EXHIBIT 99.2
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
浙江极筑科技有限公司
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 MARCH 2025
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 MARCH 2025
Table of Content
| Pages
|
|
|
Consolidated Statement of Comprehensive Income
| 1
|
|
|
Consolidated Statement of Financial Position
| 2
|
|
|
Consolidated Statement of Changes in Equity
| 4
|
|
|
Consolidated Statement of Cash Flows
| 5
|
|
|
Notes to the Consolidated Financial Statements
| 7
|
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 MARCH 2025
(EXPRESSED IN RENMINBI)
|
|
NOTE
|
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
|
|
|
|
|
|
|
REVENUE
| 5
|
| 2,273,771
|
| 314,084
|
|
|
|
|
|
|
|
COST OF SALES
|
|
| (1,991,347)
|
| (145,046)
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
| 282,424
|
| 169,038
|
|
|
|
|
|
|
|
OPERATING EXPENSES
|
|
| (1,973,448)
|
| (2,368,350)
|
|
|
|
|
|
|
LOSS FROM OPERATIONS
|
|
| (1,691,024)
|
| (2,199,312)
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSE)
| 6
|
| 172,138
|
| (166,216)
|
|
|
|
|
|
|
LOSS BEFORE TAXATION
| 7
|
| (1,518,886)
|
| (2,365,528)
|
|
|
|
|
|
|
TAXATION
| 8
|
| -
|
| -
|
|
|
|
|
|
|
LOSS FOR THE PERIOD
|
|
| (1,518,886)
|
| (2,365,528)
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD
|
|
|
-
|
|
-
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE EXPENSE
FOR THE PERIOD
|
|
|
(1,518,886)
|
|
(2,365,528)
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE EXPENSES
ATTRIBUTABLE TO:
|
|
|
|
|
|
- Owners of the Company
|
|
| (1,477,600)
|
| (2,338,884)
|
- Non-controlling interests
|
|
| (41,286)
|
| (26,644)
|
|
|
|
|
|
|
|
|
| (1,518,886)
|
| (2,365,528)
|
The accompanying accounting policies and explanatory notes form an integral part of, and should be read in
conjunction with, these consolidated financial statements.
Page 1
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
(EXPRESSED IN RENMINBI)
|
| NOTE
|
| 31.3.25
|
| 31.12.24
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
| Plant and equipment
| 9
|
| 1,680,228
|
| 1,828,046
|
| Right-of-use assets
| 10
|
| 1,358,735
|
| 1,577,553
|
|
|
|
|
|
|
|
|
|
| 3,038,963
|
| 3,405,599
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
| Inventories
| 12
|
| 10,009,293
|
| 10,277,006
|
| Trade and other receivable
| 13
|
| 32,660,033
|
| 22,888,037
|
| Other tax recoverable
|
|
| 216,216
|
| 364,589
|
| Cash and cash equivalents
|
|
| 970,920
|
| 2,985,109
|
|
|
|
|
|
|
|
|
| 43,856,462
|
| 36,514,741
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
| Trade and other payables
| 14
|
| (9,824,195)
|
| (6,658,100)
|
| Contract liabilities
| 18
|
| (2,435,000)
|
| (3,053,500)
|
| Lease liabilities
| 15
|
| (910,506)
|
| (898,843)
|
| Borrowings
| 17
|
| (13,646,223)
|
| (13,659,911)
|
|
|
|
|
|
|
|
|
| (26,815,924)
|
| (24,270,354)
|
|
|
|
|
|
|
NET CURRENT ASSETS
|
|
| 17,040,538
|
| 12,244,387
|
|
|
|
|
|
|
TOTAL ASSETS LESS
CURRENT LIABILITIES
|
|
|
20,079,501
|
|
12,244,387
|
The accompanying accounting policies and explanatory notes form an integral part of, and should be read in
conjunction with, these consolidated financial statements.
Page 2
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
AS AT 31 MARCH 2025
(EXPRESSED IN RENMINBI)
|
| NOTE
|
| 31.3.25
|
| 31.12.24
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITY
|
|
|
|
|
|
| Lease liabilities
| 15
|
| (358,849)
|
| (410,448)
|
|
|
|
|
|
|
|
NET ASSETS
|
|
| 19,720,652
|
| 15,239,538
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
| Share capital
| 19
|
| 5,230,974
|
| 5,230,974
|
| Capital reserves
|
|
| 4,725,000
|
| -
|
| Other reserves
|
|
| 22,939,026
|
| 22,939,026
|
| Accumulated losses
|
|
| (14,316,197)
|
| (12,953,053)
|
|
|
|
|
|
|
|
| Equity attributable to owners
of the Company
|
|
|
18,578,803
|
|
15,216,947
|
| Non-controlling interests
|
|
| 1,141,849
|
| 22,591
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
| 19,720,652
|
| 15,239,538
|
The accompanying accounting policies and explanatory notes form an integral part of, and should be read in
conjunction with, these consolidated financial statements.
Page 3
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 MARCH 2025
(EXPRESSED IN RENMINBI)
|
|
NOTE
|
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
| Loss before taxation
| 7
|
| (1,518,886)
|
| (2,365,528)
|
| Adjustments for:
|
|
|
|
|
|
|
| Depreciation of plant and equipment
|
|
| 143,602
|
| 33,108
|
|
| Depreciation of right-of-use assets
|
|
| 218,818
|
| 168,792
|
|
| Interest expense on bank loan
|
|
| 175,164
|
| 144,499
|
|
| Interest on lease liabilities
|
|
| 16,744
|
| 22,076
|
|
| Disposal of plant and equipment
|
|
| 4,216
|
| -
|
|
|
|
|
|
|
|
| Operating loss before working capital changes
|
|
| (960,342)
|
| (1,997,053)
|
|
|
|
|
|
|
|
| Increase in inventories
|
|
| 267,713
|
| (492,210)
|
| Increase in trade and other receivables
|
|
| (9,771,996)
|
| 2,935,747
|
| Increase in trade and other payables
|
|
| 3,166,095
|
| 2,050,421
|
| Increase in contract liabilities
|
|
| (618,500)
|
| -
|
|
|
|
|
|
|
|
| Cash (used in) / generated from operations
|
|
| (7,917,030)
|
| 2,496,905
|
| Other tax recovered / (paid)
|
|
| 148,373
|
| (140,122)
|
|
|
|
|
|
|
|
| Net cash (used in) / generated from
operating activities
|
|
|
(7,768,657)
|
|
2,356,783
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
| Purchase of plant and equipment
|
|
| -
|
| (530,296)
|
|
|
|
|
|
|
|
| Net cash used in investing activities
|
|
| -
|
| (530,296)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
| Payment of principal portion of the lease liabilities
|
|
| (39,936)
|
| -
|
| Payment of interest portion of the lease liabilities
|
|
| (16,744)
|
| -
|
| Addition of bank loan
|
|
| 8,000,000
|
| 3,000,000
|
| Repayment of borrowings
|
|
| (8,013,688)
|
| -
|
| Payment for interest on bank loan
|
|
| (175,164)
|
| (157,211)
|
| Capital contribution from a non-controlling interest
|
|
| 6,000,000
|
| -
|
|
|
|
|
|
|
|
| Net cash generating from financing activities
|
|
| 5,754,468
|
| 2,842,789
|
The accompanying accounting policies and explanatory notes form an integral part of, and should be read in
conjunction with, these consolidated financial statements.
Page 5
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
FOR THE PERIOD FROM 1 JANUARY 2025 TO 31 MARCH 2025
(EXPRESSED IN RENMINBI)
|
|
NOTE
|
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
|
|
|
|
|
|
|
NET (DECREASE) / INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
|
(2,014,189)
|
|
4,669,276
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE PERIOD
|
|
|
2,985,109
|
|
7,500,513
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD
|
|
|
970,920
|
|
12,169,789
|
The accompanying accounting policies and explanatory notes form an integral part of, and should be read in
conjunction with, these consolidated financial statements.
Page 6
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
(EXPRESSED IN RENMINBI)
1.ORGANISATION AND DESCRIPTION OF BUSINESS
ZheJiang Jizhu Technology Company Limited (“the Company”) is a company incorporated in People's Republic of China with limited liability. The Company's registered office is located at Room 1307, Building 4, 509 Guokang Street, Binjiang District, Hangzhou City, Zhejiang Province, China.
The principal activities of the Company and its subsidiary ("the Group") are research, development and manufacturing of molds and houses through 3D printing.
The consolidated financial statements are presented in Renminbi ("RMB"), which is the same as the functional currency of the Group.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.Basis of presentation and preparation
The consolidated financial statements include the accounts of the Company and its subsidiary. The consolidated financial statements and accompanying notes have been prepared in conformity with accounting principles generally accepted in the United States of America ("US GAAP") and in accordance with the standards and requirements of the Public Company Accounting Oversight Board ("PCAOB") for entities required to have financial statements.
The consolidated financial statements presented in this report cover the interim period from 1 January 2025 to 31 March 2025, along with an audited annual period as of 31 December 2024.
This structure enables a comprehensive evaluation of both annual financial performance and recent interim developments. Through comparative analysis across these reporting dates, the report provides meaningful insights into the entity's financial trajectory and current position.
b.Revenue
The Group records revenue net of taxes collected from customers that are remitted to governmental authorities.
c.Cash equivalents
All highly liquid investments with maturities of three months or less at the date of purchase are treated as cash equivalents.
d.Inventories
Inventories are measured using the first-in, first-out method.
e.Plant and equipment
Depreciation on plant and equipment is recognized on a straight-line basis.
f.Leases
The Group combines and accounts for lease and non-lease components as a single lease component for leases of corporate, data center and retail facilities.
Page 7
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
g.Subsidiary
Subsidiary is the entity (including structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has right to, variable returns from its involvement with the entity and had the ability to affect those returns through its power over the entity. When assessing whether the Group has power of controls, substantive rights held by the Group are only considered.
In the Group's consolidated statement of financial position, subsidiaries are fully consolidated when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated financial statement.
3.FINANCIAL INSTRUMENTS
The Group has classified its financial assets and financial liabilities in the following categories:
| 31.3.25
|
| 31.12.24
|
|
|
|
|
Financial assets at amortized cost
| 13,667,307
|
| 12,489,007
|
|
|
|
|
Financial liabilities at amortized cost
| 23,470,418
|
| 20,318,011
|
a.Financial risk factors
The Group is exposed to credit risk, interest rate risk and liquidity risk arising in the normal course of its business and financial instruments. The Group's risk management objectives, policies and processes mainly focus on minimizing the potential adverse effects of these risks on its financial performance and position by closely monitoring the individual exposure.
i)Credit risk
The Group’s exposure to credit risks are influenced mainly by trade and other receivables amounted to RMB12,696,387 (2024: RMB9,503,898) and cash at banks amounted to RMB936,660 (2024: RMB2,940,849).
In order to minimize the credit risk, the Group reviews the recoverable amount of each individual trade and other debts at the end of each reporting period to ensure that adequate impairment losses are made for irrecoverable amounts.
In addition, the Group performs impairment assessment under expected credit loss model on trade receivable balance individually. The provision rates applied is estimated using the historical observed default rates of the debtors taking into consideration forward-looking information that is reasonably and supportably available without undue costs or effort. At the end of each of the reporting period, these historical loss rates are reassessed and updated if required after considering the forward-looking information then available to the directors of the Group. In this regard, the directors consider that the Group’s credit risk is significantly reduced.
Page 8
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
3. FINANCIAL INSTRUMENTS CONTINUED
a.Financial risk factors continued
i) Credit risk continued
The credit risk on bank balances is limited because the counterparties are banks with good credit ratings assigned by international credit rating agencies. The Group has not taken account of any collateral held as represented by the carrying amount of each financial asset.
The credit risks on other receivables are managed closely. The credit quality of each counterparty is investigated before an advance or a transaction is made or entered into. The Group also actively monitors the outstanding amounts owed by each debtor and identifies any credit risks in a timely manner in order to reduce the risk of a credit related loss. In this regard, the directors of the Group consider that the Group’s credit risk is significantly reduced.
The Group has considered that credit risk on other receivables and bank balances has not increased significantly since initial recognition and has assessed the expected credit loss rate under 12-month ECL method based on the Group’s assessment in the risk of default of the respective counterparties.
ii)Interest rate risk
The Group’s exposure on cash flow interest rate risk which is mainly arising from its variable rate bank balances and interest-bearing borrowings with the bank. It is a common practice in PRC to have floating rate borrowings with the banks.
Sensitivity analysis
The Sensitivity analyses below have been determined based on the exposure to interest rates for variable-rate bank borrowings. The analysis is prepared assuming the amount of liabilities outstanding at the end of the reporting period were outstanding for the whole period / year. A 100 basis point increase or decrease in variable-rate bank borrowings are used and represents management's assessment of the reasonably possible change in interest rates. The exposure of cash flow interest rate risk arising from variable-rate bank balances is insignificant in the view of low interest rate and therefore the sensitivity analysis is not presented.
If interest rates had been 100 basis points higher and all other variables were held constant, the Group's post-tax loss for the period ended 31 March 2025 would increase by RMB115,993 (2024: RMB116,109).
The analysis is prepared on the same basis for 2024.
Page 9
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
3. FINANCIAL INSTRUMENTS CONTINUED
a.Financial risk factors continued
iii)Liquidity risks
The Group is exposed to liquidity risk on financial liabilities. It manages its funds conservatively by maintaining a comfortable level of cash and cash equivalents in order to meet continuous operational need. A banking facility has also been arranged with bank in order to fund any emergency liquidity requirements.
The following table details the Group ’ s remaining contractual maturity for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity dates for financial liabilities are prepared based on the agreed repayment dates.
The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curve at the end reporting period.
Summary quantitative data:
|
|
|
|
|
|
|
|
|
|
Note
|
|
Carrying amount
|
|
Less than
1 year
|
|
Over
1 year
|
| Total undiscounted cash flows
|
31.3.25
|
|
|
|
|
|
|
|
|
|
Trade and other payables
| 14
|
| 9,824,195
|
| 9,824,195
|
| -
|
| 9,824,195
|
Lease liabilities
| 15
|
| 1,269,355
|
| 950,709
|
| 361,994
|
| 1,312,703
|
Bank loan
| 17
|
| 13,646,223
|
| 13,693,127
|
| 93,896
|
| 13,787,023
|
|
|
|
|
|
|
|
|
|
|
|
|
| 24,739,773
|
| 24,468,031
|
| 455,890
|
| 24,923,921
|
|
|
|
|
|
|
|
|
|
|
31.12.24
|
|
|
|
|
|
|
|
|
|
Trade and other payables
| 14
|
| 6,658,100
|
| 6,658,100
|
| -
|
| 6,658,100
|
Lease liabilities
| 15
|
| 1,309,291
|
| 950,708
|
| 418,674
|
| 1,369,382
|
Bank loan
| 17
|
| 13,659,911
|
| 13,865,794
|
| 110,466
|
| 13,976,260
|
|
|
|
|
|
|
|
|
|
|
|
|
| 21,627,302
|
| 21,474,602
|
| 529,140
|
| 22,003,742
|
b.Fair value estimation
The directors consider that the carrying amounts of the financial assets and financial liabilities recognized in the consolidated financial statements of the Group approximate their fair value.
Page 10
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
4.CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The Group’s management makes assumptions, estimates and judgements in the process of applying the Group’s accounting policies that affect the assets, liabilities, income and expenses in the consolidated financial statements prepared in accordance with US GAAP. The assumptions, estimates and judgements are based on historical experience and other factors that are believed to be reasonable under the circumstances. While the management reviews their judgements, estimates and assumptions continuously, the actual results will seldom equal to the estimates.
Key assumptions and other key sources of estimation uncertainty
Certain key assumptions and risk factors in respect of the financial risk management are set out in note 3. Other key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out as follows:
i)Estimated impairment of plant and equipment and right-of-use asset
Plant and equipment and right-of-use asset are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts of plant and equipment have been determined based on value-in-use calculations, taking into account latest market information and past experiences. These calculations and valuations require the use of judgments and estimates.
ii)Current taxation and deferred taxation
Significant judgement is required in determining the amount of the provision for taxation and the timing of payment of the related taxation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the periods in which such determination are made.
Deferred tax assets relating to certain temporary differences and tax losses are not recognized as management considers it is not probable that future taxable profit will be available against which the temporary differences or tax losses can be utilized. Where the expectation is different from the original estimate, such differences will impact the recognition of deferred taxation assets and taxation in the periods in which such estimate is changed.
5.REVENUE
The Group recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Group has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. If service transfers over time, revenue is recognized over the period of the contract by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue is recognized at a point in time when the customer obtains control of the asset.
Page 11
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
5. REVENUE CONTINUED
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
Revenue from contracts with customers
|
|
|
|
Sales of goods
| 2,273,771
|
| 314,084
|
6.OTHER INCOME/ (EXPENSE)
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
Other income
|
|
|
|
Bank interest income
| 131
|
| 59
|
Government subsidiary
| 363,915
|
| 300
|
|
|
|
|
| 364,046
|
| 359
|
Finance Cost
|
|
|
|
Bank interest expense
| (175,164)
|
| (144,499)
|
Interest on lease liability
| (16,744)
|
| (22,076)
|
|
|
|
|
| (191,908)
|
| (166,575)
|
|
|
|
|
| 172,138
|
| (166,216)
|
7.LOSS BEFORE TAXATION
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
Loss before taxation has been arrived at after charging:
|
|
|
|
Cost of sales recognized as expenses
| 1,991,347
|
| 145,046
|
Depreciation
| 143,602
|
| 33,108
|
Research and development expense
| 542,716
|
| 630,959
|
Short-term lease for office premise
| 19,927
|
| 219,763
|
Staff costs:
|
|
|
|
-Pension costs – defined contribution plans
| 91,431
|
| 34,181
|
-Staff salaries and allowances
| 794,148
|
| 341,702
|
-Staff welfare and insurance
| 11,333
|
| 11,979
|
8.TAXATION
No provision for the PRC on Enterprise Income Tax is made in the financial statements as the Company did not generate assessable profits for the period and previous period.
The Company had no significant deferred tax assets or liabilities at the end of financial reporting period (2024: Nil).
Page 12
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
10.RIGHT-OF-USE ASSETS
| Leased premises
|
Cost
|
|
At 1 January 2025 and 31 March 2025
| 2,425,712
|
|
|
Accumulated depreciation
|
|
At 1 January 2025
| 848,159
|
Charge for the period
| 218,818
|
|
|
At 31 March 2025
| 1,066,977
|
|
|
Net book value
|
|
At 31 March 2025
| 1,358,735
|
|
|
Cost
|
|
At 1 January 2024
| 2,025,496
|
Additions
| 400,216
|
|
|
At 31 December 2024
| 2,425,712
|
|
|
Accumulated depreciation
|
|
At 1 January 2024
| 56,264
|
Charge for the year
| 791,895
|
|
|
At 31 December 2024
| 848,159
|
|
|
Net book value
|
|
At 31 December 2024
| 1,577,553
|
|
|
Page 15
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
10. RIGHT-OF-USE ASSETS CONTINUED
The right-of-use assets are amortized on a straight-line basis over the shorter period of lease term and useful life of the underlying asset.
Disclosure for leases include:
| From 1.1.2025
to 31.3.2025
|
| From 1.1.2024
to 31.3.2024
|
|
|
|
|
Depreciation of right-of-use assets
| 218,818
|
| 168,791
|
Interest expense on lease liabilities
| 16,744
|
| 22,076
|
Total cash outflow for leases
| 56,680
|
| 232,671
|
The Group entered into lease agreements in respect of premises at one commercial building for office and one factory in PRC. The lease term of the lease is two to three years with no extension or termination options and all the lease payments are fixed.
Page 16
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
11.PARTICULARS OF SUBSIDIARY
Company
Name
|
| Country/ place of incorporation / operation
|
|
Registered capital/
Paid up capital
|
|
Percentage of attributable
equity interest
|
|
Principal activities
|
|
|
|
|
|
| 31.3.2025 31.12.2024
|
|
|
|
|
|
|
|
|
|
|
|
Jizhu Technology
(Huzhou) Co., Ltd.
|
| PRC
|
| Registered and paid up capital of
RMB 1,120,000
|
| 80.36% 90.00%
|
| Scientific
research
and technical
services
|
Jizhu Technology (Huzhou) Co., Ltd incorporated on 12 September 2023.
·The name of the company referred to in these consolidated financial statements represent management’s best effort in translation of the Chinese names of these companies as no English names have been registered or available.
12.INVENTORIES
| 31.3.2025
|
| 31.12.2024
|
|
|
|
|
Raw material
| -
|
| 34,534
|
Work in progress
| 3,372,125
|
| 3,339,817
|
Finished goods
| 6,637,168
|
| 6,902,655
|
|
|
|
|
| 10,009,293
|
| 10,277,006
|
13.TRADE AND OTHER RECEIVABLES
| Note
|
| 31.3.2025
|
| 31.12.2024
|
|
|
|
|
|
|
Trade receivables
|
|
| 7,842,363
|
| 8,405,871
|
Prepayments
| (a)
|
| 19,963,646
|
| 13,384,139
|
Other receivables
|
|
| 1,137,580
|
| 1,098,027
|
Amount due from directors
| (b)
|
| 716,444
|
| -
|
Amount due from non-controlling interest
| (b)
|
| 3,000,000
|
| -
|
|
|
|
|
|
|
|
|
| 32,660,033
|
| 22,888,037
|
Note a:The balance mainly refer to prepayment for acquire of plant and machinery of approximately RMB 15,023,000 (2024: RMB 5,000,000).
Note b: The balances are unsecured, non-trade in nature, interest-free and repayable on demand.
Page 17
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
14.TRADE AND OTHER PAYABLES
| Note
|
| 31.3.25
|
| 31.12.24
|
|
|
|
|
|
|
Trade receivables
|
|
| 8,096,997
|
| 5,322,109
|
Accrued expenses
|
|
| 416,260
|
| 474,150
|
Other payables
|
|
| 1,200
|
| -
|
Amount due to a holding company
| (a)
|
| 818,891
|
| 861,841
|
Amount due to directors
| (a)
|
| 490,847
|
| -
|
|
|
|
|
|
|
|
|
| 9,824,195
|
| 6,658,100
|
Note (a): The balances are unsecured, non-trade in nature, interest-free and payable on demand.
15.LEASE LIABILITIES
Future undiscounted lease payments for finance and operating leases with initial terms of one year or more are as follows:
| 31.3.25
|
| 31.12.24
|
Operating leases
|
|
|
|
Within 1 year
| 950,709
|
| 950,708
|
Within 1 to 2 years
| 361,994
|
| 418,674
|
Within 2 to 3 years
| -
|
| -
|
|
|
|
|
Total undiscounted lease payments
| 1,312,703
|
| 1,369,382
|
Less: imputed interest
| (43,348)
|
| (60,091)
|
|
|
|
|
Net lease liabilities
| 1,269,355
|
| 1,309,291
|
Page 18
ZHEJIANG JIZHU TECHNOLOGY COMPANY LIMITED
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED
(EXPRESSED IN RENMINBI)
17.BORROWINGS
At the end of reporting period, the borrowings were secured and repayable as follows:
| 31.3.25
|
| 31.12.24
|
|
|
|
|
Within 1 year
| 13,646,223
|
| 13,659,911
|
The bank loan was secured by continuing personal guarantee from directors of the Company.
18.CONTRACT LIABILITIES
| 31.3.25
|
| 31.12.24
|
|
|
|
|
At the end of the year
| 2,435,000
|
| 3,053,500
|
Contract liabilities relate to advance consideration received from customers of which the revenue are deferred and recognized as revenue as (or when) the Group satisfies the performance obligations under its contract.
All unsatisfied performance obligations for revenue as at the end of the reporting period are expected to be satisfied within one year.
19.SHARE CAPITAL
| 31.3.25
|
| 31.12.24
|
Paid-up capital:
|
|
|
|
As at beginning of the period / year
| 5,230,974
|
| 3,380,000
|
Addition during the period / year
| -
|
| 1,850,974
|
|
|
|
|
As at end of the period / year
| 5,230,974
|
| 5,230,974
|
There was no movement in the Company's share capital for the period.
During the year ended 31 December 2024, 1,850,974 shares of RMB1,850,974 were issued, fully paid and allotted.
20.APPROVAL OF FINANCIAL STATEMENTS
The consolidated financial statements were approved and authorized for issue by the board of directors on 12 June 2025.
Page 19
