[Executive Summary & Financial Highlights](index=1&type=section&id=1.%20Executive%20Summary%20%26%20Financial%20Highlights) CGTL's strategic shift in FY2024, prioritizing higher-margin orders, led to decreased revenue but significantly improved gross profit and net income [Company Overview & Strategic Focus](index=1&type=section&id=1.1%20Company%20Overview%20%26%20Strategic%20Focus) Creative Global Technology Holdings Limited (CGTL) specializes in reselling recycled consumer electronics, strategically shifting to higher-margin orders in FY2024 - CGTL's core business involves sourcing and reselling recycled consumer electronic devices[1](index=1&type=chunk) - The company strategically focused on enhancing market share and prioritizing higher-margin orders in FY2024[3](index=3&type=chunk) - This strategic shift resulted in a decrease in total revenue but an increase in gross profit and gross margin[3](index=3&type=chunk) [Fiscal Year 2024 Key Financial Highlights](index=1&type=section&id=1.2%20Fiscal%20Year%202024%20Key%20Financial%20Highlights) FY2024 saw a 29.2% revenue decrease to $35.6 million, yet gross profit rose 27.5% to $6.3 million, and net income increased 34.4% to $4.3 million Fiscal Year 2024 Key Financial Highlights | Metric | FY2024 (USD) | FY2023 (USD) | Change (%) | | :---------------------- | :----------- | :----------- | :--------- | | Total Revenue | $35.6 million | $50.3 million | -29.2% | | Gross Profit | $6.3 million | $5.0 million | +27.5% | | Gross Profit Margin | 17.8% | 9.9% | +7.9 pp | | Income from Operations | $5.2 million | $3.8 million | +36.7% | | Net Income | $4.3 million | $3.2 million | +34.4% | [Detailed Financial Performance Analysis](index=2&type=section&id=2.%20Detailed%20Financial%20Performance%20Analysis) This section provides an in-depth analysis of CGTL's FY2024 financial performance, highlighting trends in revenue, cost, profit, and operating expenses [Revenues](index=2&type=section&id=2.1%20Revenues) Total revenue for FY2024 decreased by 29.2% to $35.6 million, a strategic outcome of prioritizing higher-margin orders Revenues | Metric | FY2024 (USD) | FY2023 (USD) | Change (%) | | :--------------- | :----------- | :----------- | :--------- | | Total Revenue | $35.6 million | $50.3 million | -29.2% | | Wholesale Revenue | $35.6 million | $50.2 million | -29.0% | - The decrease in revenue was a strategic outcome of prioritizing higher-margin orders[4](index=4&type=chunk)[7](index=7&type=chunk) - All revenues were generated from Hong Kong[7](index=7&type=chunk) [Revenue by Product Category](index=2&type=section&id=2.1.1%20Revenue%20by%20Product%20Category) Smartphones remained the largest revenue contributor despite a decreased share, while laptops and other products saw increased share and improved gross profit margins Revenue by Product Category | Product Category | 2024 Revenue (USD million) | 2024 % of Total | 2023 Revenue (USD million) | 2023 % of Total | | :--------------- | :------------------------- | :-------------- | :------------------------- | :-------------- | | Smartphones | 26.3 | 73.8% | 41.1 | 81.8% | | Tablets | 2.6 | 7.3% | 3.6 | 7.3% | | Laptops and others | 6.7 | 18.9% | 5.5 | 10.9% | | Total | 35.6 | 100% | 50.2 | 100.0% | - Smartphone revenue share decreased, with units sold dropping from **149,032 to 67,448** due to the higher-margin strategy, leading to increased average unit cost (**$248 to $319**) and selling price (**$272 to $390**)[3](index=3&type=chunk)[8](index=8&type=chunk) - Laptops and other products' revenue share increased, with units sold rising from **61,617 to 65,703**, boosting gross profit margins from **8.3% to 17.8%**[10](index=10&type=chunk) [Cost of Revenues](index=3&type=section&id=2.2%20Cost%20of%20Revenues) Cost of revenues decreased to $29.3 million in FY2024, primarily driven by a 35.7% reduction in acquisition volume Cost of Revenues | Metric | FY2024 (USD) | FY2023 (USD) | Change (%) | | :---------------- | :----------- | :----------- | :--------- | | Cost of Revenues | $29.3 million | $45.3 million | -35.3% | | Acquisition Volume | 164,217 units | 255,252 units | -35.7% | - The decrease in cost of revenues was mainly due to lower acquisition volume, despite increased acquisition cost for smartphones[11](index=11&type=chunk) [Gross Profit](index=3&type=section&id=2.3%20Gross%20Profit) Gross profit increased 27.5% to $6.3 million, with margin improving to 17.8%, reflecting the strategic focus on higher-margin orders Gross Profit | Metric | FY2024 (USD) | FY2023 (USD) | Change (%) | | :---------------- | :----------- | :----------- | :--------- | | Gross Profit | $6.3 million | $5.0 million | +27.5% | | Gross Profit Margin | 17.8% | 9.9% | +7.9 pp | - The increase in gross profit margin was primarily due to intentionally selecting higher-margin orders[12](index=12&type=chunk) - Gross profit margins for smartphones, tablets, and laptops improved to **18.1%, 14.5%, and 17.8%** respectively, from 10.1%, 9.4%, and 8.3% in FY2023[4](index=4&type=chunk) [Operating Expenses](index=3&type=section&id=2.4%20Operating%20Expenses) Selling and marketing expenses slightly decreased due to cost control efforts, while general and administrative expenses remained stable Operating Expenses | Expense Category | FY2024 (USD) | FY2023 (USD) | Change (%) | | :----------------------- | :----------- | :----------- | :--------- | | Selling & Marketing | $32,738 | $34,132 | -4.1% | | General & Administrative | ~$1.1 million | ~$1.1 million | Stable | - Selling and marketing expenses decreased due to the company's efforts to control expenses[13](index=13&type=chunk) [Net Income](index=3&type=section&id=2.5%20Net%20Income) Net income grew 34.4% to $4.3 million in FY2024, primarily driven by higher gross profit and reduced operating expenses Net Income | Metric | FY2024 (USD) | FY2023 (USD) | Change (%) | | :--------- | :----------- | :----------- | :--------- | | Net Income | $4.3 million | $3.2 million | +34.4% | - The increase in net income was mainly driven by higher gross profit and reduced expenses[5](index=5&type=chunk)[15](index=15&type=chunk) [Recent Developments](index=4&type=section&id=3.%20Recent%20Developments) This section outlines key recent corporate activities, including the successful completion of the company's Initial Public Offering [Initial Public Offering (IPO)](index=4&type=section&id=3.1%20Initial%20Public%20Offering%20(IPO)) CGTL completed its IPO on November 27, 2024, raising $5 million in gross proceeds, with an additional $0.75 million from the over-allotment option - Completed IPO on November 27, 2024, raising **$5 million** in gross proceeds[16](index=16&type=chunk) - Exercised over-allotment option for an additional **$0.75 million**, totaling **$5.75 million** in gross IPO proceeds before expenses[16](index=16&type=chunk) [Company Information](index=4&type=section&id=4.%20Company%20Information) This section provides an overview of Creative Global Technology Holdings Limited, its mission, forward-looking statements, and investor relations contacts [About Creative Global Technology Holdings Limited](index=4&type=section&id=4.1%20About%20Creative%20Global%20Technology%20Holdings%20Limited) CGTL promotes a circular economy by recycling and reselling consumer electronics, expanding into retail sales and device rentals in Hong Kong - Dedicated to extending the life of consumer electronics through recycling, supporting a sustainable circular economy[17](index=17&type=chunk) - Specializes in sourcing and reselling recycled smartphones, tablets, and laptops, moving devices from affluent markets to developing regions[17](index=17&type=chunk) - Expanded into retail sales and device rentals for Hong Kong residents[17](index=17&type=chunk) [Forward-Looking Statement](index=4&type=section&id=4.2%20Forward-Looking%20Statement) This section cautions against undue reliance on forward-looking statements, which are not guarantees of future performance and involve inherent risks and uncertainties - The press release contains forward-looking statements that are not guarantees of future performance and involve risks and uncertainties[18](index=18&type=chunk) - Investors are cautioned not to place undue reliance on forward-looking statements due to market conditions and other risk factors[18](index=18&type=chunk) - The Company undertakes no obligation to publicly revise these forward-looking statements[18](index=18&type=chunk) [Investor Relations](index=4&type=section&id=4.3%20Investor%20Relations) Contact details for investor relations inquiries are provided through WFS Investor Relations Inc - Investor relations contact information is provided through WFS Investor Relations Inc. for inquiries[19](index=19&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=5.%20Consolidated%20Financial%20Statements) This section presents CGTL's consolidated balance sheets and statements of income and comprehensive income for the fiscal year [Consolidated Balance Sheets](index=5&type=section&id=5.1%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets increased 43.3% to $16.3 million, driven by accounts receivable, with total shareholders' equity rising 46.3% to $13.46 million Consolidated Balance Sheets | Balance Sheet Item | FY2024 (USD) | FY2023 (USD) | Change (USD) | Change (%) | | :------------------------- | :----------- | :----------- | :----------- | :--------- | | Total Assets | $16,319,951 | $11,388,573 | +$4,931,378 | +43.3% | | Current Assets | $15,315,253 | $10,818,433 | +$4,496,820 | +41.6% | | Cash and equivalents | $443,322 | $4,305,577 | -$3,862,255 | -89.7% | | Accounts receivable, net | $10,491,664 | - | +$10,491,664 | N/A | | Inventories, net | $3,842,072 | $5,750,381 | -$1,908,309 | -33.2% | | Total Liabilities | $2,859,735 | $2,189,016 | +$670,719 | +30.6% | | Taxes payable | $2,676,376 | $1,757,908 | +$918,468 | +52.2% | | Total Shareholders' Equity | $13,460,216 | $9,199,557 | +$4,260,659 | +46.3% | [Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=5.2%20Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) FY2024 revenues were $35.6 million, with gross profit at $6.3 million and net income at $4.3 million, resulting in $0.21 basic and diluted net income per share Consolidated Statements of Income and Comprehensive Income | Income Statement Item | FY2024 (USD) | FY2023 (USD) | FY2022 (USD) | | :------------------------------------------ | :----------- | :----------- | :----------- | | Revenues | $35,611,761 | $50,278,937 | N/A | | Cost of revenues | ($29,275,274) | ($45,309,410) | N/A | | Gross Profit | $6,336,487 | $4,969,527 | N/A | | Income from operations | $5,185,532 | $3,794,326 | N/A | | Net income | $4,282,368 | $3,155,321 | N/A | | Net income per share - basic and diluted | $0.21 | $0.16 | N/A |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2024. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR Hei Tung (Angel) Siu Unit 03, 22/F, Westin Centre, 26 Hung To Ro ...