Strong Buy ZEPP by Dec 18, 2026.

**TL;DR** ZEPP / Amazfit might be a hated wearable turnaround trading around 0.4x book because people still think it is cheap Chinese fitness-band trash. Product sentiment has improved. Revenue is growing. Brand is trying to become Garmin-lite for the HYROX/running/fitness crowd. But they still lose money, the balance sheet is not clean, and this could easily be a value trap. If Q2/Q3 show operating leverage, $5 may look stupid cheap. If not, the market is right to ignore it. Position: …