Company: TOP
Filing Date: 2025-08-13
Form Type: 20-F
Source: 0001213900-25-075728
Chunk: 22

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 22
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539  

Revenues

Total revenues decreased by 58.6% from US$8.0
million in year ended March 31, 2024 to US$3.3 million in the year ended March 31, 2025. The decrease was mainly driven by a decrease
of US$0.9 million in futures brokerage service revenues, a decrease of US$1.6 million in futures brokerage commission, a decrease of US$1.9
million in trading solution services, and a change from trading gain of US$0.1 million for the year ended March 31, 2024 to a trading
loss of US$1.4 million for the year ended March 31, 2025.

Futures brokerage commissions - Futures
brokerage commissions decreased by US$1.6 million, or 46.1% from US$3.4 million for the year ended March 31, 2024 to US$1.8 million for
the year ended March 31, 2025. The decrease in futures brokerage commission was caused by a decrease in futures contract volume on our
platform from 2.27 million for the year ended March 31, 2024 to 1.11 million for the year ended March 31, 2025, despite an increase in average
commission rate over trading volumes from US$1.50 for the year ended March 31, 2024 to US$ 1.64 for the same period of 2025.

Trading solution services fees - 
Trading solution service fees decreased by 70.5% from US$2.7 million for the year ended March 31, 2024 to US$0.8 million for the year
ended March 31, 2025. The decrease was mainly because of decreased service requirement from our customers due to underperforming condition
in Hong Kong stock market. For the year ended March 31, 2025 and 2024, the Company generated revenues of US$0.8 million and US$2.7 million,
respectively, from provision of trading solution services to 6 and 9 customers.

Trading gains from OTC derivatives business
 - We launched OTC derivative business in the year ended March 31, 2024. However due to liquidation of certain OTC derivative
brokers in Hong Kong markets, we determined to terminate such business to prevent further credit losses incurred by our customers. For
the years ended March 31