The directors present their strategic report on ODIM (UK) LTD ("ODIMUK" or the "Company") for the year ended 31 March 2026.

The Company is authorised and regulated by the Financial Conduct Authority ("FCA") as a MiFID investment firm and is classified as a small and non-interconnected investment firm (an "SNI firm") for the purposes of the FCA’s Prudential sourcebook for MiFID Investment Firms ("MIFIDPRU"). The Company provides discretionary investment management services to institutions and family offices based in the UK and Europe. The Company's investment philosophy is centred on fundamental, bottom-up research and a long-term approach to value creation through investing in listed equities.

Results and performance

The Company has made a small profit for the current Fiscal Year. Currently, the management fee is the Company’s sole source of income. The Company's primary expense in the current year have been operational costs, professional service fee and compliance support fees.

Regulatory capital and liquidity

As an SNI MIFIDPRU investment firm which has not issued additional tier 1 instruments, the Company remains subject to MIFIDPRU 8.6 and accordingly discloses its remuneration policy and practices to the extent applicable to an SNI firm. Details of the Company’s unaudited disclosures required under MIFIDPRU 8, comprising the remuneration disclosures applicable to a small and non-interconnected investment firm, are available on the Company website.

Strategy

The Company is committed to meeting its clients’ investment performance expectations, focusing exclusively on Chinese equities, following an active bottom-up stock selection approach. Its investment proposition is simple and focused. ODIMUK’s bottom-up research approach aims to identify the best long-term investment opportunities and to provide a concentrated, diversified portfolio to deliver attractive risk-adjusted returns.

The Company will continue to focus on products delivering long-term risk adjusted investment performance and on providing high quality customer service to its clients. The Company's investment solutions are specifically designed to meet our clients’ needs.

Our priorities for the coming year include continued growth in Assets under Management (“AUM”) through deepening relationships with existing clients and attracting new mandates. Risk-adjusted Investment performance remains a central focus, as does maintaining the highest standards of client service and regulatory compliance. The macroeconomic environment remains uncertain; however, the Company is well positioned with a strong balance sheet and a conservative business model.

Principal risks and uncertainties

The Board is responsible for identifying, assessing and managing the principal risks and uncertainties facing the Company, and for maintaining a system of internal control that is proportionate to the nature, scale and complexity of the business. These risks are assessed formally through the ICARA process and are kept under review by the Board throughout the year. The principal risks identified by the Directors are set out below.

• Business/Strategic Risk: Risk of reliance on specific clients, investment products, or revenue streams, or key personnel departures. The Board seeks to mitigate this risk through client diversification over time, remuneration and retention arrangements, and succession planning.

• Regulatory and Compliance Risk: The Company operates in a highly regulated environment. The Board maintains a compliance monitoring programme and receives regular reporting from the compliance function.

• Operational and Outsource Risk: Arising from systems, people and operational processes, including outsourcing parties and cyber risks. The Board manages this risk through due diligence at appointment, written agreements, defined service levels and ongoing oversight of material outsourcing arrangements, information security controls and business continuity arrangements, and keeps the Company’s operational resilience under review.

• Market Risk: Primarily related to exposure from FX movements on fee income.

• Credit Risk: Limited exposure arising from counterparties and custodians.

Statement by the Directors regarding the performance of their statutory duties in accordance with Section 172 Companies Act 2006

In accordance with the Companies Act 2006 (the "Act"), the Directors of the Company are required to give an annual statement which describes how the Directors have taken into consideration the matters set out in section 172 (1) of the Act when discharging their duty under that section.

Section 172 of the Act requires a Director of a company to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a Director to have regard, amongst other matters, to

• the likely consequences of any decision in the long term.

• the interests of the company's employees.

• the need to foster the company's business relationships with suppliers, clients and others.

• the impact of the company's operations on the community and the environment.

• the desirability of the company maintaining a reputation for high standards of business conduct; and

• the need to act fairly between different members of the company.

The Directors consider the matters set out above in their decision-making process, through the Company's business strategy, culture, governance framework, management information flows and stakeholder engagement processes. For each matter that comes before the Directors, stakeholders who may be affected are identified and the Directors consider the interest of all such stakeholders in coming to decisions.

Long-term decision making

The Company’s strategy is focused on delivering long-term, risk-adjusted returns to clients while maintaining a robust and sustainable business model. In setting this strategy, the Board considers potential impacts on clients, employees, and the wider market. During the year, the Board supported enhancements to client reporting, investment governance, and operational resilience, all with a view to long-term value creation.

Clients and business relationships

The Board recognises that the Company’s success is dependent on strong and trusted relationships with its clients. The Company is committed to delivering investment excellence with the highest standards of care and integrity. Directors place clients’ interests at the heart of key decision-making and ensure that business practices align with these priorities. The Company also maintains a strong focus on operational resilience, compliance, and information security to safeguard clients’ interests.

Environment and community

As an office-based investment management firm, the Company’s direct environmental impact is limited. Nevertheless, the Board seeks to minimise the Company’s environmental footprint and supports responsible practices in its operations. Furthermore, the Company encourages the integration of ESG considerations within its investment process, where appropriate.

High standards of business conduct

The Company’s reputation for integrity and high standards of conduct is fundamental to its success. The Board promotes a strong compliance culture and oversees robust governance practices. The Company maintains open and constructive relationships with the Financial Conduct Authority and adheres to relevant regulations, including the Consumer Duty and other applicable regulatory standards.

Fairness between members

The Board is committed to treating all members of the Company fairly and with due regard to their interests, both in day-to-day decisions and in the execution of the Company’s broader strategic objectives.

The Directors recognise that the long-term success of the business is dependent on aligning our activities with the interests of its key stakeholders. The Directors believe that corporate citizenship is a critical link between integrity and performance, how the Company does the right things, the right way to deliver value to its clients, employees, and its communities. As an organisation, citizenship is embedded in the Company's corporate values and is an important element of how it achieves success in working with all its key stakeholders. Our core values reflect what is most important to us as a company. They are the ideas that guide us in how we do business, how we treat our clients, and how we work with each other.

Forward-looking statements

This Strategic Report contains certain forward-looking statements regarding the Company’s markets, strategy and intentions, including statements as to the Investment Manager’s outlook for Chinese equity markets and its expected areas of portfolio focus. Such statements reflect the Directors’ views and expectations as at the date of approval of this report and are subject to risks, uncertainties and assumptions, including those described under Principal risks and uncertainties above. Actual outcomes may differ materially from those expressed or implied. Nothing in this report constitutes a forecast or a guarantee of future performance, and past performance is not a reliable indicator of future results. The Directors undertake no obligation to update any forward-looking statement, save as required by law or regulation.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2026.

The principal activity of the Company continued to be that of discretionary investment management services primarily to institutions and family offices based in the UK and Europe.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of ODIM (UK) LTD (the 'company') for the year ended 31 March 2026 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

ODIM (UK) LTD is a private company limited by shares incorporated in Scotland. The registered office is 272 Bath Street, Glasgow, Scotland, G2 4JR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover arising from the provision of investment management services is recognised in the period in which the services are provided. Performance fees are recognised in the period in which they crystallise.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider there to be no significant judgements or key sources of estimation uncertainty in the financial statements.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

The company has losses of £52,723 (2025: £77,037) to set against future taxable profits. A deferred tax asset has not been recognised in the Statement of Financial Position due to uncertainty of the timing of future taxable profits.

Included within other creditors there is a balance of £31,800 (2025: other creditors amounts falling due after more than one year £30,900) relating to an unsecured loan payable to Shifeng Ke, the 100% director and shareholder of ODIM (UK) Ltd.

Interest on the loan is payable at 3% per annum; full repayment of the principal and interest is due on 30 June 2026. £900 (2025: £900) relating to the interest expense on this loan has been included within interest payable.

Included within other creditors is £9,276 (2025: £1,341) due to key management personnel in respect of business expenses incurred on behalf of the company. The balance is unsecured and interest free.

During the year, the company made purchases of £134,000 (2025: £8,000) from Open Door Investment Management Limited (a company with a common director) who provide consultancy services. At the year end the amount owed was £142,000 (2025: £8,000)

The ultimate controlling party was Mr S Ke, a director and 100% shareholder of the company.