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Research Coverage on Small and Micro-Cap Companies

Equity Bottom-Up

Viomi Technology Co Ltd / Equity Bottom-Up

<ul><li>Viomi preannounced in August that its first-half revenues would exceed RMB 1.4 billion ($195 million), and this week, the company published its complete income statement for the first six months, which demonstrated strong performance in the company's core market.</li><li> We believe government policies in China drove a meaningful portion of the revenue growth in the first half.</li><li>We are not expecting that this program renews in 2026, but we will adjust our model if that changes.</li></ul>

Viomi preannounced in August that its first-half revenues would exceed RMB 1.4 billion ($195 million), and this week, the company published its complete income statement for the first six months, which demonstrated strong performance in the company's core market. We believe government policies in China drove a meaningful portion of the revenue growth in the first half.We are not expecting that this program renews in 2026, but we will adjust our model if that changes.

VIOT: Xiaomi relationship fuels exceptional first-half performance. Increasing our target valuation to 5.00/ADS.