理想汽車 (LI) 2023 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host, Kobe Wang, the Head of Capital Markets of Li Auto. Please go ahead, Kobe.

女士們、先生們，大家好。感謝您出席理想汽車 2023 年第三季財報電話會議。 （操作員指示）今天的電話會議正在錄音。現在我將電話轉交給主持人理想汽車資本市場部負責人王科比。請繼續吧，Kobe。

Thank you, operator. Good evening, and good morning, everyone. Welcome to Li Auto's Third Quarter 2023 Earnings Conference Call. The company's financial and operating results were published in a press release earlier today and are posted on the company's IR website.

謝謝你，接線生。大家晚上好，早安。歡迎參加理想汽車 2023 年第三季財報電話會議。該公司的財務和經營業績已在今天稍早發布的新聞稿中發布，並發佈在該公司的投資者關係網站上。

On today's call, we will have our Chairman and CEO, Mr. Xiang Li; our CFO, Mr. Johnny Tie Li, begin with prepared remarks. Our President, Mr. Donghui Ma and the Senior VP, Mr. James Liangjun Zou, will join for the Q&A discussion.

出席今天的電話會議的有我們的董事長兼執行長李翔先生；我們的財務長 Johnny Tie Li 先生首先發表準備好的演講。我們的總裁馬東輝先生和高級副總裁鄒良軍先生將參加問答討論。

Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the safe harbor provision 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 different from the views expressed today. Further information regarding risks and uncertainties is included in certain company filings with the U.S. SEC and the Hong Kong Stock Exchange. The company doesn't assume any obligation to update any forward-looking statements, except as required under applicable law.

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所不同。有關風險和不確定性的更多資訊包含在某些公司向美國證券交易委員會和香港證券交易所提交的文件中。除適用法律要求外，該公司不承擔更新任何前瞻性聲明的義務。

Please also note that Li Auto's earnings price -- release price and this conference call include a discussion of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to Li Auto's disclosure, the comment on the IR section of our website, which contains a reconciliation of unaudited non-GAAP measures -- comparable GAAP measures.

另請注意，理想汽車的盈利價格-發布價格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。請參閱理想汽車的揭露，即我們網站IR部分的評論，其中包含未經審計的非公認會計準則衡量標準（可比公認會計準則衡量標準）的調節表。

Our CEO will start his remarks in Chinese. There will be English translation after he finished all his remarks.

我們的執行長將用中文開始講話。他發言結束後將有英文翻譯。

With that, I will now turn the call over to our CEO, Mr. Xiang Li. Please go ahead.

現在我將把電話轉給我們的執行長李翔先生。請繼續。

[Interpreted] Hello, everyone, and welcome to today's earnings conference call. In the third quarter of 2023, despite the intense competition in China's NEV market, we maintained strong growth momentum propelled by our compelling product lineup and strong execution.

【解讀】大家好，歡迎參加今天的財報電話會議。 2023年第三季度，儘管中國新能源汽車市場競爭激烈，但憑藉引人注目的產品陣容和強大的執行力，我們保持了強勁的成長勢頭。

Total deliveries for the quarter surpassed 105,000 vehicles, almost 4x the volume for the same period last year, setting another new quarterly delivery record. By the end of September, we have delivered our 500,000 Li Auto vehicles, becoming the fastest Chinese emerging new automaker to reach this benchmark.

該季度總交付量超過 105,000 輛，幾乎是去年同期的 4 倍，再創季度交付量新紀錄。截至9月底，我們已交付50萬輛理想汽車，成為最快達到此基準的中國新興新興汽車製造商。

Moreover, in October, Li Auto achieved another new milestone with over 40,000 monthly deliveries. According to the insurance registration data of China Automotive Technology and Research Center, Li L9 maintained its position as the full-size SUV sales champion during the quarter, while L7 and L8 continue to occupy the first and second spot in the large SUV market, respectively.

此外，10月份，理想汽車又實現了每月交付量突破4萬輛的新里程碑。中國汽車技術研究中心保險登記數據顯示，厲L9本季持續維持全尺寸SUV銷售冠軍的位置，而L7和L8繼續分別佔據大型SUV市場第一和第二的位置。

We remain one of the top 3 NEV brands priced over RMB 200,000 in China while our market share continued to grow, reaching 15.4% in NEV brands priced over RMB 200,000 in China, compared with 10.9% in the first quarter and 13.7% in the second quarter. We believe that our L series' robust growth momentum, together with deliveries of our upcoming BEV models next year, will enable us to accelerate the large-scale transition from traditional ICE vehicles in 2024.

We remain one of the top 3 NEV brands priced over RMB 200,000 in China while our market share continued to grow, reaching 15.4% in NEV brands priced over RMB 200,000 in China, compared with 10.9% in the first quarter and 13.7% in the second四分之一.我們相信，我們的 L 系列強勁的成長勢頭，加上明年即將推出的純電動車型的交付，將使我們能夠在 2024 年加速從傳統內燃機汽車的大規模轉型。

Turning over to our financial performance. Our rapid scale growth has driven continued cost reduction, resulting in steady improvements across multiple financial metrics. Total revenues for the third quarter were RMB 34.68 billion, up 271.2% year-over-year. Our net income and free cash flow increased to RMB 2.81 billion and RMB 13.22 billion, respectively, both heading new historical highs.

轉向我們的財務表現。我們規模的快速成長推動了成本的持續降低，從而使多個財務指標穩步改善。第三季總營收為人民幣346.8億元，年增271.2%。淨利和自由現金流分別增加至人民幣28.1億元和人民幣132.2億元，雙雙創歷史新高。

Notably, our cash position reached RMB 88.52 billion as of the end of the third quarter. Our healthy operations reaffirms our strong operational capabilities, underpinning our long-term firm commitment to R&D. Our market-leading charging capability for 5C BEV is just one great example of our achievements made through R&D investments. With respect to production, in October, our Changzhou manufacturing base completed its capacity expansion and is now well positioned for its production increase in Q4.

值得注意的是，截至第三季末，我們的現金部位達到人民幣885.2億元。我們的健康營運再次證明了我們強大的營運能力，支撐著我們對研發的長期堅定承諾。我們市場領先的 5C BEV 充電能力只是我們透過研發投資所取得的成就的一個很好的例子。生產方面，10月份，常州生產基地完成了產能擴張，為第四季度的增產做好了準備。

In terms of supply chain management, we continue to break through the component supply chain bottleneck via the enhanced supply chain management strategies, improved processes and more efficient collaboration with our suppliers. We expect total deliveries in the fourth quarter to be between 125,000 to 128,000 units.

在供應鏈管理方面，我們透過強化供應鏈管理策略、改善流程、與供應商更有效率的協作，不斷突破零件供應鏈瓶頸。我們預計第四季度的總交付量將在 125,000 至 128,000 輛之間。

Now I would like to talk about Li MEGA. Li MEGA can gain up to 500 kilometers of driving range with a 12-minute charge and features an industry-leading silhouette. It is -- its market reception has exceeded our expectations. Li MEGA's extremely large interior space meets the travel needs of large Chinese families. At the same time, its unique body style and silhouette are intended to reach the perfect balance between interior space and energy consumption. It is the most aerodynamic MPV in the world with a drag coefficient of only 0.215.

現在我想談談Li MEGA。 Li MEGA 充電 12 分鐘即可獲得長達 500 公里的續航里程，並具有業界領先的輪廓。它的市場反應超出了我們的預期。 Li MEGA極為寬敞的內部空間滿足中國大家庭的旅遊需求。同時，其獨特的車身風格和輪廓旨在達到內部空間和能源消耗之間的完美平衡。它是世界上最具空氣動力的MPV，風阻係數僅0.215。

Based on our 800-volt BEV platform, MEGA is capable of 5C charging with a peak charging power exceeding 520 kilowatts, higher than any other passenger vehicle in production in the world. Li MEGA is targeted for launch in December 2023. Showroom vehicles are scheduled for debut at our retail stores in January 2024, and deliveries will commence in February. We will share more details about Li MEGA during our product launch event this December.

基於我們的800伏特純電動平台，MEGA能夠進行5C充電，峰值充電功率超過520千瓦，高於全球任何其他在產乘用車。 Li MEGA 計劃於 2023 年 12 月推出。陳列車輛計劃於 2024 年 1 月在我們的零售店首次亮相，並於 2 月開始交付。我們將在今年 12 月的產品發布會上分享有關 Li MEGA 的更多詳細資訊。

In the meantime, we have been making progress with our 5C supercharging network expansion. To date, we have built and started operating 130 supercharge stations along highways nationwide. We expect to establish 300 highway supercharging stations by the end of this year, covering 4 major economic zones, including the Beijing-Tianjin-Hebei Economic Belt; the Yangtze River Delta region; and the Greater Bay Area; and Sichuan-Chongqing Economic Belt. Going forward, we will further accelerate the rollout to increase nationwide highway coverage while also actively building urban supercharging stations, thereby greatly improving users' energy replenishment experiences across all scenarios.

同時，我們的5C超級充電網路擴建也取得了進展。截至目前，我們已在全國高速公路沿線建設並營運130個超級充電站。預計今年底建成300個高速公路增壓站，覆蓋京津冀經濟帶等4個主要經濟區；長三角地區；及大灣區；和川渝經濟帶。未來，我們將進一步加速推廣，擴大全國高速公路覆蓋範圍，同時積極興建城市超級充電站，大幅提升用戶全場景補能體驗。

Moving on to autonomous driving. Our city NOA on our AD Max platform continue to progress smoothly. We expect to push the official version of AD Max 3.0 by the end of this year with full scenario NOA function. Meanwhile, the AD Pro 3.0's official version will be released in the first half of next year. By then, part of AD Max' algorithm capability will also be available on AD Pro. We're confident that Li Auto will become a market-proven first-year player in the autonomous driving market in the first half of next year.

轉向自動駕駛。我們的城市NOA在AD Max平台上的進展持續順利。預計今年底推出AD Max 3.0正式版，具備全場景NOA功能。同時，AD Pro 3.0正式版將於明年上半年發布。屆時，AD Max的部分演算法能力也將在AD Pro上可用。我們有信心明年上半年理想汽車將成為自動駕駛市場經過市場驗證的元年玩家。

Turning to the development of our direct sales and servicing network. As of October 31, 2023, we have 372 retail stores in 133 cities. Moving to the fourth quarter, we will continue to accelerate our network expansion, aiming to cover over 400 stores across 140 cities nationwide, further increasing Li Auto's market share in China's new energy automotive market.

談到我們的直銷和服務網絡的發展。截至2023年10月31日，我們在133個城市擁有372家零售店。進入第四季度，我們將持續加速網路擴張，目標是覆蓋全國140個城市的400多家門市，進一步提升理想汽車在中國新能源汽車市場的佔有率。

Last but not least, I would like to share some details regarding our accomplishments in ESG. In September, our company was upgraded to the highest AAA rating by MSCI ESG Research, making Li Auto the first Chinese automaker ever to receive this ratings. The rating validates our steadfast efforts across corporate governance, product safety and quality, clean tech development and organization and talent among other areas. Moving forward, we'll continue to uphold our value proposition of providing outstanding products and services that exceed our family users' needs as we constantly push the limits of growth.

最後但並非最不重要的一點是，我想分享一些有關我們在 ESG 方面取得的成就的細節。 9月，理想汽車被MSCI ESG研究提升至最高AAA評級，成為首家獲此評級的中國汽車企業。該評級認可了我們在公司治理、產品安全和品質、清潔技術開發以及組織和人才等領域的堅定努力。展望未來，我們將持續秉承我們的價值主張，提供超越家庭用戶需求的卓越產品和服務，並不斷突破成長極限。

With that, I will turn it over to our CFO, Johnny, for a closer look at our financial performance.

這樣，我會將其交給我們的財務長約翰尼，以更仔細地了解我們的財務表現。

Thank you, Xiang. Hello, everyone. I will now walk you through some of our 2023 third quarter financials. Due to time constraints, I will address financial highlights and encourage you to refer to our earnings press release for further details.

謝謝你，翔。大家好。現在，我將向您介紹我們 2023 年第三季的一些財務數據。由於時間有限，我將介紹財務要點，並鼓勵您參閱我們的收益新聞稿以了解更多詳細資訊。

Our total revenues in the third quarter were RMB 34.68 billion or USD 4.75 billion, up 271.2% year-over-year and 21% quarter-over-quarter. This included revenue from vehicle sales, RMB 33.62 billion or USD 4.61 billion, up 271.6% year-over-year and 20.2% quarter-over-quarter, mainly driven by increased vehicle deliveries.

第三季總營收為346.8億元（47.5億美元），年增271.2%，季增21%。其中，汽車銷售收入為336.2億元人民幣（46.1億美元），較去年同期成長271.6%，季增20.2%，主要是因為汽車交付量的增加。

Revenue from sales and services -- revenue from other sales and services were RMB 1.06 billion or USD 145.7 million in the third quarter, growing 258.7% year-over-year and 56.2% quarter-over-quarter. The increase was mainly due to the increased sales of accessories and provision of services, in line with our higher accumulated vehicle sales as well as the increased sales of charging stalls, in line with higher vehicle deliveries.

銷售和服務收入－第三季其他銷售和服務收入為10.6億元人民幣（1.457億美元），較去年同期成長258.7%，較上季成長56.2%。這一增長主要是由於配件銷售和服務提供的增加（與我們累計車輛銷售的增加相一致）以及充電站銷售的增加（與車輛交付量的增加相一致）。

Cost of sales in the third quarter was RMB 27.03 billion or USD 3.71 billion, up 231.3% year-over-year and 20.6% quarter-over-quarter. Gross profit in the third quarter was RMB 7.62 billion (sic) [RMB 7.64 billion] or USD 1.05 billion, growing 546.7% year-over-year and 22.6% quarter-over-quarter.

第三季銷售成本為270.3億元（37.1億美元），較去年同期成長231.3%，較上季成長20.6%。第三季毛利為人民幣 76.2 億元（原文如此）[人民幣 76.4 億元]，即 10.5 億美元，年增 546.7%，季增 22.6%。

Vehicle margin in the third quarter was 21.2%, compared with 12% in the same period last year and 21% in the prior quarter. Excluding the impact of inventory provision and losses on purchase commitments related to Li ONE in the third quarter of 2022, the vehicle margin remained stable over the third quarter of 2022. Gross margin in the third quarter was 22%, compared with 12.7% in the same period last year and 21.8% in the last quarter.

第三季整車利潤率為21.2%，去年同期為12%，上季為21%。剔除庫存撥備以及2022年第三季Li ONE相關採購承諾損失的影響，2022年第三季整車利潤率維持穩定。第三季毛利率為22%，而去年同期毛利率為12.7%。去年同期和上季分別成長21.8%。

Operating expenses in the third quarter were RMB 5.31 billion or USD 727.1 million, growing 60.2% year-over-year and 15.1% quarter-over-quarter. R&D expenses in the third quarter were RMB 2.82 billion or USD 386.1 million, up 56.1% year-over-year and 16.1% quarter-over-quarter, primarily driven by increased employee compensation as a result of our growing number of staff as well as increased expenses to support our product portfolio expansion and technology advancements. SG&A expenses in the third quarter were RMB 2.54 billion or USD 348.7 million, up 68.8% year-over-year and 10.2% quarter-over-quarter, primarily driven by increased employee compensation as a result of our growing number of staff as well as increased rental expenses associated with our sales and servicing network expansion.

第三季營運費用為53.1億元（7.271億美元），年增60.2%，季增15.1%。第三季研發費用為人民幣 28.2 億元（3.861 億美元），年增 56.1%，季增 16.1%，主要是由於員工數量增加以及增加開支以支持我們的產品組合擴展和技術進步。第三季的銷售及管理費用為人民幣 25.4 億元人民幣（3.487 億美元），年增 68.8%，季增 10.2%，主要是由於我們的員工數量增加以及與我們的銷售和服務網絡擴張相關的租金費用增加。

Income from operations in the third quarter was RMB 2.34 billion or USD 320.6 million, compared with RMB 2.13 billion loss from operations in the same period last year and growing 43.9% from RMB 1.63 billion income from operations in the last quarter. Net income in the third quarter was RMB 2.81 billion or USD 385.5 million, compared with RMB 1.65 billion net loss in the same period last year and increasing 21.8% from RMB 2.31 billion net income in the second quarter of this year.

第三季營業收入為23.4億元人民幣（3.206億美元），去年同期營業虧損為21.3億元人民幣，較上季16.3億元人民幣的營業收入成長43.9%。第三季淨利為28.1億元人民幣（3.855億美元），去年同期淨虧損為16.5億元人民幣，較今年第二季的23.1億元淨利增加21.8%。

And now turning to our balance sheet and cash flow. Our cash position remains strong and stood at RMB 88.52 billion or USD 12.13 billion as of September 30, 2023. Net cash provided by operating activities in the third quarter was RMB 14.51 billion or USD 1.99 billion. Free cash flow was RMB 13.22 billion or USD 1.81 billion in the third quarter.

現在轉向我們的資產負債表和現金流。截至 2023 年 9 月 30 日，我們的現金狀況依然強勁，為 885.2 億元人民幣（121.3 億美元）。第三季經營活動提供的淨現金為 145.1 億元人民幣（19.9 億美元）。第三季自由現金流為132.2億元人民幣（18.1億美元）。

And now for our business outlook. For the fourth quarter of 2023, the company expects the deliveries to be between 125,000 and 128,000 vehicles, representing an increase of 169.9% to 176.3% from the fourth quarter of 2022. The company also expects fourth quarter total revenues to be between RMB 38.46 billion and RMB 39.38 billion, representing an increase of 117.9% to 123.1% from the fourth quarter of last year.

現在談談我們的業務前景。公司預計2023年第四季交付量將在12.5萬至12.8萬輛之間，較2022年第四季成長169.9%至176.3%。公司也預計第四季總收入將在384.6億元人民幣之間人民幣393.8億元，較去年第四季成長117.9%至123.1%。

This business outlook reflects the company's current and preliminary view on its business situation and market condition, which is subject to change.

本業務展望反映了公司對其業務狀況和市場狀況的當前初步看法，可能會發生變化。

This concludes our prepared remarks. I will now turn the call over to the operator to start our Q&A session. Thank you.

我們準備好的演講到此結束。我現在將把電話轉給接線員以開始我們的問答環節。謝謝。

(Operator Instructions) Your first question comes from Tim Hsiao with MS.

（操作員說明） 您的第一個問題來自 MS 的 Tim Hsiao。

[Interpreted] So my first question is about the margin. Despite third quarter margin beat, Li Auto has been scaling up the vehicle discount and benefits since the late quarter, and most of the promotions similarly continue in fourth quarter. As there are more competitive models coming to the market in the following months and the [tech team to check] on the auto, would the company consider to respond with more aggressive promotions or spec upgrade to your current lineup? And would that affect Li Auto's peak margin in fourth quarter and beyond? So in short, should we still consider 20% plus a reasonable and sustainable level for vehicle gross margin against such a tough competition backdrop? That's my first question.

[解釋]所以我的第一個問題是關於保證金的。儘管第三季利潤率超出預期，但自季度末以來，理想汽車一直在擴大車輛折扣和福利，大多數促銷活動同樣在第四季度繼續進行。由於接下來的幾個月會有更多有競爭力的車型進入市場，並且[技術團隊要檢查]汽車，公司是否會考慮對您當前的產品線進行更積極的促銷或規格升級？這會影響理想汽車第四季及以後的最高利潤率嗎？那麼簡而言之，在如此激烈的競爭背景下，我們是否還應該考慮20%以上的汽車毛利率合理且可持續的水平呢？這是我的第一個問題。

Thank you, Tim. This is Johnny. I think for every quarter and every year, we will take a full consideration between sales and volume growth and the gross margin when we plan our sales policy and promotion policy. And also every quarter, our sales policy we'll also add our supply chain effort, which absolve some of the sales policy promotion. So I still want to emphasize from the company's operations side, each quarter and every year, we want to keep our gross margin above 20%. We believe that will be a healthy margin to keep enough money on hand to invest on either R&D and also the service network expansion for the future. Thank you.

謝謝你，提姆。這是約翰尼。我覺得每季、每年，我們在製定銷售政策和促銷政策時，都會充分考慮銷售量和銷售量的成長以及毛利率。而且每個季度，我們的銷售政策也會增加我們的供應鏈工作，這可以免除一些銷售政策的促銷。所以我還是想從公司營運方面強調，每季、每年，我們希望維持我們的毛利率在20%以上。我們相信，這將是一個可觀的利潤，可以保留足夠的資金用於投資研發和未來的服務網絡擴張。謝謝。

[Interpreted] So my second question is about autonomous driving. Li Auto is now attaching greater importance to the development of smart driving and planning to increase the overall investment. So could management team help us to quantify Li Auto's investment plan in autonomous driving? Like how much you are going to spend in 2024 and '25? And how many people are you claiming to hire?

[解讀]我的第二個問題是關於自動駕駛的。理想汽車目前更重視智慧駕駛的發展，並計畫加強整體投入。那麼管理團隊能否幫我們量化一下理想汽車在自動駕駛方面的投資計畫呢？例如 2024 年和 25 年您打算花多少錢？您聲稱要雇用多少人？

And in the meantime, what would be the best way for investors to track the progress? For example, when will Li Auto to activate the urban NOA function to whole public users across the cities? And will you keep offering such function for free after a more sizable investment this year? That's my second question.

同時，投資者追蹤進度的最佳方式是什麼？例如理想汽車什麼時候向全市公眾用戶開通城市NOA功能？今年加大投入後，你們還會繼續免費提供這樣的功能嗎？這是我的第二個問題。

[Interpreted] This is Mr. Ma Donghui. First of all, on a strategic level, the company has always been very focused on investments in autonomous driving. In the fall strategy summit of our company, we had a thorough discussion around autonomous driving and reached consensus to making smart autonomous driving leading in the market our core strategic goal. So the company will continue to increase our investments in autonomous driving.

[解說]我是馬東輝先生。首先，在策略層面，公司一直非常注重自動駕駛的投資。在公司秋季策略高峰會上，我們圍繞著自動駕駛進行了深入的討論，並達成共識，將智慧自動駕駛引領市場作為核心策略目標。所以公司會繼續加大對自動駕駛的投入。

At this point, the R&D team for autonomous driving is around 900 people, and it's expected to reach about 2,000 by the end of 2024 and over 2,500 by the end of '25. As the scale and talent density of our R&D team grows, we will develop technology as well as product at the same time. On the one hand, we will continue to deploy our AD products across multiple vehicle lines, across multiple scenarios of deploying NOA in multiple scenarios. On the other hand, we will continue to invest in AI algorithms of autonomous driving as well as other cutting-edge technology.

目前，自動駕駛研發團隊規模約900人，預計2024年底將達到2,000人左右，25年底將達到2,500人以上。隨著研發團隊規模和人才密度的不斷擴大，我們將在開發技術的同時開發產品。一方面，我們將繼續跨多個車系、跨多個場景部署我們的AD產品，多場景部署NOA。另一方面，我們將繼續投資自動駕駛的AI演算法以及其他尖端技術。

In terms of investments, we will continue to increase the amount of investments in vehicles, in testing, computing power and personnel. Our ample cash reserve and cash flow will be a very strong support for our continued investments. In terms of progress, as Li mentioned earlier, we plan to deploy AD Max 3.0 software on all of our Max -- our vehicles equipped with AD Max, providing full scenario NOA features using the same BEV architecture, and we will also be adding valet parking feature to our AD Max users.

在投資方面，我們會持續增加車輛、測試、算力、人員等方面的投入。我們充裕的現金儲備和現金流將為我們持續投資提供非常強大的支持。就進展而言，正如李之前提到的，我們計劃在我們所有的Max上部署AD Max 3.0軟體——我們配備AD Max的車輛，使用相同的BEV架構提供全場景NOA功能，我們還將添加代客泊車為我們的 AD Max 用戶提供停車功能。

At the same time, in the first half of '24, we will be releasing AD Pro 3.0 to our Pro users. Part of the AD Max algorithms will be deployed on AD Pro, and the capability of autonomous driving will also be significantly improved. We're confident to become one of the top-tier Tier 1 players in the market that is proven by the market. In terms of product lineup strategies, we will continue to make AD standard on all of our vehicles, which allows us to have the largest training fleet of autonomous driving vehicles in the country and also more training mileage, which will accelerate the deployment and iteration of our foundational model algorithms.

同時，在 24 年上半年，我們將向 Pro 用戶發布 AD Pro 3.0。 AD Max的部分演算法將部署在AD Pro上，自動駕駛的能力也將顯著提升。我們有信心成為市場上最頂尖的一級參與者之一，這是市場所證明的。在產品陣容策略上，我們將繼續全車標配AD，這使得我們能夠擁有國內最大規模的自動駕駛訓練車隊，以及更多的訓練里程，從而加速自動駕駛的部署和迭代。我們的基礎模型演算法。

Your next question comes from Tina Hou with Goldman Sachs.

您的下一個問題來自高盛的蒂娜·侯。

[Interpreted] Congratulations on a very strong set of results. So I have two questions. The first one is as we are expanding our footprint into more and more cities, so how does management view the different type of customer need or demand in higher-tier city versus lower-tier city for both EREV product as well as BEV product? And how does Li Auto plan to adjust its marketing and sales strategy to better capture these differentiated demand?

[解釋] 恭喜您取得了非常強勁的成績。所以我有兩個問題。第一個是，隨著我們將業務擴展到越來越多的城市，管理層如何看待高線城市與低線城市對增程式電動車和純電動車產品的不同類型的客戶需求？理想汽車打算如何調整行銷和銷售策略，以更好地捕捉這些差異化需求？

The second question is regarding your supply chain as well as cost reduction plan. So wondering if our supply chain bottleneck has been completely resolved at this point. And how do we -- going forward, how do we best manage the supply chain to be able to fulfill our growing demand? Regard -- related to that is, do we have any cost reduction plans and target over the next few years? And lastly, is over the next 2 years, what is our capacity plan as well as our CapEx guidance?

第二個問題是關於您的供應鏈以及成本削減計劃。所以想知道我們的供應鏈瓶頸是否已經完全解決了。展望未來，我們如何最好地管理供應鏈以滿足我們不斷增長的需求？與此相關的是，未來幾年我們是否有任何成本削減計劃和目標？最後，未來兩年，我們的產能計畫和資本支出指引是什麼？

Okay. Tina, this is James. I will take your first question. In the SUV market priced over CNY 300,000, our market share in our well-developed cities reached 50% in some of the cities, while our average market share across the whole market is less than 20%, which means there is plenty of room for our future growth. Overall, we will continue to focus on first-tier, new-tier, new first-tier and second-tier cities, aiming to increase our market share in these top-tier cities. Currently, we haven't reached market saturation in first-tier and second-tier cities, and we will have huge growth potentials in those cities. In the CNY 300,000 and higher SUV market, the monthly sales of BBA are approximately 55,000 units in total. And if we consider the second-tier premium and automotive brand, which include BBA and the other brand, and they are around 90,000 units, which means we have ample room to achieve our next stage of growth.

好的。蒂娜，這是詹姆斯。我將回答你的第一個問題。在30萬元以上SUV市場，我們在經濟發達城市的市佔率在部分城市達到了50%，而整個市場的平均市佔率還不到20%，還有很大的空間。我們未來的成長。整體而言，我們將持續聚焦在一線、新一線、新一二線城市，力求提高在這些一線城市的市佔率。目前，我們在第一線城市的市場還沒有達到飽和，這些城市還有巨大的成長潛力。在30萬元及以上SUV市場，BBA月銷量總計約5.5萬輛。如果我們考慮二線高端汽車品牌，包括BBA和其他品牌，它們的銷售量約為9萬輛，這意味著我們有足夠的空間來實現下一階段的成長。

Additionally, we have begun to accelerate our deployment in third-tier cities and speed up our store openings in certain key fourth-tier cities. And let me give you some numbers. As of today, we have more than 300 retail stores nationwide, among which they are more than -- they have already more than 100 retail stores deployed in the third-tier and fourth-tier cities. According to our current progress, we expect to have more than 110 retail stores in third-tier and fourth-tier cities by end of this year. I hope I have answered your first question. I will hand over to Mr. Ma for the second one.

此外，我們已開始加快在三線城市的佈局，並加快在部分重點四線城市的開店速度。讓我給你一些數字。截至目前，我們在全國擁有超過300家零售店，其中，他們已經在三、四線城市部署了超過100家零售店。按照目前的進度，預計今年底我們將在三、四線城市擁有超過110家零售店。我希望我已經回答了你的第一個問題。第二題就交給馬老師了。

[Interpreted] First of all, regarding supply chain bottleneck, all of the issues that we have encountered before have all been successfully resolved. As most -- regarding new models and our sales target for next year, we have made ample preparations across not only whole vehicle production capacity, but also parts supply. We have made medium- to long-term supply chain strategies to make sure that our supply chain is resilient over time. On cost reduction, our overall view is that OEMs should establish long term stable partnerships with our suppliers to achieve a mutually beneficial relationship for the two sides.

【解讀】首先，關於供應鏈瓶頸，我們之前遇到的所有問題都已經順利解決。和大多數人一樣，對於新車型以及明年的銷售目標，我們不僅在整車產能上，而且在零件供應上都做了充分的準備。我們制定了中長期供應鏈策略，以確保我們的供應鏈隨著時間的推移而具有彈性。在降低成本方面，我們的總體觀點是主機廠應該與我們的供應商建立長期穩定的合作關係，以實現雙方的互惠互利的關係。

For the short term, our short-term cost reduction measures will mostly be focused on business measures through platformization, volume aggregation and cost accounting to drive our procurement costs to a reasonable level. For the medium to long term, we will look at the entire value chain from end to end to find ways to increase efficiency and reduce costs, including from product, R&D, technology and innovation to drive down cost. At the same time, we will also work with our suppliers to help them digitize and industrialize to increase the efficiency in the production process and reduce quality-related costs.

短期來看，我們的短期成本降低措施將主要集中在業務措施上，透過平台化、數量聚合和成本核算，將我們的採購成本推向合理水平。從中長期來看，我們會從頭到尾審視整個價值鏈，尋找提高效率、降低成本的方法，包括從產品、研發、技術和創新等方面來降低成本。同時，我們也會與供應商合作，幫助他們數位化、工業化，提高生產過程的效率，降低品質相關成本。

In terms of overall vehicle production capacity, we have two manufacturing base in Beijing and Changzhou, three production lines in Changzhou dedicated to our EV models, L9, L8 and L7 as well as L6, which will be launched next year. In Beijing, there is one production line dedicated to our BEV products. Our production capacity is sufficient to meet the needs for sales and deliveries for the next 2 years.

從整車產能來看，我們在北京和常州擁有兩個製造基地，常州有3條生產線，專門生產我們的電動車型L9、L8和L7以及明年推出的L6。在北京，有一條專門生產我們的純電動車產品的生產線。我們的產能足以滿足未來2年的銷售和交付需求。

Your next question comes from Jiong Shao with Barclays.

你的下一個問題來自巴克萊銀行的邵炯。

Big congrats on the very strong results. I mean competition has been on the top of the mind for many investors with recent launch by Huawei in auto of the sort of the larger SUVs. And that SUV is also EREV and also the DENZA, the BYD DENZA brand is launching some of the large SUVs as well. I was wondering, could you share with us your thoughts around competition around customers' buying behavior? You talked about market share earlier. Are you seeing any impact yet on market share and on your market positioning?

非常祝賀我們取得如此強勁的成績。我的意思是，隨著華為最近在汽車領域推出大型SUV，競爭已成為許多投資者最關心的問題。那款SUV也是EREV，也是DENZA，比亞迪DENZA品牌也推出了一些大型SUV。我想知道，您能否與我們分享您對圍繞客戶購買行為的競爭的看法？您之前談到了市場佔有率。您是否發現市場佔有率和市場定位受到任何影響？

(foreign language)

（外語）

Okay. Jiong, this is James. I will take your question. So although this year, the competition in the new energy vehicles market is relatively intense, we once again achieved the impressive sales results. Our models retained strong sales momentum, and each model is a blockbuster. Until now, the delivery of all of our models, including L9, L8 and L7 also has reached -- exceeded 100,000 units. And just like yesterday, our L7 has exceeded 100,000 units in less than 10 months because this product launched in March this year.

好的。炯，這是詹姆斯。我會回答你的問題。所以雖然今年新能源汽車市場競爭比較激烈，但我們又取得了不俗的銷售成績。我們的車型保持了強勁的銷售勢頭，每款車型都一鳴驚人。截至目前，我們的L9、L8、L7等全系車型的交車量也已突破10萬輛。而就像昨天一樣，我們的L7因為今年3月推出這款產品，不到10個月的時間就突破了10萬台。

And also our sales have achieved steady and continuous growth, while our share in the NEV market priced above CNY 200,000 continued to rise from 10.9% in the first quarter to 15.4% in the third quarter. And I can give you another number like in last month, October, our market share is already more than 17%. At present, the penetration rate of the new energy vehicle market has exceeded 35% across the innovation decision gap to entering the early mass period. The concentration effect of leading auto companies will become increasingly evident, and our accumulated user base and the market share will support our further increase in delivery volumes and market share gains. I hope I answer your questions.

銷售量實現穩定持續成長，20萬元以上新能源汽車市佔率由第一季的10.9%持續上升至第三季的15.4%。我可以給你另一個數字，例如上個月，10 月份，我們的市佔率已經超過 17%。目前，新能源汽車市場滲透率已超過35%，跨越了創新決策差距，進入了早期大眾期。龍頭車企的集中效應將日益明顯，我們累積的用戶基礎和市場份額將支撐我們進一步提升交付量和市場份額。我希望我能回答你的問題。

Your next question comes from Xu Yingbo with CITIC Securities.

你的下一個問題來自中信證券的徐英波。

[Interpreted] My first question is how we balance the technology advantage, especially you mentioned about the low drag coefficient and balance that between -- and consumer recognition for market management, especially for blind [outer].

[解讀]我的第一個問題是我們如何平衡技術優勢，特別是你提到的低風阻係數和消費者對市場管理的認可之間的平衡，特別是對於盲人[外]。

[Interpreted] I'll talk about MEGA and all of our BEV products. In terms of traditional values, including safety features and comfort, MEGA will continue to focus on families' needs and make sure that we will be the absolute best or among the absolute best in the industry. On top of that, all of our BEV products will have 3 breakthroughs. The first one is breakthrough on charging experience. It can provide up to 500 kilometers of range with 12 minutes charging. And we will also be deploying large-scale charging stations on major highways in China. So any consumer can buy one of our BEV vehicle with total confidence about their charging experience.

[解釋]我將談論 MEGA 和我們所有的 BEV 產品。在傳統價值方面，包括安全功能和舒適度，MEGA將繼續關注家庭的需求，並確保我們成為業界絕對最好的或絕對最好的。除此之外，我們所有的純電動產品都會有3個突破。一是充電體驗上的突破。充電 12 分鐘即可續航 500 公里。我們也將在中國的主要高速公路上部署大型充電站。因此，任何消費者都可以對自己的充電體驗充滿信心地購買一輛我們的純電動車。

And secondly is a breakthrough on interior room. With our high-voltage pure electric architecture, we will be able to completely redesign vehicle architecture to make sure that the interior space of our products are always the biggest modern segment, even reaching the level of next segment up, which provides the best interior experience for family users. And thirdly, all of our products will have a breakthrough in terms of styling and body style. All of our styling will be redefining each one of the traditional categories, whether it's MPV, SUVs or sedans. We will be bringing design language from decades down the road and to launch our existing vehicles as they come -- they are only concept vehicles, but they are actually production vehicles that will launch into the market.

其次是室內空間的突破。憑藉我們的高壓純電動架構，我們將能夠徹底重新設計車輛架構，確保我們產品的內部空間始終是現代細分市場中最大的，甚至達到下一個細分市場的水平，從而提供最佳的內部體驗適合家庭用戶。第三，我們所有的產品在造型、車身風格上都會有突破。我們所有的造型都將重新定義每個傳統類別，無論是 MPV、SUV 還是轎車。我們將引進幾十年來的設計語言，並在現有車輛到來時推出它們——它們只是概念車，但實際上是即將投入市場的量產車。

Through these 3 breakthroughs, we'll be able to provide 3 very unique value to our customers. The first one is the sense of safety from charging or the experience of charging; and the second is the sense of value from very large interior space; and third is the sense of longing from very exciting styling. And all of our BEV products will be following these 3 principles.

透過這三個突破，我們將能夠為客戶提供三個非常獨特的價值。第一個是充電的安全感或充電的體驗；二是室內空間很大的價值感；第三是非常令人興奮的造型帶來的渴望感。我們所有的純電動車產品都將遵循這 3 個原則。

[Interpreted] My second question is how we see that the EV product become more and more [homogenization] and more larger screens, more smart interactions and controls. How we make EV product more differentiation?

【解讀】我的第二個問題是，我們如何看待電動車產品變得越來越[同質化]、螢幕越來越大、互動和控制越來越聰明。如何讓電動車產品更具差異化？

[Interpreted] I think my earlier response covered a lot of your question. And I just want to emphasize that our focus has always been our core user value, what makes the most -- create the most value for our users. I think with the intense competition, as you mentioned, incremental changes are definitely taken for granted, whether it's lower price, whether it's more features or more screens, these are things we'll definitely do well in. But when we think about competition, we think it's really the way to stand out is to compete on a higher dimension and to create really focus on the three values that consumers care about most. And taking 5C charging as an example, in our real-world chart testing, even when the battery state of charge reaches 85%, it can still have a charging power of over 300 kilowatts, which is even higher than the maximum charging rate of many other competitors. This really establish a new standard for the industry, and that is only the result of years of innovation through product and R&D in our efforts. And that is something we will continue to invest in and continue to prove -- create value for our users.

[解讀]我想我之前的回答已經涵蓋了你的許多問題。我只是想強調，我們的重點始終是我們的核心用戶價值，也就是為我們的用戶創造最大價值。我認為在競爭激烈的情況下，正如你提到的，增量變化肯定是理所當然的，無論是更低的價格，無論是更多的功能還是更多的屏幕，這些都是我們肯定會做得很好的。但是當我們考慮競爭時，我們認為，真正脫穎而出的方法是在更高維度上競爭，並真正關註消費者最關心的三個價值觀。並且以5C充電為例，在我們的實測圖表測試中，即使電池荷電狀態達到85%，仍然可以擁有超過300千瓦的充電功率，甚至高於許多充電寶的最大充電功率。其他競爭對手。這確實為業界樹立了新的標準，這也是我們多年來透過產品和研發努力創新的成果。這就是我們將繼續投資並繼續證明的事情——為我們的用戶創造價值。

Your next question comes from Ming-Hsun Lee with BofA.

您的下一個問題來自美國銀行的 Ming-Hsun Lee。

[Interpreted] So currently, Li Auto has put a lot of charging stations in China. So what is the difference of charging station within the cities and also on a highway? And in terms of your charging technology and also the user experience for your BEV, how do you want to differentiate from maybe your competitor?

【解讀】那麼目前，理想汽車在國內已經投放了許多充電站。那麼城市內的充電站和高速公路上的充電站有什麼差別呢？就您的充電技術以及純電動車的使用者體驗而言，您希望如何與競爭對手區分開來？

Okay. Ming, thanks for your questions. This is James. I will take your question. At present, there are urban -- in urban areas, whether it is public charging or home charging consumers have good access to charging facilities that provide a decent charging experience. Therefore, for BEVs, we must first tackle the most critical pain point and focus on fulfilling the need for rapid energy replenishment during highway long distance travel. Through the construction of large-scale charging stations along the highways, coupled with experience of charging for 12 minutes to support 500 kilometers driving range, we strive to eliminate consumers' worries around BEV purchases.

好的。明，謝謝你的提問。這是詹姆斯。我會回答你的問題。目前，在城市地區，無論是公共充電還是家庭充電消費者都可以很好地使用充電設施，提供良好的充電體驗。因此，對於純電動車來說，首先要解決最關鍵的痛點，重點放在高速公路長途行駛時能量快速補充的需求。透過在高速公路沿線建造大型充電站，加上充電12分鐘支援500公里續駛里程的體驗，努力消除消費者購買純電動車的擔憂。

Furthermore, with the launch and the delivery of the BEVs next year, we will also start the construction of charging stations in cities. In addition, with respect to product experience, we will consider both the hardware and software as a whole product. For example, when Li Auto car owners is looking for a charging pile, the status of charging gun and charging pile can be checked on the infotainment system in the car. We also provide plug and play, possible free payment among those services to provide a better experience for our users. And for BEVs, the batteries can be remotely preheated, we think from user experience perspective aiming to help our users have a better charging experience. Okay, this is my answer.

此外，隨著明年純電動車的推出和交付，我們也將啟動城市充電站的建設。另外，在產品體驗上，我們會把硬體和軟體當作一個整體產品來考慮。例如，當理想汽車車主尋找充電樁時，可以透過車內的資訊娛樂系統查看充電槍和充電樁的狀態。我們也提供即插即用、可能免費付費的服務，以便為我們的用戶提供更好的體驗。而對於純電動車來說，電池可以遠端預熱，我們從使用者體驗的角度考慮，旨在幫助我們的用戶有更好的充電體驗。好吧，這就是我的答案。

[Interpreted] (inaudible) and also some other NEV companies, first-generation EV start-up in China. But currently, we are seeing more and more competitive peers to enter the market, for example, Huawei with a lot of partners in China and also started to bring some good sales. Xiaomi now will also launch a new car in 2024. So in your view, for the longer term, how do you think the market dynamic in China through EV industry for auto companies, how can they provide more accolades well? How do you think -- what is the most important in your view?

[解釋]（聽不清楚）以及其他一些新能源汽車公司，中國第一代電動車新創公司。但目前，我們看到越來越多有競爭力的同業進入這個市場，例如華為在中國擁有許多合作夥伴，也開始帶來一些不錯的銷售。小米現在也將在2024年推出一款新車。那麼在您看來，從長遠來看，您如何看待透過電動車產業為汽車公司提供更多榮譽的中國市場動態？您如何看待—您認為最重要的是什麼？

[Interpreted] First of all, I think what many people are really asking is, how do we look at the competition from Huawei? And this is actually a question we have broad consensus across the company. When we look at Huawei, 80% of what we're thinking is how do we learn from them; and two, 20% is really respect, and there's zero complaint in fact. Because as we become a company that has -- we're still a start-up company, and as we reach the CNY 100 billion revenue benchmark -- milestone, we're actually very lucky and impressed to have a role model which has done businesses on a scale of RMB 1 trillion. So we're very excited to have Huawei along the way.

【解讀】首先，我想很多人真正想問的是，我們如何看待來自華為的競爭？這其實是我們整個公司都有廣泛共識的問題。當我們看華為時，我們80%的想法是如何向他們學習；第二，20%是真正的尊重，事實上零投訴。因為當我們成為一家公司時——我們仍然是一家新創公司，當我們達到 1000 億元人民幣收入基準——里程碑時，我們實際上非常幸運，並且印象深刻，擁有一個已經做到了這一點的榜樣企業規模達1兆元。因此，我們非常高興華為一路走來。

And when we look internally in terms of how we want to weather the storm and stand out in intense competition, we look at really nine areas across three broad categories. The first category is really the consensus across the company, and that includes culture, brand, consumer brand and strategy. And the second category is our business operations, which covers from R&D, sales and services, supply chain and manufacturing. And lastly, is back office, functional -- functions, which includes HR and organization, IT and processes and finance and operations. And to become a company that can really handle RMB 100 billion of revenue, we really need to excel in all areas. There can't be any one shortcoming, and that will be the core foundation for any company that wants to reach the scale of 1 million unit sales annually.

當我們從內部角度審視如何渡過難關並在激烈的競爭中脫穎而出時，我們實際上著眼於三大類別的九個領域。第一類其實是整個公司的共識，包括文化、品牌、消費者品牌和策略。第二類是我們的業務運營，涵蓋研發、銷售和服務、供應鏈和製造。最後是後台，職能部門，包括人力資源和組織、IT 和流程以及財務和營運。而要成為一家真正能夠做到千億營收的公司，我們確實需要在各方面都表現出色。不能有任何一個短板，這將是任何一家公司想要達到年銷量100萬台的規模的核心基礎。

Your next question comes from Jing Chang with CICC.

你的下一個問題來自中金公司的常靜。

[Interpreted] So my first question is about a short-term question, regarding the production ramp-up and profitability of MEGA. As our Beijing BEV platform will be put into production along with the launch of MEGA, how long do we expect to come to the steady capacity? And what is the early-stage profitability level of MEGA? And will it be a dragging problem on our gross profit margin in the first and second quarter next year?

[解讀]所以我的第一個問題是關於短期問題，關於MEGA的產量提升和獲利能力。由於我們的北京純電動平台將隨著MEGA的推出而投產，預計產能需要多長時間才能達到穩定？ MEGA的早期獲利水準是多少？是否會成為拖累我們明年第一季毛利率的問題？

And my second question is about our new product pipeline next year, especially for the BEV models. We know that there are two platforms, wheel and shock, and the former one corresponds to maybe larger and more extensive models. So do you have any more information about their product position in order to launch to the market or the timing of the delivery?

我的第二個問題是關於我們明年的新產品線，特別是純電動車型。我們知道有兩個平台：車輪和減震器，前一個平台可能對應更大、更廣泛的型號。那麼，您是否有更多關於他們的產品定位以推向市場或交付時間的資訊？

[Interpreted] Speaking of challenge, MEGA will be our very first BEV vehicle and also the debut of our BEV platform also in a new factory in Beijing as well as new production line. So there's definitely challenges but, at the same time, we think there are many opportunities for us to overcome the challenge. First of all, we have plenty of experience in rapid production ramp-up. The Li L8, L9 and L7, all these three vehicles have ramped up pretty rapidly and reached very high delivery numbers within a short period of time. And as we look back at this experience, we've accumulated a lot of great experience in rapid production ramp-up. At the same time, we've also worked with our suppliers to work through our NUDD parts, namely New, Unique, Different and Difficult. We have created a very detailed quality control and production ramp-up plans.

[解讀]說到挑戰，MEGA將是我們第一款純電動車，也是我們純電動平台在北京新廠和新生產線的首次亮相。因此，挑戰肯定存在，但同時，我們認為我們有很多機會來克服挑戰。首先，我們在快速產能提升方面擁有豐富的經驗。鋰L8、L9和L7這三款車的成長速度都非常快，在短時間內就達到了非常高的交車量。當我們回顧這段經歷時，我們在快速產能提升方面積累了許多豐富的經驗。同時，我們也與供應商合作，研究我們的 NUDD 部分，即「新」、「獨特」、「不同」和「困難」。我們制定了非常詳細的品質控制和生產提升計劃。

In terms of personnel, we will front-load our recruiting and training to prepare for the start in production. Overall, we are pretty confident that the ramp-up of MEGA will be relatively successful, and it will be able to reach volume immediately after it comes to the market. And after, it will be able to be delivered immediately after the product launch and reach volume immediately after its first delivery. MEGA will be officially launched in December. And at the beginning of production ramp-up, we'll expect to be a slight impact on gross margin. But we believe that as production rate steadies, gross margin will very rapidly recover to a very healthy level.

在人員方面，我們將前期進行招募和培訓，為投產做好準備。整體而言，我們非常有信心MEGA的爬坡會比較成功，上市後就能立即達到量產。之後，將能夠在產品推出後立即交付，並在首次交付後立即達到批量。 MEGA將於12月正式上線。在產量增加之初，我們預計會對毛利率產生輕微影響。但我們相信，隨著生產力穩定，毛利率很快就會恢復到非常健康的水平。

Mr. Jing Chang, to answer the question on product line, next year, we will be launching 4 new -- completely new models, which creates a record for -- since the company's beginning. In the first half, we'll be launching another large SUV product cater towards younger families called the L6. And in the second half, we'll have 3 BEV models. The rate and the method of launch will be very similar to the successful experience from our previous products.

常靜先生，回答關於產品線的問題，明年我們將推出4款新的——全新的車型，這創造了公司成立以來的記錄。上半年，我們將推出另一款針對年輕家庭的大型SUV產品L6。下半年，我們將推出 3 款純電動車型。發布的速度和方法將與我們以前產品的成功經驗非常相似。

As we are reaching the end of our conference call now, I'd like to turn the call back over to management for any additional or closing comments.

由於我們的電話會議即將結束，我想將電話轉回給管理層，以徵求任何其他或結束意見。

Thank you once again for joining us today. If you have any other questions, please feel free to contact Li Auto's IR team. Thank you. Have a good one. Bye-bye.

再次感謝您今天加入我們。如果您還有其他疑問，請隨時聯繫理想汽車IR團隊。謝謝。祝你有個好的一天。再見。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝您的參與。您現在可以斷開連線。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]