Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 122

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 122
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sales of tourism packages are insignificant of total revenue of tourism service.

In 2024, the total revenue increased to $49.8 million by 57% or $18.0
million from $31.8 million in 2023. The increase was mainly due to the increase in revenue in cross board merchandize segment. The increase
in cross board merchandize segment of $18.7 million are mainly due to following reasons: (i) the Company expanded its imported luxury
vehicle business in 2024 while 2023 is the first of the Company to run the business; (ii) the Company started to run imported cosmetics
business after acquiring certain brands distribution rights in 2024.

In 2024, the revenue of tourism segment generated $22.0 million compared
to $21.6 million in previous year, representing a 2% increase.

In 2024, the revenue of technology segment generated $1.5 million compared
to $2.7 million in the previous year due to our self-developed B2B technology solution for tourism cross-board merchandize were well penetrated
in this niche industry and less potential clients left for the Company to promote. As a result, the Company started to sell upgraded system
to these existing clients in 2024.

In 2023, the total revenue decreased to $31.8 million by 60% from $79.9
million in 2022. The decrease was mainly due to the decrease in revenue in tourism segment. The decrease in tourism segment are mainly
due to following reasons: (i) the Company intentionally controlled its revenue scale in 2023 to pursue higher gross margin after airline
companies offered higher discount prices on airline tickets when the Company achieved certain revenue target in 2022; (ii) the Company
suspended its sales in air-ticket in early October 2023 due to dispose of Heyang Travel, a subsidiary operating air-ticket business, while
it will take few months to setting up a new company which have the same license of Heyang Travel.

In 2023, the revenue of technology segment generated $2.7 million compared
to $0.8 million in previous years due to our self-developed B2B technology solution for tourism cross-board merchandize were more accepted
by small players, which are not able to develop the system by themselves.

In 2023, the revenue of Cross board merchandise segment increased to
$7.6 million, from $0