【国盛家电&海外】JS环球生活(1691.HK):全球创新小家电龙头亚太高速拓展,盈利水平有望进入上行通道

GS海外研究
Sep 21, 2025

本文节选自2025年5月20日发布的报告《JS环球生活(1691.HK):全球创新小家电龙头亚太高速拓展,盈利水平有望进入上行通道》。摘 要公司业务分为九阳(持股67%)+SN亚太(100%持股)两部分,SN亚太近年高速增长。2017年九阳股东借助资本收购Sharkninja品牌,在中国供应链+全球渠道品牌的互补协同下,近两年成为全球创新小家电龙头代表,定位中高端。JS环球生活作为SN与九阳部分...

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