Intchains Group Ltd (ICG) 2025 Q2 法說會逐字稿

Hello, and welcome to the Intchains Group Limited second quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Intchains Group Limited 2025 年第二季財報電話會議。（操作員指示）

Now I will turn the call over to Alex Zhang of the Equity Group. Please go ahead, Alex.

現在我會把電話轉給 Equity Group 的 Alex Zhang。請繼續，亞歷克斯。

Thank you, operator. Good evening to everyone. Welcome to Intchains second quarter 2025 earnings conference call. Please be advised that the discussions on today's call will include forward-looking statements.

謝謝您，接線生。大家晚上好。歡迎參加 Intchains 2025 年第二季財報電話會議。請注意，今天電話會議的討論將包括前瞻性陳述。

These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results and strategic direction.

這些聲明涉及已知和未知的風險和不確定性，並基於公司對可能影響其財務狀況、經營業績和策略方向的未來事件的當前預期和預測。

Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors should review other factors that may affect its future results and the company's registration statements and other filings with the SEC.

儘管公司認為這些前瞻性聲明中表達的預期是合理的，但不能保證這些預期最終是正確的，並且公司提醒投資者，實際結果可能與預期結果有重大差異。投資者應審查可能影響其未來業績以及公司向美國證券交易委員會提交的註冊聲明和其他文件的其他因素。

The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Please note that in today's call, we will discuss certain non-GAAP financial measures.

除法律要求外，本公司不承擔公開更新或修改任何前瞻性陳述以反映後續事件或情況或預期變更的義務。請注意，在今天的電話會議中，我們將討論某些非公認會計準則財務指標。

Please also refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. The presentation and webcast replay of this conference call will be available on the Intchains website at www.ir.intchains.com.

另請參閱收益新聞稿中非 GAAP 指標與可比較 GAAP 指標的對帳。本次電話會議的簡報和網路直播重播將在 Intchains 網站 www.ir.intchains.com 上提供。

It is my pleasure to introduce Intchains CFO, Mr. Charles Yan, who will provide an overview of second quarter and first half 2025 financial results, recent operational achievements and then discuss the company's long-term growth strategies before opening the floor for questions.

我很高興介紹 Intchains 財務長 Charles Yan 先生，他將概述 2025 年第二季和上半年的財務表現、近期營運成就，然後討論公司的長期成長策略，然後開始提問。

Charles, please go ahead.

查爾斯，請繼續。

Thank you, Alex, and welcome, everyone. For those new to Intchains and our story, I would like to provide an overview of our three main business lines: altcoin mining machines, ETH accumulation and Web3 application development. Our core business, altcoin mining machine under the Goldshell brand is our primary revenue contributor. We designed altcoin mining machines incorporating in- house developed asset chips, which are used to mine a number of popular alternative cryptocurrencies, including Litecoin, Dogecoin, Aleo and more.

謝謝你，亞歷克斯，歡迎大家。對於那些不熟悉 Intchains 和我們的故事的人，我想概述我們的三個主要業務線：山寨幣挖礦機、ETH 累積和 Web3 應用程式開發。我們的核心業務，Goldshell品牌下的山寨幣挖礦機是我們主要的收入來源。我們設計了採用內部開發的資產晶片的山寨幣挖礦機，用於挖掘多種流行的替代加密貨幣，包括萊特幣、狗狗幣、Aleo 等。

And since first quarter 2024, we have implemented a strategic self-funded dollar cost averaging ETH accumulation strategy, as part of our value creation strategy to generate return on our capital. We also have our Web3 application development business and have launched a one-stop blockchain payment solutions, Goldshell Pay and our crypto wallet product, Goldshell Wallet.

自 2024 年第一季以來，我們實施了一項策略性自籌資金的美元成本平均 ETH 累積策略，作為我們創造資本回報的價值創造策略的一部分。我們還有 Web3 應用程式開發業務，並推出了一站式區塊鏈支付解決方案 Goldshell Pay 和我們的加密錢包產品 Goldshell Wallet。

Moving on to our financial results during the second quarter and first half 2025 period. Revenue for Q2 2025 were RMB43.2 million or $6 million, impacted by lower sales from mining machines compared to Q2 2024. The decline in Aleo price during Q2, combined with newly imposed short-term tariffs and that delayed the export of our machines, negatively impacted mining machine sales and result in lower revenue.

接下來介紹我們 2025 年第二季和上半年的財務表現。2025 年第二季的營收為 4,320 萬元或 600 萬美元，受採礦機銷售量與 2024 年第二季相比下降的影響。第二季 Aleo 價格下跌，加上新實施的短期關稅，導致我們機器的出口延遲，對採礦機銷售產生了負面影響，導致收入下降。

We would like to note that quarterly fluctuations in mining machine sales are a common industry-wide phenomenon and are often driven by a combination of external market conditions including volatility in cryptocurrency price, changes in mining difficulty, seasonal demand shifts and evolving regulatory environments. These factors can influence customers' purchasing behavior and investment cycles, especially in the altcoin segment.

我們想指出的是，礦機銷售的季度波動是整個行業的普遍現象，通常受到多種外部市場條件的共同驅動，包括加密貨幣價格波動、挖礦難度變化、季節性需求變化和不斷變化的監管環境。這些因素會影響客戶的購買行為和投資週期，尤其是在山寨幣領域。

As such, short-term sales -- short-term sales variability in our business should be viewed within a broader context of long-term growth trends and product innovation. Cost of revenue was RMB 32.9 million or $4.6 million for Q2 2025, a decrease of 20% from Q2 2024, primarily due to lower revenues recorded during the period. We also recorded an impairment charge related to excess mining machines inventory during the period.

因此，短期銷售－我們業務中的短期銷售變化應該放在長期成長趨勢和產品創新的更廣泛背景下看待。2025 年第二季的收入成本為 3,290 萬元或 460 萬美元，較 2024 年第二季下降 20%，主要原因是該期間收入較低。我們還記錄了與該期間過剩採礦機庫存相關的減損費用。

Total operating expenses were RMB26.4 million or $3.7 million for Q2 2025, 10.2% lower versus Q2 2024. As a result, we recorded a loss from operations of RMB16.2 million or $2.3 million for Q2 2025, compared to the income from operations of $8 million for Q2 2024. Interest income decreased to RMB3.1 million or $0.4 million for Q2 2025 from Q2 2024, mainly due to cash used in acquired ETH-based cryptocurrencies. For the second quarter, we recorded a gain in fair value of cryptocurrencies of RMB42.8 million or $6 million, primarily a result of increased holding of ETH-based crytorocurrency units by 1,793 units since Q1 2025, while ETH price increased by around 34% during the period. As a result, net income from Q2 2025 was RMB 38.3 million or $5.3 million,

2025 年第二季總營運費用為人民幣 2,640 萬元或 370 萬美元，較 2024 年第二季下降 10.2%。因此，2025 年第二季我們的營業虧損為 1,620 萬元或 230 萬美元，而 2024 年第二季的營業收入為 800 萬美元。2025 年第二季的利息收入從 2024 年第二季減少至 310 萬元或 40 萬美元，主要原因是用於收購基於 ETH 的加密貨幣的現金。第二季度，我們記錄的加密貨幣公允價值收益為人民幣 4,280 萬元或 600 萬美元，主要原因是自 2025 年第一季以來，基於 ETH 的加密貨幣單位持有量增加了 1,793 個單位，而 ETH 價格在此期間上漲了約 34%。因此，2025 年第二季的淨收入為人民幣 3,830 萬元或 530 萬美元，

which was affected by lower revenues and offset by gains on fair value of cryptocurrency as we increased ETH holding and saw a 34% increase in ETH price during the period.

這受到收入下降的影響，但由於我們增加了 ETH 持有量並看到 ETH 價格在此期間上漲了 34%，因此加密貨幣的公允價值收益抵消了這一影響。

Moving on to first half 2025 metrics. Revenues were RMB175.6 million or USD24.5 million, primarily supported by sales of our Aleo series mining machines during the first half. Net income for first half 2025 was RMB4.3 million or $0.6 million, primarily impacted by lower gross profit and the losses on fair value of cryptocurrency as ETH price dropped by about 28% during the six month period.

繼續討論 2025 年上半年指標。收入為人民幣 1.756 億元或 2,450 萬美元，主要得益於上半年 Aleo 系列採礦機的銷售。2025 年上半年淨收入為人民幣 430 萬元或 60 萬美元，主要受到毛利下降和加密貨幣公允價值損失的影響，因為 ETH 價格在六個月期間下跌了約 28%。

Our balance sheet remains strong. As of June 30, 2025, our cash position, which consisted of cash and cash equivalents, deposits and government securities listed in long-term investment and short-term investments were $71.6 million. Also, as of June 30, 2025, we had current assets of $94.5 million, total assets of $148 million and total liability of just $4.6 million.

我們的資產負債表依然強勁。截至 2025 年 6 月 30 日，我們的現金狀況（包括現金和現金等價物、存款以及長期投資和短期投資中列出的政府證券）為 7,160 萬美元。此外，截至 2025 年 6 月 30 日，我們的流動資產為 9,450 萬美元，總資產為 1.48 億美元，總負債僅 460 萬美元。

I would like to provide some color on our current and long-term growth strategies before opening the floor for questions. We currently compete in the cryptocurrency segment through the development, launch and ongoing enhancements of our Goldshell mining machines. In line with this strategic focus, we have invested $5.8 million in R&D so far this year.

在開始提問之前，我想先介紹一下我們目前和長期的成長策略。我們目前透過開發、推出和持續改進 Goldshell 採礦機在加密貨幣領域展開競爭。根據這項策略重點，今年迄今我們已在研發方面投資了 580 萬美元。

At the beginning of this year, we have launched new products and several upgrades to our existing portfolio of mining machines which together represented the primary source of our total revenues. Key highlights include the release of 6 major Aleo mining series following the debut of the first AE Box in February.

今年年初，我們推出了新產品並對現有採礦機產品組合進行了多項升級，這些產品和升級是我們總收入的主要來源。主要亮點包括繼 2 月推出第一個 AE Box 之後，又發布了 6 個主要的 Aleo 挖礦系列。

Our Goldshell Byte dual-mining machine launched in Q1 2025 gained strong traction among the miner customers. As previously mentioned, at the beginning of 2024, we adopted an ETH dollar-cost averaging accumulation strategy and start to build our strategic reserve. As of June 30, 2025, Intchains has total holding of ETH units of 8,816 units, representing a 25.5% increase from the end of first quarter.

我們在 2025 年第一季推出的 Goldshell Byte 雙礦機在礦工客戶中獲得了強烈的吸引力。如前所述，在2024年初，我們採用了ETH平均成本累積策略，開始建立我們的策略儲備。截至 2025 年 6 月 30 日，Intchains 共持有 ETH 單位 8,816 個，較第一季末成長 25.5%。

According to recent publicly available information, including a report published by standard chartered in July 2025, the company was identified as one of the top ETH treasury holders among public companies globally. Notably, the price of ETH has risen 34% since the end of first quarter 2025.

根據近期公開的信息，包括渣打銀行 2025 年 7 月發布的一份報告，該公司被確定為全球上市公司中最大的 ETH 資金持有者之一。值得注意的是，自 2025 年第一季末以來，ETH 的價格已上漲 34%。

Looking ahead, our growth strategy rests on the same 2 core pillars. First is the launch of our new products and the continuous upgrade efficiency of mining machines and exploration of innovative new projects. Second is optimizing our ETH accumulation and yield generation strategies.

展望未來，我們的成長策略仍基於同樣的兩大核心支柱。一是新產品的推出，礦機效率的不斷提升，創新新專案的探索。第二是優化我們的 ETH 累積和效益產生策略。

On one hand, we remain firmly committed to long-term R&D investments, making every effort to stay ahead in the dynamic cryptocurrency market, leveraging our experienced -- leverage our experienced R&D team and past investments -- we have been able to quickly identify, assess and act on opportunities in the development of altcoin mining machines, achieving 100% profitability across all such projects to date.

一方面，我們堅定地致力於長期研發投資，盡一切努力在動態的加密貨幣市場中保持領先地位，利用我們經驗豐富的研發團隊和過去的投資，我們能夠快速識別、評估和利用山寨幣採礦機開發中的機會，迄今為止，所有此類項目均實現了 100% 的盈利能力。

As we continue to explore new altcoin projects, we are also planning new upgrades of mining efficiency for our existing mining products, such as the Dogecoin series to expand our market share.

隨著我們不斷探索新的山寨幣項目，我們也計劃對現有的挖礦產品（如狗狗幣系列）進行挖礦效率的新升級，以擴大我們的市場份額。

On the other hand, we have taken several steps to increase our strategic ETH reserve and expand our long-term digital asset positioning and yield-generation strategy. As part of these efforts, we recently announced the cooperation with FalconX, which focused on two key aspects.

另一方面，我們已採取多項措施增加我們的策略性 ETH 儲備，並擴大我們的長期數位資產定位和收益產生策略。作為這些努力的一部分，我們最近宣布與 FalconX 合作，重點關注兩個關鍵方面。

First, we are optimizing our ETH acquisitions through customized derivative-based trading strategy, such as funded put selling, which may enable Intchains to accumulate ETH at a favorable price while also potentially generate premium income.

首先，我們正在透過客製化的基於衍生性商品的交易策略來優化我們的 ETH 收購，例如有資金支持的看跌選擇權賣出，這可能使 Intchains 能夠以優惠的價格累積 ETH，同時也可能產生溢價收入。

Second, we are enhancing ETH yield by combining lending activities with derivative-based yield generation -- yield strategy, aiming to deliver superior returns compared to traditional passive ETH accumulation and staking method. Our goal is to achieve an increased annualized yield on our ETH holdings, which could potentially be as high as 10%.

其次，我們透過將借貸活動與基於衍生性商品的收益產生（收益策略）相結合來提高 ETH 收益，旨在提供比傳統被動 ETH 累積和質押方法更高的回報。我們的目標是提高 ETH 持有量的年化報酬率，最高可達 10%。

2025 has been a transitional year for us as we make strategic moves to ensure we are well positioned for long-term sustainable growth. While we expect revenue for the second half of the year to be impacted by softer sales driven by altcoin price volatility.

2025 年對我們來說是過渡的一年，我們將採取策略性舉措，確保為長期永續成長做好準備。我們預計下半年的營收將受到山寨幣價格波動導致的銷售疲軟的影響。

We see the value of investing into the future and have accelerated R&D investments to strengthen our technology leadership in the altcoin mining machine market, allowing us to advance new altcoin projects under development towards commercialization.

我們看到了投資未來的價值，並加快了研發投資，以加強我們在山寨幣挖礦機市場的技術領先地位，使我們能夠推動正在開發的新山寨幣專案走向商業化。

At the same time, the expansion of our ETH reserve and new ETH yield-generating initiatives paved the way for improved overall profitability. We expect these strategic moves to reinforce our business pillars and translate into tangible growth in 2026.

同時，我們 ETH 儲備的擴大和新的 ETH 收益產生計劃為提高整體盈利能力鋪平了道路。我們預計這些策略舉措將鞏​​固我們的業務支柱，並在 2026 年轉化為實際的成長。

We believe that the ability to pivot quickly and innovate across evolving crypto mining ecosystem is critical to long-term success, particularly in a market defined by rapid technological change and regulatory shifts.

我們相信，在不斷發展的加密挖掘生態系統中快速轉變和創新的能力對於長期成功至關重要，特別是在技術快速變化和監管變化的市場中。

We remain focused on executing our long-term vision and delivering sustained value through the technology leadership and our strong commitment to innovation to unlock long-term value and reinforce our leadership in the evolving blockchain ecosystem.

我們將繼續專注於實現我們的長期願景，並透過技術領導地位和對創新的堅定承諾提供持續的價值，以釋放長期價值並鞏固我們在不斷發展的區塊鏈生態系統中的領導地位。

By aligning our development road map with the needs of both enterprise and crypto-native users, we aim to be driving force in shaping the future. With that, operator, let's open it up to -- open it up for questions.

透過使我們的發展路線圖與企業和加密原生用戶的需求保持一致，我們的目標是成為塑造未來的推動力。接線員，好了，讓我們開始提問。

(Operator Instructions)

（操作員指示）

And our first question comes from the line of Matthew Galino with Maxim Group. Matthew, please go ahead.

我們的第一個問題來自 Maxim Group 的 Matthew Galino。馬修，請繼續。

Hi, thanks for taking my question. I wanted to maybe focus on the ETH accumulation strategy. Do you have any, I guess, concrete objectives on how aggressively you intend to accumulate ETH? Is there any thought to becoming more like the traditional Bitcoin strategies where they issue and use financial instruments to acquire more? Or are you intending to continue to sort of do it organically from cash flows that you could generate off the core business?

你好，謝謝你回答我的問題。我可能想專注於 ETH 累積策略。我想，您是否有任何具體的目標，表明您打算如何積極地累積 ETH？有沒有想過變得更像傳統的比特幣策略，即發行並使用金融工具來獲取更多？或者您打算繼續透過核心業務產生的現金流以有機的方式實現這一目標？

Okay. Thank you for your question, Matt. And our -- currently, the company primarily use our own funds to conduct a dollar cost averaging strategy to do the ETH purchases. This approach is -- we think, is a risk controlled prudent and consistent with our long- term strategy. But in the future, we may consider a moderate financing for ETH accumulation depending on market conditions and opportunities. But overall strategy, (inaudible) will remain unchanged.

好的。謝謝你的提問，馬特。目前，該公司主要使用自有資金採用美元成本平均策略來購買 ETH。我們認為，這種方法是一種風險控制的審慎方法，並且符合我們的長期策略。但未來我們可能會根據市場狀況和機會考慮對ETH累積進行適度融資。但整體戰略（聽不清楚）將維持不變。

The dollar cost averaging approach to continue to be the core of our ETH treasury operation. And I think -- we think, on the one hand, our profits from our mining machine business can directly support the ETH strategy. And I think compared to short-term gains, our approach is more resilient across market cycles and avoid some forced ETH sales or ETH disposal triggered by short-term price drops. Thank you.

美元成本平均法將繼續成為我們 ETH 資金運作的核心。我認為——我們認為，一方面，我們從礦機業務中獲得的利潤可以直接支持 ETH 策略。我認為與短期收益相比，我們的方法在整個市場週期中更具彈性，並避免了由短期價格下跌引發的一些強制性 ETH 銷售或 ETH 處置。謝謝。

Thank you. And if I could ask one follow-up question. I think you mentioned targeting up to a 10% yield on your Ethereum treasury. Can you talk about how much of your holdings, any if you would consider putting towards a staking or trading strategy? Is it half or more? Just how much do you intend to put towards yield activity?

謝謝。我可以問一個後續問題。我認為您曾提到將以太坊金庫的收益率定為 10%。您能否談談您持有多少資產，是否考慮將其用於質押或交易策略？是一半還是更多？您打算為收益活動投入多少資金？

Yeah, We -- yes, let me think about this question, how to answer your question. And -- currently, we cooperate with FalconX. The key point of this cooperation is to lower purchase price cost through certain trading strategies and to optimize returns through the lending. So in the future, we will also explore partnership with some taxes decentralized exchange and to expand the other staking.

是的，我們——是的，讓我想想這個問題，如何回答你的問題。並且—目前，我們與 FalconX 合作。此次合作的重點是透過一定的交易策略降低採購價格成本，並透過借貸來優化收益。因此，未來我們也將探索與一些稅收去中心化交易所合作，並擴大其他權益質押。

Overall, we will make decisions based on the market condition and the yield efficiency. But we will not put all our ETH in one place. So -- but we will put all -- over 80% of our ETH to generate -- to generate income, but maybe not put in one place. Yes, this is our long-term strategy. Thank you.

整體來說，我們會根據市場狀況和收益率效率來做決定。但我們不會把所有的 ETH 都放在一個地方。所以 — — 但我們會把全部 — — 超過 80% 的 ETH 用來產生收入，但可能不會放在一個地方。是的，這是我們的長期策略。謝謝。

Great, thank you. I'll jump back in the queue.

太好了，謝謝。我會重新回到隊列中。

(Operator Instructions) And our next question comes from the line of Mark Palmer with The Benchmark Company.

（操作員指示）我們的下一個問題來自 The Benchmark Company 的 Mark Palmer。

Yes, thanks for taking my question. Just the company's prepared remarks made reference to a pipeline of multiple altcoin projects that are moving toward commercialization. We saw the rollout of the new mining machines recently as well as the Goldshell Byte initiative. What can you tell us about what that pipeline of altcoin projects looks like? And what your thinking is with regard to their potential contribution especially in 2026?

是的，感謝您回答我的問題。該公司在準備好的發言中提到了正在走向商業化的多個山寨幣項目。我們最近看到了新採礦機的推出以及 Goldshell Byte 計劃。您能告訴我們山寨幣計畫的流程是什麼樣的嗎？您認為他們可能做出的貢獻，尤其是在 2026 年，有何看法？

Thank you.

謝謝。

Yeah, Thank you. The Aleo mining has achieved a strong revenue growth in the first half of this year. And in the second half, we will launch new altcoin mining products, while our new state-of-the-art Dogecoin miner is expected to complete testing in 2025 and enter mass production in first half of 2026. And we will continue to invest in R&D to maintain product competitiveness. So for the second

是的，謝謝。Aleo礦業今年上半年實現了強勁的營收成長。下半年，我們將推出新的山寨幣挖礦產品，而我們最先進的新型狗狗幣礦機預計將於 2025 年完成測試，並於 2026 年上半年投入量產。並且我們將繼續投資研發以維持產品競爭力。所以第二個

half of 2025, first is our Aleo miners and second is our Dogecoin miners. And we also will have a new -- new coin miners will launch in 2025. In 2026, there's Dogecoin miners. Thank you.

2025 年上半年，首先是我們的 Aleo 礦工，其次是我們的 Dogecoin 礦工。我們還將推出一款新的——新的硬幣礦工，將於 2025 年推出。2026 年，有狗狗幣礦工。謝謝。

(Operator Instructions)

（操作員指示）

Kevin Dede with H.C. Wainwright.

Kevin Dede 和 H.C. Wainwright。

Thank you. Thanks so much for taking my question. I'm just curious strategically, how you're thinking about the artificial intelligence market given excellence in semiconductor design. I'm just wondering where that might fall in your strategic thinking.

謝謝。非常感謝您回答我的問題。我只是好奇，從戰略上講，鑑於半導體設計的卓越性，您如何看待人工智慧市場。我只是想知道這在你的策略思維中處於什麼位置。

Yeah, Currently, we don't have any plan to expand business in that area. Yes. Thank you for your question. But we will internally discuss further.

是的，目前，我們沒有在該地區擴展業務的計劃。是的。感謝您的提問。但我們內部會進一步討論。

Yeah, thank you. I appreciate, I appreciate the response. I just curious.

是的，謝謝。我很感激，我很感激您的回覆。我只是好奇。

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

And your next question comes from the lineup again with Matthew Galino with Maxim Group. Matthew, please go ahead.

您的下一個問題再次來自 Maxim Group 的 Matthew Galino。馬修，請繼續。

I appreciate you taking my follow up. I'm curious about if you could give us some thoughts about how to model R&D spending through the rest of 2025. Should we see that pick up in the back half of the year as you try to bring new products to market? Or do you think first quarter was maybe the high point of the year? Just some thoughts around that.

感謝您接受我的跟進。我很好奇您是否可以給我們一些關於如何模擬 2025 年剩餘時間的研發支出的想法。當您嘗試將新產品推向市場時，我們是否應該在下半年看到這種回升？或者您認為第一季可能是今年的最高點？只是圍繞這一點的一些想法。

I think our R&D expenses have -- firstly, our product will -- the second half -- in the second half, we will have new products, just like I mentioned. But the R&D expenses are mostly occurred in the first half. So we believe that the second quarter, the base -- the base figure of the second half were -- were not -- were not large than -- were not big than the first half. And it will have maybe one tape-out and the process node is not very high. So I think the total R&D expenses were not larger than first half.

我認為我們的研發費用——首先，我們的產品將在下半年推出新產品，就像我提到的那樣。但研發費用主要發生在上半年。因此，我們認為，第二季的基數——下半年的基數——並不比上半年大。它可能只有一次流片，而且製程節點不是很高。所以我認為總研發費用不會比上半年大。

There is no further question at this time. I will now hand it over to Charles Yan for closing remarks. Charles?

目前沒有其他問題。現在我將把時間交給 Charles Yan 作結束語。查爾斯？

Yeah. Thanks again for all of you for joining us. We are always open to dialogue with investors. Please feel free to reach out to us or to our Investor Relations firm, the Equity Group for any additional questions. We look forward to speaking with you again on our next quarterly call. Thank you.

是的。再次感謝大家的參與。我們始終願意與投資人對話。如有任何其他問題，請隨時聯絡我們或我們的投資者關係公司 Equity Group。我們期待在下次季度電話會議上再次與您交談。謝謝。

That includes the conference call. You may now disconnect.

其中包括電話會議。您現在可以斷開連線。