Summary by Moomoo AI
JS Global Life Co., Ltd. (JS Global Life) issued a profit warning, indicating that the net profit for the six months ending on June 30, 2024, is expected to significantly decrease. Preliminary data shows that the net profit from continuing business operations is approximately USD 28.3 million, a decrease of no more than 38.7% from USD 46.2 million in the same period last year. Adjusted net profit is expected to be USD 13.9 million, a decrease of approximately 73.3% from USD 52.0 million in the same period last year. The decline in net profit is mainly due to industry competition, channel changes, and the inability to launch all new product series in the Chinese market. In addition, the value-added purchasing services revenue provided by the Company to SharkNinja Inc.'s subsidiary in the first half of 2024 will no longer be included in net profit, as this service is viewed as a transitional arrangement and is expected to terminate by the end of 2025. The Company will announce detailed mid-term performance by August 31, 2024, or earlier.