Viomi preannounced first-half 2025 revenues of more than RMB1.4 billion (estimated at over $193 million), which significantly exceeded our forecasts by nearly 50% and were up 70% compared to 2024 results. The company will likely file its delayed 2024 20-F in September and the half-year results in October. Historically, the second half of the year has been the strongest for the company, so we are very encouraged by the first half's revenue performance. We updated our model to reflect the first half revenues and we will review our price target once the complete first-half results are released.
