Core Viewpoint - JS Global Life (01691) anticipates a net loss of no more than $56 million for the first half of 2025, contrasting with a net profit of approximately $29.6 million for the same period in 2024 [1] Financial Performance - The expected performance change is primarily due to increased sales costs and administrative expenses aimed at expanding the Asia-Pacific market [1] - Adjusted profit for the first half of 2025 is projected to be no less than $12 million, a decrease of not more than 35% compared to $18.4 million in the first half of 2024 [1] Key Adjustments - Major adjustments for the adjusted profit in the first half of 2025 include: equity compensation, fair value changes of restricted share awards, and reduced procurement service income from providing services to a subsidiary of SharkNinja, Inc. [1]

以下为集团在2025年中期的经调整溢利的主要须予调整项目：股权报酬;受限制奖励股份的公允价值变 动;及集团向SharkNinja,Inc.的附属公司提供采购服务而收取的采购服务收入。 公告称，业绩变动主要由于：为拓展亚太市场，集团于2025年上半年的销售成本及行政开支持续增加， 包括但不限于加强品牌形象及消费者意识、推广核心产品及新产品、提升全渠道分销能力、增加销售团 队及行政人员等。此外，该业务目前处于发展阶段，对整体业绩贡献甚微;集团向SharkNinja,Inc.的一家 附属公司提供采购服务而收取的采购服务收入减少;受限制股份奖励的公允价值亏损及相关行政开支增 加。 智通财经APP讯，JS环球生活(01691)公布，该集团预期2025年中期取得净亏损不多于5600万美元，而 2024年同期则取得净溢利约2960万美元。 此外，公司预期集团2025中期的经调整溢利将不少于1200万美元(2024年中期：1840万美元)，较去年同 期减少不超过35.0%。 ...

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]

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].

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].