Financial Performance - Total revenue for the six months ended September 30, 2025, was $293,929, a decrease of 83.2% compared to $1,750,043 in the same period of 2024[4] - Gross loss for the period was $42,614, compared to a gross profit of $1,250,951 in the prior year[4] - Net loss attributable to shareholders for the six months ended September 30, 2025, was $1,457,886, compared to a net income of $442,832 in 2024[4] - Revenue from the top five customers accounted for 53.3% of total revenue for the six months ended September 30, 2025, down from 61.4% in the same period of 2024[103] - The company recognized total revenues of $293,929 for the six months ended September 30, 2025, a decrease from $1,750,043 in the same period of 2024[133] - The effective tax rate for the six months ended September 30, 2025 was nil, compared to 18.01% for the same period in 2024[126] - For the six months ended September 30, 2025, the company reported a net loss of $434,912[159] Cash and Liquidity - Cash and cash equivalents increased to $11,476,898 as of September 30, 2025, from $2,066,102 at the end of March 2025[2] - The total cash at the end of the period was $9,246,488, reflecting a net increase in cash of $9,240,065[159] - The net cash provided by financing activities was $10,152,686, primarily from net proceeds of $9,778,479 from the IPO[159] - The net cash used in operating activities was $35,698[159] - The company incurred a net cash outflow of $876,923 from investing activities, including $326,923 for the subscription of new shares of a subsidiary and $550,000 for investment in equity security[159] Assets and Liabilities - Total assets rose to $12,105,398 as of September 30, 2025, compared to $4,681,560 as of March 31, 2025[2] - Total liabilities decreased slightly to $2,544,600 as of September 30, 2025, from $2,574,684 as of March 31, 2025[2] - Total shareholders' equity increased to $9,270,123 as of September 30, 2025, from $2,106,870 at the end of March 2025[2] - As of September 30, 2025, accounts receivable, net totaled $125,441, a decrease from $1,187,465 as of March 31, 2025, reflecting a significant reduction in gross accounts receivable from $1,288,000[95] - The allowance for expected credit loss for accounts receivable decreased to $88,969 as of September 30, 2025, from $100,535 as of March 31, 2025[96] - The total current assets as of September 30, 2025, amount to $9,425,822, compared to $262,269 as of March 31, 2025[156] Initial Public Offering (IPO) - The company raised $9,778,479 from its initial public offering during the period[10] - The Company completed its IPO on June 30, 2025, raising gross proceeds of $9,375,000 from the sale of 1,875,000 Class A ordinary shares at $5.00 per share[17] - Following the IPO, the underwriter exercised the Over-allotment option, resulting in total gross proceeds of $10,781,250[18] - The net proceeds from the IPO and Over-allotment option amounted to $8,621,139 after deducting underwriting discounts and expenses[19] - The IPO and the Over-allotment option generated total gross proceeds of $10,781,250, with net proceeds of $8,621,139 recorded as an increase to additional paid-in capital[121] Contractual Obligations and Revenue Recognition - The Company follows ASC 606 for revenue recognition, ensuring revenues reflect the transfer of goods or services to customers[41] - The Company recognizes revenue based on individual contract terms and applies a practical expedient for costs incurred to obtain contracts with customers, with no material incremental costs expected to benefit beyond one year[42] - The average initial deposit for IPO sponsorship services is 42% of the total contract price, with fees charged based on milestone achievements[45] - Contract assets related to general advisory services and compliance advisory services totaled $10,174 and $197,165 at September 30, 2025, respectively[75] - Contract liabilities for IPO sponsorship services, general advisory services, independent financial advisory services, and compliance advisory services amounted to $451,907 and $200,911 at September 30, 2025[76] - The Company recognizes revenue from compliance advisory services on a monthly basis as performance obligations are satisfied throughout the contract terms[74] - The average initial deposit for independent financial advisory services is 21% of the total contract price, with revenue recognized at the completion of services[65] - The Company accounts for all general advisory services as a single performance obligation due to their interdependent nature[58] - The Company uses the most likely amount method to estimate variable consideration for milestone payments, which are subject to significant uncertainty[53] Investments and Impairments - The company recognized an unrealized loss of approximately $370,666 on its investment in ALT5 Sigma Corporation, with a fair value of $179,334 as of September 30, 2025, down from an original cost of $550,000[99] - The investment in equity security is classified within Level 1 of the fair value hierarchy due to its active trading in the market[98] - The company had no significant influence over the investee, ALT5 Sigma Corporation, despite holding 66,667 shares[90] Employee and Operational Expenses - Employee benefit expenses paid to senior management totaled $504,731 for the six months ended September 30, 2025, compared to $145,513 for the same period in 2024[150] - Retirement benefits charged to the statements of operations for the six months ended September 30, 2025, amounted to $19,848, compared to $18,203 for the same period in 2024[79] - The company incurred total operating lease expenses of $95,754 for the six months ended September 30, 2025, compared to $82,934 in the same period of 2024[111] Regulatory and Compliance - The Company changed its name from Hero Intelligence Group Limited to Grande Group Limited effective May 22, 2024[13] - The Company did not recognize any impairment loss against its ROU asset for the six months ended September 30, 2025[32] - The company plans to adopt ASU 2023-09 for the year ending March 31, 2026, which will enhance income tax disclosures[91] - The company has no uncertain tax positions as of September 30, 2025, indicating a stable tax compliance status[129] - The company maintained capital levels significantly above the minimum liquid capital requirements set by the Securities and Futures Commission of Hong Kong[136] - The company's wholly-owned subsidiary, Grande Capital, is subject to minimum paid-up capital and liquid capital requirements imposed by the Hong Kong Securities and Futures Ordinance[162] Miscellaneous - The Company has prepared its financial statements in accordance with the same accounting policies as the consolidated financial statements[160] - As of September 30, 2025, there were no material contingencies or significant provisions of long-term obligations disclosed[163] - The maximum potential loss of accounts receivable and contract assets for the six months ended September 30, 2025, is $135,615[136] - Cash balances in bank accounts in Hong Kong are insured under the Deposit Protection Scheme for a maximum amount of $102,564 (HK$800,000)[137] - The loss allowance for other current assets as of September 30, 2025, and March 31, 2025, is $166[138] - A 1% increase or decrease in interest rates would have affected the Company's post-tax loss/profit for the six months ended September 30, 2025, by approximately $114,769[142] - The Company has entered into a Sale and Purchase Agreement to acquire 100% of Proplus Company Limited for HK$78,000,000 (approximately $10,000,000)[153]

Core Viewpoint - GRANDE GROUP LIMITED reported a significant decline in financial performance for the first half of fiscal year 2026, with an 83.2% decrease in revenue compared to the same period in the previous year, leading to a net loss of $1,481,318 [1][9]. Financial Results - Revenue for the six months ended September 30, 2025, was $293,929, down from $1,750,043 in the same period of 2024, primarily due to reduced IPO sponsorship and advisory services [2][3]. - Cost of revenue decreased by 32.57% to $336,543 from $499,092, attributed to lower staff and project-related costs, with a headcount reduction from 20 to 18 [2][4]. - General and administrative expenses rose by 61.8% to $1,158,751 from $716,183, mainly due to one-time bonuses and increased travel expenses [2][6]. - The company recognized an unrealized loss on equity securities of $370,666, compared to no such loss in the previous year [2][7]. - There was no provision for income taxes in the first half of 2026, a change from an expense of $97,248 in the prior year, due to the shift from profit to loss [2][8]. - The net loss of $1,481,318 marked a significant decline from a net income of $442,832 in the same period of 2024, driven by decreased revenue and increased expenses [2][9]. Cash Flow - Net cash provided by operating activities was $264,397, down from $331,322 in the previous year, influenced by the transition from net income to net loss [10]. - Net cash used in investing activities was $550,000, reflecting a new investment in equity securities [11]. - Net cash provided by financing activities was $9,696,399, a substantial increase from a net cash outflow of $1,010,715 in the prior year, primarily due to proceeds from the IPO [12][13]. Recent Events - The company completed its initial public offering on July 2, 2025, raising gross proceeds of $10.78 million by issuing 1,875,000 Class A ordinary shares at $5.00 each [14]. - On October 1, 2025, GRANDE GROUP entered into an agreement to acquire Proplus Company Limited for approximately $10 million, expanding its service offerings [15].

Group 1 - The core point of the article highlights the significant stock price increases of several Chinese concept stocks, with notable gains led by 创智环球科技 (CGLT) at 47.4% [1] - 创智环球科技 (CGLT) closed at 0.9727, experiencing a price increase of 0.3128, with a trading volume of 23.58 million [1] - JM Group Ltd (JIMG) saw a 40% rise, closing at 5.600, with an increase of 1.600 and a trading volume of 21.21 million [1] - 均富资本 (GRAN) increased by 35.42%, closing at 3.250, with a rise of 0.850 and a trading volume of 2.15 million [1] - 玖富 (JEU) experienced a 26.23% increase, closing at 6.620, with an increase of 1.376 and a trading volume of 0.25 million [1] - 趣活 (QH) rose by 25.86%, closing at 1.460, with an increase of 0.300 and a trading volume of 1.15 million [1]

| 代码 | 名称 | 最新价 | 涨跌幅√ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | KXIN | 开心汽车 | 4.150 | 33.87% | +1.050 | 5756.14万 | | PMAX | 安林财经印刷 | 2.850 | 25.55% | +0.580 | 7194.57万 | | YXT | 云学堂 | 0.9730 | 14.00% | +0.1195 | 3.68万 | | GRAN | 均富资本 | 2.290 | 13.37% | +0.270 | 1.73万 | | ટો | 思享无限 | 0.6200 | 12.73% | +0.0700 | 1.48万 | 中概股收盘涨幅居前的个股为：开心汽车涨33.87%，安林财经印刷涨25.55%，均富资本涨13.37%，思 享无限涨12.73%。(格隆汇) ...

Core Insights - Grande Group Ltd. has entered into a strategic Memorandum of Understanding (MOU) with GAIB AI Global Holdings Ltd. to enhance financing capabilities for AI infrastructure development [1][2] - The collaboration aims to identify, structure, and pursue opportunities in financing critical AI infrastructure assets, which are essential for the next technological revolution [2][5] - The partnership is expected to generate substantial value for shareholders by combining GRAN's financial expertise with GAIB's specialized focus on AI infrastructure [2][3] Company Overview - Grande Group Ltd. operates through its Hong Kong subsidiary, Grande Capital Limited, providing corporate finance advisory and IPO sponsor services [4] - Grande Capital Limited is licensed by the Securities and Futures Commission of Hong Kong to engage in regulated activities related to dealing in securities and advising on corporate finance [4] GAIB Overview - GAIB AI Global Holdings Ltd. focuses on the AI infrastructure ecosystem, providing capital and strategic support for the development and deployment of essential AI assets [5] - The company aims to build and scale infrastructure critical for advanced artificial intelligence, including computing power and robotics [5][7] Infrastructure Focus Areas - The collaboration will target various AI infrastructure assets, including high-performance computing clusters, specialized data centers, humanoid robots, and novel AI hardware architectures [7]

Core Viewpoint - Chinese concept stocks experienced significant gains, with Kuke Music leading the surge with a remarkable increase of 321.3% in its stock price [1]. Group 1: Stock Performance - Kuke Music (KUKEY) saw a price increase to 0.4213, up 321.3%, with a gain of 0.3213 and a trading volume of 1.22 billion [1]. - EZGO (EZGO) rose by 29.11% to 0.1752, gaining 0.0395, with a trading volume of 46.41 million [1]. - Gran Capital (GRAN) increased by 23.9% to 3.085, with a gain of 0.595 and a trading volume of 112,400 [1]. - Agencia Comercial Sp (AGCC) experienced a 19.81% rise to 6.410, gaining 1.060, with a trading volume of 1.25 million [1]. - New Oxygen (SY) rose by 19.24% to 3.470, with a gain of 0.560 and a trading volume of 9.95 million [1].

Group 1 - The top five gaining Chinese concept stocks at closing were: Mindong Hong up 43.85%, Skyline Construction Group up 40.76%, Yingxi Group up 30.51%, Huicheng Technology up 27.72%, and Junfu Financing up 25.73% [1] - Mindong Hong's latest price is 0.2280 with a gain of 43.85%, translating to an increase of 0.0695 and a trading volume of 63.41 million [1] - Skyline Construction Group's latest price is 3.350 with a gain of 40.76%, translating to an increase of 0.970 and a trading volume of 23.44 million [1] - Yingxi Group's latest price is 1.0800 with a gain of 30.51%, translating to an increase of 0.2525 and a trading volume of 9.59 million [1] - Huicheng Technology's latest price is 0.3700 with a gain of 27.72%, translating to an increase of 0.0803 and a trading volume of 14.59 million [1] - Junfu Financing's latest price is 4.300 with a gain of 25.73%, translating to an increase of 0.880 and a trading volume of 0.2392 million [1]

Core Insights - GRANDE GROUP LIMITED has successfully launched Drama3, a Web3 infrastructure platform aimed at transforming short dramas and intellectual properties into investable digital assets, with its first drama achieving 30% of its funding target within six hours of launch [1][2] Company Overview - GRANDE GROUP LIMITED operates through its Hong Kong subsidiary, Grande Capital Limited, providing corporate finance advisory and IPO sponsor services, licensed by the Securities and Futures Commission of Hong Kong [4] Industry Developments - Drama3 aims to establish Intellectual Property Finance (IPFi) as a new category within decentralized finance, utilizing blockchain technology to tokenize participation rights and revenue-sharing in film and television content [3] - The platform functions as a two-sided marketplace, charging service fees on funds raised and transaction fees from secondary market activities, ensuring transparent profit distribution to token holders [3]

Group 1 - A growing number of local Hong Kong companies are listing in the United States, with approximately 31 companies having already listed on NASDAQ this year, and at least 27 more in the application process [2] - Among the listed companies, there are several capital market intermediaries, including brokers, financial printing firms, and investor relations service providers [2] - According to Ryan's statistics, as of August 15, 2025, 10 Hong Kong brokerage firms have applied for U.S. listings this year, with 4 already listed and 6 still in process [2] Group 2 - The reasons for the influx of intermediaries to the U.S. market include lower listing thresholds, faster and easier listing processes, and relatively lower initial IPO costs compared to Hong Kong [3] - The U.S. listing requirements are less stringent, with some companies facing lower performance expectations than those on Hong Kong's GEM (Growth Enterprise Market) [3] - The U.S. operates under a registration system that requires only disclosure, while Hong Kong has a dual filing system that necessitates approval from both the Hong Kong Stock Exchange and the Securities and Futures Commission [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 193 ...