美商海盜船 (CRSR) 2025 Q2 法說會逐字稿

Greetings and welcome to Corsair Gaming's second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Mr. David Pasquale with Investor Relations. Thank you, and you may proceed, sir.

問候並歡迎參加 Corsair Gaming 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將會議交給主持人、投資者關係部門的 David Pasquale 先生。謝謝您，先生，您可以繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the second quarter ended June 30, 2025. On the call today, we have Corsair's CEO, Thi La; and CFO, Michael Potter.

謝謝您，接線生。大家下午好，感謝您參加 Corsair 截至 2025 年 6 月 30 日的第二季財務業績電話會議。參加今天電話會議的有 Corsair 執行長 Thi La 和財務長 Michael Potter。

Thi will review highlights from the quarter. Michael will then review the financials and our outlook. We will then have time for any questions. Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion, may include forward-looking statements related to the expected future results for our company and are therefore forward-looking statements.

我們將回顧本季的亮點。然後邁克爾將審查財務狀況和我們的前景。然後我們將有時間回答任何問題。在我們開始之前，請允許我提供有關前瞻性陳述的免責聲明。本次電話會議（包括問答部分）可能包含與本公司預期未來績效相關的前瞻性陳述，因此屬於前瞻性陳述。

Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties that forward-looking statements are subject to are described in our earnings release and other SEC filings. Note that until our 10-Q has been filed, these numbers are preliminary.

由於諸多風險和不確定性，我們的實際結果可能與我們的預測有重大差異。我們的收益報告和其他美國證券交易委員會 (SEC) 文件中描述了前瞻性陳述所面臨的風險和不確定性。請注意，在我們提交 10-Q 表之前，這些數字都是初步的。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-gap financial information to the GAAP financial information, is provided in the press release we issued after the market closed today. With that, let me now turn the call over to Corsair's CEO, Thi La. Please go ahead, Thi.

今天的演講也將提及非公認會計準則財務指標。我們在今天股市收盤後發布的新聞稿中提供了更多信息，包括非差距財務資訊與 GAAP 財務資訊之間的對帳。現在，我將把電話轉給 Corsair 的執行長 Thi La。請繼續，Thi。

Thank you, David, and thank you all for joining us today. Q2 2025 was a strong quarter for Corsair. We delivered 23% year-over-year revenue growth with total revenue of $320 million and EBITDA of $8.1 million, exceeding consensus expectations on both the top and bottom line.

謝謝你，大衛，也謝謝大家今天加入我們。2025 年第二季對於 Corsair 來說是一個強勁的季度。我們實現了營收年增 23%，總營收達到 3.2 億美元，EBITDA 達到 810 萬美元，超出了對營收和利潤的普遍預期。

Gross profit increased 36% year over year with improved margin performance across our portfolio due to favorable mix, channel execution, and continued operational discipline. What stood out this quarter was the strength across both our gaming components and system segment where we grew revenue 30% year on year and our gamer creator peripheral segment where we grew revenue 9% year on year. Supported by successful new product launches and according to third party analysts, Corsair gained market share in both keyboard and headset categories.

由於良好的產品組合、通路執行和持續的營運紀律，毛利年增 36%，整個產品組合的利潤率表現均有所提高。本季最突出的是我們的遊戲組件和系統部門的強勁表現，我們的營收年增了 30%，而我們的遊戲創作者周邊部門的營收則是年增了 9%。由於新產品的成功發布以及第三方分析師的評價，Corsair 在鍵盤和耳機類別中都獲得了市場份額。

We saw a meaningful increase in system upgrades and new builds, driven by excitement around the launch of the latest powerful GPUs from NVIDIA and AMD.

我們看到系統升級和新建數量顯著增加，這得益於 NVIDIA 和 AMD 推出的最新強大 GPU 帶來的興奮。

This was coupled with the release of graphically intensive games like Doom: The Dark Ages and Elder Scrolls IV: Remastered, which required a high performance graphics card and are catalyst for PC enthusiasts to upgrade their hardware to get an enriched gameplay experience.

同時，《毀滅戰士：黑暗時代》和《上古捲軸 IV：重製版》等圖形密集型遊戲的發布也需要高性能顯示卡，並促使 PC 愛好者升級硬體以獲得豐富的遊戲體驗。

Spending was concentrated in components as expected, particularly power supplies, cooling, and memory, as gamers sought to leverage new GPU capabilities such as real-time ray tracing, AI rendering, and generative AI support.

由於遊戲玩家尋求利用新的 GPU 功能（例如即時光線追蹤、AI 渲染和生成 AI 支援），因此支出主要集中在組件方面，尤其是電源、冷卻和記憶體。

We expect peripherals to follow this upgrade cycle, fueled by upcoming releases like Witcher 3 Remaster, Battlefield 6, and the highly anticipated GTA 6. This multi-stage refresh cycle is well aligned with our product roadmap across hardware and software. Adding to our confidence is the momentum of our Elgato business, which continues to lead in the creative space.

我們預計週邊設備將遵循這一升級週期，受到即將發布的《巫師 3 重製版》、《戰地 6》和備受期待的《GTA 6》等遊戲的推動。這個多階段更新週期與我們硬體和軟體的產品路線圖非常一致。Elgato 業務的強勁發展勢頭進一步增強了我們的信心，其在創意領域繼續保持領先地位。

Demand for our award-winning stream deck and popular video capture products remains strong, particularly with the rise of new content driven by the Nintendo Switch 2 launch late Q2.

我們屢獲殊榮的串流媒體平台和熱門影片捕捉產品的需求仍然強勁，尤其是隨著第二季末 Nintendo Switch 2 的推出推動新內容的興起。

We were also excited by the positive market response to our face cam 4K and the video capture 4K X, both of which launched at the perfect time to deliver pro grade 4K60 video resolution at a more accessible price point and better availability.

我們也對市場對我們的 face cam 4K 和 video capture 4K X 的積極反應感到興奮，這兩款產品的推出時機恰到好處，以更實惠的價格和更好的可用性提供了專業級 4K60 視頻分辨率。

We believe these solutions will extend our leadership position. Another Q2 highlights was our presence at COMPUTEX 2025, where we showcased several next-gen technologies and earned multiple awards. One of the most exciting was the launch of our virtual Stream Deck integration, embedded into our SCIMITAR ELITE gaming mouse and the XENEON Edge companion display.

我們相信這些解決方案將鞏固我們的領導地位。第二季的另一個亮點是我們參加了 COMPUTEX 2025，在那裡我們展示了多項下一代技術並獲得了多個獎項。最令人興奮的是我們的虛擬 Stream Deck 整合的推出，它嵌入到我們的 SCIMITAR ELITE 遊戲滑鼠和 XENEON Edge 配套顯示器中。

This feature allows users to display a fully interactive software stream deck directly on the user's monitor, enabling instant access to near unlimited powerful shortcuts for gamers and creators. You can expect to see more cross-brand tech synergy in upcoming launches to demonstrate the strength of our ecosystem, as we focus on leveraging our IP and platforms to add value for customers and accelerate revenue growth.

此功能允許用戶直接在用戶顯示器上顯示完全互動的軟體串流平台，使遊戲玩家和創作者能夠即時存取幾乎無限的強大快捷方式。您可以期待在即將發布的產品中看到更多跨品牌技術協同作用，以展示我們生態系統的實力，因為我們專注於利用我們的智慧財產權和平台為客戶增加價值並加速收入成長。

In the gaming category, we introduced the MAKR 75 DIY keyboard family, which combines custom-built flexibility with gaming great performance. Integrated with the Corsair web app for seamless online personalization, MAKR 75 was honored with both a Red Dot Best of the Best, and an iF Design Award for 2025.

在遊戲類別中，我們推出了 MAKR 75 DIY 鍵盤系列，它將客製化的靈活性與出色的遊戲性能相結合。MAKR 75 與 Corsair 網路應用程式集成，可實現無縫線上個人化，並榮獲紅點最佳設計獎和 2025 年 iF 設計獎。

On the system side, we announced the launch of our Origin PC AI Workstation 300, a compact 4.4L system powered by AMD Ryzen AI Max 300 series. This project is designed for quite efficiency, supports local LLMs, creative workloads, and AI development straight out from the box.

在系統方面，我們宣布推出 Origin PC AI Workstation 300，這是一款由 AMD Ryzen AI Max 300 系列驅動的緊湊型 4.4L 系統。此專案設計效率極高，支援本地 LLM、創意工作負載和開箱即用的 AI 開發。

This small, but powerful platform expands our region into AI native applications and offers professionals, creators, and developers a compelling new productivity solution.

這個小而強大的平台將我們的區域擴展到人工智慧原生應用程序，並為專業人士、創作者和開發人員提供引人注目的全新生產力解決方案。

We expect AI to be a major long-term catalyst across every aspect of our business from both our operation efficiency to all of our product categories. We are taking a thoughtful approach and integrating functionality where it is most compelling for our consumers.

我們預計人工智慧將成為我們業務各個方面（從營運效率到所有產品類別）的主要長期催化劑。我們正在採取深思熟慮的方法，並將功能整合到對消費者最有吸引力的地方。

We also began ramping distribution of the desirable Fanatec brand sim racing products in late Q2 through our strategic channel partners. Early response was very encouraging and positioned us well in one of the fastest growing categories.

我們也於第二季末開始透過戰略通路合作夥伴加大對熱門 Fanatec 品牌模擬賽車產品的分銷。早期的反響非常令人鼓舞，並使我們處於成長最快的類別之一。

Finally, I want to touch on tariffs. We continue to operate with flexibility across our supply chain, and we have successfully minimized impact to date. That said, depending on how the semiconductor tariffs ultimately plays out, we may need to consider pricing adjustment to protect margins. Our goal remains to shield our customers as much as possible, while staying nimble and efficient.

最後，我想談談關稅問題。我們繼續在整個供應鏈中靈活運作，並且迄今為止已成功將影響降至最低。也就是說，根據半導體關稅的最終結果，我們可能需要考慮調整價格以保護利潤率。我們的目標仍然是盡可能地保護我們的客戶，同時保持靈活和高效。

Overall, I'm proud of how our teams executed this quarter. We saw strength in core demand, drove margin improvement, and advanced our innovation roadmap across hardware, software, and AI.

總的來說，我對我們團隊本季的表現感到自豪。我們看到了核心需求的強勁成長，推動了利潤率的提高，並推進了硬體、軟體和人工智慧領域的創新路線圖。

Looking ahead, as the new CEO, my focus is centered on three strategic priorities. First, we are accelerating our new product innovation cadence to ensure we deliver high impact products for our customers. Second, we will continue to focus on margin expansion, drive more business efficiency, and expand synergies from our M&A portfolio.

展望未來，作為新任首席執行官，我的工作重點集中在三個策略重點。首先，我們正在加快新產品創新節奏，以確保為客戶提供高影響力的產品。其次，我們將繼續致力於擴大利潤率，提高業務效率，並擴大併購組合的綜效。

Third, we're focused on channel expansion, particularly in underserved markets like Asia and Latin America, where our recent investments are beginning to deliver strong returns year on year. We are also seeing continued momentum in our direct to consumer business and we'll scale that model to strengthen our customer engagement and margin performance.

第三，我們專注於通路擴張，特別是在亞洲和拉丁美洲等服務不足的市場，我們最近在這些市場的投資開始逐年帶來強勁的回報。我們也看到直接面向消費者的業務持續保持成長勢頭，我們將擴大該模式以加強我們的客戶參與度和利潤表現。

With that, I will now turn it over to Michael to walk through the financials.

好了，現在我將把時間交給麥可來介紹一下財務狀況。

Thanks Thi, and good afternoon, everyone. As Thi noted, this was a strong quarter for us. We delivered double digit revenue growth and EBITDA expansion above expectations despite external headwinds. We're focused on executing to our business strategy, growing revenue, and increasing profitability as we leverage our portfolio of leadership brands.

謝謝 Thi，大家下午好。正如 Thi 所說，這對我們來說是一個強勁的季度。儘管面臨外部阻力，我們仍實現了兩位數的收入成長和超出預期的 EBITDA 擴張。我們專注於執行我們的業務策略，利用我們的領導品牌組合來增加收入和提高獲利能力。

We are confident in our business fundamentals and we remain firmly on track for continued growth this year with a healthy balance sheet to support our growth strategy. In terms of the specifics, Q2 2025, net revenue increased 23% to $320 million compared to $261.3 million in Q2 2024. For the first six months of 2025, net revenue increased 15.3% to $689.9 million from $598.6 million a year ago period.

我們對我們的業務基本面充滿信心，並且我們今年將繼續穩步成長，健康的資產負債表將支持我們的成長策略。具體來看，2025年第二季淨收入較2024年第二季的2.613億美元成長23%，達到3.2億美元。2025 年前六個月，淨收入從去年同期的 5.986 億美元成長 15.3% 至 6.899 億美元。

European markets contributed 33.9% of our Q2 2025 revenues compared to 37.2% in Q1 2025, while the APAC region was 13.5% of our Q2 2025 revenues compared to 11.3% in Q1 2025.

歐洲市場貢獻了我們 2025 年第二季營收的 33.9%，而 2025 年第一季為 37.2%，而亞太地區貢獻了我們 2025 年第二季營收的 13.5%，而 2025 年第一季為 11.3%。

Turning now to our segments. The gamer and creative peripheral segment contributed $102.6 million of net revenue during the second quarter compared to $94.2 million in Q2 2024. For the first six months of 2025, gamer and creator peripheral segment revenue increased to $214.6 million compared to $201.2 million for the first six months of 2024.

現在轉向我們的部分。遊戲玩家和創意週邊部門在第二季度貢獻了 1.026 億美元的淨收入，而 2024 年第二季為 9,420 萬美元。2025 年前六個月，遊戲玩家和創作者周邊部門收入增至 2.146 億美元，而 2024 年前六個月為 2.012 億美元。

The gaming components and systems segment contributed $217.5 million of net revenue during the second quarter from $167.1 million in Q2 2024. Memory products contributed $105 million in Q2 2025 compared to $81.8 million in 2Q 2024. For the first six months of 2025, gaming and system segment revenue increased to $475.2 million from $397.4 million in the first six months of 2024, with the revenue from memory products increasing to $246.1 million from $206.7 million.

遊戲組件和系統部門在第二季貢獻了 2.175 億美元的淨收入，而 2024 年第二季為 1.671 億美元。2025 年第二季度，記憶體產品貢獻了 1.05 億美元，而 2024 年第二季為 8,180 萬美元。2025 年前六個月，遊戲和系統部門收入從 2024 年前六個月的 3.974 億美元增至 4.752 億美元，其中記憶體產品收入從 2.067 億美元增至 2.461 億美元。

Overall, the gross profit in the second quarter increased 36.1% to $85.9 million compared to $63.1 million in Q2 2024, reflecting our continued execution and increased contribution from higher growth products and channels.

總體而言，第二季毛利較 2024 年第二季的 6,310 萬美元成長 36.1% 至 8,590 萬美元，這反映了我們持續的執行力以及高成長產品和通路貢獻的增加。

Gross margin increased 270 basis points to 26.8% compared to 24.1% in Q2 2024. Overall, gross profit increased to $188.2 million for the first six months of 2025 compared to $149.7 million in the first six months of 2024. Gross profit in the game room creator peripheral segment increased to $41.1 million compared to $35.7 million in Q2 2024. Gross margin increased to 40% compared to 37.9% in Q2 2024.

毛利率從 2024 年第二季的 24.1% 增加 270 個基點至 26.8%。總體而言，2025 年前六個月的毛利從 2024 年前六個月的 1.497 億美元增至 1.882 億美元。遊戲室創建器週邊部門的毛利從 2024 年第二季的 3,570 萬美元增至 4,110 萬美元。毛利率從 2024 年第二季的 37.9% 上升至 40%。

The gaming components and system segment gross profit increased to $44.8 million compared to $27.4 million in Q2 2024. Gross margin increased to 20.6% compared to 16.4% in Q2 2024. Our memory products. Margins in this segment were 15.6% for the second quarter compared to 11.5% in Q2 2024. Second quarter SG&A expenses were $85.3 million compared to $70.4 million in Q2 2024 in support of our higher revenue.

遊戲組件和系統部門的毛利從 2024 年第二季的 2,740 萬美元增加到 4,480 萬美元。毛利率從 2024 年第二季的 16.4% 上升至 20.6%。我們的記憶產品。該部門第二季的利潤率為 15.6%，而 2024 年第二季為 11.5%。第二季的銷售、一般及行政費用為 8,530 萬美元，而 2024 年第二季為 7,040 萬美元，這支持了我們的更高收入。

Second quarter R&D expenses for $17.5 million compared to $17.4 million in Q2 2024. This reflects our continued investments in support of our expanded product line and new areas, including sim racing and product customization.

第二季研發費用為 1,750 萬美元，而 2024 年第二季為 1,740 萬美元。這反映了我們為擴大產品線和新領域（包括模擬賽車和產品客製化）而進行的持續投資。

We remain committed to controlling operating expenses while supporting the company's long-term growth opportunities. GAAP operating loss improved to $16.9 million in the second quarter of 2025 compared to a GAAP operating loss of $24.7 million in Q2 2024.

我們將繼續致力於控制營運費用，同時支持公司的長期成長機會。2025 年第二季 GAAP 營業虧損改善至 1,690 萬美元，而 2024 年第二季 GAAP 營業虧損為 2,470 萬美元。

Second quarter adjusted operating income was $6.6 million compared to adjusted operating loss of $3.8 million in Q2 2024. Adjusted operating income was $27.3 million for the first half of 2025 compared to $11.6 million in the first half of 2024.

第二季調整後營業收入為 660 萬美元，而 2024 年第二季調整後營業虧損為 380 萬美元。2025 年上半年調整後營業收入為 2,730 萬美元，而 2024 年上半年為 1,160 萬美元。

Second quarter net loss attributable to common shareholders was $17 million or $0.16 per diluted share, as compared to a net loss of $29.6 million or $0.28 per diluted share in Q2 2024. On an adjusted basis, second quarter net income was $1.3 million or $0.01 per diluted share compared to an adjusted net loss of $6.8 million or $0.07 per share in Q2 2024.

第二季歸屬於普通股股東的淨虧損為 1,700 萬美元，即每股攤薄虧損 0.16 美元，而 2024 年第二季的淨虧損為 2,960 萬美元，即每股攤薄虧損 0.28 美元。經調整後，第二季淨收入為 130 萬美元，即每股攤薄收益 0.01 美元，而 2024 年第二季調整後淨虧損為 680 萬美元，即每股虧損 0.07 美元。

For the first six months of 2025, adjusted net income was $13.6 million or $0.13 per diluted share compared to $2.7 million or $0.03 per share in the first six months of 2024. Finally, the second quarter adjusted EBITDA was $8.1 million compared to a loss of $1.2 million for Q2 2024. For the first six months of 2025, adjusted EBITDA increased 83.4% to $30.8 million compared to $16.8 million in a year ago period.

2025 年前六個月，調整後淨收入為 1,360 萬美元，即每股攤薄收益 0.13 美元，而 2024 年前六個月為 270 萬美元，即每股攤薄收益 0.03 美元。最後，第二季調整後的 EBITDA 為 810 萬美元，而 2024 年第二季虧損 120 萬美元。2025 年前六個月，調整後 EBITDA 成長 83.4%，達到 3,080 萬美元，去年同期為 1,680 萬美元。

Turning now to our balance sheet. We ended Q2 with a cash balance, including restricted cash of $107.5 million. We made an additional $24 million term loan repayment in Q2 and proactively refinanced our existing revolving and term loan credit facility ahead of schedule on favorable terms and conditions.

現在來看我們的資產負債表。我們在第二季結束時擁有現金餘額，其中包括 1.075 億美元的受限現金。我們在第二季額外償還了 2,400 萬美元的定期貸款，並以優惠的條款和條件提前主動為現有的循環和定期貸款信貸額度進行再融資。

Overall, we continue to maintain a healthy balance sheet with sufficient cash to fund the development of our expanding product portfolio and growth plan. We ended Q2 with $125 million of debt at face value, and our $100 million working capital revolver remains undrawn and fully available.

總體而言，我們繼續保持健康的資產負債表，並擁有足夠的現金來資助我們不斷擴大的產品組合和成長計劃的開發。我們在第二季結束時的債務面值為 1.25 億美元，而我們的 1 億美元營運資金循環信貸額度仍未提取且完全可用。

Since just before our IPO almost five years ago to today, we have reduced debt from approximately $550 million to the current $125 million face value. This has resulted in lower interest expense and greater capacity to enter into a strategic transaction if needed. We will continue to focus on growth as the main use of cash, and we'll also maintain a buffer to be used as a resource, while we navigate through the new tariffs. We also expect to continue to reduce debt over time.

自五年前首次公開發行之前到今天，我們已將債務從約 5.5 億美元減少到目前的 1.25 億美元面值。這使得利息支出降低，並在必要時增強了進行策略交易的能力。我們將繼續專注於成長作為現金的主要用途，同時我們也將保留緩衝作為資源，以應對新的關稅。我們也希望隨著時間的推移繼續減少債務。

So far we have focused on preserving gross profit for existing products while we're pursued our mitigation efforts. We believe that we've mitigated or will mitigate the new country specific tariffs through these efforts. New products are being targeted at recovering to existing gross margin levels when they're released.

到目前為止，我們一直致力於維持現有產品的毛利，同時我們也努力採取緩解措施。我們相信，透過這些努力，我們已經減輕或將會減輕針對新國家的特定關稅。新產品發佈時的目標是恢復到現有的毛利率水準。

Overall, the scope and structure of the expected semiconductor tariffs is not known yet. We have planned for the most likely scenarios, and under those, our mitigation would take several quarters. Once we know what these will be, we expect to update guidance in our normal quarterly cadence.

總體而言，預期的半導體關稅範圍和結構尚不清楚。我們已經針對最有可能的情況做好了計劃，在這種情況下，我們的緩解措施將需要幾個季度的時間。一旦我們知道這些是什麼，我們預計將按照正常的季度節奏更新指導。

In terms of the full year 2025, Corsair is reaffirming the net revenue outlook issued on February 12, 2025, for net revenue to be in the range of $1.4 billion to $1.6 billion for the full year 2025. We intend to provide an updated adjusted operating income and adjusted EBITDA outlook later this year if macro factors including developments in global trade policy, such as implementation of additional potential country-specific and sectoral tariffs, afford us a greater visibility on our operating results.

就 2025 年全年而言，Corsair 重申 2025 年 2 月 12 日發布的淨收入預期，即 2025 年全年淨收入將在 14 億美元至 16 億美元之間。如果包括全球貿易政策發展（例如實施額外的潛在國家特定和行業關稅）在內的宏觀因素使我們對經營業績有更大的了解，我們打算在今年稍後提供更新的調整後營業收入和調整後 EBITDA 展望。

We're mitigating additional tariff impacts, but there is a lag between the imposition of them and the results of our actions. So there will be a short-term impact as new tariffs are set.

我們正在減輕額外關稅的影響，但徵收關稅和採取行動的結果之間存在滯後。因此，新關稅的製定將產生短期影響。

With that, we're happy to open the call for questions. Operator, will you please open the call for Q&A?

我們很高興開始回答問題。接線生，請您打開電話問答好嗎？

(Operator Instructions)

（操作員指示）

Aaron Lee, Macquarie.

麥格理的 Aaron Lee。

Hey, good afternoon. Thanks for taking my question. I guess maybe just start on Fanatec. Sounds like you're seeing really good progress there and you noted the strong sell through. I guess, can you just talk about what the next steps are that you're looking towards to continue that momentum?

嘿，下午好。感謝您回答我的問題。我想也許只是從 Fanatec 開始。聽起來你看到了那裡的良好進展，並且你注意到了強勁的銷售業績。我想，您能否談談您希望採取哪些下一步措施來保持這種勢頭？

Hi, Aaron, how are you doing? Thank you for joining us today. So with regards to Fanatec, we have the first phase which was integration in terms of moving their entire platform onto our infrastructure, and that was done, from a, an e-commerce perspective as well as the supply chain.

嗨，Aaron，你好嗎？感謝您今天加入我們。因此，就 Fanatec 而言，我們的第一階段是整合，即將他們的整個平台遷移到我們的基礎設施上，這項工作是從電子商務和供應鏈的角度完成的。

So we extract quite a bit of saving coming from that fund. The second phase was to extend the distribution to limited channel partners with regards to products that we cannot reach consumers today in certain regions.

因此我們從該基金中提取了相當多的儲蓄。第二階段是針對目前我們無法在某些地區涵蓋消費者的產品，將分銷範圍擴大到有限的通路合作夥伴。

Now, the third step is to step up on roadmap and releasing new products and you will start to see some of the new products coming out toward Q4 of this year and we're very excited about that. And then, continue to build up availability, and also there are some mitigation from a tariffs perspective that we can still do. So that's going to be next, from the standpoint of expansion.

現在，第三步是加快路線圖並發布新產品，您將開始看到一些新產品在今年第四季推出，我們對此感到非常興奮。然後，繼續提高可用性，並且從關稅角度來看我們仍然可以採取一些緩解措施。從擴展的角度來看，這就是下一步。

Got it. Thank you. And then maybe just a clarification on tariffs. I just want to confirm, does all your commentary in the press release include the tariffs that went into effect today? And then with regards to the Big Beautiful Bill, do you expect any benefits or impact from that? Thank you.

知道了。謝謝。然後也許只是對關稅進行澄清。我只是想確認一下，新聞稿中的所有評論是否都包括今天生效的關稅？那麼關於《大美麗法案》，您預期它會有什麼好處或影響嗎？謝謝。

So no tariffs today, if you mean the new ones that were talked about. For the country-specific tariffs that were announced a few days ago and went into effect today, yes. So because there's always news about tariffs or at least sound bites about tariffs every day. So the country specific ones, yes, we've included that in our discussions. The one Big Beautiful Bill, there's some small tax benefits that will come to us. Other than that, nothing in particular that'll make a difference.

所以今天沒有關稅，如果你指的是之前談到的新關稅的話。對於幾天前宣布並於今天生效的特定國家關稅，是的。因為每天都會有關於關稅的新聞，或至少是有關關稅的聲音。是的，針對特定國家的問題，我們已經將其納入了討論中。《美麗大法案》會為我們帶來一些小的稅收優惠。除此之外，沒有什麼特別的事情會產生影響。

Yeah. What's not in it is the semiconductor tariff that we don't know how that would play out.

是的。其中沒有涉及半導體關稅，我們不知道其將如何發揮作用。

Okay. Got you. Thank you.

好的。明白了。謝謝。

Yeah. Thank you.

是的。謝謝。

(Operator Instructions) There are no further questions. I'd now like to hand the call back to Corsair's CEO, Thi La. Thank you.

（操作員指示）沒有其他問題了。現在我想把電話交還給 Corsair 的執行長 Thi La。謝謝。

Thank you everyone for joining us on the call today and for your continued support. If you have any follow-up questions, please contact our investor relations department. We look forward to updating you next quarter and thank you and have a good evening.

感謝大家今天參加我們的電話會議並感謝你們一直以來的支持。如果您有任何後續問題，請聯絡我們的投資者關係部門。我們期待下個季度向您更新最新情況，謝謝您，祝您晚上愉快。

Thank you very much. Ladies and gentlemen, that does conclude today's call. You may now disconnect your lines.

非常感謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路了。