Zepp Health Corporation Reports Second Quarter 2022 Unaudited Financial Results
Zepp Health Corporation (NYSE: ZEPP) reported Q2 2022 revenues of RMB1.1 billion (US$165.5 million), down 39.6% year-over-year but up 46.4% from Q1. The company faced challenges from a late product launch due to chip shortages and a decline in units shipped, which decreased 45.2% year-over-year to 6.3 million. Net loss was RMB106.9 million, compared to net income of RMB92.6 million in Q2 2021. The CFO highlighted improvements in revenue and cost control, while the outlook for Q3 2022 projects revenues between RMB1.2 billion and RMB1.5 billion.
- Q2 revenues improved 46.4% quarter-over-quarter despite a year-over-year decline.
- Successful launch of self-branded smartwatches, contributing to sales traction.
- Narrowed operating loss by RMB44.8 million from Q1 2022.
- Ongoing share repurchase program with US$8.8 million utilized.
- Net loss of RMB106.9 million in Q2 2022 compared to a profit in Q2 2021.
- Units shipped decreased by 45.2% year-over-year.
- Gross margin dropped to 17.9%, a decline from 22% in Q2 2021.
BEIJING, Aug. 25, 2022 /PRNewswire/ -- Zepp Health Corporation ("Zepp" or the "Company") (NYSE: ZEPP) today reported revenues of RMB1.1 billion (US
"Our second quarter revenues improved from the first quarter, which highlights our execution capabilities, product strength and disciplined business management approach, in the face of macro economic challenges. We achieved RMB1.1 billion in revenues, representing a
Chief Financial Officer, Leon Deng, added, "Second quarter results demonstrated our resilience against multiple macroeconomic headwinds. During the period, our improved revenues and effective expense control initiatives helped us further narrow our operating loss by RMB44.8 million quarter-over-quarter. I am confident that our strict management of costs and expansion of product portfolio will position us for long-term success."
Second Quarter 2022 Financial Summary
For the Three Months Ended | For the Six Months Ended | ||||||
GAAP in millions, except for percentages and per | June 30, | June 30, | June 30, 2022 | June 30, 2021[1] | |||
Revenue RMB | 1,108.3 | 1,835.1 | 1,865.3 | 2,982.4 | |||
Revenue US$ | 165.5 | 284.2 | 278.5 | 461.9 | |||
Gross Margin | 17.9 % | 22.0 % | 18.8 % | 22.2 % | |||
Net income/(loss) attributable to Zepp Health | (106.9) | 92.6 | (195.7) | 52.1 | |||
Adjusted net income/(loss) attributable to Zepp | (94.4) | 132.5 | (170.0) | 103.4 | |||
Diluted net income/(loss) per share RMB | (0.44) | 0.35 | (0.79) | 0.20 | |||
Diluted net income/(loss) per ADS US$ | (0.26) | 0.22 | (0.47) | 0.12 | |||
Adjusted diluted net income/(loss) per share RMB[3] | (0.38) | 0.50 | (0.69) | 0.39 | |||
Adjusted diluted net income/(loss) per ADS US$ | (0.23) | 0.31 | (0.41) | 0.24 | |||
Units Shipped in millions | 6.3 | 11.5 | 10.0 | 17.8 | |||
[1] The US$ numbers in 2021 are referenced with the prior 6-K disclosures, which translations from RMB to US$ are made at a rate of RMB6.4566 to US |
[2] Adjusted net loss attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. |
[3] Adjusted diluted net loss is the abbreviation of adjusted net loss attributable to Zepp Health Corporation, which is a non-GAAP measure and excludes share-based compensation expenses attributable to Zepp Health Corporation, and is used as the numerator in computation of adjusted basic and diluted net loss per ADS attributable to Zepp Health Corporation. |
Second Quarter 2022 Financial Results
Revenues
Total units shipped in the second quarter 2022 decreased by
Revenues for the second quarter of 2022 reached RMB1.1 billion (US
Impact of COVID-19 and Russia-Ukraine Conflict on Our Business
The COVID-19 pandemic has had, and continues to have, a significant impact around the world in the second quarter of 2022, prompting governments and businesses to take unprecedented measures, such as restrictions on business operations, temporary closures of businesses, travels, and quarantine and shelter-in-place orders.
The fresh lockdowns in China affected the retail store sales and brought challenges to our supply chain globally. Shortages of electronic components and chips for different industries persisted and accordingly affected the supply and production cycle for the Company. Furthermore, the lockdowns of several megacities in China, especially Shanghai, weakened consumer demand, as well as posted big challenges to the Company's supply chain for the quarter, causing delays for our products to arrive at target markets, and this continued into the second quarter. Given the evolving nature of the COVID-19 pandemic at the time of this release, the Company cannot predict the extent of future negative impacts on market conditions or the Company's operations.
The continued conflict situation between Russia and the Ukraine affected the demand for and sales of Xiaomi wearable products and our self-branded products in the affected regions. As Europe is one of the biggest sales regions for the Company, the conflict also affected freight cost, consumer confidence in Europe and the EUR currency value. Revenue from sales of products in Russia and Ukraine accounted for approximately
Gross Margin
Gross margin in the second quarter of 2022 was
Research and Development
Research and development expense in the second quarter of 2022 was RMB129.0 million, decreasing
Selling and Marketing
Selling and marketing expense in the second quarter of 2022 was RMB108.3 million, increasing
General and Administrative
General and administrative expense was RMB71.7 million in the second quarter of 2022, increasing
Operating Expenses
Total operating expenses for the second quarter of 2022 were RMB308.9 million, a decrease of
Operating Income/(Loss)
Operating loss for the second quarter of 2022 was RMB110.6 million, which decreased by RMB182.2 million from operating income of RMB71.6 million for the same period in 2021. The loss was mainly caused by the decreased revenue scale, which could not cover the relatively fixed operating expenses in the quarter.
Net Income/(Loss)
Net loss attributable to Zepp Health Corporation for the second quarter of 2022 was RMB106.9 million, compared with RMB92.6 million net income in the second quarter of 2021.
Liquidity and Capital Resources
As of June 30, 2022, the Company had cash and cash equivalents and restricted cash of RMB997.1 million (US
Share Repurchase Program Update
The Company had announced in its third quarter 2021 earnings release that the board had authorized a share repurchase program of up to US
Outlook
For the third quarter of 2022, the management of the Company currently expects:
- Net revenues to be between RMB1.2 billion and RMB1.5 billion, compared with RMB1.61 billion in the third quarter of 2021.
This outlook reflects continued uncertainty pertaining to the potential effects of the COVID-19 pandemic on sales and on electronic component delays, as well as the expected sales seasonality of both self-branded and Xiaomi products. It is based on the current market conditions and reflects the Company management's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.
Conference Call
The Company's management will hold a conference call at 8:00 a.m. Eastern Time on Thursday, August 25, 2022 (8:00 p.m. Beijing Time on August 25, 2022) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing:
US (Toll Free): | +1-888-346-8982 |
International: | +1-412-902-4272 |
Mainland China (Toll Free): | 400-120-1203 |
Hong Kong (Toll Free): | 800-905-945 |
Hong Kong: | +852-3018-4992 |
Participants should dial-in at least 10 minutes before the scheduled start time and ask to be connected to the call for "Zepp Health Corporation."
Additionally, a live and archived webcast of the conference call will be available at https://ir.zepp.com/investor.
A telephone replay will be available one hour after the call until September 01, 2022 by dialing:
US Toll Free: | +1-877-344-7529 |
International: | +1-412-317-0088 |
Replay Passcode: | 4786858 |
About Zepp Health Corporation (NYSE: ZEPP)
Zepp Health changed its name from Huami Corp. (HMI) on February 25, 2021 to emphasize its health focus with a name that resonates across languages and cultures globally. The Company's mission continues to be connecting health with technology. Since its inception in 2013, Zepp Health has developed a platform of proprietary technology including AI chips, biometric sensors, and data algorithms, which drive a broadening line of smart health devices for consumers, and data analytics services for population health. Zepp Health is one of the largest global developers of smart wearable health and consumer fitness devices, shipping 36 million units in 2021. Zepp Health Corp. is based in Hefei, China, with U.S. operations, Zepp Health USA, based in Cupertino, California.
Use of Non-GAAP Measures
We use adjusted net income/(loss), a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. Adjusted net income/(loss) represents net income/(loss) excluding share-based compensation expenses, and such adjustment has no impact on income tax. Adjusted net income/(loss) attributable to Zepp Health Corporation is a non-GAAP measure, which excludes share-based compensation expenses attributable to Zepp Health Corporation, and is used as the numerator in computation of adjusted net income/(loss) per share and per ADS attributable to Zepp Health Corporation.
We believe that adjusted net income/(loss) and adjusted net income/(loss) attributable to Zepp Health Corporation help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in net income/(loss) and net income/(loss) attributable to Zepp Health Corporation. We believe that adjusted net income/(loss) and adjusted net income/(loss) attributable to Zepp Health Corporation provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Adjusted net income/(loss) and adjusted net income/(loss) attributable to Zepp Health Corporation, should not be considered in isolation or construed as an alternative to net income/(loss), basic and diluted net income/(loss) per share and per ADS attributable to Zepp Health Corporation or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted net income/(loss) and adjusted net income/(loss) attributable to ordinary shareholders, presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in RMB. This announcement contains currency conversions of RMB amounts into US$ solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.6981 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the cooperation with Xiaomi, the recognition of the Company's self-branded products; the Company's growth strategies; trends and competition in global wearable technology market; changes in the Company's revenues and certain cost or expense accounting policies; governmental policies relating to the Company's industry and general economic conditions in China and the global. Further information regarding these and other risks is included in the Company's filings with the United States Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Zepp Health Corporation
Grace Yujia Zhang
Email: ir@zepp.com
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: zepp@tpg-ir.com
Zepp Health Corporation | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | ||||||
except for number of shares and per share data, or otherwise noted)
| ||||||
As of December 31, | As of June 30, | |||||
2021 | 2022 | |||||
RMB | RMB | US$ | ||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1,468,499 | 954,578 | 142,515 | |||
Restricted cash | 41,040 | 42,545 | 6,352 | |||
Term deposit | 5,000 | 5,000 | 746 | |||
Accounts receivable, net | 537,084 | 518,254 | 77,373 | |||
Amounts due from related parties | 295,614 | 578,384 | 86,350 | |||
Inventories, net | 1,249,327 | 1,515,675 | 226,284 | |||
Short-term investments | 19,351 | 37,008 | 5,525 | |||
Prepaid expenses and other current assets | 315,038 | 125,785 | 18,779 | |||
Total current assets | 3,930,953 | 3,777,229 | 563,924 | |||
Property, plant and equipment, net | 133,873 | 118,130 | 17,636 | |||
Intangible asset, net | 135,582 | 129,497 | 19,333 | |||
Goodwill | 61,055 | 64,173 | 9,581 | |||
Long-term investments | 1,552,591 | 1,699,389 | 253,712 | |||
Deferred tax assets | 143,419 | 199,224 | 29,743 | |||
Other non-current assets | 19,593 | 24,281 | 3,625 | |||
Operating lease right-of-use assets | 108,435 | 89,812 | 13,409 | |||
Total assets | 6,085,501 | 6,101,735 | 910,963 |
Zepp Health Corporation | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | ||||||
except for number of shares and per share data, or otherwise noted) | ||||||
As of December 31, | As of June 30, | |||||
2021 | 2022 | |||||
RMB | RMB | US$ | ||||
Liabilities | ||||||
Current liabilities: | ||||||
Accounts payable | 1,317,306 | 942,615 | 140,729 | |||
Advance from customers | 4,230 | 2,267 | 338 | |||
Amount due to related parties | 50,123 | 59,821 | 8,931 | |||
Accrued expenses and other current liabilities | 316,083 | 219,727 | 32,804 | |||
Income tax payables | 2,595 | 39,239 | 5,858 | |||
Notes payable | 103,795 | 92,837 | 13,860 | |||
Short-term bank borrowings | 358,000 | 918,000 | 137,054 | |||
Total current liabilities | 2,152,132 | 2,274,506 | 339,574 | |||
Deferred tax liabilities | 26,909 | 38,874 | 5,804 | |||
Long-term borrowings | 726,851 | 747,266 | 111,564 | |||
Other non-current liabilities | 175,053 | 217,133 | 32,417 | |||
Non-current operating lease liabilities | 71,117 | 50,141 | 7,486 | |||
Total liabilities | 3,152,062 | 3,327,920 | 496,845 |
Zepp Health Corporation | |||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | |||||||
except for number of shares and per share data, or otherwise noted) | |||||||
As of December 31, | As of June 30, | ||||||
2021 | 2022 | ||||||
RMB | RMB | US$ | |||||
Equity | |||||||
Ordinary shares | 159 | 159 | 24 | ||||
Additional paid-in capital | 1,641,544 | 1,667,392 | 248,935 | ||||
Treasury stock | (21,798) | (56,176) | (8,387) | ||||
Accumulated retained earnings | 1,271,171 | 1,035,486 | 154,593 | ||||
Accumulated other comprehensive income | 29,271 | 114,233 | 17,054 | ||||
Total Zepp Health Corporation shareholders' equity | 2,920,347 | 2,761,094 | 412,219 | ||||
Noncontrolling interests | 13,092 | 12,721 | 1,899 | ||||
Total equity | 2,933,439 | 2,773,815 | 414,118 | ||||
Total liabilities and equity | 6,085,501 | 6,101,735 | 910,963 | ||||
Zepp Health Corporation | ||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | ||||||||||||||
except for number of shares and per share data, or otherwise noted) | ||||||||||||||
For the Three Months Ended June 30, | ||||||||||||||
2021 | 2022 | |||||||||||||
RMB | RMB | US$ | ||||||||||||
Revenues | 1,835,141 | 1,108,288 | 165,463 | |||||||||||
Cost of revenues | (1,432,105) | (909,945) | (135,851) | |||||||||||
Gross profit | 403,036 | 198,343 | 29,612 | |||||||||||
Operating expenses: | ||||||||||||||
Selling and marketing | (104,686) | (108,255) | (16,162) | |||||||||||
General and administrative | (66,448) | (71,694) | (10,704) | |||||||||||
Research and development | (160,304) | (128,991) | (19,258) | |||||||||||
Total operating expenses | (331,438) | (308,940) | (46,124) | |||||||||||
Operating income/(loss) | 71,598 | (110,597) | (16,512) | |||||||||||
Other income and expenses: | ||||||||||||||
Interest income | 4,525 | 2,148 | 321 | |||||||||||
Interest expense | (10,342) | (14,123) | (2,109) | |||||||||||
Other income/(expense), net | (216) | 2,320 | 346 | |||||||||||
Loss from fair value change of long-term investment | - | (11,398) | (1,702) | |||||||||||
Investment income | 13,507 | - | - | |||||||||||
Income/(Loss) before income tax and income from equity method | 79,072 | (131,650) | (19,656) | |||||||||||
Income tax (expense)/benefits | (11,607) | 13,018 | 1,944 | |||||||||||
Income/(Loss) before income from equity method investments | 67,465 | (118,632) | (17,712) | |||||||||||
Net income from equity method investments | 24,836 | 11,450 | 1,709 | |||||||||||
Net Income/(loss) | 92,301 | (107,182) | (16,003) | |||||||||||
Less: Net loss attributable to noncontrolling interest | (269) | (237) | (35) | |||||||||||
Net income/(loss) attributable to Zepp Health Corporation | 92,570 | (106,945) | (15,968) | |||||||||||
Net income/(loss) per share attributable to Zepp Health | ||||||||||||||
Basic income/(loss) per ordinary share | 0.37 | (0.44) | (0.07) | |||||||||||
Diluted income/(loss) per ordinary share | 0.35 | (0.44) | (0.07) | |||||||||||
Net income/(loss) per ADS (4 ordinary shares equal to 1 ADS) | ||||||||||||||
ADS – basic | 1.47 | (1.74) | (0.26) | |||||||||||
ADS – diluted | 1.41 | (1.74) | (0.26) | |||||||||||
Weighted average number of shares used in computing net Ordinary share – basic | 251,813,617 | 245,702,834 | 245,702,834 | |||||||||||
Ordinary share – diluted | 263,499,745 | 245,702,834 | 245,702,834 | |||||||||||
Zepp Health Corporation | ||||||
Reconciliation of GAAP and Non-GAAP Results | ||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | ||||||
except for number of shares and per share data, or otherwise noted) | ||||||
For the Three Months Ended June 30, | ||||||
2021 | 2022 | |||||
RMB | RMB | US$ | ||||
Net income/(loss) attributable to Zepp Health | 92,570 | (106,945) | (15,968) | |||
Share-based compensation expenses | 39,922 | 12,589 | 1,880 | |||
Adjusted net income/(loss) attributable to Zepp Health | 132,492 | (94,356) | (14,088) | |||
Adjusted net income/(loss) per share attributable to | ||||||
Adjusted basic income/(loss) per ordinary share | 0.53 | (0.38) | (0.06) | |||
Adjusted diluted income(loss) per ordinary share | 0.50 | (0.38) | (0.06) | |||
Adjusted net income/(loss) per ADS (4 ordinary | ||||||
ADS – basic | 2.10 | (1.54) | (0.23) | |||
ADS – diluted | 2.01 | (1.54) | (0.23) | |||
Weighted average number of shares used in | ||||||
Ordinary share – basic | 251,813,617 | 245,702,834 | 245,702,834 | |||
Ordinary share – diluted | 263,499,745 | 245,702,834 | 245,702,834 | |||
Share-based compensation expenses included | ||||||
Selling and marketing | 6,860 | 1,297 | 194 | |||
General and administrative | 6,003 | 5,646 | 843 | |||
Research and development | 27,059 | 5,646 | 843 | |||
Total | 39,922 | 12,589 | 1,880 |
Zepp Health Corporation | ||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | ||||||||||||||
except for number of shares and per share data, or otherwise noted) | ||||||||||||||
For the Six Months Ended June 30, | ||||||||||||||
2021 | 2022 | |||||||||||||
RMB | RMB | US$ | ||||||||||||
Revenues | 2,982,404 | 1,865,338 | 278,488 | |||||||||||
Cost of revenues | (2,321,163) | (1,514,755) | (226,147) | |||||||||||
Gross profit | 661,241 | 350,583 | 52,341 | |||||||||||
Operating expenses: | ||||||||||||||
Selling and marketing | (195,473) | (211,360) | (31,555) | |||||||||||
General and administrative | (131,733) | (129,855) | (19,387) | |||||||||||
Research and development | (312,634) | (275,399) | (41,116) | |||||||||||
Total operating expenses | (639,840) | (616,614) | (92,058) | |||||||||||
Operating income/(loss) | 21,401 | (266,031) | (39,717) | |||||||||||
Other income and expenses: | ||||||||||||||
Interest income | 10,253 | 4,695 | 701 | |||||||||||
Interest expense | (16,990) | (25,793) | (3,851) | |||||||||||
Other income, net | 2,285 | 6,065 | 905 | |||||||||||
Gain from fair value change of long-term investment | - | 40,300 | 6,017 | |||||||||||
Investment income | 13,507 | - | - | |||||||||||
Income/(Loss) before income tax and income from equity method | 30,456 | (240,764) | (35,945) | |||||||||||
Income tax (expense)/benefits | (4,009) | 29,765 | 4,444 | |||||||||||
Income/(Loss) before income from equity method investments | 26,447 | (210,999) | (31,501) | |||||||||||
Net income from equity method investments | 25,293 | 14,958 | 2,233 | |||||||||||
Net income/(loss) | 51,740 | (196,041) | (29,268) | |||||||||||
Less: Net loss attributable to noncontrolling interest | (403) | (371) | (55) | |||||||||||
Net income/(loss) attributable to Zepp Health Corporation | 52,143 | (195,670) | (29,213) | |||||||||||
Net income/(loss) per share attributable to Zepp Health | ||||||||||||||
Basic income/(loss) per ordinary share | 0.21 | (0.79) | (0.12) | |||||||||||
Diluted income/(loss) per ordinary share | 0.20 | (0.79) | (0.12) | |||||||||||
Net income/(loss) per ADS (4 ordinary shares equal to 1 ADS) | ||||||||||||||
ADS – basic | 0.83 | (3.16) | (0.47) | |||||||||||
ADS – diluted | 0.79 | (3.16) | (0.47) | |||||||||||
Weighted average number of shares used in computing net Ordinary share – basic | 251,306,762 | 247,598,751 | 247,598,751 | |||||||||||
Ordinary share – diluted | 263,397,411 | 247,598,751 | 247,598,751 | |||||||||||
Zepp Health Corporation | ||||||
Reconciliation of GAAP and Non-GAAP Results | ||||||
(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$") | ||||||
except for number of shares and per share data, or otherwise noted) | ||||||
For the Six Months Ended June 30, | ||||||
2021 | 2022 | |||||
RMB | RMB | US$ | ||||
Net income/(loss) attributable to Zepp Health | 52,143 | (195,670) | (29,213) | |||
Share-based compensation expenses | 51,300 | 25,645 | 3,829 | |||
Adjusted net income/(loss) attributable to Zepp Health | 103,443 | (170,025) | (25,384) | |||
Adjusted net income/(loss) per share attributable to | ||||||
Adjusted basic income/(loss) per ordinary share | 0.41 | (0.69) | (0.10) | |||
Adjusted diluted income/(loss) per ordinary share | 0.39 | (0.69) | (0.10) | |||
Adjusted net income/(loss) per ADS (4 ordinary | ||||||
ADS – basic | 1.65 | (2.75) | (0.41) | |||
ADS – diluted | 1.57 | (2.75) | (0.41) | |||
Weighted average number of shares used in | ||||||
Ordinary share – basic | 251,306,762 | 247,598,751 | 247,598,751 | |||
Ordinary share – diluted | 263,397,411 | 247,598,751 | 247,598,751 | |||
Share-based compensation expenses included | ||||||
Selling and marketing | 7,020 | 2,214 | 331 | |||
General and administrative | 14,221 | 11,872 | 1,772 | |||
Research and development | 30,059 | 11,559 | 1,726 | |||
Total | 51,300 | 25,645 | 3,829 |
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SOURCE Zepp Health Corp.
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