蘭亭集勢 (LITB) 2026 Q1 法說會逐字稿

Hello ladies and gentlemen. Thank you for standing by for LightInTheBox's first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生，大家好。感謝您撥冗參加 LightInTheBox 2026 年第一季財報電話會議。(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 Huang. Please go ahead, ma'am.

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

Thank you, operator. Hello, everyone and welcome to LightInTheBox first-quarter 2026 earnings conference call. The company's earnings results were released via news file services earlier today and are available on the company's IR website at ir.ador.com.

謝謝接線員。各位好，歡迎參加 LightInTheBox 2026 年第一季財報電話會議。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.ador.com 查閱。

On the call from LightInTheBox today, are Mr. Jian He, CEO, and Mr. Suhai Ji, CFO. Mr. He will provide an overview of the company's Q1 highlights, followed by Mr. Ji, who will go over its financial results. Following our prepared remarks, we will open a call to questions.

今天參與電話會議的 LightInTheBox 管理團隊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第一季重點，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 Safe harbor provisions 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. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

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》安全港條款所作之前瞻性陳述。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。欲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。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。

Please also note that LightInTheBox earnings press release and this conference call include discussions of unaudited GAAP financial measures, as well as unaudited non-GAAP financial measures. Please refer to the company's earnest press release, which contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

另請注意，LightInTheBox 的財報新聞稿與本次電話會議包含對未經審計之 GAAP 財務衡量指標，以及未經審計之非 GAAP 財務衡量指標的討論。請參閱公司財報新聞稿，其中包含未經審計之非 GAAP 指標與未經審計之 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 first quarter 2026 earnings call. We are pleased to report an exciting first quarter results. Continuing the turnaround from last year, we achieved our eighth consecutive profitable quarter and a record first quarter profit of $1.2 million since 2022. This compared with just the profit of $0.1 million in the first quarter of last year. Please note that Q1 is typically our weakest period due to the seasonality of our business. Q2 picks up significantly as the season goes into spring and the summer. Q3 may come down a little and the Q4 picks up again to get ahead of Christmas.

各位早安、晚安。感謝各位參加 LightInTheBox 2026 年第一季財報電話會議。我們很高興向各位報告令人振奮的第一季業績。延續去年以來的轉型成果，我們已連續第八個季度實現獲利，並創下自 2022 年以來第一季獲利新高，達 120 萬美元。相較之下，去年第一季僅獲利 10 萬美元。請注意，由於業務具有季節性，第一季通常是我們最疲弱的期間。第二季隨著季節進入春夏將明顯回升。第三季可能略有回落，而第四季則會再次回升，以提前迎接聖誕節。

We are also proud of the fact that Q1 marked our second consecutive quarter of year-over-year revenue growth, with revenues returning to double-digit growth, increasing by 11% to $52 million. Our branded apparel business continued to gain strong momentum, growing over 81% year-over-year and already accounting for 24% of total revenue, up from 15% in the first quarter of 2025. This result reflects the continued successful execution of our strategy of evolving the LightInTheBox online platform into a consumer lifestyle company.

我們也很自豪，第一季是我們連續第二個季度實現營收年增，營收重回雙位數成長，年增 11% 至 5,200 萬美元。我們的品牌服飾業務持續展現強勁動能，年增超過 81%，且已占總營收的 24%，高於 2025 年第一季的 15%。此成果反映我們持續成功執行策略，將 LightInTheBox 線上平台演進為消費者生活風格公司。

By offering highly customized products that create deep emotional resonance for festivals, holidays, and special occasions, combined with our brand matrix strategy across women's fashion, golf apparel, and light party jerseys. We are driving stronger engagement in the customer loyalty. In summary, we had a very good head start for 2026. We sustained profitability. This claimed cost control and our ongoing share repurchase program. We believe we are well positioned to pursue continued revenue and profit growth as well as greater shareholder value through the rest of 2026.

透過提供高度客製化的產品，在節慶、假期與特殊場合創造深層情感共鳴，並結合我們在女裝時尚、高爾夫服飾與輕派對球衣等領域的品牌矩陣策略。我們正推動更強的互動與客戶忠誠度。總結而言，我們在 2026 年取得了非常好的開局。我們維持了獲利能力。這得益於成本控管以及我們持續進行的股份回購計畫。我們相信，於 2026 年剩餘期間，我們已具備良好定位，可持續追求營收與獲利成長，並提升股東價值。

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, we delivered excellent first quarter results in 2026. In the first quarter, our total revenues were $52 million, up 11% year-over-year. Compared to the year-over-year decrease in the first three quarters of last year, this marked our second consecutive top-line growth.

謝謝何先生。各位早安、晚安。在說明財務數據之前，請注意除非另有說明，所有數字均以美元呈列。如同我們執行長在發言中提到的，我們在 2026 年第一季交出優異成績。第一季總營收為 5,200 萬美元，年增 11%。相較於去年前三季的年減表現，這是我們連續第二個季度實現營收成長。

We have successfully engineered a sustained business turnaround, not only on profit, but also on revenues. The first quarter gross profit was $34 million, up 10% year-over-year. Gross margin remained relatively stable at 65%. Total operating expenses in the first quarter increased 7% year-over-year to $33 million, of which fulfillment expenses increased by 5% to $4 million, reflecting the growth in top-line revenues

我們已成功打造可持續的業務轉型，不僅在獲利面，也在營收面。第一季毛利為 3,400 萬美元，年增 10%。毛利率維持相對穩定，為 65%。第一季總營業費用年增 7% 至 3,300 萬美元，其中履約費用增加 5% 至 400 萬美元，反映營收規模成長。

Selling and marketing expenses increased by 13% to $25 million, while general and administrative expenses decreased by 15% to $4 million. Total operating expenses as a percentage of revenue decreased from 65% to 63%. Our net income in the first quarter reached $1.2 million, compared to just $0.1 million in the same quarter last year, marking a record first quarter profit since 2022. Overall, we had a remarkable turnaround year in 2025 and are continuing the progress and momentum going into 2026, as reflected in our Q1 results. We remain confident that 2026 will be another successful record-setting year.

銷售與行銷費用增加 13% 至 2,500 萬美元，而一般及行政費用下降 15% 至 400 萬美元。總營業費用占營收比重由 65% 降至 63%。第一季淨利達 120 萬美元，相較去年同期僅 10 萬美元，創下自 2022 年以來第一季獲利新高。整體而言，我們在 2025 年實現顯著轉型，並在 2026 年延續進展與動能，這也反映在第一季業績中。我們仍有信心，2026 年將是另一個成功且再創紀錄的一年。

This concludes my remarks, and we're now open to your questions. So operator, please continue.

以上是我的發言，現在我們開放提問。接線員，請繼續。

(Operator Instructions)

(接線員指示)

There are no questions at this time. I'll now head back to Ms. Huang for closing remarks.

目前沒有提問。我現在把電話交回給 Huang 女士作結語。

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.

再次感謝各位今天的參與。如有進一步問題，歡迎透過我們網站所提供的聯絡資訊與 LightInTheBox 投資人關係部門聯繫。祝各位有美好的一天。