VIOT · Viomi Technology Co., Ltd

The thesis

Viomi Technology's shares have kept giving back the September rebound, and the sales recovery is still not in the reported numbers. The next semi-annual results, estimated for around 25 March 2027, must show second-half 2026 revenue above the first-half RMB740.0 million and a return to profit.

The ADS (American depositary share) closed at $1.39 on 28 October 2026, against $1.90 on 1 October 2026 and $1.46 on 15 October 2026, according to adjusted daily closes. That is 53.2% below the 52-week high of $2.97 in the same series. The three-month gain is still 80.5%, but the 14-day relative strength index (RSI, a 0-100 momentum gauge) has fallen to 36.7 from 53.5 on 15 October 2026.

Nasdaq's letter dated 17 September 2026 confirmed that Viomi regained minimum-bid compliance. The narrative is maturing: the listing fix that drove the rebound is complete, no company news has appeared since the 18 September 2026 compliance announcement, and momentum has faded since 1 October 2026. The rating stays low because first-half revenue fell 49.9% and nothing reported since shows a turn.

Bullish and bearish views on Viomi Technology Co., Ltd

The bull case on Viomi Technology Co., Ltd (VIOT), in brief: Cash covers the recovery period. The bear case: Sales fell by half.

Bull case

• Cash covers the recovery period. Viomi reported cash and equivalents of RMB603.8 million, translated as US$89.0 million, at 30 June 2026. A further RMB153.3 million of restricted cash is disclosed separately. 27 August 2026 results
• Consumables kept growing. First-half 2026 consumables revenue was RMB131.7 million, up 6.9% year over year, while equipment sales contracted. It was the one segment that grew in the period. 27 August 2026 results
• The listing question is closed for now. Nasdaq confirmed compliance in its 17 September 2026 letter. The close of $1.39 on 28 October 2026 sits above the $1.00 minimum-bid level. Company announcement
• A buyback authorisation remains. The company spent about US$3.8 million on repurchases through 30 June 2026, with US$16.2 million authorised and unspent. 27 August 2026 results

Bear case

• Sales fell by half. First-half 2026 revenue declined 49.9% year over year to RMB740.0 million, and the company reported a RMB26.3 million net loss. Management attributed the drop partly to the end of subsidies and called the weakness temporary; that is management's view. 27 August 2026 results
• Financing capacity could dilute holders. A registration statement on Form F-3, amended on 8 September 2026, proposes securities offerings of up to US$100 million. A Form 6-K dated 30 September 2026 is incorporated by reference into it, which keeps the registration statement active. No completed offering is reported. Form F-3/A
• The catalyst that drove the move is spent. The shares rose on the path to minimum-bid compliance. The close then fell from $1.90 on 1 October 2026 to $1.46 on 15 October 2026 and $1.39 on 28 October 2026, with no company news in that window.
• No scheduled report for months. Viomi reports semi-annually as a foreign private issuer, so the next full results are estimated around 25 March 2027. Nothing before then tests whether sales have stabilised.

Price setup

The adjusted close of $1.39 on 28 October 2026 is 53.2% below the 52-week high of $2.97. The RSI of 36.7 reflects a fall in momentum from 53.5 on 15 October 2026 and 69.9 on 1 October 2026. The three-month gain of 80.5% comes from a starting point near the $1.00 minimum-bid level, so most of the gain is the September rebound.

The nearest reference is $1.00, the Nasdaq minimum-bid level that the shares cleared in September. The close of $1.39 leaves the shares above it, but the direction since 1 October 2026 has been down.

Crowding evidence is thin. The shares are not extended above a rising moving average. Viomi files no Section 16 Form 4s, so insider trades are not visible in real time. The F-3 registration leaves room for new ADS or share issuance if the price recovers. No earnings date falls in the next 30 days. The narrative is maturing, not accelerating, because attention was tied to a compliance event that ended on 17 September 2026.

Catalysts, next 30 days

• No scheduled company report. Viomi has no earnings release or shareholder meeting dated before 28 November 2026.
• Undated: prospectus supplement. Any sale under the US$100 million F-3 would be disclosed in a prospectus supplement, which would show the size and the price of an issue.
• ~25 March 2027 (est.): FY2026 and second-half 2026 results. Dated from the 25 March 2026 FY2025 release. This is the first scheduled test of whether second-half revenue exceeds RMB740.0 million and the company returns to profit.

What would change the view

The recovery case breaks if second-half 2026 revenue comes in at or below RMB740.0 million, or if Viomi reports another net loss, at the results estimated for around 25 March 2027. A prospectus supplement that issues new ordinary shares or ADSs at a low price would also weaken the case.

On price, a daily close below $1.00, the Nasdaq minimum-bid level, would undo the post-compliance rebound and reopen the listing question. The case would improve if second-half revenue grows from the first-half level or if the company reports a profit.

What it trades with

No current theme carries Viomi, and no measured correlation figure is available for this note. The business sells water purifiers, kitchen appliances and consumables in China, so its sales depend on Chinese household appliance demand and on subsidy policy, which management cited in the 27 August 2026 results. The shares trade as a small-cap Nasdaq-listed Chinese ADS, and their moves since 2 September 2026 have followed the listing event more than any sales datapoint.