Financial Performance - The company achieved total revenue of approximately 5,150.6millionin2021,representingayear−on−yeargrowthofabout22.83,714.9 million, a year-on-year increase of about 35.9%, while the Joyoung segment saw a slight decline of about 1.9% to 1,435.7million[11].−Grossprofitfortheyearwasapproximately1,924.4 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 733.5millionfortheyearendedDecember31,2021[12].−Adjustedprofitfortheyearroseby19.8502.4 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 5,150.6million,representingayear−on−yearincreaseof22.81,924.4 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 711.4million,reflectingayear−on−yearincreaseof1.5402.3 million in 2020 to about 460.7millionin2021[57].−Adjustedprofitfortheyearwas502.4 million in 2021, compared to 419.2millionin2020[60].MarketExpansionandProductDevelopment−Thecompanyplanstocontinueinnovationandexpandintonewproductcategories,particularlyinthecleaningsmallappliancesector[11].−ThecompanyexperiencedsignificantinternationalexpansioninEuropeandotherregions,contributingtoorganicgrowth[11].−Thecompanyaimstoestablishitselfasaleaderinhigh−qualitysmallappliancesacrossallcategories[11].−JSGlobalLiferankedfourthintheglobalsmallappliancemarketasofDecember31,2021,improvingfromfifthplaceattheendof2020[14].−RevenuefromEuropeandothermarketsincreasedbyapproximately36.71.2 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].
