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- **Revenue Surge**: 78.5% YoY growth driven by premium product launches.
- **Gross Margin Expansion**: 38.2% Q3, targeting further improvement.
- **Supply Chain Resilience**: Helio Strap constraints offset by T-Rex 3 Pro momentum.
- **Q4 Guidance**: $82-86M revenue, 38-45% YoY growth.
- **Cash Flow Strength**: $103M cash balance, operational breakeven achieved.


**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue surged 78.5% YoY to $75.8M, driven by T-Rex 3 Pro and Balance 2/Helio Strap demand.
- **Product Launch Momentum**: T-Rex 3 Pro 48mm launched at UTMB; 44mm version debuted Oct 25. Entry-level Bip 6/Active 2 maintained steady sales.
- **Gross Margin Expansion**: Sequentially improved to 38.2% (from 36.2%), supported by premium product mix and cost control.
- **Q4 Outlook**: Revenue guidance $82-86M (38-45% YoY growth), fueled by holiday season demand.

**【CFO Financial Commentary】**
- **Supply Chain Challenges**: Helio Strap constrained by memory chip shortages; T-Rex 3 Pro supply adjustments.
- **Cost Management**: Operating expenses stable at $28.6M (37.7% of sales), with R&D/Mktg spend optimized for ROI.
- **Cash Flow Strength**: Q3 cash balance $103M (vs. $95M Q2), driven by operational efficiency.
- **Debt Optimization**: Retired $64.5M debt since 2023, refinanced short-term debt into long-term instruments.

**【Q&A Key Highlights】**
- **Helio Strap Supply Constraints**: Memory chip shortages and typhoon-related delays impacted Q3 shipments.
- **Channel Strategy**: Online growth (Amazon/Zepp.com) outpaces offline expansion; T-Rex 3 Pro 44mm prioritized for online sales.
- **Holiday Season Demand**: T-Rex 3 Pro 48mm outperformed expectations, with 44mm version gaining traction.
- **Price Growth**: Q4 ASPs expected to support margin expansion through selective promotions.


Zepp Health Corporation (ZEPP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ZEPP

ZEPP fundamentals

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