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Viomi Technology serves households mainly in China with products such as smart water purifiers and water heaters. Home water systems provide most of its revenue; it also sells replacement filters and kitchen appliances such as range hoods and gas stoves.
Xiaomi buys the overwhelming majority of Viomi’s output by revenue. Viomi designs, develops, produces and delivers Xiaomi-branded products, while Xiaomi distributes and sells them. Xiaomi pays an agreed fixed price for some products. For others, Viomi recovers manufacturing and logistics costs on delivery and receives a share of gross profit if Xiaomi sells them to consumers. This makes the business heavily dependent on Xiaomi’s purchases, consumer sales and continued cooperation; Xiaomi can end the agreements early in specified circumstances.
Viomi also sells its own branded products through its stores and third-party online and offline channels. Replacement filters bring recurring sales over a purifier’s working life, with demand depending on the number of users and how often they replace filters.
China restricts foreign ownership of internet-related businesses. Viomi therefore controls part of its China operations through contracts rather than equity ownership. Its online business also needs operating permits, and missing or losing required approvals could restrict or suspend those activities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Viomi’s results depend overwhelmingly on Xiaomi, its strategic partner and customer, whose product purchases accounted for 89.6% of Viomi’s 2025 revenue.
A.O. Smith competes with Viomi for customers buying water heaters and water-treatment products in China. Its Rest of World sales, mostly from China, tell Viomi investors more about this competition than its larger North American business does.
A.O. Smith Corporation earningsAOS
A.O. Smith’s report will show how its mostly China-based Rest of World business is doing, giving Viomi a read on the market where they compete for water-heater and water-treatment customers.
Read A.O. Smith’s Rest of World sales alongside its North American sales. If Rest of World holds up or grows, markets that include China are still supporting its water-heating and water-treatment business, suggesting a resilient competitive backdrop for Viomi; if those sales weaken, that support is fading, but it does not mean Viomi won the business. Rest of World is not China-only data, so the comparison indicates the direction of the competitive backdrop, not Viomi’s own sales.
