{"url_path":"/sec/jxg/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1546383/0001213900-26-057231-index.html","accession_number":"0001213900-26-057231","cik":"0001546383","ticker":"JXG","issuer_name":"JX Luxventure Group Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1546383/0001213900-26-057231-index.html","primary_entity_key":"0001546383","primary_entity_name":"JX Luxventure Group Inc."},"word_count":23791,"has_tables":true,"body_markdown":"**ITEM 19. EXHIBITS**\n\n \n\n**Exhibit No.**\n \n**Description**\n\n1.1\n \n[Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.3 to  Amendment No. 4 to the registrant’s Registration Statement on Form F-1 filed on October 24, 2012 (Commission File No. 333-180571)).](http://www.sec.gov/Archives/edgar/data/1546383/000114420412057558/v326493_ex3-3.htm)\n\n1.2\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on October 31, 2014 (incorporated by reference to Exhibit 1.2 to the Annual Report on Form 20-F filed by the registrant on October 27, 2015)](http://www.sec.gov/Archives/edgar/data/1546383/000114420415060877/v422619_ex1-2.htm)\n\n1.3\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on February 3, 2017 (incorporated by reference to Exhibit 99.1 to the Report of Foreign Private Issuer on Form 6-K furnished by the registrant on February 3, 2017)](http://www.sec.gov/Archives/edgar/data/1546383/000114420417005951/v458403_ex99-1.htm)\n\n1.4\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on June 21, 2021 (incorporated by reference to Exhibit 1.4 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex1-4_jxluxventure.htm)\n\n1.5\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on October 4, 2021 (incorporated by reference to Exhibit 3.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on October 7, 2021)](http://www.sec.gov/Archives/edgar/data/1546383/000121390021051732/ea148493ex3-1_jxluxventure.htm)\n\n1.6\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 25, 2023 (incorporated by reference to Exhibit 3.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on April 25, 2023)](http://www.sec.gov/Archives/edgar/data/1546383/000121390023032367/ea177441ex3-1_jxluxventure.htm)\n\n1.7\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on December 27, 2024 (incorporated by reference to Exhibit 3.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on January 6, 2025)](http://www.sec.gov/Archives/edgar/data/1546383/000121390023032367/ea177441ex3-1_jxluxventure.htm)\n\n1.8\n \n[Articles of Amendment to the Amended and Restated Articles of Incorporation, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on November 18, 2025 (incorporated by reference to Exhibit 3.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on November 18, 2025)](http://www.sec.gov/Archives/edgar/data/1546383/000121390023032367/ea177441ex3-1_jxluxventure.htm)\n\n1.9\n \n[By-laws as amended on September 22, 2014 (incorporated by reference to Exhibit 1.3 to the Annual Report on Form 20-F filed by the registrant on October 27, 2015)](http://www.sec.gov/Archives/edgar/data/1546383/000114420415060877/v422619_ex1-3.htm)\n\n2.1\n \n[Specimen of Common Stock Certificate (incorporated by reference to Exhibit 2.2 to the Annual Report on Form 20-F filed by the registrant on October 27, 2015)](http://www.sec.gov/Archives/edgar/data/1546383/000114420415060877/v422619_ex2-2.htm)\n\n2.2\n \n[Certificate of Designation, Preferences and Rights of Series A Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 25, 2022 (incorporated by reference to Exhibit 2.2 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-2_jxluxventure.htm)\n\n2.3\n \n[Certificate of Designation, Preferences and Rights of Series B Participating Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 25, 2022 (incorporated by reference to Exhibit 2.3 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-3_jxluxventure.htm)\n\n2.4\n \n[Certificate of Designation, Preferences and Rights of Series C Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 25, 2022 (incorporated by reference to Exhibit 2.4 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-4_jxluxventure.htm)\n\n2.5\n \n[Certificate of Designation, Preferences and Rights of Series D Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 25, 2022 (incorporated by reference to Exhibit 2.5 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-5_jxluxventure.htm)\n\n2.6\n \n[Amended and Restated Certificate of Designation, Preferences and Rights of Series A Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 27, 2022 (incorporated by reference to Exhibit 2.6 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-6_jxluxventure.htm)\n\n2.7\n \n[Amended and Restated Certificate of Designation, Preferences and Rights of Series B Participating Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 27, 2022 (incorporated by reference to Exhibit 2.7 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-7_jxluxventure.htm)\n\n2.8\n \n[Amended and Restated Certificate of Designation, Preferences and Rights of Series C Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 27, 2022 (incorporated by reference to Exhibit 2.8 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-8_jxluxventure.htm)\n\n2.9\n \n[Amended and Restated Certificate of Designation, Preferences and Rights of Series D Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on April 27, 2022 (incorporated by reference to Exhibit 2.9 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-9_jxluxventure.htm)\n\n \n\n120\n\n \n\n \n\n2.10\n \n[Second Amended and Restated Certificate of Designation, Preferences and Rights of Series A Convertible Preferred Stock, filed with the Office of the Registrar of Corporations of Republic of the Marshall Islands on May 10, 2022 (incorporated by reference to Exhibit 2.10 to the Annual Report on Form 20-F filed by the registrant on May 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022026185/f20f2021ex2-10_jxluxventure.htm)\n\n2.11\n \n[Certificate of Designation, Preferences and Rights of Series E Convertible Preferred Stock (incorporated by reference to Exhibit 10.1 to the Report on Form 6-K filed by the registrant on September 27, 2024)](http://www.sec.gov/Archives/edgar/data/1546383/000121390024082753/ea021587701ex10-1_jxlux.htm)\n\n2.12\n \n[Certificate of Designation, Preferences, Rights and Limitations of Series F Convertible Preferred Stock (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K by the registrant on May 30, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025049490/ea024398201ex10-1_jxluxvent.htm)\n\n2.13\n \n[Description of Securities (incorporated by reference to Exhibit 2.12 to the Annual Report on Form 20-F filed by the registrant on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025043744/ea023922701ex2-12_jxluxven.htm)\n\n4.1\n \n[Negotiable Promissory Note, dated August 23, 2024, issued by the registrant to Huidan Li, the Co-Chairman of the board of directors (incorporated by reference to Exhibit 4.1 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on August 28, 2024)](http://www.sec.gov/Archives/edgar/data/1546383/000121390024073945/ea021272101ex4-1_jxlux.htm)\n\n4.2\n \n[Form of Negotiable Promissory Note dated August 26, 2024, issued by the registrant to noteholders (incorporated by reference to Exhibit 4.2 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on August 28, 2024).](http://www.sec.gov/Archives/edgar/data/1546383/000121390024073945/ea021272101ex4-2_jxlux.htm)\n\n4.3\n \n[Negotiable Promissory Note dated April 21, 2025, issued by the registrant to Huidan Li, the Co-Chairman of the board of directors (incorporated by reference to Exhibit 4.1 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on April 24, 2025)](http://www.sec.gov/Archives/edgar/data/1546383/000121390025035093/ea023939101ex4-1_jxluxvent.htm)\n\n4.4\n \n[Form of Negotiable Promissory Note dated April 21, 2025, issued by the registrant to noteholders (incorporated by reference to Exhibit 4.2 to the Report on Form 6-K filed by the registrant on April 24, 2025)](http://www.sec.gov/Archives/edgar/data/1546383/000121390025035093/ea023939101ex4-2_jxluxvent.htm)\n\n4.5\n \n[Purchase Note related to the Stock Purchase Agreement between the registrant and Shenzhen Zhongjiyingfeng Investment Co., Ltd. dated October 19, 2022 (incorporated by reference to Exhibit 10.2 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on October 19, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022064861/ea167290ex10-2_jxluxventure.htm)\n\n4.6\n \n[Pledge and Security Agreement between the registrant and Shenzhen Zhongjiyingfeng Investment Co., Ltd. dated October 19, 2022 (incorporated by reference to Exhibit 10.3 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on October 19, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022064861/ea167290ex10-3_jxluxventure.htm)\n\n4.7\n \n[Rights Agreement between KBS Fashion Group Limited and American Stock Transfer & Trust Company, LLC, as rights agent, dated March 11, 2021 (incorporated by reference to Exhibit 4.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on March 15, 2021)](http://www.sec.gov/Archives/edgar/data/1546383/000121390021015280/ea137580ex4-1_kbsfashion.htm)\n\n4.8\n \n[2022 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 filed by the registrant on February 11, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022006622/ea155237ex99-1_jxluxven.htm)\n\n4.9\n \n[The New 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on November 1, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022068287/ea167708ex10-1_jxluxventure.htm)\n\n4.10\n \n[Amendment # 1 to the New 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report of Foreign Private Issuer on Form 6-K filed by the registrant on May 8, 2025)](http://www.sec.gov/Archives/edgar/data/1546383/000121390025041090/ea024145101ex10-1_jxluxvent.htm)\n\n4.11\n \n[Amendment #2 to the New 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K filed by the registrant on August 4, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025070904/ea025148701ex10-1_jxluxvent.htm)\n\n4.12\n \n[The 2026 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on January 6, 2026)](https://www.sec.gov/Archives/edgar/data/1546383/000121390026001607/ea027197301ex10-1_jxluxven.htm)\n\n8.1*\n \n[List of the registrant’s subsidiaries](ea028961001ex8-1.htm)\n\n \n\n121\n\n \n\n \n\n10.1\n \n[Share Exchange Agreement, by and among, KBS Fashion Group Limited, Flower Crown Holding and the shareholders of Flower Crown Holding, dated December 21, 2020 (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K/A filed by the registrant on December 28, 2020)](http://www.sec.gov/Archives/edgar/data/1546383/000121390020044436/ea132213ex10-1_kbsfashion.htm)\n\n10.2\n \n[English Translation of Cross-Border Payment Agreement between Flower Crown (Hainan) Cross-Border E-Commerce Co., Ltd and Hainan New Generation Technology Co., Ltd., dated December 25, 2020 (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on March 29, 2021)](http://www.sec.gov/Archives/edgar/data/1546383/000121390021018151/ea138457ex10-1_kbsfashion.htm)\n\n10.3\n \n[English Translation of Digital RMB Acceptance Agreement (incorporated by reference to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on April 12, 2021)](http://www.sec.gov/Archives/edgar/data/1546383/000121390021021141/ea139307ex10-1_kbsfashion.htm)\n\n10.4\n \n[English Translation of Cross-Border Payment Agreement (incorporated by reference to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on March 29, 2021)](http://www.sec.gov/Archives/edgar/data/1546383/000121390021018151/ea138457ex10-1_kbsfashion.htm)\n\n10.5\n \n[Strategic Cooperation Framework Agreement on Cross-border Supply Chain of Duty-free Merchandise (incorporated by reference to Exhibit 10.1 to the Report of Foreign Private Issuer on Form 6-K filed by the registrant on March 15, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022012338/ea156864ex10-1_jxluxventure.htm)\n\n10.6\n \n[Framework Agreement on Strategic Cooperation executed by and between Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd., a subsidiary of the registrant, and Ragdoll International Trading Co., Ltd. dated March 31, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on April 4, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022017706/ea157916ex10-1_jxluxventure.htm)\n\n10.7\n \n[English Translation of Group Airline Ticket Framework Agreement by and between Beijing Heyang International Travel Service Co., Ltd., a registrant’s subsidiary, and Tianjin China Travel International Travel Service Co., Ltd. dated May 21, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K furnished May 24, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022029168/ea160510ex10-1_jxluxvent.htm)\n\n10.8\n \n[English Translation of Framework Agreement on Strategic Cooperation by and between Jin Xuan Luxury Tourism (Hainan) Digital Technology Co., Ltd., a subsidiary of the registrant and Hainan Douxing Cultural Media Co., Ltd. dated June 17, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K furnished June 22, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022034162/ea161539ex10-1_jxluxventure.htm)\n\n10.9\n \n[English Translation of the Cooperation Agreement by and between Jin Xuan (Hainan) Holding Co., Ltd., a subsidiary of the Company, and Kaiwo International Trading Co. Ltd. dated July 26, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K furnished July 26, 2022](http://www.sec.gov/Archives/edgar/data/1546383/000121390022041499/ea163317ex10-1_jxluxven.htm)\n\n10.10\n \n[English Translation of Strategic Cooperation Agreement by and between Flower Crown (China) Holding Group Co., Ltd. (“JXFC”), a subsidiary of the registrant and with Hainan Hang Seng Zhongli Commercial Holding Co., Ltd.  dated October 3, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K furnished October 3, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022060997/ea166624ex10-1_jxluxven.htm)\n\n10.11\n \n[English Translation of the Employment Agreement between the registrant and Sun Lei, Chief Executive Officer, dated July 12, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on July 13, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022039086/ea162786ex10-1_jxluxventure.htm)\n\n10.12\n \n[Stock Purchase Agreement between the registrant and Shenzhen Zhongjiyingfeng Investment Co., Ltd. dated October 19, 2022 (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K filed by the registrant on October 19, 2022)](http://www.sec.gov/Archives/edgar/data/1546383/000121390022064861/ea167290ex10-1_jxluxventure.htm)\n\n10.13\n \n[English Translation of Technology Development and Promotion Commission Contract by and between Jinxuan Luxury Tourism (Hainan) Digital Technology Co., Ltd, a subsidiary of the registrant, and Tianjin Baixing Pharmaceutical Wholesale Co., Ltd. (incorporated by reference to Exhibit 10.1 of the Report of Foreign Private Issuer on Form 6-K furnished on July 19, 2023)](http://www.sec.gov/Archives/edgar/data/1546383/000121390023058067/ea181091ex10-1_jxluxventure.htm)\n\n10.14\n \n[English Translation of the Share Transfer Agreement by and between Jinxuan Product Travel (Hainan) Digital Technology Co., Ltd, a subsidiary of the registrant, and Xing Guilian for the sale of 100% ownership of Beijing Heyang International Travel Service Co., Ltd. dated October 10, 2023 (incorporated by reference to Exhibit 10.11 to the Annual Report on Form 20-F filed by the registrant on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1546383/000121390024043254/ea020574501ex10-11_jxlux.htm)\n\n \n\n122\n\n \n\n \n\n10.15\n \n[English Translation of the Supplemental Agreement to the Equity Transfer Agreement by and between Jinxuan Product Travel (Hainan) Digital Technology Co., Ltd., a subsidiary or the registrant and Xing Guilian for the sale of 100% ownership of Beijing Heyang International Travel Service Co., Ltd. dated October 10, 2023 (incorporated by reference to Exhibit 10.12 to the Annual Report on Form 20-F filed by the registrant on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1546383/000121390024043254/ea020574501ex10-12_jxlux.htm)\n\n10.16\n \n[Note Transfer and Assignment Agreement among the registrant, Assignor and the Assignees, dated August 26, 2024 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K, dated August 29, 2024)](http://www.sec.gov/Archives/edgar/data/1546383/000121390024073945/ea021272101ex10-1_jxlux.htm)\n\n10.17\n \n[Debt Exchange Agreement among the registrant and the noteholders, dated August 26, 2024 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 6-K dated August 29, 2024).](http://www.sec.gov/Archives/edgar/data/1546383/000121390024073945/ea021272101ex10-2_jxlux.htm)\n\n10.18\n \n[Note Transfer and Assignment Agreement among the registrant, Assignor and the Assignees, dated April 21, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K, dated April 24, 2025)](http://www.sec.gov/Archives/edgar/data/1546383/000121390025035093/ea023939101ex10-1_jxluxvent.htm)\n\n10.19\n \n[Debt Exchange Agreement among the registrant and the noteholders, dated August 22, 2025 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 6-K dated April 24, 2025).](http://www.sec.gov/Archives/edgar/data/1546383/000121390025035093/ea023939101ex10-2_jxluxvent.htm)\n\n10.20\n \n[Debt Exchange Agreement between the registrant and Sun Lei, dated July 14, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated July 17, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025064935/ea024931701ex10-1_jxluxvent.htm)\n\n10.21\n \n[English translation of 2025 Strategic Cooperation Framework Agreement between Jin Xuan (Hainan) and Holding Group Co., Ltd. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated July 29, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025068461/ea025057201ex10-1_jxluxvent.htm)\n\n10.22\n \n[Debt Exchange Agreement between the registrant and Sun Lei, dated September 3, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated September 4, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025084286/ea025596801ex10-1_jxluxvent.htm)\n\n10.23\n \n[English translation of the System Equipment Sales and System Research and Development Exclusive Project Service Agreement between Jinxuan (Hainan) Digital Technology Co., Ltd., a subsidiary of the registrant and Beijing Shuhangtong Information Technology Co., Ltd dated September 22, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated September 23, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025090362/ea025840501ex10-1_jxluxvent.htm)\n\n10.24\n \n[Debt Exchange Agreement between the registrant and Sun Lei, dated December 16, 2025 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated December 17, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025122567/ea026998601ex10-1_jxluxven.htm)\n\n10.25\n \n[Debt Exchange Agreement between the registrant and Huidan Li, dated March 6, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated March 9, 2026)](https://www.sec.gov/Archives/edgar/data/1546383/000121390026025270/ea028065801ex10-1.htm)\n\n10.26\n \n[Debt Exchange Agreement between the registrant and Sun Lei dated March 26, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated March 26, 2026)](https://www.sec.gov/Archives/edgar/data/1546383/000121390026034444/ea028355301ex10-1.htm)\n\n10.27\n \n[Share Exchange Agreement among the registrant, Dazzly Investment, Inc., and shareholders of Dazzly Investment, Inc. dated April 13, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K dated April 14, 2026)](https://www.sec.gov/Archives/edgar/data/1546383/000121390026043241/ea028624001ex10-1.htm) \n\n11.1\n \n[Code of Ethics, adopted on October 25, 2014 (incorporated by reference to Exhibit 11.1 to the Annual Report on Form 20-F filed by the registrant on October 27, 2015)](http://www.sec.gov/Archives/edgar/data/1546383/000114420415060877/v422619_ex11-1.htm)\n\n11.2\n \n[Insider Trading Policy (incorporated by reference to Exhibit 11.2 to the Annual Report on Form 20-F filed by the registrant on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1546383/000121390025043744/ea023922701ex11-2_jxluxven.htm)\n\n12.1/12.2*\n \n[Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-1(a)](ea028961001ex12-1.htm)\n\n13.1/13.2*\n \n[Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028961001ex13-1.htm)\n\n15.1*\n \n[Consent from Onestop Assurance PAC, Independent Registered Public Accounting Firm.](ea028961001ex15-1.htm)\n\n97.1\n \n[Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Annual Report on Form 20-F filed by the registrant on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1546383/000121390024043254/ea020574501ex97-1_jxlux.htm)\n\n101.INS*\n \nInline XBRL Instance Document.\n\n101.SCH*\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL*\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF*\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB*\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE*\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n104*\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*\nFiled herewith.\n\n \n\n123\n\n \n\n  \n\n**SIGNATURE**\n\n \n\nPursuant to the requirements of Section 12 of\nthe Securities Exchange Act of 1934, the registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and\nthat it has duly caused and authorize the undersigned to sign this annual report on its behalf.\n\n \n\nDate: May 15, 2026\n**JX Luxventure Group Inc.**\n\n \n \n\n \n/s/ Sun Lei\n\n \nSun Lei\n\nChief Executive Officer\n\n(Principal Executive Officer)\n\n \n\n124\n\n \n\n \n\n**JX Luxventure Group Inc.**\n\n**Consolidated Financial Statements**\n\n \n\nFor the years ended December 31, 2025, 2024, 2023\n\n(Stated in US dollars)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCONTENTS\n\n \n\n \n \n**PAGES**\n\n[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#f_001)\n \nF-2\n\n \n \n \n\n[CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME](#f_002)\n \nF-4\n\n \n \n \n\n[CONSOLIDATED STATEMENTS OF FINANCIAL POSITION](#f_003)\n \nF-5\n\n \n \n \n\n[CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY](#f_004)\n \nF-6\n\n \n \n \n\n[CONSOLIDATED STATEMENTS OF CASH FLOWS](#f_005)\n \nF-7\n\n \n \n \n\n[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#f_006)\n \nF-8 - F-42\n\n \n\nF-1\n\n \n\n \n\n**Report of Independent Registered Public Accounting\nFirm**\n\n \n\nTo the shareholders and the board of directors of JX Luxventure\nGroup Inc.\n\n \n\nOpinion on the Financial Statements\n\n** **\n\nWe have audited the accompanying consolidated\nstatements of financial position of JX Luxventure Group Inc. and its subsidiaries (collectively, the “Company”) as of December\n31, 2025 and 2024, the related consolidated statements of operations and comprehensive (loss)/income, changes in equity, and cash flows\nfor each of the three years in the period ended December 31, 2025, and the related notes to the consolidated financial statements and\nschedule (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,\nin all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024, and the consolidated results\nof its operations and its cash flows cash flows for each of the three years in the period ended December 31, 2025, in conformity with\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n \n\nBasis for Opinion\n\n** **\n\nThese financial statements are the\nresponsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements\nbased on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the\n“PCAOB”) and are required to be independent with respect to the Company in accordance with the United States federal securities\nlaws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance\nwith the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether\nthe financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were\nwe engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an\nunderstanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the\nCompany’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures\nto assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that\nrespond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial\nstatements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as\nevaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\n \n\nCritical Audit Matters\n\n** **\n\nThe critical audit matters communicated\nbelow are matters arising from the current period audit of the financial statements that were communicated or required to be communicated\nto the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved\nour especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our\nopinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate\nopinions on the critical audit matters or on the accounts or disclosures to which they relate.\n\n \n\nF-2\n\n \n\n \n\nImpairment of property, plant\nand equipment and intangible assets -\n\n** **\n\n*Critical Audit Matter Description*\n\n* *\n\nAs of December 31, 2025, property, plant and equipment and intangible\nassets amounted to USD1.9 million and RMB16.3 million respectively. The non-financial assets are evaluated for impairment annually, or\nmore frequently if events or circumstances indicate that the carrying value may not be recoverable, the management reviews the business\nperformance of each cash generating unit (“CGU”) and the recoverable amount of a CGU is determined based on a value-in-use\ncalculation. As a result, impairment tests were performed over the CGU and the recoverable amount of each CGU is estimated\nusing a discounted cash flow model covering the remaining useful life of the CGU.\n\n \n\nWe identified the impairment of cash\ngenerating unit as a critical audit matter. There was significant judgment made by management in estimating projected revenue growth,\nprofit margins and discount rates. This in turn lead to high degree of auditor judgment, and effort in performing procedures to evaluate\nthe significant assumption in the value in use estimation.\n\n \n\n*How We Addressed the Matter in Our\nAudit*\n\n* *\n\nAddressing the matter involved performing\nprocedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.\n\n \n\nThese audit procedures included:\n\n \n\n●Evaluated the reasonableness of the estimation methodology\nand testing the aforementioned significant assumptions and the completeness, accuracy, and relevance of underlying data used.\n\n \n\n●Significant assumptions were compared to current available\nfinancial data and evaluations were made of how changes to such assumptions, and other factors would affect the outcomes.\n\n \n\n●Assessed the arithmetical correctness of the cash flow model\nand the completeness of disclosures in the consolidated financial statements.\n\n \n\n/s/ Onestop Assurance PAC\n\n \n\nSingapore\n\n \n\nMay 15, 2026\n\n \n\nPCAOB ID number: 6732\n\n \n\nWe have served as the Company’s\nauditor since 2022.\n\n \n\nF-3\n\n \n\n** **\n\n**JX Luxventure Group Inc.**\n\n**Consolidated Statements of Operations and Comprehensive (Loss)/Income**\n\nFor the years ended December 31, 2025, 2024, 2023\n\n(Stated in U.S. Dollars)\n\n \n\n  \n  \nYear ended December 31, \n\n  \nNotes \n2025  \n2024  \n2023 \n\nRevenue \n8 \n 82,936,767  \n 49,840,288  \n 31,840,588 \n\nCost of sales \n9 \n (72,501,980) \n (41,487,972) \n (26,384,219)\n\nGross profit \n  \n 10,434,787  \n 8,352,316  \n 5,456,369 \n\n  \n  \n    \n    \n   \n\nOther income \n10 \n 35,664  \n 69,113  \n 71,408 \n\nOther losses, net \n11 \n (69,682) \n (107,384) \n (342,954)\n\nDistribution and selling expenses \n12 \n (7,725,421) \n (2,651,904) \n (58,981)\n\nAdministrative expenses \n13 \n (13,574,769) \n (1,830,214) \n (2,076,876)\n\n(Loss)/profit from operations \n  \n (10,899,421) \n 3,831,927  \n 3,048,966 \n\n  \n  \n    \n    \n   \n\nFinance costs \n14 \n (41,171) \n (13,895) \n (5,187)\n\n  \n  \n 　  \n    \n 　 \n\n(Loss)/profit before tax \n  \n (10,940,592) \n 3,818,032  \n 3,043,779 \n\n  \n  \n    \n    \n   \n\nIncome tax expense \n15 \n (60,250) \n (744,225) \n \n-\n \n\n(Loss)/profit for the year \n  \n (11,000,842) \n 3,073,807  \n 3,043,779 \n\nNon-controlling interest \n  \n 18  \n 27  \n \n-\n \n\n(Loss)/profit attributed to shareholders \n  \n (11,000,824) \n 3,073,834  \n 3,043,779 \n\nOther comprehensive loss \n  \n    \n    \n   \n\n- currency translation differences \n  \n 1,163,686  \n (472,993) \n (214,977)\n\nTotal comprehensive (loss)/income for the year \n  \n (9,837,138) \n 2,600,841  \n 2,828,802 \n\n  \n  \n    \n    \n   \n\n(Loss)/profit per share of common stock attributable to the Company \n  \n    \n    \n   \n\n- Basic * \n18 \n (17.71) \n 27.14  \n 30.12 \n\n- Diluted * \n18 \n (17.71) \n 12.9  \n 28.69 \n\nWeighted average shares outstanding: \n  \n    \n    \n   \n\n- Basic * \n18 \n 621,322  \n 113,278  \n 101,054 \n\n- Diluted * \n18 \n 621,322  \n 237,911  \n 106,104 \n\n \n\n*The\nCompany effected a 1:10 reverse stock split on April 26, 2023, a 1:4 reverse stock split on January 8, 2025, and a 1:15 reverse stock\nsplit on November 21, 2025, as a result, the basic and diluted shares and per share number for all years presented here are adjusted\nretrospectively.\n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**JX Luxventure Group Inc.**\n\n**Consolidated Statements of Financial Position**\n\nAs at December 31, 2025, and 2024\n\n(Stated in U.S. Dollars)\n\n \n\n  \n  \nAs of December 31, \n\n  \nNotes \n2025  \n2024 \n\nNon-current assets \n  \n    \n   \n\nProperty, plant and equipment \n19 \n 1,901,057  \n 2,128,316 \n\nIntangible assets \n20 \n 16,334,777  \n 15,933,010 \n\nRight of use assets \n30 \n 4,364  \n 11,868 \n\n  \n  \n 18,240,198  \n 18,073,194 \n\nCurrent assets \n  \n    \n   \n\nTrade receivables \n21 \n \n-\n  \n 102 \n\nOther receivables and prepayments \n21 \n 24,023,758  \n 10,429,962 \n\nCash and cash equivalents \n22 \n 700,727  \n 1,184,456 \n\nTotal current assets \n  \n 24,724,485  \n 11,614,520 \n\nTotal assets \n  \n 42,964,683  \n 29,687,714 \n\n  \n  \n    \n   \n\nCurrent liabilities \n  \n    \n   \n\nShort-term loan \n23 \n 1,572,979  \n 1,643,993 \n\nNote payable \n24 \n 2,120,000  \n \n-\n \n\nTrade and other payables \n25 \n 6,576,217  \n 2,612,191 \n\nIncome tax payable \n  \n 826,041  \n 733,666 \n\nDue to related parties \n27 \n 7,226,210  \n 3,783,415 \n\nContract liability \n26 \n 205,079  \n \n-\n \n\nLease liabilities – current portion \n31 \n 4,454  \n 7,477 \n\nTotal current liabilities \n  \n 18,530,980  \n 8,780,742 \n\nNon-current liabilities \n  \n    \n   \n\nLease liabilities – non-current portion \n31 \n \n-\n  \n 4,463 \n\nTotal non-current liabilities \n  \n \n-\n  \n 4,463 \n\nTotal liabilities \n  \n 18,530,980  \n 8,785,205 \n\n  \n  \n    \n   \n\nEquity \n  \n    \n   \n\nShare capital \n29 \n 143  \n 899 \n\nSeries A equity interest with preferential rights \n29 \n 1,240,000  \n 1,240,000 \n\nSeries C equity interest with preferential rights \n29 \n 1,500,000  \n 1,500,000 \n\nSeries D equity interest with preferential rights \n29 \n 3,120,000  \n 3,120,000 \n\nSeries E equity interest with preferential rights \n29 \n \n-\n  \n 2,152,500 \n\nSeries F equity interest with preferential rights \n29 \n 480,000  \n \n \n \n\nShare premium \n29 \n 94,000,824  \n 78,959,218 \n\nOther reserve \n30 \n 6,269,108  \n 6,269,108 \n\nAccumulated deficit \n30 \n (82,334,728) \n (71,333,904)\n\nForeign currency translation reserve \n30 \n 158,401  \n (1,005,285)\n\nShareholders’ equity \n  \n 24,433,748  \n 20,902,536 \n\nNon-controlling interests \n  \n (45) \n (27)\n\nTotal equity \n  \n 24,433,703  \n 20,902,509 \n\nTotal liabilities and equity \n  \n 42,964,683  \n 29,687,714 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**JX Luxventure Group Inc.**\n\n**Consolidated Statements of Changes in Equity**\n\nFor the years ended December 31, 2025, 2024, 2023\n\n(Stated in U.S. Dollars)\n\n \n\n  \nShare\n\ncapital  \nPreferred A\n\nequity interest  \nPreferred C\n\nequity interest  \nPreferred D\n\nequity interest  \nPreferred E\n\nequity interest  \nPreferred F\n\nequity interest  \nShare\n\npremium  \nOther\n\nreserve  \nAccumulated\n\ndeficit  \nForeign\n\ncurrency\n\ntranslation\n\nreserve  \nTotal\n\nShareholders’\n\nequity  \nNon-\n\ncontrolling\n\nInterest  \nTotal\n\nequity \n\n  \nNote 29  \nNote 29  \nNote 29  \nNote 29  \nNote 29  \nNote 29  \nNote 29  \nNote 30  \nNote 30  \nNote 30  \n   \n   \n  \n\nBalance\nat December 31, 2022 \n$6,063  \n$1,240,000  \n$1,500,000  \n$3,120,000  \n$-  \n$-  \n$77,959,554  \n$6,269,108  \n$(77,451,517) \n$(317,316) \n$12,325,892  \n$            -  \n$12,325,892 \n\nReverse\nstock split \n (5,457) \n -  \n -  \n -  \n -  \n -  \n 5,457  \n -  \n -  \n -  \n -  \n -  \n - \n\nProfit\nfor the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 3,043,779  \n    \n 3,043,779  \n -  \n 3,043,779 \n\nOther\ncomprehensive loss for the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (214,976) \n (214,976) \n -  \n (214,976)\n\nBalance\nat December 31, 2023 \n$606  \n$1,240,000  \n$1,500,000  \n$3,120,000  \n$-  \n -  \n$77,965,011  \n$6,269,108  \n$(74,407,738) \n$(532,292) \n$15,154,695  \n$-  \n$15,154,695 \n\nPreferred\nE shares issued \n -  \n -  \n -  \n -  \n 3,000,000  \n -  \n -  \n -  \n -  \n -  \n 3,000,000  \n -  \n 3,000,000 \n\nShares\nissued for compensation \n 10  \n -  \n -  \n -  \n 　  \n -  \n 146,990  \n -  \n -  \n -  \n 147,000  \n -  \n 147,000 \n\nConversion\nof preferred E shares \n 283  \n -  \n -  \n -  \n (847,500) \n -  \n 847,217  \n -  \n -  \n -  \n -  \n -  \n - \n\nProfit\nfor the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 3,073,834  \n -  \n 3,073,834  \n (27) \n 3,073,807 \n\nOther\ncomprehensive loss for the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (472,993) \n (472,993) \n -  \n (472,993)\n\nBalance\nat December 31, 2024 \n$899  \n$1,240,000  \n$1,500,000  \n$3,120,000  \n$2,152,500  \n -  \n$78,959,218  \n$6,269,108  \n$(71,333,904) \n$(1,005,285) \n$20,902,536  \n$(27) \n$20,902,509 \n\nReverse\nstock split 1:4 \n (674) \n    \n    \n    \n    \n    \n 674  \n    \n -  \n    \n -  \n    \n - \n\nPreferred\nF issued \n    \n    \n    \n    \n    \n 1,380,000  \n    \n    \n    \n    \n 1,380,000  \n    \n 1,380,000 \n\nConversion\nof preferred E shares issued \n 179-  \n -  \n -  \n -  \n (2,152,500) \n -  \n 2,152,321-  \n -  \n -  \n -  \n -  \n -  \n - \n\nConversion\nof preferred F shares issued \n 282  \n -  \n -  \n -  \n 　  \n (900,000) \n 899,718  \n -  \n -  \n -  \n -  \n -  \n - \n\nLiability\nconvert to shares \n 285  \n -  \n -  \n -  \n    \n -  \n 2,509,715  \n -  \n -  \n -  \n 2,510,000  \n -  \n 2,510,000- \n\nShares\nissued of ESOP \n 1,000  \n    \n    \n    \n    \n    \n 9,477,350  \n    \n    \n    \n 9,478,350  \n    \n 9,478,350 \n\nReverse\nstock split 1:15 \n (1,829) \n    \n    \n    \n    \n    \n 1,829  \n    \n    \n    \n -  \n    \n - \n\nLoss\nfor the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (11,000,824) \n -  \n (11,000,824) \n (18) \n (11,000,842)\n\nOther\ncomprehensive loss for the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n 1,163,686  \n 1,163,686  \n -  \n 1,163,686 \n\nBalance\nat December 31, 2025 \n$143  \n$1,240,000  \n$1,500,000  \n$3,120,000  \n$-  \n$480,000  \n$94,000,824  \n$6,269,108  \n$(82,334,728) \n$158,401  \n$24,433,748  \n$(45) \n$24,433,703 \n\n \n\nThe Company effected a 1:10 reverse stock split\non April 26, 2023, a 1:4 reverse stock split on January 8, 2025, and a 1:15 reverse stock split on November 21, 2025, as a result, the\nbasic and diluted shares and per share number for all years presented here are adjusted retrospectively.\n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**JX Luxventure Group Inc.**\n\n**Consolidated Statements of Cash Flows**\n\nFor the years ended December 31, 2025, 2024, 2023\n\n(Stated in U.S. Dollars)\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nOPERATING ACTIVITIES \n   \n   \n  \n\n(Loss)/profit for the year \n (11,000,842) \n 3,073,807  \n 3,043,779 \n\nAdjustments for: \n 　  \n 　  \n 　 \n\nShare-based compensation \n 9,478,350  \n 147,000  \n \n-\n \n\nFinance cost \n 41,171  \n 13,895  \n 5,187 \n\nInterest income \n (338) \n (557) \n (595)\n\nDepreciation of property, plant and equipment \n 242,114  \n 285,019  \n 286,334 \n\nAmortization of intangible assets \n 4,857,269  \n 2,734,258  \n \n-\n \n\nAmortization of right of use assets \n 7,469  \n 3,109  \n \n-\n \n\nImpairment loss of intangible assets \n 995,821  \n \n-\n  \n \n-\n \n\nLoss on disposal of property, plant and equipment \n 39,168  \n 106,686  \n \n-\n \n\nLoss on disposal of subsidiary \n \n-\n  \n \n-\n  \n 342,953 \n\nOperating cash flows before movements in working capital \n 4,660,182  \n 6,363,217  \n 3,677,658 \n\n  \n    \n    \n   \n\n(Increase)/decrease in trade and other receivables \n (12,787,752) \n 1,357,705  \n (9,924,198)\n\nDecrease in inventories \n \n-\n  \n \n-\n  \n 433,870 \n\nIncrease/(decrease) in trade and other payables \n 3,985,063  \n (749,975) \n 1,248,305 \n\nIncrease in tax payables \n 49,323  \n 737,679  \n 45,328 \n\nNET CASH (USED IN)/GENERATED FROM OPERATING ACTIVITIES \n (4,093,184) \n 7,708,626  \n (4,519,037)\n\n  \n 　  \n 　  \n 　 \n\nINVESTING ACTIVITIES \n **　**  \n **　**  \n   \n\nInterest received \n 338  \n 557  \n 595 \n\nProceeds from long-term receivable \n \n-\n  \n \n-\n  \n 3,000,000 \n\nCash decrease due to disposal of a subsidiary \n \n-\n  \n \n-\n  \n (374,556)\n\nProceeds on disposal of property, plant and equipment \n 33,113  \n 239,291  \n \n-\n \n\nPurchase of property, plant and equipment \n \n-\n  \n (396,710) \n (440)\n\nPurchase of intangible assets \n (5,565,217) \n (11,854,260) \n \n-\n \n\nNET CASH (USED IN)/GENERATED FROM INVESTING ACTIVITIES \n (5,531,766) \n (12,011,122) \n 2,625,599 \n\n  \n    \n    \n   \n\nFINANCING ACTIVITIES \n    \n    \n   \n\nProceeds on bank loans \n 1,530,435  \n 1,667,657  \n 1,129,797 \n\nRepayment of borrowings \n (1,669,565) \n \n-\n  \n \n-\n \n\nInterest paid \n (41,171) \n (13,895) \n (5,187)\n\nAdvance from related party \n 9,286,188  \n 3,489,305  \n 748,869 \n\nRepayment of lease liabilities \n (7,450) \n (3,038) \n \n-\n \n\nNET CASH GENERATED FROM FINANCING ACTIVITIES \n 9,098,437  \n 5,140,029  \n 1,873,479 \n\n  \n 　  \n 　  \n   \n\nNET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS \n (526,513) \n 837,533  \n (19,959)\n\nEffects of currency translation \n 42,784  \n (60,388) \n (93,646)\n\nCASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR \n 1,184,456  \n 407,311  \n 520,916 \n\nCASH AND CASH EQUIVALENTS AT END OF YEAR \n 700,727  \n 1,184,456  \n 407,311 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-7\n\n \n\n \n\n**JX Luxventure Group Inc.**\n\n**Notes to consolidated Financial Statements**\n\n \n\n \n1.\nGENERAL INFORMATION\n\n \n\nOn January 26, 2012, Acquisition Investments\nCorp (“Company”) was organized as a blank check company pursuant to the laws of the Republic of the Marshall Islands for the\npurpose of acquiring through a merger, capital stock exchange, asset acquisition, stock purchase, or similar acquisition transaction,\none or more operating businesses or assets.\n\n \n\nOn March 24, 2014, the Company entered\ninto a Share Exchange Agreement and Plan of Liquidation (the “Agreement”) among KBS International Holdings, Inc. (“KBS”),\na Nevada corporation, Hongri International Holdings Ltd (“Hongri”), a company organized under the laws of the British Virgin\nIslands, and Cheung So Wa and Chan Sun Keung, the principal shareholders of KBS.\n\n \n\nOn August 1, 2014, the share exchange\nwas completed. The acquisition was accounted for as a reverse merger and recapitalization where the Company, the legal acquirer is the\naccounting acquiree, and KBS, the legal acquiree, was the accounting acquirer. KBS changed its name to JX Luxventure Limited. On December\n27, 2024, the name was changed to JX Luxventure Group Inc.\n\n \n\nDescription of Subsidiaries:\n\n \n\nHongri International Holdings Limited\n(the “Hongri”), formerly known as Wah Ying International Investment Inc., was incorporated in the British Virgin Islands (the\n“BVI”) on July 8, 2008 as a limited liability company with authorized share capital of $50,000, divided into 50,000 common\nshares with $1 par value. Up through December 31, 2010, 10,000 common shares had been issued at par. On January 27, 2011, the Company\nissued an additional 10,000 common shares for cash consideration at $77 per share. The principal activity of the Company is investment\nholding. Hongri a directly wholly owned subsidiary of the Company.\n\n \n\nFrance Cock (China) Limited (“France\nCock”) was incorporated in Hong Kong on September 21, 2005 as a limited liability company with authorized capital of HK$10,000,\ndivided into 10,000 common shares with par value of HK$1. The capital has been fully paid up. The principal activity of France Cock is\nthe holding of intellectual property rights such as trademarks. France Cock owns the Company’s trademarks, including “KBS”\nand “Kabiniao”. France Cock is a directly wholly owned subsidiary of Hongri.\n\n \n\nRoller Rome Limited (“Roller Rome”)\nwas incorporated in the BVI on March 28, 2006 as a limited liability company with authorized share capital of $50,000, divided into 50,000\ncommon shares with par value of $1. The principal activity of Roller Rome is the provision of design and development services for sports\napparel. Roller Rome is a directly wholly owned subsidiary of Hongri.\n\n \n\nVast Billion Investment Limited (“Vast\nBillion”) was incorporated in Hong Kong on November 25, 2010 as a limited liability company with authorized share capital of HK$10,000\ndivided into 10,000 ordinary shares with HK$1par value. One ordinary share has been issued at par. Vast Billion is an investment holding\ncompany, and is a directly wholly owned subsidiary of Hongri.\n\n \n\nHongri (Fujian) Sports Goods Co. Ltd.\n(“Hongri Fujian”) was established in the People’s Republic of China (the “PRC”) on November 17, 2005 with\na registered and paid up capital of RMB 5,000,000. On March 24, 2011, Hongri Fujian increased registered capital from RMB 70,000,000 to\nRMB75,000,000. As of September 30, 2011, the paid up capital was RMB 39,551,860. Hongri Fujian is engaged in the design, manufacture,\nmarketing, and sale of apparel in the PRC. Hongri Fujian is a directly wholly owned subsidiary of Vast Billion.\n\n \n\nF-8\n\n \n\n \n\nAnhui Kai Xin Apparel Company Limited\n(“Anhui Kai Xin”) was established in the PRC on March 16, 2011 with a registered and paid up capital of RMB 1,000,000. Anhui\nKai Xin is a wholly owned subsidiary of Hongri Fujian. Anhui Kai Xin provides contracting manufacturing services for companies in the\nsports apparel business.\n\n \n\nOn October 19, 2022, the Company sold\nHongri International Holding Limited to third party and from thereon, Hongri, France Cock, Roller Rome, Vast Billion, Hongri Fujian, Anhui\nKai Xin are no longer the subsidiaries of the Company.\n\n \n\nFlower Crown Holding (“Flower\nCrown”) is a company incorporated on August 7, 2020 in the Cayman Islands. It has 50,000 shares issued and outstanding with a par\nvalue of $1. It is wholly owned by JX Luxventure Group Inc.\n\n \n\nFlower Crown (China) Holding Group Co.,\nLimited (“Flower Crown HK”) was incorporated in Hong Kong on May 24, 2018. It has a total of 10,000 shares issued and outstanding\nwith a par value of $1. It is wholly owned by Flower Crown Holding.\n\n \n\nJin Xuan (Hainan) Holding Co., Ltd (“JX\nHainan”) was incorporated in November 11, 2021. It has a registered capital of USD30,000,000. It is 100% owned by Flower Crow HK.\nIts business scope ranges from import & export to manufacturing.\n\n \n\nJin Xuan Luxury Tourism (Hainan) Digital\nTechnology Co., Ltd. (“JX Digital”) was incorporated in the PRC on August 4, 2016. It is 100% owned by JX Hainan. It has a\nregistered capital of RMB20,000,000 and present shareholder shall pay up the registered capital prior to August 4, 2046. It operates Luxventure\nsocial platform and on-line activities.\n\n \n\nBeijing Heyang International Travel\nService Co., Ltd. (“Heyang Travel”) was incorporated in the PRC on March 29, 2018. It is 100% owned by Jin Xuan Luxury Tourism.\nIt has a registered capital of RMB5,000,000 and the shareholder shall pay up the registered capital prior to August 1, 2060. Heyang Travel\nengages in tourism business and selling carrier services. Heyang Travel was sold out to third party on October 8, 2023.\n\n \n\nHefei Aitong Culture Tourism Development\nCo., Ltd. (“Hefei Aitong”) was incorporated in the PRC on December 27, 2023. It is 51% owned by JX Hainan with registered\ncapital of RMB 1,000,000. It engages in tourism business and providing air-tickets sales agent services.\n\n \n\nBillion Place Limited (Hong Kong) Co.,\nLimited (“Billion Place HK”), a limited company incorporated in Hong Kong on March 13, 2023, was acquired by Flower Crown\non August 3, 2023.\n\n \n\nBaofu (Zhuhai) Technology Co., Ltd.\n(“Baofu Technology”) was incorporated in the PRC on June 29, 2017 and acquired by the Company on March 7, 2024. It is 100%\nowned by Billion Place Limited with registered capital of RMB60,000,000.\n\n \n\nHainan Si Quan Run Hang International\ntravel agency Co., Ltd. (“Hainan Travel”) was incorporated in the PRC on August 9, 2023. On March 7, 2024, as a wholly-owned\nsubsidiary of Baofu Technology, Hainan Travel became an indirect wholly-owned subsidiary of Billion Place HK when Baofu Technology was\nacquired by Billion Place HK. It will be engaged in Airline Tickets and Tourism Services business segment.\n\n \n\nHefei Si Quan Run Hang International\ntravel agency Co., Ltd. (“Hefei Travel”) was incorporated in the PRC on May 31, 2024, as a wholly-owned subsidiary of Baofu\nTechnology. It will be engaged in Airline Tickets and Tourism Services business segment.\n\n \n\nTianjin Baoliting Intelligence Technology\nCo., Ltd (“Baoliting”) was incorporated in the PRC on August 11, 2023 and acquired on April 15, 2024, as a wholly-owned subsidiary\nof JX Digital. It will be engaged in software development and technology support services.\n\nHefei Haohai International Travel Agency\nCo., Ltd. was incorporated in the PRC on January 20, 2025, as a wholly-owned subsidiary of Hainan Travel. It is engaged in Airline Tickets\nand Tourism Services business segment.\n\n \n\nF-9\n\n \n\n \n\n \n2.\nGROUP ORGANIZATION AND BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS\n\n \n\nEffective December 13, 2021, the Company\nreorganized its corporate subsidiary structure in the PRC under Flower Crown Holding. As a result of the Flower Crown Holding’s\nChina subsidiaries restructuring, the Company no longer operated those entities through a VIE structure and became the indirect sole shareholder\nof JX Hainan Digital and Beijing Heyang.\n\n \n\nThe Group structure as at the reporting\ndate is as follows:\n\n \n\n \n\n \n3.\nInterpretations and amendments to published standards effective in 2025\n\n \n\nOn January 1, 2025, the Company has\nadopted the new or amended IFRS and interpretations issued by the IFRS interpretations Committee IFRS IC that are mandatory for application\nfor the fiscal year. Changes to the Company’s accounting policies have been made as required, in accordance with the transitional\nprovisions in the respective IFRS and IFRS IC.\n\n \n\nThe adoption of these new or amended\nIFRS and IFRS IC did not result in substantial changes to the Company’s accounting policies and had no material effect on the amounts\nreported for the current or prior financial years.\n\n \n\n \n4.\nMATERIAL ACCOUNTING POLICIES\n\n \n\nThe principal accounting policies adopted\nin the preparation of the financial statements are set out below. The policies have been consistently applied to all the years presented,\nunless otherwise stated.\n\n \n\nF-10\n\n \n\n \n\nBasis of preparation\n\n \n\nThe consolidated financial statements\nhave been prepared on the historical cost basis and in accordance with IFRS as issued by the IASB. The principal accounting policies are\nset out below.\n\n \n\nThe consolidated financial statements\nincorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where\nthe Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.\n\n \n\nWhere necessary, adjustments are made\nto the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Company.\n\n \n\nAll intra-group transactions, balances,\nincome and expenses are eliminated on consolidation.\n\n \n\nForeign currencies\n\n \n\nFunctional and presentation currency\n\n \n\nItems included in the financial statements\nare measured using the currency of the primary economic environment in which the entity operates (the “functional currency”).\n\n \n\nThe Company conducts its business predominately\nin the PRC and hence its functional currency is the Renminbi (RMB).\n\n \n\nTranslation from RMB to USD were used\nat the following rates:\n\n \n\n    **Period end rates**   **Average rates**\n\nDecember 31, 2023   USD 1.00= RMB 7.0999   USD 1.00=RMB 7.0809\n\nDecember 31, 2024   USD 1.00= RMB 7.2993   USD 1.00=RMB 7.1957\n\nDecember 31, 2025   USD 1.00= RMB 6.9931   USD 1.00=RMB 7.1875\n\n \n\nTranslation from HKD to USD were used\nat the following rates:\n\n \n\n    **Period end rates**   **Average rates**\n\nDecember 31, 2023   USD 1.00= HKD 7.8109   USD 1.00=HKD 7.8292\n\nDecember 31, 2024   USD 1.00= HKD 7.7677   USD 1.00=HKD 7.8030\n\nDecember 31, 2025   USD 1.00= HKD 7.7833   USD 1.00=HKD 7.7956\n\n \n\nThe results and financial positions\nin functional currency are translated into the presentation currency, USD, of the Company as follows:\n\n \n\n \n(1)\nAssets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;\n\n \n\n \n(2)\nIncome and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions);\n\n \n\n \n(3)\nShare equity, share premium and dividends are translated at historical exchange rates; and\n\n \n\n \n(4)\nAll resulting exchange differences are recognized in foreign currency translation reserve, a separate component of equity.\n\n \n\nAll financial information presented\nin USD has been rounded to the nearest dollar, except when otherwise indicated.\n\n \n\nF-11\n\n \n\n \n\nSegment reporting\n\n \n\nOperating segments, and the amounts\nof each segment item reported in the financial statements, are identified from the financial information provided regularly to the Company’s\nmost senior executive management for the purposes of allocating resources to, and assessing the performance of, the Company’s various\nlines of business and geographical locations.\n\n \n\nIndividually material operating segments\nare not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect\nof the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute\nthe products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material\nmay be aggregated if they share a majority of these criteria. The Company’s three segments are technology, tourism service and cross-border\ne-commerce.\n\n \n\nRevenue recognition\n\n \n\n*Revenue from contracts\nwith customers*\n\n \n\nRevenue from contracts with customers\nis recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which\nthe Company expects to be entitled in exchange for those goods or services.\n\n \n\nWhen the consideration in a contract\nincludes a variable amount, the amount of consideration is estimated to which the Company will be entitled in exchange for transferring\nthe goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly\nprobable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty\nwith the variable consideration is subsequently resolved. Currently, the Company’s contracts do not include such variable amount.\n\n \n\nWhen the contract contains a financing\ncomponent which provides the customer a significant benefit of financing the transfer of goods or services to the customer for more than\none year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected\nin a separate financing transaction between the Company and the customer at contract inception. When the contract contains a financing\ncomponent which provides the Company a significant financial benefit for more than one year, revenue recognized under the contract includes\nthe interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the\npayment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted\nfor the effects of a significant financing component, using the practical expedient in IFRS 15. Currently, the Company’s contract\nwith its customers do not include financial benefit for more than one year.\n\n \n\nNature and timing of satisfaction of\nperformance obligations for each of the revenue streams are as follows:\n\n \n\n*Revenue from the sale of goods*\n\n \n\nPerformance obligation is satisfied\nat the point in time when control of the asset is transferred to the customer, generally on delivery and acceptance of the goods. The\nCompany presents revenues from such transactions on a gross basis in the consolidated statements of operations and comprehensive income/(loss),\nas the Company acts as a principal to take inventory risks of these goods.\n\n \n\nF-12\n\n \n\n \n\n*Revenue from the sale of packaged\ngroup tour service*\n\n \n\nPerformance obligation is satisfied\nwhen the tour service is completed, generally when the tour group successfully returned from the tour destination to the place of origination.\nThe Company presents revenues from such transactions on a gross basis in the consolidated statements of comprehensive income/(loss), as\nthe Company acts as a principal to provide a package of tourism services and take a full obligation to provide such services even if the\nsuppliers are not able to deliver service.\n\n \n\n*Revenue from reselling of air-ticket*\n\n \n\nThe Company is a reseller of air-ticket,\nit provides value add services to its customers including guaranteed flight replacement and other financial benefits. The Company procured\nthe tickets from different airline companies and resell them to the online air-ticket agency companies or other tourism companies. The\nair-ticket agency company will put an online bid inviting from its suppliers once it receives the demands from its online customers. The\nCompany is one of the air-ticket suppliers. The Company procures the tickets in responding the air-ticket agency companies’ online\nbid inviting to ensure the seats are available to sell to the agency companies, or the Company procure the tickets based on its judgment\nof potential trend of certain airlines within certain period. Once the Company’s deposit, at the full or significant amount of the\nair-ticket, was deducted by the airline company and the Company agreed to secure the seats from the airline company, the purchase of air-tickets\nwas recorded. The Company decided how much and how soon to resell the air-tickets. The inventory period is from 1 minute to few months.\nThe air tickets are sold shortly after their purchase to lower the inventory risk. Sometimes, the Company hold the tickets longer to expect\na higher margin, but if the tickets cannot be sold before flight time, the Company have to sell the tickets even lower than the purchase\nprice to avoid further loss. Thus, the Company bears the inventory risks of the air-tickets and the Company has discretion in setting\nthe price for the specified service. Once the air-tickets issued to passengers according to the client’s instruction, the revenue\nis recognized. In addition to the air-ticket of airline companies, the Company provided guaranteed flight replacement and cancellation\nto the air-ticket agency companies. The air-ticket agency companies can return the tickets to the Company without restriction, while the\nairline companies can accept some of the return on certain conditions. Thus, the Company offered additional service plus the standard\nairline tickets to its customer. As the Company (i) bears the inventory risks of the air-tickets, (ii) provides additional services on\nthe services procured by the airline companies, and (iii) has discretion in setting the price for the specified service, the Company is\nconsidered as a principal and recognize the revenue in a gross basis.\n\n \n\n*Revenue from the sale of software*\n\n \n\nRevenue from the sale of software is\nrecognized at a point in time when control of the software is transferred to the customer. Control is deemed to have transferred when\nthe customer has the ability to direct the use of and obtain substantially all the remaining benefits from the software, which generally\noccurs upon delivery, installation (if contractually required), and customer acceptance of the software. The Company presents revenues\nfrom sale of software on a gross basis in the consolidated statements of comprehensive income/(loss), as the Company acts as a principal\nto develop the software and take a full obligation to provide such service.\n\n \n\n*Other income*\n\n* *\n\nInterest income is recognized on an\naccrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over\nthe expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.\n\n \n\nGovernment grants are recognized as\na receivable when there is reasonable assurance that the grant will be received and all attached conditions will be complied with.\n\n \n\nWhen the grant relates to an expense\nitem, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate,\nare expensed. When the grant relates to an asset, the fair value is recognized as deferred income on the statement of financial position\nand is recognized as income in equal amounts over the expected useful life of the related asset.\n\n \n\nWhen loans or similar assistance are\nprovided by governments or related institutions with an interest rate below the current applicable market rate, the effect of this favourable\ninterest is regarded as additional government grant.\n\n \n\nValue added tax (VAT)\n\n \n\nUnder prevailing tax regulations, the current standard output VAT rates\nare 13% for product sales and 6% for taxable service revenue. For small-scale taxpayers, the applicable VAT rate is 1%. The VAT payable\nis calculated as the remaining balance of output VAT after deducting the period’s deductible input VAT.\n\n \n\nF-13\n\n \n\n \n\nBorrowing costs\n\n \n\nBorrowing costs directly attributable\nto the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time\nto get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready\nfor their intended use or sale.\n\n \n\nAll other borrowing costs are recognized\nin profit or loss in the period in which they are incurred.\n\n \n\nRetirement benefit costs\n\n \n\nPursuant to the relevant regulations\nof the PRC government, the Company’s subsidiaries located in the PRC participate in a local municipal government retirement benefits\nscheme (the “Scheme”), whereby they contribute a prescribed percentage of the basic salaries of their employees to the Scheme\nto fund their retirement benefits. Once the Scheme has been funded via contributions by the Company’s participating subsidiaries,\nthe local municipal government takes responsibility for the retirement benefits obligations of all existing and future retired employees\nof those subsidiaries located in the PRC; accordingly, the only obligation of the Company with respect to the Scheme is to pay the on-going\nrequired contributions as long as the employees maintain employment with the Company. There are no provisions under the Scheme whereby\nforfeited contributions may be used to reduce future contributions. These plans are considered defined contribution plans. The Company\nhas no legal or constructive obligations to pay further contributions after its payment of the fixed contributions into the pension schemes.\nContributions to pension schemes are recognized as an expense in the period in which the related service is performed.\n\n \n\nTaxation\n\n \n\nThe tax expense for the period comprises\ncurrent and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other\ncomprehensive income or directly in equity. In this case the tax is also recognized in other comprehensive income or directly in equity,\nrespectively.\n\n \n\nThe current income tax charge is calculated\non the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company operates and\ngenerates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable\ntax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to\nthe tax authorities.\n\n \n\nDeferred tax is recognized on temporary\ndifferences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax\nbases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.\nDeferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits\nwill be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not\nrecognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of\nother assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and at the time of the\ntransaction does not give rise to equal taxable and deductible temporary differences.\n\n \n\nDeferred tax liabilities are recognized\nfor taxable temporary differences associated with investments in subsidiaries, except where the Company is able to control the reversal\nof the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax\nassets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable\nthat there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected\nto reverse in the foreseeable future.\n\n \n\nThe carrying amount of deferred tax\nassets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable\nprofits will be available to allow all or part of the asset to be recovered.\n\n \n\nF-14\n\n \n\n \n\nDeferred tax assets and liabilities\nare measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based\non tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred\ntax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of\nthe reporting period, to recover or settle the carrying amount of its assets and liabilities.\n\n \n\nDeferred income tax assets and liabilities\nare offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred\nincome tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different\ntaxable entities where there is an intention to settle the balances on a net basis.\n\n \n\nCurrent and deferred tax are recognized\nin profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which\ncase, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current\ntax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the\nbusiness combination.\n\n \n\nLeasing\n\n \n\nIFRS 16 Leases requires lessees to recognize\nassets and liabilities for most leases based on a ‘right-of-use model’ which reflects that, at the commencement date, a lessee\nhas a financial obligation to make lease payments to the lessor for its right to use the underlying asset during the lease term. The lessor\nconveys that right to use the underlying asset at lease commencement, which is the time when it makes the underlying asset available for\nuse by the lessee.\n\n \n\nIFRS 16 defines a lease term as the\nnon-cancellable period for which the lessee has the right to use an underlying asset including optional periods when an entity is reasonably\ncertain to exercise an option to extend (or not to terminate) a lease.\n\n \n\nUnder IFRS 16 lessees may also elect\nnot to recognize assets and liabilities for leases with a lease term of 12 months or less. In such cases a lessee recognizes the lease\npayments in profit or loss on a straight-line basis over the lease term. The exemption is required to be applied by class of underlying\nassets. Lessees can also make an election for leases for which the underlying asset is of low value. This election can be made on a lease-by-lease\nbasis. For leases where the Company is the lessee, the lease term is either cancelable or no longer than 12 months, so the Company has\nelected not to record the leased assets.\n\n \n\nLessor accounting under IFRS 16 is substantially\nunchanged from IAS 17. Lessors continue to classify leases as either operating or finance leases using similar principles as in IAS 17.\nIFRS 16 did not have any significant impact on leases where the Company is the lessor.\n\n \n\nLeasehold improvements\n\n \n\nLeasehold improvements, principally\ncomprising costs of office buildings and shops renovation, are held for administrative and selling purposes. Leasehold improvements are\ninitially measured at cost and amortized systematically over its useful life.\n\n \n\nF-15\n\n \n\n \n\nProperty, plant and equipment\n\n \n\nProperty, plant and equipment (“PPE”)\nincluding buildings held for use in the production or supply of goods or services, or for administrative purposes other than construction\nin progress are stated at cost less subsequent accumulated depreciation and accumulated impairment losses.\n\n \n\nDepreciation is provided to write off\nthe cost of items of property, plant and equipment other than construction in progress over their estimated useful lives and after taking\ninto account of their estimated residual value, using the straight-line method.\n\n \n\nConstruction in progress includes property,\nplant and equipment in the course of construction for production or for its own use purposes. Construction in progress is carried at cost\nless any recognized impairment loss. Construction in progress is classified to the appropriate category of property, plant and equipment\nwhen completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the\nassets are ready for their intended use.\n\n \n\nAn item of property, plant and equipment\nis derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain\nor loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount\nof the item) is included in profit or loss in the period in which the item is de-recognized.\n\n \n\nIntangible assets, net\n\n \n\nIntangible assets are recognized and\nmeasured at cost or at fair value if acquired through a business combination. The identifiable intangible assets acquired are amortized\non a straight-line basis over the respective useful lives as follows:\n\n  \n\n**Category**\n \n**Estimated useful lives**\n\nSoftware\n \n5 years\n\nTrademark use rights\n \n1-5 years\n\n \n\nInventories\n\n \n\nInventories, comprising of raw materials\nand merchandise inventories, are stated at the lower of cost and net realizable value. Costs of inventories are determined using the weighted\naverage method. Net realizable value represents the estimated selling price for inventories less all estimated costs of completion and\ncosts necessary to make the sale.\n\n \n\nF-16\n\n \n\n \n\nCash and cash equivalents\n\n \n\nCash and cash equivalents includes cash\non hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three\nmonths or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.\n\n \n\nShare-based compensation expenses\n\n \n\nAll share-based awards granted to employees,\nwhich are common shares, are measured at fair value on shares issuance date, and are recognized as an employee benefits expense, with\na corresponding increase in equity. Share-based compensation expenses are recognized over the period during which the employees provide\nthe relevant services.\n\n \n\nFinancial instruments – investments\nand other financial assets\n\n \n\n*Initial recognition and\nmeasurement*\n\n \n\nFinancial assets are classified, at\ninitial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through\nprofit or loss.\n\n \n\nThe classification of financial assets\nat initial recognition depends on the financial asset’s contractual cash flow characteristics and the Company’s business model\nfor managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Company\nhas applied the practical expedient of not adjusting the effect of a significant financing component, the Company initially measures a\nfinancial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs.\nTrade receivables that do not contain a significant financing component or for which the Company has applied the practical expedient are\nmeasured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition”.\n\n \n\nIn order for a financial asset to be\nclassified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are\nsolely payments of principal and interest (“SPPI”) on the principal amount outstanding.\n\n \n\nThe Company’s business model for\nmanaging financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines\nwhether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.\n\n \n\nAll regular way purchases and sales\nof financial assets are recognized on the trade date, that is, the date that the Company commits to purchase or sell the asset. Regular\nway purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established\nby regulation or convention in the marketplace.\n\n \n\nF-17\n\n \n\n \n\n*Subsequent measurement*\n\n \n\nThe subsequent measurement of financial\nassets depends on their classification as follows:\n\n \n\n*Financial assets at amortized cost\n(debt instruments)*\n\n \n\nThe Company measures financial assets\nat amortized cost if both of the following conditions are met:\n\n \n\n \n●\nThe financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows.\n\n \n\n \n●\nThe contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\n \n\nFinancial assets at amortized cost are\nsubsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the income\nstatement when the asset is derecognized, modified or impaired.\n\n \n\n*Financial assets at fair value through\nother comprehensive income (debt instruments)*\n\n \n\nThe Company measures debt instruments\nat fair value through other comprehensive income if both of the following conditions are met:\n\n \n\n \n●\nThe financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling.\n\n \n\n \n●\nThe contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\n \n\nFor debt instruments at fair value through\nother comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the income\nstatement and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized\nin other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled\nto the income statement.\n\n \n\n*Financial assets at fair value through\nother comprehensive income (equity investments)*\n\n \n\nUpon initial recognition, the Company\ncan elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income\nwhen they meet the definition of equity under IFRS 9 Financial Instruments. The Company may make an irrevocable election at initial recognition\nfor particular investments in equity instruments that would otherwise be measured at fair value through profit or loss to present subsequent\nchanges in fair value in other comprehensive income\n\n \n\nGains and losses on these financial\nassets are never recycled to the income statement. Dividends are recognized as other income in the income statement when the right of\npayment has been established, it is probable that the economic benefits associated with the dividend will flow to the Company and the\namount of the dividend can be measured reliably, except when the Company benefits from such proceeds as a recovery of part of the cost\nof the financial asset, in which case, such gains are recorded in other comprehensive income. Equity investments designated at fair value\nthrough other comprehensive income are not subject to impairment assessment.\n\n \n\nF-18\n\n \n\n \n\n*Financial assets at fair value through\nprofit or loss*\n\n \n\nThe Company may, at initial recognition,\nirrevocably designate a financial asset as measured at fair value through profit or loss if doing so eliminates or significantly reduces\na measurement or recognition inconsistency (sometimes referred to as an ‘accounting mismatch’) that would otherwise arise\nfrom measuring assets or liabilities or recognizing the gains and losses on them on different bases\n\n \n\nFinancial assets at fair value through\nprofit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the income\nstatement. This category includes derivative financial instruments and structured bank deposits.\n\n \n\nA derivative embedded in a hybrid contract,\nwith a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic\ncharacteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would\nmeet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives\nare measured at fair value with changes in fair value recognized in the income statement. Reassessment only occurs if there is either\na change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification\nof a financial asset out of the fair value through profit or loss category.\n\n \n\nA derivative embedded within a hybrid\ncontract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative\nis required to be classified in its entirety as a financial asset at fair value through profit or loss.\n\n \n\nFinancial instruments – impairment\nof financial assets\n\n \n\nThe Company recognizes an allowance\nfor ECLs for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual\ncash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation\nof the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit\nenhancements that are integral to the contractual terms.\n\n \n\nGeneral approach\n\n \n\nECLs are recognized in two stages. For\ncredit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit\nlosses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which\nthere has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected\nover the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).\n\n \n\nF-19\n\n \n\n \n\nAt each reporting date, the Company\nassesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment,\nthe Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring\non the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available\nwithout undue cost or effort, including historical and forward-looking information.\n\n \n\nThe Company considers a financial asset\nin default when contractual payments are 1 year past due. However, in certain cases, the Company may also consider a financial asset to\nbe in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts\nin full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable\nexpectation of recovering the contractual cash flows.\n\n \n\nDebt instruments at fair value through\nother comprehensive income and financial assets at amortized cost are subject to impairment under the general approach and they are classified\nwithin the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.\n\n \n\nStage 1 – Financial instruments\nfor which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount\nequal to 12-month ECLs\n\n \n\nStage 2 – Financial instruments\nfor which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for\nwhich the loss allowance is measured at an amount equal to lifetime ECLs\n\n \n\nStage 3 – Financial assets that\nare credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance\nis measured at an amount equal to lifetime ECLs\n\n \n\nSimplified approach\n\n \n\nFor trade receivables that do not contain\na significant financing component or when the Company applies the practical expedient of not adjusting the effect of a significant financing\ncomponent, the Company applies the simplified approach in calculating ECLs. Under the simplified approach, the Company does not track\nchanges in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established\na provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors\nand the economic environment.\n\n \n\nFor trade receivables that contain a\nsignificant financing component and lease receivables, the Company chooses as its accounting policy to adopt the simplified approach in\ncalculating ECLs with policies as described above.\n\n \n\nFinancial instruments – derecognition\nof financial assets\n\n \n\nA financial asset (or, where applicable,\na part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company’s\nconsolidated statement of financial position) when:\n\n \n\n \n●\nthe rights to receive cash flows from the asset have expired; or\n\n \n\nF-20\n\n \n\n \n\n \n●\nthe Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.\n\n \n\nWhen the Company has transferred its\nrights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has\nretained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and\nrewards of the asset nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the\nCompany’s continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the\nassociated liability are measured on a basis that reflects the rights and obligations that the Company has retained.\n\n \n\nContinuing involvement that takes the\nform of a guarantee over the transferred asset is measured at the lower of the original amount of the asset and the maximum amount of\nconsideration that the Company could be required to repay.\n\n \n\nFinancial instruments – financial\nliabilities\n\n \n\n*Initial recognition and measurement*\n\n \n\nAll financial liabilities are recognized\ninitially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Company’s\nfinancial liabilities include trade payables, other payables, financial liabilities included in accruals and interest-bearing bank borrowings.\n\n \n\n*Subsequent measurement*\n\n \n\nAfter initial recognition, interest-bearing\nloans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting\nwould be immaterial, in which case they are stated at cost. Gains and losses are recognized in the income statement when the liabilities\nare derecognized as well as through the effective interest rate amortization process.\n\n \n\nAmortized cost is calculated by taking\ninto account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective\ninterest rate amortization is included in finance costs in the income statement.\n\n \n\nFinancial instruments – derecognition\nof financial liabilities\n\n \n\nA financial liability is derecognized\nwhen the obligation under the liability is discharged or cancelled, or expires.\n\n \n\nWhen an existing financial liability\nis replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially\nmodified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability,\nand the difference between the respective carrying amounts is recognized in the income statement.\n\n \n\nF-21\n\n \n\n \n\nFinancial instruments – offsetting\nfinancial instruments\n\n \n\nFinancial assets and financial liabilities\nare offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset\nthe recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.\n\n \n\nCapital and Reserves\n\n \n\nShare capital represents the nominal\nvalue of shares that have been issued by the Company. Share capital is determined using the nominal value of shares that have been issued.\n\n \n\nRetained profits include all current\nand prior period results as determined in the combined statement of comprehensive income.\n\n \n\nForeign currency translation reserve\narising on the translation are included in the currency translation reserve.\n\n \n\nIn accordance with the relevant laws\nand regulations of PRC, the subsidiaries of the Company established in PRC are required to transfer 10% of its annual statutory net profit\n(after offsetting any prior years’ losses) to the statutory reserve. When the balance of such reserve reaches 50% of the subsidiary’s\nshare capital, any further transfer of its annual statutory net profit is optional. Such reserve may be used to offset accumulated losses\nor to increase the registered capital of the subsidiary subject to the approval of the relevant authorities. However, except for offsetting\nprior years’ losses, such statutory reserve must be maintained at a minimum of 25% of the share capital after such usage. The statutory\nreserves are not available for dividend distribution to the shareholders.\n\n \n\nAll transactions with owners of the\nCompany are recorded separately within equity.\n\n \n\n(Loss)/profit per share\n\n \n\nBasic earnings per share (“EPS”)\nare computed by dividing income attributable to holders of common shares by the weighted average number of common shares outstanding during\nthe year. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised\nor converted into common shares. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their\neffect would be anti-dilutive.\n\n \n\n \n5.\nSIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES\n\n \n\nThe preparation of financial statements\nin conformity with IFRS requires management to exercise judgment in the process of applying the Company’s accounting policies and\nrequires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of\ncontingent assets and liabilities at the date of financial statements and reported amount of revenue and expenses during the reporting\nperiod.\n\n \n\nF-22\n\n \n\n \n\n \n6.\nKEY SOURCES OF ESTIMATION UNCERTAINTY\n\n \n\nIn the application of the Company’s\naccounting policies, which are described in Note 4, management is required to make estimates and assumptions about the carrying amounts\nof assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical\nexperience and other factors that are considered to be relevant. Actual results may differ from these estimates.\n\n \n\nThe estimates and underlying assumptions\nare reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the\nrevision affects only that period or in the period of the revision and future periods if the revision affects both current and future\nperiods.\n\n \n\nThe following are the key assumptions\nconcerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk\nof causing a material adjustment to the carrying amounts of assets within the next financial year.\n\n \n\nImpairment of non-financial assets\n\n \n\nProperty, plant and equipment and intangible\nassets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.\n\n \n\nFor the purpose of impairment testing,\nthe recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset\nbasis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the\nrecoverable amount is determined for the cash-generating-unit (“CGU”) to which the asset belongs.\n\n \n\nIf the recoverable amount of the asset\n(or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount.\n\n \n\nThe difference between the carrying\namount and recoverable amount is recognized as an impairment loss in the income statement, unless the asset is carried at revalued amount,\nin which case, such impairment loss is treated as a revaluation decrease.\n\n \n\nAn impairment loss for an asset other\nthan goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount\nsince the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable amount, provided\nthat this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation)\nhad no impairment loss been recognized for the asset in prior years.\n\n \n\nA reversal of impairment loss for an\nasset other than goodwill is recognized in the income statement, unless the asset is carried at revalued amount, in which case, such reversal\nis treated as a revaluation increase.\n\n \n\nDuring the years ended 2025, 2024 and\n2023, the Company recognized impairment losses of $995,821, $nil and $nil, respectively.\n\n \n\nAllowance for expected credit losses\non other receivables\n\n \n\nThe Company assessed the latest performance\nand financial position of the counterparties, adjusted for the future outlook of the industry in which the counterparties operate in,\nand concluded that there has been no significant increase in the credit risk since the initial recognition of the financial assets. Accordingly,\nthe Company measured the impairment loss allowance using 12-month ECL and determined that the ECL is insignificant.\n\n \n\nDepreciation of property, plant and\nequipment\n\n \n\nAs described in Note 4, the Company\nreviews the estimated useful lives and residual values of property, plant and equipment at the end of each reporting period. The cost\nof property, plant and equipment is depreciated on a straight-line basis over the assets’ estimated useful lives. Management estimates\nthe useful lives of these property, plant and equipment to be within 5 to 30 years. These are the common life expectancies applied in\nthe same industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the\nresidual values of these assets, therefore future depreciation charges could be revised.\n\n \n\nAmortization of intangible assets\n\n \n\nThe Company estimated useful lives of\nintangible assets with finite useful lives are amortized on a systematic basis over their estimated useful lives. The amortization method\nshould reflect the pattern in which the asset’s economic benefits are consumed, which is at 1 to 5 years and also taken into the\nconsideration of the competition of the industry, there is no residual value as there is no commitment from a third party to purchase\nthe intangible asset at the end of its useful life or an active market for the intangible asset.\n\n \n\nF-23\n\n \n\n \n\n \n7.\nSEGMENT REPORTING\n\n \n\nManagement currently identifies the Company’s three sales models\nas operating segments, which are tourism products, technology and cross-border merchandise. Apart from the above three business segments,\ntwo segments were discontinued in 2022, which are wholesale and retail of menswear and subcontracting of menswear. The segment presentation\nis in accordance with management’s expectation of future business developments. These operating segments are monitored and strategic\ndecisions are made on the basis of segmental gross margins.\n\n \n\n  \nTourism\nproducts  \nTechnology  \nCross-border merchandise  \nConsolidated \n\n  \nFor\nthe year ended  \nFor\nthe year ended  \nFor\nthe year ended  \nFor\nthe year ended \n\n  \nDecember 31,  \nDecember 31,  \nDecember 31,  \nDecember 31, \n\nBy\nbusiness \n2025  \n2024  \n2023  \n2025  \n2024  \n2023  \n2025  \n2024  \n2023  \n2025  \n2024  \n2023 \n\nSales\nto external customers \n 30,669,239  \n 22,048,052  \n 21,561,671  \n 3,307,447  \n 1,530,812  \n 2,719,463  \n 48,960,081  \n 26,261,424  \n 7,559,454  \n 82,936,767  \n 49,840,288  \n 31,840,588 \n\nSegment\nrevenue \n 30,669,239  \n 22,048,052  \n 21,561,671  \n 3,307,447  \n 1,530,812  \n 2,719,463  \n 48,960,081  \n 26,261,424  \n 7,559,454  \n 82,936,767  \n 49,840,288  \n 31,840,588 \n\nSegment\ngross margins \n 462,297  \n 730,173  \n 1,981,107  \n 1,894,028  \n 589,968  \n 2,714,434  \n 8,078,462  \n 7,032,175  \n 760,828  \n 10,434,787  \n 8,352,316  \n 5,456,369 \n\nReconciling\nitems \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (21,375,379) \n (4,534,285) \n (2,412,591)\n\n(loss)/profit before tax \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (10,940,592) \n 3,818,032  \n 3,043,779 \n\nIncome tax expense \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (60,250) \n (744,225) \n - \n\n(loss)/profit for the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (11,000,842) \n 3,073,807  \n 3,043,779 \n\n \n\n  \nAs of December 31, 2025 \n\n  \nTechnology  \nTourism\nproducts  \ncross-border\n\nmerchandise  \nUnallocated and elimination  \nConsolidated \n\nCurrent assets \n 113,114  \n 524,124  \n 24,145,262  \n (58,015) \n 24,724,485 \n\nNon-current assets \n 6,731,990  \n \n-\n  \n 11,508,208  \n \n-\n  \n 18,240,198 \n\nTotal assets \n 6,845,104  \n 524,124  \n 35,653,470  \n (58,015) \n 42,964,683 \n\n  \n 　  \n 　  \n 　  \n 　  \n   \n\nCurrent liabilities \n 2,096,988  \n 1,730,239  \n 12,021,109  \n 2,682,644  \n 18,530,980 \n\nNon-current liabilities \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal liabilities \n 2,096,988  \n 1,730,239  \n 12,021,109  \n 2,682,644  \n 18,530,980 \n\n \n\n  \nAs of December 31, 2024 \n\n  \nTechnology  \nTourism\nproducts  \ncross-border\n\nmerchandise  \nUnallocated and elimination  \nConsolidated \n\nCurrent assets \n 1,241,312  \n 234,983  \n 9,859,897  \n 278,328  \n 11,614,520 \n\nNon-current assets \n 8,116,020  \n \n-\n  \n 9,945,306  \n 11,868  \n 18,073,194 \n\nTotal assets \n 9,357,332  \n 234,983  \n 19,805,203  \n 290,196  \n 29,687,714 \n\n  \n 　  \n    \n    \n 　  \n   \n\nCurrent liabilities \n 3,424,897  \n 489,910  \n 3,227,949  \n 1,637,986  \n 8,780,742 \n\nNon-current liabilities \n \n-\n  \n \n-\n  \n \n-\n  \n 4,463  \n 4,463 \n\nTotal liabilities \n 3,424,897  \n 489,910  \n 3,227,949  \n 1,642,449  \n 8,785,205 \n\n \n\nF-24\n\n \n\n \n\nGeographical information\n\n \n\nThe Company’s operations are located\nin the PRC and all of the Company’s revenue is derived from sales to customers in the PRC. Hence, no analysis by geographical area\nof operations is provided.\n\n \n\nInformation about major customers\n\n \n\nMajor distributors that make up 10%\nor more of revenue are as below:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCustomer A \n 11,384,781  \n 21,003,414  \n 23,621,588 \n\nCustomer B \n *  \n 12,253,108  \n * \n\nCustomer C \n *  \n 6,011,902  \n * \n\nCustomer D \n *  \n 5,071,066  \n * \n\nCustomer E \n 15,196,911  \n *  \n * \n\nCustomer F \n 14,637,628  \n *  \n * \n\nCustomer G \n 13,655,889  \n *  \n * \n\nTotal revenue \n 82,936,767  \n 49,840,288  \n 31,840,588 \n\n \n\n* The revenue of this customer is not over 10% of total revenue of the Company.\n\n \n\nInformation about major suppliers\n\n \n\nMajor suppliers that make up 10% or\nmore of purchases are as below:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nSupplier A \n *  \n *  \n 4,722,466 \n\nSupplier B \n *  \n *  \n 3,064,076 \n\nSupplier C \n *  \n *  \n 2,964,493 \n\nSupplier D \n *  \n *  \n 3,005,258 \n\nSupplier E \n 33,584,139  \n 17,194,330  \n 10,474,295 \n\nSupplier D \n 8,769,446  \n *  \n * \n\nSupplier E \n 7,571,019  \n *  \n * \n\nTotal purchase \n 71,087,414  \n 40,546,552  \n 25,943,353 \n\n \n\n* The purchase from this supplier is not over 10% of total purchase of the Company.\n\n \n\n \n8.\nREVENUE\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nTravel service \n 30,669,239  \n 22,048,052  \n 21,561,670 \n\nTechnology \n 3,307,447  \n 1,530,812  \n 2,719,463 \n\nCross-border products \n 48,960,081  \n 26,261,424  \n 7,559,455 \n\nTotal \n 82,936,767  \n 49,840,288  \n 31,840,588 \n\n \n\nRevenues are recognized at a point in time and denominated only in\nUSD. Included in the “travel service”, majority of the revenue amount represents the revenue for reselling of air-tickets\nrequests by airline ticket agencies. Revenue for tickets purchased based on our judgment of potential trends, and revenue recorded from\nsales of tourism packages are insignificant of total revenue of travel service.\n\n \n\n \n9.\nCOST OF SALES\n\n \n\nCost of sales for our cross-border business comprise the cost of products\npurchased and surcharges on purchase cost. Cost of revenue for our travel services comprise the cost of air-tickets brought from airline\nor the cost of services provided from local travel firms or persons, the cost for outsourcing the travelling work to certain travel agencies\nand additional air-ticket return cost paid to customers.\n\n \n\nF-25\n\n \n\n \n\nThe following table shows a breakdown\nof cost of sales of all business for the periods presented for each category:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nChanges in inventories of finished goods \n \n-\n  \n \n-\n  \n 433,870 \n\nPurchases of finished goods \n 40,881,440  \n 19,229,038  \n 6,395,036 \n\nOutsourced service cost \n 30,095,589  \n 21,310,128  \n 19,294,795 \n\nAmortization of software \n 1,410,081  \n 938,979  \n \n-\n \n\nAdditional air-ticket return cost ** \n 110,385  \n 7,387  \n 253,522 \n\nTaxes and surcharges * \n 4,485  \n 2,440  \n 6,996 \n\n  \n 72,501,980  \n 41,487,972  \n 26,384,219 \n\n \n\n* Tax and surcharges are mainly Urban Maintenance and Construction Tax (7% of Valued Added Tax payment amount), Extra Charges of Education Fund (3% of Valued Added Tax payment amount) and Local Surcharge for Education Fund (2% of Valued Added Tax payment amount).\n\n   \n\n** Additional air-ticket return cost is the net loss of the return payments paid to customers offset by the return proceeds received from airline companies. The following table shows the gross amount of the return payment and proceeds;\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nReturn paid to customers \n 3,232,466  \n 2,002,413  \n 2,196,070 \n\nReturn received from airline companies \n (3,122,081) \n (1,995,026) \n (1,942,548)\n\nAdditional air-ticket return cost \n 110,385  \n 7,387  \n 253,522 \n\n \n\n \n10.\nOTHER INCOME\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nGovernment grant \n 4,817  \n 68,529  \n 70,612 \n\nInterest income on bank deposits \n 338  \n 557  \n 595 \n\nOther \n 30,509  \n 27  \n 201 \n\n  \n 35,664  \n 69,113  \n 71,408 \n\n \n\n \n11.\nOTHER LOSSES\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nLoss on disposal of subsidiaries* \n \n-\n  \n \n-\n  \n 342,953\n\nLoss on disposal of plant and equipment \n 39,168 \n 106,686 \n \n-\n \n\nOthers \n 30,514 \n 698 \n 1\n\n  \n 69,682 \n 107,384 \n 342,954\n\n \n\n* Details of sale of the subsidiary:\n\n \n\nFair value of the consideration \n 1 \n\nNet asset of the disposed asset \n (344,243)\n\nLoss on sale before foreign currency translation effect \n (344,242)\n\nForeign currency translation effect \n 1,289 \n\nLoss on disposal of a subsidiary \n (342,953)\n\n  \n   \n\nCarrying amount of the investment cost of the disposed subsidiary: \n   \n\nCash \n 374,556 \n\nTrade receivables \n 3,292 \n\nOther current assets \n 1,413,838 \n\nTotal assets \n 1,791,686 \n\n  \n   \n\nShort-term loan \n (1,126,776)\n\nOther current liabilities \n (320,667)\n\nTotal liabilities \n (1,447,443)\n\n  \n 　 \n\nNet assets \n 344,243 \n\n \n\nF-26\n\n \n\n \n\n \n12.\nDISTRIBUTION AND SELLING EXPENSES\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nOutsourced service fee \n 4,277,941  \n 855,518  \n 58,942 \n\nAmortization of trademark use rights \n 3,447,188  \n 1,795,279  \n \n-\n \n\nOthers \n 292  \n 1,107  \n 39 \n\n  \n 7,725,421  \n 2,651,904  \n 58,981 \n\n \n\n \n13.\nADMINISTRATIVE EXPENSE\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nEmployee benefit expenses or labor cost (non-directors) \n 9,911,681  \n 271,607  \n 146,138 \n\nDirectors’ emoluments \n 840,000  \n 30,758  \n \n-\n \n\nAudit fee \n 248,989  \n 253,915  \n 298,516 \n\nProfessional and other service fee \n 53,454  \n 277,488  \n 480,646 \n\nDepreciation and amortization charges \n 249,583  \n 288,128  \n 286,334 \n\nDecoration \n \n-\n  \n \n-\n  \n 3,686 \n\nRental \n 46,238  \n 13,899  \n 81,304 \n\nTravelling and entertainment \n 126,614  \n 124,689  \n 74,861 \n\nImpairment loss of intangible assets \n 995,821  \n \n-\n  \n \n-\n \n\nOthers \n 1,102,389  \n 569,730  \n 705,391 \n\n  \n 13,574,769  \n 1,830,214  \n 2,076,876 \n\n \n\n \n14.\nFINANCE COSTS\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nInterest expenses on bank borrowings \n 40,925  \n 13,729  \n 5,187 \n\nInterest expenses on lease liabilities \n 246  \n 166  \n \n-\n \n\nTotal finance costs \n 41,171  \n 13,895  \n 5,187 \n\n \n\n \n15.\nINCOME TAX EXPENSE\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nPRC enterprises income tax: \n    \n    \n   \n\nCurrent tax \n 60,250  \n 744,225  \n \n-\n \n\n  \n 60,250  \n 744,225  \n \n-\n \n\n \n\nJin Xuan Luxury Tourism, Flower Crown\nChina and Heyang Travel are located in PRC and subject to the applicable enterprise income tax rate of 25%.\n\n \n\nKBS Fashion Group Limited was incorporated\nin the Marshall Island, and, under the current laws of the Marshall Island, is not subject to income taxes.\n\n \n\nF-27\n\n \n\n \n\nFlower Crown Holding was incorporated\nin the Cayman Islands, and, under the current laws of the Cayman Islands, is not subject to income taxes. \n\n \n\nFlower Crown (China) Holding Group Co.,\nLtd. was incorporated in Hong Kong, and, under the current laws of Hong Kong, is subject to income taxes of 16.5%.  Currently, Flower\nCrown (China) Holding Group Co., Ltd. is in accumulated loss, no income tax expense or deferred tax assets was considered.\n\n \n\nThe tax charge for the Company can be\ndivided into non-PRC entities and PRC entities. As for the non-PRC entities, all the entities are expense center and not subject to any\ntax and also no deferred tax assets are considered. The accumulated loss for the non-PRC as of December 31, 2025 is $72,051,804.\n\n \n\nThe following table reconciles the income\ntax calculated at statutory rate of China of 25% to the Company’s effective income tax for the years ended December 31, 2025, 2024\nand 2023:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\n(Loss)/profit before income tax \n (10,940,592) \n 3,818,032  \n 3,043,779 \n\nTax calculated at a tax rate of 25% \n (2,735,148) \n 954,508  \n 760,945 \n\nEffect of preferential tax rate \n 2,535,427  \n (416,084) \n 6,614 \n\nPermanent difference for non-deductible expense \n 11,759  \n 253,296  \n \n-\n \n\nPermanent difference for non-tax or favorable tax items \n (14,046) \n (27,069) \n \n-\n \n\nDeferred tax not provided for \n 650,321  \n 125,289  \n 6,260 \n\nUtilization of accumulated tax loss previously not recognized \n (388,063) \n (145,715) \n (773,819)\n\nIncome tax expense \n 60,250  \n 744,225  \n \n-\n \n\n \n\nPRC entities are operating entities\nand may be subject to income tax and deferred tax are considered. For prudence purpose, the Company did not consider the deferred tax\nassets for tax loss carried forward. The following is the analysis of the deferred tax balances for financial reporting purposes:\n\n \n\n  \n2025  \n2024  \n2023 \n\n  \nTemporary\ndifference  \nDeferred\ntax assets  \nTemporary\ndifference  \nDeferred\ntax assets  \nTemporary\ndifference  \nDeferred\ntax assets \n\nBeginning of the year \n 1,793,816  \n \n     -\n  \n 1,212,655  \n \n    -\n  \n 4,386,623  \n \n      -\n \n\nTax loss carried forward \n 305,592  \n \n-\n  \n 1,205,989  \n \n-\n  \n \n-\n  \n \n-\n \n\nReverse \n (1,552,250) \n \n-\n  \n (582,858) \n \n-\n  \n (2,847,182) \n \n-\n \n\nEffect of translation \n 43,888  \n \n-\n  \n (41,970) \n \n-\n  \n (326,786) \n \n-\n \n\nEnd of the year \n 591,046  \n \n-\n  \n 1,793,816  \n \n-\n  \n 1,212,655  \n \n-\n \n\n  \n\n \n16.\n(LOSS)/PROFIT FOR THE YEAR\n\n \n\n(Loss)/profit for the year has been arrived at after charging:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nCost of inventories recognized as expenses \n 71,087,414  \n 40,546,553  \n 26,377,223 \n\nAmortization of software \n 1,410,081  \n 938,979  \n \n-\n \n\nTaxes and surcharges \n 4,485  \n 2,440  \n 6,996 \n\nCost of sales \n 72,501,980  \n 41,487,972  \n 26,384,219 \n\n  \n    \n    \n   \n\nDepreciation of property, plant and equipment \n 242,114  \n 285,019  \n 286,334 \n\nAmortization of other intangible assets and ROU assets \n 3,454,657  \n 1,798,388  \n \n-\n \n\nShare-based compensation \n 9,478,350  \n 147,000  \n \n-\n \n\nImpairment of intangible assets \n 995,821  \n \n-\n  \n \n-\n \n\n \n\nF-28\n\n \n\n \n\n \n17.\nDIRECTORS’ EMOLUMENTS\n\n \n\nThe emoluments paid or payable to the\ndirectors of the Company were as follows:\n\n \n\n  \nYear ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nSalaries \n   \n   \n  \n\nSun Lei \n \n-\n  \n 15,379  \n \n     -\n \n\nLi Huidan \n 210,000  \n 15,379  \n \n-\n \n\nMu Ruifeng \n 210,000  \n \n-\n  \n \n-\n \n\nBaojun Zhu \n 210,000  \n \n-\n  \n \n-\n \n\nJin Yan \n 210,000  \n \n-\n  \n \n-\n \n\n  \n 840,000  \n 30,758  \n \n-\n \n\n \n\n \n18.\n(LOSS)/PROFIT PER SHARE\n\n \n\n  \nFor the years ended December 31, \n\n  \n2025  \n2024  \n2023 \n\nBasic (Loss)/Profit Per Share Numerator \n   \n   \n  \n\n(Loss)/profit for the year attributable to owners of the Company \n$(11,000,824) \n$3,073,834  \n$3,043,779 \n\n  \n 　  \n 　  \n   \n\nDiluted (Loss)/Profit Per Share Numerator \n 　  \n 　  \n   \n\n(Loss)/profit for the year attributable to owners of the Company \n$(11,000,824) \n$3,073,834  \n$3,043,779 \n\n  \n    \n    \n   \n\nBasic (Loss)/Profit Per Share Denominator \n    \n    \n   \n\nOriginal shares: \n 149,803  \n 101,053  \n 101,056 \n\nAdditions from actual events: \n 　  \n 　  \n 　 \n\n- Fractional common stock due to reverse split, weighted \n \n-\n  \n \n-\n  \n (2)\n\n- Issuance of common stock, weighted \n 471,519  \n 12,224  \n \n-\n \n\nBasic weighted average shares outstanding \n 621,322  \n 113,278  \n 101,054 \n\n  \n    \n    \n - \n\nDiluted (Loss)/Profit Per Share Denominator \n    \n    \n   \n\nBasic weighted average shares outstanding \n 621,322  \n 113,278  \n 101,054 \n\nDilutive shares: Potential additions from dilutive events: \n 　  \n 　  \n 　 \n\n- Conversion of preferred shares* \n \n-\n  \n 124,633  \n 5,050 \n\nDiluted Weighted Average Shares Outstanding: \n 621,322  \n 237,911  \n 106,104 \n\n  \n 　  \n    \n - \n\n(Loss)/Profit Per Share** \n 　  \n 　  \n 　 \n\n- Basic \n$(17.71) \n$27.14  \n$30.12 \n\n- Diluted \n$(17.71) \n$12.92  \n$28.69 \n\nWeighted Average Shares Outstanding* \n 　  \n 　  \n 　 \n\n- Basic \n 621,322  \n 113,278  \n 101,054 \n\n- Diluted \n 621,322  \n 237,911  \n 106,104 \n\n \n\n*** *There were no potential dilutive additions to diluted weighted shares outstanding as a result of the loss for the year ended December 31, 2025.*\n\n \n\n**** *The Company effected a 1:10 reverse stock split on April 26, 2023, a 1:4 reverse stock split on January 8, 2025, and a 1:15 reverse stock split on November 21, 2025, as a result, the basic and diluted shares and per share number for all years presented here are adjusted retrospectively.*\n\n \n\nF-29\n\n \n\n \n\n \n19.\nPROPERTY, PLANT AND EQUIPMENT\n\n \n\n**Owner-occupied Property**\n\n \n\n  \nProperty  \nOffice\nequipment  \nMotor\nvehicles  \nFurniture\nand\nfixtures  \nTotal \n\nCOST \n   \n   \n   \n   \n  \n\nAt December 31, 2023 \n 2,099,359  \n 4,822  \n 908,182  \n 930  \n 3,013,293 \n\nAdditions \n \n-\n  \n \n-\n  \n 396,710  \n \n-\n  \n 396,710 \n\nDisposal \n \n-\n  \n \n-\n  \n (439,189) \n \n-\n  \n (439,189)\n\nTranslation adjustment \n (57,349) \n (132) \n (24,206) \n (25) \n (81,712)\n\nAt December 31, 2024 \n 2,042,010  \n 4,690  \n 841,497  \n 905  \n 2,889,102 \n\nDisposal \n \n-\n  \n \n-\n  \n (89,369) \n \n-\n  \n (89,369)\n\nTranslation adjustment \n 89,410  \n 206  \n 34,362  \n 39  \n 124,017 \n\nAt December 31, 2025 \n 2,131,420  \n 4,896  \n 786,490  \n 944  \n 2,923,750 \n\n  \n    \n    \n    \n    \n   \n\nACCUMULATED DEPRECIATION AND IMPAIRMENT \n    \n    \n    \n    \n   \n\nAt December 31, 2023 \n (132,959) \n (3,664) \n (450,331) \n (802) \n (587,756)\n\nDepreciation for the year \n (65,594) \n (905) \n (218,439) \n (81) \n (285,019)\n\nDisposal \n \n-\n  \n \n-\n  \n 93,212  \n \n-\n  \n 93,212 \n\nTranslation adjustment \n 4,562  \n 113  \n 14,079  \n 23  \n 18,777 \n\nAt December 31, 2024 \n (193,991) \n (4,456) \n (561,479) \n (860) \n (760,786)\n\nDepreciation for the year \n (65,669) \n \n-\n  \n (176,445) \n \n \n  \n (242,114)\n\nDisposal \n \n-\n  \n \n-\n  \n 19,701  \n \n-\n  \n 19,701 \n\nTranslation adjustment \n (10,320) \n (195) \n (28,942) \n (37) \n (39,494)\n\nAt December 31, 2025 \n (269,980) \n (4,651) \n (747,165) \n (897) \n (1,022,693)\n\nCARRYING AMOUNT \n    \n    \n    \n    \n   \n\nAt December 31, 2025 \n 1,861,440  \n 245  \n 39,325  \n 47  \n 1,901,057 \n\nAt December 31, 2024 \n 1,848,019  \n 234  \n 280,018  \n 45  \n 2,128,316 \n\n** **\n\nDepreciation is provided on straight-line\nbasis for all property, plant and equipment over their estimated useful lives of the assets as follows:\n\n \n\n   Useful life  Residual\nValue \n\nProperty  30 years   5%\n\nOffice equipment  3 years   5%\n\nMotor vehicles  4 years   5%\n\nFurniture and fixtures  3 years   5%\n\n \n\nF-30\n\n \n\n \n\nProperty include buildings owned by the Company are set out below:\n\n \n\nLocation  Description  **Gross area (m2)** \n\n8-101 Bojingwan Beiyuan, Hexi District, Tianjing, the PRC *  Office   242 \n\n \n\n* The property was pledged to a Chinese Bank to secure the Company’s bank loan with principal amount of $500,493.\n\n \n\n \n20.\nINTANGIBLE ASSETS, NET\n\n \n\nIntangible assets, net, consists of the following: \n\n \n\n  \nSoftware  \nTrademark\nuse rights  \nTotal \n\nCOST \n   \n   \n  \n\nAt December 31, 2023 \n \n-\n  \n \n-\n  \n \n-\n \n\nAdditions \n 7,001,021  \n 11,854,260  \n 18,855,281 \n\nTranslation adjustment \n (58,603) \n (168,208) \n (226,811)\n\nAt December 31, 2024 \n 6,942,418  \n 11,686,052  \n 18,628,470 \n\nAdditions \n \n-\n  \n 5,565,217  \n 5,565,217 \n\nTranslation adjustment \n 303,980  \n 666,393  \n 970,373 \n\nAt December 31, 2025 \n 7,246,398  \n 17,917,662  \n 25,164,060 \n\n  \n    \n    \n   \n\nACCUMULATED AMORTIZATION AND IMPAIRMENT \n    \n    \n   \n\nAt December 31, 2023 \n \n-\n  \n \n-\n  \n \n-\n \n\nAmortization for the year \n (938,979) \n (1,795,279) \n (2,734,258)\n\nTranslation adjustment \n 13,323  \n 25,475  \n 38,798 \n\nAt December 31, 2024 \n (925,656) \n (1,769,804) \n (2,695,460)\n\nAmortization for the year \n (1,410,081) \n (3,447,188) \n (4,857,269)\n\nImpairment loss for the year * \n \n-\n  \n (995,821) \n (995,821)\n\nTranslation adjustment \n (79,729) \n (201,004) \n (280,733)\n\nAt December 31, 2025 \n (2,415,466) \n (6,413,817) \n (8,829,283)\n\n  \n    \n    \n   \n\nCARRYING AMOUNT \n    \n    \n   \n\nAt December 31, 2025 \n 4,830,932  \n 11,503,845  \n 16,334,777 \n\nAt December 31, 2024 \n 6,016,762  \n 9,916,248  \n 15,933,010 \n\n \n\nAs of April 15, 2024, the receivable balance of\n$7,000,000 was fully settled by means of acquisition of a wholly owned subsidiary and the intangible assets (software). The purchase consideration\nof $7,000,000 was allocated to the additions of intangible asset - software based on their relative fair values at the acquisition date,\nwhich amounting to $7,001,021 in accordance with IFRS 3 paragraph 2(b).\n\n \n\n*The Company assessed the recoverable amount of each trademark\nright. As at December 31, 2025, the expected discounted future cash flows for 4 out of the 12 trademark rights were lower than their\nrespective carrying amounts. Accordingly, an aggregate impairment provision of $995,821 was recognized for the 2025 financial year.\n\n \n\nFuture estimated amortization expense of intangible\nassets is as follows:\n\n \n\nBy December 31, 2026 \n$5,766,869 \n\nBy December 31, 2027 \n 5,307,564 \n\nBy December 31, 2028 \n 4,101,756 \n\nBy December 31, 2029 \n 1,158,588 \n\nBy December 31, 2030 \n \n-\n \n\nTotal \n$16,334,777 \n\n \n\nThe amortization of intangible assets during 2025 and 2024 was $4,857,269\nand $2,734,258, respectively.\n\n \n\nF-31\n\n \n\n \n\n \n21.\nTRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS\n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nTrade receivables \n \n    -\n  \n 102 \n\nBad debt provision for trade receivables \n \n-\n  \n \n-\n \n\n  \n \n-\n  \n 102 \n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nOther receivables \n 164,688  \n 106,116 \n\nPrepayments \n 23,859,070  \n 10,323,846 \n\n  \n 24,023,758  \n 10,429,962 \n\n \n\n* On October 19, 2022, the Company entered into a stock purchase agreement with a Purchaser and closed the transaction pursuant to the terms of the Stock Purchase Agreement, resulting in the Company’s sale of 20,000 shares of common stock (the “Shares”) in Hongri International Holding Limited (“Hongri”), constituting all of the issued and outstanding capital stock in Hongri, in consideration for $10,000,000.\n\n \n\nThe Purchaser issued to the Company\na 5% promissory note in the principal amount of $10,000,000, in payment of the Purchase Price (the “Note”). The Note is payable\nin four installments, on the following dates and in the following amounts: (a) $1,000,000, together with an accrued interest, is payable\non or before November 19, 2022; (b) $2,000,000, together with an accrued interest, is payable on or before April 19, 2023; (c) $3,000,000,\ntogether with an accrued interest, is payable on or before April 19, 2024, and (d) the remaining $4,000,000, together with an accrued\ninterest, is payable on or before October 19, 2024.\n\n \n\nAs of April 15, 2024, the receivable\nbalance of $7,000,000 was fully settled by means of acquisition of a wholly owned subsidiary and the intangible assets (software). The\nacquisition of the subsidiary is considered as the acquisition of assets because there was no operation in the acquired subsidiary. The\nacquired of a group of assets does not constitute a business and those do not meets the definition of business combination under IFRS\n3. The purchase consideration of $7,000,000 was allocated to the identifiable assets acquired based on their relative fair values at the\nacquisition date, in accordance with IFRS 3 paragraph 2(b).\n\n \n\nThe fair value of trade and other receivables\nhave not been disclosed as, due to their short duration, management considers the carrying amounts recognized in the consolidated statements\nof financial position to be reasonable approximation of their fair values.\n\n \n\nPrepayments include advances to suppliers for merchandised goods, prepaid\nexpenses and prepaid income tax. As of December 31, 2025, the prepayments include advances to suppliers for merchandised goods of $23,859,070.\n\n \n\nThe aging analysis of trade receivables\nis as follows:\n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nLess than 4 months \n \n-\n  \n 102 \n\n  \n \n-\n  \n 102 \n\n \n\nThe provision for doubtful debts is\nrecorded using a provision account unless the Company is satisfied that recovery is remote, in which case the unrecovered loss is written\noff against trade receivables and the provision for doubtful debts directly. The Company does not hold any collateral over these balances.\n\n \n\n \n22.\nCASH AND CASH EQUIVALENTS\n\n \n\n  \n As at December 31, \n\n  \n2025  \n2024 \n\nBank deposits \n 491,624  \n 1,052,823 \n\nOther monetary funds \n 209,103  \n 131,633 \n\n  \n 700,727  \n 1,184,456 \n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nRenminbi \n 666,725  \n 1,167,272 \n\nHong Kong Dollars \n 34,002  \n 17,184 \n\n  \n 700,727  \n 1,184,456 \n\n \n\nF-32\n\n \n\n \n\nCash and cash equivalents comprise cash\nheld by the Company and short-term deposits with an original maturity of three months or less. Majority of our cash is deposited with\nfinancial institution in the PRC. Remittance of funds out of the PRC is subject to the exchange restrictions imposed by the PRC government.\n\n \n\n \n23.\nSHORT-TERM BANK LOAN\n\n \n\n**Summary of short-term bank loan**\n\n \n\n   Annual\nInterest   Maturity  December 31,   December 31, \n\n   Rate   date  2025   2024 \n\nIndustrial Bank (i)   2.6%  December 24, 2026  1,072,486   1,027,496 \n\nIndustrial Bank (ii)   2.8%  May 6, 2026  500,493   616,497 \n\nTotal          1,572,979   1,643,993 \n\n \n\n  (i) The bank loan is secured by a property of the Chairman and guaranteed by the CEO and Chairman of the Company.\n\n \n\n  (ii) The bank loan is secured by a property of the Company and guaranteed by the CEO and Chairman of the Company.\n\n \n\n24.NOTE PAYABLE\n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nNote payables \n 2,120,000  \n \n    -\n \n\n  \n 2,120,000  \n \n-\n \n\n \n\nOn February 17, 2025, the Company issued to Huidan Li, the Co-Chairman\nof the board of directors of the Company, a negotiable promissory note (the “Note”), in the principal amount of $3,500,000\n(the “Principal Amount”). The Note is transferable, does not bear interest, and is due on demand. The Principal Amount of\nthe Note represented the amount of the continuous advances of funds to the Company by the Chairman for a period of over 3 years. On April\n21, 2025, Huidan Li, the Co-Chairman transferred and assigned to six (6) investors (the “Assignees”) an aggregate of $1,380,000,\nrepresenting a portion of the principal amount under the 2025 Original Note (the “Total Assigned Debt”), with each Assignee\nto be assigned a portion of the Total Assigned Debt equal to $230,000 (the “Assignment”), in consideration of the purchase\nprice of $230,000 from each Assignee. Upon Huidan Li, the Co-Chairman assignment of the Total Assigned Debt to Assignees, the Company\nissued to Huidan Li, the Co-Chairman, a new promissory note in principal amount of $2,120,000, representing the total remaining outstanding\namount due to Huidan Li, the Co-Chairman under the 2025 Original Note, on the terms of the 2025 Original Note. As of December 31, 2025,\n$1,380,000 was converted into preferred F shares as disclosed in Note 29.\n\n \n\n \n25.\nTRADE AND OTHER PAYABLES\n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nTrade payables \n 4,427,737  \n 416,987 \n\nEmployee benefits payable \n 28,800  \n 22,723 \n\nAccrued directors’ emoluments \n 840,000  \n \n-\n \n\nAccrual and other payables \n 1,279,680  \n 2,172,481 \n\n  \n 6,576,217  \n 2,612,191 \n\n \n\nThe fair value of trade and other payables\nhave not been disclosed as, due to their short duration, management considers the carrying amounts recognized in the consolidated statements\nof financial position to be reasonable approximation of their fair values.\n\n \n\nTrade payables comprise amounts outstanding\nfor trade purchase. The aging analysis of trade payables is as follows:\n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nPast due for less than 4 months \n 4,427,737  \n 416,987 \n\n  \n 4,427,737  \n 416,987 \n\n \n\n \n26.\nCONTRACT LIABILITY\n\n \n\n  \nAs at December 31, \n\n  \n2025  \n2024 \n\nContract liability \n 205,079  \n \n-\n \n\n  \n 205,079  \n \n-\n \n\n \n\nContract liability represents the payments\nreceived from the customer but the obligation to transfer services yet to be delivered to the customer.\n\n \n\nF-33\n\n \n\n \n\n \n27.\nRELATED PARTIES PAYABLE\n\n \n\n(1) Nature of relationship with related parties\n\n \n\n**Name**   **Relationship with the Company**\n\nYan, Keyan   EX-chairman of the Board of Directors and interim Chief Financial Officer\n\nSun, Lei   Chief Executive Officer and Co-chairman of the Board of Directors\n\nLi Huidan   Co-Chairman of the Board of Directors\n\nMu Ruifeng   Director\n\nJin Yan   Director\n\n \n\n(2) Significant balances between the Company and the above related parties:\n\n \n\n      As at December 31, \n\nName  Nature  2025   2024 \n\nLi, Huidan  Borrowing of funds   2,048,901    2,423,433 \n\nSun, Lei  Borrowing of funds   5,177,309    1,359,982 \n\n       7,226,210    3,783,415 \n\n \n\nRelated parties payables were unsecured,\nnon-interest bearing and repayment on demand.\n\n \n\n(3) Significant related parties transactions\nbetween the Company and the above related parties:\n\n \n\nDuring 2024, the Company disposed a\nvehicle to Sun Lei with proceeds of $222,354.\n\n \n\nDuring 2024, a bank loan of $1,643,993\nof the Company was guaranteed by Sun Lei and Li Huidan.\n\n \n\nDuring 2025, the Company disposed a\nvehicle to Li Huidan with proceeds of $13,913.04.\n\n \n\nDuring 2025, a bank loan of $1,572,979\nof the Company was guaranteed by Sun Lei and Li Huidan.\n\n \n\nDuring 2025, the Company issued 190,200\nshares to Sun Lei to offset its payable of $2,510,000 to her.\n\n \n\nOn January 3, 2026, the Company issued\nan aggregate of 140,000 shares of common stock (the “Bonus Shares”) to the four members of the Board, who are the Co-Chairman,\nHuidan Li, and the three independent directors, Baojun Zhu, Mu Ruifeng and Jin Yan. Each such director received 35,000 shares of common\nstock as compensation for such director’s services for the fiscal year ended 2025.\n\n \n\n \n28.\nRIGHTS\n\n \n\nOn March 12, 2021, the Company announced\nthe authorization and declaration of a dividend distribution of one right for each outstanding share of common stock, par value $0.0001\nper share, of the Company to stockholders of record as of the close of business on March 31, 2021. Each Right will entitle the holder\nto purchase, for the Exercise Price of $50, 0.00667 of a share of Preferred Stock having economic and other terms similar to that of one\nshare of Common Stock. This portion of a share of Preferred Stock is intended to give the stockholder approximately the same dividend,\nvoting and liquidation rights as would one share of Common Stock, and should approximate the value of one share of Common Stock.\n\n \n\nIf an Acquiring Person obtains beneficial\nownership of 15 percent or more of the Common Stock, then each Right will entitle the holder thereof to purchase, for the Exercise Price,\na number of shares of Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a then-current\nmarket value of twice the Exercise Price. All Rights that are or, under certain circumstances specified in the Rights Agreement, were\nbeneficially owned by an Acquiring Person or certain of its transferees will be void.\n\n \n\nIn general, if anyone acquires 15% or\nmore of the common stock of the Company, the Rights will give rights holders, other than the Acquiring Person, to buy common stock at\nlower price to significantly dilute the Acquiring Person. The Board adopted the Rights Agreement to protect stockholders from coercive\nor otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group that acquires\n15 percent or more of the shares of Common Stock without the approval of the Board. As a result, the overall effect of the Rights Agreement\nand the issuance of the Rights may be to render more difficult or discourage a merger, tender or exchange offer or other business combination\ninvolving the Company that is not approved by the Board.\n\n \n\nF-34\n\n \n\n \n\nAs of December 31, 2025, there are 4,233,272\nrights issued and outstanding. The number of the rights since issued has not been changed.\n\n \n\nThe Company classified the Rights as\npermanent equity in the consolidated balance sheets because they are convertible to preferred B share which are further convertible to\ncommon stock of the Company. The Preferred Shares are recorded initially at fair value, net of issuance costs.\n\n \n\nThe fair value of the rights was determined\nusing a Black-Scholes model. This model requires the input of highly subjective assumptions, including price volatility of the underlying\nstock. Changes in the subjective input assumptions can materially affect the estimate of fair value of the rights and the Company’s\nresults of operations could be impacted. This model is dependent upon several variables such as the instrument’s expected term,\nexpected strike price, expected risk-free interest rate over the expected instrument term, the expected dividend yield rate over the expected\ninstrument term, and the expected volatility of the Company’s stock price over the expected term. The expected term represents the\nperiod of time that the instruments granted are expected to be outstanding. The expected strike price is based upon a weighted average\nprobability analysis of the strike price changes expected during the term as a result of the down round protection. The risk-free rates\nare based on U.S. Treasury securities with similar maturities as the expected terms of the options at the date of valuation. Expected\ndividend yield is based on historical trends. The Company measures volatility using the volatility rates of market index.\n\n \n\nThe inputs to the model were as follows:\n\n \n\n  \nAs of the\ndate of\ngrant \n\nExercise price \n 50 \n\nDividend yield \n \n-\n \n\nRisk-free rate \n 1.54%\n\nExpected term (in years) \n 10 \n\nExpected volatility \n 79.68%\n\n \n\n \n29.\nSHARE CAPITAL AND SHARE PREMIUM\n\n \n\n*The number of shares in this Note\n28 reflects the 1:10 reverse stock split of common stock of the Company, effective on April 26, 2023, the 1:4 reverse stock split of common\nstock of the Company, effective on January 8, 2025, and 1:15 reverse stock split of common stock of the Company, effective on November\n21, 2025.*\n\n \n\nThe details of the Company’s share\ncapital are as follows:\n\n \n\n  \nNumber of\nshares  \nShare\ncapital  \nShare\npremium \n\nShares outstanding as December 31, 2023 \n 101,053  \n 606  \n 77,965,011 \n\nShares issued for compensation \n 1,667  \n 10  \n 146,990 \n\nConversion of preferred shares \n 47,083  \n 283  \n 847,217 \n\nShares outstanding as December 31, 2024 \n 149,803  \n 899  \n 78,959,218 \n\nShares issued for compensation \n 666,667  \n 1,000  \n 9,477,350 \n\nConversion of preferred shares \n 419,583  \n 462  \n 3,052,038 \n\nLiabilities convert to shares \n 190,200  \n 285  \n 2,509,715 \n\nFace value changes and fractional shares due to reverse stock split \n 269  \n (2,503) \n 2,503 \n\nShares outstanding as December 31, 2025 \n 1,426,522  \n 143  \n 94,000,824 \n\n \n\n  \nNumber of\nshares  \nShare\ncapital  \nShare\npremium \n\nAuthorized Common shares of US$0.0001 as at December 31, 2025 \n 150,000,000  \n$15,000  \n$\n-\n \n\nIssue and fully paid common shares of US$0.0001 as at December 31, 2023 \n 101,053  \n 606  \n$77,965,011 \n\nIssue and fully paid common shares of US$0.0001 as at December 31, 2024 \n 149,803  \n 899  \n$78,959,218 \n\nIssue and fully paid common shares of US$0.0001 as at December 31, 2025 \n 1,426,522  \n 143  \n$94,000,824 \n\n \n\nPreferred Stock\n\n \n\nThe Company is authorized to issue 5,000,000\npreferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined by the Company’s\nboard of directors.\n\n \n\nOn April 8, 2021, the Company issued\n1,500,000 shares of our newly-designated Series A Convertible Preferred Stock to a single investor for total subscription proceeds of\n$1,500,000. Each Series A Convertible Preferred Stock features a stated value of $1.00 and is convertible to 0.1 share of our common stock\nat any time after 6 months from the date of issue. All shares of common stock issuable upon conversion of the Series A Preferred Stock\nare subject to a two-year lock-up agreement running from the initial closing of the financing.\n\n \n\nF-35\n\n \n\n \n\nOn September 1, 2021, the Company issued\n150,000 shares of our newly-designated Series C Convertible Preferred Stock to Sun Lei, our Chief Executive Officer for total subscription\nproceeds of $1,500,000 of a private offering. A Series C Convertible Preferred Stock features a stated value of $10.00 and is convertible\nto shares of our common stock on a 1 to 0.5 basis at any time after 6 months from the date of issue. Series C Convertible Preferred Stock\nvotes together without common stock on an as-if-converted basis, which is not exercisable for one year, has no special dividend rights,\nand ranks equally to our common stock with respect to rights upon liquidation. All shares of common stock issuable upon conversion of\nthe Series C Preferred Stock are subject to a one-year lock-up agreement running from the initial closing of the financing.\n\n \n\nOn November 1, 2021, the “Company\nclosed the private placement offering (the “Offering”) of its newly-designated Series D Convertible Preferred Stock, par value\n$0.0001 per share (“Series D Convertible Preferred Stock”), in which the Company issued 100,000 shares of Series D Convertible\nPreferred Stock (the “Shares”) for the total gross proceeds of $3,900,000. As stated in the Certificate of Designation, shares\nof Series D Convertible Preferred Stock vote together with holders of shares of common stock, par value $0.0001 per share (the “Common\nStock”) of the Company on an as-if-converted basis; have no special dividend right, ranks equal to the Common Stock with respect\nto rights upon liquidation and are convertible into shares of Common Stock on a 1 to 1.3 basis at any time following the issuance.\n\n \n\nOn August 26, 2024, the Company entered\ninto a debt exchange agreement (the “2024 Exchange Agreement”), pursuant to which, the note holders of the Company agreed\nto cancel the total amount of the Company’s indebtedness issued to each Holder in exchange for the issuance of shares of a new series\nof the Company’s preferred stock, designated as Series E Convertible Preferred Stock (the “Series E Stock”), pursuant\nto the terms and subject to conditions set forth in the 2024 Exchange Agreement. Upon satisfaction of the closing conditions, at the Closing,\nthe Company will issue an aggregate of 1,000,000 shares of Series E Stock (the “Series E Shares”) to the note holders at the\nexchange price of $3.00 per share, in consideration of cancellation of the total outstanding debt by the Company to the note holders with\naggregate amount of $3,000,000. Pursuant to the terms of the Certificate of Designation of Series E Stock, Series E Shares features a\nstated value of $3.00 per share and are convertible to shares of the Company’s common stock at the conversion rate of 1 for 10,\nsuch as each Series E Share to be converted into 10 shares of the Company’s common stock without the payment or any additional consideration\nby the Holder thereof. Such conversion is subject to the following schedule: (i) up to 30% of the Series E Shares issued to each Holder\nmay be converted by such Holder at any time from the date of the issuance; (ii) up to additional 30% of the Series E Shares counted on\nthe date of the issuance may be converted by such Holder at any time after 90 days from the date of the issuance; (iii) up to 40% of the\nSeries E Shares counted on the date of the issuance may be converted by such Holder after six (6) months from the date of the issuance.\nIf any Series E Shares remain outstanding on or after March 14, 2025, the Company will have the right, but not the obligations, to require\nthe Holder of such Series E Shares to convert them into the number of fully paid and non-assessable shares of common stock as would result\nfrom multiplying the number of Series E Shares by 10. Holders of Series E Shares vote together with holders of shares of common stock\non a one-for-one basis, without regard to the number of shares of common stock into which each Series E Share is convertible, have no\nspecial dividend rights, and ranks equally to our common stock with respect to rights upon liquidation.\n\n \n\nOn April 22, 2025, the Company and the\nHolders entered into a debt exchange agreement (the “Exchange Agreement”), pursuant to which, the Holders agreed to cancel\nthe total amount of the Company’s indebtedness under the Assignee Notes, in exchange for the issuance of an aggregate of 69,000\nshares (each Holder to receive 11,550 shares) of a new series of the Company’s preferred stock, designated as Series F Convertible\nPreferred Stock (the “Series F Stock”), at the exchange price of $20.00 per share. As contemplated by the terms, and subject\nto conditions, of the Exchange Agreement, the closing of the transactions contemplated by the Exchange Agreement (the “Closing”)\nis scheduled to occur on or about May 16, 2025, upon satisfaction of certain conditions, including, among other things (i) the Company’s\nsubmission of Listing of Additional Shares Notification Form with Nasdaq Capital Market at least 15 calendar days prior to the issuance\nof the shares of Series F Stock; (ii) obtaining the shareholder approval for the issuance of 20% or more of the Company’s issued\nand outstanding share capital, as required by Nasdaq Marketplace Rule 5635(d); and (iii) filing of the Certificate of Designation of Preferences,\nRights and Limitations of Series F Convertible Preferred Stock (the “Certificate of Designation of Series F Stock”) with the\nRegistrar of the Corporation under the Marshall Island Business Corporations Act (the “BCA”), establishing the Series F Stock.\n\n \n\nHolders of Series A, C, D, E and F Convertible\nPreferred Stock converted certain preferred stock to common stock during 2021,2024 and 2025. Following table shows the changes of the\npreferred stock during 2023, 2024 and 2025:\n\n \n\n  \nPreferred A  \nPreferred C  \nPreferred D  \nPreferred E  \nPreferred F  \nTotal \n\n  \nShares  \nAmount $  \nShares  \nAmount $  \nShares  \nAmount $  \nShares  \nAmount $  \nShares  \nAmount  \nShares  \nAmount $ \n\nAt December 31, 2023 　 \n 1,240,000  \n 1,240,000  \n 150,000  \n 1,500,000  \n 80,000  \n 3,120,000  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 1,470,000  \n 5,860,000 \n\nIssued 　 \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 1,000,000  \n 3,000,000  \n \n-\n  \n \n-\n  \n 1,000,000  \n 3,000,000 \n\nConverted 　 \n    \n    \n    \n    \n    \n    \n (282,500) \n (847,500) \n \n-\n  \n \n-\n  \n (282,500) \n (847,500)\n\nAt December 31, 2024 　 \n 1,240,000  \n 1,240,000  \n 150,000  \n 1,500,000  \n 80,000  \n 3,120,000  \n 717,500  \n 2,152,500  \n \n-\n  \n \n-\n  \n 2,187,500  \n 8,012,500 \n\nIssued 　 \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 　  \n 　  \n 69,000  \n 1,380,000  \n 69,000  \n 1,380,000 \n\nConverted 　 \n    \n    \n    \n    \n    \n    \n (717,500) \n (2,152,500) \n (45,000) \n (900,000) \n (762,500) \n (3,052,500)\n\nAt December 31, 2025 　 \n 1,240,000  \n 1,240,000  \n 150,000  \n 1,500,000  \n 80,000  \n 3,120,000  \n \n-\n  \n \n-\n  \n 24,000  \n 480,000  \n 1,494,000  \n (1,672,500)\n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCommon shares convertible after 1:4 reverse share split \n 2,067  \n N/A  \n 1,250  \n N/A  \n 1,733  \n N/A  \n \n-\n  \n N/A  \n 40,000  \n N/A  \n 45,050  \n \nN/A\n \n\n \n\n36\n\n \n\n \n\nThe Company classified all Preferred\nShares as permanent equity in the consolidated balance sheets because they are not redeemable and convertible to common stock of the Company.\nThe Preferred Shares are recorded initially at fair value, net of issuance costs. The Preferred Shares A, C, D, E and F can be converted\ninto 45,050 shares of common stock of the Company.\n\n \n\nCommon Stock\n\n \n\nThe Company is authorized to issue\n150,000,000 shares of common stock with a par value of $0.0001 per share.\n\n \n\nNo shares were issued during year 2023.\n\n \n\nOn August 1, 2024, the Company issued1,667\nshares at $88.18 per share (adjusted to reflect 1:4 reverse stock split and 1:15 reverse stock split) to a service provider for in lieu\nof its compensation.\n\n \n\nIn September and October 2024, the Company\nissued 47,083 shares at $18 per share (adjusted to reflect 1:4 reverse stock split and 1:15 reverse stock split) to certain preferred\nE shares holders to satisfy their conversion requests.\n\n \n\nIn January and March 2025, the Company\nissued 119,583 shares at $18.00 per share (adjusted to reflect 1:15 reverse stock split) to certain preferred E shares holders to satisfy\ntheir conversion requests.\n\n \n\nIn June, August, September and December\n2025, the Company issued 300,000 shares at $3.00 per share (adjusted to reflect 1:15 reverse stock split) to certain preferred F shares\nholders to satisfy their conversion requests.\n\n \n\nIn July 2025, the Company issued 33,337\nshares at $15.30 per share (adjusted to reflect 1:15 reverse stock split) to the CEO to offset its payable of $510,000 to her.\n\n \n\nIn September 2025, the Company issued\n156,863 shares at $12.75 per share (adjusted to reflect 1:15 reverse stock split) to the CEO to offset its payable of $2,000,000 to her.\n\n \n\nOn July 17 2025, the Company issued\n16,667 shares at $16.05 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn July 19 2025, the Company issued\n16,667 shares at $15.60 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn July 22 2025, the Company issued\n16,667 shares at $19.35 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn July 23 2025, the Company issued\n16,667 shares at $16.35 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn July 25 2025, the Company issued\n16,667 shares at $17.10 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn July 27 2025, the Company issued\n16,667 shares at $17.10 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn July 31 2025, the Company issued\n33,333 shares at $15.15 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn August 3 2025, the Company issued\n33,333 shares at $15.15 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn August 10 2025, the Company issued\n50,000 shares at $15.23 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn August 13 2025, the Company issued\n50,000 shares at $14.53 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nF-37\n\n \n\n \n\nOn August 18 2025, the Company issued\n50,000 shares at $14.10 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn September 1 2025, the Company issued\n50,000 shares at $14.55 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn September 7 2025, the Company issued\n50,000 shares at $13.65 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn September 8 2025, the Company issued\n50,000 shares at $13.52 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn September 19 2025, the Company issued\n50,000 shares at $12.67 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn September 26 2025, the Company issued\n50,000 shares at $12.12 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn September 30 2025, the Company issued\n50,000 shares at $12.37 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\nOn October 6 2025, the Company issued\n50,000 shares at $12.79 per share (adjusted to reflect 1:15 reverse stock split) to employees for their compensation.\n\n \n\n \n30.\nOTHER RESERVE\n\n \n\nStatutory surplus reserve\n\n \n\nAs stipulated by the relevant laws and\nregulations applicable to China’s foreign investment enterprises, the Company’s PRC subsidiaries are required to maintain\na statutory surplus reserve which is non-distributable. Appropriations to such reserve are made out of net profit after tax of the statutory\nfinancial statements of the PRC subsidiaries at the amounts determined by their respective boards of directors annually up to 50% of authorized\ncapital, but must not be less than 10% of the net profit after tax.\n\n \n\nThe statutory surplus reserve can be\nused for making up losses of the Company entities in Mainland China, if any. The statutory surplus reserve may also be used to increase\ncapital or to meet unexpected or future losses. The statutory surplus reserve is non-distributable other than upon liquidation.\n\n \n\nThe statutory surplus reserve of the\nCompany amounts to nil and nil at December 31, 2025 and 2024, respectively.\n\n \n\nRetained profits/ (accumulated deficits)\n\n \n\nThe retained profits/(accumulated deficits)\ncomprise the cumulative net gains and losses recognized in the Company’s income statement.\n\n \n\nForeign currency translation reserve\n(other comprehensive income)\n\n \n\nForeign currency translation reserve\nrepresents the foreign currency translation difference arising from the translation of the financial statements of companies within the\nCompany from their functional currency to the Company’s presentation currency.\n\n \n\nF-38\n\n \n\n \n\n \n31.\nLEASE\n\n \n\nThe Company primarily has operating\nleases for administrative office or employees’ dormitories, through third-parties. A summary of supplemental balance sheet information\nrelated to operating leases as of December 31, 2025 and 2024 was as follows:\n\n \n\n   As of\nDecember 31,\n\n2025   As of\nDecember 31,\n2024 \n\nLease right-of-use assets, net  $4,364   $11,868 \n\n           \n\nLease liabilities, current   4,454    7,477 \n\nLease liabilities, non-current   \n-\n    4,463 \n\n           \n\nTotal lease liabilities  $4,454   $11,940 \n\n           \n\nWeighted average remaining lease term   7 months    19 months \n\n           \n\nWeighted average discount rate*   2.9%   2.9%\n\n \n\n* The discount rate is based on its incremental internal bank loan borrowing rate.\n\n \n\nA summary of lease expenses recognized\nin the consolidated statement of income and comprehensive income(loss) for the year ended December 31, 2025 and 2024 and supplemental\ncash flow information related to operating leases were as follows:\n\n \n\n  \nFor the\nyear ended\nDecember 31,\n2025  \nFor the\nyear ended\nDecember 31,\n2024 \n\nOperating lease expenses – short-term lease \n$46,238  \n$13,899 \n\nInterest for lease liability \n 246  \n 166 \n\nRight-of-use assets amortization \n 7,469  \n 3,109 \n\n** **\n\nMinimum future lease payments under\nnon-cancellable operating leases described above as of December 31, 2025 were as follows:\n\n \n\n  \nAs of\n\nDecember 31,\n\n2025 \n\nBy December 31, 2026 \n$4,497 \n\nBy December 31, 2027 \n$\n-\n \n\nTotal future lease payments \n 4,497 \n\n  \n   \n\nLess: present value discount \n (43)\n\nTotal operating lease liabilities \n$4,454 \n\n \n\n \n32.\nBORROWINGS\n\n \n\nA reconciliation of liabilities arising from financing activities excluding\nbank overdrafts is as follows:\n\n \n\n  \nJanuary 1,\n2025  \nCashflows  \nInterest  \nForeign\ncurrency\ntranslation\ndifference\nand others  \nDecember 31,\n2025 \n\nLease liabilities \n   \n   \n   \n   \n  \n\n- current \n 7,477  \n (7,696) \n 246  \n 4,427  \n 4,454 \n\n- non-current \n 4,463  \n \n-\n  \n \n-\n  \n (4,463) \n \n-\n \n\nBank borrowings \n 1,643,993  \n (180,055) \n 40,925  \n 68,116  \n 1,572,979 \n\n \n\nF-39\n\n \n\n \n\n \n33.\nRISK MANAGEMENT AND FAIR VALUES\n\n \n\n \n1.\nCapital risk\n\n \n\nThe Company manages its capital to\nensure that entities in the Company will be able to continue as a going concern while maximizing the return to owners through the optimization\nof the debt and equity balance. The Company’s overall strategy remains unchanged during the year.\n\n \n\nThe capital structure of the Company\nconsisted of borrowings net of bank balances and cash, and equity attributable to owners of the Company comprising issued share capital\nand various reserves.\n\n \n\nThe directors of the Company review\nthe capital structure regularly. As part of this review, the Company considers the cost of capital and the risks associated with each\nclass of capital, and will balance its overall capital through the payment of dividends, new share issues as well as the issue of new\ndebt or the redemption of existing debt.\n\n \n\nThe Company monitors capital using\nthe Gearing Ratio, which is net debt divided by total equity. Net debt represents borrowings less cash and cash equivalents. The Company\nmet its objective by minoring borrowing activities.\n\n \n\nThe Company and its subsidiaries are\nnot subject to externally imposed capital requirements.\n\n \n\n \n \n**December 31,\n2025**\n \n \n**December 31,\n2024**\n \n\nTotal borrowing\n \n \n1,572,979\n \n \n \n1,643,993\n \n\nLess: cash and cash equivalents\n \n \n (700,727\n)\n \n \n(1,184,456\n)\n\nNet debt\n \n \n872,252\n \n \n \n459,537\n \n\nShareholders’ equity\n \n \n24,433,748\n \n \n \n20,902,536\n \n\nTotal capital\n \n \n25,306,000\n \n \n \n21,362,073\n \n\nGearing ratio\n \n \n3.57\n%\n \n \n2.20\n%\n\n \n\n \n2.\nFinancial risk\n\n \n\nFinancial risk management objectives\nand policies\n\n \n\nThe Company’s major financial\ninstruments include trade and other receivables, related parties receivables, cash and cash equivalents, trade and other payables, related\nparties payables and short-term loans. Details of these financial instruments are disclosed in the respective notes. The risks associated\nwith these financial instruments include credit risk, market risk (interest rate risk and currency risk) and liquidity risk. The policies\non how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are\nimplemented on a timely and effective manner.\n\n \n\n \n3.\nMarket risk\n\n \n\n \n(i)\nForeign currency risk\n\n \n\nWhile our reporting currency is the U.S.\ndollar, substantially all of our consolidated revenues and consolidated costs and expenses are denominated in RMB. Substantially all of\nour assets are denominated in RMB. As a result, we are exposed to foreign exchange risk as our revenues and results of operations may\nbe affected by fluctuations in the exchange rate between the U.S. dollar and the RMB. If the RMB depreciates against the U.S. dollar,\nthe value of our RMB revenues, earnings and assets as expressed in our U.S. dollar financial statements will decline. Assets and liabilities\nare translated at exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and\nequity is translated at historical exchange rates. Any resulting translation adjustments are not included in determining net income but\nare included in determining other comprehensive income, a component of equity. As of December 31, 2024, our accumulated other comprehensive\nloss was $1.0 million. We have not entered into any hedging transactions in an effort to reduce our exposure to foreign exchange risk.\n\n \n\nF-40\n\n \n\n \n\n \n(ii)\nInterest rate risk\n\n \n\nWe deposit surplus funds with Chinese\nbanks earning daily interest. We do not invest in any instruments for trading purposes. Most of our outstanding debt instruments carry\nfixed rates of interest. Our operations generally are not directly sensitive to fluctuations in interest rates and we currently do not\nhave any long-term debt outstanding. Management monitors the banks’ prime rates in conjunction with our cash requirements to determine\nthe appropriate level of debt balances relative to other sources of funds. We have not entered into any hedging transactions in an effort\nto reduce our exposure to interest rate risk.\n\n \n\n \n4.\nCredit risk\n\n \n\nAs at December 31, 2025, the Company’s maximum exposure to credit\nrisk which will cause a financial loss to the Company due to failure to perform an obligation by the counterparties is arising from the\ncarrying amount of the respective recognized financial assets as stated in the consolidated statement of financial position.\n\n \n\nIn order to minimize the credit risk,\nthe management of the Company has delegated a team responsible for determination of credit limits, credit approvals and other monitoring\nprocedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Company reviews the recoverable amount\nof each individual trade debt at the end of each reporting period to ensure that adequate impairment losses are made for irrecoverable\namounts. In this regard, the directors of the Company consider that the Company’s credit risk is significantly reduced.\n\n \n\nThe Company’s exposure to credit\nrisk on receivables in influenced mainly by the individual characteristics of each customer therefore concentrations of credit risk primarily\narise when the Company has significant exposure to individual customers. In order to minimize the credit risk, management continuously\nmonitors the level of exposure to ensure that follow-up actions and/or corrective actions are taken promptly to lower the risk exposure\nor to recover overdue balances.\n\n \n\n \n5.\nLiquidity risk\n\n \n\nIn the management of the liquidity\nrisk, the Company monitors and maintains a level of cash and bank balances deemed adequate by the management to finance the Company’s\noperations and mitigate the effects of fluctuations in cash flows. The management monitors the utilization of bank borrowings and ensures\ncompliance with loan covenants.\n\n \n\nLiquidity tables\n\n \n\nThe following tables detail the Company’s\nremaining contractual maturity for its non-derivative financial liabilities as at December 31, 2025 based on agreed repayment terms. The\ntables have been drawn up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can\nbe required to pay. The tables include both interest and principal cash flows.\n\n \n\nAs at December 31, 2025\n\n \n\n  \nWithin\n1 year  \nOver\n1 year  \nTotal \n\nShort-term bank loans and related interests \n 1,572,979  \n \n     -\n  \n 1,572,979 \n\nTrade and other payables \n 6,576,217  \n \n-\n  \n 6,576,217 \n\nRelated parties payables \n 7,226,210  \n \n-\n  \n 7,226,210 \n\nOperating lease liabilities \n 4,454  \n \n-\n  \n 4,454 \n\nTotal \n 15,379,860  \n \n-\n  \n 15,379,860 \n\n \n\nAs at December 31, 2024\n\n \n\n  \nWithin\n1 year  \nOver\n1 year  \nTotal \n\nShort-term bank loans and related interests \n 1,643,993  \n \n-\n  \n 1,643,993 \n\nTrade and other payables \n 2,612,191  \n \n-\n  \n 2,612,191 \n\nRelated parties payables \n 3,783,415  \n \n-\n  \n 3,783,415 \n\nOperating lease liabilities \n 7,477  \n 4,463  \n 11,940 \n\nTotal \n 8,047,076  \n 4,463  \n 8,051,539 \n\n \n\nF-41\n\n \n\n \n\n \n6.\nFair value\n\n \n\nThe fair value of financial assets\nand financial liabilities is determined in accordance with generally accepted pricing models based on discounted cash flow analysis.\n\n \n\nThe following table presents the fair\nvalue of the Company’s financial instruments measured at the end of the reporting period on a recurring basis, categorized into\nthe three-level fair value hierarchy as defined in IFRS 13, Fair Value Measurement. The level into which a fair value measurement is classified\nis determined with reference to the observability and significance of the inputs used in the valuation technique as follows:\n\n \n\n \n-\nLevel 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.\n\n \n\n \n-\nLevel 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available.\n\n \n\n \n-\nLevel 3 valuations: Fair value measured using significant unobservable inputs.\n\n \n\nDuring the years ended December 31,\n2025 and 2024, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3. The Company’s policy is\nto recognize transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur.\n\n \n\n*Valuation techniques and inputs\nused in Level 2 fair value measurements*\n\n \n\nThe fair value of financial assets in Level 2 is determined by the\nmodel as disclosed in note 28.\n\n \n\nThe directors of the Company consider\nthat the carrying amounts of financial assets and financial liabilities recorded at amortized cost approximate their fair values.\n\n \n\n \n34.\nCOMMITMENTS AND CONTINGENCIES\n\n \n\nFrom time to time, the Company is subject\nto certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal\nproceedings cannot be predicted, the Company does not believe these actions, in the aggregate, will have a material adverse impact on\nits financial position, results of operations or liquidity. As of December 31, 2025, the Company has no significant outstanding litigation.\n\n \n\n \n35.\nEVENTS AFTER THE BALANCE SHEET\n\n \n\nThe Company evaluated subsequent events\nand transactions that occurred after the balance sheet date up to the date that the financial statements were available to be issued.\nBased on the review, the Company did not identify any material subsequent event that is required disclosure except as disclosed below\nand elsewhere in the consolidated financial statements.\n\n \n\nOn January 3, 2026, the Company issued an aggregate of 140,000 shares\nof common stock (the “Bonus Shares”) to the four other members of the Board, the Co-Chairman, Huidan Li, and the three independent\ndirectors, Baojun Zhu, Mu Ruifeng and Jin Yan. Each such director received 35,000 shares of common stock as compensation for such director’s\nservices for the fiscal year ended 2025.\n\n \n\nFrom February 28, 2026 till April 30,\n2026, the Company issued an aggregate of 4,500,000 shares of common stock (the “ESOP Shares”) to the different employees of\nthe Company for their compensation.\n\n \n\nBy April 30, 2026, the Company issued\n160,002 shares of common stock to certain preferred F shares holders to satisfy their conversion requests.\n\n \n\nBy April 30, 2026, the Company issued\n650,307 shares and 2,400,000 shares to Huidan Li and Lei Sun, respectively, to offset their payables.\n\n \n\n* * * * 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