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
Michelle Glidewell - Senior Manager
Michelle Glidewell - Senior Manager
Thank you, and welcome to Natural Health Trends second-quarter 2026 earnings conference call.
謝謝您，歡迎參加 Natural Health Trends 2026 年第二季財報電話會議。
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 due to the result of certain factors, including those set forth in the company's filings with the Securities and Exchange Commission. 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.
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》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因素）的影響，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。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.
現在，我想把電話會議交給 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 second-quarter 2026 financial results. Scott Davidson, our Senior Vice President and Chief Financial Officer, is also here today. Second quarter net sales were $7.6 million, a 23% decrease compared to the second quarter of 2025. In China, consumers continue to be cautious about spending and investing, while regulatory uncertainty caused some members to pause activities during the quarter.
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 年第二季財務結果。我們的資深副總裁兼財務長 Scott Davidson 今天也在場。第二季淨銷售額為 760 萬美元，較 2025 年第二季下降 23%。在中國，消費者對支出與投資仍持審慎態度，而監管不確定性也使部分會員在本季暫停活動。
We also identified conduct by certain members that violated the company's Hong Kong policies, procedures and professional code of conduct. These activities disrupted our business and adversely affected our second quarter revenue and operating results. At the same time, the restructuring initiatives implemented late last year drove improvements in gross margin and reduced operating expenses by approximately $300,000 during the quarter. Year-to-date, these actions have generated more than $600,000 in savings with additional savings expected to be realized in the second half of the year.
我們也發現部分會員的行為違反了公司香港地區的政策、程序及專業行為準則。這些活動擾亂了我們的業務，並對第二季營收與營運結果造成不利影響。同時，去年年底實施的重組措施推動毛利率改善，並在本季將營運費用降低約 30 萬美元。截至目前為止，這些行動已帶來超過 60 萬美元的節省，且預期今年下半年將實現更多節省。
During the quarter, we launched SuperNutri One, our new tropical flavor of grain powder formulated to support digestion, p classification and immune health. Early customer response has been encouraging with positive feedback across our markets on the product's taste, convenience and overall value proposition. We also reinforced our commitment to product quality by hosting a group of field leaders at one of our primary manufacturing facilities in Korea, providing them with firsthand insight into our manufacturing processes and quality standards.
本季我們推出 SuperNutri One，這是我們新推出的熱帶風味穀物粉，配方旨在支持消化、p 分類及免疫健康。早期客戶反應令人鼓舞，各市場對產品的口感、便利性及整體價值主張均給予正面回饋。我們也透過邀請一組外勤領導人參訪韓國主要製造設施之一，強化我們對產品品質的承諾，讓他們親身了解我們的製造流程與品質標準。
Across our global markets, we continue to execute targeted product launches, promotions, recognition programs and incentive initiatives designed to increase engagement, strengthen customer loyalty and support long-term sales growth. We look forward to celebrating our 25 anniversary in Hong Kong next month. Leading up to and throughout the event, customers will have the opportunity to qualify for a range of prices and rewards.
在全球各市場，我們持續推動具針對性的新品上市、促銷、表揚計畫與激勵措施，以提升參與度、強化客戶忠誠度並支持長期銷售成長。我們期待下個月在香港慶祝 25 週年。在活動前及活動期間，客戶將有機會取得各式獎項與獎勵的資格。
We expect to welcome more than 1,000 attendees from around the world as we reaffirm our long-term strategy to strengthen engagement with our global field leadership and reinforce our commitment to future growth.
我們預期將迎來來自全球超過 1,000 位與會者，並在此同時重申我們的長期策略：強化與全球外勤領導團隊的互動，並再次確認我們對未來成長的承諾。
As we look ahead, our priorities remain clear: execute with financial discipline, invest in initiatives that strengthen our competitive position and support our field with innovative products, enhanced digital capabilities and tools and meaningful engagement. These actions position us to capitalize on opportunities as market conditions improve.
展望未來，我們的優先事項依然明確：以財務紀律執行、投資於能強化競爭地位的計畫，並以創新產品、強化的數位能力與工具，以及有意義的互動來支持我們的外勤團隊。這些行動使我們能在市場狀況改善時把握機會。
On that note, our Board of Directors authorized the resumption of share repurchases under our existing stock repurchase program with $15.9 million remaining available. This initiative indicates our confidence in the business as well as continued commitment to returning cash to the shareholders.
基於此，我們董事會已授權在既有股票回購計畫下恢復股份回購，目前尚有 1,590 萬美元可用額度。此項措施展現我們對業務的信心，也體現我們持續將現金回饋股東的承諾。
With that, I'd like to turn the call over to our CFO, Scott Davidson, to discuss our financial results in greater detail. Scott?
接下來，我想把電話會議交給我們的財務長 Scott Davidson，請他更詳細說明財務結果。Scott？
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 second quarter was $7.6 million compared to $9.8 million in the second quarter of 2025, a decline of 23%, primarily due to, as Chris mentioned, Chinese consumers' continued hesitancy to spend and regulatory uncertainty in China that caused some of our members to pause activities during the quarter. We also identified conduct by certain members that violated the company's Hong Kong policies, procedures and code of conduct that disrupted our business and impacted second quarter results.
謝謝你，Chris。第二季總營收為 760 萬美元，較 2025 年第二季的 980 萬美元下降 23%；主要原因如 Chris 所提及，中國消費者持續對支出猶豫，以及中國監管不確定性導致部分會員在本季暫停活動。我們也發現部分會員的行為違反公司香港地區的政策、程序及行為準則，擾亂了我們的業務並影響第二季結果。
Turning to our cost and operating expenses. We are seeing the impact of strong execution on our previously announced restructuring program with improved margin and reduced operating expenses. Gross profit margin increased to 75.2% from 73.9% in the second quarter last year due to the transition of much of our product manufacturing from the United States to East Asia, closer to our main markets.
接著談成本與營運費用。我們看到先前公布的重組計畫在強力執行下所帶來的影響，包括毛利率改善與營運費用降低。毛利率由去年第二季的 73.9% 提升至 75.2%，主要因我們將多數產品製造由美國轉移至東亞，更接近我們的主要市場。
Commissions expense as a percent of total revenue for the second quarter was 40.9%, consistent with the second quarter last year. Selling, general and administrative expenses for the quarter were $3.3 million, a decrease of $323,000 compared to a year ago. Operating loss for the quarter was $643,000 compared to $333,000 in the second quarter last year. Net loss for the second quarter was $451,000 or $0.05 per diluted share compared to a net income of $15,000 or breakeven per diluted share in the second quarter of 2025.
第二季佣金費用占總營收比重為 40.9%，與去年第二季一致。本季銷售、一般及行政費用為 330 萬美元，較去年同期減少 32.3 萬美元。本季營業損失為 64.3 萬美元，去年第二季為 33.3 萬美元。第二季淨損為 45.1 萬美元，或稀釋後每股虧損 0.05 美元；相較之下，2025 年第二季淨利為 1.5 萬美元，或稀釋後每股損益兩平。
Now I'll turn to our balance sheet and cash flow. Net cash used in operating activities was $2.2 million during the first six months of 2026 compared to $5.2 million in the first six months of 2025. Total cash, cash equivalents and marketable securities were $18.6 million at June 30, down from $28.9 million at December 31, 2025, primarily due to the repurchase of shares of common stock and dividends paid during the first six months of 2026.
接下來說明資產負債表與現金流量。2026 年前六個月營運活動所使用之淨現金為 220 萬美元，較 2025 年前六個月的 520 萬美元為低。截至 6 月 30 日，現金、約當現金及有價證券合計為 1,860 萬美元，較 2025 年 12 月 31 日的 2,890 萬美元下降，主要因 2026 年前六個月回購普通股及支付股利所致。
On April 27, our Board of Directors authorized the resumption of share repurchases under our existing stock repurchase program with $15.9 million remaining available. While the operating environment remains challenging, we continue to take proactive steps to strengthen the business through disciplined execution, operational efficiency and targeted investments that support long-term growth.
4 月 27 日，我們董事會已授權在既有股票回購計畫下恢復股份回購，目前尚有 1,590 萬美元可用額度。儘管營運環境仍具挑戰，我們持續採取積極措施，透過有紀律的執行、營運效率提升，以及支持長期成長的精準投資來強化業務。
The restructuring initiatives implemented late last year are delivering the expected financial benefits and contributing to improved gross margin, and we expect additional savings to be realized in the second half of the year. We remain confident in our strategy and focus on building a stronger foundation for the future through continued innovation, enhanced digital capabilities and deeper engagement with our global field.
去年年底實施的重組措施正帶來預期的財務效益並促成毛利率改善，我們預期今年下半年將實現額外節省。我們對策略仍具信心，並專注於透過持續創新、強化數位能力，以及與全球外勤團隊更深度的互動，為未來建立更堅實的基礎。
Our upcoming 25 anniversary celebration in Hong Kong represents an important milestone as we bring our global community together and reaffirm our commitment to the next chapter of growth.
即將在香港舉行的 25 週年慶祝活動是一個重要里程碑，我們將凝聚全球社群並重申對下一階段成長的承諾。
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。現在我將把電話會議交回給接線員。