Core Insights - The article discusses the 2024 salary rankings of directors from Hong Kong-listed companies, published by David Webb's financial website Webb-site, highlighting the total remuneration of the top 1000 directors [1] Group 1: Salary Rankings - A total of 31 directors received over HKD 100 million in remuneration for 2024 [3] - Li Xiang, founder and CEO of Li Auto, topped the list with a total remuneration of approximately HKD 679.78 million [3] - Wang Xuning, CEO of JS Global Lifestyle, ranked second with about HKD 520.51 million, while Li Jie, founder of Jitu Express, was third with around HKD 518.82 million [3][5] Group 2: Notable Directors - Other notable directors in the top ten include Liu Qiangdong of JD Group (approximately HKD 448.81 million), Peng Yongdong of Beike (approximately HKD 426.19 million), and Zhu Weisong of Bruker (approximately HKD 382.51 million) [5] - The list also features Shan Yigang, Chen Rui, Han Run, and Ho Yau Lung among the top ten highest-paid directors [5] Group 3: Li Xiang's Compensation Structure - Li Xiang's reported 2024 compensation structure includes a salary and benefits of RMB 2.67 million, retirement plan contributions of RMB 160,000, and share-based payment expenses of RMB 636.31 million, totaling RMB 639.13 million [6] - The reported figure of RMB 639.13 million is primarily due to stock-based compensation, which is not equivalent to actual cash received by Li Xiang [7] - Li Xiang's actual cash salary is significantly lower, at RMB 2.66 million, as the stock rewards are contingent upon meeting specific performance targets [7]

Summary of Key Points Core Viewpoint - The 2024 Hong Kong-listed company director remuneration ranking reveals that Li Xiang, CEO of Li Auto, tops the list with a total compensation of approximately HKD 680 million, highlighting the significant earnings of executives in the automotive and technology sectors [3][12]. Group 1: Top Earners - Li Xiang of Li Auto ranks first with a total remuneration of approximately HKD 680 million [3][12]. - Wang Xuning, Chairman and CEO of JS Global, ranks second with about HKD 521 million [3][5]. - Li Jie, Founder and Chairman of J&T Express, is third with approximately HKD 519 million [3][6]. - Liu Qiangdong, Founder of JD.com, ranks fourth with around HKD 449 million [3][6]. - Peng Yongdong, Co-founder and CEO of Beike, ranks fifth with HKD 426 million [3][6]. Group 2: Notable Rankings - Zhu Weisong, Founder and Chairman of Bruker, ranks sixth with HKD 383 million [3][6]. - Other notable figures in the top ten include Dan Yigang from Beike, Chen Rui from Bilibili, Han Run from JS Global, and He Youlong from Melco International [3][6]. - Li Zeju, Chairman of CK Hutchison, ranks eleventh with HKD 212 million [4][7]. - HSBC CEO Noel Quinn ranks twenty-third with nearly HKD 128 million [4][7]. Group 3: Industry Insights - The report indicates that 31 directors received over HKD 100 million in total remuneration, reflecting the competitive compensation landscape in Hong Kong's corporate sector [3][12]. - The high salaries of executives, particularly in the automotive and technology industries, have drawn significant public attention and discussion [12][18].

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 | | | 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10月2日 I. 法定/註冊股本變動 | 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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 ...

JS 環球生活有限公司 JS Global Lifestyle Company Limited (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1691) （股份代 號：1691） NOTIFICATION LETTER 通知信函 Yours faithfully, JS Global Lifestyle Company Limited WANG Xuning Chairman Notes: 各位非登記持有人 （附註1） ： Dear Non-registered Shareholder(s)(Note 1), JS Global Lifestyle Company Limited (the "Company") – Notice of publication of Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Cur ...

JS 環球生活有限公司 JS Global Lifestyle Company Limited (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 1691) （股份代 號：1691） NOTIFICATION LETTER 通知信函 Actionable Corporate Communications refer to any corporate communications that seek instructions from the Shareholders on how they wish to exercise their rights or make elections as Shareholders. September 19, 2025 Dear Registered Shareholders. JS Global Lifestyle Company Limited (the "Company") – Notice of publication of Interi ...

[Company Information](index=4&type=section&id=Company%20Information) [Board of Directors and Committee Composition](index=4&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) The company's board of directors comprises executive, non-executive, and independent non-executive directors, supported by audit, nomination, remuneration, and strategy committees to ensure robust corporate governance - Board members include **Wang Xuning** (Chairman and CEO), **Han Run** (CFO), **Huang Shuling** (Executive Director), **Stassi Anastas ANASTASSOV** (Non-Executive Director), and **Yuan DING**, **Yang Xianxiang**, **Sun Zhe**, **Maximilian Walter CONZE** (Independent Non-Executive Directors)[6](index=6&type=chunk) - The Audit Committee Chairman is **Yuan DING**, Nomination Committee Chairman is **Wang Xuning**, Remuneration Committee Chairman is **Yang Xianxiang**, and Strategy Committee Chairman is **Wang Xuning**[6](index=6&type=chunk) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) The company is registered in the Cayman Islands, with its principal place of business in Hong Kong, and was listed on **December 18, 2019**, under stock code **1691**, with Paul Hastings and Maples Group as legal advisors and EY as auditor - The company's registered office is in the Cayman Islands, with its head office and principal place of business in Hong Kong located at Cheung Kong Center II, Central[6](index=6&type=chunk)[7](index=7&type=chunk) - The Hong Kong share registrar is Tricor Investor Services Limited, and the auditor is **Ernst & Young**[8](index=8&type=chunk) - The company's stock code is **1691**, and its listing date was **December 18, 2019**[8](index=8&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=6&type=section&id=Business%20Review) The Group is a global leader in quality small home appliances, committed to enhancing global family life through innovative smart home products, deepening core businesses, and accelerating Asia Pacific market expansion via Joyoung and SharkNinja APAC segments - The Group's mission is to enhance the daily lives of global families through revolutionary innovation and design-driven smart home products[10](index=10&type=chunk) - Core competencies include: (i) developing design-led innovative products; (ii) implementing diverse brand and product marketing; and (iii) establishing an omnichannel sales network[10](index=10&type=chunk) - Operations are divided into the **SharkNinja Asia Pacific segment** (Asia Pacific market, excluding Mainland China) and the **Joyoung segment** (Mainland China market, focusing on kitchen and cleaning appliances)[11](index=11&type=chunk) [Mainland China (Joyoung Segment)](index=7&type=section&id=Mainland%20China%20(Joyoung%20Segment)) The Joyoung segment in Mainland China continues to prioritize technological innovation and R&D, launching multiple Space Series new products and actively expanding into emerging channels, strengthening content e-commerce platforms to boost brand influence and conversion rates - In **H1 2025**, the Joyoung segment launched new Space Series products including the **K6 fully automatic quiet soymilk maker**, **B1U variable frequency quiet blender**, **40N1U Pro non-stick titanium rice cooker**, **LZ9 AI variable frequency juicer**, and **R1001 heated water purifier**[12](index=12&type=chunk) - Joyoung actively expands into new channels, coordinating offline stores, shelf e-commerce, and content e-commerce, with a focus on platforms like **Xiaohongshu**, **WeChat Channels**, and **Douyin**[12](index=12&type=chunk)[13](index=13&type=chunk) [SharkNinja - Asia Pacific (Excluding Mainland China)](index=7&type=section&id=SharkNinja%20-%20Asia%20Pacific%20(Excluding%20Mainland%20China)) The SharkNinja Asia Pacific segment achieved strong revenue growth in **H1 2025**, driven by successful innovative product launches, new category expansion, and accelerated momentum in emerging markets, particularly Australia, South Korea, and Japan SharkNinja Asia Pacific Segment Revenue from Third-Party Customers | Metric | H1 2025 (US$ million) | H1 2024 (US$ million) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Revenue | 230.1 | 123.1 | 86.9% | - Growth was primarily driven by strong performance in **Shark vacuum cleaners** and **Ninja kitchen appliances**, benefiting from innovative products in strategic core categories, strategic expansion into new categories, and accelerated development in emerging markets[14](index=14&type=chunk) - In the Japanese market, **Shark** brand cordless stick vacuum cleaner market share slightly increased to **24%**, while **Ninja** brand food preparation category market share reached **19%**, further rising to **26%** in June[16](index=16&type=chunk) - Australia and New Zealand net revenue **doubled to US$96.3 million**, with cleaning category market share reaching **20.5%**, food preparation and cooking categories expected to exceed **20%**, and personal care category market share increasing by **320 basis points to 14.7%**[17](index=17&type=chunk)[18](index=18&type=chunk) - South Korea net revenue grew by nearly **90% to US$57.6 million**, with cordless vacuum cleaner market share **doubling to 14%**, food preparation category market share increasing by **900 basis points to 18.5%**, securing the top market position[19](index=19&type=chunk) - Revenue in other emerging markets (e.g., Singapore, Philippines, Thailand, and Indonesia) more than **doubled to US$10.3 million**[20](index=20&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) The Group's total revenue increased by **4.2%** year-on-year, but financial asset losses and increased operating costs led to a net loss of approximately **US$53.7 million**, with net loss attributable to owners of the parent at approximately **US$59.2 million**, alongside declines in adjusted EBITDA and adjusted net profit 2025 H1 Key Financial Metrics | Metric | H1 2025 (US$ million) | H1 2024 (US$ million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 774.1 | 743.0 | +4.2% | | Gross Profit | 248.5 | 245.8 | +1.1% | | Gross Margin | 32.1% | 33.1% | -1.0 percentage points | | Net Loss | (53.7) | 29.6 (Profit) | -281.4% | | Net Loss Attributable to Owners of the Parent | (59.2) | 21.8 (Profit) | -371.6% | | EBITDA Loss | (44.6) | 41.7 (EBITDA) | -207.0% | | Adjusted EBITDA | 22.6 | 30.5 | -25.9% | | Adjusted Net Profit | 13.5 | 18.4 | -26.6% | [Revenue](index=10&type=section&id=Revenue) The Group's total revenue grew by **4.2%** year-on-year to **US$774.1 million**. SharkNinja Asia Pacific segment and Shark/Ninja brand revenue significantly increased, offsetting weaker performance in Joyoung and some Mainland China products, driven by strong cleaning and food preparation appliance categories Revenue Breakdown by Business Segment (US$ million) | Business Segment | 2025 | Share | 2024 | Share | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Joyoung Segment (Third-Party) | 490.1 | 63.3% | 487.2 | 65.6% | +0.6% | | SharkNinja Asia Pacific Segment (Third-Party) | 230.1 | 29.7% | 123.1 | 16.6% | +86.9% | | Total Related Party Revenue | 53.9 | 7.0% | 132.7 | 17.8% | -59.4% | | **Total Revenue** | **774.1** | **100.0%** | **743.0** | **100.0%** | **+4.2%** | Sales to Third-Party Customers Breakdown by Brand (US$ million) | Brand | 2025 | Share | 2024 | Share | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Joyoung | 484.9 | 67.3% | 478.2 | 78.4% | +1.4% | | Shark | 148.0 | 20.6% | 92.8 | 15.2% | +59.5% | | Ninja | 87.3 | 12.1% | 39.3 | 6.4% | +122.1% | | **Total** | **720.2** | **100.0%** | **610.3** | **100.0%** | **+17.9%** | Sales to Third-Party Customers Breakdown by Region (US$ million) | Region | 2025 | Share | 2024 | Share | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Mainland China | 483.6 | 67.1% | 478.4 | 78.4% | +1.1% | | Australia & New Zealand | 96.3 | 13.4% | 44.6 | 7.3% | +115.9% | | Japan | 65.9 | 9.2% | 43.7 | 7.2% | +50.8% | | Other Markets | 74.4 | 10.3% | 43.6 | 7.1% | +70.6% | | **Total** | **720.2** | **100.0%** | **610.3** | **100.0%** | **+17.9%** | Sales to Third-Party Customers Breakdown by Product Category (US$ million) | Product Category | 2025 | Share | 2024 | Share | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cooking Appliances | 280.4 | 38.9% | 275.8 | 45.2% | +1.7% | | Food Preparation Appliances | 238.6 | 33.1% | 183.6 | 30.1% | +30.0% | | Cleaning Appliances | 131.1 | 18.2% | 86.5 | 14.2% | +51.6% | | Other | 70.1 | 9.8% | 64.4 | 10.5% | +8.9% | | **Total** | **720.2** | **100.0%** | **610.3** | **100.0%** | **+17.9%** | [Cost of Sales](index=14&type=section&id=Cost%20of%20Sales) The Group's cost of sales increased by **5.7%** year-on-year to **US$525.6 million**, with third-party sales cost rising **21.0%** primarily due to increased sales volume and higher freight costs Cost of Sales (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Cost of Sales | 525.6 | 497.1 | +5.7% | | Cost of Sales to Third-Party Customers | 478.6 | 395.6 | +21.0% | | Joyoung Segment (Third-Party) | 345.7 | 330.7 | +4.5% | | SharkNinja Asia Pacific Segment (Third-Party) | 132.9 | 64.9 | +104.8% | - SharkNinja Asia Pacific segment cost of sales significantly increased by **104.8%**, primarily due to higher sales across markets and increased freight costs[40](index=40&type=chunk) [Gross Profit](index=14&type=section&id=Gross%20Profit) The Group's gross profit increased by **1.1%** year-on-year to **US$248.5 million**, but gross margin decreased by **1.0 percentage point** to **32.1%**, with third-party sales gross margin declining **1.7 percentage points** to **33.5%** due to Joyoung price adjustments, increased freight, market mix shifts, and strategic discounts in SharkNinja APAC Gross Profit and Gross Margin (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Gross Profit | 248.5 | 245.8 | +1.1% | | Total Gross Margin | 32.1% | 33.1% | -1.0 percentage points | | Gross Profit from Third-Party Sales | 241.6 | 214.7 | +12.5% | | Gross Margin from Third-Party Sales | 33.5% | 35.2% | -1.7 percentage points | | Joyoung Segment Gross Margin | 29.5% | 32.1% | -2.6 percentage points | | SharkNinja Asia Pacific Segment Gross Margin | 42.2% | 47.3% | -5.1 percentage points | - SharkNinja Asia Pacific segment gross margin declined mainly due to increased freight costs, changes in market mix, and strategic discounts in core markets[44](index=44&type=chunk) [Other Income and Gains](index=15&type=section&id=Other%20Income%20and%20Gains) The Group's other income and gains significantly decreased by **65.4%** year-on-year to **US$19.6 million**, primarily due to a net loss on financial assets in the current period compared to a substantial net gain in the prior period Other Income and Gains (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total | 19.6 | 56.7 | -65.4% | | Bank Interest Income | 6.5 | 6.6 | -1.5% | | Government Grants | 1.7 | 3.7 | -54.0% | | Trademark License Income | 0.0 | 4.7 | -100.0% | | Net Exchange Differences | 8.6 | 0.0 | N/A | | Net Gain on Financial Assets at FVTPL | 0.0 | 35.3 | -100.0% | - A substantial net gain on financial assets measured at fair value through profit or loss (**US$35.3 million**) was recorded in the prior period, while a loss was recorded in the current period (included in other expenses)[46](index=46&type=chunk) [Selling and Distribution Expenses](index=16&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by **12.2%** year-on-year to **US$164.5 million**, mainly driven by significant advertising and marketing investments by SharkNinja Asia Pacific for new product launches and brand awareness, partially offset by optimized media spending and controlled warehousing costs in Joyoung Selling and Distribution Expenses (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total | 164.5 | 146.6 | +12.2% | | Channel Marketing Expenses | 57.6 | 52.5 | +9.7% | | Advertising Expenses | 53.3 | 40.4 | +31.9% | | Staff Costs | 27.1 | 23.5 | +15.3% | | Warehousing and Transportation Expenses | 15.5 | 17.3 | -10.5% | - The SharkNinja Asia Pacific segment heavily invested in advertising and marketing activities to support new product launches and enhance brand awareness in the Asia Pacific market[48](index=48&type=chunk) [Administrative Expenses](index=17&type=section&id=Administrative%20Expenses) Administrative expenses increased by **14.3%** year-on-year to **US$133.4 million**, primarily due to higher share-based compensation and overall administrative costs supporting rapid Asia Pacific business expansion, partially offset by effective cost control measures in the Joyoung segment Administrative Expenses (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total | 133.4 | 116.7 | +14.3% | | Staff Costs | 97.0 | 83.6 | +16.0% | | Office Expenses | 9.9 | 8.5 | +16.5% | | Professional Service Fees | 6.4 | 7.1 | -9.9% | | Depreciation and Amortization | 4.9 | 4.5 | +8.9% | - Administrative expenses increased primarily due to higher share-based compensation during the period and overall administrative expenses to support rapid Asia Pacific business expansion[52](index=52&type=chunk) [Other Expenses](index=18&type=section&id=Other%20Expenses) Other expenses surged by **644.4%** year-on-year to **US$20.1 million**, primarily due to a net loss on financial assets measured at fair value through profit or loss in the current period, contrasting with a net gain in the prior period Other Expenses (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total | 20.1 | 2.7 | +644.4% | | Net Loss on Financial Assets at FVTPL | 19.2 | 0.0 | N/A | | Net Exchange Differences | 0.0 | 2.4 | -100.0% | - The significant increase was primarily due to a net loss on financial assets measured at fair value through profit or loss (**US$19.2 million**) recorded during the reporting period, compared to a net gain in the prior period[54](index=54&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs) Finance costs decreased by **16.7%** year-on-year to **US$1.5 million**, mainly due to the absence of one-off accelerated amortization of deferred finance costs, though partially offset by increased bank loan interest Finance Costs (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total | 1.5 | 1.8 | -16.7% | | Bank Loan Interest | 0.8 | 0.0 | N/A | | Lease Liabilities Interest | 0.3 | 0.3 | 0.0% | | Amortization of Deferred Finance Costs | 0.0 | 1.2 | -100.0% | - The decrease was mainly due to the absence of one-off accelerated amortization of deferred finance costs during the reporting period, though partially offset by increased bank loan interest[56](index=56&type=chunk) [Income Tax](index=19&type=section&id=Income%20Tax) Income tax expense decreased by **70.8%** year-on-year to **US$2.1 million**, with the Group applying the mandatory recognition and disclosure exception for Pillar Two income tax, anticipating no significant risks Income Tax Expense (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total | 2.1 | 7.2 | -70.8% | - The Group has applied the mandatory recognition and disclosure exception for Pillar Two income tax model rules and anticipates no significant risks from Pillar Two income tax[58](index=58&type=chunk)[60](index=60&type=chunk) [Profit for the Period](index=20&type=section&id=Profit%20for%20the%20Period) Profit for the period shifted from a **US$29.6 million** profit in the prior year to a net loss of **US$53.7 million**, a **281.4%** year-on-year decrease, primarily influenced by the aforementioned financial factors Profit for the Period (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | (53.7) (Loss) | 29.6 (Profit) | -281.4% | [Non-IFRS Measures](index=20&type=section&id=Non-IFRS%20Measures) The Group utilizes non-IFRS measures like adjusted net profit, EBITDA, and adjusted EBITDA to provide a clearer view of ongoing operational performance, excluding impacts from acquisitions, restructuring, and non-recurring items, with both adjusted net profit and adjusted EBITDA declining during the reporting period - Non-IFRS measures are used to compare operating performance across periods, excluding items not affecting ongoing operations, such as acquisitions, restructuring, and non-operating or one-off expenses and gains[62](index=62&type=chunk) Adjusted Net Profit, EBITDA, and Adjusted EBITDA (US$ million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (53.7) | 29.6 | -281.4% | | Adjusted Net Profit | 13.5 | 18.4 | -26.6% | | (EBITDA Loss)/EBITDA | (44.6) | 41.7 | -207.0% | | Adjusted EBITDA | 22.6 | 30.5 | -25.9% | [Liquidity and Financial Resources](index=23&type=section&id=Liquidity%20and%20Financial%20Resources) The Group primarily funds operations with cash generated from operating activities; as of **June 30, 2025**, cash and cash equivalents increased to **US$452.0 million**, total borrowings significantly rose to **US$48.8 million**, leading to a higher gearing ratio, while inventory remained stable, trade receivables decreased, and trade payables slightly declined Liquidity and Financial Resources Overview (US$ million) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 452.0 | 359.6 | +25.7% | | Total Borrowings | 48.8 | 15.0 | +225.3% | | Inventories | 153.8 | 154.1 | -0.2% | | Trade Receivables | 364.2 | 399.2 | -8.8% | | Trade Payables | 507.6 | 522.3 | -2.8% | | Gearing Ratio | 10.3% | 4.7% | +5.6 percentage points | - Inventory turnover days increased from **46 days** in **2024** to **53 days** in **H1 2025**, reflecting SharkNinja Asia Pacific's proactive stocking to support business growth[73](index=73&type=chunk) - The decrease in trade receivables was primarily due to lower sales in the Joyoung segment in **Q2 2025** compared to **Q4 2024**[74](index=74&type=chunk) - The gearing ratio increased primarily due to higher bank borrowings during the reporting period[77](index=77&type=chunk) - Capital expenditure during the reporting period was approximately **US$20.9 million**, a slight decrease from **US$22.3 million** in the prior period[83](index=83&type=chunk) [Capital Commitments](index=26&type=section&id=Capital%20Commitments) As of **June 30, 2025**, the Group had no capital commitments - As of **June 30, 2025**, the Group had no capital commitments[85](index=85&type=chunk) [Future Plans for Material Investments or Capital Assets](index=26&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of **June 30, 2025**, the Group had no future plans for material investments or capital assets - As of **June 30, 2025**, the Group had no future plans for material investments or capital assets[86](index=86&type=chunk) [Outlook and Strategy](index=26&type=section&id=Outlook%20and%20Strategy) The Group is committed to achieving sustainable growth through deeper consumer insights, product innovation, sales network expansion, leveraging new media, maximizing synergies, and seeking strategic collaborations, while capitalizing on Asia Pacific's consumption upgrade opportunities and embracing intelligent, digital, and sustainable development trends amidst complex global economic conditions - The Joyoung segment will continue to focus on its core small home appliance business, deepen consumer insights, develop cutting-edge and design-led innovative products, expand its sales network, leverage social media to enhance brand awareness, and seek potential strategic collaborations and M&A opportunities[87](index=87&type=chunk) - Joyoung will uphold its brand DNA of **'health'** and **'innovation'**, launching industry-leading flagship products and increasing investment in innovative technologies for entry-level price segments to achieve full price range coverage and differentiated competition[88](index=88&type=chunk) - The SharkNinja Asia Pacific segment will focus on development and expansion in the Asia Pacific region (excluding Mainland China), with a strategic emphasis on existing category growth, new category launches, and new market expansion[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - The Group will continue to leverage its strengths in consumer insights, technology R&D, and supply chain management, aligning with new trends in intelligence, digitalization, and sustainable development, to seize opportunities from robust Asia Pacific demand and global market expansion[93](index=93&type=chunk) [Corporate Governance and Other Information](index=29&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Changes in Board and Board Committees](index=29&type=section&id=Changes%20in%20Board%20and%20Board%20Committees) Ms Han Run was appointed as a member of the Nomination Committee on March 27, 2025, increasing its membership to five - Ms Han Run was appointed as a member of the Nomination Committee on **March 27, 2025**[94](index=94&type=chunk) [Changes in Directors' Information](index=29&type=section&id=Changes%20in%20Directors'%20Information) No changes in directors' information were reported as required by Listing Rule 13.51B(1) - No changes in directors' information required to be disclosed under Listing Rule **13.51B(1)** were reported[95](index=95&type=chunk) [Disclosure Pursuant to Listing Rule 13.21](index=29&type=section&id=Disclosure%20Pursuant%20to%20Listing%20Rule%2013.21) The company entered into a **US$100 million** loan facility agreement with a bank, which may be cancelled and become immediately repayable if controlling shareholder Mr Wang Xuning ceases to control over 50.1% of the company's voting rights or no longer serves as Chairman of the Board - The company entered into a financing agreement with a bank for a **US$100,000,000** loan facility, with the final maturity date being **36 months** after the financing agreement date[96](index=96&type=chunk) - The financing agreement stipulates that if controlling shareholder **Mr Wang Xuning** ceases to directly or indirectly control more than **50.1%** of the company's general meeting voting rights or ceases to be the Chairman of the Board, the total commitments under the facility may be cancelled, and all outstanding amounts may become immediately due and payable[96](index=96&type=chunk) [Discloseable Transactions](index=29&type=section&id=Discloseable%20Transactions) The Group entered into two foreign exchange forward contracts to manage currency conversion risks for RMB against various foreign currencies generated by the SharkNinja Asia Pacific segment, aiming to reduce exchange rate risk - The Group entered into two foreign exchange forward contracts with HSBC Bank (China) Company Limited, with notional amounts of offshore **RMB872 million** and up to **US$200 million**, respectively[99](index=99&type=chunk) - These contracts aim to reduce exchange rate risks associated with trade receivables and payables denominated in currencies other than RMB[100](index=100&type=chunk) [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The company complies with the Corporate Governance Code, with two deviations: the Chairman and CEO roles are combined by Mr Wang Xuning, and the Chairman did not attend the AGM; the Board believes the combined role benefits business development and operational coordination - The roles of Chairman and Chief Executive Officer are combined by **Mr Wang Xuning**, deviating from Corporate Governance Code provision **C.2.1**[102](index=102&type=chunk) - Chairman **Mr Wang Xuning** was unable to attend the Annual General Meeting held on **May 22, 2025**, deviating from Corporate Governance Code provision **F.2.2**[104](index=104&type=chunk) - The Board believes that **Mr Wang Xuning's** dual role benefits the Group's business development and operational coordination among Joyoung, SharkNinja Asia Pacific, and SharkNinja, Inc[103](index=103&type=chunk) [Compliance with Model Code for Securities Transactions](index=30&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company adopted the Model Code set out in Appendix C3 of the Listing Rules, with all directors confirming compliance during the reporting period - The company has adopted the Model Code set out in Appendix **C3** of the Listing Rules, applicable to all directors and relevant employees who may possess inside information[105](index=105&type=chunk) - All directors confirmed compliance with all standards stipulated by the Model Code during the reporting period[106](index=106&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=31&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares,%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of **June 30, 2025**, several directors and chief executives held shares in the company and associated corporations (e.g., Joyoung) through discretionary trusts, controlled corporate interests, and beneficial interests, with Mr Wang Xuning holding approximately 70.86% of the company's equity Directors' or Chief Executive's Interests in Company Shares | Name of Director or Chief Executive | Nature of Interest | Long/Short Position | Number of Shares | Approximate % of Company's Equity | | :--- | :--- | :--- | :--- | :--- | | Mr Wang Xuning | Founder of discretionary trust, controlled corporate interest, interest held jointly with other persons | Long Position | 2,381,078,381 | 68.53% | | Mr Wang Xuning | Beneficial interest | Long Position | 81,170,295 | 2.33% | | Ms Han Run | Founder of discretionary trust | Long Position | 2,381,078,381 | 68.53% | | Ms Han Run | Beneficial interest | Long Position | 28,132,073 | 0.81% | | Ms Huang Shuling | Founder of discretionary trust | Long Position | 1,836,844,233 | 52.87% | | Mr Yang Xianxiang | Beneficial interest | Long Position | 313,500 | 0.01% | Directors' or Chief Executive's Interests in Associated Corporation (Joyoung) | Name of Director or Chief Executive | Nature of Interest | Long/Short Position | Associated Corporation | Number of Shares | Approximate % of Associated Corporation's Equity | | :--- | :--- | :--- | :--- | :--- | :--- | | Ms Han Run | Beneficial interest | Long Position | Joyoung | 1,250,000 | 0.16% | | Ms Huang Shuling | Beneficial interest | Long Position | Joyoung | 92,700 | 0.01% | [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=34&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of **June 30, 2025**, several entities and individuals, as substantial shareholders, held significant shares in the company through beneficial interests, controlled corporate interests, and as founders of discretionary trusts, with JS&W Global holding 52.87% and Everbright Trust (Hong Kong) Limited holding 68.53% equity Substantial Shareholders' Interests in Company Shares | Name of Shareholder | Nature of Interest | Long/Short Position | Number of Shares Held | Approximate % of Company's Equity | | :--- | :--- | :--- | :--- | :--- | | JS&W Global | Beneficial interest | Long Position | 1,836,844,233 | 52.87% | | Hezhou | Controlled corporate interest | Long Position | 1,836,844,233 | 52.87% | | Tong Zhou | Controlled corporate interest | Long Position | 1,836,844,233 | 52.87% | | Everbright Trust (Hong Kong) Limited | Trustee | Long Position | 2,381,078,381 | 68.53% | | JS&W Capital | Beneficial interest | Long Position | 544,234,148 | 15.66% | - Several individuals (e.g., **Mr Zhu Hongtao**, **Ms Yang Ningning**, **Mr Jiang Guangyong**) are deemed to have interests in shares held by **JS&W Global** through their capacity as founders of discretionary trusts[113](index=113&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk) [Restricted Share Unit Scheme](index=38&type=section&id=Restricted%20Share%20Unit%20Scheme) The company operates a Restricted Share Unit Scheme to reward and attract talent; for the six months ended **June 30, 2025**, no new units were granted, but **17,700,000** restricted share units vested, with **115,287,138 units** remaining available for grant - The Restricted Share Unit Scheme aims to recognize and reward participants' contributions to the Group and attract top talent[121](index=121&type=chunk) - No new restricted share units were granted for the six months ended **June 30, 2025**[122](index=122&type=chunk) Restricted Share Unit Movement (units) | Metric | As of Jan 1, 2025 | Granted during the period | Vested during the period | Forfeited or cancelled during the period | Lapsed during the period | As of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Directors or Senior Management | 34,400,000 | – | 17,200,000 | – | – | 17,200,000 | | 1 Other Employee | 1,000,000 | – | 500,000 | – | – | 500,000 | | **Total** | **35,400,000** | **–** | **17,700,000** | **–** | **–** | **17,700,000** | - As of **June 30, 2025**, the number of restricted share units available for grant under the Restricted Share Unit Scheme remained at **115,287,138 units**[122](index=122&type=chunk) [Joyoung Employee Share Scheme I](index=39&type=section&id=Joyoung%20Employee%20Share%20Scheme%20I) Joyoung adopted Employee Share Scheme I in **2022** to incentivize up to 30 eligible employees; as of the reporting date, the scheme held **4,086,250 Joyoung shares**, representing approximately 0.5% of Joyoung's total issued share capital - Joyoung Employee Share Scheme I was adopted on **March 28, 2022**, aiming to admit up to **30 eligible employees**, including directors, senior management, and core management team members[129](index=129&type=chunk)[130](index=130&type=chunk) - The scheme has a term of **72 months**, with **32 months** remaining as of the reporting date, and target shares will vest in five tranches[130](index=130&type=chunk) - As of the reporting date, Joyoung Employee Share Scheme I collectively held **4,086,250 Joyoung shares**, representing approximately **0.5%** of Joyoung's total issued share capital[131](index=131&type=chunk) [Sufficient Public Float](index=39&type=section&id=Sufficient%20Public%20Float) The company has been granted a waiver by the Stock Exchange from the minimum public float requirement, needing to maintain a minimum public float of 17.16%, and was in compliance as of the reporting date - The Stock Exchange granted the company a waiver from Listing Rule **8.08(1)** regarding minimum public float, requiring it to maintain a minimum public float of **17.16%**[133](index=133&type=chunk) - As of the reporting date, the company's public float complied with relevant requirements[133](index=133&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=39&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended **June 30, 2025**, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held at period-end - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[134](index=134&type=chunk) - As of the end of the reporting period, the company held no treasury shares[134](index=134&type=chunk) [Employees and Remuneration Policy](index=40&type=section&id=Employees%20and%20Remuneration%20Policy) As of **June 30, 2025**, the Group had approximately **2,447 employees** with staff costs of **US$124.1 million**, providing training, salaries, bonuses, and benefits, and maintaining a labor union to protect employee rights Employees and Remuneration Overview | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Employees | 2,447 | 2,558 | | Staff Costs (US$ million) | 124.1 | 103.3 | - The Group provides training to all employees in areas such as corporate culture, R&D, strategy, policies and internal controls, internal systems, and business skills[135](index=135&type=chunk) - Employee remuneration includes salaries and bonuses, with benefits covering medical, pension, work injury insurance, and other miscellaneous benefits[135](index=135&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=40&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) The Group did not undertake any material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period - The Group made no material investments during the reporting period[136](index=136&type=chunk) - During the reporting period, the Group also did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[136](index=136&type=chunk) [Material Events After Reporting Period](index=40&type=section&id=Material%20Events%20After%20Reporting%20Period) The Group had no material events after **June 30, 2025** - The Group had no material events after **June 30, 2025**[137](index=137&type=chunk) [Interim Dividend](index=40&type=section&id=Interim%20Dividend) The Board does not recommend paying any interim dividend for the six months ended **June 30, 2025** - The Board does not recommend paying any interim dividend for the six months ended **June 30, 2025** (2024: nil)[138](index=138&type=chunk) [Audit Committee](index=40&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited interim condensed consolidated financial information for the reporting period and discussed it with the auditor - The Audit Committee comprises three independent non-executive directors: **Mr Yuan DING** (Chairman), **Mr Yang Xianxiang**, and **Mr Sun Zhe**[139](index=139&type=chunk) - The Audit Committee discussed with the auditor and reviewed the Group's unaudited interim condensed consolidated financial information for the reporting period, including the accounting principles and practices adopted by the Group[139](index=139&type=chunk) [Independent Review Report](index=41&type=section&id=Independent%20Review%20Report) [Conclusion of Review](index=41&type=section&id=Conclusion%20of%20Review) EY reviewed the interim financial information according to Hong Kong Standard on Review Engagements 2410 and found no matters suggesting the interim financial information was not prepared in all material respects in accordance with IAS 34 - The auditor reviewed the Group's unaudited consolidated financial information for the reporting period in accordance with Hong Kong Standard on Review Engagements **2410** issued by the Hong Kong Institute of Certified Public Accountants[139](index=139&type=chunk)[141](index=141&type=chunk) - Based on the review, the auditor noted no matters that caused them to believe the interim financial information was not prepared in all material respects in accordance with **IAS 34**[142](index=142&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=42&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) [Profit or Loss Statement Overview](index=42&type=section&id=Profit%20or%20Loss%20Statement%20Overview) For the six months ended **June 30, 2025**, the Group reported total revenue of **US$774,092 thousand**, but increased cost of sales, selling and distribution expenses, administrative expenses, and other expenses resulted in a net loss of **US$53,739 thousand** for the period, with loss attributable to owners of the parent at **US$59,242 thousand** Interim Condensed Consolidated Statement of Profit or Loss Summary (US$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 774,092 | 742,970 | | Cost of Sales | (525,577) | (497,131) | | Gross Profit | 248,515 | 245,839 | | Other Income and Gains | 19,580 | 56,703 | | Selling and Distribution Expenses | (164,468) | (146,594) | | Administrative Expenses | (133,395) | (116,722) | | Other Expenses | (20,131) | (2,663) | | Finance Costs | (1,514) | (1,768) | | (Loss)/Profit Before Tax | (51,600) | 36,784 | | Income Tax Expense | (2,139) | (7,221) | | (Loss)/Profit for the Period | (53,739) | 29,563 | | (Loss)/Profit Attributable to Owners of the Parent | (59,242) | 21,797 | | Basic (Loss)/Earnings Per Share (US cents) | (1.7) | 0.6 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=43&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Comprehensive Income Statement Overview](index=43&type=section&id=Comprehensive%20Income%20Statement%20Overview) For the six months ended **June 30, 2025**, the Group's loss for the period was **US$53,739 thousand**, which, combined with exchange differences on translating foreign operations of **US$4,788 thousand**, resulted in a total comprehensive loss of **US$48,951 thousand** for the period Interim Condensed Consolidated Statement of Comprehensive Income Summary (US$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (53,739) | 29,563 | | Exchange differences on translating foreign operations | 4,788 | (9,418) | | Total Comprehensive Income for the Period | (48,951) | 20,145 | | Attributable to Owners of the Parent | (54,843) | 13,865 | | Non-controlling Interests | 5,892 | 6,280 | [Interim Condensed Consolidated Statement of Financial Position](index=44&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Financial Position Statement Overview](index=44&type=section&id=Financial%20Position%20Statement%20Overview) As of **June 30, 2025**, the Group's total assets were **US$1,467,622 thousand**, a decrease from **December 31, 2024**. Non-current assets decreased, current assets increased, and current liabilities increased, leading to a reduction in net assets to **US$639,039 thousand** Interim Condensed Consolidated Statement of Financial Position Summary (US$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 285,902 | 369,353 | | Total Current Assets | 1,181,720 | 1,127,457 | | Total Current Liabilities | 814,799 | 772,265 | | Net Current Assets | 366,921 | 355,192 | | Total Non-current Liabilities | 13,784 | 32,372 | | Net Assets | 639,039 | 692,173 | | Total Equity | 639,039 | 692,173 | - Financial assets measured at fair value through profit or loss decreased from **US$216,470 thousand** to **US$136,506 thousand**[147](index=147&type=chunk) - Interest-bearing bank borrowings (current portion) increased from **nil** to **US$48,815 thousand**, while the non-current portion decreased from **US$15,000 thousand** to **nil**[147](index=147&type=chunk)[148](index=148&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=46&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Changes in Equity Overview](index=46&type=section&id=Changes%20in%20Equity%20Overview) For the six months ended **June 30, 2025**, equity attributable to owners of the parent decreased from **US$534,311 thousand** to **US$480,365 thousand**, primarily due to a loss for the period of **US$59,242 thousand** and settlement of share award schemes, partially offset by increased exchange translation reserves and equity-settled share award schemes Interim Condensed Consolidated Statement of Changes in Equity Summary (US$ thousand) | Metric | As of January 1, 2025 | Loss for the period | Exchange differences on translating foreign operations | Equity-settled share award scheme | Settlement of share award scheme | Dividends declared by subsidiaries | Acquisition of non-controlling interests | As of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Owners of the Parent | 534,311 | (59,242) | 4,399 | 897 | – | – | – | 480,365 | | Non-controlling Interests | 157,862 | 5,503 | 389 | 37 | – | (5,116) | (1) | 158,674 | | **Total Equity** | **692,173** | **(53,739)** | **4,788** | **934** | **–** | **(5,116)** | **(1)** | **639,039** | - Treasury shares changed from (**US$30,103 thousand**) to (**US$12,812 thousand**), and share award reserve from (**US$4,820 thousand**) to **US$897 thousand**[150](index=150&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=48&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flow Overview](index=48&type=section&id=Cash%20Flow%20Overview) For the six months ended **June 30, 2025**, net cash flow from operating activities was **US$61,397 thousand**, from investing activities **US$4,793 thousand**, and from financing activities **US$23,384 thousand**, resulting in a net increase in cash and cash equivalents of **US$89,574 thousand**, with an ending balance of **US$452,014 thousand** Interim Condensed Consolidated Statement of Cash Flows Summary (US$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash flows from operating activities | 61,397 | 79,299 | | Net cash flows from investing activities | 4,793 | (22,998) | | Net cash flows from financing activities | 23,384 | (10,265) | | Net increase in cash and cash equivalents | 89,574 | 46,036 | | Cash and cash equivalents at end of period | 452,014 | 362,308 | - Net cash flow from operating activities decreased, primarily due to loss before tax and other adjusting items[156](index=156&type=chunk) - Cash flow from investing activities shifted from a net outflow to a net inflow, mainly due to proceeds from disposal of a subsidiary of **US$9,065 thousand**[157](index=157&type=chunk) - Cash flow from financing activities shifted from a net outflow to a net inflow, primarily due to new bank borrowings of **US$48,815 thousand**[157](index=157&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=51&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1. Basis of Preparation](index=51&type=section&id=1.%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 'Interim Financial Reporting' and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024 - The interim condensed consolidated financial information is prepared in accordance with **IAS 34 'Interim Financial Reporting'**[160](index=160&type=chunk) - The information does not include all disclosures required for annual financial statements and should therefore be read in conjunction with the Group's annual consolidated financial statements for the year ended **December 31, 2024**[160](index=160&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=51&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted for the interim condensed consolidated financial information are consistent with those applied in the annual consolidated financial statements, except for the initial adoption of amended IAS 21 'Lack of Exchangeability', which had no impact on the Group's financial information - The accounting policies adopted for the interim condensed consolidated financial information are consistent with those applied in the annual consolidated financial statements for the year ended **December 31, 2024**, except for the initial adoption of amended IAS 21 'Lack of Exchangeability'[161](index=161&type=chunk)[162](index=162&type=chunk) - As the currencies in which the Group transacts and the functional currencies of the Group entities translated into the Group's presentation currency are all convertible, these amendments had no impact on the interim condensed consolidated financial information[162](index=162&type=chunk) [3. Operating Segment Information](index=52&type=section&id=3.%20Operating%20Segment%20Information) The Group's operations are segmented into two reportable operating segments, Joyoung and SharkNinja Asia Pacific, with management independently monitoring their performance; SharkNinja Asia Pacific showed significant revenue growth, but segment results for both declined - The Group has two reportable operating segments: **Joyoung segment** (Mainland China kitchen small appliances) and **SharkNinja Asia Pacific segment** (Asia Pacific cleaning, kitchen, personal care, and home environment appliances)[164](index=164&type=chunk)[165](

Short Selling Ratios - The top three companies with the highest short selling ratios are SenseTime-WR (80020), Anta Sports-R (82020), and Li Ning-R (82331), all at 100.00% [1][2] - Other notable companies with significant short selling ratios include BYD Company-R (81211) at 79.06% and JD Health-R (86618) at 77.31% [2] Short Selling Amounts - Alibaba-SW (09988) leads in short selling amount with 4.715 billion, followed by Tencent Holdings (00700) at 2.280 billion and Baidu Group-SW (09888) at 1.299 billion [3] - Other companies with substantial short selling amounts include Meituan-W (03690) at 1.140 billion and Zijin Mining (02899) at 0.844 billion [3] Deviation Values - The highest deviation values are recorded for SenseTime-WR (80020) at 51.53%, Li Ning-R (82331) at 36.92%, and JS Global Life (01691) at 33.07% [1][3] - Other companies with notable deviation values include Ping An Insurance-R (82318) at 30.67% and China Pacific Insurance (02601) at 26.19% [3]

Group 1: Market Overview - The Hang Seng Index fell by 0.61%, down 157 points, closing at 25,460 points, while the Hang Seng Tech Index dropped by 1.78% [1] - The early trading volume in the Hong Kong stock market reached HKD 183.6 billion [1] Group 2: Banking Sector Performance - Chinese banks showed a significant recovery in performance for the first half of the year, attracting insurance capital inflows amid asset scarcity [1] - Chongqing Rural Commercial Bank rose by 4.15%, Agricultural Bank of China increased by 3.65%, and Postal Savings Bank of China gained 2.50% [1] Group 3: Notable Stock Movements - Haotian International Investment surged over 11% as its subsidiary plans to apply for virtual asset trading services [1] - Yunfeng Financial increased by over 8% following a strategic cooperation agreement with Ant Group and investment in Pharos blockchain [1] - China Nonferrous Mining rose over 4% due to rising copper prices improving mid-term performance [1] - Saint Noble Pharmaceutical-B saw a mid-day increase of over 10%, with a 91% year-on-year reduction in shareholder losses [1] - Hualing Pharmaceutical-B gained 2.67%, achieving its first profit in the first half of the year [1] Group 4: Declining Stocks - Chenming Paper Industry fell over 5% due to ongoing production line maintenance, reporting a loss exceeding CNY 3.8 billion for the first half [2] - ZTE Corporation dropped over 8% as its mid-term gross margin significantly declined, with analysts suggesting market optimism was excessive [2] - JS Global Life fell over 8%, reporting a shareholder loss of USD 5,924.2 million and a decrease in gross margin from third-party sales [3] - New Quality Digital plummeted over 11%, with its stock price halved in three trading days due to forced sale of shares by an executive [4]

Core Viewpoint - JS Global Life (01691) reported a significant decline in stock price, dropping over 8% following the release of its interim results for the six months ending June 30, 2025, which showed a shift from profit to loss [1] Financial Performance - The company reported revenue of $774 million, an increase of 4.19% year-on-year [1] - Shareholder loss amounted to $59.24 million, compared to a profit of $21.79 million in the same period last year, indicating a significant turnaround from profit to loss [1] - Basic loss per share was recorded at 1.7 cents [1] Gross Profit and Margins - Gross profit for the period was approximately $248.5 million, a slight increase from $245.8 million in the previous year, reflecting a year-on-year growth of about 1.1% [1] - The gross margin for the reporting period was 32.1%, down 1.0 percentage points from 33.1% for the six months ending June 30, 2024 [1] - Excluding related party transactions, gross profit from sales to third-party customers was approximately $241.6 million, up about 12.5% from $214.7 million in the previous year [1] Third-Party Sales Performance - The gross margin for sales to third-party customers was 33.5%, a decrease of 1.7 percentage points from 35.2% in the same period last year [1] - The decline in gross margin was primarily attributed to price reductions on older models in the Joyoung division and a decrease in the gross margin for the SharkNinja Asia-Pacific division, influenced by increased shipping costs, changes in market mix, and strategic discounts implemented in core markets [1]

Core Viewpoint - JS Global Life (01691) experienced a significant decline of over 8% in its stock price, attributed to disappointing interim financial results for the six months ending June 30, 2025, which showed a shift from profit to loss [1] Financial Performance - The company reported revenue of $774 million, representing a year-on-year increase of 4.19% [1] - Shareholder loss amounted to $59.24 million, a stark contrast to the profit of $21.79 million in the same period last year, indicating a significant turnaround from profit to loss [1] - Basic loss per share was recorded at 1.7 cents [1] Gross Profit and Margins - Gross profit for the period was approximately $248.5 million, slightly up from $245.8 million in 2024, reflecting a year-on-year increase of about 1.1% [1] - The gross margin for the reporting period was 32.1%, down 1.0 percentage points from 33.1% in the previous year [1] - Excluding related party gross profit, the gross profit from sales to third-party customers was approximately $241.6 million, up about 12.5% from $214.7 million in 2024 [1] Third-Party Sales Performance - The gross margin from sales to third-party customers was 33.5%, a decrease of 1.7 percentage points from 35.2% in the previous year [1] - The decline in gross margin was primarily due to price reductions on older models in the Joyoung division and a decrease in the gross margin for the SharkNinja Asia-Pacific division, attributed to increased shipping costs, changes in market mix, and strategic discounts implemented in core markets [1]