Press Release for the 2025 FENC General Shareholders’ Meeting

Driving Circular Innovation with Technology, 
Powering a New Engine for Sustainability

Far Eastern New Century Corporation (Stock code: 1402, hereinafter referred to as “FENC” or “the Company”) held its 2025 Annual General Shareholders’ Meeting at 9:00 AM on May 29.

Record-High Revenue and 22% Profit Growth in 2024; 1Q25 Profit Up 47%

Despite external challenges, FENC delivered strong operational results in 2024, posting a record-high consolidated revenue of NT$271.0 billion (US$8.4 billion), up 5% YoY. Net income attributable to the Company’s shareholders reached NT$10.03 billion (US$312.4 million), a 22% increase, with earnings per share (EPS) of NT$2.00 (US¢6.23). Shareholders approved a cash dividend of NT$1.60 per share (US¢4.98), representing a 4.9% cash dividend yield based on the closing stock price on May 28th. In the first quarter of 2025, consolidated revenue was NT$63.7 billion (US$1.9 billion), while net income attributable to shareholders rose by 47% to NT$2.33 billion (US$70.9 million).

Production Business: Diversified Strategies Shaping the Future of Industry

1. International Expansion: FENC operates 26 production sites across China, Taiwan, Japan, the United States, and various Southeast Asian countries, including Vietnam. With a vertically integrated structure spanning upstream polyester feedstock to downstream finished products, FENC is the world’s only end-to-end polyester supplier. Its global presence and supply chain capabilities provide robust operational flexibility and geographic resilience.
2. Green and Low-Carbon Commitment: FENC is committed to green transformation with ambitious 2030 targets: a 50% reduction in greenhouse gas emissions, 50% of production revenue from green products, and 50% of raw materials sourced sustainably. As of 2024, FENC had already cut emissions by 34% compared to its base year and achieved NT$48.3 billion (US$1.5 billion) in green product revenue, accounting for 33% of its Production Business sales - demonstrating meaningful progress toward its low-carbon transition goals.
3. Innovation in R&D: Centered on polyester, FENC drives innovation through the development of eco-friendly products and closed-loop recycling models. It has pioneered the world’s first 100% recycled polyester sneakers and developed the industry’s first airbag fabrics made entirely from chemical recycling. These breakthrough technologies have earned global accolades, including the Red Dot, iF Design, and Germany’s Innovation Award “Best CO₂ Utilisation 2025”- where FENC was the only Asian winner. FENC also received Taiwan’s Ministry of Environment “Green Chemistry Application and Innovation Award” for its leadership in sustainable materials.
4. AI Transformation: To build an intelligent enterprise, FENC has launched a comprehensive digital transformation strategy. AI is now embedded across its operations - from production and sales to administration. FENC leverages AI in cybersecurity to enhance vulnerability analysis, monitor supplier risks, and support employee training. These efforts earned the Ministry of Economic Affairs' “Best AI Award,” where FENC stood out as the only winner from a traditional industry.
5. Operational Resilience: As a global leader in the polyester industry, FENC offers a diversified product portfolio spanning PET resins and fibers for applications across various sectors. With global production and distribution capabilities, FENC remains a key supplier to leading international brands. Its financial resilience continues to improve, with the shareholder equity ratio increasing by 7 percentage points to 48% in 1Q25. These developments reinforce FENC strong and stable operational foundation.

Property Development and Investment Business: Strong Asset Base Driving Hundreds of Billions in Value Creation

FENC holds approximately 560,000 pings of land in Taiwan, with a book value of investment properties around NT$130 billion (US$4.0 billion). Major projects include the Taipei Far Eastern Telecom Park, featuring both R&D and residential buildings that have attracted international tenants such as Google. These developments offer strong rental yields and significant growth potential. The appreciation of the New Taiwan Dollar is expected to further enhance the value of these assets. The Company’s investment portfolio comprises high-performing Far Eastern Group listed companies, including Asia Cement, Far EasTone Telecommunications, and Far Eastern Department Store - each a leader in its respective industry. The total market value of these holdings exceeds book value by approximately NT$80 billion (US$2.4 billion). Their strong operating performance continues to contribute stable profits and reinforce FENC’s long-term financial foundation.

FENC is driving sustainable industrial transformation through low-carbon technologies, green materials, and smart manufacturing. By combining global localization with strong financial discipline, the Company has built a resilient international foundation - positioned to create long-term sustainable value and lead the industry into a greener future.