孩之寶 (HAS) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Hasbro second quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)

早安，歡迎參加孩之寶 2025 年第二季財報電話會議。（操作員指示）今天的會議正在錄製。（操作員指示）

At this time, I'd like to turn the call over to Fred Wightman, Vice President, Hasbro Investor Relations. Please go ahead.

現在，我想將電話轉給孩之寶投資者關係副總裁弗雷德懷特曼 (Fred Wightman)。請繼續。

Thank you, and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's Chief Financial Officer and Chief Operating Officer. Today, we'll begin with Chris and Gina providing commentary on the company's performance, and then we'll take your questions.

謝謝大家，早安。今天與我一起出席的還有孩之寶首席執行官克里斯·考克斯 (Chris Cocks) 和孩之寶首席財務官兼首席營運官吉娜·戈特 (Gina Goetter)。今天，我們將首先請克里斯和吉娜對公司業績進行評論，然後回答大家的提問。

The earnings release and presentation slides for today's call are posted on our investor website. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures. Our call today will discuss certain adjusted measures, which exclude these non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever we discuss earnings per share or EPS, we're referring to earnings per diluted share.

今天電話會議的收益報告和簡報幻燈片已發佈在我們的投資者網站上。新聞稿和簡報包括有關非公認會計準則調整和非公認會計準則財務指標的資訊。我們今天的電話會議將討論某些調整後的措施，這些措施不包括這些非 GAAP 調整。新聞稿和簡報中包含了 GAAP 與非 GAAP 指標的對帳。請注意，每當我們討論每股盈餘或每股盈餘時，我們指的是每股攤薄收益。

Before we begin, I would like to remind you that during this call and the question-and-answer session that follows, members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives and similar matters. There are many factors that could cause actual results or events to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

在我們開始之前，我想提醒您，在本次電話會議和隨後的問答環節中，孩之寶管理層成員可能會就管理層的期望、目標、宗旨和類似事項做出前瞻性陳述。有許多因素可能導致實際結果或事件與這些前瞻性陳述中表達的預期結果或其他預期有重大差異。這些因素包括我們在 10-K 表年度報告、最近的 10-Q 表、今天的新聞稿和其他公開揭露中列出的因素。我們不承擔更新今天所做的任何前瞻性陳述以反映本次電話會議日期之後發生的事件或情況的義務。

I'd now like to introduce Chris Cocks. Chris?

現在我想介紹克里斯·科克斯。克里斯？

Good morning and thank you for joining us today. Before we begin today's call, I want to take a moment to honor the life and legacy of Alan Hassenfeld, our former Chairman and CEO; and the dear friend and mentor. Alan was a driving force behind Hasbro for decades. He led with heart, conviction and an unwavering belief in the transformative power of play. But more than that, Alan believed in people. He made it his mission to lead with empathy, to give generously and use Hasbro as a platform for doing good in the world.

早安，感謝您今天加入我們。在我們開始今天的電話會議之前，我想花點時間來紀念我們前任董事長兼首席執行官、親愛的朋友和導師艾倫·哈森菲爾德的一生和遺產。幾十年來，艾倫一直是孩之寶背後的推動力。他以熱心、信念和對遊戲變革力量的堅定信念來領導。但更重要的是，艾倫相信人。他的使命是以同理心引領、慷慨解囊並利用孩之寶作為在世界上行善的平台。

Alan reminded us that the true measure of our success isn't just financial performance. It's the positive impact we make on people's lives, especially the joy we bring every day to children around the world. Alan, you will be missed, but your vision and mission will never be forgotten.

艾倫提醒我們，衡量我們成功的真正標準不僅僅是財務表現。這是我們對人們的生活產生的正面影響，尤其是我們每天為世界各地的兒童帶來的歡樂。艾倫，我們會想念你的，但你的願景和使命永遠不會被忘記。

Now, let's turn to 2Q results. We're now halfway through 2025 and already seeing momentum on our Playing to Win strategic plan announced in February. I'm pleased to report that Hasbro is performing ahead of expectations, driven by exceptional results from our Wizards of the Coast business, continued performance in our licensing and digital segments and a steady, long-term approach to navigating a complicated and evolving macro environment. While the broader consumer landscape remains dynamic, our play-focused partner scale strategy is paying off, leaning into premium, high-margin segments like Wizards, Licensing and Digital, and we're seeing it translate to bottom line outperformance.

現在，讓我們來看看第二季的業績。如今，我們已經走過了 2025 年的一半，並且已經看到了 2 月宣布的「為贏而戰」戰略計劃的勢頭。我很高興地報告，孩之寶的業績超出預期，這得益於我們威世智業務的出色業績、授權和數位部門的持續表現，以及在復雜多變的宏觀環境中穩健、長期的應對策略。雖然更廣泛的消費者格局仍然充滿活力，但我們以遊戲為中心的合作夥伴規模策略正在取得成效，傾向於巫師、授權和數位等高端、高利潤的領域，我們看到它轉化為底線的優異表現。

Let's break it down. Wizards of the Coast had a standout quarter. MAGIC: THE GATHERING continues to deliver growing 23% year-over-year in the second quarter and up 32% year-to-date. This isn't just a one-off moment, it's a clear indication of the power of Magic's community, our release cadence and the resonance of our Universes Beyond strategy. Magic's engine growth is durable. It's diversified and it's accelerating.

讓我們來分析一下。威世智公司 (Wizards of the Coast) 本季表現出色。萬智牌：聚會》第二季持續維持年增 23%，年初至今成長 32%。這不僅僅是一次性的時刻，它清楚地表明了 Magic 社群的力量、我們的發布節奏以及我們的 Universes Beyond 策略的共鳴。魔術的引擎成長是持久的。它已變得多樣化，並且正在加速發展。

We're seeing strength across every KPI of the brand. Tarkir: Dragonstorm is on pace to become the top-selling Magic premier set of all time. Final Fantasy, the latest release in our Universes Beyond portfolio, is already the highest grossing Magic set ever. And Secret Lair, our direct-to-consumer collectible business just delivered the strongest sales quarter in its history.

我們看到品牌的每個關鍵績效指標 (KPI) 都表現強勁。韃契：龍之風暴有望成為有史以來最暢銷的萬智牌頂級系列。《最終幻想》是我們 Universes Beyond 產品組合中的最新作品，它已經成為有史以來票房最高的魔法系列。我們的直接面向消費者的收藏品業務 Secret Lair 剛剛實現了其歷史上最強勁的銷售季度。

It's not just about our new releases either. Our backlist Magic sets have already set an all-time annual sales record, and we're only six months into the year. That's a testament to the depth and durability of Magic's value to players, collectors and fans alike, a play system of over 22,000 cards that retain full compatibility.

這也不僅僅與我們的新產品有關。我們的舊版魔法系列已經創下了年度銷售歷史新高，而今年才剛剛過去六個月。這證明了 Magic 對玩家、收藏家和粉絲的價值的深度和持久性，這是一個包含超過 22,000 張卡片且保持完全兼容性的遊戲系統。

Community engagement is also hitting new highs. Last month's Magic Con Las Vegas drew record attendance with over 19,000 badges sold, eclipsing our previous high from Chicago just earlier this year. And the Wizard's Play Network continues to expand, now totaling nearly 9,000 locations globally.

社區參與度也達到了新的高度。上個月的拉斯維加斯魔術大會吸引了創紀錄的觀眾，售出了超過 19,000 枚徽章，超過了我們今年早些時候在芝加哥創下的最高紀錄。Wizard's Play Network 仍在擴大，目前全球共有近 9,000 個地點。

Organized play is on fire. We saw a nearly 40% year-over-year increase in unique players during the first half of 2025. A clear signal that our play programs are bringing new energy and deeper connection to local communities, Final Fantasy set a record for new player growth, delivering more new players in its first two weeks than any prior set posted over an entire season.

有組織的比賽正在如火如荼地進行中。2025 年上半年，獨立玩家數量較去年同期成長近 40%。這清楚地表明我們的遊戲項目正在為當地社區帶來新的活力和更深層次的聯繫，《最終幻想》創下了新玩家增長的記錄，在前兩週吸引的新玩家數量超過了之前任何一款遊戲在整個賽季中吸引的新玩家數量。

For the balance of this year, fans are eagerly anticipating our upcoming slate of releases, including Edge of Attorneys, Marvel's Spider-Man and Avatar: The Last Airbender, both new additions to our ever-expanding Universes Beyond portfolio. We're committed to scaling Magic through thoughtful innovation, smart operational execution and a continued focus on player-first experiences. We see a bright future for the brand, both in the second half of 2025 and beyond. To simply put, Magic is stronger than ever, and we're just getting started.

今年剩下的時間裡，粉絲們熱切期待我們即將上映的一系列影片，包括《律師邊緣》、《漫威蜘蛛人》和《降世神通：最後的氣宗》，這兩部影片都是我們不斷擴展的 Universes Beyond 產品組合中的新成員。我們致力於透過深思熟慮的創新、智慧的營運執行以及持續關注玩家至上的體驗來擴大 Magic 的規模。我們看到品牌的前景光明，無論是在 2025 年下半年還是以後。簡而言之，魔法比以往任何時候都更強大，而我們才剛剛開始。

Sticking with Wizards, we're now in a place where we can start talking more confidently about our digital pipeline, a major investment area for both Wizards and Hasbro as we scale our ability to deliver play in new ways across more platforms with more partners.

繼續與威世智合作，我們現在可以更加自信地談論我們的數位管道，這是威世智和孩之寶的一個主要投資領域，因為我們正在擴大我們的能力，以便與更多合作夥伴在更多平台上以新的方式提供遊戲。

Exodus, our flagship AAA SiFi RPG from Archetype Entertainment is progressing well and is currently targeting launch in the second half of calendar 2026. This game represents a bold step forward into premium digital storytelling, and we'll be sharing a major update with players later this year.

《Exodus》是我們 Archetype Entertainment 推出的旗艦 AAA SiFi RPG，目前進展順利，目標是在 2026 年下半年推出。這款遊戲代表著我們在優質數位故事敘事方面邁出了大膽的一步，我們將在今年稍後與玩家分享重大更新。

This quarter, we announced an exclusive publishing agreement with Giant Skull, led by industry veteran, STIG Amazon. STIG has an exceptional track record, and not coincidentally is the force behind some of my favorite games, God of War 3 and Star Wars Jedi: Fallen Order to name two and is now leading the development of a brand-new single-player DUNGEONS & DRAGONS action-adventure game. This is a premium title built from the ground up in our Unreal Engine Five, and we believe it will set a new bar for narrative and immersion in the D&D universe.

本季度，我們宣布與由業界資深人士 STIG Amazon 領導的 Giant Skull 達成獨家出版協議。STIG 有著卓越的業績記錄，而且並非巧合的是，它是我最喜歡的一些遊戲背後的推動力，例如《戰神 3》和《星球大戰絕地：隕落的武士團》，現在正在領導一款全新的單人龍與地下城動作冒險遊戲的開發。這是一款使用虛幻引擎 Five 從頭開始打造的高級遊戲，我們相信它將為 D&D 世界的敘事和沈浸感樹立新的標準。

This agreement reflects our planned win strategy in action, investing in top-tier talent, deepening digital engagement and expanding our presence in premium genres. Whether it's Exodus, D&D or tapping into the amazing portfolio of collector and age-up oriented brands across Hasbro, we're building a diverse, high-quality slate that strengthens our connections with fans and unlocks new growth for Hasbro's digital game portfolio. Starting at this year's game awards in December, you will be hearing a lot more from us.

該協議體現了我們計劃中的雙贏策略的實際行動，即投資頂級人才、深化數位參與度並擴大我們在高端領域的影響力。無論是《出埃及記》、《龍與地下城》，還是孩之寶旗下令人驚嘆的收藏家和麵向年齡增長的品牌組合，我們都在建立一個多樣化、高品質的產品組合，以加強我們與粉絲的聯繫，並為孩之寶的數位遊戲組合開啟新的增長點。從今年 12 月的遊戲頒獎典禮開始，您將聽到我們更多的消息。

Turning to Consumer Products. As anticipated, sales were down in the quarter, particularly in North America, where our retail partners made a shift in ordering from direct imports to domestic given the uncertainty around tariffs over the last few months. We expect to make up much of this delayed ordering in Q3 and into Q4 as sales ramp into the holidays.

轉向消費品。正如預期的那樣，本季銷售額下降，尤其是在北美，由於過去幾個月關稅的不確定性，我們的零售合作夥伴將訂購方式從直接進口轉向國內採購。隨著假期銷售的增加，我們預計第三季和第四季將彌補大部分延遲的訂單。

EMEA and APAC are performing well, and we anticipate each of these regions will end the year in growth mode. While tariffs represent a headwind for the business, the current duties are better than the range we discussed in our last earnings call. We are compensating for these costs through a combination of cost reductions, rebalancing our marketing spend, diversifying our supplier mix and implementing some targeted pricing actions.

歐洲、中東和非洲地區以及亞太地區表現良好，我們預計這些地區今年底都將維持成長模式。雖然關稅對業務來說是一個阻力，但目前的關稅水平比我們在上次收益電話會議上討論的範圍要好。我們透過降低成本、重新平衡行銷支出、多樣化供應商組合和實施一些有針對性的定價措施來彌補這些成本。

Coupled with a strong slate of new toys, including PLAY-DOH Barbie, our new line of Peppa Pig toys, celebrating the birth of Peppa's little sister EV, retooled and reimagine board game favorites like Candyland and Operation, and Marvel Legend Series products tied to the upcoming Fantastic 4 release, we expect top line performance for consumer products to improve sequentially as we move through the balance of the year.

再加上一系列強大的新玩具，包括 PLAY-DOH 芭比娃娃、我們的新系列小豬佩奇玩具、慶祝佩奇妹妹 EV 誕生的玩具、重新設計和重新構想的糖果樂園和手術等棋盤遊戲以及與即將上映的神奇四俠相關的漫威傳奇系列產品，我們預計，隨著今年餘下時間的推進，消費產品的收表現將逐年提高。

Lastly, our licensing business, which is embedded into our CP and Wizards segments continues to outperform. MONOPOLY GO! continues an impressive run of user and revenue milestones, proving to be an enduring hit from our partners at Scopely. We've just inked a new multiparty deal in casino gaming with Aristocrat Technologies, Valleys, Evolution and Galaxy Gaming. They joined SciPlay to form a five-company partnership to expand our brands in a lucrative and high-growth market for digital on-premise gaming. And the balance of our LBE Consumer Products and digital gaming licensing business is both growing and providing an important source of high profit diversification.

最後，嵌入 CP 和 Wizards 部門的授權業務繼續表現出色。大富翁GO！繼續取得令人印象深刻的用戶和收入里程碑，證明是我們在 Scopely 的合作夥伴的持久成功。我們剛剛與 Aristocrat Technologies、Valleys、Evolution 和 Galaxy Gaming 簽署了一項新的賭場遊戲多方協議。他們與 SciPlay 組成了五家公司的合作夥伴關係，以在利潤豐厚且高成長的數位內部遊戲市場中擴大我們的品牌。我們的 LBE 消費產品和數位遊戲授權業務正在不斷成長，並成為高利潤多元化的重要來源。

All of this adds up to a business that is showing strong signs of underlying momentum and meaningful progress against our Playing to Win objectives. While I won't steal much of Gina's thunder, based on the strength we are seeing across our diversified portfolio, especially for Magic, we are raising both top and bottom-line guidance for 2025 and reaffirming our midterm outlook. 2025 will be the year of Hasbro returns to growth, and we will do so backed by record operating margins.

所有這些加在一起，使得我們的企業在實現「為贏而戰」的目標方面顯示出強勁的潛在發展勢頭和有意義的進展。雖然我不會搶吉娜的風頭，但基於我們在多元化投資組合中看到的實力，尤其是魔術，我們將提高 2025 年的頂線和底線指導，並重申我們的中期展望。 2025 年將是孩之寶恢復成長的一年，我們將在創紀錄的營業利潤率的支持下實現這一目標。

I want to thank our teams across the world for making this possible. Our supply chain organization has done Yeoman's work, diversifying our supply chain while keeping costs low. Our sales teams are partnering with our retailers to navigate an unpredictable environment with agility and a long-term mindset. And our product, marketing and design teams are delivering some of the best new products and campaigns Hasbro has dreamed up in years. Alan would be proud.

我要感謝我們遍佈世界各地的團隊，是他們讓這一切成為可能。我們的供應鏈組織已經完成了 Yeoman 的工作，使我們的供應鏈多樣化，同時保持低成本。我們的銷售團隊正在與零售商合作，以敏捷性和長遠思維來應對不可預測的環境。我們的產品、行銷和設計團隊正在推出孩之寶多年來構思的一些最好的新產品和活動。艾倫會感到自豪。

Now, I'll turn over the call to Gina Goetter, our CFO and COO. Gina?

現在，我將把電話轉給我們的財務長兼營運長吉娜·戈特 (Gina Goetter)。吉娜？

Thanks, Chris, and good morning, everyone. We delivered a strong Q2, outperforming expectations on revenue, profit and margin, all while navigating a dynamic external environment. Our performance this quarter reflects the strength of our portfolio strategy, the outsized momentum in our Magic business and the disciplined execution behind our transformation and operational excellence initiatives.

謝謝，克里斯，大家早安。我們在第二季度表現強勁，在應對動態的外部環境的同時，營收、利潤和利潤率均超出預期。本季度的業績體現了我們投資組合策略的強勁、魔術業務的巨大發展勢頭以及我們轉型和卓越營運計劃背後的嚴格執行。

Net revenue came in at $981 million, essentially flat year-over-year on the strength of Magic. Adjusted operating profit delivered $247 million with an adjusted operating margin of 25.2%, which was up 20 basis points versus last year despite a material step-up in royalties expense. Adjusted earnings per diluted share rose to $1.30, up 7% year-over-year, driven by favorable mix and margin discipline.

淨收入達到 9.81 億美元，由於 Magic 的強勁表現，與去年同期基本持平。調整後的營業利潤為 2.47 億美元，調整後的營業利潤率為 25.2%，儘管特許權使用費支出大幅增加，但仍比去年同期增長了 20 個基點。受良好產品組合和利潤率控制的推動，調整後每股攤薄收益增至 1.30 美元，年增 7%。

Our Wizards of the Coast and Digital Gaming segment continues to be the growth engine. Revenue grew 16% to $522 million, led by MAGIC: THE GATHERING, which delivered 23% growth. Final Fantasy became the biggest Magic set in our history, exceeding expectations, and attracting both long-time players and new fans.

我們的威世智和數位遊戲部門繼續成為成長引擎。營收成長 16% 至 5.22 億美元，其中《萬智牌》成長最快，達 23%。《最終幻想》成為了我們歷史上最大的魔法系列，超出了預期，並吸引了長期玩家和新粉絲。

Segment operating profit was $242 million, with an exceptional 46.3% margin, reflecting both scale and disciplined cost execution.

分部營業利潤為 2.42 億美元，利潤率高達 46.3%，反映了規模經濟和嚴格的成本執行。

As expected, Consumer Products revenue declined 16% to $442 million, primarily due to retailer order timing and market softness in select geographies. As we foreshadowed last quarter, most of our US retailers managed their discretionary inventory tightly through the quarter. While revenue declined, we improved margins, delivering near breakeven profitability through cost actions, mix and promotional spending discipline.

正如預期的那樣，消費品收入下降 16% 至 4.42 億美元，主要原因是零售商的訂單時間和部分地區的市場疲軟。正如我們上個季度所預測的那樣，我們的大多數美國零售商在本季都嚴格管理其可自由支配的庫存。雖然收入下降，但我們提高了利潤率，透過成本行動、產品組合和促銷支出紀律實現了接近損益平衡的利潤。

Entertainment delivered $16 million in revenue in line with plan and $10 million in adjusted operating profit. The team continues to execute well against a leaner, more focused content portfolio. As we look at our year-to-date results, we are back to growth with revenue growing 7% versus last year behind the strength of Magic.

娛樂業務按計劃實現了 1600 萬美元的收入，調整後的營業利潤為 1000 萬美元。團隊繼續在更精簡、更專注的內容組合方面表現良好。回顧今年迄今的業績，我們又恢復了成長，在 Magic 的推動下，營收比去年成長了 7%。

Operating profit of $470 million is up 18% behind volume, favorable business mix and cost productivity. We remain intensely focused on transformation and cost leadership with $98 million of gross savings delivered through the first half. We are firmly on track to meet our annual target, reflecting strong execution across supply chain, SG&A and product development.

營業利潤為 4.7 億美元，由於銷售量、良好的業務組合和成本生產率的推動，增長了 18%。我們仍然高度重視轉型和成本領先，上半年實現了 9,800 萬美元的總節約。我們正穩步實現年度目標，這反映了我們在供應鏈、銷售、一般及行政開支以及產品開發方面的強勁執行力。

Year-to-date adjusted EBITDA reached $576 million, up 19% behind the drivers previously noted. Through the first half of the year, we generated $209 million in operating cash flow and returned $196 million to shareholders via dividends. We've also bought back $62 million of debt as we work towards our target leverage ratio.

年初至今調整後的 EBITDA 達到 5.76 億美元，比先前提到的驅動因素增加了 19%。今年上半年，我們產生了 2.09 億美元的營運現金流，並透過股息向股東返還了 1.96 億美元。為了實現目標槓桿率，我們還回購了 6,200 萬美元的債務。

Our teams are executing decisively against the evolving tariff backdrop. While the current China tariff rate is more favorable than what was proposed in April, rates remain fluid. Last quarter, we were modeling a broad range of potential outcomes with a net impact of $60 million to $180 million. Based on the updated trade policies with China at 30% and Vietnam at 20%, we are now estimating that we'll be at the lower end of the range and expect $60 million of expense in our 2025 P&L.

我們的團隊正在針對不斷變化的關稅背景採取果斷行動。雖然目前的中國關稅稅率比四月提出的稅率更為優惠，但稅率仍不穩定。上個季度，我們對一系列潛在結果進行了建模，淨影響為 6,000 萬美元至 1.8 億美元。根據最新的貿易政策，中國為 30%，越南為 20%，我們現在估計我們將處於該範圍的低端，預計 2025 年損益表中的支出為 6000 萬美元。

We've incurred minimal tariff-related expense in our year-to-date results as most of the impacted inventory is still sitting on the balance sheet and is yet to flow through the P&L. Company-owned inventories are up versus last year, but reflects several factors, including tariffs, foreign exchange and a planned shift in revenue mix towards domestic fulfillment. We feel well positioned ahead of the retail seasonal inventory build and expect to exit the year slightly up versus last year.

由於大部分受影響的庫存仍在資產負債表上，尚未流入損益表，因此我們今年迄今的業績中與關稅相關的費用極少。公司自有庫存較去年有所增加，但反映了多種因素，包括關稅、外匯以及計劃將收入結構轉向國內履行。我們感覺在零售季節性庫存增加之前已經做好了準備，預計今年的庫存將比去年略有增加。

As a result of the impact of tariffs and our long-term outlook, we recorded a $1 billion non-cash goodwill impairment charge in the Consumer Products segment this quarter. We're also seeing downstream impacts from trade uncertainty across the retail landscape. Many retailers are delaying holiday inventory builds and pushed shelf resets into Q3, both of which weighed on Q2 consumer products revenue and are requiring us to remain agile in the second half.

由於關稅的影響以及我們的長期展望，本季我們在消費品部門記錄了 10 億美元的非現金商譽減損費用。我們也看到貿易不確定性對整個零售業的下游影響。許多零售商正在推遲假日庫存建設，並將貨架重置推遲到第三季度，這兩者都對第二季度的消費品收入造成了壓力，並要求我們在下半年保持敏捷。

To that end, we've activated a comprehensive mitigation playbook, including SKU rationalization, sourcing diversification, pricing strategy and retailer collaboration to manage risk and preserve profitability. Today, approximately 50% of our US toy and game volume originates from China, and we have plans in place to bring that exposure down to less than 40% by 2027 through accelerated geographic diversification.

為此，我們啟動了全面的緩解措施，包括 SKU 合理化、採購多樣化、定價策略和零售商合作，以管理風險並保持獲利能力。如今，我們約有 50% 的美國玩具和遊戲來自中國，我們計劃透過加速地理多元化，到 2027 年將這一比例降至 40% 以下。

At the same time, we're identifying opportunities to onshore more production, including continuing to source from Elon Meadow, which manufactures most of our US Hasbro gaming portfolio. These steps are strengthening our long-term supply chain resilience, while protecting margin performance.

同時，我們正在尋找機會在國內增加生產，包括繼續從 Elon Meadow 採購，該公司生產了我們大部分美國孩之寶遊戲產品。這些措施正在加強我們長期供應鏈的彈性，同時保護利潤率表現。

Based on our strong first half and improved visibility into the back half, we are raising full year guidance for revenue, margin and adjusted EBITDA. The upgrade reflects the continued strength of our Wizards business, confidence in our cost transformation efforts and a tariff impact that is now expected to be less significant than we had anticipated back in April.

基於我們上半年的強勁表現和下半年更好的可預見性，我們提高了全年營收、利潤率和調整後 EBITDA 的預期。此次升級反映了我們 Wizards 業務的持續強勁表現、對成本轉型努力的信心，以及目前預計關稅影響將低於我們 4 月的預期。

As Chris said, we are back to growth, and we now expect total Hasbro to grow revenue mid-single digits, and an adjusted operating margin of 22% to 23%. We are now forecasting Wizard of the Coast revenue to grow in the high 20% range, with an operating margin between 42% and 43%. The stronger outlook is driven by the record-breaking success of Final Fantasy, strong engagement across upcoming universe beyond sets like Spider-Man and Avatar: The Last Airbender and continued momentum in backlist titles and Secret Lair, all of which are reinforcing the durability and depth of the Magic franchise.

正如克里斯所說，我們已恢復成長，現在我們預計孩之寶的總收入將成長中等個位數，調整後的營業利潤率將達到 22% 至 23%。我們現在預測海岸巫師的收入將成長 20% 左右，營業利潤率將在 42% 至 43% 之間。更強勁的前景是由《最終幻想》的破紀錄成功、《蜘蛛人》和《降世神通：最後的氣宗》等系列之外的新興宇宙的強勁參與度以及舊版遊戲和《秘密巢穴》的持續勢頭推動的，所有這些都增強了魔法系列的持久性和深度。

In Consumer Products, we now expect revenue to decline 5% to 8% for the year, with an adjusted operating margin between 4% and 6%. This revised guidance reflects the cost of the tariffs themselves, the revenue shortfall and operating deleverage in Q2 tied to changing order patterns, and the anticipated impact from retailers shifting their holiday resets back as they adjust to a more fluid consumer demand environment.

在消費品方面，我們目前預計今年的營收將下降 5% 至 8%，調整後的營業利潤率將在 4% 至 6% 之間。此次修訂後的指引反映了關稅本身的成本、與訂單模式變化相關的第二季度收入缺口和營運去槓桿，以及零售商在適應更加不穩定的消費者需求環境時推遲假期重置的預期影響。

We are also on track to achieve $175 million to $225 million in gross cost savings this year and continue to prioritize investments behind our core growth engines while maintaining balance sheet strength and financial flexibility. As a result, we are increasing our full year adjusted EBITDA guidance to $1.17 billion to $1.2 billion, which reflects the strong first half execution, cost discipline and improved tariff backdrop.

我們也有望在今年實現 1.75 億至 2.25 億美元的總成本節約，並繼續優先投資於我們的核心成長引擎，同時保持資產負債表實力和財務靈活性。因此，我們將全年調整後的 EBITDA 預期上調至 11.7 億美元至 12 億美元，這反映了上半年強勁的執行力、成本控制和改善的關稅背景。

Our capital allocation priorities remain unchanged. Our first priority is to invest in the business, particularly behind high-return growth drivers like Wizards and Digital. Second, we remain focused on debt reduction and long-term leverage goals, including opportunistic debt repurchases and pre-funding next year's bond maturity through match-dated treasuries. And third, return cash to shareholders via our dividend. As announced in today's release, we have kept the Q3 dividend unchanged.

我們的資本配置重點維持不變。我們的首要任務是投資業務，特別是投資 Wizards 和 Digital 等高回報成長動力。其次，我們仍然專注於削減債務和長期槓桿目標，包括機會性債務回購和透過匹配日期的國債預先為明年到期的債券提供資金。第三，透過股利向股東返還現金。正如今天發布的公告中宣布的那樣，我們維持第三季股息不變。

In short, we delivered another strong quarter, beating expectations, expanding margins and strengthening our foundation for the second half. The Magic business continues to lead. Our portfolio is resilient, and our teams are executing with clarity and discipline. We remain confident in our ability to deliver our updated full year financial commitments and create long-term value for shareholders.

簡而言之，我們又一個季度表現強勁，超出預期，利潤率有所提高，並為下半年奠定了堅實的基礎。魔術業務繼續領先。我們的投資組合具有彈性，我們的團隊執行清晰且有紀律。我們仍然有信心兌現最新的全年財務承諾並為股東創造長期價值。

And with that, I'll turn it back to the operator for questions.

說完這些，我將把問題轉回給接線生。

(Operator Instructions) Stephen Laszczyk, Goldman Sachs.

（操作員指示）高盛的 Stephen Laszczyk。

Christian, maybe first on Final Fantasy biggest set release in history. Just curious if you could talk a little bit more about how demand for Final Fantasy materialized versus your expectations in the quarter? Maybe how quickly you're able to scale up production to meet that demand? And how much of that elevated demand do you think is still out there in the marketplace for you to execute against into the back half of the year? And what's factored into the updated guide you gave today on Wizards?

克里斯蒂安 (Christian) 可能是《最終幻想》歷史上最大的系列發布者之一。我只是好奇，您是否可以再多談談本季《最終幻想》的需求與您的預期相比如何？也許您能夠多快擴大生產以滿足此需求？您認為今年下半年市場上還有多少成長的需求可供您滿足？您今天在 Wizards 上給出的更新指南考慮了哪些因素？

And then maybe looking ahead on the Magic segment, Chris, I'm curious, what was it but this particular set that you think made it so successful? And are there any key elements of that success that you think you can carry forward into future Universes Beyond sets? And you mentioned just getting started in terms of the momentum of the Magic. How do you feel about growing off this record year that you're about to have in 2025, in particular, looking into '26 growing off this new revenue base?

然後也許展望魔術部分，克里斯，我很好奇，您認為除了這個特定的集合之外，還有什麼讓它如此成功？您認為這項成功有哪些關鍵要素可以延續到未來的 Universes Beyond 系列？您提到魔術隊的勢頭才剛開始。您對 2025 年即將創下的紀錄的成長有何感想，特別是展望 2026 年在這個新的收入基礎上的成長？

Stephen, I'll start, and then I'll turn it over to Gina. In terms of Final Fantasy and how it met expectations, I'll give you a comparison between two of our biggest Universes Beyond sets. Lord of the Rings took six months to deliver $200 million of revenue, Final Fantasy took one day, and we left demand on the table. So we couldn't produce enough. I think we increased production runs on it 4 times pre-release. It was substantially by many, many -- very high double-digit percentages ahead of any other production run we've ever done, and we left the market wanting more.

史蒂芬，我先開始，然後我把它交給吉娜。就《最終幻想》及其如何滿足預期而言，我將對我們最大的兩個《超越宇宙》系列進行比較。《魔戒》花了六個月的時間才實現 2 億美元的收入，《最終幻想》只花了一天，而我們卻沒有考慮需求。所以我們無法生產足夠的產品。我認為我們在發布前將其生產量增加了 4 倍。與我們曾經進行過的任何一次生產相比，它的產量大幅提高了許多——高達兩位數的百分比，並且市場對我們產生了更高的期望。

And our expectation is there's going to be a nice long tail of backlist for the product. Likewise, there's -- we're still selling Lord of the Rings product today. So even though we hit $200 million in December of '22 for Lord of the Rings, we sold a substantial percentage of that in the several years following. We expect Final Fantasy to be no different. It's partially what's powering our backlist, which already in like 5.5 months in the year did more than we've ever done in any year prior.

我們的期望是該產品將擁有大量後續產品。同樣，我們至今仍在銷售《魔戒》產品。因此，儘管《魔戒》在 2022 年 12 月的票房達到了 2 億美元，但其中相當一部分是在接下來的幾年才售出的。我們期望《最終幻想》也不會例外。這在一定程度上推動了我們的舊書目錄的編制，今年 5.5 個月內我們的舊書目錄的編制量已經超過了前幾年的任何一年。

So I think that's a little bit on kind of what our bullishness is on Final Fantasy. What drove success for it? I think it's a couple of things. I think first and foremost, it's finding the right IPs that are great adjacencies to what Magic fans might appeal to or what Magic might appeal to another fan base. Lord of the Rings was fantastic because it's kind of the granddaddy of Sanofi. It's invented the genre, major books, major movies, major animation and games.

所以我認為這有點符合我們對《最終幻想》的樂觀態度。是什麼推動了它的成功？我認為有幾件事。我認為，首先也是最重要的，就是找到合適的 IP，這些 IP 必須與萬智牌粉絲可能感興趣的內容或萬智牌可能吸引其他粉絲群的內容緊密相關。《魔戒》非常精彩，因為它可以說是賽諾菲的始祖。它發明了主流文學、主流書籍、主流電影、主流動畫和遊戲。

Final Fantasy, I think, is almost as strong as Lord of the Rings in terms of IP strength, if not stronger in some regions. I think it has stronger cross-regional appeal. And it has probably more of a sweet spot in gaming than Lord of the Rings has because it was kind of born from gaming. So I think potentially, the overlap of fan bases was stronger than you might have even seen for something like Lord to the Rings.

我認為，從 IP 實力來看，《最終幻想》幾乎與《魔戒》一樣強大，甚至在某些地區甚至更強。我認為它具有更強的跨區域吸引力。而且它在遊戲領域可能比《魔戒》更受歡迎，因為它是從遊戲中誕生的。因此我認為，粉絲群的重疊程度可能比《魔戒》等作品的粉絲群重疊程度更高。

And I think when you couple that with some savviness that the Wizards team has learned over the last couple of years in terms of managing the SKU mix, managing what the ASP expectation should be and shifting people up in terms of what they want to collect and what they want to buy, it just breeds very, very strong success.

我認為，當你將這一點與 Wizards 團隊在過去幾年中在管理 SKU 組合、管理 ASP 預期以及改變人們想要收集和購買的東西方面學到的一些技巧結合起來時，它就會帶來非常非常大的成功。

And then in terms of your third kind of sneaky question --

關於你的第三種隱晦的問題--

Very sneaky.

非常鬼祟。

Yeah. So that was a --

是的。所以這是一個--

(multiple speakers) out at the beginning.

（多位發言者）一開始就說出來。

In terms of our outlook for Magic, we feel pretty darn good about the Universes Beyond lineup we have set up for 2026 and 2027. We're very player focused in terms of how we announce these things. So we're not going to take away any of the Magic team's thunder. But over the next couple of months, usually in August and September, the Magic team reveals what the new sets are going to be for the following year. And we feel pretty good about the brand collaborations and the first party sets we have next year in terms of being Final Fantasy like in terms of the types of players, the size of community and the adjacencies we have.

就我們對 Magic 的展望而言，我們對為 2026 年和 2027 年設定的 Universes Beyond 陣容感到非常滿意。在宣布這些事情時，我們非常注重玩家。所以我們不會奪走魔術隊的任何風頭。但在接下來的幾個月裡，通常是八月和九月，魔術團隊會透露來年的新系列。就《最終幻想》的玩家類型、社群規模和鄰接性而言，我們對明年的品牌合作和第一方套裝感到非常滿意。

Stephen, the only color I would add to Chris' answer there is, I'll give props and kudos to our Magic team, who really navigated this unprecedented demand. They were very agile. And every week, we were getting an updated view of what the sales could be. And almost instantly, we were back working options on how we would be able to produce and kind of lean into as much demand as we could.

史蒂芬，我唯一想補充的是，克里斯的回答是，我要向我們的魔術團隊表示敬意和讚揚，他們真正滿足了這一前所未有的需求。他們非常敏捷。每週，我們都會獲得有關銷售情況的最新資訊。幾乎是立刻，我們就重新開始研究如何進行生產，並盡可能滿足需求。

So as Chris said, we upped production four different times. We're continuing to produce the set. We think the set itself is going to have a huge, long tail, but the team really has honed in their agile operating skills to be able to respond. It was impressive this quarter.

正如克里斯所說，我們四次提高產量。我們正在繼續製作該系列產品。我們認為該套裝本身將具有巨大的長尾效應，但團隊確實已經磨練了敏捷的操作技能，能夠做出反應。本季的表現令人印象深刻。

That's great. I appreciate it all. Thank you, both.

那太棒了。我非常感謝這一切。謝謝你們兩位。

Are you done with your 5-point question, Steven?

史蒂文，你的 5 點問題問完了嗎？

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

A couple of follow-ups, I guess, starting with the midterm outlook, you reaffirm the midterm outlook. You call for in that outlook, 500 basis points to 100 basis points of average annual operating margin expansion through '27. Can we just take the high end of your updated outlook for this year, you could achieve most of that this year alone. So just as we think about calibrating our models beyond this year. Should we think about those targets as potentially conservative?

我想，接下來有幾個問題，先從中期展望開始，你重申中期展望。在該展望中，您預計到 27 年，平均每年營業利潤率將擴大 500 個基點至 100 個基點。我們能否僅採用您今年更新後的展望的高端，您僅在今年一年就可以實現大部分目標。因此，正如我們考慮在今年之後校準我們的模型一樣。我們是否應該認為這些目標可能是保守的？

And I recognize there are going to be incremental costs coming in from Exodus, but you're also absorbing a lot of royalty expense and tariffs this year, tariffs could ease over time, you still have cost savings to be realized, and it seems like you think you can continue the momentum for Magic. So just any help in kind of thinking about squaring those targets versus where you're going to end this year.

我知道 Exodus 會帶來增量成本，但今年你們也承擔了大量版稅費用和關稅，關稅可能會隨著時間的推移而降低，你們仍然可以實現成本節約，而且看起來你們認為你們可以延續 Magic 的勢頭。因此，任何有助於思考如何將這些目標與今年年底的目標進行平衡的幫助都可以。

Megan, good question. I guess at this point, we're not going to make any changes our midterm targets. We still feel like we have a path. As you pointed out, this year is clearly over delivering the expectations that we set in February. So there could be some lumpiness as we think '25, '26, '27, but we do still believe that we've got a path to that growth profile.

梅根，好問題。我想目前為止，我們不會對中期目標做出任何改變。我們仍然感覺我們有一條路。正如您所指出的，今年的表現顯然超出了我們二月設定的預期。因此，當我們展望 25、26、27 年時，可能會出現一些波動，但我們仍然相信我們已經找到了實現這一成長目標的道路。

To your point, the headwinds that we have now that we didn't know then in when we set them in February, is a big one. So even though the net impact this year is $60 million, we expect that to be bigger as we move into '26, '27. But to your point, it remains fluid. So I think we'll get a little bit deeper into this year before we give any sort of updated guidance on '26, '27, but big picture, we feel pretty good with where we are.

正如您所說，我們現在面臨的阻力是巨大的，而我們在二月設定這些阻力時並不知道。因此，儘管今年的淨影響為 6000 萬美元，但我們預計，隨著進入 26、27 年，這一影響將會更大。但就你的觀點而言，它仍然是不確定的。因此，我認為在我們對 26 年、27 年做出任何更新指導之前，我們需要對今年的情況進行更深入的了解，但從總體上看，我們對目前的狀況感到相當滿意。

Okay. That's helpful. And just a follow-up, I guess, on MONOPOLY GO, which accelerated pretty nicely this quarter. I think $44 million is the highest contribution you've ever recognized in a quarter game to date. So can you just talk a little bit about what you're seeing there? Are you finding that maybe there's some seasonality in the business. Was there any change in marketing cadence from Scopely? Just maybe a little bit more on what drove that acceleration? And then any updates in terms of the assumptions for that decay rate you factored into the updated guidance?

好的。這很有幫助。我想，這只是《MONOPOLY GO》的後續作品，該遊戲本季發展非常順利。我認為 4400 萬美元是迄今為止您在四分之一場比賽中認可的最高捐款。那麼你能簡單談談你在那裡看到的情況嗎？您是否發現業務中可能存在一些季節性？Scopely 的行銷節奏有變化嗎？能否再多說一下推動這種加速發展的因素？那麼，您在更新指南時考慮到的衰減率假設方面有什麼更新嗎？

Their user metrics continue to be excellent, and I think it exceeds just about any other benchmark in the industry. Scopely is being very savvy in terms of their partnerships. They had a fantastic collaboration with Star Wars in May and June. And then I'd also say that the user acquisition costs and the percentage of revenue that we're spending against user acquisition has probably come in on the lower side of our expectations.

他們的用戶指標持續保持優異，我認為它超過了業內任何其他基準。Scopely 在合作方面非常精明。他們在五月和六月與《星際大戰》進行了精彩的合作。然後我還要說的是，用戶獲取成本以及我們用於用戶獲取的收入百分比可能低於我們的預期。

All of those things combined have raised the amount of revenue contribution that we're able to take from that game. And I think we previously said about $10 million a month, that's likely on the conservative side based on what we're seeing for the first six months.

所有這些因素結合起來提高了我們從該遊戲中獲得的收入貢獻。我認為我們之前說過每月約 1000 萬美元，根據我們對前六個月的觀察，這可能是保守的。

Yeah. I would guide you that it's more -- we've been running roughly 14%. I would guide you to that $12 million to $14 million a month in the back half, just given what we're seeing.

是的。我想告訴你的是，我們已經運行了大約 14%。根據目前的情況，我預計下半年每月的收入將達到 1,200 萬至 1,400 萬美元。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Congrats on a great quarter. So you had upside in your full year guide, given Q1 outperformance already and by my calculation that operating profit margin as well as EBITDA were higher a bit than the original 2022 -- than the original guidance for 2025. So original was '21 to '22. I was sort of expecting a little bit maybe upside to the guidance that you gave today, given the Q1 outperformance already.

恭喜本季取得優異成績。因此，鑑於第一季的表現已經非常出色，並且根據我的計算，營業利潤率和 EBITDA 比最初的 2022 年和 2025 年指引略高，因此您的全年指引有所上調。所以原來是‘21 到‘22’。鑑於第一季的出色表現，我原本預計您今天給出的指引可能會有一點上漲。

I understand why you would want to keep that sort of checked a bit given sort of significant uncertainty ahead of you. You still have holiday season ahead of you. But would you say that leaves room for a nice upside for the full year? How would you sort of calibrate that guidance given that there was already upside to the original guide given Q1 outperformance? And then I have a quick follow-up.

我理解，考慮到你面前的重大不確定性，為什麼你想要稍微控制一下。您仍將迎來假期。但您是否認為這為全年的良好上漲留下了空間？鑑於第一季的優異表現，原始指引已經存在上行空間，您將如何調整該指引？然後我有一個快速的跟進。

Yeah. So I would classify our guidance outlook on margin to be kind of the right call where we're sitting for what we can see today. I mean, through the first half of the year, the one piece to keep in mind is that we haven't seen any of that tariff impact in the P&L quite yet. So that starts to manifest in the back half of the year. And that's almost a 2-point drag on our margins as we move through that back half.

是的。因此，就我們目前所見的情況而言，我認為我們對利潤率的指導前景是正確的。我的意思是，在今年上半年，需要記住的一點是，我們還沒有在損益表中看到任何關稅影響。所以這種情況在下半年開始出現。當我們進入後半段時，這幾乎對我們的利潤率造成了 2 個百分點的拖累。

So to your point, it's still early in the sales selling cycle for holidays. So there is a question mark on how all of that is going to impact kind of our margin in the back half. But right now, I would say we feel good about the guidance that we put out there for the year.

所以正如您所說，現在還處於假期銷售週期的早期階段。因此，所有這些將如何影響我們下半年的利潤率仍是一個問號。但現在，我想說我們對今年的指導感到滿意。

Okay. And then maybe a bigger picture question for you, Chris. As you look at the Wizard business today, and Wizard in its entirely including DND, your success in digital and, of course, MAGIC: THE GATHERING. Is there anything that has changed in your thinking in terms of growth profile and opportunity today versus a year ago or even six months ago in terms of what third-party IP could mean for this business, let's say, three years from now?

好的。然後也許我要問你一個更宏觀的問題，克里斯。當你回顧今天的巫師業務，以及巫師的全部業務，包括 DND、數位業務的成功，當然還有《萬智牌》。與一年前甚至六個月前相比，您對今天的成長前景和機會的看法有什麼變化嗎？就第三方 IP 對這項業務的意義而言，比如說三年後，有什麼改變嗎？

We built the Universes Beyond strategy for Magic with the idea of new player and total player expansion. I would say that every KPI that we're able to measure indicates that not only has that strategy been successful, it's been really successful. I think we're seeing meaningful player growth on Magic. I think we're seeing meaningful distribution growth. And that, to me, translates into enduring business success.

我們以新玩家和整體玩家擴展的理念為《魔法》建構了「超越宇宙」戰略。我想說，我們能夠衡量的每一個 KPI 都表明該策略不僅成功了，而且確實成功了。我認為我們看到了 Magic 玩家的顯著成長。我認為我們正在看到有意義的分銷成長。對我來說，這意味著持久的商業成功。

And it's a tail of all time inside of toys and games. It's why licensing is as big of a business as it is. And Magic is really a single source provider inside of trading cards for this kind of business. And it's great for Magic because it grows our overall player base. It tends to be very lucrative for us. it's also fantastic for the licensors because the scale of releases that we're able to achieve, it's basically like a licensor gets a new blockbuster movie or a new AAA video games worth of revenue for a year that tend to have a nice long tail associated with it.

這是玩具和遊戲中永恆的尾巴。這就是為什麼許可業務如此重要。對於此類業務而言，Magic 確實是交易卡的單一來源提供者。這對 Magic 來說很棒，因為它擴大了我們的整體玩家群。這對我們來說往往非常有利可圖。對於授權商來說，這也是一件好事，因為我們能夠實現的發行規模，基本上就像授權商獲得了一部新的大片或一款新的 AAA 視頻遊戲，一年的收入往往伴隨著良好的長尾效應。

So to me, I think Universes Beyond is exceeding expectations. And I think despite maybe some headwinds that we see in the Consumer Products segment due to tariffs, that's partially why we're able to very strongly reaffirm our mid-term guidance because we see upside in games.

所以對我來說，我認為《Universes Beyond》超出了預期。我認為，儘管由於關稅，我們在消費品領域可能面臨一些阻力，但這也是我們能夠非常有力地重申我們的中期指導的原因之一，因為我們看到了遊戲領域的上升空間。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

So obviously, a fantastic quarter from a Wizards perspective. But even CP, I think was in line with or maybe a little bit better than we were modeling. I guess, the biggest question I'm getting as we think about a beat versus the street of about $75 million. The raise seems a bit more muted, right? So call it $60 million at the midpoint. Help us bridge some of that.

顯然，從奇才隊的角度來看，這是一個精彩的季度。但即使是 CP，我認為也與我們的建模一致，或者可能比我們的建模更好。我想，當我們考慮以低於華爾街 7500 萬美元的價格出售股票時，我遇到的最大疑問就是這一點。加薪幅度似乎比較小，對嗎？所以中間值是 6000 萬美元。幫我們彌補其中的一些缺陷。

You talked about tariffs going from I think what was assumed in your previous guidance, $180 million to now $60 million, so that's about $120 million of a good guy right there. And then, obviously, the Wizards a little fuzzier, but I get to maybe $75 million of upside from Wizards. So what's the offset to that? I mean, in your bridge slide, it looks like this is often the case, CP is the answer. But maybe walk us through where we stand today, CP versus we were three months ago.

您談到關稅將從您先前的指導中假設的 1.8 億美元降至現在的 6000 萬美元，所以這大約是 1.2 億美元的好價錢。然後，顯然，巫師隊的情況有點模糊，但我從巫師隊那裡得到了可能 7500 萬美元的收益。那麼，偏移量是多少呢？我的意思是，在你的橋樑幻燈片中，看起來這種情況經常發生，CP 就是答案。但也許可以向我們介紹一下我們今天的立場，與三個月前相比 CP 的立場如何。

Yeah. Good question. Let's start with where CP came in on Q2, to your point, the overall segment was a bit better than what we were saying we were calling kind of 19%, 20% down last April and now we came in at down 16%. Really, it was on the back of some timing within LCP. So the toy and game part of the CP finished almost spot on, on what we had anticipated within the quarter.

是的。好問題。讓我們先從 CP 在第二季度的表現開始，正如您所說，整體表現比我們所說的要好一些，去年 4 月份我們稱之為下降 19%、20%，而現在下降了 16%。實際上，這是 LCP 內部的一些時間安排的結果。因此，CP 的玩具和遊戲部分幾乎完全按照我們在本季的預期完成。

So just as we think about digesting Q2, in terms of how the guide is working in the -- going on with CP business. So there's the net tariff impact itself, which, to your point, is materially improved from where we had it pegged last quarter. The things though that are different, we did see with that revenue coming out in Q2, while we'll see some improvement in our performance in the back half, we're kind of looking at that Q2 revenue loss as a revenue loss. And then the impact that, that has on the business as we move through from a deleverage both kind of within the supply chain as well as within our managed expense route.

因此，正如我們考慮消化第二季度的數據一樣，就指南在 CP 業務中如何發揮作用而言。因此，就淨關稅影響本身而言，正如您所說，它比上個季度的水平有了實質性的改善。儘管情況有所不同，我們確實看到第二季的收入增加，雖然下半年業績會有所改善，但我們將第二季的收入損失視為收入損失。然後，當我們從供應鏈內部以及管理費用路線內的去槓桿化過程中轉變時，這對業務產生了影響。

So it really is just how we're thinking about the stickiness of that Q2 loss as it plays through the back half of the year. We're also watching with all of our retailers, they have taken very -- they're carefully watching their inventory levels, and they've taken decisions to push the set back -- the holiday sets back further, so that's impacting how we're thinking about flow-through of our inventory in the back half of the year, but that is ultimately going to lead to demand outlook. So it really comes down to how we are forecasting Q3, Q4 for CP.

因此，我們實際上只是在思考第二季度虧損的黏性，因為它將在今年下半年持續發揮作用。我們也正在關注所有零售商，他們已經採取了非常嚴格的措施——他們正在仔細觀察他們的庫存水平，並且他們已經決定推遲假期庫存的減少，所以這會影響我們對下半年庫存週轉的思考，但這最終將影響需求前景。所以這實際上取決於我們如何預測 CP 的第三季和第四季。

Yeah, Gina, I would add, it's a bit of a tale of two categories. On the game side, in Q1, we were bullish. I think, Q2 reaffirmed our bullishness, and we see that flowing through in the back half of the year. The Collectibles segment, the Hobby segment is continuing to be very buoyant. And that's, obviously, based on the chart where we see a lot of the upside.

是的，吉娜，我想補充一點，這有點像是兩個類別的故事。在遊戲方面，在第一季度，我們非常樂觀。我認為，第二季度再次證實了我們的看漲情緒，我們預計這種情緒將在今年下半年持續下去。收藏品部分、嗜好部分持續保持強勁勢頭。顯然，根據圖表，我們看到了許多上行潛力。

On the consumer products and more general merchandise and toy side, I would say we share a similar sentiment with our retailers, which is cautious optimism. Optimism in that consumer sentiment seems to be bouncing back from April lows. The consumer tends to be continuing to buy. And we don't see much evidence of pull forward buying, anticipating inflation or tariffs.

在消費品、更多日用百貨和玩具方面，我想說我們與零售商有著相似的看法，那就是謹慎樂觀。消費者信心樂觀情緒似乎正從四月的低點反彈。消費者傾向於繼續購買。我們沒有看到太多提前購買、預期通膨或關稅的證據。

That said though, the tariffs are going to have an impact. We do expect pricing to happen across the industry. And so it's a little bit of a black box, what the back half of the year is going to look like. I think you're going to see companies like us be cautious on our inventory.

儘管如此，關稅還是會產生影響。我們確實預計整個行業都會進行定價。因此，今年下半年的情況將會如何，這有點像黑盒子。我想你會看到像我們這樣的公司對庫存非常謹慎。

I think you're going to see retailers be cautious on inventory. And I think consumers are going to have a bit of choice because they're still very promotionally sensitive right now. But a lot of hot products are going to likely be out of stock this holiday because we're just not going to be able to refund them because we didn't have the upfront inventory for them. So like a PLAY-DOH Barbie and animals, a baby EV, if you're a mom or dad, you're probably going to want to go and buy that early.

我認為你會看到零售商對庫存持謹慎態度。我認為消費者將會有一些選擇，因為他們現在對促銷仍然非常敏感。但許多熱門產品可能會在這個假期缺貨，因為我們沒有這些產品的預付庫存，所以無法退款。因此，像 PLAY-DOH 芭比娃娃和動物玩具、嬰兒電動車，如果你是媽媽或爸爸，你可能會想早點去買。

Got it. That's all really great color. Maybe as a follow-up. As I think about CP and what happened in 2Q, I feel like I'm hearing two different factors here. One is the direct import versus domestic, which I think you believe is more just a timing issue which you should get back in the second half. And then there's a piece of -- well, maybe overall, we think the category is a little slower than we thought. So maybe tease those pieces out. At the end of the day, everybody is trying to figure out how conservative this guidance is. And I think some of this sort of depends on how you're thinking about some of those factors.

知道了。這些顏色都非常棒。也許作為後續行動。當我思考 CP 以及第二季發生的事情時，我覺得我聽到了兩個不同的因素。一個是直接進口還是國內進口，我認為您認為這更多只是一個時間問題，您應該在下半年重新考慮。然後有一部分——好吧，也許總的來說，我們認為這個類別比我們想像的要慢。所以也許可以把這些部分梳理出來。最終，每個人都在試圖弄清楚這一指導方針有多麼保守。我認為這在某種程度上取決於你如何看待這些因素。

Yeah. In Q2, we definitely saw inventory -- kind of order pattern shift. So we did see retailers -- we talked about this last quarter, there's no need for them to be pre-buying discretionary holiday goods in the second quarter. So they made a lot of decisions to stop or pause or slow their direct import in. And so then we are sitting at more of the inventory within domestic.

是的。在第二季度，我們確實看到了庫存——訂單模式的轉變。因此，我們確實看到零售商——我們在上個季度討論過這個問題，他們沒有必要在第二季度提前購買非必需的假日商品。因此他們做出了很多決定，停止、暫停或減緩直接進口。因此，我們國內的庫存就更多了。

We believe that order pattern, I mean, Christmas is going to come, parents are going to buy toys, we know that they will be pulling the inventory. It's just going to be later and in line with their shelf resets, which again, many of them push their shelf resets out of kind of Q2 into later within Q3. So as I think there was a situation in Q2 that I think as we move through Q3, Q4, it goes back to more normal order patterns.

我們相信訂單模式，我的意思是，聖誕節即將到來，父母會購買玩具，我們知道他們會拉動庫存。它只是會在稍後出現並與他們的貨架重置保持一致，同樣，他們中的許多人將他們的貨架重置從 Q2 推遲到 Q3 的後期。因此，我認為第二季度出現的情況隨著我們進入第三季、第四季度，它會恢復到更正常的訂單模式。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

A couple of Magic questions here. First, when the Final Fantasy set first got announced, I forget, over a year, there was an expectation that it would have a positive impact on international sales, particularly in Japan, which at the time, I believe, was your largest international market for Magic. How did that play out? And how does that have you thinking about future Magic sales going forward? And then I've got a follow-up.

這裡有幾個關於魔術的問題。首先，當《最終幻想》系列首次發佈時，我忘了，已經有一年多了，人們期望它會對國際銷售產生積極影響，特別是在日本，我相信當時日本是《萬智牌》最大的國際市場。結果如何？您對未來的魔術銷售有何看法？然後我有一個後續行動。

Today it's the second best-selling set of all time and behind only Modern Horizons 2, that we anticipate it will beat Modern Horizons 2 within days or weeks. So it was a big seller there.

如今，它是有史以來銷售第二好的系列，僅次於《摩登新篇 2》，我們預計它將在幾天或幾週內超越《摩登新篇 2》。因此它在當地很暢銷。

How's that impacting your decisions on future international growth of Magic.

這對您對 Magic 未來國際發展的決定有何影響？

Sorry, I missed the second half of the question.

抱歉，我錯過了問題的後半部。

There's a sneaky second half of the question.

這個問題的後半部有點隱晦。

It's fine. I'll count that all as one. We see Japan as a growth market for Magic. Obviously, the more that we can find -- obviously, we had a fantastic experience with Square Enix. They've got a lot of great IP. And generally speaking, we see Japan as a gold mine of potential license partners to work on Magic. Japan tends to be kind of like the learning lab for trading card games worldwide. It's probably one of the most innovative market for them, have the greatest variety of them. So we're all in on the Japanese market.

沒事的。我會把這一切都算作一件事。我們認為日本是 Magic 的成長市場。顯然，我們能找到的越多——顯然，我們與 Square Enix 的合作經驗非常愉快。他們擁有很多優秀的知識產權。整體而言，我們認為日本是開發萬智牌的潛在授權合作夥伴的金礦。日本就像是全世界集換式卡牌遊戲的學習實驗室。對他們來說，這可能是最具創新性的市場之一，擁有最多的產品種類。所以我們全心投入日本市場。

Likewise, I think things like final fantasy and what we're doing with Universes Beyond is also allowing us to be able to get into more mass, drugstore, non-traditional, like convenience store style distribution, both in the Japanese market and around the world. So I think, you're seeing things like Final Fantasy, future sets like Spider-Man, helping to crack the door open on wider mass distribution, which will help us not just in Japan, but also in the US and Europe.

同樣，我認為《最終幻想》和我們正在製作的《超越宇宙》等作品也讓我們能夠進入更多大眾市場、藥店市場、非傳統市場，例如便利商店風格的分銷市場，無論是在日本市場還是在世界各地。所以我認為，你會看到《最終幻想》和《蜘蛛人》等未來系列遊戲有助於打開更廣泛的大眾發行大門，這不僅會幫助我們在日本市場取得成功，還會幫助我們在美國和歐洲市場取得成功。

Great. That's helpful. And then with regards to your play demographics in your slide presentation, the average table top player is about 35 years old. Now, you've got Spider-Man, which theoretically skews a bit younger. Avatar is more of a teens type product. And Secret Lair, I think you have just put out or you'll soon be putting out a Secret Lair release for Sonic, the hedgehog. So I'm curious about how you're thinking about the demographic shift maybe getting younger for Magic.

偉大的。這很有幫助。然後，根據您在投影片中介紹的遊戲人口統計數據，桌上遊戲玩家的平均年齡約為 35 歲。現在，我們有了蜘蛛俠，理論上他的年齡更年輕一些。Avatar 比較像是青少年類型的產品。還有《Secret Lair》，我想你們剛剛推出了或很快就會推出一款針對刺猬索尼克的《Secret Lair》版本。所以我很好奇你是如何看待人口結構的變化，也許魔術隊會變得更年輕。

I mean -- I won't do the cheeky answer. Our new player average is always in kind of that 11 to 14-year-old range. The thing is that Magic players just never stop playing. So the median age goes up over time because people play into their 50s and 60s and then it starts to become multi-generational.

我的意思是──我不會做出這種厚顏無恥的回答。我們的新球員平均年齡總是在 11 至 14 歲之間。事實是，魔術玩家永遠不會停止玩遊戲。因此，隨著人們年齡增加到五、六十歲，平均年齡會隨著時間的推移而上升，然後開始呈現多代現象。

So yeah, we see things like Spider-Man, things like Sonic, the Hedgehog, general kind of efforts that we have like Secret Lair that just help us test and learn new IPs as ways for us to be able to expand the demos of the game.

是的，我們看到了《蜘蛛人》、《刺猬索尼克》以及《Secret Lair》等遊戲，這些遊戲幫助我們測試和學習新的 IP，並以此來擴展遊戲的演示。

And then it's not just about age, Magic, I think, does better than most hardcore games or enthusiast games in terms of penetration with people who identify as female, but we still have a ways to go there. I think about 30% of the player base today are women, and we'd like to see that increase over time. So we're also looking at IPs that could have some resonance there. So don't be surprised if you see us poking into Romantasy, don't be surprised if you see us looking at K-Pop bands, nothing is off the table.

這不僅與年齡有關，我認為，在女性玩家的滲透率方面，萬智牌比大多數硬核遊戲或愛好者遊戲要好，但我們還有很長的路要走。我認為目前大約 30% 的玩家是女性，我們希望這一比例隨著時間的推移而增加。因此我們也在尋找可能引起共鳴的 IP。因此，如果您看到我們深入研究 Romantasy，請不要感到驚訝；如果您看到我們關注 K-Pop 樂隊，也不要感到驚訝；沒有什麼是不可能的。

Christopher Horvers, JP Morgan.

摩根大通的克里斯多福‧霍弗斯 (Christopher Horvers)。

So understanding that you've only seen a little tariff impact so far given production timing and orders. But are you seeing prices steep in from others already in the market, and how do you think the US consumer is reacting to tariffs at the category level? So said another way, how do you see POS trend at the industry level in 2Q? And a sneaky second one as we assess the estimate of lost sales -- (multiple speakers) As we assess the estimate of lost sales from 2Q that you're putting into the guide, how does your POS trend relative to the industry?

因此，考慮到生產時間和訂單，您到目前為止只看到了很小的關稅影響。但是，您是否看到市場上其他產品的價格大幅上漲？您認為美國消費者對類別層面的關稅有何反應？那麼換句話說，您如何看待第二季度行業層面的 POS 趨勢？當我們評估銷售損失估計值時，還有一個隱密的第二個問題——（多位發言者）當我們評估您放入指南中的第二季銷售損失估計值時，您的 POS 趨勢相對於行業而言如何？

Chris, so I think in terms of how the consumer is holding up in the second quarter, I think they're jolly holding up pretty well. The toy industry is up through the second quarter, but a lot of that is concentrated in, frankly, trading cards and maybe building sets. And then outside of that, I think the industry is behaving about what we thought, which was flat to slightly down. Our categories are behaving about what we figured they would we have a lineup that is very back half weighted in terms of where our new products are coming out.

克里斯，所以我認為就第二季消費者的表現而言，他們的表現相當不錯。玩具業在第二季度有所增長，但坦白說，其中很大一部分集中在交易卡和建築套裝上。除此之外，我認為產業表現與我們想像的一致，即持平或略有下降。我們的產品類別表現與我們預想的一致，就新產品的推出而言，我們的產品線佔比非常低。

But where we have seen success, it's been with great entertainment partnerships like what we saw with TRANSFORMERS, which TRANSFORMERS 1 had a modest box office, but it's had an excellent set of toy sales. So mission accomplished as far as we're concerned. Marvels back to growth, particularly with Captain America, and we're looking forward to the Fantastic 4.

但我們看到的成功案例，都是與出色的娛樂合作夥伴合作的成果，例如《變形金剛1》，《變形金剛1》的票房並不理想，但玩具銷售卻非常出色。所以就我們而言，任務已經完成。漫威重新恢復成長，尤其是美國隊長的出現，我們也對神奇四俠充滿期待。

And then, I think the entry is generally seeing a similar trend where for four quadrant theatrical is really working, whether it's Minecraft or Sonic, the Hedgehog or most recently, Jurassic World. And then innovation is also paying dividends. So we're seeing that with BEYBLADE. We've only had a couple of weeks of sales at a couple of retailers. So it didn't really affect our POS. But we're very pleased with the early impact of our collaboration with Mattel on PLAY-DOH Barbie. The new Baby EV has really turned around the Peppa Pig brand inside of toys. And so we see that as part of our thesis in the back half of the year with sequential growth with toys being replenishment-based kind of tracking with POS.

然後，我認為該作品總體上呈現出類似的趨勢，即四象限戲劇確實有效，無論是《我的世界》還是《刺猬索尼克》，還是最近的《侏羅紀世界》。創新也會帶來回報。我們在 BEYBLADE 上看到了這一點。我們僅在幾家零售商處進行了幾週的銷售。所以它並沒有真正影響我們的 POS。但我們對與美泰兒在 PLAY-DOH 芭比娃娃上的合作的早期影響感到非常滿意。新款 Baby EV 確實徹底改變了小豬佩奇品牌在玩具領域的形象。因此，我們認為這是我們下半年論點的一部分，玩具將實現連續成長，並且是基於補貨的 POS 追蹤。

Now, in terms of how tariffs that impacted the category. I think the answer is it hasn't impacted takeaway from the consumer that much yet because usually, it takes five to eight months for a toy to go from the factory to the shelf. But I think you started to see some indications that boy prices were starting to creep up in May and June. And we think that will happen slowly and consistently likely through the balance of the year and into next year.

現在，就關稅如何影響該類別而言。我認為答案是它還沒有對消費者的購買產生太大影響，因為通常情況下，一個玩具從工廠到上架需要五到八個月的時間。但我認為你開始看到一些跡象表明男孩的價格在五月和六月開始上漲。我們認為，這種情況將會在今年餘下時間乃至明年緩慢而持續地發生。

I don't think you're going to magically see one day toy prices go from X to Y. I think it's going to be kind of more line by line, SKU by SKU and over several months as the general industry kind of get a feel for what the consumer can bear.

我不認為有一天你會神奇地看到玩具價格從 X 漲到 Y。我認為這將是逐行逐行、逐次 SKU 的調查，需要幾個月的時間，讓整個產業了解消費者的承受能力。

And the only add I have is on mix as well. So I think pricing will start to get muted based on the mix of products. And just speaking of the discussions that we've been having with our retailers, there's a lot of focus on how do you protect again those Magic price points and keeping them to where we think consumers are going to be able to come in and buy. So I would anticipate in the back half and into '26, you'll see some mix shifts happening broadly across the category as we try to keep the prices low.

我唯一的添加也是混合的。因此我認為定價將根據產品組合開始變得溫和。就我們與零售商的討論而言，重點是如何再次保護這些「魔術」價格點，並將它們保持在我們認為消費者能夠購買的價格水平。因此，我預計在下半年和26年，隨著我們試圖保持低價，您會看到整個類別中會發生一些混合變化。

Got it. And I guess that's some of the like assumed tariff headwind, which is like anything above a certain Magic price point just there due too much inflation for the -- and the elasticity would be net negative?

知道了。我想這就是假設的關稅逆風，就像任何超過某個神奇價格點的東西，都是由於通貨膨脹過高造成的——而彈性會是淨負值嗎？

Yeah, that's right.

是的，沒錯。

And then my follow-up is -- sorry, go ahead.

然後我的後續問題是——抱歉，請繼續。

All I just say some of that math or that logic has informed how we've thought about our portfolio in the back half of this year and into '26, meaning if the product itself couldn't kind of survive huge pricing, we've taken -- because it would have just popped it to a price point that was just not going to be palatable for the consumer, we've taken decisions to not bring that product into the US.

我只是說，一些數學或邏輯告訴我們如何在今年下半年和 26 年思考我們的產品組合，這意味著如果產品本身無法承受高昂的定價，我們就會採取——因為它會將其價格推到一個消費者無法接受的價格點，我們決定不將該產品引入美國。

And then my follow-up is, you have two of your largest retailers have big marketplaces. I'm curious if they're asking you to more directly bear the inventory risk, ie, we'll fulfill it for you. We'll put it in our DC, but it's going to be a marketplace item, it's not going to be in store and you're going to still own that inventory. So curious if that's something that's accelerating as well?

然後我的後續問題是，你們最大的兩家零售商都有大型市場。我很好奇他們是否要求您更直接地承擔庫存風險，即我們將為您完成。我們將把它放在我們的 DC 中，但它將成為市場商品，不會放在商店中，而您仍然擁有該庫存。所以很好奇這是否也是正在加速的事情？

Now, we haven't seen that though like the DI, the domestic definitely is at a risk shift.

現在，我們還沒有看到像 DI 這樣的國內市場肯定處於風險轉變之中。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Congrats on a strong quarter. I guess just first, can you talk about the health of the Magic player base? I think you said up 40% year-over-year in the first half in terms of unique players. Just a little more color on sort of how you're measuring that, how many new players are the Universes Beyond set bringing into the game? And how sticky are those new entrants that you're seeing from the Universes Beyond sets?

恭喜本季業績強勁。我想首先，您能談談魔術隊球員的健康狀況嗎？我認為您說過上半年獨立玩家數量同比增長了 40%。請再詳細說明您是如何衡量這一點的，《Universes Beyond》系列為遊戲帶來了多少新玩家？您從 Universes Beyond 系列中看到的新進入者的黏性有多強？

Yeah. So the 40% unique increase is specific to people who participate in organized play. So that's a subset of the total player base, but it's probably the most measurable that we have week-to-week. And so final fantasy has been, generally speaking, the overall active player base in terms of playing in store has been leaping up 40%. It's a pretty impressive growth metric. Final Fantasy specifically has been very effective at bringing in new players into our organized play network. I think we did more new players in two weeks of Final Fantasy than we would typically do over a 12-week period for any other set that we've ever done.

是的。因此，40% 的獨特成長是針對參加有組織比賽的人而言的。所以這只是整個玩家群體的子集，但這可能是我們每週最可衡量的數據。總體而言，《最終幻想》在商店中玩遊戲的活躍玩家總數已經增加了 40%。這是一個相當令人印象深刻的成長指標。《最終幻想》在吸引新玩家加入我們的有組織的遊戲網路方面非常有效。我認為，《最終幻想》兩週內吸引的新玩家數量，比我們以往製作的任何其他系列遊戲 12 週內吸引的新玩家數量還要多。

In terms of the total player base, we don't have a formal metric that we can share yet. We are working on a very robust kind of model for us to be able to track that. The challenge is most of the play with Magic is offline, only about 15% or so of the player base plays on something like arena or something like in a store. But every metric we can see from social listening to search queries to POS reports to organize play to Magic Con to backlist sales indicates that the total player base is growing quite robustly. And when we acquire a new player, even on something like a Universes Beyond, we tend to see a long tail, and we tend to see repeat purchases for future sets.

就整體玩家群而言，我們還沒有可以分享的正式指標。我們正在研究一個非常強大的模型，以便能夠追蹤這一點。挑戰在於，大多數《萬智牌》遊戲都是離線進行的，只有大約 15% 左右的玩家在競技場或商店之類的地方玩遊戲。但是，從社交聆聽到搜尋查詢到 POS 報告到組織遊戲到 Magic Con 到後續銷售，我們所看到的每個指標都表明整體玩家群正在強勁增長。當我們獲得一名新玩家時，即使在像 Universes Beyond 這樣的作品中，我們也傾向於看到長尾效應，我們傾向於看到未來系列的重複購買。

Got it. That's incredibly helpful. And then I just wanted to follow up on some of the consumer products sort of line of questioning from earlier. So I think the guide down 5% to 8% is sort of a downgrade from the flat to down 4%. The last time you provided, I think, formal quantitative guidance. So I guess just parsing it out, did you see holiday orders sort of cut in the quarter or more cautious stance by retailers, obviously, we have some of the DI DOM sort of shift, but just wanted to get a little more color on sort of the downgrade and the CP guide.

知道了。這非常有幫助。然後我只是想跟進一下之前關於消費品的一些問題。因此，我認為下降 5% 至 8% 的指導價是從持平到下降 4% 的降級。我認為，上次您提供了正式的量化指導。所以我想只是分析一下，你是否看到本季度的假期訂單有所減少，或者零售商採取了更謹慎的立場，顯然，我們有一些 DI DOM 的轉變，但我只是想對降級和 CP 指南有更多的了解。

Yeah, it was some of the factors we've talked already about on the call. So in Q2, we definitely saw retailers pausing, bringing in discretionary inventory for the holidays. They took decisions as well to push back the resets of their shelf to Q3. So both of those impacted the quarter but then also impacted how we're thinking about the annual outlook.

是的，這是我們在電話中已經討論過的一些因素。因此，在第二季度，我們確實看到零售商暫停銷售，為假期儲備可自由支配的庫存。他們還決定將貨架重置推遲到第三季。因此，這兩者都影響了本季度，同時也影響了我們對年度前景的看法。

And then as we look at the back half of the year, we've gotten a better line of sight now to just how the shelves are going to set, what the promotional activity is going to be, what our call is with each of the retailers in terms of where they are going to pull in inventory. So all of the factors went into the updated guide, not only what happened in Q2, but then how that was going to trickle into Q3 and Q4.

然後，當我們展望下半年時，我們現在對貨架如何擺放、促銷活動如何開展、以及我們與每家零售商就如何調入庫存做出的溝通有了更清晰的了解。因此，所有因素都納入了更新的指南中，不僅包括第二季發生的事情，還包括如何影響第三季和第四季。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

I just wanted to ask a question on Wizard to the Coast on digital margins. I think ahead of -- beyond this year, the operating margins of the segment were expected to fall back under 40%. And I'm curious if you guys would be able to reset expectations for that. Are there any structural changes maybe that you've seen that can lift that to above 40% or is there something else that may sort of normalize that profit margin in that segment going forward?

我只是想問一個有關《Wizard to the Coast》數位邊緣的問題。我認為，今年以後，該部門的營業利潤率預計將回落至 40% 以下。我很好奇你們是否能夠重新設定對此的期望。您是否看到任何結構性變化，可以將這一比例提升到 40% 以上，或者是否有其他因素可以使該部門未來的利潤率正常化？

Got it. No, there's no update to the margin as we look out. Keep in mind, as we start in '26, we'll have the depreciation hitting for Exodus and then any subsequent games after that. So that's one factor that isn't in our base today. That will be a margin drag as we move forward.

知道了。不，據我們觀察，利潤率沒有更新。請記住，從 26 年開始，我們將對《Exodus》以及之後的任何後續遊戲進行貶值。所以這是我們今天所沒有考慮到的因素。這對我們未來的利潤率將產生拖累。

Okay. And then, I think, SKU rationalization was mentioned in the prepared remarks. Can you talk about, I guess, maybe what that means more concisely and then what that portends for CP, particularly next year, do you think we'll be able to return to growth in that segment? Or is there more to maybe be pruned or outsourced to other manufacturers?

好的。然後，我認為，準備好的評論中提到了 SKU 合理化。我想，您能否更簡潔地談談這意味著什麼，以及這對 CP 意味著什麼，特別是明年，您認為我們能夠恢復該領域的成長嗎？或者是否還有更多需要削減或外包給其他製造商？

I definitely think we'll be returning to growth in CP next year. The entertainment lineup that we have is second to none. You have Spider-Man, Star Wars and then Avengers Doomsday, that alone in a pretty stacked lineup and pretty meaningful top line growth across our Marvel portfolio. And then, I think, you'll be lapping especially in the first half, a lot of quality innovation that we're seeing a very positive early signs on this year, PLAY-DOH Barbie, Peppa Pig. We'll have a full year of Iron Man and his awesome friends. I know Spider-Man has amazing friends. Iron Man has awesome one and animal, a lot of back half innovation that we have early indications will be good hits.

我確信明年我們的 CP 將恢復成長。我們的娛樂陣容是首屈一指的。我們有《蜘蛛人》、《星際大戰》和《復仇者聯盟：末日》，僅憑這些就構成了我們漫威投資組合中相當豐富的陣容，並且帶來了相當有意義的營收成長。然後，我認為，特別是在上半年，你會看到很多高品質的創新，我們在今年看到了非常積極的早期跡象，例如 PLAY-DOH 芭比娃娃、小豬佩奇。我們將與鋼鐵人和他的神奇朋友們一起度過整整一年。我知道蜘蛛人有很多很棒的朋友。鋼鐵人擁有超棒的形象和動物形象，後半部的許多創新我們早有跡象表明將會大獲成功。

Yeah. On the SKU rationalization front, we have been on a journey in the past couple of years as part of our transformation to really hone in, take the complexity out. When you get into an environment like this where not only our retailers but us are managing our inventory very carefully, looking and continuing to prune and look at those kind of, call it, CAND-level SKUs is always on the docket.

是的。在 SKU 合理化方面，作為我們轉型的一部分，我們在過去幾年中一直致力於真正磨練並消除複雜性。當你進入這樣的環境時，不僅我們的零售商，而且我們自己也在非常小心地管理庫存，查看並繼續修剪和查看那些所謂的 CAND 級 SKU 始終在議程上。

We've also taken decisions, as I said earlier, products that were probably not going to be fit for the US market given tariff impact and where we would have to price them, so we called those out of bringing into the US. It doesn't mean that they're not going to be shipping elsewhere in the world, but we have taken some different decisions on the portfolio for the US just given the environment.

正如我之前所說，我們也做出了一些決定，考慮到關稅的影響以及我們必須定價的地方，有些產品可能不適合美國市場，所以我們禁止這些產品進入美國。這並不意味著他們不會將產品運往世界其他地方，但考慮到具體環境，我們對美國的投資組合做出了一些不同的決定。

Kylie Cohu, Jefferies.

凱莉‧科胡 (Kylie Cohu)，傑富瑞 (Jefferies)。

Congrats on a strong quarter. You've kind of gone into detail on this already, but curious what you're specifically seeing in terms of the mix of new labs and existing customers for Magic specifically? Is it kind of seeing more new growth or are you really kind of seeing your existing players also spend more on the cards?

恭喜本季業績強勁。您已經對此進行了詳細的介紹，但是您是否好奇您具體看到了 Magic 的新實驗室和現有客戶的組合情況？您是看到了更多的新成長，還是看到現有玩家在卡片上花費更多？

I think you get to the detailed player demographics, we're probably going to have go offline. I would generally say that we're seeing a stronger mix of new players than we've seen in prior years this year. I can't give you a precise quantitative breakdown though. But like I said in the prior questions, every metric we're seeing, it all points to -- there's more people playing Magic, and there's more people who've never played Magic who are now playing Magic than ever before and it's quite meaningful.

我認為你了解了詳細的玩家人口統計數據，我們可能就不得不下線了。我總體上會說，今年我們看到的新球員組合比前幾年更強大。但我無法給你一個精確的量化細目。但就像我在之前的問題中所說的那樣，我們看到的每一個指標都表明——玩萬智牌的人越來越多，而且從未玩過萬智牌的人現在也開始玩萬智牌，這非常有意義。

Got you. No, that's super helpful. And then last one for me, just looking at that step-up in inventory. Could you give us a little more color on what drove that? I know you called out a combination of planned build versus the FX tariffs, but just any more color there would be helpful.

明白了。不，這非常有幫助。對我來說最後一個就是看看庫存的成長。您能否向我們詳細介紹一下導致這現象的原因？我知道您提到了計劃建設與外匯關稅的結合，但只要提供更多的細節就會有所幫助。

Exactly. Yeah, and we're at that time of the year where we would naturally be seeing a step-up in inventory that we're building. But a couple of unifactors this quarter. So obviously, the tariff cost itself is an increased cost of inventory. We've got roughly, call it, $15 million of cost of tariffs tied up in -- on the balance sheet right now, just to give you a sense of magnitude. I actually said through Q2, we had about $15 million of cost setup on the balance sheet.

確切地。是的，我們正處於一年中的這個時候，自然會看到我們正在建造的庫存增加。但本季有幾個單一因素。因此顯然，關稅成本本身就增加了庫存成本。我們目前在資產負債表上已經列明了大約 1500 萬美元的關稅成本，只是為了讓您了解其規模。我實際上說過，到第二季度，我們的資產負債表上的成本約為 1500 萬美元。

So that's one piece of it. FX is another. It's making our inventory a little bit more expensive. But then lastly, it's that piece that we've been talking about in terms of DOM DI. So as the retailers start pulling or slowed or paused their DI shipments, we were still producing and bringing it in and having it sit within our domestic inventory. So those are the three factors.

這就是其中的一部分。FX 是另一個。這使得我們的庫存稍微貴了一點。但最後，這是我們在 DOM DI 方面一直在討論的部分。因此，當零售商開始撤回、減緩或暫停其 DI 發貨時，我們仍在生產、進口並將其存放在我們的國內庫存中。這就是三個因素。

As I said in our prepared remarks, we have the path that we know how the inventory is going to flow in Q3, Q4. We think we may end the year slightly higher than where we were last year, but everything right now is kind of in line with expectation.

正如我在準備好的發言中所說的那樣，我們知道庫存在第三季和第四季的流動路徑。我們認為今年的業績可能會比去年略高，但目前的一切都符合預期。

This now concludes our question-and-answer session and will also conclude today's call. Ladies and gentlemen, thank you for your participation. You may now disconnect your lines at this time and have a wonderful day.

我們的問答環節到此結束，今天的電話會議也將結束。女士們、先生們，感謝你們的參與。現在您可以斷開線路並享受美好的一天。