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

Company: TOP Financial Group Ltd
Filing Date: 2025-08-13
Form: 20-F
Item: Item 4A
Chunk 25
---
1% from US$9.7
million in year ended March 31, 2023 to US$8.0 million in the year ended March 31, 2024. The decrease was mainly driven by a decrease
of US$0.9 million in futures brokerage service revenues, a decrease of US$1.7 million in trading solution services, net off against an
increase of US$0.1 million in trading gains from OTC derivative business, an increase of US$0.1 million in interest income from loan business,
and an increase of US$0.7 million in interest income and others.

Futures brokerage commissions - Futures
brokerage commissions decreased by US$0.9 million, or 21.3% from US$4.3 million for the year ended March 31, 2023 to US$3.4 million for
the year ended March 31, 2024. The decrease in futures brokerage commission was caused by a decrease in futures contract volume on our
platform from 2.97 million for the year ended March 31, 2023 to 2.27 million for the year ended March 31, 2024, partially net off by an
increase in average commission rate over trading volumes from US$1.46 in the year ended March 31, 2023 to US$1.50 for the same period
of 2024.

Trading solution services fees - 
The Company commenced trading solution services to customers since May 2021. Trading solution service fees decreased by 37.9% from US$4.4
million for the year ended March 31, 2023 to US$2.7 million for the year ended March 31, 2024. 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, 2024 and
2023, the Company generated revenues of US$2.7 million and US$4.4 million, respectively, from provision of trading solution services to
9 and 10 customers.

Trading gains from OTC derivatives business
 - We launched OTC derivative business in the year ended March 31, 2024. We recognized trading gains of US$0.1 million from distribution
of dividends from the structured note portfolio.

Interest income from loan business - 
We launched loan business in the year ended March 31, 2024. We recognized