JL J Long Group Ltd

 

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

 

 

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

 

 

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

 

 

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.

 

 

EXHIBIT INDEX

 

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

 

 

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

 

 

Exhibit 99.1

 

 

J-Long Group Limited Announces First Half 2025 Unaudited Financial Results

 

HONG KONG, February 21, 2025 (GLOBE NEWSWIRE) -- J-Long Group Limited (“JL” or the “Company”) (NASDAQ: JL), JL conducts its primary operations of apparel trims solution services in Hong Kong, today announced its unaudited financial results for the six months ended September 30, 2024.

 

Overview:

 

●

Revenue was approximately US$19.0 million for the six months ended September 30, 2024, representing a decrease 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).

 

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.

 

About J-Long Group Limited

 

J-Long Group Limited is an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. The Company offers a wide range of services to cater to customers’ needs in reflective and non-reflective garment trims, including market trend analysis, product design and development and production and quality control. For more information, visit the Company’s website at http://j-long.com.

 

Safe Harbor Statement

 

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

 

Hong Kong:

 

J-Long Group Limited
Edwin Wong, CEO and Director
ir@j-long.com +852 3693 2110

 

 

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.

 

 

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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