GigaCloud Technology Inc (GCT) 2025 Q3 法說會逐字稿

Good day, and welcome to the GigaCloud Technology third-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mr. Larry Wu, CEO. Please go ahead.

大家好，歡迎參加 GigaCloud Technology 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給執行長吳先生。請繼續。

Thank you, operator, and welcome, everybody, to today's call. This quarter's performance is a strong testament to GigaCloud's resilience and adaptability. Despite the challenges brought by global trade uncertainties, a cooling housing market and wavering consumer confidence, we delivered a robust 10% year-over-year growth, returning to two-digit increase and setting new records of $333 million in quarterly revenue and $0.99 in quarterly EPS.

謝謝接線員，歡迎各位參加今天的電話會議。本季的業績有力地證明了 GigaCloud 的韌性和適應能力。儘管面臨全球貿易不確定性、房地產市場降溫以及消費者信心動搖等挑戰，我們仍實現了強勁的 10% 同比增長，重回兩位數增長，並創下季度收入 3.33 億美元和季度每股收益 0.99 美元的新紀錄。

These results reflect our ability to move fast, stay lean, and execute with precision even in the face of macroeconomic headwinds. We're navigating today's environment with confidence, guided by the disciplined execution to our long-term strategy, staying agile, continuing to diversify for resiliency.

這些結果反映了我們即使在面對宏觀經濟逆風的情況下，也能快速行動、保持精簡並精準執行的能力。我們以長期策略的嚴謹執行為指導，充滿信心地應對當今環境，保持敏捷性，並不斷多元化發展以增強韌性。

Our Noble House optimization is delivering fantastic results. Strategically adding new products and phasing out underperformers has fueled our first year-over-year revenue growth since we completed the acquisition. We are excited for the future value that we expect this portfolio to unlock as we continue our optimization effort.

我們的貴族府邸優化方案取得了非常好的效果。透過策略性地增加新產品並逐步淘汰表現不佳的產品，我們實現了自完成收購以來的首次年度收入年增。我們對未來該投資組合有望釋放的價值感到興奮，我們將持續推進優化工作。

As we have discussed many times before, we view our M&A as a part of our long-term growth strategy. Noble House is a powerful validation of the strategy by combining product, channel, vendor resources from Noble House with operational efficiency and transformative marketplace of GigaCloud. We have not only been able to turn a bankrupt company, losing nearly $40 million in 2023 to a profitable growing assets in less than two years, but also expanded our product line and the channel outreach.

正如我們之前多次討論過的，我們將併購視為我們長期成長策略的一部分。Noble House 透過將 Noble House 的產品、通路、供應商資源與 GigaCloud 的營運效率和變革性市場結合，有力地驗證了這項策略。我們不僅成功地將一家破產公司（2023 年虧損近 4,000 萬美元）在不到兩年的時間內轉變為一家盈利且資產不斷增長的公司，而且還擴大了我們的產品線和通路覆蓋範圍。

This result is exactly why we view M&A as a cornerstone of our long-term growth. As we look forward, this successful playbook gives us tremendous confidence in our strategy to continue unlocking new value for the future.

正是這結果讓我們將併購視為我們長期成長的基石。展望未來，這項成功的策略讓我們對我們的策略充滿信心，我們將繼續為未來創造新的價值。

With that said, I'm very excited to share our plan to acquire New Classic Home Furnishing, scheduled to close on January 1, 2026. As a traditional brick-and-mortar focused wholesaler, New Classic is a perfect strategic fit for GigaCloud to further diversify our business and reach beyond e-commerce.

綜上所述，我非常興奮地宣布我們收購 New Classic Home Furnishing 的計劃，預計將於 2026 年 1 月 1 日完成。作為一家傳統的實體批發商，New Classic 與 GigaCloud 完美契合，能夠進一步實現業務多元化，並拓展到電子商務以外的領域。

As many of you know, GigaCloud ecosystem has historically been more concentrated towards e-commerce of big and bulky. This acquisition represents our strategic move to recalibrate our focus, making brick-and-mortar wholesale a more significant and complementary part to our ecosystem, an area we see tremendous opportunities in.

正如許多人所知，GigaCloud 生態系統歷來更集中於大型笨重產品的電子商務。此次收購代表了我們重新調整策略重點的舉措，使實體批發成為我們生態系統中更重要、更互補的一部分，我們看到了該領域的巨大機會。

We have already proven the viability of our marketplace. The next step of evolution naturally is to bridge the digital and the physical world. For truly channel agnostic ecosystem that empower buyers and sellers to trade seamlessly with unparalleled reach and flexibility.

我們已經證明了我們市場的可行性。進化的下一步自然是連接數位世界和物理世界。真正實現通路無關的生態系統，使買賣雙方能夠以無與倫比的覆蓋範圍和靈活性進行無縫交易。

Executing this next phase of evolution in the current economic climate is a deliberate choice. While no company is immune to macro pressures, our focused execution, strong balance sheet, and use of diversification as a hedging strategy allows us to navigate this turbulence more effectively than most, securing competitive advantages today that will fuel our next chapter of growth.

在當前的經濟環境下執行下一階段的發展策略是一個經過深思熟慮的選擇。雖然沒有一家公司能夠免受宏觀壓力的影響，但我們專注的執行、強大的資產負債表以及多元化作為對沖策略，使我們能夠比大多數公司更有效地應對這種動盪，從而獲得競爭優勢，為我們下一個增長階段提供動力。

To that end, I will now turn the call over to Iman, who will provide more detailed update on the progress we continue to make against our key operational goals.

為此，我現在將把電話交給伊曼，他將詳細介紹我們在實現關鍵營運目標方面取得的進展。

Thank you, Larry. Hello, everybody. Our marketplace continues to gain momentum, delivering another strong quarter of growth. For the trailing 12 months ending September 30, 2025, marketplace GMV rose approximately 21%, reaching nearly $1.5 billion, underscoring the scalability and resilience of our platform.

謝謝你，拉里。大家好。我們的市場持續成長，又一個季度實現了強勁成長。截至 2025 年 9 月 30 日的過去 12 個月，市場 GMV 成長了約 21%，達到近 15 億美元，凸顯了我們平台的可擴展性和韌性。

Our active 3P seller base continues to expand, up 17% year-over-year to 1,232 with GMV for this cohort climbing more than 24% on a trailing 12-month basis to over $790 million. Buyer growth also accelerated, increasing 34% to 11,419 as more businesses looked for new efficiencies and risk optimization in a challenging environment.

我們的活躍第三方賣家群體持續擴大，年增 17% 至 1,232 家，該族群的商品交易總額在過去 12 個月內成長超過 24%，達到 7.9 億美元以上。隨著更多企業在充滿挑戰的環境中尋求新的效率提升和風險優化，買家數量也加速成長，成長了 34%，達到 11,419 人。

Our global revenues increased by 10% in the third quarter on a year-over-year basis. While the domestic US market faced headwinds, our international markets acted as a powerful hedge, driving growth and offsetting domestic softness. Diversification and having a balanced portfolio is a core tenet of our strategy, ensuring we are not overly reliant on any single market.

第三季度，我們的全球營收年增了10%。儘管美國國內市場面臨不利因素，但我們的國際市場發揮了強大的對沖作用，推動了成長並抵消了國內市場的疲軟。多元化和均衡的投資組合是我們策略的核心原則，確保我們不會過度依賴任何單一市場。

Europe continues to be a powerful growth engine with year-over-year revenues up 70% to a record $100 million, making a major milestone in our global expansion. Our diversification efforts, however, is not limited to geographical expansion. We're also looking to create a more dynamic marketplace, supported by a broader range of product offerings and distribution channels.

歐洲持續保持強勁的成長勢頭，年收入年增 70%，達到創紀錄的 1 億美元，這標誌著我們全球擴張的一個重要里程碑。然而，我們的多元化努力並不局限於地域擴張。我們也希望打造一個更具活力的市場，並為此提供更廣泛的產品和分銷管道。

To accelerate this strategy, we leverage M&A to acquire key capabilities. Our playbook has a two-pronged approach, deepening our core capabilities through acquisitions and leveraging our ecosystem to make the acquired assets more efficient, competitive, and profitable. Our 2023 acquisition of Noble House is a prime example. It's not just an addition, but a strategic integration that deepens our product catalog and capabilities.

為了加速這項策略，我們利用併購來獲取關鍵能力。我們的策略是雙管齊下，透過收購深化我們的核心能力，並利用我們的生態系統使收購的資產更加高效、更具競爭力、更有利可圖。我們在 2023 年收購 Noble House 就是一個很好的例子。這不僅僅是產品線的增加，而是一項策略整合，它將深化我們的產品目錄和產品能力。

We have made substantial progress with our Noble House portfolio optimization. Since last quarter, we have introduced another 2,300 new SKUs and retired 1,100 underperforming SKUs, shaping a more streamlined, high-performing portfolio built to scale.

我們在優化 Noble House 投資組合方面取得了實質進展。自上個季度以來，我們新增了 2300 個 SKU，並淘汰了 1100 個表現不佳的 SKU，從而創造了一個更精簡、高效且可擴展的產品組合。

As shared earlier this year, our SKU rationalization efforts have successfully returned the portfolio to profitability. While temporarily impacting our top line, I am pleased to report that in Q3, this disciplined approach has paid off with the portfolio not only maintaining its profitability but also returning to growth. We have effectively reset our foundation and now reigniting growth from a much healthier foundation.

正如今年稍早所宣布的，我們的 SKU 合理化措施已成功地使產品組合恢復盈利。雖然這暫時影響了我們的營收，但我很高興地報告，在第三季度，這種嚴謹的方法取得了成效，投資組合不僅保持了盈利能力，而且還恢復了增長。我們已經有效地重塑了基礎，現在正從一個更健康的基礎出發，重新開啟成長。

Looking ahead, we plan to build on this momentum. Our strong balance sheet positions us to be highly active and disciplined in pursuing inorganic opportunities that align with our long-term strategic goals, and our pending acquisition of New Classic is a great example of the type of value-creating asset we are looking for.

展望未來，我們計劃在此基礎上繼續發展。我們強大的資產負債表使我們能夠積極主動地尋求符合我們長期策略目標的非有機成長機會，而我們即將收購 New Classic 就是我們正在尋找的價值創造資產的一個很好的例子。

New Classic is a well-respected, long-standing US wholesaler with deep roots in the brick-and-mortar furniture space. The company has over 1,000 primarily brick-and-mortar retailer relationships, over 2,000 active SKUs, a high-performing team, and a wide network of vendors that specialize in products tailored for this specific channel.

New Classic 是一家備受尊敬、歷史悠久的美國批發商，在實體家具領域擁有深厚的根基。該公司擁有超過 1000 家主要為實體零售商的合作關係、超過 2000 個活躍 SKU、一支高效的團隊以及一個廣泛的供應商網絡，這些供應商專門提供為該特定管道量身定制的產品。

The acquisition is strategically targeted to dramatically widen our distribution and channel reach. By pairing New Classic's network with GigaCloud's marketplace ecosystem and logistics capabilities, we can accelerate growth and unlock new efficiencies. We expect to close the transaction early in the first quarter of 2026 and expect four to six quarters of strategic initiatives to be reflected in our financial performance.

此次收購具有策略意義，旨在大幅擴大我們的分銷管道覆蓋範圍。透過將 New Classic 的網路與 GigaCloud 的市場生態系統和物流能力結合，我們可以加速成長並釋放新的效率。我們預計將於 2026 年第一季初完成交易，並預計戰略舉措將在四到六個季度內反映在我們的財務業績中。

Now, I'll turn things over to Erica for a discussion of third-quarter financials.

現在，我將把發言權交給 Erica，讓她來討論第三季的財務狀況。

Thank you, Iman, and hello, everybody. A quick note before we get into our results. All figures I cover today are rounded and unless otherwise noted, comparisons are against the same period last year. Now, let's take a look at this quarter's results.

謝謝你，伊曼，大家好。在公佈結果之前，先簡單說明一點。我今天提到的所有數據都經過了四捨五入，除非另有說明，否則所有比較均與去年同期進行比較。現在，讓我們來看看本季的業績。

We delivered a great quarter, including double-digit growth revenue of 10% to $333 million, a new quarterly high. Now, let's break this down by revenue streams. Our service revenues declined 2% year-over-year, primarily driven by reduced US ocean shipping and drayage revenues. The uncertainties seen in recent months has resulted in significant declines in the demand for ocean shipping services to the US for many industries.

我們本季業績出色，營收實現了兩位數成長，達到 10% 至 3.33 億美元，創下季度新高。現在，讓我們來按收入來源來分析一下。我們的服務收入年減了 2%，主要原因是美國遠洋運輸和短程運輸收入減少。近幾個月來的不確定性導緻美國許多產業對海運服務的需求大幅下降。

Lower demand has suppressed ocean spot rates, which translates to lowered ocean service revenues for us. US revenue pressures were partially offset by strong year-over-year growth in similar services delivered to our European market sellers. Service margin came in at 9.1%, down 2.3% sequentially, primarily driven by higher last-mile delivery costs in the US following pricing adjustments implemented by some of our ground transportation fulfillment partners.

需求下降抑制了海運現貨價格，這意味著我們的海運服務收入下降。美國市場收入壓力部分被我們向歐洲市場賣家提供的類似服務的強勁同比增長所抵消。服務利潤率為 9.1%，環比下降 2.3%，主要原因是由於我們的一些地面運輸履行合作夥伴實施了價格調整，導緻美國最後一公里配送成本上升。

In response, we are actively recalibrating client pricing to reflect these updated cost structures. Total product revenue grew 16% year-over-year, driven by our strong performance of 69% growth in Europe. Growth was partially offset by a 5% decline in the US, which is reflective of the challenging macroeconomic pressures in the region. But more importantly, it is a direct outcome of our disciplined strategy.

為此，我們正在積極調整客戶定價，以反映這些更新後的成本結構。受歐洲市場強勁成長（69%）的推動，產品總收入年增 16%。美國經濟成長下降 5%，部分抵消了其他地區的成長，這反映出該地區面臨嚴峻的宏觀經濟壓力。但更重要的是，這是我們嚴謹策略的直接結果。

As communicated last quarter, we have implemented targeted price increases to address rising tariff costs. Our strategy is to prioritize margin integrity over pure volume, ensuring the growth we deliver is sustainable and valuable.

正如上個季度所宣布的，我們已實施有針對性的價格上漲措施，以應對不斷上漲的關稅成本。我們的策略是優先考慮利潤率的完整性，而不是單純追求銷量，以確保我們實現的成長是可持續的、有價值的。

Our commitment to margin integrity was put to the test this quarter and proved effective. We faced a significant margin headwind from the sale of products sourced in Q2 under tariffs exceeding 100%, which we successfully navigated with strategic price increases, protecting our baseline profitability.

本季度，我們對利潤率完整性的承諾經受了考驗，並證明了其有效性。第二季採購的產品因關稅超過 100% 而面臨巨大的利潤率阻力，但我們透過策略性漲價成功應對，保護了我們的基本獲利能力。

Beyond this mitigation, we delivered a sequential product margin expansion of 70 basis points to 29.9% as we grew our higher product margin channels and benefited from lowered ocean shipping costs. For GigaCloud as a whole, gross margin was 23.2% for the third quarter, a 70-basis-point sequential decline from the second quarter of 2025.

除了上述緩解措施外，隨著我們拓展高利潤率產品管道並受益於海運成本降低，我們的產品利潤率環比增長了 70 個基點，達到 29.9%。就 GigaCloud 整體而言，第三季的毛利率為 23.2%，比 2025 年第二季下降了 70 個基點。

Operating expenses declined 1.7% sequentially to 11%, primarily driven by lower G&A expenses. This is a reflection of lower stock-based compensation this quarter as most stock-based comp is granted and vested in the second quarter of each year.

營業費用較上季下降 1.7% 至 11%，主要原因是管理費用降低。這反映出本季股票選擇權激勵較低，因為大多數股票選擇權激勵都是在每年的第二季授予和歸屬的。

Selling and marketing expenses remained flat sequentially at 8% of sales. This brings net income to $37 million or 11.2% of revenue, an expansion of 50 basis points sequentially. I am also pleased to report a new record for quarterly EPS of $0.99 per share, driven by our team's focused execution and amplified by our ongoing share repurchase efforts.

銷售和行銷費用環比持平，佔銷售額的 8%。這使得淨收入達到 3,700 萬美元，佔營收的 11.2%，季增 50 個基點。我很高興地宣布，本季每股收益創下新紀錄，達到 0.99 美元，這得益於我們團隊的專注執行，以及我們持續的股票回購努力。

For the third quarter, we generated operating cash flows of $78 million, ending the quarter with total liquidity, which includes cash, cash equivalents, restricted cash, and short-term investments of $367 million. We remain debt-free and continue to execute on our capital allocation strategy of pursuing strategic acquisitions, such as New Classic, while simultaneously returning capital to shareholders through buybacks.

第三季度，我們產生了 7,800 萬美元的營運現金流，季末總流動性（包括現金、現金等價物、受限現金和短期投資）為 3.67 億美元。我們維持零負債，並繼續執行我們的資本配置策略，即進行策略性收購（例如收購 New Classic），同時透過股票回購將資本返還給股東。

Since the announcement of our $111 million share buyback plan in August, we have executed approximately $16 million in buybacks to-date or 15% of our latest plan limit. This brings our cumulative buyback total to $87 million as of date, since our IPO in 2022, and we plan on continuing to execute opportunistically, using buybacks as a flexible tool to return value to our shareholders.

自 8 月宣布 1.11 億美元的股票回購計畫以來，我們迄今已執行了約 1,600 萬美元的回購，佔最新計畫限額的 15%。自 2022 年 IPO 以來，我們的累積回購總額已達 8,700 萬美元，我們計劃繼續抓住機會執行回購，將回購作為一項靈活的工具，為股東創造價值。

Finishing with our fourth-quarter outlook, revenue is expected to be between $328 million and $344 million. Operator, we are now ready to begin the Q&A session.

最後，我們展望第四季度，預計營收將在 3.28 億美元至 3.44 億美元之間。操作員，我們現在可以開始問答環節了。

(Operator Instructions) Tom Forte, Maxim Group.

（操作說明）湯姆福特，馬克西姆集團。

Congratulations on the quarter. I have one question and one follow-up. So you talked about a new M&A acquisition. Can you talk about your thoughts on additional M&A acquisitions? Recently, you've talked about looking for opportunities to expand in Europe and then also looking for opportunities, I think, to add technology, perhaps on the software side, things of that nature. So that's my first question.

恭喜你本季取得佳績。我有一個問題和一個後續問題。所以你談到了一項新的併購交易。能否談談您對未來併購活動的看法？最近，您談到了尋找在歐洲擴張的機會，我認為您也在尋找機會增加技術方面的投入，例如軟體方面，諸如此類的事情。這是我的第一個問題。

Yeah. We'll keep looking on different opportunity by focusing on any opportunity that can bring us more product or the fulfillment capability. But right now, I think we're more focusing on concluding the closing of New Classic. But our team is definitely concurrently looking for new opportunity, but it's unlikely that this can happen in the coming few months because we'll be focusing on New Classic at this moment.

是的。我們將繼續尋找不同的機會，專注於任何能為我們帶來更多產品或提升交付能力的機會。但就目前而言，我認為我們更應該專注於完成新古典音樂節的閉幕工作。但我們的團隊肯定也在同時尋找新的機會，但這不太可能在未來幾個月內發生，因為我們目前將專注於新古典音樂。

Okay. And then for my second question -- thank you, Larry, for the answer on that one. The good news for the housing market is that the site has now had multiple rate cuts. I recognize that the housing market is still very challenged. Do you think any of these rate cuts are starting to translate into greater interest in home merchandise and then the possibility for some sort of sales catalyst over the next 12 months?

好的。至於我的第二個問題——謝謝 Larry 的解答。對房地產市場來說，好消息是該網站已經多次降價。我意識到房地產市場仍面臨巨大挑戰。您認為這些降息措施是否會開始轉化為對家居用品更大的興趣，並有可能在未來 12 個月內刺激銷售成長？

Yeah. That's, obviously -- this is Larry. We were hopeful about the bouncing back of the housing market, but we're trying to keep ourselves more focused on the execution on a micro level, because we do have the toolbox of more diversified revenue avenue that we can really enjoy the flexibility to avoid any kind of reliance on any of the macro positive, or the factor to happen to really provide the opportunity to grow that we are trying to deliver the growth regardless of what the macroeconomic is doing.

是的。很明顯，這就是拉里。我們對房地產市場的反彈抱有希望，但我們正努力讓自己更專注於微觀層面的執行，因為我們擁有更多元化的收入管道，可以真正靈活地避免依賴任何宏觀利好因素，或者指望某個因素真正帶來成長機會。無論宏觀經濟情勢如何，我們都在努力成長。

Joseph Gonzalez, Roth Capital Partners.

Joseph Gonzalez，Roth Capital Partners。

It's great to see you guys transform Noble House. I want to see if you guys can unpack that here a little bit. Is there any chance you can just give us a cadence of how the quarter went and the drivers for that growth there in 3Q?

很高興看到你們把貴族之家改造得如此成功。我想看看你們能不能稍微解釋一下。您能否簡要介紹本季的業績狀況以及第三季成長的驅動因素？

Thanks, Joseph. Yeah, Q3, I think, overall, went really well. The main drivers here are Noble House outperforming in the US and also Europe. It's nothing new; continuing to perform very strongly.

謝謝你，約瑟夫。是的，我認為第三季整體來說非常順利。主要原因是 Noble House 在美國和歐洲的業績表現優異。這沒什麼新鮮的；他們一直表現得非常出色。

Got it. And as it pertains to your core business, like excluding Noble House, any drivers there you'd like to unpack for us as you come out with about double-digit growth in the fourth quarter through your guidance? Just what you guys are seeing in your early innings of 4Q and the confidence there?

知道了。至於您的核心業務，例如排除 Noble House 之後，您在預測第四季度將實現兩位數增長的情況下，能否為我們詳細解讀一下其中的驅動因素？你們在第四節比賽初期看到了什麼？信心如何？

I think, as of today, we're seeing Q4 going well as expected, and this is reflected in the guidance that we gave just now. And this is, of course, inclusive of the expectation of Europe, which is mostly -- it is entirely organic, continuing to perform strongly, Noble House and then, of course, our original non-acquired parts of the business, all three combined.

我認為，就目前而言，第四季進展順利，符合預期，這也反映在我們剛才給出的業績指引中。當然，這其中也包括了對歐洲的預期，這主要是——完全是有機增長，繼續保持強勁勢頭，Noble House，當然還有我們最初未被收購的業務部分，這三者加起來。

Got it. It's good to hear you guys are able to navigate during a dynamic environment. We'll go ahead and leave it there. Thank you, guys.

知道了。很高興聽到你們能夠在瞬息萬變的環境中游刃有餘。我們就先說到這裡吧。謝謝大家。

Thank you. There are no further questions at this time. And with that, that does conclude our question-and-answer session. This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。目前沒有其他問題了。至此，我們的問答環節就結束了。本次會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。