JS Global Lifestyle Company (1691) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose 4.2% year-over-year to US$774.1 million, with gross profit at US$248.5 million, up 1.1% year-over-year.

• Net loss was 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, and adjusted net profit dropped 26.6% to US$13.5 million.

• SharkNinja APAC segment delivered strong revenue growth (+86.9% YoY), while Joyoung segment remained stable with modest growth in soymilk makers and boilers.

• Domestic market faced fierce competition but showed signs of recovery, supported by new product launches and government subsidies.

Financial highlights

• Gross profit margin decreased to 32.1% from 33.1% year-over-year; gross margin on third-party sales was 33.5%, down 1.7 ppt.

• Third-party revenue grew 18% to US$720 million.

• 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, mainly from net loss on financial assets at fair value.

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

Outlook and guidance

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

• Joyoung to drive innovation and expand product coverage; SharkNinja APAC to grow core categories, launch new ones, and enter new markets.

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

• No interim dividend declared for the period.

• Continued competitive and pricing pressure expected in H2 2025, especially in APAC and domestic markets.