Viomi Technology Co.,Ltd (VIOT) 首席执行官陈小平在 2019年 第二季度业绩 - 收益电话会议记录

Viomi Technology Co., Ltd (NASDAQ:VIOT) Q2 2019 Earnings Conference Call August 21, 2019 8:00 AM ET

Viomi Technology Co.,Ltd(纳斯达克股票代码:[VIOT])2019年第二季度收益电话会议2019年8月21日美国东部时间上午8:00

公司参与者

Cecilia Li - The Piacente Group, Investor Relations Partner
Xiaoping Chen - Founder, Chairman of the Board of Directors & Chief Executive Officer
Shun Jiang - Chief Financial Officer

  • Cecilia Li - 皮亚琴特集团,投资者关系合伙人
  • 陈小平 - 创始人,董事会主席兼首席执行官
  • 顺江 - 首席财务官

电话会议参与者

Lillian Lou - Morgan Stanley
Xudong Chen - CICC
Vincent Yu - Needham

  • Lillian Lou - 摩根士丹利
  • 陈旭东 - 中金公司
  • Vincent Yu - Needham

会议主持员

Hello, ladies and gentlemen. Thank you for standing by for Viomi Technology Company Limited’s Earnings Conference Call for the Second Quarter 2019. At this time, all participants are in listen-only mode. Today's conference call is being recorded. [Operator Instructions]
I will now turn the call over to your host, Ms. Cecilia Li of The Piacente Group, the company's Investor Relations Partner. Please go ahead, Cecilia.

你好,女士们,先生们。 感谢您支持Viomi Technology Company Limited 2019年第二季度的收益电话会议。此时,所有参与者都处于只听模式。 今天的电话会议正在录制中。 [操作说明]

我现在将把这个电话转给你的主人,公司投资者关系合作伙伴皮亚琴特集团的Cecilia Li女士。 请继续,塞西莉亚。

Cecilia Li

Thank you, operator. Hello, everyone and welcome to Viomi Technology Co. Limited earnings conference call for the second quarter 2019. As a reminder, this conference is being recorded. The company's financial and operating results were issued in press release earlier today and are posted online. You can download earnings press release and sign up for the company's e-mail distribution list by visiting the IR section at the company's website at ir.viomi.com.
Participating in today's call are; Mr. Xiaoping Chen, the Founder, Chairman of the Board of Directors and Chief Executive Officer; and Mr. Shun Jiang, the Chief Financial Officer. The company's management will begin with prepared remarks, and the call will conclude with a Q&A session.
Before we continue, please note 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. Further information regarding these and other risks and uncertainties is included in the company's registration statement on Form F-1 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 by law. Please also note Viomi's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Viomi'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 Viomi's Founder and CEO, Mr. Xiaoping Chen. Mr. Chen will deliver his remarks in Chinese, followed immediately by English translation. Mr. Chen, please go ahead.

谢谢运营商。大家好,欢迎来到2014年第二季度的Viomi Technology Co. Limited收益电话会议。提醒一下,本次会议正在录制中。该公司的财务和经营业绩于今天早些时候在新闻稿中发布,并在线发布。您可以访问公司网站ir.viomi.com,下载盈利新闻稿并注册公司的电子邮件分发列表。

参加今天的电话会议;陈小平先生,创始人,董事会主席兼首席执行官;和首席财务官顺江先生。公司的管理层将从准备好的评论开始,电话会议将以问答环节结束。

在我们继续之前,请注意今天的讨论将包含根据1995年美国私人证券诉讼改革法案的安全港条款作出的前瞻性陈述。前瞻性陈述涉及固有的风险和不确定性。因此,公司的实际结果可能与今天表达的观点存在重大差异。有关这些风险和其他风险和不确定性的更多信息包含在公司的F-1表格登记声明和美国证券交易委员会提交的其他文件中。

除法律要求外,公司不承担更新任何前瞻性陈述的义务。另请注意,Viomi的收益新闻稿和本次电话会议包括讨论未经审计的GAAP财务信息以及未经审计的非GAAP财务指标。 Viomi的新闻稿包含未经审计的非GAAP指标与未经审计的最直接可比的GAAP指标的对账。

我现在将把这个电话转交给Viomi的创始人兼首席执行官陈小平先生。陈先生将用中文发表意见,紧接着是英文翻译。陈先生,请继续。

小平陈

[Foreign Language]

[外语]

顺江

Thank you, Xiaoping. This is Shun, Viomi's CFO. I'll quickly translate Mr. Chen's remarks before providing an operational update and discuss our financial performance for the second quarter of 2019.
Hello, everyone. Thank you for joining today's earnings call. We are pleased to report another strong quarter with robust top line as well as bottom line growth, despite increasing macro and industry-wide uncertainties.
According to industry data compiled by All View Cloud, the overall home appliances market in China declined by 3.2% in the first half of 2019 in terms of retail sales value and has continued to face headwinds in the second half. Nevertheless, our net revenues for the second quarter increased by 63.6% year-over-year to RMB 1.16 billion, in line with our previous guidance.
This sustained and resilient growth momentum was attributable to the continued strong market demand across our product portfolio, driven by new product introductions together with sales channel expansion as well as growing brand recognition and customer trust.
As part of our core strategy for this year, we have continued to launch additional product lines and SKUs to enhance and complement our IoT @ Home product portfolio over the past several months.
In terms of smart water purification systems, we introduced new series of Xiaomi-branded water purifier products, including both 500-gallon and 600-gallon versions. Recently, we also launched a new ultra-thin series of Xiaomi-branded water purifiers.
With respect to smart kitchen and other products, we launched Cross 2, the second generation of our Viomi-branded range hood with innovative motion-gesture AIoT features, together with additional product lines in our flagship series of 21Face smart refrigerators and Zero series of smart instant water heaters, among others.
We also brought to market a new Xiaomi-branded range hood and stove series as well as a new series of sweeper robots. All of these products have been well received by the market.
Our focus remains on new product innovation and development as well as the expansion of existing product lines. For the second half of 2019, we have an exciting pipeline of new and innovative products for Xiaomi and Viomi brands, both in existing and new product categories. We look forward to sharing more details on these products with the market in due course.
In the second quarter, we continue to expand and diversify our sales channels with a growing number of our Viomi off-line experience stores. With the addition of approximately 300 stores, the number of Viomi off-line experience stores reached more than 1,900 as of the end of the second quarter.
While we expect to continue to open new stores, given the strong interest from potential franchisees, we will shift our emphasis more towards enhancing store productivity, in the second half of 2019.
Regarding online sales channels, we continued strengthening our presence on key e-commerce platforms, including Yopine, JD.com, Tmall, Suning and Pinduoduo. Further, we continue to enhance our own e-commerce platforms Yunmi [Foreign Language] and WeChat program, [Foreign Language], our Viomi Lifestyle Center, with upgraded functionalities as well as easier navigation to access our products.

小谢,谢谢你。这是Viomi的首席财务官Shun。在提供业务更新并讨论2019年第二季度的财务业绩之前,我会快速翻译陈先生的言论。

大家好。感谢您参加今天的财报电话会议。尽管宏观和行业的不确定性增加,但我们很高兴地报告另一个强劲的季度以及强劲的收入增长和盈利增长。

根据All View Cloud编制的行业数据,按零售额计算,2019年上半年中国整体家电市场下跌3.2%,并在下半年继续面临逆风。尽管如此,我们第二季度的净收入同比增长63.6%至人民币11.6亿元,符合我们之前的指引。

这种持续和弹性的增长动力归功于我们产品组合中持续强劲的市场需求,这是由于新产品推出以及销售渠道扩张以及不断增长的品牌认知度和客户信任度所致。

作为我们今年核心战略的一部分,我们在过去几个月中继续推出其他产品线和SKU,以增强和补充我们的Io​​T @ Home产品组合。

在智能水净化系统方面,我们推出了新系列的小米品牌净水器产品,包括500加仑和600加仑版本。最近,我们还推出了新的超薄系列小米品牌净水器。

在智能厨房和其他产品方面,我们推出了Cross 2,这是我们的第二代Viomi品牌抽油烟机,具有创新的动作手势AIoT功能,以及我们的旗舰系列21Face智能冰箱和零系列智能系列的其他产品系列即时热水器等。

我们还推出了新的小米品牌抽油烟机和炉灶系列以及一系列新的清扫机器人。所有这些产品都深受市场欢迎。

我们的重点仍然是新产品创新和发展以及现有产品线的扩展。在2019年下半年,我们为小米和Viomi品牌提供了一系列令人兴奋的新产品和产品,包括现有产品和新产品类别。我们期待在适当的时候与市场分享这些产品的更多细节。

在第二季度,我们通过越来越多的Viomi离线体验店继续扩大和拓展我们的销售渠道。随着约300家门店的增加,截至第二季度末,Viomi离线体验店的数量已超过1,900家。

虽然我们期望继续开设新店,但鉴于潜在特许经营商的强烈兴趣,我们将在2019年下半年将重点转向提高店铺生产力。

关于在线销售渠道,我们继续加强在关键电子商务平台上的影响力,包括Yopine,京东,天猫,苏宁和品都多。此外,我们继续加强我们自己的电子商务平台Yunmi [外语]和微信计划,[外语],我们的Viomi生活方式中心,具有升级的功能以及更容易导航访问我们的产品。

The recent 618 [Foreign Language], online shopping festival, was particularly successful, with Viomi witnessing significant year-over-year sales growth, and among the top 10 brands, among numerous categories during the promotion.
In addition, as we mentioned on our previous earnings calls, we expect the upcoming 5G era to trigger another growth cycle, in the home appliances industry in China. And have stepped up our investment and preparation.
In June, we reached an agreement with Guangzhou Yuexiu Industrial Fund for exploring high-quality investment opportunities, in the smart home industry and deepening our strategic layout in the IoT, plus 5G, plus AI direction, through the integration of our technologies and resources.
The partnership is also in line with our value chain investment strategy. To further enhance our IoT @ Home presence, we also recently established partnerships with Fusen Noble-House and E-home, two well-recognized interior design firms in China, to integrate resources and provide more efficient, higher-quality and fully integrated IoT solutions, for consumers.
Going forward, we will continue to execute our growth strategy. And remain committed to providing more advanced and holistic user experiences, in the upcoming era.
In summary, this quarter marks the fourth quarter, since our IPO in September 2018. Despise various industry headwinds, we have been able to successfully achieve our strategic goals, deliver rapid revenue growth and market share gains, while maintaining healthy levels of profitability.
As we look ahead to the rest of 2019 and beyond, our focus will remain on striking a stable and sustainable balance, of growth and profitability. We are fully confident in our ability to deliver attractive long-term returns for our stakeholders.
Thank you. That concludes our Founder's comments. I will now provide an operational update. And discuss our financial performance for the second quarter of 2019.
So I'll quickly summarize some of our key operational updates. On the user front, the number of our household users grew to more than 2.3 million compared to approximately 2 million as of the end of the first quarter, and approximately 1.2 million as of the end of the second quarter of 2018.
In addition, the percentage of our household users, owning at least two of our IoT products increased to 16.1% from 15.2%, in the prior quarter. Further demonstrating the increasing trend of users, adopting multiple Viomi products and making the Viomi connected home a closer reality.
I will now provide a brief review of our second quarter 2019 financial results. In the second quarter, we again achieved significant top line growth. In addition, we achieved even greater levels of bottom-line growth, as well as net margin expansion. All while maintaining healthy levels of liquidity.
As Xiaoping discussed, net revenues increased by 63.6% to RMB1.16 billion from RMB709.3 million for the second quarter of 2018, primarily due to the continued successful rollout and significant increases in sales of Viomi-branded products.

最近的618 [外语],网上购物节特别成功,Viomi在促销期间见证了销量的大幅增长,并且在众多十大品牌中脱颖而出。

此外,正如我们在之前的财报电话中提到的,我们预计即将到来的5G时代将引发中国家电行业的另一个增长周期。并加大了我们的投入和准备。

6月,我们与广州越秀产业基金达成协议,通过技术和资源的整合,探索智能家居行业的优质投资机会,深化物联网战略布局,加上5G,AI方向。

合作伙伴关系也符合我们的价值链投资策略。为了进一步加强我们的Io​​T @ Home业务,我们最近还与Fusen Noble-House和E-home建立了合作伙伴关系,这两家公司是中国两家知名的室内设计公司,旨在整合资源并提供更高效,更高质量和完全集成的物联网解决方案。 ,对于消费者。

展望未来,我们将继续执行我们的增长战略。并在即将到来的时代继续致力于提供更先进和整体的用户体验。

总之,本季度标志着自2018年9月首次公开募股以来的第四季度。藐视各种行业逆风,我们已经成功实现了我们的战略目标,实现了快速的收入增长和市场份额增长,同时保持了健康的盈利水平。

展望2019年及以后的剩余时间,我们将继续关注稳定和可持续的平衡,增长和盈利能力。我们对为利益相关方提供有吸引力的长期回报的能力充满信心。

谢谢。这就是我们创始人的评论。我现在将提供操作更新。并讨论我们2019年第二季度的财务业绩。

因此,我将快速总结一些关键的运营更新。在用户方面,我们的家庭用户数量增长到230多万,而第一季度末约为200万,截至2018年第二季度末约为120万。

此外,拥有至少两种物联网产品的家庭用户比例从上一季度的15.2%上升至16.1%。进一步展示了用户的增长趋势,采用多种Viomi产品,使Viomi连接家庭更加贴近现实。

我现在将简要回顾一下2019年第二季度的财务业绩。在第二季度,我们再次实现了显着的收入增长。此外,我们实现了更高水平的盈利增长以及净利润率扩张。同时保持健康的流动性水平。

正如小平所讨论的那样,净收入从2018年第二季度的人民币7,093万元增加63.6%至人民币11.6亿元,主要是由于Viomi品牌产品的持续成功推出及销售额大幅增加。

Revenues from IoT-enabled smart home products increased by 55.7% to RMB906 million, from RMB581.7 million for the second quarter of 2018. Primarily due to the continued successful rollout, of the company's smart kitchen products and other smart products.
Within this category, we are pleased to report that revenues from our smart water purification systems, resumed healthy growth in the second quarter, achieving 21.2% increase year-over-year, to RMB344.8 million compared to RMB284.5 million for the second quarter of 2018.
The growth was primarily driven by introduction of new series of smart water purifier products, together with overall increases in sales volumes. Revenues from smart kitchen products increased by, 61.5% to RMB351.3 million, from RMB217.5 million, for the second quarter of 2018.
The rapid growth was primarily driven by significant increases in sales volumes, of the company's Viomi-branded refrigerator products. Revenues from other smart products increased by, 163.2% to RMB209.9 million from RMB79.8 million for the second quarter of 2018.
The rapid growth was primarily driven by significant increases in sales volumes of the company's Viomi-branded washing machine and water heater products.
Separately, revenues from consumable products increased by 38.3% to RMB 69.4 million from RMB 50.2 million for the second quarter of 2018, primarily due to increased demand for the company's water purifier filter products.
Revenues from value-added businesses increased by 138.7% to RMB 184.8 million from RMB 77.4 million for the second quarter of 2018, primarily due to new product introductions, together with increased demand for the company's value-added products.
Gross profit increased by 60.8% to RMB 308.3 million from RMB 191.7 million for the second quarter of 2018. Gross margin was 26.6% compared to 27.0% for the second quarter of 2018. The slight decrease in gross margin was primarily due to shifts in the company's business and product mix.
Please also note that gross margins are generally low on a seasonal basis in the second quarter due to various high profile online promotional campaigns such as 618 during the period. Total operating expenses increased by 45.7% to RMB 211.3 million from RMB 145 million for the second quarter of 2018, primarily due to the growth of the company's business.
R&D expenses increased by 112.3% to RMB 59.6 million from RMB 28.1 million for the second quarter of 2018, primarily due to an increase in employee-related expenses, amounting to RMB 24.2 million.
Selling and marketing expenses increased by 21.3% to RMB 129.5 million from RMB 106.7 million for the second quarter of 2018, primarily due to increases in logistics expenses amounting to RMB 16.2 million as a result of the growth of the company's business.
G&A expenses were RMB 22.2 million compared to RMB 10.2 million for the second quarter of 2018, primarily due to an increase in professional expenses, as well as increases in employee-related expenses.
Net income was RMB 88.9 million, an increase of 117.6 million -- 117.6% from RMB 40.9 million for the second quarter of 2018. Net income margin was 7.7%, increasing from 5.8% for the second quarter of 2018, primarily attributable to greater economies of scale together with prudent cost control measures.

支持物联网的智能家居产品的收入从2018年第二季度的人民币581.7百万元增长55.7%至人民币9.06亿元。主要是由于该公司的智能厨房产品和其他智能产品的持续成功推出。

在这一类别中,我们很高兴地报告,智能水净化系统的收入在第二季度恢复健康增长,同比增长21.2%至人民币344.8百万元,而第二季度则为人民币284.5百万元2018年的一季度。

这一增长主要得益于新系列智能净水器产品的推出以及销量的整体增长。智能厨房产品的收入从2018年第二季度的人民币217.5百万元增长61.5%至人民币3.513亿元。

快速增长的主要原因是该公司的Viomi品牌冰箱产品的销量大幅增加。其他智能产品的收入由2018年第二季度的人民币79.8百万元增加163.2%至人民币209.9百万元。

快速增长的主要原因是该公司的Viomi品牌洗衣机和热水器产品的销量大幅增加。

另外,消费品收入由2018年第二季度的人民币50.2百万元增加38.3%至人民币69.4百万元,主要是由于公司净水器过滤产品需求增加。

增值业务收入由2018年第二季度的人民币77.4百万元增加138.7%至人民币184.8百万元,主要是由于新产品的推出,以及对公司增值产品的需求增加。

毛利从2018年第二季度的人民币191.7百万元增加60.8%至人民币3.083亿元。毛利率为26.6%,而2018年第二季度为27.0%。毛利率略有下降主要是由于毛利率的变化。公司的业务和产品组合。

另请注意,由于期间各种高调的在线促销活动(如618),第二季度的毛利率通常较低。总营业费用由2018年第二季度的1.45亿元人民币增加45.7%至人民币2.113亿元,主要是由于公司业务的增长。

研发费用由2018年第二季度的人民币2810万元增加112.3%至人民币59.6百万元,主要是由于员工相关费用增加人民币2420万元。

销售及营销开支由二零一八年第二季的人民币1.067亿元增加21.3%至人民币1.295亿元,主要由于公司业务增长导致物流开支增加人民币1,620万元。

G&A费用为人民币22.2百万元,而2018年第二季度为人民币1,020万元,主要是由于专业费用增加以及员工相关费用增加所致。

净收入为人民币88.9百万元,比2018年第二季度的人民币40.9百万元增加了1.176亿元,增幅为117.6%。净利润率为7.7%,从2018年第二季度的5.8%上升,主要归因于经济增长规模和谨慎的成本控制措施。

Non-GAAP net income, which excludes the impact of share-based compensation expenses was RMB 99.3 million, an increase of 113.7% from RMB 46.5 million for the second quarter of 2018 and accelerating on a quarter-over-quarter basis, again. Non-GAAP net income margin was 8.6% compared to 6.5% for the second quarter of 2018.
On balance sheet -- our balance sheet remained healthy. As of June 30, 2019, the company had cash and cash equivalents of RMB 668 million, restricted cash of RMB 22.9 million, short-term deposits of RMB 109.7 million and short-term investments of RMB 192.7 million.
Now let's turn to our outlook. For the third quarter of 2019, the company expects net revenues to be between RMB 880 million and RMB 920 million, representing a year-over-year growth of approximately 55.7% to 62.7%. This outlook is based on current market conditions and reflects the company's latest and preliminary estimates of market and operating conditions as well as customer demand, which are all subject to change.
Given the increase in macro uncertainties and current headwinds in the home appliances industry in China, we expect to place greater emphasis on maintaining prudent cost control measures and return on investments going into the second half.
Nevertheless, with the strong and visible new product pipeline together with an ever-increasing brand awareness and channel penetration, we are confident in our ability to continue to deliver robust growth, as well as stable levels of profitability for the full year 2019 and beyond.
This concludes our prepared remarks. We will now open the call for Q&A. Operator, please go ahead.

不计入股权奖励支出影响的非美国通用会计准则净利润为人民币99.3百万元,较2018年第二季度的人民币46.5百万元增长113.7%,并再次加剧。非美国通用会计准则净利润率为8.6%,而2018年第二季度为6.5%。

在资产负债表上 - 我们的资产负债表保持健康截至2019年6月30日,公司现金及现金等价物为人民币6.68亿元,限制性现金为人民币22.9百万元,短期存款为人民币1.097亿元,短期投资为人民币1.927亿元。

现在让我们转向我们的展望。 2019年第三季度,公司预计净收入在8.8亿元人民币至9.2亿元人民币之间,同比增长约55.7%至62.7%。该展望基于当前的市场状况,反映了公司对市场和运营状况以及客户需求的最新和初步估计,这些都有可能发生变化。

鉴于宏观不确定性的增加以及中国家电行业目前面临的不利因素,我们预计将更加重视维持审慎的成本控制措施以及下半年的投资回报。

尽管如此,凭借强大而可见的新产品线以及不断提升的品牌知名度和渠道渗透率,我们有信心继续保持强劲增长的能力,以及2019年及以后全年的稳定盈利水平。

以上是我们准备的评论。我们现在打开问答环节。接线员,请继续。

问答环节

We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Lillian Lou of Morgan Stanley. Please go ahead.

我们现在开始问答环节。 [操作员说明]第一个问题来自摩根士丹利的Lillian Lou。 请继续。

Lillian Lou

Thanks a lot management for the detail explanation and congratulations on the good result. I have three questions. First of all, it's more on the quarter outlook in terms of the -- our strategy. Because I think in second quarter, there has been significant savings in the SG&A ratio, as management mentioned. Is that something that is going to continue in terms of protecting the gross margin, operating margin and net margin? So basically, what's the margin outlook for the quarter and the rest of the year?
Second question is about the further cooperation with Xiaomi in terms of other home appliances products. How do we see the potential cannibalization between Xiaomi's product and Viomi's home appliances products? Also, can you give us a little bit detail about the future investments in the IoT and the smart home appliances category?
Lastly, a very small technical question is can you give us a little bit detail on the channel split in second quarter? Thanks.

非常感谢管理层对细节的解释和对良好结果的祝贺。 我有三个问题。 首先,就我们的战略而言,更多的是关于季度展望。 因为我认为在第二季度,管理层提到的SG&A比率已大幅节省。 这是否会继续保护毛利率,营业利润率和净利润率? 基本上,本季度和今年剩余时间的利润前景如何?

第二个问题是关于与小米在其他家电产品方面的进一步合作。 我们如何看待小米产品与Viomi家电产品之间的潜在蚕食? 另外,您能否详细介绍一下未来在物联网和智能家电类别方面的投资?

最后,一个非常小的技术问题是你能否给我们一些关于第二季度频道分割的细节? 谢谢。

顺江

Yeah. Thanks, Lillian. I'll just address them one-by-one. So firstly, on the margin outlook and cost structure, as you can see in the results for this quarter, our operating expenses on a non-GAAP basis were approximately 17% of our revenues during the period as compared to around 20% in previous periods.
The decrease in expense ratio predominantly came from achieving efficiencies in selling and marketing expenses such as logistics and advertising, and was mainly as a result of successfully realizing economies of scale and implementing prudent cost control measures.
So based on our current business plan and prevailing market conditions, which are subject to change on a dynamic basis, we would expect to place great emphasis on maintaining this cost control strategy and return on investments going into the second half. So accordingly, we will probably target non-GAAP net margin of around 8% going into the second half of the year and for the full year.
So your second question on the -- on Xiaomi cooperation, so as you may have seen, we have launched a number of [Foreign Language] Mi Home products in the recent months, including the two larger categories of the range hood and stove as well as recently the sweeper robots. So these two products have actually been very well received by the market.
We will continue to launch additional Xiaomi-branded products in the second half of this year, and we will discuss with the market in due course the timing of these as well as the financial impact of these.
We very much see a healthy coexistence between Xiaomi-branded as well as Viomi-branded products, even if they are in the same category as we have historically shown in water purifiers with a distinct categorization, functionality and price points for these products. So we do see healthy coexistence between the two brands.
In terms of the channel breakdown, in the second quarter, revenue from the Xiaomi channel constituted approximately 40% of our total revenues with the Viomi and other channels representing the remaining 60%.
In terms of non-Xiaomi channels, off-line constituted close to one-third, and online two-thirds of the respective revenues. Within the online channels, Yopine and JD, each constituted around one-third of the online portion, with the remaining one-third represented by other sales channels such as Tmall, Suning online, Pinduoduo as well as own e-commerce channels.

是啊。谢谢,莉莲。我将一个一个地解决它们。首先,关于保证金前景和成本结构,正如您在本季度的结果中所看到的,我们在非GAAP基础上的运营支出约占我们期间收入的17%,而之前的时期约为20% 。

费用率的下降主要来自实现物流和广告等销售和营销费用的效率,主要是成功实现规模经济和实施审慎的成本控制措施。

因此,根据我们目前的业务计划和现行市场情况,这些市场情况可能会动态变化,我们期望非常重视维持这一成本控制策略并将投资回报到下半年。因此,我们可能会将非GAAP净利润率定为8%左右,进入下半年和全年。

所以关于小米合作的第二个问题,你可能已经看到,最近几个月我们推出了一些[外语] Mi Home产品,包括两大类抽油烟机和灶具最近清扫机器人。所以这两款产品实际上已经深受市场欢迎。

我们将在今年下半年继续推出其他小米品牌产品,我们将在适当的时候与市场讨论这些产品的时机以及这些产品的财务影响。

我们非常看到小米品牌和Viomi品牌产品之间的健康共存,即使它们与我们历史上在水净化器中显示的相同类别,具有这些产品的独特分类,功能和价格点。所以我们确实看到两个品牌之间的健康共存。

在渠道细分方面,第二季度来自小米渠道的收入约占我们总收入的40%,其中Viomi和其他渠道占剩余的60%。

就非小米渠道而言,离线占三分之一,在线占各自收入的三分之二。在线渠道中,Yopine和JD各自约占在线部分的三分之一,其余三分之一由其他销售渠道代表,如天猫,苏宁在线,平杜多以及自己的电子商务渠道。

Lillian Lou

Okay. Thanks a lot.

好的。 非常感谢。

顺江

Thank you.

谢谢。

会议主持员

The next question comes from Xudong Chen of CICC. Please go ahead.

接下来的问题来自中金公司陈旭东。 请继续。

徐东东

[Foreign Language] Thank you for taking my question. My first question is about Xiaomi sweeping robot. The company has launched this category for Xiaomi. It seems this category is still growing under weak macro environment. Can you give me more color about this product and its future strategy?
And my second question is the water purifier seems to recover this quarter. What can we expect for the second half in 2019? Since China home appliances market is suffering from the weak macro, what can we expect for Viomi-branded products in the second half? Thanks.

[外语]感谢您提出我的问题。 我的第一个问题是关于小米扫地机器人。 该公司已为小米推出此类别。 在弱的宏观环境下,这一类似乎仍在增长。 你能给我更多关于这个产品及其未来战略的颜色吗?

而我的第二个问题是净水器似乎在本季度恢复。 我们对2019年下半年的期望是什么? 由于中国家电市场正受到疲软的宏观经济影响,我们对下半年的Viomi品牌产品有什么期望? 谢谢。

顺江

Thanks, Xudong. So I'll just take those one by one as well. So in terms of the sweeper robots, you're absolutely right. This is very much growing in essence market in China that we do see a lot of headroom for future growth. So we recently launched the Xiaomi-branded sweeper robot series, a new category for us. This has already received over 20,000 units in terms of shipments within one to two months. So this is definitely performing very well.
And as mentioned, we also have a number of other Mi Home products coming in the second half. So also just to give you a little bit of color on the range hood and stove, we've also shipped close to 20,000 units of this product category as well, which also only came online over the past couple of months.
So on your second question regarding the water purifiers and the overall kind of revenue development for the second half so as you saw water purifier growth resumed quite healthy growth. We guided healthy double-digits. We achieved over 20% year-on-year growth in water purifier product in the second quarter. This was mainly driven by additional new SKUs, some larger volume products.
In the second half, we will also have some additional products, additional SKUs within the water purifier category, for example, the ultra-thin series that we recently launched. So I think for the full year, including the temporary decline in the first quarter as well as the increase or the resumption of growth in the second quarter, you can probably expect around 15% growth for the water purifier category on a year-on-year basis, which is well ahead of the industry growth.
In terms of Viomi-branded products, given the relatively low base in 2018, the year-on-year growth will still be extremely healthy. And we are also continuing to launch new product categories, going into the second half.
So in terms of our Viomi-branded products we expect well over 100% year-on-year, growth for this category.

谢谢,徐东。所以我也将逐一采取这些。所以就扫地机器人而言,你是绝对正确的。这在中国的实质市场中正在大幅增长,我们确实看到了未来增长的巨大空间。所以我们最近推出了小米品牌扫地机器人系列,这是我们的新类别。这已经在一到两个月内收到了超过20,000个单位的出货量。所以这肯定表现得非常好。

如上所述,我们还将在下半年推出其他一些Mi Home产品。因此,为了给您提供抽油烟机和灶具上的一点颜色,我们还出货了近20,000个这类产品,这也仅在过去几个月上线。

因此,关于净水器的第二个问题以及下半年的整体收入发展情况,因此您看到净水器的增长恢复了相当健康的增长。我们引导健康的两位数。第二季度,我们的净水器产品同比增长超过20%。这主要是由额外的新SKU,一些大批量产品推动的。

在下半年,我们还将提供一些额外的产品,净水器类别中的额外SKU,例如我们最近推出的超薄系列。因此,我认为全年,包括第一季度的暂时性下降以及第二季度的增长或恢复增长,您可以预计净水器类别在一年内增长约15%年基础,远远超过行业增长。

就Viomi品牌产品而言,鉴于2018年基数相对较低,同比增长仍将非常健康。我们也将继续推出新的产品类别,进入下半年。

因此,就我们的Viomi品牌产品而言,我们预计这一类别的同比增长率将超过100%。

徐东东

Thanks.

谢谢。

会议主持员

[Operator Instructions] The next question comes from Vincent Yu of Needham. Please go ahead.

[操作员说明]下一个问题来自Needham的Vincent Yu。 请继续。

Vincent Yu

Hey, Shun and Xiaoping congrats to the -- on the strong quarter. So, I have a few questions. One, can you share some insights on the business strategy behind on opening 300 experience stores, in this quarter? In addition, it's approaching our annual target. So are we going to lift the target?
The second question is around, the related consumable sales. So, considering the strong smart water purification system, sales in the quarter, when will we see the related consumer -- consumable sales loop in, like around fourth quarter or beginning next year?
And my last question is around our, strategy to develop new product lines. Are we going to focus -- are we going to see more SKUs in kitchen use, bathroom use or home safety? Thanks.

嘿,舜和小平恭喜 - 强大的季度。 所以,我有几个问题。 一,您能否分享一下本季度开设300家体验店背后的商业策略的一些见解? 此外,它正接近我们的年度目标。 那么我们要解除目标吗?

第二个问题是相关的消费品销售。 因此,考虑到强劲的智能净水系统,本季度的销售情况,我们何时会看到相关的消费品 - 消费品销售环节,如第四季度或明年开始?

我的最后一个问题是围绕我们开发新产品线的战略。 我们是否会关注 - 我们是否会在厨房使用,浴室使用或家庭安全方面看到更多SKU? 谢谢。

顺江

Thanks. Again, I'll take them, one by one. So in terms of our store opening schedule, so we opened around 300 new stores on a net basis for the second quarter of 2019. This has been relatively on track, on our historical store opening speed, so around 100 new stores per month.
So as we discussed during the call, our target was around 2,000 stores, for this year. While we expect to continue to open new stores on a gradual basis, given strong interest from potential franchisees, we believe that going into the second half, core focus will be more to emphasize, enhancing store profitability and productivity, rather than to increase raw store count.
On your second question on consumables, so, at the end of last year, we had -- there was around 100 million units, I am sorry, 1 million units of water purifier products in the market. And we're obviously continuing to sell additional units this year.
So we estimate that each unit roughly generates around, RMB300 of consumables revenues per year. So, I think if you extrapolate that, the 1 million units should be able to generate around RMB 300 million of consumables revenues for this year. And on an ongoing basis, the consumables revenues will ramp up the increase in installed base.
And on your third question on new product development, so if you look at our product portfolio, we pretty much cover the entire range of large appliances or white good products in the home environment already, which is very much part of our product positioning and to be able to provide integrated IoT @ Home experience to our users. This larger appliance focus positioning is then complemented by our various small appliances and smart devices to further enhance connectivity and overall user experience.
So our strategy in the short-term will be to continue to build out additional SKUs within pretty much all of our existing product categories to cover a wider range of consumer demands and price points. We will, however, update the market in due course, if we intent to enter into any new product categories on a large scale or material nature down the road.

谢谢。再一次,我会一个接一个地接受它们。因此,就我们的商店开业时间表而言,因此我们在2019年第二季度净销售了约300家新店。由于我们的历史店铺开业速度相对正常,因此每月约有100家新店。

正如我们在电话会议期间讨论的那样,今年我们的目标是大约2,000家商店。虽然我们期望继续逐步开设新店,但鉴于潜在特许经营商的强烈兴趣,我们认为进入下半年,核心重点将更多地强调,提高店铺盈利能力和生产力,而不是增加原料店计数。

关于消耗品的第二个问题,所以,去年年底,我们有 - 大约1亿个单位,对不起,市场上有100万个净水器产品。而且我们显然今年继续销售额外的单位。

因此,我们估计每个单位大约每年产生约300元的消耗品收入。所以,我认为如果你推断这一点,今年100万台应该可以产生大约3亿元的消耗品收入。在持续的基础上,消耗品收入将增加已安装基数的增长。

关于新产品开发的第三个问题,如果你看看我们的产品组合,我们几乎已经涵盖了家庭环境中的所有大型家电或白色产品,这是我们产品定位的重要组成部分,能够为我们的用户提供集成的IoT @ Home体验。然后,我们的各种小型设备和智能设备为这种更大的设备焦点定位提供补充,以进一步增强连接性和整体用户体验。

因此,我们短期的策略是继续在几乎所有现有产品类别中构建额外的SKU,以涵盖更广泛的消费者需求和价格点。但是,如果我们打算在未来的大规模或物质性质上进入任何新产品类别,我们将在适当的时候更新市场。

Vincent Yu

Got it. Thank you.

得到它了。 谢谢。

会议主持员

[Operator Instructions] As there are no further questions now, I'd like to turn the call back over to the company for closing remarks.

[操作员说明]由于现在没有其他问题,我想将电话转回公司,以便结束发言。

Cecilia Li

Thank you, once again, for joining us today. If you have further questions, please feel free to contact Viomi's Investor Relations department through the contact information provided on our website or The Piacente Group, the company's Investor Relations consultant. Thank you all.

再次感谢您今天加入我们。 如果您还有其他问题,请随时通过我们网站上提供的联系信息或公司的投资者关系顾问Piacente Group联系Viomi的投资者关系部门。 谢谢你们。

顺江

Thank you everyone.

谢谢大家。

小平陈

Thank you.

谢谢。

会议主持员

This concludes the conference call. You may now disconnect your line. Thank you.

电话会议到此结束。 您现在可以断开线路了。 谢谢。

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