When it comes to net worth in China's home appliance market, Wang Xuning trails only He Xiangjian, the chairman of Midea Group.

He Xiangjian is a household name in China, but Wang Xuning remains relatively unknown to the public. In reality, Wang is the de facto controller of Joyoung Holdings, and its flagship product, the Joyoung soy milk maker, is a household brand.

Joyoung Holdings' market capitalization is modest. Even after six consecutive days of share price surges, it remains just over 13.5 billion yuan. This pales in comparison to Midea Group's staggering market cap of over 630 billion yuan. Moreover, the He Xiangjian family consistently ranks among China's top ten wealthiest, with a net worth exceeding 200 billion yuan.

However, Wang Xuning's business empire extends far beyond Joyoung Holdings. Another key asset under his control is SharkNinja, whose share price has been on a steady rise this year. Currently, SharkNinja's share price stands at 190 US dollars per share, with a market capitalization of approximately 26.76 billion US dollars, or roughly 179.15 billion yuan in RMB, rivaling many leading domestic home appliance companies.

With his stake in SharkNinja, Wang Xuning's net worth is estimated to reach a staggering 75 billion yuan (with slight variations depending on the calculation method), more than five times the current market capitalization of Joyoung Co., Ltd.

▌1. Six Consecutive Daily Limit Ups for Joyoung Reveal Wang Xuning's Hidden Empire

Recently, Joyoung Co., Ltd.'s six consecutive daily limit ups have caught the attention of the capital market.

Data shows that from September 28th to October 12th, in six trading days, Joyoung Holdings' share price soared from 9.83 yuan per share to 16.64 yuan per share, marking a nearly 70% increase.

On September 30th, October 9th, and 13th, Joyoung released three announcements regarding abnormal stock trading fluctuations, responding to and clarifying multiple market rumors.

Despite these clarifications, the upward momentum continued. On October 13th, Joyoung's share price rose by another 6.19%.

The announcements revealed that Joyoung Co., Ltd.'s trailing price-to-earnings ratio stood at 173.11, and the static price-to-earnings ratio at 98.13, far exceeding the latest trailing price-to-earnings ratio of 20.19 times and the latest static price-to-earnings ratio of 21.18 times for the "Electrical Machinery and Equipment Manufacturing" industry (C38) to which it belongs.

Joyoung Co., Ltd.'s performance in the first half of 2026 showed a year-on-year decrease of 12.49% in operating revenue to 3.489 billion yuan, and a 41.52% drop in net profit attributable to shareholders of the listed company to 71.77 million yuan.

Joyoung's announcements also addressed multiple recent market rumors about robots, space technology, and HarmonyOS cooperation.

The announcements clarified that:

Joyoung Holdings holds a 7.92% stake in SenseThink AI, a relatively low shareholding ratio that is not consolidated. The investment will not significantly impact the main business and performance. Additionally, Joyoung Co., Ltd.'s connection with Huawei is primarily through both parties holding stakes in SenseThink, with no other significant cooperation.

Joyoung Co., Ltd. also participates in Xiangke Intelligent through its wholly-owned subsidiary Joyoung Small Home Appliances. This investment is a financial one, with a relatively low shareholding ratio that is not consolidated, and has no significant impact on performance and business.

The "space technology" that has garnered market attention refers to the space kitchen equipment developed by Joyoung, which has been used in relevant projects of the China Space Station, and the application of some space-derived technologies in products such as heated water purifiers, zero-coating rice cookers, and low-purine soy milk makers. This has not formed an independent business segment, nor has it generated a separately disclosed source of business revenue.

In addition, Joyoung also disclosed two other companies with equity associations with its actual controller, Wang Xuning: one is Joyoung Bean Industry, and the other is SharkNinja.

Around November last year, due to the popularity of the "Hajimi North-South Green Bean Soy Milk" product, Joyoung's share price once hit the daily limit twice. Joyoung clarified this time that Joyoung Soy Milk belongs to Joyoung Bean Industry and has no equity relationship with Joyoung Co., Ltd. (the listed company) and is not included in the consolidated financial statements.

Regarding JS Global Lifestyle Company Limited and SharkNinja, Joyoung explained that they are "overseas enterprises controlled by the company's actual controller (Wang Xuning), and the equity relationships and business activities of the two entities are independent.

▌2. Operating SharkNinja, Wang Xuning Reaps Huge Profits

Joyoung Co., Ltd. clarified in the announcements that Joyoung Bean Industry and SharkNinja have no equity relationship with Joyoung Co., Ltd., but it also shed light on the relationships between these two companies and Wang Xuning, the actual controller of Joyoung Co., Ltd. Both are enterprises actually controlled by Wang Xuning.

Let's first discuss Joyoung Bean Industry.

Joyoung Bean Industry and Joyoung Co., Ltd. were once a single entity. Later, to focus on the small home appliance industry, Joyoung Co., Ltd. spun off Joyoung Bean Industry.

In 2023, Joyoung Co., Ltd. transferred all of its 25.5% stake in Joyoung Bean Industry, held at that time, to Solar Blue, a company controlled by its actual controller Wang Xuning, for approximately 177 million yuan. Solar Blue is 100% owned by natural person Wang Xuning.

Additionally, regarding the use of the "Joyoung" trade name in the "Joyoung Soy Milk" trademark, there is a separate transaction agreement. Joyoung Co., Ltd. permanently and non-exclusively granted the right to use the Joyoung trademark for 36 million yuan. At the same time, Joyoung Co., Ltd. transferred four invention patents to Joyoung Bean Industry for 158,800 yuan.

Joyoung Bean Industry represents a relatively small portion of Wang Xuning's assets, but in November 2025, due to the popularity of Joyoung Bean Industry's "Hajimi North-South Green Bean Soy Milk," it caused fluctuations in Joyoung Co., Ltd.'s capital market.

The other two companies, JS Global Lifestyle and SharkNinja, are enterprises operated by Wang Xuning in recent years.

In 2017, Wang Xuning, through Shanghai Lihong in partnership with CDH Investments, acquired SharkNinja for approximately 1.6 billion US dollars. Of this, 1.32 billion US dollars was in cash, and 260 million US dollars was for the original shareholders of Compass to retain a 30% stake.

Specifically, after 2019, the reorganized (restructured) company JS Global Lifestyle issued new shares to Compass in exchange for the remaining 30% stake, and SharkNinja became a wholly-owned subsidiary of JS.

Subsequently, a subsidiary of JS Global Lifestyle (Sunshine Rise) injected capital (approximately 728 million yuan) into Shanghai Lihong, the controlling shareholder of Joyoung, thereby achieving indirect control over the A-share listed company Joyoung.

It is evident from the name JS Global Lifestyle that it already encompasses JY-SN, namely Joyoung and SharkNinja.

One might say that Wang Xuning's operation concluded here, having achieved the packaged listing of Joyoung and SharkNinja on the Hong Kong stock market. However, after that, the share price of JS Global Lifestyle plummeted. Wang Xuning then began to re-split SharkNinja's U.S. business for listing on the U.S. stock market, with JS Global Lifestyle retaining the Joyoung business and the SN Asia-Pacific business.

In July 2023, the split-off SN was listed on the U.S. stock market. After the listing, SN's share price soared, creating Wang Xuning's true wealth legend.

▌3. Net Worth Reaches 75 Billion Yuan

Wang Xuning's net worth primarily stems from SharkNinja.

While domestic consumers may be relatively unfamiliar with it, SharkNinja has been a consistent favorite in the North American market for years. Shark is the number one brand in the U.S. vacuum cleaner market, while Ninja's small kitchen appliances are highly sought after.

Financial report data shows that in fiscal year 2025, SharkNinja's revenue was 6.4 billion US dollars (approximately 45 billion yuan, estimated at an exchange rate of 7), with a net profit of 700 million US dollars (approximately 5 billion yuan). In comparison, Joyoung Co., Ltd.'s total revenue in 2025 was 8.2 billion yuan, with a net profit of 117 million yuan.

The strong performance has led to a rise in the share price. Especially since 2026, the share price has risen from about 112 US dollars per share to a peak of 194.54 US dollars, marking a 73.7% increase, and also leading to a surge in the wealth of the actual controller Wang Xuning.

Previously, it was reported that the Bloomberg Billionaires Index showed Wang Xuning's wealth at 10.6 billion US dollars, approximately 74.2 billion yuan in RMB.

Among them, Wang Xuning holds a 39.1% stake in SharkNinja, which translates to 70 billion yuan in RMB, accounting for 94.3% of his total personal wealth (according to the Bloomberg Billionaires Index).

In the 2025 Hurun Rich List, Wang Xuning ranked 133rd with a net worth of 43.5 billion yuan, an increase of 4 billion yuan from 2024.

Now, Wang Xuning's wealth has nearly doubled, ranking second only to He Xiangjian in terms of personal wealth in the home appliance field. Since Wang Xuning was widely recognized in the past as the actual controller of Joyoung Co., Ltd., and the total market capitalization of Joyoung Co., Ltd. is currently only 13.48 billion yuan, Wang Xuning's personal wealth far exceeds that of Joyoung Co., Ltd. itself.

However, Joyoung Co., Ltd. still remains a crucial part of Wang Xuning's home appliance empire.

The 2024 financial report of SharkNinja, a U.S.-listed company, also mentioned that SN does not directly manufacture any products. Third-party suppliers are responsible for manufacturing and assembling the products, mainly located in China. Among them, the most core supplier is Joyoung.

In other words, SN's main entity listed on the U.S. stock market is a sales company, while Joyoung assumes the role of a research, design, and manufacturing company as a supplier.

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