Kandi Technologies Group Inc (KNDI) 2024 Q2 法說會逐字稿

Greetings. Welcome to Kandi Technologies Second Quarter 2024 Financial Results Call. (Operator instructions) Please note, this conference is being recorded.

問候。歡迎參加 Kandi Technologies 2024 年第二季財務業績電話會議。（操作員說明）請注意，本次會議正在錄製中。

At this time, I'll now turn the conference over to Kewa Luo. Kewa, you may begin.

這時候，我就把會議交給柯瓦羅。凱瓦，你可以開始了。

Thank you. Hello, everyone. Thank you all for joining today's conference call to discuss Kandi's results for the second quarter 2024. Earlier today, we issued a press release covering the results. You can find the press release from the newswire services.

謝謝。大家好。感謝大家參加今天的電話會議，討論 Kandi 2024 年第二季的表現。今天早些時候，我們發布了一份涵蓋結果的新聞稿。您可以從新聞專線服務中找到新聞稿。

Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。

As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC.

因此，公司的實際結果可能與今天表達的預期有重大差異。有關這些以及其他風險和不確定性的更多資訊包含在該公司向 SEC 提交的公開文件中。

The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. Additionally, unless otherwise stated, all figures mentioned during the conference call are in US dollars. Before we continue, I would like to introduce the team joining me on today's call.

除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。此外，除非另有說明，電話會議中提到的所有數字均以美元為單位。在我們繼續之前，我想介紹一下參加今天電話會議的團隊。

We have Mr. Xiaoming Hu, Chairman of the Board; Dr. Xueqin Dong, Chief Executive Officer; Mr. Alan Lim, Chief Financial Officer. And for the first time on our call, Mr. Johnny Tai, CEO of Kandi America and Mr. Olen Rice, CEO of Northern Group. Dr. Dong will deliver his prepared remarks in Chinese, which I will then translate. Following that, we will have a Q&A session with Chairman Hu, Johnny and Olen and CEO to answer.

我們有董事長胡曉明先生；董學勤博士，執行長；林艾倫先生，財務長。康迪美國公司執行長 Johnny Tai 先生和北方集團執行長 Olen Rice 先生首次參加了我們的電話會議。董博士將用中文發表他準備好的講話，然後我將進行翻譯。接下來，我們將進行問答環節，由胡董事長、Johnny 和 Olen 以及執行長進行解答。

Now let us start with brief screenings from each of our executives

現在讓我們從每位主管的簡短篩選開始

(spoken in foreign language) Hello. This is Hu Xiaoming. Thank you for joining us today.

（用外語）你好。這是胡曉明。感謝您今天加入我們。

(spoken in foreign language) Hello, everyone. I'm Mr. Xueqin Dong. I'm pleased to share our progress with you shortly today.

（外語）大家好。我是董學工先生。我很高興今天與您分享我們的進展。

Good morning, everyone, and hello, everyone. This is Alan Lim. Thank you for joining us.

大家早安，大家好。這是艾倫·林。感謝您加入我們。

Hi, everyone. It's Johnny. Good to be here with you.

大家好。這是約翰尼。很高興和你在一起。

Good morning, everyone. This is Olen, and I'm excited to join the discussion today for the very first time.

大家早安。我是奧倫，我很高興第一次參加今天的討論。

Thanks, everyone. With that, let me now turn the call over to our CEO, Dr. Xueqin Dong to share our Q2 performance. Dr. Dong, please go ahead.

謝謝大家。現在，讓我將電話轉給我們的執行長董學勤博士，分享我們第二季的業績。董醫生，請繼續。

(spoken in foreign language) (interpreted) Again, welcome to today's conference call. We are pleased to report that Kandi Technologies continued its strong growth trajectory in the second quarter of 2024. We achieved total revenue of $39.1 million up 8.9% from $36 million in the same period of 2023. The primary growth driver was our all-electric off-road vehicles and associated parts with sales revenue increasing by 11.3% to $34.7 million.

（用外語發言）（口譯）再次歡迎大家參加今天的電話會議。我們很高興地報告，Kandi Technologies 在 2024 年第二季持續保持強勁成長軌跡。我們的總營收為 3,910 萬美元，比 2023 年同期的 3,600 萬美元成長 8.9%。主要成長動力是我們的全電動越野車及相關零件，銷售收入成長 11.3% 至 3,470 萬美元。

(spoken in foreign language) (interpreted)We made significant progress in our US market expansion with the launch of new product lines, injecting new energy into the market. Additionally, through our exclusive partnership with Lowe's, the officially licensed NFL team golf carts will be launched in the US starting from the end of August. This showcases our innovation and offers fans an eco-friendly way to show their team pride.

（外語）（翻譯）美國市場拓展取得重大進展，新產品線上線，為市場注入新活力。此外，透過與 Lowe's 的獨家合作，官方授權的 NFL 球隊高爾夫球車將於 8 月底開始在美國上市。這展示了我們的創新，並為球迷提供了一種環保的方式來展示他們的團隊自豪感。

(spoken in foreign language) (interpreted) Our financial position remains strong with cash and cash equivalents, restricted cash, short-term investments and certificates of deposits totaling $219.6 million as of June 30, 2024. We actively executed our share repurchase program, buying back 673,896 shares at an average price of $2.25 per share, reflecting our confidence in the company's future and our commitment to enhancing shareholder value.

（以外語發言）（翻譯）截至 2024 年 6 月 30 日，我們的財務狀況依然強勁，現金及現金等價物、限制性現金、短期投資及存款證總計 2.196 億美元。我們積極執行股票回購計劃，以每股 2.25 美元的平均價格回購了 673,896 股股票，體現了我們對公司未來的信心和對提升股東價值的承諾。

(spoken in foreign language) (interpreted) On the global front, we made significant strides, including securing EEC certification for our 10K All-Electric UTV paving the way for entry into the European Union market. In parallel, we have also opened up new markets for Kandi products in Asia, further expanding our international market share.

（以外語發言）（翻譯）在全球方面，我們取得了重大進展，包括為我們的 10K 全電動 UTV 獲得 EEC 認證，為進入歐盟市場鋪平了道路。同時，我們也為康迪產品在亞洲開闢了新市場，進一步擴大了我們的國際市場份額。

Looking ahead, we remain focused on expanding our product portfolio and a market presence, particularly in the US and European markets, driving future growth through continued product innovation and market expansion.

展望未來，我們仍然專注於擴大我們的產品組合和市場佔有率，特別是在美國和歐洲市場，透過持續的產品創新和市場擴張來推動未來的成長。

(spoken in foreign language) (interpreted) Now I will, we will move on to the Q&A session together with the Chairman, Xiaoming Hu; Johnny Tai, CEO of Kandi America; and Olen Rice, CEO of Northern Group, I will answer your questions. Ms. Kewa and Mr. Alan Lim will provide translation for English questions. Please go ahead and ask your questions.

（外語）（翻譯）現在我呢，我們就跟胡曉明主席一起進入問答環節， Johnny Tai，康迪美國執行長；還有北方集團執行長奧倫·賴斯（Olen Rice），我來回答你們的問題。Kewa女士和Alan Lim先生將為英語問題提供翻譯。請繼續提出您的問題。

(Operator instructions) Joel Kramer, Private Investor.

（操作員說明）Joel Kramer，私人投資者。

Thank you. This is regarding new products, in the Q1 POR, the CEO stated, moving forward, we will launch new starter batteries as well as a variety of more competitive or electric off-road vehicle products and electric water sports products. Also from a press release, we learned of Kandi now selling its own branded lithium AA rechargeable batteries. Go ahead, Kewa.

謝謝。這是關於新產品，在Q1 POR中，執行長表示，接下來，我們將推出新的啟動電池以及各種更具競爭力的電動越野車產品和電動水上運動產品。同樣從新聞稿中，我們了解到康迪現在正在銷售其自有品牌的鋰 AA 充電電池。加油吧，科瓦。

(spoken in foreign language)

（用外語說）

And from an outside article, we now see that a second version of the side-by-side e10K Cowboy called the Innovator e10K, along with the new $19,000 electric off-road vehicle called the Lucky 9, a few questions I have to ask. First, could you please explain what starter batteries are and how big the market could be. Go ahead.

從一篇外部文章中，我們現在看到了並排 e10K Cowboy 的第二個版本，稱為 Innovator e10K，以及價值 19,000 美元的新型電動越野車，稱為 Lucky 9，我有幾個問題要問。首先，請您解釋一下什麼是啟動電池以及市場有多大。前進。

(spoken in foreign language) (interpreted) The starter battery refers to the particular battery used to start a vehicle. We are still in a rather early stage of the R&D, and we are conducting the market research. According to the information available, the global automotive startup battery market sales reached the RMB163 billion in 2023 and is expected to reach RMB206 billion by 2030 with a compound annual growth rate of roughly 3.3%.

（外語）（翻譯） 起動機電池是指用於起動車輛的專用電池。我們仍處於研發的早期階段，正在進行市場研究。根據現有消息，2023年全球汽車啟動電池市場銷售額達1,630億元人民幣，預計2030年將達到2,060億元人民幣，複合年增長率約為3.3%。

Thank you. The next two other questions. What would be the competitive all electric off-road vehicle in the water sports product from the press release. And will Kandi soon be offering AAA along with the AA lithium batteries. And can these batteries use any size compatible charger, there must be a specific branded charger, Kandi charger. Go ahead.

謝謝。接下來的另外兩個問題。從新聞稿來看，水上運動產品中最具競爭力的全電動越野車是什麼？Kandi 很快就會提供 AAA 和 AA 鋰電池嗎？而這些電池可以使用任何尺寸相容的充電器，必須有特定品牌的充電器，Kandi充電器。前進。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) So first of all, let me answer the first questions. The models you mentioned, those are related to our upcoming products in the future that we are still under development. We expand into the UTV and water sports category, and there will be more product description and details in the future. The so-called competitive pure electric off-highway vehicles mentioned in the press release refers to the new generation of like the UTV, ATV, Go Kart and the golf cart models.

（用外語發言）（翻譯）首先，讓我回答第一個問題。你提到的這些型號，是與我們未來即將推出的產品相關的，我們還在開發中。我們擴展到UTV和水上運動類別，未來將會有更多的產品描述和詳細資訊。新聞稿中所謂的競技級純電動越野車，是指UTV、ATV、卡丁車、高爾夫球車等新一代車型。

Whereas the water sports products refer to the innovative single passenger electric Jet Ski. And then as for the second question, so basically, we launched the AA batteries to test the feasibility of the US market. We have some, actually in these were the first, and we consider launching the AAA batteries in the future.

而水上運動產品則是指創新的單人電動摩托車。然後關於第二個問題，所以基本上，我們推出了AA電池來測試美國市場的可行性。我們有一些，實際上這是第一個，我們考慮在未來推出 AAA 電池。

As for when to launch the AAA batteries, it depends on how well the AA battery performs in the market. Our AA battery is compatible with other charges and they are not limited to only the Kandi branded chargers of vehicles.

至於什麼時候推出AAA電池，要看AA電池在市場上的表現如何。我們的 AA 電池與其他充電器相容，不僅限於 Kandi 品牌的車輛充電器。

Thank you. And the next question, what is the difference between the e10k Innovator and the e10k Cowboy. And when would you expect them to be cleared for sale in Texas as the high end of Kandi's products at $19,000. What market does the Lucky 9 address?

謝謝。下一個問題是，e10k Innovator 和 e10k Cowboy 有什麼不同。您預計它們什麼時候才能在德克薩斯州作為 Kandi 的高端產品以 19,000 美元的價格上市。Lucky 9 面向哪些市場？

And lastly, several years ago, Kandi had a 9,10-scale gears trike motorcycle very similar to the Polaris Spyder, two wheels in the front, one in the back. It was seen that it could be a big seller for older biker wannabes. Any thoughts about Kandi bringing an electric trike version out. And any new vehicles expected to be released this year?

最後，幾年前，Kandi 推出了一款 9,10 比例齒輪三輪摩托車，與 Polaris Spyder 非常相似，兩個輪子在前，一個在後。人們認為它可能會成為老年自行車愛好者的暢銷產品。關於 Kandi 推出電動三輪車版本的任何想法。今年預計會發布哪些新車？

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) I'm sorry, can you repeat your second question about Lucky T9?

（外語）（翻譯）抱歉，您能重複一下關於瑞幸T9的第二個問題嗎？

Yes. The gears trike. Is that, you had that years ago in your line, it was similar to the Polaris Spyder.

是的。齒輪三輪車。是的，幾年前您的產品線中就有它，它與 Polaris Spyder 類似。

No. The second question you said as the high end vehicle Lucky 9.

不。第二個問題你說的是高階車瑞幸9。

Yes, high-end Kandi products at $19,000, what market does the Lucky 9 address?

是的，高階 Kandi 產品售價 19,000 美元，Lucky 9 面向哪些市場？

(spoken in foreign language)

（用外語說）

Okay, thank you.(spoken in foreign language) (interpreted)the question between the Innovator and Cowboy, from the product specification perspective, they are pretty much on the same tier.

好的，謝謝。

It's just the two models, they have different styling or outlook in order to target different customer groups, and that's pretty much the crux of it. The Innovator, as you may know, has a more fashionable appearance, and tends to attract the community with a better outlook.

只是這兩種型號，它們有不同的造型或外觀，以針對不同的客戶群，這幾乎是關鍵所在。如您所知，創新者俱有更時尚的外觀，並且傾向於以更好的外觀吸引社區。

Whereas the Cowboy has a more outdoor style and is tailored for hunters and off-road vehicle users. Our goal is to expand the market for various (technical difficulty). And in that issuance, Cowboy is mainly sold in Lowe's, whereas the Innovator will be sold in Costco in the near future. Thank you.

而牛仔則更具戶外風格，專為獵人和越野車用戶量身打造。我們的目標是擴大各種市場（技術難度）。此次發行的Cowboy主要在Lowe's銷售，而Innovator近期將在Costco銷售。謝謝。

(spoken in foreign language) (interpreted) this product, as you may know, is outdoor sports trike. The market is really for those, the outdoor and the sports fans in the market. Thank you.

（用外語說）（翻譯）您可能知道，該產品是戶外運動三輪車。這個市場真正適合那些戶外運動愛好者和市場上的運動愛好者。謝謝。

(spoken in foreign language) (interpreted) for the models you mentioned in the past, those are the old model in our line, and we keep innovating and produce more up-to-date vehicles that match the target in the customers' segment market. Right now, we focus on the leisure outdoor off-highway vehicles. Thank you.

（外語）（翻譯）您過去提到的車型，這些都是我們產品線中的老車型，我們會不斷創新，生產更多符合細分客戶市場目標的最新車型。目前，我們專注於休閒戶外越野車。謝謝。

Mark Cano, Private Investor.

馬克·卡諾，私人投資者。

Good morning, everyone. Let me introduce myself for a short time here. I'm a Swiss-based independent wealth manager and broker for 30 years and I have been in Kandi with several million shares in provision and the multiyear participation in these conference calls.

大家早安。讓我在這裡簡短地自我介紹一下。我在瑞士擔任獨立財富經理和經紀人已有 30 年，我在 Kandi 擁有數百萬股股票，並多年來參與這些電話會議。

I could never comprehend let alone expect to see the NASDAQ stock in such a strong and timely position at Kandi, trading at a 40% discount to cash, 65% discount to book value and at a 13 years low price. Kewa, could you just go ahead. Kewa?

我永遠無法理解，更不用說期望看到Kandi 的納斯達克股票處於如此強勁和及時的位置，其交易價格比現金折價40%，比賬面價值折價65%，而且價格是13 年來的最低點。Kewa，你可以繼續嗎？科瓦？

(spoken in foreign language) go ahead.

（用外語說）繼續。

Okay. On the last conference call, a discussion came up about Kandi targeting to spin off as a separate NASDAQ company, its US subsidiary, Kandi America later this year. There was discussion that the most Kandi could spin off and maintain full rights of consolidation of financials is just under 20%.

好的。在上次電話會議上，有人討論了 Kandi 計劃在今年稍後將其美國子公司 Kandi America 分拆為一家獨立的納斯達克公司。有人討論說，康迪最多可以剝離並保留全部財務合併權，不到 20%。

But to make this possible due to the NASDAQ requirements of a minimum price per share of $4 and $50 million market cap, Kandi itself would have to have at least $4-plus price per share to meet NASDAQ listing requirements for the subsidiary, but higher to assure the IPO doesn't go down on the first day of trading.

但由於納斯達克要求每股最低價格為4 美元且市值為5000 萬美元，為了使這一目標成為可能，康迪本身必須有至少4 美元以上的每股價格才能滿足子公司在納斯達克的上市要求，但更高確保IPO首日交易不會下跌。

What was suggested on the last call was for the company to just do a simple $10 million share tender offer at $3.50 a share, $1.50 under book value, costing no more than 50% of Kandi's cash. This announcement would call for an immediate increase in bids due to (inaudible) traders, bidding at least $3 to $3.40 against the $3.50 tender price, which is still well under the $5 book value.

上次電話會議建議該公司以每股 3.50 美元的價格進行簡單的 1000 萬美元的股票要約收購，比賬面價值低 1.50 美元，花費不超過 Kandi 現金的 50%。該公告將要求立即提高出價，因為（聽不清楚）交易員的出價至少為 3 至 3.40 美元，而投標價為 3.50 美元，而投標價仍遠低於 5 美元的帳面價值。

Each share bought under the book value will increase the remaining book value per share by the difference between the purchase price and the book value. So if the non-selling holder gained $1.50 to $15 million in book value for each $1 million plus share purchase, it alone would be a great win.

根據帳面價值購買的每一股股票將增加每股剩餘帳面價值，金額為購買價格與帳面價值之間的差額。因此，如果非出售股東每購買 100 萬美元以上的股票就能獲得 150 至 1500 萬美元的帳面價值，那麼這本身就是一個巨大的勝利。

The response to this question on the last conference call from the CEO were, thank you for your suggestion and we really appreciate that. We will take it in consideration and evaluate and react and react properly. But remember, at the time that this was said with Kandi trading at $3. So do this even, so is this even more, now this is even more important. And there will come my questions now.

執行長在上次電話會議上對這個問題的答覆是，感謝您的建議，我們非常感謝。我們將予以考慮、評估、反應和反應。但請記住，當時 Kandi 的交易價格為 3 美元。所以這樣做比較均勻，所以這個比較重要，現在這個比較重要。現在我的問題來了。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) go ahead with your questions.

（用外語說）（翻譯）繼續你的問題。

On Wednesday, Kandi stock opened at $1.66 a share, the lowest price it has traded in the past 14 years. Does management know any other investment or use of cash better than spending 15% of Kandi average cash position held over the past 3 years then buying Kandi stock at a 30% discount to book value?

週三，康迪股價開盤價為每股 1.66 美元，這是該公司過去 14 年來的最低交易價格。管理階層是否知道還有什麼其他投資或現金使用比花費過去 3 年 Kandi 平均現金部位的 15%，然後以帳面價值 30% 的折扣購買 Kandi 股票更好？

(spoken in foreign language) (interpreted) We understand that our stock is seriously and significantly undervalued, and we are increasing our budget in the marketing and advertising to promote our brand. Hopefully, it can attract more American investors. Thank you.

（用外語發言）（翻譯）我們了解我們的股票被嚴重且明顯地低估，我們正在增加行銷和廣告預算以推廣我們的品牌。希望它能吸引更多的美國投資者。謝謝。

Okay. Does management still want to spin off Kandi America? And if so, does it have any better idea how to get Kandi stock price up to the price very quickly to assist this execution of the spinoff besides the marketing you just mentioned because in the past, there was already a lot of PRs and marketing. That was able to, listing a little bit figures and this in that. So there was no big impact with this marketing on the stock price.

好的。管理階層是否仍想剝離康迪美國公司？如果是這樣，除了你剛才提到的營銷之外，它是否有更好的想法如何讓 Kandi 股價很快上漲到這個價格，以協助分拆的執行，因為過去已經有很多 PR 和營銷。那是可以的，列出一些數字，然後就可以了。所以這次行銷對股價沒有太大影響。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) So we are considering the potential dual listing for Kandi America. But due to the SEC regulations, we are not allowed to discuss too much about this matter. Thank you for understanding.

（用外語發言）（翻譯）因此，我們正在考慮康迪美國公司雙重上市的可能性。但由於SEC的規定，我們不可以對此事進行過多討論。感謝您的體諒。

Okay. Thank you for this information. So that means in my view that you're considering, and you have a quiet period for that, that's very good. Can you tell us a little bit more about the Monday announcement of the manufacturing agreement with Taiwan-based Hartford. Clearly, Kandi has plenty of excess manufacturing capacity in-house and normally would not need to add significant capacity right now.

好的。感謝您提供此資訊。因此，在我看來，這意味著您正在考慮，並且您有一段安靜的時間，這非常好。您能否告訴我們更多有關週一宣布與台灣 Hartford 簽訂製造協議的資訊。顯然，康迪內部擁有大量過剩的製造能力，通常不需要立即增加大量產能。

So either this deal is being done as inferred in the first paragraph of the Monday announcement, meets all necessary manufacturing standards regulatory requirements and local content thresholds for both US and production in Taiwan or Kandi is going to need all its current access capacity to make and deliver enough product to reach its 2025 goal of $500 million revenue. Which is it? Or is there any other reason?

因此，要么這筆交易按照週一公告第一段的推斷進行，滿足美國和台灣生產的所有必要的製造標準監管要求和本地含量門檻，要么康迪將需要其當前的所有准入能力來製造和提供足夠的產品以實現2025 年5 億美元收入的目標。是哪一個？還是有其他原因？

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) expanding to Taiwan is a strategic move for us to enhance our supply chain. The main purpose is to add value to our existing products and further enhance and strengthen our market competitiveness. Thank you.

（外語）（翻譯）拓展到台灣是我們增強供應鏈的策略舉措。主要目的是增加我們現有產品的價值，進一步提高和加強我們的市場競爭力。謝謝。

Okay. I understand. And that's my last question is, at the end of report today, you mentioned the Lowe's deal, which is quite important for you as a company. Maybe now specifically to the US management team, has there been any discussions about the size of this deal? So how many UTVs or whatsoever and how many years this is going to be in the market this deal that could give a very good insight for the future figures as the guidance?

好的。我明白。我的最後一個問題是，在今天的報告結束時，您提到了勞氏交易，這對您作為一家公司來說非常重要。也許現在專門針對美國管理團隊來說，是否就這筆交易的規模進行過任何討論？那麼，有多少 UTV 或其他什麼，以及該交易將在市場上存在多少年，這筆交易可以為未來的數據提供非常好的洞察力作為指導？

(spoken in foreign language) (interpreted) We are going to have our CEO of Kandi America, Johnny, to answer your question, but if you can be more specific about what you'd like to know and that would be really good.

（用外語發言）（翻譯）我們將請康迪美國公司的首席執行官約翰尼來回答您的問題，但如果您能更具體地說明您想了解的內容，那就太好了。

Yes, of course. I mean if you're signing such a deal, Lowe's as well as Kandi, they must have some idea how many UTVs of this kind could be brought to the market or sold or being sold. Because Kandi has to be prepared production-wise and Lowe's has to be prepared distribution-wise. So I would think that there must have been some discussions about how many UTVs of these special NFL license utilities could be sold or the market is willing to accept.

是的當然。我的意思是，如果您簽署這樣的協議，Lowe's 和 Kandi，他們一定知道有多少這種 UTV 可以被推向市場或出售或出售。因為康迪必須在生產方面做好準備，而勞氏必須在分銷方面做好準備。所以我認為肯定有一些關於這些特殊NFL許可公用事業的UTV可以出售或是市場願意接受多少的討論。

Okay. Very good question. I think I'm going to answer that first, and then I will invite my colleague, Olen, to weigh in as well. Yes, we do have like a discussion, regular meeting with Lowe's to discuss what the market looks like. And we understand the market is quite challenging right now with all the economic climate, such as inflation.

好的。非常好的問題。我想我會先回答這個問題，然後我會邀請我的同事奧倫也參與其中。是的，我們確實與 Lowe's 進行了定期會議，討論市場狀況。我們知道，在通貨膨脹等所有經濟環境下，市場目前面臨相當大的挑戰。

So I think we carefully review the market and then also, we determine how many stores, how many inventory we would like to bring in. So I think that's, we still have a lot of discussions going on with Lowe's. And Olen, would you like to weigh in? Olen?

因此，我認為我們會仔細審查市場，然後確定我們想要引進多少家商店、多少庫存。所以我認為我們仍然與 Lowe's 進行了很多討論。奧倫，你想稱一下體重嗎？奧倫？

Yes, I was unmuted. You guys hear me?

是的，我沒有靜音。你們聽到我說話了嗎？

Yes.

是的。

Okay. Yes. So to Johny's point, we are in weekly several times a week, conversations with the Lowe's team just (technical difficulty) so as it relates specifically to the NFL, in a position where we got everyone is excited about NFL as an obviously (technical difficulty). So we've got a plan. It's a 3-year long plan, that extended the contract (inaudible) And so we thought we are going down a path that would be (technical difficulty) the market.

好的。是的。因此，就 Johny 的觀點而言，我們每週都會與 Lowe’s 團隊進行幾次對話（技術難度），因為它與 NFL 相關，我們讓每個人都對 NFL 感到興奮，因為它顯然是一個（技術難度）。所以我們有一個計劃。這是一個為期 3 年的計劃，延長了合約（聽不清楚），所以我們認為我們正在走一條（技術難度）市場之路。

To put a hard number on it right now. I would have a very hard time putting hard number. There are certainly very high expectations among all (technical difficulty) involved. Johnny, if you feel better about specifics, happy to do that. But I just don't know that number yet. And we do have very high expectations that (technical difficulty) impact Kandi as a company. I'll stop there.

現在就給出一個確切的數字。我很難給出硬數字。當然，所有相關人員（技術難度）都抱持著很高的期望。強尼，如果你對具體細節感覺更好，很樂意這樣做。但我還不知道那個數字。我們確實對（技術難度）影響 Kandi 作為一家公司抱有很高的期望。我就到此為止。

Well, thank you, Olen, I think, you are a little bit breaking up. But I think I want to make a correction. The NFL, we have, we are licensed to sell from the golf carts. It's not the UTV. So right now, it's actually available to all the (inaudible) So I think, yes, I agree with what Olen mentioned. Thank you for your question.

好吧，謝謝你，奧倫，我想，你有點分手了。但我想我想糾正一下。NFL，我們有，我們被授權從高爾夫球車上銷售。這不是UTV。所以現在，它實際上可供所有人使用（聽不清楚）所以我認為，是的，我同意奧倫提到的內容。謝謝你的提問。

Okay. Then that's it for me. Just yes. Okay. For just my last remarks for management, especially in China, there is a good company that's one side, and there's a good stock price. And these two things often don't match together. I think when it comes to company, the management has done a terrific job over the last years. They kept the company afloat and to strike good deals and to bring the company where it is today.

好的。那我就這樣了。是的。好的。對於我最後對管理階層的評論，尤其是在中國，有一家好的公司是一方面，而且有很好的股價。而這兩件事常常不符。我認為就公司而言，管理層在過去幾年中做得非常出色。他們使公司得以生存，並達成了良好的交易，並將公司帶到了今天的地位。

But when it comes to the stock price, I must say that there they are a little bit lagging behind what, for what reason ever. So I would say one could little bit concentrate now a little bit also on the stock price for the shareholders and to make the stock a little bit in the public view that there's more attention about Kandi and what Kandi can provide and Kandi can do, then the stock price could go significantly higher from the current position. Thank you for taking my question.

但說到股價，我必須說，他們有點落後，出於什麼原因。因此，我想說，現在大家可以稍微關注股東的股價，並使股票在公眾視野中得到更多關注，以及 Kandi 可以提供什麼和 Kandi 可以做什麼，然後股價可能會比當前位置大幅上漲。感謝您回答我的問題。

(spoken in foreign language) (interpreted)

（用外語發言）（口譯）

Operator, we're ready to take next question.

接線員，我們準備好回答下一個問題了。

Steve Miller, Private Investor.

史蒂夫·米勒，私人投資者。

Good morning, Kewa. You said in your press release today that the United States is your primary market and that the increased freight shipping expense from China to service your expanding customer base was the reason for the biggest increase in your selling and distribution expense.

早上好，科瓦。你們在今天的新聞稿中表示，美國是你們的主要市場，為服務不斷擴大的客戶群而增加的來自中國的貨運費用是你們銷售和分銷費用增幅最大的原因。

Although I can guess as to the reasons for your recently announced partnership with Hartford Industries in Taiwan for manufacturing. Why don't you have manufacturing facilities in your primary market, the United States, especially as you contemplate spinning off Kandi America to be an independent publicly traded company?

不過我可以猜測你們最近宣布與台灣 Hartford Industries 建立合作關係進行製造的原因。為什麼您不在您的主要市場美國建立生產設施，特別是當您考慮將 Kandi America 分拆為獨立的上市公司時？

(spoken in foreign language)

（用外語說）

Thank you. (spoken in foreign language) (interpreted) So we actually are considering example of production like in the US in the future. It's definitely in our plan. So the collaboration with Taiwan is one of a, it's a strategy, and we may not disclose too much about that in this call. Thank you.

謝謝。（用外語說）（翻譯）所以我們實際上正在考慮將來像美國那樣的生產示例。這絕對在我們的計劃之中。因此，與台灣的合作是其中之一，這是一種策略，我們可能不會在這次電話會議中透露太多相關內容。謝謝。

All right. I'm quite active understatement on social media, especially regarding Kandi. And there seems to be a campaign against Kandi by detractors on a lot of Internet chatboards claiming that Kandi is nothing more than a reseller of private labeling of its array of golf carts and various UTVs, ATVs, Go Karts, other off-road electric vehicles and even lithium batteries made by other manufacturers.

好的。我在社群媒體上非常活躍，尤其是關於坎迪。許多網路聊天板上的批評者似乎對 Kandi 發起了一場針對 Kandi 的運動，聲稱 Kandi 無非是其一系列高爾夫球車和各種 UTV、ATV、卡丁車和其他越野電動汽車的自有品牌經銷商。甚至其他製造商生產的鋰電池。

As long time Kandi followers are aware, this is a false narrative, but easy for detractors to say since Kandi does not have a high-profile corporate website in English that showcases its in-house capabilities. Kewa, do you want to go ahead and translate that?

Kandi 的長期追隨者都知道，這是一個錯誤的敘述，但批評者很容易說出來，因為 Kandi 沒有一個高調的英文企業網站來展示其內部能力。Kewa，你想繼續翻譯嗎？

Okay. (spoken in foreign language) (interpreted)Go ahead, Steve.

好的。（用外語發言）（翻譯）請繼續，史蒂夫。

Okay, thank you. So we all know obviously that Kandi stock is extremely undervalued especially even though it's a highly integrated major manufacturer. So a few conference calls back, a question was asked as to what percentage of the cost of a typical Kandi vehicle for lack of a better term, such as a golf cart was actually manufactured by Kandi in its own multiple state-of-the-art facilities throughout whatever cities in China and now Taiwan. I believe at the time you said that a short management reply was somewhere around 90%. Could you go ahead and translate that? And I have got two questions.

好的，謝謝。因此，我們顯然都知道康迪股票被極度低估，尤其是即使它是一家高度整合的主要製造商。因此，在幾次電話會議上，有人問了一個問題，即一輛典型的康迪汽車（例如高爾夫球車）的成本佔康迪自己的多種先進技術製造的百分比，因為缺乏更好的術語，例如高爾夫球車。我相信當時您所說的簡短的管理層答覆大約佔 90%。你能繼續翻譯一下嗎？我有兩個問題。

Okay. (spoken in foreign language) (interpreted)Go ahead.

好的。（用外語發言）（翻譯）繼續。

Thank you. Now I've got three quick related questions. Was that 90% response accurate, and if so, can you briefly tell us for the record about each of Kandi's owned various facilities, specifically where they are located, what kind of products are made in each facility and also, can you comment about the current percent of capacity being used in each facility and the maximum annual capacity available at each facility?

謝謝。現在我有三個相關的快速問題。90% 的回答準確嗎？使用的容量百分比以及每個設施的最大年度可用容量？

(spoken in foreign language)

（用外語說）

Okay. (spoken in foreign language) (interpreted) So first of all, the Kandi's Hainan base mainly produces the golf carts and other series of the models. Our (inaudible) mainly produced the UTV, ATVs, the beach carts and other series of models. Our Yongkang base mainly produces the motor and electronic control products and the parts.

好的。（外語）（翻譯）那麼首先康迪海南基地主要生產高爾夫球車等系列車型。我們（聽不清楚）主要生產UTV、ATV、沙灘車等系列車型。永康基地主要生產馬達、電控產品及零件。

Whereas our Jiangsu base mainly produces liquid batteries and battery pack products. Overall, Kandi has an annual production capacity of more than 100,000 various types of the vehicles and related products. Thank you.

而我們的江蘇基地主要生產液態電池和電池組產品。整體而言，康迪擁有年產10萬輛以上各類車輛及相關產品的生產能力。謝謝。

(spoken in foreign language) (interpreted)And by the way, it's correct that our own manufacturing rate of the Kandi products does exceed 90%. Thank you.

（用外語發言）（翻譯）順便說一下，康迪產品的自產率確實超過了90%，這是正確的。謝謝。

Out of curiosity, I don't know if it is possible. If one was to go into a total replacement of your facilities and equipment, do you have any estimate of what the total cost would be in US dollars that someone would need to invest to replicate all of your facilities and equipment?

出於好奇，不知道是否可行。如果您要完全更換您的設施和設備，您是否估算過需要投資來複製您的所有設施和設備的總成本（以美元計算）？

Hi, do you mean just any one of facilities or all of the facilities we are going to replicate in the US?

您好，您是指我們要在美國複製的任何一個設施還是所有設施？

All of your facilities. I'm just trying to get a sense of what it would take if some third party came in and wanted to do what Kandi is currently doing? What kind of cost would it be to them to replicate all of your current facilities and equipment without regard to where they're located?

您的所有設施。我只是想了解一下，如果第三方介入並想做 Kandi 目前正在做的事情，會發生什麼？如果他們要複製您目前的所有設施和設備，而不考慮它們位於何處，會產生什麼樣的成本？

(spoken in foreign language)

（用外語說）

(spoken in foreign language)(interpreted)So it seems from the pragmatic standpoint, it's not quite feasible to replicate the whole facility from China to US, although we are considering to have assembling part of the line in the US in the future. Whereas the total overall budget, it's hard to (inaudible) , and we have to look at some other detailed financial analysis report. Thank you.

（用外語說）（翻譯）所以從務實的角度來看，將整個設備從中國複製到美國似乎不太可行，儘管我們正在考慮將來在美國組裝部分生產線。而總預算則很難（聽不清楚），我們必須看其他一些詳細的財務分析報告。謝謝。

Okay. And, Alan, I'm not sure if it broke up or I just didn't understand that 90% number back from your previous answer in terms of what percent of a typical like a golf cart is actually made by Kandi versus products acquired from outside is 90% still an accurate percentage?

好的。而且，艾倫，我不確定它是否分裂了，或者我只是不明白你之前的回答中的90% 的數字，即高爾夫球車等典型產品實際上是由康迪製造的，而不是從康迪購買的產品。

It is. Yes, it is.

這是。是的。

Okay. And then my last question is, your China-based website, quite frankly, seems to be outdated in that its images and videos are still heavy on EV autos and trucks. What about updating that site? And on all of your websites, and this is related to the previous questions, can you at least create a PowerPoint presentation on your state-of-the-art manufacturing facilities and capacity?

好的。我的最後一個問題是，坦白說，你們的中國網站似乎已經過時了，因為其圖像和影片仍然以電動車和卡車為主。更新網站怎麼樣？在你們所有的網站上，這與先前的問題相關，你們至少能創建一個關於你們最先進的製造設施和產能的 PowerPoint 簡報嗎？

So people who have questions about Kandi and in terms of how much you're actually manufacturing versus how much you're obtaining from third parties and then putting on your label exists. I think that would be actually quite helpful and counteract some of the claims out in social media. And that's all I got. Thank you.

因此，有人對 Kandi 以及你實際製造了多少產品，以及你從第三方獲得了多少產品，然後貼上你的標籤有疑問。我認為這實際上非常有幫助，並抵消了社交媒體上的一些說法。這就是我所得到的。謝謝。

Thank you. (spoken in foreign language) (interepeted)Thank you for your suggestions and feedback. They are very constructive. We have actually been working on already adjust that in most of those items. And of course, we will further improve them to make it more accessible to our investors. Thank you.

謝謝。（用外語發言）（重複）感謝您的建議和回饋。他們非常有建設性。實際上，我們一直在努力調整其中大部分項目。當然，我們將進一步改進它們，讓我們的投資者更容易獲得它。謝謝。

[Fred], (inaudible)

[弗雷德]，（聽不清楚）

Good morning. With the existing outlets in North America, which we know include Lowe's, 2,500 outlets, Walmart, 4,500 outlets, Amazon, Campers World, Costco Canada, 108 outlets, national big-box stores along with PV Mark/Ace hardware Canada 200 outlets. All but Lowe's added in the past year with maybe a 1,000 independent outlets with, unfortunately, little announcements from the company. You want to start that, Kew?

早安.據我們所知，北美現有的門市包括 Lowe's，2,500 家門市；沃爾瑪，4,500 家門市；亞馬遜、Campers World、Costco Canada，108 家門市；全國大型賣場以及 PV Mark/Ace hardware Canada 200 家門市。去年，除了 Lowe’s 之外，其他所有品牌都增加了約 1,000 家獨立門市，但不幸的是，該公司幾乎沒有發布任何公告。你想開始嗎，Kew？

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) please continue.

（用外語發言）（翻譯）請繼續。

Since the last conference call, it appears from sources, several new international outlets have been opening to include a very impressive, which we talked about, Southeast Asia, Thailand location. Along with Aruba, Curaçao, Dominican Republic and Dubai. And even now in the EU market. Go ahead, Kewa, (inaudible) in my questions.

消息人士透露，自上次電話會議以來，已經有幾家新的國際門市開業，其中包括我們談到的東南亞泰國分店，令人印象深刻。還有阿魯巴島、庫拉索島、多明尼加共和國和杜拜。即使現在在歐盟市場也是如此。繼續吧，Kewa，（聽不清楚）我的問題。

(spoken in foreign language) (interpreted) Continue please.

（用外語發言）（翻譯）請繼續。

Okay. My question is outside of the US and Canada, actually, how many international locations have been opened and are soon to be opened. In other words, a number or a close number. That's my first question.

好的。我的問題是，除了美國和加拿大之外，實際上已經開設了多少家國際門市，以及即將開設多少家。換句話說，一個數字或一個接近的數字。這是我的第一個問題。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) So apart from our US and Canada market, we are also exploring the European and Southeast Asia market. We are currently working in more than a dozen countries for the trial sales. Thank you.

（外語）（翻譯）所以除了我們的美國和加拿大市場之外，我們也在開拓歐洲和東南亞市場。目前我們正在十多個國家進行試銷。謝謝。

My second question. In your travels have any multi-store chain been targeted for international growth? In other words, large stores chains like Walmart and Lowe's? Thank you.

我的第二個問題。在您的旅程中，是否有任何多店連鎖店以國際成長為目標？換句話說，像沃爾瑪和勞氏這樣的大型連鎖店？謝謝。

You mean internationally, outside of US, any,

你的意思是國際上，美國以外的任何地方，

Multi-store chains, big chains, big companies, big stores.

多店連鎖、大連鎖、大公司、大商店。

Outside of US?

在美國以外？

Yes, for international growth.

是的，為了國際成長。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) in US, we do work with those, the large scalable retail or chain. However, in other countries, like the European countries, we actually tend to work with the distributors instead. And so that's our plan for now. Thank you.

（用外語說）（翻譯）在美國，我們確實與大型可擴展零售或連鎖店合作。然而，在其他國家，例如歐洲國家，我們實際上傾向於與經銷商合作。這就是我們現在的計劃。謝謝。

Okay, thank you very much. I have a quick question for Johnny, if we could. How many those stores does he expect the NFL carts to be involved with?

好的，非常感謝。我有一個簡短的問題要問約翰尼，如果可以的話。他預計 NFL 球車會涉及多少家商店？

(spoken in foreign language)

（用外語說）

Okay. Hey, Fred, nice to meet you. Thank you for your question. So for NFL right now, our plan is only available on Lowes.com. We do have some discussion with Lowe's to expand to their stores. However, I think they have to look at their space, availability and we know the holiday season is coming up. So their real estate is quite busy right now. So, but it's, right now, it's available on lowes.com.

好的。嘿，弗雷德，很高興認識你。謝謝你的提問。因此，目前對於 NFL，我們的計劃僅在 Lowes.com 上提供。我們確實與 Lowe's 進行了一些討論，以將業務擴展到他們的商店。然而，我認為他們必須考慮他們的空間、可用性，而且我們知道假期即將到來。所以他們的房地產現在很忙。所以，但現在，它可以在 lowes.com 上找到。

Okay. That's all for me. Thanks you.

好的。這就是我的全部。感謝您。

Thank you. Next question, please.

謝謝。請下一個問題。

Arthur Porcari, Corporate Strategies.

阿瑟·波爾卡里，《企業戰略》。

Thank you. Well, I'm really happy to see that Johnny and Olen are on board here, someone that's been involved in Kandi since the very beginning. I also had the honor of being invited to come visit back, I think, 2020 or '21, whenever the Kandi '23 appeared, got to be the first shareholder who ever had a chance to test drive it.

謝謝。嗯，我真的很高興看到 Johnny 和 Olen 加入這裡，他們從一開始就參與 Kandi。我也有幸被邀請回來參觀，我想，2020年或21年，每當Kandi '23出現時，我一定是第一個有機會試駕它的股東。

And I was very impressed at the time, kind of disappointed that it never had a chance to go, but I can't blame you guys for it. What I can give you there was a lot of credit for what's happened since then. And I'm really happy to see Olen has joined you, Johnny.

當時我印象非常深刻，有點失望它從未有機會去，但我不能因此責怪你們。我可以告訴你的是，從那時起發生的事情有很多功勞。我很高興看到奧倫加入你，強尼。

He's very capable partner and somebody to marshal our assets as investors. Anyway, let me get back to my original piece. I wasn't expecting you here, but look forward to maybe taking that short drive up to Dallas and visit you all again soon. And maybe meet Olen too, one time.

他是非常有能力的合作夥伴，也是作為投資者整理我們資產的人。無論如何，讓我回到我原來的作品。我沒想到你們會在這裡，但我期待也許能開車去達拉斯並很快再次拜訪你們。也許也能見到奧倫一次。

Okay. Anyway, Kandi has an incredible relationship with Lowe's based on Lowe's seemingly unending support and trust of Kandi. Aside from the fact Lowe's picked up Kandi 2 years ago to launch their newest highest cost item in their system, only a few months after Kandi first entered the US golf cart arena.

好的。無論如何，基於 Lowe 對 Kandi 看似永無止境的支持和信任，Kandi 與 Lowe's 有著令人難以置信的關係。除此之外，Lowe's 兩年前就選擇了 Kandi，在他們的系統中推出了他們最新的最高成本產品，而此時距 Kandi 首次進入美國高爾夫球車領域僅幾個月。

However, initially, it was through marketing veteran Coleman with only, you only had one branded cart line back then. In less than a year, Lowe's has totally dumped Coleman out of the picture, went directly to Kandi, picked up Kandi's own branded golf carts. The industry's youngest brand and as their sole golf cart supplier. And exclusively now show more than 80 variations of Kandi carts on their web portal. Just checked that the other day, just amazing. Go ahead and pass that on.

然而，最初是透過行銷老手科爾曼（Coleman）進行的，當時你只有一個品牌的購物車系列。不到一年的時間，Lowe's徹底拋棄了Coleman，直接去找Kandi，買了Kandi自有品牌的高爾夫球車。業界最年輕的品牌，也是他們唯一的高爾夫球車供應商。現在在其門戶網站上獨家展示了 80 多種 Kandi 手推車。前幾天剛查了一下，太神奇了。繼續吧，把它傳遞下去。

Okay. (speaking in foreign language) (interpreted) Please continue.

好的。（用外語發言）（翻譯）請繼續。

Okay. I will continue with the narrative, and then I have a few questions. Then just a few months later, Lowe's pays $100 million to renew and expand its 4 year relationship for the sole exclusive rights to become the official Lowe's home team sponsor to the National Football League, and for the first time, Lowe's adds golf carts to their NFL sponsorship inventory.

好的。我繼續敘述，然後我有幾個問題。僅僅幾個月後，Lowe's 斥資 1 億美元續簽並擴大了 4 年合作關係，獲得了成為國家橄欖球聯盟 Lowe's 主隊官方贊助商的唯一獨家權利，並且 Lowe's 首次將高爾夫球車添加到其產品中。贊助庫存。

Coincidentally, this is the largest single big-ticket item that Lowe's sells nationwide by a double. But instead of bringing in any one of the more seasoned golf cart makers who would love to have had this account. They took what most would think was a risk to their reputation and picked the new kid Kandi and staked their reputation on it, plus they put up that $100 million. Pass that on, then I have some questions.

巧合的是，這是 Lowe's 在全國銷售翻倍的最大單件大件商品。但不是引入任何一位願意擁有這個帳戶的經驗豐富的高爾夫球車製造商。他們冒著大多數人認為會損害自己聲譽的風險，選擇了新人 Kandi，並把自己的聲譽押在了上面，此外，他們還投入了 1 億美元。轉告一下，然後我有一些問題。

(spoken in foreign language) (interpreted) please go ahead.

（用外語發言）（翻譯）請繼續。

Okay. And again, appropriate that you have Olen on board for the rest of my questions here. In management's opinion, why did Lowe's pick Kandi and does Kandi's contract, well, you already said that extends for the full remaining 3 years of the Lowe's NFL agreement, that part, I think you already agreed as it does. But in your opinion, why did Lowe's picked Kandi and Olen is probably the appropriate person to ask that question to.

好的。再次強調，請奧倫回答我其餘的問題。在管理層看來，Lowe's 為什麼選擇 Kandi 並履行 Kandi 的合同，嗯，你已經說過，這將延續 Lowe's NFL 協議的剩餘 3 年，這部分，我認為你已經同意了。但在你看來，Lowe's 為什麼選擇 Kandi，Olen 可能是問這個問題的合適人選。

(spoken in foreign language)

（用外語說）

Yes. So thanks for the question. Obviously, Lowe's is like any of the major mass retailers. Has a very rigorous vetting process for vendor selection and product selection. And so over the course of that short window of time that you referred to, we became one of the key partners in the outdoor recreational space, particularly in the electric side of that space. And I think that a lot of that is due to our quality and the value proposition and high-level of trust that we've developed with that team.

是的。謝謝你的提問。顯然，Lowe's 與任何主要的大眾零售商一樣。對於供應商選擇和產品選擇有非常嚴格的審查流程。因此，在您提到的那段短暫的時間內，我們成為了戶外休閒空間的主要合作夥伴之一，特別是在該空間的電力方面。我認為這很大程度上歸功於我們的品質、價值主張以及我們與該團隊建立的高度信任。

Okay. Is Lowe's planning on including actual golf carts and, or six passenger carts. I asked that question after recently visiting Galveston beach cart rental business and the golf course, who would be happy open cases to buy a fleet of NFL carts even if they had to buy it from Lowe's to put them in their rental pool.

好的。Lowe's 是否計劃包括實際的高爾夫球車和/或六輛客車。我最近參觀了加爾維斯頓海灘車租賃公司和高爾夫球場後問了這個問題，他們會很樂意開箱購買一支 NFL 球車車隊，即使他們必須從 Lowe’s 購買才能將它們放入租賃池中。

(spoken in foreign language)

（用外語說）

Yes. So I can answer this as well. We are currently a supplier to Lowe's with six passenger carts, limited store count. A couple of hundred doors. We also have a very robust business with them online for that product along with a number of other categories that performed well online.

是的。所以我也可以回答這個問題。我們目前是 Lowe's 的供應商，擁有六輛客車，但商店數量有限。幾百扇門。我們也與他們在網路上就該產品以及其他一些在網路上表現良好的類別開展了非常強勁的業務。

And as far as future Lowe's commitments to product offering, particularly on the floor, that's something that I wouldn't want to comment on. Because that's kind of always evolving process for these major retailers as they look at their, the real estate they have available and what products make sense on their floor.

至於未來勞氏對產品供應的承諾，特別是在場內的產品供應，這是我不想評論的。因為對於這些主要零售商來說，這是一個不斷發展的過程，因為他們會考慮他們擁有的可用空間以及哪些產品在他們的樓層上有意義。

That wasn't quite my question. My question specifically had to do with the NFL. Again, you can imagine the Galveston car rental company over here would love to have some, I hate to say it Cowboys too, but Texan's carts to go ahead and let people go up and down the seawall.

這不完全是我的問題。我的問題特別與 NFL 有關。再說一次，你可以想像加爾維斯頓汽車租賃公司在這裡很樂意擁有一些，我也不想說牛仔，但是德克薩斯人的車可以繼續前進，讓人們在海堤上上下移動。

And as far as the golf course is concerned, they think it'd be quite interesting to have actual golf carts where you put the golf bags in the back. I mean this model that you have right now is a beautiful model is 4P all forward-facing seats. But it's not really golf compatible and yet the sport of golf and border football seem to have some sort of a relationship over here, more so than most other sports, as you well know. So that was the basis of that question, actually.

就高爾夫球場而言，他們認為如果有真正的高爾夫球車，你可以把高爾夫球袋放在後面，那會很有趣。我的意思是，您現在擁有的這個模型是一個漂亮的模型，是 4P 所有前向座椅。但這並不真正適合高爾夫，但高爾夫運動和邊境足球似乎在這裡有某種關係，比大多數其他運動更重要，正如你所知。實際上，這就是這個問題的基礎。

Yes. Okay. If I understand your question, I mean, right now, the agreement is around 4P cart and any NFL products that are, obviously that are going to be marketed via Lowe's because of the relationship. So I'm not sure if that answers your question totally, but that's our situation today.

是的。好的。如果我理解你的問題，我的意思是，目前協議是圍繞 4P 購物車和任何 NFL 產品展開的，顯然，由於這種關係，這些產品將透過 Lowe's 進行銷售。所以我不確定這是否完全回答了你的問題，但這就是我們今天的情況。

But is it something that you might have an interest in doing or presenting for those to maybe have that or would be just too difficult to rekey. It seems like, basically, you're putting a wrap on an existing product that we already have and putting a logo, embroidered into the headrest and getting maybe a couple of thousand dollars more for the equivalent.

但這是否是您可能有興趣做或呈現給可能擁有的人或太難重新加密的事情。基本上，你似乎是在我們已經擁有的現有產品上貼上包裝，然後在頭枕上繡上一個標誌，這可能會多花幾千美元。

It would just seem like, go hand in hand and didn't know whether that had been in the discussion yet, but if not, maybe it's something worthwhile discussing that doesn't require a response unless you want to respond to it.

看起來，齊頭並進，不知道是否已經在討論中，但如果沒有，也許這是值得討論的事情，不需要回應，除非你想回應它。

Listen, I'll say this. We obviously are interested in expanding as success for the program dictates. So I think that everything could be on the table. But at this point, we're so early into the program. I think we're going to play with the 4P and then I'm sure that there will be conversations if this is tremendously successful.

聽著，我會說這個。顯然，我們有興趣隨著該計劃的成功而擴大規模。所以我認為一切都可以擺在桌面上。但目前我們還處於該計劃的早期階段。我認為我們將嘗試 4P，然後我確信如果這取得了巨大成功，將會進行對話。

Sure. As we just discovered, this is a 3 year deal, which makes it that much more exciting. I'm sure it does for you as well. Anyway, on the last conference call, management responded to a targeted question originally asked on the conference call in 2022, confirming it still had a high-end goal of possibly achieving as much as $500 million in revenues for 2025.

當然。正如我們剛剛發現的那樣，這是一份為期 3 年的協議，這使得它更加令人興奮。我相信它也適合你。不管怎樣，在上次電話會議上，管理層回答了最初在 2022 年電話會議上提出的一個有針對性的問題，確認其仍然有一個高端目標，即 2025 年可能實現高達 5 億美元的收入。

But I suspect that number certainly would have gotten lower now, but still a pretty aggressive number because of the economy in general. But that's a long way from $120 million or maybe $200 million, $210 million we'll do this year. Anyway, let's see, Lowe's, I'm just looking at some notes I have over here.

但我懷疑這個數字現在肯定會更低，但由於整體經濟的原因，仍然是一個相當激進的數字。但這距離我們今年的 1.2 億美元或 2 億美元、2.1 億美元還有很長的路要走。無論如何，讓我們看看，Lowe's，我只是看我在這裡的一些筆記。

One other point I wanted to bring your attention, I guess you're probably aware of this, but they do, as I mentioned, they actually have about 80 different variations of your golf carts on the Lowe's website because you're exclusive in Lowe's. I'm talking about in general.

我想提請您注意的另一點是，我想您可能已經意識到這一點，但正如我所提到的，他們實際上在Lowe's 網站上有大約80 種不同版本的高爾夫球車，因為您是Lowe's的獨家產品。我說的是一般情況。

But what's interesting is there are several hundreds of 5 star of the rating system on these golf carts. I don't if you are aware or not. But you have got an overall 4.5 plus rating if you add in all those. All the various, different Kandi provided products, which is pretty phenomenal and speaks very highly to the, at least the thought that the customers that have been buying the vehicles through Lowe's and that's a real feather in your cap. But anyway, go ahead and pass that on.

但有趣的是，這些高爾夫球車上有數百個5顆星的評級系統。無論你是否意識到，我都不知道。但如果你把所有這些都加上去，你的整體評分就是 4.5 以上。Kandi 提供的所有各種不同的產品，這是相當驚人的，並且非常高度評價，至少認為透過 Lowe's 購買車輛的客戶是真正的驕傲。但無論如何，請繼續傳承下去。

But what's your question, Arth?

但你的問題是什麼，阿瑟？

Okay. Well, that really wasn't a question. I guess that was more of a comment that I had here and only kind of asked the first part. Let me see, I maybe have one or two more. I didn't see (inaudible) kind of prior things that were said.

好的。嗯，這確實不是一個問題。我想這更多的是我在這裡的評論，只是問了第一部分。讓我看看，我也許還有一兩個。我沒有看到（聽不清楚）之前所說過的事情。

One of the questions I had was since Kandi is going to spin off Kandi America as a special separate entity, wouldn't it be wise to bring the CEO and perhaps Olen on the call in the future. But you all did that. So there you go. Okay. Let's see.

我的問題之一是，既然 Kandi 將把 Kandi America 分拆為一個特殊的獨立實體，那麼將來讓執行長甚至奧倫參加電話會議不是明智之舉嗎？但你們都這麼做了。所以就這樣吧。好的。讓我們來看看。

Let me translate what you have said so far. (spoken in foreign language) Okay. Continue with your question, if you have any.

讓我翻譯一下您到目前為止所說的話。（用外語說）好的。繼續你的問題，如果有的話。

Yes. Okay. Just a couple of more, light ones over here. This is a follow-up on a question that somebody else asked over here and never sure we got the right answer for it or the answer that was understandable. Had to do with the total valuation of all of Kandi's facilities if they had to be replicated?

是的。好的。這裡還有幾個，比較輕的。這是其他人在這裡提出的問題的後續行動，但不確定我們是否得到了正確的答案或可以理解的答案。如果必須複製康迪所有設施，是否與它們的總估值有關？

Well, I remember for a fact that Kandi built from scratch, the Hainan facility, which has the 100,000 capacity. And that was, I believe,4, 5 years ago, and that was done for about $200 million by itself. Subsequent to that, I know they sold the old facility and built a brand-new facility in Jinhua and I guess that's where they're making their off-road products. So it would seem to me that the value of all those facilities, which had to be replicated today would certainly be in excess of $300 million, maybe a bigger number than that. Am I wrong?

嗯，我記得康迪從頭開始建造海南工廠，產能達到 10 萬。我相信那是四五年前的事了，而這件事本身就花了大約 2 億美元。之後，我知道他們賣掉了舊工廠並在金華建造了一個全新的工廠，我猜那是他們生產越野產品的地方。因此，在我看來，今天必須複製的所有這些設施的價值肯定會超過 3 億美元，甚至可能比這個數字還要大。我錯了嗎？

You mean, $300 million, what?

你是說，3億美元，什麼？

Okay. Originally, the original Hainan facility was built for around $200 million by Kandi. 4 or 5 years ago and the new facility we had in Jinhua, which is, I guess, there are two or four, five facilities in various cities that are making vehicles, where I believe they're making the Cowboy. I don't know what that, but maybe another $100 million or so.

好的。最初，康迪最初的海南工廠耗資約 2 億美元建造。四、五年前，我們在金華的新工廠，我猜，在各個城市有兩到四、五個工廠正在製造車輛，我相信他們正在製造牛仔。我不知道那是什麼，但也許還有 1 億美元左右。

So my comment was, the question was asked about what the cost would be to rebuild that type of manufacturing capacity that we have. It would seem to me that number would be at least $300 million or higher. And am I wrong on that, or what?

所以我的評論是，問題是重建我們擁有的那種製造能力的成本是多少。在我看來，這個數字至少是 3 億美元或更高。我在這一點上是錯的還是什麼？

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted)It's very hard for us to tell at the moment because that involves too many products like the supply chain, the scale and other factors. But then we would like to think of that step by step. So that's our plan and consideration. Thank you.

（外語）（口譯）目前還很難說，因為這涉及到太多的產品，例如供應鏈、規模等因素。但接下來我們想一步一步地思考這個問題。這就是我們的計劃和考慮。謝謝。

So you're not even willing to commit to the fact that the original cost of the facilities without taking all that other consideration. Well, I guess my question basically is, is it worth at least $300 million if you had to rebuild the whole thing again?

因此，如果不考慮所有其他因素，您甚至不願意承擔設施的原始成本。好吧，我想我的問題基本上是，如果你必須再次重建整個東西，它至少價值 3 億美元嗎？

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted) So just to answer your question, to replicate the whole, exactly same scale, same thing from China to US, it will be even higher than $300 million. But then again, it involves a lot of different factors when you do the manufacturing, like the supply chain and other factors.

（用外語說）（翻譯）所以回答你的問題，把整個、完全相同的規模、同樣的東西從中國複製到美國，甚至會高於3億美元。但話又說回來，當你進行製造時，它涉及到許多不同的因素，例如供應鏈和其他因素。

It doesn't make sense economically to just replicate the whole effect. Something whole scale, wholesale procedures in US because it just doesn't work that way. Yes. But then, yes, that's our conclusion for that. Thank you.

僅僅複製整個效果在經濟上是沒有意義的。在美國，這是一種大規模的批發程序，因為這種方式行不通。是的。但是，是的，這就是我們的結論。謝謝。

That was never my question. My question is the existing facilities that we have in China that are making all these vehicles that the companies being accused by the people on the internet of farming out their building. If we had to just replicate it in China. In China, what would that value? What would it cost the company to replicate just the facilities in China. Forget about importing.

這從來不是我的問題。我的問題是，我們在中國擁有的現有設施正在生產所有這些車輛，而網路上的人們指責這些公司將其建築物出租。如果我們必須在中國複製它。在中國，這有什麼價值？僅在中國複製這些設施該公司需要花費多少成本？忘記導入。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted)in order to address your question again, you asked whether your cost more than $300 million, right? Long story short, yes, if we do exactly same thing. But just in the reality, we will, we may not do it that way because, again, it's not how it works in the production in the cycle. But yes, in order to answer your question, yes, it will be even more than that. (inaudible)

（外語）（翻譯）為了再次回答你的問題，你問你的花費是否超過3億美元，對嗎？長話短說，是的，如果我們做同樣的事情。但在現實中，我們會，我們可能不會那麼做，因為這並不是它在循環生產中的運作方式。但是，是的，為了回答你的問題，是的，它會比這更多。（聽不清楚）

Okay. Very good. Okay. Well, I guess last comment I have here more of a comment than anything else. I have to admit, been in this business 51 years, never seen anything quite like this one, where you have a company where the stock is trading well under, over $1 a share under cash in the stock market. Is gotten very little debt. Has a book value, it's trading $3 whatever it is or more under book value.

好的。非常好。好的。好吧，我想我在這裡的最後一條評論比其他任何評論都多。我必須承認，我在這個行業工作了 51 年，從來沒有見過像這樣的公司，你的公司的股票交易價格遠低於股票市場的現金水平，每股超過 1 美元。得到的債務很少。有帳面價值，無論其交易價格是多少，其交易價格為 3 美元或低於帳面價值。

And you just landed probably the cherry project that virtually any golf cart company in the world would be trying to get right now, which you have with the NFL, Lowe's, plus you have a sponsor like Lowe's and you got Walmart, you got the Campers World, you've got all these others, and the stock is sitting down here. You got to do something about getting the stock price up.

你剛剛獲得了世界上幾乎所有高爾夫球車公司現在都想獲得的櫻桃項目，你有 NFL、Lowe's，再加上你有像 Lowe's 這樣的讚助商，你有沃爾瑪，你有 Campers世界，你已經擁有了所有這些其他的，而股票就坐在這裡。你必須採取一些措施來提高股價。

I know even Olen is the second, I believe, the second largest shareholder in the company now. And if I'm not mistaken, I think, 1 year ago, he did a deal about $3.30 a share, you can't be too happy with that either. So we got to do something.

我知道連奧倫現在也是公司的第二大股東，我相信，第二大股東。如果我沒記錯的話，我想，1 年前，他以每股 3.30 美元的價格做了一筆交易，你不會對此感到太高興。所以我們必須做點什麼。

And I think the only thing you can do in the United States is you got to do something very definitive. And if normal circumstances don't want to deal with Lowe's would take any other stock up to $10 a share. We know this stock can actually do that because right after Kandi America was brought on board, the stock went up to $19 a share just based on that. And then they were doing $10 million in revenues. This year, you're probably going to do $150 million in revenues, just Kandi America portion or more.

我認為你在美國唯一能做的就是你必須做一些非常明確的事情。如果正常情況下不想與 Lowe's 打交道，則可以接受每股 10 美元以內的任何其他股票。我們知道這隻股票實際上可以做到這一點，因為在 Kandi America 加入之後，該股就因此上漲到了每股 19 美元。然後他們的收入達到了 1000 萬美元。今年，您的收入可能會達到 1.5 億美元，其中只有 Kandi America 的部分或更多。

So that's just my final comment here. If anybody wants to comment on it, I appreciate it. But if not, we should have a great third quarter now. Because I guess you haven't done, no revenues have shown up yet because you're starting now in August from the Lowe's golf cart, I mean NFL program. So I would think we're going to have a great third quarter, maybe I'm wrong, if anyone wants to address that or not. Anyway, thank you.

這是我的最後評論。如果有人想對此發表評論，我很感激。但如果沒有，我們現在應該有一個很棒的第三季。因為我猜你還沒有完成，還沒有顯示任何收入，因為你從八月份開始從 Lowe's 高爾夫球車開始，我指的是 NFL 項目。所以我認為我們將會有一個偉大的第三季度，也許我錯了，無論是否有人想解決這個問題。不管怎樣，謝謝你。

Thank you for your remarks. (spoken in foreign language) (interpreted) Operator, that's all.

謝謝您的評論。（用外語說）（翻譯）接線員，就這樣。

Thank you. I will turn the call back to management for any closing remarks.

謝謝。我會將電話轉回給管理階層，讓他們發表結束語。

Thank you again for joining today's conference call. If you have any further questions, please don't hesitate to contact our IR consultant, gary@blueshirtgroup.co or you can contact us directly, ir@kandugroup.com. We look forward to updating you on our next earnings call. This concludes our call for today. Thank you very much. You may now all disconnect.

再次感謝您參加今天的電話會議。如果您有任何其他問題，請隨時聯絡我們的投資人關係顧問 gary@blueshirtgroup.co 或直接與我們聯絡 ir@kandugroup.com。我們期待在下次財報電話會議上向您通報最新情況。我們今天的呼籲到此結束。非常感謝。你們現在可以斷開連結了。

Thank you for your participation.

感謝您的參與。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。