大全新能源 (DQ) 2024 Q3 法說會逐字稿

Good day and welcome to the Daqo New Energy third Quarter, 2024 results conference call.

美好的一天，歡迎來到大全新能源2024年第三季業績電話會議。

All participants will be in listen-only mode.

所有參與者將處於僅聽模式。

(Operator Instructions)

（操作員說明）

After today's presentation, there will be an opportunity to ask questions to ask a question.

今天的演講結束後，將有機會提問。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

Oh, now I turn the conference over to Anita Shu.

哦，現在我把會議交給Anita Shu。

Please go ahead.

請繼續。

Hello everyone.

大家好。

I'm Anita Shu, the Deputy Chief Executive Officer of Daqo New Energy.

我是大全新能源副執行長舒安妮塔。

Thank you for joining our conference call today.

感謝您今天參加我們的電話會議。

Daqo New Energy just issued its financial results for the third quarter of 2024, which can be found on our website at www.dqsolar.com.

大全新能源剛剛發布了2024年第三季的財務業績，您可以在我們的網站www.dqsolar.com上找到該業績。

Today attending the conference call, we have our CFO, Mr. Ming Yang and myself.

今天參加電話會議的有我們的財務長楊明先生和我自己。

Given the time conflict, Mr. Xu will not be able to attend today's meeting in person.

由於時間衝突，徐先生無法親自出席今天的會議。

I'll first begin the call by reading Mr. Xu's comment on market conditions and company operations.

我將首先閱讀徐先生對市場狀況和公司營運的評論。

And then Mr. Yang will discuss the company's financial performance for the quarter and the year.

隨後楊先生將討論公司本季和全年的財務表現。

After that, we'll open the floor to Q&A from the audience.

之後，我們將開始觀眾問答環節。

Before we begin the formal remarks, I would like to remind you that certain statements on today's call including expected future operational and financial performance and industry growth are forward-looking statements are made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在我們開始正式發言之前，我想提醒您，今天電話會議中的某些陳述，包括預期的未來營運和財務業績以及行業增長，均為前瞻性陳述，是根據美國私人證券訴訟改革法案的安全港條款做出的。

These statements involving higher risks and uncertainties.

這些陳述涉及較高的風險和不確定性。

A number of factors could cause actual results to defer materially from those contained in any forward-looking statement.

許多因素可能導致實際結果與任何前瞻性聲明中包含的結果有重大偏差。

Further information regarding these and other risks is included in the reports or documents we have filed with or furnished to the securities and exchange commission.

有關這些風險和其他風險的更多資訊包含在我們向證券交易委員會提交或提供的報告或文件中。

These statements only reflect our current and preliminary view as of today and may be subject to change.

這些陳述僅反映我們截至今天的當前和初步觀點，可能會發生變化。

Our ability to achieve these projections is subject to risks and uncertainties.

我們實現這些預測的能力受到風險和不確定性的影響。

All information provided in today's call is as of today and we undertake no duty to update such information except as required under applicable.

今天的電話會議中提供的所有資訊均為截至今天的信息，除非適用要求，否則我們不承擔更新此類資訊的義務。

Also during the call, we will occasionally reference monetary amounts in US dollar terms.

此外，在電話會議期間，我們偶爾會提及以美元計算的金額。

Please keep in mind that our functional currency is a Chinese RMB.

請記住，我們的功能貨幣是人民幣。

We offer these translations into US dollars solely for the convenience of the audience.

我們將這些翻譯成美元只是為了方便觀眾。

So without further ado, let me begin with our management remarks.

言歸正傳，讓我先談談我們的管理層評論。

Entering the third quarter, China solar industry market conditions remain challenging, exacerbated by the overall oversupply in the industry.

進入第三季度，中國太陽能產業市場情況依然嚴峻，產業整體供過於求的局面進一步加劇。

Market selling prices continue to be below production costs for the majority of industry players throughout the entire value chain.

對於整個價值鏈中的大多數行業參與者來說，市場銷售價格繼續低於生產成本。

Although this causes Daqo New Energy to sustain quarterly operating and net losses, our losses narrowed compared to the second quarter and we continue to maintain a strong and healthy balance sheet with no financial debt.

儘管這導致大全新能源維持季度經營和淨虧損，但我們的虧損較第二季度有所收窄，並且我們繼續保持強勁和健康的資產負債表，沒有任何金融債務。

At the end of the third quarter, we had a cash balance of USD853 million and short-term investments of $245 million.

截至第三季末，我們的現金餘額為8.53億美元，短期投資為2.45億美元。

Bank no receivables of $83 million and a fixed term bank deposit balance of USD1.2 billion.

銀行無應收帳款 8,300 萬美元，定期銀行存款餘額 12 億美元。

To capitalize on higher interest rates compared to those of bank savings, we purchased short term investments and fixed term bank deposits during the past two quarters.

為了利用比銀行儲蓄更高的利率，我們在過去兩個季度購買了短期投資和定期銀行存款。

Overall, the company maintains strong liquidity with a balance of quick assets of USD2.4 billion.

整體來看，公司流動性維持強勁，速動資產餘額為24億美元。

These mainly consist of bank deposits or bank financial products that can be quickly converted to cash when necessary.

主要包括銀行存款或在必要時可快速轉換為現金的銀行理財產品。

On the operational front, during the third quarter, we started maintenance of our facilities and adjusted our production utilization rate to 50% in light of weak market demand and to reduce our cash flow.

在營運方面，第三季度，我們開始對設備進行維護，並鑑於市場需求疲軟並減少現金流，將生產利用率調整至50%。

The total production volume at our two polysilicon facility for the quarter was 43,592 metric tons.

本季我們兩家多晶矽工廠的總產量為 43,592 噸。

Through continued investments in R&D and dedication to purity improvements at both facilities, our overall anti product mix reached 75% during the quarter.

透過持續投資研發和致力於提高兩個工廠的純度，我們的整體抗產品組合在本季度達到了 75%。

Our Phase 5B which started initial production in May and is still ramping up, reached 70% N-type in its product mix, strengthening our confidence in achieving 100% end type by the end of next year.

我們的5B期已於5月開始初步生產，目前仍在加產中，其產品結構中N型已達到70%，增強了我們在明年底實現100%端型的信心。

Despite lower utilization levels, we further reduced our cash cost to USD5.34 per kilogram compared to $5.39 per kilogram in the second quarter.

儘管利用率較低，我們仍將現金成本進一步降低至每公斤 5.34 美元，而第二季為每公斤 5.39 美元。

However, unit production costs trended up 7% sequentially to an average of $6.61 per kilogram, as a result of reduced production level, which led to facility idle costs of approximately USD0.55 per kilogram.

然而，由於生產水準下降，導致設備閒置成本約為每公斤 0.55 美元，單位生產成本較上季上升 7%，達到平均每公斤 6.61 美元。

Regarding a SME grade polysilicon, we start initial production in the second quarter and have since then worked toward qualification by downstream customers.

對於中小企業級多晶矽，我們在第二季開始初步生產，此後一直致力於下游客戶的認證。

Recently, we passed qualification with certain customers and anticipated social commercial delivery early next year.

最近，我們通過了部分客戶的資格認證，預計明年初進行社會商業交付。

In light of the current market conditions, we expect our Q4 2024 total polysilicon production volume to be approximately 31,000 metric tons to 34,000 metric tons.

鑑於目前的市場狀況，我們預計 2024 年第四季多晶矽總產量約為 31,000 噸至 34,000 噸。

As a result, we anticipate our full year 2024 production volume to be in the range of 200,000 metric tons to 210,000 metric tons.

因此，我們預計 2024 年全年產量將在 20 萬噸至 21 萬噸之間。

During the third quarter, challenging market conditions forced more layers to reduce production utilization rates and began maintenance.

第三季度，充滿挑戰的市場環境迫使更多的產能降低生​​產利用率並開始維護。

Based on industry statistics, polysilicon supply in China decreased by 15% and 6% month over month in July and August, respectively, with the total polysilicon production volume falling below 130,000 metric ton in August, the lowest year-to-date.

根據產業統計，7月和8月中國多晶矽供應量較上月減少15%和6%，8月多晶矽總產量跌破13萬噸，創今年以來最低。

This reduction eased inventory pressure with prices bottoming in the range of approximately RMB35 to RMB40 per kilogram.

此次降價緩解了庫存壓力，價格觸底回落至每公斤人民幣約 35 元至 40 元。

Despite relatively weak downstream wafer demand during the quarter, polysilicon prices stabilized after reaching their lowest level and stopped declining.

儘管本季下游矽片需求相對疲軟，但多晶矽價格在觸及最低水準後企穩並止跌。

This price level was below the cash cost of even the Tier 1 players, and four consecutive months of cash losses have led all manufacturers to reassess their future strategy.

這個價格水準甚至低於一級供應商的現金成本，連續四個月的現金損失導致所有製造商重新評估他們的未來策略。

In August and September, due to downstream customers efforts to take advantage of low prices and mid production cuts, polysilicon prices rebounded to approximately RMB38 to RMB43 per kilogram.

8月和9月，由於下游客戶趁低價格發力以及中期減產，多晶矽價格反彈至約38元至43元/公斤。

However, industry polysilicon inventories remained significant at the end of the quarter.

然而，季度末產業多晶矽庫存仍然較多。

One month into the fourth quarter, the polysilicon industry is still rebalancing supply and demand and needs further production costs and stronger market demand to sustain a price recovery.

第四季剛過去一個月，多晶矽產業仍處於供需再平衡階段，需要進一步的生產成本和更強勁的市場需求來維持價格回升。

The fourth quarter has historically seen strong new legislation in China, and the aggressive stimulus package is unveiled in September and October to support domestic economy might encourage investment from state owned enterprises.

中國歷來在第四季度出台了強有力的新立法，而9月和10月推出的激進刺激計劃以支持國內經濟可能會鼓勵國有企業的投資。

In the medium to long term, we believe the current low price of the market downturn will eventually result in a healthier market, as poor profitability, losses, and cash burn will lead to many industry players exiting the business, ultimately eliminating over capacity and bringing the solar PV industry back to normal profitability and margin better margins.

從中長期來看，我們認為當前市場低迷的低價最終將帶來一個更健康的市場，因為盈利能力差、虧損和現金消耗將導致許多行業參與者退出業務，最終消除過剩產能並帶來太陽能光伏產業獲利能力恢復正常，利潤率較好。

This year is challenging for China's solar PV industry.

今年對中國太陽能光電產業來說是充滿挑戰的一年。

At this point, we may have reached the cyclical bottom but have yet to see a clear (technical difficulty) As the price wars have undermined the healthy development of the industry, on October 14, the China Social Voltaic Industry Association convened a special conference attended by senior executives from major manufacturers in the industry, calling to strengthen self-discipline reduce on bridal competition.

至此，週期底部或許已經見底，但還沒有看到明顯的（技術難度） 由於價格戰破壞了行業的健康發展，10月14日，中國社會光伏行業協會召開了專題會議。管呼籲加強行業自律，減少婚紗競爭。

While further details on promoting the sustainability of the industry still need to be discussed, we believe this is a positive signal to market consolidation with higher cost and inefficient manufacturers gradually phasing out capacity and exiting the business.

雖然促進行業可持續發展的進一步細節仍需討論，但我們認為，這是市場整合的積極信號，成本較高且效率低下的製造商逐漸淘汰產能並退出業務。

On another positive note, on October 18, CPIA announced a reference price of RMB0.68 per watt for modules, Setting up war for wing bids.

另一個好消息是，10月18日，CPIA公佈組件參考價為0.68元/瓦，掀起競價大戰。

On the demand side, new solar PV installations in China in the first nine months of 2024 reached 160.88 gigawatts growing 24.8% year-over-year.

需求方面，2024年前9個月中國太陽能光電新增裝置量達160.88吉瓦，年增24.8%。

Overall, in the long run, solar PV is expected to be one of the most competitive forms of power generation globally, and the continuous cost reductions in solar PV products and the resulting reductions in solar energy generation costs are expected to create substantial additional demand for solar PV.

總體而言，從長遠來看，太陽能光伏有望成為全球最具競爭力的發電形式之一，而太陽能光伏產品成本的不斷降低以及由此帶來的太陽能發電成本的降低預計將創造大量的額外需求太陽能光電。

We are optimistic that we will capture the long-term benefits of the growing global solar PV market and maintain our competitive advantage by enhancing our higher-efficiency N-type technologies and optimizing our cost structure through digital transformation and AI adoption.

我們樂觀地認為，我們將透過數位轉型和人工智慧的採用，增強我們更有效率的N型技術並優化我們的成本結構，從而抓住不斷增長的全球太陽能光伏市場的長期利益，並保持我們的競爭優勢。

As one of the world's lowest cost producers with the highest quality N-type type product, a strong balance sheet and no financial debt, we believe will well position to weather the current market downturn and emerge as one of the leaders in the industry to capture future growth.

作為全球成本最低的生產商之一，擁有最高品質的N 型產品、強大的資產負債表和無財務債務，我們相信將能夠很好地渡過當前的市場低迷期，並成為行業的領導者之一，以抓住機會。

Now I'll turn the call to our CFO, Mr. Ming Yang who will discuss the company's financial performance for the quarter.

現在我將致電我們的財務長楊明先生，他將討論公司本季的財務表現。

Then please go ahead.

那麼請繼續。

Thank you, Anita and hello everyone.

謝謝你，安妮塔，大家好。

This is Ming Yang, CFO of Daqo New Energy.

我是大全新能源財務長楊明。

We appreciate you joining our earnings conference call today.

我們感謝您今天參加我們的收益電話會議。

I will now go over the company's third quarter, 2024 financial performance.

我現在回顧一下公司2024年第三季的財務表現。

Revenues were $198.5 million compared to $219.9 million in the second quarter of 2024 and $484.8 million in the third quarter of 2023.

營收為 1.985 億美元，而 2024 年第二季的營收為 2.199 億美元，2023 年第三季的營收為 4.848 億美元。

The decrease in revenue compared to the previous quarter is primarily due to a decrease in ASP, as well as a decrease in sales volume.

與上一季相比收入下降主要是由於平均售價下降以及銷量下降。

Gross loss was $60.6 million compared to $159.2 million in the second quarter of 2024 and gross profit of $67.8 million in the third quarter of 2023.

毛虧損為 6,060 萬美元，而 2024 年第二季為 1.592 億美元，2023 年第三季毛利為 6,780 萬美元。

Gross margin was negative 30.5% compared to negative 72% in the second quarter of 2024 and 14% in the third quarter of 2023.

毛利率為負 30.5%，而 2024 年第二季為負 72%，2023 年第三季為 14%。

For the third quarter, the company recorded $80.9 million in inventory impairment expenses, compared to $108 million in the second quarter.

第三季度，該公司錄得 8,090 萬美元的庫存減損費用，而第二季為 1.08 億美元。

The increase in gross margin was primarily due to the inventory subject to larger amount of inventory write-down in the second quarter, that was subsequently sold in the third quarter of 2024.

毛利率增加主要是由於第二季庫存減記金額較大，隨後於2024年第三季出售。

SG&A expenses were $37.7 million, compared to $37.5 million in the third quarter of 2024 and $89.7 million in the third quarter of 2023.

SG&A 費用為 3,770 萬美元，而 2024 年第三季為 3,750 萬美元，2023 年第三季為 8,970 萬美元。

SG&A expenses during the third quarter include $18.9 million in non-cash share-based compensation costs related to the company's share incentive plan, compared to $19.6 million in the second quarter of 2024 and $46.3 million in the third quarter of 2023.

第三季的銷售、管理和行政費用包括與公司股權激勵計畫相關的 1,890 萬美元非現金股票薪酬成本，而 2024 年第二季為 1,960 萬美元，2023 年第三季為 4,630 萬美元。

R&D expenses were $0.8 million, compared to $1.8 million in the second quarter of 2024 and $2.8 million in the third quarter of 2023.

研發費用為 80 萬美元，而 2024 年第二季為 180 萬美元，2023 年第三季為 280 萬美元。

R&D expenses converted from period to period and reflect R&D activities that take place during the quarter.

研發費用按期間轉換並反映本季發生的研發活動。

Loss from operations was $98 million, compared to $195.6 million in the second quarter of 2024 and income from operations of $22.5 million in the third quarter of 2023.

營運損失為 9,800 萬美元，而 2024 年第二季為 1.956 億美元，2023 年第三季營運收入為 2,250 萬美元。

Operating margin was negative 49%, compared to negative 89% in the second quarter of 2024 and 4.6% in the third quarter of 2023.

營業利益率為負 49%，而 2024 年第二季為負 89%，2023 年第三季為 4.6%。

Net loss attributable to Daqo New Energy shareholders was $60.7 million, compared to a loss of $120 million in the second quarter of 2024 and $6.3 million in the third quarter of 2023.

大全新能源股東應佔淨虧損為6,070萬美元，而2024年第二季虧損1.2億美元，2023年第三季虧損630萬美元。

Loss per basic ADS was $0.92, compared to loss of $1.81 in the second quarter of 2024, and $0.09 in the third quarter of 2023.

每份基本 ADS 的虧損為 0.92 美元，而 2024 年第二季的虧損為 1.81 美元，2023 年第三季的虧損為 0.09 美元。

Adjusted net loss attributable to Daqo New Energy shareholders, excluding non-cash share-based compensation costs, was $39.4 million, compared to $98.8 million in the second quarter of 2024 and adjusted net income of $44 million in the third quarter of 2023.

扣除非現金股份補償成本後，大全新能源股東調整後淨虧損為3,940萬美元，而2024年第二季為9,880萬美元，2023年第三季調整後淨利為4,400萬美元。

Adjusted loss per basic ADS was $0.59, compared to $1.5 in the second quarter of 2024, and adjusted earnings basic per basic ADS of $0.59 in the third quarter of 2023.

調整後每基本 ADS 虧損為 0.59 美元，而 2024 年第二季為 1.5 美元，2023 年第三季調整後每基本 ADS 基本收益為 0.59 美元。

EBITDA was negative $34 million, compared to negative $145 million in the second quarter of 2024 and $70.2 million in the third quarter of 2023.

EBITDA 為負 3,400 萬美元，而 2024 年第二季為負 1.45 億美元，2023 年第三季為負 7,020 萬美元。

EBITDA margin was negative 17%, compared to negative 66% in the second quarter of 2024 and 14.5% in the third quarter of 2023.

EBITDA 利潤率為負 17%，而 2024 年第二季為負 66%，2023 年第三季為負 14.5%。

Now on the company's financial condition, since September 30, 2024, the company had $853.4 million in cash, cash equivalent and restricted cash, compared to $997.5 million.

目前就公司的財務狀況而言，自2024年9月30日以來，該公司擁有現金、現金等價物和限制性現金8.534億美元，去年同期為9.975億美元。

As of June 30, 2024 and $3.3 billion as of September 30, 2023.

截至2024年6月30日，截至2023年9月30日為33億美元。

As of September 30, 2024, notes receivable balance was $83 million, compared to $80.7 million as of June 30, 2024, and $276 million as of September 30, 2023.

截至2024年9月30日，應收票據餘額為8,300萬美元，而截至2024年6月30日為8,070萬美元，截至2023年9月30日為2.76億美元。

Notes receivable represent bank notes with maturity within six months.

應收票據是指六個月內到期的銀行票據。

Now for the company's cash flow.

現在來說說公司的現金流。

The nine months ended September 30, 2024, net cash used in operating activities was $376.5 million, compared to net cash provided by operating activities of $1.5 billion in the same period of 2023.

截至2024年9月30日的九個月，經營活動使用的現金淨額為3.765億美元，而2023年同期經營活動提供的現金淨額為15億美元。

And for the nine months ended September 30, 2024, net cash using investing activity was $1.75 billion, compared to net cash used in investing activities of $954.3 million in the same period of 2023.

截至 2024 年 9 月 30 日的九個月，投資活動使用的現金淨額為 17.5 億美元，而 2023 年同期投資活動使用的現金淨額為 9.543 億美元。

Net cash used in investing activities in the three quarters of 2024 was primarily to the purchase of short-term investments and fixed term deposits, which amount to $1.4 billion.

2024年第三季投資活動所使用的現金淨額主要用於購買短期投資和定期存款，金額為14億美元。

And for the first nine months of the year, purchases of property, plant equipment and land use rights were approximately $336 million.

今年前 9 個月，購買房產、工廠設備和土地使用權的金額約為 3.36 億美元。

For the full year, we currently anticipate our total capital expenditure cost to be approximately $426 million.

目前，我們預計全年資本支出總額約為 4.26 億美元。

And for the nine months ended September 30, 2024, net cash used in finance activities was $48.5 million, compared to net cash used in finance activities of $602 million in the same period of 2023.

截至 2024 年 9 月 30 日的九個月，財務活動使用的現金淨額為 4,850 萬美元，而 2023 年同期財務活動使用的現金淨額為 6.02 億美元。

The net cash used in finance activity in the three quarters of 2024 was primarily to dividend payments and share purchase by our [AHA] subsidiary.

2024 年三個季度財務活動使用的淨現金主要用於我們的 [AHA] 子公司的股利支付和股票購買。

And that concludes our prepared remarks.

我們準備好的發言就到此結束。

We will now open the call to Q&A from the audience.

我們現在將開始觀眾問答環節。

Operator, please begin.

接線員，請開始。

Yes, thank you.

是的，謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Philip Shen, Roth Capital Partners.

菲利普‧沉 (Philip Shen)，羅斯資本合夥人。

Hi, everyone.

大家好。

Thank you for taking my questions.

感謝您回答我的問題。

Wanted to check in with where you think the government might be in terms of cutting off capacity based on energy intensity.

想了解一下您認為政府可能會根據能源強度切斷產能。

So when do you think that policy could become effective?

那麼您認為這項政策什麼時候可以生效呢？

Is it near term, before the end of the year, or do you think we need to wait for a much longer time?

是近期、年底前，還是您認為我們需要等待更長的時間？

Thanks.

謝謝。

Phil, are you referring to the government policy about the reduction in production?

Phil，你指的是政府關於減產的政策嗎？

Yes, that's right.

是的，沒錯。

And so, I think the government is looking to reduce production based on energy intensity.

因此，我認為政府正在尋求根據能源強度來減少產量。

And so, if you have a 55 kilowatt hour per kilogram cutoff, then producers above that energy intensity would no longer be able to sell to the market or produce at least.

因此，如果每公斤能源強度為 55 千瓦時，那麼超過該能源強度的生產商將無法再向市場銷售或至少生產。

So just curious when you think that could become effective and then also how much of the market in terms of percentage or capacity in metric tons could exit if that's the case.

因此，當您認為這可能會變得有效時，您會感到好奇，如果是這樣的話，以百分比或公噸容量計算的市場份額可能會退出多少。

Thanks.

謝謝。

Okay, so, hi, Phil.

好的，那麼，嗨，菲爾。

Thank you for the question.

謝謝你的提問。

So I think there have been discussions going around in the industry both from the CPIA and also from [MIT] and other government entities, right?

所以我認為 CPIA、[麻省理工學院] 和其他政府實體都在業界進行過討論，對吧？

So I'll first talk about the CPIA and then I'll get to the policies.

因此，我將首先討論 CPIA，然後再討論政策。

So there have been conversations going on regarding potentially reducing the production level or the utilization rate to 50% across all the players.

因此，有關所有參與者可能將生產水準或利用率降低至 50% 的討論一直在進行。

And I think there has been consensus among the manufacturers to promote a healthier development of the industry through exercising self-discipline.

我想，透過自律來促進產業更健康的發展，已經是廠商的共識。

If we look at the current condition, inventory level is above 350,000 metric tons across all.

從目前的情況來看，庫存水準整體在35萬噸以上。

Around 250,000 metric tons at the poly level and then another 100,000 at the wafer level.

多晶矽級產量約 25 萬噸，晶圓級產量約 10 萬噸。

However, if we look at the demand side, right now, waiver demand per month is only less than 50 gigawatts, which means that it would only need around 100,000 electric tons of quality demand per month.

但如果從需求端來看，目前每個月的豁免需求不到50吉瓦，這意味著每月只需要10萬電噸左右的優質需求。

So there's still a relatively oversupply if we look at it from that aspect.

所以從這個方面來看，還是有相對過剩的情況。

I think in terms of the structural reform that we've been hearing in the market, they were contemplating either the energy consumption or it could be a certain percentage times the name capacity of in terms of the production volume.

我認為就我們在市場上聽到的結構性改革而言，他們正在考慮能源消耗，或者可能是產量的名目產能的一定百分比。

So for the energy consumption, we don't have more details around that, but I think if we look at companies that have a energy intensity or consumption of less than 55 kilowatt hours, it would only be the top four to five players.

因此，對於能源消耗，我們沒有更多細節，但我認為，如果我們看看能源強度或消耗量低於 55 千瓦時的公司，那隻會是排名前四到五名的公司。

Okay.

好的。

(multiple speakers)

（多個發言者）

So quickly, just to add Anita's comments, [on] understanding is NDRC and National Energy Administration is looking at this and there could be some kind of enforcement and allocation in terms of how much energy usage is allocated to the various manufacturers to restrict production.

這麼快，補充一下安妮塔的評論，據了解，國家發改委和國家能源局正在考慮這一問題，並且可能會在向各個製造商分配多少能源使用量方面進行某種形式的執法和分配，以限制生產。

And we don't know what the actual policy might look like, right?

我們不知道實際的政策會是什麼樣子，對嗎？

Or what the ultimate rules are.

或者說最終的規則是什麼。

But if you look at China in history, I know China has done a lot of the supply side reform, especially for example, aluminum industry, the glass industry and the steel industry.

但如果你看看中國的歷史，我知道中國做了很多供給面改革，特別是鋁工業、玻璃工業和鋼鐵工業。

And historically, the government has had a lot of success in the supply side reform to stabilize the market and stabilize pricing.

從歷史上看，政府在供給面改革穩定市場、穩定價格方面取得了許多成功。

So, so we think that the government is looking at this as a practical approach to, to fix the issue that the solar industry?

因此，我們認為政府正在將此視為解決太陽能產業問題的實用方法？

Great.

偉大的。

Okay.

好的。

Thank you, Anita and Ming.

謝謝你們，安妮塔和明。

And so as a follow up there, I know I asked this earlier but I'm going to ask it again.

因此，作為後續行動，我知道我之前問過這個問題，但我會再問一次。

But from a timing standpoint, when do you think like, do you think this is already in positively impacting prices?

但從時機的角度來看，您認為這什麼時候已經對價格產生了正面影響？

And do you continue to expect pricing to be supported near term or do you think the policy needs to be implemented first?

您是否繼續預期近期價格會獲得支持，還是認為政策需要先實施？

And then you see the pricing move more materially?

然後您會發現定價發生了更實質的變化嗎？

Thanks.

謝謝。

I think realistically with regard to timing we really don't know.

我認為實際上我們真的不知道時間安排。

I think in terms of what we've heard or understand is the government, the various government agencies are studying this and they're talking with the industry players and talking with the industry association and with the top manufacturer.

我認為就我們所聽到或了解的是政府而言，各個政府機構正在研究這個問題，他們正在與行業參與者、行業協會和頂級製造商進行對話。

And I think, policies like this probably will take one to two months to formulate.

我認為，像這樣的政策可能需要一到兩個月的時間來制定。

So we're looking at maybe end of November or December or maybe even later.

因此，我們預計可能會在 11 月底或 12 月，甚至更晚的時間進行。

So we really don't have any real insight on timing and -- (multiple speakers) Yeah, go ahead.

所以我們真的對時間安排沒有任何真正的見解——（多個發言者）是的，繼續。

Oh, sorry, I cut you off.

哦，對不起，我打斷你了。

I think that that was the -- I mean, you gave a little bit of color on time

我認為這就是——我的意思是，你按時提供了一點顏色

--

--

It's about pricing, right?

這是關於定價的，對吧？

(multiple speakers) Pricing is actually a very

（多位發言者）定價其實是非常

--

--

Yeah, just give you a pricing outlook in general, so with and without the reform.

是的，只是給你一個整體的定價前景，無論有沒有改革。

Okay.

好的。

I think overall that the pricing is complicated, right?

我認為整體定價很複雜，對嗎？

So pricing is a function of supply, a function of demand and market and market pricing.

因此，定價是供給的函數、需求和市場以及市場定價的函數。

And also in terms of utilization and I think future explanations of pricing.

還有利用率方面以及我認為未來定價的解釋。

And certainly, I think for the industry, we do believe the pricing at bottom for now and likely to go up further in the future, but we don't know what the timing looks like or how much it could go up.

當然，我認為對於整個行業來說，我們確實相信目前定價處於底部，並且未來可能會進一步上漲，但我們不知道時機是什麼，也不知道會上漲多少。

Okay.

好的。

Great.

偉大的。

I think I'll leave it there.

我想我會把它留在那裡。

Thank you very much and best of luck.

非常感謝您，祝您好運。

Okay, great.

好的，太好了。

Thanks, Phil.

謝謝，菲爾。

Thank you. [Andre Cooperate], a private investor.

謝謝。 [Andre Cooperate]，私人投資者。

Hello, please go ahead.

你好，請繼續。

[Results] Yes.

[結果] 是的。

So my question is not more on the operation side of the business and more on the potential of the usage of buybacks to correct the difference between Shanghai and New York.

所以我的問題不在於業務的營運面，而是利用回購來修正上海和紐約之間的差異的潛力。

As investors, in January 15, the lockup period, the [voluntary] one we did in July, it should end.

作為投資者，1 月 15 日的禁售期（我們在 7 月實施的[自願]禁售期）應該結束。

So my question is what are the plans for set for selling some Shanghai shares as they're trading at the we currently own $7 billion of Shanghai shares, 72% of the (inaudible) Shanghai.

所以我的問題是，出售一些上海股票的計畫是什麼，因為它們的交易價格是我們目前擁有價值 70 億美元的上海股票，佔（聽不清楚）上海股票的 72%。

And yeah, it would be a critic for everyone to close some of the difference.

是的，如果縮小一些差異，每個人都會受到批評。

It's 4.3 times difference.

相差4.3倍。

And my question is what will happen after January 15 as the next report, quarterly report will be likely after January 15.

我的問題是 1 月 15 日之後會發生什麼，下一份報告、季度報告可能會在 1 月 15 日之後。

Hi.

你好。

Thank you.

謝謝。

Thank you, [Andre] for the question.

謝謝你[安德烈]的提問。

So considering -- we have considered the proposal of potentially selling down the issue and then use that to purchase (inaudible) ADRs to close down the gap.

因此，考慮到我們已經考慮了可能出售該股票的提議，然後用其購買（聽不清楚）美國存託憑證來縮小差距。

But I think back in July, it was due to regulatory difficulties because there was a new regulations launched in May.

但我想早在7月份，這是由於監管困難，因為5月份推出了新法規。

If the stock price was trading below the IPO issue price, then we are not able to sell down, which is why we also voluntarily disclosed we wanted to extend the period until January.

如果股價低於IPO發行價，那麼我們就無法減持，這就是為什麼我們也自願透露我們希望將期限延長到一月。

As of now, it's difficult for us to say what's the plan next, because it would also be contingent upon the stock price by January.

截至目前，我們很難說出下一步計畫是什麼，因為這也取決於一月的股價。

But I think it's definitely something that we would consider to potentially close down the gap between the issue and the ADRs?

但我認為我們肯定會考慮縮小該問題與 ADR 之間的差距？

Okay.

好的。

So regarding that, could you provide a bit more color to investors?

那麼關於這一點，您能為投資者提供更多的資訊嗎？

So even if it would be available, the option, we have the letter of undertaking of the intent to reduce shareholding, which I see on the Security Exchange Commission.

因此，即使可以選擇，我們也有減少持股意圖的承諾書，我在證券交易委員會上看到了這一點。

Could you provide more color IPO price wasn't at RMB21.49 from what I see in 2021.

你能提供更多顏色嗎？

And aren't we trading currently above IPO prices in Shanghai?

我們目前的交易價格不是高於上海的IPO 價格嗎？

Back then when we were at the expiration of the lockup period, the share price was also very low which is why

當時我們在禁售期滿的時候，股價也很低，所以

--

--

Yeah, it was below.

是的，就是在下面。

It was indeed below when it expired below.

下面到期的時候確實是下面的。

But the IPO price is RMB21.49. Right?

但發行價為21.49元。正確的？

Yes, that's correct.

是的，這是正確的。

Okay.

好的。

So currently are there any other clauses?

那麼目前還有其他條款嗎？

I see like three or four clauses here.

我在這裡看到三四個條款。

Are there any, are there any clauses which we -- like if January was now, it was in October 30, even though it's not now, but are there any clauses which are not approved or they're not functioning?

是否有任何條款，我們喜歡如果一月是現在，那就是 10 月 30 日，即使不是現在，但是否有任何條款未獲批准或不起作用？

Okay.

好的。

So let's say, so we do have a voluntary lockup, right?

這麼說吧，我們確實有自願禁售，對嗎？

That I think will expire in January.

我想一月就會到期。

So once that expires and if you know the board of DQ does decide to sell its A-share holding then we would need to file a plan to reduce our share ownership in the open market with the Shanghai Stock Exchange.

因此，一旦到期，如果您知道 DQ 董事會確實決定出售其 A 股股份，那麼我們需要向上海證券交易所提交一份在公開市場上減持股份的計劃。

And then we would sell the shares under that plan.

然後我們將根據該計劃出售股票。

Okay.

好的。

But there are no other clauses which are preventing that from happening if the conditions continue to be the same as are currently.

但如果條件繼續與目前相同，則沒有其他條款可以阻止這種情況的發生。

(multiple speakers)

（多個發言者）

As long as share price is above RMB21.49 at least, based on the rules, we are allowed to sell down shares.

只要股價至少在21.49元以上，依照規則，我們就可以減持股票。

And it's just 10% in 2025.

到 2025 年，這一比例僅為 10%。

I don't think -- right now the rule is that we could sell roughly 1% to 2% per quarter, per 90 days.

我不認為——現在的規則是我們可以每 90 天每季銷售大約 1% 到 2%。

Okay.

好的。

I didn't know if that rule.

不知道有沒有這個規定

Okay, thank you for that.

好的，謝謝你。

And the last question again, it's not relevant operations, but the difference is huge and I would capitalize some like show some willingness to capitalize on this huge difference between the two share prices.

最後一個問題又是，這不是相關操作，但差異很大，我會利用一些資金，例如表現出利用兩種股價之間巨大差異的意願。

It's 4.3 X or 4.5 times the difference.

這是 4.3 倍或 4.5 倍的差異。

My other question is I think in the previous quarter, we are currently reporting the share count only decreased by 0.5% from last quarter.

我的另一個問題是，我認為在上一季度，我們目前報告的股票數量僅比上個季度減少了 0.5%。

It decreased to $66.3 million from $66 million.

從 6600 萬美元減少到 6630 萬美元。

Sorry the other way around, but it's just a small decrease.

抱歉，反過來說，但這只是小幅下降。

So buybacks were not that much used in the in this quarter.

因此，本季回購的使用並不多。

I was expecting more buybacks.

我期待更多的回購。

All right.

好的。

So in terms of the share repurchase (inaudible) I think after we announced the share repurchase program, our management team was also waiting to see when it would be a good timing.

因此，就股票回購而言（聽不清楚），我認為在我們宣布股票回購計畫後，我們的管理團隊也在觀望什麼時候是一個好時機。

I think if we assess it based on the cycle -- of the poly cycle this round, we were expecting if there's no structural reform or any sort of policies done to accelerate the balance of supply and demand, then it might last two to three years, given that the players in this round are very strong in financials.

我認為如果我們根據本輪多周期的周期來評估它，我們預計如果沒有結構性改革或採取任何政策來加速供需平衡，那麼它可能會持續兩到三年，鑑於本輪的選手實力都很強。

And for instance, some of them have already raised a lot of capital in the financial market and also some of them have other business lines to support the quality business.

例如，他們中的一些人已經在金融市場籌集了大量資金，還有一些人還有其他業務線來支持優質業務。

So if we let it rebalance, it might take a slightly longer time.

所以如果我們讓它重新平衡，可能需要更長的時間。

So we were waiting for the turning point of the [energy] to be more clear before we could buy more aggressively.

因此，我們正在等待[能源]的轉折點更加明確，然後才能更積極地購買。

I think that was the rationale behind it.

我認為這就是背後的理由。

(multiple speakers) Yes, it was as if the world was falling.

（多個發言者）是的，就好像世界正在崩潰。

I understand.

我明白。

Okay, I understand.

好吧，我明白了。

But -- and the last question. okay.

但是——還有最後一個問題。好的。

This is the last question.

這是最後一個問題。

Regulatory changes in China, they should help the most, the polysilicon producers which are the lowest average selling cost and the producers which are the most efficient, which Daqo is one.

中國的監管變化，應該對平均銷售成本最低的多晶矽生產商和效率最高的生產商幫助最大，大全就是其中之一。

So my question is, will it focus the regulatory changes?

所以我的問題是，它會關注監管變化嗎？

Would it help the large players the most and the ones which have the lowest average cost?

它對大型企業和平均成本最低的企業有最大幫助嗎？

Which in turn means that they have the lowest average cost of energy for producing polysilicon, I guess.

我猜，這反過來意味著他們生產多晶矽的平均能源成本最低。

So that's the question.

這就是問題所在。

Oh, I think it's the other way around.

噢，我認為恰恰相反。

If you have the -- with the economy of scales and with more advanced technologies, right, I think the larger players have a smaller energy consumption, which is why they have a lower cost.

如果你有規模經濟和更先進的技術，對吧，我認為較大的參與者的能源消耗較小，這就是他們成本較低的原因。

It's the other way around.

恰恰相反。

So I think the policy would not necessarily be helping the big guys to survive and force the smaller or the nuclear to exit the market, but rather they would want advanced capacity to remain the market.

因此，我認為該政策不一定會幫助大型企業生存並迫使小型企業或核企業退出市場，而是他們希望先進的產能繼續留在市場中。

And the less advanced or I should say the ones that would cost higher in terms of energy consumption, silicon consumption, steam, et cetera might gradually phase out.

而不太先進的，或者我應該說那些在能源消耗、矽消耗、蒸汽等方面成本較高的那些可能會逐漸被淘汰。

Okay.

好的。

Congratulations to the promotion to CEO and please consider after January 15 because if the company does not capitalize on this difference, I think there's a possibility that this difference will just be raised by fund or somebody else.

恭喜你晉升為首席執行官，請在 1 月 15 日之後考慮，因為如果公司不利用這個差額，我認為這個差額有可能只是透過基金或其他人籌集。

So it's a creative also to the owners of the company which are the investors, but also the Chairman, the CEOs, the directors which own 29% of the company's shares in New York.

因此，這對於公司所有者（即投資者）、董事長、執行長以及在紐約擁有該公司 29% 股份的董事來說也是一種創意。

So it will be very accretive after January 15, for everyone, all investors.

因此，1 月 15 日之後，對於每個人、所有投資者來說，這將是非常有利的。

Thank you very much.

非常感謝。

Have a wonderful day.

祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

We appreciate it.

我們很感激。

Thank you.

謝謝。

And the next question is [Jho Wu] of CICC.

下一個問題是中金公司的[Jho Wu]。

Please go ahead CICC.

請中金公司繼續。

You are live.

你還活著。

Alan Lau, Jeffrey.

劉艾倫、傑弗瑞.

Thanks a lot for management for taking my questions.

非常感謝管理層回答我的問題。

Would like to know the first question is basically how much is the impairment embedded in the COGS?

想知道第一個問題基本上是銷貨成本中嵌入的減損是多少？

And what is the breakdown of that in terms of finished goods and raw materials?

製成品和原料的具體情況如何？

Because I noticed that this might distort the cross margin by a lot.

因為我注意到這可能會嚴重扭曲交叉保證金。

Okay.

好的。

So in terms of the inventory impairment at the previous quarter, we took a impairment charge of $108 million and all the related inventories including finished goods of those right now were sold in Q3.

因此，就上一季的庫存減損而言，我們提列了 1.08 億美元的減損費用，所有相關庫存（包括現在的產成品）均在第三季出售。

Okay.

好的。

And then at the end of Q3, then we recorded about $80 million of inventory write-down.

然後在第三季末，我們記錄了約 8,000 萬美元的庫存減記。

So the net inventory write-down right now is about $80 million and then we have roughly $27 million of reversal during the quarter.

因此，目前的淨庫存減記約為 8,000 萬美元，然後本季我們將出現約 2,700 萬美元的逆轉。

And that showed up in the cost of goods sold.

這體現在銷售商品的成本上。

Around 66%, or two-thirds is finished goods and about one-third of that is in raw material.

約 66%（即三分之二）是製成品，其中約三分之一是原料。

Thank you.

謝謝。

(multiple speakers) So 66% of $80 million, right, are finished goods?

（多名發言者）那麼 8000 萬美元中的 66% 是成品？

Around two-thirds, right, 66%.

大約三分之二，正確的，66%。

Yeah.

是的。

Understood.

明白了。

And my second question is basically on the average production cost.

我的第二個問題基本上是關於平均生產成本。

So there appears to be a rebound in the cost.

因此，成本似乎有所反彈。

So just to confirm that this is basically due to the lower utilization rates.

所以只是為了確認基本上是因為利用率較低所造成的。

So the unit depreciation went up, right?

所以單位折舊上升了，對嗎？

Is this the correct understanding of, of the rebound in production cost?

這是對生產成本反彈的正確認知嗎？

Yes, that is the correct understanding.

是的，這是正確的理解。

So of the $6.61 production cost, roughly $0.55 is related to the facility idle cost.

因此，在 6.61 美元的生產成本中，約 0.55 美元與設施閒置成本相關。

The majority of that is depreciation.

其中大部分是折舊。

Okay.

好的。

So if you subtract that, I think you get to like $6.06.

所以如果你減去它，我想你會喜歡 6.06 美元。

Understood.

明白了。

Very clear.

非常清楚。

And

和

--

--

(multiple speakers) Ignore the facility.

（多位發言者）忽略該設施。

I know facility cost because if you look at our cash cost actually came down for the quarter.

我知道設施成本，因為如果你看看我們本季的現金成本實際上有所下降。

Yeah, exactly.

是的，完全正確。

So we would like to know because the company is guiding for a further lower utilization rate in four 4Q in terms of the production volume.

所以我們想知道，因為該公司在第四季度的產量方面指導利用率進一步降低。

So we would like to know if we can fairly expect that in 4Q, the trend would be similar, meaning that cash costs will continue to be at similar level whereas average production cost might increase because of a further decline in utilization rates?

因此，我們想知道我們是否可以公平地預期第四季度的趨勢會類似，這意味著現金成本將繼續保持在相似的水平，而平均生產成本可能會因為利用率的進一步下降而增加？

Yes, that's correct.

是的，這是正確的。

So we are actually expecting cash cost to go down because we're now using the most efficient part of our facility for production, right?

因此，我們實際上預計現金成本會下降，因為我們現在正在使用設施中最高效的部分進行生產，對嗎？

So with the lowest cash cost, while unfortunately because of depreciation, yes, I think the total production cost will be higher.

因此，現金成本最低，雖然不幸的是由於折舊，是的，我認為總生產成本會更高。

(multiple speakers) Because we're not depreciating same amount of money right over much less production now.

（多個發言者）因為我們現在不會因為產量減少而貶值相同數量的資金。

Understood.

明白了。

And in terms of the recent of policy changes in in China, which led to a very strong value in the past one to two weeks, I would like to know from our perspective, have we seen any -- hat do you see of the possibility of the energy control materializing?

就中國最近的政策變化而言，在過去的一到兩週內導致了非常強勁的價值，我想知道從我們的角度來看，我們是否看到了任何東西——您認為有這種可能性嗎？能源控制能否實現？

And at the same time, do you see high changes of price rebounding into the next couple of quarters?

同時，您是否認為未來幾季價格會大幅反彈？

Okay.

好的。

So thank you Alan.

所以謝謝你艾倫。

So I think recently they're having a lot of conversations going on between the different entities and the industry association.

所以我認為最近不同實體和行業協會之間正在進行很多對話。

The CPIA has held a meeting last week and this week as well to discuss what the industry is looking like, what the corporate -- what are the utilization rates and what are needed from the corporate.

CPIA 上週和本周也舉行了一次會議，討論該行業的情況、企業的情況、利用率是多少以及企業需要什麼。

So I think ideally or I should say it would come more in terms of a blend of, for instance, government enforced structural reform based on either energy consumption like you mentioned or based on a nameplate, capacity times a certain percentage of utilization rates to cap the production volume.

因此，我認為理想情況下，或者我應該說，這將更多地體現在政府強制結構改革的混合方面，例如，基於您提到的能源消耗或基於銘牌、容量乘以一定百分比的利用率來限制生產量。

So we blend of the structural reform and also based on industry self discipline of players who have to also assess their own strategies straight.

因此，我們將結構性改革與參與者的產業自律結合起來，他們也必須直接評估自己的策略。

So I think during the most recent meetings, they're have been consensus on reducing the utilization rate to around 50%.

所以我認為在最近的會議上，他們就將利用率降低到 50% 左右達成了共識。

But because different companies have different conditions, for instance, some players might have a low inventory and a lower cost as well, right.

但因為不同的公司有不同的條件，比如說有的玩家可能庫存比較低，成本也比較低，對吧。

So I think it will take longer time to materialize in terms of a reduction in supply?

所以我認為供應減少需要更長的時間才能實現？

So what's the second question?

那第二個問題是什麼呢？

On price.

論價格。

Oh, in terms of the price, I think for the fourth quarter, given how quickly or how much production would get reduced in the coming month, there could be a chance of price rebound before the end of the year.

噢,就價格而言,我認為第四季度,考慮到未來一個月減產的速度和減產幅度,年底前價格可能有反彈的機會。

But really going to the next year, it's hard to forecast or it's hard to comment because we don't know exactly how it's going to look like from both the supply and demand side, right?

但實際上到了明年，很難預測或很難發表評論，因為我們不知道供應和需求方面到底會是什麼樣子，對嗎？

Like as a quick example.

就像一個簡單的例子。

So usually historically in the fourth quarter, demand has been strong for new solar installation.

因此，從歷史上看，通常在第四季度，對新太陽能安裝的需求很強勁。

But this fourth quarter, it's really a slightly or relatively weak demand as we see it right now.

但正如我們現在所看到的，第四季的需求確實略有或相對疲軟。

So per month, the poly demand is only around 100,000 metric tons.

因此每個月的聚苯乙烯需求量僅10萬噸左右。

So I think it will be a more dynamic moving trend.

所以我認為這將是一個更有活力的移動趨勢。

Understood.

明白了。

So I think when it comes to the production cut, because a lot of discussion is around the energy consumption.

所以我認為當談到減產時，因為很多討論都是圍繞著能源消耗展開的。

So we would like to know if you might share what is the per unit energy consumption for the different plants for now?

所以我們想知道您是否可以分享目前不同工廠的單位能耗是多少？

For our plan?

為了我們的計劃？

Yes.

是的。

Okay.

好的。

Right now for Xinjiang, this is roughly $55 and then for Inner Mongolia, it's in the range of $50.

目前，新疆的價格約為 55 美元，內蒙古的價格則在 50 美元左右。

I would say low $50 to mid $50 per kilogram.

我想說每公斤低50美元到中50美元。

Understood.

明白了。

So from this perspective, the market rumor of cutting off at power consumption of 50 seems not very likely, right?

那麼從這個角度來看，市場傳聞的耗電量50就斷電的可能性似乎不大吧？

Otherwise, that would mean only probably one or two companies continues to operate.

否則，這意味著可能只有一兩家公司繼續營運。

I think.

我認為。

And then that also depends on how t's measured, right?

然後這也取決於 t 的測量方式，對吧？

Because right now how it's been -- there's no standardized way of measuring it.

因為現在的情況是──沒有標準化的方法來衡量它。

So the way we measure ours is actually the power usage by the entire facility, including the front end of the growth of the silicon, the back and even the water and our own generation of hydrogen, we produce our own TCS and things like that.

所以我們衡量我們的方式實際上是整個設施的用電量，包括矽生長的前端、後面甚至水和我們自己產生的氫氣，我們生產我們自己的TCS等等。

So it's the whole facility concept.

這就是整個設施的概念。

The total use of energy in the whole facility divided by total production.

整個設施的總能源使用量除以總產量。

Okay.

好的。

I think not all companies do this.

我認為並不是所有公司都會這樣做。

Some companies only measure the poly production part without including the facilities.

有些公司只測量多晶矽生產部分，而不包括設施。

So I think there has to be first a standardized way of measurement first.

所以我認為首先必須有一個標準化的測量方法。

Which probably would take time and not easy to align the standard?

哪一個可能需要時間不容易調整標準？

Well, I think what's being discussed is that some independent third-party auditor would actually be hired and standardize this first.

嗯，我認為正在討論的是，實際上會聘請一些獨立的第三方審計員並首先對此進行標準化。

This is being discussed right now.

目前正在討論這個問題。

I see.

我懂了。

Okay, I'll pass on.

好的，我會繼續。

Thanks a lot for the answer and also the improvement in the result as well.

非常感謝您的回答以及結果的改進。

Great, great.

太棒了，太棒了。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

And the next question comes from Sarah Lee.

下一個問題來自莎拉·李。

Please go ahead, Ms. Lee.

請繼續，李女士。

Your line is live.

您的線路已上線。

All right.

好的。

Well, at this time, this does conclude the question-and-answer session.

好了，到這裡，問答環節就到此結束了。

So I would like to return the floor to Ms. Shu for any closing comments.

所以我想請舒女士發言以徵求結束意見。

Thank you everyone again for participating in today's conference call.

再次感謝大家參加今天的電話會議。

Should you have any further questions, please don't hesitate to contact us.

如果您還有任何疑問，請隨時與我們聯繫。

Thank you and have an awesome day.

謝謝您，祝您有美好的一天。

Goodbye.

再見。

Thank you.

謝謝。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路。