Cytek Biosciences Inc (CTKB) 2025 Q3 法說會逐字稿

Good day everyone and thank you for standing by. My name is RG and I will be your conference operator today. At this time, I would like to welcome everyone to the Cytek Biosciences 3rd quarter 2025, earnings conference call. All lines have been placed on mute to prevent any bad. Background noise after the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again.

大家好，感謝大家的耐心等待。我叫RG，今天我將擔任你們的會議接線生。在此，我謹代表 Cytek Biosciences 公司歡迎各位參加 2025 年第三季財報電話會議。為防止不良影響，所有線路均已靜音。演講結束後，將進行問答環節，現場會有背景噪音。在此期間，如果您想提問，只需按下電話鍵盤上的星號鍵，然後按數字 1 即可。如果您想撤回您的問題，請再次按星號 1。

Thank you. I would now like to turn the call over to Paul D Goodson, head of investor relations. Please go ahead.

謝謝。現在我將把電話交給投資者關係主管保羅·D·古德森。請繼續。

Thank you. Earlier today, Cytek Biosciences released financial results for the 3rd quarter ended September 30, 2025. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an email to investors@scitechbio.com.

謝謝。今天早些時候，Cytek Biosciences 發布了截至 2025 年 9 月 30 日的第三季財務業績。如果您尚未收到此新聞稿，或者如果您想加入公司的郵件列表，請發送電子郵件至 investors@scitechbio.com。

A copy of this news release is also available on the investor relations section of Cytek's website at investors. Scitechbio.com. Joining me today from Cytek are Wenbin Jiang, CEO, and William McCombe, CFO. Please note that we will be referencing a slide presentation during the call today that has been posted to the investor section of our corporate website.

本新聞稿的副本也可在 Cytek 網站的投資者關係部分找到，網址為 investors。Scitechbio.com。今天與我一起來自 Cytek 的有執行長 Wenbin Jiang 和財務長 William McCombe。請注意，我們今天電話會議期間將參考一份幻燈片演示文稿，該演示文稿已發佈在我們公司網站的投資者關係部分。

As a reminder, we will make statements during this call over forward-looking statements within the meaning of the Federal securities laws, including statements regarding sitech, business plans, strategies, opportunities, and financial projections.

提醒各位，我們將在本次電話會議中就聯邦證券法意義上的前瞻性陳述發表聲明，包括有關技術、商業計劃、戰略、機會和財務預測的陳述。

These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements. Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled forward-looking Statements in the press release site tech issued today and incitech's filings with the SEC.

這些聲明是基於公司目前的預期，但其中存在重大風險和不確定性，可能導致實際結果或事件與這些聲明中預期的結果或事件有重大差異。有關這些風險和不確定性的更多信息，請參閱我們今天在新聞稿網站 tech 上發布的題為“前瞻性聲明”部分的幻燈片演示文稿以及 incitech 向美國證券交易委員會提交的文件。

This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles.

本次電話會議也將討論一些不符合公認會計原則計算的財務指標。

Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found in our slide presentation and in today's press release.

有關我們使用非公認會計準則財務指標的更多信息，包括與最直接可比較的公認會計準則財務指標的調節表，請參閱我們的幻燈片演示文稿和今天的新聞稿。

While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Acceptance required by law. Site tech disclaims any duty to update any forward-looking statements, whether because of new information, future events, or changes in its expectations. This conference call contains time sensitive information and is accurate only as of the live broadcast November 5, 2025.

雖然公司認為這些非GAAP財務指標為投資者提供了有用的信息，但這些信息的列示不應被孤立地看待，也不應被視為替代按照GAAP列示的財務信息。法律要求接受。網站技術部門聲明，無論由於新資訊、未來事件或預期變化，均無義務更新任何前瞻性聲明。本次電話會議包含有時效性的訊息，僅在 2025 年 11 月 5 日直播時有效。

I want to thank those of you who attended our user group meeting on October 22nd in New York City. Our next and last user group meeting for 2025 will be just two days from now, on November 7th in Montreal. Stech also participates in a variety of industry conferences worldwide, often hosting a booth where attendees can see our products and learn about them from our knowledgeable team members. As always, these events are primarily geared to the scientific community, but they may offer an opportunity to investors and analysts to interact with our users of technologies and to learn why Sitech's instruments are so highly valued by our customers.

我要感謝各位參加10月22日在紐約市舉行的用戶小組會議。我們 2025 年的下一次也是最後一次使用者小組會議將於兩天後的 11 月 7 日在蒙特婁舉行。Stech 也參加世界各地的各種行業會議，經常設立展位，讓與會者可以看到我們的產品，並向我們知識淵博的團隊成員了解相關產品。與以往一樣，這些活動主要面向科學界，但也可能為投資者和分析師提供與我們的技術用戶互動的機會，並了解為什麼 Sitech 的儀器如此受客戶重視。

We have a limited number of spaces to accommodate members of the financial community. So, if you are interested in attending any of these events, please contact me in January when we will have a list of 2026 events. With that, I will turn the call over to Wenbin.

我們為金融界人士提供的場地數量有限。所以，如果您有興趣參加這些活動中的任何一項，請在1月份與我聯繫，屆時我們將公佈2026年的活動清單。接下來，我會把電話交給文斌。

Thanks, Paul. Welcome, everyone, and thank you for your interest in Cytek. On today's call, I would like to start with a discussion of our performance in the 3rd quarter.

謝謝你，保羅。歡迎各位，感謝大家對Cytek的關注。在今天的電話會議上，我想先討論一下我們第三季的業績。

Next, I will give you some highlights of our progress during the 3rd quarter on our strategic priorities before sending the call over to William for a more detailed look at our financials and our outlook.

接下來，我將向大家重點介紹我們在第三季策略重點方面的進展，然後再將電話轉給威廉，讓他更詳細地介紹我們的財務狀況和展望。

Turning to slide 3.

翻到第三張幻燈片。

In the 3rd quarter of 2025, total value reached $52.3 million. Representing a year over year increase of 2% compared to the same period in 2024. This growth was primarily driven by strong double-digit gains in the Asia Pacific region and the continued momentum in our returning revenue businesses. Specifically service and regions.

2025年第三季度，總價值達5,230萬美元。與 2024 年同期相比，年增 2%。這一成長主要得益於亞太地區強勁的兩位數成長以及我們恢復營收業務的持續成長動能。具體而言，包括服務和地區。

I need to slide 4.

我需要滑動第4張幻燈片。

Geographically, APEC, including China, led our performance with robust revenue growth across all categories, including instruments, religions, and service. In the US we saw double-digit positive year over year overall revenue growth driven by continued momentum in service revenue. In contrast, Amir experienced a double-digit year over year revenue decline, largely due to significantly reduced the instrument sales to academic and government customers and a modest decline in instrument sales to farmers, biotech, and the CRO customers. In our rest of world region, which includes Canada and Latin America, we achieved the double-digit overall revenue growth compared to the 3rd quarter of last year.

從地理上看，包括中國在內的亞太經合組織引領了我們的業績，所有類別（包括樂器、宗教和服務）的收入均實現了強勁增長。在美國，受服務收入持續成長動能的推動，整體收入實現了兩位數的年增長。相較之下，Amir 的營收年減了兩位數，這主要是由於對學術界和政府客戶的儀器銷售額大幅減少，以及對農民、生技公司和 CRO 客戶的儀器銷售額略有下降。在包括加拿大和拉丁美洲在內的世界其他地區，與去年第三季相比，我們實現了兩位數的整體收入成長。

Turning to slide 5.

翻到第5張投影片。

Notably, I wanted to call out that excluding the performance in a year site has posted a double-digit re vote in all worldwide regions in the 3rd quarter, as you can see from this slide.

值得注意的是，我想指出，如果排除一年內的表現，該網站在第三季度在全球所有地區都獲得了兩位數的重新投票，正如您從這張幻燈片中看到的那樣。

Focusing now on instruments.

現在重點介紹樂器。

Our instrument revenue to farmer and biotech customers grew 12% worldwide, including 10% in the US, driven in part by the launch of our Aurora US instrument. Instrument revenue in APEC, including China, grew 20% year over year and grow 32% year over year in the rest of the world. This strong momentum is being driven by a positive funding environment for academic institutions in these regions. In the US overall instrument revenue was flat compared to a year ago. US instrument revenue was driven by improving demand from farmer, biotech, and the CRO customers, which we believe stems from greater clarity around the macroeconomic and industry factors.

我們針對農民和生物技術客戶的儀器收入在全球範圍內增長了 12%，其中美國增長了 10%，部分原因是我們的 Aurora US 儀器的推出。亞太經合組織（包括中國）的儀器收入年增 20%，世界其他地區的儀器收入年增 32%。這一強勁勢頭得益於這些地區學術機構良好的資金環境。美國整體儀器營收與去年同期持平。美國儀器收入的成長得益於農民、生技公司和合約研究組織客戶需求的改善，我們認為這源自於宏觀經濟和產業因素的更明朗。

However, these instrument revenue gains were offset by continued softness in the academic and government sectors where funding uncertainty persisted due to the evolving US policy landscape. In the quarter we did begin to see some stabilization in this market. However, academic and government demand remain under pressure, resulting in no net overall in revenue growth in the US in the 3rd quarter. In a me insulin revenue declined, particularly in the academic and government sector, which we believe reflects a broader shift in public spending articles.

然而，由於美國政策環境不斷變化，學術界和政府部門的資金不確定性持續存在，導致這些儀器收入的成長被學術界和政府部門的持續疲軟所抵消。本季我們確實開始看到這個市場出現一些穩定跡象。然而，學術界和政府的需求仍面臨壓力，導緻美國第三季整體收入沒有淨成長。胰島素收入有所下降，尤其是在學術界和政府部門，我們認為這反映了公共支出方面的更廣泛轉變。

Looking at our curing revenue sources, service revenue continues to grow strongly, contributing meaningfully to our overall base of recording revenue. APEC was particularly strong broadly, including in service and religions. The revenue growth was driven by our expanding in-store instrument base and the strong utilization of our products. Raising revenue grew 21% globally year over year, supported by operational improvements, including faster delivery times and enhanced customer service.

從我們的收入來源來看，服務收入持續強勁成長，對我們的整體錄音收入基礎做出了重要貢獻。APEC整體表現特別強勁，包括服務業和宗教領域。營收成長得益於我們不斷擴大的店內儀器數量和我們產品的強勁利用率。由於營運改進，包括更快的交貨時間和更優質的客戶服務，全球收入年增 21%。

I would now like to update you on the progress our team has made across our core strategic pillars instruments, applications, bioinformatics, and clinical to further solidify scientists positions as a market leader in cell analysis solutions.

現在，我想向大家報告我們團隊在核心策略支柱（儀器、應用、生物資訊學和臨床）方面取得的進展，以進一步鞏固科學家在細胞分析解決方案領域的市場領導地位。

Starting with our core instruments on slide 6.

從第 6 張投影片上的核心儀器開始。

In the 3rd quarter, we expanded our global footprint by 161 instruments, bringing the total installed base to 3,456 units. Within our instrument portfolio, our Aurora cell soda was the strongest contributor in Q3, growing 35% year over year.

第三季度，我們新增了 161 台儀器，擴大了全球業務版圖，使總裝機量達到 3,456 台。在我們的儀器產品組合中，Aurora 電池蘇打水是第三季貢獻最大的產品，較去年同期成長 35%。

We believe this strong growth is notable during a time when competing instruments have been recently introduced to the market. Late in the second quarter, we introduced the Aurora El Analyzer and I'm pleased to report that it has had a strong reception. The Aurora evil system is a demonstration of CIC's commitment to maintain its position at the forefront of technology development in the flow cytometry industry. It offers a unique combination of high throughput. Industry leading data quality, small particle detection, ease of use, and automation and harmonization features.

我們認為，在近期市場上出現了競爭性產品的情況下，這種強勁的成長尤其值得關注。第二季末，我們推出了 Aurora El Analyzer，我很高興地報告說，它受到了熱烈歡迎。Aurora 邪惡系統體現了 CIC 致力於保持其在流式細胞術行業技術發展前沿地位的承諾。它兼具高吞吐量這一獨特優勢。業界領先的數據品質、微小顆粒檢測、易用性以及自動化和協調功能。

We expect it will be the standard against which other systems are measured. We included these new features after listening to what our customers wanted, and by the strong deception building 23, it's clear that they are dividing value from the new features we added to create the Aurora evil.

我們預計它將成為衡量其他系統的標準。我們聽取了客戶的意見後添加了這些新功能，但透過 23 號樓的強大欺騙性，很明顯，他們正在瓜分我們添加的新功能所帶來的價值，從而製造了 Aurora 的邪惡。

Finally, regarding instruments, I want to mention that our new microanalyzer has gotten a very strong reception since it was first introduced this past March. The news micro-offers advanced the micro capital excluded, enhanced office, better software, and the broader SA compatibility, all while maintaining affordability and a contact design.

最後，關於儀器方面，我想提一下，我們新推出的微量分析儀自今年三月首次推出以來，受到了非常熱烈的反響。新聞微型產品系列推進了微型資本排除、增強辦公室、更好的軟體和更廣泛的SA相容性，同時保持了價格合理性和聯繫設計。

It's an ideal choice for researchers and the lab seeking cost effective growth psychometry systems. Turning to our next group fellow applications, which includes religions.

對於尋求經濟高效的成長心理測量系統的研究人員和實驗室來說，這是一個理想的選擇。接下來我們來看下一組研究員申請，其中包括宗教人士。

We remain focused on driving our relation product engine growth, and as part of this commitment, we recently announced the expansion of our European headquarters at our facility in Amsterdam's lifestyle district. This side increases our footprint in a year by more than 40%, including a dedicated customer service and training center.

我們將繼續專注於推動關係產品引擎的成長，作為這項承諾的一部分，我們最近宣布擴建位於阿姆斯特丹生活方式區的歐洲總部。這項措施使我們的業務規模在一年內成長了 40% 以上，其中包括一個專門的客戶服務和培訓中心。

To further advance our business, we additionally transitioned the religion warehouse operations to this site to improve operational agility and efficiency, reduce turnaround time and provide the reliable and consistent experiences for our customers. Over time, we expect our curing revenue base to continue growing.

為了進一步推進我們的業務，我們還將宗教用品倉庫營運轉移到了這個地點，以提高營運的靈活性和效率，縮短週轉時間，並為我們的客戶提供可靠和一致的體驗。我們預計隨著時間的推移，我們的藥品銷售收入基礎將持續成長。

Moving to bioinformatics.

轉向生物資訊學。

As we have mentioned before, our site cloud continues to provide important benefits to our users. Our software tools empower customers to streamline their experiment workflow, which drives adoption and utilization of our cell analysis solutions and the growth in our relation and service businesses.

正如我們之前提到的，我們的網站雲端平台持續為我們的用戶提供重要的優勢。我們的軟體工具能夠幫助客戶簡化實驗工作流程，從而推動我們細胞分析解決方案的採用和利用，並促進我們關係和服務業務的成長。

As of September 30, 2025, we had more than 22,600 site cloud users, representing remarkable growth of over 40% since the beginning of 2025. This represents an average of almost 8 users for install sizes FFP instruments.

截至 2025 年 9 月 30 日，我們的網站雲端用戶超過 22,600 人，自 2025 年初以來實現了超過 40% 的顯著成長。對於 FFP 儀器的安裝規模而言，這平均意味著近 8 個使用者。

We believe this goal reflects the loyalty our users have to our product portfolio and the halo effect of the site cloud driving the utilization of our technology platforms, including our recurring revenue offerings in the region and service. As a reminder, our site cloud is transforming how research is designed and conduct conference for cytometry experiments. At its core is our proprietary AI powered panel builder, which saves weeks or months of time by automating critical steps like floral selection and the mov matching. Scientists can then conduct a virtual experiment before committing to real wet lab studies. Reducing trial and error and improving data quality from the start.

我們相信，這一目標反映了用戶對我們產品組合的忠誠度，以及網站雲端帶來的光環效應，推動了我們技術平台的使用，包括我們在該地區的經常性收入產品和服務。再次提醒大家，我們的雲端平台正在改變細胞計數實驗的研究設計和會議進行方式。其核心是我們專有的 AI 驅動面板構建器，它透過自動執行花卉選擇和 mov 匹配等關鍵步驟，節省了數週或數月的時間。科學家可以先進行虛擬實驗，然後再進行真正的濕實驗室研究。從一開始就減少試錯，提升數據品質。

Moving to clinical, we continue to believe the clinical market represents an attractive business opportunity for psychic. In the 3rd quarter, I at the centre stage to showcase our complete sale analysis solutions at several industry conferences. One notable event was the AA meeting in Montpelia, France in September.

轉向臨床領域，我們仍然認為臨床市場對靈媒來說是一個極具吸引力的商業機會。第三季度，我作為中心人物，在多個行業會議上展示了我們完整的銷售分析解決方案。其中一件值得一提的是9月在法國蒙彼利埃舉行的匿名戒酒互助會（AA）會議。

The event featured presentation by independent researchers discussing the importance of special cytometry in performing in visual diagnostic procedures and acknowledging that Cytek Northern Light CLC system is the only special analyser approved for clinical use in the EU.

本次活動由獨立研究人員進行演講，探討了特殊細胞計數在視覺診斷程序中的重要性，並指出 Cytek Northern Light CLC 系統是歐盟唯一獲準用於臨床的特殊分析儀。

With that, I will now send the call over to Will for more details about our financials.

接下來，我會把電話轉接給威爾，讓他詳細談談我們的財務狀況。

We Turning to slide 7 and our 3rd quarter financial results, total revenue for Q3 was 52.3 million, a 2% increase versus Q3 of 2024. This reflects strong growth in service and reagents worldwide, in instruments in Asia Pacific, and stabilization in US instrument revenues. These were offset by continued weakness in the mere instrument revenues. We saw 14% growth in total revenues from biopharma customers globally versus the year ago quarter, offset by a similar decline in revenues from government and academic customers.

接下來我們來看第 7 張投影片和我們第三季的財務業績，第三季的總收入為 5,230 萬美元，比 2024 年第三季成長了 2%。這反映了全球服務和試劑業務的強勁成長，亞太地區儀器業務的成長，以及美國儀器收入的穩定。這些成長被單純樂器收入的持續疲軟所抵消。與去年同期相比，全球生物製藥客戶的總收入成長了 14%，但政府和學術客戶的收入卻出現了類似的下降，抵消了這一成長。

Product revenue, which is comprised of instruments and reagents, decreased 4% versus Q3 of 2024, driven by a 26% decline in EMEA, offset by 19% growth in APAC. US product revenue was up 20% versus Q2, but flat versus Q3 of 2024, which was the strongest quarter of product revenue in 2024.

產品收入（包括儀器和試劑）較 2024 年第三季下降 4%，其中 EMEA 地區下降 26%，但亞太地區成長 19%，抵消了這一降幅。美國產品營收比第二季成長了 20%，但與 2024 年第三季持平，而第三季則是 2024 年產品收入最高的季度。

Our performance in the US was attributable to a 10% increase in instrument revenue from farmer and biotech customers driven by the launch of our new Aurora Evo instrument and an improved industry environment. This was offset by a 13% decline in instrument sales to academic and government customers as funding pressures continued.

我們在美國的業績歸功於來自農民和生物技術客戶的儀器收入增長了 10%，這得益於我們新推出的 Aurora Evo 儀器以及行業環境的改善。由於資金壓力持續存在，面向學術界和政府客戶的儀器銷售額下降了 13%，抵消了上述成長。

In EMEA, the decline in product revenue was primarily driven by a significant percentage decline in revenue from academic and government customers, which we believe is a result of a shift in government spending priorities, and a single digit decline from pharma biotech and CRO accounts. While our reagent revenue is still a single-digit percentage of our total revenue, it achieved its highest ever quarterly revenue in Q3, representing 21% growth over the prior year quarter.

在歐洲、中東和非洲地區，產品收入下降的主要原因是學術界和政府客戶的收入大幅下降，我們認為這是政府支出優先事項轉變的結果；此外，製藥生物技術和合約研究組織 (CRO) 帳戶的收入也出現了個位數的下降。雖然我們的試劑收入仍僅佔總收入的個位數百分比，但第三季實現了有史以來最高的季度收入，比去年同期成長了 21%。

As we mentioned, this was largely due to a concerted effort by our reagents team to shorten delivery times and to improve customer service. Service continued to deliver strong revenue growth with 19% growth in Q3 versus the prior year quarter. This was driven by growth in the install based and active usage of our systems. Turning to geographic market performance, US revenue grew 12% in Q3 versus prior year, driven by service revenue growth.

正如我們所提到的，這主要歸功於我們的試劑團隊為縮短交貨時間和改善客戶服務所做的共同努力。服務業務持續保持強勁的營收成長勢頭，第三季比上年同期成長了 19%。這主要得益於我們系統安裝量和活躍使用量的成長。從地理市場表現來看，第三季美國營收比去年同期成長了 12%，主要得益於服務收入的成長。

Their declined 28% due to lower instrument revenue. APAC, including China, increased 25% in Q3, driven by growth in instruments, service, and reagents. GAAP gross profit was $27.6 million, a 5% decrease versus Q3 of 2024. GAAP gross profit margin was 53% versus 56% in the prior year quarter.

由於儀器收入下降，他們的業績下滑了 28%。亞太地區（包括中國）第三季成長了 25%，主要得益於儀器、服務和試劑的成長。GAAP毛利為2,760萬美元，較2024年第三季下降5%。GAAP毛利率為53%，而去年同期為56%。

This was due to both a lower service gross margin, resulting from an increase in headcount and travel costs and a lower product gross margin as a result of lower product revenues, higher materials and tariff costs, and higher overhead.

這是由於人員增加和差旅費用增加導致服務毛利率下降，以及產品收入減少、材料和關稅成本增加和管理費用增加導致產品毛利率下降所致。

GAAP gross margin improved sequentially from 52% in Q2 due to higher product growth margins on higher product revenues and improved overhead absorption. Adjusted gross profit margin, which excludes stock-based compensation and amortization of acquisition related intangibles, was 55% in Q3, down from 60% in the prior year quarter, and down from 56% in Q2.

由於產品收入增加，產品成長利潤率提高，以及管理費用吸收率提高，GAAP毛利率較第二季的52%有所提高。經調整後的毛利率（不包括股權激勵和收購相關無形資產攤銷）在第三季為 55%，低於去年同期的 60%，也低於第二季的 56%。

Operating expenses were $36.7 million in Q3, up $3.5 million or 10% versus Q3 2024. This was driven by higher general and administrative expenses partially offset by lower R&D and sales and marketing expenses. Research and development expenses were $9 million, down 9% versus the year ago quarter, primarily due to lower headcount and compensation expenses, partially offset by higher engineering expenses.

第三季營運支出為 3,670 萬美元，比 2024 年第三季增加了 350 萬美元，增幅為 10%。這主要是由於一般及行政費用增加，但研發和銷售行銷費用降低部分抵銷了這一影響。研發費用為 900 萬美元，比去年同期下降 9%，主要原因是人員減少和薪資支出下降，但部分被工程費用增加所抵銷。

Sales and marketing expenses were $11.7 million, down 6% versus the year ago quarter due to lower headcount and compensation expenses and lower outside services expenses.

銷售和行銷費用為 1,170 萬美元，比去年同期下降 6%，原因是員工人數和薪酬支出減少以及外部服務支出減少。

General administrative expenses were $16.1 million, up $5.2 million, or 47% from the year ago quarter.

一般行政費用為 1,610 萬美元，比去年同期增加 520 萬美元，增幅達 47%。

The increase was primarily attributable to legal expenses related to a patent litigation case and to a lesser extent, a $0.7 million non-recurring non-cash write-off of deferred offering costs for an at the market equity financing facility entered into in 2022, which expired in the current quarter. Loss from operations was $9.2 million for Q3 versus $4.2 million in the year ago quarter, driven by $1.5 million lower GAAP gross profit and $3.5 million higher operating expenses. Net loss was $5.5 million in Q3 versus net income of $0.9 million in the prior year quarter. This was driven by 3 factors. First, higher loss from operations of $5 million as mentioned above.

該增長主要歸因於與專利訴訟案件相關的法律費用，其次是 2022 年簽訂的按市價股權融資協議的遞延發行成本的 70 萬美元非經常性非現金沖銷，該協議已於本季度到期。第三季營業虧損為 920 萬美元，而去年同期為 420 萬美元，主因是 GAAP 毛利減少 150 萬美元，以及營業費用增加 350 萬美元。第三季淨虧損550萬美元，去年同期淨利為90萬美元。這主要受三個因素驅動。首先，如上文所述，營運虧損增加 500 萬美元。

Secondly, net other income decreased by $3 million to $1.4 million from 4.4 million in the prior year quarter. This was primarily driven by $0.9 million of FX losses in the current quarter versus $1.1 million of FX gains in the prior year quarter and lower interest income of $0.9 million.

其次，其他淨收入從去年同期的 440 萬美元減少 300 萬美元至 140 萬美元。這主要是由於本季外匯損失 90 萬美元，而上年同期外匯收益為 110 萬美元，以及利息收入減少 90 萬美元。

The higher loss from operations and lower net other income totalling $8 million were offset by an increased tax benefit of $2.3 million in the current quarter as a result of a higher effective tax rate versus a tax benefit of $0.8 million in the five-year quarter.

本季營運虧損增加，其他淨收入減少，總計達 800 萬美元，但由於實際稅率提高，稅收優惠增加至 230 萬美元，而五年前同期稅收優惠僅為 80 萬美元。

Adjusted EBITDA, which excludes stock-based compensation, foreign exchange impacts, and the non-recurring charge of $0.7 million for the write-off of deferred offering costs, declined to $2.5 million from $7.6 million in the year ago quarter. This was due to lower gross profits of $1.5 million and higher operating expenses of $3.5 million due to the factors I described above. Free cash flow was slightly negative at 0.3 million in the quarter, modestly decreasing our total cash and marketable securities to $261.7 million.

經調整的 EBITDA（不包括股票選擇權費用、外匯影響以及 0.7 萬美元的遞延發行成本沖銷非經常性費用）從去年同期的 760 萬美元下降至 250 萬美元。這是由於我上面描述的因素導致毛利減少 150 萬美元，營運費用增加 350 萬美元。本季自由現金流略微為負 0.3 百萬美元，使我們的現金和有價證券總額略微減少至 2.617 億美元。

Lastly, turning to our full-year guidance on slide 8.

最後，請看第 8 頁的全年業績指引。

We are reaffirming our full year 2025 revenue outlook for a range of $196 million to $205 million assuming no change in currency exchange rates. This is based on our year-to-date results, our pipeline of instrument sale opportunities for Q4, and the good momentum we see in our service and reagent businesses.

我們重申 2025 年全年營收預期，預計在 1.96 億美元至 2.05 億美元之間，假設匯率不變。這是基於我們今年迄今為止的業績、第四季度的儀器銷售機會儲備，以及我們在服務和試劑業務方面看到的良好發展勢頭。

Our performance this quarter shows continued strong growth in instruments in APAC, stabilization in US instruments, and solid growth in our recurring revenue businesses. We expect these trends to continue and our outlook remains consistent with our views in previous quarters that we would see slowly improving trends as the year progressed.

本季業績顯示，亞太地區儀器業務持續強勁成長，美國儀器業務趨於穩定，經常性收入業務穩定成長。我們預計這些趨勢將持續，我們的展望與前幾季的觀點一致，即隨著時間的推移，我們將看到趨勢緩慢改善。

We have noted this in the US market, whereas EMEA remains challenged. Importantly, we continue to believe our performance in Q3 and in 2025 year-to-date reflects a strong market leadership position in what has been a difficult environment. Our core business is showing positive growth in all regions except EMEA, and our recurring revenue continues to grow. Notwithstanding some temporarily elevated operating expenses, we delivered positive adjusted EBITDA, which we anticipate will continue in Q4. We believe we will perform well relative to the overall flow psychometry market, which is also beginning to show signs of stabilization. Finally, our strong balance sheet also gives us the ability to continue investing for growth. With that, I will turn it back over to Wenbin.

我們已經注意到美國市場出現了這種情況，而歐洲、中東和非洲地區仍然面臨挑戰。重要的是，我們仍然相信，我們在第三季和 2025 年迄今的業績反映了我們在當前艱難環境下所擁有的強大市場領導地位。除歐洲、中東和非洲地區外，我們的核心業務在所有地區呈現正面成長，經常性收入也持續成長。儘管營運費用暫時有所上升，但我們實現了正的調整後 EBITDA，我們預計第四季度將繼續保持這一勢頭。我們相信，相對於整體流量濕度計市場而言，我們的表現將相當不錯，而該市場也開始出現穩定跡象。最後，我們強勁的資產負債表也使我們能夠繼續投資以實現成長。這樣，我就把任務交還給文斌了。

That's good. Turning to slide now.

那挺好的。現在開始幻燈片播放。

I want to close by first thanking our Cytek team for their continued commitment to advance our mission amid a challenging and evolving market environment. We believe our 3rd quarter results are encouraging and demonstrate our established brand and the strong technology and underscore our market leadership position.

最後，我要先感謝 Cytek 團隊在充滿挑戰和不斷變化的市場環境中，為推動我們的使命所做的持續努力。我們相信第三季的業績令人鼓舞，展現了我們成熟的品牌和強大的技術實力，並鞏固了我們的市場領導地位。

Our team continues to attitude with discipline. Expanding our global instal base, growing our returning revenue streams, and sharpening our focus on profitability and cash generation. At the same time, we are committed to making targeted investments that will reinforce our competitive position and accelerate our growth. While we remain mindful of broader market conditions.

我們的團隊繼續保持嚴明的紀律態度。擴大我們的全球安裝基礎，增加我們的回饋收入來源，並更加重視獲利能力和現金流。同時，我們致力於進行有針對性的投資，以鞏固我們的競爭地位並加速我們的成長。同時，我們也會密切關注整體市場狀況。

We believe CITE is well positioned to deliver long-term value through our differentiated technology portfolio, buildable growth drivers, strong balance sheet, and the global reach. I want to thank everyone for joining today's call, and we will now open it up for questions.

我們相信，憑藉我們差異化的技術組合、可建構的成長動力、強勁的資產負債表和全球影響力，CITE 完全有能力創造長期價值。感謝各位參加今天的電話會議，現在我們將開放提問環節。

Operator.

操作員。

At this time, I would like to remind everyone in order to ask a question, press start and the number one on your telephone keypad. We will pause for just a moment to compile the roster.

在此，我想提醒大家，要提問，請按電話鍵盤上的開始鍵和數字 1。我們將暫停片刻，整理一下名單。

Your first question comes from the line of David Westenberg of Piper Sandler. Please go ahead.

你的第一個問題來自 Piper Sandler 的 David Westenberg 的一條生產線。請繼續。

Hi, I wanted to actually maybe just start with the product launch, the, Aurora Evo. Can you talk about the differences in this product versus the other products in the market and how we could think about growth contribution from new products, in the in the in the next couple of years?

大家好，我想先從產品發表會開始，也就是 Aurora Evo。您能否談談這款產品與市場上其他產品的區別，以及在未來幾年內，我們如何看待新產品對成長的貢獻？

Thank you.

謝謝。

I think, this new product, basically what we have done is we listen to our customers specifically from biotech customers and in terms of the features we have included like a higher through report and small particle detection, automation and harmonization, all of those really suited for those farmer customers.

我認為，這款新產品，基本上是我們聽取了客戶的意見，特別是生物技術客戶的意見，並加入了諸如更高通量報告、小顆粒檢測、自動化和協調等功能，所有這些都非常適合農民客戶。

Oh, got it, thank you. Just maybe, speaking of pharma customers and actually I was going to say, is there anything to take away from the double-digit growth in CROs, meaning are there, are they potentially leading indicators that biopharma might want to bo their own instruments?

哦，明白了，謝謝。說到製藥客戶，其實我本來想說的是，CRO 兩位數的成長是否代表什麼？也就是說，這是否可能預示著生物製藥公司可能想要擁有自己的儀器？

When we talk about biopharma and CROs, we're talking about one category. So, when Wenbin talks about biopharma customers, we're grouping all of those together and as we noted in the remarks, our instrument revenue to to that group grew 12% worldwide and 10% in the US. So, we've received a very favourable response.

當我們談論生物製藥和合約研究組織（CRO）時，我們指的是同一類別。所以，當文斌談到生物製藥客戶時，我們把所有這些客戶都歸為一類。正如我們在發言中提到的，我們面向該群體的儀器收入在全球範圍內增長了 12%，在美國增長了 10%。所以，我們收到了非常正面的回饋。

Yeah, maybe I'll ask another way. In the press release it mentioned CROs. I think it said it grew at 14%. Now normally when I think about CROs and their usage.

嗯，或許我該換個方式問。新聞稿中提到了合約研究機構（CRO）。我認為上面說的是成長率為 14%。通常情況下，當我想到CRO及其用途時。

Yeah, no, that it what it what it.

是啊，沒錯，就是這樣。

What we referred to was the aggregate group of customers which are comprised of pharmaceutical companies, biotech companies, CROs, and distributors. That's one group of companies. And so yeah, what the press release said was that total revenues to those that aggregate group rose 14% in the quarter. And what I just mentioned is to that same group, instrument revenue rose 12%. And, the big pharma companies are probably the largest component, sub-component of that group.

我們指的是由製藥公司、生技公司、合約研究組織和分銷商組成的客戶群。這是其中一家公司集團。是的，新聞稿中提到，該集團的總收入在本季成長了 14%。我剛才提到的是，對於同一群體而言，儀器收入增加了 12%。而大型製藥公司可能是該群體中最大的組成部分或子組成部分。

So that's the way to think about it.

所以應該這樣思考。

Good, thank you very much.

好的，非常感謝。

Just maybe on the double-digit, revenue growth in the US, can you remind us of how much of that might be, sorry to say, but easier comps versus, just. Good execution and I mean, are we now in your opinion that kind of the late endings of a, maybe let's say early innings of a recovery instead of late endings of a of a of stagnation.

或許關於美國兩位數的收入成長，您能否提醒我們，其中有多少可能是由於比較容易的比較因素造成的，而不是僅僅因為比較容易的比較因素造成的？執行得很好，我的意思是，你認為我們現在是否應該說是復甦初期階段的後期結束，而不是停滯的後期結束？

Thank you and I'll. Take it offline from here.

謝謝，我會的。從這裡離線。

I think, no, it's not the 3rd quarter of last year was pretty strong. So it's a, the performance in the US, is a function of strong.

我認為，不，不是去年第三季度，那段時間業績相當強勁。所以，在美國的表現，是實力強勁的體現。

Service and reagent growth, and the fact that our instrument in the US were flagged, but, as I mentioned in my remarks that The US instruments that Q3 of last year was the highest quarter of 2024 for US instruments. So the benchmark was actually pretty high.

服務和試劑的增長，以及我們在美國儀器的銷量被標記的事實，但是，正如我在演講中提到的，去年第三季度是美國儀器銷量最高的季度，也是2024年美國儀器銷量最高的季度。所以，這個基準其實相當高。

And so to be flat against that is quite a good achievement. On the, I'm talking about, it's quite a good achievement on the instrument side. And then in addition to that, we had strong growth in services and reagents. Does that answer your question?

因此，能夠做到這一點已經相當不錯了。就我所說的而言，這在樂器方面是一項相當不錯的成就。除此之外，我們的服務和試劑業務也實現了強勁成長。這樣回答了你的問題嗎？

Your next question comes from the line of Brandon Smith of TD Cowen. Please go ahead.

你的下一個問題來自 TD Cowen 的 Brandon Smith。請繼續。

Great, thanks guys for taking the questions.

太好了，謝謝各位回答問題。

I appreciate all the color. I wanted to ask just a little bit more actually about the quality of the conversations you're having with customers in recent weeks and if there's any additional color you can maybe provide about their appetite to spend more on some of these instruments next year as they're nearly starting to put together their 2026 budget. And I guess if so, do you have any sense which of your offerings you think they'd maybe reach for first once some of those dollars start to become maybe more readily available into next year? And then I guess just if you have, if you're noticing maybe any geographic differences in your answer to that question. Thanks.

我喜歡這些色彩。我其實還想再問一下，您最近幾週與客戶的溝通品質如何，以及您是否可以提供一些關於他們明年是否願意在這些樂器上增加支出的信息，因為他們即將開始製定 2026 年的預算。我想，如果是這樣，您認為一旦明年他們的資金更容易獲得，他們會先選擇您的哪些產品或服務？然後我想說的是，如果你注意到你對這個問題的回答可能有任何地域差異的話。謝謝。

Yeah, I think, what The trends that we currently see in the business that That Asia Pack is strong, is growing strongly in the Asia Pack instrument, business is growing strongly. Service momentum continues to be strong, as does reagent.

是的，我認為，我們目前在業務中看到的趨勢是，亞洲包裝業務發展強勁，亞洲包裝工具業務正在強勁成長。服務業發展動能依然強勁，試劑供應也同樣旺盛。

We, as we noted in the area continues to be challenged, and the US is following the path that we expected that we talked about in earlier quarters of gradual improvement as the year progressed and and we've seen that and so we, we've we, we've seen a stabilization in the US, in the US instrument business where it's been basically flat versus last year for two quarters in a row now.

正如我們之前提到的，該地區仍然面臨挑戰，而美國正沿著我們預期的道路前進，正如我們在前幾個季度談到的那樣，隨著時間的推移，情況會逐步改善。我們已經看到了這一點，因此，我們看到美國儀器業務趨於穩定，與去年同期相比，已經連續兩個季度基本持平。

And look, we don't have a crystal ball about next year, but Based on assuming there are no exogenous sharks, we expect those trends to continue. Within the US, the biopharma sector as we noted, has been Within US instruments, the biopharma sector has been strong, academic and government has been weak, but the two have offset each other. So You know it's a bit early for us to be talking about 2026.

我們無法預知明年會發生什麼，但假設沒有外來因素，我們預期這些趨勢將會持續下去。正如我們所指出的，在美國，生物製藥行業一直很強勁，而學術界和政府則比較薄弱，但兩者相互抵消了。所以你知道，現在談2026年還為時過早。

The only comment we would make is, we generally expect the areas of the business that are growing to continue to grow, absent.

我們唯一要補充的是，我們通常預計，在沒有其他因素影響的情況下，業務中那些正在成長的領域將持續成長。

Exogenous factors. And I think at some point that, Europe has to hit bottom. It was down, quite significantly this year, and, you'll see it's down almost 30% this year on on an aggregate revenue basis, and one would think that that rate of decline has to has to slow.

外源性因素。我認為，歐洲總有一天會跌到谷底。今年下滑幅度相當大，你會發現，以總收入計算，今年下滑了近 30%，人們會認為這種下滑速度必須放緩。

Your next question comes from the line of Mason Carrico of Stephens Inc. Please go ahead.

您的下一個問題來自 Stephens Inc. 公司的 Mason Carrico。請繼續。

Hey, this is Harrison on for Mason.

大家好，我是哈里森，替梅森報道。

Good afternoon and thanks for taking the questions here.

下午好，感謝各位回答問題。

Can you walk us through your key assumptions behind the 2025 Outlook? Are you assuming the typical 4 key step up and instrument placements or something more muted given the macro environment?

能否詳細介紹一下您在2025年展望報告中的關鍵假設？您是按照典型的四步上行和樂器擺放方式來安排，還是考慮到宏觀環境而採取更為柔和的方式？

We would, we think that, We don't have any reason not let me back up. We typically see a budget flush of from the biopharma customers in Q4. We don't have any reason to doubt that that will or to expect that that will not happen this year. So we would expect some. Typical seasonal improvement in Q4.

我們認為，我們沒有任何理由不讓我後退。我們通常會在第四季度看到生物製藥客戶的預算大幅增加。我們沒有任何理由懷疑這種情況會發生，也沒有理由認為這種情況今年不會發生。所以我們會預料到會有一些。第四季通常會出現季節性好轉。

Again, I'd go back to what I just said about the outlook that service and reagent momentum is strong, Asia Pack is strong, US is stable, and we think EMEA. We'll continue to be under pressure versus last year.

我再次重申我剛才所說的前景：服務和試劑市場勢頭強勁，亞洲市場強勁，美國市場穩定，我們認為歐洲、中東和非洲市場前景良好。與去年相比，我們將繼續面臨更大的壓力。

Understood. And then just wanted to ask a little bit more about the US. How is the US academic and government demand trended since last August and are you seeing any signs of stabilization as we head into next year?

明白了。然後我還想再問一些關於美國的問題。自去年 8 月以來，美國學術界和政府的需求趨勢如何？隨著我們進入明年，您是否看到任何穩定跡象？

It continues to be down versus last year. And obviously the funding pressures.

與去年相比，該數值持續下降。當然還有資金壓力。

Or the funding reductions are there hasn't been much change to that picture. But on, look on the flip side, the momentum in biopharma has been quite good, quite strong, as we noted. So, we don't see the academic in US academic and government. We don't have a reason to expect it'll get particularly better or worse. We just think it will remain under pressure versus versus last year's levels.

或者說，儘管資金削減，但這種情況並沒有太大變化。但另一方面，正如我們所指出的，生物製藥行業的發展勢頭一直相當不錯，非常強勁。所以，我們在美國學術界和政府中看不到學術界的影子。我們沒有理由預期情況會特別好轉或惡化。我們認為它仍將面臨比去年水平更高的壓力。

Okay, and then I know reagents are growing and you've cited, over $150 million annual opportunity with less than 10% captured today. What specific initiatives are you implementing to increase that capture rate and have you begun to see those initiatives bear fruit?

好的，我知道試劑市場正在成長，你也提到過，每年有超過 1.5 億美元的機會，但目前只佔不到 10%。為了提高轉換率，你們正在實施哪些具體措施？這些措施是否已經開始達到成效？

And as you can see, and we have really improved our operation efficiency and our logistics functions, and we significantly shorten the delivery time and the region is a recording business and you have to adjust all of those logistics side of the issues which is what we have been focusing on doing during the last few quarters and clearly it has benefited. We have benefited from those kinds of improvements we have made and, recently we also expanded our European facilities in Amsterdam and moved the warehouse inhouse and clearly and we'll continue to see the kind of benefits we have done so far, yeah.

正如你所看到的，我們確實提高了營運效率和物流功能，顯著縮短了交貨時間。該地區是一個唱片業，你必須調整所有這些物流方面的問題，這正是我們在過去幾季一直關注的事情，顯然已經從中受益。我們已經從這些改進中受益，最近我們還在阿姆斯特丹擴建了歐洲工廠，並將倉庫遷至公司內部，顯然，我們將繼續看到我們迄今為止所取得的這些成果，是的。

We also focused on what we mentioned in the past through our what we call our design in activities where we design a panel for a customer and use that as a way to to sell more of our reagents.

我們還重點關注了我們過去提到的內容，即我們所謂的“設計活動”，我們為客戶設計一個面板，並以此作為銷售更多試劑的一種方式。

So that's another initiative. Cytek cloud is another area we have leveraged to help drive our business.

這是另一項舉措。Cytek 雲是我們用來推動業務發展的另一個領域。

And finally, we continue to invest in R&D and bringing in expanding our portfolio of reagents. We do custom reagents for certain customers and we may then move those into the catalog. So that's another way of expanding our reagent business, another initiative. So there are multiple things we're doing on lots of different fronts.

最後，我們將繼續投資研發，並持續擴大我們的試劑組合。我們會為某些客戶量身訂製試劑，然後可能會將這些試劑加入產品目錄中。所以這是我們拓展試劑事業的另一種方式，也是另一項舉措。所以，我們正在很多不同領域進行多項工作。

Great thanks again for taking the questions.

再次非常感謝您回答問題。

Again, as a reminder, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from the line of Andrew Cooper of Raymond James. Please go ahead.

再次提醒，如果您想提問，請按電話鍵盤上的星號鍵 1。你的下一個問題來自 Raymond James 的 Andrew Cooper。請繼續。

Hey everyone, this is Noah for Andrew.

大家好，我是諾亞，代表安德魯。

First question, going off of the other one around the 4Q guide and outlook for the year, we expected a bit of a step up just seasonally, but, you mentioned some budget flush. How reliant is the 4Q guide in the rest of the year on a step up or like a budget flush versus pure seasonality? So just trying to get a feel for the mix between in terms of the.

第一個問題，接續您先前關於第四季度業績指引和全年展望的問題，我們預期會有輕微的季節性增長，但是，您提到了一些預算方面的調整。第四季業績指引在一年中的其他時間裡，究竟是更依賴經濟復甦或預算調整，還是純粹的季節性因素？所以，我只是想了解這兩者之間的混合情況。

When we use those terms, we're basically referring to the same thing. Our seasonality that we see is caused by customers. Spending the remaining available budget. Flushing it, if you will. So that really, those two terms refer to the same phenomenon. And as we mentioned, we don't see that, pretty typically every year. We saw that last year. And we've seen that in regularly in previous years, and we say we don't have any information to suggest that that that would not occur to some extent this year.

當我們使用這些術語時，我們基本上指的是同一件事。我們看到的季節性波動是由顧客造成的。使用剩餘預算。把它沖走，或者說，沖走。所以實際上，這兩個術語指的是同一種現象。正如我們之前提到的，這種情況幾乎每年都不會發生。我們去年就看到了這一點。過去幾年我們經常看到這種情況，我們表示沒有任何資訊表明今年這種情況不會在某種程度上發生。

Okay.

好的。

Yeah.

是的。

So the outlook is based on, as we mentioned, obviously a year-to-date results, the momentum in our recurring revenue businesses, so the growth drivers there are the reagent business, we talked about the install base for services, and then we look at our pipeline of opportunities in the instrument business, and we factor all those in and based on that. We are reiterating our range.

因此，正如我們所提到的，展望顯然是基於年初至今的業績、我們經常性收入業務的成長勢頭，其中成長動力來自試劑業務，我們談到了服務的安裝基礎，然後我們考察了儀器業務的潛在機會，並將所有這些因素考慮在內，並以此為基礎。我們正在重申我們的產品範圍。

Okay, got it. Yeah, I just wanted to clarify whether when you meant budget flush that there was a significant like improvement in the market, but I understand the seasonality. And as.

好的，明白了。是的，我只是想確認一下，您說的預算充裕是指市場有顯著改善嗎？但我理解季節性因素。並且。

Particularly biopharma company's budget on a calendar year basis, so if they get into Q4.

特別是生物製藥公司按日曆年編制的預算，所以如果他們能進入第四季度的話。

They have some incentive to spend what the remaining amount that hasn't been spent in order to make sure they spend the whole budget.

為了確保花完所有預算，他們有一定的動機將剩餘的未支出金額也花掉。

Got maybe last.

可能是最後一個。

Okay, yeah, sorry, yeah, I was going to say my last one was just on cap deployment, you talked about pretty strong balance sheet, and you expect to be cash flow free cash flow positive, so, any appetite for more share buybacks, maybe, what you're seeing in the acquisition pipeline, if you're, there's any interest there.

好的，是的，抱歉，是的，我本來想說我最後一個問題只是關於資本部署，您提到了非常強勁的資產負債表，並且預計現金流為正，那麼，是否有意願進行更多股票回購？或者，您在收購計劃中看到了什麼？如果有的話，您對此有任何興趣嗎？

Yeah, so, with short answer is we aim to, our objective is to do both share repurchase, and M&A, to To size our share repurchase. What we have done in the past is size our share repurchase to be approximately equal to free cash flow. Year-to-date, we've actually spent more than our free cash flow on share repurchase. So, as a result of that, we, because we were in excess of free cash flow, We didn't buy any shares in the 3rd quarter, but generally, our objective is to buy, our approach to share repurchase is to be opportunistic and to buy, when we think it's particularly favourable, but, to size those purchases at, somewhere broadly in the range of our free cash flow.

是的，簡而言之，我們的目標是同時進行股票回購和併購，以達到我們股票回購的規模。我們過去的做法是，將股票回購規模控制在與自由現金流大致相等的範圍內。今年迄今為止，我們在股票回購上的支出實際上已經超過了我們的自由現金流。因此，由於我們的自由現金流超過了預算，我們在第三季沒有購買任何股票。但總的來說，我們的目標是買入，我們股票回購的方法是抓住機會，在我們認為特別有利的時候買入，但購買規模大致在我們自由現金流的範圍內。

So, we are not making any changes to that general approach, and we'll execute as we see opportunities going forward.

因此，我們不會改變這一總體方針，未來我們將根據機會採取相應行動。

And then with respect to M&A, we continue to review, a number of different opportunities, but as M&A opportunities are episodic and they come and go, sort of an irregular pattern, but we are seeing things, we are reviewing things, and it's our objective to grow through both organic and inorganic means.

至於併購方面，我們一直在評估各種不同的機會，但由於併購機會具有偶發性，來來去去，沒有規律可循，但我們一直在關注和評估各種機會，我們的目標是透過有機增長和無機增長來實現發展。

Awesome thank you.

太棒了，謝謝。

That ends our session and we appreciate your participation, ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

本次會議到此結束，感謝各位的參與，女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。