（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 - Zepp Health Corporation reported a strong performance in Q3 2025, with a revenue increase of 78.5% year-over-year, reaching US$75.8 million, driven by new product launches and a diversified product portfolio [4][8][15]. Financial Performance - Revenue for Q3 2025 was US$75.8 million, marking a 78.5% increase from Q3 2024 and a 27.6% increase from Q2 2025 [15]. - The company achieved a GAAP operating loss of US$0.9 million, significantly improved from a loss of US$12.5 million in Q3 2024, and reached adjusted operating income breakeven [11][22]. - Gross margin improved to 38.2%, a 2.0% increase from Q2 2025, despite a year-over-year decline due to lower margins on entry-level products [9][17]. Product Development and Strategy - The launch of the Amazfit T-Rex 3 Pro in September 2025 was well-received, contributing to strong sales and setting new benchmarks in the outdoor product category [5][8]. - The company enhanced its software ecosystem with AI-driven training insights and integrations with platforms like Strava and TrainingPeaks, improving user experience and personalization [6][8]. Community Engagement and Marketing - Zepp Health expanded its Amazfit Athletes team, adding elite athletes to enhance brand visibility and connect with sports communities [7][8]. - The company continued to invest in marketing and brand recognition, with selling and marketing expenses at US$12.0 million, a slight increase year-over-year [19]. Outlook - For Q4 2025, management expects net revenues between US$82.0 million and US$86.0 million, representing a year-over-year increase of approximately 38% to 45% [30][13]. - The company anticipates continued growth driven by strong product execution and market demand [30].

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]