{"url_path":"/sec/efty/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/2058349/0001213900-26-056086-index.html","accession_number":"0001213900-26-056086","cik":"0002058349","ticker":"EFTY","issuer_name":"ETOILES CAPITAL GROUP CO., LTD","edgar_url":"https://www.sec.gov/Archives/edgar/data/2058349/0001213900-26-056086-index.html","primary_entity_key":"0002058349","primary_entity_name":"ETOILES CAPITAL GROUP CO., LTD"},"word_count":14044,"has_tables":true,"body_markdown":"**Item 19. Exhibits**\n\n \n\n**Exhibit Number**\n \n**Description**\n\n1.1\n \n[Second Amended and Restated Memorandum of Association and Articles of Association, as currently in effect (incorporated herein by reference to Exhibit 3.1 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex3-1_thrive.htm)\n\n2.1*\n \n[Description of Securities ](ea028888501ex2-1.htm)\n\n4.1\n \n[Employment Agreement between the registrant and Mr. Kit Shing, CHEUNG, registrant’s Chief Executive Officer and Chair of the Board (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex10-1_thrive.htm)\n\n4.2\n \n[Employment Agreement between the registrant and Mr. Hon Fai, TAM, registrant’s Chief Financial Officer (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex10-2_thrive.htm)\n\n4.3\n \n[Employment Agreement between the registrant and Mr. Zhihan, LOU, registrant’s Chief Operating Officer (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex10-3_thrive.htm)\n\n4.4*\n \n[Tenancy Agreement for Unit 03-04, 25/F, Cosco Tower, 183 Queen’s Road Central, Sheung Wan, Hong Kong ](ea028888501ex4-4.htm)\n\n4.5*\n \n[Tenancy Agreement for Room 1510, 15/F, Tower A, Fangtian Technology Plaza, Nanshan District, Shenzhen, Guangdong, China.](ea028888501ex4-5.htm) \n\n4.6\n \n[Form of Independent Director Agreement by and between the registrant and its Independent Director (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex10-4_thrive.htm)\n\n8.1\n \n[List of Subsidiaries (incorporated herein by reference to Exhibit 21.1 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex21-1_thrive.htm)\n\n11.1\n \n[Code of Business Conduct and Ethics (incorporated herein by reference to Exhibit 14.1 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex14-1_thrive.htm)\n\n11.2\n \n[Insider Trading Policy (incorporated herein by reference to Exhibit 99.10 to the registration statement on Form F-1 (File No. 333-287302), as amended, filed with the U.S. Securities and Exchange Commission on May 15, 2025)](http://www.sec.gov/Archives/edgar/data/2058349/000121390025043926/ea022799504ex99-10_thrive.htm)\n\n12.1*\n \n[Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028888501ex12-1.htm)\n\n12.2*\n \n[Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028888501ex12-2.htm)\n\n13.1*\n \n[Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028888501ex13-1.htm)\n\n97.1*\n \n[Clawback Policy  ](ea028888501ex97-1.htm)\n\n101.INS*\n \nInline XBRL Instance Document\n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema\n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation\n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition\n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label\n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation\n\n104*\n \nCover Page Interactive Data File. (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*\nFiled herein\n\n \n\n62\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies that it meets all of the requirements\nfor filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\n \n\n \n*/s/ Kit Shing, CHEUNG*\n\n \nKit Shing, CHUENG\n\n \nChief Executive Officer and Director\n\n \n(Principal Executive Officer)\n\n \n\nDate: May 13, 2026\n\n \n\n63\n\n \n\n** **\n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES**\n\n** **\n\n**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n    **Page**\n\n[Report of Independent Registered Public Accounting Firm (PCAOB 6722)](#fin_001)   F-2\n\n[Consolidated\nBalance Sheets as of December 31, 2025 and 2024](#fin_002)   F-3\n\n[Consolidated Statements of Operations and Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023](#fin_003)   F-4\n\n[Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2025, 2024 and 2023](#fin_004)   F-5\n\n[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023](#fin_005)   F-6\n\n[Notes to the Consolidated Financial Statements](#fin_006)   F-7\n\n \n\nF-1\n\n** **\n\n****\n\n** **\n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo the Board of Directors and Shareholders of\nEtoiles Capital Group Co., Ltd\n\n** **\n\n**Opinion on the Consolidated Financial Statements**\n\n \n\nWe have audited the accompanying consolidated balance sheets of Etoiles\nCapital Group Co., Ltd and its subsidiaries (collectively referred to as the “Group”) as of December 31, 2025 and 2024\nand the related consolidated statements of operations and comprehensive (loss) income, changes in shareholders’ equity, and cash\nflows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively referred to\nas the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all\nmaterial respects, the financial position of the Group as of December 31, 2025 and 2024, and the results of its operations and its\ncash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles\ngenerally accepted in the United States of America.\n\n** **\n\n**Basis for Opinion**\n\n \n\nThese consolidated financial\nstatements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s consolidated\nfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board\n(United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities\nlaws and the applicable rules and regulations of the United States Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in\naccordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance\nabout whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Group is not\nrequired to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we\nare required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion\non the effectiveness of the Group’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing\nprocedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing\nprocedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures\nin the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates\nmade by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits\nprovide a reasonable basis for our opinion.\n\n \n\nWe have served as the Group’s auditor since\n2024.\n\n \n\nAmherst, NY\n\n \n\nMay 13, 2026\n  */s/ SRCO, C.P.A., Professional Corporation*\n\n     \n\n    SRCO, C.P.A., Professional Corporation\n\n    CERTIFIED PUBLIC ACCOUNTANTS\n\n \n\nF-2\n\n** **\n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\nAS OF DECEMBER 31, 2025 AND 2024\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n  \nAs of\nDecember 31, \n\n  \n2025  \n2024 \n\nASSETS \n   \n  \n\nCurrent assets: \n   \n  \n\nCash and cash equivalents \n$5,426,805  \n$1,441,024 \n\nAccounts receivable, net (Note 3) \n 238,973  \n 7,152 \n\nDeposits and other assets, net (Note 4) \n 311,811  \n 11,249 \n\nAmount due from a director (Note 15) \n \n—\n  \n 309,507 \n\nTotal current assets \n 5,977,589  \n 1,768,932 \n\n  \n    \n   \n\nNon-current assets: \n    \n   \n\nProperty and equipment, net (Note 5) \n 658,635  \n 41,932 \n\nDeposits and other assets, net (Note 4) \n 39,019  \n 18,593 \n\nOperating lease right-of-use assets, net (Note 7) \n 2,081,612  \n 53,418 \n\nDeferred tax assets (Note 12) \n \n—\n  \n 4,539 \n\nDeferred initial public offering costs (Note 6) \n \n—\n  \n 181,688 \n\nTotal non-current assets \n 2,779,266  \n 300,170 \n\nTOTAL ASSETS \n$8,756,855  \n$2,069,102 \n\n  \n    \n   \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent liabilities: \n    \n   \n\nContract liabilities (Note 8) \n$396,887  \n$958,314 \n\nOperating lease liabilities, current (Note 7) \n 501,597  \n 48,841 \n\nAccrued liabilities \n 200,158  \n 16,812 \n\nAmount due to a director (Note 15) \n 39,392  \n \n—\n \n\nIncome tax payable (Note 12) \n 230,440  \n 152,364 \n\nTotal current liabilities \n 1,368,474  \n 1,176,331 \n\n  \n    \n   \n\nNon-current liability: \n    \n   \n\nDeferred tax liabilities (Note 12) \n 11,354  \n \n—\n \n\nOperating lease liabilities, non-current (Note 7) \n 1,580,015  \n 4,577 \n\nTotal non-current liability \n 1,591,369  \n 4,577 \n\nTOTAL LIABILITIES \n$2,959,843  \n$1,180,908 \n\n  \n    \n   \n\nSHAREHOLDERS’ EQUITY \n    \n   \n\nOrdinary shares, 450,000,000 shares authorized, par value US$0.0001 each, 15,110,000 and 13,500,000 Class A ordinary shares issued and outstanding as of December 31, 2025 and 2024, respectively \n$1,511  \n$1,350 \n\nOrdinary shares, 50,000,000 shares authorized, par value US$0.0001 each, 5,000,000 Class B ordinary shares issued and outstanding as of December 31, 2025 and 2024 \n 500  \n 500 \n\nAdditional paid in capital \n 5,066,546  \n 500 \n\nRetained earnings \n 728,061  \n 881,721 \n\nAccumulated other comprehensive income \n 394  \n 4,123 \n\nTotal shareholders’ equity \n 5,797,012  \n 888,194 \n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY \n$8,756,855  \n$2,069,102 \n\n  \n    \n   \n\nCommitments and contingencies (Note 16) \n    \n   \n\nSubsequent Events (Note 17) \n    \n   \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-3\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n  \nYears Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nREVENUE \n$3,222,344  \n$2,525,909  \n$63,863 \n\n  \n    \n    \n   \n\nOPERATING EXPENSES \n    \n    \n   \n\nCost of revenue \n (997,475) \n (534,880) \n (12,773)\n\nSelling expenses \n (259,760) \n (130,494) \n \n—\n \n\nGeneral and administrative expenses \n (1,997,017) \n (859,935) \n (15,663)\n\nTotal operating expenses \n (3,254,252) \n (1,525,309) \n (28,436)\n\n  \n    \n    \n   \n\n(LOSS) INCOME FROM OPERATIONS \n (31,908) \n 1,000,600  \n 35,427 \n\n  \n    \n    \n   \n\nOTHER INCOME (EXPENSE) \n    \n    \n   \n\nOther income, net \n 22,880  \n 86  \n \n—\n \n\nInterest expense \n (50,516) \n (3,770) \n \n—\n \n\nTotal other income (expense), net \n (27,636) \n (3,684) \n \n—\n \n\n  \n    \n    \n   \n\n(LOSS)/INCOME BEFORE INCOME TAXES \n (59,544) \n 996,916  \n 35,427 \n\nIncome tax expenses (Note 12) \n (94,116) \n (144,417) \n (2,731)\n\nNET (LOSS) INCOME \n$(153,660) \n$852,499  \n$32,696 \n\n  \n    \n    \n   \n\nOther comprehensive (loss) income \n    \n    \n   \n\nForeign currency translation adjustment \n (3,729) \n 4,053  \n 70 \n\nComprehensive (loss) income \n$(157,389) \n$856,552  \n 32,766 \n\n  \n    \n    \n   \n\n(Loss)/earning per share – basic and diluted \n$(0.0080) \n$0.0461  \n 0.0018 \n\nBasic and diluted weighted average shares outstanding* \n 19,126,616  \n 18,500,000  \n 18,500,000 \n\n** ** \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-4\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023**\n\n**(Currency expressed in United States Dollars\n(“USD or $”), except for number of shares)**\n\n** **\n\n  \nClass A\nOrdinary Shares  \nClass B\nOrdinary Shares  \nTotal Share Capital  \nAdditional  \nAccumulated\nOther  \n   \n  \n\n  \nNo. of\nShares  \nAmount  \nNo. of\nShares  \nAmount  \nNo. of\nShares  \nAmount  \npaid in\ncapital  \nComprehensive\nIncome  \nRetained\nEarnings  \nTotal \n\nBalance as of January 1, 2023 \n 13,500,000  \n$1,350  \n 5,000,000  \n$500  \n 18,500,000  \n$1,850  \n 500  \n \n—\n  \n$(3,474) \n$(1,124)\n\nNet income \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n  \n \n—\n  \n 32,696  \n 32,696 \n\nForeign currency translation adjustment \n —  \n \n—\n  \n —  \n \n—\n  \n —  \n \n—\n  \n \n—\n  \n 70  \n \n—\n  \n 70 \n\nBalance as of December 31, 2023  \n 13,500,000  \n$1,350  \n 5,000,000  \n$500  \n$18,500,000  \n$1,850  \n$500  \n$70  \n$29,222  \n$31,642 \n\nNet income  \n —  \n \n—\n  \n —  \n \n \n  \n —  \n  —  \n$\n—\n  \n \n—\n  \n 852,499  \n 852,499 \n\nForeign currency translation adjustment  \n —  \n \n—\n  \n —  \n \n \n  \n —  \n \n—\n  \n \n—\n  \n 4,053  \n \n—\n  \n 4,053 \n\nBalance as of December 31, 2024  \n 13,500,000  \n$1,350  \n 5,000,000  \n$500  \n$18,500,000  \n$1,850  \n$500  \n$4,123  \n$881,721  \n$888,194 \n\nIssue of shares pursuant to IPO, net of offering costs (Note 10) \n 1,610,000  \n 161  \n —  \n \n \n  \n 1,610,000  \n 161  \n 5,066,046  \n \n—\n  \n \n—\n  \n 5,066,207 \n\nNet loss \n —  \n \n—\n  \n —  \n \n \n  \n —  \n \n—\n  \n \n—\n  \n \n—\n  \n (153,660) \n (153,660)\n\nForeign currency translation adjustment  \n —  \n \n—\n  \n —  \n \n \n  \n —  \n \n—\n  \n \n—\n  \n (3,729) \n \n \n  \n (3,729)\n\nBalance as of December 31, 2025  \n 15,110,000  \n$1,511  \n 5,000,000  \n$500  \n$20,110,000  \n$2,011  \n$5,066,546  \n$394  \n$728,061  \n$5,797,012 \n\n** **\n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-5\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n  \nYears Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCASH FLOWS FROM OPERATING ACTIVITIES \n   \n   \n  \n\nNet (loss) income \n$(153,660) \n$852,499  \n$32,696 \n\nAdjustments to reconcile net income to net cash provided by operating activities: \n    \n    \n   \n\nDepreciation and amortization \n 139,495  \n 75,131  \n \n—\n \n\nLoss on disposal of property, plant and equipment \n 20,676  \n \n—\n  \n \n—\n \n\nChanges in assets and liabilities: \n    \n    \n   \n\nAccounts receivable \n (231,821) \n (7,152) \n \n—\n \n\nDeposits and other assets \n (320,988) \n (29,842) \n \n—\n \n\nAccrued liabilities \n 183,346  \n 16,236  \n 576 \n\nContract liabilities \n (561,427) \n 958,314  \n \n—\n \n\nAmount due from (to) a director \n 4,980  \n (345,028) \n 27,942 \n\nDeferred tax assets \n 15,893  \n (4,539) \n \n—\n \n\nIncome tax payable \n 78,070  \n 149,627  \n 2,731 \n\nOperating lease liabilities \n (85,245) \n (42,378) \n \n—\n \n\nNet (used in) cash provided by operating activities \n (910,681) \n 1,622,868  \n 63,945 \n\n  \n    \n    \n   \n\nCASH FLOWS FROM INVESTING ACTIVITY \n    \n    \n   \n\nPurchase of property and equipment \n (687,059) \n (75,215) \n \n—\n \n\nNet cash used in investing activity \n (687,059) \n (75,215) \n \n—\n \n\n  \n    \n    \n   \n\nCASH FLOWS FROM FINANCING ACTIVITIES \n    \n    \n   \n\nPayments of offering costs for related to IPO \n (1,192,106) \n (181,688) \n \n—\n \n\nProceeds from issuance of shares pursuant to IPO \n 6,440,000  \n \n—\n  \n \n—\n \n\nAdvanced by a director \n 680,185  \n \n—\n  \n \n—\n \n\nRepayment from a director \n (340,988) \n \n—\n  \n \n—\n \n\nNet cash used in financing activities \n 5,587,091  \n (181,688) \n \n—\n \n\n  \n    \n    \n   \n\nNet increase in cash and cash equivalents \n 3,989,351  \n 1,365,965  \n 63,945 \n\nEffect of foreign currency translation on cash and cash equivalents \n (3,570) \n 4,583  \n 76 \n\nCash and cash equivalents, beginning of year \n 1,441,024  \n 70,476  \n 6,455 \n\nCash and cash equivalents, end of year \n$5,426,805  \n$1,441,024  \n$70,476 \n\n  \n    \n    \n   \n\nSupplemental Disclosure of Cash Flow Information \n    \n    \n   \n\n  \n    \n    \n   \n\nNon-Cash Transactions: \n    \n    \n   \n\nRight-of-use assets obtained in exchange for new operating lease\nobligations \n 2,140,510  \n 95,174  \n \n—\n \n\nTermination of right-of-use assets and lease liabilities \n 27,071  \n \n—\n  \n \n—\n \n\nThere were no significant non-cash investing or financing transactions during the years ended December 31, 2025, 2024 and 2023. \n    \n    \n   \n\nSupplementary cash flow information: \n    \n    \n   \n\nInterest received \n$22,868  \n$86  \n$\n—\n \n\nInterest paid \n$50,516  \n$3,770  \n$\n—\n \n\n** ** \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-6\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 1 — ORGANIZATION AND\nPRINCIPAL ACTIVITIES**\n\n** **\n\n**Etoiles Capital Group Co.,\nLtd** (the “Company”) was incorporated in the Cayman Islands on September 13, 2024, as an exempted company with limited\nliability and serves as an investment holding company. The Company conducts its business operations through its indirectly wholly-owned\nsubsidiaries (herein collectively referred to as the “Group”), which include:\n\n \n\n1.**Etoiles Consultancy Limited** (formerly known as Shum\nYin Consultancy Limited) (“Etoiles Consultancy”), incorporated and domiciled in the Hong Kong Special Administrative\nRegion (“HK SAR”), specializing in providing integrated investor relations services.\n\n   \n\n2.**Etoiles Financial Group Limited** (“Etoiles Financial”),\nincorporated and domiciled in HK SAR, which remains inactive as of the date of these consolidated financial statements.\n\n   \n\n3.**Etoiles Original Limited** (“Etoiles Original”),\nincorporated and domiciled in British Virgin Islands, which remains inactive as of the date of these consolidated financial statements.\n\n   \n\n4.**Etoiles Vision Technology (Shenzhen) Limited** (“Etoiles\nVision”), incorporated and domiciled in People’s Republic of China, specializing in providing integrated investor relations\nservices.\n\n \n\nThe Group is headquartered\nin Hong Kong, where its primary operations focus on delivering integrated investor relations services.\n\n \n\n \n\nAs of December 31, 2025,\nthe Company’s subsidiaries are detailed in the table as follows:\n\n \n\n**Name**   **Jurisdiction of\nformation**   **Date of\nincorporation**   **Direct/indirect\neconomic\nownership %**   **Principal activity**\n\nZynergy Holding Co., Limited (“Zynergy BVI”)   A BVI company   Incorporated on\nDecember 27, 2023   100%   Holding company\n\nEtoiles Consultancy   A Hong Kong company   Incorporated on\nOctober 9, 2013   100%   Integrated investor relations service\n\nEtoiles Financial   A Hong Kong company   Incorporated on\nNovember 16, 2023   100%   Inactive\n\nEtoiles Original Limited   A BVI company   Incorporated on\nOctober 8, 2025   100%   Inactive\n\nEtoiles Vision Technology (Shenzhen) Limited  \nA People’s Republic of China company\n \nIncorporated on\nDecember 19, 2025\n  100%   Integrated investor relations service\n\n \n\nF-7\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 1 — ORGANIZATION AND\nPRINCIPAL ACTIVITIES** (cont.)\n\n** **\n\n**Group reorganization**\n\n \n\nPursuant to a reorganization of the Group to rationalize the structure\nof the Group in preparation for the listing of Class A Ordinary Shares, the Company became the holding company of the Group on November\n3, 2024. Prior to the reorganization, all the issued share capital of Etoiles Consultancy and Etoiles Financial was held by Zynergy BVI,\nwhich was held by Etoiles Zeneo Investment Limited. As part of this reorganization, on November 3, 2024, the Company acquired all the\nissued share capital of Zynergy BVI from Etoiles Zeneo Investment Limited at cash considerations of $1.\n\n \n\nAs the Company and its subsidiaries\nwere under the common control of the shareholders, and their equity interests were ultimately held by the same parties immediately before\nand after the reorganization, the reorganization was accounted for as a recapitalization. Accordingly, the consolidated financial statements\nof the Group have been prepared at historical cost, as if the reorganization had been in effect as of the beginning of the earliest period\npresented. The consolidated financial statements reflect the current group structure as if it had been in existence throughout the two-year\nperiod ended December 31, 2025, or since the incorporation/establishment of the relevant entities where applicable.\n\n \n\nThe shares of the Company\nbegan trading on the Nasdaq Capital Market on August 8, 2025, under the ticker symbol “EFTY”. The Company consummated its\ninitial public offering of 1,400,000 Class A ordinary shares. As a result, the Company has raised aggregate gross proceeds of $5,600,000\nin the initial public offering, before deducting underwriting discounts and other related expenses. The Group closed the sale of an additional\n210,000 Class A ordinary shares. The underwriters’ full exercise of the over-allotment option resulted in the sale of 210,000 additional\nshares, contributing $840,000 in additional gross capital. As a result, the Group has raised aggregate gross proceeds of $6,440,000, including\nthe previously announced IPO gross proceeds of $5,600,000, prior to deducting underwriting discounts and commissions and offering expenses\npayable by the Group.\n\n \n\nOn October 3, 2025, the U.S. Securities and\nExchange Commission (the “SEC”) made an order suspending trading in the securities of Etoiles Capital Group Co., Ltd (the\n“Company”) for the period from 4:00 a.m. ET on October 6, 2025, through 11:59 p.m. ET on October 17, 2025 (the “Suspension\nPeriod”) because of potential manipulation in the securities of the Company effectuated through recommendations, made to investors\nby unknown persons via social media to purchase the securities of the Company, which appear to be designed to artificially inflate the\nprice and volume of the securities of the Company.\n\n \n\nIn response to Nasdaq’s subsequent request\nfor information relating to the SEC suspension and other related matters, the Company submitted a written response to Nasdaq on October\n12, 2025.\n\n \n\nOn October 18, 2025, Nasdaq issued a public\nnotice stating that trading in the Company’s securities will remain halted pending the receipt of additional information from the\nCompany.\n\n \n\nAs of the date of this report, the Company\nhas not received any further follow-up requests from Nasdaq and continues to closely monitor the situation. The Company remains fully\ncommitted to cooperating with Nasdaq, the SEC and all relevant regulatory authorities to address any outstanding matters in a transparent\nand timely manner.\n\n \n\nThe Company wishes to state clearly that it has not authorized, participated\nin, or been involved with any promotion or recommendation of its securities via social media or otherwise. The Company’s management\nand the board of directors take this matter very seriously. The Company is fully committed to cooperating with the SEC and all relevant\nregulatory authorities during the Suspension Period.\n\n \n\nThe Company further emphasizes that its daily operations and business\nactivities remain normal and unaffected by the suspension of trading. The Company continues to carry out its business plans and serve\nits clients as usual.\n\n \n\nThe movement in the Company’s\nauthorized share capital and the number of ordinary shares outstanding and issued in the Company are also detailed in the Note 10.\n\n \n\nF-8\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES**\n\n \n\nPrinciples of consolidation and basis of preparation\n\n \n\nThe accompanying consolidated\nfinancial statements include the accounts of the Group. The Group eliminates all significant intercompany balances and transactions in\nthe consolidated financial statements.\n\n \n\nManagement has prepared the\naccompanying consolidated financial statements and these notes in accordance to generally accepted accounting principles in the United States\n(“US GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“SEC”).\n\n \n\nUse of estimates and assumptions\n\n \n\nThe preparation of the consolidated\nfinancial statements in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported\namounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements\nand the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information\navailable when the calculations are made. Significant accounting estimates reflected in the Group’s its consolidated financial\nstatement include the useful lives of plant and equipment, impairment of long-lived assets, operating right-of-use assets and lease liabilities,\nallowance for credit loss, revenue recognition, deferred taxes and uncertain tax position. Actual results could differ from these estimates.\n\n \n\nForeign currency translation and transactions\n\n \n\nThe accompanying consolidated\nfinancial statements are presented in USD, which is the reporting currency of the Group. The functional currency of the Company’s\nsubsidiaries in Hong Kong is Hong Kong Dollars (“HKD” or “HK$”) and the functional currency of its subsidiary\nincorporated in the British Virgin Islands is United States Dollars. These are considered their respective local currencies based\non the criteria of ASC 830, “Foreign Currency Matters.”\n\n \n\nThe results of operations and\nthe consolidated statements of cash flows denominated in foreign currency are translated at the average rate of exchange during the reporting\nperiod. Assets and liabilities denominated in foreign currencies at the consolidated balance sheet date are translated at the applicable\nrates of exchange in effect at that date. The equity denominated in the functional currency is translated at the historical rate of exchange\nat the time of capital contribution. Because cash flows are translated\nbased on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows\nwill not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising\nfrom the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive\nincome (loss) included in consolidated statements of shareholders’ equity. Gains and losses from foreign currency transactions are\nincluded in the Company’s consolidated statements of operations and comprehensive income (loss).\n\n \n\nF-9\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nThe following table outlines\nthe currency exchange rates that were used in preparing the consolidated financial statements:\n\n \n\n  \nDecember 31,\n2025  \nDecember 31,\n2024 \n\nYear-end $: HK$ exchange rate \n 7.7833  \n 7.7677 \n\nYear average $: HK$ exchange rate \n 7.7956  \n 7.8030 \n\n \n\nCash and cash equivalents\n\n \n\nCash and cash equivalents consist\nof petty cash on hand and cash held in banks, which are highly liquid and have original maturities of three months or less and are\nunrestricted as to withdrawal or use. The Group maintains all bank accounts in domestic banks of Hong Kong. Cash balances in bank\naccounts in Hong Kong are protected under Deposit Protection Scheme in accordance with the Deposit Protection Scheme Ordinance (Chapter 581\nof the laws of Hong Kong). The maximum protection was up to HKD500,000 (approximately US$64,139) and has been raised to HKD800,000\n(approximately US$102,622) from October 1, 2025 per depositor per Scheme member, including both principal and interest.\n\n \n\nPrepayment and deposits\n\n \n\nPrepayment is mainly payment\nmade to vendors or services providers for future services that have not been provided. These amounts are non-refundable and bear no interest.\nPrepayments represent advance payments made to the service providers for future services. Prepayments are short-term in nature and are\nreviewed periodically to determine whether their carrying value has become impaired.\n\n \n\nDeposits are mainly for rent,\nutilities and money deposited with certain vendors. These amounts are refundable and bear no interest. The short-term deposits usually\nhave a one-year term and are refundable upon contract termination. The long-term deposits are refunded from suppliers when terms and conditions\nset forth in the agreements have been satisfied.\n\n \n\nThe Group considers the prepayments\nand deposits to be impaired if the realizability of these amounts become doubtful. As of December 31, 2025, 2024 and 2023, there was nil\nallowance recorded as the Group considers all of the prepayments and deposits recoverable. Management reviews periodically to determine\nif the allowance is adequate and adjusts the allowance when necessary. The allowance is based on management’s best estimate of specific\nlosses on individual exposures, as well as a provision on historical trends of collections and utilizations. Actual amounts received or\nutilized may differ from management’s estimate of credit worthiness and the economic environment.\n\n \n\nProperty and equipment, net\n\n \n\nProperty and equipment are\ncarried at cost less accumulated depreciation and any impairment losses. Depreciation is provided over their estimated useful lives, using\nthe straight-line method. The Group typically applies a salvage value of 0%. The estimated useful lives of the plan and equipment are\nas follows:\n\n \n\nLeasehold improvements  Over the shorter of the remaining lease term or five years\n\nComputer  4 years\n\nFurniture and equipment  4 years\n\nMotor Vehicle  4 years\n\nConstruction in progress  is not depreciated until the relevant assets are completed and are available for their intended use.\n\n \n\nF-10\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nThe cost and related accumulated\ndepreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Group’s\nconsolidated statements of operations and comprehensive income. The costs of maintenance and repairs are recognized as incurred; significant\nrenewals and betterments, which substantially extend the useful life of assets, are capitalized.\n\n \n\nImpairment of long-lived assets\n\n \n\nLong-lived assets, representing\nproperty and equipment with finite lives are reviewed for impairment whenever events or changes in circumstances (such as a significant\nadverse change to market conditions that will impact the future use of the assets) indicate that the carrying value of an asset may not\nbe recoverable. We assess the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate\nand recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds\nexpected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, we would\nreduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate,\nto comparable market values. As of December 31, 2025 and 2024, no impairment of long-lived assets was recognized.\n\n \n\nDeferred IPO costs\n\n \n\nThe Company capitalizes certain\nlegal, accounting, and other direct and incremental costs incurred in connection with its planned initial public offering (“IPO”).\nThese deferred offering costs are recorded as a non-current asset on the balance sheet. Upon successful completion of the IPO, the deferred\noffering costs are reclassified as a reduction of the IPO proceeds in shareholders’ equity. If the IPO is abandoned, these costs\nare immediately expensed in the period of abandonment.\n\n \n\nLease\n\n \n\nThe Group applies the provisions\nof ASC Topic 842, Leases which requires lessees to recognize lease assets and lease liabilities on the consolidated balance sheet. The\nCompany determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification\ncriteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to\npresent value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company\nmust discount lease payments based on an estimate of its incremental borrowing rate.\n\n \n\nRight-of-use Assets\n\n \n\nThe Company’s right-of-use\nassets consist of leased assets recognized in accordance with ASC 842, Leases, which requires lessees to recognize a lease liability\nand a corresponding lease asset for virtually all lease contracts. Right-of-use assets represent the Company’s right to use an\nunderlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from\nthe lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement\ndate. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed\non a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines\nthe lease term by agreement with lessor. In cases where the lease does not provide an implicit interest rate, the Company uses the Company’s\nincremental borrowing rate based on the information available at commencement date in determining the present value of future payments.\n\n \n\nF-11\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nRelated parties\n\n \n\nThe Group adopted ASC 850,\nRelated Party Disclosures, for the identification of related parties and disclosure of related party transactions. In general, related\nparties exist when there is a relationship that offers the potential for transactions at less than arm’s-length, favorable treatment,\nor the ability to influence the outcome of events different from that which might result in the absence of that relationship. A related\nparty may be any of the following: a) an affiliate, which is a party that directly or indirectly controls, is controlled by, or is under\ncommon control with another party; b) a principal owner, owner of record or known beneficial owner of more than 10% of the voting interest\nof an entity; c) management, which are persons having responsibility for achieving objectives of the entity and requisite authority to\nmake decision; d) immediate family of management or principal owners; e) a parent Company and its subsidiaries; and f) other parties\nthat have ability to significantly influence the management or operating policies of the entity. The Group discloses all significant\nrelated party transactions.\n\n \n\nContract assets and contract liabilities\n\n \n\nThe timing of revenue recognition,\nbillings, and cash collections results in the accounts receivable and contract liabilities on the consolidated balance sheets.\n\n \n\nRevenues recognized for services\nperformed but not yet billed to clients are recorded as contract assets. The Group recognizes advance payments from its clients for services\nthat have not yet been performed or earned as contract liabilities. When consideration is received, or such consideration is unconditionally\ndue from a customer prior to transferring consulting services to the customer under the terms of a contract, a contract liability is recorded.\nContract liabilities are recognized as revenue after performance obligations have been satisfied and all revenue recognition criteria\nhave been met.\n\n \n\nThe Group defines accounts\nreceivable as assets for which it has recorded revenue because it determines that it is probable that it will earn a contractually agreed-upon\nfee, but is not yet entitled to receive a fee because certain events, such as completion of the measurement period or client approval,\nmust occur.\n\n \n\nThe Group recognized contract\nliabilities of $396,887 and $958,314 as at December 31, 2025 and 2024, respectively.\n\n \n\nRevenue Recognition\n\n \n\nRevenue is recognized to depict\nthe transfer of promised services to customers in an amount that reflects the consideration to which the company expects to be entitled\nin exchange for those goods or services. The following five steps are applied to achieve that core principle:\n\n \n\nThe five-step model defined\nby ASC Topic 606 requires the Group to:\n\n \n\n \n1.\nidentify its contracts with customers;\n\n \n\n \n2. \nidentify its performance obligations under those contracts;\n\n \n \n\n \n3. \ndetermine the transaction prices of those contracts;\n\n \n \n\n \n4. \nallocate the transaction prices to its performance obligations in those contracts; and\n\n \n \n\n \n5. \nrecognize revenue when each performance obligation under those contracts is satisfied. Revenue is recognized when promised services are\ntransferred to the client in an amount that reflects the consideration expected in exchange for those services.\n\n \n\nThe Group elected a practical\nexpedient that it does not adjust the promised amount of consideration for the effects of a significant financing component if the Group\nexpects that, upon the inception of revenue contracts, the period between when the Group transfers its promised services or deliverables\nto its clients and when the clients pay for those services or deliverables will be one year or less.\n\n \n\nF-12\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nThe Group has elected as a\npractical expedient to not disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations as\nof December 31, 2025 and December 31, 2024, as the Group’s contracts generally have an original expected duration of one year or\nless or revenue has been recognized at the amount for which the Group has the right to invoice for consulting services performed.\n\n \n\nThe Group is a professional\nservices provider in Hong Kong that principally engages in the integrated investor relations services.\n\n \n\nThe Group derives substantially\nall of its revenues from the performance of professional services for its clients based on a fixed-price arrangement. Fixed-price arrangements\nrequire the client to pay a contractually agreed-upon fee in exchange for a pre-established set of professional services. The Group’s\nfixed-price arrangements have a single performance obligation.\n\n \n\nThe Group generally enters\ninto distinct contracts with its clients for integrated investor relations services. These services include assisting clients in promoting\ntheir corporate image, managing relationships with investors, and conducting tailored due diligence exercises. Specifically, our services\ncomprise: (i) management of public relations, including promotional planning, media coordination, and crisis management; (ii) management\nof investor relations, including drafting media documents and coordinating shareholder engagements; (iii) tailored due diligence exercises\non investment or acquisition targets; and (iv) other value-added services such as website design enhancement and promotional video production.\n\n \n\nRevenue generated from integrated\ninvestor relations services is structured based on service agreements in which clients pay a predetermined fee for a defined set of services.\nHowever, rather than adhering to a fixed billing arrangement, payments are made according to a mutually agreed-upon schedule outlined\nin the respective service agreements.\n\n \n\nThe Group enters into service\nagreements with its customers that outline the rights, responsibilities, and obligations of each party. The agreements also identify the\nscope of services, service fees, and payment terms. Agreements are acknowledged and signed by both parties. All the contracts have commercial\nsubstance, and it is probable that the Group will collect considerations from its customers for service component.\n\n \n\nRevenue is recognized when\nthe Group satisfies a performance obligation by transferring services promised in a contract to a client in an amount that reflects the\nconsideration that the Group expects to receive in exchange for those services. Performance obligations in the Group’s contracts\nrepresent distinct or separate service streams that the Group provides to clients. If, at the outset of an arrangement, the Group determines\nthat an enforceable contract does not exist, revenues are deferred until all criteria for an enforceable contract are met.\n\n \n\nThe Group usually issues invoices\nto its customers and payment is usually due upon receipt of the invoice according to a mutually agreed-upon schedule outlined in contract\nterms stated.\n\n \n\nUnder ASC 606, the Company\nhas evaluated whether it acts as a principal or an agent in its revenue transactions. The distinction is crucial as it affects how revenue\nis recognized:\n\n \n\nPrincipal:    The\nCompany acts as the principal if it controls the specified goods or services before they are transferred to the customer. As a principal,\nthe Company recognizes revenue for the gross amount of consideration expected from the customer.\n\n \n\nAgent:    The\nCompany acts as an agent if it facilitates the provision of goods or services by another party. As an agent, revenue is recognized as\nthe net amount of the fee or commission earned for arranging the goods or services.\n\n \n\nThe Group has determined that\nit acts as the principal for all the revenue. This conclusion is based on the Company’s control over the goods or services before\nthey are transferred to the customer, its primary responsibility for fulfilling the contract, its exclusive right to select service providers,\nand its discretion in establishing pricing.\n\n \n\nF-13\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nThe integrated investor relations services involve a series of distinct\ntasks that collectively meet the criteria for recognizing revenue over time monthly. The Group determines that the services provided each\nmonth are substantially similar in nature, with the client consuming a consistent benefit each month, even if the volume of services delivered\nvaries. Consequently, the services are considered substantially similar and result in the transfer of substantially similar benefits to\nthe client.\n\n \n\nBased on this assessment, the\nGroup concludes that the services provided satisfy the requirements of ASC 606-10-25-14(b) to be accounted for as a single performance\nobligation. Revenue from integrated investor relations services is therefore recognized on a monthly basis, as the Group satisfies its\nperformance obligations throughout the contract term.\n\n \n\nIn some cases the client specifically\nrequests services related to one-off investor relation tasks which are provided under separately agreed service agreement. One-off services\nprovide promised services including event management and logistics, international road shows, brochure design and printing, update website\ncontent. Revenue for these services is recognized at a point in time when the Group has fully completed the agreed-upon deliverables,\nand the client has obtained control of the service output. This typically occurs when the specified deliverables are completed and transferred\nto the client, as outlined in the service agreement.\n\n \n\nRevenue disaggregated by timing\nof revenue recognition for the years ended December 31, 2025, 2024 and 2023 is disclosed in the table below:\n\n \n\n \n \nYears Ended December 31,\n \n\n \n \n2025\n \n \n2024\n \n \n**2023**\n \n\nRevenue – Over time\n \n \n2,776,889\n \n \n \n2,206,744\n \n \n \n\n—\n\n \n\nRevenue – Point in Time\n \n \n445,455\n \n \n \n319,165\n \n \n \n63,863\n \n\n \n \n$\n3,222,344\n \n \n$\n2,525,909\n \n \n$\n63,863\n \n\n \n\nInformation for the Group’s revenue by geographical area of the\ncustomers for the years ended December 31, 2025, 2024 and 2023:\n\n \n\n \n \nYears Ended December 31,\n \n\n \n \n2025\n \n \n2024\n \n \n**2023**\n \n\nHong Kong\n \n \n2,591,288\n \n \n \n2,318,605\n \n \n \n63,863\n \n\nChina\n \n \n631,056\n \n \n \n115,340\n \n \n \n\n—\n\n \n\nUnited States\n \n \n\n—\n\n \n \n \n91,964\n \n \n \n\n—\n\n \n\n \n \n$\n3,222,344\n \n \n$\n2,525,909\n \n \n$\n63,863\n \n\n \n\nThe amounts of transaction\nprices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31 are as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024  \n2023 \n\nAmounts expected to be recognized as revenue: \n   \n   \n  \n\nWithin one year \n$499,110  \n$1,150,461  \n \n—\n \n\nAfter one year \n 3,621  \n 116,787  \n \n—\n \n\n  \n$502,731  \n$1,267,248  \n$\n—\n \n\n \n\nF-14\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nOther income\n\n \n\nInterest income is mainly generated\nfrom savings and time deposits and is recognized on an accrual basis using the effective interest method.\n\n \n\nCosts of revenue\n\n \n\nCosts of revenue include the\nsalaries, bonuses, and benefits of the Group’s employee consultants. Costs of revenue also include out-of-pocket and other third-party\nvendor expenses, and the salaries of support staff whose time is billed directly to clients, as well as the amounts billed to us by our\noutside consultants for services rendered while completing a project. Costs of revenue does not include depreciation and amortization.\n\n \n\nThe contracts the Group enters\ninto and operates under specify whether the projects are billed on a fixed-price basis. Fixed-price contracts are principally used for\nmanagement consulting projects. In general, project costs are classified in costs of revenue and are based on the direct salary of the\nGroup’s employee consultants on the engagement, plus all direct expenses incurred to complete the project, including any amounts\nbilled to the Group by its non-employee experts.\n\n \n\nEmployee benefits\n\n \n\nThe principal employee’s\nretirement scheme is under the Hong Kong Mandatory Provident Fund Schemes Ordinance. Contributions are made by both the employer\nand the employee at the rate of 5% on the employee’s relevant salary income, subject to a cap of monthly relevant income of HK$30,000\n(US$3,844).\n\n \n\nDuring the years ended December 31, 2025, 2024 and 2023,\nthe total amount charged to the consolidated statements of income in respect of the Company’s costs incurred on the Mandatory Provident\nFund Scheme were US$50,738, US$24,297 and US$575, respectively.\n\n \n\nIncome Taxes\n\n \n\nThe Group accounts for income\ntaxes pursuant to ASC Topic 740, Income Taxes. Income taxes are provided on an asset and liability approach for financial accounting\nand reporting of income taxes. Any tax paid by subsidiaries during the year is recorded. Current tax is based on the profit or loss from\nordinary activities adjusted for items that are non-assessable or disallowable for income tax purpose and is calculated using tax rates\nthat have been enacted or substantively enacted at the balance sheet date. ASC Topic 740 also requires the recognition of deferred\ntax assets and liabilities for both the expected impact of differences between the financial statements and the tax basis of assets and\nliabilities, and for the expected future tax benefit to be derived from tax losses and tax credit carry-forwards. Deferred tax assets\nand liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences\nare expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income\nin the period including the enactment date. ASC Topic 740 additionally requires the establishment of a valuation allowance to reflect\nthe likelihood of realization of deferred tax assets. Realization of deferred tax assets are dependent upon future earnings, if any, of\nwhich the timing and amount are uncertain.\n\n \n\nThe Group adopted ASC Topic 740-10-05,\n“Income Taxes: Overview and Background”, which provides guidance for recognizing and measuring uncertain tax positions, it\nprescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized\nin the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax\npositions.\n\n \n\nRelated parties\n\n \n\nParties are considered to be\nrelated if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other\nparty in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or\nsignificant influence of the same party, such as a family member or relative, shareholder, or a related corporation.\n\n \n\nF-15\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nSegment reporting\n\n \n\nThe Group operates and manages its business as a single segment, in\naccordance with ASC 280, Segment Reporting. The Group’s chief operating decision maker (“CODM”) is Mr. Cheung\nKit Shing (a director and Chief Executive Officer of the Company). The Group’s CODM assess the Group’s performance and results\nof operations on a consolidated basis. The Group generates substantially all of its revenues from clients that are incorporated in the\nHong Kong, China and United States. Although some clients are legally domiciled outside Hong Kong, the Group’s engagement and service\nexecution are primarily conducted in Hong Kong. Accordingly, no geographical segments are presented. Substantially all of the Group’s\nlong-lived assets are located in Hong Kong.\n\n \n\nEarnings per Share\n\n \n\nThe Group computes earnings\nper share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present\nbasic and diluted EPS. Basic EPS is measured as net income divided by the weighted average ordinary share outstanding for the period.\nDiluted EPS presents the dilutive effect on a per-share basis of the potential Ordinary Shares (e.g., convertible securities, options\nand warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential Ordinary\nShares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from\nthe calculation of diluted EPS.\n\n \n\nComprehensive Income\n\n \n\nThe Group presents comprehensive\nincome in accordance with ASC Topic 220, *Comprehensive Income*. ASC Topic 220 states that all items that are required\nto be recognized under accounting standards as components of comprehensive income be reported in the consolidated financial statements.\nThe components of comprehensive income were the net income for the years and the foreign currency translation adjustments.\n\n \n\nAccounts receivable, net\n\n \n\nAccounts receivable represents\ntrade accounts due from customers for Integrated investor relations services which are recorded net of allowance for the Group’s\ndoubtful accounts. The Group grants 30 days credit terms to the clients. The trade receivables are all without customer collateral and\ninterest is not accrued on past due accounts. Management reviews its receivables on a regular basis to determine if the bad debt allowance\nis adequate and provides allowance when necessary. The allowance is based on management’s best estimates of specific losses on individual\ncustomer exposures, as well as the historical trends of collections. The approach considers factors including historical ageing schedule\nand forward-looking macroeconomic conditions. Account balances are charged off against the allowance after all means of collection have\nbeen exhausted and the likelihood of collection is not probable. As of December 31, 2025 and 2024, no allowance for doubtful accounts\nwas recognized, as management determined that expected credit losses were not material based on historical collection experience and other\nrelevant factors.\n\n \n\nExpected credit loss\n\n \n\nASU No. 2016-13, Financial\nInstruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities\nto use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Accounts receivable are\nrecognized and carried at original invoiced amount net of expected losses. The Company established the provision at differing rates and\nare based upon the age of the trade receivable, the Company’s historical collection experience in each customer and management’s\nbest estimate of specific losses on individual exposures, where appropriate. Specific customer provisions are made when a review of significant\noutstanding amounts, utilizing information about customer creditworthiness and current economic trends, indicates that collection is doubtful.\n\n \n\nF-16\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n** **\n\nGeneral and administrative expenses\n\n \n\nGeneral & administrative\nexpenses primarily consist of accounting fees, consulting fees, information technology expenses, entertainment, director remuneration\nwhich are not attributable to the revenue-generating activities, wages and salaries, and overseas traveling expenses, among others.\n\n \n\nSelling and marketing expenses\n\n \n\nSelling expenses consist primarily\nof marketing expenses incurred to promote our Group’s brand name.\n\n \n\nFinancial instruments\n\n \n\nThe Group’s financial\ninstruments, including cash and cash equivalents, deposits, accounts and other receivables, accrued liabilities, amount due from (to)\na director, contract liabilities and operating lease liabilities. ASC Topic 820, “Fair Value Measurements and Disclosures”\nrequires disclosing the fair value of financial instruments held by the Group. ASC Topic 825, “Financial Instruments”\ndefines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure\nrequirements for fair value measures. The carrying amounts reported in the audited consolidated balance sheets for cash and cash equivalents,\naccounts and other receivables, accrued liabilities, amount due from (to) a director and operating lease liabilities qualify as financial\ninstruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments\nand their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:\n\n \n\n \n●\nLevel 1 — inputs to the valuation methodology used quoted prices for identical assets or\nliabilities in active markets.\n\n \n\n \n●\nLevel 2 — inputs to the valuation methodology include quoted prices for similar\nassets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly,\nfor substantially the financial instrument’s full term.\n\n \n\n \n●  \nLevel 3 — inputs to the valuation methodology are unobservable and significant to the fair\nvalue measurement.\n\n \n\nCategorization within the valuation hierarchy\nis based upon the lowest level of input that is significant to the fair value measurement. The carrying amounts of the cash and cash equivalents,\ndeposits, accounts and other receivables, accrued liabilities, amount due from (to) a director, contract liabilities and operating lease\nliabilities approximated their fair values as of December 31, 2025 and 2024 due to their short-term nature. \n\n \n\nRecent accounting pronouncements\n\n \n\nIn January 2025, the Financial Accounting\nStandards Board (“FASB”) updated 2025-01: Income Statement — Reporting Comprehensive Income — Expense\nDisaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. Public business entities must adopt the guidance in\nUpdate 2024-03 for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting\nperiods beginning after December 15, 2027. The update clarifies that all public business entities should initially adopt the disclosure\nrequirements in the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual\nreporting periods beginning after December 15, 2027. The Company is evaluating the impact the updated guidance will have on its combined\nfinancial statements and disclosures.\n\n \n\nF-17\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 2 — SUMMARY OF SIGNIFICANT\nACCOUNTING POLICIES** (cont.)\n\n \n\nIn July 2025, the FASB issued ASU 2025-05, *Financial\nInstruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets* (“ASU\n2025-05”), which provide (1) all entities with a practical expedient and (2) entities other than public business entities with an\naccounting policy election when estimating expected credit losses for current accounts receivable and current contract assets arising\nfrom transactions accounted for under Topic 606. An entity can elect a practical expedient to assume that the current conditions as of\nthe balance sheet date will remain unchanged for the remaining life of the assets when estimating expected credit losses. ASU 2025-05\nis effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting\nperiods. Early adoption is permitted. This ASU should be applied prospectively. The Group is currently evaluating the impact of this new\nstandard on its consolidated financial statements.\n\n \n\nIn December 2025, the FASB issued ASU 2025-10,\nGovernment Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update improves U.S. GAAP by establishing\nauthoritative guidance on the accounting for government grants received by business entities. For public business entities, the amendments\nare effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting\nperiods. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial\nstatements.\n\n \n\nIn December 2025, the FASB issued ASU 2025-11,\nInterim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the application of interim\nreporting guidance and improves the organization’s required interim disclosures. The standard is effective for interim reporting\nperiods beginning after December 15, 2027 for public business entities. Early adoption is permitted. The Company is evaluating the\neffect of adopting ASU 2025-11.\n\n \n\nIn December 2025, the FASB issued ASU No. 2025-12,\nCodification Improvements (“ASU 2025-12”), which makes thirty-three incremental improvements to generally accepted accounting\nprinciples. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting\nperiods within those annual reporting periods. The Company is currently evaluating the impact of ASU 2025-12 on its financial statements \n\n \n\nExcept for the above-mentioned pronouncements,\nthere are no new recent issued accounting standards that will have material impact on the consolidated balance sheets, statements of operations\nand comprehensive income and cash flows.\n\n \n\n**NOTE 3 — ACCOUNTS RECEIVABLE,\nNET**\n\n \n\nAccounts receivable, net consists\nof the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nAccounts receivable \n$238,973  \n$7,152 \n\nLess: allowance for expected credit loss \n \n—\n  \n \n—\n \n\nAccounts receivable, net \n$238,973  \n$7,152 \n\n \n\nF-18\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n \n\n**NOTE 4 — DEPOSITS AND OTHER\nASSETS, NET**\n\n \n\nDeposits and other assets,\nnet consist of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nDeposits \n$95,252  \n$18,593 \n\nPrepayments \n 255,578  \n 11,249 \n\n  \n 350,830  \n 29,842 \n\nLess: amount classified as non-current assets (Note a) \n (39,019) \n (18,593)\n\nAmount classified as current assets (Note b) \n$311,811  \n$11,249 \n\n \n\nNote:\n\n(a)The amount represents the security deposit related to the\nlease disclosed in Note 7 which expected to be utilized or recovered after 12 months.\n\n \n\n(b)Prepayments and deposits expected to be utilized or recovered\nwithin 12 months after the balance sheet date are classified as current.\n\n \n\n**NOTE 5 — PROPERTY AND EQUIPMENT,\nNET**\n\n \n\nProperty and equipment, net\nconsist of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nAt cost: \n   \n  \n\nLeasehold improvements \n$41,125  \n$71,143 \n\nComputers \n 5,131  \n 4,072 \n\nFurniture and equipment \n 53,410  \n \n—\n \n\nMotor Vehicle \n 68,362  \n \n—\n \n\nConstruction in progress (Note 1) \n 524,199  \n \n—\n \n\n  \n 692,227  \n 75,215 \n\nLess: accumulated depreciation \n (33,592) \n (33,283)\n\nTotal \n$658,635  \n$41,932 \n\n \n\nNote 1:\n\n \n\nAs of December 31, 2025, construction in progress\nof $524,199 relates to fit-out of a new club-house. The construction is expected to be completed and the asset placed in service by February\n2026, at which point depreciation will commence over an estimated useful life of 5 years. No borrowing costs were capitalized in connection\nwith this construction during the year ended December 31, 2025.\n\n \n\nDepreciation expense for the\nyears ended December 31, 2025, 2024 and 2023 was $50,585, $33,134 and nil respectively. No impairment loss was recognized for the\nyears ended December 31, 2025, 2024 and 2023.\n\n** **\n\n**NOTE 6 — DEFERRED INITIAL PUBLIC\nOFFERING COSTS**\n\n \n\nAs of December 31, 2024, the\nGroup has capitalized deferred offering costs which consist primarily of legal, accounting, and other professional fees incurred in connection\nwith the Company’s planned initial public offering (IPO). These costs are included as Deferred IPO Costs on the consolidated balance\nsheet as non-current assets. Upon the successful completion of the IPO on August 8, 2025, these costs were reclassified as a reduction in shareholders’ equity.\n\n \n\nAs of December 31, 2024, deferred\ninitial public offering costs consist of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nAccounting and other fees \n$\n—\n  \n$84,396 \n\nLegal fees \n \n—\n  \n 97,292 \n\nTotal \n$\n—\n  \n$181,688 \n\n \n\nDuring the year ended December 31, 2025, payments\nfor offering costs related to the IPO amounted to $1,192,106, together with deferred IPO costs of $181,688 incurred in prior years, the\ntotal of $1,373,794 was deducted from the gross proceeds of the IPO and credited to additional paid-in capital in the consolidated statements\nof changes in shareholders’ equity.\n\n \n\nF-19\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n \n\n**NOTE 7 — LEASES**\n\n \n\nThe Group has operating leases\nfor office spaces. During the year ended December 31, 2025, the Group early-terminated one operating lease for office space prior to its\ncontractual expiry. As a result, the associated right-of-use asset of $27,071 and lease liability of $27,071 were derecognized. As the\ncarrying amount of the right-of-use asset equaled the remaining lease liability at the date of termination, no gain or loss was recognized\nin the consolidated statements of operations and comprehensive income. During the year ended December 31, 2025, the Group entered a new\noperating lease which $ 2,140,510 right-of-use assets obtained in exchange for new operating lease obligations related to the lease of\nclubhouse premises as described in Note 15. As of December 31, 2025 and 2024, there were approximately $2,081,612 and $53,418 right\nof use (“ROU”) assets and approximately $2,081,612 and $53,418 lease liabilities based on the present value of the future\nminimum rental payments of leases, respectively. The Group’s management believes that using an incremental borrowing rate of the\nHong Kong Dollar Prime lending Rate ranged from 5% to 5.25% p.a. (2024: 5.25% p.a.) was the most indicative rate of the Group’s\nborrowing cost for the calculation of the present value of the lease payments.\n\n \n\nAs of December 31, 2025\nand 2024, lease liabilities consist of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nOperating lease liabilities – current portion \n$501,597  \n$48,841 \n\nOperating lease liabilities – non-current portion \n 1,580,015  \n 4,577 \n\nTotal \n$2,081,612  \n$53,418 \n\n \n\nA summary of lease cost recognized\nin the Group’s consolidated statements of income and supplemental cash flow information related to operating leases is as follows:\n\n \n\n  \nYears Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nTotal operating lease expense \n$139,426  \n$45,767  \n$\n—\n \n\nROU assets obtained in exchange for operating lease liabilities \n 2,140,510  \n 95,174  \n \n—\n \n\nCash paid for operating leases \n 139,420  \n 45,767  \n \n—\n \n\n \n\nOther lease information is\nas follows:\n\n \n\n      **As of December 31,**  \n\n      2025       2024  \n\nWeighted-average remaining lease term – operating leases     4.6 years       1.1 years  \n\nWeighted-average discount rate (%)     5.2 %     5.25 %\n\n \n\nThe following is a schedule\nof future minimum payments under operating leases as of December 31, 2025:\n\n \n\n  \nDecember 31,\n2025 \n\nYear ending December 31, 2026 \n$598,802 \n\nYear ending December 31, 2027 \n 487,988 \n\nYear ending December 31, 2028 \n 422,000 \n\nYear ending December 31, 2029 \n 419,359 \n\nYear ending December 31, 2030 \n 419,359 \n\nTotal undiscounted lease obligations \n 2,347,508 \n\nLess: imputed interest \n (265,896)\n\nLease liabilities recognized in the consolidated balance sheet \n$2,081,612 \n\n \n\nF-20\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 8 — CONTRACT LIABILITIES**\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nContract liabilities \n$396,887  \n$958,314 \n\n \n\nContract liabilities represented advances from clients related to integrated\ninvestor relations service on the Group’s consolidated balance sheets. Revenue is recognized as the Group satisfies its performance\nobligations under each client arrangement in accordance with ASC 606. The Group’s contract liabilities are generally recognized\nas revenue within one year. For the years ended December 31, 2025 and 2024, the Group recognized $958,314 and nil, respectively, of revenue\nthat was included in the contract liabilities balance at the beginning of each period. The balance of $396,887 as at December 31, 2025\nrelates to performance obligations that remained unsatisfied or partially unsatisfied as at that date.\n\n** **\n\n**NOTE 9 — SEGMENT INFORMATION**\n\n \n\nASC 280, “Segment\nReporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s\ninternal organizational structure as well as information about geographical areas, business segments and major customers in financial\nstatements for details on the Company’s business segments.\n\n \n\nThe Company uses the management approach to determine reportable operating\nsegments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision\nmaker (“CODM”), Mr. Cheung Kit Shing (a director and Chief Executive Officer of the Company), for making decisions,\nallocating resources and assessing performance.\n\n \n\nThe CODM reviews financial\ninformation on a consolidated basis and uses the consolidated net income, as reported on the consolidated statements of operations and\ncomprehensive income, to assess performance of the Company and to allocate resources as part of the annual reporting process and to assess\nthe performance of the Company’s single reportable segment, primarily by monitoring actual results versus the plan.\n\n \n\nThe significant expenses reviewed by the CODM are consolidated operating\nexpenses, as presented in the consolidated statement of operations and comprehensive income. Consolidated operating expenses include direct\ncosts, selling expenses and general and administrative expenses. General and administrative expenses include staff costs (including directors’\nremuneration) $362,128, $153,838 and $13,348 for the year ended December 31, 2025, 2024 and 2023 respectively and depreciation and amortization\nexpense, which are disclosed in Note 5, “Property, Plant and Equipment, net” and Note 7, “Leases”. Other segment\nitems consist of interest expense and other income, as presented in the consolidated statement of operations.\n\n \n\nOther segment items for the\nyears ended December 31, 2025, 2024 and 2023, expenses totaled $27,636, $3,684, and nil, respectively, and consisted of:\n\n \n\n-\nInterest expenses of $50,516, $3,770 and nil, respectively\n\n \n\n-Other income, net of $22,880, $86 and nil, respectively\n\n \n\nThe CODM does not utilize consolidated\nbalance sheet information when evaluating performance or allocating resources.\n\n \n\nFor the years ended\nDecember 31, 2025 and 2024 and as of December 31, 2025, the Company operated in Hong Kong through its subsidiary, Etoiles\nConsultancy, which primarily engaged in integrated investor relations services. Based on the management’s assessment, the\nCompany determined that it has only one operating segment and therefore one reportable segment as defined by ASC 280. For the year\nended December 31, 2025, 80% and 20% of the Company’s total revenue contributed within Hong Kong and China, respectively, and\n99% and 1% of the Company’s total assets contributed within Hong Kong and China, respectively.\n\n \n\nFor the years ended December\n31, 2024, 92%, 5% and 3% of the Company’s total revenue contributed within Hong Kong, China and United States, respectively, and 100% of the Company’s total assets contributed within Hong Kong.\n\n \n\nManagement determined that\nthe Company functions as a single operating segment, and thus reports as a single reportable segment. This determination is based on rules\nprescribed by GAAP applied to the manner in which management operates the Company. The chief operating decision maker is responsible for\nallocating resources to its operations and assessing performance and obtains financial information, being the consolidated balance sheets,\nconsolidated statements of operations, and consolidated statements of cash flows, about the Company as a whole.\n\n \n\nF-21\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 10 — EQUITY**\n\n** **\n\n**Ordinary Shares**\n\n \n\nThe Company was incorporated\nas an exempted company with limited liability on September 13, 2024, under the laws of the Cayman Islands. It is a holding company\nand does not actively engage in any business. According to its memorandum and articles of association adopted at incorporation, the authorized\nshare capital of the Company was US$50,000 divided into 500,000,000 ordinary shares with a par value of USD 0.0001 each.\n\n \n\nOn November 4, 2024, the\nCompany re-designated its authorized share capital from US$50,000 divided into 500,000,000 ordinary shares with a par value of USD 0.0001\neach to US$50,000 divided into (i) 450,000,000 Class A Ordinary Shares of par value of US$0.0001 each and (ii) 50,000,000 Class B Ordinary\nShares of par value of US$0.0001 each by re-designating 449,990,000 authorized but unissued ordinary shares of par value USD$0.0001 each\ninto 449,990,000 Class A Ordinary Shares, and 50,000,000 authorized but unissued ordinary shares of par value USD$0.0001 each into\n50,000,000 Class B Ordinary Shares, and by re-designating 10,000 issued ordinary shares owned by Etoiles Zeneo Investment Limited\ninto 10,000 Class A Ordinary Shares.\n\n \n\nOn the same date, the Company\nissued 13,490,000 Class A Ordinary Shares and 10,000,000 Class B Ordinary Shares to Etoiles Zeneo Investment Limited. Subsequently,\nEtoiles Zeneo Investment Limited entered into Sale and Purchase Agreements with several entities, transferring portions of its Class A\nOrdinary Shares. As a result, the ownership structure of the Company was as follows:\n\n \n\nOn May 8, 2025, Etoiles\nZeneo Investment Limited voluntarily surrendered 5,000,000 Class B Ordinary Shares to the Company for cancellation for no\nconsideration. As a result, the total number of Class B Ordinary Shares outstanding was reduced from 10,000,000 to 5,000,000. The\nnumber of Class B ordinary shares has been retroactively adjusted to reflect the Surrendered Shares in the consolidated financial\nstatements for the years ended December 31, 2024 and 2023. The Group reorganization has been disclosed in Note 1.\n\n \n\n10,287,000 Class A Ordinary\nShares and 5,000,000 Class B Ordinary Shares held by Etoiles Zeneo Investment Limited;\n\n \n\n661,500 Class A Ordinary\nShares held by Doublefortuna Company Limited;\n\n \n\n621,000 Class A Ordinary\nShares held by Easy Cargo Management Inc;\n\n \n\nF-22\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 10 — EQUITY** (cont.)\n\n** **\n\n634,500 Class A Ordinary\nShares held by Enbo Holdings Group Limited;\n\n \n\n634,500 Class A Ordinary\nShares held by La Dicha Group Limited; and\n\n \n\n661,500 Class A Ordinary\nShares held by Quantum Pinnacle Company Limited.\n\n \n\nOn August 8, 2025, the Company completed its initial public offering\nof 1,400,000 Class A Ordinary Shares at a price of $4.00 per share, raising gross proceeds of $5,600,000. Subsequently, the underwriters\nexercised their overallotment option in full, resulting in the issuance of an additional 210,000 Class A Ordinary Shares, contributing\n$840,000 in additional gross proceeds. Total aggregate gross proceeds from the IPO and overallotment were $6,440,000, prior to deducting\nunderwriting discounts, commissions, and offering expenses. The net proceeds $5,066,046 was credited to additional paid in capital under\nconsolidated statements of changes in shareholders’ equity for the year ended December 31, 2025 after deducting underwriting discounts,\ncommissions, and offering expenses amounted $1,373,794.\n\n \n\n**Dividends**\n\n \n\nThe holders of our Ordinary\nShares are entitled to such dividends as may be declared by our board of directors out of any funds of the Company lawfully available\nfor distribution. In addition, our Shareholders may declare dividends by ordinary resolution, but not dividend shall exceed the amount\nrecommended by our directors. Under the laws of the Cayman Islands, our Company may pay a dividend out of either profit or the credit\nstanding in our Company’s share premium account, provided that in no circumstances may a dividend be paid if this would result in\nour Company being unable to pay its debts as they fall due in the ordinary course of business immediately following the date on which\nthe distribution or dividend is paid.\n\n \n\nThe Company has not declared\nor paid any dividends since its incorporation. The Company currently intends to retain all future earnings for use in the operation and\nexpansion of its business. Any future determination to pay dividends will be at the discretion of the Board of Directors and will depend\non the Company's financial condition, results of operations, capital requirements, and other factors the Board deems relevant.\n\n \n\n**Voting\nRights**\n\n \n\nHolders of Class A Ordinary\nShares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a vote by the members\nat any general meeting of the Company.\n\n \n\nHolders of our Ordinary Shares may vote on all matters submitted to\na vote of our shareholders, except as may otherwise be required by law. Subject to any rights or restrictions as to voting attached to\nany shares, on a poll every shareholder present in person or by proxy (or, if a corporation or other non-natural person, by its duly\nauthorized representative or proxy) shall have one vote for each Class A Ordinary Share and 10 votes for each Class B Ordinary\nShare of which he or the person represented by proxy is the holder. As of December 31, 2025, the holders of Class B Ordinary Shares collectively\nhold approximately 77% of the total voting power of the Company.\n\n \n\n**NOTE 11 — EMPLOYEE BENEFIT PLANS**\n\n* *\n\n*HK SAR*\n\n \n\nEmployees of the Company located in Hong Kong participate in a compulsory\nsaving scheme (pension fund) for the retirement of residents in Hong Kong. Employees are required to contribute monthly to mandatory provident\nfund schemes provided by approved private organizations, according to their salaries and the period of employment. The Group has a defined\ncontribution pension scheme for its qualifying employees. The scheme assets are held under a provident fund managed by an independent\nfund manager. The Company and its employees are each required to make contributions to the scheme calculated at 5% of the employees’\nbasic salaries on monthly basis and subject to a cap of monthly relevant income of HK$30,000 (US$3,844).\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, the Group recognized\nmandatory provident fund expense amounted $50,738, $24,297 and $575, respectively and included in the cost of revenue and general\nand administrative expense.\n\n \n\nF-23\n\n** **\n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 12 — INCOME TAXES**\n\n* *\n\n*Cayman Islands and British Virgin Islands*\n\n \n\nThe Company is incorporated\nin Cayman Islands and Zynergy BVI is incorporated in the British Virgin Islands and are not subject to tax on income or capital gains\nunder current Cayman Islands law and British Virgin Islands law, respectively. In addition, upon payments of dividends by these entities\nto their shareholders, no withholding tax will be imposed.\n\n \n\nIn accordance with the relevant\ntax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable\ntax rate on taxable income. Hong Kong profit tax rates are 8.25% on assessable profits up to US$255,428 (HK$2,000,000), and 16.5% on any\npart of assessable profits over US$255,428 (HK$2,000,000).\n\n \n\n  (a) Significant components of the provision for income taxes are as follows\n\n \n\n  \nYears Ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nIncome tax expenses \n$78,257  \n$148,935  \n$2,731 \n\nDeferred tax expenses (credit) \n 15,859  \n (4,518) \n \n—\n \n\nTotal \n$94,116  \n$144,417  \n$2,731 \n\n \n\n  (b)  The following table provides the reconciliation of the differences between statutory and effective tax expenses for the year for the years\nended December 31, 2025, 2024 and 2023.\n\n \n\n \n \nYears Ended December 31,\n \n\n \n \n2025\n \n \n2024\n \n \n**2023**\n \n\n(Loss)/income before tax expenses\n \n$\n(59,544\n)\n \n$\n996,916\n \n \n$\n35,427\n \n\nHong Kong profit tax rate\n \n \n16.5\n%\n \n \n16.5\n%\n \n \n16.5\n%\n\nIncome taxes computed at Hong Kong Profits Tax rate\n \n \n(9,825\n)\n \n \n164,491\n \n \n \n5,845\n \n\nTax allowance at the statutory tax rates\n \n \n113,474\n \n \n \n896\n \n \n \n\n—\n\n \n\nTax effect of income that is not taxable\n \n \n(2\n)\n \n \n(14\n)\n \n \n\n—\n\n \n\nTax effect of expenses that are non-deductible\n \n \n—\n \n \n \n\n—\n\n \n \n \n193\n \n\nTax effect of tax loss not recognized\n \n \n873\n \n \n \n190\n \n \n \n188\n \n\nTax effect of two-tier tax rate\n \n \n(21,166\n)\n \n \n(21,146\n)\n \n \n(3,114\n)\n\nTax effect of deductible temporary difference\n \n \n10,762\n \n \n \n\n—\n\n \n \n \n(381\n)\n\nIncome taxes\n \n$\n94,116\n \n \n$\n144,417\n \n \n$\n2,731\n \n\n \n\nF-24\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 12 — INCOME TAXES**\n(cont.)\n\n \n\n \n(c)\nDeferred tax\n\n \n\nThe Company measures deferred\ntax assets and liabilities based on the difference between carrying amount of assets and liabilities and their respective tax bases at\nthe applicable tax rate. Components of the Company’s deferred tax assets and liabilities are as follows as of December 31:\n\n \n\n  \nAs of December 31, \n\n  \n2025  \n2024 \n\nDeferred tax (liabilities)/assets: \n    \n   \n\n– Property, plant and equipment, net \n$(11,354) \n$4,539 \n\n \n\nUncertain tax positions\n\n \n\nThe Company evaluates each\nuncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the\nunrecognized benefits associated with the tax positions. As of December 31, 2025 and 2024, the Company did not have any significant unrecognized\nuncertain tax positions. The Company did not incur any interest and penalties related to potential underpaid income taxes for the years\nended December 31, 2025 and 2024. The Company also does not anticipate any significant increases or decreases in unrecognized tax benefits\nin the next 12 months from December 31, 2025.\n\n** **\n\n**NOTE 13 — CONCENTRATION AND CREDIT\nRISKS**\n\n \n\nThe top two customers\naccounted for 24% of the gross revenue generated for that year (2024: 22%). The entire accounts receivable is due from three\ncustomers (2024: one). For the year ended December 31, 2025, one supplier for 39% (2024: 36%) of the total gross cost of revenue.\n\n** **\n\n**NOTE 14 — RISKS**\n\n \n\n \nA.\nInterest rate risk\n\n \n\nInterest rate risk\n\n \n\nThe Company is exposed to interest\nrate risk through the changes in interest rates related mainly to the Company’s bank balances,\nwhich was considered minimal as the bank balances are only in current accounts and saving accounts.\n\n \n\nThe Company currently does\nnot have any hedging policy in relation to interest rate risk. The directors monitor the Company’s exposures on an ongoing basis\nand will consider hedging the interest rate should the need arise.\n\n \n\nSensitivity analysis\n\n \n\nThe sensitivity analysis below\nhas been determined assuming that a change in interest rates had occurred at the end of the reporting period and had been applied to the\nexposure to interest rates for financial instruments in existence at that date. 1% increase or decrease is used when reporting interest\nrate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest\nrates.\n\n \n\nAs the Group has no\ninterest-bearing borrowings, a 1% increase or decrease in interest rates would have no material impact on the Group’s post-tax\nloss/income for the year ended December 31, 2025, and 2024.\n\n \n\nF-25\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 14 — RISKS** (cont.)\n\n** **\n\n \nB.\nCredit risk\n\n \n\nAssets that potentially subject the Group to a significant concentration\nof credit risk primarily consist of cash and cash equivalents, accounts receivable and other current assets. The Hong Kong Deposit Protection\nBoard pays compensation up to a limit of HK$800,000 (approximately US$102,991) if the bank with which an individual/a company hold its\neligible fails. As of December 31, 2025, and 2024, cash and cash equivalents balance of US$5,426,805 and US$1,441,024 were at financial\ninstitutions in Hong Kong and approximately US$5,214,377 and US$1,338,033 were not covered by the Hong Kong Deposit Protection Board.\nThe Company believes that there is no significant credit risk associated with cash and cash equivalents, which were held by reputable\nfinancial institutions in the jurisdictions where the Company and its subsidiaries are located. In addition, the management monitors counterparty\ncredit quality on a going basis.\n\n \n\nThe Company has designed their\ncredit policies with an objective to minimize their exposure to credit risk. The Company’s accounts receivable is short term in\nnature and the associated risk is minimal. The Company conducts credit evaluations on its clients and generally does not require collateral\nor other security from such clients. The Company periodically evaluates the creditworthiness of the existing clients in determining an\nallowance for credit loss primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.\n\n \n\nC.Foreign currency risk\n\n \n\nForeign currency risk is the\nrisk that the holding of foreign currency balances will affect the Company’s financial position as a result of a change in foreign\ncurrency exchange rates.\n\n \n\nThe reporting currency of the\nCompany is U.S. Dollar. To date the majority of the revenues and costs are denominated in HK$ and a significant portion of the assets\nand liabilities are denominated in Hong Kong Dollars. There was no significant exposure to foreign exchange rate fluctuations. and\nthe Company has not maintained any hedging policy against foreign currency risk. However, the directors monitor the related foreign currency\nexposure closely and will consider hedging significant foreign currency exposures should the need arise. As HK$ is currently pegged to\nUS$, the Group’s exposure to foreign exchange fluctuations is minimal.\n\n \n\nMoreover, the Company’s monetary assets and liabilities are mainly\ndenominated in HK$, which are the same as the functional currencies of the relevant group entities. Hence, in the opinion of the directors\nof the Company, the currency risk of US$ is considered insignificant.\n\n \n\nD.Liquidity risk\n\n \n\nLiquidity risk is the risk\nthat the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering\ncash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always\nhave sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable\nlosses or risking damage to the Company’s reputation.\n\n \n\nTypically, the Company ensures\nthat it has sufficient cash on demand to meet expected operational expenses for a period of 30 days, including the servicing of financial\nobligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters.\n\n \n\nF-26\n\n \n\n**ETOILES CAPITAL GROUP CO., LTD AND ITS SUBSIDIARIES\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\nFOR THE YEARS ENDED DECEMBER 31, 2025, 2024 and 2023\n(Currency expressed in United States Dollars (“USD or $”), except for number of shares)**\n\n** **\n\n**NOTE 15 — RELATED PARTY TRANSACTIONS**\n\n \n\n(a)Summary of Balances with Related Parties\n\n** **\n\n**Amount due from (to) a director**\n\n** **\n\n  \n   \nAs of December 31, \n\n  \nNote  \n2025  \n2024 \n\nMr. Cheung Kit Shing \n 1  \n$(39,392) \n$309,507 \n\n \n\n \n\n(1)\nThe balance represents advanced to (by) a director for advancement\nand reimbursement of Company expenses. Amount due from (to) a director is unsecured, non-interest bearing and repayable on demand.\n\n \n\n(b)Summary of Related Party Transactions\n\n \n\nIn addition to the transactions\nand balances detailed elsewhere in these consolidated financial statements, the Company had the following transactions with related parties:\n\n \n\nA summary of trade transactions\nwith related parties for years ended December 31, 2025, 2024 and 2023 are listed below:\n\n \n\n \n \nYears Ended December 31,\n \n\nSalary paid to a related party:\n \n2025\n \n \n2024\n \n \n**2023**\n \n\nMr. Cheung Kit Shing(a)\n \n$\n151,624\n \n \n$\n153,787\n \n \n$\n25,545\n \n\nMs. Cheung On Ki(b)\n \n \n74,654\n \n \n \n32,039\n \n \n \n\n—\n\n \n\n \n\n \n \n**Years Ended December 31,**\n \n\n**Rental expenses paid to a related party:**\n \n**2025**\n \n \n**2024**\n \n \n**2023**\n \n\nMr. Cheung Kit Shing(a)\n \n$\n—\n \n \n$\n—\n \n \n$\n—\n \n\n \n\n(2)On\nAugust 1, 2025, the Company entered into a lease agreement with a director, Mr. Cheung Kit\nShing, pursuant to which the Company leases a property to be used as a clubhouse for corporate\nand client engagement purposes.\n\n \n\nThe lease term commenced on August\n1, 2025 and will expire on December 31, 2030. The lease was reviewed and approved by the independent and non-conflicted members of the\nBoard of Directors. The monthly rent of $34,917 was determined with reference to prevailing market rates for comparable commercial properties\nand represents, in management's assessment, a fair market rate for the premises. The lease provides for a rent-free period from August\n1, 2025, to December 31, 2025 to allow for renovation and interior decoration of the premises. Accordingly, no rental payments were made\nduring this rent-free period.\n\n \n\nThe\nclubhouse is currently undergoing renovation and interior decoration. As of December 31, 2025, the property was not yet ready for use\nand had not commenced operations. The up-front payment of $524,199 is recognized as construction in progress (Note 5) as of December\n31, 2025. The Company expects the clubhouse to be completed and ready to provide services in February 2026.\n\n \n\n \n\n(a)\nMr. Cheung Kit Shing is the director, Chief Executive Officer and a principal\nshareholder of the Company.\n\n   \n\n(b)\nMs. Cheung On Ki, is a sibling of a director, Mr. Cheung Kit Shing.\n\n** **\n\n**NOTE 16 — COMMITMENTS AND CONTINGENCIES**\n\n* *\n\n*Commitments*\n\n \n\nAs at December 31, 2025 and\n2024, the Company did not have any significant capital and other commitments.\n\n* *\n\n*Contingencies*\n\n \n\nIn the ordinary course of business,\nthe Company may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The\nCompany records contingent liabilities resulting from such claims, when a loss is assessed to be probable, and the amount of the loss\nis reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31,\n2025 and through the issuance date of these consolidated financial statements.\n\n** **\n\n**NOTE 17 — SUBSEQUENT EVENTS**\n\n \n\nThe Company has assessed all events from December 31, 2025, through\nMay 13, 2026 which is the date that these consolidated financial statements are available to be issued. There are not any material subsequent\nevents that require disclosure in these consolidated financial statements.\n\n \n\nF-27\n\n \n\nU.S. 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