The following is a summary of the Viomi Technology Co., Ltd (VIOT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Viomi reported Q4 2023 net revenues of RMB1,189 million, down from RMB1,596.4 million for the same period in 2022.
The company increased its gross profit margin to 23.8% in Q4 2023, up from 1.6% in the second half of 2022.
Operating expenses fell by 33.4% to RMB344.3 million, with net loss attributable to ordinary shareholders decreasing by 84% to RMB28.7 million, reflecting improved operational efficiency.
Business Progress:
Viomi increased revenue contribution from home water solutions and consumable products by optimizing the product mix, resulting in a higher contribution of 36.8% compared to 32.2% year-on-year.
The company successfully reorganized its business structure, creating two major business units, AI Water and AIoT@Home.
Viomi expanded both offline and online distribution networks and made strides in overseas market expansion.
The company launched the IoT Technology Park and applied for over 1,300 patents in the field of water purification, additionally unveiling new products like the Alpha X and the Master 3 MAX intelligent door lock.
More details: Viomi Technology IR
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