Microvast Holdings Inc (MVST) 2025 Q1 法說會逐字稿

(Operator Instructions) This is the conference operator. Welcome to the Microvast first-quarter 2025 earnings call. (Operator Instructions) And the conference is being recorded. I would now like to turn the conference over to Microvast Investor Relations. Please go ahead.

（操作員指示）我是會議操作員。歡迎參加 Microvast 2025 年第一季財報電話會議。（操作員指示）會議正在錄音。現在我想將會議交給微宏投資者關係部門。請繼續。

Thank you, operator, and thank you everyone for joining our update today. With me on today's call are Mr. Yang Wu, Founder, Chairman, and CEO, and Mr. Pat Schultz, CFO.

謝謝操作員，也謝謝大家今天加入我們的更新。今天與我一起參加電話會議的還有創辦人、董事長兼執行長楊武先生和財務長帕特舒爾茨先生。

Mr. Wu will start off with a high-level overview of the first quarter results before providing some operational and business updates. Mr. Schultz will then discuss our financials in more detail before handing it back to Mr. Wu to wrap up with our outlook and closing remarks.

吳先生將首先概述第一季度的業績，然後提供一些營運和業務更新資訊。舒爾茨先生隨後將更詳細地討論我們的財務狀況，然後將其交還給吳先生，由他來總結我們的展望和結束語。

Ahead of this call, Microvast issued its first quarter earnings press release, which can be found on the Investor Relations section of our website ir.microvast.com. We have also posted a slide presentation to accompany management prepared remarks today.

在本次電話會議之前，Microvast 發布了第一季財報新聞稿，可在我們網站 ir.microvast.com 的投資者關係部分找到。我們還發布了一份幻燈片演示，以配合管理層今天準備的演講。

As a reminder, please note that this call may include forward-looking statements. These statements are based on current expectations and assumptions and should not be relied upon as representative of views for subsequent dates.

提醒一下，請注意本次電話會議可能包含前瞻性陳述。這些聲明是基於當前的預期和假設，不應被視為後續日期的觀點的代表。

We undertake no obligation to revise or release the results of any revision to these forward-looking statements due to new information or future events. Actual results may differ materially from expectations due to a variety of risks and uncertainties. For more information on material risks and other important factors that could affect our financial results, please refer (technical difficulty) filings with the SEC.

我們不承擔因新資訊或未來事件而修改這些前瞻性陳述或發布其修改結果的義務。由於各種風險和不確定性，實際結果可能與預期有重大差異。有關可能影響我們財務業績的重大風險和其他重要因素的更多信息，請參閱（技術難度）向美國證券交易委員會提交的文件。

We may also discuss non-GAAP financial measures during this call. These measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. These non-GAAP measures have been reconciled to their most comparable GAAP metrics and the tables included at the end of our press release.

我們也可能在本次電話會議中討論非公認會計準則財務指標。這些措施應作為 GAAP 結果的補充而非替代或孤立存在。這些非公認會計準則 (non-GAAP) 指標已與最具可比性的公認會計準則 (GAAP) 指標以及我們新聞稿末尾所附的表格進行了協調。

After the conclusion of this call, a webcast replay will be available on the Investor Relations section of Microvast's website. And now I will turn the call over to Mr. Wu for opening remarks.

本次電話會議結束後，網路直播重播將在微宏網站的投資者關係部分提供。現在我請吳先生致開幕詞。

Thank you. And thank you, everyone, for joining today's call. For those new to Microvast and our value long-term listeners, I want to reiterate our company's core identity.

謝謝。感謝大家參加今天的電話會議。對於那些剛接觸 Microvast 並且我們重視長期聽眾的人來說，我想重申我們公司的核心身分。

Founded in Texas in 2006, Microvast stands as a global leader in the advanced battery technology sector. Backed by over 810 patents and applications, and with our electrified solution successfully implemented worldwide. Our unwavering commitment is to spearhead innovation in the ongoing energy transition, ultimately contributing to a more sustainable future.

Microvast 於 2006 年在德克薩斯州成立，是先進電池技術的全球領導者。我們擁有超過 810 項專利和應用，我們的電氣化解決方案已在全球範圍內成功實施。我們堅定不移地致力於在正在進行的能源轉型中引領創新，最終為更永續的未來做出貢獻。

Looking back at the past 12 months, we saw significant product milestones, notably the introduction of the ME6, our pioneering overhaulable LFP-based energy storage system engineered for diverse application, spanning utility scale storage to data center power. We achieved substantial progress in our silicon-based cell technologies and continued our advancements towards the development of all-solid-state batteries. Innovation remains the cornerstone of our growth strategy and we look forward to sharing further exciting updates on those fronts.

回顧過去的 12 個月，我們看到了重要的產品里程碑，特別是 ME6 的推出，這是我們開創性的可檢修 LFP 儲能係統，專為多種應用而設計，涵蓋公用事業規模儲能到資料中心電源。我們在矽基電池技術方面取得了實質進展，並繼續朝著全固態電池的開發邁進。創新仍然是我們成長策略的基石，我們期待在這些方面分享更多令人興奮的最新消息。

Please turn to slide 4, and I will cover some key results from our record first quarter. The business posted record first quarter revenue with 43% growth year-over-year, delivering $116.5 million. We achieved this growth while maintaining a gross margin of 36.9%, a 15.7 percentage point improvement year-over-year.

請翻到投影片 4，我將介紹我們創紀錄的第一季的一些關鍵成果。該公司第一季營收創歷史新高，年增 43%，達 1.165 億美元。我們在實現這一成長的同時，維持了36.9%的毛利率，比去年同期提高了15.7個百分點。

We once more saw triple-digit percentage growth of 108% for EMEA year-over-year. We continue to focus on improving both efficiency and profitability, and I am excited to announce we achieved the probability in this quarter.

我們再次看到 EMEA 地區年增 108%，達到三位數百分比。我們繼續致力於提高效率和盈利能力，我很高興地宣布，我們在本季度實現了這一目標。

The company booked a net profit of $61.8 million with adjusted net profit of $19.3 million and adjusted EBITDA of $28.5 million. Looking back several years, we have more than tripled our Q1 revenue, which indicates the strong market demand for our high-performance products.

該公司實現淨利潤 6,180 萬美元，調整後淨利潤為 1,930 萬美元，調整後 EBITDA 為 2,850 萬美元。回顧過去幾年，我們的第一季營收成長了兩倍多，這表明市場對我們的高性能產品的需求強勁。

Our gross profit has also continuously improved, including a year-over-year increase of more than 100%. This milestone represents a significant achievement for Microvast and the broader battery sector, acknowledging the demanding nature and the long-term commitment required in this industry.

我們的毛利也不斷提高，年增超過100%。這一里程碑代表了微宏和整個電池行業的重大成就，體現了該行業的嚴苛性質和所需的長期承諾。

Our rapid growth has provided invaluable learning experiences, enabling us to successfully commercialize products across our diverse technology portfolio and refine our manufacturing processes. Moving forward, our focus remains steadfast on continuous innovation, the execution of our strategy objectives and our expansion to meet customer demand.

我們的快速發展提供了寶貴的學習經驗，使我們能夠成功地將多樣化技術組合中的產品商業化，並改進我們的製造流程。展望未來，我們將繼續堅定不移地致力於持續創新、執行我們的策略目標以及不斷擴張以滿足客戶需求。

On slide 5, we will touch briefly on consistency focus. At its core, Microvast is a vertically integrated battery technology innovator. Our primary engine for growth remains a strong commitment to technology and product development with a promising pipeline of advanced solutions on the horizon.

在第 5 張投影片上，我們將簡要討論一致性重點。從本質上講，Microvast 是一家垂直整合的電池技術創新者。我們的主要成長動力仍然是對技術和產品開發的堅定承諾，並且即將推出一系列前景光明的先進解決方案。

We are strategically focused on expanding our revenue streams through a diverse portfolio of products and services that actively support the global energy transformation. A key element of our strategy involves aggressively capturing greater market share. To this end, Microvast is making ongoing investments in the commercialization of both our currently available and our highly anticipated future advanced products.

我們的策略重點是透過積極支持全球能源轉型的多樣化產品和服務組合來擴大我們的收入來源。我們的策略的關鍵要素是積極佔領更大的市場份額。為此，Microvast 正在對我們目前可用且備受期待的未來先進產品的商業化進行持續投資。

By maintaining this dual focus on pioneering products innovation and strategically expanding our market presence, Microvast strives to achieve significant and sustainable growth. And we aim to do this while optimizing our core business operations with a clear objective of attaining sustained profitability.

透過維持對開創性產品創新和策略性擴大市場佔有率的雙重關注，Microvast 致力於實現顯著且可持續的成長。我們的目標是在實現這一目標的同時優化我們的核心業務運營，明確實現持續盈利。

Turn to slide 6. I'd like to provide an update to our Phase 3.2 expansion. The clean rooms are nearly completed. Utility equipment installation is complete, and we are currently installing the production equipment. Our Huzhou Phase 3.2 expansion project is on track to add up 2-gigawatt hour of annual production capacity strategically positioned to address the strong market demand for our solutions.

翻到幻燈片 6。我想提供有關我們第 3.2 階段擴展的最新消息。潔淨室已接近完工。公用設備安裝已完成，目前正在安裝生產設備。我們的湖州 3.2 期擴建項目正在按計劃增加 2 千兆瓦時的年生產能力，策略性地定位於滿足市場對我們解決方案的強勁需求。

This expansion leverages our established infrastructure and deep expertise, enabling the production of both our current and next-generation battery technologies. We anticipate achieving the first qualified production from this new line in the fourth quarter of 2025.

此次擴張利用了我們現有的基礎設施和深厚的專業知識，使我們能夠生產當前和下一代電池技術。我們預計這條新生產線將於 2025 年第四季實現首次合格生產。

Now, if you will please join me on slide 7. Microvast continues to achieve significant traction in the Commercial Vehicle sector, particularly within EMEA, where we saw over 100% growth year-over-year. To support this expanding global footprint and ensure operational excellence, we launched our new EMEA training center, underscoring our commitment to providing world-class resources for both our team and our customers.

現在，請和我一起觀看第 7 張投影片。Microvast 在商用車領域持續取得顯著進展，尤其是在歐洲、中東和非洲地區，其年增率超過 100%。為了支持不斷擴大的全球影響力並確保卓越運營，我們推出了新的 EMEA 培訓中心，強調我們致力於為我們的團隊和客戶提供世界一流的資源。

A key testament to our strong market reputation is a win back of our value customer VDL. While we remain optimistic about our trajectory, this past quarter presented headwinds preliminary due to global supply chain uncertainties and the trade disruptions, which have impacted the rollout timelines for certain light commercial vehicle platforms.

我們贏得價值客戶 VDL 的回歸就是我們良好市場聲譽的關鍵證明。雖然我們對我們的發展軌跡仍然持樂觀態度，但由於全球供應鏈的不確定性和貿易中斷，上個季度初步出現了阻力，這影響了某些輕型商用車平台的推出時間表。

Now if you will join me on slide 8 and 9. We have some exciting new business developments in our Commercial Vehicle segment. King Long is focused on developing, manufacturing, and selling large and mid-size buses and night vans.

現在請和我一起觀看幻燈片 8 和 9。我們的商用車領域取得了一些令人興奮的新業務發展。金龍客車專注於研發、製造和銷售大中型客車和夜間廂型車。

Our batteries have been utilized in their e-bus platforms for nearly a decade, validating the real-world use case of our products. We will continue working with them to power clean transportation with our 21-amp power battery packs.

我們的電池已在他們的電動公車平台上使用了近十年，驗證了我們產品的實際使用案例。我們將繼續與他們合作，利用我們的 21 安培電池組為清潔交通提供動力。

BlackBuck is an Indian e-bus manufacturer focused on bridging robust and clean public transportations and will utilize our 53.5-amp power battery packs. VDL is a long-running European bus OEM focused on smart and sustainable transportation solutions and will utilize our 48-amp power battery packs and continue our successful multi-year relationship.

BlackBuck 是一家印度電動公車製造商，致力於打造強勁、清潔的公共交通，並將使用我們的 53.5 安培電池組。VDL 是一家長期營運的歐洲公車原始設備製造商，專注於智慧和永續的交通解決方案，並將利用我們的 48 安培電池組並繼續我們多年的成功合作關係。

Lovol and Taiyuan Heavy are two of the largest heavy machinery producers in China focused on offering high tech and differentiated products, including pure electric and unmanned vehicles. We are excited that both of those customers will utilize our Generation 4 battery packs.

雷沃重工和太原重型是中國最大的兩家重型機械製造商，專注於提供高科技和差異化產品，包括純電動和無人駕駛汽車。我們很高興這兩位客戶都將使用我們的第四代電池組。

Finally, Irimiloy will be utilizing several variations of our 48 empowered packs for their easy-move hybrid mining trucks. Those are just some of the business highlights for the year so far, and we want to thank all of our global customers for their continued trust in our high-performance products.

最後，Irimiloy 將在其易移動的混合動力採礦卡車中使用我們 48 個動力包的幾種變體。這些只是今年迄今為止的一些業務亮點，我們要感謝所有全球客戶對我們高性能產品的持續信任。

Moving to slide 10. I'd like to give a brief update on our advancements in next-generation battery technologies. As you can see illustrated here, we have made significant strides in our proprietary 3D printing capabilities, specifically for all-solid-state batteries.

移至投影片 10。我想簡要介紹一下我們在下一代電池技術方面的進展。正如您在此處看到的，我們在專有的 3D 列印功能方面取得了重大進展，特別是對於全固態電池而言。

We have developed both in-house printing technology and specialized equipment. This innovative platform is designed to provide us with unprecedented manufacturing flexibility, allowing for fabrication of all-solid-state cells in a wide range of variable sizes and the customized shapes. This adaptability in design could be a significant differentiator in meeting the diverse needs of future applications.

我們開發了內部印刷技術和專用設備。該創新平台旨在為我們提供前所未有的製造靈活性，允許製造各種不同尺寸和客製化形狀的全固態電池。這種設計上的適應性可能是滿足未來應用多樣化需求的重要差異化因素。

Turning to the second point, we are also very encouraged by the early results from our bipolar stacked cell architecture. Preliminary testing our 5-layer cell operating at a 0.33C rate has already demonstrated a very high Coulombic efficiency of 99.89%.

談到第二點，我們的雙極堆疊單元架構的早期成果也令我們感到非常鼓舞。我們對以 0.33C 速率運行的 5 層電池進行的初步測試已經顯示出 99.89% 的非常高的庫侖效率。

This initial findings suggest that this stacked cell design holds considerable promise for enhanced performance and improved system level efficiency compared to traditional cell configurations. While those are early results, we are actively engaged in further validation and a rigorous long-term testing to fully understand and optimize the potential of this exciting technology.

初步研究結果表明，與傳統電池配置相比，這種堆疊電池設計在增強性能和提高系統級效率方面具有相當大的潛力。雖然這些只是早期成果，但我們正在積極進行進一步驗證和嚴格的長期測試，以充分了解和優化這項令人興奮的技術的潛力。

I would now like to turn the call over to Mr. Schutz to discuss our financials in more detail.

現在我想將電話轉給舒茲先生，更詳細地討論我們的財務狀況。

Thank you, Mr. Wu, and thank you, everyone, for tuning in. I will now walk you through our financial performance. Please turn to slide 12.

謝謝吳先生，也謝謝大家的收看。現在我將向大家介紹我們的財務表現。請翻到第 12 張投影片。

As Mr. Wu mentioned, we achieved a record first quarter with revenue reaching $116.5 million, up 43% from $81.4 million in Q1 2024. This growth was fueled by strong EMEA sales for Commercial Vehicles.

正如吳先生所提到的，我們第一季創下了紀錄，營收達到 1.165 億美元，比 2024 年第一季的 8,140 萬美元成長 43%。這一成長主要得益於歐洲、中東和非洲地區商用車的強勁銷售。

Gross profit for Q1 2025 was $43 million, up from $17.2 million in Q1 2024, a 150% improvement driven by operational execution, increased utilization, and disciplined cost control implementation. Our gross margin improved to 36.9%, up from 21.2% in Q1 2024, a 15.7 percentage point improvement.

2025 年第一季的毛利為 4,300 萬美元，高於 2024 年第一季的 1,720 萬美元，成長了 150%，這得益於營運執行、利用率提高以及嚴格的成本控制實施。我們的毛利率從 2024 年第一季的 21.2% 上升至 36.9%，提高了 15.7 個百分點。

Operating expenses were reduced to $25.5 million in Q1 2025 compared to $40.9 million in Q1 2024, a 38% decrease from the prior period. This reduction across G&A and R&D was largely due to reductions in share-based compensation and cost control measures we implemented throughout 2024. The increase in sales and marketing was primarily due to our global marketing efforts and customer engagement activities as we continue to expand our product footprint.

2025 年第一季的營運費用從 2024 年第一季的 4,090 萬美元降至 2,550 萬美元，比上一時期減少了 38%。一般及行政開支和研發開支的減少主要是由於我們在 2024 年全年實施的股權激勵和成本控制措施的減少。隨著我們不斷擴大產品覆蓋範圍，銷售和行銷的成長主要歸功於我們的全球行銷努力和客戶參與活動。

We reported a GAAP net profit of $61.8 million in Q1 2025 compared to net loss of $24.8 million in Q1 2024. After adjusting for non-cash items such as share-based compensation expenses and fair value changes of our warrant liability and convertible loans, adjusted net profit came to $19.3 million, a substantial improvement from an adjusted net loss of $13 million in Q1 2024.

我們報告 2025 年第一季的 GAAP 淨利潤為 6,180 萬美元，而 2024 年第一季的淨虧損為 2,480 萬美元。調整股權激勵費用、認股權證負債和可轉換貸款的公允價值變動等非現金項目後，調整後淨利達到 1,930 萬美元，較 2024 年第一季調整後淨虧損 1,300 萬美元大幅改善。

After adjusting for non-cash share-based compensation expenses, our adjusted operating expenses in Q1 2025 decreased to $24.9 million compared to $30.1 million in Q1 2024. We reported positive adjusted EBITDA for the quarter, reaching $28.5 million as we maintain our focus on achieving sustainable profitability compared to a negative adjusted EBITDA of $3.7 million in Q1 2024. The impact of these adjustments and reconciliations of these non-GAAP metrics to the most comparable GAAP metrics are included in the tables at the end of our press release and this slide presentation.

調整非現金股權激勵費用後，我們 2025 年第一季的調整後營運費用從 2024 年第一季的 3,010 萬美元下降至 2,490 萬美元。我們報告本季調整後 EBITDA 為正，達到 2850 萬美元，因為我們繼續專注於實現可持續盈利，而 2024 年第一季的調整後 EBITDA 為負 370 萬美元。這些調整以及非 GAAP 指標與最具可比性的 GAAP 指標的對帳的影響包含在我們新聞稿和幻燈片簡報末尾的表格中。

On slide 13, we show the geographic breakdown of our revenue mix for Q1 2025 compared to the prior period. Our EMEA business grew by 108% year-over-year and accounted for 52% of our quarterly revenue, up from 36% a year ago as we continue to grow our partnerships and key customers continue to ramp their vehicle production.

在投影片 13 上，我們展示了 2025 年第一季與上一季相比的收入結構地理分佈。由於我們繼續擴大合作夥伴關係，且主要客戶繼續提高汽車產量，我們的 EMEA 業務同比增長 108%，占我們季度收入的 52%，高於一年前的 36%。

The US increased from 2% to 5% of revenue share compared to Q1 2024 as we continue making inroads with domestic Commercial Vehicle customers. The APAC region saw a decrease of less than 1% year-over-year as we continue to target higher margin opportunities.

隨著我們繼續打入國內商用車客戶市場，美國的收入份額與 2024 年第一季相比從 2% 增加到 5%。由於我們繼續瞄準更高的利潤機會，亞太地區的年降幅不到 1%。

Please turn to slide 14, and we will briefly review our cash flow for the period. Net profit for the three-month period was primarily offset by a $19.4 million increase in net receivables, a $15.8 million decrease in inventory, and a $21.3 million decrease in net liabilities and accrued expenses.

請翻到第 14 張投影片，我們將簡要回顧該期間的現金流。三個月期間的淨利潤主要被淨應收帳款增加 1,940 萬美元、庫存減少 1,580 萬美元以及淨負債和應計費用減少 2,130 萬美元所抵消。

There was also a non-cash adjustment of $43.2 million from the changes in fair value of warrant liability and convertible loan. This resulted in positive operating cash flow of $7.2 million.

此外，認股權證負債和可轉換貸款的公允價值變動還產生了 4,320 萬美元的非現金調整。這帶來了 720 萬美元的正經營現金流。

From investing activities, we saw an outflow of $2.3 million for the period primarily due to net capital expenditures. For financing cash flow, we saw a net inflow of $9.5 million.

從投資活動來看，我們發現本期間的資金流出量為 230 萬美元，主要原因是淨資本支出。對於融資現金流，我們看到淨流入 950 萬美元。

Overall, combined with a slightly negative impact from exchange rates of $0.9 million, we had an increase in cash of $13.4 million. This resulted in total cash, cash equivalents, and restricted cash of $123 million at the end of the quarter.

總體而言，加上匯率帶來的 90 萬美元的輕微負面影響，我們的現金增加了 1,340 萬美元。這使得本季末的現金、現金等價物和受限現金總額達到 1.23 億美元。

Our financial performance underscores the development of a profitable and resilient foundation supported by increasing market demand, notably in EMEA. Our ongoing emphasis on achieving sustainable profitability, enhancing margins, and improving operational efficiencies is further solidifying our standing. We remain dedicated to executing our strategic vision and are confident that our continued progress will increasingly highlight the intrinsic value Microvast offers to the energy storage and electric vehicle markets.

我們的財務表現凸顯了獲利能力和韌性基礎的發展，這得益於不斷增長的市場需求，尤其是在歐洲、中東和非洲地區。我們持續強調實現永續獲利、提高利潤率和改善營運效率，這進一步鞏固了我們的地位。我們始終致力於執行我們的策略願景，並相信我們的持續進步將越來越凸顯微宏為儲能和電動車市場提供的內在價值。

With that, I will hand it back over to Mr. Wu to go over our outlook and closing remarks.

接下來，我將把時間交還給吳先生，讓他回顧我們的展望並作總結發言。

Thank you. Please turn to slide 16, which provides a summary outlook for the rest of the year.

謝謝。請翻到第 16 張投影片，其中提供了今年剩餘時間的總結展望。

As we look ahead through the remainder of 2025, our initial guidance remains an anticipated year-over-year revenue increase of 18% to 25%, placing our target range between $450 million and $475 million. We also continue to aim for a full year growth margin of approximately 30%.

展望 2025 年剩餘時間，我們最初的預期仍然是營收年增 18% 至 25%，目標範圍在 4.5 億美元至 4.75 億美元之間。我們也將持續努力實現全年約 30% 的成長幅度。

Our APAC operations are focused on bridging the Phase 3.2 expansion at our Huzhou facility online later this year. This additional capacity expected to reach up to 2-gigawatt hour annually will be crucial in meeting the robust customer demand across our diverse portfolio.

我們的亞太區業務重點是在今年稍後完成湖州工廠 3.2 期擴建工程。預計每年新增產能將達到 2 千兆瓦時，這對於滿足我們多樣化產品組合的強勁客戶需求至關重要。

Our team are also making significant advancements in developing new and exciting products that will further enrich our offerings. We anticipate that our high growth EMEA business will maintain a strong momentum, continuing to drive year-over-year revenue increases. We are actively pursuing new strategic partnerships in the region to support both our current and upcoming product lines.

我們的團隊在開發新穎且令人興奮的產品方面也取得了重大進展，這將進一步豐富我們的產品系列。我們預計，我們高成長的 EMEA 業務將保持強勁勢頭，並繼續推動營收年增。我們正在該地區積極尋求新的戰略合作夥伴關係，以支持我們現有和即將推出的產品線。

In America, we foresee continued revenue growth, and our company remains diligent in assessing its financial needs and evaluating available options to support our strategic objectives in current and future markets. Despite navigating specific regional market pressures, our proactive cost management and a strategic focus on high demand sectors have positioned us well for continued growth in 2025.

在美國，我們預計收入將持續成長，並且我們公司將繼續認真評估其財務需求並評估可用選項，以支持我們在當前和未來市場的策略目標。儘管面臨特定區域市場的壓力，我們積極的成本管理和對高需求產業的策略重點使我們為 2025 年的持續成長做好了準備。

Our priorities for the remainder of this year are firmly set on achieving positive cash flow, sustaining our strong growth margin profile, and expanding our market reach through ongoing innovation and a strategic collaborations. We are confident in our ability to leverage the expanding electrification trend and it deliver meaningful long-term value to our shareholders.

我們今年剩餘時間的首要任務是實現正現金流、維持強勁的成長利潤率，並透過持續創新和策略合作擴大我們的市場範圍。我們有信心利用不斷擴大的電氣化趨勢，並為我們的股東帶來有意義的長期價值。

Thank you, everyone, for joining us today to review this historical quarter for the company. We look forward to updating you again next quarter.

感謝大家今天加入我們，共同回顧公司這個具有歷史意義的季度。我們期待下個季度再次向您更新資訊。

This is the conference operator. This concludes the webcast. Thank you for joining Microvast's first-quarter 2025 earnings call. You may now disconnect.

我是會議主持人。網路直播到此結束。感謝您參加 Microvast 2025 年第一季財報電話會議。您現在可以斷開連線。