《中华电信Chunghwa Telecom Co., Ltd.（CHT） 2025年第一季度合并财务报告 (T-IFRSs)「NYSE」（英文版）（85页.pdf》由会员分享，可在线阅读，更多相关《中华电信Chunghwa Telecom Co., Ltd.（CHT） 2025年第一季度合并财务报告 (T-IFRSs)「NYSE」（英文版）（85页.pdf（85页珍藏版）》请在三个皮匠报告上搜索。

1、Chunghwa Telecom Co.,Ltd.and Subsidiaries Consolidated Financial Statements for the Three Months Ended March 31,2025 and 2024 and Independent Auditors Review Report -2-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(In Thousands of New Taiwan Dollars)March 31,2025 December 31,2

2、024 March 31,2024 ASSETS Amount%Amount%Amount%CURRENT ASSETS Cash and cash equivalents(Notes 6,14 and 38)$29,047,839 5$36,259,689 6$33,330,473 6 Financial assets at fair value through profit or loss(Note 7)5,048 -290 -1,507 -Hedging financial assets(Note 21)30 -1,133 -29 -Contract assets(Note 30)8,4

3、86,649 2 8,401,343 2 6,985,515 1 Trade notes and accounts receivable,net(Notes 10 and 30)22,496,724 4 26,025,696 5 22,623,592 4 Receivables from related parties(Note 38)154,602 -193,004 -76,646 -Inventories(Notes 11,30,39 and 40)11,916,341 2 12,087,118 2 11,113,440 2 Prepayments(Note 12)6,408,832 1

4、3,138,313 1 5,921,499 1 Other current monetary assets(Notes 13 and 38)36,773,359 7 23,408,001 4 27,794,732 6 Incremental costs of obtaining contracts(Note 30)339,172 -339,172 -271,077 -Other current assets(Notes 20 and 39)2,994,656 1 3,114,554 1 3,120,896 1 Total current assets 118,623,252 22 112,96

5、8,313 21 111,239,406 21 NONCURRENT ASSETS Financial assets at fair value through profit or loss(Note 7)1,082,818 -1,005,236 -1,079,847 -Financial assets at fair value through other comprehensive income(Note 8)5,300,400 1 4,666,976 1 5,068,811 1 Financial assets at amortized cost(Note 9)2,000,000 -2,

6、000,000 -Investments accounted for using equity method(Note 15)9,124,013 2 9,073,464 2 8,561,336 2 Contract assets(Note 30)4,353,711 1 4,327,424 1 4,017,392 1 Property,plant and equipment(Notes 14,16,35,39 and 40)286,589,967 54 289,840,144 55 287,065,209 55 Right-of-use assets(Notes 17 and 38)11,320

7、,565 2 10,912,329 2 11,123,239 2 Investment properties(Note 18)12,292,561 2 12,301,719 2 11,516,870 2 Intangible assets(Notes 19 and 38)64,647,191 12 66,283,202 12 71,095,912 13 Deferred income tax assets(Note 3)1,748,558 -1,661,402 -2,076,300 -Incremental costs of obtaining contracts(Note 30)1,209,

8、212 -1,221,652 -975,660 -Net defined benefit assets(Note 3)9,072,610 2 8,883,719 2 6,137,580 1 Prepayments(Notes 12 and 40)4,789,717 1 4,461,017 1 3,618,175 1 Other noncurrent assets(Notes 20,39 and 40)5,075,506 1 4,885,230 1 4,802,621 1 Total noncurrent assets 418,606,829 78 421,523,514 79 417,138,

9、952 79 TOTAL$537,230,081 100$534,491,827 100$528,378,358 100 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term loans(Notes 14 and 22)$530,000 -$215,000 -$465,000 -Financial liabilities at fair value through profit or loss(Note 7)-200 -Hedging financial liabilities(Note 21)-1,907 -Contract liabil

10、ities(Notes 30 and 40)16,582,177 3 16,300,986 3 14,293,408 3 Trade notes and accounts payable(Note 25)10,692,983 2 17,742,532 3 9,806,485 2 Payables to related parties(Note 38)120,174 -480,401 -185,951 -Current tax liabilities(Note 3)7,141,579 1 4,718,103 1 6,895,807 1 Lease liabilities(Notes 17,35

11、and 38)3,738,416 1 3,557,874 1 3,448,987 1 Other payables(Notes 26 and 35)23,586,489 5 26,581,353 5 22,936,744 5 Provisions(Note 27)668,780 -441,801 -316,748 -Current portion of long-term liabilities(Notes 23,24 and 39)8,805,183 2 8,802,526 2 1,600,000 -Other current liabilities 1,016,527 -1,050,559

12、 -982,041 -Total current liabilities 72,882,308 14 79,893,042 15 60,931,371 12 NONCURRENT LIABILITIES Long-term loans(Notes 23 and 39)1,629,167 -1,631,354 -Bonds payable(Note 24)21,690,253 4 21,689,326 4 30,484,156 6 Contract liabilities(Notes 30 and 40)7,407,333 1 7,540,730 2 7,559,425 2 Deferred i

13、ncome tax liabilities(Note 3)2,713,617 1 2,658,419 -2,516,784 -Provisions(Note 27)307,725 -534,684 -492,286 -Lease liabilities(Notes 17,35 and 38)7,462,150 2 7,333,503 2 7,398,566 1 Customers deposits(Note 38)5,160,925 1 5,310,453 1 5,105,091 1 Net defined benefit liabilities(Note 3)2,119,689 -2,107

14、,224 -2,125,559 -Other noncurrent liabilities 7,581,570 1 7,688,236 2 7,125,182 1 Total noncurrent liabilities 56,072,429 10 56,493,929 11 62,807,049 11 Total liabilities 128,954,737 24 136,386,971 26 123,738,420 23 EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT(Notes 14 and 29)Common stocks 77,5

15、74,465 15 77,574,465 15 77,574,465 15 Additional paid-in capital 171,596,531 32 171,587,279 32 171,365,339 32 Retained earnings Legal reserve 77,574,465 15 77,574,465 15 77,574,465 15 Special reserve 2,675,419 -2,675,419 -2,898,503 1 Unappropriated earnings 64,752,573 12 54,953,379 10 62,010,096 12

16、Total retained earnings 145,002,457 27 135,203,263 25 142,483,064 28 Others 1,230,537 -585,683 -1,080,707 -Total equity attributable to stockholders of the parent 395,403,990 74 384,950,690 72 392,503,575 75 NONCONTROLLING INTERESTS(Notes 14 and 29)12,871,354 2 13,154,166 2 12,136,363 2 Total equity

17、 408,275,344 76 398,104,856 74 404,639,938 77 TOTAL$537,230,081 100$534,491,827 100$528,378,358 100 The accompanying notes are an integral part of the consolidated financial statements.-3-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In Thousands of New Ta

18、iwan Dollars,Except Earnings Per Share)Three Months Ended March 31 2025 2024 Amount%Amount%REVENUES(Notes 30,38 and 44)$55,808,409 100$54,943,471 100 OPERATING COSTS(Notes 11,28,30,31 and 38)34,203,238 61 34,454,292 63 GROSS PROFIT 21,605,171 39 20,489,179 37 OPERATING EXPENSES(Notes 10,28,31 and 38

19、)Marketing 6,140,628 11 5,931,519 11 General and administrative 1,793,499 3 1,637,107 3 Research and development 1,029,841 2 943,067 1 Expected credit loss 119,535 -55,786 -Total operating expenses 9,083,503 16 8,567,479 15 OTHER INCOME AND EXPENSES(Note 31)1,018 -2,520 -INCOME FROM OPERATIONS 12,52

20、2,686 23 11,924,220 22 NON-OPERATING INCOME AND EXPENSES Interest income(Note 38)211,517 -155,800 -Other income(Notes 31 and 38)38,448 -37,769 -Other gains and losses(Notes 14,31,37 and 38)(25,118)-(61,264)-Interest expense(Notes 17,31 and 38)(89,357)-(83,287)-Share of profits of associates and join

21、t ventures accounted for using equity method(Note 15)40,835 -14,502 -Total non-operating income and expenses 176,325 -63,520 -INCOME BEFORE INCOME TAX 12,699,011 23 11,987,740 22 INCOME TAX EXPENSE(Notes 3 and 32)2,503,200 5 2,383,557 4 NET INCOME 10,195,811 18 9,604,183 18 TOTAL OTHER COMPREHENSIVE

22、 INCOME(LOSS)Items that will not be reclassified to profit or loss:Unrealized gain or loss on investments in equity instruments at fair value through other comprehensive income(Notes 29 and 37)568,424 1 626,468 1 (Continued)-4-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMP

23、REHENSIVE INCOME(In Thousands of New Taiwan Dollars,Except Earnings Per Share)Three Months Ended March 31 2025 2024 Amount%Amount%Gain or loss on hedging instruments subject to basis adjustment(Note 21)$804 -$73 -Share of other comprehensive income(loss)of associates and joint ventures(Notes 15 and

24、29)669 -(124)-569,897 1 626,417 1 Items that may be reclassified subsequently to profit or loss:Exchange differences arising from the translation of the foreign operations 73,809 -103,779 -Share of other comprehensive income of associates and joint ventures(Notes 15 and 29)7,268 -25,632 -81,077 -129

25、,411 -Total other comprehensive income,net of income tax 650,974 1 755,828 1 TOTAL COMPREHENSIVE INCOME$10,846,785 19$10,360,011 19 NET INCOME ATTRIBUTABLE TO Stockholders of the parent$9,799,194 17$9,391,419 18 Noncontrolling interests 396,617 1 212,764 -$10,195,811 18$9,604,183 18 COMPREHENSIVE IN

26、COME ATTRIBUTABLE TO Stockholders of the parent$10,444,048 18$10,119,234 19 Noncontrolling interests 402,737 1 240,777 -$10,846,785 19$10,360,011 19 EARNINGS PER SHARE(Note 33)Basic$1.26$1.21 Diluted$1.26$1.21 The accompanying notes are an integral part of the consolidated financial statements.(Conc

27、luded)-5-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(In Thousands of New Taiwan Dollars)Equity Attributable to Stockholders of the Parent(Notes 14,21 and 29)Others Unrealized Gain Exchange or Loss on Differences Financial Assets Arising from the at Fair Val

28、ue Retained Earnings Translation of Through Other Gain or Loss Noncontrolling Additional Unappropriated the Foreign Comprehensive on Hedging Interests Common Stocks Paid-in Capital Legal Reserve Special Reserve Earnings Operations Income Instruments Total (Notes 14 and 29)Total Equity BALANCE,JANUAR

29、Y 1,2024$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 Cash dividends by subsidiaries -(716,689)(716,689)Change in additional paid-in capital from investments in associates and joint ventures accounted for using equity method -76,658

30、 -76,658 -76,658 Net income for the three months ended March 31,2024 -9,391,419 -9,391,419 212,764 9,604,183 Other comprehensive income for the three months ended March 31,2024 -101,022 626,720 73 727,815 28,013 755,828 Total comprehensive income for the three months ended March 31,2024 -9,391,419 1

31、01,022 626,720 73 10,119,234 240,777 10,360,011 Changes in equities of subsidiaries -(405)-(405)16,023 15,618 BALANCE,MARCH 31,2024$77,574,465$171,365,339$77,574,465$2,898,503$62,010,096$(66,790)$1,147,468$29$392,503,575$12,136,363$404,639,938 BALANCE,JANUARY 1,2025$77,574,465$171,587,279$77,574,465

32、$2,675,419$54,953,379$22,852$563,605$(774)$384,950,690$13,154,166$398,104,856 Cash dividends by subsidiaries -(710,530)(710,530)Net income for the three months ended March 31,2025 -9,799,194 -9,799,194 396,617 10,195,811 Other comprehensive income for the three months ended March 31,2025 -69,868 574

33、,182 804 644,854 6,120 650,974 Total comprehensive income for the three months ended March 31,2025 -9,799,194 69,868 574,182 804 10,444,048 402,737 10,846,785 Changes in equities of subsidiaries -9,252 -9,252 (6,767)2,485 Net increase in noncontrolling interests -31,748 31,748 BALANCE,MARCH 31,2025$

34、77,574,465$171,596,531$77,574,465$2,675,419$64,752,573$92,720$1,137,787$30$395,403,990$12,871,354$408,275,344 The accompanying notes are an integral part of the consolidated financial statements.-6-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS(In Thousands of New Ta

35、iwan Dollars)Three Months Ended March 31 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax$12,699,011$11,987,740 Adjustments for:Depreciation 8,340,188 8,236,489 Amortization 1,668,887 1,672,272 Amortization of incremental costs of obtaining contracts 238,217 214,720 Expected c

36、redit loss 119,535 55,786 Valuation loss(gain)on financial assets and liabilities at fair value through profit or loss,net (193)61,657 Interest expense 89,357 83,287 Interest income (211,517)(155,800)Compensation cost of share-based payment transactions 1,225 2,373 Share of profits of associates and

37、 joint ventures accounted for using equity method (40,835)(14,502)Gain on disposal of property,plant and equipment (1,018)(2,520)Gain on disposal of financial instruments -(1,073)Provision for impairment loss and obsolescence of inventory 38,153 25,576 Gain on disposal of subsidiaries (15,290)-Other

38、s 50,931 16,442 Changes in operating assets and liabilities:Decrease(increase)in:Contract assets (120,849)(522,119)Trade notes and accounts receivable 3,407,094 2,163,421 Receivables from related parties 38,402 1,443 Inventories 126,103 381,749 Prepayments (3,258,324)(3,028,232)Other current assets

39、117,602 (298,637)Other current monetary assets (119,227)33,411 Incremental cost of obtaining contracts (225,777)(311,125)Increase(decrease)in:Contract liabilities 155,170 204,065 Trade notes and accounts payable (7,040,550)(4,589,472)Payables to related parties (360,227)(199,138)Other payables (2,34

40、8,547)(1,628,332)Provisions 20 (13,639)Other current liabilities (35,396)(506)Net defined benefit plans (176,426)(146,868)Cash generated from operations 13,135,719 14,228,468 Interests paid (71,376)(65,425)Income taxes paid (113,327)(34,601)Net cash provided by operating activities 12,951,016 14,128

41、,442(Continued)-7-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS(In Thousands of New Taiwan Dollars)Three Months Ended March 31 2025 2024 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of financial assets at fair value through other comprehensive income$(65,000)$(3

42、0,000)Proceeds from capital reduction of financial assets at fair value through other comprehensive income -3,326 Acquisition of financial assets at fair value through profit or loss (82,191)(109,617)Proceeds from disposal of financial assets at fair value through profit or loss -4,468 Net cash outf

43、low from loss of control of subsidiaries (8,664)-Acquisition of property,plant and equipment (5,407,350)(5,042,549)Proceeds from disposal of property,plant and equipment 2,168 4,914 Acquisition of intangible assets (32,751)(40,274)Acquisition of investment properties (2,067)-Acquisition of time depo

44、sits,negotiable certificates of deposit and commercial paper with maturities of more than three months (23,031,073)(19,413,662)Proceeds from disposal of time deposits,negotiable certificates of deposit and commercial paper with maturities of more than three months 9,704,902 11,842,467 Increase in ot

45、her noncurrent assets (204,163)(165,262)Increase in prepayments for leases (342,190)(341,388)Interests received 168,718 149,223 Dividends received 156,220 150,946 Proceeds from capital reduction and profit distribution of financial assets at fair value through profit or loss 44 16 Net cash used in i

46、nvesting activities (19,143,397)(12,987,392)CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term loans 530,000 265,000 Repayments of short-term loans (150,000)(385,000)Decrease in customers deposits (141,038)(204,798)Payments for the principal of lease liabilities (1,203,598)(1,055,215)Decr

47、ease in other noncurrent liabilities (106,666)(280,376)Cash dividends distributed to noncontrolling interests (688)(4,283)Change in other noncontrolling interests 13,474 13,245 Net cash used in financing activities (1,058,516)(1,651,427)EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 39

48、,047 16,966 NET DECREASE IN CASH AND CASH EQUIVALENTS (7,211,850)(493,411)CASH AND CASH EQUIVALENTS,BEGINNING OF PERIOD 36,259,689 33,823,884 CASH AND CASH EQUIVALENTS,END OF PERIOD$29,047,839$33,330,473 The accompanying notes are an integral part of the consolidated financial statements.(Concluded)

49、-8-CHUNGHWA TELECOM CO.,LTD.AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31,2025 AND 2024(In Thousands of New Taiwan Dollars,Unless Stated Otherwise)1.GENERAL Chunghwa Telecom Co.,Ltd.(“Chunghwa”;Chunghwa together with its subsidiaries are hereinafter referred

50、 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 wer

51、e 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 operatio

52、ns 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,Chunghw

53、a 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 Chunghwas common stocks were sold,in connection with the foregoing privatiz

54、ation plan,in domestic public offerings at various dates from August 2000 to July 2003.Certain of Chunghwas 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 Exchang

55、e(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

56、 of Chunghwa and completed the privatization plan.The consolidated financial statements are presented in Chunghwas functional currency,New Taiwan dollars.2.APPROVAL OF FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors on May 9,2025.3.SUMMARY OF MATERI

57、AL ACCOUNTING POLICY INFORMATION Except for the following items,the accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31,2024.Please refer to the consolidated financial stateme

58、nts for the year ended December 31,2024 for the details.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 Accounting Standard 34“I

59、nterim Financial Reporting”endorsed and issued into effect by the Financial Supervisory Commission(the“FSC”).The consolidated financial statements do not present all the disclosures required for a complete set of annual consolidated financial statements as required by International Financial Reporti

60、ng Standards(IFRS),International Accounting Standards(IAS),-9-International Financial Reporting Interpretations Committee(IFRIC)and SIC Interpretations(SIC)(collectively,the“IFRSs”)endorsed and issued into effect by the FSC.Basis of Consolidation The detail information of the subsidiaries at the end

61、 of reporting period was as follows:Percentage of Ownership Interests Name of Investor Name of Investee Main Businesses and Products March 31,2025 December 31,2024 March 31,2024 Note Chunghwa Telecom Co.,Ltd.Senao International Co.,Ltd.(“SENAO”)Handset and peripherals retailer,sales of CHT mobile ph

62、one plans as an agent 28 28 28 a.Light Era Development Co.,Ltd.(“LED”)Planning and development of real estate and intelligent buildings,and property management 100 100 100 Donghwa Telecom Co.,Ltd.(“DHT”)International private leased circuit,IP VPN service,and IP transit services 100 100 100 Chunghwa

63、Telecom Singapore Pte.,Ltd.(“CHTS”)International private leased circuit,IP VPN service,and IP transit services 100 100 100 Chunghwa System Integration Co.,Ltd.(“CHSI”)Providing system integration services and telecommunications equipment 100 100 100 Chunghwa Investment Co.,Ltd.(“CHI”)Investment 89 8

64、9 89 CHIEF Telecom Inc.(“CHIEF”)Network integration,internet data center(“IDC”),communications integration and cloud application services 56 56 56 b.CHYP Multimedia Marketing&Communications Co.,Ltd.(“CHYP”)Digital information supply services and advertisement services 100 100 100 Prime Asia Investme

65、nts Group Ltd.(“Prime Asia”)Investment 100 100 100 Spring House Entertainment Tech.Inc.(“SHE”)Software design services,internet contents production and play,and motion picture production and distribution 56 56 56 Chunghwa Telecom Global,Inc.(“CHTG”)International private leased circuit,internet servi

66、ces,and transit services 100 100 100 Chunghwa Telecom Vietnam Co.,Ltd.(“CHTV”)Intelligent energy saving solutions,international circuit,and information and communication technology(“ICT”)services.100 100 100 Smartfun Digital Co.,Ltd.(“SFD”)Providing diversified family education digital services 65 6

67、5 65 Chunghwa Telecom Japan Co.,Ltd.(“CHTJ”)International private leased circuit,IP VPN service,and IP transit services 100 100 100 Chunghwa Sochamp Technology Inc.(“CHST”)Design,development and production of Automatic License Plate Recognition software and hardware 37 37 c.Honghwa International Co.

68、,Ltd.(“HHI”)Telecommunications engineering,sales agent of mobile phone plan application and other business services,etc.100 100 100 Chunghwa Leading Photonics Tech Co.,Ltd.(“CLPT”)Production and sale of electronic components and finished products 70 70 75 d.Chunghwa Telecom(Thailand)Co.,Ltd.(“CHTT”)

69、International private leased circuit,IP VPN service,ICT and cloud VAS services 100 100 100 (Continued)-10-Percentage of Ownership Interests Name of Investor Name of Investee Main Businesses and Products March 31,2025 December 31,2024 March 31,2024 Note CHT Security Co.,Ltd.(“CHTSC”)Computing equipme

70、nt installation,wholesale of computing and business machinery equipment and software,management consulting services,data processing services,digital information supply services and internet identity services 63 63 66 e.International Integrated Systems,Inc.(“IISI”)IT solution provider,IT application

71、consultation,system integration and package solution 50 50 51 f.Chunghwa Digital Cultural and Creative Capital Co.,Ltd(“CDCC Capital”)Investment and management consulting 100 100 100 g.Chunghwa Telecom Europe GmbH(“CHTEU”)International private leased circuit,internet services,transit services and IC

72、T services 100 100 -h.Senao International Co.,Ltd.Youth Co.,Ltd.(“Youth”)Sale of information and communication technologies products 96 96 96 Aval Technologies Co.,Ltd.(“Aval”)Sale of information and communication technologies products 100 100 100 Senyoung Insurance Agent Co.,Ltd.(“SENYOUNG”)Propert

73、y and liability insurance agency 100 100 100 Youth Co.,Ltd.ISPOT Co.,Ltd.(“ISPOT”)Sale of information and communication technologies products 100 100 100 Aval Technologies Co.,Ltd.Wiin Technology Co.,Ltd.(“Wiin”)Sale of information and communication technologies products 100 100 100 CHIEF Telecom In

74、c.Unigate Telecom Inc.(“Unigate”)Telecommunications and internet service 100 100 100 Chief International Corp.(“CIC”)Telecommunications and internet service 100 100 100 Shanghai Chief Telecom Co.,Ltd.(“SCT”)Telecommunications and internet service 49 49 49 i.Chunghwa Investment Co.,Ltd.Chunghwa Preci

75、sion Test Tech.Co.,Ltd.(“CHPT”)Production and sale of semiconductor testing components and printed circuit board 34 34 34 j.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 circ

76、uit board 100 100 100 CHPT Japan Co.,Ltd.(“CHPT(JP)”)Related services of electronic parts,machinery processed products and printed circuit board 100 100 100 Chunghwa Precision Test Tech.International,Ltd.(“CHPT(International)”)Wholesale and retail of electronic materials,and investment 100 100 100 T

77、estPro Investment Co.,Ltd.(“TestPro”)Investment 100 100 100 (Continued)-11-Percentage of Ownership Interests Name of Investor Name of Investee Main Businesses and Products March 31,2025 December 31,2024 March 31,2024 Note TestPro Investment Co.,Ltd.(“TestPro”)NavCore Tech.Co.,Ltd(“NavCore”)Sale and

78、manufacturing of smart equipment,smart factory software and hardware integration and technical consulting service 54 54 54 Prime Asia Investments Group Ltd.Chunghwa Hsingta Co.,Ltd.(“CHC”)Investment 100 100 100 Chunghwa Precision Test Tech.International,Ltd.Shanghai Taihua Electronic Technology Limi

79、ted(“STET”)Design of printed circuit board and related consultation service 100 100 100 Su Zhou Precision Test Tech.Ltd.(“SZPT”)Assembly processed of circuit board,design of printed circuit board and related consultation service 100 100 100 International Integrated Systems,Inc.Unitronics Technology

80、Corp.(“UTC”)Development and maintenance of information system 100 100 100 (Concluded)a.Chunghwa 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.b.CHIEF issued ne

81、w shares in December 2024 and March 2025 as its employees exercised options.Therefore,the Companys ownership interest in CHIEF decreased to 58.57%and 58.56%as of December 31,2024 and March 31,2025,respectively.c.Chunghwa controlled more than half of seats of the Board of Directors of CHST as of Dece

82、mber 31,2024;therefore,the Company treated CHST as a subsidiary.Chunghwa no longer had more than half of seats of the Board of Directors of CHST since January 2025.As a result,the Company lost control over CHST and recognized CHST as an investment in associate.Please refer to Note 14(c)for details.d

83、.CLPT issued new shares in July 2024 as its employees exercised options.Therefore,the Companys ownership interest in CLPT decreased to 69.87%as of December 31,2024.e.CHTSC issued new shares in January 2024,March 2024,December 2024 and February 2025 as its employees exercised options.In addition,Chun

84、ghwa 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 Companys ownership interest in CHTSC decreased to 66.08%,63.45%and 63.44%as of March 31,2024,December 31,2024 and March 31,2025,respectiv

85、ely.f.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 Companys ownership interest in IISI decreased to 49.64%as of December 31,2024.Chunghwa continues to control more than half of sea

86、ts of the Board of Directors of IISI.As a result,the Company treated IISI as a subsidiary.g.Chunghwa invested and established CDCC Capital in February 2024.Chunghwa obtained 100%ownership interest of CDCC Capital.h.Chunghwa invested and established CHTEU in July 2024.Chunghwa obtained 100%ownership

87、interest of CHTEU.-12-i.CHIEF has more than half of seats of the Board of Directors of SCT according to the mutual agreements among stockholders and gained control over SCT;hence,SCT is deemed as a subsidiary of the Company.j.Though the Companys ownership interest in CHPT is less than 50%,the manage

88、ment considered the absolute 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 of the Company.The follo

89、wing diagram presented information regarding the relationship and percentages of ownership interests between Chunghwa and its subsidiaries as of March 31,2025.Other Material Accounting Policies a.Defined benefit retirement benefits Pension cost for an interim period is calculated on a year-to-date b

90、asis by using the actuarially determined pension cost rate at the end of the prior financial year,adjusted for significant market fluctuations since that time and for other significant one-off events.b.Taxation Income tax expense represents the sum of the tax currently payable and deferred tax.Incom

91、e taxes for interim period are assessed on an annual basis and calculated by applying to an interim periods pre-tax income the tax rate that would be applicable to expected total annual earnings.The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow fr

92、om the manner in which the Company expects to recover or settle the carrying amount of its assets and liabilities at balance sheet date.c.Loss of control of subsidiaries When the Company loses control of a subsidiary,a gain or loss is recognized in profit or loss and is calculated as the difference

93、between(a)the aggregate of the fair value of the consideration received and any investment retained in the former subsidiary at its fair value at the date when control is lost Aval Technologies Co.,Ltd.(“Aval”)Wiin Technology Co.,Ltd.(“Wiin”)49%34.25%Chunghwa Precision Test Tech.Co.,Ltd.(“CHPT”)Shan

94、ghai Chief Telecom Co.,Ltd.(“SCT”)100%100%Prime Asia Investments Group Ltd.(“Prime Asia”)65%Chunghwa Telecom Co.,Ltd.(Chunghwa)100%100%100%56.04%55.63%Smartfun Digital Co.,Ltd.(“SFD”)Chunghwa Telecom Global,Inc.(“CHTG”)Chunghwa Telecom Japan Co.,Ltd.(“CHTJ”)Donghwa Telecom Co.,Ltd.(“DHT”)Spring Hous

95、e Entertainment Tech.Inc.(“SHE”)CHIEF Telecom Inc.(“CHIEF”)89%100%100%Chunghwa Investment Co.,Ltd.(“CHI”)CHYP Multimedia Marketing&Communications Co.,Ltd.(“CHYP”)27.79%Honghwa International Co.,Ltd.(“HHI”)Senao International Co.,Ltd.(“SENAO”)2.93%100%100%100%100%100%Chunghwa Telecom Singapore Pte.,L

96、td.(“CHTS”)100%100%Chunghwa Telecom Vietnam Co.,Ltd.(“CHTV”)Light Era Development Co.,Ltd.(“LED”)Chunghwa System Integration Co.,Ltd.(“CHSI”)Youth Co.,Ltd.(“Youth”)95.79%100%69.87%100%Chunghwa Leading Photonics Tech Co.,Ltd.(“CLPT”)Chunghwa Telecom(Thailand)Co.,Ltd.(“CHTT”)63.44%CHT Security Co.,Ltd

97、.(“CHTSC”)Chunghwa Hsingta Co.,Ltd.(“CHC”)Senyoung Insurance Agent Co.,Ltd.(“SENYOUNG”)100%Chief International Corp.(“CIC”)Unigate Telecom Inc.(“Unigate”)100%0.39%100%100%100%Chunghwa Precision Test Tech USA Corporation(“CHPT(US)”)CHPT Japan Co.,Ltd.(“CHPT(JP)”)Chunghwa Precision Test Tech.Internati

98、onal,Ltd.(“CHPT(International)”)ISPOT Co.,Ltd.(“ISPOT”)Su Zhou Precision Test Tech.Ltd.(“SZPT”)Shanghai Taihua Electronic Technology Limited (“STET”)100%100%49.64%International Integrated Systems,Inc.(“IISI”)100%Unitronics Technology Corp.(“UTC”)100%TestPro Investment Co.,Ltd.(“TestPro”)54.25%NavCor

99、e Tech.Co.,Ltd(“NavCore”)100%Chunghwa Digital Cultural and Creative Capital Co.,Ltd (“CDCC Capital”)100%Chunghwa Telecom Europe GmbH(“CHTEU”)-13-and(b)the assets(including any goodwill)and liabilities and any non-controlling interests of the former subsidiary at their carrying amounts at the date wh

100、en control is lost.The Company accounts for all amounts recognized in other comprehensive income in relation to that subsidiary on the same basis as would be required had the Company directly disposed of the related assets or liabilities.The fair value of any investment retained in the former subsid

101、iary at the date when control is lost is regarded as the cost on initial recognition of an investment in an associate.4.MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION,UNCERTAINTY AND ASSUMPTION In the application of the Companys accounting policies,the management is required to make jud

102、gments,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.For the material acc

103、ounting judgments and key sources of estimation,uncertainty and assumption applied in these consolidated financial statements,please refer to the consolidated financial statements for the year ended December 31,2024.5.APPLICATION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS a.Initial application

104、 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 Companys consolidated financi

105、al statements.b.IFRSs issued by the IASB but not yet endorsed and issued into effect by the FSC New,Revised or Amended Standards and Interpretations Effective Date Announced by IASB Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments January 1,20

106、26 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 Statem

107、ents January 1,2027 IFRS 19 Subsidiaries without Public Accountability:Disclosures January 1,2027 Amendments to IFRS Accounting Standards Annual ImprovementsVolume 11 January 1,2026 As of the date the consolidated financial statements were authorized for issue,the Company is continuously assessing t

108、he possible impact that the application of above standards and interpretations will have on the Companys financial position and operating result and will disclose the relevant impact when the assessment is completed.-14-6.CASH AND CASH EQUIVALENTS March 31,2025 December 31,2024 March 31,2024 Cash Ca

109、sh on hand$462,783$443,745$437,166 Bank deposits 11,020,474 13,242,716 10,089,820 11,483,257 13,686,461 10,526,986 Cash equivalents(with maturities of less than three months)Commercial paper 14,307,959 16,887,390 11,213,868 Negotiable certificates of deposit -2,800,000 8,300,000 Time deposits 3,256,

110、322 2,883,479 3,288,653 Stimulus vouchers 301 2,359 966 17,564,582 22,573,228 22,803,487$29,047,839$36,259,689$33,330,473 The annual yield rates of bank deposits,commercial paper,negotiable certificates of deposit and time deposits as of balance sheet dates were as follows:March 31,2025 December 31,

111、2024 March 31,2024 Bank deposits 0.00%2.55%0.00%2.55%0.00%3.10%Commercial paper 1.07%1.53%0.95%1.56%0.90%1.44%Negotiable certificates of deposit -1.55%1.70%1.38%1.43%Time deposits 0.01%4.45%0.01%4.90%0.01%5.50%7.FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS March 31,2025 December 31,202

112、4 March 31,2024 Financial assets-current Mandatorily measured at FVTPL Derivatives(not designated for hedge)Forward exchange contracts$5,048$290$1,086 Non-derivatives Listed stocks-domestic -421$5,048$290$1,507 Financial assets-noncurrent Mandatorily measured at FVTPL Non-derivatives Non-listed stoc

113、ks-domestic$626,277$628,737$648,456 Non-listed stocks-foreign 34,979 32,415 85,287(Continued)-15-March 31,2025 December 31,2024 March 31,2024 Limited partnership-domestic$362,982$307,327$316,646 Other investing agreements 58,580 36,757 29,458$1,082,818$1,005,236$1,079,847 Financial liabilities-curre

114、nt Held for trading Derivatives(not designated for hedge)Forward exchange contracts$-$-$200(Concluded)Chunghwas Board of Directors approved an investment in TRF 1 L.P.at the amount of$300,000 thousand in January 2025.As of March 31,2025,Chunghwa invested$60,000 thousand.Chunghwas Board of Directors

115、approved an investment in Taiwania Capital Buffalo Fund VI,L.P.at the amount of$600,000 thousand in January 2022.As of March 31,2025,Chunghwa invested$300,000 thousand.Outstanding forward exchange contracts not designated for hedge as of balance sheet dates were as follows:Contract Amount Currency M

116、aturity Period (In Thousands)March 31,2025 Forward exchange contracts-buy NT$/EUR June 2025 NT$78,434/EUR2,300 Forward exchange contracts-buy NT$/USD April 2025 NT$183,337/USD5,560 December 31,2024 Forward exchange contracts-buy NT$/EUR March 2025 NT$10,177/EUR300 Forward exchange contracts-buy NT$/

117、USD January 2025 NT$45,879/USD1,408 March 31,2024 Forward exchange contracts-buy NT$/EUR April to June 2024 NT$236,119/EUR6,900 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 aforemention

118、ed derivatives did not meet the criteria for hedge accounting.-16-8.FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME-NONCURRENT March 31,2025 December 31,2024 March 31,2024 Domestic investments Listed and emerging stocks$117,170$126,013$217,220 Non-listed stocks 4,446,802 3,873,647

119、4,407,720 Foreign investments Non-listed stocks 736,428 667,316 443,871$5,300,400$4,666,976$5,068,811 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 the

120、se 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 Companys strategy of holding these investments for long-term purposes.9.FINANCIAL ASSETS AT AMORTIZED COST-NONCURRENT Ma

121、rch 31,2025 December 31,2024 March 31,2024 Corporate bonds$2,000,000$2,000,000$-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 March 31,20

122、25 December 31,2024 March 31,2024 Trade notes and accounts receivable$23,729,417$27,168,306$23,743,073 Less:Loss allowance (1,232,693)(1,142,610)(1,119,481)$22,496,724$26,025,696$22,623,592 The main credit terms range from 30 to 90 days.The Company serves a large consumer base for telecommunications

123、 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 C

124、ompany 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

125、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 among

126、st qualified counterparties.-17-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 a

127、mount of receivables at balance sheet dates to ensure that adequate allowance is provided for possible irrecoverable amounts.In this regard,the management believes the Companys credit risk could be reasonably reduced.The Company applies the simplified approach to recognize expected credit losses pre

128、scribed 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 a

129、s 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 writ

130、es 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 tel

131、ecommunications business and project business,the Companys remaining accounts receivable are insignificant.Therefore,only Chunghwas provision matrix arising from telecommunications business and project business is disclosed below:March 31,2025 Not Past Due Past Due Less than 30 Days Past Due 31 to 6

132、0 Days Past Due 61 to 90 Days Past Due 91 to 120 Days Past Due 121 to 180 Days Past Due over 180 Days Total Telecommunications business Expected credit loss rate(Note a)0%1%2%22%2%68%12%84%22%91%41%96%100%Gross carrying amount$16,194,883$410,585$193,720$74,541$47,009$38,940$601,885$17,561,563 Loss a

133、llowance(lifetime ECL)(69,927)(39,443)(36,873)(33,611)(26,641)(24,956)(601,885)(833,336)Amortized cost$16,124,956$371,142$156,847$40,930$20,368$13,984$-$16,728,227 Project business Expected credit loss rate(Note b)0%5%5%10%30%50%80%100%Gross carrying amount$2,716,339$37,725$24,380$11,347$126,291$1,5

134、97$279,018$3,196,697 Loss allowance(lifetime ECL)(2,704)(1,862)(2,438)(3,404)(63,222)(1,277)(279,018)(353,925)Amortized cost$2,713,635$35,863$21,942$7,943$63,069$320$-$2,842,772 December 31,2024 Not Past Due Past Due Less than 30 Days Past Due 31 to 60 Days Past Due 61 to 90 Days Past Due 91 to 120

135、Days Past Due 121 to 180 Days Past Due 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

136、,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

137、)(2,215)(8,252)(993)(621)(35)(279,974)(295,445)Amortized cost$5,544,384$41,952$74,266$2,211$621$9$-$5,663,443-18-March 31,2024 Not Past Due Past Due Less than 30 Days Past Due 31 to 60 Days Past Due 61 to 90 Days Past Due 91 to 120 Days Past Due 121 to 180 Days Past Due over 180 Days Total Telecommu

138、nications business Expected credit loss rate(Note a)0%1%1%20%3%65%11%82%25%91%54%96%100%Gross carrying amount$16,965,432$393,127$141,699$52,636$32,285$25,558$575,024$18,185,761 Loss allowance(lifetime ECL)(71,092)(34,375)(27,318)(27,742)(24,938)(23,189)(575,024)(783,678)Amortized cost$16,894,340$358

139、,752$114,381$24,894$7,347$2,369$-$17,402,083 Project business Expected credit loss rate(Note b)0%5%5%10%30%50%80%100%Gross carrying amount$2,377,209$57,877$33,335$45,635$74$-$285,726$2,799,856 Loss allowance(lifetime ECL)(2,153)(2,894)(3,333)(13,690)(59)-(285,726)(307,855)Amortized cost$2,375,056$54

140、,983$30,002$31,945$15$-$-$2,492,001 Note a:Please refer to Note 44 for the information of disaggregation of telecommunications service revenue.The expected credit loss rate applicable to different business revenue varies so as to reflect the risk level indicating by factors like historical experienc

141、e.Note b:The project business has different loss types according to the customer types.The expected credit loss rate 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 histo

142、ry of bounced checks or accounts receivable exceeding six 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:Three Months E

143、nded March 31 2025 2024 Beginning balance$1,142,610$1,101,640 Add:Provision for credit loss 117,733 56,172 Less:Amounts written off (27,650)(38,331)Ending balance$1,232,693$1,119,481 11.INVENTORIES March 31,2025 December 31,2024 March 31,2024 Merchandise$4,341,573$4,874,164$4,149,699 Project in proc

144、ess 5,001,963 4,564,444 4,546,340 Work in process 176,035 268,570 69,276 Raw materials 190,163 221,856 232,380 9,709,734 9,929,034 8,997,695 Land held under development 1,998,733 1,998,733 1,998,733 Construction in progress 207,874 159,351 117,012$11,916,341$12,087,118$11,113,440-19-The operating co

145、sts related to inventories were$11,954,062 thousand(including the valuation loss on inventories of$38,153 thousand)and$12,588,852 thousand(including the valuation loss on inventories of$25,576 thousand)for the three months ended March 31,2025 and 2024,respectively.As of March 31,2025,December 31,202

146、4 and March 31,2024,inventories of$2,206,607 thousand,$2,158,084 thousand and$2,115,745 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

147、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

148、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 i

149、n August 2021.Chunghwa classified the land of the project as investment properties.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 detai

150、ls.12.PREPAYMENTS March 31,2025 December 31,2024 March 31,2024 Prepayments for leases-satellite(Note 40)$3,471,382$3,129,192$2,070,506 Prepaid salary and bonus 3,082,019 4,556 2,917,486 Prepaid rents 1,747,363 1,761,848 2,077,928 Others 2,897,785 2,703,734 2,473,754$11,198,549$7,599,330$9,539,674 Cu

151、rrent Prepaid salary and bonus$3,082,019$4,556$2,917,486 Prepaid rents 494,567 496,790 572,333 Others 2,832,246 2,636,967 2,431,680$6,408,832$3,138,313$5,921,499 Noncurrent Prepayments for leases-satellite(Note 40)$3,471,382$3,129,192$2,070,506 Prepaid rents 1,252,796 1,265,058 1,505,595 Others 65,5

152、39 66,767 42,074$4,789,717$4,461,017$3,618,175 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.-20-13.OTHER CURRENT MONETARY ASSETS March 31,2025 December 31,20

153、24 March 31,2024 Time deposits,negotiable certificates of deposit and commercial paper with maturities of more than three months$35,042,708$21,679,910$26,195,432 Accrued custodial receipts 809,717 725,414 833,276 Others 920,934 1,002,677 766,024$36,773,359$23,408,001$27,794,732 The annual yield rate

154、s 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:March 31,2025 December 31,2024 March 31,2024 Time deposits,negotiable certificates of deposit and commercial paper with maturities of more t

155、han three months 0.03%5.10%0.03%5.10%0.03%5.00%14.SUBSIDIARIES a.Information on subsidiaries with material noncontrolling interests Principal Proportion of Ownership Interests and Voting Rights Held by Noncontrolling Interests Subsidiaries Place of Business March 31,2025 December 31,2024 March 31,20

156、24 SENAO Taiwan 72%72%72%CHPT Taiwan 66%66%66%Profit Allocated to Noncontrolling Interests Accumulated Noncontrolling Interests Three Months Ended March 31 March 31,December 31,March 31,2025 2024 2025 2024 2024 SENAO$82,718$96,826$4,462,311$4,683,629$4,412,858 CHPT$142,154$2,385 5,449,884 5,305,195

157、5,004,863 Individually immaterial subsidiaries with noncontrolling interests 2,959,159 3,165,342 2,718,642$12,871,354$13,154,166$12,136,363 -21-Summarized financial information in respect of SENAO and its subsidiaries that has material noncontrolling interests is set out below.The summarized financi

158、al information below represented amounts before intercompany eliminations.March 31,2025 December 31,2024 March 31,2024 Current assets$6,315,261$6,737,556$7,132,733 Noncurrent assets 3,709,616 3,675,523 3,365,022 Current liabilities (3,480,860)(3,549,249)(3,938,838)Noncurrent liabilities (404,000)(41

159、5,771)(487,134)Equity$6,140,017$6,448,059$6,071,783 Equity attributable to the parent$1,677,706$1,764,430$1,658,925 Equity attributable to noncontrolling interests 4,462,311 4,683,629 4,412,858$6,140,017$6,448,059$6,071,783 Three Months Ended March 31 2025 2024 Revenues and income$7,646,727$8,171,18

160、1 Costs and expenses 7,531,442 8,036,271 Profit for the period$115,285$134,910 Profit attributable to the parent$32,567$38,084 Profit attributable to noncontrolling interests 82,718 96,826 Profit for the period$115,285$134,910 Other comprehensive income attributable to the parent$786$7,940 Other com

161、prehensive income attributable to noncontrolling interests 2,004 20,236 Other comprehensive income for the period$2,790$28,176 Total comprehensive income attributable to the parent$33,353$46,024 Total comprehensive income attributable to noncontrolling interests 84,722 117,062 Total comprehensive in

162、come for the period$118,075$163,086 Net cash flow from operating activities$(326,746)$327,163 Net cash flow from investing activities (14,732)(6,819)Net cash flow from financing activities (75,820)(75,378)Effect of exchange rate changes on cash and cash equivalents 1 19 Net cash inflow(outflow)$(417

163、,297)$244,985 -22-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.March 31,2025 December 31,2024 March 31,2024 Current

164、assets$5,273,480$4,936,011$3,788,825 Noncurrent assets 4,138,193 4,222,292 4,416,004 Current liabilities (1,113,385)(1,079,055)(591,800)Noncurrent liabilities (18,752)(21,470)(21,410)Equity$8,279,536$8,057,778$7,591,619 Equity attributable to CHI$2,829,652$2,752,583$2,586,756 Equity attributable to

165、noncontrolling interests 5,449,884 5,305,195 5,004,863$8,279,536$8,057,778$7,591,619 Three Months Ended March 31 2025 2024 Revenues and income$1,170,288$697,630 Costs and expenses 952,384 690,450 Profit for the period$217,904$7,180 Profit attributable to CHI$75,750$4,795 Profit attributable to nonco

166、ntrolling interests 142,154 2,385 Profit for the period$217,904$7,180 Other comprehensive income attributable to CHI$1,320$3,739 Other comprehensive income attributable to noncontrolling interests 2,534 7,177 Other comprehensive income for the period$3,854$10,916 Total comprehensive income attributa

167、ble to CHI$77,070$8,534 Total comprehensive income attributable to noncontrolling interests 144,688 9,562 Total comprehensive income for the period$221,758$18,096 Net cash flow from operating activities$582,333$(35,657)Net cash flow from investing activities (16,753)(34,200)Net cash flow from financ

168、ing activities (10,160)(6,605)Effect of exchange rate changes on cash and cash equivalents 4,580 13,187 Net cash inflow(outflow)$560,000$(63,275)-23-b.Equity transactions with noncontrolling interests CHIEF issued new shares in December 2024 and March 2025 as its employees exercised options.Therefor

169、e,the Companys ownership interest in CHIEF decreased.See Note 34(a)for details.CHTSC issued new shares in January 2024,March 2024,December 2024 and February 2025 as its employees exercised options.Therefore,the Companys ownership interest in CHTSC decreased.See Note 34(b)for details.The above transa

170、ctions were accounted for as equity transactions since the Company did not cease to have control over these subsidiaries.Information of the Companys equity transactions with noncontrolling interests for the three months ended March 31,2025 and 2024 was as follows:Three Months Ended March 31,2025 CHT

171、SC Share-Based Payment CHIEF Share-Based Payment Cash consideration received from noncontrolling interests$95$1,165 The proportionate share of the carrying amount of the net assets of the subsidiary transferred from(to)noncontrolling interests (184)8,176 Differences arising from equity transactions$

172、(89)$9,341 Line items for equity transaction adjustments Additional paid-in capital-arising from changes in equities of subsidiaries$(89)$9,341 Three Months Ended March 31,2024 CHTSC Share-Based Payment Cash consideration received from noncontrolling interests(Note)$13,245 The proportionate share of

173、 the carrying amount of the net assets of the subsidiary transferred to noncontrolling interests (13,650)Differences arising from equity transactions$(405)Line items for equity transaction adjustments Additional paid-in capital-arising from changes in equities of subsidiaries$(405)Note:The proceeds

174、from the new shares issued in January 2024 by CHTSC have been received in advance in December 2023.-24-c.Loss of control of subsidiaries Chunghwa no longer had more than half of seats of the Board of Directors of CHST since January 2025.As a result,the Company lost control over CHST and recognized C

175、HST as an investment in associate.The Company recognized the retained interest in CHST at the fair value on the date control was lost;therefore,the Company recognized the disposal gain of$15,920 thousand based on the difference between the fair value and the carrying amount.The disposal gain was inc

176、luded in other gains or losses in the consolidated statements of comprehensive income.Analysis of assets and liabilities over which the Company lost control:CHST Current assets Cash and cash equivalents$8,664 Contract assets 9,132 Trade notes and accounts receivable,net 9,148 Inventories 6,521 Other

177、s 6,631 Noncurrent assets Property,plant and equipment 202 Right-of-use assets 3,369 Deferred income tax assets 1,645 Other noncurrent assets 12,415 Current liabilities Short-term loans (65,000)Contract liabilities (7,376)Trade notes and accounts payable (9,036)Others (2,309)Noncurrent liabilities C

178、ustomers deposits (7,126)Others (1,704)Net liabilities$(34,824)15.INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD March 31,2025 December 31,2024 March 31,2024 Investments in associates$9,114,825$9,064,213$8,551,936 Investment in joint venture 9,188 9,251 9,400$9,124,013$9,073,464$8,561,336-25-a.Invest

179、ments in associates Investments in associates were as follows:Carrying Amount March 31,2025 December 31,2024 March 31,2024 Material associate Non-listed Next Commercial Bank Co.,Ltd.(“NCB”)$3,871,773$3,950,922$4,207,893 Associates that are not individually material Listed Senao Networks,Inc.(“SNI”)2

180、,051,979 1,998,346 1,608,490 KingwayTek Technology Co.,Ltd.(“KWT”)284,437 278,967 270,090 Non-listed Viettel-CHT Co.,Ltd.(“Viettel-CHT”)605,329 573,275 567,596 Taiwan International Standard Electronics Co.,Ltd.(“TISE”)390,400 379,357 312,238 ST-2 Satellite Ventures Pte.,Ltd.(“STS”)364,913 313,467 32

181、2,008 WiAdvance Technology Corporation(“WATC”)270,306 273,440 285,617 Taiwania Hive Technology Fund L.P.(“TWTF”)270,060 276,180 -Chunghwa PChome Fund I Co.,Ltd.(“CPFI”)251,256 252,625 256,115 So-net Entertainment Taiwan Limited(“So-net”)180,792 192,968 224,102 KKBOX Taiwan Co.,Ltd.(“KKBOXTW”)143,944

182、 151,241 171,342 Taiwan International Ports Logistics Corporation(“TIPL”)143,208 133,836 129,330 Porrima Inc.(“PORRIMA”)76,679 77,634 -CHT Infinity Singapore Pte.,Ltd.(“CISG”)58,097 60,782 58,474 Imedtac Co.,Ltd.(“IME”)56,431 56,667 46,295 Click Force Co.,Ltd.(“CF”)50,320 51,011 44,828 AgriTalk Tech

183、nology Inc.(“ATT”)26,228 26,254 29,572 Baohwa Trust Co.,Ltd.(“BHT”)13,400 11,967 10,383 Cornerstone Ventures Co.,Ltd.(“CVC”)5,273 5,274 7,563 Chunghwa Sochamp Technology Inc.(“CHST”)(Note 14)-5,243,052 5,113,291 4,344,043$9,114,825$9,064,213$8,551,936-26-The percentages of ownership interests and vo

184、ting rights in associates held by the Company as of balance sheet dates were as follows:%of Ownership Interests and Voting Rights March 31,2025 December 31,2024 March 31,2024 Material associate Non-listed Next Commercial Bank Co.,Ltd.(“NCB”)46 46 46 Associates that are not individually material List

185、ed Senao Networks,Inc.(“SNI”)33 33 34 KingwayTek Technology Co.,Ltd.(“KWT”)23 23 23 Non-listed Viettel-CHT Co.,Ltd.(“Viettel-CHT”)30 30 30 Taiwan International Standard Electronics Co.,Ltd.(“TISE”)40 40 40 ST-2 Satellite Ventures Pte.,Ltd.(“STS”)38 38 38 WiAdvance Technology Corporation(“WATC”)16 16

186、 16 Taiwania Hive Technology Fund L.P.(“TWTF”)42 42 -Chunghwa PChome Fund I Co.,Ltd.(“CPFI”)50 50 50 So-net Entertainment Taiwan Limited(“So-net”)30 30 30 KKBOX Taiwan Co.,Ltd.(“KKBOXTW”)30 30 30 Taiwan International Ports Logistics Corporation(“TIPL”)27 27 27 Porrima Inc.(“PORRIMA”)10 10 -CHT Infin

187、ity Singapore Pte.,Ltd.(“CISG”)40 40 40 Imedtac Co.,Ltd.(“IME”)10 10 7 Click Force Co.,Ltd.(“CF”)49 49 49 AgriTalk Technology Inc.(“ATT”)29 29 29 Baohwa Trust Co.,Ltd.(“BHT”)25 25 25 Cornerstone Ventures Co.,Ltd.(“CVC”)49 49 49 Chunghwa Sochamp Technology Inc.(“CHST”)(Note 14)37 -27-Summarized finan

188、cial information of NCB was set out below:March 31,2025 December 31,2024 March 31,2024 Assets$51,785,156$48,636,633$39,498,355 Liabilities (43,366,071)(40,043,113)(30,339,323)Equity$8,419,085$8,593,520$9,159,032 The percentage of ownership interest held by the Company 46.26%46.26%46.26%Equity attrib

189、utable to the Company$3,894,668$3,975,362$4,236,968 Unrealized gain or loss from downstream transactions (22,895)(24,440)(29,075)The carrying amount of investment$3,871,773$3,950,922$4,207,893 Three Months Ended March 31 2025 2024 Net revenues$89,521$68,964 Net loss for the period$(183,577)$(185,512

190、)Other comprehensive income(loss)9,142 (2,532)Total comprehensive loss for the period$(174,435)$(188,044)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:Thre

191、e Months Ended March 31 2025 2024 The Companys share of profits$124,276$98,838 The Companys share of other comprehensive income 3,708 26,679 The Companys share of total comprehensive income$127,984$125,517 The Level 1 fair values of associates based on the closing market prices as of the balance she

192、et dates were as follows:March 31,2025 December 31,2024 March 31,2024 SNI$3,857,743$3,838,161$3,556,203 KWT$932,362$896,747$896,169 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

193、 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.-28-KWT transferred its treasury stock repurchased from December 2019 to Februa

194、ry 2020 to employees in October 2024.Therefore,the Companys 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 in October 2024.Therefore,the Companys ownership interest in SNI decr

195、eased 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 March 2024 and September 2024 as its employees exercised option.Therefore,the Companys ownership interest in WATC decreased to 16.35%and 16.24%as of March 3

196、1,2024 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.Chunghwas Board of Directors approved an investment in TWTF at the amount of USD 30,000 thousand in February 20

197、24.The Company initially invested in TWTF in August 2024 and obtained 41.75%ownership interest.TWTF mainly engages in investment.The Company participated in the capital increase of PORRIMA in May 2024 and obtained 10.00%ownership interest.PORRIMA mainly engages in designing and selling zero-emission

198、 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 higher proportion to the original shareholder percentage in April 2024.Therefore,the Companys ownership interest in I

199、ME 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.Although Chunghwa is the single largest stockholder of NCB,it only obtained six out of fifteen seats of the Board of

200、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 m

201、erely 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

202、Company recognized CPFI as an investment in associate.The Companys share of profits and other comprehensive income(loss)of associates was recognized based on the reviewed financial statements.b.Investment in joint venture Investment in joint venture was as follows:Carrying Amount%of Ownership Intere

203、sts and Voting Rights Name of Joint Venture March 31,2025 December 31,2024 March 31,2024 March 31,2025 December 31,2024 March 31,2024 Non-listed Chunghwa SEA Holdings(“CHT SEA”)$9,188$9,251$9,400 51%51%51%-29-The Company invested and established a joint venture,CHT SEA,with Delta Electronics,Inc.and

204、 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 SEAs relevant activities and has joint control with the other party;therefore,the Company treated CHT SEA as a join

205、t venture.The joint venture is not considered individually material to the Company.Summarized financial information of CHT SEA was set out below:Three Months Ended March 31 2025 2024 The Companys share of loss$(63)$(63)The Companys share of other comprehensive income -The Companys share of total com

206、prehensive loss$(63)$(63)The Companys share of loss and other comprehensive income of the joint venture was recognized based on the reviewed financial statements.16.PROPERTY,PLANT AND EQUIPMENT March 31,2025 December 31,2024 March 31,2024 Assets used by the Company$280,810,739$284,714,764$280,840,40

207、0 Assets subject to operating leases 5,779,228 5,125,380 6,224,809$286,589,967$289,840,144$287,065,209 a.Assets used by the Company Land Land Improvements Buildings Computer Equipment Telecommuni-cations Equipment Transportation Equipment Miscellaneous Equipment Construction in Progress and Equipmen

208、t to be Accepted Total 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 -5,242 18,379 23,002 2,839 14,608 3,550,693 3,614,763 Disposal -(249,084)(4,697,374)(59,735)(89,651)-(5,095,844)Effect of foreign exchan

209、ge differences -41 91,121 98 6,151 8,105 105,516 Others (528,935)1,652 (301,140)228,301 5,501,226 73 76,673 (5,831,630)(853,780)Balance on March 31,2024$102,356,519$1,710,888$71,458,885$11,042,468$722,352,954$3,992,936$12,098,810$13,664,355$938,677,815 Accumulated depreciation and impairment Balance

210、 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 -(8,344)(358,607)(182,451)(6,394,220)(29,325)(205,976)-(7,178,923)Disposal -248,665 4,695,821 59,735 89,229 -5,093,450 Effect of foreign exchange differences -(39)(55,

211、411)(14)(3,360)-(58,824)Others -162,600 (72)(29,857)(147)(3,382)-129,142 Balance on March 31,2024$-$(1,516,276)$(33,479,819)$(9,154,957)$(600,915,658)$(3,624,475)$(9,146,230)$-$(657,837,415)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$15,937,18

212、7$285,084,900 Balance on March 31,2024,net$102,356,519$194,612$37,979,066$1,887,511$121,437,296$368,461$2,952,580$13,664,355$280,840,400 Cost Balance on January 1,2025$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 Additions -1,037 16,471 64,065 -

213、6,621 3,904,326 3,992,520 Disposal -(90)(49,055)(2,067,426)(81,274)(47,767)-(2,245,612)Effect of deconsolidation of subsidiaries(Note 14)-(2,009)(3,213)-(5,222)Effect of foreign exchange differences -31 26,393 156 2,808 2,702 32,090 Others (459,049)8,211 (376,545)15,641 4,910,310 115,166 100,134 (5,

214、122,984)(809,116)Balance on March 31,2025$101,886,982$1,757,825$73,802,479$10,431,495$721,286,387$4,215,579$12,738,706$15,356,796$941,476,249(Continued)-30-Land Land Improvements Buildings Computer Equipment Telecommuni-cations Equipment Transportation Equipment Miscellaneous Equipment Construction

215、in Progress and Equipment to be Accepted Total Accumulated depreciation and impairment Balance on January 1,2025$-$(1,543,373)$(34,721,367)$(8,727,171)$(597,674,608)$(3,629,903)$(9,500,403)$-$(655,796,825)Depreciation expenses -(11,497)(377,384)(163,282)(6,411,938)(44,292)(227,324)-(7,235,717)Dispos

216、al -90 49,052 2,066,645 81,274 47,401 -2,244,462 Effect of deconsolidation of subsidiaries(Note 14)-2,009 3,011 -5,020 Effect of foreign exchange differences -(27)(17,877)(95)(1,850)-(19,849)Others -148,868 (79)1,673 (417)(12,646)-137,399 Balance on March 31,2025$-$(1,554,870)$(34,949,793)$(8,841,50

217、7)$(602,036,105)$(3,591,424)$(9,691,811)$-$(660,665,510)Balance on January 1,2025,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 Balance on March 31,2025,net$101,886,982$202,955$38,852,686$1,589,988$119,250,282$624,155$3,046,895$15,356,796$280,810,7

218、39(Concluded)There was no indication that property,plant and equipment was impaired;therefore,the Company did not recognize any impairment loss for the three months ended March 31,2025 and 2024.Depreciation expense for assets used by the Company is computed using the straight-line method over the fo

219、llowing estimated service lives:Land improvements 1030 years Buildings Main buildings 2060 years Other building facilities 315 years Computer equipment 28 years Telecommunications equipment Telecommunication circuits 230 years Telecommunication machinery and antennas equipment 230 years Transportati

220、on equipment 210 years Miscellaneous equipment Leasehold improvements 118 years Mechanical and air conditioner equipment 316 years Others 115 years b.Assets subject to operating leases Land Buildings Total Cost Balance on January 1,2024$4,924,387$4,131,031$9,055,418 Additions -99 99 Others (1,181,88

221、0)279,033 (902,847)Balance on March 31,2024$3,742,507$4,410,163$8,152,670 Accumulated depreciation and impairment Balance on January 1,2024$-$(1,802,576)$(1,802,576)Depreciation expenses -(19,304)(19,304)Others -(105,981)(105,981)Balance on March 31,2024$-$(1,927,861)$(1,927,861)Balance on January 1

222、,2024,net$4,924,387$2,328,455$7,252,842 Balance on March 31,2024,net$3,742,507$2,482,302$6,224,809(Continued)-31-Land Buildings Total Cost Balance on January 1,2025$3,104,874$3,737,084$6,841,958 Others 459,049 351,848 810,897 Balance on March 31,2025$3,563,923$4,088,932$7,652,855 Accumulated depreci

223、ation and impairment Balance on January 1,2025$-$(1,716,578)$(1,716,578)Depreciation expenses -(17,869)(17,869)Others -(139,180)(139,180)Balance on March 31,2025$-$(1,873,627)$(1,873,627)Balance on January 1,2025,net$3,104,874$2,020,506$5,125,380 Balance on March 31,2025,net$3,563,923$2,215,305$5,77

224、9,228(Concluded)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 e

225、quipment was as follows:March 31,2025 December 31,2024 March 31,2024 Year 1$316,153$305,357$287,684 Year 2 185,488 197,780 184,484 Year 3 122,211 121,845 125,358 Year 4 90,854 92,431 81,970 Year 5 56,926 62,415 54,715 Onwards 125,534 136,567 122,943$897,166$916,395$857,154 The above items of propert

226、y,plant and equipment subject to operating leases are depreciated on a straight-line basis over their estimated useful lives as follows:Buildings Main buildings 3560 years Other building facilities 315 years-32-17.LEASE ARRANGEMENTS a.Right-of-use assets March 31,2025 December 31,2024 March 31,2024

227、Land and buildings Handsets base stations$7,755,557$7,648,470$7,596,291 Others 1,805,447 1,564,104 1,696,547 Equipment 1,759,561 1,699,755 1,830,401$11,320,565$10,912,329$11,123,239 Three Months Ended March 31 2025 2024 Additions to right-of-use assets$1,560,497$979,391 Depreciation charge for right

228、-of-use assets Land and buildings Handsets base stations$759,682$743,846 Others 201,303 195,986 Equipment 114,392 87,323$1,075,377$1,027,155 The Company did not have significant sublease or impairment of right-of-use assets for the three months ended March 31,2025 and 2024.b.Lease liabilities March

229、31,2025 December 31,2024 March 31,2024 Lease liabilities Current$3,738,416$3,557,874$3,448,987 Noncurrent 7,462,150 7,333,503 7,398,566$11,200,566$10,891,377$10,847,553 Ranges of discount rates for lease liabilities were as follows:March 31,2025 December 31,2024 March 31,2024 Land and buildings Hand

230、sets base stations 0.37%2.00%0.37%2.00%0.37%1.78%Others 0.37%9.00%0.37%9.00%0.37%9.00%Equipment 0.37%3.50%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 l

231、ease 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-33-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 ex

232、piration 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 lea

233、se 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 Chung

234、hwa 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.d.Other lease information Three Months Ended March 31 2025 2024 Expenses relating to low-value asset leases$2,254$2,063 Ex

235、penses relating to variable lease payments not included in the measurement of lease liabilities$1,604$1,478 Total cash outflow for leases$1,244,847$1,088,205 The Company leases certain equipment which qualifies as low-value asset leases.The Company has elected to apply the recognition exemption and,

236、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 1,2024$11,161,834 Reclas

237、sification 1,747,177 Balance on March 31,2024$12,909,011 Accumulated depreciation and impairment Balance on January 1,2024$(1,356,371)Depreciation expense (11,107)Reclassification (24,663)Balance on March 31,2024$(1,392,141)Balance on January 1,2024,net$9,805,463 Balance on March 31,2024,net$11,516,

238、870 (Continued)-34-Cost Balance on January 1,2025$13,592,694 Additions 2,067 Balance on March 31,2025$13,594,761 Accumulated depreciation and impairment Balance on January 1,2025$(1,290,975)Depreciation expense (11,225)Balance on March 31,2025$(1,302,200)Balance on January 1,2025,net$12,301,719 Bala

239、nce on March 31,2025,net$12,292,561(Concluded)Depreciation expense is computed using the straight-line method over the following estimated service lives:Land improvements 1530 years Buildings Main buildings 860 years Other building facilities 1035 years The fair values of the Companys investment pro

240、perties 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.The Company used the aforementioned appraisal reports as the basis to determine the fair values as of March 31,2025 and 2024 because th

241、ere was no material change in the economic environment or the market transaction price.Those appraisal reports are based on the comparison approach,income approach or cost approach.Key assumptions and the fair values were as follows:March 31,2025 December 31,2024 March 31,2024 Fair value$41,286,825$

242、41,284,758$35,336,628 Overall capital interest rate 1.47%5.81%1.47%5.81%1.43%5.51%Profit margin ratio 12%20%12%20%10%20%Discount rate 0%10%0%10%-Capitalization rate 1.12%2.13%1.12%2.13%0.23%2.28%All of the Companys investment properties are held under freehold interest.The future aggregate lease col

243、lection under operating lease for investment properties is as follows:March 31,2025 December 31,2024 March 31,2024 Year 1$279,978$274,163$270,731 Year 2 247,592 247,997 249,088 Year 3 215,352 216,256 224,283 Year 4 194,029 192,062 192,871(Continued)-35-March 31,2025 December 31,2024 March 31,2024 Ye

244、ar 5$188,972$190,020$172,931 Onwards 1,259,643 1,306,456 1,283,870$2,385,566$2,426,954$2,393,774(Concluded)19.INTANGIBLE ASSETS Mobile Broadband Concession Computer Software Goodwill Others Total Cost Balance on January 1,2024$109,963,431$2,532,249$291,206$421,835$113,208,721 Additions-acquired sepa

245、rately -38,579 -1,695 40,274 Disposal -(103,569)-(7,044)(110,613)Effect of foreign exchange differences -170 -(10)160 Others -1,271 -1,271 Balance on March 31,2024$109,963,431$2,468,700$291,206$416,476$113,139,813 Accumulated amortization and impairment Balance on January 1,2024$(38,202,416)$(1,954,

246、096)$(73,624)$(252,040)$(40,482,176)Amortization expenses (1,597,535)(67,167)-(7,570)(1,672,272)Disposal -103,569 -7,044 110,613 Effect of foreign exchange differences -(71)-5 (66)Balance on March 31,2024$(39,799,951)$(1,917,765)$(73,624)$(252,561)$(42,043,901)Balance on January 1,2024 net$71,761,01

247、5$578,153$217,582$169,795$72,726,545 Balance on March 31,2024 net$70,163,480$550,935$217,582$163,915$71,095,912 Cost Balance on January 1,2025$109,963,431$2,427,063$291,206$418,959$113,100,659 Additions-acquired separately -31,914 -837 32,751 Disposal -(49,639)-(351)(49,990)Effect of foreign exchang

248、e differences -155 -15 170 Balance on March 31,2025$109,963,431$2,409,493$291,206$419,460$113,083,590 Accumulated amortization and impairment Balance on January 1,2025$(44,592,555)$(1,877,275)$(73,624)$(274,003)$(46,817,457)Amortization expenses (1,597,536)(65,113)-(6,238)(1,668,887)Disposal -49,639

249、 -351 49,990 Effect of foreign exchange differences -(35)-(10)(45)Balance on March 31,2025$(46,190,091)$(1,892,784)$(73,624)$(279,900)$(48,436,399)Balance on January 1,2025 net$65,370,876$549,788$217,582$144,956$66,283,202 Balance on March 31,2025 net$63,773,340$516,709$217,582$139,560$64,647,191-36

250、-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 f

251、ees 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 havin

252、g indefinite useful lives,are amortized using the straight-line method over the estimated useful lives of 3 to 20 years.Goodwill is not amortized.20.OTHER ASSETS March 31,2025 December 31,2024 March 31,2024 Refundable deposits$2,120,994$2,161,983$1,942,580 Spare parts 1,908,601 2,005,946 2,393,762 O

253、ther financial assets 1,000,000 1,000,000 1,000,000 Others 3,040,567 2,831,855 2,587,175$8,070,162$7,999,784$7,923,517 Current Spare parts$1,908,601$2,005,946$2,393,762 Others 1,086,055 1,108,608 727,134$2,994,656$3,114,554$3,120,896 Noncurrent Refundable deposits$2,120,994$2,161,983$1,942,580 Other

254、 financial assets 1,000,000 1,000,000 1,000,000 Others 1,954,512 1,723,247 1,860,041$5,075,506$4,885,230$4,802,621 Other financial assets-noncurrent was Piping Fund.As part of the governments effort to upgrade the existing telecommunications infrastructure,Chunghwa and other public utility companies

255、 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

256、 INSTRUMENTS Chunghwas 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,Chunghwas management considers the market condition to determine the hedge r

257、atio 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 exc

258、hange 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.-37-For the hedges of highly probable forecast sales and purchases,as the critical terms(i.e.the notional amount,life and underly

259、ing)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 oppo

260、site 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 f

261、air 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.March 31,2025 Notional Amount Forward Rate Line

262、 Item in Carrying Amount Change in Fair Values of Hedging Instruments Used for Calculating Hedge Hedging Instruments Currency (In Thousands)Maturity (In Dollars)Balance Sheet Asset Liability Ineffectiveness Cash flow hedge Forecast purchases-forward exchange contracts NT$/EUR NT$6,067/EUR 170 June 2

263、025$35.69 Hedging financial assets(liabilities)$30$-$804 Change in Value of Hedged Item Used for Accumulated Gain or Loss on Hedging Instruments in Other Equity Hedged Items Calculating Hedge Ineffectiveness Continuing Hedges Hedge Accounting No Longer Applied Cash flow hedge Forecast equipment purc

264、hases$(804)$30$-December 31,2024 Notional Amount Forward Rate Line Item in Carrying Amount Change in Fair Values of Hedging Instruments Used for Calculating Hedge Hedging Instruments Currency (In Thousands)Maturity (In Dollars)Balance Sheet Asset Liability Ineffectiveness Cash flow hedge Forecast pu

265、rchases-forward exchange contracts NT$/EUR NT$341,036/EUR10,000 March 2025$34.10 Hedging financial assets(liabilities)$1,133$1,907$(730)Change in Value of Hedged Item Used for Accumulated Gain or Loss on Hedging Instruments in Other Equity Hedged Items Calculating Hedge Ineffectiveness Continuing He

266、dges Hedge Accounting No Longer Applied Cash flow hedge Forecast equipment purchases$730$(774)$-38-March 31,2024 Notional Amount Forward Rate Line Item in Carrying Amount Change in Fair Values of Hedging Instruments Used for Calculating Hedge Hedging Instruments Currency (In Thousands)Maturity (In D

267、ollars)Balance Sheet Asset Liability Ineffectiveness Cash flow hedge Forecast purchases-forward exchange contracts NT$/EUR NT$47,915/EUR 1,400 June 2024$34.23 Hedging financial assets(liabilities)$29$-$73 Change in Value of Hedged Item Used for Accumulated Gain or Loss on Hedging Instruments in Othe

268、r Equity Hedged Items Calculating Hedge Ineffectiveness Continuing Hedges Hedge Accounting No Longer Applied Cash flow hedge Forecast equipment purchases$(73)$29$-Three months ended March 31,2025 Comprehensive Income Reclassification from Equity to Assets and the Adjusted Line Item Hedge Transaction

269、 Hedging Gain or Loss Recognized in OCI Amount of Hedge Ineffectiveness Recognized in Profit or Loss Line Item in Which Hedge Ineffectiveness is Included Amount Reclassified to Assets and the Adjusted Line Item Due to Hedged Future Cash Flows No Longer Expected to Occur Cash flow hedge Forecast equi

270、pment purchases$804$-$1,626 Construction in progress and equipment to be accepted$-Other gains and losses Three months ended March 31,2024 Comprehensive Income Reclassification from Equity to Assets and the Adjusted Line Item Hedge Transaction Hedging Gain or Loss Recognized in OCI Amount of Hedge I

271、neffectiveness Recognized in Profit or Loss Line Item in Which Hedge Ineffectiveness is Included Amount Reclassified to Assets and the Adjusted Line Item Due to Hedged Future Cash Flows No Longer Expected to Occur Cash flow hedge Forecast equipment purchases$73$-$1,551 Construction in progress and e

272、quipment to be accepted$-Other gains and losses-39-22.SHORT-TERM LOANS March 31,2025 December 31,2024 March 31,2024 Unsecured bank loans$530,000$215,000$465,000 The annual interest rates of bank loans were as follows:March 31,2025 December 31,2024 March 31,2024 Unsecured bank loans 2.29%2.35%1.82%3.

273、49%1.70%3.49%23.LONG-TERM LOANS March 31,2025 December 31,2024 March 31,2024 Secured bank loans(Note 39)$1,600,000$1,600,000$1,600,000 Unsecured bank loans 35,000 35,000 -Less:Current portion (5,833)(3,646)(1,600,000)$1,629,167$1,631,354$-The annual interest rates of bank loans were as follows:March

274、 31,2025 December 31,2024 March 31,2024 Secured bank loans 2.10%2.09%1.87%Unsecured bank loans 2.22%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 contr

275、act 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 March 3

276、1,2025 December 31,2024 March 31,2024 Unsecured domestic bonds$30,500,000$30,500,000$30,500,000 Less:Discounts on bonds payable (10,397)(11,794)(15,844)30,489,603 30,488,206 30,484,156 Less:Current portion (8,799,350)(8,798,880)-$21,690,253$21,689,326$30,484,156-40-The major terms of unsecured domes

277、tic bonds issued by Chunghwa were as follows:Issuance Tranche Issuance Period Total Amount Coupon Rate Repayment and Interest 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

278、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(Sustainable Bond)-March 2022 to March 2027 3,500,0

279、00 0.69%The same as above 25.TRADE NOTES AND ACCOUNTS PAYABLE March 31,2025 December 31,2024 March 31,2024 Trade notes and accounts payable$10,692,983$17,742,532$9,806,485 Trade notes and accounts payable were attributable to operating activities and the trading conditions were agreed separately.26.

280、OTHER PAYABLES March 31,2025 December 31,2024 March 31,2024 Accrued salary and compensation$7,924,564$10,721,819$7,774,277 Accrued compensation to employees and remuneration to directors and supervisors 3,105,520 2,499,932 2,688,772 Amounts collected for others 1,999,761 1,706,744 1,623,358 Payables

281、 to contractors 1,003,031 2,264,856 1,167,660 Accrued maintenance costs 986,069 1,116,992 1,069,055 Payables to equipment suppliers 713,642 720,361 813,574 Others 7,853,902 7,550,649 7,800,048$23,586,489$26,581,353$22,936,744 27.PROVISIONS March 31,2025 December 31,2024 March 31,2024 Employee benefi

282、ts$421,373$415,477$391,808 Warranties 273,114 280,679 238,655 Onerous contracts 266,103 266,755 175,504 Others 15,915 13,574 3,067$976,505$976,485$809,034(Continued)-41-March 31,2025 December 31,2024 March 31,2024 Current$668,780$441,801$316,748 Noncurrent 307,725 534,684 492,286$976,505$976,485$809

283、,034(Concluded)Employee Benefits Warranties Onerous Contracts Others Total Balance on January 1,2024$387,082$237,873$194,651$3,067$822,673 Additional/(reversal of)provisions recognized 9,131 8,136 (19,147)-(1,880)Used/forfeited during the period (4,405)(7,408)-(11,813)Effect of foreign exchange diff

284、erences -54 -54 Balance on March 31,2024$391,808$238,655$175,504$3,067$809,034 Balance on January 1,2025$415,477$280,679$266,755$13,574$976,485 Additional/(reversal of)provisions recognized 10,121 23,103 (706)2,658 35,176 Used/forfeited during the period (4,225)(30,690)-(317)(35,232)Effect of foreig

285、n exchange differences -22 54 -76 Balance on March 31,2025$421,373$273,114$266,103$15,915$976,505 a.The provision for warranty claims represents the present value of the managements best estimate of the future outflow of economic benefits that will be required under the Companys obligation for warra

286、nties 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 u

287、navoidable costs of meeting the Companys contractual obligations exceed the economic benefits expected to be received from the contracts.28.RETIREMENT BENEFIT PLANS Relevant pension costs for defined benefit plans which were determined by the pension cost rates of actuarial valuation as of December

288、31,2024 and 2023 were as follows:Three Months Ended March 31 2025 2024 Operating costs$80,433$104,906 Marketing expenses 63,244 77,832 General and administrative expenses 15,130 17,883 Research and development expenses 7,076 8,012$165,883$208,633-42-29.EQUITY a.Share capital 1)Common stocks March 31

289、,2025 December 31,2024 March 31,2024 Number of authorized shares(thousand)12,000,000 12,000,000 12,000,000 Authorized shares$120,000,000$120,000,000$120,000,000 Number of issued and paid shares(thousand)7,757,447 7,757,447 7,757,447 Issued shares$77,574,465$77,574,465$77,574,465 Each issued common s

290、tock 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 stock

291、s)in July 2003,August 2005,and September 2006.The ADSs were traded on the New York Stock Exchange since July 17,2003.As of March 31,2025,the outstanding ADSs were 177,552 thousand common stocks,which equaled 17,755 thousand units and represented 2.29%of Chunghwas total outstanding common stocks.The

292、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 entitl

293、ed 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 three months ended March 31,2025 and 2024 were as follows:Shar

294、e Premium Movements of Additional Paid-in Capital for Associates and Joint Ventures Accounted for Using Equity Method Movements of Additional Paid-in Capital Arising from Changes in Equities of Subsidiaries Difference between Consideration Received or Paid and Carrying Amount of the Subsidiaries Net

295、 Assets during Actual Disposal or Acquisition Donated Capital Stockholders Contribution due to Privatization Total Balance on January 1,2024$147,329,386$151,952$2,144,727$987,607$27,336$20,648,078$171,289,086 Change in additional paid-in capital from investments in associates and joint ventures acco

296、unted for using equity method -76,658 -76,658 Changes in equities of subsidiaries -(405)-(405)Balance on March 31,2024$147,329,386$228,610$2,144,322$987,607$27,336$20,648,078$171,365,339(Continued)-43-Share Premium Movements of Additional Paid-in Capital for Associates and Joint Ventures Accounted f

297、or Using Equity Method Movements of Additional Paid-in Capital Arising from Changes in Equities of Subsidiaries Difference between Consideration Received or Paid and Carrying Amount of the Subsidiaries Net Assets during Actual Disposal or Acquisition Donated Capital Stockholders Contribution due to

298、Privatization Total Balance on January 1,2025$147,329,386$223,835$2,145,041$1,211,494$29,445$20,648,078$171,587,279 Changes in equities of subsidiaries -9,252 -9,252 Balance on March 31,2025$147,329,386$223,835$2,154,293$1,211,494$29,445$20,648,078$171,596,531(Concluded)Additional paid-in capital fr

299、om 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 cap

300、italized,which however is limited to a certain percentage of Chunghwas 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 su

301、bsidiaries 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 subsi

302、diaries 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 def

303、icits.c.Retained earnings and dividends policy In accordance with the Chunghwas 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

304、 to stockholders,except when the accumulated amount of such legal reserve equals to Chunghwas 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,i

305、f 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 b

306、e 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.

307、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 Chunghwas paid-in capital,the excess may be trans

308、ferred to capital or distributed in cash.-44-The appropriations of the 2024 earnings of Chunghwa proposed by the Chunghwas Board of Directors on February 26,2025 and the appropriations of the 2023 earnings of Chunghwa approved by the stockholders in their meetings on May 31,2024 were as follows:Appr

309、opriation of Earnings Dividends Per Share(NT$)For Fiscal Year 2024 For Fiscal Year 2023 For Fiscal Year 2024 For Fiscal Year 2023 Reversal of special reserve$-$(223,084)Cash dividends 38,787,232 36,909,931$5.000$4.758 The appropriations of earnings for 2024 are subject to the resolution of the stock

310、holders meeting planned to be held on May 29,2025.Information of the appropriation of Chunghwas 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

311、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 lo

312、ss on financial assets at FVOCI Three Months Ended March 31 2025 2024 Beginning balance$563,605$520,748 Recognized for the period Unrealized gain or loss Equity instruments 569,284 628,015 Share of profits(loss)of associates and joint ventures accounted for using equity method 4,898 (1,295)Ending ba

313、lance$1,137,787$1,147,468 e.Noncontrolling interests Three Months Ended March 31 2025 2024 Beginning balance$13,154,166$12,596,252 Shares attributed to noncontrolling interests Net income for the period 396,617 212,764 Exchange differences arising from the translation of the foreign operations 4,796

314、 10,298 Unrealized gain or loss on financial assets at FVOCI (860)(1,547)Share of other comprehensive income of associates and joint ventures accounted for using equity method 2,184 19,262 Cash dividends distributed by subsidiaries (710,530)(716,689)(Continued)-45-Three Months Ended March 31 2025 20

315、24 Loss of control of subsidiaries(Note 14)$19,534$-Net increase in noncontrolling interests 5,447 16,023 Ending balance$12,871,354$12,136,363(Concluded)30.REVENUES Three Months Ended March 31 2025 2024 Revenue from contracts with customers$55,164,052$54,329,761 Other revenues Government grants inco

316、me 379,865 274,352 Rental income 213,485 291,500 Others 51,007 47,858 644,357 613,710$55,808,409$54,943,471 For the information of performance obligations related to customer contracts,please refer to Note 3 Summary of Material Accounting Policy Information to the consolidated financial statements f

317、or the year ended December 31,2024 for details.a.Disaggregation of revenue Please refer to Note 44 Segment Information for details.b.Contract balances March 31,2025 December 31,2024 March 31,2024 January 1,2024 Trade notes and accounts receivable(Note 10)$22,496,724$26,025,696$22,623,592$24,841,995

318、Contract assets Products and service bundling$10,483,736$10,445,758$9,679,196$9,297,181 Others 2,380,593 2,306,854 1,346,077 1,205,973 Less:Loss allowance (23,969)(23,845)(22,366)(21,282)$12,840,360$12,728,767$11,002,907$10,481,872 Current$8,486,649$8,401,343$6,985,515$6,713,227 Noncurrent 4,353,711

319、 4,327,424 4,017,392 3,768,645$12,840,360$12,728,767$11,002,907$10,481,872(Continued)-46-March 31,2025 December 31,2024 March 31,2024 January 1,2024 Contract liabilities Telecommunications business$13,836,198$13,931,238$13,961,741$14,015,949 Project business 8,180,447 8,014,350 6,637,247 6,654,364 A

320、dvance house and land receipts(Notes 11 and 40)1,064,150 1,064,150 576,826 459,697 Others 908,715 831,978 677,019 518,758$23,989,510$23,841,716$21,852,833$21,648,768 Current$16,582,177$16,300,986$14,293,408$14,088,416 Noncurrent 7,407,333 7,540,730 7,559,425 7,560,352$23,989,510$23,841,716$21,852,83

321、3$21,648,768(Concluded)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.The Company applies the simplified approach to recognize expected cre

322、dit 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 rec

323、eivables 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.c.Incremental costs of obtaining contracts March 31,2025 December 31,2024 March 31,2024 Current Incremental costs of obtaining contracts$33

324、9,172$339,172$271,077 Noncurrent Incremental costs of obtaining contracts$1,209,212$1,221,652$975,660 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

325、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 three months ended March 31,2025 and 2024 ar

326、e$238,217 thousand and$214,720 thousand,respectively.-47-31.NET INCOME a.Other income and expenses Three Months Ended March 31 2025 2024 Gain on disposal of property,plant and equipment,net$1,018$2,520 b.Other income Three Months Ended March 31 2025 2024 Rental income$19,222$17,487 Others 19,226 20,

327、282$38,448$37,769 c.Other gains and losses Three Months Ended March 31 2025 2024 Valuation gain(loss)on financial assets and liabilities at fair value through profit or loss,net$193$(61,657)Foreign currency exchange loss,net (39,187)(6,644)Gain on disposal of financial instruments,net -1,073 Gain on

328、 disposal of subsidiaries 15,290 -Others (1,414)5,964$(25,118)$(61,264)d.Interest expenses Three Months Ended March 31 2025 2024 Interest on bonds payable$41,978$41,970 Interest on lease liabilities 37,391 29,449 Interest paid to financial institutions 9,732 11,199 Others 256 669$89,357$83,287 e.Imp

329、airment loss(reversal of impairment loss)Three Months Ended March 31 2025 2024 Contract assets$124$1,084 Trade notes and accounts receivable$117,733$56,172 Other receivables$1,678$(1,470)Inventories$38,153$25,576-48-f.Depreciation and amortization expenses Three Months Ended March 31 2025 2024 Prope

330、rty,plant and equipment$7,253,586$7,198,227 Right-of-use assets 1,075,377 1,027,155 Investment properties 11,225 11,107 Intangible assets 1,668,887 1,672,272 Incremental costs of obtaining contracts 238,217 214,720 Total depreciation and amortization expenses$10,247,292$10,123,481 Depreciation expen

331、ses summarized by functions Operating costs$7,787,168$7,701,733 Operating expenses 553,020 534,756$8,340,188$8,236,489 Amortization expenses summarized by functions Operating costs$1,862,288$1,838,789 Marketing expenses 23,525 20,433 General and administrative expenses 12,150 15,746 Research and dev

332、elopment expenses 9,141 12,024$1,907,104$1,886,992 g.Employee benefit expenses Three Months Ended March 31 2025 2024 Post-employment benefit Defined contribution plans$289,836$256,170 Defined benefit plans 165,883 208,633 455,719 464,803 Share-based payment Equity-settled share-based payment 1,225 2

333、,373 Other employee benefit(Note)12,010,134 11,383,272 Total employee benefit expenses$12,467,078$11,850,448 Summary by functions Operating costs$5,776,994$5,522,712 Operating expenses 6,690,084 6,327,736$12,467,078$11,850,448 Note:Other employee benefit mainly includes salaries,compensation and labor and health insurance expenses,etc.The amendments to the Chunghwas Articles of Incorporation were