Company: GVH
Filing Date: 2025-02-12
Form Type: 20-F
Source: 0001493152-25-006117
Chunk: 12

Company: Globavend Holdings Ltd
Filing Date: 2025-02-12
Form: 20-F
Item: Item 3
Chunk 12
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7% of our total revenue. For the year ended September 30, 2023, three customers accounted for 21.9%, 18.1%, and 14.2% of our total
revenue. For the year ended September 30, 2024, three customers accounted for 18.1%, 16.0%, and 12.6% of our total revenue. There are
inherent risks whenever a large percentage of total revenues are concentrated with a limited number of customers. It is not possible
for us to predict the future level of demand for our services from these customers. If any of these customers experience declining or
delayed sales due to market, economic, or competitive conditions, their demand for our freight forwarding services may reduce which compels
us to lower our prices, which could have an adverse effect on our margins and financial position and could negatively affect our revenues
and results of operations.

We may not be able to attract and
retain our core management team and other key personnel for our operation.

Our success and growth
depend on our on the knowledge, experience, and expertise of our management team, who is responsible for overseeing financial condition
and performance, sales and marketing, product design and development, and business strategy formulation, as well as the ability to identify,
hire, train, and retain suitable, skilled, and qualified employees. In particular, Mr. Wai Yiu Yau, our founder, chief executive officer,
and chairman of the board, has accumulated over 18 years of experience in the logistics industry. See“ Item 6. Directors,
Senior Management and Employees.”In particular, Mr. Yau has made significant contribution to our success and has an indispensable
value in guiding our future development. There is no assurance that we will be able to continue to retain the services of any or all
of our management team and key personnel. If any of these personnel is unable or unwilling to continue to serve in his or her present
position, and we are unable to find a suitable replacement in a timely manner, at acceptable cost or at all, the loss of their services
may cause disruption to our business and may have an adverse impact on our ability to manage or operate our business effectively. The
results of our operations may be adversely affected as a result. Our business operation is generally manual in nature, and any deterioration
of labor relations may adversely affect our operational stability and efficiency. We cannot give any assurance that favorable labor relations
can be maintained. Any industrial