Half Year 2024 Viomi Technology Co Ltd Earnings Call Transcript
Key Points
- Viomi Technology Co Ltd (VIOT) achieved a net profit turnaround with a net income of RMB5.6 million and a non-GAAP net income of RMB16.1 million.
- The company's core home water solution products revenue grew by nearly 13% year-over-year.
- Overall gross margin improved to 24.8% for the first half of 2024 from 22% in the prior year period.
- Strict cost control measures led to a 19.2% year-over-year decline in operating expenses.
- Viomi Technology Co Ltd (VIOT) maintained a strong cash position with free cash assets totaling RMB914.3 million.
- Net revenues decreased to RMB1,040.2 million compared to RMB1,304.4 million for the same period in 2023.
- Revenues from the IoT@Home portfolio decreased by 30.3% year-over-year.
- Revenues from small appliances and others decreased by 48% year-over-year.
- G&A expenses increased by 6.2% year-over-year, primarily due to higher professional fees and administrative expenses.
- The strategic reorganization may lead to a slight reduction in business scale in the short term.
Hello, ladies and gentlemen. Thank you for standing by for Viomi Technology Co. Limited earnings conference call for the first half of 2024. (Operator Instructions) Today's conference call is being recorded. I would now like to turn the call over to your host, Ms. Claire Ji, the IR Director of the company. Please go ahead, Claire.
Hello, everyone, and welcome to Viomi Technology Co. Limited earnings conference call for the first half of 2024. As a reminder, this conference is being recorded. The company's financial and operating results were issued in a press release earlier today and are posted online. You can download the earnings press release and sign up for the company's e-mail distribution list by visiting the IR section of the company's website at ir.viomi.com.
Participating in today's call are Mr. Xiaoping Chen, the Founder, Chairman of the Board of Directors and Chief Executive Officer; and Mr. Jinling Zhang, the Head of our Capital and Strategy Department. The company's management will
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
