Investment Rating - The investment rating for the company is "Accumulate" [6] Core Insights - The company reported a revenue of USD 1.66 billion for 2025, reflecting a year-on-year increase of 4.14%. However, the net profit was a loss of USD 0.19 billion, compared to a profit of USD 0.09 billion in the previous year. The adjusted net profit was USD 0.31 billion, showing a significant increase of 338.0% year-on-year [10] - The revenue growth is attributed to the stable performance of Joyoung and the continued high growth of SharkNinja in the Asia-Pacific region. The company expects net profits for 2026-2028 to be USD 0.63 billion, USD 0.86 billion, and USD 1.00 billion respectively, with EPS projected at USD 0.02, USD 0.02, and USD 0.03 [10] - The report highlights that the revenue from Joyoung and SharkNinja's third-party customers was USD 1.03 billion and USD 0.53 billion respectively, with year-on-year growth of 1.1% and 55.6%. The overall revenue contribution from these segments was 62.2% and 32.1% of total revenue [10] Financial Summary - The total revenue for 2024A was USD 1.43 billion, with projections for 2025A at USD 1.66 billion, 2026E at USD 1.84 billion, 2027E at USD 2.09 billion, and 2028E at USD 2.31 billion. The net profit for 2025A is projected at a loss of USD 0.24 billion, with a recovery expected in subsequent years [5] - The gross margin for 2025 was 32.17%, a slight increase of 0.15 percentage points year-on-year. However, the gross margin for third-party sales decreased to 33.5%, down 0.5 percentage points [10] - The sales expense ratio for 2025 was 21.4%, an increase of 0.6 percentage points, primarily due to increased advertising and marketing investments by SharkNinja [10]
JS环球生活（01691）：九阳稳健，SN亚太延续高增