SBC Medical Group Holdings Inc (SBC) 2026 Q2 法說會逐字稿

Thank you for taking the time to join the second-quarter 2026 conference call of SBC Medical Group Holdings Incorporated. I will now walk you through our results for the second quarter of 2026, and update on our business strategies, and our capital and IR strategy.

感謝各位撥冗參加SBC Medical Group Holdings Incorporated 2026年第二季法說會電話會議。接下來我將帶各位回顧我們2026年第二季的業績表現，並更新我們的業務策略，以及資本與投資人關係（IR）策略。

If I had to sum up this quarter in a single sentence, it is the quarter in which we completed the structural reforms we undertook in 2025, and SBC's growth entered a phase of reacceleration. On the back of an expanding business base and more sophisticated support functions, including AI, we delivered profit growth that outpaced revenue growth.

若要用一句話總結本季，那就是：我們完成了2025年啟動的結構性改革，而SBC的成長進入再加速階段的一季。在業務基盤擴大與包含AI在內、更成熟的支援功能加持下，我們實現了獲利成長快於營收成長的表現。

Let me begin with the clinic highlights. As of the end of June 2026, our number of locations reached 287, up 34 year on year. And the annual number of customer visits over the trailing 12 months was 6.92 million, up 10%.

我先從診所營運亮點談起。截至2026年6月底，我們的據點數達到287家，年增34家。過去12個月的年度來客數為692萬人次，年增10%。

Year-to-date clinic revenue rose 11%. Same-clinic revenue was up 6% and average spend per visit in the quarter increased 9%. With both customer volume and unit price rising together, our clinic business is showing renewed strength.

年初至今的診所營收成長11%。同店營收成長6%，且本季每次就診的平均客單價提升9%。在來客量與單價同步上升的帶動下，我們的診所業務展現出再度走強的態勢。

Next, our financial highlights. Second quarter revenue was $49 million, up 13% year on year. Adjusted EBITDA was $20 million, up 32% and our adjusted EBITDA margin was 41%. Profit growth outpaced revenue growth with profitability improving. In the second quarter, we grew both revenue and profit despite a weaker yen.

接著是財務重點。第二季營收為4,900萬美元，年增13%。調整後EBITDA為2,000萬美元，年增32%，調整後EBITDA利潤率為41%。獲利成長快於營收成長，顯示獲利能力持續改善。即使日圓走弱，第二季我們仍同時實現營收與獲利成長。

Because most of our business is conducted in yen, a weaker yen is a headwind for our reported results. Even so, we absorbed it and still delivered strong revenue and operating income. The main driver was higher management services revenue, reflecting the expansion of the points business following the change in our operating policy in June 2025. A revision of certain service fees also contributed.

由於我們多數業務以日圓進行，日圓走弱對我們的報表呈現構成逆風。即便如此，我們仍成功吸收其影響，並交出強勁的營收與營業利益。主要驅動因素是管理服務收入增加，反映出我們在2025年6月調整營運政策後，點數業務擴張所帶來的成長。部分服務費用的調整亦有所貢獻。

Now to our strategy update. Our strategy is unchanged. We aim to be a health care platform that supports longevity, people living young and vigorous lives from two sides: aesthetic medicine, an appearance-based approach; and non-aesthetic or general medicine, a function-based approach. Our goal is to become the name that comes to mind when people in Japan think of longevity.

接下來更新我們的策略。我們的策略維持不變。我們的目標是成為支援長壽（longevity）的醫療保健平台，從兩個面向協助人們活得年輕且充滿活力：以外觀為導向的美容醫療，以及以功能為導向的非美容／一般醫療。我們的目標是成為日本民眾一想到長壽就會聯想到的品牌。

We believe four growth strategies will get us there: accelerating our multi-brand strategy in aesthetic dermatology; expanding our non-aesthetic business; expanding globally; and strengthening our competitiveness and reforming our cost structure through AI. I will briefly comment on each of these four growth strategies.

我們相信有四項成長策略能帶領我們達成目標：加速美容皮膚科的多品牌策略；擴大非美容業務；推動全球擴張；以及透過AI強化競爭力並改革成本結構。我將就這四項成長策略各自簡要說明。

We believe that AI is developing into a source of SBC's next competitive advantage. In aesthetic dermatology, we are accelerating our multi-brand strategy to capture increasingly diverse needs and raise lifetime value. First-half transaction value grew a strong 19% year on year.

我們認為AI正發展為SBC下一個競爭優勢的來源。在美容皮膚科方面，我們正加速多品牌策略，以掌握日益多元的需求並提升顧客終身價值（LTV）。上半年交易總額年增強勁達19%。

To reach the customer segment that prefers basic dermatological treatments, which is driving market expansion, we are renaming Shonan Aesthetic Dermatology to SBC Skin Clinic. The skin clinic name lowers the barrier to aesthetic medicine and broadens our appeal, and we will open two additional clinics.

為觸及偏好基礎皮膚科療程、並帶動市場擴張的客群，我們將把Shonan Aesthetic Dermatology更名為SBC Skin Clinic。「Skin Clinic」的名稱可降低民眾對美容醫療的心理門檻並擴大吸引力，同時我們也將再新增開設兩家診所。

Next are our high-value brands for beauty-conscious customers who choose based on the expertise of doctors and equipment. We will add three NEO Skin Clinic locations for a total of four and one JUN CLINIC for a total of seven. And to meet solid demand in men's aesthetics and hair removal, we are launching two new formats, THE LASER, a large-scale hair removal clinic; and SBC MEN'S FLASH, which specializes in men's beard removal with high-speed operations.

接著是面向重視美感、並以醫師與設備專業度作為選擇依據的高客單價品牌。我們將新增三個NEO Skin Clinic據點，使總數達到四家，並新增一家JUN CLINIC，使總數達到七家。此外，為滿足男性醫美與除毛的穩健需求，我們將推出兩種新型態：THE LASER（大型除毛診所）；以及SBC MEN'S FLASH（以高速營運、專精男性鬍鬚除毛）。

Gorilla Clinic's first-half transaction value was $62 million, up 19% year on year. Using hair removal and oral AGA treatments as entry points, we guide customers step-by-step towards dermatological and higher-value treatments, and this deeper penetration of our existing customer base drove the growth.

Gorilla Clinic上半年交易總額為6,200萬美元，年增19%。我們以除毛與口服AGA治療作為切入點，逐步引導顧客進一步接受皮膚科與更高客單價的療程；既有客群滲透率的加深帶動了本次成長。

Aiming for a Japan where longevity means SBC, we position non-aesthetic health care as our second growth engine. Our transaction value mix is still roughly 84% aesthetic and 16% non-aesthetic, which means the potential upside is significant. To drive this, we established a dedicated team in June 2026, led by Naoya Fujimoto, formerly an Executive Officer at a major health care and IT talent platform company.

以「長壽就想到SBC」的日本為目標，我們將非美容醫療定位為第二成長引擎。目前我們的交易總額組合仍約為美容84%、非美容16%，意味著上行空間相當可觀。為推動此一方向，我們於2026年6月成立專責團隊，由藤本直也（Naoya Fujimoto）領軍；他曾任職於大型醫療保健與IT人才平台公司的執行役員。

We will strengthen both customer acquisition and medical management. First, sharpening the acquisition and operations of existing clinics to raise utilization and revenue per clinic, and in parallel, using M&A to expand the number of locations.

我們將同時強化獲客與醫療管理。首先，精進既有診所的獲客與營運，以提升稼動率與單店營收；並同步透過併購（M&A）擴大據點數。

The premise of our global expansion is a stable earnings base in Japan. On that foundation, we grow overseas with discipline. In the United States, we are advancing our collaboration with OrangeTwist, in which we took a minority stake in December 2025.

我們全球擴張的前提，是在日本建立穩定的獲利基礎。在此基礎之上，我們以紀律性方式推進海外成長。在美國方面，我們正深化與OrangeTwist的合作；我們已於2025年12月取得其少數股權投資。

OrangeTwist has 24 locations across 6 states and a membership base where recurring revenue exceeds 40% of sales. We are currently sharing operating know-how and expanding the service menu. And over the medium-to-long term, we aim to export the model we established in the United States to Japan and Asia.

OrangeTwist 在 6 個州共擁有 24 個據點，且其會員基礎帶來的經常性收入占銷售額超過 40%。我們目前正分享營運訣竅並擴充服務菜單。並且在中長期，我們目標是將我們在美國建立的模式輸出至日本與亞洲。

In Southeast Asia, we are exporting asset-light, the operating system honed in Japan, affordable, reliable, and standardized. We are proving this out at our first Thai clinic, BLEZ CLINIC. Under our powered by SBC model, the local partner provides capital and operations, while SBC supplies procurement, standardization, training, and patient acquisition, earning recurring fees linked to revenue in return. This expands our footprint at a high return on invested capital, or ROIC, while holding down capital expenditure. Starting from Thailand, we will expand the model across ASEAN.

在東南亞，我們正輸出資產輕量化、在日本打磨成熟的營運系統，具備價格可負擔、可靠且標準化的特性。我們已在首家泰國診所 BLEZ CLINIC 驗證此模式。在我們的 powered by SBC 模式下，在地合作夥伴提供資本與營運，而 SBC 提供採購、標準化、訓練與病患導流，並作為回報收取與營收連動的經常性費用。這使我們在抑制資本支出（capex）的同時，以高投入資本報酬率（ROIC）擴大版圖。我們將以泰國為起點，把此模式擴展至整個 ASEAN。

AI is a foundational strategy supporting both growth and efficiency. We are leveraging more than 26 years of accumulated management data to support AI development, building a barrier that is hard to replicate.

AI 是同時支撐成長與效率的基礎策略。我們運用累積超過 26 年的管理數據來支持 AI 開發，建立難以複製的壁壘。

Strengthening our MSO platform through AI lifts growth in three directions at once: the number of locations, the fee per clinic, and the range of service menus. A more attractive platform draws in new clinics, more active transactions raise service fee levels, and the service menu expands, a virtuous cycle that we believe drives recurring consolidated revenue and EPS growth.

透過 AI 強化我們的 MSO 平台，可同時在三個方向提升成長：據點數、每家診所的費用，以及服務菜單的範圍。更具吸引力的平台能吸引新診所加入，更活躍的交易提高服務費水準，而服務菜單擴張形成正向循環；我們相信這將推動合併經常性收入與 EPS 成長。

We are progressively deploying AI that directly supports clinic management. Our AI chatbot for round-the-clock inquiries and our AI interpreter, Talk Bridge, which gives on-the-spot English and Chinese interpretation to capture inbound demand are already released. Our marketing AI is rolling out in phases and a call center AI to raise answer rates and prevent missed calls is scheduled for release during 2026. Together, these enhance the customer experience and our marketing, contributing to higher clinic revenue.

我們正逐步部署可直接支援診所管理的 AI。我們的 AI 聊天機器人可 24 小時回覆諮詢，以及 AI 口譯工具 Talk Bridge，可即時提供英文與中文口譯以承接入境需求，均已上線。我們的行銷 AI 正分階段推出，而用於提升接通率並防止漏接來電的客服中心 AI，預計於 2026 年發布。這些將共同提升顧客體驗與行銷成效，進而帶動診所營收提升。

We are also deploying AI that supports network expansion itself, a site candidate recommendation AI that gathers population, foot traffic, and competitor data to speed up site selection. And a knowledge-sharing AI that turns 26 years of on-the-ground know-how into a company-wide asset, improving the repeatability of new openings and helping staff ramp up quickly. This lets us expand the network with both precision and speed while maintaining high quality and strengthens our appeal as a franchise.

我們也在部署支援網路擴張本身的 AI：一套據點候選推薦 AI，蒐集人口、客流與競品數據以加速選址；以及一套知識共享 AI，將 26 年第一線的營運訣竅轉化為全公司資產，提高新店開設的可複製性並協助員工快速上手。這使我們能在維持高品質的同時，以精準與速度擴張網路，並強化我們作為加盟體系的吸引力。

More sophisticated support functions, AI foremost among them, translate directly into greater value for clinics, and we are raising service fee levels in stages accordingly. Enhanced call center functions are expected to add roughly $11 million per year and stronger support for the Gorilla and Rize Clinic is expected to add roughly $4 million, together, about $15 million per year on a full year basis.

更先進的支援功能（其中以 AI 為首）可直接轉化為對診所更高的價值，因此我們也相應分階段調升服務費水準。強化客服中心功能預期每年可增加約 1,100 萬美元，而對 Gorilla 與 Rize Clinic 的支援強化預期每年可增加約 400 萬美元；合計在全年基礎上約為每年 1,500 萬美元。

On a win-win basis with the medical corporations, we aim to sustainably raise our average fee per clinic, or AFPC, at limited additional cost, which further supports profitability.

在與醫療法人雙贏的基礎上，我們目標是在新增成本有限的情況下，持續提高每家診所平均費用（AFPC），進一步支撐獲利能力。

Since our Nasdaq listing, we have reinforced our core platform and laid strategic groundwork overseas and in new domains. From here, we enter a phase of multifaceted acceleration, expanding and rebranding domestic aesthetic dermatology, launching new formats, strengthening non-aesthetic health care, moving the United States into Phase 2, expanding B2B and joint ventures in Southeast Asia, applying AI, and planning a longevity center for 2027. Through disciplined investment, we will pursue differentiated earnings and sustained EPS growth.

自我們在納斯達克上市以來，我們已強化核心平台，並在海外與新領域奠定策略基礎。接下來，我們將進入多面向加速階段：擴張並重塑日本國內美容皮膚科、推出新業態、強化非美容醫療、推動美國進入第 2 階段、在東南亞擴大 B2B 與合資事業、導入 AI，並規劃於 2027 年設立長壽中心。透過紀律性的投資，我們將追求差異化獲利與持續的 EPS 成長。

Finally, our capital and IR strategy. Our basic policy is to pursue EPS growth and a normalization of our valuation in parallel, enhancing shareholder value over the medium-to-long term. Backed by ample cash, we are investing in both organic growth and disciplined M&A.

最後，談談我們的資本與 IR 策略。我們的基本方針是並行追求 EPS 成長與估值正常化，在中長期提升股東價值。在充裕現金的支撐下，我們同時投資於有機成長與具紀律的併購（M&A）。

At the same time, we recognize that SBC's recognition in the capital markets, particularly in the United States, is still limited. That said, our investor base is broadening rapidly. Our shareholder base has grown roughly 4.7 times year on year as of July 2026.

同時，我們也認知到 SBC 在資本市場、尤其是在美國的能見度仍然有限。即便如此，我們的投資人基礎正在快速擴大。截至 2026 年 7 月，我們的股東基礎較去年同期約成長 4.7 倍。

Building on this momentum, in 2026, we have and will continue to actively participate in IR conferences in New York, Hong Kong, and elsewhere, and step up our year-round investor engagement, including NDRs, one-on-ones, and outreach to retail investors.

在此動能之上，2026 年我們已並將持續積極參與紐約、香港等地的 IR 會議，並加強全年投資人互動，包括 NDR、one-on-one，以及對散戶投資人的觸達。

We will also keep working to expand analyst coverage. Through all of this, with continuous EPS growth and the pursuit of an appropriate valuation in the capital markets as our two-wheels, we expect to deliver even greater value to all our stakeholders, beginning with you, our shareholders. We hope you will look forward to what lies ahead for SBC.

我們也將持續致力於擴大分析師覆蓋。透過上述各項，以持續的 EPS 成長與在資本市場追求適切估值作為雙輪驅動，我們預期能為所有利害關係人帶來更大價值，首先就是各位股東。也希望各位期待 SBC 接下來的發展。

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

我的發言到此結束。非常感謝各位的聆聽。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中以英文呈現的內容，係由現場電話會議中的口譯員所口述。該口譯員由本活動的主辦公司提供。