6-K 1 ea0231658-6k_jlonggroup.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

February 21, 2025

Commission File Number 001-41901

 

J-Long Group Limited

(Registrant’s Name)

 

Flat F, 8/F, Houston Industrial Building
32-40 Wang Lung Street, Tsuen Wan
New Territories, Hong Kong

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒      Form 40-F ☐

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

Press Release

 

On February 21, 2025, J-Long Group Limited announced its interim financial results as of and for the six-month period ended September 30, 2024 (“Interim Results”).

 

The information disclosed under on this Form 6-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.

 

A copy of the press release announcing the Interim Results is included as Exhibit 99.1 to this Form 6-K.

 

Interim Financial Report

 

REPORT ON FORM 6-K FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2024

 

    Page
Unaudited Consolidated Balance Sheet as of September 30, 2024 and Audited Consolidated Balance Sheet as of March 31, 2024   2
Unaudited Consolidated Statements of Income and Comprehensive Income for the Six-Month Periods Ended September 30, 2024 and 2023   3

 

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J-LONG GROUP LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS

 

   As of 
   March 31,   September 30, 
   2024   2024 
   USD   USD 
   (Audited)   (Unaudited) 
Assets        
Current assets:        
Cash and cash equivalents   4,161,818    

6,706,894

 
Restricted cash   1,000,000    1,000,000 
Accounts receivable, net   2,349,374    2,182,222 
Accounts receivable, net – related parties   33,924    - 
Investment in marketable debt securities   2,275    

1,853

 
Inventories   4,449,132    4,034,612 
Notes receivable   143,112    917 
Prepaid expenses and other current assets, net   627,090    1,733,208 
Tax recoverable   938,979    768,949 
Due from related parties   575,341    459,017 
Total current assets   14,281,045    16,887,672 
Property, plant and equipment, net   2,424,572    2,514,681 
Right-of-use assets – Operating lease   85,221    11,151 
Other non-current assets   11,252    518,003 
Deferred tax assets   91,971    93,289 
Total non-current assets   2,613,016    3,137,124 
TOTAL ASSETS   16,894,061    20,024,796 
           
Liabilities          
Current liabilities:          
Bank loans – current   655,492    667,511 
Operating lease liabilities – current – related parties   88,139    11,646 
Accounts payable, accruals and other current liabilities   1,359,470    1,805,032 
Accounts payable – related parties   1,149,429    2,270,622 
Accruals and other current liabilities   760,992    909,311 
Dividend payables   400,455    27,713 
Contract liabilities   360,475    320,941 
Due to related parties   564,711    477,833 
Total current liabilities   5,339,163    6,490,609 
           
Non-current liabilities          
Bank loans – non-current   1,381,750    1,052,662 
Operating lease liabilities – non-current – related parties   -    - 
Total non-current liabilities   1,381,750    1,052,662 
TOTAL LIABILITIES   6,720,913    7,543,271 
           
Shareholders’ equity          

Ordinary shares US$0.000375 par value each; 136,000,000 shares authorized; 3,140,000 shares issued and outstanding respectively (1)

   1,178    1,178 
Additional Paid-in Capital   4,297,632    4,297,632 
Retained earnings   5,874,338    8,182,715 
Total shareholders’ equity   10,173,148    12,481,525 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   16,894,061    20,024,796 

 

(1) Retroactively adjusted for the effects of the Reverse Stock Split:

 

On December 9, 2024, J-Long Group Limited implemented a 1-for-10 reverse stock split (share consolidation) of its ordinary shares. As a result, the par value of each share has increased, and the number of outstanding shares has decreased accordingly.

 

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J-LONG GROUP LIMITED 

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

 

   For the six months ended
September 30,		 
   2023   2024 
   USD   USD 
   (Unaudited)   (Unaudited) 
Revenues   14,571,703    19,024,229 
Cost of sales   10,589,566    13,735,774 
Gross profit   3,983,137    5,288,455 
           
Operating expenses:          
Selling and marketing expenses   1,037,531    916,174 
General and administrative expenses   1,411,237    1,981,326 
Total operating expenses   2,448,768    2,897,500 
           
Income from operations   1,533,369    2,390,955 
           
Other income, net:          
Other income   25,816    172,783 
Currency exchange gain   222,203    273,999 
Interest expenses, net   (81,420)   (57,540)
Total other income, net   166,599    389,242 
           
Income before tax expense   1,699,968    2,780,197 
Income tax expense   280,495    471,820 
Net income   1,419,473    2,308,377 
           
Other comprehensive income          
Unrealized gain/losses on investment in marketable debt securities, net of tax   -    - 
Total comprehensive income   1,419,473    2,308,377 
           
Net income per share attributable to ordinary shareholders          
Basic and diluted   0.47    0.74 
Weighted average number of ordinary shares used in computing net income per share          
Basic and diluted   3,000,000    3,140,000 

 

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Management’s Discussion and Analysis of Results of Operations and Liquidity and Capital Resources

 

Overview:

 

  ● Revenue was approximately US$19.0 million for the six months ended September 30, 2024, representing an increase of approximately 30.6% from the same period in 2023.

 

  ● Net income was approximately US$2.3 million for the six months ended September 30, 2024 (2023: approximately US$1.4 million), representing an increase of approximately 62.6% from the same period in 2023.

 

Six-Month Financial Results Ended September 30, 2024

 

Revenue. Revenue increased by approximately 30.6% from approximately US$14.6 million for the six months ended September 30, 2023, to approximately US$19.0 million for the six months ended September 30, 2024. The growth in revenue during the six-month period ended September 30, 2024, was primarily driven by a rise in orders from key customers, who had previously cleared excess inventory from the prior year.

 

Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 18.3% from approximately US$2.4 million for the six months ended September 30, 2023, to approximately US$2.9 million for the six months ended September 30, 2024, which was mainly due to an increase in payroll to our staff and fees to our directors.

 

Other income, net. Other net income increased by approximately US$0.2 million from approximately US$0.2 million for the six months ended September 30, 2023, to approximately US$0.4 million for the six months ended September 30, 2024, which was mainly due to an increase in interest income.

 

Income tax expense. Income tax expense increased to US$0.5 million for the six months ended September 30, 2024 (for the six months ended September 30, 2023: approximately US$0.3 million) which was mainly due to the increase in net income.

 

Net income. Net income increased by approximately US$0.9 million to approximately US$2.3 million for the six months ended September 30, 2024 (for the six months ended September 30, 2023: approximately US$1.4 million), which was mainly due to the increase in revenue.

 

Basic and diluted EPS. Basic and diluted EPS were approximately US$0.74 per ordinary share for the six months ended September 30, 2024, as compared to US$0.47 per ordinary share for the six months ended September 30, 2023, respectively.

 

Liquidity and Capital Resources

 

As of September 30, 2024, the Company had cash of US$7,706,894, total current assets of US$16,887,672, and total current liabilities of US$6,490,609. Net current assets were US$10,397,063 and the working capital ratio was 2.6. As of September 30, 2024, the Company’s total assets and total liabilities amounted to US$20,024,796 and US$7,543,271, respectively. As of September 30, 2024, the Company’s total stockholder’s equity amounted to US$12,481,525 and its gearing ratio (bank loan divided by stockholder’s equity) was 13.8%.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.

 

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EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release, dated February 21, 2025

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  J-Long Group Limited
     
  By: /s/ Edwin Wong
  Name:  Edwin Wong
  Title: Chief Executive Officer and Director

 

Date: February 21, 2025

 

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