MStar Semiconductor, Inc. Audited Financial Statements 2025 Fiscal Year
MStar Semiconductor, Inc. Table of Contents
| Item | Page |
|---|---|
| I. Audit Report | 1 - 8 |
| II. Audited Financial Statements | |
| Consolidated Balance Sheet | 9 - 10 |
| Consolidated Income Statement | 11 |
| Consolidated Statement of Changes in Equity | 12 - 13 |
| Consolidated Cash Flow Statement | 14 - 15 |
| Company Balance Sheet | 16 - 17 |
| Company Income Statement | 18 |
| Company Statement of Changes in Equity | 19 - 20 |
| Company Cash Flow Statement | 21 - 22 |
| Notes to Financial Statements | 23 - 105 |
| III. Supplementary Information | |
| 1. Schedule of Non-recurring Profit or Loss | 1 |
| 2. Return on Net Assets and Earnings Per Share | 1 |
Audit Report Ernst & Young Hua Ming (2026) Shen Zi No. 70043897_M01 MStar Semiconductor, Inc.
To the Shareholders of MStar Semiconductor, Inc.:
I. Audit Opinion
We have audited the financial statements of MStar Semiconductor, Inc., which comprise the consolidated and company balance sheets as of December 31, 2025, the consolidated and company income statements, the statements of changes in equity, and the cash flow statements for the year 2025, as well as the related notes to the financial statements.
In our opinion, the accompanying financial statements of MStar Semiconductor, Inc. have been prepared in all material respects in accordance with the Accounting Standards for Business Enterprises and fairly present the consolidated and company financial position of MStar Semiconductor, Inc. as of December 31, 2025, and its consolidated and company operating results and cash flows for the year 2025.
II. Basis for Audit Opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our responsibilities under these standards are further described in the "Certified Public Accountant's Responsibilities for the Audit of the Financial Statements" section of the audit report. In accordance with the "Code of Ethics for Certified Public Accountants of China No. 1 — Independence Requirements for Financial Statement Audit and Review Engagements" and the Code of Ethics for Certified Public Accountants of China, we are independent of MStar Semiconductor, Inc. and have fulfilled our other ethical responsibilities. We have complied with the independence requirements for audits of public interest entities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
III. Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Our description of how each matter was addressed in the audit is provided in that context.
We have fulfilled the responsibilities described in the "Certified Public Accountant's Responsibilities for the Audit of the Financial Statements" section of this report, including those related to these key audit matters. Accordingly, our audit included the performance of audit procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the key audit matters below, provide a basis for our audit opinion on the financial statements as a whole.
Audit Report (Continued) Ernst & Young Hua Ming (2026) Shen Zi No. 70043897_M01 MStar Semiconductor, Inc.