Perfect Corp (PERF) 2024 Q4 法說會逐字稿

Good morning and good evening, ladies and gentlemen.

女士們、先生們，早安、晚上好。

Thank you for standing by and welcome to Perfect Corp's fourth quarter 2024 and full year 2024 earnings conference call.

感謝您的支持，歡迎參加 Perfect Corp 2024 年第四季和 2024 年全年財報電話會議。

(Operator Instructions)

（操作員指令）

Please note that today's event is being recorded.

請注意，今天的活動正在記錄。

I will not turn the conference over to first speaker today, Mr. Jimmy Shu, IR Director of the company, please go ahead.

今天我不會將會議交給第一位發言者，請公司投資者關係總監 Jimmy Shu 先生發言。

Thank you.

謝謝。

Hello, everyone.

大家好。

Welcome to Perfect Corp's fourth quarter 2024 and full year 2024 earnings call.

歡迎參加 Perfect Corp 2024 年第四季和 2024 年全年財報電話會議。

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 Chan, 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；我們的執行副總裁兼首席策略長 Louis Chen 先生；以及財務及會計副總裁 Iris Chan 女士。

You can refer to our fourth quarter 2024 and full year 2024 financial results on our IR website or in the link or in the Form 6K we filed with SEC earlier.

您可以在我們的 IR 網站或連結中或我們先前向 SEC 提交的 6K 表中參考我們 2024 年第四季和 2024 年全年的財務業績。

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

這次通話的重播也將在結束後不久在我們的網站上提供。

For today's call, management will provide our prepared remarks followed by a question-and-answer session.

在今天的電話會議上，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 release.

在我們繼續之前，我想請您參閱我們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，並受多種風險和不確定因素的影響，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表達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，除非本次電話會議召開日後法律另有要求。

Please note that all numbers stated in management's prepared remarks are in US dollar, and we will also 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都是以美元計算的，我們今天還將討論非國際財務報告準則的指標。

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 Corp 2024 fourth quarter earnings call.

謝謝你，吉米，歡迎參加 Perfect Corp 2024 年第四季財報電話會議。

Let me start by giving you some updates on our financials and our progress in product business development around the world in 2024 and share our view for the year of 2025.

首先，我向您介紹我們的財務狀況和 2024 年全球產品業務發展的進展，並分享我們對 2025 年的看法。

First of all, we completed the full year 2024 with a double-digit growth in revenue as anticipated by our guidance.

首先，我們按照預期，在 2024 年全年實現了兩位數的營收成長。

The total revenue grew by 12.5% year over year to $60.2 million.

總營收年增12.5%至6020萬美元。

The bottom-line net income for the same period was $5 million and the adjusted net income increased 18.6% to $8.3 million compared to 2023.

同期的底線淨收入為 500 萬美元，調整後淨收入較 2023 年增長 18.6% 至 830 萬美元。

This continuous increase in revenue and the positive net income.

收入持續增加，淨收入為正。

It's mainly due to strong growth within our mobile app subscription business under AR/AI cloud solutions business.

這主要歸功於我們的 AR/AI 雲端解決方案業務下的行動應用訂閱業務的強勁成長。

Full year 2024, our operating cash flow generated a net inflow of $13 million and our balance sheet remains very strong, with over $165.9 million in cash in the cash equivalent.

2024 年全年，我們的營運現金流產生了 1,300 萬美元的淨流入，我們的資產負債表依然強勁，現金等價物超過 1.659 億美元。

Our B2C mobile app business has maintained very strong growth, with the number of active paying subscribers continuing to breach all-time records with over 1 million to end 2024.

我們的 B2C 行動應用業務保持著強勁成長，活躍付費用戶數量持續突破歷史最高紀錄，到 2024 年底將超過 100 萬。

It is a 14.3% increase compared to [79,000] subscribers at the end of 2023.

與 2023 年底的 [79,000] 名訂閱用戶相比，成長了 14.3%。

This sustained growth in paying subscribers, highlighting the ongoing global demand of AI powered photo and video editing, creation, enhancing and duplication features, appealing to all age groups and the regions.

付費用戶數量的持續增長，凸顯了全球對人工智慧照片和影片編輯、創作、增強和複製功能的持續需求，吸引了所有年齡層和各個地區。

As we mentioned, we have seen positive momentum from our North American and the Western Europe markets as well as developing markets in Brazil.

正如我們所提到的，我們看到北美和西歐市場以及巴西發展中市場呈現積極的勢頭。

Our UK mobile app suite continue to evolve with frequent updates and the future enhancements powered by cutting edge generative AI for image in the video creation.

我們的英國行動應用程式套件不斷發展，頻繁更新，未來的增強功能將由用於影片創作中的影像的尖端生成 AI 提供支援。

Among the most popular innovations, our GenAI hair experiences have become a major hit within our user community.

在最受歡迎的創新中，我們的 GenAI 頭髮體驗在我們的用戶社群中大受歡迎。

These features, including AI hairstyle, hair lengthening, hair wavy, hair volume, hair color, and more, provide ultra-realistic stimulus previews, transforming how consumers and the retailers make style decisions.

這些功能包括 AI 髮型、頭髮加長、頭髮波浪、髮量、髮色等，提供了超逼真的刺激預覽，改變了消費者和零售商做出風格決策的方式。

Beyond hair transformation, our AI technology extends to other exciting innovations such as the AI face swap, AI face expression, AI photo enhance, video enhance, and more, delivering next level creativity and personalization to our growing user community.

除了髮型改造之外，我們的 AI 技術還擴展到其他令人興奮的創新，例如 AI 換臉、AI 面部表情、AI 照片增強、視頻增強等，為我們不斷壯大的用戶社區提供更高水平的創造力和個性化。

Beyond our mobile apps, we are also expanding our web-based generative AI solution with YouCam online editor.

除了行動應用程式之外，我們還透過 YouCam 線上編輯器擴展基於網路的生成式 AI 解決方案。

Consumer now can enjoy the latest AI innovation, not only through their mobile app, but also via a web browser on their laptop and the PC, ensuring a similar and accessible experience across the platform.

消費者現在不僅可以透過行動應用程式享受最新的人工智慧創新，還可以透過筆記型電腦和個人電腦上的網路瀏覽器享受最新的人工智慧創新，確保在整個平台上獲得類似且可存取的體驗。

We are focused on harnessing the power of GenAI to deliver engaging new features from text, image, audio, and video that is becoming an integral part of the premium subscription offering for our B2C users on app and on web.

我們專注於利用 GenAI 的強大功能，提供文字、圖像、音訊和視訊方面的引人入勝的新功能，這些功能正在成為我們應用程式和網路上 B2C 用戶高級訂閱服務不可或缺的一部分。

By integrating state of the art models in the algorithms, we aim to create immersive personalized experience that go beyond traditional functionality driving a deeper user engagement and the loyalty.

透過在演算法中整合最先進的模型，我們的目標是創造超越傳統功能的沉浸式個人化體驗，從而推動更深入的用戶參與度和忠誠度。

Our strategy in B2C app and the web involves a continuous R&D to refine generative AI model and enabling features such as AI enhancement in photo and video as well as AI creation, personalize the image and the videos.

我們在 B2C 應用和網路方面的策略包括持續研發，以完善生成式 AI 模型並實現照片和影片中的 AI 增強以及 AI 創作、個人化影像和影片等功能。

Through this relentless innovation coupled with the robust user feedback and the data analytics, we strive to deliver subscription-based service that offer clear changeable value, positioning us as a leading provider for cutting edge image and the video GenAI solutions in consumer market.

透過這種不懈的創新以及強大的用戶回饋和數據分析，我們致力於提供具有明顯可變價值的訂閱服務，使我們成為消費市場上尖端圖像和視訊 GenAI 解決方案的領先供應商。

Before I go to our B2B performance, I want to go over the recent acquisition of Wanna from Farfetch and its impact on Perfect Corp. The transaction was completed in early January, and we anticipate spending the next 6 to 12 months similarly integrating Wanna into our team.

在介紹我們的 B2B 業績之前，我想先介紹一下我們最近從 Farfetch 收購 Wanna 以及其對 Perfect Corp 的影響。

Wanna's core competence gives us access to new markets and the customers within luxury brands where it offers virtual try-on services for shoes, handbags, scarves, and clothes.

Wanna 的核心競爭力使我們能夠進入新市場並接觸到奢侈品牌客戶，為鞋子、手袋、圍巾和衣服提供虛擬試穿服務。

This acquisition perfectly aligned with our AI service offerings to brand partners and will expand our total addressable market beyond our career reach.

此次收購與我們向品牌合作夥伴提供的 AI 服務完美契合，並將把我們的整體目標市場拓展到我們的職業範圍之外。

Together with Perfect Corp, we will strengthen our competitive position in the beauty and the fashion space, leveraging our synergistic solution, enhance the capabilities and experienced team members.

與 Perfect Corp 攜手合作，我們將加強在美容和時尚領域的競爭地位，利用我們的協同解決方案，提升團隊成員的能力和經驗。

In our B2B business in 2024, we have prioritized deepening market penetration in skincare and the makeup segment.

在2024年的B2B業務中，我們優先深化護膚和化妝品領域的市場滲透。

We reached over 732 brand clients with over 822,000 skills on boarded in our platform.

我們的平台已覆蓋超過 732 個品牌客戶，擁有超過 822,000 項技能。

We continue to make significant steps in expanding our portfolio with AI powered skin diagnostics.

我們將繼續透過人工智慧皮膚診斷技術擴大我們的產品組合，並邁出重要一步。

Beyond core beauty and the skincare brands, we have actively expanded into new markets and the region aesthetic clinics, dermatology clinics, skincare centers, [meth] and wellness centers, broadening our reach the impact to the industry.

除了核心的美容和護膚品牌之外，我們還積極拓展新市場和地區美容診所、皮膚科診所、皮膚護理中心、[meth] 和健康中心，擴大我們對該行業的影響範圍。

We continue to see strong demands in the skin diagnosis sector from brands, retailers, clinics, and

我們繼續看到品牌、零售商、診所和

[meth].

[甲基]。

Our AI power skin analysis detects up to 15 major concerns in HD, providing personalized treatment and product recommendation tailored to each user's unique skin profile.

我們的人工智慧皮膚分析可以檢測多達 15 個高清主要問題，並根據每個使用者獨特的皮膚狀況提供個人化的治療和產品推薦。

The technology has enabled precise treatment measure tracking progress with a before and after comparison to showcase improvements by combining advanced diagnostics with data-driven insights.

該技術結合先進的診斷技術和數據驅動的洞察力，實現了精確的治療措施追蹤進展，並透過前後對比來展示改善情況。

Our solution enhances client engagement, trust, and the long-term loyalty in the evolving world of AI-driven skincare.

我們的解決方案增強了不斷發展的人工智慧護膚領域的客戶參與度、信任度和長期忠誠度。

Our mega virtual try-on solution remains as a global leader, delivering strong results for brand customers.

我們的大型虛擬試穿解決方案仍處於全球領先地位，為品牌客戶帶來了強勁的成果。

We have secure key licenses renewal with top beauty conglomerates and the retailers, proving our impact on boosting online engagement in e-commerce conversion rates.

我們已與頂級美容企業集團和零售商成功續簽關鍵許可證，證明了我們在提升電子商務轉換率方面的影響力。

While the B2B sales cycle has its challenges, our pipeline remains strong, and we remain focused on helping enterprise clients adopt AI-driven solutions to elevate consumer engagement and the digital experiences.

儘管 B2B 銷售週期面臨挑戰，但我們的管道依然強勁，我們仍然專注於幫助企業客戶採用人工智慧驅動的解決方案來提升消費者參與度和數位體驗。

On the fashion tech side of our business, we continue to make strong progress in luxury fashion tech with luxury brands, particularly in watches and the jewelry VTO.

在我們業務的時尚科技方面，我們繼續與奢侈品牌合作在奢侈時尚科技方面取得長足進步，特別是在手錶和珠寶 VTO 領域。

In January 2025, we acquired Wanna from Farfetch to accelerate our B2B growth with fashion brands in the retailers.

2025 年 1 月，我們從 Farfetch 收購了 Wanna，以加速我們與零售商時尚品牌的 B2B 成長。

This strategic move expands our 3D VTO solutions to shoes, bags, clothes, and scarves, enhancing digital shopping experience and reshaping how brands engage with customers in the era of AI power fashion retail.

這項策略性舉措將我們的 3D VTO 解決方案擴展到鞋子、包包、衣服和圍巾，增強了數位購物體驗，並重塑了品牌在人工智慧時尚零售時代與客戶的互動方式。

Additionally, our new web-based AI service, YouCam online editor API integrate Gen AI technology for advanced image in the video editing.

此外，我們新的基於網路的 AI 服務 YouCam 線上編輯器 API 整合了 Gen AI 技術，可在影片編輯中實現進階影像。

While initially we design for beauty and the fashion professionals, it has gained traction across diverse industries, significantly expanding our total addressable market.

雖然我們最初是為美容和時尚專業人士進行設計，但它已在不同行業獲得了關注，大大擴展了我們的整體目標市場。

The API is simplified web in the mobile app development, handling complex processing without requiring server maintenance from the clients.

API 簡化了行動應用程式開發中的 Web，可處理複雜的處理，而無需客戶端進行伺服器維護。

Its flexibility makes it suitable for business of all sizes with new clients spending like a convenience store chain, telecom carrier, and the mobile phone company.

它的靈活性使其適合擁有新客戶消費的各種規模的企業，例如便利商店連鎖店、電信營運商和行動電話公司。

In conclusion, we achieved a solid business growth throughout 2024 highlighted by increased revenue, enhanced operational efficiency and strong financial performance.

總之，我們在 2024 年實現了穩健的業務成長，突顯收入增加、營運效率提高和財務績效強勁。

We are confident that Perfect Corp is -- this is a position strategically to capitalize on its spending, market opportunities and sustain long-term growth by continuously developing new technologies and leveraging our leadership position in beauty and the fashion space for our consumer from our app, web, as well as our B2B enterprise brand clients.

我們相信，Perfect Corp 的策略定位是利用其支出和市場機會，透過不斷開發新技術，並利用我們在美容和時尚領域的領導地位，為我們的消費者提供應用程式、網路以及 B2B 企業品牌客戶，從而保持長期成長。

Our strategy for long term growth in 2025 and beyond focuses on deepening our presence in the beauty, fashion, and the skin segments and expanding into new segments, exploring cross sale opportunities, broadening our product service offerings, strengthening of leadership, accelerating revenue growth, and the maximizing long term shareholder value.

我們的 2025 年及以後的長期成長策略重點是深化我們在美容、時尚和皮膚領域的影響力並擴展到新的領域，探索交叉銷售機會，拓寬我們的產品服務範圍，加強領導地位，加速收入成長，並最大化長期股東價值。

Driven by the positive demand for both our mobile [VTO] subscriptions and the enterprise SaaS solutions, our outlook for the full year 2025 projects total revenue growth recognized under IFRS to range from 13% to 14.5% compared to the full year 2024 results.

受我們對行動 [VTO] 訂閱和企業 SaaS 解決方案的積極需求的推動，我們對 2025 年全年的展望預計，與 2024 年全年業績相比，根據 IFRS 確認的總收入增長率將在 13% 至 14.5% 之間。

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

我的演講到此結束，現在我將把電話轉給路易斯，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 fourth quarter of 2024 versus the comparable period in 2023, and that on top of the international financial reporting standard measures.

請注意，所有財務比較均以同比為基礎，報告期間為 2024 年第四季度，與 2023 年同期相比，並採用國際財務報告準則衡量。

We will also discuss non-IFRS measures to provide greater clarity on the trends in our operations.

我們還將討論非國際財務報告準則的衡量標準，以更清楚地了解我們的營運趨勢。

In the fourth quarter of 2024, our total revenue increased to $15.9 million from $14.1 million for the same period in 2023, representing a year over year increase of 12.4%.

2024 年第四季度，我們的總營收從 2023 年同期的 1,410 萬美元增至 1,590 萬美元，年增 12.4%。

Full year revenue increased 12.5% to $60.2 million in 2024, from $53.5 million in 2023.

2024 年全年營收將從 2023 年的 5,350 萬美元成長 12.5% 至 6,020 萬美元。

The growth theme from the continuous growth of our AI and AR cloud solutions and mobile app subscription business.

成長主題來自於我們的AI和AR雲端解決方案以及行動應用程式訂閱業務的持續成長。

The AI/AR cloud solution and subscription revenue grew 25.4% to $15.1 million compared to $12 million from the year ago period, which represents 95% of total revenue in this quarter.

AI/AR雲端解決方案和訂閱收入較去年同期的1,200萬美元成長25.4%至1,510萬美元，佔本季總營收的95%。

The growth is attributed to the continuous expansion of our mobile beauty app subscription and the positive momentum from our online [skin diagnosis] solutions, as well as our virtual try-on business.

成長歸功於我們行動美容應用程式訂閱量的不斷擴大、在線[皮膚診斷]解決方案和虛擬試穿業務的積極勢頭。

Licensing revenue decreased by 72.2% in the fourth quarter of 2024 to $0.5 million compared to $1.8 million during the same period of 2023.

2024 年第四季，授權收入為 50 萬美元，較 2023 年同期的 180 萬美元下降 72.2%。

The licensing revenue will gradually become immaterial as it continues to be phased out and replaced by a better business model of recurring subscription revenue model.

隨著授權收入不斷被淘汰並被更好的經常性訂閱收入模式所取代，授權收入將逐漸變得不重要。

The gross profit for the fourth quarter of 2024 grew by 2.5% to $11.8 million with growth margin of 74.1% compared to $11.5 million and growth margin of 81.3% for the same period in 2023.

2024 年第四季的毛利成長 2.5% 至 1,180 萬美元，成長率為 74.1%，而 2023 年同期的毛利為 1,150 萬美元，成長率為 81.3%。

Full year growth profit was $46.9 million in 2024, and growth margin of 78% compared to $43.1 million in 2023 with growth margin of 80.6%.

2024 年全年成長利潤為 4,690 萬美元，成長幅度為 78%，而 2023 年為 4,310 萬美元，成長幅度為 80.6%。

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

成長利潤率的下降主要是由於我們的行動應用訂閱收入增加，導致向谷歌和蘋果等數位分銷合作夥伴支付的第三方支付處理費增加。

The total operating expense for the fourth quarter of '24 decreased by 3.6% to $12.2 million compared to $12.7 million for the same period last year.

24年第四季的總營運費用為1,220萬美元，較去年同期的1,270萬美元下降3.6%。

The decrease was primarily due to the lower R&D expenses and G&A expenses in the fourth quarter of '24.

下降主要是由於24年第四季研發費用和一般行政費用減少。

Full year operating expense increased 2.7% to $50.1 million in '24 compared to $48.8 million in 2023.

2024 年全年營運費用為 5,010 萬美元，較 2023 年的 4,880 萬美元成長 2.7%。

This increase was mainly due to the increase in sales and marketing expenses, R&D expenses, and also offset by a decrease of G&A expenses.

這一增長主要由於銷售及行銷費用、研發費用的增加，同時也被一般及行政開支的減少所抵銷。

Going into more detail from operating expenses.

從營運費用角度進行更詳細的說明。

The sales and marketing expense for the fourth quarter of '24 was $6.9 million compared to $6.7 million during the same period of 2023, an increase of 3.6%.

24 年第四季的銷售和行銷費用為 690 萬美元，而 2023 年同期為 670 萬美元，成長 3.6%。

The full year sales and marketing expense increased 9.7% to $28.2 million in '24 compared to $25.7 million in 2023.

2024 年全年銷售和行銷費用為 2,820 萬美元，較 2023 年的 2,570 萬美元成長 9.7%。

This increase were largely due to increase in marketing events, advertising costs related to our mobile apps and cloud computing costs.

這一增長主要是由於行銷活動、與我們的行動應用相關的廣告成本以及雲端運算成本的增加。

Research and development expenses were $2.8 million for the fourth quarter of 2024 compared to $3 million during the same period of 2023, a decrease of 8.3%.

2024 年第四季的研發費用為 280 萬美元，而 2023 年同期為 300 萬美元，下降了 8.3%。

The decrease from the streamlining certain R&D process and benefiting from expense savings.

減少源自於簡化某些研發流程及節省費用。

A full year R&D expenses increased 4.7% to $12 million for 2024 compared to $11.5 million in 2023.

2024 年全年研發費用將從 2023 年的 1,150 萬美元增加 4.7% 至 1,200 萬美元。

This increase resulted for increase in R&D headcount and related personnel costs.

這一增長導致研發人員數量和相關人員成本的增加。

General and administrative expenses decreased by 41% to $1.8 million for the fourth quarter of 2024 compared to $3 million during the same period of 2023.

2024 年第四季的一般及行政費用為 180 萬美元，較 2023 年同期的 300 萬美元下降 41%。

Full year G&A expenses decreased by 26.6% to $8.5 million compared to 11.6% in 2023.

全年一般及行政開支下降 26.6% 至 850 萬美元，而 2023 年則為 11.6%。

The decrease were mainly due to the increased operational efficiency as we march into the third-year mark of the listing on NYSE.

下降的主要原因是，隨著我們進入紐約證券交易所上市的第三個年頭，營運效率得到了提高。

Net income was $1.1 million for the fourth quarter of 2024 compared to the net income of $1.4 million during the same period of 2023.

2024 年第四季淨收入為 110 萬美元，而 2023 年同期淨收入為 140 萬美元。

Full year net income was $5 million for 2024 compared to $5.4 million in 2023.

2024 年全年淨收入為 500 萬美元，而 2023 年為 540 萬美元。

The positive net income was supported by continued revenue growth and effective cost control.

持續的收入成長和有效的成本控制支撐了正的淨收入。

This result represents a net income margin of 8.3% for the full year 2024.

此結果代表 2024 年全年淨收入利潤率為 8.3%。

Excluding non-cash share-based compensation, non-cash valuation gains and loss of financial liability, the adjusted net income was $2.3 million for the fourth quarter of 2024 compared to the net adjusted net income of $2.1 million in the same period in 2023, an increase of 8.2%.

不含非現金股權激勵計畫、非現金估值收益和財務負債損失，2024 年第四季調整後淨收入為 230 萬美元，而 2023 年同期調整後淨收入為 210 萬美元，成長 8.2%。

Full year adjusted net income was $8.3 million in 2024 compared to $7 million in 2023, an increase of 18.6%.

2024 年全年調整後淨收入為 830 萬美元，而 2023 年為 700 萬美元，成長 18.6%。

This will present an adjusted net margin of 13.8% for the full year 2024.

這將使 2024 年全年調整後的淨利潤率達到 13.8%。

As of December 31, 2024, the company held $165.9 million in cash and cash equivalent in six-month deposit compared to [$163.2 million] as of December 30, 2024.

截至 2024 年 12 月 31 日，該公司持有的六個月存款現金和現金等價物為 1.659 億美元，而截至 2024 年 12 月 30 日為 [1.632 億美元]。

We had a positive operating cash flow of $3.3 million in the fourth quarter of 2024 compared to $3.1 million during the same period of 2023.

2024 年第四季，我們的營運現金流為正 330 萬美元，而 2023 年同期為 310 萬美元。

For the full year operating cash flow was $13 million in 2024 compared to $13.6 million in 2023.

2024 年全年營運現金流為 1,300 萬美元，而 2023 年為 1,360 萬美元。

The positive cash flow demonstrates the company's continuing ability to generate continuous cash flow to support its business operations and growth strategy.

正現金流顯示公司持續產生持續現金流以支持其業務營運和成長策略的能力。

On the mobile app side, in business metrics, the mobile app subscription business was growing and the active subscriber increased to 14.3% year over year, reaching an all-time high of over 1 million by the end of 2024.

行動應用方面，從業務指標來看，行動應用程式訂閱業務不斷成長，活躍訂閱用戶年增14.3%，到2024年底將達到100多萬的歷史新高。

Our YouCam suite or beauty app has demonstrated its ability to provide both enjoyment and value to users, successfully converting them into paying subscribers.

我們的 YouCam 套件或美容應用程式已證明其能夠為用戶提供樂趣和價值，成功地將他們轉化為付費用戶。

Our enterprise customer base had a net increase of 24 brand clients at the end of last quarter, achieving a total of 732 brand clients with over 822,000 skills for makeup, skincare, eyewear, watches, and jewelry products as of the end of last year.

上季末，我們的企業客戶群淨增24個品牌客戶，截至去年底，共計732個品牌客戶，化妝品、保養品、眼鏡、手錶和珠寶產品技能超過822,000個。

The further expansion of these metrics highlights the ongoing growth in the customer penetration and expansion.

這些指標的進一步擴大凸顯了客戶滲透率和擴張的持續成長。

In the fourth quarter, Perfect Corp stay at the 151 key customers, the same at the end of the previous quarter, demonstrating the stability of our enterprise business in this quarter.

第四季度，完美集團重點客戶數量維持在151家，與上季末持平，展現出本季完美集團企業業務的穩定性。

In summary, in the fourth quarter of 2024, AI and AR cloud solution and mobile app subscription business continue to drive our growth.

總而言之，2024年第四季度，AI和AR雲端解決方案以及行動應用程式訂閱業務持續推動我們的成長。

Throughout the year, we remain focused on operational efficiencies and financial discipline, resulting in 18.6% year over year in full year adjusting net income and adjusting net margin rate of 13.8%.

全年我們持續注重營運效率和財務紀律，全年調整後淨收入年增18.6%，調整後淨利率達13.8%。

As mentioned by Alice, we will continue to invest in the growth of our business through the development of AI technologies, both organically and through M&A opportunities to strengthen our core competencies.

正如 Alice 所說，我們將繼續透過開發人工智慧技術來投資我們的業務成長，包括有機成長和透過併購機會來加強我們的核心競爭力。

Our commitment to advancing GenAI position as the industry leaders, empowering our consumers and enterprise clients with tools that outperform current solutions, and redefine what's possible in user engagement and personalized services.

我們致力於提升 GenAI 的行業領先地位，為我們的消費者和企業客戶提供超越現有解決方案的工具，並重新定義用戶參與和個人化服務的可能性。

Our purchase of Wanna from Farfetch significantly enhanced Perfect Corp market reach, allowing us to tap into new customer segments and geographies that were previously out of scope.

我們從 Farfetch 收購 Wanna 大大增強了 Perfect Corp 的市場覆蓋範圍，使我們能夠進入先前超出範圍的新客戶群和地區。

By integrating one of established customer base, product offerings, and distribution channels, we can rapidly expand our footprint and drive growth across untapped market.

透過整合現有的客戶群、產品供應和分銷管道，我們可以迅速擴大我們的業務範圍並推動尚未開發市場的成長。

Additionally, these transactions strengthen our competitive positioning by broadening our product portfolio, increase brand visibility, and position up to better serve a wider range of industries.

此外，這些交易透過擴大我們的產品組合、提高品牌知名度以及更好地服務更廣泛的行業，增強了我們的競爭地位。

We are excited about the opportunities that are ahead of our B2C and B2B business line but continue to invest in AI innovation, expanding our market presence, and building on a strong foundation.

我們對 B2C 和 B2B 業務線面臨的機會感到興奮，但我們將繼續投資於人工智慧創新，擴大我們的市場影響力並奠定堅實的基礎。

We are confident that we will sustain growth well into the future.

我們有信心在未來繼續保持成長。

Finally, our 2025 guidance for total revenue year over year growth will range from 13% to 14.5%.

最後，我們對 2025 年總營收年增率的預測將在 13% 至 14.5% 之間。

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

該預測基於公司對當前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，以便更好地向市場提供透明度。

With that concludes my prepared remark, operator, please open up the call for questions.

我的準備好的發言到此結束，接線員，請開始提問。

(Operator Instructions)

（操作員指令）

Patrick McCann, Noble.

派崔克麥肯，諾布爾。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

I was wondering, I noticed, you certainly highlighted the growth in the brand clients, and my question had to do with the B2B side of the house.

我想知道，我注意到，您確實強調了品牌客戶的成長，而我的問題與 B2B 方面有關。

I'm wondering what the situation is with your enterprise clients as far as their ability to potentially start to spend more money on services such as yours.

我想知道你們的企業客戶是否有能力開始在像你們這樣的服務上花更多的錢。

What's the situation with the B2B, especially given that it has the higher margins, and will that, would you anticipate a return to growth there in 2025?

B2B 的情況如何，尤其是考慮到它具有更高的利潤率，您是否預計 2025 年它會恢復成長？

What should we look for there?

我們應該在那裡尋找什麼？

And then I guess sort of the follow up to that would be.

然後我想接下來的事情會是這樣的。

How does the B2B revenue play into your, 13.5% to 14.5% growth guidance for 2025?

B2B 營收在您 2025 年 13.5% 至 14.5% 的成長預期中佔了什麼比例？

Thank you, Pat.

謝謝你，帕特。

So, the B2B market, I would say still remains challenging, last year, certainly on the previous year, we have challenges from inflation and cost, more recently, we start hearing clients, certainly worry about potential tariffs that may come, later in the year, so they are certainly cautious.

所以，我想說，B2B 市場仍然充滿挑戰，去年，當然是前一年，我們面臨通貨膨脹和成本的挑戰，最近，我們開始聽到客戶擔心今年晚些時候可能出現的潛在關稅，所以他們肯定很謹慎。

And what exactly will be the impact to their financials that may turn, their spending plans.

這究竟會對他們的財務狀況和支出計畫產生什麼影響呢？

So, the pipeline remains very solid.

因此，管道仍然非常穩固。

The interest from the B2B brands are still there, they are investing, they want to be more digital.

B2B 品牌的興趣仍然存在，他們正在投資，他們希望更加數位化。

This is where we play the role.

這正是我們發揮作用的地方。

However, we understand that they are not yet ready to write a big check.

然而，我們知道他們還沒準備好開出一張大支票。

So, we see that the renewal rate for the business continues to be healthy.

因此，我們看到業務更新率持續保持健康。

So, they will continue to use what they're already using, but the expansion to -- have a more a -- growth, I think it still remains to be proven and we will vigilant about the market and how the world economy will play, and this may affect their cost structure from that perspective.

因此，他們將繼續使用他們已經在使用的東西，但擴張以實現更多的成長，我認為這還有待考證，我們將對市場和世界經濟的表現保持警惕，從這個角度來看，這可能會影響他們的成本結構。

But the good news is we are spending our time into newer markets, so our total addressable client groups or its market geography spending again partially because of the one acquisition as we are sending to newer categories that we were not previously present or only start to -- get into the market and that potentially contribute in the growth.

但好消息是我們正在把時間投入到新的市場中，因此我們的總可尋址客戶群或其市場地理支出再次部分歸功於一次收購，因為我們正在向以前沒有涉及或才剛開始進入市場的新類別投入資金，這可能會促進增長。

The guidance that we have provided certainly is based on current visibility.

我們提供的指導當然是基於當前的可見性。

We didn't want to, just have a big talk and have it overly optimistic without seeing the markets moving.

我們不想在沒有看到市場動向的情況下，只是誇誇其談並過度樂觀。

So, we are cautiously optimistic about that since there's no really real competition in the segment that we are, we remain a solid leader in this space.

因此，我們對此持謹慎樂觀的態度，因為我們所在的領域並沒有真正的競爭，我們仍然是該領域的堅實領導者。

So, I believe that once the market open and probably bounce stronger assumption, it may drive more revenue in there.

因此，我相信，一旦市場開放並可能出現更強勁的反彈，它可能會帶來更多的收入。

The total guidance for 2025, we expect that, the B2C revenue is growing faster than the B2B continuously for the last, a year or two.

對於 2025 年的整體指導，我們預計，在過去的一兩年內，B2C 收入的成長速度將持續快於 B2B。

So, we expect that, the B2B revenue may be somewhere between 30% to 40% of the total revenue in this year, pursuant to our guidance model.

因此，根據我們的指導模型，我們預計 B2B 收入可能佔今年總收入的 30％到 40％之間。

Great, thank you.

太好了，謝謝。

Lisa Thompson, Zachs Investment Research.

麗莎湯普森（Lisa Thompson），Zachs Investment Research。

Oh hi.

噢，嗨。

Let me just follow up on your last answer.

讓我跟進一下你上一個回答。

If you're thinking that next year B2B is going to be 30% to 40%, what was it last year?

如果您認為明年 B2B 的比例將達到 30% 到 40%，那麼去年是多少？

So last year I see was, 40% we are finishing our auditing with the audit service.

去年我發現，我們有 40% 的審計工作透過審計服務完成。

So, the B2C part has become the bigger part of the oral business in 2024.

因此，到 2024 年，B2C 部分將成為口腔業務的更大組成部分。

And in looking at what your kind of earnings plan is for the year, do you think that you're going to be able to reduce operating expenses to keep in line with the reduction in gross margin because of that and then come out kind of the same as you did last year?

在考慮您今年的獲利計劃時，您是否認為您可以減少營運費用，以跟上毛利率的下降，然後與去年的業績保持一致？

I think we are, still investing and I think we still, smaller scale to stop investing.

我認為我們仍在投資，而且我認為我們仍將以較小的規模停止投資。

So, I think the opportunities is quite big there.

所以，我認為那裡的機會很大。

The expense in the net income is positive, the operating income is virtually almost break even, so that's not really a key concern, especially with the capital that we have to invest in the growth.

淨收入中的支出是正的，營業收入幾乎可以收支平衡，所以這並不是一個主要問題，特別是考慮到我們必須在成長中投入的資本。

I think now we expansion into newer categories coming up with new products, especially in AI innovation, we will continue to invest, noting that, we increase, any significant differences between what our expense model has been in the previous few years.

我認為現在我們正在擴展到新的類別並推出新的產品，特別是在人工智慧創新方面，我們將繼續投資，同時注意到，我們將增加與前幾年的費用模式之間的任何顯著差異。

So, in a nutshell, I think we will try to run the model with financial discipline to make sure that it's not, creating financial pressures, but at the same time continue to invest in AI development, research and growing the R&D team.

所以，簡而言之，我認為我們將嘗試按照財務紀律來運行該模型，以確保它不會產生財務壓力，但同時繼續投資於人工智慧開發、研究和壯大研發團隊。

Can I just have one question on Wanna.

我可以就 Wanna 提一個問題嗎？

Can you talk about that landscape as far as competition?

能談談競爭方面的狀況嗎？

I know you dominate beauty.

我知道你主宰著美麗。

What does it look like in the fashion landscape?

在時尚界它看起來是什麼樣的？

Yeah, so Wanna is certainly been the leader in the fashion space.

是的，所以 Wanna 無疑是時尚領域的領導者。

They have more than two dozen big logos, big names such as Valentino, [Valenciaga], Louis Vuitton, Gucci, and more.

他們有二十多個大標誌，如Valentino、[Valenciaga]、Louis Vuitton、Gucci等大牌。

So, I think there's not really much competition after we acquired Wanna.

所以，我認為我們收購 Wanna 之後競爭就不會太激烈了。

So, after the integration we really become the AI/AR powerhouse for fashion and beauty virtual trial market.

因此，整合之後，我們真正成為了時尚和美容虛擬試用市場的 AI/AR 強者。

There may be, a few other smaller startups that are, in the shoes market or only doing certain watches market but not in the scale and reach that can compete with us.

可能還有其他一些規模較小的新創公司，它們涉足鞋類市場或僅從事某些手錶市場，但其規模和影響力無法與我們競爭。

So, I think the strategic merger really create this opportunity to become the one shop for the luxury brands, especially for the top luxury brands.

因此，我認為此次策略合併確實創造了這個機會，使之成為奢侈品牌，特別是頂級奢侈品牌的一站式商店。

They rely on global teams.

他們依賴全球團隊。

They rely on bigger, more established organizations to provide services to them.

他們依靠更大、更成熟的組織為他們提供服務。

And I think Wanna was part of the Farfetch, which is again it's a great company, great group, and now part of Perfect Corp, a more established global leader in technology.

我認為 Wanna 曾經是 Farfetch 的一部分，而 Farfetch 又是一家偉大的公司、偉大的集團，現在它已成為 Perfect Corp 的一部分，而 Perfect Corp 是一家更成熟的全球技術領導者。

We are confident that we can give you extra runway for this business to grow and really become a dominant player across both beauty and fashion.

我們相信，我們可以為您的企業發展提供額外的空間，讓您真正成為美容和時尚領域的主導者。

Great, thank you for those answers.

太好了，謝謝你的回答。

Aashi Shah, Sidoti.

阿希·沙阿，西多蒂。

Oh great, thank you so much for taking my question and congrats on a very solid fourth quarter results.

哦，太好了，非常感謝您回答我的問題，並祝賀您取得了非常穩健的第四季度業績。

I have one of the questions regarding gross margin.

我有一個關於毛利率的問題。

Gross margin declined 6% quarter over quarter.

毛利率季減6%。

I understand the year over year decline because the B2C part is higher, but like the B2C business is more.

我理解同比下降的原因，因為 B2C 部分較高，但 B2C 業務更多。

But why did we see a 6% decline quarter over quarter and like if you can just give us what the key drivers behind this compression were.

但為什麼我們會看到季度環比下降 6% 呢？

Yes, Hi Aashi.

是的，嗨，Aashi。

So, I think the fourth quarter, the good news is the B2C was growing at a faster pace than we expected.

因此，我認為第四季度的好消息是 B2C 的成長速度比我們預期的要快。

So, the overall revenue contribution from B2C versus B2B in the fourth quarter was much higher than we expected, and that's how the overall growth margin has a bigger dip.

因此，第四季B2C相對於B2B的整體營收貢獻遠高於我們的預期，這就是整體成長幅度出現更大下降的原因。

I think it's not expected, but I think it's really more maybe a one-time thing because for the shopping season was driving in a good sale, where people getting new smartphones or they are downloading new apps, or they are subscribing new apps.

我認為這不是預料之中的，但我認為這可能更像是一次性的事情，因為購物季節會帶來很好的銷售，人們會購買新的智慧型手機，或者下載新的應用程序，或者訂閱新的應用程式。

We have seen this pattern typically, in seasonality pattern, the quarter four will have that impact because the B2C is bigger.

我們通常看到這種模式，在季節性模式中，第四季會產生這種影響，因為 B2C 規模更大。

Just this year it was a lot more bigger and growing faster than we expected.

光是今年，它的規模就比我們預期的要大得多，而且成長速度也更快。

On the other hand, B2B continues to be challenging in quarter four, right, so the revenue contribution from B2B was slightly lower than we expected that also contributed to the drop in the growth margin for the 2025 year, I think we expect that that may gradually come up slightly.

另一方面，B2B 在第四季度繼續面臨挑戰，因此 B2B 的營收貢獻略低於我們的預期，這也導致了 2025 年的成長幅度下降，我認為我們預計這一數字可能會逐漸略有上升。

Okay, but it does not go back to 2023 levels.

好的，但它不會回到 2023 年的水平。

Correct, yeah.

是的，正確。

I think in 2023 we our B2B business was about half of the total business.

我認為到 2023 年我們的 B2B 業務約佔總業務的一半。

I think for this year, as I said earlier, we expect the B2B business to be more challenging, and if the B2C continues to grow really quick and fast, and the B2B contribution may drop to let's say 30% or a little bit over 30%.

我認為，正如我之前所說，今年 B2B 業務將面臨更大挑戰，如果 B2C 繼續快速成長，B2B 的貢獻可能會下降到 30％或略高於 30％。

Right, okay, and just another question relating to the acquisition like if you can give us the timeline for the full integration and also regarding the revenue split like, you said the revenue growth like the revenue guidance for is 13% to 14.5%.

好的，好的，還有一個與收購有關的問題，例如，您能否給我們全面整合的時間表，以及關於收入分成，例如，您說收入增長（例如收入預期）是 13％ 至 14.5％。

If you can just break down how much of that growth is expected to come from the acquisition and how much is the organic growth?

您能否細分一下預期的成長中有多少來自收購，又有多少來自有機成長？

So, the deal just closed like 40, 45 days ago.

所以，這筆交易大約在 40 到 45 天前完成。

So, the team is going through extensive integration work across all different departments.

因此，該團隊正在對所有不同部門進行廣泛的整合工作。

So, we expect that will continue to happen in the first half of the year, meaning that, they go to market together as one team, as one platform will happen later in the year.

因此，我們預計這種情況將在今年上半年繼續發生，這意味著，他們將作為一個團隊一起進入市場，一個平台將在今年稍後推出。

And with that, again, we try to do as soon as we can from sales marketing perspective, from product development, from customer service, customer (technical difficulty) So, if we are able to move very quickly on this, the revenue maybe the contribution of that new acquisition might come in earlier or in more meaningful way in this year.

同時，我們再次嘗試盡快從銷售行銷角度、產品開發、客戶服務、客戶（技術難度）等方面採取行動，因此，如果我們能夠迅速採取行動，那麼新收購的收入貢獻可能會在今年更早或更有意義地實現。

The guidance that we have given them; we started with a quite conservative look into what the business are as is and you know how that contribute.

我們給予他們的指導；我們一開始就對業務現狀進行了非常保守的審視，您知道這會做出什麼貢獻。

Again, one is a smaller startup, right?

再說了，一家是規模較小的新創公司，對嗎？

There are about 30 employees.

約有30名員工。

They have good clients like 20, 20 plus.

他們擁有 20 多個優質客戶。

In contrast, we have like [700] right, so that gives you a perspective about the size of the acquisition.

相較之下，我們有[700]對，這樣你就可以看到收購的規模。

So, it's not going to have a tremendous change overnight, but it's much more the new value that we can unlock after the integration is done.

所以，它不會在一夜之間發生巨大的變化，但它更多的是我們在整合完成後可以釋放的新價值。

And then gradually as this process march forward and we may adjust our guidance depending on the market.

然後隨著這個過程逐漸推進，我們可能會根據市場調整我們的指導。

Great.

偉大的。

And just one more if we have the time, like strategically, where do you see increasing your investment going into the new year like to take advantage of the adoption of AI like where do you -- where are you on, where are your top investment priorities from an incremental dollar perspective?

如果我們有時間的話，我再問一個問題，例如從策略上講，您認為在新的一年裡會在哪些方面增加投資，例如利用人工智慧的採用，您目前處於什麼位置，從增量美元的角度來看，您的首要投資重點是什麼？

AI is -- especially generates AI.

人工智慧是——尤其是生成人工智慧。

It's all our focus right now from R&D side.

從研發方面來看，這都是我們現在關注的重點。

So, you can see the evolving of a new AI model every month.

因此，你每個月都可以看到一個新的 AI 模型的演變。

It's excited and recently the open model to the world.

這令人興奮，最近它向世界開放了模式。

So, I think this is a great opportunity for the application services on top of this big models.

所以，我認為這對於在這個大模型上開發應用服務是一個很好的機會。

So, by saying that R&D, no matter it's the head count or some of the server training GPU, all these things are the main focus, of course, digital marketing is still important, especially for B2C.

所以說到研發，不管是人數還是一些伺服器訓練GPU，這些都是主要關注點，當然，數位行銷仍然很重要，特別是對於B2C而言。

If not buying app, then all the effort we put is in digital marketing to attract all the worldwide app users to come to us.

如果不購買應用程序，那麼我們所付出的所有努力都將用於數位行銷，以吸引全球應用程式用戶來找我們。

So AI is the whole focus of R&D this year and I think it's for the next 5 to 10 years, but the speed of investment, I can see it fast and because the whole ecosystem evolved so fast, we pay very high attention to the market and recent development of the market, I think it's a very pro to service providers like us.

因此，人工智慧是今年研發的重點，我認為也是未來5到10年的重點，但我可以看到投資速度很快，而且由於整個生態系統發展如此之快，我們非常關注市場和市場的最新發展，我認為這對我們這樣的服務提供者非常有利。

Thank you.

謝謝。

Lisa Thompson, Zachs Investment Research.

麗莎湯普森（Lisa Thompson），Zachs Investment Research。

Hi, I just wanted to ask again about whatever happened to AI assistant and if you think that's going to be a big driver for your mobile apps, talk about where you are with that.

你好，我只是想再次詢問有關人工智慧助理的情況，如果你認為這將成為你行動應用程式的重要推動力，請談談你在這方面的進展。

Thank you.

謝謝。

Yeah, AI assistant is the one we are developing, since second half of last year, we try to branch them into a B2B for the brand to use and the B2C.

是的，我們正在開發人工智慧助手，從去年下半年開始，我們嘗試將其擴展到B2B領域供品牌使用，以及B2C領域。

For B2C there's a, AI assistant, agent, co-pilot, we will launch that in our app, before second quarter of this year to try the market.

對於 B2C，我們有 AI 助理、代理、副駕駛等功能，我們將在今年第二季之前在我們的應用程式中推出這些功能來試水市場。

I think that's the future everybody needs it, and it's, pay by service kind of a business model and for B2B brands, we have a perfect GPT and now ready for POC, we did have brands that they doing a POC -- trying to doing POC with us and again brands, their movement to this new AI, especially generative AI, the speed is not as fast, so we saw POC may take, may start before end of this year, and when testing, doing validation, B2C part will be faster.

我認為這就是未來，每個人都需要它，這是一種按服務付費的商業模式，對於 B2B 品牌，我們擁有完美的 GPT，現在已準備好進行 POC，我們確實有一些品牌在進行 POC — — 嘗試與我們一起進行 POC，而且品牌向這種新 AI 的轉變，特別是生成性 AI，速度還沒有那麼快，所以我們可能會在今年年底看到 POC 部分，C 2 部分還沒有那麼快，所以我們可能會在今年年底，BOC 部分

We will make the same agents, beauty agents, editing agents to our app before second half of this year.

我們會在今年下半年之前把同樣的代理，美容代理，編輯代理放到我們的應用程式中。

Great.

偉大的。

I look forward to that.

我對此充滿期待。

Thank you so much.

太感謝了。

Thank you.

謝謝。

As there are no further questions at this time, I'd like to hand the conference back over to Mr. Jimmy Shu.

由於現在沒有其他問題，我想將會議交還給 Jimmy Shu 先生。

Thank you once again for joining the call today.

再次感謝您參加今天的電話會議。

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，請隨時直接與我們聯繫或透過我們的 IR 網站與我們聯繫。

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

我們期待在下次通話中再次與大家交談。

Goodbye.

再見。

This includes today's conference call.

其中包括今天的電話會議。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。