GET TO KNOW TSR

In 2025 marked another significant milestone for the Company in undertaking strategic transformation amid economic challenges and liquidity constraints. The Board of Directors and management jointly conducted a comprehensive assessment of the situation and adopted proactive measures, including reviewing business strategies, optimizing costs, and restructuring the organization, to ensure business continuity and lay a solid foundation for recovery and sustainable long-term growth.

The Company has leveraged its core water purifier business to expand into commercial products and services, while initiating the “TSR Reborn” strategic plan a significant transformation of its business model. This shift moves from reliance on individual consumers (B2C) toward building a revenue base from corporate clients and entrepreneurs (B2SME), as well as expanding through partnerships under a B2B2C model, in order to generate recurring income and mitigate credit risk. The Company focuses on developing products and services within the automated service (vending machine) segment, including coin-operated alkaline water dispensers, automated coffee vending machines, coin-operated washing machines, and ice-making machines. These offerings enhance business scalability and reduce the Company’s direct capital investment requirements. At the same time, the Company is transforming its sales channels from Traditional Sales to Modern Sales to improve efficiency and support sustainable growth.

In terms of corporate governance, the Company remains committed to enhancing transparency and strengthening the Board structure. At the Annual General Meeting of Shareholders for the year 2025, held on 29 April 2025, shareholders unanimously approved the appointment of three additional independent directors, reinforcing the Company’s commitment to effective governance in line with good corporate governance principles.

For the operating results in 2025, the Group had a total revenue of 840.27 million baht, comprising sales revenue of 673.60 million baht, a decrease of 278.62 million baht or approximately 29.26 from the same period last year. The main factors were a decrease in the number of sales staff, stricter credit control, restructuring of sales units, and shifting the customer base from B2C to B2SME for vending machine products. Meanwhile, interest income from hire-purchase agreements in 2025 amounted to 139.56 million baht, a decrease of 61.88 million baht, or 30.72 percent from the previous year, consistent with the reduction in hire-purchase receivables. Interest income from loan receivables amounted to 9.64 million baht, a decrease of 7.17 million baht, or 42.64 percent from the previous year, as the company slowed down additional loan disbursements, resulting in a decrease in loan receivables.

Despite the decline in operating performance in 2025, which resulted from strategic restructuring and prudent risk management, the Company firmly believes that these actions are essential in establishing a strong foundation for long-term stability. In addition, the Company has adopted digital technologies, particularly Customer Relationship Management (CRM) systems, to enhance operational efficiency and strengthen customer engagement.

Looking ahead to 2026, the Company will continue to advance the TSR Reborn strategy by expanding its revenue base among corporate clients and B2SME customers, while further developing its automated service business, including vending machines and commercial solutions capable of generating recurring income. The Company will also facilitate customer access through diversified financial solutions, including cash sales, installment plans, and hire-purchase schemes, to increase recurring revenue streams and enhance value creation through efficient distribution channels. The Company remains committed to ESG principles to enhance the quality of life and drive sustainable long-term growth.

Finally, on behalf of the Board of Directors, I would like to thank all shareholders, customers, business partners, and employees for their support and for jointly driving the organization through this period of transition. The company reaffirms its commitment to conducting business with transparency, prudence, and integrity to create long-term value and sustainable growth.