SBC Medical Group Holdings Inc (SBC) 2025 Q3 法說會逐字稿

Good evening. I’m Michelle Skoui, Head of IR Department. Since it is now the scheduled time, I’d like to begin today’s session.

晚安.我是 Michelle Skoui，IR 部門主管。既然現在已經到了預定時間，我想開始今天的會議。

Thank you very much for taking time out of your busy schedule to join the early briefing of SBC Medical Group Holdings. Today, we will be presenting our third-quarter financial results, business progress, and capital policy. (Operator Instructions) .

非常感謝您百忙之中抽空參加SBC醫療集團控股公司的早期簡報會。今天，我們將介紹我們第三季的財務表現、業務進展和資本政策。（操作說明）

Now, I’d like to hand the presentation over to our CFO, Mr. Yoshida. Mr. Yoshida, the floor is yours.

現在，我想把簡報交給我們的財務長吉田先生。吉田先生，請您發言。

Good afternoon. I’m Yuya Yoshida, CFO of SBC Medical Group Holdings. Thank you very much for joining our conference call today despite your busy schedules.

午安.我是SBC醫療集團控股公司的財務長吉田雄也。非常感謝各位百忙之中抽空參加今天的電話會議。

I will now walk you through our results for the third quarter, the progress of our business and our capital policy. Please turn on slide 5. Okay. First, regarding our franchisee clinics performance. We added the number of clinics to 258 clinics by 34 locations increase, and the annual number of customers continues to increase steadily and has now expanded to approximately 6.5 million.

接下來，我將向大家介紹我們第三季的業績、業務進度和資本政策。請打開第五張投影片。好的。首先，關於我們加盟診所的業績。我們新增了 34 家診所，使診所數量達到 258 家，年度客戶數量持續穩定成長，目前已擴大到約 650 萬人。

Next, please. Yes. I’m going to touch upon the average spend per customer. The graph on the left shows the quarterly trend of average spend per customer. As you can see, thanks to initiatives such as pricing and promotion and strategy optimization, and our multi-brand strategy in the dermatology segment, which has successfully captured highest spending customer groups, the overall average revenue per customer visit is clearly showing signs of recovery. We intend to sustain this positive trend by accurately capturing customer needs and continuing to provide high-quality, high-satisfaction services.

下一位。是的。我接下來要談談每位顧客的平均消費額。左側圖表顯示了每位顧客平均消費額的季度趨勢。如您所見，得益於定價、促銷和策略優化等舉措，以及我們在皮膚科領域的多品牌策略（該策略已成功吸引了消費最高的客戶群），每次客戶訪問的平均總收入明顯呈現復甦跡象。我們計劃透過準確掌握客戶需求並持續提供高品質、高滿意度的服務來維持這一積極趨勢。

Next, please. Next, financial performance for the third quarter. Our sales had been affected by restructuring and a division to franchise fees, but have since bottomed out, supported by an increase in point-related revenues.

下一位。接下來是第三季的財務業績。受重組和特許經營費分拆的影響，我們的銷售額有所下降，但此後在積分相關收入增長的支持下，銷售額已觸底反彈。

Additionally, the decline in racing-related costs, including share-based compensation expenses, contributed to a tolerance in both operating income and net income. From here, we aim to place the company firmly back on a sustainable growth trajectory.

此外，賽車相關成本（包括股權激勵費用）的下降，也讓營業收入和淨收入都出現了一定的波動。從這裡開始，我們的目標是使公司重新走上可持續成長的軌道。

Next, please. Okay. Yeah. We are pleased to announce that our first step in entering into Thailand is through a partnership with BLEZ ASIA. We have entered into a consulting agreement with BLEZ ASIA Co., Ltd., a company with more than 10 years of experience and a network of over 20 pharmacies and clinics, mainly in Thailand, to provide laser treatment at affordable price. By deepening our collaboration with BLEZ ASIA, we will accelerate our full-scale entry into Thailand’s rapidly growing aesthetic medical market.

下一位。好的。是的。我們很高興地宣布，我們進軍泰國市場的第一步是透過與 BLEZ ASIA 建立合作關係。我們與 BLEZ ASIA Co., Ltd. 簽訂了諮詢協議，該公司擁有超過 10 年的經驗，並在泰國擁有超過 20 家藥局和診所的網絡，以提供價格合理的雷射治療。透過深化與 BLEZ ASIA 的合作，我們將加速全面進入泰國快速成長的醫美市場。

Next, please. Yes. Regarding our initiative for Waku, recently, we announced the commencement of a tender offer to acquire majority stake in Waku, which engages in R&D for regenerative medicine and skincare products with the goal of making it a subsidiary.

下一位。是的。關於我們對 Waku 的計劃，最近我們宣布啟動要約收購，以收購 Waku 的多數股權。 Waku 是一家從事再生醫學和護膚產品研發的公司，我們的目標是將其打造為子公司。

By combining the strengths of both companies, we aim to enhance the speed and innovation of our R&D and expand new treatments and unique service offerings in clinical areas such as AGA and orthopedics. Through this initiative, we seek to strengthen the group’s overall competitiveness and achieve sustainable growth for both companies.

透過結合兩家公司的優勢，我們旨在提高研發速度和創新能力，並在 AGA 和骨科等臨床領域拓展新的治療方法和獨特的服務產品。透過這項舉措，我們希望增強集團的整體競爭力，並實現兩家公司的永續成長。

Next, please. Yeah. Next, I’m going to touch upon the balance sheet. We maintain our sound and robust financial base with sufficient cash and deposits. To further accelerate growth, building strong relationships with financial institutions is essential.

下一位。是的。接下來，我將談談資產負債表。我們擁有充足的現金和存款，並保持著穩健的財務基礎。為了進一步加快成長，與金融機構建立牢固的關係至關重要。

Recently, we utilized bank financing for working capital purposes. Our ample liquidity will continue to be actively deployed for strategic investments, including both organic growth and M&A in Japan and overseas.

最近，我們利用銀行貸款來補充營運資金。我們充足的流動資金將繼續積極用於策略性投資，包括在日本和海外的內生成長和併購。

Next, please. Finally, regarding our capital policy, we recognize that the liquidity of our shares is still low, making it difficult for many institutional investors to trade. To address this, we will work on improving supply and demand and pass through measures such as new share issuance and partial shares held by the founder. This will help create a more investment-friendly environment for a broader range of investors.

下一位。最後，關於我們的資本政策，我們意識到我們股票的流動性仍然較低，這使得許多機構投資者難以進行交易。為了解決這個問題，我們將努力改善供需關係，並透過發行新股和創辦人持有部分股份等措施來解決這個問題。這將有助於為更廣泛的投資者創造一個更有利於投資的環境。

That concludes my presentation. Thank you very much for your attention.

我的演講到此結束。非常感謝您的關注。

Thank you very much, Mr. Yoshida. We will now move on to the Q&A session. Here is the first question. Why was COVID elevated during Q3 2025, and when do you expect a franchise fee division impact to be fully absorbed going forward? Thank you.

非常感謝吉田先生。接下來我們將進入問答環節。這是第一個問題。為什麼 COVID 在 2025 年第三季有所上升？您預計特許經營費部門的影響何時才能完全消除？謝謝。

Okay. First of all, the main reason why the cost increased is the increase of medical equipment lease and the effect of consolidation of AHH that we acquired in Singapore. Yeah. And yeah, we’ve seen this. Yeah. We see our financial performance bottomed out of Q3, and we see this trend will continue throughout the last year. Yeah, although there are some tweaks, but so far, we are not seeing any major negative factors. We want to keep the positive momentum that we saw in Q3 in the foreseeable future.

好的。首先，成本增加的主要原因是醫療設備租賃費用的增加以及我們在新加坡收購的 AHH 合併帶來的影響。是的。是的，我們已經見過這種情況了。是的。我們看到財務業績在第三季觸底，我們預計這一趨勢將持續到年底。是的，雖然有一些調整，但到目前為止，我們還沒有看到任何重大的負面因素。我們希望在可預見的未來保持第三季以來的積極發展動能。

Thank you very much. Next question is, there are various balance sheet changes during the quarter which expected impacted cash level during Q3 2025. Could you elaborate on these changes?

非常感謝。下一個問題是，本季資產負債表發生了各種變化，預計這將影響 2025 年第三季的現金水準。您能詳細說明一下這些變化嗎？

Okay. Yeah. Regarding the changes in balance sheet, first of all, we are borrowing bank financing for working capital that I mentioned in the presentation. Second, we changed the payment term for the related parties in the last quarter. Third, the decrease of tax debt. We just paid our midterm income tax at the end of August. Yeah. That’s why these changes happened in the balance sheet.

好的。是的。關於資產負債表的變化，首先，正如我在簡報中提到的，我們正在向銀行借款以獲取營運資金。第二，我們在上個季度更改了關聯方的付款條件。第三，減少稅務債務。我們在八月底剛剛繳了中期所得稅。是的。這就是資產負債表發生這些變化的原因。

Thank you very much. Next is regarding the Breath. Could you explain the expected impact of the new Breath? Also, the provide, how do you think about our SBC brand impact to the Thailand market?

非常感謝。接下來是關於呼吸的。您能解釋一下新版「呼吸」功能預期會產生哪些影響嗎？另外，您認為我們的SBC品牌對泰國市場的影響如何？

Yeah. We are pleased to announce this initiative in Thailand. Yeah. Regarding the financial impact, in the near term, the impact will be not significant because we are trying some POC, proof of concept, in Thailand, yeah, by providing the laser treatment to customers, not only Japanese, but also Thai people at affordable prices. After we completed POC, we think we can expand the business into not only Thailand, but also other Asian countries such as Malaysia or Indonesia.

是的。我們很高興地宣佈在泰國開展這項計劃。是的。至於財務影響，短期內影響不會很大，因為我們正在泰國進行一些概念驗證，以實惠的價格向顧客（不僅是日本人，還有泰國人）提供雷射治療。完成概念驗證後，我們認為不僅可以將業務擴展到泰國，還可以擴展到馬來西亞或印尼等其他亞洲國家。

Thank you very much. Next is, what is your expectation for organic growth going forward for both breadth and revenue?

非常感謝。接下來，您對未來業務範圍和收入的有機成長有何預期？

Again, we expect we can keep this positive momentum that we saw in Q3 because we basically completed our fee structure changes. Although, yeah, we completed our financial restrictions, somewhat the effect for the revenue and the profit of SBC Medical Group Holdings will be late a bit. I think we expect more stable financial performance in Q4 and next year.

我們預計能夠保持第三季度取得的積極勢頭，因為我們基本上完成了費用結構調整。雖然我們已經完成了財務限制，但對 SBC 醫療集團控股公司的收入和利潤的影響還要過一段時間才會顯現。我認為我們預計第四季度和明年的財務業績將更加穩定。

Thank you very much. Next is regarding the Waku. Could you describe the strategic relationship behind acquiring Waqoo? Also, please show the outline of the integration roadmap for Waqoo.

非常感謝。接下來是關於Waku的。您能否描述一下收購Waqoo背後的策略關係？另外，請提供 Waqoo 整合路線圖的概要。

Okay. Maybe, yeah, also provide mention Mr. Sakaguchi can touch upon this initiative.

好的。或許，也可以提一下坂口先生可以就此計畫發表看法。

ure. This is Taishi Sakaguchi. I’m Chief Planning Officer in SBC. Regarding the Waqoo, actually, it’s difficult to describe the real number about this Waqoo TOB, but we believe that synergies can be realized through strengthening the sales of Waqoo products at SBC Clinic and jointly developing pharmaceutical and medical devices and outsourcing cell culture and processing operations to Waqoo, which currently we outsource to other companies. We complete this operation within our group. After completing this TOB, we will discuss with Waqoo management in detail on this, and we will clarify the number. This is what we are considering right now. Thank you.

確定。我是坂口大志。我是SBC的首席規劃官。關於 Waqoo，實際上很難描述 Waqoo TOB 的真實數字，但我們相信，透過加強 Waqoo 產品在 SBC Clinic 的銷售，以及共同開發藥品和醫療器械，並將目前我們外包給其他公司的細胞培養和加工業務外包給 Waqoo，可以實現協同效應。這項操作由我們集團內部完成。完成這份TOB後，我們將與Waqoo管理層詳細討論此事，並明確具體數字。這就是我們目前正在考慮的問題。謝謝。

Basically, it’s very important to combine Waku’s R&D function and SBC’s clinics’ franchisee network. Yeah. That’s the most important thing in this initiative.

基本上，將 Waku 的研發功能與 SBC 的診所特許經營網絡結合起來非常重要。是的。這是這項計劃中最重要的事。

Thank you very much. Next question is for Stephen. Can you comment on the latest status of your US business development efforts?

非常感謝。下一個問題問史蒂芬。能否介紹一下貴公司在美國業務拓展工作的最新進展？

Sure. Hi, Stephen here. I’m the Head of Global Planning Strategy and also leading SBC’s market entry into the US. The way that we’ve been thinking about the US strategy is looking at what we’ve developed in Japan, which is amazing over the last 25 years, developing into the number one medical aesthetic clinic. We have to recognize that what we’ve built there is really hard to just copy and paste and move that into the US where the market is very different.

當然。大家好，我是史蒂芬。我是全球規劃策略主管，同時也是SBC進軍美國市場的負責人。我們思考美國策略的方式是藉鏡我們在日本的成就，這令人驚嘆，過去 25 年來，我們已發展成為排名第一的醫療美容診所。我們必須認識到，我們在那裡建立起來的模式很難簡單地複製和貼上到美國，因為美國的市場情況截然不同。

At the moment now, we’re in a phase of really getting smart about what’s happening in the US. We’re looking for strong partners that we can work with that we can leverage a lot of the SBC learnings and strengths in Japan and that we can use in the US.

目前，我們正處於真正了解美國正在發生的事情的階段。我們正在尋找強大的合作夥伴，我們可以與他們合作，利用我們在日本累積的許多 SBC 經驗和優勢，並在美國加以運用。

At the same time, too, we’re also looking at a lot of the cool things that are happening in terms of different treatments and technologies that are being introduced in the US and overseas that we could then potentially get first mover advantage back into Japan as well. We’re also looking at a lot of different technologies too. There’s a lot of cool things happening there.

同時，我們也關注美國和海外正在推出的各種治療方法和技術，希望我們能夠搶得先機，在日本獲得先發優勢。我們也在研究很多不同的技術。那裡發生了很多很酷的事情。

I would say right now, we’re really looking at companies where we can develop strong partnerships. I would say initially, we’re hesitant to just kind of copy and paste and start building our clinics now, but that could be in the future. Once we start to feel more comfortable, I think we’ll start to see a lot more growth and expansion in the US.

我想說，目前我們真正關注的是能夠與我們建立牢固合作關係的公司。我想說，最初我們不太願意直接複製貼上就開始建造診所，但將來可能會這樣做。一旦我們開始感到更加安心，我認為我們將看到美國市場出現更大的成長和擴張。

Thank you very much. Next question is probably this is for Morisa. Can you discuss your expectation for M&A going forward?

非常感謝。下一個問題可能是問莫里薩的。您能否談談您對未來併購活動的預期？

Going forward, I think the M&A strategy is separated between domestic, which means Japanese, and a global M&A strategy. For domestic M&A strategy, I think we pursue, as we have done so far, to medical, which is in the clinic field acquisition, as we have done so far. Also, we can pursue more not only aesthetic medical industry, but also more medical clinical industry as well.

展望未來，我認為併購策略將分為國內併購策略（即日本國內併購策略）和全球併購策略。對於國內併購策略，我認為我們將繼續像以往一樣，專注於醫療領域，也就是診所領域的收購。此外，我們不僅可以進軍醫美產業，還可以進軍醫療臨床產業。

For global perspective, we are going into metal smart industry, which we are familiarized with. Also, I think we needed to study a little bit more in this industry and global perspective. We may want to invest rather than a full acquisition, especially in the US industry. I think that is the brief global strategy, I mean, M&A strategy going forward.

從全球視野來看，我們將進入我們熟悉的金屬智慧產業。此外，我認為我們需要對這個行業和全球視野進行更多研究。我們可能更傾向於投資而不是全面收購，尤其是在美國產業。我認為這就是我們未來的簡要全球策略，也就是併購策略。

Thank you very much. I’ll get you back to the financial matter. What do you mean by more stable financial performance in Q4 and 2026? Does this mean a return to revenue growth? If so, could you provide any expectation for how much growth?

非常感謝。我再跟你談財務方面的問題。您所說的「第四季和2026年財務表現更加穩定」是什麼意思？這是否意味著營收將恢復成長？如果是這樣，您能否預測一下成長幅度？

Yeah. Simple answer is yes. Unfortunately, at this moment, we cannot give you a concrete number of the revenue growth and the profit growth. Yes. We heard from our investors that, yeah, they need kind of a revenue guideline or profit guideline. That we are considering actively. Yeah, we are thinking of providing some financial guidance in the near future. Yeah.

是的。答案很簡單，是的。遺憾的是，目前我們無法提供具體的營收成長和利潤成長數據。是的。我們從投資者那裡了解到，他們確實需要某種營收指南或利潤指導方針。我們正在積極考慮這個問題。是的，我們正考慮在不久的將來提供一些財務指導。是的。

Thank you very much. I’ll get you maybe to the capital matters. Regarding current liquidity situation, how do you think about how to improve the liquidity situation? Thank you.

非常感謝。我或許能帶你了解資本方面的事。針對目前的流動性狀況，您認為應該如何改善流動性狀況？謝謝。

Basically, we want to increase the free float, yeah, free float sales. So yeah, as I mentioned in the presentation, we are considering the new issues of shares or selling by our CEO-founded shares. Yeah. On top of that, we are considering the share buyback as well, yeah, that we done in this year, yes, given the weak share price. Yeah, we have to admit the current share price is too low. So we are considering the number of meetings to talk with the share price.

基本上，我們想要增加自由流通股，是的，自由流通股的銷售量。是的，正如我在演講中提到的，我們正在考慮發行新股或出售我們執行長創立的股份。是的。除此之外，我們也在考慮股票回購，是的，我們今年已經進行了股票回購，是的，鑑於股價疲軟。是的，我們不得不承認，目前的股價太低了。所以我們正在考慮召開多少次會議來討論股價問題。

Thank you very much. Do you think about the dividend going forward?

非常感謝。您考慮過未來的分紅問題嗎？

Sure. Yeah. Dividend has been one of our options. We receive dividends as one of the effective ways to attract new investors, especially retail investors. On the other hand, we believe there are still many multiple growth opportunities, especially the, yeah, we see very good pipelines at the M&A, not only domestically, but also globally. Our priority is to allocate the capital with our strategic initiative.

當然。是的。分紅一直是我們的選擇之一。我們透過發放股息來吸引新投資者，尤其是散戶投資者，這是一種有效的方法。另一方面，我們認為仍然有很多成長機會，尤其是在併購方面，我們看到了許多非常好的項目，不僅在國內，而且在全球範圍內。我們的首要任務是根據我們的策略性舉措配置資金。

Thank you very much. Do you have any plan to disclose financial guidance or performance guidance going forward?

非常感謝。貴公司未來是否有計畫公佈財務指引或業績指引？

Yeah. That’s what I just mentioned. We are considering that. Yeah.

是的。這就是我剛才提到的。我們正在考慮這個問題。是的。

Thank you very much. I’d like to wrap up this session. Mr. Yoshida, do you have any wrap-up message to the investors?

非常感謝。我想結束本次會議。吉田先生，您還有什麼總結性的話要對投資人說嗎？

Yeah. Again, thank you for joining this conference call. Yeah. We committed to provide sufficient information to our investors. We hope our positive trend will continue in the near future. That’s it. Thank you very much.

是的。再次感謝您參加本次電話會議。是的。我們承諾向投資者提供充足的資訊。我們希望這種積極的發展趨勢在不久的將來能夠繼續下去。就是這樣。非常感謝。

Thank you very much. We would like to wrap up today’s earnings brief session. Thank you very much for joining.

非常感謝。我們今天的財報簡報會到此結束。非常感謝您的參與。