Epsium is a holding company whose only operating business is Luz, a wholesale importer and distributor of premium alcoholic beverages in Macau. Luz buys spirits ad hoc from distributors and other market participants — with no long-term supply contracts — and resells them in bulk to supermarkets, restaurants, hotel casinos, and retailers. Luz's product mix is anchored by Chinese baijiu, primarily Moutai, which alone represented roughly 57% of FY25 revenue. Cognac and whiskey (Remy Martin and Macallan) accounted for about 15% of FY25 revenue, and fine wine grew to roughly 21%. Hotel-casino groups — including Melco Resorts, MGM Grand Paradise, Galaxy Casino, Venetian Macau, and SJM Resorts — are key customers, with two casino groups together accounting for 42% of FY25 revenue. Luz sells through standard wholesale (most revenue) and a consignment model with hotel casinos, where Luz retains title to inventory until the casino sells it. Beyond core wholesale, Luz maintains a collection of rare and vintage spirits and wines — nearly 45% of total assets — which it intends to eventually sell through auction houses such as Sotheby's or Christie's. Luz operates with only 17 employees from a small Macau office and warehouse, making inventory procurement the dominant working capital burden and the central driver of profitability. The business is seasonal, with Chinese New Year and Q3-Q4 holidays being the strongest periods.