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].
JS环球生活(01691) - 2024 - 年度财报