Nature's Sunshine Products Inc (NATR) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Nature Sunshine's financial results for the third quarter end of September 30, 2025. Joining us today are Nature Sunshine CEO Ken Romancy, CFO Shane Jones, and general counsel Nate Brauer.

各位下午好，感謝各位參加今天舉行的電話會議，討論 Nature Sunshine 截至 2025 年 9 月 30 日的第三季財務業績。今天來到我們節目的嘉賓有 Nature Sunshine 的首席執行官 Ken Romancy、首席財務官 Shane Jones 和總法律顧問 Nate Brauer。

Following the remarks, we'll open the call for analyst questions.

演講結束後，我們將開放分析師提問環節。

Before we go further, I would like to turn the call over to Mr. Brower. Has he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1,995 that provides important provisions regarding forward-looking statements.

在我們繼續討論之前，我想把電話交給先生。布勞爾。他是否閱讀過公司根據 1995 年《私人證券訴訟改革法案》所作出的安全港聲明？該聲明對前瞻性陳述作出了重要規定。

Nate, please go ahead.

內特，請繼續。

Thank you, Sergio.

謝謝你，塞爾吉奧。

Good afternoon and thanks for joining our conference call to discuss our third quarter 2025 financial results.

下午好，感謝各位參加我們的電話會議，共同討論我們2025年第三季的財務表現。

I'd like to remind everyone that this call is available for replay by telephonic dial-ins through November 20th and a live webcast that will be posted in the investor relations portion of our website at Iir.naturesunshine.com.

我想提醒大家，本次電話會議的錄音回放可透過電話撥入收聽，截止日期為 11 月 20 日；此外，我們還將在公司網站 Iir.naturesunshine.com 的投資者關係版塊發佈現場網絡直播。

The information on this call contains forward-looking statements. These statements are often characterized by terms such as believe, hope, may, anticipate, expect, will, and and other similar expressions.

本次電話會議的資訊包含前瞻性陳述。這些陳述通常以「相信」、「希望」、「可能」、「預期」、「期望」、「將」等詞語以及其他類似表達方式為特徵。

Forward-looking statements are not guarantees of future performance.

前瞻性陳述並不構成對未來績效的保證。

And the actual results may be materially different from the results implied by forward-looking statements. Factors that could cause results to differ materially from those implied here and include, but are not limited to those factors disclosed in the company's annual report on Form 10k under the cap risk factors, and other reports filed with the Securities and Exchange Commission.

實際結果可能與前瞻性陳述所暗示的結果有重大差異。可能導致實際結果與此處所述結果有重大差異的因素包括但不限於公司在 10-K 表格年度報告「風險因素」部分揭露的因素，以及向美國證券交易委員會提交的其他報告。

The information on this call speaks only as of today's date.

本次通話中的資訊僅代表截至今日的情況。

And the company disclaims any duty to update the information provided herein.

該公司聲明不承擔更新本文所提供資訊的義務。

Now I would like to turn the call over to our recently appointed CEO of Nature Sunshine, Ken Romanzi. Ken.

現在，我想把電話交給最近上任的 Nature Sunshine 執行長 Ken Romanzi。肯。

Thank you, Nate, and good afternoon, everyone.

謝謝你，內特，大家下午好。

Thank you for joining our 3rd quarter earnings call.

感謝您參加我們第三季財報電話會議。

Before I turn the call over to Shane to discuss our strong 3rd quarter performance, I'd like to quickly introduce myself and share how excited and grateful I am to be the CEO of Nature Sunshine.

在將電話交給 Shane 討論我們強勁的第三季度業績之前，我想先快速地自我介紹一下，並分享一下我作為 Nature Sunshine 的首席執行官是多麼興奮和感激。

I joined just over a week ago and I am absolutely honored to lead this iconic brand into its next chapter of growth.

我加入公司才一週多，能夠帶領這個標誌性品牌邁入下一個發展篇章，我感到無比榮幸。

Throughout my career, I've had the privilege of leading organization transformations and driving growth of beloved iconic brands, many in your kitchens at home, at both public and private companies across the consumer packaged goods industry, including B&G Foods, Nabisco, now part of Mode.

在我的職業生涯中，我有幸領導組織轉型，推動深受喜愛的標誌性品牌發展壯大，其中許多品牌都出現在您家的廚房裡。我曾在消費品包裝產業的上市公司和私人公司工作，包括 B&G Foods、Nabisco（現為 Mode 的一部分）。

Hasbro, Ocean Spray cranberries, Cadbury Schweppes, and Frito-Lay, just to name a few.

舉幾個例子：孩之寶、Ocean Spray蔓越莓醬、吉百利史威士、菲多利。

At each stage of my career, one thing has always been true strong brands with great products and a clear mission.

在我職業生涯的每個階段，有一點始終不變：強大的品牌、優秀的產品和清晰的使命。

Create lasting value for customers, employees, and shareholders.

為顧客、員工和股東創造持久價值。

That is exactly what drew me to Nature's sunshine.

正是這一點深深吸引了我，讓我愛上了大自然的陽光。

The company possesses a strong legacy, a foundation of trusted products.

該公司擁有深厚的歷史底蘊和值得信賴的產品基礎。

Passionate consultants and practitioners.

充滿熱情的顧問和從業人員。

A deep rooted commitment to improving lives through natural health.

我們始終致力於透過自然療法改善人們的生活。

As someone who is dedicated to health and wellness myself, I see tremendous potential to build on this foundation and accelerate growth globally.

作為一個致力於健康和福祉的人，我看到了在此基礎上發展並加速全球成長的巨大潛力。

In my very short time here, I've met with our teams, listened to field leaders and employees, and immersed myself in our business, and it's very evident that we have a mission-driven organization and a unique opportunity to strengthen our brand.

在我來到這裡短短的時間裡，我已經與我們的團隊會面，聽取了現場領導和員工的意見，並深入了解了我們的業務，很明顯，我們是一個以使命為導向的組織，並且擁有一個獨特的機會來加強我們的品牌。

Leverage our vast direct sales network of amazing consultant entrepreneurs, expand our digital and direct to consumer cap capabilities and deliver even greater value to our customers and shareholders.

充分利用我們龐大的直銷網絡，匯集眾多優秀的顧問企業家，拓展我們的數位化和直接面向消費者的能力，為我們的客戶和股東創造更大的價值。

I'd like to thank my predecessor, Terence Moorhead for his leadership and the strong platform that he and the Nature Sunshine team have built.

我要感謝我的前任 Terence Moorhead 的領導，以及他和 Nature Sunshine 團隊所建立的強大平台。

And I'm excited to lead the business through its next phase of growth powered by our iconic brand, our operational excellence, and continued innovation in natural health and wellness.

我很高興能夠帶領公司進入下一個成長階段，這得益於我們標誌性的品牌、卓越的營運以及在天然健康和保健領域的持續創新。

I look forward to meeting our various stakeholders over the coming months and addressing our shareholders more formally on our 4th quarter earnings call.

我期待在接下來的幾個月與各利益相關者會面，並在第四季財報電話會議上正式向股東發表演說。

Now, I'd like to turn it over to the real highlight of the show today, our CFO Shane Jones, to provide details of our strong operational and financial performance in the 3rd quarter.

現在，我想把麥克風交給今天節目的真正亮點——我們的財務長 Shane Jones，讓他詳細介紹一下我們第三季強勁的營運和財務業績。

Shane?

肖恩？

Thank you, Ken. I'd like to start by saying that I'm very happy to be working with Ken. He combines a wealth of knowledge and experience with outstanding values and leadership. He is the right person to take nature's sunshine to the next level, and I am more confident than ever in our future.

謝謝你，肯。首先我想說，我非常高興能和肯一起工作。他兼具豐富的知識和經驗，以及傑出的價值觀和領導能力。他是帶領自然陽光更上一層樓的合適人選，我對我們的未來比以往任何時候都更有信心。

We're pleased to report our best quarter ever, as the strategic investments we've made over the past two years combined with strong execution and hard work are yielding meaningful improvements across North America, Asia, and Europe.

我們很高興地宣布，我們取得了有史以來最好的季度業績，過去兩年我們進行的戰略投資，加上強有力的執行和辛勤工作，正在北美、亞洲和歐洲取得顯著的進步。

We're seeing a strong surge in new customers, better engagement from current customers, and improved activity with our distributors.

我們看到新客戶數量大幅成長，現有客戶的參與度更高，與經銷商的合作也更加活躍。

Our efforts to modernize the business, expand digital capabilities, and strengthen field engagement are translating into tangible growth across our key regions.

我們為實現業務現代化、拓展數位化能力和加強現場互動所做的努力，正在轉化為我們在主要地區的實際成長。

The combination of these initiatives, along with disciplined cost management positions us very well for continued profitable expansion despite the macroeconomic and trade headwinds that persist in many of our markets.

這些措施與嚴格的成本管理相結合，使我們即使在許多市場持續面臨宏觀經濟和貿易逆風的情況下，也能保持良好的獲利成長動能。

Now diving into specific financial performance.

現在深入分析具體的財務表現。

Net sales in the third quarter were $128.3 million a quarterly record compared to $114.6 million in the year ago quarter. This represents a 12% increase versus the prior year, or an 11% increase excluding the impact of foreign exchange rates.

第三季淨銷售額為 1.283 億美元，創季新高，去年同期為 1.146 億美元。這比上一年增長了 12%，如果排除匯率的影響，則增長了 11%。

Growth was driven by acceleration across Asia Pacific, North America, and Europe. These results reinforced the traction we're seeing from our transformation initiatives and the strength of our product portfolio manufactured in-house with the very highest quality ingredients and our passionate and knowledgeable distributors combined with our 50 plus year heritage and global brand.

亞太地區、北美和歐洲的加速成長推動了整體成長。這些結果鞏固了我們從轉型計畫中獲得的成效，以及我們採用最高品質原料自主生產的產品組合的實力，再加上我們充滿熱情、知識淵博的分銷商，以及我們 50 多年的歷史傳承和全球品牌。

Looking at our results in more detail, starting with regional performance.

讓我們更詳細地看一下我們的結果，首先從區域表現開始。

In North America, we continue to see improved momentum as digital accelerates while maintaining our core business, especially retailers, practitioners, affiliates, and business builders.

在北美，隨著數位化進程的加速，我們繼續看到業務勢頭增強，同時保持我們的核心業務，特別是零售商、從業者、附屬機構和業務建設者。

Q3 sales grew 7% year over year to $36.2 million.

第三季銷售額年增7%，達3,620萬美元。

We're particularly excited about the strength in our digital business, where year over year growth accelerated to 52% in Q3.

我們尤其對數位業務的強勁表現感到興奮，第三季年增率加速至 52%。

Our work to move to an improved platform, leverage digital tools, optimize our digital marketing, enhance customer experience, and increase lifetime value is paying off.

我們為遷移到更完善的平台、利用數位工具、優化數位行銷、提升客戶體驗和提高客戶終身價值所做的努力正在取得成效。

Meaningful acceleration in new customers combined with improved retention and frequency have been key to this strength.

新客戶數量的顯著成長，以及客戶留存率和購買頻率的提高，是這項優勢的關鍵所在。

As an example, the number of new digital customers making a purchase in Q3 more than doubled versus prior year.

例如，第三季新數位客戶購買商品的數量比去年同期增加了一倍以上。

We're also pleased by the growth in our subscription auto ship program, which now represents more than half of DTC ordering accounts.

我們也對訂閱自動出貨計畫的成長感到高興，該計畫目前已佔 DTC 訂單帳戶的一半以上。

Just as a reminder, our auto ship programs are a win-win for consumers and the company. They provide the strongest value proposition to the consumer while improving consistent use to ensure the best results for better health. In addition, they drive improved frequency and retention with a predictable recurring revenue stream for our products.

再次提醒大家，我們的自動出貨計畫對消費者和公司來說是雙贏的。它們為消費者提供最強的價值主張，同時提高持續使用效果，以確保最佳健康效果。此外，它們還能為我們的產品帶來可預測的經常性收入，進而提高購買頻率和顧客留存率。

Finally, we are also making progress with the efficiency of our digital marketing spend, resulting in meaningful improvements in customer acquisition cost and enhanced return on ad.

最後，我們在提高數位行銷支出效率方面也取得了進展，從而顯著降低了客戶獲取成本，並提高了廣告回報率。

The combination of these fundamentals validates the strategic investments we are making and strengthens our confidence in our ability to meet and exceed the goals we have set.

這些基本面因素的結合驗證了我們正在進行的策略投資，並增強了我們對實現和超越既定目標的信心。

As we've said many times, digital momentum is a key component of our broader transformation and represents an important long-term growth level for our business.

正如我們多次所說，數位化發展勢頭是我們整體轉型的關鍵組成部分，也是我們業務長期成長的重要階段。

As digital continues to see robust growth, we expect continued strong growth in North America during Q4 and mid-single-digit growth in 2026.

隨著數位業務持續強勁成長，我們預計北美地區在第四季度將繼續保持強勁成長，並在 2026 年實現中等個位數成長。

Asia Pacific delivered 17% year over year net sales growth to $64.7 million or 15% growth on a constant currency basis.

亞太地區淨銷售額年增 17% 至 6,470 萬美元，以固定匯率計算成長 15%。

Growth was driven by strong performance in Japan, China, and Korea, where sales increased 32%, 36%, and 12% respectively, excluding the impact of foreign exchange.

成長主要得益於日本、中國和韓國的強勁表現，不計匯率影響，這三個國家的銷售額分別成長了 32%、36% 和 12%。

In each of these markets, our efforts to introduce more consumer friendly products, enhance our subscription autoship programs, and strengthen field activation have been key contributors to the improved momentum.

在這些市場中，我們努力推出更受消費者歡迎的產品，加強訂閱自動出貨計劃，並強化現場推廣，這些都是推動市場發展勢頭改善的關鍵因素。

The more consumer friendly product bundles introduced last year in AA continue to have strong appeal from both our customers and distributors, leading to increased acquisition along with better repeat.

去年在AA推出的更受消費者歡迎的產品組合繼續受到客戶和分銷商的強烈歡迎，從而提高了客戶獲取率和復購率。

Likewise, our Autoship program continues to benefit consumers while driving predictable recurring sales growth.

同樣，我們的自動出貨計畫在持續惠及消費者的同時，也推動了可預測的經常性銷售成長。

In Japan, Autohi now accounts for approximately 50% of the sales in that market.

在日本，Autohi 目前約佔該市場銷售額的 50%。

China launched an autoship program earlier this year, and we are seeing a strong response as that program already accounts for 12% of sales and has helped to re-accelerate growth in that market.

中國今年稍早啟動了自動出貨計劃，我們看到了強勁的反響，該計劃已佔銷售額的 12%，並幫助重新加速了該市場的成長。

Finally, our field activation initiatives were particularly effective in Q3, driving exceptional results and likely accelerating some sales originally expected in the 4th quarter.

最後，我們的現場推廣活動在第三季取得了特別顯著的效果，取得了優異的成績，並可能加速了一些原本預計在第四季實現的銷售額。

Given the very difficult Q4 comparable, remember that pa grew 21% in constant currency terms last Q4, combined with the fact that approximately $2 million of revenue was likely accelerated from Q4 to Q3 this year. APA growth is likely to be flat to down slightly in Q4 2025.

考慮到第四季度比較數據非常困難，請記住，去年第四季以固定匯率計算，pa 成長了 21%，再加上今年第四季約有 200 萬美元的營收可能提前計入第三季。預計 2025 年第四季 APA 成長將持平或略有下降。

We are very pleased with the progress being made in AA and expect continued mid single-digit growth from this region in the coming year, but acknowledge the inherent lumpiness of sales due to the nature of our field activation efforts.

我們對AA地區的進展非常滿意，並預計該地區明年將繼續保持中等個位數的成長，但我們也承認，由於我們現場推廣工作的性質，銷售額存在固有的波動性。

Europe also continues to perform well with Q3 sales up 13% versus the prior year to $22.1 million or 10% on a constant currency basis.

歐洲市場也持續表現良好，第三季銷售額比上年同期成長 13% 至 2,210 萬美元，以固定匯率計算成長 10%。

This growth was driven by 10% growth in Central Europe and 14% growth in Eastern Europe, both in local currency terms.

這一增長主要得益於中歐10%的增長和東歐14%的增長（均以當地貨幣計算）。

In Central Europe, our expansion into the Baltics continues to progress very well, supported by steady demand for our power line products.

在中歐，我們向波羅的海地區的擴張持續取得非常好的進展，這得益於市場對我們輸電線路產品的穩定需求。

We're encouraged by our team's ability to drive growth while successfully broadening our regional footprint.

我們的團隊在推動業務成長的同時，成功擴大了區域影響力，這令我們倍感鼓舞。

The growth in Eastern Europe has been fueled by improved product availability combined with outstanding execution from our distribution partners.

東歐市場的成長得益於產品供應的改善以及我們分銷合作夥伴的出色執行。

This growth is remarkable, given the current instability in that region and is a testament to the perseverance of our staff in that area.

考慮到該地區目前的不穩定局勢，這一增長令人矚目，也證明了我們在該地區的員工的堅持不懈。

For Q4 and 2026, we expect continued growth from both of these markets with Europe as a whole growing mid single-digits.

對於第四季和 2026 年，我們預計這兩個市場將繼續成長，而整個歐洲將實現中等個位數的成長。

Turning to gross margin.

接下來我們來看毛利率。

We continue to build on the progress we've made over the past several quarters as gross margin increased 200 basis points to 73.3% compared to 71.3% a year ago.

我們持續鞏固過去幾季的進展，毛利率較去年同期成長 200 個基點，達到 73.3%，而去年同期為 71.3%。

This improvement represents our highest gross margin in 15 quarters and reflects the benefit of our ongoing gross margin initiatives and favorable market mix.

這項改善代表了我們 15 個季度以來的最高毛利率，反映了我們持續推進的毛利率提升計劃和有利的市場組合所帶來的益處。

We've been talking about these margin improvements efforts, margin improvement efforts for some time.

我們已經討論這些提高利潤率的措施一段時間了。

These initiatives include renegotiating logistics contracts, better conversion costs to improve manufacturing efficiency, Improved sourcing, more discipline pricing, and other cost saving measures.

這些措施包括重新談判物流合約、降低轉換成本以提高生產效率、改進採購、更嚴格地控制定價以及其他節省成本的措施。

We're proud of our team's continued efforts to streamline our supply chain and pleased to see the benefit reflected in our results.

我們為團隊不斷努力簡化供應鏈而感到自豪，並很高興看到這些努力在業績中得到了體現。

As we look forward, despite our efforts to avoid and delay the impact of tariffs, we do anticipate a small impact on gross margin.

展望未來，儘管我們努力避免和延緩關稅的影響，但我們預期毛利率仍會受到輕微影響。

Therefore, gross margins are likely to settle into the upper 72% range next quarter and into next year, which represents a significant step up from where we've been historically.

因此，毛利率可能在下一季和明年穩定在 72% 以上的區間，這比我們以往的水平有了顯著提高。

Volume incentives as a percentage of net sales were 30.7% compared to 31% in the year ago quarter.

銷售獎勵佔淨銷售額的百分比為 30.7%，去年同期為 31%。

The decrease was primarily due to the strong growth in our digital business, as well as changes in market mix.

下降的主要原因是數位業務的強勁成長以及市場組合的變化。

Selling general and administrative expenses during the third quarter were $45.7 million compared to $41 million in the year ago quarter.

第三季銷售一般及行政費用為 4,570 萬美元，去年同期為 4,100 萬美元。

As a percentage of net sales, SG&A expenses were 35.6% for the third quarter compared to 35.7% a year ago.

第三季銷售、一般及行政費用佔淨銷售額的百分比為 35.6%，去年同期為 35.7%。

The $4.7 million increase versus prior year was primarily related to digital ad spend, other variable costs associated with the sales increase, and non-recurring expenses.

與前一年相比，470萬美元的成長主要與數位廣告支出、與銷售成長相關的其他變動成本以及非經常性支出有關。

The decision to increase digital ad spend during Q3 was based upon the opportunity for very strong customer acquisition at a favorable customer acquisition cost.

第三季增加數位廣告支出的決定是基於以優惠的獲客成本獲得非常強勁的客戶獲取機會。

Similar to what occurred in Q3, we will continue to make additional investments in digital advertising when we can achieve an outstanding return on that investment.

與第三季的情況類似，我們將繼續增加對數位廣告的投資，前提是能夠獲得優異的投資回報。

In Q4 we expect SG&A of 46 to $47 million which includes $1 million to $2 million of non-recurring expenses.

預計第四季銷售、管理及行政費用為 4,600 萬至 4,700 萬美元，其中包括 100 萬至 200 萬美元的非經常性支出。

Operating income increased to $9 million or 7% of net sales compared to $5.3 million or 4.6% of net sales in a year ago quarter.

營業收入增至 900 萬美元，佔淨銷售額的 7%，而去年同期為 530 萬美元，佔淨銷售額的 4.6%。

GAAP net income attributable to common shareholders for the third quarter was $5.3 million or $0.30 per diluted common share compared to net income of $4.3 million or $0.23 per diluted common share in a year ago quarter.

第三季歸屬於普通股股東的GAAP淨利為530萬美元，即每股攤薄收益0.30美元，去年同期淨利為430萬美元，即每股攤薄收益0.23美元。

Adjusted EBITDA as defined in our earnings release eclipsed our previous record, increasing 42% to $15.2 million compared to $10.7 million in the year ago quarter.

根據我們在獲利報告中定義的調整後 EBITDA 超過了我們先前的記錄，成長了 42%，達到 1,520 萬美元，而去年同期為 1,070 萬美元。

The increase was primarily driven by the increase in net sales and improvement in gross margin.

成長主要由淨銷售額成長和毛利率提高推動。

Our balance sheet remains clean with cash and cash equivalents of $95.6 million.00 debt.

我們的資產負債表依然穩健，現金及現金等價物為9,560萬美元。

Inventory decreased to $67.3 million at the end of the third quarter, a $2 million decrease versus Q2, driven by the very strong demand in Q3.

第三季末庫存減少至 6,730 萬美元，比第二季減少 200 萬美元，主要得益於第三季的強勁需求。

We expect to rebuild that inventory during Q4 to ensure appropriate in stock levels and fulfill continued strong demand in Q4.

我們預計將在第四季度重建庫存，以確保適當的庫存水平，並滿足第四季度持續強勁的需求。

Net cash provided by operating activities was $25.4 million compared to $13.1 million in the prior year period.

經營活動產生的淨現金流量為 2,540 萬美元，而去年同期為 1,310 萬美元。

We repurchased 1.1 million shares for approximately $14.4 million during the nine months ended September 30th, 2025, with $19.3 million remaining on our share purchase share repurchase program.

截至 2025 年 9 月 30 日的九個月內，我們以約 1,440 萬美元的價格回購了 110 萬股股票，我們的股票回購計畫還剩下 1,930 萬美元。

Looking beyond share repurchases, our healthy capital allocation structure positions us well to continue our digital transformation and other strategic initiatives.

除了股票回購之外，我們健康的資本配置結構使我們能夠更好地繼續推動數位轉型和其他策略性舉措。

Now turning to our 2025 outlook.

現在展望一下2025年。

Based on our strong Q3 results and the improved momentum in the business, we are raising our guidance for 2025.

基於我們強勁的第三季業績和業務發展勢頭的改善，我們提高了對 2025 年的業績預期。

We now expect full year 2025 net sales to range between $476 million and $480 million compared to previous guidance of $460 million to $475 million.

我們現在預計 2025 年全年淨銷售額將在 4.76 億美元至 4.8 億美元之間，而先前的預期為 4.6 億美元至 4.75 億美元。

This new range equates to year of year growth of 5 to 6%.

這一新範圍相當於每年增長 5% 至 6%。

For adjusted EBITDA, we are now guiding to a range of $47 million to $49 million versus the prior range of $41 million to $45 million. This new range equates to year to year growth between 16% and 21%.

對於調整後的 EBITDA，我們現在預計在 4,700 萬美元至 4,900 萬美元之間，而先前的預計範圍為 4,100 萬美元至 4,500 萬美元。這一新區間相當於年增長率在 16% 到 21% 之間。

This implies Q4 guidance of $119.7 million to $123.7 million of revenue and EBITDA between $9.6 million and $11.6 million.

這意味著第四季營收預期為 1.197 億美元至 1.237 億美元，EBITDA 預期為 960 萬美元至 1,160 萬美元。

As a reminder, the 4th quarter of last year represented the largest single quarter in our company's history at that point, driven by very strong performance across Asia, Pacific and Europe, which naturally creates tougher year over year comparisons.

需要提醒的是，去年第四季度是我們公司歷史上同期業績最好的一個季度，這主要得益於亞太地區和歐洲市場的強勁表現，因此與去年同期相比，業績自然會更加難以比較。

Overall, we continue to believe the business is well positioned to capitalize on current market opportunities and remain very optimistic about our future growth prospects. The strategic initiatives we've been implementing are working and we're confident in our ability to continue to accelerate growth in sales, profitability, and free cash flow. Now I will turn the time back to the operator.

總體而言，我們仍然相信公司已做好充分準備，能夠掌握當前的市場機遇，並對未來的成長前景保持非常樂觀的態度。我們一直在實施的策略性舉措正在奏效，我們有信心繼續加速提高銷售額、獲利能力和自由現金流。現在我將時間交還給操作員。

Thank you, ladies and gentlemen.

謝謝各位女士、先生。

We will now begin the question-and-answer session. Should you have a question, please press the star, followed by the number one on your touchstone phone.

現在開始問答環節。如果您有任何疑問，請按星號，然後按您手機上的數字 1。

You will hear a prompt that your hand has been raised.

你會聽到提示音，表示你的手已被舉起。

Should you wish to decline from the polling process, please press the followed by the number 2.

如果您不想參與投票，請按 ，然後按數字 2。

If you are using a speakerphone, please lift the handset before pressing any keys.

如果您正在使用免持通話，請在按任何按鍵之前拿起聽筒。

One moment please for your first question.

請稍等片刻，回答您的第一個問題。

Your first question comes from Brian Holland from DA Davidson. Please go ahead. Mr. Holland.

你的第一個問題來自 DA Davidson 的 Brian Holland。請繼續。先生。荷蘭。

I'm so sorry about that.

對此我深感抱歉。

Can you hear.

你聽得到嗎？

Me now?

現在的我？

Yes, hey, Brian. Okay.

是的，嗨，布萊恩。好的。

Hey, okay, thank you. So I'll start again. I apologize. First of all, welcome and congratulations, Ken. Look forward to working with you. And then, you're just digging into the quarter here. Shane, maybe to start, naturally in the North America segment, particularly in light of the ongoing inflection in the digital business, maybe just kind of Maybe a multi-part question here, but one.

好的，謝謝。那我重新開始。我道歉。首先，歡迎並祝賀你，肯。期待與您合作。然後，你就在這裡深入挖掘這個季度了。Shane，或許可以先從北美市場入手，尤其考慮到數位業務的持續轉型，這或許是一個多部分的問題，但首先是其中之一。

Where are we seeing particular success as far as reaching the consumer, which channels within digital, how is that informing investment and then mindful of the particularly compelling combination of new customer acquisition and retention, which doesn't usually happen, usually trade one off for the other, right, from a growth perspective, especially when one is that magnitude.

我們在哪些方面取得了特別的成功，尤其是在觸達消費者方面？數位管道有哪些？這些成功如何指導投資？我們注意到新客戶獲取和留存的特別引人注目的組合，這種情況並不常見，通常需要權衡利弊，從成長的角度來看，尤其是當規模如此龐大時。

Think about the right level of investment going forward leaning into this momentum and kind of peeking into 2026.

思考如何順應這股勢頭，展望 2026 年，並確定合適的投資水準。

Yeah, that that that's a great question, Brian. So first of all we're really pleased with what we're seeing in our digital digital channel and it's really across, multiple areas. Our Amazon business is doing very well. Our DTC business is doing well, and our social commerce business is also doing very well. So very encouraged by what we're seeing. The thing that's the most encouraging is we've seen an opportunity to be really invest in digital advertising at a much lowerca customer acquisition cost than what we've seen in the past, and which is driving a lot of new customers, which is obviously a good thing for the business, now and go forward so we will continue to invest as long as our return on ad spend and our CAC continue to be at advantageous rates.

是的，布萊恩，這是一個很好的問題。首先，我們對數位管道的發展非常滿意，而且這種滿意體現在多個領域。我們在亞馬遜的業務發展得非常好。我們的DTC業務發展良好，社交電商業務也發展得非常好。我們對目前所看到的景象感到非常鼓舞。最令人鼓舞的是，我們看到了一個機會，可以以比以往低得多的客戶獲取成本真正投資於數位廣告，這帶來了大量的新客戶，這顯然對公司現在和未來都是一件好事，因此，只要我們的廣告支出回報率和客戶獲取成本繼續保持有利水平，我們就會繼續投資。

Appreciate it. Good color. Maybe just quickly.

謝謝。顏色不錯。或許就很快一下。

Actually, sorry, I think Ken had something he wanted to add.

其實，抱歉，我想肯還有話要補充。

I'm, I, I'm sorry to interrupt, but I just wanted to add just in my learning curve in the last week, I've heard a few amazing things. Number one, TikTok has become a really great social commerce avenue for us.

我，我，很抱歉打斷一下，但我只是想補充一點，在過去一周的學習過程中，我聽到了一些很棒的事情。首先，TikTok 已經成為我們非常棒的社群電商管道。

I had not even realized there was a store competing with Amazon on TikTok. I'm not a personal user, but that has been a tremendous success over the last quarter, and we have a tremendous opportunity for more auto ship. I love the Autoship program. It's working well around the world and in the US if people's first experience and purchase for us is is is combined with an auto ship, the repeat obviously and the coming back nature of that customer is far greater than someone who just buys product once and doesn't sign up for auto ship. So auto ship is the gift that keeps on giving and if we can get people into that early, it just creates much more retention and of course drives a lot of the great numbers that that Shane was describing.

我之前甚至都沒意識到TikTok上竟然有家店和亞馬遜競爭。我個人不是用戶，但上個季度自動出貨取得了巨大的成功，我們有巨大的機會實現更多自動出貨。我喜歡自動發貨計劃。這種方式在世界各地，尤其是在美國，效果都很好。如果人們在第一次購買我們的產品時選擇自動發貨，那麼他們的重複購買率和回頭率顯然會遠高於那些只購買一次產品而不註冊自動發貨的顧客。所以自動出貨是一項持續帶來效益的服務，如果我們能儘早讓人們加入這項服務，就能提高顧客留存率，當然也能帶來 Shane 所描述的許多優異數據。

I appreciate the color, Ken, and, Shane as well. It maybe moving over to AA, there are obviously certain markets where, the momentum has been in place, Japan, etc.

肯，我很喜歡這個顏色；肖恩，我也很喜歡。它可能會轉向AA級，顯然在某些市場，這種勢頭已經形成，例如日本等地。

China was, I think, a positive surprise here. So maybe. Just, mindful of you guys spent a fair amount of time talking about the challenging macro backdrop and how that was flowing through on the business. So I, that seems to me to be the biggest source of surprise here, relative to what I was thinking, even just conceptually going into the quarter. So we would be great to kind of double click there on how that business is kind of flipping.

我認為，中國在這裡是一個令人驚訝的結果。也許吧。只是，我想提醒大家，你們花了不少時間討論充滿挑戰的宏觀環境以及這種環境如何影響業務。所以，在我看來，這似乎是這裡最大的驚喜，與我進入本季時的想法完全不同，即使只是從概念上來說也是如此。所以，如果我們能再深入探討這個產業的轉變狀況，那就太好了。

Yeah, we, we're very pleased with what we saw in Q3 and what we continue to see from China in that a lot of the trends that we had talked about six months ago are getting much better now.

是的，我們對第三季以及中國市場的持續發展都非常滿意，六個月前我們討論的許多趨勢現在都得到了很大的改善。

If we look at really what's driving that, there are a number of factors, but the biggest factor goes back to that Aship program that Ken was talking about as well. We didn't have an auto ship program in China until earlier this year. So we implemented a subscription auto shipd program there similar to what we have in other markets already around the world and already it accounts for over 12% of total sales and is a big part of what's really driven around the economics and the fundamentals there to get that business running again and and once you've got the momentum going there that actually helps feed the rest of the business as well.

如果我們仔細探討背後的驅動因素，會發現有很多因素，但最大的因素要追溯到肯之前提到的那個 Aship 專案。今年年初之前，我們在中國還沒有自動出貨計畫。因此，我們在那裡實施了訂閱自動出貨計劃，類似於我們在世界其他市場已經實施的計劃。該計劃已經佔總銷售額的 12% 以上，是推動當地經濟和基本面復甦的重要因素，也是讓這項業務重新運作的關鍵。一旦該業務有了發展勢頭，實際上也有助於帶動其他業務的發展。

And maybe just a a quick follow-up on China from your perspective.

或許還可以從你的角度簡單談談中國的情況。

I is the is the underlying macro backdrop as it pertains to your core consumer, has there been any improvement there, or is this really just about, execution and self help on your end, and the and the backdrop really hasn't changed that much.

就您的核心消費者而言，這是潛在的宏觀背景，這方面是否有任何改進？或者這真的只是您自身執行和自助的問題，而背景實際上並沒有太大變化？

So the macroeconomic environment there we we've seen it stabilized so I wouldn't say it's gotten a lot better but it hasn't gotten worse either and and just getting the stabilization there has helped us then to do some of the fundamental changes that we need to do to be able to reaccelerate that market.

所以，那裡的宏觀經濟環境已經趨於穩定，我不會說情況好轉了很多，但也沒有惡化，而這種穩定也幫助我們進行了一些必要的根本性變革，從而能夠重新加速市場發展。

Great, and I'll be mindful of time here. So maybe one for Ken, and, I'll hop back in the queue, but Ken, maybe just obviously what we saw in the press release and, in your introductory remarks today. So a sense of the overlap here from a consumer facing standpoint with some of the brands that you've dealt with before.

好的，我會注意時間的。所以也許肯會說一個，我會重新排隊，但是肯，也許就像我們在新聞稿和你今天的開場白中看到的那樣。因此，從面向消費者的角度來看，這與您之前接觸過的一些品牌之間的重疊之處是什麼？

Maybe just a little bit more would love to understand as you think about the skills that you've developed over your career and applying it here at Nature Sunshine. Obviously the business performing quite well year-to-date, but, where do you See yourself spending disproportionate time here in the 1st 100 or so days and you know where do you see particular opportunity to apply your expertise, to the infrastructure here to maybe either improve or enhance what's in place.

或許我還能更深入地了解一下，您在職涯中培養的技能，以及您如何將這些技能應用到 Nature Sunshine。顯然，該公司今年迄今為止的業績相當不錯，但是，您認為自己會在最初的100天左右的時間裡把大部分時間花在哪裡？您認為有哪些特別的機會可以運用您的專業知識來改善或增強這裡的基礎設施？

I can't wait to see you one on one because I can take a long time answering that question. I will TRY to, in the spirit of time, I will TRY to be as brief as possible.

我迫不及待地想和你單獨見面，因為回答這個問題可能需要很長時間。我會盡量，本著時間緊迫的精神，盡量言簡意賅。

And condense 43 years into a few minutes. So number one, my 1st 100 days just learn the business, learn the peaceful, learn the people, the organization, and most of all, get out with leaders. I had my first meeting with a leader last night. It was so inspiring, a a long-term practitioner in North America, it was a fascinating meeting. I have pages of notes just from a 90 minute discussion with him. So, learn the business and get out there and be with our frontline leaders, and my particular inspiration about this company is great brand, great products, great, we're on a macro trend, mega trend of with the wind in our sails. I've spent a lot of time trying to sell things against the wind, but the wind is in our sails on health and wellness and people looking for natural health and wellness cures, both young and old. It is a trend that's been around for a long time and will continue for a long time.

將43年濃縮成幾分鐘。所以，第一，我的前100天就是學習業務、學習和平、了解人、了解組織，最重要的是，與領導者一起出去走走。昨晚我第一次與領導會面。作為一名在北美長期從事相關工作的從業者，這次會議令人深受鼓舞，也令人著迷。光是和他進行了90分鐘的談話，我就記了好幾頁筆記。所以，要學習業務知識，走出去，和我們的第一線領導者在一起。我對這家公司特別有感觸的是，它擁有偉大的品牌、偉大的產品，我們正處於宏觀趨勢、超級趨勢之中，我們乘風破浪，前途無量。我花了很多時間逆風而行，但現在健康養生領域一片繁榮，人們，無論老少，都在尋找天然的健康養生療法。這種趨勢已經存在很長時間了，而且還會持續很長時間。

So that's what excites me about this. To me we have hundreds, to me I look at this company and we have hundreds of thousands of sales people in our company. That's the way I see our consultants and practitioners and partners. When I started my career as a company called Frito-Lay, we used to brag that we had 10,000 route salesmen delivering to 300,000 retail accounts a day in the US.

這就是讓我興奮的地方。在我看來，我們有成百上千的銷售人員，在我看來，我看著這家公司，我們公司有成千上萬的銷售人員。我就是這樣看待我們的顧問、從業人員和合作夥伴的。當我開始在一家名為菲多利（Frito-Lay）的公司工作時，我們常常吹噓說，我們在美國有 10,000 名路線銷售員，每天向 30 萬個零售客戶送貨。

And we used to brag we had 10,000.

我們以前常常吹噓我們有10000個。

I have hundreds of thousands of salespeople. When I ran sales and distribution in Nabisco, I had 5,000 salespeople. We felt like we were like, and we were some of the best food distribution companies in the world. We have hundreds of thousands of frontline salespeople. So I worked in the soft drink business where I partnered with as a franchise owner. We were the franchisors of soft drink brands, and we went through. Independently owned bottlers, soft drink bottlers who who do the bottling and sales and distribution of our products, so it may not be obvious to people, but that system is no different from this system. I have a brand. I do the marketing. I do the product development and the innovation and the thought leadership, and then I have to actually sell that syrup to a soft drink bottler who's an independent entrepreneur, many times 3rd, 4th, and 5th generation entrepreneur, and has hundreds of millions of dollars invested in their system running route, manufacturing operations and route trucks. I see no difference in selling through that mechanism than selling through this mechanism.

我手下有數十萬名銷售人員。當我在納貝斯克公司負責銷售和分銷時，手下有 5000 名銷售人員。我們感覺自己就像，也確實是世界上最好的食品分銷公司之一。我們擁有數十萬名一線銷售人員。所以我進入了軟性飲料行業，成為一家特許經營店的合夥人。我們是軟性飲料品牌的特許經營商，我們成功了。獨立擁有的裝瓶商，軟性飲料裝瓶商，他們負責我們產品的裝瓶、銷售和分銷，所以人們可能看不出來，但這個系統與這個系統並無不同。我擁有自己的品牌。我負責行銷。我負責產品開發、創新和思想領導，然後我必須把這種糖漿賣給軟性飲料裝瓶商，而這些裝瓶商都是獨立企業家，很多時候是第三代、第四代甚至第五代企業家，他們在運營路線、生產製造和運輸卡車等系統上投入了數億美元。我認為透過那種機制銷售和透過這種機制銷售沒有任何區別。

I had a sales force that then they did, but they weren't employees, but we had a lead and motivate and influence them to build their business and our business mutually. I see that as a wonderful, tangential experience that I that I can apply here. I grew up in marketing, so I'm a consumer. Marketer, that's the way I step out of bed every morning. But since 1,993 I've been a general manager. So what can I bring? I mean, organizational leadership. I mean we don't do anything without great people and we have unbelievable people here. The passion and enthusiasm and dedication to our employees is amazing. So we have a lot to build on from there. And then just business management, I, running a P&L and a balance sheet. I've been doing that for decades, but really motivating our people and focusing everybody on the highest leverage points to accelerate growth in our business.

我當時有一支銷售團隊，他們也確實做到了，但他們不是我們的員工，而是我們的領導，我們激勵和影響他們，讓他們共同發展自己的業務和我們的業務。我認為那是一次很棒的、與主題相關的經歷，我可以將其運用到這裡。我從小就接觸行銷，所以我也是消費者。身為一名行銷人員，這就是我每天早上起床的方式。但自 1993 年以來，我一直擔任總經理。那我能帶些什麼呢？我指的是組織領導力。我的意思是，沒有優秀的人才，我們什麼都做不成，而我們這裡有非常優秀的人才。員工的熱情、熱情和奉獻精神令人驚嘆。所以，我們有很多可以以此為基礎繼續發展。然後就是業務管理，我負責損益表和資產負債表。幾十年來，我一直在做這件事，那就是真正激勵我們的員工，讓每個人都專注於最具槓桿作用的點，以加速我們業務的成長。

And then motivating hundreds of thousands of leaders around the world, which our team does well, but I just met with our head of North America earlier today and I said, get up, start booking me with customers. So I will be with leaders in Southern California two weeks from now. I will be throughout 5 different countries in Asia in December and then our head of Europe already has me planned. For January, February and March, in various markets there. So I hope that starts to answer your question, and I appreciate it.

然後激勵世界各地成千上萬的領導者，我們的團隊在這方面做得很好，但我今天早些時候剛和我們的北美負責人見了面，我說，起來，開始為我安排客戶。所以兩週後我將與南加州的領導人會面。12月我將前往亞洲5個國家，之後我們的歐洲區負責人已經為我安排了行程。1月、2月和3月，在當地各市場。希望這能解答你的疑問，謝謝。

Yeah, appreciate.

嗯，謝謝。

Everything. Best of luck. Keep up the great work, guys.

一切。祝你好運。夥計們，繼續加油！

Thank you. Thanks.

謝謝。謝謝。

Thank you.

謝謝。

Your next question comes from Susan Anderson from Canaccord Genuity. Please go ahead.

下一個問題來自 Canaccord Genuity 公司的 Susan Anderson。請繼續。

Hi, good evening, Alec Leg on for Susan. Welcome, Ken. We're definitely excited to work for you. We can hear the passion already coming through.

大家好，晚上好，我是Alec Leg，替Susan上台。歡迎你，肯。我們非常期待能為您工作。我們已經能感受到其中的熱情。

Thank you. Question on, you're welcome. For 3rd quarter, I mean, obviously there's a big step change in growth going from, low single-digits to low double-digits, I guess. Was there, any one key factor or something that came together, or was it just, the strategy that you've been executing, everything just coming together in the quarter?

謝謝。不客氣，歡迎提問。就第三季而言，我的意思是，很明顯，成長速度發生了很大的變化，從個位數低點躍升至兩位數低點。是否存在某個關鍵因素或事件促成了這一結果，還是說只是你一直在執行的策略，所有因素在這個季度都恰好結合在一起？

It it really is the combination of all the work that we've done over the last couple of years coming to fruition and really starting to fire on all engines so we had very robust growth as you see in digital, which was a key part of that in addition to that we had very good growth in in and of theA is timing based, so we, because of our field initiatives and the way the timing of what that was this year, it pushed some of the revenue that we would have normally seen in Q4 into Q3 so there's about a $2 million slide in timing there. And, but then also just really robust growth and good things happening, in Europe both in Eastern and in Central Europe and then all of that combined with, strong gross margin, good cost, containment as well so I think it is, it's largely just the work that we're doing it's great to actually see the strong momentum and of those, actions coming to fruition, kind of combined with just a little bit of timing.

這確實是過去幾年我們所有工作的成果，現在所有引擎都開始運轉起來，正如你所看到的，我們在數位化方面實現了非常強勁的成長，這是其中的關鍵部分。此外，我們在其他方面也取得了非常好的成長。 A 是基於時機的，所以由於我們的現場活動以及今年的時間安排，一些原本會在第四季度實現的收入被推遲到了第三季度，因此在時間上大約有 200 萬美元的下滑。而且，歐洲，包括東歐和中歐，也出現了非常強勁的成長和許多好消息，再加上強勁的毛利率、良好的成本控制，我認為，這主要歸功於我們正在做的工作，很高興看到強勁的發展勢頭，以及這些行動取得成果，再加上一點時機把握。

Thanks for that. And then I saw there was a new power line launch not too long ago. Is that a global rollout or just in North America or is that also included in the Baltic region where that line is fairly popular?

謝謝。然後我發現不久前新開通了一條輸電線路。這是全球推廣，還是僅限北美地區，或者也包括這條線路在波羅的海地區比較受歡迎的地區？

Right, so we will be phasing when the timing on that, but it will go to multiple markets will start in in the US and then move to other markets as well.

沒錯，我們會分階段進行，具體時間會先在美國啟動，然後再擴展到其他市場。

Thank you. And then my last question on SG& a little bit of a step up there it looks like on pretty good, return on ad spend. Is that a new level that we should think of SG&A going forward or is that pretty flexible just depending on the market?

謝謝。然後，我最後一個問題是關於SG&的，看起來他們在廣告支出回報率方面取得了相當大的進步。這是我們應該考慮的未來銷售、一般及行政費用的新標準嗎？還是說這個標準相當靈活，取決於市場狀況？

Yeah, so, a little bit going back to the question of the previous, person, yeah, as we seek strong opportunities to be able to invest and get a very strong return on digital ad spend, we will continue to make those investments, and right now we see those opportunities so we've guided our SG&A for the next quarter to be in that 46 to. $47 million dollar range with $1 million to $2 million of non-recurring I think that's the right amount to think about for the short-term, but we will continue to respond as we have good opportunities that make sense as I said we will, as we have good returns, we will feed those returns.

是的，回到上一位朋友的問題，是的，當我們尋求強有力的投資機會，以便在數位廣告支出方面獲得非常高的回報時，我們將繼續進行這些投資，目前我們看到了這些機會，因此我們已將下一季度的銷售、一般及行政費用 (SG&A) 預計在 46 到 46 之間。4700萬美元的預算範圍，其中100萬至200萬美元為非經常性支出，我認為這是短期內應該考慮的合適金額，但我們會繼續根據實際情況做出反應，就像我之前說的，一旦有好的回報，我們就會繼續投入這些回報。

Very helpful.

很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

At this time, this concludes our question-and-answer session. I would now like to return the call back over to Mr. Romani for closing remarks.

問答環節到此結束。我現在想把電話轉回給先生。羅曼尼作總結發言。

Thank you very much. So as I said earlier, I'm just delighted to be leading Nature Sunshine.

非常感謝。正如我之前所說，我非常高興能夠領導「自然陽光」組織。

Feel so privileged and after hearing and you know learning about and hearing our 3rd quarter results, which are which I have no association with, right, I didn't do anything to drive those results, but hearing those results and learning what Shane said about what drove all those results, the business is working on all cylinders. We have issues to address, but you know you saw a quarter where the strategies are working and the and the management team leadership teams really delivering.

感到非常榮幸，在聽到並了解了我們第三季度的業績之後（雖然我與這些業績沒有任何關係，我沒有做任何事情來推動這些業績），聽到這些業績以及Shane所說的推動所有這些業績的因素，讓我確信公司正在全力運轉。我們還有一些問題要解決，但你也看到了，上個季度各項策略都在奏效，管理團隊和領導團隊也確實有了成效。

So it just makes me so much more excited about the potential of the business, even more so than I was just a few days ago.

所以，這讓我對這家企業的潛力更加充滿期待，甚至比幾天前還要期待。

So I just want to thank everyone for listening and joining with us today, and really look forward to speaking with you, when we get together to report our 4th quarter 2025 results and, I'm new, so I'll have much more to say. On that call about kind of where we, where we think we're taking it in the future, but there'll be a lot of the same of what's working now. I don't feel like I have to overturn, the whole the whole ship, so I just feel very fortunate to be joining such a strong team with with with great results and a great strategy in place. So with that, we wish you again thanks for joining us and wish you a good night.

所以，我只想感謝大家今天收聽和參與，非常期待與大家再次交流，屆時我們將聚在一起匯報 2025 年第四季業績。我是新來的，所以到時候我會有很多話要說。在那次電話會議上，我們討論了未來發展的方向，但許多現在行之有效的做法仍將保留。我並不覺得我需要徹底改變整個局面，所以我很幸運能夠加入這樣一個強大的團隊，他們取得了巨大的成果，並且擁有很好的策略。最後，再次感謝您的參與，祝您晚安。

Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines at this time.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。

Thank you all for your participation.

感謝各位的參與。