USTC applied physics, founded Huami in 2013 and built the Xiaomi Mi Band into the best-selling fitness band in the world, listed on the NYSE in 2018 and rebranded to Zepp Health in 2021 to get out from under a single customer. The independence is finally visible in the numbers: Q1 2026 revenue of $51.5M was up 33.8% year on year and first-half revenue $115M up 17.5%, carried by premium Amazfit watches — Active Max, Active 3 Premium, T-Rex Ultra 2 — with nine more wearables planned for the year. Losses widened alongside the growth, which is the whole question: whether a hardware brand can buy its way out of commodity pricing.