如新 (NUS) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2025 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加2025年第四季電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to hand the call over to Nu Skin's President, Treasurer, and Investor Relations, B.G. Hunt. Please go ahead.

現在我將把電話交給如新集團總裁、財務主管兼投資人關係負責人B.G. Hunt先生。請開始吧。

Thanks, Tanya, and good afternoon, everyone. I'm joined by Ryan Napierski, President and CEO; and James Thomas, CFO. We are excited to share Nu Skin's 2025 results and provide guidance for 2026.

謝謝 Tanya，大家下午好。今天與我一同出席的還有 Nu Skin 總裁兼執行長 Ryan Napierski 和財務長 James Thomas。我們很高興與大家分享 Nu Skin 2025 年的業績，並對 2026 年的發展趨勢進行展望。

Before I turn the 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.

在將時間交給瑞恩之前，我想指出，今天的電話會議上將包含一些前瞻性陳述。這些陳述涉及重大風險和不確定性，實際結果可能與討論或預期結果有重大差異。有關這些風險的完整討論，請參閱今天的盈利報告和我們提交給美國證券交易委員會（SEC）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，在電話會議中，我們可能會討論一些與我們財務報表中的可比較數據有所不同的財務數據。我們認為，這些非公認會計準則（非GAAP）資料有助於以更一致的方式比較各期間的表現。如需了解這些非GAAP數據的相應調整信息，請訪問我們的投資者關係網站ir.nuskin.com。

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

那麼，現在我想把電話交給瑞恩。

Thanks, B.G. Good afternoon, everyone. Thanks for joining the call. I'm pleased to report that we delivered fourth quarter and 2025 results within our guidance range with a strong improvement in earnings, which resulted in a 40% increase in stock price for the year as we continue to focus on improving shareholder value amidst our strategic transformation.

謝謝，B.G.。大家下午好。感謝各位參加電話會議。我很高興地報告，我們第四季和2025年的業績均在預期範圍內，獲利大幅提升，推動股價全年上漲40%。我們將繼續專注於在策略轉型過程中提升股東價值。

This past year was very important for the company as we work to realign our business following the successful transaction of Mavely, which further strengthened our balance sheet and has enabled us to more assertively pursue our vision of becoming the world's leading intelligent beauty, wellness, and lifestyle leadership opportunity platform.

過去一年對公司來說非常重要，因為我們在成功完成對 Mavely 的交易後，努力調整業務，這進一步增強了我們的資產負債表，並使我們能夠更加積極地追求我們的願景，即成為世界領先的智能美容、健康和生活方式領導力機會平台。

We've worked hard towards this by investing in the build-out of our intelligent wellness platform in preparation for the introduction of Prysm iO to the world, which is now underway. We also initiated premarket operations in India this past November in preparations for a formal market opening anticipated in late 2026 as we work towards expanding our footprint into this and other future growth opportunities in emerging markets.

我們為此付出了巨大努力，投資建造智慧健康平台，為Prysm iO的全球上市做好準備，目前上市工作正在進行中。此外，我們於去年11月在印度啟動了市場前期運營，為預計於2026年底正式進入印度市場做準備。我們致力於拓展業務，抓住新興市場及其他未來成長機會。

While transitioning our business to enable these strategic priorities has come with some inherent switching costs in '25 and into early 2026, as our company and channel realign business practices, we believe these shifts are critical to our mid- to long-term success to enable our return to growth by end of 2026.

雖然為了實現這些策略重點，我們在 2025 年及 2026 年初進行業務轉型帶來了一些固有的轉換成本，但隨著公司和通路重新調整業務實踐，我們相信這些轉變對於我們的中長期成功至關重要，使我們能夠在 2026 年底恢復成長。

2026 represents a pivotal year for Nu Skin as we accelerate our transformation towards our vision. We're entering this new chapter with three strategic priorities: one, to focus our business on the burgeoning $6.8 trillion wellness revolution currently underway with the launch of our Prysm iO intelligent Wellness platform; two, expanding our global reach into India and other critical emerging markets in years to come; and three, improving our operational performance and efficiencies.

2026年對如新而言是至關重要的一年，我們將加速轉型，朝著願景邁進。我們將以三大策略重點開啟新的篇章：第一，聚焦蓬勃發展的價值6.8兆美元的健康產業革命，推出Prysm iO智慧健康平台；第二，拓展全球業務，進軍印度及其他重要的新興市場；第三，提升營運績效與效率。

We are clearly defining the future growth trajectory of the company, which we believe will lead to a stronger core business and a return to meaningful long-term growth.

我們正在明確公司未來的成長軌跡，我們相信這將帶來更強大的核心業務，並恢復有意義的長期成長。

First, let me dive into Prysm iO, our truly intelligent wellness platform. Building on our Euromonitor acclaimed position as the world's leading beauty and wellness device systems brand, we've developed a revolutionary technology, which we believe will play a vital role in the rapidly expanding intelligent wellness market, empowering people around the world to more accurately measure, track and improve their nutritional health.

首先，讓我深入介紹一下我們的智慧健康平台 Prysm iO。憑藉我們作為全球領先的美容和健康設備系統品牌在歐睿國際 (Euromonitor) 評選中獲得的認可，我們開發了一項革命性技術，我們相信這項技術將在快速發展的智慧健康市場中發揮至關重要的作用，幫助世界各地的人們更準確地測量、追蹤和改善他們的營養健康。

Prysm iO represents the culmination of decades of nutraceutical-grade science and research and development across the integrated beauty and wellness industries. We've been working towards establishing ourselves as the intelligent beauty leader for the past several years with the introduction of ageLOC LumiSpa iO, WellSpa iO, and RenuSpa iO.

Prysm iO 代表了數十年來在營養保健品級科學領域，以及在綜合美容和健康產業中不斷研發的結晶。過去幾年，我們透過推出 ageLOC LumiSpa iO、WellSpa iO 和 RenuSpa iO，致力於成為智慧美容領域的領導者。

We're now taking these IoT-derived learnings and combining them with the proprietary science and technology behind our BioPhotonic Scanner. This enables a much greater scale and depth of intelligent wellness in the introduction of Prysm iO, a noninvasive carotenoid measurement device that provides intelligent insights into nutritional health across four critical domains of diet, fitness, lifestyle, and nutritional supplementation.

我們現在正將這些源自物聯網的經驗與我們生物光子掃描器背後的專有科學技術結合。這使得我們能夠更大規模、更深入地了解智慧健康，並推出 Prysm iO——一款非侵入式類胡蘿蔔素測量設備，它能夠從飲食、健身、生活方式和營養補充這四個關鍵領域提供關於營養健康的智慧洞察。

We've now amassed a nutritional health database already containing nearly 400 million intelligent wellness data points from 21 million scans of more than 10 million people in 50 countries around the globe. These data points are repeatable signals tied to real consumer behaviors that indicate profile and context, behavior and habits and repeatable engagements and activations over time. All of this data compiled into a single source represents what we believe to be the world's largest database on carotenoid health.

我們現已累積了一個營養健康資料庫，其中包含近4億個智慧健康數據點，這些數據點來自全球50個國家超過1000萬人的2100萬次掃描。這些數據點是與真實消費者行為相關的可重複訊號，反映了消費者的畫像和背景、行為習慣以及隨時間推移的可重複互動和活動。所有這些數據匯集於此，構成了我們認為全球最大的類胡蘿蔔素健康資料庫。

In combination with our other beauty and wellness IoT connected devices where we've gathered more than 1 billion data points and insights, this trove of data will better inform consumer decisions and purchasing habits. It also provides us with far deeper aggregated insights into the needs of our customers in order to empower their personalized wellness journeys, improve customer engagement and lead to greater customer lifetime value.

結合我們其他美容和健康物聯網連接設備（已收集超過10億個數據點和洞察），這些大量數據將更能引導消費者的決策和購買習慣。此外，它還能讓我們更深入了解客戶需求，進而協助他們打造個人化的健康之旅，提升顧客參與度，最終提升顧客終身價值。

Our next chapter is now underway as we power these data insights with AI in our proprietary new intelligence database to inform three distinct applications. First, intelligent scoring, which will leverage AI to compare personal results against our database of 21 million scans. Second, intelligent insights, which will provide customers with personalized recommendations for their diet, fitness, lifestyle nutritional supplementation; and third, intelligent product recommendations, which will be based upon a customer's intelligent insights through which we provide nutritional supplementation options to help them in their wellness journey.

我們正開啟新的篇章，利用人工智慧技術，在我們專有的全新智慧資料庫中挖掘資料洞察，並將其應用於三大領域。首先是智慧評分，它將利用人工智慧技術，將個人結果與我們包含2,100萬個掃描資料的資料庫進行比對。其次是智慧洞察，它將為客戶提供個人化的飲食、健身、生活方式和營養補充建議；第三是智慧產品推薦，它將基於客戶的智慧洞察，提供營養補充方案，幫助他們的健康之旅。

All of these insights culminate in Nu Skin developing a proprietary wellness biomarker based on skin carotenoid levels that we're calling the nutritional health score, a universal score that gives customers insights into their nutritional health. We have long understood the importance of eating a healthy balanced diet, including fruits and vegetables, avoiding harmful pollution and making critical lifestyle choices.

所有這些洞察最終促成瞭如新基於皮膚類胡蘿蔔素水平開發的專有健康生物標記物——營養健康評分。這是一個通用評分，能夠幫助客戶了解自身的營養健康狀況。我們一直以來都深知健康均衡飲食（包括水果和蔬菜）、避免有害污染、做出關鍵生活方式選擇的重要性。

But until now, consumers have been unable to noninvasively measure at scale the impact of these choices. This revolutionary biomarker offered through Prysm iO provides critical nutritional health insights to consumers, something that has been missing in the wellness space until now. You deserve to know with Prysm iO.

但在此之前，消費者一直無法以非侵入性的方式大規模測量這些選擇的影響。 Prysm iO 提供的這項革命性生物標誌物能夠為消費者提供關鍵的營養健康訊息，而這正是健康領域先前所缺乏的。您值得擁有 Prysm iO 提供的這些資訊。

From a business perspective, the unit economics are compelling. Prysm iO serves as a powerful customer acquisition tool for our sales force, combined with subscription-based revenue that provides more than 6 times greater customer lifetime value. For 2026, we are aiming to place more than 100,000 Prysm iO devices by the end of this year since the introduction in late '25.

從商業角度來看，其單位經濟效益非常顯著。 Prysm iO 可作為我們銷售團隊強大的客戶獲取工具，結合訂閱模式帶來的收入，可將客戶終身價值提升 6 倍以上。自 2025 年底推出以來，我們計劃在 2026 年底實現 Prysm iO 設備裝置量超過 10 萬台。

Looking further into the future, we envision Prysm iO becoming the leading platform for consumers to gather deeper, more intelligent insights into their personal and family's health. We have set an internal aspiration with our global sales force of bringing this cutting-edge wellness platform to 10 million healthy households by 2030 as we partner with our dedicated sales force in nearly 50 markets around the world to accomplish this goal.

展望未來，我們希望Prysm iO能成為領先的平台，幫助消費者更深入、更聰明地了解自己及家人的健康狀況。我們與全球銷售團隊共同製定了內部目標：到2030年，將這一尖端的健康平台推廣至1000萬個健康家庭。為此，我們將與遍佈全球近50個市場的銷售團隊緊密合作，共同實現這一目標。

Our go-to-market rollout strategy is deliberately designed to maximize long-term success. We're currently engaging, aligning, and activating our sales force in the first half of 2026 as they acquire and place Prysm iO devices, followed by consumer launches around the world beginning in the second half. This approach prepares and aligns our dedicated channel as we scale the full consumer availability throughout the year. This is only the beginning for Prysm iO as we delve deeper into the vast dimensions of intelligent wellness, including its impact on beauty, which we all understand begins from the inside out.

我們的市場推廣策略經過精心設計，旨在最大限度地實現長期成功。目前，我們正在積極調動、協調和激活銷售團隊，以便在2026年上半年完成Prysm iO設備的採購和部署，隨後從下半年開始在全球範圍內面向消費者推出產品。這項策略旨在為我們的專屬管道做好準備並進行協調，從而在全年逐步擴大面向消費者的覆蓋範圍。這只是Prysm iO的開始，我們將深入探索智慧健康領域的廣闊天地，包括其對美容的影響——我們都明白，美麗是由內而外散發的。

Our second strategic priority focuses on broadening our emerging market footprint with our formal opening of India anticipated in late 2026. With more than 1.4 billion people and a rapidly growing middle class, India represents one of our most significant long-term geographic growth opportunities. Our ongoing growth in Latin America, where we've built our emerging market model is providing greater insights into how we will expand our global footprint into new emerging markets.

我們的第二個策略重點是擴大新興市場版圖，預計2026年底正式進軍印度市場。印度擁有超過14億人口，中產階級正快速壯大，是我們最重要的長期地域成長機會之一。我們在拉丁美洲的持續成長，以及我們已成功建構的新興市場模式，為我們未來如何拓展全球版圖至新的新興市場提供了更深刻的洞見。

This refined operating model for India includes a localized product portfolio priced for India's growing middle class, a modified compensation plan and a digital-first infrastructure through our partnership with Infosys. We began premarket entry operations in mid-November and are currently focused on three key areas: first, establishing operational infrastructure, including high-quality local manufacturing and effective market-wide logistics partnerships.

針對印度市場，我們優化了營運模式，包括面向印度日益壯大的中產階級的在地化產品組合、調整後的薪酬方案，以及透過與Infosys的合作建構的數位化優先基礎設施。我們於11月中旬啟動了市場准入前的各項工作，目前專注於三個關鍵領域：首先，建立營運基礎設施，包括高品質的在地化生產和高效的市場物流合作夥伴關係。

Second, building robust digital-first infrastructure across the market to enable fast, simple and scalable business processes; and third, acquiring customers and brand affiliates to begin building brand awareness and demand generation ahead of the formal market opening.

第二，在整個市場建立強大的數位化優先基礎設施，以實現快速、簡單和可擴展的業務流程；第三，獲取客戶和品牌合作夥伴，以便在正式​​市場開放之前開始建立品牌知名度和需求產生。

Early learnings to date indicate that the market is advancing quickly towards a more developing status with strong digital-first aspirations, the local infrastructure still has room to improve. Also, India consumers and micro entrepreneurs are highly aspirational, but financially conservative with beauty and wellness being more aspirational categories for the broader market, leading to typically longer sales and activation cycles. Nevertheless, we see great mid- to long-term potential as we scale investment and operations along the way of our formal market opening later this year.

目前的初步經驗表明，該市場正快速朝著發展中階段邁進，並擁有強烈的數位化優先願景，但當地基礎設施仍有提升空間。此外，印度消費者和微型企業家雖然抱負很高，但在財務方面卻較為保守，美容和健康產品對整個市場而言更具吸引力，這導致銷售和推廣週期通常較長。儘管如此，隨著我們在今年稍後正式進入市場並逐步擴大投資和營運規模，我們看到了巨大的中長期潛力。

So in summary, in 2026, it is all about accelerating our evolution towards our intelligent beauty and wellness platform vision as we launch Prysm iO around the globe and expand our emerging market footprint by continuing growth in Latin America and expanding into India.

總而言之，2026 年，我們將加速向智慧美容和健康平台願景演進，在全球範圍內推出 Prysm iO，並透過在拉丁美洲的持續成長和向印度的擴張來擴大我們在新興市場的影響力。

In late 2026, as we pursue these strategic growth priorities, we will continue to drive our third critical priority of improving operational performance and efficiency to return value to shareholders, which James will discuss in just a moment. Together, these initiatives advance our vision of becoming the world's leading intelligent beauty, wellness and lifestyle leadership opportunity platform and create a powerful foundation for sustainable growth.

2026年底，在我們推動這些策略成長重點的同時，我們將繼續推動第三個關鍵優先事項，即提升營運績效和效率，從而為股東創造價值。詹姆斯稍後將對此進行詳細闡述。這些舉措共同推進了我們成為全球領先的智慧美容、健康和生活方式領導機會平台的願景，並為永續成長奠定了堅實的基礎。

Our dedicated global sales force plays a crucial role in our strategic transformation as awareness generators, intelligent wellness consultants and community and network builders. We are empowering them with greater intelligence consisting of data and insights into their business as we transform into a technology-enabled intelligent beauty and wellness platform.

我們敬業的全球銷售團隊在公司策略轉型中發揮著至關重要的作用，他們不僅是品牌意識的傳播者，也是智慧健康顧問和社群及網路建構者。隨著公司轉型為科技賦能的智慧美容健康平台，我們將透過數據和洞察，賦予他們更強大的業務能力。

Our near-term focus remains on engaging, aligning and activating our sales force around these transformational opportunities, while maintaining disciplined execution and financial performance as we seek to return to growth by year's end.

我們近期的重點仍然是圍繞這些變革機會調動、協調和激活我們的銷售團隊，同時保持嚴謹的執行力和財務業績，力爭在年底前恢復成長。

So with that, I'll turn the time over to James to discuss our 2025 financial performance and outlook for '26 in greater detail. James?

那麼，接下來我將把時間交給詹姆斯，讓他更詳細地討論一下我們2025年的財務表現以及2026年的展望。詹姆斯？

Thank you, Ryan, and thanks to everyone for joining us today. Before I walk through the quarter, I want to begin with the full year story because it best reflects our execution in 2025. On an adjusted basis, we delivered $1.27 in earnings per share, up from $0.84 last year, representing about 51% growth. That improvement was driven by gross margin expansion throughout the year, ongoing selling expense optimization and disciplined G&A management.

謝謝瑞恩，也謝謝各位今天蒞臨。在詳細介紹本季業績之前，我想先回顧一下全年情況，因為這最能反映我們2025年的執行情況。經調整後，我們每股收益為1.27美元，高於去年的0.84美元，增幅約51%。這一增長主要得益於全年毛利率的提升、持續的銷售費用優化以及嚴格的行政管理費用控制。

Importantly, we achieved this while also strengthening our balance sheet and generating free cash flow to provide meaningful returns to our shareholders. I'll now cover fourth quarter results, then come back to a few full year highlights and conclude with our outlook for the first quarter and full year 2026.

重要的是，我們在實現這一目標的同時，也增強了資產負債表，並產生了自由現金流，從而為股東帶來了可觀的回報。接下來，我將介紹第四季業績，然後回顧全年的一些亮點，最後展望2026年第一季和全年業績。

I'll be speaking to adjusted non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found on our Investor Relations website. For the fourth quarter, we delivered revenue inside our guidance range at $370 million, with approximately $1 million headwind from foreign currency.

我將介紹經調整的非GAAP財務指標。與最直接可比較的GAAP指標的調節表可在我們的投資者關係網站上找到。第四季度，我們實現了3.7億美元的營收，符合預期範圍，但受到約100萬美元的外匯匯率波動影響。

Earnings per share was $0.29, in line with expectations, which closed out our annual performance near the high end of our original guidance range. Our gross margin for the quarter was 70.7% compared to 71.4% in the prior year. The decrease was primarily due to revenue mix of Rhyz entities and Nu Skin segments.

每股收益為0.29美元，符合預期，使我們的年度業績接近先前預期範圍的高端。本季毛利率為70.7%，低於去年同期的71.4%。毛利率下降的主要原因是Rhyz實體和Nu Skin業務部門的收入組成變化。

Within our core Nu Skin business, gross margin was 77.6%, up 100 basis points from the prior year. Selling expense was 35.5% for the quarter, down from 37.1% in the prior year, primarily reflecting mix between our core business and Rhyz as well as the prior year period, including Mavely.

在我們的核心 Nu Skin 業務中，毛利率為 77.6%，比上年同期成長 100 個基點。本季銷售費用率為 35.5%，低於去年同期的 37.1%，主要反映了我們核心業務與 Rhyz 業務的組合，以及去年同期（包括 Mavely 業務）的情況。

Within the core Nu Skin business, selling expense was 40.8%, consistent with our compensation plan alignment and continued progress in leader engagement. General and administrative expenses remain well managed and aligned with our efficiency initiatives and operating margin for the quarter was 6.3%. With that view on Q4, let me step back to the full year results.

在如新核心業務方面，銷售費用佔比為40.8%，與我們的薪酬計畫相符，也反映了我們在提升領導階層敬業度方面所取得的持續進展。一般及行政費用控制得當，與我們的效率提升措施一致，本季營業利益率為6.3%。綜上所述，讓我們回顧一下全年業績。

For the full year, we generated $1.49 billion in revenue, landing within our original guidance with a foreign currency headwind of approximately $13.4 million. Within our core Nu Skin business, gross margin finished at 77.4%, an 80 basis point improvement over the prior year.

全年營收達14.9億美元，符合先前預期，但受到約1,340萬美元的外匯匯率不利影響。核心業務如新（Nu Skin）的毛利率為77.4%，較前一年提升80個基點。

We delivered sequential improvement through the first three quarters. And as expected, gross margin was modestly lower by 10 basis points in the fourth quarter due to a higher promotional period. Overall, we're seeing the benefits of portfolio optimization and product mix improvements, and we believe with our current inventory levels, there remains opportunity to expand gross margin further in 2026.

前三個季度我們實現了業績的環比成長。如預期，由於促銷期延長，第四季毛利率略微下降了10個基點。總體而言，我們看到了產品組合優化和產品結構改進的益處，我們相信，以目前的庫存水平，2026年毛利率仍有進一步提升的空間。

Core Nu Skin selling expense for the year was 40.3%. Looking ahead, we expect selling expense in the core business to remain around 40% as we continue to drive adoption of our enhanced compensation plan and focus investments on initiatives with the greatest impact on supporting top line growth.

本年度如新核心業務的銷售費用率為40.3%。展望未來，我們預期核心業務的銷售費用率將維持在40%左右，因為我們將繼續推進強化薪酬方案的實施，並將投資重點放在對營收成長影響最大的項目。

On G&A, we remain committed to managing overhead in line with revenue while maintaining an appropriately scaled cost structure. These actions drove 26% growth in operating margin compared to the prior year. Adjusted operating margin was 6.7%, up 140 basis points from 5.3% in the prior year.

在一般及行政費用方面，我們始終致力於將管理費用控制在與收入相符的水平，同時保持適當的成本結構。這些措施推動營業利潤率較上年增長26%。經調整後的營業利益率為6.7%，較上年的5.3%成長140個基點。

Below the line, we benefited from an R&D tax credit, which reduced tax expense by approximately $8.1 million, resulting in a reported effective tax rate of 18.8%. Finally, adjusted earnings per share was $1.27, excluding the Mavely gain and other items compared to $0.84 last year, excluding restructuring and other charges.

在財務方面，我們受益於研發稅收抵免，這使稅項支出減少了約 810 萬美元，最終實際稅率為 18.8%。最後，經調整後的每股收益為 1.27 美元（不計 Mavely 收益和其他項目），而去年同期為 0.84 美元（不計重組和其他費用）。

Stepping back, the actions we've taken have strengthened our foundation and improved the flexibility of our cost structure. We're better aligned to our revenue base, and we'll continue to rightsize expenses and prioritize investments as trends evolve. With that foundation in place, we're focused on execution and building long-term value.

回顧過去，我們採取的行動鞏固了公司的基礎，並提升了成本結構的彈性。我們與收入基礎更加契合，並將隨著趨勢的發展，持續調整支出規模並優先考慮投資項目。有了這樣的基礎，我們將專注於執行，並創造長期價值。

Now turning to the balance sheet and cash flow. We continue to strengthen liquidity and improve flexibility through disciplined capital management. We ended the quarter with approximately $240 million in cash and reduced outstanding debt to $224 million, resulting in an expanded net cash position.

現在來看資產負債表和現金流量。我們透過嚴格的資本管理，持續增強流動性並提高靈活性。本季末，我們持有約2.4億美元現金，並將未償債務減少至2.24億美元，擴大了淨現金部位。

For the full year, cash flow from operations was $80.3 million, reflecting disciplined working capital management and improved profitability. We also returned capital to shareholders, including approximately $11.8 million in dividends and $20 million of share repurchases during the year. We have $142.3 million remaining under our current share repurchase authorization.

全年經營活動產生的現金流量為8,030萬美元，體現了我們穩健的營運資本管理和不斷提升的獲利能力。此外，我們也向股東返還了資本，其中包括約1,180萬美元的股利和2,000萬美元的股票回購。目前，我們還有1.423億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 continuing to delever, and returning capital to shareholders where appropriate.

我們的資本配置重點依然不變，即投資於創新和成長，保持強勁的資產負債表，同時繼續降低槓桿率，並在適當的時候向股東返還資本。

Looking ahead, we remain focused on executing on our strategic priorities to drive growth by the end of 2026. The launch of our Prysm iO Intelligent Wellness device remains on track for full consumer launch in the back half of the year, representing a major milestone in our transformation towards personalized AI-powered wellness.

展望未來，我們將繼續專注於執行策略重點，以推動公司在 2026 年底前實現成長。我們的 Prysm iO 智慧健康設備的發布仍按計劃進行，將於今年下半年全面面向消費者推出，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 performer and by our upcoming full market opening in India, where we're laying the groundwork for an expansive opportunity for our brand affiliates.

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，拉丁美洲市場依然表現強勁；此外，我們即將全面開放印度市場，為我們的品牌合作夥伴創造廣闊的發展機遇，我們也為此奠定了基礎。

For our Rhyz segments, we are projecting year-over-year growth supported by expanding capabilities and capacity for manufacturing. We are also evaluating opportunities with LifeDNA to maximize our return on investment.

對於我們的Rhyz業務板塊，我們預計在不斷擴大的生產能力和產能的支持下，將實現同比增長。我們也在評估與LifeDNA的合作機會，以最大限度地提高投資回報率。

With those priorities in mind, let me share our expectations for the full year and first quarter of 2026. For 2026, we project revenue in the range of $1.35 billion to $1.5 billion, including an estimated foreign exchange headwind of $13 million to $15 million or approximately 1%.

考慮到這些優先事項，我想分享我們對2026年全年和第一季的預期。 2026年，我們預計收入將在13.5億美元至15億美元之間，其中包括預計1,300萬美元至1,500萬美元（約佔1%）的外匯不利影響。

We anticipate earnings per share between $0.80 and $1.20, reflecting an expected tax rate of 35%. We project first quarter revenue between $320 million and $340 million, factoring in an expected foreign currency headwind of approximately 1%. Reported earnings per share is anticipated to be in the range of $0.10 to $0.20. As a reminder, Q1 is historically our lowest quarter due to the seasonality of our business.

我們預計每股收益在 0.80 美元至 1.20 美元之間，已考慮 35% 的預期稅率。我們預計第一季營收在 3.2 億美元至 3.4 億美元之間，已計入約 1% 的預期外匯匯率波動影響。預計公佈的每股收益在 0.10 美元至 0.20 美元之間。需要提醒的是，由於業務的季節性因素，第一季歷來是我們業績最差的季度。

So to wrap up, 2025 demonstrated the strength of our execution. We delivered meaningful earnings and operating margin improvement, generated solid cash flow, strengthened the balance sheet, and returned capital to shareholders, all while continuing to invest in the initiatives that position Nu Skin for the future.

總而言之，2025年充分展現了我們強大的執行力。我們實現了顯著的獲利和營業利潤率提升，創造了穩健的現金流，強化了資產負債表，並向股東返還了資本，同時持續投資於各項舉措，為如新未來的發展奠定了基礎。

As we look to 2026, we're focused on advancing our strategic priorities, driving continued profitability, scaling our momentum in developing markets and progressing our innovation pipeline, including the Prysm iO launch, which we believe will meaningfully strengthen our affiliate value proposition and enhance their ability to attract and retain customers.

展望 2026 年，我們將專注於推進策略重點、持續盈利、擴大在發展中市場的發展勢頭以及推進創新產品線，包括 Prysm iO 的推出。我們相信，Prysm iO 將顯著增強我們合作夥伴的價值主張，並提高他們吸引和留住客戶的能力。

While we remain mindful of ongoing top line pressures in certain markets, we believe the operating foundation we've built gives us the flexibility to invest where we see the best returns can deliver long-term value. And with that, operator, we'll now open up the call for questions.

儘管我們仍然關注某些市場持續存在的營收壓力，但我們相信，我們所建立的營運基礎賦予了我們足夠的靈活性，讓我們能夠在能夠帶來長期價值並獲得最佳回報的領域進行投資。接下來，主持人，我們將開始接受提問。

(Operator Instructions) Dave Storms, Stonegate.

（操作說明）戴夫·斯托姆斯，斯通蓋特。

I wanted to start maybe with diving into Prysm a little bit more. Very excited for that to kind of come online towards the end of the year. I would love to get a little more color around maybe a revenue guide or any of your thoughts on what Prysm can really contribute to the top line? It sounds like there could be a lot of recurring revenue there. And I just love to hear more thoughts around that.

我想先深入了解 Prysm。非常期待它在年底前上線。我很想了解一些關於收入預測或您對 Prysm 能為公司營收帶來哪些貢獻的看法。聽起來它能帶來很多經常性收入。我很想聽聽您對此的更多見解。

Yes. The -- as I was discussing, we're looking from -- the key to Prysm as we envision it, is the placement of these devices that will lead to subscriptions from customers over time. And so that really is the unit economic model that we're driving here. And so as I mentioned, we have the 100,000 estimate that we anticipate placing through year's end.

是的。正如我剛才提到的，我們所設想的Prysm的關鍵在於這些設備的部署，這將最終促成客戶的訂閱。這正是我們目前所追求的單位經濟效益模式。正如我之前提到的，我們預計到年底將部署10萬台設備。

And of that subscription uptake, which we're still really learning, David, I mean, it's so early. We're only a month into this, what that will actually be. So we're not really yet at the point of saying exactly what the revenue conversion will be. I think one way to look at this over time is that we've -- historically on a revenue split basis, half -- our business has been roughly half beauty and half wellness with wellness leading much more towards subscription revenue.

至於訂閱用戶成長情況，我們還在摸索階段，David，我的意思是，現在還處於早期階段。我們才剛開始一個月，實際成長情況如何還很難說。所以我們現在還無法準確預測收入轉換率。我認為從長遠來看，我們可以這樣看待這個問題：從歷史收入組成來看，我們的業務大約一半是美容產品，一半是健康產品，而健康產品帶來的訂閱收入要多得多。

And so we see Prysm really leading us more and more into the subscription realm for the wellness side. And then, of course, as we apply it into beauty later on, we see it playing there. So we're not giving direct revenue guidance on it yet for Prysm, although I think the math for just the device is pretty simple. I think the market value right now per device is around USD300, and we anticipate 100,000 units. So that would be like $30 million in devices. But how we then monetize that through subscriptions, we'll be learning that.

因此，我們看到 Prysm 正引領我們越來越深入健康領域的訂閱模式。當然，之後當我們將其應用於美容領域時，我們也看到它在那裡發揮作用。所以目前我們還沒有對 Prysm 的直接營收預期給出具體數字，儘管我認為單就設備本身而言，計算起來相當簡單。我認為目前每台設備的市場價值約為 300 美元，我們預計銷量將達到 10 萬台。這意味著設備本身的價值約為 3000 萬美元。但是，我們如何透過訂閱模式來實現盈利，還有待探索。

James, anything you'd add to that?

詹姆斯，你還有什麼要補充的嗎？

Yes, Dave, I appreciate the question. I think as you're thinking about it from a modeling perspective going forward, it's going to be centered around like the timing of the full consumer launch where we would start to begin to see scale with the placement of units through our leaders in the first half and then full consumer launch towards the back half of 2026 is how we see that coming in. And so we're looking at a stronger back half forecast in Q3 and Q4 of 2026.

是的，戴夫，感謝你的提問。我認為，從建模的角度來看，未來的發展將圍繞著全面面向消費者的上市時間。我們預計，在2026年上半年，產品將透過我們的領先管道逐步鋪貨，從而開始擴大規模；而全面面向消費者的上市預計將在2026年下半年實現。因此，我們預計2026年第三季和第四季的業績將更加強勁。

That's great. I really appreciate that. I have a second question here in the similar vein around India. Maybe just a little more around your thoughts of what a bull case or a bear case could be there. It sounds like if you get the infrastructure set up, there could be a lot of room to run early there. Maybe just how quickly you could get that set up, what the key hurdles could be? Anything like that would be very helpful.

太好了，非常感謝。我還有一個類似的問題，也是關於印度的。我想再詳細說說您對印度市場多頭市場和熊市的看法。聽起來，如果基礎建設到位，早期發展空間會很大。您能否談談基礎建設的速度，以及可能遇到的關鍵障礙？這些資訊都非常有幫助。

Yes. India, for us, we do see very good long-term potential or mid- to long term. I think for -- as we mentioned, we're really focused on getting all of the local infrastructure set up properly. I mean local manufacturing is one of our top priorities there because the -- obviously, import duties are so high, and we want to ensure high quality, great products at the right price there. And so that's our big focus now.

是的。對我們來說，印度確實擁有非常好的長期或中長期發展潛力。正如我們之前提到的，我們目前正致力於改善當地的基礎設施。我的意思是，發展本地製造業是我們在那裡的首要任務之一，因為進口關稅很高，我們希望確保在當地以合理的價格提供高品質的產品。所以，這是我們目前的工作重點。

Logistics throughout a pretty diverse market are critical. And then, of course, the digital infrastructure. So '26 is very much about that. We don't anticipate the formal launch being until late in '26. So we're being pretty -- very conservative from a revenue input perspective on the actual impact for the year.

在這樣多元化的市場中，物流至關重要。當然，數位基礎設施也同樣重要。所以，2026 年的重點就在於此。我們預計正式發布要到 2026 年底才會進行。因此，從收入投入的角度來看，我們對今年的實際影響持非常保守的態度。

James, any more detail?

詹姆斯，還有更多細節嗎？

No. I mean, India for us is an exciting opportunity for our sales leaders. It's an opportunity to go in and expand in a region that we have not been a part of. And so for us -- for the year, I mean, we're being a little bit cautious in how much we're actually forecasting in India. So we've tailored that back, but we believe in the high long-term potential of that market and our ability to go in with a developing market strategy to go in and penetrate into India and look forward to that even beyond '26 into '27 to see how far we can go.

不，我的意思是，印度對我們來說是一個令人興奮的機會，尤其對我們的銷售主管而言。這是一個進入並拓展我們以前從未涉足的地區的良機。因此，就我們而言——就今年而言，我的意思是，我們對在印度的實際業績預測持謹慎態度。我們已經調整了預測，但我們相信這個市場具有巨大的長期潛力，我們有能力運用新興市場策略進入並滲透印度市場，我們期待在2026年之後，甚至在2027年，看看我們能走多遠。

Understood. I appreciate that commentary. James, I did have maybe another question here for you. I would love to get your thoughts on maybe some of the puts and takes in the guidance and where you see maybe key spots of leverage, whether that's the G&A or just kind of your thoughts around guidance.

明白了。感謝您的評論。詹姆斯，我可能還有一個問題想問您。我想聽聽您對業績指引中一些關鍵點的看法，以及您認為哪些方面可以作為槓桿點，無論是管理費用還是您對業績指引本身的看法。

Yes. I appreciate that, Dave. Looking forward to 2026, we are modeling -- as per our guide in the release, we are 1% growth on the high end of our guidance and down 9% on the low end of guidance as we look due to the weighting of -- or the timing of the launch of the new product introductions towards the back half of the year.

是的，我明白了，戴夫。展望2026年，我們根據新聞稿中的指導方針進行建模，預計增長幅度在預期上限為1%，下降幅度在預期下限為9%，這是因為新產品上市的時間安排（或權重）主要集中在下半年。

So looking to exit 2026 with growth towards the Q3 -- year-over-year growth, the Q3 to Q4 timeframe against our compares in '25. So starting at the top line of revenue, when we come down, we look at gross margin, we -- this last year, even starting in '24, we started to see expansion in our gross margin. We had five consecutive quarters of gross margin expansion and growth until this last quarter in Q4, which is a higher promotional period.

因此，我們預計2026年第三季將實現年成長，即第三季至第四季與2025年同期相比的成長。首先來看營收，然後我們來看毛利率。去年，甚至從2024年開始，我們的毛利率就開始擴張。我們連續五個季度實現了毛利率的成長，直到上個季度（第四季），而第四季正值促銷期。

We believe with the way we're stacked in inventory and some of the moves that we can make around the globe around our distribution and supply chain, we believe that we can continue to expand that. So from a modeling perspective, I would look at what the gross margin expansion was in 2025 and replicate that into '26 is a good barometer for how to treat gross margin.

我們相信，憑藉我們目前的庫存水準以及我們在全球範圍內對分銷和供應鏈採取的一些措施，我們可以繼續擴大規模。因此，從建模的角度來看，我會關注2025年的毛利率成長情況，並將其複製到2026年，這可以很好地反映我們如何看待毛利率。

Selling expense, we go between 40% and 42% on given years where we have certain events associated with our sales leader base, but we try to target that around 40% to 41% on any given year. So that will stay somewhat consistent.

銷售費用方面，在某些年份，由於銷售領導層面臨特定事件，我們會將費用比例提高到 40% 到 42% 之間，但我們盡量將每年的費用比例控制在 40% 到 41% 左右，以保持相對穩定。

And then our G&A, we're working to bring our costs in line with revenue. So as we go throughout the quarters in 2026, we'll continue to work on our overhead, and we're continuing to refine that to get that into levels that are in line with our top line.

此外，我們正在努力使一般及行政費用與收入保持一致。因此，在2026年的各個季度，我們將繼續控制管理費用，並不斷優化，使其達到與營收相符的水平。

And then the one last thing that I would call out from year over year is 2025, we did have -- we did benefit from an R&D tax credit, which created a lower tax rate in '25 than we believe that we'll see in '26. So you have to -- when you're looking at earnings per share, the guide on earnings per share, you have to take into consideration a 35% tax rate that we're kind of looking at right now as we forecast and project out the year.

最後，我想特別指出一點，與往年相比，2025年我們確實受益於研發稅收抵免，這使得2025年的稅率低於我們預計2026年的稅率。因此，在查看每股盈餘時，您必須考慮到我們目前預測的35%的稅率。

So that creates that -- from $1.27 in '25 to where we model out at $1.20, we're actually showing in '26 an operating margin improvement but a slightly lower earnings per share just because of below-the-line items on tax. So that's how I would look at it forward in your model.

因此，從2025年的1.27美元到我們模型預測的2026年1.20美元，我們實際上顯示營業利潤率有所提高，但每股收益略有下降，這僅僅是因為稅項等稅下項目的影響。這就是我對你們模型未來走勢的預測。

I appreciate all that color there. One last for me. There's a lot of excitement around Prysm here for obvious reasons. But I don't want to lose track of the rest of your portfolio. I know mainland China, the US had nice quarter-over-quarter revenue growth. Any other storylines that we should be keeping an eye on as we start 2026, any geographies or thoughts around that?

我很欣賞這裡豐富的色彩。最後一個問題。由於顯而易見的原因，Prysm 目前備受關注。但我不想忽略您投資組合中的其他公司。我知道中國大陸和美國市場的季度環比營收成長都很可觀。在 2026 年伊始，還有哪些值得我們關注的重點領域？例如地域或相關方面？

Yes. No, I'm glad you mentioned the other portfolio. One thing that we didn't discuss here is the restaging and rollout of Tru Face, which is our premium skincare line that has really been reformulated and restate with sustainable packaging. It's doing really well, getting very good reception as it rolls out around the globe in different geographies.

是的。很高興您提到了其他產品組合。我們這裡沒有討論到Tru Face的重新上市和推廣，這是我們的高端護膚系列，配方已經重新調整，包裝也採用了可持續材料。目前銷售情況非常好，在全球不同地區推廣後都獲得了很高的市場反應。

I think areas where we continue to be interested in seeing improvement, obviously, Latin America continues to do really well. And looking forward, we're excited to see what will happen there as we're just continuing to learn about this emerging market, broader segment of emerging markets around the globe, improvements in China, improvements across Europe, markets within Southeast Asia, happy to see those things improving.

我認為我們仍然希望看到一些領域有所改善，顯然，拉丁美洲的表現一直非常出色。展望未來，我們很期待看到這些地區的發展，因為我們仍在不斷了解這個新興市場，以及全球更廣泛的新興市場群體，包括中國、歐洲和東南亞市場，我們很高興看到這些市場正在進步。

Japan and Korea, I think our focus is right now are ensuring we've got China, Japan, and Korea and then North America improving through Prysm iO and the adoption of that as well as the Tru Face line from the beauty side of the business continue to perform better as we move forward.

我認為我們目前的重點是確保中國、日本、韓國以及北美市場透過 Prysm iO 及其應用得到改善，同時美容業務方面的 Tru Face 系列產品也能繼續取得更好的業績。

Congrats on the quarter and good luck on 2026.

恭喜本季業績出色，祝您2026年一切順利。

(Operator Instructions) And I'm showing no further questions. I would now like to turn the conference back to Ryan Napierski for closing remarks.

（操作員指示）我不再接受任何問題。現在我將會議交還給瑞安·納皮爾斯基，請他作總結發言。

Yes. Well, thank you very much for joining the call. Our road map is very clear for us as we move forward towards our vision of becoming the world's leading intelligent beauty and wellness platform powered by our committed and dedicated global sales force.

是的。非常感謝您參加此次電話會議。我們未來的發展路線圖非常清晰，我們將朝著成為世界領先的智慧美容和健康平台願景邁進，而這一切都離不開我們敬業奉獻的全球銷售團隊的支持。

With the launching of Prysm iO in 2026, we believe that the world will continue to learn more and more about their nutritional health and that we will be the proprietary company providing that capability to them. We'll continue to focus and update you on India and our progress throughout the year as we prepare for our launch towards the end of this year.

隨著 Prysm iO 於 2026 年上市，我們相信，屆時全球消費者將更加關注自身的營養健康，而我們將成為獨家提供這項服務的公司。在為今年年底的上市做準備的過程中，我們將繼續關注並向您報告我們在印度的最新進展。

And with that, we'll end this call and look forward to chatting with you in the next quarter update. Thank you.

至此，本次電話會議結束，期待在下個季度業績報告中與您再次交流。謝謝。

And this concludes today's program. Thank you for participating. You may now disconnect your Q4 2025 Nu Skin Enterprises earnings conference call.

今天的節目到此結束。感謝您的參與。您現在可以掛斷 Nu Skin Enterprises 2025 年第四季財報電話會議了。