Message from the Board of Directors

Dear Shareholders,

Throughout the past year, the Company has played a significant role in supporting the operations of its group companies, particularly in expanding the scope of the Home Shopping business under the “Happy Shopping” brand. This has been achieved through the addition of new distribution channels and the expansion of the customer base, which is expected to contribute to sustainable revenue growth in the long term.
However, amid economic volatility and uncertainties in the capital and equity markets, the overall business environment has remained challenging, particularly in terms of weakened consumer purchasing power and intensifying competition.

To mitigate the adverse impacts of such economic conditions, the Company has continuously adjusted its business strategies by focusing on improving operational efficiency, reducing costs, and enhancing service offerings to align with changing consumer behaviors in the digital era. In addition, the Company has restructured its investments in other businesses to ensure continuity and efficiency in operations, while actively seeking new business opportunities and forming strategic partnerships to strengthen its competitive capabilities and support long-term growth.

In terms of corporate governance, the Company places great importance on conducting its business with transparency, good governance, and due consideration for all stakeholders, including shareholders, investors, customers, employees, and business partners. The Company remains committed to building confidence and trust through efficient and sustainable management.

In summary, although 2025 was a year marked by challenges from external factors, the Company was able to maintain business continuity while continuing to develop its operations to achieve stable growth in the future. The Company also remains focused on enhancing its competitiveness and creating sustainable value for all stakeholders.

Mr. Chirayu Chueyam

Vice Chairman of the Board of Directors