{"url_path":"/sec/cchh/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits.**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/2074123/0001213900-26-057844-index.html","accession_number":"0001213900-26-057844","cik":"0002074123","ticker":"CCHH","issuer_name":"CCH Holdings Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2074123/0001213900-26-057844-index.html","primary_entity_key":"0002074123","primary_entity_name":"CCH Holdings Ltd"},"word_count":20135,"has_tables":true,"body_markdown":"**Item\n19. Exhibits.**\n\n \n\n*Exhibit No.*\n \n*Description*\n\n1.1*\n \n[The Second Amended and Restated Memorandum & Articles of Association](ea028591301ex1-1.htm)\n\n \n \n \n\n2.1*\n \n[Description of Securities](ea028591301ex2-1.htm)  \n\n \n \n \n\n4.1\n \n[Form of Indemnification Agreement between the registrant and its officers and directors (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form F-1, as amended (Registration No.  333-289878) initially filed with the Securities and Exchange Commission on August 27, 2025).](https://www.sec.gov/Archives/edgar/data/2074123/000121390025081009/ea024552005ex10-1_cchhold.htm)\n\n \n \n \n\n4.2\n \n[Form of Employment Agreement between the registrant and its executive officers (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form F-1, as amended (Registration No.  333-289878) initially filed with the Securities and Exchange Commission on August 27, 2025).](https://www.sec.gov/Archives/edgar/data/2074123/000121390025081009/ea024552005ex10-2_cchhold.htm)\n\n \n \n \n\n4.3\n \n[Form of Licensing Agreement (short form) (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form F-1, as amended (Registration No.  333-289878) initially filed with the Securities and Exchange Commission on August 27, 2025).](https://www.sec.gov/Archives/edgar/data/2074123/000121390025081009/ea024552005ex10-3_cchhold.htm)\n\n \n \n \n\n4.4\n \n\n[Form of Licensing Agreement (long form) (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form F-1, as amended (Registration No.  333-289878) initially filed with the Securities and Exchange Commission on August 27, 2025).](https://www.sec.gov/Archives/edgar/data/2074123/000121390025081009/ea024552005ex10-4_cchhold.htm) \n\n \n \n \n\n4.5\n \n[Form of Securities Purchase Agreement dated March 27, 2026 (incorporated by reference to Exhibit 99.1 to the Company’s Report on Form 6-K filed with the SEC on March 30, 2026).](http://www.sec.gov/Archives/edgar/data/2074123/000121390026035877/ea028388001ex99-1.htm)\n\n \n\n78\n\n \n\n4.6\n \n[2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form F-1, as amended (Registration No.  333-289878) initially filed with the Securities and Exchange Commission on August 27, 2025).](https://www.sec.gov/Archives/edgar/data/2074123/000121390025081009/ea024552005ex10-5_cchhold.htm)\n\n \n \n \n\n8.1*\n \n[List of subsidiaries of the Registrant.](ea028591301ex8-1.htm)\n\n \n \n \n\n11.1\n \n[Code of Business Conduct and Ethics of the Registrant (incorporated by reference to Exhibit 99.1 to the Company’s Registration Statement on Form F-1, as amended (Registration No.  333-289878) initially filed with the Securities and Exchange Commission on August 27, 2025).](https://www.sec.gov/Archives/edgar/data/2074123/000121390025081009/ea024552005ex99-1_cchhold.htm)\n\n \n \n \n\n11.2*\n \n[Insider Trading Policy of the Registrant.](ea028591301ex11-2.htm)\n\n \n \n \n\n12.1*\n \n[CO-CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea028591301ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[CO-CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea028591301ex12-2.htm)\n\n \n \n \n\n12.3*\n \n[CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea028591301ex12-3.htm)\n\n \n \n \n\n13.1*\n \n[CO-CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea028591301ex13-1.htm)\n\n \n \n \n\n13.2*\n \n[CO-CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea028591301ex13-2.htm)\n\n \n \n \n\n13.3*\n \n[CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea028591301ex13-3.htm)\n\n \n \n \n\n15.1*\n \n[Consent of ST & Partner PLT](ea028591301ex15-1.htm)\n\n \n \n \n\n97.1*\n \n[Compensation Recovery Policy of the Registrant.](ea028591301ex97-1.htm)\n\n \n \n \n\n101.INS*\n \nInline XBRL Instance Document\n\n \n \n \n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document\n\n \n \n \n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document\n\n \n \n \n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document\n\n \n \n \n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label Linkbase Document\n\n \n \n \n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document\n\n \n\n \n\n104\n \nCover Page Interactive Data File (embedded within the Inline XBRL document)\n\n \n\n*Filed\nwith this annual report on Form 20-F.\n\n \n\n79\n\n \n\nSIGNATURES\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \nCCH Holdings\nLtd\n\n(Registrant)\n\n \n \n \n\nDate: May 15,\n2026\nBy:\n*/s/\nGoh Kok E*\n\n \nName:\n*Goh Kok E*\n\n \nTitle:\nCo-Chief Executive Officer\n\n(Principal Executive Officer)\n\n \n\n80\n\n \n\n**CCH\nHOLDINGS LTD**\n\n** **\n\n**INDEX\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**Contents**   **Page**\n\n[Reports of Independent Registered Public Accounting Firm (PCAOB ID: 7261)](#F_006)   F-2\n\n[Consolidated Balance Sheets as of December 31, 2024 and 2025](#F_001)   F-3\n\n[Consolidated Statements of Operations and Comprehensive Income/(Loss) for the Years Ended December 31, 2023, 2024 and 2025](#F_002)   F-4\n\n[Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2024 and 2025](#F_003)   F-5\n\n[Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2024 and 2025](#F_004)   F-6\n\n[Notes to Consolidated Financial Statements](#F_005)   F-7\n\n** **\n\n \n\nF-1\n\n \n\n**REPORT\nOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**\n\n \n\nTo the Shareholders and Board of Directors of\n\nCCH Holdings Ltd\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of CCH Holdings Ltd and its subsidiaries (the “Company”) as of December 31, 2024 and 2025, the related consolidated\nstatements of operations and comprehensive income/(loss), changes in equity and cash flows for the year ended December 31, 2023, 2024,\nand 2025 and the related notes (collectively referred to as the “financial statements”). In our opinion, based on our audit,\nthe financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025,\nand the results of its operations and its cash flows for the year ended December 31, 2023, 2024, and 2025, in conformity with accounting\nprinciples generally accepted in the United States of America.\n\n ** **\n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s\ninternal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n \n\n/s/ ST & Partners PLT \n\nST & Partners PLT\n\nWe have served as the Company’s auditor since 2025.\n\nSelangor Darul Ehsan, Malaysia\n\nMay 15, 2026\n\n \n\nF-2\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**CONSOLIDATED\nBALANCE SHEETS**\n\n**(In\nU.S. Dollar, except for share data, or otherwise noted)**\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nASSETS \n　  \n　 \n\nCurrent\nassets: \n    \n   \n\nCash\nand cash equivalents \n$545,472  \n$416,092 \n\nAccounts\nreceivable, net \n 582,640  \n 948,112 \n\nInventories \n 311,425  \n 307,088 \n\nAmount\ndue from related parties, current \n 2,697,519  \n 5,272,215 \n\nPrepaid\nexpenses and other current assets \n 1,259,867  \n 2,735,124 \n\nTotal\ncurrent assets \n 5,396,923  \n 9,678,631 \n\n  \n    \n   \n\nNon-current\nassets: \n    \n   \n\nProperty\nand equipment, net \n 3,665,754  \n 4,019,528 \n\nOperating\nlease right-of-use assets, net \n 746,200  \n 1,575,515 \n\nFinance\nlease right-of-use assets, net \n 185,718  \n 174,899 \n\nIntangible\nassets, net \n 198,794  \n 196,954 \n\nLong-term\ninvestments \n 186,322  \n 72,810 \n\nAmounts\ndue from related parties, non-current \n 727,891  \n 802,098 \n\nOther\nnon-current assets \n 57,275  \n 216,715 \n\nTotal\nnon-current assets \n 5,767,954  \n 7,058,519 \n\nTOTAL\nASSETS \n$11,164,877  \n$16,737,150 \n\n  \n    \n   \n\nLIABILITIES\nAND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent\nliabilities \n    \n   \n\nBank\noverdrafts \n 458,275  \n 420,792 \n\nDeferred\nrevenue \n 36,952  \n 154,800 \n\nAccounts\npayable \n 562,304  \n 249,119 \n\nNotes\npayable \n 48,075  \n 751,520 \n\nIncome\ntax payable \n 18,133  \n 15,497 \n\nCurrent\nportion of long-term bank loans \n 72,579  \n 96,560 \n\nAmounts\ndue to related parties, current \n 177,075  \n 380,056 \n\nOperating\nlease liabilities, current \n 656,536  \n 686,877 \n\nFinance\nlease liabilities, current \n 35,265  \n 40,094 \n\nAccrued\nexpenses and other current liabilities \n 713,130  \n 686,720 \n\nLiability\nrelated to sale of future receivable \n -  \n 1,109,467 \n\nTotal\ncurrent liabilities \n 2,778,324  \n 4,591,502 \n\n  \n    \n   \n\nNon-current\nliabilities \n    \n   \n\nLong-term\nbank loans \n 1,812,131  \n 1,951,552 \n\nOperating\nlease liabilities, non-current \n 186,286  \n 901,781 \n\nFinance\nlease liabilities, non-current \n 92,197  \n 61,502 \n\nDeferred\ntax liabilities \n 90,279  \n 94,786 \n\nTotal\nnon-current liabilities \n 2,180,893  \n 3,009,621 \n\nTOTAL\nLIABILITIES \n 4,959,217  \n 7,601,123 \n\n  \n    \n   \n\nEquity \n    \n   \n\nOrdinary shares (par value of $0.00001 per share; 5,000,000,000 shares authorized, 18,000,000 and 21,950,000 issued and outstanding, as of December 31, 2024 and 2025, respectively)* \n 180  \n 220 \n\nAdditional\npaid-in capital \n 4,669,382  \n 9,630,942 \n\nSubscription\nreceivables \n (180) \n (180)\n\nRetained\nearnings \n 1,648,144  \n (1,036,635)\n\nAccumulated\nother comprehensive (loss)/income \n (111,866) \n 537,424 \n\nCCH\nHolding Ltd’s shareholders’equity \n 6,205,660  \n 9,131,771 \n\nNon-controlling\ninterests \n -  \n 4,256 \n\nTotal\nshareholder’s equity \n 6,205,660  \n 9,136,027 \n\n  \n    \n **　** \n\nTOTAL\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n$11,164,877  \n$16,737,150 \n\n \n\n \n\n*The share and per share information are presented on a retrospective basis to reflect the Reorganization and Share Surrender (collectively “Recapitalization”) completed on June 5, 2025 and September 5, 2025, respectively. (Note 1 (b))\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-3\n\n** **\n\n**CCH\nHOLDINGS LTD**\n\n**CONSOLIDATED\nSTATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)**\n\n**(In\nU.S. Dollar, except for share data, or otherwise noted)**\n\n \n\n  \nFor the Years Ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nRevenues \n$9,775,038  \n$8,915,344  \n$9,589,671 \n\n– Revenues from third parties \n 8,584,748  \n 7,724,976  \n 8,751,351 \n\n– Revenues from related parties \n 1,190,290  \n 1,190,368  \n 838,320 \n\nCost of revenues \n (7,565,559) \n (6,509,083) \n (7,739,702)\n\nGross profit \n 2,209,479  \n 2,406,261  \n 1,849,969 \n\n  \n    \n    \n   \n\nOperating expenses \n    \n    \n   \n\nSelling and marketing expenses \n (493,101) \n (263,871) \n (257,497)\n\nGeneral and administrative expenses \n (979,973) \n (816,122) \n (3,826,066)\n\nGain/(loss) from equity method investments \n 28,747  \n 8,873  \n (125,546)\n\nTotal operating expenses \n (1,444,327) \n (1,071,120) \n (4,209,109)\n\nIncome/(Loss) from operations \n 765,152  \n 1,335,141  \n (2,359,140)\n\n  \n    \n    \n   \n\nOther income/(expenses) \n    \n    \n   \n\nOther income, net \n 37,572  \n 77,735  \n 89,360 \n\nFinancial expenses, net \n (118,256) \n (131,683) \n (269,572)\n\nTotal other expenses, net \n (80,684) \n (53,948) \n (180,212)\n\n  \n    \n    \n   \n\nIncome/(Loss) before income tax expense \n 684,468  \n 1,281,193  \n (2,539,352)\n\nIncome tax expense \n (315,854) \n (367,792) \n (141,978)\n\nNet income/(Loss) \n$368,614  \n$913,401  \n$(2,681,330)\n\nLess: Net income attributable to non-controlling interests \n \n-\n  \n \n-\n  \n 3,449 \n\nNet income/(loss) attributable to CCH Holdings Ltd \n$368,614  \n$913,401  \n (2,684,779)\n\n  \n    \n    \n   \n\nOther comprehensive income/(loss): \n    \n    \n   \n\nForeign currency translation adjustment \n (43,828) \n 221,106 \n 649,481\n\nTotal comprehensive income/(loss) \n 324,786  \n 1,134,507  \n (2,031,849)\n\nLess: Comprehensive loss attributable to non-controlling interests \n \n-\n  \n \n-\n  \n 3,640\n\nComprehensive income/(loss) attributable to CCH Holdings Ltd \n$324,786  \n$1,134,507  \n$(2,035,489)\n\n  \n    \n    \n   \n\nEarnings/(Loss) per ordinary share attributable to ordinary shareholders of CCH Holdings Ltd \n    \n    \n   \n\nBasic and diluted \n$0.02  \n$0.05  \n$(0.14)\n\n  \n    \n    \n   \n\nWeighted average number of shares outstanding used in calculating earnings/(loss) per ordinary share \n    \n    \n   \n\nBasic and diluted* \n 18,000,000  \n 18,000,000  \n 19,081,404 \n\n \n\n \n\n*The share and per share information are presented on a retrospective basis to reflect the Reorganization and Share Surrender (collectively “Recapitalization”) completed on June 5, 2025 and September 5, 2025, respectively. (Note 1 (b))\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-4\n\n** **\n\n**CCH\nHOLDINGS LTD**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN EQUITY**\n\n**(In\nU.S. Dollar, except for share data, or otherwise noted)**\n\n \n\n  \nOrdinary Shares  \nAdditional\npaid-in  \nSubscription  \nRetained  \nAccumulated\nother\ncomprehensive  \nTotal\nshareholders’\nequity\nattributable\nto CCH\nHoldings  \nNon-controlling  \nTotal\nshareholders’ \n\n  \nShare*  \nAmount  \ncapital  \nreceivables  \nearnings  \n(loss)/income  \nLtd  \ninterests  \nequity \n\n  \n   \n   \n   \n   \n   \n   \n   \n   \n  \n\nBalance as of December 31, 2022 \n 18,000,000  \n$180  \n$3,605,792  \n$(180) \n$366,129  \n$(289,144) \n$3,682,777  \n$\n-\n  \n$3,682,777 \n\nNet income \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 368,614  \n \n-\n  \n 368,614  \n \n-\n  \n 368,614 \n\nContribution from shareholders \n -  \n \n-\n  \n 117,329  \n -  \n \n-\n  \n \n-\n  \n 117,329  \n \n-\n  \n 117,329 \n\nForeign currency translation adjustment \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (43,828) \n (43,828) \n \n-\n  \n (43,828)\n\nBalance as of December 31, 2023 \n 18,000,000  \n$180  \n$3,723,121  \n$(180) \n$734,743  \n$(332,972) \n$4,124,892  \n$\n-\n  \n$4,124,892 \n\nNet income \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n 913,401  \n \n-\n  \n 913,401  \n \n-\n  \n 913,401 \n\nContribution from shareholders \n -  \n \n-\n  \n 946,261  \n \n-\n  \n \n-\n  \n \n-\n  \n 946,261  \n \n-\n  \n 946,261 \n\nForeign currency translation adjustment \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 221,106  \n 221,106  \n \n-\n  \n 221,106 \n\nBalance as of December 31, 2024 \n 18,000,000  \n$180  \n$4,669,382  \n$(180) \n$1,648,144  \n$(111,866) \n$6,205,660  \n$\n-\n  \n$6,205,660 \n\nNet loss \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n (2,684,779) \n \n-\n  \n (2,684,779) \n 3,449  \n (2,681,330)\n\nContribution from shareholders \n -  \n \n-\n  \n 604  \n \n-\n  \n \n-\n  \n \n-\n  \n 604  \n \n-\n  \n 604 \n\nContribution from a non-controlling shareholder \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 616  \n 616 \n\nIssuance of Initial Public Offering (“IPO”) \n 1,250,000  \n 13  \n 4,999,987  \n \n-\n  \n \n-\n  \n \n-\n  \n 5,000,000  \n \n-\n  \n 5,000,000 \n\nCapitalization of deferred offering costs \n -  \n \n-\n  \n (1,271,093) \n \n-\n  \n \n-\n  \n \n-\n  \n (1,271,093) \n \n-\n  \n (1,271,093)\n\nFull exercise of over-allotment option \n 187,500  \n 2  \n 749,998  \n \n-\n  \n \n-\n  \n \n-\n  \n 750,000  \n \n-\n  \n 750,000 \n\nShare-based compensation \n 2,512,500  \n 25  \n 2,315,064  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,315,089  \n \n-\n  \n 2,315,089 \n\nDeemed distribution \n -  \n \n-\n  \n (1,833,000) \n \n-\n  \n \n-\n  \n \n-\n  \n (1,833,000) \n -  \n (1,833,000)\n\nForeign currency translation adjustment \n -  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 649,290  \n 649,290  \n 191  \n 649,481 \n\nBalance as of December 31, 2025 \n 21,950,000  \n$220  \n$9,630,942  \n$(180) \n$(1,036,635) \n$537,424  \n$9,131,771  \n$4,256  \n$9,136,027 \n\n** **\n\n \n\n*The share and per share information are presented on a retrospective basis to reflect the Reorganization and Share Surrender (collectively “Recapitalization”) completed on June 5, 2025 and September 5, 2025, respectively. (Note 1 (b))\n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n** **\n\n**CCH\nHOLDINGS LTD**\n\n**CONSOLIDATED\nSTATEMENTS OF CASH FLOWS**\n\n**(In\nU.S. Dollar, except for share data, or otherwise noted)**\n\n** **\n\n  \nFor the Years Ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nCASH FLOWS FROM OPERATING ACTIVITIES \n   \n   \n  \n\nNet income/(loss) \n$368,614  \n$913,401  \n$(2,681,330)\n\nAdjustments to reconcile net income/(loss) to net cash used in operating activities: \n    \n    \n   \n\nProvision for expected credit losses \n 58,188  \n 83,669  \n 148,004 \n\nDepreciation and amortization expenses \n 325,518  \n 269,346  \n 262,655 \n\nAmortization of operating right-of-use assets \n 914,198  \n 878,872  \n 838,229 \n\nAmortization of finance right-of-use assets \n 24,312  \n 26,379  \n 28,189 \n\nInterest accretion for finance leases \n 4,854  \n 4,366  \n 3,533 \n\n(Loss)/Earnings in equity method investment \n (28,747) \n (8,873) \n 125,546 \n\n(Loss)/Gain from disposal of property and other equipment \n 194  \n (66,042) \n 556 \n\nDeferred taxes \n 43,964  \n 14,193  \n (4,450)\n\nNon-employee share-based compensation \n \n-\n  \n \n-\n  \n 2,315,089 \n\nChanges in operating assets and liabilities: \n    \n    \n   \n\nAccounts receivable \n (69,964) \n (607,925) \n (437,998)\n\nInventories \n (68,586) \n 28,179  \n 34,190 \n\nPrepaid expenses and other current assets \n (190,802) \n (101,396) \n 40,985 \n\nAmount due from related parties \n (241,177) \n (520,457) \n (661,058)\n\nOther non-current assets \n 24,284  \n 116,737  \n (145,532)\n\nAccounts payable \n (5,849) \n 245,591  \n (351,046)\n\nAccrued expenses and other current liabilities \n (279,056) \n (358,933) \n (57,642)\n\nIncome tax payable \n (24,599) \n (30,314) \n (4,249)\n\nNotes payable \n 756  \n (43,779) \n 661,845 \n\nAmount due to related parties \n 64,506  \n (177,982) \n 175,213 \n\nAdvances from customers \n 59,336  \n (23,068) \n 108,088 \n\nOperating lease liabilities \n (952,516) \n (939,694) \n (926,655)\n\nNet cash provided by/(used in) operating activities \n$27,428  \n$(297,730) \n$(527,838)\n\n  \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITIES \n    \n    \n   \n\nInterest-free loans to related parties \n (389,120) \n (1,379,441) \n (3,634,884)\n\nCollection of interest-free loans to related parties \n 470,127  \n 623,751  \n 2,117,067 \n\nInterest-free loans to third parties \n (225,772) \n (246,355) \n (1,312,952)\n\nCollection of interest-free loans to third parties \n 4,222  \n 1,207  \n \n-\n \n\nPurchases of property, equipment and software \n (761,306) \n (80,669) \n (227,463)\n\nPurchase of long-term investment \n (87,851) \n \n-\n  \n \n-\n \n\nNet cash used in investing activities \n$(989,700) \n$(1,081,507) \n$(3,058,232)\n\n  \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES \n    \n    \n   \n\nProceeds from bank overdrafts \n 1,094,464  \n 919,034  \n 6,521,730 \n\nRepayments of bank overdrafts \n (748,563) \n (996,165) \n (6,601,510)\n\nProceeds from long-term bank loans \n 371,161  \n \n-\n  \n 46,719 \n\nRepayments of long-term bank loans \n (67,531) \n (63,451) \n (73,948)\n\nProceeds from liability related to sale of future receivables \n \n-\n  \n \n-\n  \n 1,868,766 \n\nRepayment of liability related to sale of future receivables \n \n-\n  \n \n-\n  \n (817,585)\n\nCapital injection from shareholders \n 117,329  \n 946,261  \n 604 \n\nContribution from a non-controlling shareholder \n \n-\n  \n \n-\n  \n 616 \n\nProceeds from Initial Public Offering \n \n-\n  \n \n-\n  \n 5,000,000 \n\nProceeds from full exercise of over-allotment option \n \n-\n  \n \n-\n  \n 750,000 \n\nInstall payments of finance leases \n (41,242) \n (37,760) \n (40,351)\n\nLoan from third parties \n 63,629  \n \n-\n  \n \n-\n \n\nRepayments of loan from third parties \n \n-\n  \n \n-\n  \n (36,266)\n\nPayment for offering cost related to Initial Public Offering \n \n-\n  \n \n-\n  \n (1,271,093)\n\nDeemed distribution \n \n-\n  \n \n-\n  \n (1,833,000)\n\nNet cash provided by financing activities \n$789,247  \n$767,919  \n$3,514,682 \n\n  \n    \n    \n   \n\nEffect of exchange rate changes \n$63,498  \n$62,085  \n$(57,992)\n\nNet change in cash \n (109,527) \n (549,233) \n (129,380)\n\n  \n    \n    \n   \n\nCash at beginning of the year \n 1,204,232  \n 1,094,705  \n 545,472 \n\nCash at end of the year \n$1,094,705  \n$545,472  \n$416,092 \n\n  \n **　**  \n **　**  \n **　** \n\nSUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION \n    \n    \n   \n\nIncome tax paid \n$321,899  \n$450,571  \n$282,201 \n\nInterest expense paid \n$111,134  \n$127,063  \n$268,582 \n\n  \n    \n    \n   \n\nSUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES \n    \n    \n   \n\nAdditions of operating lease right-of-use assets in exchange of operating lease liabilities \n$174,110  \n$107,446  \n$1,551,899 \n\nAdditions of finance lease right-of-use assets in exchange of finance lease liabilities \n$64,943  \n$\n-\n  \n$\n-\n \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n  \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**1.****ORGANIZATION\nAND PRINCIPAL ACTIVITIES**\n\n \n\n**(a)****Principal\nactivities**\n\n \n\nCCH\nHoldings Ltd (the “Company” or “CCH”) was incorporated under the laws of the Cayman Islands on December 2, 2024\nas an exempted company with limited liability. The Company and its operating subsidiaries (collectively referred to as the “Group”)\noperate a hotpot restaurant chain in Malaysia, specializing in chicken hotpot and fish head hotpot, mainly under two brands, namely “Chicken\nClaypot House” and “Zi Wei Yuan”, owned by the wholly owned subsidiaries of the Company, Signature Tasty Claypot House\nHolding Sdn. Bhd. (“Malaysia Holding”) and Zi Wei Yuan (Raja Uda) Sdn. Bhd. (“Zi Wei Yuan”), respectively. The\nCompany conducts its operations through its wholly owned subsidiaries in Malaysia and is primarily engaged as a restaurant operator,\nlicensor and loyalty owner, and general trader. Currently, the Group has developed a restaurant chain including 18 company-owned restaurant\noutlets, 17 franchised restaurant outlets in Malaysia, and 6 franchised restaurant outlets overseas.\n\n \n\n**(b)****Reorganization**\n\n \n\nIn\npreparation for listing in a stock market of the United States, the Company undertook a reorganization (“Reorganization”)\nthrough the following steps:\n\n \n\n●The\nCompany, incorporated on December 2, 2024 under the laws of the Cayman Islands, is an investment\nholding company of the Group.\n\n \n\n●On May 16, 2025, the Company issued 30,000,000 ordinary shares in total, with a par value of US$0.00001 each, to seven shareholders of Malaysia Holding.\n\n \n\n●On June 5, 2025, 100% equity interest of Malaysia Holding were transferred from the seven shareholders to the Company, and the Company ultimately obtained control in Malaysia Holding and its subsidiaries (referred to as “Operating Subsidiaries”).\n\n \n\nThe\nequity interest of the Company was ultimately held as to 54% by Mr. Goh Kok Foong, and the remaining 46% by other six shareholders. The\nshareholders and their respective equity interests in the Operating Subsidiaries remain similar immediately before and after the Reorganization,\nwith Mr. Goh Kok Foong being the controlling shareholder, who is also the founder and Chief Executive Officer (“CEO”) of\nthe Group.\n\n \n\nOn\nSeptember 5, 2025, the Company effected a share surrender of 12,000,000 shares at $0.00001 per share from all shareholders (“Share\nSurrender”), that is, approximately 40% of ordinary shares were surrendered from every shareholder (with the fractional shares\nrounding off to the nearest whole share). The Share Surrender had no effect on any shareholders’ proportionate equity interest\nin the Company. The par value remained at $0.00001 per share following the Share Surrender, and the number of the Company’s issued\nand outstanding ordinary shares reduced to 18,000,000 shares. As a result, the aggregate par value of the outstanding ordinary shares\nreduced, with the aggregate share subscription receivable correspondingly reduced. The Share Surrender has no effect on the Company’s\ntotal shareholders’ equity.\n\n \n\nThe\nCompany, together with its wholly owned subsidiaries, resulting from the Reorganization have always been under common control of the\nsame controlling shareholder (i.e. Mr. Goh Kok Foong) before and after the Reorganization and the subsequent Share Surrender (collectively\n“Recapitalization”). As a result of the Recapitalization, all share and per share data in the consolidated financial statements\nhave been retrospectively adjusted to all periods presented pursuant to ASC 260. The consolidation of the Group has been accounted for\nat historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first\nperiod presented in the accompanying consolidated financial statements. Results of operations for the periods presented comprise those\nof the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intercompany\ntransactions.\n\n  \n\nThe\ndetails of the Company’s primary subsidiaries are as follows:\n\n \n\n**Name**   **Controlled\nby**   **Date of Incorporation**   **Percentage of Effective Ownership**   **Principal Activities**\n\nSignature Tasty Claypot House Holding Sdn. Bhd. (“STCH Holding”)   The Company   May 8, 2019   100%   Restaurant operation with a central kitchen, licensor and loyalty owner, and general trader\n\nSignature Tasty Claypot House (GH) Sdn. Bhd. (“STCH GH”)   STCH Holding   October 1, 2019   100%   Restaurant operation\n\nZi Wei Yuan (Raja Uda) Sdn. Bhd. (“ZWY Raja Uda”)   STCH Holding   April 11, 2022   100%   Restaurant operation\n\nCHH KL Group Sdn. Bhd. (“CHH KL”)   STCH Holding   March 9, 2021   100%   Restaurant operation\n\nCCH Tropika Sdn. Bhd. (“CCH Tropika”)   STCH Holding   October 21, 2022   100%   Restaurant operation\n\nGTL F&B Sdn. Bhd. (“GTL F&B”)   STCH Holding   November 11, 2021   100%   Restaurant operation\n\nGEF Family Food Sdn. Bhd. (“GEF”)   GTL F&B   May 11, 2022   80%   Restaurant operation\n\n \n\nF-7\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES**\n\n \n\n**(a)****Basis of presentation**\n\n \n\nThe\naccompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United\nStates of America (“US GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).\n\n \n\n**(b)****Basis of consolidation**\n\n \n\nThe\nconsolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions\nand balances among the Company and its subsidiaries have been eliminated upon consolidation.\n\n \n\n**(c)****Use of estimates**\n\n \n\nThe\npreparation of the consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions\nthat affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet\ndate, and the reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes.\nSignificant accounting estimates include, but not limited to provision of allowance for expected credit losses, estimates for inventory\nwrite-downs and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual\nresults could differ from those estimates, and as such, differences may be material to the consolidated financial statements.\n\n \n\n**(d)****Foreign currency**\n\n \n\nThe\nGroup’s reporting currency is United States dollars (“US$” or “$”). The Group’s subsidiaries incorporated\nin Malaysia generally use their local currencies as their functional currencies, i.e. Malaysian Ringgit (“MYR”). The determination\nof the respective functional currency is based on the criteria of Accounting Standard Codification (“ASC”) Topic 830, Foreign\nCurrency Matters.\n\n \n\nIn\npreparing the financial statements of each individual group entity, transactions denominated in currencies other than the functional\ncurrency are translated into the functional currency at the exchange rates quoted by authoritative banks prevailing at the dates of the\ntransactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing\nat that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing\non the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency\nare not retranslated.\n\n \n\nExchange\ngains and losses resulting from the settlement of monetary items, and the retranslation of monetary items, are recorded as foreign currency\nexchange gain or loss included in “Financial expenses, net” in the consolidated financial statements of operations and comprehensive\nincome or loss.\n\n \n\nThe\nGroup entities with functional currencies other than the US$, translate their operating results and financial position into US$, the\nGroup’s reporting currency. Assets and liabilities in foreign currencies are translated into US$ using the applicable exchange\nrates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into US$ at the appropriate\nhistorical rates. Revenues, expenses, gains and losses are translated into US$ using the periodic average exchange rates. The resulting\nforeign currency translation adjustments are recorded in accumulated other comprehensive income as a component of shareholders’\nequity. The rates are obtained from H.10 statistical release of the U.S. Federal Reserve Board.\n\n \n\n \nAs\nof December 31, \n\n**Year-end spot rate** \n2024  \n2025 \n\nUS$ against\nMYR \n 4.4695  \n 4.056 \n\n \n\n  \nFor\nthe years ended December 31, \n\n**Average rate** \n2023  \n2024  \n2025 \n\nUS$ against\nMYR \n 4.5577  \n 4.5747  \n 4.2809 \n\n \n\nF-8\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(e)****Expected credit losses**\n\n \n\nThe\nGroup’s accounts receivable, amounts due from related parties, deposits and other receivables in prepaid expenses and other current\nassets are within the scope of ASU No. 2016-13. The Group has identified the relevant risk characteristics of its customers and\nthe related receivables and deposits in prepaid expenses and other current assets, which include size, types of services or the products\nthe Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools.\nFor each pool, the Group considers the historical credit loss experience, and current economic conditions in assessing the lifetime expected\ncredit losses. Additionally, external data and macroeconomic factors are also considered. The Group also provides specific provisions\nfor allowance when facts and circumstances indicate that the receivable is unlikely to be collected. The Group adjusts the allowance\npercentage periodically when there are significant differences between estimated credit losses and actual bad debts. If there is strong\nevidence indicating that these financial assets are likely to be unrecoverable, the Group also makes specific allowance in the period\nin which a loss is determined to be probable. The balance of these financial assets is written off after all collection efforts have\nbeen exhausted. For the years ended December 31, 2023, 2024 and 2025, the Group recognized expected credit losses of US$58,188,\nUS$83,669 and US$148,004, respectively.\n\n \n\n**(f)****Accounts receivable**\n\n \n\nAccounts\nreceivable represents the amounts that the Group has an unconditional right to consideration. Accounts receivable that are ultimately\ndeemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the provision for credit losses.\nAs of December 31, 2024 and 2025, the allowance for credit losses for the Group’s accounts receivable was US$138,326 and US$308,639,\nrespectively.\n\n \n\n**(g)****Inventories**\n\n \n\nInventories,\nconsisting of foods, consumables and beverages, are stated at the lower of cost or net realizable value, with net realized value represented\nby estimated selling prices in the ordinary course of business, less reasonably predictable costs of disposal and transportation. Cost\nof inventories are computed using first-in, first-out method. Inventories are written down to estimated net realizable value, which\ncould be impacted by certain factors including historical usage, expected demand, anticipated sales price, product shelf life, product\nobsolescence, and other factors. The Group periodically reviews its inventories for excess or slow-moving items and makes provisions\nas necessary to properly reflect inventory value. No inventory write-downs of were recorded for the years ended December 31,\n2023, 2024 and 2025, respectively.\n\n \n\n**(h)****Deferred offering costs**\n\n \n\nDeferred\noffering costs consist of underwriting, legal, accounting and other expenses incurred through the reporting date that are directly related\nto an anticipated offering and that will be charged as a reduction against additional paid-in capital upon the completion of the offering.\nShould the offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to\noperations. Upon completion of the IPO, The Group had capitalized deferred offering costs of US$1,271,093 and charged against the shareholders’\nequity.\n\n \n\nF-9\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(i)****Property and equipment, net**\n\n \n\nProperty\nand equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis\nover the estimated useful lives of the assets. Freehold land is not depreciated but is subject to impairment test if there is an indication\nof impairment. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its intended use. Residual\nvalue rate is determined to be 0% based on the economic value of the property and equipment at the end of the estimated useful lives\nas a percentage of the original cost. Estimated useful lives are as follows:\n\n \n\n**Category**   **Estimated useful lives**\n\nFreehold building   50 years\n\nLeasehold improvements   Shorter of the lease terms or the estimated useful lives of the assets\n\nEquipment   10 years\n\nFurniture and fixtures   10 years\n\nComputers   3 years\n\n \n\nExpenditures\nfor maintenance and repairs, which do not materially extend the useful lives of the assets, are charged to expense as incurred. Expenditures\nfor major renewals and betterments which substantially extend the useful life of assets are capitalized. The cost and related accumulated\ndepreciation of assets retired or sold are removed from the respective accounts, and any gain or loss is recognized in the consolidated\nstatements of operations and comprehensive income or loss in operating expenses.\n\n \n\n**(j)****Intangible assets, net**\n\n \n\nIntangible\nassets consist of software and brand name.\n\n \n\n*Intangible\nassets with finite lives*\n\n \n\nIntangible\nassets with finite lives are software, which are carried at acquisition cost less accumulated amortization and impairment, if any. Finite-lived intangible\nassets are tested for impairment when impairment indicators arise. Amortization of intangible assets with finite lives are computed using\nthe straight-line method over the estimated useful lives as below:\n\n \n\n**Category**   **Estimated useful lives**\n\nSoftware   3 years\n\n \n\nThe\nestimated useful lives of intangible assets with finite lives are reassessed if circumstances occur that indicate the original estimated\nuseful lives may have changed.\n\n \n\n*Intangible\nassets with indefinite useful lives*\n\n \n\nIndefinite-lived\nintangible asset is intellectual property rights related to the brand name of “Zi Wei Yuan” (“ZWY”), including\ntrademarks, trade names, copyrights, know-how expertise, and all other proprietary rights, which were acquired separately in an asset\npurchase transaction. No useful life was determined in the contract terms when the Group acquired the brand name. The Group expects that\nsuch intangible assets are unlikely to be terminated, is not subject to any renewal restrictions, and will continue to contribute revenue\nin the future. Therefore, the Group considers the useful life of such intangible assets to be indefinite. Such intangible assets are\nnot amortized. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful\nlife assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.\n\n \n\nF-10\n\n  \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\nThe\nGroup evaluates indefinite-lived intangible asset annually as of each balance sheet date to determine whether events and circumstances\ncontinue to support indefinite useful lives. The value of indefinite-lived intangible asset is not amortized, but tested for impairment\nannually or whenever events or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance\nwith ASC 350. The Group first performs a qualitative assessment to assess all relevant events and circumstances that could affect the\nsignificant input used to determine the fair value of the indefinite-lived intangible asset. If after performing the qualitative assessment,\nthe Group determines that it is more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the\nfair value of the intangible asset and performs the quantitative impairment test by comparing the fair value of the asset with its carrying\namount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group recognizes an impairment loss\nin an amount equal to that excess. In consideration of the growing catering industry in Southeast Asia, the stable macroeconomic conditions\nin Malaysia, the Group’s improving profitability performance, and the Group’s future development plans, the Group determined\nthat it is not likely that the brand name of “Zi Wei Yuan” was impaired as of December 31, 2024 and 2025, respectively. As\nsuch, no impairment of indefinite-lived intangible assets was recognized for the years ended December 31, 2023, 2024 and 2025.\n\n \n\n**(k)****Impairment of long-lived assets**\n\n \n\nLong-lived assets\ndeployed at company-owned restaurants include (i) property and equipment, (ii) operating lease right-of-use asset,\nnet of the related operating lease liabilities, (iii) finance lease right-of-use asset, net of the related finance lease liabilities,\nand (iv) intangible assets with finite lives.\n\n \n\nThe\nGroup reviews its long-lived assets for impairment periodically whenever events or changes in circumstances indicate that the carrying\namount of an asset may no longer be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible\nimpairment, an evaluation for impairment is performed at the lowest level of identifiable cash flows that are expected to generate from\nthe use of the assets and their eventual disposition, which is at the individual restaurant level. If the sum of the expected undiscounted\ncash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying\namount over the fair value of the assets, which is determined through various valuation techniques including discounted cash flow models,\nquoted market values and third-party independent appraisals, as considered necessary. For the years ended December 31,\n2023, 2024 and 2025, no impairment of long-lived assets was recognized.\n\n \n\n**(l)****Long-term investments**\n\n \n\nLong-term investments\nare the Group’s equity investments in privately held companies accounted for equity method.\n\n \n\n*Equity\nmethod investments*\n\n \n\nEquity\ninvestments are comprised of investments in privately held companies. The Group uses the equity method to account for an equity investment\nover which it has the ability to exert significant influence but does not otherwise have control. The Group records equity method investments\nat the cost of acquisition, plus the Group’s share in undistributed earnings and losses since acquisition.\n\n \n\nThe\nGroup assesses its equity investment and loans to equity investees for impairment on a periodic basis by considering factors including,\nbut not limited to, current economic and market conditions, the operating performance of the investees including current earnings trends,\nthe technological feasibility of the investee’s products and technologies, the general market conditions in the investee’s\nindustry or geographic area, factors related to the investee’s ability to remain in business, such as the investee’s liquidity,\ndebt ratios, cash bur rate, and other company-specific information including recent financing rounds. If it has been determined\nthat the equity investment is less than its related fair value and that is decline is other-than-temporary, the carrying value of the\ninvestment and loan to equity investee is adjusted downward to reflect these declines in value.\n\n \n\nF-11\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(m)****Fair value measurement**\n\n \n\nAccounting\nguidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction\nbetween market participants at the measurement date. When determining the fair value measurements for assets and liabilities required\nor permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and\nit considers assumptions that market participants would use when pricing the asset or liability.\n\n \n\nAccounting\nguidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of\nunobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based\nupon the lowest level of input that is significant to the fair value measurement. The three levels of input are:\n\n \n\n●Level\n1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets\nor liabilities in active markets;\n\n   \n\n●Level\n2 — Include other inputs other than quoted prices in active market; and\n\n   \n\n●Level\n3 — Unobservable inputs which are supported by little or no market activity that\nare significant to the fair value of the assets and liabilities. This includes certain pricing\nmodels, discounted cash flow methodologies and similar techniques that use significant unobservable\ninput.\n\n \n\nThe\nfair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income\napproach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions\ninvolving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a\nsingle present value amount. The measurement is based on the value indicated by current market expectations about those future amounts.\nThe cost approach is based on the amount that would currently be required to replace an asset.\n\n \n\nWhen\navailable, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not\navailable, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently\nsourced market parameters, such as interest rates and currency rates.\n\n \n\nFinancial\ninstruments of the Group primarily consist of cash and cash equivalents, accounts receivable, amounts due from related parties, interest-free loan\nto third parties and deposits included in prepaid expenses and other current assets, bank overdrafts, accounts payable, amounts due to\nrelated parties, notes payable, accrued expenses and other payables, long-term bank loans, operating lease liabilities, and finance lease\nliabilities. As of December 31, 2024 and 2025, the carrying amounts of these financial instruments are measured at amortized cost, which\nis approximated to their fair values.\n\n \n\nThe\nGroup’s non-financial assets, such as property and equipment, intangible assets and right-of-use assets, would be measured at fair\nvalue only if they were determined to be impaired.\n\n \n\n**(n)****Leases**\n\n \n\nAt\ninception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys\nthe right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract\nis or contains a lease, the Group assesses whether the contract involves the use of an identified asset, whether it has the right to\nobtain substantially all of the economic benefits from the use of the asset and whether it has the right to control the use of the asset.\n\n \n\nThe\nGroup classifies a lease as a financing lease at lease commencement when the lease meets any one of the criteria:\n\n \n\na)The\nlease transfers ownership of the underlying asset to the lessee by the end of the lease term.\n\n \n\nb)The\nlease grants the lessee an option to purchase the underlying asset that the lessee is reasonably\ncertain to exercise.\n\n \n\nc)The\nlease term is for a major part of the remaining economic life of the underlying asset.\n\n \n\nd)The\npresent value of the sum of the lease payments and any residual value guaranteed by the lessee\nthat is not already reflected in the lease payments equals or exceeds substantially all of\nthe fair value of the underlying asset.\n\n   \n\ne)The\nunderlying asset is of such a specialized nature that it is expected to have no alternative\nuse to the Group at the end of the lease term.\n\n \n\nf)When\nnone of the criteria are met, the Group classifies a lease as an operating lease.\n\n \n\nF-12\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**Operating\nleases**\n\n** **\n\n*Group\nas a lessee*\n\n \n\nWhen\nthe Group acts as a lessee, leases with an initial term of 12 months or less are short-term lease and not recognized as operating\nlease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet. The Group recognizes\nlease expense for short-term leases on a straight-line basis over the lease term.\n\n \n\nThe\nright-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease\npayments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.\n\n \n\nLease\nterm includes rent holidays and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise\nthat option. The lease assets for operating leases consist of the amount of the measurement of the lease liabilities and any prepaid\nlease payments. Operating lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined\nusing the effective interest method to the amortization of the operating lease right-of-use assets. Interest expense is determined\nby using the effective interest method. The Group’s lease agreements do not contain any material residual value guarantees or material\nrestrictive covenants.\n\n \n\n*Group\nas a lessor*\n\n* *\n\nWhen\nthe Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an\noperating lease or a finance lease.\n\n \n\nLeases\nin which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating\nleases. Rental income is recognized over the non-cancellable lease term on a straight-line basis and is included in revenue\nin the consolidated statements of operations and comprehensive income or loss due to its operating nature. Initial direct costs incurred\nin negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term\non the same basis on the rental income. The Group does not have any sales-type or direct financing leases for the years ended\nDecember 31, 2023, 2024 and 2025.\n\n \n\n**Finance\nleases**\n\n** **\n\nThe\nlease term includes rental holidays and options to extend or terminate the lease when the Group is reasonably certain that it will exercise\nthat option, if any. The Group does not recognize finance lease assets or lease liabilities for renewal periods unless it is determined\nthat it is reasonably certain of renewing the lease at inception or when a triggering event occurs. The lease assets for finance leases\nconsist of the amount of the measurement of the lease liabilities and any prepaid lease payments. The finance lease expense, including\ninterest and amortization expense of finance lease are presented separately. Interest expense is determined by using the effective interest\nmethod. Amortization expense is recorded on a straight-line basis of the finance lease assets. The lease agreements do not contain\nany material residual value guarantees or material restrictive covenants.\n\n \n\n**(o)****Revenue recognition**\n\n \n\nThe\nGroup’s revenues are derived principally from (i) restaurant operations, which further include revenues from company-owned restaurant\noperations, sales of food ingredients and condiments, and franchise licensing, and (ii) others.\n\n \n\nThe\nGroup recognizes revenues pursuant to ASC 606, Revenues from Contracts with Customers (“ASC 606”). In accordance\nwith ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred\nto the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services.\nRevenues are recorded net of any service tax and surcharges.\n\n \n\nF-13\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**Restaurant\noperations**\n\n** **\n\n*Company-owned restaurants\noperations*\n\n \n\nRevenues\nfrom restaurants operated by the Group are recognized when customers take possession of the food and tender payment, which is when the\nobligation performance is satisfied. Revenues from restaurant operations are presented net of service tax and discounts, if any.\n\n \n\nThe\nGroup also offers food delivery service to customers who want to order takeaway food through third-party aggregators’ platforms\nor from certain of the Group’s restaurants. When control of the takeaway food has transferred, being at the point the customers\nreceive the takeaway food delivered by the delivery staff of third-party aggregators or the Group’s own riders, the Group\nrecognizes revenues, excluding delivery fees and platform charges if the food is delivered by the third-party aggregators.\n\n \n\nProceeds\nfrom the sales of prepaid cards are recognized as contract liabilities and recognized as revenues when consumed by the customer. These\nprepaid cards have no expiration and can be utilized in the future consumption in restaurants at customers’ discretion.\n\n \n\nFrom\ntime to time, the Group offers discounts to customers, especially customers with prepaid value-stored cards, in the form of issuing\ncoupons that can be applied in future purchases. For the years ended December 31, 2023, 2024 and 2025, the amount of the coupons\nissued is not material.\n\n \n\n*Sales\nof food ingredients and condiments*\n\n \n\nThe\nGroup recognizes revenues from sales of food ingredients and condiments to local distributors or licensees who operate franchised restaurants,\nat the transaction price as stipulated in the purchase order or agreement, when the goods are delivered to the place designated by the\nbuyer, and all significant risks and rewards of ownership of the goods are transferred to the buyer.\n\n \n\n*Franchise\nlicensing*\n\n \n\nPursuant\nto the standard licensing agreement that sets out the terms of the Group’s arrangement with the licensee, licensees in Malaysia\nare required to a fixed amount of administrative fee and settle applicable costs expenses, for pre-opening and ongoing support services\nand the authorization to operate a franchised restaurant using the trademarks, trade names, logos, and other proprietary marks associated\nwith the brands of Chicken Claypot House and/or Zi Wei Yuan. Administrative fees are generally settled on a monthly basis. Applicable\ncosts and expenses are charged as occurred. For licensees outside of Malaysia, they are required to pay a master license fee as in a\nfixed upfront payment for pre-opening and ongoing support services, the authorization of the access to the proprietary marks associated\nwith the brand of Chicken Claypot House and/or Zi Wei Yuan, and the right to operate a fixed number of restaurants under the authorized\nbrands. Additionally, for each restaurant such master licensee opens above the fixed number agreed or sub-franchises to other third-parties,\na fixed outlet license fee shall also be paid. Master license fee is higher than outlet license fee, since master license is granted\nwith the overarching right to operate the business within a specified territory, including the power to grant outlet license within the\nterritory. Renewal license fee is also required for extension of the license term.\n\n \n\nDuring\nthe effective license term, licensees are also required to share a certain percentage of the applicable restaurant outlet’s gross\nrevenues with the Group as royalties, which represents the majority of the consideration the Group receives under the licensing agreement.\nRoyalty rates are generally between 5% to 7.5% for each restaurant outlet, and royalties are typically billed and settled on a monthly\nbasis.\n\n \n\nOnly\none performance obligation is identified in the licensing agreement with licensees, since the Group has determined that the pre-opening and\nongoing support services are highly interrelated with the franchise right and are therefore not distinct from providing the continuous\naccess to the franchise license.\n\n \n\nF-14\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\nAccordingly,\nrevenues from administrative fees and license fees are recognized on a straight-line basis over the applicable term as stated in\neach agreement, which is consistent with the licensee’s right to access and benefit from the proprietary marks during the period.\nContinuing payments from royalties are recognized as revenue when the related sales occur.\n\n \n\nFrom\ntime to time, the Group provides additional support services to the licensees for which the Group charges direct reimbursements to cover\nthe costs and expenses incurred, which are recognized as revenues from franchise licensing as occurred.\n\n \n\n**Others**\n\n** **\n\nThe\nGroup also generates revenues from leasing out buildings.\n\n \n\nThe\nGroup recognizes revenues from leasing out buildings in the gross amount of contractual rent over the lease term on a straight-line basis.\nLeasing revenue is recognized in accordance with ASC 842 (Note 2(n)).\n\n \n\nThe\nfollowing table disaggregates the Group’s total revenues by revenue streams:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nBy revenue type \n    \n    \n   \n\nRestaurant operations \n$9,521,142  \n$8,548,395  \n$9,091,689 \n\nCompany-owned restaurant operations \n 8,209,810  \n 6,640,706  \n 6,284,641 \n\nSales of food ingredients and condiments \n 1,006,081  \n 1,239,966  \n 2,220,405 \n\nFranchise licensing \n 305,251  \n 667,723  \n 586,643 \n\nOthers \n 253,896  \n 366,949  \n 497,982 \n\nTotal \n$9,775,038  \n$8,915,344  \n$9,589,671 \n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nTiming of revenue recognition \n   \n   \n  \n\nAt a point in time \n$9,215,891  \n$7,880,672  \n$8,505,046 \n\nOver time \n 559,147  \n 1,034,672  \n 1,084,625 \n\nTotal \n$9,775,038  \n$8,915,344  \n$9,589,671 \n\n* *\n\n*Contract\nbalances*\n\n \n\nWhen\neither party to a revenue contract has performed, the Group presents the contract in the consolidated balance sheets as a contract asset\nor a contract liability, depending on the relationship between the Group’s performance and the customer’s payment. Accounts\nreceivable represent revenue recognized for the amounts invoiced and/or prior to invoicing when the Group has satisfied its performance\nobligation and has unconditional right to the payment. Contract assets represent the Group’s right to consideration in exchange\nfor goods or services that the Group has transferred to a customer. Other than accounts receivable, the Group had no other material contract\nassets recorded on its consolidated balance sheets as of December 31, 2024 and 2025, respectively.\n\n \n\nThe\ndeferred revenue consist of advances from customers, which represent the cash received for goods and services in advance of revenue\nrecognition and is recognized as revenue when the Group fulfills its performance obligation. The Group’s advances from customers\namounted to US$36,952 and US$154,800 and as of December 31, 2024 and 2025, respectively. During the years ended December 31,\n2023, 2024 and 2025, the Group recognized US$55, US$50,062 and US$27,808 revenue that was included in advances from customers balance\nat January 1, 2023, 2024 and 2025, respectively. Deferred revenue is classified as current or non-current based on the expected timing of satisfaction of the\nrelated performance obligations and recognition of the related revenue. All of the Group’s deferred revenue was classified as current\nas of December 31, 2024 and 2025, as the related performance obligations were expected to be satisfied and the related revenue was expected\nto be recognized within one year.\n\n \n\nF-15\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(p)****Cost of revenues**\n\n \n\nCost\nof revenues consists of costs directly related to revenue generating activities, which primarily includes material costs, payroll costs\nincluding salaries and related social insurance costs for operations personnel, and other operating costs directly linked to the revenues\nincluding rental costs, utilities costs, depreciation of property and equipment, repair and maintenance costs, and other miscellaneous\ncosts.\n\n \n\n**(q)****Selling and marketing expenses**\n\n \n\nSelling\nand marketing expenses primarily consist of (i) advertising and promotion expenses incurred to promote our brand image and awareness,\n(ii) payroll expenses including salaries and related social insurance expenses for marketing personnel, and (iii) others.\n\n \n\n**(r)****General and administrative expenses**\n\n \n\nGeneral\nand administrative expenses primarily consist of (i) share-based compensation expenses, (ii) payroll expenses including salaries\nand related social insurance expenses for management and administrative personnel, (iii) office and utilities expenses, (iv) rental\nexpenses for office space, (v) professional service expenses, (vi) travelling expenses, (vii) depreciation and amortization\nexpenses for property and equipment and software used for office purpose, (viii) insurance expenses, and (ix) other miscellaneous\nadministrative expenses.\n\n \n\n**(s)****Employee benefit**\n\n \n\nThe\nGroup recognizes a liability in exchange for employee benefits to be paid in the future and expenses when the Group consumes the economic\nbenefits arising from service provided by an employee in exchange for employee benefits.\n\n \n\n*Short-term employee\nbenefits*\n\n \n\nSalaries\nare usually accrued and paid on a monthly basis and are recognized as an expense.\n\n \n\nBonus\npayments are recognized when, and only when, the Group has a present legal or constructive obligation to make such payments as a result\nof past events and reliable estimate of the obligation can be made.\n\n \n\n*Defined\nContribution plan*\n\n \n\nA\ndefined contribution plan is a post-employment benefit plan under which the Group makes fixed statutory contributions to approved\nprovident funds and contributions are recognized as an employee benefit expense in the consolidated statements of operations and comprehensive\nincome or loss in the period to which they relate. When the contributions have been paid, the Group has no further payment obligations.\n\n \n\n**(t)****Service taxes**\n\n \n\nService\ntax is a consumption tax levied by Malaysian tax authorities and is charged on any taxable service income (including digital services)\nprovided in Malaysia by a registered company in carrying on their business. The rate of service tax is 6% ad valorem for majority of\nproducts and services provided unless stated otherwise. A taxable entity is a company that is registered or liable to be registered for\nservice taxes. A company is liable to be registered if the total value of its taxable services for a 12-month period exceeds or\nis expected to exceed the prescribed registration threshold of MYR1,500,000 (US$350,394). Service taxes amounted to US$411,742, US$346,585\nand US$320,845 for the fiscal years ended December 31, 2023, 2024 and 2025, respectively, and were recorded as a deduction\nagainst the Group’s gross revenue.\n\n \n\nF-16\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(u)****Income taxes**\n\n \n\nThe\nGroup accounts for income taxes under ASC 740, “Income Taxes”. The charge for taxation is based on the results for the\nfiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted\nor substantively enacted by the balance sheet date. Provision for income taxes consists of taxes currently due plus deferred taxes. Current\nincome taxes are provided for in accordance with the laws of the relevant taxing authorities.\n\n \n\nDeferred\ntax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial\nstatement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are\nmeasured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected\nto be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the\nperiod including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount\nexpected to be realized.\n\n \n\nThe\nprovisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold\nfor consolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This\ninterpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred\nincome tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.\n\n \n\nThe\nGroup did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line\nof its consolidated statements of operations and comprehensive income or loss for the years ended December 31, 2023, 2024 and\n2025, respectively. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the\nnext 12 months. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the\nperiod incurred.\n\n \n\n**(v)****Related party transaction**\n\n \n\nThe\nGroup accounts for related party transactions in accordance with ASC 850, “Related Party Disclosures”.\n\n \n\nParties,\nwhich can be an entity or individual, are considered to be related if they have the ability, directly or indirectly, to control the Group\nor exercise significant influence over the Group in making financial and operational decisions. Entities are also considered to be related\nif they are subject to common control or common significant influence.\n\n \n\nTransactions\ninvolving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,\nfree market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related\nparty transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations\ncan be substantiated.\n\n \n\n**(w)****Share-based compensation**\n\n \n\nThe\nGroup applies ASC 718, Compensation—Stock Compensation (“ASC 718”), to account for all of its share-based payments.\nIn accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or equity\naward. All the Group’s grants of share-based awards were classified as equity awards and are recognized in the financial statements\nbased on their grant date fair values.\n\n \n\nThe\nGroup has elected to recognize compensation expense using the straight-line method for all awards granted with graded vesting over the\nrequisite service period. For awards with performance conditions, the Group would recognize compensation cost if and when it concludes\nthat it is probable that the performance condition will be achieved. The Group has also elected to account for forfeitures as they occur.\nPreviously recognized compensation cost for the awards is reversed in the period that the award is forfeited.\n\n \n\n**(x)****Comprehensive income or loss**\n\n \n\nThe\nGroup applies ASC 220, Comprehensive Income, with respect to reporting and presentation of comprehensive income or loss in a full\nset of financial statements. Comprehensive income or loss is defined to include all changes in equity of the Group during a period arising\nfrom transactions and other events and circumstances, except those resulting from investments by shareholders and distributions to shareholders.\nFor the years presented, the Group’s comprehensive income or loss includes net income or net loss, and other comprehensive\nincome or loss, which primarily consists of the foreign currency translation adjustment that has been excluded from the determination\nof net income.\n\n \n\nF-17\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(y)****Earnings or loss per share**\n\n \n\nBasic\nearnings or loss per share is computed by dividing net income attributable to ordinary shareholders, taking into consideration the deemed\ndividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the\ntwo-class method. Under the two-class method, net income or net loss is allocated between ordinary shares and other participating\nsecurities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions\nare considered as outstanding shares and included in the computation of basic earnings or loss per share as of the date that all necessary\nconditions have been satisfied. Net income or net loss is not allocated to other participating securities if based on their contractual\nterms they are not obligated to share the income or loss.\n\n \n\nDiluted\nearnings or loss per share is calculated by dividing net income or net loss attributable to ordinary shareholders, as adjusted for the\neffect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares\noutstanding during the year. Ordinary equivalent shares are not included in the denominator of the diluted earnings or loss per share\ncalculation when inclusion of such share would be anti-dilutive.\n\n \n\n**(z)****Segment reporting**\n\n \n\nOperating\nsegments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly\nby the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and\nin assessing performance. The Group’s CODM is the Chief Executive Officer.\n\n \n\nCODM\nregularly reviews entity-wide operating results, especially consolidated revenues and pretax income or loss, when making decisions\nabout allocating resources and assessing performance of the segment, and hence, the Group has only one principal reportable segment.\nThe single reportable segment is restaurant operations, among which revenues from company-owned restaurants are considered as the\nprimary revenue source, while sales of food ingredients and condiments, franchise licensing are diversified revenue contributions dependent\nupon the Group’s brand influence.\n\n \n\nThe\nprimary measure of segment revenue and profitability for the Group’s operating segment is considered to be consolidated revenue\nand pretax income or loss. Significant segment expenses reviewed by the CODM on a regular basis included within net income include cost\nof sales, selling and marketing expenses, general and administrative expenses which are separately presented on the Group’s consolidated\nstatements of operations and comprehensive income or loss. Other segment items within pretax income or loss include financial expenses,\nnet, other income or loss, net. The CODM uses these primary measurements in the process of preparing annual budget and forecast for the\nsegment, and conducting competitive analysis by benchmarking to the Group’s competitors at the same development stage. Budget-to-actual variances\nin all these two measurements are considered when making decisions and adjustments on the allocation of resources including personnel,\nproperty, and capital. The CODM also uses pretax income to assess return on marketing activities and monitor overall spending in employee\ncompensation, general support and financing costs.\n\n \n\nThe\nGroup does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s long-lived assets\nare all located in Malaysia, and the Group’s revenues are all derived from Malaysia, no geographical segment information is presented.\nThe CODM does not review any information regarding total assets on a reportable segment basis.\n\n \n\nFor\noperating results of segment provided to and reviewed by CODM, please refer to the consolidated statements of operations and comprehensive\nincome or loss.\n\n \n\n**(aa)****Commitments and contingencies**\n\n \n\nIn\nthe normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings\nand claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The\nGroup recognizes liability for any such contingencies if it determines it is probable that a loss has occurred and a reasonable estimate\nof the loss can be made. The Group may consider many factors in making these assessments on liability for contingencies, including historical\nand the specific facts and circumstances of each matter.\n\n \n\nF-18\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\n**(ab)****Recently issued accounting pronouncements**\n\n \n\nThe\nGroup expects to be an emerging growth company (“EGC”) as defined by the Jumpstart Our Business Startups Act (“JOBS\nAct”). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting\nstandards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private\ncompanies. The Group elected to take advantage of the extended transition periods. However, this election will not apply should the Group\ncease to be classified as an EGC.\n\n \n\n*Recently\nissued accounting pronouncements adopted*\n\n \n\nIn\nMarch 2023, the FASB issued ASU No. 2023-01, “Leases (Topic 842): Common Control Arrangements”, which amends certain provisions\nof ASC 842 that apply to arrangements between related parties under common control. In addition, the ASU amends the accounting for leasehold\nimprovements in common-control arrangements for all entities. ASU 2023-01 is effective for fiscal years beginning after December 15,\n2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning\nof the related fiscal year. The Group has adopted ASU 2023-01 from January 1, 2024. The Group evaluates that the impact of\nadoption of this ASU is immaterial to consolidated financial statements.\n\n \n\nIn\nNovember 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures to improve\nreportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is\neffective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.\nEarly adoption is permitted. The Group has adopted ASU 2023-07 from January 1, 2025. The Group evaluates that the impact of adoption\nof this ASU and has made additional disclosure to segment reporting for single reportable segment in the consolidated financial statements.\n\n \n\n*Recently\nissued accounting pronouncements issued but not yet adopted*\n\n \n\nIn\nOctober 2023, the FASB issued ASU 2023-06, Disclosure Improvements — codification amendments in response to SEC’s disclosure\nupdate and simplification initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement\nof Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per Share — Overall,\n270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall, 505-10 Equity — Overall,\n815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured Borrowing and Collateral, 932-235 Extractive\nActivities — Oil and Gas — Notes to Financial Statements, 946-20 Financial Services — Investment Companies —\nInvestment Company Activities, and 974-10 Real Estate — Real Estate Investment Trusts — Overall. Many of the amendments allow\nusers to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject\nto the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. For\nentities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes\nwithout contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation\nS-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the\ndate of the SEC’s removal. Entities shall apply the amendments in this update beginning after effective date on a prospective basis.\nThe Group is in the process of evaluating the effect of the adoption of this ASU.\n\n \n\nIn\nDecember 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income\ntax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.\nThis standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective\nfor public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities,\nthe amendments are effective for annual periods beginning after December 15, 2025. Early adoption is also permitted, and entities may\napply the amendments in this update prospectively or retrospectively to all prior periods presented in the financial statements. As an\nemerging growth company (“EGC”) under the JOBS Act, the Group intends to use the extended transition period available to\nnon-public business entities and has not early adopted ASU 2023-09. Accordingly, the Group plans to adopt the new standard in its fiscal\nyear beginning January 1, 2026. The Group is currently evaluating the impact of the adoption of this ASU on its consolidated financial\nstatements and related disclosures.\n\n \n\nF-19\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**2.****SUMMARY\nOF SIGNIFICANT ACCOUNTING POLICIES (Cont.)**\n\n \n\nIn\nNovember 4, 2024, the FASB has released ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation\nDisclosures. The purpose of this update is to improve the disclosures about a public business entity’s expenses and address requests\nfrom investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation,\namortization, and depletion) in commonly presented expense captions (such as cost of sales, selling expenses, general and administrative\nexpenses, and research and development expenses). ASU 2024-04 is effective for all public business entities, for annual reporting periods\nbeginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Any\nentity qualified as public business (“PBEs”) entity shall apply ASU 2024-04 prospectively to financial statements issued\nfor current period and all comparative periods. PBEs shall apply the amendments in this update either (1) prospectively to financial\nstatements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the\nfinancial statements. Early adoption is permitted. The Group is in the process of evaluating the impact of adopting this new guidance\non its consolidated financial statements.\n\n \n\nIn\nJuly 2025, the FASB issued ASU 2025-05 “Financial Instruments — Credit Losses (Topic 326) — Measurement of Credit Losses\nfor Accounts Receivable and Contract Assets”. It applies to entities that use the practical expedient and accounting policy election\n(if applicable) when estimating expected credit losses on current accounts receivable and/or current contract assets from transactions\nunder Topic 606, including such assets acquired in a business combination accounted for under Topic 805. The amendments will be effective\nfor annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual periods. Early adoption\nis permitted. The Group does not expect to adopt this guidance early and the adoption of this ASU is expected to have an immaterial impact\non its future consolidated financial statements.\n\n \n\nIn\nDecember 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements”. This Update targets\nimprovements to the guidance for interim financial reporting to enhance the consistency and comparability of information provided in\ninterim periods. The amendments are effective for interim reporting periods within annual reporting periods beginning after December\n15, 2027, for public business entities. Early adoption is permitted. The Group is in the process of evaluating the impact of adopting\nthis new guidance on its consolidated financial statements.\n\n \n\nIn\nDecember 2025, the FASB issued ASU 2025-12, “Codification Improvements”. The amendments in this Update represent changes\nto clarify the Codification or correct unintended application of guidance and apply to all reporting entities within the scope of the\naffected accounting guidance. These amendments are effective for annual reporting periods beginning after December 15, 2026, and interim\nreporting periods within those annual reporting periods. Early adoption is permitted. The Group is in the process of evaluating the impact\nof adopting this new guidance on its consolidated financial statements.\n\n \n\nRecently\nissued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Group’s consolidated\nresults of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require\nadoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group\ndoes not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition,\nresults of operations, cash flows, or disclosures.\n\n \n\nF-20\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**3.****LIQUIDITY\nAND GOING CONCERN**\n\n \n\nThe Group has evaluated whether there are conditions and events, considered\nin the aggregate, that raise substantial doubt about the Group’s ability to continue as a going concern within one year after the\ndate that the consolidated financial statements are issued. The Group began to incur losses since the fiscal year of 2025. The Group incurred\nnet losses of US$2,681,330 for the year ended December 31, 2025 primarily due to the recognition of professional service expenses associated\nwith our initial public offering and non-employee share-based compensation. Net cash used in operating activities were US$297,730 and\nUS$527,838 for the years ended December 31, 2024 and 2025, respectively. As of December 31, 2025, the Group had a working capital of US$5,087,129.\nThese conditions raised substantial doubts about the Group’s ability to continue as a going concern.\n\n \n\nThe\nGroup has funded its operations from both operational sources of cash and equity and debt financing. The Group’s liquidity is based\non its ability to generate cash from operating activities, obtain capital financing from equity interest investors and borrow funds on\nfinancial institutions. The Group’s ability to continue as a going concern is dependent on management’s ability to successfully\nexecute its business plan, which includes generating revenue while controlling operating costs and expenses to generate positive operating\ncash flows and obtaining funds from outside sources of financing to generate positive financing cash flows. As of December 31, 2024 and\n2025, the Group had cash and cash equivalents of US$545,472 and US$416,092, respectively. The Group plans to improve its liquidity through\nmitigation plans including: 1) enlarging its production to increase the cash inflow from operating activities; 2) pursuing to obtain\nfinancial support from credit facilities and equity financing, and 3) improving operating efficiency and cost reduction. There can be\nno assurances, however, that the current mitigation plans will be achieved or that additional funding will be available on terms acceptable\nto the Group, or at all. If the Group is unable to obtain sufficient funding, it could be required to delay its development efforts and\nlimit activities, which could adversely affect its business and the consolidated financial statements.\n\n \n\nThe accompanying consolidated\nfinancial statements have been prepared on the basis the Group will be able to continue as a going concern for a period of one year after\nthe issuance of the consolidated financial statements. The going concern assumption contemplates the realization of assets and satisfaction\nof liabilities in the normal course of business. Management has evaluated the Group’s liquidity position and cash flow projections\nand concluded that substantial doubt about the Group’s ability to continue as a going concern does not exist.\n\n \n\n**4.****ACCOUNTS\nRECEIVABLE, NET**\n\n \n\nAccounts\nreceivable, net consisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nAccounts receivable \n$720,966  \n$1,256,751 \n\nProvision of allowance\nfor expected credit losses \n (138,326) \n (308,639)\n\nTotal\naccounts receivable, net \n$582,640  \n$948,112 \n\n \n\nThe\nmovement of the provision of allowance for expected credit losses is as follows:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nBalance at the\nbeginning of the year \n$-  \n$52,430  \n$138,326 \n\nAdditions \n 52,805  \n 82,537  \n 148,004 \n\nReversal \n -  \n -  \n - \n\nForeign currency translation \n (375) \n 3,359  \n 22,309 \n\nBalance\nat the end of the year \n$52,430  \n$138,326  \n$308,639 \n\n \n\nF-21\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**5.****INVENTORIES**\n\n \n\nInventories\nconsisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nFoods \n$159,379  \n$173,700 \n\nConsumables \n 124,777  \n 100,849 \n\nBeverage \n 27,269  \n 32,539 \n\nTotal\ninventories \n$311,425  \n$307,088 \n\n \n\n**6.****PREPAID\nEXPENSES AND OTHER CURRENT ASSETS**\n\n \n\nPrepaid\nexpenses and other current assets consisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nInterest-free loan to third parties \n$531,715  \n$1,971,676 \n\nDeposits \n 349,870  \n 268,632 \n\nTax prepayment \n 257,964  \n 355,827 \n\nPrepaid expenses \n 89,803  \n 117,049 \n\nAdvances to suppliers \n 1,314  \n - \n\nOthers \n 29,201  \n 21,940 \n\nTotal prepaid expenses\nand other current assets, net \n$1,259,867  \n$2,735,124 \n\n \n\nFor\nthe years ended December 31, 2023, 2024 and 2025, the Group recorded provision for expected credit losses for the Group’s\nprepaid expenses and other current assets of US$5,383, nil and nil, respectively, which was written off in the corresponding period.\nConsidering the recoverability, the Group recorded no credit loss allowance on prepaid expenses and other current assets for the years\nended December 31, 2023, 2024 and 2025.\n\n \n\n**7.****PROPERTY\nAND EQUIPMENT, NET**\n\n \n\nProperty\nand equipment, net, consisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nFreehold buildings \n$2,387,718  \n$2,631,141 \n\nFreehold land \n 857,653  \n 945,089 \n\nLeasehold improvements \n 619,912  \n 829,128 \n\nEquipment \n 375,838  \n 458,161 \n\nFurniture and fixtures \n 208,511  \n 266,054 \n\nComputers \n 12,106  \n 13,338 \n\nTotal \n 4,461,738  \n 5,142,911 \n\nLess: accumulated depreciation \n (795,984) \n (1,123,383)\n\nTotal\nproperty and equipment, net \n$3,665,754  \n$4,019,528 \n\n \n\nThe\nGroup recorded depreciation expenses of property and equipment of US$311,459, US$248,627 and US$240,032 for the years ended December 31,\n2023, 2024 and 2025, respectively.\n\n \n\nFor\nthe years ended December 31, 2023, 2024 and 2025, the Group recorded a gain from disposal of property and other equipment of\nUS$4,094, US$33,875 and US$556, respectively.\n\n \n\nF-22\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**8.****INTANGIBLE\nASSETS, NET**\n\n \n\nIntangible\nassets, net, consisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nFinite-lived intangible\nassets \n    \n   \n\nSoftware \n$67,925  \n$76,621 \n\nLess: accumulated amortization \n (36,935) \n (64,578)\n\nSubtotal \n 30,990  \n 12,043 \n\n  \n    \n   \n\nIndefinite-lived intangible\nassets \n    \n   \n\nTrademark and trade\nname \n 167,804  \n 184,911 \n\nSubtotal \n 167,804  \n 184,911 \n\nTotal\nintangible assets, net \n$198,794  \n$196,954 \n\n \n\nThe\nGroup recorded amortization expenses of finite-lived intangible assets of US$14,059, US$20,719 and US$22,623 for the years\nended December 31, 2023, 2024 and 2025, respectively.\n\n \n\nBased on the results of the\nGroup’s annual impairment assessment on indefinite-lived intangible asset performed as of December 31, 2024 and 2025,\nthe Group did not identify any events or changes in circumstances indicate that it is more likely than not that the asset is impaired.\nIn consideration of the growing catering industry in Southeast Asia, the stable macroeconomic conditions in Malaysia, and the Group’s\nfuture development plans, the Group determined that it is not likely that the brand name of “Zi Wei Yuan” was impaired as\nof December 31, 2024 and 2025, respectively. As such, no impairment of indefinite-lived intangible assets was recognized for\nthe years ended December 31, 2023, 2024 and 2025.\n\n \n\n**9.****LONG-TERM INVESTMENTS**\n\n \n\nLong-term investments\nconsisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nEquity-method investments: \n    \n   \n\nInvestment in CCH Tasty Sdn. Bhd. \n$89,896  \n$1,653 \n\nInvestment in CCH KCH Sdn. Bhd. \n 79,018  \n 71,157 \n\nInvestment in CCH (Sabah)\nSdn. Bhd. \n 17,408  \n - \n\nTotal\nlong-term investments \n$186,322  \n$72,810 \n\n \n\nLong-term investments\nare the Group’s equity investments in privately held companies, over which the Group has the ability to exert significant influence\nbut does not otherwise have control, which were all subsequently accounted for using the equity method.\n\n \n\nOn\nJuly 8, 2020, the Group acquired 60% equity interest in CCH Tasty Sdn. Bhd. (“CCH Tasty”), a restaurant operator, for\na cash consideration of US$19,090 (MYR80,040). On August 11, 2020, the Group disposed of 20% equity interest at nominal consideration\nand remained 40% equity interest in CCH Tasty ever since.\n\n \n\nOn\nMay 27, 2022, the Group acquired 20% equity interest in CCH (Sabah) Sdn. Bhd., a restaurant operator, for a cash consideration of\nUS$31,986 (MYR140,020).\n\n \n\nOn\nJune 22, 2023, the Group acquired 40% equity interest in CCH KCH Sdn. Bhd., a restaurant operator, for a cash consideration of US$87,851\n(MYR400,400).\n\n \n\nF-23\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**9.****LONG-TERM INVESTMENTS\n(Cont.)**\n\n \n\nThe\nfollowing table sets forth the changes in the Group’s long-term investments:\n\n \n\n  \nAmount \n\nBalance at December 31, 2022 \n$59,260 \n\nInvestments made \n 87,851 \n\nShare of income from equity method investments \n 28,747 \n\nExchange difference \n (3,282)\n\nBalance at December\n31, 2023 \n 172,576 \n\nInvestments made \n - \n\nShare of income from equity method investments \n 8,873 \n\nExchange difference \n 4,873 \n\nBalance at December\n31, 2024 \n$186,322 \n\nShare of income from equity method investments \n (125,546)\n\nExchange difference \n 12,034 \n\nBalance at December\n31, 2025 \n$72,810 \n\n \n\n**10.****BORROWINGS**\n\n \n\nThe\nGroup had the below borrowings for working capital purpose:\n\n \n\n*Bank\noverdrafts(i)*\n\n \n\n  \nAs\nof December 31, \n\n  \n2024  \n2025 \n\nAlliance Islamic\nBank Berhad(ii) \n$309,843  \n$363,272 \n\nRHB Bank Berhad (iii) \n 77,367  \n 48,990 \n\nMalayan\nBanking Berhad(iv) \n 71,065  \n 8,530 \n\nTotal\nshort-term borrowings \n$458,275  \n$420,792 \n\n \n\n \n\n(i) All bank overdrafts are due on demand. Interest charged for the Group for the years ended December 31, 2023, 2024 and 2025 ranged from 5.00% to 8.65% per annum.\n\n   \n\n(ii)\n\n \nBank overdrafts from Alliance Islamic Bank Berhad are joint guaranteed by Mr. Goh Kok E and Mrs. Tan Yee Wei and legal charges over the land and building properties of the Group. As of December 31, 2025, there are US$5,944 unutilized amount in the line of credit under bank overdraft facilities from Alliance Islamic Bank Berhad\n\n  \n\n(iii)Bank overdrafts from RHB Bank Berhad are joint guaranteed by Mr. Goh Kok E and Mrs. Tan Yee Wei and pledged by 2 shop lots buildings and lands of the Group. As of December 31, 2025, there was US$67,412 unutilized amount in the line of credit under bank overdraft facilities from RHB Bank Berhad.\n\n  \n\n(iv)Bank overdrafts from Malayan Banking Berhad are guaranteed from Syarikat Jaminan Pembiayaan Berhad (SJPP) under working capital guarantee scheme (WCGS), joint guaranteed by Mr. Goh Kok E and Mrs. Tan Yee Wei, and 1% commitment fee per annum based on unutilized portion. As of December 31, 2025, there was US$37,007 unutilized amount in the line of credit under bank overdraft facilities from Malayan Banking Berhad.\n\n \n\nThe\nweighted average interest rate of bank overdrafts was 6.86%, 7.61% and 8.05% for the years ended December 31, 2023, 2024 and\n2025, respectively.\n\n \n\nF-24\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**10.****BORROWINGS\n(Cont.)**\n\n \n\n*Long-term bank\nloans*\n\n \n\n         As of December 31, \n\n       2024   2025 \n\n   **Annual Interest Rate**   **Maturity**  Long-term   Long-term (current portion)   Long-term   Long-term (current portion) \n\nLong-term borrowings:                          \n\nAlliance Islamic Bank Berhad(i)  BFR* - 2.20% per annum (Current BFR 5.42% per annum, Min rate 3.2% per annum, Ceiling rate 15% per annum)  September 1, 2047  $1,512,002    43,069   $1,620,853    47,422 \n\nMalayan Banking Berhad(ii)  1~5 years: Fixed rate of 4.75% per annum on monthly rest; thereafter: BLR**+2.5% per annum on monthly rest.  December 1, 2026   20,422    20,683    686    21,847 \n\nRHB Bank Berhad(iii)  3.55%  June 5, 2047   279,707    8,827    300,697    10,153 \n\nUnited Overseas Bank (Malaysia) Bhd(iv)  4.35%  June 19, 2028   -    -    29,316    17,138 \n\nTotal Long-term borrowings        $1,812,131    72,579   $1,951,552    96,560 \n\n  \n\n \n\n*BFR is base financing rate, which is presently 6.42% per annum.\n\n \n\n**BLR is the rate from time to time stipulated by the Bank as its Base Lending Rate. Currently, the BLR is 6.40% per annum.\n\n \n\nAs\nof December 31, 2024 and 2025, the current portion of the long-term borrowings were US$72,579 (MYR324,391) and US$96,560 (MYR391,649)\nrespectively.\n\n \n\nThe\nweighted average interest rate of long-term borrowings was 4.07%, 3.96% and 4.70% for the years ended December 31, 2023,\n2024 and 2025, respectively.\n\n \n\n(i)On July 12, 2022, the Group entered into a loan agreement to borrow funds of MYR7,360,000 (US$1,814,569) with Alliance Islamic Bank Berhad during the period from July 2022 to September 2047 for the purchase of two buildings and freehold lands. The Group repays MYR38,524 (US$8,999) every month after July 2022, until the loan maturity date. This borrowing was joint guaranteed by Mr. Goh Kok E and Mrs. Tan Yee Wei and legal charges over the lands and building properties purchased by this loan.\n\n \n\n(ii)On September 7, 2021, the Group entered into a loan agreement to borrow funds of MYR440,000 (US$108,481) with Malayan Banking Berhad during the period from September 2021 to December 2026. The Group repays MYR8,254 (US$1,982) every month after September 2021, until the loan maturity date. This borrowing was joint guaranteed by Mr. Goh Kok E and Mrs. Tan Yee Wei and Credit Guarantee Corporation (M) Berhad (CGC) Guarantee under Flexi Guarantee Scheme (FGS).\n\n \n\n(iii)On January 26, 2022, the Group entered into a loan agreement to borrow funds of MYR1,350,000 (US$332,840) with RHB Bank Berhad during the period from January 2022 to June 2047 for the purchase of two shop lots which are both rent out. The Group repays MYR6,795 (US$1,587) every month after January 2022, until the loan maturity date. This borrowing was joint guaranteed by Mr. Goh Kok E and Mrs. Tan Yee Wei and legal charges over two shop lot buildings and lands purchased by this loan.\n\n \n\n(iv)On 10 April 2025, the Group entered into a loan agreement to borrow funds of MYR200,000 (US$49,310) with United Overseas Bank (Malaysia) Bhd during the period from June 2025 to June 2028 for working capital use. The Group repays MYR6,281 (US$1,467) every month after June 2025, until the loan maturity date. This borrowing was joint guaranteed by Goh Kok E and Tan Yee Wei.\n\n \n\nF-25\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**11.****ACCRUED\nEXPENSES AND OTHER CURRENT LIABILITIES**\n\n \n\nAccrued\nexpenses and other current liabilities consisted of the following:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nAccrued Payroll and Welfare \n$234,804  \n$182,783 \n\nDeposits Payable \n 99,999  \n 155,482 \n\nAccrued service expense \n 97,986  \n 87,059 \n\nAccrued maintenance expenses \n 13,025  \n 61,350 \n\nAccrued utility expense \n 101,873  \n 50,242 \n\nLoan payable \n 44,916  \n 49,495 \n\nTax payable \n 86,542  \n 36,853 \n\nOthers \n 33,985  \n 63,456 \n\nTotal\naccrued expenses and other current liabilities \n$713,130  \n$686,720 \n\n \n\n**12.****OPERATING\nLEASES**\n\n \n\nThe\nGroup entered into operating leases for use of office, central kitchen and restaurant premises in Malaysia.\n\n \n\nThe\nGroup’s operating lease right-of-use assets and lease liabilities recognized in the consolidated balances sheets consisted\nof the following:\n\n \n\n   As of December 31, \n\n   2024   2025 \n\nOperating lease right-of-use assets  $3,487,694   $4,512,455 \n\nAmortization of operating lease right-of-use assets   (2,741,494)   (2,936,940)\n\nOperating lease right-of-use assets, net  $746,200   $1,575,515 \n\n           \n\nOperating lease liabilities, current  $656,536   $686,877 \n\nOperating lease liabilities, non-current   186,286    901,781 \n\nTotal operating lease liabilities  $842,822   $1,588,658 \n\n           \n\nWeighted average remaining lease term (in years)   1.36    2.39 \n\nWeighted average discount rate   7.40%   5.42%\n\nOperating right-of-use assets obtained in exchange for operating lease liabilities   107,446    1,551,899 \n\nCash paid for operating leases   939,694    926,655 \n\n \n\nA\nsummary of lease cost recognized in the Group’s consolidated statements of operations and comprehensive income or loss was as follows:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nOperating leases expense excluding\nshort-term lease expense \n$1,191,571  \n$1,046,708  \n$911,687 \n\nShort-term lease\ncost \n 4,581  \n 1,275  \n 209,840 \n\nTotal \n$1,196,152  \n$1,047,983  \n$1,121,527 \n\n \n\nThe\nfollowing is a schedule of future minimum payments under the current existing operating leases as of December 31, 2025:\n\n \n\nFor\nthe years ending December 31, \nAmount \n\n2026 \n 753,071 \n\n2027 \n 603,508 \n\n2028 \n 336,657 \n\nTotal lease payments \n 1,693,236 \n\nLess: imputed interest \n (104,578)\n\nTotal\noperating lease liabilities \n$1,588,658 \n\n \n\nF-26\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**13.****FINANCE\nLEASES**\n\n \n\nThe\nGroup entered into finance leases with two banks for use of motor vehicles.\n\n \n\nThe\nGroup’s finance lease right-of-use assets and lease liabilities recognized in the consolidated balances sheets consisted of\nthe following:\n\n \n\n   As of December 31, \n\n   2024   2025 \n\nFinance lease right-of-use assets  $269,998   $297,524 \n\nAmortization of finance lease right-of-use assets   (84,280)   (122,625)\n\nFinance lease right-of-use assets, net  $185,718   $174,899 \n\n           \n\nFinance lease liabilities, current  $35,265    40,094 \n\nFinance lease liabilities, non-current   92,197    61,502 \n\nTotal finance lease liabilities  $127,462   $101,596 \n\n           \n\nWeighted average remaining lease term (in years)   3.42    2.42 \n\nWeighted average discount rate   3.13%   3.13%\n\nCash paid for finance leases   37,760    40,351 \n\n \n\nFor the years ended December 31, 2023, 2024 and 2025, the\nGroup incurred finance lease expenses of US$24,312, US$26,379 and US$28,189, respectively.\n\n \n\nThe\nfollowing is a schedule of future minimum payments under the current existing finance leases as of December 31, 2025:\n\n \n\nFor\nthe years ending December 31, \nAmount \n\n2026 \n 42,589 \n\n2027 \n 42,589 \n\n2028 \n 20,271 \n\nTotal lease payments \n 105,449 \n\nImputed interest \n (3,853)\n\nTotal \n$101,596 \n\n \n\nF-27\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**14.****LIABILITY\nREATED TO SALE OF FUTURE RECEIVABLE**\n\n** **\n\n**Future\nreceivables Sale Agreements**\n\n \n\nIn August 2025, the Group\nentered into an agreement with Happy CP Company Limited (“Choco Up”), pursuant to which the Group received an investment amount\nof US$817,585 (MYR 3,500,000) with a total repayment obligation of US$935,317 (MYR4,004,000). On December 30, 2025, the Group fully repaid\nthe outstanding obligation and formally terminated this agreement.\n\n \n\nIn December 2025, the Group\nentered into a subsequent agreement with Choco Up, receiving an investment amount of US$1,051,181(MYR 4,500,000) with a total repayment\nobligation of US$1,202,551 (MYR 5,148,000). As of December 31, 2025, the carrying value of the financing obligation under this agreement\nwas US$1,109,467 (MYR 4,500,000), consisting of the gross repayment obligation of US$1,269,231 (MYR5,148,000) less an unamortized debt\ndiscount of US$159,764 (MYR648,000).\n\n \n\nBoth\nof the aforementioned agreements are secured by a charge over the Group’s bank accounts and are guaranteed by joint and several\npersonal guarantees provided by Goh Kok E, Goh Kok Foong, Tan Yee Wei, and Lim Soon Huat.\n\n \n\nAlthough\nlegally structured as sales of future receivables, the Group accounts for these arrangements as financing obligations (secured borrowings)\ndue to the retention of significant risks and rewards associated with the receivables, the inclusion of mandatory repayment milestones,\nand the provision of personal guarantees. The initial cash proceeds are recorded as a liability, and the difference between the cash\nreceived and the total required repayment amount is recorded as a debt discount, which is amortized as interest expense over the estimated\nrepayment period.\n\n \n\n**Interest\nExpenses**\n\n \n\nFor\nthe year ended December 31, 2025, the Group recognized US$117,732 in interest expenses related to the amortization of the debt discount\nunder these arrangements.\n\n \n\n**15.****COST\nOF REVENUES**\n\n \n\nCost\nof revenues consists of cost directly related to revenue generating activities. The following table shows disaggregated cost of revenues\nby major categories for the years ended December 31, 2023, 2024 and 2025:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nFood and beverages \n$3,197,559  \n$2,905,793  \n$3,604,260 \n\nPayroll and employee benefits expenses \n 2,410,704  \n 1,979,175  \n 2,342,591 \n\nLease expenses \n 988,395  \n 924,000  \n 987,799 \n\nUtilities expenses \n 354,023  \n 349,228  \n 343,203 \n\nDepreciation of property and equipment \n 290,492  \n 227,412  \n 184,837 \n\nRepairs and maintenance expenses \n 306,416  \n 104,198  \n 244,267 \n\nOthers \n 17,970  \n 19,277  \n 32,745 \n\nTotal \n$7,565,559  \n$6,509,083  \n$7,739,702 \n\n \n\nF-28\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**16.****TAXATION**\n\n** **\n\n**Cayman\nIslands**\n\n \n\nThe\nCompany incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act (As Revised) of the\nCayman Islands and accordingly, are exempted from Cayman Islands income and corporate tax. As such, the Company is not subject to tax\non either income or capital gain. In addition, no withholding tax is imposed upon any payments of dividends by subsidiaries to the Company.\n\n** **\n\n**Malaysia**\n\n \n\nThe\nGroup’s subsidiaries including STCH Holding, STCH GH, ZWY Raja Uda, CHH KL, CCH Tropika and GTL F&B are governed by the income\ntax laws of Malaysia. The income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the\ntaxable income for the periods based on existing legislation, interpretations, and practices. Under the Income Tax Act of Malaysia,\nenterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax\nholidays, and tax exemptions may be granted on a case-by-case basis. The tax rate for small and medium sized companies (generally\ncompanies incorporated in Malaysia with paid-in capital of MYR2,500,000 or less, and gross income of not more than MYR50 million)\nis 15% for the first MYR150,000 (approximately US$35,000) taxable income, and 17% for taxable income between MYR150,000 (approximately\nUS$35,000) to MYR600,000 (approximately US$140,000), with the remaining balance of taxable income being taxed at the 24% rate. Beginning\nfrom the fiscal year 2025, the applicable tax rate the Group’s Malaysian subsidiaries would be 24%, since these subsidiaries are\ndirectly or indirectly held by non-Malaysian company after the completion of Reorganization.\n\n \n\nFor\nthe years ended December 31, 2023, 2024 and 2025, the details of income tax expense are set forth below:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nCurrent income tax \n$271,890  \n$353,599  \n$146,428 \n\nDeferred income tax \n 43,964  \n 14,193  \n (4,450)\n\nTotal\nincome tax expense \n$315,854  \n$367,792  \n$141,978 \n\n \n\nReconciliation\nof the differences between the income tax computed based on the Malaysia unified statutory income tax rate and the Group’s actual\nincome tax provision for the years ended December 31, 2023, 2024 and 2025, respectively, were as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nIncome before income tax expense \n$684,468  \n$1,281,193  \n$(2,539,352)\n\nIncome tax expense/(benefit) computed based on Malaysia unified income tax statutory rate \n 164,272  \n 307,486  \n (609,445)\n\nImpact of different tax rates in other jurisdictions \n \n-\n  \n \n-\n  \n 77,862 \n\nNon-deductible expenses \n 220,072  \n 131,334  \n 80,857 \n\nNon-taxable income \n (6,927) \n (6,920) \n (17,415)\n\nClaim for other expenditure and incentives \n (8,767) \n (9,879) \n (11,375)\n\nCapital allowance \n (47,113) \n (20,921) \n (3,684)\n\nEffect of preferential tax rate \n (34,650) \n (35,868) \n \n-\n \n\nChange in valuation allowance \n 28,967  \n 2,560  \n 625,178 \n\nTotal income tax expense \n$315,854  \n$367,792  \n$141,978 \n\n \n\nF-29\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**16.****TAXATION\n(Cont.)**\n\n \n\nAs\nof December 31, 2024 and 2025, the significant components of the deferred tax assets and liabilities are summarized below:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nDeferred tax assets： \n    \n   \n\nNet operating loss carried forward \n$32,159  \n$695,280 \n\nAllowance for doubtful accounts \n 34,794  \n 75,832 \n\nLease liabilities \n 2,303  \n 2,538 \n\nTotal deferred tax assets \n 69,256  \n 773,650 \n\nLess: valuation allowance \n (32,159) \n (695,281)\n\nTotal\ndeferred tax assets, net of valuation allowance \n$37,097  \n$78,369 \n\n  \n    \n   \n\nDeferred tax liabilities: \n    \n   \n\nRight-of-use assets \n 31,300  \n 59,076 \n\nDepreciation allowances under tax in excess\nof the related depreciation under accounting \n 96,076  \n 44,714 \n\nOthers \n -  \n 69,365 \n\nTotal\ndeferred tax liabilities \n 127,376  \n 173,155 \n\nDeferred\ntax liabilities, net \n$90,279  \n$94,786 \n\n \n\nChanges\nin valuation allowance are as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nBalance at the beginning of the period \n$\n-\n  \n$28,761  \n$32,159 \n\nAdditions \n 28,967  \n 2,560  \n 625,178 \n\nExchange difference \n (206) \n 838  \n 37,944 \n\nBalance at the end of the period \n$28,761  \n$32,159  \n$695,281 \n\n \n\nAs of December 31, 2024 and 2025, the Group had net operating\nloss carryforwards of approximately US$133,996 and US$2,896,999, respectively. Each company’s net operating loss carryforwards is\nsubject to tax authorities’ review. As of December 31, 2024 and 2025, deferred tax assets from the net operating loss carryforwards\namounted to US$32,159 and US$695,280, respectively. The ultimate realization of deferred tax assets is dependent upon the generation of\nfuture taxable income during the periods in which those temporary differences become deductible. Recovery of substantially all of the\nGroup’s deferred tax assets is dependent upon the generation of future income, exclusive of reversing taxable temporary differences.\nThe valuation allowance is considered on an individual entity basis. Accordingly, US$32,159 and US$695,280 valuation allowance have been\nestablished as of December 31, 2024 and 2025, respectively.\n\n \n\nAs\nof December 31, 2025, net operating loss carryforwards will expire, if unused, in the following amounts:\n\n \n\nFor the years ending December 31, \nAmount \n\n2033 \n 119,837 \n\n2034 \n 14,159 \n\n2035 \n 2,763,003 \n\nTotal \n$2,896,999 \n\n* *\n\nF-30\n\n* *\n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**16.****TAXATION\n(Cont.)**\n\n \n\n*Uncertain\ntax positions*\n\n \n\nThe\nGroup is required to submit the final corporate income tax returns in Malaysia within seven months after each taxable period ends.\nAs of December 31, 2025, in Malaysia tax jurisdiction, corporate income tax returns for the tax years ended May 31, 2021\nthrough 2025 are subject to examination by the tax authorities.\n\n \n\nUnder\napplicable tax laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the\ntax authorities in different tax jurisdictions. The Group could face material and adverse tax consequences if the tax authorities determine\nthat the contractual arrangements in relation to the Group were not entered into on an arm’s length basis in such a way as to result\nin an impermissible reduction in taxes under applicable tax laws, rules and regulations, and adjust the taxable income of the Group in\nthe form of a transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in a reduction of expense\ndeductions recorded for tax purposes, which could in turn increase its tax liabilities without reducing the tax expenses of subsidiaries\nsubject to more favorable tax rate. In addition, the tax authorities may impose late payment fees and other penalties on the Group for\nthe adjusted but unpaid taxes according to the applicable regulations. The Group evaluates each uncertain tax position based on the technical\nmerits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did\nnot have any unrecognized uncertain tax positions and the Group does not believe that its unrecognized tax benefits will change over\nthe next twelve months.\n\n \n\n**17.****RELATED\nPARTY TRANSACTIONS**\n\n** **\n\n**Related\nParties**\n\n \n\nThe\ntable below sets forth the major related parties and their relationships with the Group:\n\n \n\n**No.**   **Name of Related Parties**   **Relationship**\n\n1   Mr. Goh Kok Foong   Chairman of the Board and CEO of the Company\n\n2   Mr. Goh Kok E   Director and COO of the Company\n\n3   Mrs. Tan Yee Wei   Direct relative of Mr. Goh Kok Foong\n\n4   Zi Wei Yuan (Shen Zhen) Hotpot Restaurant Co., Ltd   An entity controlled by Mr. Goh Kok E\n\n5   CCH Ipoh Sdn. Bhd.   An entity controlled by Mr. Goh Kok E\n\n6   CCH Alor Setar Sdn. Bhd.   An entity controlled by Mr. Goh Kok E\n\n7   CCH F&B Sdn. Bhd.   An entity controlled by Mr. Goh Kok E\n\n8   Signature Tasty Claypot House (Arkadia) Sdn. Bhd.   An entity controlled by Mr. Goh Kok E\n\n9   Signature Tasty Claypot House (BL) Sdn. Bhd.   An entity controlled by Mr. Goh Kok E\n\n10   Abang Adek Holdings Sdn. Bhd.   An entity controlled by Mr. Goh Kok E\n\n11   CCH (Sabah) Sdn. Bhd.   An entity significantly influenced by the Group\n\n12   CCH KCH Sdn. Bhd.   An entity significantly influenced by the Group\n\n13   CCH Tasty Sdn. Bhd.   An entity significantly influenced by the Group\n\n14   Kopitan Classic Sdn. Bhd.   An entity under control by Mr. Goh Kok E and Mr. Goh Kok Foong\n\n15   Kopitan Food Sdn. Bhd.   An entity under control by Mr. Goh Kok E and Mr. Goh Kok Foong\n\n16   Ban Bu Dian (M) Sdn. Bhd.   Subsidiary of CCH F&B Sdn. Bhd., which is under control of Mr. Goh Kok E\n\n17   Grizzly Spirit Sdn. Bhd.   Subsidiary of CCH F&B Sdn. Bhd., which is under control of Mr. Goh Kok E\n\n18   Trident Consultancy Pte Ltd   An entity under control by Mr. Lim Soon Huat who is a major shareholder of the Company\n\n19 　 Hong Woi Tat Trading Sdn. Bhd. 　 An entity of which Mr. Goh Kok Foong serves as CEO\n\n** **\n\nF-31\n\n** **\n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n** **\n\n**17.****RELATED\nPARTY TRANSACTIONS (Cont.)**\n\n** **\n\n**Amounts\ndue from/to related parties**\n\n \n\nAmounts\ndue from/to related parties consisted of the following for the periods indicated:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nAmounts due from related\nparties, current \n    \n   \n\nHong Woi Tat Trading Sdn. Bhd.(1) \n$-  \n$2,613,686 \n\nBan Bu Dian (M) Sdn. Bhd.(2) \n 140,527  \n 606,850 \n\nZi Wei Yuan (Shen Zhen) Hotpot Restaurant Co.,\nLtd \n 340,772  \n 407,263 \n\nCCH Alor Setar Sdn. Bhd. \n 243,235  \n 318,250 \n\nCCH F&B Sdn. Bhd. \n 175,740  \n 277,377 \n\nCCH Ipoh Sdn. Bhd. \n 269,021  \n 226,577 \n\nCCH (Sabah) Sdn. Bhd. \n 110,468  \n 193,132 \n\nKopitan Classic Sdn. Bhd. \n 202,236  \n 171,708 \n\nSignature Tasty Claypot House (Arkadia) Sdn.\nBhd. \n 56,180  \n 155,956 \n\nCCH KCH Sdn. Bhd. \n 66,083  \n 132,853 \n\nMr. Goh Kok Foong \n 488,921  \n 30,202 \n\nMr. Goh Kok E \n 500,432  \n 2,959 \n\nOthers \n 103,904  \n 135,402 \n\n**Total\namounts due from related parties, current (3)** \n$2,697,519  \n$5,272,215 \n\n  \n    \n   \n\nAmounts due from related\nparties, non-current \n    \n   \n\nZi Wei Yuan (Shen Zhen) Hotpot\nRestaurant Co., Ltd (4) \n$489,274  \n$539,154 \n\nAbang\nAdek Holdings Sdn. Bhd. (5) \n 238,617  \n 262,944 \n\nTotal\namounts due from related parties, non-current \n$727,891  \n$802,098 \n\n  \n    \n   \n\nAmounts due to related parties,\ncurrent \n    \n   \n\nMr. Goh Kok E \n$671  \n$136,875 \n\nMr. Goh Kok Foong \n 38,036  \n 113,173 \n\nBan Bu Dian (M) Sdn. Bhd. \n 32,204  \n 53,914 \n\nKopitan Food Sdn. Bhd. \n 98,275  \n 30,519 \n\nOthers \n 7,889  \n 45,575 \n\nTotal\namounts due to related parties, current \n$177,075  \n$380,056 \n\n** **\n\nF-32\n\n** **\n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n** **\n\n**17.****RELATED\nPARTY TRANSACTIONS (Cont.)**\n\n** **\n\n**Material\nrelated party transactions**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nSales of food ingredients and condiments \n   \n   \n  \n\nBan Bu Dian (M) Sdn. Bhd. \n 127,109  \n 77,379  \n 196,190 \n\nCCH F&B Sdn. Bhd. \n 105,840  \n 97,622  \n 96,930 \n\nCCH Tasty Sdn. Bhd. \n 89,661  \n 108,783  \n 59,311 \n\nCCH Alor Setar Sdn. Bhd. \n 70,663  \n 95,672  \n 58,717 \n\nSignature Tasty Claypot House (Arkadia) Sdn. Bhd. \n 57,484  \n 44,541  \n 54,192 \n\nCCH Ipoh Sdn. Bhd. \n 232,256  \n 100,417  \n 42,035 \n\nCCH (Sabah) Sdn. Bhd. \n 24,956  \n 19,576  \n 26,250 \n\nCCH KCH Sdn. Bhd. \n 74,482  \n 17,307  \n 13,697 \n\nGrizzly Spirit Sdn. Bhd. \n 90,698  \n 25,847  \n - \n\nKopitan Classic Sdn. Bhd. \n \n-\n  \n 47,444  \n \n-\n \n\nSignature Tasty Claypot House (BL) Sdn. Bhd. \n 35,359  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\n  \n    \n    \n   \n\nFranchise licensing income from related parties \n    \n    \n   \n\nBan Bu Dian (M) Sdn. Bhd. \n$22,404  \n$13,513  \n$138,269 \n\nCCH (Sabah) Sdn. Bhd. \n 37,451  \n 37,209  \n 44,014 \n\nZi Wei Yuan (Shen Zhen) Hotpot Restaurant Co., Ltd \n 28,854  \n 303,716  \n 36,353 \n\nCCH Tasty Sdn. Bhd. \n 32,954  \n 42,550  \n 23,623 \n\nCCH F&B Sdn. Bhd. \n 19,563  \n 17,392  \n 16,457 \n\nCCH KCH Sdn. Bhd. \n 9,320  \n 19,225  \n 12,390 \n\nCCH Alor Setar Sdn. Bhd. \n 12,502  \n 15,854  \n 9,619 \n\nCCH Ipoh Sdn. Bhd. \n 55,058  \n 20,009  \n 8,460 \n\n  \n    \n    \n   \n\nInterest-free loans to related parties \n    \n    \n   \n\nHong Woi Tat Trading Sdn. Bhd. \n$\n-\n  \n$\n-\n  \n$3,189,418 \n\nBan Bu Dian (M) Sdn. Bhd. \n \n-\n  \n \n-\n  \n 335,614 \n\nCCH KCH Sdn. Bhd. \n 92,366  \n 5,230  \n 30,654 \n\nCCH Tasty Sdn. Bhd. \n 41,249  \n \n-\n  \n 16,339 \n\nKopitan Food Sdn. Bhd. \n \n-\n  \n 21,859  \n 11,664 \n\nMr. Goh Kok E \n 149,026  \n 102,907  \n 2,803 \n\nMr. Goh Kok Foong \n \n-\n  \n 633,921  \n \n-\n \n\n  \n    \n    \n   \n\nCollection of interest-loans to related parties \n    \n    \n   \n\nHong Woi Tat Trading Sdn. Bhd. \n$\n-\n  \n$\n-\n  \n$841,178 \n\nMr. Goh Kok Foong \n 470,127  \n 570,463  \n 549,707 \n\nMr. Goh Kok E \n \n-\n  \n 55,408  \n 509,280 \n\nCCH Ipoh Sdn. Bhd. \n \n-\n  \n \n-\n  \n 98,811 \n\nKopitan Classic Sdn. Bhd. \n \n-\n  \n \n-\n  \n 52,227 \n\nBan Bu Dian (M) Sdn. Bhd. \n \n-\n  \n \n-\n  \n 51,332 \n\n  \n    \n    \n   \n\nCapital injection to related parties \n    \n    \n   \n\nCCH KCH Sdn. Bhd. \n$\n-\n  \n$87,437  \n$\n-\n \n\nCCH (Sabah) Sdn. Bhd. \n \n-\n  \n 30,603  \n \n-\n \n\nCCH Tasty Sdn. Bhd. \n \n-\n  \n 17,487  \n \n-\n \n\n  \n    \n    \n   \n\nLong-term interest-free loans to related parties \n    \n    \n   \n\nZi Wei Yuan (Shen Zhen) Hotpot Restaurant Co., Ltd \n$\n-\n  \n$478,022  \n \n-\n \n\nAbang Adek Holdings Sdn. Bhd. \n 53,975  \n 104,488  \n \n-\n \n\n  \n    \n    \n   \n\nDeemed distribution to a related party \n    \n    \n   \n\nTrident Consultancy Pte Ltd \n$\n-\n  \n$\n-\n  \n$1,833,000 \n\n \n\n \n\n(1)In\n2025, the Group provided an interest-free credit facility, due on demand, to Hong Woi Tat Trading Sdn. Bhd. (“Hong Woi Tat”)\nof US$3,189,418 (MYR13,653,580) to support its operations. As of December 31, 2025, the outstanding amounts of the credit facility was\nUS$2,613,686 (MYR10,601,110).\n\n(2) In 2025, the Group provided interest-free loans, due on demand, to Ban Bu Dian (M) Sdn. Bhd. (“Ban Bu Dian”) of US$335,614 (MYR1,436,729) to support its operations. As of December 31, 2025, the outstanding amounts due from Ban Bu Dian was US$ 606,850 (MYR2,461,383).\n\n \n\nF-33\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**17.****RELATED\nPARTY TRANSACTIONS (Cont.)**\n\n \n\n(3)The balance of amounts due from related parties, current mainly includes interest-free loans which are due on demand and receivables arising from sales transactions with related parties.\n\n \n\n(4)\nThe Group provided an interest-free credit facility to Zi Wei\nYuan (Shen Zhen) Hotpot Restaurant Co., Ltd (“Zi Wei Yuan (Shen Zhen)”) of US$542,406 (MYR2,200,000) to support its operations,\nand the maturity date of this interest-free credit facility is August 1, 2028. As of December 31, 2024 and 2025, the outstanding\namounts of the credit facility were US$489,274 (MYR2,186,809) and US$539,154 (MYR2,186,809), respectively.\n\n  \n\n(5)The Group provided an interest-free credit facility to Abang Adek Holdings Sdn. Bhd. (“Abang Adek”) of US$262,944 (RM 1,066,500) to support its operations, and the maturity date of this interest-free credit facility is July 16, 2027. As of December 31, 2024 and 2025, the outstanding amounts of the credit facility were US$238,617 (RM 1,066,500) and US$262,944 (MYR1,066,500).\n\n** **\n\n**Loan/Debt\nGuaranteed by related parties**\n\n \n\nCertain principal shareholders,\ndirectors, and key management personnel of the Group provide personal, joint and several guarantees to secure various financing obligations,\nshort-term borrowings, and merchant cash advances of the Group. For detailed descriptions of the underlying borrowing arrangements, outstanding\nbalances, and specific related-party guarantors involved, please refer to Note 10 – Borrowings and Note 14 – Liability related\nto sale of future receivables.\n\n \n\n**18.****SHARE-BASED\nCOMPENSATION**\n\n \n\nOn\nOctober 15, 2025, the Company entered into separate consulting agreements with four external individual consultants, who will provide\nbusiness development and advisory services mainly including regional market research and expansion, localized marketing strategy development,\nsupplier relationship establishment, staff recruitment and training, and business coordination services, with a 12-month service term.\nPursuant to the consulting agreements, the Group was required to issue an aggregate of 2,512,500 ordinary shares for such services. The\nfair value of the services was determined based on the grant-date fair value of the Company’s ordinary shares. The Company issued\n2,512,500 ordinary shares on October 27, 2025, the grant date of the awards.\n\n \n\nPursuant\nto ASC 718, the aggregate 2,512,500 ordinary shares granted as consulting compensation represent equity-settled share-based payments\nto non-employees. The Company measures the fair value of the shares on the grant date and recognizes this amount as consulting expenses\nratably over the 12-month requisite service period.\n\n \n\nShare-based\ncompensation expenses of US$2,315,089 were recognized for the years ended December 31, 2025, all of which were allocated to general and\nadministrative expenses. As of December 31, 2025, the unrecognized compensation expenses were US$8,488,661.\n\n \n\n**19.****ORDINARY\nSHARES**\n\n \n\nUpon\ncompletion of Reorganization, the Company issued 30,000,000 ordinary shares with a par value of $0.00001 to its shareholders as of June\n5, 2025. As mentioned in Note 1, the Company effected the Share Surrender subsequently on September 5, 2025, and the issued and outstanding\nordinary shares reduced to 18,000,000. As a result of the Recapitalization, all share and per share data in the consolidated financial\nstatements have been retrospectively adjusted to all periods presented.\n\n \n\nThe\nshare subscription receivable represented the receivable for the issuance of ordinary shares of the Company and is reported as a deduction\nof equity and presented on a retrospective basis before the incorporation of the Company. Subscription receivable has no payment terms\nnor any interest receivable accrual.\n\n \n\nOn\nOctober 6, 2025, the Company closed its initial public offering of 1,250,000 ordinary shares at a price to the public of US$4.00 per\nordinary share. The Company’s ordinary shares began trading on the Nasdaq Capital Market on October 3, 2025, under the symbol “CCHH.”\n\n \n\nOn\nOctober 17, 2025, the underwriter of the Company’s Initial Public Offering (IPO) fully exercised their over-allotment option (the\n“Option”), which was originally granted to purchase up to an additional 187,500 Ordinary Shares. In connection with the full\nexercise of the Option, the Company issued 187,500 additional Ordinary Shares at the initial public offering price of US$4.00 per share.\nAfter giving effect to the full exercise of the Option, the total number of Ordinary Shares sold by the Company in the Offering increased\nfrom 1,250,000 shares to 1,437,500 shares. The total gross proceeds from the Offering increased to approximately US$5.75 million, before\ndeducting estimated underwriting discounts and commissions and other offering expenses\n\n \n\nOn\nOctober 27, 2025, the Board of Directors of the Company approved the grant of 2,512,500 Restricted Shares to four Grantees under the\nCompany’s 2025 Equity Incentive Plan. The Restricted Shares vest ratably over a four-year period, contingent upon the Participant’s\ncontinuous service. The awards are subject to standard transfer restrictions and the Company’s Right of First Refusal, and notably,\nthe underlying shares do not confer voting rights (whether vested or unvested). The Board also ratified the filing of the S-8 Registration\nStatement with the U.S. Securities and Exchange Commission for the registration of the Ordinary Shares.\n\n \n\nAs\nof December 31, 2024 and 2025, 18,000,000 and 21,950,000 ordinary shares had been issued and outstanding.\n\n \n\nF-34\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**20.****SIGNIFICANT\nRISKS AND UNCERTAINTIES**\n\n \n\n**(a)****Interest\nrate risk**\n\n \n\nFluctuations\nin market interest rates may negatively affect the Group’s financial condition and results of operations. The Group is exposed\nto interest rate risk arising from cash in bank and bank loans. The Group expected no material risks from changes in market interest\nrates, and has not used any derivative financial instruments to manage the interest risk exposure.\n\n \n\n**(b)****Foreign\nexchange risk**\n\n \n\nThe\nreporting currency of the Group’s operations was in USD and the Group’s subsidiaries generally use their local currencies\nas their functional currencies, i.e. Malaysian Ringgit (“MYR”). The Group is mainly exposed to foreign exchange risk in respect\nof operating activities when purchase of goods and services in geographic areas is using transaction currencies other than MYR.\n\n \n\n**(c)****Concentration\nof credit risk**\n\n \n\nAssets\nthat potentially subject the Group to significant concentrations of credit risk primarily consist of cash, accounts receivable, amounts\ndue from related parties and interest-free loan to third parties, deposits within prepaid expenses and other current assets. The\nmaximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of the Group’s cash\nare held with financial institutions that Group’s management believes to be high credit quality. Based on the Group’s historical\nexperiences in collection of prepaid expenses and other current assets and amounts due from related parties, the Group consider the credit\nrisk of these receivables to be relatively low. Management regularly conducts assessment on expected credit losses arising from non-performance by\nthese counterparties.\n\n \n\n**(d)****Concentration\nof customers and suppliers**\n\n \n\nThe\nfollowing customers represent more than 10% of the Group’s total revenues for the years ended December 31, 2023, 2024\nand 2025:\n\n \n\n  \nFor\nthe years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nPercentage of the Group’s revenue from \n   \n   \n  \n\nCustomer A \n *  \n *  \n 11.2%\n\n \n\n \n\n*Represents percentage less than 10%\n\n \n\nF-35\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**20.****SIGNIFICANT\nRISKS AND UNCERTAINTIES (Cont.)**\n\n \n\nThe\nfollowing customers represent more than 10% of the Group’s total accounts receivable as of December 31, 2024 and 2025:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nPercentage of the Group’s accounts receivable from \n   \n  \n\nCustomer B \n *  \n 35.1%\n\nCustomer A \n 65.2% \n 16.5%\n\nCustomer C \n 15.9% \n 15.9%\n\nCustomer D \n 11.9% \n * \n\n \n\n \n\n*Represents\npercentage less than 10%\n\n \n\nThe\nfollowing customers represent more than 10% of the Group’s total advances from customers as of December 31, 2024 and 2025:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nPercentage of the Group’s advances from \n   \n  \n\nCustomer D \n 70.6% \n * \n\n \n\n \n\n*Represents\npercentage less than 10%\n\n \n\nThere\nare no purchases from a particular supplier more than 10% of the Group’s total purchase for the years ended December 31,\n2023, 2024 and 2025.\n\n \n\nThe\nfollowing suppliers represent more than 10% of the Group’s accounts payable as of December 31, 2024 and 2025:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nPercentage of the Group’s accounts payable to \n   \n  \n\nSupplier A \n 55.5% \n * \n\nSupplier B \n *  \n 11.5%\n\n \n\n \n\n*Represents\npercentage less than 10%\n\n \n\nThe\nfollowing suppliers represent more than 10% of the Group’s advance to suppliers as of December 31, 2024 and 2025:\n\n \n\n  \nAs of December\n31, \n\n  \n2024  \n2025 \n\nPercentage of the Group’s advances to \n   \n  \n\nSupplier C \n 93.5% \n * \n\n \n\n \n\n*Represents\npercentage less than 10%\n\n \n\nF-36\n\n \n\n**CCH\nHOLDINGS LTD**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n**FOR\nTHE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025**\n\n**(In\nU.S. Dollar, except for share data)**\n\n \n\n**21.****COMMITMENTS\nAND CONTINGENCIES**\n\n** **\n\n**Commitments**\n\n \n\n**Pledged\nAssets and Restrictive Covenants**\n\n \n\nAs\nof December 31, 2025, the Group’s financing obligations under the future receivables sale agreements (see Note 14) were secured\nby a first priority charge over the Group’s designated bank accounts and a deed of assignment over its future business receivables.\nPursuant to the December 2025 agreement, the Group is contractually committed to remit 100% of its total gross cash receipts from specified\npayment processors and bank inflows to the counterparty until the total repayment obligation of US$1,269,231 (MYR 5,148,000) is satisfied.\nThis arrangement restricts the Group’s ability to utilize its daily operating cash inflows for other corporate purposes until the\nmandatory repayment milestones are met.\n\n \n\n**Contingencies**\n\n \n\nIn\nthe ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and\na variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable\nand the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation\nas of December 31, 2025, and through the issuance date of these consolidated financial statements.\n\n** **\n\n**22.****SUBSEQUENT\nEVENTS**\n\n \n\nThe\nGroup has evaluated the impact of events that have occurred subsequent to December 31, 2025 through May 15, 2026, the issuance date of the\nconsolidated financial statements. Except for the events mentioned below, the Group did not identify any subsequent events with a material\nfinancial impact on the Group’s consolidated financial statements.\n\n \n\n**Control Transfer Agreement**\n\n \n\nOn January 26, 2026, Mr. Goh Kok Foong, holding 9,720,000 Class B Ordinary Shares of the Company, and Mr. Lim Soon Huat, holding 5,580,000\nClass A Ordinary Shares of the Company (collectively, the “Selling Shareholders”), entered into a binding memorandum of understanding\n(“MOU”)with a buyer representative (the “Buyer”), pursuant to which the Selling Shareholders agreed to transfer\nsuch shares to the Buyer for an aggregate consideration of USD 10,000,000, payable in installments upon the satisfaction of certain conditions\nprecedent relating to board composition changes and the completion of relevant regulatory filings.\n\n \n\nAs of the date of this annual report, the conditions precedent to the consummation of the transactions contemplated by the MOU have not\nbeen fully satisfied and no change in control has occurred. The MOU remains in effect among the parties.\n\n \n\n**Loans to Operating Subsidiary**\n\n \n\nOn January 26, 2026, Signature Tasty Claypot House Holding Sdn Bhd, an operating subsidiary of the Group, entered into loan agreements\nwith certain third parties for an aggregate principal amount of USD 2,000,000. The loans bear an annual interest rate of 5.0% and mature\non January 25, 2027.\n\n \n\n**Re-designation of Share\nCapital**\n\n** **\n\nOn March 4, 2026, the shareholders\nof the Company approved the re-designation of the Company’s share capital, pursuant to which 9,720,000 ordinary shares held by Mr.\nGoh Kok Foong were re-designated as Class B ordinary shares and 3,990,280,000 issued and unissued ordinary shares were re-designated as\nClass A ordinary shares. Each Class B ordinary share is entitled to fifty (50) votes and each Class A ordinary share is entitled to one\n(1) vote on all matters subject to a vote of shareholders. The Class B ordinary shares will automatically convert into Class A ordinary\nshares on a one-for-one basis upon certain transfers or changes in beneficial ownership. Following the re-designation, the Company’s\nauthorized share capital remained US$50,000 divided into 5,000,000,000 shares, comprising 3,990,280,000 Class A ordinary shares, 9,720,000\nClass B ordinary shares and 1,000,000,000 undesignated shares.\n\n \n\n**Sale of securities**\n\n \n\nOn March 27, 2026, the Company\nentered into a Securities Purchase Agreement with certain non-U.S. persons, pursuant to which the Company agreed to sell up to 18,000,000\nunits, each consisting of one ordinary share, at US$0.20 per unit. The net proceeds are expected to be used for working capital and general\ncorporate purposes.\n\n \n\n**Resignation of Chairman,\nDirector and CEO**\n\n \n\nOn March 31, 2026, Mr. Goh\nKok Foong stepped down as the Company’s Chairman, Director and Chief Executive Officer for personal reasons, effective the same\ndate. His resignation was not due to any disagreement with the Company’s management or the Board. Following his resignation, Mr.\nGoh Kok E assumed the roles of Chairman and Chief Executive Officer, and Ms. Mhlengi Prevail Mafu was appointed as a 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