Financial Performance - Revenue from continuing operations for the year ended December 31, 2023, was $1,428.7 million, a decrease of 3.2% year-on-year[2]. - Gross profit from continuing operations was $486.6 million, down 9.3% compared to the previous year[2]. - Profit from continuing operations was $70.3 million, reflecting a significant decrease of 37.0% year-on-year, while total profit from both continuing and discontinued operations was $150.0 million, down 58.1%[2]. - Adjusted EBITDA from continuing operations decreased by 56.6% to approximately $83.9 million, while total adjusted EBITDA from both continuing and discontinued operations decreased by 41.0% to approximately $397.1 million[2]. - The basic earnings per share attributable to ordinary equity holders of the parent for the year was 3.8 cents, down from 9.7 cents in the previous year[4]. - The company reported a net loss in other comprehensive income of $28.2 million, compared to a loss of $75.1 million in the previous year[5]. - The company reported a net profit of $70.3 million for the year ended December 31, 2023, compared to $111.5 million in 2022, reflecting a decrease of 37.0%[109]. - Adjusted net profit for the year ended December 31, 2023, was $37.7 million, a decrease of 72.8% from $135.7 million in 2022[109]. Assets and Liabilities - Non-current assets totaled $381.4 million, a significant decrease from $2,053.7 million in the previous year[7]. - Current assets decreased to $1,021.9 million from $2,582.1 million in the previous year, primarily due to a reduction in inventory and accounts receivable[7]. - Total assets decreased to $708.53 million in 2023 from $3.04 billion in 2022, representing a decline of about 76.7%[8]. - Current liabilities decreased to $694.76 million in 2023 from $1.60 billion in 2022, a reduction of approximately 56.5%[8]. - Non-current liabilities dropped significantly to $10.37 million in 2023 from $976.14 million in 2022, a decrease of approximately 98.9%[8]. - Total equity decreased to $698.17 million in 2023 from $2.06 billion in 2022, reflecting a decline of about 66.2%[8]. Revenue Breakdown - Total revenue for the year ended December 31, 2023, was $1,428,706 thousand, a decrease of 3.2% from $1,475,506 thousand in 2022[18]. - The revenue from the China market was $1,037,566 thousand, down 20.6% from $1,307,225 thousand in 2022[16]. - The SharkNinja Asia Pacific segment generated revenue of $238,673 thousand, an increase from $150,200 thousand in 2022, reflecting a growth of 58.8%[14]. - Revenue from the Joyoung segment was $1,053.1 million, a decline of approximately 20.5%, accounting for about 73.7% of total revenue[81]. - Revenue from Japan increased to approximately $91.8 million, a year-on-year growth of 43.7%, driven by innovative cordless vacuum cleaners designed specifically for Japanese households[86]. - Other markets generated approximately $31.6 million in revenue, a year-on-year increase of 74.6%, primarily due to entry into new markets such as Singapore, Malaysia, and South Korea[86]. Expenses and Costs - The cost of goods sold for inventory was $942,122,000 in 2023, slightly up from $939,120,000 in 2022, reflecting a marginal increase[24]. - Research and development expenses for the year amount to $55,154,000, a decrease from $58,042,000 in 2022, reflecting a reduction of about 5%[24]. - Total financing costs increased to $19,860,000 in 2023 from $18,761,000 in 2022, marking an increase of approximately 6%[27]. - Administrative expenses increased by approximately 52.8% to about $216.0 million for the year ended December 31, 2023, from $141.4 million in 2022, primarily due to a significant increase in equity compensation and special professional service fees related to a spin-off project[102]. - Sales and distribution expenses decreased by approximately 2.7% to about $256.3 million for the year ended December 31, 2023, compared to $263.5 million in 2022, mainly due to reduced channel marketing expenses in mainland China[100]. Market and Strategic Developments - The company terminated operations of SharkNinja Group in July 2023, distributing all shares to shareholders[9]. - The company operates under the "Shark" and "Ninja" brands, focusing on floor care products and kitchen appliances[9]. - The company has focused on three core competencies: developing innovative products with design appeal, executing diverse marketing campaigns, and establishing an omnichannel sales network[68]. - The company plans to enhance brand awareness and influence through creative marketing activities and expand its sales network and product categories[124]. - The company is committed to launching innovative products tailored to local consumer needs, leveraging its R&D capabilities[127]. Employee and Governance - As of December 31, 2023, the group had approximately 2,745 employees, a decrease from 5,661 employees as of December 31, 2022[129]. - Employee costs for the year ended December 31, 2023, amounted to $391.2 million, down from $452.1 million in 2022[129]. - The company has established four board committees, including a strategy committee and an audit committee, to enhance corporate governance[131]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period, with some exceptions noted[133]. Future Outlook - The company anticipates that global macroeconomic conditions will gradually recover, providing new growth opportunities in the consumer market[128]. - The overall economic performance in the Asia-Pacific region remains robust, benefiting from rapid recovery in the consumer market and accelerated digital transformation[128]. - The company aims to achieve sustainable growth through the development and commercialization of innovative small home appliances with strong technology and design[124].
JS环球生活(01691) - 2023 - 年度业绩