Zepp Health Corporation filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on April 24 2026, and the filing is available on the company’s investor relations website and the SEC’s EDGAR database.
The report shows total revenue of $258.9 million, a 41.8% increase from $181.8 million in 2024, driven by a 50.9% rise in sales of Amazfit‑branded products. Net loss for the year was $40.1 million, a significant improvement over the $75.7 million loss reported in 2024, while the adjusted net loss narrowed to $31.5 million from $56.7 million. Gross margin for 2025 was 38.3%, slightly below the 38.5% margin in 2024, but the fourth‑quarter margin reached a record high of 40.4%, up 3.6 percentage points from the 36.8% margin in the fourth quarter of 2024.
All of Zepp Health’s revenue in 2025 came from Amazfit products, reflecting the company’s strategic shift from an original design manufacturer to a premium wearables brand. The 100% concentration on Amazfit underscores the success of the brand transformation and the company’s focus on its proprietary Zepp Digital Management Platform, which includes Zepp OS, AI chips, and data‑driven health insights.
Management highlighted the company’s continued focus on brand transformation, product innovation—including AI‑driven features—expanded distribution channels, supply‑chain diversification, and cost‑management initiatives. These efforts are intended to sustain growth momentum and improve profitability as the company moves further into the premium segment.
For the first quarter of 2026, Zepp Health expects net revenues between $50.0 million and $55.0 million, representing a year‑over‑year increase of approximately 30% to 43%. The guidance signals confidence in continued demand for Amazfit products and the effectiveness of the company’s pricing and distribution strategy.
Analysts noted a modest positive reaction to the Q4 2025 earnings release on March 15 2026, citing strong revenue growth, record gross margins, and narrowed losses as key drivers of the favorable sentiment.
The filing also highlights Zepp Health’s strategic pivot from an ODM to a premium brand, the 100% reliance on Amazfit revenue, and the role of its Zepp Digital Management Platform. The company faces regulatory risks in China, VIE enforceability concerns, and data‑security challenges, all of which are disclosed in the report.
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