Akso Health Group (AHG) 2021 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for the Xiaobai Maimai First Half Fiscal Year 2021 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Zenbo Ma, Senior Investor Relations Director. Please proceed, Zen Ma.

各位女士先生們大家好，感謝大家出席小白麥麥2021財年上半年收益電話會議。 （操作員說明）提醒一下，今天的電話會議正在錄音。現在我想將會議交給今天電話會議的東道主，高級投資者關係總監馬正博女士。請繼續，禪馬。

Thank you, operator. Hello investors, analysts and colleagues. Thank you for joining us today. Our earnings release was distributed earlier today and is available on our IR website at ir.xiaobaimaimai.com. On the call today from Xiaobai Maimai are Mr. Xiaobo An, our Founder, Chairman And CEO; and Ms. Kerrie Zhang, our CFO. Mr. An will review business operations and the company highlights, followed by Ms. Zhang, who will discuss financials. They will be available to answer your questions during the Q&A session that follows.

謝謝你，接線生。投資人、分析師和同事們大家好。感謝您今天加入我們。我們的財報已於今天稍早發布，可在我們的投資者關係網站 ir.xiaobaimaimai.com 上取得。今天參加小白麥麥電話會議的是我們的創辦人、董事長兼執行長安曉波先生；和我們的財務長張嘉莉女士。安先生將回顧業務營運和公司亮點，隨後張女士將討論財務狀況。他們將在接下來的問答環節回答您的問題。

Before we begin, I'd like to remind you that this conference call may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the safe harbor provision of the U.S. Private Securities and Litigation Reform Act of 1995. These statements can be identified by the terminologies such as will, expects, anticipates, future, intends, plans, believes, estimates, potential, continue, ongoing, targets, guidance and similar statements.

在開始之前，我想提醒您，本次電話會議可能包含 1934 年《證券交易法》（修訂版）第 21E 條含義內的前瞻性陳述。這些前瞻性陳述是根據 1995 年《美國私人證券和訴訟改革法案》的安全港條款作出的。繼續、正在進行、目標、指導和類似陳述。

The company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees for third parties. Any statements that are not historical facts, including statements about the company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Further information regarding this and other risks, uncertainties or factors is included in the company's filings with the SEC. All information provided in this call is current as of date of this call, and the company does not undertake any obligation to update such information, except as required under applicable law.

本公司也可能在向美國證券交易委員會 (SEC) 提交的定期報告、向股東提交的年度報告、新聞稿和其他書面資料以及其管理人員的口頭聲明中做出書面或口頭前瞻性陳述，第三方的董事或員工。任何非歷史事實的陳述，包括有關公司信念和期望的陳述，均為前瞻性陳述，涉及可能導致實際結果與前瞻性陳述中的結果有重大差異的因素、風險和不確定性。有關此風險和其他風險、不確定性或因素的更多資​​訊包含在該公司向 SEC 提交的文件中。本次電話會議中提供的所有資訊均為截至本次電話會議之日的最新信息，本公司不承擔更新此類資訊的任何義務，除非適用法律要求。

It is now my pleasure to introduce our Founder, Chairman and CEO, Mr. Xiaobo An. Please go ahead.

現在我很高興向大家介紹我們的創辦人、董事長兼執行長安曉波先生。請繼續。

(foreign language).

（外語）。

[Interpreted] Thank you, everyone, for joining our call today.

[翻譯] 謝謝大家今天加入我們的電話會議。

(foreign language)

（外語）

[Interpreted] The first half of fiscal year 2021 has seen a very good factor transition to result as we diversified our revenue stream. In May 2020, we launched our social e-commerce platform, Xiaobai Maimai, which offers a variety of high-quality products at competitive prices in payroll, entertainment, beauty, variety and (inaudible). By shopping from our one-stop coming in platform, consumers have daily necessities to discounts, coupons and rebates and also enjoy easy shopping skills by solving a problem of compared prices between so many options in the online retail space. We have been very active in upgrading this platform to provide a wider range of value-for-money products to our users in addition to small commissions for every purchase, share, or product recommendation our users make through their social circles.

[解讀]隨著我們實現收入來源多元化，2021 財年上半年出現了非常好的因素轉變。 2020 年 5 月，我們推出了社交電子商務平台小白買買，以具有競爭力的價格提供薪資、娛樂、美容、綜藝和（聽不清楚）等多種優質產品。透過我們的一站式進貨平台購物，消費者不僅可以享受生活必需品的折扣、優惠券和返利，還可以透過解決在線零售領域眾多選擇之間的比價問題，享受輕鬆的購物技巧。我們一直非常積極地升級這個平台，除了為用戶透過社交圈進行的每次購買、分享或產品推薦提供小額佣金之外，還為我們的用戶提供更廣泛的物有所值的產品。

(foreign language)

（外語）

[Interpreted] We believe social e-commerce has enormous growth potential among China's emerging middle class and the word of mouth is most effective communication among communities, especially with every action facilitated is reverted. (inaudible) our tenant, Xiaobai Maimai, has a dedicated operations team and a customer service team that offers complete level services to our users. By providing a more personalized shopping experience and excellent customer service, we believe this need to adjust more sharing and incentives, the recommendation of our products and services that will recommend shoppers with our users' community.

【解讀】我們認為社交電商在中國新興中產階級中擁有巨大的成長潛力，而口碑是社區之間最有效的溝通方式，尤其是每一次行動的促成都得到了還原。 （聽不清楚）我們的租戶小白買買有專門的營運團隊和客服團隊，為我們的用戶提供全方位的服務。透過提供更個人化的購物體驗和卓越的客戶服務，我們認為這需要調整更多的共享和激勵措施，我們的產品和服務的推薦將與我們的用戶社群一起推薦購物者。

(foreign language)

（外語）

[Interpreted] Another way, we have social e-commerce for our advantage by customers with the (inaudible) extensive dollar base, which have reduced our margin expenses and solution because it allows the future users to invest higher commission rates without the need of managing inventory and at the same time (inaudible) to our platform.

[解釋]另一種方式，我們擁有社交電子商務，這是我們的優勢，客戶擁有（聽不清楚）廣泛的美元基礎，這減少了我們的保證金支出和解決方案，因為它允許未來的用戶投資更高的佣金率，而無需管理庫存並同時（聽不清楚）到我們的平台。

(foreign language)

（外語）

[Interpreted] Since the launch of Xiaobai Maimai, we have continued to optimize our algorithm identifying and introduce more cost-efficient products and circle-related products to our customers. As a result Xiaobai Maimai continues to gain traction and must share in the social e-commerce sector, and our user base has increased rapidly over this shutdown as we leveraged our expertise in customer acquisition marketing strategies and partnership with other e-commerce platforms and online marketplaces. Xiaobai Maimai has proven to be a convenient one-stop platform for consumers to stay well shopping online and they can easily compare quality products without having to change their shopping preferences for (inaudible) online.

【解讀】自小白麥麥上線以來，我們不斷優化演算法識別，為顧客推出更多性價比產品與圈層相關產品。因此，小白買買繼續獲得關注，必須在社交電子商務領域分享，而且我們的用戶群在這次關閉期間迅速增加，因為我們利用了我們在客戶獲取行銷策略方面的專業知識以及與其他電子商務平台和線上合作夥伴關係的專業知識。小白買買已被證明是一個方便的一站式平台，讓消費者可以輕鬆地在線購物，他們可以輕鬆比較優質產品，而無需改變他們對（聽不清楚）在線購物的偏好。

(foreign language)

（外語）

[Interpreted] Recently, we promoted the 11.11 global shopping festival on Xiaobai Maimai from the 1st to 11th November and generated a very encouraging revenue of RMB 221 million in transaction volume. This solid result continues to improve our capabilities in merchandise. However, offer them an operating system and efficient management as China's consumer trend continues to grow and world consumers shop online. We are well positioned to develop new services in line with this growing trend and engage with more scalable targeting to showcase the rest product and improve our customers' online shopping experience.

【解讀】近期，我們在小白麥麥上推廣了11.11全球購物節，時間為11月1日至11日，交易額達到了令人鼓舞的2.21億元人民幣。這一堅實的成果持續提高我們的商品能力。然而，隨著中國消費趨勢的持續增長以及世界消費者的網上購物，為他們提供操作系統和高效的管理。我們處於有利地位，可以根據這一成長趨勢開發新服務，並採用更具可擴展性的目標來展示其餘產品並改善客戶的線上購物體驗。

(foreign language)

（外語）

[Interpreted] We are constantly looking for new opportunities to drive through and stay competitive in the online platform and one-off traction to think about was good by intention to attract new customers, especially local communities that join the convenience of shopping online with the advantage of group discount on variety of goods and services. We recently kicked off an initiative to tap into emerging group-buying communities which is profit for the next billion-dollar market in China.

[解讀]我們不斷尋找新的機會來推動線上平台的發展並保持競爭力，並且一次性的牽引力是為了吸引新客戶，特別是本地社區，他們加入了在線購物的便利性和優勢。和服務的團體折扣。我們最近啟動了一項進軍新興團購社區的計劃，這將為中國下一個十億美元市場帶來利潤。

(foreign language)

（外語）

[Interpreted] To attract the growing residential communities, group-buying generally tailor the consumers (inaudible) by offering superstore services that provides group discount. The most important factor we have observed about group-buying is actually not pricing, but the convenience that customers can enjoy with their family and friends.

[解讀]為了吸引不斷成長的居住社區，團購一般會針對消費者（聽不清楚）提供提供團體折扣的超市服務。我們觀察到團購最重要的因素其實不是價格，而是顧客與家人和朋友一起享受的便利。

(foreign language)

（外語）

[Interpreted] So consumers explore more avenue, where group-buying to attract more customers looking for value and convenience from online group-buying program. At the same time, we will continue to expand our cooperation with major e-commerce platform and online marketplaces to offer more high-quality and affordable products to our users. We will also continue to explore other opportunities, such as live forecasting e-commerce and (inaudible) exploring online economy.

[解讀]因此，消費者探索了更多的團購途徑，以吸引更多尋求線上團購計畫的價值和便利的客戶。同時，我們將持續擴大與各大電商平台及電商平台的合作，為用戶提供更多優質實惠的產品。我們也將繼續探索其他機會，例如即時預測電子商務和（聽不清楚）探索線上經濟。

(foreign language)

（外語）

[Interpreted] In conclusion, I'm pleased with the progress we've made so far this year, and we have so much to see (inaudible) with a tons of efforts of our dedicated team who have gone over and beyond to ensure a successful transformation of our business. We are fully confident that we have the right combination of key experience and management to expect (inaudible) and further boost our expertise in digital transformation.

[解釋]總而言之，我對今年迄今為止所取得的進展感到滿意，我們的敬業團隊付出了巨大的努力，我們有很多值得一看的地方（聽不清楚），他們竭盡全力確保我們的業務成功轉型。我們完全相信，我們擁有關鍵經驗和管理的正確組合，可以期望（聽不清楚）並進一步提升我們在數位轉型方面的專業知識。

Moreover, we will continue to develop the new social e-commerce business models and leverage our experience in the Internet industry. Strong user acquisition capabilities and deep (inaudible) in managing online and off-line operations. With this new direction going forward, we are confident of our capability to execute our strategy and create long-term value for our users and shareholders.

此外，我們將繼續開發新的社交電商商業模式，並利用我們在網路產業的經驗。強大的用戶獲取能力和深入（聽不清楚）的線上線下營運管理。隨著這個新方向的前進，我們對執行策略並為用戶和股東創造長期價值的能力充滿信心。

(foreign language).

（外語）。

[Interpreted] With that, I will now turn the call over to Ms. Kerrie Zhang, who will review the financials. Kerrie, please go ahead.

[解讀] 現在，我將把電話轉給張凱莉女士，她將審查財務狀況。凱裡，請繼續。

Thank you, Mr. An, and thank you, everyone, for joining our call today. In light with the increasing competition in the industry for the continued impact from COVID-19, we see a completed the transition from peer-to-peer business the social e-commerce business. In the new field, we are now focused on refining our business model of (inaudible) users and improving our operational efficiency. At the present, we will pursue long-term development rather than short-term gains.

謝謝安先生，也謝謝大家今天加入我們的電話會議。鑑於受新冠肺炎 (COVID-19) 的持續影響，行業競爭日益激烈，我們看到從點對點業務向社交電子商務業務的轉變已完成。在新的領域，我們現在專注於完善我們的（聽不清楚）用戶的商業模式並提高我們的營運效率。目前，我們追求的是長遠發展，而不是短期利益。

Now I will go over the main items of our financials. And for a more detailed discussion, please refer to our earnings press release. During the first half of fiscal year ended September 30, 2020, total net revenue was USD 1.4 million, a decrease of 73.8% from USD 5.2 million in the first half of fiscal year. The decrease was mainly due to a decrease in net revenues from our loan recommendation services and interest income from our micro-lending business. Revenue from loan facilitation, post-origination, and other services was nil, decreased from USD 3.2 million in the same period of last fiscal year as the company had ceased to issue new loans since November 2019.

現在我將回顧我們財務的主要項目。如需更詳細的討論，請參閱我們的收益新聞稿。截至2020年9月30日的上半財年，淨收入總額為140萬美元，較上半財年的520萬美元下降73.8%。下降的主要原因是我們的貸款推薦服務的淨收入和小額貸款業務的利息收入減少。由於該公司自 2019 年 11 月起停止發放新貸款，來自貸款便利、發起後和其他服務的收入為零，較上一財年同期的 320 萬美元有所下降。

Revenue from online marketplace services was USD 0.3 million, compared with nil in the same period of last fiscal year. Such revenues were generated from our social e-commerce platform, which was launched in May 2020. Interest income was USD 1.1 million, representing a decrease of 45.7% from USD 1.9 million in the same period of last fiscal year. The decrease was mainly due to a decrease in loan receivables.

線上市場服務收入為 30 萬美元，而上一財年同期為零。該收入來自我們於2020年5月推出的社群電商平台。減少的主要原因是應收貸款減少。

Operating costs and expenses during the 6 months ended September 30, 2020, were USD 17.9 million, an increase of 216.4% from USD 5.8 million in 6 months ended September 30, 2019. The increase was mainly due to an increase in provision for loans receivable.

截至2020年9月30日止6個月的營運成本及費用為1,790萬美元，較截至2019年9月30日止6個月的580萬美元增加216.4%。備增加。

Service and development expenses during the 6 months ended September 30, 2020, were USD 0.3 million, a decrease of 44.6% from USD 0.5 million during the same period of last fiscal year. The decrease was mainly due to a decrease in payroll cost.

截至2020年9月30日的6個月內，服務和開發費用為30萬美元，比上一財年同期的50萬美元下降44.6%。減少的主要原因是工資成本減少。

Sales and marketing expenses during the 6 months ended September 30, 2020, were USD 0.6 million, a decrease of 42.3% from USD 1 million during the same period of last fiscal year. The decrease was mainly due to a decrease in advertising expenses for our peer-to-peer business, which had ceased issuing new loans since November 2019.

截至2020年9月30日的6個月內，銷售和行銷費用為60萬美元，比上一財年同期的100萬美元下降42.3%。減少的主要原因是我們的 P2P 業務廣告費用減少，該業務自 2019 年 11 月起停止發放新貸款。

General and administrative expenses were during the 6 months ended September 30, 2020, approximately USD 3.0 million, an increase of 26.2% from USD 2.4 million during the same period of last fiscal year. The increase was mainly due to an increase in professional fees.

截至2020年9月30日的6個月內，一般及管理費用約為300萬美元，較上一財年同期的240萬美元成長26.2%。增加的主要原因是專業費用增加。

Finance costs during the 6 months ended September 30, 2020, were USD 1.2 million, compare to USD 1.3 million during the same period of last fiscal year. The decrease was mainly due to the repayment of bank borrowings.

截至 2020 年 9 月 30 日的 6 個月內，財務成本為 120 萬美元，而上一財年同期為 130 萬美元。減少主要由於償還銀行借款所致。

Share-based compensation during the 6 months ended September 30, 2020, was USD 0.06 million compared to USD 0.3 million in the same period of last fiscal year. The decrease was due to a decrease in the number of stock options and restricted share units expensed in fiscal year 2021.

截至 2020 年 9 月 30 日的 6 個月內，股權激勵為 6 萬美元，而上一財年同期為 30 萬美元。減少的原因是 2021 財政年度支出的股票選擇權和限制性股票單位數量減少。

Net loss from continuing operation was USD 17.5 million during the 6 months ended September 30, 2020, compared to USD 0.5 million from the same period of last fiscal year.

截至 2020 年 9 月 30 日的 6 個月內，持續營業淨虧損為 1,750 萬美元，而上一財年同期為 50 萬美元。

Net loss from discontinued operation was USD 6.1 million during the 6 months ended September 30, 2020, compared to USD 17.1 million from the same period of fiscal year 2020.

截至 2020 年 9 月 30 日的 6 個月內，終止營運造成的淨虧損為 610 萬美元，而 2,020 財年同期為 1,710 萬美元。

Net loss was USD 23.6 million during the 6 months ended September 30, 2020, compared to USD 17.6 million form the same period of fiscal year 2020.

截至 2020 年 9 月 30 日的 6 個月內，淨虧損為 2,360 萬美元，而 2,020 財年同期為 1,760 萬美元。

Basic and diluted net loss per share attributable to ordinary shareholders was USD 0.48 compared with USD 0.36 in the same period of fiscal year 2020.

歸屬於普通股股東的每股基本及稀釋淨虧損為0.48美元，2020財年同期為0.36美元。

As of September 30, 2020, our cash position stood at USD 21.9 million during the first half of fiscal year 2021 compared to USD 6.7 million as of March 31, 2020.

截至 2020 年 9 月 30 日，2021 財年上半年我們的現金部位為 2,190 萬美元，而截至 2020 年 3 月 31 日為 670 萬美元。

Going forward, we will continue to drive the development of social e-commerce marketplace and enhance the cooperation with other mainstream e-commerce platforms. We are confident in the huge consumer market and giant value in the field of the social network. All these advantages will enable us to achieve solid growth and profitability in the future. And I now like to turn the call back over to the operator to begin the Q&A session.

未來，我們將持續推動社群電商市場的發展，加強與其他主流電商平台的合作。我們對社交網路領域龐大的消費市場和龐大價值充滿信心。所有這些優勢將使我們在未來實現穩健的成長和獲利。現在我想將電話轉回接線員以開始問答環節。

(Operator Instructions) The first question today comes from Tom Hamilton with Park Hill Capital.

（操作員說明）今天的第一個問題來自 Park Hill Capital 的 Tom Hamilton。

I give you a lot of credit for making such a big pivot in a very tough environment. A couple of questions. First, can you give us some color on the competitive landscape of social e-commerce?

我對你在非常艱難的環境下做出如此大的轉變表示高度讚揚。有幾個問題。首先，您能為我們介紹一下社群電商的競爭格局嗎？

Thanks, this is Kerrie. Let me answer your question. Social e-commerce is based on the personal networks professionally interest groups and the community and uses the Internet of social tools to engage in social marketing and e-commerce. With the extensive penetration of Internet social application in China, we have the social e-commerce rapidly involved in emergency -- emergence of new and a more cinnamic social e-commerce platform compared to the original (inaudible) model.

謝謝，這是凱裡。讓我回答你的問題。社交電子商務是以專業興趣群體和社群的個人網路為基礎，利用網路社交工具從事社交行銷和電子商務。隨著網路社交應用在中國的廣泛滲透，社群電商迅速陷入緊急狀態——與原來的（聽不清楚）模式相比，新的、更具活力的社群電商平台的出現。

According to a report issued by the China Association with Trading on 17th of August this year, the transaction volume on social e-commerce is expected to exceed RMB 4 trillion in 2020, an increase of 18% on a yearly basis, and the market attracts about 83.5 million practitioners, richly driving up employment by increasing drugs in this sector. Currently, the social e-commerce market is still relatively fragmented and the user penetration rate is relatively low. We believe there is still a lot of room for growth in the market.

中國貿易協會今年8月17日發布的報告顯示，2020年社交電商交易額預計將突破4兆元，年增18%，市場吸引約8,350萬從業人員，透過增加該行業的藥品極大地拉動了就業。目前，社交電商市場仍較為分散，用戶滲透率較低。我們相信市場仍有很大的成長空間。

You may know that social e-commerce covers (inaudible) models like membership e-commerce, live streaming e-commerce, and a broad banking community. A big difference from traditional membership in e-commerce Xiaobai Maimai's membership is certainly free of charge with no-entry threshold for users. Users can find all their daily necessities on our platform. And the company suspend (inaudible) comparing between many options, different prices likely so on other e-commerce platforms. That's why they can easily search for the most valuable money products and they enjoy great discount on Xiaobai Maimai, everything.

你可能知道，社群電商涵蓋了會員電商、直播電商、廣泛的銀行社群等（聽不清楚）模式。與傳統電商會員制的一大區別是，小白買買的會員制當然是免費的，對用戶沒有進入門檻。用戶可以在我們的平台上找到他們所有的生活必需品。該公司暫停（聽不清楚）在許多選項之間進行比較，在其他電子商務平台上可能會出現不同的價格。這就是為什麼他們可以輕鬆搜尋到最有價值的貨幣產品，並且在小白買買上享受很大的折扣。

Leveraging our power for algorithm and operating system, we can help users save a lot of money and time by our one-stop shopping platform. In addition, users are revolted with small commission for every quarter's share or product recommendation to their friends and family. All these benefits have been well received by our users and accelerated our platform to continue its growth momentum in recent months.

利用我們的演算法和作業系統的力量，我們可以透過我們的一站式購物平台幫助用戶節省大量的金錢和時間。此外，用戶對每季分享或向朋友和家人推薦產品收取少量佣金感到反感。所有這些好處都受到了我們用戶的好評，並加速了我們平台近幾個月的持續成長勢頭。

Okay. And you collaborate with domestic e-commerce platforms and online marketplaces to offer users value for money products. Will you continue to expand cooperation with emerging platforms to cater to users' needs for daily necessities?

好的。並且與國內電商平台和線上市場合作，為用戶提供物有所值的產品。是否會繼續擴大與新興平台的合作，以滿足用戶對生活必需品的需求？

Currently, we cooperate with e-commerce platforms and online service marketplace, including Xiaobai, (inaudible), Pinduduo, and (inaudible). Going forward, we will expand cooperation with more domestic platforms to offer more value for money products to our users. We are confident of our capabilities to expand our product and services that will continue to involve with consumers' needs, demands and improve our user experience of shopping online.

目前，我們與電子商務平台和線上服務市場合作，包括小白、（聽不清楚）、拼多多和（聽不清楚）。未來，我們將擴大與更多國內平台的合作，為用戶提供更多物超所值的產品。我們對擴展產品和服務的能力充滿信心，這些產品和服務將繼續滿足消費者的需求，並改善我們的線上購物用戶體驗。

Recently, we kicked off an initiative tap into the emerging group-buying communities and are also looking at other core explore opportunities like live streaming e-commerce. So we are confident of our capability to continue to execute our growth strategies going forward.

最近，我們啟動了一項進軍新興團購社群的計劃，同時也在尋找其他核心探索機會，例如直播電商。因此，我們對繼續執行未來成長策略的能力充滿信心。

Okay. And last question for me. What have you seen regarding user growth in the current quarter? And then also transaction volume growth. Can you talk a little bit about what you're seeing right now?

好的。還有我的最後一個問題。您對本季的用戶成長有何看法？然後交易量也成長。您能談談您現在看到的情況嗎？

Okay. Actually, Q4 hasn't ended yet, but we can say that we continued our strong (inaudible). As of November 11, the cumulative number of active mobile bearers on Xiaobai Maimai reached to 295,000, and the transaction volume exceeded RMB 250 million, a significant increase compared with the end of September. We will continue our efforts to attract more users and traffic to Xiaobai Maimai. Thank you.

好的。事實上，第四季還沒有結束，但我們可以說我們繼續強勁（聽不清楚）。截至11月11日，小白脈累計活躍移動承載數達29.5萬戶，交易額突破2.5億元，較9月底大幅成長。我們將繼續努力，為小白脈脈吸引更多的用戶和流量。謝謝。

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

我們的問答環節到此結束。我現在想把會議轉回給 Zenbo 做總結演講。

Thank you, operator. In closing, on behalf of the entire Xiaobai Maimai management team, we'd like to thank you for your interest and participation in today's call. If you require any further information or have any interest in visiting us in China, please let us know. Thank you for joining us today. This concludes the call.

謝謝你，接線生。最後，我們謹代表整個小白麥麥管理團隊感謝您對今天電話會議的關注與參與。如果您需要任何進一步的資訊或有興趣來中國訪問我們，請告訴我們。感謝您今天加入我們。通話就此結束。

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。