Viomi Technology Co., Ltd (“Viomi” or the “Company”)
(NASDAQ: VIOT), a leading IoT @ Home technology company in China,
today announced its unaudited financial results for the fourth
quarter and full year ended December 31, 2020.
Fourth Quarter 2020 Financial and
Operating Highlights
- Net revenues
reached RMB1,889.0 million (US$289.5 million), an increase of 8.5%
from the fourth quarter of 2019.
- Gross margin was
23.5%, compared to 17.1% for the third quarter of 2020 and 19.9%
for the fourth quarter of 2019.
- Net income attributable to
ordinary shareholders of the Company was RMB110.6 million
(US$16.9 million), an increase of 23.3% from the fourth quarter of
2019.
- Non-GAAP net income
attributable to ordinary shareholders of the
Company1 was RMB115.5 million (US$17.7
million), an increase of 15.3% from the fourth quarter of
2019.
- Number of cumulative
household users reached more than 5.1 million, compared to
approximately 4.6 million as of the end of the third quarter of
2020 and approximately 3.2 million as of the end of the fourth
quarter of 2019.
- Percentage of household
users with at least two connected products reached 20.0%,
compared to 19.5% as of the end of the third quarter of 2020 and
17.9% as of the end of the fourth quarter of 2019.
1 “Non-GAAP net income attributable to ordinary shareholders of
the Company” is defined as net income attributable to ordinary
shareholders of the Company excluding share-based compensation
expenses. See “Reconciliation of GAAP and Non-GAAP Results” at the
end of this press release.
Full Year 2020 Financial and Operating
Highlights
- Net revenues
reached RMB5,825.6 million (US$892.8 million), an increase of 25.3%
from 2019.
- Gross margin was
18.6%, compared to 23.3% for 2019.
- Net income attributable to
ordinary shareholders of the Company was RMB173.3 million
(US$26.6 million).
- Non-GAAP net income
attributable to ordinary shareholders of the Company was
RMB245.5 million (US$37.6 million).
“As we continued to execute on our quality
growth strategy which focuses on shifting our business and product
mix toward higher margin products, we are pleased to deliver
meaningful gross margin recovery in the fourth quarter along with
strong full-year growth,” said Mr. Xiaoping Chen, Founder, Chairman
of the Board of Directors and Chief Executive Officer of Viomi.
“As part of our growth strategy, we continue to
roll out more high-end new products with a focus on seamless
integration with AI and IoT, which we firmly believe to be the
backbone of smart products in the IoT era. Our innovative SKUs with
higher margins and higher average selling prices are the main
drivers of our recent gross margin uplift. In the past months, we
have introduced Super and Vision series of water purifiers under
our new premium water purifier sub-brand Quanxian, new SKUs of
21Face 5G large-screen refrigerators, EyeBot AI washing machines
and New Wind AI washer-dryers, together with a series of smart home
devices, including 5G IoT CPE products, routers and IoT chips. In
particular, as a result of our investment in Viomi-branded premium
water purifiers, we have maintained our leading position in the
technology innovation in this area and expect an even greater
revenue contribution from this category. Earlier this month, two of
our water purification technologies were recognized by professional
organizations and experts including China Association for Quality
Inspection with the potential to be applied in the water
purification industry. In addition, leveraging our investment and
endeavors in research and development, we have achieved solid
performance in patent innovation. As of the end of 2020, the number
of our accumulative domestic and global patent applications had
reached over 3,000, among which, over 2,400 were already
registered.
“The successful launch and rapid development of
our new business in Viomi-branded sweeper robots for domestic and
overseas expansion were also key pillars of our overall
profitability improvement. In the fourth quarter, we assembled a
dedicated sweeper robot team and introduced Alpha and other series
of sweeper robots. We will continue to roll out more differentiated
SKUs and expand into more global markets.
“We are also seeking to provide more
comprehensive IoT household solutions, consisting of IoT product
experiences, services and internet content. With regards to our
value-added content, we consistently upgrade our large-screen
refrigerator operating system and recently expanded our cooperation
with additional third-party platforms to further enrich our
large-screen internet resources and create differentiated kitchen
scenario experience and increase user stickiness,” added Mr.
Chen.
“As we progressed into 2021, we have continued
to execute on our quality growth operating strategy through the
introduction of new high-end products and the optimization across
product lines. We will introduce a series of new AI products
including water purifiers, sweeper robots, air conditioners, and
smart kitchen products, among others, in our upcoming Spring new
product launch event in early April. We will also invest more
resources in branding and research and development for our IoT
products, as well as our IoT service system to optimize our 5G IoT
Home system and user experience. We remain confident in our ability
to maintain our leading position in the IoT home industry as we
continue to execute our strategy to deliver robust and stable
growth, a healthy level of profitability and long-term shareholder
value,” concluded Mr. Chen.
Fourth Quarter 2020 Financial Results
REVENUE
Net revenues increased by 8.5% to RMB1,889.0
million (US$289.5 million) from RMB1,741.7 million for the fourth
quarter of 2019. The growth was slightly below the Company’s
previous guidance by approximately 0.6%, primarily due to the
proactive step to stop the sales of some specific products with
lower average selling prices and lower gross margins, e.g. specific
low-end refrigerators and washing machines, in order to make room
for the launch of new large-screen refrigerators and high-end
washing machines and improve profitability.
- IoT @ Home portfolio. Revenues from
IoT @ Home portfolio increased by 15.7% to RMB1,114.6 million
(US$170.8 million) from RMB963.7 million for the fourth quarter of
2019. The growth was primarily driven by sustained sales increases
for certain new product categories, in particular sweeper
robots.
- Home water solutions. Revenues from
home water solutions decreased by 5.9% to RMB363.0 million (US$55.6
million) from RMB385.9 million for the fourth quarter of 2019. The
decline was primarily due to the decreases in average selling
prices of Xiaomi-branded water purifier products. This was
partially offset by the successful introduction and increased sales
of a new series of Viomi-branded water purifier products, which
narrowed the year-over-year decline for home water solutions,
compared to previous quarters.
- Consumables. Revenues from
consumables increased by 69.3% to RMB160.2 million (US$24.5
million) from RMB94.6 million for the fourth quarter of 2019,
primarily due to increased demand for the Company’s water purifier
filter products.
- Small appliances and others.
Revenues from small appliances and others decreased by 15.5% to
RMB251.2 million (US$38.5 million) from RMB297.4 million for the
fourth quarter of 2019, primarily due to product portfolio
optimization for higher gross margin in this category.
GROSS PROFIT
Gross profit increased by 28.0% to RMB443.8
million (US$68.0 million) from RMB346.6 million for the fourth
quarter of 2019. Gross margin was 23.5%, compared to 17.1% for the
third quarter of 2020 and 19.9% for the fourth quarter of 2019. The
quarter-over-quarter and year-over-year increases in gross margin
were primarily driven by the Company’s efforts to shift the
business and product mix toward higher gross margin products,
including the roll out of new Viomi-branded water purifiers and
sweeper robots, alongside the optimization of margins across
product lines.
OPERATING EXPENSES
Total operating expenses increased by 21.3% to
RMB331.8 million (US$50.8 million) from RMB273.6 million for the
fourth quarter of 2019, primarily due to the growth of the
Company’s business, as well as the increases in research and
development expenses and selling and marketing expenses.
Research and development expenses increased by
41.8% to RMB93.1 million (US$14.3 million) from RMB65.6 million for
the fourth quarter of 2019.
Selling and marketing expenses increased by
17.3% to RMB217.4 million (US$33.3 million) from RMB185.3 million
for the fourth quarter of 2019.
General and administrative expenses decreased by
5.7% to RMB21.3 million (US$3.3 million) from RMB22.6 million for
the fourth quarter of 2019.
INCOME FROM OPERATIONS
Income from operations increased by 36.4% to
RMB126.3 million (US$19.4 million) from RMB92.6 million for the
fourth quarter of 2019.
Non-GAAP operating income2, which excludes the
impact of share-based compensation expenses, increased by 27.3% to
RMB131.2 million (US$20.1 million) from RMB103.1 million for the
fourth quarter of 2019.
NET INCOME
Net income attributable to ordinary shareholders
of the Company was RMB110.6 million (US$16.9 million), compared to
RMB89.7 million for the fourth quarter of 2019.
Non-GAAP net income attributable to ordinary
shareholders of the Company increased by 15.3% to RMB115.5 million
(US$17.7 million) from RMB100.2 million for the fourth quarter of
2019.
2 “Non-GAAP operating income” is defined as
income from operation excluding share-based compensation expenses.
See “Reconciliation of GAAP and Non-GAAP Results” at the end of
this press release.
BALANCE SHEET
As of December 31, 2020, the Company had cash
and cash equivalents of RMB504.1 million (US$77.3 million),
restricted cash of RMB70.6 million (US$10.8 million), short-term
deposits of nil and short-term investments of RMB696.1 million
(US$106.7 million), compared to RMB972.4 million, RMB30.6 million,
RMB60.0 million and RMB316.2 million, respectively, as of December
31, 2019.
Full Year 2020 Financial Results
REVENUE
Net revenues increased by 25.3% to RMB5,825.6 million (US$892.8
million) from RMB4,647.5 million for 2019.
- IoT @ Home portfolio. Revenues from
IoT @ Home portfolio increased by 45.6% to RMB3,671.7 million
(US$562.7 million) from RMB2,522.2 million for 2019.
- Home water solutions. Revenues from
home water solutions decreased by 17.1% to RMB883.3 million
(US$135.4 million) from RMB1,065.2 million for 2019.
- Consumables. Revenues from
consumables increased by 44.0% to RMB382.9 million (US$58.7
million) from RMB265.8 million for 2019.
- Small appliances and others.
Revenues from small appliances and others increased by 11.8% to
RMB887.7 million (US$136.0 million) from RMB794.3 million for
2019.
GROSS PROFIT
Gross profit was RMB1,083.0 million (US$166.0
million), compared to RMB1,082.4 million for 2019. Gross margin was
18.6%, compared to 23.3% for 2019.
OPERATING EXPENSES
Total operating expenses increased by 15.4% to
RMB931.8 million (US$142.8 million) from RMB807.2 million for
2019.
Research and development expenses increased by
29.6% to RMB265.7 million (US$40.7 million) from RMB204.9 million
for 2019.
Selling and marketing expenses increased by
12.8% to RMB597.2 million (US$91.5 million) from RMB529.2 million
for 2019.
General and administrative expenses decreased by
5.7% to RMB68.9 million (US$10.6 million) from RMB73.1 million for
2019.
As a percentage of total net revenues, total operating expenses
decreased to 16.0% from 17.4% for 2019.
INCOME FROM OPERATIONS
Income from operations was RMB184.0 million
(US$28.2 million), compared to RMB311.1 million for 2019.
Non-GAAP operating income, which excludes the
impact of share-based compensation expenses, was RMB256.2 million
(US$39.3 million), compared to RMB354.2 million for 2019.
NET INCOME
Net income attributable to ordinary shareholders
of the Company was RMB173.3 million (US$26.6 million), compared to
RMB292.2 million for 2019.
Non-GAAP net income attributable to ordinary
shareholders of the Company was RMB245.5 million (US$37.6 million),
compared to RMB335.3 million for 2019.
OUTLOOK
For the first quarter of 2021, the Company
currently expects:
- Net revenues to be between RMB900
million and RMB950 million, representing a year-over-year growth of
approximately 17.6% to 24.1%.
The above outlook is based on the current market
conditions and reflects the Company’s current and preliminary
estimates of market and operating conditions and customer demand,
which are all subject to change.
Conference Call
The Company’s management will host a conference
call at 8:00 a.m. Eastern Time on Thursday, March 25, 2021 (8:00
p.m. Beijing/Hong Kong time on March 25, 2021) to discuss financial
results and answer questions from investors and analysts. Listeners
may access the call by dialing:
|
United States (Toll Free): |
+1-888-346-8982 |
| International: |
+1-412-902-4272 |
| Mainland China (Toll
Free): |
400-120-1203 |
| Hong Kong (Toll Free): |
800-905-945 |
|
Hong Kong: |
+852-3018-4992 |
|
Conference ID: |
10153115 |
A telephone replay will be available one hour
after the call until April 1, 2021 by dialing:
|
United States: |
+1-877-344-7529 |
|
International: |
+1-412-317-0088 |
|
Replay Passcode: |
10153115 |
Additionally, a live and archived webcast of the conference call
will be available at http://ir.viomi.com.
About Viomi Technology
Viomi’s mission is to redefine the future home
via the concept of IoT @ Home.
Viomi has developed a unique IoT @ Home platform
consisting an ecosystem of innovative IoT-enabled smart home
products, together with a suite of complementary consumable
products and value-added businesses. This platform provides an
attractive entry point into the consumer home, enabling consumers
to intelligently interact with a broad portfolio of IoT products in
an intuitive and human-like manner to make daily life more
convenient, efficient and enjoyable, while allowing Viomi to grow
its household user base and capture various additional
scenario-driven consumption events in the home environment.
For more information, please visit:
http://ir.viomi.com.
Use of Non-GAAP Measures
The Company uses non-GAAP operating income and
non-GAAP net income attributable to ordinary shareholders, which
are non-GAAP financial measures, in evaluating its operating
results and for financial and operational decision-making purposes.
Non-GAAP operating income is income from operations excluding
share-based compensation expenses. Non-GAAP net income attributable
to ordinary shareholders is net income attributable to ordinary
shareholders excluding share-based compensation expenses. The
non-GAAP adjustments do not have any tax impact as share-based
compensation expenses are non-deductible for income tax
purpose.
The Company believes that non-GAAP financial
measures help identify underlying trends in its business by
excluding the impact of share-based compensation expenses, which
are non-cash charges, and these measures provide useful information
about the Company’s operating results, enhance the overall
understanding of the Company’s past performance and future
prospects and allow for greater visibility with respect to key
metrics used by the Company’s management in its financial and
operational decision-making.
Non-GAAP financial measures should not be
considered in isolation or construed as alternative to income from
operations, net income, or any other measure of performance or as
an indicator of the Company’s operating performance. Investors are
encouraged to review the historical non-GAAP financial measures to
the most directly comparable GAAP measures. Non-GAAP financial
measures presented here may not be comparable to similarly titled
measures presented by other companies. Other companies may
calculate similarly titled measures differently, limiting their
usefulness as comparative measures to the Company’s data. We
encourage investors and others to review its financial information
in its entirety and not rely on a single financial measure.
Exchange Rate
The Company’s business is primarily conducted in
China and the significant majority of revenues generated are
denominated in Renminbi (“RMB”). This announcement contains
currency conversions of RMB amounts into U.S. dollars (“US$”)
solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to US$ are made at a rate of RMB 6.5250
to US$1.00, the effective noon buying rate for December 31, 2020 as
set forth in the H.10 statistical release of the Federal Reserve
Board. No representation is made that the RMB amounts could have
been, or could be, converted, realized or settled into US$ at that
rate on for December 31, 2020, or at any other rate.
Safe Harbor Statement
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates,” “confident” and
similar statements. Among other things, the business outlook and
quotations from management in this announcement, as well as Viomi’s
strategic and operational plans, contain forward-looking
statements. Viomi may also make written or oral forward-looking
statements in its periodic reports to the United States Securities
and Exchange Commission (the “SEC”), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
Fourth parties. Statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company’s growth strategies; the cooperation with
Xiaomi, the recognition of the Company’s brand; trends and
competition in global IoT-enabled smart home market; development
and commercialization of new products, services and technologies;
governmental policies relating to the Company’s industry and
general economic conditions in China and around the globe, and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company’s filings with the SEC. All information provided in this
press release and in the attachments is as of the date of this
press release, and the Company undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please
contact:
In China:
Viomi Technology Co., LtdCecilia LiE-mail: ir@viomi.com.cn
The Piacente Group, Inc.Emilie WuTel: +86-21-6039-8363 E-mail:
viomi@tpg-ir.com
In the United States:
The Piacente Group, Inc. Brandi PiacenteTel:
+1-212-481-2050E-mail: viomi@tpg-ir.com
VIOMI TECHNOLOGY CO.,
LTDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in thousands, except shares, ADS, per
share and per ADS data)
| |
|
As of December 31, |
|
As of December 31, |
|
|
|
2019 |
|
2020 |
|
2020 |
| |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
972,438 |
|
504,108 |
|
77,258 |
|
Restricted cash |
|
30,567 |
|
70,601 |
|
10,820 |
|
Short-term deposits |
|
60,000 |
|
- |
|
- |
|
Short-term investments |
|
316,201 |
|
696,051 |
|
106,674 |
|
Accounts and notes receivable from third parties (net of allowance
of RMB2,006 and RMB9,246 as of December 31, 2019 and 2020,
respectively) |
|
316,189 |
|
427,352 |
|
65,495 |
|
Accounts receivable from a related party (net of allowance of nil
and RMB61 as of December 31, 2019 and 2020, respectively) |
|
707,947 |
|
609,094 |
|
93,348 |
|
Other receivables from related parties (net of allowance of nil and
RMB9 as of December 31, 2019 and 2020, respectively) |
|
23,944 |
|
88,038 |
|
13,492 |
|
Inventories |
|
418,015 |
|
439,375 |
|
67,337 |
|
Prepaid expenses and other current assets |
|
62,314 |
|
87,280 |
|
13,377 |
|
Long-term deposits due within one year |
|
- |
|
10,000 |
|
1,533 |
| |
|
|
|
|
|
|
| Total current
assets |
|
2,907,615 |
|
2,931,899 |
|
449,334 |
| |
|
|
|
|
|
|
| Non-current
assets |
|
|
|
|
|
|
|
Prepaid expenses and other non-current assets |
|
11,170 |
|
19,803 |
|
3,035 |
|
Property, plant and equipment, net |
|
67,293 |
|
72,436 |
|
11,101 |
|
Deferred tax assets |
|
12,276 |
|
14,189 |
|
2,175 |
|
Intangible assets, net |
|
4,357 |
|
7,681 |
|
1,177 |
|
Right-of-use assets, net |
|
19,762 |
|
20,529 |
|
3,146 |
|
Land use rights, net |
|
- |
|
62,982 |
|
9,652 |
|
Long-term deposits |
|
- |
|
50,000 |
|
7,663 |
| |
|
|
|
|
|
|
| Total non-current
assets |
|
114,858 |
|
247,620 |
|
37,949 |
| |
|
|
|
|
|
|
| Total
assets |
|
3,022,473 |
|
3,179,519 |
|
487,283 |
|
|
|
|
|
|
|
|
| Liabilities and
shareholders’ equity |
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
Accounts and notes payable |
|
1,043,159 |
|
1,001,371 |
|
153,467 |
|
Advances from customers |
|
103,150 |
|
112,613 |
|
17,259 |
|
Amount due to related parties |
|
25,106 |
|
124,192 |
|
19,033 |
|
Accrued expenses and other liabilities |
|
325,042 |
|
335,488 |
|
51,416 |
|
Short-term borrowing |
|
95,868 |
|
- |
|
- |
|
Income tax payables |
|
33,522 |
|
50,962 |
|
7,810 |
|
Lease liabilities due within one year |
|
6,993 |
|
9,481 |
|
1,453 |
| Total current
liabilities |
|
1,632,840 |
|
1,634,107 |
|
250,438 |
| |
|
|
|
|
|
|
| Non-current
liabilities |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
1,795 |
|
3,400 |
|
521 |
|
Lease liabilities |
|
13,391 |
|
11,693 |
|
1,792 |
| Total non-current
liabilities |
|
15,186 |
|
15,093 |
|
2,313 |
| |
|
|
|
|
|
|
| Total
liabilities |
|
1,648,026 |
|
1,649,200 |
|
252,751 |
| |
|
|
|
|
|
|
VIOMI TECHNOLOGY CO.,
LTDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)(All amounts in thousands, except shares, ADS,
per share and per ADS data)
| |
|
As of December 31, |
|
As of December 31, |
|
|
|
2019 |
|
|
2020 |
|
|
2020 |
|
| |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Ordinary Shares (US$0.00001 par value; 4,800,000,000 shares
authorized; 98,444,732 and 104,163,686 shares issued and
outstanding as of December 31, 2019 and 2020, respectively) |
|
6 |
|
|
6 |
|
|
1 |
|
|
Class B Ordinary Shares (US$0.00001 par value; 150,000,000 shares
authorized; 110,850,000 and 103,554,546 shares issued and
outstanding as of December 31, 2019 and 2020, respectively) |
|
6 |
|
|
6 |
|
|
1 |
|
|
Treasury stock |
|
- |
|
|
(54,600 |
) |
|
(8,368 |
) |
|
Additional paid-in capital |
|
1,192,332 |
|
|
1,278,004 |
|
|
195,863 |
|
|
Retained earnings |
|
195,596 |
|
|
363,051 |
|
|
55,640 |
|
|
Accumulated other comprehensive loss |
|
(19,145 |
) |
|
(59,384 |
) |
|
(9,101 |
) |
|
|
|
|
|
|
|
|
|
Total equity attributable to shareholders of the
Company |
|
1,368,795 |
|
|
1,527,083 |
|
|
234,036 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
5,652 |
|
|
3,236 |
|
|
496 |
|
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
1,374,447 |
|
|
1,530,319 |
|
|
234,532 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
3,022,473 |
|
|
3,179,519 |
|
|
487,283 |
|
|
|
|
|
|
|
|
|
|
|
|
Note: On January 1, 2020, the Company adopted
ASC326, “Financial Instruments-Credit Losses” using
modified-retrospective transition approach. Following the adoption
of this guidance, a cumulative-effect adjustment to retained
earnings, amounting to RMB2.4 million, was recognized as of January
1, 2020.
VIOMI TECHNOLOGY CO.,
LTDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (All amounts in
thousands, except shares, ADS, per share and per ADS data)
| |
Three Months Ended |
Twelve Months Ended |
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2020 |
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
| Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
A related party |
891,271 |
|
1,046,628 |
|
160,403 |
|
2,112,170 |
|
2,889,441 |
|
442,826 |
|
| Third parties |
850,379 |
|
842,382 |
|
129,101 |
|
2,535,343 |
|
2,936,183 |
|
449,990 |
|
| Total net
revenues |
1,741,650 |
|
1,889,010 |
|
289,504 |
|
4,647,513 |
|
5,825,624 |
|
892,816 |
|
| |
|
|
|
|
|
|
| Cost of revenues (including
RMB24,002, RMB79,285, RMB48,424 and RMB454,432 with related
parties for the three months ended December 31, 2019 and 2020 and
for the twelve months ended December 31,2019 and 2020,
respectively) |
(1,395,080 |
) |
(1,445,245 |
) |
(221,493 |
) |
(3,565,109 |
) |
(4,742,668 |
) |
(726,846 |
) |
| |
|
|
|
|
|
|
| Gross
profit |
346,570 |
|
443,765 |
|
68,011 |
|
1,082,404 |
|
1,082,956 |
|
165,970 |
|
| |
|
|
|
|
|
|
| Operating
expenses(1) |
|
|
|
|
|
|
| Research and development
expenses (including RMB657, RMB621, RMB657 and RMB1,915 with
related parties for the three months ended December 31, 2019 and
2020 and for the twelve months ended December 31, 2019 and 2020,
respectively) |
(65,633 |
) |
(93,075 |
) |
(14,264 |
) |
(204,942 |
) |
(265,680 |
) |
(40,717 |
) |
| Selling and marketing expenses
(including RMB36,935, RMB44,595, RMB81,851 and RMB97,223, with
related parties for the three months ended December 31, 2019 and
2020 and for the twelve months ended December 31, 2019 and 2020,
respectively) |
(185,320 |
) |
(217,352 |
) |
(33,311 |
) |
(529,212 |
) |
(597,176 |
) |
(91,521 |
) |
| General and administrative
expenses |
(22,628 |
) |
(21,344 |
) |
(3,271 |
) |
(73,061 |
) |
(68,914 |
) |
(10,562 |
) |
| |
|
|
|
|
|
|
| Total operating
expenses |
(273,581 |
) |
(331,771 |
) |
(50,846 |
) |
(807,215 |
) |
(931,770 |
) |
(142,800 |
) |
| Other income, net |
19,607 |
|
14,297 |
|
2,191 |
|
35,880 |
|
32,795 |
|
5,026 |
|
| |
|
|
|
|
|
|
| Income from
operations |
92,596 |
|
126,291 |
|
19,356 |
|
311,069 |
|
183,981 |
|
28,196 |
|
| |
|
|
|
|
|
|
| Interest income and investment
income |
9,582 |
|
9,550 |
|
1,464 |
|
26,109 |
|
31,968 |
|
4,899 |
|
| Other non-operating
income |
530 |
|
554 |
|
85 |
|
1,842 |
|
1,818 |
|
279 |
|
| |
|
|
|
|
|
|
| Income before income
tax expenses |
102,708 |
|
136,395 |
|
20,905 |
|
339,020 |
|
217,767 |
|
33,374 |
|
| |
|
|
|
|
|
|
| Income tax expenses |
(12,470 |
) |
(25,191 |
) |
(3,861 |
) |
(45,190 |
) |
(43,321 |
) |
(6,639 |
) |
|
|
|
|
|
|
|
|
| Net
income |
90,238 |
|
111,204 |
|
17,044 |
|
293,830 |
|
174,446 |
|
26,735 |
|
| |
|
|
|
|
|
|
| Less: Net income attributable
to the non-controlling interest shareholders |
540 |
|
633 |
|
97 |
|
1,660 |
|
1,122 |
|
172 |
|
|
|
|
|
|
|
|
|
| Net income
attributable to ordinary shareholders of the Company |
89,698 |
|
110,571 |
|
16,947 |
|
292,170 |
|
173,324 |
|
26,563 |
|
|
|
|
|
|
|
|
|
VIOMI TECHNOLOGY CO.,
LTDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (All amounts in
thousands, except shares, ADS, per share and per ADS data)
|
|
Three Months Ended |
Twelve Months Ended |
|
|
December 31, 2019 |
|
December 31, 2020 |
|
December 31, 2020 |
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company |
89,698 |
|
110,571 |
|
16,947 |
|
292,170 |
173,324 |
|
26,563 |
|
|
|
|
|
|
|
|
|
| Other comprehensive (loss)
income, net of tax |
|
|
|
|
|
|
| Foreign currency translation
adjustment |
(9,946 |
) |
(25,757 |
) |
(3,947 |
) |
10,641 |
(40,239 |
) |
(6,167 |
) |
|
|
|
|
|
|
|
|
| Total comprehensive
income attributable to the Company |
79,752 |
|
84,814 |
|
13,000 |
|
302,811 |
133,085 |
|
20,396 |
|
| Net income per
ADS * |
|
|
|
|
|
|
| -Basic |
1.29 |
|
1.60 |
|
0.25 |
|
4.21 |
2.50 |
|
0.38 |
|
| -Diluted |
1.24 |
|
1.53 |
|
0.23 |
|
4.06 |
2.42 |
|
0.37 |
|
|
|
|
|
|
|
|
|
| Weighted average number of ADS
used in calculating net income per ADS |
|
|
|
|
|
|
| -Basic |
69,644,780 |
|
69,281,941 |
|
69,281,941 |
|
69,385,502 |
69,604,016 |
|
69,604,016 |
|
| -Diluted |
72,117,474 |
|
72,417,910 |
|
72,417,910 |
|
71,951,859 |
71,874,591 |
|
71,874,591 |
|
|
|
|
|
|
|
|
|
| Net income per share
attributable to ordinary shareholders of the Company: |
|
|
|
|
|
|
| -Basic |
0.43 |
|
0.53 |
|
0.08 |
|
1.40 |
0.83 |
|
0.13 |
|
| -Diluted |
0.41 |
|
0.51 |
|
0.08 |
|
1.35 |
0.81 |
|
0.12 |
|
| |
|
|
|
|
|
|
| Weighted average number of
ordinary shares used in calculating net income per share |
|
|
|
|
|
|
| -Basic |
208,934,340 |
|
207,845,824 |
|
207,845,824 |
|
208,156,507 |
208,812,049 |
|
208,812,049 |
|
| -Diluted |
216,352,423 |
|
217,253,730 |
|
217,253,730 |
|
215,855,577 |
215,623,773 |
|
215,623,773 |
|
|
|
|
|
|
|
|
|
| *Each ADS represents 3
ordinary shares. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Share-based
compensation was allocated in operating expenses as follows: |
| |
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2019 |
|
2020 |
|
2020 |
|
2019 |
2020 |
|
2020 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
| General and administrative
expenses |
1,829 |
|
(3,753 |
) |
(575 |
) |
7,282 |
11,303 |
|
1,732 |
|
| Research and development
expenses |
6,418 |
|
5,847 |
|
896 |
|
23,564 |
49,996 |
|
7,662 |
|
| Selling and marketing
expenses |
2,263 |
|
2,861 |
|
438 |
|
12,322 |
10,904 |
|
1,671 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
VIOMI TECHNOLOGY CO.,
LTDReconciliations of GAAP And Non-GAAP
Results(All amounts in thousands, except shares, ADS, per
share and per ADS data)
| |
Three Months Ended |
Twelve Months Ended |
|
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
December 31,2019 |
December 31,2020 |
December 31,2020 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
| Income from operations |
92,596 |
126,291 |
19,356 |
311,069 |
183,981 |
28,196 |
| Share-based compensation
expenses |
10,510 |
4,955 |
759 |
43,168 |
72,203 |
11,065 |
|
|
|
|
|
|
|
|
| Non-GAAP operating
income |
103,106 |
131,246 |
20,115 |
354,237 |
256,184 |
39,261 |
| |
|
|
|
|
|
|
| Net income |
90,238 |
111,204 |
17,044 |
293,830 |
174,446 |
26,735 |
| Share-based compensation
expenses |
10,510 |
4,955 |
759 |
43,168 |
72,203 |
11,065 |
| |
|
|
|
|
|
|
| Non-GAAP net
income |
100,748 |
116,159 |
17,803 |
336,998 |
246,649 |
37,800 |
|
|
|
|
|
|
|
|
| Net income attributable to the
Company |
89,698 |
110,571 |
16,947 |
292,170 |
173,324 |
26,563 |
| Share-based compensation
expenses |
10,510 |
4,955 |
759 |
43,168 |
72,203 |
11,065 |
|
|
|
|
|
|
|
|
| Non-GAAP net income
attributable to the Company |
100,208 |
115,526 |
17,706 |
335,338 |
245,527 |
37,628 |
|
|
|
|
|
|
|
|
| Net income attributable to
ordinary shareholders |
89,698 |
110,571 |
16,947 |
292,170 |
173,324 |
26,563 |
| Share-based compensation
expenses |
10,510 |
4,955 |
759 |
43,168 |
72,203 |
11,065 |
|
|
|
|
|
|
|
|
| Non-GAAP net income
attributable to ordinary shareholders |
100,208 |
115,526 |
17,706 |
335,338 |
245,527 |
37,628 |
|
|
|
|
|
|
|
|
| Non-GAAP net income
per ADS |
|
|
|
|
|
|
| -Basic |
1.44 |
1.67 |
0.26 |
4.83 |
3.53 |
0.54 |
| -Diluted |
1.39 |
1.60 |
0.25 |
4.66 |
3.42 |
0.52 |
|
|
|
|
|
|
|
|
| Weighted average number of ADS
used in calculating Non-GAAP net income per ADS |
|
|
|
|
|
|
| -Basic |
69,644,780 |
69,281,941 |
69,281,941 |
69,385,502 |
69,604,016 |
69,604,016 |
| -Diluted |
72,117,474 |
72,417,910 |
72,417,910 |
71,951,859 |
71,874,591 |
71,874,591 |
|
|
|
|
|
|
|
|
| Non-GAAP net income
per ordinary share |
|
|
|
|
|
|
| -Basic |
0.48 |
0.56 |
0.09 |
1.61 |
1.18 |
0.18 |
| -Diluted |
0.46 |
0.53 |
0.08 |
1.55 |
1.14 |
0.17 |
| |
|
|
|
|
|
|
| Weighted average number of
ordinary shares used in calculating Non-GAAP net income per
share |
|
|
|
|
|
|
| -Basic |
208,934,340 |
207,845,824 |
207,845,824 |
208,156,507 |
208,812,049 |
208,812,049 |
| -Diluted |
216,352,423 |
217,253,730 |
217,253,730 |
215,855,577 |
215,623,773 |
215,623,773 |
Note: The non-GAAP adjustments do not have any
tax impact as share-based compensation expenses are non-deductible
for income tax purpose.
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