Financial Performance - Revenue reached USD 774 million, a 4.2% increase compared to the first half of 2024[6,15] - Gross profit amounted to USD 249 million, a 1.1% increase, but the gross profit margin (GPM) decreased by 1 percentage point to 32.1%[6,15] - The company experienced a net loss of USD 53.7 million, a 281.4% decrease[6,15] - Third-party revenue increased by 18% to USD 720 million[15] - Adjusted net profit was USD 13.5 million, a 26.6% decrease[15] Segment Performance - Joyoung's third-party revenue remained stable, while SharkNinja APAC's third-party revenue experienced strong growth[18,19] - In the first half of 2025, Joyoung accounted for 68.1% and SharkNinja APAC accounted for 31.9% of third-party revenue[19] Regional Performance (SharkNinja APAC) - ANZ (Australia and New Zealand) experienced the strongest growth[23] - Japan showed steady performance[23] - South Korea experienced strong growth[23] - China remained flat[21] - In the first half of 2025, China accounted for 67.1%, ANZ 7.3%, Japan 8.0% and S Korea 9.2% of third-party revenue[22] Gross Margin - Gross profit margin from third-party revenue slightly decreased by 1.7 percentage points to 33.5%[15,25,26] Operating Cycle - Inventory turnover days increased from 176 days in the first half of 2024 to 179 days in the first half of 2025[28] - Trade and bill receivables turnover days decreased from 46 days in the first half of 2024 to 45 days in the first half of 2025[28] - Trade and bill payables turnover days increased from 53 days in the first half of 2024 to 53 days in the first half of 2025[28] Capital Structure - Capital expenditure was USD 21 million in the first half of 2025[31] - Total debt to total equity ratio increased from 0.05x in 2024 to 0.10x in the first half of 2025[31] Market Potential - The potential market size of the Asia-Pacific region (excluding Mainland China) for major small appliance categories is estimated to be approximately USD 8–10 billion[50]