ATA Creativity Global (AACG) 2023 Q1 法說會逐字稿

Greetings, and welcome to the ATA Creativity Global's First Quarter 2023 Financial Results Call. (Operator Instructions). As a reminder, this conference call is being recorded.

您好，歡迎參加 ATA Creativity Global 2023 年第一季度財務業績電話會議。 （操作員說明）。謹此提醒，本次電話會議正在錄音中。

It is now my pleasure to introduce your host, Alice Zhang, with The Equity Group. Thank you, Alice. You may begin.

現在我很高興向大家介紹 The Equity Group 的主持人 Alice 張。謝謝你，愛麗絲。你可以開始了。

Thank you, Camilla, and hello, everyone. Thank you for joining us. The press release announcing ATA Creativity Global's or ACG's results for the first quarter ended March 31, 2023 is available at the IR section of the company's website at www.atai.net.cn. As part of this conference call, the company has an accompanying slide presentation available on its website. A replay of this broadcast will also be made available at ACG's website for the next 90 days.

謝謝卡米拉，大家好。感謝您加入我們。 ATA Creativity Global 或 ACG 截至 2023 年 3 月 31 日第一季度業績的新聞稿可在該公司網站 www.atai.net.cn 的投資者關係部分查閱。作為本次電話會議的一部分，該公司在其網站上提供了隨附的幻燈片演示。未來 90 天內，ACG 網站還將提供該廣播的重播。

Before we get started, I would like to remind everyone that this conference call and any accompanying information discussed herein contains certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as anticipate, believe, could, estimate, expect, forecast, future, intend, look forward to, outlook, plan, should, will and similar terms that include, among other things, statements regarding ACG's future growth and results of operations; ACG's plans for mergers and acquisitions generally; ACG's growth strategy, anticipated growth prospects and subsequent business activities, including initiatives taken by ACG as China's public health situation has improved, market demand for and market acceptance and competitiveness of, ACG's portfolio training programs and other education services, and the impact of the COVID-19 pandemic on ACG and its operations. Although the company believes such expectations reflected in these forward-looking statements are reasonable as to today, those statements are subject to risks and uncertainties that could cause the actual results to differ dramatically from those projected. There can be no assurance that those expectations will prove to be correct. Information about the risks associated with investing in ACG is included in its filings with the Securities and Exchange Commission, which we encourage you to review before making an investment decision. The company does not assume any obligation to update any forward-looking statements as a result of new information, future events, changes in market conditions or otherwise, except as required by law. Regarding the disclaimer language, I would also like to refer you to Slide 2 of the conference call presentation for further information.

在我們開始之前，我想提醒大家，本次電話會議以及此處討論的任何隨附信息均包含 1995 年《私人證券訴訟改革法案》安全港條款含義內的某些前瞻性陳述。這些前瞻性陳述可以通過諸如預期、相信、能夠、估計、期望、預測、未來、打算、期待、展望、計劃、應該、意願等術語和類似術語來識別，其中包括有關 ACG 未來增長和經營結果； ACG總體併購計劃； ACG的增長戰略、預期增長前景和後續業務活動，包括ACG隨著中國公共衛生狀況改善而採取的舉措、市場需求、市場接受度和競爭力、ACG的投資組合培訓項目和其他教育服務，以及新冠疫情的影響-19 大流行對 ACG 及其運營造成影響。儘管該公司認為這些前瞻性陳述中反映的預期在今天是合理的，但這些陳述存在風險和不確定性，可能導致實際結果與預測結果存在巨大差異。無法保證這些期望將被證明是正確的。有關投資 ACG 相關風險的信息包含在其向美國證券交易委員會提交的文件中，我們鼓勵您在做出投資決定之前查看這些文件。除法律要求外，公司不承擔因新信息、未來事件、市場條件變化或其他原因而更新任何前瞻性陳述的義務。關於免責聲明語言，我還想請您參閱電話會議演示文稿的幻燈片 2 以獲取更多信息。

All U.S. dollar amounts in this conference call related to financial results for the first quarter ended March 31, 2023, are converted from RMB using exchange rate of RMB 6.8676 to USD 1, the new buying rate as of March 31, 2023. All historical conversions are accurate as of the time reported, unless otherwise noted. The company reports its financial results under U.S. GAAP in RMB, and all percentages calculated in the presentation are based on RMB unless otherwise noted.

本次電話會議中與截至 2023 年 3 月 31 日的第一季度財務業績相關的所有美元金額均採用人民幣 6.8676 兌 1 美元的匯率（截至 2023 年 3 月 31 日的新買入匯率）從人民幣換算。所有歷史換算除非另有說明，截至報告時間準確。公司根據美國公認會計原則以人民幣報告其財務業績，除非另有說明，演示文稿中計算的所有百分比均以人民幣為基礎。

For those of you following along with the accompanying PowerPoint presentation, there is an overview of the company on Slide 3. In addition, we're more than happy to take investor questions during today's Q&A session, or via e-mail to the company. If you wish to ask questions, you can send your questions to the e-mail address azhang@equityny.com, and please specify whether you would like to have your name read during Q&A session.

對於那些觀看附帶的 PowerPoint 演示文稿的人來說，幻燈片 3 上提供了該公司的概述。此外，我們非常樂意在今天的問答環節或通過電子郵件向該公司回答投資者的問題。如果您想提問，可以將問題發送至電子郵件地址azhang@equityny.com，並請註明您是否希望在問答環節中讀出您的名字。

On today's call, the company's CFO, Mr. Ruobai Sima, will provide a brief overview of operating and financial highlights for the first quarter 2023; and Chairman and CEO Mr. Kevin Ma is unable to be here today due to personal reasons; Mr. Sima will join President, Mr. Jun Zhang, in providing an update on the company's outlook and long-term growth strategy before opening the floor for questions.

在今天的電話會議上，公司首席財務官司馬若白先生將簡要概述 2023 年第一季度的運營和財務亮點；董事長兼首席執行官馬雲先生因個人原因無法出席今天的會議；在開始提問之前，司馬先生將與總裁張軍先生一起介紹公司的前景和長期增長戰略的最新情況。

With that, I'll turn the call over to ACG's CFO, Mr. Ruobai Sima. Please go ahead, Mr. Sima.

接下來，我將把電話轉給 ACG 的首席財務官司馬若白先生。請司馬先生繼續。

Thank you, Alice, and welcome, everyone. Good evening to those in America. We appreciate everyone's time.

謝謝你，愛麗絲，歡迎大家。美國的人們晚上好。我們感謝每個人的時間。

2023 got to a soft start of ACG, (inaudible) teaching staff back in the platform across our 21 training centers nationwide. We were very pleased to report a 10% increase in student enrollment during the first quarter, which was driven by a notable increase in portfolio trading students. We realized stable total net revenue of RMB 42.3 million, which was supported by the portfolio training services and overseas study counseling services business. Everyone in ACG is working hard in anticipation of launching our overseas summer camp and other programs that will be held during the summer for the fourth time since the pandemic began in 2020, and we have seen strong demand from students for these summer programs.

2023 年，ACG 迎來了軟啟動，（聽不清）全國 21 個培訓中心的教學人員回到了平台。我們非常高興地報告第一季度學生入學人數增加了 10%，這是由投資組合交易學生顯著增加推動的。在投資組合培訓服務和留學諮詢服務業務的支持下，我們實現了穩定的總淨收入4,230萬元。 ACG的大家都在為2020年疫情以來第四次在暑期舉辦的海外夏令營等項目而努力，也看到了學生們對這些暑期項目的強烈需求。

Total student enrollment for first quarter 2023 was 1,097, an increase of 10% from 997 in the prior year period. (inaudible) closed 171 students who were enrolled in the foreign language training business that were disposed of in the third quarter 2022. The enrollment increase would have been 32.8%. Enrollment in our core portfolio trading programs increased more than 20%, with 648 students enrolled during first quarter 2023 compared to 537 students in the prior year period.

2023 年第一季度的學生入學總數為 1,097 人，比去年同期的 997 人增加了 10%。 （聽不清）關閉了 2022 年第三季度處置的 171 名外語培訓業務學員。招生增幅為 32.8%。我們的核心投資組合交易項目的入學人數增加了 20% 以上，2023 年第一季度有 648 名學生入學，而去年同期為 537 名學生。

We delivered 27,630 credit hours for our portfolio training program with a more flexible product-based portfolio training programs accounting for approximately 2/3 of our portfolio training credit hours delivered. We continue to encourage our students to opt from product-based programs, and more favorable mix has contributed to improve operational efficiencies, giving us an opportunity to grow revenue without sacrificing the quality of teaching.

我們為投資組合培訓項目交付了 27,630 個學分，其中基於產品的更靈活的投資組合培訓項目約占我們交付的投資組合培訓學分的 2/3。我們繼續鼓勵學生選擇基於產品的課程，更有利的組合有助於提高運營效率，使我們有機會在不犧牲教學質量的情況下增加收入。

With that, let's move to financials for first quarter 2023. Total net revenue for first quarter 2023 remained stable at RMB 42.3 million compared to RMB 42.1 million in the first quarter of 2022. This was primarily driven by portfolio training and overseas study counseling services. Portfolio training services represented 4.6% of total net revenues during the period.

接下來，我們來看看 2023 年第一季度的財務數據。2023 年第一季度的總淨收入穩定在 4230 萬元人民幣，而 2022 年第一季度為 4210 萬元人民幣。這主要是由投資組合培訓和海外留學諮詢服務推動的。組合培訓服務佔該期間總淨收入的 4.6%。

Gross margin was 44.3% during the first quarter of 2023 compared to 45.7% in the prior year period. The decrease in gross margin was primarily due to the increased cost of service related to higher compensation expenses incurred for certain teaching staff or engaging in enhancing efficiency and the quality of service delivery and initiatives that began in the second quarter of 2022.

2023 年第一季度的毛利率為 44.3%，而去年同期為 45.7%。毛利率下降主要是由於某些教學人員的薪酬費用增加或參與提高服務交付效率和質量以及自 2022 年第二季度開始的舉措導致服務成本增加。

Net loss attributable to ACG was RMB 17.8 million during first quarter 2023 compared to RMB 15.9 million in the prior year period which was primarily a result of increased sales expenses related to performance bonus awarded in line with the enrollment growth during the period.

2023 年第一季度，ACG 的淨虧損為人民幣 1,780 萬元，而上年同期為人民幣 1,590 萬元，這主要是由於與期內入學人數增長一致的績效獎金相關的銷售費用增加。

Moving to the balance sheet, we continue to be in a solid financial position with USD 9.6 million in cash and cash equivalents. Working capital adjusted was USD 35.5 million, and total shareholders' equity was USD 18.4 million at March 31, 2022, compared to working capital debt of USD 33 million and shareholders' equity of USD 20.8 million respectively at December 31, 2022.

從資產負債表來看，我們的財務狀況依然穩健，擁有 960 萬美元的現金和現金等價物。截至2022年3月31日，調整後營運資本為3550萬美元，股東權益總額為1840萬美元，而截至2022年12月31日，營運資本債務為3300萬美元，股東權益為2080萬美元。

Now turning our attention to ACG's outlook and growth strategy. We are delighted to welcome all of our students back in person at our training centers at the start of 2023. With the pandemic luckily behind us, we were pleased to have achieved such strong enrollment being driven by our core portfolio training service business, resulting in consistent revenues for the quarter driven by the portfolio training and overseas study counseling services as many students are preparing to apply for overseas education since many countries, including China, have relaxed travel restrictions.

現在我們將注意力轉向 ACG 的前景和增長戰略。我們很高興在 2023 年初歡迎所有學生親自回到我們的培訓中心。幸運的是，疫情已經過去，我們很高興在我們的核心組合培訓服務業務的推動下實現瞭如此強勁的入學人數，從而實現了由於包括中國在內的許多國家放寬了旅行限制，許多學生準備申請海外教育，因此投資組合培訓和海外留學諮詢服務推動了本季度收入的持續增長。

We recently launched our rebranding strategy, introducing a new contemporary logo and motto, Beyond the Difference. We believe these new elements better reflect our goal of helping students find the courage and determination to be their authentic selves and embrace original thought and expression. And we think today's (inaudible) will identify with our philosophy and approach to creative education.

我們最近啟動了品牌重塑戰略，引入了新的當代標誌和座右銘：超越差異。我們相信這些新元素更好地反映了我們的目標，即幫助學生找到勇氣和決心，做真實的自己，擁抱原創的思想和表達。我們認為今天的（聽不清）將認同我們的創意教育理念和方法。

ACG prides itself on being honest, innovative and a forward-thinking organization, and we hope to instill in our students a love for creativity and sharing of ideas among the different people from different places and life circumstance.

ACG 以其誠實、創新和具有前瞻性的組織而自豪，我們希望向學生灌輸對創造力的熱愛，以及與來自不同地方和生活環境的不同人之間分享想法的熱愛。

Enrollment during first quarter 2023 appeared to markup along the start of a more positive trend within our research-based learning services business as many students have signed up for our leverage to overseas camps we have planned this summer. These programs were historically strong drivers for our business during the summer season, and we anticipate taking full advantage of the strong demand of those lease programs in 2023. We continue to work closely with our overseas institutional partners and teaching staff, and looking forward to delivering rewarding experiences to our students who will expand upon our efforts (inaudible).

隨著我們的研究型學習服務業務出現更積極的趨勢，2023 年第一季度的入學人數似乎有所增加，因為許多學生已經報名參加我們今年夏天計劃的海外夏令營。這些項目歷來是我們夏季業務的強勁推動力，我們預計在 2023 年充分利用這些租賃項目的強勁需求。我們將繼續與海外機構合作夥伴和教學人員密切合作，並期待提供為我們的學生提供有益的經驗，他們將擴大我們的努力（聽不清）。

We would also like to congratulate students who (inaudible) different college application process and are finally being rewarded for their efforts with admission letters from their dream schools. For the application submitted in academic year 2022, ACG students had continued success with offers of admission coming from top tier art schools such as (inaudible), College of (inaudible), Royal College of Art, Howard University, Columbia University, and the list goes on. We are proud of these students who have (inaudible) through an uncertain pandemic environment and are sure to see the continued pursuing their creative education at schools for their choice.

我們還要祝賀那些（聽不清）不同大學申請流程的學生，他們的努力最終獲得了夢想學校錄取通知書的回報。對於 2022 學年提交的申請，ACG 學生繼續成功獲得來自頂級藝術學校的錄取通知書，例如（聽不清）、學院（聽不清）、皇家藝術學院、霍華德大學、哥倫比亞大學等繼續。我們為這些學生感到自豪，他們（聽不清）度過了不確定的大流行環境，並且肯定會看到他們在自己選擇的學校繼續追求創造性教育。

We are optimistic that we are by and large operating in a post-pandemic year as we are also observing, showing our business due to the improved public health situation and opening up for international travel. We believe we are well positioned to continue executing our growth initiatives, including expanding our partnership base as well as our portfolio of offerings.

我們對大體上在大流行後的一年中的運營感到樂觀，因為我們也在觀察，由於公共衛生狀況的改善和國際旅行的開放而展示了我們的業務。我們相信，我們有能力繼續執行我們的增長計劃，包括擴大我們的合作夥伴基礎以及我們的產品組合。

With the help of our reputable institution partners and our ability to continuously adapt our offerings to serve the changing market, we are able to continue delivering positive building outcomes and strengthening our reputation in the creative arts education industry.

在我們信譽良好的機構合作夥伴的幫助下，以及我們不斷調整我們的產品以服務不斷變化的市場的能力，我們能夠繼續取得積極的建設成果，並加強我們在創意藝術教育行業的聲譽。

I'd like to hand the floor over to Jun Zhang, ACG's President, to provide an update on our current growth initiatives. He may make his remarks in Mandarin, which will be followed by an English translation. Jun, please go ahead.

我想請 ACG 總裁張軍介紹我們當前增長計劃的最新情況。他可能會用普通話發表講話，隨後將有英文翻譯。俊，請繼續。

(foreign language)p

（外語）p

Thank you, Mr. Sima. We're honored to have served so many students who have remained committed to the creative start education during the past few challenging years. Our goal during this time has been to continue providing a quality curriculum, access and support from teachers and staff, guiding them from start to finish on a competitive portfolio. And enriching their education with hands-on art-related experiences. Our hope is that all of this will eventually culminate in a student having a well-rounded education and experience that would set him apart from others who are applying to our school.

謝謝司馬先生。我們很榮幸能夠為如此多的學生提供服務，他們在過去充滿挑戰的幾年裡仍然致力於創意啟蒙教育。在此期間，我們的目標是繼續提供優質的課程、教師和員工的訪問和支持，從始至終指導他們獲得有競爭力的作品集。並通過藝術相關的實踐經驗豐富他們的教育。我們希望所有這一切最終將使學生獲得全面的教育和經驗，使他在申請我們學校的其他人中脫穎而出。

We believe our track record of positive student outcomes sets us apart from the competition, and we expect to be on the current momentum and continue to grow our business by providing superior art education experiences to our students.

我們相信，我們良好的學生成績記錄使我們在競爭中脫穎而出，我們希望保持當前的勢頭，通過為學生提供卓越的藝術教育體驗來繼續發展我們的業務。

ACG has continued to offer immersive research-based learning projects. We're excited about the overseas summer camps we're currently enrolling students in. One of the projects is for summer school at University of the Arts London, where participating students will be able to take courses designed for each stage of the study on the UAL campus, and immediately engage in an English-speaking environment.

ACG 繼續提供沉浸式研究型學習項目。我們對目前正在招收學生的海外夏令營感到興奮。其中一個項目是在倫敦藝術大學舉辦暑期學校，參與的學生將能夠參加為每個學習階段設計的課程。 UAL校園，立即投入英語環境。

We're also offering a future of design exploration work hosted in the Netherlands and Denmark, through which students will learn about the current and future design trends and be exposed to the interdisciplinary methodologies. The goal is for students to independently create a design proposal. Students who participate in this project, will receive certificates of completion at the end of the camp, and 1-on-1 study opportunities with some of the greatest minds in the particular areas of creative arts.

我們還在荷蘭和丹麥舉辦了未來的設計探索工作，通過這些工作，學生將了解當前和未來的設計趨勢，並接觸跨學科方法。目標是讓學生獨立創建設計方案。參加該項目的學生將在訓練營結束時獲得結業證書，並獲得與創意藝術特定領域最偉大的人才進行一對一學習的機會。

We're very excited to be offering this summer progress this year and cannot wait to hear from students about their experiences. We continue to be committed to offering valuable insight for research-based loan experiences to our students.

我們很高興能夠提供今年夏季的進展，並迫不及待地想听聽學生們的經歷。我們繼續致力於為學生提供基於研究的貸款體驗的寶貴見解。

We believe first quarter 2023 marks an inflection point for our business, with a favorable operating environment given relaxed domestic and international travel restrictions at the beginning of the year. We are seeing an increasing number of students reengaging the pursuit of a creative arts education and study abroad opportunities. We're confident in our ability to serve a wide range of students, those still who follow a more traditional education and those who have opted to follow a nontraditional path of study, and continue to actively explore various service options to meet the needs of all student types.

我們認為，2023 年第一季度標誌著我們業務的拐點，鑑於年初放寬的國內和國際旅行限制，運營環境良好。我們看到越來越多的學生重新追求創意藝術教育和出國留學的機會。我們有信心為廣大學生提供服務，包括仍然接受傳統教育的學生和選擇非傳統學習道路的學生，並繼續積極探索各種服務選擇，以滿足所有人的需求學生類型。

Our mission continues to be to provide quality learning experiences that cultivate and enhance students' creativity in a post-pandemic environment. We believe we're well prepared to take advantage of the recovering market and strengthening our leading position in the creative art education market in China.

我們的使命仍然是提供優質的學習體驗，在大流行後的環境中培養和提高學生的創造力。我們相信，我們已做好充分準備，利用複甦的市場，鞏固我們在中國創意藝術教育市場的領先地位。

With that, I'll turn it back over to Mr. Sima.

這樣，我就將事情轉回給司馬先生了。

Thanks, Jun. In closing, we are excited about ACG's (inaudible) in 2023, and feel confident in our ability to see the opportunities ahead of us. Our top priority remains our students, and we look forward to continuing to explore ways in which we can expand our services to better support their creative art journey.

謝謝，Jun。最後，我們對 2023 年的 ACG（聽不清）感到興奮，並對我們看到前方機遇的能力充滿信心。我們的首要任務仍然是我們的學生，我們期待繼續探索如何擴大我們的服務，以更好地支持他們的創意藝術之旅。

With that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

(Operator Instructions)

（操作員說明）

As we wait for questions to queue, I received some questions via e-mail from William Gregozeski from Greenridge Global that I would like to post to the management team. I'll start with this one. Were there any COVID-related impact on the first quarter numbers, or is it a true reflection of the period?

當我們等待問題排隊時，我收到了來自 Greenridge Global 的 William Gregozeski 的電子郵件，我想將這些問題發給管理團隊。我將從這個開始。新冠疫情對第一季度的數據是否有任何影響，或者它是否真實反映了這一時期的情況？

Thank you. I think, yes, the progress, I think there's some pent up demand during -- after the COVID period. But maybe for 1 figure, I think, for the sales volume, I think, which is on the right (inaudible) changes. I think compared for the last -- for the same quarter last year, I think we have taken a very great increase in total sales by is around RMB 50 million and to around RMB 80 million. But also, we compare with the same figure for the same period in 2019 -- I mean the period before the COVID-19 occurred. And I think we also take a very big increase that from the total sales volume is increased from RMB 60 million to RMB 90 million.

謝謝。我認為，是的，進展，我認為在新冠疫情期間，有一些被壓抑的需求。但我認為，也許對於 1 位數，對於銷量，我認為，這是在右側（聽不清）的變化。我認為與去年同期相比，我們的總銷售額有了很大的增長，增幅約為 5000 萬元人民幣，達到 8000 萬元人民幣左右。而且，我們還與 2019 年同期的相同數字進行比較——我指的是 COVID-19 發生之前的時期。我認為我們也有一個非常大的增長，總銷售額從6000萬元人民幣增加到9000萬元人民幣。

I think it means that with this increase is not only from the COVID impact, it's also from some natural increase. Aside from this, I think we noted that if the increase is not a simple increase from the enrollment numbers, but also increase about the unit price. So in that way, I think that figure can reflect the real situation about the (inaudible) during the period this year. Thank you.

我認為這意味著這種增長不僅來自新冠疫情的影響，而且還來自一些自然增長。除此之外，我想我們注意到，如果增加的不是簡單的招生人數的增加，而且還有單價的增加。因此，我認為這個數字可以反映今年期間（聽不清）的真實情況。謝謝。

Thanks, Mr. Sima, for the answer. The second question I have is can we expect to see student enrollment and credit hours increase on a year-on-year basis for the remainder of 2023?

謝謝司馬先生的解答。我的第二個問題是，我們能否期望在 2023 年剩餘時間內看到學生入學率和學分同比增加？

Yes. I think -- we hope that this trend can be continued. And since our portfolio gets bigger and bigger, and currently, we are -- we still believe that this increase we keeping some increased trend and for the (inaudible) for the year.

是的。我認為——我們希望這種趨勢能夠持續下去。由於我們的投資組合變得越來越大，目前，我們仍然相信這一增長將在今年（聽不清）中保持一些增長趨勢。

One last question from Bill is where do you think you need to be in terms of enrollment or credit hours to reach profitability? And do you have the cash to get there?

比爾的最後一個問題是，您認為您需要在入學或學分方面達到什麼水平才能實現盈利？你有足夠的現金去那裡嗎？

I think in order to get profitability, it's not a simple question as to just simply and increase enrollment of 30 hours. I think, of course, and for the marketing side, I think with that our sales volume increase is 1 way. And beside of this, we also try to develop more new business lines and also we made our pricing methodology more closer to the flat marketing situation changes. And besides of these, maybe we will also focus our internal controls. I think we have made our operating and more efficiency, and we will focus on cost controls and teaching management, and more patients in the period. That way we can enhance our operating efficiency. As results approaches, I think we will make our tax management balance and invest where I think we can state and make our profitability.

我覺得要想盈利，不是簡單的增加30個小時的入學時間就可以了。我認為，當然，對於營銷方面，我認為我們的銷量增長是一種方式。除此之外，我們還嘗試開發更多新的業務線，並使我們的定價方法更加貼近扁平化營銷形勢的變化。除此之外，也許我們還會關注內部控制。我認為我們已經使我們的運營更加高效，我們將專注於成本控制和教學管理，以及期間更多的患者。這樣我們就可以提高我們的運營效率。隨著結果的臨近，我認為我們將平衡稅務管理，並在我認為可以說明並實現盈利的領域進行投資。

Great. Thank you. That's all the questions from Bill. I'll hand it back to the main Q&A session now.

偉大的。謝謝。這就是比爾提出的所有問題。我現在將其交還給主要問答環節。

(Operator Instructions) There are no questions at this time. I would like to turn the floor over to Mr. Sima, CFO, for closing comments.

（操作員說明） 目前沒有任何問題。我想請首席財務官司馬先生髮表總結意見。

Thanks again to all of you for joining us. If anyone have questions for us, please feel free to reach us directly to us or our investors related from The Equity Group. We are always available to speak to investors and look forward to speaking with you all during our next quarter call. Thank you.

再次感謝大家加入我們。如果有人對我們有疑問，請隨時直接與我們或來自 The Equity Group 的相關投資者聯繫。我們隨時可以與投資者交談，並期待在下個季度的電話會議上與大家交談。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。