Viomi Technology Co (NYSE:VIOT) Q3 2020 Earnings Conference Call - Final Transcript
Nov 25, 2020 • 07:30 am ET
Hello, ladies and gentlemen, thank you for standing by for Viomi Technology Co., Ltd Earnings Conference Call for the Third Quarter of 2020. [Operator Instructions]
I would now like to 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 third 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 then sign up for the Company's email 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 US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, Company's actual results may be materially different from the views we express 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 US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statement 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.
Now I will -- 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'll quickly translate Mr. Chen's remarks before discussing our financial performance for the third quarter of 2020.
Hello, everyone. Thank you for joining our earnings conference call for the third quarter of 2020. Under the backdrop of a meaningful industry recovery and rebound in consumer demand in the post-pandemic landscape, we continued our strong growth momentum in the third quarter with net revenues increasing by 39% year-over-year to around RMB1.49 billion, exceeding our previous guidance once again. Over the past three [Phonetic] years, as part of our 5G IoT strategy, we have been developing a 5G IoT technology protocol and algorithm framework for the home environment, including sensor technology, AI algorithms and smart hardware.
In 2020, we accelerated the introduction of our strategic 5G IoT products and services under this framework. It May, amongst many strategic products and services, we introduced our