Kaixin Holdings (KXIN) 2019 Q2 法說會逐字稿

Hello, ladies and gentlemen, thank you for standing by, and welcome to the Kaixin Auto Holdings' Second Quarter 2019 Earnings Conference Call. (Operator Instructions). Today's conference call is being recorded.

各位女士先生們大家好，感謝大家的耐心等待，歡迎大家參加開心汽車控股2019年第二季業績電話會議。（操作員說明）。今天的電話會議正在錄音。

I would like to hand the conference over to your host, Ms. [Yang Song], Investor Relations for the company. Please go ahead, [Yang].

我想把會議交給東道主，公司投資者關係部的[楊松]女士。請繼續，[楊]。

Hello, everyone, and welcome to Kaixin Auto Holdings Second Quarter 2019 Earnings Conference Call. Kaixin is one of the primary dealership networks in the premium used car segment in China. The company's financial and operating results were issued in a press release, via Newswire services, earlier today and are also posted online. Participating in today's call are Mr. Ji Chen, Chief Executive Officer; and Ms. Lucy Yang, Chief Financial Officer. The company's management will begin with prepared remarks, and the call will conclude with a Q&A session. Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information, regarding risks and uncertainties, is included in the filings of the company with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that Kaixin's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Kaixin's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

大家好，歡迎參加開心汽車控股2019年第二季業績電話會議。開心是中國優質二手車領域的主要經銷商網路之一。該公司的財務和經營業績今天早些時候透過 Newswire 服務在新聞稿中發布，並在網路上發布。參加今天電話會議的有執行長陳吉先生；楊露西女士，財務長。公司管理階層將以準備好的發言開始，電話會議將以問答環節結束。在我們繼續之前，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。因此，公司的實際結果可能與今天表達的觀點有重大差異。有關風險和不確定性的更多資訊包含在該公司向美國證券交易委員會提交的文件中。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。另請注意，開心網的獲利新聞稿和本次電話會議包括對未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。開心網的收益新聞稿包含未經審計的非公認會計準則衡量標準與未經審計的最直接可比較的公認會計準則衡量標準的調節表。

Next, I will do the prepared remarks on behalf of our Chairman, Mr. Joe Chen.

接下來，我將代表我們的主席陳喬恩先生做準備好的發言。

Hello, everyone, and thank you all for joining our second quarter earnings conference call. This earnings call is our very first since Kaixin Auto group consummated its business combination with CM Seven Star through a share exchange on April 30, 2019. We are one of the primary dealer networks -- dealership network in the premium used car segment in China, with opportunity ahead of us to grow. The premium used car segment is a very large percentage of the total used car market in China, with the growth rate faster than overall used car market. The strong demand for premium used car market is driven by both China's middle class continued income increase and a strong value proposition of used cars in this challenging macroeconomic environment. Kaixin is well positioned to capture this extraordinary market opportunity. By leveraging our strong proprietary technology, both on the customer-facing side and the dealership-facing side. And by focusing on strong and stable local dealerships, who have been effective with organic growth and prudent marketing spend to expand our self-owned and affiliated dealer network. With China's used car markets still highly fragmented, limited financing options and lack of scale from others in the market, consumers are presented with a sales environment marked by inefficient sourcing for price transparency and inconsistent quality, which leads to overall skepticism and distrust. As we continue to power our dealers with capital, technology systems and marketing capabilities, we are confident we can gain market share and further solidify our dealership in the premium used car market.

大家好，感謝大家參加我們的第二季財報電話會議。本次財報電話會議是開心汽車集團與招商七星於2019年4月30日透過換股完成業務合併以來的首次財報電話會議。我們是中國優質二手車領域的主要經銷商網路之一，我們面臨著發展的機會。高檔二手車市場在中國二手車市場總量中所佔比例非常大，且成長速度快於整體二手車市場。中國中產階級收入的持續成長以及在充滿挑戰的宏觀經濟環境下二手車的強大價值主張推動了對優質二手車市場的強勁需求。開心網已做好充分準備，抓住這非凡的市場機會。透過利用我們強大的專有技術，無論是面向客戶還是面向經銷商。透過專注於強大而穩定的當地經銷商，他們透過有機成長和審慎的行銷支出有效地擴大了我們的自有和附屬經銷商網路。由於中國的二手車市場仍然高度分散，融資選擇有限，且市場上其他企業缺乏規模，消費者面臨採購效率低、價格透明、品質不穩定的銷售環境，這導致了整體的懷疑和不信任。隨著我們繼續為經銷商提供資金、技術系統和行銷能力，我們有信心獲得市場份額並進一步鞏固我們在優質二手車市場的經銷商地位。

Kaixin's strategy is to provide consumers with the simplest, most comprehensive and transparent service available. We believe this differentiated business model combined with our size, scale, dealership funding, availability and multitude of value-added services will give Kaixin a significant competitive advantage.

開心的策略是提供消費者最簡單、最全面、最透明的服務。我們相信，這種差異化的商業模式與我們的規模、規模、經銷商資金、可用性和眾多增值服務相結合，將為開心網帶來顯著的競爭優勢。

In the second quarter, our core strategic focus was on the operational optimization of both our dealerships and our corporate headquarters. We implemented changes throughout our organization and make necessary investments for future gains in efficiency and cost effectiveness. Looking ahead, we'll continue to expand our self on dealership network and leverage our tritiated dealer network business model to access financing from multiple channels. We'll also strengthen our value-added and aftersales services, such as customer auto financing, insurance offerings and repair and maintenance services in order to provide our customers with a full suite of services and capture additional revenue streams.

第二季度，我們的核心策略重點是經銷商和公司總部的營運最佳化。我們在整個組織中實施了變革，並為未來提高效率和成本效益進行了必要的投資。展望未來，我們將持續拓展經銷商網絡，利用完善的經銷商網路業務模式，多通路取得融資。我們還將加強增值和售後服務，例如客戶汽車融資、保險產品以及維修和保養服務，以便為客戶提供全套服務並獲得額外的收入來源。

With that, I would like to turn the call over to Ji, our CEO.

說到這裡，我想把電話轉給我們的執行長吉。

(foreign language)

（外語）

[Interpreted] Hello, everyone. This is Kaixin Auto's CEO, Ji Chen.

【解讀】大家好。我是開心汽車的執行長季晨。

(foreign language)

（外語）

[Interpreted] Let me provide some specifics on our strategic optimization initiatives at both our dealerships and our corporate headquarters.

[解釋] 讓我提供一些有關我們在經銷商和公司總部的策略優化計劃的具體資訊。

(foreign language)

（外語）

[Interpreted] We rolled out a pilot program, upgrading our SaaS system at selected dealerships. This created both enhanced procurement efficiency and inventory management as well as improved communication with our dealerships and headquarters. We plan to expand the pilot program to all of our dealerships in the second half of 2019.

[解讀]我們推出了一項試點計劃，在選定的經銷商處升級我們的 SaaS 系統。這提高了採購效率和庫存管理，並改善了與經銷商和總部的溝通。我們計劃在 2019 年下半年將該試點計畫擴大到我們所有的經銷商。

(foreign language)

（外語）

[Interpreted] More importantly, we focused on inventory management and shortened our inventory turnover days to 42 days in the second quarter 2019, 37% lower compared with 67 days in the second quarter 2018.

【解讀】更重要的是，我們注重庫存管理，將2019年第二季的庫存週轉天數縮短至42天，比2018年第二季的67天減少了37%。

(foreign language)

（外語）

[Interpreted] As far as corporate functions, in the second quarter, we also implemented strategic initiatives to streamline corporate functions in an effort to make finance, human resources, IT, procurement, legal and facilities management, more efficient and cost-effective.

【解讀】在企業職能方面，第二季我們也實施了精簡企業職能的策略舉措，努力使財務、人力資源、IT、採購、法律和設施管理更加高效、更具成本效益。

(foreign language)

（外語）

[Interpreted] Going forward, we will continue to refine our business and operating model, targeting further market penetration, particularly in key cities and target eventual profitability.

【解讀】展望未來，我們將繼續完善業務和營運模式，進一步滲透市場，特別是重點城市，並以最終盈利為目標。

(foreign language)

（外語）

[Interpreted] With our current balance strategy for both our top and bottom line growth, we are now confident in our ability to deliver healthy financial and operational results in the second half of 2019.

[解讀]憑藉我們目前實現收入和利潤成長的平衡策略，我們現在對在 2019 年下半年實現健康的財務和營運績效的能力充滿信心。

(foreign language)

（外語）

[Interpreted] Thank you, again, for joining today, and I will now turn the call over to our CFO, Lucy.

[解釋] 再次感謝您今天加入，我現在將把電話轉給我們的財務長露西。

Thank you, Chen. Hello, everyone. Considering the length of this call, I will just highlight the key financial measures for the second quarter of 2019 and encourage you to refer to our earnings press release for further details regarding our second quarter financial results. Our second quarter 2019 revenue experienced a slight decrease from the same quarter of last year. The decline in revenue was primarily due to the impact of macroeconomic slowdown, deleveraging of financial institutions and some temporary restrictive industry conditions.

謝謝你，陳。大家好。考慮到本次電話會議的長度，我將僅重點介紹 2019 年第二季度的關鍵財務指標，並鼓勵您參閱我們的收益新聞稿，以了解有關我們第二季度財務業績的更多詳細資訊。我們2019年第二季的營收較去年同期略有下降。收入下降主要是受宏觀經濟放緩、金融機構去槓桿以及一些臨時限制性產業條件的影響。

On the other side, we were able to achieve higher profit margins through our initiatives to optimize allocation of resources to better performing dealers and enhance our operational efficiency to cut operating expenses.

另一方面，我們透過優化資源配置給業績更好的經銷商以及提高營運效率以削減營運費用來實現更高的利潤率。

Next, I'm going to discuss the key financial measures. Total revenues for the second quarter of 2019 were USD 100 million, representing an 8% decrease from the second quarter of 2018. The decrease in revenue was mainly due to the more restrictive financing requirements from banks, which forced us to reduce our inventory skills in order to decrease our financial leverage. During the first half of 2019, we paid down $42 million debt. Cost of revenue was $97.4 million, representing a 9.5% decrease from $107.6 million in the second quarter of 2018. The decrease was in line with the decrease in revenue. Gross profit was $2.5 million, representing a 121% increase from $1.1 million in the second quarter of 2018. Gross profit margin was 2.5% in the second quarter of 2019, which more than doubled the gross margin of 1% in the second quarter of 2018. The improved gross profit margin resulted from our adoption of a new incentive structure, which aims to allocate more resources to facilitate the growth of better-performing dealers and has geared down to support to lower-performing dealers. Operating expenses were $8.8 million, comprised of $3.7 million of selling and marketing expenses, $0.9 million of research and development expenses and $4.1 million of general administrative expenses. The item decreased by 41% in comparison to $14.8 million in the second quarter of 2018. The decrease in operational sensing resulted from our strategical initiatives to streamline management systems and operational procedures across various corporate functions, leading to substantial improvements in operational efficiency and personal productivity.

接下來，我將討論關鍵的財務措施。2019年第二季總營收為1億美元，較2018年第二季下降8%。收入下降的主要原因是銀行的融資要求更加嚴格，迫使我們降低庫存技能以降低財務槓桿。2019 年上半年，我們償還了 4,200 萬美元的債務。營收成本為 9,740 萬美元，較 2018 年第二季的 1.076 億美元下降 9.5%。此減少與收入減少一致。毛利為 250 萬美元，較 2018 年第二季的 110 萬美元成長 121%。2019年第二季毛利率為2.5%，是2018年第二季毛利率1%的兩倍多。毛利率的提高得益於我們採用了新的激勵結構，旨在分配更多資源來促進業績較好的經銷商的成長，並減少對業績較差經銷商的支持。營運費用為 880 萬美元，其中包括 370 萬美元的銷售和行銷費用、90 萬美元的研發費用以及 410 萬美元的一般管理費用。與 2018 年第二季的 1,480 萬美元相比，該專案下降了 41%。營運感知的減少是由於我們採取了策略性舉措，簡化了公司各個職能部門的管理系統和營運程序，從而大幅提高了營運效率和個人生產力。

Operating loss was $6.3 million, over 50% decrease compared to $13.7 million in the second quarter of 2018. Thanks to the strategical optimization initiatives implemented at our dealers network and corporate headquarters. Net income attributable to the company was a profit of $76.8 million, compared with a net loss of $9.6 million in the second quarter of 2018. The net income was largely due to a fair value adjustment to the contingent consideration to the dealers. Non-GAAP adjusted operating loss was $0.3 million, compared with a loss of $6.4 million in the second quarter of 2018. Non-GAAP adjusted EBITDA from continuing operations turned positive to $0.2 million compared with negative $4.4 million in the second quarter of 2018.

營運虧損為 630 萬美元，與 2018 年第二季的 1,370 萬美元相比下降了 50% 以上。得益於我們的經銷商網路和公司總部實施的策略優化措施。該公司歸屬淨利潤為 7,680 萬美元，而 2018 年第二季淨虧損為 960 萬美元。淨利主要是因為經銷商或有對價的公允價值調整。非 GAAP 調整後營運虧損為 30 萬美元，而 2018 年第二季虧損 640 萬美元。持續經營業務的非公認會計準則調整後 EBITDA 轉正至 20 萬美元，而 2018 年第二季為負 440 萬美元。

And now for our business outlook and the guidance. The company expects to generate revenues in an amount ranging from $70 million to $80 million in the third quarter of 2019. This forecast reflects the company's current and preliminary views on market and operational conditions, which are subject to change. With our balanced approach to both top line and bottom line growth, we are confident in our ability to deliver healthy operational performance and improving profitability in the second half of 2019.

現在我們的業務展望和指導。該公司預計 2019 年第三季的營收將在 7,000 萬美元至 8,000 萬美元之間。該預測反映了該公司對市場和營運狀況的當前和初步看法，這些看法可能會發生變化。憑藉我們平衡的營收和利潤成長方法，我們有信心在 2019 年下半年實現健康的營運表現並提高獲利能力。

Well, this concludes our prepared remarks. We will now open the call to the questions.

好了，我們準備好的發言就到此結束。我們現在開始提問。

Operator, please go ahead.

接線員，請繼續。

(foreign language) Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) We have our first question coming from the line of [Jerry Wu from CCB International].

（外語）女士們、先生們，我們現在開始問答環節。（操作員說明）我們的第一個問題來自[建銀國際的Jerry Wu]。

I've got 2 questions. The first one is more of a general scope. And the second one is more on the financial side. Let me start with the first. The first one would be, I think, the passenger car sales in China seem to be in a soft patch, affected by macroeconomic conditions. Can you discuss how the company is going to respond to the challenge, please?

我有 2 個問題。第一個是更一般的範圍。第二個比較是在財務方面。讓我從第一個開始。第一個是，我認為，受宏觀經濟狀況的影響，中國的乘用車銷售似乎處於疲軟狀態。您能否討論一下公司將如何應對這項挑戰？

Okay. (foreign language)

好的。（外語）

[Interpreted] This is the CEO, Ji Chen. He's going to answer your questions.

【解讀】這位是CEO，季晨。他會回答你的問題。

(foreign language)

（外語）

[Interpreted] Yes. There's no debate that China's macro economy and the auto markets are slowing down.

[解釋] 是的。毫無疑問，中國的宏觀經濟和汽車市場正在放緩。

(foreign language)

（外語）

[Interpreted] To us, these present both a challenge and an opportunity, through which we can differentiate from our competitors. Our strategic focuses are twofold.

[解讀]對我們來說，這既是挑戰也是機遇，透過它我們可以從競爭對手中脫穎而出。我們的策略重點是雙重的。

(foreign language)

（外語）

[Interpreted] First point, as the auto market slows down, second-hand car market has been evolving from a seller's market to a buyer's market. We are responding to this change by focusing not only on the gross margin for our vehicle sales, but also the inventory turnover days.

【解讀】第一點，隨著車市放緩，二手車市場已從賣方市場演變為買方市場。為了因應這項變化，我們不僅關注汽車銷售的毛利率，還關注庫存週轉天數。

(foreign language)

（外語）

[Interpreted] Leveraging our proprietary AI-aided analytics tool, we select second-hand vehicles to purchase for our inventory based on the following: it's price, brand, age, mileage and also very importantly, how fast we can sell the vehicle.

[解讀]利用我們專有的人工智慧輔助分析工具，我們根據以下因素選擇要購買的二手車作為我們的庫存：價格、品牌、車齡、里程，以及非常重要的，我們可以以多快的速度出售車輛。

(foreign language)

（外語）

[Interpreted] Our sales target is a reasonable gross margin plus low inventory turnover days. On a unit sales basis, our gross margin is relatively steady at between 6% to 7%, and our inventory turnover days are now between 40 to 45 days.

【解讀】我們的銷售目標是合理的毛利率加上低庫存週轉天數。以銷量計算，我們的毛利率相對穩定在 6% 至 7% 之間，庫存週轉天數目前在 40 至 45 天之間。

(foreign language)

（外語）

[Interpreted] As a result, we're able to boost ROI for our unit inventory and show significant profit utility improvements in this challenging macroeconomic environment.

[解釋] 因此，我們能夠提高單位庫存的投資報酬率，並在這個充滿挑戰的宏觀經濟環境中顯示出顯著的利潤效用改善。

(foreign language)

（外語）

[Interpreted] We're also relatively encased by the frequent price cuts by auto AEM, thanks to our short duration from the time we purchased the vehicle to the time we make the sale.

[解讀]我們也比較容易受到汽車AEM頻繁降價的影響，因為我們從購買車輛到出售的時間很短。

(foreign language)

（外語）

[Interpreted] So the first point, we are talking about inventory turnover to respond to the challenges of the macro economy. And the second point, we're going to discuss how we're going to expand in cities for our dealership network.

【解讀】那麼第一點，我們講庫存週轉是為了因應宏觀經濟的挑戰。第二點，我們將討論如何在城市中擴展我們的經銷商網路。

(foreign language)

（外語）

[Interpreted] We are focusing on selected key cities for our dealership network in provinces, such as Hubei, Hunan and Henan, rather than trying to expand to a wide range of cities.

【解讀】我們的經銷網絡主要集中在湖北、湖南、河南等省份的重點城市，而不是試圖向廣泛的城市擴張。

(foreign language)

（外語）

[Interpreted] The characteristic for these key cities are that we already have dealership presence and high market share in these cities.

【解讀】這些重點城市的特徵是我們在這些城市已經有經銷店，市場佔有率很高。

(foreign language)

（外語）

[Interpreted] And we try to establish partnerships with smaller dealers. (foreign language) basically means the partnership -- vehicle partnership, in English.

[解讀]我們嘗試與較小的經銷商建立合作關係。（外語）在英語中基本上就是合夥企業－車輛合夥企業。

(foreign language)

（外語）

[Interpreted] These smaller dealers have good sources for second-hand vehicles, but lack the sales expertise and necessary sites for inventories which are what we can provide.

【解讀】這些規模較小的經銷商擁有良好的二手車貨源，但缺乏我們可以提供的銷售專業知識和必要的庫存場地。

(foreign language)

（外語）

[Interpreted] As such, we see good synergies for this cooperation business model. And believe it's the most cost-effective way for us to deepen our market penetration in the key cities.

【解讀】因此，我們認為這種合作商業模式具有良好的綜效。並相信這是我們深化重點城市市場滲透的最具成本效益的方式。

(foreign language)

（外語）

[Interpreted] Also, our partners in banks, such as Ping An Bank, are very interested in our -- in this type of business model. And we -- they will be interested in providing capital for our investments in our dealer partnership. As such, it will not require significant capital outlay from our own capital resource.

[解讀]此外，我們的銀行夥伴，例如平安銀行，對我們的這種業務模式非常感興趣。我們—他們將有興趣為我們對經銷商合作夥伴關係的投資提供資金。因此，不需要從我們自己的資本資源中投入大量資本支出。

Okay. (foreign language)

好的。（外語）

[Interpreted] This is my answer to your first question. Thank you.

[解讀]這是我對你第一個問題的回答。謝謝。

[Jerry], are you going to ask another question?

[Jerry]，你還要問另一個問題嗎？

(Operator Instructions) Once again, we have [Jerry Wu from CCB].

（操作員指令）我們再次有[來自CCB的Jerry Wu]。

Thank you, management, for answering my first question. Also got a question on the financial side, perhaps I got 2. First, we noticed that your operational expenses achieved a significant reduction in the second quarter. Would its cost cuts impact your future growth potential and competitiveness on the market? I think the second one would be, what are the factors that help you reach a conclusion, reach a prediction of a decline in revenue in the third quarter of 2019, which you mentioned is around USD 70 million to USD 80 million?

謝謝領導者回答我的第一個問題。還有一個關於財務方面的問題，也許我得到了2。成本削減是否會影響您未來的成長潛力和市場競爭力？我認為第二個問題是，哪些因素可以幫助您得出結論，預測2019年第三季收入下降，您提到的收入下降約為7000萬美元至8000萬美元？

Okay. For the first question about the cost cutting, we achieved cost receivings, mainly through optimization of our work process. We optimized our IT system and adapted intelligent operations and also simplified our worker process. We also include the efficiency of our (inaudible). Most of the cost cuts involve administrative and ancillary items. We give priority to allocating sufficient resources to function that directly contribute to our revenue and growth. For example, our personnel expenses will put more percentage in the sales and marketing areas. In the research and development area, we mainly reduced spending in routine IT, maintenance functions and focus our resources on upgrading the subsystem that will significantly improve inventory management and timely communications with dealers.

好的。對於第一個問題，關於成本削減，我們主要透過優化工作流程實現了成本效益。我們優化了IT系統，實現了智慧化操作，簡化了員工流程。我們也包括我們的效率（聽不清楚）。大多數成本削減涉及行政和輔助項目。我們優先分配足夠的資源來直接促進我們的收入和成長。例如，我們的人員費用將在銷售和行銷領域投入更多比例。在研發方面，我們主要減少了日常IT、維護功能方面的支出，並將資源集中用於升級子系統，這將顯著改善庫存管理以及與經銷商的及時溝通。

And for your second question, as I discussed earlier, recently, financial institutions are imposing more restrictive lending requirements -- requirements which force us to decrease our financial leverage and reduce borrowings. Consequently, we have been gradually reducing the share of our inventory in the second quarter, which limits the options offered to our customers, and affect our peer. We expect the Kaixin's financial conditions to continue for the second half of the year. The full effect of inventory reduction would come out in the third quarter and negatively impact our revenue. So we expect that the third quarter revenue was stabilized at $70 million to $80 million. However, we have been working on measures to alleviate the financial restrictions as our CEO, Ji Chen, mentioned earlier. We expect those measures, combined with our strategical optimization, in new show, would be able to effectively address current challenges and facilitate future growth of our business. Thank you.

至於你的第二個問題，正如我之前討論的那樣，最近，金融機構正在實施更嚴格的貸款要求，這些要求迫使我們降低財務槓桿並減少借款。因此，我們在第二季度逐漸減少了庫存份額，這限制了為客戶提供的選擇，並影響了我們的同行。我們預計開心網的財務狀況將在下半年持續。庫存減少的全部效果將在第三季顯現出來，並對我們的收入產生負面影響。因此我們預計第三季營收穩定在7,000萬美元至8,000萬美元。然而，正如我們的執行長陳吉之前提到的，我們一直在努力採取措施緩解財務限制。我們期望這些措施與我們在新展會上的策略優化相結合，將能夠有效應對當前的挑戰並促進我們未來業務的成長。謝謝。

(Operator Instructions)

（操作員說明）

As we have no further questions at this point, I'd like to turn the conference back to the company for closing remarks. Please go ahead, sir.

由於我們目前沒有其他問題，我想將會議轉回公司進行閉幕致詞。請繼續，先生。

Thank you, once again for joining us today. If you have further questions, please feel free to contact Kaixin's Investor Relations department through the contact information provided on our website or TPG, the company's Investor Relations partner. This concludes the conference call. You may now disconnect your lines. Thank you.

再次感謝您今天加入我們。如果您還有其他疑問，請隨時透過我們網站上提供的聯絡方式或公司投資者關係合作夥伴TPG聯絡開心網投資者關係部門。電話會議到此結束。現在您可以斷開線路。謝謝。