Zepp Health Corporation (ZEPP) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Zepp Health Corporation's first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生，大家好。感謝您撥冗參加 Zepp Health Corporation 2026 年第一季財報電話會議。(接線員指示) 今天的電話會議將被錄音。

I will now turn the call over to your host, Ms. Grace Zhang, Director of Investor Relations for the company. Please go ahead, Grace.

現在我將把電話交給本次會議主持人——公司投資人關係總監 Grace Zhang 女士。Grace，請開始。

Hello, everyone, and welcome to Zepp Health Corporation's first-quarter 2026 earnings conference call. The company's financial and operating results were issued in our press release at the Newswire services earlier today and are posted online. You can also view the earnings press release and the slides referred to on this call by visiting the IR section of the company's website.

各位好，歡迎參加 Zepp Health Corporation 2026 年第一季財報電話會議。公司今日稍早已透過新聞稿服務發布本季財務與營運結果，並已上傳至線上。您也可造訪公司網站的投資人關係（IR）專區，查看本次電話會議所引用的財報新聞稿與簡報投影片。

Presenting today are Wang Huang, our Founder and Chief Executive Officer; and Leon Deng, our Chief Financial Officer. Joining us today, we also have Mike Yeung, Chief Operating Officer and General Manager of North America; and Eric Fleming, Vice President of Capital Markets for North America.

今天出席簡報的有：公司創辦人暨執行長黃汪，以及財務長鄧立。同時與會的還有：北美營運長暨總經理 Mike Yeung，以及北美資本市場副總裁 Eric Fleming。

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US 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.

在我們繼續之前，請注意今天的討論將包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作的前瞻性陳述。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今日所表達的觀點存在重大差異。

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, 2025, and other filings as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

有關上述及其他風險與不確定性的進一步資訊，已載於公司截至 2025 年 12 月 31 日止會計年度的 Form 20-F 年報，以及其他向美國證券交易委員會提交的文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

Please also note that Zepp's earnings press release and this conference call includes discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial information. The press release contains a reconciliation of our unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

另請注意，Zepp 的財報新聞稿與本次電話會議將討論未經審計的 GAAP 財務資訊，以及未經審計的非 GAAP 財務資訊。新聞稿中包含我們未經審計的非 GAAP 指標與最直接可比的未經審計 GAAP 指標之調節表。

I will now turn the call over to our CEO, Mr. Wang Huang. Please go ahead.

現在我將把電話交給我們的執行長黃汪先生。請開始。

Hello, everyone, and thank you for joining us today. We are pleased to begin 2026 with a promising start, delivering another solid quarter. In the first quarter, Amazfit-branded revenue grew 33.8% year over year, demonstrating exceptional resilience during what is traditionally a softer season for the consumer electronics industry.

各位好，感謝今天加入我們。我們很高興以一個令人振奮的開局迎接 2026 年，並交出另一個穩健的季度表現。第一季，Amazfit 品牌營收年增 33.8%，在消費性電子產業傳統淡季中展現出卓越韌性。

This strong performance was primarily driven by the successful launches of the Amazfit Active Max Active 3 Premium and our flagship T-Rex Ultra 2. Delivering this level of growth in a seasonally quieter quarter further reinforces our conviction that the market opportunity we are capturing is structural rather than cyclical.

這項強勁表現主要由 Amazfit Active Max、Active 3 Premium 的成功上市，以及我們旗艦產品 T-Rex Ultra 2 所帶動。在季節性較為清淡的季度仍能達成此等成長，進一步強化我們的信念：我們所掌握的市場機會屬於結構性，而非循環性。

More importantly, we do not view this quarter simply as a revenue growth story. We see it as another earlier validation of the structural changes we have been building, stronger premium product mix, improving pricing power, expanding gross margin and a clear brand position in performance-oriented training.

更重要的是，我們不將本季僅視為一個營收成長的故事。我們將其視為對我們所打造之結構性變革的又一次早期驗證：更強的高階產品組合、定價能力提升、毛利率擴張，以及在以表現導向訓練領域中清晰的品牌定位。

During our last earnings call, I outlined how Zepp Health is evolving into a comprehensive hybrid training platform, seamlessly integrating endurance, strength and recovery through hardware, AI-driven training intelligence, software, and data.

在上次財報電話會議中，我說明了 Zepp Health 正在演進為一個全面的混合訓練平台，透過硬體、AI 驅動的訓練智慧、軟體與數據，無縫整合耐力、力量與恢復。

Our 2026 ambition is clear. We aim to build a global leadership position in hybrid training. To advance this strategy, we further deepened our collaboration with HYROX, one of the world's fastest-growing hybrid endurance sports organization through a new exclusive three-year global partnership.

我們在 2026 年的企圖心很明確。我們的目標是在混合訓練領域建立全球領導地位。為推進此一策略，我們透過一項新的、為期三年的全球獨家合作夥伴關係，進一步深化與 HYROX（全球成長最快的混合耐力運動組織之一）的合作。

This expanded partnership enhances the HYROX athlete experience across training, competition and recovery, leveraging a broader portfolio of exclusive smart, wearable categories, including smart watches, smart rings, smart cameras, smart glasses and smart straps, alongside connected app experience, HYROX-specific training modes and selective performance data integrations. This partnership represents more than a sponsorship. It is a strategic step for us to participate in and help shape the emerging hybrid training category.

這項擴大合作將在訓練、比賽與恢復等面向提升 HYROX 運動員體驗，並運用更廣泛的獨家智慧穿戴品類組合，包括智慧手錶、智慧戒指、智慧相機、智慧眼鏡與智慧胸帶，同時結合連結式 App 體驗、HYROX 專屬訓練模式與選擇性的運動表現數據整合。這項合作不僅僅是贊助。它是我們參與並協助塑造新興混合訓練品類的一項策略性步驟。

By engaging directly with HYROX global athlete community, gym ecosystem, coaches and race environment, we can build a more authentic connection with users whose training behaviors spans strength, endurance, recovery, nutrition and performance readiness. This gives us a differentiated position in the market other than endurance and general smart lifestyle, while we have the opportunity to build authority around hybrid training and more complete -- completed training system.

透過直接與 HYROX 全球運動員社群、健身房生態系、教練以及賽事環境互動，我們能與那些訓練行為涵蓋力量、耐力、恢復、營養與運動準備度的使用者建立更真實的連結。這使我們在市場上取得有別於單純耐力與一般智慧生活風格的差異化定位，同時也讓我們有機會在混合訓練以及更完整——更完善的訓練系統方面建立權威性。

We believe one of the most important opportunities at the moment when a user moves from casual checking to more serious training. At that point, the phone ecosystem becomes less important and the training value becomes more important. HYROX and gym-based hybrid training helped create that moment allowing Amazfit to enter through app experiences, training content, HYROX-specific modes and lower friction products before users make a full device switch.

我們相信，當使用者從隨意查看轉向更認真訓練的那一刻，是目前最重要的機會之一。在那個時點，手機生態系的重要性降低，而訓練價值的重要性提升。HYROX 與以健身房為基礎的混合訓練有助於創造那個時刻，讓 Amazfit 能在使用者全面更換裝置之前，先透過 App 體驗、訓練內容、HYROX 專屬模式與更低摩擦的產品切入。

At a recent New York HYROX event, we introduced Balance 3 and Balance Ultra in the real hybrid training environment. This launch setting was intentional. These products are designed for users who balance strength, endurance, recovery, work, stress and daily life powered by Hybrid-Charge Energy Intelligence in the Zepp app.

在近期紐約的一場 HYROX 活動中，我們在真實的混合訓練環境裡推出 Balance 3 與 Balance Ultra。這樣的發表場景是刻意安排的。這些產品是為了在力量、耐力、恢復、工作、壓力與日常生活之間取得平衡的使用者所設計，並由 Zepp App 中的 Hybrid-Charge Energy Intelligence 提供支援。

They bring together BioCharge live load and the training load into one clear view of personal capacity, helping users better understand when to push, when to recover and how to maintain consistency over the long term. These activities are important because premiumization is not only about higher price points. It is about building trust in the environment where serious users decide which brands they rely on.

它們將 BioCharge 即時負荷與訓練負荷整合為一個清晰的個人能力視圖，協助使用者更好地理解何時該加強、何時該恢復，以及如何長期維持一致性。這些活動之所以重要，是因為高階化不僅僅代表更高的定價。它更關乎在嚴肅使用者決定信賴哪些品牌的環境中建立信任。

By showing up in marathon preparation trail and expedition environment and hybrid training communities, Amazfit is strengthening the credibility required to support higher-value products, improved product mix and long-term pricing power. Our premium racing strategy is strongly supported by our hybrid training positioning. We are already seeing early evidence that users are willing to move up the price ladder across certain product families.

透過出現在馬拉松備戰、越野與探險環境，以及混合訓練社群中，Amazfit 正在強化支撐更高價值產品、改善產品組合與長期定價能力所需的可信度。我們的高階競賽策略，受到混合訓練定位的強力支持。我們已經看到一些早期跡象，顯示使用者願意在特定產品系列中往更高的價格帶升級。

Within the T-Rex lineup, our higher-priced premium models are becoming an increasingly meaningful part of the overall sales mix. This reinforces an important points. Consumers are not choosing Amazfit solely for affordability. In March and April, our premium T-Rex models priced at USD399 and priced $549 accounted for nearly 50% of total T-Rex family unit sales.

在 T-Rex 產品線中，我們較高價的高階機型正逐漸成為整體銷售組合中愈來愈重要的一部分。這再次印證一個重點。消費者選擇 Amazfit 並不僅僅因為價格實惠。在 3 月與 4 月，我們定價 399 美元與 549 美元的高階 T-Rex 機型，合計占 T-Rex 全系列單位銷量近 50%。

As we continue to strengthen our product differentiation and premium brand positioning, users are showing a growing willingness to engage with Amazfit at more premium price tiers. By embedding hybrid training more deeply into both our hardware and software ecosystem, we are enhancing the perceived value of the Amazfit brand and driving a consistent shift toward higher-end product positioning.

隨著我們持續強化產品差異化與高階品牌定位，使用者對於以更高端的價格層級選擇 Amazfit 的意願正在提升。透過將混合訓練更深度地嵌入我們的硬體與軟體生態系，我們正在提升 Amazfit 品牌的感知價值，並推動產品定位穩定地向高階化轉移。

This remains one of our key strategic priorities as we move into 2026. In the first quarter, this strategy delivered tangible results, with average selling price point -- this average selling price increasing more than 20% year over year. Notably, even amidst rising memory component costs and broader storage chip price inflection, we were still able to achieve gross margin expansion reflecting the effectiveness of our product mix improvement and disciplined cost execution.

這仍是我們邁入 2026 年時的關鍵策略重點之一。第一季，該策略帶來了具體成果，平均售價——也就是平均銷售價格年增超過 20%。值得注意的是，即便記憶體元件成本上升、以及更廣泛的儲存晶片價格出現拐點，我們仍能實現毛利率擴張，反映出我們在改善產品組合與嚴謹成本執行方面的成效。

In April, we expanded this philosophy into one of the world's largest performance community, running. By adapting our hybrid training methodology to runners, we are enabling them to train more intelligently, improve endurance and support long-term health and durability.

在 4 月，我們將這一理念延伸至全球最大的運動表現社群之一——跑步。透過將我們的混合訓練方法論調整以適用於跑者，我們正協助他們更智慧地訓練、提升耐力，並支持長期健康與耐用性。

This strategy is embodied in our newly launched Cheetah 2 app including the Cheetah 2 Pro, a performance-focused watch design for marathon training, and the Cheetah 2 Ultra engineered for the most demanding mountain and trail environment, both integrate seamlessly with Zepp Coach with a full suite of running metrics and personalized training paths, recovery insights and third-party training platform integrations. These devices deliver structure, hybrid style training guidance directly to endurance runner further strengthening our penetration in the dedicated running segment.

此策略體現在我們新推出的 Cheetah 2 應用程式中，包括 Cheetah 2 Pro（專為馬拉松訓練、以性能為導向的手錶設計）以及 Cheetah 2 Ultra（為最嚴苛的高山與越野環境而打造）。兩者皆可與 Zepp Coach 無縫整合，提供完整的跑步指標與個人化訓練路徑、恢復洞察，以及與第三方訓練平台的整合。這些裝置為耐力跑者提供結構化、混合式風格的訓練指引，進一步強化我們在專業跑步細分市場的滲透率。

Notably, our first quarter growth was broad based across both entry and premium tiers. At the high end, the T-Rex Ultra 2 crafted from Grade 5 titanium elevates our price ceiling to USD550, marking the highest in Amazfit history and further reinforcing our premium branded positioning. At the same time, in our core value segments, the Amazfit Active Max and Active 3 Premium positioned around $169 price point, expanding our reach among everyday fitness influencers and entry-level runners beginning their structured training journeys.

值得注意的是，我們第一季的成長在入門與高階兩個價位帶皆呈現廣泛擴張。在高階產品方面，採用 5 級鈦金屬打造的 T-Rex Ultra 2 將我們的價格上限提升至 550 美元，創下 Amazfit 歷史新高，並進一步鞏固我們的高端品牌定位。同時，在我們的核心高性價比區間，Amazfit Active Max 與 Active 3 Premium 定位於約 169 美元價位，擴大我們在日常健身族群與剛開始進行結構化訓練的入門跑者中的觸及。

Most recently, we also introduced FitMax, the latest addition to our most popular entry-level series. Our strategic progress is also reflected in continued market share gains. In the first quarter, we achieved sequential value share expansion across EMEA, the US, and Asia Pacific supported by strong performance across our full product matrix. According to third-party data sources, Amazfit now ranks among the top six smartwatch brands in both the United States and Europe by value share, underscoring the growing global resonance and market change of the brand.

最近，我們也推出了 FitMax，作為我們最受歡迎的入門系列的最新成員。我們的策略進展也反映在持續提升的市占率上。第一季，在我們完整產品矩陣的強勁表現帶動下，我們在 EMEA、美國與亞太地區的價值市占率皆實現環比擴張。根據第三方資料來源，Amazfit 目前在美國與歐洲皆以價值市占率名列前六大智慧手錶品牌，凸顯品牌在全球的共鳴度提升與市場影響力日益擴大。

Turning to software. We continue to strengthen our ecosystem through Zepp OS proprietary features such as Zepp Coach, BioCharge and our expanding suite of hybrid training and HYROX modes are being deployed across a growing range of devices, driving deeper user engagement and retention. As we increasingly tailor our training intelligence for running and other endurance disciplines, our software ecosystem is becoming a key reason users choose and remain loyal to our brand, further widening the competitive moat around our platform.

接著談軟體。我們持續透過 Zepp OS 的自有功能強化生態系統，例如 Zepp Coach、BioCharge，以及我們不斷擴充的混合訓練與 HYROX 模式套件，正部署到越來越多的裝置上，帶動更深的使用者參與與留存。隨著我們愈加針對跑步及其他耐力項目調整訓練智慧，我們的軟體生態系正成為使用者選擇並持續忠誠於我們品牌的關鍵原因，進一步擴大我們平台的競爭護城河。

Across running, outdoor and public training, we are increasingly connecting Amazfit products with real performance environment and elite athlete validation. In running, Cheetah 2 Pro was supported by major marathon moments in Paris, London and Boston, including active proof points from Yeman Crippa, Mao Puhua and Rory Linkletter.

在跑步、戶外與大眾訓練領域，我們正日益將 Amazfit 產品與真實的競技環境及菁英運動員背書連結起來。在跑步方面，Cheetah 2 Pro 透過巴黎、倫敦與波士頓等重要馬拉松時刻獲得支持，其中包括 Yeman Crippa、毛普華與 Rory Linkletter 的實際驗證案例。

In outdoor, T-Rex Ultra 2 continue to gain credibility through high-altitude alpinist, Jost Kobusch, in real expedition use cases while Chis Foucault strengthens the aspirational outdoor positioning of the T-Rex series. We also continue to build credibility around elite performance moments.

在戶外方面，T-Rex Ultra 2 透過高海拔登山家 Jost Kobusch 在真實遠征情境中的使用案例持續累積可信度，而 Chis Foucault 也強化了 T-Rex 系列令人嚮往的戶外定位。我們也持續在菁英級表現時刻上建立可信度。

During the HYROX Warsaw Major, Amazfit athlete, Joanna Wietrzyk, completed a clean sweep of all four HYROX majors this season while setting a new HYROX world record. We are also supporting Josh Kerr's Project 222, his attempt to break the mile world record at the London Diamond League. Together, these moments reflects how Amazfit is showing up at the highest level of the -- of both hybrid training and endurance performance.

在 HYROX 華沙 Major 賽事期間，Amazfit 運動員 Joanna Wietrzyk 本季橫掃四場 HYROX 大滿貫賽事，並創下新的 HYROX 世界紀錄。我們也支持 Josh Kerr 的 Project 222——他在倫敦鑽石聯賽挑戰打破一英里世界紀錄的嘗試。綜合而言，這些時刻反映出 Amazfit 正在混合訓練與耐力表現兩個領域的最高層級舞台上展現存在感。

Against the macroeconomic backdrop, our premiumization strategy, expanding pricing power, vertically integrated supply chain and diversified manufacturing footprint across China and Vietnam provided us with multiple levers to mitigate these pressures. We remain confident that the alignment of our product mix, channel strategy and cost structure will support sustainable growth and a clear path towards long-term profitability.

在宏觀經濟背景下，我們的高端化策略、持續提升的定價能力、垂直整合的供應鏈，以及橫跨中國與越南的多元製造布局，為我們提供多項槓桿以緩解這些壓力。我們仍有信心，產品組合、通路策略與成本結構的協同將支持可持續成長，並提供通往長期獲利的清晰路徑。

Looking ahead to the second quarter, we expect revenue to be in the range of $63 million to $68 million. This outlook reflects continued year-over-year growth, supported by demand across our product portfolio, while also accounting for normal shipment timing and product launch phasing during the quarter. More importantly, we will continue to focus on the quality of growth, product mix, pricing power, growing gross margin structure and user engagement rather than only short-term revenue volume.

展望第二季，我們預期營收將落在 6,300 萬至 6,800 萬美元之間。此展望反映在我們產品組合需求支撐下的持續年增，同時也納入本季正常的出貨時點與產品上市節奏安排。更重要的是，我們將持續聚焦於成長品質、產品組合、定價能力、毛利結構的提升以及使用者參與度，而不僅僅是短期營收量。

With that, I will now turn the call over to Leon to walk through the financial details. Leon, please go ahead.

接下來，我將把電話會議交給 Leon，請他說明財務細節。Leon，請開始。

Thank you, Huang. Greetings, everyone. Thank you again for joining our first-quarter 2026 earnings call. Let me start with revenue.

謝謝你，Huang。各位好。再次感謝各位參加我們 2026 年第一季財報電話會議。我先從營收開始。

In the first quarter of 2026, our revenue was USD51.5 million, up 33.8% year over year, in line with our guidance range. As Huang mentioned before, this growth was driven primarily by our new product launches such as Active MAX, Active 3 Premium and T-Rex Ultra 2, even as the first quarter is traditionally a low season for consumer electronics business.

2026 年第一季，我們營收為 5,150 萬美元，年增 33.8%，符合我們的指引區間。如 Huang 先前提到，這項成長主要由我們的新產品上市所帶動，例如 Active MAX、Active 3 Premium 與 T-Rex Ultra 2，儘管第一季傳統上是消費性電子業務的淡季。

Turning to gross margin. Our performance continued to reflect a combination of factors, including product mix, launch timing and normal product life cycle dynamics such as model upgrades. In the first quarter, gross margin was 37.7%, an expansion of 0.4% compared with Q1 2025, and moderated from the record high 40.4% achieved in Q4 2025.

接著談毛利率。我們的表現持續反映多項因素的綜合作用，包括產品組合、上市時點，以及如機型升級等正常的產品生命週期動態。第一季毛利率為 37.7%，較 2025 年第一季提升 0.4 個百分點，但較 2025 年第四季創下的 40.4% 歷史高點有所回落。

There are two important points worth highlighting. First, the first quarter is traditionally the period whereby we refresh our entry-level product portfolio, which naturally carries a lower gross margin and, therefore, weighed on the sequential comparison. Second, during the quarter, we absorbed some higher memory component costs as well as the impact of unfavorable foreign currency exchange fluctuation.

有兩點重要事項值得強調。第一，第一季傳統上是我們更新入門產品組合的期間，該類產品毛利率自然較低，因此對環比比較造成壓力。第二，本季我們吸收了部分較高的記憶體元件成本，以及不利的外匯匯率波動影響。

Despite these headwinds, we still delivered year-over-year gross margin expansion where gross profit increased 35.3% to USD19.4 million. This demonstrates the resilience of our operating model and the continued improvement in our brand positioning.

儘管面臨這些逆風，我們仍實現毛利率的年增擴張，毛利年增 35.3% 至 1,940 萬美元。這展現了我們營運模式的韌性，以及品牌定位持續改善。

Before turning to expenses, let me briefly address the macro backdrop. On memory, we expect higher memory costs to create near-term pressure on gross margins, driven by the industry-wide transition from DDR4 to DDR5 and high-bandwidth memory. As AI and data center demand continued to tighten supply, we began preparing for this environment in early 2025, by securing supply through diversified sourcing channels to support manufacturing continuity.

在談費用之前，我先簡要說明宏觀背景。在記憶體方面，我們預期較高的記憶體成本將在短期內對毛利率造成壓力，主因是全產業從 DDR4 轉向 DDR5 與高頻寬記憶體。隨著 AI 與資料中心需求持續使供給趨緊，我們自 2025 年初起便透過多元採購渠道鎖定供應，以支持製造連續性，為此環境做準備。

And we are also using our engineering expertise to optimize memory requirements across current and future products without compromising performance or customer experience. While this is a real headwind, we have multiple levers to help mitigate the impact, including continued increases in average selling prices and a potential refund of previously paid IEEPA-related tariffs, which could provide some offsets. We believe we are managing this challenge from a position of preparation and discipline while staying focused on driving sustainable revenue growth and improved profitability.

我們也運用工程專業，在不犧牲性能或客戶體驗的前提下，優化現有與未來產品的記憶體需求。雖然這確實是一項逆風，但我們有多項槓桿可協助緩解影響，包括持續提升平均售價，以及先前已支付的 IEEPA 相關關稅可能獲得退還，這些都可能帶來部分抵銷。我們相信，我們正以充分準備與紀律來管理這項挑戰，同時持續聚焦於推動可持續的營收成長與獲利能力改善。

Now turning to expenses. We remain committed to prudent cost management program, which we began in 2020. Total adjusted operating expenses for the first quarter were USD35.7 million compared with USD31.5 million in Q1 '25, and USD37.1 million in Q4 '25. Out of the year-over-year increase of the USD4.2 million, there is a translation difference of approximately USD1.8 million on operating expenses in the first quarter of 2026 due to euro and RMB appreciation to the dollars.

現在談費用。我們仍致力於審慎的成本管理計畫，該計畫自 2020 年開始推行。第一季調整後營運費用總額為 3,570 萬美元，較 2025 年第一季的 3,150 萬美元增加，並低於 2025 年第四季的 3,710 萬美元。在年增的 420 萬美元之中，約有 180 萬美元為 2026 年第一季因歐元與人民幣兌美元升值所造成的營運費用換算差異。

Then USD1.4 million is directly attributable to certain e-commerce platform charges, which was a fixed ratio sales channel charges to drive revenue growth. Remaining USD0.6 million was primarily due to front-loaded investments in marketing and branding activities such as CES and HYROX. Excluding USD6.2 million of one-off provisions, fourth-quarter 2025 operating expenses were approximately USD30.9 million.

另外有 140 萬美元可直接歸因於特定電商平台費用，這是按固定比例計算的銷售通路費用，用以推動營收成長。其餘 60 萬美元主要來自於在行銷與品牌活動（如 CES 與 HYROX）上的前置投入。若排除 620 萬美元的一次性提列，2025 年第四季的營運費用約為 3,090 萬美元。

The sequential increase of USD4.8 million was primarily driven by USD1.8 million foreign exchange impact, as mentioned above and USD1.4 million increase in R&D investment to support new product launches in upcoming quarters and USD0.5 million of front-loaded marketing and branding investments, and lastly, $0.2 million in severance costs related to targeted initiatives to enhance organizational efficiency. Going forward, we will maintain a cost-conscious approach while continuing to invest in R&D, marketing and branding activities that support our long-term competitiveness.

連續增加的4.8百萬美元主要由上述提及的1.8百萬美元外匯影響所帶動，另有1.4百萬美元的研發投資增加以支援未來幾季的新產品上市，以及0.5百萬美元的前置行銷與品牌投資，最後還包括0.2百萬美元與提升組織效率之特定措施相關的資遣費用。展望未來，我們將在維持成本意識的同時，持續投資於研發、行銷與品牌活動，以支援我們的長期競爭力。

Let me break down the year-over-year and sequential comparison by line item. Adjusted R&D expenses were USD11.9 million compared with USD11.5 million in the first quarter of 2025 and USD10.2 million in the fourth quarter of 2025. Out of the sequential increase of USD1.7 million, $0.3 million was attributed to foreign currency translation differences. The remaining $1.4 million increase was due to investment in new products that will be launched in the coming quarters.

我來按項目拆解年對年與季對季的比較。調整後研發費用為11.9百萬美元，相較於2025年第一季的11.5百萬美元，以及2025年第四季的10.2百萬美元。在季對季增加的1.7百萬美元中，有0.3百萬美元歸因於外幣換算差異。其餘1.4百萬美元的增加則來自於對將於未來幾季推出之新產品的投資。

We continue to invest in a series of cutting-edge products and new technologies including AI, to maintain our competitive edge while consistently evaluating resources efficiently to optimize our return on investment and productivity.

我們持續投資一系列尖端產品與新技術（包括AI），以維持競爭優勢，同時持續有效率地評估資源配置，以最佳化投資報酬與生產力。

Adjusted selling and marketing expenses were USD16.4 million compared with $13.8 million in the first quarter of 2025 and $15.6 million in the fourth quarter of 2025. Of the year-over-year increase, approximately $0.8 million was attributed to foreign exchange translation differences, another $1.4 million was directly attributable to fixed channel costs that scale with our revenue growth, and the remaining $0.4 million was allocated to promotions and branding initiatives that fueled the adoption of our new products.

調整後銷售與行銷費用為16.4百萬美元，相較於2025年第一季的13.8百萬美元，以及2025年第四季的15.6百萬美元。在年對年增加部分中，約0.8百萬美元歸因於外匯換算差異，另有1.4百萬美元可直接歸因於隨營收成長而擴大的固定通路成本，其餘0.4百萬美元則用於促銷與品牌推廣計畫，以帶動新產品的採用。

Compared to Q4 2025, selling and marketing expenses increased by $0.9 million, out of which $0.4 million was attributable to the appreciation of foreign currencies against the dollar and the remaining $0.5 million was due to front-loaded investments in marketing and branding activities such as CES and HYROX. At the same time, we continue to push retail profitability and channel mix improvement, including meticulous refinement of our retail channels and disciplined staffing arrangements across our sales regions.

相較於2025年第四季，銷售與行銷費用增加0.9百萬美元，其中0.4百萬美元歸因於外幣兌美元升值，其餘0.5百萬美元則來自於前置投入的行銷與品牌活動（如CES與HYROX）。同時，我們持續推動零售獲利能力與通路組合改善，包括對零售通路的細緻優化，以及在各銷售區域採取有紀律的人力配置。

Adjusted G&A expenses were USD7.4 million compared with $6.2 million in Q1 2025 and $11.3 million in Q4 2025. The year-over-year increase reflected approximately $0.3 million of foreign exchange translation differences and $0.2 million in brand and intellectual property protection-related fees. Excluding the USD6.2 million of nonrecurring provisions in the fourth quarter, G&A expenses were $5.2 million in Q4 2025.

調整後一般及行政（G&A）費用為7.4百萬美元，相較於2025年第一季的6.2百萬美元，以及2025年第四季的11.3百萬美元。年對年增加反映約0.3百萬美元的外匯換算差異，以及0.2百萬美元與品牌及智慧財產保護相關的費用。若排除第四季6.2百萬美元的一次性提列，2025年第四季的G&A費用為5.2百萬美元。

The sequential increase of USD2.1 million was mainly attributable to $1.1 million of negative foreign exchange impact as well as $0.2 million severance costs as part of the targeted initiatives to enhance organizational efficiency. We continue to streamline our G&A and drive operational efficiency.

季對季增加的2.1百萬美元主要歸因於1.1百萬美元的不利外匯影響，以及0.2百萬美元作為提升組織效率之特定措施的一部分所產生的資遣費用。我們將持續精簡G&A並提升營運效率。

With higher revenue and improved year-over-year gross margin, partially offset by higher operating costs and unfavorable foreign exchange translation differences, our operating loss narrowed to $6.3 million compared with $17.2 million in the first quarter of 2025. Adjusted net loss was $17.9 million or 34.8% of sales compared to $18.1 million or 41% of the sales in the first quarter of 2025.

在營收提高且年對年毛利率改善的帶動下，部分被較高的營運成本與不利的外匯換算差異所抵銷，我們的營業虧損收斂至6.3百萬美元，相較於2025年第一季的17.2百萬美元。調整後淨虧損為17.9百萬美元，或占銷售額的34.8%，相較於2025年第一季的18.1百萬美元，或占銷售額的41%。

Turning to the balance sheet and working capital. We continue to manage our inventory rigorously, ending the quarter with inventory of $62.8 million, down from $72.8 million as of Q4 2025. We ended the quarter with $103.2 million in cash and cash equivalents, nearly flat compared with $103.8 million a year ago and lower than $112.9 million at the end of 2025, with a sequential decline driven primarily by our net working -- by our net operating losses and partially offset by improved working capital management.

接著看資產負債表與營運資金。我們持續嚴格管理存貨，季末存貨為62.8百萬美元，較2025年第四季的72.8百萬美元下降。季末現金及約當現金為103.2百萬美元，與一年前的103.8百萬美元幾乎持平，且低於2025年年底的112.9百萬美元；季對季下降主要由我們的淨營運虧損所致，並部分被營運資金管理改善所抵銷。

Turning to our capital structure. Total debt, including both short-term and long-term debt remained broadly stable both sequentially and year over year. We continue to actively manage our debt maturity profile and financing costs. As debt approaches maturity, we evaluate prevailing market interest rates and available credit capacity to refinance or extend the duration of our borrowings where appropriate.

接著談我們的資本結構。包含短期與長期負債在內的總負債，無論季對季或年對年皆大致維持穩定。我們持續積極管理債務到期結構與融資成本。隨著債務接近到期，我們會評估當前市場利率與可用授信額度，以在適當情況下為借款再融資或延長期限。

The change in the mix between short-term and long-term debt in the first quarter of 2026 was primarily driven by accounting classification as certain borrowing originally matured in late 2026 or 2027 were reclassified from long-term debt to short-term debt due to their remaining maturity profile.

2026年第一季短期與長期負債組合的變化，主要由會計分類所驅動；部分原本於2026年末或2027年到期的借款，因剩餘到期期間的因素而由長期負債重分類為短期負債。

Importantly, while the classification between short-term and long-term debt may fluctuate from quarter to quarter, our long-term focus remains on maintaining disciplined control over total debt levels and optimizing our debt duration and interest expenses over time. Since the beginning of 2023, the company has cumulatively retired $46.7 million of debt, and we'll continue to optimize the capital structure for the company.

重要的是，雖然短期與長期負債之間的分類可能每季波動，但我們的長期重點仍是對總負債水位維持嚴謹控管，並隨時間最佳化債務期限結構與利息費用。自2023年初以來，公司累計已償還46.7百萬美元的債務，我們也將持續為公司最佳化資本結構。

We also remain committed to our share repurchase program. As of May -- as of March 31, 2026, we have repurchased $17 million out of the $20 million authorized program. We view this program as an effective use of capital that aligns with our focus in delivering sustainable long-term value to shareholders.

我們也持續致力於股票回購計畫。截至—截至2026年3月31日，我們已在核准的2,000萬美元計畫中回購了1,700萬美元。我們認為此計畫是符合我們為股東創造可持續長期價值之重點的有效資本運用方式。

Finally, our outlook. For the second quarter of 2026, we expect revenue to be in the range of USD63 million to USD68 million, representing year-over-year growth of approximately 6% to 14%. This outlook reflects continued year-over-year growth, supported by demand across our product portfolio, while also accounting for normal shipment timing and product launch phasing during the quarter. More importantly, we will continue to focus on the quality of the growth rather than only short-term revenue volume.

最後，談談我們的展望。對於2026年第二季，我們預期營收將介於6,300萬至6,800萬美元之間，代表年對年成長約6%至14%。此展望反映在產品組合需求支撐下持續的年對年成長，同時也納入本季正常的出貨時點與產品上市節奏安排。更重要的是，我們將持續聚焦成長品質，而不僅僅是短期營收量。

With a healthy margin profile, disciplined cost control and continued operational improvement, we are well positioned to deliver sustainable growth and create long-term value for our shareholders.

憑藉健康的毛利結構、有紀律的成本控管與持續的營運改善，我們已具備良好條件以實現可持續成長，並為股東創造長期價值。

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

感謝各位今天撥冗參與。我現在開放提問。接線員，請開始。

(Operator Instructions) Sid Rajeev, Fundamental Research Corp.

(接線員指示) Sid Rajeev，Fundamental Research Corp.。

Congratulations on the strong Q1 revenue growth. In the last earnings call, Leon, you guided to potentially nine product launches this year, the same as last year, with four announced so far, should we expect about five more this year? Am I in the correct ballpark?

恭喜第一季營收強勁成長。在上次法說會中，Leon，你提到今年可能會有九項產品上市，與去年相同；目前已公布四項，我們是否可以預期今年大約還會有五項？我的估計方向正確嗎？

Yeah. I think in the end, we probably would have more than nine, but yes, there are many new product launches are still underway.

是的。我想最後我們可能會超過九項，但沒錯，仍有許多新產品上市正在進行中。

Okay. Where do you see opportunities to reduce cost? Because it seems like it's difficult to cut R&D or marketing or branding expenses at this point?

好的。你們認為有哪些降低成本的機會？因為看起來目前很難削減研發或行銷或品牌費用？

No, that's not entirely right. So you see that the R&D expenses year over year actually increased a bit. It is because of the new product launches, which we have to prepare for it. And I think towards the end of Q2, you will see that R&D expenses more going down because I think by the end of the first half, we'll probably go through a majority of the new product launches, which we have scheduled for the year, although there's going to be a bit left for the second half of the year.

不，這不完全正確。你會看到研發費用年對年其實是小幅增加。這是因為新產品上市，我們必須為此做準備。我認為到第二季末，你會看到研發費用進一步下降，因為我想在上半年結束前，我們大概會完成今年已排程的新產品上市中的大部分，雖然下半年仍會剩下一些。

But I think you have witnessed that there's a lot of new products which has been launched already, including the Active MAX, Active Premium, T-Rex Ultra 2 and now with the Balance and Cheetah, I think this first half of the year is actually from a product launch perspective, a launch-heavy first half. Therefore, R&D expenses is actually a little bit higher than before. But it should trend towards the norm starting from the second half of the year and going forward.

但我認為你們也已經看到，我們已經推出了許多新產品，包括 Active MAX、Active Premium、T-Rex Ultra 2，而現在又有 Balance 和 Cheetah。我認為從產品發布的角度來看，今年上半年其實是發布密集的上半年。因此，研發費用確實比以前略高一些。但從今年下半年開始並在往後，應該會回歸到正常水準。

On the other hand, we are also investing a bit with front-loaded some of the marketing expenses into Q1 and Q2. For example, we are hosting the Balance 3 product release in HYROX, New York, which is a high-profile event, right? And that's all tied into the event timing, so to say. And I guess, we -- because of that, we spent some of the marketing expenses and branding-related expenses more towards and skewed towards the first half of the year. And that should also average down in the second half of the year.

另一方面，我們也在 Q1 和 Q2 先行投入了一部分行銷費用。例如，我們在紐約 HYROX 這個高曝光度的活動上舉辦 Balance 3 的產品發表，對吧？而這些都與活動時點相互配合。因此，我們把部分行銷費用以及品牌相關費用更多地、也更偏向於上半年投入。而這些費用在下半年也應該會攤平、回落。

So -- and not to mention G&A expenses, I think you will see a step down already in Q2 and going towards Q3 and Q4. So I guess we still stand behind the run rate of around $30 million a quarter or even lower than that, which you witnessed for the rest of the last year as we go.

另外，還有 G&A（一般及行政）費用，我想你們會在 Q2 就已經看到下降，並且會延續到 Q3 和 Q4。所以我想我們仍然維持每季約 3,000 萬美元、甚至更低的費用運行水準，正如你們在去年其餘時間所看到的那樣。

That's good to hear. Just one more question, if I may. Is there other industry players raising product prices to offset some of these higher memory costs?

很高興聽到這點。如果可以的話，我再問最後一個問題。是否有其他同業也在調高產品價格，以抵消這些較高的記憶體成本？

Yes, to some extent because we noticed that our competitors are also raising price and not to mention Garmin, right? But we -- compared with a lot of our competitors, our pricing at this point of time is still relatively low. So I think we have more room to raise the price compared with our competitors.

是的，在某種程度上，因為我們注意到競爭對手也在漲價，更不用說 Garmin 了，對吧？但相較於許多競爭對手，我們目前的定價仍然相對較低。所以我認為相較於競爭對手，我們有更大的漲價空間。

But nevertheless, I think the -- we are focusing on the product itself, right? So raising the price is definitely not the final goal. In the end, we want to actually present to the user the best product with the best user experience and best features at the best price, which they can get out of the market. So I think that is the goal that we want to strive for.

不過無論如何，我認為我們的重點仍在產品本身，對吧？因此，漲價絕對不是最終目標。最終，我們希望向使用者提供市場上能買到的、以最佳價格呈現的最佳產品、最佳使用者體驗與最佳功能。所以我認為這就是我們努力追求的目標。

[Frank Dugan], Brooks Investments.

[Frank Dugan]，Brooks Investments。

Congratulations on the first-quarter performance. My first question would be around the Q2 revenue guidance. And if you can talk more about that and how do you view the profitability outlook for the full year?

恭喜第一季的表現。我第一個問題是關於 Q2 的營收指引。能否多談談這部分，以及你們如何看待全年獲利能力的展望？

Yeah. Frank, thank you. We don't give the guidance on the full year, but hopefully, I can give you some color to it later on. But with regard to Q2, you -- we just mentioned, it is actually between $63 million to $68 million, which is roughly a growth of 6% to 14%. But however, you see this number is actually accounting for the normal shipment timing and product launch phasing during the quarter.

好的。Frank，謝謝你。我們不提供全年指引，但希望稍後我可以給你一些方向性的補充。至於 Q2，我們剛才提到，區間是 6,300 萬到 6,800 萬美元，約為 6% 到 14% 的成長。不過，你會看到這個數字其實已經考量了本季正常的出貨時點以及產品發布節奏。

So if we -- let's say, if we have certain products which we initially wanted to produce and sell in Q2, and for some reasons, we couldn't manufacture those in time and meet the time window for the sales, it might slip into Q3. And I think we have one or two examples of that, which happens in Q2, which kind of impact our revenue forecast for Q2.

所以如果——比方說，我們原本計畫在 Q2 生產並銷售的某些產品，因為某些原因無法及時製造完成、也無法趕上銷售窗口，就可能會延後到 Q3。我想在 Q2 我們有一兩個這樣的例子，對 Q2 的營收預測造成了一些影響。

But however, we -- actually, our long-term strategy and our target for the year remains still on the profitable growth path because we see -- given Q1 and Q2, we see a continued year-over-year growth. And also this year-over-year growth is supported by the demand across our product portfolio on a broad base.

但無論如何，我們的長期策略以及今年的目標仍然是在獲利性成長的軌道上，因為——從 Q1 和 Q2 來看，我們看到持續的年對年成長。而且這個年對年成長，是由我們整體產品組合在廣泛基礎上的需求所支撐。

We believe that, heading into the second half of the year, we should be able to continue, number one, the growth path; and number two, if -- and for the 2026 full year, for sure, we are looking at a profitable growth over 2025. I hope that gives you some color for the future.

我們相信，進入下半年後，我們應該能夠持續：第一，成長軌道；第二，如果——而且就 2026 全年而言，我們確定會追求相較 2025 的獲利性成長。希望這能讓你對未來有一些方向性的了解。

Yeah. And yeah, one more question around the new three-year global HYROX partnership. How do you plan to leverage that to drive long-term monetization?

好的。另外還有一個問題，關於新的三年期全球 HYROX 合作夥伴關係。你們計畫如何運用它來推動長期變現？

The HYROX, as you know, is actually part of our -- it's actually -- it's one of the bigger trend on hybrid training, right? We explained just now that we would like to establish our authority in hybrid training through working very closely with HYROX, right?

如你所知，HYROX 其實是我們——它其實——是混合訓練（hybrid training）這個大趨勢中的重要一環，對吧？我們剛才也解釋過，我們希望透過與 HYROX 的緊密合作，建立我們在混合訓練領域的權威性，對吧？

It actually comes into two folds. Number one is, as the participants of HYROX increase, I mean, they increased by a lot over the past years. And we believe that is going to continue to increase in the future. And looking at the New York HYROX is actually -- the participants is as many as the participants of New York Marathon, right?

這其實有兩個面向。第一，HYROX 的參與者人數在過去幾年大幅增加。而我們相信未來還會持續成長。以紐約 HYROX 來看，參與者人數其實和紐約馬拉松一樣多，對吧？

So I think number one is we would definitely want to deepen our relationship with HYROX and try to make the feature working better with HYROX, for example, helping the HYROX athlete to track their timing and then to deliver a better timing every time they race. And that's -- and hopefully, that would also make us and establish the authority of our brand in HYROX.

所以我認為第一，我們一定會希望深化與 HYROX 的關係，並讓我們的功能更好地與 HYROX 配合，例如協助 HYROX 選手追蹤他們的成績時間，並在每次比賽時都能交出更好的成績。而這——也希望能讓我們在 HYROX 領域建立並強化品牌的權威性。

And also, as Huang just mentioned, we -- by doing that, we would like to become users' choice when they look beyond their current watch because for a normal user, consumer, there is a moment of time that they start considering serious sports, be it running, be it hybrid training, be it whatever it is.

另外，正如 Huang 剛才提到的，我們——透過這樣做，我們希望在使用者想要超越他們目前手錶的時候，成為他們的首選；因為對一般使用者、消費者而言，總會有一個時點，他們開始考慮更認真地投入運動，不論是跑步、混合訓練，或其他任何運動。

We want to actually -- by establishing the authority in HYROX, to become users' choice once they become a serious on specific sports in their journey of when they grow up, right? That's actually what we want to do through HYROX.

我們希望——透過在 HYROX 建立權威性，在使用者成長的旅程中，當他們開始對某項運動更認真投入時，成為他們的首選，對吧？這就是我們希望透過 HYROX 達成的事情。

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

謝謝。由於沒有進一步的提問，我想把電話交回給公司投資人關係總監 Grace Zhang 作結語。

Thank you once again for joining us today. If you have further questions, please feel free to contact Zepp Health's Investor Relations department. Thank you.

再次感謝各位今天參與。若您有進一步問題，歡迎隨時聯繫 Zepp Health 的投資人關係部門。謝謝。

Thank you. This concludes this conference call. You may now disconnect your lines. Thank you, and have a pleasant day.

謝謝。本次電話會議到此結束。您現在可以掛斷電話線。謝謝，祝您有美好的一天。