ATA Creativity Global (AACG) 2025 Q2 法說會逐字稿

Greetings. Welcome to ATA Creativity Global second-quarter of 2025 financial results. (Operator Instructions) It is now my pleasure to introduce Alice Zhang, The Equity Group.

問候。歡迎閱讀 ATA Creativity Global 2025 年第二季財務業績。（操作員指示）現在我很高興向大家介紹 The Equity Group 的 Alice Zhang。

Thank you, Alice, you may begin.

謝謝你，愛麗絲，你可以開始了。

Thank you, operator. Good evening to all of you joining us from the United States, and good morning to all of you joining us from China. Please be advised that the discussions on today's call may include forward-looking statements.

謝謝您，接線生。來自美國的各位晚上好，來自中國的各位早安。請注意，今天電話會議的討論可能包括前瞻性陳述。

Such forward-looking statements involve certain risk and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Please refer to the company most recent SEC filings for a more complete description of risk factors that could affect these projections and assumptions.

此類前瞻性陳述涉及某些風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。請參閱公司最近向美國證券交易委員會提交的文件，以獲得可能影響這些預測和假設的風險因素的更完整描述。

The company assumes no obligation to update forwarding statements as a result of new information for future events or otherwise. Regarding the disclaimer language, I would also like to refer you to slide 2 of the conference call presentation, which is accessible via the IR section of ACG's website.

本公司不承擔因未來事件或其他原因的新資訊而更新轉發聲明的義務。關於免責聲明語言，我還想請您參考電話會議簡報的第 2 張投影片，您可以透過 ACG 網站的 IR 部分存取該投影片。

A simultaneous audio webcast is also accessible via the IR section of ACG's website, including the replay which will be available for the next 90 days. ACG CFO, Mr. Ruobai Sima will start this call by highlighting the company's key operational achievements and financial highlights for second-quarter 2025.

您也可以透過 ACG 網站的 IR 部分存取同步音訊網路廣播，包括未來 90 天內可播放的重播。ACG 財務長司馬若柏先生將在本次電話會議開始時重點介紹公司 2025 年第二季的主要營運成就和財務亮點。

And we'll provide an overview of financial and operating results for second-quarter and first half 2025 and briefly discuss expectations for full year 2025.

我們將概述 2025 年第二季和上半年的財務和營運業績，並簡要討論對 2025 年全年的預期。

President Mr. Jun Zhang will conclude the prepared remarks with an update on the company's long-term growth strategy before opening the floor for questions. For those of you following the accompanying slide presentation, please refer to the slides for further details.

總裁張軍先生將在準備好的發言結束時介紹公司的長期發展策略，然後開始回答問題。對於那些關注隨附幻燈片演示的人來說，請參閱幻燈片以了解更多詳細資訊。

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

說完這些，我將把電話轉給 ACG 財務長司馬若白先生。請繼續，司馬先生。

Thank you, Alice, and welcome everyone. Good evening to those in America, and we appreciate everybody's time. As Alice mentioned, we refer to our earnings de we go on the IR side of our website, and we go through our prepared remarks.

謝謝你，愛麗絲，歡迎大家。各位美國人晚上好，我們感謝大家的時間。正如愛麗絲所提到的，我們參考了我們網站的 IR 部分的收益，並閱讀了我們準備好的評論。

Second-quarter 2025 was marked by year-over-year increase in net revenues and growth profits. Growth in net revenues was mainly attributed to increased contribution from overseas study counseling services, other educational services, and research-based learning services.

2025 年第二季度，淨收入和利潤年增。淨收入的成長主要歸因於海外學習諮詢服務、其他教育服務和基於研究的學習服務的貢獻增加。

Combined revenue of weeks increased by more than 50%. Continuing to 2025, we delivered strong growth for the six-month period, highlighted by double digit increase in both net revenues and growth profit.

幾週的綜合收入增加了50%以上。展望 2025 年，我們在六個月內實現了強勁成長，其中淨收入和成長利潤均實現了兩位數的成長。

Well, we recorded growth across all business lines, our value-added offerings, including research-based learning, overseas studies, counseling, and other educational services, were the primary drivers.

嗯，我們所有業務線都實現了成長，我們的增值產品，包括基於研究的學習、海外學習、諮詢和其他教育服務，是主要驅動力。

Moving on to second-quarter of quick note highlights. During the second-quarter of 2025, our main revenues contributor reminded portfolio trading services, accounting for 68% of total net revenues.

繼續第二季的快速筆記重點。2025 年第二季度，我們主要的收入來源是投資組合交易服務，佔總淨收入的 68%。

Our project-based programs credit hours delivered increased by 25.7% compared to the second-quarter of 2024 and contributed to about 76.7% of total credit hours delivered.

與 2024 年第二季相比，我們基於專案的課程學分增加了 25.7%，佔總學分的 76.7% 左右。

Revenues from research-based earnings, overseas study counseling and other educational services accounted for increasingly important part of net revenues, which grew by 54.2% compared to the prior year period as a result of more services delivered during the period.

研究類收入、留學諮詢及其他教育服務收入在淨收入中所佔比例越來越大，由於期內提供的服務增多，該部分收入較去年同期增長了54.2%。

Despite Q2 normally been a lower quarter for its parental offerings, we delivered a variety of high-quality research-based learning products to ACG students. Including several master classes and a new session of our signature program, the United Nations Sustainable Goals Arts Boot Camp.

儘管第二季度通常是家長產品銷售較低的一個季度，但我們仍向 ACG 學生提供了各種高品質的基於研究的學習產品。其中包括幾場大師班和我們標誌性項目「聯合國永續發展目標藝術訓練營」的新課程。

In addition, we introduced Cannes Film Festival Invited Tour, bringing students interested in film production and to the forefront of our, one of the world's most procedures and the influential film festival from an immersive experience.

此外，我們還推出了坎城影展邀請遊，讓對電影製作感興趣的學生以沉浸式的體驗方式了解我們這個世界上最具流程和影響力的電影節之一。

We recorded significant revenue growth in overseas study counseling services. As a result of more services delivered, all students continue to explore study abroad options in world-class universities and colleges.

我們的海外留學諮詢服務收入實現了顯著成長。隨著服務的不斷提供，所有學生都將繼續探索前往世界一流大學和學院留學的選擇。

For 2025 admission results, we are more than excited to announce that ACG students have received more than 4,000 offers. And these offers and scholarship come from prestigious institutions across all of our six major art disciplines.

對於 2025 年的錄取結果，我們非常高興地宣布 ACG 學生已收到超過 4,000 份錄取通知。這些錄取和獎學金均來自我們六大藝術學科的知名機構。

Highlight results including offers in computer design at Cornell University and the Carnegie Mellon University, Architecture at Columbia University and UPenn, music at Royal College of Music and Leeds Conservatoire, film, games, and animation at California Institution of Art and Sheridan College, fine arts at Royal College of Arts and SVA as well as fashion and Parsons School of Design and Saint Martins College of UAL.

突出成績包括康乃爾大學和卡內基梅隆大學的電腦設計專業入學、哥倫比亞大學和賓州大學的建築學入學、皇家音樂學院和利茲音樂學院的音樂專業錄取、加州藝術學院和謝裡丹學院的電影、遊戲和動畫專業錄取、皇家藝術學院和SVA的美術專業錄取以及時尚專業錄取，以及倫敦藝術大學的帕森斯設計學院和聖馬丁學院的錄取。

We also have students being accepted into the Master of Art in Design Engineering, a double major program co-designed by Brown University and Rhode Island School of Design. Where students will have access to academic resources from both and Ivy League schools and top art institutes.

我們還有學生被布朗大學和羅德島設計學院聯合設計工程藝術碩士課程錄取。學生將有機會獲得常春藤盟校和頂尖藝術學院的學術資源。

Moving on to the second-quarter of 2025 key financial matrix, total net revenues for second-quarter of 2025 were RMB55.9 million, an increase of 8% of RMB51.8 million in the second-quarter of 2024. Which were primarily due to increased revenue contributions from overseas study counseling programs, other educational services, and research-based learning services.

2025年第二季關鍵財務矩陣顯示，2025年第二季總淨收入為人民幣5,590萬元，較2024年第二季的人民幣5,180萬元成長8%。主要是由於海外學習諮詢計畫、其他教育服務和基於研究的學習服務的收入貢獻增加。

Growth profit for the second-quarter of 2025 was RMB28.3 million, an increase of 10.2% from RMB25.7 million in the second-quarter of 2024, primarily due to higher net revenues, growth margins also improved to 50.6% during the second-quarter of 2025 from 49.6% in the prior year period.

2025 年第二季成長利潤為人民幣 2,830 萬元，較 2024 年第二季的人民幣 2,570 萬元成長 10.2%，主要由於淨收入增加，成長利潤率也從去年同期的 49.6% 提高到 2025 年第二季的 50.6%。

Total operating expenses was RMB42.1 million in the second-quarter of 2025, a decrease of 9.4% from RMB46.5 million in the second-quarter of 2024. We as a percentage of net revenues, total operating expenses decreased to 75.3% during the second-quarter of 2025 compared to 89.8% in the prior year period.

2025年第二季總營業費用為人民幣4,210萬元，較2024年第二季的人民幣4,650萬元下降9.4%。作為淨收入的百分比，我們的總營運費用在 2025 年第二季下降至 75.3%，而去年同期為 89.8%。

The decrease in operating expense was due to RMB2.6 million decrease in sales expenses related to lower head counts in sales personnel and decreased sales incentives. RMB1.5 million decrease in general and administrative expenses as a result of decreased professional fees as well as RMB0.3 million decrease in research and development expenses as the ECB system development was completed in Q2 2024.

營業費用減少是由於銷售人員數量減少和銷售獎勵減少導致銷售費用減少260萬元人民幣。由於專業費用減少，一般及行政開支減少 150 萬元，同時由於 ECB 系統開發於 2024 年第二季完成，研發支出減少 30 萬元。

As a result of higher net revenues and slightly lowered operating expenses, not from operational in second-quarter 2025 narrowed to RMB13.7 million from RMB20.8 million in the second-quarter of 2024. That loss attribute to ACG during second-quarter of 2025 was RMB10.8 million compared to RMB16.8 million in the prior year period.

由於淨收入增加和營運費用略有下降，2025 年第二季非營運利潤從 2024 年第二季的 2,080 萬元收窄至 1,370 萬元。2025 年第二季 ACG 的虧損為 1,080 萬元，而去年同期為 1,680 萬元。

During the first half of 2025, total net revenues increased to 11.8% to RMB11.7 million from RMB99.9 million in the prior year period. The increase was primarily attributed to increased contributions from research-based learnings and overseas study counseling and other educational services.

2025年上半年，總淨收入從去年同期的9,990萬元成長11.8%至1,170萬元。這一增長主要歸因於基於研究的學習、海外學習諮詢和其他教育服務的貢獻增加。

Gross profit for first half 2025, RMB53.7 million, an increase of 12.8% from the RMB147.6 million in first half 2024. As a result of increased revenue during the whole period, growth margin also improved to 48.1% from 47.7% in the first half of 2024.

2025年上半年毛利5,370萬元人民幣，較2024年上半年的1.476億元成長12.8%。由於整個期間收入增加，成長率也從 2024 年上半年的 47.7% 提高到 48.1%。

Total operating expenses was RMB84.3 million in the first half of 2025, a decrease of 6.4% from RMB90.1 million in the first half of 2024. We will add a percentage of net revenues, total operating expenses decreased to 75.5% from 90.2% in the prior year period.

2025年上半年總營業費用為人民幣8,430萬元，較2024年上半年的人民幣9,010萬元下降6.4%。我們將增加一定比例的淨收入，總營運費用從去年同期的 90.2% 下降到 75.5%。

The decrease was primarily due to an RMB3.8 million decrease in sales expenses as a result of lower high counts in sales personnel and decreased sales incentive compared to first half 2024. And an RMB0.6 million decrease in research and development expenses.

下降的主要原因是與 2024 年上半年相比，銷售人員數量減少和銷售獎勵減少導致銷售費用減少 380 萬元人民幣。研發費用減少60萬元。

And was partially offset by RMB2.5 million increase in general and administrative expenses related to development of new projects carried out in fourth-quarter of 2025. As a result of increased revenues and decreased operating expenses, loss from operations in first half of 2025 narrowed to RMB30.5 million compared to RMB42.4 million in first half 2024.

並被2025年第四季進行的新專案開發相關的一般及行政費用增加250萬元人民幣部分抵銷。由於收入增加及營業費用減少，2025年上半年營業虧損從2024年上半年的4,240萬元收窄至3,050萬元。

That loss attribute to ACG in first half 2025 was RMB24.1 million compared to RMB34.7 million. Moving to the balance sheet highlight as of June 30, 2025, we had RMB34.7 million in cash and cash equivalent.

2025 年上半年 ACG 的虧損為 2,410 萬元，而去年同期為 3,470 萬元。截至 2025 年 6 月 30 日的資產負債表重點顯示，我們擁有現金和現金等價物人民幣 3,470 萬元。

Total assets of RMB444.2 million, total liabilities of RMB388.4 million, and total shareholders of RMB55.8 million. Moving on to your date's enrollment trend. Starting with student enrollment.

總資產4.442億元，總負債3.884億元，股東總資產5,580萬元。繼續討論你的約會對象的入學趨勢。從學生入學開始。

For second-quarter of 2025, total student enrollment was 1,050, decreased by 3.1% from the prior year period. The decrease in student enrollment was a result of normalized demand in our service in 2025 versus the rebound of student demand in 2023 and first half of 2024.

2025 年第二季度，學生總入學人數為 1,050 人，比去年同期減少 3.1%。學生入學人數的下降是由於我們 2025 年服務需求正常化，而 2023 年和 2024 年上半年學生需求反彈。

Portfolio training student's enrollment for second-quarter of 2025 was 553, and student enrollment for all other programs for second-quarter 2025 was 494. Moving on to quality delivered for second-quarter of 2025, hours delivered slightly increased by 0.3% compared to prior year period.

2025 年第二季投資組合培訓學生入學人數為 553 人，2025 年第二季所有其他課程的學生入學人數為 494 人。談到 2025 年第二季交付的質量，交付時間與去年同期相比略有增加 0.3%。

We reported a 25.7% increase in project-based programs, which in recent years have accounted for a continuously increasing percentage of total credit hours due to their flexibility and customization by design.

我們報告稱，基於專案的課程增加了 25.7%，近年來，由於其靈活性和設計客製化，基於專案的課程佔總學分的比例不斷增加。

And growth in total credit hours delivered was offset by decreased time-based programs credit hours as the majority of newly enrolled students opt for the project-based track. With that, let's move to our expectations for full year 2025.

由於大多數新入學的學生選擇基於專案的課程，總學分的增長被基於時間的課程學分的減少所抵消。有了這些，讓我們來展望一下 2025 年全年的預期。

We accept to report the total net revenues of approximately RMB276 million to RMB281 million for the year ended December 34, 2025, which represents a year-over-year increase of around 3% to 5% from a full year 2024.

我們同意報告截至 2025 年 12 月 34 日止年度的總淨收入約為人民幣 2.76 億元至人民幣 2.81 億元，較 2024 年全年同比增長約 3% 至 5%。

We anticipate portfolio training to remain the main pillar of revenues accompanied by increased contributions from all other lines of business.

我們預計投資組合培訓將繼續成為收入的主要支柱，同時所有其他業務線的貢獻也將增加。

As we continue to improve current offerings and introduce new programs, our fiscal year 2025 guidance range and related assumptions are based on the company's current business options, initiatives and the rate for the year end December 2024 to 2025, and the current and pre-preliminary review of existing domestic and international market conditions.

隨著我們不斷改進現有產品並推出新計劃，我們對 2025 財年的指導範圍和相關假設基於公司當前的業務選擇、舉措和 2024 年 12 月至 2025 年 12 月的年度利率，以及對現有國內和國際市場狀況的當前和初步審查。

We are all subject to change. I'd like to turn it over to Jim who will expand upon our long-term growth strategy. Jim, please go ahead.

我們所有人都會改變。我想把這個機會交給吉姆，他將詳細說明我們的長期成長策略。吉姆，請繼續。

(interpreted) Thank you Sima. I will now discuss some recent execution highlights of our long-term growth initiatives. We remain confident in our market position as a leading provider of high quality create arts education services.

（翻譯）謝謝你，司馬。現在，我將討論我們長期成長計畫的一些近期執行亮點。我們對自己作為高品質創意藝術教育服務的領先提供者的市場地位充滿信心。

Well, we see intensified competition this year after the release of pent-up demand in 2024. We believe we're well positioned to achieve expected growth and continue to be a trusted partner to our students.

嗯，我們看到，在 2024 年被壓抑的需求釋放之後，今年的競爭將會更加激烈。我們相信，我們有能力實現預期的成長，並繼續成為學生值得信賴的合作夥伴。

Our financial and operational focus for the remainder of 2025 is on driving organic expansion across all lines of business and enhancing cost discipline and overall efficiency to improve bottom line results.

2025 年剩餘時間我們的財務和營運重點是推動所有業務線的有機擴張，加強成本控制和整體效率，以提高獲利能力。

Organic growth remains at the core of our business expansion. We take pride in the quality and value our portfolio of offerings provide with ACG students, and keep in mind that these offerings are to be continuously improved and supplemented with new services and classes that address evolving student demands.

有機成長仍然是我們業務擴張的核心。我們為 ACG 學生提供的一系列服務的品質和價值感到自豪，並牢記這些服務將不斷改進和補充新的服務和課程，以滿足不斷變化的學生需求。

As we have discussed over the past quarters, our project-based programs have become a dominant contributor to our portfolio training services with a conscious effort, and our students have expressed their appreciation towards this efficient, flexible, and customizable track, which can be easily adjusted based on students needs and application timelines.

正如我們在過去幾個季度所討論的那樣，我們的基於專案的課程已經成為我們投資組合培訓服務的主要貢獻者，我們的學生對這種高效、靈活、可定制的課程表示讚賞，這種課程可以根據學生的需求和申請時間表輕鬆調整。

We're catering to a growingly diversified student population with different backgrounds and all levels of knowledge and experience in their interested art majors.

我們致力於滿足日益多樣化的學生群體的需求，他們擁有不同的背景，並且在他們感興趣的藝術專業方面擁有不同程度的知識和經驗。

The expansion of our student base is not limited to reaching older adults and younger generations, but also includes supporting a growing number of students who come from different arts backgrounds and possess hybrid skill sets across disciplines.

我們的學生群體的擴大不僅限於老年人和年輕一代，還包括支持越來越多來自不同藝術背景、擁有跨學科混合技能的學生。

Our job is to help students amplify how they demonstrate both the breadth and depth of their artistic capabilities in their application portfolios, and a strong, knowledgeable, and competent teaching team enables us to excel in this job.

我們的工作是幫助學生在申請作品集中充分展示其藝術能力的廣度和深度，而強大、知識淵博、能力出眾的教學團隊使我們能夠出色地完成這項工作。

In a time of increased global competition, we help students plan for early preparation, building flexible and long-term pathways from the moment they begin exploring the idea of starting arts abroad.

在全球競爭日益激烈的時代，我們幫助學生做好早期準備，從他們開始探索出國學習藝術的想法的那一刻起，就建立靈活而長期的途徑。

For summer 2025, we have an exciting pipeline of new research-based learning projects for ACG students. These include our regular recurring offerings, such as the summer school camps to Japan and the US through domestic theme travel programs focused on Chinese and intangible cultural heritages in Dunhuang, Gansu Province and West Sichuan Province, as well as various in-person sessions of master classes in Beijing, featuring a wide range of art topics topped by lecturers from reputable international colleges, including MIT, Yale University, University of Southern California, and Oxford University.

2025 年夏季，我們將為 ACG 學生推出一系列令人興奮的全新基於研究的學習計畫。這些包括我們定期舉辦的活動，例如透過國內主題旅行計畫前往日本和美國參加夏令營，重點關注敦煌、甘肅省和四川省西部的中國和非物質文化遺產，以及在北京舉辦的各種面對面大師班，涵蓋廣泛的藝術主題，由來自麻省理工學院、耶魯大學、南加州大學和牛津大學等知名國際學院的講師主講。

In third-quarter 2025, we also launched several new the travel programs to further diversify our offerings and enhance student experience.

2025 年第三季度，我們還推出了幾項新的旅行計劃，以進一步豐富我們的服務並增強學生體驗。

Which includes the Singapore Top School Art Study camp, Berkeley Music Performance Intensive Camp, as well as an ACG exclusive Harvard University Studio for Electroacoustic Composition Summer School codeveloped with Harvard University and UNESCO.

其中包括新加坡名校藝術研修營、柏克萊音樂表演強化營，以及ACG獨家與哈佛大學、聯合國教科文組織合作的哈佛大學電聲作曲工作室暑期學校。

Additionally, in response to the evolving student interest in career oriented and practical disciplines, we're planning and launching more new projects and experiences that align with long-term career paths, such as those with a focus on computer design and or those that aren't disciplinary.

此外，為了滿足學生對以職業為導向和實踐學科日益增長的興趣，我們正在計劃和推出更多符合長期職業道路的新專案和新體驗，例如專注於電腦設計的專案和體驗，或非學科專案。

In 2025, we will continue to strengthen and expand our geographic footprint. Expanding our international partnership network across the globe is an ongoing strategy of ACG, especially in the regions where we observe growing student interest.

2025年，我們將繼續加強和擴大我們的地理覆蓋範圍。擴大我們在全球的國際合作夥伴網絡是 ACG 的持續策略，特別是在我們觀察到學生興趣日益增長的地區。

Besides traditionally popular countries like the US and the UK, we have noticed more students applying to top schools in South Korea and Northern Europe, alongside slightly more developed and better-known markets such as Australia, France, Italy, Japan, and Singapore.

除了美國和英國等傳統熱門國家外，我們還注意到越來越多的學生申請韓國和北歐的頂尖學校，以及澳洲、法國、義大利、日本和新加坡等稍微發達和知名的市場。

We have explored and deployed additional approaches to streamline our business following the existing initiative to strategically allocate marketing resources to higher performing campus locations.

我們根據現有計劃，將行銷資源策略性地分配到績效較高的校園位置，探索並部署了其他方法來簡化我們的業務。

For the remainder of the year, we hope to continue implementing cost conscious methods, which include maintaining a lean sales team and using cost efficient student acquisition channels such as online marketing on partner platforms.

在今年剩餘的時間裡，我們希望繼續實施注重成本的方法，包括維持精幹的銷售團隊和使用具有成本效益的學生獲取管道，例如合作夥伴平台上的線上行銷。

In addition, we have begun organizing online group classes led by our most popular teachers in regional centers like Beijing to maximize classroom utilization. Giving more students across the country access to best-in-class support in portion creation and application counseling.

此外，我們已經開始在北京等區域中心組織由最受歡迎的教師主講的線上小組課程，以最大限度地提高課堂利用率。讓全國更多的學生獲得一流的分數創建和申請諮詢支援。

These initiatives have led to reduced operating expenses. And we believe will serve as effective ways to improve our borderline for the rest of 2025. In the balance of 2025, we remain focused on driving success for our students by helping them achieve their full potential.

這些措施降低了營運費用。我們相信這將成為 2025 年剩餘時間內改善邊境的有效方法。在 2025 年的剩餘時間裡，我們將繼續致力於幫助學生充分發揮他們的潛力，從而推動他們的成功。

We're optimistic that we'll finish the year with a strong note and believe that our competitive advantages and the execution of multi-track growth strategies will continue to strengthen our role as a leading player in China's creative arts education market.

我們樂觀地認為，我們將以強勁的業績結束今年，並相信我們的競爭優勢和多軌成長策略的實施將繼續加強我們作為中國創意藝術教育市場領先者的地位。

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

有了這個操作員，我們就可以開始提問了。

(Operator Instructions) There are no questions at this time. I would like to turn the conference back over to Mr. Sima for closing remarks.

（操作員指示）目前沒有問題。現在請司馬先生致閉幕詞。

Reach to our investor relations firm, The Equity Group. We are always available to speak to investors and look forward to speaking with you all during our next earnings call. Thank you.

聯絡我們的投資者關係公司 The Equity Group。我們隨時可以與投資者交談，並期待在下次財報電話會議期間與大家交談。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。