然健环球 (NHTC) 2026年第三季度业绩电话会：营收下降20%，亏损收窄lg...

然健环球（NHTC）公布2026年第三季度营收为760万美元，环比持平，但同比下降20%。尽管中国市场持续疲软，但成本削减和佣金率下降使得营业亏损有所收窄。

核心要点

• 2026年第三季度营收为760万美元，与2026年第二季度持平，较2025年第三季度的950万美元同比下降20%。
• 营业亏损由2026年第二季度的64.3万美元和上年同期的49.5万美元收窄至27.7万美元。
• 净亏损改善至23.2万美元（即稀释后每股亏损0.03美元），而2026年第二季度净亏损为45.1万美元（即每股亏损0.05美元）。
• 毛利率达到74.2%，受促销组合影响环比低于上一季度的75.2%，但高于2025年第三季度的73.7%，主要反映了产能向东亚转移的影响。
• 管理层将年度营收下降主要归因于在消费者态度谨慎、中国监管不确定性以及此前报道的会员违规行为背景下，推出了额外的激励措施和低价套餐。
• 截至2026年9月30日，现金、现金等价物及可交易证券总额为1760万美元，低于2025年底的2890万美元。

关键财务数据

业务与经营业绩

中国仍是该公司最大的经营挑战。管理层提到了消费者的悲观情绪、谨慎的消费和投资行为、监管不确定性以及此前报道的会员违规行为带来的持续影响。额外的激励措施和低价套餐有助于增加会员数量并稳定二季度的营收，但也是同比销售额下降的主因。

2025年底启动的重组举措使季度营业费用减少了近50万美元，并使今年迄今节省了110万美元。因此，营业亏损较2026年第二季度收窄了57%。

在中国大陆及香港以外，该公司半数市场的销售额实现环比增长。然健环球还在香港举办了25周年庆典活动，约有1,000名会员和嘉宾出席。

该公司为中国会员推出了一款由人工智能驱动的营销与沟通应用。管理层表示，计划新增的功能包括AI搜索和产品培训。然健环球还预计将在未来几周推出柑橘风味的关节健康冲剂粉末Move Prime，并准备在未来几个月在中国推出一款中草药产品。

该公司在第三季度至10月初期间共回购了85,291股普通股，总计支付8.4万美元。董事会随后授权在现有计划下继续进行回购，剩余可用额度为1580万美元。

风险与关注要点

• 管理层指出，中国消费者的悲观情绪和谨慎购买行为是主要挑战。
• 中国的监管不确定性以及会员违规行为的持续影响仍是经营面临的阻力。
• 促销活动和低价套餐支持了会员数量和营收的环比稳定，但也对同比销售额和环比毛利率造成了拖累。
• 由于股票回购、股息支付及经营活动消耗现金，流动资金在2026年前九个月有所下降。

业绩电话会议完整文字记录

---

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and welcome to the Natural Health Trends Corp. Third Quarter 2026 Conference Call. At this time, I would like to turn the conference over to Michelle Glidewell with Natural Health Trends Corp. Please go ahead.

Michelle Glidewell

Thank you, and welcome to Natural Health Trends Third Quarter 2026 Earnings Conference Call. During today's call, there may be statements made relating to the future results of the company that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements due to the result of certain factors, including those set forth in the company's filings with the Securities and Exchange Commission.

It should also be noted that a replay of today's call can be found on the Investors section of the company's corporate website at naturalhealthtrendscorp.com.

At this time, I'd like to turn the call over to Chris Sharng, President of Natural Health Trends.

Chris Sharng

Thank you, Michelle. Good morning, and thanks to everyone joining us to discuss our third quarter 2026 financial results. Scott Davidson, our Senior Vice President and Chief Financial Officer, is also here today. Third quarter net sales were $7.6 million or flat compared to the second quarter this year and were down 20% from $9.5 million when compared to the same quarter last year. Consumer pessimism in our largest and most important market remains one of our biggest challenges. The uncertainty is making people cautious about both spending and investing, and we saw that caution show up in purchasing decisions.

We also continue to see lingering effects from the regulatory uncertainty in China and member misconduct we previously reported. To address this difficult economic environment, we introduced additional incentives and lower-priced packages, which accounted for most of the revenue decline compared to a year ago, but managed to lift the member count and steady the top line compared to the preceding second quarter. Partially offsetting these headwinds, our restructuring initiatives from late last year improved gross margin and cut operating expenses by almost $500,000 this quarter, bringing year-to-date savings to $1.1 million. As such, we were able to reduce our operating loss by 57% compared to the preceding quarter.

During the quarter, we celebrated our 25th anniversary with a landmark event in Hong Kong, bringing together approximately 1,000 members and guests from our international teams. Celebrating this milestone together was a highlight of the quarter, and the event reinforced the strength of our community at a time when engagement matters most. We rolled out an AI-powered marketing and communication app for our Chinese members. This mobile-friendly tool helps facilitate direct communication with additional features to come, including AI-enabled search and product training.

In the coming weeks, we're excited to launch a new joint health supplement called Move Prime, a citrus-flavored powder drink mix designed to support joint comfort and mobility. We're also readying a new traditional Chinese medicine product for our China market and to be introduced in the coming months.

Turning to the rest of our global footprint. They remain an important part of our long-term growth story. Half of our markets outside of Hong Kong and China managed to increase their sales over the second quarter. Going forward, our priorities are straightforward: maintain financial discipline, invest where we can strengthen our competitive position and equip our field with innovative products, better digital tools and meaningful engagement. We believe this positions us to benefit as market conditions improve.

We also continue to return capital to shareholders as the Board has authorized continued repurchases under our existing program with $15.8 million currently remaining available. It reflects our confidence in the business and our commitment to shareholder returns.

With that, I'd like to turn the call over to our CFO, Scott Davidson, to discuss our financial results in greater detail. Scott?

Timothy Davidson

Thank you, Chris. Total revenue for the second quarter (sic) [ third quarter ] of $7.6 million was steady compared to $7.6 million in the second quarter of 2026 and declined 20% compared to $9.5 million in the third quarter of 2025. As Chris mentioned, the operating environment remains challenging in China.

Turning to our cost and operating expenses. We continue to see the impact of strong execution on our previously announced restructuring program reflected in improved margins and reduced operating expenses. Gross profit margin was 74.2%, down from 75.2% in the second quarter of 2026 due to the mix of promotions offered during the third quarter to support our teams and members. However, gross profit margin improved from 73.7% in the third quarter of 2025, largely as a result of our shift to manufacturing in East Asia.

Commissions expense as a percent of total revenue for the second quarter (sic) [ third quarter ] was 35.9%, down from 40.9% reported in each of the second quarter of 2026 and the third quarter last year, primarily due to lower weekly commissions earned following disciplinary action taken against certain members as a result of the previously reported code of conduct matter. Selling, general and administrative expenses for the quarter were $3.2 million, a decrease of $80,000 compared to the second quarter of 2026 and down $433,000 compared to the third quarter a year ago.

Operating loss for the third quarter was $277,000, an improvement compared to $643,000 in the second quarter of 2026 and $495,000 in the third quarter of 2025. Net loss for the third quarter was $232,000 or $0.03 per diluted share, also an improvement compared to $451,000 or $0.05 per diluted share in the second quarter of 2026 and $431,000 or $0.04 per diluted share in the third quarter of 2025.

Now I'll turn to our balance sheet and cash flow. Net cash used in operating activities was $3.3 million during the first 9 months of 2026 compared to $5 million in the first 9 months of 2025. Total cash, cash equivalents and marketable securities were $17.6 million at September 30, down from $28.9 million at December 31, 2025, primarily due to repurchase of shares of common stock, dividends paid and cash used in operations during the first 9 months of 2026.

We repurchased 85,291 shares of our common stock in the open market for an aggregate purchase price of $84,000 during the third quarter through early October. Our Board of Directors has since authorized additional share repurchases under our existing stock repurchase program with $15.8 million remaining available.

Our 25th anniversary celebration in Hong Kong was a great success, and I was inspired by the loyalty and enthusiasm of our members and customers. We remain focused on executing our strategy of launching innovative new products, digital tools that drive engagement and support member training and returning value to our shareholders.

That concludes our prepared remarks. I will now turn the call back over to the operator.

Operator

This does conclude today's call. Thank you for your participation. You may now disconnect.

原文链接