JS Global Lifestyle Company (1691) H1 2025 earnings summary

Executive summary

• Revenue for 1H 2025 rose 4.2% year-over-year to US$774.1 million, with gross profit at US$248.5 million, up 1.1%.

• Net loss widened to US$53.7 million, reversing from a prior-year profit, mainly due to higher expenses and net loss on financial assets at fair value.

• Adjusted EBITDA fell 25.9% to US$22.6 million; adjusted net profit dropped 26.6% to US$13.5 million.

• SharkNinja APAC segment delivered strong growth, while Joyoung segment remained stable, with growth in soymilk makers and boilers offset by weaker rice cooker sales.

• Third-party revenue grew 18.0% to US$720 million; ANZ, Japan, and South Korea led regional growth.

Financial highlights

• Gross margin decreased to 32.1% (down 1.0 ppt YoY); gross margin on third-party sales was 33.5% (down 1.7 ppt YoY).

• Selling and distribution expenses increased 12.2% to US$164.5 million; administrative expenses rose 14.3% to US$133.4 million.

• Other expenses surged to US$20.1 million from US$2.7 million, mainly from net loss on financial assets at fair value.

• Finance costs decreased 16.7% to US$1.5 million.

• No interim dividend was declared for the period.

Outlook and guidance

• Focus on sustainable growth through localized product development, innovation, and expansion in Asia Pacific markets.

• Joyoung to drive health-focused innovation and expand flagship products; SharkNinja APAC to grow core and new categories, and enter new markets.

• Management aims to mitigate margin pressures through cost-saving initiatives and product premiumization.

• The Asia Pacific region is expected to offer significant growth potential due to a large, young consumer base and evolving consumption patterns.