SBC Medical Group Holdings Inc (SBC) 2026 Q1 法說會逐字稿

Thank you for joining the SBC Medical Group Holdings first quarter earnings briefing today. Today's session will be led by Yui Yoshida, Director, CFO, Chief Operating Officer and AI Evangelist; together with myself, Hikaru Fukui, Head of IR Department, who will serve as the moderator.

感謝各位參加 SBC Medical Group Holdings 今日的第一季財報說明會。本次會議將由董事、CFO、營運長兼 AI Evangelist 的吉田結（Yui Yoshida）主講，並由我——IR 部門主管福井光（Hikaru Fukui）擔任主持人。

Thank you for being with us. We will begin with a presentation delivered by AI Avatar. The content has been reviewed and approved by management in advance. After the presentation, we will move on to the Q&A session. To submit a question, please click the Q&A icon at the bottom of your screen. Type in your question and send it to us.

感謝各位與會。我們將先由 AI Avatar 進行簡報，內容已事先經管理層審閱並核准。簡報結束後將進入問答環節。如欲提問，請點選螢幕下方的 Q&A 圖示，輸入問題後送出給我們。

Now, let us begin the presentation.

現在，讓我們開始簡報。

(video starts)

（影片開始）

I am Yoshida, CFO of SBC Medical Group Holdings. Thank you very much for joining our conference call today. Despite your busy schedules, I will now present our financial results for the first quarter of 2026.

我是 SBC Medical Group Holdings 的 CFO 吉田。非常感謝各位今天參加我們的電話會議。即使各位行程繁忙，接下來我將說明 2026 年第一季的財務業績。

First, let me cover the clinic highlights. Both the number of customers and average revenue per visit increased year-over-year. And total revenue rose accordingly, including same-clinic revenue, we will continue to enhance service levels through our multi-brand strategy, which enables us to address diverse customer needs with precision, as well as through the development of new services.

首先，我先說明診所營運重點。客戶人數與每次來訪的平均營收皆較去年同期增加，總營收亦隨之成長（包含同店營收）。我們將持續透過多品牌策略提升服務水準，以更精準地滿足多元客戶需求，並同時開發新服務。

Next, the consolidated income statement. Total revenues for the first quarter of 2026 were $43 million. While this represents a 9% year-over-year decline, the primary driver was the fee structure revisions that took effect in April of last year, which had a negative impact of $6.2 million on franchising revenue and $2.4 million on management services revenue, totaling an $8.7 million decrease.

接著是合併損益表。2026 年第一季總營收為 4,300 萬美元。雖然年減 9%，主要原因是去年 4 月生效的費率結構調整，對加盟收入造成 620 萬美元的負面影響、對管理服務收入造成 240 萬美元的負面影響，合計減少 870 萬美元。

In addition, procurement revenue and rental services revenue declined year-over-year. On the other hand, management services revenue was offset by an increase in point revenue. Please also note that net income attributable to SBC Medical Group declined year-over-year, partly because the prior-year quarter included a one-time life insurance surrender gain of $8.7 million.

此外，採購收入與租賃服務收入亦較去年同期下滑。另一方面，管理服務收入則因點數收入增加而部分抵銷。另請注意，歸屬於 SBC Medical Group 的淨利較去年同期下降，部分原因是去年同期包含一次性的壽險解約利益 870 萬美元。

As I mentioned, the revenue decline was primarily attributable to the fee structure revisions. Excluding the fee structure revisions of $8.7 million and further adjusting for the $1.3 million difference in AHH consolidation period, underlying revenue grew plus 11% year over year.

如我所述，營收下滑主要歸因於費率結構調整。若排除費率結構調整影響的 870 萬美元，並進一步調整 AHH 合併期間差異 130 萬美元後，基礎營收年增 11%。

Similarly, excluding the fee structure revisions of $8.7 million, underlying EBITDA grew plus 117% year-over-year. While the headline figures show a decline in both revenue and profit, I would like to emphasize that excluding the impact of the phase structure revisions from the prior year, both revenue and EBITDA demonstrated solid underlying growth.

同樣地，若排除費率結構調整影響的 870 萬美元，基礎 EBITDA 年增 117%。雖然表面數字顯示營收與獲利皆下滑，但我想強調：若排除去年費率結構調整的影響，營收與 EBITDA 皆展現穩健的基礎成長。

That concludes my presentation. Thank you for your attention.

我的簡報到此結束。感謝各位的聆聽。

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（影片結束）

We will now move on to the Q&A session. (Operator Instructions)

接下來進入問答時間。（接線員說明）

First question is regarding clinical revenue growth and competitive environment. Clinic revenue grew significantly year over year this quarter, including several clinic sales. Do you view this as a sign that the competitive environment has started to normalize?

第一個問題關於診所營收成長與競爭環境。本季診所營收年增幅度顯著，且包含數家診所的銷售。您是否認為這代表競爭環境已開始回歸正常？

Okay, I will answer the question. Overall, I think yes, we do feel that the competitive environment of Japanese and the global aesthetic market has eased to some extent compared to where it was previously. And our domestic clinic operations are performing well. We are expanding our customer base while maintaining consistently high repeat customer ratio. And the average customer ticket, average revenue per customer has also begun to recover.

好的，我來回答。整體而言，我認為是的。我們確實感受到日本以及全球醫美市場的競爭環境，相較先前已在一定程度上趨緩。而我們在國內的診所營運表現良好：在維持一貫偏高的回訪率之下，客群持續擴大；同時，平均客單價（每位客戶平均營收）也開始回升。

So our priority is to follow the strength and customer trust and after the underlying growth of the market. Then on top of that we are also seeing meaningful momentum in non-aesthetic categories such as AGA and dentistry. So we see these as adjacent area as promising growth domains and we intend to invest in scaling them in parallel.

因此，我們的優先事項是延續既有優勢與客戶信任，並順勢承接市場的基礎成長。此外，我們也看到非醫美類別（例如 AGA 與牙科）出現明顯動能。我們將其視為相鄰領域中具前景的成長版圖，並計畫同步投入資源擴大規模。

Next question is regarding the fee structure. With the Q1 2026 quarter-on-quarter plus 9% revenue growth, is that impact of early 2025 pricing market adjustment now overall?

下一個問題關於費率結構。2026 年第一季營收季增 9%，是否代表 2025 年初的定價／市場調整影響已大致結束？

Basically, I think, yes. We basically view fiscal year 2025 last year as a transition year that put the company on a half-year footing. So we are seeing reported revenue decline due to restructuring and few structure changes. But as we can see now, profitability improved and the overall running space became more normalized. In that sense, yes, you are right. We think the impact of fee structure is kind of now over.

基本上，我認為是的。我們將 2025 會計年度視為過渡期，讓公司回到較穩健的運行節奏。因此，因重整與費率結構變更，帳面上出現營收下滑；但如各位所見，獲利能力已改善，整體運行狀態也更趨正常。就這個意義而言，您說得沒錯，我們認為費率結構的影響現在大致已告一段落。

Again, about the financial situation, excluding the impact of the fee structure region implemented the last year, US in first quarter is growing. Looking ahead, do you see these positive trends are continuing?

再回到財務面，若排除去年實施的費率結構調整影響，美國在第一季呈現成長。展望未來，您認為這些正向趨勢會持續嗎？

Yeah. As you pointed out, our quarter-on-quarter revenue increase is very promising. So as we explained, our clinic operation, underlying our clinical operation are performing well. And as the underlying activity accelerate our top line naturally, the accelerate is a function that structure linkage. There will, of course, be some variability, seasonal changes.

是的。如您所指出，我們營收的季增表現相當令人鼓舞。正如我們所說，診所營運——也就是臨床營運的基礎面——表現良好。隨著基礎活動加速，營收自然會被帶動；而這種加速也與費率結構的連動機制有關。當然，仍會存在一定的波動與季節性變化。

But on a smooth basis, we are confident that in the overall direction from here. So we expect the underlying growth profile business to become more visible as the year progresses and the year-over-year impact of the last year's fee structure revision rolls off.

但以較平滑的角度來看，我們對接下來的整體方向有信心。我們預期，隨著年度推進、以及去年費率結構調整的年對年影響逐步消退，業務的基礎成長輪廓將會更加清晰。

Next question is regarding the gross margin. Gross margin was lower than expected in first quarter 2026 through offset by lower SG&A. What level of gross margin and operating margin do you expect throughout the rest of the 2026 after?

下一個問題關於毛利率。2026 年第一季毛利率低於預期，但被較低的 SG&A 所抵銷。您預期 2026 年剩餘期間的毛利率與營業利益率會落在什麼水準？

Basically, we are concerning the margin will be stable and will be improved over the time. As we explained in our last presentation, we are now promoting the AI initiative to deliver the two benefit. One is the top line growth, so by improving our customer experiences. And also, second one is enabling us to build a linear, more efficient organization, so on the cost side.

基本上，我們認為利潤率將維持穩定，並會隨時間改善。如同上次簡報所說，我們正在推動 AI 計畫以帶來兩項效益：第一是推動營收成長，透過改善客戶體驗；第二是在成本面，協助我們打造更精實、更有效率的組織。

So there will be some -- over the medium to long-term, our intention to improve our profitability. So in that sense, over the year, we expect our margin will be stable and improved.

因此，在中長期而言，我們的目標是提升獲利能力。就此而言，我們預期今年的利潤率將維持穩定並逐步改善。

Next question is regarding the cash position. You have a substantial cash position on the balance sheet. How are you thinking about the deployment of the cash going forward?

下一個問題關於現金部位。貴公司資產負債表上有相當可觀的現金。未來您打算如何運用這些現金？

Obviously, as we continuously reiterate at this point growth investment is a top our priority so we will continue to invest with discipline to build a more competitive group of businesses because basically, number of clinics that we are supporting is a kind of a KPI for our revenue and profit.

很明顯地，正如我們一再強調，成長型投資是我們的首要優先事項；因此我們將持續以紀律性的方式投資，以打造更具競爭力的事業群。因為基本上，我們所支援的診所數量可視為帶動營收與獲利的重要 KPI。

Now, we are very fortunate to be seeing steady info of very great M&A opportunities because of intense competition and especially in the Japanese aesthetic medical market. At this moment, we cannot disclose anything completely, but I think the benefit from the inorganic M&A opportunities over this year, and the next year, will be better promising.

目前我們也很幸運地，因競爭激烈——尤其是在日本醫美市場——持續看到穩定且相當不錯的併購（M&A）機會。此刻我們無法完整揭露細節，但我認為今年與明年來自外生成長（inorganic）的 M&A 機會所帶來的效益，將更值得期待。

Let me back to our clinical situation again. Have you seen any measurable improvement in franchisee profitability retention or unique economics following the fee structure change?

我再回到診所端的狀況。費率結構變更後，您是否看到加盟主獲利能力、留存，或單店經濟模型（unit economics）有任何可衡量的改善？

Can you say that again?

可以再說一次嗎？

Have you seen any measurable improvement in franchisee profitability or unity economics following the fee structure changes?

費率結構變更後，您是否看到加盟主獲利能力或單店經濟模型有任何可衡量的改善？

Basically, regardless of our fee structure changes, our clinic performance and our clinic's profitability remains very good. And the purpose of the fee structure was to enable our clinics groups to open more new types of clinics. In that sense, as you can see, number of clinics are growing steadily over this quarter again. The effect of the fee structure change made a good effect on our clinic level profitability.

基本上，不論費率結構如何調整，我們診所的營運表現與獲利能力一直都非常好。費率結構調整的目的，是讓我們的診所集團能夠開設更多新型態的診所。就這點而言，如各位所見，本季診所數量再次穩健成長。費率結構變更對診所層級的獲利能力帶來了正面效果。

Next question is a slightly long question. Talk Bridge is now deployed across all Shonan Beauty Clinic locations with the in-house interpretation center scaling towards 800 plus sessions per month. What inbound KPIs should investor track. Visit volume, conversation from the English inquiry pipeline, per-visit spending, differential versus domestic, and how is the higher-spend inbound mix is flowing through to revenue per visit?

下一個問題稍長。Talk Bridge 現已部署至所有 Shonan Beauty Clinic 據點，內部口譯中心的規模正擴大至每月 800 場以上。投資人應追蹤哪些入境（inbound）KPI？例如：來診量、英文諮詢管線的轉換率、每次來訪的消費金額、與國內客群的差異，以及高消費入境客群占比提升如何反映到每次來訪營收？

The first full quarter of the (inaudible) collaboration. More importantly, what's the potential for the bilateral cross-border deployment, bringing OrangeTwist's location as -- into Asia through SBC's network and deploying SBC plants or the operating model in the US through OrangeTwist's footprint? And what's the timeline for that biological expansion?

（另問）這也是（聽不清）合作的第一個完整季度。更重要的是，雙向跨境部署的潛力如何——例如透過 SBC 的網路將 OrangeTwist 的據點帶入亞洲，以及透過 OrangeTwist 的版圖在美國導入 SBC 的診所或營運模式？這項跨境擴張的時間表為何？

Okay. Let me put it this way. As for the first part of the question regarding the basically inbound customers for SBC Medical Group. Actually, we don't have a concrete number here today, so I think we'll included the information and intelligence of the inbound customers data next time. But the from the relative perspective the ratio of the invent tourist revenue is still very relatively small, but growth rate is very big now, so we see very great growth opportunities, so we are implementing a variety of measures.

好的。我這樣回答。關於問題第一部分，也就是 SBC Medical Group 的入境客群（inbound customers）。其實我們今天沒有具體數字，因此我想我們會在下次納入入境客群數據的相關資訊與洞見。不過從相對角度來看，入境旅客營收占比目前仍相當小，但成長率非常高，因此我們認為成長機會很大，並正在推動多項措施。

For example, we had a conference that invite our -- one of our doctor to China and to have a Chinese customer in the mainland China to explain our expertise in the treatment. That's initiative are working well. And so with that, the number of our inbound customers are increasing.

例如，我們曾舉辦一場會議，邀請我們的一位醫師前往中國，向中國大陸的客戶說明我們在治療方面的專業。這些措施運作良好，因此我們的入境客戶人數正在增加。

And as for the second part the of the question regarding our partnership, yeah, especially for the US strategy, yeah. As they pointed out our US strategy is basically centered on building values through our collaboration with orange seas rather than seeing a large-scale standalone expansion. So as you mentioned, our initiative includes collaboration, a variety of collaboration, and that consists of three parts, basically.

至於問題的第二部分、關於我們的合作夥伴關係，是的，特別是針對美國策略。正如他們所指出的，我們的美國策略基本上是以與 Orange Seas 的合作來創造價值為核心，而不是進行大規模的單打獨鬥式擴張。因此如你所提到的，我們的倡議包含合作、各式各樣的合作，基本上由三個部分構成。

First is marketing support. We see meaningful room to improve customization, retention, and overall brand execution at OrangeTwist. So part of our focus is helping the brand awareness and acquiring new customers. And second one is AI implementation support. We see they had a very -- potential to improve the cost by utilizing the AI.

第一是行銷支援。我們看到在 OrangeTwist 的客製化、留存以及整體品牌執行方面，有相當大的改善空間。因此我們的重點之一，是協助提升品牌知名度並獲取新客。第二是 AI 導入支援。我們認為他們透過運用 AI，在降低成本方面有很大的——潛力。

And the third one is longevity clinics proof of concept. So now we are planning and considering implementing longevity treatment in selected location of OrangeTwist MedSpa. And as you mentioned, our collaboration idea includes the OrangeTwist, exporting OrangeTwist MedSpa business clinic group to Asia globally.

第三是長壽診所（longevity clinics）的概念驗證（PoC）。目前我們正在規劃並評估，於 OrangeTwist MedSpa 的特定據點導入長壽療程。並且如你所提到的，我們的合作構想也包含與 OrangeTwist 合作，將 OrangeTwist MedSpa 的診所集團業務輸出到亞洲乃至全球。

But at this moment, we don't have a concrete timing. So because, as I explained, now, we are focusing on three corporate items now. In the long-term, we think we are considering importing the OrangeTwist brand to Asia or even Japan maybe.

但就目前而言，我們還沒有明確的時間表。因為如我所說，現在我們正聚焦於三項公司層面的事項。從長期來看，我們也在考慮將 OrangeTwist 品牌引進亞洲，甚至可能是日本。

Next slide is also the global business list. Can you talk about US M&A valuations and whether you see near-term opportunity for strategic transactions.

下一張投影片也是全球業務清單。你能談談美國併購（M&A）估值，以及你是否看到短期內進行策略性交易的機會嗎？

As you know, compared with valuations in the Japanese M&A market, valuations in the US are relatively expensive. So from the EBITDA-multiple perspective, deals are going at over 5x and sometimes over 10x. We think it is reasonable to acquire a MedSpa group at an EBITDA multiple in the range of roughly 5x to 8x.

如你所知，相較於日本的併購市場估值，美國的估值相對偏貴。以 EBITDA 倍數的角度來看，交易通常在 5 倍以上，有時甚至超過 10 倍。我們認為，以約 5 倍到 8 倍 EBITDA 倍數收購一個 MedSpa 集團是合理的。

Next one is also international businesses. Overseas remains 1% of clinicrevenue, with a phase two and roadmap targeting the US and Southeast Asia for 2027 to 2028. Beyond OrangeTwist, which Southeast Asian markets are highly priority. What's a preferred mode of entry: direct to operation, joint venture, franchise, medical tourism partnership? And when should investors expect overseas to become more meaningful contributor to consolidated revenue?

下一題也與國際業務相關。海外目前僅占診所營收的 1%，第二階段與路線圖目標是在 2027 到 2028 年聚焦美國與東南亞。除了 OrangeTwist 之外，哪些東南亞市場是高度優先？偏好的進入模式是：直接營運、合資、加盟、醫療觀光合作夥伴？以及投資人應何時預期海外會成為合併營收中更有意義的貢獻者？

Actually, we think partnership with OrangeTwist could be the model how as to how to expand our business in global including Southeast Asia. So partnership model could be the one of the prioritized to dig into the Southeast Asia, because you know, especially aesthetic medical market is a very domestic and affected by each culture in the customer's preference.

其實我們認為，與 OrangeTwist 的合作夥伴模式，可能就是我們在全球（包含東南亞）擴張業務的範本。因此，合作夥伴模式可能會是我們深入東南亞的優先選項之一，因為你知道，尤其醫美市場非常在地化，且會受到各地文化與客戶偏好的影響。

So that's why we need a professional expert who knows much about the local market. In that sense, our partnership model would be the would be better rather than deploying the large-scale standard role expansion. That's what we are currently considering. But as you know that depending on the inorganic M&A opportunities, we are open to yeah direct M&A and having the direct medical clinics group in South Asia, so it depends on the situation.

所以我們需要熟悉當地市場的專業專家。從這個角度來看，我們目前認為合作夥伴模式會比推動大規模的標準化擴張更好。但如你所知，視非有機的併購機會而定，我們也對直接併購持開放態度，並在南亞擁有直接經營的醫療診所集團；這取決於情況。

Could you discuss trends in average spend per customer and whether pricing optimization continues to support ARPU and growth?

你能談談每位客戶平均消費的趨勢，以及價格最佳化是否仍持續支撐 ARPU 與成長嗎？

Yes. As we explained in the last couple of early release, we saw the very intense competition in the Japanese aesthetic medical market so that's why we are very strategically changed our rights and our treatment -- treatment-by-treatment basis. But as we explained, we think it hit the bottom, and we are now kind of enjoying the -- against a benefit of survivors.

是的。如我們在前幾次的提前發布中所說，日本醫美市場競爭非常激烈，因此我們在定價與療程——以單一療程為基礎——做了非常策略性的調整。但如我們所解釋的，我們認為已經觸底，現在某種程度上正在享受——作為倖存者所帶來的優勢。

And as a largest aesthetic medical clinic group we kind of power to control the over price of the -- our treatment now so of course we need to care about the customer satisfaction that's our first priority. But we increase the price of some treatment gradually. And then even with that, as you can see, the number of customers increasing. So that's why we successfully improving our availability revenue per visit and profitability.

作為最大的醫美診所集團，我們現在在——我們的療程定價上，某種程度具備掌控過度降價的能力。當然，我們必須重視客戶滿意度，這是我們的第一優先。但我們也逐步調升部分療程的價格。即便如此，如你所見，客戶數仍在增加。因此我們成功提升了每次到訪的平均營收與獲利能力。

Can you elaborate on how the multi branding strategy is evolving and whether a newer brands attracting different demographic or price point segments?

你能進一步說明多品牌策略如何演進，以及較新的品牌是否吸引不同的人口結構或不同價格帶的客群嗎？

Yes. As I pointed out, we are implementing a multi brand branding strategy. And for example, we opened the new skin clinic that focus on the more customers with high literacy of aesthetic medical. And especially those who want to go to Korea to take the up-to-date treatment. So with that, we introduced the up-to-date medical device, including laser devices.

可以。如我所指出的，我們正在推行多品牌策略。舉例來說，我們開設了新的皮膚診所，聚焦於醫美素養較高的客群，特別是那些想去韓國接受最新療程的人。因此我們導入了最新的醫療設備，包括雷射設備。

So yeah. With those efforts, we are successfully attracting customers with high literacy of the aesthetic medical yeah that's sort of the initiative are currently working not only the new skin clinic we acquired a medical clinic groups called June Clinic that focuses on more I guess not.

因此，透過這些努力，我們成功吸引了醫美素養較高的客群。這類舉措不僅限於新皮膚診所；我們也收購了一個名為 June Clinic 的醫療診所集團，我想它更聚焦於——我猜不是。

No, with low medical aesthetic literacy actually. Yeah. On the other hand, on the contrary to the new skin cleaning. So that's the multi-branding strategy works very well to capture the diverse customer needs as I explained.

不，是聚焦於醫美素養較低的客群。是的。相對地，與新皮膚診所相反。因此，如我所說，多品牌策略運作得非常好，能夠滿足多元的客戶需求。

Thank you very much. This is a community question. As you continue to roll out AR across the organization, is it fair to assume that the DA margin is on the upward trajectory from here?

非常感謝。這是一個社群提問。隨著你們持續在組織內推動 AR（擴增實境），是否可以合理假設 DA 利潤率將從此呈現上升趨勢？

Yeah, short answer is yes. Yeah, due to the nature of aesthetic medical clinics group, our business is basically kind of labor-intensive business model until so far. But we believe AI has meaningful potential to improve our productivity and reduce operating costs over time.

是的，簡短回答是：是。由於醫美診所集團的特性，我們的業務迄今基本上屬於勞力密集型的商業模式。但我們相信 AI 在提升生產力、並隨時間降低營運成本方面具有相當大的潛力。

More concrete our priority is to start with areas where implementation is relatively simple and the return can be verified quickly it's a kind of quick win project for example we see internal manual research as a short-term quick win because actually we have a wide variety of treatment to capture customer needs. So in that sense, we have a lot of internal manuals, but from the counselor or nurse perspective, it's difficult to find the appropriate manual by their hand.

更具體地說，我們的優先順序是先從導入相對容易、且能快速驗證回報的領域開始，這是一種「快速勝利（quick win）」專案。例如，我們認為內部手冊查找是短期的 quick win，因為我們有非常多樣的療程以滿足客戶需求。因此我們有大量內部手冊，但從諮詢師或護理師的角度來看，要靠人工找到合適的手冊其實很困難。

So in that sense, we can utilize AI. And more broadly, we have already taken a disciplined approach. To hiring at headquarters, including a principal-based force on some mid-carrier hiring. So with that, from the cost reduction perspective, we also believe there's substantial room to streamline operations through automation and workflow redesign over time.

因此我們可以運用 AI。更廣泛而言，我們也已採取嚴謹的做法來控管總部的人才招募，包括以職能/職級為基礎的配置，並進行部分中途（mid-career）招募。從降本角度來看，我們也相信，隨著時間推進，透過自動化與工作流程再設計，仍有相當大的空間可以精簡營運。

So yeah, in a short answer, yes, we can reduce our cost and improvement.

所以，是的，簡短回答：是，我們可以降低成本並帶來改善。

Thank you very much. So next question is regarding the cash. You established, sorry, share back. You established a shared reporters program at the end of last year could you share your thinking on how you plan to utilize this program going forward?

非常感謝。下一題是關於現金。你們在去年底建立了——抱歉，股票回購。你們在去年底建立了股票回購計畫，能否分享你們對於未來如何運用這個計畫的想法？

Okay so I think we cannot completely tell what we're going to do in the next build but. From our point of view, we believe the situation has drastically improved compared to where we were previously. I mean, when we established the share repurchase program, as I explained, and as you can see, our revenue increased. I mean, underlying revenue increased and our profitability remains improving.

好的，我想我們無法完全說明下一步會做什麼。不過從我們的角度來看，相較於之前，我們認為情況已大幅改善。我的意思是，當我們建立股票回購計畫時，如我所解釋的、也如你所見，我們的營收增加了——也就是基本面營收增加，而我們的獲利能力也持續改善。

So from our point of view that our priority is to improve our liquidity so in that sense a share repurchase program by its nature reduces the fraud that's what some investors pointed out to us and we duly understand that point so we do not view it, I mean, the share repurchase program as a high priority tool at this stage.

因此從我們的角度，我們的優先事項是提升流動性；而在這個意義上，股票回購計畫本質上會降低流通股數——這是一些投資人向我們指出的，我們也充分理解這一點。因此在現階段，我們不把股票回購計畫視為高優先順序的工具。

Instead, we plan to continue working on liquidity through expanding analyst coverage, building our institutional investor base and pursuing proactive IR engagement and so on. Yeah, so we do everything to improve our liquidity and increasing our fraud. That's what we're considering now.

相反地，我們計畫透過擴大分析師覆蓋、建立機構投資人基礎、並推動更積極的投資人關係（IR）互動等方式，持續改善流動性。是的，我們會盡一切努力提升流動性並增加流通股數。這是我們目前的考量。

Thank you very much. So, next question is also the capital strategy. Do you envision additional founder share sales in 2026? If so, what size and signing?

非常感謝。下一題也與資本策略相關。你們是否預期 2026 年會有額外的創辦人持股出售？若是，規模與時點為何？

Yeah, actually, selling the founder's portion is a decision. Should be done should be made by our founder basically that's a basic concept and but even with that yeah as just I just explained increasing our liquidity and number of floating sales is our top priority in that sense we are very open to any idea to contribute to increase our floating sales and our liquidity. Yeah, I think that's what we can say now.

是的，實際上，出售創辦人持股的部分是一項決策，基本上應由我們的創辦人來做——這是基本概念。不過即便如此，如我剛才所說，提高流動性與增加流通股數是我們的首要優先事項；在這個意義上，我們對任何有助於提升流通股數與流動性的想法都非常開放。我想目前我們能說的大概就是這些。

Thank you very much. So, yeah, are there any further questions? If not, we conclude our Q&A session.

非常感謝。那麼，還有其他問題嗎？如果沒有，我們就結束本次問答環節。

Yeah thanks so thanks again we are limited to and it will be for profitability so as you can see the very big improvement of Q on Q basis now so really look forward to discussing with you again in the near future thanks so much thank.

好的，謝謝——再次感謝。我們會保持自律，並將重點放在獲利能力上。如你所見，我們目前在 QoQ（季對季）基礎上有非常大的改善。真的很期待在不久的將來再次與各位交流。非常感謝，謝謝。

You very much so this concludes. On today's briefing. Thank you again, and have a wonderful day. Thank you very much.

非常感謝，以上結束今天的簡報。再次感謝，祝各位有美好的一天。非常感謝。

Goodbye.

再見。

Goodbye.

再見。