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 a net profit of US$8.8 million in 2024, mainly due to non-recurring items and higher expenses.

• Adjusted net profit surged 338.0% year-over-year to US$31.1 million, reflecting core operational improvements.

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

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

Financial highlights

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

• EBITDA loss was US$0.4 million, down from 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 due to increased marketing in APAC.

• Administrative expenses fell 21.5% to US$202.9 million, driven by lower stock-based compensation and cost discipline.

Outlook and guidance

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

• Joyoung to deepen technological innovation and expand flagship and entry-level products.

• SharkNinja APAC to launch new categories and enter new Southeast Asian markets.

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