Lakeside Holdings Ltd (LSH) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the Lakeside Holding Limited fiscal 2025 third quarter and nine-month earnings conference call. Please note that today's call is being recorded.

感謝您的支持，歡迎參加 Lakeside Holding Limited 2025 財年第三季和九個月收益電話會議。請注意，今天的通話正在錄音。

I will now turn the meeting over to Matthew Abenante, Investor Relations for Lakeside Holding Limited.

現在我將會議交給 Lakeside Holding Limited 投資者關係部門的 Matthew Abenante。

Thank you and thanks to everyone joining us today for Lakeside Holding Limited's earnings conference call to discuss our financial results for the third quarter and nine months of fiscal year 2025. Please note that our earnings press release was issued last week, and our quarterly report on Form 10-Q was filed with the Securities and Exchange Commission. Both documents are available in the Investor Relations section of our website at lakeside-holding.com.

感謝大家今天參加 Lakeside Holding Limited 的收益電話會議，討論我們 2025 財年第三季和九個月的財務表現。請注意，我們的收益新聞稿已於上週發布，並且我們的 10-Q 表季度報告已提交給美國證券交易委員會。這兩份文件均可在我們網站 lakeside-holding.com 的投資者關係部分找到。

Joining me on the call today is Henry Liu, Chief Executive Officer of Lakeside Holding Limited. Before we begin, I would like to review the safe harbor statement. Please be aware that today's discussion will contain forward-looking statements that reflect our current expectations and views of future events. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements.

今天與我一起參加電話會議的還有 Lakeside Holding Limited 執行長 Henry Liu。在我們開始之前，我想回顧一下安全港聲明。請注意，今天的討論將包含前瞻性陳述，反映我們當前的預期和對未來事件的看法。這些陳述受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致我們的實際結果、績效或成就與前瞻性陳述所表達或暗示的結果、績效或成就有重大差異。

You can identify some of these forward-looking statements by words or phrases such as may, will, expect, anticipate, aim, estimate, intend, plan, believe, is, are likely to, potential, continue, or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs.

您可以透過諸如可能、將、預期、預計、目標、估計、打算、計劃、相信、是、可能、潛在、繼續等詞語或短語或其他類似表達來識別其中一些前瞻性陳述。這些前瞻性陳述主要基於我們對未來事件和財務趨勢的當前預期和預測，我們認為這些預期和預測可能會影響我們的財務狀況、營運績效、業務策略和財務需求。

These forward-looking statements involve various risks and uncertainties. For a detailed discussion of these risks and uncertainties, please refer to our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

這些前瞻性陳述涉及各種風險和不確定性。有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

除法律要求外，我們不承擔在聲明作出之日後更新或公開修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，還是為了反映意外事件的發生。我們透過這些警示性聲明來限定我們所有的前瞻性聲明。

And with that, I would like to hand the call over to Henry Liu, Chief Executive Officer of Lakeside. Henry, please go ahead.

現在，我想把電話交給 Lakeside 執行長 Henry Liu。亨利，請繼續。

Good afternoon, Matt, and thank you everyone for joining us today. We appreciate you taking the time to participate in our fiscal 2025 third quarter and the nine-month earnings conference call. This period has been a dynamic one for Lakeside, marked by challenges in our established markets and existing progress in our new strategic ventures.

下午好，馬特，感謝大家今天的參加。感謝您抽空參加我們的 2025 財年第三季和九個月財報電話會議。這段時期對 Lakeside 來說是充滿活力的，我們在現有市場面臨挑戰，在新的策略專案中也取得了進展。

We are navigating a shifting global landscape with a clear focus on long term-growth and the shareholder value. And I am pleased to share our progress and outlook with you, our valued shareholders. Reflecting on the first nine months of fiscal 2025, we reported total revenues of $11.48 million for the nine months ended March 31, 2025. While this represents a decrease from the $13.53 million record in the same period of last year, it's important to contextualize these figures.

我們正在應對不斷變化的全球格局，明確關注長期成長和股東價值。我很高興與我們尊貴的股東分享我們的進展和前景。回顧 2025 財年的前九個月，我們報告截至 2025 年 3 月 31 日的九個月總收入為 1,148 萬美元。雖然這比去年同期的 1,353 萬美元有所下降，但將這些數字放在具體背景中很重要。

Our traditional cross-border freight solutions operated through American Bear Logistics saw revenue of $10.76 million for the nine months. Compared to the $13.53 million in the [premier] year, this decline is primarily attributable to the normalization of global shipping demands and the persistent pricing pressures with the freight sector, a trend observed across the industry.

我們透過 American Bear Logistics 營運的傳統跨境貨運解決方案在過去九個月的收入為 1,076 萬美元。與上一年的 1,353 萬美元相比，這一下降主要歸因於全球航運需求的正常化以及貨運行業持續存在的定價壓力，這是整個行業普遍存在的趨勢。

For the third quarter [fiscal year] total revenues were $3.18 million compared to the $4.46 million in the third quarter of 2024, with our cross-border freight solutions contributing $3.31 million. Despite these headwinds in the freight segment, we are particularly encouraged by the initial performance and the strategic importance of our recent expansion into the pharmaceutical distribution sector.

第三季（財年）總營收為 318 萬美元，而 2024 年第三季為 446 萬美元，其中我們的跨國貨運解決方案貢獻了 331 萬美元。儘管貨運領域面臨這些阻力，但我們對初步業績以及近期進軍醫藥分銷領域的戰略重要性感到特別鼓舞。

Following our acquisition of Hupan Pharmaceutical, Hubei company in November 2024, this new segment has already begun to contribute our top line, generating $715,362 in revenue for the nine months ended March 31, 2025, and $497,276 in the third quarter alone.

繼 2024 年 11 月收購湖北湖畔藥業之後，這一新部門已開始為我們的收入做出貢獻，在截至 2025 年 3 月 31 日的九個月內創造了 715,362 美元的收入，僅第三季度就創造了 497,276 美元的收入。

This is a testament to the significant growth opportunities we see in Chinese pharmaceutical market. We are actively working to integrate Huiyu Pharmaceutical into our broader operations, aiming to unlock synergies and expand our service offerings.

這證明了我們在中國醫藥市場看到了巨大的成長機會。我們正在積極努力將惠宇醫藥整合到我們更廣泛的業務中，旨在釋放協同效應並擴大我們的服務範圍。

Our gross profit for nine months stood at $1.20 million; and for the third quarter, it was $0.72 million. The decrease from prior year periods reflects the [phenomenal] pressure in freight markets. Operating expense for the nine months total $5.16 million and for the third quarter, $1.80 million. These figures include investment related to our expansion, such as selling expense of $158,117 for nine-month period (inaudible) $103,629 for the third quarter, which were not present in the prior year.

我們前九個月的毛利為 120 萬美元；第三季的毛利為 72 萬美元。與去年同期相比的下降反映了貨運市場的巨大壓力。前九個月的營運費用總計 516 萬美元，第三季的營運費用總計 180 萬美元。這些數字包括與我們的擴張相關的投資，例如前九個月的銷售費用為 158,117 美元（聽不清楚），第三季的銷售費用為 103,629 美元，而這些費用在去年是沒有的。

As well as increase the general and administrative expense associated with our growth initiatives and the public company operations. Consequently, we record a loss from operation of $4.40 million from the nine months and $1.10 million for the third quarter. Our net loss attributable to the company for the nine months was $4.35 million or $0.58 per share. And for the third quarter, it was $1.07 million or $0.14 per share.

以及增加與我們的成長計劃和上市公司營運相關的一般和行政費用。因此，我們記錄了前九個月的營業虧損 440 萬美元，第三季的營業虧損 110 萬美元。這九個月內，我們歸屬於公司的淨虧損為 435 萬美元，即每股 0.58 美元。第三季的利潤為 107 萬美元，即每股 0.14 美元。

While these results reflect the current market conditions and our ongoing investments, we are taking a proactive steps to manage cost, optimize our existing operations, and the drive towards profitably the successful completion of our initial public offering on July 1, 2024, [which raised] the growth process of approximately $6.75 million, has provided us with the necessary capital to fill our strategy initiatives.

雖然這些結果反映了當前的市場狀況和我們正在進行的投資，但我們正在採取積極措施來管理成本，優化現有運營，並努力實現盈利。我們在 2024 年 7 月 1 日成功完成首次公開募股，[籌集] 約 675 萬美元的成長過程，為我們提供了填補策略計畫所需的資金。

Furthermore, the convertible debt financing agreement for up to $4.5 million announced in March 2025 will provide additional working capital to support the growth of our medical distribution business and for general corporate purpose, further strengthening our financial flexibility.

此外，2025 年 3 月宣布的最高 450 萬美元的可轉換債務融資協議將提供額外的營運資金，以支持我們的醫療分銷業務的成長和一般公司用途，進一步增強我們的財務靈活性。

Looking at a broader macroeconomic environment, we are closely monitoring developments in international trade relations, particularly the ongoing tariff discussions between the United States and China. Recent signals suggest a potential easing of tensions with a tariff [choose] offering a degree of caution or optimism for the global markets. Well, the situation remains fluid, and the current agreement is more of a pose than a comprehensive resolution.

從更廣泛的宏觀經濟環境來看，我們正在密切關注國際貿易關係的發展，特別是美國和中國之間正在進行的關稅談判。最近的訊號表明，緊張局勢可能因關稅而得到緩解，這為全球市場帶來了一定程度的謹慎或樂觀。嗯，情況仍然不穩定，目前的協議更多的是一種姿態，而不是全面的解決方案。

Any execution is a positive sign for global trade flows. As a company with significant focus on the Asian Pacific markets, particularly the US China trade line, we will this development with hopefully a [typicalation], a more stable and predictable trade environment would and adaptable benefit our cross-bound logistics operations and create a more favorable back job for our extension efforts in China. We remain agile and prepared to adapt our strategies as the situation involves, always with the goal of mitigating risk and capitalizing our emerging opportunities.

任何執行對於全球貿易流動來說都是一個正面訊號。作為一家高度重視亞太市場，特別是中美貿易線的公司，我們希望這一發展能夠有一個更穩定和可預測的貿易環境，這將有利於我們的跨境物流業務，並為我們在中國的擴張工作創造更有利的條件。我們保持靈活，隨時準備根據情況調整策略，始終以降低風險和利用新興機會為目標。

Our strategic objectives for the remainder of fiscal 2025 and beyond are clear. First, we are committed to aggressively expanding our footprint in China pharmaceutical distribution market. This involves integrating Hupan Pharmaceutical seamlessly, actively pursuing new distribution agreements and broadening our product portfolio. We are already progressing in discussion with major pharmaceutical procedures such as Kelun Pharmaceutical and are excited about the potential in this high growth sector.

我們對 2025 財年剩餘時間及以後的策略目標很明確。首先，我們致力於積極擴大在中國醫藥分銷市場的影響力。這涉及無縫整合湖畔藥業、積極尋求新的分銷協議並擴大我們的產品組合。我們已經與科倫藥業等主要製藥企業進行了洽談，並對這一高成長領域的潛力感到興奮。

Second, we will continue to optimize our cross-border logistics service. While the market is challenging, American Bear Logistics has a strong reputation and a resilient customer base. We will focus on providing high volume, customized solutions, and adapting the involving needs of our clients in Asia Pacific to US trade line.

二是持續優化跨境物流服務。儘管市場充滿挑戰，但 American Bear Logistics 擁有良好的聲譽和穩定的客戶群。我們將專注於提供大量客製化的解決方案，並適應亞太地區客戶的需求以適應美國貿易路線。

Third, we will diligently manage our capital and resources, ensuring that our investments are directed towards initiatives that promise the highest return and contribute to suitable long-term shareholder value.

第三，我們將認真管理我們的資本和資源，確保我們的投資用於能夠帶來最高回報並為股東帶來適當的長期價值的計劃。

In addition while the past nine months have presented a complex operating environment, we are confident in our strategic direction. Diversifying into the pharmaceutical sector, coupled with our established expertise in cross-border logistics and our strategic and financial position post IPO positions Lakeside for a promising future. We are building a more resilient and diversified business [thought] to capitalize on growth opportunities in [cap] markets.

此外，儘管過去九個月的經營環境複雜，但我們對我們的策略方向充滿信心。多元化進軍製藥業，加上我們在跨境物流的專業知識以及 IPO 後的策略和財務狀況，Lakeside 的未來一片光明。我們正在建立更具彈性和多元化的業務，以利用資本市場的成長機會。

We remain optimistic about navigating the current challenges and delivering value to our shareholders. I want to thank our dedicated team for their hard work and commitment during this transformative period. I also want to thank our shareholders for your continued support and confidence in Lakeside.

我們對應對當前挑戰和為股東創造價值保持樂觀。我要感謝我們敬業的團隊在這段轉型時期的辛勤工作和奉獻。我還要感謝我們的股東對 Lakeside 的持續支持和信任。

With that, I will now turn the call over the operator to begin the question-and-answer session.

現在，我將把電話轉給接線員，開始問答環節。

Thank you, Henry. We will now move to the question-and-answer portion of the call. Thank you to everyone who have submitted questions.

謝謝你，亨利。我們現在進入電話會議的問答部分。感謝所有提交問題的人。

Can you elaborate on the early synergies you're seeing from Hupan Pharmaceutical and how you envision this segment driving Lakeside's growth in the rapidly expanding Chinese healthcare market, especially given your efforts with companies like Kelun Pharmaceutical?

您能否詳細說明湖畔藥業早期的協同效應，以及您如何設想這一領域推動湖畔藥業在快速擴張的中國醫療保健市場的增長，特別是考慮到您與科倫藥業等公司的合作？

Thank you for that question. We are indeed very pleased with the initial contribution from Hupan Pharmaceutical. [Theoretically], this accusation is a cornerstone of our diversification and growth strategy. The early synergies are manifesting in a few key areas.

謝謝你的提問。我們確實對湖畔醫藥的初步貢獻感到非常高興。 [理論上]，這項指控是我們多元化和成長策略的基石。早期的協同效應在幾個關鍵領域顯現。

First, we are leveraging our existing logistics expertise to optimize Hupan's supply chain and the distribution network with China, which is a complex, but highly rewarding market. Second, our established relationships and understanding of the Asian Pacific region are providing beneficial as we navigate the regulator landscape and build partnerships.

首先，我們利用現有的物流專業知識來優化湖畔的供應鏈和與中國的分銷網絡，這是一個複雜但回報豐厚的市場。其次，我們與亞太地區建立的關係和了解對我們了解監管環境和建立合作關係大有裨益。

Our discussions with major players like Kelun Pharmaceutical are progressing. And these are aimed at securing significant distribution agreements that will allow us to tap into the substantial demand for high-quality pharmaceutical products. The Chinese healthcare market is on a significant growth trajectory driven by an aging population, increasing health awareness and government investment in healthcare infrastructure.

我們與科倫藥業等主要企業的討論正在取得進展。這些旨在確保重要的分銷協議，使我們能夠滿足對高品質醫藥產品的巨大需求。受人口老化、健康意識增強以及政府對醫療基礎設施投資的推動，中國醫療保健市場正處於顯著的成長軌道。

We believe Hupan Pharmaceutical supported by Lakeside's broader capabilities and the financial strengths is exceptionally well positioned to capture the meaningful share of this growth, becoming a significant driver to revenue and profitability for Lakeside in coming years. We see this as a long-term value character for our shareholders.

我們相信，在 Lakeside 更廣泛的能力和財務實力的支持下，湖畔藥業將非常有能力抓住這一增長的重要份額，成為未來幾年 Lakeside 收入和盈利的重要驅動力。我們認為這對我們的股東來說具有長期價值。

Regarding the cross-border freight business, while the market has seen some headwinds, American Bear Logistics has a long-standing presence. Can you speak to the specific strategies Lakeside is employing to maintain competitiveness and serve your customers effectively in the Asia Pacific to US trade line during this period of market adjustment?

在跨境貨運業務方面，儘管市場遇到了一些阻力，但美國熊物流公司已經長期存在。您能否談談在市場調整期間，Lakeside 為保持競爭力並在亞太至美國貿易線上有效地服務客戶而採取的具體策略？

That's a very [relaxing] question. The cross-border freight market has certainly seen a shift from extraordinary conditions of the past few years. However, American Bear Logistics has a deep understanding of Asian Pacific to US trade line build over many years. Our strategy to maintain competitiveness focus on a few core pillars.

這是一個非常[令人放鬆]的問題。與過去幾年的特殊情況相比，跨境貨運市場確實發生了變化。然而，美國熊物流多年來對亞太至美國貿易線的建設有著深刻的理解。我們保持競爭力的策略集中在幾個核心支柱上。

First, we are emphasizing customized high volume logistics solutions rather than competing [solar on price] for the commercialized freight. Our advertise in handling complex shipments and providing end-to-end service is a key differentiator. Second, we are leveraging technology to enhance efficiency, improve visibility for our customers, and optimize our operations. This includes investment in our digital platforms and data analysis capabilities. Third, we are maintaining strong relationship with our carrier, partners and customers, allowing us to adapt quickly to change needs and secure [capacity].

首先，我們強調客製化的大容量物流解決方案，而不是在商業化的貨運上進行價格競爭。我們在處理複雜貨物和提供端到端服務方面的廣告是一個關鍵的區別因素。其次，我們正在利用技術來提高效率、改善客戶可見度並優化我們的營運。這包括對我們的數位平台和數據分析能力的投資。第三，我們與承運商、合作夥伴和客戶保持良好的關係，這使我們能夠快速適應不斷變化的需求並確保[容量]。

While the overall market has softened, there are still specific niches and customers segments that require the specialize the service we offer. Our focus is serving these segments is exceptionally well, managing our cost diligently and ensuring that American Bear's logistics remain a reliable and profitable contributor to Lakeside, even as we grow our pharmaceutical businesses.

雖然整體市場已經疲軟，但仍有特定的市場和客戶群需要我們提供專業化的服務。我們的重點是出色地服務這些領域，認真管理成本，並確保即使在我們發展製藥業務的同時，American Bear 的物流仍然是 Lakeside 可靠且有利可圖的貢獻者。

And our last question, can you share your long-term vision for the company and how the new pharmaceutical venture is expected to create sustained shareholder value over the next few years?

我們的最後一個問題是，您能否分享一下您對公司的長期願景，以及新製藥企業預計如何在未來幾年內創造持續的股東價值？

Our long-term vision for Lakeside is build up diversified and resilient global supply chain solutions provider with a strong presence in high growth markets, particularly in Asian Pacific region. The integration of our established cross-border logistics expertise with our new rapidly expanding pharmaceutical distribution businesses in China is central to this region. We see these two segments as complementary.

我們對 Lakeside 的長期願景是建立多元化、有彈性的全球供應鏈解決方案提供商，並在高成長市場（尤其是亞太地區）佔據強大地位。將我們成熟的跨境物流專業知識與我們在中國快速擴張的醫藥分銷業務相結合對於該地區至關重要。我們認為這兩個部分是互補的。

The logistics business provides stable cash flow, deep market knowledge, and operational excellence. While the pharmaceutical business offers significant growth potential in non-cyclical industry, over the next few years, we aim to achieve several key milestone.

物流業務提供穩定的現金流、深厚的市場知識和卓越的營運。雖然製藥業務在非週期性產業中具有巨大的成長潛力，但在未來幾年內，我們的目標是實現幾個關鍵的里程碑。

Firstly, to significantly scale our pharmaceutical distribution operations in China, becoming a recognized player in that market. Secondly, to continue optimizing our logistic business, focusing on profitability and high-value services. Thirdly, to explore further strategic opportunities, whether organic or inorganic, and align with our core competencies and market focus. We believe this multi-pronged approach will lead to more consistent revenue growth, improved profitability with a stronger, more diversified business model.

首先，大幅擴大我們在中國的醫藥分銷業務，成為該市場公認的參與者。第二，持續優化物流業務，注重獲利能力和高價值服務。第三，探索進一步的策略機會，無論是有機的還是無機的，並與我們的核心競爭力和市場重點保持一致。我們相信，這種多管齊下的方法將帶來更穩定的收入成長、更高的獲利能力以及更強大、更多樣化的商業模式。

Our commitment is to translate this operational success into sustained long-term value for our shareholders by growing our earnings, strengthening our market position and maintaining transparent communication about our progress.

我們的承諾是透過增加收益、加強市場地位和維持透明的進展溝通，將這項營運成功轉化為股東的長期價值。

Thank you, Henry, and thank you, everyone, for participating on today's call. We look forward to providing additional updates in the near future. In the meantime, we can be reached at 347-947-2093 or you can email me at matthrew@strategic-ir.com. Thank you, everyone.

謝謝亨利，也謝謝大家參加今天的電話會議。我們期待在不久的將來提供更多更新。在此期間，您可以撥打 347-947-2093 或發送電子郵件至 matthrew@strategic-ir.com 與我們聯繫。謝謝大家。

Ladies and gentlemen, this concludes our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。