I have now had the same issue with two Aqara W200 thermostats. They setup initially just fine and will run as long as I leave them. That is until I software update them. After the update completes I get the aqara logo, then a spinner, then black, then back to the aqara logo. Anyone else have this issue? I’ve tried other thermostat on the same wires and they all work. I believe it is a software issue.
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I’ve got two W200s and both took the recent firmware fine, no boot loop. Worth checking against another thread here — Automated_House reported the exact same symptom (spinner, black screen, back to logo, no boot) after updating to firmware 4.5.7, also on a Y2/W2 setup: FW Update for Thermostat Hub W200.
If you’re also running Y2/W2 or a heat pump wiring config, that might be the common thread, not a bad unit. Can you confirm: what wiring config are you on, and what firmware version did you update from/to? If it’s isolated to a specific wiring config that’s a real firmware bug Aqara needs to fix, not something on your end — worth flagging to their support with version numbers so it’s not just anecdotal.