!"#$%&'()*+,-.
2026-2028/0123456789:;
!"#$ %&'()*+,-./012
3456$ #78509:
;<=>$ ?;<
@ABC$ DEFG@H-./012
@AIJ$ KL@AAAAM@ANOPQ
KRSTUVWXY#UZ[\XYBC$
!"!#$%&
!"
œv§R± .................................................................................................................... 2
∫ÿ;< ........................................................................................................................ 6
ÚU!"#KL;< ............................................................................................ 6
=UnFÉ<>B?Œè;< ............................................................................. 8
@ÚA B» ................................................................................................................. 11
@=A nFwx;<éäv ...................................................................................... 14
ÚUnFwx ...................................................................................................... 14
=U§!"#Œèmwx .................................................................................. 14
CU©/wx ...................................................................................................... 20
@CA !"DE ......................................................................................................... 21
@FA àâF5‘G .................................................................................................. 22
@HA !"#mI]=> .......................................................................................... 25
ÚU!"#J> ................................................................................................... 25
=U!"#KLMN .......................................................................................... 25
CU!"#-‚ICéîOP?# ..................................................................... 28
FU!"#úùï=> ........................................................................................ 31
HU!"#∫ÿ‚QnF=> ............................................................................. 32
RU!"#SYIC§⁄P?T ......................................................................... 34
UUÙı#ÆI]=> ........................................................................................ 41
VU!"#mÒWXYéKWı_=> ........................................................... 44
'U!"#KÿdZé[Za‹ ....................................................................... 63
\U!"#!N]^ .......................................................................................... 65
\ÚU"ı_> .................................................................................................. 66
@RA !"#Kÿ‡__> ..................................................................................... 78
ÚU!"#`a‡_I]=> ......................................................................... 78
=U∫ªhflbcûü®E†deØ ............................................................. 91
CU!"#/ê^_é•9f=> ............................................................... 118
FU!"#èDgéèDef=> ............................................................... 122
HU©/ß% ................................................................................................... 124
RU¯0Fh=> ........................................................................................... 124
UUijhk=> ........................................................................................... 125
VU∫ªnFY‡hk ................................................................................... 125
'Ul6nF ................................................................................................... 126
\U!"#m#^_`Ffln ....................................................................... 127
@UA !"#FG=> ........................................................................................... 128
ÚU·G=> .................................................................................................... 128
=Uo'Wp .................................................................................................... 128
CUÙıéKÿ,12qr\⁄s⁄6^ÇZ[é9t=> ....................... 128
@VA !"#2026a1-6u=> ............................................................................ 130
ÚU!"#2026a1-6uÒW=> .................................................................... 130
=U!"#2026a1-6u‡__> .................................................................... 133
CU!"#2026a1-6uFG=>vw ............................................................ 140
FU!"#2026a1-6ul6;<=> ............................................................ 140
RU!"#2026a1-6u¯0Fh=> ............................................................ 146
UU!"#2026a1-6u∫ªi&vxyz .................................................... 147
@'A ^_`FabG‘{õ ............................................................................... 148
@\A |% ............................................................................................................... 149
ÚU{p| ........................................................................................................ 149
=UÃ˛| ........................................................................................................ 149
CU}~| ........................................................................................................ 149
@\ÚA Kw^_XY ............................................................................................ 151
ÚUÄ ........................................................................................................... 151
=U™ÊÅâB? ........................................................................................... 151
@\=A Gêëí(y ............................................................................................ 155
ÚU!"#GêëíB? ................................................................................ 155
=U]\^_`Fab!"ÇmGêëí ..................................................... 155
CU]\^_`FabZ[\⁄mQ\Gêëí ......................................... 156
FU]\^_`FabZ[\⁄∫ªß%ëí ............................................. 156
HU]\^_`Fab]êÉfGêëí ..................................................... 157
RU•, ............................................................................................................ 158
@\CA ˇ/#hÌB? ........................................................................................ 159
ÚUˇ/#hÌmcm§Ñ: ....................................................................... 159
=UhÌ‚0§ÌÖ ....................................................................................... 159
CUhÌÜâ#§Üá=à ........................................................................... 160
FUhÌÜâ§Üá ....................................................................................... 162
HUhÌkâòâÌ ....................................................................................... 164
RU•, ........................................................................................................... 166
@\FA ¯äXY#B? ....................................................................................... 167
@\HA o'Uwx=àéã ........................................................................... 168
ÚUo'ßì ................................................................................................... 168
=Uo'≠s ................................................................................................... 168
CU9fwx ................................................................................................... 168
FU!"#»_ ............................................................................................... 168
HU!"#ÕåçÖ ....................................................................................... 169
RUwxéo'ãI]é+ ....................................................................... 169
UUãèê ................................................................................................... 169
VUiëí: ................................................................................................... 170
'UìÌîâB? ........................................................................................... 171
\Uï‚ ........................................................................................................... 171
@\RA !"/èBC ........................................................................................... 172
ÚU!"# ........................................................................................................ 172
=UKRST/VWZñ#/Z[\XYBC ................................................... 172
CU!"#√ƒóò ........................................................................................ 172
FUôflBC .................................................................................................... 172
HUG‘@ABC ............................................................................................ 173
RUöWUäXUIõBC ............................................................................. 173
UUâ≤VWZñúù ..................................................................................... 173
@\UA ûzçì ................................................................................................... 175
ÚUûzçì .................................................................................................... 175
=Uçìzü∆† ............................................................................................ 175
°p$/è‡_¢£mflõ1§ ............................................................................. 177
0;2 <=>?
349˚ê?!"DE}
IVD./01234 covid56234 ,-78 toB* 9:;<5=>?<5@ABC8DEFGHC*'(IJ%&KLMNO=PQR=CVS=,-ST=UVWX:YZ[ \]^_=`a^_
Covid&bcdef6234
Covid&bcd&RSVgf6234
!"#IVDŒœ–hkSK=>§ÚM¿›dùûü≈fi&Md⁄o,—“™’hk¬ÇSm™æMSKŸ\â¬æk’mBest SellerMM<ziHealthh km—“ÄëTòk’op}
BUjhaú
ü5-3 Œœ–jhÔ‹ü
!"#$ %&!" %&'()* %&h!+,-
ij#!" klmGijn=opqGijn=klijn=r+ijnZ stusv \]^_
iw#!" iwx2yuUz{|}Z
~#!" Ä/.~n=Ä/Å~n=ÇÉr+.~nZ
UV!" .ÑÖ=iÜy=áàâ=äãåçy=kléè=êëâ=íìâZ
îï!" CGMñóiwòxy=AIklôöâZ - -
BUjhaú
ü5-4 +,\qfljhaúÔ‹ü
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
ü5-5 \]∂jhaúÔ‹ü
ü5-6 \]Œ”jhÔ‹
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
eìf˚ 120,000.00 143,174.87 263,809.45 269,720.09
ëZY˚ 10,437.82 8,017.14 6,264.50 4,537.41
4gÂÊ 4,445.98 15,382.91 10,054.77 6,925.24
ëZ(Ghi 5,645.77 7,380.50 7,841.32 4,062.63
ëQÍd 3,803.33 7,899.33 3,392.12 588.65
… ëZ˚ 897.02 1,461.59 3,027.59 1,355.77
gE˛íì“Àù∞ÂÊ 6,433.99 72,661.33 156,538.86 168,796.96
… ù∞ÂÊ 57.12 30.80 38.85 42.56
ù∞ÂÊ4H 151,721.03 256,008.46 450,967.45 456,029.32
Àù∞ÂÊœ
4ìf˚ 29,500.00 117,700.00 145,150.00 132,700.00
ëZÊX - - - 78,037.31
ÛjÂÊ 1,859.20 2,432.85 2,690.91 2,180.19
ÁËÈ∆ÍÂÊ 95,056.27 107,221.68 127,891.63 138,449.85
ÁËX[ 1,334.06 1,110.53 894.35 837.25
Àù∞ÂÊ4H 127,749.54 228,465.05 276,626.89 352,204.60
ÂÊ4H 279,470.57 484,473.52 727,594.34 808,233.92
!"1[œ
!{ 48,828.96 49,279.67 46,493.85 46,511.17
3{Bı 204,325.97 192,200.90 131,711.82 131,658.08
=œk“! 110,663.54 170,407.34 166,155.43 166,155.43
… l4X[ 100,055.99 167,977.28 118,476.09 67,690.96
mnBı 18,991.02 19,424.25 23,246.93 23,246.93
oÔpde 1,661,398.87 1,815,175.60 2,029,442.64 2,058,795.97
qËÈrBCÈ8s1[4H 1,922,937.28 2,073,650.35 2,183,215.90 2,161,747.66
>(!"1[ 59,503.83 75,411.37 20,275.45 20,787.14
!"1[4H 1,982,441.11 2,149,061.72 2,203,491.36 2,182,534.81
ÂÊ0!"1[èH 2,261,911.68 2,633,535.24 2,931,085.70 2,990,768.72
k 6-2 !"#2023-2025aé2026a1-3uE†&ßk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-3ï
g”›7èXY 323,112.49 259,219.62 136,558.89 30,148.27
…Jœ›7XY 323,112.49 259,219.62 136,558.89 30,148.27
ø”›7èÌ{ 218,631.10 188,421.42 163,409.43 36,100.68
…Jœ›7Ì{ 117,657.19 76,019.84 49,397.13 9,346.31
ÍZ·t¬ 4,474.81 658.25 264.83 43.86
ªºdl 44,057.68 45,758.37 37,107.63 7,515.36
efdl 44,547.50 40,579.40 47,463.53 7,962.95
S¨dl 27,846.16 26,068.71 32,356.99 5,245.25
Mßdl -19,952.24 -663.15 -3,180.66 5,986.95
¬œ… X[ 634.59 516.58 377.29 126.54
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
23X[*u˝U“-”kv[+ 56,073.82 71,247.08 71,839.49 14,907.54
…Jœˇ]›6704›67“23X[ -167.91 0.00 -91.00 0.00
Bw˙xŸ∞X[*u˝U“-”kv[+ 30,928.77 73,962.15 211,354.28 30,015.51
3L=xu˝*u˝U“-”kv[+ -30,986.71 -5,347.91 -3,456.83 -19.86
òl=xu˝*u˝U“-”kv[+ 267.34 -262.91 276.39 -92.84
3LÒ˘X[ -50.12 67.02 -0.85 -3.76
/”›7de*yuU“-”kv[+ 161,349.07 210,980.21 253,539.24 38,980.72
¬œ›7oXY 377.36 182.81 652.61 135.71
=œ›7o±` 3,691.98 476.04 1,465.96 530.33
ƒ”deèn*yuènU“-”kv[+ 158,034.44 210,686.98 252,725.88 38,586.10
=œÈ∆Ídl 23,111.22 30,682.77 25,775.44 8,140.38
≈”'de*'yuU“-”kv[+ 134,923.22 180,004.21 226,950.45 30,445.72
qËÈrBCÈ8s“'de 125,160.82 166,872.73 226,674.83 29,353.33
>(!"u[ 9,762.41 13,131.48 275.62 1,092.40
k 6-3 !"# 2023-2025aé2026a1-3uE†Ô5ÔKk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-3ï
g”6›z∞Lp“{Zù)
ªºó∂”|ê}ßXí“{Z 322,144.72 243,749.14 109,936.89 23,824.91
Xí“Íd~ 8,776.37 6,111.19 2,456.11 509.62
Xí… ‚6›z∞8Ñ“{Z 36,062.08 29,892.39 49,443.25 7,690.04
6›z∞{ZùYfiH 366,983.17 279,752.72 161,836.24 32,024.58
ìÄó∂”xÅ}ß±Z“{Z 100,234.02 68,774.74 36,092.04 10,455.24
±ZÇ(GU·÷(G±Z“{Z 42,878.25 53,605.40 59,216.83 18,666.30
±Z“ÉÖÍd 12,862.04 16,635.06 21,945.26 760.78
±Z… ‚6›z∞8Ñ“{Z 33,997.16 42,062.23 61,262.44 11,389.78
6›z∞{Zù`fiH 189,971.47 181,077.43 178,516.56 41,272.10
6›z∞Lp“{Zù)'n 177,011.70 98,675.29 -16,680.32 -9,247.53
ø”23z∞Lp“{Zù)
XÙ23Xí“{Z 1,020,562.96 1,469,621.57 1,018,620.47 676,678.85
≈∆23X[ÈXí“{Z 24,745.98 60,161.32 111,707.63 84,683.27
Ò˘]#3L”_‘3L0… 4ì3LXÙ“{Z'n 58.15 86.47 237.22 0.00
Xí… ‚23z∞8Ñ“{Z 0.00 0.00 11.02 194.16
23z∞{ZùYfiH 1,045,367.09 1,529,869.36 1,130,576.34 761,556.29
ìÂ]#3L”_‘3L0… 4ì3L±Z“{Z 21,265.31 7,391.88 26,432.56 9,486.89
23±Z“{Z 1,441,960.35 1,579,989.91 1,175,335.81 854,558.16
≈∆.BC·… ›7˜W±Z“{Z'n 0.00 0.00 96.29 91.00
±Z… ‚23z∞8Ñ“{Z 730.93 614.64 1,556.30 319.96
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
23z∞{Zù`fiH 1,463,956.60 1,587,996.43 1,203,420.96 864,456.01
23z∞Lp“{Zù)'n -418,589.51 -58,127.07 -72,844.61 -102,899.72
/”Ñ3z∞Lp“{Zù)
ÖX23Xí“{Z 0.00 0.00 0.00 0.00
≈∆f˚Xí“{Z 152,948.49 360,314.60 912,233.37 434,412.40
Xí… ‚Ñ3z∞8Ñ“{Z 2,443.52 39,489.10 1,059.76 7,228.46
Ñ3z∞{ZùYfiH 155,392.01 399,803.70 913,293.13 441,640.86
ÜÊß±Z“{Z 26,000.00 183,600.00 680,043.68 350,521.24
Ôp!d”deáÜZdà±Z“{Z 118,668.55 19,065.57 18,690.79 1,822.51
±Z… ‚Ñ3z∞8Ñ“{Z 103,001.67 187,517.56 162,189.31 443.58
Ñ3z∞{Zù`fiH 247,670.23 390,183.13 860,923.78 352,787.33
Ñ3z∞Lp“{Zù)'n -92,278.21 9,620.57 52,369.34 88,853.53
ƒ”âfŸ∞ˇ{Z·{Z‘˙ú“%& 6,944.27 4,393.88 -7,107.77 -4,801.19
≈”{Z·{Z‘˙ú')¬n -326,911.74 54,562.67 -44,263.36 -28,094.91
¬œìÏ{Z·{Z‘˙únn 555,911.96 229,000.21 283,562.89 239,299.52
§”ìU{Z·{Z‘˙únn 229,000.21 283,562.89 239,299.52 211,204.61
k 6-4 !"#'122023-2025a√é2026a3u√Fhfi^k
‰â$≠:
Ü 2023U 2024EU 2025EU 2026E3ïU
ù∞3Lœ
öV3Z 63,532.72 145,619.83 158,389.91 210,055.16
QR*ZW3L 21,568.32 3,938.28 23,929.09 13,235.92
ëXXÒ 176.94 4.22 44.91 54.93
ëXY˚ 55,846.94 45,695.23 154,991.18 153,976.17
∑Z˚Ö 511.04 7,308.41 453.82 533.04
… ëX˚ 22,358.31 8,447.70 35,011.41 40,938.40
“ö 3,936.00 2,802.22 1,982.45 1,882.74
4g3L - - - -
gE˛íì“Àù∞3L 11,114.28 - 8,695.09 6,564.20
… ù∞3L 2,392.23 1,942.94 1,710.98 1,057.76
ù∞3L4H 181,436.78 215,758.83 385,208.85 428,298.32
Àù∞3Lœ
… Àù∞ZW3L 32,881.08 43,763.07 62,366.71 66,033.45
4ì!123 92,687.73 103,307.17 113,856.21 115,001.52
]#3L 3,139.85 3,052.77 3,000.09 2,907.91
IÂGQ 97.16 948.93 1,837.18 2,354.00
^l13L - - - -
_‘3L 3,423.17 3,976.70 6,189.07 15,918.89
T¨±` 1,808.65 908.66 997.51 1,017.74
4ìbcdl 265.38 544.84 592.65 590.81
ÁËÈ∆Í3L 4,476.42 2,841.27 14,275.00 15,119.35
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
… Àù∞3L 9,305.90 12,515.82 8,996.27 13,967.73
Àù∞3L4H 148,085.33 171,859.23 212,110.69 232,911.41
3LèH 329,522.11 387,618.07 597,319.54 661,209.73
ù∞ÂÊœ
eìf˚ - - 78,545.16 94,560.99
ëZXÒ 120,000.00 105,000.00 135,551.46 118,551.46
ëZY˚ 899.76 358.52 238.44 290.50
4gÂÊ 2,133.18 876.62 1,541.17 955.68
ëZ(Ghi 1,926.02 2,252.77 2,508.41 1,276.82
ëQÍd 1,871.74 1,770.15 153.22 4.33
… ëZ˚ 96.05 1,195.06 3,061.70 1,788.37
gE˛íì“Àù∞ÂÊ 4,524.47 70,335.89 154,467.63 167,052.36
… ù∞ÂÊ 45.96 27.06 25.82 27.02
ù∞ÂÊ4H 131,497.18 181,816.06 376,093.00 384,507.52
Àù∞ÂÊœ
4ìf˚ 29,500.00 117,700.00 145,150.00 132,700.00
ëZÊX - - - 78,037.31
ÛjÂÊ - - - -
ÁËX[ 9.92 25.53 19.40 17.87
Àù∞ÂÊ4H 29,509.92 117,725.53 145,169.40 210,755.18
ÂÊ4H 161,007.10 299,541.58 521,262.40 595,262.70
!"1[œ
!{ 48,828.96 49,279.67 46,493.85 46,511.17
3{Bı 193,405.33 180,590.32 102,783.34 106,982.66
=œk“! 110,663.54 170,407.34 166,155.43 166,155.43
… l4X[ - - - -
mnBı 18,990.92 19,424.16 23,246.84 23,246.84
oÔpde 17,953.34 9,189.68 69,688.54 55,361.80
È8s1[4H 168,515.01 88,076.48 76,057.14 65,947.03
ÂÊ0È8s1[èH 329,522.11 387,618.07 597,319.54 661,209.73
k 6-5 !"#'12 2023-2025aé2026a1-3u&ßk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-3ï
g”›7XY 103,200.59 74,013.71 141,672.95 7,692.39
ø”›7Ì{ 60,970.45 42,905.90 21,849.94 5,204.82
ÍZ·t¬ 4,257.36 471.75 80.28 6.35
ªºdl 9,486.95 3,969.02 4,157.47 768.16
efdl 13,182.84 12,016.33 16,290.15 3,342.12
S¨dl 11,469.91 10,220.96 15,681.63 3,265.35
Mßdl -7,136.41 -1,996.18 5,135.34 3,791.57
¬œ… X[ 298.52 170.68 41.89 57.09
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
23X[ 507.54 -421.99 6,397.46 -427.46
…Jœˇ]›6704›67“23X[ -167.91 -198.39 0.00 0.00
Bw˙xŸ∞X[ 858.62 583.52 -5,323.92 -4,570.63
3L=xu˝ -6,852.15 -792.63 -341.16 -65.14
òl=xu˝ 172.61 40.68 -140.52 -5.08
3LÒ˘X[ -0.59 -0.54 -2.14 0.00
/”›7de 5,954.06 6,005.64 79,109.73 -13,697.22
¬œ›7oXY 4,780.53 11.72 18.92 128.93
=œ›7o±` 202.47 200.51 1,400.28 522.20
ƒ”deèn 10,532.11 5,816.85 77,728.37 -14,090.48
=œÈ∆Ídl 93.80 1,484.51 4,821.71 236.26
≈”'de 10,438.32 4,332.35 72,906.65 -14,326.75
k 6-6 !"#'12 2023-2025aé2026a1-3uÔ5ÔKk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-3ï
g”6›z∞Lp“{Zù)
ªºó∂”|ê}ßXí“{Z 106,033.97 83,544.46 33,120.19 8,048.34
Xí“Íd~ 8,137.84 5,471.39 2,182.26 497.30
Xí… ‚6›z∞8Ñ“{Z 30,499.62 23,908.72 52,952.60 4,010.70
6›z∞{ZùYfiH 144,671.43 112,924.57 88,255.05 12,556.34
ìÄó∂”xÅ}ß±Z“{Z 96,288.28 41,726.14 25,626.88 5,717.19
±ZÇ(GU·÷(G±Z“{Z 12,393.82 16,305.24 20,156.91 6,139.21
±Z“ÉÖÍd 4,629.23 586.19 16,834.74 11.92
±Z… ‚6›z∞8Ñ“{Z 15,380.75 19,250.32 61,107.30 10,490.86
6›z∞{Zù`fiH 128,692.07 77,867.89 123,725.82 22,359.18
6›z∞Lp“{Zù)'n 15,979.36 35,056.68 -35,470.77 -9,802.84
ø”23z∞Lp“{Zù)
XÙ23Xí“{Z 59,147.67 66,126.80 4,326.69 19,108.01
≈∆23X[Xí“{Z 1,017.27 1,382.93 140.70 0.50
Ò˘]#3L”_‘3L0… 4ì3L XÙ“{Z'n 3.52 33.30 4.28 0.00
Ò˘.BC·… ›7˜WXí“{Z'n 0.00 0.00 0.00 0.00
Xí… ‚23z∞8Ñ“{Z 0.00 0.00 0.00 194.16
23z∞{ZùYfiH 60,168.46 67,543.03 4,471.67 19,302.67
ìÂ]#3L”_‘3L0… 4ì3L±Z“{Z 891.04 1,909.19 7,125.91 8,686.79
23±Z“{Z 62,188.03 51,142.38 55,790.81 21,882.38
≈∆.BC·… ›7˜W±Z“{Z'n 0.00 0.00 0.00 0.00
±Z… ‚23z∞8Ñ“{Z 0.00 0.07 39.90 7.80
23z∞{Zù`fiH 63,079.07 53,051.65 62,956.61 30,576.97
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
23z∞Lp“{Zù)'n -2,910.61 14,491.38 -58,484.94 -11,274.29
/”Ñ3z∞Lp“{Zù)
ÖX23Xí“{Z 0.00 0.00 0.00 0.00
≈∆f˚Xí“{Z 34,000.00 217,500.00 314,500.00 175,500.00
Xí… ‚Ñ3z∞8Ñ“{Z 114,693.64 144,488.69 136,610.31 19,728.16
Ñ3z∞{ZùYfiH 148,693.64 361,988.69 451,110.31 195,228.16
ÜÊß±Z“{Z 0.00 183,600.00 230,050.00 111,450.00
Ôp!d”deáÜZdà±Z“{Z 118,668.55 19,024.94 15,593.26 1,389.57
±Z… ‚Ñ3z∞8Ñ“{Z 99,999.68 182,881.18 121,653.59 0.00
Ñ3z∞{Zù`fiH 218,668.24 385,506.12 367,296.84 112,839.57
Ñ3z∞Lp“{Zù)'n -69,974.60 -23,517.43 83,813.47 82,388.60
ƒ”âfŸ∞ˇ{Z“%&n 3,445.83 1,639.51 -3,360.94 -2,506.88
≈”{Z·{Z‘˙ú')¬n -53,460.01 27,670.15 -13,503.17 58,804.58
¬œìÏ{Z·{Z‘˙únn 105,556.97 52,096.95 79,767.10 66,263.93
§”ìU{Z·{Z‘˙únn 52,096.95 79,767.10 66,263.93 125,068.51
/#0123456789:;<=
8"=>?@A67
k6-7 !"#2023-2025a√é2026a3u√FhICÚ>k
‰â$≠:
Ü 2023EU 2024EU 2025EU 2026E3ïU
Zn é& Zn é& Zn é& Zn é&
öV3Z 246,126.31 10.88% 350,642.74 13.31% 332,637.10 11.35% 297,373.83 9.94%
QR*ZW3L 881,147.98 38.96% 694,603.31 26.38% 735,666.12 25.10% 541,517.42 18.11%
ëXXÒ 176.94 0.01% 4.22 0.00% 44.91 0.00% 54.93 0.00%
ëXY˚ 11,799.36 0.52% 5,692.54 0.22% 4,790.72 0.16% 4,445.19 0.15%
∑Z˚Ö 1,400.71 0.06% 5,626.47 0.21% 2,975.95 0.10% 4,690.48 0.16%
… ëX˚ 8,602.72 0.38% 8,270.81 0.31% 5,488.25 0.19% 6,334.04 0.21%
“ö 28,289.51 1.25% 21,999.79 0.84% 20,423.15 0.70% 20,340.52 0.68%
gE˛íì“Àù∞3L 11,114.28 0.49% 318,320.87 12.09% 89,129.28 3.04% 460,653.11 15.40%
… ù∞3L 10,102.74 0.45% 2,567.87 0.1% 2,413.32 0.08% 2,779.04 0.09%
ù∞3L4H 1,198,760.55 53.00% 1,407,728.62 53.45% 1,193,568.80 40.72% 1,338,188.56 44.74%
Ê123 521,115.43 23.04% 236,138.80 8.97% 162,723.91 5.55% 0.00 0.00%
… 1[G\23 28,798.55 1.27% 65,082.04 2.47% 72,310.01 2.47% 57,125.36 1.91%
… Àù∞ZW3L 449,902.52 19.89% 853,495.43 32.41% 1,372,548.65 46.83% 1,484,474.35 49.64%
4ì!123 601.62 0.03% 0.00 0.00% 0.00% 91.00 0.00%
]#3L 33,974.61 1.50% 33,511.54 1.27% 48,038.34 1.64% 46,980.12 1.57%
IÂGQ 97.16 0.00% 948.93 0.04% 1,920.93 0.07% 2,437.75 0.08%
^l13L 3,677.78 0.16% 4,687.72 0.18% 4,808.88 0.16% 3,830.76 0.13%
_‘3L 7,661.70 0.34% 6,787.63 0.26% 7,950.68 0.27% 17,206.87 0.58%
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
T¨±` 1,808.65 0.08% 908.66 0.03% 997.51 0.03% 1,017.74 0.03%
óa - - - - 0.00% 0.00%
4ìbcdl 457.70 0.02% 1,211.53 0.05% 2,033.74 0.07% 1,684.57 0.06%
ÁËÈ∆Í3L 5,502.28 0.24% 10,518.52 0.40% 23,352.93 0.80% 23,501.18 0.79%
… Àù∞3L 9,553.12 0.42% 12,515.82 0.48% 40,831.31 1.39% 14,230.47 0.48%
Àù∞3L4H 1,063,151.13 47.00% 1,225,806.62 46.55% 1,737,516.90 59.28% 1,652,580.16 55.26%
3LèH 2,261,911.68 100.00% 2,633,535.24 100.00% 2,931,085.70 100.00% 2,990,768.72 100.00%
2023-2025aé2026a3u√M!"#Fh*ƒû¿¨2,261,911.68≠:U2,633,535.24≠:U2,931,085.70≠:ò2,990,768.72≠:}`CaéÚ\!"#Fh*ƒ˝PÎ{Ÿ¸ˇMFhIC,¨PQ}FhIC&MXÔwFh∞L,…MXÔwFh∞Lû¿¨47.00%U46.55%U59.28%ò55.26%MXÔwFhKÿ–•,XÔw5`FhU^‚nF®B!"#ˇ/.Qîêî°ò^Ç∂EØC }öL√*M!"#FhoK,ÚMÊ4p[ÙıÒW*ƒmi|WªM•FhJ6Ω¬[PÎ{Ÿ}
1UÔwFh=>
k 6-8 !"#2023-2025a√é2026a3u√ÔwFhKÿC =>
‰â$≠:
Ü 2023EU 2024EU 2025EU 2026E3ïU
Zn é& Zn é& Zn é& Zn é&
öV3Z 246,126.31 10.88% 350,642.74 13.31% 332,637.10 11.35% 297,373.83 9.94%
QR*ZW3L 881,147.98 38.96% 694,603.31 26.38% 735,666.12 25.10% 541,517.42 18.11%
ëXXÒ 176.94 0.01% 4.22 0.00% 44.91 0.00% 54.93 0.00%
ëXY˚ 11,799.36 0.52% 5,692.54 0.22% 4,790.72 0.16% 4,445.19 0.15%
∑Z˚Ö 1,400.71 0.06% 5,626.47 0.21% 2,975.95 0.10% 4,690.48 0.16%
… ëX˚ 8,602.72 0.38% 8,270.81 0.31% 5,488.25 0.19% 6,334.04 0.21%
“ö 28,289.51 1.25% 21,999.79 0.84% 20,423.15 0.70% 20,340.52 0.68%
gE˛íì“Àù∞3L 11,114.28 0.49% 318,320.87 12.09% 89,129.28 3.04% 460,653.11 15.40%
… ù∞3L 10,102.74 0.45% 2,567.87 0.1% 2,413.32 0.08% 2,779.04 0.09%
ù∞3L4H 1,198,760.55 53.00% 1,407,728.62 53.45% 1,193,568.80 40.72% 1,338,188.56 44.74%
2023-2025aé2026a3u√M!"#ÔwFhû¿¨1,198,760.55≠:U1,407,728.62≠:U1,193,568.80≠:ò1,338,188.56≠:Mû¿∞"\JFhmL∫¨53.00%U53.45%U40.72%ò44.74%M!"#ÔwFh¢efï5`FhUÏ
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, with a strong emphasis on senior secured lending. *{YZ“ÛâÜî˝Ù≈ı#“X[’IˆY˜_¯…çno˘≈4ì3{)x˙{YZäÃ2·pK$Scdòä≥F’&˙w xä˚á… Ê1’˚¸’÷ù”8»ç“f˚˙+
CoalescenceGlobalOpportunitiesFundLP*˝˛ô–≥FYZ+ !Xx”YZ CoalescencePart nersInvestment ManagementLP 125,289.52 ô–!XYZ’23ô–4ì?Ì#*’åBC 9.13
HPSCorporateLending Fund cdòä HPSAdvisors,LLC. 105,537.79 23Üî˝®{\8Öˇ:“ÿŸˆ˜ÚÙò’äÃU—¯X[“‘Vã{’%èê!"23#$4ì3{)x“%:˙ 7.69
BlueOwlCreditIncome Corp(“OCIC”) cdòä BlueOwlCreditA dvisorsLLC 102,941.19 OCICfocusesonmakingsenio rsecuredloanstoprivatecompa niesprimarilyintheuppermiddlemarket.Thefundwillgenerallyavoidinvestmentsincyclical sectorsandthosefacingsecularheadwinds. (OCICJyÈ·äÃÒÈJ?&»m“c›BC|ê’÷'/ä˚˙ƒYZè(F)ˇlì*M7U·Ù*4ì!d+,“M7∫M23˙) 7.50
:;<Üá7234567*8945+ cd!1YZ :;`Üá723efJâ*8945+ 94,358.66 ƒYZäÃ2·aÄ”>?$§•”–G‚ç”púˇ√”¡çÉ¡åó‘‰Â’-\.YZ230ÖÜw2©ç’#"¬.:T/·?03É12’åÄSá7ÖÜ˙ 6.87
4H 574,037.33 - 41.82
2023-2025aé2026a3u√M!"#-]’6û¿¨48,828.96≠:U49,279.67≠:U46,493.85≠:ò46,511.17≠:M∞"\-;‚QmL∫û¿¨2.46%U2.29%U2.11%ò2.13%}
5U•,ÌEÆQ
2023-2025aé2026a3u√M!"#•,ÌEÆQ’6û¿¨100,055.99≠:U167,977.28≠:U118,476.09≠:ò67,690.96≠:M ∞"\-;‚QmL∫û¿¨5.05%U7.82%U5.38%ò3.10%}2025a√M!"#•,ÌEÆQ’6™L‘’29.47%MKÿ›–™]qr\68qkÃõ`6'(∑Û}
6U»’17
2023-2025aé2026a3u√M!"#»’17’6û¿¨18,991.02≠:U19,424.25≠:U23,246.93≠:ò23,246.93≠:M∞"\-;‚QmL∫û¿¨0.96%U0.90%U1.06%ò1.07%}2025a√M!"#»’17’6™L{Ÿ19.68%}
®FØ»&À:ûü
1U»&=>
k6-31 !"#2023-2025aé2026a1-3u»&=>
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-3ï
Zn g&)9 Zn g&)9 Zn g&)9 Zn g&)9
›7èXY 323,112.49 -87.72% 259,219.62 -19.77% 136,558.89 -47.32% 30,148.27 -40.54%
›7èÌ{ 218,631.10 -70.59% 188,421.42 -13.82% 163,409.43 -13.27% 36,100.68 -18.39%
¬œ… X[ 634.59 34.23% 516.58 -18.60% 377.29 -26.96% 126.54 1.00%
23X[ 56,073.82 499.83% 71,247.08 27.06% 71,839.49 0.83% 14,907.54 -19.83%
Bw˙xŸ∞X[ 30,928.77 -194.76% 73,962.15 139.14% 211,354.28 185.76% 30,015.51 435.09%
3L=xu˝ -30,986.71 -3.64% -5,347.91 -82.74% -3,456.83 -35.36% -19.86 -62.82%
òl=xu˝ 267.34 -121.24% -262.91 -198.35% 276.39 -205.13% -92.84 -76.32%
3LÒ˘X[ -50.12 -92.20% 67.02 -233.71% -0.85 -101.27% -3.76 -179.66%
›7de 161,349.07 -91.19% 210,980.21 30.76% 253,539.24 20.17% 38,980.72 28.41%
›7oXY 377.36 466.66% 182.81 -51.56% 652.61 256.99% 135.71 450.55%
›7o±` 3,691.98 -32.48% 476.04 -87.11% 1,465.96 207.95% 530.33 1664.24%
deèn 158,034.44 -91.34% 210,686.98 33.32% 252,725.88 19.95% 38,586.10 27.14%
=œÈ∆Ídl 23,111.22 -86.97% 30,682.77 32.76% 25,775.44 -15.99% 8,140.38 216.92%
'de 134,923.22 -91.81% 180,004.21 33.41% 226,950.45 26.08% 30,445.72 9.59%
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
®ÚØAndon Holdings Co., Ltd (BVI)
Andon Holdings Co., Ltd (BVI) ù™2014a9u174M34∆†¨intershore Chambers, Road Town, Tortola, British Virgin lslandsMKÿªßnFXYM†ˇ/âπ⁄•,12-‚}-;¨%&'()*+,-./012M34F]¨5.1≠fi:MCÀ¶ßû¿¨™´USTEPHANE,REGIS,PIERRE, JEAN,KERRIENU PATRICK, WADE, WILSOM}
Kÿ-;$%&'()*+,-./012Mˇ/100%m-‚}
012025a√Mæ12FhJ62,606,841.70≠:Mfi^J6249,129.42≠:MÃ/É‚QJ62,357,712.28≠:M2025aTMîÔWıÆ¡100,380.66≠:UîÔWı&ß184,711.95≠:U´&ß172,893.85≠:}
\U!"#m#^_`Ffln
5]\^_`Fab6M?•,m#^_`Ffln}
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
0Q2 <=G6RKL
ÚU·G=>
!"#d$ê"mG‘§ÚM?i§°EWp}012026a3u√M!"#é•E†XY⁄,12ê"·GJ6¨950,550.04≠:M•≤cì‘·G6T522,001.50≠:Mì‘·G6T428,548.54≠:}bL·G=>Á‘k$
k7-1 !"#2026a3u√ê"·Géì‘=>
˜Wœ|}
vk LM LònR ∏^lnR o^lnR
1 A7LM 200,000.00 178,600.00 21,400.00
2 GóLM 40,000.00 29,000.00 11,000.00
3 @¨LM 100,000.00 73,500.00 26,500.00
4 ∫`√LM 29,000.00 27,000.00 2,000.00
5 ñóLM 20,000.00 4,901.46 15,098.54
6 M`LM 150,000.00 58,000.00 92,000.00
7 ÂπLM 30,000.00 - 30,000.00
8 ^7LM 20,000.00 13,000.00 7,000.00
9 C$LM 25,000.00 10,500.00 14,500.00
10 ∑=LM 20,000.00 9,950.00 10,050.00
11 µpLM 90,000.00 25,000.00 65,000.00
12 :;LM 40,000.00 3,000.00 37,000.00
13 KŒT¨LM 20,000.00 3,000.00 17,000.00
14 N?LM 10,000.00 5,000.00 5,000.00
15 JòLM 40,000.00 20,000.00 20,000.00
16 ѢLM 60,000.00 5,000.00 55,000.00
17 Nî 21,063.14 21,063.14 -
18 ∫ªºd 35,486.90 35,486.90 -
4H 950,550.04 522,001.50 428,548.54
=Uo'Wp
JL√*M!"#G‘Wp§ÚM`Ca‚/o'WpMu‚/•,^_o'Wp}
CUÙıéKÿ,12qr\⁄s⁄6^ÇZ[é9t=>
01]àâävãrb4M!"#KL!"^Ç56Áfl30.99:#78MZ9t^Ç’6Áfl20.49:#78M•≤≤\î°’615.49:#78U≤Æ\`FÇ’659:#78}
01]àâävã23´4M!"#m#^_`FabKL!"=>6‘$
k7-2 !"#m#^_`FabKL!"=>
˜Wœh}”%
PX¿$ PXK+ -àëì íìëì ì9*E+ XÙdf nn ¨MΩß ˝ÉCZ
26<=>?MTN003*áÊ+ JìXÒ 2026-07-30 2028-07-30 2 1.68 7.6 7.6 oC Z
26<=>?MTN002*áÊ+ JìXÒ 2026-03-23 2029-03-23 3 1.94 7.8 7.8 oC Z
26<=>?SCP001*áÊ+ EeìW3X 2026-1-29 2026-10-26 0.74 1.73 5 5 oC Z
25<=>?MTN001*áÊ+ JìXÒ 2025-8-22 2028-8-22 1+1+1 1.83 0.0 10.5 ∏CZ
4H - - - - - 20.4 30.9 -
3$&π’6¨Z9t]5’6Mi \I&ê
!
!"#E†Fhfi^k
‰â$≠:
Ü 2023U 2024EU 2025EU 2026E6ïU
ù∞3Lœ
öV3Z 246,126.31 350,642.74 332,637.10 246,035.26
QR*ZW3L 881,147.98 694,603.31 735,666.12 680,682.69
ëXXÒ 176.94 4.22 44.91 90.96
ëXY˚ 11,799.36 5,692.54 4,790.72 6,407.74
∑Z˚Ö 1,400.71 5,626.47 2,975.95 3,002.96
… ëX˚ 8,602.72 8,270.81 5,488.25 3,924.99
“ö 28,289.51 21,999.79 20,423.15 21,213.37
gE˛íì“Àù∞3L 11,114.28 318,320.87 89,129.28 -
… ù∞3L 10,102.74 2,567.87 2,413.32 2,322.98
ù∞3L4H 1,198,760.55 1,407,728.62 1,193,568.80 963,680.95
Àù∞3Lœ
Ê123 521,115.43 236,138.80 162,723.91 -
… 1[G\23 28,798.55 65,082.04 72,310.01 38,288.15
… Àù∞ZW3L 449,902.52 853,495.43 1,372,548.65 2,236,753.70
4ì!123 601.62 - - -
]#3L 33,974.61 33,511.54 48,038.34 46,426.94
IÂGQ 97.16 948.93 1,920.93 2,268.61
^l13L 3,677.78 4,687.72 4,808.88 3,056.05
_‘3L 7,661.70 6,787.63 7,950.68 16,811.23
T¨±` 1,808.65 908.66 997.51 1,025.40
óa - - - -
4ìbcdl 457.70 1,211.53 2,033.74 1,554.20
ÁËÈ∆Í3L 5,502.28 10,518.52 23,352.93 19,708.89
… Àù∞3L 9,553.12 12,515.82 40,831.31 45,471.85
Àù∞3L4H 1,063,151.13 1,225,806.62 1,737,516.90 2,411,365.02
3LèH 2,261,911.68 2,633,535.24 2,931,085.70 3,375,045.98
ù∞ÂÊœ
eìf˚ 120,000.00 143,174.87 263,809.45 486,434.76
ëZY˚ 10,437.82 8,017.14 6,264.50 6,307.87
4gÂÊ 4,445.98 15,382.91 10,054.77 7,980.84
ëZ(Ghi 5,645.77 7,380.50 7,841.32 4,535.22
ëQÍd 3,803.33 7,899.33 3,392.12 403.09
… ëZ˚ 897.02 1,461.59 3,027.59 23,557.47
gE˛íì“Àù∞ÂÊ 6,433.99 72,661.33 156,538.86 165,083.67
… ù∞ÂÊ 57.12 30.80 38.85 31.92
ù∞ÂÊ4H 151,721.03 256,008.46 450,967.45 694,334.85
Àù∞ÂÊœ
4ìf˚ 29,500.00 117,700.00 145,150.00 97,600.00
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
ëZÊX - - - 78,394.48
ÛjÂÊ 1,859.20 2,432.85 2,690.91 1,787.42
ÁËÈ∆ÍÂÊ 95,056.27 107,221.68 127,891.63 168,881.28
ÁËX[ 1,334.06 1,110.53 894.35 780.14
Àù∞ÂÊ4H 127,749.54 228,465.05 276,626.89 347,443.32
ÂÊ4H 279,470.57 484,473.52 727,594.34 1,041,778.17
!"1[œ
!{ 48,828.96 49,279.67 46,493.85 46,604.06
3{Bı 204,325.97 192,200.90 131,711.82 133,520.97
=œk“! 110,663.54 170,407.34 166,155.43 166,155.43
… l4X[ 100,055.99 167,977.28 118,476.09 9,606.44
mnBı 18,991.02 19,424.25 23,246.93 23,246.93
oÔpde 1,661,398.87 1,815,175.60 2,029,442.64 2,267,262.21
qËÈrBCÈ8s1[4H 1,922,937.28 2,073,650.35 2,183,215.90 2,314,085.17
>(!"1[ 59,503.83 75,411.37 20,275.45 19,182.64
!"1[4H 1,982,441.11 2,149,061.72 2,203,491.36 2,333,267.81
ÂÊ0!"1[èH 2,261,911.68 2,633,535.24 2,931,085.70 3,375,045.98
!"#E†&ßk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-6ï
g”›7èXY 323,112.49 259,219.62 136,558.89 53,126.93
…Jœ›7XY 323,112.49 259,219.62 136,558.89 53,126.93
ø”›7èÌ{ 218,631.10 188,421.42 163,409.43 77,011.21
…Jœ›7Ì{ 117,657.19 76,019.84 49,397.13 17,065.39
ÍZ·t¬ 4,474.81 658.25 264.83 215.77
ªºdl 44,057.68 45,758.37 37,107.63 14,752.84
efdl 44,547.50 40,579.40 47,463.53 19,422.16
S¨dl 27,846.16 26,068.71 32,356.99 11,377.29
Mßdl -19,952.24 -663.15 -3,180.66 14,177.76
¬œ… X[ 634.59 516.58 377.29 199.92
23X[*u˝U“-”kv[+ 56,073.82 71,247.08 71,839.49 12,833.13
…Jœˇ]›6704›67“23X[ -167.91 0.00 -91.00 -91.00
Bw˙xŸ∞X[*u˝U“-”kv[+ 30,928.77 73,962.15 211,354.28 364,746.54
3L=xu˝*u˝U“-”kv[+ -30,986.71 -5,347.91 -3,456.83 -890.59
òl=xu˝*u˝U“-”kv[+ 267.34 -262.91 276.39 -360.56
3LÒ˘X[ -50.12 67.02 -0.85 -0.93
/”›7de*yuU“-”kv[+ 161,349.07 210,980.21 253,539.24 352,643.23
¬œ›7oXY 377.36 182.81 652.61 151.26
=œ›7o±` 3,691.98 476.04 1,465.96 535.69
ƒ”deèn*yuènU“-”kv[+ 158,034.44 210,686.98 252,725.88 352,258.81
=œÈ∆Ídl 23,111.22 30,682.77 25,775.44 44,837.61
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
≈”'de*'yuU“-”kv[+ 134,923.22 180,004.21 226,950.45 307,421.20
qËÈrBCÈ8s“'de 125,160.82 166,872.73 226,674.83 307,022.28
>(!"u[ 9,762.41 13,131.48 275.62 398.92
!"#E†Ô5ÔKk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-6ï
g”6›z∞Lp“{Zù)
ªºó∂”|ê}ßXí“{Z 322,144.72 243,749.14 109,936.89 41,862.27
Xí“Íd~ 8,776.37 6,111.19 2,456.11 4,308.90
Xí… ‚6›z∞8Ñ“{Z 36,062.08 29,892.39 49,443.25 18,685.85
6›z∞{ZùYfiH 366,983.17 279,752.72 161,836.24 64,857.02
ìÄó∂”xÅ}ß±Z“{Z 100,234.02 68,774.74 36,092.04 17,434.57
±ZÇ(GU·÷(G±Z“{Z 42,878.25 53,605.40 59,216.83 33,489.54
±Z“ÉÖÍd 12,862.04 16,635.06 21,945.26 2,271.81
±Z… ‚6›z∞8Ñ“{Z 33,997.16 42,062.23 61,262.44 23,032.23
6›z∞{Zù`fiH 189,971.47 181,077.43 178,516.56 76,228.15
6›z∞Lp“{Zù)'n 177,011.70 98,675.29 -16,680.32 -11,371.13
ø”23z∞Lp“{Zù)
XÙ23Xí“{Z 1,020,562.96 1,469,621.57 1,018,620.47 1,500,544.43
≈∆23X[ÈXí“{Z 24,745.98 60,161.32 111,707.63 150,450.00
Ò˘]#3L”_‘3L0… 4ì3LXÙ“{Z'n 58.15 86.47 237.22 178.15
Xí… ‚23z∞8Ñ“{Z 0.00 0.00 11.02 0.00
23z∞{ZùYfiH 1,045,367.09 1,529,869.36 1,130,576.34 1,651,172.58
ìÂ]#3L”_‘3L0… 4ì3L±Z“{Z 21,265.31 7,391.88 26,432.56 9,585.57
23±Z“{Z 1,441,960.35 1,579,989.91 1,175,335.81 1,916,395.73
≈∆.BC·… ›7˜W±Z“{Z'n 0.00 0.00 96.29 91.00
±Z… ‚23z∞8Ñ“{Z 730.93 614.64 1,556.30 580.50
23z∞{Zù`fiH 1,463,956.60 1,587,996.43 1,203,420.96 1,926,652.79
23z∞Lp“{Zù)'n -418,589.51 -58,127.07 -72,844.61 -275,480.21
/”Ñ3z∞Lp“{Zù)
ÖX23Xí“{Z 0.00 0.00 0.00 0.00
≈∆f˚Xí“{Z 152,948.49 360,314.60 912,233.37 1,048,558.50
Xí… ‚Ñ3z∞8Ñ“{Z 2,443.52 39,489.10 1,059.76 25,453.03
Ñ3z∞{ZùYfiH 155,392.01 399,803.70 913,293.13 1,074,011.53
ÜÊß±Z“{Z 26,000.00 183,600.00 680,043.68 786,604.73
Ôp!d”deáÜZdà±Z“{Z 118,668.55 19,065.57 18,690.79 51,441.09
±Z… ‚Ñ3z∞8Ñ“{Z 103,001.67 187,517.56 162,189.31 1,306.55
Ñ3z∞{Zù`fiH 247,670.23 390,183.13 860,923.78 839,352.38
Ñ3z∞Lp“{Zù)'n -92,278.21 9,620.57 52,369.34 234,659.15
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
ƒ”âfŸ∞ˇ{Z·{Z‘˙ú“%& 6,944.27 4,393.88 -7,107.77 -8,991.25
≈”{Z·{Z‘˙ú')¬n -326,911.74 54,562.67 -44,263.36 -61,183.44
¬œìÏ{Z·{Z‘˙únn 555,911.96 229,000.21 283,562.89 239,299.52
§”ìU{Z·{Z‘˙únn 229,000.21 283,562.89 239,299.52 178,116.08
!"#'12Fhfi^k
‰â$≠:
Ü 2023U 2024EU 2025EU 2026E6ïU
ù∞3Lœ
öV3Z 63,532.72 145,619.83 158,389.91 178,630.59
QR*ZW3L 21,568.32 3,938.28 23,929.09 12,787.51
ëXXÒ 176.94 4.22 44.91 90.96
ëXY˚ 55,846.94 45,695.23 154,991.18 155,444.17
∑Z˚Ö 511.04 7,308.41 453.82 697.52
… ëX˚ 22,358.31 8,447.70 35,011.41 52,767.86
“ö 3,936.00 2,802.22 1,982.45 2,046.73
4g3L - - - -
gE˛íì“Àù∞3L 11,114.28 - 8,695.09 -
… ù∞3L 2,392.23 1,942.94 1,710.98 1,266.85
ù∞3L4H 181,436.78 215,758.83 385,208.85 403,732.19
Àù∞3Lœ
… Àù∞ZW3L 32,881.08 43,763.07 62,366.71 89,489.83
4ì!123 92,687.73 103,307.17 113,856.21 115,624.38
]#3L 3,139.85 3,052.77 3,000.09 3,253.20
IÂGQ 97.16 948.93 1,837.18 2,184.31
^l13L - - - -
_‘3L 3,423.17 3,976.70 6,189.07 15,659.28
T¨±` 1,808.65 908.66 997.51 1,025.40
4ìbcdl 265.38 544.84 592.65 544.28
ÁËÈ∆Í3L 4,476.42 2,841.27 14,275.00 16,707.89
… Àù∞3L 9,305.90 12,515.82 8,996.27 20,729.09
Àù∞3L4H 148,085.33 171,859.23 212,110.69 265,217.64
3LèH 329,522.11 387,618.07 597,319.54 668,949.82
ù∞ÂÊœ
eìf˚ - - 78,545.16 147,078.01
ëZXÒ 120,000.00 105,000.00 135,551.46 146,601.46
ëZY˚ 899.76 358.52 238.44 292.64
4gÂÊ 2,133.18 876.62 1,541.17 1,473.07
ëZ(Ghi 1,926.02 2,252.77 2,508.41 1,604.77
ëQÍd 1,871.74 1,770.15 153.22 70.24
… ëZ˚ 96.05 1,195.06 3,061.70 24,181.81
gE˛íì“Àù∞ÂÊ 4,524.47 70,335.89 154,467.63 163,721.09
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
… ù∞ÂÊ 45.96 27.06 25.82 23.61
ù∞ÂÊ4H 131,497.18 181,816.06 376,093.00 485,046.69
Àù∞ÂÊœ
4ìf˚ 29,500.00 117,700.00 145,150.00 97,600.00
ëZÊX - - - 78,394.48
ÛjÂÊ - - - -
ÁËX[ 9.92 25.53 19.40 16.33
Àù∞ÂÊ4H 29,509.92 117,725.53 145,169.40 176,010.82
ÂÊ4H 161,007.10 299,541.58 521,262.40 661,057.50
!"1[œ
!{ 48,828.96 49,279.67 46,493.85 46,604.06
3{Bı 193,405.33 180,590.32 102,783.34 108,889.74
=œk“! 110,663.54 170,407.34 166,155.43 166,155.43
… l4X[ - - - -
mnBı 18,990.92 19,424.16 23,246.84 23,246.84
oÔpde 17,953.34 9,189.68 69,688.54 -4,692.88
È8s1[4H 168,515.01 88,076.48 76,057.14 7,892.32
ÂÊ0È8s1[èH 329,522.11 387,618.07 597,319.54 668,949.82
!"#'12&ßk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-6ï
g”›7XY 103,200.59 74,013.71 141,672.95 17,476.82
ø”›7Ì{ 60,970.45 42,905.90 21,849.94 12,029.21
ÍZ·t¬ 4,257.36 471.75 80.28 139.39
ªºdl 9,486.95 3,969.02 4,157.47 1,428.95
efdl 13,182.84 12,016.33 16,290.15 6,586.18
S¨dl 11,469.91 10,220.96 15,681.63 6,527.09
Mßdl -7,136.41 -1,996.18 5,135.34 7,997.86
¬œ… X[ 298.52 170.68 41.89 70.10
23X[ 507.54 -421.99 6,397.46 9,756.37
…Jœˇ]›6704›67“23X[ -167.91 -198.39 0.00 0.00
Bw˙xŸ∞X[ 858.62 583.52 -5,323.92 1,293.97
3L=xu˝ -6,852.15 -792.63 -341.16 -152.30
òl=xu˝ 172.61 40.68 -140.52 -29.27
3LÒ˘X[ -0.59 -0.54 -2.14 0.02
/”›7de 5,954.06 6,005.64 79,109.73 -6,292.96
¬œ›7oXY 4,780.53 11.72 18.92 131.35
=œ›7o±` 202.47 200.51 1,400.28 524.83
ƒ”deèn 10,532.11 5,816.85 77,728.37 -6,686.43
=œÈ∆Ídl 93.80 1,484.51 4,821.71 -1,507.72
≈”'de 10,438.32 4,332.35 72,906.65 -5,178.71
!
!"#'12Ô5ÔKk
‰â$≠:
Ü 2023ER 2024ER 2025ER 2026E1-6ï
g”6›z∞Lp“{Zù)
ªºó∂”|ê}ßXí“{Z 106,033.97 83,544.46 33,120.19 16,816.93
Xí“Íd~ 8,137.84 5,471.39 2,182.26 768.26
Xí… ‚6›z∞8Ñ“{Z 30,499.62 23,908.72 52,952.60 11,607.64
6›z∞{ZùYfiH 144,671.43 112,924.57 88,255.05 29,192.83
ìÄó∂”xÅ}ß±Z“{Z 96,288.28 41,726.14 25,626.88 12,717.00
±ZÇ(GU·÷(G±Z“{Z 12,393.82 16,305.24 20,156.91 11,301.60
±Z“ÉÖÍd 4,629.23 586.19 16,834.74 428.81
±Z… ‚6›z∞8Ñ“{Z 15,380.75 19,250.32 61,107.30 18,017.50
6›z∞{Zù`fiH 128,692.07 77,867.89 123,725.82 42,464.91
6›z∞Lp“{Zù)'n 15,979.36 35,056.68 -35,470.77 -13,272.09
ø”23z∞Lp“{Zù)
XÙ23Xí“{Z 59,147.67 66,126.80 4,326.69 26,310.90
≈∆23X[Xí“{Z 1,017.27 1,382.93 140.70 22.81
Ò˘]#3L”_‘3L0… 4ì3L XÙ“{Z'n 3.52 33.30 4.28 6.01
Ò˘.BC·… ›7˜WXí“{Z'n 0.00 0.00 0.00 0.00
Xí… ‚23z∞8Ñ“{Z 0.00 0.00 0.00 0.00
23z∞{ZùYfiH 60,168.46 67,543.03 4,471.67 26,339.72
ìÂ]#3L”_‘3L0… 4ì3L±Z“{Z 891.04 1,909.19 7,125.91 9,000.79
23±Z“{Z 62,188.03 51,142.38 55,790.81 46,876.71
≈∆.BC·… ›7˜W±Z“{Z'n 0.00 0.00 0.00 0.00
±Z… ‚23z∞8Ñ“{Z 0.00 0.07 39.90 12.41
23z∞{Zù`fiH 63,079.07 53,051.65 62,956.61 55,889.90
23z∞Lp“{Zù)'n -2,910.61 14,491.38 -58,484.94 -29,550.19
/”Ñ3z∞Lp“{Zù)
ÖX23Xí“{Z 0.00 0.00 0.00 0.00
≈∆f˚Xí“{Z 34,000.00 217,500.00 314,500.00 256,000.00
Xí… ‚Ñ3z∞8Ñ“{Z 114,693.64 144,488.69 136,610.31 75,952.49
Ñ3z∞{ZùYfiH 148,693.64 361,988.69 451,110.31 331,952.49
ÜÊß±Z“{Z 0.00 183,600.00 230,050.00 188,500.00
Ôp!d”deáÜZdà±Z“{Z 118,668.55 19,024.94 15,593.26 49,953.44
±Z… ‚Ñ3z∞8Ñ“{Z 99,999.68 182,881.18 121,653.59 0.00
Ñ3z∞{Zù`fiH 218,668.24 385,506.12 367,296.84 238,453.44
Ñ3z∞Lp“{Zù)'n -69,974.60 -23,517.43 83,813.47 93,499.05
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
ƒ”âfŸ∞ˇ{Z“%&n 3,445.83 1,639.51 -3,360.94 -5,067.50
≈”{Z·{Z‘˙ú')¬n -53,460.01 27,670.15 -13,503.17 45,609.28
¬œìÏ{Z·{Z‘˙únn 105,556.97 52,096.95 79,767.10 66,263.93
§”ìU{Z·{Z‘˙únn 52,096.95 79,767.10 66,263.93 111,873.21
4U∫ªhflbcU∫ÿ‡_¢£ûü
∫ÿ‡_¢£vw=>
‰â$≠:
ÖÜ 2023E 2024E 2025E 2026E6ï
“öl;:(*:+ 152.09 120.73 154.59 219.58
ëXY˚l;:(*:+ 28.67 12.27 13.88 18.97
ëZY˚l;:(*:+ 64.58 44.30 52.04 66.3
è3Ll;f 0.15 0.11 0.05 0.02
ä›7ßcdf 63.59 70.67 63.83 67.88
è3LX[f 6.08 7.35 8.16 9.74
'3LX[f 6.29 8.20 10.75 13.65
3LÂÊf*%+ 12.36 18.40 24.82 30.87
ù∞&f*<+ 7.90 5.50 2.65 1.39
=∞&f*<+ 7.71 5.41 2.60 1.36
{Z&f*<+ 7.43 4.08 2.37 1.33
EBITDAdà/><(*<+ 136.81 33.38 23.98 53.22
CU!"#2026a1-6uFG=>vw
!"#d$ê"mG‘§ÚM?i§°EWp}012026a6u√M!"#é•E†XY⁄,12ê"·GJ6¨1,277,518.45≠:M•≤cì‘·G6T728,419.91≠:Mì‘·G6T549,098.54≠:}bL·G=>Á‘k$
!"#ê"·Géì‘=>
˜Wœ|}
vk LM LònR ∏^lnR o^lnR
1 A7LM 200,000.00 192,500.00 7,500.00
2 GóLM 40,000.00 40,000.00 -
3 @¨LM 100,000.00 83,500.00 16,500.00
4 ñóLM 20,000.00 4,901.46 15,098.54
5 M`LM 200,000.00 66,000.00 134,000.00
6 ÂπLM 30,000.00 14,000.00 16,000.00
7 ^7LM 20,000.00 13,000.00 7,000.00
8 C$LM 15,000.00 15,000.00 -
9 ∑=LM 20,000.00 6,000.00 14,000.00
10 µpLM 80,000.00 10,000.00 70,000.00
11 JKLM 40,000.00 - 40,000.00
12 :;LM 40,000.00 37,000.00 3,000.00
13 KTM 20,000.00 14,000.00 6,000.00
14 N?LM 10,000.00 5,000.00 5,000.00
15 QèLM 25,000.00 - 25,000.00
16 JòLM 40,000.00 25,000.00 15,000.00
17 ѢLM 60,000.00 5,000.00 55,000.00
18 –NLM 30,000.00 5,000.00 25,000.00
19 OPLM 40,000.00 - 40,000.00
20 QóLM 55,000.00 - 55,000.00
21 Nî 55,334.65 55,334.65 -
22 ∫ªºd 83,683.79 83,683.79 -
23 âGLM 53,500.01 53,500.01 -
4H 1,277,518.45 728,419.91 549,098.54
FU!"#2026a1-6ul6;<=>
012026a6u√M!"#iZd¨èDg¢éXèDg‰â;E;<m=>}
HU!"#2026a1-6u/êfi^=>
®ÚØ!"#2026a1-6u/ê^_=>
!"#/êfi^Kÿ()Æ\⁄EUÚa⁄!\mXÔwfi^UŸ\⁄EUÕf^Ç}!"#2026a6u√/ê^_¨826,150.32≠:}
!"#2026a1-6u/ê^_=>
‰â$≠:
Ü 2026E6ïU
Zn é&
LMf˚ 590,789.32 71.51%
ëZÊX 235,361.00 28.49%
4H 826,150.32 100.00%
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
0%2 TOU6VWRDXY
]\^_`Fab?;<}
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
0Z@2 kl^_Gij
]\^_`Fabi4é¯äXY#é¯äXYB?}
!!!!!!!!!!!"#$%&'()*+,-./2026-20280123456789:;<
+≤$022-58316546