JS Global Lifestyle Company (1691) H2 2025 earnings summary

Executive summary

• Revenue grew 4.1% year-over-year to US$1,659.6 million, with gross profit up 4.6% to US$533.9 million.

• Net loss was US$18.8 million, reversing from net profit of US$8.8 million in 2024, mainly due to non-recurring items and higher expenses.

• Adjusted net profit rose 338% to US$31.1 million, reflecting core operational improvements.

• SharkNinja APAC drove growth, especially in Australia, New Zealand and Japan, while Joyoung remained stable.

• No final dividend was proposed for 2025, with resources directed toward strategic investment and long-term development.

Financial highlights

• Gross profit margin rose to 32.2% from 32.0% in 2024.

• Third-party revenue gross margin was 33.5%, down 0.5 percentage points, partly due to higher freight costs and partly offset by product mix.

• EBITDA loss was US$0.4 million versus EBITDA of US$15.7 million in 2024; adjusted EBITDA rose 253.6% to US$49.5 million.

• Selling and distribution expenses rose 7.1% to US$355.1 million, mainly on higher APAC marketing; administrative expenses fell 21.5% to US$202.9 million on lower stock-based compensation and cost discipline.

Outlook and guidance

• Priorities include localized product development, innovation, operating efficiency and expansion across Asia-Pacific markets.

• Joyoung plans to deepen technological innovation, expand flagship and entry-level products, grow market share and improve margins through omnichannel development.

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

• 2026 is expected to bring moderate recovery in mainland China and continued APAC growth, with raw-material costs and competition posing challenges.