Bioharvest Sciences Inc (BHST) 2024 Q3 法說會逐字稿

Greetings, and welcome to the BioHarvest Sciences third-quarter 2024 corporate update conference call.

大家好，歡迎參加 BioHarvest Sciences 2024 年第三季公司更新電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

Before we begin the formal presentation, I'd like to remind everyone that the statements made on today's call and webcast, including those regarding future financial results and industry prospects are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described on the call.

在我們開始正式演講之前，我想提醒大家，今天的電話會議和網路廣播中所作的聲明，包括有關未來財務業績和行業前景的聲明，都是前瞻性的，可能受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與電話會議上描述的結果存在重大差異。

Please refer to the company's regulatory filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information.

請參閱該公司的監管文件以了解相關風險列表，我們也會推薦您訪問該公司的網站以獲取更多支援行業資訊。

In addition, throughout today's call, the company may refer to adjusted EBITDA, a non-IFRS financial measure, which we believes provides helpful information to investors about the performance of the business on an ongoing basis.

此外，在今天的電話會議中，公司可能會參考調整後的 EBITDA（一種非國際財務報告準則的財務指標），我們認為該指標可以為投資者持續提供有關業務表現的有用資訊。

A reconciliation of adjusted EBITDA to its most directly comparable IFRS financial measure is included in today's earnings release, which is available on the BioHarvest website under the Investor tab.

今天的收益報告中包含了調整後的 EBITDA 與最直接可比較的 IFRS 財務指標的對賬，可在 BioHarvest 網站的「投資者」標籤下找到。

On our call today is Chief Executive Officer, Ilan Sobel; Chief Financial Officer, Bar Dichter; and Chairman and CDMO Business Unit Head, Zaki Rakib.

今天我們電話會議的嘉賓是執行長 Ilan Sobel；首席財務官，Bar Dichter；以及董事長兼 CDMO 業務部門負責人 Zaki Rakib。

I would now like to turn the call over to CEO, Ilan Sobel.

現在我想將電話轉給執行長 Ilan Sobel。

Ilan, the floor is yours.

請伊蘭 (Ilan) 發言。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

I'm pleased to welcome you to today's third-quarter 2024 corporate update conference call and our first formal earnings call as a public company.

我很高興歡迎您參加今天的 2024 年第三季公司更新電話會議，這也是我們作為上市公司的首次正式財報電話會議。

A very exciting milestone marking our new normal, following our uplisting to the Nasdaq global market earlier this month under the ticker BHST.

繼本月初我們在納斯達克全球市場以股票代碼 BHST 上市之後，這是一個非常令人興奮的里程碑，標誌著我們的新常態。

This reflects years of relentless innovation, commitment, and operational momentum, as well as the trust and confidence of my fellow shareholders.

這體現了多年來不懈的創新、承諾和營運勢頭，以及股東們的信任和信心。

This Nasdaq listing represents a pivotal step in broadening our reach, building credibility, and securing our position as an industry thought leader.

這次在納斯達克上市代表我們擴大影響力、建立信譽、鞏固產業思想領袖地位的關鍵一步。

For those new to our story or joining us for the first time, I would like to introduce our company and background.

對於那些剛剛了解我們的故事或第一次加入我們的人，我想介紹我們的公司和背景。

BioHarvest Sciences is a biotech innovator and the inventor of botanical synthesis, a proprietary process to synthesize plant-based molecules.

BioHarvest Sciences 是一家生物技術創新者，也是植物合成技術的發明者，植物合成技術是合成植物分子的專有製程。

Botanical synthesis provides consistent, reliable, economically viable, and patentable potent molecules for the next generation of nutraceutical, cosmetic, pharma, and nutrition solutions.

植物合成為下一代營養保健品、化妝品、製藥和營養解決方案提供了一致、可靠、經濟可行且可獲得專利的強效分子。

We have invested over $100 million in 15 years developing our patented botanical synthesis technology platform, providing a compelling alternative to chemical synthesis or biologics by enabling the production of non-GMO phyto-medicinal molecules, both small and complex, turning thousands of plants into predictable, reliable sources of new therapeutic molecules without growing the underlying plant itself.

我們在 15 年內投資了超過 1 億美元來開發我們專利的植物合成技術平台，透過生產非基因改造植物藥分子（包括小型和複雜的分子），提供化學合成或生物製劑的引人注目的替代方案，將數千種植物轉化為可預測的、可靠的新治療分子來源，而無需種植基礎植物本身。

Botanical synthesis allows for the perpetual creation of consistent botanical molecules, mirroring, magnifying, and multiplying the active ingredients and uniquely requiring a physical plant only one time, giving us the ability to address unmet market needs both with our own BioHarvest products and by developing molecules for industry partners.

植物合成可以永久創造一致的植物分子，鏡像、放大和倍增活性成分，並且只需要一次物理植物，這使我們能夠透過自己的 BioHarvest 產品和為產業合作夥伴開發分子來滿足未滿足的市場需求。

This is ultimately our North Star, developing molecules with the highest lifetime value and the largest global impact for the group of both our shareholders and the world.

這最終是我們的北極星，為我們的股東和世界開發具有最高終身價值和最大全球影響力的分子。

Utilizing this technology, our products division commercialized VINIA, a red grape-derived nutraceutical product that we currently sell direct to consumer by subscription, which comprises the majority of our $22-plus million in revenues over the trailing 12 months.

利用這項技術，我們的產品部門將 VINIA 商業化，這是一种红葡萄衍生的營養保健產品，我們目前透過訂購的方式直接向消費者銷售，這佔了我們過去 12 個月 2200 多萬美元收入的大部分。

VINIA is a proprietary nutraceutical containing the entire matrix of red grape polyphenols, including Piceid Resveratrol.

VINIA 是一種專有營養保健品，含有紅葡萄多酚的全部基質，包括 Piceid 白藜蘆醇。

The botanical synthesis process increases Piceid Resveratrol concentration by at least 100 times versus regular grapes, a principal health-benefiting compound in red grapes.

與普通葡萄相比，植物合成過程可使白藜蘆醇 (Piceid Resveratrol) 的濃度增加至少 100 倍，而白藜蘆醇是紅葡萄中主要的健康有益化合物。

Our breakthrough red grape cell powder significantly increases dilation of arteries and increases blood flow, which enhances delivery of oxygen and nutrients to cells, tissues and organs, and the removal of toxins from the body.

我們突破性的紅葡萄細胞粉顯著增加動脈擴張和增加血流量，從而增強向細胞、組織和器官輸送氧氣和營養物質，並清除體內的毒素。

The growth of our VINIA subscriber base is largely due to high customer satisfaction rates and low churn rates, as evidenced by our 4.8 out of 5 average ratings from nearly 7,000 verified online reviews.

我們的 VINIA 用戶群的成長很大程度上歸功於高客戶滿意度和低客戶流失率，這一點從我們在近 7,000 條經過驗證的線上評論中獲得的 4.8 分（滿分 5 分）的平均評分中可以看出。

VINIA is patent protected with three peer-reviewed studies and eight scientific studies, and the product is available in the US and Israel as we now look at expansion into the Canadian market following recent regulatory approval.

VINIA 已獲得三項同行評審研究和八項科學研究的專利保護，產品已在美國和以色列上市，目前我們正考慮在最近獲得監管部門批准後將其擴展到加拿大市場。

We also have additional regulatory efforts underway in other key strategic markets.

我們也在其他關鍵策略市場開展額外的監管工作。

VINIA has served as a proof of concept and market acceptance of our botanical synthesis process, validating the demand for products created using the inherent advantages of botanical synthesis.

VINIA 證明了我們的植物合成流程的概念和市場接受度，驗證了利用植物合成固有優勢創造的產品的需求。

As part of our VINIA Insight strategy, we are now scaling our red grape molecule across multiple new high-margin verticals in the next 24 months in products including hot beverages, where we've already successfully launched our VINIA Superfood Coffee, and as of earlier today, our VINIA Superfood Teas.

作為我們 VINIA Insight 策略的一部分，我們將在未來 24 個月內將我們的紅葡萄分子擴展到多個新的高利潤垂直領域，包括熱飲等產品，我們已經成功推出了 VINIA 超級食品咖啡，並且今天早些時候，我們還推出了 VINIA 超級食品茶。

As well, we will be moving into hydration powders and skincare products in 2025.

此外，我們將在 2025 年進軍補水粉和護膚產品領域。

And we will repeat the VINIA Playbook with our olive and pomegranate cells over the coming years, addressing consumer needs through amplifying the active ingredients created by the cells and then expanding across additional beverages and other products.

未來幾年，我們將在橄欖和石榴細胞上重複 VINIA 策略，透過擴大細胞產生的活性成分來滿足消費者的需求，然後擴展到其他飲料和其他產品。

Taking our technology and what we have learned with botanical synthesis and VINIA, we have added a services division and now offer industry partners access to botanically synthesized molecules by a contract development and manufacturing organization, or CDMO model.

利用我們的技術以及我們在植物合成和 VINIA 方面所學到的知識，我們增加了一個服務部門，現在透過合約開發和製造組織或 CDMO 模式向產業合作夥伴提供植物合成分子。

As a CDMO, we can leverage our expertise in botanical synthesis to develop patentable plant-based molecules for third parties to solve some of the most pressing problems facing the industry today.

作為 CDMO，我們可以利用我們在植物合成方面的專業知識為第三方開發可獲得專利的植物分子，以解決當今行業面臨的一些最緊迫的問題。

In addition to generating revenue with our research initiatives for CDMO customers, this business unit provides another incredible avenue towards monetization in the form of royalties on future commercial sales for any molecule we develop, providing significant long-term upside for the business.

除了透過為 CDMO 客戶開展的研究計劃創造收入外，該業務部門還提供了另一條令人難以置信的貨幣化途徑，即我們開發的任何分子的未來商業銷售特許權使用費，為業務帶來巨大的長期上升空間。

Our CDMO business unit allows pharmaceutical, cosmeceutical, nutraceutical, and nutrition industry leaders the opportunities to partner with us to utilize our botanical synthesis process technology through a typical CDMO contracting model.

我們的 CDMO 業務部門為製藥、藥妝、營養品和營養行業領導者提供了與我們合作的機會，透過典型的 CDMO 承包模式利用我們的植物合成工藝技術。

This enables the development and manufacturing of both patentable plant-based small molecules and complex molecules.

這使得可獲得專利的植物小分子和複雜分子的開發和製造成為可能。

Our botanical synthesis process can develop both simple and more complex molecules otherwise known as biologics, which have a number of unique advantages for the industry, including lower cost of development and manufacturing, a much faster speed of development, and non-immunogenic properties that enhance safety.

我們的植物合成過程可以開發簡單和更複雜的分子，也稱為生物製劑，這對該行業來說具有許多獨特的優勢，包括更低的開發和製造成本、更快的開發速度以及增強安全性的非免疫原性。

Perhaps most importantly, we can produce molecules that others are scientifically incapable of producing, particularly at scale and in an economically viable manner.

也許最重要的是，我們可以生產其他人在科學上無法生產的分子，特別是以規模化和經濟可行的方式。

This allows us to seize opportunities nobody else can, addressing unmet needs in the health industry across pharmaceutical, nutraceutical, cosmeceutical, and nutrition verticals.

這使我們能夠抓住別人無法抓住的機會，解決製藥、營養保健品、藥妝和營養垂直領域的健康產業尚未滿足的需求。

From a financial perspective, the CDMO business can deliver sufficient biomass of a targeted molecule to facilitate clinical trials for other tests in as little as 9 to 15 months, with full-scale commercial production able to begin in as little as 20 to 24 months for an incredibly cost-effective non-recurring engineering expense, which we do make a healthy margin on of between $1.8 million to $2.5 million for the end-to-end process.

從財務角度來看，CDMO 業務可以在短短 9 到 15 個月內提供足夠的目標分子生物質，以促進其他測試的臨床試驗，並可以在短短 20 到 24 個月內開始全面商業生產，這需要極具成本效益的非經常性工程費用，我們確實在端到端流程中獲得了 180 萬美元的豐厚利潤。

Should the customers decide to proceed with producing the developed molecule at industrial scale following successful completion of the aforementioned development process, we would enter a royalty-based payment model for industrial manufacturing of the molecule in our facilities.

如果客戶在成功完成上述開發過程後決定繼續以工業規模生產開發的分子，我們將採用基於特許權使用費的支付模式，在我們的工廠中對該分子進行工業化生產。

We already have announced two signed CDMO customers and are actively developing game-changing molecules for them.

我們已經宣布了兩位簽約 CDMO 客戶，並正在積極為他們開發改變遊戲規則的分子。

As it stands today, we have a highly-focused pipeline of impactful prospective customers, some of which we expect to announce in the very near term.

目前的情況是，我們擁有一批高度集中的、有影響力的潛在客戶，其中一些我們預計將在近期內公佈。

I'd like to stress that who we decide to partner with on the CDMO front is very critical.

我想強調的是，我們決定與誰在 CDMO 方面合作非常關鍵。

And our deals all reflect our thoughtful and measured approach to only allocating our research bandwidth to impactful CDMO customers with the highest probability to deploy world-changing molecules.

我們的交易都體現了我們深思熟慮、謹慎的態度，即只將我們的研究頻寬分配給最有可能部署改變世界的分子的、有影響力的 CDMO 客戶。

This is particularly important as the bulk of our monetization potential comes on the back end in the form of royalties on future commercial sales on any molecule we develop, which could provide a recurring revenue base over the long term.

這一點尤其重要，因為我們的大部分貨幣化潛力都來自於我們開發的任何分子的未來商業銷售的特許權使用費，這可以在長期內提供經常性的收入基礎。

Now, let's talk about our performance in the third quarter.

現在，我們來談談我們第三季的表現。

We made continued progress in the third quarter in both our product and CDMO service divisions.

我們的產品和 CDMO 服務部門在第三季繼續取得進展。

Third-quarter 2024 revenues grew 101% year over year to $6.5 million, driven by continued strong VINIA sales.

受 VINIA 銷售持續強勁的推動，2024 年第三季營收年增 101% 至 650 萬美元。

We have seen significant growth on our core nutraceutical capsule business combined with additional VINIA Insight products, such as our hot beverage lineup, which are expected to continue to drive consistent revenue growth in 2025 as our VINIA Superfood Coffee begins to scale and with the exciting launch of our VINIA Superfood Functional Tea lineup today.

我們的核心營養膠囊業務與其他 VINIA Insight 產品（例如我們的熱飲系列）相結合取得了顯著增長，隨著我們的 VINIA 超級食品咖啡開始擴大規模以及今天我們令人興奮的 VINIA 超級食品功能茶系列的推出，預計這些業務將在 2025 年繼續推動持續的收入增長。

Our focus on margin optimization and driving efficiencies across the organization drove a substantial 1,200-basis-point increase in gross margins, which grew to 57% in the third quarter of 2024 as compared to 45% a year ago.

我們注重利潤率優化和整個組織效率的提高，推動毛利率大幅增加 1,200 個基點，從一年前的 45% 增長到 2024 年第三季的 57%。

In the quarter, we put significant efforts on the digitization of all of our critical biological manufacturing metrics.

本季度，我們對所有關鍵生物製造指標的數位化投入了巨大努力。

The result of these efforts is we today have a state of the art biological manufacturing facility, which is fully digitized and has allowed us to see a step change in efficiency and optimization of our production, which we believe will be reflected in our go-forward growth margin profile, which we believe is likely to move into the 60% range in the coming quarters.

這些努力的結果是，我們今天擁有了最先進的生物製造設施，該設施完全數位化，使我們看到了生產效率和優化的重大變化，我們相信這將反映在我們未來的成長利潤率狀況中，我們相信未來幾個季度的成長利潤率可能會進入 60％ 左右。

Whilst we drove 1,200-basis-point improvement to margins in the third quarter versus a year ago, our aggressive margin growth was impacted somewhat due to high air freight expenses and the delaying of other cost-saving measures.

雖然第三季我們的利潤率較去年同期提高了 1,200 個基點，但由於高昂的空運費用和其他節約成本措施的推遲，我們積極的利潤率成長受到了一定影響。

As we move into the first half of 2025, we are well positioned to see notable improvements as we implement ongoing margin optimization initiatives and reap the benefits of our investment in growth with incremental new VINIA Insight products such as functional coffees and teas, all of which address an incremental consumer base at an attractive margin profiles.

隨著我們進入 2025 年上半年，我們將處於有利地位，看到顯著的改善，因為我們正在實施持續的利潤優化舉措，並通過增量新的 VINIA Insight 產品（例如功能性咖啡和茶）獲得增長投資的收益，所有這些產品都以有吸引力的利潤率解決了增量消費者群體的問題。

In addition, we have locked in much of our downstream distribution costs for next year such as packing and handling, while concurrently realizing greater economies of scale from shipping, which when taken together, provide a clear line of sight into future costs and ultimately profitability.

此外，我們已鎖定明年的大部分下游分銷成本，如包裝和搬運成本，同時實現了運輸的規模經濟，這些因素結合起來，讓我們可以清楚地了解未來的成本和最終的盈利能力。

The business today has strong growth momentum, and I want to specifically stop and talk about our growth model for 2025.

今天的業務成長勢頭強勁，我想特別停下來談談我們2025年的成長模式。

Our growth model is guided by the principle of balancing growth with profitability while achieving scale.

我們的成長模式遵循實現規模化的同時平衡成長與獲利的原則。

We have elected to achieve adjusted EBITDA profitability at around $11 million to $12 million in revenue per quarter, which we feel, based on the momentum we have, will be realized in the second half of 2025.

我們已選擇實現每季約 1,100 萬至 1,200 萬美元的調整後 EBITDA 盈利，我們認為，根據我們現有的發展勢頭，這一目標將在 2025 年下半年實現。

This balancing approach allows us to continue to make important investments in three critical areas, which will act as major catalysts to our business in the near future.

這種平衡方法使我們能夠繼續在三個關鍵領域進行重要投資，這將在不久的將來成為我們業務的主要催化劑。

One, increasing our products portfolio in the direct-to-consumer business.

一是增加我們直接面向消費者業務的產品組合。

This means broadening the footprint of our red grape cell molecule to new customers, increasing scale and conversion in our funnels, and ultimately driving further reduction of acquisition costs per new customer.

這意味著將我們的紅葡萄細胞分子覆蓋範圍擴大到新客戶，增加我們的管道規模和轉換率，並最終進一步降低每個新客戶的獲取成本。

Two, investing in R&D to drive critical process improvements, which we call Botanical Synthesis 2.0, to improve manufacturing growth margins.

二是投資研發推動關鍵流程改進，我們稱為植物合成 2.0，以提高製造業成長利潤率。

And three, developing AI capabilities for our CDMO customers.

第三，為我們的 CDMO 客戶開發 AI 能力。

In the longer run, our growth model is targeting a 20% adjusted EBITDA margin for our products business.

從長遠來看，我們的成長模式目標是實現產品業務調整後 EBITDA 利潤率達到 20%。

And we believe we can target high levels in the future for the CDMO business over time.

我們相信，隨著時間的推移，我們將來可以把 CDMO 業務的目標定在更高的水平。

I'd like to elaborate a little more on how we plan to accelerate growth on our core capsule business and prioritize new direct-to-consumer product launches over the next few quarters.

我想進一步詳細說明我們計劃如何加速核心膠囊業務的成長，並在接下來的幾季優先推出新的直接面向消費者的產品。

In addition to the VINIA Superfood tea portfolio launched today in tea sachets, in Q1 2025, we will launch VINIA Superfood English Breakfast and Matcha Green Tea in K-Cups to complete our VINIA Superfood tea portfolio.

除了今天以茶包形式推出的 VINIA 超級食品茶產品組合外，2025 年第一季度，我們還將推出 K-Cups 中的 VINIA 超級食品英式早餐茶和抹茶綠茶，以完善我們的 VINIA 超級食品茶產品組合。

In the first quarter, we will also launch the first Superfood espresso coffee in an espresso compatible pod to complete our play to bring disruptive functionality to the coffee category.

第一季度，我們也將推出首款相容濃縮咖啡的超級食品濃縮咖啡，以完成我們為咖啡類別帶來顛覆性功能的舉措。

The first half of 2025, we'll also see the launching of our VINIA Pro lineup targeting active consumers 22 to 45 years of age who are looking for all the benefits of improved blood flow to increase their physical performance and body recovery during sporting and exercise activities.

2025 年上半年，我們還將推出 VINIA Pro 系列，針對 22 至 45 歲的活躍消費者，他們希望透過改善血液流動來提高運動和運動期間的身體表現和身體恢復。

In Q2, we will launch our VINIA Pro chews, which will contain a double dose of VINIA in each chew in our new [ASLEES] formula, where we have developed with our partner a unique chew which can hold 800 milligrams of our VINIA Red Grape cell molecule.

在第二季度，我們將推出 VINIA Pro 咀嚼片，每片咀嚼片都含有雙倍劑量的 VINIA，採用我們新的 [ASLEES] 配方，我們與合作夥伴共同開發了一種獨特的咀嚼片，可容納 800 毫克 VINIA 紅葡萄細胞分子。

Lastly, we plan to launch our VINIA Pro Super Blood Flow Hydration Solution at the end of Q2, early Q3, to disrupt the $13 billion hydration category to complement our unique strategy of disrupting major categories with superior science, superior clinical trial-backed efficacy, and superior taste.

最後，我們計劃在第二季末、第三季初推出 VINIA Pro 超級血流補水溶液，以顛覆價值 130 億美元的補水類別，以補充我們以卓越的科學、卓越的臨床試驗支持的功效和卓越的口味顛覆主要類別的獨特戰略。

These activities really demonstrate the significant lifetime value of our molecules based on their efficacy and ability to play across multiple delivery systems and categories, giving consumers superior health and wellness benefits that they are craving across multi-billion dollar categories whilst allowing our business to drive accretive margins.

這些活動真正證明了我們的分子基於其功效以及在多種輸送系統和類別中發揮作用的能力而具有的重大終身價值，為消費者提供了他們在數十億美元類別中渴望的卓越健康和保健益處，同時也使我們的業務能夠提高利潤率。

Before I provide my closing remarks, I'd like to turn the call over to our CFO, Bar Dichter, to review our financial results for the quarter ended September 30, 2024.

在我發表結束語之前，我想將電話轉給我們的財務長 Bar Dichter，以審查我們截至 2024 年 9 月 30 日的季度財務業績。

Bar, over to you.

酒吧，交給你了。

Thank you, Ilan.

謝謝你，伊蘭。

I share your excitement of the Nasdaq listing milestone that we just crossed.

我和大家一樣對我們剛剛跨越的納斯達克上市里程碑感到興奮。

Good afternoon, everyone.

大家下午好。

I will provide with a succinct review of our financial results.

我將對我們的財務表現進行簡要的回顧。

A full breakdown is available on our SEC filings and in the press release that crossed the wire after market closed today.

完整的詳細資訊請參閱我們提交給美國證券交易委員會的文件以及今天市場收盤後發布的新聞稿。

Please note that all figures are in US dollars unless stated otherwise.

請注意，除非另有說明，所有數字均以美元為單位。

Revenue for the third quarter, which exceeded our revenue guidance, has increased 101% to $6.5 million as compared to $3.2 million in the third quarter of 2023.

第三季的營收超過了我們的營收預期，與 2023 年第三季的 320 萬美元相比成長了 101%，達到 650 萬美元。

The increase was largely driven by growth in VINIA subscribers, which grew 128% year over year.

這一增長主要得益於 VINIA 用戶數量的增長，VINIA 用戶數量同比增長 128%。

Growth profit increased 157% to $3.7 million, or 57% of total revenues in the third quarter of 2024, as compared to $1.4 million, or 45% of total revenues in the same year-ago quarter.

2024 年第三季的成長利潤成長 157% 至 370 萬美元，佔總營收的 57%，而去年同期的成長利潤為 140 萬美元，佔總營收的 45%。

The increase in growth margin was primarily a result of the benefits of increased manufacturing scale, improved manufacturing yields, and cost reduction in downstream packaging costs.

成長利潤率的提高主要得益於製造規模的擴大、製造良率的提高以及下游封裝成本的降低。

Total operating expenses for the third quarter totaled $5.8 million, an increase of 67% versus the year-ago quarter.

第三季總營運費用為 580 萬美元，較去年同期成長 67%。

The increase in operating expenses was primarily due to increases in marketing spend of our VINIA product line, expenses related to our new VINIA product initiative, and higher expenses from our CDMO services division.

營業費用的增加主要是由於我們的 VINIA 產品線的行銷支出增加、與我們的新 VINIA 產品計劃相關的費用增加以及我們的 CDMO 服務部門的費用增加。

Net losses for the third quarter of 2024 totaled $2.7 million, or $0.16 per basic and diluted share, as compared to a net loss of $1.7 million, or $0.13 per basic and diluted share in the same year-ago quarter.

2024 年第三季的淨虧損總計 270 萬美元，即每股基本虧損和稀釋虧損均為 0.16 美元，而去年同期的淨虧損為 170 萬美元，即每股基本虧損和稀釋虧損均為 0.13 美元。

Adjusted EBITDA loss, a non-IFRS measure, totaled $2 million in the third quarter of 2024 as compared to an adjusted EBITDA loss of $1.7 million in the same year-ago quarter.

2024 年第三季度，調整後 EBITDA 虧損（非國際財務報告準則衡量指標）總計 200 萬美元，而去年同期調整後 EBITDA 虧損為 170 萬美元。

Cash and cash equivalents as of September 30, 2024 totaled $2.8 million, as compared to $5.4 million as of December 31, 2023.

截至 2024 年 9 月 30 日的現金及現金等價物總額為 280 萬美元，而截至 2023 年 12 月 31 日為 540 萬美元。

Looking ahead to the fourth quarter of 2024, we expect to realize revenues of at least $7.2 million.

展望 2024 年第四季度，我們預計實現營收至少 720 萬美元。

We believe that we are well positioned for a high level of operational execution in the fourth quarter and beyond.

我們相信，我們已做好準備，在第四季度及以後實現高水準的營運執行。

I would like now to pass the call back to Ilan to offer some closing remarks, after which we will begin our Q&A sessions.

現在，我想將電話轉回給伊蘭，讓他發表一些結束語，然後我們將開始問答環節。

Thank you, Bar.

謝謝你，巴爾。

And for all our shareholders listening on the call, I hope that's given you some really strong perspective to the performance of the business in the third quarter.

對於所有收聽電話會議的股東，我希望這能讓你們對第三季的業務表現有一個真正清晰的認識。

We as a management team have significant confidence in the ongoing momentum continuing into the fourth quarter and in our strategies to take our momentum to the next level in 2025.

作為管理團隊，我們對第四季度持續的發展勢頭充滿信心，也對我們的策略充滿信心，將在 2025 年將發展勢頭提升到一個新的水平。

And I'm now going to hand the call back to the operator to begin our question-and-answer session.

我現在將把電話交還給接線員，開始我們的問答環節。

Operator, over to you.

接線員，交給你了。

(Operator Instructions) Hunter Diamond, Diamond Equity Research.

（操作員指示） Hunter Diamond，Diamond Equity Research。

Hi, everyone.

大家好。

Congratulations on the results.

恭喜你所取得的成果。

My first question, with VINIA.com revenue growing quickly from subscriptions and retention rates pretty high and new product launches, what's the strategy to continue increasing the retention rates going forward?

我的第一個問題是，VINIA.com 的營收透過訂閱快速成長，留存率很高，而且推出了新產品，未來繼續提高留存率的策略是什麼？

Thank you, Hunter, and good afternoon to you.

謝謝你，亨特，祝你下午好。

Look, we're very fortunate that we have two forces of growth, both being VINIA.com as well as Amazon.

我們非常幸運，擁有兩股成長力量，即 VINIA.com 和亞馬遜。

Amazon business continues to grow at significant double-digit growth rates in addition to our VINIA.com business.

除了我們的 VINIA.com 業務外，亞馬遜業務也繼續以顯著的兩位數成長率成長。

And it's always good to have a healthy balance.

保持健康平衡總是有好處的。

And in our case, it's like 80% of our revenue is coming through VINIA.com and roughly 20% through Amazon.

就我們的情況來說，80% 的收入來自 VINIA.com，約 20% 來自亞馬遜。

That's a really healthy balance to have.

這確實是一種健康的平衡。

In the VINIA.com business, we've really accelerated our growth of subscribers.

在 VINIA.com 業務中，我們確實加速了用戶的成長。

This is a major focus for us.

這是我們關注的重點。

You'll see the way we design the website, and our pricing structure incentivizes people to move towards subscription because we understand that once people move on to subscription, given the efficacy and the performance of our VINIA Red Grape cell molecule, we're able to really drive continuity and a long, what we would call in the industry, lifetime value of these consumers.

您會看到我們設計網站的方式，我們的定價結構激勵人們轉向訂閱，因為我們知道，一旦人們轉向訂閱，考慮到我們的 VINIA 紅葡萄細胞分子的功效和性能，我們就能真正推動連續性和長期的，我們在行業中所說的這些消費者的終身價值。

What we've also done now, and I encourage you to go to the website, VINIA.com today, you start to see us building this out, that in addition with our new delivery mechanisms, anchored in our Superfood coffee that's performing extremely well for the business, and as I speak to you today, we've sold roughly $1.5 million direct to consumer on our VINIA Superfood coffee.

我們現在還做了什麼？

And remember, right now at this stage, we haven't leaned in with any intensive advertising behind our Superfood coffee.

請記住，目前，我們還沒有對我們的超級食物咖啡進行任何密集的廣告宣傳。

It's kind of like tailing on the back of our core capsule business.

這有點像是我們核心膠囊業務的尾隨。

And what you'll see now is with the launch of our VINIA -- with our VINIA Superfood functional tea business, you start to see a website that really has multiple choices for consumers, that allows us to trade consumers up, that allows us to increase the overall size, a dollar check rate of each bundle.

現在您將看到，隨著我們 VINIA 超級食品功能茶業務的推出，您將開始看到一個真正為消費者提供多種選擇的網站，這使我們能夠提升消費者的交易量，使我們能夠增加整體規模，提高每包茶的美元結算率。

And ultimately, this is going to help us ensure that we're providing multiple different entry points and continuation points for consumers to stay with VINIA, making sure that VINIA really matches with their lifestyle needs and their preference for different delivery mechanisms.

最終，這將有助於我們確保為消費者提供多個不同的切入點和延續點，讓他們繼續使用 VINIA，確保 VINIA 真正滿足他們的生活方式需求和對不同交付機制的偏好。

This is going to really help us continue to improve retention rates.

這將真正幫助我們繼續提高保留率。

And our retention rates today are industry-leading already.

如今，我們的保留率已經處於業界領先地位。

And in addition, what we really focused on in the last six months is around education, continuing to educate consumers on the mechanism of action on how VINIA works, on understanding more about our technology and how our technology works, the botanical synthesis, manufacturing process, and really educating the consumer.

此外，過去六個月我們真正關注的是教育，繼續教育消費者了解 VINIA 的作用機制，讓他們更了解我們的技術以及我們的技術如何運作、植物合成、製造過程，並真正教育消費者。

These factors, combined with the additional choices, we believe will continue, allowing us to drive the double-digit growth in subscription base and ensure that we're maximizing our retention level.

我們相信，這些因素加上額外的選擇將會持續下去，使我們能夠推動訂閱用戶群的兩位數成長，並確保最大限度地提高我們的保留水準。

Great, no, makes perfect sense.

太好了，不，完全有道理。

And then just -- thank you for answering that.

然後只是——謝謝你回答這個問題。

And then back to the CDMO, maybe you discussed it a little bit, but maybe discuss what you see as the long-term goals, the kind of growth you're expecting, and then maybe if there are industries or segments that are kind of the low-hanging fruit you're seeing right now for initial customers.

然後回到 CDMO，也許您對此進行了一點討論，但也許討論一下您認為的長期目標，您期望的增長類型，然後也許討論一下是否存在一些行業或細分市場，對於初始客戶來說，您現在看到的是唾手可得的成果。

So we're very lucky that we have with us tonight, sitting next to me, Dr. Zaki Rakib, our Chairman and Vice President of the CDMO -- President of the CDMO, I should say.

因此，我們非常幸運，今晚坐在我旁邊的是我們的 CDMO 董事長兼副總裁 Zaki Rakib 博士——我應該說是 CDMO 總裁。

So I'm going to ask -- I'm going to hand that question over to Zaki to answer that question.

所以我要問──我要把這個問題交給札基來回答。

Thanks, Ilan, and thanks, Hunter, for asking the question.

謝謝 Ilan 和 Hunter 提出這個問題。

So I mean, just a statement that I wanted to make to start with is we're really happy.

所以我的意思是，首先我想說的是，我們真的很高興。

I mean, we're really happy with the progress that was made in the CDMO since 3D is launched.

我的意思是，我們對 3D 推出以來 CDMO 的進展感到非常高興。

It was earlier this year.

那是今年早些時候。

And maybe I wanted to emphasize three particular fronts in which we felt that significant progress was performed.

也許我想強調一下我們認為取得了重大進展的三個特定方面。

So despite actually the late arrival of the source plants and the two projects that we started in 2024, we are actually proceeding very well and very good and strong prospect of moving from stage 1 to stage 2 on the CDMO.

因此，儘管源工廠實際上來得比較晚，而且我們在 2024 年啟動了兩個項目，但我們的進展實際上非常順利，並且 CDMO 從第 1 階段進入第 2 階段的前景非常好。

As you know, stage 1 is the first stage with the higher risk where we developed the fundamental bank of cell, or cell bank; and then moving to the liquid media stage in stage 2, which is also higher in terms of revenue and with less risk compared to the first one.

大家知道，第一階段是風險較高的第一階段，我們在此階段開發了基礎細胞庫，或者說細胞庫；然後進入第二階段的液體培養基階段，與第一階段相比，該階段的收入更高，風險更小。

So we're happy with what we've been achieved so far in stage 1, and we look forward for the move to stage 2.

我們對第一階段迄今所取得的成就感到滿意，並期待進入第二階段。

That has been quite critical and further demonstrates the success of the botanical synthesis that has been achieved so far.

這是非常關鍵的，進一步證明了迄今為止植物合成所取得的成功。

So we haven't had any failure as of yet with any plan that we try to perform botanical synthesis on.

因此，到目前為止，我們嘗試進行植物合成的任何計劃都沒有失敗。

So that was further assurance of the capabilities of the technology.

這進一步保證了該技術的能力。

What we've also done in this year is expecting many more projects to come in and subsequently in the subsequent year.

我們今年也期待有更多項目陸續到來，並在接下來的一年陸續有更多項目到來。

We have been building an infrastructure the tools that we need.

我們一直在建立我們所需的基礎設施和工具。

Many of them are software tools, so the CDMO development, but also some hardware in the form of robotics.

其中許多是軟體工具，因此是CDMO開發，但也有一些以機器人形式出現的硬體。

So people who are familiar with our technology would know that we use petri dishes in large quantities to experiment.

所以熟悉我們技術的人就會知道，我們使用大量的培養皿來做實驗。

So the ability to fill them, handle them automatically using robotics is now being included in the mix of tools that we've been developing.

因此，使用機器人技術自動填充和處理它們的能力現在已被納入我們一直在開發的工具組合中。

And third was -- which I'm sure is quite the most important part of your question was -- is the pipeline.

第三是──我相信這也是你問題中最重要的部分──管道。

And so what's the prospect?

那麼前景如何？

So the pipeline is very strong.

因此管道非常強大。

I mean, this type of CDMO contracts, especially with top tier companies across all three industries, and the three industries are the pharma, cosmeceuticals, and nutrition.

我的意思是，這種類型的 CDMO 合同，尤其是與三個行業的頂級公司簽訂的，這三個行業是製藥、藥妝和營養品。

And across all three industries, there's a very strong pipeline, very encouraging.

在這三個行業中，都有著非常強大的發展管道，這非常令人鼓舞。

I mean, if I have to quantify it, I would say, and I will be speaking in terms of bookings and the size of the bookings.

我的意思是，如果我必須量化它，我會說，我將從預訂量和預訂規模的角度來談。

I would say from the current already in 2024 pipeline and the type of prospects we see to come to fruition and agreements, I look at those contract deals of north of $10 million in booking in 2025.

我想說，從目前已經在 2024 年的專案管道以及我們看到的將會實現的前景和協議類型來看，我認為 2025 年的合約交易金額將超過 1000 萬美元。

The reason why we talk in more bookings now is because of the time when the project starts depends on the arrival of -- given the experience that we have this year, on the arrival of the source plant.

我們現在談論更多訂單的原因是因為根據我們今年的經驗，專案啟動的時間取決於來源工廠的到達。

Some of the plants that need to be sourced, as we know, come from certain countries, which we need the whole process of the importation, and we always do ethical sourcing, so that's a reason.

我們知道，一些需要採購的植物來自某些國家，我們需要整個進口過程，我們始終進行道德採購，這就是原因。

So all in all, very good progress.

總的來說，進展非常好。

We're very happy and significant deals in the horizon.

我們非常高興，並且即將達成多項重大交易。

And like Ilan said earlier, there will be some announcements in the short term.

正如伊蘭之前所說，短期內將會有一些公告。

Thanks.

謝謝。

(Operator Instructions) Howard Halpern, Taglich Brothers.

（操作員指示）Howard Halpern，Taglich 兄弟。

Congratulations, guys.

恭喜你們，大家。

Great progress has been made.

已經取得了很大進展。

In terms of somewhat towards the second half of next year and especially the hydration project, what kind of initial uplift do you see in revenue?

就明年下半年而言，特別是水利項目，您認為收入會有哪些初步提升？

And will the distribution of that product expand, I guess, into other areas.

我猜測，該產品的分銷範圍會擴大到其他地區嗎？

Will you target different type of end users for that product?

您會針對該產品針對不同類型的最終使用者嗎？

Thank you, Howard, for the question.

謝謝霍華德提出的問題。

The hydration proposition is a proposition that's very close to my heart, just given the fact that I spent 18 years as a senior executive of the Coca-Cola Company.

鑑於我曾在可口可樂公司擔任了 18 年的高階主管，補水主張是我非常關心的主張。

And in a previous role running the glass-soap business unit, I ran the second largest hydration product in the US called Powerade.

在之前負責玻璃皂業務部門時，我負責美國第二大補水產品 Powerade。

So I'm very, very familiar with this category.

所以我對這個類別非常非常熟悉。

You've seen the category now in the last, I would say, 36 months expand significantly with the launch of Liquid I.V. This is a Unilever brand.

我想說，在過去的 36 個月裡，隨著 Liquid I.V. 的推出，您已經看到該類別的規模顯著擴大。這是聯合利華的品牌。

It's $1 billion-dollar brand already at retail.

它的零售價已經達到 10 億美元。

Very high -- generally, the main formula is very high levels of sugar and really no signs, no efficacy, and a real opportunity for us to be able to bring disruption with our technology.

非常高——一般來說，主要原因是糖含量非常高，而且真的沒有任何跡象，沒有功效，但這對我們來說是一個真正的機會，可以利用我們的技術帶來顛覆。

You also have LMNT, also a very large brand in the market.

你們還有 LMNT，它也是一個非常大的市場品牌。

So the category itself is -- it's called a $13 billion-plus category out there.

所以這個類別本身——它被稱為 130 億美元以上的類別。

For us, this is very much a great opportunity to be able to employ our VINIA Insight strategy, which is all about bringing to the marketplace superior science, superior efficacy through clinical trials, and of course, superior taste, making sure the overall consumer experience is a superior experience, allowing us to premiumize in the marketplace, provide greater benefits, because consumers are looking for these critical better-for-you credentials and obviously drive greater margins to the bottom line for our business.

對我們來說，這是一個非常好的機會，可以運用我們的 VINIA Insight 策略，該策略旨在向市場推出卓越的科學、透過臨床試驗實現的卓越功效，當然還有卓越的口感，確保整體消費者體驗是卓越的，使我們能夠在市場上實現高端化，提供更大的利益，因為消費者正在尋找這些更大的「對您更有利」的資質，顯然為我們的業務帶來更大的利潤。

What the hydration proposition allows us to do is it's going to be branded under what we call the VINIA Pro trademark together with our [chews] products, which I talked about a little bit earlier.

補水方案讓我們能夠將其與我們的[咀嚼物]產品一起打上所謂的 VINIA Pro 商標，我之前談到過這一點。

This product allows us to go after millennials or Generation Y, much more active, sporty consumers that are really looking for a proposition to hydrate them, but at the same time improve their physical performance and their overall body's recovery.

這款產品讓我們能夠滿足千禧世代或 Y 世代的需求，他們是更活躍、熱愛運動的消費者，他們真正尋求的是補水的效果，同時還能提高他們的身體機能和整體恢復能力。

And we are well down the path in moving into a clinical trial in this area.

我們在該領域的臨床試驗進展順利。

The clinical trial that we're going into progress with is a trial that we've designed so that it has the ability to stand the test of not just the US regulatory bodies, but also EFSA in Europe and key regulators in Asian markets like Japan, because we really believe in this proposition and our ability to be able to -- with the right clinical evidence, to be able to make very strong structure function claims regarding physical performance and overall body recovery.

我們即將進行的臨床試驗是我們專門設計的，它不僅能夠經受美國監管機構的檢驗，還能經受歐洲 EFSA 以及日本等亞洲市場的主要監管機構的檢驗，因為我們確實相信這一主張以及我們的能力——憑藉正確的臨床證據，我們能夠在身體機能和整體身體恢復方面做出非常強有力的結構功能聲明。

So the overall distribution will be consistent in direct to consumer, leveraging our e-commerce machine, but importantly as well, we will over time go into more strategic channels, which I like to call points of sweat, where you need to be where the athlete is sweating with the right hydration solution.

因此，整體分銷將始終保持一致，直接面向消費者，利用我們的電子商務機器，但同樣重要的是，隨著時間的推移，我們將進入更具戰略性的渠道，我喜歡稱之為出汗點，你需要在運動員出汗的地方提供正確的補水解決方案。

And that will be very surgical, very strategic through key partners in specific gym-related channels, which are again, high-margin channels for us.

這將是非常精準和策略性的，透過特定健身房相關管道的關鍵合作夥伴來實現，而這些管道對我們來說也是高利潤的管道。

So that's basically the playbook that we're looking to employ.

這基本上就是我們希望採用的劇本。

And between now and end of second quarter, early third quarter, we've got a lot of work to get in place to be able to get all of our marketing mix in place to be able to drive an additional disruptive launch to a category that's really lacking in science and overall consumer efficacy-driven product propositions.

從現在到第二季末和第三季初，我們還有很多工作要做，以便能夠將我們所有的行銷組合落實到位，為一個真正缺乏科學和整體消費者功效驅動的產品主張的類別帶來額外的顛覆性產品發布。

Okay.

好的。

And how important to your overall strategy is entering Canada and getting approvals in, I guess, Asian countries and maybe even Europe and South America?

進入加拿大並獲得亞洲國家、甚至歐洲和南美的批准對您的整體策略有多重要？

How important is that going to be over the long term?

長遠來看這有多重要？

That's a great question.

這是一個很好的問題。

So firstly, we have already approval from Health Canada.

首先，我們已經獲得加拿大衛生部的批准。

We got approval from Health Canada in September last year.

我們去年九月獲得了加拿大衛生部的批准。

Look, the real opportunity at the end of the day is that the size of the prize in the United States of America is just so significant for us.

你看，歸根究底，真正的機會在於美國的獎金金額對我們來說是如此重要。

And obviously, the benefits of being able to focus in one geographical market initially for us and drive scale in our model makes a lot of sense as we look to move the company to profitability over the next 12 months from an EBITDA perspective.

顯然，對我們來說，最初能夠專注於一個地理市場並推動我們模式的規模化是非常有意義的，因為我們希望從 EBITDA 的角度在未來 12 個月內讓公司獲利。

So the opportunities in the US can keep us going for a significant amount of time, specifically as we are continuing to build manufacturing capacity given what we believe will be the expected growth in the business.

因此，美國的機會可以讓我們在相當長的一段時間內繼續發展，特別是因為我們相信業務將實現預期成長，所以我們將繼續建立製造能力。

We are, however, taking advantage of the brand that we're building from a global perspective, you'd be surprised when you look at the number of consumers that come to our website looking for our products from markets outside of the US.

然而，我們正在從全球視角利用我們正在建立的品牌，當您看到訪問我們網站尋找我們產品的來自美國以外市場的消費者數量時，您會感到驚訝。

Today, those consumers cannot purchase VINIA.

如今，這些消費者無法購買 VINIA。

So we've been working very hard to be able to open up international shipping to markets which allow you to ship, in most cases, a 90-day supply at one time into a market where the actual consumer understands clearly the duties as well as the shipping charges.

因此，我們一直在努力向市場開放國際運輸服務，在大多數情況下，我們可以一次性將 90 天的供應量運送到實際消費者清楚了解關稅和運費的市場。

And we believe this can add very cost-effectively and efficiently an additional 5% to 7% on overall revenue growth.

我們相信，這可以非常經濟高效地使總收入額外成長 5% 至 7%。

These are some of the elements that we're driving.

這些是我們正在推動的一些要素。

We will continue to work on opening up the regulatory process so that when we do have enough capacity, we have the choices to make to decide whether we enter into specific markets on our own terms.

我們將繼續致力於開放監管流程，以便當我們擁有足夠的能力時，我們可以選擇是否要按照自己的條件進入特定市場。

But from a regulatory perspective, our clinical trials that we're designing, we're designing those trials to give us the ability to flex into those key priority markets, specifically Europe and Japan, which are very important for us.

但從監管角度來看，我們正在設計的臨床試驗是為了讓我們能夠進入那些對我們來說非常重要的關鍵優先市場，特別是歐洲和日本。

Okay.

好的。

And just one final one

最後再說一句

--

--

But the size of the prize is the US.

但獎金的最大來源是美國。

Sorry, just to keep it up.

抱歉，我只是想繼續保持下去。

The size of the prize is in the USA, and that allows us to focus and scale very efficiently.

該獎項的規模在美國，這使我們能夠非常有效地集中精力並擴大規模。

Okay.

好的。

And then just one last one on the CDMO.

最後再問一下 CDMO。

Is that $10 million to $15 million to maybe $20 million in bookings going forward the ideal level you want to at least maintain for the next 12 to 18 months to build out that capacity?

1000 萬美元到 1500 萬美元甚至 2000 萬美元的預訂量是否是您在未來 12 到 18 個月內為了擴大這一產能所希望至少維持的理想水平？

And what's going to come at the back end of it?

那麼最終結果會是什麼呢？

So on capacity, if you mean by capacity -- this is Zaki again.

關於容量，如果您指的是容量的話——這又是紮基。

If you mean by capacity manufacturing, you're absolutely right.

如果您指的是產能製造，那您完全正確。

That would be two years away.

那將是兩年之後的事了。

If you look at the projects that we started, it's 18 to 24 months, and we intend to use some of the capacity that would be available in the second factory we're building in Israel.

如果你看看我們啟動的項目，它需要 18 到 24 個月的時間，我們打算使用我們在以色列建造的第二家工廠的部分產能。

But we are targeting -- for 2027, we're targeting a factory in the United States with significantly higher capacity.

但我們的目標是——到 2027 年，我們在美國建立一座產能顯著提高的工廠。

So from that end.

所以從那一端開始。

And we believe that we have capacity from a development over the next 24 months that is higher than the number you mentioned that could yield bookings north of those $20 million if you look at the period of time preceding the actual factory building.

我們相信，未來 24 個月的開發產能將高於您提到的數字，如果您看一下實際工廠建設之前的時間段，可能會產生超過 2,000 萬美元的訂單。

So that's kind of the plan.

這就是計劃。

Okay.

好的。

Well, thanks, guys, and keep up the great work.

好吧，謝謝大家，繼續努力。

Thank you.

謝謝。

That concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Ilan Sobel for any closing remarks.

我想將會議交還給伊蘭·索貝爾 (Ilan Sobel) 做最後發言。

Thank you, operator, and thank you to all those people that took the time to listen to the conference call and participate in the Q&A.

謝謝接線員，也感謝所有花時間收聽電話會議並參與問答的人。

All that was a very successful quarter.

這是一個非常成功的季度。

I'm really happy with the momentum in the business.

我對業務的發展勢頭感到非常高興。

The fourth quarter, we've given very clear guidance on the $7.2 million on the revenue side.

第四季度，我們對 720 萬美元的收入給出了非常明確的指導。

And as you can see, we're making significant efforts to improve gross profit margins.

正如您所看到的，我們正在做出巨大努力來提高毛利率。

It is very important to highlight the 1,200 basis points improvement in gross profit margins.

值得強調的是，毛利率提高了 1,200 個基點。

This was a very, very heavy lift from the team.

這對團隊來說是一個非常非常沉重的負擔。

We are maniacally focused on driving continued gross profit margin improvements into the foreseeable future.

我們熱切地致力於在可預見的未來持續提高毛利率。

And together with the scaling of the business in fourth quarter and the actions that we've taken, specifically around digitizing the critical biological metrics in our manufacturing facility, I'm confident that the fourth quarter will be another quarter of continued success for the business and really sets up a very, very strong foundation for us to come into 2025, which will be another record year for the business from a top-line and bottom-line perspective.

加上第四季度業務的擴大和我們所採取的行動，特別是圍繞我們製造工廠中關鍵生物指標的數位化，我相信第四季度將是公司繼續取得成功的又一個季度，並為我們進入 2025 年奠定了非常堅實的基礎，從營收和利潤的角度來看，2025 年將是公司創紀錄的又一年。

I'd like to wish everybody a Happy Thanksgiving holiday, and we look forward to the next opportunity to engage with our shareholders.

我祝大家感恩節快樂，我們期待下次有機會與股東們互動。

Thank you.

謝謝。

Conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。