Company: GLXG
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001213900-25-102144
Chunk: 144

Company: Galaxy Payroll Group Ltd
Filing Date: 2025-10-24
Form: 20-F
Item: Item 4A
Chunk 144
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employment services decreased by approximately HKD1,956,321, or -14%, to approximately HKD12,529,119 (US$1,604,590) for the year ended
June 30, 2024 from approximately HKD14,485,440 for the year ended June 30, 2023. The decrease was mainly contributed by the decrease in
the number of payroll transactions in the PRC and Japan with a total amount of 120 (from 887 to 767) which leads to a decrease in the
amount of the revenue in respect of the employment services of HKD4,048,501 (US$518,487). Although there is an increase in the number
of the payroll transactions in Hong Kong, Taiwan and Singapore of 546 (from 270 to 816) due to the new business development, which resulted
in an increase in the amount of revenue in respect of the employment services of HKD2,576,414 (US$329,958). Meanwhile, the revenue per
payroll transaction generated in PRC and Japan was decreased from approximately more than HKD12,000 (US$1,536) to below HKD9,400 (US$1,203).
It resulted from US Fed’s rate hike leading to Asia-pacific region’s economy slow recovery and the decrease of seconded employees’
monthly remuneration package. Therefore, the decrease in revenue generated in the PRC and Japan impacts the decrease in the overall revenue
generated in employment services business.

Our revenue in respect of
payroll outsourcing services increased by approximately HKD614,600 or 4%, to approximately HKD17,595,833 (US$2,253,478) for the year ended
June 30, 2024 from approximately HKD16,981,233 for the year ended June 30, 2023. Such increase was mainly contributed by the increase
in the number of payroll transactions in respect of payroll outsourcing services provided to our end-users’ employees in the PRC,
Taiwan and India during the year by 35,386 (from 62,341 to 97,727). It resulted in an increase in revenue of HKD804,905 (US$103,083).
There is a decrease in the number of payroll transactions in Macau of 967 which was due to one of our channel customers reclaiming those
indirect end-user customers we provided services in Macau. It resulted in several customers in