科蒂集團 (COTY) 2026 Q2 法說會逐字稿

Good morning and good afternoon everyone. My name is Chloe and I will be your conference operator today.

各位早安，下午好。我叫克洛伊，今天將由我擔任你們的會議接線生。

At this time, I would like to welcome everyone to Coty's second quarter fiscal 2026 question-and-answer conference call. As a reminder, this conference call is being recorded today February 6, 2026, at 8:00 AM Eastern time or 2:00 PM Central European Time.

此時此刻，我謹代表科蒂公司歡迎各位參加 2026 財年第二季問答電話會議。提醒各位，本次電話會議將於美國東部時間 2026 年 2 月 6 日上午 8:00 或歐洲中部時間下午 2:00 進行錄音。

Please note that on February 5, 2026, at approximately 4:30 PM Eastern time or 10:30 PM Central European Time, Coty issued a press release and prepared remarks webcast which can be found on its Investor Relations website.

請注意，2026 年 2 月 5 日下午 4:30（美國東部時間）或晚上 10:30（歐洲中部時間），Coty 發布了新聞稿和準備好的演講網絡直播，可以在其投資者關係網站上找到。

On today's call are Markus Strobel, Executive Chairman of the Board and Interim Chief Executive Officer and Laurent Mercier, Chief Financial Officer.

今天參加電話會議的有董事會執行主席兼臨時執行長 Markus Strobel 和財務長 Laurent Mercier。

I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from these forward-looking statements. In addition except where noted the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release.

我想提醒各位，今天很多評論可能包含前瞻性陳述。請參閱 Coty 的獲利報告和向美國證券交易委員會提交的報告，其中列出了可能導致實際結果與這些前瞻性聲明有重大差異的因素。此外，除另有說明外，對 Coty 財務業績和 Coty 預期的討論反映了公司新聞稿中非 GAAP 財務指標部分規定的某些調整。

With that, we will now open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions)

（操作說明）

Filippo Falorni Citi.

菲利波·法洛尼 Citi。

Markus maybe can you give us a bit more color on the color the future performance improvement plan for consumer beauty. You mentioned in the prepared remarks yesterday that there's a lot of different initiatives commercially including streamlining the portfolio. What are you thinking those potential impacts are going to be on sales near term and then a little bit longer term?

Markus，您能否為我們詳細介紹一下面向消費者美容的未來性能改進計劃？您在昨天的準備好的演講稿中提到，商業上有許多不同的舉措，包括精簡產品組合。您認為這些潛在影響在短期內以及稍長的時間內會對銷售產生什麼影響？

And then Laurent on the margin side consumer beauty has been significantly below corporate average. You have an aspiration of what their business operating margins can get back to.

此外，Laurent 在消費美容領域的利潤也遠低於企業平均。你希望他們的業務營運利潤率能夠恢復到什麼水準。

Thank you.

謝謝。

All right. Thanks, Filippo. I'll take that on.

好的。謝謝你，菲利波。我接受這項任務。

There's about three or four principles how we are addressing consumer -- the consumer business priorities and focus on our business building plan. It's imperative for us to get back to sellout growth and to market share growth. We've got to be the masters of our own destiny and win in the market. That's our ambition.

我們處理消費者問題的方式遵循三到四個原則—消費者業務優先事項和我們業務發展計劃的重點。對我們來說，恢復銷售成長和市場佔有率成長至關重要。我們必須掌握自己的命運，在市場中贏得勝利。這就是我們的目標。

Now how are we going to do that?

那我們該如何做到這一點呢？

Number one we're going to focus on our most iconic assets. These are brands like CoverGirl where we have assets in there like Lash Blast and Simply Ageless, and iconic brands like Rimmel. We started doing this in the last couple of weeks and I'm very encouraged by the early results. We have seen declines on these franchises in the high-single-digits. Now they went down to the low-single-digit to the mid-single-digit, so it's nothing to write home about, nothing that we are happy about but we're going to see the power of focus on the key assets.

首先，我們將重點放在我們最具標誌性的資產。這些品牌包括 CoverGirl（旗下擁有 Lash Blast 和 Simply Ageless 等資產）以及 Rimmel 等標誌性品牌。我們最近幾週開始做這件事，我對目前的成果感到非常鼓舞。我們已經看到這些特許經營權的跌幅達到了接近兩位數。現在他們的降幅已經降到了個位數低位到個位數中位，所以這沒什麼值得大驚小怪的，也沒有什麼值得我們高興的，但我們將會看到專注於關鍵資產的力量。

Number 2, you know that cosmetics is driven very much by the big innovation bundles that come in spring. In the past we had gigantic innovation bundles with lots of SKUs that most of them didn't work and they crowded out productive SKUs on the shelf, so you had kind of the double whammy and you got returns from the trade. So we're avoiding this. We're going to bring our first bundle in fiscal '26 which is sharper, streamlined with better SKUs, fast rotation, and we'll also protect our existing fast rotating SKUs on the shelves.

第二，你知道化妝品市場很大程度上是由春季推出的大型創新套裝推動的。過去，我們推出過許多包含大量 SKU 的巨型創新產品組合，但其中大多數都行不通，反而擠佔了貨架上真正有效的 SKU 的空間，結果可謂雪上加霜，而且還會收到來自經銷商的退貨。所以我們盡量避免這種情況。我們將在 2026 財年推出第一個產品組合，該組合更加精簡，擁有更好的 SKU，週轉速度更快，我們還將保護我們現有的快速週轉 SKU 在貨架上的銷售。

This leads me to the question you had when do we see sellout? Obviously, if we sell in a smaller bundle you're going to see initially less pipeline fill and you're going to see this in Q3 but the focus we're getting with this and the sellout velocity on the shelf will improve sellout as we go along and hopefully get our business back on track. That's number 2.

這讓我想到你之前的問題：我們什麼時候才能看到售罄？顯然，如果我們以較小的包裝進行銷售，最初你會看到銷售管道的填充量減少，你會在第三季度看到這種情況，但我們對這一點的關注以及貨架上的銷售速度將隨著時間的推移改善銷售情況，並有望使我們的業務重回正軌。這是第二點。

Number 3 is that. When we do these big bundles and these big advertising campaigns, we have a lot of money on asset creation but we have very little money in what we call working ACP working, spending to show the wonderful assets to the consumers in digital in advocacy via influencers and so on and so on and so on. So by having smaller, sharper bundles, we're going to free up asset creation money put it into working media and we also did a lot of exciting experiments with AI in color cosmetics to create assets in a much more efficient way. We have a couple of experiments that show us we can probably create assets at 70% to 80% cost reduction versus what we're doing now. And again money we can reinvest into consumer, consumer-facing businesses. These three actions together will compound and beyond the Q3 which is the harm for us, right? Our expectations will get us into a much better future on color cosmetics.

第三點就是這個。當我們進行這些大型捆綁銷售和大型廣告宣傳活動時，我們在素材創作上投入了大量資金，但在所謂的ACP工作中，也就是透過影響者等方式向消費者展示精彩的數位宣傳素材方面，我們投入的資金卻很少。因此，透過更小、更精簡的素材包，我們將釋放出用於素材創作的資金，並將其投入媒體製作。此外，我們也利用人工智慧在色彩美妝領域進行了許多令人興奮的實驗，以更有效率的方式創作素材。我們做了一些實驗，結果表明，與我們現在所做的相比，我們可能可以將資產創建成本降低 70% 到 80%。我們可以將這筆錢再投資於面向消費者的企業。這三項措施加在一起會造成更大的損害，而且這種損害會持續到第三季之後，這對我們來說才是真正的危害，對嗎？我們的期望將引領我們在彩妝領域走向更美好的未來。

Yeah maybe Filippo to take your second question on the profitability for consumer beauty. I mean you heard from Markus that number 1, there is a clear diagnosis on where we have the gaps and the work that Gordon and the team initiated that in front of each gap okay there is a clear action plan. So now of course, it takes some time really to implement these actions. Markus was giving the example of innovation, so the team really has designed really a detailed innovation plan but of course, this is going to pay off in fiscal '27.

或許菲利波可以回答你關於消費美容產業獲利能力的第二個問題。我的意思是，你從馬庫斯那裡也聽到了，第一，我們已經明確診斷出哪些差距，戈登和他的團隊針對每個差距都制定了明確的行動計劃。當然，現在要真正落實這些措施，確實需要一些時間。馬庫斯舉了創新的例子，所以團隊確實制定了一個非常詳細的創新計劃，當然，這將在 2027 財年獲得回報。

But on top of this is of course reignite the sellout and then volume. Will also reverse the gross margin trend because currently in the gap there is some fixed cost under absorption, so we have really these elements a lot of work done on platforming across all our great brands.

但除此之外，當然還要重新點燃銷售的熱情，進而提升銷售量。這將扭轉毛利率趨勢，因為目前存在一些固定成本需要消化，所以我們確實需要在所有優秀品牌的平台上投入大量精力來應對這些因素。

[AnCP] detailed work really how to optimize AnCP and of course there is an overall work on SG&A optimization. So I'm not going to give you a precise number but I can tell you that all these initiatives are currently under high scrutiny and you will start to see really some improvement in fiscal '27 which will be part of the profit recovery for the global company.

[AnCP] 詳細闡述如何優化 AnCP，當然還有關於 SG&A 優化的整體工作。所以我不會給你一個確切的數字，但我可以告訴你，所有這些舉措目前都受到嚴格審查，你將在 2027 財年開始看到一些真正的改善，這將是全球公司利潤復甦的一部分。

Rob Ottenstein, Evercore ISI.

Rob Ottenstein，Evercore ISI。

Great. Thank you very much.

偉大的。非常感謝。

Just to kind of understand things a little bit better, I want to just sort of throw out a friendly challenge which I'm sure it'll be easy for you to rebuke but I think help understand things a little bit better. Based on the management comments from what I understood, there's a problem with focus, brand, SKU proliferation. You want to get the portfolio right so you can really focus on the key brands and that all of that makes sense but this is also happening within the context of very significant changes in where and how the consumer buys, drugstores where you're pretty heavily exposed have been very weak, department stores have been weak for many years, amazon has become a huge driver.

為了更好地理解事情，我想友好地提出一個挑戰，我知道你很容易就能駁倒它，但我認為這有助於你更好地理解事情。根據我對管理層評論的理解，問題在於專注度、品牌和 SKU 數量過多。你想把產品組合做好，這樣你才能真正專注於關鍵品牌，這一切都很有道理，但同時，消費者的購買地點和方式也發生了非常重大的變化。你大量涉足的藥局一直很疲軟，百貨公司多年來也一直很疲軟，亞馬遜已經成為一個巨大的推動力。

So I was wondering if you could just kind of talk about your strategy within the context of these very important route to market changes and how the consumer shops and why you feel it's more important to get rid of SKUs first rather than get the RTM footprint right first and how you're balancing those two. Thank you.

所以我想知道，您能否談談您在這些非常重要的市場管道變化以及消費者購物方式的背景下的策略，以及您為什麼認為先減少 SKU 比先做好 RTM 佈局更重要，以及您是如何在這兩者之間取得平衡的。謝謝。

Yeah, I don't think this is a contradiction. I mean number one focus is to drive sellout and market share because we have been underperforming the market in the last 18 months and this is obviously not sustainable for us. We've got a minimum growth with the market and ideally slightly ahead of the market. This is our objective.

是的，我不認為這是一個矛盾。我的意思是，首要目標是提高銷售額和市場份額，因為在過去的 18 個月裡，我們的業績一直落後於市場，這顯然對我們來說是不可持續的。我們實現了與市場最低水準持平的成長，理想情況下還要略微領先市場。這就是我們的目標。

Focus on SKUs. This is one thing and I can tell you examples about that this really makes a gigantic difference in the performance but obviously in the channel footprint, this is something we are addressing as well. We're actually in -- we're actually doing in our Prestige portfolio pretty well on Amazon. We have grown sales by like 30% in the last 6 months, we've launched Marc Jacobs brand in Amazon in July. This is doing very well, double-digit growth, and you know the fun fact is that our launch on Amazon has a halo effect on actually on brick and mortar.

重點關注SKU。這是一方面，我可以舉例說明，這確實對效能產生了巨大的影響，但顯然在頻道佔用方面，這也是我們正在努力解決的問題。實際上，我們在亞馬遜上的高階產品組合表現相當不錯。過去 6 個月，我們的銷售額成長了約 30%，我們在 7 月在亞馬遜上推出了 Marc Jacobs 品牌。這款產品表現非常出色，實現了兩位數的成長，而且你知道嗎，有趣的是，我們在亞馬遜上的推出實際上對實體店產生了光環效應。

A similar thing we're seeing in the TikTok shop in the UK where we have been pretty active with our Rimmel brand and everything we're doing in the TikTok shop and the volumes are still small today but the marketing effect we're getting and the increase in the algorithm rankings has a huge halo effect on the other channels.

我們在英國的 TikTok 商店也看到了類似的情況，我們一直非常積極地推廣我們的 Rimmel 品牌，我們在 TikTok 商店所做的一切，雖然目前的銷量仍然很小，但我們獲得的營銷效果以及演算法排名的提升，對其他管道產生了巨大的光環效應。

So we are investing into the new channels but again, it's always important to take the other channels along because a consumer also shops there. When I talk about less is more to build the core, this applies to the portfolio but also it applies to the channels because we also need to have the new channels be successful and the halo effect building our core in our existing channels. I think this is where the magic happens.

所以我們正在投資新管道，但同樣重要的是兼顧其他管道，因為消費者也會在其他管道購物。當我談到用「少即是多」來建立核心時，這不僅適用於產品組合，也適用於管道，因為我們也需要新管道取得成功，並透過光環效應在現有管道中建立我們的核心。我認為這就是奇蹟發生的地方。

Right? Are you making any changes in terms of channel strategy?

正確的？你們在通路策略方面是否有任何調整？

We're going to invest obviously -- in our business we've got to go where the consumer goes, okay? So we're investing heavily in online, we're investing heavily in e-commerce, we're investing in TikTok shops, and everywhere where consumers go but it's for us also important that we especially in our cosmetics business protect the channels where our existing consumer shops as well.

我們顯然會進行投資——在我們的業務中，我們必須去消費者去的地方，好嗎？因此，我們正在大力投資線上業務，大力投資電子商務，投資TikTok店鋪，以及消費者經常光顧的每個管道。但對我們來說，尤其是在化妝品業務方面，保護現有消費者購物的管道也同樣重要。

As we get new consumers that's great. But brands like CoverGirl and Sally Hansen, there's a huge Gen X population that shops for them and actually we have retailers asking us everybody's going after Gen Z, who's doing something for Gen X and you can do that because you have the brands to do it. Please help us. So I think with the right joint business planning activities with the drugstores and these customers, we can do a big splash in the market on both groups.

能吸引新客戶當然是好事。但像 CoverGirl 和 Sally Hansen 這樣的品牌，擁有龐大的 X 世代消費者群體，實際上，零售商們都在問我們，既然大家都在爭取 Z 世代，那誰又在為 X 世代做點什麼呢？而你能做到這一點，是因為你擁有一個能夠做到這一點的品牌。請幫幫我們。所以我認為，透過與藥局和這些客戶進行正確的聯合商業計劃活動，我們可以在兩個群體中都取得巨大的市場反響。

Nik Modi, RBC.

Nik Modi，RBC。

So I guess just Markus, any views on kind of how you intend to manage the business after the Gucci license ends and would you consider a deal with [Karen] to kind of terminate early just so you can kind of move on and reallocate resources?

所以我想問馬庫斯，在古馳授權結束後，你打算如何管理公司？你會考慮和凱倫達成協議，提前終止合作，以便你可以繼續前進並重新分配資源嗎？

That's my first question and I have just a quick bigger picture strategic question.

這是我的第一個問題，我還有一個關於更宏觀的策略層面的問題。

Okay let me get to your first one, Nick.

好的，尼克，讓我來回答你的第一個問題。

I mean how are we addressing this and I think we've mentioned this in previous calls. I mean job number one for us is to drive our big brand franchises and we have many big franchises that are basically over $0.5 billion like Hugo Boss, Burberry to the next level. They have still a huge growth potential. Marc Jacobs has huge growth potential, [Chloé] has huge growth potential. So basically these brands that we have where we see the potential where we bring out new -- so we are basically pretty busy cooking new initiatives and new innovations for the years '27, '28, '29 that coincide with the Gucci exit in June 28th. I think it is to really have the right pipeline to build our topline sales and compensate part of this.

我的意思是，我們該如何解決這個問題？我想我們在之前的電話會議中也提到過這個問題。我的意思是，我們的首要任務是推動我們的大品牌特許經營業務（我們有很多價值超過 5 億美元的大品牌，例如 Hugo Boss 和 Burberry）邁上新的台階。它們仍然具有巨大的成長潛力。Marc Jacobs 和 Chloé 都擁有巨大的成長潛力。所以基本上，我們看到了這些品牌的潛力，並推出了新的產品——所以我們基本上正忙於為 2027 年、2028 年、2029 年制定新的計劃和創新，這與 Gucci 在 2028 年 6 月退出市場的時間相吻合。我認為關鍵在於擁有正確的銷售管道，以提升我們的銷售額，並彌補這部分損失。

Second job to be done is building the new brands that we have acquired. We have new licenses with Swarovski, Armani, Etro and we have big plans for Swarovski. We're going to come up with what we hope to be a real blockbuster in 2027.

第二項任務是打造我們收購的新品牌。我們獲得了施華洛世奇、阿瑪尼、Etro 的新授權，並且我們對與施華洛世奇的合作有著宏大的計劃。我們將在 2027 年推出一部我們希望成為真正票房大片的作品。

And number 3 obviously on Gucci as we get closer to the license exit, we probably also need to look into our cost structure how we kind of tweak this a bit to keep our profitability intact. So these are the three actions we're taking there.

第三點顯然是關於 Gucci，隨著我們越來越接近退出授權協議，我們可能還需要研究我們的成本結構，以及如何對此進行一些調整以保持我們的獲利能力。所以，這就是我們在那裡採取的三項行動。

Now your question on caring and I mean we are always open for deals that create value for us, that create value for our shareholders. So yes we are open.

現在你問到我們是否關心股東，我的意思是，我們始終對能為我們創造價值、為股東創造價值的交易持開放態度。是的，我們正常營業。

Got it.

知道了。

And then just I guess this kind of gets at Filipo's question on the consumer beauty business but newness is so important in fragrances. How does that kind of -- does that conflict with this whole notion of kind of streamlining the complexity of the portfolio?

然後，我想這正好引出了菲利波關於消費美容產業的問題，但對於香水來說，新鮮感非常重要。這豈不是與簡化投資組合複雜性的概念相衝突嗎？

Yeah, no, not necessarily. I think a newness let's understand what newness is in fine fragrances. People love it when they like to experiment. They like to [layer sand]. So of course you're going to come up with new propositions but the new propositions need to be tailored in a way that they drives the total portfolio or the total brand. I'll give you one example. We've launched the BOSS Bottled Beyond in summer. That's a pretty successful initiative. It's the number 2 male initiative of the year. We have already 90 basis point share in the US because we wanted to crack the US for Hugo Boss with this initiative and it's working very well.

不，不一定。我認為，新穎性——讓我們來了解高級香水中的新穎性是什麼。人們喜歡嘗試新鮮事物。他們喜歡[層狀沙]。所以，你當然會提出新的方案，但這些新方案需要經過調整，才能推動整個產品組合或整個品牌的發展。我舉個例子。我們已於夏季推出了 BOSS Bottled Beyond 系列產品。那真是一項非常成功的措施。這是年度排名第二的男性倡議。我們在美國已經獲得了 90 個基點的市場份額，因為我們希望透過這項舉措為 Hugo Boss 打入美國市場，而且效果非常好。

Problem is our Hugo Boss franchise in total is not growing, so the innovation is great, but it has no halo effect on the core. And often what happens is you bring in a new innovation, many SKUs, it's pretty cool. Everybody sells the innovation. And then we're losing shelf space on SKUs that are loved by consumers and are fast rotating right? So that is something we need to avoid in the future and be much more surgical how we bring our innovation to market and also how do we build in a halo effect, right?

問題是我們的 Hugo Boss 特許經營權整體上沒有成長，所以創新固然很好，但對核心業務沒有產生光環效應。通常情況下，你會引入一項新的創新，很多 SKU，這很棒。每個人都在兜售創新。這樣一來，我們就失去了那些深受消費者喜愛且週轉速度快的商品的貨架空間，對吧？所以這是我們將來需要避免的事情，我們需要更精準地將我們的創新推向市場，以及如何建立光環效應，對吧？

So that if you launch one it halos on the other by joint merchandizing or there's tons of other things that we can do. So yes, innovation is the lifeblood of this category but innovation executed in a way that it has an effect on the core. So if a Hugo Boss bottle beyond I want it to grow the total Hugo Boss franchise and not only the innovation itself and we're applying this discipline this logic, this idea of building a halo effect into innovation in everything that we do and I think that should have a pretty strong effect moving forward.

這樣，如果你推出其中一款產品，它就能透過聯合行銷或其他方式帶動另一款產品的銷售，或者我們還可以做很多其他事情。所以，創新是這一領域的命脈，但創新必須以能夠影響核心的方式進行。所以，如果 Hugo Boss 的一款產品超越了創新本身，我希望它能促進整個 Hugo Boss 品牌的發展，而不僅僅是創新本身。我們將這種理念、這種邏輯、這種在創新中建立光環效應的想法應用到我們所做的每一件事中，我認為這應該會對未來產生相當大的影響。

Olivia Tong, Raymond James.

Olivia Tong，Raymond James。

Nice to speak with you Markus and Laurent. Markus I was wondering if you could give some views on your assessment of the internal controls at the company and sort of prioritization. What's your starting point because is it the brand the marketing innovation, SKU management it sounds like it's all of the above. So do you think this is a company in need of significant reinvestment? Are there costs that you can take out? And I guess most importantly do you trust the answers that the analytics are providing?

很高興和馬庫斯和洛朗交談。馬庫斯，我想請你談談你對公司內部控制的評估以及優先順序的看法。你的出發點是什麼？是因為是品牌、行銷創新、SKU管理，還是聽起來好像是以上所有面向？所以你認為這家公司需要大量再投資嗎？有哪些費用可以扣除？我想最重要的是，你是否相信分析結果所提供的答案？

Yeah, that's thanks Olivia for that question.

是的，謝謝奧莉維亞的提問。

Number one, I mean we have a very, very creative organization. We have amazingly creative people that come up with very awesome things where even I with my long beauty experience have to say, wow, this is really cool right? What we are missing a bit is the operational discipline to bring this to market in a way that is sequenced, that is properly funded, and that is well thought through in agreements for example in the plants we go to market.

首先，我們擁有一個非常有創意的組織。我們擁有極富創意的人才，他們想出了很多很棒的點子，即使是我這樣擁有多年美容經驗的人也不得不說，哇，這真的太酷了，對吧？我們現在所缺乏的是營運紀律，無法以有序、資金充足且經過深思熟慮的方式將產品推向市場，例如在我們進入市場的工廠的協議中。

We are very often very so excited about the innovation that we're focusing on the selling right which is good for a quarter or two but what we focus on is the sellout. How does it reach the consumer? Does it meet the consumer needs? Do we have strong joint business planning plans with every single retailer to really bring it out and get the sellout going because if you get the sellout going the selling will come. This always equals at the end of the day. But we've got to start from the sellout from the consumption from the market shares.

我們常常對創新感到非常興奮，以至於我們專注於銷售，這在一兩個季度內可能有效，但我們關注的是銷售。它如何觸達消費者？它是否滿足消費者的需求？我們是否與每一家零售商都制定了強有力的聯合商業計劃，以真正推動產品上市並實現銷售火爆？因為如果產品開始銷售火爆，銷售量自然就會跟著來。歸根結底，結果總是相同的。但我們必須從市佔率的消費銷售情況著手。

That's the big switch that we're going to do and this is not only -- it's not only words on paper this is -- it's easy to say right? I can put this on a PowerPoint chart, it looks great. It's very hard to do to change the mindset of the organization on this one and put the processes in and the data and the analytics. That's where we spend a lot of time these days. How do we get to one source of truth in every aspect of our business?

這就是我們要做的重大轉變，這不僅僅是——不僅僅是紙上的文字——說起來容易做起來難，對吧？我可以把它做成 PowerPoint 圖表，效果很棒。要改變組織在這方面的思考方式，並引入流程、數據和分析，是非常困難的。最近我們大部分時間都待在那裡。我們如何在業務的各個方面找到一個統一的真實來源？

So when we talk about service to customers. What is the one number that tells us are we meeting service to customers? What is the one number that tells us are we meeting offtake and market share expectations? So we spend a lot of time at the moment data and AI to really build out our data lake to make sure we have the right questions, the right answers, the right hypothesis and come up with the right actions. So you're right, there's a lot of investment needed in this space and we're making these investments.

所以，當我們談到客戶服務時。哪個數字可以告訴我們，我們的服務是否達到了顧客預期？哪個數字可以告訴我們是否達到了銷售量和市佔率的預期？因此，我們目前投入大量時間在數據和人工智慧方面，真正建立我們的數據湖，以確保我們提出正確的問題、得到正確的答案、提出正確的假設，並採取正確的行動。所以你說得對，這個領域需要大量的投資，而我們正在進行這些投資。

Charles-Louis Scotti, Kepler.

查爾斯-路易斯·斯科蒂，開普勒。

A couple of questions from my side. The first one, could you please provide us more granularity on the expected meeting of the sales decline in Q3? It appears that the consumer beauty will remain the main drive but Prestige beauty can become significantly easier in Q3 and apparently inventories are healthier. And despite that it seems that there will be a sequential deterioration in Q3. So what's explaining this dynamic?

我這邊有幾個問題。第一個問題，能否請您詳細說明第三季銷售下滑的預期情況？消費者美容產品似乎仍將是主要驅動力，但高端美容產品在第三季度可能會變得容易得多，而且庫存狀況顯然也更健康。儘管如此，第三季似乎仍將出現季比惡化。那麼，是什麼原因導致了這種現象呢？

And more broadly, what's driving the gap between the expected market growth and Prestige and Consumer and your own expected growth? Is it destocking or market share losses?

更廣泛地說，是什麼因素導致了預期市場成長與高端消費品市場成長以及您自身預期成長之間的差距？這是去庫存損失還是市佔率損失？

Second question on the course -- sorry one by one.

關於課程的第二個問題——抱歉，請一個一個地問。

Yeah maybe I can start with that one Charles and then please go on. So indeed on the Q3 mid-single-digits, so as we indicated I mean it's the main headwind is from consumer beauty and indeed as we shared just before. I mean we are really still in a phase of that we know where the gaps are the team is really putting in place all these actions but it takes time and indeed we are still in this phase where the example that too many innovations then we have to take some returns in some cases, so it's still hurting the top-line and this is something that indeed we are managing. There is also a part that you know it's exactly the strategy we are focusing on the big bets. So there are also some parts where we are deprioritizing, okay so it may it's weighing on the net revenue but for good reasons. Okay, it's really within a project it will pick up and then it will improve the gross margin and it will improve the profitability.

好的，查爾斯，或許我可以先從那個開始，然後請你繼續。所以第三季確實只有個位數，正如我們所指出的，主要的阻力來自消費者美容領域，正如我們之前分享的那樣。我的意思是，我們目前仍處於這樣一個階段：我們知道差距在哪裡，團隊也正在採取各種措施，但這需要時間。事實上，我們仍然處於這樣一個階段：創新太多，在某些情況下我們必須做出一些讓步，所以這仍然會影響收入，而這正是我們正在努力解決的問題。還有一部分原因是你知道，這正是我們專注於大手筆投資的策略。所以，我們也降低了一些專案的優先級，雖然這可能會影響淨收入，但這是有充分理由的。好的，這確實需要在一個專案中逐步推進，然後才能提高毛利率和獲利能力。

So there is this dimension that you need to consider in Q3 for consumer beauty. But at the same time we are starting to see some green shoots. Markus was referring to CoverGirl, Simply Ageless, Lash Blast are doing good. So we need really to amplify these initiatives but again it takes time.

因此，在第三季度，消費者美容領域需要考慮這個維度。但同時，我們也開始看到一些好轉的跡象。Markus 指的是 CoverGirl、Simply Ageless 和 Lash Blast 這些品牌發展勢頭良好。因此，我們確實需要加大這些措施的力度，但這同樣需要時間。

Then on Prestige, I mean first of all you see that indeed we have some really sequential recovery from Q1 to Q2. This is what we indicated. I can tell you that the headwinds that we faced over the last year which was related to retail -- retailer inventory, now is fading out so we are really now sell in and sell out step by step are really now synchronized so that's positive.

然後是聲望，我的意思是，首先你會看到，從第一季到第二季度，我們確實出現了一些非常明顯的連續復甦。這就是我們所指出的。我可以告訴你，過去一年我們面臨的與零售業相關的逆風——零售商庫存問題——現在正在逐漸消失，所以我們現在真的可以一步一步地進出貨，這已經真正同步了，這是一個積極的信號。

Now again Q3 we still have some challenges. Now it's really focusing on sellout. Sellout will be selling but sellout indeed and we indicated in the call that we still have some headwinds. I mean, US Prestige is one case. I mean our Q2 was not at the level expected. Q1 sellout was very encouraging. The beginning of Q2 was encouraging but the end of Q2 in fact was lower than expected. And these are exactly the reasons that Markus was sharing.

第三季我們仍然面臨一些挑戰。現在它真的把重點放在了售罄上。售罄就是售罄，但確實是售罄，我們在電話會議中也指出，我們仍然面臨一些不利因素。我的意思是，《美國威望》就是一個例子。我的意思是，我們第二季的業績沒有達到預期水準。第一季的銷售情況非常令人鼓舞。第二季初的業績令人鼓舞，但第二季末的業績其實低於預期。而這些正是馬庫斯所分享的原因。

Okay so that's really the big indication. We have great assets great innovations which are really doing great but on the other hand we didn't focus enough on the core and this is currently what's putting pressure on our sellout and market share and that all the actions are in place to correct this. But indeed it takes time and it's weighing also on our Q3 Prestige top line. So that's really the big picture. But keep in mind that these are adjustments and then step by step there will be some sequential recovery on both divisions.

好的，這確實是一個重要的訊號。我們擁有優秀的資產和創新，這些都取得了巨大的成功，但另一方面，我們對核心業務的關注不夠，這目前正給我們的銷售額和市場份額帶來壓力，而所有糾正這一問題的措施都已到位。但這確實需要時間，也對我們第三季的 Prestige 銷售額造成了影響。這就是事情的全貌。但請記住，這些只是調整，然後兩個部門都會逐步恢復。

Okay, thank you very clear.

好的，謝謝，非常清楚。

And on the 200 and 300 bps gross margin contraction, could you break down the key drivers between input cost inflation, product geographic mix, tariffs, and promotions? And what is your full year gross margin assumption given that the margin counts also become much easier in Q4? Is it fair to assume the same 200, 300 bps margin contraction in Q4 or a little bit less? Thank you.

關於毛利率下降 200 和 300 個基點的問題，您能否分析一下投入成本上漲、產品地理組合、關稅和促銷活動等關鍵驅動因素？考慮到第四季毛利率的計算會容易得多，您對全年毛利率的預期是多少？假設第四季利潤率收縮幅度與上一季相同，為 200 至 300 個基點，或略少一些，這種假設是否合理？謝謝。

Yeah. Thank you.

是的。謝謝。

So indeed the Q2 gross margin came lower than our initial expectations and this is indeed what's driving, putting some pressure on the profits. So what are the big drivers. On the Prestige division, the number one is that indeed we saw in Q2 and especially end of Q2 release some very high promotionality in the market, so it really puts some pressure on trade terms on markdowns. So this is really something that we saw really from the whole category and the whole sector, so it indeed created some headwind on the gross margin and this is mostly the case indeed in Prestige.

因此，第二季毛利率確實低於我們最初的預期，這確實是造成利潤承壓的原因。那麼，主要驅動因素是什麼？在高端產品線方面，第一點是，我們確實在第二季度，尤其是在第二季度末，看到了市場上非常高的促銷力度，這確實給降價促銷的貿易條款帶來了一些壓力。所以，這確實是我們從整個品類和整個產業中看到的現象，因此它確實對毛利率造成了一些不利影響，這種情況在高端產品中尤其突出。

And on top of this, of course, I mean comes the tariff. We indicated tariff is about $8 million for this Q2. Will be below $40 million for the whole year and the third element still on Prestige is also the ForEx as we discussed last time we have production in the US and we started really to put some more production in the US but we still have big productions in Europe and of course, the EUR dollar is creating a headwind on the gross margin.

當然，除此之外，還有關稅。我們預計第二季關稅收入約為 800 萬美元。全年營收將低於 4000 萬美元，而 Prestige 的第三個影響因素仍然是外匯，正如我們上次討論的那樣，我們在美國有生產，並且已經開始在美國增加一些生產，但我們在歐洲仍然有大量的生產，當然，歐元兌美元匯率對毛利率造成了不利影響。

Having said that just keep in mind that the gross margin, Prestige is still higher than versus two years ago. Okay so despite these headwinds, we are in a good territory. So we are seeing this pattern remaining in Q3. And then indeed, there will be some recovery in Q4. Consumer beauty is -- we discussed the number 1, there are similar components but there are two other elements which are important.

話雖如此，但請記住，Prestige 的毛利率仍然高於兩年前。好吧，儘管面臨這些不利因素，我們目前處境良好。因此，我們看到這種模式在第三季仍然持續。第四季確實會出現一些復甦跡象。消費者的美學是－我們已經討論過第一點，它有一些相似的組成部分，但還有另外兩個重要的因素。

Number 2 that lower volumes especially on our cosmetic brands is creating fixed cost under absorption which is really hurting our gross margin. So that's why the sellout and recovery on our big brands step by step will mitigate these hurt.

第二，銷售量下降，尤其是我們化妝品品牌的銷售量下降，造成了固定成本的吸收，這嚴重損害了我們的毛利率。所以，這就是為什麼我們大品牌的逐步出售和復甦能夠減輕這些損失的原因。

And the second one is a mix. We are doing great in Brazil. On the other hand as you understand our big brands in the US which are very high profitable. They're under pressure. So there is also this mechanical mix effect. And again the plan of the color of the future is really to recover this and step by step to recover. So Q3 will still be the same pattern and then some sequential recovery in Q4 which will continue in fiscal '27.

第二首是混合曲。我們在巴西發展得很好。另一方面，正如您所了解的，我們在美國的知名品牌利潤非常高。他們面臨壓力。所以也存在這種機械混合效應。而未來色彩的計劃，實際上就是要恢復這一點，並且要一步一步地恢復。因此，第三季仍將保持相同的模式，然後在第四季出現一些連續復甦，這種情況將持續到 2027 財年。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

On the consumer beauty side given the strategy edits here, should we expect it to get worse and worse before it gets better just in order to conduct that reset? And also as you think about consumer beauty, what specific innovation are you most -- feeling most confident about that we should focus on?

鑑於目前的策略調整，消費者美容領域是否應該預期情況會越來越糟，然後才會好轉，以便進行這種調整？另外，在考慮消費者美容領域時，您認為我們應該專注於哪些具體的創新？

And on the fragrance side of the house and Prestige fragrance, I would love your thoughts on your growth relative to the market and what innovation you're most focused on to attempt to outgrow the market trends.

至於香水方面，特別是高端香水系列，我很想聽聽您對公司相對於市場的成長情況的看法，以及您最關注的創新方向，以期超越市場趨勢。

Thank you.

謝謝。

Yeah, the first question was again, I forgot (multiple speakers) --

是啊，第一個問題又是……我忘了。（多位發言者）——

(multiple speakers)-- consumer beauty --

（多位發言者）－消費者美容--

The consumer beauty, yeah, I was already on the innovation, on consumer beauty. I think I would not -- I think things will get better. This quarter for us is difficult as we are really changing the way they go to market, sharper bundles, better focus on the base business. It will take some time but I would not characterize this going getting from worse to worse. It will not be easy. It will take some time but it will get better. I'm pretty much convinced of this. I have seen the plans. I have seen the way the team is defining the equities of the brand to both appeal to a modern consumer but also make sure that our heritage consumer is being protected and keeps loving our brands. So I'm very excited about that.

是的，我當時已經在關註消費美容領域的創新了。我覺得我不會——我覺得情況會好轉的。本季對我們來說比較困難，因為我們正在真正改變他們的市場策略，推出更精準的捆綁銷售，並且更加專注於基礎業務。這需要一些時間，但我不會把情況描述為每況愈下。這並非易事。需要一些時間，但情況會好轉的。我對此深信不疑。我看過設計圖了。我看到團隊正在努力定義品牌資產，既要吸引現代消費者，又要確保我們的傳統消費者受到保護，並繼續喜愛我們的品牌。所以我對此感到非常興奮。

We have good innovation coming up. We have strong innovation coming up on our core franchises on the Simply Ageless, on the Lash Blast but also on new items, more trend items like skin tints and all these things that are currently being requested by the market so we're on it. So I guess the bundle that we're going to bring out the fiscal '26 bundle is going to be good, much better than before. The fiscal '27 bundle will be great. So that's the way we envision it.

我們即將推出一些優秀的創新產品。我們即將推出一系列強而有力的創新產品，涵蓋我們的核心特許經營產品 Simply Ageless 和 Lash Blast，以及更多新產品和更流行的產品，例如膚色色產品等等，這些都是目前市場所要求的，所以我們正在努力實現這些目標。所以我認為我們即將推出的 2026 財年方案將會很好，比以前好得多。2027財年的方案將會非常棒。這就是我們設想的方式。

In Prestige, we have some pretty exciting blockbusters coming up in the next couple of months. We're going to launch a big Calvin Klein female initiative, actually now soon -- very, very soon. And we're super excited about that because we're trying to already make sure that we have halo effects on the Calvin Klen client franchise, and Calvin Klein is a big franchise. If you can move the needle there, you can get immediate better sellout and growth.

在 Prestige 中，我們將在接下來的幾個月中推出一些非常令人興奮的大片。我們將推出一項大型的 Calvin Klein 女性計劃，實際上很快就會——非常非常快。我們對此感到非常興奮，因為我們正在努力確保我們對 Calvin Klein 客戶品牌產生光環效應，而 Calvin Klein 是一個很大的品牌。如果你能在這方面有所突破，就能立即獲得更好的銷售業績和成長。

We will have a big bet with the Marc Jacobs beauty like the makeup launch in end of the fiscal year, which we tried to turn into a big blockbuster as well. Very excited when I look at that innovation. So this is our near-term focus to get these two things right and obviously, we have many more things in the pipeline that we can talk when we speak again.

我們將在 Marc Jacobs 美妝領域投入巨資，例如在財年末推出彩妝產品，我們也曾嘗試將其打造成一次轟動性的爆款。看到這項創新，我非常興奮。所以，我們近期的重點是把這兩件事做好，顯然，我們還有很多事情正在籌備中，下次見面的時候再和大家討論。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe just to follow-up on the promotional environment, I guess as things kind of worsened in second quarter in the back half was this driven by competitors I guess trying to gain more share or was it just consumer demand was lackluster and then do you expect this promotional environment and lockdowns to continue in the third quarter? And then just to follow-up on Oliver's question as well. Maybe if you could talk about kind of where your Prestige fragrances are growing relative to the market. Thanks.

我想就促銷環境做個後續說明，我猜第二季下半年情況惡化，這是競爭對手為了搶佔更多市場份額而採取的措施，還是僅僅是消費者需求疲軟所致？您預計這種促銷環境和封鎖措施會在第三季持續嗎？然後，我還想就奧利佛的問題做個後續回答。或許您可以談談您的尊貴系列香水在市場上的成長。謝謝。

I can start. So indeed yeah, I mean we saw some competitors in being very aggressive on promotion. So that's why I was telling you it came more second half of Q2. Yeah we are taking the assumption that it will stay in Q3, so that's why we are including this in our equation in our gross margin.

我可以開始了。是的，我們看到一些競爭對手在促銷方面非常積極。所以這就是為什麼我之前跟你說它更多地發生在第二季的下半段。是的，我們假設它會在第三季持續存在，所以我們才把它納入毛利率的計算公式中。

So now at the same time, this is really the segue to all the strategy and what Markus has just shared. So it's really that on our side, it's really forcing us and pushing us to really to reallocate our resources and really focusing on the sellout. We have great innovation that we can amplify, so that's really the motto. And again as you know, we are really across the full portfolio. We are seeing the Gen Z and entering the category being very excited. Volumes are growing. That's very important.

所以，同時，這實際上引出了所有策略以及馬庫斯剛才分享的內容。所以實際上，這迫使我們重新分配資源，並真正專注於銷售。我們擁有可以放大的巨大創新潛力，這才是我們的座右銘。如您所知，我們確實涵蓋了所有產品組合。我們看到Z世代對進入這個領域充滿熱情。交易量正在成長。這非常重要。

So again we are taking this more as a conjectural effect but we are confident that all the work we are doing will help really to manage and mitigate these headwinds. So again to be very clear from a consumer standpoint, there is full confidence. I mean all the KPIs household penetration, especially in market like the US, new consumers entering the category. This is at stake and as I mean new tools TikTok, again these are new tools where really we are seeing great traction. So again we shared we stay absolutely confident that the fragrance category will keep growing mid-single-digits and really volume and mix. Okay so volume is very important and it is the case.

因此，我們目前只是將其視為一種推測性的影響，但我們相信，我們所做的一切工作都將有助於真正應對和減輕這些不利因素。所以再次從消費者的角度明確地說，我們充滿信心。我的意思是所有關鍵績效指標，包括家庭滲透率，尤其是在像美國這樣的市場，新消費者進入該品類的情況。這事關重大，我指的是TikTok的新工具，這些新工具確實取得了巨大的成功。所以我們再次表示，我們仍然非常有信心，香水類別將持續維持個位數中段的成長，銷售和產品種類也將持續成長。好的，音量非常重要，事實也的確如此。

Andrea Teixeira, JP Morgan.

Andrea Teixeira，摩根大通。

So I was hoping to see if you can comment, Markus, first of all welcome. I was hoping to if you can talk to the experience you had managing these brands, especially the consumer beauty portfolio at P&G and some of the fragrances as well at the time of the decision to sell this branch to Coty. I mean I obviously, it's the question that most of us probably are thinking what's different now with Coty. And obviously, the industry has transformed over the last years where Coty has been the stewardess of these brands but what gives Coty a better right to win. And a clarification on the key rationalization, what is the top-line in gross margin impact over the years and how to think in terms of the cadence of that impact?

所以我想看看你是否能發表一下意見，馬庫斯，首先歡迎你。我希望您能談談您在管理這些品牌方面的經驗，特別是您在寶潔公司管理消費者美容產品組合以及一些香水品牌方面的經驗，尤其是在決定將該部門出售給科蒂公司的時候。我的意思是，很顯然，我們大多數人可能都在想，Coty 現在有什麼不同。顯然，過去幾年產業發生了巨大變化，Coty 一直是這些品牌的管理者，但 Coty 憑什麼更有理由贏得勝利呢？此外，還需要澄清一點，關鍵的合理化措施是，多年來毛利率受到的影響有多大，以及如何考慮這種影響的節奏？

Thank you.

謝謝。

Okay, I cannot obviously not comment what went down 10 years ago. I was running the SK-II brand at that time in Asia far away. I can only comment today what we are doing on the business and what gives me confidence.

好吧，我顯然不能對10年前發生的事情不予置評。當時我在遙遠的亞洲負責 SK-II 品牌。今天我只能談談我們在業務上正在做的事情以及讓我充滿信心的事情。

If you look at for example the history of CoverGirl in the last few years, there has been a lot of back and forth on the positioning on the equity right? A brand for like older consumers and then suddenly try to make it a full Gen Z brand which obviously did not work and then back again and back and forth. I think every brand that I've ever run everything starts with the consumer, okay?

例如，如果你看看 CoverGirl 近幾年的發展歷程，你會發現他們在品牌定位和股權方面經歷了很多反复，對吧？一個面向年長消費者的品牌，然後突然試圖將其完全轉型為 Z 世代品牌，這顯然沒有成功，然後又反反复復，反复搖擺。我認為我經營過的所有品牌，一切都始於消費者，懂嗎？

Do I understand my consumer? Do I understand my target? Do I write the propositions for my target? And do I have a strong activity that I'm going to drive and then I'm not going to walk away from. So what we have done in the last couple of weeks under Gordon's leadership is really sharpen and define our equities and basically say whom is CoverGirl for and whom it will appeal to. Who's going to love Rimmel and we find out that's consumers out there that do. There's consumers that potentially do. Older consumers, younger consumers these brands have broad appeal and we need to bring it now to life. We need to bring it from a PowerPoint chart into the market and we're doing that and it's going to happen over the next couple of weeks and months and I'm fairly confident that we can get better than we were before.

我了解我的消費者嗎？我是否理解我的目標？我需要為我的目標受眾撰寫提案嗎？我是否有一項我非常熱衷的活動，我會全力以赴，絕不放棄？因此，在戈登的領導下，過去幾週我們所做的就是真正明確和定義我們的資產，並基本上說明 CoverGirl 的目標客戶是誰，它會吸引哪些人。誰會喜歡芮謎 (Rimmel) 呢？我們發現，確實有許多消費者喜歡它。確實有一些消費者可能會這樣做。這些品牌對老年消費者和年輕消費者都具有廣泛的吸引力，我們現在需要讓這種吸引力煥發生機。我們需要將 PowerPoint 圖表上的內容轉化為實際產品推向市場，我們正在這樣做，這將在接下來的幾週和幾個月內實現，我相當有信心我們會比以前做得更好。

And the growth margin the question was --

而成長幅度，問題是--

Yeah, your question -- sorry Andrea, was really okay, how do we see some improvement from all these actions? I mean I think you're familiar with that again. Number one, as I shared I mean today we know what are the headwinds in our gross margin. So some will naturally disappear or anniversarize, so of course the tariff I mean the ForEx all these headwinds are hurting this year. Next year they will anniversarize. I think consumer beauty you heard really that all these actions will deliver some gross margin. So now on the SKU rationalization, either consumer beauty or Prestige of course that it has an impact because the full value chain, So this is and Markus (multiple speakers)--

是的，你的問題——抱歉安德烈亞，其實沒關係，我們如何才能從所有這些行動中看到一些改進？我想你肯定對那件事很熟悉了。第一，正如我之前所說，我們今天知道了影響毛利率的不利因素是什麼。所以有些自然會消失或週年紀念，當然，關稅，我的意思是外匯，所有這些不利因素今年都造成了影響。明年他們將迎來週年紀念日。我認為，你聽到的關於消費美容方面的消息確實表明，所有這些舉措都會帶來一定的毛利率。所以現在來說說SKU精簡，無論是面向大眾的美妝產品還是高端產品，當然都會產生影響，因為它關係到整個價值鏈。這是Markus說的。（多位發言者）——

Yes, one, Andrea I think which is very important that we're doing a lot in terms of becoming more productive and saving costs, improving our gross margins, but in the beauty category with the gross margins you have in general in beauty. The number one thing is to drive top-line growth because I'm always saying the top-line health is bottom-line wealth in beauty and that's what we're all here to do.

是的，安德里亞，我認為非常重要的一點是，我們在提高生產效率、節省成本、提高毛利率方面做了很多工作，但在美容品類中，美容品類的毛利率總體上是這樣的。首要任務是推動營收成長，因為我一直認為，在美容產業，營收成長就是利潤成長，而這正是我們來到這裡的目的。

Thank you. At this time, we've reached our allotted time for questions. I'll now turn the call back over to Markus Strobel for any additional or closing remarks.

謝謝。至此，我們的提問時間已到。現在我將把電話轉回給馬庫斯·斯特羅貝爾，請他作補充或總結發言。

All right. Thanks for the call.

好的。謝謝你的來電。

We recognize that our recent financial performance has not met expectations. There's no sugarcoating it. This leadership transition marks a fresh chapter, grounded in realism, discipline, and focus. Going forward, we will be transparent about what works and what does not. We're going to set balance near- and long-term targets, we're going to concentrate our resources where they matter most, and we'll continuously review our portfolio to unlock value.

我們意識到，我們近期的財務表現並未達到預期。無需粉飾。此次領導層更迭標誌著一個新篇章的開啟，其基石是務實、自律和專注。今後，我們將公開透明地說明哪些方法有效，哪些無效。我們將設定平衡的近期和長期目標，我們將把資源集中在最重要的地方，我們將不斷審查我們的投資組合以釋放價值。

Consumer demand is on Northstar and we have a clear emphasis on focused execution, sharper priorities. I'm confident that Coty will improve. It will take time but progress is already underway. As I said in my prepared remarks, it will not happen overnight but it will happen.

消費者對 Northstar 的需求旺盛，我們明確強調重點執行，明確優先事項。我相信科蒂會好起來的。這需要時間，但進展已經開始。正如我在準備好的演講稿中所說，這不會在一夜之間發生，但它終將發生。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。