JS Global Lifestyle Company (1691) H2 2025 earnings summary

Executive summary

• Revenue increased 4.1% year-over-year to USD 1,660mn, with third-party revenue up 14.8% to USD 1,565mn and gross profit rising 4.6% to USD 534mn.

• Net loss widened to USD 18.8mn, reversing from a net profit of USD 8.8mn in 2024, mainly due to non-recurring items and higher expenses.

• Adjusted net profit surged 338% year-over-year to USD 31.1mn, reflecting strong underlying performance and core operational improvements.

• SharkNinja APAC segment drove growth, especially in Australia, New Zealand, and Japan, while Joyoung posted modest gains.

• No final dividend was proposed for 2025 to support strategic investments and long-term development.

Financial highlights

• Gross profit margin from third-party revenue slightly decreased by 0.5ppt to 33.5% due to higher freight costs, while overall gross margin increased to 32.2% from 32.0%.

• EBITDA loss was USD 0.4mn, down from EBITDA of USD 15.7mn in 2024; adjusted EBITDA rose 253.6% to USD 49.5mn.

• Selling and distribution expenses rose 7.1% to USD 355.1mn, mainly due to increased marketing in APAC; administrative expenses fell 21.5% to USD 202.9mn.

• Inventory turnover days increased to 48 days (2024: 46 days), receivables turnover days rose to 98 days (2024: 90 days), and payables turnover days increased to 175 days (2024: 168 days).

• Gearing ratio rose to 13.8% (2024: 4.7%) due to higher borrowings.

Outlook and guidance

• Joyoung aims for market share expansion, higher DTC ratio, gross margin improvement, and higher net profit margin in 2026, focusing on systematic innovation and omnichannel data visibility.

• SharkNinja APAC plans to strengthen core categories and launch new products, including portable air fryers, ice cream makers, and coffee systems, and expand into Southeast Asian markets.

• Focus on localized product development, innovation, and expansion in Asia Pacific markets; Joyoung to deepen technological innovation and expand flagship and entry-level products.

• 2026 expected to see moderate recovery in Chinese mainland and continued APAC growth, with challenges from raw material costs and market competition.