Viomi Technology (VIOT) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached CNY 2.4 billion (RMB 2,428.2 million), up 14.6% year-over-year, with net income attributable to shareholders at CNY 141.6 million (down 1.9% YoY) and a net profit margin of 5.8%.

• H2 2025 net revenue was CNY 950.6 million (RMB 950.6 million), down 25.9% year-over-year, with net income of CNY 21.2 million (down 70.2% YoY).

• Strategic reorganization in August 2024 led to divestment of the IoT @ Home portfolio (excluding range hoods, gas stoves, and water heaters), with discontinued operations deconsolidated.

• Significant progress in global water strategy, including multinational team establishment, strong North American Amazon channel growth, and expansion in Southeast Asia.

• Launched new products, expanded brand presence with celebrity ambassadors, and planned global events.

Financial highlights

• H2 2025 gross profit was CNY 223.8 million (RMB 223.8 million); gross margin improved to 23.5% from 22.6% year-over-year.

• Full-year 2025 gross profit was CNY 615 million (RMB 615.0 million) with a gross margin of 25.3% (down from 25.9% YoY).

• H2 2025 operating expenses rose 12% to CNY 248 million, driven by higher selling and marketing costs.

• Full-year operating expenses increased 24.6% to CNY 529.4 million; non-GAAP net income was CNY 155.7 million (down 3.2% YoY).

• Cash and cash equivalents at year-end: CNY 806.6 million (RMB 806.6 million); total current assets RMB 1,960.5 million.

Outlook and guidance

• Plans to deepen presence in North America and Southeast Asia, expand into new countries, and launch localized production.

• Expects triple-digit overseas revenue growth in 2026, with global expansion as a key long-term strategy.

• Focus on integrating AI across water purification, leveraging the Water Purifier Gigafactory for scale and efficiency.

• Anticipates a return to normal growth pace in domestic water purifier market in 2026, despite subsidy removal.

• Projects low double-digit normalized growth rate by 2027, with brand growth outpacing industry average.