Gigacloud Technology Inc (GCT) 2026 Q2 法說會逐字稿

Good morning, and welcome to the GigaCloud Technologies Second Quarter 2026 Earnings Conference Call.

早安，歡迎參加 GigaCloud Technologies 2026 年第二季財報電話會議。

With us today are GigaCloud's Founder and Chief Executive Officer, Larry Wu, its President, Iman Schrock, and its Chief Financial Officer, Erica Wei.

今天與會者包括 GigaCloud 創辦人暨執行長 Larry Wu、總裁 Iman Schrock，以及財務長 Erica Wei。

Larry will give opening remarks, Iman will discuss the company's operational progress, and Erica will review the financial results.

Larry 將發表開場致詞，Iman 將說明公司營運進展，Erica 將回顧財務結果。

After that, we will open the call to questions from the audience. As a reminder, this conference contains statements about future events and expectations that are forward-looking in nature and actual results may differ materially.

之後，我們將開放聽眾提問。提醒各位，本次會議包含對未來事件與預期的陳述，屬於前瞻性聲明，實際結果可能有重大差異。

Additionally, today's call will include a discussion of non-GAAP measures with the meaning of the SEC Regulation G.

此外，今天的電話會議將依據美國證券交易委員會（SEC）Regulation G 的定義，討論非 GAAP 指標。

When required, a reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the press release issued today by GigaCloud, which is posted on the company's website.

如有需要，所有非 GAAP 財務衡量指標與依 GAAP 計算並呈列之最直接可比財務衡量指標的調節表，可於 GigaCloud 今日發布並張貼於公司網站的新聞稿中查閱。

Now I will turn the call over to Larry. Please go ahead, sir.

現在我把電話交給 Larry。先生，請開始。

Thank you, operator, and thank you all for joining us.

謝謝接線員，也謝謝各位加入我們。

Our second quarter demonstrated GigaCloud's resilience and adaptability. Despite ongoing pressure from across the border furniture landscape, we delivered 28% revenue growth and record earnings per share, underscoring our commitment to profitable growth.

我們第二季展現了 GigaCloud 的韌性與適應力。儘管跨境家具市場環境持續承壓，我們仍實現 28% 的營收成長並創下每股盈餘新高，凸顯我們對獲利性成長的承諾。

We're actively shaping the company's future by expanding our marketplace, growing our international presence, and making strategic investments that create multiple growth opportunities.

我們正透過擴大市集、提升國際布局，以及進行可創造多元成長機會的策略性投資，積極塑造公司的未來。

Europe is a strong example of this strategy in action. The momentum we're building overseas is driving meaningful growth and demonstrating our model can scale and succeed across borders.

歐洲就是這項策略落地的有力例證。我們在海外累積的動能正帶動具實質意義的成長，並證明我們的模式能跨境擴張並取得成功。

Through disciplined execution, long-term investment, and local expertise, we are replicating our success globally. Beyond organic marketplace expansion, we are leveraging our strong balance sheet and cash flow generation to set the foundation for steady long-term growth.

透過嚴謹的執行、長期投資與在地專業，我們正把成功經驗複製到全球。除市集的有機擴張外，我們也運用強健的資產負債表與現金流創造能力，為穩健的長期成長奠定基礎。

New Classic is a prime example. Building on experience gained with the Noble House, we are executing a proven integration strategy that is squarely on track. The acquisition extends our reach.

New Classic 就是最佳例子。在 Noble House 的經驗基礎上，我們正執行一套已被驗證的整合策略，進度完全符合規劃。這項收購擴大了我們的觸及範圍。

Broadens our offerings and strengthens our ability to serve a larger portion of the industry. We're not simply industry participants.

拓展了我們的產品供給，並強化我們服務產業更大範圍客群的能力。我們不只是產業的參與者。

We're shaping its future by building the industry's digital infrastructure for large parcel B2B transactions by seamlessly connecting buyers and sellers across channels and geographies.

我們正透過無縫連結跨通路與跨地域的買方與賣方，打造大型包裹 B2B 交易的產業數位基礎設施，進而塑造產業的未來。

We have created an ecosystem that meets today's demands while positioning GigaCloud for future growth.

我們已建立一個既能滿足當前需求、也能讓 GigaCloud 具備未來成長定位的生態系。

This quarter reinforces that our strategy is working. Even in the challenging environment, we continue to gain share, expand our capabilities, and deliver profitable growth.

本季再次印證我們的策略正在奏效。即使在充滿挑戰的環境下，我們仍持續提升市占、擴充能力，並實現獲利性成長。

With a scalable platform, disciplined execution, and long-term focus. We believe GigaCloud remains well-positioned to create meaningful value in the years ahead.

憑藉可擴展的平台、嚴謹的執行與長期聚焦。我們相信 GigaCloud 仍具備良好定位，能在未來數年創造具意義的價值。

Now I will turn the call to Iman for discussion of our ongoing and continued progress.

現在我把電話交給 Iman，請他說明我們持續推進的進展。

Thank you, Larry, and hello, everyone.

謝謝你，Larry，各位大家好。

Our marketplace remains GigaCloud's core engine, delivering another strong quarter. Trailing 12-month GMV grew 21% year-over-year to $1.7 billion as of June 30, 2026, demonstrating the continued value buyers and sellers find in our platform even in today's challenging environment. Marketplace fundamentals remain healthy. Active third-party sellers increased to 26%. To 1,465, while active buyers grew 17% to 12,823.

我們的市集仍是 GigaCloud 的核心引擎，本季再度交出亮眼成績。截至 2026 年 6 月 30 日，過去 12 個月的 GMV 年增 21% 至 17 億美元，顯示即使在當前充滿挑戰的環境下，買方與賣方仍持續在我們的平台上獲得價值。市集基本面依然健康。活躍第三方賣家占比提升至 26%。至 1,465 家，而活躍買家年增 17% 至 12,823 家。

These gains reinforce the network effect at the heart of our platform. More sellers attract more buyers, and more buyers create greater opportunities for sellers, strengthening the marketplace over time.

這些成長強化了我們平台核心的網路效應。更多賣家吸引更多買家，而更多買家為賣家創造更大的機會，隨時間推進持續強化市集。

Despite declines in the US furniture industry, domestic GMV increased 9% during this quarter.

儘管美國家具產業下滑，本季國內 GMV 仍成長 9%。

Significantly outperforming the broader market. We continue to gain market share, reflecting the strength of our marketplace and the value of our supplier-fulfilled retailing model.

顯著優於整體市場。我們持續提升市占，反映出我們市集的強勁實力，以及供應商履約零售（supplier-fulfilled retailing）模式的價值。

Our platform serves suppliers and retailers through an integrated ecosystem designed to make large parcel B2B commerce more efficient.

我們的平台透過一個整合式生態系服務供應商與零售商，旨在提升大型包裹 B2B 商務的效率。

By providing greater flexibility, efficiency, and risk management capabilities, we help customers navigate challenging market conditions while supporting long-term growth.

藉由提供更高的彈性、效率與風險管理能力，我們協助客戶在艱困的市場環境中前行，同時支持長期成長。

We remain focused on disciplined execution and operational efficiency. Giga Cloud was built to perform across market cycles, and our adaptability is a key competitive advantage.

我們仍專注於嚴謹執行與營運效率。GigaCloud 的設計初衷就是能跨越市場循環運作，而我們的適應力是關鍵競爭優勢。

Tools such as dynamic pricing allow us to respond quickly to changing conditions while remaining focused on our long-term strategy. The strength of our platform and operating model gives us confidence in our ability to continue creating value, gaining share, and advancing our growth objectives.

例如動態定價等工具，使我們能快速回應環境變化，同時維持對長期策略的聚焦。平台與營運模式的優勢，讓我們對持續創造價值、提升市占並推進成長目標充滿信心。

Europe remains one of our most exciting growth opportunities. Quarterly GMV increased 66% year over year, making the region both a meaningful growth vector and an important source of diversification. We are seeing the same strategy that fueled our U.S. Success gain traction internationally, building a strong supply foundation with 1P. Attracting buyers and creating a flywheel that drives 3P seller participation, product selection, transaction volume, and efficiency.

歐洲仍是我們最令人振奮的成長機會之一。季度 GMV 年增 66%，使該地區既是重要的成長動能，也是關鍵的多元化來源。我們看到推動美國成功的同一套策略，正在國際市場取得進展：以 1P 建立強健的供應基礎。吸引買家並形成飛輪效應，帶動 3P 賣家參與、商品選擇、交易量與效率提升。

That flywheel is gaining momentum. We are now seeing meaningful 3P participation in response to marketplace buying demand. 3P sellers in Europe increased more than 400% year over year and now represent over 15% of Europe marketplace GMV.

這個飛輪正在加速運轉。我們現在看到，因應市集端的採購需求，3P 參與度已出現具體成效。歐洲的 3P 賣家數年增超過 400%，目前已占歐洲市集 GMV 的 15% 以上。

Compared to 6% just a year ago, reinforcing our belief that we are still in the early stages of a significant opportunity.

相較一年前僅 6%，這也強化了我們的看法：我們仍處於一個重大機會的早期階段。

Turning to New Classic, the integration remains on track for completion by mid-next year.

接著談 New Classic，整合進度仍按計畫進行，預計於明年年中完成。

And continues to be an important strategic priority. Our teams are aligning systems, processes and operations while identifying opportunities to introduce new product offerings, improve efficiency, capture synergies and leverage the scale of our platform.

並且仍是重要的策略優先事項。我們的團隊正對齊系統、流程與營運，同時找出導入新產品供給、提升效率、取得綜效並運用平台規模的機會。

As we had shared during the last call, the new Classic portfolio saw an approximately 20% year-over-year decline in Q1 immediately following the close of the acquisition.

如同我們在上次電話會議中分享的，New Classic 產品組合在收購完成後的第一季（Q1）年減約 20%。

The decline was due to both challenges faced by traditional wholesalers in the industry and by initial disruptions following the change in ownership. Encouragingly, that decline improved to 8% in the second quarter, reflecting stabilization and early progress from our integration efforts.

下滑原因包括產業中傳統批發商所面臨的挑戰，以及所有權變更後初期的營運干擾。令人鼓舞的是，第二季降幅改善至 8%，反映出營運趨於穩定，以及整合工作的初步進展。

We believe the larger opportunity still lies ahead. New Classic brings a strong brand, established customer relationships and a meaningful brick-and-mortar distribution that complement our existing strengths. These channels create new opportunities for growth, and we are already introducing additional products and offerings to this customer base.

我們相信更大的機會仍在前方。New Classic 擁有強勢品牌、既有客戶關係，以及具規模的實體通路配送網絡，與我們既有優勢相輔相成。這些通路帶來新的成長機會，我們也已開始向這些客群導入更多產品與服務。

While we are pleased with the progress made so far, we are even more excited about the opportunity ahead. We believe New Classic is well positioned to benefit from the scale, resources, and capabilities of the GigaCloud platform, creating long-term value for customers, partners, and shareholders. Now, I'll turn the call over to Erica for a discussion of our second-quarter financial results.

雖然我們對目前的進展感到滿意，但我們對未來的機會更感到振奮。我們相信 New Classic 能充分受益於 GigaCloud 平台的規模、資源與能力，為客戶、合作夥伴與股東創造長期價值。現在，我把電話交給 Erica，請她說明我們第二季的財務結果。

Thank you, Aman, and thank you all for joining us today.

謝謝你，Iman，也謝謝各位今天加入我們。

As a quick reminder, all figures covered today are rounded, and unless otherwise noted, comparisons are against the same period last year.

簡單提醒一下，今天提及的所有數字均已四捨五入；除非另有說明，所有比較皆以去年同期為基準。

Now let's get into it.

現在讓我們開始。

Despite continued market uncertainty, we delivered record revenue and record quarterly EPS through disciplined execution and a focus on profitable growth. Revenue increased 28% year over year to $412 million, including 23% organic growth and a 5% inorganic contribution from New Classic.

儘管市場不確定性持續，我們仍透過嚴謹的執行與聚焦於獲利性成長，交出創紀錄的營收與創紀錄的季度 EPS。營收年增 28% 至 4.12 億美元，其中包含 23% 的有機成長，以及來自 New Classic 的 5% 非有機貢獻。

EPS rose 28% to $1.16 per share, a testament to our team's strong execution and the enduring strength of our business model. Now, let's break it down further. starting with service revenue, strong marketplace activity drove service revenue growth of 25% to $121 million.

EPS 年增 28% 至每股 1.16 美元，這證明了我們團隊強勁的執行力，以及我們商業模式的持久韌性。現在，讓我們進一步拆解。先從服務營收開始，強勁的市場平台活動帶動服務營收成長 25% 至 1.21 億美元。

Service revenue growth was supported by higher demand for ocean freight, warehousing, and last mile services, as well as increased commission revenue from higher transaction volumes.

服務營收成長受惠於海運、倉儲與最後一哩服務需求提升，以及交易量增加帶來的佣金收入成長。

Service gross margin improved 3.2% sequentially to 11.7%, driven by ongoing carrier optimization, responsive pricing for our service offerings, and favorable ocean freight dynamics.

服務毛利率較前一季提升 3.2 個百分點至 11.7%，主要受持續的承運商最佳化、對服務方案的彈性定價，以及有利的海運運價動態所帶動。

Because much of our ocean freight capacity is secured through long-term contracts, our service margins benefited as spot rates moved higher during the quarter.

由於我們多數海運運能是透過長期合約鎖定，因此當季現貨運價走高時，我們的服務毛利率因此受益。

Moving on to product revenue increased 29% year-over-year to $291 million with growth across all regions.

接著看產品營收，年增 29% 至 2.91 億美元，各地區皆有成長。

In the U.S., product revenue grew 17% despite continued softness in the broader furniture market.

在美國，儘管整體家具市場仍偏疲弱，產品營收仍成長 17%。

We benefited from a strong outdoor furniture season in Q2, and our ability to deliver was driven by capabilities gained from acquiring Noble House, an asset that has become an ongoing and growing contributor to our revenue and earnings.

我們受惠於第二季強勁的戶外家具旺季，而我們的交付能力則來自收購 Noble House 所取得的能力；該資產已成為我們營收與獲利的持續且日益重要的貢獻來源。

And that success gives us a proven playbook as we turn to our newest addition, New Classic.

而這項成功也為我們在面對最新加入的 New Classic 時，提供了一套經驗證的作戰手冊。

New Classic generated $16.3 million of revenue during the quarter. While sales declined 8% year-over-year, performance improved significantly from the first quarter as we stabilized operations and advanced integration efforts.

New Classic 在本季貢獻 1,630 萬美元營收。雖然銷售額年減 8%，但隨著我們穩定營運並推進整合工作，表現較第一季顯著改善。

We believe New Classic is following a similar path to Noble House, where operational improvements and disciplined execution unlock meaningful value over time.

我們相信 New Classic 正走在與 Noble House 類似的路徑上，透過營運改善與嚴謹執行，隨時間推進可釋放可觀價值。

Europe remained a standout performer, with product revenue increasing 54% year-over-year to $109 million.

歐洲仍是表現突出的地區，產品營收年增 54% 至 1.09 億美元。

Growth was driven by continued marketplace expansion, increasing buyer and seller participation, and stronger relationships with international partners.

成長動能來自市場平台持續擴張、買賣雙方參與度提升，以及與國際合作夥伴關係更為緊密。

Europe continues to validate the scalability of our model outside the US.

歐洲持續驗證我們的模式在美國以外具備可擴展性。

It has become a meaningful contributor, an important source of diversification, and a powerful growth vector that we believe can remain a significant opportunity for years to come.

它已成為重要的貢獻來源、關鍵的多元化來源，以及強勁的成長向量；我們相信未來多年仍將是重大的機會。

Product gross margin was 31.4% in line with the previous quarter.

產品毛利率為 31.4%，與前一季持平。

On a combined basis, total company gross margin was 25.6%, a sequential increase of 1.7% from prior quarter.

合併計算下，公司整體毛利率為 25.6%，較前一季提高 1.7 個百分點。

Sales and marketing expense was $36 million or 9% of total revenue compared with 8% a year ago, primarily due to higher channel commission and spend supporting our European expansion. General and administrative expense was $19 million or 5% of revenue compared to 4% in prior year quarter.

銷售與行銷費用為 3,600 萬美元，占總營收 9%，高於一年前的 8%，主要因通路佣金提高，以及支持歐洲擴張的投入增加。一般與行政費用為 1,900 萬美元，占營收 5%，高於去年同期的 4%。

As we previously discussed. Our annual stock-based compensation is granted in the second quarter each year, with a substantial portion vesting immediately upon grant.

如我們先前所討論。我們每年的股票基礎薪酬會在每年第二季授予，其中相當大一部分在授予時即刻歸屬。

Consequently, the resulting expense is directly tied to our share price on the grant date, meaning the higher share price this year resulted in an increased total SBC expense. As a result, share-based comp was $11 million in the second quarter of 2026 compared to $3 million in the second quarter of 2025.

因此，相關費用會直接與授予日的股價連動，意味著今年較高的股價導致 SBC 總費用增加。因此，2026 年第二季的股票基礎薪酬為 1,100 萬美元，而 2025 年第二季為 300 萬美元。

Diluted effects from our 2026 SBC grants have already been offset by buybacks executed in the second quarter, which we will go into more details on shortly. We generated record quarterly net income of $42 million, or 10.3% of revenue, up 22% year over year.

我們 2026 年 SBC 授予所造成的稀釋影響，已由第二季執行的庫藏股回購所抵銷；我們稍後會更詳細說明。我們創下單季淨利 4,200 萬美元的紀錄，占營收 10.3%，年增 22%。

Supported by share repurchases, diluted GAAP EPS increased 28% to $1.16 per share. Operating cash flow was $48 million during the quarter.

在股票回購的支持下，稀釋後 GAAP EPS 年增 28% 至每股 1.16 美元。本季營運現金流為 4,800 萬美元。

We remain debt-free as of quarter end and ended the quarter with $379 million of total liquidity, which includes cash equivalents, restricted cash, and short-term investments.

截至季末我們仍為零負債，並以 3.79 億美元的總流動性結束本季，其中包含約當現金、受限制現金與短期投資。

We continue to execute on our share buyback plan. As we had previously communicated, we retained the flexibility to execute our share repurchase plan opportunistically during periods of market volatility.

我們持續執行股票回購計畫。如先前所溝通，我們保留在市場波動期間以機會性方式執行回購計畫的彈性。

As our share prices experienced a downward dislocation during the second quarter, we leaned into that approach and accelerated our repurchases, executing approximately $30 million in buybacks at a weighted average price of $39.55 per share.

由於第二季股價出現向下錯位，我們採取該策略並加速回購，以每股加權平均 39.55 美元回購約 3,000 萬美元。

All repurchased shares as of June 30, 2026, have been retired.

截至 2026 年 6 月 30 日，所有已回購股份均已註銷。

Subsequent to June 30, 2026, we further executed another $18 million in buybacks at a weighted average price of $36 per share. This brings our total execution under our $111 million authorized plan to $81 million as of today. This leaves us with $30 million remaining under our previous authorization and two years still left on that plan.

在 2026 年 6 月 30 日之後，我們又以每股加權平均 36 美元進一步回購 1,800 萬美元。截至今日，我們在已核准的 1.11 億美元回購額度下，累計已執行 8,100 萬美元。這表示在先前授權下仍剩餘 3,000 萬美元，且該計畫尚有兩年期限。

In our view, that level of capacity is insufficient to act decisively when opportunities arise.

我們認為，這樣的額度水位不足以在機會出現時果斷出手。

As a result, our Board has approved the cancellation of our existing plan and authorized a new buyback plan of $120 million effective immediately with a duration of three years.

因此，我們董事會已核准取消現行計畫，並立即授權一項新的 1.2 億美元回購計畫，期限為三年。

Regarding M&A, our near-term priority remains the successful integration of New Classic.

關於併購（M&A），我們短期的優先事項仍是成功整合 New Classic。

Once that progress is further along, we expect to become more active in pursuing additional acquisition opportunities that support our long-term growth strategy.

待整合進度更進一步後，我們預期將更積極尋求其他收購機會，以支持我們的長期成長策略。

Looking ahead, we expect third quarter revenue to be in the range of $375 to $400 million.

展望未來，我們預期第三季營收將落在 3.75 億至 4.00 億美元區間。

Operator, we are now ready to begin the Q&A session.

接線員，我們現在準備開始問答環節。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press then 1 on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press then 2.

謝謝。我們現在開始問答環節。如欲提問，請在電話鍵盤按 1。若您使用擴音電話，請在按鍵前先拿起聽筒。如欲取消提問，請按 2。

The first question comes from Thomas Forte from Maxim Group. Please go ahead.

第一個問題來自 Maxim Group 的 Thomas Forte。請開始。

Great, thanks. So Larry, Iman, Erica, Greta, congratulations on the very strong results. I have three questions. I'll go one at a time. So Erica, I didn't hear two words in your prepared remarks, so I'd appreciate if you could comment on tariffs, refunds, and if it's something that you have an opportunity to do, given that a lot of other companies are talking about it this quarter.

很好，謝謝。Larry、Iman、Erica、Greta，恭喜你們交出非常強勁的成績。我有三個問題。我會一次問一個。Erica，在你準備好的發言中我沒有聽到兩個詞，所以想請你評論一下關稅、退稅（退款），以及在本季很多其他公司都在談這件事的情況下，這是否是你們有機會可以做的事情。

Yes, good morning, Tom, and thank you for your question.

是的，早安，Tom，謝謝你的提問。

So we have been applying for tariff refunds just like everyone else has, and we have already received a portion of them. So far, the amounts received are not terribly material to date.

我們一直像其他公司一樣申請關稅退稅，而且已經收到其中一部分。截至目前，已收到的金額並不算特別重大。

In the grand scheme of things, given the acquisition situation with New Classic and customers that had previously received price increases.

從整體來看，考量到 New Classic 的收購情況，以及先前已接受漲價的客戶。

Because of purchasing containers.

因為採購貨櫃。

I think we, in the net of things, I don't think it will be a meaningful effect for GigaCloud as a whole in the long run, since we may not be able to retain all of the economic benefits.

我認為就淨效果而言，長期來看這不會對 GigaCloud 整體造成顯著影響，因為我們可能無法保留所有的經濟利益。

Thank you. And then the second question I had is, during the quarter, Amazon launched supply chain as a service.

謝謝。接著我第二個問題是，本季期間，亞馬遜推出了供應鏈即服務。

So, I'd appreciate you explaining to the market why you think it is or is not a competitor, and if it is a competitor, why you believe you're better situated to succeed in your efforts.

因此，我希望你能向市場說明，為什麼你認為它是或不是競爭對手；如果它是競爭對手，為什麼你相信你們更有條件在你們的努力中取得成功。

Hey, Tom, we continuously monitor development across the logistics landscape. Amazon's logistic network is a broad, but our value proposition extends beyond transportation.

嗨，Tom，我們持續監測物流版圖各方面的發展。亞馬遜的物流網路很廣，但我們的價值主張不僅止於運輸。

Our strength lies in the combination of our B2B marketplace and integrated logistics solutions that we provide for large parcel products.

我們的優勢在於結合了我們的 B2B 市集，以及我們為大型包裹產品提供的一體化物流解決方案。

And we are purpose-built for large parcel and are completely channel-agnostic, enabling customers to fulfill orders across multiple sales channels through a neutral.

而且我們是為大型包裹量身打造，並且完全不受通路限制，讓客戶能透過一個中立的方式在多個銷售通路履行訂單。

Platform, and we believe this flexibility, combined with our marketplace, continues to differentiate our offering.

平台；我們相信這種彈性結合我們的市集，持續讓我們的方案更具差異化。

Excellent.

很好。

Thank you, Mike. Third and final question. So, as you get bigger, M&A activity also needs to get bigger to move the needle. So, what's your appetite for larger scale acquisitions?

謝謝你，Mike。第三個也是最後一個問題。隨著你們規模變大，併購活動也需要更大才能對業績產生實質影響。那麼，你們對更大規模收購的意願有多高？

Hi, Don.

嗨，Don。

So, it really is a target.

所以，這真的取決於標的。

Sorry, I'm hearing a little bit of feedback.

抱歉，我這邊聽到一點回音。

It really is target specific.

這確實是依標的而定。

So, I think there is appetite for perhaps something a little bigger as we grow once, we are past the initial stages of integrating New Classic. Now, when it comes to a topic of specific size, it really depends on who the target is and how well they fit in with GigaCloud's long-term. Objectives strategic-wise rather than a fixed specific range we are trying to hit. Does that answer your question?

所以我認為，隨著我們成長，在我們度過整合 New Classic 的初期階段之後，對於可能更大一些的案子是有意願的。至於具體的規模，真的取決於標的是誰，以及它與 GigaCloud 長期目標在策略面上的契合度，而不是我們想要達到某個固定的區間。

Yes.

有。

Thank you. So, congrats again, a very strong quarter.

謝謝。再次恭喜，本季表現非常強勁。

Thank you, Tom.

謝謝你，Tom。

The next question comes from Matt Koranda from Rock Capital. Please go ahead.

下一個問題來自 Rock Capital 的 Matt Koranda。請發問。

Hey, guys. Good morning. I just wanted to hear a little bit more about the third quarter growth outlook.

嗨，各位。早安。我想再多了解一下第三季的成長展望。

The 17% growth you've incorporated into the outlook.

你們在展望中納入的 17% 成長。

How is New Classic factored into that, just given some of the headwinds you mentioned on New Classic's products?

考量到你們提到 New Classic 產品面臨一些逆風，New Classic 在這個數字中是如何被納入的？

Hi, Matt. So, our current guidance is inclusive of the inorganic contribution we should be seeing from New Classic.

嗨，Matt。我們目前的指引已包含我們預期會從 New Classic 看到的非有機貢獻。

As we go further down with our integration efforts, we should continue to see New Classic stabilizing more operational-wise and continue to see improvement when it comes to performance.

隨著我們進一步推進整合工作，我們應該會持續看到 New Classic 在營運面更趨穩定，並在表現方面持續改善。

Okay. Maybe you could just unpack some of the drivers, the improvements at New Classic that you're making. I just wanted to hear a little bit more about the integration there.

了解。也許你可以再拆解一下你們在 New Classic 所做的改善驅動因素。我想多聽一些那邊的整合情況。

Yes.

好的。

So, the first two quarters of our integration efforts have mostly surrounded integrating the teams, the processes, the operations. So, what that means exactly, as when we make an acquisition, we tend to integrate the two teams together right away with the intention of running just one big organization, one big team, rather than having the acquired target operate as a. As a standalone company. So, there's a lot of initial work surrounding simply having the right systems talk to each other, the right folks working together, and having an improved process that.

所以，我們整合工作的前兩季主要圍繞在整合團隊、流程與營運。具體來說，當我們進行收購時，通常會立刻把兩個團隊整合在一起，目標是只運作一個大型組織、一個大型團隊，而不是讓被收購的標的以。以一家獨立公司運作。因此，初期有大量工作在於讓正確的系統彼此串接、讓合適的人一起合作，並建立更完善的流程，該流程會。

Considers the differences in the acquired business and what GigaCloud already has. That takes a good amount of time to straighten out, and that's where most of our energy has been going to in the first two quarters. Once we get past that initial stage of smoothing things out and having everyone operate as one, then we enter the stage of introducing on a more significant scale new product that.

納入被收購業務與 GigaCloud 既有業務之間的差異。這需要相當多時間去理順，而這也是我們前兩季大部分精力投入的地方。當我們度過這個把事情磨順、讓大家以同一個團隊運作的初期階段後，就會進入更大規模導入新產品的階段，這些新產品會。

Reflect the capabilities of the original GigaCloud and the acquired company and that better suit our customers' needs.

反映原本 GigaCloud 與被收購公司雙方的能力，並更符合我們客戶的需求。

Okay, and those new products should be rolling out within the next quarter or so, or like, I guess you're two quarters into the integration, so just where are we in terms of that, the process you laid out?

了解，那些新產品會在接下來一季左右推出嗎？或者說，你們整合已經兩季了，所以就你剛剛描述的流程而言，我們目前進度到哪裡？

We have already began introducing a little bit of new products, just not at a very significant scale. And I think over the next several quarters, we should be seeing more of a pickup. If you think back about our timeline with Noble House, it usually takes.

我們已經開始導入一些新產品，只是規模還不算很大。我認為在接下來幾季，我們應該會看到更明顯的加速。如果你回想我們整合 Noble House 的時間表，通常需要。

About three to four quarters before we see that pick up more. Because think about day one when we start the integration to being past the original system integration and the timing that is needed, the amount of time simply needed to develop new product, have it ordered, have it shipped, and then have it sold. That alone takes several quarters.

大約三到四季才會看到更明顯的加速。因為從第一天開始整合，到完成最初的系統整合所需的時間，再加上開發新產品、下單、出貨，最後到銷售出去所需的時間。光是這些就需要好幾季。

Okay, got it. And then just on the service margin improvement, I guess. Now that you've locked in ocean freight contracts for the year and maybe have a little bit of visibility into the trajectory of spot rates, is it safe to say that gross margins should expand next quarter and maybe even for the remainder of the year?

了解，明白了。另外關於服務毛利率改善，我想問一下。既然你們已經鎖定今年的海運合約運價，且對即期運價走勢可能也有一些能見度，是否可以說下季毛利率應該會擴張，甚至今年剩餘期間也會如此？

Maybe just speak to the service gross margin improvement and the trajectory there?

能否談談服務毛利率改善以及其走勢？

Yes, so what we do have visibility into is our cost, but the other end that we can't necessarily have long visibility into is the market pricing. That's the price part of our equation, right?

是的，我們能看得比較清楚的是成本，但另一端我們不一定能有長期能見度的是市場定價。那是我們方程式中的價格部分，對吧？

So, Ocean specifically has been quite volatile in the past few months because of everything that's going on in the world these days. And unfortunately, I don't know we're going to be able to predict where the world is in another three to six months. But cost-wise, I do think we are in a very good position.

就海運而言，過去幾個月因為當今世界發生的各種事情而相當波動。很遺憾，我不確定我們是否能預測三到六個月後世界會是什麼狀況。但就成本面而言，我確實認為我們處於非常有利的位置。

Okay, got it. I guess the inverse of that, as you guys have always said, or for the past couple of quarters, you've said that.

了解，明白。那我想反過來問一下，正如你們一直說的，或過去幾季你們提到。

Yeah, I guess the service and the product businesses act as sort of a natural hedge.

是的，我想服務與產品業務某種程度上像是一種自然避險。

So, if we do have, I guess, firmer ocean spot, does that eventually weigh on product gross margins?

所以如果海運即期運價變得更堅挺，最終是否會對產品毛利率造成壓力？

I mean, I've noticed they've been going up despite that, but maybe just a little bit on the product gross margin side of the business as well.

我的意思是，我注意到即便如此它們仍在上升，但也請談談業務中產品毛利率這一塊。

Yes, great question. So, you're right, they do hedge each other a little bit naturally.

是的，很好的問題。你說得對，它們確實在某種程度上彼此自然對沖。

For Ocean specifically, on the pure service front, it is both a revenue and a cost to us. On the product side, it is simply a cost.

就海運而言，在純服務端，它對我們同時是收入也是成本。在產品端，它就只是成本。

Naturally, we treat it like any other cost increase. If there are fluctuations, we bake it into the product price. And try to capture the margins there when there is a cost increase in the form of a product price increase. So, there will be additional pressure on the product margins when ocean spot rates go up and there is margin support on the service side when ocean goes up.

自然地，我們會把它當作任何其他成本上升來處理。如果有波動，我們會把它納入產品定價。並在成本上升時透過提高產品價格來盡量掌握毛利。因此，當海運即期運價上升時，產品毛利率會承受額外壓力；而海運上升時，服務端則會有毛利支撐。

Okay. All right. Got it. I'll leave it there.

了解。好。明白了。我就先到這裡。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Bill Dezelim from Titan Capital Management. Please go ahead.

下一個問題來自 Titan Capital Management 的 Bill Dezelim。請開始。

Thank you. That's Titan Capital Management.

謝謝。這裡是 Titan Capital Management。

Tying into your discussion about your next acquisition, as you think about the capabilities that you will be looking for with that acquisition or maybe the strategy that you will have for it, would you walk us through how you're thinking about that, please?

延續您剛才談到下一次收購的內容，當您思考該收購所需要的能力，或可能採取的策略時，能否請您帶我們梳理一下您目前的思考方向？

Yes.

是的。

So, first off, I want to be clear right now, the priority is New Classic. We don't want to kind of overload the team until we're ready for our next move. But to answer your question, generally, it's all going to be about our strategic growth initiatives and how well a certain target might fit in with those objectives.

首先我想先說清楚，目前的優先事項是 New Classic。在我們準備好進行下一步之前，我們不希望讓團隊負荷過重。不過回答您的問題，整體而言，一切都會圍繞我們的策略性成長計畫，以及某個標的與這些目標的契合程度。

So, there's right now generally three types of targets that we would consider. First one is a product distribution-oriented kind of target, meaning someone, for example, similar to New Classic, who is a more lines of a traditional wholesaler or distributor that connects already with a lot of brick-and-mortar type retailers.

目前大致有三種類型的標的會納入我們考量。第一種是以產品分銷為導向的標的，也就是例如像 New Classic 這樣，更偏向傳統批發商或經銷商，已經與許多實體零售商建立連結。

That is a very advantageous merge with what our platform already has in terms of customer reach and giving us the ability to serve more corners of the market or the industry.

這與我們平台既有的客戶觸及面結合起來非常有利，能讓我們有能力服務市場或產業中更多角落。

The second type would be a technology ad that helps us better serve our customers. So, a good example of this would be the Wonder acquisition that we made in 2023. It's a technology company that gives us a tool or the capabilities to better serve our retailer clients, brick and mortar retailers. So that is something we would also be open to. Down the line. And then third, last but not least, for Europe, we would also be open to considering targets that give us more of a boost on the logistics front. So, Europe, as has been growing incredibly well for us.

第二種類型會是能幫助我們更好服務客戶的技術補強。一個很好的例子是我們在 2023 年收購的 Wonder。那是一家科技公司，提供我們工具或能力，以更好地服務我們的零售客戶、實體零售商。因此這也是我們未來會考慮的方向。長期來看。第三，最後但同樣重要的是，針對歐洲，我們也會考慮能在物流面帶來更大提升的標的。因為歐洲對我們而言一直成長得非常好。

We've seen a tremendous amount of addition from new sellers and buyers and overall transaction volume. And that volume needs to be supported by good and efficient infrastructure for us to capture all of the value there. So, we have been growing that infrastructure organically with our own team. However, the growth is quite fast, and it certainly wouldn't hurt if there were external forces that we could leverage to accelerate.

我們看到新增賣家與買家數量大幅增加，整體交易量也顯著提升。而要把那裡的價值充分掌握，這些交易量需要良好且高效率的基礎設施來支撐。因此我們一直透過自有團隊以有機方式擴建這些基礎設施。不過成長速度相當快，如果有外部力量可供我們借力以加速推進，當然也不會是壞事。

Does that answer your question?

這樣有回答到您的問題嗎？

It does. I really appreciate the thorough response. And to be clear, not trying to get ahead of new classic being fully integrated and you being ready. But let me take that a step, kind of twist that a bit.

有的。非常感謝您詳盡的回覆。我也想先說清楚，我不是想在 New Classic 尚未完全整合、你們尚未準備好之前就超前推進。不過我想把問題再往前推一步，稍微換個角度問。

If you were to find.

如果你們找到。

A Category 3, the addition that would boost European logistics, is that something that you would be open to doing now since that would be geographically separate from New Classic or am I getting ahead of myself at this point?

第三類、也就是能提升歐洲物流的標的，因為在地理上與 New Classic 是分開的，你們是否會考慮現在就做？還是我現在問這個有點太早了？

Great question.

問得很好。

It would really depend on the specific case, meaning, or said simply, it's a weighing of the advantages and the cost. How much do we think we can gain from this acquisition versus how much integration efforts and cost of purchasing we see from doing the deal?

這真的要看具體個案；簡單說，就是權衡利弊與成本。我們認為這筆收購能帶來多少收益，對比我們在整合投入與收購成本上需要付出多少？

I guess it's really a case-by-case scenario, depending on what the target or who the target is, rather than a predetermined hardline equation that we are trying to hit, if that makes sense.

我想這確實是逐案評估，取決於標的是誰、標的本身的情況，而不是我們事先設定一個硬性的公式一定要達到；如果這樣說得通的話。

That does.

了解。

Thank you. Appreciate it. And congratulations on a terrific quarter.

謝謝。感謝。也恭喜你們這一季表現非常出色。

Thank you.

謝謝。

As a reminder, if you have a question, please press star one.

提醒各位，如欲提問，請按星號一。

The next question comes from Ramel Dionisio from Aegis Capital. Please go ahead.

下一個問題來自 Aegis Capital 的 Ramel Dionisio。請開始。

Yeah, good morning.

是的，早安。

Thank you. I wonder if you could provide just a little more granularity on the real strength in Europe, obviously really impressive performance there on the topline.

謝謝。我想請問您是否能就歐洲的強勁表現提供更細一些的拆解？歐洲營收端的表現顯然非常亮眼。

And which particular regions are doing well for you? I think you mentioned Germany in the past. And also, could you refresh our memory on.

具體來說，哪些地區表現最好？我記得你們過去提過德國。另外，也請您幫我們回顧一下。

What's the margin profile there? Is it approaching margins or reaching or exceeding margins from your core U.S. Revenues?

那邊的毛利率/利潤率概況如何？是否已接近、達到，或甚至超過你們美國核心營收的利潤率？

Thank you.

謝謝。

Yes, hi.

是的，您好。

Thank you for the question. I heard a little bit of echo, but I think the question was, what are the biggest region contributors and what's the margin performance? Is that right?

謝謝您的提問。我這邊聽到一點回音，但我理解您的問題是：最大的區域貢獻來源是哪裡，以及利潤率表現如何？是這樣嗎？

That's right. Yeah.

沒錯。是的。

Thank you.

謝謝。

Perfect.

很好。

Thank you.

謝謝。

So, the fastest growing region for us is Europe.

我們成長最快的地區是歐洲。

Europe as a whole has been performing quite well. We've seen a tremendous amount of new seller addition and a lot of buyer activity in the previous few quarters. Europe growth has been mainly driven by our product numbers, or simply our 1P activity, which is a common approach for us when we enter a new market. We leverage our 1P as the initial product supply to ensure the market is properly seated with good product, which draws in buyers. And when there is sufficient buying power, that is usually when we tend to see 3P starts doing more. And once. That happens, 3P a lot of times enters a fast-track growing stage. And right now, we're seeing three-digit growth come out of Europe because of that. So, we're at that phase. 3P is really starting to pick up.

整體而言，歐洲表現相當好。過去幾個季度，我們看到新增賣家大量增加，買家活動也非常活躍。歐洲的成長主要由我們的產品數量帶動，或簡單說就是我們的 1P 活動；這也是我們進入新市場時常見的做法。我們會先以 1P 作為初期的產品供給，確保市場能有優質商品進駐，進而吸引買家。當買方需求足夠強時，通常就會看到 3P 開始更活躍。而一旦。發生這種情況，3P 很多時候就會進入快速成長階段。目前我們正因為這個原因看到歐洲出現三位數成長。所以我們正處在這個階段。3P 真的開始加速起來。

On a combined basis, we're seeing high double-digit growth come out of Europe. So that's our strongest growing region. In terms of margin, so we only report on one segment, and we don't disclose region-specific margins, but Europe as a whole, especially on the product front, is a very strong margin contributor. Where it is lagging slightly compared to the U.S. Is the service front or logistics, because logistics naturally is a game of density, a game of scale, and comparing.

以合併口徑來看，我們在歐洲看到高雙位數成長。因此這是我們成長最強的地區。至於利潤率，我們只揭露單一營運分部，並不披露各地區的利潤率；但整體而言，歐洲，尤其在產品端，是非常強的利潤貢獻來源。相較於美國稍微落後的部分是在服務端或物流端，因為物流本質上是密度與規模的遊戲；把。

Europe to the United States, size-wise, the time of duration-wise, it's still not where the U.S. Market is. But over time, as we continue to grow that market, build up more infrastructure, build deeper relationships with our vendors, I do expect that margin gap to close over time.

歐洲與美國相比，無論是市場規模或發展時間長度，歐洲仍未達到美國市場的程度。但隨著時間推進，當我們持續擴大該市場、建置更多基礎設施、並與供應商建立更深的合作關係，我預期這個利潤率差距會隨時間逐步縮小。

Thank you so much.

非常感謝。

Thank you.

謝謝。

This concludes our question-and-answer session, and the conference is now concluded.

我們的問答環節到此結束，會議也到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以掛線。