Revenue Performance - Total revenue for the year ended November 30, 2024, was HK$20,286,590 (US$2,607,363), a decrease of HK$252,628 or 1.2% compared to HK$20,539,218 in 2023[286]. - Financial PR services revenue constituted 51% of total revenues in 2024, down from 75% in 2023 and 92% in 2022, reflecting a significant decline due to clients adjusting their strategic positioning[288]. - Project-based financial PR services revenue increased by HK$4,883,105 or 187% from HK$2,607,555 in 2023 to HK$7,490,660 (US$962,748) in 2024, driven by increased demand for roadshow and listing ceremony services[290]. Expenses and Costs - Direct cost of revenues rose to HK$7,970,194 (US$1,024,381) in 2024, an increase of HK$3,464,711 or 77% from HK$4,505,483 in 2023, primarily due to higher staff costs and supplier procurement costs[293]. - Staff costs for the year ended November 30, 2024, amounted to HK$5,767,541 (US$741,282), up from HK$3,160,163 in 2023, indicating a significant increase in operational expenses[280]. - General and administrative expenses increased to HK$13,875,156 (US$1,783,324) in 2024, up from HK$8,623,437 in 2023, reflecting rising operational costs[286]. - Selling expenses increased significantly to HK$3,276,562 for the year ended November 30, 2023, up 243% from HK$957,546 in 2022[294]. - Entertainment expenses surged by HK$2,325,708, or 656%, from HK$354,652 in 2022 to HK$2,680,360 in 2023, driven by increased capital market activities[295]. - Advertisement expenses rose by HK$52,414, or 185%, from HK$28,374 in 2022 to HK$80,785 in 2023, reflecting heightened advertising activities[298]. - Administrative expenses grew by HK$1,550,077, or 22%, from HK$7,073,360 in 2022 to HK$8,623,437 in 2023, and further increased by 61% to HK$13,875,156 in 2024[304]. - Staff costs rose by HK$471,228, or 45%, to HK$1,506,800 in 2023, and increased by 121% to HK$3,322,707 in 2024 due to recruitment and salary raises[305]. Financial Performance - The company experienced a net loss of HK$425,709 (US$54,715) for the year ended November 30, 2024, compared to a net income of HK$4,068,979 in 2023[286]. - The company’s income (loss) from operations for 2024 was a loss of HK$2,526,233 (US$324,688), compared to a profit of HK$4,133,736 in 2023[286]. - Provision for doubtful accounts increased by HK$1,614,945, or 299%, from HK$540,000 in 2022 to HK$2,154,945 in 2023, and further increased by 126% to HK$4,872,854 in 2024[311]. Assets and Liabilities - Current assets rose to HK$69,688,174 in 2024, up from HK$30,797,351 in 2023, with cash and cash equivalents increasing to HK$63,535,847[320]. - Working capital improved significantly to HK$64,576,951 in 2024, compared to HK$16,548,284 in 2023[320]. - Accounts receivable, net balance decreased by HK$3,062,378, or 56%, from HK$5,420,540 as of November 30, 2023, to HK$2,358,162 (US$303,086) as of November 30, 2024[322]. - Prepayments and other receivables increased by HK$1,766,344, or 2,208%, from HK$80,000 to HK$1,846,344 as of November 30, 2023, and 2024, mainly due to prepayment of a consultancy fee[324]. - Accruals and other payables increased by HK$1,125,289, or 746%, from HK$150,940 as of November 30, 2023, to HK$1,276,229 (US$164,029) as of November 30, 2024[325]. - Contract liabilities decreased by HK$1,391,183, or 92%, from HK$1,519,584 as of November 30, 2023, to HK$128,400 (US$16,503) as of November 30, 2024[326]. Cash Flow and Financing - Net cash used in operating activities for the year ended November 30, 2024, was HK$1,247,966, primarily due to a net loss of HK$425,709[333]. - Net cash provided by financing activities for the year ended November 30, 2024, was HK$48,580,126, primarily from HK$49,040,843 funds from issuance of ordinary shares[337]. - Cash and cash equivalents at the end of the year for 2024 were HK$63,535,847 (US$8,166,037), up from HK$25,296,811 in 2023[329]. Related Party Transactions - As of November 30, 2023, the amount due from Ms. Wai Lau is HK$1,556,765 (US$200,085), which is expected to be fully repaid by March 2025 to support business expansion[341]. - The total amount due to related parties as of November 30, 2023, is HK$7,536,359, which includes HK$6,358,430 owed to Ms. Wai Lau[341]. - The company made payments on behalf of Ms. Wai Lau totaling HK$9,093,124 (US$1,168,707) during the year[341]. Credit Risk and Liquidity - Provision for allowance for credit loss of accounts receivables was HK$3,890,793 for the year ended November 30, 2024[323]. - The company has no off-balance sheet arrangements that would affect its liquidity or capital resources[342]. - The Group adopts the current expected credit loss model (CECL) for estimating expected credit losses on accounts receivable[346]. - The company ensures sufficient liquidity to meet financial obligations for a period of 180 days under normal conditions[508]. - The exposure to foreign currency risk is minimal as HK$ is pegged to US$[506]. - The company does not require collateral from customers, minimizing credit risk exposure[503]. Outlook - The company plans to closely monitor economic conditions and market developments throughout 2025 and beyond, indicating a cautious outlook amid ongoing uncertainties[284].

Company Performance - For the year ended November 30, 2023, total revenue was HK$20,539,218 (US$2,630,030), a significant increase from HK$14,331,576 in 2022 [222]. - Net income for the year ended November 30, 2023, was HK$4,068,979 (US$521,029), compared to HK$3,479,011 in 2022 [222]. - Financial PR services revenue constituted 85% of total revenues for the year ended November 30, 2023, amounting to HK$15,427,899 (US$1,975,530), up 16% from HK$13,248,243 in 2022 [223]. - Project-based financial PR services revenue increased by 140% to HK$2,607,555 (US$333,895) for the year ended November 30, 2023, following the lifting of COVID-19 restrictions [226]. Expenses and Costs - Staff costs for the year ended November 30, 2023, amounted to HK$3,160,163 (US$404,656), up from HK$2,096,145 in 2022 [215]. - Direct cost of revenues increased by HK$2,013,179, or 80.78%, from HK$2,492,304 for the year ended November 30, 2022 to HK$4,505,483 (US$576,923) for the year ended November 30, 2023, mainly due to the increase in staff costs and employee compensation [230]. - Total selling expenses increased to HK$3,276,562 (US$419,561) for the year ended November 30, 2023, up from HK$957,546 in 2022, representing a significant increase of 242.5% [231]. - Entertainment expenses surged by HK$2,325,708, from HK$354,652 in 2022 to HK$2,680,360 (US$343,218) in 2023, driven by increased capital market activities [235]. - Administrative expenses rose by HK$1,550,077, or 21.9%, to HK$8,623,437 (US$1,104,224) for the year ended November 30, 2023, primarily due to an increase in provision for doubtful accounts [239]. - Professional and consultancy fees decreased by HK$813,555, or 23%, to HK$2,628,447 (US$336,571) for the year ended November 30, 2023, following a prior increase due to audit fees related to the proposed listing [249]. Assets and Liabilities - Current assets increased by HK$12,397,384, or 67.4%, from HK$18,399,967 as of November 30, 2022 to HK$30,797,351 (US$3,943,576) as of November 30, 2023 [263]. - Total current liabilities increased by HK$9,242,934, or 184.5%, from HK$5,006,133 to HK$14,249,067 (US$1,824,581) primarily due to an increase in due to related parties [263]. - Contract liabilities increased by HK$352,747, or 30.2%, from HK$1,166,837 to HK$1,519,584 (US$194,581) as a result of serving more customers and new corporate clients paying fees in advance [270]. - Operating lease liabilities surged by HK$607,540, or 237%, from HK$255,968 to HK$863,508 (US$110,572) due to a new lease for office premises [272]. Cash Flow - Net cash provided by operating activities decreased to HK$2,728,981 from HK$7,066,941, reflecting a decline in net income adjustments and changes in operating assets and liabilities [274]. - Net cash provided by financing activities increased significantly to HK$7,082,765, primarily from funds received from a director and related parties [283]. - The company had net cash used in financing activities of HK$4,547,805 for the year ended November 30, 2022, mainly due to dividend payments of HK$2,300,186 [295]. - The company had net cash provided by investing activities of HK$6,560 for the year ended November 30, 2023, primarily from equipment purchases and director repayment [293]. Risk Factors - The company faces significant competition in the financial services industry in Hong Kong, which may pressure profitability and market share [216]. - The ongoing geopolitical tensions and economic conditions may adversely affect the Hong Kong capital markets and the company's operations [213]. - The company will continue to monitor economic conditions and market trends closely throughout 2024 and beyond [220]. Credit Management - The company made an allowance for doubtful debts of HK$2,154,945 during the year ended November 30, 2023, indicating a focus on managing credit risk [266]. - The company believes its working capital will be sufficient to meet anticipated cash needs for at least the next twelve months [296].

NEW YORK, March 19, 2024 (GLOBE NEWSWIRE) -- Intelligent Group Limited (NASDAQ:INTJ) (the "Company"), a Hong Kong based financial public relations company, today announced the pricing of its initial public offering (the "Offering") of 1,875,000 ordinary shares (the "Ordinary Shares"), at a price of $4 per Ordinary Share. The Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on March 20, 2024 under the symbol "INTJ." The Offering is expected to close on March 22, 2024, subject to the ...