JS Global Lifestyle Company Limited (01691) reported a 4.10% year-on-year rise in 2025 revenue to US$1.66 billion, yet swung from a 2024 net profit of US$8.75 million to a net loss of US$18.80 million.

Revenue and Margins • Revenue: US$1.66 billion (2024: US$1.59 billion). • Gross profit: US$533.90 million, up 4.60%; overall gross margin edged up 0.2 ppt to 32.2%. • On third-party sales, gross margin slipped to 33.5% from 34.0% as higher freight costs diluted gains from a richer product mix.

Profitability • Net result: US$18.80 million loss, a 313.6% deterioration from 2024’s profit. • EBITDA moved from a US$15.70 million gain to a marginal US$0.40 million loss. • Adjusted net profit, which strips out stock-based compensation, fair-value movements and other one-offs, rose 338.0% to US$31.10 million; adjusted EBITDA climbed 253.6% to US$49.50 million.

Segment Performance • Joyoung segment: Third-party revenue up 1.10% to US$1.03 billion, contributing 62.2% of group sales; gross margin softened to 28.9%. • SharkNinja APAC segment: Third-party revenue surged 55.6% to US$532.60 million, accounting for 32.1% of sales; gross margin declined to 42.4% amid higher logistics costs.

Geographic Trends • Chinese mainland remained the largest market, generating US$1.02 billion, up 1.30%. • Australia & New Zealand revenue jumped 73.20% to US$255.00 million. • Japan and South Korea delivered growth of 41.20% and 28.50% respectively.

Cost & Expense Dynamics • Cost of sales increased 3.90% to US$1.13 billion. • Selling & distribution expenses rose 7.10% to US$355.11 million, reflecting stepped-up marketing for new product launches in Asia-Pacific. • Administrative expenses fell 21.50% to US$202.95 million, helped by lower stock-based compensation. • Other income and gains dropped to US$23.33 million (–77.7%), as 2024 benefitted from sizeable fair-value and disposal gains.

Balance Sheet Highlights • Cash and cash equivalents: US$556.35 million (2024: US$359.58 million). • Interest-bearing borrowings: US$79.95 million (2024: US$15.00 million); gearing ratio rose to 13.8% from 4.7%. • Inventory fell 8.60% to US$140.84 million; inventory days lengthened to 48 from 46. • Trade receivables increased 12.10% to US$447.57 million; receivable days extended to 98.

Dividend and AGM Given the full-year loss and the need to preserve resources for strategic investments, the Board will not recommend a final dividend for 2025. The annual general meeting is scheduled for 22 May 2026; the shareholder register will be closed from 19 May to 22 May 2026.

Post-year Corporate Update On 26 March 2026, the company separated the roles of Chairman and Chief Executive Officer: founder and Chairman Wang Xuning resigned as CEO, and Executive Director Han Run was appointed to the position.

Outlook Management plans to drive growth through localized product innovation, deeper penetration in Asia-Pacific markets, continued category expansion and operational synergies between Joyoung and SharkNinja APAC, while closely managing costs and supply-chain risks.