Core Insights - VS Media Holdings Limited reported a full year revenue of $7.99 million for fiscal year 2023, a decrease from $9.03 million in the previous year [3][4] - The company experienced a 12.7% year-over-year growth in campaign-based marketing services revenue, reaching $4.40 million, with a significant 105.7% growth in Hong Kong SAR [3][4] - For fiscal year 2024, the company expects a revenue increase of 20%, driven by cross-regional brand partnerships, AI-enabled digital content, and a recovery in social commerce [5][2] Financial Performance - The gross profit for 2023 was $1.64 million, down from $2.28 million in 2022, resulting in a gross margin of 20.5% [3][4] - The net loss for the year was $6.59 million, compared to a net loss of $3.52 million in the prior year, primarily due to one-time expenses related to listing [3][4] - Operating cash flow improved to $7.24 million from $2.05 million in the previous year [3] Strategic Initiatives - The company announced a share repurchase program, authorizing the purchase of up to 500,000 Class A Ordinary Shares, effective for one year [6][7] - Recent strategic investments include a partnership with MeeshQ, a creative venture studio, aimed at connecting talents with local brands in Asia Pacific [9] - VS Media also launched a VS Lounge in collaboration with The Pinkfong Company and King Parrot Group, showcasing its ability to engage with top-tier content creators [10] Market Outlook - The company anticipates recovery in its business activities in 2024, particularly in social commerce, which was temporarily suspended in 2023 [5][2] - The management is optimistic about the impact of strategic partnerships and new market entries on revenue growth [2][5] - The expansion into Macau is expected to enhance the company's presence in the Asian market, leveraging its expertise in digital marketing [11]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...