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（納斯達克：GMHS）於週一公佈了第三季度財務業績。以下是公司第三季度財報電話會議的文字記錄。

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

Benzinga API 提供實時訪問財報電話會議記錄和財務數據。訪問 https://www.benzinga.com/apis/ 瞭解更多信息。

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

完整的財報電話會議記錄可在 https://event.choruscall.com/mediaframe/webcast.html?webcastid=NMoUAHmv 獲取。

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 報告 2026 財年第三季度收入為 2620 萬美元，超出預期，前九個月淨收入為 320 萬美元，同比增長 40%。

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

公司強調向效率和盈利能力的轉變，運營費用減少了 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 正在將人工智能整合到核心業務流程中，提高生產力和決策能力，旨在發展成為一個以人工智能驅動的內容生成和分發平台。

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

儘管由於專注於高價值玩家，MAU 和 DAU 下降，但 ARPDAU 增加了 13%，付費轉化率有所改善。

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.

展望未來，Gamehaus 預計第四季度收入將在 2300 萬至 2600 萬美元之間，受新遊戲發佈和持續投資於人工智能及 DTC 計劃的推動。

Full Transcript

完整記錄

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.

各位女士們、先生們，大家好。感謝您耐心等待，歡迎參加 Gamehaus 2026 財年第三季度財報電話會議。目前，所有參與者處於僅聽模式。稍後我們將進行問答環節，屆時將提供相關説明。請注意，我們正在錄製今天的電話會議。如果您有任何異議，可以在此時斷開連接。現在我將把電話會議交給今天的發言人，Ms.

Allie Wong. Allie, please proceed.

Allie Wong。Allie，請繼續。

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.

謝謝你，主持人。大家好，感謝大家參加今天的電話會議，討論 Gamehaus Holdings 2026 財年第三季度的財務業績。我們今天早些時候發佈了財報，新聞稿可在公司網站及新聞通訊服務中獲取。今天與我一起參加會議的有董事會主席 Brian Xiefeng，首席執行官 Carl Cai Min，以及資本市場和投資者關係負責人 Shung Zhang。Brian 將回顧業務運營和公司亮點，隨後 Sean 將討論詳細的財務結果。他們都將在問答環節中回答您的問題。在我們繼續之前，我想提醒您，本次電話會議可能包含前瞻性聲明，這些聲明本質上受到風險和不確定性的影響，可能導致實際結果與我們當前的預期有所不同。

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.

有關風險和不確定性的詳細討論，請參閲我們向 SEC 提交的文件。此外，請注意，除非另有説明，電話會議中提到的所有數字均以美元計。接下來，我想介紹我們的主席 Brian。Brian 將用中文發表講話，我將隨後進行相應的英文翻譯。請開始，Brian。大家好，感謝您參加 Gamehaus Holdings 2026 財年第三季度的財報電話會議。

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，我們繼續執行過去一年制定的以效率為首、以盈利為重的戰略。儘管在我們主要市場中本季度季節性較弱，但收入約為 2620 萬美元，超出我們上季度設定的預期上限，突顯了我們核心業務的韌性。更重要的是，我們一直在努力改善的盈利能力現在在追蹤基礎上清晰可見。

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 財年的前九個月，我們累計產生約 320 萬美元的淨收入，同比增長約 40%。這並不是某個單一季度的結果，而是我們在過去幾個季度中在產品組合、市場紀律、成本結構和支付渠道方面所做工作的複合效應。在用户和變現方面，我們對更有針對性的實時運營的投資繼續帶來回報，ARPDAU 達到 0.55 美元，同比增長約 13%，每日付費轉化率從 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%.

這些增長得益於我們在最近幾個季度建立的玩家細分系統。我們利用行為數據為不同玩家細分量身定製遊戲內活動和內容，並不斷迭代內容的格式和呈現方式，以推動更強的參與度和更高的消費意願。我們認識到，本季度的月活躍用户（MAU）和日活躍用户（DAU）同比下降。這是我們決定減少低迴報用户獲取並專注於高價值玩家的直接結果。

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.

我們將其視為一種故意且可接受的權衡，因為我們正在向更高質量的收入結構轉變。隨着多個新遊戲在 2027 財年推出，我們預計用户基礎將恢復增長，而我們建立的運營基礎設施和細分能力將使我們能夠更有效地從第一天開始變現這些新用户。

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，總運營費用同比下降約 10.1%。銷售和市場費用下降約 15.5%，其中包括 200 萬美元的廣告支出減少。

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

收入成本也下降了約 12.7%，DTC 驅動的節省在平台佣金上現在對盈利能力產生了重要貢獻。

Brian Xiefeng (Chairman of the Board)

Brian Xiefeng（董事會主席）

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，直銷（DTC）在本季度達到了另一個里程碑。截至三月底，公司整體直銷（DTC）收入佔比達到了約 13.9%，相比上個季度的約 10% 有所上升。我們的旗艦產品遊戲內容服務的佔比提升至約 36.7%。我們還在本季度完成了整個社交賭場產品線的直銷（DTC）推廣，為該類別開闢了額外的利潤機會。

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.

到財年末，我們預計公司整體直銷（DTC）滲透率將達到 15% 至 20%。我們繼續認為直銷（DTC）不僅僅是支付優化，它是建立直接玩家關係並創造持久價值的一種方式。隨着直銷（DTC）在行業中的加速採用，我們打算保持快速行動，並在此方面進行積極投資。在我們的產品管道方面，本季度我們在角色扮演遊戲（RPG）和益智遊戲（Puzzle）上取得了明顯進展。

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.

在角色扮演遊戲（RPG）方面，我們上個季度簽署的標題目前正在進行商業測試。根據當前的進展，我們預計它將在 2026 年第二季度末上線，首先在香港、澳門和台灣推出，然後擴展到日本和韓國，最終進入北美、歐洲及其他地區。第二款定製開發的角色扮演遊戲預計將在九月左右推出，本季度我們還簽署了一款用於全球發行的角色扮演遊戲，當前目標是在八月至九月之間推出。

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.

鸚鵡。在益智遊戲（Puzzle）方面，我們本季度測試了七到八個原型。其中兩個的結果足夠強勁，進入了擴展開發階段。一款已經上線的中等規模益智遊戲繼續作為現實運營和變現數據的重要來源，幫助我們在該類別中優化我們的策略。由於其較長的生命週期和混合變現模式，益智遊戲仍然是我們投資組合戰略的重要組成部分。

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.

在技術方面，Gamehaus 的人工智能已經超越了獨立工具的範疇，現正直接融入我們的核心業務工作流程、RMD 系統和 GBS 平台。我們看到這一點在三個領域的展開。首先，人工智能正在從個體採用轉變為公司範圍內的標準實踐。實時編碼現在已嵌入我們產品和工程團隊的日常工作流程中，改變了我們的研發組織從傳統的完全手動模式向人工智能助手與人類工程師並肩工作的模式轉變。

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，人工智能正在從生產力工具擴展為決策支持能力。本季度我們推出了基於人工智能的預算優化工具和人工智能代理驅動的市場情報，將人工智能引入更高風險的職能，如廣告支出分配、競爭監測和市場分析。第三，我們正在構建企業級人工智能基礎設施。本季度我們在內部代碼服務系統級別、MCP 集成和開放雲流程自動化方面並行推進，為公司建立一個可重用、可擴展和良好治理的人工智能平台奠定基礎。

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.

這些努力正在產生切實可測的成果。我們的 Houhan AI 創意平台本季度處理了近 70,000 個請求，超過了我們上個季度設定的 60,000 個目標。

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.

除了創意製作外，我們的集中式人工智能網關在本季度處理了約 240,000 個大型語言模型調用，使用案例遠遠超出了最初的資產生成，包括客户服務自動化、市場掃描、運營問答和幾個早期階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.

人工智能不再是一個邊緣項目，它現在已成為我們在各職能中運營業務的一部分，並對我們的速度、生產力以及團隊決策方式產生了實際影響。短期內的財務影響仍然温和，但這些能力在中長期內所創造的競爭優勢正變得越來越明顯。

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.

回顧一下，我們的人工智能能力的複合增長速度也在塑造我們對 Gamehaus Holdings 長期身份的思考。從一開始，我們就專注於將全球玩家與優秀的遊戲開發者連接起來。隨着人工智能在開發、內容創作、市場營銷和用户智能中的成熟，我們看到自己從一個純粹的移動遊戲發行商演變為一個集成內容創作和全球發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.

本季度我們在人工智能生成的遊戲內容方面取得了實質性進展，隨着時間的推移，我們打算建立從人工智能內容創作到全球出版的完整鏈條。我們相信，內容出版的下一個競爭優勢時代將不僅僅由運營規模或數據量決定，而是由公司將人工智能深度融入其出版堆棧的程度決定。這是 Gamehaus 未來最重要的戰略方向之一，也是我們為股東做出的最重要的長期投資。

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.

關於資本回報。截至2026年3月31日，我們已回購約 392,000 股 A 類普通股，總金額約為 482,000 美元。我們將繼續根據市場條件、股價和整體資本配置框架，機會性地執行回購計劃。管理層對公司的中長期前景保持信心，我們致力於在業務再投資、盈利能力和股東回報之間保持平衡，以長期價值創造為指導優先事項。

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.

對於截至2026年6月30日的 2026 財年第四季度，我們預計總收入將在 2300 萬到 2600 萬美元之間。這反映了當前產品發佈的節奏、即將推出的標題的預發佈市場投資，以及從某些生命週期較長的標題中重新分配運營資源的情況。展望 2027 財年，隨着我們下一代標題的上市，得益於更健康的利潤結構、更強的資產負債表以及我們在人工智能和直銷方面建立的持久優勢，我們相信公司已為進入下一個盈利增長階段做好了充分準備。

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

接下來，我將把電話交給 Sean，讓他更詳細地介紹我們的財務狀況。

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.

謝謝 Brian，大家好。我將詳細介紹截至2026年3月31日的 2026 財年第三季度的財務業績。請注意，所有數字均以美元計，所有比較均為同比，除非另有説明。從收入開始，本季度的總收入為 2620 萬美元，比去年同期的 2880 萬美元下降了 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.

廣告成本同比下降了 17.2%，這與 Brian 之前提到的流量下降和用户獲取有關，但第三季度的收入超過了我們預測的上限，且增長軌跡與我們的長期增長戰略保持一致，突顯了我們運營模式的韌性。具體來看，應用內購買收入為 2340 萬美元，同比下降 9.9%，去年為 2600 萬美元。

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.

廣告收入為 280 萬美元，略低於去年同期的 290 萬美元，正如我們之前強調的那樣。我們在每用户平均收入和付費轉化率方面的貨幣化改善幫助部分抵消了用户獲取量下降的影響。

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.

在費用方面，總運營成本和費用為 2570 萬美元，同比下降 10.1%，去年為 2850 萬美元，反映了我們在成本控制和效率優化方面的持續進展。

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.

更具體地説，收入成本下降了 12.7%，至 1200 萬美元，主要是由於隨着直銷採用的持續增加，平台佣金費用降低，以及隨着一些成熟標題在生命週期中進一步推進，減少了對遊戲開發者的利潤分享支付。研發費用增加了 24.1%，達到 160 萬美元，反映了我們與多個開發者在開發和測試階段的持續合作。

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.

隨着我們未來遊戲管線的擴展，銷售和市場費用下降了 15.5%，至 1030 萬美元。廣告支出減少 200 萬美元是主要驅動因素，這與 Brian 之前提到的效率聚焦方法一致。一般和行政費用為 180 萬美元，同比上升 33.1%，去年為 140 萬美元。

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.

這主要是由於與改善公司治理、財務報告和投資者關係能力相關的薪資費用增加，以及支持業務擴展的戰略招聘。談到盈利能力，運營收入顯著改善至 50 萬美元，而去年同期為 30 萬美元。

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.

運營利潤率從 1% 擴大至 2.1%，我們相信這進一步驗證了我們所做的運營調整。其他淨收入約為 2 萬美元，而去年同期為 13 萬美元。本季度的淨收入為 50 萬美元，高於去年同期的 40 萬美元。

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.

回顧 2026 財年的前九個月，累計淨收入同比增長約 40%，反映了我們盈利能力的持續改善。我們在本季度結束時。

OPERATOR

操作員

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.

請稍等，我們正在重新連接發言人線路。你好，這裏是操作員。我們已經重新連接發言人線路，可以繼續。

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.

謝謝 David。我們在本季度結束時擁有 1830 萬美元的現金及現金等價物，而2025年6月30日為 1520 萬美元。我們相信這為我們在未來 12 個月內滿足營運資金需求提供了足夠的流動性。在資本配置方面，提醒一下，我們的董事會在 2025 年 8 月授權了一項 200 萬股的股票回購計劃，授權期限為一年，至2026年8月18日。截至2026年3月31日，我們已回購約 39.2 萬股 A 類普通股，金額約為 48.2 萬美元。

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.

展望未來，我們將繼續根據市場情況、股價表現和更廣泛的資本配置優先事項評估回購活動。展望未來，正如 Brian 之前提到的，對於截至2026年6月30日的 2026 財年第四季度，我們預計總收入將在 2300 萬到 2600 萬美元之間。

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.

我們對本季度持續取得的進展感到鼓舞。收入達到了我們指導範圍的上限，利潤率持續改善，我們的直銷舉措和人工智能驅動的運營能力也在不斷取得進展。展望未來，我們將繼續專注於執行，加強我們的出版和平台基礎設施，推進我們的產品，併為股東提供可持續的長期價值。至此，我們現在樂意接受您的提問，操作員，請開始。

OPERATOR

操作員

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.

現在我們將開始問答環節。如需提問，請在觸摸電話上按星號，然後按 1。如果您使用的是免提電話，請在按鍵之前拿起聽筒。如果您的問題在任何時候已被解答，並且您希望撤回問題，請按星號，然後按 2。用中文提問時，請為大家的方便重複您的問題的英文。

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

我們的第一個問題來自三合資本的 Henghui。請繼續。

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?

你們有三個 RPG 遊戲計劃在九月推出。這在短時間內有很多標題。是否存在資源競爭的風險，以及你們如何在這些遊戲之間分配市場營銷支出？在 Brian 之前的發言中，他提到 Gamehaus Holdings 的長期目標是發展成為一個以 AI 驅動的內容生成和分發的目標平台。除了你們目前正在開發的遊戲之外，能否給我們一些更具體的説明，這實際上意味着什麼，以及你們在這條道路上目前處於什麼階段？

That's all. Thank you.

就這些。謝謝。

OPERATOR

運營人員

Please pause momentarily while we reconnect the speaker line.

請稍等片刻，我們正在重新連接發言人線路。

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

我已經重新連接了發言人線路。請您重複一下您的問題好嗎？

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,

我想我們知道問題是什麼，我將讓我們的首席執行官 Carl 來回答第一個問題。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。我將回答你的第一個問題。關於計劃在八月到九月窗口推出的三個 RPG 遊戲，我們正在密切關注發佈節奏，以避免資源衝突或潛在的競爭。首先，在發佈日程方面，我們計劃儘可能錯開發布，每個標題之間大約間隔三到四周。

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.

這應該有助於減少內部資源壓力，併為我們的市場營銷運營和數據團隊提供足夠的時間來調整重點，分析早期表現並優化每次發佈。其次，我們已經開始準備所需的發佈材料和活動，包括創意資產、本地化內容和測試及發佈的運營資源。

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.

我們的目標是在產品完成最終測試階段之前，主要的發佈材料大致準備就緒，以避免最後時刻的資源限制。從市場營銷支出的角度來看，我們將根據每個標題的測試結果、回報期和投資回報率動態分配預算，而不是同時對所有三個標題進行大量支出。

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 遊戲通常提供相對快速的早期貨幣化反饋，回報期通常更可控。因此，我們將以嚴格的回報目標管理用户獲取，並保持市場營銷投資在健康範圍內。在短期內，隨着多個新標題進入發佈階段，可能會出現一些暫時的波動和盈利能力。這在新產品的快速增長階段是正常的。

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，由於我們將錯開發布並仔細控制回報週期，我們預計影響將是暫時的。隨着這些產品進入更穩定的運營階段，我們預計盈利能力將在下一個季度恢復到更正常的水平。

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.

我將先用中文回答你的第二個問題，然後讓 Allie 翻譯成英文。Sunyani，謝謝你的提問。在內部，這一定位已成為我們越來越重要的戰略重點。在我看來，這一定位的核心是連接我們已經建立的能力鏈的兩端。一端是分發。這是我們基於十年全球出版、用户增長、實時運營和貨幣化能力的核心業務。

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.

另一端是內容生成。隨着 AI 的成熟，內容生產的方式正在被根本性地重塑。我們的目標是利用 AI 將這兩端連接成一個閉環的 AI 驅動內容生成，建立在我們成熟的全球分發之上，形成一種其他人難以複製的綜合能力。

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.

在執行方面，最直接的步驟是 AI 生成的遊戲。正如 Brian 之前提到的，本季度我們在 AI 生成遊戲內容方面完成了關鍵能力建設。這意味着我們將生成式 AI 直接嵌入到遊戲內容的生產過程中，而不僅僅是應用於創意資產或實時運營。這是我們使內容生成具體化的第一步。

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。也就是説，我們對內容的理解並不限於遊戲。我們相信，這一套能力，即 AI 驅動的內容生成結合全球分發，實際上可以擴展到遊戲以外的其他互動內容形式。在專注於我們的核心業務的同時，我們也在積極探索這一平台能力在更廣泛內容領域的潛在應用。這部分仍處於探索階段，隨着條件的成熟，我們將及時向市場更新我們的進展。

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.

我們相信，這一方向將定義遊戲和更廣泛內容行業下一階段的核心競爭模式，我們正在為抓住這一機會奠定堅實的基礎。

Thank you, Zhonghui. That's our answer.

謝謝你，Zhonghui。這是我們的回答。

OPERATOR

運營人員

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

好的，下一個問題來自金宇資產的華榮。請繼續。

Hua Rong

華榮

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.

我有兩個問題想問管理層。第一個是，直接面向消費者（DTC）顯然是近期最具可控的利潤水平，但 13.9% 的公司整體利潤意味着 86% 的收入仍然通過支付佣金的平台流動。是什麼阻礙了更快的採用？是玩家行為、平台限制，還是其他原因？本季度運營利潤率從一年前的 1% 提升至 2.1%，前九個月的累計淨收入同比增長約 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,

但坦率地説，這一改善大部分來自於減少市場營銷支出，而不是收入增長。隨着你們進入 2027 財年，並再次增加用户獲取以支持你們的新產品管道，這一利潤改善有多少是結構性的和可持續的？我們是否應該預期一旦市場營銷支出恢復，利潤會再次壓縮？謝謝，

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.

感謝您的提問。我是 Carl，我將回答您關於 DTC 的第一個問題，我們確實將其視為改善利潤的重要短期槓桿之一。不過，在我們擴大 DTC 的同時，需要平衡多個因素，包括合規性、用户體驗、支付轉化率以及更廣泛的平台生態系統。首先，從合規的角度來看，並不是每個市場都允許我們在遊戲內直接推廣或觸發第三方支付選項。

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.

在這一階段，美國是我們在遊戲中相對廣泛地呈現第三方支付選項的主要市場，因此我們將繼續在完全結合的 FLIP 框架下擴展直接面向消費者（DTC）。其次，從玩家行為的角度來看，通過應用商店進行的應用內購買仍然是許多用户最簡單、最無縫的支付方式。它們所需的步驟最少，並且受益於強大的用户信任。如果我們過於激進地推動第三方支付，可能會對整體支付轉化產生負面影響。

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，我們的重點不僅僅是最大化 DTC 比例，而是最大化總淨收入。換句話説，我們需要在佣金、節省和支付轉化之間找到正確的平衡。此外，應用內購買的表現也是平台在評估產品質量和分配自然流量時的重要信號。因此，當我們增加 DTC 滲透率時，也需要考慮其對自然流量、用户體驗和每個產品整體經濟的潛在影響。

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.

總體而言，我們將繼續穩步增加我們的 DTC 份額，特別是在合規性明確且用户接受度強的市場。但我們會以一種有紀律和可持續的方式進行，而不是以犧牲轉化率或平台關係為代價來強行快速增加。

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，我將首先用中文回答您的第二個問題。我也會讓 Allie 將我的回答翻譯成英文。感謝您的提問。確實，我們當前部分利潤受益於我們故意的縮減和低效率的用户獲取。隨着我們在 2027 財年可能逐步增加這部分支出，確實會對這一部分有所回饋。這是一個合理的觀點。同時，如果您查看毛利率，它達到了大約 54%，比去年同期上升了約 2 個百分點。

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.

這種改善與我們的用户獲取支出水平無關。它是由兩個結構性因素驅動的。首先，DTC 滲透率的提高直接降低了我們的平台佣金成本。其次，開發者利潤分享安排的優化。隨着某些成熟標題在其生命週期中的進展，這一部分是可持續的。隨着 DTC 滲透率繼續攀升至 15% 至 20% 的範圍，這一結構性毛利率收益將進一步擴大。

That is broadly how we see it. Thank you.

這就是我們對這一問題的總體看法。謝謝。

Carl Yimin Cai

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

謝謝，華榮。這就是我們的回答。

OPERATOR

操作員

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

這次問答環節到此結束。我將把會議交還給 Sean Zhong 進行任何結束語。

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，謝謝操作員。感謝大家參與今天的電話會議，我們對多次斷線表示歉意。感謝您的支持。我們感謝您的關注，並期待在下個季度向您報告我們的進展。

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.

免責聲明： 本轉錄僅供信息參考。雖然我們努力確保準確性，但此自動轉錄可能存在錯誤或遺漏。有關公司的正式聲明和財務信息，請參閲公司的 SEC 文件和官方新聞稿。公司參與者和分析師的聲明反映了他們在本次電話會議日期的觀點，可能會隨時更改，恕不另行通知。

Gamehaus Holdings 2026 年第三季度收益電話會議記錄