Cenntro Inc (The Corporation) (CENN) 2022 Q2 法說會逐字稿

Good day ladies and gentlemen. Thank you for standing by and welcome to the Cenntro Electric Group Limited Earnings Conference Call for the First Half Ended June 30, 2022. Currently, all participants are in a listen-only mode. Later, we will conduct a question-and answer-session and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

女士們先生們，美好的一天。感謝您的耐心等待，歡迎參加 Centntro Electric Group Limited 於 2022 年 6 月 30 日結束的上半年收益電話會議。稍後，我們將進行問答環節，屆時將發出指示。謹此提醒您，我們正在為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。

I will now turn the call over to Marianne McInerney, Cenntro's Chief Marketing Officer. Ms. Marianne, please proceed.

我現在將把電話轉給 Centro 首席行銷長 Marianne McInerney。瑪麗安女士，請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Cenntro Electric Group's earnings conference call for the first half year ended June 30, 2022.

謝謝接線員，大家下午好。歡迎參加 Centro Electric Group 截至 2022 年 6 月 30 日的上半年收益電話會議。

We have Mr. Peter Wang, Cenntro's Chief Executive Officer; and Mr. Edmond Cheng, Cenntro's Chief Financial Officer, joining us on our call today.

我們有Cenntro首席執行官Peter Wang先生； Centntro 財務長 Edmond Cheng 先生今天加入了我們的電話會議。

We released our first half 2022 financial results earlier today. That press release is available on the Company's IR website at ir.cenntroauto.com, as well as from newswire services. A replay of this call will also be available in a few hours on our IR website.

我們今天稍早發布了 2022 年上半年財務業績。新聞稿可在本公司的投資者關係網站 ir.centroauto.com 以及新聞專線服務上取得。幾小時後我們的 IR 網站上也將提供本次電話會議的重播。

Before we continue, please note that today's discussion contains forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by such words as may, believe, anticipate, could, should, intend, plan, will, aims, can, would, expects, estimates, projects, forecasts, positioned, potential, goal, strategy, outlook and similar expressions. Examples of forward-looking statements include among other things statements regarding assembly and distribution capabilities, decentralized production and fully digitalized autonomous driving solutions.

在我們繼續之前，請注意，今天的討論包含 1995 年美國私人證券訴訟改革法案安全港條款含義內的前瞻性陳述。此類陳述可以但不一定用「可能」、「相信」、「預期」、「可能」、「應該」、「打算」、「計劃」、「意願」、「目標」、「能夠」、「將」、「期望」、「估計」、「專案」、「預測」、「定位」、「潛力」、「目標」等字眼來辨識、策略、展望、以及類似的表達方式。前瞻性陳述的例子包括有關裝配和分銷能力、分散生產和完全數位化自動駕駛解決方案的陳述。

Forward-looking statements involve inherent risks and uncertainties, and other factors that could cause the Company's actual results to differ materially from the expectations expressed today. Further information regarding these risks and uncertainties is included in the Company's public filings with the SEC. The Company does not assume any obligation to update any forward-looking statement except as required under applicable law. Also, please note that unless otherwise stated, all figures mentioned during the conference are in U.S. dollars.

前瞻性陳述涉及固有風險和不確定性，以及可能導致公司實際業績與今天表達的預期有重大差異的其他因素。有關這些風險和不確定性的更多資訊包含在公司向 SEC 提交的公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。另請注意，除非另有說明，會議期間提到的所有數字均以美元為單位。

In addition to our results determined in accordance with the U.S. Generally Accepted Accounting Principles, we used adjusted EBITDA to evaluate ongoing operations and for internal planning and forecasting purposes. Adjusted EBITDA is a supplemental measure of four performance that is not required by or presented in accordance with U.S. GAAP. Adjusted EBITDA is not a measurement of our financial performance under U.S. GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with U.S. GAAP.

除了根據美國公認會計原則確定的結果外，我們還使用調整後的 EBITDA 來評估持續營運以及用於內部規劃和預測目的。調整後 EBITDA 是對四項績效的補充衡量標準，美國公認會計原則沒有要求或依照美國公認會計原則提出。調整後 EBITDA 並非根據美國公認會計準則衡量我們財務表現的指標，也不應被視為淨收入或根據美國公認會計準則得出的任何其他績效衡量指標的替代方案。

We define adjusted EBITDA as net income or net loss before net interest expense, income tax expense, and depreciation and amortization, as further adjusted to exclude the impact of stock-based compensation expense and nonrecurring or extraordinary expenses, losses, charges or gains. For reconciliation of adjusted EBITDA to our U.S. GAAP net loss, please refer to our earnings release that we posted on the Company's IR website shortly before this call.

我們將調整後的EBITDA 定義為扣除淨利息費用、所得稅費用以及折舊和攤銷前的淨收入或淨虧損，並進一步調整以排除股票補償費用以及非經常性或非常費用、損失、費用或收益的影響。有關調整後 EBITDA 與我們的美國公認會計準則淨虧損的調節，請參閱我們在本次電話會議之前不久在公司投資者關係網站上發布的收益報告。

Finally, as an Australian public limited company, we are subject to the Australian Corporations Act of 2001, which requires financial statements to be prepared and audited in accordance with Australian auditing standards and international financial reporting standards. The financial information that we are discussing today was not prepared for the purposes of the Corporations Act and is considered non-IFRS financial information under the rules and regulations of the Australian Securities Authorities. For reconciliation of our U.S. GAAP financial results to our IFRS financial results, please refer to our earnings release that we posted on the Company's website shortly before this call.

最後，作為一家澳洲上市有限公司，我們受到 2001 年《澳洲公司法》的約束，該法要求根據澳洲審計標準和國際財務報告標準編制和審計財務報表。我們今天討論的財務資訊並非為《公司法》的目的而準備，根據澳洲證券監管機構的規則和條例，被視為非國際財務報告準則財務資訊。有關我們的美國公認會計準則財務表現與國際財務報告準則財務表現的調節，請參閱我們在本次電話會議之前不久在本公司網站上發布的收益報告。

With that, let me please now turn over the call to our CEO, Mr. Peter Wang. Please go ahead, Mr. Wang.

現在請允許我將電話轉給我們的執行長 Peter Wang 先生。王先生，請繼續。

Thank you, Marianne, and hello, everyone. Thank you all for joining our first half 2022 earnings call today.

謝謝你，瑪麗安，大家好。感謝大家今天參加我們 2022 年上半年的財報電話會議。

In the first half of this year, the world continued to facing challenges in the global supply chain, logistics, and associated rising material costs. We actively addressed and adapted to environment and continued to execute our strategic initiatives and grow our topline during the period, despite the aforementioned challenges. Notably, we sold 337 units of electric commercial vehicles in the first six months of 2022, up to 23% from the same period in 2021 and lead to 105% growth in the net revenue to $5 million. Out of that, we sold 132 units of our newly launched LS 200 model, which doubled our average selling price. This reflects our capabilities for executing our tiered product strategy, while meeting various customer demands, amidst global uncertainty.

今年上半年，世界持續面臨全球供應鏈、物流以及相關材料成本上漲的挑戰。儘管面臨上述挑戰，我們積極應對和適應環境，繼續執行我們的策略性舉措並在此期間增加我們的收入。值得注意的是，我們在 2022 年前 6 個月銷售了 337 輛電動商用車，較 2021 年同期成長 23%，導致淨收入成長 105% 至 500 萬美元。其中，我們售出了 132 輛新推出的 LS 200 車型，這使我們的平均售價翻了一番。這反映了我們在全球不確定性的情況下執行分層產品策略、同時滿足各種客戶需求的能力。

We continue our focus on diversifying our products lineup and strengthening our supply distribution and the service infrastructure capability. This effort, which I will elaborate further on later, will prepare us in our mission to help transform the commercial fleet industry to zero emission vehicles and will be the foundation of our long-term growth into the future.

我們繼續專注於產品陣容多元化並加強我們的供應分銷和服務基礎設施能力。我稍後將進一步闡述這項努力，它將幫助我們完成幫助商用車隊產業轉型為零排放車輛的使命，並將成為我們未來長期成長的基礎。

We have continued a significant commitment to research and product development. We introduced three new ECV products to meet the needs of increasingly diverse market, which complement to the popular Logistar 200 and Metro. In September, we expanded our Logistar series with a new Logistar 260, which targets a wide range of applications in the trade, couriers, express, parcel service, logistic solutions, and the facility management segment.

我們繼續致力於研究和產品開發。我們推出了三款新的 ECV 產品，以滿足日益多樣化的市場需求，與廣受歡迎的 Logistar 200 和 Metro 形成補充。 9 月份，我們推出了新的 Logistar 260，擴展了 Logistar 系列，其目標是貿易、快遞、快遞、包裹服務、物流解決方案和設施管理領域的廣泛應用。

Production of our electric LS 260 commercial van has already commenced. In August, the first Logistar 100, a light electric commercial van rolled off the production line as a part of our effort to expanding product offerings. That's responding to customer needs for adaptable electric vehicle, particularly in Europe, one of our key markets, with best-in-class cargo space and multiple entry points at the side, the rear of the vehicle. This versatile, compact light cargo van is ideal for various commercial applications, including package delivery, trade, and maintenance services and hospitality, especially in urban areas with high population density.

我們的電動 LS 260 商用貨車已經開始生產。 8 月，第一輛 Logistar 100（一款輕型電動商用貨車）下線，作為我們擴大產品範圍努力的一部分。這是為了滿足客戶對適應性電動車的需求，特別是在我們的主要市場之一歐洲，擁有一流的貨物空間和車輛側面、後部的多個入口點。這款多功能、小型輕型貨車非常適合各種商業應用，包括包裹遞送、貿易、維護服務和接待，特別是在人口密度高的城市地區。

More importantly, we received the type approvals from the European Union for both LS 260 and LS 100 after completing all homologation tests for the vehicles in compliance with all EU standards and regulations. This will allow us to sell both vehicles models in all 27 EU member states and other countries that adopt EU vehicle homologation standards.

更重要的是，在完成所有符合所有歐盟標準和法規的車輛認證測試後，我們的 LS 260 和 LS 100 均獲得了歐盟的型式認可。這將使我們能夠在所有 27 個歐盟成員國以及採用歐盟車輛認證標準的其他國家銷售這兩款車型。

Initial deliveries of the both, LS 100, LS 260 are scheduled for September 2022, and will soon follow with launches in Asian, Caribbean, and South American markets. In North America, we launched all-electric Class 4 Logistar 400 earlier this year. Designed primarily for urban delivery and freight to cover two significant markets that [include](corrected by company after the call) last mile delivery and service fleets and upfitters.

LS 100 和 LS 260 均計劃於 2022 年 9 月首次交付，並將很快在亞洲、加勒比海和南美市場推出。在北美，我們在今年稍早推出了全電動 Class 4 Logistar 400。主要針對城市配送和貨運而設計，涵蓋兩個重要市場，其中[包括]（由公司在通話後更正）最後一英里配送和服務車隊以及改裝商。

Since March, we have showcased LS 400 at a various key industrial events and exhibitions drawing considerable interest and inquiries. The LS 400 is a purpose-built for robust duty cycles and can support a wide range of applications, including last mile delivery for packages, food, beverage as well as municipal functions, such as waste management. The EPA certification for LS 400 is expected by the end of September 2022.

自 3 月以來，我們在各種重要的工業活動和展覽中展示了 LS 400，引起了極大的興趣和詢問。 LS 400 專為穩定的工作循環而設計，可支援廣泛的應用，包括包裹、食品、飲料的最後一英里交付以及廢物管理等市政功能。 LS 400 預計將於 2022 年 9 月底獲得 EPA 認證。

With the progress on both, homologation and production, we have opened order books for these three new EV models, LS 100 and LS 260 for our European customers, and also LS 400 for our North American customers.

隨著認證和生產方面的進展，我們已經為歐洲客戶開放了這三款新電動車型的訂單，即 LS 100 和 LS 260，以及為北美客戶提供的 LS 400。

Aside from vehicle production as the battery costs increase and the battery supply become an issue due to supply chain challenges and pandemic control, we made a strategic decision to secure supply of this critical component for our electric commercial vehicles. In August, we set up a separate wholly-owned subsidiary, Cennatic Power Inc., to manufacture advanced [lithium-ion](added by company after the call) battery for our vehicles. Having in-house production of essential battery technology will allow us accelerate the development of our electric commercial vehicles, cut our supply chain dependency from China and lower the battery sale costs. The installation of the production line at the Cennatic Monterrey, Mexico manufacturing facility is underway with a trial production expected to begin in the first half of 2023. In early tests, the Cennatic's lithium-ion battery sales boast advanced feature, including greater temperature tolerance, faster charging time, safer operating parameters, longer life cycles and cost efficiency.

除了因電池成本增加以及供應鏈挑戰和疫情控製而導致電池供應成為問題的汽車生產之外，我們還做出了一項戰略決策，以確保我們的電動商用車這一關鍵部件的供應。 8月，我們成立了一家獨立的全資子公司Cennatic Power Inc.，為我們的車輛生產先進的[鋰離子]（公司在電話後添加）電池。擁有關鍵電池技術的內部生產將使我們能夠加速電動商用車的開發，減少供應鏈對中國的依賴並降低電池銷售成本。 Cennatic 墨西哥蒙特雷製造工廠的生產線安裝工作正在進行中，預計將於 2023 年上半年開始試生產。快的充電時間、更安全的操作參數、更長的生命週期和成本效益。

As the market demand for our advanced market validated [electric](corrected by company after the call) commercial vehicle continues to grow, our first and foremost task is to alleviate or remove supply chain disruptions and raise our production capacity, especially in new markets.

隨著我們先進的市場驗證的[電動]（由公司在通話後糾正）商用車的市場需求持續增長，我們的首要任務是減輕或消除供應鏈中斷並提高我們的產能，特別是在新市場。

Our European assembly factory in Germany is fully functional with an ISO-9000 certification. We have scaled assembly capability in New Jersey, while Florida assembly capability will be ready soon. Our Jacksonville plant is also preparing to scale with hiring, training underway. With the additional assembly and the company currently has five manufacturing and assembly plants, and we are positioned to meet the increased demand for our EVs.

我們位於德國的歐洲組裝工廠功能齊全，並通過了 ISO-9000 認證。我們已經擴大了新澤西州的組裝能力，而佛羅裡達州的組裝能力也將很快準備就緒。我們的傑克遜維爾工廠也正在準備擴大規模，正在進行招募和培訓。透過額外的組裝，該公司目前擁有五個製造和組裝工廠，我們有能力滿足對電動車不斷增長的需求。

Furthermore, we are actively expanding our vehicle distribution and service infrastructure. In terms of distribution, we made a strategic decision to end channel distribution partnership, replaced with directly B2B distribution model. We have already made progress identifying excellent distributors, dealers, and value-added resellers. We will support our global distribution strategy with an introduction of essential EV centers across the U.S., Europe, and in South America and the Caribbean.

此外，我們正在積極擴大我們的車輛分銷和服務基礎設施。在分銷方面，我們做出了結束通路分銷合作夥伴關係的策略決策，改為直接B2B分銷模式。我們已經在尋找優秀分銷商、經銷商和加值經銷商方面取得了進展。我們將透過在美國、歐洲、南美洲和加勒比地區建立重要的電動車中心來支持我們的全球分銷策略。

Initial EV centers will be located in Dusseldorf, Warsaw, Barcelona, and Jamaica to align with our go-to-market strategy that focuses on the U.S. and the European markets. The centers will support customer in all levels of buying process from initial inquiry to after sales and parts and will serve to support our distributors, dealers, and value-added [resellers](corrected by company after the call).

最初的電動車中心將位於杜塞爾多夫、華沙、巴塞隆納和牙買加，以符合我們專注於美國和歐洲市場的市場策略。這些中心將在從最初詢價到售後和零件的各個級別的購買過程中為客戶提供支持，並將為我們的分銷商、經銷商和增值[經銷商]（電話後由公司更正）提供支持。

With our focus on expanding production, assembly, and product development, the Company is in good shape, and we are strongly well-positioned to offer adaptable, electric commercial vehicle to growing customer base.

由於我們專注於擴大生產、組裝和產品開發，公司狀況良好，並且我們處於有利地位，可以為不斷增長的客戶群提供適應性強的電動商用車。

Now, let me turn the call over to our CFO, Edmond Cheng, who will provide details on our first half 2022 financial performances. Edmond?

現在，讓我將電話轉給我們的財務長 Edmond Cheng，他將提供有關我們 2022 年上半年財務業績的詳細資訊。埃德蒙？

Thank you, Peter, and thank you everyone for joining our call today. I will now go over our key financial results. For the first half of the year ended June 30, 2022, for the full details of our financial results, please refer to our earnings press release in our 6-K filing today.

謝謝彼得，也謝謝大家今天加入我們的電話會議。我現在將回顧我們的主要財務表現。截至 2022 年 6 月 30 日的上半年，有關我們財務業績的完整詳細信息，請參閱我們今天 6-K 備案中的收益新聞稿。

Driven by vehicle sales volume growth by 23% and improved product mix, we achieved 105% year-on-year revenue growth for the first half of 2022. Our results demonstrate the value of the continuous investment we have made in product development and partnership with the right OEM suppliers to extend our product offerings to address market needs. We also stepped up our investments in sales and marketing, infrastructure, and research and development to support our growth initiatives. However, in light of the uncertain macroeconomic environment, we remain prudent in managing our expenditure and working capital in order to preserve the strength of our balance sheet versus the need to support business growth.

在汽車銷售成長 23% 和產品結構改善的推動下，2022 年上半年我們實現了 105% 的年收入成長。商來擴展我們的產品範圍以滿足市場需求。我們也加大了對銷售和行銷、基礎設施以及研發的投資，以支持我們的成長計畫。然而，鑑於宏觀經濟環境的不確定性，我們仍然審慎管理支出和營運資金，以維持資產負債表的實力，滿足支持業務成長的需求。

Moving on to our results, our net revenue for the first half of the year was $5 million, representing an increase of 105% from the previous year. The increase was due to both, a 23% growth in sales volume as well as an improvement of average selling price, ASP, from $7,354 in primarily selling Metro Car Kits last year to $14,400 in the improved product mix to include 132 units of LS 200 at a much higher ASP.

再來看看我們的業績，我們上半年的淨收入為 500 萬美元，比上年增長 105%。這一增長是由於銷量增長 23% 以及平均銷售價格 (ASP) 的提高，從去年主要銷售 Metro Car Kits 的 7,354 美元提高到改進產品組合（包括 132 輛 LS 200）後的 14,400 美元ASP 更高。

Within the revenue, vehicle sales accounted for 96% with the remainder from spare part sales and other services revenue. We sold 132 units of LS 200 in the first half of the year, accounting for 60% of total units sold, despite of the fact that we had just launched this vehicle at the beginning of 2022.

在收入中，汽車銷售佔96%，其餘來自零配件銷售和其他服務收入。儘管LS 200是2022年初才推出的，但上半年我們銷售了132輛LS 200，佔總銷量的60%。

The number of Metro sold was 203 units compared with 273 units in the previous year. We have made a strategic decision to transition away from private label distributors to building our own direct B2B marketing and sales team in North America. Geographically, we generated 59% of our revenue from Europe, 32% from Asia with the remainder from the United States.

Metro 的銷售量為 203 套，而前一年為 273 套。我們已做出策略決策，從自有品牌經銷商轉型為在北美建立自己的直接 B2B 行銷和銷售團隊。從地理上看，我們 59% 的收入來自歐洲，32% 來自亞洲，其餘來自美國。

With the increase in vehicle sales, we were able to generate gross profit of $0.53 million, up 18% from the prior year. Our gross margin was 10.6% compared with 18.3% in the previous year. The decrease in gross margin percentage was mainly driven by the inflationary pressure on input cost, such as battery and the shipping costs. Shipping costs of a 40-foot container to Hamburg or New York has risen to a high of $20,000 for the first six months of this year from the average of $2,000 for the same period last year. Recently, in August, the average cost of shipping the same 40-foot container has come down to $5,000.

隨著汽車銷量的增加，我們得以實現毛利53萬美元，比上年成長18%。我們的毛利率為 10.6%，而去年為 18.3%。毛利率下降主要是由於電池和運輸成本等投入成本的通膨壓力所致。今年前六個月，一個 40 英尺貨櫃運往漢堡或紐約的運費已從去年同期的平均 2,000 美元升至 20,000 美元的高點。最近，8 月份，運輸同一個 40 英尺貨櫃的平均成本已降至 5,000 美元。

Meanwhile, total operating expenses were $24.7 million compared with $5 million in the first half of 2021. A major portion of this increase, $8.3 million was due to one-time cost, which was comprised of approximately $6.5 million related to the compensation to certain directors for the past performances to the Company and $1.8 million for the compensation paid in 2022 related to the FOH divestiture in December last year. Of the remaining $11.4 million increase versus same period of last year, $3.1 million increase was due to higher legal and compliance costs to support our growth as a public company. We have already initiated action items to contain the rise in this cost. The remaining increase was primarily driven by headcount growth, 51% year-over-year to a total of 157 from 104 in the same period last year. Most of the headcount increases were in Europe and the United States. Since we have filled some key positions, we will rationalize the pace of these headcount increases.

同時，總營運費用為 2,470 萬美元，而 2021 年上半年為 500 萬美元。為該公司過去的業績支付了180 萬美元，並在2022 年支付了180 萬美元，與去年12 月剝離FOH 有關。與去年同期相比，其餘 1,140 萬美元的成長中，有 310 萬美元的成長是由於支持我們作為上市公司發展的法律和合規成本增加所致。我們已經啟動了行動項目來遏制這一成本的上升。其餘的成長主要是由員工人數成長推動的，員工總數從去年同期的 104 人增加到 157 人，年增 51%。大部分員工成長來自歐洲和美國。由於我們已經填補了一些關鍵職位，我們將合理化這些人員成長的步伐。

Net loss was $23.1 million compared with net loss of $4.5 million for the same period last year. As mentioned earlier, $8.3 million of the net loss is considered as onetime and non-recurring.

淨虧損為 2,310 萬美元，去年同期淨虧損為 450 萬美元。如前所述，830 萬美元的淨虧損被視為一次性且非經常性的。

Our adjusted EBITDA was negative $12.9 million compared with negative $3 million in the first half of 2021.

我們的調整後 EBITDA 為負 1,290 萬美元，而 2021 年上半年為負 300 萬美元。

As of June 30, 2022, our cash and cash equivalents were $183 million compared with $2 million a year earlier. As mentioned earlier, in light of uncertain macroeconomic environment, we remain prudent in managing our expenditure and working capital in order to preserve the strength of our balance sheet.

截至 2022 年 6 月 30 日，我們的現金和現金等價物為 1.83 億美元，而去年同期為 200 萬美元。如前所述，鑑於宏觀經濟環境不確定，我們仍審慎管理支出和營運資金，以維持資產負債表的實力。

Now, let me turn the call back to Peter for his closing remarks.

現在，讓我把電話轉回給彼得，讓他作結束語。

Yes. Despite the remaining challenges in the supply chain and the shipping sector, we continued onward and upward with our business progress. We added new EV products with order book already opened. These new vehicles come with high price points and we'll continue to improve our product mix. We made a strategic decision to make our own advanced lithium battery cells, which will enhance our supply chain. We also launched new vehicle assembly facilities in both the U.S. and Europe, with vehicle distribution and service infrastructure being built, all of which will lay a strong foundation to speed up the growth of our electric commercial vehicles. Importantly, we are pleased to see favorable policies emerging in the U.S. through the Inflation Reduction Act, which we believe will stimulate more rapid adoption of electric vehicles and significant investment into the sector.

是的。儘管供應鏈和航運業仍面臨挑戰，我們的業務仍不斷向前發展。我們添加了新的電動車產品，訂單已開放。這些新車價格較高，我們將繼續改進我們的產品組合。我們做出了策略決策，生產自己的先進鋰電池，這將增強我們的供應鏈。我們還在美國和歐洲啟動了新的車輛組裝設施，並建造了車輛分銷和服務基礎設施，所有這些都將為加快我們電動商用車的成長奠定堅實的基礎。重要的是，我們很高興看到美國通過《通貨膨脹削減法案》推出了有利政策，我們相信該法案將刺激電動車的更快採用以及對該行業的大量投資。

As we move through the second half of 2022 and into 2023, we will further enhance our supply capabilities to navigate the supply chain and the logistic challenges. With our solid balance sheet, a diverse lineup of quality products and cutting-edge technologies, we look forward to capture the market share in the electric vehicle market and all the revenue potential it offers.

隨著 2022 年下半年和 2023 年的到來，我們將進一步增強供應能力，以應對供應鏈和物流挑戰。憑藉我們穩健的資產負債表、多樣化的優質產品和尖端技術，我們期待佔領電動車市場的市場份額及其提供的所有收入潛力。

That concludes our prepared remarks. Let's now open the call for questions. Operator, please go ahead.

我們準備好的演講到此結束。現在讓我們開始提問。接線員，請繼續。

Thank you. (Operator instructions). We will now pause a short moment to allow questions to be registered. (Operator instructions).

謝謝。 （操作員說明）。我們現在將暫停片刻以允許登記問題。 （操作員說明）。

Thank you. Seeing no questions in today's queue, this concludes the call. You may now disconnect.

謝謝。由於今天的隊列中沒有任何問題，因此電話會議結束。您現在可以斷開連線。

Thank you.

謝謝。