Viomi Technology Co (NYSE:VIOT) Q2 2020 Earnings Conference Call - Final Transcript
Aug 24, 2020 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for standing by for Viomi Technology Company Limited Earnings Conference Call for the Second Quarter 2020. At this time, all participants are in listen-only mode. Today's conference call is being recorded.
I will now turn the call over to your host, Ms. Cecilia Li, the Senior IR Manager of the Company. Please go ahead, Cecilia.
Thank you, operator. Hello, everyone, and welcome to Viomi Technology Co., Ltd earnings conference call for the second quarter 2020. 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 the 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 the Board of Directors and Chief Executive Officer; and Mr. Shun Jiang, the Chief Financial Officer. The Company's management will begin with prepared remarks, and the call will conclude 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 the U.S. 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 annual report on Form 20-F and other filings as filed with the U.S. 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, Viomi's earnings press release and this conference call also 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 our 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, Mr. Xiaoping. This is Shun, Viomi's CFO. I will quickly translate Mr. Chen's remarks before providing an operational update and discuss our financial performance for the second quarter of 2020.
Hello, everyone. Thank you for joining our second quarter 2020 earnings conference call. We saw meaningful improvements in operating conditions in the second quarter as both the industry and the overall economy continued to rebound from the impact of COVID-19 earlier this year. Driven by a robust '618' sales season, combined with successful new product launches such as our air conditioning systems, we are pleased to report that our second quarter revenues reached more than RMB 1.68 billion, representing a year-over-year increase of 45.2%, significantly stronger than expected.
Although the first half of 2020 was challenging, the recent '618' online shopping festival and related promotional events have shown positive signs of an overall industry recovery