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    Jingsheng Liu

    Research Analyst at CICC

    Jingsheng Liu is an Executive Director and Senior Analyst at CICC, specializing in China consumer and retail sector research with a focus on leading companies such as China Resources Beer, Haidilao, Yili, and Midea Group. Recognized for his detailed coverage and investment analysis, Liu has consistently ranked among the top analysts for stock selection and sector insight, with a strong track record of accurate recommendations and double-digit average annualized returns on his coverage universe. He began his finance career in 2008, initially working at UBS in equity research before joining CICC in 2014 where he has continued to build his reputation for excellence. Liu holds professional certifications in securities analysis and is registered with regulatory bodies relevant to his role in equity research.

    Jingsheng Liu's questions to Viomi Technology (VIOT) leadership

    Jingsheng Liu's questions to Viomi Technology (VIOT) leadership • Q4 2024

    Question

    Jingsheng Liu of CICC asked about the operational and organizational adjustments Viomi made after divesting its IoT business to focus on home water solutions, the results of these changes, and for a breakdown of 2024 home water solution revenue, including volume versus price drivers and the product plan for 2025.

    Answer

    Sam Yang, Head of Capital and Investment Department, explained that the 2024 reorganization was a deliberate process that began in H2 2023. He detailed the creation of the Integrated Product Marketing System (IPMS) to unify product, channel, and brand strategies. This shift led to a full-year net revenue of RMB 2.1 billion and a return to profitability. Mr. Yang broke down revenue into Home Water Systems (71%), Consumables (13%), and Kitchen Appliances (16%), noting that the new Kunlun series drove a noticeable increase in average selling price (ASP). For 2025, the company plans to refine its high-end domestic product line and expand its international offerings with customized features for North America and Southeast Asia.

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    Jingsheng Liu's questions to Viomi Technology (VIOT) leadership • Q4 2024

    Question

    Jingsheng Liu from CICC inquired about the operational and organizational adjustments Viomi made after divesting its IoT business to focus on home water solutions, and asked for a breakdown of home water solution revenue, volume/price drivers, and the 2025 product roadmap.

    Answer

    Sam Yang, Head of Capital and Investment, detailed the strategic reorganization that began in H2 2023, culminating in the 2024 divestment and the launch of an integrated product marketing system (IPMS). He highlighted the resulting revenue growth, improved operating efficiency, and a return to profitability. Yang also provided a revenue breakdown for H2 2024, noting the Kunlun series drove higher ASPs, and outlined 2025 plans to enhance high-end domestic products and expand internationally with customized offerings.

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    Jingsheng Liu's questions to Viomi Technology (VIOT) leadership • Q2 2023

    Question

    The analyst asked three questions regarding the company's performance and strategy. The first question was about quarterly revenue performance in Q1 and Q2, consumer demand trends, and top-performing product categories. The second question focused on the new product pipeline for the year, potential new product categories, and the business focus for the second half of the year. The final question concerned the performance of the robotic vacuum business amid fierce competition.

    Answer

    Management explained that Q1 was a flat season used for SKU streamlining, while Q2 saw subdued market recovery during the 618 promotion, with air conditioners and water purifiers performing well. For new products, the company launched advanced home appliances and a new intelligent lighting system, and will focus on water purification and operational efficiency in H2 2023. Regarding the robotic vacuum business, its scale has shrunk significantly due to overdependence on the European market, and while a slight rebound is expected, the company is compensating by diversifying products and exploring new markets like Southeast Asia.

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