Viomi Technology Co., Ltd

What they do

Viomi operates as a household appliances company incorporated in the Cayman Islands with operations conducted through subsidiaries and variable interest entities in China. The company reports segment data through a single primary business of household appliances, with no separate product-line reporting available in the provided financial data. Revenue is generated through the sale of connected home appliances in the Chinese market.

Revenue drivers

• Household appliance sales — The company's primary revenue source is the sale of household appliances in China, though specific product-line breakdowns are not provided in the filing excerpts.
• Installation services — The filings reference installation services as a revenue category, suggesting the company recognizes service revenue alongside product sales.
• Membership services — The filings reference membership service revenue, a smaller stream that appears as a separate member in the XBRL data.
• Discontinued operations - Foshan Yunmi — The company has discontinued operations associated with Foshan Yunmi Electric Appliances Technology, which contributed to prior period revenue but is no longer part of continuing operations.

Recent performance

Revenue grew from $832.3 million in 2021 to $347.2 million in 2025, after declining steadily to $290.3 million in 2024. The company returned to profitability in 2024 with $8.5 million of net income and improved to $20.3 million in 2025, after net losses of $39.9 million in 2022 and $11.9 million in 2023. Diluted EPS improved to $0.10 in 2025 from $0.04 in 2024. Operating cash flow was $22.1 million in 2025, down from $98.1 million in 2024. Total assets were $341.9 million and total liabilities $122.8 million at December 31, 2025, with shareholder equity of $218.3 million.

Strategy

The filing excerpts do not contain specific strategy statements from management. The company operates through a variable interest entity structure in China and has discontinued certain operations, such as Foshan Yunmi Electric Appliances Technology. The company's focus appears to be on stabilizing revenue and returning to consistent profitability, as demonstrated by the improvement in net income in 2024 and 2025.

Risks

• Revenue concentration and volatility — Revenue declined by more than half from $832.3 million in 2021 to $290.3 million in 2024, indicating significant volatility in the company's core appliance business.
• VIE structure risk — The company operates through variable interest entities in China, a structure that introduces legal and regulatory risks not present in direct ownership.
• Discontinued operations — The discontinuation of Foshan Yunmi Electric Appliances Technology may indicate challenges in certain product categories or segments.
• Operating cash flow decline — Operating cash flow fell from $98.1 million in 2024 to $22.1 million in 2025, despite improved net income.

Outlook

The filing excerpts do not include specific forward-looking guidance. The company's recent return to profitability and revenue growth in 2025 may provide a foundation, but the volatility in revenue and cash flow makes future performance uncertain.