China Automotive Systems Inc (CAAS) 2023 Q2 法說會逐字稿

Greetings, and welcome to the China Automotive Systems Second Quarter 2023 Conference Call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加中國汽車系統 2023 年第二季電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Mr. Kevin Theiss, Investor Relations. Kevin, you may begin.

現在我將會議轉交給東道主投資者關係部門的 Kevin Theiss 先生。凱文，你可以開始了。

Thank you, everyone, for joining us today. Welcome to China Automotive Systems' 2023 Second Quarter Conference Call. Joining us today are Mr. Jie Li, Chief Financial Officer of China Automotive Systems. He will be available to answer questions later in the conference call with the assistance of translation.

謝謝大家今天加入我們。歡迎參加中國汽車系統2023年第二季電話會議。今天加入我們的是中國汽車系統財務長李傑先生。他稍後將在翻譯的幫助下在電話會議上回答問題。

Before we begin, I will remind all listeners that throughout this call, we may make statements that may contain forward-looking statements. Forward-looking statements represent the company's estimates and assumptions only as of the date of this call. As a result, the company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading Risk Factors in the company's Form 10-K annual report for the year ended December 31, 2022, as filed with the Securities and Exchange Commission, and in other documents filed by the company from time to time with the Securities and Exchange Commission.

在我們開始之前，我將提醒所有聽眾，在整個電話會議中，我們可能會發表包含前瞻性陳述的聲明。前瞻性陳述僅代表本公司截至本次電話會議日的估計和假設。因此，由於多種因素，包括公司截至 12 月 31 日的 10-K 表格年度報告中「風險因素」標題下所述的因素，公司的實際結果可能與這些前瞻性陳述中包含的結果有重大差異。 ，2022 年，向美國證券交易委員會提交，以及公司不時向美國證券交易委員會提交的其他文件。

If the outbreak of COVID-19 is not effectively and timely controlled, our business operations and financial condition may be materially and adversely affected as a result of a deteriorating market outlook for automobile sales, the slowdown of regional, national and international economic growth, weakened liquidity and financial condition of our customers or other factors we cannot foresee. Any of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties in the regions where we conduct business, cause our business to suffer in ways that we cannot predict and materially and adversely impact our business, financial condition and results of operations.

如果新型冠狀病毒肺炎（COVID-19）的爆發無法得到有效和及時的控制，我們的業務營運和財務狀況可能會因汽車銷售市場前景惡化、地區、國家和國際經濟成長放緩、削弱而受到重大不利影響。我們客戶的流動性和財務狀況或其他我們無法預見的因素。任何這些因素和我們無法控制的其他因素都可能對整體商業環境產生不利影響，導致我們開展業務的地區出現不確定性，導致我們的業務遭受我們無法預測的損失，並對我們的業務產生重大不利影響，財務狀況和經營業績。

A prolonged disruption or any further unseen delay in our operations of the manufacturing, delivery and assembly process within any of our production facilities could continue to result in delays in the shipment of products to our customers, increased costs and reduced revenue. The company expressly disclaims any duty to provide updates to any forward-looking statements made in this call, whether as a result of new information, future events or otherwise.

我們任何生產設施內的製造、交付和組裝流程的營運的長期中斷或任何進一步的看不見的延誤都可能繼續導致向客戶運送產品的延誤、成本增加和收入減少。該公司明確表示不承擔對本次電話會議中所做的任何前瞻性陳述進行更新的義務，無論是由於新資訊、未來事件或其他原因。

On this call, I'll provide a brief overview and summary of the second quarter and first 6-months results for the period ended June 30, 2023. Management will then conduct a question-and-answer session. The 2023 second quarter and first 6-months results are unaudited and are reported using U.S. GAAP accounting. For the purposes of our call today, I'll review the financial results in U.S. dollars.

在本次電話會議上，我將簡要概述和總結截至 2023 年 6 月 30 日的第二季和前 6 個月的業績。管理階層隨後將舉行問答會議。 2023 年第二季和前 6 個月的業績未經審計，並使用美國公認會計準則會計報告。為了今天的電話會議，我將回顧以美元計算的財務表現。

We'll begin with a review of the recent dynamics of the Chinese economy, the automobile industry and our market position. The Chinese economy showed signs of recovery as GDP growth rate was 5.5% year-over-year in the first half of 2023 with a 6.3% year-over-year increase in the second quarter following a 4.5% year-over-year in the first quarter. However, these growth rates were influenced by the low base effect of the pandemic-induced lockdowns. Quarter-over-quarter GDP was 0.8% in the second quarter of 2023 as the Chinese economy was still affected by both internal and external factors.

我們首先回顧一下中國經濟、汽車產業和我們的市場地位的近期動態。中國經濟出現復甦跡象，2023年上半年GDP年增5.5%，去年同期成長4.5%之後，第二季年增6.3%。第一季。然而，這些成長率受到疫情引發的封鎖的低基數效應的影響。 2023年第二季中國經濟仍受到內外因素影響，較上季成長0.8%。

Exports declined in the first half of the year as high inflation in many markets and political tensions reduced foreign demand for Chinese goods. The Chinese property section continued to be affected by regulatory and fiscal policies with concerns of weak consumer confidence affecting demand. Property sales declined by 5.3% in terms of floor space in the first 6 months of 2023.

由於許多市場的高通膨和政治緊張局勢減少了外國對中國商品的需求，上半年出口下降。中國房地產板塊繼續受到監管和財政政策的影響，擔心消費者信心疲軟影響需求。 2023 年頭 6 個月，房地產銷售面積（以建築面積計算）下降了 5.3%。

According to statistics from the China Association of Automobile Manufacturers, CAAM, automobile sales in China rebounded in the second quarter of 2023 following the sales decline in both passenger and commercial vehicles during the first quarter of 2023. CAAM statistics show that overall automobile sales in China increased by 17.9% year-over-year in the second quarter of 2023 with passenger vehicle sales rising by 19.3% year-over-year and commercial vehicle sales up 10.1% year-over-year.

中國汽車工業協會統計顯示，繼2023年第一季乘用車和商用車銷售雙雙下滑之後，2023年第二季中國汽車銷售出現回升。中汽協統計顯示，中國汽車銷售整體回升2023年第二季年增17.9%，其中乘用車銷量較去年同期成長19.3%，商用車銷量較去年同期成長10.1%。

For the first 6 months ended June 30, 2023, overall car sales increased by 9.8% year-over-year as passenger vehicle sales grew 8.8% year-over-year and commercial vehicle sales grew by 15.8% year-over-year. New energy vehicle sales rose by 44.1% in the first 6-months period. These growth numbers also reflect the weak industry sales in the year-ago periods due to the COVID-19 restrictions. Some car dealers and local governments have provided financial subsidies and coupons to help promote growth in car sales in China as the auto industry is a major employer across the country and contributes to economic growth.

截至2023年6月30日的前6個月，汽車整體銷量年增9.8%，其中乘用車銷量較去年同期成長8.8%，商用車銷量較去年同期成長15.8%。前6個月新能源汽車銷量成長44.1%。這些成長數字也反映出去年同期由於 COVID-19 限製而導致的行業銷售疲軟。由於汽車行業是全國的主要就業來源，對經濟成長做出了貢獻，一些汽車經銷商和地方政府提供了財政補貼和優惠券，以幫助促進中國汽車銷售的成長。

Our second quarter revenue growth increased by 8.1% year-over-year with most divisions reporting higher revenues. Net sales of our advanced electric power steering, EPS, grew by 28.4% year-over-year, and South American sales increased by 43.5%. Sales into North America temporarily declined and were affected by foreign exchange rate volatility. Our Henglong passenger vehicle sales rose by 27.4% due to higher demand, and sales to the commercial vehicle market were also up by 7.2%.

我們第二季的營收年增 8.1%，大多數部門的營收均有所成長。我們的先進電動輔助轉向系統 EPS 淨銷售額年增 28.4%，南美銷售額成長 43.5%。受匯率波動影響，北美銷售暫時下降。由於需求增加，恆隆乘用車銷量成長 27.4%，商用車市場銷量也成長 7.2%。

We continue to be a long-standing supplier to a large number of vehicle OEMs, including industry leaders such as BYD, the largest EV producer in China; multiple operations of Stellantis, including Jeep, Ram, Fiat and Alfa Romeo in different markets around the world; and Ford Motor Company in North America. In addition to providing steering products, we also collaborate with the research and development programs of our OEM customers to improve current products and create new products to enhance their vehicles.

我們仍然是眾多汽車原始設備製造商的長期供應商，其中包括中國最大的電動車生產商比亞迪等行業領導者； Stellantis在全球不同市場開展多項業務，包括Jeep、Ram、Fiat和Alfa Romeo；和北美的福特汽車公司。除了提供轉向產品外，我們還與 OEM 客戶的研發項目合作，改進現有產品並創造新產品來增強他們的車輛。

For example, we developed a new series of EPS products with BYD, our partner for 20 years, which are being used in a number of their vehicle models. We developed new steering for Alfa Romeo's luxury plug-in hybrid SUV, the Tonale, which is being sold internationally, further expanding our worldwide presence. Our participation in product improvement and new product development provides a testament to their confidence in our excellent research and development capabilities.

例如，我們與20年的合作夥伴比亞迪共同開發了一系列新的EPS產品，並應用於其多款車型。我們為阿爾法羅密歐的豪華插電式混合動力 SUV Tonale 開發了新的轉向裝置，該車正在國際上銷售，進一步擴大了我們的全球影響力。我們參與產品改進和新產品開發，證明了他們對我們卓越的研發能力的信心。

Each R&D endeavor increases our technology base for future use. Using our EPS design expertise, we have been developing our own proprietary EPS products to advance our advanced driver assistance systems, ADAS, for Level 4 autonomous driving and beyond. We are leveraging our Sentient AB subsidiary's automotive technology, including software development and hardware design for advanced steering functions, combined with vehicle motion controls to heighten the capability of our autonomous driving program. With hydraulic, EPS and ADAS steering, our enlarged portfolio of steering products has never been stronger. And we are working on new models of steering for the future to improve our market presence.

每項研發工作都增強了我們未來使用的技術基礎。利用我們的 EPS 設計專業知識，我們一直在開發自己的專有 EPS 產品，以推進我們的高級駕駛員輔助系統 ADAS，實現 4 級及以上自動駕駛。我們正在利用 Sentient AB 子公司的汽車技術，包括用於高級轉向功能的軟體開發和硬體設計，並與車輛運動控制相結合，以提高我們自動駕駛計劃的能力。憑藉液壓、EPS 和 ADAS 轉向系統，我們擴大的轉向產品組合變得前所未有的強大。我們正在致力於開發面向未來的新轉向模型，以提高我們的市場佔有率。

Our efficient cost controls led to an approximate 11% year-over-year decline in total operating expenses, resulting in an [8.2 gain] in operating profit in the second quarter. Net income per share grew by 12.9% to $0.35 compared with the same quarter last year. At June 30, our cash and equivalents and pledged cash was $125.5 million, approximating $4.16 per share.

我們有效的成本控制導致總營運費用年減約 11%，從而導致第二季營運利潤 [8.2 收益]。每股淨利潤比去年同期增長 12.9%，達到 0.35 美元。截至 6 月 30 日，我們的現金及等價物及質押現金為 1.255 億美元，約每股 4.16 美元。

New incentives and policy changes by the central, regional and local governments are designed to enhance economic growth in future quarters. Specific markets are targeted, including the automobile, real estate and services sector, with a greater focus on consumer consumption. Measures, including reducing automobile purchase taxes, boosting demand for electric vehicles through improved EV infrastructure, adjusting real estate and banking policies and regulations and promoting tourism. Private companies are encouraged to increase investment in specific markets as well as increasing private investment in research and development.

中央、區域和地方政府的新激勵措施和政策變化旨在促進未來幾季的經濟成長。瞄準特定市場，包括汽車、房地產和服務業，更重視消費者消費。措施包括降低汽車購置稅、透過改善電動車基礎設施刺激電動車需求、調整房地產和銀行政策法規以及促進旅遊業。鼓勵私人企業增加對特定市場的投資以及增加私人對研發的投入。

Now let me review the financial results in the second quarter of 2023. Our net sales increased by 8.1% year-over-year to $137.4 million in the second quarter of 2023 compared to $127.2 million in the second quarter of 2022. Net sales of traditional steering products and parts increased by 1.1% year-over-year to $95.8 million for the second quarter of 2023 compared to $94.8 million in the same quarter of 2022.

現在讓我回顧一下 2023 年第二季的財務表現。我們的淨銷售額在 2023 年第二季年增 8.1%，達到 1.374 億美元，而 2022 年第二季為 1.272 億美元。2023 年第二季度轉向產品和零件年增1.1%，達到9,580 萬美元，而2022 年同期為9,480 萬美元。

Net sales of EPS products rose 28.4% year-over-year to $41.6 million from $32.4 million for the same period in 2022. EPS product sales were 30.3% of the total net sales for the second quarter of 2023 compared to 25.5% for the same quarter in 2022. Export net sales in North American customers decreased by 24.5% year-over-year to $28.9 million in the second quarter of 2023 compared to $38.3 million in the second quarter of 2022. North American sales declined due to less demand and the effects of foreign exchange fluctuation. Sales in Brazil rose 43.5% year-over-year to $12.2 million in the second quarter of 2023 from $8.5 million in the second quarter of 2022.

EPS產品的淨銷售額年增28.4%，從2022年同期的3,240萬美元增至4,160萬美元。EPS產品銷售額佔2023年第二季總淨銷售額的30.3%，而2023年第二季為25.5% 2022 年第二季北美客戶的出口淨銷售額年減 24.5%，至 2023 年第二季的 2,890 萬美元，而 2022 年第二季為 3,830 萬美元。由於需求減少和外匯波動的影響。巴西的銷售額從 2022 年第二季的 850 萬美元增至 2023 年第二季的 1,220 萬美元，年增 43.5%。

Gross profit was $22.7 million, which is stable to $22.7 million in the second quarter of 2022. Gross margin in the second quarter of 2023 was 16.5% compared to 17.9% in the second quarter of 2022. The decrease in gross margin was mainly due to the changes in the product mix. Gain on other sales was $0.7 million compared to $2.1 million in the second quarter of 2022.

毛利為 2,270 萬美元，2022 年第二季穩定至 2,270 萬美元。2023 年第二季毛利率為 16.5%，而 2022 年第二季毛利率為 17.9%。毛利率下降主要是由於產品組合的變化。其他銷售收益為 70 萬美元，而 2022 年第二季為 210 萬美元。

Selling expenses decreased by 6.7% year-over-year to $3.8 million compared to $4.1 million in the second quarter of 2022, primarily due to lower marketing and office expenses. The appreciation of the U.S. dollar against the RMB also affected expense levels. Selling expenses represented 2.8% of net sales in the second quarter of 2023 compared to 3.2% in the second quarter of 2022.

銷售費用年減 6.7%，至 380 萬美元，而 2022 年第二季為 410 萬美元，主要是由於行銷和辦公費用減少。美元兌人民幣升值也影響了費用水準。 2023 年第二季銷售費用佔淨銷售額的 2.8%，而 2022 年第二季為 3.2%。

General and administrative expenses, G&A, decreased by 6.9% year-over-year to $5.3 million compared to $5.7 million in the second quarter of 2022, primarily due to the reversal of credit losses and the impact of appreciation of the U.S. dollar against the RMB. G&A expenses represented 3.9% of net sales in the second quarter of 2023 compared to 4.5% of net sales in the second quarter of 2022.

一般及行政費用 (G&A) 年減 6.9%，至 530 萬美元，而 2022 年第二季為 570 萬美元，主要是由於信貸損失的扭轉以及美元兌人民幣升值的影響。一般及行政費用佔 2023 年第二季淨銷售額的 3.9%，而 2022 年第二季則佔淨銷售額的 4.5%。

Research and development expenses, R&D, decreased by 16.2% year-over-year to $6.6 million compared to $7.9 million in the second quarter of 2022. R&D expenses represented 4.8% of net sales in the second quarter of 2023 compared to 6.2% in the second quarter of 2022. Other income net was $2 million for the second quarter of 2023 compared to $2.8 million for the 3 months ended June 30, 2022. Income from operations was $7.8 million in the second quarter of 2023 compared to income from operations of $7.2 million in the second quarter of 2022. The increase was primarily due to lower operating costs.

研發費用（R&D）年減16.2%，至660 萬美元，2022 年第二季為790 萬美元。研發費用佔2023 年第二季淨銷售額的4.8%，而2023 年第二季為6.2% 。2022 年第二季的其他收入淨額為200 萬美元，而截至2022 年6 月30 日的三個月為280 萬美元。2023 年第二季的營運收入為780 萬美元，而營運收入為7.2 美元2022 年第二季將實現 100 萬美元。這一增長主要是由於營運成本降低。

Interest expense was $0.3 million in the second quarter of 2023 compared to $0.4 million in the second quarter of 2022. Net financial income was $4 million in the second quarter of 2023 compared to net financial income of $2.5 million in the second quarter of 2022. The change in net financial income was primarily due to the depreciation of the U.S. dollar against the RMB.

2023 年第二季的利息支出為30 萬美元，而2022 年第二季為40 萬美元。2023 年第二季的淨財務收入為400 萬美元，而2022 年第二季的淨財務收入為250萬美元。淨財務收入的變化主要是由於美元兌人民幣貶值所致。

Income before income taxes and equity in earnings of affiliated companies was $13.4 million in the second quarter of 2023 compared to income before income taxes, expenses and equity in earnings of affiliated companies of $12.2 million in the second quarter of 2022. Net income attributable to parent company's common shareholders was $10.5 million in the second quarter of 2023 compared to net income attributable to parent company's common shareholders of $9.4 million in the second quarter of 2022.

2023 年第二季度，聯營公司收益中的稅前利潤和股本收益為1,340 萬美元，而2022 年第二季度，聯營公司收益中的稅前、費用和股本收益為1,220 萬美元。歸屬於母公司的淨利2023 年第二季度，公司普通股股東的淨利為 1,050 萬美元，而 2022 年第二季歸屬於母公司普通股股東的淨利為 940 萬美元。

Diluted earnings per share was $0.35 in the second quarter of 2023 compared to $0.31 per share in the second quarter of 2022. Weighted average number of diluted common shares outstanding was 30,189,537 in the second quarter of 2023 compared to 30,849,009 in the second quarter of 2022.

2023 年第二季的稀釋每股收益為0.35 美元，而2022 年第二季的稀釋每股收益為0.31 美元。2023 年第二季稀釋後流通在外普通股的加權平均數量為30,189,537 股，而2022年第二季為30,849,009 股。

For the first 6 months of 2023, our net sales increased by 6.1% year-over-year to $279.7 million in the first 6 months of 2023 compared to $263 million in the first 6 months of 2022. 6-month gross profit was $44.3 million compared to $37.4 million in the corresponding period last year. 6-month gross margin was 15.9% compared with 14.2% in the first 6 months of 2022.

2023 年前 6 個月，我們的淨銷售額年增 6.1%，達到 2023 年前 6 個月的 2.797 億美元，而 2022 年前 6 個月為 2.63 億美元。6 個月毛利為 4,430 萬美元相比之下，去年同期為3,740 萬美元。 6 個月毛利率為 15.9%，而 2022 年前 6 個月毛利率為 14.2%。

Gain on other sales was $1.4 million in the first 6 months of 2023 compared to $3 million in the corresponding period last year. Income from operations was $15.5 million in the first 6 months of 2023 compared to income from operations of $5.7 million in the first 6 months of 2022.

2023 年前 6 個月的其他銷售收益為 140 萬美元，而去年同期為 300 萬美元。 2023 年前 6 個月的營運收入為 1,550 萬美元，而 2022 年前 6 個月的營運收入為 570 萬美元。

Net income attributable to parent company's shareholders was $17.3 million in the first 6 months of 2023 compared to net income attributable to parent company's common shareholders of $9.4 million in the corresponding period in 2022. Diluted earnings per share increased by 90% year-over-year to $0.57 in the first 6 months of 2023 compared to diluted earnings per share of $0.30 in the first 6 months of 2022.

2023年前6個月歸屬於母公司股東的淨利潤為1,730萬美元，而2022年同期歸屬於母公司普通股股東的淨利潤為940萬美元。稀釋每股收益同比增長90% 2023 年前6個月的每股攤薄收益為0.57 美元，而2022 年前6 個月的稀釋每股收益為0.30 美元。

On balance sheet items. As of June 30, 2023, total cash, cash equivalents and pledged cash were $125.5 million. Total accounts receivable, including notes receivable, were $234 million. Accounts payable, including notes payable, were $216.7 million, and short-term loans were $38.5 million. Total parent company stockholders' equity was $317.8 million as of June 30, 2023, compared to $311.7 million as of December 31, 2022.

資產負債表項目。截至2023年6月30日，現金、現金等價物及質押現金總額為1.255億美元。應收帳款總額（包括應收票據）為 2.34 億美元。應付帳款（包括應付票據）為 2.167 億美元，短期貸款為 3,850 萬美元。截至2023年6月30日，母公司股東權益總額為3.178億美元，截至2022年12月31日為3.117億美元。

For the business outlook, management has reiterated its revenue growth for the full year 2023 to $560 million. This target is based on the company's current views on operating and market conditions, which are subject to change.

對於業務前景，管理層重申 2023 年全年營收成長至 5.6 億美元。該目標是基於公司目前對營運和市場狀況的看法，這些看法可能會改變。

With that, operator, we're ready to begin the Q&A.

接線員，我們準備好開始問答了。

(Operator Instructions) We have a question from [Robert Jensen], who's a private investor.

（操作員說明）我們有一個來自私人投資者 [Robert Jensen] 的問題。

Could you shed a little bit of color -- I think you said that your sales to the U.S. were down some. Could you shed some color on that and your expectations going forward and possibly some of the reasons for that?

您能否透露一點資訊——我想您說過您對美國的銷售額有所下降。您能否透露一些資訊以及您對未來的期望以及可能的一些原因？

[Interpreted] Okay. So you're right, the sales to the North America is down during this quarter. To be more specific, it was down 24.5%. The decline of the sales to the North America is mainly due to the volume decrease. However, our market share with our customers remain the same. That being said, it's -- actually, our customer during the quarter has produced fewer products, finished product and ordered less steering from us. We don't want to speculate here, but we are closely following the situation. Whenever our customers are -- return to their normal volume, our sales will pick a little back up.

[解釋]好的。所以你是對的，本季北美的銷售額有所下降。更具體地說，下降了24.5%。北美銷量下降主要是因為銷量下降。然而，我們與客戶的市場份額保持不變。話雖這麼說，實際上，我們的客戶在本季生產的產品和成品減少了，並向我們訂購的轉向系統也減少了。我們不想在這裡猜測，但我們正在密切關注事態發展。每當我們的客戶恢復正常數量時，我們的銷售額就會回升。

Interpreted Okay. So in addition to what we just commented, we are also working with our customers in North America under a new product. So we are expecting to increase the shipments along with the new product rollout. So we are continuing to work closely with our customers to penetrate the U.S. market. On the other hand, we are also developing or working on signing a new client in North America. And please be tuned. We'll make announcements when we get to that stage. So we are laser-focused on that, and we're looking forward to continue to expand our market share in North America.

解釋好了。因此，除了我們剛才評論的內容之外，我們還在與北美的客戶合作推出新產品。因此，我們預計隨著新產品的推出，出貨量將會增加。因此，我們將繼續與客戶密切合作，以打入美國市場。另一方面，我們也在北美開發或致力於簽約新客戶。請注意。當我們到達那個階段時，我們將發佈公告。因此，我們高度關注這一點，並期待繼續擴大我們在北美的市場份額。

Okay. What percent of your sales come from North America currently?

好的。目前你們銷售額的百分之多少來自北美？

(foreign language) Around 20%. Yes, 20%. Only in North America?

（外語）約20%。是的，20%。僅在北美嗎？

Yes. What percent of your total revenues come from North America?

是的。你們總收入的百分之多少來自北美？

It's about 20%, yes.

大約是20%，是的。

(Operator Instructions) Okay, I'm going to hand back over to Kevin for any closing comments as we've reached the end of our Q&A session.

（操作員說明）好的，當我們的問答環節結束時，我將把所有結束語交還給 Kevin。

We want to thank you for your participation in today's conference call. Please be safe. We look forward to speaking with you in the future. Thank you.

我們要感謝您參加今天的電話會議。請注意安全。我們期待將來與您交談。謝謝。

Thank you, everybody. This does conclude today's conference, and you may disconnect your phone lines at this time. Thank you for your participation, and have a wonderful weekend.

謝謝大家。今天的會議到此結束，此時您可以斷開電話線。感謝您的參與，祝您週末愉快。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]