如新 (NUS) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q3 2025 Nu Skin Enterprises Earnings Conference Call.

您好，感謝您的耐心等待。歡迎參加 Nu Skin Enterprises 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to hand over the conference to your first speaker today, B.G. Hunt, Vice President, Treasury and Investor Relations. Please go ahead.

現在，我謹將會議交給今天的第一位發言人，財務和投資者關係副總裁 B.G. Hunt。請繼續。

Thanks, Danielle, and good afternoon, everyone. I'm joined by Ryan Napierski, President and CEO and James Thomas, CFO.

謝謝丹妮爾，大家下午好。和我一起的有總裁兼執行長 Ryan Napierski 和財務長 James Thomas。

We're excited to share Nu Skin's results from Q3 of 2025.

我們很高興與大家分享 Nu Skin 從 2025 年第三季開始的業績。

Before I turn time over to Ryan, let me point out that on today's call, comments will be made that include forward-looking statements. These statements involve important risks and uncertainties, and actual results may differ materially from those discussed or anticipated. Please refer to today's earnings release and our SEC filings for a complete discussion of these risks.

在將時間交給瑞安之前，我想指出，在今天的電話會議上，將會發表一些包含前瞻性陳述的評論。這些聲明涉及重大風險和不確定性，實際結果可能與討論或預期的結果有重大差異。有關這些風險的完整討論，請參閱我們今天發布的盈利報告和提交給美國證券交易委員會的文件。

Also during the call, certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements. We believe these non-GAAP numbers assist in comparing period to period results in a more consistent manner. Please refer to our investor website ir.nuskin.com for any required reconciliation of these non-GAAP numbers.

此外，在電話會議期間，可能會討論一些與我們財務報表中獲得的類似數據不同的財務數據。我們認為這些非GAAP數據有助於以更一致的方式比較不同時期的表現。如需對這些非GAAP資料進行任何必要的調整，請造訪我們的投資者網站ir.nuskin.com。

And with that, I'd like to now turn the call over to Ryan.

那麼，現在我想把電話交給瑞恩。

Thanks, B.G. Thanks everybody for joining the call today. I'm pleased to report that we delivered third quarter revenue of $364 million which was within our guidance range. We also delivered EPS of $0.34 at the higher end of our guidance range, and I'm encouraged by our ability to maintain disciplined execution amidst ongoing macro environmental pressures that are impacting the industry.

謝謝B.G.。感謝各位今天參加電話會議。我很高興地報告，我們第三季營收達到 3.64 億美元，符合我們的預期範圍。我們還實現了每股收益 0.34 美元，達到了預期範圍的上限。在當前影響產業的宏觀環境壓力下，我們仍能保持嚴謹的執行力，這讓我感到鼓舞。

With three quarters behind us, we are now focused on Q4 as we further our vision of becoming the world's leading intelligent, beauty, wellness, and lifestyle leadership opportunity platform by preparing for our next big opportunities with the introduction of Prism IO, our truly intelligent wellness platform, and the pre-market opening of India, which I'll come back to in just a few minutes.

過去三個季度已經過去，我們現在專注於第四季度，我們將繼續推進我們的願景，成為世界領先的智慧、美容、健康和生活方式領導機會平台。我們將推出真正聰明的健康平台 Prism IO，並準備迎接下一個重大機遇，印度市場的預售也將在幾分鐘後進行，我稍後會詳細介紹。

Latin America continued its exceptional growth trajectory up 53% year over year. This is demonstrating the potential of our emerging market strategy, which is enabling us to reach a broader aspiring middles target market of entrepreneurs and customers. This growth was offset by continued challenges in North America where we have been transforming our business model to address macro environmental landscape matters. However, I'm pleased to report sequential growth in Europe and Africa, South Korea, Southeast Asia Pacific, and Hong Kong and Taiwan. In mainland China, we're seeing improving trends as well across our KPIs as we introduced our true face clinically backed skincare line and our rise segment performed as anticipated with life DNA exceeding expectations.

拉丁美洲持續保持強勁的成長勢頭，較去年同期成長 53%。這展現了我們新興市場策略的潛力，使我們能夠接觸到更廣泛的、有抱負的中產階級目標市場，包括企業家和客戶。這一成長被北美持續的挑戰所抵消，我們在北美一直在轉變業務模式，以應對宏觀環境問題。不過，我很高興地報告，歐洲和非洲、韓國、東南亞太平洋地區以及香港和台灣地區均實現了連續成長。在中國大陸，隨著我們推出經臨床驗證的真顏護膚系列，我們的各項關鍵績效指標也呈現改善趨勢，而我們的 Rise 板塊表現符合預期，Life DNA 更是超出預期。

Now I'll return to our strategic priorities that we outlined for the year. Our top priority for the core Nu Skin business is to ignite the passion and energy of our highly committed and dedicated sales leaders with our next big opportunities. First, the introduction of Prism IO, our truly intelligent wellness platform, and second, the expansion of our emerging market strategy into India as we seek to extend the Nu Skin opportunity to this exciting market.

現在我將回到我們今年制定的策略重點。對於如新核心業務而言，我們的首要任務是利用我們下一個重大機遇，激發我們高度敬業的銷售領導者的熱情和活力。首先，我們推出了真正聰明的健康平台 Prism IO；其次，我們將新興市場策略擴展到印度，力求將 Nu Skin 的機會擴展到這個充滿活力的市場。

Our teams and sales leaders around the globe have been laying the groundwork for these two key introductions over the past few years, and we're excited to initiate both of them in a limited fashion this quarter with full-scale launches in 2026. Let me first share some updates on Prism IO.

過去幾年，我們全球各地的團隊和銷售領導一直在為這兩項重要產品的推出奠定基礎，我們很高興在本季度以有限的方式啟動這兩項產品，並於 2026 年全面推出。首先讓我分享一下 Prism IO 的一些最新進展。

That include our proprietary health assessment device paired with our AI powered intelligent insights app that helps consumers navigate their personal wellness journey. While premium beauty continues to be under pressure, the wellness industry and specifically the intelligent wellness market is expanding dramatically. And new entrants are rapidly expanding awareness about the importance of intelligent health and measuring biomarkers. According to Grandview Research, the intelligent wellness wearables market has been growing by double-digits and reached $84 billion in 2024, as consumers desire greater insights into their overall well-being by measuring and tracking their internal biomarkers. And the total addressable market for nutritional supplements reached nearly $500 billion in 2024 and is expected to grow to over $700 billion by 2030 with very little ability to know whether these supplements actually work.

其中包括我們專有的健康評估設備，以及我們由人工智慧驅動的智慧洞察應用程序，該應用程式可幫助消費者規劃他們的個人健康之旅。儘管高端美容產業持續面臨壓力，但健康產業，尤其是智慧健康市場，正在迅速擴張。新進者正在迅速提高人們對智慧健康和生物標記測量重要性的認識。根據 Grandview Research 的數據，智慧健康穿戴式裝置市場一直以兩位數的速度成長，到 2024 年將達到 840 億美元，因為消費者希望透過測量和追蹤他們的內部生物標誌物來更深入地了解他們的整體健康狀況。2024 年，營養補充品市場總規模接近 5,000 億美元，預計到 2030 年將成長到 7,000 億美元以上，但人們卻很難知道這些補充劑是否真的有效。

Nu Skin is already regarded as the world's number one beauty device systems brand according to Euromonitor, which is becoming an even greater strategic advantage within the beauty and wellness industries. Additionally, we hold more than 40 years of science-backed research and development. In this space and more than 20 years of intelligent wellness research contained in our biophotonic scanner, including insights and trends from the aggregate of $21 million scans for more than $10 million people across more than 50 countries around the world. Combined, these competitive advantages place us in a very unique position to introduce Prism IO, an entirely new non-invasive device that measures one's skin carotenoid levels, providing people with valuable insights into their antioxidant status and nutritional health.

根據歐睿國際的數據，Nu Skin 已被視為全球排名第一的美容儀器系統品牌，這在美容和健康產業中正成為更大的戰略優勢。此外，我們擁有超過 40 年的科學研究與發展經驗。在這個領域，以及我們生物光子掃描儀中包含的 20 多年的智慧健康研究，包括來自全球 50 多個國家/地區超過 1000 萬人的 2,100 萬美元掃描的見解和趨勢。這些競爭優勢結合起來，使我們處於非常獨特的地位，可以推出 Prism IO，這是一款全新的非侵入式設備，可以測量皮膚類胡蘿蔔素水平，為人們提供有關其抗氧化狀態和營養健康的寶貴見解。

With the rapid acceleration of agentic AI, we're training our own proprietary language model which will enable us to derive deep actionable insights about our consumers' overall wellness and expand our ability to service customers as they navigate their personal wellness journey.

隨著智慧人工智慧的快速發展，我們正在訓練我們自己的專有語言模型，這將使我們能夠深入了解消費者的整體健康狀況，並擴大我們為客戶提供服務的能力，幫助他們實現個人健康目標。

Prism IO and our intelligent wellness app provide personalized nutritional insights across the broader wellness journey covering one's diet, fitness, oxidative stress, and sleep, and nutritional supplementation and generates personalized product solution recommendations.

Prism IO 和我們的智慧健康應用程式提供個人化的營養見解，涵蓋更廣泛的健康之旅，包括飲食、健身、氧化壓力、睡眠和營養補充，並產生個人化的產品解決方案建議。

From a scalability perspective, this more portable form factor, ability to scan quickly and a more accessible price point for Prism IO will enable us to place significantly more devices around the globe. We currently have approximately 1,500 bio photonic scanners in the field today, and we anticipate placing more than 10,000 Prism IO units in Q4 with tens of thousands of units placed per quarter throughout 2026.

從可擴展性的角度來看，Prism IO 的這種更便攜的外形尺寸、快速掃描能力和更親民的價格將使我們能夠在全球範圍內部署更多的設備。目前我們大約有 1500 台生物光子掃描器投入使用，預計在第四季將部署超過 10,000 台 Prism IO 設備，並在 2026 年全年每季部署數萬台設備。

From a business building perspective, the unit economics of Prism IO are also incredibly compelling, as our experience has shown that more customers being scanned leads directly to more subscriptions. Subscribed customers produce approximately seven times greater lifetime value than non-subscribed customers, and we have more than 300,000 subscribed customers in any given month on our platform. We believe that Prism IO will enable us to significantly expand our subscribed customer base in the coming years, which will further strengthen our sales force productivity as they lean into to drive this truly intelligent wellness movement around the world.

從業務拓展的角度來看，Prism IO 的單位經濟效益也極具吸引力，因為我們的經驗表明，掃描的客戶越多，訂閱量就越高。訂閱用戶創造的終身價值大約是非訂閱用戶的七倍，而且我們平台上每個月都有超過 30 萬訂閱用戶。我們相信 Prism IO 將使我們能夠在未來幾年內大幅擴大訂閱客戶群，這將進一步增強我們銷售團隊的生產力，因為他們將致力於在全球範圍內推動這項真正智慧化的健康運動。

Q4 sets the foundation for limited Prism IO brand representative previews.

第四季為 Prism IO 品牌代表的有限預覽奠定了基礎。

And in early 2026 we will begin opening up sales via our sales leaders to their affiliates and customers. Full consumer launches are currently scheduled for the second half of the year.

2026年初，我們將開始透過我們的銷售主管向他們的附屬公司和客戶開放銷售管道。全面面向消費者的上市計畫目前定於今年下半年進行。

Our second strategic priority focuses on expanding our emerging market business model into India. With $1.4 billion people, India is one of the largest future opportunities for us globally, where there is a rapidly growing middle class segment of the market who need what we offer to look, feel, and live more empowered lives.

我們的第二個策略重點是將我們的新興市場商業模式擴展到印度。印度擁有 14 億人口，是我們全球未來最大的機會之一。印度的中產階級市場正在迅速成長，他們需要我們提供的產品和服務，以提升自身形象、感受和生活品質。

We are entering India with a more focused and scalable business model based on our learnings in Latin America, which include a localized product portfolio, price for India's growing middle class, a refined compensation plan, and a digital first infrastructure with our India-based Infosys partners. We recently hired a dynamic local management team, and I'm excited to be kicking off our qualified pre-market opening beginning next week with a multi-city tour across India. Working towards our full scale opening anticipated in the back half of next year.

我們將以更專注和可擴展的商業模式進入印度市場，該模式基於我們在拉丁美洲的經驗，包括本地化的產品組合、面向印度不斷壯大的中產階級的價格、完善的薪酬計劃，以及與我們在印度的 Infosys 合作夥伴共同打造的數位優先基礎設施。我們最近聘請了一支充滿活力的本地管理團隊，我很高興下週將開始我們合格的上市前準備工作，屆時我們將在印度多個城市進行巡迴宣傳。我們正在努力實現全面開業的目標，預計將於明年下半年開業。

I'm excited about the potential for India and our other emerging markets which we anticipate will become a much larger part of our core business revenue in the coming years.

我對印度和其他新興市場的潛力感到興奮，我們預計這些市場將在未來幾年成為我們核心業務收入中更大的組成部分。

Paired with these two exciting top-line growth drivers, we remain focused on continuing to strengthen our financial performance and profitability across the business as we sustainably grow gross margin by optimizing our product portfolio, manage selling expense to ensure optimal rewards for our hardworking sales force, and drive overall profitability across our business segments around the globe. We believe these initiatives will continue to strengthen our overall financial position. And improve shareholder value in the quarters and years to come. So with that, I'll turn the time over to James to dive deeper into our financial performance and outlook for the remainder of the year.

結合這兩個令人振奮的營收成長驅動因素，我們將繼續專注於加強整個業務的財務業績和盈利能力，透過優化產品組合實現毛利率的可持續成長，透過控制銷售費用確保辛勤工作的銷售團隊獲得最佳回報，並透過推動全球各業務部門的整體獲利能力來提高毛利率。我們相信這些舉措將繼續增強我們的整體財務狀況。並在未來幾季和幾年內提高股東價值。那麼，接下來我將把時間交給詹姆斯，讓他更深入地探討我們今年的財務表現和展望。

Thank you, Ryan. Good afternoon and thank you for joining us today. I'm pleased to provide an overview of our performance for the quarter, including key financial highlights, recent developments, and our outlook for the remainder of 2025. I'll walk through our results, key business dynamics, and how we continue to navigate the current macroeconomic environment with discipline and focus. I'll be speaking to adjusted non-GAAP financial measures as it pertains to our financial results. Reconciliations to the most directly comparable GAAP measures can be found on our Investor Relations website. For the third quarter. We delivered results consistent with our guidance range reflecting continued operational discipline and financial resilience. Revenue came in at $364.2 million with a 40 basis point headwind from foreign currency.

謝謝你，瑞恩。下午好，感謝各位今天蒞臨。我很高興向大家概述本季的業績，包括主要財務亮點、近期發展以及我們對 2025 年剩餘時間的展望。我將詳細介紹我們的業績、關鍵業務動態，以及我們如何繼續以嚴謹和專注的態度來應對當前的宏觀經濟環境。我將談談與我們的財務表現相關的調整後的非GAAP財務指標。有關與最直接可比較的 GAAP 指標的調整表，請造訪我們的投資者關係網站。第三季。我們實現了與預期範圍一致的業績，這反映了我們持續的營運紀律和財務韌性。營收為 3.642 億美元，受到外匯匯率 40 個基點的不利影響。

Earnings per share was $0.34 at the high end of our guidance range, benefited by gross margin improvements and ongoing cost efficiency initiatives. Our gross margin for the quarter was 70.5% compared to 70.1% in the prior year, primarily due to the revenue mix between rise entities and the Nu Skin Core.

每股收益為 0.34 美元，處於我們預期範圍的高端，這得益於毛利率的提高和持續的成本效率提升措施。本季毛利率為 70.5%，而去年同期為 70.1%，這主要是由於 Rise 實體和 Nu Skin Core 之間的收入組合所致。

Within our Nu Skin Core business, gross margin was 77.7%. Up 120 basis points from the prior year. We are continuing to see the benefits of our strategic portfolio optimization and product mix improvements within the core business. I want to highlight that this is our fifth consecutive quarter of adjusted gross margin improvement.

在我們的 Nu Skin 核心業務中，毛利率為 77.7%。比上年同期上升120個基點。我們持續看到核心業務中策略性產品組合優化和產品組合改進的益處。我想強調的是，這是我們連續第五個季度實現調整後毛利率成長。

Selling expense as a percentage of revenue was 35.8% for the quarter, a decline from 39% in the prior year, primarily reflecting the inclusion of our live conventions in the prior year compare.

本季銷售費用佔收入的 35.8%，較上年同期的 39% 有所下降，主要原因是去年同期將我們的現場會議納入了比較範圍。

Within the core Nu Skin business, selling expense was 41.7%, consistent with our compensation plan alignment and leader engagement progress. Looking ahead, we expect selling expense in the core business to remain around 40% as we continue driving adoption of our enhanced compensation plan and focus our investments on initiatives that have the greatest impact on driving top towards top-line growth.

在 Nu Skin 的核心業務中，銷售費用佔 41.7%，與我們的薪酬計畫調整和領導階層參與進度相符。展望未來，我們預計核心業務的銷售費用將保持在 40% 左右，因為我們將繼續推動採用我們改進的薪酬計劃，並將投資重點放在對推動營收成長影響最大的舉措上。

General and administrative expenses remain well managed and aligned with our efficiency initiatives, market streamlining, and technology optimization efforts. We remain committed to managing overhead expenses in line with revenue while maintaining an appropriately scaled cost structure given the fixed nature of these costs.

一般及行政費用得到有效控制，並與我們的效率提升計畫、市場精簡和技術優化工作保持一致。我們將繼續致力於在保持適當規模成本結構的同時，根據收入控制管理費用，因為這些費用是固定的。

Operating margin for the quarter was 5.9% up from 4.2% in the prior year, which marks another quarter of year over year improvement as we execute against our long-term profitability objectives.

本季營業利益率為 5.9%，高於去年同期的 4.2%，這標誌著我們在實現長期獲利目標的過程中，又實現了同比的季度成長。

We continue to strengthen our balance sheet. And maintain a solid liquidity position. We closed the quarter with $252 million in cash and reduced total debt by $20 million resulting in an expanded positive net cash position.

我們持續加強資產負債表。並保持穩健的流動性。本季末，我們持有現金 2.52 億美元，並將總債務減少了 2,000 萬美元，從而擴大了淨現金部位。

Cash flow from operations was $27.7 million reflecting discipline working capital management and profitability.

經營活動產生的現金流量為 2,770 萬美元，反映了公司在營運資本管理和獲利方面的良好表現。

We returned approximately $3 million to shareholders through dividends during the quarter, repurchased $5 million in shares, and have $152.4 million remaining under our current share repurchase authorization.

本季我們透過分紅向股東返還了約 300 萬美元，回購了價值 500 萬美元的股票，目前我們還有 1.524 億美元的股票回購授權額度。

Our capital allocation priorities remain consistent, investing in innovation and growth, maintaining a strong balance sheet while further delivering the business, and returning capital to shareholders where appropriate.

我們的資本配置重點始終如一，即投資於創新和成長，保持強勁的資產負債表，同時進一步推動業務發展，並在適當的時候向股東返還資本。

Looking ahead, we remain focused on executing our strategic priorities, driving profitability, advancing key innovations, and setting the stage for growth acceleration in 2026.

展望未來，我們將繼續專注於執行我們的策略重點，提高獲利能力，推進關鍵創新，並為 2026 年的加速成長奠定基礎。

Our upcoming limited release of Prism IO intelligent wellness device remains on track for Q4, representing a major milestone in our transformation toward personalized AI powered wellness.

我們即將限量發售的 Prism IO 智慧健康設備仍按計劃於第四季度上市，這標誌著我們在向個人化 AI 驅動的健康轉型過程中邁出了重要一步。

We're also encouraged by continued momentum in developing markets, particularly Latin America, which remains a strong and by our pre-market opening in India, where we're laying the groundwork for long-term success.

我們也對新興市場（尤其是拉丁美洲）的持續成長動能感到鼓舞，拉丁美洲市場依然強勁；此外，我們在印度的開市前也取得了進展，我們正在為長期成功奠定基礎。

Following the sale of Mavely, Rise continues to perform in line with expectations. Our rise manufacturing segment is on track for year over year growth. Supported by strong partner demand and expanding capabilities.

Mavely 出售後，Rise 的業績繼續符合預期。我們的電梯製造業務板塊預計將實現同比增長。在合作夥伴的強勁需求和不斷提升的能力支持下。

We are also evaluating opportunities with Life DNA to maximize our return on investment. For the fourth quarter, we project revenue between $365 million to $400 million and earnings per share between $0.25 and $0.35 for the full year of 2025. Sorry for the full year 2025 we narrowed our guidance range.

我們也在評估與 Life DNA 合作的機會，以最大限度地提高我們的投資報酬率。我們預計第四季度營收將在 3.65 億美元至 4 億美元之間，2025 年全年每股收益將在 0.25 美元至 0.35 美元之間。很抱歉，我們縮小了2025年全年的業績預期範圍。

Of revenue between $1.48 billion to $1.51 billion while maintaining the high end of our earnings per share of $3.15 to $3.25 with adjusted earnings per share between $1.25 and $1.35.

營收預計在 14.8 億美元至 15.1 億美元之間，同時保持每股收益在 3.15 美元至 3.25 美元的高端水平，調整後每股收益預計在 1.25 美元至 1.35 美元之間。

In conclusion, we remain confident in our strategic direction, focused on discipline execution, innovation-driven growth, and creating long-term shareholder value.

總之，我們對自身的策略方向仍充滿信心，專注於嚴謹的執行、創新驅動的成長以及創造長期的股東價值。

And with that operator, we'll now open up the call for questions.

接下來，我們將透過這位接線生開啟提問環節。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Dave Storms, Stonegate

戴夫·斯托姆斯，斯通蓋特

Good afternoon and thank you for taking my questions.

下午好，感謝您回答我的問題。

Hi, wanted to start with the full year guidance. It looks like since last quarter you brought down the top end, of revenue but brought up the low end. Of EPS kind of tightening that range which makes sense relative to how your Q3 results came in relative to guidance for that I guess I'd really like to ask what are the puts and takes here what's really been working between the price versus volume mix operational efficiencies I was hoping to just spend a little more time there.

您好，我想先了解全年的指導意見。看起來你們從上個季度開始降低了高收入，但提高了低收入。每股盈餘 (EPS) 的預期範圍似乎有所收窄，這與您第三季業績與預期之間的差距有關，因此我真的很想問一下，目前有哪些利弊權衡？價格與銷售組合以及營運效率方面，哪些因素真正發揮了作用？我希望能夠就此多花點時間。

Yeah, I, I'm happy to talk Dave, more kind of strategy to plan and James can pitch in as well here. Yeah, so definitely just trying to narrow the range kind of based upon Q3 results and what we're seeing in Q4. I think that the two biggest considerations for us on the front end of the plan are how will the adoption of.

是的，我很樂意和戴夫談談，制定更多策略，詹姆斯也可以參與其中。是的，所以我們肯定要根據第三季的結果以及我們在第四季度看到的情況來縮小範圍。我認為，在計劃初期，我們最需要考慮的兩個問題是：如何採納。

Prism IO into the business really impact our driving KPIs, really sales leaders and customers as it comes to market, kind of mid to late Q4 and so what, we obviously are timing these introductions region by region and so, based upon the ability to get the devices into the market. And all of that, so that's probably some of the level of, question there that we're evaluating and then of course India as we're going out and really starting to acquire revenue there late next week. So this is kind of real time activity. I'll be there with James and our team kind of doing this pre-market opening tour. So we're really just getting going and you know India just is one of those markets that has enormous potential but it's also a new market for us that we're going to have to learn in the emerging middle space and so I think those are the two kind of big considerations on the front end that that we're evaluating there. I would just mention on profitability. I'm really. Pleased with James and our organization around the globe to really manage costs. I mean, growing that gross margin five quarters in a row, managing selling expense in that optimal level, and then improving profitability during, a more difficult time has been a big undertaking. And so, but I think that earnings. Opportunity there continues to be good for us, but those are from my point of view. James, anything else you'd add on puts and takes?

Prism IO 進入業務後確實對我們的關鍵績效指標產生了影響，對銷售主管和客戶來說尤其如此，因為產品將在第四季度中後期上市。顯然，我們會根據不同地區的情況來安排這些產品的上市時間，這取決於將設備推向市場的能力。所有這些，可能是我們正在評估的一些問題，當然還有印度，因為我們將在下週晚些時候真正開始在那裡獲取收入。所以這是一種實時活動。我會和詹姆斯以及我們的團隊一起參加這次市集開幕前的巡迴演出。所以我們才剛起步，你知道，印度是一個潛力巨大的市場，但對我們來說也是一個新市場，我們需要在新興的中端市場領域學習，所以我認為這是我們在初期評估的兩個主要考慮因素。我只想提一下獲利能力方面。我真的。我對 James 和我們全球的組織在成本控制方面所做的努力感到非常滿意。我的意思是，連續五個季度提高毛利率，將銷售費用控制在最佳水平，然後在更困難的時期提高獲利能力，這是一項艱鉅的任務。所以，但我認為是收益。那裡的機會對我們來說依然很好，但這只是我個人的看法。詹姆斯，關於買賣盤，你還有什麼要補充的嗎？

Yeah, Dave, I just echo Ryan's comments on, where we're really succeeding in that gross margin improvement. A lot of the, it's been a long turn in terms of all the moves that have been made, and it's been consistently across, the 50 different markets that we, operate in, and so it's. Been a strategic design around going after and doing that. It's also been around strategic, product positioning around the world in terms of what we're pushing forward to help with product mix, and what our sales force is ready to push forward. And so it's that it's also our, some improvements in selling expense working to push those towards our highest returning initiatives, and then, obviously in our G&A. We're down dollars year over year. We continue to look at that. Those are fixed cost in nature, and so we're always continuing to evaluate ways to find greater efficiencies, and that's led to us expanding our earnings guidance last quarter and we did move up the low end, on our earnings in the Q4 guide for Q3 performance and feel really good about our performance to date in terms of profitability.

是的，戴夫，我完全同意瑞恩的觀點，我們在提高毛利率方面確實取得了成功。在許多方面，就我們採取的所有舉措而言，這是一個漫長的轉變過程，而這種轉變在我們營運的 50 個不同市場中一直持續存在。一直以來，我們都在圍繞著追求和實現這個目標進行策略設計。此外，我們也圍繞著全球策略性產品定位展開工作，包括我們正在推進的產品組合，以及我們的銷售團隊準備推進的產品。因此，我們也在銷售費用方面進行了一些改進，以推動這些費用流向我們回報最高的項目，然後，顯然也包括我們的一般及行政費用。我們比去年同期虧損了。我們會繼續關注此事。這些都是固定成本，因此我們一直在不斷評估提高效率的方法，這導致我們在上個季度擴大了盈利預期，並且在第四季度盈利預期中提高了第三季度業績的下限，我們對迄今為止的盈利能力感到非常滿意。

That's a great call. I appreciate that.

這是個明智的決定。我很感激。

Sticking maybe Ryan going back to India I know you mentioned you guys are going to be over there shortly with the soft opening you know kind of can you help us get a more clear picture on. What the final launch logistics are like there I'm sure you might not know this at this time, but you know India is an enormous market opportunity for you guys just by population alone you know I got to imagine there's going to be markets within markets over there. How are you guys thinking about maybe segmenting that opportunity?

瑞恩可能要回印度了，我知道你提到你們很快就會去那裡進行試營業，你能幫我們更清楚地了解一下情況嗎？至於最終的發布物流情況，我確信你們現在可能還不清楚，但你們也知道，僅就人口而言，印度對你們來說是一個巨大的市場機遇，我想那裡肯定會有細分市場。你們打算如何細分這個市場機會？

Yeah, Dave, this, I think is a really important question because the way we're opening India is unlike anything we've opened before in our other 40 plus markets.

是的，戴夫，我認為這是一個非常重要的問題，因為我們在印度的開放方式與我們在其他 40 多個市場的任何開放方式都截然不同。

We really have been deliberate in learning the local market both with our partners as well as our local team there and so we're initiating this. What we're calling a pre-market opening period where we will actually begin to acquire revenue and, build our sales force out there and so that's very different from what we've historically done where we wait until the launch and then actually go full scale so and the intent behind that is exactly what you described the markets within markets. In India and within India when we're dealing with, Mumbai and Delhi alone or [Kumador] when you go, further northwest, they're all somewhat versus the south southeast, they're all fairly unique and in nature and so our plan. As we go over for the multi-city tour, we begin to acquire, conduct business and learn the market. It will be, it will give us the insights that we'll then be able to understand how to go.

我們一直非常注重了解當地市場，包括與合作夥伴和當地團隊的合作，因此我們才啟動了這項計劃。我們稱之為市場開放前的這段時間，我們將開始獲取收入，並建立我們的銷售團隊，這與我們過去的做法截然不同，我們過去都是等到產品發布後才全面展開。這樣做的目的正如你所描述的，就是在市場中細分市場。在印度，尤其是在印度境內，當我們談到孟買和德里，或者當你去到西北部的庫馬多爾時，它們都與南部和東南部有所不同，它們在本質上都相當獨特，所以我們的計劃也是如此。在進行多城市巡迴之旅的過程中，我們開始獲取資源、開展業務並了解市場。將會如此，它會給我們提供洞察力，然後我們就能明白該如何前進。

How and where to go more aggressively because we are going forward with the digital first model meaning that we're really minimizing bricks and mortar we're locally manufacturing, but we're using our Infosys partnership and Infosys, one of the largest digital firms based out of India. They've been very helpful to us. We're able to really scale the operation in a pretty variable manner and put the focus where it needs to be based upon the business that we're that we're introducing there. One other differentiation I would say is that we're going in historically we've only gone in with skincare that's been our opening model and we are actually going in to India with skincare, including a local line of product called Cerranu which is a professional line built for salon like use which is very. Important in in beauty as well as a nutrition side of our business. So we'll be bringing Prism IO in with some of our pharminex locally adjusted Farminex products, on the nutrition line. So there's several interesting factors there, we have very little built into the model for Q4 just because we really want to learn our way, and so that's kind of how we're looking at it.

如何以及在哪裡更積極地發展，因為我們正在推進數位化優先模式，這意味著我們正在最大限度地減少實體建築，我們在本地進行生產，但我們正在利用我們與 Infosys 的合作關係，Infosys 是印度最大的數位公司之一。他們對我們幫助很大。我們能夠以相當靈活的方式真正擴大營運規模，並根據我們正在引入的業務，將重點放在需要的地方。我想說的另一個不同之處在於，我們過去只涉足護膚領域，這是我們最初的模式，而我們進入印度市場實際上也是從護膚領域開始，包括一個名為 Cerranu 的本地產品線，這是一個專為沙龍使用而設計的專業產品線。這在我們業務的美容和營養方面都非常重要。所以，我們將把 Prism IO 和我們的一些在地化 Farminex 產品一起引入營養產品線。所以這裡面有幾個有趣的因素，我們在第四季度的模型中幾乎沒有做任何規劃，因為我們真的想摸索出自己的方法，所以這就是我們看待這個問題的方式。

Great. Sounds like a really full scale operation, thinking about domestic markets here in North America, you mentioned you're doing, a little bit of restructuring here. Any correlation to that with the current government shutdown? I guess kind of what inning are we in with some of that revamp? and have you seen any of that be impacted by the shutdown in the United States?

偉大的。聽起來像是一項非常全面的行動，考慮到北美國內市場，你提到你正在進行一些重組。這和目前的政府停擺有關係嗎？我想問一下，我們這次的改革進行到什麼階段了？你覺得美國政府停擺對這些方面有什麼影響嗎？

Yeah, North America has been less impacted by the shutdown, itself at the government level, but I would say that from an industry point of view, ongoing regulatory, work, within direct selling has been something that we look at pretty closely. We want to make sure that our model is always highly compliant. What I'm referring to or what I referred to from a macro perspective is more related to direct selling continuing to evolve kind of post COVID. During COVID, everyone was really locked in, down in our homes.

是的，北美受政府停擺的影響較小，但從產業角度來看，直銷領域的持續監管工作是我們密切關注的重點。我們希望確保我們的模型始終高度合規。從宏觀的角度來看，我所指的更多是與新冠疫情後直銷的持續發展有關。新冠疫情期間，大家都被困在家裡。

A lot of, spare time and online shopping, of course, went crazy because people couldn't get into stores and that was really good for not only Nu Skin but Direct selling world as well as just generally social commerce. I think over the last three years beauty has gotten very crowded in the social space. If you think about the number of influencer-based social beauty brands that have and down, frankly, most that go up are going down pretty quickly thereafter. That, that's kind of created a lot of noise in the social marketplace.

當然，由於人們無法進入實體店，許多人的空閒時間和網上購物都變得異常火爆，這不僅對如新集團，而且對直銷行業以及整個社交電商行業來說都是非常好的。我認為在過去的三年裡，社交領域中關於美容的話題變得非常擁擠。想想那些靠網紅效應起家的社交美妝品牌，它們興衰更替的案例，坦白說，大多數興起的品牌之後都會很快衰落。這件事在社群市場引起了不小的轟動。

Where Nu Skin in North America has been quite heavy and so for us as we look to North America and refining our business model there, we're really looking into, of course, beauty will continue to be very important for us, social commerce very important. It's primary outlet for our awareness and engagement, business here, but we are leaning more into this intelligent wellness market and I'm sure as you do as well, intelligent wellness is just really blowing up, over the last three years. A lot of wearable, businesses coming out of the woodworks it seems. A lot of social brands there that are blowing up and podcasters like the Peter Atiyah, the Andrew Huberman's, they're spending a lot of time on biomarkers and the importance of understanding these elements for longevity. And so for us, where we have historically been an integrated beauty and wellness business, meaning. Roughly half of our business was beauty, half of it was wellness in the U.S. over the last four years or five years, it's skewed heavily towards beauty because of the social commerce surge. We now see moving forward a rebalancing of our business, and we see the intelligent wellness side with Prism IO with our AI powered app, just really hitting the sweet spot. In the intelligence that $84 billion intelligent wellness market, I think it's going to play really well in in North America and around the world. What I'm equally interested in is many of our social, our female social leaders who drove our social brand over the course of the last five to seven years are finding a lot of interest in this intelligent wellness. A device because of the health tracking or wellness tracking that this Prism IO can do for their families and so we're seeing this Prism IO in our test marketing being utilized as kind of almost like a scale at the home where we have children. Scanning, couples or partners scanning, and so it's becoming more of a family-based effort, not only an individual wearable effort. So I think those things combined are going to, put us in a position to be able to level this market and then really grow it because long-term we see North America is continuing to lead both premium beauty and wellness.

Nu Skin 在北美的業務一直非常強勁，因此，當我們展望北美市場並完善我們在北美的商業模式時，我們確實在認真研究，當然，美容業務對我們來說仍然非常重要，社交電商也非常重要。這是我們提高意識和參與度的主要管道，也是我們業務的重點，但我們正在更加重視智慧健康市場，我相信你們也一樣，智慧健康在過去三年發展迅速。似乎有很多可穿戴設備公司如雨後春筍般湧現。許多正在快速走紅的社群品牌，以及像 Peter Atiyah 和 Andrew Huberman 這樣的播客主播，都花費大量時間研究生物標誌物，以及了解這些因素對長壽的重要性。因此，對我們而言，我們一直是一家集美容和健康於一體的綜合性企業，這意味著。過去四、五年間，我們在美國的業務大約一半是美容產品，一半是健康產品，由於社交電商的蓬勃發展，業務重心嚴重偏向美容產品。我們現在看到，隨著業務的重新平衡，我們看到 Prism IO 的智慧健康業務及其人工智慧應用程式真正找到了最佳切入點。我認為，在價值 840 億美元的智慧健康市場中，它將在北美乃至全世界取得非常好的發展。我同樣感興趣的是，我們許多在過去五到七年中推動我們社交品牌發展的女性社交領袖，對這種智能健康方式表現出了濃厚的興趣。由於 Prism IO 可以為他們的家庭提供健康追蹤或健康追蹤功能，因此我們看到 Prism IO 在我們的測試市場中被用作類似體重計的設備，尤其是在有孩子的家庭中。掃描、情侶或伴侶掃描，因此它變得越來越像一項以家庭為基礎的活動，而不僅僅是個人穿戴裝置的活動。所以我認為這些因素結合起來，將使我們能夠平衡這個市場，並真正實現市場成長，因為從長遠來看，我們看到北美將繼續引領高端美容和健康市場。

That makes a lot of sense.

這很有道理。

Thank you for that. One more, if I could just sneak one in here. Southeast Asia saw strong sequential growth, it's kind of a sequential stand out here at a revenue level. Would just love to get your thoughts maybe a little more about what drove that and, if there's any more to that story.

謝謝。再加一個，如果我能偷偷加進去的話。東南亞地區實現了強勁的環比成長，在營收層面表現尤為突出。我很想聽聽你對這件事的看法，或許可以更詳細地談談是什麼促使你這麼做，以及這件事是否還有其他後續。

Yeah, Southeast Asia's been interesting for us because it is such a diverse marketplace of individual countries and so you have markets like the Pacific's that has done extremely well over the last several months, great growth coming out of the Pacific, which is Australia, New Zealand, and the islands around. Around that area, so they've done really well. They, we have a new business sales performance plan that has really worked well there and then they have some very international tentacles from the Pacific that reach into other parts of the world, other parts like Indonesia, which is our largest market in Southeast Asia and probably holds the greatest potential with such a large population where we're continuing to find.

是的，東南亞對我們來說很有趣，因為它是由眾多國家組成的多元化市場，例如太平洋地區市場，在過去的幾個月裡表現非常出色，太平洋地區（包括澳洲、紐西蘭和周邊島嶼）實現了巨大的成長。在那一帶，他們做得非常好。他們，我們有一個新的業務銷售業績計劃，該計劃在那裡取得了非常好的效果，而且他們還有一些來自太平洋的非常國際化的觸角延伸到世界其他地區，例如印度尼西亞，這是我們在東南亞最大的市場，而且由於人口眾多，可能擁有最大的潛力，我們將繼續在那裡發現。

And find our way through to local populations there and we see some ebbs and flows in that business. Other markets like Malaysia, doing very well, Singapore doing well, and then you have Thailand and Philippines that are you know kind of holding back a little bit so it is a little bit of a mix in the market I think what you're seeing on the sequential data is a lot of growth from Pacific's that's helping out and then and then South, Singapore doing well, Malaysia doing better and the like. So, again I'm, we look forward to what will Prism IO do in that business. We have a very strong TR 90 business which is our body transformation or body shaping system. That's done really well in Southeast Asia and is very complimentary towards our Prism IO and the wellness side of the business that we think this will further strengthen as well.

我們設法接觸到當地居民，並發現這個行業也經歷了一些起伏。其他市場，例如馬來西亞和新加坡，表現都非常好，而泰國和菲律賓則略顯疲軟，所以市場呈現出一種混合格局。我認為從連續數據中可以看出，太平洋地區的成長起到了很大的推動作用，而南方的新加坡表現良好，馬來西亞表現更佳等等。所以，我再次表示，我們期待 Prism IO 在該領域會有怎樣的表現。我們的 TR 90 業務非常強大，這是我們的身體改造或塑形系統。該產品在東南亞市場表現非常出色，與我們的 Prism IO 和健康業務相得益彰，我們認為這將進一步加強我們的健康業務。

That's a great color. I appreciate all the time and good luck in Q4.

這個顏色真好看。感謝您抽出時間，祝您第四季一切順利。

Thanks, Dave. Thanks.

謝謝你，戴夫。謝謝。

Thank you. I am now showing no further questions at this time. I would now like to turn it back to Ryan Napierski, CEO, for closing remarks.

謝謝。目前我沒有其他問題要問。現在我謹將發言權交還給執行長瑞安·納皮爾斯基，請他作總結發言。

No, that's great.

不，那太好了。

Thank you very much for joining our call today. We here are charging forward into a new era of potential for Nu Skin as we further progress our vision of becoming the world's leading intelligent. Beauty, wellness, and lifestyle leadership opportunity platform, beginning with the introduction of Prism IO and our truly intelligent wellness initiative this quarter and leading into 2026 as we look forward to extending Nu Skin reach into India in the coming year, we're excited about this and the enormous potential that India holds for us as we learn how to benefit the people of India with what we have to offer. So while the broader beauty industry remains somewhat lost in the macroeconomic uncertainties, we are very clear on the pathway forward for us in leading this truly intelligent wellness movement based upon our 40 year history in the beauty and wellness space.

非常感謝您今天參加我們的電話會議。我們正全力邁向如新充滿潛力的新時代，進一步推進我們成為世界領先智慧公司的願景。從本季推出 Prism IO 和我們真正聰明的健康計畫開始，我們將打造一個集美容、健康和生活方式領導力機會於一體的平台，並展望 2026 年，期待在未來一年將 Nu Skin 的業務拓展到印度。我們對此感到興奮，並相信印度蘊藏著巨大的潛力，我們將學習如何利用我們的產品和服務來造福印度人民。因此，儘管整個美容行業仍然在宏觀經濟的不確定性中有些迷茫，但我們非常清楚，憑藉我們在美容和健康領域 40 年的歷史，我們將引領這場真正智能的健康運動。

And in a very distracted world of affiliate marketing where it seems that every other brand is seeking to capture the attention of influencers on social media, our dedicated and committed global sales force is our greatest strength, and we'll be leveraging them to achieve our vision moving forward the rest of this year. Into early '26 is all about aligning our teams around the world, building support, connectivity, and excitement to set the stage for a return to growth and improve profitability. So with that, we'll keep you updated along the way as we go through this dynamic journey and thanks for joining our call.

在如今這個注意力高度分散的聯盟行銷世界裡，似乎每個品牌都在努力吸引社群媒體上的影響者的注意力，而我們專注且敬業的全球銷售團隊是我們最大的優勢，我們將利用他們來實現我們今年的願景。2026 年初，我們的重點是協調全球團隊，建立支援、聯繫和熱情，為恢復成長和提高獲利能力奠定基礎。那麼，我們將在此過程中隨時向您報告最新進展，並感謝您參與我們的電話會議。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。