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JS环球生活(01691) - 2023 - 年度财报
01691JS GLOBAL LIFE(01691)2024-04-29 11:53

Financial Performance - Revenue from continuing operations in 2023 was 1,428.7million,adecreasefrom1,428.7 million, a decrease from 1,475.5 million in 2022[7] - Gross profit for 2023 was 486.6million,downfrom486.6 million, down from 536.4 million in 2022[7] - Net profit attributable to owners of the company in 2023 was 131.7million,comparedto131.7 million, compared to 332.3 million in 2022[7] - Adjusted EBITDA for 2023 was 397.1million,asignificantdropfrom397.1 million, a significant drop from 673.0 million in 2022[7] - Total revenue from continuing operations in 2023 was approximately 1,429million,adecreaseof3.21,429 million, a decrease of 3.2% year-over-year[10] - Gross profit from continuing operations in 2023 was approximately 487 million, a decrease of 9.3% year-over-year, with a gross margin of 34.1%, down 2.3 percentage points[11] - Adjusted profit from continuing operations decreased by 72.2% to approximately 38million,withnetprofitpershareat1.5cents,down40.038 million, with net profit per share at 1.5 cents, down 40.0% year-over-year[11] - The company's total revenue from continuing operations decreased by 3.2% YoY to 1,428.7 million in 2023, with gross profit declining 9.3% to 486.6millionandgrossmargindropping2.3percentagepointsto34.1486.6 million and gross margin dropping 2.3 percentage points to 34.1%[25] - The company's net profit attributable to owners of the parent decreased by 39.5% YoY to 51.9 million in 2023, while adjusted net profit dropped 72.2% to 37.7million[25]−Thecompany′sEBITDAforcontinuingoperationsdeclined31.137.7 million[25] - The company's EBITDA for continuing operations declined 31.1% YoY to 116.5 million in 2023, while adjusted EBITDA fell 56.6% to 83.9million[25]−Pre−taxprofitfor2023was83.9 million[25] - Pre-tax profit for 2023 was 84.8 million, a decrease from 136.7millionin2022[57]−EBITDAfor2023was136.7 million in 2022[57] - EBITDA for 2023 was 116.5 million, down from 169.1millionin2022[57]−AdjustedEBITDAfor2023was169.1 million in 2022[57] - Adjusted EBITDA for 2023 was 83.9 million, compared to 193.3millionin2022[57]−Netprofitfor2023was193.3 million in 2022[57] - Net profit for 2023 was 150.0 million, a significant drop from 357.5millionin2022[60]−Adjustednetprofitfor2023was357.5 million in 2022[60] - Adjusted net profit for 2023 was 229.8 million, down from 425.6millionin2022[60]−EBITDAforthegroup′scontinuinganddiscontinuedoperationsin2023was425.6 million in 2022[60] - EBITDA for the group's continuing and discontinued operations in 2023 was 328.7 million, compared to 624.5millionin2022[62]−AdjustedEBITDAforthegroup′scontinuinganddiscontinuedoperationsin2023was624.5 million in 2022[62] - Adjusted EBITDA for the group's continuing and discontinued operations in 2023 was 397.1 million, down from 673.0millionin2022[62]BalanceSheetandAssets−Totalassetsasof2023were673.0 million in 2022[62] Balance Sheet and Assets - Total assets as of 2023 were 1,403.3 million, a decrease from 4,635.8millionin2022[8]−Totalequityattributabletoownersofthecompanyin2023was4,635.8 million in 2022[8] - Total equity attributable to owners of the company in 2023 was 535.5 million, down from 1,899.7millionin2022[8]−Non−currentliabilitiesdecreasedto1,899.7 million in 2022[8] - Non-current liabilities decreased to 10.4 million in 2023 from 976.1millionin2022[8]−Currentliabilitiesin2023were976.1 million in 2022[8] - Current liabilities in 2023 were 694.8 million, compared to 1,595.0millionin2022[8]−Inventorydecreasedby81.41,595.0 million in 2022[8] - Inventory decreased by 81.4% from 646.3 million as of December 31, 2022, to 120.1millionasofDecember31,2023,primarilyduetotheexclusionofinventoryfromdiscontinuedoperations[65]−Accountsreceivabledecreasedby67.0120.1 million as of December 31, 2023, primarily due to the exclusion of inventory from discontinued operations[65] - Accounts receivable decreased by 67.0% from 1,198.0 million as of December 31, 2022, to 395.8millionasofDecember31,2023,mainlyduetotheexclusionofreceivablesfromdiscontinuedoperations[66]−Accountspayabledecreasedby31.3395.8 million as of December 31, 2023, mainly due to the exclusion of receivables from discontinued operations[66] - Accounts payable decreased by 31.3% from 687.5 million as of December 31, 2022, to 472.4millionasofDecember31,2023[67]−Cashandcashequivalentsstoodat472.4 million as of December 31, 2023[67] - Cash and cash equivalents stood at 319.8 million as of December 31, 2023, compared to 504.1millionasofDecember31,2022[67]−Thecompany′sdebt−to−equityratiodecreasedsignificantlyfrom45.6504.1 million as of December 31, 2022[67] - The company's debt-to-equity ratio decreased significantly from 45.6% as of December 31, 2022, to 0.8% as of December 31, 2023, due to the repayment of all bank borrowings[68] Operational Challenges and Strategic Responses - The company faced challenges in 2023 including the US banking crisis, Russia-Ukraine war, raw material price fluctuations, inflation, and Red Sea shipping disruptions[9] - The company emphasized innovation and adaptability in response to the challenging global environment in 2023[9] - The company's ongoing operations (including Joyoung Division and SharkNinja Asia-Pacific business) experienced a decline compared to 2022 due to increased professional service fees, sales and promotion expenses, and human resource costs[17] - The company's growth strategy includes developing innovative small household appliances, expanding sales networks, and seeking strategic partnerships and acquisitions[74] - The SharkNinja Asia-Pacific division focuses on growth in existing categories, launching new product categories, and expanding into new markets in the Asia-Pacific region[76] - SharkNinja Asia Pacific division focuses on providing innovative products tailored to local consumer needs, such as lightweight cordless vacuum cleaners in Japan, leading in performance, weight, and noise levels[77] - The company expanded into the personal care category by launching hair care products in the Asia Pacific region, demonstrating its commitment to product diversification and leveraging technical expertise[77] - SharkNinja is actively evaluating untapped markets in the Asia Pacific region and developing targeted strategies to successfully launch products in new countries, aiming to enhance brand image and consumer awareness[77] - The company's growth strategy is centered on meeting consumer needs, winning in core product categories, and seeking expansion opportunities in both product categories and geographic markets[77] - SharkNinja plans to continue launching innovative products tailored to local markets through its R&D teams and leveraging the R&D platforms of Joyoung and SharkNinja Group[77] Market and Regional Performance - Joyoung division revenue was approximately 1,190 million, a decrease of 10.2% year-over-year[10] - SharkNinja Asia-Pacific division revenue was approximately 239million,anincreaseof58.9239 million, an increase of 58.9% year-over-year[10] - SharkNinja Asia-Pacific (excluding Mainland China) achieved strong revenue growth of 151.7 million in 2023, a 137.4% YoY increase, driven by market share gains in Japan and expansion into new markets like Australia, New Zealand, Singapore, and Malaysia[22] - Shark's cordless vacuum category in Japan grew retail sales outlets by 56% in 2023, increasing its value share to 16.7%, up 480 basis points from 2022[23] - SharkNinja's business in Australia and New Zealand grew 97% YoY from Q2 to Q4 2023, driven by new product launches like Detect Pro and FlexStyle, which gained an additional 8% market share in hair care appliances[24] - Joyoung division's revenue from third-party customers fell 20.5% YoY to 1,053.1millionin2023,accountingfor73.71,053.1 million in 2023, accounting for 73.7% of total group revenue, due to weak demand in the competitive Mainland China market[28] - SharkNinja Asia-Pacific division's revenue from third-party customers surged 137.4% YoY to 151.7 million in 2023, representing 10.6% of total group revenue[28] - SharkNinja's new markets in Australia, New Zealand, Singapore, and Malaysia contributed 47.9millioninadditionalrevenuein2023,diversifyingtheproductlinewithitemslikeairfryersandicecreammakers[22]−SharkNinja′sentryintotheSouthKoreanmarketthroughadistributorgenerated47.9 million in additional revenue in 2023, diversifying the product line with items like air fryers and ice cream makers[22] - SharkNinja's entry into the South Korean market through a distributor generated 12.7 million in revenue in 2023, a new market for the company[22] - Shark brand revenue increased by 62.5% to 117.3million,drivenbyinnovationincordlessvacuumcleanersandthelaunchofhaircareappliances[31]−Ninjabrandrevenuereached117.3 million, driven by innovation in cordless vacuum cleaners and the launch of hair care appliances[31] - Ninja brand revenue reached 44.0 million, entering the kitchen appliance market through strategic acquisitions[31] - Japan region revenue grew by 43.7% to 91.8million,supportedbythesuccessofcordlessvacuumcleanersdesignedspecificallyfortheJapanesemarket[33]−AustraliaandNewZealandregionrevenuewas91.8 million, supported by the success of cordless vacuum cleaners designed specifically for the Japanese market[33] - Australia and New Zealand region revenue was 43.8 million, driven by strategic acquisitions and new product launches[33] - Other markets revenue increased by 74.6% to 31.6million,duetoexpansionintonewmarketssuchasSingapore,Malaysia,andSouthKorea[33]−Cookingappliancesrevenuedecreasedby16.731.6 million, due to expansion into new markets such as Singapore, Malaysia, and South Korea[33] - Cooking appliances revenue decreased by 16.7% to 570.2 million, primarily due to weak demand in the Chinese market[35] - Food preparation appliances revenue declined by 16.2% to 354.3million,mainlyduetoweakdemandforhigh−performanceblendersinChina[35]−Cleaningappliancesrevenuegrewby62.6354.3 million, mainly due to weak demand for high-performance blenders in China[35] - Cleaning appliances revenue grew by 62.6% to 117.4 million, driven by increased market share in Japan and expansion into other markets[35] - Other product categories revenue decreased by 22.4% to 162.9million,duetoweakdemandforwaterpurifiersandcookwareinChina[35]CostsandExpenses−Totalsalescostforcontinuingoperationsincreasedby0.3162.9 million, due to weak demand for water purifiers and cookware in China[35] Costs and Expenses - Total sales cost for continuing operations increased by 0.3% to 942.1 million, with 129.1millionattributedtorelatedpartysales[36]−Joyoungdivision′stotalsalescosttothird−partycustomersdecreasedby19.5129.1 million attributed to related party sales[36] - Joyoung division's total sales cost to third-party customers decreased by 19.5% to 725.3 million in 2023 compared to 900.5millionin2022[37]−SharkNinjaAsia−Pacificdivision′stotalsalescosttothird−partycustomersincreasedby127.2900.5 million in 2022[37] - SharkNinja Asia-Pacific division's total sales cost to third-party customers increased by 127.2% to 87.7 million in 2023 compared to 38.6millionin2022[38]−Thecompany′sgrossprofitfromcontinuingoperationsdecreasedby9.338.6 million in 2022[38] - The company's gross profit from continuing operations decreased by 9.3% to 486.6 million in 2023 compared to 536.4millionin2022,withagrossmargindropof2.3percentagepointsto34.1536.4 million in 2022, with a gross margin drop of 2.3 percentage points to 34.1%[39] - Joyoung division's gross margin from third-party customer sales decreased to 31.1% in 2023 from 32.1% in 2022, primarily due to increased product promotions and unfavorable product mix[40] - SharkNinja Asia-Pacific division's gross margin from third-party customer sales increased to 42.2% in 2023 from 39.6% in 2022, benefiting from premium product mix and strategic acquisitions[41] - The company's other income and gains from continuing operations increased by 343.7% to 94.5 million in 2023 compared to 21.3millionin2022,drivenbygainsfromfinancialassetsmeasuredatfairvalue[44]−Salesanddistributionexpensesdecreasedby2.721.3 million in 2022, driven by gains from financial assets measured at fair value[44] - Sales and distribution expenses decreased by 2.7% to 256.3 million in 2023 compared to 263.5millionin2022,mainlyduetoreducedchannelmarketingexpensesinmainlandChina[46]−Administrativeexpensesincreasedby52.8263.5 million in 2022, mainly due to reduced channel marketing expenses in mainland China[46] - Administrative expenses increased by 52.8% to 216.0 million in 2023 compared to 141.4millionin2022,primarilyduetoincreasedequitycompensationandspecialprofessionalfeesrelatedtothespin−offproject[48]−Otherexpensesfromcontinuingoperationsincreasedby47.4141.4 million in 2022, primarily due to increased equity compensation and special professional fees related to the spin-off project[48] - Other expenses from continuing operations increased by 47.4% YoY to 2.8 million in 2023, primarily due to the absence of a one-time income adjustment from intercompany fees between continuing and discontinued operations[49] - Financing costs from continuing operations rose by 5.9% YoY to 19.9millionin2023,drivenbyacceleratedamortizationofdeferredfinancingcosts,partiallyoffsetbyreducedbankloaninterest[50]−Incometaxexpensesfromcontinuingoperationsdecreasedby42.119.9 million in 2023, driven by accelerated amortization of deferred financing costs, partially offset by reduced bank loan interest[50] - Income tax expenses from continuing operations decreased by 42.1% YoY to 14.6 million in 2023, mainly due to lower pre-tax profits from continuing operations[51] - Net profit from continuing operations declined by 37.0% YoY to 70.3millionin2023,whilecombinednetprofitfromcontinuinganddiscontinuedoperationsdroppedby58.170.3 million in 2023, while combined net profit from continuing and discontinued operations dropped by 58.1% YoY to 150.0 million[53] - Adjusted net profit from continuing operations stood at 37.7millionin2023,comparedto37.7 million in 2023, compared to 135.7 million in 2022, reflecting significant adjustments for non-recurring items and equity compensation[55] - The company's Chinese subsidiaries are subject to a 25% corporate income tax rate, with three entities benefiting from preferential tax rates or exemptions in 2023[51] - Bank loan interest expenses decreased to 13.4millionin2023from13.4 million in 2023 from 15.1 million in 2022, while deferred financing cost amortization increased to 6.1millionfrom6.1 million from 2.8 million[52] - The company reported a negative 32.6millioninnon−recurringandnon−operationalitemsfor2023,comparedtoapositive32.6 million in non-recurring and non-operational items for 2023, compared to a positive 24.2 million in 2022[55] - Equity compensation expenses surged to 55.1millionin2023from55.1 million in 2023 from 6.7 million in 2022, significantly impacting adjusted profitability[55] - The company recognized 12.8millioninspecialprofessionalfeesandbonusesrelatedtothespin−offprojectin2023[55]−Thecompanyincurred12.8 million in special professional fees and bonuses related to the spin-off project in 2023[55] - The company incurred 85.8 million in special professional service fees and bonuses related to the spin-off project in 2023[60][62] - The company recognized 40.3millioninprocurementserviceincomeduringthetransitionperiodpost−spin−off[57][60][62]−Thecompanyreceived40.3 million in procurement service income during the transition period post-spin-off[57][60][62] - The company received 1.7 million in product development and transition service fees from SharkNinja's non-Asia Pacific business[57][60][62] Corporate Governance and Leadership - Stassi Anastas ANASTASSOV has been a non-executive director since June 25, 2019, and a member of the company's strategic committee since the listing date[82] - Yuan DING has been an independent non-executive director since August 29, 2022, and serves as the chairman of the audit committee and a member of the nomination and strategic committees[83] - Yang Xianxiang has been an independent non-executive director since October 11, 2019, and was appointed as the chairman of the remuneration committee on July 30, 2023[84] - Sun Zhe was appointed as an independent non-executive director and a member of the audit and remuneration committees on July 30, 2023[85] - Wang Xuning, aged 55, is the chairman, CEO, and executive director of the company[86] - Han Run, aged 44, is the executive director, CFO, and vice chairman of Joyoung[86] - Yang Ningning, aged 45, has been the chairman of Joyoung since December 2022 and the chairman of Suncoo (China) Technology Co., Ltd. since August 2018[86] - Guo Lang has been the general manager of Joyoung since December 2022, with extensive experience in consumer goods operations[86] - Kan Jiangang has been the CFO of Joyoung since March 2022, with previous experience as the financial director of Tianqi Lithium Corporation and various financial roles at Robert Bosch Group[86] - The company's largest customer accounted for 12% of total revenue, while the top five customers accounted for 22% of total revenue in 2023[94] - The largest supplier accounted for 5% of total procurement, while the top five suppliers accounted for 22% of total procurement in 2023[94] - The company's distributable reserves amounted to approximately 76.352millionasofDecember31,2023[92]−Thecompanycompletedthespin−offanddistributionofSharkNinja,Inc.,whichbegantradingonJuly31,2023,andisnolongerconsolidatedinthecompany′sfinancialstatements[95]−Thecompanysecureda76.352 million as of December 31, 2023[92] - The company completed the spin-off and distribution of SharkNinja, Inc., which began trading on July 31, 2023, and is no longer consolidated in the company's financial statements[95] - The company secured a 100 million loan facility on January 31, 2024, with a maturity date extendable to 36 months under certain conditions[96] - Charitable donations for the year ended December 31, 2023, were approximately 590,000,comparedto590,000, compared to 1.125 million in 2022[93] - The company did not recommend a final dividend for the year ended December 31, 2023, due to strategic restructuring and plans to invest in the Asia-Pacific market[89] - The company's annual general meeting is scheduled for May 22, 2024, with a notice to be published on the Hong Kong Stock Exchange website and the company's website[88] - The audit committee reviewed the company's consolidated financial information for 2023, including accounting principles and practices, with external auditor EY[91] - The company's share transfer registration will be suspended from May 17 to May 22, 2024, for the annual general meeting[90] - Wang Xuning holds a 55.69% stake in the company through direct and indirect interests, including 1,934,882,576 shares[104] - Han Run holds a 46.15% stake in the company through direct and indirect interests, including 1,603,578,331 shares[104] - Huang Shuling holds a 46.15% stake in the company through direct and indirect interests, including 1,603,578,331 shares[104] - Wang Xuning indirectly owns 61.85% of Shanghai Hezhou Investment, which holds 83.75% of Lihao Investment, a major shareholder of Jiuyang Soybean[102] - Jiuyang Soybean is owned by Lihao Investment (42.5%), Solar Blue (25.5%), Jiuyangyuan Partnership (15%), and an independent third party (17%)[102] - Hangzhou Yibei, which was deregistered in August 2023, was 54.08% owned by Wang Xuning and his close associates[102] - The company's products target home and individual consumers, while Jiuyang Soybean focuses on supplying factories, schools, and restaurants[102] - The company's home appliances, such as soy milk machines and blenders, differ in usage scenarios from Hangzhou Yibei's capsule beverage machines[102] - Han Run holds a 0.27% stake in a related entity, Jiuyang, with 2,040,000 shares[108] - JS&W holds a beneficial interest of 1,603,578,331 shares, representing 46.15% of the company's equity[111] - Hezhou and Tong Zhou hold controlled corporate interests of 1,603,578,331 shares each, both representing 46.15% of the company's equity[111] - HONGTAO Holding Company Limited holds a joint interest of 1,603,578,331 shares, representing 46.15% of the