Hf Foods Group Inc (HFFG) 2025 Q4 法說會逐字稿

Greetings, and welcome to the HF Foods Group fourth-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 HF Foods Group 2025 年第四季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Jon DeDomenico with ICR.

現在我很榮幸介紹本次會議主持人，來自 ICR 的 Jon DeDomenico。

Hello, everyone. Welcome to HF Food Group's 2025 earnings conference call. Joining me on today's call are Felix Lin, the company's President and Chief Executive Officer; and Paul McGarry, the company's Chief Financial Officer.

各位好。歡迎參加 HF Food Group 的 2025 年財報電話會議。今天與我一同出席的有公司總裁兼執行長 Felix Lin，以及公司財務長 Paul McGarry。

Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on management's current beliefs and expectations about future events, which are subject to several known and unknown risks and uncertainties. If you refer to HF Foods earnings release as well as the company's most recent SEC filings, you will see a discussion of factors that could cause the company's actual results to differ materially from those expressed or implied by these forward-looking statements.

在開始之前，提醒各位，今天的討論包含前瞻性陳述，係基於管理層目前對未來事件的信念與預期，並可能受到多項已知與未知風險及不確定性的影響。若您參閱 HF Foods 的財報新聞稿以及公司最近向 SEC 提交的文件，將可看到可能導致公司實際結果與這些前瞻性陳述所明示或暗示者出現重大差異的因素說明。

The company undertakes no obligation to update or revise these forward-looking statements in the future.

公司不承擔於未來更新或修訂這些前瞻性陳述的任何義務。

In these remarks, the company will make several references to non-GAAP financial measures, including adjusted EBITDA and non-GAAP diluted earnings per share. We believe that these measures provide investors with a useful perspective on the underlying growth trends of the business and have included in the earnings release a full reconciliation of non-GAAP financial measures to the most comparable GAAP measures.

在本次發言中，公司將多次提及非 GAAP 財務衡量指標，包括調整後 EBITDA 以及非 GAAP 稀釋後每股盈餘。我們相信這些指標能為投資人提供對業務基本成長趨勢的有用觀點，並已在財報新聞稿中提供非 GAAP 財務指標與最可比 GAAP 指標之完整調節表。

Now I will turn the call over to Felix.

現在我將把電話會議交給 Felix。

Hello, everyone. Welcome to HF Food's 2025 earnings call. I'll provide a business update and Paul will speak to our 2025 financial results. Then we'll open up the line for Q&A.

各位好。歡迎參加 HF Food 的 2025 年財報電話會議。我將提供業務最新進展，Paul 會說明我們 2025 年的財務結果。之後我們將開放問答。

It's no secret that 2025 brought headwinds for the broader food service industry in terms of tariff pressure and lower foot traffic. But against this backdrop, we drove meaningful continuous momentum for our business.

眾所周知，2025 年整體餐飲服務產業面臨逆風，包括關稅壓力與來客數下降。但在此背景下，我們仍為公司業務帶來了顯著且持續的動能。

Net revenue increased 2.2% year over year to $1.23 billion, and gross profit increased 1.2% to $207.6 million. Also notably, adjusted EBITDA increased 6.9% year over year. We made meaningful progress on our long-term transformation plan with respect to sales operations, digital infrastructure and facilities upgrades.

淨營收年增 2.2% 至 12.3 億美元，毛利年增 1.2% 至 2.076 億美元。同時值得一提的是，調整後 EBITDA 年增 6.9%。我們在長期轉型計畫方面取得了實質進展，涵蓋銷售營運、數位基礎建設與設施升級。

On sales operation, we have consolidated two sales call center operations into one as of late December 2025. The consolidation provides us better control over the overall sales process and improve customer service while maintaining the distinct connection we have with our customers through our understanding of their business, language and private needs. This will reduce costs while further strengthening our competitive positioning.

在銷售營運方面，我們已於 2025 年 12 月下旬將兩個銷售客服中心整併為一個。此整併讓我們能更好地掌控整體銷售流程並提升客戶服務，同時透過對客戶業務、語言與個別需求的理解，維持我們與客戶之間獨特的連結。這將降低成本，並進一步強化我們的競爭定位。

On digital transformation, we completed the full ERP implementation across all of our distribution centers. The new system will enable us to achieve higher levels of purchasing and operational efficiencies over time. I would like to note that as part of this implementation, we recategorized many of our SKUs which drive some variability in our year-over-year sales by category. You will see clean comparisons once we lap the implementation in second half of 2026.

在數位轉型方面，我們已完成在所有配送中心的 ERP 全面導入。新系統將使我們隨時間推進達成更高水準的採購與營運效率。我也想指出，作為本次導入的一部分，我們重新分類了許多 SKU，這會使我們按品類的年對年銷售比較出現一些波動。待 2026 年下半年跨過導入基期後，您將看到更乾淨的可比數據。

I'm also happy to announce that with the implementation of a new ERP system, we have fully remediated IT general controls related efficiencies as of year-end 2025. This is a significant milestone.

我也很高興宣布，隨著新 ERP 系統的導入，截至 2025 年底，我們已全面完成與 IT 一般控制相關之缺失改善。這是一個重要的里程碑。

On facilities, the renovation of our Charlotte location is largely complete with final permits imminent. We expect Charlotte to be operational in Q2 of 2026, which will shorten our seafood distribution routes in the Southeast. Phase 1 construction of our new state of the art Atlanta DC has been complete, becoming operational in January 2026.

在設施方面，我們位於夏洛特（Charlotte）的據點翻新工程已大致完成，最終許可證也即將核發。我們預期夏洛特據點將於 2026 年第二季投入營運，這將縮短我們在美國東南部的海鮮配送路線。我們全新、最先進的亞特蘭大配送中心（Atlanta DC）第一期工程已完工，並於 2026 年 1 月開始營運。

We plan to kick off Phase 2 cold storage capacity expansion in Atlanta to launch in the second half of 2026. Once complete, our co-source capacity in Atlanta market will have almost doubled, expanding from 10,000 square feet to 20,000 square feet. We see cross-selling as a major organic growth playbook and expect the Atlanta facility to be a cornerstone of our cross-selling strategy in the Southeast in the future.

我們計畫啟動亞特蘭大第二期冷凍倉儲容量擴建，預計於 2026 年下半年上線。完成後，我們在亞特蘭大市場的共用倉儲（co-source）容量將幾乎倍增，從 10,000 平方英尺擴大至 20,000 平方英尺。我們將交叉銷售視為主要的內生成長策略，並預期亞特蘭大設施未來將成為我們在東南部交叉銷售策略的基石。

Between Southeast and Midwest, there are several hundred million dollars worth of organic growth opportunity as we continue to invest and expand capacity. In September, we announced the acquisition of our Chicago warehouse. This strategic acquisition advances HFF's ongoing transformation plan to improve operational efficiency reduce costs and strengthen organic growth through cross-selling opportunities.

在東南部與中西部之間，隨著我們持續投資並擴充產能，存在數億美元規模的內生成長機會。9 月，我們宣布收購芝加哥倉庫。這項策略性收購推進 HFF 持續進行的轉型計畫，以提升營運效率、降低成本，並透過交叉銷售機會強化內生成長。

Acquiring the facility enables us to exit the lease agreement early, improve operating expense and invest to grow additional capacity and drive consolidation opportunities. These exciting infrastructure investments reflect our ongoing commitment to optimizing our distribution network and creating a stronger foundation for sustainable growth.

收購該設施使我們得以提前退出租賃合約、改善營運費用，並投資以擴增額外產能及推動整併機會。這些令人振奮的基礎建設投資，反映我們持續致力於優化配送網路，並為可持續成長打造更堅實的基礎。

Based on current trends, we expect 2026 to be like 2025 with low single-digit growth on the top line as well as the bottom line for both adjusted EBITDA and gross profit. This also reflects our strategy to ramp up cross-selling opportunities over time, focusing on increasing our share of customers' wallet size and combat competitive pricing pressure in the short term.

根據目前趨勢，我們預期 2026 年將與 2025 年相似，營收端以及調整後 EBITDA 與毛利等獲利端，皆呈現低個位數成長。這也反映我們的策略：隨時間推進逐步提升交叉銷售機會，著重提高客戶錢包份額，同時在短期內對抗競爭性定價壓力。

While we continue to navigate macro headwinds and including tariff pressures and shift in consumer spending behaviors, our transformation initiatives are paving the way for continued growth and improvement. We remain extremely confident in our long-term growth strategy and are committed to our capital investment plans as we continue our growth momentum in 2026 and beyond.

儘管我們仍在因應總體逆風，包括關稅壓力與消費支出行為的轉變，我們的轉型措施正為持續成長與改善鋪路。我們對長期成長策略仍極具信心，並將持續投入資本投資計畫，在 2026 年及其後延續成長動能。

M&A remains a core pillar of our growth strategy. HFF is the only scaled food service provider in Asian specialty market in the United States, and we believe we are the strategic acquirer of choice within our space. We're focused on expanding our geographic footprint in high potential markets. capturing operational synergy, broadening our customer base, enhancing our product and service capabilities. We remain disciplined but optimistic about M&A opportunities in 2026 and beyond, and are actively evaluating opportunities for potential sellers who understand our unique position.

併購（M&A）仍是我們成長策略的核心支柱。HFF 是美國亞洲特色市場中唯一具規模的餐飲服務供應商，我們相信在本領域中，我們是首選的策略性收購方。我們專注於在高潛力市場擴大地理版圖、取得營運協同效益、擴大客戶基礎，並強化產品與服務能力。我們對 2026 年及其後的併購機會保持紀律但樂觀，並正積極評估潛在賣方機會，這些賣方理解我們獨特的市場定位。

We believe our proven ability to successfully navigate the terra landscape positions us uniquely to identify and execute attractive tuck-in acquisitions that will benefit from our operational expertise and scale.

我們相信，我們已證實能夠成功駕馭 terra 版圖的能力，使我們具備獨特優勢，得以辨識並執行具吸引力的補強式併購（tuck-in acquisitions），並可受益於我們的營運專業與規模。

I want to emphasize the significant runway ahead of us. We operate in a $50 billion addressable market. and at just over $1 billion in net revenue. We're the largest player in the Asian specialty space. No one, whether larger or smaller competitors is better positioned at HF Foods to capture this opportunity in the coming years.

我想強調，我們前方仍有相當可觀的成長跑道。我們所處的是一個可觸及市場規模達 500 億美元的市場，而我們的淨營收僅略高於 10 億美元。我們是亞洲特色品類領域中規模最大的業者。無論是更大的或更小的競爭對手，沒有任何一家比 HF Foods 更有條件在未來幾年把握這個機會。

Now over to you, Paul, our CFO, to walk you through more detail of the financial performance for the year.

接下來交給我們的財務長 Paul，為各位更詳細說明本年度的財務表現。

Thanks, Felix. I will now review our results for the year ended December 31, 2025, versus 2024.

謝謝你，Felix。我現在將回顧截至 2025 年 12 月 31 日止年度的業績，並與 2024 年比較。

Net revenue for the year increased 2.2% to $1.23 billion from $1.2 billion in the prior year. The increase was primarily attributable to volume growth and pricing improvement in seafood and meat, poultry and volume growth in commodity, partially offset by volume decreases within other categories.

本年度淨營收年增 2.2%，由前一年度的 12 億美元增至 12.3 億美元。增加主要來自海鮮以及肉類、家禽的銷量成長與價格改善，以及大宗商品的銷量成長；但部分被其他品類的銷量下滑所抵銷。

Gross profit increased by 1.2% to $207.6 million for the year compared to $205.2 million in 2024. The increase was attributable to increase in net revenue, partially offset by increased costs. Gross profit margin decreased slightly to 16.9% compared to 17.1% in 2024.

本年度毛利年增 1.2%，達 2.076 億美元，較 2024 年的 2.052 億美元增加。增加主要歸因於淨營收成長，但部分被成本上升所抵銷。毛利率小幅下降至 16.9%，低於 2024 年的 17.1%。

Distribution, selling and administrative or DS&A expenses increased by $3.7 million to $21.8 million for the year, primarily due to increases in depreciation, occupancy and nonrecurring transformation expenses partially offset by a decrease in professional fees. DS&A expenses as a percentage of net revenue remained relatively consistent at 16.4% in 2025 compared to 16.5% in the prior year.

本年度配送、銷售及行政（DS&A）費用增加 370 萬美元至 2,180 萬美元，主要由於折舊、場地占用成本及一次性轉型費用增加，部分被專業服務費用下降所抵銷。DS&A 費用占淨營收比重維持相對一致，2025 年為 16.4%，前一年度為 16.5%。

Adjusted EBITDA increased 6.9% to $45 million for the year compared to $42 million in 2024. Total interest expense increased slightly to $11.5 million in 2025 compared to $11.4 million in the prior year. Net loss attributable to HF Foods was $38.8 million compared to a net loss of $48.5 million in 2024. The year-over-year improvement was primarily driven by a lower goodwill impairment charge and improved operating results.

本年度調整後 EBITDA 年增 6.9%，達 4,500 萬美元，較 2024 年的 4,200 萬美元增加。2025 年總利息費用小幅上升至 1,150 萬美元，前一年度為 1,140 萬美元。HF Foods 應占淨損為 3,880 萬美元，較 2024 年淨損 4,850 萬美元改善。年對年改善主要由較低的商譽減損費用及營運成果改善所帶動。

These favorable items were partially offset by the absence of the prior year gain on lease guarantee liability termination and by the year-over-year change in fair value of interest rate swaps. Importantly, following the 2025 impairment, we have no remaining goodwill so this item will not affect results going forward.

上述有利因素部分被前一年度租賃保證負債終止所產生的利益不再出現，以及利率交換合約公允價值年對年變動所抵銷。重要的是，在 2025 年減損後，我們已無剩餘商譽，因此此項目未來將不再影響業績。

Adjusted net income attributable to HF Foods increased $2.9 million or 20.9% to $16.9 million compared to $14 million in the prior year period. Loss per share improved to $0.73 compared to a loss of $0.92 in the prior year period. Adjusted earnings per share increased to $0.32 compared to $0.26 in the prior year period.

HF Foods 應占調整後淨利增加 290 萬美元（增幅 20.9%）至 1,690 萬美元，較前一年度同期的 1,400 萬美元增加。每股虧損改善至 0.73 美元，前一年度同期每股虧損為 0.92 美元。調整後每股盈餘提升至 0.32 美元，前一年度同期為 0.26 美元。

To summarize, 2025 was a year of steady progress in a challenging operating environment. We delivered year-over-year growth in net revenue, expanded EBITDA and continue to invest in the infrastructure and systems that support more scalable, efficient execution going forward.

總結而言，2025 年是在充滿挑戰的營運環境中穩步推進的一年。我們實現淨營收年對年成長、擴大 EBITDA，並持續投資於基礎設施與系統，以支援未來更具規模、效率更高的執行。

Importantly, we finished the year having completed our ERP rollout across the network and remediate our IT general control deficiencies while also advancing key facility initiatives like Atlanta and Charlotte and positioning the business for improved operating leverage. As we move into 2026, we remain focused on disciplined execution, driving operational efficiency supporting organic growth through cross-selling and network optimization and maintaining prudent capital deployment.

重要的是，我們在年末完成了 ERP 在全網路的導入，並補強（remediate）我們的 IT 一般控制缺失，同時推進亞特蘭大與夏洛特等關鍵設施計畫，使公司具備更佳的營運槓桿條件。邁入 2026 年，我們仍聚焦於紀律性的執行、提升營運效率、透過交叉銷售與網路優化支持內生成長，並維持審慎的資本配置。

With the transformation foundation now largely in place, we believe we're well positioned to sustain momentum while remaining selective and strategic in pursuing tuck-in M&A that strengthens our footprint and capabilities.

隨著轉型的基礎如今大致到位，我們相信公司已具備良好條件以延續動能，同時在追求能強化我們版圖與能力的補強式併購（tuck-in M&A）上，保持審慎且具策略性。

I'll now hand it back to Felix for closing remarks.

我現在把時間交還給 Felix，請他做結語。

Thanks, Paul. As we look ahead to 2026 and beyond, I want to emphasize our commitment to executing the comprehensive transformation initiatives that are reshaping HF Foods.

謝謝你，Paul。展望 2026 年及更長遠的未來，我想強調我們致力於落實全面性的轉型計畫，這些計畫正在重塑 HF Foods。

2025 was a year of strategic investment for HF and the investments we are making in our facilities, digital infrastructure and operations will establish a strong foundation for our next phase of growth. While short-term uncertainties persist, we remain focused on our long-term strategic objectives. Our investments in digital transformation and infrastructure are strategically designed to drive organic growth through cross-selling opportunities while positioning us to complement this expansion with target M&A initiatives.

2025 年是 HF 進行策略性投資的一年；我們在設施、數位基礎建設與營運方面的投資，將為下一階段成長奠定堅實基礎。儘管短期不確定性仍在，我們仍專注於長期策略目標。我們在數位轉型與基礎建設上的投資，係以策略性方式設計，透過交叉銷售機會推動內生成長，同時讓我們能以目標式的併購（M&A）計畫來補強這項擴張。

Our key competitive advantages stem from the growing demand for authentication cuisine and our unmatched position as a leading nationwide Asian specialty distributor. We're methodically building infrastructure, systems and capabilities needed to fully capitalize on these strategic advantages.

我們的關鍵競爭優勢來自對正宗（authentic）料理日益成長的需求，以及我們作為全國領先的亞洲特色產品經銷商所具備的無可匹敵地位。我們正有系統地建置所需的基礎設施、系統與能力，以充分掌握這些策略優勢。

As we move forward, we'll continue to identify and implement additional efficiency measures while maintaining our commitment to service excellence and sustainable growth. Thank you for your continued support as we execute our strategic transformation. We look forward to sharing our progress with you on our next call.

展望未來，我們將持續辨識並推動更多效率提升措施，同時維持對卓越服務與永續成長的承諾。感謝各位在我們推動策略轉型過程中的持續支持。我們期待在下一次電話會議與各位分享我們的進展。

I will now hand over to the operator for live Q&A.

我現在把時間交給接線員，進行即時問答。

(Operator Instructions) Daniel Harriman, Sidoti & Company.

(接線員指示) Daniel Harriman，Sidoti & Company。

Paul, congratulations on the official title. Felix, congrats on great execution for the year despite the noticeable headwinds. But I'm just curious to start off, moving beyond 2025. Can you talk a little bit about the biggest opportunities you see to drive incremental organic growth, particularly around cross-selling and expanding product availability across the customer base?

Paul，恭喜你正式就任這個職稱。Felix，也恭喜你在明顯逆風下仍能在本年度展現出色的執行成果。不過我想先從 2025 年之後談起。你們能否談談你們認為推動額外內生成長的最大機會是什麼，特別是在交叉銷售，以及在客戶群中擴大產品供應範圍方面？

And then secondly, just curious to hear a little bit more about how the operational initiatives implemented in 2025 are beginning to impact the day-to-day execution across the business.

其次，也想再多了解一下，2025 年所推行的營運倡議，開始如何影響公司各業務的日常執行。

Daniel, I appreciate the question. Yes, I think the biggest opportunity is going to be around cross-selling with respect in the Southeast, right? We just moved into our new facility that's effectively twice as big as the older facility in Atlanta, and we start to acquire some new accounts within the region but I think we're still going through a ramp-up phase here.

Daniel，謝謝你的提問。是的，我認為最大的機會會是在東南部的交叉銷售上，對吧？我們剛搬進新的設施，規模基本上是亞特蘭大舊設施的兩倍；我們也開始在該區域取得一些新客戶，但我認為目前仍處於爬坡期。

As I noted earlier, it's going to take a little bit of time to completely ramp up the volume and utilize the space and second phase of our freezer construction is going to start here in the Q2 of 2026. So likely it's going to be second half before we see some meaningful incremental frozen seafood volume come into play for the Southeast market for us.

如我先前提到的，完全拉升產量、充分利用空間還需要一些時間；我們冷凍庫建設的第二期將於 2026 年第二季啟動。因此，可能要到下半年，我們才會看到有意義的新增冷凍海鮮量開始在東南市場對我們發揮作用。

And then fast forward, we also announced the acquisition of our Chicago facility. So the investments in the going in 2026 as well. prepping us for meaningful cross-selling organic growth in the Midwest region in 2027 and beyond.

再往後看，我們也宣布收購芝加哥的設施。因此，相關投資也會在 2026 年投入，為我們在 2027 年及之後於中西部地區實現顯著的交叉銷售與內生成長做好準備。

Bill Kirk, ROTH Capital Partners.

Bill Kirk，ROTH Capital Partners。

This is [Nick] on for Bill. First, from me, on February traffic, it was weaker last year. Just wondering if you could comment on the year-over-year change you saw this year, just lapping that softer comp? And whether you've seen more or less traffic year to date would also be helpful.

我是代 Bill 發言的 [Nick]。首先，關於 2 月的客流量，去年比較弱。想請你們評論一下，今年在與去年較低基期相比之下，你們看到的年對年變化如何？另外，也希望了解一下截至目前為止（年初至今）的客流量是增加還是減少。

Yes, sure. So with respect to February and Q1, obviously, we're seeing in the middle of it. But I do see that -- again, there's been a lot of good initiatives put in place, specifically even starting in late Q3 and Q4 of 2025, we've been working with a handful of strategic vendors to run promotional campaigns where the vendors are the one that's kind of providing initiatives on the table for our customers and our sales team to go out and drive new product growth or push out additional volume.

好的，當然。關於 2 月與第一季，顯然我們還在進行中。但我確實看到——再次強調，我們已經推動了許多很好的措施，尤其從 2025 年第三季末到第四季開始，我們與少數策略性供應商合作推出促銷活動；由供應商提出一些方案給我們的客戶，並讓我們的銷售團隊對外推動新產品成長或帶動額外出貨量。

So that's been very impactful for us in the second half of 2025, and we're seeing that in the first quarter of the year as well. So I do see perhaps there's going to be some meaningful uptick from a volume standpoint so far in Q1 versus 2025.

這在 2025 年下半年對我們的影響非常顯著，我們在今年第一季也同樣看到這個效果。因此，我確實認為，到目前為止第一季在出貨量/銷量的角度，相較 2025 年可能會有相當明顯的上升。

Understood. I appreciate that. Second for me on the IEPA tariffs. Do you have an estimate as to what you paid? Are you taking any action to get that money back? And what would you do with that capital if you did manage to get any capital back there?

了解。謝謝你的說明。第二個問題是關於 IEPA 關稅。你們是否能估算已支付多少？你們是否採取任何行動把這筆錢要回來？如果真的能拿回一些資金，你們會如何運用這筆資本？

Yes. I think it's still too early to exactly how much refund is going to be available. As you guys might recall, not all 100% of the tariffs were part to IEPA. There were some other terror measures that the administration has put in place last year. And it's also a reflection of the industry that we're in, largely the supplier network in itself is made up of brokers.

是的。我認為現在還太早，尚無法精確判斷可退還的金額會是多少。各位可能記得，並不是 100% 的關稅都屬於 IEPA 範圍。去年政府還實施了其他一些關稅措施。另外，這也反映了我們所處產業的特性：供應商網絡本身很大一部分是由經紀商所構成。

And in the past year, even prior to liberation, we had really effectively negotiated with a large number of our overseas miners for them to absorb quite a bit of the tariff impact. So again, we're still assessing the situation and keeping it very, very close. I think in the coming months here, perhaps in the next quarterly earnings call, there might be a little bit more information for us to offer.

而在過去一年中，甚至在（政策）解放之前，我們其實已經與許多海外供應商有效協商，讓他們吸收相當一部分的關稅影響。所以，我們仍在評估情況，並非常、非常密切地關注。我想在接下來幾個月，也許在下一次季度財報電話會議上，我們會有更多資訊可以提供。

There are no further questions at this time. I'd like to turn the call back over to Felix for any closing remarks.

目前沒有其他問題。我想把電話交回給 Felix，請他做結語。

Overall, I think in 2025, it was a great year of strategic investment for the company, and we made some pretty good strides here in terms of overall three-, five-year transformation plan. So we look forward to 2026. 2020 is going to be a continuation of the momentum that we have built on 2025 results.

整體而言，我認為 2025 年是公司策略性投資非常成功的一年；在整體三年、五年轉型計畫方面，我們也取得了相當不錯的進展。因此，我們期待 2026 年。2020 年將會延續我們在 2025 年成果上所建立的動能。

And again, M&A is going to be a huge part of our business. So that's where we're going to spend a lot of our time on is thoroughly evaluating all the inbound calls that we've been getting on M&A and making some impact there. And then at the same time, continue to improve our operational efficiency.

另外，併購（M&A）將會是我們業務中非常重要的一部分。因此，我們會把大量時間投入在全面評估目前收到的所有併購相關來電/洽詢，並在這方面做出一些成果。同時，也會持續提升我們的營運效率。

So we appreciate everyone's continued to follow the HF story and support and look forward to updating everyone here in the coming quarters.

我們感謝大家持續關注 HF 的故事並給予支持，也期待在接下來幾季向各位更新進展。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。