Boqii Holding Ltd (BQ) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to Boqii's second-half and fiscal-year 2023 earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

美好的一天，女士們先生們。感謝您的耐心等待，歡迎參加波奇下半年及 2023 財年財報電話會議。 （操作員說明）謹此提醒，我們正在對今天的通話進行錄音。如果您有任何異議，您可以此時斷開連接。

Now, I will turn the call over to L, Boqii's Head of Investor Relations. L?

現在，我將把電話轉給波奇投資者關係主管L。 L？

Thank you, operator. And good morning, everyone. Welcome to Boqii's second-half and fiscal year 2023 earnings conference call. Joining us today are Ms. Lisa Tang, Co-CEO and CFO; as well as Mr. [Loyal Day], our Financial VP. (spoken in Chinese)

謝謝你，接線員。大家早上好。歡迎參加波奇下半年及2023財年財報電話會議。今天加入我們的是聯席首席執行官兼首席財務官 Lisa Tang 女士；以及我們的財務副總裁 [Loyal Day] 先生。 (用中文說)

We released results earlier today. The press release is available on the company's IR website at ir.boqii.com, as well as from newswire services. A replay of the call will be available on the site later today. (spoken in Chinese)

我們今天早些時候發布了結果。該新聞稿可在該公司的投資者關係網站 ir.boqii.com 以及新聞專線服務上獲取。今天晚些時候，網站上將提供通話重播。 (用中文說)

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties are included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. (spoken in Chinese)

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，公司的實際結果可能與今天表達的預期存在重大差異。有關這些以及其他風險和不確定性的更多信息包含在該公司向 SEC 提交的公開文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。 (用中文說)

Please note that certain financial measures that we use on this call, such as non-GAAP net loss, non-GAAP net loss margin, EBITDA, and EBITDA margin, are expressed on a non-GAAP basis. Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. (spoken in Chinese)

請注意，我們在本次電話會議中使用的某些財務指標，例如非 GAAP 淨虧損、非 GAAP 淨虧損率、EBITDA 和 EBITDA 利潤率，均以非 GAAP 為基礎表示。我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的調節可以在我們的收益新聞稿中找到。 (用中文說)

Also, please be reminded that unless otherwise stated, all figures mentioned during the conference call are in Chinese RMB. (spoken in Chinese)

另請注意，除非另有說明，電話會議中提到的所有數字均以人民幣為單位。 (用中文說)

With that, let me now turn the call over to our Co-CEO and CFO Ms. Lisa Tang. (spoken in Chinese)

現在，讓我將電話轉給我們的聯合首席執行官兼首席財務官 Lisa Tang 女士。 (用中文說)

Over to you, Lisa.

交給你了，麗莎。

Thank you, L, and many thanks to everyone for joining the call today. In fact, fiscal year 2023 was a challenging year for e-commerce in China. Increasing geopolitical risks and lingering COVID-19 impact have led to a wide range of change in the global supply chain. That was subsequently translated to growing raw material and logistic costs. The rising inflation and uncertainties has also led to a general conversation among consumers. In the case of China, the COVID prevention priorities have also created short term problems on production and delivery. (spoken in Chinese)

謝謝你，L，非常感謝大家今天加入電話會議。事實上，2023財年對於中國電商來說是充滿挑戰的一年。日益增加的地緣政治風險和揮之不去的新冠肺炎 (COVID-19) 影響導致全球供應鏈發生廣泛變化。這隨後轉化為原材料和物流成本的增長。通脹上升和不確定性也引發了消費者的普遍討論。就中國而言，新冠疫情預防重點也給生產和交付帶來了短期問題。 (用中文說)

In spite of this, we remain confident in our unique positioning in China's expanding tech market. We saw a favorable increase in the number of pets and the growing penetration of pet e-commerce that will support further pet number online. We also saw the trend of consumption upgrade supported by the strong growth in unique markets such as pet food and healthcare products. (spoken in Chinese)

儘管如此，我們對我們在中國不斷擴大的科技市場中的獨特定位仍然充滿信心。我們看到寵物數量的有利增長以及寵物電子商務的滲透率不斷提高，這將支持更多的在線寵物數量。我們還看到，寵物食品、保健品等獨特市場的強勁增長支撐著消費升級的趨勢。 (用中文說)

Over the year, we strived to strengthen our group along the supply chain integration in order to improve the operational efficiency and enhanced margins. For example, in the post-COVID era, based on the systems reporting, we switched from traditional warehousing to cloud warehousing management, allowing us to yield better efficiencies. We also relabeled our upstream production and manufacturing network so that we can enhance our cost optimization, accelerating production and varieties for our growth business. (spoken in Chinese)

過去一年，我們致力加強集團供應鏈整合，以提高營運效率及提升利潤率。例如，在後疫情時代，我們根據系統報表，從傳統倉儲轉向雲倉儲管理，從而獲得更好的效率。我們還重新標記了上游生產和製造網絡，以便我們能夠加強成本優化，加快增長業務的生產和品種。 (用中文說)

We are particularly encouraged by the fact that we see a strong monthly performance at the end of the fourth quarter. We also have to report that the non-GAAP net loss has significantly narrowed by 41.6% (sic - see press release, "41.7%") in fiscal year 2023, laying a solid foundation for China around in fiscal year 2024. (spoken in Chinese)

我們特別感到鼓舞的是，我們在第四季度末看到了強勁的月度業績。我們還必須報告的是，2023 財年非 GAAP 淨虧損大幅收窄了 41.6%（原文如此，請參閱新聞稿，“41.7%”），為中國在 2024 財年左右奠定了堅實的基礎。中國人）

Looking ahead, we expect China's consumer sentiment to rebound as a result of post-COVID era as well as the reversing macro uncertainties and the inflation impact. We will continue to drive business development and financial growth through organic development and M&As, as we are confident that Boqii will continue to grow in creating long term values from our shareholders, branded partners, and pet parents. (spoken in Chinese)

展望未來，我們預計，由於後疫情時代以及宏觀不確定性的扭轉和通脹影響，中國的消費者信心將出現反彈。我們將繼續通過有機發展和併購來推動業務發展和財務增長，因為我們相信波奇將在為股東、品牌合作夥伴和寵物父母創造長期價值的過程中不斷成長。 (用中文說)

As part of management team, we believe we are heading towards the right direction. Our team will continue to work with passion while keeping a keen eye on our operation and potential market opportunities. In order to repay our trust and confidence, let me pass the time to L to further update you on our operations in the private labels in fiscal year 2023. (spoken in Chinese)

作為管理團隊的一部分，我們相信我們正在朝著正確的方向前進。我們的團隊將繼續充滿激情地工作，同時密切關注我們的運營和潛在的市場機會。為了回報我們的信任和信心，請允許我抽出時間向L進一步介紹我們2023財年自有品牌的運營情況。

Thank you, Lisa. Despite the obstacles we faced during the year, Boqii continued to focus on building its community and enhancing its supply chain proposition. Through our growing brand profile, comprehensive content, and an extensive selection of products, our Boqii mall was able to maintain resilient performance, even though consumer sentiment was relatively weak during the second half. (spoken in Chinese)

謝謝你，麗莎。儘管我們在這一年中遇到了障礙，但波奇繼續專注於社區建設和供應鍊主張。儘管下半年消費者信心相對疲軟，但憑藉不斷提升的品牌形象、全面的內容和廣泛的產品選擇，波奇商城仍能保持強勁的業績表現。 (用中文說)

In numbers, our number of users demonstrated a satisfying increase of 16.2% year-on-year to over 5.8 million. The stickiness was also reflected in the historic low CAC, down by 57.2% year-on-year to RMB5.3 for the year. That showcases our ability to expand user pool at a low cost and actually a solid foundation for our future growth. (spoken in Chinese)

從數量上看，我們的用戶數量同比增長 16.2%，達到 580 萬以上，表現令人滿意。這種粘性還體現在CAC創歷史新低，全年同比下降57.2%至人民幣5.3元。這展示了我們以低成本擴大用戶群的能力，實際上為我們未來的增長奠定了堅實的基礎。 (用中文說)

During the year, Boqii also saw excellent performance from its private label. It's GMV for the year was up by 6.2% year-on-year. Its revenue also recorded a remarkable increase of 19.2% year-on-year despite a weak second half. We saw strong growth across all product categories, including pet food, snacks, pet supplies, as well as medical and health products. (spoken in Chinese)

這一年，波奇自有品牌也有出色的表現。全年GMV同比增長6.2%。儘管下半年表現疲弱，但其收入仍同比大幅增長19.2%。我們看到所有產品類別均強勁增長，包括寵物食品、零食、寵物用品以及醫療保健產品。 (用中文說)

Leveraging by our improving big data capability, we also took the opportunity to optimize our private label mix so as to avoid carrying non-performing products, which [tracks a third asset] efficiency as well as to improve product quality to satisfy pet parents' needs. The reshuffle, along with the growing revenue contributions from private label from 15.4% to 19.9%, was able to drive group-level gross profit margin to 21.4%. That represents a modest enhancement of 90 basis points year on year coming from a period built with service, supply chain, and consumer market disruption. (spoken in Chinese)

憑藉不斷提升的大數據能力，我們還藉此機會優化自有品牌組合，避免不良產品的出現，提高[追踪第三資產]效率，並提高產品質量，滿足寵物父母的需求。此次重組，加上自有品牌的收入貢獻從 15.4% 上升至 19.9%，集團層面的毛利率提升至 21.4%。這意味著在服務、供應鍊和消費者市場混亂的時期內，同比小幅提高了 90 個基點。 (用中文說)

We believe the private label business will be one of our key growth drivers in the future. Looking ahead, we will continue to refine our product mix, enhance product quality, and expand our distribution network so as to support our private label development. (spoken in Chinese)

我們相信自有品牌業務將成為我們未來的主要增長動力之一。展望未來，我們將繼續完善產品結構、提高產品質量並擴大分銷網絡，以支持自有品牌的發展。 (用中文說)

All in all, we believe it is important for us to enhance our value proposition, allowing ourselves to have more buffer regardless of the macro environment. To do so as the leading position of the pet industry, we will continue to find more opportunities to reinforce our closed-loop community by enhancing our coverage from upstream production, midstream warehousing and distribution, to downstream presence and offline touch point average. And as the pet market is relatively fragmented, we look forward to creating an all-rounded ecosystem which bring value to pet parents and brand partners. (spoken in Chinese)

總而言之，我們認為增強我們的價值主張對我們來說很重要，無論宏觀環境如何，都可以讓我們擁有更多緩衝。為了保持寵物行業的領先地位，我們將繼續尋找更多機會，通過擴大從上游生產、中游倉儲和配送、到下游佈局和線下接觸點的覆蓋範圍來強化我們的閉環社區。由於寵物市場相對分散，我們期待打造一個全方位的生態系統，為寵物父母和品牌合作夥伴帶來價值。 (用中文說)

Now, I will turn the call over to our Financial VP, Loyal, who will share more details on our financials. Loyal? (spoken in Chinese)

現在，我將把電話轉給我們的財務副總裁 Loyal，他將分享有關我們財務的更多詳細信息。忠誠？ (用中文說)

Thanks, L. In the following, I'd like to share more on our financial performance for the year. In spite of the market difficulty brought by COVID-19, we still delivered year-over-year improvement for the year, supported by expanding margins and improving cost control. (spoken in Chinese)

謝謝L。接下來，我想分享更多關於我們這一年的財務業績。儘管受到 COVID-19 帶來的市場困難，但在利潤率擴大和成本控制改善的支持下，我們今年的業績仍同比改善。 (用中文說)

Our full-year revenue was RMB1.09 billion, down by 8% year-over-year as a result of lingering COVID-19 disruptions and working market conditions, supported by the growing contributions from Boqii Mall and the private label along with our efforts in private label product mix optimization. Gross profit margin recorded an 90-basis-point increased to 21.4%, with gross profit reaching RMB233.5 million for the year. (spoken in Chinese)

由於持續的 COVID-19 干擾和市場狀況，我們的全年收入為人民幣 10.9 億元，同比下降 8%，這得益於波奇商城和自有品牌不斷增長的貢獻以及我們的努力自有品牌產品組合優化。毛利率上升90個基點至21.4%，全年毛利達到人民幣233.5百萬元。 (用中文說)

Fulfillment expenses decreased to RMB126.3 million, as compared to RMB134 million last year, as a result of the decrease in GMV and revenue. However, benefited from the gross profit margin enhancement, post-fulfillment margin increased from 9.2% last year to 9.8% this year in spite of the surging logistics cost and COVID-19 pandemic. (spoken in Chinese)

由於 GMV 和收入下降，配送費用從去年的人民幣 1.34 億元減少至人民幣 1.263 億元。然而，受益於毛利率的提升，儘管物流成本飆升和COVID-19大流行，履約後利潤率仍從去年的9.2%上升至今年的9.8%。 (用中文說)

Total sales and marketing expenses for the year were RMB124 million, significantly down by 27.5% from RMB171 million last year. Sales and marketing expenses as a percentage of total revenue was 11.4%, down from 14.4% mainly due to the decrease in advertising expenses amount to RMB36.7 million, resulting from the increased proportion of revenue generated from more cost-efficient channels. (spoken in Chinese)

全年銷售及營銷費用總額為人民幣1.24億元，較去年的人民幣1.71億元大幅下降27.5%。銷售及營銷費用佔總收入的比例為11.4%，低於14.4%，主要是由於更具成本效益的渠道產生的收入比例增加，廣告費用減少至人民幣3,670萬元。 (用中文說)

General and administrative expenses were RMB46.6 million, down by 38.9% from RMB76.2 million in fiscal year 2022. General and administrative expenses as a percentage of total revenue was 4.3%, down from 6.4% in fiscal year 2022. The decrease was primarily attributable to the decrease in share-based compensation expenses. (spoken in Chinese)

一般及行政費用為人民幣 4,660 萬元，較 2022 財年的人民幣 7,620 萬元下降 38.9%。一般及行政費用佔總收入的百分比為 4.3%，較 2022 財年的 6.4% 下降。主要是由於股權激勵費用減少。 (用中文說)

That came to a net loss of RMB106 million for the year versus a net loss of RMB132.8 million last year, representing a 20.2% reduction year-over-year. Impairment of goodwill of RMB40.7 million was recorded in net loss in fiscal year '23 compared to nil in fiscal year 2022. If excluding impairment of goodwill, net loss of this year is RMB65.3 million compared to RMB132.8 million of last year, representing a 51% improvement year over year. Non-GAAP net loss for the year also came to RMB70.7 million, representing a 41.7% reduction year over year. (spoken in Chinese)

全年淨虧損為人民幣1.06億元，而去年淨虧損為人民幣1.328億元，同比減少20.2%。商譽減值人民幣 4,070 萬元計入第 23 財年的淨虧損，而 2022 財年為零。如果剔除商譽減值，今年的淨虧損為人民幣 6,530 萬元，而去年的淨虧損為人民幣 1.328 億元。同比增長 51%。全年非美國通用會計準則淨虧損也為人民幣7,070萬元，同比減少41.7%。 (用中文說)

On our financial position as of March 31, 2023, if excluding the RMB102.8 million of the long-term debt, our effective debt-to-asset ratio stood at [39%]. As we are in the progress of completing shareholder (inaudible) is expected to receive the equivalent amount in US dollars from overseas, which will be recorded in equity after repaying the RMB102.8 million of the long-term debt. Moreover, as of March 31, 2023, our cash and cash equivalent and short-term investment is RMB160 million.

就我們截至2023年3月31日的財務狀況而言，如果剔除人民幣1.028億元的長期債務，我們的有效資產負債率為[39%]。由於我們正在完成，股東（聽不清）預計將從海外收到等值的美元，在償還人民幣 102.8 百萬元的長期債務後將記入權益。此外，截至2023年3月31日，我們的現金及現金等價物和短期投資為人民幣1.6億元。

Our net operating cash outflow in fiscal year '23 was [RMB52.3 million], representing a significant decrease of [RMB95 million] compared to [RMB147] million in 2022. With no major CapEx posting and a strong credit line back up, we believe we are cash sufficient to support our operations and pursue new improvement, especially with our CAC achieving near low and as we get closer to our breakeven point. (spoken in Chinese)

我們 23 財年的淨經營現金流出為 [5230 萬元人民幣]，與 2022 年的 [1.47 億元人民幣] 相比，大幅減少了 [9500 萬元人民幣]。由於沒有重大資本支出和強大的信貸額度支持，我們相信我們有足夠的現金來支持我們的運營並追求新的改進，特別是當我們的 CAC 接近低點且我們越來越接近盈虧平衡點時。 (用中文說)

Let's now move on to the Q&A session. Operator? (spoken in Chinese)

現在讓我們進入問答環節。操作員？ (用中文說)

(Operator Instructions) Matt Ma, China Securities.

（操作員指令） 馬特，中國證券。

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Okay. (spoken in Chinese) Let me translate first. So Matt want to know -- he saw that the revenue is down, understanding that it may be related to the COVID-19 last year. So he would like to know our forecast for the fiscal 2024 revenue. Loyal, please.

好的。 （用中文發言）我先翻譯一下。所以馬特想知道——他看到收入下降了，他知道這可能與去年的 COVID-19 有關。所以他想知道我們對 2024 財年收入的預測。請忠誠。

(spoken in Chinese) Yes, our revenue has a slight decrease compared to fiscal year 2022 due to the COVID-19. After the recovery of COVID-19, we expect our revenue growth will be higher than last year. Thank you. (spoken in Chinese)

（中文）是的，由於 COVID-19 的影響，我們的收入與 2022 財年相比略有下降。 COVID-19 恢復後，我們預計我們的收入增長將高於去年。謝謝。 (用中文說)

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(spoken in Chinese) Okay, let me translate first. Matt want to know that the net loss for the whole year narrowed down by around 20%, which is lower than that of the first half of the year. So he would like to know about the reason.

（中文） 好的，我先翻譯一下。馬特要知道，全年淨虧損收窄20%左右，低於上半年。所以他很想知道其中的原因。

(spoken in Chinese) Our net loss of fiscal year '23 was RMB106 million representing a decrease of 22% (sic - see press release, "20.2%") from net loss of RMB132.8 million in fiscal year '22. Impairment of goodwill of RMB40.7 million was recorded in net loss in fiscal year '23 compared to nil in fiscal year '22. If excluding impairment of goodwill, net loss was RMB65.3 million in fiscal year '23 represents a decrease of 51% from net loss of RMB132.4 million (sic - see press release, "RMB132.8") of fiscal year '22. Thank you.

（中文） 我們的 23 財年淨虧損為人民幣 1.06 億元，較 22 財年的淨虧損 1.328 億元人民幣下降了 22%（原文如此，見新聞稿，“20.2%”）。 '23 財年的淨虧損中記錄了人民幣 4070 萬元的商譽減值，而 '22 財年則為零。如果不包括商譽減值，'23 財年的淨虧損為人民幣 6530 萬元，比'22 財年的淨虧損人民幣 1.324 億元（原文如此 - 參見新聞稿，“人民幣 132.8 元”）下降了 51% 。謝謝。

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Are you ready for the next question?

你準備好回答下一個問題了嗎？

Yeah. Of course, please.

是的。當然，請。

Thank you. [Yushi Zhang], CICC.

謝謝。 [張雨詩]，中金公司。

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(用中文說)

Okay. Let me translate first. Yushi asked two questions. First, she said that we operated the private labels already long time. And she saw that the private label performance is good in fiscal year 2023. And she would like to know our planning for the private labels and want to know the future forecast for the private label, the revenue and the gross profit margin.

好的。我先翻譯一下。雨詩問了兩個問題。首先，她說我們經營自有品牌已經很長時間了。她看到自有品牌在2023財年的表現很好。她想知道我們對自有品牌的規劃，想知道自有品牌未來的預測、收入和毛利率。

(spoken in Chinese)

(用中文說)

Okay. Let me translate first. Lisa answered that yes, we have made a plan on the strategy of the private label. And relying on the original data and user advantage, it is expected that the proportion of the private label revenue will exceed around 30% in the future. And the gross profit margin rates will exceed 35%.

好的。我先翻譯一下。 Lisa回答說是的，我們已經制定了自有品牌戰略的計劃。並且依托原有數據和用戶優勢，預計未來自有品牌收入佔比將超過30%左右。毛利率將超過35%。

And the second question, Yushi said that she saw that -- she would like to know the current cash flow of the company. And she would like to know how long could the current cash flow maintain the business operation.

第二個問題，雨詩說她看到了——她想知道公司目前的現金流。她想知道目前的現金流還能維持企業運營多久。

(spoken in Chinese)

(用中文說)

(spoken in Chinese)

(用中文說)

(spoken in Chinese)

(用中文說)

Okay. Let me translate first. Firstly, I will translate the answer for the last question.

好的。我先翻譯一下。首先我來翻譯一下最後一個問題的答案。

Okay. For the second question, Lisa answered that our -- the cash flow of the fiscal 2023 has been greatly improved compared with before. And also, it's thanks to the efforts of the team. And as of March 31, 2023, the company has RMB160 million in cash and cash equivalents and short-term investments. And the operating cash outflow of RMB147 million in fiscal year 2022 narrowed significantly to [RMB51 million] in fiscal year 2023.

好的。對於第二個問題，麗莎回答說，我們的——2023財年的現金流比之前有了很大的改善。而且，這也得益於團隊的努力。截至2023年3月31日，公司擁有現金及現金等價物及短期投資人民幣1.6億元。 2022財年經營性現金流出1.47億元人民幣，2023財年大幅收窄至5100萬元人民幣。

And we believe that -- we expect that the narrowing range will be further improved and -- with stable way of the market and consumption and with the growth of income and the improvement of operating data which can support the company's operations for a really long time. And Yushi asked -- the third question is that, when will the forecast for the private label will be achieved? And what measures will the company will be take to achieve this guidance?

我們相信，隨著市場和消費的穩定，隨著收入的增長和經營數據的改善，我們預計收窄的幅度將進一步改善，這可以在很長一段時間內支撐公司的運營。於時問——第三個問題是，自有品牌的預測什麼時候能實現？公司將採取哪些措施來實現這一指導方針？

(spoken in Chinese)

(用中文說)

Okay. Let me translate first. The proportion around 30% is a medium-term goal, and there will be further in our future. And at present, the industry -- we could see that the industries are relatively scattered. And we have developed a series of strategies to complement the current market situation and to use the big data to do the label -- brand metrics and brand lane.

好的。我先翻譯一下。 30%左右的比例是中期目標，未來還會有進一步的目標。目前，我們可以看到，行業是比較分散的。而我們制定了一系列的策略來補充目前的市場情況，利用大數據來做標籤——品牌指標和品牌車道。

And for the gross profit margin, we think that the different categories and different brand combinations could help us to improve the gross margin. And some categories of rebrand in incubation stage will make process to cultivate customer combination. And we believe that the comprehensive performance will be -- exceed the 35%. Okay. Thank you.

對於毛利率，我們認為不同的品類和不同的品牌組合可以幫助我們提高毛利率。而一些品類的品牌重塑在孵化階段會做出培育客戶組合的過程。我們相信綜合表現將會——超過35%。好的。謝謝。

(spoken in Chinese)

(用中文說)

(spoken in Chinese)

(用中文說)

(spoken in Chinese)

(用中文說)

Thank you. I'm seeing no more questions in the queue. Let me turn the call back to Ms. L, live, for closing remarks.

謝謝。我在隊列中沒有看到更多問題。讓我將電話轉回給現場的 L 女士，讓其致閉幕詞。

Okay. Thank you. Thank you, operator, and thank you all for participating in today's call and for your support. We appreciate your interest and look forward to reporting to you again on our progress in the next half year. Thank you.

好的。謝謝。謝謝接線員，也感謝大家參加今天的電話會議並給予支持。我們感謝您的關注，並期待再次向您報告我們下半年的進展。謝謝。

Thank you all again. This concludes the call. You may now disconnect.

再次感謝大家。通話就此結束。您現在可以斷開連接。