Company: JL
Filing Date: 2025-05-20
Form Type: 20-F/A
Source: 0001213900-25-045507
Chunk: 116

Company: J-Long Group Ltd
Filing Date: 2025-05-20
Form: 20-F/A
Chunk 116
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 for the fiscal year ended March 31, 2024 declined to 2.8% from 17.4% for the fiscal year ended March 31, 2023 as a result of our decreased gross profit margin and increased general and administrative expenses during our 2024 fiscal year. Fiscal year ended March 31, 2023 compared to fiscal year ended March 31, 2022 Revenue Our revenues remained approximately the same at $38,292,397 for the fiscal year ended March 31, 2023, from $38,292,412 for the fiscal year ended March 31, 2022. Heat transfer products are our major offering and contributed 66% and 69% of our revenues for the fiscal years ended March 31, 2022 and 2023, followed by fabric products, which contributed 11% and 13%, respectively. For the fiscal year ended March 31, 2023, we experienced a decrease in sales of woven label and tape products and zipper pull products, as customer demand was not as high as the previous fiscal year. Drawcord products, on the other hand, recorded a significant increase in sales. As China and Hong Kong abolished almost all COVID-19 measures in January 2023, i.e. the fourth fiscal quarter of 2023, our directors expected that the supply chain issues within China would gradually normalize and would not pose significant long term risk to our operations, but its impact was yet to be reflected for the 2023 fiscal year. As a result of the lockdown, sales generated from China saw a decline while non-Asia sales recorded significant growth as revenue increased by $3,541,295 to $8,236,692 for the fiscal year ended March 31, 2023, from $4,695,397 for the fiscal year ended March 31, 2022 due to the growing demand of American clients as the global supply chain normalized. Cost of Sales Our cost of sales is comprised of direct materials and sub-contractor fees. Cost of sales decreased by 4.0% to $28,253,752 for the fiscal year ended March 31, 2023, from $29,436,421 for the fiscal year ended March 31, 2022. For the fiscal year ended March 31, 2023, our processing and packaging costs decreased due to an increase in the proportion of sales of products with lower processing and packaging costs. On the other hand, we sold a larger volume