兰亭集势 (LITB) 2026财年第二季度业绩电话会议：毛利率维持在66.1%

核心要点

• 2026财年第二季度营收同比下降4%至5700万美元，主要由于兰亭集势主动淘汰长尾产品。
• 毛利率保持稳定，为66.1%，而上年同期为65.9%，这得益于对高毛利时尚生活类产品的进一步专注。
• 第二季度净利润为160万美元，低于上年同期的200万美元。调整后EBITDA达到190万美元。
• 总运营费用同比下降4%至3500万美元，运营费用占营收的比重从63%改善至62%。
• 上半年营收同比增长3%至1.088亿美元。净利润增长约28%至270万美元，调整后EBITDA达到330万美元。
• 管理层表示，Ador、Msglamor和Skol在营收、盈利能力及复购率方面均取得进展，同时公司正在筹备更多品牌以扩大其品牌矩阵。

关键财务数据

业务与运营表现

兰亭集势继续调整其产品结构，摆脱长尾产品，转向差异化、高毛利的时尚生活类产品。管理层表示，此前在服装品牌、自主产品开发和生产能力方面的投资，提升了公司对产品差异化、质量和上市速度的控制力。

公司还在打造更广泛的品牌矩阵。管理层报告了Ador、Msglamor和Skol等品牌取得的进展，包括营收、盈利能力和复购率的提升。公司正在筹备其他品牌，不过在电话会议期间未提供具体的推出时间表或财务目标。

管理层将人工智能（AI）视为兰亭集势转型为消费者时尚生活公司的重要组成部分。该战略的核心在于利用技术更好地理解消费者意图，并改善产品发现、个性化和精选推荐。公司还计划将其产品战略聚焦于自我表达、情感价值和令人难忘的体验。

风险与关注点

管理层提到，地缘政治动荡在第二季度对跨境物流及相关成本造成压力。美元走软也对兰亭集势的全球业务构成了外汇逆风。

长尾产品的持续淘汰拖累了本季度营收。虽然毛利率保持稳定且运营费用有所下降，但第二季度净利润仍从上年同期的200万美元降至160万美元。

投资者问答亮点

一位私人投资者询问了公司的品牌矩阵情况。管理层回应称，Ador、Msglamor和Skol在顶线（营收）和底线（利润）表现方面均取得进展，复购率持续上升。公司还在筹备其他品牌，以强化品牌组合。

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

Hello, ladies and gentlemen. Thank you for standing by for LightInTheBox's Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

Today's conference call is being recorded. I will now turn the call over to your host, Ms. Serena Huang. Please go ahead, Serena.

Serena Huang

Thank you, operator. Hello, everyone, and welcome to LightInTheBox's Second Quarter 2026 Earnings Conference Call. The company's earnings results were released by Newswire services earlier today and are available on the company's IR website at ir.ador.com.

On the call from LightInTheBox today are Mr. Jian He, CEO; and Ms. Wenyu Liu, CFO. Mr. He will provide an overview ofthe company's Q2 highlights, followed by Mr. Liu, who will go over its financial results. Following our prepared remarks, we will open the call to questions.

Before we proceed, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the company's current expectations.

To understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the company's Form 20-F filed with the SEC -- the company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

Please also note that LightInTheBox's earnings press release and this conference call includes discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the company's earnings press release, which contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

Now I'd like to turn the call over to LightInTheBox CEO, Mr. He. Please go ahead.

Jian He

Good morning, and good evening, everyone. Thank you for joining LightInTheBox's Second Quarter 2026 Earnings Call. We are pleased to report excellent results for the first half and the second quarter of 2026.

Our first half results provide a clear view of the progress we are making. Revenue increased 3% year-over-year to $108.8 million. Net income grew by approximately 28% to $2.7 million. Adjusted EBITDA also improved to $3.3 million. In the second quarter, revenue declined marginally as we phase out the long tail products despite a challenging external environment, gross margin remained resilient at 66%. Through its disciplined expense management we remain profitable, delivering net income of $1.6 million and adjusted EBITDA of $1.9 million.

Over the past several years, we have steadily reshaped LightInTheBox and laid the foundation for sustainable profitable growth. From 2023 to 2024, we invested in our property apparel brands and strengthened our in-house product development and the production capabilities. These investments gave us greater control over product differentiation, quality and speed to market.

In 2025, we made meaningful progress in evolving the LightInTheBox online platform into a consumer lifestyle company by developing a deeper understanding of consumer preference and sentiment. We delivered a differentiated products. The force engagement and build a stronger emotional connection with consumers.

This year, we are seeing another important shift. AI is rapidly becoming embedded in how people work, communicate, create and make the decisions. We believe it will transform to owning core consumers discover, evaluate and purchase products, but also what the value and seeking the daily list.

As technology becomes more deeply integrated into everyday life, we believe the design for emotional connection, self-expression, individuality, a better quality of life and memorable experiences will become even more important. As a lifestyle company, we are well positioned to address these evolving needs. Our transformation from the AI goes beyond adopting technology tools. It requires a deeper understanding of consumer intent.

Through our AI strategy, we are focused on using technologies to anticipate evolving consumer needs and connect them more effectively with product discovery, personalization and curation. At the same time, we will continue to evolve our product strategy around growing human aspiration for self-expression, emotional value, and memorable experience.

With that, I will now hand the call over to Wenyu to go through our financial results.

Wenyu Liu

Thank you, Mr. He. Good morning and good evening, everyone. Before we go over our financials, please note that unless otherwise stated, all figures are presented in U.S. dollars. In the second quarter, our total revenues were $57 million, a modest 4% decrease year-over-year as we deliberately phased out long-tail products. This quarter was affected by a challenging external environment. Geopolitical disruptions increased pressure on cross-border logistics and related costs, while the weaker U.S. dollar created additional foreign exchange headwinds for our global operations.

Despite these factors, gross margin remained very stable at 66.1% compared with 65.9% a year ago, reflecting our continued efforts on higher-margin lifestyle products. Total operating expenses in the second quarter decreased by 4% year-over-year to $35 million, of which fulfillment expenses decreased by 3% to $4 million.

Selling and marketing expenses decreased by 4% to $27 million, and G&A expenses decreased by 5% to $5 million. Total operating expenses as a percentage of revenue decreased from 63% to 62%. Our net income in the second quarter reached $1.6 million compared to $2 million in the same quarter last year.

This concludes my remarks. We are now open to your questions. Operator, please continue.

Operator

[Operator Instructions] Your question comes from [indiscernible], a private investor.

Unknown Attendee

I have questions relating to 2 topics and 2 topics are insider ownership and your brand matrix strategy, and I'll start with the first topic. I would appreciate if you could provide an update on how many shares are in the public float, and how much do insiders own of the company.

Wenyu Liu

Thank you for your question. Related to insider share percentage, you may refer to our IR website for more details.

Unknown Attendee

My second question was concerning the brand matrix strategy. At an investor conference earlier this year, the company stated that its 3 brands are Ador, Msglamor and Skol. And I was wondering if you could provide any details about any of the brands. And also, you mentioned potentially adding maybe 1 to 2 brands a year if you find the right market? And just would appreciate any thoughts about plans for new brands in this year or the next.

Wenyu Liu

Thank you for your question. For these 3 brands, we do see good progress in terms of top line as well as bottom line, and we do see repeat purchase rates are increasing. So these brands are progressing really good. At the same time, we are preparing other brands as well to enhance the brand matrix.

Operator

Thank you. There are no further phone questions at this time, and that does conclude our conference for today. Thank you for participating. You may now disconnect.