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Related party transactions | 12 Months Ended
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Dec. 31, 2025
Related party transactions | 30. Related party transactions a) Parent and ultimate controlling party The Group is controlled by Jing-Bin Chiang and his family who directly and indirectly 51.15% and 55.81% equity interest in the Company as of December 31, 2025 and 2024, respectively. b) Names of related parties and relationship
Names of related parties |  | Relationship with the Company |  | Note
YMA Composite Materials (DG) Co., Ltd. (YMA DG) |  | The Company is the shareholder of YMA DG |  | i)
Forwell Sports Equipment Co., Ltd. (Forwell) |  | The Company is the shareholder of Forwell |  | i)
Jing-Bin Chiang |  | Key management |  |
Yu-Ning Chiang |  | Key management |  |
i) The Company holds 19.5% of the equity interest in YMA DG and Forwell, both of which are manufacturers of bicycles parts in the PRC, and in which the Company does not have a controlling interest or significant influence. The investment is recorded at fair value through other comprehensive income. During the current year, management decided and switched to a new operating strategy and expected that the investments in both YMA DG and Forwell are no longer recoverable. Upon the strategic divestiture and loss of significant influence confirmed by the Board on November 27, 2025, these entities ceased to be related parties. Consequently, no balances remain outstanding as of December 31, 2025, the Company has written off these investments to consolidated statements of comprehensive (loss) income during the year ended December 31, 2025. c) Significant related party transactions (a) Service revenue: Schedule of service revenue
|  | Year ended December 31, 2025 |  |  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Service revenue |  |  |  |  |  |  |  |  |
YMA DG |  | $ | 960,000 |  |  | $ | 529,665 |  |  | $ | 280,231 |
Forwell |  |  | - |  |  |  | - |  |  |  | 45,139 |
Total Service revenue |  | $ | 960,000 |  |  | $ | 529,665 |  |  | $ | 325,370 |
Service revenues are based on the prices and terms that would be available to third parties. (b) Purchase of goods Schedule of purchase of goods
|  | Year ended December 31, 2025 |  |  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Purchase of goods |  |  |  |  |  |  |  |  |
YMA DG |  | $ | 4,757,080 |  |  | $ | 11,505,167 |  |  | $ | 10,438,247 |
Forwell |  |  | - |  |  |  | - |  |  |  | 3,989,255 |
Total Purchase of goods |  | $ | 4,757,080 |  |  | $ | 11,505,167 |  |  | $ | 14,427,502 |
Goods are purchased based on the prices and terms that would be available to third parties. (c) Receivables from related parties: Schedule of receivables from related parties
|  | As of |  |  | As of |
|  | December 31, 2025 |  |  | December 31, 2024 |
Accounts receivable |  |  |  |  |  |
YMA DG |  | $ | - |  |  | $ | 5,029,583 |
Account receivable |  | $ | - |  |  | $ | 5,029,583 |
Acting on behalf of a related party in purchasing raw materials, the goods are purchased based on the prices and terms that would be available to third parties. During the year ended December 31, 2025, based on an updated assessment of the debtors’ financial condition and their inability to fulfill the repayment schedule, the Group determined that the carrying amounts of these receivables were no longer recoverable. As a result, a full impairment loss was recognized for the remaining balances of $5,029,583. Schedule of Long term receivables from related parties
|  | As of |  |  | As of |
|  | December 31, 2025 |  |  | December 31, 2024 |
Long-term Receivables from related parties |  |  |  |  |  |
YMA DG |  | $ | - |  |  | $ | 6,068,347 |
Forwell |  |  | - |  |  |  | 2,232,376 |
Long-term Receivables from related parties |  | $ | - |  |  | $ | 8,300,723 |
On May 14, 2024, the Group signed a supplementary agreement to the equity transfer agreement dated April 1, 2023. The agreement stipulates that the Group has renegotiated with YMA DG and Forwell, agreeing that the debts will be fully repaid in three installments on December 31, 2024, December 31, 2025, and December 31, 2026. During the year ended December 31, 2025, based on an updated assessment of the debtors’ financial condition and their inability to fulfill the repayment schedule, the Group determined that the carrying amounts of these receivables were no longer recoverable. As a result, a full impairment loss was recognized for the remaining balances of $8,300,723. d) Endorsements and guarantees provided by related parties (i) The provision of credit lines used from loans guaranteed by key management is as follows: Schedule of endorsements and guarantees provided by related parties
|  | As of |  |  | As of |
|  | December 31, 2025 |  |  | December 31, 2024 |
Guaranteed by key management |  |  |  |  |  |
Short-term loans |  | $ | 2,741,552 |  |  | $ | 8,999,751 |
Long-term loans |  |  | 1,652,258 |  |  |  | 1,037,768 |
Guaranteed by key management |  | $ | 4,393,810 |  |  | $ | 10,037,519 |
(ii) Loans from a Related Party Schedule of Loans from a Related Party
|  | As of December 31, 2025 |  |  | As of December 31, 2024 |
Loans from a Related Party |  |  |  |  |  |
Yu-Ning Chiang |  | $ | 8,249,052 |  |  | $ | - |
Loans from a Related Party |  | $ | 8,249,052 |  |  | $ | - |
As of December 31, 2025, the Company had an outstanding loan from Ms. Yu-Ning Chiang, an immediate family member of the Chairman of the Board, Mr. Jing-Bin Chiang, amounting to $8,249,052. The loan is unsecured, bears a fixed interest rate of 0.5% per annum, and originally matures on December 31, 2026. On April 30, 2026, Yu-Ning Chiang signed a letter that she will not demand for repayment from the Company for the coming year until cash surplus from the Company. For the year ended December 31, 2025, the interest expense incurred in connection with this loan was $8,915. e) Key management compensation Schedule of key management compensation
|  | Year ended December 31, 2025 |  |  | Year ended December 31, 2024 |  |  | Year ended December 31, 2023 |
Compensation |  |  |  |  |  |  |  |  |
Salaries and other short-term employee benefits |  | $ | 616,887 |  |  | $ | 594,278 |  |  | $ | 566,945 |
Post-employment benefits |  |  | 9,732 |  |  |  | 9,343 |  |  |  | 9,807 |
Share-based payments |  |  | 87,808 |  |  |  | 131,712 |  |  |  | 131,712 |
Compensation |  | $ | 714,427 |  |  | $ | 735,333 |  |  | $ | 708,464 |

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- Definition The disclosure of transactions between the entity and its related parties. [Refer: Total for all related parties [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2024-01-01 -Paragraph 18 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=24&code=ifrs-tx-2024-en-r&anchor=para_18&doctype=Standard -URIDate 2024-03-27 + Details
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