如新 (NUS) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2026 Nu Skin Enterprises earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Nu Skin Enterprises 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的講者——投資人關係部的 B.G. Hunt。請開始。

Thanks, Daniel, and good afternoon, everyone. I'm joined by Ryan Napierski, President and CEO; and by our interim CFO, Chelsea Lantz. Today, we'll be sharing Nu Skin's Q2 2026 results and providing guidance for the remainder of the year.

謝謝你，Daniel，各位下午好。今天與我一同出席的有總裁暨執行長 Ryan Napierski，以及我們的代理財務長 Chelsea Lantz。今天我們將分享 Nu Skin 2026 年第二季的業績，並提供今年剩餘期間的展望指引。

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.

在我把時間交給 Ryan 之前，先提醒各位，今天的電話會議中將包含前瞻性陳述。這些陳述涉及重要風險與不確定性，實際結果可能與所討論或預期者有重大差異。

Please refer to today's earnings release and our SEC filings for a complete discussion of these risks.

請參閱今天的財報新聞稿以及我們向 SEC 提交的文件，以取得對這些風險的完整說明。

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.

此外，在本次電話會議中，可能會討論某些與我們財務報表中可比較數字不同的財務數據。我們相信，這些非 GAAP 數字有助於以更一致的方式比較各期間的結果。

Please refer to our investor website, ir.nuskin.com, for any required reconciliation of these non-GAAP numbers.

請參閱我們的投資人網站 ir.nuskin.com，以取得這些非 GAAP 數字所需的調節表。

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

接下來，我想把電話會議交給 Ryan。

Thanks, B.G. Good afternoon, everyone. Thanks for joining the call.

謝謝你，B.G. 各位下午好。感謝各位參加本次電話會議。

Over the past quarter, our team around the world has been focused upon aligning our top leaders around the next era of opportunity for Nu Skin as we extend our anti-aging leadership position with the introduction of our new innovation, Prysm iO. This field is now learning, adapting, and incorporating this new technology into their business models, which contributed to second-quarter revenue of approximately $320 million.

在過去一季，我們全球團隊專注於讓最高層領導團隊在 Nu Skin 下一個機會時代上達成一致；同時，隨著我們推出全新創新產品 Prysm iO，進一步延伸我們在抗老領域的領導地位。目前，業務夥伴正學習、調整並將這項新技術納入其商業模式，帶動第二季營收約 3.20 億美元。

Our focus on profitability and operational efficiency helped us achieve adjusted earnings per share near the midpoint of our previously communicated range.

我們對獲利能力與營運效率的重視，協助我們達成調整後每股盈餘接近先前所溝通區間的中點。

We've made meaningful progress on our strategic priorities, including expanding our Prysm iO platform and global rollout, working to align and activate our sales leaders via an enhanced leader elite achievement and incentive roadmap, and preparing India for formal opening. We're building capabilities that we believe will strengthen our competitive position and create sustainable growth over time as we advance our vision to becoming the world's number one leadership company powering our intelligent anti-aging platform.

我們在策略優先事項上取得實質進展，包括擴展 Prysm iO 平台與全球推廣、透過強化的領袖菁英成就與獎勵路線圖來對齊並啟動我們的銷售領袖，以及為印度的正式開市做準備。我們正在建立各項能力，並相信這將強化我們的競爭地位，隨著我們推進願景——成為全球第一的領導力公司、驅動我們的智慧抗老平台——在時間推移中創造可持續的成長。

As we have greater clarity and line of sight on the remainder of the year, we are updating our full year revenue and EPS guidance, which Chelsea will cover in just a few minutes.

隨著我們對今年剩餘期間有更清晰的掌握與能見度，我們正在更新全年營收與每股盈餘（EPS）指引，Chelsea 將在幾分鐘後說明。

Let me briefly update you on the three strategic priorities and continue to guide our business forward.

我先簡要更新三項策略優先事項，並持續引導我們的業務向前。

Our first priority is extending Nu Skin's leadership position in intelligent anti-aging. For nearly two decades, ageLOC has differentiated Nu Skin through world-class anti-aging science, generating approximately $16 billion in cumulative revenue.

我們的第一項優先事項，是延伸 Nu Skin 在智慧抗老領域的領導地位。近二十年來，ageLOC 以世界級的抗老科學讓 Nu Skin 脫穎而出，累計創造約 160 億美元營收。

Today, advances in epigenetics and biological aging research are creating an entirely new frontier.

如今，表觀遺傳學與生物老化研究的進展，正在開啟一個全新的前沿領域。

Our next major anti-aging innovation, Prysm iO, remains in the early stages of its global rollout with more than 39,000 devices placed to date, up nearly 30% quarter over quarter and 2.5 million scans, which is up 25% over the same quarterly comparison.

我們下一項重大的抗老創新 Prysm iO 仍處於全球推廣的早期階段；截至目前已配置超過 39,000 台裝置，較上一季成長近 30%，並完成 250 萬次掃描，較相同季度比較成長 25%。

We're learning a lot from the nascent technology, including consumer lifestyle, behavior and habits, as well as overall nutrition health status and trends around the world. Our next objective is to turn these learnings into increasing engagement opportunities to improve customer health and wellness by improving their nutritional health scores.

我們從這項新興技術中學到很多，包括消費者的生活型態、行為與習慣，以及全球整體營養健康狀態與趨勢。我們下一個目標，是把這些洞察轉化為更多互動機會，透過提升客戶的營養健康分數來改善其健康與福祉。

On the business frontier, one of our biggest learnings to date has been how our sales leaders are using this device to grow their businesses. Many of our sales leaders are primarily using Prysm iO as a wellness consultation tool to invite consumers into their own personal wellness journey, which is different from our earlier hypothesis of the Prysm iO being an in-home placement device.

在商業層面，我們迄今最大的學習之一，是銷售領袖如何運用這台裝置來拓展其業務。許多銷售領袖主要將 Prysm iO 作為健康諮詢工具，邀請消費者踏上個人的健康旅程；這與我們先前假設 Prysm iO 會是家用擺放裝置的想法不同。

These early insights are helping us refine our commercial strategy as we enter our next phase of global deployment to better assist our brand affiliates in performing wellness consultations at scale.

這些早期洞察正協助我們在進入下一階段全球部署時，精進商業策略，以更好地協助我們的品牌事業夥伴大規模進行健康諮詢。

As we work towards the longer-term vision of placing a Prysm iO in every healthy household, we expect to place 50,000 to 60,000 devices by year's end.

在我們朝向長期願景——讓每個健康家庭都擁有一台 Prysm iO——邁進的同時，我們預期在年底前配置 50,000 至 60,000 台裝置。

At our global live event in Japan this September, we plan to introduce the next generation of AI-enabled Prysm iO app, powered by our proprietary new intelligence platform to deliver even more personalized wellness assessments, product recommendations, and 90-day wellness plans to improve customer engagement, conversion, and lifetime value.

在今年 9 月於日本舉辦的全球現場活動中，我們計畫推出下一代 AI 賦能的 Prysm iO 應用程式，由我們專有的全新智慧平台驅動，提供更個人化的健康評估、產品推薦與 90 天健康計畫，以提升客戶互動、轉換率與終身價值。

In the future, the new intelligent proprietary trained agent will also assist our affiliates in their personalized wellness and business journeys with Nu Skin.

未來，這個全新的智慧型專有訓練代理也將協助我們的事業夥伴，在 Nu Skin 的個人化健康與事業旅程中前進。

Based upon early findings with Prysm iO, as well as new scientific research from institutions including Shanghai Jiao Tong University, Yonsei University in South Korea, and our collaborators such as Dr. Anne Chang at Stanford Medicine, we are expanding our understanding of how nutritional and lifestyle impact biological aging, reinforcing our belief that the future of wellness will increasingly focus on extending health span or the quality of years lived, not only the quantity or longevity of those years.

基於 Prysm iO 的早期發現，以及來自包括上海交通大學、韓國延世大學等機構的新科學研究，並結合我們的合作夥伴（例如史丹佛醫學院的 Anne Chang 醫師）的研究成果，我們正在擴展對營養與生活型態如何影響生物老化的理解，並強化我們的信念：未來的健康管理將愈來愈聚焦於延長健康壽命（health span）或提升已度過年歲的品質，而不僅是年數的多寡或壽命長短。

This work is now informing the next stage of anti-aging research and our aging response modulator science and an approach to anti-aging research incorporating epigenetics that we believe will fuel our next generation of innovation.

這項工作正為抗老研究的下一階段提供指引，包括我們的老化反應調節因子（aging response modulator）科學，以及我們認為將表觀遺傳學納入抗老研究的方法，將驅動我們下一代的創新。

In addition to supporting the continued rollout of Prysm iO, we will introduce a new range of products at our live event, including two new products to support women's unique health needs, helping support hormonal balance and empowering women through every stage of life. These innovations further demonstrate our commitment to advancing our intelligent anti-aging leadership position.

除了支持 Prysm iO 的持續推廣外，我們也將在現場活動中推出一系列新產品，包括兩款支持女性獨特健康需求的新產品，協助支持荷爾蒙平衡，並賦能女性走過人生每個階段。這些創新進一步展現我們致力於推進智慧抗老領導地位的承諾。

Our second strategic priority is engaging, aligning, and empowering our sales force to grow the channel. While our field continues to demonstrate resilience in a difficult operating environment, recruiting and leadership development remain below the levels needed to return the business to sustainable growth.

我們的第二項策略優先事項，是提升銷售隊伍的參與度、對齊與賦能，以推動通路成長。儘管在艱困的營運環境下，我們的業務夥伴持續展現韌性，但招募與領導力發展仍低於讓業務回到可持續成長所需的水準。

Over the past several months, we've been redesigning how we reward, recognize, and empower leadership globally to empower them to do what they do best, build a network of independent entrepreneurs.

過去幾個月，我們一直在重新設計全球領導者的獎勵、表揚與賦能方式，讓他們能更專注於最擅長的事——建立獨立創業者的網絡。

We continue to refine our global compensation framework to place greater emphasis on balancing product selling, team building, and leadership development, while maintaining appropriate flexibility for local market needs, including modifications to mainland China's distinct business model.

我們持續精進全球獎酬架構，更加強調在產品銷售、團隊建立與領導力發展之間取得平衡，同時保留符合各地市場需求的適度彈性，包括對中國大陸獨特商業模式的調整。

This revised framework has been rolled out across the Americas and Pacific in the first half of '26 and will continue into other markets throughout 2027.

此一修訂後的架構已於 2026 年上半年在美洲與太平洋地區推出，並將在 2027 年持續推廣至其他市場。

Our greatest strength is our global leadership. And this fall, we will begin introducing a new leadership achievement roadmap which will provide clearer developmental pathways, stronger recognition, and incentives that reinforce long-term leadership building.

我們最大的優勢是全球領導力。今年秋季，我們將開始推出全新的領導成就路線圖，提供更清晰的發展途徑、更強的表揚機制，以及強化長期領導力建構的獎勵。

This progressive system will be accompanied by increasing investments in leadership achievements by working more closely with our field leaders to better assist in training and development of new affiliates on the skills and capabilities required for today's evolving environment.

這套循序漸進的系統，將伴隨對領導成就的持續加碼投資；我們也將與業務領袖更緊密合作，以更有效協助新事業夥伴的訓練與發展，培養在當今快速演變環境中所需的技能與能力。

Sustainable growth begins with successful leaders who find, develop, and mentor the next generation of aspiring entrepreneurs and strengthening our commitment to our talented leadership remains one of our top priorities.

可持續成長始於成功的領導者——他們能發掘、培育並指導下一代有志創業者；強化我們對優秀領導團隊的承諾，仍是我們最重要的優先事項之一。

Our third strategic priority is expanding our growth opportunities in emerging markets. Across Latin America, we continue to navigate a mixed macroeconomic environment while remaining encouraged by the long-term opportunities in the region. Our leaders throughout the region continue to demonstrate strong commitment and resilience to building the business in spite of persistent disruptions.

我們的第三項策略優先事項，是在新興市場擴大成長機會。在拉丁美洲，我們持續因應好壞參半的總體經濟環境，同時仍對該地區的長期機會感到鼓舞。儘管干擾持續存在，該地區的領導者仍展現出對建立業務的高度承諾與韌性。

In India, our focus during the first half of the year has been on building the operational foundation necessary for long-term success, including high-quality local product sourcing, integrated supply chain, technology, and regulatory readiness.

在印度，今年上半年我們的重點是建立長期成功所需的營運基礎，包括高品質的在地產品採購、整合式供應鏈、科技能力，以及法規合規準備。

As we've progressed, we've identified additional opportunities to refine elements of our business model before formally launching into the market. And as a result, we've decided to move our full market launch into the first half of 2027 to ensure business model operational and field readiness for this significant long-term opportunity.

隨著我們持續推進，我們已辨識出在正式進入市場之前，仍有更多機會可進一步精進我們商業模式的若干要素。因此，我們決定將全面市場上市時程延後至 2027 年上半年，以確保在這項重大的長期機會上，我們的商業模式在營運與前線執行層面都已準備就緒。

While this extends our formal opening timeline for India, we believe taking the time to optimize the model today will position us for a stronger and more sustainable growth once we scale the market.

雖然這會延後我們在印度的正式開業時程，但我們相信，現在花時間把模式最佳化，將使我們在市場擴張後能實現更強勁且更可持續的成長。

In parallel with our growth initiatives, we'll equally focus on improving profitability along the way. We continue to optimize our gross margin through thoughtful price actions, supply chain efficiencies, and infrastructure improvements as we work towards our long-term objective of approximately 80% gross margin in our core business.

在推動成長計畫的同時，我們也將同等重視在過程中提升獲利能力。我們持續透過審慎的價格調整、供應鏈效率提升與基礎設施改善來優化毛利率，並朝向核心業務長期約 80% 毛利率的目標邁進。

This includes strategic price increases to offset rising costs of goods around the globe, as well as realigning manufacturing to further leverage our facilities in China for our Asia-based businesses and our US facilities for our Western businesses.

這包括策略性調漲價格以抵銷全球商品成本上升，以及重新調整製造布局，以進一步運用我們在中國的設施服務亞洲業務，並以美國的設施服務西方市場業務。

From an operations perspective, our East and West markets each deploy unique approaches to the business and so to better enable our leaders and business to grow in these adjacent models, our Chief Operating Officer, Chayce Clark, is leading an effort to build out a more distinct East-West structure, which marks a shift from our current approach focusing on seven distinct regions and will result in our global teams being better positioned to support our customers and sales leaders.

從營運角度來看，我們的東、西方市場各自採用不同的業務方法；為了更好地支持領導團隊與業務在這些相鄰模式中成長，我們的營運長 Chayce Clark 正主導一項工作，建立更清晰的東西方架構。這代表我們將從目前以七個獨立區域為重點的做法轉變，並使全球團隊更能到位地支援客戶與銷售領導者。

This transition will occur over the next two quarters and is intended to create a more agile, efficient, and growth-oriented organization.

此一轉型將在未來兩個季度內完成，旨在打造更敏捷、更高效率且更以成長為導向的組織。

And with that, I'll turn the time over to Chelsea to go through some of the financial details.

接下來，我把時間交給 Chelsea，請她說明一些財務細節。

Thanks, Ryan, and good afternoon, everyone.

謝謝你，Ryan，各位下午好。

Today, I'll review our second-quarter results, discuss our outlook for the third quarter, and provide an update to our full-year guidance.

今天我將回顧我們第二季的業績，討論第三季展望，並更新我們的全年財測指引。

Second quarter revenue was $320.1 million, including an approximate 1% or $4 million foreign currency headwind. Reported earnings per share were negative $5.14 or a positive $0.20 excluding non-cash accounting charges related to a goodwill impairment and a valuation allowance on our US deferred tax assets.

第二季營收為 3.201 億美元，其中包含約 1%（約 400 萬美元）的外幣不利影響。每股盈餘（EPS）按報表口徑為負 5.14 美元；若排除與商譽減損及美國遞延所得稅資產估值備抵相關的非現金會計費用，則為正 0.20 美元。

Adjusted earnings per share were in line with our guidance range.

調整後每股盈餘符合我們的指引區間。

Gross margin for the quarter was 68.2% compared to 68.8% in the prior year, reflecting the revenue mix between the Nu Skin Core and Rise businesses.

本季毛利率為 68.2%，相較去年同期的 68.8% 略降，反映 Nu Skin 核心業務與 Rise 業務之間的營收組合變化。

Within the Core Nu Skin business, gross margin improved to 77.7%, up 20 basis points from the prior year, reflecting continued progress on our margin improvement initiatives. Selling expense as a percentage of revenue was 33.7% compared to 33.2% in the prior year.

在 Nu Skin 核心業務中，毛利率提升至 77.7%，較去年同期增加 20 個基點，反映我們在毛利改善計畫上持續取得進展。銷售費用占營收比重為 33.7%，去年同期為 33.2%。

Within the Core Nu Skin business, selling expense was 39.8%, down slightly from 40% in the prior year.

在 Nu Skin 核心業務中，銷售費用占比為 39.8%，較去年同期的 40% 略降。

General and administrative expenses declined by $15.9 million year over oyear, reflecting continued cost discipline while maintaining investments in our strategic priorities. G&A represented 28.4% of revenue compared to 27.6% in the prior year.

一般及行政費用（G&A）年減 1,590 萬美元，反映我們在維持策略重點投資的同時，持續落實成本紀律。G&A 占營收比重為 28.4%，去年同期為 27.6%。

Adjusted operating margin for the quarter was 6.1% compared to 8% in the prior year.

本季調整後營業利益率為 6.1%，去年同期為 8%。

Following the year-to-date changes in our market capitalization, we performed an interim goodwill impairment assessment resulting in a $78.9 million non-cash goodwill impairment charge related to our Rise Manufacturing Reporting Unit.

鑑於年初至今市值的變動，我們進行了期中商譽減損評估，並就 Rise 製造報導單位認列 7,890 萬美元的非現金商譽減損費用。

The goodwill impairment also led us to reassess the realizability of our deferred tax assets resulting in a $167.5 million non-cash valuation allowance within income tax expense.

商譽減損也促使我們重新評估遞延所得稅資產的可實現性，並在所得稅費用中認列 1.675 億美元的非現金估值備抵。

We have excluded these non-cash accounting adjustments from our adjusted results as we do not believe they are indicative of our ongoing operating performance.

我們已將這些非現金會計調整自調整後結果中排除，因為我們認為它們並不代表我們持續性的營運表現。

Our effective tax rate for the quarter was 295.4% or positive 36.6% on an adjusted basis compared to 23% in the prior year.

本季有效稅率為 295.4%；按調整後口徑則為正 36.6%，去年同期為 23%。

As Ryan discussed, we will be implementing an East-West operating model designed to better align our resources with the needs of our markets while creating a more agile organization. We expect these changes to improve operating efficiency and generate meaningful cost savings beginning in the second half of this year with a larger benefit in 2027.

如 Ryan 所提，我們將導入東西方營運模式，以更好地使資源配置與各市場需求對齊，同時打造更敏捷的組織。我們預期這些變革將提升營運效率，並自今年下半年起帶來具意義的成本節省，且在 2027 年效益更為顯著。

We currently anticipate approximately $5 million to $10 million in cash-based organizational transition costs through the remainder of the year, which are excluded from our adjusted earnings guidance.

我們目前預估，今年剩餘期間將產生約 500 萬至 1,000 萬美元的以現金為基礎之組織轉型成本；該等成本已自我們的調整後盈餘指引中排除。

On the balance sheet, we continue to maintain a strong liquidity position and remain focused on disciplined capital allocation.

在資產負債表方面，我們持續維持強勁的流動性部位，並專注於有紀律的資本配置。

During the quarter, we generated $10.6 million of operating cash flow and ended the quarter with $189.6 million of cash and cash equivalents. Total debt at quarter end was $213.7 million.

本季我們產生 1,060 萬美元的營運現金流，季末現金及約當現金為 1.896 億美元。季末總負債為 2.137 億美元。

We also returned $2.9 million to shareholders through dividends during the quarter. We did not repurchase shares and ended the period with $137.3 million remaining under our current authorization.

本季我們亦透過股利向股東回饋 290 萬美元。我們未進行庫藏股回購，期末在現行授權額度下仍餘 1.373 億美元可用。

Looking ahead, our adjusted guidance reflects current business trends and our expectations for the remainder of the year.

展望未來，我們的調整後指引反映目前的業務趨勢以及我們對今年剩餘期間的預期。

For the third quarter, we expect revenue in the range of $310 million to $340 million, including an anticipated 2% to 3% foreign currency headwind. We expect reported earnings per share in the range of $0.0 to $0.09 or adjusted earnings per share of $0.10 to $0.20.

第三季我們預期營收介於 3.10 億至 3.40 億美元之間，其中包含預估 2% 至 3% 的外幣不利影響。我們預期按報表口徑每股盈餘介於 0.00 至 0.09 美元之間；或調整後每股盈餘介於 0.10 至 0.20 美元之間。

For the full year, we now expect revenue of $1.28 billion to $1.35 billion, including an anticipated foreign currency headwind of approximately 1%. We expect annual reported earnings per share of negative $4.90 to negative $4.73 or adjusted earnings per share of $0.70 to $0.90.

就全年而言，我們目前預期營收為 12.8 億至 13.5 億美元，其中包含約 1% 的外幣不利影響。我們預期全年按報表口徑每股盈餘為負 4.90 至負 4.73 美元；或調整後每股盈餘為 0.70 至 0.90 美元。

Our adjusted EPS guidance excludes certain first-quarter charges, the second-quarter goodwill impairment, anticipated second-half organizational transition costs, and the deferred tax valuation allowance. After these adjustments, our guidance reflects an effective tax rate of approximately 35%.

我們的調整後 EPS 指引排除第一季的特定費用、第二季商譽減損、預期下半年組織轉型成本，以及遞延所得稅估值備抵。在完成上述調整後，我們的指引反映約 35% 的有效稅率。

Our outlook incorporates the continued adoption of our strategic initiatives as well as the expected benefits from our ongoing cost optimization and margin improvement initiatives. As we move forward, our focus remains on disciplined execution, improving profitability, and continuing to invest in the initiatives that strengthen our business and position us for sustainable growth.

我們的展望納入策略計畫持續被採用的進展，以及我們持續推動成本最佳化與毛利改善計畫所帶來的預期效益。展望未來，我們仍將專注於有紀律的執行、提升獲利能力，並持續投資於能強化業務並使我們具備可持續成長定位的各項計畫。

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

接下來，接線員，我們現在開放提問。

(Operator Instructions) Dave Storms, Stonegate.

(接線員指示) Dave Storms，Stonegate。

Afternoon. I appreciate you taking my questions.

下午好。感謝你們回答我的問題。

I wanted to maybe start with India. You mentioned that it's going to push back a little bit. Sounds very intentional. Maybe you could spend a little more time talking about what you've learned and what the pushback should yield?

我想也許先從印度談起。你們提到會稍微往後延。聽起來是非常有意為之。也許你們可以多花點時間談談你們學到了什麼，以及這次延後預期會帶來什麼成果？

Yeah, Dave. With respect to India, as we look to that market, clearly India is one of the most robust or more robust growing direct selling markets in the world, continues to report strong year-over-year growth across the industry, but it's also a very nuanced market.

好的，Dave。就印度而言，當我們看這個市場時，很明顯印度是全球最強勁、或更強勁成長的直銷市場之一，整體產業持續呈現強勁的年增成長，但它同時也是一個非常細緻且需要深入理解的市場。

So as we've begun our exploration in Q4 of this past year, several of the key learnings that we've taken out of that include, one, how do we ensure Nu Skin's standard of quality for our products is maintained through local manufacturing partners. So how do we improve that and ensure that that's on par with our 6S quality process; two, logistics in the market are unique and complex.

因此，自去年第四季開始探索以來，我們得到的幾項關鍵學習包括：第一，如何確保透過在地製造合作夥伴仍能維持 Nu Skin 對產品品質的標準。也就是說，我們要如何改善並確保其與我們的 6S 品質流程一致；第二，該市場的物流具有獨特性且相當複雜。

Moving forward, how do we get the right partnerships that know the local market needs beyond maybe more of the global considerations as we go?

展望未來，當我們持續推進時，如何找到合適的合作夥伴，能夠理解在地市場需求，而不僅僅是更偏向全球層面的考量？

Three, technologically, we have good partners there in our Infosys managed service provider, but how do we ensure that we integrate our systems effectively into kind of the government structure, payment systems, et cetera.

第三，在技術層面，我們在 Infosys 的託管服務供應商方面有很好的合作夥伴，但我們要如何確保能將我們的系統有效整合到政府架構、支付系統等之中。

So all three of those areas for us have been we've been refining in the first half of this year and they're on track. What we want to do as we evaluate the model moving forward is to ensure that the actual business model, in other words, how our affiliates will grow the business in India based upon our first six or seven months of learning, that we optimize in order to enable better network building capabilities in the market.

因此，對我們而言，這三個領域在今年上半年一直在持續精進，而且進度都在軌道上。在我們評估未來的模式時，我們想做的是確保實際的商業模式——換句話說，根據我們前六到七個月的學習，我們的夥伴將如何在印度拓展業務——能夠加以最佳化，以提升我們在市場上建立網路的能力。

Every business is a little different and India is as well, and so we just want -- we're taking this time now to refine the business model, make sure that it syncs well with local practices, commercial practices there to enable ourselves to build longer-term more effectively. So we anticipate it being a first-half opening.

每個市場都有些不同，印度也不例外，所以我們只是想——我們正利用現在這段時間來精進商業模式，確保它能與當地的作業方式、商業慣例良好接軌，讓我們能更有效地建立長期布局。因此我們預期會在上半年正式開業。

The market today, we are able to facilitate business in terms of products and building out our network. But in terms of actual opening, we want to make sure to have all of these elements dialed in most effectively. And the business model is where we're going to be focusing here over the next few months to ensure that we have that right.

就目前市場而言，我們已能在產品推進與網路建置方面促成業務運作。但就正式開業而言，我們希望確保所有這些要素都能最有效地到位。而商業模式將是我們未來幾個月的重點，以確保我們把它做對。

That's great. I appreciate it.

太好了。感謝你的說明。

I also wanted to ask you a question around the sales force, and I wanted to ask it, maybe through the lens of Prysm, with Prysm being maybe more of a wellness than a beauty product. Does that open up the aperture of the profile of someone who could be maybe a sales leader, or does that shift the focus of someone who could be a sales leader?

我也想就銷售團隊問一個問題，我想也許可以從 Prysm 的角度來看，因為 Prysm 可能更偏向健康而非美容產品。這是否會擴大可能擔任銷售領導者的人才輪廓，或是改變對銷售領導者的重點要求？

No, it might be a little nuanced, but yeah.

不，可能會有些細微差異，但會的。

Yeah, Dave, no, that's actually a very helpful question and insightful for two different reasons.

是的，Dave，不，這其實是一個非常有幫助、也很有洞見的問題，原因有兩點。

One is the question you're asking, which is, in the western part of the world for us, particularly the Americas and Europe, our business is predominantly beauty. And so when we put a new innovation into the market or it's become more beauty, I should say, we've historically been balanced between beauty and wellness almost 50-50, but different geographies perform differently.

第一點是你問的這個問題：在我們所處的西方市場，特別是美洲與歐洲，我們的業務主要以美容為主。因此當我們把一項新創新帶入市場，或更偏向美容時——我應該說，我們歷來在美容與健康之間大致維持接近 50-50 的平衡，但不同地區的表現確實不同。

So as we take a new product or device like Prysm iO, which is an intelligent wellness journey, there is a learning curve for those beauty consultants or affiliates to really learn how to not only how to explain a wellness product for themselves, but also how to then sell it and build a network or a sales team around that. So that learning process for sure is one of the factors that kind of drove kind of results on the first half being a bit below where we see them being.

因此，當我們推出像 Prysm iO 這樣的新產品或裝置——它是一段智慧健康旅程——對那些美容顧問或夥伴而言，確實存在學習曲線：不僅要學會如何向自己理解並說明健康產品，還要學會如何銷售它，並圍繞它建立網路或銷售團隊。所以這個學習過程無疑是其中一個因素，某種程度上導致上半年結果略低於我們認為應有的水準。

Moving into the future, however, it does lend well towards -- we found that beauty and wellness play well together because typically, consumers who are interested in one category are interested in the other. So we see long-term there to be synergies between the two. It's kind of overcoming the near-term implications of just beauty folks trying to learn how to sell wellness.

不過展望未來，它確實也很契合——我們發現美容與健康能很好地相互搭配，因為通常對其中一個品類有興趣的消費者，也會對另一個品類有興趣。因此我們認為長期而言兩者之間會有協同效應。目前要克服的，是短期內美容領域的人員需要學習如何銷售健康產品所帶來的影響。

And that will typically happen in different cycles as we go. So that's kind of our focus right now is getting those salespeople oriented to be able to sell wellness and Prysm iO effectively.

而這通常會在我們推進過程中的不同週期發生。所以我們目前的重點，就是讓這些銷售人員完成定位與訓練，能夠有效銷售健康產品與 Prysm iO。

Understood. I really appreciate that. And then maybe just one more one to touch on guidance real quick here. It's implying that Q4 will be pretty strong from an adjusted EPS standpoint.

了解。我非常感謝這些說明。接著也許再快速問一個關於財測指引的問題。這暗示第四季在調整後 EPS 的角度會相當強勁。

I got to imagine most of that is as you get close to that 50, 60 devices by year end. Is there anything else that we should be looking into maybe the second half of the year that could put you on view of the higher or lower end of guidance?

我想其中大部分應該是因為你們在年底前接近 50、60 台裝置的規模。那麼在今年下半年，還有沒有其他我們應該關注的因素，可能讓結果落在指引區間的高端或低端？

Yeah, no, I think the few things that we're looking at for the second half of this year, number one, and I think you mentioned that already, as we continue to see interest and excitement building on Prysm iO, that's helpful.

是的，我認為我們在今年下半年關注的幾件事：第一，而且我想你已經提到了，隨著我們持續看到市場對 Prysm iO 的興趣與熱度提升，這會有幫助。

Two, coming out of the live event, this is really our opportunity. It happens only once every couple of years where we're able to really sit down and align with our leadership around the globe deeper than just our top tier leaders.

第二，隨著全球現場大會結束，這其實是我們的重要機會。這種機會每隔幾年才有一次，讓我們能真正坐下來，與全球領導團隊做更深層的對齊，而不只是與最頂尖層級的領導者。

This year in Japan, we expect over 10,000 attendees that are largely made-up of the mid to higher level leadership in the company to be able to really align with them, explain to them what we've learned so far about Prysm, what the new opportunities are with this AI-enabled app that will help them more effectively create conversion and opportunities for depth of customer lifetime value creation, as well as this new aging response modulator science that we're pretty excited about from an epigenetic standpoint.

今年在日本，我們預期會有超過 10,000 名與會者，主要由公司中高階領導者組成；我們能與他們充分對齊，向他們說明我們迄今對 Prysm 的學習、這個 AI 驅動 App 所帶來的新機會——它將幫助他們更有效地提升轉換，並創造更深層的客戶終身價值（Customer Lifetime Value）機會——以及我們從表觀遺傳學角度非常興奮的全新「老化反應調節器」科學。

We're going to be able to talk with them and get them comfortable with where we see our anti-aging platform going.

我們也將能與他們交流，讓他們對我們所看到的抗老平台發展方向更有信心。

And then the third part of it in Q4, traditionally, it is a strong promotion quarter. Obviously, Black Friday and various holiday-based promotions, but also promotions in the East that tend to drive the fourth quarter better as well. So those are our opportunities as we look forward into the fourth quarter.

第三部分是在第四季，傳統上這是一個促銷力道很強的季度。當然包括黑色星期五與各種節慶促銷，但也包括東方市場的促銷活動，往往也會帶動第四季表現更好。因此，這些就是我們展望第四季時看到的機會。

That's perfect. I appreciate the time and wish you luck in the next quarter.

非常好。感謝你撥冗，也祝你們下一季順利。

Thanks, Dave.

謝謝你，Dave。

Thank you.

謝謝。

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

謝謝。目前顯示沒有進一步的提問。現在我想把時間交回給 Ryan Napierski 作結語。

Well, thank you very much.

好的，非常感謝。

So just closing up, we talked about the important elements that are coming forward in the second half of our year. We're building out our intelligent wellness platform that combines the world-class anti-aging accomplishments of ageLOC with this new burgeoning aging response modulator science and combines that with the power of our AI platform and Prysm iO.

最後做個總結，我們談到了今年下半年即將推進的重要要素。我們正在打造智慧健康平台，把 ageLOC 世界級的抗老成果與這門新興且快速成長的「老化反應調節器」科學結合，並結合我們 AI 平台與 Prysm iO 的力量。

We're strengthening the foundation of our sales force with an improved compensation and incentive structure, and we're positioning the company to grow more effectively through our emerging markets, particularly India, in this mid- to long-term opportunity that we see as very vibrant moving forward.

我們也透過改善的薪酬與獎勵制度來強化銷售團隊的基礎，並透過新興市場——特別是印度——來定位公司更有效成長；我們認為這是一個中長期非常蓬勃的機會。

As we do all of those things, we're creating a more effective organization capable of delivering stronger growth and profitability both in the Eastern and Western hemispheres over time. And we look forward to this upcoming global live event where we can meet with our top leaders to align with them around our aging response modulator science, showcasing this next phase of Prysm iO and AI innovation, aligning with our field leadership on the go-forward plan and our leader elite roadmap, and continuing to prepare for India and the formal launch of that in the first half of '27.

在推進上述各項工作的同時，我們正在打造一個更有效率的組織，隨時間在東、西半球都能帶來更強勁的成長與獲利能力。我們也期待即將到來的全球現場大會，屆時我們能與頂尖領導者會面，圍繞我們的老化反應調節器科學進行對齊，展示 Prysm iO 與 AI 創新的下一階段，與我們的業務領導團隊對齊未來推進計畫與領袖菁英路線圖，並持續為印度以及 27 年上半年的正式上市做準備。

So while there's still significant work ahead, we remain confident that these initiatives position Nu Skin to create greater long-term value for our customers, affiliates, shareholders, and all of our stakeholders moving forward.

因此，儘管前方仍有大量工作要做，我們仍有信心，這些舉措將使 Nu Skin 在未來為我們的顧客、夥伴、股東以及所有利害關係人創造更大的長期價值。

And with that, thank you for joining us. We'll keep you updated as we go.

最後，感謝各位加入我們。我們會在推進過程中持續向各位更新。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。