Viomi Technology Co (NYSE:VIOT) Q4 2018 Earnings Conference Call Transcript
Mar 18, 2019 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for standing by for Viomi Technology Company Limited's Earnings Conference Call for the Fourth Quarter and Full Year 2018. At this time all participants are in listen only mode. Today's conference call is being recorded. (Operator Instructions)
I will now turn the call over to your host Ms. Cecilia Li of The Piacente Group, the company's Investor Relations partner. Please go ahead, Cecilia.
Hello everyone and welcome to Viomi Technology Company Limited earnings conference call for the fourth quarter and full-year 2018. As a reminder, this conference is being recorded. The company's financial and operating results were issued in a press release earlier today and are posted online. You can download earnings press release and sign up for the company's e-mail distribution list by visiting the IR section of the company's website at ir.viomi.com.
Participating in today's call are Mr. Xiaoping Chen, the Founder, Chairman of Board of Directors and the Chief Executive Officer; and Mr. Shun Jiang, the Chief Financial Officer. The company's management will begin with prepared remarks and the call will include with a Q&A session.
Before we continue, please note today's discussion will contain forward-looking statements made under the safe harbor provisions of US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's registration statement on Form F-1 and other filings as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required by law. Please also note that Viomi's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Viomi's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
I will now turn the call over to Viomi's founder and CEO, Mr. Xiaoping Chen. Mr. Chen will deliver his remarks in Chinese, followed immediately by English translation. Mr. Chen, please go ahead.
Thank you, Xiaoping. This is Shun, Viomi's CFO. I will quickly translate Mr. Chen's remarks before providing an operational update as well as discussing our financial performance for the fourth quarter and full year 2018.
So hello, everyone. Thank you all for joining today's call. We are again pleased to report strong operational and financial results for the fourth quarter of 2018 that exceeded our expectations, capping off a landmark year for Viomi. Net revenues increased by over 140% year-over-year to RMB955.7 million, and increased by close to 200% year-over-year to RMB2.5 billion for the full-year 2018. Our outstanding financial performance was largely driven by a continued robust market demand across our product portfolio along with successful expansion of our sales channels, both online and offline.
In terms of new product launches, we continue to broaden our existing product lines