Summary by Moomoo AI
Viomi Technology Co., Ltd reported unaudited financial results for H1 2024, returning to profitability with net income of RMB5.6 million. Net revenues were RMB1,040.2 million, down from RMB1,304.4 million in H1 2023. Gross margin improved to 24.8% from 22.0% YoY. The company implemented a "Focus" strategy, prioritizing high-quality development and enhancing operating performance.Viomi announced a major business reorganization to divest certain IoT@Home portfolio products, focusing on core home water solutions. Estimated revenues of continuing businesses exceeded RMB800 million with income from operations over RMB50 million in H1 2024. The company aims to leverage AI technology to provide better home water solutions globally.For full-year 2024, Viomi expects revenues of continuing businesses between RMB1.7-1.9 billion and income from operations between RMB110-130 million. The company maintains a strong cash position with free cash assets totaling RMB914.3 million as of June 30, 2024.
