蘭亭集勢 (LITB) 2026 年第二季法說會：毛利率維持在 66.1%

重點速覽

• 由於 LightInTheBox 主動逐步淘汰長尾產品，2026 財年第二季營收年減 4% 至 5,700 萬美元。
• 受惠於更加專注於高毛利的時尚生活產品，毛利率維持在 66.1% 的穩定水準，高於去年同期的 65.9%。
• 第二季淨利為 160 萬美元，低於去年同期的 200 萬美元。調整後 EBITDA 達到 190 萬美元。
• 總營運費用減少 4% 至 3,500 萬美元，營運費用占營收比重從 63% 改善至 62%。
• 上半年營收年增 3% 至 1.088 億美元。淨利成長約 28% 至 270 萬美元，調整後 EBITDA 達到 330 萬美元。
• 管理層表示，Ador、Msglamor 和 Skol 在營收、獲利能力和重複購買率方面均取得進展，同時公司正籌備更多品牌以擴大品牌矩陣。

關鍵財務數據

業務與營運表現

LightInTheBox 繼續將產品組合從長尾產品轉向差異化、毛利率更高的時尚生活產品。管理層表示，先前在服裝品牌、自主產品開發和生產能力方面的投資，提高了對產品差異化、品質和上市速度的掌控力。

公司也正在建立更廣泛的品牌矩陣。管理層報告了 Ador、Msglamor 和 Skol 的進展，包括營收、獲利能力和重複購買率的改善。公司正在籌備其他品牌，但電話會議期間未提供推出時間表或財務目標。

管理層將 AI 描述為 LightInTheBox 轉型為消費時尚生活公司的重要一環。該策略的核心在於運用技術更深入地理解消費者意圖，並改善產品探索、個人化與精選推薦。公司還計畫將產品策略聚焦於自我表達、情感價值和令人難忘的體驗。

風險與關注焦點

管理層指出，地緣政治動盪是第二季跨境物流及相關成本壓力的來源。美元走弱也為 LightInTheBox 的全球營運帶來匯率逆風。

持續淘汰長尾產品對單季營收造成壓力。儘管毛利率保持穩定且營運費用下降，第二季淨利仍從去年同期的 200 萬美元降至 160 萬美元。

投資人問答焦點

一位個人投資人詢問了公司的品牌矩陣。管理層表示，Ador、Msglamor 和 Skol 在營收與獲利表現方面均取得進展，且重複購買率持續上升。公司也在籌備其他品牌以強化產品組合。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.