Page 213 - THAILAND PRIVILEGE ANNUAL REPORT 2025

Annual Report 2025

The issues and constraints affecting the Company’s operations arose from both internal and external
factors, as follows:
1. Government Regulations Affecting the Company’s Operations
• Government visa policies, including Golden Visa, DTV, LTR, Free Visa, and EEC-related visa measures
• Impacts arising from changes in visa policies and tax laws applicable to foreign nationals residing
in Thailand for more than 180 days per year
• Crackdowns on foreign nationals with criminal records, particularly gray capital groups, as well as
nationals from neighboring countries sharing borders with Thailand, including Myanmar, Lao PDR,
and Cambodia, resulting in more time-consuming screening and qualification verification processes
for membership applicants
• The Company’s policy to decline applications from foreign nationals holding dual nationality, where
the second nationality is from a country under heightened monitoring
2. External Situations and Factors Affecting the Company, including:
• A decline in tourist arrivals, particularly among the Company’s key target markets, including China
(due to domestic tourism promotion policies), the United States (due to international trade policies),
Japan (due to currency depreciation encouraging domestic travel), and European countries (due to
economic slowdown and avoidance of flight routes passing through conflict zones).
• International conflicts, including: India-Pakistan, Israel-Iran, and Russia-Ukraine, which have caused
European tourist groups to delay travel to Asian countries as flights are required to avoid conflict
zones, resulting in higher travel costs. These situations have also affected purchasing decisions among
the Company’s key target groups from the Middle East and India. Tensions along the Thai-Cambodian
border, which have negatively impacted tourist confidence in traveling to Thailand.
• Economic slowdowns in major economies, including China, the United States, and European countries,
resulting in reduced international travel among target customer groups.
• Safety and security image concerns arising from criminal activities affecting foreign tourists in Thailand,
such as gray capital groups, illegal business operations, call center scams, scammers, physical assaults,
and robbery.
3. Privileges Pending Cabinet Approval

Corrective Actions and Mitigation Measures To address the aforementioned issues and constraints,
the Company implemented measures to stimulate membership card sales, as follows:
1. Introduction of the Bronze membership category as a cost-effective alternative for target customer
groups, enabling greater competitiveness under prevailing market conditions and facilitating faster purchase decisions.
As a result, revenue from Bronze membership card sales in fiscal year 2025 accounted for approximately 50% of
total membership card sales revenue, together with expanded market penetration in overseas markets.
2. Implementation of promotional campaigns for membership renewals and upgrades, resulting in revenue
from membership renewals and upgrades accounting for approximately 10% of total membership card sales revenue.
3. Introduction of promotional campaigns for additional membership cards under the Diamond, Platinum,
and Reserve categories during the second half of fiscal year 2025. These campaigns generated strong interest from
target customer groups, with sales of additional membership cards increasing by more than 100% compared with
normal sales prior to the promotion period.
4. Acceleration of revenue recognition from adjacent businesses through collaboration with participating
partners, together with expedited actions to seek approval from relevant government agencies for revisions to
business objectives and member privileges.
5. Recruitment of additional authorized agents in new target areas, together with the acceleration of
marketing and public relations activities targeting customer groups through both online and offline channels.
6. Organization of activities to strengthen cooperation with government agencies on an ongoing basis,
in order to facilitate faster and more accurate applicant qualification screening and visa endorsement processes.

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