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Zepp Health Corporation

huami.com

What Do They Do?

Sells smartwatches and hearing aids, plus wellness software for consumers.

How Do They Make Money?

Most revenue comes from smart wearable devices sold to resellers, with sales counted on delivery to or acceptance by them. A small amount comes from software and subscription services provided over time.

FY2025 revenue

Who Are Their Customers?

Consumers buy Amazfit products through the company's online storefronts and retail distributors; the company also sells directly to some e-commerce platforms, which then distribute to end users.

Customers above 10% of revenue, FY2025
of revenue from one customer
FY2023: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

No. It lost $40.1M in FY2025.

Operating income, FY2025
−11% of revenue
▼ −38% (Loss) vs FY2024 (−$47.3M, −26%)
Net income, FY2025
−15% of revenue
▼ −47% (Loss) vs FY2024 (−$75.7M, −41%)
Free cash flow, FY2025
−10% of revenue
▲ +2% (Loss) vs FY2024 (−$25.8M, −14%)

How Are They Changing?

More wearable forms The older report described watches and bands, scales, hearables and a treadmill; the latest report also describes a screen-free fitness tracker and a smart ring.

Broader wellness software Zepp Aura has broadened from sleep-focused sound support to a service that also gives recommendations for emotional regulation and sports performance.

Who Do They Compete With?

Competes with Google Fitbit, Garmin, Huawei, Apple, and Samsung

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