羅技 (LOGI) 2026 Q3 法說會逐字稿

(technical difficulty) Our actual results could differ materially as a result of many factors. 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.

（技術難題）由於諸多因素，我們的實際結果可能與預期有重大差異。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。

We undertake no obligation to update or revise any of these forward-looking statements, except as required by law. We will also discuss non-GAAP financial results. You can find a 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.

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。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. Unless noted otherwise, references to net sales growth are in constant currency and comparisons between periods are year-over-year. This call is being recorded (technical difficulty)

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比較。本次通話正在錄音（技術難題）

Thank you, Nate, and welcome, everyone. During the third-quarter, we delivered another period of very strong financial performance. With the exception of pandemic peaks, we drove record non-GAAP operating income and earnings per share. Very strong non-GAAP gross margins once again underscore the quality of our portfolio, the strength of our brand and innovation and our unique operating discipline.

謝謝你，內特，也歡迎各位。第三季度，我們再次取得了非常強勁的財務表現。除了疫情高峰期外，我們實現了創紀錄的非GAAP營業收入和每股盈餘。非常強勁的非GAAP毛利率再次凸顯了我們產品組合的品質、品牌實力和創新能力以及我們獨特的營運紀律。

And top line growth of plus 6% in US dollars and 4% in constant currency was broad-based across regions, channels and categories. The strong third-quarter results were driven by our strategic priorities. First, superior products and innovation. At the end of September, we launched the MX Master 4, the next generation of our flagship mouse. It is selling at record levels.

以美元計算，營收成長 6%；以固定匯率計算，營收成長 4%，且各地區、通路和品類均實現了全面成長。第三季強勁的業績得益於我們的策略重點。首先，是卓越的產品和創新。9 月底，我們推出了 MX Master 4，這是我們旗艦滑鼠的下一代產品。它的銷量創下歷史新高。

It sold more units in the first month following launch than any other personal workspace mouse in Logitech's history. In gaming, we delivered winning news across price bands. The premium Pro X Superlight 2 mouse was a top-performing new product in the quarter, boosting the Pro line. We also had strong demand for the new entry-level, China-for-China G3116 gaming keyboard, which helped drive market share gains in China.

這款滑鼠上市首月銷量就超過了羅技史上任何其他個人工作滑鼠。在遊戲領域，我們為各個價位段的遊戲帶來了令人振奮的消息。高階 Pro X Superlight 2 滑鼠是本季表現最佳的新產品，提升了 Pro 系列的銷售量。我們也推出了面向中國市場的新款入門級 G3116 遊戲鍵盤，這款鍵盤在中國市場獲得了強勁的需求，也幫助我們提升了市場份額。

And AI now plays a pretty critical role when it comes to superior video and audio innovation. We are well beyond AI proofs of concepts and experiments. We are shipping AI products globally at scale. In the third-quarter, those included both AI-powered devices like the Rally Board 65, the site video conferencing camera and its own two wireless headsets and AI-enabling devices like the spot sensor.

如今，人工智慧在卓越的視訊和音訊創新方面發揮著至關重要的作用。我們早已超越了人工智慧的概念驗證和實驗階段。我們正在全球大規模交付人工智慧產品。第三季度，這些產品包括人工智慧驅動的設備，例如 Rally Board 65（現場視訊會議攝影機）及其兩款無線耳機，以及人工智慧賦能設備，例如定位感測器。

And just last week, we announced a Rally AI camera and Rally AI Pro, our smart new video conferencing solutions for large rooms, like board rooms, auditoriums and classrooms. None of those products are AI for the sake of AI. These are products that solve real user needs, and that shows in their popularity in the market. Our second strategic priority driving results was doubling down on B2B.

就在上週，我們發布了 Rally AI 攝影機和 Rally AI Pro，這是我們為大型房間（如會議室、禮堂和教室）推出的全新智慧視訊會議解決方案。這些產品都不是為了人工智慧而人工智慧。這些產品解決了使用者的實際需求，這一點從它們在市場上的受歡迎程度就能看出來。我們推動業績成長的第二個策略重點是加大對B2B業務的投入。

Logitech for business demand significantly outpaced B2C demand in the third-quarter driven by strength in video collaboration and our education vertical. Third, we executed with excellence around the world. The December quarter was the first in fiscal year '26 with positive year-over-year net sales growth and increased demand across all three of our major geographies.

第三季度，羅技面向企業的需求顯著超過了面向消費者的需求，這主要得益於視訊協作和教育領域的強勁表現。第三，我們在世界各地都表現出色。2026 財年第一季（12 月季度）實現了同比淨銷售額的正增長，並且我們三大主要地區的市場需求均有所增長。

Around the world, it was great to see our teams excel with great holiday in-store execution and terrific social-first digital brand building campaigns. Finally, our performance underscores our unique operational excellence. Product cost reduction, targeted pricing actions and FX offset tariff headwinds and strategic promotions and drove a very strong non-GAAP gross margin of 43.5%.

在全球範圍內，我們很高興看到我們的團隊在節日期間的店內執行和以社交媒體為先的數位品牌建立活動中表現出色。最後，我們的業績凸顯了我們獨特的卓越營運能力。產品成本降低、有針對性的定價措施和外匯抵銷關稅不利因素以及策略促銷活動，推動了非GAAP毛利率達到43.5%，表現非常強勁。

Importantly, we continue to drive manufacturing diversification. As we committed, we successfully reduced the percentage of US products manufactured in China from 40% last April to less than 10% by the end of December 2025. And we maintained strong cost discipline across the company, highlighted by non-GAAP general and administrative expenses which were down 7% in the absolute year-over-year.

重要的是，我們將繼續推動製造業多元化。正如我們承諾的那樣，我們已成功將美國產品在中國生產的比例從去年 4 月的 40% 降低到 2025 年 12 月底的 10% 以下。我們維持了公司內部嚴格的成本控制，尤其值得一提的是，非GAAP一般及行政費用較去年同期下降了7%。

Now looking ahead, we live in a dynamic world, but there is still so much opportunity for Logitech to grow. One of the opportunities I am excited about lies in leveraging the existing global PC footprint to drive continued growth. Consider that of the 1.5 billion plus PCs in use today around the world, less than half of those have a mouse attached and less than 30% of existing PCs have an external keyboard.

展望未來，我們生活在一個瞬息萬變的世界，但羅技仍然擁有巨大的發展機會。我感到興奮的機會之一是利用現有的全球個人電腦市場份額來推動持續成長。想想看，如今全世界有超過 15 億台個人電腦，其中不到一半配有滑鼠，不到 30% 的現有個人電腦配有外接鍵盤。

Taken together, that PC installed base represents over 1.8 billion opportunities to add peripherals and upgrade users to enjoy vastly superior productivity and comfort. We warmly welcome obviously the tens of millions of new PCs that are sold each quarter but we believe the existing base remains the far greater price.

綜合來看，PC 的裝置量超過 18 億，這意味著用戶有機會添加週邊並進行升級，從而享受更卓越的生產力和舒適度。我們當然熱烈歡迎每季售出的數千萬台新PC，但我們認為現有用戶群的價格仍然要高得多。

So with that, Matteo, I'll hand it over to you to cover the financials in a bit more detail.

那麼，馬特奧，接下來就交給你更詳細地介紹一下財務方面的情況。

Okay. Thank you, Hanneke, and thank you all for joining us on the call today. So the team delivered a another solid quarter, demonstrating continued focus on profitability and growth. Non-GAAP operating income reached $312 million, reflecting a 17% year-over-year increase alongside a 220-basis point expansion in profitability.

好的。謝謝Hanneke，也感謝今天所有參加我們電話會議的朋友們。因此，該團隊又取得了穩健的季度業績，展現了對獲利能力和成長的持續關注。非GAAP營業收入達3.12億美元，年增17%，獲利能力也提高了220個基點。

Our strong P&L performance, combined with disciplined management of working capital, resulted in an exceptional cash flow generation of approximately $500 million a 30% year-over-year increase. Now let me walk you through the key financial highlights for the third-quarter. So net sales were $1.4 billion, up 4% year-over-year in constant currency, and this growth was driven by strong demand and represents our eighth-quarter of consecutive top line growth.

我們強勁的損益表現，加上對營運資金的嚴格管理，帶來了約 5 億美元的卓越現金流，較去年同期成長 30%。現在讓我帶您了解第三季的主要財務亮點。因此，淨銷售額為 14 億美元，以固定匯率計算年增 4%，這一增長是由強勁的需求推動的，也是我們連續第八個季度實現營收成長。

Now more specifically, personal workspace net sales increased 7%, with 9% growth in pointing devices, fueled by the launch of our MX Master 4 as well as double-digit growth in tablet accessories. Video collaboration net sales grew 8% with double-digit growth in EMEA and Asia Pacific driven by continued sales strength of our AI-enabled Rally Board 65.

更具體地說，個人工作空間淨銷售額成長了 7%，其中指點設備成長了 9%，這得益於我們推出的 MX Master 4 以及平板電腦配件的兩位數成長。視訊協作淨銷售額成長了 8%，其中 EMEA 和亞太地區實現了兩位數成長，這主要得益於我們人工智慧驅動的 Rally Board 65 的持續強勁銷售。

And as we indicated in the past, the B2B nature of this business tends to be lumpy quarter-to-quarter. But the long-term trajectory of the business is very strong momentum. Gaming net sales grew 2%, driven by double-digit growth in Asia Pacific while Americas and EMEA declined single digits due to the market contraction.

正如我們過去所指出的，這種 B2B 業務的性質決定了其季度業績往往波動較大。但從長遠來看，該業務的發展勢頭非常強勁。遊戲淨銷售額成長了 2%，這主要得益於亞太地區兩位數的成長，而美洲和歐洲、中東及非洲地區由於市場萎縮，則出現了個位數的下降。

Geographically, Asia Pacific led the way with a 15% year-over-year growth driven by double-digit growth in gaming, video collaboration and tablet accessories. EMEA grew 2% due to double-digit growth in video conferencing as well as solid growth in keyboards and combos. And the Americas reversed the negative trend of the past couple of quarters with the US returning to modest growth with pointing devices up double digits, offset by gaming.

從地理上看，亞太地區以 15% 的同比增長率領先，這主要得益於遊戲、視訊協作和平板電腦配件的兩位數增長。由於視訊會議業務實現了兩位數的成長，以及鍵盤和組合產品的穩健成長，歐洲、中東和非洲地區的銷售額成長了 2%。美洲地區扭轉了過去幾季的負面趨勢，美國經濟恢復了溫和成長，指點設備實現了兩位數的成長，但遊戲產業抵消了部分成長。

On the profitability side, our non-GAAP gross margin rate was 43.5% and up 30 basis points from the prior year. We were able to expand the gross margin rate despite a challenging tariff environment. And similar to last quarter, the negative impact of tariffs was entirely offset by our pricing actions and continued manufacturing diversification efforts.

在獲利能力方面，我們的非GAAP毛利率為43.5%，比上年成長了30個基點。儘管關稅環境充滿挑戰，我們仍能提高毛利率。與上個季度類似，關稅的負面影響完全被我們的定價措施和持續的製造業多元化努力所抵消。

Product cost reduction and favorable foreign exchange more than offset increased promotional activity in the quarter. We also maintained strong operating expense discipline. Non-GAAP operating expense was $306 million, a decline of 2% year-over-year, and 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.

產品成本降低和有利的匯率因素抵消了本季增加的促銷活動。我們也嚴格控制了營運費用。非GAAP營運費用為3.06億美元，較去年同期下降2%，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。

Now it is important to note that if we normalize for the bad debt expense we recorded in the prior year period, non-GAAP operating expenses would have increased approximately 2% and while delivering 70 basis points of leverage. And finally, cash flow. Cash flow was extremely strong in the third quarter. We generated approximately $500 million of operating cash flow 1.5 times operating income, thanks to efficient inventory management, strong collections and profitable growth.

需要注意的是，如果我們對上一年期間記錄的壞帳支出進行正常化處理，非GAAP營運支出將增加約2%，同時槓桿率為70個基點。最後，是現金流。第三季現金流非常強勁。由於高效的庫存管理、強勁的收款和獲利成長，我們產生了約 5 億美元的營運現金流，相當於營業收入的 1.5 倍。

Our cash conversion cycle improved by 18% down to a highly efficient 27-days. We maintained a very strong balance sheet, ending the quarter with a cash balance of $1.8 billion. Now as we look ahead, we are closely monitoring external dynamics, including geopolitics, tariffs and the consumer confidence. While the backdrop is mixed, we believe Logitech is exceptionally well positioned, and this confidence is reflected in the outlook that we are providing for the coming fiscal quarter.

我們的現金週轉週期提高了 18%，縮短至高效的 27 天。我們維持了非常強勁的資產負債表，季度末現金餘額為 18 億美元。展望未來，我們將密切關注外部動態，包括地緣政治、關稅和消費者信心。儘管背景複雜多變，但我們相信羅技的處境非常有利，這種信心也反映在我們對下一財季的展望中。

Net sales in the fourth-quarter are expected to grow 3% to 5% year-over-year in constant currency with a gross margin rate of approximately 43% to 44%, and non-GAAP operating income is expected to be between $155 million and $165 million, up 20% year-over-year at the midpoint. As a result, we expect to close fiscal year '26 above the long-term model targets for non-GAAP gross margin and non-GAAP operating margin that we outlined at our Analyst and Investor Day last year.

預計第四季淨銷售額以固定匯率計算年增 3% 至 5%，毛利率約為 43% 至 44%，非 GAAP 營業收入預計在 1.55 億美元至 1.65 億美元之間，以中間值計算年增 20%。因此，我們預計 2026 財年非 GAAP 毛利率和非 GAAP 營業利潤率將高於我們在去年分析師和投資者日上概述的長期模型目標。

Our performance underscores the durability of our model and our consistent ability to convert profit into cash and generate compelling returns on invested capital. As we transition into the new calendar year, we remain confident in our ability to execute at a high level as the environment evolves. I want to thank all our teams across the globe for their dedication and flexibility.

我們的業績凸顯了我們模式的持久性，以及我們持續將利潤轉化為現金並產生可觀投資回報的能力。隨著我們邁入新的一年，我們仍然有信心在不斷變化的環境中保持高水準的執行力。我要感謝全球所有團隊成員的奉獻精神和靈活應變能力。

And with that, we can open the call to questions.

接下來，我們將開始接受提問。

(Operator Instructions) Asiya Merchant, Citi.

（操作員指示）Asiya Merchant，花旗銀行。

Great. Both well, there's just so much macro factors. I mean, obviously, memory affecting PC demand. Hanneke, you talked about the installed base. Just if you can walk us through what gives you this confidence relative to your long-term target model that you guys have laid out about the growth looking ahead, not just through March, but you're not approaching the end of fiscal '26 into fiscal '27.

偉大的。兩者都好，畢竟宏觀因素太多了。我的意思是，很明顯，記憶體會影響電腦的效能需求。Hanneke，你談到了用戶基數。如果你能向我們詳細介紹一下是什麼讓你對你們制定的長期成長目標模型充滿信心，特別是關於未來成長的預測，不僅僅是到三月份，而是即將結束的 2026 財年，即將開始的 2027 財年。

Just some commentary that you could share on that. And one for Matteo while I can. Just on the gross margins, I mean, they just continue to upside representing really strong execution here. Just as you think ahead, given the macro backdrop and concerns around consumer spending, how should we think about gross margins going forward?

您對此有何看法？趁我還能做到，也送上一份給馬特奧。單就毛利率而言，我的意思是，它們還在持續增長，這說明它們在執行方面非常出色。正如您展望未來一樣，考慮到宏觀經濟背景和對消費者支出的擔憂，我們應該如何看待未來的毛利率？

Yes. Thank you so much. Overall, it's too early to discuss fiscal '27. But I would say we're really encouraged by the momentum of the business around the world. This year, as Matteo said, we're going to deliver at the high end of our long-term model. And we're expecting that our team will continue to deliver with excellence. This is a company for all seasons.

是的。太感謝了。總的來說，現在討論 2027 財年還為時過早。但我認為，我們對公司在全球範圍內的發展勢頭感到非常鼓舞。正如 Matteo 所說，今年我們將實現長期模式的高端目標。我們期待我們的團隊能夠持續保持卓越的工作表現。這是一家適合所有季節的公司。

A lot of things were thrown at us this year, we expect that we can continue to work well in the year ahead. Let's -- let us touch actually on memory and on PC potential. So overall, what I would say is we don't believe we will be materially affected by both of those factors and let us unpeel that a little bit. In terms of memory availability, the vast majority of our portfolio is not impacted by the current tight memory availability. We simply don't use those chips in most of our portfolio.

今年我們面臨很多挑戰，但我們希望在未來一年繼續保持良好的工作狀態。讓我們來實際談談記憶體和個人電腦的潛力。總的來說，我認為這兩個因素都不會對我們產生實質的影響，讓我們來詳細分析一下。就記憶體可用性而言，我們產品組合中的絕大多數產品並未受到當前記憶體供應緊張的影響。我們的大多數投資組合中根本不使用這些晶片。

Only our video conferencing products and only a portion of our video conferencing products are impacted by the memory availability issues. And we believe we are mitigating those impacts in fact. So from a supply point of view, we've seen this coming, and we've taken proactive steps to ensure supply. So we don't foresee a supply impact in Q4 nor in the first half of our next fiscal year from the memory availability issues.

只有我們的視訊會議產品，而且只有一部分視訊會議產品會受到記憶體可用性問題的影響。我們相信，事實上我們正在減輕這些影響。所以從供應的角度來看，我們已經預見到這種情況，並採取了積極措施來確保供應。因此，我們預期記憶體供應問題不會對第四季或下一個財年上半年的供應造成影響。

There may be a modest cost impact. But as you've seen, we're really good at mitigating cost impacts through cost reductions and through targeted pricing if needed. So that's on memory. On PCs, you've seen our great personal workspace results in this quarter, high single-digit growth. We grew share 120 basis points in PWS, and we believe our peripherals business, in general, continues to have excellent growth opportunities, whatever the environment.

可能會產生輕微的成本影響。但正如你所看到的，我們非常擅長透過降低成本和必要時採取有針對性的定價措施來減輕成本影響。所以，這些都是憑記憶說的。在個人電腦方面，您已經看到了我們本季出色的個人工作空間業績，實現了接近兩位數的成長。我們在 PWS 的市佔率成長了 120 個基點，我們相信，無論環境如何，我們的周邊設備業務總體上仍然具有極佳的成長機會。

Our data shows that if you take out the two-years of COVID, which were crazy. Over a 10-year period, we grow 300 to 500 basis points ahead of PC sales. And why is that? It's because the peripheral market is relatively immature around the world on that big installed base of 1.5 billion PCs plus less than half of people use a mouse, less than 30% use an external keyboard.

我們的數據顯示，如果排除新冠疫情肆虐的那兩年（那兩年情況非常糟糕）。在 10 年的時間裡，我們的成長速度比 PC 銷售額高出 300 到 500 個基點。為什麼會這樣呢？這是因為在全球15億台個人電腦的龐大用戶群中，週邊市場相對不成熟，而且只有不到一半的人使用滑鼠，不到30%的人使用外接鍵盤。

And they're basically leaving productivity and comfort on the table. And so that installed base opportunity, combined with trading up, people who are in the category is a far bigger opportunity, like far bigger opportunity for us than just attaching to new PCs, which, of course, we'll continue to do, but our growth over the years has come from penetrating that installed base of PCs.

他們基本上放棄了生產力和舒適度。因此，現有用戶群的機會，再加上升級換代的需求，對我們來說，這是一個比僅僅附加到新電腦上更大的機會，當然，我們也會繼續這樣做，但我們這些年來的增長來自於滲透到現有電腦用戶群中。

So that's what we will continue to do, and we're confident that we can continue to grow the peripheral business as we have. Sorry, it's a bit of a lengthy answer, but I know it's on many people's minds. So thanks for asking.

所以我們會繼續這樣做，我們有信心能夠像以前一樣繼續發展週邊業務。抱歉，回答有點長，但我知道很多人都在關心這個問題。謝謝你的提問。

Maybe Asiya I will address your gross margin question. So first of all, let me say, I appreciate your comments also on behalf of the team, because I really agree with you. I think the team has done a fantastic job. If you take a step back and we use just the midpoint of the outlook that we provided today for the fourth-quarter, that implies that we will close the year with a gross margin rate around 43.5%, which is pretty much flat to fiscal year '25.

或許我會回答你關於毛利率的問題。首先，請允許我代表團隊感謝您的評論，因為我非常同意您的觀點。我認為團隊做得非常出色。如果退後一步，僅使用我們今天提供的第四季度展望的中點，這意味著我們今年的毛利率將達到 43.5% 左右，與 2025 財年基本持平。

And so the ability of the team to deliver this outstanding result in spite of all the tariff environment that we discussed throughout the fiscal year, I think it's pretty remarkable. And so I think the -- it's way too early to talk about fiscal year '27, but I think the foundation of this gross margin and our ability to maintain the gross margin to this level, I think the foundation is there.

因此，儘管我們在整個財政年度中討論了各種關稅環境，但團隊仍然能夠取得如此傑出的成績，我認為這非常了不起。所以我覺得——現在談論 2027 財年還為時過早，但我認為毛利率的基礎以及我們維持毛利率水準的能力，我認為基礎已經具備了。

And what I mean for foundation, really, I'm referring to a couple of key aspects. Number one, our fantastic brand and the pricing power that this gives us. Number two, the continuous work that the team has been doing on innovation. We'll talk a little bit in the prepared remarks, another tremendously successful launch with the MX Master 4, just as an example.

而我所說的基礎，實際上指的是幾個關鍵面向。第一，我們擁有出色的品牌以及由此帶來的定價權。第二，團隊在創新方面一直持續努力。我們將在準備好的演講稿中稍微談談MX Master 4的巨大成功，這只是一個例子。

So that's really the engine of the company. And third, the continuous work that we are doing every year on product cost reduction through value engineering and supplier negotiation. So that's really, to me, is the foundation of what we are doing, and that's here to stay. Now, with that being said, obviously, we are all seeing commodity prices going up. We are seeing cost of components going up.

所以這才是公司真正的引擎。第三，我們每年都在持續努力，透過價值工程和供應商談判來降低產品成本。所以，對我來說，這才是我們工作的真正基礎，而且它會一直存在下去。綜上所述，很顯然，我們都看到大宗商品價格上漲。我們看到零件成本正在上漲。

So we will have to factor all these components when we discuss in the next earnings call about '27, but I think the foundation and the execution of the team is there, and that's what you can count on us on deliver also next year.

因此，在下次財報電話會議上討論 2027 年業績時，我們將不得不考慮所有這些因素，但我認為團隊的基礎和執行力都已具備，這也是你們可以指望我們明年繼續取得的成績。

Joern Iffert, UBS.

約恩‧伊弗特，瑞銀集團。

And hello, everybody. I would ask two questions if it's okay, and then I go back in the queue. The first one is, I mean, you elaborated on your resilience and more volatile PC markets. But do you have some data for the attachment rates on mice and keyboards, where this has stood 5 to 10 years ago? Just to compare a little bit the trend changes of rising attachment rates, which potentially was helpful for the PC unit outperformance?

大家好。如果可以的話，我想問兩個問題，然後就重新排隊。首先，我的意思是，你詳細闡述了你的韌性以及波動性較大的個人電腦市場。但是，您是否有滑鼠和鍵盤的配件使用率的數據，來了解5到10年前的配件使用率？稍微比較一下附件安裝率上升的趨勢變化，這可能有助於PC單元的優異性能？

And the second question would be, please, on gaming. Isn't this a little bit concerning that the US and Europe is now seeing decline in gaming markets. Gaming is one of your key growth drivers. What are you doing against the strategic fee for the next 12 months to bring this back to growth and also, if you somewhat detailed was PC gaming down or all the manager (technical difficulty) and headsets. So some more details here would be appreciated.

第二個問題，請問是關於遊戲的。美國和歐洲的遊戲市場出現下滑，這難道不令人擔憂嗎？遊戲是您主要的成長驅動力之一。在接下來的 12 個月裡，您將如何應對策略費用，以恢復成長？另外，如果您能詳細說明一下，是 PC 遊戲宕機還是所有經理（技術困難）和耳機的問題？如果能提供更多細節就更好了。

Let me take the gaming question first and then maybe you take the attach question Matteo, if that's okay. So on gaming, First of all, another quarter of good global Logitech Gaming growth, 2% up. Demand was higher than that. And as you saw, that's really driven by our outstanding performance in the world's biggest gaming market, China. We gained past three-months share across gaming mice and keyboards in China.

先回答遊戲方面的問題，然後馬特奧，你來回答附件方面的問題，可以嗎？遊戲方面，首先，羅技遊戲業務又一個季度實現了良好的全球成長，成長了 2%。實際需求高於此。正如你所看到的，這實際上是由我們在全球最大的遊戲市場——中國——的出色表現所驅動的。過去三個月，我們在中國遊戲滑鼠和鍵盤市場的份額有所提升。

That's the first time since I can remember and since I've been here. So that's great. We delivered strong double-digit gaming growth there in terms of net sales. And I think what's important, and that's important for the rest of the world as well is we're winning at the top end with Pro and we're winning at the entry level. With the China-for-China innovation, the most important one that came out this quarter was the G316 keyboard, mechanical keyboard for gaming. That's doing very well as well.

這是我記憶中，也是我來到這裡以來第一次遇到這種情況。那太好了。我們在該地區實現了強勁的兩位數遊戲業務淨銷售額成長。我認為重要的是，這對世界其他地方也很重要，那就是我們在高端專業領域取得了勝利，在入門級領域也取得了勝利。憑藉中國自主研發的創新，本季最重要的創新是G316鍵盤，一款專為遊戲設計的機械式鍵盤。那方面也做得非常好。

So it's important that we cover both ends of the market. In the US and Europe, we held share in a declining market indeed in the quarter. What's good to see there is that our US share stabilize after a couple of quarters where share was a little soft as we took pricing, first implementing it and then getting the consumer to get used to it. So it's good to see it stabilize.

因此，覆蓋市場的兩端都非常重要。在美國和歐洲，我們本季在下滑的市場中仍然保持了一定的份額。令人欣慰的是，經過幾季的疲軟之後，我們在美國的市佔率趨於穩定。在此幾個季度，由於我們採取了定價策略，首先是實施該策略，然後是讓消費者適應該策略，導致市場份額略顯疲軟。所以很高興看到它趨於穩定。

And the other good thing there is that we're seeing great growth on the top end of our business, so both Pro and SIM growing double digits in the US and Europe. Now to your question on the gaming market, the markets in the US and Europe have been pretty soft. We believe that's temporary and we can discuss the causes, but they're probably part economics part game release related.

另一個好消息是，我們的高端業務也實現了強勁成長，無論是在美國還是歐洲，Pro 和 SIM 卡業務都實現了兩位數的成長。現在回答你關於遊戲市場的問題，美國和歐洲的市場一直比較疲軟。我們認為這只是暫時的，我們可以討論原因，但可能一部分與經濟因素有關，一部分與遊戲發布有關。

And in that context, we think we've prepared ourselves really well for the year ahead. So when it comes to economics, there clearly is a bit of a K-shaped economy. When I meet gamers in the US and Europe, they are a little more choiceful in terms of what they spend money on. So what we've done for the year ahead is really thoughtfully designed our portfolio to win at the top end because there's a lot of gamers who do have money, but also to win at the entry level. Just like we've done in China already. So that is one.

在這種背景下，我們認為我們已經為未來一年做好了充分的準備。所以從經濟角度來看，經濟顯然呈現K型曲線的特徵。當我遇到美國和歐洲的遊戲玩家時，我發現他們在花錢方面更加謹慎。因此，我們為來年所做的，是經過深思熟慮地設計我們的產品組合，以期在高端市場取得成功，因為有很多遊戲玩家確實有錢，同時也要在入門級市場取得成功。就像我們在中國已經做過的那樣。這是其中之一。

And then second, in terms of gaming title releases, again, they've been a bit more muted in the West than they have been in China and gamers in the US and Europe that I speak to are saying, well, I'll just wait and see a little bit till GTA 6 and some other new releases come out. So they're sitting on their money. But fortunately, our business, again, doesn't depend on a single game alone.

其次，就遊戲發行而言，西方的遊戲發行量比中國少一些。我跟美國和歐洲的玩家聊過，他們都說，我會再等等看，等《GTA 6》和其他一些新遊戲出來再說。所以他們就把錢閒置著。但幸運的是，我們的業務並不僅僅依賴單一的遊戲。

And for big existing games, whether it's Call of Duty or League of Legends or Valorant. You need the best gear. So we're excited. SUPERSTRIKE is coming out, start shipping here in a couple of weeks. That is a step change in competitive performance for FPS games, existing FPS games. And again, I think that will position us really well to continue to gain share whatever the market does in gaming. Again, sorry, a bit lengthy, but I know it's on many people's minds.

而對於現有的大型遊戲，無論是《決勝時刻》、《英雄聯盟》或《Valorant》。你需要最好的裝備。我們很興奮。SUPERSTRIKE即將上市，幾週後開始出貨。這對於現有的FPS遊戲而言，是競技性能上的飛躍。而且我認為，無論遊戲市場如何變化，這都將使我們處於非常有利的地位，從而繼續擴大市場份額。再次抱歉，篇幅有點長，但我知道這是很多人都關心的問題。

So Yorn, the -- so let me start. Overall, if we look at take about 10 years' worth of data and you normalize for COVID, generally, the sale of our peripherals outpace PC sales by about 300 to 500 basis points on average. So with that being said, though, I go back to Hanneke's point, the biggest opportunity for us is really on the installed base, where of all the PC out there, less than half have a mouse and less than 1/3 have a keyboard.

所以Yorn，－－那麼讓我開始吧。總體而言，如果我們查看大約 10 年的數據，並對 COVID 進行標準化處理，通常情況下，我們的周邊銷售額比 PC 銷售額平均高出約 300 至 500 個基點。綜上所述，我還是要回到漢內克的觀點，我們最大的機會實際上在於已安裝的設備基數，在所有PC中，只有不到一半配備了滑鼠，不到三分之一配備了鍵盤。

And that's really where in a way, the focus has been. And actually, if you go back in history. The vast majority of our sales really comes from the increase in the attach rate to the installed base versus new PCs to Hanneke's point in her prepared remarks, we also like, obviously, the new PC sales, but that's where the focus is.

從某種程度上來說，這正是我們關注的重點。事實上，如果你回顧歷史的話。正如 Hanneke 在她準備好的演講稿中所指出的，我們絕大部分的銷售額實際上來自現有電腦附加率的提高，而不是新電腦的銷售。當然，我們也喜歡新電腦的銷售，但這才是重點。

And I think Jorn you were asking, do we know attach rates to new PCs in the past. We know what they are today. they're actually fairly low, somewhere between 9% and 14% depending on the type of master keyboards. So they're relatively low. We don't have that historical data. But given how low they are, there was opportunity, obviously, going forward to go up, but they cannot have been that much lower in the past.

我想Jorn，你問的是，我們是否知道過去新PC的附加率。我們現在知道它們的比例是多少。實際上，它們相當低，根據主鍵盤類型的不同，大約在 9% 到 14% 之間。所以它們相對較低。我們沒有那部分歷史資料。但鑑於它們目前的低位，顯然未來還有上漲的機會，但它們過去不可能比現在低那麼多。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Can you hear me okay?

你聽得清楚我說話嗎？

Yes.

是的。

Just I wanted to circle back on just a PC question, Hanneke. The 300 to 500 basis points of outperformance versus PC sales. Just a clarification, is that versus PC revenue or PC units. And the only reason I ask is, if you look at, for example, IDC forecast, the variability between PC sales may be flattish versus PC units potentially down 5% to 10%. What make you difference between -- again, if we use that kind of historical context.

Hanneke，我只是想再問你一個關於電腦的問題。與個人電腦銷售相比，效能提升了 300 至 500 個基點。澄清一下，這是相對於 PC 收入還是 PC 銷量而言的？我之所以這麼問，是因為，例如，如果你看一下IDC的預測，個人電腦銷量可能會保持平穩，而個人電腦銷量則可能下降5%到10%。是什麼讓你與——再次強調，如果我們使用那種歷史背景的話——有所不同？

The business growing versus declining? So just a clarification on that point. And if it is attached to PC sales, just how do we think about the attach to revenue when we think about its kind of like an attached to the unit. I just want to get a better understanding of that. And then just a quick follow-up for you Matteo.

企業是在成長還是在衰退？所以，關於這一點，我需要澄清一下。如果它與 PC 銷售掛鉤，那麼當我們把它看作是與單位掛鉤的東西時，我們該如何看待它與收入的掛鉤呢？我只是想更了解這一點。最後還有一個問題想問你，馬特奧。

Yes, sure. Erik, it's -- what we refer to is unit sales. So that's the way we think about it. So that's all I can tell you.

當然可以。艾瑞克，我們指的是銷量。這就是我們的想法。這就是我能告訴你的全部內容。

Okay. Totally fair. And then maybe Hanneke, just again, on the PC peripheral kind of attached to the PC base. So I think that makes a ton of sense. On one hand, I guess I would say, perhaps we can assume these devices might not have a peripheral for a reason -- whatever that may be. So how do you convince that user that's underpenetrated to get that mouse or to get that keyboard.

好的。完全公平。然後，也許漢內克，再說一遍，關於連接到電腦主機上的電腦週邊。所以我認為這很有道理。一方面，我想說，或許我們可以假設這些設備沒有周邊是有原因的──不管是什麼原因。那麼，如何說服那些尚未接觸過相關產品的使用者購買滑鼠或鍵盤呢？

What is it that Logitech will say or it can do, whether that's incentivization, promotions, et cetera, that gets that easier to say, you know what, I do need this. This is an awesome product I need to buy it.

羅技會說什麼或能做什麼，無論是激勵措施、促銷活動等等，才能讓人們更容易說出「我確實需要這個」這樣的話？這是個很棒的產品，我一定要買。

yes. What a great question. And it comes down to product superiority and real benefit for the user. So let me take the MX Master 4 as an example, which again is off to a fabulous start in terms of creating both new trial and up-trading existing mouse users. Why is that? It's a very premium, it is $120 mouse is an expensive mouse.

是的。真是個好問題。歸根究底，還是產品優越性和為使用者帶來的實際好處的問題。以 MX Master 4 為例，它在吸引新使用者試用和促使現有滑鼠使用者升級換代方面，又取得了非常好的開局。這是為什麼？這是一款非常高階的滑鼠，售價120美元，是一款昂貴的滑鼠。

But consumers, including in the US and Europe, where they're being more choiceful absolutely doesn't hesitate to go and buy one because, A, it clearly is superior versus what's out there in the market, the haptic feedback, the actions during the new software, the beautiful design the aesthetics, clearly superior. It clearly answers the user need in terms of productivity.

但是，包括美國和歐洲在內的消費者，在選擇方面越來越挑剔，他們絕對會毫不猶豫地去購買，因為，A，它顯然比市場上現有的產品更勝一籌，觸覺反饋、新軟體的操作、精美的設計、美學，都明顯更勝一籌。它顯然滿足了用戶在生產力方面的需求。

So -- we are -- when you use that MX Master 4, you're going to be faster, you're going to be more accurate and more productive. That's important both for users, by the way, and for B2B choosers. So the procurement people in businesses that are buying mice for their employees. And then marketing, of course, plays an important role as well. We did up marketing in the quarter. We're measuring that very tightly.

所以——我們——當你使用 MX Master 4 時，你會更快、更準確、更有效率。順便說一句，這一點對使用者和 B2B 選擇者來說都很重要。所以，那些為員工購買滑鼠的企業採購人員就是這麼想的。當然，行銷也扮演著重要角色。本季我們加強了行銷。我們正在非常精確地測量這一點。

The return on investment there is excellent. And I think we have a lot more opportunity to do more social first digital marketing for our top superior products to drive that penetration. So it all starts from the superior product that really answers the user needs in the case of MX, the user need is productivity. In the case of gaming, it's performance, you're going to win that game. And in the case of a line like ERGO, it is comfort.

那裡的投資報酬率非常高。我認為我們有更多機會針對我們的頂級優質產品開展更多以社交為先的數位行銷，以提高市場滲透率。所以一切都始於真正滿足用戶需求的卓越產品，就 MX 而言，用戶的需求是生產力。就遊戲而言，關鍵在於表現，你就能贏得比賽。而對於 ERGO 系列來說，舒適性才是關鍵。

You're not going to have that pain in your arm. So really important in any marketing. We're seeing really great results. There's opportunity there going forward.

你的手臂不會再痛了。所以這在任何行銷活動中都非常重要。我們看到了非常好的效果。未來那裡蘊藏著機會。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Two, if I could. So let me just ask another, this is a PC-related one. Do you think people are obviously interested in the PC, the PC attached because of the dynamics going on with memory in the PC market and the impacts we've already begun to see there. Do you think that this is one of those years where the company could see sort of growth above the average sort of few hundred basis points range that you guys typically have.

如果可以的話，我希望有兩個。那我就再問一個問題吧，這個問題跟電腦有關。你認為人們顯然對 PC 感興趣，尤其是對 PC 本身感興趣，是因為 PC 市場記憶體的動態變化以及我們已經開始看到的影響。你認為今年公司是否有可能實現高於你們通常幾百個基點的平均成長？

I know in past years, when you've seen amplified growth above the PC market, there are times you've been a thought process maybe people aren't buying a PC, but they can do something to make their PC experience more enjoyable dress up their PC experience. So I just want to ask that question. And then I have a quick follow-up as well.

我知道在過去幾年裡，當個人電腦市場出現顯著成長時，人們有時會想，也許人們不買電腦，但他們可以做些什麼來讓他們的電腦體驗更愉快，美化他們的電腦體驗。所以我只想問這個問題。然後我還有一個簡短的後續問題。

Yes. So it's too early for me to speculate on the year ahead. But I think you're right, historically, again, this is a company for all seasons. We can win in any environment. And in an environment where I say gaming, the price of gaming PCs is definitely up. But when I don't have money to get a faster CPU, I can buy a SUPERSTRIKE mouse and improve my gaming speed and performance that way. So we've definitely seen that in the past, and we're going to make a plan to do that going forward as well.

是的。所以現在對未來一年進行預測還為時過早。但我認為你是對的，從歷史角度來看，這是一家能夠適應各種發展階段的公司。我們可以在任何環境下取得勝利。而就我所說的遊戲環境而言，遊戲電腦的價格肯定已經上漲了。但是，如果我沒錢買更快的CPU，我可以買一個SUPERSTRIKE滑鼠，以此來提高我的遊戲速度和效能。所以，我們過去肯定見過這種情況，而且我們將製定計劃，以便將來也能這樣做。

Maybe Ananda, for whatever is worth, too early to talk about next year, but if you look at the quarter we just printed, if you look at personal workspace, actually in its totality, the growth in personal workspace in constant currency outpaced the growth of the company. So it was faster.

或許 Ananda，不管怎樣，現在談論明年還為時過早，但如果你看看我們剛剛發布的季度報告，如果你看看個人工作空間，實際上從整體上看，個人工作空間按固定匯率計算的增長速度超過了公司整體的增長速度。所以速度更快。

Good context. And the follow-up, this might be more for Matteo. But although you guys don't have material exposure to some of the components that are -- that we're seeing the meaningful price increases in the memory chain is others as well. Do you think you could have seen some pull-forward sales from folks who might not necessarily understand that you don't have material exposure to those components?

很好的背景資訊。後續報道，這可能更適合 Matteo。雖然你們可能沒有直接接觸到某些組件，但我們看到記憶體鏈中的其他組件也出現了顯著的價格上漲。你認為是否有可能因為某些人不了解你對這些零件沒有實質投資而導致一些提前購買的訂單？

Not, I wouldn't -- if your question, Ananda, is on the video conferencing being up 8% year-over-year in the quarter, I would not attribute that to the hoarding or anticipated by due to the memory -- due to the memory situation. I think we're all deals that the team has been tracking for quite some time. We are building the muscles as we discussed during Investor Day.

不，我不會——如果你的問題，Ananda，是關於本季度視訊會議同比增長 8% 的情況，我不會將其歸因於囤積或預期，因為記憶力——因為記憶力問題。我認為我們都是球隊已經關注了一段時間的交易對象。正如我們在投資者日上討論的那樣，我們正在增強自身實力。

And I think through the growth that we had in videoconferencing. By the way, the fact that overall, B2B outpaced B2C in the quarter in terms of strength, thanks to education vertical that has been doing very well for us also this quarter. I think it's really execution by the team.

我認為，這得益於我們在視訊會議領域的發展。順便一提，本季 B2B 整體表現強於 B2C，這主要得益於教育垂直領域在本季也表現得非常出色。我認為這完全是團隊執行力的問題。

Yes, I see a lot of customers. I didn't get a sense that they we're hoarding ahead of any memory shortages in our video conferencing portfolio. Videoconferencing because it's 100% B2B, basically is a little choppier net sales-wise, just because there's big deals one quarter that may not necessarily be in the next one. So I would look at that business over a little longer period than just quarter-by-quarter, but this was a really good one. But take a little bit longer perspective on VC to really look at the health of it.

是的，我看到很多顧客。我感覺他們並沒有為了應對視訊會議產品組合中可能出現的記憶體短缺而囤積記憶體。視訊會議由於是 100% B2B 業務，其淨銷售額波動較大，因為一個季度的大單可能在下一個季度就不一定會有。因此，我會從比季度更長的時間跨度來觀察這家企業，但這家企業確實非常出色。但要從更長遠的角度來看待創投，才能真正了解它的健康狀況。

Joe Cardoso, JPMorgan.

Joe Cardoso，摩根大通。

Maybe first one here, I just wanted to follow-up on the last comment and maybe just not specific to videoconferencing, but broad-based across the portfolio, just because we're hearing some maybe more downstream from a PC perspective, talking about pull forward of demand in the backdrop of kind of this rising memory cost environment.

或許我是第一個這麼說的，我只是想跟進一下上一條評論，而且可能不只是針對視訊會議，而是針對整個產品組合，因為我們聽到了一些來自個人電腦下游市場的聲音，談到在內存成本不斷上漲的環境下，市場需求提前釋放。

Just curious as it relates to Logitech's portfolio, and once again, broad-based, maybe not specific to video conferencing and maybe your attach here. Are you guys seeing any of the benefits from potential pull forward either this past quarter or the quarter that we're in itself? And then I have a follow-up.

只是好奇這與羅技的產品組合有關，而且再次強調，它涵蓋範圍很廣，可能並非專門針對視訊會議，也許你在這裡提到的就是這個。你們有沒有看到上個季度或本季提前實現預期目標所帶來的任何好處？然後我還有一個後續問題。

No. I mean, again, about 60% of our business is B2C. So the consumer is definitely not pulling things forward. But also on the B2B side, where we're kind of half personal workspace half video conferencing, we really -- I have not seen or heard of any pull forwards in our business.

不。我的意思是，再說一遍，我們大約 60% 的業務是 B2C。所以消費者肯定沒有推動事情向前發展。但就 B2B 方面而言，我們的業務一半是個人工作空間，一半是視訊會議，我們真的——我沒有看到或聽說過我們業務的任何向前發展。

Got it. Very clear. And then maybe just a follow-up. You talked about the reaching the 10% of US products originating from China or less than 10%, I think, was the exact comments, which seems a bit better than what you guys were targeting. So now that we've reached that point, maybe can you touch on whether there's further headroom to reduce that?

知道了。非常清楚。然後或許只需要後續跟進。你提到要將美國市場上來自中國的商品比例控制在 10% 或更低，我想，你的原話是這樣的，這似乎比你們的目標要好一些。既然我們已經討論到這一點，您能否談談是否還有進一步降低成本的空間？

And as we think about the combination of ramping those other manufacturing sites, those processes potentially maturing and the pricing actions you've already taken, any new thoughts on how you're thinking about the implications to margins from those actions?

當我們考慮其他生產基地的產能提升、相關流程的成熟以及您已經採取的定價措施時，您對這些措施對利潤率的影響有什麼新的想法嗎？

Yes. So first part of your question, at this point, I think we are happy where we are. The team has done a fantastic job. Our target was to limit the import from China into the US to 10% by the end of December. And we are, as you correctly so pointed out a little better than that. At this point, I think we are happy with the current landscape.

是的。所以，關於你問題的第一部分，我認為目前我們對現狀很滿意。團隊做得非常出色。我們的目標是到12月底將中國對美國的進口額限制在10%以內。正如您所正確指出的那樣，我們實際上比這要好一些。就目前而言，我認為我們對現狀感到滿意。

We also -- as always, want and cherish the flexibility because the tariff environment is pretty fluid. So we want to make sure that we have the appropriate flexibility to move things around, and that's the beauty of the China Plus 5 strategy that Sri and the team implemented now for quite some time. I think on the gross margin side, if we look at what we have done in the second-quarter, what we've done in the third and also the outlook that we indicated today for the fourth, we are really happy where things played out.

我們也一如既往地希望並珍惜這種靈活性，因為關稅環境變化很快。所以我們希望確保我們有足夠的靈活性來調整安排，而這正是斯里和他的團隊已經實施了相當長一段時間的「中國+5」戰略的精髓所在。我認為從毛利率來看，如果我們看看我們在第二季、第三季以及今天對第四季的展望，我們對最終的結果非常滿意。

Basically, the positive impact of the price actions that we took in April in the US combined with the diversification action that you just mentioned, we're able to allow us to offset entirely the tariff impact. And I think we're in a good spot. And then we'll see, we'll talk more once we close the year.

基本上，我們4月份在美國採取的價格措施的積極影響，加上您剛才提到的多元化措施，使我們能夠完全抵消關稅的影響。我認為我們現在處境不錯。等到年底我們再看看情況，我們會再詳細討論。

(Operator Instructions) Didier Scemama, Bank of America.

（操作說明）迪迪埃·斯凱馬馬，美國銀行。

Yes. A couple of quick ones, if I may. So I think can you give us a sense of the components of the personal workspace organic growth. So how much of that is volume versus price? Because the reason why I'm asking is because I think the question has been asked multiple times in different ways. If you got a PC market next year, tablets down 10% because of higher memory prices, you're going to face like very tough comps, effectively having raised prices this year to offset the tariff impact.

是的。如果可以的話，我想快速問幾個問題。所以我想請您為我們介紹個人工作空間有機成長的組成部分。那麼，其中有多少是銷售造成的，又有多少是價格造成的呢？我之所以問這個問題，是因為我覺得這個問題已經被用不同的方式問過很多次了。如果明年個人電腦市場因為記憶體價格上漲而導致平板電腦銷量下降 10%，那麼你將面臨非常嚴峻的競爭，而你實際上已經透過今年提價來抵消關稅的影響。

So I guess the question is if we've got a very tough PC market outlook in terms of '27 big decline in volumes, would you be happy to just take down pricing? Or would you be happy to just keep pricing to maintain your margins and potentially lose share?

所以我想問的是，如果 2027 年個人電腦市場前景非常嚴峻，銷量大幅下滑，您是否願意降低價格？或者，您是否樂於維持現有價格以維持利潤率，但可能因此失去市場份額？

So we don't break out the exact units versus price versus mix for the company or for PWS. But what I am comfortable in telling you is that the great PWS growth that we saw in the quarter was a combination of all three. So positive units, positive premiumization around the world, people trading up to the MX Master 4 and other premium products and US pricing. So it was a combination of all three.

因此，我們不會對公司或 PWS 的具體單位、價格和組合進行細分。但我可以肯定地告訴大家，本季我們看到的 PWS 的大幅成長是這三者共同作用的結果。因此，全球銷售和高端化趨勢都呈正成長，人們紛紛升級到 MX Master 4 和其他高階產品，美國市場定價也隨之提高。所以這是三者共同作用的結果。

And in terms of -- I'm never happy to lose share. So we're going to put the right plans in place to continue to grow and defend share. And I think you see that in the quarter as well. We're very intentional and strategic on when we need to promote on certain parts of the portfolio and very surgical. We're not just throwing promotions and deals across the market but there's places in the quarter where we need a little more, and we do that intentionally and strategically.

至於市場佔有率——我永遠都不願意失去市場佔有率。因此，我們將制定正確的計劃，以繼續成長並捍衛市場份額。我認為你也能從季度報告中看到這一點。我們對何時需要推廣產品組合中的某些部分有著非常明確的目標和策略，而且非常精準。我們並非只是在整個市場大肆促銷和打折，而是在某些方面，我們需要投入更多，而我們這樣做是有意識、有策略的。

To this point, the -- if you look at where we closed the quarter in terms of gross margin rate versus what we were discussing three months ago, we are in the higher end of the range. And this is really thanks to the diligent and very surgical promotional approach that queen and the commercial team around the world are having to Hanneke's point. So.

到目前為止，如果你看看我們本季末的毛利率與我們三個月前討論的毛利率相比，我們已經處於較高水平。這確實要歸功於皇后樂隊和世界各地的商業團隊所採取的勤奮而精準的宣傳策略，正如漢內克所指出的那樣。所以。

Martin Jungfleisch, BMP.

Martin Jungfleisch，BMP。

Yes. On my side. Just two follow-up is First one is can you just walk us through what the main strength factors for the Q3 constant currency guidance to reach the high end or the low end? Is that still mainly the US consumer? Is there any on the China sustainability, is it gaming or the PC market slowdown. And then maybe attached to that, the sell-through was pretty strong, but it's a sell-in.

是的。站在我這邊。還有兩個後續問題。第一個問題是，您能否簡單介紹一下，第三季以固定匯率計算的業績指引，其達到上限還是下限的主要優勢因素是什麼？這仍然主要面向美國消費者嗎？關於中國可持續發展方面有什麼看法嗎？是遊戲市場還是個人電腦市場放緩？然後，或許與此相關的是，銷售情況相當不錯，但這只是一個銷售過程。

And that was primarily in APAC and EMEA. Was that difference mainly due to promotional activity? Or was there also some in terms of restocking in the channel? That was my two questions.

而這種情況主要發生在亞太地區和歐洲、中東及非洲地區。這種差異主要是促銷活動造成的嗎？或是通路中也有一些補貨嗎？這就是我的兩個問題。

So let me take them then, Hanneke, so let me start with the first one, the fourth-quarter outlook. So our outlook contemplates a couple of things. So if you look at the midpoint, right, pretty much performance is in line with what we've done in the third-quarter. And this applies in totality and this applies also by the three different regions.

那麼，漢內克，讓我來逐一介紹吧，首先是第四季展望。所以我們的觀點主要考慮以下幾點。所以，如果你看一下中點，對吧，表現基本上與我們在第三季所取得的成績一致。這一點適用於所有地區，也適用於這三個不同的區域。

So AP -- we are expecting AP to continue to grow in the mid-teens like we did in the third-quarter, low single-digit growth in EMEA, and flat to low single-digit growth in AMR. So that's the midpoint. On the high end, pretty much AP, EMEA remains the same as we did in the third-quarter. So the swing factor is, to your point, AMR.

因此，我們預計 AP 將繼續像第三季一樣保持兩位數中段的成長，EMEA 地區將實現個位數低段的成長，AMR 地區將保持平穩或個位數低段的成長。所以，這就是中點。高端市場方面，AP市場基本上維持不變，EMEA市場與第三季的情況相同。所以，正如你所說，波動因素就是 AMR。

We have seen during the third-quarter, an acceleration of the momentum, particularly in the United States and mostly towards the end of the third-quarter. So the high end assumes that this momentum continues into the fourth and AMR grows into the mid-single digit. So that's really the difference between the two. On your question on the sell-through, sell-in.

我們看到，在第三季度，成長勢頭有所加快，尤其是在美國，主要集中在第三季末。因此，高端預測假設這種勢頭將持續到第四年，AMR 將增長到個位數中段。這就是兩者之間的真正區別。關於您提出的銷售情況（銷售量、銷售量）的問題。

So -- you have to keep in mind that sell-through is a gross number, right? So it does not include the impact of foreign exchange, and it does not include the impact of promotion, right? So when you look at the total company, sell-through was up 10% year-over-year in the third-quarter. We have a couple of points of foreign exchange, so call it 8% in constant currency.

所以——你必須記住，銷售率是一個毛數字，對吧？所以它不包括外匯的影響，也不包括促銷的影響，對嗎？因此，從整個公司來看，第三季的銷售額年增了 10%。我們有幾處外匯差價，所以以固定匯率計算約 8%。

And then you have a couple of points coming from higher -- slightly higher promotional spend as we anticipated getting into the holiday season, which is pretty normal. And then a slightly negative mix coming particularly from the high sales on tablet accessories, which is tied to some of the work that we have done on the education vertical. But that's your walk.

然後，還有幾點來自更高的——隨著我們預計進入假日季，促銷支出略有增加，這很正常。然後，平板電腦配件的高銷量帶來了一些負面影響，這與我們之前在教育領域所做的一些工作有關。但那是你自己的走路方式。

Okay. Great. So there's no bigger inventory.

好的。偉大的。所以沒有更大的庫存了。

No big selling, sell through. Yes, correct. No. We're pretty happy at --

無需大肆推銷，直接售罄。是的，沒錯。不。我們對此相當滿意。--

Yes, we're really happy with the inventory. So really healthy channel inventory levels as we exit the holiday season and excellent own inventory turns. So all of that looks pretty good.

是的，我們對庫存非常滿意。因此，隨著假期的結束，通路庫存水準非常健康，自有庫存週轉率也十分出色。所以這一切看起來都相當不錯。

This concludes the Q&A portion of the call. I would now like to turn things back to Hanneke for closing remarks.

問答環節到此結束。現在我想把發言權交還給漢內克，請她作總結發言。

Great. Well, thank you all. It's great to see you. We look forward to seeing you in the follow-ups and thank you for being with us for today. Have a great week.

偉大的。謝謝大家。見到你真好。我們期待在後續會議中再次見到您，並感謝您今天與我們同在。祝你一周愉快。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。