JS Global Lifestyle Company Limited (Stock Code: 1691.HK) (“JS Global” or the “Company”) has announced its annual results for 2025 – a period in which it has demonstrated a strong recovery in core operations. Although reported profit was affected by non-recurring items, adjusted net profit surged 338.0% year-on-year to US$31.0 million, significantly exceeding market expectations and marking a clear inflection point in the Company’s profit recovery.
In 2025, the Company’s total revenue reached US$1.66 billion, representing a year-on-year increase of 4.1%. Gross profit margin improved by 0.2 percentage points to 32.2%, reflecting ongoing optimization of product mix and operational efficiency. Revenue from third parties grew 14.8% year-on-year to US$1.565 billion, with both business segments delivering strong performance: the Joyoung segment saw third-party revenue stabilize and recover, with profit improvement accelerating; the SharkNinja APAC segment recorded third-party revenue of US$533 million, up 55.6% year-on-year, and continued serving as the Company’s core growth engine. Within this segment, revenue in Australia and New Zealand grew 73.2% year-on-year to US$255 million, driven notably by new product categories such as ice-cream makers, frozen drink makers and coffee machines. Revenue in Japan increased 41.2% year-on-year to US$158 million, supported by the strong sales performance of key products, including lightweight cordless vacuum cleaners and smart blenders. Both regions benefited from the Company’s ongoing new product launches and enhanced brand recognition, with the expansion strategy continuing to deliver favorable results.
The Company has stated that, excluding the impact of one-off or non-operating items, operating profit has already improved substantially. With further optimization of selling and administrative expense ratios, the Company’s earnings resilience is expected to be bolstered further in 2026.
Several financial institutions have issued research notes highlighting JS Global’s currently positive trajectory, the consequence of “Joyoung profit recovery + SharkNinja APAC scale expansion”. Huatai Securities maintains a “Buy” rating with a target price of HK$2.38, while Guotai Haitong Securities has assigned an “Overweight” rating, expressing confidence in the Company’s medium-term profit resilience. The Company’s management has affirmed its commitment to continue driving product innovation and global market expansion and delivering sustainable growth value to shareholders.
