富途控股 (FUTU) 2020 Q1 法說會逐字稿

Hello, ladies and gentlemen. Welcome to Futu Holdings First Quarter 2020 Conference Call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Mr. Daniel Yuan, Chief of Staff and Head of IR at Futu. Please go ahead, sir.

女士們、先生們，大家好。歡迎參加富途控股2020年第一季電話會議。 （操作員指示）今天的電話會議正在錄音。如果您有任何異議，您可以此時斷開連接。現在我想將會議交給今天電話會議的主持人，富途辦公廳主任兼 IR 主管 Daniel Yuan 先生。請繼續，先生。

Thank you, operator, and thank you for joining us today to discuss our first quarter 2020 results. Joining me on the call today are Mr. Leaf Li, our Chairman and Chief Executive Officer; Arthur Chen, Chief Financial Officer; and Robin Xu, Senior Vice President.

感謝營運商，感謝您今天加入我們討論我們 2020 年第一季的業績。今天和我一起參加電話會議的是我們的董事長兼執行長李葉先生；陳亞瑟，財務長；徐彥，資深副總裁。

As a reminder, today's call may include forward-looking statements, which represent the company's belief regarding future events, which by their nature are not certain and are outside of the company's control. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. For more information about the potential risks and uncertainties, please refer to the company's filings with the SEC, including its registration statement.

提醒一下，今天的電話會議可能包括前瞻性陳述，這些陳述代表了公司對未來事件的信念，這些事件本質上是不確定的，並且不在公司的控制範圍內。前瞻性陳述涉及固有風險和不確定性。我們提醒您，許多重要因素可能導致實際結果與任何前瞻性陳述中包含的結果有重大差異。有關潛在風險和不確定性的更多信息，請參閱該公司向 SEC 提交的文件，包括其註冊聲明。

So with that, I will now turn the call over to Leaf Li. Leaf will make his comments in Chinese, and I will translate.

那麼，我現在將電話轉給李葉。 Leaf會用中文發表評論，我會翻譯。

(foreign language)

（外語）

[Interpreted] Hello, everyone. Thank you for joining us today. We are pleased to announce that we generated remarkable growth across our operating matrices in the first quarter of 2020.

【解讀】大家好。感謝您今天加入我們。我們很高興地宣布，2020 年第一季我們的營運矩陣實現了顯著成長。

(foreign language)

（外語）

[Interpreted] We added 40,154 paying clients on a net basis in the first quarter, which accounts for over 60% of our total net paying client addition in 2019. This brought our total number of paying clients to 239,000, up 60% year-on-year, which marks our highest paying client growth rate since the first quarter of 2019. Notably, our Hong Kong business again maintained a significant growth rate. Total number of Hong Kong paying clients almost doubled from the last March quarter, adding to a streak of over 90% year-on-year growth rate since we launched our Hong Kong business. We believe that the Hong Kong market offers tremendous opportunities, and we are confident to drive further business growth there with our diversified products and excellent user experience.

【解讀】第一季淨增付費客戶40,154戶，佔2019年淨增付費客戶總數的60%以上，付費客戶總數達到239,000戶，年增60% - 年，這是我們自2019 年第一季以來最高的付費客戶成長率。值得注意的是，我們的香港業務再次保持了顯著的成長速度。香港付費客戶總數較上一季幾乎翻倍，自我們推出香港業務以來，年成長率連續超過 90%。我們相信香港市場提供了巨大的機遇，我們有信心憑藉多元化的產品和卓越的用戶體驗推動香港業務進一步成長。

(foreign language)

（外語）

[Interpreted] Besides total paying clients, our 2 other KPIs, namely client retention and total client assets, also performed well. In the first quarter, we maintained a high-paying client quarterly retention rate of 98.1%. Despite the equities market plunge in March, we were still able to increase our total client assets by 59% year-on-year to HKD 99 billion as of the end of first quarter.

[解讀]除了付費客戶總數之外，我們的另外2個KPI，即客戶保留率和客戶總資產也表現良好。一季度，我們維持了98.1%的高付費客戶季度留存率。儘管3月股市暴跌，截至第一季末，我們的客戶總資產仍年增59%至990億港元。

(foreign language)

（外語）

[Interpreted] As our paying client base rapidly expanded and as the huge market swing piqued trading interest, total trading volume reached HKD 595 billion in the first quarter, representing 166% year-on-year increase. In March, we officially launched Hong Kong index futures trading. We will continue to expand our trading product offerings in the quarters to come.

【解讀】隨著付費客戶群迅速擴大，加上市場大幅波動激發交易興趣，第一季總交易量達到5,950億港元，年增166%。 3月，我們正式推出香港股指期貨交易。我們將在未來幾季繼續擴大我們的交易產品範圍。

(foreign language)

（外語）

[Interpreted] As for our wealth management business, we onboarded mutual funds from a number of leading fund houses in the first quarter, including BlackRock, PIMCO, PineBridge, Baring (sic) [Barings], AllianceBernstein, et cetera, which greatly enriched our equity and fixed income fund offerings. In early April, BlackRock conducted a live streaming event on our platform, discussing the investment opportunity in the health care sector. BlackRock mentioned that this is their first time doing a live broadcast session with an online distributor, which demonstrates the increasing influence of our wealth management business in the region. We will continue to explore ways to deepen our collaboration with leading fund houses to bring high-caliber investor education content to our users.

【解讀】財富管理業務方面，第一季我們引進了多家領先基金公司的共同基金，包括貝萊德、太平洋投資管理公司、柏瑞資本、巴林銀行、聯博資本等，極大豐富了我們的財富管理業務。股票和固定收益基金產品。 4月初，貝萊德在我們的平台上舉辦了一場直播活動，討論醫療保健領域的投資機會。貝萊德表示，這是他們第一次與線上經銷商進行直播，這表明我們的財富管理業務在該地區的影響力日益增強。我們將繼續探索如何深化與領先基金公司的合作，為我們的用戶帶來高品質的投資者教育內容。

(foreign language)

（外語）

[Interpreted] Daily average client assets in mutual funds were HKD 6.9 billion in the first quarter of 2020, up 70% sequentially. Total client assets in mutual funds were HKD 6.3 billion as of quarter end, which was flat on a sequential basis. The discrepancy between daily average and quarter end numbers was mainly due to a surge in mutual fund redemption for stock trading during the March stock market plunge. We have witnessed a quick rebound in this segment in the second quarter so far, and we are confident about the growth prospects of our mutual fund distribution business.

【解讀】2020年第一季共同基金日均客戶資產為69億港元，季增70%。截至季末，共同基金客戶總資產為 63 億港元，較上季持平。日均數據與季末數據之間的差異主要是由於3月份股市暴跌期間股票交易的共同基金贖回激增。到目前為止，我們已經見證了該領域在第二​​季度的快速反彈，我們對共同基金分銷業務的成長前景充滿信心。

(foreign language)

（外語）

[Interpreted] With respect to our enterprise service, as it relies on face-to-face meetings, it was negatively impacted in the first quarter by the social distancing measures due to the COVID-19 pandemic. Nevertheless, we entered into 12 new ESOP service contract, which brought our total number of ESOP clients to 91. In addition, we provided subscription services to 4 U.S. IPOs during the first quarter.

【解讀】就我們的企業服務而言，由於它依賴於面對面的會議，因此第一季度受到了因COVID-19大流行而採取的社交距離措施的負面影響。儘管如此，我們新簽訂了 12 份 ESOP 服務合同，使我們的 ESOP 客戶總數達到 91 家。此外，我們在第一季度為 4 家美國 IPO 提供了認購服務。

(foreign language)

（外語）

[Interpreted] Moving on to the industry. According to [SSC] statistics, the smaller brokerages, whose market shares in terms of stock turnover ranked #65 or lower among the total 648 brokerages, have a combined market share of about 7% in the first quarter of 2020 compared with over 35% in the first quarter of 2000. Since the brokerage business typically demonstrates economies of scale, we are not surprised that the larger players gained market share over the years amid industry consolidation. As a leading online brokerage and wealth management platform, Futu will seize the opportunities brought about by this increasing industry consolidation, especially given the structural trend of users migrating from offline trading platforms to online financial service providers.

[解讀] 轉入產業界。根據[SSC]統計，在648家券商中，股票換手率市佔率排名第65或更低的小型券商，2020年第一季的市佔率合計約為7%，而同期市佔率超過35% 2000 年第一季。由於經紀業務通常表現出規模經濟，因此我們對規模較大的參與者多年來在行業整合過程中獲得市場份額並不感到驚訝。作為領先的線上經紀和財富管理平台，富途將抓住產業整合日益加劇帶來的機會，特別是考慮到用戶從線下交易平台向線上金融服務提供者遷移的結構性趨勢。

(foreign language)

（外語）

[Interpreted] Next, I'd like to invite our CFO, Arthur, to discuss our financial performance.

[解讀]接下來我想邀請我們的財務長Arthur來討論一下我們的財務表現。

Thanks, Leaf. In the first quarter, we delivered outstanding financial results on top of the remarkable operating metrics. We recorded total revenue of HKD 491 million, up 108% year-over-year and up 58% Q-on-Q. Non-GAAP adjusted net income was HKD 161 million, up 226% year-over-year and the Q-on-Q.

謝謝，葉。第一季度，除了出色的營運指標之外，我們還取得了出色的財務表現。總收入達 4.91 億港元，年增 108%，季增 58%。非美國通用會計準則調整後淨利為 1.61 億港元，年增 226%，季增 226%。

Let me walk you through some of our key financial details for the first quarter. Brokerage commission and handling charge income was HKD 299 million, an increase of 161% from the same period in 2019 and up 97% from the last quarter. The growth was primarily due to 166% year-over-year growth in our total trading volume.

讓我向您介紹我們第一季的一些關鍵財務細節。經紀佣金及手續費收入為2.99億港元，較2019年同期成長161%，較上季成長97%。這一增長主要是由於我們的總交易量同比增長 166%。

Our blended commission rate this quarter was 5 basis points, flat year-over-year, but down from 6.7 basis points in the last quarter. This sequential decrease was primarily due to the increase in trading volume per DART for clients that use the flat rate pricing package option we offer for the U.S. stock trading. On an apple-to-apple basis, our commission rate remains quite stable.

本季我們的混合佣金率為 5 個基點，與去年同期持平，但低於上季的 6.7 個基點。這一環比下降主要是由於使用我們為美國股票交易提供的統一費率定價套餐選項的客戶的每 DART 交易量增加。從具體情況來看，我們的佣金率仍然相當穩定。

Brokerage commission and handling charge income account for 61% of our revenue in the quarter. Interest income was HKD 145 million, an increase of 34% year-over-year and 13% Q-on-Q. Margin financing interest income increased on the back of higher daily average margin financing balance. IPO financing interest income surged, thanks to the active Hong Kong IPO market. However, interest income from the bank deposits decreased by 10%, since the Fed Reserve cut the benchmark interest rate to nearly 0.

經紀佣金和手續費收入占我們本季營收的61%。利息收入為1.45億港元，年增34%，季增13%。融資融券利息收入因日均融資餘額增加而增加。得益於香港IPO市場的活躍，IPO融資利息收入大幅成長。然而，由於聯準會將基準利率下調至接近0，銀行存款利息收入下降了10%。

Interest income contribute about 29% of our total revenue.

利息收入約占我們總收入的29%。

Other income was HKD 47 million. The 238% year-over-year growth was primarily due to higher IPO financing service charge income and higher fund distribution service income. Other income contributed about 10% of our total revenue.

其他收入為4,700萬港元。年比成長238%主要是由於IPO融資服務費收入和基金分銷服務收入增加。其他收入約占我們總收入的10%。

On the cost side, total costs was HKD 118 million, an increase of 92% year-over-year and 36% Q-on-Q. Brokerage commission and handling charge expenses grew 140% to HKD 50 million, which was mostly in line with our trading volume growth. Interest expenses increased by 62% to HKD 33 million, primarily due to higher-margin financing interest expenses and also IPO financing interest expenses.

成本方面，總成本為1.18億港元，較去年同期成長92%，較上季成長36%。經紀佣金和手續費支出增加 140% 至 5,000 萬港元，與我們的交易量增長基本一致。利息支出增加62%至3,300萬港元，主要由於利潤率較高的融資利息支出以及首次公開招股融資利息支出。

Processing and service costs increased by 74% to HKD 35 million. The rise was primarily due to an increase in the market information and the data fee as well as increase in the number of throttling controllers. As trading volume sky rocket in the quarter, we add another 100 throttling controllers so that we can execute a large amount of Hong Kong stock trade simultaneously.

處理及服務成本增加74%至3,500萬港元。成長的主要原因是市場資訊和數據費用的增加以及節流控制器數量的增加。隨著本季交易量激增，我們又增加了100個節流控制器，以便我們可以同時執行大量港股交易。

Total gross profit increased 113% year-over-year to HKD 373 million. Gross margin was 76% versus 74% in the same period last year. Total operating expenses were HKD 196 million, an increase of 74% year-over-year and 8% Q-on-Q. R&D expenses were HKD 84 million, an increase of 57% from the last year and 13% from last quarter. The year-over-year rise was primarily due to the increase in the R&D headcount in 2019, as we continue to enrich product offerings.

毛利總額年增113%至3.73億港元。毛利率為 76%，去年同期為 74%。總營運費用為1.96億港元，較去年成長74%，較上季成長8%。研發開支為8,400萬港元，較去年增加57%，較上季增加13%。年比成長主要是由於2019年我們持續豐富產品種類，研發人員數量增加。

Selling and marketing expenses were HKD 65 million, up 105% year-over-year and 27% Q-on-Q. Our higher branding and marketing spending in the quarter result in the highest quarterly paying client addition of over 40,000.

銷售及行銷費用為 6,500 萬港元，年增 105%，季增 27%。本季我們更高的品牌和行銷支出導致季度付費客戶增加超過 40,000 名。

G&A expenses was HKD 47 million, an increase of 71% on a yearly basis and a decrease of 15% on a sequential basis. The year-over-year rise was primarily due to the increase in the headcount for the G&A personnel, and the Q-on-Q decrease was mostly due to lower professional service fees.

一般及行政費用為 4,700 萬港元，年增 71%，季減 15%。年比成長主要是由於G&A人員人數增加，季減主要是由於專業服務費用下降。

Net income increased by 240% year-over-year to HKD 155 million. The rise was primarily due to exponent-ion of top line growth and a significant operating leverage benefit.

淨利年增240%至1.55億港元。這一增長主要是由於收入的指數增長和顯著的營運槓桿效益。

The market volatility in the first quarter and increased industry consolidation presents a unique opportunity for us to scale our operation. We will continue to be mindful of the opportunities to grow our business and at the same time remain vigilant on our expenses.

第一季的市場波動和行業整合的加劇為我們擴大業務規模提供了獨特的機會。我們將繼續專注於發展業務的機會，同時對我們的開支保持警惕。

Regarding the pandemic, so far, the key effects on our financial include higher trading revenue from increased trading activities, higher net interest margins from the margin financing business and the lower interest income from bank deposits resulting from lower benchmark interest rate.

就疫情而言，到目前為止，對我們財務的主要影響包括交易活動增加導致的交易收入增加、融資融券業務淨利差增加以及基準利率下降導致銀行存款利息收入減少。

To date, we have not identified any material contingency or impairments as a result of this pandemic. Having said that, while the pandemic in the Mainland China and Hong Kong has shown signs of stabilization, the ongoing impact on the global economy and our future business is harder to predict at this moment. We will continue to closely monitor our business operation.

迄今為止，我們尚未發現此次大流行造成任何重大意外事件或損害。話雖如此，雖然中國內地和香港的疫情已出現穩定跡象，但目前對全球經濟和我們未來業務的持續影響仍難以預測。我們將繼續密切監控我們的業務運作。

That concludes our prepared remarks, and we are now like to open the call to questions. Operator, please go ahead.

我們準備好的發言到此結束，現在我們開始提問。接線員，請繼續。

(Operator Instructions) Your first question comes from the line of Weicheng Tang.

（操作員說明） 你的第一個問題來自唐偉成的電話。

Yes. First, congratulate on the very robust first quarter results. I've got 2 questions. One is about the turnover. So as you have mentioned, I think the market share of Futu has grown tremendously in the first quarter as we see. It's basically 100 percentage points growth Q-on-Q, outpacing the Hong Kong Exchange overall turnover. So can you share more on the -- like how you dissect the growth of market share. Like on one hand, we see the paying client growth is quite strong at 40,000. And also the client turnover has also peaked. It actually is I think it’s the highest over the past 9 quarters as we have seen. So is there any particular drivers? We know the market volatility is quite high that drive the turnover. But is there any other particulars that will drive the overall volume increase?

是的。首先，恭喜第一季非常強勁的業績。我有 2 個問題。一是關於營業額。正如您所提到的，我認為正如我們所看到的，富途的市場份額在第一季有了巨大的增長。季增率基本為 100 個百分點，超過港交所整體成交量。那麼您能否分享更多關於—例如您如何剖析市場佔有率成長的資訊。一方面，我們看到付費客戶的成長非常強勁，達到 40,000 名。而且顧客的營業額也達到了頂峰。事實上，我認為這是我們所看到的過去 9 個季度的最高水平。那麼有什麼特定的驅動程式嗎？我們知道市場波動性相當高，這會推動成交量。但還有其他因素會推動整體銷售的成長嗎？

And also regarding the paying client growth, how much of that is coming from Hong Kong local investors versus the Mainland China? And how do you think in the second quarter or rest of year, how the trend of paying client growth and their turnover will be like?

另外，關於付費客戶的成長，與中國大陸投資者相比，其中有多少來自香港本地投資者？您認為第二季或今年剩餘時間，付費客戶的成長趨勢和營業額會如何？

The second question is regarding the cost. So we see in the first quarter, the operating leverage is quite significant, so leading to a much higher bottom line growth. So regarding the -- both the R&D and the marketing expense, is there any budgeting for 2020, particularly for marketing? So we see the per client acquisition cost has come down quite a lot. I'm not sure it's because of the seasonality or the -- it's just a peaking of single quarter paying client growth that led to a decline of per client acquisition costs. And how you see the per client acquisition cost will be like for the rest of the year?

第二個問題是關於成本。因此，我們在第一季看到，營運槓桿相當大，因此導致了更高的利潤成長。那麼，關於研發和行銷費用，2020 年是否有預算，特別是行銷方面的預算？所以我們看到每個客戶的獲取成本已經下降了很多。我不確定這是因為季節性還是——這只是單季付費客戶成長的高峰導致每個客戶的獲取成本下降。您如何看待今年剩餘時間裡每位客戶的獲取成本？

Okay. Thank you, Weicheng. This is Arthur. I will answer your first questions regarding the market shares and also partial of your second questions regarding the cost. I’ll leave the trend of the paying clients in the first quarter and also the remaining years to my colleague, Robin, later on.

好的。謝謝你，偉成。這是亞瑟。我將回答您關於市場份額的第一個問題以及關於成本的部分第二個問題。稍後我將把第一季和剩餘年份的付費客戶趨勢留給我的同事羅賓。

In terms of market shares, you are right, we have gained market share in Hong Kong, particularly in the first quarter. Compared with last year, last Q4, our estimation is, on average, our market share has increased by 20% in Hong Kong. At the end of last year, our market share in Hong Kong was around 1.03%. And this year, on average, in the first quarter, our market share, the highest is close to 1.4%. And also, I think the spike of the trading volumes is heavily relate to the overall market volatilities, in particularly in February and also in March.

就市場佔有率而言，你是對的，我們在香港的市佔率有所增加，特別是在第一季。與去年第四季相比，我們估計我們在香港的市佔率平均增加了20%。去年年底，我們在香港的市佔率約為1.03%。而今年，平均來說，第一季度，我們的市場份額，最高的接近1.4%。而且，我認為交易量的激增與整體市場波動密切相關，特別是在二月和三月。

Then on the cost side, we have some guidance to the market in the fourth quarter earning call last time. We expect the number of our headcount this year will be roughly in the range of 20% something around. In terms of the marketing expenses, we target for the acquisition cost per each new client will be 10% lower than the average numbers of last year. I think, so far, in the first quarter, our progress was very smooth. So we will not give a fixed absolute amount on the marketing expenses. We'll be more depending on our client acquisition strategies. Given that the -- our this year's economic [units] still make valid sense, I think, for us, we will be more aggressively on the marketing spending in order to further enhance our market share and also the number of our paying clients.

然後在成本方面，我們在上次第四季財報電話會議上對市場有一些指導。我們預計今年的員工人數將大致在 20% 左右。在行銷費用方面，我們的目標是每位新客戶的獲取成本將比去年平均數量降低10%。我認為，到目前為止，第一季度，我們的進展非常順利。所以我們不會給出一個固定的行銷費用的絕對金額。我們將更加依賴我們的客戶獲取策略。鑑於我們今年的經濟[單位]仍然有意義，我認為，對我們來說，我們將更加積極地進行行銷支出，以進一步提高我們的市場份額和付費客戶的數量。

I will leave more comments to Robin for the number of paying clients trend he observed in the second quarter and also our estimations in the second half of this year.

我將向 Robin 留下更多關於他在第二季度觀察到的付費客戶數量趨勢以及我們對今年下半年的估計的評論。

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（外語）

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Okay. (foreign language)

好的。 （外語）

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（外語）

[Interpreted] So a large part of our paying client growth can be attributable to the strong growth momentum of our Hong Kong local business. So in the first quarter, as Leaf mentioned in his opening remarks, our number of Hong Kong paying clients grew 97% year-over-year, and that growth rate has consistently topped 90%. So for the rest of the year, in our 4Q 2019 earnings results, we gave a guidance of 90,000 net paying client addition in 2020. And so far, observing from the run rate, we’re pretty confident about succeeding (sic) [exceeding] this previous guidance that we gave out, partly because I think we are ramping up our marketing in Hong Kong local market. And also, we have seen very strong growth momentum from word-of-mouth paying client referrals.

[解讀]所以我們付費客戶的成長很大一部分可以歸因於我們香港本地業務的強勁成長勢頭。所以在第一季度，正如Leaf在開場白中提到的，我們的香港付費客戶數量比去年同期成長了97%，而這個成長率一直維持在90%以上。因此，在今年剩下的時間裡，在我們2019 年第四季的獲利結果中，我們給出了2020 年淨付費客戶增加90,000 名的指導。到目前為止，從運行率觀察，我們對成功非常有信心（原文如此）[超過] 我們之前給予的指導，部分原因是我認為我們正在加強在香港本地市場的營銷。此外，我們也從口碑付費客戶推薦中看到了非常強勁的成長動能。

Yes. Thank you, Robin and Arthur. It's actually -- I just have a very small follow-up question regarding the tax rate. We see the tax rate in the first quarter is around 10% effective tax rate. So is that like a normalized -- or what we can expect for the rest of the year? Or like first quarter is just like there is still some seasonalities on recognizing the tax?

是的。謝謝你們，羅賓和亞瑟。實際上，我只是有一個關於稅率的非常小的後續問題。我們看到第一季的稅率在10%左右的有效稅率。那麼這是否像正常化——或者我們對今年剩餘時間的預期？或者就像第一季一樣，在確認稅收方面仍然存在一些季節性？

Sure, Weicheng. We expect that this year's full year effective tax rate will be in the range of 10% to 12%, mainly due to our offshore tax claim benefiting Hong Kong and also our tax treatment -- preferential treatment in the Mainland. And also, I think this effective tax rate will be valid in the next 1 or 2 years as well.

當然，偉成。我們預計今年全年有效稅率將在10%至12%的範圍內，主要是由於我們的離岸稅收申索使香港受益，以及我們的稅收待遇——內地的優惠待遇。而且，我認為這個有效稅率也將在未來一兩年內有效。

(Operator Instructions) There are no further question at this time. I'd now like to hand the conference back to Mr. Daniel Yuan for the closing remarks.

（操作員說明） 目前沒有進一步的問題。現在我想請袁先生致閉幕詞。

That concludes our call today. On behalf of the Futu management team, I would like to thank you for joining us today. If you have any further questions, please do not hesitate to contact me or any of our Investor Relations representative. Thank you, and goodbye.

我們今天的電話會議到此結束。我謹代表富途管理團隊感謝您今天加入我們。如果您有任何其他問題，請隨時與我或我們的任何投資者關係代表聯繫。謝謝，再見。

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may now all disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。你們現在可以斷開連結了。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]