JAKKS Pacific Inc (JAKK) 2025 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to the JAKKS Pacific second-quarter 2025 earnings conference call with management, who will review financial results for the quarter ended June 30, 2025. JAKKS issued its earnings press release earlier today. The earnings release and presentation slides related to today's call are available on the company's recently remodeled website in the Investors section.

大家下午好。歡迎參加 JAKKS Pacific 2025 年第二季財報電話會議，管理階層將檢視截至 2025 年 6 月 30 日的季度財務表現。JAKKS 今天稍早發布了其收益新聞稿。與今天電話會議相關的收益報告和簡報投影片可在公司最近改版的網站的投資者部分找到。

On the call this afternoon are Stephen Berman, Chairman and Chief Executive Officer; and John Kimble, Chief Financial Officer. Stephen will first provide an overview of the quarter and full fiscal year along with highlights of recent performance and current business trends. Then John will provide some additional comments around JAKKS Pacific's financial and operational results. Mr. Berman will then return with additional comments and some closing remarks prior to open up the call for questions. (Operator Instructions)

今天下午參加電話會議的有董事長兼執行長 Stephen Berman 和財務長 John Kimble。史蒂芬將首先概述本季和整個財政年度，並重點介紹近期業績和當前業務趨勢。然後，約翰將就 JAKKS Pacific 的財務和營運業績提供一些補充評論。然後，伯曼先生將在開始提問之前再次發表補充評論和一些結束語。（操作員指示）

Before we begin, the company would like to point out that any comments made about JAKKS Pacific's future performance, events, or circumstances, including the estimates of sales, margins, earnings, and/or adjusted EBITDA in 2025 and as well as any other forward-looking statements concerning 2025 and beyond are subject to Safe Harbor protection under federal securities laws.

在開始之前，本公司想指出，任何有關 JAKKS Pacific 未來業績、事件或情況的評論，包括對 2025 年銷售額、利潤率、收益和/或調整後 EBITDA 的估計以及有關 2025 年及以後的任何其他前瞻性陳述，均受聯邦證券法下的安全港保護。

And these statements reflect the company's best judgment based on current market trends and conditions today and are subject to certain risks and uncertainties, which would cause actual results to differ materially from those projected in forward-looking statements.

這些聲明反映了公司根據當前市場趨勢和狀況做出的最佳判斷，並受到某些風險和不確定性的影響，這可能導致實際結果與前瞻性聲明中預測的結果有重大差異。

For details concerning these and other such risks and uncertainties, you should consult JAKKS most recent 10-K and 10-Q filings with the SEC as well as the company's other reports subsequently filed with the SEC from time to time.

有關這些和其他此類風險和不確定性的詳細信息，您應該查閱 JAKKS 向美國證券交易委員會提交的最新 10-K 和 10-Q 文件以及該公司隨後不時向美國證券交易委員會提交的其他報告。

In addition, today's comments by management will refer to non-GAAP financial measures, such as adjusted EBITDA and adjusted earnings per share. Unless stated otherwise, the most directly comparable GAAP financial metric has been reconciled to the associated non-GAAP financial measure within the company's earnings press release issued today or previously.

此外，管理層今天的評論將參考非公認會計準則財務指標，例如調整後的 EBITDA 和調整後的每股盈餘。除非另有說明，因此最直接可比較的 GAAP 財務指標已與本公司今天或先前發布的收益新聞稿中的相關非 GAAP 財務指標進行協調。

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

With that, I would now like to turn the call over to Stephen Berman.

說完這些，我現在想把電話轉給史蒂芬‧伯曼。

Good afternoon, and thank you for joining us today. When you look at the big picture, we are pleased with our results this quarter, both in terms of our second-quarter actuals, but also for what we've done in the past 90 days to adapt to unpredictable US market. Our sales in the quarter were negatively impacted by a dramatic increase in the cost of doing business in the United States, which ends up being a missed commercial opportunity for all involved.

下午好，感謝您今天加入我們。從整體來看，我們對本季的業績感到滿意，不僅包括第二季的實際業績，還包括我們在過去 90 天為適應不可預測的美國市場所做的努力。由於美國經營成本大幅上漲，我們本季的銷售額受到了負面影響，最終導致所有相關方錯失了商業機會。

Based on the disruption from the fluctuation and uncertainty around tariffs, are those sales in the quarter were down 20% from the prior year, we leave the first half of the year down 3% overall as a total company. The first half sales in the US were down 10% compared to the prior year, and all other markets were up 33% in total. We've been working collaboratively with our vendors and customers to make the best of a bad situation and identify creative solutions to increase our ability to mitigate some of these costs.

由於關稅波動和不確定性造成的影響，本季銷售額較上年下降 20%，我們認為上半年公司整體銷售額將下降 3%。上半年美國市場的銷售額較上年同期下降了 10%，而其他所有市場的銷售額總計成長了 33%。我們一直在與我們的供應商和客戶合作，盡力扭轉不利局面，並找到創造性的解決方案，以提高我們減輕部分成本的能力。

Amid ongoing and often unpredictable tariff changes, we have taken a proactive and balanced approach to our manufacturing strategy. While China remains our primary manufacturing hub due to its scale, efficiency, and well-established infrastructure, we have built verified and reliable supply chains over the years across many markets to mitigate risk and ensure product continuity in these regions.

在持續且往往難以預測的關稅變化中，我們對製造策略採取了積極主動且平衡的方法。雖然中國憑藉其規模、效率和完善的基礎設施仍然是我們的主要製造中心，但多年來，我們已經在許多市場建立了經過驗證的可靠供應鏈，以降低風險並確保這些地區的產品連續性。

In addition, we have implemented a duplicate tool initiatives in various regions, giving us the flexibility and operational readiness to shift production where it makes the most practical and economic sense.

此外，我們在各個地區實施了重複工具計劃，這使我們能夠靈活地做好營運準備，將生產轉移到最實用、最經濟的地方。

We continue to explore and execute US domestic manufacturing opportunities where feasible, recognizing both the strategic value and realistic limitations of US-based production. This diversified and pragmatic approach enables us to remain agile, cost-effective, and resilient in the face of evolving global trade dynamics.

我們將繼續在可行的情況下探索和執行美國國內製造機會，並認識到美國生產的戰略價值和現實限制。這種多元化和務實的方法使我們能夠在不斷變化的全球貿易動態中保持敏捷、高效和彈性。

Based on what we know today, all of these solutions ultimately result in a higher cost of doing business due to the loss of scale, logistical efficiency, and manufacturing proficiency. That higher cost is creating hesitancy with many US customers that we see persisting until everyone is aligned as to what the new cost of doing business will be. At the same time, our customer list outside the US is steadily growing as we cross-sell toys and costumes to open additional doors for both. We have begun to see some limited increases in consumer prices in the US but we suspect there is a lot more to come on that front.

根據我們目前所知，所有這些解決方案最終都會因規模、物流效率和製造能力的損失而導致更高的營運成本。我們發現，更高的成本讓許多美國客戶產生了猶豫，這種猶豫將持續下去，直到每個人都對新的營運成本達成協議。同時，隨著我們交叉銷售玩具和服裝，為美國以外的客戶打開了更多的銷售管道，我們在美國以外的客戶名單也穩步增長。我們已經開始看到美國消費者價格出現一些有限的上漲，但我們懷疑未來還會有大幅上漲。

Currently, our point-of-sale results at the top three US accounts are strong especially when adjusted for the private label program we mentioned earlier, exiting at the end of last year. With that view, we are up double digits at all three accounts in the first half of the year led by the success of our product supporting the Sonic the Hedgehog 3 movie, which is now streaming across multiple platforms.

目前，我們在美國前三大帳戶的銷售點業績表現強勁，尤其是根據我們之前提到的、去年年底退出的自有品牌計劃進行調整後。從這個角度來看，今年上半年我們三個帳戶的收益均實現了兩位數增長，這主要得益於我們支持《刺猬索尼克 3》電影的產品的成功，該電影目前正在多個平台上播放。

In areas where we've seen customer increase prices, more often than not, has been meaningful reductions in units sold, although admittedly, a handful of items have maintained their unit productivity despite higher retails. At this time, however, we feel it's far too soon to speculate when or where the situation at retail reaches some degree of predictable stability.

在我們看到客戶提高價格的地區，銷售量往往大幅減少，儘管不可否認的是，儘管零售價較高，但仍有少數商品保持了單位生產力。然而，目前我們認為猜測零售業何時或在何處達到某種程度的可預測的穩定性還為時過早。

Given that context, we are doing everything to remain flexible and adaptable, we have the great fortune of having a fantastic product line appealing to a wide range of kids and parents across a very broad assortment of entertainment franchises and play patterns.

鑑於這種背景，我們正在盡一切努力保持靈活性和適應性，我們非常幸運地擁有了一條精彩的產品線，吸引了廣泛的娛樂特許經營和遊戲模式中的廣大兒童和家長。

As mentioned, our sales were down 20% in the quarter versus prior year and unfortunately, down more substantially from our expectations at the beginning of the year. Our worldwide toy and consumer business was down 23% in the quarter and is roughly flat year to date, and our cost to business was down 12% in the quarter and down 13% year to date.

如上所述，本季我們的銷售額與去年同期相比下降了 20%，不幸的是，與年初的預期相比下降幅度更大。我們的全球玩具和消費品業務本季下降了 23%，年初至今基本上持平，我們的業務成本本季下降了 12%，年初至今下降了 13%。

For the first half, our international growth was led by Europe, which grew by 65% in the first half of the year. This reflects a major initiative to increase international sales while recognizing that the US sales will remain somewhat unpredictable until the tariff landscape stabilizes and firms. Territory-specific manufacturing percentages are clearly established.

上半年，我們國際業務的成長主要由歐洲主導，歐洲地區上半年成長了 65%。這反映了增加國際銷售的一項重大舉措，同時也意識到在關稅情勢穩定和穩固之前，美國的銷售仍將保持一定程度的不可預測性。明確規定了特定地區的製造百分比。

I will now pass it over to John for some more details on the financials, and then I will come back to elaborate a bit more about the second half. John?

現在我將把問題交給約翰，讓他提供有關財務狀況的更多細節，然後我會回來詳細闡述下半部分的內容。約翰？

Thank you, Stephen, and hi, everybody. All sorts of things are happening this quarter, so let's jump in. We felt at the beginning of the year that we were set up for a good first half, looking at our product lineup and comparing it to where we were in 2024, and that has proven itself out in many ways. But unfortunately, that's about the end of easy predictability in the near term.

謝謝你，史蒂芬，大家好。本季發生了各種各樣的事情，讓我們開始吧。我們在年初就感覺到，我們已經為上半年做好了準備，看看我們的產品陣容，並將其與 2024 年的狀況進行比較，這一點已在很多方面得到證明。但不幸的是，這意味著短期內輕鬆可預測性的終結。

The sudden increases in the cost of bringing product into the US prompted most US customers to reevaluate their orders as has been widely discussed with the immediate negative impact being on the FOB or direct import portion of the business.

產品進口成本的突然增加促使大多數美國客戶重新評估他們的訂單，這已被廣泛討論，其直接的負面影響是對離岸價或直接進口業務部分。

Our efforts to refocus energies on other markets are working so far, as Stephen highlighted earlier. The fact that we're seeing all our businesses selling in favorably is a good validation of the current breadth and quality of our product assortment.

正如史蒂芬之前強調的那樣，我們將精力重新集中在其他市場的努力到目前為止是有效的。我們所有業務的銷售情況都很好，這充分證明了我們目前產品種類的廣度和品質。

It was an excellent quarter for product margins. largely anticipated by mix but also reflective of some immediate efforts to monetize on-hand inventory and scrape pennies where we could. But broadly, the level of new higher-margin product compared favorably to the product portfolio during the same period last year as we anticipated it would.

這是產品利潤率極佳的一個季度。這在很大程度上是混合預期的結果，但也反映了我們立即採取的一些努力，將現有庫存貨幣化，並盡可能節省成本。但總體而言，與去年同期的產品組合相比，利潤率更高的新產品的水平符合我們的預期。

How all these elements balance out for the second half very much remains to be seen that our comparisons with the previous year will get more difficult is a certainty. Customer and by extension consumer behavior remain a bit more than unknown. Customers' decisions about building inventory, how they price to the end consumer and what sort of rate of sale follows are the components to determine the ultimate margins earned by all involved and are essential to creating a degree of fact-based certainty around expectations.

所有這些因素在下半年如何平衡還有待觀察，與去年同期的比較肯定會變得更加困難。客戶以及消費者的行為仍然有點未知。客戶關於建立庫存、如何向最終消費者定價以及遵循何種銷售率的決策是決定所有相關人員最終利潤的因素，並且對於圍繞預期建立一定程度的基於事實的確定性至關重要。

We remain very focused on the interdependency of these issues. As we've said before, we are optimizing for margin dollars and not sales revenue, market share or other metrics that run the risk of distracting from bottom-line results and/or burning up cash. Ultimately, these dynamics remain pretty challenging to forecast.

我們仍然高度關注這些問題的相互依存性。正如我們之前所說，我們優化的是利潤率，而不是銷售收入、市場份額或其他可能影響底線結果和/或耗費現金的指標。最終，這些動態仍然很難預測。

Royalty rates were slightly higher in the quarter as we saw in Q1. That's largely driven by higher rate content-led product and a modest reduction in our royalty-free private label business. But net-net, similar to Q1, we sustained strong gross margins in the second quarter at 32.8%.

正如我們在第一季看到的，本季的特許權使用費率略有上升。這主要是由於內容主導型產品的高價位以及免版稅自有品牌業務的適度減少。但淨額方面，與第一季類似，我們在第二季維持了 32.8% 的強勁毛利率。

There's not a lot of insightful things to be said about SG&A this quarter. Overall cost containment has been okay. If you look at the first half, we're up about $2 million in worldwide spending in the first half from a P&L perspective. Given that we're rolling through a rent increase in the US warehouse this year coming off a relatively long lease, that's a good outcome. We are understandably taking a cautious view of anything that looks discretionary in the second half while being mindful not to handicap next year's planning and product development.

關於本季的銷售、一般及行政費用 (SG&A)，沒有太多值得稱道的見解。整體成本控制還不錯。如果你看一下上半年，從損益表的角度來看，我們上半年的全球支出增加了約 200 萬美元。考慮到我們今年在美國倉庫的租金上漲，並且租期相對較長，這是一個好的結果。可以理解的是，我們對下半年任何看似可自由支配的事情都持謹慎態度，同時注意不要妨礙明年的規劃和產品開發。

Moving to the balance sheet. Cash inclusive of restricted cash at the end of the quarter was $43 million, up significantly from the $18 million at this time last year. As you'll recall, the first half of 2024 included a $20 million cash payment as part of our preferred share redemption. So we're tracking well on this front. Cash as of last Friday was down to $27 million as we make payments customary for this time of the year, inclusive to our friends, the licensors.

轉到資產負債表。本季末的現金（包括受限現金）為 4,300 萬美元，較去年同期的 1,800 萬美元大幅成長。您可能還記得，2024 年上半年我們以 2,000 萬美元的現金支付了優先股贖回款。所以我們在這方面進展順利。截至上週五，現金已降至 2700 萬美元，因為我們按慣例在每年的這個時候付款，其中包括向我們的朋友、授權人付款。

Inventory is up a bit at about $72 million. That's inclusive of $17 million, which is in transit somewhere. To the extent that you're thinking it's reflective of the higher cost of importing product, that's not really a driver of that number as of June 30. It's more about our international growth.

庫存略有增加，約 7,200 萬美元。其中包括正在運輸途中的 1700 萬美元。如果你認為這反映了進口產品成本的提高，那麼截至 6 月 30 日，這並不是該數字的真正驅動因素。這更多的與我們的國際成長有關。

Separately, we were happy to complete the refinancing of our credit facility this quarter with a new agreement with BMO Bank N.A. This new five-year $70 million cash flow revolver provides us with a predictable source of funds throughout the year at very attractive borrowing rates. Moving from an asset-based lending agreement to a cash flow finance facility is another endorsement for the quality of our business and where we see ourselves headed over the next few years.

另外，我們很高興本季透過與 BMO Bank N.A. 達成的新協議完成了信貸額度的再融資。這項新的五年期 7000 萬美元現金流循環信貸為我們提供了全年可預測的資金來源，而且借貸利率非常誘人。從以資產為基礎的貸款協議轉向現金流融資工具是對我們業務品質的另一個認可，也是對我們未來幾年發展方向的展望。

The slight improvement in gross margins helped drive a bottom line adjusted EBITDA of $2.3 million in the quarter and $2.7 million for the first half of the year. $2.3 million is down from $12.3 million in the same quarter last year. But for the first half, our $2.7 million is favorable to the loss of $4.9 million in the first half of last year.

毛利率的輕微提升推動本季調整後息稅折舊攤銷前利潤 (EBITDA) 達到 230 萬美元，上半年調整後息稅折舊攤銷前利潤 (EBITDA) 達到 270 萬美元。 230 萬美元低於去年同期的 1,230 萬美元。但就上半年而言，我們的 270 萬美元相對於去年上半年 490 萬美元的虧損還是有利的。

Adjusted diluted EPS was $0.03 per share in the quarter, unfavorable to a gain of $0.65 per share last year. On a year-to-date basis, we are flat with essentially breakeven results on an adjusted basis compared to a loss of $0.38 per share at this time last year.

本季調整後稀釋每股收益為 0.03 美元，低於去年每股收益 0.65 美元。從年初至今，我們的業績基本上持平，調整後的業績基本上實現損益平衡，而去年同期每股虧損 0.38 美元。

As mentioned in our release, the Board has again approved a $0.25 per share dividend for the third quarter for shareholders of record as of August 29, to be paid on September 30.

正如我們在新聞稿中提到的，董事會再次批准向截至 8 月 29 日登記在冊的股東派發第三季度每股 0.25 美元的股息，股息將於 9 月 30 日支付。

And now, I'll pass things back to Stephen.

現在，我將把事情交還給史蒂芬。

Thank you, John. At this point in the year, we usually are putting the finishing touches on promotional programs for the upcoming holiday season, we're also racing to pause the fall 2026 product line prior to customer previews in the next month or two. Although both of these activities are still happening, we're nonetheless still dealing with the current economic uncertainty on a daily basis as it persists an overhang when it comes to understanding the shifting economics of our business.

謝謝你，約翰。每年的這個時候，我們通常會為即將到來的假期促銷計劃做最後的準備，同時我們也在爭取在接下來的一兩個月內向客戶預覽之前暫停 2026 年秋季產品線。儘管這兩項活動仍在進行，但我們仍然每天應對當前的經濟不確定性，因為它在理解我們業務的經濟變化時仍然存在懸而未決的問題。

We, at JAKKS, view patience as a virtue in this climate. We continue to aggressively chase new product opportunities and the right licenses for our portfolios. We remain cautiously curious as more and more acquisition opportunities are surfacing given the current turbulence. We are increasingly selective in terms of our inventory planning, maintaining our commitment to being an FOB-focused working capital-efficient company-first.

在這種環境下，我們 JAKKS 將耐心視為一種美德。我們將繼續積極尋求新的產品機會以及適合我們產品組合的授權。鑑於當前的動盪，越來越多的收購機會正在浮現，我們仍然保持謹慎的好奇心。我們在庫存規劃方面越來越有選擇性，始終堅持成為以離岸價為重點、營運資本有效率的公司。

We're also pleased with our continued steady progress in non-US markets. Our Canadian and Mexican customers now have an even clearer incentive to buy FOB product. Our non-US sales were up 33% in the first half of the year. Although we don't think that is a sustainable rate of expansion, we are working to the same momentum and become a bigger part for our customers in the holiday planning season.

我們也對我們在美國以外市場持續穩定的進展感到高興。我們的加拿大和墨西哥客戶現在有更明確的動機購買 FOB 產品。今年上半年，我們在美國以外的銷售額成長了 33%。儘管我們認為這不是一個可持續的擴張速度，但我們正在努力保持同樣的勢頭，並在假日計劃季節為客戶帶來更大的利益。

The weaker US dollar delivers more margin to many of our FOB customers as they buy from our US dollar-denominated FOB price list. In the US, we see some of our major customers delaying their traditional second half planogram resets from August to early October. This essentially is a result in two fewer months on shelf for our new fall product introductions, which by extension is driving lower productivity from the fall product line than what we would have originally anticipated.

美元走弱為我們的許多離岸價客戶提供了更多利潤，因為他們按照我們以美元計價的離岸價表進行購買。在美國，我們發現一些主要客戶將傳統的下半年規劃圖重置從 8 月推遲到 10 月初。這實際上導致我們新推出的秋季產品的上架時間減少了兩個月，進而導致秋季產品線的生產力低於我們最初的預期。

We also see Halloween setting later this year, given the delays of Q2. Despite the shorter on-shelf window, there are reasons to be excited about US retail in the second half, however, at least at JAKKS. We are launching a new baby doll nurturing brand called Disney Darlings, which will soon be available online and is planned to be on shelf in Q4. An international rollout is happily planned for 2026.

考慮到第二季的延遲，我們也預計今年的萬聖節將會稍後到來。儘管上架時間較短，但至少在 JAKKS，我們仍有理由對下半年美國零售業感到興奮。我們正在推出一個名為Disney Darlings的全新娃娃養育品牌，即將上線，計劃於第四季上架。預計 2026 年將在全球推出。

Our Disney ily business continues to thrive and steadily expands its product breadth. We've received very positive consumer reaction to our Tote-ily Teenies segment this year, which will lead to further expansion there in 2026 as well. And all of our major US customers are planning Q3 and Q4 programs to support our evergreen Disney Princess, Frozen, and Moana businesses.

我們的迪士尼樂園業務持續蓬勃發展，產品廣度穩定擴大。今年，消費者對我們 Tote-ily Teenies 細分市場的反應非常積極，這也將推動我們在 2026 年進一步擴張該市場。我們所有的主要美國客戶都在計劃第三和第四季度的計劃，以支持我們常青的迪士尼公主、冰雪奇緣和莫阿娜業務。

In our action play area, working with our friends at Sega, we have some new toys that tie in with the new console game, Sonic Racings, CrossWorlds, which is launching this fall, and we are especially excited to be supporting the DC Comics/Sonic crossover comic book series. Our action figures let you recreate this unique storyline with Sonic as the Flash, Silver as the Green Lantern, Amy as Wonder Woman, and Shadow as Batman. This product looks very, very cool. And we have additional more great items coming from action play, but we're holding back the news for Comic-Con this weekend in San Diego. You will have to wait a few more days to find out about those.

在我們的動作遊戲區，我們與世嘉的朋友一起製作了一些與今年秋天推出的新主機遊戲《索尼克賽車：CrossWorlds》相關的新玩具，我們特別高興能夠支持 DC Comics/Sonic 交叉漫畫系列。我們的動作人物讓您可以重現這個獨特的故事情節，其中索尼克扮演閃電俠，西爾弗扮演綠燈俠，艾米扮演神奇女俠，暗影扮演蝙蝠俠。這個產品看起來非常非常酷。我們還有更多精彩的動作遊戲產品，但我們將在本週末於聖地牙哥舉行的動漫展上公佈這些消息。您將需要等待幾天才能了解這些資訊。

In a different aisle, one of the things I'm happiest about this year is our continued success expanding our private label offerings. We're always a bit sensitive about what we can share in this area for competitive reasons, and these programs tend to start small with a lot of testing and learning but our success in recent years has opened a number of doors, and we'll start to see more launches this fall.

在不同的走道，今年最讓我高興的事情之一就是我們繼續成功地擴大我們的自有品牌產品。出於競爭原因，我們對於在這個領域可以分享什麼總是有點敏感，這些項目往往從小規模開始，需要大量的測試和學習，但我們近年來的成功已經打開了許多大門，今年秋天我們將開始看到更多的項目啟動。

Unfortunately, there have been approach with more caution given the current environment but as we look ahead to what we know is coming and further expansion plans in 2026, I and JAKKS remain both pleased and optimistic about our opportunities in this area.

不幸的是，鑑於當前的環境，我們採取了更加謹慎的態度，但展望未來以及 2026 年的進一步擴張計劃，我和 JAKKS 對我們在這一領域的機會仍然感到高興和樂觀。

Finally, our Costumes business is one that, in many ways, had suffered the most from recent events. A large portion of the decline in the quarter happened here as we had some of our large cancellations in Q2 when tariffs were 145%. This is a business where customers review product lines late in the calendar year and make and ultimately finalize their commitments early in the year. That is the time that allows for manufacturing to be scheduled and product to be shipped and sold in Q2 and Q3.

最後，從許多方面來看，我們的服裝業務是最近事件中受打擊最嚴重的業務之一。本季的下降很大一部分發生在這裡，因為我們在第二季取消了一些大宗訂單，當時關稅高達 145%。這是一項客戶在日曆年末審查產品線並在年初做出並最終確定承諾的業務。這段時間可以用於安排生產並在第二季和第三季運送和銷售產品。

Although there was a period of time this quarter where this business essentially was put on pause, the team has done a remarkable job creating and reacted to changes and salvaging what ended up being a very solid year for the business, although, unfortunately, not what we hoped it would have been otherwise.

儘管本季度有一段時間這項業務基本上處於暫停狀態，但團隊在創造和應對變化以及挽救方面做得非常出色，最終使這一年成為業務非常穩健的一年，儘管不幸的是，情況並非我們所希望的那樣。

On a broader note, we know that a strong film slate is a benefit for this business. We've recently seen strong box office results for a range of kid-targeted movies, which is always something we're excited to see for our film studio partners.

從更廣泛的角度來看，我們知道強大的電影陣容對這個業務有利。最近，我們看到一系列針對兒童的電影取得了強勁的票房成績，我們很高興看到我們的電影製片廠合作夥伴取得這樣的成績。

Next year is shaping up to be a great one from the perspective of our Costumes business. We have the right to Toy Story 5, Disney Moana live-action film, and the new Disney Descendants film, which is always a great performer in Costumes. So we're hoping our Costumes business can come back stronger if we get some clarity about the product costing.

從我們的服裝業務的角度來看，明年將是偉大的一年。我們擁有《玩具總動員 5》、迪士尼《莫阿娜》真人電影以及迪士尼新《後裔》電影的版權，這些電影在服裝方面一直表現出色。因此，我們希望，如果我們能明確產品成本，我們的服裝業務就能更強勁地復甦。

Finally, before taking some questions, I want to briefly acknowledge how sorry I and we at JAKKS were to learn of Alan Hassenfeld passing. I've known Alan for over three decades, personally going back to the early '90s, and I've always looked forward to our past occasionally crossing the last of which was just a few months ago. Neither his importance to the toy industry nor his extraordinary level of thoughtfulness and demeanor can be overstated. He will be sorely missed. Alan, we miss you.

最後，在回答一些問題之前，我想簡要地表示，我和 JAKKS 全體人員對 Alan Hassenfeld 去世的消息感到非常難過。我認識艾倫已經三十多年了，可以追溯到 90 年代初，我一直期待著我們偶爾的相聚，而最後一次相聚就在幾個月前。他對玩具產業的重要性以及他非凡的體貼和風度無論怎樣強調都不為過。我們將深深懷念他。艾倫，我們想念你。

And with that, we will take a couple of questions. Operator?

我們將回答幾個問題。操作員？

(Operator Instructions) Tom Forte, Maxim.

（操作員指示）湯姆·福特，馬克西姆。

Great. So Stephen and John, congrats on navigating a very challenging environment. It sounds like it's even more challenging than you described last quarter. I have five questions, and I apologize, usually I'm batting cleanup that lead off. So I'll go one at a time.

偉大的。所以，恭喜史蒂芬和約翰克服了非常具有挑戰性的環境。這聽起來比你上個季度描述的更具挑戰性。我有五個問題，很抱歉，通常我會先解決開頭的問題。所以我會一次講一個。

Do you have any short-term levers you can pull to mitigate the impact of tariffs? For example, last quarter, you decided to hold inventory in Asia rather than ship it at even higher tariff rates?

您是否可以採取任何短期措施來減輕關稅的影響？例如，上個季度，您決定在亞洲保留庫存，而不是以更高的關稅運出？

So with that, we talked about the duplicate tool initiative that we implemented a while ago. What we decided to do instead of trying to shift manufacturing to Vietnam and Cambodia, which we already made products in Indonesia and Mexico. We decided to duplicate tool, which would be a little bit more of a CapEx expenditure, but be able to pick and choose where we want to manufacture our goods to enable us to have a lower tariff impact to ourselves, the customer and to the consumer.

因此，我們討論了不久前實施的重複工具計劃。我們決定不再嘗試將製造業轉移到越南和柬埔寨，而是在印尼和墨西哥生產產品。我們決定複製工具，這會產生更多的資本支出，但我們能夠選擇在哪裡生產我們的產品，從而降低對我們自己、客戶和消費者的關稅影響。

That being said, each time we made a move, which we moved into Vietnam to ship a majority of manufacturer of our Halloween business, the tariff increased during that period of time which would not benefit us and we ended up having to take that impact of that tariff for those sales.

話雖如此，每次我們採取行動，將大部分萬聖節業務製造商轉移到越南發貨時，那段時間的關稅就會增加，這對我們沒有好處，最終我們不得不承擔關稅對這些銷售的影響。

And additionally, that happened very similar to Mexico recently that we are moving some of our large plastic manufactured goods as well as our skateboard there, but the tariff went back up to 30%. So as I've said at the start, and I will continue to say that China is our hub of manufacturing.

此外，最近發生的情況與墨西哥非常相似，我們正在將一些大型塑膠製成品以及滑板運往那裡，但關稅又回升至 30%。正如我在一開始所說的，而且我會繼續說，中國是我們的製造業中心。

I think when it's all said and done, outside of whatever we can manufacture in the US, which we're trying to do, but it's cost prohibitive on many of our levers that we're trying to achieve. But that being said, we will do our best to do as much as we can here in the US. But these tariff fluctuations and decisions that are ongoing, we've decided to just move forward with a tariff in mind, knowing that, that's going to be the way that business is going forward and bring back our business to the right initiative knowing that there will be an ample tariff that will affect our industry, and we just have to work around it going forward.

我認為，總而言之，除了我們可以在美國製造的產品之外，我們也在努力實現這些目標，但對於我們試圖實現的許多目標而言，成本過高。但話雖如此，我們仍將盡最大努力在美國做盡可能多的事情。但是這些關稅波動和決策都在持續進行，我們決定在考慮關稅的情況下繼續前進，因為我們知道這將是業務向前發展的方式，並將我們的業務帶回到正確的方向，因為我們知道會有足夠的關稅影響我們的行業，而我們只需要在未來解決這個問題。

Excellent. All right. So then so Stephen, in your prepared remarks and actually your answer to that last question, you touched upon this, but maybe you can expand a little more. So I wanted to ask you about the adjustments to your supply chain. Are you suggesting that you're going to have the ability to manufacture the same items inside outside of China or your intent is to manufacture certain products outside of China?

出色的。好的。那麼，史蒂芬，在您準備好的發言以及實際上對最後一個問題的回答中，您提到了這一點，但也許您可以進一步闡述。所以我想問一下你們對供應鏈的調整。您是否暗示您將有能力在中國境外生產相同的產品，或者您打算在中國境外生產某些產品？

I'll give the example of Costumes just because you break out the sales of Costumes. But so is the idea duplicate or something specifically make outside of China?

我舉服裝的例子只是因為你列出了服裝的銷售情況。但這個想法是重複的還是專門在中國以外製造的？

So a good example on the disguise business, we -- firstly, the majority of these manufacturers that are in the other countries, i.e., Cambodia, Vietnam, and so on our Chinese manufacturers that have set up and put their initiatives in these territories years ago. So it's not something new to JAKKS, it's where we feel the most efficient way and best way to have quality products manufactured.

因此，偽裝業務的一個很好的例子是，我們——首先，這些製造商中的大多數都在其他國家，即柬埔寨、越南等，而我們的中國製造商多年前就已經在這些地區建立並開展了業務。所以這對 JAKKS 來說並不是什麼新鮮事，我們認為這是生產優質產品最有效的方式和最佳方法。

We have that with -- in our Vietnam manufacturing of Halloween costumes. So we're able to go either or in China or Vietnam, but what's coming out to fruition is in China, it's a 30% tariff in Vietnam, it's approximately 20%, I believe. But the cost of goods of Vietnam are slightly higher and the cost of goods in China are slightly lower. So that extra 10% that we're saving in the sense of going to Vietnam is not really a savings. It really equals out.

我們在越南生產萬聖節服裝時就擁有這樣的能力。因此，我們可以選擇去中國或越南，但最終的結果是，中國的關稅為 30%，而越南的關稅約為 20%，我想。但越南的商品成本略高，中國的商品成本略低。因此，我們去越南節省的額外 10% 並不是真正的節省。確實相等。

And we're just being very fluid with this situation and moving forward. So we are being -- it's call -- for us, we're using the 80/20 world or understanding is that you're taking 20% of your product that do 80% of the business. So we're really picking the top skewed items that do the majority of the business. Not every SKU will be done in all these different territories.

我們會靈活應對這種情況並繼續前進。因此，對我們來說，我們正在使用 80/20 世界，或理解為用 20% 的產品來完成 80% 的業務。因此，我們實際上挑選的是那些佔業務大部分的、最偏向的項目。並非所有 SKU 都會在所有這些不同地區銷售。

Okay. And then you touched on this again in the prepared remarks, but can you remind me of your upcoming license releases over the next 12 to 18 months?

好的。然後您在準備好的發言中再次提到了這一點，但是您能提醒我未來 12 到 18 個月內即將發布的許可證嗎？

That being said, first I'd like to -- but we have a lot of things that are in the midst or in the hopper that we're working on. And even though we have some great exciting things, I don't think it's exciting as a stakeholder/shareholder to hear about the things during this really disruptive period.

話雖如此，首先我想——但我們還有很多事情正在進行或正在處理中。儘管我們有一些令人興奮的事情，但作為利益相關者/股東，我認為在這個真正混亂的時期聽到這些事情並不令人興奮。

Our goal for JAKKS right now is to generate as much cash as we can, be extremely prudent with inventory, especially in the US that you see were lower in inventory after the second half about 8% year over year and higher in international, as you see the international growth achieving higher ranges.

我們現在對 JAKKS 的目標是產生盡可能多的現金，對庫存非常謹慎，特別是在美國，你會看到下半年美國的庫存同比下降了約 8%，而國際庫存則有所增加，因為你會看到國際增長實現了更高的幅度。

And domestically, we're just going to be very, very cognizant that we're running the business like it's our own money and not wasting on inventory and the what ifs. We rather take a conservative approach and make sure that the sell-throughs occur this year that are needed. When you listen to the competitors in the market, they're waiting for the second half of the year.

在國內，我們會非常非常清楚，我們要像經營自己的錢一樣經營業務，不會浪費在庫存和假設上。我們寧願採取保守的方法並確保今年能夠達到所需的銷售量。當你聽到市場上的競爭對手說，他們正在等待下半年。

I don't think anyone knows what that's going to be, and we'd rather take a prudent stance on where we're going to be, build cash, look for opportunities. and jump on them. We did something that I don't believe many companies could do over the last three weeks, we came up with an idea in three weeks in the Halloween business spoke to two of our major customers, we're able to manufacture and start shipping within three weeks to achieve what they needed in the market.

我認為沒有人知道那會是什麼，我們寧願採取謹慎的態度來確定我們的目標，累積現金，尋找機會，並抓住它們。在過去的三週裡，我們做了一些我認為很多公司都做不到的事情，我們在萬聖節業務的三週內提出了一個想法，與我們的兩個主要客戶進行了交談，我們能夠在三週內製造並開始發貨，以滿足他們在市場上的需求。

So we're still being very opportunistic. We're still looking for opportunities, but we want to be very cautious in this kind of climate right now when we don't know what's going to happen during the holiday period.

所以我們仍然非常注重機會。我們仍在尋找機會，但在目前這種環境下，我們必須非常謹慎，因為我們不知道假期期間會發生什麼。

Okay. Last two. So I know you don't guide, but can you give high-level comments on how you think about the third quarter of '25, as it relates to full year '25, given that historically, your third quarter is your biggest by far.

好的。最後兩個。所以我知道您沒有給出指引，但您能否就您對 25 年第三季度的看法給出一些高層評論，因為它與 25 年全年有關，因為從歷史上看，第三季度是您迄今為止最大的季度。

I'm sorry, I didn't hear it, Tom, you broke up --

對不起，我沒聽見，湯姆，你們分手了--

Yeah. So can you -- I know you don't give guidance, but can you provide high-level comments on how to think about your third quarter of 2025 as it relates to your full year 2025 given that historically, the third quarter is your biggest by far from a seasonal standpoint?

是的。那麼，我知道您沒有給出指導，但您能否提供一些高層評論，說明如何看待 2025 年第三季度與 2025 年全年的關係，因為從歷史上看，第三季度是迄今為止您最大的季度？

I'll jump in, and then if John would like to jump in as well. We are going to be taking outside of the international territories, just a cautious look and look at sell-throughs in our prerecorded part of the script, we discussed about sell-throughs are still extremely strong at our top three, but we are seeing some areas where the prices have increased slowdown in unit sales, and we're seeing some areas not affected. And no one, I think, understands what the impact will be. The prices have gone up across the board. We're seeing it at the retail.

我會加入，然後如果約翰也願意加入的話。我們將在國際地區以外進行調查，只是謹慎地觀察並查看腳本預先錄製部分的銷售情況，我們討論過前三名的銷售情況仍然非常強勁，但我們看到一些地區的價格上漲，單位銷售放緩，我們看到一些地區沒有受到影響。我認為沒有人知道這會產生什麼影響。價格全面上漲。我們在零售店看到了它。

So I think for right now for -- again, John will jump in, just taking a very cautious look. Our goal is profitability, generate cash, a lot of cash, look for opportunities in this market. And if things get settled in that tariff world, we're ready to jump on anything and jump in any white space that retailers need. But what we won't do is build inventory to try to achieve a sales goal that we don't know if it's achievable based off all these unknowns.

所以我認為現在——約翰會再次介入，只是非常謹慎地觀察。我們的目標是獲利，產生現金，大量現金，在這個市場尋找機會。如果關稅問題得到解決，我們準備採取一切行動，填補零售商所需的任何空白。但我們不會透過建立庫存來嘗試實現銷售目標，因為基於所有這些未知因素，我們不知道該目標是否可以實現。

Yeah. And I think Stephen said most of that there. The thing to keep in mind with us, to the extent that Q3 is our biggest quarter every year, it's our biggest quarter every year because of our FOB business. And for the FOB business to really be flying at full tilt.

是的。我認為史蒂芬在那裡說了大部分內容。我們要記住的是，由於我們的 FOB 業務，第三季是我們每年最大的季度，也是我們每年最大的季度。而 FOB 業務確實正在全速發展。

It's going to require all the customers to have 100% confidence that they know what's going on in the marketplace. So you can extrapolate back from there, I think as you listen to different retailers talk about how they're thinking about the consumer in the back half and transfer that over in terms of what that means for they're making commitments today to pick up FOB product months and months from now. So I think that gives you a little bit of a sense as to what you're asking about.

這要求所有客戶 100% 確信他們知道市場上正在發生什麼。因此，您可以從那裡推斷出來，我認為當您聽到不同的零售商談論他們如何考慮後半部分的消費者並將其轉移到這意味著什麼時，他們今天承諾在幾個月後領取 FOB 產品。所以我認為這能讓你稍微了解你所問的問題。

Last one, and I hate to end on such a potentially negative note. But for the toy category, how should investors think about the potential for empty shelves in the holiday period, given the challenges in selling toys in the current environment?

最後一個，我不想以這種潛在的消極態度來結束。但對於玩具類別，考慮到當前環境下銷售玩具的挑戰，投資者應該如何看待假期期間貨架空置的可能性？

I do think, again, an opinion, this is not a -- with statistics. I do think that retailers will jump heavily into toys in the later part of the year and really just look for picking the toys that are selling through well and not taking any risk on really big TV advertised items.

我確實認為，再說一次，這是一個觀點，這不是——有統計數據的。我確實認為零售商將在今年下半年大力進軍玩具市場，並且只選擇暢銷的玩具，而不會在大型電視廣告上冒任何風險。

I think being cautious during this period and selling the razor, razor-made products are things that everyone works with and play with and also have the right price point at a lower price point is where people will succeed.

我認為，在這段時間裡保持謹慎並銷售剃須刀，剃須刀製造的產品是每個人都會使用和玩的東西，並且以較低的價格設定合適的價格點，人們就會成功。

Again, this is just an opinion, and I think we'll have a better understanding when you see Halloween come along and the sell-throughs on Halloween because we know the buy-ins on Halloween. We know where it was paused during the second quarter.

再說一次，這只是一種觀點，我認為當你看到萬聖節到來以及萬聖節的銷售情況時，我們會有更好的理解，因為我們知道萬聖節的買入情況。我們知道第二季度它在哪裡暫停了。

We know where the cancellations are. We've seen everyone scramble aggressively to get right back on in more Halloween product knowing that the tariffs aren't the 145%. So I think it's going to be kind of a wait and see during the Halloween period and that sell-through.

我們知道取消的情況在哪裡。我們看到每個人都在積極爭相購買更多的萬聖節產品，因為他們知道關稅不會達到 145%。所以我認為在萬聖節期間和銷售期間我們將會處於觀望狀態。

And then JAKKS is one company that could react very quickly. In addition, remember, about 70% of our business is on an FOB basis. So things are planned much more in advance than what you would on a domestic basis.

JAKKS 是一家能夠快速反應的公司。此外，請記住，我們約 70% 的業務都是以離岸價為基礎的。因此，事情的計劃比國內計劃的要提前得多。

Eric Beder, Small Cap Consumer Research.

Eric Beder，小型消費品研究公司。

Good afternoon. Thanks. I wanted to talk about the FOB situation. So where are -- I know, obviously, in the quarter, a large period where FOB didn't occur, how quickly did it ramp up at the end of Q2?

午安.謝謝。我想談談離岸價的情況。那麼——我顯然知道，在本季度，有很大一段時間沒有出現離岸價，那麼在第二季度末它增長得有多快？

And you talked about the potential to move more FOB internationally kind of where does the baseline there? And I know that there are a lot of smaller players, so it's not as easy to do as you do in the US with kind of the big three players. How should we be thinking about that opportunity also.

您談到了國際上運輸更多離岸價的可能性，那麼基線在哪裡呢？我知道還有很多規模較小的公司，所以不像在美國那樣容易與三大巨頭競爭。我們也應該如何看待這個機會。

So for the international side, as I stated earlier, and it was in our prerecorded materials, is international, we're both heavily, heavily FOB as well as domestic international in order for us to achieve upside that you've seen, I think it was about 40%-plus growth for the first half of the year.

因此，對於國際方面，正如我之前所說，這在我們預先錄製的材料中，是國際性的，我們既大量使用離岸價，也大量使用國內國際，為了實現您所看到的上升空間，我認為上半年的增長約為 40％ 以上。

With that, we are bringing in domestic goods on the top key items internationally, that's where you see the inventory higher year over year, lower in the US by again, 8% higher internationally. But the sell-throughs and our new distribution centers that we implemented over the last year have really achieved the growth that we needed because a lot more of the growth internationally is coming from the smaller customers than from larger customers by each of the territories. So we have managed this well.

這樣，我們就可以將國內商品作為國際上最關鍵商品的進口商品，這樣你就會看到庫存逐年增加，美國的庫存再次下降，而國際庫存則高出 8%。但是，我們去年實施的銷售和新配送中心確實實現了我們所需的成長，因為國際上的成長很大程度上來自於各個地區的小客戶，而不是大客戶。所以我們處理得很好。

As we told you, we have our COO that moved there a couple of years ago, and he's doing a terrific job. At the same time, keeping inventory lean, as again, cash is king. And I think with our new bank line and as well as building cash in this environment, there will be some other opportunities that instead of waiting to jump on, we could probably pounce on quickly. And I think we're seeing a lot more activity with companies wanting to either move away from their business or put their hands up to the tariffs and all the uncertainties that are happening. So we're kind of excited about that.

正如我們所說的，我們的營運長幾年前就搬到了那裡，他的工作非常出色。同時，保持庫存精簡，再次強調，現金為王。我認為，憑藉我們新的銀行業務以及在這種環境下累積的現金，我們還將有機會抓住其他一些機會，而不必等待，我們很可能可以迅速抓住這些機會。我認為，我們看到越來越多的公司希望放棄現有業務，或承擔關稅以及正在發生的所有不確定因素。因此我們對此感到很興奮。

Again, could you touch on the first question?

再次，您能談談第一個問題嗎？

The first question was how quickly did you re-ramp the FOB in Hong Kong after the period with the tariffs where a lot of the orders were pulled.

第一個問題是，在關稅導致大量訂單被撤回之後，你們以多快的速度重新提高香港的離岸價。

So we had some of the inventory that we were going to hold that we kept in a bonded warehouse or a free trade zone in order for us to wait for the tariff to diminish somewhat. We were able to do that.

因此，我們將一些庫存存放在保稅倉庫或自由貿易區，以便等待關稅降低。我們能夠做到這一點。

And then with our factories, as we've mentioned earlier, how close we are as a company to them, we were able to reach out to them both in China and Vietnam and so on and be able to implement immediate manufacturing with the way that the manufacturing plants work in Vietnam, it's different hours in what you can work in China. So you're able to have various shifts in Vietnam versus one shift in China. So we just manage it as we did from inception with JAKKS very hands on, and works very quickly with our factories.

然後對於我們的工廠，正如我們之前提到的，我們作為一家公司與他們距離很近，我們能夠與中國和越南等地的工廠取得聯繫，並且能夠按照越南製造工廠的工作方式立即進行製造，這與中國工廠的工作時間不同。因此，你可以在越南安排多個班次，而在中國只安排一個班次。因此，我們從一開始就對 JAKKS 進行管理，並與我們的工廠快速合作。

The factories want the manufacturing as much as JAKKS wants the sales. So everyone is working hand in hand to get through this period of time to help on another. Remember, if we have slower sales, the factory has slower sales. They need to then redirect their resources and employees and do layoffs as everyone you've seen, many have done it in the US. So we're working hand-in-hand to help them, and they're helping us.

工廠想要製造，就像 JAKKS 想要銷售一樣。因此，每個人都齊心協力度過這段時期，以幫助他人。請記住，如果我們的銷售速度變慢，工廠的銷售速度也會變慢。他們需要重新分配資源和員工，並進行裁員，正如你所看到的，美國有很多人已經這樣做了。因此，我們攜手幫助他們，他們也在幫助我們。

Let me give you a theoretical question. So we keep the tariff levels at the kind of where we are at 30%. How long does it take you and your partners in both manufacturing and retail are kind of normal -- how long do you think it takes to normalize this so that the consumer -- the impact the impact is spread or further and you kind of maximize the ability to make higher margins and higher returns on that?

讓我給你一個理論問題。因此我們將關稅水準維持在目前的 30% 左右。您和您的製造和零售合作夥伴需要多長時間才能恢復正常 - 您認為需要多長時間才能使這種影響正常化，以便消費者 - 影響能夠擴大或進一步擴大，並且您可以最大限度地提高獲得更高利潤和更高回報的能力？

Eric, I think that's a terrific question because we are moving forward with going to tariffs where we see it today. Whether they go down, that would be lovely for everyone involved, but we need to run our business moving forward without having uncertainty. The retailers want to have uncertainty as much as they can. And the manufacturers -- the factories want uncertainty, they want certainty.

艾瑞克，我認為這是一個非常好的問題，因為我們正在推動今天所看到的關稅。無論他們是否倒下，對於所有參與的人來說都是一件好事，但我們需要在沒有不確定性的情況下繼續經營我們的業務。零售商希望擁有盡可能多的不確定性。而製造商——工廠想要不確定性，他們想要確定性。

So what we're doing now is planning ahead '26, '27 with the tariff, working out cost reductions where we can in the areas that we have our business, some of our legacy items. We'll have some of the cost reductions. And then our new items will have the margin that we always see fit in order to achieve the right goals for our stockholders and shareholders alike.

因此，我們現在正在做的是提前規劃 26 年和 27 年的關稅，在我們開展業務的地區和一些遺留項目上盡可能地降低成本。我們將削減一些成本。然後，我們的新產品將具有我們始終認為合適的利潤率，以便為我們的股東和股東實現正確的目標。

And the customer, the retailers are going to work with us as they see. We all take a little bit of a hit with some of the tariffs, price increases will take a hit to the consumer, but this may be the new norm, and we're not going to sit and dwell on it and wait and wait and wait. We are acting and reacting quite fast on this. We have teams in Hong Kong right now as we speak, and we are just moving forward with the tariff in mind. That's the way -- that's the new norm. If it lowers, terrific. If not, that's the way JAKKS will be.

客戶和零售商都會按照他們所想的方式與我們合作。我們都會受到一些關稅的打擊，價格上漲也會對消費者造成打擊，但這可能是新的常態，我們不會坐等，也不會再等待。我們對此的行動和反應相當迅速。我們現在在香港有團隊，我們正在考慮關稅問題。這就是方式——這就是新常態。如果它降低，那就太好了。如果不是，JAKKS 就會如此。

Great. Final question. You've done a tremendous job with the financials in terms of the debt, in terms of cash. When you look at it, I would assume that you are probably seeing a lot of people now look to your financial strength and say, hey, these guys should do our license or we should sell this brand here. I know that your -- every day is a new experience kind of here, but how do you see that as a potential longer-term opportunity to continue to pick up a, either great licensed brands or potentially pick up your own brands?

偉大的。最後一個問題。您在債務和現金方面的財務狀況做得非常出色。當你看到它時，我會假設你可能會看到很多人現在關注你的財務實力並說，嘿，這些人應該為我們辦理許可證或我們應該在這裡銷售這個品牌。我知道你在這裡的每一天都是一種新的體驗，但你如何看待這是一個潛在的長期機會，可以繼續選擇優秀的授權品牌或潛在的自有品牌？

The licensors we're seeing it now. They're getting quite nervous based on the forecast being lowered by the industry that holds licenses. And again, our licensors or the large entertainment companies and so on, they need to generate revenue and profitability for their company and their shareholders, and they see it with JAKKS. We don't just need IP from them. We work with them jointly and as a great joint relationship.

我們現在看到的是許可方。由於持有執照的行業下調了預測，他們變得非常緊張。再說一次，我們的授權商或大型娛樂公司等，他們需要為他們的公司和股東創造收入和盈利，他們透過 JAKKS 看到了這一點。我們不只是需要他們的 IP。我們與他們共同合作，建立了良好的合作關係。

We worked with them on a product line called ily, which i love you 4EVER. And it is a wonderful line of product. It's doing terrific. It's now built overseas, doesn't have a huge, huge amount of the actual IP involved at the caricatures. It has the closing of the caricatures.

我們與他們合作開發了一個名為 ily 的產品系列，即 i love you 4EVER。這是一條非常棒的產品線。效果非常好。它現在是在海外建造的，漫畫中並沒有涉及大量實際的智慧財產權。它有漫畫的結尾。

We did a line of called Style Collection, which is the Disney Princess Style Collection, which is role play for kids and it's doing extremely well both in the US and in Europe. So we have that, and we have a lot of other licensors coming to us saying, hey, we're seeing some of our other companies having financial issues.

我們推出了一個名為「Style Collection」的產品線，即迪士尼公主風格系列，是專為兒童設計的角色扮演遊戲，在美國和歐洲都非常暢銷。所以我們有這個，並且有很多其他許可方來找我們說，嘿，我們發現我們的一些其他公司遇到了財務問題。

Do you think you could jump into this category for next year? What we're doing is we're going to be very cautious of what we pick and choose based on the new environment with higher prices of tariffs? So there's a lot of opportunities. It seems like a little bit too much right now. Again, as I mentioned, the best thing is we have, we have no debt, generating great cash. We have the dividend, and we have the ample time to look and see what's going to go on the next direction we should go for JAKKS to enhance the business itself.

您認為明年可以進入這個類別嗎？我們所做的是，我們將根據關稅上漲的新環境，非常謹慎地做出選擇？所以有很多機會。現在看起來有點太多了。再說一遍，正如我所提到的，最好的事情是我們沒有債務，產生了大量現金。我們有股息，我們有充足的時間來觀察和了解 JAKKS 的下一步發展方向，以提升業務本身。

Thank you. I would now like to turn the conference back to Stephen Berman for closing remarks. Sir?

謝謝。現在我想請史蒂芬‧伯曼致閉幕詞。先生？

Ladies and gentlemen, thank you for the call today. We appreciate it. We're very direct and open about where we think JAKKS is going and our industry, and we're excited to get through this year and move into next. Thank you very much.

女士們、先生們，感謝您今天的來電。我們對此表示感謝。我們非常直接和公開地談論 JAKKS 的發展方向和我們的行業，我們很高興度過今年並進入新的一年。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。