Perfect Corp (PERF) 2024 Q2 法說會逐字稿

Good morning and good evening, ladies and gentlemen.

早安，晚上好，女士們先生們。

Thank you for standing by and welcome to Perfect Corps' second-quarter 2024 earnings conference call.

感謝您的耐心等待並歡迎參加 Perfect Corps 的 2024 年第二季財報電話會議。

(Operator Instructions) Please note that today's event is being recorded.

（操作員說明）請注意，今天的活動正在錄製中。

I will now turn the conference over to the first speaker today, Mr. Jimmy Shu, Director, IR Director of the company, please go ahead.

現在我將會議交給今天的第一位發言者，公司董事、IR總監舒吉米先生，請繼續。

Thank you.

謝謝。

And hello, everyone.

大家好。

Welcome to Perfect Corp's second-quarter 2024 call.

歡迎參加 Perfect Corp 的 2024 年第二季電話會議。

With us today are Ms. Alice Chang, our Founder, Chairwoman, and Chief Executive Officer; Mr. Louis Chen, our Executive Vice President and Chief Strategy Officer; and Ms. Iris Chen, Vice President of Finance and Accounting.

今天與我們在一起的有我們的創辦人、董事長兼執行長 Alice Chang 女士；陳路易先生，我們的執行副總裁兼首席策略長；以及財務會計副總裁Iris Chen女士。

You can refer to our second-quarter 2024 financial results on our ION website or in the form 6-K we filed with SEC earlier.

您可以在我們的 ION 網站上或我們之前向 SEC 提交的 6-K 表格中參考我們的 2024 年第二季財務業績。

A replay of this call will also be available on our website shortly after its conclusion.

本次電話會議結束後不久，我們的網站上也會提供該電話會議的重播。

For today's call, management will provide our prepared remarks, followed by a Q&A session.

在今天的電話會議中，管理階層將提供我們準備好的發言，然後進行問答環節。

Before we continue, I would like to refer you to our safe harbor statement in our earnings press releases.

在我們繼續之前，我想請您參閱我們的收益新聞稿中的安全港聲明。

This call may contain forward-looking statements regarding performance, anticipated plans, original results, and our objectives.

本次電話會議可能包含有關業績、預期計劃、原始結果和我們的目標的前瞻性陳述。

Forward-looking statements are based on management's expectations and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our call today.

前瞻性陳述是基於管理階層的預期，並受到眾多風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天電話會議中明示或暗示的結果有重大差異。

Perfect Corp undertakes no obligation to update any forward-looking statements except as required by law after the date of this call.

Perfect Corp 不承擔更新任何前瞻性聲明的義務，除非在本次電話會議之後法律要求。

Please note that all numbers stated in management's prepared remarks are in US dollars, and we will discuss non-IFRS measures today.

請注意，管理層準備好的評論中所述的所有數字均以美元為單位，我們今天將討論非國際財務報告準則措施。

I will now turn the call over to our CEO, Ms. Alice Chang.

現在我將把電話轉給我們的執行長 Alice Chang 女士。

Thank you, Jimmy, and welcome to Perfect Quartz 2024 second quarter earnings call.

謝謝吉米，歡迎參加 Perfect Quartz 2024 年第二季財報電話會議。

We have some exciting news to share today.

今天我們有一些令人興奮的消息要分享。

Let's get started leveraging our advanced AI capabilities.

讓我們開始利用我們先進的人工智慧功能。

We started the first half of 2024 with a strong growth within our previous provided guidance.

2024 年上半年伊始，我們在先前提供的指導範圍內實現了強勁成長。

Our first-half revenue grew by 13.5% year over year to $28.2 million.

我們上半年的營收年增 13.5% 至 2,820 萬美元。

Our net income grew 185% year over year to a positive $1.4 million and the adjusted net income increased 26.2% to $2.8 million compared to first half of last year.

我們的淨利潤年增 185%，達到 140 萬美元，調整後淨利比去年上半年成長 26.2%，達到 280 萬美元。

The double-digit increase in revenue and the positive net income were driven by the strong growth in our AI-AR cloud solutions and the subscription services for mobile beauty apps and enterprise business both.

兩位數的收入成長和正的淨利潤是由我們的AI-AR雲端解決方案以及行動美容應用程式和企業業務的訂閱服務的強勁成長所推動的。

Both businesses benefited from our superior AI-AR technologies and contributed to increase in the top line and also to the profitability.

這兩項業務都受益於我們卓越的 AI-AR 技術，並為收入和盈利能力的成長做出了貢獻。

The first half of 2024 saw our operating cash flow generate a net inflow of $5.5 million.

2024 年上半年，我們的營運現金流淨流入 550 萬美元。

In the second quarter, our continuous improvement in the company bottom line showed a net income $0.8 million compared to net loss of $0.2 million during the same period in 2023.

第二季度，我們公司獲利持續改善，淨利潤為 80 萬美元，而 2023 年同期淨虧損為 20 萬美元。

Our operational strength lies in efficient cost management initiatives, improvement in operational efficiency while sustaining our competitive edge, investments in AI-AR services, and continuous development in our market footprint.

我們的營運優勢在於高效的成本管理計劃、在保持競爭優勢的同時提高營運效率、對 AI-AR 服務的投資以及市場足跡的持續發展。

Furthermore, we delivered $1.3 million in adjusted net income for the second quarter of 2024 versus $0.9 million in the same period of 2023, an increase of 43.8%.

此外，我們在 2024 年第二季實現了 130 萬美元的調整後淨利潤，而 2023 年同期為 90 萬美元，成長了 43.8%。

An essential advantage we possess is leverage in our unified AI engine for both consumer mobile apps and enterprise SaaS solutions, allowing us to maximize innovation across various sectors.

我們擁有的一個重要優勢是利用我們針對消費者行動應用程式和企業 SaaS 解決方案的統一人工智慧引擎，使我們能夠在各個領域實現最大程度的創新。

Our B2C business, particularly our mobile beauty app, has continued to grow very strong.

我們的 B2C 業務，特別是我們的行動美容應用程序，持續強勁成長。

We witnessed an 18.3% year-over-year increase in our mobile beauty app active subscribers, reaching a historical high of over 919,000.

我們的行動美容應用程式活躍用戶年增 18.3%，達到超過 919,000 的歷史新高。

This sustained growth in active subscribers is a testament to the increasing demand for mobile apps that empower users to edit, enhance, and beautify their photos and videos.

活躍訂閱者的持續成長證明了對行動應用程式的需求不斷增長，這些應用程式使用戶能夠編輯、增強和美化他們的照片和影片。

It also indicates a more promising future for our mobile apps in our user base.

這也預示著我們的行動應用程式在我們的用戶群中前景更加光明。

Our suite of UCAM apps continues to lead the innovative digital solutions.

我們的 UCAM 應用程式套件繼續引領創新的數位解決方案。

Harness cutting-edge technologies like GNI for photos and videos.

利用 GNI 等尖端技術來拍攝照片和影片。

Users can now explore and express their unique styles in photos, videos, and artworks, unlocking their creativity through the latest AI capabilities.

用戶現在可以在照片、影片和藝術品中探索和表達自己的獨特風格，透過最新的人工智慧功能釋放他們的創造力。

As mentioned earlier, we have introduced quite a few enhancements driven by GenAI, including AI avatar, AI fashion, AI hairstyle, AI Headshot, AI Studio, AI Color, and AI Enhanced Photo Video Editing Tool.

如同前面提到的，我們引入了許多由GenAI驅動的增強功能，包括AI頭像、AI時尚、AI髮型、AI頭像、AI Studio、AI色彩和AI增強照片影片編輯工具。

These tools offer users sophisticated options for beautification and enhancement, setting new standards in digital creativity, and showcasing our commitment to continuous innovation.

這些工具為用戶提供了複雜的美化和增強選項，樹立了數位創意的新標準，並展示了我們對持續創新的承諾。

Turn to our B2B operations.

轉向我們的 B2B 營運。

This quarter, we focused in the B2B sector centered on enhancing market penetration across various verticals.

本季度，我們將重點放在 B2B 領域，重點是提高各個垂直領域的市場滲透率。

We made additional inroads in AI-powered skin diagnostics products and the jewelry fashion versus try-on solutions.

我們在人工智慧驅動的皮膚診斷產品和珠寶時尚與試戴解決方案方面取得了更多進展。

Simultaneously, we expanded the adoption of our Omega VTO across all brands in the region.

同時，我們擴大了該地區所有品牌對 Omega VTO 的採用。

We secure multiple new contracts for our beauty skin care and jewelry solutions within B2B sectors, highlighting strong demand for our comprehensive offers in advanced technology across diverse industries.

我們在 B2B 領域就美容護膚和珠寶解決方案獲得了多份新合同，突顯了不同行業對我們先進技術綜合產品的強勁需求。

Additionally, we successfully renewed major licenses with key beauty groups and retailers.

此外，我們也成功與主要美容集團和零售商續簽了主要許可證。

This renewal underscores the growing trust in our solution to meet evolving demands and affirm our leadership in VTO virtual try-on services.

此次更新凸顯了人們對我們的解決方案日益增長的信任，以滿足不斷變化的需求，並肯定了我們在 VTO 虛擬試戴服務方面的領導地位。

Furthermore, we leveraged this opportunity to cross-sell to affiliated brands and offer expanded services, including broader skill selections and market expansion.

此外，我們利用這個機會向附屬品牌進行交叉銷售並提供擴展的服務，包括更廣泛的技能選擇和市場擴張。

The strong revenue growth this quarter reflects the continuous recovery in sales cycles and the expansion of our enterprise business pipeline.

本季營收的強勁成長反映了銷售週期的持續復甦和我們企業業務管道的擴張。

Another exciting event took place during the second quarter.

第二季度還發生了另一件令人興奮的事情。

We formally announced our generative AI framework for beauty, PerfectGPT, at our sixth annual Global Beauty and Fashion AI Forum in New York City this June.

今年 6 月，我們在紐約舉行的第六屆年度全球美容和時尚人工智慧論壇上正式宣布了我們的美容生成式人工智慧框架 PerfectGPT。

PerfectGPT is a framework that connects all other perfect beauty services, aiming at solving customer beauty and fashion pain points through natural language conversation LLM, large language model, and the generative AI visual content.

PerfectGPT是一個連接所有其他完美美容服務的框架，旨在透過自然語言對話LLM、大語言模型和生成式AI視覺內容來解決客戶美容和時尚痛點。

Any brand can use this framework to develop its own personalized AI assistant for beauty, skincare, and fashion, and deploy it in conjunction with other digital services for a unified consumer experience.

任何品牌都可以使用該框架開發自己的個人化美容、護膚和時尚人工智慧助手，並將其與其他數位服務結合部署，以獲得統一的消費者體驗。

Together with this PerfectGPT framework, we also announced a range of new beauty AI solutions. including the brand new services of BeautyGPT with specialized AI mega transfer, step-by-step tutorials, and product recommendations.

與 PerfectGPT 框架一起，我們還發布了一系列新的美容 AI 解決方案。包括BeautyGPT全新服務，專門的AI巨量傳輸、逐步教學和產品推薦。

Also, SkincareGPT with AI skin analysis and product recommendations.

此外，SkincareGPT 還提供人工智慧皮膚分析和產品推薦。

Down the road, we will develop more generative beauty fashion solutions using GPT technology, such as HairGPT, JewelryGPT, FashionGPT, and more. to enrich consumers' journey.

未來，我們將利用 GPT 技術開發更多生成性美容時尚解決方案，例如 HairGPT、JewelryGPT、FashionGPT 等。豐富消費者的旅程。

All these services can be integrated into a single touchpoint experience for consumers, all via a simple, intuitive, conversational way of an AI assistant, on-brand website, or in our app.

所有這些服務都可以透過人工智慧助理、品牌網站或我們的應用程式的簡單、直覺、對話方式整合到消費者的單一接觸點體驗中。

Besides connectivity, in Q2, we launched the world's first HD skin analysis solution capable of detecting two times higher precision when doing AI skin analysis on user's face.

除了連接性之外，我們在第二季度推出了全球首個高清皮膚分析解決方案，在對使用者臉部進行人工智慧皮膚分析時，其檢測精度提高了一倍。

The improved AI model can now handle more input data from the high-definition smartphone camera.

改進後的人工智慧模型現在可以處理更多來自高清智慧型手機相機的輸入資料。

And the upgrade enables brands and the clinics to perform an even more accurate analysis for user skin concerns.

此次升級使品牌和診所能夠對使用者的皮膚問題進行更準確的分析。

Plus, the AI skin solution is upgraded with a batch capability to handle a large amount of data images with a new AI skin score validator.

此外，AI皮膚解決方案還升級了批次能力，可以透過新的AI皮膚評分驗證器處理大量資料影像。

Right now in Brent Lab, Brent can use this new model to efficiently process large amounts of clinical test data and get results faster.

現在在布倫特實驗室，布倫特可以使用這種新模型來有效處理大量臨床測試數據並更快地獲得結果。

The innovation continues also in the AI makeup domain.

人工智慧化妝領域的創新也持續進行。

We pioneered the launch of the world's first AI mega-transfer with full loop creation.

我們率先推出了世界上第一個具有全循環創建的人工智慧大型傳輸。

This leading technology uses AI to detect and create exactly replicas of any training mega-loop from social media or from any photo out of a beauty magazine.

這項領先技術使用人工智慧來檢測和創建來自社交媒體或美容雜誌中任何照片的任何訓練巨型循環的精確複製品。

Our GenAI model can detect the color, texture, and the patterns of a loop and transport it seamlessly to the user's personal selfie photo.

我們的 GenAI 模型可以偵測循環的顏色、紋理和圖案，並將其無縫傳輸到使用者的個人自拍照。

Consumers can try all kinds of training loops with just one single photo image.

消費者只需一張照片即可嘗試各種訓練循環。

The AI model can further compare look shades and textures with our database of makeup product skills and offer users a recommendation of specific brand products.

人工智慧模型可以進一步將外觀色調和質地與我們的化妝品技能資料庫進行比較，並向用戶提供特定品牌產品的推薦。

On the jewelry side, we also launched the world's first real-time multi-category stacking capability virtual tryouts.

在珠寶方面，我們也推出了全球首個即時多品類疊加能力虛擬試鏡。

Consumers can now try pairing several items together, such as wearing multiple rings on different fingers or combining them with bracelets and watches at the same time.

消費者現在可以嘗試將多個物品搭配在一起，例如在不同的手指上佩戴多個戒指或同時將它們與手鐲和手錶組合在一起。

The enhanced capability is thanks to our improved tracking and rendering performance architecture to process multiple 3D objects all together directly from smartphone, CPU, GPU.

增強的功能得益於我們改進的追蹤和渲染效能架構，可以直接從智慧型手機、CPU、GPU 一起處理多個 3D 物件。

Our company is fully committed to create new AI innovations to help solve both the consumer's and the brand's pain points with our full line of AI services.

我們公司完全致力於創造新的人工智慧創新，透過我們的全系列人工智慧服務幫助解決消費者和品牌的痛點。

In closing, we achieved robust business performance in the second quarter and the first half of 2024, marked by strong revenue growth enhanced operational efficiency, and a positive financial outcome.

最後，我們在 2024 年第二季和上半年實現了強勁的業務業績，收入強勁增長，營運效率提高，財務成果積極。

Our B2C segment continue to experience rapid organic growth with the launch of a PerfectGPT and all other industry-leading AI technologies.

隨著 PerfectGPT 和所有其他領先業界的人工智慧技術的推出，我們的 B2C 部門繼續經歷快速的有機成長。

We are confident that Perfect Corp is strategically poised to seize expansion market opportunity for consumer and brand. and sustain our business goals, both in the near term and the longer term.

我們相信，Perfect Corp 已做好策略準備，為消費者和品牌抓住擴張市場的機會。並維持我們的短期和長期業務目標。

Driven by the good demand for both of our app subscription and enterprise SaaS renewal solution, we iterate our outlook for the full year 2024, projecting total revenue growth recognized under IFRX to range from 12% to 16% compared to the full year 2023 results.

在對我們的應用程式訂閱和企業SaaS 續訂解決方案的良好需求的推動下，我們重申了對2024 年全年的展望，預計IFRX 下確認的總收入增長將比2023 年全年業績增長12%至16%。

With that, I have concluded my remarks, and will now pass the call to Louis, who will discuss our financial details with you.

我的演講到此結束，現在將電話轉給路易斯，他將與您討論我們的財務細節。

Thank you.

謝謝。

Thank you, Alice.

謝謝你，愛麗絲。

Please note that all financial comparisons are on a year-over-year basis, and the reporting period is the second quarter of 2024 versus the comparable period in 2023, and that, on top of the International Financial Reporting Standard, measures, we will also discuss non-IFRF measures to provide greater clarity on the trends in our operations.

請注意，所有財務比較均按年計算，報告期間為 2024 年第二季與 2023 年可比較期間，除國際財務報告準則措施外，我們還將討論非IFRF 措施，以更清楚地了解我們的營運趨勢。

In the second quarter of 2024, our total revenue increased to $13.9 million from $12.7 million for the same period in 2023, representing year-over-year growth rate of 9.6%.

2024年第二季度，我們的總營收從2023年同期的1,270萬美元增至1,390萬美元，年成長率為9.6%。

The robust performance was mainly due to the consistent growth momentum of our AI-AR cloud solutions and mobile app subscription business. which is also the main focus of our business model transformation, carried out in the past few years to convert legacy contracts from licensing revenue into recurring subscription revenue.

強勁的業績主要得益於我們的AI-AR雲端解決方案和行動應用訂閱業務的持續成長勢頭。這也是我們過去幾年進行的業務模式轉型的主要重點，將遺留合約從授權收入轉變為經常性訂閱收入。

Our AI and AR cloud solution and subscription revenue saw a much stronger increase versus the total revenue increase rate, reaching $12.9 million in the second quarter of 2024, a 17.4% rise compared to the same period in 2023.

與總營收成長率相比，我們的 AI 和 AR 雲端解決方案和訂閱營收成長更為強勁，在 2024 年第二季達到 1,290 萬美元，與 2023 年同期相比成長 17.4%。

The subscription revenue contribution was at 92.8% of the total revenue in the second quarter.

第二季訂閱收入佔總收入的92.8%。

This growth can be attributed to the robust expansion of our mobile beauty app subscription and the rising demand of our online skincare diagnostics solutions and online virtual product solutions among brands and retailers.

這一增長可歸因於我們的行動美容應用程式訂閱的強勁擴張以及品牌和零售商對我們的線上護膚診斷解決方案和線上虛擬產品解決方案的需求不斷增長。

Furthermore, this growth was also contributed by the addition of new categories and the increased popularity of our GenAI technologies for AI creation and editing features for photos and video.

此外，這一增長還得益於新類別的增加以及用於照片和影片的人工智慧創建和編輯功能的 GenAI 技術的日益普及。

Notably, our mobile app active subscribers have surged by 18.3% year over year, reaching an all-time high of over 919,000 by the end of the second quarter this year.

值得注意的是，我們的行動應用活躍用戶年增 18.3%，到今年第二季末達到超過 919,000 人的歷史新高。

The strong momentum underscored the continued growth interest in our suite of mobile beauty apps and our capability to retain and convert those app users into paying subscribers.

這一強勁勢頭凸顯了人們對我們的行動美容應用程式套件的興趣持續增長，以及我們留住這些應用程式用戶並將其轉化為付費用戶的能力。

The licensing revenue, which is mostly generated from our traditional offline services, decreased by 49.8% in the second quarter of 2024 to $0.7 million, compared to $1.4 million during the same period of 2023.

授權收入主要來自我們傳統的離線服務，2024 年第二季下降了 49.8%，至 70 萬美元，而 2023 年同期為 140 萬美元。

This result was well expected as the company is on a mission to convert this type of legacy non-recurring revenue into AI-AR subscription revenue from brands and consumers instead.

這一結果是意料之中，因為該公司的使命是將此​​類傳統非經常性收入轉化為來自品牌和消費者的 AI-AR 訂閱收入。

The licensing revenue will gradually become immaterial as it continues to be phased out in place of a new subscription revenue model.

隨著授權收入繼續逐步取代新的訂閱收入模式，授權收入將逐漸變得無關緊要。

Gross profit for the second quarter of 2024 grew by 7.8% to $11 million, with growth margin of 79.3% compared to $10.2 million and growth margin of 80.6% for the same period in 2023.

2024年第二季毛利成長7.8%，達到1,100萬美元，相較於2023年同期的1,020萬美元，成長率為79.3%，成長率為80.6%。

The decrease in growth margin was primarily due to the increase in third-party payment processing fees paid to digital distribution partners such as Google and Apple due to the increase in our mobile app subscription revenue.

成長率下降主要是由於我們的行動應用訂閱收入增加，導致支付給谷歌和蘋果等數位分銷合作夥伴的第三方支付處理費增加。

The total operating expenses for the second quarter of '24 increased by 0.7% to $12.4 million compared to $12.3 million for the same period last year.

2024 年第二季的總營運支出成長了 0.7%，達到 1,240 萬美元，而去年同期為 1,230 萬美元。

The increase were primarily due to the higher sales and marketing expenses, research development expenses offset by a decline in general and administrative expense in the second quarter of 2024.

這一增長主要是由於銷售和行銷費用、研發費用的增加被 2024 年第二季度一般和管理費用的下降所抵消。

To break down operating expenses, sales and marketing expense for the second quarter of 24 were $7 million, compared to $6.6 million during the same period of last year, an increase of 7%.

按營運費用細分，24日第二季的銷售和行銷費用為700萬美元，而去年同期為660萬美元，成長了7%。

This was due to an increase in marketing events, advertising costs for mobile apps, and cloud computing costs.

這是由於行銷活動、行動應用廣告成本和雲端運算成本的增加。

Research and development expenses were $3 million for the second quarter of '24, compared to $2.8 million during the same period of 23. an increase of 7.5%.

2024 年第二季的研發費用為 300 萬美元，而 23 年同期為 280 萬美元，成長了 7.5%。

The increases were from additional R&D headcounts and related personnel costs.

增加的原因是額外的研發人員和相關人員成本。

General and administrative expenses were $2.4 million for the second quarter of 2024, compared to $3 million during the same period of 2023, a decrease of 19.1%.

2024 年第二季的一般及管理費用為 240 萬美元，而 2023 年同期為 300 萬美元，下降 19.1%。

The decrease were mainly due to lower corporate insurance expenses and increased operational efficiency.

下降的主要原因是企業保險費用下降和營運效率提高。

Net income was $0.8 million for the second quarter of 2024 compared to a net loss of 0.2 million during the same period of last year.

2024 年第二季淨利為 80 萬美元，而去年同期淨虧損為 20 萬美元。

The positive net income in the second quarter of 2024 was supported by continuous revenue growth and effective cost control.

2024年第二季淨利為正，得益於持續的收入成長和有效的成本控制。

Excluding non-cash share-based compensations, non-cash valuation gain and losses of financial liabilities, adjusted net income was $1.3 million for the second quarter of 2024. compared to adjusted net income of $0.9 million in the same period of 2023, an increase of 43.8%.

不包括非現金股份補償、非現金估值損益的金融負債，2024年第二季調整後淨利為130萬美元。

These represent an adjusted net margin of 9.1% in the second quarter of 2024.

這意味著 2024 年第二季調整後淨利率為 9.1%。

Looking at our balance sheet, as of June 30, 2024, the company held $158.8 million in cash, cash equivalent, and six-month time deposits, compared to $157.3 million as of March 31, 2024.

從我們的資產負債表來看，截至 2024 年 6 月 30 日，該公司持有現金、現金等價物和六個月定期存款 1.588 億美元，而截至 2024 年 3 月 31 日為 1.573 億美元。

This increase was a result of the positive operating cashflow and the interest income received from the company's bank deposits.

這一增長是由於經營現金流為正以及從公司銀行存款中獲得的利息收入所致。

We had a positive operating cashflow of $2 million in the second quarter of 2024, compared to $2.6 million during the same period in 2023.

2024 年第二季度，我們的營運現金流為 200 萬美元，而 2023 年同期為 260 萬美元。

The positive cashflow demonstrated the company's continued ability to generate cashflow to support its business operations and growth strategy.

正現金流顯示該公司持續產生現金流以支持其業務營運和成長策略的能力。

Our customer base had a net increase of 20 brand clients since the end of last quarter, achieving a total of 686 brand clients with over 774,000 SKUs for makeup, skincare, eyewear, and jewelry products as of end of June.

自上季末以來，我們的客戶群淨增加20個品牌客戶，截至6月底，品牌客戶總數超過774,000個，品牌客戶總數超過774,000個。

This is yet another record quarter for these metrics, showing the continuous increase in customer penetration and SKUs expansion.

這是這些指標又一個創紀錄的季度，顯示出客戶滲透率和 SKU 擴張的持續成長。

More brands and products are leveraging on perfect console platforms to manage its services subscribed from Perfect.

更多品牌和產品正在利用 Perfect 控制台平台來管理其從 Perfect 訂閱的服務。

In the second quarter, Perfect had 151 key customers compared to 152 in Q1 2024, a net decrease of one, a result of normal fluctuation in the B2B business.

第二季度，完美公司擁有151家重點客戶，較2024年第一季的152家淨減少1家，這是B2B業務正常波動的結果。

Renewal continued to be strong while upgrade sales were weaker in this quarter.

本季續訂持續強勁，升級銷售則疲軟。

In the second quarter of 2024, our total revenue has consistently exhibited expected growth Primarily driven by the continuous momentum in our AI-AR cloud solution and mobile app subscription of our UCAN family of AI-powered apps.

2024 年第二季度，我們的總收入持續呈現預期成長，這主要是由於我們的 AI-AR 雲端解決方案和 UCAN 系列人工智慧應用程式的行動應用程式訂閱的持續成長勢頭所推動。

Our operational efficiencies and financial prudence show continued profitability in creating value for investors.

我們的營運效率和財務審慎顯示我們在為投資者創造價值方面持續獲利。

Given our robust self-business model, we are confident in the growth of our business as we move into second half of 2024.

鑑於我們強大的自營業務模式，我們對進入 2024 年下半年的業務成長充滿信心。

We are also committed to investing in professional development and talent acquisitions, especially in the field of GenAI technology innovation, to strengthen our core capabilities.

我們也致力於投資專業發展和人才引進，特別是在GenAI技術創新領域，以增強我們的核心能力。

This investment aims to further enhance our role as a transformative force, reshaping how consumers interact with digital experience, both in brand offerings and in mobile app utilization.

這項投資旨在進一步增強我們作為變革力量的作用，重塑消費者在品牌產品和行動應用程式使用方面與數位體驗的互動方式。

We are confident that our strategic position through our proprietary technology will keep us at the forefront of revolutionizing how beauty and fashion brands interact with their audience.

我們相信，我們透過專有技術獲得的策略地位將使我們始終處於變革美容和時尚品牌與受眾互動方式的前沿。

Finally, we reiterate the alternative '24 guidance that the total revenue year-over-year growth will range from 12% to 16%.

最後，我們重申 24 年的替代指引，即總營收年增率將在 12% 至 16% 之間。

This forecast is based on the company's current assessment of the market and operational conditions, and management will closely monitor business progress and provide updates in order to offer better transparency to the market.

該預測基於公司當前對市場和營運狀況的評估，管理層將密切監控業務進展並提供最新信息，以便為市場提供更好的透明度。

That concludes my prepared remarks.

我準備好的發言就到此結束。

Operator, please open up the call for questions.

接線員，請撥打電話詢問問題。

(Operator Instructions) Brian Schwartz, Oppenheimer.

（操作員說明）Brian Schwartz，Oppenheimer。

Yeah.

是的。

Hi, Alice and Louis, and congratulations on the subscription revenue growth of the technology innovation in the quarter. questions I wanted to ask you was maybe about the outlook and thinking about the second half.

大家好，Alice 和 Louis，恭喜本季技術創新的訂閱收入成長。我想問你的問題可能是關於下半年的前景和思考。

I know there's a lot of concern out here about the macro and the election impact to demand.

我知道人們對宏觀經濟和選舉對需求的影響有很多擔憂。

Maybe from a high level, I don't know if it's for Louis, or can you talk about kind of the shape of the pipeline seeing exit in Q2 compared to maybe where it started in the first quarter, how your coverage ratios and just the shape of the pipeline as we enter the second half of the year.

也許從高層的角度來看，我不知道這是否是針對路易斯的，或者您能否談談第二季度退出的管道形狀與第一季度的開始情況相比，您的覆蓋率以及只是當我們進入下半年時，管道的形狀。

And then Ivan.

然後是伊万。

Hi, Brian.

嗨，布萊恩。

Good to talk to you again.

很高興再次與你交談。

So I think if we look at our first half of the year, top line, we reached 13.5% growth.

所以我認為，如果我們看看今年上半年的營收，我們的成長率達到了 13.5%。

That's well within the range of the annual guidance that we have given, between 12% to 16%.

這完全在我們給出的年度指導範圍內，即 12% 至 16% 之間。

Certainly the Q2 was slightly slower compared to Q1, but I think that's also part of the seasonality effect.

當然，第二季比第一季稍微慢一些，但我認為這也是季節性效應的一部分。

As we see the pipeline, the renewal from the brand customer are performing quite robust.

正如我們所看到的，品牌客戶的續約表現相當強勁。

So we are able to renew all the major contracts in this first half of the year.

因此，我們能夠在今年上半年續簽所有主要合約。

That gives us confidence moving into second half to keep up this performance.

這讓我們有信心進入下半場以保持這樣的表現。

So, with that said, I think, you know, looking at the second half of the year with the pipeline that we have been developing and the visibility that we see, we iterate the annual guidance.

因此，話雖如此，我認為，你知道，看看下半年我們一直在開發的管道和我們看到的可見度，我們迭代了年度指導。

So, I think we will still perform within the range that we have given to the market.

所以，我認為我們的表現仍然會在我們給市場的範圍內。

If second half, the macro improves, say, the interest rates come down, the cost of capital, you know, is cheaper, enterprises are willing to spend more, we certainly can hit a higher range of our guidance.

如果下半年宏觀經濟好轉，比如說利率下降，資金成本更便宜，企業願意花更多錢，我們當然可以達到更高的指導區間。

If not, I think we'll be in that range.

如果沒有，我想我們就會在這個範圍內。

Hi, Brian.

嗨，布萊恩。

This is Alice.

這是愛麗絲。

Nice to talk to you.

很高興和你說話。

So, Brian, Q2 is normally, as we expected, not a high-growth season.

所以，布萊恩，正如我們預期的那樣，第二季通常不是高成長季節。

B2C, in this case, the consumer thinks not affecting by all the conditions, and this is quite global.

B2C，在這種情況下，消費者認為不受所有條件的影響，這是相當全球性的。

So, we're expansion to a lot of new regions in Q2.

因此，我們將在第二季擴展到許多新地區。

For B2B, just like Louis said, renewal is still strong, and the new upsells is not as strong as we expected.

對於B2B來說，就像Louis所說的那樣，更新仍然強勁，而新的追加銷售並不像我們預期的那麼強勁。

However, all the new AI we announced in June in New York and Paris, the PerfectGPT part, all the AI transfer parts, got all the brand groups high interest.

然而，我們6月在紐約和巴黎宣布的所有新AI，PerfectGPT部分，所有AI傳輸部分，引起了所有品牌集團的高度興趣。

I think all of them are considering AI, how AI, GenAI, AI, GPT can have impact on their internally operation efficiency, but externally how to face to the consumer using GenAI, GPT.

我想他們都在考慮AI，AI、GenAI、AI、GPT如何對他們內部的營運效率產生影響，但對外如何面對使用GenAI、GPT的消費者。

We are currently the only solution in the market.

我們是目前市場上唯一的解決方案。

Innovation for those brand groups already form a very high AI community to engage, evaluate it.

這些品牌群體的創新已經形成了一個非常高的人工智慧社群來參與、評估它。

It takes time, but my assumption, my vision for every beauty group, they need to have AI assistance using GBD and our AI services together as an external consumer engaging way, brand new way.

這需要時間，但我的假設，我對每個美容團體的願景，他們需要使用 GBD 和我們的人工智慧服務來獲得人工智慧協助，作為一種外部消費者參與方式，一種全新的方式。

It may take time, but we see end of this year will be some more POC to come.

這可能需要時間，但我們預計今年年底將會出現更多 POC。

That's real helpful.

這真的很有幫助。

And then, Alice, that's a good lead-in to my second question.

然後，愛麗絲，這是我第二個問題的一個很好的引言。

I just wanted to ask about AI in spending trends.

我只是想問一下人工智慧的消費趨勢。

Is there a possibility, as we think about budget at these brands, is there a possibility that business will allocate more funds specifically AI initiatives as the technology and you're introducing new products here in the sector.

當我們考慮這些品牌的預算時，企業是否有可能分配更多資金，特別是人工智慧計畫作為技術，並且您正在該領域推出新產品。

What is your, what are you hearing from kind of the brand and the market?

您的品牌和市場是什麼？

Hi, Brian.

嗨，布萊恩。

From the beauty enterprise that we have been introducing this AI, all of them are very interested and majority of them have actually set up AI committee or even a special AI budget to explore new possibilities how AI can help on beauty and fashion.

從我們介紹的這個AI的美妝企業來看，他們都非常感興趣，而且大多數都已經成立了AI委員會，甚至專門設立了AI預算，來探索AI如何幫助美容和時尚的新可能性。

I think the enterprise are certainly cautious about how to do the AI.

我想企業對於如何做AI肯定是持謹慎態度的。

So this budget are initially for pool of concepts or pilot projects.

因此，該預算最初用於概念庫或試點項目。

So this is one of the main tasks for the second half of the year to develop these tailor-made solutions, how to use innovative AI, GPT, AOL, and solutions to help the beauty consumer with the discovering product, finding a new look, trying on and learning tutorials and more.

所以下半年的主要任務之一就是開發這些量身定制的解決方案，如何利用創新的AI、GPT、AOL和解決方案來幫助美容消費者發現產品，找到新的面貌，試穿和學習教程等等。

So we certainly are, I think it's a promising area for years to come.

所以我們當然是，我認為這是未來幾年充滿希望的領域。

And especially this year is the phase of initial exploratory and using these AI budget to view some pilot projects.

尤其是今年是初步探索階段，並利用這些人工智慧預算來查看一些試點項目。

I believe that is going to be the initial trend.

我相信這將是最初的趨勢。

Thank you, Louis.

謝謝你，路易斯。

And then, you know, with 2Q specifically, with the key customer account, you know, because there's been a little bit of churn there.

然後，你知道，特別是第二季度，關鍵客戶帳戶，因為那裡出現了一些流失。

I think it mentioned that there's some financial distress among those customers churning.

我認為它提到了那些流失的客戶存在一些財務困境。

Is it fair to assume that those customers that are churning are more smaller brand partners of the business than larger ones?

假設那些流失的客戶更多是企業的小型品牌合作夥伴而不是大型品牌合作夥伴，這是否公平？

Or maybe the question is, what's the typical average size?

或者也許問題是，典型的平均尺寸是多少？

of these key customers that are churning?

這些正在流失的關鍵客戶有哪些？

Thanks.

謝謝。

So some of these are not necessarily churning.

所以其中一些不一定是攪動的。

Sometimes it can be just a downgrade, as we define key customer as a threshold of $50,000.

有時可能只是降級，因為我們將關鍵客戶定義為 50,000 美元的門檻。

So typically, we do see that, as you said, the larger enterprises are very stable.

所以通常情況下，我們確實看到，正如您所說，較大的企業非常穩定。

So they are using multiple services in multiple regions for many, many years already.

因此，他們已經在多個地區使用多種服務很多年了。

There's not much impact in there.

裡面影響不大。

However, some other customers who are just starting, or we hope to upgrade them, or they are just marginally over that threshold, that is what we see as a normal situation.

然而，其他一些剛開始的客戶，或者我們希望升級他們，或者他們只是稍微超過了這個門檻，這是我們認為的正常情況。

Typically, we try to upscale newer modules to them to make sure that they're becoming a larger client, so we can increase the number of KCs.

通常，我們會嘗試向他們升級新模組，以確保他們成為更大的客戶，這樣我們就可以增加 KC 的數量。

In this quarter, too, we see that upgrade sales being a bit smaller, smaller brands.

在本季度，我們也看到升級銷售規模較小，品牌較小。

And across beauty industry, I think certainly the growth has been a little bit more modest across the industry, affected, you know, whether it's China or other regions as well.

在整個美容產業，我認為整個產業的成長肯定是比較溫和的，你知道，無論是中國還是其他地區，都受到了影響。

So we don't see that as too much of an alert at the moment.

因此，我們目前並不認為這是一個過多的警報。

Of course, the growing momentum, you know, hopefully to come back as enterprise spending reopens and they are willing to commit to a larger amount of contract or expanding the services to more geographies or injecting more SKUs.

當然，隨著企業支出重新開放，並且他們願意承諾簽訂更多合約或將服務擴展到更多地區或註入更多 SKU，這種成長勢頭有望恢復。

Well, that's good.

嗯，那很好。

So they haven't fully gone away. and for me, you know, you have a global business, shed a little light in terms of what you're seeing in terms of trends and momentum in the different geographies, what you're seeing in Asia-Pacific versus what you're seeing in the Americas versus EMEA.

所以他們還沒有完全消失。對我來說，你知道，你有一個全球性的業務，就你所看到的不同地區的趨勢和勢頭、你在亞太地區看到的與你在亞太地區看到的情況進行一些說明美洲與歐洲、中東和非洲地區的情況比較。

And thank you again for taking my questions.

再次感謝您回答我的問題。

You're welcome, Brian.

不客氣，布萊恩。

We do see a few, you know, from a global perspective, according to Japan, Japanese yen has been demonstrated much weaker in quarter two.

我們確實看到了一些，你知道，從全球角度來看，根據日本的說法，日圓在第二季已經表現出大幅疲軟。

Certainly, the currency seems to be recovering in these past few days.

當然，過去幾天貨幣似乎正在復甦。

But as far as quarter two, that affected somewhere between 0.3% to 0.4% of our top line of the currency against US dollar.

但就第二季而言，這影響了我們的貨幣兌美元頂線的 0.3% 至 0.4% 之間。

I think we see a good momentum in Latin America and in Brazil, especially for our B2C mobile app business.

我認為我們在拉丁美洲和巴西看到了良好的勢頭，尤其是我們的 B2C 行動應用業務。

Really, really grow a good momentum going there for mobile consumers willing to pay for annual subscription for beauty apps.

確實，對於願意為美容應用程式付費的行動消費者來說，確實會形成良好的勢頭。

So that contribution in LATAM, especially in Brazil, is increasing.

因此，拉丁美洲，特別是巴西的貢獻正在增加。

Certainly the challenges, the low-lies continue to be China per se.

當然，挑戰和低谷仍然是中國本身。

I think that the condition is fierce competition in pricing in China, so that momentum seems to be slow.

我認為，中國的情況是定價競爭激烈，所​​以這種勢頭似乎很慢。

We're not sure yet when that will be recovering.

我們還不確定什麼時候會恢復。

Other good growth areas will be Middle East and Southeast Asia.

其他良好成長地區將是中東和東南亞。

Although its revenue contribution relatively to developed countries is still slightly lower, but the momentum I do see promising new brands, new retailers, a lot of them, travel retailers is coming back as well in various regions.

雖然它的收入貢獻相對於已開發國家來說仍然略低，但我確實看到有前景的新品牌、新零售商，其中很多，旅遊零售商也在各個地區回歸。

So these were the highlights and the lowlights.

這些就是亮點和低點。

Lisa R. Thompson, Zacks.

麗莎·R·湯普森，扎克斯。

Hi, guys.

嗨，大家好。

I have lots of questions, but I'll just ask a few of them.

我有很多問題，但我只問其中的幾個。

Just to go back to the AI assistant, you said by year end, you might see some pilots or something.

回到人工智慧助手，你說到年底，你可能會看到一些飛行員或什麼的。

What kind of company do you think is the first to start rolling this out?

您認為哪家公司最早開始推出這項服務？

Is it going to be retailers or brands?

是零售商還是品牌商？

And what might they be using them for, like the first ones we're going to see?

他們可能會用它們做什麼，就像我們將要看到的第一批一樣？

Hi, Lisa.

嗨，麗莎。

Glad to talk to you.

很高興和你說話。

So in our forum, we announced a PerfectGPT.

因此，在我們的論壇中，我們宣告了 PerfectGPT。

It's a natural dialogue to the end user, plus all the AI services we have.

這是與最終用戶的自然對話，加上我們擁有的所有人工智慧服務。

My view, just like all the new innovations, will start from a prestige beauty group.

我的觀點，就像所有新的創新一樣，將從一個享有盛譽的美容集團開始。

And then once it's matured, then it'll go to the mass market.

一旦成熟，就會進入大眾市場。

So by saying that, What we are talking to those potential beauty groups, fashion groups, very on top of the prestige part.

所以說，我們正在與那些潛在的美容團體、時尚團體交談，這是非常重要的部分。

Most of them are groups, just like Louis said, because they are forming an AI committee to see how using GenAI, GPT for their internal and external services.

他們大多數都是團體，就像Louis說的，因為他們正在組成一個AI委員會，看看如何使用GenAI、GPT來為他們的內部和外部服務。

So answering your question, we see that it's more from, will be earlier from a top beauty group, fashion group, and for the end of this year, and then expanded to more MAC and the retailers.

所以回答你的問題，我們看到它更多來自於，將會更早來自於頂級美容集團、時尚集團，並在今年年底，然後擴展到更多的MAC和零售商。

All right, great.

好吧，太好了。

I'm excited to see this.

我很高興看到這一點。

There's so much potential.

有這麼多的潛力。

Let me ask a question just about revenues.

讓我問一個關於收入的問題。

The licensing revenues are a mystery to me.

授權收入對我來說是個謎。

Like, are they going to be going up and down quarterly, or are they just starting to wane to zero from here?

例如，它們會按季度上下波動，還是剛開始從這裡下降到零？

Like, going forward, is it ever going to be higher than the second quarter number?

就像，展望未來，它會高於第二季的數字嗎？

Hi, Lisa.

嗨，麗莎。

I think the licensing revenue is expected to be more flat compared to what we see in the trend.

我認為與我們所看到的趨勢相比，授權收入預計會更加持平。

Years ago, it used to be a much higher rate, especially pre-COVID.

幾年前，這一比例曾經要高得多，尤其是在新冠疫情之前。

After that, I think the business and technology has moved much more online, and also revenue subscription-based, recurring basis.

在那之後，我認為業務和技術已經更多地轉移到線上，收入也基於訂閱、經常性的基礎。

So it's really for those more legacy products, like in-store, virtual try-on products, this type of demand.

因此，它實際上是針對那些更傳統的產品，例如店內虛擬試穿產品，這種類型的需求。

I think it's not going to be zero.

我認為它不會為零。

It's always going to be there, because in some markets, there might be a need for still deploying these products along the side of doing that online.

它始終存在，因為在某些市場中，可能需要在線上部署的同時部署這些產品。

But again, we don't expect that to be another significant, as I said in my remarks, it will gradually become more immaterial, somewhere, let's say, you know, between five, no more than 10% of the revenue.

但同樣，我們並不認為這會是另一個重大事件，正如我在演講中所說，它將逐漸變得更加無關緊要，比如說，你知道，在 5 之間，不超過收入的 10%。

That seems to be the expected result.

這似乎是預期的結果。

Yeah, Lisa, you know, the in-store now, we start from in-store after COVID, every brand and the retailer is trying to engage on the website.

是的，麗莎，你知道，現在在店內，我們從新冠疫情之後的店內開始，每個品牌和零售商都在嘗試在網站上進行互動。

And it's more renewal. sustainable for our business model.

而且還有更多的更新。我們的商業模式具有永續性。

So internally, we also encourage them to transform to the renewal base, especially online.

所以在內部，我們也鼓勵他們向更新基地轉型，尤其是線上。

So in-store still has its demands for some of the events or in specific stores.

所以店內對於一些活動或特定的店面還是有它的需求的。

We did not expect it will grow, and we will also encourage them to move the model to our subscription and the renewal base.

我們沒想到它會成長，我們也會鼓勵他們將該模型移至我們的訂閱和續訂基地。

Okay, so do you think it would be logical to keep revenues under $1 million a quarter going forward?

好的，那麼您認為未來每季的營收維持在 100 萬美元以下是否合理？

I think that is fair to say.

我認為這樣說是公平的。

Okay, good.

好的，很好。

That's helpful.

這很有幫助。

Let me go back to my questions.

讓我回到我的問題。

So another mystery I have is when I look at the Q2 growth margin versus the Q1, it's up. but licensing was down a lot, and I would assume that's like 100% close margin.

因此，我的另一個謎團是，當我比較第二季的成長率與第一季的成長率時，發現它是上升的。但許可證數量下降了很多，我認為這相當於 100% 的平倉利潤。

And I thought that mobile was, the apps were going faster than B2B, so that should also take margins down.

我認為行動應用程式的發展速度比 B2B 更快，因此這也會降低利潤率。

What am I not understanding about how this works?

我不明白這是如何運作的？

I think it's a little more fluctuation.

我認為波動更大一些。

The Q1, Q2 isn't really too much different in terms of margin profile.

Q1、Q2 在利潤率方面並沒有太大差異。

You are right in this quarter, too, the B2C app is faster than the B2B.

在這個季度你也是對的，B2C 應用程式比 B2B 更快。

Therefore, the margin we see, you know, year-over-year basis decline all around 1%.

因此，我們看到的利潤率比去年同期下降了 1% 左右。

So I don't think there's anything wrong in your estimate.

所以我不認為你的估計有什麼問題。

You know, the B2B has a higher margin, but depending on the type of product, right?

你知道，B2B 的利潤率較高，但取決於產品類型，對嗎？

So some are 90%, some are 92%, some are even higher.

所以有的90%，有的92%，有的甚至更高。

So it really, I don't think it's a fair comparison quarter to quarter because the different mix and the renewal period of each may be different.

所以，我真的認為這不是一個公平的季度比較，因為不同的組合和每季的更新周期可能不同。

But again, if we look at the summary and the overall average, I think it's quite in line quarter one and quarter two.

但同樣，如果我們看一下總結和總體平均值，我認為它與第一季和第二季相當一致。

Okay.

好的。

All right.

好的。

Another question I have, have you given any thought to doing advertising for the mobile apps?

我的另一個問題是，您是否考慮過為行動應用程式做廣告？

I shockingly saw a couple of Facetune ads a few weeks ago, which surprised me.

幾週前，我震驚地看到了幾個 Facetune 廣告，這讓我感到驚訝。

Are you looking at doing any other different marketing than what you've been doing?

您是否正在考慮進行與您一直在做的行銷不同的其他行銷？

We still spend some of the sales marketing expenses and effort in user acquisition.

我們仍然花費一些銷售行銷費用和精力來獲取用戶。

So we do advertise in select countries and select channels.

因此，我們確實在選定的國家/地區和選定的管道上做廣告。

It's really based on the analytics of how much of those advertising can bring real ROI to bring real user conversion and become paying active subscribers.

它實際上是基於對這些廣告中有多少可以帶來真正的投資回報率、帶來真正的用戶轉換並成為付費活躍訂閱者的分析。

So there's always new channels and new platforms for doing ads, and we continue to pilot it.

因此，總會有新的廣告管道和新平台出現，我們會繼續進行試點。

But again, this is not a very big part of it.

但同樣，這並不是其中的很大一部分。

I think organic growth, digital, SEO, that is where our big investment comes.

我認為有機成長、數位化、搜尋引擎優化，這就是我們大量投資的來源。

But additionally, some users are very hard to be targeted, and advertising comes as additional help.

但此外，有些用戶很難成為目標，廣告可以作為額外的幫助。

So besides that, in our operation, organic growth is the key.

除此之外，在我們的營運中，有機成長是關鍵。

And of course, CPI advertising is part of them.

當然，CPI 廣告也是其中的一部分。

But organic growth is always the key focus of our app business growth.

但有機成長始終是我們應用業務成長的重點。

So you can see our advertisement out of our total paid subscriber percentage is pretty low, but we're still trying all different kinds of advertisements, old channels. to try and get good ROI for all the investment of the advertisement.

所以你可以看到我們的廣告在我們總付費訂閱者中所佔的比例相當低，但我們仍在嘗試各種不同類型的廣告、舊管道。嘗試為所有廣告投資以獲得良好的投資回報。

Okay.

好的。

All right.

好的。

And I guess one last question is kind of a big picture question.

我想最後一個問題是一個大局問題。

Like, I've started to see companies that are talking about AI for e-commerce, where they seem like they're putting together platforms for selling and retailing.

就像，我開始看到一些公司正在談論電子商務的人工智慧，他們似乎正在整合銷售和零售平台。

How big of impact was that going to have on you, or are they just going about it the wrong way?

這會對你產生多大的影響，或者他們只是以錯誤的方式處理這件事？

I don't think it's a direct impact.

我不認為這是直接影響。

I think the different AI technology we develop, it works in conjunction to different commerce platforms and different types of targeting.

我認為我們開發的不同人工智慧技術，它與不同的商業平台和不同類型的目標結合使用。

What we are trying to do as our unique solution is more for personalized recommendations.

作為我們獨特的解決方案，我們正在嘗試做的更多是個人化推薦。

So as part of the AI, try to find what you need, and it's important for beauty categories specifically, to know the user's style, the face of their shape, the color of their eyes, the color of their hair.

因此，作為人工智慧的一部分，試著找出你需要的東西，特別是對於美容類別來說，了解使用者的風格、他們的臉型、他們眼睛的顏色、他們頭髮的顏色非常重要。

So this is where we come very strong with our AI services, be able to understand and analyze and pair that with the right looks.

因此，這就是我們的人工智慧服務非常強大的地方，能夠理解和分析並將其與正確的外觀配對。

And I think that technology, again, it is supplemental technology to the overall e-commerce platform. where the brand now normally sending them email marketing or having an AI chatbot be able to actually analyze and give user a very, very personalized recommendation, which we believe is going to increase the conversion rate and the basket size.

我再次認為，科技是整個電子商務平台的補充技術。品牌現在通常會向他們發送電子郵件行銷或讓人工智慧聊天機器人能夠實際分析並向用戶提供非常非常個人化的推薦，我們相信這將提高轉換率和購物籃大小。

And Lisa, my view for all the AI conversational, AI assistant will be on every vertical website for retailer, no matter what kind of vertical.

麗莎，我認為所有人工智慧對話、人工智慧助理都將出現在零售商的每個垂直網站上，無論是哪種垂直領域。

And that's the future.

這就是未來。

You don't need to search and browse.

您無需搜尋和瀏覽。

You just go online.

你只要上網。

You don't need to go to the store to ask a BA.

您不需要去商店詢問 BA。

Now you just go online.

現在你只需上網即可。

Every vertical website will have an AI assistant to talk to you.

每個垂直網站都會有一個AI助理來跟你對話。

You can ask any question, reply, and recommend.

您可以提出任何問題、回覆和推薦。

And so I think that's the future for every website.

所以我認為這就是每個網站的未來。

And perfect, we are focusing on beauty, skin care, that's our vertical, because not only a connectivity conversation, message-to-text conversation, besides in the dialogue, we can also add the value-add of our AI services that were already developed for beauty, skincare, fashion, so provide a real recommendation visually to the users.

完美的是，我們專注於美容、護膚，這是我們的垂直領域，因為不僅是連接對話、訊息到文字的對話，除了對話之外，我們還可以添加已經存在的人工智慧服務的附加價值。為美容、護膚、時尚而開發，為使用者提供真實的視覺推薦。

So Perfect Corp right now is the only solution for AI assistant, conversational assistant with all the retro trial, recommendation, analysis together as one point of user point, single point of view for all the AI assistant on any of the brand side.

所以Perfect Corp目前是AI助理的唯一解決方案，對話式助理將所有復古試用、推薦、分析一起作為一個使用者點，為任何品牌方的所有AI助理提供單一觀點。

However, I think this new brand new experience, I believe will come from top brand groups and then, you know, turning to all mass markets one by one in the next three to five years.

但我覺得這種全新的體驗，我相信會來自於頂級品牌集團，然後，你知道，在未來三到五年內，一一轉向所有大眾市場。

Right.

正確的。

I just can't imagine that those companies that are just getting involved in this would even have the information required to make recommendations other than like, find me a red lipstick. like, you know, something very simple, whereas you have years of experience that have to be somewhat of a moat to keep them away.

我只是無法想像那些剛剛涉足這一領域的公司除了給我找一支紅色口紅之外，還會擁有提出推薦所需的資訊。就像，你知道，一些非常簡單的事情，而你擁有多年的經驗，必須有一定程度的護城河才能將它們拒之門外。

Okay, sounds good.

好吧，聽起來不錯。

I'm looking forward to seeing that out in the wild.

我很期待在野外看到這一點。

I really am, because it's going to be great to just be able to ask some questions and find a product.

我確實是這樣，因為能夠提出一些問題並找到產品真是太棒了。

Thank you for that.

謝謝你。

And you know, because of, just like you said, because of all of our knowledge about beauty, skin care, so in the PerfectGPT, not only, you know, it's a GPT platform, but we use RAT, we use our own know-how database to integrate it, and specifically for each brand recommendation.

你知道，因為，就像你說的，因為我們所有關於美容、護膚的知識，所以在 PerfectGPT 中，不僅，你知道，它是一個 GPT 平台，而且我們使用 RAT，我們使用我們自己的知識-如何將資料庫整合起來，並專門針對每個品牌進行推薦。

I think that's also one of the uniqueness based on our over 600, almost 700 brand experience.

我認為這也是基於我們 600 多個、近 700 個品牌經驗的獨特之處之一。

And we know exactly what the user like and do the recommendation through the conversational dialogue with AI assistant.

而我們透過與AI助理的對話式對話，準確地了解用戶喜歡什麼並進行推薦。

Christopher Recouso, Partners Corp.

克里斯多福雷庫索，合夥人公司

Good morning, Alice and Louise.

早安，愛麗絲和路易絲。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Very clear.

非常清楚。

Good morning to you both.

你們倆早安。

Just a few questions.

只是幾個問題。

I wonder if you could walk me through the process of converting your brand clients into a key customer.

我想知道您是否可以引導我完成將您的品牌客戶轉變為關鍵客戶的過程。

Is there a specific methodology that you guys try to use?

你們嘗試使用特定的方法嗎？

Is there a marketing approach top salespeople that you assign to certain brands to try to convert them into a quote-unquote key customer?

您是否有一種行銷方法，將頂級銷售人員分配給某些品牌，以嘗試將他們轉變為報價-不報價的關鍵客戶？

Is there an overarching methodology, so to speak, to make them this upper tier customer within your brand client pool?

可以說，是否有一種整體方法可以使他們成為您品牌客戶群中的上層客戶？

That's my first question.

這是我的第一個問題。

And I guess the second question related would be, is there And forgive me if it's somewhat of a naive or ignorant question, but is there an overarching profile to your key customers?

我想相關的第二個問題是，如果這是一個天真或無知的問題，請原諒我，但是您的主要客戶是否有一個總體概況？

Are they all retailers?

他們都是零售商嗎？

If you could possibly generalize as to what your key customers, other than the obvious revenue profile, what do the key customers typically look like, if at all, or do they range throughout the span of your brand clients.

如果您可以概括一下您的主要客戶，除了明顯的收入概況外，主要客戶通常會是什麼樣子（如果有的話），或者他們是否遍布您的品牌客戶範圍。

Hi Chris, this is Louis.

嗨克里斯，我是路易斯。

Let me answer the second question first.

我先回答第二個問題。

So typically, a typical profile of a key customer, they are typically multinational, so they're operating in more than one country.

因此，典型的關鍵客戶的典型特徵是，他們通常是跨國公司，因此他們在多個國家/地區開展業務。

So these are typically beauty brands that are there for a few years already, so expanding their business across the continent.

這些通常是已經存在幾年的美容品牌，因此正在將業務擴展到整個非洲大陸。

And that is where once they start using the service, they typically have a unified global strategy to align their offering in different countries.

一旦他們開始使用該服務，他們通常會制定統一的全球策略來調整他們在不同國家/地區的產品。

Therefore, their consumption of our services is in greater territories, right?

那麼他們對我們服務的消費範圍就更大了，對嗎？

So that will generate more revenue.

這樣就會產生更多的收入。

Now, the other thing that we have seen as part of that profile of the key customers is the brand or brand groups, meaning that they are not only operating one brand.

現在，我們在關鍵客戶概況中看到的另一件事是品牌或品牌組，這意味著他們不僅經營一個品牌。

They probably have a sister brand or a number of brands, so either they acquired over the years, or they have grown organically into some adjacent brands.

他們可能有一個姐妹品牌或多個品牌，所以他們要么多年來收購，要么有機地成長為一些相鄰品牌。

So that kind of typical profile.

這是一種典型的形象。

Retailer is the same thing, right?

零售商也是一樣的，對吧？

So retailers like Sephora, for example, they are operating in many other countries, so they are certainly part of the key customer line.

例如，像絲芙蘭這樣的零售商在許多其他國家/地區開展業務，因此他們肯定是關鍵客戶群的一部分。

Your first question, for the process of converting grand client to key client, Mostly, we always want to make the entry to start working with the brand very easy.

你的第一個問題，對於將大客戶轉變為關鍵客戶的過程，大多數情況下，我們總是希望讓開始與品牌合作的過程變得非常容易。

This is new technology to them.

這對他們來說是新技術。

We are not asking them to commit a strong multimillion-dollar agreement, which might be a very high commitment.

我們並不是要求他們做出一項數百萬美元的強有力的協議，這可能是一個非常高的承諾。

So I think we'll typically start -- they can do a pilot.

所以我認為我們通常會開始——他們可以進行試點。

They can do it in one country only for a selected product, so something easy under $50,000 to start with.

他們只能在一個國家/地區針對選定的產品進行此操作，因此只需 50,000 美元即可輕鬆入手。

And the profit there is, let them see the results.

還有利潤，讓他們看到結果。

Let them see the analytics is showing a better conversion, lower return rate, bigger basket size, and encourage them to deploy these services to more countries.

讓他們看到分析顯示更好的轉換、更低的回報率、更大的購物籃規模，並鼓勵他們將這些服務部署到更多國家。

Therefore, they will have these recurring compounding effects on the revenue to increase and hopefully become bigger than $50,000 a year, much more than that, and then become a key customer.

因此，他們會對收入產生反覆的複合效應，從而增加收入，並有望達到每年 50,000 美元以上，遠不止於此，然後成為主要客戶。

So the strategy there has been always an upsell, right?

所以策略總是增加銷售，對吧？

So to start using something, to get familiar with the platforms, and then upsell them more services, either to more categories of beauty products or more geographies.

因此，要開始使用某些東西，熟悉這些平台，然後向他們追加銷售更多服務，要么向更多類別的美容產品要么向更多地區銷售。

Or even if they are a brand group, start using them in their sister brands.

或者即使他們是一個品牌集團，也開始在其姐妹品牌中使用它們。

I see.

我懂了。

Thank you.

謝謝。

Two quick follow-up questions.

兩個快速跟進問題。

One actually related to a previous question.

一個實際上與上一個問題有關。

Very briefly, I see that your R&D has traditionally seems to amount to around a 21% cost margin.

簡而言之，我發現你們的研發成本傳統上似乎約為 21% 左右。

Is that something that is going to be, is that very stable?

這是即將發生的事情嗎，非常穩定嗎？

In other words, there's not a lot of operating leverage there.

換句話說，那裡沒有太多的營運槓桿。

As you continue to scale up, we should continue to see you committing around 21% of your top line to R&D, or does that begin as your revenue line continues to grow?

隨著您繼續擴大規模，我們應該會繼續看到您將大約 21% 的收入用於研發，還是隨著您的營收線持續成長而開始？

Does that flatten out and we begin to see more and more of your operating leverage being squeezed, so to speak, from that cost line?

這種情況是否會趨於平緩，我們開始看到越來越多的營運槓桿被擠壓，可以說，從成本線？

I think we are pretty pleased with the R&D call structure, especially out of here in Taiwan.

我認為我們對研發呼叫結構非常滿意，尤其是在台灣。

Very efficient team, very good call structure.

非常有效率的團隊，非常好的通話結構。

I think traditionally had ranging between 20 to 25% of the revenue.

我認為傳統上佔收入的 20% 到 25% 之間。

As the revenue size increases, certainly we're still investing in R&D talent.

隨著營收規模的增加，我們當然仍在對研發人才進行投資。

As I mentioned in the remarks, I think it's an area of general AI that needs a lot more talent to develop a lot of new use cases.

正如我在評論中提到的，我認為這是通用人工智慧的一個領域，需要更多的人才來開發大量新的用例。

So I think generally we are happy to see or able to run this team around 21%, as you mentioned.

所以我認為總的來說我們很高興看到或能夠管理這個團隊大約 21%，正如你所提到的。

If we were to run this in different countries or different development, you know, cities, Silicon Valley or other places, it would be a lot higher cost.

如果我們要在不同的國家或不同的開發地區運行這個，你知道，城市、矽谷或其他地方，成本會高很多。

So I think it is it is fine to run around these.

所以我認為繞過這些是可以的。

Of course, as we grow the category bigger, that ratio may go down a little bit, as you said, the leverage.

當然，隨著我們擴大品類，這個比率可能會下降一點，正如你所說的，槓桿。

But at the same point, we are also increasing R&D spending in terms of hiring more headcounts.

但同時，我們也透過僱用更多員工來增加研發支出。

So, net to net, I think, remain about the same ratio of the revenue, at least for the midterms.

因此，我認為，淨收入與淨收入的比率保持不變，至少在中期選舉期間是如此。

[Aisha Shah], Sidoti.

[艾莎·沙阿]，西多蒂。

Hi Alice, I'm Louis.

嗨愛麗絲，我是路易斯。

Thank you for taking my question and congratulations on a very solid second quarter results.

感謝您提出我的問題，並祝賀第二季度的業績非常強勁。

I have one question about the monthly active subscribers.

我有一個關於每月活躍訂閱者的問題。

This quarter we saw an 18% year-over-year.

本季年增 18%。

Can you give us some color on the subscriber's nature?

您能給我們一些關於訂戶性質的資訊嗎？

What percentage is new to the applications, and what does the churn rate look like?

新應用程式所佔的百分比是多少？

Thank you for taking my question.

謝謝你回答我的問題。

Hi, Ashley.

嗨，阿什利。

I think the subscriber, we see, you know, quarter after quarter increase.

我認為我們看到訂戶逐季增加。

Typically, those increase are on annual subscription basis.

通常，這些增長是按年度訂閱計算的。

So, I think that's good, meaning there are those customers, they are really high frequency users, they are committed to using the app, you know, throughout the entire year, rather than just taking a short time, one month subscription.

所以，我認為這很好，這意味著有那些客戶，他們確實是高頻用戶，他們致力於全年使用該應用程序，而不是只花很短的時間，一個月的訂閱。

So I think that means that they also are more, you know, tentatively to renew year after year after year.

所以我認為這意味著他們也更年復一年地嘗試更新。

We haven't announced publicly yet our renewal rate or churn rate in specific terms, so I'll refrain from answering that, but I think that's actually where we see the momentum.

我們還沒有公開宣布具體的續訂率或流失率，所以我不會回答這個問題，但我認為這實際上是我們看到勢頭的地方。

I think it's not just coming from one particular country or one particular product.

我認為它不僅僅來自某一特定國家或某一特定產品。

I think what we are seeing is more than 10 countries, probably, you know, 15 to 20 countries now, that the consumer, the mobile app consumer, are really much more open to paying a subscription for digital apps, even for tools, tool-like apps, which traditionally was very, very difficult.

我認為我們看到的是，有超過10 個國家，也許，你知道，現在有15 到20 個國家，消費者，行動應用程式消費者，實際上更願意為數位應用程式付費訂閱，甚至是工具、工具- 類似的應用程序，這在傳統上是非常非常困難的。

But I think now the mindset probably has changed.

但我認為現在的心態可能已經改變了。

There are so many other apps that all are requesting some sort of subscription base and to unlock the premium features.

還有很多其他應用程式都在請求某種訂閱基礎並解鎖高級功能。

So our strategy has been, as long as we keep innovating on these innovations and premium features, we're able to retain those active subscribers and then continue to convert more of the free trial users into paying subscribers.

因此，我們的策略是，只要我們持續在這些創新和高級功能上進行創新，我們就能夠留住這些活躍訂閱者，然後繼續將更多免費試用用戶轉化為付費訂閱者。

Thank you.

謝謝。

And I have a follow-up question.

我還有一個後續問題。

If you can rank maybe three or five new categories in terms of growth, what would those categories be?

如果您可以根據成長情況對三到五個新類別進行排名，那麼這些類別會是什麼？

And which ones would you think would most likely contribute to revenue growth in the second half of 2024?

您認為哪些最有可能為 2024 年下半年的營收成長做出貢獻？

Like, what are the catalysts that you're looking at right now in terms of categories or the new categories that you just started working with?

例如，您現在正在尋找的類別或您剛開始使用的新類別方面的催化劑是什麼？

Thank you.

謝謝。

You're welcome.

不客氣。

I think it doesn't matter which category, it typically takes time, right?

我認為哪個類別不重要，通常需要時間，對嗎？

Enterprise customers, they are really cautious on deploying services.

企業客戶，他們對部署服務非常謹慎。

So, you know, services that we have deployed and already passed the pilot test, things like, for example, the pilot we did last year, we started to see more scale this year and even more the following year.

所以，你知道，我們已經部署並且已經通過試點測試的服務，例如我們去年進行的試點，我們今年開始看到更大的規模，甚至在接下來的一年更大。

Going off historical experience, typically, you know, a client will take about two years until they become more mature in the consumption of these services.

您知道，如果脫離歷史經驗，客戶通常需要大約兩年的時間才能在這些服務的消費方面變得更加成熟。

So with that said, I think, you know, the growth momentum on the skincare is very strong because it's an area that we invested heavily in the past three years and started to see, you know, to capitalize on that result.

話雖如此，我認為，你知道，護膚品的成長勢頭非常強勁，因為這是我們在過去三年中大力投資的領域，並且開始看到，你知道，利用這一成果。

Of course, makeup is very mature and robust, so we see probably a slower growth rate from that perspective, but the size of it is bigger, right?

當然，化妝品非常成熟和強大，所以從這個角度來看，我們可能會看到增長速度較慢，但它的規模更大，對嗎？

Because we've been doing makeup for eight, nine years now.

因為我們做化妝已經八、九年了。

Jewelry, watch it.

珠寶，注意一下。

We see very, very good momentum going on because we were able to launch about 10 to 12 pilots in the last year.

我們看到了非常非常好的勢頭，因為去年我們推出了大約 10 到 12 個試點項目。

Many of these pilots have been concluded and they are converting into full deployments. and then also expanding to more countries.

其中許多試點計畫已經結束，正在轉為全面部署。然後也擴展到更多國家。

So internal contribution, I feel that skincare, because of the strategy of going, you know, the med spa, the clinics, you know, even addressing the long tail clients, will show more results financially.

因此，內部貢獻，我覺得護膚品，由於採取的策略，你知道，醫療水療中心，診所，你知道，甚至針對長尾客戶，將在財務上顯示出更多的成果。

The B2C consumer app continues to be very strong.

B2C 消費者應用程式仍然非常強勁。

So we're spending more locale.

所以我們在當地花了更多的錢。

We are getting more digital marketing efforts around different languages to expand the market there.

我們正在圍繞不同語言開展更多數位行銷工作，以擴大那裡的市場。

And then Jewelry and [Watchit], I think it's very promising.

然後是珠寶和 [Watchit]，我認為它非常有前途。

Our quality is really, really superior to any competitor.

我們的品質確實非常優於任何競爭對手。

So we're winning virtually every deal that is open in the market.

因此，我們幾乎贏得了市場上所有公開的交易。

Mike Kupinski, Noble.

麥克·庫平斯基，諾布爾。

Yeah, first, let me offer my congratulations on a solid quarter as well.

是的，首先，讓我也對這個季度的強勁表現表示祝賀。

Just a couple of questions related around the margins.

只是幾個與邊緣相關的問題。

You mentioned cost efficiency initiatives, and I was wondering if you can just give me the impact that those cost initiatives had in the quarter, in this latest quarter.

您提到了成本效率計劃，我想知道您是否可以向我介紹這些成本計劃在本季度（最近一個季度）中產生的影響。

And then I was just wondering if you can maybe give me a little regarding your verticals, you're expanding beyond skincare into fashion apparel and jewelry.

然後我只是想知道你是否可以給我一些關於你的垂直領域的信息，你正在從護膚品擴展到時尚服裝和珠寶。

I was just wondering if that is going to more so affect B2B, or do you think that those expansions and verticals are going to affect more B2C?

我只是想知道這是否會對 B2B 產生更大的影響，或者您認為這些擴張和垂直領域是否會影響更多的 B2C？

And then based on that answer, if you can just kind of give me your thoughts on sustainable margins as you kind of look forward, over the course of the next couple of years, given how you see the two different businesses growing, given that there is a different margin profile between B2B and B2C.

然後基於這個答案，如果你能告訴我你對永續利潤率的看法，因為你對未來幾年的展望，考慮到你如何看待這兩個不同的業務的成長，考慮到B2B 和B2C 之間的利潤概況不同。

Hi, Mike.

嗨，麥克。

Let me start with the first, and Elliot may add on to the others too.

讓我從第一個開始，艾利歐特也可能會補充其他的內容。

So in terms of the margin, if we look at the B2B, one of the forte and the advantage we have is these clients that we serve, many of them have minor categories, right?

因此，就利潤率而言，如果我們看看 B2B，我們的強項和優勢之一就是我們服務的客戶，其中許多客戶都有小類別，對吧？

So a beauty brand, they have makeup products, color cosmetics, they have skincare, they have hair products and more.

所以一個美容品牌，他們有彩妝產品、彩妝、保養品、護髮產品等等。

Even some of the groups, you know, they also do jewelry and fashions and eyewear, which means our customer acquisition cost for our new category is this efficiency there because it's the same sales team, it's the same customer service team, customer support success team, but we're able to expand our offering and serve more products and services to the same client or the client groups.

甚至有些團體，你知道，他們也做珠寶、時裝和眼鏡，這意味著我們新類別的客戶獲取成本就是這種效率，因為它是同一個銷售團隊，同一個客戶服務團隊，客戶支持成功團隊，但我們能夠擴大我們的產品範圍，為同一客戶或客戶群提供更多產品和服務。

So I feel that is a very unique part of our business, how we're able to move from a single category to a minor category in these past few years.

所以我覺得這是我們業務的一個非常獨特的部分，在過去的幾年裡我們如何能夠從單一類別轉向次要類別。

And that may continue to execute on that strategy as there's certainly more consolidation in the industry.

由於該行業肯定會有更多整合，因此該策略可能會繼續執行。

So these beauty groups, they're also expanding, they're acquiring new brands, they are getting into newer categories.

因此，這些美容集團也在擴張，他們正在收購新品牌，他們正在進入新的類別。

And then we are able to serve them as the current service providers.

然後我們就可以作為目前的服務提供者來為他們提供服務。

On the sustainable margin, if we look at the B2B business, the margin is typically much higher, over 90%.

就永續利潤率而言，如果我們看看 B2B 業務，利潤率通常會高得多，超過 90%。

We develop technology in-house.

我們內部開發技術。

We don't pay so many royalties to anybody.

我們不會向任何人支付這麼多版稅。

So this is really a pure margin business.

所以這確實是一個純利潤業務。

The B2C part, we pay Apple and Google for their distribution.

B2C 部分，我們向 Apple 和 Google 支付分銷費用。

We know Apple charged 30% and Google 15%.

我們知道蘋果收取 30% 的費用，Google收取 15% 的費用。

So in that perspective, the Apple consumer margin will be at 70% for us, and then the Google will be at 85%.

因此從這個角度來看，蘋果的消費者利潤率將為我們提供 70%，然後谷歌將為 85%。

So the overall sustainable margin is really dependent on the mix ratio between the Apple users, the Google users, and our B2B customers.

因此，整體永續利潤率實際上取決於蘋果用戶、谷歌用戶和我們的 B2B 客戶之間的混合比例。

So I think what we see here on that 79% may go down a little bit depending on if the B2C continues to grow stronger in the next few quarters.

因此，我認為我們在這裡看到的 79% 可能會略有下降，具體取決於 B2C 是否在未來幾季繼續成長強勁。

But I don't think it's going to be much lower than what we see now.

但我認為它不會比我們現在看到的低很多。

Maybe 1% or 2% more deep, but that should be it.

也許再深 1% 或 2%，但應該就是這樣了。

I think for new verticals, maybe I'll let Alice comment on the potential for new verticals.

我認為對於新的垂直領域，也許我會讓愛麗絲評論新垂直領域的潛力。

For new verticals, for B2B, it's very vertical.

對於新的垂直行業，對於 B2B，它是非常垂直的。

Because make a brand, they may not need jewelry.

因為做品牌，他們可能不需要珠寶。

So we talked to make a brand, skincare brands, jewelry brands, hair brands, by its own demand.

所以我們就談做一個品牌，保養品牌，飾品品牌，美髮品牌，依照自己的需求。

So this is, like Louis said, some of the brand groups, they have all the different divisions.

所以，就像路易斯所說的，有些品牌集團，他們有不同的部門。

So once we know one of the divisions, easier for us to talk to the others.

因此，一旦我們了解了其中一個部門，我們就更容易與其他部門交談。

And for purely new brand groups with very specific vertical demands, like hair, or even like MedSpa clinic, that we need to build from, not review, build from digital marketing and then talk to them.

對於具有非常具體的垂直需求的全新品牌群體，例如頭髮，甚至像 MedSpa 診所，我們需要從數位行銷中構建，而不是審查、構建，然後與他們交談。

So for MedSpa, I would say it's a new market with very, very high demand for our skin analysis and aesthetic simulation.

因此，對於 MedSpa 來說，我想說這是一個新市場，對我們的皮膚分析和美學模擬的需求非常非常高。

And this is not in the brand group.

而且這不屬於品牌組。

But within brand group, they have multiple demands For us, we don't need to do too much, you know, from ground marketing efforts.

但在品牌集團內部，他們有多種需求。

Then we can expand easily to different verticals.

然後我們就可以輕鬆擴展到不同的垂直領域。

But do see a very, very strong demand from med spa clinics for the skin analysis and aesthetic simulation microplastic surgery request.

但確實看到醫療水療診所對皮膚分析和美容模擬微整形手術的需求非常非常強烈。

And for the B2C -- all these are for B2B, very vertical.

對於 B2C——所有這些都是針對 B2B 的，非常垂直。

But for B2C, glad that we can leverage all the technology we work with Vertical, and we integrate them into our beauty app.

但對於 B2C 來說，很高興我們可以利用與 Vertical 合作的所有技術，並將它們整合到我們的美容應用程式中。

For the app user, the end user, they pay $35, $40 per year.

對於應用程式用戶（最終用戶），他們每年支付 35 至 40 美元。

They can enjoy everything.

他們可以享受一切。

So that is also one of the key that although the whole economy has some challenge with the C2C beauty app market still keep on growing very strong.

因此，這也是儘管整個經濟面臨一些挑戰，但C2C美容應用市場仍保持強勁成長的關鍵之一。

Thank you for the color.

謝謝你的顏色。

Just one quick question, if I may.

如果可以的話，我只想問一個簡單的問題。

Can you just talk a little bit, you touched on the prospect of M&A, I think, and wondering if you can just talk a little bit about the M&A environment and, you know, whether or not you would look for some compelling acquisition opportunities here.

您能簡單談談嗎？

Hi guys, certainly MMA is part of the growth strategy besides organic growth.

大家好，除了有機成長之外，MMA 當然也是成長策略的一部分。

We've certainly been paying attention and looking at opportunities.

我們當然一直在關注並尋找機會。

Nothing material has been ready to be announced yet.

目前還沒有任何資料可供宣布。

I think the market is reopening.

我認為市場正在重新開放。

I think the valuation has come down to a much more reasonable rate level for a lot of these tech companies.

我認為對於許多這樣的科技公司來說，估值已經下降到更合理的水平。

So it's something that we're certainly actively looking at the synergy that we can be with our global distribution, with our global platform.

因此，我們肯定會積極尋求與我們的全球分銷和全球平台的協同效應。

So again, once we have any news, we'll be sharing that to the market.

因此，一旦我們有任何消息，我們將與市場分享。

And that concludes the question-and-answer session.

問答環節到此結束。

I will now turn the conference over to Jimmy Shu for closing remarks.

我現在將會議交給吉米·舒（Jimmy Shu）致閉幕詞。

Thank you once again for joining the call today.

再次感謝您今天加入電話會議。

If you have any further questions, please feel free to contact us directly or through our IR website.

如果您有任何其他問題，請隨時直接或透過我們的 IR 網站與我們聯絡。

We look forward to speaking with everyone in our next call.

我們期待在下次電話會議中與大家交談。

You may now disconnect.

您現在可以斷開連線。

This concludes the conference call.

電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now

你現在可以