Kolibri Global Energy Inc (KGEI) 2024 Q4 法說會逐字稿

Good day, and welcome to the Kolibri Global Energy's 2024 annual financials conference call. (Operator Instructions) Please note that this event is being recorded. I advise participants that this conference is being recorded today, March 26, 2025. This call will be available on the company's website at www.kolibrienergy.com. This call may include forward-looking information regarding Kolibri's strategic plans, anticipated production, capital expenditures, exit rates and cash flows, reserves and other estimates and forecasts.

大家好，歡迎參加 Kolibri Global Energy 2024 年度財務電話會議。（操作員指示）請注意，此事件正在被記錄。我告知與會者，本次會議將於今天（2025 年 3 月 26 日）進行錄製。此次電話會議將在公司網站 www.kolibrienergy.com 上發布。本次電話會議可能包括有關 Kolibri 策略計劃、預期產量、資本支出、退出率和現金流量、儲備以及其他估計和預測的前瞻性資訊。

Forward-looking information is subject to risks and uncertainties, and actual results will vary from the forward-looking statements. This call may include future-oriented financial information and financial outlook information, which Kolibri discloses in order to provide readers with a more complete perspective on Kolibri's potential future operations and such information may not be appropriate for other purposes.

前瞻性資訊受風險和不確定性的影響，實際結果將與前瞻性陳述有所不同。本次電話會議可能包括面向未來的財務資訊和財務展望信息，Kolibri 披露這些資訊是為了向讀者提供有關 Kolibri 未來潛在運營的更完整視角，此類資訊可能不適合用於其他目的。

For a description of the assumptions on which such forward-looking information is based, and the applicable risks and uncertainties, and Kolibri's policy for updating such statements, we direct you to Kolibri's most recent Annual Information Form and Management's Discussion and Analysis for the period under discussion, as well as Kolibri's most recent corporate presentation, all of which are available on Kolibri's website. Listeners should not place undue reliance on forward-looking information. Kolibri undertakes no obligation to update any forward-looking future-oriented financial or financial outlook information other than as required by applicable law.

有關此類前瞻性資訊所基於的假設、適用的風險和不確定性以及 Kolibri 更新此類聲明的政策的描述，我們建議您參閱 Kolibri 最新的年度資訊表和討論期間的管理層討論與分析，以及 Kolibri 最新的公司介紹，所有這些都可以在 Kolibri 的網站上找到。聽眾不應過度依賴前瞻性資訊。除適用法律要求外，Kolibri 不承擔更新任何前瞻性未來財務或財務展望資訊的義務。

I would now like to turn the call over to Wolf Regener, the President and CEO of Kolibri Global Energy, Inc. Please go ahead, sir.

現在我想將電話轉給 Kolibri Global Energy, Inc. 總裁兼執行長 Wolf Regener。先生，請繼續。

Thank you, Nick, and thank you, everyone, for joining us today. With me today on the call is Gary Johnson, our Chief Financial Officer. We released our 2024 annual report yesterday, and we'll assume you've had a chance to look over the report. We are very pleased with the accomplishments we have achieved. I think that we've had an outstanding year with great results in multiple areas.

謝謝尼克，也謝謝大家今天加入我們。今天與我一起參加電話會議的是我們的財務長加里·約翰遜 (Gary Johnson)。我們昨天發布了 2024 年年度報告，我們假設您已經有機會查看該報告。我們對所取得的成就感到非常高興。我認為我們度過了出色的一年，在多個領域取得了巨大的成果。

Production increases 24% over 2023, accomplished with the capital spend that was below the low end of our guidance. We had successful in under budget drilling of the first 3 longer lateral wells, the 1.5-mile lateral Alicia Renee wells, which are performing very well. We have drilled them very quickly, only taking 2 days longer than our 1-mile laterals. So we added 50% of the amount of reservoir that we accessed, for an extra only 15% in drilling time, that all makes a big impact on efficiencies. Our operating expenses remain low.

產量將比 2023 年增加 24%，而資本支出則低於我們的預期低端。我們成功地在預算內鑽探了前 3 口較長的水平井，即 1.5 英里長的 Alicia Renee 水平井，這些井的表現非常好。我們鑽井速度非常快，只比鑽 1 英里水平井多花了 2 天。因此，我們增加了 50% 的儲層容量，而鑽井時間僅增加了 15%，這對效率產生了巨大影響。我們的營運費用仍然很低。

Our 2024 average was $7.44 per BOE, which actually included $0.63 of prior year gas and NGL processing from our gatherer XTO, which -- without which those our 2024 numbers would have been about $6.81 for the year. So our efficient operations led to great unhedged netbacks. We have, in 2024, which were $38.54. So that's how much we make per barrel of oil that we pull out of the ground. With an average oil price of $74.6 and gas at a low of $1.93 in Mcf.

我們 2024 年的平均價格為每桶油當量 7.44 美元，其中實際上包括了去年從我們的收集商 XTO 獲得的 0.63 美元的天然氣和 NGL 加工費用，如果沒有這些費用，我們 2024 年的數字將約為 6.81 美元。因此，我們的高效營運帶來了龐大的未對沖淨回值。2024 年，這一數字為 38.54 美元。這就是我們從地下開採出來的每一桶石油所賺的錢。平均油價為 74.6 美元，天然氣價格最低為 1.93 美元（千立方英尺）。

On top of that, our 2024 year-end crude reserves increased by 24% over the 2023 year-end numbers, which is really a big increase. In 2024, we also increased our line of credit up to $50 million. So things are going very well for the company. And with that, I'll turn the call over to Gary to discuss our financial results.

除此之外，我們 2024 年底的原油儲量比 2023 年底的數字增加了 24%，這是一個很大的成長。2024 年，我們也將信用額度提高至 5,000 萬美元。所以公司的狀況進展非常順利。說完這些，我將把電話轉給加里，討論我們的財務表現。

Thanks, Wolf, and thanks, everyone, for joining the call. So I'm going to go over a few highlights of our annual and fourth quarter results, as well as our 2025 forecast, and then we'll take questions at the end. All amounts are in US dollars unless otherwise stated. As we mentioned in our earnings release yesterday, we reported our highest annual revenue and adjusted EBITDA ever for the company.

謝謝沃爾夫，也謝謝大家參加電話會議。因此，我將介紹我們年度和第四季業績的幾個亮點以及 2025 年的預測，然後我們將在最後回答問題。除非另有說明，所有金額均以美元計算。正如我們在昨天的收益報告中提到的那樣，我們報告了公司有史以來最高的年度收入和調整後的 EBITDA。

Net revenue for 2024 was $58.5 million, which was an increase of 60% compared to the prior year and within our forecasted guidance. The increase was due to an increase in production, partially offset by lower prices of 7%. Adjusted EBITDA increased 28% to $44 million, which was within our guidance, and that compared to $39.1 million in 2023 due to the higher revenue, partially offset by higher operating and G&A expenses. Average production for 2024 was also within our guidance, as an increased 24% to 3,478 BOE per day compared to 2,796 in the prior year. The increase was due to the wells we added in 2024, including our 3 Alicia Renee 1.5-mile lateral wells, which came on production in the fourth quarter.

2024 年淨收入為 5,850 萬美元，比前一年增長 60%，符合我們的預測。成長是由於產量增加，但被 7% 的價格下降部分抵消。調整後的 EBITDA 成長 28% 至 4,400 萬美元，符合我們的預期，而 2023 年則為 3,910 萬美元，原因是收入增加，但營運和 G&A 費用增加部分抵消了這一增長。2024 年的平均產量也在我們的預期之內，與前一年的 2,796 桶油當量相比，增加了 24%，達到 3,478 桶油當量。產量成長的原因是我們在 2024 年增加了油井，其中包括 3 口 Alicia Renee 1.5 英里水平井，這些油井於第四季度投入生產。

Net income was $18.1 million and basic EPS was $0.51 per share in 2024, compared to $19.3 million and basic EPS of $0.54 per share in 2023, a 6% decrease. Operating expenses were $744 per BOE for the year compared to $661 in 2023. And like Wolf mentioned, that did include $0.62 of prior year cost true-ups in 2024. CapEx for 2024 was $31.3 million, compared to $53.2 million in 2023, which, was a decrease of 41% and about $2 million less than the low end of our forecasted guidance as we continue to achieve cost efficiencies in our field operations. Our netback from operations decreased to $38.34 per BOE, compared to $42.97 in the prior year.

2024 年淨收入為 1,810 萬美元，基本每股收益為 0.51 美元，而 2023 年淨收入為 1,930 萬美元，基本每股收益為 0.54 美元，下降 6%。全年營運費用為每桶油當量 744 美元，而 2023 年為 661 美元。正如沃爾夫所提到的那樣，這確實包括 2024 年上一年度 0.62 美元的成本調整。2024 年的資本支出為 3,130 萬美元，而 2023 年為 5,320 萬美元，下降了 41%，比我們預測指導的低端低約 200 萬美元，因為我們繼續在現場營運中實現成本效益。我們的營運淨回值下降至每桶油當量 38.34 美元，而前一年為 42.97 美元。

This was due to lower average prices of 7% and higher operating expenses. Our net debt at date of 2024 was $28.9 million which was slightly better than our -- the lowest end of our forecasted guidance. Now I'm going to move on to the fourth quarter results. Our average production for the quarter was 4,440 BOE per day, compared to 2,842 in the prior year quarter, which was an increase of 56% due to production from the 2024 wells. Adjusted EBITDA was $13.5 million, which was a 28% increase in the prior year fourth quarter, due to the higher production, partially offset by a 17% price decrease.

這是由於平均價格下降 7% 且營運費用增加所致。截至 2024 年，我們的淨債務為 2,890 萬美元，略優於我們的預測指引的最低端。現在我要談談第四季的業績。本季我們的平均產量為每天 4,440 桶油當量，而去年同期為每天 2,842 桶油當量，由於 2024 口油井的產量，產量增加了 56%。調整後的 EBITDA 為 1,350 萬美元，比去年同期第四季度增長 28%，原因是產量增加，但價格下降 17% 部分抵消了這一增長。

Net revenue was $17.4 million in the fourth quarter, compared to $13.4 million in the prior year quarter, an increase of 29%. Net income for the quarter was $5.6 million and basic EPS was $0.16 per share, compared to $4.8 million and basic EPS of $0.14 per share in the prior year fourth quarter. Operating expenses were $6.59 per BOE in the fourth quarter, compared to $7.02 in the prior year quarter, which was a decrease of 6%. And due to increased production, which reduced the per barrel fixed cost. Net back from operations were $35.94 per BOE compared to $44.40 in the prior year quarter, which was a decrease of 19% due to the lower prices in 2024.

第四季淨營收為 1,740 萬美元，較去年同期的 1,340 萬美元成長 29%。本季淨收入為 560 萬美元，基本每股收益為 0.16 美元，去年同期淨收入為 480 萬美元，基本每股收益為 0.14 美元。第四季營運費用為每桶油當量 6.59 美元，而去年同期為每桶油當量 7.02 美元，下降了 6%。且由於產量增加，每桶固定成本也降低了。營運淨回報為每桶油當量 35.94 美元，而去年同期為每桶油當量 44.40 美元，由於 2024 年價格較低，下降了 19%。

So next, I wanted to touch on our 2025 forecast, which we released at the beginning of the year. Our forecast continues to show double-digit growth on top of the significant growth we've already achieved over the last 3 years. Our average production forecast is 4,500 to 5,100 BOE per day, which is a 29% to 47% increase from our 2024 actual production. The revenue forecast of $75 million to $89 million is a 28% to 52% increase from our revenue in 2024. Our adjusted EBITDA forecast is $58 million to $71 million, which is a 32% to 61% increase from our 2024 adjusted EBITDA.

接下來，我想談談我們在今年年初發布的 2025 年預測。我們的預測顯示，在過去三年已經實現的顯著成長的基礎上，我們也將繼續實現兩位數的成長。我們的平均產量預測為每天 4,500 至 5,100 桶油當量，比 2024 年的實際產量增加 29% 至 47%。預計營收為 7,500 萬美元至 8,900 萬美元，比 2024 年的營收成長 28% 至 52%。我們調整後的 EBITDA 預測為 5,800 萬美元至 7,100 萬美元，比 2024 年調整後的 EBITDA 成長 32% 至 61%。

And we forecasted to spend between $48 million to $53 million on our CapEx, as we expect to bring 9 wells into production with 7 of them being longer laterals. And all this growth is expected to be funded by our cash flow from operations. We will tap into our credit facilities to manage our working capital during the year, but we expect to have net debt of $25 million to $30 million at the end of 2025. And our leverage ratio is expected to be well below 1. And the last thing I wanted to mention is our share buyback program.

我們預計資本支出將在 4,800 萬至 5,300 萬美元之間，因為我們預計將有 9 口井投入生產，其中 7 口是較長的水平井。所有這些成長預計都將由我們的營運現金流提供資金。我們將利用信貸額度來管理今年的營運資金，但預計 2025 年底的淨債務將達到 2,500 萬至 3,000 萬美元。我們的槓桿率預計遠低於1。最後我想提的是我們的股票回購計畫。

During 2024, we purchased 280,656 shares for about $1.1 million. And our plan is continue to buy back shares in 2025 while managing our cash flow needs for the new wells. And with that, I'll hand it back to Wolf.

2024 年，我們以約 110 萬美元購買了 280,656 股。我們的計劃是在 2025 年繼續回購股票，同時管理新油井的現金流需求。說完這些，我就把權力交還給沃爾夫。

Thanks, Gary. As I stated, we had a great 2024, and as Gary pointed out with all the detailed numbers. And when you look over the last few years, the company has had quite the growth. Revenue and cash flow have grown a lot while keeping our leverage low. And as you heard from Gary, our production is forecast to continue growing, and our team has been executing really well.

謝謝，加里。正如我所說，我們度過了一個偉大的 2024 年，正如 Gary 用所有詳細的數字指出的那樣。回顧過去幾年，該公司取得了相當大的成長。在維持低槓桿率的同時，收入和現金流大幅成長。正如您從加里那裡聽到的，我們的產量預計將繼續增長，而且我們的團隊表現得非常出色。

Our striving for constant improvement has been paying off well. The drilling times and cost improvements have been huge. We've also had numerous completion improvements that have led to more economic wells and our operating expenses and netbacks are, from what I can see, the best among our peers. And as to the stock price, we had a 58% gain in 2024, and it's been up even more in 2025. I'm glad the company is starting to get some recognition, and we'll continue to attempt to get the word out and make more people aware of our story.

我們不斷追求進步的努力已經獲得了豐厚的回報。鑽井時間和成本的改善非常顯著。我們也進行了大量完井改進，從而產生了更多經濟井，據我所知，我們的營運費用和淨回值在同行中是最好的。至於股價，我們在 2024 年上漲了 58%，2025 年的漲幅甚至更大。我很高興公司開始獲得一些認可，我們將繼續努力傳播訊息，讓更多人了解我們的故事。

In addition, as Gary mentioned, we're intending to continue our returning capital to shareholders in the form of our share buybacks. Overall, our plan is to continue to execute and to build and grow company value for all shareholders. This concludes the formal part of our presentation, and we would be pleased to answer any questions you may now ask.

此外，正如加里所提到的，我們打算以股票回購的形式繼續向股東返還資本。總體而言，我們的計劃是繼續執行並為所有股東創造和增加公司價值。我們演講的正式部分到此結束，我們很樂意回答您現在提出的任何問題。

(Operator Instructions) And your first question today will come from John White with Roth Capital.

（操作員指示）今天的第一個問題來自羅斯資本的約翰懷特。

Congratulations on the strong results, especially your LOE per BOE, very impressive operating cost number.

恭喜您取得如此出色的業績，尤其是每桶油當量的 LOE，營運成本數字非常令人印象深刻。

Thank you, John. I appreciate it. I appreciate you coming on the call as well.

謝謝你，約翰。我很感激。我也很感謝您接聽電話。

And so you're drilling the Lovina wells right now, 100% working interest. Remind me again, what is your net revenue interest in the Lovina wells?

所以你現在正在鑽探 Lovina 油井，100% 的工作權益。再提醒我一下，你在 Lovina 油井的淨收益權益是多少？

In the Lovina wells, we are around 80 -- working interest, yes, sorry. I think you said revenue. Did you say net revenue John?

在洛維納油井，我們有大約 80 個作業興趣點，是的，抱歉。我認為你說的是收入。你說的是淨收入，約翰？

Net revenue interest.

淨收入利息。

Yes. Net revenue interest. I think it's around 79%, roughly. Have to look exactly. But our average is like right in that range.

是的。淨收入利息。我認為大概是 79% 左右。得仔細看看。但我們的平均值就在這個範圍內。

Okay. And those are going to finish up. Those are going to be fracked in May. So would we expect production press release in June?

好的。這些都將會結束。這些將於五月進行水力壓裂。那我們預計六月會發布生產新聞稿嗎？

Yes. Yes, depending on weather and timing for the frac crews when they finish up their previous job. Right now, we're scheduled about mid-May, and then we'll be bringing those -- we intend to bring those wells on production sometime in early June.

是的。是的，這取決於天氣和壓裂人員完成之前工作的時間。目前，我們計劃在五月中旬左右開始生產，然後我們打算在六月初的某個時候開始生產這些油井。

Okay. And when do you think the Forguson well would be fracked?

好的。您認為 Forguson 油井什麼時候會進行水力壓裂？

The plan right now is to frac that sometime in July, but we'll see if that doesn't move into June as well -- or into June, I should say, not as well, but bringing it on in July sometime.

目前的計劃是在 7 月份的某個時候實現這一目標，但我們會看看這是否也會持續到 6 月份——或者應該說，不會持續到 6 月份，但會在 7 月份的某個時候實現。

Your next question today will come from Steve Ferazani with Sidoti.

今天的下一個問題來自 Sidoti 的 Steve Ferazani。

I appreciate the detail on the call -- or afternoon, I should say. Could you talk a little bit about any changes in your hedging strategy? I could see that the release they showed your hedging into 2026. Any reason to shift it given some concerns over oil prices?

我很感謝電話中（或應該說是下午）提供的詳細資訊。您能否談談您的對沖策略有何變化？我看到他們發布的報告顯示你的對沖已經持續到 2026 年。鑑於對油價的擔憂，有什麼理由改變這項政策嗎？

No, not really. I mean, we tried to protect the lower end of it. We want to keep the upper end open as much as we can. So we've been going with the costless collar. And really, we're hedging right now what the bank wants us to hedge.

不，不是真的。我的意思是，我們試圖保護它的低端。我們希望盡可能保持上端開放。因此我們一直採用免費項圈。事實上，我們現在正在對沖銀行希望我們對沖的東西。

And Gary, do you want to give a little color on that?

加里，你想對此做一點解釋嗎？

Yes. So we're required to hedge 50% of our next 12 months and 35% of the 2 quarters after that.

是的。因此，我們需要對未來 12 個月的 50% 和之後兩個季度的 35% 進行對沖。

Is there -- that's a portion. Yes.

有嗎——那是一部分。是的。

And sorry, that's old oil.

抱歉，那是舊油。

Thats on the forecasted oil based on our existing wells that are on production now on future wells. Yes.

這是根據我們現有的正在生產的油井和未來的油井的石油產量預測的。是的。

Okay. And just --

好的。而且只是--

Sorry, just costless collars are pretty wide bandwidth. They are currently at $60 to $94. So we have some flexibility there in the price unless it goes really low.

抱歉，只是免費項圈的頻寬相當寬。目前價格為 60 至 94 美元。因此，除非價格真的很低，否則我們在價格上有一定的彈性。

Got it. That's great. Can you talk a little bit about the success of growing the proved reserves last year? And what you think the drilling program -- where the drilling program is focused this year? I know last year, a lot of the drilling was on your reserves that were not improved.

知道了。那太棒了。能否談談去年增加探明儲量的成功經驗？您認為今年的鑽探計畫重點是什麼？我知道去年，很多鑽探都是針對尚未改善的儲備進行的。

How does that compare to what your plans are in '25?

這與您 25 年的計劃相比如何？

This year so we're drilling mainly in our approved acreage. So we're hoping that drilling in this proved acreage will show how well these longer laterals are performing because in our opinion, we were still haircut by Netherland Sewell on the longer laterals. And so as we get more production from these longer laterals, I think that will -- assuming they perform like we expect them to and it looks like the Alicia Renee wells are doing, we shouldn't have those haircut in comparison to the 1-mile laterals that we had in the past. So that's really the focus of that. And then obviously, the East side acreage the Forguson well, that's another 3,000 acres for us that is not in the reserve report at all.

今年我們主要在批准的土地上鑽探。因此，我們希望在這個已探明面積上的鑽探能夠顯示出這些較長的水平井的表現有多麼好，因為在我們看來，我們在較長的水平井上仍然被 Netherland Sewell 所削弱。因此，隨著我們從這些更長的水平井中獲得更多產量，我認為——假設它們的表現符合我們的預期，而且看起來就像 Alicia Renee 油井的表現一樣，那麼與過去的 1 英里水平井相比，我們的產量不應該受到太大影響。所以這確實是重點。顯然，福格森油井東側的面積還有 3,000 英畝，這對我們來說根本不在儲量報告中。

So that's our -- we call it step out to see if we can add some reserves into the bank without taking a lot of risk as that looks -- it looks good out there. It looks similar to what's in the heart of the field. It's just a little shallower. So it's a matter of what do the economics look like. Where does it work?

所以這就是我們的——我們稱之為走出去，看看我們是否可以在不承擔太多風險的情況下向銀行增加一些儲備，因為看起來——看起來不錯。它看起來與田野中心的東西很相似。只是稍微淺了一點。所以問題在於經濟狀況如何。它在哪裡起作用？

Does it work at $40 oil? Does it work at $60 oil? Does it work at $80 oil? So I'm expecting a well there. It's just a matter of how economic it is.

在油價為 40 美元時它還能發揮作用嗎？在油價為 60 美元時它還能發揮作用嗎？在油價為 80 美元時它還能發揮作用嗎？所以我期待那裡有一口井。這只是一個經濟效益的問題。

Got it. That's helpful. And I know I don't want to look too far into the future. But for modeling purposes, you have two more wells to drill and the two you're going to frac in the second half. Any sense of timing at this point just to help us with the modeling?

知道了。這很有幫助。我知道我不想考慮太遠的未來。但出於建模目的，您還有兩口井要鑽，另外兩口井將在下半年進行壓裂。此時是否有任何時間觀念可以幫助我們進行建模？

I think we are planning on spudding those in around August to early September.

我認為我們計劃在八月到九月初左右開始鑽探。

Okay. With the fracking of the other --

好的。隨著其他--

With the completion following, yes. Would be following for all 4 at the same time, yes, correct.

隨著後續的完成，是的。會同時注意所有 4 個，是的，正確。

(Operator Instructions) And your next question today will come from (inaudible) Partners.

（操作員指示）您今天的下一個問題來自（聽不清楚）合作夥伴。

I noticed that the Forguson well has a 46% working interest instead of the 100%. And am I correct that that's the one Exxon is participating with you in?

我注意到 Forguson 油井的開採權益為 46%，而不是 100%。埃克森美孚和你們一起參與了這個項目，對嗎？

Yes, I don't really say who the company is. They don't -- I refer to it as a large integrated oil company that bought out everyone around us. They don't like their name in print.

是的，我實際上並沒有說這家公司是誰。他們沒有——我將其稱為收購了我們周圍所有公司的大型綜合石油公司。他們不喜歡自己的名字出現在印刷品上。

Whichever large integrated company that's doing that, it's pretty exciting, I think, when you have an unknown large integrated player farming in into a step out, if not a new field wildcat. So congratulations.

我認為，無論哪家大型綜合公司這樣做，當你看到一個不知名的大型綜合公司涉足這一領域，甚至是一個新的野貓領域時，這都是非常令人興奮的。恭喜你。

I appreciate it.

我很感激。

And just without naming who it is, could you sort of say how did that come about?

先不說是誰，您能說說這件事是怎麼發生的嗎？

It's more along the lines of what the acreage that they had out there as well. We have some joint acreage together with them. So kind of suspected a section and they elected to participate in the past. They haven't always participated, I will say.

這更接近他們在那裡擁有的土地面積。我們和他們共同擁有一些土地。所以有點懷疑某個部分並且他們過去選擇參加。我想說的是，他們並不總是參與。

That's -- I think that's a validation. Keep doing what you all are doing, guys.

那——我認為這是一種驗證。繼續做你們正在做的事情，夥計們。

This concludes our question-and-answer session. I would like to turn the conference back over to Wolf Regener for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Wolf Regener 做最後發言。

I just want to say thank you all for participating and joining. And we are looking forward to another great year and everything looks like it's on track in order to achieve that. So let's hope it continues that and look forward to having future calls to share good news as well. So thank you, everyone.

我只想對大家的參與和加入表示感謝。我們期待著另一個偉大的一年，一切看起來都在按計劃實現這一目標。所以，我們希望這種情況能夠持續下去，並期待未來的通話能分享好消息。謝謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。