Viomi recently launched a new filtration system that produces mineral water-like output, which could be a differentiated product in the market, enabling Viomi to gain a share in an increasingly crowded filtration market. The company's inability to file a timely 20-F with the SEC, combined with a recent change in auditors, will likely raise concerns among investors. Viomi's strong balance sheet could enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.