2025年度报告

目錄 245835396484899091939598 公司資料 (4)(5) 執行董事(1)(2)(3) (4)(5) 非執行董事Stassi Anastas ANASTASSOV 獨立非執行董事Yuan DINGMaximilian Walter CONZE Maples Corporate Services LimitedPO Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands Yuan DING 10391 Yuan DINGMaximilian Walter CONZE(2) 10391 Maples Fund Services (Cayman) LimitedPO Box 1093Boundary HallCricket SquareGrand CaymanKY1-1102Cayman Islands Stassi Anastas ANASTASSOVYuan DINGMaximilian Walter CONZE 1617 1691 香港及美國法律122 www.jsgloballife.com 201912 18 開曼群島法律 1826 97927 (1)2026326(2)20253272026326(3)2026326(4)20251219(5)20251219 財務資料概要 (2) JS環本公司我們本集團2025 2025 2025 2025九陽分部SharkNinjaSharkNinja亞太分部 20251,659.64.1%1,032.41.1%SharkNinja532.655.6% K7Pro40N1U2700 董事長致辭 2025SharkNinjaSharkNinjaITSharkNinja2025SharkNinja73.2%41.2%28.5%SharkNinja SharkNinja i. ii.SharkNinjaSharkNinja iii.研發 SharkNinja 20237SharkNinja 2026JS環SharkNinja 管理層討論與分析 (i)(ii)(iii) SharkNinja •SharkNinja• 中國內地 •不用手洗低嘌呤豆漿機K7Pro：+K7 Pro99.9999%BLDC35–40•有鈦不粘零塗層電飯煲40N1U：IH+•九陽天淨2700加熱淨水器：15062700G1 NPS值) 管理層討論與分析 SharkNinja－亞太地區（不包括中國內地） SharkNinja2025532.6342.355.6%SharkNinja2026 澳大利亞及新西蘭 澳新SharkNinja202573.2%255.02024147.2 SlushiFlexBreezeLuxe Café Premier PowerDetect™ RapidChillSlushiSwirl 日本 2025158.32024112.141.2% SharkSharkPowerClean 360Featherweight 3.024%* Ninja2024Ninja2025Blast MaxNinja19%*23%*Blast Max 南韓 202590.628.5%202470.5 202513%*IQ202580022.5%*Ninja Blast MaxDetectSilent IQ 2026 其他市場 2025SharkNinja28.712.520262026 管理層討論與分析 整體表現 1,659.64.1%533.94.6%32.2%202412310.2313.6%18.8490.3%24.2EBITDA1102.5%EBITDA0.4EBITDA2253.6%49.53338.0%31.1 收入 1,659.620241,593.64.1% EBITDAEBITDA 2EBITDAEBITDA 3 4 SharkNinjaSharkNinja 202512311,032.420241,020.91.1%62.2%SharkNinja532.62024342.355.6%32.1% SharkNinja 2023731SharkNinja5OEMSharkNinja20237312024452023918202457 SharkNinjaSharkNinjaSharkNinjaOEM5SharkNinja20237312023918 管理層討論與分析 1,025.22024997.12.8% Shark337.72024254.232.8% Ninja202.12024111.980.6% 1,016.920241,004.01.3% 255.02024147.273.2%SharkNinja 158.32024112.141.2% 90.6202470.528.5% 44.2202429.450.3% 管理層討論與分析 38.2%5.1%597.4Ninja 19.1%512.7 32.6%301.1 11.9%153.8 銷售成本 202512311,125.720241,083.43.9%85.02024183.31,040.72024900.115.6% 20251231734.02024720.81.8% 20251231SharkNinja306.72024179.371.1% 毛利 20251231533.92024510.24.6%32.2%2024123132.0%0.2 524.32024463.113.2%33.5%2024123134.0%0.5SharkNinjaSharkNinja 管理層討論與分析 2024123129.4%28.9% SharkNinja38.6%2024123147.6%42.4% 其他收入及收益 (i)(ii)(iii)(iv)(v)(vi)(vii)(viii)(ix) 2025123123.32024104.377.7% 銷售及分銷開支 (i)(ii)(iii)(iv)(v)(vi) 管理層討論與分析 20241231331.57.1%355.1SharkNinja 行政開支 (i)(ii)(a)(b)(c)(iii)(iv)(v) 20241231258.421.5%202.9SharkNinja 其他開支 (i)(ii)(iii)(iv) 2024123112.13.3%12.5 融資成本 (i)(ii)(iii)(iv) 管理層討論與分析 202412312.227.3%2.8 所得稅 25%202425%202512312024 16.5%202416.5%2024 202412311.1390.9%3.2 20251231 15%15% 純利 12318.8313.6%18.8 非國際財務報告準則計量 EBITDAEBITDASharkNinja2019全球發售重組 管理層討論與分析 管理層討論與分析 (i)(ii)(iii)(iv)(v)(vi)EBITDA(i)(ii) 流動資金及財務資源 財資管理 20251231556.320241231359.6 2025123180.02024123115.020251231 20251231 總計 20251231150.02024100.070.0202485.0 庫存 20241231154.18.6%20251231140.811202446202548 應收賬款及應收票據 20241231399.212.1%20251231447.6¹2202490202598 應付賬款及應付票據 20241231522.36.4%20251231555.51320241682025175 管理層討論與分析 資產負債比率 2025123113.8%202412 314.7%9.1 外匯風險 202532820257182026127 利率風險 SOFR 資產押記 202512 3163.2202470.135.1202467.0 資本開支 29.0202426.6 或然負債 20251231 資本承擔 管理層討論與分析 管理層討論與分析 增長戰略 •••••SharkNinja• 九陽分部 ••• NPS 1,74360++ SharkNinja亞太分部 SharkNinja SharkNinja •••SharkNinja SharkNinja SharkNinja 管理層討論與分析 全球宏觀回顧及展望 2025 2026 2025 20262026 董事及高級管理層履歷 王旭寧先生572019625201872026326200792022122007920193SharkNinja, Inc.2019920247SharkNinja SPVSharkNinja Sales Company2019420237SharkNinja Operating LLC19942012200812(people.com.cn)2011199910 19917200310 韓潤女士46201962520263262025327201942015320193200732015320237SharkNinja SPV2015122022120122022120194201812302016122014 20141 董事及高級管理層履歷 黃淑玲女士622019625202632620101120181220079201932002720079199410 198772007920131 Stassi Anastas ANASTASSOV先生64201962520157Total Shareholder Return Limited20101120151Procter & Gamble寶潔200120101119997200161987519998 ANASTASSOV19876 Yuan DING先生5620228291999920069HEC20069DING201612202311999(H&H)11122018560054520211DINGDING201232018112013720195152810620188202496002992011720218Jaccar HoldingsDING20086201162008620146000596TCL0001002011720156Maglndustries Corp.MAADING DING20001219956 楊現祥先生592019101120237302008120243海豐130820082024320215183004931987719977199730 20064 董事及高級管理層履歷 孫哲先生60202242920237302006201620002006Ramapo College20174110920109202152282 1987198920001992 Maximilian Walter CONZE先生562024522DysonThe Procter & Gamble Company (P&G)CONZE CONZE19916Columbus State University 王旭寧先生57 韓潤女士46 楊寧寧女士4720193201010202212201442019320079201310 201910 闞建剛先生4420223202072022220184202022009320183 20071220132 2