展望第三季度，管理层预计营收将达7200万至7600万美元，同比增幅70%至79%。CEO黄汪表示，本季度是上升周期的 开端，丰富的创新管线将支撑下半年及未来的持续增长，巩固Amazfit在性能可穿戴领域的创新领导地位。 华米科技(ZEPP.US)美股盘初快速拉升涨超48%，高见19.26美元创2022年3月以来新高，近一个月累计升幅更是超 550%。 财报显示，核心品牌Amazfit成为增长引擎，其Bip 6、Active 2系列持续热销，高端机型T-Rex 3表现强劲，6月新推出的 Balance 2智能手表和Helio手环亦贡献显著。盈利层面，GAAP净亏损770万美元，经调整净亏损616万美元，较去年同期 分别收窄28.6%和30.2%，毛利率稳定在36.2%。 消息上，华米科技公布截止2025年6月30日止第二季度业绩显示，当期营收同比大幅增长46.2%，不仅超出此前业绩指引 上限，更标志着自2021年以来首次实现整体营收增长。 ...

格隆汇8月4日｜华米科技(ZEPP.US)公布截止2025年6月30日止第二季度业绩显示，当期营收同比大幅增 长46.2%，不仅超出此前业绩指引上限，更标志着自2021年以来首次实现整体营收增长。 财务健康度持续改善，运营费用环比下降，期末现金储备达9530万美元。公司战略性增加库存应对新品 上市及关税风险，同时推进股票回购计划，彰显长期信心。 展望第三季度，管理层预计营收将达7200万至7600万美元，同比增幅70%至79%。CEO黄汪表示，本季 度是上升周期的开端，丰富的创新管线将支撑下半年及未来的持续增长，巩固Amazfit在性能可穿戴领 域的创新领导地位。 财报显示，核心品牌Amazfit成为增长引擎，其Bip 6、Active 2系列持续热销，高端机型T-Rex 3表现强 劲，6月新推出的Balance 2智能手表和Helio手环亦贡献显著。盈利层面，GAAP净亏损770万美元，经调 整净亏损616万美元，较去年同期分别收窄28.6%和30.2%，毛利率稳定在36.2%。 战略转型成效显著，Zepp聚焦Amazfit品牌生态系统建设，推出搭载AI功能的Zepp OS 5.0系统，深化与 Strava ...

Zepp Health (ZEPP) Q2 2025 Earnings Call August 03, 2025 09:30 PM ET Company ParticipantsGrace Zhang - Investor RelationsWayne Wang Huang - CEOLeon Cheng Deng - CFOSiddharth Rajeev - VP & head - researchDylan Chu - Portfolio ManagerConference Call ParticipantsNone - AnalystOperatorHello, ladies and gentlemen. Thank you for standing by for ZEP Health Corporation's Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. Today's conference call is bei ...

"This quarter is just the beginning of our upward trajectory. With a robust pipeline of innovations, we're well- equipped to build on this momentum, driving sustained growth and value through the second half of 2025 and beyond," Mr. Huang concluded. Mr. Leon Deng, Zepp's Chief Financial Officer, added, "In the second quarter of 2025, we exceeded the high end of our revenue guidance, driven by strong demand for our Amazfit Bip 6, Active 2, and T-Rex 3 models. The June launches of the Helio Strap and Balance ...

Core Viewpoint - Zepp Health's stock price has more than doubled in the past two weeks, with a forecast of 30% revenue growth in Q2, marking the first year-on-year increase in three years [1][6] Group 1: Company Transformation - Zepp Health is transitioning from being a contract manufacturer for Xiaomi to developing its own brand, Amazfit, which is expected to drive growth [3][5] - The company has seen a significant decline in revenue due to its previous reliance on Xiaomi, but is now experiencing a recovery as it focuses on its own brand [5][6] Group 2: Market Dynamics - The cases of Zepp and New Oxygen reflect a shift in investor perception, recognizing that not all Chinese companies should be viewed with the same skepticism [4] - Despite recent stock price increases, Zepp's price-to-sales ratio remains low at 0.46, indicating potential for further upside compared to global competitors [4][5] Group 3: Financial Performance - In Q1, Zepp reported a slight revenue decline of 3.6% to $38.5 million, but anticipates a 30% revenue growth in Q2 [6] - The company is still operating at a loss, with a net loss of $19.7 million in Q1, although it is optimistic about future growth and margin improvements [6][7] Group 4: Product Development - The anticipated revenue growth is attributed to the successful launch of two new products, Amazfit Active 2 and Bip 6, which have received positive market feedback [6] - The company is addressing supply chain bottlenecks and aims to resolve these issues by the end of June [6]

Financial Data and Key Metrics Changes - The company reported a 10% year-over-year growth in Amazfit revenue, marking the first growth after two years of transformation [6] - Gross margin for Q1 2025 was 37.3%, higher than both Q4 2024 and Q1 2024, despite a negative impact from tariffs [28][29] - Operating expenses for Q1 totaled $31.5 million, an increase from $29.3 million in Q4 2024 and $27.8 million in Q1 2024 [30] Business Line Data and Key Metrics Changes - Amazfit branded products achieved a 10.2% year-over-year growth, reflecting strong market reception for new models Active2 and BIP6 [27] - The initial sales momentum of Active2 and BIP6 surpassed previous versions, securing top positions in major markets [12][15] Market Data and Key Metrics Changes - The U.S. market accounts for approximately 15% of the company's revenue, with tariffs currently having minimal impact on operations [9] - In Italy, the company's market share for no SIM smartwatch units reached 23.3%, ranking second in the core wearable smartwatch market [13] Company Strategy and Development Direction - The company is focusing on diversifying its supply chain and optimizing cost management to mitigate risks from geopolitical complexities [6][26] - Plans to strengthen presence in entry-level markets and deepen collaboration with offline channel partners are in place [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving year-over-year growth in overall sales for the first time since 2021, driven by product innovation and partnerships [22][56] - The company remains vigilant regarding macroeconomic challenges but expects operational efficiencies to offset tariff impacts [37] Other Important Information - The company successfully refinanced a significant portion of its short-term debt into long-term instruments, improving liquidity [35] - The anticipated tariff impact for 2025 is estimated to be around $2 million to $3 million, which is expected to be offset by operational efficiency gains [37] Q&A Session Summary Question: Impact of tariffs on U.S. exports produced in Vietnam - The company expects a full-year tariff impact of $2 million to $3 million, which will be offset by global operating efficiency gains [40][41] Question: Market pricing strategies - The company is monitoring competitors and will adjust pricing strategies on a case-by-case basis, but does not plan to be the first mover [47] Question: Operating expenses reduction timeline - A significant reduction in operating expenses is expected in Q2, as Q1 expenses were influenced by product launch events [48] Question: New product launches for the year - The company aims to refresh all major product lines throughout the year, with multiple new product launches planned [50][54]

Financial Data and Key Metrics Changes - The company reported a 10% year-over-year growth in Amazfit revenue, marking the first growth after two years of transformation [7] - Gross margin for Q1 2025 was 37.3%, higher than both Q4 2024 and Q1 2024, despite a negative impact from a 20% U.S. tariff on China-made products [28][29] - Adjusted operating loss for Q1 2025 was $17.2 million, compared to a loss of $13.1 million in the same period of 2024 [33] Business Line Data and Key Metrics Changes - Amazfit branded products achieved a 10.2% year-over-year growth, reflecting strong market reception of newly launched models Active2 and BIP6 [27] - Sales of Amazfit products increased by more than 10% compared to the same quarter last year, indicating a successful strategic shift [11] Market Data and Key Metrics Changes - The U.S. market accounts for about 15% of the company's revenue, with minimal impact from tariffs currently [10] - In Italy, the company's market share of non-SIM smartwatch units reached 23.3%, ranking second in the core wearable smartwatch market [14] Company Strategy and Development Direction - The company is focusing on diversifying its supply chain and optimizing cost management to mitigate risks associated with geopolitical complexities [8] - Plans to strengthen presence in entry-level markets and deepen collaboration with offline channel partners are in place [22] - The company aims to launch a significant number of new products in 2025 and 2026 to restore growth and profitability [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving year-over-year growth in overall sales for the first time since 2021, driven by product innovation and partnerships [22] - The anticipated tariff impact for 2025 is estimated to be around $2 million to $3 million, which is expected to be offset by global operating efficiency gains [37] Other Important Information - The company successfully refinanced a significant portion of its short-term debt into long-term instruments, improving liquidity and balance sheet flexibility [35] - Cash balance as of March 31 was $104 million, a decrease from $110 million in Q4 2024, but managed through improved working capital [33] Q&A Session Summary Question: Impact of tariffs on U.S. exports produced in Vietnam - Management expects a full-year tariff impact of $2 million to $3 million, which will be offset by global operating efficiency gains [40][41] Question: Market pricing strategies - The company is not planning to be the first mover in raising prices and will monitor competitors before making adjustments [46][47] Question: Operating expenses reduction timeline - A significant reduction in operating expenses is expected in Q2, with Q1 being an outlier due to product launch events [48][49] Question: New product releases for the year - The company aims to refresh all major product lines throughout the year, with multiple new product launches planned [50][51]

Core Insights - Zepp Health Corporation reported a 10% year-over-year growth in Amazfit revenue for Q1 2025, despite a challenging macroeconomic environment [1][3][6] - The company successfully launched new smartwatch models, Amazfit Active 2 and Bip 6, which have received positive market reception and are expected to drive further sales growth [1][2][6] - The management anticipates a year-over-year revenue increase for Q2 2025, projecting net revenues between US$50 million and US$55 million, representing a growth of approximately 23% to 35% compared to Q2 2024 [3][21] Financial Performance - Total revenue for Q1 2025 was US$39 million, with Amazfit-branded products growing by 10.2% year-over-year [3][6] - Gross margin improved to 37.3%, up from 36.8% in the same period last year, despite facing additional tariffs [3][7] - The net loss for Q1 2025 was US$19.7 million, compared to a net loss of US$14.8 million in Q1 2024 [15][33] Operating Expenses - Total operating expenses for Q1 2025 were US$32.7 million, a 6.9% increase year-over-year, driven by higher selling and marketing expenses [12][9] - Research and development expenses decreased by 7.8% year-over-year to US$12.4 million, reflecting a focus on resource efficiency [8] - Selling and marketing expenses rose by 28.5% year-over-year to US$13.8 million, primarily due to investments in digital campaigns and product launches [9][12] Cash and Debt Management - The company had a cash balance of US$104 million as of March 31, 2025, after repaying US$11.5 million in short-term debt [3][4] - Long-term borrowings now represent about 70% of total debt, with US$67.8 million of debt retired since early 2023 [4][18] - Improved working capital management contributed to a tighter cash conversion cycle, allowing for continued investment in growth opportunities [16][18] Market Strategy and Outlook - Zepp Health is committed to leveraging open-source technologies and enhancing AI capabilities to improve product offerings and user experience [2] - The company is expanding its brand presence through partnerships with athletes and community events, aiming to strengthen user connections and broaden its market reach [2][21] - Management remains focused on optimizing the supply chain and investing in AI-driven experiences to maintain leadership in the wearable market [2][21]