使用警語：中文譯文來源為 AI 翻譯，僅供參考，實際內容請以英文原文為主
Operator
Operator
Thank you, and welcome to Natural Health Trends' first-quarter 2026 earnings conference call.
謝謝您，歡迎參加 Natural Health Trends 2026 年第一季財報電話會議。
During today's call, there may be statements made relating to the future results of the company that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results, performance, or achievements could differ materially from those anticipated in such forward-looking statements through the result of certain factors, including those set forth in the company's filings with the Securities and Exchange Commission.
在今天的電話會議中，可能會就公司未來業績發表若干陳述，該等陳述屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。由於若干因素（包括公司向美國證券交易委員會提交之文件中所載者），實際結果、表現或成就可能與該等前瞻性陳述所預期者存在重大差異。
It should also be noted that a replay of today's call can be found on the Investors section of the company's corporate website at naturalhealthtrendscorp.com.
另請注意，今日電話會議的重播可於公司企業網站 naturalhealthtrendscorp.com 的「投資人」專區查閱。
At this time, I'd like to turn the call over to Chris Sharng, President of Natural Health Trends.
此刻，我想將電話會議交給 Natural Health Trends 總裁 Chris Sharng。
Christopher Sharng - President, Director
Christopher Sharng - President, Director
Thank you, Michelle. Good morning, and thanks to everyone joining us to discuss our first-quarter 2026 financial results. Scott Davidson, our Senior Vice President and Chief Financial Officer, is also here today.
謝謝你，Michelle。各位早安，感謝大家參與我們的電話會議，一同討論 2026 年第一季財務結果。我們的資深副總裁兼財務長 Scott Davidson 今天也在場。
Our business was adversely impacted a year ago when trade war rhetoric between America and China intensified. Since then, despite continued macroeconomic pressure and subdued consumer spending, we have managed to stabilize our top line. Importantly, tangible benefits from the restructuring program implemented in the fourth quarter of last year have begun to materialize.
一年前，當美中之間的貿易戰言論升溫時，我們的業務受到不利影響。此後，儘管宏觀經濟壓力持續、消費支出偏弱，我們仍成功穩定了營收規模。更重要的是，去年第四季推動的重整計畫已開始帶來具體效益。
During the first quarter, these efforts contributed to an improvement in gross profit margin and a reduction in operating expenses, totaling approximately $300,000.
在第一季，這些努力促使毛利率改善並降低營運費用，合計約 30 萬美元。
Meanwhile, we continue to invest in improving our business efficiency. We just launched our enhanced nhtglobal.com website. The new site introduces refreshed branding, more robust product information, and a modern intuitive customer journey.
同時，我們持續投資以提升營運效率。我們剛推出升級版的 nhtglobal.com 網站。新網站導入更新的品牌識別、更完整的產品資訊，以及更現代且直覺的客戶旅程。
Also well underway are our new back-office platform, an AI-powered member app, and AI agents for logistics and member services. These technologies will support future growth by strengthening member productivity and knowledge, enhancing end-to-end selling and the customer experience, and improving our business insights.
此外，我們的新後台平台、AI 驅動的會員 App，以及用於物流與會員服務的 AI 代理也正積極推進中。這些技術將透過強化會員生產力與知識、提升端到端銷售與客戶體驗，以及改善商業洞察，來支持未來成長。
Just last week, we introduced our newest product, Super Nutri One, a tropical-flavored greens powder for digestion, detox, and immunity.
就在上週，我們推出最新產品 Super Nutri One，一款熱帶風味的綠粉，主打消化、排毒與免疫力。
We are also looking forward to our 25th anniversary in Hong Kong later this year. A full calendar of events and brand initiatives is in the works. We look forward to marking this important milestone in our company's history.
我們也期待今年稍晚在香港迎來 25 週年。目前正規劃一整年的活動行事曆與品牌推廣計畫。我們期待共同紀念公司歷史上這個重要里程碑。
While external conditions remain challenging, we believe that by reducing costs, streamlining our business, and investing in technologies, we are positioned to navigate the current environment and grow our revenue.
儘管外部環境仍具挑戰，我們相信透過降低成本、精簡營運並投資科技，我們已具備條件在當前環境中穩健應對並推動營收成長。
Our leaders are experienced, deeply committed, and actively engaged in both our business opportunities and our products as they pursue their personal success and wellness goals. We appreciate your dedication and hard work amid a challenging and complex sales landscape.
我們的領導團隊經驗豐富、投入承諾深厚，並在追求個人成功與健康目標的同時，積極參與我們的事業機會與產品。在充滿挑戰且複雜的銷售環境下，我們感謝各位的投入與辛勞。
With that, I'd like to turn the call over to our CFO, Scott Davidson, to discuss our financial results in greater detail.
接下來，我想把電話會議交給我們的財務長 Scott Davidson，為各位更詳細說明財務結果。
Timothy Davidson - Chief Financial Officer, Senior Vice President, Corporate Secretary
Timothy Davidson - Chief Financial Officer, Senior Vice President, Corporate Secretary
Thank you, Chris. Total revenue for the first quarter was $9.2 million, a decrease of 6% from $9.7 million in the fourth quarter of 2025, and a decline of 14% compared to $10.7 million in the first quarter of 2025.
謝謝你，Chris。第一季總營收為 920 萬美元，較 2025 年第四季的 970 萬美元下降 6%，並較 2025 年第一季的 1,070 萬美元下滑 14%。
Turning to our cost and operating expenses, we are seeing the impact of executing on our previously announced restructuring program with improved margin and reduced operating expenses.
接著談成本與營運費用，我們看到先前已公告之重整計畫的執行成效，帶動毛利率提升並降低營運費用。
Gross profit margin increased to 75% from 73.6% in the first quarter last year, as we continue to transition much of our product manufacturing from the United States to East Asia, closer to our main markets. Commissions expense as a percent of total revenue for the first quarter was 41.8%, consistent with the prior year.
毛利率由去年第一季的 73.6% 提升至 75%，因我們持續將多數產品製造從美國轉移至東亞，更貼近主要市場。第一季佣金費用占總營收比重為 41.8%，與去年同期一致。
Selling, general, and administrative expenses for the quarter were $3.5 million, a decrease of $238,000 compared to a year ago. Operating loss for the quarter was $474,000 compared to $345,000 in the first quarter last year. Net loss for the first quarter was $154,000 or $0.02 per diluted share, compared to a net income of $122,000 or $0.01 per diluted share in the first quarter of 2025.
本季銷售、一般及行政費用為 350 萬美元，較一年前減少 23.8 萬美元。本季營業損失為 47.4 萬美元，去年第一季為 34.5 萬美元。第一季淨損為 15.4 萬美元，或稀釋後每股虧損 0.02 美元；相較之下，2025 年第一季淨利為 12.2 萬美元，或稀釋後每股盈餘 0.01 美元。
Now, I'll turn to our balance sheet and cash flow. Net cash used in operating activities was $797,000 during the first three months of 2026, compared to net cash provided by operating activities of $484,000 during the first quarter a year ago.
接下來說明資產負債表與現金流。2026 年前三個月，營運活動使用之淨現金為 79.7 萬美元；相較之下，一年前第一季營運活動提供之淨現金為 48.4 萬美元。
Total cash equivalents, and marketable securities were $21.2 million at March 31, down from $28.9 million at December 31, 2025, due to the repurchase of approximately 25.5% of our shares of common stock in February, as well as our quarterly dividend payment and cash used in operations.
截至 3 月 31 日，現金約當物及有價證券總額為 2,120 萬美元，較 2025 年 12 月 31 日的 2,890 萬美元下降，主要因我們於 2 月回購約 25.5% 的普通股股份，以及季度股利發放與營運用現金所致。
Returning capital to our stockholders remains a top priority. I am pleased to announce that on April 27, our Board of Directors declared another quarterly cash dividend of $0.10 per share. This will be payable on May 22 to stockholders for record as of May 12.
回饋股東資本仍是我們的首要任務之一。我很高興宣布，董事會已於 4 月 27 日宣告再次發放每股 0.10 美元的季度現金股利。該股利將於 5 月 22 日支付給截至 5 月 12 日為止的在冊股東。
Referring back to Chris's earlier remarks, we have managed to stabilize our top line over the past four quarters despite a challenging operating environment, reflecting the resilience of our core markets. As a result of the restructuring program and our focus on top-line growth, we are on a clearer path towards profitability and improved financial performance.
回到 Chris 先前的談話，儘管營運環境充滿挑戰，我們在過去四個季度仍成功穩定營收規模，反映核心市場的韌性。在重整計畫以及我們對營收成長的聚焦之下，我們正走在更清晰的獲利與財務表現改善路徑上。
We look forward to celebrating our 25th anniversary with our leaders, members, and new customers later this year. The activities before, during, and after this milestone event are designed to drive engagement and strengthen the NHT Global brand as we build momentum into the next phase of the business.
我們期待今年稍晚與領導人、會員及新客戶一同慶祝 25 週年。此里程碑活動前、中、後的各項安排，旨在提升參與度並強化 NHT Global 品牌，為事業下一階段累積動能。
That concludes our prepared remarks. I will now turn the call back over to the operator.
以上為我們預先準備的發言。現在我將電話會議交回給主持人。