蘭亭集勢 (LITB) 2025 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for LightInTheBox's fourth-quarter and full year 2025 earnings conference call.

各位女士、先生，大家好。感謝各位撥冗參加 LightInTheBox 2025 年第四季及全年財報電話會議。

(Operator Instructions) Today's conference call is being recorded.

(接線員指示) 今天的電話會議將被錄音。

I will now turn the call over to your host, Ms. Serena Wong. Please go ahead, Serena.

現在我將把電話交給本次會議主持人 Serena Wong 女士。Serena，請開始。

Thank you, operator. Hello, everyone, and welcome to LightInTheBox fourth-quarter and full-year 2025 earnings conference call. The company's earnings results were released via Newswire services earlier today and are available on the company's IR website at ir.adoor.com.

謝謝接線員。各位好，歡迎參加 LightInTheBox 2025 年第四季及全年財報電話會議。公司財報已於今日稍早透過新聞稿服務發布，並可於公司投資人關係網站 ir.adoor.com 查閱。

On the call from Light in the Box today are the CEO, Mr. Jian He; and the CFO, Mr. Suhai Ji. Mr. He will provide an overview of the company's strategies and highlights, followed by Mr. Ji, who will go over its financial results. Following our prepared remarks, we will open the call to questions.

今天出席電話會議的 LightInTheBox 代表包括執行長何健先生，以及財務長季蘇海先生。何先生將先概述公司策略與重點，接著由季先生說明財務結果。在我們的準備發言結束後，將開放提問。

Before we proceed, please note that today's discussion may contain forward-looking statements made under the (technical difficulty) of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the company's current expectations to understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the company's Form 20-F filed with the SEC.

在開始之前，請注意今天的討論可能包含依據 1995 年《美國私人證券訴訟改革法案》之（技術問題）所作的前瞻性陳述。這些前瞻性陳述存在風險與不確定性，可能導致實際結果與公司目前預期有重大差異。若要了解可能導致結果與前瞻性陳述所述內容出現重大差異的因素，請參閱公司向美國證券交易委員會（SEC）提交的 Form 20-F。

The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that LightInTheBox earnings press release and this conference call include the discussions of unaudited GAAP financial measures, as well as unaudited non-GAAP financial measures. Please refer to the company's earnings press release, which contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。另請注意，LightInTheBox 的財報新聞稿及本次電話會議包含對未經審計的 GAAP 財務衡量指標，以及未經審計的非 GAAP 財務衡量指標的討論。請參閱公司財報新聞稿，其中載有未經審計的非 GAAP 指標與未經審計的 GAAP 指標之調節表。

Now, I'd like to turn the call over to LightInTheBox CEO, Mr. He. Please go ahead.

現在，我想把電話交給 LightInTheBox 執行長何先生。請開始。

Good morning and good evening, everyone. Thank you for joining LightInTheBox fourth-quarter and full year 2024 earnings call. We are pleased to report excellent results for the fourth quarter and full year 2025, marking a key milestone in our transformation into a global consumer lifestyle company.

各位早安、晚安。感謝各位參加 LightInTheBox 2024 年第四季及全年財報電話會議。我們很高興報告 2025 年第四季及全年取得優異成果，這標誌著我們轉型為全球消費者生活方式公司的重要里程碑。

In 2025, we delivered consecutive profitable quarters with record quarterly growth in Q4 and a remarkable full year turnaround. Despite the challenging e-commerce environment, we regained positive year over year revenue growth in fourth quarter, up 9%, while achieving a record net income of $3.3 million for the quarter and $8.3 million for the year.

2025 年，我們連續多季實現獲利，第四季創下單季成長新高，全年也實現顯著扭轉。儘管電商環境充滿挑戰，我們在第四季恢復年對年營收正成長，年增 9%；同時，該季淨利創紀錄達 330 萬美元，全年淨利達 830 萬美元。

Our strategy of evolving the LightInTheBox online platform into a consumer lifestyle company is clearly working. By capturing consumer preference and sentiment, we offer differentiated products that drive consumer engagement through deep emotional resonance.

我們將 LightInTheBox 線上平台演進為消費者生活方式公司的策略，顯然正在奏效。透過掌握消費者偏好與情緒，我們提供具差異化的產品，並以深層情感共鳴帶動消費者參與。

The LightInTheBox online platform now focusing on festivals, holidays, and special occasions, offering highly customized long-standard products that adjust consumer sentiment and lifestyle requirements rather than purely functional needs, thus allowing us to comment premium pricing.

LightInTheBox 線上平台目前聚焦於節慶、假期與特殊場合，提供高度客製化、長週期的標準化產品，滿足並調整消費者的情緒與生活方式需求，而非僅僅著眼於功能性需求，從而使我們得以採取溢價定價。

To better complement and strengthen our positioning as a consumer lifestyle company, we also adopt a brand match strategy by launching three proprietary apparel brands successfully since 2024 in women's fashion, [golf] apparel, and light-parting dress.

為了更好地補足並強化我們作為消費者生活方式公司的定位，我們也採取品牌矩陣策略，自 2024 年以來已成功推出三個自有服飾品牌，涵蓋女裝時尚、[高爾夫] 服飾，以及輕派對禮服。

These brands build around the social attributes of women aged 30 and above, delivering emotional value and a more relaxed, enjoyable lifestyle experience across scenarios such as vacations, social golf, and parties.

這些品牌圍繞 30 歲以上女性的社交屬性打造，提供情感價值，並在度假、社交高爾夫與派對等情境中，帶來更放鬆、更愉悅的生活方式體驗。

Together, LightInTheBox online business and the new brands create a powerful synergy, targeting our hot streams and forging emotional connections with our core customers. (inaudible) pronged a unified approach towards consumer lifestyle positioning has yielded great results.

LightInTheBox 的線上業務與新品牌共同形成強大協同效應，鎖定我們的熱門品類，並與核心客群建立情感連結。（聽不清）以消費者生活方式定位為核心的多管齊下、統一策略已取得良好成果。

In 2025, our branded apparel business grew over 143% and already accounted for 17% of total revenue, up from just 6% in 2024, helped by higher pricing power and the growth of our branded apparel business. We achieved a full-year gross margin of 65% in 2025, the highest level since becoming a public company in 2013, along with positive operating cash flow of $6.2 million.

2025 年，我們的品牌服飾業務成長超過 143%，其營收占比已達總營收的 17%，高於 2024 年的 6%；這得益於更強的定價能力以及品牌服飾業務的成長。2025 年我們實現全年毛利率 65%，為 2013 年上市以來最高水準，同時經營活動現金流為正，達 620 萬美元。

In addition, we have fully embraced AI to capture the real-time marketing trends and drive operational efficiency across all aspects of our business, such as product design, photographic style, marketing channels and customer service. End-to-end AI automation has also contributed to a workforce optimization of 58% since 2023, thus further improving our profit margin and the financial results. 2025 was indeed a milestone in our history as a public company.

此外，我們已全面擁抱 AI，以掌握即時行銷趨勢，並在產品設計、攝影風格、行銷渠道與客戶服務等各方面提升營運效率。端到端的 AI 自動化也促成自 2023 年以來人力優化 58%，進一步改善我們的利潤率與財務表現。2025 年確實是我們作為上市公司歷史上的一個里程碑。

As we navigated through challenging and intense competitive e-commerce environment, executing a business turnaround and returned to profitability. Looking ahead to 2026, we remain committed in our continual transformation to becoming a global consumer lifestyle company and are confident in our ability to deliver overall revenue and growth.

在充滿挑戰且競爭激烈的電商環境中，我們推動業務扭轉並重返獲利。展望 2026 年，我們仍將致力於持續轉型為全球消費者生活方式公司，並對實現整體營收與成長充滿信心。

With that, I will now hand the call over to Suhai to go through our financial results.

接下來，我將把電話交給蘇海，請他說明我們的財務結果。

Thank you, Mr. He. Good morning and good evening, everyone. Before we go over our financials, please note that unless otherwise stated, all figures are presented in US dollars. As our CEO mentioned in his remarks, indeed, we delivered excellent financial results last year.

謝謝何先生。各位早安、晚安。在我們說明財務數據之前，請注意除非另有說明，所有數字均以美元呈列。正如我們執行長在發言中提到的，去年我們確實交出了優異的財務成績。

In the fourth quarter, our total revenues were $63 million, up 9% year over year. Compared to the year over year decrease in previous quarters, this marked our renewed top-line growth, as we have successfully engineered a business turnaround, not only on profit, but also on revenue.

在第四季，我們的總營收為6,300萬美元，年增9%。相較於前幾季的年對年下滑，這標誌著我們營收端重新恢復成長，因為我們已成功推動業務轉型，不僅在獲利方面，也在營收方面。

The fourth-quarter gross profit was $39 million, up 16% year over year. Gross margin improved to 63% this quarter from 59% year over year. This is largely driven by our higher-margin proprietary product lines and bespoke offerings like change-on-demand apparel.

第四季毛利為3,900萬美元，年增16%。本季毛利率由去年同期的59%提升至63%。這主要受惠於我們高毛利的自有產品線，以及如按需改款（change-on-demand）服飾等客製化產品。

Total operating expenses in the fourth quarter increased 8% year over year to $36 million, off-reach fulfillment expenses increased by 7% to $4 million, reflecting the growth in top-line revenues. Selling and marketing expenses increased by 15% to $26 million, while general and administrative expenses decreased by 15% to $5 million.

第四季總營業費用年增8%至3,600萬美元；站外履約費用年增7%至400萬美元，反映營收規模成長。銷售與行銷費用年增15%至2,600萬美元，而一般及行政費用年減15%至500萬美元。

Total operating expenses as a percentage of revenue remained roughly unchanged at 57%, largely due to the top-line revenue increase and the gross margin expansion, our net income in the fourth quarter reached $3.3 million, compared to just $0.5 million in the same quarter last year, marking a record quarterly profit since 2022.

營業費用占營收比重大致維持不變，約為57%。在營收成長與毛利率擴張的帶動下，我們第四季淨利達330萬美元，相較去年同期僅50萬美元，創下自2022年以來的單季獲利新高。

Moving on to full-year 2025 results. Total revenues decreased 12% year over year to $224 million, mainly due to our pivot to focus on profitability, with declines moderating significantly from the first quarter of 2025 to the third quarter and the fourth quarter regaining positive growth.

接下來說明2025年全年業績。總營收年減12%至2.24億美元，主要因我們轉向以獲利為優先；自2025年第一季至第三季，降幅明顯收斂，且第四季重新恢復正成長。

The full-year gross profit was $146 million, down 5% year over year. However, gross margin increased to 65% from 60% year over year, which was at the highest level since we became a public company in 2013. This is mainly driven by the successful introduction of higher-margin proprietary product lines.

全年毛利為1.46億美元，年減5%。然而，毛利率由去年同期的60%提升至65%，為我們自2013年成為上市公司以來的最高水準。這主要來自高毛利自有產品線的成功導入。

Total operating expenses in 2025 decreased by 11% year-over-year to $138 million, of which fulfillment expenses decreased by 12% to $17 million, selling and marketing expenses decreased by 8% to $103 million, and the general and administrative expenses decreased by 24% to $20 million. Total operating expenses as a percentage of revenue remained roughly unchanged at 61%.

2025年總營業費用年減11%至1.38億美元，其中履約費用年減12%至1,700萬美元，銷售與行銷費用年減8%至1.03億美元，一般及行政費用年減24%至2,000萬美元。營業費用占營收比重大致維持不變，約為61%。

Largely due to gross margin expansion and enhanced operation efficiency, we achieved a net income of $8.3 million in 2025, compared with a loss of $2.5 million in 2024, showcasing a remarkable profitability turnaround.

主要受惠於毛利率擴張與營運效率提升，我們在2025年實現淨利830萬美元，相較2024年虧損250萬美元，展現顯著的獲利翻轉。

In addition, we generated a positive operating cash flow of $6.2 million in 2025. The details of cash flow statements can be filed in our 20-F, which will be filed in the next week or so. Overall, we had a remarkable turnaround year in 2025, and the financial results last year provided us with tremendous momentum and confidence going to 2026, which we believe will be another successful record-setting year.

此外，我們在2025年產生正向營業現金流620萬美元。現金流量表的詳細資訊將載於我們的20-F文件中，預計在接下來一週左右提交。整體而言，2025年是我們顯著翻轉的一年，去年的財務成果為我們邁向2026年提供了強勁動能與信心；我們相信2026年將是另一個成功且再創紀錄的一年。

So this concludes my remarks. We are now open for questions. Operator, please continue.

以上是我的發言。現在開放提問。接線員，請繼續。

(Operator Instructions)

（接線員指示）

[Joe Romilly, Romilly Asset Management].

[Joe Romilly，Romilly Asset Management]。

Yes, hi, Jian and Suhai. I wish a couple of questions. One is, do you expect this next year to be a growth year? And then I'll ask a second question.

是的，你好，Jian 和 Suhai。我有幾個問題。第一個是，你們預期明年會是成長的一年嗎？然後我再問第二個問題。

Hi, Joe. Yeah, thanks for the question. Yeah, next year we remain quite confident that we will deliver another year of growth, not only on profit, but also on revenues. We have not officially given the guidance yet, but we are delivering that until probably the first quarter.

你好，Joe。謝謝你的提問。是的，對於明年我們仍相當有信心，將在獲利與營收兩方面都交出另一個成長年度。我們尚未正式提供財測指引，但可能會等到第一季再發布。

Great. And then my second question is, can you describe your shareholder base. What percentage do insiders hold, and are there any other large investors? Thank you.

很好。那我的第二個問題是，你能描述一下你們的股東結構嗎？內部人士持股比例是多少？是否還有其他大型投資人？謝謝。

Yeah, I think together, insiders and the directors hold roughly 70%. So it's only 30% roughly is in the public float. And the total share base is roughly 18 million ADS. Each ADS is about 12 common shares.

是的，我想內部人士與董事合計大約持有70%。因此，公開流通股大約只有30%。而總股本約為1,800萬股ADS。每一股ADS約代表12股普通股。

Okay, great. Thank you. Thank you so much. Great turnaround story. Pretty amazing job.

好的，很好。謝謝。非常感謝。這是一個很棒的翻轉故事。做得相當令人驚艷。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

There are no further questions at this time. I'll now hand back for closing remarks.

目前沒有其他問題。我現在把電話交回進行結語。

Okay, thank you once again for joining us today. If you have further questions, please feel free to contact LightInTheBox Investor Relations through the contact information provided on our website. Have a great day.

好的，再次感謝各位今天參與。若您還有進一步問題，歡迎透過我們網站所提供的聯絡資訊與蘭亭集勢（LightInTheBox）投資人關係部門聯繫。祝您有美好的一天。

That does conclude our conference for today. 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。您現在可以掛線。