CHT 6-K

1934 Act Registration No. 1-31731

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

Dated February 27, 2025

Chunghwa Telecom Co., Ltd.

(Translation of Registrant’s Name into English)

21-3 Xinyi Road Sec. 1,

Taipei, Taiwan, 100 R.O.C.

(Address of Principal Executive Office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ☐ No ☒

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable )

EXHIBIT INDEX

Exhibit		Description
99.1		Parent Only Financial Statements for the Years Ended December<br>31, 2024 and 2023 and Independent Auditors’ Report pursuant to International Financial Reporting Standards adopted by ROC (“Taiwan-IFRSs”)
99.2		Consolidated Financial Statements for the Years Ended December<br>31, 2024 and 2023 and Independent Auditors’ Report pursuant to International Financial Reporting Standards adopted by ROC (“Taiwan-IFRSs”)

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant Chunghwa Telecom Co., Ltd. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 27, 2025

Chunghwa Telecom Co., Ltd.
By:	/s/ Wen-Hsin Hsu
Name:	Wen-Hsin Hsu
Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

Chunghwa Telecom Co., Ltd.

Parent Only Financial Statements for the

Years Ended December 31, 2024 and 2023 and

Independent Auditors’ Report

INDEPENDENT AUDITORS’ REPORT

PWCR24002609

To the Board of Directors and Shareholders of Chunghwa Telecom Co., Ltd.

Opinion

We have audited the accompanying parent company only balance sheets of Chunghwa Telecom Co., Ltd. (the “Company”) as of December 31, 2024, and the related parent company only statements of comprehensive income, of changes in equity and of cash flows for the year then ended, and notes to the parent company only financial statements, including a summary of material accounting policy information.

In our opinion, the accompanying parent company only financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and its financial performance and its cash flows for the year then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and 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 parent company only financial statements section of our report. We are independent of the Company 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Company’s 2024 parent company only financial statements. These matters were addressed in the context of our audit of the parent company only financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Company’s 2024 parent company only financial statements are stated as follows:

Accuracy of revenue on mobile service

Description

Refer to Note 3 for the accounting policies on revenue recognition and Notes 27 and 40 for details of revenue.

• 1 -

The Company recognizes revenue for mobile service based on the terms of mobile service contracts and actual usage of mobile services. Given that revenue on mobile service is comprised of a large number of low-dollar transactions from a large number of contracts and a wide variety of tariff plans, the Company highly relies on the automated information systems to process and recognize revenue for mobile service.

Given the Company’s revenue from mobile service is made up of a large number of low-dollar transactions and highly relies on information technology systems, a high degree of auditor effort was required in performing procedures related to accuracy of the Company’s revenue on mobile service. Thus, we consider the accuracy of revenue on mobile service as a key audit matter.

How our audit addressed the matter

Our audit procedures performed in respect of the above included the following:

1.	Obtained an understanding over the design of internal controls and information systems related to the business<br>process of the Company’s revenue recognition on mobile service and evaluated operating effectiveness of such controls. This includes the following procedures:
•	Obtained an understanding and evaluated the significant systems related to revenue on mobile service, and tested<br>the information technology general controls as well as the automated controls for automatic calculations and system interface over these systems.
:---	:---
•	Tested manual controls related to the review of information on mobile service, including service acceptance,<br>updates to price information, data collection and system interface, pricing, billing, and accounting processes.
:---	:---
2.	Selected samples from mobile service revenue, agreed the samples selected to service contracts, invoices,<br>payment records, and tested consistency between the data entered into the system and the original service contracts.
:---	:---

Other matter – Prior period financial statements audited by other independent auditors

The parent company only financial statements of the Company for the year ended December 31, 2023, were audited by other independent auditors who expressed an unmodified opinion on those statements on February 23, 2024.

Responsibilities of management and those charged with governance for the parent company only financial statements

Management is responsible for the preparation and fair presentation of the parent company only financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of parent company only financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the parent company only financial statements, management is responsible for assessing the Company’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 Company or to cease operations, or has no realistic alternative but to do so.

• 2 -

Those charged with governance, including the audit committee, are responsible for overseeing the Company’s financial reporting process.

Auditors’ responsibilities for the audit of the parent company only financial statements

Our objectives are to obtain reasonable assurance about whether the parent company only financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 parent company only 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 parent company only financial statements, whether<br>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<br>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<br>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
:---	:---
3.	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and<br>related disclosures made by management.
:---	:---
4.	Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we<br>are required to draw attention in our auditors’ report to the related disclosures in the parent company only financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence<br>obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
:---	:---
5.	Evaluate the overall presentation, structure and content of the parent company only financial statements,<br>including the disclosures, and whether the parent company only financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
:---	:---
6.	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br>activities within the Company to express an opinion on the parent company only financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
:---	:---

• 3 -

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 parent company only 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.

/s/ Huang, Shih-Chun	/s/ Hsu, Chien-Yeh
For and on behalf of PricewaterhouseCoopers, Taiwan
February 26, 2025

Notice to Readers

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’ report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

• 4 -

CHUNGHWA TELECOM CO., LTD.

BALANCE SHEETS

DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024					2023
ASSETS		Amount		%			Amount		%
CURRENT ASSETS
Cash and cash equivalents (Notes 3, 6 and 34)		25,028,261			5		22,759,222			5
Financial assets at fair value through profit or loss (Notes 3, 4 and 7)		27			—		483			—
Hedging financial assets (Notes 3 and 20)		1,133			—		—			—
Contract assets (Notes 3 and 27)		2,840,082			1		2,378,557			1
Trade notes and accounts receivable, net (Notes 3, 4, 10 and 27)		22,579,093			5		21,501,983			4
Receivables from related parties (Note 34)		904,400			—		915,515			—
Inventories (Notes 3, 4, 11 and 36)		6,093,041			1		5,556,391			1
Prepayments (Note 12)		2,218,834			—		1,786,418			—
Other current monetary assets (Notes 13, 25 and 34)		20,275,215			4		17,440,198			3
Other current assets (Note 19)		2,003,000			—		2,234,481			1
Total current assets		81,943,086			16		74,573,248			15
NONCURRENT ASSETS
Financial assets at fair value through profit or loss (Notes 3, 4 and 7)		957,548			—		983,799			—
Financial assets at fair value through other comprehensive income (Notes 3, 4 and 8)		4,446,650			1		4,100,121			1
Financial assets at amortized cost (Notes 3 and 9)		2,000,000			—		—			—
Investments accounted for using equity method (Notes 3 and 14)		22,818,526			5		21,800,280			4
Contract assets (Notes 3 and 27)		1,654,675			—		1,470,048			—
Property, plant and equipment (Notes 3, 4, 15, 31, 34 and 36)		277,555,283			55		280,957,955			56
Right-of-use assets<br>(Notes 3, 4, 16 and 34)		10,060,020			2		10,448,737			2
Investment properties (Notes 3, 4 and 17)		12,471,985			2		9,975,729			2
Intangible assets (Notes 3, 4 and 18)		65,835,855			13		72,268,996			15
Deferred income tax assets (Notes 3 and 29)		1,516,083			—		1,939,947			—
Incremental costs of obtaining contracts (Notes 3 and 27)		9,631,413			2		8,570,626			2
Net defined benefit assets (Notes 3, 4 and 25)		8,831,611			2		5,937,496			1
Prepayments (Notes 12 and 36)		3,757,969			1		2,542,668			1
Other noncurrent assets (Notes 19, 35 and 36)		4,057,113			1		3,823,228			1
Total noncurrent assets		425,594,731			84		424,819,630			85
TOTAL		507,537,817			100		499,392,878			100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Hedging financial liabilities (Notes 3 and 20)		1,907			—		44			—
Contract liabilities (Notes 3 and 27)		14,123,368			3		12,518,134			3
Trade notes and accounts payable (Note 22)		12,373,111			2		10,554,797			2
Payables to related parties (Note 34)		4,738,525			1		4,143,175			1
Current tax liabilities (Notes 3 and 29)		4,147,707			1		4,296,534			1
Lease liabilities (Notes 3, 4, 16, 31 and 34)		3,168,016			1		3,127,254			1
Other payables (Notes 23 and 31)		21,544,689			4		20,439,778			4
Provisions (Notes 3 and 24)		325,812			—		238,130			—
Current portion of bonds payable (Notes 3 and 21)		8,798,880			2		—			—
Other current liabilities		940,377			—		941,518			—
Total current liabilities		70,162,392			14		56,259,364			12
NONCURRENT LIABILITIES
Bonds payable (Notes 3 and 21)		21,689,326			4		30,482,766			6
Contract liabilities (Notes 3, 27 and36)		5,782,173			1		5,736,939			1
Deferred income tax liabilities (Notes 3 and 29)		2,605,414			1		2,428,652			—
Provisions (Notes 3 and 24)		509,177			—		475,122			—
Lease liabilities (Notes 3, 4, 16, 31 and 34)		6,872,331			1		7,059,756			1
Customers’ deposits (Note 34)		5,108,234			1		5,079,887			1
Net defined benefit liabilities (Notes 3, 4 and 25)		2,085,962			—		2,069,464			—
Other noncurrent liabilities		7,772,118			2		7,492,840			2
Total noncurrent liabilities		52,424,735			10		60,825,426			11
Total liabilities		122,587,127			24		117,084,790			23
EQUITY (Note 26)
Common stocks		77,574,465			15		77,574,465			16
Additional paid-in capital		171,587,279			34		171,289,086			34
Retained earnings
Legal reserve		77,574,465			15		77,574,465			16
Special reserve		2,675,419			1		2,898,503			1
Unappropriated earnings		54,953,379			11		52,618,677			10
Total retained earnings		135,203,263			27		133,091,645			27
Others		585,683			—		352,892			—
Total equity		384,950,690			76		382,308,088			77
TOTAL		507,537,817			100		499,392,878			100

All values are in US Dollars.

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

• 5 -

CHUNGHWA TELECOM CO., LTD.

STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

		2024					2023
		Amount		%			Amount		%
REVENUES (Notes 3, 27, 34 and 40)		192,942,916			100		188,729,545			100
OPERATING COSTS (Notes 3, 11, 25, 27, 28 and 34)		121,801,607			63		118,106,266			63
GROSS PROFIT		71,141,309			37		70,623,279			37
OPERATING EXPENSES (Notes 3, 10, 25, 28 and 34)
Marketing		19,365,397			10		18,189,050			10
General and administrative		5,484,110			3		5,330,388			3
Research and development		3,124,052			2		2,902,230			2
Expected credit loss		177,855			—		131,417			—
Total operating expenses		28,151,414			15		26,553,085			15
OTHER INCOME AND EXPENSES (Notes 15, 17, 28 and 40)		123,305			—		(633,364	)		—
INCOME FROM OPERATIONS		43,113,200			22		43,436,830			22
NON-OPERATING INCOME AND EXPENSES
Interest income (Notes 34 and 40)		611,483			—		477,903			—
Other income (Notes 8, 28 and 34)		319,117			—		244,659			—
Other gains and losses (Notes 28, 33 and 34)		(216,979	)		—		(320,304	)		—
Interest expense (Notes 16, 28, 34 and 40)		(273,095	)		—		(255,446	)		—
Share of profits of subsidiaries, associates and joint ventures accounted for using equity method<br>(Notes 14 and 40)		2,050,828			1		1,673,737			1
Total non-operating income and expenses		2,491,354			1		1,820,549			1
INCOME BEFORE INCOME TAX		45,604,554			23		45,257,379			23
INCOME TAX EXPENSE (Notes 3 and 29)		8,384,090			4		8,340,671			4
NET INCOME		37,220,464			19		36,916,708			19

All values are in US Dollars.

(Continued)

• 6 -

CHUNGHWA TELECOM CO., LTD.

STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

		2024					2023
		Amount		%			Amount		%
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit pension plans (Note 25)		2,225,453			1		139,498			—
Unrealized gain or loss on investments in equity instruments at fair value through other<br>comprehensive income (Notes 3, 26 and 33)		63,749			—		669,581			—
Gain or loss on hedging instruments subject to basis adjustment (Notes 3 and 20)		(730	)		—		(12,935	)		—
Share of other comprehensive income (loss) of subsidiaries, associates and joint ventures<br>accounted for using equity method (Notes 3, 14 and 26)		2,802			—		(17,878	)		—
Income tax relating to items that will not be reclassified to profit or loss (Note 29)		(445,091	)		—		(27,900	)		—
		1,846,183			1		750,366			—
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		170,923			—		(41,369	)		—
Share of other comprehensive income (loss) of subsidiaries, associates and joint ventures<br>accounted for using equity method (Note 14)		16,770			—		(9,178	)		—
		187,693			—		(50,547	)		—
Total other comprehensive income, net of income tax		2,033,876			1		699,819			—
TOTAL COMPREHENSIVE INCOME		39,254,340			20		37,616,527			19
EARNINGS PER SHARE (Note 30)
Basic		4.80					4.76
Diluted		4.79					4.75

All values are in US Dollars.

The accompanying notes are an integral part of the financial statements.		(Concluded)

• 7 -

CHUNGHWA TELECOM CO., LTD.

STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

												Others (Notes 20 and 26)
				Additional		Retained Earnings (Note 26)						ExchangeDifferencesArising from theTranslation		Unrealized Gain<br>or Loss on Financial<br>Assets at Fair Value<br>through Other		Gain or Loss
		Common Stocks(Note 26)		Paid-in Capital(Note 26)		LegalReserve		SpecialReserve		UnappropriatedEarnings		of the ForeignOperations		Comprehensive<br>Income		on Hedging<br>Instruments		Total Equity
BALANCE, JANUARY 1, 2023		77,574,465		171,300,898		77,574,465		3,083,569		51,868,574		(111,213	)	(124,762	)	12,891		381,178,887
Appropriation of 2022 earnings
Special reserve		—		—		—		(185,066	)	185,066		—		—		—		—
Cash dividends		—		—		—		—		(36,475,514	)	—		—		—		(36,475,514	)
Unclaimed dividend		—		2,217		—		—		—		—		—		—		2,217
Change in additional paid-in capital from investments in<br>subsidiaries, associates and joint ventures accounted for using equity method		—		(14,029	)	—		—		—		—		—		—		(14,029	)
Net income for the year ended December 31, 2023		—		—		—		—		36,916,708		—		—		—		36,916,708
Other comprehensive income (loss) for the year ended December 31, 2023		—		—		—		—		123,843		(56,599	)	645,510		(12,935	)	699,819
Total comprehensive income (loss) for the year ended December 31, 2023		—		—		—		—		37,040,551		(56,599	)	645,510		(12,935	)	37,616,527
BALANCE, DECEMBER 31, 2023		77,574,465		171,289,086		77,574,465		2,898,503		52,618,677		(167,812	)	520,748		(44	)	382,308,088
Appropriation of 2023 earnings
Special reserve		—		—		—		(223,084	)	223,084		—		—		—		—
Cash dividends		—		—		—		—		(36,909,931	)	—		—		—		(36,909,931	)
Unclaimed dividend		—		2,109		—		—		—		—		—		—		2,109
Change in additional paid-in capital from investments in<br>subsidiaries, associates and joint ventures accounted for using equity method		—		71,791		—		—		—		—		—		—		71,791
Actual disposal of interests in subsidiaries		—		224,293		—		—		—		—		—		—		224,293
Net income for the year ended December 31, 2024		—		—		—		—		37,220,464		—		—		—		37,220,464
Other comprehensive income (loss) for the year ended December 31, 2024		—		—		—		—		1,801,085		190,664		42,857		(730	)	2,033,876
Total comprehensive income (loss) for the year ended December 31, 2024		—		—		—		—		39,021,549		190,664		42,857		(730	)	39,254,340
BALANCE, DECEMBER 31, 2024		77,574,465		171,587,279		77,574,465		2,675,419		54,953,379		22,852		563,605		(774	)	384,950,690

All values are in US Dollars.

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

• 8 -

CHUNGHWA TELECOM CO., LTD.

STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax		45,604,554		45,257,379
Adjustments for:
Depreciation		31,634,679		31,729,339
Amortization		6,595,302		6,612,749
Amortization of incremental costs of obtaining contracts		6,730,872		6,115,128
Expected credit loss		177,855		131,417
Valuation loss on financial assets and liabilities at fair value through profit or loss,<br>net		143,102		108,337
Interest expense		273,095		255,446
Interest income		(611,483	)	(477,903	)
Dividend income		(234,593	)	(161,652	)
Share of profits of subsidiaries, associates and joint ventures accounted for using equity<br>method		(2,050,828	)	(1,673,737	)
Loss (gain) on disposal of property, plant and equipment		15,895		(1,430	)
Provision for impairment loss and obsolescence of inventory		50,759		26,235
Impairment loss on property, plant and equipment		—		298,891
Impairment loss (reversal of impairment loss) on investment properties		(139,200	)	335,903
Others		(64,475	)	(63,548	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(648,066	)	(522,412	)
Trade notes and accounts receivable		(1,205,988	)	(162,494	)
Receivables from related parties		11,115		293,791
Inventories		(587,409	)	(629,623	)
Prepayments		(247,643	)	(293,244	)
Other current assets		231,481		1,148,246
Other current monetary assets		148,010		(84,890	)
Incremental cost of obtaining contracts		(7,791,659	)	(6,981,327	)
Increase (decrease) in:
Contract liabilities		1,650,468		(215,977	)
Trade notes and accounts payable		1,817,467		(1,885,721	)
Payables to related parties		595,350		428,053
Other payables		1,159,388		152,377
Provisions		121,737		363,923
Net defined benefit plans		(652,165	)	(713,142	)
Other current liabilities		5,741		(8,347	)
Cash generated from operations		82,733,361		79,381,767
Interests paid		(266,993	)	(247,358	)
Income taxes paid		(8,377,382	)	(8,505,629	)
Net cash provided by operating activities		74,088,986		70,628,780

All values are in US Dollars.

(Continued)

• 9 -

CHUNGHWA TELECOM CO., LTD.

STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024		2023
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(282,780	)	(290,000	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive<br>income		3,326		—
Acquisition of financial assets at amortized cost		(2,000,000	)	—
Acquisition of financial assets at fair value through profit or loss		(158,909	)	(133,171	)
Acquisition of investments accounted for using equity method		(461,080	)	(1,543,847	)
Acquisition of property, plant and equipment		(26,915,138	)	(29,278,569	)
Proceeds from disposal of property, plant and equipment		11,787		13,491
Acquisition of intangible assets		(162,161	)	(184,105	)
Acquisition of investment properties		(4,333	)	(54,081	)
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with<br>maturities of more than three months		(70,883,712	)	(42,950,609	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper<br>with maturities of more than three months		67,916,007		27,019,811
Decrease (increase) in other noncurrent assets		(235,656	)	109,040
Increase in prepayments for leases		(1,400,074	)	(1,729,118	)
Interests received		594,472		428,539
Cash dividends received from others		234,593		161,652
Cash dividends received from subsidiaries, associates and joint ventures accounted for using<br>equity method		1,716,284		1,727,560
Proceeds from capital reduction and profit distribution of financial assets at fair value through<br>profit or loss		42,514		22,262
Net cash used in investing activities		(31,984,860	)	(46,681,145	)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in customers’ deposits		21,465		85,880
Payments for the principal of lease liabilities		(3,486,781	)	(3,458,516	)
Increase in other noncurrent liabilities		279,278		681,458
Cash dividends paid		(36,909,931	)	(36,475,514	)
Partial disposal of interests in subsidiaries without a loss of control		258,773		—
Unclaimed dividend		2,109		2,217
Net cash used in financing activities		(39,835,087	)	(39,164,475	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,269,039		(15,216,840	)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR		22,759,222		37,976,062
CASH AND CASH EQUIVALENTS, END OF THE YEAR		25,028,261		22,759,222

All values are in US Dollars.

The accompanying notes are an integral part of the financial statements.		(Concluded)

• 10 -

CHUNGHWA TELECOM CO., LTD.

NOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1.	GENERAL

Chunghwa Telecom Co., Ltd. (“the Company”) was incorporated on July 1, 1996 in the Republic of China (“ROC”). The Company is a company limited by shares and, prior to August 2000, was wholly owned by the Ministry of Transportation and Communications (“MOTC”). Prior to July 1, 1996, the current operations of the Company were carried out under the Directorate General of Telecommunications (“DGT”). The DGT was established by the MOTC in June 1943 to take primary responsibility in the development of telecommunications infrastructure and to formulate policies related to telecommunications. On July 1, 1996, the telecom operations of the DGT were spun-off as the Company which continues to carry out the business and the DGT continues to be the industry regulator.

Effective August 12, 2005, the MOTC completed the process of privatizing the Company by reducing the government ownership to below 50% in various stages. In July 2000, the Company received approval from the Securities and Futures Commission (the “SFC”) for a domestic initial public offering and its common stocks were listed and traded on the Taiwan Stock Exchange (the “TWSE”) on October 27, 2000. Certain of the Company’s common stocks were sold, in connection with the foregoing privatization plan, in domestic public offerings at various dates from August 2000 to July 2003. Certain of the Company’s common stocks were also sold in an international offering of securities in the form of American Depository Shares (“ADS”) on July 17, 2003 and were listed and traded on the New York Stock Exchange (the “NYSE”). The MOTC sold common stocks of the Company by auction in the ROC on August 9, 2005 and completed the second international offering on August 10, 2005. Upon completion of the share transfers associated with these offerings on August 12, 2005, the MOTC owned less than 50% of the outstanding shares of the Company and completed the privatization plan.

The financial statements are presented in the Company’s functional currency, New Taiwan dollars.

2.	APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved and authorized for issue by the Board of Directors on February 26, 2025.

3.	SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Statement of Compliance

The accompanying financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis of Preparation

The financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values and net defined benefit liabilities (assets) which are measured at the present value of the defined benefit obligation less the fair value of plan assets.

• 11 -

When preparing the accompanying financial statements, the Company used equity method to account for its investment in subsidiaries, associates and joint ventures. In order for the amounts of the net profit, other comprehensive income and total equity in the parent company only financial statements to be the same with those amounts attributable to the owner of the Company in its consolidated financial statements, adjustments arising from the differences in accounting treatment between parent company only basis and consolidated basis were made to the captions of “investments accounted for using equity method”, “share of profit (loss) of subsidiaries, associates and joint ventures accounted for using equity method”, “share of other comprehensive income of subsidiaries, associates and joint ventures accounted for using equity method” and related equity items, as appropriate, in the parent company only financial statements.

Current and Noncurrent Assets and Liabilities

Current assets include:

a.	Assets held primarily for the purpose of trading;
b.	Assets expected to be realized within twelve months after the reporting period; and
:---	:---
c.	Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for<br>at least twelve months after the reporting period.
:---	:---

Current liabilities include:

a.	Liabilities held primarily for the purpose of trading;
b.	Liabilities due to be settled within twelve months after the reporting period; and
:---	:---
c.	Liabilities for which the Company on the balance sheet date does not have in substance the right to defer<br>settlement for at least twelve months after the reporting period.
:---	:---

Assets and liabilities that are not classified as current are classified as noncurrent.

Foreign Currencies

In preparing the Company’s financial statements, transactions in currencies other than the Company’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences on monetary items arising from settlement or translation are recognized in profit or loss in the period in which they arise.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined and related exchange differences are recognized in profit or loss. Conversely, when the fair value changes were recognized in other comprehensive income, related exchange difference shall be recognized in other comprehensive income.

Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

For the purpose of presenting financial statements, the assets and liabilities of the Company’s foreign operations (including those subsidiaries, associates and joint ventures in other countries or currencies used different with the Company) are translated into New Taiwan dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income.

• 12 -

Cash Equivalents

Cash equivalents include those maturities within three months from the date of acquisition, highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value such as commercial paper, negotiable certificates of deposit, time deposits and stimulus vouchers. These cash equivalents are held for the purpose of meeting short-term cash commitments.

Inventories

Inventories are stated at the lower of cost or net realizable value item by item, except for those that may be appropriate to group items of similar or related inventories. Net realizable value is the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. The calculation of the cost of inventory is derived using the weighted-average method.

Investments Accounted for Using Equity Method

Investments in subsidiaries, associates and joint ventures are accounted for using equity method.

a.	Investment in subsidiaries

Subsidiaries are the entities controlled by the Company.

Under the equity method, the investment in subsidiaries is initially recognized at cost and the increase or decrease of carrying amount reflects the recognition of the Company’s share of profit or loss and other comprehensive income of the subsidiaries after the date of acquisition. Besides, the Company also recognizes the Company’s share of the change in other equity of the subsidiaries.

Changes in the Company’s ownership interests in subsidiaries that do not result in the Company’s loss of control over the subsidiaries are accounted for as equity transactions. Any difference between the carrying amounts of the investment of the subsidiaries and the fair value of the consideration paid or received is recognized directly in equity.

The acquisition cost in excess of the acquisition-date fair value of the identifiable net assets acquired is recognized as goodwill, which is included within the carrying amount of the investment and shall not be amortized. The acquisition-date fair value of the net identifiable assets acquired in excess of the acquisition cost is recognized immediately in profit or loss.

Unrealized profits and losses from downstream transactions with a subsidiary are eliminated in full. Profits and losses from upstream transactions with a subsidiary and sidestream transactions between subsidiaries are recognized in the Company’s financial statements only to the extent of interests in the subsidiary that are not related to the Company.

b.	Investments in associates and joint ventures

An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. A joint venture is a joint arrangement whereby the Company and other parties that have joint control of the arrangement have rights to the net assets of the arrangement.

Under the equity method, an investment in an associate and a joint venture is initially recognized at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the associate and joint venture as well as the distribution received. The Company also recognizes its share in changes in the associates and joint ventures.

• 13 -

When the Company subscribes for new shares of an associate and a joint venture at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the associate and joint venture. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to additional paid-in capital. When the adjustment should be debited to additional paid-in capital but the additional paid-in capital recognized from investments accounted for using equity method is insufficient, the shortage is debited to retained earnings.

Any excess of the cost of acquisition over the Company’s share of the fair value of the identifiable net assets and liabilities of an associate and a joint venture at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and shall not be amortized. Any excess of the Company’s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition is recognized immediately in profit or loss.

The entire carrying amount of an investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

The Company discontinues the use of the equity method from the date on which its investment ceases to be an associate and a joint venture. Any retained investment is measured at fair value at that date, and the fair value is regarded as the investment’s fair value on initial recognition as a financial asset. The difference between the previous carrying amount of the associate and joint venture attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate and joint venture. The Company accounts for all amounts previously recognized in other comprehensive income in relation to that associate and joint venture on the same basis as would be required had that associate and joint venture directly disposed of the related assets or liabilities.

When the Company transacts with its associate and joint venture, profits and losses resulting from the transactions with the associate and joint venture are recognized in the Company’s financial statements only to the extent of interests in the associate and joint venture that are not related to the Company.

Property, Plant and Equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment loss.

Property, plant and equipment in the course of construction are depreciated and classified to the appropriate categories of property, plant and equipment when completed and ready for their intended use.

Depreciation on property, plant and equipment is recognized using the straight-line method. Each significant part is depreciated separately. Freehold land is not depreciated. The estimated useful lives, residual values and depreciation method are reviewed at the end of each year, with the effect of any changes in estimate accounted for on a prospective basis.

On derecognition of an item of property, plant and equipment, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period in which the property is derecognized.

• 14 -

Investment Properties

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties also include land held for a currently undetermined future use.

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment loss. Depreciation is recognized using the straight-line method.

For a transfer from the investment properties to property, plant and equipment, the deemed cost of the property, plant and equipment for subsequent accounting is its carrying amount at the commencement of owner-occupation.

For a transfer from the property, plant and equipment to investment properties, the deemed cost of the investment properties for subsequent accounting is its carrying amount at the end of owner-occupation.

On derecognition of the investment properties, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period in which the property is derecognized.

Intangible Assets

Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful life, residual value, and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The residual value of an intangible asset with a finite useful life shall be assumed to be zero unless the Company expects to dispose of the intangible asset before the end of its economic life. Intangible assets with indefinite useful lives are measured at cost less accumulated impairment loss.

Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss in the period in which the asset is derecognized.

Impairment of Property, Plant and Equipment, Right-of-use Assets, Investment Properties, Intangible Assets and Incremental Costs of Obtaining Contracts

At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment, right-of-use assets, investment properties and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss.

• 15 -

Impairment loss from the assets related to incremental cost of obtaining contracts is recognized to the extent that the carrying amount of the assets exceeds the remaining amount of consideration that the Company expects to receive in exchange for related goods or services less the costs which relate directly to providing those goods or services.

When an impairment loss is subsequently reversed, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in profit or loss.

Financial Instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

a.	Financial assets

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

1. Measurement category

a)	Financial assets at fair value through profit or loss (FVTPL)

Financial asset is classified as at FVTPL when the financial asset is mandatorily classified as at FVTPL. Financial assets mandatorily classified as at FVTPL include investments in equity instruments which are not designated as at fair value through other comprehensive income (FVOCI).

Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss does not incorporate any dividend earned on the financial asset. Fair value is determined in the manner described in Note 33.

b)	Financial assets at amortized cost

Financial assets that meet the following conditions are subsequently measured at amortized cost:

i.	The financial asset is held within a business model whose objective is to hold financial assets in order to<br>collect contractual cash flows; and
ii.	The contractual terms of the financial asset give rise on specified dates to cash flows that are solely<br>payments of principal and interest on the principal amount outstanding.
:---	:---

Subsequent to initial recognition, financial assets at amortized cost are measured at amortized cost, which equals to gross carrying amount determined by the effective interest method less any impairment loss, except for short-term receivables as the effect of discounting is immaterial. Exchange differences are recognized in profit or loss.

• 16 -

Interest income is calculated by applying the effective interest rate to the gross carrying amount of such financial assets.

c)	Investments in equity instruments at FVOCI

On initial recognition, the Company may make an irrevocable election to designate investments in equity instruments as at FVOCI. Designation at FVOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination.

Investments in equity instruments at FVOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments. Instead, it will be transferred to retained earnings.

Dividends on these investments in equity instruments are recognized in profit or loss when the Company’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment.

2)	Impairment of financial assets and contract assets

The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including accounts receivable) and contract assets.

The Company recognizes lifetime Expected Credit Loss (ECL) for accounts receivable and contract assets. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

Expected credit losses reflect the weighted average of credit losses with the respective risks of a default occurring as the weights. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

The Company recognizes an impairment loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

3)	Derecognition of financial assets

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

On derecognition of investments in equity instruments at FVOCI in its entirety, the cumulative gain or loss is directly transferred to retained earnings, and it is not reclassified to profit or loss.

• 17 -

b.	Financial liabilities
1)	Subsequent measurement
:---	:---

Except for financial liabilities at FVTPL, all the financial liabilities are subsequently measured at amortized cost using the effective interest method.

2)	Derecognition of financial liabilities

The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

c.	Derivative financial instruments

The Company enters into derivative financial instruments to manage its exposure to foreign exchange rate risks, including forward exchange contracts.

Derivatives are initially measured at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. When the fair value of derivative financial instruments is positive, the derivative is recognized as a financial asset; when the fair value of derivative financial instruments is negative, the derivative is recognized as a financial liability.

Hedge Accounting

The Company designates some derivatives instruments as cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.

The associated gains or losses that were recognized in other comprehensive income are reclassified from equity to profit or loss as a reclassification adjustment in the line item relating to the hedged item in the same period when the hedged item affects profit or loss. If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the associated gains and losses that were recognized in other comprehensive income are removed from equity and are included in the initial cost of the non-financial asset or non-financial liability.

The Company discontinues hedge accounting only when the hedging relationship ceases to meet the qualifying criteria; for instance, when the hedging instrument expires or is sold, terminated or exercised. The cumulative gain or loss on the hedging instrument that has been previously recognized in other comprehensive income from the period when the hedge was effective remains separately in equity until the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.

Provisions

Provisions are measured at the best estimate of the expenditure required to settle the Company’s obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. The provisions for warranties claims are made by management according to the sales agreements which represent the management’s best estimate of the future outflow of economic benefits. The provisions of warranties claims are recognized as operating cost in the period in which the goods are sold. The provision for onerous contracts represents the present obligation resulting from the measurement for the unavoidable costs of meeting the Company’s contractual obligations exceed the economic benefits expected to be received from the contracts. In assessing whether a contract is onerous, the cost of fulfilling a contract includes both the incremental costs of fulfilling that contract and an allocation of other costs that are related directly to fulfilling contracts.

• 18 -

Revenue Recognition

The Company identifies the performance obligations in the contract with the customers, allocates transaction price to each performance obligation and recognizes revenue when performance obligations are satisfied.

Sales of products are recognized as revenue when the Company delivers products and the customer accepts and controls the product. Except for the consumer electronic products such as mobile devices sold in channel stores which are usually in cash sale, the Company recognizes revenues for sale of other electronic devices and corresponding trade notes and accounts receivable.

Usage revenues from fixed-line services (including local, domestic long distance and international long distance telephone services), mobile services, internet and data services, and interconnection and call transfer fees from other telecommunications companies and carriers are billed in arrears and are recognized based upon seconds or minutes of traffic processed when the services are provided in accordance with contract terms. The usage revenues and corresponding trade notes and accounts receivable are recognized monthly.

Other revenues are recognized as follows: (a) one-time subscriber connection fees (on fixed-line services) are first recognized as contract liabilities and revenues are recognized subsequently over the average expected customer service periods, (b) monthly fees (on fixed-line services, mobile, internet and data services) and related receivables are accrued monthly, and (c) prepaid services (fixed-line, mobile, internet and data services) are recognized as contract liabilities upon collection considerations from customers and are recognized as revenues subsequently based upon actual usage by customers.

Where the Company enters into transactions which involve both the provision of telecommunications service bundled with products such as handsets, total consideration received from products and telecommunications service in these arrangements are allocated based on their relative stand-alone selling price. The amount of sales revenue recognized for products is not limited to the amount paid by the customer for the products. When the amount of sales revenue recognized for products exceeded the amount paid by the customer for the products, the difference is recognized as contract assets. Contract assets are reclassified to accounts receivable when the amounts become collectible from customers subsequently. When the amount of sales revenue recognized for products was less than the amount paid by the customer for the products, the difference is recognized as contract liabilities and revenues are recognized subsequently when the telecommunications service are provided.

For project business contracts, if a substantial part of the Company’s promise to customers is to manage and coordinate the various tasks and assume the risks of those tasks to ensure the individual goods or services are incorporated into the combined output, they are treated as a single performance obligation since the Company provides a significant integration service. The Company recognizes revenues and corresponding accounts receivable when the project business contract is completed and accepted by customers.

For service contracts such as maintenance and warranties, customers simultaneously receive and consume the benefits provided by the Company; thus revenues and corresponding accounts receivable of service contracts are recognized over the related service period.

When another party is involved in providing goods or services to a customer, the Company is acting as a principal if it controls the specified good or service before that good or service is transferred to a customer; otherwise, the Company is acting as an agent. When the Company is acting as a principal, gross inflow of economic benefits arising from transactions is recognized as revenue. When the Company is acting as an agent, revenue is recognized as its share of transaction.

• 19 -

Incremental Costs of Obtaining Contracts

Commissions and equipment subsidy related to telecommunications service as a result of obtaining contracts are recognized as an asset under the incremental costs of obtaining contracts to the extent the costs are expected to be recovered, and are amortized over the contract period. However, the Company elects not to capitalize the incremental costs of obtaining contracts if the amortization period of the assets that the Company otherwise would have recognized is expected to be one year or less.

Leasing

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

a.	The Company as lessor

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease.

b.	The Company as lessee

The Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for lease payments for low-value assets are recognized as expenses on a straight-line basis over the lease terms accounted for applying recognition exemption.

Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities and for lease payments made at or before the commencement date. Right-of-use assets are subsequently measured at cost less accumulated depreciation and accumulated impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented separately on the balance sheets.

Right-of-use assets are depreciated using the straight-line basis from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms.

Lease liabilities were initially measured at the present value of the lease payments, which comprise fixed payments, in-substance fixed payments, variable lease payments which depend on an index or a rate. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If such rate cannot be readily determined, the lessee’s incremental borrowing rate is used.

Lease liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. The Company accounts for the remeasurement of the lease liability as a result of the decrease of lease scope by decreasing the carrying amount of the right-of-use assets and recognizes in profit or loss any gain or loss on the partial or full termination of the lease. Lease liabilities are presented separately on the balance sheets.

Variable lease payments not depending on an index or a rate are recognized as expenses in the periods in which they are incurred.

• 20 -

Borrowing Costs

All borrowing costs are recognized in profit or loss in the period in which they are incurred.

Government Grants

Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attached to government grants and that the grants will be received.

Government grants related to income are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes expenses of the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Company should construct noncurrent assets are recognized as deferred revenue and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.

Government grants that become receivable as compensation for expenses or losses already incurred are recognized in profit or loss in the period in which they become receivable.

Employee Benefits

a.	Short-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

b.	Retirement benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.

Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the projected unit credit method. Service cost (including current service cost and gains or losses on settlements) and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising (a) actuarial gains and losses; and (b) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Net defined benefit liability (asset) represents the actual deficit (surplus) in the Company’s defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any refunds from the plans or reductions in future contributions to the plans.

c.	Other long-term employee benefits

Other long-term employee benefits are accounted for in the same way as the accounting required for defined benefit plan except that remeasurement is recognized in profit or loss.

• 21 -

Income Tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

a.	Current tax

According to the Income Tax Act in the ROC, an additional tax of unappropriated earnings is provided for in the year the stockholders approve to retain the earnings.

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.

b.	Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Company’s financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences and unused tax credits from purchases of machinery, equipment and technology and research, development expenditures, etc. to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and such temporary differences are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. A previously unrecognized deferred tax asset is also reviewed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

c.	Current and deferred tax

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income, in which case, the current and deferred tax are also recognized in other comprehensive income.

Where current tax or deferred tax arises from the initial accounting for the acquisition of a subsidiary, the tax effect is included in the accounting for the investments in a subsidiary.

• 22 -

4.	MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY AND ASSUMPTION

In the application of the Company’s accounting policies, the management is required to make judgments, estimates and assumptions which are based on historical experience and other factors that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed by the management on an ongoing basis.

a.	Material accounting judgments
1)	Principal versus agent
:---	:---

The Company’s project agreements are mainly to provide one or more customized equipment or services to customers. In order to fulfill the agreements, another party may be involved in some agreements. The Company considers the following factors to determine whether the Company is a principal of the transaction: whether the Company is the primary obligation provider of the agreements, its exposures to inventory risks and the discretion in establishing prices, etc. The determination of whether the Company is a principal or an agent will affect the amount of revenue recognized by the Company. Only when the Company is acting as a principal, gross inflows of economic benefits arising from transactions is recognized as revenue.

2)	Control over subsidiaries

As discussed in Note 14, some entities are subsidiaries of the Company although the Company only owns less than 50% ownership interests in these entities. After considering the Company’s absolute size of holding in the entity and the relative size of and the dispersion of shares owned by the other stockholders, and the contractual arrangements between the Company and other investors, potential voting interests and the written agreement between stockholders, the management concluded that the Company has a sufficiently dominant voting interest to direct the relevant activities of the entity and therefore the Company has control over these entities.

b.	Key sources of estimation uncertainty and assumption

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period. Actual results may differ from these estimates.

1)	Impairment of trade notes and accounts receivable

The provision for impairment of trade notes and accounts receivable is based on assumptions on probability of default and expected credit loss rates. The Company uses judgment in making these assumptions and in selecting the inputs to the impairment calculation, based on the Company’s past experience, current market conditions as well as forward looking information at the end of each reporting period. For details of the key assumptions and inputs used, see Note 10. Where the actual future cash flows are less than expected, a material impairment loss may arise.

2)	Fair value measurements and valuation processes

For the assets and liabilities measured at fair value without quoted prices in active markets, the Company’s management determines the appropriate valuation techniques for the fair value measurements and whether to engage third party qualified appraisers based on the related regulations and professional judgments.

Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities was disclosed in Note 33. If the actual changes of inputs in the future differ from expectation, the fair value may vary accordingly. The Company updates inputs periodically to monitor the appropriateness of the fair value measurement.

• 23 -

3)	Provision for inventory valuation and obsolescence

Inventories are stated at the lower of cost or net realizable value. Net realizable value is calculated as the estimated selling price less the estimated costs necessary to make a sale. Comparison of net realizable value and cost is determined on an item by item basis, except for those similar items which could be categorized into the same groups. The Company uses the inventory holding period and turnover as the evaluation basis for inventory obsolescence losses.

4)	Impairment of property, plant and equipment,<br>right-of-use assets, investment properties and intangible assets

When an indication of impairment is assessed with objective evidence, the Company considers whether the recoverable amount of an asset is less than its carrying amount and recognizes the impairment loss based on difference between the recoverable amount and its carrying amount. The estimate of recoverable amount would impact on the timing and the amount of impairment loss recognition.

5)	Useful lives of property, plant and equipment

As discussed in Note 3, “Summary of Material Accounting Policy Information—Property, Plant and Equipment”, the Company reviews estimated useful lives of property, plant and equipment at the end of each year.

6)	Recognition and measurement of defined benefit plans

Net defined benefit liabilities (assets) and the resulting pension expense under defined benefit pension plans are calculated using the Projected Unit Credit Method. Actuarial assumptions comprise the discount rate, employee turnover rate, average future salary increase and etc. Changes in economic circumstances and market conditions will affect these assumptions and may have a material impact on the amount of the expense and the liability.

7)	Lessees’ incremental borrowing rates

In determining a lessee’s incremental borrowing rate used in discounting lease payments, a risk-free rate for relevant duration and the same currency is selected as a reference rate. The lessee’s credit spread adjustments and lease specific adjustments are also taken into account.

5.	APPLICATION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
a.	Initial application of the amendments to the International Financial Reporting Standards (IFRS), International<br>Accounting Standards (IAS), International Financial Reporting Interpretations Committee Interpretations (IFRIC) and SIC Interpretations (SIC) endorsed and issued into effect by the Financial Supervisory Commission (FSC).
:---	:---

The initial application of the amendments to the IFRS, IAS, IFRIC and SIC issued by the International Accounting Standards Board and endorsed and issued into effect by the FSC (collectively, the “Taiwan-IFRSs”) does not have material impacts on the Company’s financial statements.

• 24 -

b.	The IFRSs endorsed by the FSC for application starting from 2025
New, Revised or Amended Standards and<br>Interpretations				Effective Date<br><br>Announced by IASB
:---:	---	---	---	:---:
Amendments to IAS 21		Lack of Exchangeability		January 1, 2025

The application of the above new, revised or amended standards and interpretations will not have a material impact on the Company’s financial statements.

c.	IFRSs issued by the IASB but not yet endorsed and issued into effect by the FSC
New, Revised or Amended Standards and<br>Interpretations				Effective Date<br><br>Announced by IASB
:---:	---	---	---	:---:
Amendments to IFRS 9 and IFRS 7		Amendments to the Classification and Measurement of Financial Instruments		January 1, 2026
Amendments to IFRS 9 and IFRS 7		Contracts Referencing Nature-Dependent Electricity		January 1, 2026
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
IFRS 19		Subsidiaries without Public Accountability: Disclosures		January 1, 2027
Amendments to IFRS Accounting Standards		Annual Improvements-Volume 11		January 1, 2026

As of the date the financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of above standards and interpretations will have on the Company’s financial position and operating result and will disclose the relevant impact when the assessment is completed.

6.	CASH AND CASH EQUIVALENTS
		December 31
---	---	---	---	---
		2024		2023
Cash
Cash on hand		113,478		136,439
Bank deposits		5,811,284		2,941,563
		5,924,762		3,078,002
Cash equivalents (with maturities of less than three months)
Commercial paper		16,302,531		13,780,940
Negotiable certificates of deposit		2,800,000		5,900,000
Time deposits		560		—
Stimulus vouchers		408		280
		19,103,499		19,681,220
		25,028,261		22,759,222

All values are in US Dollars.

• 25 -

The annual yield rates of bank deposits, commercial papers, negotiable certificates of deposit and time deposits as of balance sheet dates were as follows:

		December 31
		2024			2023
Bank deposits			0.00%~2.55%			0.00%~3.10%
Commercial paper			1.49%~1.56%			1.31%~1.33%
Negotiable certificates of deposit			1.55%~1.70%			1.38%
Time deposits			1.23%			—
7.	FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
:---	:---
		December 31
---	---	---	---	---
		2024		2023
Financial assets - current
Mandatorily measured at FVTPL
Derivatives (not designated for hedge)
Forward exchange contracts		27		483
Financial assets - noncurrent
Mandatorily measured at FVTPL
Non-derivatives
Non-listed stocks - domestic		628,737		703,537
Non-listed stocks - foreign		15,575		73,279
Limited partnership - domestic		276,479		182,678
Other investing agreements		36,757		24,305
		957,548		983,799

All values are in US Dollars.

Chunghwa’s Board of Directors approved an investment in Taiwania Capital Buffalo Fund VI, L.P. at the amount of $600,000 thousand in January 2022. As of December 31, 2024, Chunghwa invested $300,000 thousand.

Outstanding forward exchange contracts not designated for hedge as of balance sheet dates were as follows:

		Currency		Maturity Period			Contract Amount<br>(In Thousands)
December 31, 2024
Forward exchange contracts - buy			NT/		March 2025			NT$10,177 / EUR300
December 31, 2023
Forward exchange contracts - buy			NT/		March 2024			NT$144,936 / EUR4,300

The Company entered into the above forward exchange contracts to manage its exposure to foreign currency risk due to fluctuations in exchange rates. However, the aforementioned derivatives did not meet the criteria for hedge accounting.

• 26 -

8.	FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NONCURRENT
		December 31
---	---	---	---	---
		2024		2023
Domestic investments
Non-listed stocks		3,779,334		3,665,209
Foreign investments
Non-listed stocks		667,316		434,912
		4,446,650		4,100,121

All values are in US Dollars.

The Company holds the above foreign and domestic stocks for medium to long-term strategic purposes and expects to profit from long-term investment. Accordingly, the management elected to designate these investments in equity instruments at FVOCI as they believe that recognizing short-term fair value fluctuations of these investments in profit or loss is not consistent with the Company’s strategy of holding these investments for long-term purposes.

The Company recognized dividend income of $234,593 thousand and $161,652 thousand for the years ended December 31, 2024 and 2023, respectively, both of which were from the outstanding investments on December 31, 2024 and 2023, respectively.

9.	FINANCIAL ASSETS AT AMORTIZED COST - NONCURRENT
		December 31
---	---	---	---	---
		2024		2023
Corporate bonds		2,000,000		—

All values are in US Dollars.

The Company acquired the 10-year unsecured cumulative subordinated corporate bond of Fubon Life Insurance Co., Ltd. at the amount of $2,000,000 thousand in October 2024.

10.	TRADE NOTES AND ACCOUNTS RECEIVABLE, NET
		December 31
---	---	---	---	---	---	---
		2024			2023
Trade notes and accounts receivable		23,688,829			22,580,756
Less: Loss allowance		(1,109,736	)		(1,078,773	)
		22,579,093			21,501,983

All values are in US Dollars.

The main credit terms range from 30 to 90 days.

The Company serves a large consumer base for telecommunications business; therefore, the concentration of credit risk is limited. When having transactions with customers, the Company considers the record of arrears in the past. In addition, the Company may also collect some telecommunication charges in advance to reduce the payment arrears in subsequent periods.

The Company adopted a policy of dealing with counterparties with certain credit ratings for project business and to obtain collateral where necessary to mitigate the risk of loss arising from defaults. Credit rating information is provided by independent rating agencies where available and, if such credit rating information is not available, the Company uses other publicly available financial information and its own historical transaction experience to rate its major customers. The Company continues to monitor the credit exposure and credit ratings of its counterparties and spread the credit risk amongst qualified counterparties.

• 27 -

In order to mitigate credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure the recoverability of receivables. In addition, the Company reviews the recoverable amount of receivables at balance sheet dates to ensure that adequate allowance is provided for possible irrecoverable amounts. In this regard, the management believes the Company’s credit risk could be reasonably reduced.

The Company applies the simplified approach to recognize expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for receivables. The expected credit losses on receivables are estimated using a provision matrix by reference to past default experience of the customers and an analysis of the customers’ current financial positions, as well as the forward-looking indicators such as macroeconomic business indicator.

When there is evidence indicating that the counterparty is in evasion, bankruptcy, deregistration or the accounts receivable are over two years past due and the recoverable amount cannot be reasonable estimated, the Company writes off the trade notes and accounts receivable. For accounts receivable that have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

The Company’s provision matrix arising from telecommunications business and project business is disclosed below.

December 31, 2024

		Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications business
Expected credit loss rate (Note a)		0%~1%		1%~22%		2%~68%		11%~84%		21%~92%		39%~96%		100%
Gross carrying amount		16,477,102		335,307		138,573		74,834		49,884		48,247		605,994		17,729,941
Loss allowance (lifetime ECL)		(51,501	)	(23,505	)	(34,429	)	(31,370	)	(33,080	)	(34,412	)	(605,994	)	(814,291	)
Amortized cost		16,425,601		311,802		104,144		43,464		16,804		13,835		—		16,915,650
Project business
Expected credit loss rate (Note b)		0%~5%		5%		10%		30%		50%		80%		100%
Gross carrying amount		5,547,739		44,167		82,518		3,204		1,242		44		279,974		5,958,888
Loss allowance (lifetime ECL)		(3,355	)	(2,215	)	(8,252	)	(993	)	(621	)	(35	)	(279,974	)	(295,445	)
Amortized cost		5,544,384		41,952		74,266		2,211		621		9		—		5,663,443
December 31, 2023
		Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications business
Expected credit loss rate (Note a)		0%~1%		1%~20%		3%~65%		12%~82%		23%~91%		40%~96%		100%
Gross carrying amount		17,065,909		346,172		135,390		69,909		47,730		48,827		577,604		18,291,541
Loss allowance (lifetime ECL)		(49,828	)	(21,667	)	(28,978	)	(29,154	)	(35,221	)	(21,848	)	(577,604	)	(764,300	)
Amortized cost		17,016,081		324,505		106,412		40,755		12,509		26,979		—		17,527,241
Project business
Expected credit loss rate (Note b)		0%~5%		5%		10%		30%		50%		80%		100%
Gross carrying amount		3,868,984		101,408		11,954		17,535		1,353		613		287,368		4,289,215
Loss allowance (lifetime ECL)		(2,812	)	(16,671	)	(1,195	)	(5,261	)	(676	)	(490	)	(287,368	)	(314,473	)
Amortized cost		3,866,172		84,737		10,759		12,274		677		123		—		3,974,742

All values are in US Dollars.

• 28 -

Note a:	Please refer to Note 40 for the information of disaggregation of telecommunications service revenue. The<br>expected credit loss rate applicable to different business revenue varies so as to reflect the risk level indicating by factors like historical experience.
Note b:	The project business has different loss types according to the customer types. The expected credit loss rate<br>listed above is for general customers. When the customer is a government-affiliated entity, it is anticipated that there will not be an instance of credit loss. Customers with past history of bounced checks or accounts receivable exceeding six<br>months overdue are classified as high-risk customers, with an expected credit loss rate of 50%, increasing by period as the days overdue increase.
:---	:---

Movements of loss allowance for trade notes and accounts receivable were as follows:

		Year Ended December 31
		2024			2023
Beginning balance		1,078,773			1,335,778
Add: Provision for credit loss		169,874			120,216
Less: Amounts written off		(138,911	)		(377,221	)
Ending balance		1,109,736			1,078,773

All values are in US Dollars.

11.	INVENTORIES
		December 31
---	---	---	---	---
		2024		2023
Merchandise		1,960,035		1,649,839
Project in process		4,133,006		3,906,552
		6,093,041		5,556,391

All values are in US Dollars.

The operating costs related to inventories were $28,426,992 thousand (including the valuation loss on inventories of $50,759 thousand) and $28,244,205 thousand (including the valuation loss on inventories of $26,235 thousand) for the years ended December 31, 2024 and 2023, respectively.

• 29 -

12.	PREPAYMENTS
		December 31
---	---	---	---	---
		2024		2023
Prepayments for leases - satellite (Note 36)		3,129,192		1,729,118
Prepaid rents		910,253		1,203,681
Others		1,937,358		1,396,287
		5,976,803		4,329,086
Current
Prepaid rents		281,476		390,131
Others		1,937,358		1,396,287
		2,218,834		1,786,418
Noncurrent
Prepayments for leases - satellite (Note 36)		3,129,192		1,729,118
Prepaid rents		628,777		813,550
		3,757,969		2,542,668

All values are in US Dollars.

Prepaid rents comprised the prepayments from the lease agreements applying the recognition exemption and the prepayments for leases that do not meet the definition of leases under IFRS 16.

13.	OTHER CURRENT MONETARY ASSETS
		December 31
---	---	---	---	---
		2024		2023
Time deposits and negotiable certificates of deposit with maturities of more than three<br>months		18,918,784		15,948,029
Accrued custodial receipts		720,693		888,916
Others		635,738		603,253
		20,275,215		17,440,198

All values are in US Dollars.

The annual yield rates of time deposits and negotiable certificates of deposit with maturities of more than three months at the balance sheet dates were as follows:

		December 31
		2024			2023
Time deposits and negotiable certificates of deposit with maturities of more than three<br>months			1.55%~3.30%			1.38%~3.54%

• 30 -

14.	INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
		December 31
---	---	---	---	---
		2024		2023
Investments in subsidiaries		16,341,190		15,387,218
Investments in associates		6,468,085		6,403,599
Investments in joint venture		9,251		9,463
		22,818,526		21,800,280

All values are in US Dollars.

a.	Investments in subsidiaries

Investments in subsidiaries were as follows:

		Carrying Amount
		December 31
		2024			2023
Listed
Senao International Co., Ltd. (“SENAO”)		(67,436	)		(18,976 )
CHIEF Telecom Inc. (“CHIEF”)		2,333,846			2,161,121
Emerging
International Integrated Systems, Inc. (“IISI”)		654,315			663,066
CHT Security Co., Ltd. (“CHTSC”)		499,199			466,165
Non-listed
Light Era Development Co., Ltd. (“LED”)		3,839,467			3,831,897
Chunghwa Investment Co., Ltd. (“CHI”)		3,167,570			3,055,678
Chunghwa Telecom Singapore Pte., Ltd. (“CHTS”)		1,282,150			1,182,985
Donghwa Telecom Co., Ltd. (“DHT”)		928,105			765,986
Chunghwa Telecom Global, Inc. (“CHTG”)		855,234			708,711
Chunghwa System Integration Co., Ltd. (“CHSI”)		695,078			694,245
Honghwa International Co., Ltd. (“HHI”)		664,601			741,619
Chunghwa Telecom Japan Co., Ltd. (“CHTJ”)		280,861			155,873
CHYP Multimedia Marketing & Communications Co., Ltd. (“CHYP”)		210,581			207,797
Chunghwa Leading Photonics Tech. Co., Ltd. (“CLPT”)		196,351			167,628
Prime Asia Investments Group Ltd. (“Prime Asia”)		183,762			167,441
Spring House Entertainment Tech. Inc. (“SHE”)		166,407			164,793
Chunghwa Telecom (Thailand) Co., Ltd. (“CHTT”)		149,832			122,556
Chunghwa Telecom Europe GmbH (“CHTEU”)		116,752			—
Smartfun Digital Co., Ltd. (“SFD”)		84,284			82,314
Chunghwa Telecom Vietnam Co., Ltd. (“CHTV”)		76,320			74,041
Chunghwa Digital Cultural and Creative Capital Co., Ltd (“CDCC Capital”)		39,201			—
Chunghwa Sochamp Technology Inc. (“CHST”)		(15,290	)		(7,722	)
		16,341,190			15,387,218

All values are in US Dollars.

• 31 -

The percentages of ownership and voting rights in subsidiaries held by the Company as of balance sheet dates were as follows:

		% of Ownership and<br>Voting Right
		December 31
		2024			2023
Senao International Co., Ltd. (“SENAO”)			28			28
CHIEF Telecom Inc. (“CHIEF”)			56			56
International Integrated Systems, Inc. (“IISI”)			50			51
CHT Security Co., Ltd. (“CHTSC”)			63			69
Light Era Development Co., Ltd. (“LED”)			100			100
Chunghwa Investment Co., Ltd. (“CHI”)			89			89
Chunghwa Telecom Singapore Pte., Ltd. (“CHTS”)			100			100
Donghwa Telecom Co., Ltd. (“DHT”)			100			100
Chunghwa Telecom Global, Inc. (“CHTG”)			100			100
Chunghwa System Integration Co., Ltd. (“CHSI”)			100			100
Honghwa International Co., Ltd. (“HHI”)			100			100
Chunghwa Telecom Japan Co., Ltd. (“CHTJ”)			100			100
CHYP Multimedia Marketing & Communications Co., Ltd. (“CHYP”)			100			100
Chunghwa Leading Photonics Tech. Co., Ltd. (“CLPT”)			70			75
Prime Asia Investments Group Ltd. (“Prime Asia”)			100			100
Spring House Entertainment Tech. Inc. (“SHE”)			56			56
Chunghwa Telecom (Thailand) Co., Ltd. (“CHTT”)			100			100
Chunghwa Telecom Europe GmbH (“CHTEU”)			100			—
Smartfun Digital Co., Ltd. (“SFD”)			65			65
Chunghwa Telecom Vietnam Co., Ltd. (“CHTV”)			100			100
Chunghwa Digital Cultural and Creative Capital Co., Ltd (“CDCC Capital”)			100			—
Chunghwa Sochamp Technology Inc. (“CHST”)			37			37

The Company continues to control more than half of seats of the Board of Directors of SENAO through the support of large beneficial stockholders. As a result, the Company treated SENAO as a subsidiary.

CHIEF issued new shares in December 2023 and December 2024 as its employees exercised options. Therefore, the Company’s ownership interest in CHIEF decreased to 55.70% and 55.64% as of December 31, 2023 and 2024, respectively.

The Company controls more than half of seats of the Board of Directors of CHST as of December 31, 2024. As a result, the Company treated CHST as a subsidiary. For the information of changes in the Company’s control over CHST in January 2025, please refer to Note 37.

CHTSC issued new shares in February 2023, May 2023, January 2024, March 2024 and December 2024 as its employees exercised options. In addition, the Company disposed of some shares of CHTSC in August 2024 before CHTSC traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest in CHTSC decreased to 69.28% and 63.45% as of December 31, 2023 and 2024, respectively.

The Company disposed of some shares of IISI in August 2024 before IISI traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest in IISI decreased to 49.64% as of December 31, 2024. The Company continues to control more than half of seats of the Board of Directors of IISI. As a result, the Company treated IISI as a subsidiary.

• 32 -

The Company invested and established CHTEU in July 2024. The Company obtained 100% ownership interest of CHTEU.

CLPT issued new shares in May 2023 and July 2024 as its employees exercised options. Therefore, the Company’s ownership interest in CLPT decreased to 74.56% and 69.87% as of December 31, 2023 and 2024, respectively.

The Company invested and established CDCC Capital in February 2024. The Company obtained 100% ownership interest of CDCC Capital.

For the details of the subsidiaries indirectly held by the Company, please refer to Note 39.

The Company’s share of profit (loss) and other comprehensive income (loss) of the subsidiaries was recognized based on the audited financial statements.

b.	Investments in associates

Investments in associates were as follows:

		Carrying Amount
		December 31
		2024		2023
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)		3,950,922		4,293,338
Associates that are not individually material
Listed
KingwayTek Technology Co., Ltd. (“KWT”)		278,967		266,407
Non-listed
Viettel-CHT Co., Ltd.<br>(“Viettel-CHT”)		573,275		542,178
Taiwan International Standard Electronics Co., Ltd. (“TISE”)		379,357		312,800
Taiwania Hive Technology Fund L.P. (“TWTF”)		276,180		—
WiAdvance Technology Corporation (“WATC”)		273,440		212,101
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)		252,625		257,657
So-net Entertainment Taiwan Limited (“So-net”)		192,968		225,697
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)		151,241		163,999
Taiwan International Ports Logistics Corporation (“TIPL”)		133,836		121,948
Cornerstone Ventures Co., Ltd. (“CVC”)		5,274		7,474
		2,517,163		2,110,261
		6,468,085		6,403,599

All values are in US Dollars.

• 33 -

The percentages of ownership interests and voting rights in associates held by the Company as of balance sheet dates were as follows:

		% of Ownership Interests and<br>Voting Rights
		December 31
		2024			2023
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)			46			46
Associates that are not individually material
Listed
KingwayTek Technology Co., Ltd. (“KWT”)			23			23
Non-listed
Viettel-CHT Co., Ltd.<br>(“Viettel-CHT”)			30			30
Taiwan International Standard Electronics Co., Ltd. (“TISE”)			40			40
Taiwania Hive Technology Fund L.P. (“TWTF”)			42			—
WiAdvance Technology Corporation (“WATC”)			16			19
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)			50			50
So-net Entertainment Taiwan Limited (“So-net”)			30			30
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)			30			30
Taiwan International Ports Logistics Corporation (“TIPL”)			27			27
Cornerstone Ventures Co., Ltd. (“CVC”)			49			49

Summarized financial information of NCB was set out below:

		December 31
		2024		2023
Assets		48,636,633		37,431,036
Liabilities		(40,043,113	)	(28,083,960	)
Equity		8,593,520		9,347,076
The percentage of ownership interest held by the Company		46.26	%	46.26	%
Equity attributable to the Company		3,975,362		4,323,958
Unrealized gain or loss from downstream transactions		(24,440	)	(30,620	)
The carrying amount of investment		3,950,922		4,293,338
		Year Ended December 31
		2024		2023
Net revenues		313,834		10,172
Net loss for the year		(747,135	)	(968,614	)
Other comprehensive income (loss)		(6,421	)	14,363
Total comprehensive loss for the year		(753,556	)	(954,251	)

All values are in US Dollars.

• 34 -

Except for NCB, no associate is considered individually material to the Company. Summarized financial information of associates that are not individually material to the Company was as follows:

		Year Ended December 31
		2024		2023
The Company’s share of profits		228,426		197,165
The Company’s share of other comprehensive income		16,320		5,421
The Company’s share of total comprehensive income		244,746		202,586

All values are in US Dollars.

The Level 1 fair values of associate based on the closing market prices as of the balance sheet date was as follows:

		December 31
		2024		2023
KWT		896,747		987,520

All values are in US Dollars.

CVC was approved to end and dissolve its business in November 2024. The liquidation of CVC is still in process. The Company invested and obtained 49% ownership interest in CVC. However, as the Company has only two out of five seats of the Board of Directors of CVC, the Company has no control but significant influence over CVC. Therefore, the Company recognized CVC as an investment in associate.

KWT transferred its treasury stock repurchased from December 2019 to February 2020 to employees in October 2024. Therefore, the Company’s ownership interest in KWT decreased to 22.58% as of December 31, 2024.

The Company did not participate in the capital increase of WATC in January 2024. WATC issued new shares in April 2023, September 2023, December 2023, March 2024 and September 2024 as its employees exercised option. Therefore, the Company’s ownership interest in WATC decreased to 19.22% and 16.24% as of December 31, 2023, and December 31, 2024, respectively. However, as the Company continues to control one out of five seats of the Board of Directors of WATC, the Company has significant influence over WATC.

The Company’s Board of Directors approved an investment in TWTF at the amount of USD 30,000 thousand in February 2024. The Company initially invested $288,405 thousand (USD 9,000 thousand) in August 2024 and obtained 41.75% ownership interest in TWTF. TWTF mainly engages in investment.

The Company’s ownership interest in NCB was originally 41.90%. NCB reduced 26.43% of its capital to offset accumulated deficits and increased its capital in December 2023. The Company increased its investment in NCB in higher proportion to the original shareholder percentage at the amount of $1,543,847 thousand. Therefore, the Company’s ownership interest in NCB increased to 46.26% as of December 31, 2023. Although the Company is the single largest stockholder of NCB, it only obtained six out of fifteen seats of the Board of Directors of NCB. In addition, the management considered the size of ownership interest and the dispersion of shares owned by the other stockholders, other holdings are not extremely dispersed. The Company is not able to direct its relevant activities. Therefore, the Company does not have control over NCB and merely has significant influence over NCB and treats it as an associate.

The Company invested and obtained 50% ownership interest in CPFI. However, as the Company has only two out of five seats of the Board of Directors of CPFI, the Company has no control but significant influence over CPFI. Therefore, the Company recognized CPFI as an investment in associate.

• 35 -

The Company’s share of profits and other comprehensive income (loss) of associates was recognized based on the audited financial statements.

c.	Investment in joint venture

Investment in joint venture was as follows:

		Carrying Amount				% of Ownership Interests and<br>Voting Rights
		December 31				December 31
Name of Joint Venture		2024		2023		2024			2023
Non-listed
Chunghwa SEA<br>Holdings(“CHT SEA”)		9,251		9,463			51			51

All values are in US Dollars.

The Company invested and established a joint venture, CHT SEA, with Delta Electronics, Inc. and Kwang Hsing Industrial Co., Ltd. and obtained 51% ownership interest of CHT SEA. However, according to the mutual agreements among stockholders, the Company does not individually direct CHT SEA’s relevant activities and has joint control with the other party; therefore, the Company treated CHT SEA as a joint venture.

The joint venture is not considered individually material to the Company. Summarized financial information of CHT SEA was set out below:

		Year Ended December 31
		2024			2023
The Company’s share of loss		(212	)		(214	)
The Company’s share of other comprehensive income		—			—
The Company’s share of total comprehensive loss		(212	)		(214	)

All values are in US Dollars.

The Company’s share of loss and other comprehensive income of the joint venture was recognized based on the audited financial statements.

15.	PROPERTY, PLANT AND EQUIPMENT
		December 31
---	---	---	---	---
		2024		2023
Assets used by the Company		272,732,179		273,888,049
Assets subject to operating leases		4,823,104		7,069,906
		277,555,283		280,957,955

All values are in US Dollars.

• 36 -

a.	Assets used by the Company
		Land		LandImprovements		Buildings		ComputerEquipment		Telecommuni-<br>cationsEquipment		TransportationEquipment		MiscellaneousEquipment		Construction in<br>Progress andEquipment tobe Accepted		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2023		100,055,580		1,675,255		68,526,720		10,502,429		716,026,315		3,962,664		8,471,359		13,173,137		922,393,459
Additions		—		—		—		—		12,656		—		43		28,490,899		28,503,598
Disposal		(1,804	)	—		(500	)	(1,011,019	)	(24,781,833	)	(112,057	)	(356,463	)	—		(26,263,676	)
Others		(880,160	)	33,981		(1,228,523	)	849,888		26,108,654		186,948		613,772		(27,918,180	)	(2,233,620	)
Balance on December 31, 2023		99,173,616		1,709,236		67,297,697		10,341,298		717,365,792		4,037,555		8,728,711		13,745,856		922,399,761
Accumulated depreciation and impairment
Balance on January 1, 2023		—		(1,474,085	)	(31,156,347	)	(9,123,302	)	(595,040,582	)	(3,667,077	)	(6,611,113	)	—		(647,072,506	)
Depreciation expenses		—		(33,847	)	(1,262,820	)	(610,623	)	(25,513,402	)	(92,104	)	(453,829	)	—		(27,966,625	)
Disposal		—		—		174		1,010,659		24,775,999		112,057		352,726		—		26,251,615
Impairment loss		—		—		—		—		(298,891	)	—		—		—		(298,891	)
Others		—		—		632,129		(238	)	(41,534	)	(504	)	(15,158	)	—		574,695
Balance on December 31, 2023		—		(1,507,932	)	(31,786,864	)	(8,723,504	)	(596,118,410	)	(3,647,628	)	(6,727,374	)	—		(648,511,712	)
Balance on January 1, 2023, net		100,055,580		201,170		37,370,373		1,379,127		120,985,733		295,587		1,860,246		13,173,137		275,320,953
Balance on December 31, 2023, net		99,173,616		201,304		35,510,833		1,617,794		121,247,382		389,927		2,001,337		13,745,856		273,888,049
Cost
Balance on January 1, 2024		99,173,616		1,709,236		67,297,697		10,341,298		717,365,792		4,037,555		8,728,711		13,745,856		922,399,761
Additions		—		—		—		243		23,079		47		—		26,873,416		26,896,785
Disposal		(382	)	(386	)	(18,360	)	(1,157,459	)	(26,955,118	)	(151,443	)	(439,344	)	—		(28,722,492	)
Others		(556,692	)	40,764		1,050,093		626,796		22,914,854		282,532		845,726		(25,124,827	)	79,246
Balance on December 31, 2024		98,616,542		1,749,614		68,329,430		9,810,878		713,348,607		4,168,691		9,135,093		15,494,445		920,653,300
Accumulated depreciation and impairment
Balance on January 1, 2024		—		(1,507,932	)	(31,786,864	)	(8,723,504	)	(596,118,410	)	(3,647,628	)	(6,727,374	)	—		(648,511,712	)
Depreciation expenses		—		(36,130	)	(1,287,209	)	(664,084	)	(25,221,452	)	(125,373	)	(478,520	)	—		(27,812,768	)
Disposal		—		386		16,598		1,157,459		26,948,410		151,443		420,514		—		28,694,810
Others		—		303		(155,277	)	(477	)	(7,374	)	(495	)	(128,131	)	—		(291,451	)
Balance on December 31, 2024		—		(1,543,373	)	(33,212,752	)	(8,230,606	)	(594,398,826	)	(3,622,053	)	(6,913,511	)	—		(647,921,121	)
Balance on January 1, 2024, net		99,173,616		201,304		35,510,833		1,617,794		121,247,382		389,927		2,001,337		13,745,856		273,888,049
Balance on December 31, 2024, net		98,616,542		206,241		35,116,678		1,580,272		118,949,781		546,638		2,221,582		15,494,445		272,732,179

All values are in US Dollars.

There was no indication that property, plant and equipment was impaired; therefore, the Company did not recognize any impairment loss for the year ended December 31, 2024.

After the evaluation of certain telecommunications equipment, the Company determined that the recoverable amount of such assets was nil because the telecommunications service provided by 3G network would be discontinued in 2024; therefore, the Company recognized an impairment loss of $298,891 thousand for the year ended December 31, 2023. The aforementioned impairment loss was included in other income and expenses in the statements of comprehensive income.

Depreciation expense for assets used by the Company is computed using the straight-line method over the following estimated service lives:

Land improvements		10~30 years
Buildings
Main buildings		35~60 years
Other building facilities		4~10 years
Computer equipment		4~6 years
Telecommunications equipment
Telecommunication circuits		10~15 years
Telecommunication machinery and antennas equipment		3~10 years
Transportation equipment		3~7 years
Miscellaneous equipment
Leasehold improvements		2~6 years
Mechanical and air conditioner equipment		5~16 years
Others		3~15 years

• 37 -

b.	Assets subject to operating leases
		Land			Buildings			Total
---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2023		4,204,152			2,753,950			6,958,102
Others		553,504			1,358,209			1,911,713
Balance on December 31, 2023		4,757,656			4,112,159			8,869,815
Accumulated depreciation and impairment
Balance on January 1, 2023		—			(1,143,862	)		(1,143,862	)
Depreciation expenses		—			(75,535	)		(75,535	)
Others		—			(580,512	)		(580,512	)
Balance on December 31, 2023		—			(1,799,909	)		(1,799,909	)
Balance on January 1, 2023, net		4,204,152			1,610,088			5,814,240
Balance on December 31, 2023, net		4,757,656			2,312,250			7,069,906
Cost
Balance on January 1, 2024		4,757,656			4,112,159			8,869,815
Others		(1,801,861	)		(702,537	)		(2,504,398	)
Balance on December 31, 2024		2,955,795			3,409,622			6,365,417
Accumulated depreciation and impairment
Balance on January 1, 2024		—			(1,799,909	)		(1,799,909	)
Depreciation expenses		—			(61,512	)		(61,512	)
Others		—			319,108			319,108
Balance on December 31, 2024		—			(1,542,313	)		(1,542,313	)
Balance on January 1, 2024, net		4,757,656			2,312,250			7,069,906
Balance on December 31, 2024, net		2,955,795			1,867,309			4,823,104

All values are in US Dollars.

The Company leases out land and buildings with lease terms between 1 to 20 years. The lessees do not have bargain purchase options to acquire the assets at the expiry of the lease periods.

• 38 -

The future aggregate lease collection under operating lease for the freehold plant, property and equipment was as follows:

		December 31
		2024		2023
Year 1		387,965		513,736
Year 2		253,039		306,448
Year 3		139,341		232,470
Year 4		95,900		178,110
Year 5		64,966		146,896
Onwards		138,457		1,025,127
		1,079,668		2,402,787

All values are in US Dollars.

The above items of property, plant and equipment subject to operating leases are depreciated on a straight-line basis over their estimated useful lives as follows:

Buildings
Main buildings		35~60 years
Other building facilities		4~10 years
16.	LEASE ARRANGEMENTS
:---	:---
a.	Right-of-use assets
:---	:---
		December 31
---	---	---	---	---
		2024		2023
Land and buildings
Handsets base stations		7,652,086		7,581,406
Others		722,663		981,472
Equipment		1,685,271		1,885,859
		10,060,020		10,448,737
Additions to<br>right-of-use assets		3,546,274		3,712,896
Depreciation charge for<br>right-of-use assets
Land and buildings
Handsets base stations		3,009,577		2,940,005
Others		366,446		370,565
Equipment		339,604		332,309
		3,715,627		3,642,879

All values are in US Dollars.

The Company did not have significant sublease or impairment of right-of-use assets for the years ended December 31, 2024 and 2023.

• 39 -

b.	Lease liabilities
		December 31
---	---	---	---	---
		2024		2023
Lease liabilities
Current		3,168,016		3,127,254
Noncurrent		6,872,331		7,059,756
		10,040,347		10,187,010

All values are in US Dollars.

Ranges of discount rates for lease liabilities were as follows:

		December 31
		2024			2023
Land and buildings
Handsets base stations			0.37%~2.00%			0.37%~1.84%
Others			0.37%~1.88%			0.37%~1.88%
Equipment			0.37%~1.68%			0.37%~1.42%
c.	Important lease-in activities and terms
:---	:---

The Company mainly enters into lease-in agreements of land and buildings for handsets base stations located throughout Taiwan with lease terms ranging from 1 to 20 years. The lease agreements do not contain bargain purchase options to acquire the assets at the expiration of the respective leases. For majority of the lease-in agreements on handsets base station, the Company has the right to terminate the agreement prior to the expiration date if the Company is unable to build the required telecommunication equipment, either due to legal restrictions, controversial events, or other events.

The Company also leases land and buildings for the use of offices, server rooms, and stores with lease terms from 1 to 30 years. Most of the lease agreements for national land adjust the lease payment according to the changes of the announced land values by the authority. At the expiry of the lease term, the Company does not have bargain purchase options to acquire the assets.

The lease agreements for equipment include a contract between the Company and ST-2 Satellite Ventures Pte., Ltd. to lease capacity on the ST-2 satellite. For the information of lease agreements with related parties, please refer to Note 34 for details.

d.	Other lease information
		Year Ended December 31
---	---	---	---	---
		2024		2023
Expenses relating to low-value asset leases		929		873
Expenses relating to variable lease payments not included in the measurement of lease<br>liabilities		936		2,302
Total cash outflow for leases		3,593,319		3,546,729

All values are in US Dollars.

The Company leases certain equipment which qualifies as low-value asset leases. The Company has elected to apply the recognition exemption and, thus, not to recognize right-of-use assets and lease liabilities for these leases.

Lease-out arrangements under operating leases for freehold property, plant, and equipment and investment properties were set out in Notes 15 and 17.

• 40 -

17.	INVESTMENT PROPERTIES
		InvestmentProperties
---	---	---	---
Cost
Balance on January 1, 2023		10,950,295
Additions		54,081
Reclassification		327,724
Balance on December 31, 2023		11,332,100
Accumulated depreciation and impairment
Balance on January 1, 2023		(976,168	)
Depreciation expense		(44,300	)
Impairment loss		(335,903	)
Balance on December 31, 2023		(1,356,371	)
Balance on January 1, 2023, net		9,974,127
Balance on December 31, 2023, net		9,975,729
Cost
Balance on January 1, 2024		11,332,100
Additions		4,333
Reclassification		2,426,527
Balance on December 31, 2024		13,762,960
Accumulated depreciation and impairment
Balance on January 1, 2024		(1,356,371	)
Depreciation expense		(44,772	)
Reversal of impairment loss		139,200
Reclassification		(29,032	)
Balance on December 31, 2024		(1,290,975	)
Balance on January 1, 2024, net		9,975,729
Balance on December 31, 2024, net		12,471,985

All values are in US Dollars.

After the evaluation of land and buildings by comparing the recoverable amount which represented the fair value less costs of disposal with the carrying amount, the Company recognized a reversal of impairment loss of $139,200 thousand and an impairment loss of $335,903 thousand for the years ended December 31, 2024 and 2023, respectively. The impairment loss and the reversal of impairment loss were included in other income and expenses in the statements of comprehensive income.

• 41 -

Depreciation expense is computed using the straight-line method over the following estimated service lives:

Land improvements		15~30 years
Buildings
Main buildings		8~60 years
Other building facilities		10~35 years

The fair values of the Company’s investment properties as of December 31, 2024 and 2023 were determined by Level 3 fair value measurements inputs based on the appraisal reports conducted by independent appraisers. Those appraisal reports are based on the comparison approach, income approach or cost approach. Key assumptions and the fair values were as follows:

		December 31
		2024		2023
Fair value		42,636,110		25,568,988
Overall capital interest rate		1.47%~5.81%		1.43%~5.51%
Profit margin ratio		12%~20%		10%~20%
Discount rate		0%~10%		—
Capitalization rate		1.12%~2.13%		0.23%~2.28%

All values are in US Dollars.

All of the Company’s investment properties are held under freehold interest.

The future aggregate lease collection under operating lease for investment properties is as follows:

		December 31
		2024		2023
Year 1		296,183		190,983
Year 2		271,193		180,811
Year 3		240,602		159,397
Year 4		216,712		129,733
Year 5		214,118		107,898
Onwards		1,710,215		863,576
		2,949,023		1,632,398

All values are in US Dollars.

18.	INTANGIBLE ASSETS
		MobileBroadbandConcession		ComputerSoftware			Others			Total
---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2023		109,963,431		2,266,562			51,796			112,281,789
Additions - acquired separately		—		182,103			2,002			184,105
Disposal		—		(482,089	)		(6,377	)		(488,466	)
Balance on December 31, 2023		109,963,431		1,966,576			47,421			111,977,428

All values are in US Dollars.

(Continued)

• 42 -

		MobileBroadbandConcession			ComputerSoftware			Others			Total
Accumulated amortization and impairment
Balance on January 1, 2023		(31,812,278	)		(1,746,697	)		(25,174	)		(33,584,149	)
Amortization expenses		(6,390,138	)		(213,457	)		(9,154	)		(6,612,749	)
Disposal		—			482,089			6,377			488,466
Balance on December 31, 2023		(38,202,416	)		(1,478,065	)		(27,951	)		(39,708,432	)
Balance on January 1, 2023, net		78,151,153			519,865			26,622			78,697,640
Balance on December 31, 2023, net		71,761,015			488,511			19,470			72,268,996
Cost
Balance on January 1, 2024		109,963,431			1,966,576			47,421			111,977,428
Additions - acquired separately		—			160,730			1,431			162,161
Disposal		—			(309,202	)		(8,301	)		(317,503	)
Balance on December 31, 2024		109,963,431			1,818,104			40,551			111,822,086
Accumulated amortization and impairment
Balance on January 1, 2024		(38,202,416	)		(1,478,065	)		(27,951	)		(39,708,432	)
Amortization expenses		(6,390,139	)		(197,084	)		(8,079	)		(6,595,302	)
Disposal		—			309,202			8,301			317,503
Balance on December 31, 2024		(44,592,555	)		(1,365,947	)		(27,729	)		(45,986,231	)
Balance on January 1, 2024, net		71,761,015			488,511			19,470			72,268,996
Balance on December 31, 2024, net		65,370,876			452,157			12,822			65,835,855

All values are in US Dollars.

(Concluded)

The concessions are granted and issued by the National Communications Commission (“NCC”). The concession fees are amortized using the straight-line method over the period from the date operations commence through the date the license expires or the useful life, whichever is shorter. The 4G concession fees will be fully amortized by December 2030 and December 2033 and 5G concession fees will be fully amortized by December 2040.

The computer software is amortized using the straight-line method over the estimated useful lives of 1 to 10 years. Other intangible assets, except for those assessed as having indefinite useful lives, are amortized using the straight-line method over the estimated useful lives of 3 to 11 years.

The Company did not recognize any impairment loss on intangible assets for the years ended December 31, 2024 and 2023.

• 43 -

19.	OTHER ASSETS
		December 31
---	---	---	---	---
		2024		2023
Spare parts		1,995,652		2,223,167
Refundable deposits		1,547,611		1,388,444
Other financial assets		1,000,000		1,000,000
Others		1,516,850		1,446,098
		6,060,113		6,057,709
Current
Spare parts		1,995,652		2,223,167
Others		7,348		11,314
		2,003,000		2,234,481
Noncurrent
Refundable deposits		1,547,611		1,388,444
Other financial assets		1,000,000		1,000,000
Others		1,509,502		1,434,784
		4,057,113		3,823,228

All values are in US Dollars.

Other financial assets - noncurrent was Piping Fund. As part of the government’s effort to upgrade the existing telecommunications infrastructure, the Company and other public utility companies were required by the ROC government to contribute to a Piping Fund administered by the Taipei City Government. This fund was used to finance various telecommunications infrastructure projects. Net assets of this fund will be returned proportionately after the project is completed.

20.	HEDGING FINANCIAL INSTRUMENTS

The Company’s hedge strategy is to enter into forward exchange contracts - buy to avoid its foreign currency exposure to certain foreign currency denominated equipment payments in the following six months. In addition, the Company’s management considers the market condition to determine the hedge ratio and enters into forward exchange contracts with the banks to avoid the foreign currency risk.

The Company signed equipment purchase contracts with suppliers and entered into forward exchange contracts to avoid foreign currency risk exposure to Euro-denominated purchase commitments. Those forward exchange contracts were designated as cash flow hedges. When forecast purchases actually take place, basis adjustments are made to the initial carrying amounts of hedged items.

For the hedges of highly probable forecast sales and purchases, as the critical terms (i.e. the notional amount, life and underlying) of the forward foreign exchange contracts and their corresponding hedged items are the same, the Company performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying exchange rates.

The main source of hedge ineffectiveness in these hedging relationships is the effect of credit risks of the Company and the counterparty on the fair value of the forward exchange contracts. Such credit risks do not impact the fair value of the hedged item attributable to changes in foreign exchange rates. No other sources of ineffectiveness emerged from these hedging relationships.

• 44 -

The following tables summarized the information relating to the hedges for foreign currency risk.

December 31, 2024

				Notional<br>Amount						Forward<br>Rate		Line Item in				Carrying Amount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
Hedging Instruments		Currency		(In Thousands)			Maturity			(In Dollars)		Balance Sheet				Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts			NT/		NTD 341,036/ 10,000			March 2025		34.10			Hedging financial<br>assets (liabilities)			1,133		1,907		(730	)
		Change inValue ofHedged ItemUsed for		Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items		CalculatingHedgeIneffectiveness		ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases		730		(774	)		—

All values are in US Dollars.

December 31, 2023

				Notional<br>Amount							Forward<br>Rate		Line Item in				CarryingAmount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
Hedging Instruments		Currency		(In Thousands)				Maturity			(In Dollars)		Balance Sheet				Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts			NT/		NT$23,717/<br><br>EUR700				March 2024		33.88			Hedging financial<br>assets (liabilities)			—		44		(12,935	)
		Change inValue ofHedged ItemUsed for		Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items		CalculatingHedgeIneffectiveness		ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases		12,935		(44	)		—

All values are in US Dollars.

• 45 -

Year ended December 31, 2024

		Comprehensive Income							Reclassification from Equity<br>to Assets and the Adjusted Line<br>Item
Hedge Transaction		Hedging Gain orLoss Recognized<br>in OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item in<br>Which Hedge<br>Ineffectiveness is<br><br>Included			Amount<br>Reclassified to<br>Assets and the<br>Adjusted Line<br>Item			Due to Hedged<br>Future Cash<br>Flows No<br>Longer<br>Expected to<br>Occur
Cash flow hedge
Forecast equipment purchases		(730	)	—			—			(2,029) Construction inprogress andequipment tobe<br>accepted			— Other gains andlosses

All values are in US Dollars.

Year ended December 31, 2023

		Comprehensive Income							Reclassification from Equity<br>to Assets and the Adjusted Line<br>Item
Hedge Transaction		Hedging Gain orLoss Recognized<br>in OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item in<br>Which Hedge<br>Ineffectiveness is<br><br>Included			Amount<br>Reclassified to<br>Assets and the<br>Adjusted Line<br>Item			Due to Hedged<br>Future Cash<br>Flows No<br>Longer<br>Expected to<br>Occur
Cash flow hedge
Forecast equipment purchases		(12,935	)	—			—			36,714 Construction inprogress andequipment tobe<br>accepted			— Other gains andlosses

All values are in US Dollars.

21.	BONDS PAYABLE
		December 31
---	---	---	---	---	---	---
		2024			2023
Unsecured domestic bonds		30,500,000			30,500,000
Less: Discounts on bonds payable		(11,794	)		(17,234	)
		30,488,206			30,482,766
Less: Current portion		(8,798,880	)		—
		21,689,326			30,482,766

All values are in US Dollars.

The major terms of unsecured domestic bonds issued by the Company were as follows:

Issuance		Tranche		Issuance Period		TotalAmount		Coupon<br>Rate			Repayment and Interest<br>Payment
2020-1		A		July 2020 to July 2025		8,800,000			0.50	%	One-time repayment upon<br>maturity;<br>interest<br>payable annually
		B		July 2020 to July 2027		7,500,000			0.54	%	The same as above
		C		July 2020 to July 2030		3,700,000			0.59	%	The same as above
2021-1		A		April 2021 to April 2026		1,900,000			0.42	%	The same as above
		B		April 2021 to April 2028		4,100,000			0.46	%	The same as above
		C		April 2021 to April 2031		1,000,000			0.50	%	The same as above
2022-1<br><br>(Sustainable Bond)		-		March 2022 to March 2027		3,500,000			0.69	%	The same as above

All values are in US Dollars.

• 46 -

22.	TRADE NOTES AND ACCOUNTS PAYABLE
		December 31
---	---	---	---	---
		2024		2023
Trade notes and accounts payable		12,373,111		10,554,797

All values are in US Dollars.

Trade notes and accounts payable were attributable to operating activities and the trading conditions were agreed separately.

23.	OTHER PAYABLES
		December 31
---	---	---	---	---
		2024		2023
Accrued salary and compensation		8,393,666		8,364,528
Payables to contractors		2,257,342		1,969,208
Accrued compensation to employees and remuneration to directors and supervisors		1,972,050		1,562,278
Amounts collected for others		1,728,914		1,593,835
Accrued maintenance costs		1,112,694		1,225,547
Payables to equipment suppliers		393,359		701,491
Others		5,686,664		5,022,891
		21,544,689		20,439,778

All values are in US Dollars.

24.	PROVISIONS
		December 31
---	---	---	---	---
		2024		2023
Employee benefits		402,565		374,067
Onerous contracts		255,373		178,712
Warranties		163,477		157,406
Others		13,574		3,067
		834,989		713,252
Current		325,812		238,130
Noncurrent		509,177		475,122
		834,989		713,252

All values are in US Dollars.

• 47 -

		EmployeeBenefits		OnerousContracts		Warranties		Others		Total
Balance on January 1, 2023		64,776		80,651		150,135		3,767		299,329
Additional / (reversal of) provisions recognized		310,257		48,061		29,664		(700	)	387,282
Used / forfeited during the year		(966	)	—		(22,393	)	—		(23,359	)
Reclassification		—		50,000		—		—		50,000
Balance on December 31, 2023		374,067		178,712		157,406		3,067		713,252
Balance on January 1, 2024		374,067		178,712		157,406		3,067		713,252
Additional / (reversal of) provisions recognized		30,993		76,661		34,992		11,101		153,747
Used / forfeited during the year		(2,495	)	—		(28,921	)	(594	)	(32,010	)
Balance on December 31, 2024		402,565		255,373		163,477		13,574		834,989

All values are in US Dollars.

a.	The provision for warranty claims represents the present value of the management’s best estimate of the<br>future outflow of economic benefits that will be required under the Company’s obligation for warranties in sales agreements. The estimate has been made based on historical warranty experience.
b.	The provision for employee benefits represents vested long-term service compensation accrued.
:---	:---
c.	The provision for onerous contracts represents the present obligation resulting from the measurement for the<br>unavoidable costs of meeting the Company’s contractual obligations exceed the economic benefits expected to be received from the contracts.
:---	:---
25.	RETIREMENT BENEFIT PLANS
:---	:---
a.	Defined contribution plans
:---	:---

The pension plan under the Labor Pension Act of ROC (the “LPA”) is considered as a defined contribution plan. Based on the LPA, the Company makes monthly contributions to employees’ individual pension accounts at 6% of monthly salaries and wages.

b.	Defined benefit plans

The Company completed its privatization plans on August 12, 2005. The Company is required to pay all accrued pension obligations including service clearance payment, lump sum payment under civil service plan, additional separation payments, etc. upon the completion of the privatization in accordance with the Statute Governing Privatization of Stated-owned Enterprises. After paying all pension obligations for privatization, the plan assets of the Company should be transferred to the Fund for Privatization of Government-owned Enterprises (the “Privatization Fund”) under the Executive Yuan. On August 7, 2006, the Company transferred the remaining balance of fund to the Privatization Fund. However, according to the instructions of MOTC, the Company was requested to administer the distributions to employees for pension obligations including service clearance payment, lump sum payment under civil service plan, additional separation payments, etc. upon the completion of the privatization and recognized in other current monetary assets.

The Company with the pension mechanism under the Labor Standards Law in the ROC is considered as defined benefit plans. These pension plans provide benefits based on an employee’s length of service and average six-month salary prior to retirement. The Company contributes an amount no more than 15% of salaries paid each month to their respective pension funds (the Funds), which are administered by the Labor Pension Fund Supervisory Committee (the Committee) and

• 48 -

deposited in the names of the Committees in the Bank of Taiwan. The plan assets are held in a commingled fund which is operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the funds. According to the Article 56 of the Labor Standards Law, entities are required to contribute the difference in one appropriation to their pension funds before the end of next March when the balance of the Funds is insufficient to pay the eligible employees who meet the retirement criteria in the following year.

The amounts included in the balance sheets arising from the Company’s obligation in respect of its defined benefit plans were as follows:

		December 31
		2024			2023
Present value of funded defined benefit obligation		27,731,063			30,048,947
Fair value of plan assets		(34,476,712	)		(33,916,979	)
Funded status - surplus		(6,745,649	)		(3,868,032	)
Net defined benefit liabilities		2,085,962			2,069,464
Net defined benefit assets		(8,831,611	)		(5,937,496	)
		(6,745,649	)		(3,868,032	)

All values are in US Dollars.

Movements in the defined benefit obligation and the fair value of plan assets were as follows:

		Present Valueof FundedDefined BenefitObligation			Fair Value ofPlan Assets			Net DefinedBenefitLiabilities(Assets)
Balance on January 1, 2023		33,295,706			36,311,098			(3,015,392	)
Current service cost		1,005,339			—			1,005,339
Interest expense / interest income		399,556			448,691			(49,135	)
Amounts recognized in profit or loss		1,404,895			448,691			956,204
Remeasurement on the net defined benefit liability
Return on plan assets (excluding amounts included in net interest)		—			306,892			(306,892	)
Actuarial gain recognized from changes in demographic assumptions		(99,553	)		—			(99,553	)
Actuarial loss recognized from experience adjustments		266,947			—			266,947
Amounts recognized in other comprehensive income		167,394			306,892			(139,498	)
Contributions from employer		—			1,370,171			(1,370,171	)
Benefits paid		(4,519,873	)		(4,519,873	)		—
Benefits paid directly by the Company		(299,175	)		—			(299,175	)
Balance on December 31, 2023		30,048,947			33,916,979			(3,868,032	)
Current service cost		903,348			—			903,348
Interest expense / interest income		368,528			418,268			(49,740	)
Amounts recognized in profit or loss		1,271,876			418,268			853,608
Remeasurement on the net defined benefit liability
Return on plan assets (excluding amounts included in net interest)		—			3,081,661			(3,081,661	)
Actuarial gain recognized from changes in financial assumptions		(371,652	)		—			(371,652	)
Actuarial loss recognized from experience adjustments		1,227,860			—			1,227,860
Amounts recognized in other comprehensive income		856,208			3,081,661			(2,225,453	)
Contributions from employer		—			1,239,442			(1,239,442	)
Benefits paid		(4,179,638	)		(4,179,638	)		—
Benefits paid directly by the Company		(266,330	)		—			(266,330	)
Balance on December 31, 2024		27,731,063			34,476,712			(6,745,649	)

All values are in US Dollars.

• 49 -

Relevant pension costs recognized in profit and loss for defined benefit plans were as follows:

		Year Ended December 31
		2024		2023
Operating costs		415,434		487,556
Marketing expenses		313,406		333,289
General and administrative expenses		73,253		77,339
Research and development expenses		32,489		35,284
		834,582		933,468

All values are in US Dollars.

The Company is exposed to following risks for the defined benefits plans under the Labor Standards Law:

a.	Investment risk

Under the Labor Standards Law, the rate of return on assets shall not be lower than the average interest rate on a two-year time deposit published by the local banks and the government is responsible for any shortfall in the event that the rate of return is less than the required rate of return. The plan assets are held in a commingled fund mainly invested in foreign and domestic equity and debt securities and bank deposits which is operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the funds.

b.	Interest rate risk

The decline in government bond interest rate will increase the present value of the obligation on the defined benefit plan, while the return on plan assets will increase. The net effect on the present value of the obligation on defined benefit plan is partially offset by the return on plan assets.

• 50 -

c.	Salary risk

The calculation of the present value of defined benefit obligation is referred to the plan participants’ future salary. Hence, the increase in plan participants’ salary will increase the present value of the defined benefit obligation.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation were carried out by the independent actuary. The principal assumptions used for the purpose of the actuarial valuations were as follows:

		Measurement Date
		December 31
		2024			2023
Discount rates			1.75	%		1.25	%
Expected rates of salary increase			2.25	%		2.00	%

If reasonably possible changes of the respective significant actuarial assumptions occur at the end of reporting periods, while holding all other assumptions constant, the present values of the defined benefit obligations would increase (decrease) as follows:

		December 31
		2024			2023
Discount rates
0.5% increase		(780,047	)		(868,224	)
0.5% decrease		825,198			919,455
Expected rates of salary increase
0.5% increase		893,483			988,311
0.5% decrease		(852,079	)		(941,687	)

All values are in US Dollars.

The sensitivity analysis presented above may not be representative of the actual change in the present value of the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. There is no change in the methods and assumptions used in preparing the sensitivity analysis from the previous period.

		December 31
		2024		2023
The expected contributions to the plan for the next year		1,219,330		1,350,222
The average duration of the defined benefit obligation		6.0 years		6.1 years

All values are in US Dollars.

As of December 31, 2024, the Company’s maturity analysis of the undiscounted benefit payments was as follows:

Year		Amount
2025		2,204,442
2026		5,331,425
2027		8,488,360
2028		9,790,435
2029 and thereafter		30,234,909
		56,049,571

All values are in US Dollars.

• 51 -

26.	EQUITY
a.	Share capital
:---	:---
1)	Common stocks
:---	:---
		December 31
---	---	---	---	---	---	---
		2024			2023
Number of authorized shares (thousand)		12,000,000			12,000,000
Authorized shares		120,000,000			120,000,000
Number of issued and paid shares (thousand)		7,757,447			7,757,447
Issued shares		77,574,465			77,574,465

All values are in US Dollars.

Each issued common stock with par value of $10 is entitled the right to vote and receive dividends.

2)	Global depositary receipts

The MOTC and some stockholders sold some common stocks of the Company in an international offering of securities in the form of American Depositary Shares (“ADS”) (one ADS represents 10 common stocks) in July 2003, August 2005, and September 2006. The ADSs were traded on the New York Stock Exchange since July 17, 2003. As of December 31, 2024, the outstanding ADSs were 177,821 thousand common stocks, which equaled 17,782 thousand units and represented 2.29% of the Company’s total outstanding common stocks.

The ADS holders generally have the same rights and obligations as other common stockholders, subject to the provision of relevant laws. The exercise of such rights and obligations shall comply with the related regulations and deposit agreement, which stipulate, among other things, that ADS holders are entitled to, through deposit agents:

a)	Exercise their voting rights,
b)	Sell their ADSs, and
:---	:---
c)	Receive dividends declared and subscribe to the issuance of new shares.
:---	:---

• 52 -

b.	Additional paid-in capital

The adjustments of additional paid-in capital for the years ended December 31, 2024 and 2023 were as follows:

		SharePremium		Movements ofAdditionalPaid-in Capitalfor Associatesand JointVenturesAccounted forUsing EquityMethod		Movements ofAdditionalPaid-in CapitalArising fromChanges inEquities ofSubsidiaries		DifferencebetweenConsiderationReceived orPaid andCarryingAmount of theSubsidiaries’Net Assetsduring ActualDisposal orAcquisition		Donated Capital		Stockholders’Contributiondue toPrivatization		Total
Balance on January 1, 2023		147,329,386		173,672		2,137,032		987,611		25,119		20,648,078		171,300,898
Unclaimed dividend		—		—		—		—		2,217		—		2,217
Change in additional paid-in capital from<br>investments in subsidiaries, associates and joint ventures accounted for using equity method		—		(21,720	)	—		—		—		—		(21,720	)
Actual acquisition of interests in subsidiaries		—		—		—		(4	)	—		—		(4	)
Changes in equities of subsidiaries		—		—		7,695		—		—		—		7,695
Balance on December 31, 2023		147,329,386		151,952		2,144,727		987,607		27,336		20,648,078		171,289,086
Unclaimed dividend		—		—		—		—		2,109		—		2,109
Change in additional paid-in capital from<br>investments in subsidiaries, associates and joint ventures accounted for using equity method		—		71,883		—		—		—		—		71,883
Actual disposal of interests in subsidiaries		—		—		406		223,887		—		—		224,293
Changes in equities of subsidiaries		—		—		(92	)	—		—		—		(92	)
Balance on December 31, 2024		147,329,386		223,835		2,145,041		1,211,494		29,445		20,648,078		171,587,279

All values are in US Dollars.

Additional paid-in capital from share premium, donated capital and the difference between consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition may be utilized to offset deficits. Furthermore, when the Company has no deficit, it may be distributed in cash or capitalized, which however is limited to a certain percentage of the Company’s paid-in capital except the additional paid-in capital arising from unclaimed dividend can only be utilized to offset deficits.

The additional paid-in capital from movements of paid-in capital arising from changes in equities of subsidiaries may only be utilized to offset deficits.

Among additional paid-in capital from movements of investments in associates and joint ventures accounted for using equity method, the portion arising from the difference between the consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition may be utilized to offset deficits; furthermore, when the Company has no deficit, it may be distributed in cash or capitalized. However, other additional paid-in capital recognized in proportion of share ownership may only be utilized to offset deficits.

c.	Retained earnings and dividends policy

In accordance with the the Company’s Articles of Incorporation, the Company must pay all outstanding taxes, offset deficits in prior years and set aside a legal reserve equal to 10% of its net income before distributing a dividend or making any other distribution to stockholders, except when the accumulated amount of such legal reserve equals to the Company’s total issued capital, and depending on its business needs or requirements, may also set aside or reverse special reserves. No less than 50% of the remaining earnings comprising remaining balance of net income, if any, plus cumulative undistributed earnings shall be distributed as stockholders’ dividends, of which cash dividends to be distributed shall not be less than 50% of the total amount of dividends to be distributed. If cash dividend to be distributed is less than $0.10 per share, such cash dividend shall be distributed in the form of common stocks.

• 53 -

The Company should appropriate a special reserve when the net amount of other equity items is negative at the end of reporting period upon the earnings distribution. Distributions can be made out of any subsequent reversal of the debit to other equity items.

The appropriation for legal reserve shall be made until the accumulated reserve equals the aggregate par value of the outstanding capital stock of the Company. This reserve can only be used to offset a deficit, or, when the legal reserve has exceeded 25% of the Company’s paid-in capital, the excess may be transferred to capital or distributed in cash.

The appropriations of the 2023 and 2022 earnings of the Company approved by the stockholders in their meetings on May 31, 2024 and May 26, 2023 were as follows:

		Appropriation of Earnings						Dividends Per Share<br>(NT$)
		For FiscalYear 2023			For FiscalYear 2022			For Fiscal<br>Year 2023			For FiscalYear 2022
Reversal of special reserve		(223,084	)		(185,066	)
Cash dividends		36,909,931			36,475,514			$	4.758		4.702

The appropriations of earnings for 2024 had been proposed by Chunghwa’s Board of Directors on February 26, 2025. The appropriations and dividends per share were as follows:

		Appropriationof Earnings		Dividends Per<br>Share (NT$)
Cash dividends		38,787,232		$	5.000

The appropriations of earnings for 2024 are subject to the resolution of the stockholders’ meeting planned to be held on May 29, 2025. Information of the appropriation of the Company’s earnings proposed by the Board of Directors and approved by the stockholders is available on the Market Observation Post System website.

d.	Others
1)	Exchange differences arising from the translation of the foreign operations
:---	:---

The exchange differences arising from the translation of the foreign operations from their functional currency to New Taiwan dollars were recognized as exchange differences arising from the translation of the foreign operations in other comprehensive income.

2)	Unrealized gain or loss on financial assets at FVOCI
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Beginning balance		520,748			(124,762	)
Recognized for the year
Unrealized gain or loss
Equity instruments		63,749			669,581
Share of loss of subsidiaries, associates and joint ventures accounted for using equity<br>method		(20,892	)		(24,071	)
Ending balance		563,605			520,748

All values are in US Dollars.

• 54 -

27.	REVENUES
		Year Ended December 31
---	---	---	---	---
		2024		2023
Revenue from contracts with customers		190,261,382		185,788,884
Other revenues
Government grants income		1,392,143		1,697,417
Rental income		1,094,737		1,057,582
Others		194,654		185,662
		2,681,534		2,940,661
		192,942,916		188,729,545

All values are in US Dollars.

For the information of performance obligations related to customer contracts, please refer to Note 3 Summary of Material Accounting Policy Information for details.

a.	Disaggregation of revenue

Please refer to Note 40 Segment Information for details.

b.	Contract balances
		December 31,2024			December 31,2023			January 1,<br>2023
---	---	---	---	---	---	---	---	---	---
Trade notes and accounts receivable (Note 10)		22,579,093			21,501,983			21,449,052
Contract assets
Products and service bundling		3,991,761			3,577,392			3,036,507
Others		514,370			280,673			299,146
Less: Loss allowance		(11,374	)		(9,460	)		(8,247	)
		4,494,757			3,848,605			3,327,406
Current		2,840,082			2,378,557			2,114,559
Noncurrent		1,654,675			1,470,048			1,212,847
		4,494,757			3,848,605			3,327,406
Contract liabilities
Telecommunications business		12,262,334			12,232,712			12,137,375
Project business		7,125,999			5,617,069			5,940,736
Advance house and land receipts (Note 36)		114,020			—			—
Others		403,188			405,292			392,939
		19,905,541			18,255,073			18,471,050
Current		14,123,368			12,518,134			12,790,467
Noncurrent		5,782,173			5,736,939			5,680,583
		19,905,541			18,255,073			18,471,050

All values are in US Dollars.

• 55 -

The Board of Directors of the Company resolved to sign a joint construction with separate sale and partition contract for the Datong S. Sec., Sanchong Dist., New Taipei City project with LED in August 2021. The Company classified the land of the project as investment properties. Regarding the project, the Company has signed the house and land presale contracts with customers and has received payments in accordance with the contracts. Please refer to Note 36 for details.

The changes in the contract asset and the contract liability balances primarily result from the timing difference between the satisfaction of performance obligations and the payments collected from customers. Significant changes of contract assets and liabilities recognized resulting from product and service bundling were as follows:

		Year Ended December 31
		2024			2023
Contract assets
Net increase of customer contracts		3,291,980			3,043,483
Reclassified to trade receivables		(2,864,384	)		(2,478,072	)
		427,596			565,411
Contract liabilities
Net increase of customer contracts		67,512			66,093
Recognized as revenues		(70,680	)		(68,073	)
		(3,168	)		(1,980	)

All values are in US Dollars.

The Company applies the simplified approach to recognize expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for receivables. Contract assets will be reclassified to trade receivables when the corresponding invoice is billed to the client. Contract assets have substantially the same risk characteristics as the trade receivables of the same types of contracts. Therefore, the Company concluded that the expected loss rates for trade receivables can be applied to the contract assets.

Revenue recognized for the year that was included in the contract liability at the beginning of the year was as follows:

		Year Ended December 31
		2024		2023
Telecommunications business		6,689,634		6,621,865
Project business		4,061,895		4,800,739
Others		226,887		228,527
		10,978,416		11,651,131

All values are in US Dollars.

c.	Incremental costs of obtaining contracts
		December 31
---	---	---	---	---
		2024		2023
Noncurrent
Incremental costs of obtaining contracts		9,631,413		8,570,626

All values are in US Dollars.

• 56 -

The Company considered the past experience and the default clauses in the telecommunications service contracts and believes the commissions and equipment subsidies paid for obtaining telecommunications service contracts are expected to be recoverable; therefore, such costs were capitalized. Amortization expenses for the years ended December 31, 2024 and 2023 were $ 6,730,872 thousand and $6,115,128 thousand, respectively.

d.	Remaining Performance Obligations

As of December 31, 2024, the aggregate amount of transaction price allocated to performance obligations for non-cancellable telecommunications service contracts that are unsatisfied is $47,623,815 thousand. The Company recognizes revenue when service is provided over contract terms. The Company expects to recognize such revenue of $27,926,509 thousand, $14,673,442 thousand and $5,023,864 thousand in 2025, 2026 and 2027, respectively. The variable consideration collected from customers on nonrecurring basis resulting from exceeded usage from monthly fee and revenue recognized for contracts that the Company has a right to consideration from customers in the amount corresponding directly with the value to the customers of the Company’s performance completed to date have been excluded from the disclosure of remaining performance obligations.

As of December 31, 2024, the aggregate amount of transaction price allocated to performance obligations for non-cancellable project business contracts that are unsatisfied is $23,414,919 thousand. The Company recognizes revenues when the project business contract is completed and accepted by customers. The Company expects to recognize such revenue of $10,547,934 thousand, $6,774,172 thousand and $6,092,813 thousand in 2025, 2026 and 2027, respectively. Project business contracts whose expected duration are less than a year have been excluded from the aforementioned disclosure.

28.	NET INCOME
a.	Other income and expenses
:---	:---
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Gain (loss) on disposal of property, plant and equipment		(15,895	)		1,430
Impairment loss on disposal of property, plant and equipment		—			(298,891	)
Reversal of impairment loss / (impairment loss) on investment properties		139,200			(335,903	)
		123,305			(633,364	)

All values are in US Dollars.

b.	Other income
		Year Ended December 31
---	---	---	---	---
		2024		2023
Dividend income		234,593		161,652
Others		84,524		83,007
		319,117		244,659

All values are in US Dollars.

• 57 -

c.	Other gains and losses
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Foreign currency exchange loss, net		(64,862	)		(142,909	)
Valuation loss on financial assets and liabilities at fair value through profit or loss,<br>net		(143,102	)		(108,337	)
Others		(9,015	)		(69,058	)
		(216,979	)		(320,304	)

All values are in US Dollars.

d.	Interest expenses
		Year Ended December 31
---	---	---	---	---
		2024		2023
Interest on bonds payable		167,760		167,730
Interest on lease liabilities		104,673		85,038
Others		662		2,678
		273,095		255,446

All values are in US Dollars.

e.	Impairment loss (reversal of impairment loss)
		Year Ended December 31
---	---	---	---	---	---
		2024			2023
Contract assets		1,914			1,213
Trade notes and accounts receivable		169,874			120,216
Other receivables		6,067			9,988
Inventories		50,759			26,235
Property, plant and equipment		—			298,891
Investment properties		(139,200	)		335,903

All values are in US Dollars.

f.	Depreciation and amortization expenses
		Year Ended December 31
---	---	---	---	---
		2024		2023
Property, plant and equipment		27,874,280		28,042,160
Right-of-use<br>assets		3,715,627		3,642,879
Investment properties		44,772		44,300
Intangible assets		6,595,302		6,612,749
Incremental costs of obtaining contracts		6,730,872		6,115,128
Total depreciation and amortization expenses		44,960,853		44,457,216
Depreciation expenses summarized by functions
Operating costs		30,227,718		30,379,815
Operating expenses		1,406,961		1,349,524
		31,634,679		31,729,339
Amortization expenses summarized by functions
Operating costs		13,211,153		12,618,172
Marketing expenses		68,483		53,198
General and administrative expenses		27,499		38,950
Research and development expenses		19,039		17,557
		13,326,174		12,727,877

All values are in US Dollars.

• 58 -

g.	Employee benefit expenses
		Year Ended December 31
---	---	---	---	---
		2024		2023
Post-employment benefit
Defined contribution plans		575,315		493,297
Defined benefit plans		834,582		933,468
		1,409,897		1,426,765
Other employee benefit
Salaries		18,140,047		17,536,790
Insurance		2,082,752		2,035,112
Others		14,070,595		13,129,538
		34,293,394		32,701,440
Total employee benefit expenses		35,703,291		34,128,205
Summary by functions
Operating costs		18,122,028		17,823,667
Operating expenses		17,581,263		16,304,538
		35,703,291		34,128,205

All values are in US Dollars.

The amendments to the Company’s Articles of Incorporation were approved by the Company’s stockholders in their meeting on May 31, 2024. The distribution rate of employees’ compensation increased from 1.7% to 4.3% of pre-tax income to 2% to 5% of pre-tax income, while the distribution rate of directors’ remuneration remained at no higher than 0.17%. As of December 31, 2024, the payables of the employees’ compensation and the remuneration to directors were $1,931,610 thousand and $40,440 thousand, respectively. Such amounts have been approved by the Company’s Board of Directors on February 26, 2025 and will be reported to the stockholders in their meeting planned to be held on May 29, 2025.

If there is a change in the proposed amounts after the annual financial statements are authorized for issue, the difference is recorded as a change in accounting estimate.

The compensation to the employees and remuneration to the directors of 2023 and 2022 approved by the Board of Directors on February 23, 2024 and February 24, 2023, respectively, were as follows:

		2023		2022
		Cash		Cash
Compensation distributed to the employees		1,522,481		1,498,374
Remuneration paid to the directors		39,797		39,480

All values are in US Dollars.

• 59 -

There was no difference between the initial accrued amounts recognized in 2023 and 2022 and the amounts approved by the Board of Directors in 2024 and 2023 of the aforementioned compensation to employees and the remuneration to directors.

Information of the appropriation of the Company’s employees compensation and remuneration to directors and those approved by the Board of Directors is available on the Market Observation Post System website.

29.	INCOME TAX
a.	Income tax recognized in profit or loss
:---	:---

The major components of income tax expense were as follows:

		Year Ended December 31
		2024			2023
Current tax
Current tax expenses recognized for the year		8,358,943			8,302,679
Income tax adjustments on prior years		(134,281	)		(86,005	)
Others		3,893			5,049
		8,228,555			8,221,723
Deferred tax
Deferred tax expenses recognized for the year		155,535			118,948
Income tax expense recognized in profit or loss		8,384,090			8,340,671

All values are in US Dollars.

Reconciliation of accounting profit and income tax expense was as follows:

		Year Ended December 31
		2024			2023
Income before income tax		45,604,554			45,257,379
Income tax expense calculated at the statutory rate		9,120,911			9,051,476
Nondeductible income and expenses in determining taxable income		10,938			16,779
Tax-exempt income		(434,926	)		(343,014	)
Investment credits		(194,802	)		(185,450	)
Income tax adjustments on prior years		(134,281	)		(86,005	)
Others		16,250			(113,115	)
Income tax expense recognized in profit or loss		8,384,090			8,340,671

All values are in US Dollars.

The applicable tax rate used by the Company is 20%.

b.	Income tax recognized in other comprehensive income
		Year Ended December 31
---	---	---	---	---
		2024		2023
Deferred tax
Remeasurement on defined benefit pension plan		445,091		27,900

All values are in US Dollars.

• 60 -

c.	Current tax liabilities
		December 31
---	---	---	---	---
		2024		2023
Current tax liabilities
Income tax payable		4,147,707		4,296,534

All values are in US Dollars.

d.	Deferred income tax assets and liabilities

The movements of deferred income tax assets and liabilities were as follows:

For the year ended December 31, 2024

		BeginningBalance		Recognized inProfit or Loss			Recognized inOtherComprehensiveIncome			Ending<br>Balance
Deferred income tax assets
Temporary differences
Defined benefit pension plan		1,482,865		10,291			(445,091	)		1,048,065
Allowance for doubtful receivables over quota		142,583		(25,127	)		—			117,456
Valuation loss on financial assets		45,300		28,620			—			73,920
Seniority bonus		67,211		5,700			—			72,911
Impairment loss on assets		59,778		(205	)		—			59,573
Valuation loss on inventory		43,249		3,150			—			46,399
Valuation loss on onerous contracts		36,538		9,037			—			45,575
Estimated warranty liabilities		31,481		1,214			—			32,695
Accrued award credits liabilities		16,547		(1,725	)		—			14,822
Deferred revenue		14,376		(9,709	)		—			4,667
Others		19		(19	)		—			—
		1,939,947		21,227			(445,091	)		1,516,083
Deferred income tax liabilities
Temporary differences
Defined benefit pension plan		2,256,472		140,723			—			2,397,195
Deferred revenue for award credits		66,448		45,205			—			111,653
Land value incremental tax		94,986		—			—			94,986
Unrealized foreign exchange gain, net		10,746		(9,166	)		—			1,580
		2,428,652		176,762			—			2,605,414

All values are in US Dollars.

• 61 -

For the year ended December 31, 2023

		BeginningBalance		Recognized inProfit or Loss			Recognized inOtherComprehensiveIncome			Ending<br>Balance
Deferred income tax assets
Temporary differences
Defined benefit pension plan		1,508,743		2,022			(27,900	)		1,482,865
Allowance for doubtful receivables over quota		183,499		(40,916	)		—			142,583
Seniority bonus		5,353		61,858			—			67,211
Impairment loss on assets		—		59,778			—			59,778
Valuation loss on financial assets		23,633		21,667			—			45,300
Valuation loss on inventory		69,802		(26,553	)		—			43,249
Valuation loss on onerous contracts		16,806		19,732			—			36,538
Estimated warranty liabilities		30,027		1,454			—			31,481
Accrued award credits liabilities		11,512		5,035			—			16,547
Deferred revenue		29,355		(14,979	)		—			14,376
Unrealized foreign exchange loss, net		56,175		(56,175	)		—			—
Others		148		(129	)		—			19
		1,935,053		32,794			(27,900	)		1,939,947
Deferred income tax liabilities
Temporary differences
Defined benefit pension plan		2,111,822		144,650			—			2,256,472
Land value incremental tax		94,986		—			—			94,986
Deferred revenue for award credits		70,102		(3,654	)		—			66,448
Unrealized foreign exchange gain, net		—		10,746			—			10,746
		2,276,910		151,742			—			2,428,652

All values are in US Dollars.

e.	All deductible temporary differences were recognized as deferred tax assets in the balance sheets.
f.	Income tax examinations
:---	:---

Income tax returns of the Company have been examined by the tax authorities through 2022.

• 62 -

30.	EARNINGS PER SHARE (“EPS”)

Net income and weighted average number of common stocks used in the calculation of earnings per share were as follows:

Net Income

		Year Ended December 31
		2024			2023
Net income used to compute the basic earnings per share		37,220,464			36,916,708
Assumed conversion of all dilutive potential common stocks
Employee stock options and employee compensation of subsidiaries		(3,251	)		(5,106	)
Net income used to compute the diluted earnings per share		37,217,213			36,911,602

All values are in US Dollars.

Weighted Average Number of Common Stocks

		(Thousand Shares)
		Year Ended December 31
		2024			2023
Weighted average number of common stocks used to compute the basic earnings per share			7,757,447			7,757,447
Assumed conversion of all dilutive potential common stocks Employee compensation			17,482			8,299
Weighted average number of common stocks used to compute the diluted earnings per share			7,774,929			7,765,746

As the Company may settle the employee compensation in shares or cash, the Company shall presume that it will be settled in shares and take those shares into consideration when calculating the weighted average number of outstanding shares used in the calculation of diluted EPS if the shares have a dilutive effect. The dilutive effect of the shares needs to be considered until the approval of the number of shares to be distributed to employees as compensation in the following year.

31.	CASH FLOW INFORMATION

Except for those disclosed in other notes, the Company entered into the following non-cash investing and financing activities:

		Year Ended December 31
Investing activities		2024		2023
Additions of property, plant and equipment		26,896,785		28,503,598
Changes in other payables		18,353		774,971
Payments for acquisition of property, plant and equipment		26,915,138		29,278,569

All values are in US Dollars.

• 63 -

Financing Activities

		Balance on<br>January 1,		Cash Flows<br>FromFinancing		Changes in Non-CashTransactions				Cash Flows<br>From<br>OperationActivities -		Balance on<br>December 31,
		2024		Activities		New Leases		Others		Interest Paid		2024
Lease liabilities		10,187,010		(3,486,781	)	3,546,274		(101,483	)	(104,673	)	10,040,347

All values are in US Dollars.

		Balance on<br>January 1,		Cash Flows<br>FromFinancing		Changes in Non-CashTransactions				Cash Flows<br>From<br>OperationActivities -		Balance on<br>December 31,
		2023		Activities		New Leases		Others		Interest Paid		2023
Lease liabilities		10,105,447		(3,458,516	)	3,712,896		(87,779	)	(85,038	)	10,187,010

All values are in US Dollars.

32.	CAPITAL MANAGEMENT

The Company manages its capital to ensure that the Company will be able to continue as going concerns while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of debt and the equity of the Company.

The Company is required to maintain minimum paid-in capital amount as prescribed by the applicable laws.

The management reviews the capital structure of the Company as needed. As part of this review, the management considers the cost of capital and the risks associated with each class of capital.

According to the management’s suggestions, the Company maintains a balanced capital structure through paying cash dividends, increasing its share capital, purchasing outstanding shares, and issuing new debt or repaying debt.

33.	FINANCIAL INSTRUMENTS

Fair Value Information

The fair value measurement guidance establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. These levels are:

Level 1 fair value measurements: These measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 fair value measurements: These measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 fair value measurements: These measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

• 64 -

a.	Financial instruments that are not measured at fair value but for which fair value is disclosed

Except those listed in the table below, the Company considers that the carrying amounts of financial assets and liabilities not measured at fair value approximate their fair values.

		December 31
		2024				2023
		CarryingValue		Fair Value		CarryingValue		Fair Value
Financial assets
Financial assets at amortized cost
Corporate bonds		2,000,000		2,002,268		—		—
Financial liabilities
Financial liabilities at amortized cost
Bonds payable		30,488,206		30,485,103		30,482,766		30,468,634

All values are in US Dollars.

The fair value of bonds is measured using Level 2 inputs. The valuation of fair value is based on the quoted market prices provided by third party pricing services.

b.	Financial instruments that are measured at fair value on a recurring basis

December 31, 2024

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		27		—		27
Non-listed stocks		—		—		644,312		644,312
Limited partnership		—		—		276,479		276,479
Other investing agreements		—		—		36,757		36,757
		—		27		957,548		957,575
Financial assets at FVOCI
Non-listed stocks		—		—		4,446,650		4,446,650
Hedging financial assets		—		1,133		—		1,133
Hedging financial liabilities		—		1,907		—		1,907

All values are in US Dollars.

• 65 -

December 31, 2023

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		483		—		483
Non-listed stocks		—		—		776,816		776,816
Limited partnership		—		—		182,678		182,678
Other investing agreements		—		—		24,305		24,305
		—		483		983,799		984,282
Financial assets at FVOCI
Non-listed stocks		—		—		4,100,121		4,100,121
Hedging financial liabilities		—		44		—		44

All values are in US Dollars.

There were no transfers between Levels 1 and 2 for the years ended December 31, 2024 and 2023.

The reconciliations for financial assets measured at Level 3 were listed below:

2024

Financial Assets		Measured atFair Valuethrough Profitor Loss			Measured atFair Valuethrough OtherComprehensiveIncome		Total
Balance on January 1, 2024		983,799			4,100,121		5,083,920
Acquisition		158,909			282,780		441,689
Recognized in profit or loss under “Other gains and losses”		(142,646	)		—		(142,646	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			63,749		63,749
Proceeds from capital reduction of the investees and profit distribution		(42,514	)		—		(42,514	)
Balance on December 31, 2024		957,548			4,446,650		5,404,198
Unrealized gain or loss in 2024		(139,182	)

All values are in US Dollars.

• 66 -

2023

Financial Assets		Measured atFair Valuethrough Profitor Loss			Measured atFair Valuethrough OtherComprehensiveIncome			Total
Balance on January 1, 2023		978,196			3,143,866			4,122,062
Acquisition		133,171			290,000			423,171
Recognized in profit or loss under “Other gains and losses”		(105,306	)		—			(105,306	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			669,581			669,581
Proceeds from capital reduction of the investees and profit distribution		(22,262	)		(3,326	)		(25,588	)
Balance on December 31, 2023		983,799			4,100,121			5,083,920
Unrealized gain or loss in 2023		(104,923	)

All values are in US Dollars.

The fair values of financial assets and financial liabilities of Level 2 are determined as follows:

1)	The fair values of financial assets and financial liabilities with standard terms and conditions and traded in<br>active markets are determined with reference to quoted market prices.
2)	For derivatives, fair values are estimated using discounted cash flow model. Future cash flows are estimated<br>based on observable inputs including forward exchange rates at the end of the reporting periods and the forward and spot exchange rates stated in the contracts, discounted at a rate that reflects the credit risk of various counterparties.
:---	:---

The fair values of non-listed domestic and foreign equity investments and other investing agreements were Level 3 financial assets and determined using the market approach by reference the Price-to-Book ratios (P/B ratios) of peer companies that traded in active markets, using the income approach, in which the discounted cash flow is used to capture the present value of the expected future economic benefits to be derived from the investments, or using assets approach. The significant unobservable inputs used were listed in the below table. An increase in growth rate of long-term revenue, a decrease in discount for the lack of marketability or noncontrolling interests discount, or a decrease in the discount rate would result in increases in the fair values.

		December 31
		2024		2023
Discount for lack of marketability		20.00%		3.75%~20.00%
Noncontrolling interests discount		15.00%~25.00%		25.00%
Growth rate of long-term revenue		0.12%		0.19%
Discount rate		8.32%~14.40%		7.11%~8.20%

• 67 -

If the inputs to the valuation model were changed to reflect reasonably possible alternative assumptions while all the other variables were held constant, the fair values of Level 3 financial assets would increase (decrease) as below table.

		December 31
		2024			2023
Discount for lack of marketability
5% increase		(55,165	)		(41,935	)
5% decrease		55,165			38,137
Noncontrolling interests discount
5% increase		(46,663	)		(19,381	)
5% decrease		46,663			19,381
Growth rate of long-term revenue
0.1% increase		31,347			35,337
0.1% decrease		(30,798	)		(34,666	)
Discount rate
1% increase		(362,930	)		(396,170	)
1% decrease		439,187			488,163

All values are in US Dollars.

Categories of Financial Instruments

		December 31
		2024		2023
Financial assets
Measured at FVTPL
Mandatorily measured at FVTPL		957,575		984,282
Hedging financial assets		1,133		—
Financial assets at amortized cost (Note a)		73,334,580		65,005,362
Financial assets at FVOCI		4,446,650		4,100,121
Financial liabilities
Hedging financial liabilities		1,907		44
Financial liabilities at amortized cost (Note b)		63,887,049		60,773,597

All values are in US Dollars.

Note a:	The balances included cash and cash equivalents, trade notes and accounts receivable, receivables from related<br>parties, other current monetary assets, financial assets at amortized cost and refundable deposits (classified as other noncurrent assets).
Note b:	The balances included trade notes and accounts payable, payables to related parties, partial other payables,<br>customers’ deposits and bonds payable (including the current portion).
:---	:---

Financial Risk Management Objectives

The main financial instruments of the Company include investments in equity and debt instruments, trade notes and accounts receivable, trade notes and accounts payable, lease liabilities and bonds payable. The Company’s Finance Department provides services to its business units, co-ordinates access to domestic and international capital markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including foreign currency risk, interest rate risk and other price risk), credit risk, and liquidity risk.

• 68 -

The Company seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors. Those derivatives are used to hedge the risks of exchange rate fluctuation arising from operating or investment activities. Compliance with policies and risk exposure limits is reviewed by the Company’s Finance Department on a continuous basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

The Company reports the significant risk exposures and related action plans timely and actively to the audit committee and if needed to the Board of Directors.

a.	Market risk

The Company is exposed to market risks of changes in foreign currency exchange rates and interest rates. The Company uses forward exchange contracts to hedge the exchange rate risk arising from assets and liabilities denominated in foreign currencies.

There were no changes to the Company’s exposure to market risks or the manner in which these risks are managed and measured.

1)	Foreign currency risk

For details about the carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the balance sheet dates, please refer to Note 38 Significant Assets and Liabilities Denominated in Foreign Currencies.

The carrying amounts of the Company’s derivatives with exchange rate risk exposures at the balance sheet dates were as follows:

	December 31
	2024		2023
Assets
	1,160		483
Liabilities
	1,907		44

Foreign currency sensitivity analysis

The Company is mainly exposed to the fluctuations of the currencies USD, EUR and SGD.

The following table details the Company’s sensitivity to a 5% increase and decrease in the functional currency against the relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible changes in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and forward exchange contracts. A positive number below indicates an increase in pre-tax profit or equity where the functional currency weakens 5% against the relevant currency.

• 69 -

	Year Ended December 31
	2024			2023
Profit or loss
Monetary assets and liabilities (a)
	12,854			3,598
	(49,238	)		(29,366	)
SGD	(56,055	)		(71,907	)
Derivatives (b)
	512			7,306
Equity
Derivatives (c)
	17,070			1,189
a)	This is mainly attributable to the exposure to foreign currency denominated receivables and payables of the<br>Company outstanding at the balance sheet dates.
:---	:---
b)	This is mainly attributable to forward exchange contracts.
:---	:---
c)	This is mainly attributable to the changes in the fair value of derivatives that are designated as cash flow<br>hedges.
:---	:---

For a 5% strengthening of the functional currency against the relevant currencies, there would be an equal and opposite effect on the pre-tax profit or equity for the amounts shown above.

2)	Interest rate risk

The carrying amounts of the Company’s exposures to interest rates on financial assets and financial liabilities at the balance sheet dates were as follows:

		December 31
		2024		2023
Fair value interest rate risk
Financial assets		40,233,358		35,746,135
Financial liabilities		40,528,553		40,669,776
Cash flow interest rate risk
Financial assets		5,565,363		2,599,742

All values are in US Dollars.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the end of the reporting period. A 25 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

If interest rates had been 25 basis points higher/lower and all other variables were held constant, the Company’s pre-tax income would increase/decrease by $13,913 thousand and $6,499 thousand for the years ended December 31, 2024 and 2023, respectively. This is mainly attributable to the Company’s exposure to floating interest rates on its financial assets.

• 70 -

3)	Other price risk

The Company is exposed to equity price risks arising from holding other company’s equity. Equity investments are held for strategic rather than trading purposes. The management managed the risk through holding various risk portfolios. Further, the Company assigned finance and investment departments to monitor the price risk.

Equity price sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income for the year ended December 31, 2024 would have increased/decreased by $46,040 thousand and $222,333 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI, respectively. If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income for the year ended December 31, 2023 would have increased/decreased by $47,975 thousand and $205,006 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI, respectively.

b.	Credit risk

Credit risk refers to the risk that a counterparty would default on its contractual obligations resulting in financial loss to the Company. The maximum credit exposure of the aforementioned financial instruments is equal to their carrying amounts recognized in the balance sheet as of the balance sheet date.

The Company has large trade receivables outstanding with its customers. A substantial majority of the Company’s outstanding trade receivables are not covered by collateral or credit insurance. The Company has implemented ongoing measures including enhancing credit assessments and strengthening overall risk management to reduce its credit risk. While the Company has procedures to monitor and limit exposure to credit risk on trade receivables, there can be no assurance such procedures will effectively limit its credit risk and avoid losses. This risk is heightened during periods when economic conditions worsen. As the Company serves a large number of unrelated consumers, the concentration of credit risk was limited.

The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews market conditions, and adjusts the limit applied to counterparties according to their credit standing.

In accordance with the Company’s investment and risk management policies, counterparties for debt investments must be financial institutions with investment grade or higher, and thus there is no significant credit exposure resulting from such investments. The Company assesses whether there has been a significant increase in credit risk on debt instruments since initial recognition by reviewing changes in financial market conditions, and external credit ratings and material information of the issuers.

The Company assesses the 12-month expected credit loss and lifetime expected credit loss for debt instruments based on the probability of default and loss given default provided by external credit rating agencies.

• 71 -

c.	Liquidity risk

The Company manages and maintains sufficient cash and cash equivalent position to support the operations and reduce the impact on fluctuation of cash flow.

1)	Liquidity and interest risk tables

The following tables detailed the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company is required to pay.

		Weighted<br><br>Average<br><br>Effective<br><br>Interest<br>Rate (%)			Less than<br>1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		More than<br>5 Years		Total
December 31, 2024
Non-derivative financial liabilities
Non-interest bearing			—		36,600,632		—		1,972,050		5,108,234		—		43,680,916
Fixed interest rate instruments			0.53		13,527		45,166		8,968,938		17,248,299		4,719,400		30,995,330
					36,614,159		45,166		10,940,988		22,356,533		4,719,400		74,676,246

All values are in US Dollars.

Information about the maturity analysis for lease liabilities was as follows:

		Less than<br>1 Year		1-3 Years		3-5 Years		More than<br>5 Years		Total
Lease liabilities		3,183,715		4,830,949		2,096,300		149,388		10,260,352

All values are in US Dollars.

		Weighted<br><br>Average<br><br>Effective<br><br>Interest<br>Rate (%)			Less than<br>1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		More than<br>5 Years		Total
December 31, 2023
Non-derivative financial liabilities
Non-interest bearing			—		33,575,472		—		1,562,278		5,079,887		—		40,217,637
Fixed interest rate instruments			0.53		—		—		—		25,800,000		4,700,000		30,500,000
					33,575,472		—		1,562,278		30,879,887		4,700,000		70,717,637

All values are in US Dollars.

Information about the maturity analysis for lease liabilities was as follows:

		Less than<br>1 Year		1-3 Years		3-5 Years		More than<br>5 Years		Total
Lease liabilities		3,144,125		4,399,254		2,350,772		494,135		10,388,286

All values are in US Dollars.

The following table detailed the Company’s liquidity analysis for its derivative financial instruments. The table had been drawn up based on the undiscounted gross inflows and outflows on those derivatives that require gross settlement.

		Less than<br>1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		Total
December 31, 2024
Gross settled
Forward exchange contracts
Inflow		—		350,466		—		—		350,466
Outflow		—		351,213		—		—		351,213
		—		(747	)	—		—		(747	)
December 31, 2023
Gross settled
Forward exchange contracts
Inflow		—		169,092		—		—		169,092
Outflow		—		168,653		—		—		168,653
		—		439		—		—		439

All values are in US Dollars.

• 72 -

2)	Financing facilities
		December 31
---	---	---	---	---
		2024		2023
Unsecured bank loan facilities
Amount used		—		—
Amount unused		48,968,000		48,920,000
		48,968,000		48,920,000

All values are in US Dollars.

34.	RELATED PARTIES TRANSACTIONS

The ROC Government has significant equity interest in the Company. The Company provides fixed-line services, mobile services, internet and data and other services to the various departments and institutions of the ROC Government in the normal course of business and at arm’s-length prices. Except for those disclosed in other notes or this note, the transactions with the ROC government bodies have not been disclosed because the transactions are not individually or collectively significant. However, the related revenues and operating costs have been appropriately recorded.

a. The Company engages in business transactions with the following related parties:

Company		Relationship
Senao International Co., Ltd.		Subsidiary
Light Era Development Co., Ltd.		Subsidiary
Donghwa Telecom Co., Ltd.		Subsidiary
Chunghwa Telecom Singapore Pte., Ltd.		Subsidiary
Chunghwa System Integration Co., Ltd.		Subsidiary
Chunghwa Investment Co., Ltd.		Subsidiary
CHIEF Telecom, Inc.		Subsidiary
CHYP Multimedia Marketing & Communications Co., Ltd.		Subsidiary
Prime Asia Investments Group Ltd.		Subsidiary
Spring House Entertainment Tech. Inc.		Subsidiary
Chunghwa Telecom Global, Inc.		Subsidiary
Chunghwa Telecom Vietnam Co., Ltd.		Subsidiary
Smartfun Digital Co., Ltd.		Subsidiary
Chunghwa Telecom Japan Co., Ltd.		Subsidiary
Chunghwa Sochamp Technology Inc.		Subsidiary
Honghwa International Co., Ltd.		Subsidiary

(Continued)

• 73 -

Company		Relationship
Chunghwa Leading Photonics Tech. Co., Ltd.		Subsidiary
Chunghwa Telecom (Thailand) Co., Ltd.		Subsidiary
Chunghwa Telecom Europe GmbH		Subsidiary
CHT Security Co., Ltd.		Subsidiary
International Integrated Systems, Inc.		Subsidiary
Chunghwa Digital Cultural and Creative Capital Co., Ltd		Subsidiary
Senao International (Samoa) Holding Ltd. (“SIS”)		Subsidiary of SENAO (Note 1)
Youth Co., Ltd.		Subsidiary of SENAO
Aval Technologies Co., Ltd.		Subsidiary of SENAO
Senyoung Insurance Agent Co., Ltd.		Subsidiary of SENAO
ISPOT Co., Ltd.		Subsidiary of SENAO
Youyi Co., Ltd.		Subsidiary of SENAO (Note 2)
Wiin Technologies Co., Ltd.		Subsidiary of SENAO
Senaolife Insurance Agent Co., Ltd.		Subsidiary of SENAO (Note 3)
Unigate Telecom Inc.		Subsidiary of CHIEF
Chief International Corp.		Subsidiary of CHIEF
Shanghai Chief Telecom Co., Ltd. (“SCT”)		Subsidiary of CHIEF
Chunghwa Precision Test Tech. Co., Ltd. (“CHPT”)		Subsidiary of CHI
Chunghwa Precision Test Tech. USA Corporation		Subsidiary of CHPT
CHPT Japan Co., Ltd.		Subsidiary of CHPT
Chunghwa Precision Test Tech. International, Ltd. (“CHPT (International)”)		Subsidiary of CHPT
TestPro Investment Co., Ltd. (“TestPro”)		Subsidiary of CHPT
NavCore Tech Co., Ltd.		Subsidiary of TestPro
Senao International HK Limited		Subsidiary of SIS (Note 4)
Chunghwa Hsingta Co., Ltd. (“CHC”)		Subsidiary of Prime Asia
Chunghwa Telecom (China) Co., Ltd.		Subsidiary of CHC
Shanghai Taihua Electronic Technology Limited		Subsidiary of CHPT (International)
Su Zhou Precision Test Tech. Ltd.		Subsidiary of CHPT (International)
Infoexplorer International Co., Ltd. (“IESA”)		Subsidiary of IISI (Note 5)
IISI Investment Co., Ltd. (“IICL”)		Subsidiary of IISI
Unitronics Technology Corp.		Subsidiary of IISI
International Integrated Systems (Hong Kong) Limited		Subsidiary of IESA (Note 6)
Leading Tech Co., Ltd. (“LTCL”)		Subsidiary of IICL
Leading Systems Co., Ltd.		Subsidiary of LTCL
Taiwan International Standard Electronics Co., Ltd.		Associate
So-net Entertainment Taiwan Limited		Associate
KKBOX Taiwan Co., Ltd.		Associate
KingwayTek Technology Co., Ltd.		Associate
Taiwan International Ports Logistics Corporation		Associate
Senao Networks, Inc. (“SNI”)		Associate of SENAO
EnGenius Networks Inc.		Subsidiary of the Company’s associate, SNI
EnRack Tech. Co., Ltd.		Subsidiary of the Company’s associate, SNI
Emplus Technologies, Inc.		Subsidiary of the Company’s associate, SNI
ST-2 Satellite Ventures Pte., Ltd.		Associate of CHTS

(Continued)

• 74 -

Company		Relationship
CHT Infinity Singapore Pte., Ltd. (“CISG”)		Associate of CHTS
Viettel-CHT Co., Ltd.		Associate
PT. CHT Infinity Indonesia		Subsidiary of the Company’s associate, CISG
Click Force Co., Ltd.		Associate of CHYP
Chunghwa PChome Fund I Co., Ltd.		Associate
Cornerstone Ventures Co., Ltd.		Associate
Next Commercial Bank Co., Ltd.		Associate
WiAdvance Technology Corporation		Associate
AgriTalk Technology Inc.		Associate of CHI
Imedtac Co., Ltd.		Associate of CHI
Baohwa Trust Co., Ltd.		Associate of CHTSC
Porrima Inc.		Associate of CHI (Note 7)
Taiwania Hive Technology Fund L.P.		Associate
Chunghwa SEA Holdings		Joint venture
Other related parties
Chunghwa Telecom Foundation		A nonprofit organization of which the funds donated by the<br>Company exceeds one third<br>of its total funds
Senao Technical and Cultural Foundation		A nonprofit organization of which the funds donated by<br>SENAO exceeds one third of its<br>total funds
Sochamp Technology Co., Ltd.		Investor of significant influence over CHST
Tsann Kuen Enterprise Co., Ltd.		Substantial related party of SENAO
E-Life Mall Co., Ltd.		Substantial related party of SENAO
Engenius Technologies Co., Ltd.		Substantial related party of SENAO
Cheng Keng Investment Co., Ltd.		Substantial related party of SENAO
Cheng Feng Investment Co., Ltd.		Substantial related party of SENAO
All Oriented Investment Co., Ltd.		Substantial related party of SENAO
Hwa Shun Investment Co., Ltd.		Substantial related party of SENAO
Yu Yu Investment Co., Ltd.		Substantial related party of SENAO
Kangsin Co., Ltd.		Substantial related party of SENAO
United Daily News Co., Ltd.		Investor of significant influence over SFD
Shenzhen Century Communication Co., Ltd.		Investor of significant influence over SCT
Advantech Co., Ltd.		Investor of significant influence over IISI
Z-Com, Inc.		Investor of significant influence over CHST

(Concluded)

Note 1:	SIS completed its liquidation in September 2023.
Note 2:	Youyi Co., Ltd. completed its liquidation in November 2023.
:---	:---
Note 3:	In order to coordinate with financial planning and adjustment of organizational resources, the Board of<br>Directors of SENYOUNG approved the merger with Senaolife. SENYOUNG was the surviving company. The merger was completed on May 1, 2023.
:---	:---
Note 4:	SIHK completed its liquidation in July 2023.
:---	:---
Note 5:	IESA completed its liquidation in September 2023.
:---	:---
Note 6:	International Integrated Systems (Hong Kong) Limited completed its liquidation in June 2023.
:---	:---

• 75 -

Note 7:	CHI participated in the capital increase of PORRIMA at the amount of $80,000 thousand in May 2024 and<br>obtained 10.00% ownership interest.
b.	Terms of the foregoing transactions with related parties were not significantly different from transactions<br>with non-related parties. When no similar transactions with non-related parties can be referenced, terms were determined in accordance with mutual agreements. Details of<br>transactions between the Company and other related parties are disclosed below:
:---	:---
1)	Operating transactions
:---	:---
		Revenues
---	---	---	---	---
		Year Ended December 31
		2024		2023
Subsidiaries		6,375,076		5,910,239
Associates		193,472		208,144
Others		5,092		5,019
		6,573,640		6,123,402
		Operating Costs and Expenses
		Year Ended December 31
		2024		2023
Subsidiaries		12,704,657		12,269,366
Associates		960,748		1,131,624
Others		59,858		52,664
		13,725,263		13,453,654

All values are in US Dollars.

2)	Non-operating transactions
		Non-operating Income and(Expenses)
---	---	---	---	---	---	---
		Year Ended December 31
		2024			2023
Subsidiaries		(956	)		36,184
Associates		(7,354	)		(7,889	)
Others		(6	)		—
		(8,316	)		28,295

All values are in US Dollars.

3)	Receivables
		December 31
---	---	---	---	---
		2024		2023
Subsidiaries		822,266		865,772
Associates		82,132		49,743
Others		2		—
		904,400		915,515

All values are in US Dollars.

• 76 -

4)	Payables
		December 31
---	---	---	---	---
		2024		2023
Subsidiaries		4,272,574		3,781,739
Associates		465,951		361,436
		4,738,525		4,143,175

All values are in US Dollars.

5)	Customers’ deposits
		December 31
---	---	---	---	---
		2024		2023
Subsidiaries		13,071		16,484
Associates		3,407		16,148
Others		—		284
		16,478		32,916

All values are in US Dollars.

6)	Acquisition of property, plant and equipment
		Year Ended December 31
---	---	---	---	---
		2024		2023
Subsidiaries		542,509		1,036,883
Associates		143,986		172,764
		686,495		1,209,647

All values are in US Dollars.

7)	Lease-in agreements

The Company entered into a contract with ST-2 Satellite Ventures Pte., Ltd. on March 12, 2010 to lease capacity on the ST-2 satellite. This lease term is for 15 years which should start from the official operation of ST-2 satellite and the total contract value is approximately $6,000,000 thousand (SGD$260,723 thousand), including a prepayment of $3,067,711 thousand at the inception of the lease, and the rest of amount should be paid annually when ST-2 satellite starts its official operation. ST-2 satellite was launched in May 2011, and began its official operation in August 2011. As ST-2 satellite is in good operating condition, the useful life is extended for another 3 years and 3 months after evaluation in 2021. The Board of Directors of the Company approved to extend the lease period accordingly with the original contract terms in December 2021; therefore, the Company acquired right-of-use asset of $1,124,780 thousand from the aforementioned lease extension.

The lease liabilities of ST-2 Satellite Ventures Pte., Ltd. as of balance sheet dates were as follows:

		December 31
		2024		2023
Lease liabilities - current		204,393		197,278
Lease liabilities - noncurrent		1,463,029		1,602,633
		1,667,422		1,799,911

All values are in US Dollars.

• 77 -

The interest expense recognized for the aforementioned lease liabilities were $7,478 thousand and $8,013 thousand for the years ended December 31, 2024 and 2023, respectively.

8)	Others

The other financial assets of NCB as of balance sheet dates were as follows:

		December 31
		2024		2023
Bank deposits and other financial assets		2,003,657		1,000,000

All values are in US Dollars.

The interest income recognized for the aforementioned bank deposits and other financial assets were $23,088 thousand and $980 thousand for the years ended December 31, 2024 and 2023, respectively.

c.	Compensation of key management personnel

The compensation of directors and key management personnel was as follows:

		Year Ended December 31
		2024		2023
Short-term employee benefits		79,731		76,777
Post-employment benefits		4,289		3,189
		84,020		79,966

All values are in US Dollars.

The compensation of directors and key management personnel was determined by the compensation committee having regard to the performances and market trends.

35.	PLEDGED ASSETS

The following assets are held in a trust account that the Company entrusts to Land Bank of Taiwan for fund control:

		Year Ended December 31
		2024		2023
Restricted assets (included in other assets - others)		114,254		—

All values are in US Dollars.

36.	SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

Except for those disclosed in other notes, the Company’s significant commitments and contingent liabilities as of December 31, 2024 were as follows:

a.	Acquisitions of property, plant and equipment of $13,310,061 thousand.
b.	Acquisitions of telecommunications-related inventory of $11,391,145 thousand.
:---	:---
c.	A commitment to contribute $2,000,000 thousand to a Piping Fund administered by the Taipei City<br>Government, of which $1,000,000 thousand was contributed by the Company on August 15, 1996 (classified as other financial assets - noncurrent). If the fund is not sufficient, the Company will contribute the remaining<br>$1,000,000 thousand upon notification from the Taipei City Government.
:---	:---

• 78 -

d.	The Company committed that when its ownership interest in NCB is greater than 25% and NCB encounters financial<br>difficulty or the capital adequacy ratio of NCB cannot meet the related regulation requirements, the Company will provide financial support to assist NCB in maintaining a healthy financial condition.
e.	The Company signed a contract, the ST-2 Satellite Succession Plan, with<br>Singapore Telecommunications Limited, for a total transaction price of EUR 177,000 thousand and SGD 51,000 thousand. As of December 31, 2024, Chunghwa had paid the amount of EUR 89,385 thousand (classified as prepayments -<br>noncurrent).
:---	:---
f.	The Company has signed the house and land presale contracts amounting to $950,670 thousand and has<br>received $114,020 thousand in accordance with the contracts (classified as contract liabilities).
:---	:---
g.	The Company’s Board of Directors approved an investment in Cultural Content Industry Fund in February<br>2024. The investment amount is capped at $1,200,000 thousand.
:---	:---
37.	SIGNIFICANT SUBSEQUENT EVENTS
:---	:---
a.	The Company’s Board of Directors approved an investment in TRF 1 L.P. at the amount of<br>$300,000 thousand in January 2025.
:---	:---
b.	The Company no longer had more than half of seats of the Board of Directors of CHST since January 2025. As a<br>result, the Company lost control over CHST and recognized CHST as an investment in associate.
:---	:---
38.	SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
:---	:---

The information of significant assets and liabilities denominated in foreign currencies was as follows:

	December 31, 2024
	ForeignCurrencies(Thousands)		Exchange Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	33,462			32.79		1,097,055
	1,317			34.14		44,959
SGD	24,970			24.13		602,526
Non-monetary items
Investments accounted for using equity method
	73,618			32.79		2,413,564
	3,420			34.14		116,752
HKD	219,826			4.222		928,105
	1,338,069			0.210		280,861
VND	511,492,454			0.001		649,595
RMB	41,037			4.478		183,762
THB	155,702			0.962		149,832
Liabilities denominated in foreign currencies
Monetary items
	25,621			32.79		839,976
	30,161			34.14		1,029,714
SGD	71,431			24.13		1,723,623

• 79 -

	December 31, 2023
	ForeignCurrencies(Thousands)		Exchange Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	29,834			30.71		916,059
	1,796			33.98		61,023
SGD	18,000			23.29		419,230
Non-monetary items
Investments accounted for using equity method
	61,609			30.71		1,891,697
HKD	194,957			3.929		765,986
	717,647			0.217		155,873
VND	494,955,017			0.001		616,219
RMB	38,697			4.33		167,441
THB	135,916			0.902		122,556
Liabilities denominated in foreign currencies
Monetary items
	27,491			30.71		844,107
	19,080			33.98		648,349
SGD	79,750			23.29		1,857,376

The unrealized foreign currency exchange gains were $7,900 thousand and $53,731 thousand for the years ended December 31, 2024 and 2023, respectively. Due to the various foreign currency transactions of the Company, foreign exchange gains and losses cannot be disclosed by the respective significant foreign currency.

• 80 -

39.	ADDITIONAL DISCLOSURES

Following are the additional disclosures required by the FSC for the Company:

a.	Financing provided: None.
b.	Endorsement/guarantee provided: Please see Table 1.
:---	:---
c.	Marketable securities held (excluding investments in subsidiaries, associates and joint ventures): Please see<br>Table 2.
:---	:---
d.	Marketable securities acquired or disposed of at costs or prices at least $300 million or 20% of the paid-in capital: Please see Table 3.
:---	:---
e.	Acquisition of individual real estate at costs of at least $300 million or 20% of the paid-in capital: None.
:---	:---
f.	Disposal of individual real estate at prices of at least $300 million or 20% of the paid-in capital: None.
:---	:---
g.	Total purchases from or sales to related parties amounting to at least $100 million or 20% of the paid-in capital: Please see Table 4.
:---	:---
h.	Receivables from related parties amounting to $100 million or 20% of the<br>paid-in capital: Please see Table 5.
:---	:---
i.	Names, locations, and other information of investees on which the Company exercises significant influence<br>(excluding investments in Mainland China): Please see Table 6.
:---	:---
j.	Derivative instruments transactions: Please see Notes 7, 20 and 33.
:---	:---
k.	Investments in Mainland China: Please see Table 7.
:---	:---
l.	Information of main stakeholders: Please see Table 8.
:---	:---
40.	SEGMENT INFORMATION
:---	:---

The Company’s reportable segments are “Consumer Business”, “Enterprise Business”, “International Business” and “Others”, which are managed separately because each segment represents a strategic business unit that serves different customers. Segment information is provided to the chief operating decision maker who allocates resources and assesses segment performance. The Company’s measure of segment performance is mainly based on revenues and income before income tax.

Some operating segments have been aggregated into a single operating segment taking into account the following factors: (a) the type or class of customer for the telecommunications products and services are similar; (b) the nature of the telecommunications products and services are similar; and (c) the methods used to provide the services to the customers are similar.

The accounting policies of the operating segments are the same as those described in Note 3.

• 81 -

Segment Revenues and Operating Results

Analysis by reportable segment of revenues and operating results of continuing operations are as follows:

		ConsumerBusiness		EnterpriseBusiness		InternationalBusiness		Others		Total
Year ended December 31, 2024
Revenues
From external customers		119,277,477		65,954,094		6,514,513		1,196,832		192,942,916
Intersegment revenues		165,981		7		149,604		—		315,592
Segment revenues		119,443,458		65,954,101		6,664,117		1,196,832		193,258,508
Intersegment elimination										(315,592	)
Consolidated revenues										192,942,916
Segment income before income tax		28,705,132		12,234,665		2,244,119		2,420,638		45,604,554
Year ended December 31, 2023
Revenues
From external customers		116,399,812		64,827,781		6,353,106		1,148,846		188,729,545
Intersegment revenues		179,769		—		155,200		—		334,969
Segment revenues		116,579,581		64,827,781		6,508,306		1,148,846		189,064,514
Intersegment elimination										(334,969	)
Consolidated revenues										188,729,545
Segment income before income tax		27,745,208		13,852,537		2,058,072		1,601,562		45,257,379

All values are in US Dollars.

Other Segment Information

Other information reviewed by the chief operating decision maker or regularly provided to the chief operating decision maker was as follows:

		ConsumerBusiness		EnterpriseBusiness		InternationalBusiness		Others		Total
Year ended December 31, 2024
Share of profits of associates and joint ventures accounted for using equity method		58,199		992,619		646,539		353,471		2,050,828
Interest income		447		13,152		10,343		587,541		611,483
Interest expenses		180,739		83,131		8,456		769		273,095
Depreciation and amortization		33,086,644		10,304,636		1,335,306		234,267		44,960,853
Impairment loss on property, plant and equipment		—		—		—		—		—
Reversal of impairment loss on investment properties		—		—		—		139,200		139,200
Year ended December 31, 2023
Share of profits of associates and joint ventures accounted for using equity method		168,137		863,947		522,142		119,511		1,673,737
Interest income		454		12,235		8,762		456,452		477,903
Interest expenses		166,169		80,239		8,166		872		255,446
Depreciation and amortization		32,845,218		10,143,162		1,236,429		232,407		44,457,216
Impairment loss on property, plant and equipment		248,647		50,184		60		—		298,891
Impairment loss on investment properties		—		—		—		335,903		335,903

All values are in US Dollars.

• 82 -

Main Products and Service Revenues

		Year Ended December 31
		2024		2023
Consumer Business
Mobile services		60,761,873		58,407,553
Fixed-line services		42,967,552		42,611,757
Sales		13,715,002		13,752,346
Others		1,833,050		1,628,156
		119,277,477		116,399,812
Enterprise Business
Fixed-line services		32,131,190		32,420,269
ICT business		21,797,016		20,199,507
Mobile services		9,622,435		9,586,815
Others		2,403,453		2,621,190
		65,954,094		64,827,781
International Business
Fixed-line services		3,554,671		3,595,218
ICT business		2,161,127		1,923,022
Others		798,715		834,866
		6,514,513		6,353,106
Others		1,196,832		1,148,846
		192,942,916		188,729,545

All values are in US Dollars.

Geographic Information

The users of the Company’s services are mainly from Taiwan, ROC. The revenues it derived outside Taiwan are mainly revenues from international long distance telephone and leased line services. The geographic information for revenues was as follows:

		Year Ended December 31
		2024		2023
Taiwan, ROC		189,896,761		185,995,968
Overseas		3,046,155		2,733,577
		192,942,916		188,729,545

All values are in US Dollars.

The Company does not have material noncurrent assets in foreign operations.

Major Customers

The Company did not have any single customer whose revenue exceeded 10% of the total revenues for the years ended December 31, 2024 and 2023.

• 83 -

TABLE 1

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

No.<br><br>(Note 1)	Endorsement/<br><br>Guarantee<br>Provider	Guaranteed Party		Limits onEndorsement/GuaranteeAmountProvided toEachGuaranteedParty	MaximumBalance forthe Period	EndingBalance	ActualBorrowingAmount	Amount ofEndorsement/GuaranteeCollateralizedby Properties	Ratio of<br>Accumulated<br>Endorsement/<br>Guarantee to<br>Net Equity<br>Per Latest<br>Financial<br>Statements		MaximumEndorsement/GuaranteeAmountAllowable	Endorsement/<br>Guarantee<br>Given by<br>Parent on<br>Behalf of<br>Subsidiaries	Endorsement/<br>Guarantee<br>Given by<br>Subsidiaries<br>on Behalf of<br>Parent	Endorsement/<br>Guarantee<br>Given on<br>Behalf of<br>Companies in<br>Mainland<br>China	Note
		Name	Nature of<br>Relationship<br>(Note 2)
1	Senao International<br>Co., Ltd.	Aval Technologies<br>Co., Ltd.	b	643,844	300,000	300,000	300,000	—		4.66	3,219,219	Yes	No	No		Notes 3 and 4
		Wiin Technology<br>Co., Ltd.	b	643,844	200,000	200,000	200,000	—		3.11	3,219,219	Yes	No	No		Notes 3 and 4

All values are in US Dollars.

Note 1:	Significant transactions between the Company and its subsidiaries or among subsidiaries are numbered as follows:
a.	“0” for the Company.
:---	:---
b.	Subsidiaries are numbered from “1”.
:---	:---
Note 2:	Relationships between the endorsement/guarantee provider and the guaranteed party:
:---	:---
a.	A company with which it does business.
:---	:---
b.	A company in which the Company directly and indirectly holds more than 50 percent of the voting shares.
:---	:---
c.	A company that directly and indirectly holds more than 50 percent of the voting shares in the Company.
:---	:---
d.	Companies in which the Company holds, directly or indirectly, 90% or more of the voting shares.
:---	:---
e.	The Company fulfills its contractual obligations by providing mutual endorsements/guarantees for another company<br>in the same industry or for joint builders for purposes of undertaking a construction project.
:---	:---
f.	All capital contributing shareholders make endorsements/guarantees for their jointly invested company in<br>proportion to their shareholding percentages.
:---	:---
g.	Companies in the same industry provide among themselves jointly and severally guarantee for a performance<br>guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other.
:---	:---
Note 3:	The limits on endorsement or guarantee amount provided to each guaranteed party is up to 10% of the net assets<br>value of the latest financial statements of Senao International Co., Ltd.
:---	:---
Note 4:	The total amount of endorsement or guarantee that the Company is allowed to provide is up to 50% of the net<br>assets value of the latest financial statements of Senao International Co., Ltd.
:---	:---

• 84 -

TABLE 2

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Held Company Name	Marketable Securities Type and Name	Relationship with<br>the Company		Financial Statement<br>Account	December 31, 2024						Note
					Shares<br>(Thousands/<br>Thousand Units)		Carrying Value(Note 1)	Percentage of<br>Ownership		Fair Value
Chunghwa Telecom Co., Ltd.	Stocks
	Taipei Financial Center Corp.		—	Financial assets at FVOCI		172,927	3,757,704		12	3,757,704		—
	iKala Global Online Corp.		—	Financial assets at FVOCI		112,500	281,045		8	281,045		—
	KKCompany Technologies Inc.		—	Financial assets at FVOCI		2,762	246,582		2	246,582		—
	4 Gamers Entertainment Inc.		—	Financial assets at FVOCI		136	136,117		19.9	136,117		—
	Industrial Bank of Taiwan II Venture Capital Co., Ltd. (IBT II)		—	Financial assets at FVOCI		5,252	17,098		17	17,098		—
	Taiwan mobile payment Co., Ltd.		—	Financial assets at FVOCI		1,200	4,532		2	4,532		—
	Innovation Works Limited		—	Financial assets at FVOCI		1,000	3,572		2	3,572		—
	RPTI Intergroup International Ltd.		—	Financial assets at FVOCI		4,765	—		10	—		—
	Global Mobile Corp.		—	Financial assets at FVOCI		7,617	—		3	—		—
	Taiwania Capital Buffalo Fund Co., Ltd.		—	Financial assets at FVTPL - noncurrent		555,600	450,621		13	450,621		—
	TOP TAIWAN XIV VENTURE CAPITAL CO., LTD.		—	Financial assets at FVTPL - noncurrent		20,000	178,116		9	178,116		—
	Innovation Works Development Fund, L.P.		—	Financial assets at FVTPL - noncurrent		—	15,575		4	15,575		—
	Limited partnership
	Taiwania Capital Buffalo Fund VI, L.P.		—	Financial assets at FVTPL - noncurrent		—	276,479		10	276,479		—
	Corporate bonds
	Fubon Life Insurance Co., Ltd.		—	Financial assets at amortized cost		2	2,000,000		—	2,002,268		—
Senao International Co., Ltd.	Stocks
	N.T.U. Innovation Incubation Corporation		—	Financial assets at FVOCI		1,200	11,091		9	11,091		—
CHIEF Telecom Inc.	Stocks
	WT Microelectronics Co., Ltd.		—	Financial assets at FVOCI		361	17,978		—	17,978		Note 2
	3 Link Information Service Co., Ltd.		—	Financial assets at FVOCI		37	6,390		10	6,390		—
Chunghwa Investment Co., Ltd.	Stocks
	PChome Online Inc.		—	Financial assets at FVOCI		1,875	81,481		1	81,481		Note 2
	Tatung Technology Inc.		—	Financial assets at FVOCI		4,571	37,767		11	37,767		—
	Bossdom Digiinnovation Co., Ltd.		—	Financial assets at FVOCI		2,309	26,554		7	26,554		Note 2
	KEYXENTIC INC.		—	Financial assets at FVOCI		600	26,092		11	26,092		—
	ioNetworks Inc.		—	Financial assets at FVOCI		107	12,973		2	12,973		—
	iSing99 Inc.		—	Financial assets at FVOCI		10,000	—		7	—		—
	Powtec ElectroChemical Corporation		—	Financial assets at FVOCI		20,000	—		2	—		—
	Limited partnership
	Taiwania Capital Buffalo Fund V, L.P.		—	Financial assets at FVTPL - noncurrent		—	30,848		3	30,848		—

All values are in US Dollars.

(Continued)

• 85 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Held Company Name		Marketable Securities Type and Name		Relationship<br>with the<br>Company			Financial Statement Account		December 31, 2024										Note
									Shares<br>(Thousands/<br>Thousand Units)			CarryingValue(Note 1)		Percentage of<br>Ownership			Fair Value
CHT Security Co., Ltd.		Stocks
		TXOne Networks Inc.			—		Financial assets at FVTPL - noncurrent			91		16,840			—		16,840			—

All values are in US Dollars.

Note 1:	Except debt instrument investments are shown at amortized cost, the remaining are shown at carrying amounts with<br>fair value adjustments.
Note 2:	Fair value was based on the closing price on the last trading day of the reporting period.
:---	:---

• 86 -

TABLE 3

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Company Name	Marketable Securities Type and Name	Financial Statement Account	Counter-party		Nature of<br>Relationship		Beginning Balance				Acquisition			Disposal					Ending Balance
							Shares<br>(Thousands/<br>Thousand Units)		Amount		Shares<br>(Thousands/<br>Thousand<br>Units)		Amount	Shares<br>(Thousands/<br>Thousand<br>Units)		Amount	CarryingValue	Gain onDisposal	Shares<br>(Thousands/<br>Thousand<br>Units)		Amount
Chunghwa Telecom Co., Ltd.	Corporate bonds
	Fubon Life Insurance Co., Ltd.	Financial assets at amortized<br>cost		—		—		—	—			2	2,000,000		—	—	—	—		2	2,000,000
Senao International Co., Ltd.	Stocks
	Senao Networks, Inc.	Investments accounted for<br>using equity method		—		Associate		16,579	202,758<br><br>(Note	)		3,003	375,428		—	—	—	—		19,582	578,186<br><br>(Note	)

All values are in US Dollars.

Note:	Showing at the original investment amounts without adjustments for investment income or loss and other<br>comprehensive income accounted for using equity method.

• 87 -

TABLE 4

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Company Name	Related Party	Nature of Relationship	Transaction Details					Abnormal Transaction			Notes / Accounts Payableor Receivable
			Purchases/Sales<br><br>(Note 1)	Amount(Note 4)	% to Total		Payment Terms	Unit Price	Payment Terms		Ending Balance(Notes 2 and 4)		% to Total
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Subsidiary	Sales	4,754,091		2	30 days	—		—	286,349			1
			Purchase	1,500,532		1	30~90 days	—		—	(990,839	)		(6	)
	CHIEF Telecom Inc.	Subsidiary	Sales	516,009		—	30 days	—		—	72,072			—
			Purchase	121,161		—	60 days	—		—	(35,443	)		—
	Chunghwa System Integration Co., Ltd.	Subsidiary	Purchase	1,155,582		1	30 days	—		—	(430,491	)		(3	)
	CHYP Multimedia Marketing & Communications Co., Ltd.	Subsidiary	Purchase	211,596		—	30 days	—		—	(68,032	)		—
	Honghwa International Co., Ltd.	Subsidiary	Sales	212,824		—	30~60 days	—		—	5,078			—
			Purchase	7,387,665		6	30~60 days	—		—	(1,587,481	)		(9	)
	Donghwa Telecom Co., Ltd.	Subsidiary	Sales	190,275		—	30 days	—		—	69,017			—
			Purchase	610,172		1	90 days	—		—	(169,001	)		(1	)
	Chunghwa Telecom Global, Inc.	Subsidiary	Sales	177,761		—	30~90 days	—		—	28,087			—
			Purchase	347,950		—	90 days	—		—	(79,490	)		—
	Chunghwa Telecom Singapore Pte., Ltd.	Subsidiary	Purchase	252,657		—	30 days	—		—	(193,118	)		(1	)
	Chunghwa Telecom Japan Co., Ltd.	Subsidiary	Purchase	105,462		—	30~90 days	—		—	(14,683	)		—
	CHT Security Co., Ltd.	Subsidiary	Purchase	245,755		—	30 days	—		—	(202,707	)		(1	)
	International Integrated Systems, Inc.	Subsidiary	Purchase	666,816		1	30 days	—		—	(133,203	)		(1	)
	Senyoung Insurance Agent Co., Ltd.	Subsidiary	Sales	165,285		—	30 days	—		—	48,597			—
	Taiwan International Standard Electronics Co., Ltd.	Associate	Purchase	679,995		1	30~90 days	—		—	(383,527	)		(2	)
	WiAdvance Technology Corporation	Associate	Purchase	151,614		—	60 days	—		—	(35,497	)		—
Senao International Co., Ltd.	Aval Technologies Co., Ltd.	Subsidiary	Purchase	269,566		1	30 days	—		—	(26,280	)		(1	)
	Senyoung Insurance Agent Co., Ltd.	Subsidiary	Sales	104,737		—	60 days	—		—	28,976			2
CHIEF Telecom Inc.	So-net Entertainment Taiwan Limited	Associate	Sales	144,729		4	30 days	—		—	24,726			7
Chunghwa Precision Test Tech. Co., Ltd.	Su Zhou Precision Test Tech. Ltd.	Subsidiary	Sales	344,101		10	90 days	—		—	139,648			14

All values are in US Dollars.

Note 1:	Purchases include costs to acquire services.
Note 2:	Notes and accounts receivable did not include the amounts collected for others and other receivables.
:---	:---
Note 3:	Transaction terms with related parties were determined in accordance with mutual agreements when there were no<br>similar transactions with third parties. Other transactions with related parties were not significantly different from those with third parties.
:---	:---
Note 4:	All intercompany transactions, balances, income and expenses are eliminated upon consolidation.
:---	:---

• 88 -

TABLE 5

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Company Name	Related Party	Nature of Relationship	Ending Balance	Turnover Rate<br>(Note)		Overdue			Amounts Receivedin SubsequentPeriod	Allowance forBad Debts
						Amounts	Action Taken
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Subsidiary	440,287		10.90	—		—	424,632	—
Senao International Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	1,155,847		9.24	—		—	162,252	—
Chunghwa System Integration Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	430,491		3.22	—		—	349,920	—
Honghwa International Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	1,609,518		5.28	—		—	379,518	—
CHT Security Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	197,691		3.52	—		—	197,447	—
International Integrated Systems, Inc.	Chunghwa Telecom Co., Ltd.	Parent company	133,203		8.25	—		—	92,697	—
Donghwa Telecom Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	169,001		5.73	—		—	97,169	—
Chunghwa Telecom Singapore Pte., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	193,069		10.19	—		—	183,978	—
Chunghwa Precision Test Tech. Co., Ltd.	Su Zhou Precision Test Tech. Ltd.	Subsidiary	139,648		3.03	—		—	44,773	—

All values are in US Dollars.

Note:	Payments and receipts collected in trust for others are excluded from the accounts receivable in calculating<br>the turnover rate.

• 89 -

TABLE 6

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		Balance as of December 31, 2024						Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and 2)		Note
				December 31,2024	December 31,2023	Shares<br>(Thousands)		Percentage of<br>Ownership (%)		Carrying Value
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Taiwan	Handset and peripherals retailer; sales of CHT mobile phone plans as an agent	1,065,813	1,065,813		71,773		28	1,751,465		478,310		126,693		Subsidiary (Note 3)
	Light Era Development Co., Ltd.	Taiwan	Planning and development of real estate and intelligent buildings, and property management	3,000,000	3,000,000		300,000		100	3,839,467		22,463		16,550		Subsidiary
	Donghwa Telecom Co., Ltd.	Hong Kong	International private leased circuit, IP VPN service, and IP transit services	691,163	691,163		178,590		100	928,105		102,336		102,336		Subsidiary
	Chunghwa Telecom Singapore Pte., Ltd.	Singapore	International private leased circuit, IP VPN service, and IP transit services	574,112	574,112		26,383		100	1,282,150		197,558		197,591		Subsidiary
	Chunghwa System Integration Co., Ltd.	Taiwan	Providing system integration services and telecommunications equipment	838,506	838,506		60,000		100	695,078		42,749		33,394		Subsidiary
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud<br>application services	459,652	459,652		43,368		56	2,333,846		1,076,506		615,046		Subsidiary
	Chunghwa Investment Co., Ltd.	Taiwan	Investment	639,559	639,559		68,085		89	3,167,570		165,467		147,392		Subsidiary
	Prime Asia Investments Group Ltd.	British Virgin Islands	Investment	385,274	385,274		1		100	183,762		10,422		10,422		Subsidiary
	Honghwa International Co., Ltd.	Taiwan	Telecommunication engineering, sales agent of mobile phone plan application and other business<br>services, etc.	180,000	180,000		18,000		100	676,828		348,886		349,983		Subsidiary (Note 3)
	CHYP Multimedia Marketing & Communications Co., Ltd.	Taiwan	Digital information supply services and advertisement services	150,000	150,000		15,000		100	210,581		22,797		23,758		Subsidiary
	Chunghwa Telecom Vietnam Co., Ltd.	Vietnam	Intelligent energy saving solutions, international circuit, and information and communication<br>technology (“ICT”) services	148,275	148,275		—		100	76,320		1,086		1,086		Subsidiary
	Chunghwa Telecom Global, Inc.	United States	International private leased circuit, internet services, and transit services	70,429	70,429		6,000		100	855,234		96,926		96,926		Subsidiary
	CHT Security Co., Ltd.	Taiwan	Computing equipment installation, wholesale of computing and business machinery equipment and<br>software, management consulting services, data processing services, digital information supply services and internet identify services	230,580	240,000		23,058		63	499,199		379,186		213,427		Subsidiary
	Chunghwa Telecom (Thailand) Co., Ltd.	Thailand	International private leased circuit, IP VPN service, ICT and cloud VAS services	119,624	119,624		1,300		100	149,832		18,124		18,124		Subsidiary
	Spring House Entertainment Tech. Inc.	Taiwan	Software design services, internet contents production and play, and motion picture production and<br>distribution	62,209	62,209		8,251		56	166,407		35,896		20,116		Subsidiary
	Chunghwa leading Photonics Tech Co., Ltd.	Taiwan	Production and sale of electronic components and finished products	70,500	70,500		7,050		70	196,351		62,570		45,456		Subsidiary
	Smartfun Digital Co., Ltd.	Taiwan	Providing diversified family education digital services	65,000	65,000		6,500		65	84,284		19,355		12,464		Subsidiary
	Chunghwa Telecom Japan Co., Ltd.	Japan	International private leased circuit, IP VPN service, and IP transit services	17,291	17,291		1		100	280,861		131,769		131,769		Subsidiary
	Chunghwa Sochamp Technology Inc.	Taiwan	Design, development and production of Automatic License Plate Recognition software and<br>hardware	20,400	20,400		2,040		37	(15,290	)	(18,310	)	(7,568	)	Subsidiary
	International Integrated Systems, Inc.	Taiwan	IT solution provider, IT application consultation, system integration and package solution	507,363	517,423		36,205		50	654,315		123,640		70,707		Subsidiary
	Chunghwa Digital Cultural and Creative Capital Co., Ltd	Taiwan	Investment and management consulting	50,000	—		5,000		100	39,201		(11,033	)	(10,799	)	Subsidiary

All values are in US Dollars.

(Continued)

• 90 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses<br>and Products	Original Investment Amount		Balance as of December 31, 2024					Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and 2)		Note
				December 31,2024	December 31,2023	Shares<br>(Thousands)		Percentage of<br>Ownership (%)		Carrying Value
	Chunghwa Telecom Europe GmbH	Germany	International private leased circuit, internet services, transit services and ICT services	122,675	—		3,500		100	116,752	(2,786	)	(2,786	)	Subsidiary
	Viettel-CHT Co., Ltd.	Vietnam	IDC services	288,327	288,327		—		30	573,275	345,025		103,507		Associate
	Taiwan International Standard Electronics Co., Ltd.	Taiwan	Manufacturing, selling, designing, and maintaining of telecommunications systems and<br>equipment	164,000	164,000		1,760		40	379,357	355,126		148,988		Associate
	KKBOX Taiwan Co., Ltd.	Taiwan	Providing of music on-line, software, electronic<br>information, and advertisement services	67,025	67,025		4,438		30	151,241	(60,360	)	(18,108	)	Associate
	So-net Entertainment Taiwan Limited	Taiwan	Online service and sale of computer hardware	120,008	120,008		9,429		30	192,968	(108,913	)	(32,674	)	Associate
	KingwayTek Technology Co., Ltd.	Taiwan	Design and sale of digital map, technical support for computer peripherals device, design and<br>development of system programming projects	66,684	66,684		12,720		23	278,967	82,155		18,640		Associate
	Taiwan International Ports Logistics Corporation	Taiwan	Import and export storage, logistic warehouse, and ocean shipping service	80,000	80,000		8,000		27	133,836	149,563		39,888		Associate
	Chunghwa PChome Fund I Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy<br>service	200,000	200,000		20,000		50	252,625	(10,065	)	(5,032	)	Associate
	Cornerstone Ventures Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy<br>service	4,900	4,900		490		49	5,274	238		116		Associate
	Next Commercial Bank Co., Ltd.	Taiwan	Online banking business	5,733,847	5,733,847		462,643		46	3,950,922	(747,135	)	(339,445	)	Associate
	Chunghwa SEA Holdings	Taiwan	Investment business	10,200	10,200		1,020		51	9,251	(415	)	(212	)	Joint venture
	WiAdvance Technology Corporation	Taiwan	Software solution integration	273,800	273,800		3,700		16	273,440	(44,229	)	(14,674	)	Associate
	Taiwania Hive Technology Fund L.P.	Cayman Islands	Investment business	288,405	—		—		42	276,180	(29,280	)	(12,225	)	Associate
Senao International Co., Ltd.	Senao Networks, Inc.	Taiwan	Telecommunication facilities manufactures and sales	578,186	202,758		19,582		33	1,998,346	240,274		80,605		Associate
	Youth Co., Ltd.	Taiwan	Sale of information and communication technologies products	427,850	427,850		14,752		96	161,398	119		(7,993	)	Subsidiary
	Aval Technologies Co., Ltd.	Taiwan	Sale of information and communication technologies products	89,550	89,550		13,266		100	142,721	5,262		5,260		Subsidiary
	Senyoung Insurance Agent Co., Ltd.	Taiwan	Property and liability insurance agency	59,000	59,000		8,909		100	137,702	34,239		34,239		Subsidiary
CHIEF Telecom Inc.	Unigate Telecom Inc.	Taiwan	Telecommunications and internet service	2,000	2,000		200		100	1,446	112		112		Subsidiary
	Chief International Corp.	Samoa Islands	Telecommunications and internet service	6,068	6,068		200		100	115,050	6,387		6,387		Subsidiary
Chunghwa Telecom Singapore Pte., Ltd.	ST-2 Satellite Ventures Pte., Ltd.	Singapore	Operation of ST-2 telecommunications satellite	21,309	21,309		943		38	313,467	490,184		186,909		Associate
	CHT Infinity Singapore Pte., Ltd.	Singapore	Investment business	55,720	55,720		2,000		40	60,782	(2,184	)	(874	)	Associate
Chunghwa Investment Co., Ltd.	Chunghwa Precision Test Tech. Co., Ltd.	Taiwan	Production and sale of semiconductor testing components and printed circuit board	178,608	178,608		11,230		34	2,752,583	509,712		174,571		Subsidiary
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud<br>application services	19,064	19,064		2,286		3	114,303	1,076,506		31,601		Associate
	Senao International Co., Ltd.	Taiwan	Selling and maintaining mobile phones and its peripheral products	49,731	49,731		1,001		—	45,700	478,310		1,854		Associate
	AgriTalk Technology Inc.	Taiwan	Providing smart agricultural solutions, scientific agricultural product, biological inhibitor, and<br>biochips	65,175	65,175		3,300		29	26,254	(16,841	)	(4,543	)	Associate
	Imedtac Co., Ltd.	Taiwan	Providing medical AIoT solution, biomedical engineering services, and sales of medical device as an<br>agent	91,381	59,467		1,828		10	56,667	(58,494	)	(6,472	)	Associate
	Porrima Inc.	Taiwan	Designing and selling zero-emission ships	80,000	—		8,000		10	77,634	(23,659	)	(2,366	)	Associate

All values are in US Dollars.

(Continued)

• 91 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		Balance as of December 31, 2024					Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and 2)		Note
				December 31,2024	December 31,2023	Shares<br>(Thousands)		Percentage of<br>Ownership (%)		CarryingValue
Chunghwa Precision Test Tech. Co., Ltd.	Chunghwa Precision Test Tech USA Corporation	United States	Design and after-sale services of semiconductor testing components and printed circuit<br>board	74,192	74,192		2,600		100	109,778	1,814		1,661		Subsidiary
	CHPT Japan Co., Ltd.	Japan	Related services of electronic parts, machinery processed products and printed circuit<br>board	2,008	2,008		1		100	2,228	85		85		Subsidiary
	Chunghwa Precision Test Tech. International, Ltd.	Samoa Islands	Wholesale and retail of electronic materials, and investment	173,649	173,649		5,700		100	152,529	(10,497	)	(8,625	)	Subsidiary
	TestPro Investment Co., Ltd.	Taiwan	Investment	135,000	135,000		13,500		100	35,832	(26,395	)	(28,198	)	Subsidiary
TestPro Investment Co., Ltd.	NavCore Tech. Co., Ltd	Taiwan	Sale and manufacturing of smart equipment, smart factory software and hardware integration and<br>technical consulting service	108,500	108,500		10,850		54	31,097	(48,867	)	(26,510	)	Subsidiary
Prime Asia Investments Group, Ltd.	Chunghwa Hsingta Co., Ltd.	Hong Kong	Investment	375,274	375,274		1		100	183,762	10,422		10,422		Subsidiary
Youth Co., Ltd.	ISPOT Co., Ltd.	Taiwan	Sale of information and communication technologies products	53,021	53,021		—		100	14,099	722		530		Subsidiary
Aval Technologies Co., Ltd.	Wiin Technology Co., Ltd.	Taiwan	Sale of information and communication technologies products	29,550	29,550		4,728		100	52,600	3,350		3,350		Subsidiary
CHYP Multimedia Marketing & Communications Co., Ltd	Click Force Marketing Company	Taiwan	Advertisement services	44,607	44,607		1,960		49	51,011	21,421		10,509		Associate
International Integrated Systems, Inc.	Unitronics Technology Corp.	Taiwan	Development and maintenance of information system	55,610	55,610		5,067		100	74,274	(1,979	)	(1,979	)	Subsidiary
CHT Security Co., Ltd.	Baohwa Trust Co., Ltd.	Taiwan	VR integration and AIoT security services	20,000	20,000		2,000		25	11,967	6,599		1,650		Associate

All values are in US Dollars.

Note 1:	The amounts were based on audited financial statements.
Note 2:	Recognized gain (loss) of investees includes amortization of differences between the investment cost and net<br>value and elimination of unrealized transactions.
:---	:---
Note 3:	Recognized gain (loss) and carrying value of the investees did not include the adjustment of the difference<br>between the accounting treatment on standalone basis and consolidated basis as a result of the application of IFRS 15.
:---	:---
Note 4:	Investments in mainland China are included in Table 7.
:---	:---

(Concluded)

• 92 -

TABLE 7

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INVESTMENTS IN MAINLAND CHINA

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investee	Main Businesses and Products	Total Amountof Paid-inCapital	Investment<br>Type<br>(Note 1)		AccumulatedOutflow ofInvestmentfrom Taiwanas ofJanuary 1, 2024	Investment Flows		AccumulatedOutflow ofInvestmentfrom Taiwanas ofDecember 31,2024	Net Income(Loss) of theInvestee		% Ownership<br>of Direct or<br>Indirect<br>Investment		InvestmentGain (Loss)(Note 2)		Carrying Valueas ofDecember 31,2024	AccumulatedInwardRemittance ofEarningsas ofDecember 31,2024	Note
						Outflow	Inflow
Chunghwa Telecom (China) Co., Ltd.	Integrated information and communication solution services for enterprise clients, and intelligent<br>energy network service	177,176		2	177,176	—	—	177,176	—			100	—		—	—	Note 6
Jiangsu Zhenghua Information Technology Company, LLC	Providing intelligent energy saving solution and intelligent buildings services	189,410		2	142,057	—	—	142,057	—			75	—		—	—	Note 7
Shanghai Taihua Electronic Technology Limited	Design of printed circuit board and related consultation service	51,233		2	51,233	—	—	51,233	789			100	789		9,288	—	Note 8
Su Zhou Precision Test Tech. Ltd.	Assembly processed of circuit board, design of printed circuit board and related consultation<br>service	119,199		2	119,199	—	—	119,199	(11,434	)		100	(11,434	)	158,649	—	Note 8
Shanghai Chief Telecom Co., Ltd.	Telecommunications and internet service	10,150		1	4,973	—	—	4,973	1,659			49	813		6,323	9,533

All values are in US Dollars.

Investee		Accumulated Investment inMainland China as ofDecember 31, 2024		Investment AmountsAuthorized by InvestmentCommission, MOEA		Upper Limit on InvestmentStipulated by InvestmentCommission, MOEA
Chunghwa Telecom Co., Ltd. (Note 3)		319,233		319,233		238,862,913
Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries (Note 4)		170,432		216,185		4,834,666
CHIEF Telecom Inc. and its subsidiaries (Note 5)		4,973		4,973		2,342,766

All values are in US Dollars.

Note 1:	Investments are divided into three categories as follows:
a.	Direct investment.
:---	:---
b.	Investments through a holding company registered in a third region.
:---	:---
c.	Others.
:---	:---
Note 2:	The amounts were calculated based on the investee’s audited financial statements.
:---	:---
Note 3:	Chunghwa Telecom Co., Ltd. was calculated based on the consolidated net assets value of Chunghwa Telecom Co.,<br>Ltd.
:---	:---
Note 4:	Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries were calculated based on the consolidated net<br>assets value of Chunghwa Precision Test Tech. Co., Ltd.
:---	:---
Note 5:	CHIEF Telecom Inc. and its subsidiaries were calculated based on the consolidated net assets value of CHIEF<br>Telecom Inc.
:---	:---
Note 6:	Chunghwa Telecom (China) Co., Ltd., a reinvestment through Chunghwa Hsingta Co., Ltd., completed its liquidation<br>in October 2022.
:---	:---
Note 7:	Jiangsu Zhenhua Information Technology Company, LLC., a reinvestment through Chunghwa Hsingta Co., Ltd.,<br>completed its liquidation in December 2018.
:---	:---
Note 8:	Shanghai Taihua Electronic Technology Limited and Su Zhou Precision Test Tech. Ltd. were reinvestments through<br>Chunghwa Precision Test Tech. International, Ltd.
:---	:---

(Concluded)

• 93 -

TABLE 8

CHUNGHWA TELECOM CO., LTD.

INFORMATION OF MAJOR STOCKHOLDERS

DECEMBER 31, 2024

Name of Major Stockholders		Shares
		Number of Shares			Percentage of<br>Ownership (%)
Ministry of Transportation and Communications			2,737,718,976			35.29
Note:	This table presents information provided by the Taiwan Depository & Clearing Corporation on<br>stockholders holding greater than 5% of Chunghwa’s dematerialized securities that have completed the process of registration and delivery by book-entry transfer as of the last business day for the current quarter.
:---	:---

• 94 -

THE CONTENTS OF STATEMENTS OF MAJOR ACCOUNTING ITEMS

ITEM		STATEMENT INDEX
MAJOR ACCOUNTING ITEMS IN ASSETS, LIABILITIES AND EQUITY
STATEMENT OF CASH AND CASH EQUIVALENTS		1
STATEMENT OF FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS		2 and Note 7
STATEMENT OF HEDGING FINANCIAL INSTRUMENTS		Note 20
STATEMENT OF TRADE NOTES AND ACCOUNTS RECEIVABLE, NET		3
STATEMENT OF INVENTORIES		4
STATEMENT OF PREPAYMENTS		Note 12
STATEMENT OF OTHER CURRENT MONETARY ASSETS		Note 13
STATEMENT OF OTHER CURRENT ASSETS		Note 19
STATEMENT OF CHANGES IN FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME -<br>NONCURRENT		5
STATEMENT OF FINANCIAL ASSETS AT AMORTIZED COST		Note 9
STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD		6
STATEMENT OF CHANGES IN PROPERTY, PLANT AND EQUIPMENT		Note 15
STATEMENT OF CHANGES IN<br>RIGHT-OF-USE ASSETS		7
STATEMENT OF CHANGES IN INVESTMENT PROPERTIES		Note 17
STATEMENT OF CHANGES IN INTANGIBLE ASSETS		Note 18
STATEMENT OF DEFERRED INCOME TAX ASSETS		Note 29
STATEMENT OF OTHER NONCURRENT ASSETS		Note 19
STATEMENT OF TRADE NOTES AND ACCOUNTS PAYABLE		8
STATEMENT OF OTHER PAYABLES		Note 23
STATEMENT OF PROVISIONS		Note 24
STATEMENT OF BONDS PAYABLE		9
STATEMENT OF LEASE LIABILITIES		10
STATEMENT OF DEFERRED INCOME TAX LIABILITIES		Note 29
MAJOR ACCOUNTING ITEMS IN PROFIT OR LOSS
STATEMENT OF REVENUES		Note 40
STATEMENT OF OPERATING COSTS		11
STATEMENT OF OPERATING EXPENSES		12
STATEMENT OF OTHER INCOME AND EXPENSES		Note 28
STATEMENT OF INTEREST EXPENSES		Note 28
STATEMENT OF EMPLOYEE BENEFIT, DEPRECIATION AND AMORTIZATION BY FUNCTION		13

• 95 -

STATEMENT 1

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF CASH AND CASH EQUIVALENTS

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars, Unless Specified Otherwise)

Item		Period			Annual Interest<br>Rate / Earnings<br>Rate		Amount
Cash
Cash on hand							113,478
Bank deposits
Checking deposits							245,921
Demand deposits(Note)							5,565,363
							5,924,762
Cash equivalents
Commercial paper
Mega Bills Finance Co., Ltd.			2024.11.29~2025.01.03			1.56%	3,879,946
Grand Bills Finance Corporation			2024.11.04~2025.01.13			1.56%	2,850,000
China Bills Finance Corporation			2024.12.04~2025.01.15			1.50%	2,789,337
Taiwan Cooperative Bills Finance Corporation			2024.12.02~2025.01.15			1.49%~1.50%	2,396,143
Taishin International Bank Co., Ltd.			2024.12.04~2025.01.08			1.49%~1.50%	1,692,862
International Bills Finance Corporation			2024.12.27~2025.01.22			1.50%	1,396,234
CTBC Bank Co., Ltd.			2024.12.25~2025.01.13			1.49%	799,141
Dah Chung Bills Finance Corporation			2024.11.29~2025.01.03			1.56%	498,868
							16,302,531
Negotiable certificates of deposit			2024.10.26~2025.02.03			1.55%~1.70%	2,800,000
Time deposits			2024.12.26~2025.01.26			1.23%	560
Stimulus vouchers							408
							19,103,499
							25,028,261

All values are in US Dollars.

Note:	Including USD13,936 thousand @32.79 and EUR1,317 thousand @34.14.

• 96 -

STATEMENT 2

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF CHANGES IN FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS-NONCURRENT

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

		Balance, January 1, 2024					Additions in Investment					Decrease in Investment					Balance, December 31, 2024
Investee Company		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Percentage of<br>Ownership (%)			Amount		Note
Financial assets at fair value through profit or loss
Taiwania Capital Buffalo Fund Co., Ltd.			555,600		513,018			—		—			—		62,397			555,600			12.90		450,621			Note 1
TOP TAIWAN XIV VENTURE CAPITAL CO., LTD.			20,000		190,519			—		—			—		12,403			20,000			9.17		178,116			Note 1
Innovation Works Development Fund, L.P.			—		73,279			—		—			—		57,704			—			4.44		15,575			Notes 1 and 3
Taiwania Capital Buffalo Fund VI, L.P.			—		182,678			—		100,000			—		6,199			—			10.00		276,479			Notes 1 and 2
Other investing agreements			—		24,305			—		58,909			—		46,457			—			—		36,757			Notes 1, 2 and 4
					983,799					158,909					185,160								957,548

All values are in US Dollars.

Note 1:	Decrease in investment was fair value adjustments.
Note 2:	Additions in investment were the investment in a new company.
:---	:---
Note 3:	Decrease in investment was cash refund from capital reduction.
:---	:---
Note 4:	Decrease in investment was profit distribution.
:---	:---

• 97 -

STATEMENT 3

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF TRADE NOTES AND ACCOUNTS RECEIVABLE, NET

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item		Amount
Mobile broadband services revenue		7,523,497
Project services revenue		5,958,888
Leased line services revenue		3,059,274
Internet and value-added services revenue		2,296,884
Local telephone services revenue		1,621,049
Others (Note)		3,229,237
		23,688,829
Less: Loss allowance		(1,109,736	)
		22,579,093

All values are in US Dollars.

Note:	The amount of individual item included in others does not exceed 5% of the account balance.

• 98 -

STATEMENT 4

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF INVENTORIES

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

		Amount
Item		Cost		Market Price (Note)
Merchandise		1,960,035		2,261,123
Project in process		4,133,006		7,190,079
		6,093,041		9,451,202

All values are in US Dollars.

Note:	Amount of net realizable value.

• 99 -

STATEMENT 5

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF CHANGES IN FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME-NONCURRENT

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

		Balance, January 1, 2024					Additions in Investment					Decrease in Investment					Balance, December 31, 2024
Investee Company		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Percentage of<br>Ownership (%)			Amount		Note
Financial assets at fair value through other comprehensive income
Non-listed stocks
Taipei Financial Center Corp.			172,927		3,643,592			—		114,112			—		—			172,927			11.76		3,757,704		Note 1
iKala Golbal Online Corp.			—		—			112,500		282,780			—		1,735			112,500			8.18		281,045		Notes 2 and 3
KKCompany Technologies Inc.			2,762		292,416			—		—			—		45,834			2,762			1.68		246,582		Note 3
4 Gamers Entertainment Inc.			136		137,202			—		—			—		1,085			136			19.93		136,117		Note 3
Industrial Bank of Taiwan II Venture Capital Co., Ltd. (IBT II)			5,252		17,255			—		—			—		157			5,252			16.67		17,098		Note 3
Innovation Works Limited			1,000		5,294			—		—			—		1,722			1,000			1.93		3,572		Note 3
Taiwan mobile payment Co., Ltd.			1,200		4,362			—		170			—		—			1,200			2.00		4,532		Note 1
Global Mobile Corp.			7,617		—			—		—			—		—			7,617			2.76		—
RPTI Intergroup International Ltd.			4,765		—			—		—			—		—			4,765			10.19		—
					4,100,121					397,062					50,533								4,446,650

All values are in US Dollars.

Note 1:	Change in investment was fair value adjustments.
Note 2:	Additions in investment were the investment in a new company.
:---	:---
Note 3:	Decrease in investment was fair value adjustments.
:---	:---

• 100 -

STATEMENT 6

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF CHANGES IN INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

																	Increase<br>(Decrease) in Using<br>theEquity Method
		Balance, January 1, 2024					Additions in Investment					Decrease in Investment							Balance, December 31, 2024
Investee Company		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Amount		Shares<br><br>(In Thousand)			Amount				Shares<br><br>(In Thousand)			Percentage of<br><br>Ownership (%)			Amount		Market Value /<br>Net Asset Value		Note
Investments accounted for using equity method Subsidiaries
Listed stocks
Senao International Co., Ltd.			71,773		(18,976	)		—		—			—		143,546		95,086			71,773			28		(67,436	)	2,314,679		Notes 2 and 3
CHIEF Telecom Inc.			43,368		2,161,121			—		—			—		459,705		632,430			43,368			56		2,333,846		20,773,272		Notes 2 and 3
Emerging
International Integrated Systems, Inc.			37,211		663,066			—		—			1,006		80,463		71,712			36,205			50		654,315		1,871,799		Notes 2, 3 and 4
CHT Security Co., Ltd.			24,000		466,165			—		—			942		179,823		212,857			23,058			63		499,199		7,286,328		Notes 2, 3 and 4
Non-listed stocks
Light Era Development Co., Ltd.			300,000		3,831,897			—		—			—		8,980		16,550			300,000			100		3,839,467		3,882,729		Notes 1 and 3
Chunghwa Investment Co., Ltd.			68,085		3,055,678			—		—			—		—		111,892			68,085			89		3,167,570		3,242,744		Note 1
Chunghwa Telecom Singapore Pte., Ltd.			26,383		1,182,985			—		—			—		156,152		255,317			26,383			100		1,282,150		1,288,730		Notes 1 and 3
Donghwa Telecom Co., Ltd.			178,590		765,986			—		—			—		—		162,119			178,590			100		928,105		928,105		Note 1
Chunghwa Telecom Global, Inc.			6,000		708,711			—		—			—		—		146,523			6,000			100		855,234		849,146		Note 1
Chunghwa System Integration Co., Ltd.			60,000		694,245			—		—			—		34,240		35,073			60,000			100		695,078		700,154		Notes 1 and 3
Honghwa International Co., Ltd.			18,000		741,619			—		—			—		425,850		348,832			18,000			100		664,601		766,489		Notes 1 and 3
Chunghwa Telecom Japan Co., Ltd.			1		155,873			—		—			—		—		124,988			1			100		280,861		280,861		Note 1
CHYP Multimedia Marketing & Communications Co., Ltd.			15,000		207,797			—		—			—		20,974		23,758			15,000			100		210,581		208,049		Notes 1 and 3
Chunghwa Leading Photonics Tech. Co., Ltd.			7,050		167,628			—		—			—		13,213		41,936			7,050			70		196,351		201,063		Notes 1 and 3
Prime Asia Investments Group Ltd.			1		167,441			—		—			—		—		16,321			1			100		183,762		183,762		Note 1
Spring House Entertainment Tech. Inc.			8,251		164,793			—		—			—		19,059		20,673			8,251			56		166,407		150,670		Notes 1 and 3
Chunghwa Telecom (Thailand) Co., Ltd.			1,300		122,556			—		—			—		—		27,276			1,300			100		149,832		149,832		Note 1
Chunghwa Telecom Europe GmbH			—		—			3,500		122,675			—		—		(5,923	)		3,500			100		116,752		116,752		Notes 1 and 5
Smartfun Digital Co., Ltd.			6,500		82,314			—		—			—		10,494		12,464			6,500			65		84,284		84,686		Notes 1 and 3
Chunghwa Telecom Vietnam Co., Ltd.			—		74,041			—		—			—		—		2,279			—			100		76,320		76,320		Note 1
Chunghwa Digital Cultural and Creative Capital Co., Ltd			—		—			5,000		50,000			—		—		(10,799	)		5,000			100		39,201		38,967		Notes 1 and 5
Chunghwa Sochamp Technology Inc.			2,040		(7,722	)		—		—			—		—		(7,568	)		2,040			37		(15,290	)	(5,180	)	Note 1
					15,387,218					172,675					1,552,499		2,333,796								16,341,190
Associates
Listed stocks
KingwayTek Technology Co., Ltd.			11,563		266,407			1,157		—			—		11,101		23,661			12,720			23		278,967		896,747		Notes 2, 3 and 6
Non-listed stocks
Next Commercial Bank Co., Ltd.			462,643		4,293,338			—		—			—		—		(342,416	)		462,643			46		3,950,922		3,975,362		Note 1
Viettel-CHT Co., Ltd.			—		542,178			—		—			—		69,900		100,997			—			30		573,275		573,275		Notes 1 and 3
Taiwan International Standard Electronics Co., Ltd.			1,760		312,800			—		—			—		92,538		159,095			1,760			40		379,357		408,510		Notes 1 and 3
Taiwania Hive Technology Fund L.P.			—		—			—		288,405			—		—		(12,225	)		—			42		276,180		282,617		Notes 1 and 5
WiAdvance Technology Corporation			3,700		212,101			—		—			—		—		61,339			3,700			16		273,440		102,570		Note 1
Chunghwa PChome Fund I Co., Ltd.			20,000		257,657			—		—			—		—		(5,032	)		20,000			50		252,625		252,625		Note 1
So-net Entertainment Taiwan Limited			9,429		225,697			—		—			—		—		(32,729	)		9,429			30		192,968		175,114		Note 1
KKBOX Taiwan Co., Ltd.			4,438		163,999			—		—			—		—		(12,758	)		4,438			30		151,241		112,001		Note 1
Taiwan International Ports Logistics Corporation			8,000		121,948			—		—			—		28,000		39,888			8,000			27		133,836		133,836		Notes 1 and 3
Cornerstone Ventures Co., Ltd.			490		7,474			—		—			—		2,316		116			490			49		5,274		5,274		Notes 1 and 3
					6,403,599					288,405					203,855		(20,064	)							6,468,085
Joint Ventures
Non-listed stocks
Chunghwa SEA Holdings			1,020		9,463			—		—			—		—		(212	)		1,020			51		9,251		9,251		Note 1
					21,800,280					461,080					1,756,354		2,313,520								22,818,526

All values are in US Dollars.

Note 1:	The amounts of net asset value were based on audited financial statements.
Note 2:	Fair value was based on the closing price on the last trading day of the reporting period.
:---	:---
Note 3:	Decrease in investment was cash dividends received.
:---	:---
Note 4:	Decrease in shares of investment was due to disposal of some shares of the investee company before the investee<br>company traded its shares on the emerging stock market according to the local requirements.
:---	:---
Note 5:	Additions in investment was participating in investment.
:---	:---
Note 6:	Additions in shares of investment was stock dividends received.
:---	:---

• 101 -

STATEMENT 7

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF CHANGES IN RIGHT-OF-USE ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

		Land andBuildings<br>(Handsets BaseStations)		Land andBuildings(Others)		Equipment		Total
Cost
Balance on January 1, 2024		20,663,475		2,055,862		4,130,496		26,849,833
Additions		3,288,274		118,950		139,050		3,546,274
Decreases		(663,609	)	(20,293	)	(12,092	)	(695,994	)
Balance on December 31, 2024		23,288,140		2,154,519		4,257,454		29,700,113
Accumulated depreciation and impairment
Balance on January 1, 2024		13,082,069		1,074,390		2,244,637		16,401,096
Depreciation expenses		3,009,577		366,446		339,604		3,715,627
Decreases		(455,592	)	(8,980	)	(12,058	)	(476,630	)
Balance on December 31, 2024		15,636,054		1,431,856		2,572,183		19,640,093
Balance on January 1, 2024, net		7,581,406		981,472		1,885,859		10,448,737
Balance on December 31, 2024, net		7,652,086		722,663		1,685,271		10,060,020

All values are in US Dollars.

• 102 -

STATEMENT 8

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF TRADE NOTES AND ACCOUNTS PAYABLE

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item		Amount
Payable of spare parts for equipment		4,049,835
Others (Note)		8,323,276
		12,373,111

All values are in US Dollars.

Note:	The amount of each item in others does not exceed 5% of the account balance.

• 103 -

STATEMENT 9

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF BONDS PAYABLE

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Bond Name		Trustee		Issuance Period		Repayment of the Principal and<br>Interest Payment Date		Coupon Rate<br>(%)			Total Amount		RepaymentsMade		Balance atDecember 31,2024		Balance ofunamortizeddiscount		Carrying Value		Guarantee
Unsecured domestic bonds		Bank of Taiwan		2020.07~2025.07		Interest payable in July annually and one-time repayment upon maturity			0.50		8,800,000		—		8,800,000		(1,120	)	8,798,880			None
		Bank of Taiwan		2020.07~2027.07		Interest payable in July annually and one-time repayment upon maturity			0.54		7,500,000		—		7,500,000		(2,974	)	7,497,026			None
		Bank of Taiwan		2020.07~2030.07		Interest payable in July annually and one-time repayment upon maturity			0.59		3,700,000		—		3,700,000		(2,219	)	3,697,781			None
		Bank of Taiwan		2021.04~2026.04		Interest payable in April annually and one-time repayment upon maturity			0.42		1,900,000		—		1,900,000		(564	)	1,899,436			None
		Bank of Taiwan		2021.04~2028.04		Interest payable in April annually and one-time repayment upon maturity			0.46		4,100,000		—		4,100,000		(2,167	)	4,097,833			None
		Bank of Taiwan		2021.04~2031.04		Interest payable in April annually and one-time repayment upon maturity			0.50		1,000,000		—		1,000,000		(706	)	999,294			None
		Bank of Taiwan		2022.03~2027.03		Interest payable in March annually and one-time repayment upon maturity			0.69		3,500,000		—		3,500,000		(2,044	)	3,497,956			None
											30,500,000		—		30,500,000		(11,794	)	30,488,206
Less: Current portion																			(8,798,880	)
																			21,689,326

All values are in US Dollars.

• 104 -

STATEMENT 10

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF LEASE LIABILITIES

DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item		Period			Discount Rate (%)			Amount
Land and buildings
Handsets base stations			1~20 years			0.37~2.00		7,440,829
Others			1~30 years			0.37~1.88		739,408
Equipment			1~8 years			0.37~1.68		1,860,110
								10,040,347
Less: Lease liabilities-current								(3,168,016	)
Lease liabilities-noncurrent								6,872,331

All values are in US Dollars.

• 105 -

STATEMENT 11

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF OPERATING COSTS

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item		Amount
Depreciation		30,227,718
Cost of products		17,904,813
Amortization		13,211,153
Salaries		9,224,709
Repair, maintenance and warranty expenses		6,735,949
Compensation		5,922,619
Others (Note)		38,574,646
		121,801,607

All values are in US Dollars.

Note: The amount of each item in others does not exceed 5% of the account balance.

• 106 -

STATEMENT 12

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF OPERATING EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2024

(In Thousands of New Taiwan Dollars)

Item		Marketing		General andAdministrative		Research andDevelopment		ExpectedCredit Loss		Total
Salaries		6,162,549		1,547,270		1,205,519		—		8,915,338
Compensation		4,031,363		999,115		791,956		—		5,822,434
Professional service fee		2,226,206		493,631		397,406		—		3,117,243
Welfare fee		1,303,072		311,869		251,558		—		1,866,499
Depreciation		835,663		438,974		132,324		—		1,406,961
Marketing and promotion expenses		1,028,511		—		—		—		1,028,511
Expected credit loss		—		—		—		177,855		177,855
Others (Note)		3,778,033		1,693,251		345,289		—		5,816,573
		19,365,397		5,484,110		3,124,052		177,855		28,151,414

All values are in US Dollars.

Note: The amount of each item in others does not exceed 5% of the account balance.

• 107 -

STATEMENT 13

CHUNGHWA TELECOM CO., LTD.

STATEMENT OF EMPLOYEE BENEFIT, DEPRECIATION AND AMORTIZATION BY FUNCTION

FOR THE YEARS ENDED DECEMBER 31, 2024 and 2023

(In Thousands of New Taiwan Dollars)

		Year Ended December 31, 2024						Year Ended December 31, 2023
		Classified asOperatingCosts		Classified asOperatingExpenses		Total		Classified asOperatingCosts		Classified asOperatingExpenses		Total
Employee benefit expenses
Salaries		9,224,709		8,915,338		18,140,047		9,209,159		8,327,631		17,536,790
Insurance		1,081,814		1,000,938		2,082,752		1,084,665		950,447		2,035,112
Pension		716,000		693,897		1,409,897		747,241		679,524		1,426,765
Remuneration to directors		—		46,048		46,048		—		45,475		45,475
Others		7,099,505		6,925,042		14,024,547		6,782,602		6,301,461		13,084,063
		18,122,028		17,581,263		35,703,291		17,823,667		16,304,538		34,128,205
Depreciation		30,227,718		1,406,961		31,634,679		30,379,815		1,349,524		31,729,339
Amortization		13,211,153		115,021		13,326,174		12,618,172		109,705		12,727,877

All values are in US Dollars.

Note 1:	The average numbers of the Company’s employees were 20,096 and 19,922 including 10 non-employee directors in 2024 and 2023, respectively.
Note 2:	The average employee benefits expense were $1,775 thousand and $1,712 thousand for the years ended<br>December 31, 2024 and 2023, respectively. (Which refers to [total employee benefits-total directors’ remuneration] divided by [number of employees-number of non-employee directors].)
:---	:---
Note 3:	The average salary expenses were $903 thousand and $881 thousand for the years ended<br>December 31, 2024 and 2023, respectively. (Which refers to [salary expenses] divided by [number of employees-number of non-employee directors]). The change of average salary expenses is approximately<br>2.5%.
:---	:---
Note 4:	The Company does not have supervisors; therefore, there is no remuneration to supervisors.
:---	:---
Note 5:	The remuneration policies for directors, management personnel, and employees were as follows:
:---	:---
a.	General directors and independent directors:
:---	:---
(i)	Fixed remuneration is based on monthly basis resolved by the Board of Directors.
:---	:---
(ii)	Floating remuneration is based on distribution stated in the Company’s Articles of Incorporation. Please<br>refer to Note 28(7) for details. Independent directors are excluded from the aforementioned distribution.
:---	:---
b.	The remuneration to management personnel is based on the executive performance management and guidelines which<br>are linked to the Company’s performance, business unit performance and personal performance. In addition, the result of ESG sustainable development is taken into consideration for the floating remuneration.
:---	:---
c.	Compensation to employees is based on the Company’s salary guidance.
:---	:---
d.	The remuneration to directors and management personnel are evaluated regularly and determined by the<br>compensation committee of the Company.
:---	:---
Note 6:	The Company’s salary expenses refer to recurring grants such as base salary, job premiums, and overtime<br>pay, etc.
:---	:---

• 108 -

EX-99.2

Exhibit 99.2

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Years Ended December 31, 2024 and 2023 and

Independent Auditors’ Report

REPRESENTATION LETTER

The entities that are required to be included in the consolidated financial statements of affiliates in accordance with the “Criteria Governing Preparation of Affiliation Reports, Consolidated Business Reports and Consolidated Financial Statements of Affiliated Enterprises” for the year ended December 31, 2024 are all the same as those included in the consolidated financial statements of Chunghwa Telecom Co., Ltd. and its subsidiaries prepared in conformity with the International Financial Reporting Standard 10 “Consolidated Financial Statements”. Relevant information that should be disclosed in the consolidated financial statements of affiliates is included in the consolidated financial statements of Chunghwa Telecom Co., Ltd. and its subsidiaries. Hence, we do not prepare a separate set of consolidated financial statements of affiliates.

Very truly yours,
CHUNGHWA TELECOM CO., LTD.
By	/s/ Chih-Cheng Chien
Chih-Cheng Chien
Chairman
February 26, 2025

• 1 -

INDEPENDENT AUDITORS’ REPORT

PWCR24002608

To the Board of Directors and Shareholders of Chunghwa Telecom Co., Ltd.

Opinion

We have audited the accompanying consolidated balance sheets of Chunghwa Telecom Co., Ltd. and its subsidiaries (the “Company”) as of December 31, 2024, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission.

Basis for opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and 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 Company 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Company’s 2024 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, we do not provide a separate opinion on these matters.

Key audit matters for the Company’s 2024 consolidated financial statements are stated as follows:

Accuracy of revenue on mobile service

Description

Refer to Note 3 for the accounting policies on revenue recognition and Notes 30 and 44 for details of revenue.

• 2 -

The Company recognizes revenue for mobile service based on the terms of mobile service contracts and actual usage of mobile services. Given that revenue on mobile service is comprised of a large number of low-dollar transactions from a large number of contracts and a wide variety of tariff plans, the Company highly relies on the automated information systems to process and recognize revenue for mobile service.

Given the Company’s revenue from mobile service is made up of a large number of low-dollar transactions and highly relies on information technology systems, a high degree of auditor effort was required in performing procedures related to accuracy of the Company’s revenue on mobile service. Thus, we consider the accuracy of revenue on mobile service as a key audit matter.

How our audit addressed the matter

Our audit procedures performed in respect of the above included the following:

1.	Obtained an understanding over the design of internal controls and information systems related to the business<br>process of the Company’s revenue recognition on mobile service and evaluated operating effectiveness of such controls. This includes the following procedures:
•	Obtained an understanding and evaluated the significant systems related to revenue on mobile service, and tested<br>the information technology general controls as well as the automated controls for automatic calculations and system interface over these systems.
:---	:---
•	Tested manual controls related to the review of information on mobile service, including service acceptance,<br>updates to price information, data collection and system interface, pricing, billing, and accounting processes.
:---	:---
2.	Selected samples from mobile service revenue, agreed the samples selected to service contracts, invoices,<br>payment records, and tested consistency between the data entered into the system and the original service contracts.
:---	:---

Other matter – Prior period financial statements audited by other independent auditors

The consolidated financial statements of the Company for the year ended December 31, 2023, were audited by other independent auditors who expressed an unmodified opinion on those statements on February 23, 2024.

Other matter – Parent company only financial reports

We and other auditors have audited the parent company only financial statements of the Company as of and for the years ended December 31, 2024 and 2023 on which we have issued an unmodified opinion with other matter paragraph and other auditors have issued an unmodified opinion, respectively.

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 the International Financial Reporting Standards, International Accounting Standards, IFRIC Interpretations, and SIC Interpretations that came into effect as endorsed by the Financial Supervisory Commission, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

• 3 -

In preparing the consolidated financial statements, management is responsible for assessing the Company’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 Company 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 Company’s financial reporting process.

Auditors’ 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 auditors’ 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<br>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<br>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<br>appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
:---	:---
3.	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and<br>related disclosures made by management.
:---	:---
4.	Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on<br>the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we<br>are required to draw attention in our auditors’ 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<br>up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern.
:---	:---
5.	Evaluate the overall presentation, structure and content of the consolidated financial statements, including<br>the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
:---	:---

• 4 -

6.	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br>activities within the Company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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.

/s/ Huang, Shih-Chun	/s/ Hsu, Chien-Yeh

For and on behalf of PricewaterhouseCoopers, Taiwan

February 26, 2025

Notice to Readers

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’ report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

• 5 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024					2023
ASSETS		Amount		%			Amount		%
CURRENT ASSETS
Cash and cash equivalents (Notes 3, 6 and 38)		36,259,689			6		33,823,884			6
Financial assets at fair value through profit or loss (Notes 3, 4 and 7)		290			—		904			—
Hedging financial assets (Notes 3 and 21)		1,133			—		—			—
Contract assets (Notes 3 and 30)		8,401,343			2		6,713,227			1
Trade notes and accounts receivable, net (Notes 3, 4, 10 and 30)		26,025,696			5		24,841,995			5
Receivables from related parties (Note 38)		193,004			—		78,089			—
Inventories (Notes 3, 4, 11, 30, 39 and 40)		12,087,118			2		11,520,765			2
Prepayments (Note 12)		3,138,313			1		2,839,471			1
Other current monetary assets (Notes 13, 28 and 38)		23,408,001			4		20,352,050			4
Incremental costs of obtaining contracts (Notes 3 and 30)		339,172			—		210,923			—
Other current assets (Notes 20, 32 and 39)		3,114,554			1		2,822,259			1
Total current assets		112,968,313			21		103,203,567			20
NONCURRENT ASSETS
Financial assets at fair value through profit or loss (Notes 3, 4 and 7)		1,005,236			—		1,035,701			—
Financial assets at fair value through other comprehensive income (Notes 3, 4 and 8)		4,666,976			1		4,412,343			1
Financial assets at amortized cost (Notes 3 and 9)		2,000,000			—		—			—
Investments accounted for using equity method (Notes 3 and 15)		9,073,464			2		8,450,199			2
Contract assets (Notes 3 and 30)		4,327,424			1		3,768,645			1
Property, plant and equipment (Notes 3, 4, 16, 35, 38, 39 and 40)		289,840,144			55		292,337,742			56
Right-of-use assets (Notes 3, 4, 17 and 38)		10,912,329			2		11,237,814			2
Investment properties (Notes 3, 4 and 18)		12,301,719			2		9,805,463			2
Intangible assets (Notes 3, 4, 19 and 38)		66,283,202			12		72,726,545			13
Deferred income tax assets (Notes 3 and 32)		1,661,402			—		2,099,439			—
Incremental costs of obtaining contracts (Notes 3 and 30)		1,221,652			—		939,409			—
Net defined benefit assets (Notes 3, 4 and 28)		8,883,719			2		5,963,259			1
Prepayments (Notes 12 and 40)		4,461,017			1		3,330,583			1
Other noncurrent assets (Notes 20, 39 and 40)		4,885,230			1		4,628,692			1
Total noncurrent assets		421,523,514			79		420,735,834			80
TOTAL		534,491,827			100		523,939,401			100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans (Note 22)		215,000			—		585,000			—
Hedging financial liabilities (Notes 3 and 21)		1,907			—		44			—
Contract liabilities (Notes 3, 30 and 40)		16,300,986			3		14,088,416			3
Trade notes and accounts payable (Note 25)		17,742,532			3		14,395,740			3
Payables to related parties (Note 38)		480,401			—		385,089			—
Current tax liabilities (Notes 3 and 32)		4,718,103			1		4,626,265			1
Lease liabilities (Notes 3, 4, 17, 35 and 38)		3,557,874			1		3,504,990			1
Other payables (Notes 26 and 35)		26,581,353			5		25,256,926			5
Provisions (Notes 3 and 27)		441,801			—		337,406			—
Current portion of long-term liabilities (Notes 3, 23, 24 and 39)		8,802,526			2		1,600,000			—
Other current liabilities		1,050,559			—		983,339			—
Total current liabilities		79,893,042			15		65,763,215			13
NONCURRENT LIABILITIES
Long-term loans (Notes 3, 23 and 39)		1,631,354			—		—			—
Bonds payable (Notes 3 and 24)		21,689,326			4		30,482,766			6
Contract liabilities (Notes 3, 30 and 40)		7,540,730			2		7,560,352			2
Deferred income tax liabilities (Notes 3 and 32)		2,658,419			—		2,460,509			—
Provisions (Notes 3 and 27)		534,684			—		485,267			—
Lease liabilities (Notes 3, 4, 17, 35 and 38)		7,333,503			2		7,470,191			2
Customers’ deposits (Note 38)		5,310,453			1		5,309,097			1
Net defined benefit liabilities (Notes 3, 4 and 28)		2,107,224			—		2,098,106			—
Other noncurrent liabilities		7,688,236			2		7,405,558			1
Total noncurrent liabilities		56,493,929			11		63,271,846			12
Total liabilities		136,386,971			26		129,035,061			25
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT (Notes 14 and 29)
Common stocks		77,574,465			15		77,574,465			15
Additional paid-in capital		171,587,279			32		171,289,086			32
Retained earnings
Legal reserve		77,574,465			15		77,574,465			15
Special reserve		2,675,419			—		2,898,503			1
Unappropriated earnings		54,953,379			10		52,618,677			10
Total retained earnings		135,203,263			25		133,091,645			26
Others		585,683			—		352,892			—
Total equity attributable to stockholders of the parent		384,950,690			72		382,308,088			73
NONCONTROLLING INTERESTS (Notes 14 and 29)		13,154,166			2		12,596,252			2
Total equity		398,104,856			74		394,904,340			75
TOTAL		534,491,827			100		523,939,401			100

All values are in US Dollars.

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

• 6 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

		2024					2023
		Amount		%			Amount		%
REVENUES (Notes 3, 30, 38 and 44)		229,968,292			100		223,199,260			100
OPERATING COSTS (Notes 3, 11, 28, 30, 31 and 38)		146,582,797			64		141,766,718			64
GROSS PROFIT		83,385,495			36		81,432,542			36
OPERATING EXPENSES (Notes 3, 10, 28, 31 and 38)
Marketing		25,103,662			11		23,599,302			10
General and administrative		7,175,286			3		6,801,190			3
Research and development		4,167,200			2		3,891,381			2
Expected credit loss		188,064			—		152,067			—
Total operating expenses		36,634,212			16		34,443,940			15
OTHER INCOME AND EXPENSES (Notes 16, 18, 31 and 44)		121,853			—		(635,367	)		—
INCOME FROM OPERATIONS		46,873,136			20		46,353,235			21
NON-OPERATING INCOME AND EXPENSES
Interest income (Notes 38 and 44)		780,968			1		617,609			—
Other income (Notes 8, 31 and 38)		463,343			—		381,835			—
Other gains and losses (Notes 31, 37 and 38)		(178,503	)		—		(284,244	)		—
Interest expense (Notes 17, 31, 38 and 44)		(339,342	)		—		(319,163	)		—
Share of profits of associates and joint ventures accounted for using equity method (Notes 15 and<br>44)		154,187			—		243,374			—
Total non-operating income and expenses		880,653			1		639,411			—
INCOME BEFORE INCOME TAX		47,753,789			21		46,992,646			21
INCOME TAX EXPENSE (Notes 3 and 32)		9,216,287			4		9,002,110			4
NET INCOME		38,537,502			17		37,990,536			17
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit pension plans (Note 28)		2,254,578			1		156,860			—
Unrealized gain or loss on investments in equity instruments at fair value through other<br>comprehensive income (Notes 3, 29 and 37)		48,185			—		619,468			—

All values are in US Dollars.

(Continued)

• 7 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Except Earnings Per Share)

		2024					2023
		Amount		%			Amount		%
Gain or loss on hedging instruments subject to basis adjustment (Notes 3 and 21)		(730	)		—		(12,935	)		—
Share of other comprehensive income of associates and joint ventures (Notes 3, 15 and 29)		14,243			—		6,334			—
Income tax relating to items that will not be reclassified to profit or loss (Note 32)		(450,916	)		—		(31,372	)		—
		1,865,360			1		738,355			—
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		192,188			—		(45,743	)		—
Share of other comprehensive income (loss) of associates and joint ventures (Note 15)		22,944			—		(23,399	)		—
		215,132			—		(69,142	)		—
Total other comprehensive income, net of income tax		2,080,492			1		669,213			—
TOTAL COMPREHENSIVE INCOME		40,617,994			18		38,659,749			17
NET INCOME ATTRIBUTABLE TO
Stockholders of the parent		37,220,464			16		36,916,708			17
Noncontrolling interests		1,317,038			1		1,073,828			—
		38,537,502			17		37,990,536			17
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent		39,254,340			17		37,616,527			17
Noncontrolling interests		1,363,654			1		1,043,222			—
		40,617,994			18		38,659,749			17
EARNINGS PER SHARE (Note 33)
Basic		4.80					4.76
Diluted		4.79					4.75

All values are in US Dollars.

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

• 8 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		Equity Attributable to Stockholders of the Parent (Notes 14, 21 and 29)
												Others
														Unrealized Gain
														or Loss on
												Exchange		Financial Assets
												Differences		at Fair Value
						Retained Earnings						Arising from the		Through Other		Gain or Loss				Noncontrolling
				Additional						Unappropriated		Translation of the		Comprehensive		on Hedging				Interests
		Common Stocks		Paid-in Capital		Legal Reserve		Special Reserve		Earnings		Foreign Operations		Income		Instruments		Total		(Notes 14 and 29)		Total Equity
BALANCE, JANUARY 1, 2023		77,574,465		171,300,898		77,574,465		3,083,569		51,868,574		(111,213	)	(124,762	)	12,891		381,178,887		12,599,541		393,778,428
Appropriation of 2022 earnings Special reserve		—		—		—		(185,066	)	185,066		—		—		—		—		—		—
Cash dividends distributed by Chunghwa		—		—		—		—		(36,475,514	)	—		—		—		(36,475,514	)	—		(36,475,514	)
Cash dividends distributed by subsidiaries		—		—		—		—		—		—		—		—		—		(1,091,670	)	(1,091,670	)
Unclaimed dividend		—		2,217		—		—		—		—		—		—		2,217		—		2,217
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—		(21,720	)	—		—		—		—		—		—		(21,720	)	1,623		(20,097	)
Actual acquisition of interests in subsidiaries		—		(4	)	—		—		—		—		—		—		(4	)	(37	)	(41	)
Net income for the year ended December 31, 2023		—		—		—		—		36,916,708		—		—		—		36,916,708		1,073,828		37,990,536
Other comprehensive income (loss) for the year ended December 31, 2023		—		—		—		—		123,843		(56,599	)	645,510		(12,935	)	699,819		(30,606	)	669,213
Total comprehensive income (loss) for the year ended December 31, 2023		—		—		—		—		37,040,551		(56,599	)	645,510		(12,935	)	37,616,527		1,043,222		38,659,749
Changes in equities of subsidiaries		—		7,695		—		—		—		—		—		—		7,695		24,774		32,469
Net increase in noncontrolling interests		—		—		—		—		—		—		—		—		—		18,799		18,799
BALANCE, DECEMBER 31, 2023		77,574,465		171,289,086		77,574,465		2,898,503		52,618,677		(167,812	)	520,748		(44	)	382,308,088		12,596,252		394,904,340
Appropriation of 2023 earnings Special reserve		—		—		—		(223,084	)	223,084		—		—		—		—		—		—
Cash dividends distributed by Chunghwa		—		—		—		—		(36,909,931	)	—		—		—		(36,909,931	)	—		(36,909,931	)
Cash dividends distributed by subsidiaries		—		—		—		—		—		—		—		—		—		(898,565	)	(898,565	)
Unclaimed dividend		—		2,109		—		—		—		—		—		—		2,109		—		2,109
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—		71,883		—		—		—		—		—		—		71,883		13,029		84,912
Actual disposal of interests in subsidiaries		—		224,293		—		—		—		—		—		—		224,293		34,480		258,773
Net income for the year ended December 31, 2024		—		—		—		—		37,220,464		—		—		—		37,220,464		1,317,038		38,537,502
Other comprehensive income (loss) for the year ended December 31, 2024		—		—		—		—		1,801,085		190,664		42,857		(730	)	2,033,876		46,616		2,080,492
Total comprehensive income (loss) for the year ended December 31, 2024		—		—		—		—		39,021,549		190,664		42,857		(730	)	39,254,340		1,363,654		40,617,994
Changes in equities of subsidiaries		—		(92	)	—		—		—		—		—		—		(92	)	45,316		45,224
BALANCE, DECEMBER 31, 2024		77,574,465		171,587,279		77,574,465		2,675,419		54,953,379		22,852		563,605		(774	)	384,950,690		13,154,166		398,104,856

All values are in US Dollars.

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

• 9 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax		47,753,789		46,992,646
Adjustments for:
Depreciation		32,919,862		32,955,842
Amortization		6,698,604		6,699,551
Amortization of incremental costs of obtaining contracts		905,990		855,754
Expected credit loss		188,064		152,067
Valuation loss on financial assets and liabilities at fair value through profit or loss,<br>net		147,026		98,460
Interest expense		339,342		319,163
Interest income		(780,968	)	(617,609	)
Dividend income		(239,908	)	(167,112	)
Compensation cost of share-based payment transactions		7,700		8,352
Share of profits of associates and joint ventures accounted for using equity method		(154,187	)	(243,374	)
Loss on disposal of property, plant and equipment		17,347		573
Gain on disposal of financial instruments		(1,077	)	—
Provision for impairment loss and obsolescence of inventory		60,381		22,962
Impairment loss on property, plant and equipment		—		298,891
Impairment loss (reversal of impairment loss) on investment properties		(139,200	)	335,903
Others		(67,746	)	(61,876	)
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(2,249,458	)	(1,291,881	)
Trade notes and accounts receivable		(1,322,106	)	(287,045	)
Receivables from related parties		(114,915	)	(3,028	)
Inventories		(626,734	)	(177,321	)
Prepayments		(29,202	)	(314,051	)
Other current assets		(292,295	)	733,164
Other current monetary assets		63,556		105,747
Incremental cost of obtaining contracts		(1,316,482	)	(1,026,172	)
Increase (decrease) in:
Contract liabilities		2,192,948		584,234
Trade notes and accounts payable		3,346,607		(2,032,909	)
Payables to related parties		95,312		(154,105	)
Other payables		1,540,200		561,873
Provisions		153,812		373,621
Net defined benefit plans		(656,764	)	(727,796	)
Other current liabilities		77,697		(14,236	)
Cash generated from operations		88,517,195		83,980,288
Interests paid		(333,456	)	(313,683	)
Income taxes paid		(8,939,418	)	(9,106,812	)
Net cash provided by operating activities		79,244,321		74,559,793

All values are in US Dollars.

(Continued)

• 10 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024		2023
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(312,780	)	(304,820	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive<br>income		111,795		—
Acquisition of financial assets at amortized cost		(2,000,000	)	—
Acquisition of financial assets at fair value through profit or loss		(162,304	)	(133,171	)
Proceeds from disposal of financial assets at fair value through profit or loss		4,920		—
Acquisition of investments accounted for using equity method		(775,747	)	(1,555,314	)
Acquisition of property, plant and equipment		(28,755,550	)	(30,741,309	)
Proceeds from disposal of property, plant and equipment		12,995		19,399
Acquisition of intangible assets		(234,144	)	(237,205	)
Acquisition of investment properties		(4,333	)	(54,081	)
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with<br>maturities of more than three months		(72,914,674	)	(45,238,781	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper<br>with maturities of more than three months		69,886,296		28,577,219
Decrease (increase) in other noncurrent assets		(258,306	)	165,982
Increase in prepayments for leases		(1,400,074	)	(1,729,118	)
Interests received		764,108		567,842
Dividends received		663,161		467,082
Proceeds from capital reduction and profit distribution of financial assets at fair value through<br>profit or loss		42,514		22,262
Net cash used in investing activities		(35,332,123	)	(50,174,013	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		700,000		2,589,800
Repayments of short-term loans		(1,070,000	)	(2,726,800	)
Proceeds from long-term loans		35,000		—
Increase (decrease) in customers’ deposits		(9,121	)	133,793
Payments for the principal of lease liabilities		(3,944,494	)	(3,884,120	)
Increase in other noncurrent liabilities		282,678		679,371
Cash dividends paid		(36,909,931	)	(36,475,514	)
Acquisition of additional interests in subsidiaries		—		(41	)
Partial disposal of interests in subsidiaries without a loss of control		258,773		—
Cash dividends distributed to noncontrolling interests		(898,565	)	(1,091,670	)
Change in other noncontrolling interests		37,524		42,916
Unclaimed dividend		2,109		2,217
Net cash used in financing activities		(41,516,027	)	(40,730,048	)

All values are in US Dollars.

(Continued)

• 11 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars)

		2024		2023
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		39,634		(24,452	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,435,805		(16,368,720	)
CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR		33,823,884		50,192,604
CASH AND CASH EQUIVALENTS, END OF THE YEAR		36,259,689		33,823,884

All values are in US Dollars.

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

• 12 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2024 AND 2023

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1.	GENERAL

Chunghwa Telecom Co., Ltd. (“Chunghwa”; Chunghwa together with its subsidiaries are hereinafter referred to collectively as the “Company”.) was incorporated on July 1, 1996 in the Republic of China (“ROC”). Chunghwa is a company limited by shares and, prior to August 2000, was wholly owned by the Ministry of Transportation and Communications (“MOTC”). Prior to July 1, 1996, the current operations of Chunghwa were carried out under the Directorate General of Telecommunications (“DGT”). The DGT was established by the MOTC in June 1943 to take primary responsibility in the development of telecommunications infrastructure and to formulate policies related to telecommunications. On July 1, 1996, the telecom operations of the DGT were spun-off as Chunghwa which continues to carry out the business and the DGT continues to be the industry regulator.

Effective August 12, 2005, the MOTC completed the process of privatizing Chunghwa by reducing the government ownership to below 50% in various stages. In July 2000, Chunghwa received approval from the Securities and Futures Commission (the “SFC”) for a domestic initial public offering and its common stocks were listed and traded on the Taiwan Stock Exchange (the “TWSE”) on October 27, 2000. Certain of Chunghwa’s common stocks were sold, in connection with the foregoing privatization plan, in domestic public offerings at various dates from August 2000 to July 2003. Certain of Chunghwa’s common stocks were also sold in an international offering of securities in the form of American Depository Shares (“ADS”) on July 17, 2003 and were listed and traded on the New York Stock Exchange (the “NYSE”). The MOTC sold common stocks of Chunghwa by auction in the ROC on August 9, 2005 and completed the second international offering on August 10, 2005. Upon completion of the share transfers associated with these offerings on August 12, 2005, the MOTC owned less than 50% of the outstanding shares of Chunghwa and completed the privatization plan.

The consolidated financial statements are presented in Chunghwa’s functional currency, New Taiwan dollars.

2.	APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Board of Directors on February 26, 2025.

3.	SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION

Statement of Compliance

The accompanying consolidated financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), International Financial Reporting Interpretations Committee (IFRIC) and SIC Interpretations (SIC) (collectively, the “IFRSs”) endorsed and issued into effect by the Financial Supervisory Commission (the “FSC”) (collectively, the “Taiwan-IFRS”).

• 13 -

Basis of Preparation

The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values and net defined benefit liabilities (assets) which are measured at the present value of the defined benefit obligations less the fair value of plan assets.

Current and Noncurrent Assets and Liabilities

Current assets include:

a.	Assets held primarily for the purpose of trading;
b.	Assets expected to be realized within twelve months after the reporting period; and
:---	:---
c.	Cash and cash equivalents unless the asset is restricted from being exchanged or used to settle a liability for<br>at least twelve months after the reporting period.
:---	:---

Current liabilities include:

a.	Liabilities held primarily for the purpose of trading;
b.	Liabilities due to be settled within twelve months after the reporting period; and
:---	:---
c.	Liabilities for which the Company on the balance sheet date does not have in substance the right to defer<br>settlement for at least twelve months after the reporting period.
:---	:---

Assets and liabilities that are not classified as current are classified as noncurrent.

Light Era Development Co., Ltd. (“LED”) engages mainly in development of property for rent and sale. The assets and liabilities of LED related to property development within its operating cycle, which is over one year, are classified as current items.

Basis of Consolidation

a.	Principles for preparing consolidated financial statements

The consolidated financial statements incorporate the financial statements of Chunghwa and entities controlled by Chunghwa (its subsidiaries).

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by the Company.

All inter-company transactions, balances, income and expenses are eliminated in full upon consolidation.

Attribution of total comprehensive income to noncontrolling interests

Total comprehensive income of subsidiaries is attributed to the stockholders of the parent and to the noncontrolling interests even if it results in the noncontrolling interests having a deficit balance.

Changes in the Company’s ownership interests in subsidiaries

Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company’s interests and the noncontrolling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the noncontrolling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to stockholders of the parent.

• 14 -

b.	The subsidiaries in the consolidated financial statements

The detail information of the subsidiaries at the end of reporting period was as follows:

						Percentage of Ownership<br>Interests
						December 31
Name of Investor		Name of Investee		Main Businesses and Products		2024			2023			Note
Chunghwa Telecom Co., Ltd.		Senao International Co., Ltd. (“SENAO”)		Handset and peripherals retailer, sales of CHT mobile phone plans as an agent			28			28		a)
		Light Era Development Co., Ltd. (“LED”)		Planning and development of real estate and intelligent buildings, and property management			100			100
		Donghwa Telecom Co., Ltd. (“DHT”)		International private leased circuit, IP VPN service, and IP transit services			100			100
		Chunghwa Telecom Singapore Pte., Ltd. (“CHTS”)		International private leased circuit, IP VPN service, and IP transit services			100			100
		Chunghwa System Integration Co., Ltd. (“CHSI”)		Providing system integration services and telecommunications equipment			100			100
		Chunghwa Investment Co., Ltd. (“CHI”)		Investment			89			89
		CHIEF Telecom Inc. (“CHIEF”)		Network integration, internet data center (“IDC”), communications integration and cloud<br>application services			56			56		b)
		CHYP Multimedia Marketing & Communications Co., Ltd. (“CHYP”)		Digital information supply services and advertisement services			100			100
		Prime Asia Investments Group Ltd. (“Prime Asia”)		Investment			100			100
		Spring House Entertainment Tech. Inc. (“SHE”)		Software design services, internet contents production and play, and motion picture production and<br>distribution			56			56
		Chunghwa Telecom Global, Inc. (“CHTG”)		International private leased circuit, internet services, and transit services			100			100
		Chunghwa Telecom Vietnam Co., Ltd. (“CHTV”)		Intelligent energy saving solutions, international circuit, and information and communication<br>technology (“ICT”) services.			100			100
		Smartfun Digital Co., Ltd. (“SFD”)		Providing diversified family education digital services			65			65
		Chunghwa Telecom Japan Co., Ltd. (“CHTJ”)		International private leased circuit, IP VPN service, and IP transit services			100			100
		Chunghwa Sochamp Technology Inc. (“CHST”)		Design, development and production of Automatic License Plate Recognition software and<br>hardware			37			37		c)
		Honghwa International Co., Ltd. (“HHI”)		Telecommunications engineering, sales agent of mobile phone plan application and other business<br>services, etc.			100			100
		Chunghwa Leading Photonics Tech Co., Ltd. (“CLPT”)		Production and sale of electronic components and finished products			70			75		d)
		Chunghwa Telecom (Thailand) Co., Ltd. (“CHTT”)		International private leased circuit, IP VPN service, ICT and cloud VAS services			100			100
		CHT Security Co., Ltd. (“CHTSC”)		Computing equipment installation, wholesale of computing and business machinery equipment and<br>software, management consulting services, data processing services, digital information supply services and internet identity services			63			69		e)
		International Integrated Systems, Inc. (“IISI”)		IT solution provider, IT application consultation, system integration and package solution			50			51		f)

(Continued)

• 15 -

						Percentage of Ownership<br>Interests
						December 31
Name of Investor		Name of Investee		Main Businesses and Products		2024			2023			Note
		Chunghwa Digital Cultural and Creative Capital Co., Ltd (“CDCC Capital”)		Investment and management consulting			100			—		g)
		Chunghwa Telecom Europe GmbH (“CHTEU”)		International private leased circuit, internet services, transit services and ICT services			100			—		h)
Senao International Co., Ltd.		Senao International (Samoa) Holding Ltd. (“SIS”)		International investment			—			—		i)
		Youth Co., Ltd. (“Youth”)		Sale of information and communication technologies products			96			96
		Aval Technologies Co., Ltd. (“Aval”)		Sale of information and communication technologies products			100			100
		Senyoung Insurance Agent Co., Ltd. (“SENYOUNG”)		Property and liability insurance agency			100			100
Youth Co., Ltd.		ISPOT Co., Ltd. (“ISPOT”)		Sale of information and communication technologies products			100			100
		Youyi Co., Ltd. (“Youyi”)		Maintenance of information and communication technologies products			—			—		j)
Aval Technologies Co., Ltd.		Wiin Technology Co., Ltd. (“Wiin”)		Sale of information and communication technologies products			100			100
Senyoung Insurance Agent Co., Ltd.		Senaolife Insurance Agent Co., Ltd. (“Senaolife”)		Life insurance services			—			—		k)
CHIEF Telecom Inc.		Unigate Telecom Inc. (“Unigate”)		Telecommunications and internet service			100			100
		Chief International Corp. (“CIC”)		Telecommunications and internet service			100			100
		Shanghai Chief Telecom Co., Ltd. (“SCT”)		Telecommunications and internet service			49			49		l)
Chunghwa Investment Co., Ltd.		Chunghwa Precision Test Tech. Co., Ltd. (“CHPT”)		Production and sale of semiconductor testing components and printed circuit board			34			34		m)
Chunghwa Precision Test Tech. Co., Ltd.		Chunghwa Precision Test Tech. USA Corporation (“CHPT (US)”)		Design and after-sale services of semiconductor testing components and printed circuit<br>board			100			100
		CHPT Japan Co., Ltd. (“CHPT (JP)”)		Related services of electronic parts, machinery processed products and printed circuit<br>board			100			100
		Chunghwa Precision Test Tech. International, Ltd. (“CHPT (International)”)		Wholesale and retail of electronic materials, and investment			100			100
		TestPro Investment Co., Ltd. (“TestPro”)		Investment			100			100
TestPro Investment Co., Ltd.		NavCore Tech. Co., Ltd (“NavCore”)		Sale and manufacturing of smart equipment, smart factory software and hardware integration and<br>technical consulting service			54			54
Senao International (Samoa) Holding Ltd.		Senao International HK Limited (“SIHK”)		International investment			—			—		n)
Prime Asia Investments Group Ltd.		Chunghwa Hsingta Co., Ltd. (“CHC”)		Investment			100			100
Chunghwa Precision Test Tech. International, Ltd.		Shanghai Taihua Electronic Technology Limited (“STET”)		Design of printed circuit board and related consultation service			100			100
		Su Zhou Precision Test Tech. Ltd. (“SZPT”)		Assembly processed of circuit board, design of printed circuit board and related consultation<br>service			100			100
International Integrated Systems, Inc.		Infoexplorer International Co., Ltd.(“IESA”)		Investment			—			—		o)
		Unitronics Technology Corp. (“UTC”)		Development and maintenance of information system			100			100		p)
Infoexplorer International Co., Ltd.		International Integrated Systems (Hong Kong) Limited (“IEHK”)		Investment and technical consulting service			—			—		q)

(Concluded)

• 16 -

a)	Chunghwa continues to control more than half of seats of the Board of Directors of SENAO through the support of<br>large beneficial stockholders. As a result, the Company treated SENAO as a subsidiary.
b)	CHIEF issued new shares in December 2023 and December 2024 as its employees exercised options. Therefore, the<br>Company’s ownership interest in CHIEF decreased to 58.63% and 58.57% as of December 31, 2023 and 2024, respectively.
:---	:---
c)	Chunghwa controls more than half of seats of the Board of Directors of CHST as of December 31, 2024. As a<br>result, the Company treated CHST as a subsidiary. For the information of changes in Chunghwa’s control over CHST in January 2025, please refer to Note 41.
:---	:---
d)	CLPT issued new shares in May 2023 and July 2024 as its employees exercised options. Therefore, the<br>Company’s ownership interest in CLPT decreased to 74.56% and 69.87% as of December 31, 2023 and 2024, respectively.
:---	:---
e)	CHTSC issued new shares in February 2023, May 2023, January 2024, March 2024 and December 2024 as<br>its employees exercised options. In addition, Chunghwa disposed of some shares of CHTSC in August 2024 before CHTSC traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest<br>in CHTSC decreased to 69.28% and 63.45% as of December 31, 2023 and 2024, respectively.
:---	:---
f)	Chunghwa disposed of some shares of IISI in August 2024 before IISI traded its shares on the emerging stock<br>market according to the local requirements. Therefore, the Company’s ownership interest in IISI decreased to 49.64% as of December 31, 2024. Chunghwa continues to control more than half of seats of the Board of Directors of IISI. As a<br>result, the Company treated IISI as a subsidiary.
:---	:---
g)	Chunghwa invested and established CDCC Capital in February 2024. Chunghwa obtained 100% ownership interest of<br>CDCC Capital.
:---	:---
h)	Chunghwa invested and established CHTEU in July 2024. Chunghwa obtained 100% ownership interest of CHTEU.
:---	:---
i)	SIS completed its liquidation in September 2023.
:---	:---
j)	Youyi completed its liquidation in November 2023.
:---	:---

• 17 -

k)	In order to coordinate with financial planning and adjustment of organizational resources, the Board of<br>Directors of SENYOUNG approved the merger with Senaolife. SENYOUNG was the surviving company. The merger was completed on May 1, 2023.
l)	CHIEF has more than half of seats of the Board of Directors of SCT according to the mutual agreements among<br>stockholders and gained control over SCT; hence, SCT is deemed as a subsidiary of the Company.
:---	:---
m)	Though the Company’s ownership interest in CHPT is less than 50%, the management considered the absolute<br>and relative size of ownership interest, and the dispersion of shares owned by the other stockholders and concluded that the Company has a sufficiently dominant voting interest to direct the relevant activities; hence, CHPT is deemed as a subsidiary<br>of the Company.
:---	:---
n)	SIHK completed its liquidation in July 2023.
:---	:---
o)	IESA completed its liquidation in September 2023.
:---	:---
p)	IISI purchased shares of UTC in August 2023. Therefore, the Company’s ownership interest in UTC increased<br>to 100%.
:---	:---
q)	IEHK completed its liquidation in June 2023.
:---	:---

The following diagram presented information regarding the relationship and percentages of ownership interests between Chunghwa and its subsidiaries as of December 31, 2024.

Foreign Currencies

In preparing the financial statements of each individual entity, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions.

At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange differences on monetary items arising from settlement or translation are recognized in profit or loss in the period in which they arise.

• 18 -

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined and related exchange differences are recognized in profit or loss. Conversely, when the fair value changes were recognized in other comprehensive income, related exchange difference shall be recognized in other comprehensive income.

Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreign operations (including those subsidiaries, associates and joint ventures in other countries or currencies used different with Chunghwa) are translated into New Taiwan dollars using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognized in other comprehensive income and attributed to stockholders of the parent and noncontrolling interests as appropriate.

Cash Equivalents

Cash equivalents include those maturities within three months from the date of acquisition, highly liquid, readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value such as commercial paper, negotiable certificates of deposit, time deposits and stimulus vouchers. These cash equivalents are held for the purpose of meeting short-term cash commitments.

Inventories

Inventories are stated at the lower of cost or net realizable value item by item, except for those that may be appropriate to group items of similar or related inventories. Net realizable value is the estimated selling price of inventories less all estimated costs of completion and costs necessary to make the sale. The calculation of the cost of inventory is derived using the weighted-average method.

Buildings and Land Consigned to Construction Contractors

Inventories of LED are stated at the lower of cost or net realizable value item by item, except for those that may be appropriate to group as similar items or related inventories. Land acquired before construction is classified as land held for development and then reclassified as land held under development after LED begins its construction project.

Upon the completion of the construction project, LED recognizes revenues in the amount of proceeds from customers for land and buildings and related costs when ownership is transferred to the customers. The unsold portion of the completed construction project is transferred to land and building held for sale.

Investments in Associates and Joint Ventures

An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. A joint venture is a joint arrangement whereby the Company and other parties that have joint control of the arrangement have rights to the net assets of the arrangement.

Investments accounted for using the equity method include investments in associates and interests in joint ventures. Under the equity method, an investment in an associate and a joint venture is initially recognized at cost and adjusted thereafter to recognize the Company’s share of profit or loss and other comprehensive income of the associate and joint venture as well as the distribution received. The Company also recognizes its share in changes in the associates and joint ventures.

• 19 -

When the Company subscribes for new shares of an associate and a joint venture at a percentage different from its existing ownership percentage, the resulting carrying amount of the investment differs from the amount of the Company’s proportionate interest in the associate and joint venture. The Company records such a difference as an adjustment to investments with the corresponding amount charged or credited to additional paid-in capital. When the adjustment should be debited to additional paid-in capital but the additional paid-in capital recognized from investments accounted for using equity method is insufficient, the shortage is debited to retained earnings.

Any excess of the cost of acquisition over the Company’s share of the fair value of the identifiable net assets and liabilities of an associate and a joint venture at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment and shall not be amortized. Any excess of the Company’s share of the net fair value of the identifiable assets and liabilities over the cost of acquisition is recognized immediately in profit or loss.

The entire carrying amount of an investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount with its carrying amount. Any impairment loss recognized is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

The Company discontinues the use of the equity method from the date on which its investment ceases to be an associate and a joint venture. Any retained investment is measured at fair value at that date, and the fair value is regarded as the investment’s fair value on initial recognition as a financial asset. The difference between the previous carrying amount of the associate and joint venture attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate and joint venture. The Company accounts for all amounts previously recognized in other comprehensive income in relation to that associate and joint venture on the same basis as would be required had that associate and joint venture directly disposed of the related assets or liabilities.

When the Company transacts with its associate and joint venture, profits and losses resulting from the transactions with the associate and joint venture are recognized in the Company’s consolidated financial statements only to the extent of interests in the associate and joint venture that are not related to the Company.

Property, Plant and Equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less accumulated depreciation and accumulated impairment loss.

Property, plant and equipment in the course of construction are depreciated and classified to the appropriate categories of property, plant and equipment when completed and ready for their intended use.

Depreciation on property, plant and equipment is recognized using the straight-line method. Each significant part is depreciated separately. Freehold land is not depreciated. The estimated useful lives, residual values and depreciation method are reviewed at the end of each year, with the effect of any changes in estimate accounted for on a prospective basis.

On derecognition of an item of property, plant and equipment, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period in which the property is derecognized.

• 20 -

Investment Properties

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties also include land held for a currently undetermined future use.

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured at cost less accumulated depreciation and accumulated impairment loss. Depreciation is recognized using the straight-line method.

For a transfer from the investment properties to property, plant and equipment, the deemed cost of the property, plant and equipment for subsequent accounting is its carrying amount at the commencement of owner-occupation.

For a transfer from the property, plant and equipment to investment properties, the deemed cost of the investment properties for subsequent accounting is its carrying amount at the end of owner-occupation.

On derecognition of the investment properties, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period in which the property is derecognized.

Goodwill

Goodwill arising from the acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment loss.

For the purpose of impairment testing, goodwill is allocated to each of the Company’s cash-generating units or groups of cash-generating units (referred to as “cash-generating unit”) that are expected to benefit from the synergies of the business combination.

A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired, by comparing its carrying amount, including the attributable goodwill, with its recoverable amount. However, if the goodwill allocated to a cash-generating unit was acquired in a business combination during the current annual period, that unit shall be tested for impairment before the end of the current annual period. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods.

Intangible Assets Other Than Goodwill

Intangible assets with finite useful lives that are acquired separately are initially measured at cost and subsequently measured at cost less accumulated amortization and accumulated impairment loss. Amortization is recognized on a straight-line basis. The estimated useful life, residual value, and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The residual value of an intangible asset with a finite useful life shall be assumed to be zero unless the Company expects to dispose of the intangible asset before the end of its economic life. Intangible assets with indefinite useful lives are measured at cost less accumulated impairment loss.

Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, they are measured on the same basis as intangible assets that are acquired separately.

• 21 -

Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss in the period in which the asset is derecognized.

Impairment of Property, Plant and Equipment, Right-of-use Assets, Investment Properties, Intangible Assets Other Than Goodwill and Incremental Costs of Obtaining Contracts

At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment, right-of-use assets, investment properties and intangible assets, excluding goodwill, to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually and whenever there is an indication that the assets may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, with the resulting impairment loss recognized in profit or loss.

Impairment loss from the assets related to incremental cost of obtaining contracts is recognized to the extent that the carrying amount of the assets exceeds the remaining amount of consideration that the Company expects to receive in exchange for related goods or services less the costs which relate directly to providing those goods or services.

When an impairment loss is subsequently reversed, the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but only to the extent of the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years. A reversal of an impairment loss is recognized in profit or loss.

Financial Instruments

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.

a.	Financial assets

All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis.

1)	Measurement category
a)	Financial assets at fair value through profit or loss (FVTPL)
:---	:---

Financial asset is classified as at FVTPL when the financial asset is mandatorily classified as at FVTPL. Financial assets mandatorily classified as at FVTPL include investments in equity instruments which are not designated as at fair value through other comprehensive income (FVOCI).

• 22 -

Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss does not incorporate any dividend earned on the financial asset. Fair value is determined in the manner described in Note 37.

b)	Financial assets at amortized cost

Financial assets that meet the following conditions are subsequently measured at amortized cost:

i.	The financial asset is held within a business model whose objective is to hold financial assets in order to<br>collect contractual cash flows; and
ii.	The contractual terms of the financial asset give rise on specified dates to cash flows that are solely<br>payments of principal and interest on the principal amount outstanding.
:---	:---

Subsequent to initial recognition, financial assets at amortized cost are measured at amortized cost, which equals to gross carrying amount determined by the effective interest method less any impairment loss, except for short-term receivables as the effect of discounting is immaterial. Exchange differences are recognized in profit or loss.

Interest income is calculated by applying the effective interest rate to the gross carrying amount of such financial assets.

c)	Investments in equity instruments at FVOCI

On initial recognition, the Company may make an irrevocable election to designate investments in equity instruments as at FVOCI. Designation at FVOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognized by an acquirer in a business combination.

Investments in equity instruments at FVOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in other equity. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments. Instead, it will be transferred to retained earnings.

Dividends on these investments in equity instruments are recognized in profit or loss when the Company’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment.

2)	Impairment of financial assets and contract assets

The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost (including accounts receivable) and contract assets.

The Company recognizes lifetime Expected Credit Loss (ECL) for accounts receivable and contract assets. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

• 23 -

Expected credit losses reflect the weighted average of credit losses with the respective risks of a default occurring as the weights. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

The Company recognizes an impairment loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

3)	Derecognition of financial assets

The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

On derecognition of a financial asset at amortized cost in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss.

On derecognition of investments in equity instruments at FVOCI in its entirety, the cumulative gain or loss is directly transferred to retained earnings, and it is not reclassified to profit or loss.

b.	Financial liabilities
1)	Subsequent measurement
:---	:---

Except for financial liabilities at FVTPL, all the financial liabilities are subsequently measured at amortized cost using the effective interest method.

2)	Derecognition of financial liabilities

The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.

c.	Derivative financial instruments

The Company enters into derivative financial instruments to manage its exposure to foreign exchange rate risks, including forward exchange contracts.

Derivatives are initially measured at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. When the fair value of derivative financial instruments is positive, the derivative is recognized as a financial asset; when the fair value of derivative financial instruments is negative, the derivative is recognized as a financial liability.

Hedge Accounting

The Company designates some derivatives instruments as cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.

• 24 -

The associated gains or losses that were recognized in other comprehensive income are reclassified from equity to profit or loss as a reclassification adjustment in the line item relating to the hedged item in the same period when the hedged item affects profit or loss. If a hedge of a forecast transaction subsequently results in the recognition of a non-financial asset or a non-financial liability, the associated gains and losses that were recognized in other comprehensive income are removed from equity and are included in the initial cost of the non-financial asset or non-financial liability.

The Company discontinues hedge accounting only when the hedging relationship ceases to meet the qualifying criteria; for instance, when the hedging instrument expires or is sold, terminated or exercised. The cumulative gain or loss on the hedging instrument that has been previously recognized in other comprehensive income from the period when the hedge was effective remains separately in equity until the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.

Provisions

Provisions are measured at the best estimate of the expenditure required to settle the Company’s obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. The provisions for warranties claims are made by management according to the sales agreements which represent the management’s best estimate of the future outflow of economic benefits. The provisions of warranties claims are recognized as operating cost in the period in which the goods are sold. The provision for onerous contracts represents the present obligation resulting from the measurement for the unavoidable costs of meeting the Company’s contractual obligations exceed the economic benefits expected to be received from the contracts. In assessing whether a contract is onerous, the cost of fulfilling a contract includes both the incremental costs of fulfilling that contract and an allocation of other costs that are related directly to fulfilling contracts.

Revenue Recognition

The Company identifies the performance obligations in the contract with the customers, allocates transaction price to each performance obligation and recognizes revenue when performance obligations are satisfied.

Sales of products are recognized as revenue when the Company delivers products and the customer accepts and controls the product. Except for the consumer electronic products such as mobile devices sold in channel stores which are usually in cash sale, the Company recognizes revenues for sale of other electronic devices and corresponding trade notes and accounts receivable.

Usage revenues from fixed-line services (including local, domestic long distance and international long distance telephone services), mobile services, internet and data services, and interconnection and call transfer fees from other telecommunications companies and carriers are billed in arrears and are recognized based upon seconds or minutes of traffic processed when the services are provided in accordance with contract terms. The usage revenues and corresponding trade notes and accounts receivable are recognized monthly.

Other revenues are recognized as follows: (a) one-time subscriber connection fees (on fixed-line services) are first recognized as contract liabilities and revenues are recognized subsequently over the average expected customer service periods, (b) monthly fees (on fixed-line services, mobile, internet and data services) and related receivables are accrued monthly, and (c) prepaid services (fixed-line, mobile, internet and data services) are recognized as contract liabilities upon collection considerations from customers and are recognized as revenues subsequently based upon actual usage by customers.

• 25 -

Where the Company enters into transactions which involve both the provision of telecommunications service bundled with products such as handsets, total consideration received from products and telecommunications service in these arrangements are allocated based on their relative stand-alone selling price. The amount of sales revenue recognized for products is not limited to the amount paid by the customer for the products. When the amount of sales revenue recognized for products exceeded the amount paid by the customer for the products, the difference is recognized as contract assets. Contract assets are reclassified to accounts receivable when the amounts become collectible from customers subsequently. When the amount of sales revenue recognized for products was less than the amount paid by the customer for the products, the difference is recognized as contract liabilities and revenues are recognized subsequently when the telecommunications services are provided.

For project business contracts, if a substantial part of the Company’s promise to customers is to manage and coordinate the various tasks and assume the risks of those tasks to ensure the individual goods or services are incorporated into the combined output, they are treated as a single performance obligation since the Company provides a significant integration service. The Company recognizes revenues and corresponding accounts receivable when the project business contract is completed and accepted by customers. For some project contracts, the Company does not create an asset with an alternative use to the Company and has an enforceable right to payment for performance completed to date; therefore, performance obligations are satisfied and revenues are recognized over time.

For service contracts such as maintenance and warranties, customers simultaneously receive and consume the benefits provided by the Company; thus, revenues and corresponding accounts receivable of service contracts are recognized over the related service period.

When another party is involved in providing goods or services to a customer, the Company is acting as a principal if it controls the specified good or service before that good or service is transferred to a customer; otherwise, the Company is acting as an agent. When the Company is acting as a principal, gross inflow of economic benefits arising from transactions is recognized as revenue. When the Company is acting as an agent, revenue is recognized as its share of transaction.

Incremental Costs of Obtaining Contracts

Commissions and equipment subsidy related to telecommunications service as a result of obtaining contracts are recognized as an asset under the incremental costs of obtaining contracts to the extent the costs are expected to be recovered and are amortized over the contract period. However, the Company elects not to capitalize the incremental costs of obtaining contracts if the amortization period of the assets that the Company otherwise would have recognized is expected to be one year or less.

Commissions for real estate sales as a result of obtaining contracts are recognized as an asset under the incremental costs of obtaining contracts to the extent the costs are expected to be recovered and are amortized when the real estate is sold and its ownership is transferred to the customers.

Leasing

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

a.	The Company as lessor

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease.

b.	The Company as lessee

The Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for lease payments for low-value assets are recognized as expenses on a straight-line basis over the lease terms accounted for applying recognition exemption.

Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities and for lease payments made at or before the commencement date. Right-of-use assets are subsequently measured at cost less accumulated depreciation and accumulated impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented separately on the consolidated balance sheets.

• 26 -

Right-of-use assets are depreciated using the straight-line basis from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms.

Lease liabilities were initially measured at the present value of the lease payments, which comprise fixed payments, in-substance fixed payments, variable lease payments which depend on an index or a rate. The lease payments are discounted using the interest rate implicit in a lease, if that rate can be readily determined. If such rate cannot be readily determined, the lessee’s incremental borrowing rate is used.

Lease liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term or a change in future lease payments resulting from a change in an index or a rate used to determine those payments, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. The Company accounts for the remeasurement of the lease liability as a result of the decrease of lease scope by decreasing the carrying amount of the right-of-use assets and recognizes in profit or loss any gain or loss on the partial or full termination of the lease. Lease liabilities are presented separately on the consolidated balance sheets.

Variable lease payments not depending on an index or a rate are recognized as expenses in the periods in which they are incurred.

Borrowing Costs

All borrowing costs are recognized in profit or loss in the period in which they are incurred.

Government Grants

Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attached to government grants and that the grants will be received.

Government grants related to income are recognized in profit or loss on a systematic basis over the periods in which the Company recognizes expenses of the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Company should construct noncurrent assets are recognized as deferred revenue and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.

Government grants that become receivable as compensation for expenses or losses already incurred are recognized in profit or loss in the period in which they become receivable.

Employee Benefits

a.	Short-term employee benefits

Liabilities recognized in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

b.	Retirement benefits

Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.

• 27 -

Defined benefit costs (including service cost, net interest and remeasurement) under the defined benefit retirement benefit plans are determined using the projected unit credit method. Service cost (including current service cost and gains or losses on settlements) and net interest on the net defined benefit liability (asset) are recognized as employee benefits expense in the period they occur. Remeasurement, comprising (a) actuarial gains and losses; and (b) the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset), is recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.

Net defined benefit liability (asset) represents the actual deficit (surplus) in the Company’s defined benefit plan. Any surplus resulting from this calculation is limited to the present value of any refunds from the plans or reductions in future contributions to the plans.

c.	Other long-term employee benefits

Other long-term employee benefits are accounted for in the same way as the accounting required for defined benefit plan except that remeasurement is recognized in profit or loss.

Share-based Payment Arrangements - Employee Stock Options

The fair value determined at the grant date of the employee share options is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of employee stock options that are expected to ultimately vest, with a corresponding increase in additional paid-in capital - employee stock options. If the equity instruments granted vest immediately at the grant date, expenses are recognized in full in profit or loss.

At the end of each reporting period, the Company revises its estimate of the number of employee share options expected to vest. The impact of the revision of the original estimates, if any, is recognized in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to additional paid-in capital - employee stock options.

Income Tax

Income tax expense represents the sum of the tax currently payable and deferred tax.

a.	Current tax

Income tax payable or recoverable is based on taxable profit or loss for the period determined according to the applicable tax laws of each tax jurisdiction.

According to the Income Tax Act in the ROC, an additional tax of unappropriated earnings is provided for in the year the stockholders approve to retain the earnings.

Adjustments of prior years’ tax liabilities are added to or deducted from the current year’s tax provision.

b.	Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. A deferred tax liability is not recognized on taxable temporary difference arising from initial recognition of goodwill.

• 28 -

Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences, unused loss carry forward and unused tax credits from purchases of machinery, equipment and technology and research, and development expenditures, etc. to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. A previously unrecognized deferred tax asset is also reviewed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

The Company has applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Therefore, the Company neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.

c.	Current and deferred tax

Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income, in which case, the current and deferred tax are also recognized in other comprehensive income.

Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

4.	MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY AND ASSUMPTION

In the application of the Company’s accounting policies, the management is required to make judgments, estimates and assumptions which are based on historical experience and other factors that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed by the management on an ongoing basis.

a.	Material accounting judgments
1)	Principal versus agent
:---	:---

The Company’s project agreements are mainly to provide one or more customized equipment or services to customers. In order to fulfill the agreements, another party may be involved in some agreements. The Company considers the following factors to determine whether the Company is a principal of the transaction: whether the Company is the primary obligation provider of the agreements, its exposures to inventory risks and the discretion in establishing prices, etc. The determination of whether the Company is a principal or an agent will affect the amount of revenue recognized by the Company. Only when the Company is acting as a principal, gross inflows of economic benefits arising from transactions is recognized as revenue.

• 29 -

2)	Control over subsidiaries

As discussed in Note 3, “Summary of Material Accounting Policy Information—Basis of Consolidation”, some entities are subsidiaries of the Company although the Company only owns less than 50% ownership interests in these entities. After considering the Company’s absolute size of holding in the entity and the relative size of and the dispersion of shares owned by the other stockholders, and the contractual arrangements between the Company and other investors, potential voting interests and the written agreement between stockholders, the management concluded that the Company has a sufficiently dominant voting interest to direct the relevant activities of the entity and therefore the Company has control over these entities.

b.	Key sources of estimation uncertainty and assumption

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period. Actual results may differ from these estimates.

1)	Impairment of trade notes and accounts receivable

The provision for impairment of trade notes and accounts receivable is based on assumptions on probability of default and expected credit loss rates. The Company uses judgment in making these assumptions and in selecting the inputs to the impairment calculation, based on the Company’s past experience, current market conditions as well as forward looking information at the end of each reporting period. For details of the key assumptions and inputs used, see Note 10. Where the actual future cash flows are less than expected, a material impairment loss may arise.

2)	Fair value measurements and valuation processes

For the assets and liabilities measured at fair value without quoted prices in active markets, the Company’s management determines the appropriate valuation techniques for the fair value measurements and whether to engage third party qualified appraisers based on the related regulations and professional judgments.

Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities was disclosed in Note 37. If the actual changes of inputs in the future differ from expectation, the fair value may vary accordingly. The Company updates inputs periodically to monitor the appropriateness of the fair value measurement.

3)	Provision for inventory valuation and obsolescence

Inventories are stated at the lower of cost or net realizable value. Net realizable value is calculated as the estimated selling price less the estimated costs necessary to make a sale. Comparison of net realizable value and cost is determined on an item by item basis, except for those similar items which could be categorized into the same groups. The Company uses the inventory holding period and turnover as the evaluation basis for inventory obsolescence losses.

• 30 -

4)	Impairment of property, plant and equipment, right-of-use assets, investment properties and intangible assets

When an indication of impairment is assessed with objective evidence, the Company considers whether the recoverable amount of an asset is less than its carrying amount and recognizes the impairment loss based on difference between the recoverable amount and its carrying amount. The estimate of recoverable amount would impact on the timing and the amount of impairment loss recognition.

5)	Useful lives of property, plant and equipment

As discussed in Note 3, “Summary of Material Accounting Policy Information—Property, Plant and Equipment”, the Company reviews estimated useful lives of property, plant and equipment at the end of each year.

6)	Recognition and measurement of defined benefit plans

Net defined benefit liabilities (assets) and the resulting pension expense under defined benefit pension plans are calculated using the Projected Unit Credit Method. Actuarial assumptions comprise the discount rate, employee turnover rate, average future salary increase and etc. Changes in economic circumstances and market conditions will affect these assumptions and may have a material impact on the amount of the expense and the liability.

7)	Lessees’ incremental borrowing rates

In determining a lessee’s incremental borrowing rate used in discounting lease payments, a risk-free rate for relevant duration and the same currency is selected as a reference rate. The lessee’s credit spread adjustments and lease specific adjustments are also taken into account.

5.	APPLICATION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
a.	Initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC
:---	:---

The initial application of the amendments to the IFRSs issued by the International Accounting Standards Board and endorsed and issued into effect by the FSC does not have a material impact on the Company’s consolidated financial statements.

b.	The IFRSs endorsed by the FSC for application starting from 2025
New, Revised or Amended Standards and<br>Interpretations				Effective Date<br>Announced by IASB
:---:	---	---	---	:---:
Amendments to IAS 21		Lack of Exchangeability		January 1, 2025

The application of the above new, revised or amended standards and interpretations will not have a material impact on the Company’s consolidated financial statements.

• 31 -

c.	IFRSs issued by the IASB but not yet endorsed and issued into effect by the FSC
New, Revised or Amended Standards and<br>Interpretations				Effective Date<br><br>Announced by IASB
:---:	---	---	---	:---:
Amendments to IFRS 9 and IFRS 7		Amendments to the Classification and Measurement of Financial Instruments		January 1, 2026
Amendments to IFRS 9 and IFRS 7		Contracts Referencing Nature-Dependent Electricity		January 1, 2026
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
IFRS 19		Subsidiaries without Public Accountability: Disclosures		January 1, 2027
Amendments to IFRS Accounting Standards		Annual Improvements—Volume 11		January 1, 2026

As of the date the consolidated financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of above standards and interpretations will have on the Company’s financial position and operating result and will disclose the relevant impact when the assessment is completed.

6.	CASH AND CASH EQUIVALENTS
		December 31
---	---	---	---	---
		2024		2023
Cash
Cash on hand		443,745		403,536
Bank deposits		13,242,716		9,522,341
		13,686,461		9,925,877
Cash equivalents (with maturities of less than three months)
Commercial paper		16,887,390		14,496,056
Negotiable certificates of deposit		2,800,000		5,900,000
Time deposits		2,883,479		3,501,671
Stimulus vouchers		2,359		280
		22,573,228		23,898,007
		36,259,689		33,823,884

All values are in US Dollars.

The annual yield rates of bank deposits, commercial paper, negotiable certificates of deposit and time deposits as of balance sheet dates were as follows:

		December 31
		2024		2023
Bank deposits		0.00%~2.55%		0.00%~3.10%
Commercial paper		0.95%~1.56%		0.72%~1.33%
Negotiable certificates of deposit		1.55%~1.70%		1.38%
Time deposits		0.01%~4.90%		0.01%~5.50%

• 32 -

7.	FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
		December 31
---	---	---	---	---
		2024		2023
Financial assets-current
Mandatorily measured at FVTPL
Derivatives (not designated for hedge)
Forward exchange contracts		290		483
Non-derivatives
Listed stocks - domestic		—		421
		290		904
Financial assets-noncurrent
Mandatorily measured at FVTPL
Non-derivatives
Non-listed stocks - domestic		628,737		703,537
Non-listed stocks - foreign		32,415		88,827
Limited partnership - domestic		307,327		219,032
Other investing agreements		36,757		24,305
		1,005,236		1,035,701

All values are in US Dollars.

Chunghwa’s Board of Directors approved an investment in Taiwania Capital Buffalo Fund VI, L.P. at the amount of $600,000 thousand in January 2022. As of December 31, 2024, Chunghwa invested $300,000 thousand.

Outstanding forward exchange contracts not designated for hedge as of balance sheet dates were as follows:

					Contract Amount
		Currency	Maturity Period		(In Thousands)
December 31, 2024
Forward exchange contracts - buy		NT/	March 2025		NT$10,177/EUR300
Forward exchange contracts - buy		NT/	January 2025		NT$45,879/USD1,408
December 31, 2023
Forward exchange contracts - buy		NT/	March 2024		NT$144,936/EUR4,300

The Company entered into the above forward exchange contracts to manage its exposure to foreign currency risk due to fluctuations in exchange rates. However, the aforementioned derivatives did not meet the criteria for hedge accounting.

• 33 -

8.	FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NONCURRENT
		December 31
---	---	---	---	---
		2024		2023
Domestic investments
Listed and emerging stocks		126,013		243,649
Non-listed stocks		3,873,647		3,733,782
Foreign investments
Non-listed stocks		667,316		434,912
		4,666,976		4,412,343

All values are in US Dollars.

The Company holds the above foreign and domestic stocks for medium to long-term strategic purposes and expects to profit from long-term investment. Accordingly, the management elected to designate these investments in equity instruments at FVOCI as they believe that recognizing short-term fair value fluctuations of these investments in profit or loss is not consistent with the Company’s strategy of holding these investments for long-term purposes.

The Company recognized dividend income of $239,908 thousand and $167,112 thousand for the years ended December 31, 2024 and 2023, respectively, with $239,169 thousand and $167,112 thousand from the outstanding investments on December 31, 2024 and 2023, respectively.

9.	FINANCIAL ASSETS AT AMORTIZED COST - NONCURRENT
		December 31
---	---	---	---	---
		2024		2023
Corporate bonds		2,000,000		—

All values are in US Dollars.

The Company acquired the 10-year unsecured cumulative subordinated corporate bond of Fubon Life Insurance Co., Ltd. at the amount of $2,000,000 thousand in October 2024.

10.	TRADE NOTES AND ACCOUNTS RECEIVABLE, NET
		December 31
---	---	---	---	---	---	---
		2024			2023
Trade notes and accounts receivable		27,168,306			25,943,635
Less: Loss allowance		(1,142,610	)		(1,101,640	)
		26,025,696			24,841,995

All values are in US Dollars.

The main credit terms range from 30 to 90 days.

The Company serves a large consumer base for telecommunications business; therefore, the concentration of credit risk is limited. When having transactions with customers, the Company considers the record of arrears in the past. In addition, the Company may also collect some telecommunication charges in advance to reduce the payment arrears in subsequent periods.

• 34 -

The Company adopted a policy of dealing with counterparties with certain credit ratings for project business and to obtain collateral where necessary to mitigate the risk of loss arising from defaults. Credit rating information is provided by independent rating agencies where available and, if such credit rating information is not available, the Company uses other publicly available financial information and its own historical transaction experience to rate its major customers. The Company continues to monitor the credit exposure and credit ratings of its counterparties and spread the credit risk amongst qualified counterparties.

In order to mitigate credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure the recoverability of receivables. In addition, the Company reviews the recoverable amount of receivables at balance sheet dates to ensure that adequate allowance is provided for possible irrecoverable amounts. In this regard, the management believes the Company’s credit risk could be reasonably reduced.

The Company applies the simplified approach to recognize expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for receivables. The expected credit losses on receivables are estimated using a provision matrix by reference to past default experience of the customers and an analysis of the customers’ current financial positions, as well as the forward-looking indicators such as macroeconomic business indicators.

When there is evidence indicating that the counterparty is in evasion, bankruptcy, deregistration or the accounts receivable are over two years past due and the recoverable amount cannot be reasonable estimated, the Company writes off the trade notes and accounts receivable. For accounts receivable that have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

Except for receivables arising from telecommunications business and project business, the Company’s remaining accounts receivable are insignificant. Therefore, only Chunghwa’s provision matrix arising from telecommunications business and project business is disclosed below:

December 31, 2024

	Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications business
Expected credit loss rate (Note a)	0%~1%		1%~22%		2%~68%		11%~84%		21%~92%		39%~96%		100%
Gross carrying amount	16,477,102		335,307		138,573		74,834		49,884		48,247		605,994		17,729,941
Loss allowance (lifetime ECL)	(51,501	)	(23,505	)	(34,429	)	(31,370	)	(33,080	)	(34,412	)	(605,994	)	(814,291	)
Amortized cost	16,425,601		311,802		104,144		43,464		16,804		13,835		—		16,915,650
Project business
Expected credit loss rate (Note b)	0%~5%		5%		10%		30%		50%		80%		100%
Gross carrying amount	5,547,739		44,167		82,518		3,204		1,242		44		279,974		5,958,888
Loss allowance (lifetime ECL)	(3,355	)	(2,215	)	(8,252	)	(993	)	(621	)	(35	)	(279,974	)	(295,445	)
Amortized cost	5,544,384		41,952		74,266		2,211		621		9		—		5,663,443

All values are in US Dollars.

December 31, 2023

	Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications business
Expected credit loss rate (Note a)	0%~1%		1%~20%		3%~65%		12%~82%		23%~91%		40%~96%		100%
Gross carrying amount	17,065,909		346,172		135,390		69,909		47,730		48,827		577,604		18,291,541
Loss allowance (lifetime ECL)	(49,828	)	(21,667	)	(28,978	)	(29,154	)	(35,221	)	(21,848	)	(577,604	)	(764,300	)
Amortized cost	17,016,081		324,505		106,412		40,755		12,509		26,979		—		17,527,241
Project business
Expected credit loss rate (Note b)	0%~5%		5%		10%		30%		50%		80%		100%
Gross carrying amount	3,868,984		101,408		11,954		17,535		1,353		613		287,368		4,289,215
Loss allowance (lifetime ECL)	(2,812	)	(16,671	)	(1,195	)	(5,261	)	(676	)	(490	)	(287,368	)	(314,473	)
Amortized cost	3,866,172		84,737		10,759		12,274		677		123		—		3,974,742

All values are in US Dollars.

• 35 -

Note a:	Please refer to Note 44 for the information of disaggregation of telecommunications service revenue. The<br>expected credit loss rate applicable to different business revenue varies so as to reflect the risk level indicating by factors like historical experience.
Note b:	The project business has different loss types according to the customer types. The expected credit loss rate<br>listed above is for general customers. When the customer is a government-affiliated entity, it is anticipated that there will not be an instance of credit loss. Customers with past history of bounced checks or accounts receivable exceeding six<br>months overdue are classified as high-risk customers, with an expected credit loss rate of 50%, increasing by period as the days overdue increase.
:---	:---

Movements of loss allowance for trade notes and accounts receivable were as follows:

		Year Ended December 31
		2024			2023
Beginning balance		1,101,640			1,365,222
Add: Provision for credit loss		179,401			128,176
Less: Amounts written off		(138,431	)		(391,758	)
Ending balance		1,142,610			1,101,640

All values are in US Dollars.

11.	INVENTORIES
		December 31
---	---	---	---	---
		2024		2023
Merchandise		4,874,164		4,340,001
Project in process		4,564,444		4,771,313
Work in process		268,570		73,622
Raw materials		221,856		221,314
		9,929,034		9,406,250
Land held under development		1,998,733		1,998,733
Construction in progress		159,351		115,782
		12,087,118		11,520,765

All values are in US Dollars.

The operating costs related to inventories were $52,856,250 thousand (including the valuation loss on inventories of $60,381 thousand) and $53,813,963 thousand (including the valuation loss on inventories of $22,962 thousand) for the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024 and 2023, inventories of $2,158,084 thousand and $2,114,515 thousand, respectively, were expected to be realized from the sale after more than twelve months. The aforementioned amount of inventories is related to property development owned by LED.

Land held under development and construction in progress was mainly developed by LED for Qingshan Sec., Dayuan Dist., Taoyuan City project. The Board of Directors of LED resolved to sign a joint construction and separate sale contract with Farglory Land Development Co., Ltd. in June 2021. LED entrusts Land Bank of Taiwan to execute fund control and property right management for the land held under development.

Construction in progress also included the Datong S. Sec., Sanchong Dist., New Taipei City project. The Board of Directors of Chunghwa resolved to sign a joint construction with separate sale and partition contract with LED in August 2021. Chunghwa classified the land of the project as investment properties.

• 36 -

Regarding the aforementioned two projects, the Company has signed the house and land presale contracts with customers and has received payments in accordance with the contracts. Please refer to Notes 30 and 40 for details.

12.	PREPAYMENTS
		December 31
---	---	---	---	---
		2024		2023
Prepayments for leases - satellite (Note 40)		3,129,192		1,729,118
Prepaid rents		1,761,848		2,143,336
Others		2,708,290		2,297,600
		7,599,330		6,170,054
Current
Prepaid rents		496,790		580,930
Others		2,641,523		2,258,541
		3,138,313		2,839,471
Noncurrent
Prepayments for leases - satellite (Note 40)		3,129,192		1,729,118
Prepaid rents		1,265,058		1,562,406
Others		66,767		39,059
		4,461,017		3,330,583

All values are in US Dollars.

Prepaid rents comprised the prepayments from the lease agreements applying the recognition exemption and the prepayments for leases that do not meet the definition of leases under IFRS 16.

13.	OTHER CURRENT MONETARY ASSETS
		December 31
---	---	---	---	---
		2024		2023
Time deposits, negotiable certificates of deposit and commercial paper with maturities of more<br>than three months		21,679,910		18,572,579
Accrued custodial receipts		725,414		893,629
Others		1,002,677		885,842
		23,408,001		20,352,050

All values are in US Dollars.

The annual yield rates of time deposits, negotiable certificates of deposit and commercial paper with maturities of more than three months at the balance sheet dates were as follows:

		December 31
		2024		2023
Time deposits, negotiable certificates of deposit and commercial paper with maturities of more<br>than three months		0.03%~5.10%		0.03%~5.54%

• 37 -

14.	SUBSIDIARIES
a.	Information on subsidiaries with material noncontrolling interests
:---	:---
				Proportion of Ownership<br>Interests and Voting Rights Held<br>by Noncontrolling Interests
---	---	---	---	:---:	---
		Principal Place		December 31
Subsidiaries		of Business		2024	2023
SENAO		Taiwan		72%	72%
CHPT		Taiwan		66%	66%
		Profit Allocated toNoncontrolling Interests					Accumulated NoncontrollingInterests
---	---	---	---	---	---	---	---	---	---
		Year Ended December 31					December 31
		2024		2023			2024		2023
SENAO		343,211		505,597			4,683,629		4,666,876
CHPT		310,300		(8,570	)		5,305,195		4,995,300
Individually immaterial subsidiaries with noncontrolling interests							3,165,342		2,934,076
							13,154,166		12,596,252

All values are in US Dollars.

Summarized financial information in respect of SENAO and its subsidiaries that has material noncontrolling interests is set out below. The summarized financial information below represented amounts before intercompany eliminations.

		December 31
		2024			2023
Current assets		6,737,556			6,539,760
Noncurrent assets		3,675,523			3,293,533
Current liabilities		(3,549,249	)		(2,949,548	)
Noncurrent liabilities		(415,771	)		(458,543	)
Equity		6,448,059			6,425,202
Equity attributable to the parent		1,764,430			1,758,326
Equity attributable to noncontrolling interests		4,683,629			4,666,876
		6,448,059			6,425,202

All values are in US Dollars.

• 38 -

		Year Ended December 31
		2024			2023
Revenues and income		32,496,922			31,669,823
Costs and expenses		32,019,561			30,965,225
Profit for the year		477,361			704,598
Profit attributable to the parent		134,150			199,001
Profit attributable to noncontrolling interests		343,211			505,597
Profit for the year		477,361			704,598
Other comprehensive income (loss) attributable to the parent		11,685			(8,891	)
Other comprehensive income (loss) attributable to noncontrolling interests		29,781			(22,659	)
		41,466			(31,550	)
Total comprehensive income attributable to the parent		145,835			190,110
Total comprehensive income attributable to noncontrolling interests		372,992			482,938
		518,827			673,048
Net cash flow from operating activities		903,512			1,145,512
Net cash flow from investing activities		(355,872	)		37,005
Net cash flow from financing activities		(818,544	)		(873,254	)
Effect of exchange rate changes on cash and cash equivalents		23			(1	)
Net cash inflow (outflow)		(270,881	)		309,262
Dividends paid to noncontrolling interests		370,957			408,053

All values are in US Dollars.

Summarized financial information in respect of CHPT and its subsidiaries that has material noncontrolling interests is set out below. The summarized financial information below represented amounts before intercompany eliminations.

		December 31
		2024			2023
Current assets		4,936,011			3,773,213
Noncurrent assets		4,222,292			4,499,182
Current liabilities		(1,079,055	)		(675,326	)
Noncurrent liabilities		(21,470	)		(23,546	)
Equity		8,057,778			7,573,523
Equity attributable to CHI		2,752,583			2,578,223
Equity attributable to noncontrolling interests		5,305,195			4,995,300
		8,057,778			7,573,523

All values are in US Dollars.

• 39 -

		Year Ended December 31
		2024			2023
Revenues and income		3,670,361			2,941,377
Costs and expenses		3,185,490			2,938,782
Profit for the year		484,871			2,595
Profit attributable to CHI		174,571			11,165
Profit (loss) attributable to noncontrolling interests		310,300			(8,570	)
Profit for the year		484,871			2,595
Other comprehensive income (loss) attributable to CHI		5,404			(1,062	)
Other comprehensive income (loss) attributable to noncontrolling interests		10,374			(2,040	)
		15,778			(3,102	)
Total comprehensive income attributable to CHI		179,975			10,103
Total comprehensive income (loss) attributable to noncontrolling interests		320,674			(10,610	)
		500,649			(507	)
Net cash flow from operating activities		615,821			325,243
Net cash flow from investing activities		(188,146	)		(243,936	)
Net cash flow from financing activities		(42,664	)		(408,520	)
Effect of exchange rate changes on cash and cash equivalents		14,779			(2,340	)
Net cash inflow (outflow)		399,790			(329,553	)
Dividends paid to noncontrolling interests		10,780			253,320

All values are in US Dollars.

b.	Equity transactions with noncontrolling interests

CHIEF issued new shares in December 2023 and December 2024 as its employees exercised options. Therefore, the Company’s ownership interest in CHIEF decreased. See Note 34(a) for details.

CHTSC issued new shares in February 2023, May 2023, January 2024, March 2024 and December 2024 as its employees exercised options. See Note 34(b) for details. In addition, Chunghwa disposed of some shares of CHTSC in August 2024 before CHTSC traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest in CHTSC decreased.

IISI purchased shares of UTC in August 2023. Therefore, the Company’s ownership interest in UTC increased. Chunghwa disposed of some shares of IISI in August 2024 before IISI traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest in IISI decreased.

CLPT issued new shares in May 2023 and July 2024 as its employees exercised options. Therefore, the Company’s ownership interest in CLPT decreased. See Note 34(c) for details.

• 40 -

The above transactions were accounted for as equity transactions since the Company did not cease to have control over these subsidiaries.

Information of the Company’s equity transactions with noncontrolling interests for the years ended December 31, 2024 and 2023 were as follows:

		Year Ended December 31, 2024
		CHIEFShare-BasedPayment		CHTSC<br>Share-BasedPayment		CLPT<br>Share-BasedPayment		Disposal of<br>CHTSC Shares		Disposal ofIISI Shares
Cash consideration received from noncontrolling interests (Note)		14,152		13,627		9,342		206,618		52,155
The proportionate share of the carrying amount of the net assets of the subsidiary transferred to<br>noncontrolling interests		(9,996	)	(14,589	)	(12,863	)	(19,150	)	(15,330	)
Differences arising from equity transactions		4,156		(962	)	(3,521	)	187,468		36,825
Line items for equity transaction adjustments
Additional paid-in capital - arising from the difference between the consideration received or<br>paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition		—		—		—		187,076		36,811
Additional paid-in capital - arising from changes in equities of subsidiaries		4,156		(962	)	(3,521	)	392		14

All values are in US Dollars.

• 41 -

		Year Ended December 31, 2023
		CHIEFShare-BasedPayment			CHTSC<br>Share-BasedPayment			CLPT<br>Share-BasedPayment			Purchasing<br>UTC Shares
Cash consideration received from (paid to) noncontrolling interests		8,070			15,173			874			(41	)
The proportionate share of the carrying amount of the net assets of the subsidiary transferred<br>from (to) noncontrolling interests		(1,965	)		(13,507	)		(950	)		37
Differences arising from equity transactions		6,105			1,666			(76	)		(4	)
Line items for equity transaction adjustments
Additional paid-in capital - arising from the difference between the consideration received or<br>paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition		—			—			—			(4	)
Additional paid-in capital - arising from changes in equities of subsidiaries		6,105			1,666			(76	)		—

All values are in US Dollars.

Note:	The proceeds from the new shares issued in January 2024 and February 2023 by CHTSC have been received in<br>advance in December 2023 and December 2022, respectively.
15.	INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
:---	:---
		December 31
---	---	---	---	---
		2024		2023
Investments in associates		9,064,213		8,440,736
Investment in joint venture		9,251		9,463
		9,073,464		8,450,199

All values are in US Dollars.

a.	Investments in associates

Investments in associates were as follows:

		Carrying Amount
		December 31
		2024		2023
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)		3,950,922		4,293,338
Associates that are not individually material
Listed
Senao Networks, Inc. (“SNI”)		1,998,346		1,564,311
KingwayTek Technology Co., Ltd. (“KWT”)		278,967		266,407

All values are in US Dollars.

(Continued)

• 42 -

		Carrying Amount
		December 31
		2024		2023
Non-listed
Viettel-CHT Co., Ltd. (“Viettel-CHT”)		573,275		542,178
Taiwan International Standard Electronics Co., Ltd. (“TISE”)		379,357		312,800
ST-2 Satellite Ventures Pte., Ltd. (“STS”)		313,467		285,430
Taiwania Hive Technology Fund L.P. (“TWTF”)		276,180		—
WiAdvance Technology Corporation (“WATC”)		273,440		212,101
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)		252,625		257,657
So-net Entertainment Taiwan Limited (“So-net”)		192,968		225,697
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)		151,241		163,999
Taiwan International Ports Logistics Corporation (“TIPL”)		133,836		121,948
Porrima Inc. (“PORRIMA”)		77,634		—
CHT Infinity Singapore Pte., Ltd. (“CISG”)		60,782		56,764
Imedtac Co., Ltd. (“IME”)		56,667		46,880
Click Force Co., Ltd. (“CF”)		51,011		42,637
AgriTalk Technology Inc. (“ATT”)		26,254		30,798
Baohwa Trust Co., Ltd. (“BHT”)		11,967		10,317
Cornerstone Ventures Co., Ltd. (“CVC”)		5,274		7,474
		5,113,291		4,147,398
		9,064,213		8,440,736

All values are in US Dollars.

(Concluded)

The percentages of ownership interests and voting rights in associates held by the Company as of balance sheet dates were as follows:

		% of Ownership Interests and<br>Voting Rights
		December 31
		2024			2023
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)			46			46
Associates that are not individually material
Listed
Senao Networks, Inc. (“SNI”)			33			34
KingwayTek Technology Co., Ltd. (“KWT”)			23			23
Non-listed
Viettel-CHT Co., Ltd. (“Viettel-CHT”)			30			30
Taiwan International Standard Electronics Co., Ltd. (“TISE”)			40			40
ST-2 Satellite Ventures Pte., Ltd. (“STS”)			38			38

(Continued)

• 43 -

		% of Ownership Interests and<br>Voting Rights
		December 31
		2024			2023
Taiwania Hive Technology Fund L.P. (“TWTF”)			42			—
WiAdvance Technology Corporation (“WATC”)			16			19
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)			50			50
So-net Entertainment Taiwan Limited (“So-net”)			30			30
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)			30			30
Taiwan International Ports Logistics Corporation (“TIPL”)			27			27
Porrima Inc. (“PORRIMA”)			10			—
CHT Infinity Singapore Pte., Ltd. (“CISG”)			40			40
Imedtac Co., Ltd. (“IME”)			10			7
Click Force Co., Ltd. (“CF”)			49			49
AgriTalk Technology Inc. (“ATT”)			29			29
Baohwa Trust Co., Ltd. (“BHT”)			25			25
Cornerstone Ventures Co., Ltd. (“CVC”)			49			49

(Concluded)

Summarized financial information of NCB was set out below:

		December 31
		2024		2023
Assets		48,636,633		37,431,036
Liabilities		(40,043,113	)	(28,083,960	)
Equity		8,593,520		9,347,076
The percentage of ownership interest held by the Company		46.26%		46.26%
Equity attributable to the Company		3,975,362		4,323,958
Unrealized gain or loss from downstream transactions		(24,440	)	(30,620	)
The carrying amount of investment		3,950,922		4,293,338

All values are in US Dollars.

		Year Ended December 31
		2024			2023
Net revenues		313,834			10,172
Net loss for the year		(747,135	)		(968,614	)
Other comprehensive income (loss)		(6,421	)		14,363
Total comprehensive loss for the year		(753,556	)		(954,251	)

All values are in US Dollars.

• 44 -

Except for NCB, no associate is considered individually material to the Company. Summarized financial information of associates that are not individually material to the Company was as follows:

		Year Ended December 31
		2024		2023
The Company’s share of profits		493,844		646,852
The Company’s share of other comprehensive income (loss)		40,157		(23,118	)
The Company’s share of total comprehensive income		534,001		623,734

All values are in US Dollars.

The Level 1 fair values of associates based on the closing market prices as of the balance sheet dates were as follows:

		December 31
		2024		2023
SNI		3,838,161		4,061,863
KWT		896,747		987,520

All values are in US Dollars.

CVC was approved to end and dissolve its business in November 2024. The liquidation of CVC is still in process. The Company invested and obtained 49% ownership interest in CVC. However, as the Company has only two out of five seats of the Board of Directors of CVC, the Company has no control but significant influence over CVC. Therefore, the Company recognized CVC as an investment in associate.

KWT transferred its treasury stock repurchased from December 2019 to February 2020 to employees in October 2024. Therefore, the Company’s ownership interest in KWT decreased to 22.58% as of December 31, 2024.

The Company increased its investment in SNI in lower proportion to the original shareholder percentage at the amount of $375,428 thousand in October 2024. Therefore, the Company’s ownership interest in SNI decreased to 33.16% as of December 31, 2024.

The Company did not participate in the capital increase of WATC in January 2024. WATC issued new shares in April 2023, September 2023, December 2023, March 2024 and September 2024 as its employees exercised option. Therefore, the Company’s ownership interest in WATC decreased to 19.22% and 16.24% as of December 31, 2023 and December 31, 2024, respectively. However, as the Company continues to control one out of five seats of the Board of Directors of WATC, the Company has significant influence over WATC.

Chunghwa’s Board of Directors approved an investment in TWTF at the amount of USD 30,000 thousand in February 2024. The Company initially invested $288,405 thousand (USD 9,000 thousand) in August 2024 and obtained 41.75% ownership interest in TWTF. TWTF mainly engages in investment.

The Company participated in the capital increase of PORRIMA at the amount of $80,000 thousand in May 2024 and obtained 10.00% ownership interest. PORRIMA mainly engages in designing and selling zero-emission ships. As the Company has one out of five seats of the Board of Directors of PORRIMA, the Company has significant influence over PORRIMA.

The Company increased its investment in IME in proportion to the original shareholder percentage at the amount of $11,467 thousand in December 2023 and increased its investment in IME in higher proportion to the original shareholder percentage at the amount of $31,914 thousand in April 2024, respectively. Therefore, the Company’s ownership interest in IME increased to 10.00% as of December 31, 2024. As the Company continues to control one out of five seats of the Board of Directors of IME, the Company has significant influence over IME.

• 45 -

The Company’s ownership interest in NCB was originally 41.90%. NCB reduced 26.43% of its capital to offset accumulated deficits and increased its capital in December 2023. The Company increased its investment in NCB in higher proportion to the original shareholder percentage at the amount of $1,543,847 thousand. Therefore, the Company’s ownership interest in NCB increased to 46.26% as of December 31, 2023. Although Chunghwa is the single largest stockholder of NCB, it only obtained six out of fifteen seats of the Board of Directors of NCB. In addition, the management considered the size of ownership interest and the dispersion of shares owned by the other stockholders, other holdings are not extremely dispersed. Chunghwa is not able to direct its relevant activities. Therefore, Chunghwa does not have control over NCB and merely has significant influence over NCB and treats it as an associate.

The Company did not participate in the capital increase of BHT in September 2023. Therefore, the Company’s ownership interest in BHT decreased to 25.00%.

The Company invested and obtained 50% ownership interest in CPFI. However, as the Company has only two out of five seats of the Board of Directors of CPFI, the Company has no control but significant influence over CPFI. Therefore, the Company recognized CPFI as an investment in associate.

The Company’s share of profits and other comprehensive income (loss) of associates was recognized based on the audited financial statements.

b.	Investment in joint venture

Investment in joint venture was as follows:

		Carrying Amount				% of Ownership Interests and<br>Voting Rights
		December 31				December 31
Name of Joint Venture		2024		2023		2024			2023
Non-listed
Chunghwa SEA Holdings (“CHT SEA”)		9,251		9,463			51			51

All values are in US Dollars.

The Company invested and established a joint venture, CHT SEA, with Delta Electronics, Inc. and Kwang Hsing Industrial Co., Ltd. and obtained 51% ownership interest of CHT SEA. However, according to the mutual agreements among stockholders, the Company does not individually direct CHT SEA’s relevant activities and has joint control with the other party; therefore, the Company treated CHT SEA as a joint venture.

The joint venture is not considered individually material to the Company. Summarized financial information of CHT SEA was set out below:

		Year Ended December 31
		2024			2023
The Company’s share of loss		(212	)		(214	)
The Company’s share of other comprehensive income		—			—
The Company’s share of total comprehensive loss		(212	)		(214	)

All values are in US Dollars.

• 46 -

The Company’s share of loss and other comprehensive income of the joint venture was recognized based on the audited financial statements.

16.	PROPERTY, PLANT AND EQUIPMENT
		December 31
---	---	---	---	---
		2024		2023
Assets used by the Company		284,714,764		285,084,900
Assets subject to operating leases		5,125,380		7,252,842
		289,840,144		292,337,742

All values are in US Dollars.

a.	Assets used by the Company
	Land		LandImprovements		Buildings		ComputerEquipment		Telecommuni-<br>cationsEquipment		TransportationEquipment		MiscellaneousEquipment		Construction inProgress andEquipment tobe Accepted		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2023	103,663,528		1,675,255		72,529,774		11,088,877		720,068,323		3,971,039		11,467,527		14,427,497		938,891,820
Additions	98,577		—		35,931		126,872		105,862		2,850		242,670		29,779,901		30,392,663
Disposal	(1,804	)	—		(500	)	(1,048,837	)	(24,877,347	)	(112,181	)	(418,129	)	—		(26,458,798	)
Effect of foreign exchange differences	—		—		—		(69	)	(5,444	)	(43	)	(2,116	)	31		(7,641	)
Others	(874,847	)	33,981		(810,422	)	877,988		26,143,585		187,996		801,077		(28,270,242	)	(1,910,884	)
Balance on December 31, 2023	102,885,454		1,709,236		71,754,783		11,044,831		721,434,979		4,049,661		12,091,029		15,937,187		940,907,160
Accumulated depreciation and impairment
Balance on January 1, 2023	—		(1,474,085	)	(32,263,200	)	(9,553,580	)	(597,957,285	)	(3,672,728	)	(8,642,023	)	—		(653,562,901	)
Depreciation expenses	—		(33,847	)	(1,439,260	)	(697,723	)	(25,704,138	)	(93,597	)	(797,307	)	—		(28,765,872	)
Disposal	—		—		174		1,048,410		24,866,397		112,089		411,756		—		26,438,826
Impairment losses	—		—		—		—		(298,891	)	—		—		—		(298,891	)
Effect of foreign exchange differences	—		—		—		68		4,503		44		1,326		—		5,941
Others	—		—		418,474		(18,235	)	(42,577	)	(532	)	3,507		—		360,637
Balance on December 31, 2023	—		(1,507,932	)	(33,283,812	)	(9,221,060	)	(599,131,991	)	(3,654,724	)	(9,022,741	)	—		(655,822,260	)
Balance on January 1, 2023, net	103,663,528		201,170		40,266,574		1,535,297		122,111,038		298,311		2,825,504		14,427,497		285,328,919
Balance on December 31, 2023, net	102,885,454		201,304		38,470,971		1,823,771		122,302,988		394,937		3,068,288		15,937,187		285,084,900
Cost
Balance on January 1, 2024	102,885,454		1,709,236		71,754,783		11,044,831		721,434,979		4,049,661		12,091,029		15,937,187		940,907,160
Additions	—		—		176,183		25,317		321,135		3,440		138,487		27,910,447		28,575,009
Disposal	(382	)	(386	)	(18,668	)	(1,239,646	)	(27,009,592	)	(153,554	)	(505,733	)	—		(28,927,961	)
Effect of foreign exchange differences	—		—		—		53		166,659		253		9,771		15,574		192,310
Others	(539,041	)	40,764		2,265,779		617,852		23,439,864		283,740		946,569		(27,290,456	)	(234,929	)
Balance on December 31, 2024	102,346,031		1,749,614		74,178,077		10,448,407		718,353,045		4,183,540		12,680,123		16,572,752		940,511,589
Accumulated depreciation and impairment
Balance on January 1, 2024	—		(1,507,932	)	(33,283,812	)	(9,221,060	)	(599,131,991	)	(3,654,724	)	(9,022,741	)	—		(655,822,260	)
Depreciation expenses	—		(36,130	)	(1,466,831	)	(747,334	)	(25,434,256	)	(127,543	)	(829,434	)	—		(28,641,528	)
Disposal	—		386		16,906		1,239,157		27,002,884		153,008		485,278		—		28,897,619
Effect of foreign exchange differences	—		—		—		(46	)	(103,871	)	(148	)	(5,493	)	—		(109,558	)
Others	—		303		12,370		2,112		(7,374	)	(496	)	(128,013	)	—		(121,098	)
Balance on December 31, 2024	—		(1,543,373	)	(34,721,367	)	(8,727,171	)	(597,674,608	)	(3,629,903	)	(9,500,403	)	—		(655,796,825	)
Balance on January 1, 2024, net	102,885,454		201,304		38,470,971		1,823,771		122,302,988		394,937		3,068,288		15,937,187		285,084,900
Balance on December 31, 2024, net	102,346,031		206,241		39,456,710		1,721,236		120,678,437		553,637		3,179,720		16,572,752		284,714,764

All values are in US Dollars.

There was no indication that property, plant and equipment was impaired; therefore, the Company did not recognize any impairment loss for the year ended December 31, 2024.

After the evaluation of certain telecommunications equipment, the Company determined that the recoverable amount of such assets was nil because the telecommunications service provided by 3G network would be discontinued in 2024; therefore, the Company recognized an impairment loss of $298,891 thousand for the year ended December 31, 2023. The aforementioned impairment loss was included in other income and expenses in the statements of comprehensive income.

• 47 -

Depreciation expense for assets used by the Company is computed using the straight-line method over the following estimated service lives:

Land improvements		10~30 years
Buildings
Main buildings		20~60 years
Other building facilities		3~15 years
Computer equipment		2~8 years
Telecommunications equipment
Telecommunication circuits		2~30 years
Telecommunication machinery and antennas equipment		2~30 years
Transportation equipment		2~10 years
Miscellaneous equipment
Leasehold improvements		1~18 years
Mechanical and air conditioner equipment		3~16 years
Others		1~15 years
b.	Assets subject to operating leases
:---	:---
		Land			Buildings			Total
---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2023		4,376,196			3,185,097			7,561,293
Additions		—			3,979			3,979
Others		548,191			941,955			1,490,146
Balance on December 31, 2023		4,924,387			4,131,031			9,055,418
Accumulated depreciation and impairment
Balance on January 1, 2023		—			(1,362,302	)		(1,362,302	)
Depreciation expenses		—			(73,417	)		(73,417	)
Others		—			(366,857	)		(366,857	)
Balance on December 31, 2023		—			(1,802,576	)		(1,802,576	)
Balance on January 1, 2023, net		4,376,196			1,822,795			6,198,991
Balance on December 31, 2023, net		4,924,387			2,328,455			7,252,842
Cost
Balance on January 1, 2024		4,924,387			4,131,031			9,055,418
Additions		—			446			446
Others		(1,819,513	)		(394,393	)		(2,213,906	)
Balance on December 31, 2024		3,104,874			3,737,084			6,841,958
Accumulated depreciation and impairment
Balance on January 1, 2024		—			(1,802,576	)		(1,802,576	)
Depreciation expenses		—			(65,463	)		(65,463	)
Others		—			151,461			151,461
Balance on December 31, 2024		—			(1,716,578	)		(1,716,578	)
Balance on January 1, 2024, net		4,924,387			2,328,455			7,252,842
Balance on December 31, 2024, net		3,104,874			2,020,506			5,125,380

All values are in US Dollars.

• 48 -

The Company leases out land and buildings with lease terms between 1 to 20 years. The lessees do not have bargain purchase options to acquire the assets at the expiry of the lease periods.

The future aggregate lease collection under operating lease for the freehold plant, property and equipment was as follows:

		December 31
		2024		2023
Year 1		305,357		381,357
Year 2		197,780		278,903
Year 3		121,845		221,059
Year 4		92,431		175,747
Year 5		62,415		146,035
Onwards		136,567		1,025,127
		916,395		2,228,228

All values are in US Dollars.

The above items of property, plant and equipment subject to operating leases are depreciated on a straight-line basis over their estimated useful lives as follows:

Buildings
Main buildings		35~60 years
Other building facilities		3~15 years
17.	LEASE ARRANGEMENTS
:---	:---
a.	Right-of-use assets
:---	:---
		December 31
---	---	---	---	---
		2024		2023
Land and buildings
Handsets base stations		7,648,470		7,576,685
Others		1,564,104		1,754,335
Equipment		1,699,755		1,906,794
		10,912,329		11,237,814

All values are in US Dollars.

		Year Ended December 31
		2024		2023
Additions to right-of-use assets		4,091,788		4,415,217
Depreciation charge for right-of-use assets
Land and buildings
Handsets base stations		3,008,471		2,938,843
Others		805,286		787,112
Equipment		354,342		346,298
		4,168,099		4,072,253

All values are in US Dollars.

• 49 -

The Company did not have significant sublease or impairment of right-of-use assets for the years ended December 31, 2024 and 2023.

b.	Lease liabilities
		December 31
---	---	---	---	---
		2024		2023
Lease liabilities
Current		3,557,874		3,504,990
Noncurrent		7,333,503		7,470,191
		10,891,377		10,975,181

All values are in US Dollars.

Ranges of discount rates for lease liabilities were as follows:

		December 31
		2024			2023
Land and buildings
Handsets base stations			0.37%~2.00%			0.37%~1.84%
Others			0.37%~9.00%			0.37%~9.00%
Equipment			0.37%~3.50%			0.37%~3.50%
c.	Important lease-in activities and terms
:---	:---

The Company mainly enters into lease-in agreements of land and buildings for handsets base stations located throughout Taiwan with lease terms ranging from 1 to 20 years. The lease agreements do not contain bargain purchase options to acquire the assets at the expiration of the respective leases. For majority of the lease-in agreements on handsets base station, the Company has the right to terminate the agreement prior to the expiration date if the Company is unable to build the required telecommunication equipment, either due to legal restrictions, controversial events, or other events.

The Company also leases land and buildings for the use of offices, server rooms, and stores with lease terms from 1 to 30 years. Most of the lease agreements for national land adjust the lease payment according to the changes of the announced land values by the authority. At the expiry of the lease term, the Company does not have bargain purchase options to acquire the assets.

The lease agreements for equipment include a contract between Chunghwa and ST-2 Satellite Ventures Pte., Ltd. to lease capacity on the ST-2 satellite. For the information of lease agreements with related parties, please refer to Note 38 for details.

• 50 -

d.	Other lease information
		Year Ended December 31
---	---	---	---	---
		2024		2023
Expenses relating to low-value asset leases		9,389		9,064
Expenses relating to variable lease payments not included in the measurement of lease<br>liabilities		6,327		7,789
Total cash outflow for leases		4,088,641		4,005,850

All values are in US Dollars.

The Company leases certain equipment which qualifies as low-value asset leases. The Company has elected to apply the recognition exemption and, thus, not to recognize right-of-use assets and lease liabilities for these leases.

Lease-out arrangements under operating leases for freehold property, plant, and equipment and investment properties were set out in Notes 16 and 18.

18.	INVESTMENT PROPERTIES
Cost
---	---	---	---
Balance on January 1, 2023		10,780,029
Additions		54,081
Reclassification		327,724
Balance on December 31, 2023		11,161,834
Accumulated depreciation and impairment
Balance on January 1, 2023		(976,168	)
Depreciation expense		(44,300	)
Impairment loss		(335,903	)
Balance on December 31, 2023		(1,356,371	)
Balance on January 1, 2023, net		9,803,861
Balance on December 31, 2023, net		9,805,463
Cost
Balance on January 1, 2024		11,161,834
Additions		4,333
Reclassification		2,426,527
Balance on December 31, 2024		13,592,694
Accumulated depreciation and impairment
Balance on January 1, 2024		(1,356,371	)
Depreciation expense		(44,772	)
Reversal of impairment loss		139,200
Reclassification		(29,032	)
Balance on December 31, 2024		(1,290,975	)
Balance on January 1, 2024, net		9,805,463
Balance on December 31, 2024, net		12,301,719

All values are in US Dollars.

• 51 -

After the evaluation of land and buildings by comparing the recoverable amount which represented the fair value less costs of disposal with the carrying amount, the Company recognized a reversal of impairment loss of $139,200 thousand and an impairment loss of $335,903 thousand for the years ended December 31, 2024 and 2023, respectively. The impairment loss and the reversal of impairment loss were included in other income and expenses in the consolidated statements of comprehensive income.

Depreciation expense is computed using the straight-line method over the following estimated service lives:

Land improvements		15~30 years
Buildings
Main buildings		8~60 years
Other building facilities		10~35 years

The fair values of the Company’s investment properties as of December 31, 2024 and 2023 were determined by Level 3 fair value measurements inputs based on the appraisal reports conducted by independent appraisers. Those appraisal reports are based on the comparison approach, income approach or cost approach. Key assumptions and the fair values were as follows:

		December 31
		2024		2023
Fair value		41,284,758		24,236,751
Overall capital interest rate		1.47%~5.81%		1.43%~5.51%
Profit margin ratio		12%~20%		10%~20%
Discount rate		0%~10%		—
Capitalization rate		1.12%~2.13%		0.23%~2.28%

All values are in US Dollars.

All of the Company’s investment properties are held under freehold interest.

The future aggregate lease collection under operating lease for investment properties is as follows:

		December 31
		2024		2023
Year 1		274,163		168,384
Year 2		247,997		156,821
Year 3		216,256		134,231
Year 4		192,062		104,567
Year 5		190,020		82,732
Onwards		1,306,456		435,202
		2,426,954		1,081,937

All values are in US Dollars.

• 52 -

19.	INTANGIBLE ASSETS
		MobileBroadbandConcession		ComputerSoftware		Goodwill		Others		Total
---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2023		109,963,431		2,797,835		291,206		421,813		113,474,285
Additions-acquired separately		—		230,810		—		6,395		237,205
Disposal		—		(499,063	)	—		(6,377	)	(505,440	)
Effect of foreign exchange differences		—		(26	)	—		4		(22	)
Others		—		2,693		—		—		2,693
Balance on December 31, 2023		109,963,431		2,532,249		291,206		421,835		113,208,721
Accumulated amortization and impairment
Balance on January 1, 2023		(31,812,278	)	(2,176,234	)	(73,624	)	(225,062	)	(34,287,198	)
Amortization expenses		(6,390,138	)	(276,059	)	—		(33,354	)	(6,699,551	)
Disposal		—		499,063		—		6,377		505,440
Effect of foreign exchange differences		—		17		—		(1	)	16
Others		—		(883	)	—		—		(883	)
Balance on December 31, 2023		(38,202,416	)	(1,954,096	)	(73,624	)	(252,040	)	(40,482,176	)
Balance on January 1, 2023, net		78,151,153		621,601		217,582		196,751		79,187,087
Balance on December 31, 2023, net		71,761,015		578,153		217,582		169,795		72,726,545
Cost
Balance on January 1, 2024		109,963,431		2,532,249		291,206		421,835		113,208,721
Additions-acquired separately		—		228,757		—		5,387		234,144
Disposal		—		(357,867	)	—		(8,301	)	(366,168	)
Effect of foreign exchange differences		—		242		—		38		280
Others		—		23,682		—		—		23,682
Balance on December 31, 2024		109,963,431		2,427,063		291,206		418,959		113,100,659
Accumulated amortization and impairment
Balance on January 1, 2024		(38,202,416	)	(1,954,096	)	(73,624	)	(252,040	)	(40,482,176	)
Amortization expenses		(6,390,139	)	(278,225	)	—		(30,240	)	(6,698,604	)
Disposal		—		357,867		—		8,301		366,168
Effect of foreign exchange differences		—		(113	)	—		(24	)	(137	)
Others		—		(2,708	)	—		—		(2,708	)
Balance on December 31, 2024		(44,592,555	)	(1,877,275	)	(73,624	)	(274,003	)	(46,817,457	)
Balance on January 1, 2024, net		71,761,015		578,153		217,582		169,795		72,726,545
Balance on December 31, 2024, net		65,370,876		549,788		217,582		144,956		66,283,202

All values are in US Dollars.

The concessions are granted and issued by the National Communications Commission (“NCC”). The concession fees are amortized using the straight-line method over the period from the date operations commence through the date the license expires or the useful life, whichever is shorter. The 4G concession fees will be fully amortized by December 2030 and December 2033 and 5G concession fees will be fully amortized by December 2040.

• 53 -

The computer software is amortized using the straight-line method over the estimated useful lives of 1 to 10 years. Other intangible assets, except for those assessed as having indefinite useful lives, are amortized using the straight-line method over the estimated useful lives of 3 to 20 years. Goodwill is not amortized.

The Company did not recognize any impairment loss on intangible assets for the years ended December 31, 2024 and 2023.

20.	OTHER ASSETS
		December 31
---	---	---	---	---
		2024		2023
Refundable deposits		2,161,983		1,994,503
Spare parts		2,005,946		2,232,800
Other financial assets		1,000,000		1,000,000
Others		2,831,855		2,223,648
		7,999,784		7,450,951
Current
Spare parts		2,005,946		2,232,800
Others		1,108,608		589,459
		3,114,554		2,822,259
Noncurrent
Refundable deposits		2,161,983		1,994,503
Other financial assets		1,000,000		1,000,000
Others		1,723,247		1,634,189
		4,885,230		4,628,692

All values are in US Dollars.

Other financial assets - noncurrent was Piping Fund. As part of the government’s effort to upgrade the existing telecommunications infrastructure, Chunghwa and other public utility companies were required by the ROC government to contribute to a Piping Fund administered by the Taipei City Government. This fund was used to finance various telecommunications infrastructure projects. Net assets of this fund will be returned proportionately after the project is completed.

21.	HEDGING FINANCIAL INSTRUMENTS

Chunghwa’s hedge strategy is to enter into forward exchange contracts - buy to avoid its foreign currency exposure to certain foreign currency denominated equipment payments in the following six months. In addition, Chunghwa’s management considers the market condition to determine the hedge ratio and enters into forward exchange contracts with the banks to avoid the foreign currency risk.

Chunghwa signed equipment purchase contracts with suppliers and entered into forward exchange contracts to avoid foreign currency risk exposure to Euro-denominated purchase commitments. Those forward exchange contracts were designated as cash flow hedges. When forecast purchases actually take place, basis adjustments are made to the initial carrying amounts of hedged items.

For the hedges of highly probable forecast sales and purchases, as the critical terms (i.e. the notional amount, life and underlying) of the forward foreign exchange contracts and their corresponding hedged items are the same, the Company performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying exchange rates.

• 54 -

The main source of hedge ineffectiveness in these hedging relationships is the effect of credit risks of the Company and the counterparty on the fair value of the forward exchange contracts. Such credit risks do not impact the fair value of the hedged item attributable to changes in foreign exchange rates. No other sources of ineffectiveness emerged from these hedging relationships.

The following tables summarized the information relating to the hedges for foreign currency risk.

December 31, 2024

			Notional<br><br>Amount			Forward<br>Rate	Line Item in			Carrying Amount		Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
Hedging Instruments	Currency		(In Thousands)	Maturity		(In Dollars)	Balance Sheet			Asset	Liability	Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts	NT$	/EUR	NT$341,036 /EUR10,000		March 2025	34.10		Hedging financial<br>assets (liabilities)		1,133	1,907	(730)
		Change inValue ofHedged Item<br>Used for		Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items		CalculatingHedgeIneffectiveness		ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases		730		(774	)		—

All values are in US Dollars.

December 31, 2023

			Notional Amount			Forward<br>Rate	Line Item in			Carrying Amount		Change inFair Values ofHedgingInstrumentsUsed forCalculatingHedge
Hedging Instruments	Currency		(In Thousands)	Maturity		(In Dollars)	Balance Sheet			Asset	Liability	Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts	NT$	/EUR	NT$ 23,717 /EUR 700		March 2024	33.88		Hedging financial<br>assets (liabilities)		—	44	(12,935)
		Change inValue ofHedged Item<br>Used for		Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items		CalculatingHedgeIneffectiveness		ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases		12,935		(44	)		—

All values are in US Dollars.

• 55 -

Year ended December 31, 2024

		Comprehensive Income							Reclassification from Equity<br>to Assets and the Adjusted LineItem
Hedge Transaction		Hedging<br>Gain or LossRecognized<br>in OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item in<br>Which Hedge<br>Ineffectiveness<br>is Included			AmountReclassifiedto Assetsand theAdjustedLine Item	Due to Hedged<br>Future Cash<br>Flows No<br>Longer<br>Expected to<br>Occur
Cash flow hedge
Forecast equipment purchases		(730)		—			—		(2,029) Construction in progress and equipment to be accepted		— Other gainsand losses

All values are in US Dollars.

Year ended December 31, 2023

		Comprehensive Income							Reclassification from Equity<br>to Assets and the AdjustedLine Item
Hedge Transaction		Hedging<br>Gain or LossRecognized<br>in OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item in<br><br>Which Hedge<br><br>Ineffectiveness<br><br>is<br>Included			AmountReclassified toAssets and theAdjusted LineItem	Due to Hedged<br>Future Cash<br>Flows No<br>Longer<br>Expected to<br>Occur
Cash flow hedge
Forecast equipment purchases		(12,935)		—			—		36,714<br>Construction in progress and equipment to be accepted		— Other gainsand losses

All values are in US Dollars.

22.	SHORT-TERM LOANS
		December 31
---	---	---	---	---
		2024		2023
Unsecured bank loans		215,000		585,000

All values are in US Dollars.

The annual interest rates of bank loans were as follows:

		December 31
		2024			2023
Unsecured bank loans			1.82%~3.49%			2.16%~3.36%

CHST entered into an unsecured loan contract with Bank of Taiwan, and the loan amount of $50,000 thousand has matured in November 2024. CHST has been continuously negotiating the loan extension with Bank of Taiwan.

• 56 -

23.	LONG-TERM LOANS
		December 31
---	---	---	---	---	---	---
		2024			2023
Secured bank loans (Note 39)		1,600,000			1,600,000
Unsecured bank loans		35,000			—
Less: Current portion		(3,646	)		(1,600,000	)
		1,631,354			—

All values are in US Dollars.

The annual interest rates of bank loans were as follows:

		December 31
		2024			2023
Secured bank loans			2.09	%		1.87	%
Unsecured bank loans			2.22	%		—

LED obtained a secured loan from Chang Hwa Bank with monthly interest payments. LED entered into a contract with Chang Hwa Bank to renew the contract upon the maturity of the aforementioned contract in August 2024, and the due date of the renewed contract is September 2027.

CLPT entered into an unsecured loan contract with Mega International Commercial Bank, interest is paid monthly, and the principal will be repaid in 48 equal installments from August 2025 to July 2029.

24.	BONDS PAYABLE
		December 31
---	---	---	---	---	---	---
		2024			2023
Unsecured domestic bonds		30,500,000			30,500,000
Less: Discounts on bonds payable		(11,794	)		(17,234	)
		30,488,206			30,482,766
Less: Current portion		(8,798,880	)		—
		21,689,326			30,482,766

All values are in US Dollars.

The major terms of unsecured domestic bonds issued by Chunghwa were as follows:

Issuance		Tranche		Issuance Period		TotalAmount		Coupon<br>Rate			Repayment and Interest<br>Payment
2020-1		A		July 2020 to July 2025		8,800,000			0.50	%	One-time repayment upon maturity; interest payable annually
		B		July 2020 to July 2027		7,500,000			0.54	%	The same as above
		C		July 2020 to July 2030		3,700,000			0.59	%	The same as above
2021-1		A		April 2021 to April 2026		1,900,000			0.42	%	The same as above
		B		April 2021 to April 2028		4,100,000			0.46	%	The same as above
		C		April 2021 to April 2031		1,000,000			0.50	%	The same as above
2022-1<br><br>(Sustainable Bond)		-		March 2022 to March 2027		3,500,000			0.69	%	The same as above

All values are in US Dollars.

• 57 -

25.	TRADE NOTES AND ACCOUNTS PAYABLE
		December 31
---	---	---	---	---
		2024		2023
Trade notes and accounts payable		17,742,532		14,395,740

All values are in US Dollars.

Trade notes and accounts payable were attributable to operating activities and the trading conditions were agreed separately.

26.	OTHER PAYABLES
		December 31
---	---	---	---	---
		2024		2023
Accrued salary and compensation		10,721,819		10,441,118
Accrued compensation to employees and remuneration to directors and supervisors		2,499,932		2,107,392
Payables to contractors		2,264,856		1,990,007
Amounts collected for others		1,706,744		1,543,596
Accrued maintenance costs		1,116,992		1,316,233
Payables to equipment suppliers		720,361		1,311,426
Others		7,550,649		6,547,154
		26,581,353		25,256,926

All values are in US Dollars.

27.	PROVISIONS
		December 31
---	---	---	---	---
		2024		2023
Employee benefits		415,477		387,082
Warranties		280,679		237,873
Onerous contracts		266,755		194,651
Others		13,574		3,067
		976,485		822,673
Current		441,801		337,406
Noncurrent		534,684		485,267
		976,485		822,673

All values are in US Dollars.

		EmployeeBenefits		Warranties		OnerousContracts		Others		Total
Balance on January 1, 2023		64,776		235,308		95,201		3,767		399,052
Additional / (reversal of) provisions recognized		323,272		69,495		49,450		(700	)	441,517
Used / forfeited during the year		(966	)	(66,906	)	—		—		(67,872	)
Reclassification		—		—		50,000		—		50,000
Effect of foreign exchange differences		—		(24	)	—		—		(24	)
Balance on December 31, 2023		387,082		237,873		194,651		3,067		822,673

All values are in US Dollars.

(Continued)

• 58 -

		EmployeeBenefits		Warranties		OnerousContracts		Others		Total
Balance on January 1, 2024		387,082		237,873		194,651		3,067		822,673
Additional / (reversal of) provisions recognized		33,790		113,375		72,104		11,101		230,370
Used / forfeited during the year		(5,395	)	(70,639	)	—		(594	)	(76,628	)
Effect of foreign exchange differences		—		70		—		—		70
Balance on December 31, 2024		415,477		280,679		266,755		13,574		976,485

All values are in US Dollars.

(Concluded)

a.	The provision for warranty claims represents the present value of the management’s best estimate of the<br>future outflow of economic benefits that will be required under the Company’s obligation for warranties in sales agreements. The estimate has been made based on historical warranty experience.
b.	The provision for employee benefits represents vested long-term service compensation accrued.
:---	:---
c.	The provision for onerous contracts represents the present obligation resulting from the measurement for the<br>unavoidable costs of meeting the Company’s contractual obligations exceed the economic benefits expected to be received from the contracts.
:---	:---
28.	RETIREMENT BENEFIT PLANS
:---	:---
a.	Defined contribution plans
:---	:---

The pension plan under the Labor Pension Act of ROC (the “LPA”) is considered as a defined contribution plan. Based on the LPA, Chunghwa and its domestic subsidiaries make monthly contributions to employees’ individual pension accounts at 6% of monthly salaries and wages. Its foreign subsidiaries would make monthly contributions based on the local pension requirements.

b.	Defined benefit plans

Chunghwa completed its privatization plans on August 12, 2005. Chunghwa is required to pay all accrued pension obligations including service clearance payment, lump sum payment under civil service plan, additional separation payments, etc. upon the completion of the privatization in accordance with the Statute Governing Privatization of Stated-owned Enterprises. After paying all pension obligations for privatization, the plan assets of Chunghwa should be transferred to the Fund for Privatization of Government-owned Enterprises (the “Privatization Fund”) under the Executive Yuan. On August 7, 2006, Chunghwa transferred the remaining balance of fund to the Privatization Fund. However, according to the instructions of MOTC, Chunghwa was requested to administer the distributions to employees for pension obligations including service clearance payment, lump sum payment under civil service plan, additional separation payments, etc. upon the completion of the privatization and recognized in other current monetary assets.

Chunghwa and its subsidiaries SENAO, CHIEF, CHSI, SHE, IISI and UTC with the pension mechanism under the Labor Standards Law in the ROC are considered as defined benefit plans. These pension plans provide benefits based on an employee’s length of service and average six-month salary prior to retirement. Chunghwa and its subsidiaries contribute an amount no more than 15% of salaries paid each month to their respective pension funds (the Funds), which are administered by the Labor Pension Fund Supervisory Committee (the Committee) and deposited in the names of the Committees in the Bank of Taiwan. The plan assets are held in a commingled fund which is operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the funds. According to the Article 56 of the Labor Standards Law in the ROC, entities are required to contribute the difference in one appropriation to their pension funds before the end of next March when the balance of the Funds is insufficient to pay the eligible employees who meet the retirement criteria in the following year.

• 59 -

The amounts included in the consolidated balance sheets arising from the Company’s obligation in respect of its defined benefit plans were as follows:

		December 31
		2024			2023
Present value of funded defined benefit obligations		27,985,128			30,312,817
Fair value of plan assets		(34,761,623	)		(34,177,970	)
Funded status - surplus		(6,776,495	)		(3,865,153	)
Net defined benefit liabilities		2,107,224			2,098,106
Net defined benefit assets		(8,883,719	)		(5,963,259	)
		(6,776,495	)		(3,865,153	)

All values are in US Dollars.

Movements in the defined benefit obligations and the fair value of plan assets were as follows:

		Present Valueof FundedDefined BenefitObligations			Fair Value ofPlan Assets			Net DefinedBenefitLiabilities(Assets)
Balance on January 1, 2023		33,599,272			36,579,769			(2,980,497	)
Current service cost		1,006,201			—			1,006,201
Loss on settlements		461			—			461
Interest expense / interest income		403,351			452,078			(48,727	)
Amounts recognized in profit or loss		1,410,013			452,078			957,935
Remeasurement on the net defined benefit liability
Return on plan assets (excluding amounts included in net interest)		—			308,987			(308,987	)
Actuarial gain recognized from changes in demographic assumptions		(99,553	)		—			(99,553	)
Actuarial loss recognized from experience adjustments		251,680			—			251,680
Amounts recognized in other comprehensive income		152,127			308,987			(156,860	)
Contributions from employer		—			1,386,555			(1,386,555	)
Benefits paid		(4,549,419	)		(4,549,419	)		—
Benefits paid directly by the Company		(299,176	)		—			(299,176	)
Balance on December 31, 2023		30,312,817			34,177,970			(3,865,153	)
Current service cost		903,599			—			903,599
Interest expense / interest income		371,826			421,554			(49,728	)
Amounts recognized in profit or loss		1,275,425			421,554			853,871

All values are in US Dollars.

(Continued)

• 60 -

		Present Valueof FundedDefined BenefitObligations			Fair Value ofPlan Assets			Net DefinedBenefitLiabilities(Assets)
Remeasurement on the net defined benefit liability
Return on plan assets (excluding amounts included in net interest)		—			3,104,723			(3,104,723	)
Actuarial gain recognized from changes in financial assumptions		(382,229	)		—			(382,229	)
Actuarial loss recognized from experience adjustments		1,232,374			—			1,232,374
Amounts recognized in other comprehensive income		850,145			3,104,723			(2,254,578	)
Contributions from employer		—			1,244,584			(1,244,584	)
Benefits paid		(4,186,929	)		(4,186,929	)		—
Settlement of plan obligation of subsidiaries		—			(279	)		279
Benefits paid directly by the Company		(266,330	)		—			(266,330	)
Balance on December 31, 2024		27,985,128			34,761,623			(6,776,495	)

All values are in US Dollars.

(Concluded)

Relevant pension costs recognized in profit and loss for defined benefit plans were as follows:

		Year Ended December 31
		2024		2023
Operating costs		415,685		488,038
Marketing expenses		313,615		334,135
General and administrative expenses		73,051		77,735
Research and development expenses		32,495		35,290
		834,846		935,198

All values are in US Dollars.

The Company is exposed to following risks for the defined benefits plans under the Labor Standards Law in the ROC:

a.	Investment risk

Under the Labor Standards Law in the ROC, the rate of return on assets shall not be lower than the average interest rate on a two-year time deposit published by the local banks and the government is responsible for any shortfall in the event that the rate of return is less than the required rate of return. The plan assets are held in a commingled fund mainly invested in foreign and domestic equity and debt securities and bank deposits which is operated and managed by the government’s designated authorities; as such, the Company does not have any right to intervene in the investments of the funds.

b.	Interest rate risk

The decline in government bond interest rate will increase the present value of the obligation on the defined benefit plan, while the return on plan assets will increase. The net effect on the present value of the obligation on defined benefit plan is partially offset by the return on plan assets.

• 61 -

c.	Salary risk

The calculation of the present value of defined benefit obligations is referred to the plan participants’ future salary. Hence, the increase in plan participants’ salary will increase the present value of the defined benefit obligations.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligations were carried out by the independent actuary.

The principal assumptions used for the purpose of the actuarial valuations were as follows:

		Measurement Date
		December 31
		2024			2023
Discount rates			1.75%			1.25%
Expected rates of salary increase			1.00%~2.25%			1.00%~2.25%

If reasonably possible changes of the respective significant actuarial assumptions occur at the end of reporting periods, while holding all other assumptions constant, the present values of the defined benefit obligations would increase (decrease) as follows:

		December 31
		2024			2023
Discount rates
0.5% increase		(790,048	)		(879,561	)
0.5% decrease		835,848			931,581
Expected rates of salary increase
0.5% increase		903,770			999,994
0.5% decrease		(861,833	)		(952,720	)

All values are in US Dollars.

The sensitivity analysis presented above may not be representative of the actual change in the present value of the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. There is no change in the methods and assumptions used in preparing the sensitivity analysis from the previous period.

		December 31
		2024		2023
The expected contributions to the plan for the next year		1,223,997		1,354,959
The average duration of the defined benefit obligations		6~10 years		6.1~10 years

All values are in US Dollars.

As of December 31, 2024, the Company’s maturity analysis of the undiscounted benefit payments was as follows:

Year		Amount
2025		2,214,055
2026		5,345,063
2027		8,537,177
2028		9,807,968
2029 and thereafter		30,310,652
		56,214,915

All values are in US Dollars.

• 62 -

29.	EQUITY
a.	Share capital
:---	:---

1. Common stocks

		December 31
		2024		2023
Number of authorized shares (thousand)		12,000,000		12,000,000
Authorized shares		120,000,000		120,000,000
Number of issued and paid shares (thousand)		7,757,447		7,757,447
Issued shares		77,574,465		77,574,465

All values are in US Dollars.

Each issued common stock with par value of $10 is entitled the right to vote and receive dividends.

2)	Global depositary receipts

The MOTC and some stockholders sold some common stocks of Chunghwa in an international offering of securities in the form of American Depositary Shares (“ADS”) (one ADS represents 10 common stocks) in July 2003, August 2005, and September 2006. The ADSs were traded on the New York Stock Exchange since July 17, 2003. As of December 31, 2024, the outstanding ADSs were 177,821 thousand common stocks, which equaled 17,782 thousand units and represented 2.29% of Chunghwa’s total outstanding common stocks.

The ADS holders generally have the same rights and obligations as other common stockholders, subject to the provision of relevant laws. The exercise of such rights and obligations shall comply with the related regulations and deposit agreement, which stipulate, among other things, that ADS holders are entitled to, through deposit agents:

a) Exercise their voting rights,

b) Sell their ADSs, and

c) Receive dividends declared and subscribe to the issuance of new shares.

b.	Additional paid-in capital

The adjustments of additional paid-in capital for the years ended December 31, 2024 and 2023 were as follows:

	Share Premium	Movements ofAdditionalPaid-in Capitalfor Associatesand JointVenturesAccounted forUsing EquityMethod		Movements of<br>AdditionalPaid-in CapitalArising fromChanges inEquities<br>ofSubsidiaries		DifferencebetweenConsiderationReceived orPaid andCarryingAmount of theSubsidiaries’Net Assetsduring ActualDisposal orAcquisition		Donated Capital	Stockholders’Contribution dueto Privatization	Total
Balance on January 1, 2023	147,329,386	173,672		2,137,032		987,611		25,119	20,648,078	171,300,898
Unclaimed dividend	—	—		—		—		2,217	—	2,217
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method	—	(21,720	)	—		—		—	—	(21,720	)
Actual acquisition of interests in subsidiaries	—	—		—		(4	)	—	—	(4	)
Changes in equities of subsidiaries	—	—		7,695		—		—	—	7,695
Balance on December 31, 2023	147,329,386	151,952		2,144,727		987,607		27,336	20,648,078	171,289,086
Unclaimed dividend	—	—		—		—		2,109	—	2,109
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method	—	71,883		—		—		—	—	71,883
Actual disposal of interests in subsidiaries	—	—		406		223,887		—	—	224,293
Changes in equities of subsidiaries	—	—		(92	)	—		—	—	(92	)
Balance on December 31, 2024	147,329,386	223,835		2,145,041		1,211,494		29,445	20,648,078	171,587,279

All values are in US Dollars.

• 63 -

Additional paid-in capital from share premium, donated capital and the difference between the consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition may be utilized to offset deficits. Furthermore, when Chunghwa has no deficit, it may be distributed in cash or capitalized, which however is limited to a certain percentage of Chunghwa’s paid-in capital except the additional paid-in capital arising from unclaimed dividend can only be utilized to offset deficits.

The additional paid-in capital from movements of paid-in capital arising from changes in equities of subsidiaries may only be utilized to offset deficits.

Among additional paid-in capital from movements of investments in associates and joint ventures accounted for using equity method, the portion arising from the difference between the consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition may be utilized to offset deficits; furthermore, when the Company has no deficit, it may be distributed in cash or capitalized. However, other additional paid-in capital recognized in proportion of share ownership may only be utilized to offset deficits.

c.	Retained earnings and dividends policy

In accordance with the Chunghwa’s Articles of Incorporation, Chunghwa must pay all outstanding taxes, offset deficits in prior years and set aside a legal reserve equal to 10% of its net income before distributing a dividend or making any other distribution to stockholders, except when the accumulated amount of such legal reserve equals to Chunghwa’s total issued capital, and depending on its business needs or requirements, may also set aside or reverse special reserves. No less than 50% of the remaining earnings comprising remaining balance of net income, if any, plus cumulative undistributed earnings shall be distributed as stockholders’ dividends, of which cash dividends to be distributed shall not be less than 50% of the total amount of dividends to be distributed. If cash dividend to be distributed is less than $0.10 per share, such cash dividend shall be distributed in the form of common stocks.

The Company should appropriate a special reserve when the net amount of other equity items is negative at the end of reporting period upon the earnings distribution. Distributions can be made out of any subsequent reversal of the debit to other equity items.

The appropriation for legal reserve shall be made until the accumulated reserve equals the aggregate par value of the outstanding capital stock of Chunghwa. This reserve can only be used to offset a deficit, or when the legal reserve has exceeded 25% of Chunghwa’s paid-in capital, the excess may be transferred to capital or distributed in cash.

• 64 -

The appropriations of the 2023 and 2022 earnings of Chunghwa approved by the stockholders in their meetings on May 31, 2024 and May 26, 2023, respectively, were as follows:

		Appropriation of Earnings						Dividends Per Share<br>(NT$)
		For FiscalYear 2023			For FiscalYear 2022			For Fiscal<br>Year 2023			For FiscalYear 2022
Reversal of special reserve		(223,084	)		(185,066	)
Cash dividends		36,909,931			36,475,514			$	4.758		4.702

The appropriations of earnings for 2024 had been proposed by Chunghwa’s Board of Directors on February 26, 2025. The appropriations and dividends per share were as follows:

		Appropriationof Earnings		Dividends<br>Per Share (NT$)
Cash dividends		38,787,232		$	5.000

The appropriations of earnings for 2024 are subject to the resolution of the stockholders’ meeting planned to be held on May 29, 2025. Information of the appropriation of Chunghwa’s earnings proposed by the Board of Directors and approved by the stockholders is available on the Market Observation Post System website.

d.	Others
1)	Exchange differences arising from the translation of the foreign operations
:---	:---

The exchange differences arising from the translation of the foreign operations from their functional currency to New Taiwan dollars were recognized as exchange differences arising from the translation of the foreign operations in other comprehensive income.

2)	Unrealized gain or loss on financial assets at FVOCI
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Beginning balance		520,748			(124,762	)
Recognized for the year
Unrealized gain or loss
Equity instruments		44,823			641,123
Share of profits (loss) of associates and joint ventures accounted for using equity<br>method		(1,966	)		4,387
Ending balance		563,605			520,748

All values are in US Dollars.

• 65 -

e.	Noncontrolling interests
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Beginning balance		12,596,252			12,599,541
Shares attributed to noncontrolling interests
Net income for the year		1,317,038			1,073,828
Exchange differences arising from the translation of the foreign operations		11,949			1,689
Unrealized gain or loss on financial assets at FVOCI		3,362			(21,655	)
Remeasurements of defined benefit pension plans		17,759			12,370
Income tax relating to remeasurements of defined benefit pension plans		(3,552	)		(2,474	)
Share of other comprehensive income (loss) of associates and joint ventures accounted for using<br>equity method		17,098			(20,536	)
Cash dividends distributed by subsidiaries		(898,565	)		(1,091,670	)
Changes in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		13,029			1,623
Actual acquisition or disposal of interests in subsidiaries		34,480			(37	)
Net increase in noncontrolling interests		45,316			43,573
Ending balance		13,154,166			12,596,252

All values are in US Dollars.

30.	REVENUES
		Year Ended December 31
---	---	---	---	---
		2024		2023
Revenue from contracts with customers		227,184,513		220,189,688
Other revenues
Government grants income		1,392,885		1,703,843
Rental income		1,196,240		1,120,067
Others		194,654		185,662
		2,783,779		3,009,572
		229,968,292		223,199,260

All values are in US Dollars.

For the information of performance obligations related to customer contracts, please refer to Note 3 Summary of Material Accounting Policy Information for details.

a.	Disaggregation of revenue

Please refer to Note 44 Segment Information for details.

• 66 -

b.	Contract balances
		December 31,2024			December 31,2023			January 1,<br>2023
---	---	---	---	---	---	---	---	---	---
Trade notes and accounts receivable (Note 10)		26,025,696			24,841,995			24,672,473
Contract assets
Products and service bundling		10,445,758			9,297,181			7,955,689
Others		2,306,854			1,205,973			1,255,584
Less: Loss allowance		(23,845	)		(21,282	)		(19,129	)
		12,728,767			10,481,872			9,192,144
Current		8,401,343			6,713,227			6,055,343
Noncurrent		4,327,424			3,768,645			3,136,801
		12,728,767			10,481,872			9,192,144
Contract liabilities
Telecommunications business		13,931,238			14,015,949			14,081,316
Project business		8,014,350			6,654,364			6,586,384
Advance house and land receipts (Notes 11 and 40)		1,064,150			459,697			—
Others		831,978			518,758			396,834
		23,841,716			21,648,768			21,064,534
Current		16,300,986			14,088,416			13,390,439
Noncurrent		7,540,730			7,560,352			7,674,095
		23,841,716			21,648,768			21,064,534

All values are in US Dollars.

The changes in the contract asset and the contract liability balances primarily result from the timing difference between the satisfaction of performance obligations and the payments collected from customers. Significant changes of contract assets and liabilities recognized resulting from product and service bundling were as follows:

		Year Ended December 31
		2024			2023
Contract assets
Net increase of customer contracts		8,616,560			7,960,611
Reclassified to trade receivables		(7,442,992	)		(6,573,622	)
		1,173,568			1,386,989
Contract liabilities
Net increase of customer contracts		197,195			186,693
Recognized as revenues		(184,110	)		(172,895	)
		13,085			13,798

All values are in US Dollars.

The Company applies the simplified approach to recognize expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for receivables. Contract assets will be reclassified to trade receivables when the corresponding invoice is billed to the client. Contract assets have substantially the same risk characteristics as the trade receivables of the same types of contracts. Therefore, the Company concluded that the expected loss rates for trade receivables can be applied to the contract assets.

• 67 -

Revenue recognized for the year that was included in the contract liability at the beginning of the year was as follows:

		Year Ended December 31
		2024		2023
Telecommunications business		6,721,417		6,659,874
Project business		4,473,902		5,290,365
Others		458,779		539,436
		11,654,098		12,489,675

All values are in US Dollars.

c.	Incremental costs of obtaining contracts
		December 31
---	---	---	---	---
		2024		2023
Current
Incremental costs of obtaining contracts		339,172		210,923
Noncurrent
Incremental costs of obtaining contracts		1,221,652		939,409

All values are in US Dollars.

The Company considered the past experience and the default clauses in the telecommunications service contracts and believes the commissions and equipment subsidies paid for obtaining such contracts are expected to be recoverable; therefore, such costs were capitalized. The Company also believes the commissions paid for obtaining real estate sale contracts are expected to be recoverable; therefore, such costs were capitalized. Amortization expenses for the years ended December 31, 2024 and 2023 were $905,990 thousand and 855,754 thousand, respectively.

d.	Remaining Performance Obligations

As of December 31, 2024, the aggregate amount of transaction price allocated to performance obligations for non-cancellable telecommunications service contracts that are unsatisfied is $41,020,356 thousand. The Company recognizes revenue when service is provided over contract terms. The Company expects to recognize such revenue of $24,077,869 thousand, $12,627,303 thousand and $4,315,184 thousand in 2025, 2026 and 2027, respectively. The variable consideration collected from customers on nonrecurring basis resulting from exceeded usage from monthly fee and revenue recognized for contracts that the Company has a right to consideration from customers in the amount corresponding directly with the value to the customers of the Company’s performance completed to date have been excluded from the disclosure of remaining performance obligations.

As of December 31, 2024, the aggregate amount of transaction price allocated to performance obligations for non-cancellable project business contracts that are unsatisfied is $34,103,661 thousand. The Company recognizes revenues when the project business contract is completed and accepted by customers. The Company expects to recognize such revenue of $12,616,791 thousand, $10,412,726 thousand and $11,074,144 thousand in 2025, 2026 and 2027, respectively. Project business contracts whose expected duration are less than a year have been excluded from the aforementioned disclosure.

• 68 -

31.	NET INCOME
a.	Other income and expenses
:---	:---
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Loss on disposal of property, plant and equipment, net		(17,347	)		(573	)
Impairment loss on property, plant and equipment		—			(298,891	)
Reversal of impairment loss / (impairment loss) on investment properties		139,200			(335,903	)
		121,853			(635,367	)

All values are in US Dollars.

b.	Other income
		Year Ended December 31
---	---	---	---	---
		2024		2023
Dividend income		239,908		167,112
Rental income		75,424		75,660
Others		148,011		139,063
		463,343		381,835

All values are in US Dollars.

c.	Other gains and losses
		Year Ended December 31
---	---	---	---	---	---	---
		2024			2023
Valuation loss on financial assets and liabilities at fair value through profit or loss,<br>net		(147,026	)		(98,460	)
Foreign currency exchange loss, net		(21,619	)		(116,121	)
Gain on disposal of financial instruments, net		1,077			—
Others		(10,935	)		(69,663	)
		(178,503	)		(284,244	)

All values are in US Dollars.

d.	Interest expenses
		Year Ended December 31
---	---	---	---	---
		2024		2023
Interest on bonds payable		167,760		167,730
Interest on lease liabilities		128,431		104,877
Interest paid to financial institutions		42,469		43,851
Others		682		2,705
		339,342		319,163

All values are in US Dollars.

• 69 -

e.	Impairment loss (reversal of impairment loss)
		Year Ended December 31
---	---	---	---	---	---
		2024			2023
Contract assets		2,563			2,153
Trade notes and accounts receivable		179,401			128,176
Other receivables		6,100			21,738
Inventories		60,381			22,962
Property, plant and equipment		—			298,891
Investment properties		(139,200	)		335,903

All values are in US Dollars.

f.	Depreciation and amortization expenses
		Year Ended December 31
---	---	---	---	---
		2024		2023
Property, plant and equipment		28,706,991		28,839,289
Right-of-use assets		4,168,099		4,072,253
Investment properties		44,772		44,300
Intangible assets		6,698,604		6,699,551
Incremental costs of obtaining contracts		905,990		855,754
Total depreciation and amortization expenses		40,524,456		40,511,147
Depreciation expenses summarized by functions
Operating costs		30,769,946		30,873,461
Operating expenses		2,149,916		2,082,381
		32,919,862		32,955,842
Amortization expenses summarized by functions
Operating costs		7,406,226		7,369,535
Marketing expenses		94,547		70,192
General and administrative expenses		62,735		68,173
Research and development expenses		41,086		47,405
		7,604,594		7,555,305

All values are in US Dollars.

g.	Employee benefit expenses
		Year Ended December 31
---	---	---	---	---
		2024		2023
Post-employment benefit
Defined contribution plans		1,073,797		963,063
Defined benefit plans		834,846		935,198
		1,908,643		1,898,261
Share-based payment
Equity-settled share-based payment		7,700		8,352
Other employee benefit (Note)		46,964,163		44,304,632
Total employee benefit expenses		48,880,506		46,211,245
Summary by functions
Operating costs		22,795,442		21,858,587
Operating expenses		26,085,064		24,352,658
		48,880,506		46,211,245

All values are in US Dollars.

• 70 -

Note:	Other employee benefit mainly includes salaries, compensation and labor and health insurance expenses, etc.

The amendments to the Chunghwa’s Articles of Incorporation were approved by the Chunghwa’s stockholders in their meeting on May 31, 2024. The distribution rate of employees’ compensation increased from 1.7% to 4.3% of pre-tax income to 2% to 5% of pre-tax income, while the distribution rate of directors’ remuneration remained at no higher than 0.17%. As of December 31, 2024, the payables of the employees’ compensation and the remuneration to directors were $1,931,610 thousand and $40,440 thousand, respectively. Such amounts have been approved by the Chunghwa’s Board of Directors on February 26, 2025 and will be reported to the stockholders in their meeting planned to be held on May 29, 2025.

If there is a change in the proposed amounts after the annual consolidated financial statements are authorized for issue, the difference is recorded as a change in accounting estimate.

The compensation to the employees and remuneration to the directors of 2023 and 2022 approved by the Board of Directors on February 23, 2024 and February 24, 2023, respectively, were as follows:

		Cash
		2023		2022
Compensation distributed to the employees		1,522,481		1,498,374
Remuneration paid to the directors		39,797		39,480

All values are in US Dollars.

There was no difference between the initial accrued amounts recognized in 2023 and 2022 and the amounts approved by the Board of Directors in 2024 and 2023 of the aforementioned compensation to employees and the remuneration to directors.

Information of the appropriation of Chunghwa’s employees compensation and remuneration to directors and those approved by the Board of Directors is available on the Market Observation Post System website.

32.	INCOME TAX
a.	Income tax recognized in profit or loss
:---	:---

The major components of income tax expense were as follows:

		Year Ended December 31
		2024			2023
Current tax
Current tax expenses recognized for the year		9,198,596			8,874,640
Income tax on unappropriated earnings		5,620			24,614
Income tax adjustments on prior years		(176,629	)		(127,798	)
Others		3,669			5,156
		9,031,256			8,776,612
Deferred tax
Deferred tax expenses recognized for the year		176,917			217,280
Income tax adjustments on prior years		8,114			8,218
		185,031			225,498
Income tax expense recognized in profit or loss		9,216,287			9,002,110

All values are in US Dollars.

• 71 -

Reconciliation of accounting profit and income tax expense was as follows:

		Year Ended December 31
		2024			2023
Income before income tax		47,753,789			46,992,646
Income tax expense calculated at the statutory rate		9,550,758			9,398,529
Nondeductible income and expenses in determining taxable income		25,543			27,836
Tax-exempt income		(11,910	)		(5,562	)
Income tax on unappropriated earnings		5,620			24,614
Investment credits		(218,234	)		(208,581	)
Effect of different tax rates of group entities operating in other jurisdictions		10,051			(7,375	)
Income tax adjustments on prior years		(168,515	)		(119,580	)
Others		22,974			(107,771	)
Income tax expense recognized in profit or loss		9,216,287			9,002,110

All values are in US Dollars.

The applicable tax rate used by the entities subject to the Income Tax Act of the Republic of China is 20%. Tax rates used by other entities of the Company operating in other jurisdictions are based on the tax laws in those jurisdictions.

b.	Income tax recognized in other comprehensive income
		Year Ended December 31
---	---	---	---	---
		2024		2023
Deferred tax
Remeasurement on defined benefit pension plans		450,916		31,372

All values are in US Dollars.

c.	Current tax assets and liabilities
		December 31
---	---	---	---	---
		2024		2023
Current tax assets
Tax refund receivable (included in other current assets - others)		4,550		4,202
Current tax liabilities
Income tax payable		4,718,103		4,626,265

All values are in US Dollars.

• 72 -

d.	Deferred income tax assets and liabilities

The movements of deferred income tax assets and liabilities were as follows:

For the year ended December 31, 2024

		BeginningBalance		Recognizedin Profit orLoss			Recognized inOtherComprehensiveIncome			EndingBalance
Deferred income tax assets
Temporary differences
Defined benefit pension plans		1,484,496		10,729			(450,318	)		1,044,907
Allowance for doubtful receivables over quota		143,088		(24,903	)		—			118,185
Valuation loss on inventory		76,356		2,944			—			79,300
Seniority bonus		69,240		5,504			—			74,744
Valuation loss on financial assets		45,414		28,507			—			73,921
Impairment loss on assets		59,778		(205	)		—			59,573
Estimated warranty liabilities		47,640		8,573			—			56,213
Valuation loss on onerous contracts		37,350		8,225			—			45,575
Share of profit or loss of associates and joint ventures accounted for using equity<br>method		8,314		7,015			—			15,329
Accrued award credits liabilities		16,547		(1,725	)		—			14,822
Deferred revenue		14,376		(9,709	)		—			4,667
Unrealized foreign exchange loss, net		2,753		(2,070	)		—			683
Others		24,608		48,875			—			73,483
		2,029,960		81,760			(450,318	)		1,661,402
Loss carryforwards		69,479		(69,479	)		—			—
		2,099,439		12,281			(450,318	)		1,661,402
Deferred income tax liabilities
Temporary differences
Defined benefit pension plans		2,260,446		142,015			598			2,403,059
Deferred revenue for award credits		66,448		45,205			—			111,653
Land value incremental tax		94,986		—			—			94,986
Intangible assets		17,663		(2,360	)		—			15,303
Unrealized foreign exchange gain, net		11,466		(5,416	)		—			6,050
Valuation gain on financial assets, net		—		149			—			149
Others		9,500		17,719			—			27,219
		2,460,509		197,312			598			2,658,419

All values are in US Dollars.

• 73 -

For the year ended December 31, 2023

		BeginningBalance		Recognizedin Profit orLoss			Recognized inOtherComprehensiveIncome			EndingBalance
Deferred income tax assets
Temporary differences
Defined benefit pension plans		1,514,648		1,176			(31,328	)		1,484,496
Allowance for doubtful receivables over quota		183,974		(40,886	)		—			143,088
Valuation loss on inventory		104,867		(28,511	)		—			76,356
Seniority bonus		5,353		63,887			—			69,240
Impairment loss on assets		—		59,778			—			59,778
Estimated warranty liabilities		47,099		541			—			47,640
Valuation loss on financial assets		23,668		21,746			—			45,414
Valuation loss on onerous contracts		18,353		18,997			—			37,350
Accrued award credits liabilities		11,512		5,035			—			16,547
Deferred revenue		29,355		(14,979	)		—			14,376
Share of profit or loss of associates and joint ventures accounted for using equity<br>method		2,059		6,255			—			8,314
Unrealized foreign exchange loss, net		57,863		(55,110	)		—			2,753
Others		27,534		(2,926	)		—			24,608
		2,026,285		35,003			(31,328	)		2,029,960
Loss carryforwards		170,360		(100,881	)		—			69,479
		2,196,645		(65,878	)		(31,328	)		2,099,439
Deferred income tax liabilities
Temporary differences
Defined benefit pension plans		2,114,457		145,945			44			2,260,446
Land value incremental tax		94,986		—			—			94,986
Deferred revenue for award credits		70,102		(3,654	)		—			66,448
Intangible assets		20,024		(2,361	)		—			17,663
Unrealized foreign exchange gain, net		719		10,747			—			11,466
Others		557		8,943			—			9,500
		2,300,845		159,620			44			2,460,509

All values are in US Dollars.

• 74 -

e.	Unused loss carryforwards and deductible temporary differences for which no deferred tax assets have been<br>recognized in the consolidated balance sheets
		December 31
---	---	---	---	---
		2024		2023
Loss carryforwards
Expire in 2024		—		534
Expire in 2025		17,336		15,223
Expire in 2026		10,172		8,423
Expire in 2027		2,585		2,585
Expire in 2028		930		930
Expire in 2029		1,964		697
Expire in 2030		862		198
Expire in 2031		1,053		—
Expire in 2032		5,993		5,097
Expire in 2033		19,813		13,189
Expire in 2034		12,138		—
		72,846		46,876
Investment credits - research and development expenditures
Expire in 2025		284		7,650
Deductible temporary differences		16,411		10,095

All values are in US Dollars.

f.	Information about unused investment credits and loss carryforwards

As of December 31, 2024, information about investment credits - research and development expenditures was as follows:

Remaining<br>Creditable Amount		Expiry Year
284		2025

All values are in US Dollars.

As of December 31, 2024, information about loss carryforwards was as follows:

Remaining<br>Creditable Amount		Expiry Year
17,336			2025
10,172			2026
2,585			2027
930			2028
1,964			2029
862			2030
1,053			2031
5,993			2032
19,813			2033
12,138			2034
72,846

All values are in US Dollars.

• 75 -

g.	Income tax examinations

Income tax returns of Chunghwa, SENAO, Youth, ISPOT, Aval, Wiin, SENYOUNG, CHYP, CHSI, LED, SHE, CHIEF, Unigate, CHPT, NavCore, TestPro, CHST, SFD, CLPT, CHTSC, HHI, IISI and UTC have been examined by the tax authorities through 2022. Income tax returns of CHI have been examined by the tax authorities through 2023.

h.	Pillar Two Model Rules

The application of the Pillar Two rules does not have a material impact on the Company’s consolidated financial statements. The Company will continue to review the possible impact on the Company’s future financial performance.

33.	EARNINGS PER SHARE (“EPS”)

Net income and weighted average number of common stocks used in the calculation of earnings per share were as follows:

Net Income

		Year Ended December 31
		2024			2023
Net income used to compute the basic earnings per share
Net income attributable to the parent		37,220,464			36,916,708
Assumed conversion of all dilutive potential common stocks
Employee stock options and employee compensation of subsidiaries		(3,251	)		(5,106	)
Net income used to compute the diluted earnings per share		37,217,213			36,911,602

All values are in US Dollars.

Weighted Average Number of Common Stocks

		(Thousand Shares)
		Year Ended December 31
		2024			2023
Weighted average number of common stocks used to compute the basic earnings per share			7,757,447			7,757,447
Assumed conversion of all dilutive potential common stocks
Employee compensation			17,482			8,299
Weighted average number of common stocks used to compute the diluted earnings per share			7,774,929			7,765,746

As Chunghwa may settle the employee compensation in shares or cash, Chunghwa shall presume that it will be settled in shares and take those shares into consideration when calculating the weighted average number of outstanding shares used in the calculation of diluted EPS if the shares have a dilutive effect. The dilutive effect of the shares needs to be considered until the approval of the number of shares to be distributed to employees as compensation in the following year.

• 76 -

34.	SHARE-BASED PAYMENT ARRANGEMENT
a.	CHIEF share-based compensation plan (“CHIEF Plan”) described as follows:
:---	:---

The Board of Directors of CHIEF resolved to issue 200 stock options on November 13, 2020. Each option is eligible to subscribe for one thousand common stocks when exercisable and the exercise price is $206.00 per share. The options are granted to specific employees that meet the vesting conditions. The CHIEF Plan has an exercise price adjustment formula upon the changes in common stocks or distribution of cash dividends. The options of the CHIEF Plan are valid for five years and the graded vesting schedule will vest two years after the grant date.

The compensation costs for stock options for the years ended December 31, 2024 and 2023 were $2,688 thousand and $4,980 thousand, respectively.

CHIEF modified the plan terms of stock options granted on November 13, 2020 in August 2023 and July 2024; therefore, the exercise price changed from $193.50 to $171.70 and to $166.50 per share. The modification did not cause any incremental fair value granted.

Information about CHIEF’s outstanding stock options for the years ended December 31, 2024 and 2023 was as follows:

		Year Ended December 31,<br>2024							Year Ended December 31,<br>2023
		Granted on November 13,<br>2020							Granted on November 13,<br>2020
		Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the year			93			$	171.70			142.25			$	193.50
Options exercised			(85	)			166.50			(47.00	)			171.70
Options forfeited			(1	)			—			(2.25	)			—
Options outstanding at end of the year			7				166.50			93.00				171.70
Options exercisable at end of the year			7				166.50			—				—
Weighted average remaining contractual life (years)			0.87							1.87

• 77 -

CHIEF used the fair value method to evaluate the options using the Black-Scholes model and binomial option pricing model and the related assumptions and the fair value of the options were as follows:

		Stock OptionsGranted onNovember 13,2020
Grant-date share price (NT$)		356.00
Exercise price (NT$)		206.00
Dividend yield		—
Risk-free interest rate		0.18	%
Expected life		5 years
Expected volatility		34.61	%
Weighted average fair value of grants (NT$)		173,893

The expected volatility for the options granted in 2020 was based on CHIEF’s average annualized historical share price volatility from June 5, 2018, CHIEF’s listing date on Taipei Exchange, to the grant date.

b.	CHTSC share-based compensation plan (“CHTSC Plan”) described as follows:

The Board of Directors of CHTSC resolved to issue 4,500 and 3,500 stock options on December 20, 2019 and February 20, 2021, respectively. Each option is eligible to subscribe for one thousand common stocks when exercisable and the exercise prices are both $19.085 per share. The options are granted to specific employees that meet the vesting conditions. The CHTSC Plan has an exercise price adjustment formula upon the changes in common stocks. The options of the CHTSC Plan are valid for five years and the graded vesting schedule will vest one year after the grant date.

The compensation costs for stock options for the years ended December 31, 2024 and 2023 were $155 thousand and $477 thousand, respectively.

Information about CHTSC’s outstanding stock options for the years ended December 31, 2024 and 2023 was as follows:

		Year Ended December 31, 2024
		Granted on<br>February 20, 2021							Granted on<br>December 20, 2019
		Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the year			1,519			$	19.085			40			$	19.085
Options exercised			(699	)			19.085			(20	)			19.085
Options forfeited			(165	)			—			(20	)			—
Options outstanding at end of the year			655				19.085			—				—
Options exercisable at end of the year			5			$	19.085			—			$	—
Weighted average remaining contractual life (years)			1.14							—

• 78 -

		Year Ended December 31, 2023
		Granted on<br>February 20, 2021							Granted on<br>December 20, 2019
		Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the year			2,343			$	19.085			1,083			$	19.085
Options exercised			(778	)			19.085			(1,002	)			19.085
Options forfeited			(46	)			—			(41	)			—
Options outstanding at end of the year			1,519				19.085			40				19.085
Options exercisable at end of the year			7				19.085			5				19.085
Weighted average remaining contractual life (years)			2.14							0.97

CHTSC used the fair value method to evaluate the options using the Black-Scholes model and the related assumptions and the fair value of the options were as follows:

		Stock OptionsGranted onFebruary 20,2021		Stock OptionsGranted onDecember 20,2019
Grant-date share price (NT$)		23.76		20.17
Exercise price (NT$)		19.085		19.085
Dividend yield		15.18	%	12.49	%
Risk-free interest rate		0.25	%	0.54	%
Expected life		5 years		5 years
Expected volatility		47.35	%	42.41	%
Weighted average fair value of grants (NT$)		3,350		2,470

• 79 -

Expected volatility was based on the average annualized historical share price volatility of CHTSC’s comparable companies before the grant date.

c.	CLPT share-based compensation plan (“CLPT Plan”) described as follows:

The Board of Directors of CLPT resolved to issue 690, 600 and 755 stock options on February 26, 2021, May 31, 2022 and September 26, 2023, respectively. Each option is eligible to subscribe for one thousand common stocks when exercisable and the exercise prices are all $16.87 per share. The options are granted to specific employees that meet the vesting conditions. The CLPT Plan has an exercise price adjustment formula upon the changes in common stocks or distribution of cash dividends. The options of the CLPT Plan are valid for four years and the graded vesting schedule will vest two years after the grant date.

The compensation costs for stock options for the years ended December 31, 2024 and 2023 were $4,857 thousand and $2,895 thousand, respectively.

CLPT modified the plan terms of stock options granted on September 26, 2023 in September 2023 and October 2024; therefore, the exercise price changed from $16.87 to $15.30 and to $14.10 per share. The modification did not cause any incremental fair value granted.

CLPT modified the plan terms of stock options granted on May 31, 2022 in September 2023 and October 2024; therefore, the exercise price changed from $16.87 to $15.30 and to $14.10 per share. The modification did not cause any incremental fair value granted.

CLPT modified the plan terms of stock options granted on February 26, 2021 in September 2023 and October 2024; therefore, the exercise price changed from $15.90 to $14.40 and to $13.30 per share. The modification did not cause any incremental fair value granted.

Information about CLPT’s outstanding stock options for the years ended December 31, 2024 and 2023 was as follows:

		Year Ended December 31, 2024
		Granted on<br>September 26, 2023						Granted on<br>May 31, 2022						Granted on<br>February 26, 2021
		Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the year			755		$	15.30			440		$	15.30			440		$	14.40
Options exercised			—			—			(220	)		15.30			(415	)		14.40
Options forfeited			(5	)		—			—			—			—			—
Options outstanding at end of the year			750			14.10			220			14.10			25			13.30
Options exercisable at end of the year			—		$	—			—		$	—			25		$	13.30
Weighted average remaining contractual life (years)			2.74						1.41						0.16

• 80 -

		Year Ended December 31, 2023
		Granted on<br>September 26, 2023						Granted on<br>May 31, 2022						Granted on<br>February 26, 2021
		Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the year			—		$	—			440		$	16.87			510		$	15.90
Options granted			755			16.87			—			—			—			—
Options exercised			—			—			—			—			(55	)		15.90
Options forfeited			—			—			—			—			(15	)		—
Options outstanding at end of the year			755			15.30			440			15.30			440			14.40
Options exercisable at end of the year			—			—			—			—			192			14.40
Weighted average remaining contractual life (years)			3.74						2.41						1.16

CLPT used the fair value method to evaluate the options using the Black-Scholes model and the related assumptions and the fair value of the options were as follows:

		Stock OptionsGranted onSeptember 26,2023		Stock OptionsGranted onMay 31, 2022		Stock OptionsGranted onFebruary 26,2021
Grant-date share price (NT$)		28.43		18.66		17.63
Exercise price (NT$)		16.87		16.87		16.87
Dividend yield		—		—		—
Risk-free interest rate		1.10	%	0.98	%	0.31	%
Expected life		4 years		4 years		4 years
Expected volatility		31.99	%	35.76	%	35.22	%
Weighted average fair value of grants (NT$)		13,225		5,665		4,750

Expected volatility was based on the average annualized historical share price volatility of CLPT’s comparable companies before the grant date.

• 81 -

35.	CASH FLOW INFORMATION

Except for those disclosed in other notes, the Company entered into the following non-cash investing and financing activities:

		Year Ended December 31
Investing activities		2024		2023
Additions of property, plant and equipment		28,575,455		30,396,642
Changes in other payables		180,095		344,667
Payments for acquisition of property, plant and equipment		28,755,550		30,741,309

All values are in US Dollars.

Financing Activities

		Balance on<br>January 1,		Cash Flows<br>fromFinancing		Changes in Non-CashTransactions				Cash Flows<br>from<br>OperatingActivities -		Balance on<br>December 31,
		2024		Activities		New Leases		Others		Interest Paid		2024
Lease liabilities		10,975,181		(3,944,494	)	4,091,788		(102,667	)	(128,431	)	10,891,377

All values are in US Dollars.

		Balance on<br>January 1,		CashFlows<br>fromFinancing		Changes in Non-CashTransactions				Cash Flows<br>from<br>OperatingActivities -		Balance on<br>December 31,
		2023		Activities		New Leases		Others		Interest Paid		2023
Lease liabilities		10,672,507		(3,884,120	)	4,415,217		(123,546	)	(104,877	)	10,975,181

All values are in US Dollars.

36.	CAPITAL MANAGEMENT

The Company manages its capital to ensure that entities in the Company will be able to continue as going concerns while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of debt of the Company and the equity attributable to the parent.

Some consolidated entities are required to maintain minimum paid-in capital amount as prescribed by the applicable laws.

The management reviews the capital structure of the Company as needed. As part of this review, the management considers the cost of capital and the risks associated with each class of capital. According to the management’s suggestions, the Company maintains a balanced capital structure through paying cash dividends, increasing its share capital, purchasing outstanding shares, and issuing new debt or repaying debt.

• 82 -

37.	FINANCIAL INSTRUMENTS

Fair Value Information

The fair value measurement guidance establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. These levels are:

Level 1 fair value measurements: These measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 fair value measurements: These measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 fair value measurements: These measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

a.	Financial instruments that are not measured at fair value but for which fair value is disclosed

Except those listed in the table below, the Company considers that the carrying amounts of financial assets and liabilities not measured at fair value approximate their fair values.

		December 31
		2024				2023
		CarryingValue		Fair Value		CarryingValue		Fair Value
Financial assets
Financial assets at amortized cost
Corporate bonds		2,000,000		2,002,268		—		—
Financial liabilities
Financial liabilities at amortized cost
Bonds payable		30,488,206		30,485,103		30,482,766		30,468,634

All values are in US Dollars.

The fair value of bonds is measured using Level 2 inputs. The valuation of fair value is based on the quoted market prices provided by third party pricing services.

• 83 -

b.	Financial instruments that are measured at fair value on a recurring basis

December 31, 2024

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		290		—		290
Non-listed stocks		—		—		661,152		661,152
Limited partnership		—		—		307,327		307,327
Other investing agreements		—		—		36,757		36,757
		—		290		1,005,236		1,005,526
Financial assets at FVOCI
Listed and emerging stocks		126,013		—		—		126,013
Non-listed stocks		—		—		4,540,963		4,540,963
		126,013		—		4,540,963		4,666,976
Hedging financial assets		—		1,133		—		1,133
Hedging financial liabilities		—		1,907		—		1,907

All values are in US Dollars.

December 31, 2023

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		483		—		483
Listed stocks		421		—		—		421
Non-listed stocks		—		—		792,364		792,364
Limited partnership		—		—		219,032		219,032
Other investing agreements		—		—		24,305		24,305
		421		483		1,035,701		1,036,605
Financial assets at FVOCI
Listed and emerging stocks		243,649		—		—		243,649
Non-listed stocks		—		—		4,168,694		4,168,694
		243,649		—		4,168,694		4,412,343
Hedging financial liabilities		—		44		—		44

All values are in US Dollars.

There were no transfers between Levels 1 and 2 for the years ended December 31, 2024 and 2023.

• 84 -

The reconciliations for financial assets measured at Level 3 were listed below:

2024

Financial Assets		Measured atFair Valuethrough Profitor Loss			Measured atFair Valuethrough OtherComprehensiveIncome			Total
Balance on January 1, 2024		1,035,701			4,168,694			5,204,395
Acquisition		158,909			312,780			471,689
Recognized in profit or loss under “Other gains and losses”		(146,860	)		—			(146,860	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			62,594			62,594
Proceeds from capital reduction of the investees and profit distribution		(42,514	)		(3,105	)		(45,619	)
Balance on December 31, 2024		1,005,236			4,540,963			5,546,199
Unrealized gain or loss in 2024		(143,396	)

All values are in US Dollars.

2023

Financial Assets		Measured atFair Valuethrough Profitor Loss			Measured atFair Valuethrough OtherComprehensiveIncome			Total
Balance on January 1, 2023		1,020,203			3,218,579			4,238,782
Acquisition		133,171			304,820			437,991
Recognized in profit or loss under “Other gains and losses”		(95,411	)		—			(95,411	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			648,621			648,621
Proceeds from capital reduction of the investees and profit distribution		(22,262	)		(3,326	)		(25,588	)
Balance on December 31, 2023		1,035,701			4,168,694			5,204,395
Unrealized gain or loss in 2023		(95,028	)

All values are in US Dollars.

The fair values of financial assets and financial liabilities of Level 2 are determined as follows:

1)	The fair values of financial assets and financial liabilities with standard terms and conditions and traded in<br>active markets are determined with reference to quoted market prices.
2)	For derivatives, fair values are estimated using discounted cash flow model. Future cash flows are estimated<br>based on observable inputs including forward exchange rates at the end of the reporting periods and the forward and spot exchange rates stated in the contracts, discounted at a rate that reflects the credit risk of various counterparties.
:---	:---

• 85 -

The fair values of non-listed domestic and foreign equity investments and other investing agreements were Level 3 financial assets and determined using the market approach by reference the Price-to-Book ratios (P/B ratios) of peer companies that traded in active markets, using the income approach, in which the discounted cash flow is used to capture the present value of the expected future economic benefits to be derived from the investments, or using assets approach. The significant unobservable inputs used were listed in the below table. An increase in growth rate of long-term revenue, a decrease in discount for the lack of marketability or noncontrolling interests discount, or a decrease in the discount rate would result in increases in the fair values.

		December 31
		2024			2023
Discount for lack of marketability			20.00%~30.00	%		3.75%~20.00	%
Noncontrolling interests discount			15.00%~29.04	%		17.01%~25.00	%
Growth rate of long-term revenue			0.12	%		0.19	%
Discount rate			8.32%~14.40	%		7.11%~8.20	%

If the inputs to the valuation model were changed to reflect reasonably possible alternative assumptions while all the other variables were held constant, the fair values of Level 3 financial assets would increase (decrease) as below table.

		December 31
		2024			2023
Discount for lack of marketability
5% increase		(63,350	)		(48,599	)
5% decrease		63,350			44,801
Noncontrolling interests discount
5% increase		(50,558	)		(21,873	)
5% decrease		50,558			21,873
Growth rate of long-term revenue
0.1% increase		31,347			35,337
0.1% decrease		(30,798	)		(34,666	)
Discount rate
1% increase		(362,930	)		(396,170	)
1% decrease		439,187			488,163

All values are in US Dollars.

Categories of Financial Instruments

		December 31
		2024		2023
Financial assets
Measured at FVTPL
Mandatorily measured at FVTPL		1,005,526		1,036,605
Hedging financial assets		1,133		—
Financial assets at amortized cost (Note a)		91,048,373		82,090,521
Financial assets at FVOCI		4,666,976		4,412,343
Financial liabilities
Hedging financial liabilities		1,907		44
Financial liabilities at amortized cost (Note b)		69,231,194		65,466,108

All values are in US Dollars.

• 86 -

Note a:	The balances included cash and cash equivalents, trade notes and accounts receivable, receivables from related<br>parties, other current monetary assets, financial assets at amortized cost and refundable deposits (classified as other noncurrent assets).
Note b:	The balances included short-term loans, trade notes and accounts payable, payables to related parties, partial<br>other payables, customers’ deposits, bonds payable (including the current portion) and long-term loans (including the current portion).
:---	:---

Financial Risk Management Objectives

The main financial instruments of the Company include investments in equity and debt instruments, trade notes and accounts receivable, trade notes and accounts payable, lease liabilities, loans and bonds payable. The Company’s Finance Department provides services to its business units, co-ordinates access to domestic and international capital markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including foreign currency risk, interest rate risk and other price risk), credit risk, and liquidity risk.

The Company seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors. Those derivatives are used to hedge the risks of exchange rate fluctuation arising from operating or investment activities. Compliance with policies and risk exposure limits is reviewed by the Company’s Finance Department on a continuous basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

Chunghwa reports the significant risk exposures and related action plans timely and actively to the audit committee and if needed to the Board of Directors.

a.	Market risk

The Company is exposed to market risks of changes in foreign currency exchange rates and interest rates. The Company uses forward exchange contracts to hedge the exchange rate risk arising from assets and liabilities denominated in foreign currencies.

There were no changes to the Company’s exposure to market risks or the manner in which these risks are managed and measured.

1)	Foreign currency risk

For details about the carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the balance sheet dates, please refer to Note 42 Significant Assets and Liabilities Denominated in Foreign Currencies.

The carrying amounts of the Company’s derivatives with exchange rate risk exposures at the balance sheet dates were as follows:

	December 31
	2024		2023
Assets
	263		—
	1,160		483
Liabilities
	1,907		44

• 87 -

Foreign currency sensitivity analysis

The Company is mainly exposed to the fluctuations of the currencies USD, EUR, SGD and RMB.

The following table details the Company’s sensitivity to a 5% increase and decrease in the functional currency against the relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible changes in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and forward exchange contracts. A positive number below indicates an increase in pre-tax profit or equity where the functional currency weakens 5% against the relevant currency.

	Year Ended December 31
	2024			2023
Profit or loss
Monetary assets and liabilities (a)
	87,301			50,708
	(49,111	)		(30,371	)
SGD	(33,187	)		(47,190	)
RMB	6,738			5,819
Derivatives (b)
	2,309			—
	512			7,306
Equity
Derivatives (c)
	17,070			1,189
a)	This is mainly attributable to the exposure to foreign currency denominated receivables and payables of the<br>Company outstanding at the balance sheet dates.
:---	:---
b)	This is mainly attributable to forward exchange contracts.
:---	:---
c)	This is mainly attributable to the changes in the fair value of derivatives that are designated as cash flow<br>hedges.
:---	:---

For a 5% strengthening of the functional currency against the relevant currencies, there would be an equal and opposite effect on the pre-tax profit or equity for the amounts shown above.

2)	Interest rate risk

The carrying amounts of the Company’s exposures to interest rates on financial assets and financial liabilities at the balance sheet dates were as follows:

		December 31
		2024		2023
Fair value interest rate risk
Financial assets		47,562,672		43,156,022
Financial liabilities		41,444,583		41,457,947
Cash flow interest rate risk
Financial assets		12,949,846		9,136,207
Financial liabilities		1,785,000		2,185,000

All values are in US Dollars.

• 88 -

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the end of the reporting period. A 25 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

If interest rates had been 25 basis points higher/lower and all other variables were held constant, the Company’s pre-tax income would increase/decrease by $27,912 thousand and $17,378 thousand for the years ended December 31, 2024 and 2023, respectively. This is mainly attributable to the Company’s exposure to floating interest rates on its financial assets, short-term and long-term loans.

3)	Other price risk

The Company is exposed to equity price risks arising from holding other company’s equity. Equity investments are held for strategic rather than trading purposes. The management managed the risk through holding various risk portfolios. Further, the Company assigned finance and investment departments to monitor the price risk.

Equity price sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income would have increased/decreased by $48,424 thousand and $233,349 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI for the year ended December 31, 2024. If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income would have increased/decreased by $50,591 thousand and $220,617 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI for the year ended December 31, 2023.

b.	Credit risk

Credit risk refers to the risk that a counterparty would default on its contractual obligations resulting in financial loss to the Company. The maximum credit exposure of the aforementioned financial instruments is equal to their carrying amounts recognized in the consolidated balance sheet as of the balance sheet date.

The Company has large trade receivables outstanding with its customers. A substantial majority of the Company’s outstanding trade receivables are not covered by collateral or credit insurance. The Company has implemented ongoing measures including enhancing credit assessments and strengthening overall risk management to reduce its credit risk. While the Company has procedures to monitor and limit exposure to credit risk on trade receivables, there can be no assurance such procedures will effectively limit its credit risk and avoid losses. This risk is heightened during periods when economic conditions worsen. As the Company serves a large number of unrelated consumers, the concentration of credit risk was limited.

The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews market conditions, and adjusts the limit applied to counterparties according to their credit standing.

• 89 -

In accordance with the Company’s investment and risk management policies, counterparties for debt investments must be financial institutions with investment grade or higher, and thus there is no significant credit exposure resulting from such investments. The Company assesses whether there has been a significant increase in credit risk on debt instruments since initial recognition by reviewing changes in financial market conditions, and external credit ratings and material information of the issuers.

The Company assesses the 12-month expected credit loss and lifetime expected credit loss for debt instruments based on the probability of default and loss given default provided by external credit rating agencies.

c.	Liquidity risk

The Company manages and maintains sufficient cash and cash equivalent position to support the operations and reduce the impact on fluctuation of cash flow.

1)	Liquidity and interest risk tables

The following tables detailed the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company is required to pay.

December 31, 2024

		Weighted<br>Average<br>Effective<br>Interest Rate<br>(%)			Less than<br>1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		More than<br>5 Years		Total
Non-derivative financial liabilities
Non-interest bearing			—		42,220,071		—		2,499,932		5,310,453		—		50,030,456
Floating interest rate instruments			2.08		103,653		5,794		79,384		1,691,150		—		1,879,981
Fixed interest rate instruments			0.54		78,746		45,166		8,968,938		17,248,299		4,719,401		31,060,550
					42,402,470		50,960		11,548,254		24,249,902		4,719,401		82,970,987

All values are in US Dollars.

Information about the maturity analysis for lease liabilities was as follows:

		Less than<br>1 Year		1-3 Years		3-5 Years		More than<br>5 Years		Total
Lease liabilities		3,586,029		5,255,191		2,142,230		164,061		11,147,511

All values are in US Dollars.

December 31, 2023

		Weighted<br>Average<br>Effective<br>Interest Rate<br>(%)			Less than<br>1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		More than<br>5 Years		Total
Non-derivative financial liabilities
Non-interest bearing			—		37,930,363		—		2,107,392		5,309,097		—		45,346,852
Floating interest rate instruments			1.99		—		15,000		2,170,000		—		—		2,185,000
Fixed interest rate instruments			0.53		—		—		—		25,800,000		4,700,000		30,500,000
					37,930,363		15,000		4,277,392		31,109,097		4,700,000		78,031,852

All values are in US Dollars.

Information about the maturity analysis for lease liabilities was as follows:

		Less than<br>1 Year		1-3 Years		3-5 Years		More than<br>5 Years		Total
Lease liabilities		3,518,419		4,819,030		2,356,754		518,335		11,212,538

All values are in US Dollars.

• 90 -

The following table detailed the Company’s liquidity analysis for its derivative financial instruments. The table had been drawn up based on the undiscounted gross inflows and outflows on those derivatives that require gross settlement.

		Less than<br>1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		Total
December 31, 2024
Gross settled
Forward exchange contracts
Inflow		46,142		350,466		—		—		396,608
Outflow		45,879		351,213		—		—		397,092
		263		(747	)	—		—		(484	)
December 31, 2023
Gross settled
Forward exchange contracts
Inflow		—		169,092		—		—		169,092
Outflow		—		168,653		—		—		168,653
		—		439		—		—		439

All values are in US Dollars.

2)	Financing facilities
		December 31
---	---	---	---	---
		2024		2023
Unsecured bank loan facilities
Amount used		250,000		585,000
Amount unused		56,438,486		56,191,331
		56,688,486		56,776,331
Secured bank loan facilities
Amount used		1,600,000		1,600,000
Amount unused		15,000		20,000
		1,615,000		1,620,000

All values are in US Dollars.

38.	RELATED PARTIES TRANSACTIONS

The ROC Government has significant equity interest in Chunghwa. Chunghwa provides fixed-line services, mobile services, internet and data and other services to the various departments and institutions of the ROC Government in the normal course of business and at arm’s-length prices. Except for those disclosed in other notes or this note, the transactions with the ROC government bodies have not been disclosed because the transactions are not individually or collectively significant. However, the related revenues and operating costs have been appropriately recorded.

• 91 -

a.	The Company engages in business transactions with the following related parties:
Company		Relationship
:---:	---	:---:
Taiwan International Standard Electronics Co., Ltd.		Associate
So-net Entertainment Taiwan Limited		Associate
KKBOX Taiwan Co., Ltd.		Associate
KingwayTek Technology Co., Ltd.		Associate
Taiwan International Ports Logistics Corporation		Associate
Senao Networks, Inc.		Associate
EnGenius Networks Inc.		Subsidiary of the Company’s associate, SNI
EnRack Technology Inc.		Subsidiary of the Company’s associate, SNI
Emplus Technologies, Inc.		Subsidiary of the Company’s associate, SNI
ST-2 Satellite Ventures Pte., Ltd.		Associate
CHT Infinity Singapore Pte., Ltd.		Associate
Viettel-CHT Co., Ltd.		Associate
PT. CHT Infinity Indonesia		Subsidiary of the Company’s associate, CISG
Click Force Co., Ltd.		Associate
Chunghwa PChome Fund I Co., Ltd.		Associate
Cornerstone Ventures Co., Ltd.		Associate
Next Commercial Bank Co., Ltd.		Associate
WiAdvance Technology Corporation		Associate
AgriTalk Technology Inc.		Associate
Imedtac Co., Ltd.		Associate
Baohwa Trust Co., Ltd.		Associate
Porrima Inc.		Associate
Taiwania Hive Technology Fund L.P.		Associate
Chunghwa SEA Holdings		Joint venture
Other related parties
Chunghwa Telecom Foundation		A nonprofit organization of which the funds donated by Chunghwa exceeds one third of its total<br>funds
Senao Technical and Cultural Foundation		A nonprofit organization of which the funds donated by SENAO exceeds one third of its total<br>funds
Sochamp Technology Co., Ltd.		Investor of significant influence over CHST
Tsann Kuen Enterprise Co., Ltd.		Substantial related party of SENAO
E-Life Mall Co., Ltd.		Substantial related party of SENAO
Engenius Technologies Co., Ltd.		Substantial related party of SENAO
Cheng Keng Investment Co., Ltd.		Substantial related party of SENAO
Cheng Feng Investment Co., Ltd.		Substantial related party of SENAO
All Oriented Investment Co., Ltd.		Substantial related party of SENAO
Hwa Shun Investment Co., Ltd.		Substantial related party of SENAO
Yu Yu Investment Co., Ltd.		Substantial related party of SENAO
Kangsin Co., Ltd.		Substantial related party of SENAO
United Daily News Co., Ltd.		Investor of significant influence over SFD
Shenzhen Century Communication Co., Ltd.		Investor of significant influence over SCT
Advantech Co., Ltd.		Investor of significant influence over IISI
Z-Com, Inc.		Investor of significant influence over CHST

• 92 -

b.	Balances and transactions between Chunghwa and its subsidiaries, which are related parties of Chunghwa, have<br>been eliminated on consolidation and are not disclosed in this note. Terms of the foregoing transactions with related parties were not significantly different from transactions with non-related parties. When no similar transactions with non-related<br>parties can be referenced, terms were determined in accordance with mutual agreements. Details of transactions between the Company and other related parties are disclosed below:
1)	Operating transactions
:---	:---
		Revenues
---	---	---	---	---
		Year Ended December 31
		2024		2023
Associates		401,964		403,166
Others		65,231		56,871
		467,195		460,037

All values are in US Dollars.

		Operating Costs and Expenses
		Year Ended December 31
		2024		2023
Associates		1,108,287		1,322,041
Others		82,091		74,197
		1,190,378		1,396,238

All values are in US Dollars.

2)	Non-operating transactions
		Non-operating Income and Expenses
---	---	---	---	---
		Year Ended December 31
		2024		2023
Associates		40,193		37,722
Others		1,297		1,865
		41,490		39,587

All values are in US Dollars.

3)	Receivables
		December 31
---	---	---	---	---
		2024		2023
Associates		183,753		75,994
Others		9,251		2,095
		193,004		78,089

All values are in US Dollars.

• 93 -

4)	Payables
		December 31
---	---	---	---	---
		2024		2023
Associates		476,069		380,663
Others		4,332		4,426
		480,401		385,089

All values are in US Dollars.

5)	Customers’ deposits
		December 31
---	---	---	---	---
		2024		2023
Associates		3,557		19,432
Others		—		284
		3,557		19,716

All values are in US Dollars.

6)	Acquisition of property, plant and equipment
		Year Ended December 31
---	---	---	---	---
		2024		2023
Associates		144,048		173,283

All values are in US Dollars.

7)	Acquisition of intangible assets
		Year Ended December 31
---	---	---	---	---
		2024		2023
Associates		429		—

All values are in US Dollars.

8)	Lease-in agreements

Chunghwa entered into a contract with ST-2 Satellite Ventures Pte., Ltd. on March 12, 2010 to lease capacity on the ST-2 satellite. This lease term is for 15 years which should start from the official operation of ST-2 satellite and the total contract value is approximately $6,000,000 thousand (SGD 260,723 thousand), including a prepayment of $3,067,711 thousand at the inception of the lease, and the rest of amount should be paid annually when ST-2 satellite starts its official operation. ST-2 satellite was launched in May 2011 and began its official operation in August 2011. As ST-2 satellite is in good operating condition, the useful life is extended for another 3 years and 3 months after evaluation in 2021. The Board of Directors of Chunghwa approved to extend the lease period accordingly with the original contract terms in December 2021; therefore, Chunghwa acquired right-of-use asset of $1,124,780 thousand from the aforementioned lease extension.

The lease liabilities of ST-2 Satellite Ventures Pte., Ltd. as of balance sheet dates were as follows:

		December 31
		2024		2023
Lease liabilities - current		204,393		197,278
Lease liabilities - noncurrent		1,463,029		1,602,633
		1,667,422		1,799,911

All values are in US Dollars.

• 94 -

The interest expense recognized for the aforementioned lease liabilities for the years ended December 31, 2024 and 2023 were $7,478 thousand and $8,013 thousand, respectively.

9)	Others

The bank deposits and other financial assets of NCB as of balance sheet dates were as follows:

		December 31
		2024		2023
Bank deposits and other financial assets		2,708,878		1,132,008

All values are in US Dollars.

The interest income recognized for the aforementioned bank deposits and other financial assets for the years ended December 31, 2024 and 2023 were $24,717 thousand and $1,058 thousand, respectively.

c.	Compensation of key management personnel

The compensation of directors and key management personnel was as follows:

		Year Ended December 31
		2024		2023
Short-term employee benefits		368,646		351,719
Post-employment benefits		8,986		26,167
Share-based payment		920		1,240
		378,552		379,126

All values are in US Dollars.

The compensation of directors and key management personnel was mainly determined by the compensation committee having regard to the performances and market trends.

39.	PLEDGED ASSETS

The following assets are mainly pledged as collaterals for bank loans, customs duties of the imported materials and warranties of contract performance, or the trust account the Company entrusts to Land Bank of Taiwan for fund control and property rights management.

		December 31
		2024		2023
Property, plant and equipment		2,439,320		2,468,835
Land held under development (included in inventories)		1,998,733		1,998,733
Restricted assets (included in other assets - others)		1,189,118		546,022
		5,627,171		5,013,590

All values are in US Dollars.

40.	SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

Except for those disclosed in other notes, the Company’s significant commitments and contingent liabilities as of December 31, 2024 were as follows:

a.	Acquisitions of property, plant and equipment of $14,395,862 thousand.
b.	Acquisitions of telecommunications-related inventory of $12,365,679 thousand.
:---	:---

• 95 -

c.	Unused letters of credit amounting to $10,000 thousand.
d.	A commitment to contribute $2,000,000 thousand to a Piping Fund administered by the Taipei City Government, of<br>which $1,000,000 thousand was contributed by Chunghwa on August 15, 1996 (classified as other financial assets - noncurrent). If the fund is not sufficient, Chunghwa will contribute the remaining $1,000,000 thousand upon notification from the<br>Taipei City Government.
:---	:---
e.	Chunghwa committed that when its ownership interest in NCB is greater than 25% and NCB encounters financial<br>difficulty or the capital adequacy ratio of NCB cannot meet the related regulation requirements, Chunghwa will provide financial support to assist NCB in maintaining a healthy financial condition.
:---	:---
f.	Chunghwa signed a contract, the ST-2 Satellite Succession Plan, with Singapore Telecommunications Limited, for<br>a total transaction price of EUR 177,000 thousand and SGD 51,000 thousand. As of December 31, 2024, Chunghwa had paid the amount of EUR 89,385 thousand (classified as prepayments - noncurrent).
:---	:---
g.	The Company has signed the house and land presale contracts amounting to $7,703,522 thousand and has received<br>$1,064,150 thousand in accordance with the contracts (classified as contract liabilities).
:---	:---
h.	Chunghwa’s Board of Directors approved an investment in Cultural Content Industry Fund in February 2024.<br>The investment amount is capped at $1,200,000 thousand.
:---	:---
41.	SIGNIFICANT SUBSEQUENT EVENTS
:---	:---
a.	Chunghwa’s Board of Directors approved an investment in TRF 1 L.P. at the amount of $300,000 thousand in<br>January 2025.
:---	:---
b.	Chunghwa no longer had more than half of seats of the Board of Directors of CHST since January 2025. As a<br>result, the Company lost control over CHST and recognized CHST as an investment in associate.
:---	:---
42.	SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
:---	:---

The following information summarizes the disclosure of foreign currencies other than the functional currency of Chunghwa and its subsidiaries. The following exchange rates are the exchange rates used to translate to the presentation currency of the consolidated financial statements, which is the NTD:

	December 31, 2024
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	90,344			32.79		2,961,914
	1,663			34.14		56,783
SGD	44,547			24.13		1,074,925
RMB	39,339			4.478		176,160

(Continued)

• 96 -

	December 31, 2024
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Non-monetary items
Investments accounted for using equity method
	8,424			32.79		276,180
SGD	12,991			24.13		313,467
VND	451,398,010			0.0013		573,275
Liabilities denominated in foreign currencies
Monetary items
	37,087			32.79		1,215,887
	30,433			34.14		1,038,994
SGD	72,054			24.13		1,738,668
RMB	9,244			4.478		41,394

(Concluded)

	December 31, 2023
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	66,564			30.71		2,043,834
	1,999			33.98		67,919
SGD	39,515			23.29		920,308
RMB	35,777			4.327		154,806
Non-monetary items
Investments accounted for using equity method
SGD	12,255			23.29		285,430
VND	435,484,544			0.0012		542,178
Liabilities denominated in foreign currencies
Monetary items
	33,534			30.71		1,029,674
	19,875			33.98		675,342
SGD	80,039			23.29		1,864,104
RMB	8,880			4.327		38,424

The unrealized foreign currency exchange gains were $19,319 thousand and $60,046 thousand for the years ended December 31, 2024 and 2023, respectively. Due to the various foreign currency transactions and the functional currency of each individual entity of the Company, foreign exchange gains and losses cannot be disclosed by the respective significant foreign currency.

• 97 -

43.	ADDITIONAL DISCLOSURES

Following are the additional disclosures required by the FSC for the Company:

a.	Financing provided: None.
b.	Endorsement/guarantee provided: Please see Table 1.
:---	:---
c.	Marketable securities held (excluding investments in subsidiaries, associates and joint ventures): Please see<br>Table 2.
:---	:---
d.	Marketable securities acquired or disposed of at costs or prices at least $300 million or 20% of the paid-in<br>capital: Please see Table 3.
:---	:---
e.	Acquisition of individual real estate at costs of at least $300 million or 20% of the paid-in capital: None.
:---	:---
f.	Disposal of individual real estate at prices of at least $300 million or 20% of the paid-in capital: None.
:---	:---
g.	Total purchases from or sales to related parties amounting to at least $100 million or 20% of the paid-in<br>capital: Please see Table 4.
:---	:---
h.	Receivables from related parties amounting to $100 million or 20% of the paid-in capital: Please see Table 5.
:---	:---
i.	Names, locations, and other information of investees on which the Company exercises significant influence<br>(excluding investments in Mainland China): Please see Table 6.
:---	:---
j.	Derivative instruments transactions: Please see Notes 7, 21 and 37.
:---	:---
k.	Investments in Mainland China: Please see Table 7.
:---	:---
l.	Intercompany relationships and significant intercompany transactions: Please see Table 8.
:---	:---
m.	Information of main stakeholders: Please see Table 9.
:---	:---
44.	SEGMENT INFORMATION
:---	:---

The Company’s reportable segments are “Consumer Business”, “Enterprise Business”, “International Business” and “Others”, which are managed separately because each segment represents a strategic business unit that serves different customers. Segment information is provided to the chief operating decision maker who allocates resources and assesses segment performance. The Company’s measure of segment performance is mainly based on revenues and income before income tax.

Some operating segments have been aggregated into a single operating segment taking into account the following factors: (a) the type or class of customer for the telecommunications products and services are similar; (b) the nature of the telecommunications products and services are similar; and (c) the methods used to provide the services to the customers are similar.

The accounting policies of the operating segments are the same as those described in Note 3.

• 98 -

Segment Revenues and Operating Results

Analysis by reportable segment of revenues and operating results of continuing operations are as follows:

		ConsumerBusiness		EnterpriseBusiness		InternationalBusiness		Others		Total
Year ended December 31, 2024
Revenues
From external customers		139,982,387		75,337,783		9,919,287		4,728,835		229,968,292
Intersegment revenues		2,764,922		884,308		1,107,156		376,459		5,132,845
Segment revenues		142,747,309		76,222,091		11,026,443		5,105,294		235,101,137
Intersegment elimination										(5,132,845	)
Consolidated revenues										229,968,292
Segment income before income tax		29,758,625		12,787,210		2,383,113		2,824,841		47,753,789
Year ended December 31, 2023
Revenues
From external customers		137,092,762		73,005,398		9,187,648		3,913,452		223,199,260
Intersegment revenues		2,626,405		1,013,500		995,374		405,967		5,041,246
Segment revenues		139,719,167		74,018,898		10,183,022		4,319,419		228,240,506
Intersegment elimination										(5,041,246	)
Consolidated revenues										223,199,260
Segment income before income tax		28,899,938		14,358,046		2,140,747		1,593,915		46,992,646

All values are in US Dollars.

Other Segment Information

Other information reviewed by the chief operating decision maker or regularly provided to the chief operating decision maker was as follows:

		ConsumerBusiness		EnterpriseBusiness		InternationalBusiness		Others		Total
Year ended December 31, 2024
Share of profits (loss) of associates and joint ventures accounted for using equity<br>method		(309,622	)	56,013		277,106		130,690		154,187
Interest income		28,783		56,663		57,673		637,849		780,968
Interest expenses		199,507		97,964		7,868		34,003		339,342
Depreciation and amortization		28,420,620		9,943,015		1,421,749		739,072		40,524,456
Reversal of impairment loss on investment properties		—		—		—		139,200		139,200
Year ended December 31, 2023
Share of profits (loss) of associates and joint ventures accounted for using equity<br>method		(135,439	)	29,219		282,804		66,790		243,374
Interest income		24,875		57,869		35,742		499,123		617,609
Interest expenses		185,198		93,829		7,788		32,348		319,163
Depreciation and amortization		28,698,662		9,720,829		1,354,075		737,581		40,511,147
Impairment loss on property, plant and equipment		248,647		50,184		60		—		298,891
Impairment loss on investment properties		—		—		—		335,903		335,903

All values are in US Dollars.

• 99 -

Main Products and Service Revenues

		Year Ended December 31
		2024		2023
Consumer Business
Mobile services		57,067,032		55,137,912
Fixed-line services		42,871,664		42,574,487
Sales		37,231,215		36,816,056
Others		2,812,476		2,564,307
		139,982,387		137,092,762
Enterprise Business
Fixed-line services		33,757,499		33,967,097
ICT business		27,791,544		24,696,935
Mobile services		9,151,593		9,118,667
Others		4,637,147		5,222,699
		75,337,783		73,005,398
International Business
Fixed-line services		5,086,694		5,389,496
ICT business		4,016,396		2,840,765
Others		816,197		957,387
		9,919,287		9,187,648
Others
Sales		3,803,048		3,033,953
Others		925,787		879,499
		4,728,835		3,913,452
		229,968,292		223,199,260

All values are in US Dollars.

Geographic Information

The users of the Company’s services are mainly from Taiwan, ROC. The revenues it derived outside Taiwan are mainly revenues from international long distance telephone and leased line services. The geographic information for revenues was as follows:

		Year Ended December 31
		2024		2023
Taiwan, ROC		220,398,322		215,265,149
Overseas		9,569,970		7,934,111
		229,968,292		223,199,260

All values are in US Dollars.

The Company has long-lived assets in U.S., Singapore, Hong Kong, China, Vietnam, Japan, Thailand and Germany for $2,947,697 thousand and $3,092,635 thousand as of December 31, 2024 and 2023, respectively, in the aforementioned areas, the other long-lived assets are located in Taiwan, ROC.

Major Customers

For the years ended December 31, 2024 and 2023, the Company did not have any single customer whose revenue exceeded 10% of the total revenues.

• 100 -

TABLE 1

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

No.<br><br>(Note 1)	Endorsement/<br><br>Guarantee<br>Provider	Guaranteed Party		Limits onEndorsement/GuaranteeAmountProvided toEachGuaranteedParty	MaximumBalancefor thePeriod	EndingBalance	ActualBorrowingAmount	Amount ofEndorsement/GuaranteeCollateralizedby Properties	Ratio of<br>Accumulated<br>Endorsement/<br>Guarantee to<br>Net Equity<br>Per Latest<br>Financial<br>Statements		MaximumEndorsement/GuaranteeAmountAllowable	Endorsement/<br>Guarantee<br>Given by<br>Parent on<br>Behalf of<br>Subsidiaries	Endorsement/<br>Guarantee<br>Given by<br>Subsidiaries<br>on Behalf of<br>Parent	Endorsement/<br>Guarantee<br>Given on<br>Behalf of<br>Companies<br>in Mainland<br>China	Note
		Name	Nature of<br>Relationship<br>(Note 2)
1	Senao International<br>Co., Ltd.	Aval Technologies<br>Co., Ltd.	b	643,844	300,000	300,000	300,000	—		4.66	3,219,219	Yes	No	No	Notes 3<br>and 4
`		Wiin Technology<br>Co., Ltd.	b	643,844	200,000	200,000	200,000	—		3.11	3,219,219	Yes	No	No	Notes 3<br>and 4

All values are in US Dollars.

Note 1:	Significant transactions between the Company and its subsidiaries or among subsidiaries are numbered as follows:
a.	“0” for the Company.
:---	:---
b.	Subsidiaries are numbered from “1”.
:---	:---
Note 2:	Relationships between the endorsement/guarantee provider and the guaranteed party:
:---	:---
a.	A company with which it does business.
:---	:---
b.	A company in which the Company directly and indirectly holds more than 50 percent of the voting shares.
:---	:---
c.	A company that directly and indirectly holds more than 50 percent of the voting shares in the Company.
:---	:---
d.	Companies in which the Company holds, directly or indirectly, 90% or more of the voting shares.
:---	:---
e.	The Company fulfills its contractual obligations by providing mutual endorsements/guarantees for another company<br>in the same industry or for joint builders for purposes of undertaking a construction project.
:---	:---
f.	All capital contributing shareholders make endorsements/guarantees for their jointly invested company in<br>proportion to their shareholding percentages.
:---	:---
g.	Companies in the same industry provide among themselves jointly and severally guarantee for a performance<br>guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other.
:---	:---
Note 3:	The limits on endorsement or guarantee amount provided to each guaranteed party is up to 10% of the net assets<br>value of the latest financial statements of Senao International Co., Ltd.
:---	:---
Note 4:	The total amount of endorsement or guarantee that the Company is allowed to provide is up to 50% of the net<br>assets value of the latest financial statements of Senao International Co., Ltd.
:---	:---

• 101 -

TABLE 2

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

MARKETABLE SECURITIES HELD

DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Held Company Name	Marketable Securities Type and Name	Relationship with<br>the Company		Financial Statement Account	December 31, 2024						Note
					Shares<br>(Thousands/<br>Thousand Units)		Carrying Value(Note 1)	Percentage of<br>Ownership		Fair Value
Chunghwa Telecom Co., Ltd.	Stocks
	Taipei Financial Center Corp.		—	Financial assets at FVOCI		172,927	3,757,704		12	3,757,704		—
	iKala Global Online Corp.		—	Financial assets at FVOCI		112,500	281,045		8	281,045		—
	KKCompany Technologies Inc.		—	Financial assets at FVOCI		2,762	246,582		2	246,582		—
	4 Gamers Entertainment Inc.		—	Financial assets at FVOCI		136	136,117		19.9	136,117		—
	Industrial Bank of Taiwan II Venture Capital Co., Ltd. (IBT II)		—	Financial assets at FVOCI		5,252	17,098		17	17,098		—
	Taiwan mobile payment Co., Ltd.		—	Financial assets at FVOCI		1,200	4,532		2	4,532		—
	Innovation Works Limited		—	Financial assets at FVOCI		1,000	3,572		2	3,572		—
	RPTI Intergroup International Ltd.		—	Financial assets at FVOCI		4,765	—		10	—		—
	Global Mobile Corp.		—	Financial assets at FVOCI		7,617	—		3	—		—
	Taiwania Capital Buffalo Fund Co., Ltd.		—	Financial assets at FVTPL - noncurrent		555,600	450,621		13	450,621		—
	TOP TAIWAN XIV VENTURE CAPITAL CO., LTD.		—	Financial assets at FVTPL - noncurrent		20,000	178,116		9	178,116		—
	Innovation Works Development Fund, L.P.		—	Financial assets at FVTPL - noncurrent		—	15,575		4	15,575		—
	Limited partnership
	Taiwania Capital Buffalo Fund VI, L.P.		—	Financial assets at FVTPL - noncurrent		—	276,479		10	276,479		—
	Corporate bonds
	Fubon Life Insurance Co., Ltd.		—	Financial assets at amortized cost		2	2,000,000		—	2,002,268		—
Senao International Co., Ltd.	Stocks
	N.T.U. Innovation Incubation Corporation		—	Financial assets at FVOCI		1,200	11,091		9	11,091		—
CHIEF Telecom Inc.	Stocks
	WT Microelectronics Co., Ltd.		—	Financial assets at FVOCI		361	17,978		—	17,978		Note 2
	3 Link Information Service Co., Ltd.		—	Financial assets at FVOCI		37	6,390		10	6,390		—
Chunghwa Investment Co., Ltd.	Stocks
	PChome Online Inc.		—	Financial assets at FVOCI		1,875	81,481		1	81,481		Note 2
	Tatung Technology Inc.		—	Financial assets at FVOCI		4,571	37,767		11	37,767		—
	Bossdom Digiinnovation Co., Ltd.		—	Financial assets at FVOCI		2,309	26,554		7	26,554		Note 2
	KEYXENTIC INC.		—	Financial assets at FVOCI		600	26,092		11	26,092		—
	ioNetworks Inc.		—	Financial assets at FVOCI		107	12,973		2	12,973		—
	iSing99 Inc.		—	Financial assets at FVOCI		10,000	—		7	—		—
	Powtec ElectroChemical Corporation		—	Financial assets at FVOCI		20,000	—		2	—		—
	Limited partnership
	Taiwania Capital Buffalo Fund V, L.P.		—	Financial assets at FVTPL - noncurrent		—	30,848		3	30,848		—
CHT Security Co., Ltd.	Stocks<br><br>TXOne Networks<br>Inc.		—	Financial assets at FVTPL - noncurrent		91	16,840		—	16,840		—

All values are in US Dollars.

Note 1:	Except debt instrument investments are shown at amortized cost, the remaining are shown at carrying amounts with<br>fair value adjustments.
Note 2:	Fair value was based on the closing price on the last trading day of the reporting period.
:---	:---

• 102 -

TABLE 3

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

MARKETABLE SECURITIES ACQUIRED AND DISPOSED OF AT COSTS OR PRICES OF AT LEAST NT$300 MILLION OR 20% OF THE PAID-IN CAPITAL

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

							Beginning Balance				Acquisition			Disposal					Ending Balance
Company Name	Marketable Securities Type and Name	Financial Statement Account	Counter-<br>party		Nature of<br>Relationship		Shares<br>(Thousands/<br>Thousand<br>Units)		Amount		Shares<br>(Thousands/<br>Thousand<br>Units)		Amount	Shares<br>(Thousands/<br>Thousand<br>Units)		Amount	CarryingValue	Gain onDisposal	Shares<br>(Thousands/<br>Thousand<br>Units)		Amount
Chunghwa Telecom Co., Ltd.	Corporate bonds
	Fubon Life Insurance Co., Ltd.	Financial assets at amortized cost		—		—		—	—			2	2,000,000		—	—	—	—		2	2,000,000
Senao International Co., Ltd.	Stocks
	Senao Networks, Inc.	Investments accounted for using equity method		—		Associate		16,579	202,758<br><br>(Note	)		3,003	375,428		—	—	—	—		19,582	578,186<br><br>(Note	)

All values are in US Dollars.

Note:	Showing at the original investment amounts without adjustments for investment income or loss and other<br>comprehensive income accounted for using equity method.

• 103 -

TABLE 4

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Company Name	Related Party	Nature of<br>Relationship	Transaction Details					Abnormal Transaction		Notes / Accounts Payableor Receivable
			Purchases/Sales<br><br>(Note 1)	Amount(Note 4)	% to Total		Payment Terms	Unit Price	Payment Terms	Ending Balance(Notes 2 and 4)		% to Total
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Subsidiary	Sales	4,754,091		2	30 days	—	—	286,349			1
			Purchase	1,500,532		1	30~90 days	—	—	(990,839	)		(6	)
	CHIEF Telecom Inc.	Subsidiary	Sales	516,009		—	30 days	—	—	72,072			—
			Purchase	121,161		—	60 days	—	—	(35,443	)		—
	Chunghwa System Integration Co., Ltd.	Subsidiary	Purchase	1,155,582		1	30 days	—	—	(430,491	)		(3	)
	CHYP Multimedia Marketing & Communications Co., Ltd.	Subsidiary	Purchase	211,596		—	30 days	—	—	(68,032	)		—
	Honghwa International Co., Ltd.	Subsidiary	Sales	212,824		—	30~60 days	—	—	5,078			—
			Purchase	7,387,665		6	30~60 days	—	—	(1,587,481	)		(9	)
	Donghwa Telecom Co., Ltd.	Subsidiary	Sales	190,275		—	30 days	—	—	69,017			—
			Purchase	610,172		1	90 days	—	—	(169,001	)		(1	)
	Chunghwa Telecom Global, Inc.	Subsidiary	Sales	177,761		—	30~90 days	—	—	28,087			—
			Purchase	347,950		—	90 days	—	—	(79,490	)		—
	Chunghwa Telecom Singapore Pte., Ltd.	Subsidiary	Purchase	252,657		—	30 days	—	—	(193,118	)		(1	)
	Chunghwa Telecom Japan Co., Ltd.	Subsidiary	Purchase	105,462		—	30~90 days	—	—	(14,683	)		—
	CHT Security Co., Ltd.	Subsidiary	Purchase	245,755		—	30 days	—	—	(202,707	)		(1	)
	International Integrated Systems, Inc.	Subsidiary	Purchase	666,816		1	30 days	—	—	(133,203	)		(1	)
	Senyoung Insurance Agent Co., Ltd.	Subsidiary	Sales	165,285		—	30 days	—	—	48,597			—
	Taiwan International Standard Electronics Co., Ltd.	Associate	Purchase	679,995		1	30~90 days	—	—	(383,527	)		(2	)
	WiAdvance Technology Corporation	Associate	Purchase	151,614		—	60 days	—	—	(35,497	)		—
Senao International Co., Ltd.	Aval Technologies Co., Ltd.	Subsidiary	Purchase	269,566		1	30 days	—	—	(26,280	)		(1	)
	Senyoung Insurance Agent Co., Ltd.	Subsidiary	Sales	104,737		—	60 days	—	—	28,976			2
CHIEF Telecom Inc.	So-net Entertainment Taiwan Limited	Associate	Sales	144,729		4	30 days	—	—	24,726			7
Chunghwa Precision Test Tech. Co., Ltd.	Su Zhou Precision Test Tech. Ltd.	Subsidiary	Sales	344,101		10	90 days	—	—	139,648			14

All values are in US Dollars.

Note 1:	Purchases include costs to acquire services.
Note 2:	Notes and accounts receivable did not include the amounts collected for others and other receivables.
:---	:---
Note 3:	Transaction terms with related parties were determined in accordance with mutual agreements when there were no<br>similar transactions with third parties. Other transactions with related parties were not significantly different from those with third parties.
:---	:---
Note 4:	All intercompany transactions, balances, income and expenses are eliminated upon consolidation.
:---	:---

• 104 -

TABLE 5

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Company Name	Related Party	Nature of<br><br>Relationship	EndingBalance		Turnover Rate<br><br>(Note 1)	Overdue			Amounts Receivedin SubsequentPeriod	Allowance forBad Debts
						Amounts	Action<br>Taken
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Subsidiary	440,287<br><br>(Note 2	)	10.90	—		—	424,632	—
Senao International Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	1,155,847<br><br>(Note 2	)	9.24	—		—	162,252	—
Chunghwa System Integration Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	430,491<br><br>(Note 2	)	3.22	—		—	349,920	—
Honghwa International Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	1,609,518<br><br>(Note 2	)	5.28	—		—	379,518	—
CHT Security Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	197,691<br><br>(Note 2	)	3.52	—		—	197,447	—
International Integrated Systems, Inc.	Chunghwa Telecom Co., Ltd.	Parent company	133,203<br><br>(Note 2	)	8.25	—		—	92,697	—
Donghwa Telecom Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	169,001<br><br>(Note 2	)	5.73	—		—	97,169	—
Chunghwa Telecom Singapore Pte., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company	193,069<br><br>(Note 2	)	10.19	—		—	183,978	—
Chunghwa Precision Test Tech. Co., Ltd.	Su Zhou Precision Test Tech. Ltd.	Subsidiary	139,648<br><br>(Note 2	)	3.03	—		—	44,773	—

All values are in US Dollars.

Note 1:	Payments and receipts collected in trust for others are excluded from the accounts receivable in calculating the<br>turnover rate.
Note 2:	The amount was eliminated upon consolidation.
:---	:---

• 105 -

TABLE 6

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		Balance as of December 31, 2024						Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1and 2)		Note
				December 31,2024	December 31,2023	Shares<br>(Thousands)		Percentage of<br>Ownership (%)		CarryingValue
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Taiwan	Handset and peripherals retailer; sales of CHT mobile phone plans as an<br>agent	1,065,813	1,065,813		71,773		28	1,751,465		478,310		126,693		Subsidiary (Notes 3 and 5)
	Light Era Development Co., Ltd.	Taiwan	Planning and development of real estate and intelligent buildings, and property management	3,000,000	3,000,000		300,000		100	3,839,467		22,463		16,550		Subsidiary (Note 5)
	Donghwa Telecom Co., Ltd.	Hong Kong	International private leased circuit, IP VPN service, and IP transit services	691,163	691,163		178,590		100	928,105		102,336		102,336		Subsidiary (Note 5)
	Chunghwa Telecom Singapore Pte., Ltd.	Singapore	International private leased circuit, IP VPN service, and IP transit services	574,112	574,112		26,383		100	1,282,150		197,558		197,591		Subsidiary (Note 5)
	Chunghwa System Integration Co., Ltd.	Taiwan	Providing system integration services and telecommunications equipment	838,506	838,506		60,000		100	695,078		42,749		33,394		Subsidiary (Note 5)
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud<br>application services	459,652	459,652		43,368		56	2,333,846		1,076,506		615,046		Subsidiary (Note 5)
	Chunghwa Investment Co., Ltd.	Taiwan	Investment	639,559	639,559		68,085		89	3,167,570		165,467		147,392		Subsidiary (Note 5)
	Prime Asia Investments Group Ltd.	British Virgin Islands	Investment	385,274	385,274		1		100	183,762		10,422		10,422		Subsidiary (Note 5)
	Honghwa International Co., Ltd.	Taiwan	Telecommunication engineering, sales agent of mobile phone plan application and other business<br>services, etc.	180,000	180,000		18,000		100	676,828		348,886		349,983		Subsidiary (Notes 3 and 5)
	CHYP Multimedia Marketing & Communications Co., Ltd.	Taiwan	Digital information supply services and advertisement services	150,000	150,000		15,000		100	210,581		22,797		23,758		Subsidiary (Note 5)
	Chunghwa Telecom Vietnam Co., Ltd.	Vietnam	Intelligent energy saving solutions, international circuit, and information and communication<br>technology (“ICT”) services	148,275	148,275		—		100	76,320		1,086		1,086		Subsidiary (Note 5)
	Chunghwa Telecom Global, Inc.	United States	International private leased circuit, internet services, and transit services	70,429	70,429		6,000		100	855,234		96,926		96,926		Subsidiary (Note 5)
	CHT Security Co., Ltd.	Taiwan	Computing equipment installation, wholesale of computing and business machinery equipment and<br>software, management consulting services, data processing services, digital information supply services and internet identify services	230,580	240,000		23,058		63	499,199		379,186		213,427		Subsidiary (Note 5)
	Chunghwa Telecom (Thailand) Co., Ltd.	Thailand	International private leased circuit, IP VPN service, ICT and cloud VAS services	119,624	119,624		1,300		100	149,832		18,124		18,124		Subsidiary (Note 5)
	Spring House Entertainment Tech. Inc.	Taiwan	Software design services, internet contents production and play, and motion picture production and<br>distribution	62,209	62,209		8,251		56	166,407		35,896		20,116		Subsidiary (Note 5)
	Chunghwa leading Photonics Tech Co., Ltd.	Taiwan	Production and sale of electronic components and finished products	70,500	70,500		7,050		70	196,351		62,570		45,456		Subsidiary (Note 5)
	Smartfun Digital Co., Ltd.	Taiwan	Providing diversified family education digital services	65,000	65,000		6,500		65	84,284		19,355		12,464		Subsidiary (Note 5)
	Chunghwa Telecom Japan Co., Ltd.	Japan	International private leased circuit, IP VPN service, and IP transit services	17,291	17,291		1		100	280,861		131,769		131,769		Subsidiary (Note 5)
	Chunghwa Sochamp Technology Inc.	Taiwan	Design, development and production of Automatic License Plate Recognition software and<br>hardware	20,400	20,400		2,040		37	(15,290	)	(18,310	)	(7,568	)	Subsidiary (Note 5)
	International Integrated Systems, Inc.	Taiwan	IT solution provider, IT application consultation, system integration and package solution	507,363	517,423		36,205		50	654,315		123,640		70,707		Subsidiary (Note 5)
	Chunghwa Digital Cultural and Creative Capital Co., Ltd	Taiwan	Investment and management consulting	50,000	—		5,000		100	39,201		(11,033	)	(10,799	)	Subsidiary (Note 5)

All values are in US Dollars.

(Continued)

• 106 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		Balance as of December 31, 2024				Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and 2)		Note
				December 31,2024	December 31,2023	Shares<br>(Thousands)		Percentage of<br>Ownership (%)	CarryingValue
	Chunghwa Telecom Europe GmbH	Germany	International private leased circuit, internet services, transit services and ICT services	122,675	—		3,500	100	116,752	(2,786	)	(2,786	)	Subsidiary (Note 5)
	Viettel-CHT Co., Ltd.	Vietnam	IDC services	288,327	288,327		—	30	573,275	345,025		103,507		Associate
	Taiwan International Standard Electronics Co., Ltd.	Taiwan	Manufacturing, selling, designing, and maintaining of telecommunications systems and<br>equipment	164,000	164,000		1,760	40	379,357	355,126		148,988		Associate
	KKBOX Taiwan Co., Ltd.	Taiwan	Providing of music on-line, software, electronic information, and advertisement services	67,025	67,025		4,438	30	151,241	(60,360	)	(18,108	)	Associate
	So-net Entertainment Taiwan Limited	Taiwan	Online service and sale of computer hardware	120,008	120,008		9,429	30	192,968	(108,913	)	(32,674	)	Associate
	KingwayTek Technology Co., Ltd.	Taiwan	Design and sale of digital map, technical support for computer peripherals device, design and<br>development of system programming projects	66,684	66,684		12,720	23	278,967	82,155		18,640		Associate
	Taiwan International Ports Logistics Corporation	Taiwan	Import and export storage, logistic warehouse, and ocean shipping service	80,000	80,000		8,000	27	133,836	149,563		39,888		Associate
	Chunghwa PChome Fund I Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy<br>service	200,000	200,000		20,000	50	252,625	(10,065	)	(5,032	)	Associate
	Cornerstone Ventures Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy<br>service	4,900	4,900		490	49	5,274	238		116		Associate
	Next Commercial Bank Co., Ltd.	Taiwan	Online banking business	5,733,847	5,733,847		462,643	46	3,950,922	(747,135	)	(339,445	)	Associate
	Chunghwa SEA Holdings	Taiwan	Investment business	10,200	10,200		1,020	51	9,251	(415	)	(212	)	Joint venture
	WiAdvance Technology Corporation	Taiwan	Software solution integration	273,800	273,800		3,700	16	273,440	(44,229	)	(14,674	)	Associate
	Taiwania Hive Technology Fund L.P.	Cayman Islands	Investment business	288,405	—		—	42	276,180	(29,280	)	(12,225	)	Associate
Senao International Co., Ltd.	Senao Networks, Inc.	Taiwan	Telecommunication facilities manufactures and sales	578,186	202,758		19,582	33	1,998,346	240,274		80,605		Associate
	Youth Co., Ltd.	Taiwan	Sale of information and communication technologies products	427,850	427,850		14,752	96	161,398	119		(7,993	)	Subsidiary (Note 5)
	Aval Technologies Co., Ltd.	Taiwan	Sale of information and communication technologies products	89,550	89,550		13,266	100	142,721	5,262		5,260		Subsidiary (Note 5)
	Senyoung Insurance Agent Co., Ltd.	Taiwan	Property and liability insurance agency	59,000	59,000		8,909	100	137,702	34,239		34,239		Subsidiary (Note 5)
CHIEF Telecom Inc.	Unigate Telecom Inc.	Taiwan	Telecommunications and internet service	2,000	2,000		200	100	1,446	112		112		Subsidiary (Note 5)
	Chief International Corp.	Samoa Islands	Telecommunications and internet service	6,068	6,068		200	100	115,050	6,387		6,387		Subsidiary (Note 5)
Chunghwa Telecom Singapore Pte., Ltd.	ST-2 Satellite Ventures Pte., Ltd.	Singapore	Operation of ST-2 telecommunications satellite	21,309	21,309		943	38	313,467	490,184		186,909		Associate
	CHT Infinity Singapore Pte., Ltd.	Singapore	Investment business	55,720	55,720		2,000	40	60,782	(2,184	)	(874	)	Associate
Chunghwa Investment Co., Ltd.	Chunghwa Precision Test Tech. Co., Ltd.	Taiwan	Production and sale of semiconductor testing components and printed circuit board	178,608	178,608		11,230	34	2,752,583	509,712		174,571		Subsidiary (Note 5)
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud<br>application services	19,064	19,064		2,286	3	114,303	1,076,506		31,601		Associate (Note 5)
	Senao International Co., Ltd.	Taiwan	Selling and maintaining mobile phones and its peripheral products	49,731	49,731		1,001	—	45,700	478,310		1,854		Associate (Note 5)
	AgriTalk Technology Inc.	Taiwan	Providing smart agricultural solutions, scientific agricultural product, biological inhibitor, and<br>biochips	65,175	65,175		3,300	29	26,254	(16,841	)	(4,543	)	Associate
	Imedtac Co., Ltd.	Taiwan	Providing medical AIoT solution, biomedical engineering services, and sales of medical device as an<br>agent	91,381	59,467		1,828	10	56,667	(58,494	)	(6,472	)	Associate
	Porrima Inc.	Taiwan	Designing and selling zero-emission ships	80,000	—		8,000	10	77,634	(23,659	)	(2,366	)	Associate

All values are in US Dollars.

(Continued)

• 107 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		Balance as of December 31, 2024					Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and 2)		Note
				December 31,2024	December 31,2023	Shares<br>(Thousands)		Percentage of<br>Ownership (%)		CarryingValue
Chunghwa Precision Test Tech. Co., Ltd.	Chunghwa Precision Test Tech USA Corporation	United States	Design and after-sale services of semiconductor testing components and printed circuit<br>board	74,192	74,192		2,600		100	109,778	1,814		1,661		Subsidiary (Note 5)
	CHPT Japan Co., Ltd.	Japan	Related services of electronic parts, machinery processed products and printed circuit<br>board	2,008	2,008		1		100	2,228	85		85		Subsidiary (Note 5)
	Chunghwa Precision Test Tech. International, Ltd.	Samoa Islands	Wholesale and retail of electronic materials, and investment	173,649	173,649		5,700		100	152,529	(10,497	)	(8,625	)	Subsidiary (Note 5)
	TestPro Investment Co., Ltd.	Taiwan	Investment	135,000	135,000		13,500		100	35,832	(26,395	)	(28,198	)	Subsidiary (Note 5)
TestPro Investment Co., Ltd.	NavCore Tech. Co., Ltd	Taiwan	Sale and manufacturing of smart equipment, smart factory software and hardware integration and<br>technical consulting service	108,500	108,500		10,850		54	31,097	(48,867	)	(26,510	)	Subsidiary (Note 5)
Prime Asia Investments Group, Ltd.	Chunghwa Hsingta Co., Ltd.	Hong Kong	Investment	375,274	375,274		1		100	183,762	10,422		10,422		Subsidiary (Note 5)
Youth Co., Ltd.	ISPOT Co., Ltd.	Taiwan	Sale of information and communication technologies products	53,021	53,021		—		100	14,099	722		530		Subsidiary (Note 5)
Aval Technologies Co., Ltd.	Wiin Technology Co., Ltd.	Taiwan	Sale of information and communication technologies products	29,550	29,550		4,728		100	52,600	3,350		3,350		Subsidiary (Note 5)
CHYP Multimedia Marketing & Communications Co., Ltd	Click Force Marketing Company	Taiwan	Advertisement services	44,607	44,607		1,960		49	51,011	21,421		10,509		Associate
International Integrated Systems, Inc.	Unitronics Technology Corp.	Taiwan	Development and maintenance of information system	55,610	55,610		5,067		100	74,274	(1,979	)	(1,979	)	Subsidiary (Note 5)
CHT Security Co., Ltd.	Baohwa Trust Co., Ltd.	Taiwan	VR integration and AIoT security services	20,000	20,000		2,000		25	11,967	6,599		1,650		Associate

All values are in US Dollars.

Note 1:	The amounts were based on audited financial statements.
Note 2:	Recognized gain (loss) of investees includes amortization of differences between the investment cost and net<br>value and elimination of unrealized transactions.
:---	:---
Note 3:	Recognized gain (loss) and carrying value of the investees did not include the adjustment of the difference<br>between the accounting treatment on standalone basis and consolidated basis as a result of the application of IFRS 15.
:---	:---
Note 4:	Investments in mainland China are included in Table 7.
:---	:---
Note 5:	The amount was eliminated upon consolidation.
:---	:---

(Concluded)

• 108 -

TABLE 7

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INVESTMENTS IN MAINLAND CHINA

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Investee		Main Businesses and Products		Total Amountof Paid-inCapital		Investment<br>Type<br>(Note 1)			AccumulatedOutflow ofInvestmentfrom Taiwanas ofJanuary 1, 2024		Investment Flows				AccumulatedOutflow ofInvestmentfrom Taiwanas ofDecember 31,2024		Net Income(Loss) of theInvestee		% Ownership<br>of Direct or<br>Indirect<br>Investment			InvestmentGain (Loss)(Note 2)		Carrying Valueas ofDecember 31,2024		AccumulatedInwardRemittance ofEarningsas ofDecember 31,2024		Note
											Outflow		Inflow
Chunghwa Telecom (China) Co., Ltd.		Integrated information and communication solution services for enterprise clients, and intelligent<br>energy network service		177,176			2		177,176		—		—		177,176		—			100		—		—		—		Notes 6<br>and 9
Jiangsu Zhenghua Information Technology Company, LLC		Providing intelligent energy saving solution and intelligent buildings services		189,410			2		142,057		—		—		142,057		—			75		—		—		—		Notes 7<br>and 9
Shanghai Taihua Electronic Technology Limited		Design of printed circuit board and related consultation service		51,233			2		51,233		—		—		51,233		789			100		789		9,288		—		Notes 8<br>and 9
Su Zhou Precision Test Tech. Ltd.		Assembly processed of circuit board, design of printed circuit board and related consultation<br>service		119,199			2		119,199		—		—		119,199		(11,434	)		100		(11,434	)	158,649		—		Notes 8<br>and 9
Shanghai Chief Telecom Co., Ltd.		Telecommunications and internet service		10,150			1		4,973		—		—		4,973		1,659			49		813		6,323		9,533		Note 9

All values are in US Dollars.

Investee		Accumulated Investment inMainland China as ofDecember 31, 2024		Investment AmountsAuthorized by InvestmentCommission, MOEA		Upper Limit on InvestmentStipulated by InvestmentCommission, MOEA
Chunghwa Telecom Co., Ltd. (Note 3)		319,233		319,233		238,862,913
Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries (Note 4)		170,432		216,185		4,834,666
CHIEF Telecom Inc. and its subsidiaries (Note 5)		4,973		4,973		2,342,766

All values are in US Dollars.

Note 1:	Investments are divided into three categories as follows:
a.	Direct investment.
:---	:---
b.	Investments through a holding company registered in a third region.
:---	:---
c.	Others.
:---	:---
Note 2:	The amounts were calculated based on the investee’s audited financial statements.
:---	:---
Note 3:	Chunghwa Telecom Co., Ltd. was calculated based on the consolidated net assets value of Chunghwa Telecom Co.,<br>Ltd.
:---	:---
Note 4:	Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries were calculated based on the consolidated net<br>assets value of Chunghwa Precision Test Tech. Co., Ltd.
:---	:---
Note 5:	CHIEF Telecom Inc. and its subsidiaries were calculated based on the consolidated net assets value of CHIEF<br>Telecom Inc.
:---	:---
Note 6:	Chunghwa Telecom (China) Co., Ltd., a reinvestment through Chunghwa Hsingta Co., Ltd., completed its liquidation<br>in October 2022.
:---	:---
Note 7:	Jiangsu Zhenhua Information Technology Company, LLC., a reinvestment through Chunghwa Hsingta Co., Ltd.,<br>completed its liquidation in December 2018.
:---	:---
Note 8:	Shanghai Taihua Electronic Technology Limited and Su Zhou Precision Test Tech. Ltd. were reinvestments through<br>Chunghwa Precision Test Tech. International, Ltd.
:---	:---
Note 9:	The amount was eliminated upon consolidation.
:---	:---

(Concluded)

• 109 -

TABLE 8

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT TRANSACTIONS

YEAR ENDED DECEMBER 31, 2024

(Amounts in Thousands of New Taiwan Dollars)

Year	No.<br>(Note 1)		Company Name		Related Party	Nature of<br>Relationship<br>(Note 2)	Transaction Details
							Financial Statement Account	Amount(Note 5)	Payment Terms<br>(Note 3)		% to Total<br>Sales or Assets<br>(Note 4)
2024		0		Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	a	Accounts receivable	286,349		—		—
							Accrued custodial receipts	153,938		—		—
							Accounts payable	990,839		—		—
							Amounts collected for others	165,008		—		—
							Revenues	4,754,091		—		2
							Operating costs and expenses	1,500,473		—		1
					CHIEF Telecom Inc.	a	Revenues	516,009		—		—
							Operating costs and expenses	121,161		—		—
					CHYP Multimedia Marketing &<br>Communications Co., Ltd.	a	Operating costs and expenses	211,596		—		—
					Chunghwa System Integration Co., Ltd.	a	Accounts payable	430,491		—		—
							Operating costs and expenses	1,145,361		—		—
							Prepayments	189,402		—		—
							Property, plant and<br>equipment	373,458		—		—
					Donghwa Telecom Co., Ltd.	a	Accounts payable	169,001		—		—
							Revenues	190,275		—		—
							Operating costs and expenses	610,172		—		—
					Honghwa International Co., Ltd.	a	Accounts payable	1,587,481		—		—
							Revenues	212,824		—		—
							Operating costs and expenses	7,387,665		—		3
					CHT Security Co., Ltd.	a	Accounts payable	202,707		—		—
							Operating costs and expenses	206,800		—		—
							Spare parts	195,839		—		—
					International Integrated Systems, Inc.	a	Accounts payable	133,203		—		—
							Operating costs and expenses	659,663		—		—
					Chunghwa Telecom Singapore Pte.,<br>Ltd.	a	Accounts payable	193,118		—		—
							Operating costs and expenses	252,657		—		—
					Senyoung Insurance Agent Co., Ltd.	a	Revenues	165,285		—		—
					Chunghwa Telecom Global, Ltd.	a	Revenues	177,761		—		—
							Operating costs and expenses	347,950		—		—
					Chunghwa Telecom Japan Co., Ltd.	a	Operating costs and expenses	105,462		—		—

All values are in US Dollars.

Note 1:	Significant transactions between the Company and its subsidiaries or among subsidiaries are numbered as follows:
a.	“0” for the Company.
:---	:---
b.	Subsidiaries are numbered from “1”.
:---	:---

• 110 -

Note 2:	Related party transactions are divided into three categories as follows:
a.	The Company to subsidiaries.
:---	:---
b.	Subsidiaries to the Company.
:---	:---
c.	Subsidiaries to subsidiaries.
:---	:---
Note 3:	Transaction terms with the related parties were determined in accordance with mutual agreements when there were<br>no similar transactions with third parties. Other transactions with related parties were not significantly different from those with third parties.
:---	:---
Note 4:	For assets and liabilities, amount is shown as a percentage to consolidated total assets as of December 31,<br>2024, while revenues, costs and expenses are shown as a percentage to consolidated revenues for the year ended December 31, 2024.
:---	:---
Note 5:	The amount was eliminated upon consolidation.
:---	:---

• 111 -

TABLE 9

CHUNGHWA TELECOM CO., LTD.

INFORMATION OF MAJOR STOCKHOLDERS

DECEMBER 31, 2024

Name of Major Stockholders		Shares
		Number of Shares			Percentage of<br>Ownership (%)
Ministry of Transportation and Communications			2,737,718,976			35.29
Note:	This table presents information provided by the Taiwan Depository & Clearing Corporation on<br>stockholders holding greater than 5% of Chunghwa’s dematerialized securities that have completed the process of registration and delivery by book-entry transfer as of the last business day for the current quarter.
:---	:---

• 112 -