Lotus Technology Inc (LOT) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to Lotus Technology, Inc., first half and second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Lotus Technology, Inc. 2025 年上半年及第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, [Michelle Ma], Head of Investor Relations at Lotus Technology. Please go ahead.

現在，我想將會議交給今天的第一位發言人，Lotus Technology 投資者關係主管 [Michelle Ma]。請繼續。

Thank you, Maggie. Good morning, and good evening, everyone. We appreciate you joining us as we review Lotus Tech's financial results for the first half and second quarter 2025.

謝謝你，瑪吉。大家早安，晚上好。感謝您與我們一起回顧 Lotus Tech 2025 年上半年和第二季的財務表現。

Our financial results and conference call materials were published earlier today and are available on our Investor Relations website. We are also broadcasting this call via webcast. Joining us today are CEO, Mr. Qingfeng, Feng; and the CFO, Dr. Daxue Wang.

我們的財務業績和電話會議資料已於今天稍早發布，並可在我們的投資者關係網站上查閱。我們也透過網路廣播播放了此次通話。今天與我們一起出席的有首席執行官馮慶峰先生和首席財務官王大學博士。

Before we continue, please be reminded that today's discussion will contain forward-looking statements pursuant to the Safe Harbor provisions of the US 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.

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，該公司的實際業績可能與今天表達的觀點有重大差異。

Further information regarding risks and uncertainties is included in the relevant filings of Lotus Tech with the US Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements, except as required and applicable law.

有關風險和不確定性的更多資訊包含在 Lotus Tech 向美國證券交易委員會提交的相關文件中。除法律要求和適用外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that our earnings press release and this conference call will include disclosure of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. You can find a reconciliation of these figures in the press release available on our Investor Relations website at ir.goislotus.com.

另請注意，我們的收益新聞稿和本次電話會議將揭露未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標。您可以在我們的投資者關係網站 ir.goislotus.com 上的新聞稿中找到這些資料的對帳。

With that, I'd like to turn the call over to our CFO, Dr. Wang, please.

說完這些，我想把電話轉給我們的財務長王博士。

Good morning, good day, and good evening, all of the shareholders, analysts, and friends from the media. Thank you very much for joining our first half and second-quarter 2025 earnings release. I'm Daxue Wang, the Chief Financial Officer of the Lotus. It's my privilege to briefly walk you through the company's unaudited interim financial results.

各位股東、分析師、媒體朋友，大家早安、晚上好。非常感謝您參加我們的 2025 年上半年和第二季財報發表會。我是王大學，蓮花財務長。我很榮幸能向您簡要介紹公司未經審計的中期財務表現。

In the second quarter, the company delivered over 1,400 vehicles to distributors, a decrease of 49% year-on-year. As a result, total deliveries for the first half of the year exceeded 2,800 units, down by 43% compared to the same period last year. These figures reflect a scheduled [transition] period as upgraded models began deliveries Q2. The impact of the US tariff policies as well as ongoing destocking activities of the company.

二季度，公司向經銷商交付汽車超過1,400輛，較去年同期下降49%。因此，上半年總交車量超過2,800輛，與去年同期相比下降了43%。這些數字反映了升級車型於第二季開始交付時的預定[過渡]期。美國關稅政策以及公司正在進行的去庫存活動的影響。

Revenue narrowed to USD126 million in the second quarter and USD118 million for the first half, down 44% and 45% year-on-year, respectively. Gross margin for the Q2 stood at 5%, down 4 percentage points from the same quarter last year. Although quarterly gross margin decreased by 5 percentage points, a year-on-year basis, we achieved the first half gross margin of 8%, remaining safely in the positive territory.

第二季營收窄至1.26億美元，上半年營收窄至1.18億美元，年比分別下降44%和45%。第二季毛利率為5%，較去年同期下降4個百分點。雖然季毛利率年減了5個百分點，但上半年毛利率仍達8%，穩固維持在正值區間。

Now, let me break down our sales by category and by region. The category lifestyle vehicles accounted for 83% of the total deliveries in the Q2, up from 36% in Q1. As a result, they contributed 68% of total deliveries in the first half of the year. By region, deliveries in China showed multiple growth following the start of the deliveries of the upgraded electric hyperactive in the second quarter. In fact, it has become a leading model in China's premium battery electric SUV segment during this period.

現在，讓我按類別和地區細分我們的銷售額。生活風格類汽車佔第二季總交車量的 83%，高於第一季的 36%。結果，他們貢獻了上半年總交屋量的 68%。以地區來看，中國市場自第二季升級版電動超動版開始交付後，交付量呈現倍數成長。事實上，它在此期間已成為中國高端純電動SUV領域的領先車型。

In the UK, our battery electric lifestyle vehicles demonstrated significant year-on-year improvement. Deliveries of the Emira to North America were disrupted in Q2 due to tariff disputes but already resumed in July.

在英國，我們的電池電動生活方式車輛較去年同期顯著改善。由於關稅糾紛，Emira 向北美的交付在第二季中斷，但已於 7 月恢復。

In terms of sales channels, the total number and original composition of our retail stores remained stable throughout the first half of the year.

從銷售通路來看，上半年零售門市總數及原有結構維持穩定。

Now, turn to the key financials. I already covered deliveries, revenues, and gross margin. Now, let me move to other financial metrics. The cost of revenues decreased by 42% year-on-year to USD199 million in Q2 and USD200 million in the first half of the year. This resulted in a gross profit of USD7 million for the first quarter -- for the second quarter and USD80 million for the half.

現在，我們來看看關鍵的財務數據。我已經介紹了交付、收入和毛利率。現在，讓我談談其他財務指標。第二季營收成本年減42%至1.99億美元，上半年營收成本為2億美元。這使得第一季的毛利達到 700 萬美元，第二季的毛利達到 8,000 萬美元。

We reported operating loss of USD160 million in Q2, a 22% improvement year-on-year. Net loss for the quarter was USD130 million, down 36%.

我們報告第二季的營業虧損為 1.6 億美元，較去年同期改善 22%。本季淨虧損1.3億美元，年減36%。

For the first half of the year, operating loss was USD263 million, a 40% year-on-year decrease, while the net loss narrowed to USD330 million, down by 32%. For reference, on a non-GAAP adjusted basis, net loss for the quarter was USD2 million lower, primarily due to the impact of share-based compensation.

上半年營運虧損2.63億美元，年減40%；淨虧損收窄至3.3億美元，較去年同期減少32%。作為參考，以非公認會計準則調整後，本季淨虧損減少 200 萬美元，主要原因是股權激勵的影響。

Beyond these numbers, I would like to emphasize that we have now reduced operating expenses for seven consecutive quarters, underscoring the company's strong commitment to enhancing the operational efficiency and continuing to deliver value.

除了這些數字之外，我想強調的是，我們現在已經連續七個季度削減營運費用，這凸顯了公司對提高營運效率和持續創造價值的堅定承諾。

Our first half operating expense has lowered by 42% year-on-year. Despite challenges caused by market volatility and policy uncertainties, we have achieved several key milestones. Our CEO, Mr. Feng, will elaborate on this shortly.

我們上半年的營運費用較去年同期下降了42%。儘管面臨市場波動和政策不確定性帶來的挑戰，我們仍取得了幾個重要的里程碑。我們的執行長馮先生將很快對此進行詳細說明。

With that, I will now turn the floor over to Mr. Feng. Thank you.

現在，我將把發言權交給馮先生。謝謝。

(interpreted) Hello, everyone. This is Qingfeng, Feng, CEO of Lotus Technology. Let me brief you on the latest achievements and then recent development.

（譯）大家好。我是蓮花科技的CEO馮慶峰。以下我向大家簡單介紹一下我們所取得的最新成果和近期進展。

First, let me begin with new funding arrangements of the company. So on August 19, 2025, we have entered into a security purchase agreement with ATW Partners. In response to which the company agrees to issue and sell convertible notes for up to an aggregated principal amount of USD300 million. Present to this agreement, Lotus has issued already notes in the original principal amount of [$10 million] on the day of August 19.

首先，我先介紹一下公司新的融資安排。因此，我們於 2025 年 8 月 19 日與 ATW Partners 簽訂了證券購買協議。作為回應，該公司同意發行和出售總本金金額高達 3 億美元的可轉換票據。根據本協議，Lotus 已於 8 月 19 日發行了原始本金金額為 [1000 萬美元] 的票據。

And on the other side, we have also secured funding commitments from our strategic partner, Gilly. So on July 28, 2025, Lotus also entered into a master credit facility framework agreement with JD.

另一方面，我們也獲得了策略夥伴 Gilly 的資金承諾。因此在2025年7月28日，Lotus也與京東簽訂了主信貸框架協議。

On the marketing front, in July, we have proudly announced our official return to goodwill festival by unveiling the Emira cap racecar at the event, and we have also exhibited our concept vehicle Theory 1, with also the full lineup, including Hypercar Evija, Hyper-GT Emira, Hyper-SUV Electro, and also our proud sports car Emira as well as several legacy racecars to numerous Goodwill visitors. And then we have also seen a positive result in terms of our UK market sales.

在行銷方面，7 月份，我們自豪地宣布正式重返親善節，並在活動中推出了 Emira 頂級賽車，同時還向眾多親善節參觀者展示了我們的概念車 Theory 1 及其全系列車型，包括 Hypercar Evija、Hyper-GT Emira、Hyper-SUV Electro，以及我們引以為豪的跑車 Emira 和幾款經典賽車。我們在英國市場的銷售方面也看到了積極的成果。

And on the AI side, the Lotus Robotics, a wholly owned subsidiary of the company, which will focus on AI and autonomous driving, the company has entered into MOU with a strategic partner in the Middle East to pursue a strategic collaboration in terms of AI and autonomous driving technologies, including the exploration of robotaxi in Saudi Arabia.

而在人工智慧方面，公司全資子公司Lotus Robotics將專注於人工智慧和自動駕駛領域，公司已與中東戰略合作夥伴簽署MOU，將在人工智慧和自動駕駛技術領域開展策略合作，包括在沙烏地阿拉伯探索Robotaxi。

A few words on the product pipeline, beginning with our sports car Emira. So we are rolling out the model year '26 next month globally. And then in terms of our future plan for Emira, we're going to upgrade our powertrain in 2027 to comply with EU7. That includes also the potential consideration of a V6 engine and then also alternative hybrid solutions.

先從我們的跑車 Emira 開始，簡單介紹一下產品線。因此，我們將於下個月在全球推出 26 款車型。就 Emira 的未來計劃而言，我們將在 2027 年升級我們的動力系統以符合 EU7 標準。這還包括對 V6 引擎的潛在考慮以及其他混合動力解決方案。

And the model year '26 Electro and Emira are being delivered to the market globally. And also, as most of our friends are concerned, the plug-in hybrid vehicle, we are in good progress. We're going to start our production of that model end of this year and then begin to market entry deliveries quarter one next year, beginning with China market. And then for the future, we'll also roll out to Europe and some other markets.

26 款 Electro 和 Emira 正在向全球市場交付。而且，正如我們大多數朋友所關注的，插電式混合動力汽車，我們正在取得良好的進展。我們將在今年年底開始生產該型號，然後從明年第一季開始向市場交付，首先是中國市場。未來我們還將進軍歐洲和其他一些市場。

And then we have also a new model internal project code, we called Vision X, that project, we are foreseeing to launch into the market in 2027. And also a brief introduction of the hyper hybrid technology, which Lotus presents. Some highlights of the 900-volt hyper-hybrid EV technology. So we can -- with this technology, we can deliver the combined driving range of over 1,000 kilometers.

然後我們還有一個新的模型內部專案程式碼，我們稱之為 Vision X，該專案我們預計將於 2027 年投放市場。並簡單介紹了Lotus所展示的超級混合動力技巧。900伏特超混合動力電動車技術的一些亮點。因此，透過這項技術，我們可以實現超過 1,000 公里的綜合行駛里程。

And also, the highlights of the technology includes the industry-leading dual hypercharging technology, meaning that we enjoy the ultra-fast plugging charging and also the ultra-fast on-the-drive charging. The ultrafast plug-in charging speed is leading the industry, very similar to a battery swap and then also on-the-drive charging, we can achieve the rate of 5 times the power consumption of the typical driving.

此外，該技術的亮點還包括業界領先的雙重超級充電技術，這意味著我們可以享受超快速的插入充電和超快速的駕駛充電。超快的插入式充電速度領先於行業，非常類似於更換電池，然後也可以在駕駛時充電，我們可以實現典型駕駛功耗的5倍速率。

And also, we can provide uninterrupted electric driving performance in any of the situations, including acceleration at very high speeds and also extreme cold weather. So with this technology, Lotus will be unveiling this technology into our first plug-in hybrid model this year, the deliveries of the model, which I have previously introduced will begin in 2026, quarter one.

而且，我們可以在任何情況下提供不間斷的電動駕駛性能，包括極高速加速和極端寒冷天氣。因此，憑藉這項技術，Lotus 將在今年將這項技術應用到我們的首款插電式混合動力車型中，我之前介紹過的這款車型將於 2026 年第一季開始交付。

And also, I would like to mention a few words on our intelligent chassis system, which will be also equipped in our first plug-in hybrid model launching end of this year. So with this technology, we are able to achieve a dual mode of driving function -- driving mode. So on a comfort mode that we are tuning this vehicle to allow the comfort of the daily use and also we can tune to the performance mode while the drivers or users can enjoy in extreme conditions, extreme performance.

另外，我想提一下我們的智慧底盤系統，該系統也將配備在我們今年底推出的首款插電式混合動力車型上。所以透過這項技術，我們能夠實現雙重模式的駕駛功能—駕駛模式。因此，我們在舒適模式下調整這輛車，以提供日常使用的舒適性，同時我們也可以調整到性能模式，讓駕駛者或使用者可以在極端條件下享受極致性能。

So with this technology, previously -- without this technology, previously, that comfort and performance is always hard to balance. But with this technology equipped in our vehicle and with the fine-tuning of our chassis performance team that we'll be able to elaborate, we will be able to perform the vehicle of two very different driving modes. We can enjoy the the comfort in daily use and also we can enjoy the performance in the performance driving mode.

因此，有了這項技術，以前——以前沒有這項技術，舒適度和性能總是很難平衡。但是，透過在我們的車輛上配備這項技術，並透過我們的底盤性能團隊的精心調整，我們將能夠使車輛具有兩種截然不同的駕駛模式。我們既可以在日常使用中享受舒適性，也可以在性能駕駛模式下享受到性能。

And then some of our global market strategy. So in China market, the sales network, we have also plans to strategically phase out some of the underperforming outlets while we'll continue to broaden our urban coverage.

然後是我們的一些全球市場策略。因此，在中國市場，在銷售網路上，我們也計劃策略性地淘汰一些表現不佳的門市，同時繼續擴大我們的城市覆蓋範圍。

We also developed a very customized and tailor-made pricing and product strategies aligned with every single market and every single user demand that we enter into across the globe. Whilst we are strategically prioritizing the tariff advantage markets and then the premium EV markets with growth potential. This is supported by a UK anchored brand hub for expansion into the Europe.

我們還制定了高度客製化的定價和產品策略，以適應我們在全球範圍內進入的每個市場和每個用戶的需求。同時，我們在策略上優先考慮具有關稅優勢的市場，然後是具有成長潛力的高端電動車市場。這得到了英國品牌中心的支持，有助於其向歐洲擴張。

We're actively collaborating with multiple strategic partners to architect a localized marketing entry solution, leveraging the JD's global ecosystem. As according to our plan, the regional share of our deliveries is balanced. So North America enjoyed 20%. Europe enjoyed 38%, ROW 13%, while China enjoyed 29%.

我們正在積極與多個策略合作夥伴合作，利用京東的全球生態系統建立在地化的營銷切入解決方案。根據我們的計劃，我們交付的區域份額是平衡的。因此北美享有20%的份額。歐洲佔 38%，其他地區佔 13%，而中國佔 29%。

A few words on our AI front. So as we previously introduced the Lotus Robotics. It does not only provide intelligent driving solutions to Lotus, but also to other global leading auto partners. It is a one-stop provider of intelligent driving and also providing the R&D and engineering solutions to our customers. So it provides intelligent driving software and hardware R&D and including the procurement services.

關於我們的人工智慧前沿的幾句話。正如我們之前介紹過的 Lotus Robotics。不僅為Lotus提供智慧駕駛解決方案，也為其他全球領先的汽車合作夥伴提供智慧駕駛解決方案。它是智慧駕駛的一站式提供商，並為客戶提供研發和工程解決方案。因此它提供智慧駕駛軟體和硬體的研發以及採購服務。

We're leading one model algorithm and then also providing the L2 and L2+ ADAS software and its upgrades over the year. We have the global coverage. So to date, the ADAS and PAS solution, fully delivered across Europe, Asia, GCC, North America, ASEAN and so on. with the latest highway assist functions upgraded in Europe and well received by the market.

我們正在領導一種模型演算法，然後還提供 L2 和 L2+ ADAS 軟體及其全年升級。我們的覆蓋範圍遍佈全球。到目前為止，ADAS 和 PAS 解決方案已全面涵蓋歐洲、亞洲、海灣合作委員會、北美、東協等地區，其中最新的高速公路輔助功能在歐洲升級，並受到市場的一致好評。

Our clients include multiple brands from the JD ecosystem, but also to emphasize as well as other clients, external clients such as the leading European conglomerate, a top Japanese Tier 1 supplier and a few others.

我們的客戶包括京東生態系統中的多個品牌，同時也強調其他客戶、外部客戶，例如歐洲領先的企業集團、日本頂級一級供應商和其他一些客戶。

On the future growth in the next two or three years, we are planning to equip -- to provide the services to another 10 different models, including passenger vehicles and also the commercial vehicles.

在未來兩三年的發展中，我們計劃為另外 10 種不同車型提供服務，包括乘用車和商用車。

And we are actively seeking upgrades of our technology solution using the large model algorithm to be able to enable the company to deliver a Level 4 or Level 5 solutions to the globe. And also, we introduced previously, we have entered into a strategic partnership to allow us to explore the robotaxi project expansion in Saudi Arabia.

我們正在積極尋求使用大型模型演算法升級我們的技術解決方案，以便能夠讓公司向全球提供 4 級或 5 級解決方案。而且，我們之前介紹過，我們已經建立了戰略合作夥伴關係，以便我們探索在沙烏地阿拉伯擴展機器人計程車計畫。

Thank you.

謝謝。

Thank you, Mr. Feng, and Dr. Wang. This concludes our opening comments, and we will now move to the Q&A portion of the call. Operator, please.

謝謝馮先生和王博士。我們的開場白到此結束，我們現在將進入電話會議的問答部分。接線員，請說。

(Operator Instructions) Edison Yu, Deutsche Bank.

（操作員指示）德意志銀行的 Edison Yu。

This is Laura on for Edison. Could you share more details about the company's product road map and the future business outlook? How should we think about the upcoming product launches and the growth trajectory, et cetera?

我是愛迪生的蘿拉。您能否分享更多有關公司產品路線圖和未來業務展望的細節？我們應該如何看待即將推出的產品和成長軌跡等等？

(interpreted) So as we introduced earlier that the powertrain technology, I see a few more on the powertrain technology. So we will actively promoting our hyper-hybrid technology. And then the first vehicle to equipped will be an SUV launching into the market beginning delivery to the customer, starting from quarter one next year. So -- and also, you can see in the presentation deck that we have another vehicle, it's a new type of vehicle also will be equipped with the hyper-hybrid technology. It will have the strong embedded Lotus DNA inside with the performance targeted product definition.

（解釋）正如我們之前介紹的動力總成技術，我看到了更多關於動力總成技術的內容。因此我們將積極推廣我們的超混合技術。第一輛配備的車輛將是一輛 SUV，從明年第一季開始投放市場並交付給客戶。所以——而且，您可以在簡報中看到我們還有另一輛車，它是一種新型車輛，也將配備超混合動力技術。它將具有強大的嵌入式 Lotus DNA 和針對性能的產品定義。

So as a global brand, every single products that we develop, we are developing into global standards and global compliance. So basically, that's for Electra Emira, we have the -- majority of the markets, including the US. However, that we have seen the US tariff fluctuations throughout this year. So we expect that if the tension is eased then we will be hoping to divert those vehicles into the United States again.

因此，作為一個全球品牌，我們開發的每種產品都符合全球標準和全球合規性。所以基本上，對於 Electra Emira 來說，我們擁有大多數市場，包括美國。然而，我們看到今年美國關稅一直在波動。因此，我們預計，如果緊張局勢得到緩解，我們將希望再次將這些車輛轉移到美國。

In terms of our priority Emira sports car, so we are having a facelift in the 2027 due to the EU7 kick in. So for that, we are planning to have an upgrade on our V6 engine and also plugging hybrid as an alternative.

就我們優先考慮的 Emira 跑車而言，由於 EU7 的推出，我們將在 2027 年對其進行改款。因此，我們計劃升級我們的 V6 發動機，並採用混合動力作為替代方案。

[Eugene], [Capital].

[尤金]，[首都]。

(interpreted) I'd like to ask about the put option that was exercised, I think, in early July and the expected merger with Lotus UK. Could you please help explain the One Lotus strategy and then how you plan to integrate this business and any expected synergies?

（翻譯）我想問一下有關 7 月初行使的看跌期權以及與 Lotus UK 的預期合併的問題。您能否解釋一下 One Lotus 策略以及您計劃如何整合這項業務以及任何預期的協同效應？

(interpreted) So on the One Lotus. So basically, as per current status, so we have the Lotus cars in the UK who develop and manufacture sports cars, and we have Lotus Tech to develop and manufacture the lifestyle vehicles.

（解釋）所以在一朵蓮花上。因此，基本上，按照目前的狀況，我們在英國有 Lotus 汽車公司來開發和製造跑車，還有 Lotus Tech 公司來開發和製造生活方式汽車。

So in terms of consolidation plan that we see big room for efficiency improvement while we consolidate a lot of the functions together, so including the technology synergies. So basically, that we introduced the Emira. Once we have done the consolidation of One Lotus, so Lotus UK will be also enjoying the Lotus Tech's plug-in hybrid solution.

因此，就整合計畫而言，我們在整合許多功能的同時，也看到了很大的效率提升空間，包括技術綜效。基本上，我們介紹了 Emira。一旦我們完成了 One Lotus 的整合，Lotus UK 也將享受 Lotus Tech 的插電式混合動力解決方案。

And then we have also ambitious goals for the Lotus cars operation in the future that we will focus on the very high performance attributes and also the high-performance engineering services that we can seek external clients. And then as per the Lotus Tech operation, in China that we will focus on the intelligence and then also electrification, engineering and development in China, where we have the synergies between both.

然後，我們對 Lotus 汽車未來的營運也設定了雄心勃勃的目標，我們將專注於非常高的性能屬性以及我們可以尋求外部客戶的高性能工程服務。然後，按照 Lotus Tech 的運營，在中國，我們將專注於智慧化，然後是電氣化、工程和開發，我們在兩者之間具有協同作用。

Because the company has delivered all the prerequisites of the put option in 2024, so we are -- and then also the consolidation plan has been officially approved by the Board. So we are now in the process of closing. We are targeting to close the deal by end of this year, no latest by quarter one next year.

因為公司已經在 2024 年滿足了看跌期權的所有先決條件，所以我們——而且合併計劃也已獲得董事會的正式批准。因此，我們現在正處於結束階段。我們的目標是在今年年底前完成交易，最晚在明年第一季前。

Due to time constraints, we will conclude the Q&A session. I will now pass back to Michele for closing remarks.

由於時間限制，我們將結束問答環節。現在我將把發言交還給米歇爾，請她作最後發言。

Great. All right. And with that, I think we are all done for today. If you have any questions, please feel free to contact our IR team through the contact information on our website. We look forward to talking to you next quarter.

偉大的。好的。我想，今天的工作就到此結束了。如果您有任何疑問，請隨時透過我們網站上的聯絡資訊聯絡我們的 IR 團隊。我們期待下個季度與您交談。

Thank you very much, and goodbye.

非常感謝，再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。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. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。