Company: GRAN
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069627
Chunk: 112

Company: Grande Group Ltd/HK
Filing Date: 2025-07-31
Form: 20-F
Item: Item 5
Chunk 112
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Capital acted as a sponsor yet to be completed during the year, our revenue decreased from approximately $4.5 million for the year ended
March 31, 2024 to approximately $4.3 million for the year ended March 31, 2025; while our profit before tax decreased from approximately
$2.1 million to $1.9 million in the corresponding years. Attributable mainly to the increase of successful IPOs where Grande Capital acted
as a sponsor, our revenue increased from approximately $3.9 million for the year ended March 31, 2023 to approximately $4.5 million for
the year ended March 31, 2024; while our profit before tax increased from approximately $1.5 million to approximately $2.1 million in
the corresponding years.

Key
factors affecting operating results

We
believe the following key factors may affect our results of operations:

Economic
conditions in Hong Kong

Our
operations are located in Hong Kong. Accordingly, our business, prospects, financial condition and results of operations are influenced
to a significant degree by political, economic and social conditions in China generally and by continued economic growth in Hong Kong.

Ability
of our Group to stay competitive in the equity capital market

The
sustainability of our revenue and net income will depend upon our ability to remain competitive in the equity capital market and to obtain
new customers on a consistent basis.

Our
ability to maintain our major customers

For the years ended March 31, 2025,
2024 and 2023, approximately 57.2%, 78.1% and 85.6% of our total revenues, respectively, were generated by five customers. There are no
any known trends and uncertainties related to these customers that are reasonably likely to have a material effect on the financial results
due to the non-recurring nature of the revenue from these projects. Revenue from these customers is not expected to recur after completion
of these projects. Since Grande Capital’s listing sponsorship services and financial and compliance advisory services are non-recurring
in nature, there is no assurance that we can continue to secure the engagements comparable to those secured for the year ended March 31,
2025 in the future. If we are unable to continuously secure new sizable mandates, or if the market conditions become unfavorable, our
business and the results of operations may be materially and adversely affected.

Results
of Operations

Comparison
of Years Ended March 31, 2025,