Company: JL
Filing Date: 2025-05-20
Form Type: 20-F/A
Source: 0001213900-25-045507
Chunk: 114

Company: J-Long Group Ltd
Filing Date: 2025-05-20
Form: 20-F/A
Chunk 114
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 by fabric products, which contributed 12% and 13%, respectively. For the fiscal year ended March 31, 2024, we experienced a decrease in overall sales mainly because many of our customers reduced their orders as they were still attempting to sell their inventory due to the slowdown in the economy after Covid-19. Sales during the fiscal year ended March 31, 2024 from Hong Kong, China and non-Asian countries all decreased compared to the fiscal year ended March 31, 2023, resulting in a $9,913,728 decrease in revenue for the fiscal year ended March 31, 2024 as compared to the fiscal year ended March 31, 2023. Cost of Sales Our cost of sales is comprised of the cost of direct materials, sub-contractor fees, product inspection costs, warehouse lease expenses and packing and design costs. Cost of sales decreased by 24% to $21,581,411 for the fiscal year ended March 31, 2024 from $28,253,752 for the fiscal year ended March 31, 2023 in line with our decrease in revenues. Gross Profit Our gross profit decreased by 32% to $6,797,258 for the fiscal year ended March 31, 2024 compared to $10,038,645 for the fiscal year ended March 31, 2023. Our gross profit margin decreased to 24% for the fiscal year ended March 31, 2024 as compared to 26% for 2023, essentially remaining stable. Selling and Marketing Expenses Selling and marketing expenses are mainly comprised of marketing and promotion fees paid to consultants for overseas sales, commission expenses, wages and salaries for our sales and marketing personnel and outbound transportation expenses. Our selling and marketing expenses decreased by 5% to $2,068,502 as compared to $2,170,570 for the fiscal year ended March 31, 2023. We paid commissions to our overseas consultants who are mainly stationed in non-Asian countries with respect to non-Asia sales. As non-Asia sales decreased, we incurred lower commissions in fiscal year 2024 compared to fiscal year 2023. In addition, payroll expenses and transportation expenses decreased in line with the sales decrease. General and Administrative Expenses General and administrative expenses are mainly comprised of staff costs and directors’ remuneration, travel and transportation expenses, depreciation expenses, lease expenses, office expenses, bank charges, professional fees, audit fees and other miscellaneous expenses. Our general and