Company: TGE
Filing Date: 2025-07-10
Form Type: 424B3
Source: 0001213900-25-062835
Chunk: 152

Company: Generation Essentials Group
Filing Date: 2025-07-10
Form: 424B3
Chunk 152
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 31,
2022 Compared to Year Ended December 31, 2023

Revenue

Our revenue increased from
US$31.3 million in 2022 to US$42.5 million in 2023.

Segment Revenue

Our segment revenue from the
media and entertainment segment increased from US$7.7 million in 2022 to US$14.4 million in 2023, primarily due to the expansion
of L’Officiel into various jurisdictions such as Singapore and Malaysia since 2023, as well as our acquisition of The Art Newspaper
in October 2023 which brought in new sources of income.

Our segment revenue from the
hotel operation, hospitality and VIP services segment increased from US$3.2 million in 2022 to US$5.4 million in 2023, primarily
due to the increase in the unit room rate and occupancy rate of our hotels.

Our segment revenue from the
strategic investment segment increased from US$20.4 million in 2022 to US$22.7 million in 2023, primarily due to (i) the
increase in realized gain to the disposed investment from US$1.0 million in 2022 to US$50.5 million in 2023 resulting from the
realized gain in derivative contracts of upside participation and profit distribution agreements and future settlement contract (as described
in details in note 17 of TGE’s consolidated financial statements included herein), which contracts were terminated in 2023
and (ii) the increase in dividend income from US$6.4 million in 2022 to US$9.9 million in 2023. The increase was partially
offset by the unrealized loss on our investments in the listed shares of Bank of Qingdao and Guangzhou Rural Commercial Bank and derivative
financial instruments of US$37.8 million in year 2023, while an unrealized gain of US$13.0 million was recognized in 2022, due
to fluctuation in the stock market affecting the fair value of these listed shares.

Cost of production
and cost of hotel operation

Our cost of production and
cost of hotel operation increased from US$3.2 million in 2022 to US$5.9 million in 2023.

Our cost of production increased
from US$1.5 million in 2022 to US$3.8 million in 2023, mainly due to the additional cost incurred as a result of the expansion
of