Financial Performance - For the third quarter ended September 30, 2023, the operating revenue was RMB 2,463,572,007.10, representing an increase of 11.24% compared to RMB 2,214,588,864.01 in the same period last year[4] - The net profit attributable to shareholders of Jiuyang was RMB 116,354,565.00, a decrease of 26.42% from RMB 158,189,969.70 in the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 112,352,748.80, down 29.48% from RMB 159,359,269.72 year-on-year[4] - The basic and diluted earnings per share were both RMB 0.16, a decrease of 23.81% compared to RMB 0.21 in the same period last year[4] - The weighted average return on net assets was 3.41%, down 0.77 percentage points from 4.18% in the same period last year[4] Assets and Net Worth - The total assets as of September 30, 2023, were RMB 7,144,806,864.66, an increase of 0.98% from RMB 7,074,762,950.69 at the end of the previous year[4] - The net assets attributable to shareholders of Jiuyang were RMB 3,467,063,655.79, an increase of 4.63% from RMB 3,313,074,235.88 at the end of the previous year[4] Cash Flow - The net cash flow from operating activities was RMB 427,086,101.85, a significant decrease of 53.06% compared to RMB 909,813,991.63 in the same period last year[4] Non-Recurring Items - Non-recurring gains and losses totaled RMB 25,015,013.89 for the nine months ended September 30, 2023[5] - The company reported a government subsidy of RMB 21,375,614.32, which is closely related to Jiuyang's business operations[5]

Company Overview - JS Global Lifestyle's mission is to enhance daily life quality through innovative smart home products, maintaining a leading position in the global small appliance market with brands like Shark, Ninja, and Joyoung[16]. - The company focuses on three core competencies: developing innovative design-driven products, diverse brand marketing, and establishing a global omnichannel sales network[16]. - The company aims to create market anticipation for new products by continuously innovating and expanding its product categories[16]. Financial Performance - In the first half of 2023, the company achieved a revenue of $573.6 million, a decrease of 18.5% compared to $703.4 million in 2022[26]. - The gross profit for the same period was $213.4 million, down 14.7% year-on-year, with a gross margin of 37.2%, an increase of 1.6 percentage points from the previous year[25]. - The adjusted EBITDA for the reporting period was approximately $78.9 million, a decrease of 18.7% year-on-year[25]. - The adjusted net profit for the reporting period was approximately $52.0 million, a decrease of 27.8% compared to the previous year[25]. - Total revenue from external customers was $539.5 million, down from $667.1 million in the previous year, reflecting a decline of approximately 19.2%[29]. - The overall decline in revenue is primarily due to a slow recovery in consumer markets and a downward trend in the home appliance industry[28]. Segment Performance - The revenue from the Joyoung segment was $490.9 million, a decrease of approximately 23.2% year-over-year, accounting for about 85.6% of total revenue[28]. - SharkNinja's revenue in the Asia-Pacific segment increased to $48.6 million, representing a growth of approximately 73.0% year-over-year, contributing about 8.5% to total revenue[28]. - The Japanese market recorded revenue of $37.4 million, an increase of 29.9% year-over-year, driven by continuous innovation in the cordless vacuum cleaner category[32]. - The Shark brand generated revenue of $47.7 million, an increase of 48.6% year-over-year, due to market share growth in cleaning appliances and entry into new hair care appliance categories[30]. - The cooking appliances category generated $268.7 million in revenue, accounting for 49.8% of total sales, while food preparation appliances contributed $155.6 million, or 28.8%[33]. Market Challenges - In the first half of 2023, the company's ongoing operations, including the Joyoung segment and SharkNinja Asia business unit, experienced a decline compared to the first half of 2022, primarily due to challenges in the Chinese market[18]. - Revenue from the China region was $482.3 million, a decrease of 22.6% year-over-year, attributed to weak overall demand and intense competition[31]. - Consumer spending in mainland China showed signs of downgrade, with over half of 15 small appliance categories experiencing a decline in average prices according to AVC[83]. Strategic Initiatives - The company is focusing on enhancing its O2O digital marketing operations to improve retail sales capabilities and reach consumers more effectively[21]. - The company aims to strengthen its brand value in the "home kitchen," "public welfare kitchen," and "space kitchen" segments, adapting to market changes and consumer needs[21]. - The company plans to launch new product categories in existing markets, such as kitchen appliances and personal care products, which have proven successful in other markets[80]. - The company emphasizes digital operations by utilizing a self-built digital platform to extract big data value and establish a comprehensive O2O digital marketing operation system[80]. Ownership and Governance - The board of directors underwent changes, with Mr. Xu Ning Wang serving as both Chairman and CEO, which the board believes is beneficial for business development[95]. - The company has adopted the standard code of conduct for securities trading, ensuring compliance among all directors and relevant employees[96]. - The company has a complex ownership structure involving various holding companies and trusts, indicating a high level of control by key individuals[115]. Cash Flow and Investments - Cash flow from operating activities before tax profit was $176,915,000, down from $229,260,000 in the previous year, indicating a decline of about 23%[175]. - Cash flow used in investing activities totaled $(115,979) thousand, compared to $(94,390) thousand in the previous year, indicating a 22.9% increase in investment outflows[177]. - The company acquired a 12.09% stake in Sogou Technology (Beijing) Co., Ltd. for $3,520,000, enhancing its investment portfolio[173]. Employee and Shareholder Information - Employee costs for the group amounted to USD 221 million for the reporting period, an increase from USD 200.2 million in the previous year[135]. - The board has proposed an interim dividend of HKD 0.0392 per share for the six months ended June 30, 2023, compared to no dividend in the same period last year[136]. - The company has implemented an employee stock ownership plan (ESOP) with a maximum funding amount of RMB 208 million, allowing for the purchase of up to 8 million shares[131].

Financial Performance - Revenue from continuing operations for the six months ended June 30, 2023, was $573.6 million, a decrease of 18.5% year-over-year[2]. - Gross profit from continuing operations was $213.4 million, down 14.7% compared to the previous year[2]. - Profit from continuing operations was $46.2 million, reflecting a 30.2% decrease year-over-year[2]. - EBITDA from continuing operations decreased by 19.9% to approximately $73.1 million[2]. - Adjusted EBITDA from continuing operations was approximately $78.9 million, a decrease of 18.7% year-over-year[2]. - Total profit from both continuing and discontinued operations was $139.5 million, down 22.9% year-over-year[2]. - The adjusted profit attributable to equity holders of the parent from continuing operations decreased by 24.7% to approximately $40.5 million[2]. - The group reported a net profit for the six months ended June 30, 2023, of $139.5 million, compared to $180.9 million in 2022, reflecting a decline of about 23%[92]. - Adjusted net profit for the six months ended June 30, 2023, was approximately $52.0 million, down from $72.0 million for the same period in 2022[89]. Revenue Breakdown - Total revenue for the six months ended June 30, 2023, was $573,618 thousand, a decrease of 18.4% compared to $703,435 thousand for the same period in 2022[21]. - Sales to external customers for 九陽 were $490,866 thousand, down from $639,005 thousand in the previous year, representing a decline of 23.1%[21]. - Sales to external customers for SharkNinja 亚太 were $48,608 thousand, compared to $28,086 thousand in the prior year, showing an increase of 73.2%[21]. - The Joyoung segment generated revenue of $490.9 million, a decline of approximately 23.2% year-over-year, accounting for about 85.6% of total revenue[58]. - SharkNinja Asia Pacific segment revenue from external customers was $48.6 million, an increase of approximately 73.0% year-over-year, representing about 8.5% of total revenue[58]. - Revenue from the China region was approximately $482.3 million, a decrease of 22.6% year-over-year due to weak overall demand and intense competition[63]. Assets and Liabilities - Non-current assets as of June 30, 2023, totaled $309.2 million, significantly down from $2,053.7 million as of December 31, 2022[9]. - Cash and cash equivalents were $244.7 million, down from $504.1 million at the end of 2022[9]. - As of June 30, 2023, total current liabilities amounted to $2,457,295 thousand, an increase of 54% compared to $1,595,028 thousand as of December 31, 2022[10]. - Current assets net value reached $1,826,376 thousand, up from $987,101 thousand, indicating a significant growth[10]. - Total non-current liabilities decreased to $10,122 thousand from $976,138 thousand, reflecting a substantial reduction[10]. - The total equity as of June 30, 2023, was $2,125,470 thousand, compared to $2,064,649 thousand at the end of 2022, showing a slight increase[12]. Expenses and Costs - Sales and distribution expenses from continuing operations decreased by approximately 10.5% year-on-year to about $106.5 million for the six months ended June 30, 2023, compared to $119.0 million for the same period in 2022[79]. - Administrative expenses from continuing operations decreased by approximately 5.3% year-on-year to about $63.5 million for the six months ended June 30, 2023, compared to $67.0 million for the same period in 2022[81]. - Financing costs from continuing operations increased by approximately 121.8% year-on-year to about $14.1 million for the six months ended June 30, 2023, compared to $6.4 million for the same period in 2022, primarily due to an increase in average interest rates[85]. - Employee costs amounted to $221.0 million in the reporting period, up from $200.2 million in 2022[112]. Market and Strategic Focus - SharkNinja operates two reportable segments: Joyoung, focusing on kitchen appliances, and SharkNinja Asia Pacific, which offers a range of floor care products and kitchen appliances[18]. - The company focuses on three core competencies: developing innovative products with design appeal, implementing diverse brand marketing, and establishing a global omnichannel sales network[45]. - The company is focusing on digital marketing strategies, particularly targeting Gen Z consumers through platforms like Douyin and Xiaohongshu, to enhance retail performance[49]. - SharkNinja's growth strategy focuses on expanding in the top 25 cities in the Asia-Pacific region, including entering new countries like Australia, New Zealand, Singapore, and Malaysia[107]. Corporate Governance and Shareholder Actions - The company remains committed to maintaining good corporate governance practices and has complied with all applicable code provisions during the reporting period[115]. - The board proposed an interim dividend of HKD 0.0392 per share for the six months ended June 30, 2023, compared to no dividend for the same period in 2022[124]. - The company repurchased a total of 20,040,500 shares at a total cost of HKD 160,362,425, with the highest and lowest purchase prices being HKD 8.34 and HKD 7.76 respectively[119].

Financial Performance - Total revenue for 2022 was $5,041,210 thousand, a decrease of 2.1% compared to $5,150,593 thousand in 2021[9] - Gross profit for 2022 was $1,880,186 thousand, down from $1,924,383 thousand in 2021, reflecting a decline of 2.3%[9] - Adjusted EBITDA for 2022 was $673,035 thousand, a decrease of 8.2% from $733,533 thousand in 2021[9] - Net profit for the year was $357,503 thousand, a decrease of 22.3% compared to $460,702 thousand in 2021[9] - Total assets as of 2022 were $4,635,815 thousand, down from $4,808,811 thousand in 2021, representing a decline of 3.6%[11] - Total equity for 2022 was $2,064,649 thousand, slightly down from $2,088,895 thousand in 2021[11] - Non-current liabilities decreased to $976,138 thousand in 2022 from $1,096,519 thousand in 2021, a reduction of 11%[11] - Adjusted net profit for the fiscal year 2022 decreased by 15.3% to approximately $426 million, leading the board to recommend no final dividend distribution[14] - The group's profit for the year ended December 31, 2022, decreased by approximately 22.4% to about $357.5 million, down from approximately $460.7 million in 2021[55] - The adjusted net profit for 2022 was $425.6 million, compared to $502.4 million in 2021, reflecting a decline of about 15.3%[57] - EBITDA for 2022 was $624.5 million, down from $711.4 million in 2021, representing a decrease of approximately 12.2%[58] Revenue Breakdown - SharkNinja segment revenue was approximately $3,716 million, remaining stable compared to the previous year, while the Joyoung segment revenue was approximately $1,325 million, down 7.7% year-on-year[14] - The SharkNinja segment generated revenue of $3,715.9 million, accounting for 73.7% of total revenue, while the Joyoung segment's revenue was $1,325.3 million, representing a 7.7% decline[30] - North America recorded total revenue of approximately $2,928.1 million, a decrease of 1.2% from $2,964.0 million in 2021[34] - China region revenue decreased by approximately 6.5% to $1,307.2 million, down from $1,398.2 million in 2021[34] - Europe region revenue increased by 2.5% to $632.3 million, up from $616.8 million in 2021[34] - Cleaning appliances contributed 38.5% of total revenue, with a slight decrease of 1.1% to $1,940.1 million[36] - Cooking appliances revenue decreased by 5.7% to $1,762.0 million, accounting for 34.9% of total revenue[36] Market and Product Strategy - The company plans to focus on market expansion and new product development in the upcoming year[13] - The company plans to focus on the Asia-Pacific market, particularly the Greater China region, with the Joyoung segment emphasizing kitchen small appliances and innovative product development[16] - The company aims to become a leading small appliance company in the Asia-Pacific market within the next three to five years[17] - The company continues to execute its strategy of launching new products and entering new categories despite challenging economic conditions[20] - The company is focusing on omnichannel distribution strategies to adapt to the shift from offline to online sales[23] - The company aims to maintain strong relationships with retailers to secure more product display opportunities during major promotional events[23] - The company plans to expand its product categories, including personal care, kitchen appliances, and outdoor cooking devices, to drive sustainable long-term growth[69] Challenges and Outlook - The company has faced challenges such as supply chain issues and inflation, impacting overall performance[13] - Future guidance indicates a cautious outlook due to ongoing geopolitical tensions and economic uncertainties[13] - Revenue growth in 2022 was impacted by currency depreciation, with a fixed exchange rate calculation showing a revenue increase of 0.7%[20] - The company anticipates that supply chain costs will decrease in 2023 compared to 2022, despite ongoing concerns about inflation and economic recession[71] Management and Governance - The company has a strong management team with extensive experience in finance and operations, including Mr. Timothy Roberts Warner as an independent non-executive director since October 11, 2019[82] - The company is focused on strategic expansion and enhancing its product offerings through experienced leadership[84] - The board includes members with significant academic and professional backgrounds, ensuring robust governance and strategic direction[80] - The company is committed to leveraging its management expertise to drive growth and innovation in the market[84] - The company has established four board committees, including the strategic committee, audit committee, remuneration committee, and nomination committee, to handle specific matters[167] Shareholder and Dividend Information - The company did not declare a final dividend for the year ended December 31, 2022, due to a significant strategic restructuring, compared to a dividend of HKD 0.4098 per share in 2021[91] - As of December 31, 2022, the company's distributable reserves amounted to approximately USD 551.36 million[94] - The board of directors will determine the declaration and payment of dividends based on various factors, including financial performance and capital expenditure needs[89] Risk Management - The group faces significant risks including intense global market competition and potential impacts from trade protection policies[146] - The company has implemented comprehensive risk management policies across various operational aspects, including quality control, financial reporting, and information systems[184] - The internal audit department reports directly to the audit committee and is responsible for systematically reviewing the risk management and internal control systems[185] - The company has established a robust, technology-driven risk management system to effectively manage and mitigate inherent business risks[191] Corporate Social Responsibility - The company reported charitable donations of approximately USD 2.35 million for the year ended December 31, 2022, down from USD 2.91 million in 2021[95] - The company is committed to community development through innovative models and public welfare activities, fostering stable relationships with suppliers and the community[148] Audit and Compliance - Ernst & Young conducted the audit and confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2022[198] - The audit committee has recommended the reappointment of Ernst & Young as the external auditor for the fiscal year 2023, citing their commitment to audit quality and independence[183] - The company has complied with all relevant laws and regulations during the reporting period, with no significant non-compliance issues reported[145]

Financial Performance - For the first quarter ended March 31, 2023, the operating revenue was RMB 1,892,190,788.93, a decrease of 18.74% compared to RMB 2,328,527,536.97 in the same period last year[4] - Net profit attributable to shareholders was RMB 121,389,403.14, down 26.98% from RMB 166,241,068.10 year-on-year[4] - The net cash flow from operating activities was RMB 306,900,520.10, reflecting a decline of 38.08% compared to RMB 495,669,740.10 in the previous year[4] - Basic and diluted earnings per share were both RMB 0.16, a decrease of 27.27% from RMB 0.22 in the same period last year[4] Assets and Equity - The total assets at the end of the reporting period were RMB 7,299,838,075.42, an increase of 3.18% from RMB 7,074,762,950.69 at the end of the previous year[4] - Net assets attributable to shareholders increased by 3.80% to RMB 3,439,064,123.03 from RMB 3,313,074,235.88 at the end of the previous year[4] Return on Investment - The weighted average return on net assets was 3.64%, a decrease of 0.19 percentage points from 3.83% in the previous year[4] Other Income - Non-recurring gains and losses totaled RMB 4,430,550.91 for the reporting period[5] - The company received government subsidies amounting to RMB 3,043,441.97, which are closely related to its business[5] - The company reported a fair value change gain of RMB 2,218,988.14 from trading financial assets and liabilities[5]

Financial Performance - Total revenue for the year ended December 31, 2022, was approximately $5,041.2 million, a decrease of about 2.1% year-on-year[2] - Gross profit for the same period was approximately $1,880.2 million, down approximately 2.3% year-on-year[2] - Profit for the year ended December 31, 2022, was approximately $357.5 million, a decrease of about 22.4% year-on-year[2] - Adjusted net profit for the year was approximately $425.6 million, down approximately 15.3% year-on-year[2] - EBITDA for the year decreased by 12.2% to approximately $624.5 million[2] - Adjusted EBITDA for the year was approximately $673.0 million, a decrease of about 8.2% year-on-year[2] - Total revenue for the year ended December 31, 2022, was $5,041,210 thousand, a decrease from $5,150,593 thousand in 2021, representing a decline of approximately 2.1%[23] - Adjusted profit before tax for the group was $456,705 thousand for the year ended December 31, 2022, compared to $574,835 thousand in 2021, indicating a decrease of approximately 20.5%[16][18] - The group reported a pre-tax profit of $231,416 thousand for 2022, compared to $219,460 thousand in 2021, indicating a growth of 5.4%[28] - The group’s net profit decreased by approximately 22.4% from about $460.7 million in 2021 to about $357.5 million in 2022[92] Revenue Breakdown - SharkNinja segment generated revenue of $3,715,904 thousand, while the Joyoung segment contributed $1,325,306 thousand for the year ended December 31, 2022[16] - North America accounted for $2,928,050 thousand of total revenue, while revenue from mainland China was $1,307,225 thousand for the year ended December 31, 2022[20] - SharkNinja segment revenue was $3,715.9 million, accounting for 73.7% of total revenue, while Joyoung segment revenue was $1,325.3 million, down 7.7% year-on-year[68] - Revenue from the North America region was approximately $2,928.1 million, a decrease of 1.2% year-on-year[72] - Revenue from the China region was approximately $1,307.2 million, down about 6.5% year-on-year, primarily due to a challenging economic environment[72] - Total revenue for the European region was approximately $632.3 million for the year ended December 31, 2022, representing a year-over-year increase of 2.5%[73] - Total revenue for other markets was approximately $173.6 million for the year ended December 31, 2022, reflecting a year-over-year increase of 1.2%[73] Expenses and Costs - Total sales cost for the year was approximately $3,161.0 million, a decrease of about 2.0% compared to $3,226.2 million in 2021[77] - The group's sales and distribution expenses decreased by approximately 2.3% from about $808.8 million in 2021 to about $790.4 million in 2022, primarily due to reduced advertising expenses and lower warehousing and transportation costs resulting from sales decline[85] - Administrative expenses increased by approximately 13.4% from about $537.6 million in 2021 to about $609.9 million in 2022, mainly due to employee investments in new product development and international business expansion[87] - Financing costs rose by approximately 70.1% from about $27.9 million in 2021 to about $47.4 million in 2022, primarily due to an increase in the average interest rate on bank loans[89] - The group's income tax expense decreased by approximately 13.1% from about $114.1 million in 2021 to about $99.2 million in 2022, mainly due to a reduction in pre-tax profits[91] Assets and Liabilities - Total assets less current liabilities amounted to $3,040.8 million as of December 31, 2022[8] - Non-current liabilities totaled approximately $976.1 million, down from $1,096.5 million in the previous year[9] - Total equity as of December 31, 2022, was approximately $2,064.6 million, a slight decrease from $2,088.9 million in 2021[10] - Accounts receivable decreased to $1,198,025 thousand in 2022 from $1,245,748 thousand in 2021, with a provision for impairment rising to $11,829 thousand from $6,818 thousand[43][46] - Accounts payable decreased to $687,506 thousand in 2022 from $879,078 thousand in 2021, with amounts due within one year at $686,698 thousand[49] - Total borrowings as of December 31, 2022, were approximately $857.1 million, a decrease of about 9.0% from approximately $942.1 million as of December 31, 2021[97] - The debt-to-equity ratio as of December 31, 2022, was 45.6%, down from 49.3% as of December 31, 2021, a reduction of 3.7 percentage points[100] Market Performance and Strategy - The company continues to focus on developing innovative products and expanding into new categories and markets[56] - The company’s SharkNinja division focuses on home environment and kitchen appliances, maintaining leading market shares in multiple countries[56] - The company’s Joyoung division remains focused on kitchen appliances and has a leading market share in several innovative product categories in China[56] - The company plans to proceed with the proposed spin-off and separate listing of SharkNinja, having received approval from the Hong Kong Stock Exchange[55] - The company continues to face challenges from inflation and inventory reduction among retailers, impacting product sales[57] - The company aims for sustainable long-term growth through innovative product development and market expansion, focusing on existing product growth, new categories, and global market penetration[105] Employee and Incentive Plans - As of December 31, 2022, the company had approximately 5,661 employees, with total employee costs amounting to $452.1 million, an increase from $394.1 million in 2021[110] - The company has issued a total of 141,602,148 restricted stock units under its incentive plan, with a portion already vested in 2022[110] - The company has approved a stock option incentive plan for its subsidiary, Joyoung, to attract and retain talent, with an initial grant of 15.6 million stock options[111] - The employee stock ownership plan (ESOP) can raise a maximum of RMB 208,000,000, with the company not providing any financial assistance to eligible employees[112] Dividends and Shareholder Returns - The company did not recommend the payment of any final dividend for the year due to a significant strategic restructuring[2] - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2022, due to a major strategic restructuring[119]

Financial Performance - For the first quarter ending March 31, 2022, the operating revenue was RMB 2,328,527,536.97, representing a 3.83% increase compared to RMB 2,242,694,899.52 in the same period last year[2] - The net profit attributable to shareholders was RMB 166,241,068.10, which is a decrease of 7.70% from RMB 180,103,795.09 year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 157,259,318.46, down by 2.67% compared to RMB 161,576,890.20 in the previous year[2] - The basic earnings per share were RMB 0.22, reflecting an 8.33% decrease from RMB 0.24 in the same period last year[2] - The diluted earnings per share were RMB 0.22, down 4.35% from RMB 0.23 year-on-year[2] - The weighted average return on net assets was 3.83%, a decrease of 0.29 percentage points from 4.12% in the previous year[2] Assets and Net Assets - Total assets at the end of the reporting period were RMB 8,429,014,890.21, a decrease of 1.03% from RMB 8,516,380,670.95 at the end of the previous year[2] - Net assets attributable to shareholders amounted to RMB 4,426,827,142.84, which is an increase of 3.83% from RMB 4,263,662,880.72 at the end of the previous year[2] Cash Flow - The net cash flow from operating activities was RMB 495,669,740.10, a significant increase of 375.47% compared to a negative cash flow of RMB -179,932,954.23 in the same period last year[2] Non-Recurring Gains and Losses - Non-recurring gains and losses totaled RMB 8,981,749.64, with various components including government subsidies and investment income from financial assets[3]

Financial Performance - The company achieved total revenue of approximately $5,150.6 million in 2021, representing a year-on-year growth of about 22.8%[10]. - The SharkNinja segment generated revenue of approximately $3,714.9 million, a year-on-year increase of about 35.9%, while the Joyoung segment saw a slight decline of about 1.9% to $1,435.7 million[11]. - Gross profit for the year was approximately $1,924.4 million, reflecting a year-on-year growth of 10.4%, with a gross margin of 37.4%[12]. - Adjusted EBITDA increased by 10.7% to approximately $733.5 million for the year ended December 31, 2021[12]. - Adjusted profit for the year rose by 19.8% to approximately $502.4 million[12]. - The company's revenue and profit recorded a strong growth of 22.8% year-on-year in 2021, driven by increasing demand in North America and the UK, despite global supply chain challenges and inflation[19]. - The group's total revenue for the year ended December 31, 2021, was $5,150.6 million, representing a year-on-year increase of 22.8%[28]. - Gross profit for the same period was $1,924.4 million, with a gross margin of 37.4%, down from 41.5% in 2020, reflecting a decrease of 4.1 percentage points[28]. - The EBITDA for the year was approximately $711.4 million, reflecting a year-on-year increase of 1.5%[28]. - The group’s profit increased by approximately 14.5% from about $402.3 million in 2020 to about $460.7 million in 2021[57]. - Adjusted profit for the year was $502.4 million in 2021, compared to $419.2 million in 2020[60]. Market Expansion and Product Development - The company plans to continue innovation and expand into new product categories, particularly in the cleaning small appliance sector[11]. - The company experienced significant international expansion in Europe and other regions, contributing to organic growth[11]. - The company aims to establish itself as a leader in high-quality small appliances across all categories[11]. - JS Global Life ranked fourth in the global small appliance market as of December 31, 2021, improving from fifth place at the end of 2020[14]. - Revenue from Europe and other markets increased by approximately 36.7% and 78.8% respectively compared to 2020[14]. - The company launched several new products in 2021, including the Shark air purifier and Ninja CREAMi ice cream maker, contributing to strong market performance[14]. - The company plans to continue expanding into Europe and the Asia-Pacific region in 2022[14]. - The company continues to prioritize the development of revolutionary innovative products and diverse brand marketing strategies[18]. - New product categories launched in 2021 include Shark air purifiers, Shark HyperAIR hair dryer, Ninja CREAMi, and Ninja Foodi NeverDull knife system, contributing to market share gains[21]. - The company plans to introduce new product categories in the U.S., including outdoor cooking spaces and baking tools, while continuing to innovate within existing categories[74]. Sales and Distribution - The company has established a comprehensive omnichannel sales and distribution network tailored to local market characteristics[14]. - The company has adopted an omnichannel distribution strategy to ensure product availability across various shopping platforms, enhancing consumer access[23]. - The group expanded its offline retail presence by opening new stores in shopping malls, targeting lower-tier markets to enhance brand image[25]. - The company continues to invest heavily in marketing and advertising, utilizing digital ads and influencer marketing to enhance consumer engagement and loyalty[23]. Supply Chain and Economic Environment - The company faced supply chain challenges that delayed the launch of several new products, impacting sales[31]. - Global supply chain disruptions have led to increased shipping costs and container shortages, expected to persist into the first half of 2022[78]. - The company anticipates continued inflationary pressures on commodity and component prices, which may affect product costs in 2022[78]. - A 25% tariff on certain products imported from China to the U.S. was reinstated in 2021, but exemptions are expected to apply retroactively from October 2021[79]. - The company is diversifying its supply chain by sourcing products from Vietnam and Thailand to mitigate the impact of U.S.-China trade tensions[79]. Corporate Governance and Leadership - The company has a strong leadership team with extensive experience in the industry, including Huang Shuling, who has been with the company since its founding in 1994[82]. - The company has appointed Wang Xuning as Chairman and CEO since June 25, 2019, and he has been instrumental in the development of the fully automatic soybean milk machine since 1994[80]. - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a diverse range of expertise[156]. - The company has complied with listing rules regarding independent non-executive directors, maintaining a third of the board as independent members[158]. - The company emphasizes the importance of corporate governance as a shared responsibility among directors[177]. Financial Management and Investments - The company is focusing on strategic investments to control expenses while expanding its product offerings and market reach[53]. - The company plans to utilize the net proceeds from the share placement for R&D and product development, as well as market expansion in Europe and Asia[96]. - The company has a loan financing agreement totaling $1.2 billion, with a maturity date of March 2025[100]. - The company has confirmed the independence of all independent non-executive directors as per the listing rules[102]. Risk Management - The company faces significant risks including intense global market competition and rapid technological advancements, which may hinder its ability to compete effectively[150]. - The company emphasizes the importance of maintaining a strong brand reputation, as any damage could severely affect its business and financial performance[150]. - The company has established a robust internal control and risk management system to ensure compliance with applicable laws and regulations[153]. - The board is responsible for the risk management and internal control systems, which are designed to manage risks rather than eliminate them[192]. Shareholder Engagement - The company is committed to transparent communication with stakeholders, including government, shareholders, employees, and customers, to foster trust and cooperation[151]. - The company encourages shareholder participation in meetings to express opinions and ask questions[195]. - The company is committed to timely disclosure of corporate information to assist shareholders in making informed investment decisions[194]. Audit and Compliance - The audit committee held four meetings during the reporting period to review the group's audit plan, annual and interim financial performance, and the effectiveness of risk management and internal control systems[170]. - The audit committee has recommended the reappointment of Ernst & Young as the external auditor for the fiscal year 2022, citing their commitment to audit quality and independence since the company's listing[181]. - The financial statements have been audited and reflect the group's financial position as of December 31, 2021, in accordance with international financial reporting standards[197].