margin decrease 2.3% YoY from 35.9% to 33.6% and decrease 2.0% 6M YoY from 35.5% to 33.5% mainly derived from the biomass power plants, which the Group acquired in the third quarter of 2020, was not

a customer in the related industry. 1.2 Revenue from Refining Service The Company had no refining service revenue since the 2rd quarter of 2019 because there was not enough capacity to services

create awareness in the Hong Kong market. The Company also plans to open a second branch in Hong Kong in the third quarter of 2022. In the long term, the Company goal is to expand not less than 5 franchise

cash flow and investment plan including any other future obligations of the Company and/or subsidiaries. Such dividends shall not adversely affect the Company and subsidiaries’ ongoing operations

shall depend on cash flow and investment plan including any other future obligations of the Company and/or subsidiaries. Such dividends shall not adversely affect the Company and subsidiaries’ ongoing

Management Discussion and Analysis for the 2nd quarter of year 2023 3 3. The company has invested in a newly established JV company, namely Purem AAPICO in Thailand and Malaysia. Both companies have not

the menu are new and not available at other branches, such as chestnut matcha toast and red bean match. In addition, the Company plans to open a pop-up store under the After You Farm House concept at

-up stores in tourist destination, which included Khao-Sō-i restaurant in Chiang Mai under the concept of "After You Tea House”, offering entirely new items that are not available at other branches

organizations. for public benefit; and 5. Do not engage in any political activities. Governance The Company is aware of the industry risks, therefore, we place importance to technology development and management

interest; 4. Conduct or cooperate with other charitable organizations. for public benefit; and 5. Do not engage in any political activities. Governance The Company is aware of the industry risks, therefore