(HONG KONG, 30 August 2024) – JS Global Lifestyle Company Limited (Stock Code: 1691.HK) ("JS Global" or the "Group"), a leading producer of innovative small household appliances focused on operating three major brands in Asia Pacific: Shark, Ninja and Joyoung, today announced its interim results for the six months ended 30 June 2024 (the "Period").

JS Global has continued to launch market-leading new products through its in-depth insights into consumer needs, outstanding product innovation, and design capabilities. With strong brand influence and an omni-channel distribution model, JS Global has effectively expanded its market presence, stimulating consumer demand and reshaping consumer behavior and lifestyles. Despite the challenging market environment, the Group remains focused on its core business and expanding its presence in Asia Pacific. During the Period, the Group recorded revenue of USD743.0 million, gross profit of USD245.8 million, and adjusted net profit of USD16.0 million.

Joyoung segment

Adhering to the brand DNA of “health” and “innovation”, Joyoung will identify new market needs in a timely manner and respond quickly to users’ needs for high-quality small home appliances through technology and product innovation, effective product implementation, and fast and precise marketing strategies. In the first half of 2024, amidst the ongoing fierce market competition and channel changes, Joyoung launched the hot-selling new products such as zero-coating non-stick rice cooker 40N9U Pro, hot little cleaner R5 Pro, and all-round wall-breaking nutrition master Y8. These products not only satisfy the actual needs of consumers, but also further consolidate Joyoung's position in the Chinese household appliances market.

Retail channels in China are constantly evolving, bringing new opportunities and possibilities. Joyoung continues to actively deploy and expand emerging channels, focusing on the development of content e-commerce platforms such as Xiaohongshu and Douyin, and building professional teams. Joyoung has established a comprehensive live-streaming matrix and sales closed-loop, which has helped the brand accumulate a larger base of new users and customer segments. At the same time, the segment has also strengthened the construction of retail terminals and shopping guide teams, and relied on its own digital centre network to build an efficient O2O digital marketing operation system, explore various channel opportunities in emerging markets, and comprehensively enhance its retail marketing capabilities. In addition, the segment focused on the development of its direct sales team and the construction of self-operated shops, which will not only bring the segment closer to consumers, but also contribute to the segment's long-term sustainable and high-quality development.

SharkNinja APAC segment

Revenue from SharkNinja APAC for the Period reached USD123.1 million, doubling YoY growth, which was mainly attributable to the strong growth in both Shark vacuum products and Ninja kitchen appliances across APAC markets, demonstrating strong innovation and market development capabilities. This growth was obvious in new markets, particularly Australia and South Korea, while the existing market of Japan continued to deliver constant growth. 

The Shark brand in the Japanese market accelerated its momentum in the cordless stick vacuum category, with retail point-of-sale growth of 37.4% YoY, outpacing the category's overall market growth rate and further increasing the Shark brand’s market share in the cordless stick vacuum category. In addition, the Ninja brand made its debut with the launch of its first product - the cordless portable blender (“Blast”) in Japan.

Great progress has also been made in expanding the market in Australia and New Zealand. Net revenue recorded a significant YoY increase in the first half of 2024, benefiting from a lower base and a growth rate aligned with expectations. All major categories performed strongly. In the first half of 2024, total revenue in other markets under the SharkNinja APAC segment reached USD34.8 million, with growth driven primarily by strong sales in the Floor Care and Food Preparation categories, particularly in South Korea.

Future Prospects

With the Chinese government’s strong support for large-scale equipment upgrades and the trade-in of consumer goods, Joyoung is optimistic about its future growth prospects. As a leading brand in the domestic small household appliance industry, Joyoung is committed to focusing on user needs, exploring opportunities for just-needed products, driven by technological innovation, enhancing the success rate of innovation through in-depth consumer insights, and devoting itself to providing high-quality, long-term and high-adhesion services. In the future, Joyoung will focus on kitchen appliances and other major businesses with the spirit of craftsmanship of dedicated industry, and remain committed to building the segment as a leading enterprise in all categories of high-quality small household appliances. 

Going forward, SharkNinja APAC will centre its strategy on meeting consumer needs, focusing on the top 25 cities in the region, winning in core product categories, and seeking opportunities for expansion in both product categories and geographic markets to drive sustainable growth by understanding the needs of local consumers and providing localised, high-quality small household appliance choices to the approximately 75 million households in the region.

Relying on the strong research and development capabilities of the Joyoung segment and the SharkNinja APAC segment, and its advantageous supply chain, JS Global will satisfy the customised solutions developed by Asia Pacific and continue to launch innovative products suitable for local areas. Although the first half of 2024 has been characterised by a complex and volatile global macro-economy, the Group expects to see solid economic growth in the Asia Pacific region, and will continue to invest in product innovation and marketing to form a diversified product matrix to provide consumers with comprehensive home living solutions. In the future, JS Global will continue to be guided by consumer needs and driven by innovation to create a better home life experience for consumers with quality products and excellent services.