JS Global Lifestyle Company Limited (JS Global Life, 01691) reported a turnaround to profitability for the six months ended 30 June 2026 despite a modest sales decline.
Financial highlights • Revenue slipped 4.3% year-on-year (YoY) to US$741.20 million. • Gross profit fell 7.7% to US$229.35 million; gross margin contracted 1.2 ppt to 30.9%. • Net profit reached US$13.00 million versus a US$53.74 million loss in 1H 2025. • Adjusted net profit grew 9.6% to US$14.80 million. • EBITDA swung to a positive US$17.80 million (1H 2025: US$44.60 million loss); adjusted EBITDA declined 13.3% to US$19.60 million. • No interim dividend was declared.
Segment performance 1. Joyoung (Mainland China) – Revenue to third–party customers slipped 4.7% YoY to US$466.90 million, equal to 63.0% of group external sales. – Gross margin on external sales narrowed to 26.2% (1H 2025: 29.5%) due to mix shift in cooking and food-prep appliances and higher freight.
2. SharkNinja APAC (ex-China) – External revenue increased 6.2% to US$244.38 million, representing 33.0% of group external sales; excluding South Korea transition effects, growth was 31.5%. – Gross margin on external sales improved to 43.7% (1H 2025: 42.2%) on premium product launches and cost optimisation. – Australia & New Zealand rose 33.5% to US$128.61 million; Japan eased 4.2% to US$63.11 million, but was up 2.6% in constant currency; South Korea dropped 69.4% to US$17.58 million due to the move to a direct-operating model; other APAC markets surged 165.5% to US$44.56 million, led by India and Southeast Asia.
Category mix (external sales) • Cooking appliances: US$317.68 million (+13.3%; 44.7% of mix) on strong Ninja air-fryer and coffee maker demand. • Food preparation: US$204.80 million (-14.2%; 28.8%) reflecting softer China blender sales despite soymilk maker growth. • Cleaning: US$106.31 million (-18.9%; 14.9%) amid competitive Japanese vacuum market and Korea transition. • Other appliances (fans, cookware, personal care): US$82.50 million (+17.7%; 11.6%).
Cost and expenses • Selling & distribution expenses held flat at US$164.26 million; lower advertising spending offset higher logistics costs. • Administrative expenses dropped 37.8% to US$83.00 million, aided by lower stock-based compensation. • Net finance costs rose to US$2.48 million from US$1.51 million.
Balance sheet and cash flow • Cash and cash equivalents: US$437.49 million (31 Dec 2025: US$556.35 million). • Interest-bearing debt: US$79.12 million, leaving gearing at 14.8% (Dec 2025: 13.8%). • Inventory climbed to US$158.75 million (Dec 2025: US$140.84 million) as the group prepared for direct sales in South Korea. • Trade receivables fell 24.1% to US$339.70 million; trade payables down 11.9% to US$489.23 million.
Post-balance-sheet events • On 30 July 2026, a new product-development agreement with SharkNinja Europe Ltd. was signed, setting annual caps of US$11.41 million (2026) and US$14.00 million (2027).
Strategic priorities Management will continue to emphasise consumer-led product innovation, deepen core-market penetration, expand across Asia-Pacific, and pursue operational efficiency while monitoring global macro uncertainties.