Armlogi Holding Corp (BTOC) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Armlogi Holding Corp's third quarter and first nine months of fiscal year 2025 earnings call. Please note that today's call is being recorded. I will now turn the meeting over to Matthew Abenante, Investor Relations for Armlogi Holding Corp.

感謝您的支持，歡迎參加 Armlogi Holding Corp 2025 財年第三季和前九個月的收益電話會議。請注意，今天的通話正在錄音。現在，我將會議交給 Armlogi Holding Corp. 投資者關係部門的 Matthew Abenante。

Thank you, and thanks to everyone joining us today for Armlogi's earnings conference call to discuss the third quarter and first nine months of fiscal year 2025 results. Please note that our earnings press release was issued on Wednesday, along with our quarterly report on Form 10-Q, which was also filed with the Securities and Exchange Commission. Both are available in the Investor Relations section of our website at ir.armlogy.com.

謝謝大家，也謝謝大家今天參加 Armlogi 的收益電話會議，討論 2025 財年第三季和前九個月的業績。請注意，我們的收益新聞稿於週三發布，同時發布的還有 10-Q 表季度報告，該報告也已提交給美國證券交易委員會。這兩份資料均可在我們網站 ir.armlogy.com 的投資者關係部分找到。

Joining us on the call today is Scott Hsu, Chief Financial Officer of the company. The format of our call will consist of brief comments, followed by a question-and-answer session addressing the questions that were submitted by investors. We thank everyone for submitting these questions.

今天參加電話會議的是公司財務長 Scott Hsu。我們的電話會議形式將包括簡短的評論，然後是問答環節，回答投資者提出的問題。我們感謝大家提交這些問題。

Before we get started, I'm going to review the Safe Harbor statement. Please note that today's discussion will contain forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing.

在我們開始之前，我將回顧安全港聲明。請注意，今天的討論將包含前瞻性陳述。此外，我們或我們的代表可能會不時以口頭或書面形式做出前瞻性陳述。

We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to the future events or our future performance, including our financial performance and projections, our growth in revenue and earnings and our business prospects and opportunities.

這些前瞻性陳述是基於我們對未來事件的預期和預測，這些預期和預測源自於我們目前掌握的資訊。此類前瞻性陳述涉及未來事件或我們的未來表現，包括我們的財務表現和預測、我們的收入和收益成長以及我們的業務前景和機會。

You can identify forward-looking statements by those that are not historical in nature, particularly those that use the terminology such as may, should, expects, anticipates, contemplates, estimates intends, believes, plans, projected, predicts, potential or hopes or the negative of these or similar terms.

您可以透過那些非歷史性的陳述來識別前瞻性陳述，特別是那些使用諸如可能、應該、預期、預計、考慮、估計、打算、相信、計劃、預測、潛在或希望等術語或這些術語的否定或類似術語的陳述。

Evaluating these forward-looking statements, you should consider various factors, including our ability to change the direction of the company, our ability to keep pace with new technology and changing market needs, and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statements.

在評估這些前瞻性陳述時，您應該考慮各種因素，包括我們改變公司方向的能力、我們跟上新技術和不斷變化的市場需求的能力以及我們業務的競爭環境。這些因素和其他因素可能會導致我們的實際結果與任何前瞻性陳述有重大差異。

Forward-looking statements are only predictions. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of uncertainties or assumptions. The forward-looking statements discussed on this call and other statements made from time to time by us or our representatives may not occur, and actual results and results -- actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us.

前瞻性陳述僅是預測。無論是由於不確定性或假設，我們都沒有義務公開更新或修改任何前瞻性陳述。本次電話會議中討論的前瞻性陳述以及我們或我們的代表不時做出的其他陳述可能不會發生，實際結果和結果——實際事件和結果可能存在重大差異，並受制於關於我們的風險、不確定性和假設。

And with that, I would like to hand the call to Scott Hsu, Chief Financial Officer of Armlogi. Good morning, Scott.

接下來，我想將電話交給 Armlogi 財務長 Scott Hsu。早安，史考特。

Good morning, Matt, and thank you, everyone for joining us today. Our Chairman and CEO, Aidy Chou, is unfortunately away raising company business today and (inaudible) regards.

早安，馬特，感謝大家今天加入我們。很遺憾，我們的董事長兼執行長 Aidy Chou 今天不在，需要處理公司事務，（聽不清楚）敬禮。

This quarter, we continue to see revenue growth, reflecting the sustained demand for our comprehensive logistics solutions. A particularly significant and encouraging development is the recent success in US-China trade talks. As many of you know, this has resulted in a substantial reduction in tariff fees, and we believe this will have a positive impact on our sectors and for our margins specifically. We will touch on it more throughout the call.

本季度，我們的收入持續成長，反映出對我們綜合物流解決方案的持續需求。一個特別重要且令人鼓舞的進展是最近中美貿易談判取得成功。眾所周知，這導致關稅費用大幅降低，我們相信這將對我們的行業特別是利潤率產生積極影響。我們將在整個通話過程中進一步討論這個問題。

Our third quarter and nine-month results reflects a period of continued revenue growth, which underscores the ongoing demand for our logistics solutions. However, we also faced significant operational investments and the market-related cost pressure that impact our profitability. We are diligently working to optimize our expanded warehouse footprint and enhance operational efficiency across all our service lines.

我們的第三季和前九個月的業績反映了一段持續的收入成長，這凸顯了對我們的物流解決方案的持續需求。然而，我們也面臨著巨大的營運投資和市場相關的成本壓力，這影響了我們的獲利能力。我們正在努力優化擴大的倉庫佔地面積並提高所有服務線的營運效率。

A significant and encouraging development is the recent success in US-China trade talks, which has resulted in a substantial reduction in tariff fees. This is a major point of optimism for Armlogi and the broader logistics sector.

一個重大而令人鼓舞的進展是最近中美貿易談判取得成功，導致關稅大幅降低。這對於 Armlogi 和更廣泛的物流行業來說是一個主要的音樂觀點。

We anticipate that these positive trade developments will help alleviate some of the cost pressures we have been experiencing and create more favorable operating environment, while we maintain a cautious approach in our overall planning, prioritizing sustainable growth, and improved profitability.

我們預計，這些積極的貿易發展將有助於緩解我們一直面臨的一些成本壓力，並創造更有利的經營環境，同時我們在整體規劃中保持謹慎的態度，優先考慮可持續增長和提高盈利能力。

The resolutions in trade tensions allow us to look forward with greater confidence. Our commitment to leveraging technology and providing comprehensive supply chain solutions for our clients remain steadfast as we navigate the evolving economic landscape and position Armlogi to capitalize on these new opportunities for future success.

貿易緊張局勢的解決讓我們更有信心地展望未來。在我們探索不斷變化的經濟格局並讓 Armlogi 能夠利用這些新機會取得未來成功的同時，我們始終堅定不移地致力於利用技術並為客戶提供全面的供應鏈解決方案。

Now let's turn to our financial performance for the third quarter and the first nine months of the fiscal year 2025. As a reminder, for a detailed breakdown of our financial results, I encourage you to refer to our earnings press release and our Form 10-Q, both of which are available on our Investor Relations website. My comments here will provide a high-level overview.

現在讓我們來看看2025財年第三季和前九個月的財務表現。提醒一下，要了解我們財務表現的詳細情況，我建議您參閱我們的收益新聞稿和 10-Q 表，這兩份文件都可以在我們的投資者關係網站上找到。我在這裡的評論將提供一個高層次的概述。

Third quarter ended March 31, 2025, we saw continued top line momentum with total revenue reaching $45.8 million, an increase of 19.3% compared to the same period last year. This growth reflects the continued demand for our services.

截至 2025 年 3 月 31 日的第三季度，我們的營收持續保持成長勢頭，總營收達到 4,580 萬美元，比去年同期成長 19.3%。這一增長反映了對我們服務的持續需求。

Cost of sales for the quarter were $45.6 million. As we have discussed, these costs were higher primarily due to operational investments and the expansion of our footprint. This impacted our overall gross profit, which was $0.28 million for the quarter.

本季銷售成本為 4560 萬美元。正如我們所討論的，這些成本較高主要是由於營運投資和業務範圍的擴大。這影響了我們的整體毛利，本季為 28 萬美元。

We are actively implementing measures to improve efficiency and profitability, and we anticipate that the recent positive developments in US-China trade relations may contribute to alleviating some of these cost pressures in the future.

我們正在積極採取措施提高效率和獲利能力，我們預計近期中美貿易關係的積極發展可能有助於緩解未來的部分成本壓力。

General and administrative expenses were $4.47 million, reflecting investments to support our growing operations. This resulted in a loss from operations of $4.19 million for the third quarter. Our net loss for this quarter was $3.76 million or $0.09 per basic and diluted share.

一般及行政開支為 447 萬美元，反映了為支持我們不斷成長的業務而進行的投資。這導致第三季營業虧損419萬美元。本季我們的淨虧損為 376 萬美元，即每股基本虧損和稀釋虧損均為 0.09 美元。

Looking at the nine-month period ended March 31, 2025, total revenue grew 14.6% to $139.5 million, again, underscoring the sustained demand for our comprehensive logistics solutions. Cost of sales of the nine months were $142.3 million. This resulted in a gross loss of $2.85 million for the period.

截至 2025 年 3 月 31 日的九個月期間，總營收成長 14.6% 至 1.395 億美元，再次凸顯了對我們綜合物流解決方案的持續需求。前九個月的銷售成本為 1.423 億美元。這導致該期間總損失 285 萬美元。

We are focused on strategic initiatives to address the margin challenges. And as mentioned, the recent positive developments in US-China trade discussion are expected to contribute favorably to mitigating some of these cost pressures going forward.

我們專注於解決利潤挑戰的策略性舉措。如前文所述，近期中美貿易談判的積極進展預計將有利於緩解未來的部分成本壓力。

General and administrative expenses for the nine months were $10.8 million. The loss from operations for the nine-month period was $13.65 million and our net loss was $10.06 million or $0.24 per basic and diluted share.

前九個月的一般及行政開支為 1,080 萬美元。前九個月的營業虧損為 1,365 萬美元，淨虧損為 1,006 萬美元，即每股基本虧損和稀釋虧損均為 0.24 美元。

We are managing our balance sheet prudently and focus on initiatives to improve our profitability as we move forward, especially in light of the more favorable trade environment we anticipate. Looking ahead, we are navigating a dynamic market environment while evolving the global trade policies and the inflationary pressures have certainly present ongoing challenges.

我們正在審慎管理我們的資產負債表，並專注於在未來提高獲利能力的舉措，特別是考慮到我們預期的更有利的貿易環境。展望未來，我們正在應對動態的市場環境，同時不斷變化的全球貿易政策和通膨壓力無疑帶來了持續的挑戰。

The recent successful conclusion of US-China trade talks marks a significant positive development. This breakthrough resulting in reduced tariffs is expected to create a more favorable operating landscape for the logistics sector and importantly, for Armlogi.

近期中美貿易談判成功結束，標誌著一個重大積極進展。這項突破將降低關稅，預計將為物流業，尤其是 Armlogi 創造更有利的經營環境。

We are proactively working to optimize our operations, managing costs and enhance our service delivery. We anticipate that this improved trade relations will contribute to alleviating some of the cost pressures we have experienced.

我們正在積極努力優化營運、管理成本並增強我們的服務交付。我們預計，貿易關係的改善將有助於緩解我們所面臨的一些成本壓力。

The full impact of the macroeconomic shifts will unfold over time, we are cautiously optimistic. Our focus remains squarely on leveraging our expanding infrastructure and our technological capabilities to drive long-term value for you, our shareholders.

宏觀經濟轉變的全面影響將隨著時間的推移而顯現，我們對此持謹慎樂觀的態度。我們的重點仍然是利用我們不斷擴大的基礎設施和技術能力為您（我們的股東）創造長期價值。

We are committed to improving our profitability, and we will continue to make strategic investments to support sustainable growth and strengthen our market position, now with a more positive backdrop for international trade.

我們致力於提高獲利能力，並將繼續進行策略性投資，以支持永續成長並加強我們的市場地位，目前國際貿易的背景更加積極。

In summary, while we have navigated some headwinds, we have continued to grow our revenue demonstrating the underlying demand for our services. We are proactively managing costs and are particularly encouraged by the significant positive development in US-China trade relations, which we believe will benefit our operation and industry at large.

總而言之，雖然我們克服了一些阻力，但我們的收入仍在繼續增長，這表明我們服務的潛在需求。我們正在積極管理成本，尤其受到中美貿易關係顯著積極發展的鼓舞，我們相信這將有利於我們的營運和整個產業。

We remain confident to enlarge strategy, our dedicating and our ability to create value in the evolving global logistics landscape. I want to sincerely thank our shareholders for their continued support and trust in Armlogi. With that comprehensive financial overview, I will turn it back to Matt for questions.

我們仍然有信心擴大策略、奉獻精神和在不斷發展的全球物流格局中創造價值的能力。我要真誠感謝我們的股東對 Armlogi 的持續支持與信任。有了全面的財務概述後，我將把問題交還給馬特。

Thank you, Scott. We will now move to the question-and-answer portion of the call. Thank you to everyone who has submitted questions. Our first question, despite cost pressures, the company is continuing to show revenue growth. Could you elaborate on the key drivers behind the sustained demand for Armlogi services and how the company is working to improve profitability moving forward?

謝謝你，斯科特。我們現在進入電話會議的問答部分。感謝所有提交問題的人。我們的第一個問題是，儘管面臨成本壓力，但該公司的收入仍在持續成長。您能否詳細說明 Armlogi 服務持續需求背後的關鍵驅動因素以及公司如何努力提高未來的獲利能力？

That's an excellent question. The continued revenue growth of 19.3% for the quarter and 14.6% for the nine months, truly underscores the essential nature of our comprehensive logistics solutions and the strong relationship we have with our clients. The demand is driven by the ongoing needs of cross-border e-commerce and the value we provide in managing complex supply chains.

這是一個很好的問題。本季營收持續成長 19.3%，前九個月營收持續成長 14.6%，真正凸顯了我們綜合物流解決方案的本質以及我們與客戶之間的牢固關係。這種需求是由跨境電子商務的持續需求以及我們在管理複雜供應鏈中提供的價值所驅動的。

Regarding profitability, we are very focused on optimizing our expanded operational footprint, enhancing efficiencies through technology and diligently managing our costs. Furthermore, as we discussed, the recent positive development in US-China trade relations with reduced tariff fees are expected to alleviate some of the external cost pressures, which should contribute favorably to our margin improvement effort over time. We are confident in our strategic initiatives to navigate the current environment and enhance shareholder value. Thank you.

關於獲利能力，我們非常注重優化擴大的營運範圍，透過技術提高效率並努力管理成本。此外，正如我們所討論的，近期中美貿易關係的積極發展以及關稅的降低預計將緩解一些外部成本壓力，這將有利於我們長期提高利潤率。我們對我們的策略性舉措充滿信心，相信它們能夠應對當前環境並提高股東價值。謝謝。

The recent success in US-China trade talk seems to be a significant positive. Can you provide a bit more color on how specifically Armlogi is positioned to benefit from this improved trade environment?

近期中美貿易談判的成功似乎是個重大利好消息。您能否更詳細地介紹一下 Armlogi 如何從這種改善的貿易環境中獲益？

Certainly, the successful US-China trade talks and the resulting tariff reductions are indeed very encouraging news for the entire logistics sector and particularly for a company like Armlogi, that facilitate transpacific trade.

當然，中美貿易談判的成功以及由此帶來的關稅削減對於整個物流行業來說確實是非常令人鼓舞的消息，特別是對於像 Armlogi 這樣促進跨太平洋貿易的公司來說。

Specifically, we anticipate several benefits. Firstly, reduced tariffs can lower the lending cost of goods for our customers, potentially stimulating higher trade volumes. Secondly, it reduced a significant element of uncertainty that has been impacting planning and investment for many business, which can lead to more stable and predictable demand for our services. Thirdly, it may ease some of the direct and indirect cost pressures we have seen in the supply chain.

具體來說，我們預期會帶來幾項好處。首先，降低關稅可以降低客戶的商品貸款成本，從而有可能刺激貿易量的增加。其次，它減少了影響許多企業規劃和投資的重大不確定因素，從而使我們服務的需求更加穩定和可預測。第三，它可能會緩解我們在供應鏈中看到的一些直接和間接的成本壓力。

We are well positioned with our extensive warehouse network and the comprehensive service offering to support our clients as they capitalize on this more favorable trade environment. We have already begun factoring this into our strategic planning to maximize these emerging opportunities.

我們擁有廣泛的倉庫網路和全面的服務，可以幫助我們的客戶利用這個更有利的貿易環境。我們已經開始將此納入我們的策略規劃中，以最大限度地利用這些新興機會。

Considering the dynamic market and the recent positive trade news, how does Armlogi view its long-term strategic positioning and its ability to capture future growth opportunities?

考慮到動態的市場和最近的積極貿易新聞，Armlogi 如何看待其長期策略定位及其抓住未來成長機會的能力？

Yes, we are very confident in our long-term strategic positioning. Armlogi has built a robust infrastructure with a significant warehouse footprint in key US locations, offering a comprehensive suite of logistics services. This allow us to be a one-stop solution for many of our clients, particularly in the cross-border e-commerce space.

是的，我們對自己的長期策略定位非常有信心。Armlogi 在美國主要地區建立了強大的基礎設施和龐大的倉庫，提供全面的物流服務。這使我們成為許多客戶的一站式解決方案，特別是在跨境電子商務領域。

The recent positive developments in US-China trade talks further strengthen our outlook, creating a more stable and potentially expensive market. Our strategy remains focused on leveraging our core strength, our infrastructure, our technology, our experienced team and our customer-centric approach.

近期中美貿易談判的積極進展進一步強化了我們的展望，創造了一個更穩定且可能更昂貴的市場。我們的策略仍然專注於利用我們的核心優勢、我們的基礎設施、我們的技術、我們經驗豐富的團隊和我們以客戶為中心的方法。

We will continue to make prudent investments to support sustainable growth, enhance our service capabilities and expand our market reach. We believe we are well equipped to navigate the evolving landscape and capitalize on the growth opportunity ahead.

我們將繼續進行審慎投資，以支持永續成長、增強我們的服務能力並擴大我們的市場範圍。我們相信，我們已做好準備，應對不斷變化的情況，並抓住未來的成長機會。

Thank you. And with that, that's our last question. And so I want to thank everyone for participating on today's call. We look forward to providing additional updates in the near future. In the meantime, we can be reached at info@armlogi.com or you can contact me at matthew@strategic-ir.com.

謝謝。這就是我們的最後一個問題。因此，我要感謝大家參加今天的電話會議。我們期待在不久的將來提供更多更新。同時，您可以透過 info@armlogi.com 與我們聯繫，或者您可以透過 matthew@strategic-ir.com 與我聯繫。

Ladies and gentlemen, that does conclude our conference today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。