Cheetah Mobile Inc (CMCM) 2025 Q3 法說會逐字稿

Good day, and welcome to the Cheetah Mobile third-quarter 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded. I would now like to turn the conference over to Helen, Investor Relations for Cheetah Mobile. Please go ahead, Helen.

大家好，歡迎參加獵豹移動2025年第三季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給獵豹行動投資者關係部門的Helen女士。 Helen女士，請開始。

Thank you, operator. Welcome to Cheetah Mobile's third-quarter 2025 earnings conference call. With us today are our company's Chairman and CEO, Mr. Fu Sheng; and our company's Director and CFO, Mr. Thomas Ren. Following management's prepared remarks, we will conduct a Q&A section. Please note the management's script will be presented by an AI agent.

謝謝接線生。歡迎參加獵豹移動2025年第三季財報電話會議。今天出席會議的有公司董事長兼執行長傅聲先生，以及公司董事兼財務長任先生。在管理階層發言結束後，我們將進行問答環節。請注意，管理階層的發言稿將由人工智慧代理呈現。

Before we begin, I refer you to the Safe Harbor statement in our earnings release, which also applies to our conference call today. Management will make forward-looking statements.

在正式開始之前，請各位參閱我們盈利報告中的“安全港聲明”，該聲明同樣適用於我們今天的電話會議。管理階層將在會議中發表前瞻性聲明。

At this time, I will now turn the conference call over to our Chairman and CEO, Mr. Fu Sheng. Fu Sheng, please go ahead.

現在，我將把電話會議交給我們的董事長兼執行長傅聲先生。傅聲先生，請您發言。

(spoken by AI) Good day, everyone, and thank you for joining Cheetah Mobile's Third Quarter 2025 Earnings Call. I'm Fu Sheng, the CEO of Cheetah Mobile. I'm very happy to report that our turnaround efforts are paying off. We hit quarterly breakeven ahead of expectations. In Q3, we made an operating profit -- first time in 6 years.

（AI語音）大家好，感謝各位參加獵豹移動2025年第三季財報電話會議。我是獵豹移動CEO傅聲。我很高興地告訴大家，我們的扭虧為盈努力正在發揮成效。我們提前實現了季度損益平衡。第三季度，我們實現了營業利潤——這是六年來的首次。

We believe we are well positioned to approach breakeven for the full year 2025. At the same time, our growth stayed strong in Q3, building on the momentum from the first half of the year. Q3 revenue rose 50% year-over-year, driven by both our Internet business and our AI and other businesses. Our AI and other segment grew even fast, up 151% year-over-year and 6% quarter-over-quarter and now presenting 50% of total revenues. So far, 2025 has been a solid year for Cheetah.

我們相信，公司已做好充分準備，預計在2025年全年實現損益平衡。同時，第三季我們保持了強勁的成長勢頭，延續了上半年的成長動能。第三季營收年增50%，主要得益於網路業務以及人工智慧和其他業務的強勁成長。其中，人工智慧和其他業務板塊的成長尤為迅猛，較去年同期成長151%，季增6%，目前已佔總營收的50%。迄今為止，2025年對獵豹來說是穩健的一年。

Revenue in the first 9 months rose around 48%. We became profitable in Q3 and took important steps in our two AI focus areas, AI robots and AI tools. We believe this progress shows our investors were right to trust our vision and work. I want to thank our shareholders for their support. I know many of you invested in Cheetah because you believed in our ability to deliver a comeback.

前九個月的收入成長了約 48%。我們在第三季度實現了盈利，並在人工智慧機器人和人工智慧工具這兩大重點領域取得了重要進展。我們相信，這項進展表明，投資者當初信任我們的願景和努力是正確的。我要感謝各位股東的支持。我知道你們中的許多人投資獵豹是因為相信我們有能力實現績效的復甦。

We are working hard every day to make that happen. I remain fully committed to leading the company forward and our results this year show that the turnaround is real. Looking ahead, we will focus on driving growth by building new growth engines through our AI initiatives, AI robots and AI tools.

我們每天都在努力實現這一目標。我將繼續全力以赴帶領公司前進，而我們今年的業績也表明，公司已經真正扭虧為盈。展望未來，我們將專注於透過人工智慧專案、人工智慧機器人和人工智慧工具建立新的成長引擎，從而推動公司發展。

Today, I will talk about our vision and progress in these areas. Thomas will follow with more on how we are building a lean cost structure to support long-term profitability. Both AI robots and AI tools have enormous market potential, and Cheetah Mobile has strong advantages to build new growth engines in these areas. Additionally, we hold minority investments in several companies in this space, which could extend our organic growth in the future. In Q3, our AI robotic business contributed about 15% of total revenue, growing about 100% year-over-year and 40% quarter-over-quarter.

今天，我將談談我們在這些領域的願景和進展。隨後，Thomas 將詳細介紹我們如何建立精益的成本結構以支持長期獲利。人工智慧機器人和人工智慧工具都擁有巨大的市場潛力，獵豹移動在這些領域擁有強大的優勢，可以打造新的成長引擎。此外，我們也持有該領域多家公司的少數股權，這有望在未來進一步推動我們的內生成長。第三季度，我們的人工智慧機器人業務貢獻了約 15% 的總收入，年增約 100%，較上季成長約 40%。

We see two drivers of this growth. First, strong demand for our voice-enabled wheel robots in China. In Q3, for the second quarter in a row, revenue from these robots doubled year-over-year. They now make up around 5% of our total revenues, supported by both repeat orders and new wins. As of September 30, 2025, the contract backlog for these robots in China was up 32% from the previous quarter.

我們認為這一增長主要受兩方面因素驅動。首先，中國市場對我們語音控制輪式機器人的強勁需求。第三季度，這類機器人的營收連續第二季年增翻番。目前，這類機器人的收入約占我們總收入的5%，這得益於老客戶的重複訂單和新訂單的持續成長。截至2025年9月30日，中國市場這類機器人的合約積壓量較上一季成長了32%。

Since then, the backlog has doubled again, reflecting sustained demand. These trends make us comfortable for a continued strong [UA] growth in our revenue from these robots in the fourth quarter. Why is demand rising? First, more customers are open to using robots. And today, wheel robots are the most reliable and cost-effective option for large-scale deployment.

此後，積壓訂單量再次翻倍，反映出市場需求持續旺盛。這些趨勢讓我們有信心，第四季來自這些機器人的營收將持續保持強勁成長。需求為何上升？首先，越來越多的客戶願意使用機器人。其次，如今，輪式機器人是大規模部署中最可靠、最具成本效益的選擇。

But more importantly, product experience is getting better. AgentOS, our voice system powered by AI agents, gives our robots a smarter brain to understand and respond more naturally to people. That improved experience allows us to charge a premium even in a competitive market, but most of our revenue growth came from higher shipment volume. We believe AgentOS not only enhances user experience but also strengthens our leadership in voice-enabled robots. Our voice-enabled wheel robot, which integrated with Google's Gemini 2.5 Flash was recently featured by Google Cloud at its AI Asia Conference.

但更重要的是，產品體驗正在不斷提升。我們基於人工智慧代理的語音系統 AgentOS，賦予了我們的機器人更聰明的大腦，使其能夠更自然地理解和回應用戶。這種體驗的提升使我們能夠在競爭激烈的市場中收取更高的價格，但我們的大部分收入成長仍然來自更高的出貨量。我們相信，AgentOS 不僅提升了使用者體驗，也鞏固了我們在語音機器人領域的領先地位。我們與Google Gemini 2.5 Flash 整合的語音輪式機器人，最近在Google雲端的亞洲人工智慧大會上亮相。

We believe this is a strong sign of endorsement. We are continuously upgrading our AI agent capability and applying it to our products. Looking forward, we think these robots can do even better overseas as we combine third-party genAI and multimodal models with our strength in voice AI and autonomous mobility to drive real-world applications.

我們認為這是對我們產品的有力認可。我們正不斷提升人工智慧代理的能力，並將其應用於我們的產品中。展望未來，我們相信，隨著我們將第三方基因人工智慧和多模態模型與我們在語音人工智慧和自主移動方面的優勢相結合，這些機器人能夠在海外市場取得更佳表現，從而推動實際應用。

Second, our robotic --

其次，我們的機器人——

(technical difficulty)

（技術難題）

Hello, everybody, this is Helen from Cheetah Mobile. I think there are some tech issues then our call disconnected. I will just replay our CEO's prepared remarks. Very sorry for the inconvenience.

大家好，我是獵豹移動的Helen。我想可能是技術問題導致通話中斷了。我將重播我們CEO事先準備好的演講。造成您的不便，我們深表歉意。

(spoken by AI) Good day, everyone. And of this growth, first, strong demand for our voice-enabled wheel robots in China. In Q3, for the second quarter in a row, revenue from these robots doubled year-over-year. They now make up around 5% of our total revenues, supported by both repeat orders and new wins. As of September 30, 2025, the contract backlog for these robots in China was up 32% from the previous quarter.

（人工智慧語音）大家好。關於此次成長，首先要提到的是中國市場對我們語音控制輪式機器人的強勁需求。第三季度，這些機器人的營收連續第二季年增翻番。目前，它們約占我們總收入的5%，這得益於舊客戶的重複訂單和新訂單的持續成長。截至2025年9月30日，中國市場這些機器人的合約積壓量較上一季成長了32%。

Since then, the backlog has doubled again, reflecting sustained demand. These trends make us comfortable for a continued strong [UA] growth in our revenue from these robots in the fourth quarter. Why is demand rising? First, more customers are open to using robots. And today, wheel robots are the most reliable and cost-effective option for large-scale deployment.

此後，積壓訂單量再次翻倍，反映出市場需求持續旺盛。這些趨勢讓我們有信心，第四季來自這些機器人的營收將持續保持強勁成長。需求為何上升？首先，越來越多的客戶願意使用機器人。其次，如今，輪式機器人是大規模部署中最可靠、最具成本效益的選擇。

But more importantly, product experience is getting better. AgentOS, our voice system powered by AI agents, gives our robots a smarter brain to understand and respond more naturally to people. That improved experience allows us to charge a premium even in a competitive market, but most of our revenue growth came from higher shipment volume. We believe AgentOS not only enhances user experience but also strengthens our leadership in voice-enabled robots. Our voice-enabled wheel robot, which integrated with Google's Gemini 2.5 Flash was recently featured by Google Cloud at its AI Asia Conference.

但更重要的是，產品體驗正在不斷提升。我們基於人工智慧代理的語音系統 AgentOS，賦予了我們的機器人更聰明的大腦，使其能夠更自然地理解和回應用戶。這種體驗的提升使我們能夠在競爭激烈的市場中收取更高的價格，但我們的大部分收入成長仍然來自更高的出貨量。我們相信，AgentOS 不僅提升了使用者體驗，也鞏固了我們在語音機器人領域的領先地位。我們與Google Gemini 2.5 Flash 整合的語音輪式機器人，最近在Google雲端的亞洲人工智慧大會上亮相。

We believe this is a strong sign of endorsement. We are continuously upgrading our AI agent capability and applying it to our products. Looking forward, we think these robots can do even better overseas as we combine third-party genAI and multimodal models with our strength in voice AI and autonomous mobility to drive real-world applications.

我們認為這是對我們產品的有力認可。我們正不斷提升人工智慧代理的能力，並將其應用於我們的產品中。展望未來，我們相信，隨著我們將第三方基因人工智慧和多模態模型與我們在語音人工智慧和自主移動方面的優勢相結合，這些機器人能夠在海外市場取得更佳表現，從而推動實際應用。

Second, our robotic arm business is growing steadily supported by three key industry trends. Number one, in manufacturing, collaborative robotic arms are becoming more and more popular because they're smaller, easier to install and more affordable, they're also safer to work with. So they help fill many unmet needs in factories like doing tasks that need flexible movement, careful and precise work or real-time feedback. These tasks now rely on human workers today.

其次，在三大關鍵產業趨勢的推動下，我們的機械手臂業務正穩定成長。首先，在製造業領域，協作式機械手臂越來越受歡迎，因為它們體積更小、安裝更便利、價格更實惠，而且使用起來也更安全。因此，它們能夠滿足工廠中許多尚未被滿足的需求，例如執行需要靈活移動、精細操作或即時回饋的任務。而這些任務目前仍依賴人工完成。

Number two, in commercial spaces like coffee shops and smart retail, because of advances in lightweight design and easy programming and building vision of feedback, we are unlocking new use cases. Our team's ability to understand real-world needs and build practical products gives us an edge. Number three, robotic arms are a core part of embodied AI.

第二，在咖啡店和智慧零售等商業空間，由於輕量化設計、簡易編程和構建反饋視覺方面的進步，我們正在解鎖新的應用場景。我們團隊理解實際需求並打造實用產品的能力使我們擁有競爭優勢。第三，機械手臂是具身人工智慧的核心組成。

As global demand for physical AI grows, we believe robotic arms will play a key role in bringing AI into the real world. We strengthened our robotic arm business through an acquisition, demonstrating our strategy of combining organic growth with M&A. This business is a great fit for us. It is already profitable with tens of millions of RMBin annual revenue, most of it from overseas customers. By bringing this company into our group, we've expanded our product line and strengthened our presence in global markets.

隨著全球對實體人工智慧的需求不斷增長，我們相信機械手臂將在人工智慧走向現實世界的過程中發揮關鍵作用。我們透過收購強化了機械手臂業務，這體現了我們結合內生成長和併購的策略。這項業務與我們非常契合，目前已實現盈利，年收入達數千萬元人民幣，其中大部分來自海外客戶。透過將該公司納入集團，我們拓展了產品線，並增強了在全球市場的影響力。

More importantly, we started testing how to combine our wheel robots with robotic arms to create embodied AI that can handle more complex real-world tasks. It's still in early days, but our solid foundation in both technology and product development puts us in a strong position to grow in this space in the long run.

更重要的是，我們開始測試如何將輪式機器人與機械手臂結合，打造能夠處理更複雜現實世界任務的具身人工智慧。雖然目前還處於早期階段，但我們在技術和產品開發方面的堅實基礎，使我們在這個領域擁有長遠發展的強大優勢。

Moving on to AI tools. This is another area where we see long-term potential. We're using AI agents to quickly build a variety of new tools for both PC and mobile, and we're also upgrading some of our existing products with AI features.

接下來談談人工智慧工具。這是另一個我們看到長期發展潛力的領域。我們正在利用人工智慧代理快速建構各種適用於PC和行動裝置的新工具，同時也用人工智慧功能升級一些現有產品。

For example, in one of our legacy products, Duba Antivirus users can now interact with their PCs through natural language to complete tasks like system settings. No need for complex manual steps. And small-scale testing of other tools like meeting summarizers, we've also seen strong user engagement and good willingness to pay. What makes this space exciting is that AI coding apps have greatly reduced the time and cost it takes to build and launch new products. This gives us the flexibility to test many ideas quickly and focus on what works.

例如，在我們的一款老牌產品 Duba Antivirus 中，使用者現在可以透過自然語言與電腦交互，完成系統設定等任務，無需複雜的手動操作。此外，我們也對其他工具（例如會議總結工具）進行了小規模測試，結果顯示使用者參與度很高，付費意願也很強烈。人工智慧編碼應用程式的出現，大大縮短了新產品的開發和發佈時間，降低了成本，這讓我們能夠靈活地快速測試各種想法，並專注於真正有效的方案。

While we're still in the early stages, we believe our strength in building user-friendly tool-based apps, especially with the help of AI agents, puts us in a good position. And since subscriptions already make up more than 60% of our Internet revenue, we're confident in our ability to monetize future products through the same model.

雖然我們仍處於早期階段，但我們相信，憑藉我們打造用戶友善工具應用的能力，尤其是在人工智慧代理的幫助下，我們處於有利地位。而且，由於訂閱收入已占我們網路收入的60%以上，我們有信心透過同樣的模式實現未來產品的獲利。

To close, I believe Cheetah has moved beyond the turnaround phase. Looking ahead, our focus is on building long-term value by scaling our AI robot business and capturing the upside of AI-native tools. While we're still early, both segments have real momentum and strong potential to drive growth in the years to come.

最後，我認為獵豹已經度過了轉型期。展望未來，我們的重點是透過擴大人工智慧機器人業務規模並充分利用人工智慧原生工具的優勢，來創造長期價值。雖然我們仍處於早期階段，但這兩個業務板塊都擁有強勁的發展勢頭和巨大的成長潛力，並有望在未來幾年推動業務成長。

(spoken by AI) Thank you, Fu Sheng. Hello, everyone, and thank you for joining the call. Unless otherwise stated, all financial figures are presented in RMB. In the third quarter of 2025, we are pleased to reach an important milestone. We reported our first quarterly operating profit in the past 6 years.

（人工智慧語音）謝謝傅勝。大家好，感謝各位參加本次電話會議。除非另有說明，否則所有財務數據均以人民幣列示。 2025年第三季度，我們很高興達成一個重要的里程碑。我們實現了六年來的首次季度營業利潤。

This achievement reflects the disciplined execution of our teams and the continued improvement in our operational efficiency. Operating profit was RMB4 million in the quarter. On a non-GAAP basis, operating profit reached RMB15 million compared with an operating loss of RMB60 million in the same period last year and an operating loss of RMB2 million in the previous quarter. Let me walk you through the key financial results in the quarter. Total revenue reached RMB287 million, up 50% year-over-year, driven by 151% growth in our AI and other segment.

這項成就體現了我們團隊嚴謹的執行力和營運效率的持續提升。本季營業利潤為人民幣400萬元。以非GAAP準則計算，營業利潤達人民幣1,500萬元，而去年同期營業虧損為人民幣6,000萬元，上一季營業虧損為人民幣200萬元。以下我將為大家詳細介紹本季的主要財務表現。總收入達人民幣2.87億元，年增50%，主要得益於人工智慧及其他業務板塊151%的成長。

This segment accounted for 50% of total revenue compared with 30% in the same period last year. Our Internet business remained stable with revenue increasing 6% year-over-year in Q3. Gross profit increased by 64% year-over-year and gross margin improved to 75%, up from 68% in the year-ago quarter. Operating profit improved to RMB4 million compared with an operating loss of RMB72 million a year ago. On a non-GAAP basis, operating profit was RMB15 million compared with an operating loss of RMB60 million last year.

該業務類股佔總營收的50%，而去年同期為30%。我們的網路業務保持穩定，第三季營收年增6%。毛利較去年同期成長64%，毛利率從去年同期的68%提升至75%。營業利潤為人民幣400萬元，而去年同期營業虧損為人民幣7,200萬元。以非GAAP準則計算，營業利潤為人民幣1,500萬元，而去年同期營業虧損為人民幣6,000萬元。

By segment, our Internet business delivered approximately RMB21 million in adjusted operating profit in this quarter, up 55% year-over-year. Adjusted operating loss for our AI and other segment narrowed by 82% year-over-year and 53% quarter-over-quarter to [RMB15 million] in this quarter.

依業務板塊劃分，本季我們的網路業務實現調整後營業利潤約人民幣2,100萬元，較去年同期成長55%。本季人工智慧及其他業務部門的調整後營業虧損年比收窄82%，較上季收窄53%，至人民幣1,500萬元。

On the balance sheet side. Our financial position remains strong. As of the 30th of September 2025, the company has cash and cash equivalents of about USD224 million and long-term investments of USD107 million. We continue to maintain discipline in cash flow management and capital allocation. Looking ahead for our Internet business, we will continue to deliver robust operating profits.

從資產負債表來看，我們的財務狀況依然穩健。截至2025年9月30日，本公司持有現金及現金等價物約2.24億美元，長期投資約1.07億美元。我們將繼續保持現金流量管理和資本配置的穩健作風。展望未來，我們的網路業務將持續實現強勁的營業利潤。

We want to be clear that we prioritize operating profit growth over revenue growth. For our AI and other business, we also aim to further manage our cost and expenses to a more focused and efficient approach.

我們想明確指出，我們優先考慮的是營業利潤成長而非營收成長。對於我們的人工智慧和其他業務，我們也致力於進一步控製成本和費用，採取更專注和高效的方式。

First, we are focusing on high potential use cases for our robotics business, that is the only way to build sustainable and profitable business models. We concentrate on AI-powered, voice-enabled wheel robots, products that have proved to deliver a highly competitive ROI, [a cheaper] alternative for reception, museum and exhibition scenarios. Second, we leverage third-party and open source models and tools to enhance our robotic experience.

首先，我們專注於機器人業務的高潛力應用場景，這是建立可持續獲利商業模式的唯一途徑。我們專注於人工智慧驅動、語音控制的輪式機器人，這些產品已被證明能夠帶來極具競爭力的投資回報率，是接待、博物館和展覽等場景的[更經濟實惠的]替代方案。其次，我們利用第三方和開源模型及工具來提升我們的機器人技術體驗。

This approach allows us to accelerate product updates, thereby increasing our overall efficiency. Third, for our advertising agency service and multi-cloud management services, we are taking a more disciplined approach, strengthening contract control (inaudible) and customer value to better manage our costs and expenses.

這種方法使我們能夠加快產品更新速度，從而提高整體效率。第三，對於我們的廣告代理商服務和多雲管理服務，我們採取了更規範的方法，加強合約管控和客戶價值，以更好地控製成本和費用。

Overall, at the corporate level, we will continue to invest in AI robots and AI tools as we believe these two areas will drive our long-term revenue growth. However, we will stay disciplined and ROI focused in every decision. I believe Cheetah has entered a much better phase compared with a year ago.

總體而言，在公司層面，我們將繼續投資人工智慧機器人和人工智慧工具，因為我們相信這兩個領域將推動我們長期的營收成長。然而，我們將在所有決策中保持嚴謹，並始終以投資回報率為導向。我相信，與一年前相比，獵豹目前的發展階段要好得多。

In product development, as we shared in the previous calls, we encourage our employees to use AI tools such as [coding] apps to build their own AI, not only to improve productivity, but also to enhance decision-making. Leveraging AI allow us to develop products faster and operate them with fewer people than before.

正如我們在先前的電話會議中提到的，在產品開發方面，我們鼓勵員工使用人工智慧工具（例如程式碼應用程式）來建立自己的人工智慧，這不僅可以提高生產力，還可以增強決策能力。利用人工智慧，我們可以更快地開發產品，並以比以往更少的人員來運作這些產品。

Most importantly, with the AI opportunity, the business improvements we have achieved over the past year and growing recognition from the capital market, we are seeing renewed confidence and momentum across our teams. I personally believe these changes, stronger execution, disciplined investments, improved efficiency and an inspired team form the foundation for Cheetah to rebuild its success in this new chapter. Thank you.

最重要的是，憑藉人工智慧帶來的機會、過去一年來我們取得的業務進步以及資本市場日益增長的認可，我們看到團隊內部信心倍增，發展勢頭強勁。我個人認為，這些變化、更強有力的執行、審慎的投資、更高的效率以及一支充滿熱情的團隊，將為獵豹在新篇章中重塑輝煌奠定基礎。謝謝。

We are now happy to take your questions.

現在我們很樂意回答您的問題。

(Operator Instructions)

（操作說明）

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Operator, please move to the next question. Thank you.

接線員，請進入下一題。謝謝。

Vicky Wei, Citi.

Vicky Wei，花旗銀行。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請進入下一題。

Lydia Lin, Morgan Stanley.

林莉迪亞，摩根士丹利。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請進入下一題。

Zhang Heng, Everbright Securities.

張恆，光大證券。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請進入下一題。

Alicia Soh, J.P. Morgan.

Alicia Soh，摩根大通。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請進入下一題。

Zeping Zhao, ICBC International.

趙澤平，工商銀行國際。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請進入下一題。

Joanna Ma, CMBI.

Joanna Ma，CMBI。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you, Operator, please move to the next question.

謝謝接線員，請進入下一題。

[Jing Wan], CICC.

[萬靖]，中金公司。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Operator, please move to the next question.

操作員，請進入下一題。

(inaudible)

（聽不清楚）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you, Operator, please move to the next question.

謝謝接線員，請進入下一題。

[Yan Peng Zhao], Guotai Haitong.

[趙彥鵬]，國泰海通。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請進入下一題。

(inaudible)

（聽不清楚）

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Please check if we have any further questions. If not, then we can end the call.

請確認我們是否還有其他問題。如果沒有，我們可以結束通話。

Yes, ma'am. We have no further questions in queue at this time. (Operator Instructions) I'm showing no questions, ma'am. You may proceed with any closing remarks.

是的，女士。目前我們沒有其他問題需要提問。 （操作員指示）我這裡沒有問題了，女士。您可以繼續做結束語了。

Okay then, we can end the call. Thank you so much for joining our earnings conference call today. Thank you so much.

好的，我們可以結束今天的電話會議了。非常感謝您參加我們今天的財報電話會議。非常感謝。

Thank you and thanks, everyone, for connecting to today's call. You may now disconnect your lines and have a wonderful day.

謝謝大家參與今天的電話會議。現在可以掛斷電話了，祝大家有個美好的一天。