Gamehaus Holdings (NASDAQ: GMHS) reported third-quarter financial results on Monday. The transcript from the company's third-quarter earnings call has been provided below.

Gamehaus Holdings（纳斯达克：GMHS）于周一公布了第三季度财务业绩。以下是公司第三季度财报电话会议的文字记录。

Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.

Benzinga API 提供实时访问财报电话会议记录和财务数据。访问 https://www.benzinga.com/apis/ 了解更多信息。

The full earnings call is available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=NMoUAHmv

完整的财报电话会议记录可在 https://event.choruscall.com/mediaframe/webcast.html?webcastid=NMoUAHmv 获取。

Summary

摘要

Gamehaus Holdings reported Q3 fiscal 2026 revenue of $26.2 million, exceeding guidance, with net income of $3.2 million for the first nine months, up 40% year over year.

Gamehaus Holdings 报告 2026 财年第三季度收入为 2620 万美元，超出预期，前九个月净收入为 320 万美元，同比增长 40%。

The company emphasized a shift towards efficiency and profitability, reducing operating expenses by 10.1% and increasing DTC revenue mix to 13.9%.

公司强调向效率和盈利能力的转变，运营费用减少了 10.1%，DTC 收入比例提高至 13.9%。

Gamehaus is integrating AI into core business processes, enhancing productivity and decision-making, and aims to evolve into an AI-driven content generation and distribution platform.

Gamehaus 正在将人工智能整合到核心业务流程中，提高生产力和决策能力，旨在发展成为一个以人工智能驱动的内容生成和分发平台。

Despite a decline in MAU and DAU due to focusing on high-value players, ARPDAU increased by 13%, and payer conversion improved.

尽管由于专注于高价值玩家，MAU 和 DAU 下降，但 ARPDAU 增加了 13%，付费转化率有所改善。

Looking ahead, Gamehaus expects Q4 revenue between $23 million and $26 million, driven by new title launches and continued investment in AI and DTC initiatives.

展望未来，Gamehaus 预计第四季度收入将在 2300 万至 2600 万美元之间，受新游戏发布和持续投资于人工智能及 DTC 计划的推动。

Full Transcript

完整记录

OPERATOR

主持人

Good day ladies and gentlemen. Thank you for standing by and welcome to GameHoss third quarter of fiscal year 2026 earnings conference call. Currently, all participants are in listen only mode. Later we will conduct a question and answer session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objection, you may disconnect at this time. I will now turn the call over to Today's speaker host, Ms.

各位女士们、先生们，大家好。感谢您耐心等待，欢迎参加 Gamehaus 2026 财年第三季度财报电话会议。目前，所有参与者处于仅听模式。稍后我们将进行问答环节，届时将提供相关说明。请注意，我们正在录制今天的电话会议。如果您有任何异议，可以在此时断开连接。现在我将把电话会议交给今天的发言人，Ms.

Allie Wong. Allie, please proceed.

Allie Wong。Allie，请继续。

Allie Wong (Moderator)

Allie Wong（主持人）

Thank you. Operator. Hello everyone. Thank you all for joining us on today's conference call to discuss the financial results of Gamehaus Holdings for the third quarter of fiscal year 2026. We released our earnings results earlier today. The press release is available on the company's website as well as from newswire services. On the call with me today are Mr. Brian Xiefeng, Chairman of the Board, Mr. Carl Cai Min, Chief Executive Officer and Mr.

谢谢你，主持人。大家好，感谢大家参加今天的电话会议，讨论 Gamehaus Holdings 2026 财年第三季度的财务业绩。我们今天早些时候发布了财报，新闻稿可在公司网站及新闻通讯服务中获取。今天与我一起参加会议的有董事会主席 Brian Xiefeng，首席执行官 Carl Cai Min，以及资本市场和投资者关系负责人 Shung Zhang。Brian 将回顾业务运营和公司亮点，随后 Sean 将讨论详细的财务结果。他们都将在问答环节中回答您的问题。在我们继续之前，我想提醒您，本次电话会议可能包含前瞻性声明，这些声明本质上受到风险和不确定性的影响，可能导致实际结果与我们当前的预期有所不同。

Shung Zhang, Head of Capital Markets and Investor Relations. Brian will review business operations and company highlights followed by Sean who will discuss detailed financial results. They will all be available to answer your questions during the Q and A session. Before we proceed, I would like to remind you that this call may contain forward looking statements which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations.

有关风险和不确定性的详细讨论，请参阅我们向 SEC 提交的文件。此外，请注意，除非另有说明，电话会议中提到的所有数字均以美元计。接下来，我想介绍我们的主席 Brian。Brian 将用中文发表讲话，我将随后进行相应的英文翻译。请开始，Brian。大家好，感谢您参加 Gamehaus Holdings 2026 财年第三季度的财报电话会议。

For detailed discussions of the risks and uncertainties, please refer to our filings with the sec. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in US Dollars. With that, I would like to introduce our Chairman Brian. Brian will deliver his remarks in Chinese and I will follow up with corresponding English translation. Please go ahead. Brian. Hello everyone. Thank you for joining us for Gamehaus Holdings third quarter fiscal year 2026 earnings.

本季度，我们继续执行过去一年制定的以效率为首、以盈利为重的战略。尽管在我们主要市场中本季度季节性较弱，但收入约为 2620 万美元，超出我们上季度设定的预期上限，突显了我们核心业务的韧性。更重要的是，我们一直在努力改善的盈利能力现在在追踪基础上清晰可见。

This quarter we continued to deliver on the efficiency first profitability focused strategy we laid out over the past year. Despite a seasonally softer quarter across our key markets. Revenue came in at approximately $26.2 million above the upper end of the guidance range we set last quarter quarter, underscoring the resilience of our core business. More importantly, the profitability improvement we have been building toward is now clearly visible on a trailing basis.

在 2026 财年的前九个月，我们累计产生约 320 万美元的净收入，同比增长约 40%。这并不是某个单一季度的结果，而是我们在过去几个季度中在产品组合、市场纪律、成本结构和支付渠道方面所做工作的复合效应。在用户和变现方面，我们对更有针对性的实时运营的投资继续带来回报，ARPDAU 达到 0.55 美元，同比增长约 13%，每日付费转化率从 2.2% 提高到 2.4%。

Over the first nine months of fiscal 2026, we generated approximately $3.2 million in cumulative net income, up roughly 40% year over year. This is not the result of any single quarter. It reflects the compounding effect of the work we have done across our product mix, marketing discipline, cost structure and payment channels over the past several quarters. On the user and monetization side, our investment in more targeted liveOps continues to pay off ARP, DAU reached 0.$55, up approximately 13% year over year and the daily payer conversion improved from 2.2% to 2.4%.

这些增长得益于我们在最近几个季度建立的玩家细分系统。我们利用行为数据为不同玩家细分量身定制游戏内活动和内容，并不断迭代内容的格式和呈现方式，以推动更强的参与度和更高的消费意愿。我们认识到，本季度的月活跃用户（MAU）和日活跃用户（DAU）同比下降。这是我们决定减少低回报用户获取并专注于高价值玩家的直接结果。

These gains are driven by the player segmentation system we have built out over recent quarters. We use behavioral data to tailor in game events and content for different player segments and we are constantly iterating on the format and presentation of that content to drive stronger engagement and higher willingness to spend. We recognize that Monthly Active Users (MAU) and Daily Active Users (DAU) declined year over year this quarter. That is a direct result of our decision to pull back from low return user acquisition and focus on higher value players.

我们将其视为一种故意且可接受的权衡，因为我们正在向更高质量的收入结构转变。随着多个新游戏在 2027 财年推出，我们预计用户基础将恢复增长，而我们建立的运营基础设施和细分能力将使我们能够更有效地从第一天开始变现这些新用户。

We see this as a deliberate and acceptable trade off as we shift toward a higher quality revenue mix as multiple new titles Launch through fiscal 2027, we expect our user base to return to growth and the operational infrastructure and segmentation capabilities we have built will allow us to monetize those new users more effectively from day. On. Cost Total operating expenses declined approximately 10.1% year over year. Selling and marketing expenses were down roughly 15.5%, including a $2 million reduction in advertising spend.

成本方面，总运营费用同比下降约 10.1%。销售和市场费用下降约 15.5%，其中包括 200 万美元的广告支出减少。

Cost of revenue also decreased approximately 12.7%, with DTC driven savings on platform commissions now contributing meaningfully to profitability.

收入成本也下降了约 12.7%，DTC 驱动的节省在平台佣金上现在对盈利能力产生了重要贡献。

Brian Xiefeng (Chairman of the Board)

Brian Xiefeng（董事会主席）

Notably, Direct-to-Consumer (DTC) hit another milestone this quarter. As of the end of March, companywide Direct-to-Consumer (DTC) revenue mix reached approximately 13.9%, up from roughly 10% last quarter. Our flagship title Game Content Services advanced to approximately 36.7%. We also completed the Direct-to-Consumer (DTC) rollout across our entire social casino portfolio during the quarter, opening up additional margin opportunity in that category.

值得注意的是，直销（DTC）在本季度达到了另一个里程碑。截至三月底，公司整体直销（DTC）收入占比达到了约 13.9%，相比上个季度的约 10% 有所上升。我们的旗舰产品游戏内容服务的占比提升至约 36.7%。我们还在本季度完成了整个社交赌场产品线的直销（DTC）推广，为该类别开辟了额外的利润机会。

By fiscal year end, we expect company wide Direct-to-Consumer (DTC) penetration to reach 15% to 20%. We continue to view Direct-to-Consumer (DTC) as much more than a payment optimization. It is a way to build direct player relationships and that create lasting value. As Direct-to-Consumer (DTC) adoption accelerates across the industry, we intend to remain a fast mover and invest aggressively behind it. On our product pipeline. We made clear progress across both RPG and Puzzle this quarter.

到财年末，我们预计公司整体直销（DTC）渗透率将达到 15% 至 20%。我们继续认为直销（DTC）不仅仅是支付优化，它是建立直接玩家关系并创造持久价值的一种方式。随着直销（DTC）在行业中的加速采用，我们打算保持快速行动，并在此方面进行积极投资。在我们的产品管道方面，本季度我们在角色扮演游戏（RPG）和益智游戏（Puzzle）上取得了明显进展。

In rpg, the title we signed last quarter is now in commercial testing. Based on current pace, we expect it to go live around the end of Q2 calendar 2026, launching first in Hong Kong, Macau and Taiwan, then extending into Japan and Korea and ultimately into North America, Europe and other regions. A second custom developed RPG is on track to launch around September and this quarter we signed an additional RPG title for global distribution, currently targeting an August to September launch window.

在角色扮演游戏（RPG）方面，我们上个季度签署的标题目前正在进行商业测试。根据当前的进展，我们预计它将在 2026 年第二季度末上线，首先在香港、澳门和台湾推出，然后扩展到日本和韩国，最终进入北美、欧洲及其他地区。第二款定制开发的角色扮演游戏预计将在九月左右推出，本季度我们还签署了一款用于全球发行的角色扮演游戏，当前目标是在八月至九月之间推出。

The Parrot. In Puzzle, we tested seven to eight prototypes this quarter. Two of those showed strong enough results to move into expanded development. A moderately scaled puzzle title that is already live continues to serve as a valuable source of real world operational and monetization data, helping us refine our approach across the category. With their longer life cycles and hybrid monetization model, puzzle titles remain an important part of our portfolio strategy.

鹦鹉。在益智游戏（Puzzle）方面，我们本季度测试了七到八个原型。其中两个的结果足够强劲，进入了扩展开发阶段。一款已经上线的中等规模益智游戏继续作为现实运营和变现数据的重要来源，帮助我们在该类别中优化我们的策略。由于其较长的生命周期和混合变现模式，益智游戏仍然是我们投资组合战略的重要组成部分。

On technology. AI at gamehouse has moved past the standalone tool space and is now being integrated directly into our core business workflows, our RMD systems and our GBS platform. We see this playing out across three areas. First, AI is moving from individual adoption to company wide standard practice. Live coding is now embedded in the day to day workflows of our product and engineering teams, shifting the way our R and D organization works from a traditional fully manual model towards one where AI copilots work alongside human engineers as a matter of course.

在技术方面，Gamehaus 的人工智能已经超越了独立工具的范畴，现正直接融入我们的核心业务工作流程、RMD 系统和 GBS 平台。我们看到这一点在三个领域的展开。首先，人工智能正在从个体采用转变为公司范围内的标准实践。实时编码现在已嵌入我们产品和工程团队的日常工作流程中，改变了我们的研发组织从传统的完全手动模式向人工智能助手与人类工程师并肩工作的模式转变。

Second, AI is expanding from a productivity tool into a decision support capability. This quarter we rolled out AI driven budget optimization tools and AI agent powered market intelligence, bringing AI into higher stakes functions like AD spend allocation, competitive monitoring and market analysis. Third, we are building enterprise grade AI infrastructure. This quarter we advanced work in parallel on our internal code service system level, MCP integration and open cloud process automation, laying the groundwork for a reusable, scalable and well governed AI platform across the company.

其次，人工智能正在从生产力工具扩展为决策支持能力。本季度我们推出了基于人工智能的预算优化工具和人工智能代理驱动的市场情报，将人工智能引入更高风险的职能，如广告支出分配、竞争监测和市场分析。第三，我们正在构建企业级人工智能基础设施。本季度我们在内部代码服务系统级别、MCP 集成和开放云流程自动化方面并行推进，为公司建立一个可重用、可扩展和良好治理的人工智能平台奠定基础。

These efforts are producing tangible, measurable results. Our Houhan AI Creative platform processed nearly 70,000 requests this quarter, exceeding the 60,000 target we set last quarter.

这些努力正在产生切实可测的成果。我们的 Houhan AI 创意平台本季度处理了近 70,000 个请求，超过了我们上个季度设定的 60,000 个目标。

Beyond creative production, our centralized AI gateway handled approximately 240,000 large language model calls during the quarter with use cases extending well beyond the original asset generation to include customer service automation, market scanning, operational Q and A and several early stage AI agent workflows.

除了创意制作外，我们的集中式人工智能网关在本季度处理了约 240,000 个大型语言模型调用，使用案例远远超出了最初的资产生成，包括客户服务自动化、市场扫描、运营问答和几个早期阶段的人工智能代理工作流程。

AI is no longer a side project, it is now part of how we run the business across functions and it is having a real impact on our speed, our productivity and how our teams make decisions. The near term financial impact remains modest, but the competitive advantage these capabilities are creating over the medium to long term is becoming increasingly clear.

人工智能不再是一个边缘项目，它现在已成为我们在各职能中运营业务的一部分，并对我们的速度、生产力以及团队决策方式产生了实际影响。短期内的财务影响仍然温和，但这些能力在中长期内所创造的竞争优势正变得越来越明显。

Stepping Back the pace at which our AI capabilities are compounding is also shaping how we think about Gamehaus Holdings' long term identity. Since the beginning we have been focused on connecting global players with great game developers. As AI matures across development, content creation, marketing and user intelligence, we see ourselves evolving from a pure play mobile game publisher into an AI native platform that integrates content creation and global distribution.

回顾一下，我们的人工智能能力的复合增长速度也在塑造我们对 Gamehaus Holdings 长期身份的思考。从一开始，我们就专注于将全球玩家与优秀的游戏开发者连接起来。随着人工智能在开发、内容创作、市场营销和用户智能中的成熟，我们看到自己从一个纯粹的移动游戏发行商演变为一个集成内容创作和全球发行的人工智能原生平台。

This quarter we made real progress on AI generated in game content and over time we intend to build out the full chain from AI content creation through to worldwide publishing. We believe the next era of competitive advantage in content publishing will not be determined by operational scale or data volume alone, but by how deeply a company integrates AI into its publishing stack. This is one of the most important strategic directions for gamehouse going forward, and it is the most significant long term investment we're making on behalf of our shareholders.

本季度我们在人工智能生成的游戏内容方面取得了实质性进展，随着时间的推移，我们打算建立从人工智能内容创作到全球出版的完整链条。我们相信，内容出版的下一个竞争优势时代将不仅仅由运营规模或数据量决定，而是由公司将人工智能深度融入其出版堆栈的程度决定。这是 Gamehaus 未来最重要的战略方向之一，也是我们为股东做出的最重要的长期投资。

Regarding capital returns. As of March 31, 2026, we have repurchased approximately 392,000 Class A ordinary shares for a total of approximately $482,000. We will continue to execute the buyback program opportunistically based on the market conditions, share price and our overall capital allocation framework. Management remains confident in the company's medium and long term prospects and we are committed to balancing reinvestment in the business, profitability and return to shareholders with long term value creation as our guiding priority.

关于资本回报。截至2026年3月31日，我们已回购约 392,000 股 A 类普通股，总金额约为 482,000 美元。我们将继续根据市场条件、股价和整体资本配置框架，机会性地执行回购计划。管理层对公司的中长期前景保持信心，我们致力于在业务再投资、盈利能力和股东回报之间保持平衡，以长期价值创造为指导优先事项。

For the fourth quarter of fiscal 2026 ending June 30, 2026, we expect total revenues to be in the range of 23 million to $26 million. This reflects the current pace of product launches, pre launch marketing investment for upcoming titles, and the reallocation of operating resources from certain later life cycle titles. For new. Looking ahead to fiscal 2027 as our next generation of titles reaches the market, backed by a healthier margin structure, a stronger balance sheet and the durable advantages we have established in AI and dtc, we believe the company is well positioned to enter its next chapter of profitable growth.

对于截至2026年6月30日的 2026 财年第四季度，我们预计总收入将在 2300 万到 2600 万美元之间。这反映了当前产品发布的节奏、即将推出的标题的预发布市场投资，以及从某些生命周期较长的标题中重新分配运营资源的情况。展望 2027 财年，随着我们下一代标题的上市，得益于更健康的利润结构、更强的资产负债表以及我们在人工智能和直销方面建立的持久优势，我们相信公司已为进入下一个盈利增长阶段做好了充分准备。

With that, let me turn the call over to Sean for a closer look at our financials.

接下来，我将把电话交给 Sean，让他更详细地介绍我们的财务状况。

Sean Zhong

Thank you Brian and hello everyone. I will now walk through our financial results in more detail for the third quarter of fiscal year 2026 which end March 31, 2026. Please note that all figures are in US dollars and all comparisons are made on a year over year basis unless otherwise stated. Starting from the top line, top revenue for the quarter was US$26.2 million, a decrease of 9.1% from 28.8 million in the year ago period.

谢谢 Brian，大家好。我将详细介绍截至2026年3月31日的 2026 财年第三季度的财务业绩。请注意，所有数字均以美元计，所有比较均为同比，除非另有说明。从收入开始，本季度的总收入为 2620 万美元，比去年同期的 2880 万美元下降了 9.1%。

Advertising costs declined 17.2% year over year, which dropped the lower traffic and user acquisition Brian discussed earlier that said revenue exceeded the upper end of our forecast for the third quarter and the trajectory remained in line with our long term growth strategies, underscoring the resilience of our operating model. Breaking down our revenue in app purchase revenue was 23.4 million, a 9.9% decline from 26 million a year ago.

广告成本同比下降了 17.2%，这与 Brian 之前提到的流量下降和用户获取有关，但第三季度的收入超过了我们预测的上限，且增长轨迹与我们的长期增长战略保持一致，突显了我们运营模式的韧性。具体来看，应用内购买收入为 2340 万美元，同比下降 9.9%，去年为 2600 万美元。

Advertising revenue was 2.8 million, slightly down from 2.9 million in the same period last year as we highlighted before. The monetization improvements we are seeing in Arpdau and payer conversion helped parcel offset the impact of lower user acquisition volumes.

广告收入为 280 万美元，略低于去年同期的 290 万美元，正如我们之前强调的那样。我们在每用户平均收入和付费转化率方面的货币化改善帮助部分抵消了用户获取量下降的影响。

Turning to expenses, total operating costs and expenses were 25.7 million, down 10.1 from 28.5 million a year ago, reflecting continued progress in our cost discipline efforts and efficiency optimization.

在费用方面，总运营成本和费用为 2570 万美元，同比下降 10.1%，去年为 2850 万美元，反映了我们在成本控制和效率优化方面的持续进展。

More specifically, cost of revenue decreased 12.7% to $12 million mainly due to lower platform commission expenses as DTC adoption continued to increase and reduce profit sharing payments to game developers as some mature titles move further along in their life cycle. Research and development expenses increased 24.1% to 1.6 million DOL, reflecting our ongoing collaborations with multiple developers across the development and testing phases.

更具体地说，收入成本下降了 12.7%，至 1200 万美元，主要是由于随着直销采用的持续增加，平台佣金费用降低，以及随着一些成熟标题在生命周期中进一步推进，减少了对游戏开发者的利润分享支付。研发费用增加了 24.1%，达到 160 万美元，反映了我们与多个开发者在开发和测试阶段的持续合作。

As we expand our future game pipeline, selling and marketing expenses decreased 15.5% to 10.3 million. The 2 million reduction in advertising spend was the primary driver, consistent with the efficiency focus of approach Brian discussed earlier. General and Administrative expenses were 1.8 million, up 33.1% from 1.4 million a year ago.

随着我们未来游戏管线的扩展，销售和市场费用下降了 15.5%，至 1030 万美元。广告支出减少 200 万美元是主要驱动因素，这与 Brian 之前提到的效率聚焦方法一致。一般和行政费用为 180 万美元，同比上升 33.1%，去年为 140 万美元。

This primarily due to higher salary expenses associated with our efforts to improve corporate governance, financial reporting and investor relation capabilities as well as strategic hiring to support business expansion. Turning to profitability, operating income improved significantly to 0.5 million from 0.3 million in the year ago period.

这主要是由于与改善公司治理、财务报告和投资者关系能力相关的薪资费用增加，以及支持业务扩展的战略招聘。谈到盈利能力，运营收入显著改善至 50 万美元，而去年同期为 30 万美元。

Operating margin expanded to 2.1% from 1%, which we believe further validates the operational adjustment we have been making. Other income net was approximately 0.02 million compared with the 0.13 million in the year ago period. Net income for the quarter was 0.5 million up from 0.4 million a year ago.

运营利润率从 1% 扩大至 2.1%，我们相信这进一步验证了我们所做的运营调整。其他净收入约为 2 万美元，而去年同期为 13 万美元。本季度的净收入为 50 万美元，高于去年同期的 40 万美元。

Looking at the first nine months of fiscal year 2026, cumulative net income increased approximately 40% year over year, reflecting the continued improvement in our profitability profile. We ended the quarter with.

回顾 2026 财年的前九个月，累计净收入同比增长约 40%，反映了我们盈利能力的持续改善。我们在本季度结束时。

OPERATOR

操作员

A Pardon me, please stand by while we reconnect the speaker line. Hello, this is the operator. We have reconnected the speaker line and we can proceed.

请稍等，我们正在重新连接发言人线路。你好，这里是操作员。我们已经重新连接发言人线路，可以继续。

Sean Zhong

Thank you David. We the quarter with US$18.3 million in cash and cash equivalents compared with $15.2 million as of June 30, 2025. We believe this provides sufficient liquidity to meet our working capital needs for the next 12 months on capital allocation. As a reminder, our board authorized a fund to million share repurchase program in August 2025 with a one year authorization period through August 18, 2026. As of March 31, 2026, we have repurchased approximately 392,000 Class A ordinary shares for approximately US$482,000.

谢谢 David。我们在本季度结束时拥有 1830 万美元的现金及现金等价物，而2025年6月30日为 1520 万美元。我们相信这为我们在未来 12 个月内满足营运资金需求提供了足够的流动性。在资本配置方面，提醒一下，我们的董事会在 2025 年 8 月授权了一项 200 万股的股票回购计划，授权期限为一年，至2026年8月18日。截至2026年3月31日，我们已回购约 39.2 万股 A 类普通股，金额约为 48.2 万美元。

Going forward, we will continue to evaluate repurchase activity based on market conditions, share price performance and our broader capital allocation priorities. Looking Ahead As Brian mentioned earlier, for the fourth quarter of fiscal year 2026 ending June 30, 2026, we expect total revenue to be in the range of approximately 23 million to 26 million.

展望未来，我们将继续根据市场情况、股价表现和更广泛的资本配置优先事项评估回购活动。展望未来，正如 Brian 之前提到的，对于截至2026年6月30日的 2026 财年第四季度，我们预计总收入将在 2300 万到 2600 万美元之间。

We are encouraged by the progress we continue to make this quarter. Revenue reached the upper end of our guidance range margin continued to improve and both our DTC initiatives and AI driven operational capabilities continue to gain traction. Looking ahead, we remain focused on execution, strengthening our publishing and platform infrastructure, advancing our product and delivering sustainable long term value for shareholders. With that, we are now happy to take your operator Please proceed.

我们对本季度持续取得的进展感到鼓舞。收入达到了我们指导范围的上限，利润率持续改善，我们的直销举措和人工智能驱动的运营能力也在不断取得进展。展望未来，我们将继续专注于执行，加强我们的出版和平台基础设施，推进我们的产品，并为股东提供可持续的长期价值。至此，我们现在乐意接受您的提问，操作员，请开始。

OPERATOR

操作员

We will now begin the Question and Answer session. To ask a question, you may press Star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star and then two. When asking a question in Chinese, please repeat your question in English as well for everyone's convenience.

现在我们将开始问答环节。如需提问，请在触摸电话上按星号，然后按 1。如果您使用的是免提电话，请在按键之前拿起听筒。如果您的问题在任何时候已被解答，并且您希望撤回问题，请按星号，然后按 2。用中文提问时，请为大家的方便重复您的问题的英文。

Our first question comes from Henghui with Sanhe Capital. Please go ahead.

我们的第一个问题来自三合资本的 Henghui。请继续。

Henghui

You have three RPG titles targeting an orchid to September launch window. That's a lot of titles in a narrow time frame. Is there a risk of cannibalization of resources strain and how are you struggling the marketing spend across them? In Brian's earlier remarks, he mentioned that Gamehaus Holdings' longer term goal is to evolve into an AI driven in targeted platform for content generated and distribution. Could you give us some more specific color on this beyond the games you are currently working on, what does this actually mean and where are you today along this path?

你们有三个 RPG 游戏计划在九月推出。这在短时间内有很多标题。是否存在资源竞争的风险，以及你们如何在这些游戏之间分配市场营销支出？在 Brian 之前的发言中，他提到 Gamehaus Holdings 的长期目标是发展成为一个以 AI 驱动的内容生成和分发的目标平台。除了你们目前正在开发的游戏之外，能否给我们一些更具体的说明，这实际上意味着什么，以及你们在这条道路上目前处于什么阶段？

That's all. Thank you.

就这些。谢谢。

OPERATOR

运营人员

Please pause momentarily while we reconnect the speaker line.

请稍等片刻，我们正在重新连接发言人线路。

I have reconnected the speaker line. Can you please repeat your question?

我已经重新连接了发言人线路。请您重复一下您的问题好吗？

Allie Wong (Moderator)

Allie Wong（主持人）

I think we know the question and I will just let Carl, our CEO to answer the first question. Okay,

我想我们知道问题是什么，我将让我们的首席执行官 Carl 来回答第一个问题。好的，

Carl Yimin Cai

This is Carl. I will answer your first question. Regarding the three RPG titles planned for launch during the August to September window, we are paying close attention to launch pacing to avoid resource conflict or potential cannibalization. First, in terms of launch schedule, we plan to stagger the releases as much as possible with roughly three to four weeks between each title.

我是 Carl。我将回答你的第一个问题。关于计划在八月到九月窗口推出的三个 RPG 游戏，我们正在密切关注发布节奏，以避免资源冲突或潜在的竞争。首先，在发布日程方面，我们计划尽可能错开发布，每个标题之间大约间隔三到四周。

This should help reduce internal resource pressure and give our marketing operations and data teams enough time to shift focus, analyze early performance and optimize each launch properly. Second, we have already started preparing the required launch materials and events, including creative assets, localized content and operational resources for testing and launch.

这应该有助于减少内部资源压力，并为我们的市场营销运营和数据团队提供足够的时间来调整重点，分析早期表现并优化每次发布。其次，我们已经开始准备所需的发布材料和活动，包括创意资产、本地化内容和测试及发布的运营资源。

Our goal is to have the key launch materials largely ready before the products complete their final testing stages so that we can avoid last minute resource constraints. From a marketing spend perspective, we will allocate badges dynamically based on each title's testing results, payback period and ROI performance, rather than launching all three titles with heavy spending at the same time.

我们的目标是在产品完成最终测试阶段之前，主要的发布材料大致准备就绪，以避免最后时刻的资源限制。从市场营销支出的角度来看，我们将根据每个标题的测试结果、回报期和投资回报率动态分配预算，而不是同时对所有三个标题进行大量支出。

RPG titles typically provide relatively fast early monetization feedback and the payback period is generally more manageable. Therefore, we will manage user acquisition with a disciplined payback target and keep marketing investment within a healthy range. In the short term, there may be some temporary fluctuation and profitability as multiple new titles enter the launch phase. That is normal during a new product ramp up period.

RPG 游戏通常提供相对快速的早期货币化反馈，回报期通常更可控。因此，我们将以严格的回报目标管理用户获取，并保持市场营销投资在健康范围内。在短期内，随着多个新标题进入发布阶段，可能会出现一些暂时的波动和盈利能力。这在新产品的快速增长阶段是正常的。

However, because we will stagger the launches and carefully control the payback cycle, we expect the impact to be temporary. As these products move into a more stable operating phase, we expect profitability to return to a more normalized level in the following quarter.

然而，由于我们将错开发布并仔细控制回报周期，我们预计影响将是暂时的。随着这些产品进入更稳定的运营阶段，我们预计盈利能力将在下一个季度恢复到更正常的水平。

I will answer your second question in Chinese first and I will let Allie to translate into English. Sunyani, Thank you for the question. Internally, this positioning has become an increasingly important strategic focus for us. As I see it, the core of this positioning is to connect the two ends of the capability chain we have already built. On one end is distribution. This is our core business built on a decade of expertise in global publishing, user growth, live operations and monetization capabilities.

我将先用中文回答你的第二个问题，然后让 Allie 翻译成英文。Sunyani，谢谢你的提问。在内部，这一定位已成为我们越来越重要的战略重点。在我看来，这一定位的核心是连接我们已经建立的能力链的两端。一端是分发。这是我们基于十年全球出版、用户增长、实时运营和货币化能力的核心业务。

On the other end is content generation. As AI matures, the way content is produced is being fundamentally reshaped. Our goal is to use AI to connect these two ends into a closed loop AI driven content generation layered on top of our mature global distribution, forming an integrated capability that is difficult for others to replicate.

另一端是内容生成。随着 AI 的成熟，内容生产的方式正在被根本性地重塑。我们的目标是利用 AI 将这两端连接成一个闭环的 AI 驱动内容生成，建立在我们成熟的全球分发之上，形成一种其他人难以复制的综合能力。

In terms of execution, the most direct step is AI generated games. As Brian mentioned earlier, this quarter we completed key capability building in AI generated game content. This means we are embedding generative AI directly into the production process of game content itself, not just applying it to creative assets or live operations. This is our first concrete step toward making the content generation tangible.

在执行方面，最直接的步骤是 AI 生成的游戏。正如 Brian 之前提到的，本季度我们在 AI 生成游戏内容方面完成了关键能力建设。这意味着我们将生成式 AI 直接嵌入到游戏内容的生产过程中，而不仅仅是应用于创意资产或实时运营。这是我们使内容生成具体化的第一步。

Okay. That said, our understanding of content is not limited to games. We believe this set of capabilities, AI driven content generation combined with global distribution can in essence be extended to other forms of interactive content beyond games. While staying focused on our core business, we are also proactively exploring the potential applications of this platform capability in the broader content domain. This part is still in the exploratory stage and as conditions mature, we will update the market on our progress in a timely manner.

好的。也就是说，我们对内容的理解并不限于游戏。我们相信，这一套能力，即 AI 驱动的内容生成结合全球分发，实际上可以扩展到游戏以外的其他互动内容形式。在专注于我们的核心业务的同时，我们也在积极探索这一平台能力在更广泛内容领域的潜在应用。这部分仍处于探索阶段，随着条件的成熟，我们将及时向市场更新我们的进展。

We believe this direction will define the core competitive modes of the next phase for games and for the broader content industry, and we are laying solid groundwork to position ourselves to for that opportunity.

我们相信，这一方向将定义游戏和更广泛内容行业下一阶段的核心竞争模式，我们正在为抓住这一机会奠定坚实的基础。

Thank you, Zhonghui. That's our answer.

谢谢你，Zhonghui。这是我们的回答。

OPERATOR

运营人员

Okay, and the next question comes from Hua Rong with Jinyu Asset. Please go ahead.

好的，下一个问题来自金宇资产的华荣。请继续。

Hua Rong

华荣

See, now. I have two questions for management. The first one is Direct-to-Consumer (DTC) is clearly the most accountable margin level in the near term, but 13.9% company wide means 86% of your revenue still flows through platforms paying commission. What's preventing faster adoption? Is it player behavior, platform restrictions, or something else? The operating margin improved to 2.1% this quarter from 1% a year ago, and the cumulative net income for the first nine months grew approximately 40% year over year.

我有两个问题想问管理层。第一个是，直接面向消费者（DTC）显然是近期最具可控的利润水平，但 13.9% 的公司整体利润意味着 86% 的收入仍然通过支付佣金的平台流动。是什么阻碍了更快的采用？是玩家行为、平台限制，还是其他原因？本季度运营利润率从一年前的 1% 提升至 2.1%，前九个月的累计净收入同比增长约 40%。

But candidately, much of that improvement has come from reduced marketing spend rather than revenue growth. As you move into fiscal 2027 and ramp up user acquisition again to support your new product pipeline, how much of this margin improvement is structural and sustainable? Should we expect margins to compress again once marketing spend comes back? Thank you,

但坦率地说，这一改善大部分来自于减少市场营销支出，而不是收入增长。随着你们进入 2027 财年，并再次增加用户获取以支持你们的新产品管道，这一利润改善有多少是结构性的和可持续的？我们是否应该预期一旦市场营销支出恢复，利润会再次压缩？谢谢，

Carl Yimin Cai

Thank you for your question. This is Carl I'll answer your first question on dtc, we do see it as one of the important near term levers to improve margins. That said, we need to balance several factors as we scale it, including compliance, user experience, payment conversion, and the broader platform ecosystem. First, from a compliance perspective, not every market currently allows us to directly promote or trigger third party payment options inside the game.

感谢您的提问。我是 Carl，我将回答您关于 DTC 的第一个问题，我们确实将其视为改善利润的重要短期杠杆之一。不过，在我们扩大 DTC 的同时，需要平衡多个因素，包括合规性、用户体验、支付转化率以及更广泛的平台生态系统。首先，从合规的角度来看，并不是每个市场都允许我们在游戏内直接推广或触发第三方支付选项。

At this stage, the US Is the primary market where we have relatively broad latitude to present third party payment options in game, so we will continue to expand Direct-to-Consumer (DTC) only under a fully combined FLIP framework. Second, from a player behavior perspective, in app, purchases through app stores remain the simplest and most seamless payment method for many users. They require the fewest steps and benefit from strong user trust. If we push third party payment too aggressively, it may negatively affect overall payment conversion.

在这一阶段，美国是我们在游戏中相对广泛地呈现第三方支付选项的主要市场，因此我们将继续在完全结合的 FLIP 框架下扩展直接面向消费者（DTC）。其次，从玩家行为的角度来看，通过应用商店进行的应用内购买仍然是许多用户最简单、最无缝的支付方式。它们所需的步骤最少，并且受益于强大的用户信任。如果我们过于激进地推动第三方支付，可能会对整体支付转化产生负面影响。

Therefore, our focus is not simply to maximize the DTC ratio, but to maximize total net revenue. In other words, we need to find the right balance between commission, savings and payment conversion. In addition, in app, purchase performance is also an important signal for platforms when they evaluate product quality and allocate organic traffic. So when we increase DTC penetration, we also need to consider its potential impact on organic traffic, user experience, and the overall economics of each product.

因此，我们的重点不仅仅是最大化 DTC 比例，而是最大化总净收入。换句话说，我们需要在佣金、节省和支付转化之间找到正确的平衡。此外，应用内购买的表现也是平台在评估产品质量和分配自然流量时的重要信号。因此，当我们增加 DTC 渗透率时，也需要考虑其对自然流量、用户体验和每个产品整体经济的潜在影响。

Overall, we will continue to steadily increase our DTC share, especially in markets where compliance is clear and user acceptance is strong. But we will do it in a disciplined and sustainable way rather than forcing a rapid increase at the expense of conversion or platform relationships.

总体而言，我们将继续稳步增加我们的 DTC 份额，特别是在合规性明确且用户接受度强的市场。但我们会以一种有纪律和可持续的方式进行，而不是以牺牲转化率或平台关系为代价来强行快速增加。

Sean Zhong

Okay, this is Sean and I will answer your second question in Chinese first. And I will also let Allie to translate my answer into English. Thank you for the question. It's true that part of our current margin does benefit from our deliberate pullback and low efficiency user acquisition. And as we potentially scale that spending back up in fiscal 2027, there will be some give back on that portion. That's a fair point. At the same time, if you look at gross margin, it reached approximately 54% as quarter up about 2 percentage points year over year.

好的，我是 Sean，我将首先用中文回答您的第二个问题。我也会让 Allie 将我的回答翻译成英文。感谢您的提问。确实，我们当前部分利润受益于我们故意的缩减和低效率的用户获取。随着我们在 2027 财年可能逐步增加这部分支出，确实会对这一部分有所回馈。这是一个合理的观点。同时，如果您查看毛利率，它达到了大约 54%，比去年同期上升了约 2 个百分点。

That improvement is unrelated to the level of our user acquisition spend. It is driven by two structural factors. First, the increase in DTC penetration directly reduces our platform commission costs. Second, the optimization of developer profit sharing arrangements. As certain mature titles progress through their life cycle, the portion is sustainable. And as DTC penetration continues to climb toward the 15% to 20% range, this structural gross margin benefit will expand further.

这种改善与我们的用户获取支出水平无关。它是由两个结构性因素驱动的。首先，DTC 渗透率的提高直接降低了我们的平台佣金成本。其次，开发者利润分享安排的优化。随着某些成熟标题在其生命周期中的进展，这一部分是可持续的。随着 DTC 渗透率继续攀升至 15% 至 20% 的范围，这一结构性毛利率收益将进一步扩大。

That is broadly how we see it. Thank you.

这就是我们对这一问题的总体看法。谢谢。

Carl Yimin Cai

Thank you, Hua Rong. That will be the answer of us.

谢谢，华荣。这就是我们的回答。

OPERATOR

操作员

This concludes our question and answer session. I would like to turn the conference back over to Sean Zhong for any closing remarks.

这次问答环节到此结束。我将把会议交还给 Sean Zhong 进行任何结束语。

Sean Zhong

Okay, thank you operator. And thank you all for participating on today's call and we apologize for the multiple disconnections. And thank you for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

好的，谢谢操作员。感谢大家参与今天的电话会议，我们对多次断线表示歉意。感谢您的支持。我们感谢您的关注，并期待在下个季度向您报告我们的进展。

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Gamehaus Holdings 2026 年第三季度收益电话会议记录