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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
JM Group
JM Group (JMG) investor relations material
JM Group Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration Filing summary7 Nov, 2025
Company overview and business model
Operates as a Hong Kong-headquartered sourcing solutions provider, sourcing and wholesaling products in eight categories, including toys, sports, home goods, and personal care.
Customers are primarily retailers, distributors, and wholesalers in the US, Hong Kong, Mexico, and Australia; suppliers are mainly manufacturers in mainland China.
Offers value-added services such as market research, product design, packaging, and quality management to support its core sourcing and wholesale business.
Maintains close, long-term relationships with manufacturers but does not enter into binding long-term contracts, providing flexibility but also risk.
Revenue is highly concentrated, with the top five customers accounting for over 97% of total revenue in recent periods.
Financial performance and metrics
Revenue increased 85.8% year-over-year to HKD221.2 million (US$28.5 million) for the year ended September 30, 2024.
Net income for the year ended September 30, 2024 was HKD7.0 million (US$904,643), compared to a net loss of HKD26.3 million in the prior year.
For the six months ended March 31, 2025, revenue rose 14.1% to HKD147.3 million (US$18.9 million), with net income of HKD12.4 million (US$1.6 million).
Gross profit margin increased by 4.8% in fiscal 2024 but declined by 2.7% in the first half of fiscal 2025 due to higher costs.
The company has a significant working capital deficit (HKD25.6 million/US$3.3 million as of March 31, 2025) and its auditor raised substantial doubt about its ability to continue as a going concern.
Cash flow from operations improved to HKD4.8 million (US$617,403) for the six months ended March 31, 2025.
Use of proceeds and capital allocation
Net proceeds of approximately $14.86 million (assuming no over-allotment) are planned to be allocated equally among brand promotion and marketing, recruitment of talent, strategic investments/acquisitions, and general working capital.
Management retains flexibility in the application of proceeds and may invest unused funds in short-term, interest-bearing deposits or debt instruments.
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JM Group
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
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@theshortbearx.com
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