JS GLOBAL LIFE-JS环球生活(01691) - 2020 - 年度财报

Financial Performance - In 2020, JS Global Lifestyle Company achieved total revenue of approximately $4.196 billion, representing a year-on-year growth of about 39.1%[9]. - The SharkNinja segment generated revenue of approximately$ 2.733 billion, with a year-on-year increase of about 57.4%, driven by strong sales across all categories[10]. - The Joyoung segment reported revenue of approximately $1.463 billion, reflecting a year-on-year growth of about 14.3%[10]. - The group's gross profit for the year ended December 31, 2020, was approximately$ 1.743 billion, representing a year-on-year growth of 54.7%, with a gross margin of 41.5%[11]. - Adjusted net profit rose by 79.2% year-on-year to approximately $419.2 million for the year ended December 31, 2020[11]. - Total revenue for the year ended December 31, 2020, was$ 4,195.8 million, an increase of 39.1% year-over-year[26]. - Gross profit reached $1,742.8 million, up 54.7% year-over-year, with a gross margin of 41.5%, an increase of 4.1 percentage points from 37.4% in 2019[26]. - EBITDA for 2020 reached approximately$ 701.0 million, a substantial rise from $290.0 million in 2019[56]. - The company's net profit for the year ended December 31, 2020, increased by approximately 372.2% to about$ 402.3 million, up from about $85.2 million in 2019[52]. Market Expansion - The company successfully expanded into the German and French markets in 2020, enhancing its product portfolio centered around lightweight cordless vacuum cleaners[10]. - Revenue from the European market grew by approximately 103.6% compared to 2019, with Shark brand holding a 36.9% market share in the UK vacuum cleaner category[12]. - The company plans to expand into new categories such as personal care and air purifiers, while continuing to develop new products in existing categories[12]. - The company successfully entered the German and French markets in 2020, focusing on international expansion and collaboration with major retailers[67]. - The company has expanded its business into the two largest small appliance markets globally, namely China and the United States[80]. Product Development and Innovation - The company has been focusing on user-centric and demand-driven strategies, launching innovative products to attract younger demographics[10]. - New product launches in 2020 included the self-cleaning PowerFin technology vacuum cleaners and various Ninja Foodi products, contributing to strong growth in the Ninja Foodi series[12]. - The company aims to maintain rapid growth trends in the industry through continuous R&D and innovation of existing and new product categories[14]. - The company plans to continue leveraging its strong sales performance to drive future growth and expansion strategies[54]. - The company is diversifying its supply chain by sourcing products from Vietnam and Thailand to mitigate the impact of increased tariffs on goods imported from China, potentially saving significant costs despite higher prices[69]. Corporate Governance and Leadership - The company has appointed several non-executive directors with extensive experience in investment and management, including Mr. Xu Zhijian and Mr. Stassi Anastas Anastassov, who have over 20 years of relevant experience[74][75]. - The company’s CEO, Mr. Wang Xuning, also serves as the Chairman, indicating a unified leadership structure[78]. - The board consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors[148]. - The independent non-executive directors account for more than one-third of the board, ensuring adequate professional expertise[150]. - The company emphasizes the importance of strategic planning and financial oversight through its audit and compensation committees[77]. Social Responsibility and Community Engagement - The company has committed to using 98% recyclable materials in product packaging, with a goal to eliminate all plastic packaging[13]. - The SharkNinja division donated market value of approximately RMB 5 million in emergency supplies during the COVID-19 pandemic[13]. - The company has established a "Zhejiang Jiuyang Public Welfare Foundation" focusing on education and health-related social issues[13]. - The company’s charitable donations for the year ended December 31, 2020, amounted to approximately$ 2.25 million[86]. Financial Management and Risk - The company is exposed to various financial risks, including interest rate risk and performance risk related to financial covenants in financing agreements[141]. - The company has established a robust internal control and risk management system to ensure compliance with applicable laws and regulations[145]. - The company recorded substantial goodwill and intangible assets following the acquisition of SharkNinja, which may affect net profit if impairment losses are recognized[141]. - The company has implemented comprehensive risk management policies across various operational aspects, including quality control and financial reporting[171]. Employee and Talent Management - The employee cost for the year ended December 31, 2020, was $356.0 million, an increase from$ 293.9 million in 2019[129]. - The company has approximately 4,926 employees as of December 31, 2020, compared to 4,434 employees as of December 31, 2019[129]. - The company aims to attract and retain talent through its restricted share unit plan, which was revised on December 14, 2020[130]. Shareholder Engagement and Financial Disclosures - The company emphasizes the importance of effective communication with shareholders to enhance understanding of business performance and strategy[184]. - The company encourages shareholders to attend annual general meetings to express opinions and ask questions[184]. - The company’s financial statements were prepared in accordance with International Financial Reporting Standards[185]. - The company’s financial disclosures include significant accounting judgments and estimates related to revenue recognition[193].