softened handset subsidies and a focus on quality acquisition, partially offset by increasing advertising expense to enhance brand perception. Marketing expenses to total revenue stood at 5.1% , down from
customer perception. We continue to focus on delivering fair profitability balancing between short- and long- term drivers while keeping our solid financial strength. Market and Competitive Environment As
24.7% of revenue from overseas sales. Note that our newly installed machines will be a key factor in driving our production volume to satisfy demands for our canned energy drinks in the CLMV region
production volume to satisfy demands for our canned energy drinks in the CLMV region, Afghanistan and Yemen as well as the People’s Republic of China where is a sizable market and represents a high growth
sales. Note that our newly installed machines will be a key factor in driving our production volume to satisfy demands for our energy drinks in the CLMV region, Afghanistan and Yemen as well as the
2017 to satisfy customers’ demand and maintain sales volume of the Company. The Company has gradually increased operation hours continuously since the last quarter of 2017 from 15 hours per day to 17
inventory from the production in December 2017 to satisfy customers’ demand and maintain sales volume of the Company. The Company has gradually increased operation hours continuously since the last quarter of
derivatives business. If the derivatives business licensee fails to satisfy any condition set out under the first paragraph, the Securities and Exchange Commission may revoke its license. Clause 14 Subject to