（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 ...

Core Insights - Huami Technology (ZEPP.US) experienced a rapid stock price increase of over 48%, reaching a high of $19.26, the highest since March 2022, with a cumulative rise of over 550% in the past month [1] Financial Performance - For the second quarter ending June 30, 2025, the company reported a significant revenue growth of 46.2% year-over-year, exceeding previous guidance and marking the first overall revenue growth since 2021 [1] - The core brand Amazfit has been identified as the growth engine, with strong sales from the Bip 6 and Active 2 series, as well as robust performance from the high-end T-Rex 3 model. New products like the Balance 2 smartwatch and Helio wristband launched in June also contributed significantly [1] - The company reported a GAAP net loss of $7.7 million and an adjusted net loss of $6.16 million, representing a year-over-year reduction of 28.6% and 30.2% respectively, with a stable gross margin of 36.2% [1] Future Outlook - Management anticipates third-quarter revenue to reach between $72 million and $76 million, reflecting a year-over-year growth of 70% to 79% [1] - CEO Huang Wang stated that the current quarter marks the beginning of an upward cycle, supported by a rich pipeline of innovations that will sustain growth in the second half of the year and beyond, reinforcing Amazfit's leadership in the performance wearables sector [1]

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]