Company: TGE
Filing Date: 2025-06-24
Form Type: F-1
Source: 0001213900-25-057225
Chunk: 143

Company: Generation Essentials Group
Filing Date: 2025-06-24
Form: F-1
Chunk 143
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 |   |  33.9 |   |     |      | 18,859 |     |   |  24.5 |
| Hotel operation, hospitality and VIP services income                                                         |     |                                       |  3,201 |     |   |  10.3 |     |      |   5,423 |   |     |   |  12.8 |   |     |      | 23,132 |     |   |  30.0 |
| Dividend income and gain related to disposed financial assets at fair value through profit or loss (“FVTPL”) |     |                                       |  7,381 |     |   |  23.6 |     |      |  60,457 |   |     |   | 142.1 |   |     |      |  8,681 |     |   |  11.3 |
| Net fair value changes on FVTPL and derivative financial instruments                                         |     |                                       | 13,011 |     |   |  41.6 |     |      | (37,759 | ) |     |   | (88.8 | ) |     |      | 26,342 |     |   |  34.2 |
| Total                                                                                                        |     |                                       | 31,263 |     |   | 100.0 |     |      |  42,543 |   |     |   | 100.0 |   |     |      | 77,014 |     |   | 100.0 |

<div align='center'>92</div>

Cost of production
and cost of hotel operation

Our cost of production and
cost of hotel operation was US$3.2 million, US$5.9 million and US$15.6 million in 2022, 2023 and 2024, respectively.

Cost of production. Cost
of production refers to expenses related to production of magazines since the acquisition of the business of L’Officiel and The
Art Newspaper in April 2022 and October 2023, respectively. Cost of production primarily include (i) production expenses
including editorial expenses paid to editorial staff, payments to authors and other parties for creating articles, features and other
content for our magazines, design and layout expenses, (ii) distribution expenses such as shipping and subscription fulfillment expenses
incurred in connection with the delivery of magazines to subscribers and distribution network expenses spent