然健環球 (NHTC) 2026年第三季法說會：營收下滑20%，虧損收窄

然健環球 (Natural Health Trends Corp., NHTC) 公布 2026 年第三季營收為 760 萬美元，與上一季持平，但年減 20%。儘管中國市場持續疲軟，但成本削減與佣金率下降縮小了營業損失。

重點總覽

• 2026 年第三季營收為 760 萬美元，與 2026 年第二季持平，較 2025 年第三季的 950 萬美元下降 20%。
• 營業損失自 2026 年第二季的 64.3 萬美元及去年同期的 49.5 萬美元縮小至 27.7 萬美元。
• 淨損失收窄至 23.2 萬美元（即每股稀釋損失 0.03 美元），相比之下 2026 年第二季淨損失為 45.1 萬美元（即每股損失 0.05 美元）。
• 毛利率達到 74.2%，受促銷組合影響而低於上一季的 75.2%，但高於 2025 年第三季的 73.7%，主要反映了生產轉移至東亞的效果。
• 管理層將全年營收下降主要歸因於在消費者謹慎、中國監管不確定性以及先前報導的會員違規行為背景下，推出了額外的獎勵計畫與較低價格的套裝方案。
• 截至 2026 年 9 月 30 日，現金、現金等價物及有價證券總計為 1,760 萬美元，低於 2025 年底的 2,890 萬美元。

關鍵財務數據

業務與營運績效

中國仍是該公司最大的營運挑戰。管理層指出了消費者悲觀情緒、謹慎消費與投資行為、監管不確定性，以及先前報導的會員違規行為所帶來的持續影響。額外的獎勵計畫與較低價格的套裝方案有助於增加會員人數並使營收較第二季穩定，但也是導致銷售額較去年同期下滑的主因。

2025 年底啟動的重組計畫使單季營業費用減少了近 50 萬美元，並在今年累計節省了 110 萬美元。因此，營業損失較 2026 年第二季改善了 57%。

在香港與中國以外，該公司有一半的市場銷售額實現季成長。然健環球也在香港舉辦了 25 週年慶祝活動，約有 1,000 名會員與嘉賓出席。

該公司為中國會員推出了 AI 驅動的行銷與通訊 App。管理層表示，計畫新增的功能包括 AI 搜尋與產品培訓。然健環球還預計在未來幾週內推出柑橘風味的關節保健沖泡粉 Move Prime，並正為中國市場準備在未來幾個月內推出一款中醫藥產品。

該公司在第三季至 10 月初期間，以總計 8.4 萬美元的價格回購了 85,291 股普通股。董事會隨後授權在現有計畫下繼續回購，目前剩餘可用額度為 1,580 萬美元。

風險與觀察重點

• 管理層將中國消費者的悲觀情緒與謹慎購買行為視為主要挑戰。
• 中國監管的不確定性以及會員違規行為的持續影響，仍是營運上的阻力。
• 促銷活動與較低價格的套裝方案雖然支撐了會員人數並維持了營收的季穩定度，但卻對年銷售額與季毛利率造成壓力。
• 由於股票回購、股利發放以及營運現金支出，2026 年前九個月的流動性有所下降。

法說會逐字稿全文

完整財報電話會議逐字稿

管理層陳述

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.