Core Insights - Huami Technology (ZEPP.US) reported a significant revenue growth of 46.2% year-on-year for the second quarter ending June 30, 2025, marking the first overall revenue increase since 2021 [1] - The core brand Amazfit has become the growth engine, with strong sales from the Bip 6 and Active 2 series, and the high-end T-Rex 3 model performing well [1] - The company has narrowed its GAAP net loss to $7.7 million and adjusted net loss to $6.16 million, a reduction of 28.6% and 30.2% respectively compared to the same period last year, with a stable gross margin of 36.2% [1] Financial Performance - The financial health of the company continues to improve, with operating expenses decreasing quarter-on-quarter and cash reserves reaching $95.3 million at the end of the period [1] - The company strategically increased inventory to address new product launches and tariff risks while advancing a stock buyback plan to demonstrate long-term confidence [1] Strategic Initiatives - The strategic transformation has shown significant results, with Zepp focusing on building the Amazfit brand ecosystem and launching the AI-enabled Zepp OS 5.0 system [1] - Marketing efforts include signing NFL star Derrick Henry and utilizing multi-platform global marketing, resulting in a second-place brand progress ranking in the U.S. market during Amazon Prime membership days, and a 60% year-on-year sales increase in the EMEA region [1] Future Outlook - For the third quarter, management expects revenue to reach between $72 million and $76 million, representing a year-on-year growth of 70% to 79% [2] - The CEO indicated that this quarter marks the beginning of an upward cycle, supported by a rich pipeline of innovations to sustain growth in the second half of the year and beyond, solidifying Amazfit's leadership in the performance wearables sector [2]

Financial Data and Key Metrics Changes - The company achieved a remarkable 46% year-over-year increase in revenue, reaching $59.4 million, marking the first quarter of year-over-year revenue growth since 2021 [6][20] - Gross margin for Q2 2025 was 36.2%, consistent with Q1 2025 but slightly down year-over-year due to a higher proportion of lower-margin entry-level products [21][22] - Adjusted operating loss narrowed to $4.9 million, an improvement of 42% compared to the previous year [26] Business Line Data and Key Metrics Changes - The Amazfit brand contributed all revenue, with strong demand for the Big Six and Active Two series, as well as the T Rex Three series [20] - The Balance Two smartwatch and Helios Stripe were introduced, with the latter receiving acclaim for its heart rate monitoring capabilities [9][10] - Entry-level products like the BIP Six and Active Two continued to see steady growth, supported by retail and Amazon partnerships [10][11] Market Data and Key Metrics Changes - In the U.S., Amazfit ranked as the second most improved wearable brand year-over-year, with significant sales growth in the EMEA region, particularly in Germany, Italy, and France [19][15] - Sales surged by approximately 60% in the EMEA region during Amazon Prime Day compared to the previous year [15] Company Strategy and Development Direction - The company is focused on a multi-layered global marketing strategy leveraging partnerships with athletes and influencers to enhance brand recognition [12][14] - A commitment to expanding the premium product portfolio is evident, with plans for new product launches to capture additional market share [16][28] - The operational strategy includes diversifying manufacturing across China and Vietnam to mitigate tariff impacts and enhance resilience [12][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of product competitiveness and brand awareness [6][17] - The outlook for Q3 2025 anticipates revenue in the range of $72 million to $76 million, representing 70% to 79% year-over-year growth [28] - Management noted that the upcoming peak season for the industry will drive continued growth and value creation for stakeholders [17][28] Other Important Information - The company has cumulatively retired $8 million of debt since 2023, enhancing its capital structure [27] - Research and development expenses increased by 4.2% year-over-year to $10.3 million, reflecting investments in new technologies [23] Q&A Session Summary Question: What are the drivers behind the recent spike in share price? - Management noted strong product reception and brand visibility, along with a value discovery journey in the market, leading to a revaluation of the company's stock [31][32] Question: How many more product launches are expected in the second half of the year? - Management indicated that there will be exciting new products in the pipeline for Q3 and Q4, matching or exceeding the previous year's launches [33][34] Question: What gross margin expectations are there for the full year? - Management expects gross margins to improve in the second half of the year, potentially reaching closer to 40% as new products are launched [35][36] Question: What percentage of imports to the U.S. comes from Vietnam, and what are the current tariffs? - Management stated that tariffs on products shipped from China to the U.S. are just below 25%, while those from Vietnam are close to zero due to tariff waivers [38] Question: What sales contribution is expected from the new Helios Stripe launch? - Management highlighted that the Helios Stripe has received positive customer feedback and carries a healthy gross margin, with expectations for strong sales performance [44][45] Question: What are the main drivers for the strong guidance for Q3? - Management cited strong performance from entry-level products, successful new product launches, and seasonal trends as key drivers for anticipated growth in Q3 [53][56]

Financial Data and Key Metrics Changes - ZEP Health Corporation achieved a remarkable 46% year-over-year increase in revenue, reaching $59.4 million, marking the first quarter of year-over-year revenue growth since 2021 [7][21] - Gross margin for Q2 2025 was 36.2%, consistent with Q1 2025 but slightly down year-over-year due to a higher proportion of lower-margin entry-level products [22] - Adjusted operating loss narrowed to $4.9 million, an improvement of 42% compared to the previous year [27] Business Line Data and Key Metrics Changes - The Amazfit brand was the sole contributor to revenue growth, with strong demand for the T Rex series and the introduction of new products like Balance two and Helios Chef [7][21] - The Balance two smartwatch targets multi-sport athletes and integrates advanced tracking features, contributing to the premiumization strategy [9][10] - The entry-level B6 and Active two series continued to see steady growth across major global markets, supported by retail and Amazon partnerships [11][12] Market Data and Key Metrics Changes - In the U.S., Amazfit ranked as the second most improved wearable brand year-over-year, with significant sales growth in the EMEA region, particularly in Germany, Italy, and France [20] - Prime Day sales surged by approximately 60% compared to the previous year, showcasing the effectiveness of marketing strategies [15] Company Strategy and Development Direction - The company is focused on a strategic transformation towards premium high-impact products, differentiating itself in the competitive wearable technology market [16] - ZEP Health is expanding its premium product portfolio and enhancing brand recognition through partnerships with athletes and targeted marketing campaigns [14][15] - The operational strategy includes a flexible supply chain and diversified manufacturing to mitigate tariff impacts and enhance competitiveness [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth and value revaluation as the market recognizes the company's efforts [32][33] - The outlook for Q3 2025 anticipates revenue in the range of $72 million to $76 million, representing 70% to 79% year-over-year growth [29] - Management expects gross margins to improve in the second half of the year due to a favorable product mix and new product launches [38][51] Other Important Information - The company has cumulatively retired $8 million of debt since 2023, optimizing its capital structure [28] - Research and development expenses increased by 4.2% year-over-year to $10.3 million, reflecting investments in new technologies [24] Q&A Session Summary Question: What are the drivers behind the recent spike in share price? - Management noted strong product reception and brand recognition, along with a value discovery journey in the market [32] Question: How many more product launches are expected in the second half of the year? - Management indicated that there will be exciting products in the pipeline for Q3 and Q4, matching or exceeding previous launches [35] Question: What gross margin can be expected for the full year? - Management expects gross margins to expand in the second half of the year, potentially reaching closer to 40% [37][38] Question: What percentage of imports to the U.S. comes from Vietnam, and what are the current tariffs? - Tariffs for products shipped from China to the U.S. are just below 25%, while those from Vietnam are close to zero due to tariff waivers [40] Question: What sales contribution is expected from the new Helios strap launch? - The Helios strap has received positive customer feedback and carries a healthy gross margin, with expectations for strong sales [48][51]

Financial Performance - Q2 2025 - Revenue reached $59.4 million, exceeding the company's guidance[8] - Adjusted net loss attributable to Zepp was -$6.2 million[9] - Units shipped totaled 0.7 million[9] Revenue Breakdown - Revenue from Amazfit-branded wearable products increased by 46.2% compared to Q2 2024[12] - In Q2 2025, Amazfit-branded wearable products accounted for 61.4% of total revenue, while Xiaomi wearable products accounted for 38.6%[12] - In H1 2025, Amazfit-branded wearable products accounted for 60.6% of total revenue, while Xiaomi wearable products accounted for 39.4%[13] Gross Margin - The total gross margin for Q2 2025 was 36.2%[20] - The gross margin for Amazfit-branded products in Q2 2025 was 43.6%[20] - The total gross margin for H1 2025 was 36.6%[26] - The gross margin for Amazfit-branded products in H1 2025 was 41.8%[26] Operating Expenses - Adjusted operating expenses for H1 2025 included G&A, S&M, and R&D[35] - Adjusted operating expenses as a percentage of total revenue for G&A was 10.5%, for S&M was 26.4%, and for R&D was 23.6%[37] Liquidity and Outlook - The company had a liquidity position of $95.3 million in cash and cash equivalents[47] - A share repurchase program of $16.0 million was in place until June 30, 2025[48] - The company expects net revenues to be between $72 million and $76 million for Q3 2025[52]

Core Insights - Zepp Health Corporation reported a significant revenue growth of 46.2% year-over-year in Q2 2025, reaching US$59.4 million, marking its first overall revenue growth since 2021, primarily driven by Amazfit products [1][3][10] - The company expects continued strong performance in Q3 2025, projecting revenues between US$72.0 million and US$76.0 million, representing a year-over-year increase of approximately 70% to 79% [3][24] Financial Performance - Revenue for Q2 2025 was US$59.4 million, a 46.2% increase from Q2 2024 and a 54.2% increase from Q1 2025 [3][10] - The GAAP net loss narrowed to US$7.7 million in Q2 2025 from US$10.8 million in Q2 2024, while the adjusted net loss was US$6.16 million compared to US$8.8 million in the same period last year [3][18] - Gross margin remained stable at 36.2%, consistent with the previous quarter, but lower than Q2 2024 due to a higher proportion of lower-margin products [4][11] Product and Market Strategy - The company launched new products, including the Amazfit Balance 2 smartwatch and Helio Strap, which contributed positively to sales [2][3] - The Amazfit brand has seen enhanced global brand awareness, supported by a multi-tiered product strategy that resonates with diverse consumer groups [1][2] - The company has fostered a strong Amazfit Athletes team, now including notable sports figures, to enhance brand recognition and community engagement [1][2] Operational Efficiency - Total operating expenses for Q2 2025 were US$27.6 million, a 5.2% increase year-over-year, while adjusted operating expenses were US$26.4 million [4][16] - The company ended Q2 2025 with US$95.3 million in cash, indicating a stable capital structure and the ability to invest in future opportunities [6][19] Outlook - Management is optimistic about the second half of 2025, with a robust pipeline of innovations expected to drive sustained growth and value [1][2] - The company continues to manage working capital efficiently, with inventory strategically increased to prepare for upcoming product launches [20][21]

8月3日，华米科技将于(美东)盘后披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国 当地时间，实际披露日期以公司公告为准）。 资料显示，Zepp Health Corporation(更名前:华米公司)是一家基于云的健康服务提供商,拥有全球领先的 智能可穿戴技术。华米科技也是中国首家登陆美国资本市场的智能硬件创新公司,于2018年2月在美国纽 约证券交易所(NYSE)上市(股票代码:ZEPP)。 公司的使命是"科技连接健康",通过"芯端云"的战略,布局芯片、智能可穿戴终端及健康云服务,构筑全球 健康生态,做用户最信赖的伙伴。基于强大的人工智能算法和大数据分析能力,华米科技为用户提供7x24 小时健康监测服务,并通过将智能可穿戴技术集成到全球物联网,为用户创造更智能、便捷的生活方式。 本文源自：金融界 7月31日，华米科技(ZEPP)开盘上涨5.54%，截至21:33，报12.77美元/股，成交17.47万美元，总市值1.83 亿美元。 财务数据显示，截至2025年03月31日，华米科技收入总额3853.7万美元，同比减少3.55%；归母净利 润-1974.1万美元，同比减少33.67%。 大事 ...

Core Insights - Huami Corporation (ZEPP) experienced a 2.63% increase in stock price, reaching $12.9 per share, with a total market capitalization of $185 million as of July 30 [1] - Financial data indicates that as of March 31, 2025, Huami's total revenue was $38.537 million, reflecting a year-over-year decrease of 3.55%, while net profit attributable to shareholders was -$19.741 million, a decline of 33.67% year-over-year [1] - The company is set to release its fiscal year 2025 mid-term report on August 3, after market hours [1] Company Overview - Zepp Health Corporation, formerly known as Huami Corporation, is a cloud-based health service provider with leading global smart wearable technology [1] - The company 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] - Huami's mission is "Technology connects health," and it aims to build a global health ecosystem through its "chip-end-cloud" strategy, which encompasses chips, smart wearable devices, and health cloud services [1] Technology and Services - The company leverages advanced artificial intelligence algorithms and big data analytics to provide 24/7 health monitoring services to users [1] - Huami integrates smart wearable technology into the global Internet of Things (IoT) to create a smarter and more convenient lifestyle for users [1]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, specifically focusing on the smart watch sector [3]. Core Insights - The smart watch industry is expected to continue its growth trajectory, driven by AI applications and increasing demand for sports functionalities [6][11]. - AI integration and sports features are becoming key selling points for smart watches, enhancing user experience and driving market demand [12][28]. Summary by Sections 1. Smart Watch Industry Growth - The smart watch segment is witnessing a steady increase in shipment volumes, with a significant rise in the share of smart watches equipped with operating systems, now accounting for approximately 80% of the wearable market [16][17]. - The global wearable market is recovering, with a 13% year-on-year increase in shipments in Q1 2025, indicating a positive trend for smart watches [19][22]. 2. AI Functionality and High-End Market - AI features are enhancing user interaction and health monitoring capabilities in smart watches, with predictions that AI watch penetration will reach 15% by 2025 [35][43]. - The demand for high-end smart watches is expected to rise, with advanced operating systems projected to dominate the market, potentially reaching 100 million units shipped by 2027 [52][56]. 3. Sports Watch Demand - The sports watch segment is characterized by specialized features for outdoor activities, with a higher average selling price compared to general smart watches, indicating a trend towards premiumization in the market [70]. - Garmin, a leader in the sports watch market, has shown strong revenue growth, reflecting the ongoing demand for high-performance sports watches [66][68]. 4. Investment Recommendations - The report suggests focusing on terminal manufacturers such as Huami Technology, Xiaomi Group, and Transsion Holdings, as well as SoC manufacturers like Hengxuan Technology, which are expected to benefit from market growth [14][74].

Core Viewpoint - The article highlights the significant turnaround of Huami Technology, transitioning from dependency on Xiaomi to establishing its own brand Amazfit, leading to renewed market interest and projected revenue growth of 30% year-on-year in Q2 2025 after three years of stagnation [1][2]. Group 1: Company Transformation - Huami Technology's journey began in 2014 as a partner in Xiaomi's ecosystem, achieving rapid growth through the Xiaomi Mi Band, but faced challenges due to over-reliance on Xiaomi, with revenue from Xiaomi products exceeding 70% for years [3]. - The company initiated a strategic shift towards developing its own brand, Amazfit, starting in 2015, which now accounts for 100% of its revenue as of Q1 2025, although the absolute revenue from this brand initially struggled to fill the gap left by the exit from Xiaomi [3][4]. Group 2: Product Strategy - Huami has adopted a multi-tiered product strategy, creating a clear product pyramid that includes a "light smart" series under 1000 CNY for the mass market, a "sports series" priced between 1000-2000 CNY for serious athletes, and a premium outdoor product line above 2000 CNY [4]. - This strategy has led to an increase in gross margin from 12.34% in 2015 to 38.46% in 2024, indicating improved profitability as the company scales [4]. Group 3: Market Positioning - Huami differentiates itself in the wearable market by focusing on "professionalism" and "full-scene adaptability," offering advanced health monitoring and dynamic tracking for various sports, which positions its products as essential tools rather than mere gadgets [5][6]. - The company has built a strong technical foundation over the past decade, leveraging vast user data for algorithm development and investing in proprietary chip technology to enhance device functionality [6]. Group 4: Competitive Landscape - Huami's flagship product, the T-Rex3, offers competitive features at a significantly lower price point compared to Garmin's Fenix 8, showcasing Huami's ability to deliver high-quality products at accessible prices [7]. - The company has established a global marketing strategy utilizing social media platforms to enhance brand visibility and credibility, including partnerships with professional athletes [6][8]. Group 5: Industry Outlook - The wearable device market is positioned as a critical component of the broader health ecosystem, facilitating proactive health management and connecting various stakeholders in the healthcare industry [12]. - Despite the potential for growth, the capital market has yet to fully recognize the transformative changes within Huami, as evidenced by its current market valuation of approximately 1.9 billion USD, significantly lower than competitors like Garmin [14][15][17].

Core Points - Zepp Health Corporation will report its second quarter 2025 unaudited financial results on August 3, 2025 [1] - A conference call is scheduled for 9:30 p.m. ET on the same day, with access details provided for participants [1] - The company has shipped over 200 million units of its products and operates in more than 90 countries and regions [2] Company Overview - Zepp Health Corporation is a leader in smart wearables and health technology, focusing on optimizing health, fitness, and wellness journeys [2] - The company operates under consumer brands such as Amazfit, Zepp Clarity, and Zepp Aura, utilizing its proprietary Zepp Digital Management Platform [2] - Founded in 2013 as Huami Corp., the company rebranded to Zepp Health Corporation in February 2021 to emphasize its health focus [2]