Viomi Technology . Stock Earnings Reports

Key points for investors: Viomi delivered full-year 2025 revenue of RMB 2.428 billion, up 14.6% year-over-year, with net income attributable to ordinary shareholders of RMB 141.6 million (non-GAAP RMB 155.7 million) and a full-year gross margin of ~25.3%. H2 2025 was weaker (H2 revenue RMB 951M, down 25.9% YoY) mainly due to the phase-down of national subsidies for water purifiers and lower home water system sales; gross margin in H2 improved slightly to 23.5%. Management is prioritizing global expansion (North America, Southeast Asia, Europe), new product launches (countertop, multifunctional dispensers, whole-home nutrition systems), AI-driven water technologies, and brand building/offline channel entry in the U.S. They have started overseas manufacturing capacity (premium production line/gigafactory) and expanded global R&D/patent activity (end of 2025: >1,950 patent filings across 14 jurisdictions). Management expects overseas to be a major growth lever (guidance: triple-digit overseas revenue growth in 2026) while margins should improve over time from a larger share of Viomi-branded sales and recurring consumables. The company declared special dividends and a $20M share repurchase authorization (partial execution: ~1.03M ADS repurchased for ~$2.5M); a further special dividend was announced (USD 0.066 per ADS, aggregated RMB 31M). Balance sheet/liquidity remain healthy (as of 12/31/2025: cash & equivalents RMB 806.6M, restricted cash RMB 164.4M, short-term deposits RMB 258M, short-term investments RMB 82.6M). Key risks: lingering domestic subsidy normalization effects, geopolitical/overseas uncertainties, and near-term margin pressure from increased brand and channel investments.