Jerash Holdings (US) Inc (JRSH) 2026 Q2 法說會逐字稿

Good day everyone and welcome to the Jerash Holdings fiscal 2026 second quarter financial results.

大家好，歡迎來到 Jerash Holdings 2026 財年第二季財務業績報告發表會。

At this time, all participants are placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation.

此時，所有參與者都將進入唯讀模式，演講結束後我們將開放提問和評論環節。

It is now my pleasure to hand the floor over to your host Roger Pondel and Investor Relations, sir. The floor is yours.

現在我很高興將發言權交給主持人羅傑龐德爾先生和投資者關係部。現在輪到你發言了。

Thank you very much, Matt. Good morning, everyone.

非常感謝你，馬特。各位早安。

Welcome to Jerash Holdings fiscal 2026, second quarter conference call. I'm Roger Pondel with Pondel Wilkinson, Jerash Holdings investor relations firm. On the call today from the company, our Chairman and Chief Executive Officer SAM Choi, Chief Financial Officer Gilbert Lee, and Eric Tang, who leads the company's operations in Jordan. Before I turn the call over to SAM, I want to remind our listeners that today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

歡迎參加 Jerash Holdings 2026 財政年度第二季電話會議。我是 Roger Pondel，來自 Jerash Holdings 投資者關係公司 Pondel Wilkinson。今天公司召開電話會議，出席人員包括董事長兼執行長崔山明、財務長李吉爾伯特以及負責公司在約旦業務的唐埃里克。在將電話交給 SAM 之前，我想提醒各位聽眾，今天的電話會議可能包含 1995 年《私人證券訴訟改革法案》所指的前瞻性陳述。

Such forward-looking statements are subject to numerous conditions, many of which are beyond the company's control, including those set forth in the risk factor section of the company's most recent Form 10k.

此類前瞻性聲明受諸多條件限制，其中許多條件超出公司控制範圍，包括公司最新 10-K 表格風險因素部分中列出的條件。

As filed with the Securities and Exchange Commission.

已提交給美國證券交易委員會。

And copies of which are available on the SEC's website at www.sec.gov, along with other company filings made with the SEC from time to time.

這些文件的副本以及本公司不時向美國證券交易委員會提交的其他文件，都可以在美國證券交易委員會的網站 www.sec.gov 上查閱。

A results could differ materially for forward-looking statements, and rash Holdings undertakes no obligation to update any forward-looking statements.

實際結果可能與前瞻性聲明有重大差異，Rash Holdings 不承擔更新任何前瞻性聲明的義務。

Except as required by law.

法律另有規定的除外。

And with that behind us, I will turn the call over to SAM Choi.

既然這件事已經過去，我將把電話交給崔山姆。

Thank you, Roger.

謝謝你，羅傑。

Despite ongoing trade uncertainties, we continue to experience robust and growing demand from our long-standing customers and newly established strategic partners.

儘管貿易狀況持續不明朗，但我們仍然感受到來自長期客戶和新建立的策略合作夥伴的強勁且不斷增長的需求。

Jordan is increasingly recognized as a preferred manufacturing hub for global brands seeking to diversify their supply chains beyond Asia.

約旦日益被全球品牌視為首選的製造中心，這些品牌希望將其供應鏈多元化，並擴大到亞洲以外的地區。

Apparel exports from Jordan to the United States.

約旦向美國出口服裝。

And the current effective tariff rates of 15% remains significantly more favourable than other major sourcing countries.

目前15%的實際關稅稅率仍比其他主要採購國優惠得多。

We rates Range from 20% to more than 60%.

我們的評級範圍從 20% 到 60% 以上。

In addition, Jordan maintains free trade agreements with other key markets, including the EU, UK, and Canada.

此外，約旦也與其他主要市場，包括歐盟、英國和加拿大，保持自由貿易協定。

Furthermore, Jordan's labour framework, which enables manufacturers to contract skilled foreign workers, further enhances our production quality and operational efficiency.

此外，約旦的勞工框架允許製造商僱用技術熟練的外國工人，這進一步提高了我們的生產品質和營運效率。

This labour flexibility combined with favourable trade conditions reinforcesra's position as an attractive strategic sourcing partner.

這種勞動力靈活性加上有利的貿易條件，鞏固了ra作為有吸引力的策略採購夥伴的地位。

For global brands navigating ongoing economic shifts.

為因應持續經濟變化的全球品牌提供支援。

In late June, We successfully completed the expansion of our existing manufacturing facilities, increasing our production capacity by approximately 15%.

6 月下旬，我們成功完成了現有生產設施的擴建，產能提高了約 15%。

This additional capacity was much needed to support growing demand from our global customers and strategic partners.

為了滿足全球客戶和策略夥伴日益增長的需求，我們非常需要新增產能。

Looking ahead We are receiving continued requests for even greater capacity.

展望未來，我們不斷收到更大產能的需求。

Which has prompted us to initiate a long-term expansion plan.

這促使我們啟動了一項長期擴張計劃。

This plan includes evaluating potential ecosystems and developing our own land.

該計劃包括評估潛在的生態系統和開發我們自己的土地。

This initiative is designed to ensure that Dress remains well positioned to meet evolving market demand and sustain our competitive edge in the global apparel industry.

這項措施旨在確保 Dress 能夠更好地滿足不斷變化的市場需求，並保持我們在全球服裝行業的競爭優勢。

As part of our ongoing strategy.

作為我們持續戰略的一部分。

We continue to successfully diversify both our customer base and product mix.

我們持續成功地實現客戶群和產品組合的多元化。

Athos was aimed at enhancing year-round production stability and reducing the impact of seasonality on our business.

Athos專案旨在提高全年生產的穩定性，並減少季節性對我們業務的影響。

While we anticipate these changes will strengthen our long-term growth, we do expect a slightly lower average gross margin in the near term.

雖然我們預計這些變化將增強我們的長期成長，但我們預計短期內平均毛利率會略有下降。

As order volumes for our expanded product offerings continue to scale in the coming years, our goal is to gradually improve gross profit margins to approximately 20%.

隨著未來幾年我們不斷擴大的產品供應量，訂單量將持續成長，我們的目標是逐步將毛利率提高到約 20%。

We expect to achieve this through increased production automation and the benefits of economies of scale.

我們期望透過提高生產自動化程度和規模經濟效益來實現這一目標。

During this important period of progress for the company, we remain vigilant about the potential impact of regional geopolitical uncertainties and involving tariff developments.

在公司發展的重要時期，我們將繼續密切關注區域地緣政治不確定性和相關關稅發展可能帶來的影響。

These factors are being closely monitored as we advance our growth strategy to ensure resilience and long-term success.

我們正在密切關注這些因素，以推進我們的成長策略，確保韌性和長期成功。

Because that I will now turn the call over to Eric, who is in charge of our operations in Jordan.

因此，我現在將把電話交給艾瑞克，他負責我們在約旦的業務。

Thank you, SAM.

謝謝你，SAM。

As we have noted previously, we believe the recent shifts in US tariff policy has accelerated the urgency with which businesses are looking to diversify their manufacturing footprint.

正如我們之前指出的那樣，我們認為美國關稅政策的近期變化加速了企業尋求實現生產佈局多元化的緊迫性。

And we are seeking ways to accommodate growing capacity demands.

我們正在尋找滿足不斷增長的產能需求的方法。

We have successfully completed shipping the initial phase of the major collaboration order of more than three million pairs of go shorts from a strategic partnership with Hansel Textile.

我們已成功完成與 Hansel Textile 策略合作的三百多萬條運動短褲大訂單的第一階段出貨。

A leading South Korea-based global apparel group that supplies a wide range of garments to major international retail and fashion brands.

總部位於韓國的領先全球服飾集團，為各大國際零售和時尚品牌提供各種服飾。

Shipment of second phase is now scheduled to be completed by end of November.

第二階段的貨物運輸預計將於11月底完成。

Production and shipments for the rest of the order are scheduled to continue through February of 2026.

訂單剩餘部分的生產和出貨計畫將持續到 2026 年 2 月。

We are actively collaborating with both Hansel and its customer, a leading US based multinational and omni-channel retail cooperation to discuss additional scenalogies and foster continued cooperation and growth together.

我們正積極與 Hasel 及其客戶（總部位於美國的領先跨國全通路零售企業）合作，探討更多合作場景，並促進雙方的持續合作與發展。

Shipping logistics in the region have returned to normal.

該地區的航運物流已恢復正常。

Both the Haifa and Aqaba ports are fully operational for shipping finished goods and receiving raw materials.

海法港和亞喀巴港均已全面投入運營，可用於成品出港和原料收運。

We are optimistic that the nearly two-year period of transportation challenges is behind us.

我們樂觀地認為，近兩年的交通運輸挑戰時期已經過去。

Allowing us to resume uninterrupted logistic support for our global customers.

這將使我們能夠恢復對全球客戶不間斷的物流支援。

We continue to receive new business inquiries.

我們持續收到新的業務諮詢。

And buyers from our major customers have submitted increased order projections for 2026.

我們主要客戶的買家已提交了 2026 年的訂單預測，且訂單量增加。

We are currently awaiting confirmation of purchase orders to begin planning production schedules beyond our current capacity, which is fully booked through February.

我們目前正在等待採購訂單的確認，以便開始規劃超出我們現有產能的生產計劃，而我們目前的產能已經排​​到了二月。

These new opportunities reinforce our growth outlook and validate our strategy, focusing on diversifying both our customer base and product mix.

這些新機會鞏固了我們的成長前景，並驗證了我們的策略，即專注於實現客戶群和產品組合的多元化。

This approach enable us to optimize production capacity and drive stronger topline performance and margins throughout the year.

這種方法使我們能夠優化產能，並在全年推動更強勁的營收成長和利潤率。

As SAM mentioned earlier, We are looking at different ways to expand our production capacity.

正如SAM之前提到的，我們正在尋找不同的方法來擴大我們的生產能力。

The current collaboration expansion with the Jordanian Ministry of Labor to develop an extension adjacent to our existing facility in Alhassar is in progress.

目前，我們正在與約旦勞動部擴大合作，在阿爾哈薩爾現有設施附近開發擴建計畫。

Upon completion, which is now expected in the second half of calendar year 2026, should add another 5% to 10% in total production capacity.

該項目預計將於 2026 年下半年完工，屆時總產能將增加 5% 至 10%。

Additionally, we are seeking other factory acquisition possibilities, as well as development of our own land.

此外，我們也正在尋求其他工廠收購機會，以及開發自己的土地。

We look forward to keeping you updated of our progress.

我們會及時向您報告我們的進度。

With that, I will now turn the call over to Gilbert to discuss our financial results. Gilbert, please.

接下來，我將把電話交給吉爾伯特，讓他來討論我們的財務表現。請叫吉爾伯特。

Thank you, Eric.

謝謝你，埃里克。

Revenue for the fiscal 2026 second quarter grew 4.3% to USD42 million.

2026 財年第二季營收成長 4.3%，達 4,200 萬美元。

Compared to USD40.2 million in the same quarter last year.

相較於去年同期的4,020萬美元。

The increase was primarily driven by higher shipment volumes.

成長的主要原因是出貨量增加。

To the company's US customers, supported by a more diversified customer base starting this fiscal year.

從本財年開始，公司將為美國客戶提供支持，並擁有更多元的客戶群。

Gross profit was USD6.3 million for the fiscal 2026 second quarter.

2026財年第二季毛利為630萬美元。

Compared with USD7.1 million in the same quarter last year.

而去年同期為710萬美元。

Gross profit margin for the quarter declined to 15.0% from 17.5% in the same quarter last year, which benefited from catch-up production of some outerwear that carried higher margins originally scheduled for the first quarter of fiscal 2025.

本季毛利率從去年同期的 17.5% 下降至 15.0%，去年同期毛利率得益於部分毛利率較高的外套的補種生產，這些外套原計劃在 2025 財年第一季度生產。

The decrease was primarily driven by the diversification of broader customer base and a shift in product mix, which resulted in a lower average gross margin.

毛利率下降的主要原因是客戶群多元化和產品組合變化，導致平均毛利率降低。

Operating expenses decreased to USD5.2 million in the fiscal 2026 second quarter, from USD5.9 million in the same quarter last year.

2026 財年第二季營運支出減少至 520 萬美元，去年同期為 590 萬美元。

The decrease was primarily due to better control of export costs and lower stock-based compensation expenses.

下降的主要原因是出口成本控制得更好，以及股票選擇權補償費用降低。

Operating income.

營業收入。

Was USD1.09 million in the fiscal 2026 second quarter slightly lower than USD1.13 million in the same quarter last year.

2026 財年第二季為 109 萬美元，略低於去年同期的 113 萬美元。

Total other expenses were USD456,000 in the fiscal 2026 second quarter compared with USD364,000 in the same quarter last year, primarily reflecting the increase in financing needs to support business growth.

2026 財年第二季其他總支出為 456,000 美元，而去年同期為 364,000 美元，主要反映了為支持業務成長而增加的融資需求。

Income tax expenses were USD154,000 in the fiscal 2026 second quarter compared with USD106,000 in the prior year quarter.

2026 財年第二季所得稅支出為 154,000 美元，而去年同期為 106,000 美元。

The effective tax rate increased to 24.3% for the three months ended September 30th, 2025, compared with 13.7% in the same quarter last year.

截至 2025 年 9 月 30 日的三個月內，實際稅率上升至 24.3%，而去年同期為 13.7%。

Net income was USD479,000 or USD0.04 per diluted share in the fiscal 2026 second quarter compared with 665,000 or USD0.05 per diluted share in the same quarter last year.

2026 財年第二季淨利為 479,000 美元，即每股攤薄收益 0.04 美元，而去年同期淨利為 665,000 美元，即每股攤薄收益 0.05 美元。

Comprehensive income.

綜合收益。

Attributable to the company's common stockholder totalled USD440,000 in the fiscal 2026 second quarter compared with USD663,000 in the same quarter last year.

2026 財年第二季歸屬於公司普通股股東的股利總額為 44 萬美元，去年同期為 66.3 萬美元。

As of September 30th, 2025.

截至2025年9月30日。

Giraffe had cash and restricted cash totalled USD13.7 million and net working capital of USD35.2 million.

長頸鹿公司擁有現金和受限現金總額為 1,370 萬美元，淨營運資本為 3,520 萬美元。

Inventory was USD26.3 million and accounts receivable amounted to USD5.8 million.

庫存價值 2,630 萬美元，應收帳款金額為 580 萬美元。

Net cash provided by operating activities was approximately USD318,000 for the six months end of September 30th, 2025, compared with cash provided by operating activities of approximately USD2.4 million for the same period in fiscal 2025.

截至 2025 年 9 月 30 日的六個月期間，經營活動產生的現金淨額約為 318,000 美元，而 2025 財年同期經營活動產生的現金約為 240 萬美元。

The decrease in net cash provided by operating activities was primarily driven by an increase in accounts receivable as a larger volume of goods was shipped towards the end of September.

經營活動產生的淨現金流量減少主要是由於 9 月底大量貨物出貨導致應收帳款增加所致。

As well as advance payments to suppliers for orders scheduled to be completed in the fiscal third quarter.

此外，還包括向供應商預付的、計劃在第三財季完成的訂單款項。

On November 7, 2025, Jerash's board of directors approved a regular quarterly dividend of USD0.05 per share on its common stock.

2025 年 11 月 7 日，Jerash 董事會批准向其普通股股東派發每股 0.05 美元的季度股息。

Payable on November 26th, 2025, to stockholders of record as of November 19th.

將於 2025 年 11 月 26 日支付給截至 11 月 19 日登記在冊的股東。

We're enthusiastic about our business prospects and performance ahead.

我們對未來的業務前景和業績充滿信心。

As we look at the near term and implement our long-term expansion plans.

著眼於近期，並實施我們的長期擴張計劃。

At the same time, we're staying focused on cost controls and enhancing operating efficiency.

同時，我們將繼續專注於成本控制和提高營運效率。

Looking ahead We expect revenue for the fiscal 2026 third quarter to increase by 19% to 21% over the same quarter last year.

展望未來，我們預計 2026 財年第三季的營收將比去年同期成長 19% 至 21%。

And our gross margin for the fiscal 2026 third quarter is expected to be approximately 13% to 15%.

我們預計 2026 財年第三季的毛利率約為 13% 至 15%。

We will now open up the call for questions, and I will turn the call back to the operator.

現在我們將開放提問環節，我將把電話轉回給接線生。

Certainly. Everyone at this time will be conducting a question-and-answer session.

當然。屆時將進行問答環節。

Your first question is coming from Ryan Myers from Lake Street Capital. Your line is live.

您的第一個問題來自 Lake Street Capital 的 Ryan Myers。您的線路已開通。

Hey guys, thanks for taking my questions. First one for me, when we think about the revenue guide for the third quarter, is there any way you can break out, how much of that is just coming from additional capacity that's come online versus how much of that is just increased order flow and demand?

各位好，感謝你們回答我的問題。首先，在考慮第三季營收預期時，您能否具體說明其中有多少是新增產能帶來的，又有多少是訂單量和需求增加帶來的？

We really don't break it down like that.

我們其實不會那樣細分。

I mean, our capacity.

我的意思是，我們的能力。

Overall, has increased by about 10% to 15% over the last fiscal year.

總體而言，在過去一個財政年度中增長了約 10% 至 15%。

Just by the expansion, our internal expansion, throughout the existing capacity by adding machineries and adding people. So that, amounts to about 15% increase in capacity.

僅透過擴建，我們內部的擴建，在現有產能範圍內增加機器和人員。這樣一來，產能就提高了約15%。

And then the rest of them would be, increase in demand, increase in orders, during the third quarter, I mean, third quarter, year to year comparison.

其餘的則包括：第三季需求成長、訂單成長，我的意思是，第三季與去年同期相比。

Okay, makes sense. And then thinking about, where the gross margins came in at and where you guys guided for the third quarter, and you said earlier on the prepared remarks that the goal is to improve the gross margins of the business to 20% or so. So, can you just walk us through, I mean, what needs to happen to get us from where we're at now to this 20% gross margin? And then maybe if you could put some sort of a timeline or timetable on getting to those kind of 20% or so gross margins would be helpful.

嗯，有道理。然後我們再想想，毛利率是多少，以及你們對第三季的預期，你們之前在準備好的發言稿中說過，目標是將業務毛利率提高到 20% 左右。那麼，您能否給我們詳細解釋一下，要從我們現在的狀況達到 20% 的毛利率，需要做些什麼？如果能製定一個實現 20% 左右毛利率的時間表或計劃，那就太好了。

As SAM has indicated, in the near term, the gross margin we're going to be, still at a relatively flat or lower, comparing to what we have been before because we're taking on some new customers. Usually when we take on new customers and, the new styles and, new ways of making those products will cost us to be a little bit less efficient. But at the same time, we're also working on automating many of our production processes.

正如 SAM 所指出的，在短期內，我們的毛利率將與之前相比保持相對平穩或更低，因為我們正在接納一些新客戶。通常情況下，當我們接納新客戶，採用新的款式和新的產品生產方式時，我們的效率會略有下降。但同時，我們也在努力實現許多生產流程的自動化。

Also, implementing ERP system, but all this, will take, a while. So, it is a long-term goal that we get back to, about 20% in gross margin, but it will take a few years. Our goal is to get back there, with expansion, with increasing, volume, and just by, economies of scale, and eventually, probably after our five-year plan, we will be able to gradually get back to about 20% gross margin.

此外，還需要實施ERP系統，但這都需要一段時間。所以，我們設定的長期目標是毛利率達到 20% 左右，但這需要幾年時間才能實現。我們的目標是透過擴張、增加銷售量以及規模經濟，最終回到那個水準。或許在五年計畫結束後，我們將能夠逐步恢復到 20% 左右的毛利率。

Okay, got it.

好的，明白了。

Thank you for taking my.

謝謝你接受我的請求。

Questions.

問題。

Thank you. Your next question is coming from Keegan Cox from DA Davidson. Your line is live.

謝謝。下一個問題來自戴維森地方檢察官辦公室的基根·考克斯。您的線路已開通。

Hi guys, Keegan on from Mike Baker. I just had a question on your, hello, yeah, I just had an inventory or an inventory related question. Inventory is up 30%.

大家好，我是來自 Mike Baker 的 Keegan。我有一個關於你們的問題，你好，是的，我有一個關於庫存或與庫存相關的問題。庫存成長了30%。

Is that, year over year? Is that kind of a typical seasonal build? Like you usually work inventory down from Q2 to Q3 at least from what I'm looking at. So, if you can just give some context on that number, it would be great.

是同比數據嗎？這是典型的季節性建設嗎？就像你們通常會在第二季到第三季之間減少庫存一樣，至少從我觀察到的情況來看是這樣。所以，如果您能提供一些關於這個數字的背景信息，那就太好了。

Well, The inventory.

嗯，就是庫存清單。

It's usually relatively higher in the, For The first quarter and then.

通常來說，第一季會相對較高，然後呢。

Yeah, in second quarter, it will go down.

是的，第二季會下降。

But this year is relatively, it's kind of different because we're taking on a large volume customer, and we have to procure a lot more raw material to be ready for production during our, traditionally slower season, which is the third quarter and the fourth quarter. But now, we're fully booked, and we anticipate having a lot more production, utilizing a lot more raw material and supplies in the upcoming quarter.

但今年情況相對不同，因為我們接手了一個大客戶，我們需要採購更多的原料，以便在傳統的淡季（第三季和第四季）做好生產準備。但現在，我們的訂單已經全部排滿，我們預計在下一個季度將大幅增加產量，使用更多的原料和供應品。

Got it. And then just to follow-up on you talked about acquisitions or expansions in the press release and on the call so far, as you think about that, are you looking to acquire, factories within Jordan or is there any possibility of expansion into other geographies?

知道了。然後，我想跟進一下您在新聞稿和電話會議中提到的收購或擴張事宜，您目前考慮的是收購約旦境內的工廠，還是有可能向其他地區擴張？

As of now, our plan is more focusing on our Jordan manufacturing base.

目前，我們的計劃更側重於我們在約旦的生產基地。

Perfect thank you.

非常感謝。

Thank you. Your next question is coming from Igor Novdjorosev from Lair's Capital. Your line is live.

謝謝。你的下一個問題來自 Lair's Capital 的 Igor Novdjorosev。您的線路已開通。

Hello and thank you for taking my questions. So, my first question is about your expansion. Maybe you can provide a little bit more details of, who are the customers for whom you're expanding. Are this the new customers mostly or this existing costs which you already have, which shifted the volume, to Jordan or to your factories.

您好，感謝您回答我的問題。那麼，我的第一個問題是關於你們的擴張計畫。或許您可以提供更多關於您正在拓展的客戶群的資訊。這些主要是新客戶，還是您現有的現有成本，導致產量轉移到約旦或您的工廠？

Well, we received increasing, orders and increasing projections from our existing customer as well as new customers and potential new customers that are, just coming here, coming to our company and ask for, ways of, collaborations. So, our existing customers, as North Face, New Balance, they are all increasing, what they want to do, in Jordan.

我們收到了來自現有客戶、新客戶以及潛在新客戶的不斷增加的訂單和預測，他們來到我們公司，詢問合作方式。所以，我們現有的客戶，像是 North Face、New Balance，都在增加他們在約旦的業務。

So, it, on that end, we will TRY to continue to gradually grow with those existing legacy customers. But new customers like Hansel, which is the Korean-based, retail, the Korean-based manufacturer that they just started doing business with us, but the potential is huge. .

因此，在這方面，我們將努力繼續與現有的老客戶逐步發展壯大。但像 Hansel 這樣的新客戶，這是一家總部位於韓國的零售商和製造商，他們剛開始與我們開展業務，但潛力巨大。。

Like Eric said, we just finished the first phase of the production of 3.7 million pieces of girl shorts, and we're getting, we're still getting new orders from them. So, the increase or the expansion plan is really for all the existing customers, the new customers that we have onboarded in the past.

正如艾瑞克所說，我們剛剛完成了 370 萬件女童短褲的第一階段生產，而且我們還在不斷收到他們的新訂單。因此，這項成長或擴張計畫實際上是為了所有現有客戶，以及我們過去新加入的客戶。

Years or months and as well as new customers that we're that we're still working with.

數年或數月，以及我們仍在合作的新客戶。

So The demand is definitely, real, and we're seeing it in the next few years. So that's why we now really focused on, developing our long-term, strategic growth plan.

所以，這種需求絕對是真實存在的，而且我們將在未來幾年看到這種需求的成長。所以，這就是為什麼我們現在真正專注於制定長期策略成長計畫的原因。

And we will make announcements about our growth plan in the upcoming months, but as of now, we're still in the development stage and once our board approved it, then we will disclose that to everybody.

我們將在未來幾個月內公佈我們的成長計劃，但目前我們仍處於製定階段，一旦董事會批准，我們將向所有人公開。

Also, if you can just give me, sort of a snapshot of a pre-tariff versus post-tariff abroad, obviously a lot of things have changed in the United States. The customers which are coming to you now, where they. Coming from. So, you just mentioned Asia, but what specific countries? Is it just China or this is also like Vietnam and Bangladesh. If you can just give us, some better idea of where they are coming from, where they're reducing their footprint and where to expand, at your factories.

另外，如果您能給我簡單介紹一下國外徵收關稅前後的情況，那就太好了。顯然，美國也發生了許多變化。現在來找你的顧客，他們在哪裡？來自。你剛剛提到了亞洲，具體指的是哪些國家呢？只有中國是這樣，還是越南和孟加拉也存在這種情況？如果您能為我們提供一些關於這些工廠的生產來源、生產規模縮減以及未來擴張計劃等方面的更清晰的資訊就太好了。

Well, we have new customer. Well Hansel, even though they're based in South Korea, they're supplying the US.

我們迎來了一位新客戶。漢塞爾公司雖然總部設在韓國，但卻向美國供貨。

So we're still producing in Jordan and shipping products to the US. That's why the advantage for us is because we have lower tariff rates for shipping to the US comparing to manufacturers in China, in Asia. So that's why everyone is, focusing on coming to Jordan.

所以我們仍然在約旦生產，並將產品運往美國。這就是為什麼我們的優勢在於，與亞洲的中國製造商相比，我們向美國發貨的關稅稅率更低。所以這就是為什麼大家都在關注來約旦的原因。

And at the same time, we're also growing our shipping to Europe because we have zero tariffs, zero duty for shipping to the.

同時，我們也在擴大對歐洲的貨運量，因為我們對歐洲的貨運沒有關稅，零稅費。

So our business to Europe is also growing rapidly.

因此，我們在歐洲的業務也在快速成長。

Okay.

好的。

And you.

你呢。

Oh please go ahead.

請繼續。

Yeah, in fact, to our understanding, I mean.

是的，實際上，我的意思是，據我們了解。

The customer would like to shift some of their orders from China or even India because the Indian tariffs, the reciprocal tariffs to the USA has been increased substantially. Some, so I mean some orders, according to our understanding, were shifted, from China and India, yeah.

由於印度對美國的關稅大幅提高，客戶希望將部分訂單從中國甚至印度轉移出去。據我們了解，有些訂單，也就是一些來自中國和印度的訂單，被轉移了。

Okay. So, my last question is about your Q4 traditionally has been a weak quarter for you, because there's just not a lot of water, so you took up on, like, local waters. So, I understand that this Q4 is looking, quite a bit different.

好的。所以，我的最後一個問題是關於你們的，第四季歷來都是你們的淡季，因為水資源匱乏，所以你們開始開發本地水資源。所以，我了解到第四季的情況與以往大不相同。

Better basically. So you can just maybe tell me a little bit about, I understand you didn't provide the guidance yet for a Q4, but maybe at least qualitatively how this Q4 going to be different from Q4, last couple of years.

基本上更好了。所以，您能否稍微跟我說說，我知道您還沒有提供第四季度的業績指引，但至少能否定性地說明一下，今年的第四季與過去幾年的第四季會有哪些不同？

Yeah, This year is going to be different. I mean, you're right, In the past, we're quite seasonal, and the first half of the year usually has a much higher sales than the second half. But this year, it's going to be, quite similar. The second half of the year will be quite similar to the first half. It's not, still not as high as the first half, but, as Eric had indicated, we, our capacity is fully booked through the end of February, and our year end is March. So it is, it's likely that our Q4 would be still a pretty good, quarter.

是的，今年將會與往年不同。我的意思是，你說得對，過去我們的銷售受季節影響很大，上半年的銷售額通常比下半年高得多。但今年情況將非常相似。下半年的情況將與上半年非常相似。雖然還沒有達到上半年的水平，但正如艾瑞克所指出的那樣，我們的產能已經全部預訂到二月底，而我們的年終結算日是三月。所以很有可能，我們的第四季業績仍然會相當不錯。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

That concludes our Q&A session. I'll now hand the conference back to CEO SAM Choi for closing remarks. Please go ahead.

我們的問答環節到此結束。現在我將把會議交還給SAM Choi首席執行官，請他致閉幕詞。請繼續。

Thank you, operator. And thanks to all of you for joining us today.

謝謝接線生。感謝各位今天蒞臨。

Our business is clearly moving in the right direction.

我們的業務顯然正朝著正確的方向發展。

We appreciate your continued support and interest in Jerash and look forward to speaking with you soon about our progress.

我們感謝您一直以來對傑拉什的支持與關注，期待盡快與您探討我們的進展。

Thank you all of you.

謝謝大家。

Thank you.

謝謝。

Thank you, everyone. This concludes today's event.

謝謝大家。今天的活動到此結束。