Viomi Technology Co., Ltd (NASDAQ: VIOT)

Viomi Technology Co., Ltd develops, designs, manufactures and sells smart water purification and related home water solutions, guided by its mission of “AI for Better water” to provide households with healthier drinking water through AI enabled hardware and the equipment plus consumables business model.

The company generates revenue from the sale of its own branded and Xiaomi branded smart water purifiers, water filters, water heaters, kitchen appliances and associated services such as installation and rental; in 2023, sales to Xiaomi accounted for 78.9% of net revenues while its own and third party channels contributed 21.1%, and by 2025 the Xiaomi share rose to 89.6% with the channel share falling to 10.4%, reflecting the growing weight of the strategic partnership.

The company operates through the following segments: home water systems, consumables, kitchen appliances and others.

• Home water systems: This segment comprises smart water purifiers (both Viomi and Xiaomi branded), water heaters, smart water kettles and electric kettles, offering functions such as filtration, instant heating, cooling and ice making, and generated RMB1,077,858 thousand in 2023, RMB1,498,368 thousand in 2024 and RMB1,686,566 thousand in 2025.

• Consumables: This segment consists of replaceable water filters for smart water purifiers, providing recurring revenue throughout the product life cycle, and contributed RMB324,738 thousand in 2023, RMB277,704 thousand in 2024 and RMB235,388 thousand in 2025.

• Kitchen appliances and others: This segment includes range hoods, gas stoves, other small appliances, product installation services and rental services, and produced RMB236,140 thousand in 2023, RMB342,910 thousand in 2024 and RMB506,272 thousand in 2025.

Viomi Technology Co., Ltd holds a leading position in China's home water solutions market, distinguished by its AI driven water quality algorithms, integrated multifunctional products, a world class water purifier gigafactory that enables economies of scale, an extensive patent portfolio of 2,292 granted patents in China and a brand value of approximately RMB15.3 billion that ranked it 439th in the 2024 China Top 500 Brands list.

The company's customer base includes Xiaomi as a strategic partner, shareholder, and major corporate customer, as well as household consumers who purchase its products through its own online store, the WeChat mini program and third party ecommerce platforms such as JD.com, Tmall, Youpin and Pinduoduo, with additional reach via overseas channels including Amazon and Kickstarter.