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Native name | 华米科技[a] |
|---|---|
| Formerly | Huami Corporation (2013–2021) |
| Type | Public |
| Industry | |
| Founded | December 2013, in China, as Huami[b] |
| Founder | Huang Wang (黄汪)[c] |
| Headquarters | , Netherlands[d] |
Area served | Worldwide |
Key people | |
| Products |
|
| Brands | |
| Website | www |
Zepp Health Corporation (Chinese: 华米科技; pinyin: Huámǐ Kējì, "Huami Technology"),[a] known in English as Huami Corporation from 2013 to 2021, is a Chinese smart-wearable and health technology company.[6][7] It designs smartwatches and fitness trackers under the Amazfit and Zepp brands. For years it was the exclusive original design manufacturer for Xiaomi-branded wearables, including the Mi Band series, an arrangement that supplied most of its revenue before falling to about a quarter of it by 2023 as the company built its own brands.[8][9] The company is listed on the New York Stock Exchange and trades under the ticker ZEPP, formerly HMI.[7][10]
Huang Wang (黄汪) founded the company in December 2013.[1][3] Backed by Xiaomi and its affiliated Shunwei Capital fund, Huami grew into a major smart-wearable maker by shipment volume, went public in 2018, and renamed itself Zepp Health in February 2021 as it shifted from a Xiaomi supplier toward its own health-focused brands; the new name came from Zepp Labs, a US sports-sensor company whose core assets Huami had acquired in 2018.[11][7][12] The move away from Xiaomi was initially costly, and revenue and profits fell for several years.[13] In April 2024, the New York Stock Exchange warned the company that its share price had fallen below its minimum listing standard; the company regained compliance later that year after a reverse share split.[1][14] Revenue returned to year-on-year growth in 2025, driven mainly by the company's own Amazfit brand, though the company remained loss-making.[15][16] In May 2025, the company relocated its principal executive offices to Gorinchem in the Netherlands.[17][4]
Huami was Huang Wang's fourth venture. He graduated in applied physics from the University of Science and Technology of China in 1997, worked briefly at Huawei, and then built a succession of companies in Hefei, including an embedded-development-tools business and the consumer-electronics brand Smart Devices, which sold tablets and an early smartwatch.[2][3] Huang founded Huami in December 2013 as a separate company and has said it drew on his team's earlier work in tablets and operating systems.[18][1] In January 2014 Xiaomi and Shunwei Capital invested, and Huami became Xiaomi's sole partner to design and manufacture Xiaomi-branded smart bands, watches, scales and related accessories, including the Mi Band series, which launched in August 2014 at 79 yuan.[2][11] In 2015, Bloomberg News profiled Huami as a Chinese startup positioned to challenge Fitbit in wearables.[19]
By mid-2016 the company had sold more than 20 million fitness-tracking wristbands and ranked second worldwide in smart wearables.[2] In the first nine months of 2017 it shipped 11.6 million units, more than any other company over that period according to research firm Frost & Sullivan.[20][10] Full-year 2017 shipments reached 18.1 million units.[6] At the time of the 2018 listing, roughly 80 percent of revenue came from Xiaomi products.[11]
Huami priced its initial public offering on 8 February 2018, offering 10 million American depositary shares (ADSs) at US$11.00 each, the midpoint of its range, for a total of about US$110 million, and began trading on the New York Stock Exchange under the ticker HMI.[20][8][10] The shares closed their first day at US$11.25.[8] At the time of listing, founder Huang Wang held 39.4 percent of the company, Lei Jun's Shunwei Capital 20.4 percent, and a Xiaomi investment vehicle 19.3 percent.[11][8] A pre-IPO analysis by the research firm Smartkarma argued that Huami's reported profits depended heavily on Xiaomi absorbing marketing and distribution costs, describing it as "a company which for all practical purposes is Xiaomi's subsidiary masquerading as an independently run company".[8]
The company launched its own wearables brand, Amazfit, in September 2015 with a pendant-style activity tracker, alongside a roughly US$35 million funding round from Banyan Capital, Sequoia Capital and Morningside Capital in which Xiaomi did not participate, and introduced the first Amazfit smartwatch in 2016.[21][7][22] Amazfit was an early attempt to reduce the company's dependence on Xiaomi revenue, positioned to avoid competing directly with the cheaper Mi Band.[3]
The Zepp name entered the company through an acquisition. Zepp Labs was founded in 2010 by Han Zheng and based in Los Gatos, California, and later San Jose.[12][23] It made small motion sensors that attached to golf gloves, baseball bats and tennis rackets and analysed a player's swing at 1,000 data points per second.[24][25] Its first product was the GolfSense golf-swing analyser; a three-sport line followed in late 2013.[25] It ran offices in both China and the United States, was led by former Apple product manager Jason Fass, and raised US$15 million in 2014 from GGV Capital, Legend Capital, Bertelsmann and Cherubic Ventures.[24][26] In January 2018 Zepp settled a patent dispute, which was running since 2015, with the rival sensor maker Blast Motion; the settlement, reached in the United States District Court for the Southern District of California, required Zepp to stop selling its baseball and softball sensors in the United States after June 2018.[27][28] In July 2018, Huami acquired the core assets of Zepp International, together with those of Physical Enterprises Inc., the Vancouver-based company behind the Mio heart-rate wearables, which had stopped making hardware in 2017 to concentrate on its Personal Activity Intelligence (PAI) heart-activity metric.[29][12][30][31] Huami relaunched Zepp as a smartwatch brand in August 2020 and also applied the name to its companion app and, in 2021, to the corporation.[32][12] The relaunched line did not include the golf and baseball analysis functions of the original Zepp products.[32] PAI scoring became a feature of the company's watches, including the Zepp E.[32]
At CES 2020, the company presented HomeStudio, a home-fitness system developed with Studio. Live that combined a smart mirror, speakers, and a treadmill.[33]
From 2015, the company invested in wearable silicon and in the RISC-V open-instruction-set ecosystem.[6] In April 2018 it joined a US$50 million funding round in the RISC-V processor designer SiFive, and in early 2019 it led a €7 million (about US$8 million) Series A round in the French edge-AI processor startup GreenWaves Technologies, alongside Soitec.[6]
In September 2018 Huami said it had developed the Huangshan-1, which it described as the first RISC-V–based artificial-intelligence chip for smart wearables. The chip carried four dedicated cores for heart biometrics, ECG and arrhythmia detection, and used an "always-on" design to move sensor data into on-chip memory.[6] At its first AI innovation conference in Hefei in June 2020, the company unveiled the Huangshan-2, a second-generation RISC-V processor it said detected atrial fibrillation seven times faster than the first generation, and followed with the dual-core Huangshan 2S in 2021.[34][35]
In February 2021 Huami changed its name to Zepp Health and its ticker from HMI to ZEPP, signalling a move away from acting as a Xiaomi supplier.[12][36][7] The change applied to the company's global English name; its Chinese name, 华米科技, stayed the same.[5] Chinese technology media had by then described the relationship between the two firms as shifting from cooperation to competition: Xiaomi had begun designing wearables in-house, and the two companies ran separate companion apps. At the same time, Huami raised research and marketing spending sharply to build its own brands.[37] By 2020, the company's annual research and development spending had grown to about ¥538 million, and more than half of its shipments went to overseas markets.[38] Financial commentators read the rebrand as an attempt to loosen ties both with Xiaomi and with China itself; the company moved its data infrastructure from Xiaomi's cloud servers to Amazon Web Services, and analysts linked the new name to the risks that US–China auditing disputes posed to Chinese companies listed in New York.[12][39] In the first quarter of 2021, it became the fourth-largest smartwatch vendor worldwide by shipments for the first time, and it launched its self-developed Zepp OS operating system with the Amazfit GTR 3 and GTS 3 watches.[7]
Xiaomi wearable products fell as a share of revenue from roughly 69 percent in 2020 to 53.5 percent in 2021, 41.0 percent in 2022, and 25.8 percent in 2023.[9] The company described this as a deliberate transformation toward higher-margin own-brand products; by the third quarter of 2023 those products supplied about 80 percent of revenue.[40] Full-year 2023 revenue was about US$351.5 million, down 39.8 percent from 2022, a fall driven mainly by a 62.0 percent drop in Xiaomi wearable sales.[41] Net income fell from ¥229 million in 2020 to ¥138 million in 2021, then turned to losses of ¥288 million in 2022 and ¥212 million in 2023.[1] By the spring of 2022, the company's market value had fallen more than 70 percent below its listing-day level. Chinese technology media questioned whether an independent Huami could hold its ground against Apple, Samsung and Huawei, smartphone makers able to fold wearables into their own device ecosystems.[13]
On 30 April 2024, the New York Stock Exchange notified the company that it was below compliance standards because the average closing price of its American depositary shares had stayed under US$1.00 for 30 consecutive trading days, giving it a six-month cure period.[1][42] To lift its share price back above the exchange's minimum, in September 2024 the company carried out a one-for-four reverse split of its American depositary shares, changing the ratio of each ADS to the underlying stock from four shares to sixteen.[e] The price recovered above one dollar, and the exchange restored the company's compliance the following month.[43][14]
Through the same period the manufacturing relationship with Xiaomi continued. The two firms signed their first strategic cooperation agreement in October 2017 and extended it for three years in October 2020. In February 2023 they signed a new two-year business cooperation agreement running to January 2025.[9]
Second-quarter 2025 revenue reached US$59.4 million, up 46.2 percent year-on-year, the first year-on-year growth since the second quarter of 2021, and the increase came from Amazfit products.[44] Third-quarter revenue rose 78.5 percent year-on-year to US$75.8 million, and the quarterly net loss narrowed to US$1.6 million from US$13.3 million a year earlier.[15] Full-year 2025 revenue was about US$258.9 million, up 41.8 percent, and the net loss narrowed to US$40.1 million from US$75.7 million in 2024, with a fourth-quarter gross margin of 40.4 percent.[45] The company remained loss-making, and independent analysis noted that losses had compounded over the preceding five years and that a return to profitability was not expected in the near term.[16]
The Amazfit line moved into sport and health hardware, including the T-Rex 3, Balance 2, Active 2 and Helio Strap, and the company released Zepp OS 4 with integrated generative AI features.[46] Amazfit had entered the smart-ring market a year earlier with the titanium Helio Ring, announced at CES 2024 ahead of Samsung's rival Galaxy Ring.[47] In 2025 Amazfit signed several athlete ambassadors, including Baltimore Ravens running back Derrick Henry, its first NFL sponsor.[48] The company also said it had built a dual-sourcing supply chain across China and Vietnam to manage US tariff exposure.[49] Over the same period its market value rose from about US$48 million in mid-2024 to roughly US$235 million by late 2025.[50]
Amazfit is the company's main consumer brand of smartwatches and fitness trackers, created in 2015.[7] In October 2021 the company introduced a Chinese brand name for Amazfit, 跃我 (pinyin: Yuèwǒ), together with a new logo and slogan, at the Beijing launch of the GTR 3 and GTS 3 watches.[51] By 2023 self-branded products, led by Amazfit, supplied about 80 percent of the company's revenue, and the company reported that branded products grew more than 50 percent in 2025.[40][45]
As Xiaomi's sole wearables partner, the company designed and manufactured the Xiaomi-branded Mi Band series as an original design manufacturer.[8][10] In March 2022 the companion Mi Fit app was rebranded Zepp Life and kept under the company's control, while Xiaomi moved its newer devices to a separate Mi Fitness app.[52] Sales of Xiaomi wearables fell sharply from 2022 onward, and by 2023 they made up about a quarter of the company's revenue.[9][41]
The Zepp brand and companion app derive from the 2018 acquisition of Zepp International, and cover the company's higher-priced, health-focused wearables and services.[29][12] The first Zepp-branded smartwatches, the Zepp E Circle and E Square, launched in August 2020 at prices from US$250.[53]
For most of its history, independent reporting described the firm as a Chinese company headquartered in Hefei; its principal operating entity is registered in Anhui as Anhui Huami Information Technology Co., Ltd. (安徽华米信息科技有限公司), one of two consolidated Chinese entities through which the group operates.[6][7][9] The listed parent is incorporated in the Cayman Islands and controls its Chinese operations through a variable interest entity structure, a common arrangement among US-listed Chinese firms.[54] The share of revenue contributed by those entities fell from 40.1 percent in 2023 to 8.0 percent in 2025.[4] In May 2025 the company announced that it had relocated its principal executive offices to Gorinchem in the Netherlands, following what it described as an earlier transition of its legal entity to Amsterdam.[17] Its annual report for 2025 lists Gorinchem as its principal office, with operations across Europe, the United States and Asia.[4] The company maintains no manufacturing capacity of its own and relies on contract manufacturers to produce its devices; in 2025 it said its production was dual-sourced across China and Vietnam.[4][49]
As Zepp reduced its commercial reliance on Xiaomi, Xiaomi remained a principal shareholder,[39] and in September 2024 the company appointed Alain Lam, Xiaomi's chief financial officer, to its board of directors.[55]
Category:Wearable devices
Category:Consumer electronics brands
Category:Companies listed on the New York Stock Exchange
Category:Electronics companies of China
Category:Chinese companies established in 2013
Category:Electronics companies established in 2013
Category:2018 initial public offerings
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