Zepp Health Corp (ZEPP) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Zepp Health Corporation's third quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. (Operator Instructions) Today's conference call is being recorded. I will now hand the call over to your host, Ms. Grace Zhang, Director of Investor Relations for the company.

各位女士、先生們，大家好。感謝您參加 Zepp Health Corporation 2025 年第三季財報電話會議。目前，所有參與者均處於只聽模式。（操作員指示）今天的電話會議正在錄音。現在我將把電話交給主持人，公司投資者關係總監張女士。

Please go ahead, Grace.

請繼續，格蕾絲。

Hello, everyone, and welcome to Zepp Health Corporation's Third Quarter 2025 Earnings Conference Call. The company's financial and operating results were issued in a press release via the Newswire services earlier today and are posted online. You can also view the earnings press release and slides referred to on this call by visiting the IR section of the company's website at ir.zepp.com.

大家好，歡迎參加 Zepp Health Corporation 2025 年第三季財報電話會議。該公司財務和營運業績已於今日稍早透過新聞專線以新聞稿形式發布，並已在線上公佈。您也可以造訪公司網站 ir.zepp.com 的投資者關係部分，查看本次電話會議中提到的收益新聞稿和幻燈片。

Participating in today's call are Mr. Wang Wayne Huang, our Chairman of the Board of Directors and Chief Executive Officer; and Mr. Leon Deng, our Chief Financial Officer. The company's management will begin with prepared remarks, and the call will conclude with a Q&A session. Mr. Mike Yeung, our Chief Operating Officer, will join us for the Q&A session.

參加今天電話會議的有：董事長兼執行長黃偉先生；以及財務長鄧立恩先生。公司管理層將首先發表準備好的講話，電話會議最後將進行問答環節。我們的營運長楊先生將參加問答環節。

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today.

在繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。

Further information regarding this and other risks and uncertainties are included in the company's annual report on Form 20-F for the fiscal year-ended December 31, 2024, and other filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

有關此項及其他風險和不確定性的更多信息，請參閱公司截至 2024 年 12 月 31 日的財政年度的 20-F 表格年度報告以及向美國證券交易委員會提交的其他文件。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that Zepp's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial information. Zepp's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. I will now turn the call over to our CEO, Mr. Wayne Wang Huang. Please go ahead.

另請注意，Zepp 的收益新聞稿和本次電話會議包含對未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務資訊的討論。Zepp 的新聞稿中包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的調節表。現在我將把電話交給我們的執行長王黃先生。請繼續。

Thank you all for joining us today. I'm delighted to report that Zepp Health delivered another exceptional quarter with revenue grew 78.5% year-over-year, underscoring the ongoing effectiveness of our strategic brand and product evolution. We also turned our cash balance from outflow to inflow, a critical operational milestone.

感謝各位今天蒞臨。我很高興地宣布，Zepp Health 又取得了卓越的季度業績，營收年增 78.5%，這凸顯了我們策略品牌和產品發展的持續有效性。我們還實現了現金餘額由流出轉為流入，這是一個重要的營運里程碑。

These results once again validate the strength of our strategy, the competitiveness of our products and the growing global recognition of the Amazfit brand. Our exceptional Q3 performance was fueled by our well-executed multi-tier product strategy, which drove consistent gross margin growth quarter-over-quarter.

這些結果再次驗證了我們策略的有效性、我們產品的競爭力以及Amazfit品牌日益增長的全球知名度。我們第三季的出色業績得益於我們執行良好的多層次產品策略，該策略推動了毛利率環比持續成長。

In September, we launched our flagship Amazfit T-Rex 3 pro, which was well received by users and endurance outdoor community with enhanced durability, advanced navigation and outdoor safety features setting new premium outdoor benchmarks.

9 月，我們推出了旗艦產品 Amazfit T-Rex 3 pro，憑藉其增強的耐用性、先進的導航和戶外安全功能，受到了用戶和耐力戶外愛好者的好評，樹立了高端戶外產品的新標竿。

Our earlier launch Balance 2 and Helio Strap continued performing well, offering advanced analytics and better usability for daily training. Entry-level lines maintained steady sales across key global channels, underscoring Amazfit's strong positioning across consumer segments.

我們先前推出的 Balance 2 和 Helio Strap 繼續保持良好的表現，為日常訓練提供進階分析和更好的易用性。入門級產品線在全球主要通路保持了穩定的銷售量，凸顯了 Amazfit 在各個消費族群中的強大地位。

Our gross margin continued to expand sequentially, growing from 36.2% to 38%, thanks to effective mix management and strong ongoing execution of our margin improvement initiatives that began in late 2023. Operating expenses remain prudent as we balance continued investment in R&D with selective marketing spending to support brand visibility.

由於有效的產品組合管理以及自 2023 年底開始實施的利潤率提升計劃的持續有效執行，我們的毛利率繼續環比增長，從 36.2% 增長到 38%。在持續投入研發的同時，我們也會選擇性地投入行銷資金以提升品牌知名度，進而維持穩健的營運支出。

These improvements demonstrate our commitment to operational discipline, while maintaining innovation momentum on which Leon will provide more details later. The Amazfit T-Rex 3 Pro launch was the highlight of the quarter, designed for endurance athletes and outdoor adventures.

這些改進體現了我們對營運紀律的承諾，同時保持了創新勢頭，Leon 稍後將提供更多細節。Amazfit T-Rex 3 Pro 的發布是本季度的亮點，這款手錶專為耐力型運動員和戶外探險者設計。

The new model introduces key upgrades that elevate the user experience such as enhanced durability, advanced navigation and improved outdoor safety feature, providing exceptional precision and reliability in challenging terrain. The metal made its global debut during UTMB race week in Chamonix, where Amazfit ambassadors and elite trail runners use the watch for real-time checking and recovery optimization.

新型號引入了多項關鍵升級，提升了用戶體驗，例如增強了耐用性、改進了導航功能和增強了戶外安全功能，在具有挑戰性的地形中提供了卓越的精度和可靠性。這款金屬材質在霞慕尼舉行的 UTMB 比賽週期間首次亮相全球，Amazfit 品牌大使和精英越野跑者使用這款手錶進行即時檢查和恢復優化。

Notably, Ruth Croft earned first place in the UTMB 2025 Women's division, marking a historic win and powerful validation of our product performance. Beyond hardware, the T-Rex 3 lineup continue to evolve through firmware upgrades that add new HYROX training modes, merging training and competition into one integrated experience.

值得一提的是，Ruth Croft 在 2025 年 UTMB 女子組比賽中獲得第一名，這標誌著歷史性的勝利，也強有力地驗證了我們產品的性能。除了硬體之外，T-Rex 3 系列產品還透過韌體升級不斷發展，增加了新的 HYROX 訓練模式，將訓練和比賽整合到一個綜合體驗中。

Our Balance 2 and Helio Strap, representing the perfect synergy of advanced analytics and everyday usability continued to perform strongly following their Q2 debut. During the quarter, Balance 2 updates introduced new training modes, including HYROX PFT and ultramarathon, improved data visualization, plug-in cycling speedometer connectivity and refined UI features such as one tap display and optimized digital quant feedback.

我們的 Balance 2 和 Helio Strap 完美融合了先進的分析技術和日常使用的便利性，自第二季上市以來，表現持續強勁。本季度，Balance 2 的更新引入了新的訓練模式，包括 HYROX PFT 和超級馬拉松，改進了數據視覺化，增加了插入式自行車速度計連接功能，並改進了用戶介面功能，例如一鍵顯示和優化的數位量化回饋。

Our entry-level Bip 6 and Active 2 series continued to contribute stable volume across key global channels, maintaining strong sell-through performance and solidifying Amazfit's position across diverse user tiers. Beyond hardware, we advanced our technology ecosystem on multiple fronts.

我們的入門級 Bip 6 和 Active 2 系列產品在全球主要通路持續貢獻穩定的銷量，保持強勁的銷售業績，鞏固了 Amazfit 在不同用戶群中的地位。除了硬體之外，我們還在多個方面推進了我們的技術生態系統。

A major milestone this quarter was Zepp Health's acquisition of core assets from Wild.AI. a pioneering women's wellness platform. Wild.AI uses common informed analytics to optimize performance, recovery and nutrition across all stages of our women's life.

本季的一個重大里程碑是 Zepp Health 收購了 Wild.AI 的核心資產，Wild.AI 是一家開創性的女性健康平台。Wild.AI 利用通用資訊分析來優化女性生命各個階段的運動表現、恢復和營養。

Integrating these capabilities into our ecosystem will enable Amazfit to deliver more personalized physiology aware coaching experiences to female athletes, while maintaining compatibility with third-party wearables. We also continue to integrate Zepp OS and Zepp Pro, building on the advances of Zepp OS 5.0, we enhanced AI-driven training insights and expanded our integration with platforms like Strava and TrainingPeaks, offering users more connected and data-rich performance feedback.

將這些功能整合到我們的生態系統中，將使 Amazfit 能夠為女性運動員提供更個人化的生理感知指導體驗，同時保持與第三方穿戴裝置的兼容性。我們還繼續整合 Zepp OS 和 Zepp Pro，在 Zepp OS 5.0 的基礎上，增強了 AI 驅動的訓練洞察，並擴展了與 Strava 和 TrainingPeaks 等平台的集成，為用戶提供更多關聯性和數據豐富的性能反饋。

These improvements also powered the latest firmware updates across Balance 2 and T-Rex 3. In addition, the long-awaited BioCharge feature upgrade has arrived on balance 2, integrating synchronized biometric data streams to calculate your energy levels through the day.

這些改進也為 Balance 2 和 T-Rex 3 的最新韌體更新提供了支援。此外，期待已久的 BioCharge 功能升級已在 balance 2 上推出，它集成了同步的生物特徵數據流，可以計算您全天的能量水平。

BioCharge is a personalized body energy management feature that continuously analysis your energy levels by integrating data from your nighttime sleep, daytime naps, exertion and stress indicators. Separately, we are proud to share that Amazfit received RED Network Security [MB certificate from SCS]. This recognition reflects our commitment to user privacy, product safety and international compliance, further strengthening global consumer trust in our products.

BioCharge 是一項個人化的身體能量管理功能，它透過整合夜間睡眠、白天小睡、運動和壓力指標的數據，持續分析您的能量水平。另外，我們很榮幸地宣布，Amazfit 獲得了 RED 網路安全認證。[來自SCS的MB憑證]。這項認可體現了我們對用戶隱私、產品安全和國際合規性的承諾，進一步增強了全球消費者對我們產品的信任。

Our athlete and community initiatives continue to strengthen Amazfit brand equity worldwide. Athletes are now contributing to our product development process, ensuring that our sports watches are designed by athletes for athletes. In Japan, we proudly welcome Ota Aoi as Amazfit's first Japanese brand ambassador.

我們透過運動員和社區活動不斷提升Amazfit在全球的品牌價值。運動員現在參與我們的產品開發過程中，確保我們的運動手錶是由運動員為運動員設計的。在日本，我們非常榮幸地歡迎大田葵成為 Amazfit 的首位日本品牌大使。

Furthermore, we continue to expand our presence in major global and regional sports communities. During the quarter, we strengthened our presence in global and regional sports communities through continued partnerships with HYROX. We expanded our HYROX athlete roster, welcoming returning athlete Hunter Mclntyre alongside new competitors.

此外，我們將繼續擴大我們在全球和區域主要體育社區的影響力。本季度，我們透過與 HYROX 的持續合作，加強了我們在全球和區域體育界的影響力。我們擴大了 HYROX 運動員陣容，迎來了回歸運動員 Hunter Mclntyre 以及新參賽者。

This expansion underscores our commitment to supporting both established champions and emerging talent in functional fitness racing, while integrating athlete insights into product development. Additionally, we participate in the HYROX Beijing event, engaging local fitness communities and reinforcing our brand's global empowerment of athletes. Over the past several years, Zepp Health has completed a structural transformation of both its product and profit model. Our brand has also been significantly strengthened and reshaped with a clear positioning as a sports and performance technology brand. Today, our portfolio covers every tier from entry to premium with healthy profit margins and distinct positioning.

此次擴張凸顯了我們致力於支持功能性健身競賽領域的老牌冠軍和新興人才，同時將運動員的見解融入產品開發中。此外，我們還參加了北京 HYROX 活動，與當地健身社群互動，並加強了我們品牌對全球運動員的支持。過去幾年，Zepp Health 完成了產品和獲利模式的結構性轉型。我們的品牌也得到了顯著加強和重塑，明確定位為運動和性能技術品牌。目前，我們的產品組合涵蓋從入門級到高端的各個級別，擁有健康的利潤率和獨特的市場定位。

Our high-end offerings, the T-Rex 3 Pro has delivered strong performance, proving robust market acceptance for our premium line. Meanwhile, our Balance, Active and Bip lines continue to deliver steady growth across global channels.

我們的高階產品 T-Rex 3 Pro 性能強勁，證明了我們高階產品線在市場上的廣泛認可。同時，我們的 Balance、Active 和 Bip 系列產品在全球通路持續保持穩定成長。

Alongside this, our expanding Helio ecosystem featuring Helio Ring, Helio Strap and future Helio innovations has built a strong and scalable framework that supports our long-term competitiveness and sustainable growth. This solid foundation provides us strong confidence heading into the fourth quarter and 2026, as we continue to execute on our strategy and deliver lasting value to both users and shareholders.

同時，我們不斷擴展的 Helio 生態系統，包括 Helio Ring、Helio Strap 和未來的 Helio 創新產品，建立了一個強大且可擴展的框架，為我們的長期競爭力和永續成長提供了支持。這個堅實的基礎讓我們對進入第四季和 2026 年充滿信心，我們將繼續執行我們的策略，為用戶和股東創造持久價值。

Entering the final quarter of 2025, we are confident in our continued growth, supported by a strong product pipeline, margin improvement initiative and disciplined execution despite a challenging macroeconomic environment, our strategic focus on sports tech and holistic health ecosystem is delivering earlier results.

進入 2025 年最後一個季度，我們對持續成長充滿信心，這得益於強大的產品線、利潤率提升計劃以及在充滿挑戰的宏觀經濟環境下的嚴格執行。我們對運動科技和整體健康生態系統的策略重點正在取得初步成效。

We anticipate Q4 revenue to be between USD82 million and USD86 million delivering 38% to 45% year-over-year growth. This growth reinforces our optimism in sustaining top line momentum and achieving greater operating leverage. What continues to fuel our success is our dual commitment, creating long-term value for shareholders and empowering users through innovative technology.

我們預計第四季營收將在 8,200 萬美元至 8,600 萬美元之間，年增 38% 至 45%。這一成長增強了我們對維持營收成長動能和實現更大營運槓桿的樂觀信心。我們持續成功的動力源自於我們的雙重承諾：為股東創造長期價值，並透過創新技術賦能用戶。

Thank you for your trust and support. I will now turn the call over to Leon to go over the highlights of our third quarter financial results.

感謝您的信任與支持。現在我將把電話交給萊昂，讓他來介紹我們第三季財務表現的要點。

Thank you, Wayne. Greetings, everyone. Thank you, again, for joining our third quarter 2025 earnings call. The macroeconomic landscape has had some impact on our Q3 performance. On the tariff front, the situation has remained stable, and we have made the necessary short-term adjustments to our business model.

謝謝你，韋恩。大家好。再次感謝您參加我們2025年第三季財報電話會議。宏觀經濟情勢對我們第三季的業績產生了一定影響。在關稅方面，情況保持穩定，我們已對我們的商業模式做出了必要的短期調整。

Moving forward, we are focused on long-term structural supply chain optimizations. Additionally, we have increased inventory in key product lines to meet strong customer demand and mitigate potential tariff-related risks, which explains the slight increase in our inventory levels this quarter.

展望未來，我們將專注於供應鏈的長期結構性最佳化。此外，為了滿足強勁的客戶需求並降低潛在的關稅相關風險，我們增加了重點產品線的庫存，這也解釋了本季度庫存水準略有上升的原因。

Regarding memory chips, we have seen prices more than doubled this year due to supply constraints and increased demand, especially in the AI sector. While memory chips represent a relatively small part of our overall bill of materials, we have secured supply at a favorable pricing to mitigate the impact. We'll continue to monitor market conditions and adjust our plans accordingly.

由於供應受限和需求增加，尤其是在人工智慧領域，今年的記憶體晶片價格已經翻了一番以上。雖然記憶體晶片在我們整體物料清單中所佔比例相對較小，但我們已以優惠的價格確保了供應，以減輕其影響。我們將繼續關注市場狀況，並據此調整我們的計劃。

Now, let's turn to financials. In the third quarter of 2025, our revenue increased 78.5% year-over-year to $75.8 million, meeting the upper end of our previous guidance as Amazfit branded ecosystem continued to gain traction. Echo to Wayne, this performance represents strong market receptions for the T-Rex 3 Pro launched in September as well as continued strength from Balance 2 and Helio Strap, both introduced in the second quarter.

現在，我們來看看財務方面。2025 年第三季度，我們的營收年增 78.5% 至 7,580 萬美元，達到了我們先前預期的上限，因為 Amazfit 品牌生態系統繼續獲得市場認可。向韋恩致意，這一業績表明，9 月推出的 T-Rex 3 Pro 獲得了強勁的市場反響，同時，第二季推出的 Balance 2 和 Helio Strap 也繼續保持強勁勢頭。

In addition, the sustained popularity of our entry models, including Bip 6 and Active 2, provided steady sales volume. These positives were partially offset by Helio Strap supply constraints and typhoon-related shipment delays late in the quarter. Looking ahead, we have just started selling of our T-Rex 3 Pro 44-millimeter version on October 25.

此外，我們的入門級機型（包括 Bip 6 和 Active 2）持續受到歡迎，銷售量也保持穩定。這些利多因素部分被 Helio Strap 的供應限制以及本季末颱風導致的運輸延誤所抵消。展望未來，我們已於 10 月 25 日開始銷售 T-Rex 3 Pro 44 毫米版本。

And together with our upcoming new product launches, we expect the top line expansion continues into the holiday season. Turning to gross margin. It was influenced by various factors, including product mix, product launch timing and product life cycles such as model upgrades. In the third quarter, we reported a gross margin of 38.2% or 39.4%, excluding the impact of tariffs.

隨著我們即將推出的新產品，我們預計營收成長動能將持續到假期季節。接下來我們來看毛利率。它受到多種因素的影響，包括產品組合、產品上市時間以及產品生命週期（如型號升級）。第三季度，我們的毛利率為 38.2%，若不計關稅影響，則為 39.4%。

This represents a 2.4% decrease compared to 40.6% in Q3 2024. The year-over-year decline was primarily driven by three factors related to our entry-level products. First, these products were priced lower than the previous generation to drive revenue growth, which resulted in a lower margin. Second, Prime Day discounts were applied to expand our customer base, further impacting margins.

與 2024 年第三季的 40.6% 相比，這相當於下降了 2.4%。年比下降主要受與我們的入門級產品相關的三個因素影響。首先，為了推動營收成長，這些產品的定價低於上一代產品，導致利潤率降低。其次，我們利用 Prime Day 折扣擴大了客戶群，這進一步影響了利潤率。

Third, as a part of our annual product cycle refreshment cycle, the current entry-level models are nearing the end of their life cycle and were offered at the promotion prices. Despite these factors, the T-Rex product line showed strong margin performance with the launch of the T-Rex 3 Pro in September, helping to offset the impact of Prime Day discounts on the T-Rex 3.

第三，作為我們年度產品週期更新計畫的一部分，目前的入門級機型已接近其生命週期的終點，並以促銷價格提供。儘管有這些因素，但隨著 9 月份 T-Rex 3 Pro 的推出，T-Rex 產品線的利潤率表現強勁，這有助於抵消 Prime Day 折扣對 T-Rex 3 的影響。

Sequentially, gross margin improved by 2% compared to Q2 2025, driven by a higher contribution from the new products and a more favorable product mix. This was partially offset by promotions on entry-level products as well as the impact of front-loaded shipments ahead of the U.S. tariffs on China manufactured goods.

與 2025 年第二季相比，毛利率環比提高了 2%，這主要得益於新產品貢獻的增加和更有利的產品組合。入門級產品的促銷活動以及在美國對中國製造商品加徵關稅之前提前發貨的影響，部分抵消了這一影響。

We remain on track with our margin expansion strategy initiated in the second half of 2023 and expect further progress as new product launches gain scale. Now let's turn to costs. We remain committed to prudent cost management, continuing the program we began in Q3 2020 to reduce overall operating costs.

我們仍按計畫推動2023年下半年啟動的利潤率擴張策略，並預期隨著新產品上市規模的擴大，取得進一步進展。現在我們來看看成本。我們將繼續秉持審慎的成本管理原則，繼續執行我們在 2020 年第三季啟動的降低整體營運成本的計畫。

Adjusted operating expenses for the third quarter totaled $28.6 million and 37.7% of sales, compared to $28.6 million and 67.3% of sales in the third quarter of 2024, and $26.4 million and 44.4% of sales in the previous quarter. It remained stable compared with last year. The $2.2 million quarter-over-quarter increase was primarily driven by foreign exchange rate fluctuations.

第三季調整後的營業費用總計 2,860 萬美元，佔銷售額的 37.7%，而 2024 年第三季為 2,860 萬美元，佔銷售額的 67.3%，上一季為 2,640 萬美元，佔銷售額的 44.4%。與去年相比，保持穩定。環比成長 220 萬美元主要是由於外匯匯率波動造成的。

However, by maintaining a cost-conscious approach, we're moving towards a run rate of approximately $25 million per quarter for operating costs. Concurrently, we remain committed to investing in R&D and marketing activities to ensure our long-term competitiveness.

但是，透過保持成本意識，我們的營運成本正朝著每季約 2500 萬美元的目標邁進。同時，我們將繼續致力於研發和行銷活動，以確保我們的長期競爭力。

Adjusted R&D expenses in the third quarter of 2025 were USD10.2 million, increased by 1.5% year-over-year and remained stable quarter-over-quarter. At the same time, we focused on refined R&D approaches, as we consistently evaluated resource efficiency to ensure maximum return on investment and productivity.

2025 年第三季調整後的研發費用為 1,020 萬美元，年增 1.5%，季增穩定。同時，我們專注於改善研發方法，並不斷評估資源效率，以確保投資回報和生產力最大化。

Adjusted selling and marketing expenses were $11.9 million in the third quarter of 2025, increased by 0.5% year-over-year and decreased by 1% quarter-over-quarter. This year-over-year increase was primarily due to front-loaded brand and channel investments ahead of the holiday season.

2025 年第三季調整後的銷售和行銷費用為 1,190 萬美元，年增 0.5%，季減 1%。這一同比增長主要是由於在假期季節之前加大了品牌和通路投資。

We also expanded the Amazfit athlete roster by signing several new athletes during the quarter, including, among others, elite trail Runners, Ruth Croft, as well as marathoner Ota Aoi, Amazfit's first Japanese brand ambassador to further elevate our brand recognition. At the same time, we consistently pushed on retail profitability and channel mix improvement. We are committed in investing efficiently in marketing and branding to ensure our sustainable growth.

本季度，我們還簽約了幾位新運動員，擴大了 Amazfit 運動員陣容，其中包括精英越野跑運動員 Ruth Croft，以及馬拉松運動員大田葵（Amazfit 的首位日本品牌大使），以進一步提升我們的品牌知名度。同時，我們持續推動零售獲利能力和通路組合的改善。我們致力於在行銷和品牌推廣方面進行高效投資，以確保我們的永續發展。

Meanwhile, adjusted G&A expenses were $6.5 million in the third quarter of 2025, flat year-over-year and with a modest sequential increase from the second quarter of 2025, primarily reflecting normal foreign exchange fluctuations. Excluding these effects, G&A expenses will remain stable or slightly lower over the past three quarters, as we continue to streamline overhead, maintaining disciplined cost control, while improving operating efficiency.

同時，2025 年第三季調整後的一般及行政費用為 650 萬美元，與去年同期持平，較 2025 年第二季略有成長，主要反映了正常的匯率波動。排除這些影響，過去三個季度的管理費用將保持穩定或略有下降，因為我們將繼續精簡管理費用，保持嚴格的成本控制，同時提高營運效率。

As a result, we achieved operating breakeven in the third quarter of 2025, a significant improvement versus Q3 2024 when adjusted operating loss was $11.3 million. This marks a key milestone in our path to sustained profitability, and we expect to be operational profitable in the fourth quarter of 2025. As of September 30, our cash balance stood at $103 million, compared with $95 million in Q2 2025.

因此，我們在 2025 年第三季實現了營運損益平衡，與 2024 年第三季相比有了顯著改善，當時調整後的營運虧損為 1,130 萬美元。這標誌著我們在實現持續盈利的道路上邁出了關鍵一步，我們預計將在 2025 年第四季實現營運獲利。截至 9 月 30 日，我們的現金餘額為 1.03 億美元，而 2025 年第二季為 9,500 萬美元。

Inventory levels increased slightly during the quarter as the company strategically built-up stock in key product lines to prepare for upcoming product launches and Q4 consumer electronics peak season. Cash balance increased were primarily driven by improved working capital and enhanced operational efficiency.

本季庫存水準略有上升，因為公司有策略地增加了關鍵產品線的庫存，為即將到來的產品發布和第四季度消費電子產品旺季做準備。現金餘額增加主要得益於營運資金的改善和營運效率的提升。

We expect the cash balance to continue to grow in Q4 2025. In terms of capital structure, the overall long-term and short-term debt levels remained consistent following the restructuring we completed during the first quarter.

我們預計現金餘額將在 2025 年第四季繼續成長。從資本結構來看，在我們第一季完成重組後，整體長期和短期債務水準保持穩定。

We refinanced a significant portion of our short-term debt into long-term instruments with a more favorable interest rate and a two year duration, which significantly reduced near-term liquidity pressure and enhanced our overall capital structure.

我們將相當一部分短期債務重新融資為利率更優惠、期限為兩年的長期工具，這大大降低了近期流動性壓力，並改善了我們的整體資本結構。

Since beginning of 2023, the company has cumulatively retired $64.5 million of debt. Going forward, we will continue to optimize the capital structure for the company. We maintained our commitment to our share buyback program, underscoring our confidence in Zepp Health's long-term fundamentals and growth trajectory and our focus on delivering value for shareholders.

自 2023 年初以來，該公司累計償還了 6,450 萬美元的債務。展望未來，我們將持續優化公司的資本結構。我們堅持執行股票回購計劃，這反映了我們對 Zepp Health 長期基本面和成長軌蹟的信心，以及我們致力於為股東創造價值的決心。

Finally, our outlook for the fourth quarter of 2025, we expect revenue to be in the range of $82 million to $86 million, representing a 38% to 45% year-over-year growth compared to $59.5 million in the fourth quarter of 2024. We are thrilled to move into the next stage of our growth, building on our positive momentum heading into Q4 and 2026.

最後，展望 2025 年第四季度，我們預計營收將在 8,200 萬美元至 8,600 萬美元之間，與 2024 年第四季的 5,950 萬美元相比，年增 38% 至 45%。我們很高興能夠進入下一個發展階段，並在此基礎上，繼續保持第四季度和 2026 年的良好發展勢頭。

Thank you all for your time for today. I will now open the call for questions. Operator, please go ahead.

感謝各位今天抽出時間。現在開始接受提問。操作員，請開始。

(Operator Instructions)

（操作說明）

Siddharth Rajeev, Fundamental Research Corp.

Siddharth Rajeev，Fundamental Research Corp.

Hi. Congratulations on another strong quarter. I have a few minor questions. The press release mentioned supply constraints on the Helio Strap. Do you mind giving more color on this?

你好。恭喜你們又一個季度業績出色。我還有幾個小問題。新聞稿中提到了Helio錶帶的供應限制。能否再詳細解釋一下？

Yeah, Sid, I mean, I have mentioned the issue has a few folds. Number one is there is a memory chip issue, which impacts the whole industry and the lead time for those is actually getting quite long if we want to secure enough quantity of that.

是的，Sid，我的意思是，我已經提到這個問題有好幾個面向。第一點是記憶體晶片問題，這影響到整個產業，如果我們想要確保獲得足夠的數量，那麼交付週期實際上會變得相當長。

Obviously, Helio Strap is a very popular product well received by the consumers and customers all over the world. So we have a shortage in essence in every region, which we operate. So it's more constrained by the supply volume rather than the demand.

顯然，Helio Strap 是一款非常受歡迎的產品，深受世界各地消費者和客戶的喜愛。因此，在我們運營的每個地區，實際上都存在短缺。因此，它更多地受到供應量的限制，而不是需求量的限制。

And then the other thing is we also have encountered a few things like the typhoon in the Southern East China area towards the quarter end, which also like put the already constrained situation a little bit more tight. So I think that's the situation we have around the Helio Strap. But we are actually working towards resolving those. So you will see that situation improving in Q4 and into Q1.

此外，我們在季度末也遇到了一些其他情況，例如中國東南部地區的颱風，這也讓本已緊張的局面更加雪上加霜。所以我覺得這就是我們目前對 Helio Strap 的看法。但我們正在努力解決這些問題。因此，你會看到這種情況在第四季和第一季有所改善。

Okay. And you don't give segmental revenues by region. But just to get an idea regarding the impact of tariffs, would you say North America still accounts for approximately 15% of total shipments?

好的。而且你們沒有按地區提供細分市場收入。但為了了解關稅的影響，您認為北美目前仍佔總出貨量的約 15% 嗎？

I think so. So I think it's around 15% to 20%. But we have -- actually, we have communicated our dual sourcing strategy, whereby we supply majority of the products in the U.S.A. from Vietnam, right? So the tariff impact on that is relatively small, if not to zero.

我也這麼認為。所以我認為大概在 15% 到 20% 之間。但實際上，我們已經傳達了我們的雙重採購策略，即我們從越南向美國供應大部分產品，對吧？因此，關稅的影響相對較小，甚至可以忽略不計。

Thank you Leon. And with respect to product launches, was the T-Rex Pro the only product launched last quarter? Can you give us some numbers, how many launched last quarter, how many expected in Q4?

謝謝你，萊昂。至於產品發表方面，T-Rex Pro 是上季發表的唯一產品嗎？能否提供一些數據，例如上季推出了多少款產品，預計第四季推出多少款？

Yeah. I think I can give you the number for Q3. For Q4, unfortunately, I couldn't tell more about it. But I think what you can see is that, yes, indeed, in Q3, from a new product perspective, there's only T-Rex 3 Pro, both -- and only the 48 millimeter version, which we launched during the EFAT and the UTMB in September.

是的。我想我可以給你第三季的數字。很遺憾，關於第四季度，我無法透露更多資訊。但我認為你可以看到，是的，確實，從新產品的角度來看，在第三季度只有 T-Rex 3 Pro，而且只有 48 毫米版本，這是我們在 9 月的 EFAT 和 UTMB 期間推出的。

So that's in Q3, the only new product which we launched. But then on the other hand, Helio Strap and the Balance 2 were launched in June. So those two products also actually have been sold for the whole quarter of Q3.

所以，這是我們在第三季推出的唯一新產品。但另一方面，Helio Strap 和 Balance 2 是在 6 月發布的。所以，這兩款產品在整個第三季也都已售出。

And if you look at Q4, -- the first one is the T-Rex 3 Pro 44-millimeter version, which we start selling on October 25, right? And then with regard to the new ones, I think you just have to be patient, and you will get to know those in due course.

如果你看一下第四季度，——第一款是 T-Rex 3 Pro 44 毫米版本，我們將在 10 月 25 日開始銷售，對吧？至於新來的人，我覺得你只要耐心一點，過段時間就會了解他們了。

Thank you so much, Leon. And again, congratulations.

非常感謝你，萊昂。再次恭喜。

Thank you.

謝謝。

Dylan Chu, Point72 Hong Kong.

Dylan Chu，Point72 香港。

Hey. Thanks for the opportunity to ask questions and congrats on the [three] quarter. Two questions from my side. Number one, just around new product momentum and holiday sales as related to that Q4 guide. Could you please give us a bit more color on the T-Rex 3 Pro launch as well as the 44-millimeter initial feedback.

嘿。感謝您給我提問的機會，並祝賀您完成了第三個季度的工作。我有兩個問題。第一，主要圍繞新產品動能及與第四季業績指引相關的假日銷售情況。能否請您詳細介紹一下 T-Rex 3 Pro 的發布情況以及 44 毫米版本最初的用戶回饋？

So far, how would you compare that versus (technical difficulty) for [ T-Rex 3 ]? And what's your current view on the holiday season demand signals? What's your overall plan for the holiday season? And sort of related to that, given the strong new product pipeline as well as the supply chain improvement you mentioned, and we can see on the balance sheet you're proactively building inventory.

到目前為止，您如何將其與（技術難度）進行比較？[暴龍3]？您目前對假日季的需求訊號有何看法？你們的假期計畫是什麼？與此相關的是，鑑於您提到的強勁的新產品線以及供應鏈的改進，我們可以從資產負債表上看到您正在積極地建立庫存。

Is there any reason to be extra conservative in terms of 4Q guide? Because this year, the Q-on-Q guide imply a slightly lower growth compared to historical guidance. So this is my first question.

第四季業績指引有必要格外保守嗎？因為今年的季度環比成長預期略低於歷史預期。這是我的第一個問題。

Thank you, Dylan. It's a long question. Let me try to answer it one by one, right? So first, on the holiday season sales, I think in so far, the signal we have received is quite positive, right? And that also translates into the guidance, which we guide. And then if you look at how we guide, I mean, obviously, we're a little bit prudent in guiding the numbers.

謝謝你，迪倫。這是一個很長的問題。讓我試著一一回答，好嗎？首先，關於假期季節銷售，我認為到目前為止，我們收到的訊號相當積極，對吧？這也體現在我們提供的指導中。然後，如果你看看我們是如何進行指導的，我的意思是，很明顯，我們在指導數字方面比較謹慎。

And then on Q2, we guided 72% to 76% and then we delivered 75.8% right? So I think Q4, obviously, given the demand situation, we see there's definitely a good demand for our new products, both on the Helio Strap and also for the T-Rex 3 right?

然後，在第二季度，我們預測完成率為 72% 至 76%，而實際完成率為 75.8%，對吧？所以我認為，很明顯，鑑於目前的市場需求，第四季度我們的新產品，無論是 Helio Strap 還是 T-Rex 3，都有著良好的市場需求，對吧？

And then to answer the second part of your question, T-Rex 3 Pro actually received quite good feedback both on the 48-millimeter versions and the 44-millimeter versions. Unfortunately, I don't have enough data points to tell a trend because in so far, 44-millimeter version is only being sold for a week, and the majority of that is in China.

至於你問題的第二部分，T-Rex 3 Pro 的 48 毫米版本和 44 毫米版本都獲得了相當不錯的回饋。遺憾的是，我沒有足夠的數據點來判斷趨勢，因為到目前為止，44 毫米版本只銷售了一周，而且大部分是在中國銷售的。

And I think we have seen that the activation has been performing on a day-to-day basis increasing. But then on T-Rex 3 Pro 48-millimeter version, I think I can say a few more things on that. So starting from the launch date until today, the trend we have seen is that it's actually performing very well and actually, to some extent, even better than the similar performance of [T 3] when we launched that product one year earlier.

而且我認為我們已經看到，激活率每天都在提高。但關於 T-Rex 3 Pro 48 毫米版本，我想我還可以再說幾句。因此，從發布日期到今天，我們看到的趨勢是，它的表現實際上非常好，而且在某種程度上，甚至比我們一年前推出的類似產品 [T 3] 的表現還要好。

And to some extent, if you -- which is a fantastic achievement because bear in mind that T-Rex 3 compared with T-Rex 3 Pro is only half the price of T-Rex 3 Pro, right? So I would say that is actually a good trend for us to start with.

在某種程度上，如果你——這是一個了不起的成就，因為請記住，T-Rex 3 與 T-Rex 3 Pro 相比，價格只有 T-Rex 3 Pro 的一半，對吧？所以我認為這其實是一個值得我們借鏡的好趨勢。

And obviously, we're going to continue that momentum into Q4 and into the holiday season. I think that should give you a color for the holiday season and how you look at the different product categories performing in the upcoming months.

顯然，我們將把這種勢頭延續到第四季和假日季。我認為這應該能讓你對假期季節以及未來幾個月不同產品類別的表現有一個大致的了解。

Right, got it. Yeah, thanks so much, Leon. Second question is on your channel strategy into 2026 and beyond. There seems to be a significant amount of white space, both online and offline in terms of channel opportunities. We can see recently the brand.com traffic has increased quite a bit and the offline presence continue to expand a little bit.

好的，明白了。是啊，太感謝你了，萊昂。第二個問題是關於您2026年及以後的通路策略。就通路機會而言，無論線上或線下，似乎都存在大量的空白空間。我們最近可以看到，品牌官網的流量大幅成長，線下業務也持續小幅擴張。

So could you please give us a bit more color in terms of how you want to grow your channel reach into Q4 and next year? Just any thoughts around the low-hanging fruits and your focus channels would be helpful.

那麼，您能否更詳細地介紹一下您希望如何在第四季和明年擴大您的通路覆蓋範圍？任何關於容易實現的目標和重點方向的想法都將不勝感激。

Yeah. It's a good question. So what we noticed is that in the past quarters, our online presence and also the channel on online is actually growing very fast, to some extent, even outpace the growth we see on the offline channels, right? Because traditionally, we were very strong on offline channels. And now you see that Amazon and our own dot-com website is actually growing very fast.

是的。這是個好問題。我們注意到，在過去的幾個季度裡，我們的線上業務和線上管道實際上增長得非常快，在某種程度上甚至超過了線下管道的增長速度，對吧？因為傳統上，我們非常重視線下通路。現在您可以看到，亞馬遜和我們自己的網站實際上發展得非常迅速。

And maybe it also has something to do with the strategy, which we had to go premium, whereby most of the products, if you see, which are performing very well, are T-Rex 3, T-Rex 3 Pro, Balance 2, those are above $300 products, right?

或許這也與我們的策略有關，我們必須走高端路線，因此，如果你仔細觀察，你會發現大多數表現非常好的產品都是 T-Rex 3、T-Rex 3 Pro、Balance 2，這些都是售價超過 300 美元的產品，對吧？

So I think looking into the next year and the next quarter, obviously, the online part will continue to play a significant role in our growth trajectory because Amazon and also our dot-com website still have a lot of potential to perform next year versus this year.

所以我認為，展望明年和下一個季度，顯然，線上業務將繼續在我們的成長軌跡中發揮重要作用，因為亞馬遜以及我們的.com網站明年仍然有很大的業績成長潛力，比今年要好得多。

We see a lot of demand and push from Amazon and a lot of aggressive plans has been built up as we speak, right? So I think number one trend is definitely online and online will continue to grow. We haven't seen the ceiling yet.

我們看到亞馬遜的需求和推動力非常強勁，正如我們所見，他們已經制定了很多雄心勃勃的計劃，對吧？所以我認為第一大趨勢絕對是線上，線上趨勢還會繼續成長。我們還沒看到天花板。

So that trend for sure will definitely continue. On the other hand is the offline channel. What you noticed or maybe that kind of explained why we were a little bit more prudent or conservative on the numbers we guide is that we have some supply constraints, for example, on Helio Strap. And we also have issues when we launch the first batch of the new products, we try to prioritize online than offline.

所以這種趨勢一定會持續下去。另一方面是線下通路。您可能已經注意到，或者說這解釋了為什麼我們在給出指導數字時更加謹慎或保守，因為我們存在一些供應限制，例如 Helio Strap。我們在推出第一批新產品時也會遇到問題，我們會優先考慮線上銷售而不是離線銷售。

Obviously, we want these products to be seen by online users first before it goes to mainstream and it goes into the channels like Best Buy and Target, right? And if we -- which means there's still a lot of potential [ to get ] on the offline channels, well, we have enough supply of our products, for example, on T-3 Pro and on Helio Strap.

顯然，我們希望這些產品先被網路使用者看到，然後再進入主流市場，進入像百思買和塔吉特這樣的管道，對吧？如果我們——這意味著線下通路仍然有很大的潛力，那麼，例如，我們的產品在 T-3 Pro 和 Helio Strap 上都有充足的供應。

The moment we resolve the supply issue, we will definitely push for a bigger reach in the offline channels for next year. So I think in essence, both we see big opportunities, both on online and offline. And obviously, if we drive a bigger growth on offline -- on online, that will give a better gross margin portfolio versus the offline channel, right?

一旦我們解決了供應問題，明年我們一定會努力擴大線下通路的覆蓋範圍。所以我覺得，從本質上講，我們都看到了巨大的機遇，無論是在線上還是線下。顯然，如果我們推動線下通路（線上）實現更大的成長，那麼與線下通路相比，這將帶來更好的毛利率組合，對吧？

So I think that's how you should look at the channel mix going forward. And I hope that gives you a feeling for such a picture on how we are going to evolve in the upcoming quarters.

所以我認為這就是你今後看待頻道混音的方式。我希望這能讓你們對我們未來幾季的發展方向有所了解。

Got it. Thanks very much. Yeah. That's all my questions.

知道了。非常感謝。是的。我的問題就這些了。

Thank you.

謝謝。

Yuan Zu, Guosen Securities.

袁祖，國森證券。

Good evening, management.

晚上好，各位領導。

Thank you for taking my questions and congratulations on your results. I have two questions. The first relates to your outlook for Q4 regarding your top line guidance, what are your underlying assumptions for price growth and volume growth? And what's your approach to discounting during this period?

感謝您回答我的問題，並祝賀您取得好成績。我有兩個問題。第一個問題與您對第四季營收的展望有關，您對價格成長和銷售成長的基本假設是什麼？那麼，你們在這段期間的折扣策略是什麼？

And also, could management share if any marketing initiatives are planned for Q4? How should we think about the trajectory of sales and marketing expenses next quarter? Thank you.

另外，管理階層能否透露一下第四季是否有任何行銷計畫？我們該如何看待下一季的銷售和行銷費用走勢？謝謝。

Okay. So let me try to answer your question one by one, right? Number one is on the outlook for Q4. It's the guidance, which we put forward. But I -- as I just mentioned, we try to -- we always try to be prudent on our guidance, and you can look at through the Q2 guidance and the realization of that.

好的。那我就試著一一回答你的問題，好嗎？第一點是第四季的展望。這是我們提出的指導意見。但是——正如我剛才提到的，我們總是努力在業績指引方面保持謹慎，你可以看看第二季業績指引以及這一目標的實現。

And on the assumptions, obviously, we have assumed that, number one, Q4 would be a good holiday season and which, by definition, Q4 is the highest quarter of the year, whereby people buy presents for the holiday seasons, right?

顯然，基於這些假設，我們假設，第一，第四季度將是一個不錯的假期季，而根據定義，第四季度是一年中最高的季度，人們會在假期購買禮物，對吧？

And we tried to pull the average ASP up, which you see that we try to do that quarter-over-quarter, right? And together with the launch of the Balance 2, which is at the price of $300 or so and then on T-Rex 3 Pro, which is close to $400, right? We're actually -- with the launch of these products, obviously, we're trying to increase the price, improve the gross margin.

我們努力提高平均售價，您可以看到我們每季都在努力提高平均售價，對吧？此外，Balance 2 的發布價格約為 300 美元，而 T-Rex 3 Pro 的發布價格接近 400 美元，對吧？實際上，隨著這些產品的推出，我們顯然是想提高價格，並提高毛利率。

And then that would drive the gross margin growth further in Q4, which you already witnessed in the margin performance between Q3 and Q2, right, which we grow 2%. And obviously, we are expecting the margin to further expand in Q4.

這樣一來，第四季的毛利率將進一步成長，正如您在第三季和第二季之間的毛利率表現中所看到的，我們成長了 2%。顯然，我們預計第四季利潤率將進一步擴大。

But then it will be offset a little bit by the discounting and promotional events because, yes, unfortunately, everybody is doing that. So we probably have to do some of that, but we will try to do it selectively and then try to target on certain consumers and certain product group rather than on everything, right? And we'll try to look at the return on investment if we're going to do any discount at all.

但折扣和促銷活動會稍微抵消這種影響，因為，是的，不幸的是，每個人都在這樣做。所以，我們可能必須做一些這樣的事情，但我們會盡量有選擇地去做，然後嘗試針對某些消費者和某些產品組，而不是針對所有產品，對吧？如果要進行任何折扣，我們會考慮投資報酬率。

Now from a marketing investment perspective, I think what you see is that we are quite flat on the marketing expenses in the past quarters. So I think it always hovers around [ $10 million, $11 million ] per quarter. And that is also what we try to do in Q4 because as I explained many times, we believe that we can -- number one, we're going to visit on every single thing, which we're going to invest.

從行銷投資的角度來看，我認為我們過去幾季的行銷支出基本上持平。所以我認為它每季總是徘徊在 [ 1000 萬美元，1100 萬美元 ] 左右。這也是我們在第四季度努力的方向，因為正如我多次解釋的那樣，我們相信我們可以做到——首先，我們將檢視我們計劃投資的每一項項目。

If it doesn't carry a good ROI, we're not going to do that, right? Number two, if there's an opportunity and you see that whenever there's opportunity, we front-load marketing expenses to trade for a higher growth. That's what we did in Q3.

如果投資報酬率不高，我們就不會去做，對吧？第二，如果出現機會，而你也看到了機會，我們會提前投入行銷費用以換取更高的成長。我們在第三季就是這麼做的。

And then if there's such an opportunity in Q4, for sure, we'll do such a thing like that because we still believe that growth and gaining market share is the most important thing, which we need to do at the current point of time. So I think if my memory is right, I think that should cover all the questions you just raised, if I -- but remind me if I missed anything.

如果第四季出現這樣的機會，我們肯定會這樣做，因為我們仍然相信成長和獲得市場份額是最重要的事情，也是我們目前需要做的事情。所以，如果我沒記錯的話，我想這應該涵蓋了你剛才提出的所有問題，如果我遺漏了什麼，請提醒我。

Yes. Thank you. It's very clear. Thank you so much. And my second question is on the product road map. Just a follow-up, will there be any other new product launches this year? And if we look further ahead, could management share your plans for product iteration next year?

是的。謝謝。非常清楚。太感謝了。我的第二個問題是關於產品路線圖的。再補充一下，今年還會推出其他新產品嗎？展望未來，管理階層能否分享明年的產品迭代計畫？

Are there any plans to expand the lineup further perhaps with running smartwatch or smart trains and where the pace of new product launches become more intensive next year? Thank you.

是否有計劃進一步擴展產品線，例如推出智慧手錶或智慧列車，並在明年加快新產品的發布步伐？謝謝。

Yeah. No. So I think I have answered the product -- new product question just now, I think it was coming from Sid or it's from -- coming from Dylan, I cannot remember. But if you look at Q3, we have launched T-3 Pro. And in Q4, we started selling the 44-millimeter version just a few days ago, right?

是的。不。所以我想我已經回答了關於新產品的問題，我想這個問題是Sid提出的，或者是Dylan提出的，我已經記不清了。但如果你看看第三季度，我們已經推出了 T-3 Pro。第四季度，我們幾天前才開始銷售 44 毫米版本，對吧？

So that's, for sure, one of the new products in Q4. And then there's going to be a few new products, which we have in the pipeline for this quarter as well, but then I cannot say too much about it. So I will just stop at there for Q4.

所以，這肯定是第四季推出的新產品之一。此外，我們本季還會推出一些新產品，但我現在還不能透露太多。所以第四季我就先講到這裡吧。

And then on next year, I think what I have explained to you maybe a few times this year as well is that we have maintained this cadence of every quarter, we have two or three new products launches for the quarter. And then normally, it starts with Q1, whereby we refresh the entry-level lines; and Q2, we start with the more Apple and Samsung challenger line.

至於明年，我想我今年可能也跟你們解釋過幾次了，我們一直保持著每季推出兩到三款新產品的節奏。通常情況下，第一季我們會更新入門級產品線；第二季我們會推出更多與蘋果和三星競爭的產品線。

And then in Q3, we look at more the T-Rex and the sports line, et cetera, et cetera. So I think next year, we'll have a similar pace and quantity of products compared to this year. So I think that's something you -- to just give you a feeling of that.

然後到了第三季度，我們會更專注於 T-Rex 和運動系列等等。所以我認為明年我們的產品產量和速度將與今年相近。所以我覺得這能讓你——讓你體會那種感覺。

But with regard to what product, which products, I think I would ask you to be patient and wait until the moment we launch those products, but I can guarantee you it's going to be exciting products.

但至於具體是哪些產品，我想請大家耐心等待，等到我們正式推出這些產品時再做決定，但我可以保證，這些產品一定會令人興奮。

All right. Thank you, Leon. That's very helpful. I have no more questions.

好的。謝謝你，萊昂。那很有幫助。我沒有其他問題了。

Thank you.

謝謝。

As there are no further questions, now I'd like to turn the call back over to the company's IR Director, Grace Zhang, for closing comments.

由於沒有其他問題，現在我想把電話轉回給公司投資人關係總監 Grace Zhang，請她做總結發言。

Thank you, once again, for joining us today. If you have further questions, please feel free to contact Zepp Investor Relations department through the contact information provided on our website. Thank you.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時透過我們網站上提供的聯絡方式聯絡 Zepp 投資者關係部門。謝謝。