Dreamland Ltd. operates in the events industry, specializing in organizing, planning, promoting, and managing themed touring walk-through experience events for intellectual property owners of characters in well-publicized animated cartoons and live action theatrical motion pictures. The global events industry experienced significant disruption due to the COVID-19 pandemic from 2019 through early 2023, after which the company resumed core event management operations, capturing pent-up demand. The industry is highly fragmented and intensely competitive, characterized by constant change and innovation as customers demand deeper and more meaningful event experiences.

The company's biggest competition comes from local event management companies experienced in organizing big scale public events involving IP licenses, and it may also face potential competition from global event management companies entering the Hong Kong market. Principal competitive factors include breadth and depth of scope of services, pricing, user experience, financial viability, industry expertise, reputation, proven customer references, track record, and relationships with industry players such as IP owners, venue operators, and overseas event management companies. Some competitors may be larger with more manpower, resources, longer operating histories, and stronger financial strength.

The company generates revenue through event management services provided on a project-by-project basis, including fixed-price service contracts for organizing, planning, promoting, and managing experience events, as well as through direct investment deals where it becomes the effective investor or co-investor of experience events. Revenue is also derived from the design and sale of merchandise, such as merchandise sold in concert venues and merchandise used as gift with purchase by customers, and event management for brands including setting up and running pop-up stores and organizing store opening or product launch press events. The business is not recurring in nature, creating uncertainty in future revenue streams.

The company's service lines include event management services as an event planner specializing in experience events, which involve IP licenses from IP owners to event organizers for the right to develop, organize, plan, promote, and manage events relating to licensed characters and properties in approved venues across specified territories. During experience events, attendees may separately purchase interactive activities and entertainment, custom-made merchandise featuring the licensed property, and food and beverage products. The company also engages in the design and sale of merchandise and event management for brands.

Beginning in April 2024, the company engaged in direct investment deals for experience events where it became the effective investor or co-investor of the experience events it organized, planned, promoted, and managed, and also engaged in pure investment deals for events where it did not involve in event operations. During the year ended March 31, 2026, the company organized or co-organized eight experience events, and six other experience events were direct investment deals in which it did not involve in event operations. As of the date of the annual report, the company had six direct investment deals for experience events in Hong Kong, Taiwan, or Thailand.

The company completed its initial public offering of 1,340,000 ¹ Class A Ordinary Shares by the Company and 660,000 ² Class A Ordinary Shares by the Selling Shareholder, which closed on July 23, 2025, based on an offering price of US$4.00 ³ per Class A Ordinary Share, for total gross proceeds to the Company of US$5,360,000 ⁴. On December 3, 2025, the Company entered into an Equity Purchase Agreement with Hudson Global Ventures, LLC, providing the Company the right to sell up to US$18,000,000 ⁵ of Class A Ordinary Shares at its discretion over 24 months, and issued 736,018 ⁶ Commitment Shares to the Investor as consideration. On April 20, 2026, the Company effected a 1-for-5 reverse stock split, adjusting the issued and outstanding share capital to 7,400,000 ⁷ ordinary shares. On June 15, 2026, the Company effected a 1-for-25 reverse stock split, following which the issued and outstanding share capital was approximately 1,509,557 ⁸ ordinary shares.

Net revenue increased by approximately 10.7% ⁹ from approximately HK$45.8 million ¹⁰ for the year ended March 31, 2025 to approximately HK$50.7 million ¹¹ for the year ended March 31, 2026, and net revenue increased by approximately 124.1% ¹² from approximately HK$20.1 million ¹³ for the year ended March 31, 2024 to approximately HK$45.8 million ¹⁴ for the year ended March 31, 2025. The company had a net profit of approximately HK$7.1 million ¹⁵ and HK$6.4 million ¹⁶ and a net loss of approximately HK$74.1 million ¹⁷ for the fiscal years ended March 31, 2024, 2025, and 2026, respectively.

The company plans to leverage its industry experience and connections with IP owners built up over the years to start obtaining IP licenses from IP owners directly, which will move it up the value chain to become an event organizer, and management believes this will help increase market share in the events industry in Hong Kong as well as profitability in the long run. The company anticipates that operating expenses will increase in the foreseeable future as it seeks to sign more direct investment deals, acquire IP licenses directly from IP owners, maintain and continue to grow its business, attract new customers, and further enhance its services.

The company expects to derive most of its revenue from the organization, planning, promotion, and management of experience events in Hong Kong and select countries in Southeast Asia in the foreseeable future. The company's major event organizer customers generally acquire multi-territory IP licenses for experience events that cover Hong Kong and different countries in Southeast Asia, and the company has organized or co-organized events in Malaysia and has direct investment deals in Hong Kong, Taiwan, or Thailand.

The company's cost of revenue is mainly composed of costs of goods sold, sub-contracting fee including costs of local facilitator, PR firms, contractors and temporary workers, and project-related employee benefit expenses. Other indirect costs include office expenses, staff costs, insurance expenses, and bank charges. If labor costs and other indirect costs increase, the local facilitator, human resources companies supplying temporary workers, and manufacturers may pass on the increase in their costs to the company by increasing their fees.

The company depends on local facilitators to assist with the organization, planning, promotion, and management of events outside of Hong Kong and human resources companies to supply temporary workers to assist in the management of events in Hong Kong, and has not entered into any long-term contracts with these third-party vendors. All merchandise sourced for customers during the fiscal years ended March 31, 2024, 2025, and 2026 were produced by third-party manufacturers located in the PRC, and the company does not enter into any long-term contracts with these manufacturers.

The company currently intends to retain all of its available funds and any future earnings to fund the development and growth of its business, and does not expect to pay any cash dividends in the foreseeable future. The company may need to raise additional capital to fund its growth plans, and there is a risk that it may need additional cash resources if it experiences adverse changes in business conditions or wishes to pursue opportunities for new investments, acquisitions, or capital expenditures.

The company faces risks from fluctuations in consumer spending caused by social, economic, political, and legal developments or instability in Hong Kong and other Southeast Asian countries, which could materially and adversely affect its business. The company's business is substantially dependent upon the continued strength of the market for experience events, and if the market stops growing, grows more slowly than anticipated, or evolves forcing price reductions, revenue, gross margin, and other operating results could be materially adversely affected.

The company may face revenue concentration risk due to reliance on a single key customer, as for the fiscal years ended March 31, 2024, 2025, and 2026, the largest customer accounted for approximately 20.4% ¹⁸, 16.7% ¹⁹, and 20.2% ²⁰ of net revenue, respectively. The company's top three major customers contributed approximately 88.8% ²¹, 51.0% ²², and 40.8% ²³ of net revenue during the fiscal years ended March 31, 2024, 2025, and 2026, respectively.

Management's message emphasizes the company's nearly ten years of experience in managing the entire or part of the event lifecycle and its specialization in organizing, planning, promoting, and managing themed touring walk-through experience events for IP owners. The strategic priorities for the period ahead include leveraging industry experience and connections with IP owners to start obtaining IP licenses directly, moving up the value chain to become an event organizer, and increasing market share in the events industry in Hong Kong as well as profitability. Management acknowledges that the transition into a new business model makes it difficult to evaluate prospects and future financial results, and that past growth rate, revenue, and net profit margin may not be indicative of future performance.

Net revenue was approximately HK$50.7 million ²⁶ for the year ended March 31, 2026, compared to approximately HK$45.8 million ²⁷ for the year ended March 31, 2025, and approximately HK$20.1 million ²⁸ for the year ended March 31, 2024. Net loss was approximately HK$74.1 million ²⁹ for the year ended March 31, 2026, compared to net profit of approximately HK$6.4 million ³⁰ for the year ended March 31, 2025, and net profit of approximately HK$7.1 million ³¹ for the year ended March 31, 2024. The company's top three major customers contributed approximately 40.8% ³² of net revenue during the fiscal year ended March 31, 2026, and the largest customer accounted for approximately 20.2% ³³ of net revenue for the same period. Cost of goods sold attributed to the five largest suppliers accounted for approximately 40.6% ³⁴ of total cost of goods sold for the fiscal year ended March 31, 2026.

The company has transitioned into a new business model involving direct investment deals for experience events, making it difficult to evaluate prospects and future financial results, and past growth rate, revenue, and net profit margin may not be indicative of future performance. The company faces revenue concentration risk as the largest customer accounted for approximately 20.2% ²⁴ of net revenue for the fiscal year ended March 31, 2026, and the top three major customers contributed approximately 40.8% ²⁵ of net revenue for the same period. The company identified material weaknesses in internal control over financial reporting, including lack of a fully formalized internal control framework, reliance on manual Excel-based records for accounting and payroll, and insufficiently formalized controls over revenue recognition and related party transactions. The company's business is substantially dependent upon the continued strength of the market for experience events in Hong Kong and Southeast Asia, and fluctuations in consumer spending caused by social, economic, political, and legal developments could materially and adversely affect results.