入门级可穿戴设备制造商华米科技，第三季度收入增长 78.5% ，但预计本季度增速将放缓至约 40% ▶ 华米科技在截至9月的三个月内，录得连续第二个季度的强劲收入增长，并在经调整后的营运层面实现收支平衡 ▶ 自从转向发展自有品牌Amazfit、减少对小米依赖后，公司正逐步走出亏损阴霾 Key takeaways: 有趣的是，这家公司至今仍未受到华尔街分析师的广泛关注。根据Yahoo Finance数据，目前仅有一位分析师追踪华米，而其最新财报 电话会议的参与者，多来自规模较小的研究机构，例如Fundamental Research Corp.和Point72 HK。我们预计这种情况可能在明年改 变，毕竟在这个快速成长的电子装置细分市场中，能够独立上市的公司并不多。 是被炒作的"迷因股"，还是真有实力的可穿戴市场黑马？ 这正是悬在 华米科技 （ZEPP.US）头上的大问题。自7月以来，随着投资者在全球健身穿戴设备市场的「折价区」中发现这家公司， 其股价已暴涨逾九倍。公司于本周二公布最新季度业绩，显示收入强劲增长，旗下Amazfit品牌已在入门级市场找到稳固定位。 虽然有人认为该股过去四个月的暴涨带有高度投机性， ...

2025 年 11 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 191 期 观点精粹: 最新报告摘要 摊余债基迎来开放潮，哪些信用将受益？--固定收益专题研究 2025Q3 营收达此前指引高端，Non-GAAP 经营利润实现扭亏--华米科技/海外(ZEPP/2180) 点评报告（港股 美股） 2025Q3 收入增速放缓，盈利拐点趋势确立--经纬恒润/软件开发(688326/217104) 科创板公司动态研究 智能终端+汽车双轮驱动，AI 视觉开启增量空间--虹软科技/IT 服务Ⅱ(688088/217103) 科创板公司动态研究 2025Q3 毛利转正，新款享界 S9 即将上市--北汽蓝谷/乘用车(600733/212805) 公司动态研究 铸件盈利能力持续提升，齿轮箱滑轴放量在望--金雷股份/风电设备(300443/216306) 公司动态研究 特斯拉 Optimus V3 版本将于 2026 年量产，小鹏新一代人形机器人 IRON 亮相--行业周报 牛市中岁末还会出现风格切 ...

The maker of low-end wearable devices reported its revenue rose 78.5% in the third quarter, but forecast the rate would ease to about 40% in the current quarterKey Takeaways:Zepp Health reported a second consecutive quarter of strong revenue growth in the three months to September, as it achieved breakeven on an adjusted operating basisThe maker of fitness wearables is inching back towards profitability after ditching its former reliance on Xiaomi to develop its own Amazfit brandMeme stock or serious player ...

（原标题：华米科技(NYSE:ZEPP)--被低估的中国科技出海明日之星） 投资大师彼得?林奇在其著作《彼得?林奇的成功投资》中，将股票分为六种类型，其中困境反转型股票 因其蕴含的巨大潜力而格外引人注目。 所谓困境反转，指的是一家原本优质的公司，由于某些原因或负面事件，经营遭受重创。然而，随着时 间推移，负面影响逐渐消除，公司逐步恢复和复苏，往往能给投资者带来丰厚回报。 华米科技，正是一家经历了困境反转的典型企业。 随着人们生活水平的提高，越来越多的人热衷于户外活动，这类人群对户外装备的专业性和可靠性也提 出了越来越高的要求。Amazfit 的户外探险系列产品凭借其出色的性能，满足了这一市场需求。 曾几何时，作为小米生态链的重要一员，华米科技发展态势良好，并作为首家小米生态链企业登陆美 股。但后续随着华米脱离小米生态，股价一路狂跌，相比最高点市值蒸发了超过九成。 然而，从2025年开始，华米科技展现出了强劲的复苏态势。2025年第三季度，公司营收同比大幅增长 78.5%，达到7580万美元，这是自上季度营收首次同比增长后，再度实现大幅增长；本季度毛利率提升 至38.2%，较2025年第二季度提高2.0个百分点 ...

中概股收盘跌幅居前的个股为：东方文化跌24.96%，Mint跌21.74%，鼎信控股跌19.87%，天际线建筑 集团跌18.37%。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | OCG | 东方文化 | 2.240 | -24.96% | -0.745 | 23.08万 | | MIMI | Mint | 0.900 | -21.74% | -0.250 | 254.57万 | | ZEPP | 华米科技 | 27.730 | -20.41% | -7.110 | 2225.76万 | | DXST | 鼎信控股 | 0.922 | -19.81% | -0.228 | 3.88万 | | SKBL | 天际线建筑集团 | 3.310 | -18.37% | -0.745 | 264.66万 | ...

业绩简评 2025 年 11 月 5 日公司发布 2025 年三季度业绩，Q3 实现收入 7579 万美元，同比增长 78.5%；归母净亏损 162 万美元，同比收窄 1164 万美元；Non-GAAP 经营利润 36 万美元，扭亏为盈；Non-GAAP 归 母净亏损 67 万美元。 经营分析 25Q3 收入位于指引上限，新品驱动收入高增。25Q3 公司总收入 7579 万美元，同比增长 78.5%，贴近此前指引（7200-7600 万美元， 同比增长 70-79%）上限。25Q1 以来公司收入全部由自主品牌业务 贡献，如果剔除去年同期的小米业务部分，Q3 自主品牌业务收入 同比增速为 86%，保持强劲势头，虽然部分受到了供应短缺（存储 芯片紧张+Q3 末华南台风影响）的负面影响。Q3 自主品牌收入增 长主要由新产品发布驱动，包括 Q3 发布的 T-Rex 3 pro 户外手表、 Q2 发布的 Balance 2 运动手表和 Helio Strap 无屏手环以及入门 级手表 Bip 6 和 Active 2（25Q1 发布）持续畅销所推动。展望 Q4， 由于适逢海外黑五大促和圣诞季，预计将迎来全年收入最高峰， ...

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Financial Data and Key Metrics Changes - Zepp Health reported a revenue increase of 78.5% year-over-year, reaching $75.8 million in Q3 2025, meeting the upper end of previous guidance [3][12] - Gross margin was reported at 38.2%, a decrease from 40.6% in Q3 2024, primarily due to lower pricing on entry-level products and promotional discounts [13][14] - Operating expenses remained stable at $28.6 million, accounting for 37.7% of sales, with a focus on maintaining cost management [15][17] - The company achieved operating break-even in Q3 2025, a significant improvement compared to an adjusted operating loss of $11.3 million in Q3 2024 [17] Business Line Data and Key Metrics Changes - The launch of the Amazfit T-Rex 3 Pro in September was a highlight, contributing to strong sales alongside the Balance 2 and Helio Strap [3][12] - Entry-level models, including Bip 6 and Active 2, maintained steady sales across global channels, reinforcing Amazfit's strong market positioning [6][12] - The Helio Strap faced supply constraints due to memory chip issues and typhoon-related shipment delays, impacting availability [21][22] Market Data and Key Metrics Changes - North America is estimated to account for approximately 15%-20% of total shipments, with a dual-sourcing strategy mitigating tariff impacts [24] - The company is experiencing strong demand signals for its new products, particularly during the holiday season [30] Company Strategy and Development Direction - Zepp Health is focused on a multi-tier product strategy, enhancing brand visibility while balancing R&D investments with marketing spending [4][10] - The acquisition of Wide AI's core assets aims to integrate women's wellness analytics into the Amazfit ecosystem, enhancing personalized coaching experiences [6] - The company plans to continue expanding its online presence while also addressing offline channel opportunities as supply constraints are resolved [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth, anticipating Q4 revenue between $82 million and $86 million, representing 38%-45% year-over-year growth [19] - Despite a challenging macroeconomic environment, the strategic focus on sports tech and a holistic health ecosystem is yielding positive results [9][10] Other Important Information - The company has retired $64.5 million of debt since the beginning of 2023, optimizing its capital structure [18] - Zepp Health maintained its share-buyback program, reflecting confidence in long-term fundamentals and growth trajectory [19] Q&A Session Summary Question: Supply constraints on Helio Strap - Management acknowledged supply constraints due to memory chip issues and typhoon-related delays, impacting availability [21][22] Question: North America shipment percentage and tariff impact - Management confirmed North America accounts for approximately 15%-20% of shipments, with minimal tariff impact due to dual-sourcing strategies [24] Question: Product launches in Q3 and Q4 - The only new product launched in Q3 was the T-Rex 3 Pro, with the 44 mm version launched in Q4 [25][30] Question: Holiday season demand and product performance - Management reported positive signals for holiday season demand, with T-Rex 3 Pro performing well compared to previous models [30][31] Question: Channel strategy for 2026 - Management highlighted growth in online channels, particularly through Amazon and their own website, while also planning to expand offline presence as supply issues are resolved [34][35] Question: Q4 top-line guidance assumptions - Management expects a strong holiday season, aiming to increase average selling prices while managing discounting selectively [41][42] Question: Future product roadmap and launches - Management indicated a consistent pace of new product launches, with plans for two to three new products each quarter [44][45]

Financial Data and Key Metrics Changes - Zepp Health reported a revenue increase of 78.5% year-over-year, reaching $75.8 million in Q3 2025, meeting the upper end of previous guidance [3][12] - Gross margin was reported at 38.2%, a decrease from 40.6% in Q3 2024, influenced by product mix and pricing strategies [13][14] - Operating expenses remained stable at $28.6 million, accounting for 37.7% of sales, compared to 37.6% in Q3 2024 [15][18] - Cash balance increased to $103 million from $95 million in Q2 2025, driven by improved working capital and operational efficiency [18][19] Business Line Data and Key Metrics Changes - The launch of the Amazfit T-Rex 3 Pro in September was a significant contributor to Q3 performance, alongside continued strong sales from Balance 2 and Helio Strap [3][12] - Entry-level models, including Bip 6 and Active 2, maintained steady sales volume, contributing to overall revenue growth [12][14] - The Helio Strap faced supply constraints due to memory chip issues and typhoon-related shipment delays [22][23] Market Data and Key Metrics Changes - North America accounted for approximately 15%-20% of total shipments, with a dual-sourcing strategy mitigating tariff impacts [23] - The company is experiencing strong demand signals for its new products, particularly during the holiday season [31][41] Company Strategy and Development Direction - Zepp Health is focused on a multi-tier product strategy, enhancing brand visibility while maintaining operational discipline [4][10] - The acquisition of Wide AI's core assets aims to integrate women's wellness analytics into the Amazfit ecosystem, enhancing personalized coaching experiences [6] - The company plans to continue expanding its online presence while also addressing offline channel opportunities as supply constraints are resolved [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q4 2025, expecting revenue between $82 million and $86 million, representing 38%-45% year-over-year growth [20] - The company anticipates continued growth driven by a strong product pipeline and margin improvement initiatives despite a challenging macroeconomic environment [9][10] Other Important Information - Zepp Health achieved operating break-even in Q3 2025, a significant improvement from an adjusted operating loss of $11.3 million in Q3 2024 [18] - The company has retired $64.5 million of debt since the beginning of 2023, optimizing its capital structure [19] Q&A Session Summary Question: Supply constraints on Helio Strap - Management acknowledged supply constraints due to memory chip issues and typhoon-related delays, impacting availability [22][23] Question: Product launches in Q3 and Q4 - The only new product launched in Q3 was the T-Rex 3 Pro, with the 44-millimeter version launched in Q4 [24][25] Question: Holiday season demand and product performance - Management noted positive demand signals for the holiday season and strong initial feedback for the T-Rex 3 Pro [31][41] Question: Channel strategy for 2026 - The company plans to continue expanding its online presence while also addressing offline opportunities as supply issues are resolved [36] Question: Q4 top-line guidance assumptions - Management expects a good holiday season and aims to increase average selling prices while managing discounting selectively [41][42] Question: Future product roadmap - Management confirmed plans for new product launches in Q4 and a similar pace of product releases in 2026 [44][46]

Financial Data and Key Metrics Changes - Zepp Health reported a revenue increase of 78.5% year-over-year, reaching $75.8 million, meeting the upper end of previous guidance [12][3] - Gross margin was reported at 38.2%, a decrease from 40.6% in Q3 2024, influenced by product mix and pricing strategies [14][11] - Operating expenses remained stable at $28.6 million, accounting for 37.7% of sales, compared to 44.4% in the previous quarter [16][15] - The company achieved operating break-even in Q3 2025, a significant improvement from an adjusted operating loss of $11.3 million in Q3 2024 [18] Business Line Data and Key Metrics Changes - The launch of the Amazfit T-Rex 3 Pro contributed significantly to revenue growth, alongside continued strong performance from Balance 2 and Helio Strap [13][3] - Entry-level models, including Bip 6 and Active 2, maintained steady sales across global channels, reinforcing Amazfit's strong market positioning [6][4] - The T-Rex product line showed strong margin performance, helping to offset the impact of discounts on entry-level products [14][9] Market Data and Key Metrics Changes - The company noted that North America accounts for approximately 15%-20% of total shipments, with a dual-sourcing strategy mitigating tariff impacts [23] - Inventory levels increased slightly to prepare for upcoming product launches and the peak consumer electronics season in Q4 [18][11] Company Strategy and Development Direction - Zepp Health is focused on a multi-tier product strategy, enhancing brand visibility while maintaining operational discipline [4][3] - The acquisition of Wide AI's core assets aims to integrate women's wellness analytics into the Amazfit ecosystem, enhancing personalized coaching experiences [6][5] - The company is committed to expanding its online presence while also planning to increase offline channel reach once supply constraints are resolved [30][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for Q4, expecting revenue between $82 million and $86 million, representing 38%-45% year-over-year growth [10][20] - The macroeconomic landscape has impacted performance, but the company is focused on long-term supply chain optimizations and inventory management [11][10] - Management highlighted a positive demand signal for new products and a strong product pipeline heading into the holiday season [26][25] Other Important Information - The company received the RED Network Security MB certificate, reflecting its commitment to user privacy and product safety [7] - Zepp Health has retired $64.5 million of debt since the beginning of 2023, optimizing its capital structure [20] Q&A Session Summary Question: Can you provide more details on the supply constraints for the Helio Strap? - Management indicated that supply constraints were due to memory chip issues affecting the entire industry and typhoon-related shipment delays [22] Question: What is the current contribution of North America to total shipments? - Management confirmed that North America accounts for approximately 15%-20% of total shipments, with minimal tariff impact due to a dual-sourcing strategy [23] Question: How has the T-Rex 3 Pro performed compared to previous models? - The T-Rex 3 Pro has received positive feedback and is performing better than the T-Rex 3 at launch, indicating strong market acceptance [26] Question: What are the plans for channel growth in 2026? - Management noted that both online and offline channels present significant growth opportunities, with a focus on expanding online presence while resolving supply issues for offline channels [30][29] Question: What are the assumptions behind the Q4 revenue guidance? - The guidance is based on expectations of a strong holiday season, with efforts to increase average selling prices through new product launches [33]