Black Stone Minerals LP (BSM) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Van, and I will be your conference operator today. At this time, I would like to welcome everyone to Blackstone Minerals third quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待。我叫範，今天我將擔任你們的會議接線生。此時此刻，我謹代表黑石礦業公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

Thank you. I will now turn the call over to Mark Moe, Director of Finance. You may now begin, sir.

謝謝。現在我將把電話交給財務總監馬克·莫伊。先生，您可以開始了。

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Blackstone Minerals third quarter 2025 earnings conference call. Today's call is being recorded and will be available on our website along with the earnings release which was issued last night. Before we start, I'd like to advise you that we will be making forward-looking statements during this call about our plans, expectations, and assumptions regarding our future performance.

謝謝。各位早安。感謝各位透過電話或網路參加黑石礦業2025年第三季財報電話會議。今天的電話會議正在錄音，錄音將與昨晚發布的財報一起發佈在我們的網站上。在開始之前，我想告知各位，我們將在本次電話會議中就我們未來的計劃、預期和假設發表一些前瞻性聲明。

These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements. For a discussion of these risks, you should refer to the cautionary information about forward-looking statements in our press release from yesterday and the risk factors section of our 2024, 10-K.

這些聲明涉及風險，可能導致我們的實際結果與前瞻性聲明中明示或暗示的結果有重大差異。有關這些風險的討論，請參閱我們昨天發布的新聞稿中關於前瞻性聲明的警示信息以及我們 2024 年 10-K 文件中的風險因素部分。

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of those measures to the most directly comparable GAAP measure and other information about these non-GAAP metrics are described in our earnings press release from yesterday which can be found on our website at www.blackstoneminerals.com.

我們可能會參考一些我們認為有助於評估我們績效的非GAAP財務指標。這些指標與最直接可比較的 GAAP 指標的調節情況以及有關這些非 GAAP 指標的其他信息，已在我們昨天發布的盈利新聞稿中進行了描述，該新聞稿可在我們的網站 www.blackstoneminerals.com 上找到。

Joining me on the call from the company are Tom Carter, Chairman, CEO, and President; Taylor DeWalch, Senior Vice President, Chief Financial Officer and Treasurer; Steve Putman, Senior Vice President and General Counsel; Fowler Carter, Senior Vice President, Corporate Development; and Chris Bonner, Vice President, Chief Accounting Officer. I'll now turn the call over to Tom.

與我一同參加此次電話會議的公司代表有：董事長、執行長兼總裁湯姆·卡特；高級副總裁、首席財務官兼財務主管泰勒·德瓦爾奇；高級副總裁兼總法律顧問史蒂夫·普特曼；高級副總裁兼企業發展主管福勒·卡特；以及副總裁兼首席會計官克里斯·邦納。現在我將把電話交給湯姆。

Thank you very much, Mark. Good morning and thank you all for joining us on the third quarter earnings call. Before we discuss our financial and operating results, I'd like to congratulate Fowler Carter, Taylor DeWalch, and Chris Bonner on their announced upcoming promotions. I'm excited for and confident in their leadership as we look to the continued growth and success of Blackstone for many years to come. Looking forward to my new role as Executive Chair as well, and we will continue to provide strategic guidance to the management and lead the board. Thank you to all of our employees who continue to work very hard day in and day out to drive Blackstone's success and position us for an exciting future.

非常感謝你，馬克。各位早安，感謝各位參加第三季財報電話會議。在討論財務和營運表現之前，我想先祝賀福勒·卡特、泰勒·德瓦爾奇和克里斯·邦納即將晉升。我對他們的領導充滿信心，並期待黑石集團在未來多年繼續發展壯大，取得成功。我也很期待擔任執行主席這個新角色，我們將繼續為管理階層提供策略指導，並領導董事會。感謝所有員工日復一日的辛勤工作，正是你們的努力推動了黑石集團的成功，並為我們創造了令人振奮的未來。

We continue to pursue acquisitions through the Haynesville expansion around Shelby Trough, and we're looking forward to revenant development getting underway in early 2026. We also continue to work towards solidifying another development agreement covering 220,000 gross acres in between Aethon's development in the Shelby Trough and expands development in the Western Haynesville.

我們繼續透過海恩斯維爾週邊謝爾比槽地的擴張進行收購，並期待在 2026 年初開始進行復墾開發。我們也將繼續努力鞏固另一項開發協議，涵蓋 Aethon 在 Shelby Trough 的開發項目和在 Western Haynesville 的擴展開發項目之間 220,000 英畝的總面積。

Unscripted, I also add, we are working on yet another package that we hope to assemble and market in the not-too-distant future. The recently announced expand energy horizontal well and successful pilot well, in addition to the ongoing development throughout the Western Haynesville, provide even further confidence in the Hainesville expansion play and long runway of inventory.

我還想補充一點，我們正在開發另一個軟體包，希望在不久的將來能夠組裝並推向市場。最近宣布的擴建能源水平井和成功的試驗井，加上西海恩斯維爾正在進行的開發，進一步增強了人們對海恩斯維爾擴建項目和長期儲量的信心。

As mentioned previously, we expect these development agreements to ultimately drive over 50 wells drilled in the expanded Shelby Trough per year, providing significant gas growth for the partnership in a constructive outlook for demand in the region. And this is in conjunction with ongoing great opportunities coming up in other areas in our properties. We remain focused on this significant growth opportunity that results in the increasing production and distribution outlook for years ahead.

如前所述，我們預計這些開發協議最終將推動每年在擴大的謝爾比槽地鑽探 50 多口井，為該合作關係帶來顯著的天然氣增長，並對該地區的需求前景持樂觀態度。同時，我們旗下其他物業領域也湧現出許多絕佳的機會。我們將繼續專注於此重要的成長機遇，這將為未來幾年生產和分銷前景帶來成長。

With that, I'll hand it over to Fowler to walk through the operational updates.

接下來，我將把發言權交給福勒，讓他來介紹營運的最新進展。

Thank you, Tom, Dad, and good morning to everyone. During the quarter, we progressed our commercial initiatives across the expanded Shelby Trough, including working with Revenant Energy on their inaugural development program beginning early next year. Our marketing efforts on an additional 220,000 gross acres is progressing well with a framework agreement that would add the equivalent of 12 additional wells annually to our acreage by 2030.

謝謝湯姆、爸爸，大家早安。本季度，我們在擴大的謝爾比槽地推進了商業計劃，包括與 Revenant Energy 合作開展其首個開發項目，該項目將於明年初啟動。我們在另外 22 萬英畝土地上的行銷工作進展順利，一項框架協議將使我們到 2030 年每年增加相當於 12 口新井的產量。

We expect these new developments coupled with our existing agreements to more than double the current annual drilling rate in the expanded Shelby Trough in the next five years. There is also the opportunity for our operating partners to exceed their annual well commitments, and we are excited about the multiple decades of development inventory in this play.

我們預計，這些新進展加上我們現有的協議，將在未來五年內使擴建後的謝爾比槽的年鑽井速度翻一番以上。我們的營運合作夥伴也有機會超越其年度油井承諾，我們對該油田數十年的開發潛力感到興奮。

Our grass-roots acquisition program also continues to progress well. We added $20 million in mineral and royalty acquisitions during the quarter, bringing our total acquisitions since September 2023 to roughly $193 million. We have a line of sight to an additional acquisition opportunities in the near term, which we expect to enhance our existing asset position in the Shelby Trough and to add long-term value for our unit holders. While 2025 development activity has slowed across the US, we are optimistic looking ahead to 2026 given our existing and pending development agreements across our high interest acreage in the Shelby Trough.

我們的基層招募計畫也持續進展順利。本季我們新增了 2,000 萬美元的礦產和特許權使用費收購，使我們自 2023 年 9 月以來的總收購金額達到約 1.93 億美元。我們預計近期將有更多收購機會，這將增強我們在謝爾比槽地的現有資產地位，並為我們的單位持有人增加長期價值。雖然 2025 年美國各地的開發活動有所放緩，但鑑於我們在謝爾比槽地高價值地塊上已有的和即將簽署的開發協議，我們對 2026 年充滿信心。

Turning to the Permian, the large project we were monitoring remains on track to add meaningful oil volumes to our production base. We're also tracking several new projects on our high interest acreage there that are expected to add additional liquid volumes in the next 12 to18 months. We believe that these projects, in addition to our agreements in the Shelby Trough, provide Blackstone a path to increase production and in turn higher distribution.

再來看二疊紀盆地，我們一直在關注的大型專案仍按計畫進行，將為我們的生產基地增加可觀的石油產量。我們也正在關注我們重點關注的土地上的幾個新項目，預計這些項目將在未來 12 至 18 個月內增加額外的液體產量。我們相信，除了我們在謝爾比槽的協議之外，這些項目將為黑石集團提供一條提高產量並進而提高分銷的途徑。

With all of that, I'll turn it over to Taylor to walk through the financial details of the quarter.

接下來，我將把發言權交給泰勒，讓他詳細介紹本季的財務狀況。

Thanks, Fowler. Good morning, everyone. We had a successful third quarter with mineral and royalty production of 34,700 BOE per day, an increase of 5% over the prior quarter. The increase in production quarter over quarter was driven by strong volumes in the Permian Basin. Total production volumes were 36,300 BOE per day. While we currently sit near the high end of the range, production guidance for 2025 is unchanged at 33,000 to 35,000 BOE per day. We continue to monitor activity levels and commodity price dynamics as we look towards the fourth quarter of 2025 and full year 2026 production and distributions.

謝謝你，福勒。各位早安。第三季業績斐然，礦產和特許權使用費日產量達到 34,700 桶油當量，比上一季成長 5%。產量環比成長主要得益於二疊紀盆地的強勁產量。總產量為每天 36,300 桶油當量。雖然我們目前處於預期範圍的高端，但2025年的產量預期仍為每天33,000至35,000桶油當量。我們將持續關注活動水準和商品價格動態，展望 2025 年第四季和 2026 年全年的生產和分銷情況。

Net income was $91.7 million for the third quarter with adjusted EBITDA at $86.3 million. 57% of oil and gas revenue in the quarter came from oil and condensate production. As previously announced, we declared a distribution of $0.30 per unit for the quarter or $1.20 on an annualized basis. Distributable cash flow for the quarter was $76.8 million which represents 1.21 times coverage for the period. The excess coverage was used to partially fund acquisitions and maintain a solid financial and leveraged position.

第三季淨利為9,170萬美元，調整後EBITDA為8,630萬美元。該季度石油和天然氣收入的57%來自石油和凝析油生產。正如先前宣布的那樣，我們宣布本季每單位分紅 0.30 美元，或按年計算分紅 1.20 美元。本季可分配現金流為 7,680 萬美元，相當於該期間現金流覆蓋率的 1.21 倍。超額保險資金用於部分收購，並維持穩健的財務狀況和槓桿水準。

As Tom mentioned earlier, the partnership's outlook remains strong, anchored by long-term contract development in our high interest, Shelby Trough acreage, as well as our core legacy assets across the US. In addition, with increasing demand from LNG and power, the outlook for natural gas is increasingly constructive over the next decade. With significant assets in close proximity to LNG facilities, Blackstone is in a prime position to benefit from the looming call on gas supply.

正如湯姆之前提到的，該合夥企業的前景依然強勁，這得益於我們在謝爾比槽地塊（Shelby Trough）的長期合約開發，以及我們在美國各地的核心傳統資產。此外，隨著液化天然氣和電力需求的不斷增長，未來十年天然氣的前景越來越樂觀。黑石集團在液化天然氣設施附近擁有大量資產，因此處於有利地位，預計將從即將到來的天然氣供應需求中獲益。

In conclusion, we had a solid quarter bolstered by strong oil volumes from our Permian assets, which ultimately produced robust coverage of the announced distribution. Going forward, we remain confident that our existing acreage positions, coupled with our commercial strategy and the expanded Shelby Trough will provide a strong foundation to deliver sustainable long-term value for unit holders.

總之，本季業績穩健，這得益於我們二疊紀盆地資產強勁的石油產量，最終實現了已宣布的分紅。展望未來，我們仍然相信，我們現有的土地面積，加上我們的商業策略和擴建後的謝爾比槽，將為單位持有人帶來可持續的長期價值奠定堅實的基礎。

With that, we'd like to open the call for questions.

接下來，我們想接受大家的提問。

(Operator Instructions)

（操作說明）

John Annis, Texas Capital.

約翰·安尼斯，德克薩斯資本。

Hey, good morning all and congratulations to everyone on their new roles. For my first question how many acres currently being marketed in the KLX area, I think on the September update call, you mentioned that you were on the one-yard line with getting a deal across. I was hoping if you could provide a quick update on where those discussions currently sit.

大家好，早安！祝賀各位履新。我的第一個問題是，目前KLX地區有多少英畝土地正在出售？我記得在九月的電話會議上，您提到已經接近達成交易。我希望您能簡要介紹一下這些討論目前進展如何。

And secondly, if you've seen any increased interest in potential commitments to the development following expands entry into the Western Haynesville? And then maybe just building off of Tom's remark that you're also working on assembling another package, is there any additional color that you could share at this time?

其次，隨著西海恩斯維爾地區市場規模的擴大，您是否注意到人們對該地區開發的潛在投資興趣增加？然後，也許可以藉用湯姆的話，說你也在著手組裝另一個軟體包，你現在還能分享一些其他的資訊嗎？

Well, I'll start with the one-yard line comment. We were at the one-yard line and now we're at the half-yard line, so it's progressed and we expect to hopefully have that wrapped up here in the next couple of weeks. But we'll let you all know how that goes and we'll announce that information accordingly.

好吧，我先來說說關於一碼線的評論。我們之前在一碼線，現在已經到了半碼線，所以比賽取得了進展，我們希望在接下來的幾週內能夠完成比賽。但我們會及時告知大家進展情況，並會相應地公佈相關資訊。

Remind me your second part of your question before we go on to the expanded area that Dan mentioned.

在我們繼續討論丹提到的擴展區域之前，請提醒我你的問題的第二部分。

Yeah, just if you've been seeing any increased interest in potential commitments just following expands announcement in their entry into the Western Haynesville.

是的，如果你注意到在他們宣布進軍西部海恩斯維爾之後，人們對潛在投資的興趣增加的話。

We say interest remains robust across this whole area and increased commitment. What I'm comfortable saying about that is that our operating partners have the ability to flex up above and beyond their minimum annual commitments and so you can certainly see some relative outperformance there.

我們認為，整個領域的興趣依然濃厚，投入也不斷增加。我可以肯定地說，我們的營運合作夥伴有能力超越其最低年度承諾，因此您當然可以看到一些相對優異的業績。

Now is there any color that you could offer on the package that you're working on assembling that you mentioned in the prepared remarks?

那麼，您在準備好的演講稿中提到的，您正在組裝的包裝上，是否有任何顏色可供選擇？

I'm going to let Dan take that one because he's real excited about it.

我打算讓丹來做這件事，因為他對此感到非常興奮。

If you look at the Shelby Trough in the Western Haynesville, and now the expand well -- the Yancey Well which is about 20% to 30% further to the east than any of the wells that have been drilled so far moving back into almost North Central Houston County, and then you go into Trinity County, Cherokee County, Angelina County, Polk County, Tyler County, San Augustine County, Sabine County, there is so much inventory potential out there that really hasn't even been scratched yet and folks keep putting blocks together and we've done a lot of homework on the subsurface all the way across to the Western Haynesville and everything that keeps happening thus far, has been positive to more positive than what one could expect.

如果你看看西海恩斯維爾的謝爾比槽，以及現在正在擴建的揚西井——它比迄今為止鑽探的任何一口井都向東延伸了大約 20% 到30%，幾乎到達了休斯頓縣中北部，然後你再往裡走，到特里尼蒂縣、切羅基縣、安吉麗娜縣、波爾克縣、泰勒縣、聖奧古斯丁縣、薩賓縣，那裡蘊藏著巨大的儲量潛力，而這些潛力甚至還沒有被真正開發出來。人們不斷地將區塊整合起來，我們對西海恩斯維爾的地下進行了大量的研究，到目前為止發生的一切都是正面的，甚至比人們預期的還要積極。

We see some very interesting geologic things happening as you move further west from the traditional Shelby Trough where there is significant expansion between the base of the Knoll lines and the top of the Smackover. And that phenomenon is what's been driving the moving eastward into the Western Haynesville.

當你從傳統的謝爾比槽向西移動時，你會看到一些非常有趣的地質現象，在諾爾線底部和斯馬克奧弗頂部之間發生了顯著的擴張。正是這種現象推動了向東遷移到西海恩斯維爾地區。

I think I said this last time, these packages of shale that are commercial are thicker in that expanded area and we have existing acreage that we think is deeper than the traditional work that's been done in the Shelby Trough, but that is not inconsistent with what's been going on in the Western Haynesville and it's in our inventory and we're working it hard and looking forward to taking it out to capital development in the future.

我想我上次說過，這些具有商業價值的頁岩層在擴展區域內更厚，我們現有的開採面積也比謝爾比槽地傳統開採的頁岩層更深，但這與西海恩斯維爾地區的情況並不矛盾，這些頁岩層都在我們的儲備中，我們正在努力開採，並期待著將來將其用於資本開發。

I appreciate all the color. For my follow-up, with the strong volume growth this quarter, how should we think about volumes trending in the fourth quarter into 2026 with the wells that are expected to be turned in line from Aethon and the Permian development project? And then maybe more broadly just how would you compare what you're seeing in terms of gas directed activity across your acreage relative to earlier in the year?

我喜歡這些色彩。我的後續問題是，鑑於本季產量強勁成長，我們應該如何看待第四季到 2026 年的產量趨勢，以及 Aethon 和二疊紀開發案預計將投產的油井？那麼，更廣泛地說，您如何比較您目前在您的土地上看到的天然氣開採活動與今年早些時候的情況？

Thanks John. So, like I said in my prepared remarks, I mean we didn't update for your guidance, at this point, so we're still being pretty thoughtful about the activity that's going on across our assets, whether it's Aethon or larger developments out in the Permian. I'd say we started to get excited is to see Aethon volumes coming online and then kind of throughout the fourth quarter into the beginning of next year along with the large development in the Permian, which is Cotera, and seeing their well start to come online recently, but more completely as we think about kind of the beginning of next year. Overall, I think it's going to be an interesting several months, winter season to watch activity levels, especially in the natural gas-focused basins and to see how that plays into a full year '26 volumes.

謝謝你，約翰。所以，就像我在準備好的發言稿中說的那樣，我的意思是，目前我們還沒有更新資訊供您參考，所以我們仍然對我們所有資產正在進行的活動進行非常謹慎的考慮，無論是 Aethon 項目還是二疊紀盆地的大型開發項目。我想說，我們開始感到興奮的是看到 Aethon 的產量陸續上線，然後在整個第四季度到明年年初，隨著二疊紀盆地 Cotera 的大型開發項目，我們看到他們的油井最近開始上線，但隨著我們展望明年年初，產量將更加全面。總的來說，我認為接下來的幾個月，特別是冬季，將會是觀察活動水平的好時機，尤其是在以天然氣為主的盆地，看看這將如何影響 2026 年全年的產量。

I would add also, recently we put out a multi-year forecast which is somewhat unusual for a publicly traded company, and I would just encourage the marketplace to not focus so much on the next 6 to 12 months, but to focus on the next 5 years because, as I said earlier, this is a massive reservoir and it takes time to spool it up and evaluate it and spool it up and we really are excited about the slow, methodic, thoughtful early stages of some of these new transactions that we've done. But every one of those, with success, will grow in well counts by two to threefold, as well as layering new projects in there.

我還想補充一點，我們最近發布了一份多年預測報告，這對一家上市公司來說有點不尋常。我鼓勵市場不要過度專注於未來 6 到 12 個月，而應該專注於未來 5 年，因為正如我之前所說，這是一個巨大的儲備，需要時間來啟動、評估和完善。我們對一些新交易緩慢、有條不紊、深思熟慮的早期階段感到非常興奮。但是，如果一切順利，這些井的數量將增長兩到三倍，同時還可以在其中疊加新的項目。

When you talk about share value and share activity, that's a real good question because I don't know how much the average person wants to get out in front of the market. But if what we're seeing is valid and as I said before, if the natural gas markets are as everybody seems to think they're going to be, i.e., less volatile and more secure in the future, the time to buy our shares is now, not two years from now.

當你談到股票價值和股票交易活動時，這確實是個好問題，因為我不知道普通人想要在多大程度上領先市場。但是，如果我們看到的現像是真實的，而且正如我之前所說，如果天然氣市場真的像大家認為的那樣，即未來波動性更小、更安全，那麼現在就是購買我們股票的最佳時機，而不是兩年後。

Terrific. Thanks for the time.

了不起。謝謝你抽出時間。

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc 資本市場。

Good morning, folks, and congrats everybody on the new roles and Tom on your transition.

各位早安，祝賀大家履新，也祝賀湯姆順利過渡。

Some of my questions were addressed by the prior analysts, but I wanted to ask, you mentioned more Permian production coming. As a two-stream reporter, we've noticed that the natural gas differentials have weakened, I'm guessing that's due to exposure to Waha. And as you think about, I know that Haynesville is sort of the longer-term story, but a lot of producers are getting beaten up by the challenges at Waha that may not resolve until 2027. So, can you talk about anything you're doing? I know you've been plain vanilla hedgers in the past. Do you intend to just ride this out or is there anything you can do because gas is still over 70% of your production. Just curious on that.

之前的分析師已經解答了我的一些問題，但我還想問，您提到過二疊紀盆地將有更多石油生產。身為雙流記者，我們注意到天然氣價差有所收窄，我猜測這是由於瓦哈天然氣價格波動所致。仔細想想，我知道海恩斯維爾是一個更長遠的故事，但瓦哈的許多生產商正遭受挑戰，這些挑戰可能要到 2027 年才能解決。那麼，你能談談你正在做的事情嗎？我知道你們過去一直是比較保守的避險者。你打算就這麼熬過去，還是有辦法應付？因為天然氣仍然佔你產量的 70% 以上。只是好奇而已。

Yeah, thanks, Tim. Mr. Taylor, I'd say like you said, our hedging strategy remains consistent the way that we've been thinking about it, and I think when you think about our natural gas volumes, so much of that is coming from the Haynesville, and from the Shelby Trough, where we've got good exposure to Henry Hub, I think, relative to, as you mentioned, kind of some of the dynamics that are going on with Waha and the Permian. And I think when we think about Waha and we think about just general Permian production, really what gets us excited is to see the ongoing development on high interest acreage and then ongoing development across the full suite of assets because we touched in the investor presentation in September. We're really well aligned with the top operators in the Permian, and so we continue to see robust activity from those folks.

謝謝你，提姆。泰勒先生，正如您所說，我們的對沖策略與我們一直以來的思考方式保持一致。我認為，就我們的天然氣產量而言，其中很大一部分來自海恩斯維爾和謝爾比槽，我們對亨利樞紐的曝險也很大。正如您所提到的，相對於瓦哈和二疊紀盆地的一些動態而言，我認為情況並非如此。我認為，當我們想到瓦哈油田，想到整個二疊紀盆地的油氣生產時，真正讓我們興奮的是看到高價值地塊的持續開發，以及整個資產組合的持續開發，因為我們在 9 月份的投資者報告中已經提到過這一點。我們與二疊紀盆地的頂級營運商關係非常密切，因此我們持續看到這些營運商的強勁業務活動。

And then also just going back to some of these a little bit more bespoke, high interest developments that we have in the Permian, so excited to see those volumes come online. So, overall, continuing to maintain our consistent strategies, we're thinking about pricing and activity levels.

此外，我們也要關註二疊紀盆地一些更具客製化、更受關注的開發項目，非常期待看到這些項目的投產。所以，總的來說，我們將繼續保持一貫的策略，並考慮定價和活動水平。

Okay, so from a modeling perspective, do you think that on a two-stream basis, being at a discount to benchmark Henry Hub, is that going to be the reality? Over the next year if Waha sort of stays where it is. That's what I'm trying to get at.

好的，從建模的角度來看，你認為在雙流基礎上，以折扣價作為基準亨利樞紐的價格，這會是現實嗎？接下來一年，如果瓦哈的情況保持不變。這就是我想表達的意思。

Yeah, that's like I said that's what we're thinking about it and that's what we've got a robust hedge strategy.

是的，就像我說的，我們正在考慮這個問題，我們也制定了穩健的對沖策略。

Okay. I'll leave it there. Thank you.

好的。我就說到這兒吧。謝謝。

(Operator Instructions)

（操作說明）

All right, if there are no more questions, we sure thank you all for joining us today, and we look forward to speaking with you soon.

好了，如果沒有其他問題了，我們非常感謝各位今天能來參加我們的節目，期待很快能再次與大家交流。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。