Summary by Futu AI
JS Global Life Limited ("JS Global Life") has issued a profit warning, expecting a significant decrease in profit for the six months ending on June 30, 2024. The preliminary data shows that the profit from continuing business operations is approximately 28.3 million US dollars, a decrease of no more than 38.7% compared to the same period of last year's 46.2 million US dollars. Adjusted profit is expected to be 13.9 million US dollars, a decrease of approximately 73.3% compared to last year's 52.0 million US dollars. The decline in profit is mainly due to the intensified industry competition and changes in distribution channels in the China market business, as well as the inability to launch all new product lines. In addition, the value-added procurement services income provided to SharkNinja Inc.'s subsidiary in the first half of 2024 will no longer be included in profit, as this service is considered a transitional arrangement and is expected to terminate by the end of 2025. The company will announce detailed interim performance on or before August 31, 2024.
