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Ta Chen Stainless Pipe Co., Ltd. Investor Presentation 2020

Nov 18, 2020

51953_rns_2020-11-18_7bac0084-9ccb-4e8c-9627-210f31614b24.pdf

Investor Presentation

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November 18th, 2020

����� 2027 http://www.tachen.com.tw

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Disclaimer

  • The statements that pertain to future projections constitute the expectations, opinions, outlooks, or predictions of our company based on information available at the time the statements were made. Such statements may be affected by known and unknown risks and inherent uncertainties, the existence or emergence of facts or factors that differ from the assumptions, suppositions, or judgments of the Company, or other factors. Consequently, there may be significant discrepancies between actual results pertaining to the Company's future earnings, management results, financial conditions, and other matters as explicitly or implicitly referred to in the statements and the content of such statements.

  • The presentation is run exclusively for the purpose of providing information and not for the purpose of soliciting investments or recommending the buying or selling of specific shares or products. Company makes no warranty concerning the accuracy or completeness of the information and will not be liable for any damages arising out of use of the Information.

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Tach Chen Stainless Pipe
������������������
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Ta Chen US Brighton-Best
Ta Chen Ta Chen Ta Chen
Aluminum dept. International
(Ji-Tai ) (Boye) (Changshu)
Galex Inc. (Stock Code: 8415)
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BBI BBI
BBI BBI BBI Ta Chen Empire Primus Pipe & Empire TCI
Australia United Stated
Canada United Kingdom New Zealand Aluminum Tube Resources Inc. Texarkana, Inc.
(Koala Nails ) Ironclad Gloves )
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BBI
Brazil
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Stainless Steel Valves Stainless Steel Pipes Personal Protect
Equipment
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2016 2017 2018 2019 2019.01-09 2020.01-09 Diff. Diff.
Stainless Steel
Products
25,243,195 28,003,578 34,008,220 30,056,072 23,063,072 17,953,439 (5,109,633) -22%
Fastener 10,165,722 11,436,671 14,012,887 14,829,915 11,352,950 9,948,646 (1,404,304) -12%
Aluminum
Products
12,339,698 24,842,810 35,689,404 32,988,387 27,576,263 14,905,429 (12,670,834) -46%
Total 47,748,615 64,283,059 83,710,511 77,874,374 61,992,285 42,807,514 (19,184,771) -31%

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Flat Rolled LongProduct Tubing Pipe Valve & Fitting Other Total
����� ����� ������ ����� ����� �� ��
2019Q1 9.1% 12.2% -10.3% 2.0% 34.6% 25.6% 9.9%
2019Q2 9.5% 15.1% -0.2% 1.9% 35.2% 24.4% 8.6%
2019Q3 10.8% 13.3% -2.4% 4.1% 32.5% 25.0% 9.2%
GP%
(���)
2019Q4 15.4% 17.3% 8.2% 10.8% 32.6% 23.0% 14.4%
2020Q1 7.0% 11.0% -3.5% 5.2% 32.3% 22.0% 8.3%
2020Q2 6.7% 9.7% -0.6% 3.0% 31.2% 20.9% 7.1%
2020Q3 7.2% 10.6% 6.5% 3.5% 29.2% 23.0% 8.2%
�������
2019Q1 29,905 11,585 4,106 6,045 1,437 3,039 56,116
2019Q2 22,270 9,815 3,408 5,916 1,294 2,787 45,489
Sales MT 2019Q3 24,489 10,460 4,070 6,587 1,256 2,910 49,773

(����)
2019Q4 16,941 9,077 3,295 5,093 1,137 2,157 37,701
2020Q1 21,660 11,063 4,085 5,979 1,420 1,954 46,161
2020Q2 15,463 8,784 3,639 5,290 833 1,678 35,687
2020Q3 20,183 9,891 3,372 5,685 947 1,292 41,370

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�������� �������� �������� �������� �������� ��������
��/��
Quarter/Month
����
Working Day
����
Month/Quarter
����
Daily Avg.
�������
Total Aluminum $
����
Month/Quarter
����
Daily Avg.
�������
Total Aluminum Qty
����
Month/Quarter
����
Daily Avg.
���������
Total Stainless $
����
Month/Quarter
����
Daily Avg.
���������
Total Stainless Qty
2018Q1 64 298,897
4,670
88,588
1,384
247,054
3,860
64,579
1,009
2018Q2 64 290,758
4,543
74,850
1,170
246,675
3,854
52,465
820
2018Q3 63 294,290
4,671
71,587
1,136
234,530
3,723
48,456
769
201804 62 275,876
4,450
67,112
1,082
201,244
3,246
43,011
694
2019Q1 63 297,083
4,716
74,142
1,177
234,125
3,716
56,116
891
2019Q2 64 301,206
4,706
79,073
1,236
204,837
3,201
45,489
711
2019Q3 64 264,649
4,135
72,900
1,139
217,043
3,391
49,773
778
2019Q4 61 203,970
3,344
57,948
950
182,023
2,984
37,701
618
2020Q1 64 190,927
2,983
58,182
909
204,738
3,199
46,161
721
2020Q2 64 130,431
2,038
41,238
644
156,295
2,442
35,687
558
2020Q3 64 186,442
2,913
57,429
897
175,337
2,740
41,370
646
202010 22 70,831
3,220
20,628
938
61,858
2,812
14,365
653

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1, March 9, 2020 The Aluminum Association and Aleris Rolled Products, Inc., Arconic, Inc., Constellium Rolled Products Ravenswood, LLC, JW Aluminum Company, Novelis Corporation, and Texarkana Aluminum, Inc. (the U.S. subsidiary of Ta Chen Stainless Pipe Co., Ltd.), the manufacturers of Common Alloy Aluminum Sheet, initiated anti-dumping and anti-countervailing investigations; for imports of Common Alloy Aluminum Sheet from 18 countries, including Bahrain, Brazil, Croatia, Egypt, Germany, Greece, India, Indonesia, Italy, Oman, Romania, Serbia , Slovenia, South Africa, South Korea, Spain, Taiwan and Turkey.

2, On March 31, 2020, the U.S. Department of Commerce (DOC) announced anti-dumping investigations on Common Alloy Aluminum Sheet imported from the aforementioned 18 countries, and simultaneously initiated anti-subsidy investigations against four countries including Bahrain, Brazil, India and Turkey.

3, On April 23, 2020, the United States International Trade Commission (USITC) preliminarily ruled that the import of the products involved in the case caused substantial damage to the domestic industry in the United States.

4, On October 9, 2020, the U.S. Department of Commerce initially ruled that the import of the products involved in the case caused substantial damage to the domestic industry in the United States, and immediately imposed new tariffs on Common Alloy Aluminum Sheet sold to the United States from the aforementioned 18 countries.

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����� (Ta Chen Group) ���� (Competitors)
Metal
Ta Chen Int'l Empire Galex AA Metals
Exchange
��� Total
������
�������������������� 21,000 11,000 2,000 34,000 4,000 4,000
������
��������������������� 12,000 7,000 2,000 21,000 2,000 2,000
������
������������������� 21,000 4,000 - 25,000 1,000 <1000
��������������������
Ta Chen Int'l / Empire / Galex Sourcing Domestic DC Suppliers
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Arconic
C.S. PT. TCI Novelisris Novelis Constellium Skana
��� Aluminum Alumindo Hulamin Hindalco ��, Texarkana Lewisport Lancaster/ Oswego Ravenswood Aluminum
��, Tennessee
���…
������
�������������������� 20,000 - 6,000 4,000 1,000 3,300 6,000 12,500 3,000 3,000
������
��������������������� 1,500 6,000 8,000 3,000 2,000 2,300 10,000 16,000 4,000 3,000
������
������������������� 1,500 - - 1,000 - 2,000 13,000 10,000 4,000 3,000
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Country Volume/
Value
2017 2018 2019 Respondent Prel iminary CVD
Margin
Pre liminary AD
Margin
Effective Cash
Deposit Rate
Bahrain MT 59,114 58,916 69,731
$241,153,818
GARMCO 9.49% 4.21%
13.70%
$ $168,075,945 $198,969,560 All Others 9.49% 4.21% 13.70%
Brazil MT 22,256 25,486 $96,951,842
33,081
CBA 1.32% 136.78% 136.95%
Novelis do Brasil 0.76% 49.48% 49.48%
$ $57,630,241 $78,181,049 All Others 1.32% 49.48% 48.50%
Croatia MT 0 2,555 8,330
$25,234,850
Impol 3.22% 3.22%
$ $0 $8,508,547 All Others 3.22% 3.22%
Egypt MT 17 11,463 14,349
$43,797,087
Egyptalum 10.42% 10.42%
$ $47,552 $34,359,665 All Others 10.42% 10.42%
Germany MT 29,935 40,542 $286,590,231
80,678
HARP 352.71% 352.71%
Novelis DE 51.18% 51.18%
$ $110,355,792 $164,008,891 All Others 51.18% 51.18%
Greece MT 12,884 21,772 29,252
$101,918,789
Elval Halcor 2.72% 2.72%
$ $40,737,090 $76,813,215 All Others 2.72% 2.72%
MT 41,599 41,861 46,179 Hindalco 34.84% 47.92% 79.43%
India MALCO 5.44% 0.00% 5.44%
$ $100,555,790 $115,857,403 $123,272,385 All Others 29.76% 47.92% 74.35%
I ndonesia MT 65,471 75,933 53,276
$139,209,391
Alumindo 32.12% 32.12%
$ $156,504,466 $207,599,837 All Others 32.12% 32.12%
MT 2,798 13,206 25,951 Profilglass 29.13% 29.13%
Italy Laminazione 0.00% 0.00%
$ $12,832,207 $47,915,658 $85,312,024 All Others 14.57% 14.57%
Korea MT 25,218 63,197 82,739
$200,205,846
Ulsan/Novelis Korea 5.04% 5.04%
$ $62,417,619 $166,702,625 All Others 5.04% 5.04%
Oman MT 1,321 4,361 10,058
$29,375,578
OARC 3.53% 3.53%
$ $4,305,700 $14,616,073 All Others 3.53% 3.53%
Romania MT 0 67 3,453
$9,774,670
Alro 83.94% 83.94%
$ $0 $230,726 All Others 12.51% 12.51%
Serbia MT 0 9,802 $35,254,794
11,229
Impol 11.24% 11.24%
Otovici Doo 25.84% 25.84%
$ $0 $31,591,598 All Others 11.24% 11.24%
Slovenia MT 30,797 44,338 41,378
$119,088,501
Impol 4.80% 4.80%
$ $92,336,331 $144,806,731 All Others 4.80% 4.80%
S outh Africa MT 10,889 19,629 38,385
$121,715,684
Hulamin 8.93% 8.93%
$ $29,736,120 $62,162,675 All Others 8.93% 8.93%
Spain MT 1,527 5,034 $57,098,619
18,749
Aludium 3.75% 3.75%
Baux 23.32% 23.32%
$ $5,762,465 $18,549,756 All Others 3.75% 3.75%
Taiwan MT 527 32,402 51,887
$146,314,968
CS Aluminium 18.02% 18.02%
$ $2,546,965 $93,483,344 All Others 18.02% 18.02%
MT 6,056 22,412 46,779 Assan 3.15% 12.65% 15.26%
Turkey Teknik 0.07% 12.90% 12.90%
$ $17,724,243 $68,603,590 $122,812,045 All Others 3.15% 12.71% 15.45%
Total MT 310,409 492,976 665,484
$1,985,081,122
$ $861,568,526 $1,532,960,943

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Completed in Oct 2020,
Budget: US$21.2M Completed in Nov. 2019, Completed in Feb. 2019,
Payment: US$20.2M Budget: US$31.7M Budget: US$13.6M,
Payment: US$16.1M Payment: US$12.1M
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Timing
Capacity
Increase
12 months
30 months
13,000MTs
12 months
12 months (2)
18 months (2)
24 months (2)
12 months
24 months (2)
9,000MTs
6 months
4,000MTs
9 months
13,000MTs
Included in CM
Timing
Capacity
Increase
12 months
30 months
13,000MTs
12 months
12 months (2)
18 months (2)
24 months (2)
12 months
24 months (2)
9,000MTs
6 months
4,000MTs
9 months
13,000MTs
Included in CM
Project Timing Capacity
Increase
New Building 12 months
New Cold RollingMill 30 months 13,000MTs
Roll Grinding 12 months
Anneal Furnaces 12 months (2)
18 months (2)
24 months (2)
Included in CM
Material Handling 12 months
New Mid-Range Leveler 24 months (2) 9,000MTs
Restart the Pro-Eco 6 months 4,000MTs
Spares
Packingand Shipping 9 months 13,000MTs

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Novelis/Aleris –
North Am
Facilities
erica
Location Uhrichsville, Ohio Davenport, Iowa Ashville, Ohio Lincolnshire, Illinois
Richmond, Vir
ginia
Clayton, New
Jersey
Buckhannon,
West Virginia
Cold Mill
Capacity
135,000 MT/year 120,000 MT/year 100,000 MT/year 80,000 MT/year
54,000 MT/y
ear
18,000 MT/year
11,000 MT/year
CC
Main Alloys 1100/3004/310 3003/3004/3105/
5052
3004/3105 3003/3004/3105/
5052
3004/3025/31
05
3003/1100/8111
1100/1350/3003/
3004/3105/5052
Markets
Served
Building and
Construction
Building and
Construction
Building and
Construction
Building and
Construction
Building and
Construction
Semi finished foil
for food containers,
heat exchanger/air
conditioning
Electrical conductor
and cookware
North
America
Europe
Asia
Location Lewisport,
Kentucky
Koblenz, Germany Duffel, Belgium Zhenjiang, Jiangsu,
China
Cold Mill
Capacity
400,000 MT/year 155,000 MT/year 210,000 MT/year 40,000 MT/year
DC
Main Alloys 3003/5005/5052/
5083/5086/5182/
5454/5754/6061
5083/5086 for
Marine and
Transportation,
6xxx & 7xxx for
Aerospace and
General
Engineering
6xxx for
Automotive, 5xxx
for Automotive and
Architectural.
1xxx/3xxx/5xxx for
General
Fabrication/
Stockist
7xxx for Aerospace,
6xxx for General
Fabrication
Markets
Served
Automotive,
Transportation,
Architectural,
Distributer Coil
Aerospace and
Transportation –
Non Automotive
Automotive,
Archetectual,
General Fabrication
Aerospace and
General Fabrication

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LME Aluminum vs
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201801 201802 201803 201804 201805 201806 201807 201808 201809 201810 201811 201812 201901 201902 201903 201904 201905 201906 201907 201908 201909 201910 201911 201912 202001 202002 202003 202004 202005 202006 202007 202008 202009 202010
������
LME-Aluminum 2,215 2,185 2,077 2,246 2,291 2,240 2,099 2,046 2,023 2,034 1,938 1,931 1,846 1,860 1,872 1,849 1,775 1,754 1,793 1,741 1,750 1,719 1,772 1,770 1,772 1,686 1,611 1,457 1,460 1,564 1,639 1,734 1,745 1,803
�����
Aluminum AVG. 3,248 3,356 3,545 3,796 3,885 3,967 4,116 4,102 4,115 4,174 4,027 4,109 4,128 3,955 3,917 3,859 3,792 3,774 3,678 3,646 3,558 3,571 3,452 3,522 3,332 3,177 3,346 3,367 3,085 3,102 3,176 3,267 3,298 3,434
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2020.07 6.4% 2020.08 6.2% 2020.09 8.6% 2020.10 11.8%

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2020.07 4.8% 2020.08 7.6% 2020.09 9.6% 2020.10 12.0%

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�� �� Total Sales LOW CARBON MEDIUM CARBON ALLOY SOCKET STAINLESS STEEL IRONCLAD GLOVE OTHERS
Month Working
Day Quarterly
Daily
GP% Quarterly GP% Quarterly GP% Quarterly GP% Quarterly GP% Quarterly GP% Quarterly GP%
2018Q1 64 105,045,131 1,641,330 27.5% 38,288,865 20.4% 30,413,373 23.3% 12,166,261 52.2% 7,431,770 24.3% 5,570,762 48.1% 11,174,100 28.2%
2018Q2 64 110,696,384 1,729,631 28.0% 41,320,063 21.8% 31,930,795 24.9% 11,850,792 52.1% 8,808,072 23.6% 4,969,830 45.5% 11,816,832 30.8%
2018Q3 63 108,600,512 1,723,818 27.4% 39,664,205 21.6% 31,284,119 24.7% 11,380,656 51.2% 8,735,235 19.7% 5,068,237 43.9% 12,468,060 29.7%
2018Q4 62 102,538,926 1,653,854 28.0% 37,844,681 23.3% 28,869,144 27.0% 10,338,257 50.0% 8,457,944 13.3% 5,388,439 42.2% 11,640,461 29.9%
2019Q1 63 106,233,473 1,686,246 26.9% 38,577,019 22.8% 31,191,480 24.9% 10,682,551 49.0% 9,094,647 13.6% 5,282,087 40.9% 11,405,689 29.8%
2019Q2 64 113,142,218 1,767,847 28.1% 40,985,925 25.1% 33,658,130 25.8% 10,447,063 48.8% 9,749,351 15.2% 6,099,040 41.4% 12,202,708 29.7%
2019Q3 64 108,542,604 1,695,978 29.5% 40,909,412 27.0% 30,164,253 27.6% 9,588,743 49.7% 9,605,611 15.6% 6,607,887 43.0% 11,666,698 30.3%
2019Q4 61 96,492,715 1,581,848 29.6% 35,226,300 26.9% 26,763,522 27.3% 8,720,425 49.6% 9,390,190 16.0% 6,727,717 44.6% 9,664,561 30.2%
2020Q1 64 108,779,566 1,699,681 29.3% 40,013,352 25.9% 29,579,372 26.8% 9,712,446 49.3% 9,755,460 18.3% 7,013,288 42.8% 12,705,648 31.7%
2020Q2 64 88,212,955 1,378,327 29.9% 34,974,570 26.6% 23,311,497 27.3% 7,033,154 50.0% 8,400,580 19.6% 4,223,264 50.8% 10,269,890 33.1%
2020Q3 65 98,825,155 1,520,387 30.5% 39,127,530 27.7% 26,304,876 27.0% 8,611,956 49.7% 9,543,980 21.9% 5,208,247 48.4% 10,028,566 32.7%
202010 22 35,766,636 1,625,756 30.6% 11,141,665 28.1% 9,748,373 27.0% 3,122,553 49.5% 3,536,768 22.0% 1,992,808 43.2% 3,780,164 34.3%

������� : ��� / ����� / ����� : Ironclad Glove: ������ 20Q2 �������� ������������ , ��� ������� 10 , ���� 138 ���� 163/ , ������� / , Avg. GP%10 �������� ������������� 2020Q3 ������ , ���� , ��� 12 / ��� , ����������� 2021Q1 ��������� , ���������� 30.6%�

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Except as indicated, the unit is NT$1,000

Year
Item
2015 2016 2017 2018 2019 Date of
2020.09.30
������� 50,679,180 47,748,615 64,424,637 83,710,511 77,874,374 42,807,514
����������� 5,387,432 7,285,425 11,399,333 18,210,964 14,284,805 5,883,247
����������
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237,033 1,858,783 4,711,777 9,255,049 5,406,763 330,550
������������
��������������
-42,696 -844,194 -2,016,477 -236,408 -2,262,657 -1,125,030
���������������
���������
194,337 1,014,589 2,695,300 9,018,641 3,144,106 -794,480
��������� -166,887 671,195 1,088,135 6,039,401 2,407,037 -1,031,094
����������������
�������������
-0.35 0.61 1.25 5.83 1.49 -0.83
���������������
���������������
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Stock $0.3 Stock $0.2985 Stock $0.4 Cash $3.0 Stock $0.2 Pending
Cash $0.5
(paid by additional paid-
in-capital)
Cash $0.4975 Cash $0.8 Cash $1.0

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11 schools of rebuild

1.Dou-Liou junior high school(8 rooms) 2.Dong-He junior high school (20 rooms) 3.Hai-Feng elementary school(6 rooms) 4.Ci-Tong elementary school (8 rooms) 5.Li-Ren elementary school (10 rooms) 6.Dong-Ming junior high school (20 rooms) 7.Chong-De elementary school (26 rooms) 8.Donghe junior high school (20 rooms) 9.Yuanzhang elementary school (7 rooms) 10.Ciaotou elementary school (7 rooms) 11.Chaocuo elementary school (6 rooms)

4 schools of rebuild

1.Zhuo-Lan elementary school (3 rooms) 2.Liu-He elementary school (14 rooms) 3.Houzhuangelementary school (7 rooms) 4.Yuanli senior high school (7 rooms)

3 schools of rebuild

1.Ta-Chia elementary school (8 rooms) 2.Yah-Mei elementary school (6 rooms) 3.Chaoyang elementary school (7 rooms)

8 schools of rebuild

1.Yu-Jing junior high school (15 rooms) 2.Hou-Ying elementary school (2 rooms) 3.Zuo-Xhen elementary school (5 rooms) 4.Dingjhou elementary school (2 rooms) 5.Longgang elementary school (2 rooms) 6.Anshun elementary school (8 rooms) 7.Taikang elementary school (9 rooms) 8.Daguang elementary school (5 rooms)

1 schools of rebuild

1.Tianfeng elementary school (10 rooms)

1 schools of rebuild

1.Hou-Tang elementary school (2 rooms)

3 school of rebuild

1 school of rebuild

1.Gao-Tai junior high school(10 rooms)

1.Jia-Xian elementary school (14 rooms) 2.Zhong-Lu elementary school (5 rooms) 3. Ji-Dong elementary school (14 rooms)

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Yu-Jing junior high school(2010)

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Ta-Chia elementary school(2011)

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Dong-He junior high school(2012) Ji-Dong elementary school(2013)

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Ci-Tong elementary school(2014)

Gao-Tai junior high school(2015)

Hou-Tang elementary school(2016) Liu-He elementary school(2017)

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� � Let love continue

Ciao-Tou elementary school(2018) Yuan-Zhang elementary school(2018) Tai-Kang elementary school(2019)

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