Mitsubishi UFJ Financial Group Inc (MUFG) 2026 Q2 法說會逐字稿

I am Kamezawa. Thank you very much for taking time out of your busy schedule today to attend our MUFG IR presentation. Mr. Togawa, CFO, explained the financial results at the online conference call the other day. So today, I would like to talk mainly about the progress of the medium-term business plan's targets. Please turn to page 6 of the material.

我是龜澤。非常感謝您百忙之中抽空參加我們三菱日聯金融集團 (MUFG) 投資者關係部 (IR) 的介紹會。財務長戶川先生前幾天在網路電話會議上解釋了財務表現。今天，我主要想談談中期商業計劃目標的進展。請翻到材料第6頁。

In the first half of FY25, net profits reached JPY1.2929 trillion, marking the third-consecutive year of record high profits for the first half. Progress towards the performance target of JPY2 trillion is 64.6%. I will explain the factors of the profit increase using the chart on the right.

2025財年上半年，淨利達1.2929兆日圓，連續第三年上半年利潤創歷史新高。實現2兆日圓業績目標的進度為64.6%。我將利用右邊的圖表解釋利潤成長的因素。

During the first half, strong growth in the customer segment, interest income gain from last year's bond portfolio rebalancing, and an increase in equity in earnings of equity method investees, mainly Morgan Stanley, outweighed the impact of the changes in the equity method accounting date at Krungsri in Thailand and gain on sale of large equity holdings last year, resulting in a record high profit.

上半年，客戶群的強勁成長、去年債券投資組合再平衡帶來的利息收入收益，以及權益法投資對象（主要是摩根士丹利）收益權益的增加，抵消了泰國 Krungsri 權益法會計日期變更的影響以及去年出售大量股權的收益，從而實現了創紀錄的利潤。

Please turn to page 7. The step chart on the right shows the factors of changes in NOP. Increase in loan and deposit interest income, thanks to rising yen interest rates and strong increase in fee income, both in Japan and overseas, boosted customer segment revenues, resulting in a steady increase in NOP.

請翻到第7頁。右側的階梯圖顯示了 NOP 變化的因素。由於日圓利率上升以及日本國內外手續費收入的大幅增長，貸款和存款利息收入增加，客戶業務收入也隨之增長，從而帶動了淨營業利潤的穩步增長。

Please turn to page 8. I will explain our current assessment of the impact of US trade policies and other factors. Currently, supply chain reorganization is ongoing in line with the progress in tariff negotiations, but there has been no significant decline in consumer sentiment so far, and the momentum for wage increases continues in Japan. While the initially concerned impact in May was partially avoided, uncertainties remain, including the continued possibility of excessive inflation and risk events seen in the US.

請翻到第8頁。我將闡述我們目前對美國貿易政策及其他因素影響的評估。目前，隨著關稅談判的進展，供應鏈重組正在進行中，但迄今消費者信心尚未明顯下降，日本的薪資成長動能依然強勁。雖然5月份最初令人擔憂的影響在一定程度上得以避免，但仍存在不確定性，包括美國可能出現的過度通膨和風險事件。

Furthermore, in Japan, we expect that the policies aimed at reviving Japan's growth to be implemented by the Takaichi administration will also change our business environment. Given these circumstances and the current levels of key financial indicators as detailed below, we adjusted our initial outlook for FF rate in March '26 downward, Nikkei stock average upward, and dollar yen rate to weaker yen.

此外，在日本，我們預期高市政府將實施旨在重振日本經濟成長的政策也將改變我們的營商環境。鑑於以下詳細列出的這些情況和當前關鍵金融指標水平，我們下調了對 2026 年 3 月 FF 利率的初步預期，上調了對日經平均指數的預期，並將美元兌日元匯率調整為日元走弱。

Please turn to the next page. Taking into account the changes in the business environment and the progress of our financial results, we revised the target for net profits by JPY100 billion to JPY2.1 trillion. This represents a growth rate of over 10% from FY24 when we recorded a record-high profit.

請翻到下一頁。考慮到商業環境的變化和財務表現的進展，我們將淨利潤目標上調了1000億日元，至2.1兆日元。這比 2024 財年創下利潤新高時的成長率超過 10%。

Please turn to page 10 on shareholder returns. In line with our increased profit target, we are raising our full-year dividend forecast to JPY74, an increase of JPY10 year on year. We also resolved to repurchase our own shares up to JPY250 billion.

請翻到第10頁查看股東回報狀況。為配合我們提高的獲利目標，我們將全年股利預期上調至74日元，比上年增加10日圓。我們也決定回購高達2,500億日圓的自有股份。

Share buybacks are expected to total JPY500 billion, a record high for the full year, with the total payout ratio of over 60%. We will continue striving to enhance shareholder returns while considering the optimal balance between solid equity capital and growth investment.

預估股票回購總額將達 5,000 億日圓，創全年歷史新高，總股利支付率超過 60%。我們將繼續努力提高股東回報，同時兼顧穩健的股本和成長型投資之間的最佳平衡。

Please turn to page 11 on profit growth. If we achieve performance targets for FY25 based on our substantial earning power, excluding net gains and losses on equity securities, we will have achieved annual profit growth of approximately 20% for the past five years. In other words, we have steadily increased our earning power over five years and will continue to achieve solid profit growth even in an environment where gain on sale of equity holdings will gradually decrease.

請翻到第11頁查看利潤成長部分。如果我們能夠根據我們強大的獲利能力實現 2025 財年的業績目標（不包括股權證券的淨收益和損失），那麼在過去五年中，我們將實現約 20% 的年利潤成長。換句話說，在過去的五年裡，我們的獲利能力穩步提升，即使在股權出售收益逐漸下降的環境下，我們仍將繼續實現穩健的利潤成長。

Please turn to page 12. The strong profit growth I mentioned earlier is supported by fee income, which is one of our strengths. Over the past few years, we have strengthened our earning power by diversifying our business portfolio while responding to various changes in the business environment. During the first half of FY25, we continued to achieve steady growth primarily driven by domestic and overseas loan-related fees and trust business fees.

請翻到第12頁。我之前提到的強勁利潤成長得益於手續費收入，這也是我們的優勢之一。過去幾年，我們透過多元化業務組合，同時因應商業環境的各種變化，增強了獲利能力。2025財年上半年，我們持續維持穩定成長，主要得益於國內外貸款相關費用和信託業務費用的推動。

Please turn to page 13 on the path toward achieving the mid- to long-term ROE target announced in May. The assumptions are BOJ policy rate rising to around 1% and no gains from the sale of equity holdings as the reduction comes to an end. After completing the growth strategy outlined in the current MTBP, we will aim to achieve an ROE of around 12% by generating both organic and inorganic growth.

請翻到第 13 頁，以了解實現 5 月宣布的中長期 ROE 目標的途徑。假設日本央行政策利率升至 1% 左右，隨著降息結束，出售股票不會帶來任何收益。在完成目前中期業務計畫中概述的成長策略後，我們將透過有機成長和無機成長，力爭實現約 12% 的淨資產收益率。

Regarding organic growth, first domestically, we will generate growth in Japan and capture the rising funding demand by providing high value-added services as well as fee-based revenues.

關於內生成長，首先在國內，我們將透過提供高附加價值服務和收費收入，在日本實現成長並滿足不斷增長的資金需求。

In our retail business, we will realize the outcome of various initiatives under the current MTBP and aim for double-digit ROE. And overseas, we will accelerate collaboration with partner banks and digital investees, including AscendMoney and Mynt, to strengthen MUFG's economic sphere and increase Asia business profit to 1.6 times. Furthermore, we will double fee income by globally expanding our O&D business, which is steadily building a track record centering on the US.

在我們的零售業務中，我們將實現當前中期業務計劃下各項舉措的成果，並力爭實現兩位數的淨資產收益率。在海外，我們將加快與合作夥伴銀行和數位投資企業（包括 AscendMoney 和 Mynt）的合作，以加強三菱日聯金融集團的經濟領域，並將亞洲業務利潤提高 1.6 倍。此外，我們將透過在全球擴展 O&D 業務，將費用收入翻倍。該業務目前正以美國為中心，穩步建立良好的業績記錄。

For inorganic growth, we will pursue acquisitions that are ROE accretive over the medium to long term, targeting AMIS, digital, and Asia US. Through these efforts, we aim to achieve corporate value on par with global top-tier companies.

對於非內生成長，我們將尋求在中長期內能夠提升 ROE 的收購，目標是 AMIS、數位和亞洲美國地區。透過這些努力，我們的目標是實現與全球一流公司比肩的企業價值。

Please turn to page 15. From here, I will explain the progress of the MTBP starting from the evolution of our growth strategies. In addition to the steady expansion of our domestic business, GCIB business centered on project finance and O&D also continued to progress resulting in approximately JPY200 billion increase in NOP vis-à-vis FY23. On the next page, I will elaborate on our Japan business and Asia and America's businesses where our measures are beginning to bear fruit under major changes in the environment.

請翻到第15頁。接下來，我將從我們成長策略的演變開始，解釋 MTBP 的發展歷程。除了國內業務的穩定擴張外，以專案融資和營運發展為中心的GCIB業務也持續取得進展，使得淨營業利潤較2023財年增加了約2,000億日圓。下一頁，我將詳細介紹我們在日本的業務以及在亞洲和美洲的業務，在這些業務中，在環境發生重大變化的情況下，我們的措施開始取得成效。

Page 16 covers the progress of our domestic retail business strategy. In June this year, we launched our new service brand, M-tto. The accompanying credit card reward program has received a big response and is doubling card issuance year on year.

第 16 頁介紹了我們國內零售業務策略的進展。今年六月，我們推出了新的服務品牌 M-tto。配套的信用卡獎勵計畫受到了熱烈歡迎，發卡量逐年翻倍。

Furthermore, by rolling out various group-wide campaigns, we have significantly boosted not only new bank account openings, but also the performance of group companies such as online securities and robo-advisor. Leveraging the bank's strong customer base is driving the expansion of transactions across the group.

此外，透過推出各種集團範圍內的活動，我們不僅大幅提高了新銀行帳戶的開立數量，也提高了集團旗下公司（如線上證券和智能投顧）的績效。利用銀行強大的客戶基礎，推動了集團交易量的擴張。

On the other hand, we believe that more strategic promotions are necessary to attract younger generation customers and enhance brand recognition. Towards the second half of the year, we will aim to further establish and penetrate the brand through simple appeal of the benefits of the linked accounts and services. In terms of functionality, we plan to release new services including a digital bank in FY26 and will also provide new experiential value through our recently announced strategic collaboration with OpenAI.

另一方面，我們認為需要採取更具策略性的促銷措施來吸引年輕一代的顧客，並提高品牌知名度。下半年，我們將致力於透過簡單有效地宣傳關聯帳戶和服務帶來的好處，進一步建立和滲透品牌。在功能方面，我們計劃在 2026 財年推出包括數位銀行在內的新服務，並將透過我們最近宣布與 OpenAI 的策略合作提供新的體驗價值。

Page 17 covers domestic corporate lending and fee income. By leveraging the group's comprehensive capabilities and capturing funding needs arising from corporate actions, we have steadily increased our loan balance and improved our lending spread. Furthermore, fee income has outpaced the growth of the loan balance, achieving strong results, especially in high profitable areas such as M&A and real estate finance.

第 17 頁涵蓋國內企業貸款及手續費收入。透過利用集團的綜合能力並抓住企業行動帶來的融資需求，我們穩步增加了貸款餘額並改善了貸款利差。此外，手續費收入的成長速度超過了貸款餘額的成長速度，並取得了強勁的業績，尤其是在併購和房地產融資等高利潤領域。

Page 18 is on the progress and future growth of our Americas business. As shown in the upper left graph, since the sale of Union Bank, we have concentrated our resources on the wholesale business and gross profit in the Americas is growing significantly, driven primarily by fee income. We expect the strong finance demand to continue going forward, driven by large scale investments in digital infrastructure, such as data centers and increased demand for M&A.

第 18 頁介紹了我們美洲業務的進展和未來發展。如左上圖所示，自從出售聯合銀行以來，我們已將資源集中於批發業務，美洲的毛利顯著增長，這主要得益於手續費收入。我們預計，在對資料中心等數位基礎設施的大規模投資以及併購需求增加的推動下，強勁的融資需求將持續維持。

As shown on the right side, we will capture this demand by dramatically increasing activity levels in both asset origination and distribution. Our O&D business is steadily evolving with the number of lead left deals secured in leveraged finance in America's this fiscal year already increasing 3.5 times vis-à-vis FY24 and the composition of primary origination amount relative to loan balance outperforming overseas peers. We have already originated several large deals for AI data centers this fiscal year, and our pipeline is growing toward the second half. We will achieve further business expansion, primarily through fee income.

如右圖所示，我們將透過大幅提高資產發起和分銷的活動水準來滿足這項需求。我們的 O&D 業務正在穩步發展，本財年在美國透過槓桿融資獲得的領先交易數量已經比 2024 財年增加了 3.5 倍，而且相對於貸款餘額而言，主要貸款發放金額的構成也優於海外同行。本財年我們促成了多筆大型人工智慧資料中心交易，而且我們的專案儲備在下半年還會繼續成長。我們將進一步拓展業務，主要透過手續費收入。

Please turn to the next page. In Asia, profits increased mainly in GCB domain. In Thailand, we are expanding our revenue base by increasing our large corporate lending and the effects of expense reduction measures are emerging.

請翻到下一頁。在亞洲，利潤成長主要來自優質消費品領域。在泰國，我們透過增加大型企業貸款來擴大收入基礎，而削減開支措施的效果也開始顯現。

In Indonesia, we are seeing a positive turnaround of auto loan balance and will accelerate this trend through the integration of Mandala and Adira Finance. We will work on both structural reform and strengthening our business foundation, aiming to capture the high growth potential of Asia.

在印度尼西亞，我們看到汽車貸款餘額出現了積極的好轉，並將透過 Mandala 和 Adira Finance 的整合來加速這一趨勢。我們將致力於結構性改革和加強業務基礎，以期能抓住亞洲的高成長潛力。

In the corporate business, we are focusing especially on India, which is experiencing rapid growth within the region. In addition to establishing a securities subsidiary in September this year, collaboration with Morgan Stanley is progressing steadily, and we aim to continue achieving double-digit growth by firmly capturing the strong finance needs and active market trends.

在企業業務方面，我們尤其關注印度，因為印度在該地區正經歷快速成長。除了今年9月成立證券子公司外，與摩根士丹利的合作也在穩步推進，我們旨在透過牢牢掌握強勁的融資需求和活躍的市場趨勢，繼續實現兩位數的成長。

Page 20 shows the progress of our efforts to resolve social issues. On the left, regarding sustainable society, there are different trends in sustainable investment globally, but our commitment remains unchanged, and we are steadily building up a track record focusing on renewable energy financing and green loans.

第 20 頁展示了我們在解決社會問題方面的進展。在左翼，關於永續社會，全球永續投資呈現不同的趨勢，但我們的承諾始終不變，我們正在穩步累積專注於再生能源融資和綠色貸款的業績記錄。

Furthermore, we will publish a white paper again this year to disseminate views that will contribute to accelerating the transition going forward. We will focus on industry-specific challenges and take a deep dive into the direction of initiatives by Japanese companies.

此外，我們今年也將再次發佈白皮書，傳播有助於加速未來轉型進程的觀點。我們將重點放在業界特有的挑戰，並深入探討日本企業的舉措方向。

Right side shows our support of startups aimed at creating a vibrant society. We are expanding our investment base, including the establishment of a new fund focused on growth companies. Furthermore, we have launched initiatives such as promoting venture client model, where large corporates become customers of startups to create new value in reproducible ways and offering personal money trusts of space industry development. We are supporting startup growth not only financially but also by providing business support and expanding investor networks.

右側展示了我們對旨在創造充滿活力的社會的新創企業的支持。我們正在擴大投資基礎，包括設立一檔專注於成長型公司的新基金。此外，我們也推出了一些舉措，例如推廣風險客戶模式，讓大型企業成為新創企業的客戶，以可複製的方式創造新的價值，並提供太空產業發展的個人資金信託。我們不僅在資金上支持新創企業的發展，還透過提供業務支援和拓展投資者網路來支持其成長。

Please turn to page 21 on our AI and data strategy. We believe a world where AI is embedded in all products and services will arrive in the near future. To prepare for this world, companies must transform into AI-native organizations. We are implementing various initiatives to welcome AI as a member of our community and foster a corporate culture where humans and AI work together. We have already implemented AI in 116 use cases and aim to exceed 250 by FY26. The cumulative expected benefit during the current three-year MTBP period is approximately JPY30 billion.

請翻到第21頁查看我們的人工智慧和數據策略。我們相信，人工智慧融入所有產品和服務的世界將在不久的將來到來。為了適應這個世界，企業必須轉型為人工智慧原生組織。我們正在實施各種舉措，歡迎人工智慧成為我們社區的一員，並培養人與人工智慧共同工作的企業文化。我們已在 116 個用例中實施了人工智慧，目標是在 2026 財年之前超過 250 個用例。在目前為期三年的中期預算計畫期間，累計預期收益約為300億日圓。

We are also advancing the development of AI agents. As our first initiative, we are co-developing an AI credit expert with Sakana AI and have already begun operational validation at some branches. We have also begun a new strategic collaboration with OpenAI.

我們也在推動人工智慧代理的開發。作為我們的首個舉措，我們正在與 Sakana AI 共同開發人工智慧信貸專家，並且已經在一些分支機構開始進行營運驗證。我們也與 OpenAI 開始了新的策略合作。

In addition to accelerating company-wide AI adoption, such as rolling out ChatGPT enterprise to all 35,000 MUFG bank employees, we are launching initiatives to create innovative customer experience in the retail business domain. We will introduce ChatGPT specifically for digital banking and expand various services.

除了加速公司範圍內的 AI 採用，例如向三菱日聯銀行所有 35,000 名員工推廣 ChatGPT 企業版之外，我們還在零售業務領域推出創新客戶體驗的舉措。我們將專門為數位銀行推出 ChatGPT，並擴展各項服務。

As announced the other day, we also invested as the lead investor in Third Intelligence, a startup aiming to develop Japan-originated AGI. We are accelerating our efforts not only in the penetration and utilization of AI, but also in contributing to future technological advancement.

正如前幾天宣布的那樣，我們也作為領投方投資了 Third Intelligence，這是一家旨在開發源自日本的通用人工智慧的新創公司。我們不僅在人工智慧的普及和應用方面加快步伐，而且還在為未來的技術進步做出貢獻。

Please turn to the next page on our initiatives for digital assets. MUFG is aiming to utilize blockchain technology in a wide range of areas through group-wide efforts. In the payment area on the left, we will work to improve the speed and convenience of payments through our participation in global projects, such as a project to enhance cross-border payments using tokenized deposits, a joint stablecoin POC by three megabanks, and G-SIBs consortium on digital currencies.

請翻到下一頁，了解我們有關數位資產的各項措施。三菱日聯金融集團（MUFG）正致力於透過集團內部的努力，在廣泛的領域內應用區塊鏈技術。在左側的支付區域，我們將透過參與全球計畫來努力提高支付的速度和便利性，例如利用代幣化存款增強跨境支付的項目、三家大型銀行聯合推出的穩定幣概念驗證項目以及全球系統重要性銀行聯盟的數位貨幣項目。

On the right, in the area of security tokens, we are promoting the on-chain transition of assets, including real estate and bonds. In the real estate security token contracting business, Mitsubishi UFJ Trust and Banking is unrivaled with a market share of over 50%. In securities, we launched ASTOMO, a new mobile security token trading service for individual investors this October. Furthermore, we are steadily expanding the group's capabilities from structuring to sales, including issuing the banking industry's first publicly offered security token subordinated bonds by leveraging our trust and securities business functions.

在右側的證券型代幣領域，我們正在推動資產（包括房地產和債券）的鏈上轉移。在房地產證券代幣合約業務中，三菱日聯信託銀行佔絕對優勢，市佔率超過 50%。在證券領域，我們於今年 10 月推出了 ASTOMO，這是一款針對個人投資者的全新行動證券代幣交易服務。此外，我們正在穩步擴展集團從結構設計到銷售的能力，包括利用我們的信託和證券業務職能，發行銀行業首批公開發行的證券代幣次級債券。

Page 23 is on cost control. We will continue to invest resources necessary for future growth while controlling business enhancement expenses by ratio and infrastructure strengthening expenses by amount. Additionally, for infrastructure and system strengthening expenses, we set KPIs tailored to the characteristics of each business and measure the effectiveness. KPIs are established across all areas and monitored regularly, and the outcome of expense allocation in mass retail and generative AI are shown on the bottom right as an example. While making these investments for the future, we kept the expense ratio flat year on year.

第 23 頁是關於成本控制的。我們將持續投入未來成長所需的資源，同時控制業務提升費用（按比例）和基礎設施強化費用（按金額）。此外，對於基礎設施和系統強化費用，我們根據每個業務的特徵設定關鍵績效指標，並衡量其有效性。在所有領域都制定了關鍵績效指標 (KPI)，並定期進行監控。右下角顯示了大眾零售和生成式人工智慧的費用分配結果範例。在進行這些面向未來的投資的同時，我們保持了年度費用率不變。

Page 24 shows the status of RWA control. Although reductions were realized first due to the accelerated sale of equity holdings, we have made progress in capturing finance demand resulting from corporate actions and are currently accumulating high profitable assets steadily. We will continue to replace assets by maintaining tight discipline.

第 24 頁顯示了 RWA 控制的狀態。雖然最初是透過加速出售股權來實現的減持，但我們在掌握企業行為帶來的融資需求方面取得了進展，目前正在穩步累積高利潤資產。我們將繼續透過嚴格的紀律來更新資產。

Page 25 shows the status of reduction of equity holdings. The cumulative amount sold as of the first half of FY25 was JPY339 billion on an acquisition cost basis, reaching approximately 50% of our JPY700 billion target. Including the remaining agreed but unsold balance, we have reached nearly 80% of our target.

第 25 頁顯示了股權持有量減少的情況。截至 2025 財年上半年，累計銷售額以收購成本計算為 3,390 億日元，達到我們 7,000 億日圓目標的約 50%。加上剩餘已達成協議但尚未售出的商品，我們已經完成了近 80% 的目標。

Page 26 is on enhancement of our strategic alliance with Morgan Stanley. Collaboration is accelerating in investment banking, and we have recently realized several large-scale global projects. We are also beginning to see results from cross-selling our respective investment products in [AMIS] and further collaboration in private credit area. We have built a track record across various fields and Alliance 2.0 is steadily progressing.

第 26 頁是關於加強我們與摩根士丹利的策略聯盟。投資銀行領域的合作正在加速發展，我們最近也完成了幾個大型全球專案。我們也開始看到在 [AMIS] 交叉銷售我們各自的投資產品以及在私募信貸領域進一步合作所帶來的成果。我們在各個領域都累積了良好的業績記錄，聯盟 2.0 正在穩步推進。

Furthermore, personnel exchange and interaction have progressed significantly. Morgan Stanley employees with expertise visited not only the headquarters, but also multiple ranches for roundtable discussions to share know-how and hold discussions. By strengthening this unique and strategic partnership, we will deepen our collaboration and also work to further expand the scope of our collaboration.

此外，人員交流與互動也取得了顯著進展。摩根士丹利的專家員工不僅走訪了總部，還走訪了多個牧場，舉行圓桌會議，分享專業知識並展開討論。透過加強這項獨特且具有策略意義的夥伴關係，我們將深化合作，並努力進一步擴大合作範圍。

That is all from me. In October 2025, MUFG celebrated its 20th anniversary. Over the past two decades, the environment surrounding us has undergone significant changes at an accelerating pace. Under such circumstances, we have continuously taken on challenges for various transformations, building a robust group foundation, strengthening our global presence, and in recent years, enhancing the resilience of our domestic business model, shifting from quantity to quality overseas, advancing AI and digitalization initiatives, and driving cultural reform. The support of our investors, rating agencies, customers, local communities, and all our stakeholders enabled our sustained growth to this point. So I would like to express my heartfelt gratitude.

這就是我全部要說的了。2025年10月，三菱日聯金融集團慶祝成立20週年。過去二十年來，我們周遭的環境發生了顯著變化，而且變化速度還在不斷加快。在此背景下，我們不斷迎接各種轉型挑戰，建立了強大的集團基礎，加強了全球影響力，近年來，我們增強了國內業務模式的韌性，海外業務從數量轉向質量，推進人工智慧和數位化舉措，並推動了文化改革。投資者、評級機構、客戶、當地社區以及所有利害關係人的支持，使我們得以持續發展至今。因此，我想表達我由衷的感謝。

Under the purpose of committed to empowering a brighter future, we will continue to embrace challenges, adapt to environmental changes, accelerate growth, and strive to further enhance shareholder value.

秉承致力於創造更美好未來的宗旨，我們將持續迎接挑戰，適應環境變化，加速發展，並努力進一步提升股東價值。

We sincerely ask you for your continued support.

我們衷心請求您繼續支持。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。