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Before the U.S. stock market on March 26, Yunmi Technology (VIOT.US, hereinafter referred to as “Yunmi”) announced its fourth quarter and full-year financial report for 2019.The financial report shows that in the fourth quarter of 2019, Yunmi’s revenue was 1.742 billion yuan, an increase of 82.2% year-on-year; gross profit margin was 19.9%, compared with 27% in the same period in 2018; net profit was 90.2 million yuan, an increase of 64.4% year-on-year.Yunmi’s fourth-quarter revenue in 2019 was higher than the company’s previous guidance of 1.4 billion to 1.44 billion, and it was also higher than the Bloomberg market forecast of 1.468 billion.In terms of key business data, the number of home users of Yunmi in the fourth quarter of 2019 reached 3.2 million, an increase of 88% year-on-year; the proportion of home users with at least two products was 17.9%, an increase of 3.6 percentage points year-on-year,A slight increase of 0.8 percentage points.As of the end of the fourth quarter of 2019, the number of Yunmi’s offline experience stores was 1,700, which was a certain improvement from the previous month and the previous year.Looking at the full year of 2019, Yunmi’s revenue reached 4.648 billion yuan, an increase of 81.5% year-on-year; gross profit margin was 23.3%, and 2018 was 28%; net profit was 294 million yuan, an increase of 349.6% year-on-year.Other smart products have become the largest revenue source. Xiaomi or the actor behind the scenes 36 氪 drawing (data source: Yunmi financial report) 36 氪 drawing (data source: Yunmi financial report) 36 氪 drawing (data source: Yunmi financial report) by businessIn the fourth quarter, the revenue of Yunmi’s other smart products increased by 186% year-on-year, and it has become the highest revenue segment of Yunmi’s five major business segments.Yunmi disclosed in the financial report that the main reason for the rapid growth of this business is the launch of the Xiaomi brand sweeping robot (that is, the Mijia drag-and-sweep robot).According to past financial reports of millet eco-chain manufacturers such as Huami and Stone Technology, the gross profit margin of millet brand products is usually significantly lower than that of eco-chain’s own brand products.This may be the reason for the sharp decline in Yunmi’s gross profit margin this quarter.After jointly launching Mijia sweeping robots, range hoods, gas stoves, refrigerators and other products with Xiaomi, Yunmi’s gross profit margin in the fourth quarter of 2019 dropped significantly by 7.1 percentage points year-on-year (from 27% in 2018Q4 to 19.9% ​​in 2019Q4).The gross profit margin for the full year of 2019 decreased by 4.7 percentage points (from 28% in 2018 to 23.3% in 2019).However, since Yunmi has not disclosed more specific financial data for 2019, the specific reason for the decline in gross profit margin remains to be verified.Q1 revenue in 2020 is expected to be flat year-on-year. In the next year, up to 10 million US dollars of stock will be repurchased to discuss the new crown epidemic. Yunmi CEO Chen Xiaoping said in the financial report that the epidemic has affected the supply chain, logistics, sales channels, and consumer sentiment and purchasing behavior., Yunmi, suppliers and customers gradually resumed normal operations from mid-February, and significantly improved in March.Taking into account the outbreak of the New Crown epidemic and other factors, Yunmi expects revenue in the first quarter of 2020 to be the same as in the first quarter of 2019.In addition, Yunmi also announced a stock repurchase program that will repurchase up to $ 10 million in shares over the next 12 months.Chen Xiaoping said that the stock repurchase plan reflects Yunmi’s confidence in the business prospects.Yunmi expects to fund the repurchase from the existing cash balance.(The cover picture is from Yunmi’s official website. The currency unit of this article is “RMB”)

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