Zepp Health Corp (ZEPP) 2025 Q3 法說會逐字稿

Hello ladies and gentlemen, thank you for standing by for Zep Health Corporation's 3rd quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded.

各位女士、先生，感謝您參加 Zep Health Corporation 2025 年第三季財報電話會議。目前，所有參與者均處於只聽模式。今天的電話會議正在錄音。

I will now hand the call over to your host, Ms. Grace Sack, director of investor relations for the company. Please go ahead. Grace.

現在我將把電話交給您的主持人女士。Grace Sack，該公司投資人關係總監。請繼續。格蕾絲。

Hello everyone and welcome to Depp House Corporation's 3rd quarter 2025 earnings conference call. The company's financial and operating results were issued in a press release that the Newswire Services earlier today and I posted online. You can also view the earnings press release and slides referred to on this call by visiting the IR section of the company's website at IR.sub.com.

大家好，歡迎參加德普豪斯公司2025年第三季財報電話會議。該公司財務和營運業績已於今天稍早透過新聞稿發布，新聞專線服務公司和我已將其發佈到網路上。您也可以造訪公司網站 IR.sub.com 的投資者關係部分，查看本次電話會議中提到的收益新聞稿和幻燈片。

Participating in today's call are Mr. Wang Wanghuang, our Chairman of the Board of Directors and Chief Executive Officer, and Mr. Leon Deng, our Chief Financial Officer. The company's management will begin with prepared remarks, and the call will conclude with the Q&A session. Mr. Mike Young, our Chief Operating Officer, will join us for the Q&A session.

參加今天電話會議的有：我們的董事長兼執行長王望煌先生，以及先生。我們的財務長 Leon Deng。公司管理層將首先發表準備好的講話，電話會議最後將進行問答環節。先生。我們的營運長麥克楊將參加問答環節。

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1,995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。

Further information regarding this and other risks and uncertainties are included in the company's annual report on Form 20 for the fiscal year ending December 31, 2024 and other filings as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

有關此項及其他風險和不確定性的更多信息，請參閱公司截至 2024 年 12 月 31 日的財政年度的 20 表格年度報告以及向美國證券交易委員會提交的其他文件。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that Za's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial information. Z's press release contains a reconciliation of the audited non-GAAP measures to the unaudited most directly comparable GAAP measures.

另請注意，Za 的獲利新聞稿和本次電話會議包含對未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務資訊的討論。Z 的新聞稿中包含經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的調整表。

I will now turn the call over to our CEO Mr. Wang Huang. Please go ahead.

現在我將把電話轉交給我們的執行長先生。王璜.請繼續。

Thank you all for joining us today. I'm delighted to report that Zap has delivered another exceptional quarter. This revenue grew 78.5% year over year, underscoring the ongoing effectiveness of our strategic brand and product evolution.

感謝各位今天蒞臨。我很高興地報告，Zap 又取得了一項卓越的季度業績。該營收年增 78.5%，凸顯了我們策略品牌和產品演進的持續有效性。

We also turned our cash balance from outflow to inflow, a critical operational milestone.

我們還實現了現金餘額由流出轉為流入，這是一個重要的營運里程碑。

These results once again validate validate the strength of our strategy, the competitiveness of our products, and the growing global recognition of the Mac brand.

這些結果再次驗證了我們策略的有效性、我們產品的競爭力以及Mac品牌日益增長的全球知名度。

Our exceptional Q3 performance was fueled by our well-executed multi-tier product strategy which draws consistent across margin growth quarter over quarter.

我們第三季的出色業績得益於我們執行良好的多層次產品策略，該策略實現了季度間利潤率的持續成長。

In September, we launched our flagship Ama Trex 3 Pro, which was well received by users and endurance outdoor community.

9 月，我們推出了旗艦產品 Ama Trex 3 Pro，受到了用戶和耐力戶外運動愛好者的好評。

With enhanced durability, advanced navigation, and outdoor safety features, setting new premium outdoor benchmarks.

憑藉增強的耐用性、先進的導航功能和戶外安全特性，樹立了高端戶外產品的新標竿。

Our earlier launch Balance tool and Hilo shaft continued performing well, offering advanced analytics and better usability for daily training entry-level lines maintained steady sales across key global channels, underscoring amazes strong positioning across consumer segments.

我們先前推出的 Balance 工具和 Hilo 軸繼續表現良好，為日常訓練入門級產品提供了先進的分析功能和更好的易用性，在全球主要管道保持了穩定的銷量，凸顯了我們在各個消費群體中的強大地位。

Our growth margin continued to expand sequentially, growing from 36.2% to 38% thanks to effective mix management and strong ongoing execution of our margin improvement initiative that began in late 2023.

由於有效的產品組合管理和自 2023 年底開始實施的利潤率提升計劃的持續有力執行，我們的利潤率繼續環比擴大，從 36.2% 增長到 38%。

Operating expenses remain prudent as we balance continued investment in R&D with selective marketing spending to support brand visibility.

在持續投入研發的同時，我們也會選擇性地投入行銷資金以提升品牌知名度，進而維持營運支出的謹慎性。

These improvements demonstrate our commitment to operational discipline while maintaining innovation momentum on which Leon will provide more details later.

這些改進體現了我們對營運紀律的承諾，同時保持了創新勢頭，Leon 稍後將提供更多細節。

The Amazefit T-rex 3 Pros launch was the highlight of the quarter, designed for endurance athletes.

Amazefit T-rex 3 Pro 的發布是本季的亮點，這款產品專為耐力型運動員設計。

And outdoor adventures, the new model introduces key upgrades that ate the user experience such as enhanced durability, advanced navigation, and improved outdoor safety feature, providing exceptional precision and reliability in challenging terrain.

對於戶外探險，新機型引入了多項關鍵升級，顯著提升了用戶體驗，例如增強了耐用性、改進了導航功能和增強了戶外安全功能，在具有挑戰性的地形中提供了卓越的精度和可靠性。

The medal made its global debut during UTMB Race Week in Chamonix.

這面獎牌在霞慕尼舉行的環勃朗峰超級越野賽週上首次亮相全球。

Where amidst the ambassadors and elite train runners, Use the watch for real-time checking and recovery organization.

在大使和精英訓練員之間，使用手錶進行即時檢查和恢復組織。

Notably, Bruce Craft earned first place in the UTMB 2025 women's division.

值得一提的是，布魯斯·克拉夫特在 2025 年 UTMB 女子組比賽中獲得第一名。

Marking a historic win and powerful validation of our product performance.

這是一場歷史性的勝利，也是對我們產品效能的有力驗證。

Beyond hardware. The 2 x 3 lineup continued to evolve through firmware upgrades that add newhyrox training modes.

除了硬體之外，2x3系列產品也透過韌體升級不斷發展，新增了Hyrox訓練模式。

Merging training and competition into one integrated experience.

將訓練和比賽融為一體，形成一個完整的體驗。

Our balance to and Tor sharp, representing the perfect synergy of advanced narratives and everyday usability, continued to perform strongly following their Q2 debuts.

我們的 Balance to 和 Tor sharp 完美融合了先進的敘事性和日常實用性，在第二季首次亮相後繼續保持強勁表現。

During the quarter.

本季期間。

Dallas 2.

達拉斯 2.

Updates introduced new training modes including Hirox PFT and tra marathon, improved data vis visualization, plug-ins.

更新引入了新的訓練模式，包括 Hirox PFT 和 tra marathon，改進了資料視覺化，並增加了插件。

Cycling, speedometer, connectivity and refined UI features such as one tap display and optimized digital crow feedback.

騎乘、速度計、連接性和改進的使用者介面功能，例如一鍵顯示和優化的數位回饋。

Our entry-level Bit and active 2 series continued to contribute stable volume.

我們的入門級 Bit 系列和 Active 2 系列繼續保持穩定的銷售量。

Across key global channels, maintaining strong sell-through performance and solidifying a mass position across diverse user tiers.

在全球主要通路中，維持強勁的銷售業績，並在不同的用戶群中鞏固大眾市場地位。

Beyond hardware, we advanced our technology ecosystem on multiple fronts. A major milestone this quarter was Z Heal's acquisition of core assets from wired AI.

除了硬體之外，我們還在多個方面推進了我們的技術生態系統。本季的一個重要里程碑是 Z Heal 收購了 wired AI 的核心資產。

A pioneering women's wellness platform. Why the AI uses hormone-informed analytics to optimize performance, recovery, and nutrition across all stages of a woman's life.

一個開創性的女性健康平台。為什麼人工智慧會利用荷爾蒙資訊分析來優化女性一生各個階段的運動表現、恢復和營養。

Integrating these capabilities into our ecosystem will enable Aminit to deliver more personalized physiology awarere coaching experiences to female athletes while maintaining.

將這些功能整合到我們的生態系統中，將使 Aminit 能夠為女性運動員提供更個人化的生理意識指導體驗，同時保持…

Compatibility with third-party variables.

與第三方變數相容。

We also continue to integrate ZOS and Zapflow, building on the advances of ZOS 5.0. We enhanced AI-driven training insights and expanded our integration with platforms like Strava and Training Peaks.

我們將繼續整合 ZOS 和 Zapflow，以 ZOS 5.0 的進步為基礎。我們增強了人工智慧驅動的訓練洞察，並擴大了與 Strava 和 Training Peaks 等平台的整合。

Offering users more connected and data-rich performance feedback.

為用戶提供更具關聯性和數據豐富的效能回饋。

These improvements also paled the latest firmware updates across Balance 2 and Pilar 3. In addition, The long awaited biocharge feature upgrade has arrived on Balance 2 integrating.

這些改進也遠不及 Balance 2 和 Pilar 3 的最新韌體更新。此外，期待已久的生物充電功能升級已整合到 Balance 2 中。

Synchronized biometric data streams to cap to calculate your energy levels through the day.

同步生物特徵資料流，以計算您全天的能量水平。

Biocharge is a personalized body energy management feature that continuously analysis your energy levels by integrating data from your nighttime sleep, daytime naps, exertion, and shaft indicators.

Biocharge 是一項個人化的身體能量管理功能，它透過整合夜間睡眠、白天小睡、運動和陰莖指標的數據，持續分析您的能量水平。

Separately, we are proud to share that Mafield received the RED Network Security MD certificate from SDS.

另外，我們很榮幸地宣布，Mafield 獲得了 SDS 頒發的 RED 網路安全 MD 證書。

This recognition reflects our commitment to user privacy, product safety, and international compliance, further strengthening global consumer trust in our products.

這項認可體現了我們對用戶隱私、產品安全和國際合規性的承諾，進一步增強了全球消費者對我們產品的信任。

Our athletes and community initiatives continue to strengthen a mass brand equity worldwide.

我們的運動員和社區活動不斷增強了我們在全球範圍內的大眾品牌價值。

Athletes are now contributing to our product development process.

運動員現在也參與我們的產品開發過程。

Ensuring that our sports watches are designed by athletes for athletes. In Japan, we proudly welcome Ota Oi as a macy's first Japanese brand ambassador.

確保我們的運動手錶是由運動員為運動員設計的。在日本，我們非常榮幸地歡迎大井大井成為梅西百貨首位日本品牌大使。

Furthermore, we continue to expand our presence in major global and regional sports communities. During the quarter, we strengthened our presence in global and regional sports communities through continued partnerships with Hirocks.

此外，我們將繼續擴大我們在全球和區域主要體育社區的影響力。本季度，我們透過與 Hirocks 的持續合作，加強了我們在全球和區域體育界的影響力。

We expanded our high loss athletes roster.

我們擴大了高失分運動員名單。

Welcoming returning athlete, Hunter McKinty.

歡迎回歸運動員亨特麥金蒂。

Alongside new competitors.

以及新的競爭對手。

This expansion underscores our commitment to supporting both established champions and emerging talents in functional fitness racing while integrating athletes insights into part development.

此次擴張凸顯了我們致力於支持功能性健身競賽領域的老牌冠軍和新興人才，同時將運動員的見解融入零件開發中。

Additionally, we participate in the high-rise Beijing event, engaging local fitness communities and reinforcing our brands global empowerment of athletes.

此外，我們也參與了北京的高層活動，與當地健身社群互動，並加強了我們品牌在全球範圍內賦能運動員的理念。

Over the past several years, that He has completed a structural transformation of both its product and profit model.

過去幾年，何氏集團完成了其產品和獲利模式的結構性轉型。

Our brand has also been significantly strengthened and reshaped.

我們的品牌也得到了顯著加強和重塑。

With a clear positioning as a sports and performance technology brand.

明確定位為運動和性能科技品牌。

Today, our portfolio covers every tier from entry to premium with healthy profit margins and distinct positioning.

目前，我們的產品組合涵蓋從入門級到高端的各個級別，擁有健康的利潤率和獨特的市場定位。

Our high-end offerings, the Trex 3 Pro has delivered strong performance, approving robust market acceptance for our premium line. Meanwhile, our balanced, active and bid lines continue to deliver steady growth across global channels.

我們的高階產品 Trex 3 Pro 性能強勁，證明了我們高階產品線在市場上的廣泛認可。同時，我們的均衡型、主動型和競價型產品線在全球通路持續實現穩定成長。

Alongside this, our expanding helio ecosystem featuring helium ring, helio strap, and future helium innovations.

同時，我們正在擴展氦氣生態系統，包括氦氣環、氦氣帶和未來的氦氣創新。

Has built a strong and scalable framework that supports our long-term competitiveness and sustainable growth.

已建立起強大且可擴展的框架，以支持我們的長期競爭力和永續成長。

This solid foundation provide us strong confidence heading into the 4th quarter and 2026.

這堅實的基礎讓我們對進入第四季和2026年充滿信心。

As we continue to execute on our strategy and deliver lasting value to both users and shareholders.

我們將繼續執行我們的策略，為用戶和股東創造持久價值。

Entering the final quarter of 2025.

進入2025年最後一個季度。

We are confident in our continued growth, supported by a strong product pipeline, margin improvement initiative, and disciplined execution despite a challenging macroeconomy environment, our strategic focus on sports tech and a holistic health ecosystem is delivering early results.

儘管宏觀經濟環境充滿挑戰，但我們憑藉強大的產品線、利潤率提升計畫和嚴謹的執行力，對持續成長充滿信心。我們對運動科技和整體健康生態系統的策略重點正在取得初步成效。

We anticipate Q4 revenue to be between $82 million and $0.86 million dollars US dollar.

我們預計第四季營收將在 8,200 萬美元至 86 萬美元之間。

Delivering 38% to 45% year over year growth.

實現年增長率 38% 至 45%。

This gos reinforces our optimism.

這更增強了我們的樂觀情緒。

In sustaining top-line momentum and achieving greater operating leverage.

保持營收成長動能並實現更大的經營槓桿。

What continues to fuel our success is our dual commitment.

我們持續成功的動力源自於我們的雙重承諾。

Creating long-term value for shareholders and empowering users through innovative technology.

透過創新技術為股東創造長期價值，並賦能用戶。

Thank you for your trust and support. I will now turn the call over to Leo to go over the highlights of our 3rd quarter financial results.

感謝您的信任與支持。現在我將把電話交給Leo，讓他來介紹我們第三季財務表現的要點。

Thank you, Wayyan. Greetings, everyone.

謝謝你，韋揚。大家好。

Thank you again for joining our third quarter 2025 earnings call.

再次感謝您參加我們2025年第三季財報電話會議。

The macroeconomic landscape has had some impact on our Q3 performance.

宏觀經濟情勢對我們第三季的業績產生了一定影響。

On the tariff front, the situation has remained stable, and we have made the necessary short-term adjustments to our business model.

在關稅方面，情況保持穩定，我們已對我們的商業模式做出了必要的短期調整。

Moving forward, we're focused on long-term structural supply chain optimization.

展望未來，我們將專注於供應鏈的長期結構優化。

Additionally, we have increased inventory in key product lines to meet strong customer demand and mitigate potential tariff-related risks, which explains the slight increase in our inventory levels this quarter.

此外，為了滿足強勁的客戶需求並降低潛在的關稅相關風險，我們增加了重點產品線的庫存，這也解釋了本季度庫存水準略有上升的原因。

Regarding memory chips, we have seen prices more than doubled this year due to supply constraints and increased demand, especially in the AI sector.

由於供應受限和需求增加，尤其是在人工智慧領域，今年的記憶體晶片價格已經翻了一番以上。

While memory chips represent a relatively small part of our overall bill of materials, we have secured supply at a favorable pricing to mitigate the impact.

雖然記憶體晶片在我們整體物料清單中所佔比例相對較小，但我們已以優惠的價格確保了供應，以減輕其影響。

We'll continue to monitor market conditions and adjust our plans accordingly.

我們將繼續關注市場狀況，並據此調整我們的計劃。

Now, Let's turn to financials. In the third quarter of 2025, our revenue increased 78.5% year over year to 75.8 million, meeting the upper end of our previous guidance as a May Street branded ecosystem continued to gain traction.

現在，我們來看看財務方面。2025 年第三季度，我們的營收年增 78.5%，達到 7,580 萬美元，達到了我們先前預期的上限，因為 May Street 品牌生態系統繼續獲得發展動力。

Echo to weigh-in, this performance represents strong market receptions for the T. Rex 3 Pro launched in September, as well as continued strength from Balance II and Helio Stripe, both introduced in the second quarter.

Echo 也表示贊同，這一表現表明 T 獲得了強勁的市場反應。Rex 3 Pro 於 9 月發布，而 Balance II 和 Helio Stripe 也持續保持強勁勢頭，這兩款產品均於第二季推出。

In addition, the sustained popularity of our entry models, including Bib 6 and Active 2, provided steady sales volume.

此外，我們的入門級機型（包括 Bib 6 和 Active 2）持續受到歡迎，銷售量也保持穩定。

These positives were partially offset by Halio stripe supply constraints and typhoon-related shipment delays late in the quarter.

這些利多因素部分被 Halio 條紋供應限制和本季末颱風導致的運輸延誤所抵消。

Looking ahead, we have just started selling of our T. Rex 3 Pro 44 millimeter version on October 25th, and together with our upcoming new product launches, we expect the top-line expansion continues into the holiday season.

展望未來，我們剛開始銷售我們的T卹。Rex 3 Pro 44 毫米版本將於 10 月 25 日發布，加上我們即將推出的新產品，我們預計銷售額將在假期季節繼續增長。

Turning to gross margin, it was influenced by various factors including product mix, product launch timing, and product life cycles such as model upgrades.

就毛利率而言，它受到多種因素的影響，包括產品組合、產品上市時間以及產品生命週期（如型號升級）。

In the third quarter we reported a gross margin of 38.2% or 39.4%, excluding the impact of tariffs.

第三季度，我們的毛利率為 38.2%，若不計關稅影響，則為 39.4%。

This represents a 2.4% decrease compared to 40.6% in Q3 2024.

與 2024 年第三季的 40.6% 相比，這相當於下降了 2.4%。

The year over year decline was primarily driven by 3 factors related to our entry-level products.

年比下降主要受與我們的入門級產品相關的 3 個因素影響。

First, these products were priced lower than the previous generation to drive revenue growth, which resulted in a lower margin.

首先，為了推動營收成長，這些產品的定價低於上一代產品，導致利潤率降低。

Second, prime day discounts were applied to expand our customer base, further impacting margins.

其次，我們利用會員日折扣擴大了客戶群，這進一步影響了利潤率。

Third, as a part of our annual product cycle refreshment cycle, the current entry level models are nearing the end of their life cycle and were offered at promotion prices.

第三，作為我們年度產品週期更新的一部分，目前的入門級機型已接近其生命週期的終點，並以促銷價格提供。

Despite these factors, the T-rex product line showed strong margin performance with the launch of the T-rex 3 Pro in September, helping to offset the impact of pri prime day discounts on the T. Rex 3.

儘管有這些因素，但隨著 9 月份 T-rex 3 Pro 的推出，T-rex 產品線的利潤率表現強勁，這有助於抵消 Prime Day 折扣對 T-rex 產品線的影響。雷克斯 3.

Sequentially, gross margin improved by 2% compared to Q2 2025, driven by a higher contribution from the new products and a more favorable product mix.

與 2025 年第二季相比，毛利率環比提高了 2%，這主要得益於新產品貢獻的增加和更有利的產品組合。

This was partially offset by promotions on entry-level products, as well as the impact of front loaded shipments ahead of the US tariffs on China manufactured goods.

入門級產品的促銷活動以及在美國對中國製造商品加徵關稅之前提前發貨的影響，部分抵消了上述影響。

We remain on track with our margin expansion strategy initiated in the second half of 2023 and expect further progress as new product launches gain scale.

我們仍按計畫推動2023年下半年啟動的利潤率擴張策略，並預期隨著新產品上市規模的擴大，取得進一步進展。

Now, let's turn to costs. We remain committed to prudent cost management, continuing the program we began in Q3 2020 to reduce overall operating costs.

現在，我們來看看成本。我們將繼續秉持審慎的成本管理原則，繼續執行我們在 2020 年第三季啟動的降低整體營運成本的計畫。

Adjusted operating expenses for the third quarter totaled 28.6 million 37.7% of sales compared to 28.6367.3% of sales in the third quarter of 2024.

第三季調整後的營業費用總計 2,860 萬，佔銷售額的 37.7%，而 2024 年第三季則佔銷售額的 28.63 至 7.3%。

And 26.4 million and 44.4% of sales in the previous quarter.

2640萬，佔上一季銷售額的44.4%。

It remains stable compared with last year. The 2.2 million quarter over quarter increase was primarily driven by foreign exchange rate fluctuations.

與去年相比，保持穩定。環比成長220萬主要是受外匯匯率波動的影響。

However, by maintaining a cost conscious approach, we're moving towards a run rate of approximately 25 million per quarter for operating costs.

然而，透過保持成本意識，我們的營運成本正朝著每季約 2500 萬美元的目標邁進。

Concurrently, we remain com committed to investing in R&D and marketing activities to ensure our long-term competitiveness.

同時，我們將繼續致力於研發和行銷活動，以確保我們的長期競爭力。

Adjust R&D expenses in the third quarter of 2025 were US dollars $10.2 million increased by 1.5% year over year, and remained stable quarter over quarter.

2025 年第三季的調整研發費用為 1,020 萬美元，較去年同期成長 1.5%，季增穩定。

At the same time, we focused on refined R&D approaches as we consistently evaluated resource efficiency to ensure maximum return on investment and productivity.

同時，我們專注於改善研發方法，並不斷評估資源效率，以確保投資回報和生產力最大化。

Adjusted selling and marketing expenses were $11.9 million in the third quarter of 2025, increased by 0.5% year over year, and decreased by 1.1% quarter over quarter.

2025 年第三季調整後的銷售和行銷費用為 1,190 萬美元，年增 0.5%，季減 1.1%。

This year over year increase was primarily due to front loaded brand and channel investments ahead of the holiday season.

與去年同期相比的成長主要是由於在假期季節之前加大了品牌和通路的投資。

We also expanded the Amaze athletes roster by signing several new athletes during the quarter.

本季我們也簽下了幾名新運動員，擴大了 Amaze 運動員的陣容。

Including, among others, elite trial runners, Ruth Croft, as well as Marath owner Ota Oi, A Mape's first Japanese brand ambassador, to further elevate our brand recognition.

其中包括精英越野跑運動員 Ruth Croft，以及 Marath 的老闆 Ota Oi（A Mape 的第一位日本品牌大使），以進一步提升我們的品牌知名度。

At the same time, we consistently pushed on retail profitability and channel mix improvement.

同時，我們持續推動零售獲利能力和通路組合的改善。

We're committed in investing efficiently in marketing and branding to ensure our sustainable growth.

我們致力於在行銷和品牌推廣方面進行高效投資，以確保我們的永續發展。

Meanwhile, adjusted G&A expenses was $6.5 million in the third quarter of 2025, flat year over year and with a modest sequential increase from the second quarter of 2025, primarily reflecting normal foreign exchange fluctuations.

同時，2025 年第三季調整後的一般及行政費用為 650 萬美元，與去年同期持平，較 2025 年第二季略有成長，主要反映了正常的匯率波動。

Excluding these effects, G&A expenses will remain stable or slightly lower over the past three quarters as we continue to streamline overhead, maintaining disciplined cost control while improving operating efficiency.

排除這些影響，過去三個季度的一般及行政費用將保持穩定或略有下降，因為我們將繼續精簡管理費用，保持嚴格的成本控制，同時提高營運效率。

As a result, we achieved operating breakeven in the third quarter of 2025, a significant improvement versus Q3 2024 when adjusted operating loss was 11.3 million.

因此，我們在 2025 年第三季實現了營運損益平衡，與 2024 年第三季相比有了顯著改善，當時調整後的營運虧損為 1,130 萬。

This marks a key milestone in our path to sustained profitability, and we expect to be operationally profitable in the 4th quarter of 2025.

這標誌著我們在實現持續盈利的道路上邁出了關鍵一步，我們預計將在 2025 年第四季實現營運獲利。

As of September 30th, our cash balance stood at 103 million compared with $95 million in Q2 2025.

截至 9 月 30 日，我們的現金餘額為 1.03 億美元，而 2025 年第二季為 9,500 萬美元。

Inventory levels increased slightly during the quarter as the company strategically built up stock in key product lines to prepare for upcoming product launches and Q4 consumer electronics peak season.

本季庫存水準略有上升，因為公司有策略地增加了關鍵產品線的庫存，為即將到來的產品發布和第四季度消費電子產品旺季做準備。

Cash balance increased were primarily driven by improved working capital and enhanced operational efficiency.

現金餘額增加主要得益於營運資金的改善和營運效率的提升。

We expect the cash balance to continue to grow in Q4 2025.

我們預計現金餘額將在 2025 年第四季繼續成長。

In terms of capital structure, the overall long-term and short-term debt levels remained consistent following the restructuring we completed during the 1st quarter. We refinanced a significant portion of our short-term debt into long-term instruments with a more favorable interest rate and a 2-year duration.

從資本結構來看，在我們第一季完成重組後，整體長期和短期債務水準保持穩定。我們將相當一部分短期債務重新融資為利率更優惠、期限為 2 年的長期債務工具。

Which significantly reduced near-term liquidity pressure and enhanced our overall capital structure.

這大大降低了近期流動性壓力，並改善了我們的整體資本結構。

Since the beginning of 2023, the company has cumulatively retired 64.5 million of debt. Going forward, we will continue to optimize the capital structure for the company.

自 2023 年初以來，該公司累計償還了 6,450 萬美元的債務。展望未來，我們將持續優化公司的資本結構。

We maintained our commitment to our share buyback program, underscoring our confidence in that health long-term fundamentals and growth trajectory, and our focus on delivering values for shareholders.

我們堅持執行股票回購計劃，這反映了我們對公司長期基本面和成長軌蹟的信心，以及我們致力於為股東創造價值的決心。

Finally, our outlook for the fourth quarter of 2025, we expect revenue to be in the range of 82 million to 86 million, representing a 38% to 45% year over year growth compared to $59.5 million in the fourth quarter of 2024.

最後，展望 2025 年第四季度，我們預計營收將在 8,200 萬至 8,600 萬美元之間，與 2024 年第四季的 5,950 萬美元相比，年增 38% 至 45%。

We are thrilled to move into the next stage of our growth, building on our positive momentum heading into Q4 and 2026.

我們很高興能夠進入下一個發展階段，並在此基礎上，繼續保持第四季度和 2026 年的良好發展勢頭。

Thank you all for your time for today. I will now open the call for questions. Operator, please go ahead.

感謝各位今天抽出時間。現在開始接受提問。操作員，請開始。

Thank you. We will now begin the question-and-answer session. If you wish to ask a question, please press 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press 2.

謝謝。現在開始問答環節。如果您有任何疑問，請按電話上的 1，然後等待播報您的名字。如果您想取消請求，請按 2。

If you're on a speakerphone, please pick up the handset to ask your question.

如果您正在使用免持通話，請拿起聽筒提問。

Your first question comes from Sid Rajiv with Fundamental Research Corps.

你的第一個問題來自 Fundamental Research Corps 的 Sid Rajiv。

Hi, congratulations on another strong quarter. I have a few, minor questions. The press release mentions supply constraints on the helio strap. Do you mind giving more color on this?

您好，恭喜您又一個季度業績出色。我有一些小問題。新聞稿中提到了 Helio 錶帶的供應限制。能否再詳細解釋一下？

Yeah, I mean, I have mentioned the issue has a few folds. Number one is there's a memory chip issue which impacts the whole industry, and the lead time for those is actually getting quite long if we want to secure enough quantity. Of that, obviously Helio stripe is a very popular product well received by the consumers and customers all over the world, so we have a shortage in essence in every region which we operate, so it's more constrained by the supply volume rather than the demand. And then the other thing is, we also have encountered a few things like, the typhoon in the southern east China area towards the quarter end which also like put the the the the already constrained situation a little bit more tight.

是的，我的意思是，我已經提到這個問題有好幾個面向。第一點是記憶體晶片問題，這個問題影響整個產業，如果我們想要確保足夠的數量，這些晶片的交貨週期實際上變得越來越長。其中，Helio stripe 顯然是一款非常受歡迎的產品，深受世界各地消費者和客戶的歡迎，因此在我們營運的每個地區，實際上都存在短缺，所以供應量比需求量更受限制。此外，我們也遇到了一些其他情況，例如本季末中國東南部的颱風，這也讓本已緊張的局面更加雪上加霜。

So I think that's the situation we have around the helio strike, but we're actually working towards resolving those, so you will see that situation improving in Q4 and into Q1.

所以我認為這就是我們目前面臨的 Helio 罷工問題，但我們實際上正在努力解決這些問題，因此你會看到這種情況在第四季度和第一季有所改善。

Okay, and you don't give segmented revenues by region, but just to get an idea regarding the impact of tariffs, would you say North America still accounts for approximately 15% of total shipments?

好的，你們沒有按地區提供細分收入數據，但為了了解關稅的影響，您認為北美仍然佔總出貨量的約 15% 嗎？

I think so. So I think it's around 15% to 20%, but we have, actually, we have communicated our dual sourcing strategy whereby we supply the majority of the products. In the USA from Vietnam, right, so, the tariff impact on that is relatively small, if not 20.

我也這麼認為。所以我認為大概在 15% 到 20% 之間，但實際上，我們已經傳達了我們的雙重採購策略，即我們供應大部分產品。在美國，從越南進口商品，對吧？所以，關稅的影響相對較小，即使不是20%。

Thank you Leon.

謝謝你，萊昂。

And with with respect to product launches, was the Trex Pro the only product launched last quarter?

至於產品發布方面，Trex Pro 是上個季度發布的唯一產品嗎？

Can you give us some numbers? How many launched last quarter? How many expected in Q4?

能給我們一些數據嗎？上個季度推出了多少款產品？預計第四季將有多少人？

Yeah, I think I can give you the the the the the the the the number for Q3 for Q4. Unfortunately I couldn't tell more about it, but I think what you can see is that yes, indeed in Q3, from a new products perspective, there's only T. Rex 3 Pro, both and only the 48 mini media version. Which we launched during the IFA and the UTMB in September. So that's in Q3, the only new product which we launched. But then on the other hand, Halio Stripe and the Balance II were launched in June.

是的，我想我可以給你第三季和第四季的具體數字。很遺憾我不能透露更多信息，但我認為你可以看到，是的，確實在第三季度，從新產品的角度來看，只有 T。Rex 3 Pro，僅限 48 迷你媒體版本。我們在9月的IFA展會和UTMB越野賽期間推出了該產品。所以，這是我們在第三季推出的唯一新產品。但另一方面，Halio Stripe 和 Balance II 是在 6 月發布的。

So those two products also actually have been sold for the whole quarter of Q3. And if you look at Q4, the first one is the T-rex 3 Pro 44 millimeter version which we start selling on October 25th, right? And then with regard to the new ones, I think you just have to be patient, and you will get to know those in due course.

所以，這兩款產品在整個第三季也都已售出。如果你看一下第四季度，第一款是T-rex 3 Pro 44毫米版本，我們將在10月25日開始銷售，對吧？至於新來的人，我覺得你只要耐心一點，過段時間就會了解他們了。

Thank you so much, Leon, and again, congratulations.

非常感謝你，萊昂，再次恭喜你。

Thank you.

謝謝。

Your next question comes from Dylan Chuw with 0.72 HK.

你的下一個問題來自 Dylan Chuw，他的評分為 0.72 HK。

Hey, thanks, for the opportunity to ask questions and congrats on the 3 quarter. Two questions on my side. Number one, just, around, new product of Momentum and, holiday sales, as we related to that. 4 guide, could you please give us a bit more color, the, tier 3 pro launch, as well as the 44 millimeter, initial feedback so far. How would you compare that versus, for example, tier 3, and.

嘿，謝謝給我提問的機會，也恭喜你們第三季取得好成績。我有兩個問題。第一，就是圍繞 Momentum 的新產品和假日銷售，正如我們與此相關的。4 指南，能否請您詳細介紹一下 3 級專業版發布情況，以及 44 毫米版本目前的初步回饋？您如何將其與例如第三級相比？

What's your current view on the holiday season demand signals, what's your overall plan for the holiday season, that are related to that, given the strong, new product pipeline as well as the, supply chain improvement you mentioned, and we can see on the balance sheet you for activity building the inventory. Is there any reason to be actual, conservative, in terms of fossil guide, because, this year the Q on q guide, implied a right to a lower growth compared to historical patterns. So this is my first question.

您目前對假日季的需求訊號有何看法？鑑於您提到的強勁的新產品線以及供應鏈的改進，以及我們可以從資產負債表上看到您正在積極增加庫存，您針對假日季節的整體計劃是什麼？就化石燃料指南而言，是否有理由採取務實、保守的態度，因為今年的 Q on q 指南暗示，與歷史模式相比，成長速度可能會降低。這是我的第一個問題。

Thank you, Dylan. It's a long question. Let me TRY to, answer it one by one, right? So, first on the holiday season sales, I think insofar the signal we have received is quite positive, right? And that also translates into the guidance which we guide. And then if you look at how we guide, I mean, obviously we're a little bit prudent in guiding the numbers, and then on Q2 we guided 72 to 76, and then we delivered 75.8, right?

謝謝你，迪倫。這是一個很長的問題。讓我試著一個一個回答，好嗎？首先說說假期季節的銷售情況，我認為就目前我們收到的訊號來看，情況相當積極，對吧？這也體現在我們所引導的指導方針中。然後，如果你看看我們是如何進行業績指引的，我的意思是，顯然我們在指引數字方面比較謹慎，第二季度我們指引了 72 到 76，而我們實際實現了 75.8，對吧？

So I think Q4 obviously given the demand situation we see there's Definitely a good demand for our new products, both on the Helio stripe and also for the T-rex 3, right?

所以我認為，鑑於目前的需求情況，第四季度顯然對我們的新產品，無論是 Helio stripe 還是 T-rex 3，都有很好的需求，對吧？

And then to answer the second part of your question, T-rex 3 Pro actually received quite good feedback both on the 48 millimeter versions and the 44 millimeter versions. Unfortunately, I don't have enough data points to tell a trend because insofar 44 millimeter version is only being sold for a week and the majority of that is in China and I think we have seen that the activation has been performing on a day to day basis, increasing. But then on T-rex 3 Pro 48 millimeter version, I think I can say a few more things on that. So starting from the launch day until today, the trend we have seen is that it's actually performing very well and actually to some extent even better than. The similar performance of T3 when we launched that product one year earlier and to some extent if you, which is a fantastic achievement because bear in mind that T-rex 3 compared with T. Rex 3 Pro is only half the price of TRX 3 Pro, right? So I would say that it's actually a good trend for us to to start with, and obviously we're going to continue that momentum into Q4 and into the holiday seasons.

至於你問題的第二部分，T-rex 3 Pro 的 48 毫米版本和 44 毫米版本都獲得了相當不錯的回饋。遺憾的是，我沒有足夠的數據點來判斷趨勢，因為 44 毫米版本目前只銷售了一周，而且大部分是在中國銷售的，我認為我們已經看到，其激活情況每天都在增加。但關於 T-rex 3 Pro 48 毫米版本，我想我還可以再說幾句。因此，從發布之日起到今天，我們看到的趨勢是，它的表現實際上非常好，而且在某種程度上甚至更好。T3 的性能與我們一年前推出產品時的性能相似，在某種程度上，如果你，這是一個了不起的成就，因為請記住 T-rex 3 與 T 相比。Rex 3 Pro 的價格只有 TRX 3 Pro 的一半，對吧？所以我認為，這對我們來說確實是一個不錯的開端，而且顯然我們會將這種勢頭延續到第四季和假日季。

I think that should give you a color for the holiday seasons and how you look at the different product categories performing in the upcoming month.

我認為這應該能讓你對節日季節以及下個月不同產品類別的表現有一個大致的了解。

Right, got it. Yeah, thanks so much, Lea. Second question is on, your channel strategy, into, turns 26 and beyond, there seems to be a significant amount of white space, both online and offline, in terms of channel opportunities, we can see. Recently, the, brand.com traffic has sort of increased quite a bit, and, the offline presence, continued to expand a little bit. So, could you please give us a bit more color in terms of how you want to, grow your channel, reach, in Q4 and next year. Just any thoughts around the low hanging foods and and just focus channels would be helpful.

好的，明白了。是啊，太感謝你了，莉婭。第二個問題是關於您的通路策略，進入 26 歲及以後，我們可以看到，在通路機會方面，無論是在線上還是線下，似乎都存在大量的空白空間。最近，brand.com 的流量大幅成長，線下業務也持續小幅擴張。那麼，您能否更詳細地介紹一下您希望如何在第四季度和明年發展您的頻道和擴大影響力？關於容易取得的食物以及需要重點關注的管道，大家有什麼想法嗎？

Yeah, it's a good question. Now, so what we noticed is that in the past quarters our online presence and also the channel online is actually growing very fast to some extent even outpaced the growth we see on the offline channels, right, because traditionally we were very strong offline channels and now you see that Amazon. And our own dotcom website is actually growing very fast and maybe it also has something to do with the the strategy which we had to go premium whereby most of the products if you see which are performing very well are T-rex 3, T-rex 3 Pro, Balance 2. Those are about 300 bucks products, right? So I think looking into the next year and the next quarter, obviously the online part will continue to play a significant role in our growth trajectory because Amazon and also our dotcom website still have a lot of potential to perform.

是的，這是個好問題。現在，我們注意到，在過去的幾個季度裡，我們的線上業務以及線上管道的成長速度實際上非常快，甚至在某種程度上超過了線下管道的成長速度，對吧？因為傳統上，我們的線下管道非常強大，而現在你可以看到亞馬遜。我們自己的網站發展速度非常快，這可能也與我們採取的高端化策略有關，我們推出的大多數產品，如果你仔細觀察，你會發現表現非常出色的是 T-rex 3、T-rex 3 Pro 和 Balance 2。這些產品大概價值300美元，對吧？因此，我認為展望未來一年和下一個季度，顯然線上業務將繼續在我們的成長軌跡中發揮重要作用，因為亞馬遜以及我們的.com網站仍然有很大的發展潛力。

Next year versus this year, we see a lot of demand and push from Amazon and a lot of aggressive plans has been built up as we speak, right? So I think number one trend is definitely online and online will continue to grow.

與今年相比，明年我們看到亞馬遜的需求和推動力大幅提升，而且正如我們所說，他們已經制定了很多雄心勃勃的計劃，對吧？所以我認為第一大趨勢絕對是線上，線上趨勢還會繼續成長。

We haven't seen the ceiling yet, so that trend for sure will definitely continue. On the other hand, is the offline channel.

我們還沒有看到極限，所以這種趨勢肯定會持續下去。另一方面，還有離線渠道。

What you noticed or maybe that kind of explained why we were a little bit more prudent or conservative on the numbers we guide is that We have some supply constraints, for example, on Helio stripe, and we also have issues when we launch the first batch of the new products. We TRY to prioritize online. Than offline, obviously we want these products to be seen by online users first before it goes to mainstream and it goes into the channels like Best Buy and Target, right. And if we, which means there's still a lot of potential to dig on the offline channels, well, we have enough supply of our products, for example, on T3 Pro.

您可能已經注意到，或者說這解釋了為什麼我們在指導數字方面更加謹慎或保守，那就是我們存在一些供應限制，例如 Helio 條紋，而且我們在推出第一批新產品時也會遇到問題。我們盡量優先考慮線上業務。顯然，我們希望這些產品先被線上使用者看到，然後再進入主流市場，進入像百思買和塔吉特這樣的管道，對吧。如果，這意味著線下管道仍然有很大的挖掘潛力，例如，我們的產品供應充足，例如 T3 Pro。

On helio stripe, the moment we resolve the supply issue, we will definitely push for a bigger reach in the offline channels for next year. So, I think. In essence, both we see big opportunities both online and offline, and obviously if we drive a bigger growth on offline, online, that will give a better gross margin portfolio versus the offline channel. Right, so I think that's how you should, look at the channel mix going forward, and I hope that gives you a feeling for such a, picture of how we are going to evolve in the upcoming quarters.

關於 Helio Stripe，一旦我們解決了供應問題，我們明年一定會努力擴大線下通路的覆蓋範圍。所以，我想是這樣的。從本質上講，我們看到了線上和線下的巨大機遇，顯然，如果我們推動線上線下渠道實現更大的增長，那麼與線下渠道相比，這將帶來更好的毛利率組合。沒錯，所以我認為這就是你應該如何看待未來的頻道組合，我希望這能讓你對我們未來幾季的發展方向有所了解。

Got it, thanks very much, yeah, that's all my questions.

明白了，非常感謝，嗯，我的問題就這些了。

Thank you.

謝謝。

Your next question comes from Shankum Zu with Gongzi Securities.

下一個問題來自公子證券的祖尚坤。

Good evening, management.

晚上好，各位領導。

Thank you for taking my questions and congratulations on your results.

感謝您回答我的問題，並祝賀您取得好成績。

I have two questions. The first relates to your outlook for Q4, regarding your topline guidance. What are your underlying assumptions for price growth and volume growth, and what's your approach to discounting during this period? And alsocom management share if any marketing initiatives are planned for Q4, how should we think about trajectory of sales and marketing expenses next quarter?

我有兩個問題。第一個問題與您對第四季的展望有關，即您的營收預期。您對價格成長和銷售成長的基本假設是什麼？在此期間，您採取的折扣策略是什麼？此外，管理層還分享了第四季度是否有任何行銷計劃，我們應該如何看待下個季度的銷售和行銷費用走勢？

Thank you.

謝謝。

Okay, so let me TRY to answer your question one by one, right? Number one is on the outlook for Q4. It's the guidance which we put forward, but I, as I just mentioned, we TRY to, we always TRY to be prudent in our guidance, and then you can look. Through the Q2 guidance and the realization of that and on the assumptions, obviously we have assumed that number 1, Q4 would be a good holiday season. And which, by definition, Q4 is the highest, quarter of the year whereby, people, buy presents for the holiday seasons, right? And, we tried to po the average ASP up, which you see that we TRY to do that quarter over quarter, right, and together with the launch of the Balance II, which is at the price of 300 or so, and then on TRX 3 Pro, which is close to 400, right? We're actually with the launch of these products, obviously we're trying to to increase the price, improve the gross margin, and then that would drive the gross margin growth further in Q4, which you already witnessed in the margin performance between Q3 and Q2, right, which we grow 2% and obviously we're expecting. The margin to further expand in Q4, but then it will be offset a little bit by the discounting and promotional events because, yeah, unfortunately everybody is doing that, so we probably have to do some of that, but we will TRY to do it selectively and then TRY to target on certain consumers and certain product group rather than on everything. Right, and we'll TRY to look at the the the return on investment if we're going to do any discount at all.

好的，那我試著一一回答你的問題，好嗎？第一點是第四季的展望。這是我們提出的指導意見，但是，正如我剛才提到的，我們努力做到，我們總是努力做到謹慎行事，然後你們可以參考。根據第二季業績指引及其實現情況，並基於相關假設，我們顯然假設第四季將是一個不錯的假期季節。根據定義，第四季度是一年中消費最高的季度，人們會在節日期間購買禮物，對吧？而且，我們努力提高平均售價，您可以看到我們一直在努力實現這一點，對吧？再加上 Balance II 的發布（價格在 300 美元左右），以及 TRX 3 Pro 的發布（價格接近 400 美元），對吧？實際上，隨著這些產品的推出，我們顯然正在努力提高價格，改善毛利率，這將進一步推動第四季度的毛利率增長，正如您在第三季度和第二季度之間的毛利率表現中所看到的，我們增長了 2%，這顯然也是我們所期望的。第四季利潤空間有望進一步擴大，但折扣和促銷活動會稍微抵消這一影響，因為，是的，不幸的是，每個人都在這樣做，所以我們可能也必須這樣做，但我們會盡量有選擇地進行，並儘量針對某些消費者和某些產品組，而不是針對所有產品。好的，如果我們要進行任何折扣，我們會盡量考慮投資報酬率。

Now, from a marketing investment perspective, I think what you see is that we are quite flat on the marketing expenses in the past quarters. So I think it always hovers around 1,011 million per quarter, and that is also what we TRY to do in Q4 because as I explained many times, we believe that we can, number one, we're going to visit on every single thing. Which we're going to invest. If it doesn't carry a good ROI, we're not going to do that, right? Number 2, if there's an opportunity and you see that whenever there's opportunity, we front load the marketing expenses to to to to to to to trade for a higher growth. That's what we did in Q3. And then if there's such an opportunity in Q4, for sure we'll do such a thing like that.

從行銷投資的角度來看，我認為我們可以看到，過去幾季我們的行銷支出基本上持平。所以我認為它總是徘徊在每個季度 10.11 億左右，這也是我們在第四季度努力實現的目標，因為正如我多次解釋的那樣，我們相信我們可以做到，首先，我們會考察每一件事。我們將對此進行投資。如果投資報酬率不高，我們就不會去做，對吧？第二，如果出現機會，而你看到機會總是存在的，我們會提前投入行銷費用，以換取更高的成長。我們在第三季就是這麼做的。如果第四季出現這樣的機會，我們肯定會做類似的事情。

Because we still believe that growth is and gaining market share is the most important thing which we need to do at the current point in time.

因為我們仍然相信，在當前這個階段，成長和獲得市場份額是我們最需要做的事情。

So I think If my memory is right, I think that should cover all the questions you just raised, if I, but remind me if I miss anything.

所以我想，如果我沒記錯的話，這應該涵蓋了你剛才提出的所有問題，但如果我遺漏了什麼，請提醒我。

Yes, thank you. It's very clear.

是的，謝謝。非常清楚。

Thank you so much. And, my second question is on the product roadmap.

太感謝了。我的第二個問題是關於產品路線圖的。

Just to follow-up, will there be any other, new product launched this year and if we look further ahead, could management share your plans for product iteration next year.

再跟進一下，今年是否還會推出其他新產品？展望未來，管理階層能否分享明年的產品迭代計畫？

Are there any plans to extend the lineup further, perhaps with running smartwatch or smart rings and where the pace of new product launch become more intensive next year.

是否有計劃進一步擴展產品線，例如推出跑步智慧手錶或智慧戒指，並在明年加快新產品的發布步伐？

Thank you.

謝謝。

Yeah, no, so I think I have answered the product, new product question just now. I think it was coming from Sid or it's coming from Dylan. I cannot remember, but if you look at Q3, we have launched T3 Pro, and in Q4 we start selling the 44 millimeter version just a few days ago, right? So that's for sure one of the new products in Q4 and then there's going to be a few new products which we have in the pipeline for this quarter as well, but then I cannot say too much about it, so I will just stop at there for Q4. And then next year, I think what I have explained to to you maybe a few times this year as well is that we have maintained this cadence of every quarter we have 2 or 3 new products launches. For the quarter and then normally it starts with Q1 whereby we refresh the entry level lines and Q2 we start with the more Apple and Samsung Challenger line and then in Q3 we look at more the T-rex and the sports line, etc. Etc. So I think next year we'll have a similar.

是的，不，所以我想我剛才已經回答了關於產品、新產品的問題。我覺得這消息要嘛是Sid發的，要嘛是Dylan發的。我記不清了，但如果你看一下第三季度，我們推出了 T3 Pro，而第四季度我們幾天前才開始銷售 44 毫米版本，對吧？所以這肯定是第四季的新產品之一，此外，我們本季還有幾款新產品正在研發中，但我不能透露太多，所以第四季就先說到這裡吧。然後，明年，我想我今年可能也跟你們解釋過幾次了，我們將繼續保持這個節奏，每個季度推出 2 到 3 款新產品。通常情況下，季度更新從第一季開始，我們會更新入門級產品線；第二季度我們會更新更多蘋果和三星的挑戰者係列產品線；第三季度我們會更新更多霸王龍系列和運動系列產品線等等。ETC。所以我認為明年情況也會類似。

Pace and quantity of products compared to this year.

與今年相比，產品上市速度和數量均有所提升。

So I think that's something you to just give you a feeling of that. But with regard to what product, which products, I think I would ask you to be patient and wait until the moment we launch those products, but I can guarantee you it's going to be an exciting product.

所以我覺得這能讓你體會那種感覺。但至於具體是哪一款產品，我想請大家耐心等待，等到我們正式推出這些產品時再做決定，但我可以保證，這將會是一款令人興奮的產品。

All right.

好的。

Thank you, Liang. That's very helpful. I have no more questions.

謝謝你，梁。那很有幫助。我沒有其他問題了。

Thank you.

謝謝。

As there are no further questions, now I'd like to turn the call back over to the company's IR director, Grace Song, for closing comments.

由於沒有其他問題，現在我想把電話轉回給公司的投資人關係總監 Grace Song，請她做總結發言。

Thank you once again for joining us today. If you have further questions, please feel free to contact that investor relations department through the contact information provided on our website.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時透過我們網站上提供的聯絡方式與投資者關係部門聯絡。

Thank you.

謝謝。