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$ZEPP
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Consolidated balance sheets

In millions of CNY, except per-share amounts
Q4 FY2025
As of Dec 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q4 FY2021
As of Dec 31, 2021
Q4 FY2020
As of Dec 31, 2020
Q4 FY2019
As of Dec 31, 2019
Q4 FY2018
As of Dec 31, 2018
Q4 FY2017
As of Dec 31, 2017
Assets
Current assets:
Cash and cash equivalents
Restricted cash
Accounts receivable (net of allowance of US$1,457 and US$2,916 as of December 31, 2024 and 2025, respectively)
Amounts due from related parties (net of allowance of nil and nil as of December 31, 2024 and 2025, respectively)
Inventories, net
Short-term investments (including available-for-sale debt securities measured at fair value of US$997 and nil as of December 31, 2024 and 2025, respectively)
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Intangible assets, net
Long-term investments (including available-for-sale debt securities measured at fair value of US$26,666 and US$17,382 as of December 31, 2024 and 2025, respectively)
Deferred tax assets
Operating lease right-of-use assets
Goodwill
Amounts due from related parties, non-current
Other non-current assets
Total assets
Liabilities
Current liabilities:
Accounts payable (including accounts payable of the consolidated VIEs without recourse to the Group of US$48,653 and US$64,004 as of December 31, 2024 and 2025, respectively)
Advance from customers and others of the consolidated VIEs without recourse to the Group
Amounts due to related parties (including amounts due to related parties of the consolidated VIEs without recourse to the Group of US$1,587 and US$221 as of December 31, 2024 and 2025, respectively)
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to the Group of US$26,495 and US$26,671 as of December 31, 2024 and 2025, respectively)
Income tax payables (including income tax payables of the consolidated VIEs without recourse to the Group of US$59 and US$69 as of December 31, 2023 and 2024, respectively)
Income tax payables (including income tax payables of the consolidated VIEs without recourse to the Group of US$69 and US$5 as of December 31, 2024 and 2025, respectively)
Notes payable and others of the consolidated VIEs without recourse to the Group
Short-term bank borrowings (including short-term bank borrowings of the consolidated VIEs without recourse to the Group of US$39,113 and US$46,433 as of December 31, 2024 and 2025, respectively)
Total current liabilities
Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Group of US$3,015 and US$2,646 as of December 31, 2024 and 2025, respectively)
Other non-current liabilities of the consolidated VIEs without recourse to the Group
Long-term borrowings (including long-term borrowings of the consolidated VIEs without recourse to the Group of US$35,551 and US$27,027 as of December 31, 2024 and 2025, respectively)
Non-current operating lease liabilities (including non-current operating lease liabilities of the consolidated VIEs without recourse to the Group of US$308 and nil as of December 31, 2024 and 2025, respectively)
Total liabilities
Equity
Ordinary shares
Class A Ordinary Shares
Class B Ordinary Shares
Additional paid-in capital
Treasury shares
Accumulated retained earnings/(losses)
Accumulated other comprehensive loss
Total Zepp Health Corporation shareholders' equity
Non-controlling interest
Total equity
Total liabilities and equity

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