Aris Mining Corporation (ARIS) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Aris Mining first quarter 2026 results call. We will begin with an overview from management followed by a question-and-answer period. (Operator Instructions) The conference is being recorded. (Operator Instructions) Please note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of the Aris Mining's website at aris-mining.com. First quarter 2026 financial reports for Aris Mining have been filed on SEDAR+ and EDGAR and can also be found on their website.

各位早安，歡迎參加 Aris Mining 2026 年第一季業績電話會議。我們將先由管理團隊進行概述，隨後進入問答環節。（接線員指示）本次會議將被錄音。（接線員指示）請注意，管理團隊在今日會議中將引用的隨附簡報，可於 Aris Mining 官網 aris-mining.com 的「Events and Presentations」區域查閱。Aris Mining 2026 年第一季財務報告已提交至 SEDAR+ 與 EDGAR，亦可於公司網站查閱。

I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

現在我想將會議交給執行長 Neil Woodyer 先生。請開始。

Thank you, operator, and welcome to our Q1 2026 earnings call. Joining me today are Doug, Oliver, Cam, Dustin, Corne and Alejandro.

謝謝接線員，歡迎各位參加我們 2026 年第一季（Q1 2026）財報電話會議。今天與我一同出席的有 Doug、Oliver、Cam、Dustin、Corne 以及 Alejandro。

But before we begin, please note the disclaimer on Slide 2. Moving to Slide 3. Aris Mining delivered a solid start to 2026, supported by higher production, a stronger realized gold price, and continued progress across our growth portfolio. Gold production totaled 74,000 ounces, gold revenue of $364 million, up 20% from Q4. Adjusted EBITDA of $212 million, up 25% and adjusted net earnings of $124 million or $0.60 per share, up from $0.46 per share in Q4.

在開始之前，請先留意第 2 張投影片的免責聲明。接著看第 3 張投影片。Aris Mining 在 2026 年取得穩健開局，受惠於更高的產量、更強的實現金價，以及我們成長投資組合各項工作持續推進。黃金產量合計 74,000 盎司，黃金營收 3.64 億美元，較第四季成長 20%。調整後 EBITDA 為 2.12 億美元，成長 25%；調整後淨利為 1.24 億美元或每股 0.60 美元，高於第四季的每股 0.46 美元。

Our operations generated cash flow that funded our growth and expansion projects during the quarter, while generating $42 million of free cash flow. Looking across our portfolio, we continue to advance each of our four assets.

本季我們的營運產生現金流，為成長與擴建專案提供資金，同時創造 4,200 萬美元自由現金流。從整體投資組合來看，我們持續推進四項資產的各項工作。

At Segovia, the ramp-up of the expanded mill is progressing well. The focus remains on increasing owner mining rates and developing our CMP business to support the new 3,000 tonne per day processing facility. At Marmato, construction of the new 5,000 tonne per day, CIP plant remains on schedule for first gold production in Q4 of this year.

在 Segovia，擴建後選礦廠的爬坡進展順利。重點仍在提升自營採礦比率，並發展我們的 CMP 業務，以支援新的每日 3,000 噸處理設施。在 Marmato，每日 5,000 噸的全新 CIP 廠建設仍按計畫進行，預計今年第四季首次產金。

In April, we connected the decline to the crosscut, making an important milestone and providing direct underground access between the mining -- the bulk mining zone and the new CIP plant infrastructure. Toroparu, the pre-feasibility study is progressing well and remains on schedule for completion in the second half of 2026, so we can make a construction decision in early '27.

4 月，我們將斜坡道（decline）與橫切巷道（crosscut）連通，達成重要里程碑，並在採礦——大規模採礦區與新 CIP 廠基礎設施之間提供直接的地下通道。Toroparu 的預可行性研究進展良好，仍按計畫於 2026 年下半年完成，以便我們在 2027 年初做出建設決策。

Updated mineral resource and reserve estimates are advancing to support the mine schedule optimizations. Select preconstruction activities continued during the quarter, including construction of the bridge of the Puruni River crossing, key personnel ramp-up, camp expansion and ongoing road works.

更新後的礦產資源量與礦石儲量估算正在推進，以支援礦山排程最佳化。季度內持續進行部分施工前活動，包括建造跨越 Puruni 河的橋樑、關鍵人員擴編、營地擴建以及道路工程持續推進。

At Soto Norte, the environmental license application is nearing completion, and it's on track for submission in the second quarter. And we continue to actively engage with the Colombian regulators to support a collaborative approach to the submission and review process. With our producing assets delivering strong results and our growth projects continuing to advance, Aris Mining is well positioned to achieve its longer-term objective of approximately 1 million ounces of annual gold production from assets we currently own. And with that, I'd like to hand over to Cam to review our financial performance.

在 Soto Norte，環境許可申請已接近完成，並按計畫於第二季提交。我們也持續與哥倫比亞監管機構積極互動，以支持提交與審查流程的協作方式。隨著我們的在產資產交出強勁成果、成長專案持續推進，Aris Mining 已具備良好條件，達成長期目標：由目前持有的資產實現約每年 100 萬盎司的黃金產量。接下來我想把時間交給 Cam，請他回顧我們的財務表現。

Thanks, Neil. Turning to Slide 4. The key message from the financial results this quarter is the continued strengthening of our business. We're seeing the benefit of higher production volumes, strong realized gold prices and disciplined cost management flowing through the income statement and into the balance sheet. The charts on this slide show the following progression over the past 5 quarters.

謝謝 Neil。請看第 4 張投影片。本季財務結果的關鍵訊息是我們業務持續走強。我們看到更高的產量、強勁的實現金價，以及嚴謹的成本管理，正反映在損益表並進一步體現在資產負債表上。本頁圖表顯示過去 5 個季度的以下變化趨勢。

Gold ounces sold, revenue, adjusted EBITDA and adjusted earnings per share have all moved meaningfully higher. And importantly, the improvement has been consistent across our financial metrics.

黃金銷售盎司數、營收、調整後 EBITDA 與調整後每股盈餘均顯著上升。更重要的是，各項財務指標的改善具有一致性。

Please turn to Slide 5 for a discussion of the key cash flow drivers. We ended the first quarter with a cash balance of $472 million, up $80 million from the $392 million at the end of 2025, reflecting $103 million of operating free cash flow after sustaining capital and taxes paid, which despite an additional $44 million from increased cash mine operating earnings was $22 million lower than it was in Q4 due to working capital movements and share-based incentive settlements. The $61 million invested in growth and expansion capital comprised mainly of the $47 million spent at Marmato, as well as a $40 million installment received under Marmato's precious metal stream following the achievement of the 50% construction capital expenditures milestone.

請翻到第 5 張投影片，討論現金流的主要驅動因素。我們在第一季末的現金餘額為 4.72 億美元，較 2025 年底的 3.92 億美元增加 8,000 萬美元，反映在扣除維持性資本支出與已繳稅款後，營運自由現金流為 1.03 億美元。儘管因礦山營運現金收益增加而多出 4,400 萬美元，但由於營運資金變動與以股份為基礎的激勵結算，本季營運自由現金流較第四季少 2,200 萬美元。投入成長與擴建資本支出為 6,100 萬美元，主要包括 Marmato 支出 4,700 萬美元；此外，在達成 50% 建設資本支出里程碑後，我們亦依 Marmato 貴金屬串流協議收到 4,000 萬美元分期款。

In Q1 2026, just as in full year 2025, we generated free cash flow while investing significantly in organic growth, which contributed to the steady growth of our cash balance over the year. The only exception being the temporary decline of our cash balance in Q4 of last year, which reflected the $60 million cash consideration paid for our acquisition of the remaining 49% interest in Soto Norte. It's also notable that our net debt was reduced to $1.6 million, down from the $86 million at year-end due to our increasing cash balance.

在 2026 年第一季，如同 2025 全年，我們在大幅投資內生成長的同時仍創造自由現金流，促使現金餘額在一年內穩步增加。唯一例外是去年第四季現金餘額的短暫下降，係因我們收購 Soto Norte 剩餘 49% 權益而支付 6,000 萬美元現金對價所致。同時值得注意的是，隨著現金餘額增加，我們的淨負債已降至 160 萬美元，較年末的 8,600 萬美元大幅下降。

I'd like to now hand the call over to Dustin to discuss our operational results.

接下來我想把電話交給 Dustin，請他說明我們的營運成果。

Thank you, Cam. Turning to Slide 6. Aris Mine reported consolidated gold production of 74,300 ounces in the first quarter, a 6% increase over Q4 '25, to which Segovia contributed 66,600 ounces and Marmato 7,800 ounces. Worth highlighting are the strong gold grades delivered at both of our operations. At Segovia, our mill feed in Q1 had an average gold grade of 12.41 grams per tonne, significantly above reserve grade of 10.7.

謝謝你，Cam。請看第 6 張投影片。Aris Mining 第一季合併黃金產量為 74,300 盎司，較 2025 年第四季增加 6%；其中 Segovia 貢獻 66,600 盎司，Marmato 貢獻 7,800 盎司。值得強調的是，我們兩個營運點的金品位都很強勁。在 Segovia，第一季入磨礦平均金品位為每噸 12.41 克，顯著高於儲量品位 10.7。

At Marmato, the first quarter mill feed grade was 3.53, also above reserve grade of 3.16 grams per tonne. At Segovia, our AISC margin increased to $2,935 per ounce, up 128% from Q1 '25 and up 25% from Q4 '25, reflecting higher realized gold prices and increased gold sales volumes. That translated to an AISC margin of $199 million, up 31% from Q4 '25.

在 Marmato，第一季入磨品位為 3.53，同樣高於儲量品位每噸 3.16 克。在 Segovia，我們的 AISC 利潤（margin）提升至每盎司 2,935 美元，較 2025 年第一季增加 128%，較 2025 年第四季增加 25%，反映更高的實現金價與更高的黃金銷售量。這使得 AISC 利潤達 1.99 億美元，較 2025 年第四季增加 31%。

Owner-operated mining comprised 64% of the mill feed with an AISC of $1,492 per ounce, down from $1,662 per ounce last quarter and outperforming the full year 2026 guidance range of $1,700 to $1,800 per ounce. This improvement was primarily driven by higher gold ounces sold on stronger average gold grades.

自營採礦占入磨礦的 64%，其 AISC 為每盎司 1,492 美元，低於上季的每盎司 1,662 美元，並優於 2026 全年指引區間每盎司 1,700 至 1,800 美元。此改善主要由更高的黃金銷售盎司數與更強的平均金品位所帶動。

Our CMP business generated an AISC sales margin of 40%, achieving the top end of the full year 2026 guidance range of 35% to 40%. Turning to the chart on the bottom right, we highlight the continued expansion in margins at Segovia, driven by the rising realized gold prices and disciplined cost controls. In Q1 '26, the AISC margin continued to widen compared to previous quarters. Looking ahead, with our production profile being weighted towards the second half of the year and a supportive gold price environment, we're well positioned to keep generating strong cash flow to fund our growth.

我們的 CMP 業務產生 40% 的 AISC 銷售利潤率（sales margin），達到 2026 全年指引區間 35% 至 40% 的上緣。請看右下方圖表，我們強調 Segovia 利潤率持續擴張，主要受實現金價上升與嚴謹成本控管所驅動。在 2026 年第一季，AISC 利潤相較前幾季持續擴大。展望未來，隨著我們的產量結構偏重於下半年，加上有利的金價環境，我們具備良好條件持續產生強勁現金流以支持成長。

Moving to Slide 7. As discussed previously, we installed a second ball mill at Segovia in June of last year, which increased our processing capacity by 50% up to 3,000 tonnes per day. In order to run our expanded processing plant consistently at 3,000 tonnes a day, we need to increase both our owner mining rates and our CMP mill feed. To facilitate the former, we're enhancing haulage capacity by way of building an interconnected underground haulage circuit, which will connect three of our four principal underground mines at Segovia being El Silencio, Providencia and Sandra K. And we're driving new ramps to surface in both our El Silencio and Providencia mines.

接著看第 7 張投影片。如先前所述，我們於去年 6 月在 Segovia 安裝第二座球磨機，使處理能力提升 50%，達到每日 3,000 噸。為了讓擴建後的處理廠能穩定以每日 3,000 噸運轉，我們需要同時提高自營採礦比率與 CMP 入磨礦量。為促成前者，我們正透過建置互聯的地下運輸迴路來提升運輸能力，該迴路將連接 Segovia 四個主要地下礦中的三個：El Silencio、Providencia 與 Sandra K。同時，我們也在 El Silencio 與 Providencia 兩座礦山推進通往地表的新斜坡道。

In addition to increasing the mill feed, these development projects have a few other positive attributes, such as enhanced productivity by enabling more efficient transport of workers, ore and waste, shortened cycle times, eliminating long routes and multiple shafts, and we also eliminate a lot of our haulage through the main town of Marmato. We expect to deliver the El Silencio ramp in Q4 '26, the connection between El Silencio and Sandra K in Q1 '27 and the Providencia ramp and connection to El Silencio in Q1 '28, enabling steady-state production from next year onwards.

除了增加入磨礦量外，這些開發專案還具備其他正面效益，例如：透過更有效率地運輸人員、礦石與廢石來提升生產力、縮短循環時間、消除冗長路線與多重豎井；同時也將大幅減少我們穿越 Marmato 主城鎮的運輸。我們預期於 2026 年第四季完成 El Silencio 斜坡道，於 2027 年第一季完成 El Silencio 與 Sandra K 的連通，並於 2028 年第一季完成 Providencia 斜坡道及其與 El Silencio 的連通，使自明年起逐步達到穩態產量。

With that, I'd like to pass it over to Corne for an update on the construction progress at Marmato.

接下來，我想把時間交給 Corne，請他更新 Marmato 的施工進度。

Thank you, Dustin. Moving to Slide 8. At Marmato, construction of the CIP plant and development in the bulk mining zone continues to advance with significant progress, both underground and on surface. Last month, we achieved an important milestone as the new underground decline broke through into the Los Indios crosscut. This connection enabled direct access from the bulk mining zone into the new 5,000 tonnes per day CIP plant.

謝謝你，Dustin。請看第 8 頁投影片。在 Marmato，CIP 廠的建設以及大規模採礦區的開發持續推進，無論地下或地表都取得顯著進展。上個月，我們達成一項重要里程碑：新的地下斜坡道（decline）已貫通至 Los Indios 橫巷（crosscut）。這項連通使我們能從大規模採礦區直接進入新的每日 5,000 噸 CIP 廠。

It also establishes an additional access and ventilation pathway, facilitating ore and waste haulage between existing and new infrastructure and supporting the initial ramp-up of mine production.

同時也建立了額外的出入與通風通道，促進礦石與廢石在既有與新設施之間的運輸，並支持礦山產量的初期爬坡。

Construction of underground workshops, main pump station and fuel offices will begin in Q2 2026. Development of the main decline to the bulk mining zone is over 1,200 meters advanced, which equates to a completion rate of more than 70%.

地下維修工坊、主泵站及燃料辦公室的施工將於 2026 年第二季開始。通往大規模採礦區的主斜坡道已推進超過 1,200 公尺，完成率相當於超過 70%。

Moving to Slide 9. On surface, bulk earthworks for the process plant platform have been completed, along with key foundations for the mills, tailings thickener, and the leach and CIP tanks. Civil, mechanical, and electrical works are continuing to advance well. In terms of equipment, all long lead items required for first gold have been ordered. Major equipment, including the primary crusher, SAG and ball mill, and filter presses are ready to be moved from storage in Cartagena and Medellin to our Marmato construction site, with deliveries beginning this month.

請看第 9 頁投影片。地表方面，製程廠平台的大型土方工程已完成，磨機、尾礦濃密機，以及浸出與 CIP 槽的關鍵基礎也已完成。土建、機械與電氣工程持續順利推進。設備方面，首金（first gold）所需的所有長交期項目均已下單。主要設備包含初級破碎機、SAG 與球磨機，以及濾壓機，已可自卡塔赫納（Cartagena）與麥德林（Medellin）的倉儲移運至 Marmato 工地，本月起開始交付。

In Q1, we entered into a leasing agreement with Sandvik, ordering an underground mining and development fleet. Equipment deliveries are scheduled to commence in Q3. Construction activities are progressing as planned, and we remain on schedule for first gold in Q4 2026. We expect a progressive stage production ramp-up to steady-state operations during 2027.

在第一季，我們與 Sandvik 簽訂租賃協議，訂購地下採礦與開發車隊。設備交付預計於第三季開始。施工活動按計畫推進，我們仍按期在 2026 年第四季實現首金。我們預期在 2027 年以分階段方式逐步爬坡至穩態營運。

Turning to Slide 10. As you'll see in the photos of this slide, work is continuing around the clock, underscoring both the pace and scale of development underway. Approximately 850 people work on site during the day, and 250 people are on night shift, focused on work streams we deem safe at night. Last month, the project team achieved 365 days lost time, injury free. And I would like to thank everyone involved for their continued commitment to safe, safely advancing the project.

請看第 10 頁投影片。正如本頁照片所示，工程 24 小時不間斷進行，凸顯目前開發的速度與規模。白天現場約有 850 人工作，夜班約 250 人，主要聚焦於我們認為夜間可安全進行的工作項目。上個月，專案團隊達成連續 365 天零損失工時傷害（lost time injury free）。我也要感謝所有參與者持續投入安全、以安全方式推進專案。

A new video showing the progress of the project is also available on our website. The link is available at the bottom of this slide.

我們網站也提供一段展示專案進度的新影片。本頁投影片底部提供連結。

With that, I'd like to pass it over to Neil for his closing remarks.

接下來，我想把時間交給 Neil，請他做結語。

Turning to Slide 11. Building on our strong first quarter performance, we remain firmly committed on track to deliver our full year '26 guidance of 300,000 to 350,000 ounces. Looking ahead, our focus remains on advancing all four core assets. Ramping up Segovia throughout the year, targeting gold production of 265,000 to 300,000 ounces for the year. Achieving the first pour for Marmato CIP plant in Q4, followed by a progressive ramp-up during 2027.

請看第 11 頁投影片。在第一季強勁表現的基礎上，我們仍堅定承諾並按計畫達成 2026 全年指引 30 萬至 35 萬盎司。展望未來，我們的重點仍是推進四項核心資產：全年持續推升 Segovia 產能，全年目標黃金產量 26.5 萬至 30 萬盎司；在第四季完成 Marmato CIP 廠首次澆鑄（first pour），並於 2027 年逐步爬坡。

Publishing the PFS for Toroparu in the second half of the year, as well as conducting additional work for enabling construction readiness and a construction decision for early 2027. Submitting the environmental license application for Soto Norte in Q2. With our producing assets delivering strong results, our financial position, and our growth projects continuing to advance, Aris Mining is well positioned to achieve its longer-term objectives of approximately 1 million ounces of annual gold production from the assets we currently own.

於下半年發布 Toroparu 的 PFS（初步可行性研究），並同步進行額外工作，以提升施工就緒度，並為 2027 年初的施工決策做準備；於第二季提交 Soto Norte 的環境許可申請。隨著我們的在產資產交出強勁成果、財務狀況穩健，且成長專案持續推進，Aris Mining 已具備良好條件，達成更長期目標：以目前持有的資產，實現約每年 100 萬盎司的黃金年產量。

Thank you for joining us today. Operator, and please open the line for questions.

感謝各位今天加入。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Carey MacRury, Canaccord Genuity.

Carey MacRury，Canaccord Genuity。

Hi, good morning, guys, and congrats on the strong results. Maybe first on Segovia, just wondering if you can give us some more color on the development. Just given that some of these ramps won't be done until you're showing 2028. Expect -- when should we expect you to hit the 3,000 tonnes a day? And is that going to happen sort of continuously over the next four or five quarters, or is there a step function?

嗨，各位早安，恭喜你們交出強勁成果。先從 Segovia 談起，我想了解更多關於開發進度的細節。考量到其中一些斜坡道要到你們所示的 2028 年才會完成——我們應該在什麼時候預期達到每日 3,000 噸？這會在接下來四到五個季度持續逐步達成，還是會呈現階梯式跳升？

Just some more color on how we should think about the ramp-up of underground mine tonnes.

也請再多談一些，我們應該如何看待地下礦石噸數的爬坡。

Hi, Carey. I'll take that one. So yeah, obviously, some of the development extends into 2028, being mainly in Providencia. But our biggest production area, as you know, from your visit, is Silencio and all of that development is coming to completion at the end of this year. So our expectation is to hit the 3,000 tonne a day mark towards the end of this year, early 2027 and maintain it.

嗨，Carey。我來回答。是的，部分開發確實會延伸到 2028 年，主要是在 Providencia。不過如你參訪時所知，我們最大的產區是 Silencio，而那裡的開發將在今年底完成。因此，我們預期在今年底、最晚 2027 年初達到每日 3,000 噸，並維持該水準。

Providencia coming online through the ramp and the access just makes it that much easier for our logistics. But really, it's the Silencio and Sandra K connections that really open up our 3,000 tonne a day production.

Providencia 透過斜坡道與出入口上線，會讓我們的物流更順暢。但真正打開每日 3,000 噸產能的，主要是 Silencio 與 Sandra K 的連通。

Okay. Great. And should we see a pickup in Q2? Or is it more of a H2 pickup?

了解，很好。那我們在第二季會看到提升嗎？還是比較像下半年才會提升？

No, it's more towards the second half. It will be probably late Q3, Q4 where we really start to see it. Again, all that development just having to get completed and open these additional areas and debottleneck our Silencio mine.

不，會更偏向下半年。大概在第三季末、第四季，我們才會真正開始看到提升。同樣地，必須先完成所有開發工作、打開這些額外區域，並為 Silencio 礦場去瓶頸。

Yeah Okay. And then just on the grade at Segovia, obviously, it was high grade this quarter, 12.4 grams per tonne. Was that just positive grade reconciliation? Should we expect that to continue into Q2? Or just some guidance on grade available?

好的。那再問 Segovia 的品位，這一季顯然是高品位，達到每噸 12.4 克。這只是正向的品位對帳（grade reconciliation）嗎？第二季也會延續嗎？或是請給一些品位方面的指引。

No. Our grade guidance still remains within the 9 to 10 grams per tonne. We got lucky in our -- one of our newer veins. We kind of hit a high-grade pocket, and we really wanted to push and get that out given some of the logistical challenges. And we basically focused on that through Q1 to mine that area out and get it up into our mill.

不會。我們的品位指引仍維持在每噸 9 到 10 克。我們在其中一條較新的礦脈算是運氣好，碰到一個高品位區塊；考量到一些物流挑戰，我們很希望把那部分優先採出。我們基本上在第一季集中火力把那個區域採完，並送進磨礦廠。

Okay. Great. Maybe just one last one. I mean your cash balance continues to increase. You're generating free cash flow.

好的，很好。最後再問一個。你們的現金餘額持續增加，也在產生自由現金流。

On my numbers, it looks like that's set to continue at these prices. Are you guys thinking about share buybacks or anything like that at this point in time? Or just how you're thinking about the balance sheet?

以我的估算，在目前金價下這應該會持續。你們現階段有在考慮庫藏股或類似措施嗎？或是你們如何看待資產負債表？

No, I think when you look at our cash balance, you look at the fact that Segovia is generating a lot of cash. I understand the point you're raising. But on the other hand, we are doing the expansion of the two mines at the moment, and we have two more projects in the pipeline that certainly one we would hope to start constructing next year. So we have a long-term cash requirement as we expand the business. Ultimately, when we're generating cash without expansion, of course, we'll turn to a dividend.

沒有。我認為當你看到我們的現金餘額，以及 Segovia 正在產生大量現金，我理解你提出的觀點。但另一方面，我們目前正在進行兩座礦山的擴建，且管線中還有另外兩個專案，其中至少有一個我們希望明年開始施工。因此，隨著業務擴張，我們有長期的資金需求。最終，當我們在不需要擴張的情況下仍能持續產生現金時，當然我們會轉向發放股利。

(Operator Instructions) There appear to be no further questions. I'd like to turn the conference back over to Mr. Wood for closing remarks.

（接線員指示）看來沒有進一步提問。我想把電話會議交回 Wood 先生作結語。

Thank you, operator. And thank you, everybody, for taking the time to come and listen to the presentation. We're very happy with the results. And believe me, we continue -- we will continue to perform in the future as we have in the past. And thank you very much, everybody.

謝謝你，接線員。也謝謝各位撥冗收聽本次簡報。我們對成果非常滿意。請相信我，我們會延續過去的表現——未來也將持續交出同樣的成績。非常感謝各位。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。各位可掛斷電話線路。感謝參與，祝各位有美好的一天。