Viomi Technology (VIOT) Registration filing summary

Company overview and business model

• Focuses on AI-driven home water solutions, leveraging proprietary technology for water purification and monitoring.

• Operates a vertically integrated gigafactory for water purifiers, enabling economies of scale and rapid innovation.

• Business comprises Viomi-branded products and a strategic partnership with Xiaomi, with Xiaomi-related sales accounting for the majority of revenues.

• Product lines include home water systems, consumables (filters), and kitchen appliances, with a recent strategic divestment of certain IoT home products to focus on water solutions.

• Operations in China are conducted through WFOEs and VIEs due to regulatory restrictions on foreign investment in internet and e-commerce sectors.

Financial performance and metrics

• Net revenues from Xiaomi increased as a percentage of total revenues from 78.9% in 2023 to 89.6% in 2025.

• Revenues contributed by VIEs dropped sharply from 88.9% in 2023 to 0.1% in 2025, reflecting the 2024 reorganization and divestment.

• Net income attributable to the company was RMB 141.6 million in 2025, up from RMB 63.4 million in 2024 and a loss of RMB 84.7 million in 2023.

• Cash and cash equivalents at year-end 2025 were RMB 971 million.

• Special dividends were declared in July 2025 and March 2026, but no dividends were paid by PRC subsidiaries to the holding company in 2023-2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as set forth in applicable prospectus supplements.