Ispire Technology Inc (ISPR) 2026 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Ispire Technology Q3 2026 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

各位好，感謝您稍候並歡迎參加 Ispire Technology 2026 會計年度第三季（Q3 2026）財報電話會議。（接線員指示）請注意，今天的活動將被錄音。

I would now like to turn the conference over to James Carbonara with Hayden Investor Relations. Please go ahead.

現在我想把會議交給 Hayden Investor Relations 的 James Carbonara。請開始。

Good afternoon, and welcome to Ispire Technology's fiscal third quarter 2026 earnings conference call. Before we begin, I would like to remind you that this conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in its announcement are forward-looking statements.

各位下午好，歡迎參加 Ispire Technology 2026 會計年度第三季財報電話會議。在開始之前，我想提醒各位，本次電話會議包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。除公告中對歷史事實的陳述外，所有陳述均為前瞻性陳述。

Forward-looking statements are based on estimates and assumptions made by the company in terms of its experience and its perception of historical trends, current conditions, and expected future developments as well as other factors that the company believes are relevant. These forward-looking statements involve known and unknown uncertainties, and many factors could cause the company's actual results or performance to differ materially from those expressed or implied by the forward-looking statements.

前瞻性陳述係基於公司依其經驗、對歷史趨勢、當前狀況及預期未來發展的認知，以及公司認為相關的其他因素所作出的估計與假設。這些前瞻性陳述涉及已知與未知的不確定性，且多項因素可能導致公司實際結果或表現與前瞻性陳述所明示或暗示者存在重大差異。

Further information regarding this and other risk factors are included in the company's filings with the SEC. The company undertakes no obligation to update forward-looking statements to reflect subsequent or current events or circumstances or changes in expectations, except as may be required by law.

有關此項及其他風險因素的進一步資訊，已載於公司向美國證券交易委員會（SEC）提交的文件中。除法律可能要求外，公司不承擔更新前瞻性陳述以反映其後或當前事件、情況或預期變化之義務。

I will now turn the call over to Michael Wang, Co-Chief Executive Officer of Ispire Technology. Michael, you may begin.

現在我將把電話交給 Ispire Technology 共同執行長 Michael Wang。Michael，請開始。

Thank you, operator, and thank you all for joining us. This quarter marked a turning point for Ispire. Our business has stabilized. Our operating model is sharper and more disciplined, and we ended the quarter with $18 million in cash, up $468,000 sequentially. This sequential cash growth is one of the clearest signs of progress in the quarter.

謝謝接線員，也謝謝各位加入我們。本季對 Ispire 而言是一個轉捩點。我們的業務已趨於穩定。我們的營運模式更精準、更具紀律；本季結束時現金為 1,800 萬美元，較上一季增加 46.8 萬美元。這項現金的季增，是本季進展最明確的訊號之一。

It demonstrates the improving financial control and a more focused operating posture and reinforces our confidence in becoming cash flow positive in the second half of this calendar year 2026. The transition we set out to make is behind us. Now we are executing against a phased growth roadmap, multiple catalysts, each tied to billion-dollar markets where we have clear competitive advantages.

這顯示財務控管正在改善、營運姿態更聚焦，也強化我們對於在 2026 年曆年下半年轉為正向現金流的信心。我們原先設定的轉型已經完成。現在我們正依循分階段的成長路線圖執行，並有多項催化劑，每一項都對應到我們具備明確競爭優勢的十億美元級市場。

The first and most immediate of these is Malaysia. Our Malaysia manufacturing platform is live today, and we believe this is one of the most strategically important developments in the company's history. In addition, Malaysia provides us with an estimated 25% tariff advantage over China, giving us both economic and strategic leverage as we pursue opportunities in the $73 billion global vape market.

其中第一項、也是最即時的，是馬來西亞。我們的馬來西亞製造平台目前已正式上線，我們相信這是公司歷史上最具策略重要性的發展之一。此外，馬來西亞相較中國可為我們帶來估計約 25% 的關稅優勢，使我們在追求 730 億美元全球電子煙市場機會時，同時具備經濟與策略槓桿。

This is both a manufacturing milestone and a structural advantage that we believe can support margin improvement, customer acquisition, and long-term market relevance. Second, plans are underway to launch our Vapor ODM initiative in July. This initiative will initially serve small and mid-sized brands with larger brand opportunities targeted for 2027.

這不僅是製造里程碑，也是我們認為可支持毛利率改善、客戶取得以及長期市場相關性的結構性優勢。第二，我們正推進於 7 月推出 Vapor ODM 計畫。該計畫初期將服務中小型品牌，並以 2027 年鎖定更大型品牌機會。

We see this as another practical commercialization pathway that can convert our manufacturing, design, and regulatory capabilities into higher-value customer relationships. Beyond these near-term drivers, we continue to build long-duration optionality through differentiated technology.

我們將其視為另一條務實的商業化路徑，可把我們的製造、設計與法規合規能力，轉化為更高價值的客戶關係。除了這些短期驅動因素外，我們也持續透過差異化技術建立長期的選擇權。

Through IKE Tech, we believe our Age-Gating platform has the potential to help unlock approximately $50 billion to $70 billion US flavored vape market, a market that remains effectively inaccessible today under the current framework. In parallel, our G-Mesh Glass Technology is growing interest in a $24 billion plus legal global market, including licensing discussions with major tobacco participants.

透過 IKE Tech，我們相信 Age-Gating（年齡驗證／門檻）平台有潛力協助解鎖約 500 億至 700 億美元的美國調味電子煙市場；在現行框架下，該市場至今基本上仍難以進入。與此同時，我們的 G-Mesh 玻璃技術在超過 240 億美元的全球合法市場中正獲得更多關注，並包含與主要菸草業者的授權討論。

These are proprietary assets that could materially expand our strategic and financial opportunities beginning in 2027 and beyond. The accomplishments we achieved during the fiscal third quarter are clear. We strengthened liquidity, improved operating discipline, and advanced the roadmap with multiple high-value catalysts. We believe that combination gives Ispire a stronger foundation for both profitability and the long-term shareholder value creation as we move forward.

這些都是專有資產，可能自 2027 年起及其後，實質擴大我們的策略與財務機會。我們在本會計年度第三季達成的成果相當明確：我們強化了流動性、提升了營運紀律，並以多項高價值催化劑推進路線圖。我們相信，這樣的組合將在我們持續前進之際，為 Ispire 奠定更強的獲利基礎與長期股東價值創造能力。

I will now turn the call over to Jie for a more detailed review of our financial results. Jie?

現在我將把電話交給 Jie，請他更詳細說明我們的財務結果。Jie？

Thank you, Michael. For the fiscal third quarter ended March 31, 2026, Ispire reported revenue of $18.7 million compared with $26.2 million in the third quarter of fiscal 2025 and $20.3 million in the prior quarter. The modest sequential decline primarily reflected seasonal factory downtime associated with Chinese New Year and represents the most resilient second to third quarter performance pattern in our history. Gross profit for the quarter was $2 million and gross margin was 10.7%.

謝謝你，Michael。截至 2026 年 3 月 31 日止的會計年度第三季，Ispire 營收為 1,870 萬美元，相較於 2025 會計年度第三季的 2,620 萬美元，以及上一季的 2,030 萬美元。本季營收小幅季減，主要反映與農曆新年相關的季節性工廠停工，並呈現我們歷史上第二季到第三季最具韌性的表現型態。本季毛利為 200 萬美元，毛利率為 10.7%。

Importantly, gross profit was impacted by approximately $2.2 million of one-time product returns from legacy cannabis customer with whom we have ceased doing business. We view those returns as part of final cleanup associated with our strategic repositioning, not representative of the normalized earnings profile of the go-forward business. In that sense, we view this quarter as one in which reported margin observed a legacy headwind, while the underlying business mix continues moving in an improved direction.

值得注意的是，毛利受到約 220 萬美元一次性產品退貨的影響，該退貨來自我們已停止往來的既有大麻客戶。我們將這些退貨視為與策略重新定位相關的最後清理工作之一部分，並不代表未來業務常態化的獲利輪廓。就此而言，我們認為本季的報告毛利率受到既有業務的逆風影響，但底層的業務組合仍持續朝更佳方向改善。

On the cost side, we continue to make meaningful progress. Total operating expenses, excluding credit loss were $5.9 million, down 36% year-over-year from $9.3 million, and down 3.7% sequentially from $6.1 million in the December quarter. This performance reflects the impact of sustained cost discipline and a more focused operating structure. It also reinforced our belief that profitability is increasing a matter of near-term execution and scale. Credit loss in the quarter was $5.6 million, down roughly $500,000 year-over-year.

在成本方面，我們持續取得實質進展。扣除信用損失後的總營業費用為 590 萬美元，較去年同期 930 萬美元年減 36%，亦較 12 月季度的 610 萬美元季減 3.7%。此表現反映持續的成本紀律與更聚焦的營運架構所帶來的成效，也進一步強化我們的看法：獲利能力提升在很大程度上取決於短期的執行與規模擴張。本季信用損失為 560 萬美元，較去年同期約減少 50 萬美元。

This improvement is another indication that the financial cleanup tied to legacy activity is moving in the right direction. And we are committed to continued discipline around receivables and working capital management. Net loss for the quarter was $9.5 million compared with $10.9 million in the year ago period and $6.6 million in the prior quarter.

這項改善再次顯示，與既有活動相關的財務清理正朝正確方向推進。我們也承諾將持續在應收帳款與營運資金管理上維持紀律。本季淨損為 950 萬美元，相較去年同期 1,090 萬美元，以及上一季 660 萬美元。

While the quarter still reflects transition-related pressure, the broader trend is encouraging. We have materially reduced our cost base while positioning the company for higher quality revenue streams and better operating leverage over time. We ended the quarter with $18 million in cash, an increase of approximately $468,000 sequentially.

雖然本季仍反映轉型相關壓力，但整體趨勢令人鼓舞。我們已大幅降低成本基礎，同時讓公司定位於更高品質的營收來源，並在時間推移下取得更佳的營運槓桿。本季結束時現金為 1,800 萬美元，較上一季增加約 46.8 萬美元。

This sequential cash growth is a meaningful achievement in the context of an ongoing repositioning. It strengthens our balance sheet, support our near-term growth investments, and underpin our confidence in reaching cash flow positive performance in the second half of this calendar year 2026. From a financial perspective, the foundation for improved profitability has been built. The company is leaner, more disciplined, and better aligned with high-value growth markets.

在持續重新定位的背景下，這項現金的季增是一項重要成就。它強化了我們的資產負債表，支持我們近期的成長投資，並支撐我們對於在 2026 年曆年下半年達成正向現金流表現的信心。從財務角度來看，提升獲利能力的基礎已經建立。公司更精實、更具紀律，且與高價值成長市場的方向更一致。

I will now turn the call back to Michael.

現在我把電話交回給 Michael。

Thank you. This quarter marks the beginning of a new phase for Ispire. The transition in our business reflects reduced exposure to low-quality revenue and is now about converting that reset into a stronger earnings model, a stronger cash profile, and a stronger strategic position in global nicotine and compliance technology markets.

謝謝。本季標誌著 Ispire 新階段的開始。我們的業務轉型反映出對低品質營收的曝險降低；接下來的重點，是把這次重置轉化為更強的獲利模式、更強的現金狀況，以及在全球尼古丁與合規技術市場中更強的策略地位。

Our priorities are clear. First, we are focused on profitability and the path to becoming cash flow positive in the second half of this calendar year 2026. We intend to build on the momentum we have established this quarter through operating discipline, working capital management and the ramp of new revenue catalysts.

我們的優先事項很明確。第一，我們聚焦於獲利能力，以及在 2026 年曆年下半年轉為正向現金流的路徑。我們打算透過營運紀律、營運資金管理，以及新營收催化劑的放量，延續本季建立的動能。

Second, we are focused on winning from a position of strategic advantage. Our licensed manufacturing presence in Malaysia gives us a highly differentiated foothold in a critical geography with regulatory exclusivity and tariff advantages that we believe can translate into both commercial and financial benefits over time. Malaysia is a platform for expansion.

第二，我們專注於以策略優勢取勝。我們在馬來西亞的持牌製造據點，讓我們在關鍵地理區域取得高度差異化的立足點，並具備法規上的排他性與關稅優勢；我們相信，這些優勢可隨時間推移轉化為商業與財務上的效益。馬來西亞是一個擴張平台。

And finally, we are building a company with multiple avenues for value creation, near-term scale commercialization through Vapor ODM, and longer-term upside through Age-Gating and G-Mesh. Together, these initiatives create a diversified roadmap that we believe is unusual in our industry and compelling from an investor perspective.

最後，我們正在打造一家擁有多元價值創造途徑的公司：透過 Vapor ODM 進行近期的規模化商業化，以及透過 Age-Gating 與 G-Mesh 帶來更長期的上行空間。綜合而言，這些計畫形成一條多元化的路線圖，我們認為在本產業中相當少見，且從投資人角度看具吸引力。

Thank you for your time and continued support. Operator, please open the line for questions.

感謝各位撥冗與持續支持。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Nick Anderson, ROTH Capital Partners.

ROTH Capital Partners 的 Nick Anderson。

Yeah, good morning. Thanks for taking the questions, and congrats on the quarter. First for me, just on the vape news and the recent flavored approval, there was discussion around the digital leash software, which maybe was the reason the FDA viewed that application favorably.

是的，早安。謝謝讓我提問，也恭喜本季表現。首先就電子煙的消息以及近期口味核准一事，市場上有討論到數位牽繩（digital leash）軟體，這可能是 FDA 對該申請案持較正面看法的原因。

I guess two questions off that. Do you believe proximity-based restrictions will be the path the FDA takes? And if so, do you have the capability to incorporate that tech into your -- do you have the ability to incorporate that into your tech if you don't have it already?

我想基於此有兩個問題。你們認為以「近距離」為基礎的限制會是 FDA 採取的方向嗎？如果是的話，你們是否有能力把那項技術納入你們的——如果你們目前還沒有的話，你們是否有能力把它整合進你們的技術中？

Nick, thank you. The first part of the question, actually, I will go straight to the second part. Yes, we do have that built into our solution. And from day one, that was the key differentiation between our technology and other solutions out there. So more importantly, our platform is now moving out of the old app model more into a platform model.

Nick，謝謝。關於問題的第一部分，其實我會直接回答第二部分。是的，我們的解決方案已內建該功能。從第一天起，這就是我們技術相較於市面上其他方案的關鍵差異化。更重要的是，我們的平台現在正從傳統的 App 模式，轉向更偏平台（platform）模式。

So this, again, reinforced the continuous authentication capabilities. And more importantly, because it's a platform, we would allow for brands to customize and set their own, I guess, performance parameter, you can say, really brand -- from brand to brand, we provide that capability because we also want to make sure brands in dealing with different regulations across the world, they can set the parameters differently country by country depending on regulations, too.

因此，這再次強化了持續驗證（continuous authentication）的能力。更重要的是，因為它是平台，我們允許品牌進行客製化並設定其自身的——我想可以說是效能參數；也就是說，因品牌而異，我們提供這樣的能力，因為我們也希望確保品牌在面對全球各地不同法規時，能依各國法規逐國設定不同參數。

So the simple answer is, yes, we have the continuous authentication capability, and it's in our solution. And the advantage really is, so many solutions out there, especially solutions developed years ago tend to be either having the device turned on after initial age verification and then stay on forever, which is, of course, highly undesirable from a regulatory point of view or they would have a periodic reauthentication or verification. That also creates gaps where potential misuse of the device could happen.

所以簡單答案是：是的，我們具備持續驗證能力，而且已在我們的解決方案中。真正的優勢在於，市面上很多方案，尤其是多年前開發的方案，往往是初次完成年齡驗證後就讓裝置開啟並永久保持啟用，這從監管角度當然非常不理想；或者採取定期重新驗證／核驗。那也會造成空窗期，使裝置可能被不當使用。

So that's why from day one, our solution was continuous authentication and that proved to be very important to regulators, not only with the FDA, but outside the US as well. Nick, I hope I answered your question.

因此從第一天起，我們的方案就是持續驗證，而這對監管機構證明非常重要，不僅對 FDA 如此，在美國以外亦然。Nick，希望我有回答到你的問題。

Yes, that's perfect and very encouraging. Second for me, just on partnerships. This PMTA announcement also validated Age-Gating positioning and getting flavors to market. I know this is maybe too early, but what have you seen with discussions with potential partners in terms of potentially accelerating off of this approval? What has changed in the last few days in terms of the clients you're talking to?

有的，這非常好，也很令人鼓舞。第二個問題是關於合作夥伴。這次 PMTA 的公告也驗證了年齡門檻（Age-Gating）的定位，以及讓口味產品上市。我知道可能還太早，但你們在與潛在合作夥伴的討論中，看到了哪些變化——是否可能因這次核准而加速？過去幾天你們正在洽談的客戶方面，有哪些改變？

You're right. Indeed, in the last 48 hours, up to 72 hours, the ground was moving per se. So that's really encouraging to us. President Trump's pressure on the FDA, obviously, went a long way for the industry. And the immediate approval of the four additional SKUs for glass sent a strong signal to the industry.

你說得對。確實在過去 48 小時到 72 小時內，情勢可說是在快速變動。這對我們非常鼓舞。川普總統對 FDA 的施壓，顯然對產業有很大助益。而針對 GLASS 額外四個 SKU 的即時核准，也向產業釋放了強烈訊號。

So I think all the key players in the industry are familiar with the pros and cons of different solutions. Collectively, we have shared consensus that our solution is most advanced versus other technologies. So with the news over the last couple of days, certainly, we got accelerated existing conversations with brands.

所以我認為產業內所有關鍵玩家都熟悉不同方案的優缺點。整體而言，我們已形成共識：相較其他技術，我們的解決方案最為先進。因此，隨著過去幾天的消息，我們與品牌方既有的對話確實加速了。

In a couple of situations, we actually have even moved one step further discussing using our technology in some of their existing PMTAs through a so-called supplemental PMTA to accelerate the approval of their flavored products. So it's clear the industry recognize the flood gate is opening and Age-Gating is the only way to get flavored approval.

在幾個情況下，我們甚至更進一步，討論透過所謂的補充 PMTA（supplemental PMTA），在他們既有的 PMTA 中導入我們的技術，以加速其口味產品的核准。很明顯，產業已認知到閘門正在打開，而年齡門檻（Age-Gating）是取得口味核准的唯一途徑。

And lastly, with everybody's understanding for our solution being far ahead of competition. So we are absolutely getting -- I would say, yesterday, put it this way, I worked for 17 hours. That's much longer than my typical day of 12 hours. So it says a lot about the effort we put into entertaining those conversations.

最後，大家也理解我們的方案遠遠領先競爭對手。所以我們確實正在——我這樣說吧，昨天我工作了 17 個小時，比我平常 12 小時的工作日長得多。這很能說明我們為了應對這些對話所投入的努力。

That's great to hear. If I could squeeze just one more in on the state-by-state structures. With regulators becoming more constructive around vape, how do you anticipate states will respond? Several markets still have banned flavors, some have banned foreign imports. How do you see the state landscape changing as potentially more flavors come to market, in the legal market?

很高興聽到。如果我可以再塞一個問題，關於各州（state-by-state）的架構。隨著監管機構對電子煙的態度變得更具建設性，你們預期各州會如何回應？有些市場仍禁止口味，有些禁止外國進口。當更多口味可能在合法市場上市時，你們如何看待各州版圖的變化？

I think from a flavor ban point of view, those, I think, five, six states literally are aligned with FDA's flavor ban. So they are just reinforcing these bans accordingly. So from that point of view, there is consistency. I certainly hope with FDA feeling comfortable with Age-Gating Technology and start approving flavors, those states would align as well, would support approved flavors.

我認為就口味禁令而言，那五、六個州基本上是與 FDA 的口味禁令一致的，所以他們只是相應地強化這些禁令。從這個角度看，是一致的。我當然希望，隨著 FDA 對年齡門檻技術感到放心並開始核准口味，這些州也會跟進並支持已核准的口味。

But of course, we all know the general flavor ban in place right now is really trying to minimize the impact of black market from selling devices to underaged users. So that was a real goal by those states. So I think from that point of view, there is a perfect alignment with the FDA. I certainly hope the state would follow FDA's lead in terms of supporting approved flavors.

但當然，我們都知道目前的一般性口味禁令，主要是試圖降低黑市將裝置賣給未成年使用者的影響。那是那些州的真正目標。因此從這個角度看，與 FDA 是完全一致的。我當然希望各州會在支持已核准口味方面，跟隨 FDA 的方向。

But regarding other state-by-state situation, Texas, for example, is driving toward banning China-made vaping devices. So that is absolutely supporting our strategy of producing our product in Malaysia. So I think that's a plus for us. But some other state-by-state restrictions, I think, involved in probably banning disposables. We all know disposables are not environmentally friendly approach to vaping.

至於其他各州的情況，例如德州正推動禁止中國製的電子煙裝置。這完全支持我們在馬來西亞生產產品的策略，所以我認為這對我們是加分。但其他一些州別限制，我想可能涉及禁止一次性（disposable）產品。我們都知道一次性產品並不是環境友善的電子煙方式。

So I think the industry is moving further, further into pod systems versus disposable. And California, I think, as we know, ban online sales to further protect consumers. So I don't think that is going to change. That is the right policy because online sales is so hard to regulate and verify, certify.

因此我認為產業正越來越多地轉向 pod 系統，而非一次性產品。而加州，如我們所知，禁止線上銷售以進一步保護消費者。我不認為那會改變。那是正確的政策，因為線上銷售非常難以監管與驗證、認證。

But ultimately, the true solution in protecting under-aged consumers or people and to protect adult consumers from using risky dangerous product is by FDA approving flavored devices with age-gating built in. So I think I'm happy for the industry, knowing to us devices were approved, and this is a new beginning for the industry. I'm happy for consumers. And certainly, this is a major win for the regulators as well. Instead of doing nothing for flavored products, finally, this is the right thing to do, using technology here to solve the problem. Nick, that's my answer.

但歸根究柢，真正能保護未成年消費者或一般民眾，並保護成年消費者避免使用高風險、危險產品的解方，是 FDA 核准內建年齡門檻的口味裝置。因此我為產業感到高興，因為我們知道已有裝置獲核准，這是產業的新開始。我為消費者感到高興。而且這對監管機構而言也絕對是一場重大勝利。與其對口味產品什麼都不做，終於採取正確作法——用技術來解決問題。Nick，以上是我的回答。

Great. That's it for me. Congrats, and I'll pass it on.

很好。我這邊就到這裡。恭喜，我把時間交回去。

And this concludes today's question-and-answer session. I would now like to turn the conference back over to Michael Wang for any closing remarks.

以上結束今天的問答環節。現在我想把電話會議交回給 Michael Wang，請他做結語。

Thank you, operator. Obviously, this quarter is a low quarter in terms of revenue for us, but it's not a surprise. Q3 has always been a low quarter due to the Chinese New Year shutdown of the factories. But generally, from Q2 to Q3, we saw over 30% drop in business. For this time, it's only 8% drop. That's really, as Jie indicated, the lowest drop in history. So -- but I do believe from top line and bottom-line point of view, Q3 was a low point. And we feel very strongly, as Jie stated, our foundation is set solidly.

謝謝你，接線員。顯然，本季就營收而言對我們是相對低的一季，但這並不意外。由於農曆新年期間工廠停工，第三季一向是低季。但整體來看，從第二季到第三季，我們過去看到業務下滑超過 30%。這次只下滑 8%。正如 Jie 所指出，這是歷史上最低的下滑幅度。所以——但我確實相信，從營收（top line）與獲利（bottom line）的角度來看，第三季是低點。而我們也非常有信心，如 Jie 所說，我們的基礎已穩固建立。

We have a lot of work to do, certainly to prove to investors that we're over the hump and we are now on an upward trajectory. So I look forward to sharing more performance and developments with investors in the coming months. Certainly, we are here to show what we can accomplish this current quarter and the September quarter. I hope there will be a trend to regain some of the investors' trust and confidence, and we'll never look back again. So thanks again to everybody on today's call. This concludes it all. Thank you.

我們還有很多工作要做，當然也要向投資人證明我們已度過難關，現在正走在上升軌道上。因此我期待在未來幾個月與投資人分享更多表現與進展。當然，我們會在本季以及 9 月季度展現我們能達成的成果。我希望能出現一個趨勢，重新贏回部分投資人的信任與信心，並且不再回頭。再次感謝今天參與電話會議的各位。以上結束。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

謝謝。電話會議現在結束。感謝您參加今天的簡報，您現在可以掛線。