羅技 (LOGI) 2026 Q2 法說會逐字稿

Good afternoon, and good evening. Welcome to Logitech's video call to discuss our financial results for the second quarter of our fiscal year 2026. Joining us today are Hanneke Faber, our CEO; and Matteo Anversa, our CFO.

下午好，晚上好。歡迎參加羅技的視訊會議，我們將在此討論2026財年第二季的財務表現。今天與我們一同出席的有我們的執行長 Hanneke Faber 和我們的財務長 Matteo Anversa。

During this call, we will make forward-looking statements, including discussions of our outlook, strategy and guidance. We're making these statements based on our views only as of today. Our actual results could differ materially as a result of many factors.

在本次電話會議中，我們將發表前瞻性聲明，包括對我們的展望、策略和指導的討論。我們發表這些聲明僅代表我們截至目前為止的觀點。由於諸多因素的影響，我們的實際結果可能與此有重大差異。

Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website. We undertake no obligation to update or revise any of these forward-looking statements, except as required by law.

有關這些因素的更多信息，請參閱我們最新的 10-K 表格年度報告以及任何後續的 10-Q 表格和 8-K 表格報告，這些報告可在美國證券交易委員會網站和我們網站的投資者關係部分找到。除法律要求外，我們不承擔更新或修改任何前瞻性聲明的義務。

We will also discuss non-GAAP financial results. You can find the reconciliation between GAAP and non-GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results and forward-looking statements in our press release and in our filings with the SEC.

我們也將討論非GAAP財務表現。您可以在我們的新聞稿和提交給美國證券交易委員會的文件中找到 GAAP 和非 GAAP 結果之間的調整表，以及有關我們使用非 GAAP 指標和可能影響我們財務表現和前瞻性聲明的因素的資訊。

These materials as well as the shareholder letter and a webcast of this call are all available at the Investor Relations page of our website. We encourage you to review these materials carefully. And unless noted otherwise, references to net sales growth are in constant currency and comparisons between periods are year over year.

這些資料以及股東信和本次電話會議的網路直播都可以在我們網站的投資者關係頁面上找到。我們建議您仔細閱讀這些資料。除非另有說明，淨銷售額成長均以固定匯率計算，各期間之間的比較均為年比計算。

This call is being recorded and will be available for a replay on our website. I will now turn the call over to Hanneke.

本次通話正在錄音，稍後將在我們的網站上提供回放。現在我將把通話轉給漢內克。

Thank you, Nate, and welcome, everyone. We delivered a strong second quarter to close out the first half of fiscal year 2026. Our teams executed with excellence, delivering good top line growth and outstanding profitability.

謝謝你，內特，也歡迎各位。我們以強勁的第二季業績為2026財年上半年畫上了圓滿的句點。我們的團隊執行力出色，實現了良好的營收成長和卓越的獲利能力。

They executed well across all regions and delivered strong growth across both B2B and consumer channels. To achieve these results in the current environment underscores Logitech's discipline and resilience.

他們在所有地區都表現出色，並在B2B和消費者通路都實現了強勁成長。在當前環境下取得這些成果，凸顯了羅技的自律和韌性。

In Q2, we remain focused on our long-term strategic priorities, and they drove our results. First, of course, superior products and innovation, which are so integral to our DNA. This quarter, we announced 16 new products.

第二季度，我們繼續專注於長期策略重點，這些重點也推動了我們的業績。首先，當然是卓越的產品和創新，早已融入我們的DNA。本季度，我們發布了16款新產品。

Some of the highlights included the much anticipated MX Master 4, a new generation of our flagship premium mouse. This new product is the first in the MX line to provide advanced users with tactile haptic feedback, and it is off to a record-breaking start.

其中一些亮點包括備受期待的 MX Master 4，這是我們旗艦級高端滑鼠的新一代產品。這款新產品是 MX 系列中首款為高級用戶提供觸覺回饋的產品，並且取得了破紀錄的開局。

We also unveiled a wide array of exciting new gaming products, including the new PRO X2 SUPERSTRIKE mouse, which blends inductive analog sensing and real-time haptic feedback for the most competitive gamers.

我們還推出了一系列令人興奮的新遊戲產品，包括新款 PRO X2 SUPERSTRIKE 滑鼠，它融合了感應模擬感測和即時觸覺回饋，專為最具競爭力的遊戲玩家而設計。

We also launched the McLaren Racing Collection, a premium lineup of SIM racing gear inspired by McLaren's iconic racing brand and technology. And for those of us in the business world on calls like this one, we introduced the new Zone Wireless 2ES and Zone Wired 2 headsets with AI-powered dual noise canceling microphones and adaptive hybrid active noise cancellation.

我們還推出了麥克拉倫賽車系列，這是一個以麥克拉倫標誌性賽車品牌和技術為靈感的優質模擬賽車裝備系列。對於我們這些在商界進行此類電話會議的人來說，我們推出了全新的 Zone Wireless 2ES 和 Zone Wired 2 耳機，它們配備了 AI 驅動的雙降噪麥克風和自適應混合主動降噪功能。

Many of these new products were announced at our Logitech-owned flagship events, Logi WORK and Logi PLAY, in September. These coveted live events took place in more than 30 cities around the world, attracting thousands of media, influencers, content creators, partners and thought leaders.

這些新產品中的許多都是在羅技旗下的旗艦活動 Logi WORK 和 Logi PLAY 上於 9 月發布的。這些備受矚目的現場活動在全球 30 多個城市舉行，吸引了數千名媒體人士、影響者、內容創作者、合作夥伴和思想領袖。

The Logi PLAY global live stream on the day drove more than 12 million views. And within a month, the Logi PLAY social media and creator activations reached approximately 200 million people. This underscores the growing strength of our global brand.

當天，Logi PLAY 全球直播吸引了超過 1,200 萬次觀看。一個月內，Logi PLAY 的社群媒體和創作者推廣活動涵蓋了約 2 億人。這凸顯了我們全球品牌日益增長的實力。

We also continue to double down on B2B with good momentum behind our investments in new products and capabilities. Logitech for business demand was strong across video collaboration, personal workspace solutions, and the education vertical.

我們將繼續加大對B2B領域的投入，並在新產品和能力建構方面保持良好的投資動能。羅技在視訊協作、個人工作空間解決方案和教育垂直領域的商業需求強勁。

Time Magazine recognized their new office environmental sensor, the Logitech Spot, as one of the best inventions of 2025. This is the second year in a row we have received this prestigious recognition for a new product.

《時代》雜誌將羅技公司新推出的辦公環境感測器 Logitech Spot 評為 2025 年最佳發明之一。這是我們連續第二年憑藉新產品獲得這項殊榮。

Logitech's global scale remains a key advantage. And in Q2, we executed very well across geographies. EMEA posted solid growth. Once again, Asia Pacific had an excellent quarter, supported by our China for China investments. Their strength helped offset a modest sales decline in the Americas as we proactively manage tariffs.

羅技的全球規模仍是一項關鍵優勢。第二季度，我們在各個地區都取得了非常好的業績。歐洲、中東和非洲地區實現了穩健成長。亞太地區本季業績再次表現出色，這主要得益於我們對中國的投資。由於我們積極應對關稅問題，他們的強勁表現幫助抵消了美洲地區銷售額的小幅下滑。

Importantly, demand trends in the US improved as the quarter progressed. Finally, our Q2 performance underscores Logitech's capabilities as an operational powerhouse. Our cost discipline and manufacturing diversification were important factors in driving excellent gross margins and double-digit growth in non-GAAP operating income.

值得注意的是，隨著季度的推進，美國的需求趨勢有所改善。最後，我們第二季的業績凸顯了羅技作為營運巨頭的實力。我們嚴格的成本控制和生產多元化是實現優異毛利率和非GAAP營業收入兩位數成長的重要因素。

We are on track to reduce our share of US products originating from China to 10% by the end of this calendar year. We're able to do this, thanks to our long-established diversified manufacturing capabilities in five other countries, while our Chinese manufacturing site continues to serve China and the rest of the world.

我們預計在今年年底前將源自中國的美國產品份額減少到 10%。我們之所以能夠做到這一點，由於我們在其他五個國家長期建立的多元化製造能力，同時我們的中國製造基地繼續為中國和世界其他地區提供服務。

Now looking ahead to Q3, we believe we will see continued strong momentum in our business, but we also see some market uncertainty. The North American consumer market, especially in gaming, was softer in Q2. We're cautiously optimistic that this will improve for the holiday season, but that is, of course, yet to be confirmed.

展望第三季度，我們相信公司業務將繼續保持強勁成長勢頭，但我們也看到市場存在一些不確定性。第二季北美消費市場，尤其是遊戲市場，表現疲軟。我們謹慎樂觀地認為，這種情況在假期期間會有所改善，但這當然還有待證實。

The macros also remain uncertain with tariffs, export restrictions, persistent inflation, just some of the dynamics. In this context, we believe our Q3 outlook reflects a pragmatic balance between the strong momentum of our business and the litany of uncertainties within the global economy.

宏觀經濟情勢依然不明朗，關稅、出口限制、持續通膨等等，都構成了影響因素。在此背景下，我們認為第三季的展望反映了我們業務強勁成長動能與全球經濟中許多不確定因素之間的務實平衡。

Our approach to deliver the holiday quarter and beyond remains unchanged. We'll focus on our long-term strategic priorities while being guided by the three in-year principles of playing offense, cost discipline and agility. In terms of playing offense, we will continue to invest in R&D and demand generation to gain share, both in the short and the long term.

我們應對假期季節及以後的業績交付策略保持不變。我們將專注於長期戰略重點，同時遵循進攻、成本控制和敏捷這三大年度原則。在進攻方面，我們將繼續投資研發和需求創造，以在短期和長期內獲得市場份額。

As for rigorous cost discipline, we'll continue to focus on product cost optimization, tariff mitigation and disciplined G&A spend. And of course, we will continue to be agile and move fast.

至於嚴格的成本控制，我們將繼續專注於產品成本優化、關稅緩解和嚴格的行政管理費用支出。當然，我們將繼續保持靈活快速的行動。

In closing, we entered a holiday quarter in a dynamic global environment with a strong first half under our belts and with a unique set of assets that underpin our resilience, our extraordinary capacity for superior products and innovation, our global reach with two third of sales generated outside the US, our diversified manufacturing footprint or China plus 5, our strong and growing brand, our pristine balance sheet and our experienced high-performing team. I believe these assets, combined with our clear strategic priorities position us well to continue to deliver strong results.

最後，我們進入了充滿變數的全球假日季，上半年業績強勁，我們擁有一系列獨特的資產，這些資產支撐著我們的韌性、卓越的產品和創新能力、三分之二的銷售額來自美國以外的全球影響力、多元化的生產佈局（中國+5）、強大且不斷增長的品牌、穩健的資產負債表以及經驗豐富的高績效團隊。我相信，這些優勢，加上我們明確的策略重點，使我們能夠繼續取得優異的績效。

And before I hand over to Matteo, let me say a big thank you to our teams around the world. Our people are driving this strong performance and a unique culture. And I was super proud that that was recognized by Forbes this quarter when they ranked Logitech out of 900 global companies as number 25 on their list of the world's best employers. Matteo, over to you.

在把麥克風交給馬特奧之前，請容許我向世界各地的團隊表達衷心的感謝。我們的員工是推動公司如此優異績效和打造獨特企業文化的動力。我非常自豪的是，福布斯在本季對羅技進行了全球最佳雇主排名，在全球 900 家公司中，羅技排名第 25 位。馬特奧，該你了。

Thank you, Hanneke, and thank you all for joining us on the call today. I would like to start by thanking our teams around the globe for the continuous strong execution in the second quarter. While the external environment remains challenging, our execution centered on playing offense, disciplined cost control, and agility.

謝謝Hanneke，也感謝今天所有參加我們電話會議的朋友們。首先，我要感謝我們全球各地的團隊在第二季持續強勁的執行力。儘管外部環境依然充滿挑戰，但我們的執行重點是積極進攻、嚴格控製成本和靈活應變。

And this focus drove a non-GAAP operating income of $230 million, up 19% year over year. This strong profitability was achieved in a quarter where we delivered mid-single-digit net sales growth year over year.

這項重點推動公司實現非GAAP營業收入2.3億美元，較去年同期成長19%。在這一季度，我們實現了強勁的獲利能力，同時淨銷售額比去年同期成長了中等個位數。

So let me discuss some of the key aspects of our second quarter financials. Net sales were up 4% year-over-year in constant currency, supported by continued robust demand across both consumer and B2B. And actually, B2B demand outpaced consumer in the quarter.

那麼，讓我來談談我們第二季財務狀況的一些關鍵方面。淨銷售額以固定匯率計算年增 4%，這得益於消費者和 B2B 業務持續強勁的需求。事實上，本季B2B需求超過了消費者需求。

Some key highlights to mention across our product categories. Personal Workspace grew year over year, fueled by double-digit growth in Pointing Devices and Keyboards & Combos.

以下是我們各產品類別的一些主要亮點。個人工作空間較去年同期成長，主要得益於指點設備和鍵盤及組合設備的兩位數成長。

Gaming delivered 5% year-over-year growth in constant currency, driven by double-digit growth in PC gaming. Video Collaboration grew 3% in constant currency, driven by high growth in EMEA, while Americas was relatively flat due in part to the pull forward of sales that we highlighted in the first quarter.

遊戲產業以固定匯率計算年增 5%，其中 PC 遊戲產業實現了兩位數的成長。視訊協作業務按固定匯率計算增長了 3%，主要得益於歐洲、中東和非洲地區的高速增長，而美洲地區的增長相對平穩，部分原因是我們在第一季強調的銷售提前完成所致。

We executed well across our regions and more specifically, Asia Pacific grew 19% year-over-year in constant currency, led by sustained double-digit growth in China. EMEA grew 3% in constant currency, driven by strong growth in Video Collaboration and Personal Workspace. And conversely, Americas was down 4%, primarily due to the gaming market decline. And as Hanneke just noted, we also experienced lower demand early in the quarter as a result of the pricing actions that we took to offset tariffs, which improved in the latter half.

我們在各個地區都取得了良好的業績，尤其值得一提的是，亞太地區以固定匯率計算同比增長了 19%，這主要得益於中國持續兩位數的增長。EMEA地區以固定匯率計算成長了3%，主要得益於視訊協作和個人工作空間業務的強勁成長。反之，美洲地區下滑了 4%，主因是遊戲市場下滑。正如 Hanneke 剛才指出的那樣，由於我們採取了價格措施來抵消關稅的影響，本季度初我們也經歷了需求下降的情況，但這種情況在下半年有所改善。

Moving to gross margin. Our non-GAAP gross margin rate for the quarter was 43.8%, similar to the prior year. And it is important to note that the negative impact of tariffs was entirely offset by our price and manufacturing diversification actions. Additionally, product cost reductions offset investment in strategic promotions.

接下來討論毛利率。本季非GAAP毛利率為43.8%，與去年同期持平。值得注意的是，關稅的負面影響完全被我們的價格和生產多元化措施所抵消。此外，產品成本降低可以抵銷策略促銷方面的投資。

We continue to be very disciplined in managing our costs. And as a result, operating expenses declined 3% year over year, and were 24.4% of net sales, down 240 basis points from the 26.9% in the second quarter of last year. And similarly to last quarter, this decrease was primarily driven by a reduction in G&A as a result of the measures that we implemented to mitigate the impact of tariffs.

我們在成本控制方面一直保持著非常嚴格的紀律。因此，營運費用年減 3%，佔淨銷售額的 24.4%，比去年第二季的 26.9% 下降了 240 個基點。與上一季類似，這一下降主要是由於我們為減輕關稅影響而實施的措施導致一般及行政費用減少。

As I mentioned earlier, this focus drove a non-GAAP operating income of $230 million, up 19% year over year, and a non-GAAP operating income margin expansion of more than 200 basis points.

正如我之前提到的，這項重點推動了非GAAP營業收入達到2.3億美元，年增19%，非GAAP營業利潤率擴大了200多個基點。

Moving to cash. Cash flow continues to be strong. We generated approximately $230 million in cash from operations, 100% of operating income, and ended the quarter with a cash balance of $1.4 billion. We returned $340 million to shareholders in the quarter through dividends and share repurchases, consistent with our capital allocation priorities.

轉為現金交易。現金流依然強勁。我們從經營活動中產生了約 2.3 億美元的現金，佔營業收入的 100%，季末現金餘額為 14 億美元。本季我們透過分紅和股票回購向股東返還了 3.4 億美元，這與我們的資本配置優先事項相符。

Now looking ahead, as Hanneke pointed out, we are monitoring two pockets of uncertainty. The US consumer market, particularly in gaming; and the overall macro environment, particularly around tariffs, export restrictions, global trade dynamics and inflation. Now nonetheless, we are expecting the overall top line trend to continue to be positive and roughly in line with the performance year-to-date.

展望未來，正如漢內克指出的那樣，我們正在密切關注兩個不確定因素。美國消費市場，特別是遊戲市場；以及整體宏觀環境，特別是關稅、出口限制、全球貿易動態和通貨膨脹。不過，我們預期整體營收趨勢將持續保持正向態勢，並大致與今年迄今的業績保持一致。

Net sales in the third quarter are expected to grow 1% to 4% year-over-year in constant currency, with gross margin rate between 42% and 43%, and non-GAAP operating income is expected to be between $270 million and $290 million.

第三季淨銷售額預計以固定匯率計算年增 1% 至 4%，毛利率預計在 42% 至 43% 之間，非 GAAP 營業收入預計在 2.7 億美元至 2.9 億美元之間。

This outlook contemplates tariff levels for the third quarter to be unchanged from the current structure. And we anticipate, again, that our pricing actions and continued diversification efforts will offset the negative impacts of these tariffs.

該展望預計第三季的關稅水準將與目前的結構保持不變。我們再次預期，我們的定價措施和持續的多元化努力將抵消這些關稅帶來的負面影響。

So while there is a level of uncertainty in the US market, we will continue to manage the business with diligence, generating strong levels of operating income and cash from operations. So I want to thank once again our teams across the globe for their dedication and flexibility. And now, David, I think we can open the call for questions.

儘管美國市場存在一定程度的不確定性，但我們將繼續認真管理業務，創造強勁的營業收入和經營現金流。因此，我要再次感謝我們全球各地的團隊，感謝他們的奉獻和靈活應變。現在，大衛，我想我們可以開始接受提問了。

Thank you, Matteo. Asiya Merchant, Citi.

謝謝你，馬特奧。Asiya Merchant，花旗銀行。

Great. I hope you can hear me. All right. Wonderful. Good results here, guys. Just to double down a little bit on the US consumer uncertainty that you talked about specifically gaming, what have you seen? Has that been a function of the price increases that you put through? And when you talk about Americas improving as the quarter progressed, was that a -- is gaming part of that? If you can just double-click on that.

偉大的。希望你能聽到我說話。好的。精彩的。各位，結果不錯。為了進一步探討您剛才提到的美國消費者在遊戲領域的不確定性，您觀察到了哪些現象？這是否與你們實施的價格上漲有關？當你談到美洲地區在本季逐漸好轉時，這是否——遊戲產業也參與其中？如果你能雙擊它的話。

And then just given the fact that sell-through was so much better than sell-in, why should we have like more seasonal or maybe more like mid-teens, mid-to-high teens kind of guide that you guys are talking about? Thank you.

鑑於銷售率遠高於進貨率，為什麼我們還要像你們所說的那樣，制定更具季節性或更接近十幾到十幾歲年齡段的銷售指南呢？謝謝。

Yeah, thanks, Asiya. So there's a couple of pieces in that question. I appreciate it. Maybe first on the markets overall, we saw continued strong markets around the world on the work side of our business. So Video Conferencing and Personal Workspace, really markets were strong and growing everywhere.

是啊，謝謝你，阿西亞。所以這個問題包含幾個面向。謝謝。首先，就整體市場而言，我們看到全球範圍內，我們業務的就業市場持續強勁成長。所以，視訊會議和個人工作空間市場在各地都非常強勁且不斷成長。

In Europe and in APAC, the gaming market also continued to grow. But in the Americas, it was a little bit more mixed. Again, VC and PWS were really solid market-wise, but the Gaming market in Q2 declined mid-single digits. And the reasons for that decline can be debated, but I think what's more important is that we're cautiously optimistic that the gaming market will recover and be back to growth in the holiday quarter for a number of reasons.

在歐洲和亞太地區，遊戲市場也持續成長。但在美洲，情況則比較複雜。再次強調，創投和個人娛樂服務市場表現非常穩健，但第二季遊戲市場出現了個位數中段的下滑。至於造成這種下滑的原因可以討論，但我認為更重要的是，我們謹慎樂觀地認為，由於多種原因，遊戲市場將在假期季節復甦並恢復成長。

First of all, we saw the trends improve as the quarter progressed, Q2. There have been some game releases early in Q3, notably Battlefield 6, which is the type of game that really plays to our strength and is off to a really good start. And then we have an excellent innovation bundle and some targeted promotions where needed to continue to grow the business. So I think, again, globally, market is actually quite strong. North America gaming, a little softer.

首先，我們看到隨著第二季的推進，趨勢有所改善。第三季初有一些遊戲發布，特別是《戰地6》，這款遊戲非常符合我們的優勢，開局也非常好。此外，我們也提供了一套優秀的創新方案，並在需要的地方進行一些有針對性的推廣活動，以繼續發展業務。所以我認為，從全球範圍來看，市場其實相當強勁。北美遊戲市場，稍微溫和一點。

And by the way, in the global context, our competitive share performance in Q2 was also very strong. So all in all, good momentum and cautiously optimistic that that spot of North American gaming will be better during the holidays.

順便一提，從全球來看，我們第二季的市佔率表現也非常強勁。總而言之，勢頭良好，謹慎樂觀地認為北美遊戲市場在假期期間會更好。

(multiple speakers) Yeah, go ahead. No, go ahead.

（多人發言）好的，請繼續。不，你繼續。

Unpacking a bit of the second portion of your question on the outlook. So the way I think I would describe it as we think it's a reasonably fair balance between the underlying strong performance that the business continues to have, as you have seen in the results that we posted earlier today with some of the litany of uncertainties that Hanneke talked about in her prepared remarks.

關於您問題的第二部分，我來稍微解釋一下。所以，我認為，我們之所以這樣描述，是因為我們認為，在公司持續強勁的潛在業績（正如你們今天早些時候在我們發布的業績報告中看到的那樣）與漢內克在她準備好的發言稿中提到的一系列不確定因素之間，這是一個相當公平的平衡。

So when you look at it by region, basically, we are expecting Asia Pacific to continue to perform extremely well with double-digit growth. China keeps doing extremely well. We have 11-11 coming up here in November.

因此，從區域來看，我們預期亞太地區將持續保持極佳表現，實現兩位數成長。中國持續表現出色。11月我們將迎來11-11的比賽。

So we are expecting strong performance on gaming. So Asia Pacific will continue to perform in line with the last couple of quarters.

因此，我們預期遊戲方面會有強勁的表現。因此，亞太地區的業績將繼續與過去幾季保持一致。

Similar thing for EMEA, we are expecting a low to mid-single-digit growth in constant currency in Europe as well. So the bookends of our outlook is really around the -- what's going to happen in North America with the US consumer to Hanneke's point earlier.

歐洲、中東和非洲地區的情況也類似，我們預期歐洲以固定匯率計算的成長也將處於個位數低至中等水準。因此，我們展望的核心實際上是圍繞著——正如漢內克之前提到的，北美市場將會發生什麼，尤其是美國消費者。

And here, if you look at the low end of the outlook assumes a North America that continues to be slightly negative year over year in terms of net sales, like we have seen in the first six months of the year, while the high end of the outlook assumes a strong holiday season, strong consumer and North America actually turning flat to slightly positive. So that's are the bookends of the outlook that we provided today.

這裡，如果你看一下預測的下限，你會發現北美地區的淨銷售額將繼續同比略有下降，就像我們在今年前六個月看到的那樣；而預測的上限則假設假日季強勁，消費者需求旺盛，北美地區的銷售額實際上會持平甚至略有增長。以上就是我們今天提出的展望的開頭和結尾部分。

And was any of that an impact of prices that you put through, price increases that you put through?

這些影響是否與你們實施的價格政策或價格上漲有關？

Yeah, I think mostly our brand and our products, both of which are, we believe, quite superior, protected us to a large extent from impacts of the pricing. I would say, in general, higher priced and premium products as well as our B2B portfolio, we saw very little to no impact of the price increases. Where we did see some impact was on entry-priced products and even there, probably a little bit more so on entry priced in Gaming than in PWS. And we're actively managing that with targeted promotions.

是的，我認為主要是我們的品牌和產品（我們相信這兩者都非常出色）在很大程度上保護了我們免受價格波動的影響。總的來說，對於價格較高的高端產品以及我們的 B2B 產品組合，我們幾乎沒有看到價格上漲的影響。我們看到一些影響出現在入門級產品上，即使在入門級產品中，遊戲類入門級產品受到的影響可能比 PWS 類產品更大一些。我們正透過有針對性的推廣活動積極應對這種情況。

Okay, thank you.

好的，謝謝。

Thanks, Asiya.

謝謝，Asiya。

Erik, Morgan Stanley.

艾瑞克，摩根士丹利。

Great, thank you guys for taking my question. Maybe just following up on Asiya's question there. Just if you could maybe touch a little bit more on the consumer response to higher prices. And really, what I'm trying to get at is, you talked a little bit about B2B pull forward in the June quarter, what type of behavior did you see kind of prior and then after pricing increases in the US that maybe informs you about the consumer?

太好了，謝謝你們回答我的問題。或許只是想接著Asiya提出的問題做個後續。如果您能再多談談消費者對價格上漲的反應就太好了。實際上，我想問的是，您在六月的季度中談到了 B2B 提前採購的情況，那麼在美國提價之前和之後，您觀察到了哪些行為，這些行為或許可以告訴您消費者的某些行為？

And how are you -- or what are the assumptions that you're making into the December quarter as it relates to pricing and kind of the elasticity of pricing? And then a quick follow-up, please.

那麼，您對 12 月的定價以及定價彈性有何看法？或者說，您對此有何假設？然後請再補充一個細節。

Yeah. So again, on the B2B side, very little impact with the exception maybe of some timing impact where, again, we saw a little bit of pull forward in our Q1. But demand-wise, very little impact. Same thing on the premium end of the portfolio, very little impact. I think the US consumer at the high end is in good shape.

是的。所以，在 B2B 方面，除了時間安排上可能受到一些影響之外，幾乎沒有其他影響，我們在第一季又看到了一些提前交付的情況。但就需求而言，影響甚微。投資組合中的高端產品也面臨同樣的問題，影響很小。我認為美國高端消費者的狀況良好。

A little bit more impact on the lower end. That's not unexpected. And again, that got better during the quarter. So overall, we're really pleased by the fact that we took pricing early and you see what that does to our gross margins where we were able to offset the entire impact of tariffs by pricing and cost reductions.

低端部分的影響略大。這毫不意外。而且，這種情況在本季有所改善。總的來說，我們非常高興能夠及早採取定價策略，你可以看到這給我們的毛利率帶來了怎樣的影響，我們透過價格和成本削減抵消了關稅的全部影響。

Okay. And then quickly as my follow-up, Hanneke, or maybe it's better for Matteo as well or maybe both of you is just can you talk about how Logitech is thinking about M&A today? And if there's any difference from what you outlined at your Analyst Day back in March. I only ask -- we haven't seen -- I don't think anything has necessarily materialized over the last, let's call it, six or seven months. And so is that just a function of better uses of cash? Is it a function of valuations? Is it a function of the opportunity set? Would just love your feedback there. And that's it for me. Thank you so much, guys.

好的。然後，我的後續問題很快就來了，Hanneke，或者也許對 Matteo 來說也更好，或者你們倆都可以問一下，你們能談談羅技公司目前是如何看待併購的嗎？如果這和您在三月分析師日上概述的內容有任何不同的話。我只是想問——我們還沒有看到——我認為在過去的，我們姑且稱之為，六、七個月裡，沒有什麼事情真正發生。所以，這只是因為資金得到了更有效的利用嗎？這是否與估值有關？這是否與機會集有關？非常希望得到您的回饋。我的故事就到此為止了。非常感謝各位。

Yeah, thanks Erik. No change. I'm afraid versus AID. So our top priority for capital allocation is investing organically in the business, and that's definitely what we're doing.

謝謝你，埃里克。沒有變化。我害怕對抗愛滋病。因此，我們資本配置的首要任務是對業務進行有機投資，而這正是我們正在做的。

Second priority is making sure we grow the dividend every year. Third priority is M&A, and we are actively out in the market looking for the right targets, but they have to be strategic, and they have to make the boat go faster.

第二要務是確保我們每年都能提高股利。第三要務是併購，我們正在積極尋找合適的收購目標，但這些目標必須具有策略意義，並且必須能夠加快公司的發展步伐。

And we're looking at lots of things, but I'm going to be very careful. I want things that make the boat go faster, and those are not so easy to come by. And then our last priority when it comes to capital allocation is share buybacks because we also don't want a lazy balance sheet, and you saw us returning a lot of cash to shareholders in the quarter, mostly through the dividend in Q2, but also through some buybacks.

我們正在考慮很多因素，但我會非常謹慎。我想要一些能讓船開得更快的東西，但這些東西並不容易取得。最後，我們在資本配置方面的優先事項是股票回購，因為我們也不希望資產負債表疲軟，你們也看到了，我們在本季度向股東返還了大量現金，主要是透過第二季的股息，但也透過一些股票回購。

Okay, thank you. Alek Valero, Loop Capital. Alex?

好的，謝謝。Alek Valero，Loop Capital。亞歷克斯？

Hi, thank you for taking my question. This is Alek on for Ananda. So just back to Gaming in the Americas, can you speak to how and when do you think the Americas, I believe you said entry-level gaming can normalize the higher ASPs?

您好，感謝您回答我的問題。這裡是阿列克為阿南達報道。回到美洲遊戲市場的話題，您能否談談您認為美洲（我相信您說過入門級遊戲市場）何時才能使較高的平均售價（ASP）成為常態？

Yeah, again we saw trends improving throughout the quarter. And in America, we haven't taken price increases in a long time. So we don't have a lot of history, but we have taken price increases in other markets around the world over the last week -- in recent times. And you tend to see a bit of an impact in the first quarter after.

是的，我們再次看到整個季度以來趨勢都在改善。在美國，我們已經很久沒有提價了。所以我們沒有太多歷史數據，但在過去一周——最近一段時間——我們已經看到世界各地其他市場的價格上漲。而且你通常會在之後的第一個季度看到一些影響。

So that is no surprise. And again, we were pleased to see in the impacted parts of the portfolio trends improving throughout the quarter.

所以這並不令人意外。此外，我們很高興地看到，受影響的投資組合部分的趨勢在本季度有所改善。

And as Matteo outlined, exactly when that will normalize is a little hard to tell, which is why we have a range for Q3 and the bookends of those assume either it normalizes faster or it takes a little bit longer. But overall, we're confident that it will normalize.

正如 Matteo 所概述的那樣，這種情況何時才能恢復正常還很難說，這就是為什麼我們對第三季度給出了一個範圍，而範圍的兩端分別假設這種情況恢復正常的速度較快或需要更長的時間。但總的來說，我們相信情況會逐漸恢復正常。

Awesome. Thank you for that. Just a quick follow-up. I believe I recall you mentioned that the B2B is going to layer in overtime. Can you speak to what the mix is today in terms of business to consumer? And where does it go from here?

驚人的。謝謝。再補充一點。我記得你提到B2B業務會逐步增加加班時間。能談談目前企業對消費者（B2C）業務的組合狀況嗎？接下來會怎樣？

Yeah, so Logitech for Business, which includes VC headsets and Personal Workspace sold into the enterprise channel is about 40% of the business, and that's creeping up but very slowly over time as we double down on that. And we're pleased in Q2. It was again a strong quarter for Logitech for Business. You saw the VC sales were up with double-digit demand growth.

是的，羅技商用產品（包括面向企業通路銷售的 VC 頭戴式設備和個人工作空間）約占公司業務的 40%，隨著我們加大對該領域的投入，這一比例正在緩慢增長。我們對第二季的業績感到滿意。羅技企業業務部門本季業績再次表現強勁。你看到了，創投銷售額上升了，需求實現了兩位數的成長。

And we like -- there's a lot of things we like about Q2 in Logitech for Business. But I would say what I like particularly, we saw disproportionate growth in higher ASP, more premium solutions, including the exciting new Rally Board 65 video conferencing mobile solution, which is proving to be very popular.

我們喜歡—我們喜歡 Logitech for Business 的第二季產品有很多面向。但我想說，我特別喜歡的是，我們看到了更高平均售價、更高端的解決方案實現了不成比例的增長，其中包括令人興奮的全新 Rally Board 65 視訊會議行動解決方案，事實證明它非常受歡迎。

We continue to strengthen our go-to-market capabilities. We launched CPQ, configure price quote in the quarter, which is really helping us quote faster and deliver better service to our customers. And the education vertical continued to be -- continue to do very well in the quarter. So lots to like there, and we'll continue our focus on Logitech for Business.

我們將持續加強市場拓展能力。本季我們推出了 CPQ（配置價格報價）系統，這確實幫助我們更快地報價，並為客戶提供更好的服務。教育板塊在本季持續保持良好表現。所以有很多值得稱道的地方，我們將繼續關注羅技企業版。

Thank you very much. Very helpful. Congrats on the quarter.

非常感謝。很有幫助。恭喜你本季取得佳績。

Thanks, Alek.

謝謝你，阿列克。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, let me check first. Can you hear me?

您好，我先查一下。你聽得到我嗎？

We can hear you.

我們能聽到你的聲音。

Okay, great. So thank you. Maybe Hanneke and Matteo, what are you hearing from your distribution partners in terms of promotional activity that they want to really sort of ramp into the December quarter? I know you mentioned 11-11 as well in China. Just in relation to previous years, what are you seeing in terms of intentions from retailers for promotional activity?

好的，太好了。所以，謝謝你。Hanneke 和 Matteo，你們從分銷合作夥伴那裡了解到，他們希望在 12 月的季度加大促銷力度嗎？我知道你也提到了中國的「雙十一」事件。與往年相比，您認為零售商在促銷活動上的意願為何？

And maybe how does that influence the gross margin guide, Matteo, that you outlined for the next quarter, particularly when we compare to the slight moderation we had seen last quarter going from Q2 to Q3 -- last year, I mean, sorry. And I have a follow-up.

那麼，馬特奧，這會對你為下一季制定的毛利率預期產生怎樣的影響呢？特別是當我們與上個季度（從第二季度到第三季度）看到的略微放緩的情況進行比較時——我是說去年，抱歉。我還有一個後續問題。

Yeah. I'll let Matteo comment on the gross margin guide for the next quarter. In terms of what we're hearing, I've been out in the market quite a bit here in the US and in Canada in the last few weeks, talking to customers, to consumers, to some of our partners. I would say they're also optimistic on the holidays.

是的。關於下一季的毛利率預期，我將請 Matteo 來發表意見。就我們目前所了解的情況而言，在過去的幾周里，我經常在美國和加拿大的市場上走訪，與客戶、消費者以及我們的一些合作夥伴進行交流。我認為他們對假期也持樂觀態度。

They want to be sure that our premium offerings look really great. And if you go into a Best Buy or in Europe into a MediaMarkt, you'll see fabulous execution. I think of the McLaren collection and the MX Master 4, which is a beast.

他們希望確保我們的高端產品看起來非常出色。如果你去百思買或歐洲的 MediaMarkt，你會看到非常棒的執行效果。我想到了麥克拉倫系列和MX Master 4，那真是一輛性能猛獸。

They also want to be sure that we together offer great value on the low end of the portfolio. So both in Europe and the US you've seen us in the past quarter do a little bit more promotion there. And I would say that that kind of mix of great visibility of the high end and targeted promo on the low end will continue into Q4. And that's important -- Q3, sorry. That's continuing. That's important, not just in the US, but also in Europe, where we need to do a lot of blocking and tackling versus low-end Chinese competition, which for obvious reasons, is more active in Europe now than last year.

他們也希望確保我們共同為投資組合的低端產品提供極高的價值。所以，在過去的一個季度裡，你們已經看到我們在歐洲和美國都加強了宣傳。我認為，這種高端市場高曝光率和低端市場精準促銷相結合的策略將持續到第四季。而且這一點很重要——抱歉，是 Q3。這種情況仍在繼續。這不僅在美國很重要，在歐洲也很重要，因為我們需要對來自中國的低端競爭對手進行大量的阻擊和應對，而顯而易見的是，中國現在在歐洲的競爭比去年更加活躍。

So Samik, let me unpack to you the gross margin a bit. I think the best way to think about the third quarter is almost looking back at the second, as the story is actually pretty similar. We -- we've been now for quite some time pretty surgical on promotion. And really to Hanneke's point, really spend the money very carefully where we think is needed, and that's exactly what happened in the second quarter, and that's what you can expect us to do also in the third.

薩米克，讓我來幫你解釋一下毛利率。我認為理解第三季度的最佳方式幾乎是回顧第二季度，因為兩者的故事實際上非常相似。我們——我們一直以來在晉升方面都採取了非常精準的策略。正如漢內克所說，我們確實應該非常謹慎地把錢花在需要的地方，而這正是我們在第二季所做的，也是你們可以期待我們在第三季也會做的事情。

So if you look at the gross margin rate in the second, we're basically flattish year over year. As we said in our prepared remarks, our pricing actions completely offset the impact of tariffs. Then we had the team, the operating team did a marvelous job and continue to work on product cost reduction while they were also concurrently working on the manufacturing diversification.

所以，如果你看第二季的毛利率，你會發現我們基本上與去年同期持平。正如我們在事先準備好的演講稿中所說，我們的定價措施完全抵銷了關稅的影響。然後我們有了團隊，營運團隊做得非常出色，他們一邊繼續努力降低產品成本，一邊同時也在努力實現製造多元化。

And this gave us about 100 basis points of the margin expansion year over year, which was offset by slightly higher promotion to Hanneke's point, that she just described. And then, in the last quarter, if you recall last year, we had the release of inventory reserves, which was did not occur this year that put about 100 basis points pressure year over year on the gross margin side. But this was offset by the positive effects due to the current exchange rate, primarily EUR to USD.

這使得我們的利潤率同比增長了約 100 個基點，但正如 Hanneke 剛才所描述的，略微提高的促銷活動抵消了這一增長。然後，如果你還記得去年的情況，上個季度我們釋放了庫存準備金，而今年沒有發生這種情況，這導致毛利率比去年同期下降了約 100 個基點。但當前匯率（主要是歐元兌美元）帶來的正面影響抵消了這一影響。

So that's the breakdown of the second quarter. So if you look at the third quarter, actually, the story is going to be, we're expecting this to be very similar. So we will continue to work on product cost reduction. So that should help us offset a little bit more of the promotional spend that you normally have in the third quarter being the holiday quarter.

以上就是第二季的詳細情況。所以，如果你看看第三季度，實際上，情況將會非常相似，我們預期情況會非常類似。因此，我們將繼續致力於降低產品成本。這樣應該可以幫助我們稍微抵消一下您在第三季（假期季節）通常會增加的促銷支出。

And then price will continue to offset the impact of -- impact of tariffs. So that's how we layered out the outlook of 42% to 43% that we described today.

然後價格將繼續抵消關稅的影響。所以，這就是我們今天所描述的 42% 至 43% 的展望是如何逐步形成的。

Okay. Got it. Thanks for that. Maybe just for my follow-up, for the OpEx run rate that you're managing the business to fairly -- looks fairly disciplined and you're managing it with a lower OpEx envelope year over year.

好的。知道了。謝謝。也許我只是想跟進一下，您目前對業務運營支出 (OpEx) 的管理水平相當不錯——看起來相當自律，而且您每年都在降低營運支出預算。

I mean, obviously, the business is still growing. So what are the areas you're sort of making those trade-offs on? And where are you finding those efficiencies to keep the OpEx envelope this tight at this point?

我的意思是，很顯然，這項業務仍在成長。那麼，你是在哪些方面做出這些權衡取捨呢？那麼，你們是如何提高效率，才能在目前這個階段將營運支出控制在如此嚴格的範圍內呢？

Sure. So starting at a high level with the numbers, right? We outlined even at the Investor Day that our objective is to have OpEx in the range of 24% to 26% of net revenue, right? Last year, you saw us maybe more on the higher end of this range. And this year, so far, we have been a bit on the lower end. And that's fundamentally driven by the -- some of the measures that we took in light of tariffs to control some of the cost.

當然。所以，我們先從數位層面入手，對吧？我們在投資者日上就明確表示，我們的目標是將營運支出控制在淨收入的 24% 到 26% 之間，對吧？去年，我們的表現可能更接近這個價位的高端水準。而今年到目前為止，我們的成績一直偏低。從根本上說，這是由我們為控制部分成本而根據關稅採取的一些措施所驅動的。

And here, we need to be very clear that as we did also in the first quarter, most of these cost control actions were centered around G&A. So the typical semi blocking and tackling that you would expect a company to do on G&A, control the contractor cost, pausing hires of people that are not related to R&D or sales and marketing, and travel control, this kind of stuff. And so that's really where the focus has been.

在這裡，我們需要非常明確地指出，正如我們在第一季所做的那樣，這些成本控制措施大多集中在一般及行政費用上。因此，典型的半封鎖措施，例如控制一般及行政費用、控制承包商成本、暫停招聘與研發或銷售和行銷無關的人員以及控制差旅等，都是公司應該採取的措施。所以，這才是我們真正關注的重點。

So really trying to curtail the cost on G&A, but at the same time, take these savings on the G&A side and then refunnel it back into the growth of the business, which for us means R&D and then sales and marketing. And that's what should expect -- you should expect us to continue to do in the next couple of quarters.

因此，我們確實在努力削減一般及行政費用，但同時，我們將節省下來的一般及行政費用重新投入到業務增長中，對我們來說，這意味著研發，然後是銷售和行銷。這就是你們應該期待的——你們應該期待我們在接下來的幾個季度繼續這樣做。

Great, thank you. Thanks for taking my questions.

太好了，謝謝。謝謝您回答我的問題。

(Operator Instructions) Didier, Bank of America.

（操作員說明）迪迪埃，美國銀行。

Yeah, thanks for taking my question. I've got a couple. Maybe first, maybe for Matteo, Hanneke, whoever. I'm just wondering, I think you touched on it a little bit, but how should we think about the marketing spend in the holiday season? Because I can think like some -- you've got some sort of tailwinds from FX.

謝謝你回答我的問題。我還有幾個。或許首先，或許是為了馬特奧，漢內克，或是其他什麼人。我只是想問一下，雖然我覺得您剛才稍微提到過，但我們該如何看待假期季節的行銷支出呢？因為我的想法和某些人一樣──你得到了FX的某種助力。

You've got also a sort of difficult consumer environment or slightly more difficult consumer environment in the US. So you would want to use that FX tailwind maybe to invest in the US. At the same time, you also have a channel that is very lean. So I just wonder how you should we think about that?

美國的消費環境也比較艱難，或者說比其他國家略微艱難。所以你可能會想利用這股外匯順風投資美國。同時，你也有一個非常精簡的管道。所以我想知道我們應該如何看待這個問題？

Yeah. So we feel good about inventories ahead of the holidays, both in the channel and our own inventory levels. So they're healthy. We have enough. We don't have too much. It's all good.

是的。因此，我們對假日前的庫存狀況感到樂觀，無論是渠道庫存還是我們自己的庫存水準。所以他們都很健康。我們已經足夠了。我們沒有太多。一切都好。

The way -- if I look at overall OpEx, again, Matteo said it just now, we had a great quarter in terms of OpEx, 24.4%. That's, I think, 240 basis points down versus last year. So that's a really great discipline. That was focused on G&A, where we're super purposeful and just tight.

如果我看一下整體營運支出，就像 Matteo 剛才所說的那樣，我們本季的營運支出表現非常出色，達到了 24.4%。我認為，這比去年同期下降了240個基點。所以這真是一門很棒的學科。那部分主要集中在一般及行政費用上，我們在這方面目標明確，控制嚴格。

R&D was virtually unchanged in Q2, and we're going to continue to invest there. That's our bread and butter.

第二季研發投入幾乎沒有變化，我們將繼續加大投入。這是我們賴以生存的根本。

And then to your point, marketing was also in Q2 close to last year. I think what's important to note there is that the effectiveness of our marketing spend globally continues to improve.

正如您所說，去年第二季的行銷情況也與去年同期相似。我認為需要指出的是，我們全球行銷支出的有效性持續提高。

We're shifting money from non-working producing stuff to working, which is, in general, much better. And we're also strengthening our marketing capabilities. I've mentioned China before, but in China, we are really rocking it in marketing.

我們正在將資金從不產生效益的生產活動轉移到產生效益的活動，這總體來說要好得多。我們也在加強行銷能力。我之前提到過中國，但在中國，我們在行銷方面真的做得非常出色。

And in fact, just last week, at China's big marketing ROI Festival, there were 2,400 entries for best marketing ROI, and we were one of only 11 Gold Award winners. So it just shows the strength of our marketing team and how we've modernized marketing.

事實上，就在上週，在中國的大型行銷投資報酬率節上，最佳行銷投資報酬率的參賽作品有 2400 個，而我們是僅有的 11 個金獎得主之一。這充分展現了我們行銷團隊的實力以及我們行銷方式的現代化程度。

We're getting more bang for the buck in marketing. And I expect that to continue in Q3, and we won't hesitate to lean into either R&D or sales and marketing spend if we think it can accelerate the top line.

我們在行銷方面獲得了更高的投資報酬率。我預期這種情況將在第三季持續，如果我們認為可以加快營收成長，我們將毫不猶豫地加大研發或銷售和行銷方面的投入。

For modeling purposes, remember the third quarter OpEx as a percentage of net sales tends to be a little lower just because it's the biggest quarter of the year. So that would imply a sequential increase to Hanneke's point, both overall in OpEx and the increase will be primarily in R&D and sales and marketing. So that's what you can expect.

為了方便建模，請記住，第三季的營運支出佔淨銷售額的百分比往往會略低一些，因為這是一年中最重要的季度。因此，這意味著 Hanneke 的觀點將逐步得到證實，營運支出總體上會成長，而且成長主要體現在研發、銷售和行銷方面。這就是你可以預期的情況。

Perfect, thank you. And the quick follow-up is on the China for China strategy. I think Hanneke, last quarter you sort of mentioned that there was a pivot in the competitive positioning of Logitech. You were starting to gain share after several quarters of difficult, let's say, competitive environment for the company. So maybe can you elaborate a little bit more on the products you've introduced, the price points you're hitting and where you've encountered the greatest success?

太好了，謝謝。而接下來的重點則是「中國為中國」戰略。漢內克，我想你上個季度提到過羅技的競爭定位發生了轉變。在經歷了幾個季度艱難的競爭環境後，公司開始獲得市場份額。那麼，您能否更詳細地介紹一下您推出的產品、您設定的價格點以及您取得最大成功的領域？

Yeah, happy to do that. So again, China had -- we don't break it out, but you've seen the APAC numbers and China was ahead of those APAC numbers. We continue to hold the number one shares. Actually, in Q2, PWS share now grew for the entire quarter, which I haven't seen since I've been at Logitech. So that was great to see.

好的，我很樂意這麼做。所以，中國再次領先亞太地區的數據——我們不單獨列出，但你們已經看到了亞太地區的數據，而中國領先亞太地區的數據。我們繼續持有第一大股份。事實上，在第二季度，PWS 的市場份額在整個季度都實現了成長，這是我在羅技工作以來從未見過的。看到這一幕真是太好了。

And gaming share for the quarter was still slightly down, but the trends are improving. So that's good to see. That's driven by the marketing I just mentioned, where the team is doing a great job versus even a year ago, and by innovation. So our global innovations are working well in China, but we've also invested in China for China innovation.

本季度遊戲市場份額仍然略有下降，但趨勢正在改善。那真是個好消息。這主要歸功於我剛才提到的行銷，團隊在這方面做得非常出色，甚至比一年前還要好，以及創新。因此，我們的全球創新在中國取得了良好的效果，但我們也在中國進行了投資，以促進中國本土的創新。

So the most exciting thing we launched in Q2 was a new gaming keyboard, the G316 just for China. Really cool and unique RGB lighting, retro vintage display, and of course, all the cool performance stuff, 8 kilohertz, et cetera. That is doing very well.

因此，我們在第二季推出的最令人興奮的產品是一款專為中國市場打造的新型遊戲鍵盤 G316。非常酷炫獨特的 RGB 燈光，復古的顯示屏，當然還有所有酷炫的性能配置，8 千赫茲等等。效果非常好。

That's actually on the medium, I would say, the lower medium end of the price range, which is an important part in China to really go big on. Still great margins. The team has done a great job designing and building that in China.

實際上，我認為它屬於中等價位，或者說是中低價位，而在中國，這部分市場非常重要，值得大力投入。利潤空間依然很大。該團隊在中國的設計和建造方面做得非常出色。

And you'll see that type of innovation more and more of it going forward, but super excited about the momentum we now have in China in a fast-growing market as well.

未來你會看到越來越多這類創新，但我們目前在中國這個快速成長的市場中所取得的動能也讓我們感到非常興奮。

Thank you.

謝謝。

Michael, Vontobel. Michael?

邁克爾，馮托貝爾。麥可？

Yeah. Hi, good to see you all. You actually answered just all my questions on China just now. But I have two small follow-ups. One is on the channel inventories. You said channel inventories are quite lean. You're happy with inventories.

是的。大家好，很高興見到大家。你剛才其實已經回答了我所有關於中國的問題。但我還有兩個小問題可以補充。一個是關於渠道庫存的。您說渠道庫存非常緊張。你對庫存狀況很滿意。

Is that the same dynamic across all regions? Or are there any differences across the regions? And can you tie that also maybe with the numbers you showed on sell-in and sell-through?

所有地區的情況都一樣嗎？或者說，不同地區之間有差異嗎？你能否將這些與你展示的進貨量和售罄量數據連結起來？

And the second question would be just on Gaming. Could you give a bit more color on the different subsegments in gaming, simulation, console and PC gaming? I mean you mentioned PC gaming being very strong, but what about the other categories? Thank you.

第二個問題就跟遊戲有關。能否詳細介紹遊戲、模擬遊戲、主機遊戲和PC遊戲等不同細分領域？我的意思是，你提到PC遊戲發展非常強勁，但其他類別的情況如何？謝謝。

Yeah. Why don't I take the gaming and then you can comment on the inventory. So yes, we talked a lot about gaming in the US, but maybe if we zoom out gaming globally, again, continue to be really strong with net sales up 5% and demand up double digits, driven by very strong, again, double-digit sales growth in our number 1 market, which is China. When we look at the different parts of the business, Michael, we're seeing continued strong demand at the top end. So Pro was up more than 25%. SIM was up more than 10%.

是的。不如我先玩遊戲，然後你再對庫存發表評論。所以，是的，我們談了很多關於美國遊戲市場的事情，但如果我們把目光放在全球範圍內，遊戲市場依然保持強勁勢頭，淨銷售額增長了 5%，需求增長了兩位數，這主要得益於我們第一大市場——中國——的強勁銷售增長，再次實現了兩位數的增長。邁克爾，當我們審視公司的各個業務部門時，我們發現高端市場的需求持續強勁。所以Pro版上漲了超過25%。SIM卡價格上漲超過10%。

So that's really great. And again, we continue to block and tackle in the lower end of the portfolio, which is also important, which also saw solid growth, but the kind of disproportionate growth is coming from the top end of the gaming business.

那真是太好了。我們再次強調，我們將繼續在投資組合的低端領域進行佈局和調整，這同樣很重要，而且低端領域也實現了穩健增長，但這種不成比例的增長來自遊戲業務的高端領域。

Again, excited for the short term on gaming with things like the SuperStrike and the McLaren Collection. I'm very excited about the mid- and long-term perspectives in gaming.

再次強調，我對短期內的遊戲產品感到興奮，例如 SuperStrike 和 McLaren Collection。我對遊戲產業的中長期發展前景感到非常興奮。

And Michael, on the -- on your question on the channel inventory, we feel the channel overall across all our regions is in a good spot. When we look at the weeks on hand, it's in the range that where we wanted this to be. It's important not to confuse. We had a little bit of a channel inventory dynamic in B2B in VC actually last quarter. That's why you saw in the first quarter, the sell-in of VC outpaced the sell-through and now the reverse happened in the second quarter.

邁克爾，關於你提出的頻道庫存問題，我們認為我們所有地區的頻道整體情況都很好。從剩餘的周數來看，它正處於我們預期的範圍內。重要的是不要混淆。實際上，上個季度我們在B2B和VC渠道的庫存出現了一些動態變化。這就是為什麼你在第一季看到，創投的買入量超過了賣出量，而現在第二季情況正好相反。

But that's a dynamic that has been fixed here in the last 6 months. So overall, we are pleased where the inventory is. And overall, if you look at AMR, that's where you have the biggest discrepancy, the sell-out outpaced the sell-in a bit, which is a positive sign as we enter into the third quarter and the earlier season.

但在過去六個月裡，這種情況已經得到改善。總的來說，我們對目前的庫存狀況感到滿意。總的來說，如果你看一下 AMR，你會發現最大的差異在於售罄數量略微超過了售入數量，這對於我們進入第三季度和賽季初期來說是一個積極的信號。

Perfect. Thank you.

完美的。謝謝。

You bet.

當然。

Thank you. Great to see you, Michael.

謝謝。見到你真高興，麥可。

Martin, BNP. Martin?

Martin，BNP。馬丁？

Two quick follow-ups. The first one is really on the strength in keyboard and mice. Would you say that is Windows 10, a refresh driven? Or is it more COVID refresh? Or none of those two? That's the first question.

兩個後續問題。第一個關鍵點在於鍵盤和滑鼠的效能。您認為這是 Windows 10 的更新換代嗎？或者說，這是新冠疫情帶來的另一個「洗禮」？或以上兩者都不是？這是第一個問題。

Yeah. Oh, sorry, go ahead for your second one.

是的。哦，不好意思，請繼續你的第二個請求。

Oh, the other -- the second one is more for Matteo, I would say. Just in the tariff headwind, I think was it at the 200 basis points to 300 basis points that you were expecting, that you saw in the third quarter? And then also going forward, as you exit the or slowly exit the China to US business, should we actually see that headwind ease over the next couple of quarters?

哦，另一個——第二個更像是給馬特奧的，我想。僅就關稅逆風而言，我認為是否如您預期的那樣，在第三季度出現了 200 到 300 個基點的逆風？展望未來，隨著您逐步退出或逐步退出中國到美國的業務，我們是否應該看到這種不利因素在未來幾季有所緩解？

Yeah. Maybe I'll take the PWS one first. And thanks for noticing that really great results in keyboards and combos and mice. Some people think those things can't grow. But as you can see, they can grow.

是的。或許我會先選PWS那款。感謝您注意到鍵盤、套裝和滑鼠方面確實取得了非常好的效果。有些人認為這些東西不可能生長。但正如你所看到的，它們可以生長。

What were the drivers? I'd say the first driver was, again, the premium end of our portfolio. So MX and Ergo are doing extremely well, both with double-digit growth in the quarter. And again, that MX Master 4, a lot of pent-up demand for it, entire subreddits dedicated to it before launch, just a lot of excitement on that launch. Then we're seeing continued excellent execution in-store and online on our core keyword and mice business.

司機是誰？我認為第一個驅動因素仍然是我們產品組合中的高端產品。所以 MX 和 Ergo 的表現都非常出色，兩家公司本季都實現了兩位數的成長。還有，MX Master 4，市場對它的需求非常旺盛，在發布前就有了專門討論它的Reddit子版塊，發佈時大家都非常興奮。然後，我們看到我們在核心關鍵字和滑鼠業務方面，線上和線下都持續取得了優異的業績。

And to your question, is this linked to the Windows 11 refresh? We've always said I don't think our growth -- we know our growth is not directly tied to any PC sales trends. And historically, peripherals have always grown a couple of hundred basis points ahead of PC sales, but it can't hurt. And we're always very focused on attach programs in-store and online. When you buy a new PC, we also hope you will attach one of our peripherals.

至於你的問題，這是否與 Windows 11 更新有關？我們一直都說，我認為我們的成長——我們知道我們的成長與任何個人電腦銷售趨勢都沒有直接關係。從歷史上看，週邊產品的成長速度總是比個人電腦的銷售快幾百個基點，但這並沒有什麼壞處。我們始終非常注重店內和線上的附加項目。當您購買新電腦時，我們也希望您能搭配使用我們的一款週邊設備。

And of course, with some of the excitement about the Windows 11 refresh and the AI PCs, that gives us more attach opportunities. So I would say that's a mild tailwind, but the real growth comes from our premium portfolio.

當然，隨著人們對 Windows 11 更新和 AI PC 的興奮，這也為我們帶來了更多聯繫的機會。所以我認為這算是一個小小的順風，但真正的成長來自我們的高端產品組合。

So Michael, let me -- Martin, sorry, let me talk about the other question. So the -- if I rewind the tape a little bit, right? So in the last earnings call, we said that we were expecting the tariff impact to be about 200 basis points to 300 basis points, offset by 200 basis points of price. So we were expecting the net impact all in, including the diversification action and price to be between 0 and 100 basis points negative for the gross margin for the quarter.

所以邁克爾，讓我——馬丁，抱歉，讓我先談談另一個問題。所以——如果我把磁帶倒回去一點，對吧？因此，在上次財報電話會議上，我們表示預計關稅影響約為 200 至 300 個基點，但價格將抵消 200 個基點的影響。因此，我們預期所有因素會綜合起來，包括多元化行動和價格因素，對本季毛利率的淨影響為負 0 到 100 個基點。

What in reality happened is, as we mentioned in the prepared remarks, we were able through -- we were able to offset the entire impact of tariffs. It's about 150 basis points each. So the impact of tariff net of diversification was 150 basis points pressure to the gross margin, and price was a lift of 150 basis points. So net-net, we were able to offset entirely.

正如我們在準備好的演講稿中提到的，實際情況是，我們能夠——我們能夠抵消關稅的全部影響。每個大約是 150 個基點。因此，扣除多元化因素後，關稅的影響使毛利率面臨 150 個基點的壓力，而價格則使毛利率上升了 150 個基點。所以總的來說，我們完全抵消了損失。

And really, that's driven by three key things. Number one, the continued work that our supply chain team is doing on manufacturing diversification, which is trending in line with plan. The price actions that we took in April and then supply chain management.

而這其實是由三個關鍵因素所驅動的。第一，我們的供應鏈團隊正在繼續推動製造多元化工作，目前進展順利，符合計畫。我們在四月採取的價格措施以及供應鏈管理。

Really, they're doing a fantastic job in managing inventory, and they were able, as we said in prior calls, to pull in some of the inventory, some of the purchases ahead of new tariffs being placed. So we were able to mitigate some of the impact of the tariffs.

確實，他們在庫存管理方面做得非常出色，正如我們在之前的電話會議中所說，他們能夠在新的關稅生效之前收回一些庫存和採購。因此，我們得以減輕關稅帶來的一些影響。

So this 150 basis points dynamic, that's what I would expect also to happen in the third quarter. So 150 basis points impact on tariffs, offset by price, assuming, obviously, the tariff structure stays as it is currently.

因此，我預期第三季也會出現150個基點的波動。因此，關稅將受到 150 個基點的影響，但價格會抵消這一影響，當然，前提是關稅結構保持不變。

Great. Thank you very much.

偉大的。非常感謝。

You're welcome.

不客氣。

And now we have no further questions.

現在我們沒有其他問題了。

Great. Well, thank you. Always great to see you all. Looking forward to seeing you in the follow-ups, and thanks for being with us today. Have a good week.

偉大的。謝謝。很高興見到大家。期待在後續會議中再次見到您，感謝您今天與我們同在。祝你一周愉快。