Zepp Health Corp. · NYSE:ZEPP
Zepp Health — Q4 2025 Earnings Presentation
13 slides from Zepp Health's earnings presentation, Mar 15, 2026
Slide 1: Zepp Health Earnings Presentation
Zepp Health Earnings Presentation Fourth Quarter and Full Year 2025 Investor Relations 15 March 2026
Slide 2: Table of Contents
Table of Contents 01 4Q25 Financial and Operating Results 06 4Q25 Revenue and Gross Margin Trend 02 FY25 Financial and Operating Results 07 Adjusted Operating Expenses 03 Revenue 08 Net Income/ Earnings Performance 04 4Q25 Gross Margin 09 Liquidity Position 05 FY25 Gross Margin 10 Business Outlook 2
Slide 3: 4Q25 Financial and Operating Results
4Q25 Financial and Operating Results Revenue • Meeting upper end of guidance Adjusted Net • Attributable to Zepp ** range Income $85.2 -$6.4 Million Million Units Shipped 0.9 Million 4Q24 0.9 Million Xiaomi Amazfit-branded 0.0 4Q24 0.9 4Q24 Million 0.1 Million Million 0.8 Million Currency: USD **Adj
Slide 4: FY25 Financial and Operating Results
FY25 Financial and Operating Results Revenue • Meeting upper end of guidance range $258.9 Million Adjusted Net • Attributable to Zepp ** Income -$31.5 Million Units Shipped 3.0 Million Currency: USD **Adjusted net income, a non-GAAP financial measure, represents net income (i) share-based compensati
Slide 5: Revenue
Revenue US$ million US$ million +43.0% +41.8% 85 259 61.4% 59 183 1 1.6% 11 6.0% 85 259 (67.3%) 59 172 45.4% 91. 60.6% 98.4% (32.7 (32.7%) 5% %) 4Q24 4Q25 FY24 FY25 Xiaomi wearable products Xiaomi wearable products 7.5% Amazfit-branded wearable products Amazfit-branded wearable products 7.5% 5 Empow
Slide 6: 4Q25 Gross Margin
4Q25 Gross Margin Gross Profit (USD in Millions） Gross margin As % of sales 40.4% 40.4% 37.2% 36.8% 34.4 21.9 0.1 (67.3%) 34.4 21.8 (32.7%) 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Xiaomi wearable products Amazfit-branded wearable products Amazfit-branded Total 6 Empowering Health, Inspiring Joy
Slide 7: FY25 Gross Margin
FY25 Gross Margin Gross Profit (USD in Millions） Gross margin As % of sales 40.0% 38.5% 38.3% 38.3% 99.2 70.2 1.6 (67.3%) 99.2 68.6 (32.7%) FY24 FY25 FY24 FY25 FY24 FY25 Xiaomi wearable products Amazfit-branded wearable products Amazfit-branded Total 7 Empowering Health, Inspiring Joy
Slide 8: 4Q25 Revenue and Gross margin trend
4Q25 Revenue and Gross margin trend Revenue (USD in Millions) Gross Margin (USD in Millions) & Gross Margin % 100 千 $94 $92 $83 $85 $82 40 40.4% $30 40.3% 40.6% $34 9% $76 $28 38.2% 21% 40.0% Between 37.3% 32% 33.9% 34.7% 39% US$50-55 36.8% 36.2% 30 36.8% $29 $60 $59 2% 100% 30.0% 91% 100% $20 $22 5
Slide 9: Adjusted Operating Expenses
Adjusted Operating Expenses Adjusted operating expenses Adjusted operating expenses as a % of total revenue (USD in Millions） 120.0 100% 90% 100.0 42 80% 42 70% 80.0 60% 60.0 50% 22.9% 53 40% 16.3% 46 40.0 30% 25.2% 20% 20.6% 20.0 28 10% 23 12.4% 10.9% 0.0 0% FY24 FY25 FY24 FY25 G&A S&M R&D G&A S&M
Slide 10: Net Income/ Earnings Performance
Net Income/ Earnings Performance Net Income (loss) Attributable to Zepp Adjusted Net Income (loss) Attributable to Zepp (USD in Millions） (USD in Millions） 0.0 0.0 -10.0 -10.0 -11.0 -6.4 -20.0 -20.0 -30.0 -30.0 -22.5 -40.0 -36.9 -40.1 -40.0 -31.5 -50.0 -50.0 -60.0 -70.0 -60.0 -56.7 -80.0 -70.0 -75.7
Slide 11: Liquidity Position
Liquidity Position Liquidity Position Cash and Cash Equivalents (USD in Millions） 400.0 Share Repurchase Program • Until 2025/12/31 - US$16.2 million 200.0 141.1 145.8 146.7 140.5 134.5 132.3 128.7 127.7 110.7 112.9 103.8 102.6 95.3 - 31 31 30 30 31 31 30 30 31 31 30 30 31 2. 3. 6. 9. 2. 3. 6. 9. 2.
Slide 12: Business Outlook
Business Outlook 1 2 3 4 5 • International • Expanding Product • New Product • Growing Value- • Strict Cost Control Expansion Categories Releases Added Service Revenue For the first quarter of 2026, the Company currently expects: • Net revenue to be between USD 50 million and USD 55 million, represe
Slide 13: Thank You!
Thank You! © 2022 Zepp Health Corporation. All Rights Reserved.