香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JS Global Lifestyle Company Limited JS 環球生活有限公司 （於開曼群島註冊成立的有限公 司） （股份代號：1691） 盈利預警 本公告乃由JS環 球 生 活 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第13.09(2)(a)條及香港法 例 第571章證券及期貨條例第XIVA部 項 下 的 內 幕 消 息 條 文（定 義 見 上 市 規 則）作 出。 本 公 司 董 事 會（「董事會」）謹 此 通 知 本 公 司 股 東（「股 東」）及 潛 在 投 資 者，根 據 董 事會目前可得的資料及本集團截至2025年6月30日 止 六 個 月（「2025年中期」）的 未 經 審 核 綜 合 管 理 賬 ...

JS 環球生活有限公司 （於開曼群島註冊成立的有限公 司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JS Global Lifestyle Company Limited 承董事會命 JS環 球生活有限公司 主 席 王旭寧 香 港，2025年8月8日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事 王 旭 寧 先 生、韓 潤 女 士 及 黃 淑 玲 女 士；非 執行 董 事Stassi Anastas ANASTASSOV先 生；及獨 立 非 執行 董 事Yuan DING先 生、楊 現 祥 先 生、孫 哲 先 生 及Maximilian Walter CONZE先 生。 （股份代號：1691） 董事會會議召開日期 JS環 球 生 活 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年 8月29日（星 期 五）舉 行 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | | | 致：香港交易及結算所有限公司 公司名稱: JS 环球生活有限公司 呈交日期: 2025年8月1日 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01691 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 3,474,571,777 | | 0 | | 3,474,571,777 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 3,474,571,777 | | 0 | | 3,474,571,777 | 第 2 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 ...

Core Viewpoint - Company SharkNinja is expanding its distribution in Southeast Asia, achieving significant revenue growth in the Asia-Pacific region, while facing challenges in its Chinese market segment [1][2][3] Group 1: Revenue and Profit Performance - In 2024, SharkNinja achieved a revenue of $1.59 billion, a year-on-year increase of 12%, but net profit dropped to $0.09 million, a decline of 94% [1] - The Asia-Pacific segment generated a total revenue of $340 million in 2024, while the Joyoung segment contributed $1.02 billion [2] - The Asia-Pacific division saw strong revenue growth in key markets: Australia (up 236.1%), Japan (up 22.1%), and South Korea (up 455.1%) [2] Group 2: Product and Market Expansion - SharkNinja launched several new products in the Asia-Pacific region, including the Shark EvopowerNeo/Neo+, CarpetXpert, and Ninja Blast, which have performed well [2] - The company is actively expanding into Southeast Asia, with agreements signed with local distributors for product shipments [2] - Joyoung is focusing on high-quality, innovative small appliances, achieving growth in the domestic market despite overall sluggish sales in kitchen appliances [3] Group 3: Future Outlook and Investment Rating - The company has adjusted its profit forecast for 2025 to $0.63 million, down from a previous estimate of $1.07 million, but projects significant growth in 2026 and 2027 [3] - The Asia-Pacific business outlook remains positive, with potential for growth compared to industry peers, suggesting over 20% upside in valuation [3]

Investment Rating - The report maintains a "Buy" rating for JS Global Life [2][17] Core Views - The SharkNinja APAC division continues to experience rapid growth, while the Joyoung division faces temporary pressure [7] - The company is expanding its Southeast Asia distributor network, with significant market entry in Thailand [7] - For 2024, the company expects revenue growth of 12% to $1.59 billion, despite a projected net profit decline of 94% [7] - The SharkNinja APAC division achieved $340 million in revenue for 2024, with strong performances in Australia, Japan, and South Korea [7] - The Joyoung division is under pressure but has introduced new high-quality small appliances to capture market opportunities [7] - The earnings forecast for 2025 has been revised down to $6 million, with significant growth expected in subsequent years [7] Financial Data and Profit Forecast - Revenue projections for the years 2023 to 2027 are as follows: - 2023: $1.43 billion - 2024: $1.59 billion - 2025E: $1.72 billion - 2026E: $2.04 billion - 2027E: $2.36 billion [6] - Net profit projections for the same period are: - 2023: $132 million - 2024: $6 million - 2025E: $63 million - 2026E: $97 million - 2027E: $123 million [6] - The company’s price-to-earnings ratio is projected to be 6.6 in 2023, increasing to 140.6 in 2024, and then decreasing to 7.0 by 2027 [6]

Financial Performance - For the three months ending March 31, 2025, the operating revenue was RMB 1,999,944,950.10, representing a decrease of 3.17% compared to the previous year[5] - The net profit attributable to shareholders of Jiuyang was RMB 101,488,347.36, down 21.91% year-over-year[5] - The cash flow generated from operating activities was RMB 245,581,933.84, reflecting a decline of 21.62% compared to the same period last year[5] - Basic and diluted earnings per share were both RMB 0.14, a decrease of 17.65% from RMB 0.17 in the prior year[5] - The weighted average return on equity decreased to 2.87%, down 0.80 percentage points from 3.67% in the previous year[5] Assets and Equity - Total assets as of March 31, 2025, were RMB 7,586,185,728.31, a slight decrease of 0.70% from RMB 7,639,301,001.71 at the end of the previous year[6] - Net assets attributable to shareholders were RMB 3,485,895,659.65, down 2.56% from RMB 3,575,109,158.88 year-over-year[6] Non-Recurring Items - Non-recurring profit and loss totaled RMB -5,014,773.96 for the reporting period[8] - The company reported a government subsidy of RMB 1,916,891.08, which is closely related to Jiuyang's normal business operations[11] Shareholder Considerations - The company emphasizes the importance of careful consideration by shareholders and potential investors when trading its securities[8]

Financial Performance - Revenue from continuing operations for 2024 was $1,593,585 thousand, an increase of 11.5% compared to $1,428,706 thousand in 2023[9]. - Gross profit from continuing operations for 2024 was $510,188 thousand, up from $486,584 thousand in 2023, reflecting a growth of 4.5%[9]. - Net profit attributable to owners of the parent for 2024 was $6,209 thousand, a decrease of 95.3% from $131,707 thousand in 2023[9]. - Total assets for 2024 amounted to $1,496,810 thousand, compared to $1,403,291 thousand in 2023, representing an increase of 6.6%[12]. - Total equity for 2024 was $692,173 thousand, a decrease from $698,165 thousand in 2023, indicating a decline of 0.3%[12]. - Adjusted EBITDA for 2024 was $14,085 thousand, significantly lower than $397,052 thousand in 2023, reflecting a decrease of 96.5%[9]. - Adjusted profit for the group's continuing operations decreased by 76.5% to approximately $7.1 million, with earnings per share of $0.002, down approximately 86.7% year-on-year[17]. - EBITDA for the year ended December 31, 2024, was $15.7 million, a decrease of approximately 86.5% from $116.5 million in 2023[88]. - The adjusted EBITDA for the year ended December 31, 2024, was $14.0 million, down from $76.4 million in 2023, reflecting a decline of approximately 81.7%[88]. - The net profit from continuing operations decreased by approximately 87.5% from about $70.3 million for the year ended December 31, 2023, to approximately $8.8 million during the reporting period[83]. Market and Product Strategy - The company is focusing on product innovation and market specialization strategies to secure sustainable growth in the future[14]. - The company aims to leverage advancements in artificial intelligence and big data for digital transformation and industry innovation[14]. - The group plans to focus on expanding its three brands—Joyoung, Shark, and Ninja—in the Asia-Pacific region, enhancing operational efficiency and resource integration[18]. - The group aims to build an overseas R&D team to strengthen its long-term market development capabilities and attract international talent[22]. - The group will continue to leverage synergies with SharkNinja to enhance R&D, brand influence, and supply chain integration for sustained business growth[22]. - The company is focusing on expanding new product categories, including ice cream makers and indoor grills, to diversify its business in the Australia and New Zealand region[38]. - The company aims to achieve growth in existing categories by launching new products tailored to local market demands, such as cordless vacuum cleaners and air fryers[117]. - New product categories will be introduced in the Asia-Pacific market, including outdoor products, home environment products, personal care products, and ice makers[117]. Regional Performance - The Joyoung segment reported third-party sales revenue of approximately $1,020.9 million, a decrease of 3.1% year-on-year, while the SharkNinja Asia-Pacific segment saw third-party sales revenue of approximately $342.3 million, an increase of 125.6% year-on-year[15]. - SharkNinja Asia-Pacific's revenue growth was driven by market expansion strategies, with significant revenue increases in Australia (including New Zealand) at 236.1%, Japan at 22.1%, and South Korea at 455.1% year-on-year[16]. - The Australian and New Zealand market experienced a net income growth of 236.1% in 2024, becoming the largest market for SharkNinja in the Asia-Pacific region[38]. - Total revenue for the Asia-Pacific division reached $342.3 million in 2024, up 125.6% from $151.7 million in 2023, primarily due to e-commerce growth in Singapore and expansion into the Philippines, Thailand, and Indonesia[46]. - Japan's revenue grew by 22.1% to $112.1 million, driven by increased market share of cordless vacuum cleaners and the successful launch of the Ninja blender[54]. - Other markets, including South Korea, reported a revenue increase of 216.1% to $99.9 million, mainly due to successful product launches through distributors[54]. Cost and Expense Management - Sales costs for ongoing operations increased by approximately 15.0% to $1,083.4 million, with third-party sales costs rising by 10.7% to $900.1 million[58]. - Sales and distribution expenses increased by approximately 29.3% from $256.3 million in 2023 to $331.5 million in 2024, primarily due to significant investments in advertising and marketing activities to support new product launches in the Asia-Pacific region[70]. - Administrative expenses rose by approximately 19.6% from $216.0 million in 2023 to $258.4 million in 2024, mainly driven by increased employee costs and professional service fees to support rapid expansion in the Asia-Pacific market[74]. - Other expenses surged by approximately 332.1% from $2.8 million in 2023 to $12.1 million in 2024, primarily due to foreign exchange losses recorded during the reporting period[76]. - Financing costs decreased by approximately 88.9% from $19.9 million in 2023 to $2.2 million in 2024, mainly attributed to a reduction in bank loan interest expenses[78]. Governance and Management - The company has a strong management team with extensive experience in finance and operations, including key executives with backgrounds in multinational corporations[140][141]. - The company has undergone significant changes in its board composition, with several independent non-executive directors appointed recently, enhancing governance[130][134]. - The company has a robust financial reporting structure, ensuring transparency and accountability in its operations[143]. - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated financial information for the year ending December 31, 2024[153]. Shareholder Information - The board of directors has decided not to recommend a final dividend for the year ending December 31, 2024, due to the group's focus on operational capital for development in the Asia-Pacific market[150]. - The largest customer accounted for 15% of the group's total revenue, while the top five customers represented 35%[158]. - The ownership structure indicates significant control by the founding family trusts, particularly by Mr. Wang Xuning, Ms. Han Run, and Ms. Huang Shuling[172]. - The company has no distributable reserves as of December 31, 2024[155]. Future Outlook - The global economic environment remains uncertain due to inflation, interest rate policies, and geopolitical conflicts, impacting multinational operations[14]. - The company expects to continue monitoring the legislative developments regarding Pillar Two tax rules and assess their potential impact on financial statements[82]. - The company aims to expand its market presence through strategic initiatives and potential acquisitions in the small appliance sector[146]. - Emerging markets in the Asia-Pacific with a large and young population will continue to present robust opportunities for the small appliance industry[118].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of $1.59 billion for 2024, a year-on-year increase of 12%, but a significant decline in net profit attributable to shareholders, which was $6.2 million, down 95% year-on-year [1][5] - The company is focusing on expanding its SharkNinja Asia-Pacific (SN APAC) business and plans to enhance its presence in emerging markets, with expectations for revenue growth in the Asia-Pacific region in 2025 [1][2] - The SN APAC segment showed strong performance in 2024, with third-party customer revenue reaching $342 million, a year-on-year increase of 125.6%, driven by growth in Australia, New Zealand, and South Korea [2] - The gross margin for SN APAC in 2024 was 47.6%, up 5.4 percentage points year-on-year, benefiting from high-margin product sales and cost optimization [3] - The company anticipates that the expense ratio will remain high due to increased marketing investments in the SN APAC region and stock-based compensation [4][5] Summary by Sections Financial Performance - Revenue for 2024 is projected at $1.59 billion, with a year-on-year growth of 12% [7] - Net profit attributable to shareholders for 2024 is expected to be $6.2 million, a decline of 95% compared to the previous year [7] - The company forecasts net profits of $6.56 million, $7.77 million, and $9.63 million for 2025, 2026, and 2027 respectively [5] Valuation Metrics - The report sets a target price of HKD 2.21 for the company, based on a 15x PE ratio for 2025 [5][20] - The average PE for comparable companies in 2025 is projected to be 13x [20] Market Outlook - The company is expected to benefit from the "trade-in" policy, which may drive revenue growth [5] - The report highlights the potential for the company to optimize its product structure overseas and increase the proportion of direct sales [5]

Financial Performance and Key Indicators - The company's income for continuous operations in 2024 was CNY 1,590 million, an increase of 11.5% year-over-year [7] - Adjusted business revenue, excluding procurement services, was CNY 1,360 million, reflecting a year-over-year increase of 13.1% [7] - The company's gross margin in 2024 was CNY 510 million, up 4.7% year-over-year, while the adjusted gross margin rate was 34%, an increase of 1.5% [7][10] - Net profit declined significantly in 2024, primarily due to the underperformance of Joy Young and ongoing investments in the S and A Pac region [8] Business Line Performance - Revenue from S and A Pac increased from USD 152 million in the previous year to USD 342 million in 2024, marking a significant growth [9][18] - Joy Young's revenue decreased by approximately 3% year-over-year, attributed to intense competition in domestic markets and weak performance in small household appliances [10][14] - The overall adjusted gross margin growth was driven by the introduction of high-end products and effective cost optimization in APAC [10][11] Market Performance - The Australian and New Zealand markets showed remarkable growth, with revenue contributions increasing significantly, accounting for 43% of S and A Pac's total revenue [19] - Japan's market share and sales revenue continued to grow steadily, particularly in the cordless vacuum cleaner segment [4][21] - South Korea's market share increased from 3.7% to 20.6%, reflecting strong growth and brand influence [19][25] Company Strategy and Industry Competition - The company is focusing on optimizing resource allocation, enhancing R&D, and expanding marketing and sales channels [2][3] - Joy Young plans to concentrate on entry-level products and improve the product matrix to enhance scale and profit margins [14][72] - The company aims to leverage its successful models in Australia and New Zealand to expand into other regions, particularly Southeast Asia [46][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by fierce market competition and emphasized the need for continuous product innovation [75] - The company is optimistic about maintaining steady growth in the S and A Pac region and expanding its market presence in Southeast Asia [5][32] - Management expressed confidence in the ability to adapt to market conditions and consumer needs, aiming for sustainable growth [75] Other Important Information - The company has made significant investments in ESG initiatives, achieving a 100% complaint resolution rate for products and services [33] - Capital expenditure for continuous operations was approximately USD 27 million, primarily for marketing-related assets and office relocations [12] Q&A Session Summary Question: What is the strategy for market access in APAC? - The company utilizes both direct sales and distributor models, establishing local operational teams for direct sales while relying on distributors for broader market access [36][39] Question: What factors contributed to growth in Australia, New Zealand, and South Korea? - Growth in these markets is attributed to cultural similarities with Western markets, effective distributor partnerships, and successful product launches [42][44] Question: What are the major driving forces for development in 2025? - Key drivers include product upgrades in mature markets, expansion into new markets, and the introduction of innovative products [48][49] Question: Can you elaborate on partnerships in Southeast Asia? - The company has established partnerships with strong local distributors in Thailand and Indonesia to enhance market penetration and brand visibility [53][58] Question: How does the company plan to promote hero products in Southeast Asia? - The company emphasizes tailored product offerings based on local consumer preferences and extensive R&D to ensure market fit [60][62]

Financial Performance - Revenue from continuing operations was $1,593.6 million, an increase of 11.5% year-over-year[4]. - Gross profit from continuing operations was $510.2 million, up 4.8% year-over-year[4]. - Profit from continuing operations decreased to $8.8 million, a decline of 87.5% year-over-year[4]. - EBITDA from continuing operations decreased by 86.5% to approximately $15.7 million[4]. - Adjusted net profit from continuing operations decreased by 76.5% to approximately $7.1 million[4]. - Total comprehensive income for the year was a loss of $3.3 million compared to a gain of $120.9 million in the previous year[7]. - Basic earnings per share for continuing operations was $0.015, down from $0.2[6]. - The company reported a significant increase in sales and distribution expenses, rising to $331.5 million from $256.3 million[5]. - The company experienced a foreign exchange loss of $9.9 million from overseas operations[7]. - Total revenue for the year was $1,593.6 million, compared to $1,428.7 million in the previous year[5]. Assets and Liabilities - Total non-current assets decreased from $381,382 thousand in 2023 to $369,353 thousand in 2024, a decline of approximately 3%[8]. - Current assets increased from $1,021,909 thousand in 2023 to $1,127,457 thousand in 2024, representing an increase of about 10.3%[8]. - Current liabilities rose from $694,758 thousand in 2023 to $772,265 thousand in 2024, an increase of approximately 11.1%[9]. - Net current assets improved from $327,151 thousand in 2023 to $355,192 thousand in 2024, reflecting an increase of about 8.6%[9]. - Total assets less current liabilities increased from $708,533 thousand in 2023 to $724,545 thousand in 2024, a growth of approximately 2.3%[9]. - Non-current liabilities surged from $10,368 thousand in 2023 to $32,372 thousand in 2024, marking an increase of about 212%[9]. - Total equity decreased slightly from $698,165 thousand in 2023 to $692,173 thousand in 2024, a decline of approximately 0.9%[9]. - Cash and cash equivalents rose from $319,801 thousand in 2023 to $359,580 thousand in 2024, an increase of about 12.4%[8]. Segment Performance - SharkNinja's total revenue for the year ending December 31, 2024, reached $1,593,585 thousand, an increase from $1,428,706 thousand in 2023, representing a growth of approximately 11.5%[20]. - The segment revenue for SharkNinja was $1,554,764 thousand, with $1,212,469 thousand from product sales and $342,295 thousand from the Asia-Pacific segment[18]. - The adjusted pre-tax profit for SharkNinja was $7,655 thousand, reflecting a decrease compared to the previous year's profit of $84,824 thousand[19]. - Revenue from mainland China was $1,003,969 thousand, showing a slight decline from $1,037,566 thousand in 2023[20]. - The Asia-Pacific segment reported a revenue of $381,116 thousand, with a significant increase in procurement services contributing $38,821 thousand[18]. Taxation and Compliance - The total tax expense for continuing operations was a credit of $(1,097) thousand in 2024, compared to an expense of $14,559 thousand in 2023[29]. - The group is subject to a corporate income tax rate of 25% in China for taxable income, with three entities qualifying for preferential tax rates until December 31, 2024[31]. - In Hong Kong, the estimated taxable profits are subject to a tax rate of 16.5%, with one subsidiary qualifying for a two-tiered tax system in 2023, where the first HKD 2,000,000 is taxed at 8.25%[32]. - The group's effective tax rate for continuing operations is calculated at 17.2% based on actual rates applied[34]. - The group has recognized deferred tax assets and liabilities related to Pillar Two income tax regulations, effective in certain jurisdictions including South Korea and Australia[35]. Discontinued Operations - The company terminated operations of SharkNinja Group in July 2023, distributing all shares to shareholders[11]. - The company completed the distribution of all its shares in SharkNinja Group to shareholders on July 31, 2023, resulting in SharkNinja no longer being a subsidiary[37]. - As of July 31, 2023, the total assets of the discontinued operations amounted to $3,594,750,000, while total liabilities were $2,092,152,000, leading to a net asset value of $1,502,598,000[39]. - The basic and diluted earnings per share from discontinued operations were both $0.023 for the period[41]. Operational Highlights - The company successfully launched innovative small appliances under the SharkNinja brand, focusing on the Asia-Pacific market excluding mainland China[71]. - The Joyoung division maintained a leading position in several innovative product categories in the mainland China market during the reporting period[72]. - The company aims to expand its market presence by introducing new products and enhancing its marketing activities[71]. - The company is focusing on expanding its retail channels, including e-commerce and content-driven platforms, to enhance user engagement and brand loyalty[75]. - The company aims to strengthen its direct sales team and enhance retail experiences to better connect with consumers and adapt to market trends in 2024[75]. Employee and Governance - As of December 31, 2024, the group has approximately 2,558 employees, with employee costs confirmed at $241.5 million[155]. - The company provides training for all employees covering corporate culture, R&D, strategy, and business skills[156]. - The company has established four board committees, including the Strategy Committee and Audit Committee, in compliance with corporate governance regulations[159]. - The company has adhered to all applicable corporate governance code provisions, with the exception of the separation of roles between the Chairman and CEO[161]. Future Outlook - The company plans to launch more impactful market products in the Philippines, Thailand, and Indonesia in the first half of 2025[84]. - The company aims to enhance brand awareness and influence through localized products tailored to consumer needs in different regions[146]. - The company is actively seeking potential strategic partnerships and quality acquisition opportunities[146]. - The company anticipates no significant risk from Pillar Two income tax as most jurisdictions have an effective tax rate above 15%[36].