证券研究报告 2025年09月25日 海外 Zepp Health深度报告：跃我新生，智动全球 评级：买入(首次覆盖) 马川琪(证券分析师) 丁婧欣(联系人) S0350523050001 S0350124040002 macq@ghzq.com.cn dingjx@ghzq.com.cn 预测指标 | 预测指标 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 183 | 255 | 359 | 492 | | 增长率(%) | -48.2% | 39.8% | 40.6% | 37.1% | | 归母净利润（百万美元） | -76 | -25 | 14 | 59 | | 增长率(%) | -153% | 67% | 155% | 335% | | 摊薄每股收益（美元） | -0.29 | -0.11 | 0.06 | 0.26 | | ROE(%) | -30.1% | -11.0% | 5.7% | 19.8% | | P/E | - | - | 49.7 | 11.4 | | P/B | 2. ...

Every day, it seems the S&P 500 is continuing to find ways to reach new heights. And yet, I continue to be concerned that the majority of those gains are being driven by large-cap tech stocks. InWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. He has ...

Elite distance runner joins Amazfit's growing athlete team and will play an active role in product testing and innovation MILPITAS, Calif., Sept. 11, 2025 /PRNewswire/ --Â Amazfit, a leading global smart wearables brand owned by Zepp Health (NYSE: ZEPP), today announced two-time Olympic medalist and American record holder Grant Fisher as the newest addition to its roster of athlete ambassadors. Fisher will collaborate closely with Amazfit on product testing, athlete storytelling, and community engagement as ...

Core Viewpoint - Zepp Health Corporation, formerly known as Huami Corporation, is experiencing a stock price increase and has reported financial results indicating growth in revenue but a decline in net profit [1] Financial Performance - As of June 30, 2025, Zepp Health's total revenue reached $97.943 million, reflecting a year-on-year growth of 21.52% [1] - The company's net profit attributable to shareholders was -$27.481 million, showing a year-on-year decrease of 7.32% [1] Company Overview - Zepp Health Corporation is a cloud-based health service provider and a leader in smart wearable technology [1] - The company was the first smart hardware innovation company from China to be listed on the U.S. capital market, having gone public on the New York Stock Exchange (NYSE) in February 2018 under the ticker symbol ZEPP [1] - The company's mission is to "connect technology with health," focusing on a "chip-end-cloud" strategy that encompasses chips, smart wearable devices, and health cloud services to build a global health ecosystem [1] Technology and Services - Zepp Health utilizes advanced artificial intelligence algorithms and big data analytics to provide 24/7 health monitoring services [1] - The integration of smart wearable technology into the global Internet of Things (IoT) aims to create a smarter and more convenient lifestyle for users [1]

Core Viewpoint - Zepp Health Corporation, formerly known as Huami Corporation, is a leading cloud-based health service provider specializing in smart wearable technology, with a mission to connect technology and health [1] Financial Performance - As of June 30, 2025, Zepp Health reported total revenue of $97.943 million, representing a year-over-year growth of 21.52% [1] - The company experienced a net loss attributable to shareholders of $27.481 million, a decrease of 7.32% compared to the previous year [1] Company Overview - Zepp Health Corporation is recognized as the first smart hardware innovation company from China to be listed on the U.S. capital market, having gone public on the New York Stock Exchange (NYSE) in February 2018 under the ticker symbol ZEPP [1] - The company's strategy, termed "chip-end-cloud," focuses on integrating chips, smart wearable devices, and health cloud services to build a global health ecosystem [1] - Utilizing advanced artificial intelligence algorithms and big data analytics, Zepp Health provides 24/7 health monitoring services and aims to create a smarter and more convenient lifestyle for users through the integration of smart wearable technology into the global Internet of Things [1]

Core Viewpoint - Zepp Health Corporation, formerly known as Huami Corporation, is experiencing a stock price increase and has reported significant revenue growth, although net profit has declined [1] Financial Performance - As of June 30, 2025, Zepp Health's total revenue reached $97.943 million, representing a year-over-year growth of 21.52% [1] - The company's net profit attributable to shareholders was -$27.481 million, showing a decrease of 7.32% compared to the previous year [1] Company Overview - Zepp Health Corporation is a cloud-based health service provider and a leader in smart wearable technology [1] - The company was the first smart hardware innovation company from China to be listed on the U.S. capital market, having gone public on the New York Stock Exchange (NYSE) in February 2018 under the ticker symbol ZEPP [1] - The company's mission is to "connect technology with health," focusing on a "chip-end-cloud" strategy that encompasses chips, smart wearable devices, and health cloud services to build a global health ecosystem [1] Technology and Services - Zepp Health utilizes advanced artificial intelligence algorithms and big data analytics to provide 24/7 health monitoring services [1] - The integration of smart wearable technology into the global Internet of Things (IoT) aims to create a smarter and more convenient lifestyle for users [1]

Core Viewpoint - Zepp Health Corporation, formerly known as Huami Corporation, is a leading cloud-based health service provider specializing in smart wearable technology, with a mission to connect technology and health [1] Financial Performance - As of June 30, 2025, Zepp Health reported total revenue of $97.943 million, representing a year-over-year growth of 21.52% [1] - The company experienced a net loss attributable to shareholders of $27.481 million, which is a decrease of 7.32% compared to the previous year [1] Company Overview - Zepp Health Corporation is recognized as the first smart hardware innovation company from China to be listed on the U.S. capital market, having gone public on the New York Stock Exchange (NYSE) in February 2018 under the ticker symbol ZEPP [1] - The company's strategy, termed "chip-end-cloud," focuses on integrating chips, smart wearable devices, and health cloud services to build a global health ecosystem [1] - Utilizing advanced artificial intelligence algorithms and big data analytics, Zepp Health provides 24/7 health monitoring services and aims to create a smarter and more convenient lifestyle for users through the integration of smart wearable technology into the global Internet of Things [1]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Insights - The electronic industry index increased by 7.02% this week, outperforming the CSI 300 index which rose by 2.37% [2] - The smart wearable market, particularly smartwatches, is experiencing significant growth, with the global market expected to reach $28.72 billion in 2024, a year-on-year increase of 16.65% [7][17] - Huami Technology's strategic shift towards self-research and development, moving away from reliance on Xiaomi, has led to a notable revenue increase, achieving a year-on-year growth of 46.2% in Q2 2025 [6][9] Summary by Sections 1. Huami Technology's "De-Xiaomi" Strategy - Huami Technology has implemented a "De-Xiaomi" strategy to reduce dependency on Xiaomi, transitioning from an OEM to a brand owner, which has improved product margins and self-developed product ratios [6][9] - The introduction of self-developed chips has allowed Huami to enhance its product offerings, leading to a significant increase in sales of its Amazfit smartwatch series [9][10] 2. Smartwatch Market Landscape - The smartwatch market is characterized by a fragmented competitive landscape, with Huami holding a 4% share of global shipments in 2022, ranking seventh [7][19] - The Chinese smartwatch market is expected to grow at a CAGR of 6.75%, reaching $4.74 billion by 2029 [17][18] 3. Smartwatch Industry Chain - The smartwatch ecosystem operates on a collaborative architecture involving hardware, interaction, connectivity, and software layers, driving product innovation and market expansion [8][24] - Key components include batteries, chips, and sensors, which are essential for enhancing performance and user experience [25][26] 4. Market Performance Overview - The SW electronic industry index has shown strong performance, with passive components leading the gains at +12.32% [2][40] - Notable individual stock performances include significant increases for companies like Geberit (+48.2%) and Shanghai Hejing (+45.4%) [43]

Group 1 - The top five gaining Chinese concept stocks at closing were: Niudaren up 80.56%, Xunlei up 37.56%, Ranstone Medical up 35.96%, Huami Technology up 28.41%, and Nabite up 25.62% [1] - Niudaren's latest price was 6.410 with a gain of 2.860 and a trading volume of 87.0791 million [1] - Xunlei's latest price was 8.790 with a gain of 2.400 and a trading volume of 68.7596 million [1] - Ranstone Medical's latest price was 10.170 with a gain of 2.690 and a trading volume of 2.9976 million [1] - Huami Technology's latest price was 43.480 with a gain of 9.620 and a trading volume of 44.5296 million [1] - Nabite's latest price was 5.100 with a gain of 1.040 and a trading volume of 0.69373 million [1]

Market Overview - US stock market showed slight fluctuations ahead of the global central bank meeting, with the S&P 500 index down 0.01%, Dow Jones down 0.08%, and Nasdaq up 0.03% [1] - The Nasdaq Golden Dragon China Index rose by 0.12%, with notable gains in Chinese concept stocks such as Xunlei up over 37%, Burning Stone Medical up about 36%, and Huami Technology up over 28% [3] Company Performance - Meta Platforms saw a decline of over 2%, while Tesla rebounded by over 1% and Intel dropped nearly 3.7% [2] - Novo Nordisk's stock increased by nearly 7%, and its partner GoodRx surged by 37% following the announcement of a cash payment discount for its weight loss drug [2][7] - China Shipbuilding reported zero objection shares, leading to stock resumption [22] Economic Indicators - US Treasury yields have risen for three consecutive days, with the ten-year yield reaching a two-week high [4] - The dollar index rebounded, moving away from a two-week low [4] Industry Developments - India and Vietnam have imposed anti-dumping duties on Chinese PVC and steel products, respectively [6] - The low-altitude economy is gaining traction, with the first low-altitude route connecting Kunshan and Shanghai officially launched, reducing travel time to 20 minutes [15] - Beijing is advancing hydrogen energy infrastructure and applications, with plans for a comprehensive network in the Beijing-Tianjin-Hebei region [16] Financial Results - Shan Jin International reported a net profit of 1.596 billion yuan for the first half of the year, a year-on-year increase of 48.43% [24] - Cambridge Technology's net profit for the first half of the year was 121 million yuan, up 51.12% year-on-year, driven by strong performance in high-speed optical modules and telecom broadband access [24] - Fei Rongda's net profit surged by 118.54% to 166 million yuan, attributed to increased market share and demand recovery in consumer electronics [24] New Initiatives - Guangdong has released guidelines for financial support for AI and robotics projects, with individual projects eligible for up to 50 million yuan in subsidies [11] - Chongqing is seeking public opinion on its hydrogen station industry development plan for 2025-2035, aiming for systematic infrastructure development [11][16]