金融资产	27		504,240				455,133
应收账款，净额	6		5,429,705				3,578,974
其他应收款			198,277				2,638
存货，净额	7		1,014,245				1,030,368
预付款项	8		782,593				309,689
担保\n 存款 - 流动资产			72,281				135,012
流动\n 资产			8,596,354				5,609,483
非流动资产
以其他综合收益计量的公允价值的非流动金融资产	9		-				-
固定资产，净额	10		4,144,247				463,389
使用权益资产，净额	11		32,953				81,350
无形资产，净额			132,963				162,470
递延税资产，净额			615,984				425,100
担保存款			7,283				7,352
其他\n 非流动资产	12		26,400				408,032
非流动\n 资产			4,959,830				1,547,693
总资产\n		$	13,556,184			$	7,157,176
负债\n 和权益（赤字）
流动负债
短期贷款	13	$	2,579,175			$	2,741,552
来自关联方的短期贷款	13		-				8,249,052
一年内到期的长期贷款	15		983,864				624,620
合同负债	19(b)		146,622				60,906
应付账款			1,396,795				180,954
其他应付款	14		595,175				941,159
当前税项负债			-				9,198
当前租赁负债			33,452				82,078
其他\n 流动负债			1,100,985				13,467
流动\n 负债			6,836,068				12,902,986
非流动负债
长期贷款	15		3,942,724				1,027,638
递延\n 税项负债			5,320				4,187
非流动\n 负债			3,948,044				1,031,825
总\n 负债			10,784,112				13,934,811
权益
归属于母公司股东的权益（赤字）
普通股
类别A	17		7,866,667				5,551,602
类别B	17		3,048,592				3,048,592
普通股	17		3,048,592				3,048,592
资本盈余	18		18,082,503				9,319,370
累计赤字			(25,914,704	)			(24,346,913	)
累计\n 其他综合损失			(310,986	)			(350,286	)
总\n 权益（赤字）			2,772,072				(6,777,635	)
总负债和权益（赤字）		$	13,556,184			$	7,157,176

附注是这些未经审计的中期合并财务报表不可分割的组成部分。

J-Star控股有限公司及其子公司

未经审计的中期合并综合损益表

以美元表示

	附注	2026			2025
		截至 6月30日
	附注	2026			2025
营业收入	19	$	6,767,591			$	10,588,835
营业收入成本	21		(5,805,607	)			(7,740,725	)
运营毛利			961,984				2,848,110
运营费用
销售费用			(282,670	)			(607,807	)
管理费用			(2,536,548	)			(1,620,373	)
研发费用			(91,887	)			(466,351	)
总运营费用	21		(2,911,105	)			(2,694,531	)
运营净收入（亏损）			(1,949,121	)			153,579
非运营收入和费用
其他净收益（损失）			272,926				(41,575	)
财务费用	20		(137,437	)			(210,043	)
利息收入			12,035				75,150
外汇收益			33,519				37,546
非运营收入和费用，净额			181,043				(138,922	)
税前（亏损）收益			(1,768,078	)			14,657
所得税抵免（费用）	22		200,287				(9,420	)
税后（亏损）收益		$	(1,567,791	)		$	5,237
将重分类至损益的其他综合收益组成部分
外币运营的折算差异			39,300				(78,120	)
综合（亏损）收益总额		$	(1,528,491	)		$	(72,883	)

基本和稀释
（亏损）每股收益	23	$	(0.39	)		$	0.00

附注是这些未经审计的中期合并财务报表不可分割的组成部分

J-Star控股有限公司及其子公司

未经审计的中期合并股东权益变动表

以美元表示

													累计
				普通						其他
		普通		股			资本		累计	综合			总计
	附注	股		类别A			类别B		盈余	赤字			收入（亏损）			权益
截至2025年6月30日的六个月
2025年1月1日的余额		$	7,881,444		$	-		$	-	$	7,847,746			$	(3,237,380	)	$	507,453		$	12,999,263
基于股票的支付	16		-			-			-		65,856				-			-			65,856
期间利润			-			-			-		-				5,237			-			5,237
外币运营的财务报表折算差异			-			-			-		-				-			(78,120	)		(78,120	)
2025年6月30日的余额		$	7,881,444		$	-		$	-	$	7,913,602			$	(3,232,143	)	$	429,333		$	12,992,236
截至2026年6月30日的六个月
2025年1月1日的余额		$	-		$	5,551,602		$	3,048,592	$	9,319,370			$	(24,346,913	)	$	(350,286	)	$	(6,777,635	)
基于股票的薪酬计划	16		-			1,290,065					(155,278	)			-			-			1,134,787
股东贷款转为股份	17, 18		-			1,025,000					7,175,000				-			-			8,200,000
股东贷款取消	18		-			-			-		1,743,411				-			-			1,743,411
期间亏损			-			-			-		-				(1,567,791	)		-			(1,567,791	)
期间利润（亏损）			-			-			-		-				(1,567,791	)		-			(1,567,791	)
外币运营的财务报表折算差异			-			-			-		-				-			39,300			39,300
2026年6月30日的余额		$	-		$	7,866,667		$	3,048,592	$	18,082,503			$	(25,914,704	)	$	(310,986	)	$	2,772,072

附注是这些未经审计的中期合并财务报表不可分割的组成部分

J-Star控股有限公司及其子公司

未经审计的中期合并现金流量表

以美元表示

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	附注	2026			2025
		截至 6月\n 30日
	备注	2026			2025
经营活动产生的现金流量
税前亏损（利润）		$	(1,768,078	)		$	14,657
调整项
调整项以重新计算\n 亏损（利润）
折旧费用	10		95,869				90,248
处置\n 固定资产、厂房和设备的收益			14,821				-
使用权益资产的折旧费用\n	11		48,397				110,903
摊销费用			29,507				7,782
存货估值损失准备金	7		712				-
以股份为基础的支付			1,134,787				65,856
利息收入			(12,035	)			(75,150	)
财务费用	20		137,437				210,043
营运资产\n 和负债的变化
营运资产的变化
应收账款			(1,850,731	)			(6,687,451	)
其他应收款			(195,639	)			175,922
存货			15,411				(274,781	)
预付款项			(472,904	)			(98,426	)
其他非流动资产			62,731				-
营运负债的变化
当前合同负债			85,716				85,797
应付账款			1,215,841				5,571,251
其他应付款			(333,748	)			(462,224	)
其他\n 现金负债			1,087,518				(1,813	)
经营活动中使用的现金流量			(704,388	)			(1,267,386	)
收到的利息			12,035				75,150
支付的利息			(137,437	)			(210,043	)
净\n 经营活动中使用的现金流量			(829,790	)			(1,402,279	)

投资活动产生的现金流量
按摊余成本计量的金融资产的预付款\n			(49,107	)			(37,036	)
担保保证金的增加			-				(123,156	)
其他预付款			-				(2,110,639	)
对关联方的预付款			-				(278,645	)
购置\n 固定资产、厂房和设备			(3,413,023	)			(171,359	)
购置\n 无形资产			-				(20,767	)
净\n 投资活动中使用的现金流量			(3,462,130	)			(2,741,602	)

融资活动产生的现金流量
短期银行贷款的收益			1,892,919				14,160,713
偿还短期贷款			(1,763,398	)			(9,987,319	)
租赁负债的支付			(48,341	)			(102,402	)
长期银行贷款的收益			4,154,746				688,142
偿还长期银行贷款			(1,556,940	)			(137,437	)
来自董事的预付款			3,290,037				-
偿还董事的\n 贷款			(1,629,992	)			-
递延\n 首次公开募股费用			-				(138,807	)
净\n 融资活动产生的现金流量			4,339,031				4,482,890
外币汇率变动的影响			450,233				(78,120	)
现金及现金等价物的净增加额			497,344				260,889
期初现金\n 和现金等价物			97,669				649,106
期末现金\n 和现金等价物		$	595,013			$	909,995

附注是这些未经审计的中期合并财务报表的组成部分。

J-Star\n持有公司及其子公司

未经审计的中期合并财务报表\n 的附注

截至\n2026年6月30日及2025年6月30日的六个月

1.\n公司及集团信息

J-Star\n持有公司（“公司”）于2016年5月在开曼群岛注册成立。公司及其子公司（统称为“集团”）主要从事自行车、运动配件和碳纤维复合材料产品的制造和贸易业务，以及提供专业咨询服务。

首次公开发行

2025年7月31日，公司宣布完成其首次公开发行（“IPO”）1,250,000股普通股，每股面值为0.5美元，发行价格为每股4.005,000,000187,500股普通股，每股面值为US$0.5美元，发行价格为每股4.00美元，总计获得750,0004.89百万美元的净收益，并在现金流量表中有所体现。在IPO过程中，公司产生了约3.6百万美元的承销折扣和佣金以及总发行费用，其中约1.6百万美元的发行费用截至2024年12月31日已支付，约2.0百万美元的承销折扣和佣金以及额外的发行费用在IPO关闭日期前已产生并支付。在IPO关闭日期，约3.6百万美元的承销折扣和佣金以及总发行费用抵消了约5.75百万美元的毛发行收益， resulting in a net amount of approximately 2.1 million which was recognized in additional paid-in capital.

公司普通股自2025年7月31日起在纳斯达克资本市场上市，股票代码为“YMAT”。

2.\n未经审计的中期合并财务报表的授权

董事会于[2026年10月23日]批准了随附的未经审计的中期合并财务报表的发布。

3.\n应用新的和修订的国际财务报告准则（“IFRS”）、国际会计准则（“IAS”）、国际会计准则理事会（“IASB”）发布的国际财务报告解释委员会（“IFRIC”）解释和常设解释委员会（“SIC”）解释（统称为“IFRS”）

IFRS

a)\n对IFRS的修订和新解释，这些修订和解释在当前期间具有强制性且相关：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

新标准、解释和修订	生效日期 \n 由IASB发布
对IFRS 9的修订	金融工具的分类和计量的修订	2026年1月1日
对IFRS 7的修订
对IFRS会计准则的年度改进	第11卷	2026年1月1日

集团已于生效日期采用上述新标准、解释和修订。根据集团的评估，上述标准和解释对集团的财务状况和财务业绩没有重大影响。

b)\n正在发布但尚未生效的新标准、解释和修订：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

尚未生效的准则、解释和修订	生效日期由IASB发布
对IFRS 18的修订	财务报表的列报和披露	2027年1月1日
对IFRS 19的修订	无公众责任的子公司：披露	2027年1月1日
对IFRS 10的修订	投资者与其关联方或合营企业之间的资产出售或捐赠	由IASB确定
对IAS 28的修订

集团预计将在生效日期采用上述新准则、解释和修订，并根据集团评估，预计对集团合并财务报表不会产生重大影响。

4.重要会计政策摘要

采用的主要会计政策与截至2025年12月31日止年度合并财务报表中的第4号附注一致，但不包括合规声明、编制基础、合并基础以及下列所述的额外政策。这些政策已一贯应用于所有列示的期间，除非另有说明。

新兴成长公司

该公司根据《证券法》第2(a)条定义的“新兴成长公司”，并根据2012年《为我们的商业初创企业注入活力法案》（“JOBS法案”）进行了修改，可以利用某些豁免，这些豁免适用于其他非新兴成长公司的上市公司，包括但不限于无需遵守《萨班斯-奥克斯利法案》第404条的独立注册公共会计公司鉴证要求、在定期报告和代理声明中关于高管薪酬的披露义务减少，以及免于要求就高管薪酬进行非约束性咨询投票和股东对任何未经先前批准的金色降落伞支付的批准。

此外，JOBS法案第102(b)(1)条免除新兴成长公司遵守新的或修订的财务会计准则的义务，直到私人公司（即，未有《证券法》注册声明被宣布生效或未根据《交易法》注册任何证券类别的公司）被要求遵守新的或修订的财务会计准则。JOBS法案规定，公司可以选择退出延长的过渡期，并遵守适用于非新兴成长公司的要求，但任何此类退出选择都是不可撤销的。该公司已选择不退出该延长的过渡期，这意味着当一项准则被发布或修订，并且对公众公司或私人公司有不同的适用日期时，作为新兴成长公司的公司将可以在私人公司采用新修订的准则时采用新修订的准则。

这可能会使该公司财务报表与另一家非新兴成长公司或已选择不使用延长过渡期的新兴成长公司的财务报表进行比较变得困难或不可能，因为可能存在的会计准则差异。

\n\n \n \n \n

合规声明

我们的未经审计的中期合并财务报表符合国际会计准则第34号《中期财务报告》，并反映了我们认为对于公允列报所披露的中期期间的经营成果所必需的所有调整（这些调整属于正常经常性性质）。

\n\n \n \n \n

编制基础

(a)\n这些未经审计的中期合并财务报表是根据国际财务报告准则（“IFRS”）按照历史成本原则编制的，除非在下面的会计政策中另有披露。

按照IFRS编制这些未经审计的中期合并财务报表需要管理层在应用集团会计政策的过程中运用判断。这也需要使用某些关键的会计估计和假设。它还要求管理层在应用集团会计政策的过程中运用判断。涉及更高程度判断或复杂性的领域，或假设和估计对未经审计的中期合并财务报表具有重大影响的领域在注释4f)中披露。这些未经审计的中期合并财务报表及其附注应与集团截至2025年12月31日的经审计的合并财务报表一并阅读。

(b)\n除按公允价值通过其他综合收益计量的金融资产外，未经审计的中期合并财务报表是按照历史成本原则编制的。

(c)\n这些未经审计的中期合并财务报表以美国美元（“US$”）列示，这是公司的功能货币。

\n\n \n \n \n

合并基础

(a)\n编制未经审计的中期合并财务报表的基础：

i)\n所有子公司均包含在集团的未经审计的中期合并财务报表中。子公司是指集团控制的所有实体。当集团因参与该实体而面临或拥有可变回报，并且能够通过对其的控制影响这些回报时，集团即控制该实体。合并子公司的开始日期为集团获得对子公司的控制权之日，终止日期为集团失去对子公司的控制权之日。

ii)\n集团内部的公司间交易、余额以及未实现的损益在集团内部公司之间的交易中予以抵销。必要时对子公司的会计政策进行调整，以确保与集团采用的政策保持一致。

(b)\n包含在未经审计的中期合并财务报表中的子公司：

子公司安排

				百分比\n 的
				所有权\n (%)
投资者名称\n	被投资方名称\n	主要业务\n	地点	2026年6月30日\n	2025年12月31日\n
公司\n	GOAL\n BEYOND LIMITED (GOAL BEYOND)	控股公司\n	萨摩亚\n	100	100
公司\n	STAR\n LEADER TRADING LIMITED (STAR LEADER)	自行车、球拍及其他碳纤维复合材料产品的销售\n	香港\n	100	100
公司\n	博宏\n 江苏科技有限公司 (Bohong)	自行车、球拍及其他碳纤维复合材料产品的制造\n	中国江苏省\n （“PRC”）	-*	100
GOAL\n BEYOND\n	YMA\n CORPORATION (YMA)	碳纤维复合材料产品的研发、设计、制造和销售\n	中华民国\n （“ROC”）	100	100
GOAL\n BEYOND\n	TIME\n YIELD LIMITED (TIME YIELD)	采购\n	萨摩亚\n	-*	100
公司\n	PREMIUM\n QUEST INTERNATIONAL LIMITED (PREMIUM QUEST)	控股公司\n	英属维尔京群岛\n	-	100
公司\n	STAR\n LEADER TRADING PRIVATE LIMITED (STAR LEADER SG)	自行车、体育用品及其他碳复合材料产品的销售\n	新加坡\n	100	100
GOAL\n BEYOND\n	东莞常荣新材料科技有限公司	自行车、体育用品及其他碳复合材料产品的销售\n	中国广东省东莞市\n （“PRC”）	100	100
PREMIUM\n QUEST\n	LITZMO\n B.V.	自行车、体育用品及其他碳复合材料产品的销售\n	荷兰\n	-	100

\n\n

这些实体在该期间已注销。\n

\n\n \n \n \n

所得税

(a)\n中期期间的所得税费用根据预计的全年有效所得税税率计算，并据此披露相关信息。

(b)\n如果税率发生变化或实质上被修订，集团会在该变化发生的期间立即确认该变化的影响。该变化对利润或亏损外项目的影响在其他综合收益或权益中确认，而该变化对利润或亏损内项目的影响在利润或亏损中确认。

\n\n \n \n \n

固定资产

(a)\n固定资产按成本初始记录。在建设期间产生的借款费用予以资本化。

(b)\n后续成本在与该项目相关的未来经济利益很可能流入集团且该项目的成本能够可靠计量时，计入资产的账面价值或作为单独资产确认。被替换部分的账面价值予以转销。其他所有维修和维护费用在发生当期的财务期间计入损益。

(c)\n厂房和设备采用成本模式，并采用直线法将成本在其预计使用寿命内进行分摊。对于单项资产中成本相对于该资产总成本而言重大的部分，必须单独计提折旧。

(d)\n土地在初始确认时按成本计量，成本包括购买价格，包括法律费用和经纪费用、产权保险、不可退还的购买税，以及为土地准备其预期用途的直接相关成本。

(e)\n土地在初始确认后按成本减去任何累计的减值损失计量。由于土地被认为具有无限使用寿命，因此不计提折旧。

(f)\n根据IAS 36，在发生事件或情况变化表明账面价值可能无法收回时，对土地的账面价值进行减值测试。如果资产的账面价值超过其可回收金额，将在合并利润表中确认减值损失。

(g)\n资产的残值、使用寿命和折旧方法在每个财务年度末进行审查，并在适当的情况下进行调整。如果对资产的残值和使用寿命的预期与以前的估计不同，或者资产未来经济利益的消耗模式发生了重大变化，则从变更之日起，任何变更均根据IAS 8《会计政策、会计估计变更和差错》作为估计变更进行处理。\n不动产、厂房和设备的预计使用寿命如下：

不动产、厂房和设备的预计使用寿命表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

不动产、\n 厂房和设备		预计\n 使用寿命
土地		N/A\n – 不计提折旧
办公楼		35\n 年
租赁改良		2\n ~ 5 年
机械和设备		3\n ~ 10 年
模具设备		2\n ~ 5 年
其他		2\n ~ 10 年

\n\n \n \n \n

关键会计判断、\n 估计和主要假设的不确定性来源

(a)\n应收账款拨备的估值

在评估无法收回的应收账款过程中，集团必须使用判断和假设来确定应收账款的可收回性。可收回性受多种因素影响：客户的财务状况、公司的内部信用评级、历史经验、当前经济状况和未来宏观经济因素等。当预计销售无法收回时，集团在评估后确认特定的坏账准备。无法收回的应收账款的假设和估计是基于相关未来事件的，包括资产负债表日的状况。假设和估计可能与实际结果不同，这可能导致重大调整。

(b)\n存货的评估

由于存货按成本与可变现净值孰低计量，集团必须在资产负债表日使用判断和估计来确定存货的可变现净值。由于技术的快速创新，集团在资产负债表日评估正常库存消耗金额、滞销存货或无市场销售价值的存货，并将存货成本减记至可变现净值。存货的评估主要基于销售订单的单价作为估计的基础。因此，评估可能会有重大变化。

(c)\n以权益工具结算金融负债（股东交易）

集团在通过发行权益工具结算金融负债时应用IFRS 9和IFRIC 19的原则。然而，当金融负债通过现有股东明确以其作为权益所有者的身份进行结算时，该交易不在IFRIC 19的范围内。

管理层在评估此类交易的经济实质时需要做出重大判断，以确定股东是作为第三方债权人还是作为所有者行事。当确定对方以股东身份行事时，该交易应作为资本投入或股权重组进行会计处理。因此，该负债的已终止账面价值将直接重分类至权益（普通股和资本公积），并在综合收益表（亏损）中不确认任何收益或损失。

5.\n现金及现金等价物

现金及现金等价物明细表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月30日		2025年12月31日
现金及零钱	$	1,412		$	3,517
支票账户和活期存款		593,601			94,152
现金及现金等价物	$	595,013		$	97,669

以下表格列示了截至2026年6月30日和2025年12月31日按原始货币分类的现金及现金等价物明细：

按原始货币分类的现金及现金等价物明细表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月30日		2025年12月31日
原始货币
新台币	$	546,668		$	49,913
欧元		44			1,452
美元		47,453			36,170
人民币		848			10,134
按原始货币分类的现金及现金等价物	$	595,013		$	97,669

a)\n集团与多种信用质量高的金融机构进行交易，以分散信用风险，因此预计交易对手违约的可能性很小。

b)\n集团的现金及现金等价物未被质押给他人。

6.\n应收账款

应收账款明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至			截至
	2026年6月30日			2025年12月31日
应收账款	$	5,761,466			$	3,910,735
减：预期信用损失准备（注27(c)）		(331,761	)			(331,761	)
应收账款净额	$	5,429,705			$	3,578,974

(a)\n集团给予客户的信用期限为60至90天或部分预付款。应收款不计利息。\n预期信用损失准备是根据客户的信用质量确定的。

(b)\n应收账款账龄分析及逾期情况：

到期分析明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月30日		2025年12月31日
未逾期	$	984,881		$	1,764,589
30天以内		937,852			249,410
31至90天		68,626			1,558,011
91至180天		597,106			5,499
超过180天		2,841,240			1,465
应收账款，净额	$	5,429,705		$	3,578,974

(c)\n截至2026年6月30日和2025年12月31日，应收账款均来自与客户的合同。

(d)\n不考虑任何抵押品或其它信用增强措施，最能反映集团在应收账款方面最大信用风险敞口的金额是每个报告期末的账面金额。

(e)\n集团的应收账款未被质押给他人。

7.\n存货

存货明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至\n 2026年6月30日
	成本		减值准备\n			账面价值
商品存货：
原材料	$	498,278		$	(6,646	)	$	491,632
在产品		36,467			(195	)		36,272
产成品		512,946			(26,605	)		486,341
	$	1,047,691		$	(33,446	)	$	1,014,245

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至\n 2025年12月31日
	成本		减值准备\n			账面价值
商品存货：
原材料	$	522,432		$	(6,747	)	$	515,685
在产品		19,491			(14	)		19,477
产成品		521,722			(26,516	)		495,206
	$	1,063,645		$	(33,277	)	$	1,030,368

本期确认的存货成本：

存货成本明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	六个月结束于		六个月结束于
	2026年6月30日		2025年6月30日
销售成本	$	5,804,895		$	7,745,274
存货减值（转回）损失		712			(4,549	)
存货成本	$	5,805,607		$	7,740,725

(a)\n由于处置了某些之前已计提减值准备的存货，确认了存货减值及陈旧损失准备的转回。

(b)\n集团的存货未被质押给他人。

8.\n预付款项

预付款项明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月30日		2025年12月31日
采购预付款	$	116,330		$	78,070
预缴销售税		165,302			152,890
业务扩展预付款（注）		423,960			-
其他预付款		77,001			78,729
预付款项	$	782,593		$	309,689

注：\n该付款与进入与Patriot Green Energy Technology（“PSSB”）签订的独家全球分销协议后扩大海外市场所产生的费用有关，PSSB是一家下一代固态电池开发商/制造商，台湾的ITRI对其有重大少数股权投资，使J-Star成为PSSB产品在电动助力自行车和电动摩托车领域的唯一全球分销商，以及PSSB其他产品的非独家分销商。

9.\n以公允价值计量且其变动计入其他综合收益的非流动金融资产

以公允价值计量的非流动金融资产明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月30日		2025年12月31日
YMA DG（注a））	$	-		$	-
Forwell（注a））		-			-
Cycle Services Loire（注\n b））		-			-
非流动\n 金融资产	$	-		$	-

\n\n\n\n\n

a）	公司持有YMA DG和Forwell各19.5%的股权，这两家公司均为中国境内的自行车零部件制造商，公司对其不具有控制权或重大影响。该投资按公允价值计量且其变动计入其他综合收益。截至2025年12月31日止年度，管理层决定并转向新的经营策略，预计YMA DG和Forwell的投资不再可收回，因此公司在截至2025年12月31日止年度已将这些投资冲销至合并综合（损失）收益表中。

b）	Cycle\n Services Loire由于无运营活动，已在上一年度全额冲销。

10.\n固定资产，净额

固定资产，净额明细

	机器和设备			租赁改良			注塑设备		土地\n （注（a））		办公楼		建筑改良			其他\n		总计
	2026
	机器和设备			租赁改良			注塑设备		土地\n （注（a））		办公楼		建筑改良			其他\n		总计
截至1月1日
成本	$	1,258,382			$	268,427		$	51,929		$	-		$	-		$	-		$	111,714		$	1,690,452
累计折旧		(833,718	)			(264,511	)		(28,206			-			-			-			(100,628	)		(1,227,063	)
固定资产，净额	$	424,664			$	3,916		$	23,723		$	-		$	-		$	-		$	11,086		$	463,389

1月1日	$	424,664			$	3,916		$	23,723		$	-		$	-		$	-		$	11,086		$	463,389
新增									6,908			3,347,377			420,284			7,849			-			3,782,418
处置-成本		(257,129	)			-			-			-			-			-			-			(257,129	)
处置-累计折旧		254,148				-			-			-			-									254,148
折旧费用		(77,099	)			(3,304	)		(10,449	)		-			(3,002	)		(131	)		(1,884	)		(95,869	)
汇率调整		(1,261	)			(62	)		(1,227	)		-			-			-			(160	)		(2,710	)
6月30日	$	343,323			$	550		$	18,955		$	3,347,377		$	417,282			7,718			9,042			4,144,247

截至6月30日
成本	$	1,001,253			$	268,427		$	58,837		$	3,347,377		$	420,284			7,849			111,714			5,215,741
累计折旧		(657,930	)			(267,877	)		(39,882	)		-			(3,002	)		(131	)		(102,672	)		(1,071,494	)
物业、厂房及设备，净值	$	343,323			$	550		$	18,955		$	3,347,377		$	417,282			7,718			9,042			4,144,247

	机械及\n 设备			租赁土地改良			模具\n 设备		其他		总计
	2025
	机械及\n 设备			租赁土地改良			模具\n 设备		其他		总计
截至1月1日
成本	$	1,079,282			$	256,803		$	39,666		$	99,193		$	1,474,944
累计折旧		(659,517	)			(238,473	)		(30,045	)		(95,167	)		(1,023,202	)
物业、厂房及设备，净值	$	419,765			$	18,330		$	9,621		$	4,026		$	451,742

1月1日	$	419,765			$	18,330		$	9,621		$	4,026		$	451,742
新增		150,990				-			29,582			8,033			188,605
折旧费用		(151,458	)			(15,248	)		(15,922	)		(1,148	)		(183,776	)
处置 - 成本		(28,403	)			-			(19,114	)		-			(47,517	)
处置 – 累计折旧		28,403				-			19,114			-			47,517
汇率调整		5,367				834			442			175			6,818
12月31日	$	424,664			$	3,916		$	23,723		$	11,086		$	463,389

截至12月31日
成本	$	1,258,382			$	268,427		$	51,929		$	111,714		$	1,690,452
累计折旧		(833,718	)			(264,511	)		(28,206	)		(100,628	)		(1,227,063	)
固定资产，净额	$	424,664			$	3,916		$	23,723		$	11,086		$	463,389

注：

(a)	在\n 2022年6月1日，公司签订了一份合同，以购买位于台湾台中的一栋建筑物（含土地）作为新的总部。2026年2月，总交易价格调整为新台币\n 120,000,000（约3,767,661美元）。截至2026年3月完成日期，公司已支付新台币\n 24,000,000（约753,532美元），剩余部分通过新台币\n 96,000,000（约3,014,129美元）的抵押贷款融资，剩余部分将在交易完成时支付。2026年3月，该物业的产权转让已完成。土地不计提折旧。

11.\n租赁安排－承租人

租赁\n安排承租人

(a)\n 公司租赁各种资产，包括土地和建筑物。租赁合同通常为期2至3年。租赁条款是单独协商的，包含各种不同的条款和条件。租赁协议不包含承诺，但租赁资产不得用于借款担保。

(b)\n 使用权资产的账面价值和折旧费用如下：

使用权资产账面价值明细

\n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月\n 30日		2025年12月\n 31日
使用权\n 建筑物	$	32,953		$	81,350

c)\n 使用权资产的折旧金额如下：

使用权资产折旧明细

\n \n \n \n \n \n \n \n \n \n \n \n \n

截至\n 6月30日的六个月

截至\n 2026年6月30日

截至\n 6月30日的六个月

截至\n 2025年6月30日

使用权建筑物的折旧费用

48,397

110,903

折旧

48,397

110,903

d)\n利润和损失账户有关租赁合同的信息如下：

利润和损失信息表

\n \n \n \n \n \n \n \n \n \n \n \n \n

六个月结束

2026年6月30日

六个月结束

2025年6月30日

影响利润或损失的项目

租赁负债的利息费用

584

16,643

12.\n其他非流动资产，其他

其他非流动资产表

\n \n \n \n \n \n \n \n \n

截至

2026年6月30日

截至

2025年12月31日

购买固定资产的预付款

26,400

408,032

13.\n短期贷款

短期贷款表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		利率范围
贷款类型	2026年6月30日		(浮动利率)		担保
担保银行贷款	$	376,766		2.15%-6.71%		受限活期存款受限定期存款
无担保银行贷款		1,961,428		3.095%-6.775%		担保
无担保其他贷款		240,981		7.57%-9.46%		担保金
	$	2,579,175

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

贷款类型	截至 2025年12月31日		利率范围 (浮动利率)		担保
担保银行贷款-	$	2,125,367		2.22%-5.19%		受限活期存款受限定期存款担保/第三方担保
无担保其他贷款	$	616,185		10.80%		担保金
来自关联方的其他贷款	$	8,249,052		0.50%		无
	$	10,990,604

(a)\n所有短期贷款均由关键管理人员担保。

(b)\n截至2026年6月30日，大部分已到期的短期贷款已续期。

(c)\n作为担保的按摊余成本计量的金融资产。

(d)\n截至2025年12月31日，公司有一笔来自董事长Jing-Bin Chiang的直系亲属Yu-Ning Chiang女士的未担保贷款，金额为$8,249,052。该贷款利率为年利率0.5%，合同期限为一年。在此期间，截至2025年12月31日的未偿还贷款中，有$8.2百万转换为A类普通股，请参阅第17号注释以获取更多详情。

14.\n其他应付款

其他应付款表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至		截至
	2026年6月30日		2025年12月31日
应付工资和奖金	$	181,253		$	241,713
应付专业服务费用		107,254			202,295
应付设备款项		46			12,282
应付其他费用		306,622			484,869
其他应付款	$	595,175		$	941,159

15.\n长期贷款

长期贷款明细

				截至
贷款类型	期限和\n 支付条款	利率范围	抵押品	2026年6月\n 30日
长期银行贷款
银行贷款	借款期限为2023年9月\n 1日至2027年9月1日；本金和利息每月偿还。	2.22%	受限存款	$	261,643
银行贷款	借款期限为2024年9月6日\n 至2029年9月6日；本金和利息每月偿还。	3.0%	受限存款	$	314,085
银行贷款	借款期限为2026年3月9日至2046年3月\n 9日；利息每月偿还；本金在12个月宽限期后每月偿还。	2.3%	土地和建筑物		1,243,642
银行贷款	借款期限为2026年3月17日至\n 2046年3月17日；利息每月偿还；本金在12个月宽限期后每月偿还。	2.3%	土地和建筑物		1,770,487
银行贷款	借款期限为2025年1月22日至\n 2028年1月22日；本金和利息每月偿还。	2.46%	受限存款		248,562
银行贷款	借款期限为2025年3月31日至\n 2030年3月31日。利息每月偿还；本金在12个月宽限期后每月偿还。	2.22%	受限存款		460,226
其他\n 贷款	借款期限为\n 2026年6月30日至2028年6月28日；本金和利息每月偿还。	10.80%	由董事会主席蒋劲宾先生担保		627,943
贷款				$	4,926,588
减：流动部分					(983,864	)
长期\n 银行贷款				$	3,942,724

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

				截至
贷款类型	期限和\n 支付条款	利率范围	抵押品	2025年12月\n 31日
长期银行贷款
银行贷款	借款期限为\n 2023年9月01日至2027年9月01日；利息每月偿还；本金每月偿还	2.20%	受限存款		371,906
银行贷款	借款期限为2024年9月06日\n 至2029年9月06日；利息每月偿还；本金每月偿还	3.00%	受限存款		365,253
银行贷款	借款期限为2025年1月22日\n 至2028年1月22日；利息每月偿还；本金每月偿还	2.46%	受限存款		332,058
银行贷款	借款期限为2025年3月31日\n 至2030年3月31日；利息每月偿还；本金在12个月宽限期后每月偿还	2.22%	受限存款		468,919
其他长期贷款
其他贷款	借款期限为\n 2025年1月9日至2026年7月10日；利息每月偿还；本金每月偿还	8.08%	由董事会主席蒋劲宾先生担保		114,122
贷款				$	1,652,258
减：流动部分					(624,620	)
长期\n 银行贷款				$	1,027,638

a)	长期贷款（包括一年内到期的长期贷款）由关键管理人员担保。

16.\n股权激励

a)\n截至2026年6月30日和2025年6月30日的六个月，集团的股权激励安排如下：

股权激励安排表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

安排类型

授予日期

授予数量

（股）\n

每单位公允价值

合同期间

归属条件

奖金股份

2020年8月28日

720,000

美元

2.1610

5年

5年服务期

奖金股份

2026年1月30日

2,850,129

美元

0.4322

立即，1年，和3年

立即，1年，和3年服务期

(1)	2020年8月28日，新月公司（New Moon）作为公司的股东、公司的员工和公司签署了一份三方人才奖励协议。根据协议，公司向员工提供NT$10,000,000（美元327,600）用于以每股NT$10的价格购买新月公司持有的公司1,000,000股股票。在5年后，这些股票将一次性归属。如果在付款后三十天内无法完成股票购买，员工应将付款返还给公司。此外，如果员工在协议签署日起五年内辞职，应将股票返还给新月公司。新月公司也应将从员工处收到的对价返还给公司。

aforementioned 奖金股份由公司的股东以股份形式结算，在归属期内不得转让，但投票权和分红权不受限制。如果员工在归属期内辞职，需将股份返还给股东，但无需返还已获得的分红。

公司将新月公司提供的股份作为以权益结算的股权激励安排进行核算。公司提供的NT$10,000,000（美元327,600）作为预付现金激励给员工，并在合同期间（五年）内进行摊销。

2020年授予的股权激励已于2025年8月全部归属。

(2)

在2025年12月11日，我们的董事会批准了2025年股权激励计划（“2025计划”），该计划于同一天生效。2025计划允许向公司的员工、董事和顾问授予基于股票的奖励，包括但不限于股票期权、股票增值权、限制性股票、限制性股票单位、业绩单位和业绩股票。根据2025计划，将发行的A类普通股总数最多为3,354,075股。2026年1月30日，根据2025计划，向员工、董事和顾问授予了总计2,850,129股A类普通股的股票奖励。截至2026年6月30日，2025计划下仍有503,946股A类普通股可用于未来的授予。这些奖励在授予日的公允价值为每股美国美元0.4322。一部分奖励在授予日立即归属，其余奖励将在授予日起最多三年内归属。此处所有未到期的股份均未考虑在2026年6月8日举行的年度股东大会上批准的1比5的股份合并。

b)\n截至2026年6月30日和2025年6月30日的六个月，基于股票的支付交易如下：。

基于股票的支付交易表

\n \n \n \n \n \n \n \n \n

六个月结束

2026年6月30日

六个月结束

2025年6月30日

基于股票的\n 支付

1,134,787

65,856

17。\n股本

公司的授权股本为美国美元65,000,000，分为130,000,000股面值为美国美元0.50的普通股。截至2024年12月31日，公司只有一类普通股，其中15,762,887股已发行并流通。

在2025年7月31日，公司完成了其首次公开发行（“IPO”）1,250,000股普通股，发行价格为每股美国美元4.00，在扣除承销折扣和佣金及其他发行费用前，总收益为美国美元5,000,000。

2025年8月7日，公司根据全额行使超额配售选择权，以每股4.00美元的价格发行了额外的187,500股普通股，产生了750,000美元的额外毛收入，在扣除承销折扣和佣金及其他发行费用前。

上述交易中发行的股票的总面值为718,750美元（代表1,437,500股），已记录为普通股。毛收入超过面值的部分为5,031,250美元，最初记录为资本盈余（额外实收资本），在扣除承销折扣和佣金及其他发行费用前。与IPO相关的公司产生了承销折扣和佣金及其他发行费用，这些费用被记为资本盈余的减少。因此，IPO（包括全额行使超额配售选择权）产生的资本盈余的净增加额为1,383,816美元。

2025年12月9日，股东批准了股份资本重组，并修订了公司的章程和组织大纲，如下：

a)\n将现有普通股重新指定为A类和B类普通股，授权股本包括30,000,000股A类普通股，每股面值为4.00美元，以及100,000,000股B类普通股，每股面值为4.00美元。

b)\n分别从New Moon Corporation和蒋景彬先生处回购4,888,092股和1,209,091股A类普通股，以发行同等数量的B类普通股作为交换。

c)\n每份A类普通股拥有1票投票权，而每份B类普通股拥有10票投票权。除投票权差异外，A类和B类普通股在其他所有方面均享有同等权利，包括分红和分配权利。

在2026年5月18日，我们的董事会和审计委员会批准将董事长兼董事Jing-Bin Chiang的家族成员Chiang Yu-Ning提供的820万美元未偿还贷款转换为子公司Goal Beyond Limited的2,050,000股A类普通股，转换价格为每股4.00美元——高于2026年5月15日的收盘价和五个交易日的平均收盘价——转换股份将直接由Chiang先生持有，转换后他将持有2,050,000股A类普通股和6,097,183股B类普通股，约占总投票权的81.88%；该关联方交易已由董事会和审计委员会审查，并在公司于2026年4月30日提交的20-F表格中披露。管理层评估了该交易，并得出结论：主要股东是作为现有股权所有者，而非普通第三方债权人行事的。该评估基于转换条款，这些条款旨在支持公司的资本增长并加强其财务状况。因此，该交易在IFRIC 19的范围例外情况下被记为股权重组。被注销的股东贷款820万美元的账面价值从负债中注销，其中1,025,000美元按每股0.5美元的面值计入A类普通股，剩余7,175,000美元计入资本盈余。由于该交易，综合收益表中未确认任何收益或损失。

在2026年6月8日的年度股东大会上，董事会批准了A类和B类普通股1股换5股的合并。

由于上述交易，截至2026年6月30日，共发行并流通了17,200,387股，其中包括15,733,334股（2025年12月31日：11,103,204股）A类普通股和6,097,184股（2025年12月31日：6,097,183股）B类普通股。

普通股明细

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至 \n 2026年6月30日		截至 \n 2025年12月31日
普通股
普通股（A类）	$	7,866,667		$	5,551,602
普通股（B类）		3,048,592			3,048,592
总计	$	10,915,259		$	8,600,194

(a)\n根据公司的公司章程，董事会有权在绝对自由裁量权下，对已发行的股份宣布股息和分配，并授权从公司合法可用的资金中支付股息或分配。董事会可以不时向股东宣布中期股息。在宣布额外股息分配之前，董事会可根据其认为适当的方式从收益中预留资金，以支付任何意外费用或调整股息或用于其他目的，这些目的将根据其自由裁量权使用收益，并且在使用之前，该预留资金可根据同一自由裁量权临时用于公司的业务或投资于董事会认为适当的投资。

18.\n资本盈余

Pursuant\nto the Cayman Islands Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of ordinary shares\nand donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership,\nprovided that the Company has no accumulated deficit. However, capital surplus should not be used to cover accumulated deficit unless\nthe legal reserve is insufficient.

Schedule\nof capital surplus

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Note	Share\n premium		Share-based\n payments			Total
		2026
	Note	Share\n premium		Share-based\n payments			Total
January 1		$	8,657,770		$	661,600		$	9,319,370
Conversion of shareholder’s loan to shares	16		7,175,000			-			7,175,000
Cancellation of shareholder’s loan			1,743,411			-			1,743,411
Share-based payments			-			(155,278	)		(155,278	)
June 30		$	17,576,181			506,322			18,082,503

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Share\n premium		Share-based\n payments			Total
	2025
	Share\n premium		Share-based\n payments			Total
January 1	$	7,273,954		$	573,792		$	7,847,746
Share-based payments		-			65,856			65,856
June 30	$	7,273,954		$	639,648		$	7,913,602

Save\nas disclosed for the changes in capital surplus, the following transaction occurred in the current period gave effect to the increase\nin capital surplus.

On\nJune 30, 2026, the board approved the CEO and director, Jing-Bin Chiang, cancelled all outstanding shareholder’s loan together\nwith unpaid interest as of June 30, 2026. Pursuant to which, an agreement was entered into between the Company and Jing-Bin Chiang that\nboth parties agreed the cancellation of all outstanding shareholder’s loan together with unpaid interest irrevocably. This cancellation\nof debt was treated as equity transaction and transferred the whole carrying amount of $1,743,411 to capital surplus.

19.\nOperating revenue

Schedule of disaggregation of revenue

\n \n \n \n \n \n \n \n \n \n \n \n \n

Six\n Months Ended

June\n 30, 2026

Six\n Months Ended

June\n 30, 2025

Revenue from contracts with customers

Sales\n of goods

6,767,591

10,588,835

(a)\nDisaggregation of revenue from contracts with customers

The\nGroup derives revenue from the transfer of goods at a point in time and services over time in the following major product lines and geographical\nregions:

Schedule of revenue for geographical regions

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Revenue from external\n customer contracts
Six months\n ended June 30, 2026	Asia		US			Other\n areas		Total
Sales of product
Bicycle\n frame	$	-		$	-		$	528,621	$	528,621
Racket		5,999,258			54,111			-		6,053,369
Crank		566			-			12,340		12,906
Others		49,164			-			123,531		172,695
Total	$	6,048,988		$	54,111		$	664,492	$	6,767,591

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Revenue from external customer contracts
Six months ended June 30,\n 2025	Asia		US			Other\n areas		Total
Sales of product
- Bicycle\n frame	$	13,513		$	-		$	2,756,990	$	2,770,503
- Bicycle		24,363			-			-		24,363
- Racket		5,675,167			-			295		5,675,462
- Crank		32,761			-			224,134		256,895
- Others		50,131			31,458			23		81,612
Service\n provision		480,000			-			1,300,000		1,780,000
Total	$	6,275,935		$	31,458		$	4,281,442	$	10,588,835

By\nthe timing of revenue recognition:

Schedule of timing of revenue recognition

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Six months ended \n June 30, 2026		Six months ended \n June 30, 2025
At a point in time	$	6,767,591		$	8,808,835
Over time		-			1,780,000
Total	$	6,767,591		$	10,588,835

(b)\nContract liabilities

Schedule of contract liabilities

(i)\nThe Group has recognized the following revenue-related contract liabilities:

\n \n \n \n \n \n \n \n \n \n \n \n \n

	As of		As of
	June\n 30, 2026		December\n 31, 2025
Contract\n liabilities - receipts in advance	$	146,622		$	60,906

(ii)\nRevenue recognized that was included in the contract liability balance at the beginning of the year:

\n \n \n \n \n \n \n \n \n

Six\n months ended

June\n 30, 2026

Six\n months ended

June\n 30, 2025

Revenue\n recognized from beginning contract liabilities

60,906

276,210

20.\nFinance costs

Schedule of finance costs

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Six\n months ended June\n 30, 2026		Six\n months ended June\n 30, 2025
Finance costs from
Loans	$	136,853		$	207,461
Lease liabilities		584			2,582
Total finance costs	$	137,437		$	210,043

21.\nExpenses by nature

Schedule of expenses by nature

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Six\n months ended June\n 30, 2026		Six\n months ended June\n 30, 2025
Purchase and sale of merchandise\n inventory	$	5,805,607		$	7,740,725
Employee benefit expenses		1,890,948			1,407,526
Fuel and utility expense		11,684			32,709
Freight expenses		22,767			55,444
Professional service expenses		371,904			196,377
Depreciation expenses		95,869			90,248
Depreciation expenses-right-of-use assets		48,397			110,903
Amortization expenses		29,507			7,782
Other expenses		440,029			793,542
Total expenses by nature	$	8,716,712		$	10,435,256

22.\nIncome tax

(a)\nIncome tax (credit) expense

Components\nof income tax (credit) expense:

Schedule of components of income tax (credit) expense

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n

	Six\n Months ended June\n 30, 2026			Six\n Months ended June\n 30, 2025
Current income tax:
Taiwan	$	-			$	640
Current income tax	$	-			$	640
Deferred tax:
Taiwan		(165,355	)			8,780
Hong Kong		(34,932	)			-
Deferred tax		(34,932	)			-
Income tax (credit)\n expense	$	(200,287	)		$	9,420

Tax\n(credit) expenses were computed based on the rates applicable in the respective countries where the Group entities operate.

23.\n(Loss) earnings per share

Schedule\nof loss earnings per share

\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n

	Six\n months ended June 30, 2026
	Amount\n after income tax		Weighted\n average number of ordinary shares outstanding		Loss\n per share (in\n dollars)
Loss attributable\n to the parent	$	1,567,791		3,973,095		$	(0.39	)

	Six\n months ended June 30, 2025
	Amount\n after income tax		Weighted\n average number of ordinary shares outstanding		Earnings\n per share (in\n dollars)
Earnings\n attributable to the parent	$	5,237		15,762,887		$	0.00

The\nconsideration of 2025 Equity Incentive Plan will result in anti-dilution for the six months ended June 30, 2026, hence, no diluted earnings\nper share was same as basis (2025: Nil).

24.\nRelated party transactions

(a)\nParent and ultimate controlling party

Jing-Bin\nChiang and his family who directly and indirectly owns 49.08% equity interest in the Company as of June 30, 2026 (December 31, 2025:\n55.81%).

(b)\nNames of related parties and relationship

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Names\n of related parties	Relationship\n with the Company	Notes
YMA\n DG	N/A	a)
Forwell	N/A	a)
Jing-Bin\n Chiang	Key\n management
Yu-Ning\n Chiang	Key\n management

a)	On\n April 1, 2023, the Group sold 80.5% of its equity interests in both YMA DG and Forwell. In\n 2025, the Group completed its exit from China operations and fully wrote off and derecognized\n all remaining assets and operational interests associated with these entities.

(ii)\nPurchase of goods:

Schedule of purchase of goods

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Six\n months ended June\n 30, 2026		Six\n months ended June\n 30, 2025
Purchase of goods
YMA DG	$	315,391		$	2,266,789
Total\n purchase of goods	$	315,391		$	2,266,789

Goods\nare purchased based on the prices and terms that would be available to third parties.

(d)\nGuarantees provided by related parties:

(i)\nThe provision of credit lines used from loans guaranteed by key management is as follows:

Schedule of endorsements and guarantees provided by\nrelated parties

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	As of		As of
	June\n 30, 2026		December\n 31, 2025
Guaranteed by key management
Short-term loans	$	2,579,175		$	2,741,552
Long-term loans		4,926,588			1,652,258
Guaranteed by key management	$	7,505,763		$	4,393,810

(e)\nKey management compensation

Schedule\nof key management compensation

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Six\n months ended June\n 30, 2026		Six\n months ended June\n 30, 2025
compensation
Salaries and other short-term employee\n benefits	$	325,543		$	305,860
Post-employment benefits		4,828			4,518
Share-based payments		1,134,787			65,856
Compensation	$	1,465,158		$	376,234

25.\nPledged assets

The\nGroup’s assets pledged as collateral are as follows:

Schedule of pledged assets

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	As of		As of
Pledged\n assets	June\n 30, 2026		December\n 31, 2025			Purposes
Financial\n assets at amortized cost	$	504,240		$	455,133		Short-term loans, Long-term\n loans
Property, plant and equipment		3,014,129			-		Long-term loans
Guarantee\n deposits paid		36,773			88,188		Short-term loans,
Pledged assets	$	3,555,142		$	543,321

26.\nCapital management

The\nGroup’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to\nprovide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or\nadjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue\nnew shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net\ndebt divided by total capital. Net debt is calculated as total loans (including ‘current and non-current loans’ as shown\nin the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as ‘equity’ as shown in the\nunaudited interim condensed consolidated balance sheet plus net debt.

The\nCroup’s strategy, which is unchanged for the reporting periods, is to maintain a reasonable ratio in order to raise capital with\nreasonable cost.

The\ndebt to capital ratios as of June 30, 2026 and December 31, 2025 were:

Schedule of debt to capital ratio

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	As of			As of
	June\n 30, 2026			December\n 31, 2025
Total borrowings	$	7,505,763			$	12,642,862
Less: Cash and cash equivalents		(595,013	)			(97,669	)
Net debt		6,910,750				12,545,193
Total equity		2,772,072				(6,777,635	)
Total capital	$	9,682,822			$	5,767,558
Gearing ratio		71	%			217	%

27.\nFinancial instruments

(a)\nFinancial instruments by category

Schedule\nof financial instruments

	As of		As of
	June\n 30, 2026		December\n 31, 2025
Financial assets
Financial assets at amortized\n cost
Cash and cash\n equivalents	$	595,013		$	97,669
Financial assets at amortized\n cost		504,240			455,133
Accounts receivable		5,429,705			3,578,974
Other receivables		198,277			2,638
Guarantee\n deposits paid		79,564			142,364
Total Financial Assets	$	6,806,799		$	4,276,778
Financial liabilities
Financial liabilities at\n amortized cost
Short-term loans	$	2,579,175		$	10,990,604
Accounts payable		1,396,795			180,954
Other payables		595,175			941,159
Other current liabilities		1,100,985			13,467
Long-term\n loans (including current portion)		4,926,588			1,652,258
Total Financial Liability	$	10,598,718		$	13,778,442
Lease liability	$	33,452		$	82,078

(b)\nFinancial risk management policies

(i)\nThe Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk\nand price risk), credit risk and liquidity risk.

(ii)\nRisk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors. Group\ntreasury identifies, evaluates, and hedges financial risks in close co-operation with the Group’s operating units. The Board provides\nwritten principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange\nrisk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment\nof excess liquidity.

(c)\nSignificant financial risks and degrees of financial risks

(i)\nMarket risk

Foreign\nexchange risk

1.\nThe Group operates internationally and is exposed to foreign exchange risk arising from the transactions of the Company and its subsidiaries\nused in various functional currency, primarily with respect to the USD. Foreign exchange risk arises from future commercial transactions\nand recognized assets and liabilities.

2.\nManagement has set up a policy to require group companies to manage their foreign exchange risk against their functional currency. Exchange\nrate risk arising from the difference between various functional currencies and the reporting currency in the unaudited condensed interim\nconsolidated financial statements is centrally managed by the Group’s finance department.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	June\n 30, 2026
	Foreign\n currency amount		Exchange\n rate		Book\n value (USD)
Foreign currency: functional currency
Financial assets
Monetary items
USD:NTD	$	2,090,882		31.85		$	2,090,882
USD:HKD		1,931,302		7.84			1,931,302
Financial liabilities
Monetary items
USD:NTD	$	1,193,816		31.85		$	1,193,816
USD:HKD		2,341,700		7.84			2,341,700

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	June\n 30, 2025
	Foreign\n currency amount		Exchange\n rate		Book\n value (USD)
Foreign currency: functional currency
Financial assets
Monetary items
USD:NTD	$	2,022,196		29.18		$	2,022,196
Financial liabilities
Monetary items
USD:NTD	$	2,540,931		29.18		$	2,540,931

4.\nTotal exchange gain, including realized and unrealized, arising from significant foreign exchange variation on the monetary items held\nby the Group:

\n \n \n \n \n \n \n \n \n

Six\n Months ended

June\n 30, 2026

Six\n Months ended

June\n 30, 2025

Foreign\n exchange gains

33,519

37,546

5.\nAnalysis of foreign currency market risk arising from significant foreign exchange variation:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Sensitivity\n analysis
	June\n 30, 2026
	Degree\n of variation	Effect\n on profit or loss		Effect on other \n comprehensive income
Foreign currency: functional currency
Financial assets
Monetary items
USD:NTD	5%	$	104,544		$	-
USD:HKD	5%		96,565			-
Financial liabilities
Monetary items
USD:NTD	5%	$	59,691		$	-
USD:HKD	5%		117,085			-

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Sensitivity\n analysis
	June\n 30, 2025
	Degree\n of variation	Effect\n on profit or loss		Effect on other \n comprehensive income
Foreign currency: functional currency
Financial assets
Monetary items
USD:NTD	5%	$	324,464		$	-
Financial liabilities
Monetary items
USD:NTD	5%	$	38,062		$	-

Cash\nflow Interest rate risk

1.\nThe Group’s main interest rate risk arises from short-term loans and long-term loans with variable rates, which expose the Group\nto cash flow interest rate risk. For the six months ended June 30, 2026 and 2025, the Group’s loans at variable rate were mainly\ndenominated in NTD and USD.

2.\nThe Group’s loans are measured at amortized cost. The loans are periodically contractually repriced and to that extent are also\nexposed to the risk of future changes in market interest rates.

3.\nIf the borrowing interest rate had increased/decreased by 1% with all other variables held constant:

\n \n \n \n \n \n \n \n \n

Six\n months ended

June\n 30, 2026

Six\n months ended

June\n 30, 2025

(Loss) profit\n increased/decreased

75,058

126,429

The\nmain factor is that changes in interest expense result in floating-rate loans.

(ii)\nCredit risk

1.\nCredit risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments\non the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed\nterms, and the contract cash flows of debt instruments stated at amortized cost.

2.\nThe Group manages their credit risk taking into consideration the entire group’s concern. For banks and financial institutions,\nonly independently rated parties with a minimum rating of ‘A’ are accepted.

According\nto the Group’s credit policy, each local entity in the Group is responsible for managing and analyzing the credit risk for each\nof their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit\nquality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are\nset based on internal or external ratings in accordance with limits set by the Board of Directors. The utilization of credit limits is\nregularly monitored.

3.\nIn line with credit risk management procedure, when the contract payments of the counterparty were past due over 180 days and after repeatedly\nasking for payment over 180 days, the default has occurred.

4.\nThe Group adopts the following assumptions under IFRS 9 to assess whether there has been a significant increase in credit risk on that\ninstrument since initial recognition:

If\nthe contract payments were past due over 60 days based on the terms, there has been a significant increase in credit risk on that instrument\nsince initial recognition.

5.\nThe Group classifies customer’s accounts receivable in accordance with credit risk on trade and customer type. The Group applies\nthe modified approach using a provision matrix based on the loss rate methodology to estimate expected credit loss under the provision\nmatrix basis.

6.\nThe Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures.\nHowever, the Group will continue executing the recourse procedures to secure their rights.

7.\nThe Group used the forecast ability to adjust historical and timely information to assess the default possibility of accounts receivable.\nThe loss rate methodology is as follows:

Schedule\nof loss rate methodology

	Not\n past due			Up\n to 30 days past\n due			31\n to 90 days past\n due		91\n to 180 days past\n due		Over\n 180 days past\n due			Total
As of June 30, 2026
Expected loss rate		0.00	%			0.00	%		0.77	%		1.06	%			10.25	%		-
Total book value	$	984,881			$	937,852		$	69,160		$	603,510			$	3,166,063		$	5,761,466
Loss allowance	$	-			$	-		$	534		$	6,404			$	324,823		$	331,761
At December 31, 2025
Expected loss rate		0.01	%			0.08	%		14.2	%		92.93	%			92.63	%		-
Total book value	$	1,764,589			$	249,410		$	1,558,011		$	5,499			$	1,465		$	3,578,974
Loss allowance	$	122			$	203		$	257,810		$	72,269			$	1,357		$	331,761

8.\nMovements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable, contract assets\nand lease payments receivable are as follows:

Schedule of loss allowance for accounts receivable

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n

	2026
	Loss\n allowance
At January 1	$	331,761
Provision\n for expected credit losses		-
Write-offs		(18,915,508	)
As of June 30	$	331,761

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2025
	Loss\n allowance
At January 1	$	-
Provision\n for expected credit losses		19,247,269
Write-offs		(18,915,508	)
As of December 31	$	331,761

9.\nFor investments in debt instruments at amortized cost, the credit rating levels are presented below:

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n

	6\n months		Significant\n increase \n in\n credit risk			Impairment\n of credit		Total
	June\n 30, 2026
			Lifetime
	6\n months		Significant\n increase \n in\n credit risk			Impairment\n of credit		Total
Financial\n assets at amortized cost	$	504,240		$	-		$	-	$	504,240
Other receivables (including\n Long-term receivables)	$	198,277		$	-		$	-	$	198,277
Other receivables	$	2,638		$	-		$	-	$	2,638
Guarantee deposits paid	$	79,564		$	-		$	-	$	79,564

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	12\n months		Significant\n increase \n in\n credit risk			Impairment\n of credit		Total
	December\n 31, 2025
			Lifetime
	12\n months		Significant\n increase \n in\n credit risk			Impairment\n of credit		Total
Financial\n assets at amortized cost	$	455,133		$	-		$	-	$	455,133
Other receivables	$	2,638		$	-		$	-	$	2,638
Guarantee deposits paid	$	142,364		$	-		$	-	$	142,364

(iii)\nLiquidity risk

1.\nCash flow forecasting is performed in the operating entities of the Group and aggregated by Group treasury. Group treasury monitors rolling\nforecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs.

2.\nSurplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group\ntreasury. Group treasury invests surplus cash in interest bearing current accounts, time deposits, money market deposits, choosing instruments\nwith appropriate maturities or sufficient liquidity to provide sufficient head-room as determined by the above-mentioned forecasts.

3.\nThe unused available credit from bank loans of the Group:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	As of		As of
	June\n 30, 2026		December\n 31, 2025
Floating rate:
Expiring within one year	$	2,171,226		$	6,610,518
Expiring beyond one year		3,896,022			3,721,667
	$	6,067,248		$	10,332,185

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

June\n 30, 2026	Less\n than 1 year		Between\n 1 year and\n 3 years			Total
Non-derivative financial liabilities
Short-term\n loans	$	2,634,864		$	-		$	2,634,864
Accounts payable		1,396,795			-			1,396,795
Other payables		595,175			-			595,175
Other current liabilities		1,100,985			-			1,100,985
Lease liabilities		33,452			-			33,452
Long-term loans (including\n current portion)		1,134,239			4,692,450			5,826,689

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

December\n 31, 2025	Less\n than 1 year		Between\n 1 year and\n 3 years			Total
Non-derivative financial liabilities
Short-term\n loans	$	10,990,604		$	-		$	10,990,604
Accounts payable		180,954			-			180,954
Other payables		941,159			-			941,159
Lease liabilities		82,078			-			82,078
Long-term loans (including\n current portion)		624,620			1,027,638			1,652,258

28.\nFair value information

(a)\nThe different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments\nhave been defined as follows:

\n\n\n\n\n

	●	Level\n 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that\n the entity can access at the measurement date. A market is regarded as active where a market\n in which transactions for the asset or liability take place with sufficient frequency and\n volume to provide pricing information on an ongoing basis.
	●	Level\n 2: Inputs other than quoted prices included within Level 1 that are observable for the asset\n or liability, either directly or indirectly.
	●	Level\n 3: Unobservable inputs for the asset or liability.

(b)\nThe related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics\nand risks of the assets and liabilities. As of June 30, 2026 and December 31, 2025, the Group did not hold any financial assets or liabilities\nmeasured at fair value on a recurring basis. Accordingly, no fair value hierarchy table is presented.

(c)\nFinancial instruments not measured at fair value

The\ncarrying amounts of cash and cash equivalents, current financial assets at amortized cost, accounts receivable, other receivables, guarantee\ndeposits paid, short-term loans, current contract liabilities, notes payable, accounts payable, other payables, other current liabilities\nand long-term loans (including current portion) are approximate to their fair values.

29.\nSegment Information

(a)\nGeneral information

The\nGroup operates as a single reporting segment, primarily engaged in bicycle, racket, and other businesses.

(b)\nMeasurement of segment information

The\nBoard of Directors evaluates the performance of the operating segments based on a measure of income before tax.

(c)\nInformation about segment profit or loss

As\nof June 30, 2026, the information on segment profit or loss, assets, and liabilities is consistent with the information in the unaudited\ninterim condensed consolidated financial statements; please refer to the unaudited interim condensed consolidated balance sheets and\nunaudited interim condensed consolidated statements of comprehensive (loss) income.

30.\nSignificant events after the reporting period

The Company has filed Form F-3 shelf registration\nstatement for a shelf offering up to $150,000,000 of Class A Ordinary Shares which become effective on September 23, 2026.

On September 24, 2026, the Company entered\ninto an equity purchase agreement with Hudson Global Ventures, LLC, granting the Company the right, but not the obligation, to sell up\nto $35,000,000 of Class A Ordinary Shares (par value US$2.50 per share) to the Investor over a 36-month commitment period, with each\nput notice subject to a minimum of $25,000 and a maximum of the lesser of $2,500,000 or 200% of the Average Daily Trading Value, at an\nInitial Purchase Price equal to 95% of the average of the three lowest traded prices during the five trading days immediately preceding\nthe respective Put Date; as consideration, the Company issued warrants to purchase up to an aggregate of 525,000 Ordinary Shares, and\nconcurrently entered into a registration rights agreement covering the resale of the shares issuable under the purchase agreement and\nthe shares underlying the warrants.

The\nGroup has evaluated all subsequent events from July 1, 2026 through October 23, 2026, the date these unaudited interim condensed consolidated\nfinancial statements were available to be issued. Other than the matters disclosed above, there were no material subsequent events requiring\nadjustment to or disclosure in these unaudited interim condensed consolidated financial statements

Safe\nHarbor Statements

This\nfiling contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private\nSecurities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,”\n“expects,” “anticipates,” “aims,” “future,” “intends,” “plans,”\n“believes,” “estimates,” “confident,” “potential,” “continue” or other similar\nexpressions. Among other things, the quotations from management in this announcement, as well as J-Star’s strategic and operational\nplans, contain forward-looking statements. J-Star may also make written or oral forward-looking statements in its periodic reports to\nthe U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other\nwritten materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical\nfacts, including but not limited to statements about J-Star’s beliefs and expectations, are forward-looking statements. Forward-looking\nstatements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained\nin any forward-looking statement, including but not limited to the following: changes in political, social and economic conditions, the\nregulatory environment, laws and regulations and interpretation thereof in the jurisdictions where we conduct business or expect to conduct\nbusiness; the risk that we may be unable to realize our anticipated growth strategies and expected internal growth; its future business\ndevelopment, results of operations and financial condition; changes in the availability and cost of professional staff which we require\nto operate our business; changes in customers’ preferences and needs; changes in competitive conditions and our ability to compete\nunder such conditions; changes in our future capital needs and the availability of financing and capital to fund such needs; changes\nin currency exchange rates or interest rates; projections of revenue, earnings, capital structure and other financial items; changes\nin our plan to enter into certain new business sectors; and other factors beyond our control. Further information regarding these and\nother risks is included in J-Star’s filings with the SEC. All information provided in this report and in the attachments is as\nof the date of this report, and J-Star undertakes no obligation to update any forward-looking statement, except as required under applicable\nlaw.

Other\nInformation

On\nOctober 23, 2025, the Company issued a press release entitled “J-Star Holding Co., Ltd. Files Interim Financial Report on Form\n6-K.” A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

EXHIBIT\nINDEX

\n \n \n \n \n \n \n \n \n

Exhibit\n No.		Description
99.1		Press Release dated October 23, 2025

SIGNATURES

Pursuant\nto the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by\nthe undersigned, thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Date:\n October 23, 2026	J-Star\n Holding Co., Ltd.

	By:	/s/\n Jing-Bin Chiang
	Name:\n	Jing-Bin\n Chiang
	Title:	Chief\n Executive Officer

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