Bank7 Corp (BSVN) 2025 Q3 法說會逐字稿

Welcome to the Bank7 Corp. third-quarter 2025 earnings call. Before we get started, I'd like to highlight the legal information and disclaimer on page 27 of the investor presentation. For those who do not have access to the presentation, management is going to discuss certain topics that contain forward-looking information, which is based on management's beliefs as well as assumptions made by and information currently available to management.

歡迎參加 Bank7 Corp. 2025 年第三季財報電話會議。在正式開始之前，我想重點介紹一下投資者簡報第 27 頁的法律資訊和免責聲明。對於那些無法觀看簡報的人，管理層將討論一些包含前瞻性資訊的主題，這些資訊是基於管理層的信念以及管理層所做的假設和目前可獲得的資訊。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks, uncertainties, and assumptions, including, among other things, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Should one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may vary materially from those expected.

儘管管理階層認為此類前瞻性聲明中反映的預期是合理的，但他們無法保證這些預期最終會實現。此類聲明受某些風險、不確定性和假設的影響，其中包括經濟狀況對利率、信貸品質、貸款需求、流動性以及銀行監管機構的貨幣和監管政策的直接和間接影響。如果這些風險中的一項或多項成為現實，或者基本假設被證明是錯誤的，則實際結果可能與預期結果有重大差異。

Also, please note that this conference call contains references to non-GAAP financial measures. You can find reconciliations of these non-GAAP financial measures to GAAP financial measures in an 8-K that was filed this morning by the company.

另外，請注意，本次電話會議涉及非GAAP財務指標。您可以在該公司今天早上提交的 8-K 表格中找到這些非 GAAP 財務指標與 GAAP 財務指標的調整表。

Representing the company on today's call, we have Brad Haines, Chairman; Tom Travis, President and CEO; J.T. Phillips, Chief Operating Officer; Jason Estes, Chief Credit Officer; Kelly Harris, Chief Financial Officer; and Paul Timmons, Director of Accounting.

代表公司參加今天電話會議的有：董事長 Brad Haines；總裁兼執行長 Tom Travis；營運長 J.T. Phillips；首席信貸長 Jason Estes；財務長 Kelly Harris；以及會計總監 Paul Timmons。

With that, I'll turn the call over to Tom Travis.

接下來，我將把電話交給湯姆·崔維斯。

Good morning. Thank you for joining us. As you can see, we had a very solid quarter. Essentially, we just are a broken record, but it's a shout out to our bankers. And if you look at the organic growth in both the loan and deposit portfolios, we had a very, very good quarter, and it's not a surprise.

早安.感謝您的參與。如您所見，我們本季業績非常穩健。本質上，我們只是在重複老調，但這是為了向我們的銀行家致敬。如果你看一下貸款和存款組合的自然成長情況，你會發現我們這個季度表現非常非常好，這並不令人意外。

Again, it's -- we don't take them for granted. But I think sometimes people take our great result for granted. But organic growth has just been really good all year and it's continuing to drive the institution forward.

再說一遍，我們不會把他們的付出視為理所當然。但我認為有時人們會把我們所取得的優異成績視為理所當然。但今年以來，內生成長一直非常強勁，並將繼續推動機構向前發展。

And so when you look at our income and strong capital accumulation, you can see the effect it has, effects on the capital ratios, which are really, really strong and have us well positioned. And so all the elements of the bank look fantastic, the liquidity, the capital, earnings, and the margin.

因此，當你觀察我們的收入和強勁的資本累積時，你可以看到它對資本比率的影響，這些比率非常強勁，使我們處於有利地位。因此，這家銀行的各個方面看起來都非常棒，包括流動性、資本、收益和利潤率。

And so we're excited about where we are. We're excited about the markets we operate in, and we're just delighted for the results. And so with that said, we'll -- we're here for any questions.

所以，我們對目前所處的位置感到很興奮。我們對我們所經營的市場感到興奮，並且對所取得的成績感到非常高興。那麼，接下來我們將解答您的任何疑問。

(Operator Instructions) Nathan Race, Piper Sandler.

（操作說明）Nathan Race，Piper Sandler。

This is Adam Kroll on for Nate Race. Good morning and thank you for taking my questions. Yeah, so maybe just to start on loan growth. You guys obviously had another really strong quarter in terms of growth. So I'd just be curious how the pipeline stands today and how you're thinking about growth in the fourth quarter and into '26?

這裡是亞當·克羅爾，替內特·雷斯為您報道。早上好，感謝您回答我的問題。是的，所以或許可以先從貸款成長開始。你們顯然又迎來了一個成長強勁的季度。所以我很好奇目前產品線的情況如何，以及您如何看待第四季和2026年的成長？

Yeah. Thanks, Adam. This is Jason. And the quarter was outstanding. And as Tom mentioned, the team of bankers, they just keep delivering. And it's not just loans, it's deposits as well, which are so vital to us continuing to be able to expand like this.

是的。謝謝你，亞當。這是傑森。本季業績非常出色。正如湯姆所提到的那樣，這支銀行家團隊一直在不斷取得佳績。而且不僅僅是貸款，存款也至關重要，這對我們能夠繼續這樣擴張至關重要。

So the current pipeline, it's good. But again, as we caution each quarter, we're prone to lumpy paydowns as people exit. There's a lot of conversations about what kind of economy we're going to have here in the near term. And so you see a lot of people exiting businesses or specific assets. And so we're not immune to that.

所以目前的管道狀況良好。但正如我們每季都會提醒的那樣，隨著人員退出，我們可能會面臨一次性支付的款項。關於近期我們將擁有怎樣的經濟模式，人們有許多討論。因此，你會看到很多人退出企業或特定資產。所以我們也無法倖免。

We've been able to overcome significant exits this year just with robust growth. I think continuing the theme that we've had here for, really, the whole year, I really expect a high-single-digit year-over-year growth. That's our target. That's our goal.

今年我們憑藉強勁的成長勢頭克服了重大的退出危機。我認為，延續我們今年以來一直堅持的主題，我真的預計同比增長將達到接近兩位數。這就是我們的目標。這就是我們的目標。

I think we'll be able to deliver on that. But -- so right now, pipeline still has plenty of activity in it. But again, we're always careful with those lumpy paydowns.

我認為我們能夠做到這一點。但是——所以目前，管道中仍然有很多活動。但是，我們始終對這種大額還款方式保持謹慎。

Got it. I really appreciate that. And going off of that, I'd be curious if you could touch on what you're seeing in terms of loan pricing dynamics among competition and what you're seeing new loans come on the portfolio relative to maybe that 7.4% or so that you saw in September?

知道了。我非常感謝。基於上述信息，我很想知道您能否談談您在競爭中觀察到的貸款定價動態，以及您觀察到的新貸款組合與9月份看到的7.4%左右的增長率相比有何變化？

Yeah. I think if you look at the average, we'd be slightly below that 7.4%, somewhere in between 7% and 7.25%, I think, for the bulky new funding. And then I think there's more pressure; you talk about the competitors.

是的。我認為，如果看平均值，我們這個數字會略低於 7.4%，大概在 7% 到 7.25% 之間，對於這筆巨額新資金來說。然後我覺得壓力更大了；你得考慮競爭對手。

From a loan standpoint, it seems to be less pressing than the deposit side, which that ebbs and flows, but that seems to be the flavor of the week right now. It's -- there's a little more pressure on the deposit side than the loan side.

從貸款的角度來看，這似乎不如存款方面那麼緊迫，存款方面雖然時而波動，但似乎是目前最熱門的話題。存款方面比貸款方面面臨更大的壓力。

Got it. And then last one for me is, obviously, there's been plenty of deal activity within your markets. So just any update on the M&A front?

知道了。最後一點，很顯然，你們的市場交易活動非常活躍。併購方面有最新進展嗎？

We're constantly out there. And we've had opportunities over the last few months and looked at various transactions, and we're active in that space. And we continue to proceed with a nod towards strategic combinations and that hasn't really changed. And so one of these days, we're going to find something that works. And so, really, our posture hasn't changed.

我們一直都在外面。在過去幾個月裡，我們獲得了一些機會，也考察了各種交易，我們在這個領域非常活躍。我們持續推進策略整合，這一點並沒有真正改變。所以總有一天，我們會找到有效的方法。所以，實際上，我們的立場並沒有改變。

Woody Lay, KBW.

伍迪萊，KBW。

I wanted to touch on the net interest margin to start, really strong quarter in the third quarter, but it did look like, with the rate cut in September, the quarter end margin was a little bit lower than where it was in the third quarter. I guess if we get a couple more rate cuts through year end, can you just talk about how we should think about the trajectory of the margin from here?

首先我想談談淨利差，第三季表現非常強勁，但由於9月降息，季末的淨利差似乎比第三季略低。我想，如果到年底前我們還能再降幾次價，您能否談談我們該如何看待利潤率接下來的走勢？

Yeah. Woody, this is Kelly. We ended the quarter at 4.55% from a core NIM perspective. I think as Jason mentioned, we did experience some deposit upward pressure on cost of funds towards the end of the quarter.

是的。伍迪，這是凱莉。從核心淨利差角度來看，本季末淨利差為 4.55%。我認為正如傑森所提到的那樣，我們在季度末確實經歷了存款成本上升的壓力。

I think if you look at the first rate cut in Q4, you could see further NIM compression slightly down to 4.50%. And that starts to flow with additional rate cut towards the latter half of the quarter; that could creep down to 4.47% as those loan floors kick in, but then also assuming that we can keep pace on the liability side.

我認為，如果觀察第四季的第一次降息，淨利差可能會進一步收窄至 4.50%。隨著本季後半段進一步降息，這種情況開始出現；隨著貸款下限的生效，利率可能會降至 4.47%，但前提是我們能夠在負債方面保持同步。

Got it. That's helpful. And then I also wanted to touch on the loan fee income. It's -- the past couple of quarters have come up pretty nicely and it now represents about 40 basis points of the margin. Could you just talk about the dynamics there on what's been driving that income up? And how sticky can that be going forward?

知道了。那很有幫助。然後，我還想談談貸款手續費收入。過去幾季表現相當不錯，目前利潤率約 40 個基點。您能否談談推動營收成長的因素？而這種情況未來會有多大的阻礙？

Yeah. I think, again, that goes back to successful efforts by the sales team, a robust deal market. We've just seen a lot of activity, a lot of opportunities. Our salespeople have done a fantastic job of converting.

是的。我認為，這再次歸功於銷售團隊的成功努力和強勁的交易市場。我們看到了很多活動，也看到了很多機會。我們的銷售人員在轉換率方面做得非常出色。

And so when you say how sticky is that, gosh, it feels like we've really beat the mean here for a couple of quarters in a row. I think you'll see it trend back towards normal. Though fourth quarter, who knows? The pipeline is strong but definitely feels like a bit of outperformance for the last couple of quarters.

所以，當你問這有多粘滯時，天哪，感覺我們已經連續幾個季度都戰勝了平均水平。我認為你會看到它逐漸恢復正常。不過到了第四季度，誰知道呢？管道狀況良好，但近幾個季度確實感覺有些超常發揮。

Got it. And then lastly, just on credit. I mean credit trends were really strong in the quarter, but you did elect to increase the reserve, some just on a percentage basis. Can you just walk through the decision there and just any over broader thoughts on credit?

知道了。最後，也可以選擇賒帳。我的意思是，本季信貸趨勢非常強勁，但你們還是選擇增加準備金，其中一些只是按百分比增加。您能詳細解釋一下當時的決定，以及您對信貸方面有什麼更廣泛的看法嗎？

Yeah, I think this is Tom. The real key here is the growth in the portfolio and when you look at the macro events in the world right now, it's frightening in a lot of areas. And it's increased, what I think, is the volatility of the overall credit markets.

是的，我想這就是湯姆。真正的關鍵在於投資組合的成長，而當你審視當前世界宏觀情勢時，你會發現很多領域都令人擔憂。我認為，這加劇了整體信貸市場的波動性。

And so when we grow the portfolio and we see increased volatility in the macro world out there, we believe it's prudent to put hay in the barn, so to speak, relative to all those factors. And it gives us a lot of comfort. And we benefit from really strong, strong capital levels. And it's always been fascinating to me that when people around the world in our space talk about loan loss reserves, there doesn't -- there isn't really much discussion usually on the capital levels.

因此，當我們擴大投資組合，並且看到宏觀世界波動性增加時，我們認為，相對於所有這些因素而言，謹慎的做法是「囤積乾草」。這給我們帶來了很多安慰。我們受益於非常雄厚的資本實力。一直讓我覺得很神奇的是，當世界各地的同行們談論貸款損失準備金時，通常不會過多地討論資本水平。

And so one could argue and say, why do you even need to worry about anything, you're going to maintain capital levels the way you are. But I think the importance for us is the Rubik's cube, so to speak, and we stay really focused on the loan book, the macro factors. And so when you look at that growth, we felt like it was prudent and to maintain the integrity of our process, that's why we did it.

因此有人可能會爭辯說，為什麼你還需要擔心任何事情？你將繼續保持目前的資本水準。但我認為對我們來說，重要的是像解魔術方塊一樣，我們始終專注於貸款組合和宏觀因素。因此，從成長的角度來看，我們覺得這樣做是審慎的，並且是為了維護我們流程的完整性，所以我們才這樣做的。

Got it. So just as a follow-up. Was it driven by some changes in the scenario weightings? And if that's the case, do you think we could see some additional reserve build from here?

知道了。所以，作為後續問題。這是由於情境權重的變化所致嗎？如果情況真是如此，你認為我們會看到儲備金在此基礎上進一步增加嗎？

I think it was driven by all of the above. And could we see us increasing and putting more provision? It's possible. It's really -- it depends on the macro factors and it depends on the growth.

我認為這是以上所有因素共同作用的結果。我們能否增加投入和提供更多資源？有可能。這真的取決於宏觀因素和經濟成長。

But I would say that -- I don't want to signal anything, but I would say that we're pretty set right now for the foreseeable future. But again, if macro conditions change, adjustments need to be made or if we have additional growth, then you could see more provisioning.

但我想說的是——我不想透露任何訊息，但我想說的是，在可預見的未來，我們目前的情況相當不錯。但同樣地，如果宏觀環境發生變化，就需要進行調整；或者如果我們有額外的成長，那麼可能會出現更多的撥備。

(Operator Instructions) Matt Olney, Stephens.

（操作說明）Matt Olney，Stephens。

Yeah. Hey, guys. Thanks for taking the question. Just wanted to ask about the outlook for fees and expenses. And I know this can be impacted by the oil and gas revenues. So just any color you can give with and without that?

是的。嘿，夥計們。感謝您回答這個問題。想了解一下費用和支出的展望。我知道這會受到石油和天然氣收入的影響。所以，無論有沒有那個東西，任何顏色都可以嗎？

Hey, Matt. This is Kelly. I think we got pretty close on the core fee income for Q3 and we anticipate a similar run rate, both on the core fee and the expense side, the $1 million core fee and then $9 million to $9.5 million on the non-interest expense side. And then yeah, you're correct. The oil and gas is a little bit less predictable, but we're also utilizing the Q3 as a good guide for Q4.

嘿，馬特。這是凱莉。我認為我們第三季的核心費用收入已經非常接近預期，我們預計核心費用和支出方面都將保持類似的運行速度，核心費用為 100 萬美元，非利息支出為 900 萬至 950 萬美元。是的，你說得對。石油和天然氣市場不太好預測，但我們也將第三季作為第四季的良好參考。

Okay. Thanks for that, Kelly. And then on -- what about the expectations around mortgage? I know you guys made an investment there recently. I do would love to get your -- a bit of thoughts about expectations for this investment, especially within 2026. Thanks.

好的。謝謝你，凱莉。那麼，人們對房貸的預期又如何呢？我知道你們最近在那裡投資了。我很想聽聽您對這項投資的預期，特別是2026年之前的預期。謝謝。

I think right now, the Mortgage business, at least here locally, it's pretty slow still, maybe not as bad for the mortgage lenders as it is for the realtors. But until you see something give whether it's discount or lower rates, I think we're expecting more of the same, where it's covering itself.

我認為目前抵押貸款業務，至少在我們本地，仍然相當低迷，也許對抵押貸款機構來說情況沒有對房地產經紀人那麼糟糕。但是，除非看到實際的優惠或降價，否則我認為我們預計情況還會繼續一樣，因為商家會自行彌補損失。

It makes a little bit of money, but it's definitely not what we think is possible if you see a real change in the rate scenario or -- we think there's a lot of headwinds against that business. And it's not just rate. The affordability of housing is a big deal. And it's a little hard for us to handicap, but personally, I'd be surprised if '26 isn't better than '25.

它確實能賺點錢，但如果利率情況發生真正的變化，或者——我們認為這項業務面臨許多不利因素——那麼它肯定無法獲利。而且不只是利率的問題。住房的可負擔性是一個重要議題。我們很難做出準確預測，但就我個人而言，如果 2026 年的表現不如 2025 年，我會感到驚訝。

But who knows? There's so much going on, really, across the globe that impacts our economy and people's ability to get wage gains and afford a new house. And so we're as curious as you are. I wish I had a more specific answer, but I would think that next year would be a little bit better for us in the Mortgage business.

誰知道呢？實際上，全球範圍內發生了很多事情，這些事情都會影響我們的經濟以及人們獲得薪資成長和購買新房子的能力。所以，我們和你們一樣好奇。我希望我能給出更具體的答案，但我認為明年對我們抵押貸款業務會更好。

I will say the pipeline has picked up compared to what it was six months ago. We're sitting here with probably, I would say, 3 times the number of transactions and dollar volume that will close in the next 60 days than what we had.

我想說，與六個月前相比，管道輸送速度已經加快了。我們現在看到的，未來 60 天內將完成的交易數量和金額，可能是之前的 3 倍。

But I'll also tell you the fallout rate is quite high. I don't know how closely you follow the industry, but we're seeing a lot more contracts break and people not close than historically has been the case.

但我還要告訴你，事故發生率相當高。我不知道你對這個行業有多關注，但我們看到現在違約和未能完成交易的情況比以往要多得多。

Yeah, this is Tom. I would add also just a reminder on who we are and what we are. And specifically as it relates to mortgage, it was an important acquisition for us, and it was obviously a relatively small amount of dollars given our earnings and our -- the size of the company.

是的，這是湯姆。我還要補充一點，提醒大家我們是誰，我們是什麼。具體來說，就抵押貸款而言，這筆收購對我們來說意義重大，而且考慮到我們的收入和公司規模，這筆金額顯然相對較小。

But we're more of a rifle shooter than the shotgun shooter in the business. And the strategic implication of buying that company and Dale built a really fine mortgage operation. We're really glad to have him. But we feel like we're a professional mortgage provider now.

但在這個行業裡，我們更傾向於使用步槍而不是霰彈槍。收購那家公司具有重要的戰略意義，而戴爾也建立了一個非常優秀的抵押貸款業務。我們非常高興能有他加入。但我們感覺自己現在就像一家專業的抵押貸款提供者。

And when you look at what the mortgage space will be for us going forward, we're delighted that we have the ability to deliver to our high-net-worth clients and other people. And so I don't want to minimize Mortgage at all because it's a wonderful, nice little segment, but it's always going to be that more niche specialized service that we provide our customers.

展望未來，抵押貸款領域對我們而言意義重大，我們很高興能夠為我們的高淨值客戶和其他客戶提供服務。因此，我完全不想輕視抵押貸款業務，因為它是一個很棒的小眾領域，但它始終是我們為客戶提供的更專業的利基服務。

And hopefully, one day, it will grow into a much more significant income provider. But I think that that's going to take some time. And in the meantime, we're really, really happy with the acquisition.

希望有一天，它能發展成更重要的收入來源。但我認為這需要一些時間。同時，我們對此次收購感到非常非常滿意。

Yeah. Okay. Well, I appreciate the commentary on mortgage. And if I could just circle back to the M&A topic. It sounds like there's still conversations with potential candidates and I guess, Tom, I'm curious, what do you see as a major challenge for M&A today? And what do we need to see to see just improved volumes within the region?

是的。好的。我很感謝您對抵押貸款的評論。如果我能再回到併購這個話題就好了。聽起來他們仍在與潛在候選人進行洽談，湯姆，我很好奇，你認為當今併購面臨的主要挑戰是什麼？那麼，我們需要看到什麼才能看到該地區交易量有所改善呢？

I would say that we still have the overhang of the AOCI that's keeping some sellers on the bench. It's a slow boat to China. And it's not just the AOCI in the bond portfolio, but there are -- it's disappointingly surprising how many bankers booked really long maturity and lower fixed rate loans and it's just going to take some time to work out.

我認為，AOCI 的滯後效應仍然讓一些賣家猶豫不決。去中國的路很慢。而且不只是債券組合中的其他綜合收益，還有——令人失望的是，許多銀行家都持有期限很長、固定利率較低的貸款，這需要一些時間才能解決。

So that has a dampening effect on -- the sellers, they all think they're worth fill in the blank, whatever. They all think they're worth 1.5 times to 2 times. And when you factor all those purchase accounting marks into the equation, it makes it more difficult.

所以這對賣家來說有抑製作用，他們都認為自己值多少錢，隨便什麼都行。他們都認為自己的價值是原來的1.5倍到2倍。而當你把所有這些採購會計標記都考慮進去時，情況就變得更加複雜了。

I would also say that we own more than 50% of the shares of this company. And we act like owners, and we act like owners every day and especially in the M&A space. And so I think when you look at our disciplined approach and just following the numbers, it makes it a little more challenging as compared to -- I'm not going to reference any particular transactions, but there have been two or three transactions recently that are real head scratchers.

我還要補充一點，我們擁有這家公司超過50%的股份。我們像老闆一樣行事，我們每天都像老闆一樣行事，尤其是在併購領域。所以我覺得，當你審視我們嚴謹的方法，僅僅關注數字時，你會發現它比——我不會提及任何具體的交易，但最近有兩三筆交易確實令人費解——更具挑戰性。

And I'm not sure that those transactions should have happened the way they did, but they did. So I just think the landscape is going to be -- it's better. There's a lot of excitement out there, but those factors are always going to make it more challenging for Bank7.

我不確定這些交易是否應該以這種方式發生，但它們確實發生了。所以我認為景觀將會——會變得更好。市場情緒高漲，但這些因素總是會為 Bank7 帶來更大的挑戰。

Now, with that said, I can't get into specifics on what we've looked at over the last nine months or so, but we've come close on a few transactions and so I don't want anybody to think that we're not competitive because we are. But I think that you're going to see continued eagerness in the M&A space in our industry and eventually, we'll find something that works strategically for us.

話雖如此，我不能透露過去九個月左右我們考察過的具體情況，但我們在幾筆交易中都接近成功，所以我不想讓任何人認為我們沒有競爭力，因為我們是有競爭力的。但我認為，我們產業的併購活動將會持續活躍，最終我們會找到一些對我們具有戰略意義的方案。

Okay. Well, thanks for the commentary. And it feels like Bank7 is in a nice spot for M&A. So I appreciate it.

好的。謝謝你的評論。感覺 Bank7 在併購方面處於有利地位。所以我很感激。

Nathan Race, Piper Sandler.

內森·雷斯，派珀·桑德勒。

Just a follow-up on credit. You obviously had really strong credit performance during the quarter. But Tom, you mentioned the concerns within the macro environment. So I was just curious if you're seeing anything in terms of criticized or classified migrations during the quarter?

關於信用方面的後續問題。顯然，貴公司本季的信貸表現非常出色。但是湯姆，你提到了宏觀環境的擔憂。所以我很好奇，在這個季度裡，您是否注意到任何受到批評或被列為敏感資訊的移民事件？

No, it was very benign in the quarter, migrations. We had a couple of move down, a couple of move up, a couple of payoffs that were on our special mention ratings. So all in all, very, very neutral.

不，那段時間人口遷徙情況非常溫和。我們有幾隻股票價格下跌，幾隻股票價格上漲，還有幾隻股票獲得了特別提及的回報。總而言之，非常非常中立。

If I had to cap it, was it slightly positive or slightly negative? I would say it was slightly positive, but in general, couldn't be happier with where we are credit-wise within the whole portfolio.

如果非要給它一個概括性的說法，是略微正面還是略微負面？我覺得情況略有好轉，但總的來說，我對我們整個投資組合的信貸狀況非常滿意。

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

我們的問答環節到此結束。我謹將會議交還給湯姆·崔維斯，請他作總結發言。

Thank you again for joining us. We're happy with our quarter, looking forward to our near future, and thank you.

再次感謝您的參與。我們對本季的業績感到滿意，對不久的將來充滿期待，謝謝大家。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。