GLONGHUI May 22丨Huami Technology (HMI.US) released financial results for the first quarter of 2024 ending March 31. According to financial reports, Huami Technology's revenue for the first quarter was 287.2 million yuan, a year-on-year decline of 55.5%. The gross margin for the first quarter of 2024 reached 36.8%, compared to 15.9% for the same period in 2023. The net loss was $105.8 million, compared with a net loss of $136.9 million for the same period last year. Excluding US GAAP, the adjusted net loss was $897 million, compared with a net loss of $112.7 million for the same period last year. First quarter adjusted net loss of $0.19 per ADS.

Looking ahead to the second quarter of 2024, the company's management currently expects net revenue to be between $40 million and $55 million, of which more than 90% is expected to come from private label products.

Mr. Huang Wang, Chairman and CEO of Zepp, commented, “In the first quarter of 2024, our revenue was broadly in line with our guidelines. Our gross margin reached an all-time high, and sales of private label products contributed more than 85% of total revenue. Notably, our Zepp app has surpassed 10 million monthly active users (MAU), marking an early success in our transformation journey.”