Core Viewpoint - Company SharkNinja is expanding its distribution in Southeast Asia, achieving significant revenue growth in the Asia-Pacific region, while facing challenges in its Chinese market segment [1][2][3] Group 1: Revenue and Profit Performance - In 2024, SharkNinja achieved a revenue of $1.59 billion, a year-on-year increase of 12%, but net profit dropped to $0.09 million, a decline of 94% [1] - The Asia-Pacific segment generated a total revenue of $340 million in 2024, while the Joyoung segment contributed $1.02 billion [2] - The Asia-Pacific division saw strong revenue growth in key markets: Australia (up 236.1%), Japan (up 22.1%), and South Korea (up 455.1%) [2] Group 2: Product and Market Expansion - SharkNinja launched several new products in the Asia-Pacific region, including the Shark EvopowerNeo/Neo+, CarpetXpert, and Ninja Blast, which have performed well [2] - The company is actively expanding into Southeast Asia, with agreements signed with local distributors for product shipments [2] - Joyoung is focusing on high-quality, innovative small appliances, achieving growth in the domestic market despite overall sluggish sales in kitchen appliances [3] Group 3: Future Outlook and Investment Rating - The company has adjusted its profit forecast for 2025 to $0.63 million, down from a previous estimate of $1.07 million, but projects significant growth in 2026 and 2027 [3] - The Asia-Pacific business outlook remains positive, with potential for growth compared to industry peers, suggesting over 20% upside in valuation [3]

上 市 公 司 公 家用电器 2025 年 06 月 20 日 JS 环球生活 (01691) 买入（维持） | 市场数据： | 2025 年 06 月 20 日 | | --- | --- | | 收盘价（港币） | 1.95 | | 恒生中国企业指数 | 8527.07 | | 52 周最高/最低（港币） | 2.22/1.24 | | H 股市值（亿港币） | 67.06 | | 流通 H 股（百万股） | 3,474.57 | | 汇率（人民币/港币） | 1.0949 | 一年内股价与基准指数对比走势： -19% 31% 81% HSCEI JS环球生活 资料来源：Bloomberg 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 程恺雯 (8621)23297818× chengkw@swsresearch.com ——SN 亚太分部延续快速增长，九阳分部阶段性承压 报告原因：有信息公布需要点评 投资要点： 财务数据及盈利预测 | | 2023 | 2024 ...