Microvast Holdings Inc (MVST) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Microvast second-quarter 2025 earnings call. (Operator Instructions) The conference is being recorded.

感謝您的支持。我是會議主持人。歡迎參加 Microvast 2025 年第二季財報電話會議。（操作員指示）會議正在錄音。

I would now like to turn the conference over to Microvast's Investor Relations. Please go ahead.

現在我想將會議交給微宏的投資者關係部門。請繼續。

Thank you, operator, and thank you, everyone, for joining our update today. This is Rodney Worthen, VP of Corporate Strategy and Interim CFO, and with me on today's call is Mr. Yang Wu, Founder, Chairman and CEO.

謝謝操作員，也謝謝大家今天加入我們的更新。我是公司策略副總裁兼代理財務長羅德尼‧沃森 (Rodney Worthen)，今天與我一起參加電話會議的是創辦人、董事長兼執行長楊武先生。

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

吳先生將首先概述第二季度的業績，然後提供一些營運和業務更新。然後，我將更詳細地討論我們的財務狀況，然後將其交還給吳先生，讓他在結束語中總結我們對今年剩餘時間的展望。

Ahead of this call, Microvast issued its second-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's prepared remarks today.

在本次電話會議召開之前，Microvast 發布了第二季業績新聞稿，可在我們網站 ir.microvast.com 的「投資者關係」板塊查看。我們也發布了與管理層今天準備好的發言稿配套的幻燈片演示。

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

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。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。

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 to our filings with the SEC.

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，請參閱我們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 and slide presentation.

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和幻燈片簡報末尾所含的表格進行了協調。

After the conclusion of this call, a webcast replay will be available on the Investor Relations section of Microvast's website.

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。

Now, I will turn the call over to Mr. Wu to kick things off.

現在，我將把電話交給吳先生來開始發言。

Hello, everyone. Thank you for joining us today. To those of you who have been with us for years, and for those who are new to our story, I want to start by reminding you of our core mission.

大家好。感謝您今天加入我們。對於多年來一直與我們合作的人，以及那些剛剛了解我們故事的人，我想先提醒你們我們的核心使命。

Founded in Texas in 2006, Microvast has grown into a global leader in advanced batch technology. With over 810 patents granted or pending and our electrified solutions successfully deployed worldwide, we are proud to be a driving force in the global energy transition building a more sustainable future, one battery at a time.

Microvast 於 2006 年在德克薩斯州成立，現已發展成為先進批量技術的全球領導者。我們擁有超過 810 項已授予或正在申請的專利，並且我們的電氣化解決方案已成功部署於全球，我們很自豪能夠成為全球能源轉型的推動力，透過一次電池建立一個更永續的未來。

Over the past year, our commitment to innovation has delivered some major milestones. We launched the ME6, our pioneering overhaulable LLP-based energy storage system. We have also made great strides in our silicon-based cell technologies and are making significant progress in our development of all solid state batteries. These innovations are the engine of our growth, and we are excited to share some updates in the future.

在過去的一年裡，我們對創新的承諾取得了一些重要的里程碑。我們推出了基於 LLP 的開創性可檢修儲能係統 ME6。我們在矽基電池技術方面也取得了長足的進步，並在全固態電池開發方面取得了重大進展。這些創新是我們成長的引擎，我們很高興在未來分享一些更新。

Please turn to slide 4, and I will cover some key results. We posted a record second-quarter revenue of $91.3 million, which is a solid 9.2% growth year over year. What makes this continual growth remarkable is that we attend it while improving our growth margin to 34.7%, a 2.2 percentage points improvement from the same period last year. This demonstrates not only our ability to grow, but also to achieve this growth efficiently.

請翻到投影片 4，我將介紹一些關鍵結果。我們第二季的營收創下了 9,130 萬美元的紀錄，年增 9.2%。這一持續成長之所以引人注目，是因為我們在這過程中將成長率提高至 34.7%，比去年同期提高了 2.2 個百分點。這不僅證明了我們有能力成長，而且能夠有效率地實現成長。

We continue to focus on improving both efficiency and profitability, and I am happy to say that we achieved operating profit in the second quarter of $16.2 million with a suggested net profit of $16.3 million and an adjusted EBITDA of $25.9 million. This isn't just a milestone for Microvast. It's a testament for both the long-term commitment required in the industry and the strength of our business model.

我們繼續致力於提高效率和盈利能力，我很高興地說，我們在第二季度實現了 1620 萬美元的營業利潤，預計淨利潤為 1630 萬美元，調整後 EBITDA 為 2590 萬美元。這不僅僅是 Microvast 的一個里程碑。這證明了行業所需的長期承諾以及我們商業模式的實力。

This strength is also shown by looking back over the last several years, where our Q2 revenue has continuously grown. This growth illustrates the increasing market demand for our high-performance products. Our gross profit has also seen continuous improvement, which shows that we can commercialize our advanced technologies and operate at scale. A rapid growth has given us invaluable experience, allowing us to successfully commercialize products across our diverse portfolio and refine our manufacturing processes.

回顧過去幾年，我們的第二季營收持續成長，也反映了這一優勢。這一增長表明市場對我們高性能產品的需求不斷增長。我們的毛利也不斷提高，這說明我們能夠把先進的技術商業化，實現規模化營運。快速成長為我們帶來了寶貴的經驗，使我們能夠成功地將多樣化的產品商業化並改進我們的製造流程。

Moving forward, our focus remains on three things continuous innovation, the execution of our strategic growth objectives, and expanding our capacity to meet the growing demand from our customers. We are well positioned for the future.

展望未來，我們的重點仍然放在三件事上：持續創新、執行我們的策略成長目標以及擴大我們的能力以滿足客戶日益增長的需求。我們已經為未來做好準備了。

Let's move to slide 5 where I will highlight our consistent focus. At its core, Microvast is a vertical integrated battery technology innovator. Our primary engine for growth is a reluctant less commitment to technology and product development, filling a promising pipeline of advanced solutions. We are actively expanding our revenue streams with a diverse portfolio of products and services, all designed to accelerate the global energy transformation.

讓我們轉到投影片 5，我將在其中強調我們一貫的關注點。從本質上講，Microvast 是一家垂直整合電池技術創新者。我們成長的主要動力是對技術和產品開發的不懈投入，填補了先進解決方案的廣闊前景。我們正在透過多樣化的產品和服務組合積極擴大我們的收入來源，所有這些都是為了加速全球能源轉型。

A key element of our strategy is our aggressive push to capture greater market share. We are making significant investments to commercialize both our current available and our highly anticipated future advanced products. We are staying disciplined with the dual focus on pioneering product innovation and expanding our market presence.

我們的策略的關鍵要素是積極爭取更大的市場份額。我們正在進行大量投資，以實現我們現有的和備受期待的未來先進產品的商業化。我們始終堅持紀律，並專注於開拓產品創新和擴大市場佔有率。

This is how we intend to achieve significant sustainable growth and optimize our operations with the ultimate goal of attaining sustained profitability.

這就是我們實現顯著永續成長和優化營運的方式，最終目標是實現持續獲利。

Turning to slide 6. I am pleased to give you an update on our Huzhou Phase 3.2 expansion. The clean rooms are completed and the utility equipment installation is finished. We are now in the stage of installing and commissioning the production equipment.

翻到幻燈片 6。我很高興向您通報我們湖州 3.2 期擴建計畫的最新進展。潔淨室竣工，公用設備安裝完畢。目前我們正處於生產設備的安裝和調試階段。

Our Phase 3.2 expansion is still anticipated to add about 2-gigawatt hour of annual production capacity, which is strategically timed to meet the strong market demand for our solutions, both currently and upcoming. This expansion leverages our existing infrastructure and the deep industry expertise and we anticipated the first qualified production from this new line to commence in the fourth quarter of 2025. This is an exciting step forward in our growth story into 2026 and beyond.

我們的 3.2 期擴建工程預計仍將增加約 2 千兆瓦時的年生產能力，這一戰略時機的確定是為了滿足當前和未來市場對我們解決方案的強勁需求。此次擴張利用了我們現有的基礎設施和深厚的行業專業知識，我們預計這條新生產線的第一批合格生產將於 2025 年第四季開始。這是我們 2026 年及以後成長歷程中令人興奮的一步。

Moving to slide 7, I'd like to give an update on our all solid state battery milestones. Building on our update in Q1, our proprietary 5-layer cell has stable cycling with a continued high efficiency. It has achieved over 300 full charge-discharge cycles at 1C with steady capacity retention across the cycling window shown in figure one. This indicates robust interfacial integrity with minimal losses during charge transfer, which is critical for battery longevity and performance.

轉到第 7 張投影片，我想介紹我們全固態電池里程碑的最新進展。基於我們第一季的更新，我們專有的 5 層電池具有穩定的循環和持續的高效率。它在 1C 下實現了超過 300 次完全充電-放電循環，並且在整個循環視窗內保持穩定的容量保持率，如圖一所示。這表明界面完整性強，電荷轉移過程中的損失最小，這對於電池壽命和性能至關重要。

This result affirms our engineering approach and the structure stability of our all-solid-state architecture under long-term stress conditions. Additionally, our 12-layer functional prototype achieved the 48 volts from a single integrated stack. The voltage capacity profile is seen in figure 2 and validates its performance.

這結果肯定了我們的工程方法以及全固態架構在長期壓力條件下的結構穩定性。此外，我們的 12 層功能原型透過單一整合堆疊實現了 48 伏特的電壓。電壓容量曲線如圖 2 所示，驗證了其性能。

Figure 3 shows a cross-sectional image that confirms the uniformity and the series connected architecture. This validates the feasibility of a high voltage solid state cells with a minimal packaging complexity.

圖 3 顯示了確認均勻性和串聯架構的橫斷面影像。這驗證了具有最小封裝複雜性的高壓固態電池的可行性。

On slide 8, we will continue the discussion of our all-solid state battery achievements with the focus on advantages versus traditional battery and anticipate avenues for commercialization. The first key advantage is simplify the system design, where traditional battery cells are constrained by liquid electrolyte decomposition and voltage between 4 to 5 volts.

在第 8 張投影片上，我們將繼續討論全固態電池的成就，重點關注與傳統電池相比的優勢，並預測商業化的途徑。第一個關鍵優勢是簡化系統設計，傳統電池單元受到液體電解質分解和 4 至 5 伏特之間的電壓的限制。

Our technology allows us to output tens to hundreds of volts. Additionally, the removal of a liquid electrolytes presents in traditional batteries also eliminates the need for complex and costly voltage conversion.

我們的技術使我們能夠輸出幾十到幾百伏特的電壓。此外，去除傳統電池中的液體電解質也消除了複雜且昂貴的電壓轉換的需要。

This simplified architecture opens the door for new applications and end users. Our all-solid-state battery design also portrays inherited faults. Unlike conventional cells, our multi-layered design localizes any potential defect and it prevents single point of failure situation. This resiliency is crucial for mission critical applications.

這種簡化的架構為新的應用程式和最終用戶打開了大門。我們的全固態電池設計也存在一些繼承的缺陷。與傳統電池不同，我們的多層設計可以定位任何潛在缺陷並防止單點故障情況。這種彈性對於關鍵任務應用程式至關重要。

With high voltage output capability and a simplified architecture, fewer required connections and lower manufacturing cost, our design accelerates a path to potential commercial scale production and with the combination of all-solid-state safety, compact form factor, and the flexible voltage. This technology is ideally suited for emerging sectors like robotics, AI, and aerospace applications.

我們的設計具有高電壓輸出能力和簡化的架構、更少的所需連接和更低的製造成本，加速了潛在的商業規模生產，並結合了全固態安全性、緊湊的外形尺寸和靈活的電壓。這項技術非常適合機器人、人工智慧和航空航天應用等新興領域。

Now I will attend the call over to Ronnie to discuss our financials for the second quarter and the year to date.

現在我將與羅尼通話，討論我們第二季和今年迄今為止的財務狀況。

Thank you, Mr. Wu. Please join me on slide 10. We're proud to report another record breaking second quarter, with the revenue growing 9.2% year over year to $91.3 million from $83.7 million last year. Our year-to-date revenue represents a top line growth of 25.9% to $208 million from $165 million in the prior year period, driven by an increase of approximately 300 megawatt hours in sales volume.

謝謝您，吳先生。請和我一起觀看第 10 張投影片。我們很自豪地報告第二季再次創下紀錄，營收年增 9.2%，從去年的 8,370 萬美元增至 9,130 萬美元。我們的年初至今的營收從去年同期的 1.65 億美元成長 25.9% 至 2.08 億美元，這得益於銷售量增加了約 300 兆瓦時。

Turning to profitability, our gross profit for the second quarter was $31.7 million, a 17% improvement over the same period last year, driven by our relentless focus on operational execution, increased utilization, and cost controls.

談到獲利能力，我們第二季的毛利為 3,170 萬美元，比去年同期成長了 17%，這得益於我們堅持不懈地專注於營運執行、提高利用率和控製成本。

Our gross margin improved by 2.2 percentage points to 34.7%, up from 32.5% in Q2 2024. Our year-to-date gross profit is now $74.7 million, a 68% increase over last year, with growth margins improving to 36%, a 9.1 percentage point improvement.

我們的毛利率從 2024 年第二季的 32.5% 提高 2.2 個百分點至 34.7%。我們今年迄今的毛利為 7,470 萬美元，比去年增長 68%，成長幅度提高至 36%，提高了 9.1 個百分點。

Operating expenses decreased to $16.5 million for the quarter compared to $126.7 million in Q2 2024, an 87% reduction year over year. This reduction across G&A, R&D, and sales and marketing was largely due to reduced share-based compensation and previously implemented cost control measures. There is also a significant decrease due to impairment costs incurred in the prior year period.

本季營運費用從 2024 年第二季的 1.267 億美元下降至 1,650 萬美元，年減 87%。一般及行政開支、研發以及銷售和行銷費用的減少主要是由於股權激勵的減少和先前實施的成本控制措施。由於去年同期發生的減損成本，也出現了大幅下降。

For the same reasons, OpEx also decreased for the first half of the year to $42 million, down from $168 million in the prior year period. We reported a GAAP net loss of $106.1 million in the quarter. However, after adjusting for non-cash expenses such as share-based compensation of $0.8 million and fair value changes to our convertible loan and associated warrants of $121.5 million, we achieved an adjusted net profit of $16.3 million a substantial improvement from adjusted net loss of $87.9 million last year.

基於同樣的原因，今年上半年的營運支出也從去年同期的 1.68 億美元下降至 4,200 萬美元。我們報告本季的 GAAP 淨虧損為 1.061 億美元。然而，在調整非現金支出（例如 80 萬美元的股權激勵費用以及 1.215 億美元的可轉換貸款和相關認股權證的公允價值變動）後，我們實現了 1,630 萬美元的調整後淨利潤，較去年 8,790 萬美元的調整後淨虧損有大幅改善。

For the six month period, GAAP net loss was $44.3 million compared to a net loss of $126.4 million in the prior year period. Non-GAAP adjusted net profit year to date was $35.6 million, a major improvement from an adjusted net loss of $100.9 million last year. Our commitment to sustainable profitability is evident as we report another consecutive quarter of positive adjusted EBITDA reaching $25.9 million. This is a substantial turnaround from a negative adjusted EBITDA of $78.4 million in Q2 2024.

六個月期間，GAAP 淨虧損為 4,430 萬美元，而去年同期淨虧損為 1.264 億美元。年初至今的非公認會計準則調整後淨利為 3,560 萬美元，較去年調整後淨虧損 1.009 億美元有大幅改善。我們報告連續一個季度調整後 EBITDA 達到 2590 萬美元，這充分錶明了我們對可持續盈利的承諾。這與 2024 年第二季 7,840 萬美元的負調整後 EBITDA 相比有了顯著改善。

Positive adjusted EBITDA for the six-month period reached $54.4 million compared to a negative adjusted EBITDA of $82.1 million in the prior year period. The financial reconciliations of these non-gap metrics can be found in the tables at the end of our earnings press release and this slide presentation.

六個月期間的調整後 EBITDA 為正值 5,440 萬美元，而去年同期的調整後 EBITDA 為負值 8,210 萬美元。這些非差距指標的財務對帳可以在我們的收益新聞稿和本投影片簡報末尾的表格中找到。

On slide 11, we show the geographic breakdown of our revenue mix compared to the prior year period. Our EMEA business accounted for 43% of our quarterly revenue. This is down slightly year over year due to customer platform launches being pushed into later quarters. However, growth over the six month period still saw an improvement of 31% compared to the prior year.

在投影片 11 中，我們展示了與去年同期相比的收入結構地理分佈。我們的 EMEA 業務占我們季度營收的 43%。由於客戶平台的發布被推遲到後期季度，因此與去年同期相比略有下降。然而，六個月內的成長率與上年相比仍然提高了 31%。

The US increased from 2% to 5% of revenue share both for the quarter and year-to-date when compared to the prior year periods as we continue to make inroads with domestic customers. The APAC region continues to do well, growing 34% in the quarter and 13% year-to-date compared to 2024, as we also successfully target higher margin opportunities.

由於我們繼續在國內客戶中取得進展，與去年同期相比，本季和年初至今美國的營收份額從 2% 增加到 5%。亞太地區持續表現良好，本季成長 34%，今年迄今與 2024 年相比成長 13%，因為我們也成功瞄準了更高利潤的機會。

Please turn to slide 12, and we will briefly review our cash flow for the year. We are pleased to have generated positive operating cash flow of $44.3 million for the six-month period. Net loss was primarily offset by $7.1 million decrease in inventory and non-cash adjustments of $16.5 million in G&A and $78.4 million from changes in fair value of warrant liability and convertible loan.

請翻到第 12 張投影片，我們將簡單回顧今年的現金流。我們很高興在六個月內產生了 4,430 萬美元的正經營現金流。淨虧損主要被庫存減少 710 萬美元、一般及行政費用非現金調整 1,650 萬美元以及認股權證負債和可轉換貸款公允價值變動 7,840 萬美元所抵銷。

This was partially decreased by $14.5 million increase in net receivables and a $12.6 million decrease in net liabilities and accrued expenses.

其中，淨應收帳款增加 1,450 萬美元，淨負債和應計費用減少 1,260 萬美元。

From investing activities, we had a net outflow of $5.1 million primarily related to CapEx for our Huzhou operations, including our Phase 3.2 expansion. Financing cash flow resulted in a net outflow of $6.8 million.

從投資活動來看，我們的淨流出為 510 萬美元，主要與我們湖州業務的資本支出有關，包括我們的 3.2 期擴建。融資現金流導致淨流出680萬美元。

Overall, when combined with a negative adjustment from exchange rates of $3.2 million, we had an increase in cash of $29.2 million. This resulted in total cash equivalents, and restricted cash of $138.8 million at quarter's end. This financial strength is a testament to our disciplined approach to growth.

整體而言，加上 320 萬美元的匯率負調整，我們的現金增加了 2,920 萬美元。這使得本季末的現金等價物和受限現金總額達到 1.388 億美元。這種財務實力證明了我們嚴謹的成長方式。

On one last note, I would like to thank again our long-term investors. We recognize that our share price has been volatile at times, and we appreciate your continued support and recognition of the goals that we are striving for as a company. Our teams have been singularly focused on turning around our operations and delivering these results, and we are grateful for your patience.

最後，我想再次感謝我們的長期投資者。我們認識到我們的股價有時會波動，我們感謝您對我們公司所追求的目標的持續支持和認可。我們的團隊一直專注於扭轉我們的營運並實現這些成果，我們感謝您的耐心。

It's been a turbulent few years for the whole industry, and the turnaround in the past year for the company has been a great effort from the team. While we need to continue executing and strengthening our financial position, our performance confirms that we have established a profitable and resilient foundation powered by a strong market demand.

對於整個行業來說，這是動蕩的幾年，而公司在過去一年的轉變是團隊的巨大努力的結果。雖然我們需要繼續執行和加強我們的財務狀況，但我們的業績證明，我們已經建立了由強勁的市場需求推動的盈利和有彈性的基礎。

We're not just improving, we're building momentum. Our unwavering focus on sustainable profitability, enhancing margins, and boosting operational efficiencies is propelling us forward. We remain committed to our strategic vision and believe our continued progress will increasingly reveal the true value Microvast delivers as a leader across the electric energy markets.

我們不僅在進步，還在累積動力。我們始終堅定不移地專注於永續獲利能力、提高利潤率和提升營運效率，推動著我們不斷前進。我們始終致力於我們的策略願景，並相信我們持續的進步將越來越體現 Microvast 作為電力能源市場領導者所提供的真正價值。

Now, I will hand it back over to Mr. Wu to go over our outlook for the remainder of the year and closing remarks.

現在，我將把時間交還給吳先生，讓他回顧今年剩餘時間的展望並作總結發言。

Thank you, Ronnie. Please tend to slide 14, which provides a summary outlook for the rest of the year.

謝謝你，羅尼。請參閱第 14 張投影片，其中提供了今年剩餘時間的總結展望。

For the remainder of 2025, our initial revenue guidance holds firm. We are targeting a year-over-year revenue increase of 18% to 25%, which put our projected range between $450 million and $475 million. We are slightly updating our targeted four-year growth margin from 30% to 32%.

對於 2025 年剩餘時間，我們最初的收入預期保持不變。我們的目標是營收年增 18% 至 25%，預計營收範圍在 4.5 億美元至 4.75 億美元之間。我們將四年成長目標略微從 30% 調整為 32%。

As we are focusing on stronger performing, higher margin products. In our APAC operations, all eyes are on our Phase 3.2 expansion at the Huzhou facility, which we anticipate will come online later this year. This additional capacity of up to 2-gigawatt hour annually is a direct response to the robust customer demand for our solutions. Our development team are also making significant progress on the next wave of advanced products.

因為我們專注於性能更強、利潤更高的產品。在我們的亞太區業務中，所有人的目光都集中在湖州工廠的 3.2 期擴建項目上，我們預計該擴建項目將於今年稍後投入使用。每年高達 2 千兆瓦時的額外產能直接回應了客戶對我們解決方案的強勁需求。我們的開發團隊也在下一波先進產品方面取得了重大進展。

Our high growth EMEA business is expected to maintain a strong momentum, continuing to drive significant year-over-year revenue increases. We are actively pursuing new strategic partnerships to support both our current and upcoming product lines in the region.

我們高成長的 EMEA 業務預計將保持強勁勢頭，繼續推動營收年比大幅成長。我們正在積極尋求新的策略合作夥伴關係，以支持我們在該地區現有和即將推出的產品線。

In America, we anticipate a continued revenue growth and are being proactive in customer acquisitions and accessing our financing needs to support strategic objectives.

在美國，我們預計收入將持續成長，並積極主動吸引客戶和獲取融資需求以支持策略目標。

Despite navigating global dynamics and localized market pressures, our proactive cost management and a strategic focus on high demand sectors has positioned us for continued growth. We remain later focused on achieving our priorities for the remainder of this year.

儘管面臨全球動態和本地市場壓力，我們積極的成本管理和對高需求行業的策略重點使我們保持了持續成長。我們稍後將繼續專注於實現今年剩餘時間的優先事項。

We are achieving positive cash flow, sustaining our strong margins, and expanding our market reach through [reluctantness], innovation, and the strategic collaboration. We are confident that we can continue to capitalize on electrification trends and deliver long-term value to our shareholders.

我們正在實現正現金流，保持強勁的利潤率，並透過創新和策略合作擴大我們的市場範圍。我們有信心能夠繼續利用電氣化趨勢並為股東帶來長期價值。

Thank you, everyone, for joining us today to review another historical quarter for Microvast. We look forward to updating you again next quarter.

感謝大家今天加入我們，回顧微宏的另一個歷史季度。我們期待下個季度再次向您更新資訊。

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。