Draft:Zepp Health

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Zepp Health
Native name
华米科技
FormerlyHuami Corporation (2013–2021)
TypePublic
  • NYSE: ZEPP (2021–present)
  • NYSE: HMI (2018–2021)
Industry
FoundedDecember 2013 (2013-12), in China, as Huami[a]
FounderHuang Wang (黄汪)[b]
Headquarters
Hefei
,
China
Area served
Worldwide
Key people
  • Huang Wang (founder, chairman and CEO)
  • Mike Yan Yeung (COO)
  • Leon Deng (CFO)
Products
Brands
SubsidiariesZepp International
Websitewww.zepp.com

Zepp Health Corporation, known as Huami Corporation from 2013 to 2021 (Chinese: 华米科技; pinyin: Huámǐ Kējì), is a Chinese smart-wearable and health technology company.[4][5] It designs smartwatches and fitness trackers under the Amazfit and Zepp brands. For years it was the exclusive original design manufacturer for Xiaomi-branded wearables, including the Mi Band series, an arrangement that supplied most of its revenue before falling to about a quarter of it by 2023 as the company built its own brands.[6][7] The company is listed on the New York Stock Exchange and trades under the ticker ZEPP, formerly HMI.[6][5]

Huang Wang (黄汪) founded the company in December 2013.[1][3] Backed by Xiaomi and its affiliated Shunwei Capital fund, Huami grew into a major smart-wearable maker by shipment volume, went public in 2018, and renamed itself Zepp Health in February 2021 as it shifted from a Xiaomi supplier toward its own health-focused brands.[8][5][9] The move away from Xiaomi was initially costly, and revenue and profits fell for several years. In April 2024 the New York Stock Exchange warned the company that its share price had fallen below its minimum listing standard; the company regained compliance later that year after a reverse share split.[10][11][12] Revenue returned to year-on-year growth in 2025, driven mainly by the company's own Amazfit brand, though the company remained loss-making.[13][14][15]

History

Founding and early growth (2013–2017)

Huami was Huang Wang's fourth venture. He graduated in applied physics from the University of Science and Technology of China in 1997, worked briefly at Huawei, and then built a succession of companies in Hefei, including an embedded-development-tools business and the consumer-electronics brand Smart Devices, which sold tablets and an early smartwatch.[2][3] Huang founded Huami in December 2013 as a separate company and has said it drew on his team's earlier work in tablets and operating systems.[16][1] In January 2014 Xiaomi and Shunwei Capital invested, and Huami became Xiaomi's sole partner to design and manufacture Xiaomi-branded smart bands, watches, scales and related accessories, including the Mi Band series, which launched in August 2014 at 79 yuan.[6][2][8] In 2015, Bloomberg News profiled Huami as a Chinese startup positioned to challenge Fitbit in wearables.[17]

By mid-2016 the company had sold more than 20 million fitness-tracking wristbands and ranked second worldwide in smart wearables.[2] In the first nine months of 2017 it shipped 11.6 million units, more than any other company over that period according to research firm Frost & Sullivan.[6] Full-year 2017 shipments reached 18.1 million units.[4] At the time of the 2018 listing roughly 80 percent of revenue came from Xiaomi products.[8]

Initial public offering (2018)

Huami priced its initial public offering on 8 February 2018, offering 10 million American depositary shares at US$11.00 each, the midpoint of its range, for a total of about US$110 million, and began trading on the New York Stock Exchange under the ticker HMI.[6][18][19] The shares closed their first day at US$11.25.[19] At the time of listing, founder Huang Wang held 39.4 percent of the company, Lei Jun's Shunwei Capital 20.4 percent, and a Xiaomi investment vehicle 19.3 percent.[8][19] A pre-IPO analysis by the research firm Smartkarma argued that Huami's reported profits depended heavily on Xiaomi absorbing marketing and distribution costs, describing it as "a company which for all practical purposes is Xiaomi's subsidiary masquerading as an independently run company".[19]

Amazfit and Zepp International

The company launched its own smartwatch brand, Amazfit, in 2015, and introduced the first Amazfit smartwatch in 2016.[5][20] Amazfit was an early attempt to reduce the company's dependence on Xiaomi revenue, positioned to avoid competing directly with the cheaper Mi Band.[3] In July 2018 the company acquired the core assets of Zepp International, a San Jose, California multi-sport sensor company, whose name the firm later adopted for its own.[21]

Chip development

From 2015 the company invested in wearable silicon and in the RISC-V open-instruction-set ecosystem.[4] In April 2018 it joined a US$50 million funding round in the RISC-V processor designer SiFive, and in early 2019 it led a €7 million (about US$8 million) Series A round in the French edge-AI processor startup GreenWaves Technologies, alongside Soitec.[4]

In September 2018 Huami said it had developed the Huangshan-1, which it described as the first RISC-V–based artificial-intelligence chip for smart wearables. The chip carried four dedicated cores for heart biometrics, ECG and arrhythmia detection, and used an "always-on" design to move sensor data into on-chip memory.[4] At its first AI innovation conference in Hefei in June 2020 the company unveiled the Huangshan-2, a second-generation RISC-V processor it said detected atrial fibrillation seven times faster than the first generation, and followed with the dual-core Huangshan 2S in 2021.[22][23]

Rename and diversification from Xiaomi (2021–2024)

In February 2021 Huami changed its name to Zepp Health and its ticker from HMI to ZEPP, signalling a move away from acting as a Xiaomi supplier.[9][5] In the first quarter of 2021 it became the fourth-largest smartwatch vendor worldwide by shipments for the first time, and it launched its self-developed Zepp OS operating system with the Amazfit GTR 3 and GTS 3 watches.[5]

Xiaomi wearable products fell as a share of revenue from roughly 69 percent in 2020 to 53.5 percent in 2021, 41.0 percent in 2022 and 25.8 percent in 2023.[7] The company described this as a deliberate transformation toward higher-margin own-brand products; by the third quarter of 2023 those products supplied about 80 percent of revenue.[24] Full-year 2023 revenue was about US$351.5 million, down 39.8 percent from 2022, a fall driven mainly by a 62.0 percent drop in Xiaomi wearable sales.[25] Net income fell from ¥229 million in 2020 to ¥138 million in 2021, then turned to losses of ¥288 million in 2022 and ¥212 million in 2023.[1]

On 30 April 2024 the New York Stock Exchange notified the company that it was below compliance standards because the average closing price of its American depositary shares had stayed under US$1.00 for 30 consecutive trading days, giving it a six-month cure period.[10] To lift its share price back above the exchange's minimum, in September 2024 the company carried out a one-for-four reverse split of its American depositary shares, changing the ratio of each American depositary shares (ADS) to the underlying stock from four shares to sixteen.[c] The price recovered above one dollar, and the exchange restored the company's compliance the following month.[12][11]

Through the same period the manufacturing relationship with Xiaomi continued. The two firms signed their first strategic cooperation agreement in October 2017 and extended it for three years in October 2020. In February 2023 they signed a new two-year business cooperation agreement running to January 2025.[7]

Financial turnaround (2025)

Second-quarter 2025 revenue reached US$59.4 million, up 46.2 percent year-on-year, the first year-on-year growth since the second quarter of 2021, and the increase came from Amazfit products.[13] Full-year 2025 revenue was about US$258.9 million, up 41.8 percent, and the net loss narrowed to US$40.1 million from US$75.7 million in 2024, with a company-record fourth-quarter gross margin of 40.4 percent.[14] The company remained loss-making, and independent analysis noted that losses had compounded over the preceding five years and that a return to profitability was not expected in the near term.[15]

The Amazfit line moved into sport and health hardware, including the T-Rex 3, Balance 2, Active 2 and Helio Strap, and the company released Zepp OS 4 with integrated generative AI features.[26] In 2025 Amazfit signed several athlete ambassadors, including Baltimore Ravens running back Derrick Henry, its first NFL sponsor.[27] The company also built a dual-sourcing supply chain across China and Vietnam to manage US tariff exposure.[28] Over the same period its market value rose from about US$48 million in mid-2024 to roughly US$235 million by late 2025.[29]

Products and brands

Amazfit

Amazfit is the company's main consumer brand of smartwatches and fitness trackers, created in 2015.[5] By 2023 self-branded products, led by Amazfit, supplied about 80 percent of the company's revenue, and the company reported that branded products grew more than 50 percent in 2025.[24][14]

Mi Band

As Xiaomi's sole wearables partner, the company designed and manufactured the Xiaomi-branded Mi Band series as an original design manufacturer.[6] In March 2022 the companion Mi Fit app was rebranded Zepp Life and kept under the company's control, while Xiaomi moved its newer devices to a separate Mi Fitness app.[30] Sales of Xiaomi wearables fell sharply from 2022 onward, and by 2023 they made up about a quarter of the company's revenue.[7][25]

Zepp

The Zepp brand and companion app derive from the 2018 acquisition of Zepp International, and cover the company's premium and health-focused wearables and services.[21]

Corporate affairs

Headquarters and structure

Independent reporting describes the firm as a Chinese company headquartered in Hefei, and its principal operating entity is registered in Anhui as Anhui Huami Information Technology Co., Ltd. (安徽华米信息科技有限公司), one of two consolidated Chinese entities through which the group operates.[4][5][7] The listed parent is incorporated in the Cayman Islands and controls its Chinese operations through a variable interest entity structure, a common arrangement among US-listed Chinese firms.[31] The share of revenue contributed by those entities fell from 40.1 percent in 2023 to 8.0 percent in 2025.[7]

Ties to Xiaomi

As Zepp reduced its commercial reliance on Xiaomi, Xiaomi remained a principal shareholder, and in September 2024 the company appointed Alain Lam, Xiaomi's chief financial officer, to its board of directors.[32]

See also

Notes

  1. Sources differ on the founding date. Contemporary corporate reporting dates Huami's incorporation to December 2013,[1] while some promotional profiles date the company to its January 2014 financing by Xiaomi and Shunwei Capital.[2]
  2. In the Chinese name 黄汪 the family name is Huang; it is given here in Western order as Huang Wang. English-language sources also reverse it to "Wang Huang" or use the Anglicised "Wayne Huang".[3]
  3. The change raised the quoted ADS price roughly fourfold without altering the underlying Class A ordinary shares, of which none were issued or cancelled.[12]

References

  1. Gong, Wan (6 June 2024). 华米科技股价低于1美元被交易所警告 创始人黄汪担心退市吗？ [Huami warned by the exchange as its shares fall below one dollar]. Sina Finance (in Chinese). Retrieved 3 July 2026.
  2. "Huang Wang, shaping Huami as king of wearables". China Daily. 12 September 2016. Retrieved 3 July 2026.
  3. Fang, Yuanjing (21 September 2018). 专访华米科技创始人黄汪：全世界以后只有两家可穿戴公司 [Interview with Huami founder Huang Wang: in future there will be only two wearables companies]. Jiemian News (in Chinese). Retrieved 3 July 2026.
  4. Dahad, Nitin (1 March 2019). "Wearables Firm Invests $8 Million in RISC-V Startup". EE Times. Retrieved 3 July 2026.
  5. Ma, Si (14 October 2021). "Zepp Health banks on new smartwatches for growth". China Daily. Retrieved 3 July 2026.
  6. "Huami Corporation Announces Pricing of Initial Public Offering" (Press release). Huami Corporation. 8 February 2018. Retrieved 3 July 2026 – via PR Newswire.
  7. Form 20-F for the fiscal year ended December 31, 2023 (Report). Zepp Health Corporation. 2024. Retrieved 3 July 2026 – via U.S. Securities and Exchange Commission.
  8. Wu, Ling (9 February 2018). 多亏了雷军，做小米手环的华米上市了 [Thanks to Lei Jun, Mi Band maker Huami goes public]. ifanr (in Chinese). Retrieved 3 July 2026.
  9. O'Donnell, Deirdre (27 February 2021). "Huami officially changes its name to Zepp Health". NotebookCheck. Retrieved 3 July 2026.
  10. "Zepp Health Corporation Announces Receipt of NYSE Non-compliance Letter Regarding ADS Trading Price" (Press release). Zepp Health Corporation. 10 May 2024. Retrieved 3 July 2026 – via PR Newswire.
  11. "Zepp Regains Compliance with NYSE Minimum Price Continued Listing Criterion" (Press release). Zepp Health Corporation. 2 October 2024. Retrieved 3 July 2026 – via PR Newswire.
  12. "Zepp Health Corporation Reports Third Quarter 2024 Unaudited Financial Results" (Press release). Zepp Health Corporation. 18 November 2024. Retrieved 3 July 2026 – via PR Newswire.
  13. "Zepp Health Corporation Reports Second Quarter 2025 Unaudited Financial Results" (Press release). Zepp Health Corporation. 3 August 2025. Retrieved 3 July 2026.
  14. "Zepp Health Corporation Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results" (Press release). Zepp Health Corporation. 15 March 2026. Retrieved 3 July 2026 – via PR Newswire.
  15. "Zepp Health (NYSE:ZEPP) Quarterly Result Improves But Losses Remain". Simply Wall St. 6 November 2025. Retrieved 3 July 2026 – via Yahoo Finance.
  16. Liang, Feng (12 September 2018). 华米CEO黄汪：可穿戴市场主要玩家未来或只剩苹果、小米 [Huami CEO Huang Wang: the main players in wearables may in future be only Apple and Xiaomi]. 36Kr (in Chinese). Retrieved 3 July 2026.
  17. "Here's the Chinese Start-Up Out to Dethrone Fitbit in Wearables". Bloomberg News. 2 November 2015. Retrieved 3 July 2026.
  18. "Huami raises $110 million in NYSE IPO". TechNode. 9 February 2018. Retrieved 3 July 2026.
  19. Russell, Jon (13 February 2018). "Xiaomi's wearable device partner Huami raises $110M in NYSE IPO". TechCrunch. Retrieved 3 July 2026 – via Yahoo Finance.
  20. "Xiaomi unveils Amazfit smartwatch". Firstpost. 30 August 2016. Retrieved 3 July 2026.
  21. "Huami Acquires Core Assets of Multi-Sport Sensor Firm Zepp International". July 2018. Retrieved 3 July 2026 – via Yahoo Finance.
  22. "Huami banks on AI to consolidate wearables push". China Daily. 17 June 2020. Retrieved 3 July 2026 – via ECNS.
  23. Sean (15 June 2020). "Huami unveils the Huangshan 2 chip, a self developed processor for its wearables". Gizmochina. Retrieved 3 July 2026 – via RISC-V International.
  24. "Zepp Health Corporation Reports Third Quarter 2023 Unaudited Financial Results" (Press release). Zepp Health Corporation. 20 November 2023. Retrieved 3 July 2026 – via PR Newswire.
  25. "Zepp Health Corporation Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results" (Press release). Zepp Health Corporation. 18 March 2024. Retrieved 3 July 2026 – via PR Newswire.
  26. "Zepp Health Corporation Reports Third Quarter 2025 Unaudited Financial Results" (Press release). Zepp Health Corporation. 4 November 2025. Retrieved 3 July 2026 – via PR Newswire.
  27. Lombardo, Jeremy (18 July 2025). "Ravens RB Derrick Henry signs deal with Amazfit wearables". Sports Business Journal. Retrieved 3 July 2026.
  28. "Zepp Health Corporation Reports First Quarter 2025 Unaudited Financial Results" (Press release). Zepp Health Corporation. 19 May 2025. Retrieved 3 July 2026 – via PR Newswire.
  29. Daly, Lyle (19 October 2025). "This Fitness Tech Stock Has Crushed Apple's 2025 Gains — 1 Reason Why". The Motley Fool. Retrieved 3 July 2026 – via Yahoo Finance.
  30. "Xiaomi Mi Fit app changes to Zepp Life as Huami takes charge". Wareable. 22 March 2022. Retrieved 3 July 2026.
  31. "Disclosure Considerations for China-Based Issuers". U.S. Securities and Exchange Commission, Division of Corporation Finance. 23 November 2020. Retrieved 3 July 2026.
  32. "Zepp Health Corporation Announces Board Changes" (Press release). Zepp Health Corporation. 3 September 2024. Retrieved 3 July 2026 – via PR Newswire.

Category:Wearable devices Category:Consumer electronics brands Category:Companies listed on the New York Stock Exchange Category:Electronics companies of China Category:Chinese companies established in 2013 Category:Electronics companies established in 2013 Category:2018 initial public offerings