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Yanmi Technology (Nasdaq: VIOT) today announced its fourth quarter and 2018 full year earnings. According to the financial report, Yunmi Technology's fourth quarter revenue was 955.7 million yuan (about 139 million US dollars), an increase of 142.6%; net profit of 54.9 million yuan (about 8 million US dollars), compared with 47 million yuan in the same period last year; Based on non-GAAP net profit of RMB 65.1 million (approximately US$ 9.5 million), the previous year was RMB 47.5 million.
Yunmi Technology's annual revenue for the year of 2018 was RMB 2,561.2 million, up 193.3% year-on-year; net profit was RMB 65.4 million, down 29.8% year-on-year, and RMB 93.2 million in the same period last year; based on non-GAAP The net profit was RMB 182 million, compared with RMB 99.1 million in the same period last year.
Fourth Quarter Results Summary:
Net revenue was RMB 955.7 million (US$139 million), a year-on-year increase of 142.6%.
Gross profit margin was 27%, compared to 32.4% in the same period last year.
The net loss was RMB 54.9 million (approximately US$ 8 million), while the net profit for the same period last year was RMB 47 million.
Not in accordance with US GAAP, net profit was RMB 65.1 million (US$9.5 million), compared with RMB 47.5 million in the same period last year.
The number of home users is approximately 1.7 million, compared to approximately 1.4 million at the end of the third quarter of 2018, and approximately 900,000 as of the end of the fourth quarter of 2017.
The proportion of households with at least two connected products was 14.3%, and was approximately 13.2% as of the end of the third quarter of 2018, and was approximately 11.7% as of the end of the fourth quarter of 2017.
The number of offline experience stores reached approximately 1,500, compared with approximately 1,200 at the end of the third quarter of 2018, with approximately 400 at the end of the fourth quarter of 2017.
Financial and operational results for 2018:
Net revenue was RMB 2,561.2 million (US$372.5 million), an increase of 193.3% year-on-year.
The gross profit margin was 28.0%, compared to 31.5% in 2017.
Net profit was RMB 65.4 million (approximately US$ 9.5 million), while 2017 net profit was RMB 93.2 million.
Not in accordance with US GAAP, net profit was RMB 182 million (approximately US$ 26.5 million), while 2017 net profit was RMB 99.1 million.
Yunmi expects net revenue in the first quarter of 2019 to reach RMB 660 million to RMB 690 million, an increase of 99.5% to 108.6%.
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