Financial Data and Key Metrics Changes - Full-year net revenues reached RMB2.1 billion, with income from operations totaling RMB156.3 million, both exceeding previous guidance [10] - Net income of RMB62.3 million marked a turnaround from losses reported in the past two years [10][34] - For the second half of 2024, net revenues were RMB1,282.4 million, an increase of 42.8% from RMB897.9 million for the same period in 2023 [29] - Gross profit was RMB289.5 million, with a gross margin of 22.6%, down from 32.8% in the same period of 2023 [32] Business Line Data and Key Metrics Changes - Revenues from home water systems were RMB925.7 million, an increase of 58.2% from RMB585.2 million for the same period in 2023 [32] - Revenues from consumables decreased by 24.6% to RMB136.7 million, primarily due to decreased sales of water purifier filters sold to Xiaomi [32] - Revenues from kitchen appliances and others increased by 67.2% to RMB220 million, driven by increased sales of kitchen appliances sold to Xiaomi [32] Market Data and Key Metrics Changes - In the domestic market, Viomi leads the healthy mineral water trend, with the launch of the Viomi Kunlun Mineral AI Water Purifier [14] - The Vortex series of under-the-sink RO water purifiers was well-received in North America, with over 80% of users reporting a smooth installation process [16] - During the 2024 Double 11 Shopping Festival, the AI water purifier ranked fourth, fifth, and ninth on the brand leaderboards of Douyin, Pinduoduo, and Tmall platforms, respectively [15] Company Strategy and Development Direction - The company completed a strategic reorganization in August 2024, focusing on core home water solutions [9] - Viomi aims to leverage AI technology for continuous product innovation in the home water purification market [11] - The company plans to strengthen its domestic market presence and drive international market expansion, particularly in North America and Southeast Asia [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the home water purification market, citing growing public awareness and supportive policies [11] - The company is committed to enhancing brand recognition and expanding market share in the water purification industry [14] - Management highlighted the importance of the Water Purifier Gigafactory for manufacturing and technology development capabilities [21] Other Important Information - Viomi has filed nearly 1,800 global patent applications, significantly outpacing the industry average [22] - The company established two major laboratory systems focused on advanced technology research and product compliance [22] Q&A Session Summary Question: Adjustments in business operation and organizational management after divestment - Management detailed the strategic reorganization that began in the second half of 2023, focusing on water purification and streamlining operations [42][44] Question: Breakdown of Home Water Solution revenue and new product plans - Management provided a breakdown of revenue categories, with home water systems making up about 71% of total revenue, and discussed plans for enhancing the Kunlun series [51][54] Question: Comfort with U.S. expansion strategy and Southeast Asia partnerships - Management expressed confidence in the U.S. market strategy and confirmed a strategic partnership with a leading retailer in Malaysia for further expansion [60][62] Question: Long-term gross margin goals for different revenue categories - Management indicated that gross margins are expected to improve due to product mix and the introduction of new products with better margins [63][64]