Lufax Holding Ltd (LU) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Lufax Holding third-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.

女士們、先生們，感謝你們的耐心等待並歡迎參加陸金所控股 2024 年第三季財報電話會議。（操作員說明）請注意此事件正在被記錄。

Now, I'd like to hand the conference over to your speaker host today, Ms. Liu Xinyan, the company's Head of Board Office and Capital Markets. Please go ahead, ma'am.

現在，我想將會議交給今天的演講主持人，公司董事會辦公室及資本市場部負責人劉欣艷女士。請繼續，女士。

Thank you very much. Hello, everyone, and welcome to our third-quarter 2024 earnings conference call. Our financial and operating results were released by our Newswire services earlier today and are currently available online.

非常感謝。大家好，歡迎參加我們的 2024 年第三季財報電話會議。今天早些時候，我們的新聞專線服務發布了我們的財務和經營業績，目前可在線查看。

Today, you will hear from our Chairman and CEO, Mr. YS Cho, who will provide an update of the recent developments and the strategies of our business. Our CFO, Mr. Peiqing Zhu, will then provide more details on our financial performance and business operations. Before we continue, I would like to refer you to our Safe Harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements.

今天，您將聽到我們的董事長兼執行長 YS Cho 先生的講話，他將介紹我們業務的最新發展和策略。我們的財務長朱培清先生隨後將提供有關我們財務業績和業務運營的更多詳細資訊。在我們繼續之前，我想請您參閱我們的收益新聞稿中的安全港聲明，該聲明也適用於本次電話會議，因為我們將做出前瞻性聲明。

With that, I'm now pleased to turn over the call to Mr. YS Cho, Chairman and CEO of Lufax. Please.

現在，我很高興將電話轉接給陸金所董事長兼執行長曹耀生先生。請。

Thanks for joining us today for our third-quarter 2024 earning call. During the third quarter, while pre-loan demand remained weak as small business owners continue to face a complex macroenvironment, we saw ongoing growth in our consumer finance business. We are hopeful that policy stimulus measures introduced by the Chinese government in late September will help improve the macroenvironment and have a positive impact on our business performance in the long run.

感謝您今天參加我們的 2024 年第三季財報電話會議。第三季度，儘管小企業主繼續面臨複雜的宏觀環境，預貸需求依然疲弱，但消費金融業務持續成長。我們希望中國政府在9月下旬推出的政策刺激措施將有助於改善宏觀環境，並從長遠來看對我們的經營業績產生正面影響。

Meanwhile, we plan to stay vigilant and prudent in the execution of our business strategies in light of the increased risk exposure on the 100 Guaranteed Business model.

同時，鑑於100保證業務模式的風險敞口增加，我們計劃在執行業務策略時保持警惕和審慎。

Before we discuss the business details, let me share some updates on the macroenvironment. In the third quarter, the macroenvironment remains challenging for small business owners. The SME development index declined by 0.3 points quarter over quarter, to 88.7% in September. The business conditions index published by the Cheung Kong Graduate School of Business also declined from 49.3% in June to 46% in September, suggesting persistent challenges faced by small business sector.

在我們討論業務細節之前，讓我先分享一些宏觀環境的最新情況。第三季度，宏觀環境對小企業主來說仍然充滿挑戰。9月中小企業發展指數季減0.3點至88.7%。長江商學院公佈的商業狀況指數也從6月的49.3%下降至9月的46%，顯示小型企業領域持續面臨挑戰。

On the other hand, we are encouraged by sign of mild recovery in the consumption sector during the third quarter. CPI showed improvement from 0.2% in June to 0.4% in September. In late September, we are glad to see that Chinese government announced a number of new stimulus policies, including measures to help the recovery of the real estate sector and increase liquidity, such as a cut to reserve requirements ratio and the lowering of existing mortgage rates.

另一方面，第三季消費領域溫和復甦的跡象令我們感到鼓舞。CPI 從 6 月的 0.2%上升至 9 月的 0.4%。9月下旬，我們高興地看到中國政府宣布了一系列新的刺激政策，包括幫助房地產行業復甦和增加流動性的措施，例如降低存款準備金率和降低現有抵押貸款利率。

Local governments also launched a series of stimulus initiatives relating to real estate and consumption to boost consumer confidence and strengthen the economy. We believe all of these efforts have a positive impact on SCOs in China. Meanwhile, we recognize it will take time for SCOs to benefit from these measures and improve performance. So we remain prudent as we execute our business strategies in the short term.

地方政府也推出了一系列與房地產和消費相關的刺激舉措，以提振消費者信心、增強經濟活力。我們相信所有這些努力都會對中國上合組織產生正面影響。同時，我們認識到上海合作組織需要一段時間才能從這些措施中受益並提高​​績效。因此，我們在執行短期業務策略時保持謹慎。

Furthermore, we will also put more emphasis on our non-SCO customers and continue to grow our consumer finance business. This will help us take full advantage of gradual effects of consumption recovery and will be solid position for our future growth.

此外，我們也將更重視非上海合作組織客戶，並持續發展消費金融業務。這將有助於我們充分利用消費復甦的逐步效應，為我們未來的成長奠定堅實的基礎。

Now let's turn to our operating results. First, let's take a look at our loan volume. Total new loan sales in the third quarter were RMB50.5 billion, flattish year over year, and improving by 11.7% from last quarter. The quarter-on-quarter growth, despite the macro challenges, was mainly attributable to the continued growth of our consumer finance business, which offset the ongoing weakness in pre-loan demand from high-quality SCOs.

現在讓我們來看看我們的經營業績。首先，我們來看看我們的貸款量。第三季新增貸款總額為505億元人民幣，較去年同期持平，較上季成長11.7%。儘管面臨宏觀挑戰，但環比成長主要得益於消費金融業務的持續成長，抵消了優質上合組織貸前需求持續疲軟的影響。

New consumer finance loans increased by 27.8% year over year and accounted for 52% of our total new loan sales in the third quarter as a result of our continued efforts to roll out smaller tickets and revolving product structures. Balance-wise, our total loan balance stood at RMB213.1 billion as of the end of third quarter, of which consumer finance loans took up 22%.

由於我們持續推出小票、循環產品結構，消費金融貸款新增年增27.8%，佔第三季新增貸款總額的52%。從餘額來看，截至三季末，本行貸款餘額2,131億元，其中消費金融貸款佔22%。

Turning to asset quality. Our tightened risk control policies and enhanced risk assessment systems have helped maintain stable asset quality. The C-M3 flow rate of Puhui loans remained at 0.9% during the third quarter despite a decrease of total balance as compared to the second quarter. The asset quality of our consumer finance loans also stayed strong, with NPL ratio further decreasing to 1.2% from 1.4% in the second quarter.

轉向資產品質。加強風控政策，改善風險評估體系，資產品質維持穩定。儘管普惠貸款餘額較第二季有所下降，但第三季普惠貸款C-M3流量仍維持在0.9%。消費金融貸款資產品質也維持良好，不良貸款率由第二季的1.4%進一步下降至1.2%。

As loans enabled under the 100% guarantee model kept increasing as a percentage of total loans, our balance take rate rose by 1.9 percentage points year over year to 9.7% during the third quarter of 2024. Cost of funds continued to decrease, driven by both monetary policy stimulus and our diversified license strategy.

由於100%擔保模式下發放的貸款佔貸款總額的比例持續上升，2024年第三季我們的餘額利用率較去年同期上升1.9個百分點至9.7%。在貨幣政策刺激和多元化牌照策略的推動下，資金成本持續下降。

As mentioned during our last earnings call, we acquired a nationwide small lending license in July. We started to provide new loans under this newly acquired nationwide small lending license in August. As of the end of third quarter, we have provided more than RMB1 billion in new loans under this new license. We believe our small lending license has a potential to further reduce our funding costs, diversify our product portfolio, and improve our capital management efficiency.

正如我們在上次財報電話會議中提到的，我們在 7 月獲得了全國性小額貸款牌照。我們於八月開始根據新獲得的全國小額貸款牌照提供新貸款。截至第三季末，我們已根據新牌照提供了超過10億元人民幣的新增貸款。我們相信，我們的小額貸款牌照有潛力進一步降低我們的融資成本，豐富我們的產品組合，並提高我們的資本管理效率。

Finally, I want to provide an update on Ping An Group's mandatory general offer. On September 27, Ping An Group dispatched offer document and commenced the offer period. If there are no additional requirements from regulators, the offer period will end on October 28.

最後，我想提供有關平安集團強制性全面收購要約的最新情況。9月27日，平安集團發出要約文件，開始要約期。如果監管機構沒有額外要求，要約期將於 10 月 28 日結束。

As stated in the offer document, Ping An Group is making the offer solely to comply with applicable rules and has no intention to privatize Lufax. The intention is that Lufax will continue to remain an independent entity listed on the New York Stock Exchange and Hong Kong Exchange. Looking ahead, we seek to continue to deepen our synergies with Ping An Group, leveraging its brand, reputation, technological resources, and extensive network to strengthen our market position.

如同要約文件所述，平安集團提出要約只是為了遵守適用規則，無意將陸金所私有化。其目的是陸金所將繼續作為在紐約證券交易所和香港交易所上市的獨立實體。展望未來，我們尋求繼續深化與平安集團的協同效應，利用平安集團的品牌、聲譽、技術資源和廣泛的網絡來鞏固我們的市場地位。

I will now turn the call over to Peiqing, who will provide more details on our financial performance and business operations.

我現在將把電話轉給裴慶，他將提供有關我們財務業績和業務運營的更多詳細資訊。

Thank you, YS.

謝謝你，YS。

I will now provide a closer look to our third-quarter results. Please note, all numbers are RMB terms and all comparisons are year-on-year basis, unless otherwise stated.

我現在將詳細介紹我們的第三季業績。請注意，除非另有說明，所有數字均以人民幣計算，所有比較均為同比。

In the third quarter of 2024, our total income decreased by 31.1% to RMB5.5 billion from RMB8.1 billion, mainly due to a decrease of outstanding loan balance by 41.8%, partially offset by our increased take rate as loans enabled under 100% guarantee model constitute a higher proportion of our total loan book.

2024 年第三季度，我們的總收入從人民幣81 億元下降31.1% 至人民幣55 億元，主要是由於未償還貸款餘額減少41.8%，部分被我們因貸款在100 歲以下啟用而增加的接受率所抵銷。

Meanwhile, our total expenses decreased by 19.2% to RMB6.3 billion from RMB7.7 billion, among which the total operating expenses declined by 35.9% to RMB3 billion from RMB4.7 billion. And credit impairment losses increased by 9% to RMB3.3 billion from RMB3 billion.

同時，我們的總費用由人民幣77億元下降19.2%至人民幣63億元，其中總營運費用由人民幣47億元下降35.9%至人民幣30億元。信用減損損失由人民幣30億元增加9%至人民幣33億元。

Operating efficiency improved, with our operating expenses to income ratio decreasing from 53.8% from 57.8% in the third quarter of 2023. The increase of credit impairment losses was mainly due to increased provision related to our loan book and certain investment assets. As a result, we recorded a net loss of RMB725 million for the third quarter.

營運效率有所改善，營運費用與收入之比從 2023 年第三季的 57.8% 的 53.8% 下降。信用減損損失的增加主要是由於與我們的貸款帳簿和某些投資資產相關的撥備增加。因此，我們第三季淨虧損人民幣7.25億元。

Turning to the unique economies of our loan business. Our APR balance decreased 19.5% from 20.1% despite the decrease in APR. Our take rate by balance increased to 9.7% from 7.8%, primarily due to the removal of negative impact from high CGI premium to our transition to the 100% guarantee model, and also thanks to the decrease in our funding costs.

轉向我們貸款業務的獨特經濟性。儘管年利率下降，但我們的年利率餘額從 20.1% 下降了 19.5%。我們的餘額利用率從 7.8% 增加到 9.7%，主要是由於我們向 100% 擔保模式過渡消除了高 CGI 溢價的負面影響，同時也得益於我們融資成本的下降。

We accept that the take rate will further increase as the percentage of the loans enabled under the 100% guarantee model continues to increase and that funding cost will continue to decrease as we continue to optimize our funding structure by leveraging our consumer finance and small lending license.

我們認為，隨著 100% 擔保模式下的貸款比例持續增加，貸款接受率將進一步提高；隨著我們利用消費金融和小額貸款牌照不斷優化融資結構，融資成本將持續下降。

On the expenses side of the unit economy, while sales and marketing expenses remained stable, credit costs and other operating expenses will attract on our net margin. Credit costs increased primarily due to the increased risk exposure and provision for our loan book.

在單位經濟的費用方面，雖然銷售和行銷費用保持穩定，但信貸成本和其他營運費用將吸引我們的淨利潤。信貸成本增加主要是由於我們貸款帳簿的風險敞口和撥備增加。

As discussed before, while we anticipate loans under the 100% guarantee model will be lifetime profitable, it's important to note that these loans may incur accounting losses in the first calendar year due to higher upfront provisions. This accounting treatment affects our short-term profitability but is expected to lead to improved long-term financial performances as the loan portfolio matures. The increase of other operating expenses was primarily due to the contraction of our loan balance and the reduced economy of scale.

如前所述，雖然我們預計 100% 擔保模式的貸款將實現終身盈利，但值得注意的是，由於預付準備金較高，這些貸款可能在第一個日曆年產生會計損失。這種會計處理會影響我們的短期獲利能力，但隨著貸款組合的成熟，預計將改善長期財務表現。其他營業費用的增加主要是由於我們的貸款餘額收縮和規模經濟下降所致。

Now, let me highlight a few key P&L items. During this quarter, our technology platform-based income was RMB1.6 billion, representing a decrease of 49.9%, mainly due to a decrease in retail credit services fees as a result of 41.8% decrease in outstanding loan balance. In addition, it was also negatively affected by cessation of the Lujintong business in April 2024.

現在，讓我重點介紹幾個關鍵的損益項目。本季，我們的技術平台收入為人民幣16億元，下降49.9%，主要是因為未償貸款餘額下降41.8%導致零售信貸服務費用下降。此外，也受到2024年4月陸金通業務停止的負面影響。

Our net interest income was RMB2.7 billion. a decrease of 18.8% from the same period last year. The relatively lower decrease in net interest income was the result of an increase in consumer finance revenue. Meanwhile, our guarantee income was RMB818 million, a decrease of 13.1%. In terms of revenue mix, technology platform-based income accounted for 29.5% of our total revenue, down from 40.5% in the same period of last year.

我們的淨利息收入為人民幣27億元。比去年同期下降18.8%。淨利息收入降幅相對較小，是消費金融收入增加的結果。同時，擔保收入8.18億元，下降13.1%。從收入結構來看，技術平台收入佔總營收的29.5%，低於去年同期的40.5%。

Net interest income and guarantee income accounted for 48.5% and 14.7% of total revenue in the third quarter, respectively, as compared to 41.1% and 11.7% in the same period of last year.

第三季淨利息收入和擔保收入分別佔總收入的48.5%和14.7%，去年同期為41.1%和11.7%。

In terms of expenses, our credit impairment losses increased by 9% to RMB3.3 billion, mainly due to increased provisions related to loans as we applied a more prudent approach in our ECL model to reflect the complex macroeconomy environment in the third quarter, as well as increased provision related to certain investment assets.

在費用方面，我們的信用減損損失增加了9%，達到人民幣33億元，主要是由於我們在預期信用損失模型中採用了更加審慎的方法來反映第三季度複雜的宏觀經濟環境，因此增加了與貸款相關的撥備。

Our total sales and marketing expenses, which include expenses for acquisition costs as well as the general sales and marketing expenses decreased by 49.9% to RMB1.1 billion, mainly due to reduced loan-related expenses resulting from the decrease in new loan sales and outstanding loan balance, as well as the elimination of expenses associated with our Lujintong business.

我們的總銷售和行銷費用（包括收購成本費用以及一般銷售和行銷費用）下降49.9%至人民幣11億元，主要是由於新貸款銷售和未償還貸款減少導致貸款相關費用減少貸款餘額，以及消除與我們的陸金通業務相關的費用。

Operation and servicing expenses decreased by 25.8% to RMB1.1 billion as a result of our continued effort to control expenses and the decreased loan balance, partially offset by increased commission associated with the improved collection performance.

由於我們持續努力控制費用以及貸款餘額減少，營運和服務費用下降了 25.8% 至 11 億元，但部分被催收績效改善帶來的佣金增加所抵消。

Our finance costs increased by 48.9% to RMB59 million from RMB40 million, mainly due to the decrease of interest income from bank deposits, partially offset by the decrease of interest expenses after repayment of our C-round convertible promissory notes upon the maturity on September 30, 2023.

財務成本由人民幣4,000萬元增加48.9%至人民幣5,900萬元，主要是由於銀行存款利息收入減少，但被9月30日到期的C輪可轉換票據償還後利息支出的減少所部分抵消。 2023。

In terms of capital, as of the end of September 2024, our main operating entities remain well capitalized. Our subsidiary's leverage ratio stood at 2.6x and our consumer finance subsidiaries capital adequacy ratio stood at 14.9% as compared to the 10.5% regulatory requirement.

資本方面，截至2024年9月末，我們的主要經營主體資本狀況仍良好。我們子公司的槓桿率為2.6倍，消費金融子公司的資本適足率為14.9%，而監理要求為10.5%。

As we deal with the complexity of the broader economic environment, we are now seeing encouraging signs in terms of asset quality and in the growth of our consumer finance business. We will remain committed to our prudent strategy as we seek to build a solid foundation for long-term, sustainable operations and we'll uphold commitment to bring value to our shareholders.

在我們應對更廣泛的經濟環境的複雜性時，我們現在在資產品質和消費金融業務的成長方面看到了令人鼓舞的跡象。我們將持續致力於審慎的策略，為長期、永續經營奠定堅實的基礎，並恪守為股東帶來價值的承諾。

That concludes our prepared remarks for today. Operator, we are now ready to take questions.

我們今天準備好的演講到此結束。接線員，我們現在準備好回答問題。

(Operator Instructions) Betty Li, CLSA.

（操作員說明）Betty Li，里昂證券。

So I have two questions. The first one, could you kindly express what will be the impact of the new policy stimulus on your business? The second is, could you share more about the business outlook for this year and beyond? Thank you.

所以我有兩個問題。第一，您能否介紹新的政策刺激對您的業務有何影響？第二個問題，可以分享一下今年及以後的業務前景嗎？謝謝。

Thanks, Betty. About stimulus policy, it is surely a positive impact, I think, on our economy and in our SCO segment as well. But knowing small business owners in general are in difficulty now, it will take more time for them to benefit from these measures and improve performance. So in the near term, we remain prudent and put asset quality over quantity for SCO lending.

謝謝，貝蒂。關於刺激政策，我認為這肯定會對我們的經濟和上合組織部分產生正面的影響。但知道小企業主現在普遍陷入困境，他們需要更多時間才能從這些措施中受益並提高​​績效。因此，短期內，我們對上合貸款仍保持審慎態度，將資產品質置於數量之上。

But at the same time, we take full advantage of the gradual recovery by putting more emphasis focused on non-SCO segments and expedite small and medium-sized ticket loan growth using our CF license, consumer finance license, and the newly acquired small lending license with their funding cost advantage and customer experience advantage over guarantee model.

但同時，我們充分利用經濟逐步復甦的契機，更加註重非上合組織細分市場，利用我們的CF牌照、消費金融牌照以及新獲得的小額貸款牌照，加快中小票貸的增長。擔保模式相比，他們的資金成本優勢和客戶體驗優勢。

And then about your outlook question. So our volume guidance of RMB190 billion to RMB220 billion and loan balance of RMB200 billion to RMB230 billion, that remains unchanged. On a single account basis, we know that due to the upfront provision of the 100% guarantee model, so profitability is under pressure in the very first calendar year. But going forward, we know that we believe the overall lifetime profitability will surely improve than before.

然後關於你的前景問題。因此，我們的指導金額為 1,900 億元至 2,200 億元人民幣，貸款餘額為 2,000 億元至 2,300 億元人民幣，保持不變。從單一帳戶的角度來看，我們知道，由於100%擔保模式的前期提供，因此第一年的獲利能力就面臨壓力。但展望未來，我們相信整體生命週期獲利能力肯定會比以前有所提升。

Judy Zhang, Citi.

張朱迪，花旗銀行。

I have two questions. The first question regarding asset quality. I understand that Lufax has been derisking loan book for some time, which is the barring fruit in the recent quarters. Could management share a bit been in trending since 3Q?

我有兩個問題。第一個問題，關於資產品質。據我了解，陸金所降低貸款風險已經有一段時間了，這是最近幾季的成果。自第三季以來，管理層的分享是否已經成為趨勢？

And second question is, does management have any plan to announce another run special dividend this year or any other measures that you are considering to put shareholders' return? Thank you.

第二個問題是，管理階層是否有計劃宣布今年再次派發特別股息，或者您正在考慮採取其他措施來回報股東？謝謝。

Okay. Thanks, Judy. The asset quality indicators remained stable in the third quarter with C-M3 flow rate of our Puhui loans remaining at 0.9% despite decline in balance. So while our customer finance NPL ratio continued to improve from 1.4% to 1.2%, knowing that our loan balance reduction will come to an end in a few months later and the portfolio account mix in terms of account vintage, the mix will continue to optimize.

好的。謝謝，朱迪。第三季資產品質指標維持穩定，普惠貸款C-M3流量在餘額下降的情況下仍維持在0.9%。因此，儘管我們的客戶融資不良貸款率持續從 1.4% 改善至 1.2%，但我們知道貸款餘額減少將在幾個月後結束，並且從帳戶年份來看，投資組合帳戶組合將繼續優化。

So I believe we'll be able to demonstrate more obvious asset quality improvement measured by net flow, not before all. So that we have confidence.

因此，我相信我們將能夠展示出以淨流量衡量的更明顯的資產品質改善，而不是在此之前。讓我們有信心。

About shareholder return, we do not have any specific plan yet after our special dividend this year. But the management team is committed to provide long-term shareholder returns as always, and we consider all positive ways to return value to shareholders going forward.

關於股東回報，今年特別股息之後我們還沒有任何具體計畫。但管理團隊一如既往地致力於為股東提供長期回報，我們會考慮未來為股東回報價值的所有正面方式。

Yada Li, CICC.

李亞達，中金公司。

My first question is regarding the credit impairment loss. Could you please share a little bit more about why the credit employment losses increased this quarter while the risk indicators remain stable? And secondly, I was wondering what is the trend of the falling costs going forward. That's all. Thank you.

我的第一個問題是關於信用減損損失。請您詳細介紹為什麼本季信貸就業損失增加而風險指標保持穩定？其次，我想知道未來成本下降的趨勢是什麼。就這樣。謝謝。

Thank you, Yada. I'll try to answer the first question. The increase is mainly to the provision associated with our loans and certain investment assets. Increase of loan provision was driven mainly by the upfront provision of loans under 100% guarantee model, as we discussed, right? And the prudent approach -- and also the prudent approach in our model to flat of our conservative forecast based on the macroenvironment in the third quarter, we're still seeing some uncertainties in the macroeconomy.

謝謝你，雅達。我將嘗試回答第一個問題。增加的主要是與我們的貸款和某些投資資產相關的撥備。正如我們所討論的，貸款撥備的增加主要是由100%擔保模式下的前期撥備貸款推動的，對嗎？謹慎的態度——以及我們模型中基於第三季宏觀環境的保守預測的謹慎態度，我們仍然看到宏觀經濟存在一些不確定性。

And the second question, I know you're interested about our funding cost trend, right? And our outstanding costs further decreased in the third quarter, thanks to the favorable monetary policy and our diversified license strategy. And also, we try to spend the time to work with our partners and try to cut down some of the funding costs in terms of different products.

第二個問題，我知道您對我們的融資成本趨勢感興趣，對吧？由於有利的貨幣政策和多元化的牌照策略，我們的未償成本在第三季進一步下降。此外，我們嘗試花時間與合作夥伴合作，並嘗試降低不同產品的一些融資成本。

And also, we expect funding costs to further decrease as we continue to optimize our funding structure by leveraging our consumer finance and small lending licenses. Thank you.

此外，隨著我們利用消費金融和小額貸款牌照不斷優化融資結構，我們預計融資成本將進一步下降。謝謝。

Thank you. That concludes our question-and-answer session for today. I will now turn the call back over to management for closing remarks.

謝謝。我們今天的問答環節到此結束。我現在將把電話轉回給管理層以供結束語。

Thank you. This conference is now concluded and thank you for joining today's call. If you have any more questions, please do not hesitate to contact our IR team. Thanks again.

謝謝。本次會議現已結束，感謝您參加今天的電話會議。如果您還有其他疑問，請隨時聯絡我們的 IR 團隊。再次感謝。

Thank you. The conference is now concluded. You may now disconnect.

謝謝。會議現已結束。您現在可以斷開連線。