Microvast Holdings Inc (MVST) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Microvast third-quarter '25 earnings call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. I would now like to turn the conference over to Microvast Investor relations. Please go ahead.

感謝您的耐心等待。這是會議接線員。歡迎參加 Microvast 2025 年第三季財報電話會議。提醒各位，所有與會者均處於唯讀模式，會議正在錄音。現在我將把會議交給 Microvast 投資者關係部門。請繼續。

Thank you, operator, and thank you everyone for joining our update today.

謝謝操作員，也謝謝大家今天收看我們的更新。

This is Rodney Worthen, VP of Corporate Strategy and Interim CFO. With me on today's call is Mr. Yang Wu, founder, Chairman and CEO. Mr. Wu will start off with a high level overview of the third-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 and closing remarks. Ahead of this call, Microvast issued its third-quarter earnings press release which can be found on the investor relations section of our website, ir.microvast.com.

這是企業策略副總裁兼臨時財務長羅德尼·沃森。今天和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。吳先生將首先對第三季度業績進行高層次概述，然後再提供一些營運和業務方面的最新資訊。接下來，我將更詳細地討論我們的財務狀況，然後再交還給吳先生，讓他總結我們對今年剩餘時間的展望並作閉幕致辭。在本次電話會議之前，Microvast 發布了第三季收益新聞稿，該新聞稿可在我們網站的投資者關係部分 ir.microvast.com 上找到。

We have also posted a slide presentation to accompany management's prepared remarks today. 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. 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.

我們也發布了幻燈片演示文稿，以配合管理層今天準備好的演講稿。再次提醒，請注意本次通話可能包含前瞻性陳述。這些陳述是基於目前的預期和假設，不應被視為對未來日期觀點的代表。我們不承擔因新資訊或未來事件而修改或公佈對這些前瞻性聲明的任何修改結果的義務。由於各種風險和不確定因素，實際結果可能與預期有重大差異。

For more information on material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. 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 in the tables included at the end of our press release and slide presentation. After the conclusion of this call, a webcast replay will be available on the investor relations section of Microvast website and now I will turn the call over to Mr. Wu to kick things off.

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。我們也可能在本次電話會議中討論非GAAP財務指標。這些措施應作為 GAAP 結果的補充考慮，而不是替代或孤立地考慮 GAAP 結果。這些非GAAP指標已在我們的新聞稿和幻燈片簡報末尾的表格中與最可比較的GAAP指標進行了核對。本次電話會議結束後，您可以在 Microvast 網站的投資者關係版塊觀看網路直播回放。現在，我將把電話會議交給吳先生，讓他開始今天的會議。

Hello everyone, and welcome.

大家好，歡迎。

Thank you for joining us today. As always, I want to start by reminding you of our core mission. Founded in Texas in 2006, Microvast has grown into a global leader in advanced battery technology, with over 810 patents granted or pending and our electrified solutions successfully deployed worldwide.

感謝您今天蒞臨。像往常一樣，我想先提醒大家我們的核心使命。Microvast 於 2006 年在德克薩斯州成立，現已發展成為先進電池技術領域的全球領導者，擁有 810 多項已獲授權或正在申請的專利，我們的電氣化解決方案已成功部署到世界各地。

We are proud to be a driving force in global electrification, building a more sustainable future, one battery at a time. Innovation is core to our operations and always on display at Microvast. Our commitment to innovation has delivered some major milestones. At Microvast, we will always strive to push the limits of what is possible. Please turn to slide 4 and I will give a brief overview of the quarter.

我們很自豪能夠成為全球電氣化進程中的推動力量，透過一塊電池，建構一個更永續的未來。創新是我們營運的核心，也是Microvast始終展現的理念。我們對創新的投入已經取得了一些重大里程碑式的成就。在 Microvast，我們將始終努力突破一切可能的極限。請翻到第4頁投影片，我將簡要概述本季的情況。

We are thrilled to announce a record set quarter revenue of $123.3 million. Which is an excellent 21.6% year-over-year increase. This increase was simultaneously with improving our gross profit margin to 37.6%, a 4.4%-point improvement from the same period last year. This demonstrates that we are not only able to grow, but also that we can achieve such growth efficiently.

我們很高興地宣布，本季營收創下歷史新高，達到 1.233 億美元。這是一個非常可觀的21.6%的年成長。同時，我們的毛利率也提高到 37.6%，比去年同期提高了 4.4 個百分點。這證明我們不僅能夠發展壯大，而且能夠有效率地實現這種發展。

Our focus on efficiency and profitability is continuing to pay off. I'm pleased to report that we achieved. Operating profit in this third-quarter of $13 million with an adjusted net profit of $11.9 million and adjusted EBITDA of $21.9 million. This quarter isn't just another milestone for Microvast. It's a testament for both long-term commitments required in this industry and the strength of our business model. This strength is not a one-time event. It's now a trend.

我們對效率和獲利能力的重視正在持續取得成效。我很高興地報告，我們取得了成功。本季營業利潤為 1,300 萬美元，調整後淨利為 1,190 萬美元，調整後 EBITDA 為 2,190 萬美元。對Microvast來說，這個季度不僅僅是另一個里程碑。這既證明了該行業需要長期投入，也證明了我們商業模式的強大。這種實力並非曇花一現。這現在已成為一種趨勢。

Our consecutive revenue growth over the last several years indicates increasing market demand for our high performance products. This growth, along with improvement in our gross profit, validates our ability to successfully commercialize our advanced technology and operate efficiently at scale.

過去幾年我們持續的營收成長表明，市場對我們高性能產品的需求不斷增加。這一成長，以及毛利的提高，證明了我們有能力成功地將先進技術商業化，並實現規模化高效運作。

The rapid growth has given us invaluable experience, enabling us to successfully deploy commercialized products across our portfolio and to refine our manufacturing processes. Moving forward, we intend to maintain our strategy by focusing on three core pillars innovation, discipline, execution of our strategic growth objectives, and expanding our production capacity to meet growing demand.

快速成長為我們累積了寶貴的經驗，使我們能夠成功地在我們的產品組合中部署商業化產品，並改進我們的製造流程。展望未來，我們將繼續秉持我們的策略，重點關注創新、紀律、執行策略成長目標以及擴大生產能力以滿足不斷增長的需求這三大核心支柱。

We believe that we are well positioned for the future. Let's move to slide 5, which illustrates the core of our business and its strategy. At its core, Microvast is a vertical integrated battery technology powerhouse. Our growth isn't accidental. It's driven by relentless commitment to innovation and is our primary engine for expansion. We are actively diversifying our revenue streams with a broader portfolio of products and services, all-purpose built to accelerate electrification.

我們相信我們已為未來做好了充分準備。讓我們來看看第 5 張投影片，它闡述了我們業務的核心及其策略。從本質上講，Microvast 是一家垂直整合的電池技術巨頭。我們的成長並非偶然。它源自於我們對創新的不懈追求，也是我們擴張的主要動力。我們正積極拓展收入來源，提供更廣泛的產品和服務組合，旨在加速電氣化進程。

A cornerstone of our strategy is determined push to capture greater market share. We are making focused investment to rapid commercialize both our advanced products available today and our highly anticipated technologies of the future. We are staying disciplined by maintaining product innovation and strategically expanding our global market presence.

我們策略的基石是堅定不移地努力獲取更大的市場份額。我們正集中投資，以快速實現現有先進產品和備受期待的未來技術的商業化。我們秉持嚴謹的作風，不斷進行產品創新，並有策略地拓展全球市場份額。

This clear path is how we intend to grow, optimize our operations, and automatically achieve our goal of sustained profitability. Let's turn to slide 6 for an operational update on Huzhou Phase 3.2-line expansion. I'm pleased to report that we are in the final stages of installing and commissioning the production equipment with completion targeted for year-end.

這條清晰的道路正是我們成長、優化營運並自動實現持續獲利目標的途徑。讓我們翻到第 6 張投影片，了解湖州 3.2 期生產線擴建的運作情況。我很高興地報告，我們已進入生產設備安裝和調試的最後階段，預計將於年底完成。

This expansion is critically important as the Phase 3.2 is anticipated to add up to 2GWh of annual production capacity. The strategic timing of this expansion is intended to directly address existing market demand. And position us to capture upcoming opportunities. We anticipated this new line, initial production to begin in Q1, '26. This expansion is a major step forward, securing our foundation for continued growth in '26 and beyond.

此次擴建至關重要，因為 3.2 階段預計每年將新增 2GWh 的發電能力。此次擴張的策略時機旨在直接滿足現有市場需求。並讓我們做好準備，抓住即將到來的機會。我們預計這條新生產線將於 2026 年第一季開始投產。此次擴張是向前邁出的重要一步，為我們在 2026 年及以後的持續成長奠定了基礎。

Moving to slide 7, let's look at the progress in our old solid-state battery development, building directly on our Q2 update. Our proprietary five-layer cell continues to demonstrate exceptional stability to date. It has now successfully completed over [404 charge discharge cycles at 1C], maintaining high coulombic efficiency and a steady capacity retention throughout the cycling window as illustrated in Figure 1 on the left. Our high voltage 12 layer prototype also continue its cycle testing. The voltage capacity profile is the same in figure 2 on the right and validates its current testing performance.

接下來請看第 7 張投影片，讓我們來看看我們之前的固態電池開發進展，這是基於我們第二季的更新內容。我們專有的五層電池至今仍展現出卓越的穩定性。目前，該電池已成功完成超過 404 次 1C 充放電循環，在整個循環過程中保持了較高的庫侖效率和穩定的容量保持率，如圖 1 左側所示。我們的高壓12層原型機也持續進行循環測試。右側圖 2 中的電壓容量曲線相同，驗證了其目前的測試性能。

Prototypes indicate that our approach delivers high structure integrity. With minimal losses during charge transfer, a crucial factor for both battery longevity and peak performance, as detailed on slide 8, we are integrating our proprietary separator technology into our all-solid-state battery. This has multiple benefits such as improved electrode. Interfacial contact and improved flexibility, which allows for more consistent manufacturing in comparison to more fragile ceramic separators.

原型表明，我們的方法能夠實現較高的結構完整性。如幻燈片 8 所述，在電荷轉移過程中損失最小，這對於電池壽命和峰值性能至關重要，因此我們將專有的隔膜技術整合到我們的全固態電池中。這具有多項優點，例如電極性能得到改善。與易碎的陶瓷隔膜相比，界面接觸更緊密，柔韌性更強，因此製造過程更加穩定。

This technology builds on the polyaramid backbone that maintains structural integrity even under elevated temperatures. The membrane robust yet flexible architecture enables high pressure stacking. During assembly, improving both mechanical resilience and the resistance to lithium dendrite penetration. Equally important are its engineered ionic pathways which create efficient and continuous channels for lithium ion transport. In short, this breakthrough material integrates safety, mechanical strength and ionic efficiency into a single scalable positioning microwatts as a leader in next generation all solid-state battery innovation.

這項技術以聚芳酰胺主鏈為基礎，即使在高溫下也能保持結構完整性。這種膜結構堅固而靈活，能夠承受高壓堆疊。在組裝過程中，提升了機械韌性和抵抗鋰枝晶穿透的能力。同樣重要的是其精心設計的離子通道，這些通道為鋰離子傳輸創造了高效且連續的通道。簡而言之，這種突破性材料將安全性、機械強度和離子效率整合到一個可擴展的單一材料中，使微瓦成為下一代全固態電池創新的領導者。

This is an example of Microvast advantage. Now, if you will join me on side 9, I'd like to give an exciting new business development update. We have established a partnership with Skoda Group, a leading European rail and public transport manufacturer, the partnership validates Microvast's technology for use in extreme-duty, high-safety rail applications. We anticipate the first prototype by the end of '26. Now I will turn the call over to Rodney to discuss our financials for the third-quarter.

這是 Microvast 優勢的一個例子。現在，請到第 9 頁來，我想為大家帶來一個令人興奮的新業務發展進展。我們與歐洲領先的鐵路和公共交通製造商斯柯達集團建立了合作夥伴關係，該合作夥伴關係驗證了 Microvast 的技術可用於極端負荷、高安全性的鐵路應用。我們預計第一個原型將於 2026 年底問世。現在我將把電話交給羅德尼，讓他來討論我們第三季的財務狀況。

Thank you, Mr. Wu. Please join me on slide 11. We are happy to report a record breaking third-quarter with revenue growing at 21.6% year over year to $123.3 million, up from $101.4 million last year.

謝謝您，吳先生。請看第11張投影片。我們很高興地宣布，第三季業績創歷史新高，營收年增 21.6%，達到 1.233 億美元，高於去年的 1.014 億美元。

Our year-to-date revenue had a top-line growth of 24.3%, reaching $331 million compared to $266 million in the prior year period. This growth was driven primarily by an increase of approximately 360 megawatt hours in sales volume year-to-date.

今年迄今為止，我們的營收年增 24.3%，達到 3.31 億美元，而去年同期為 2.66 億美元。這一成長主要得益於今年迄今銷售量增加了約 360 兆瓦時。

Crucially, this growth was at a gross profit for the third-quarter of $46.4 million, an impressive 38% improvement over the prior year period. This was achieved through operational execution, higher margin in markets, increased utilization, and cost controls. As a result, our gross profit margin improved by 4.4 percentage-points to 37.6 percentage-points, up from 33.2% in Q3 '24. Our year-to-date gross profit was $121.2 million, which is a 55% increase compared to the prior year period and gross margin was 36.6%, a 7.3 percentage-point improvement year-over-year.

至關重要的是，這一增長是在第三季度毛利達到 4,640 萬美元的基礎上實現的，比去年同期增長了 38%，增幅令人矚目。這是透過營運執行、更高的市場利潤率、更高的利用率和成本控制來實現的。因此，我們的毛利率提高了 4.4 個百分點，達到 37.6 個百分點，高於 2024 年第三季的 33.2%。今年迄今為止，我們的毛利為 1.212 億美元，比去年同期成長了 55%；毛利率為 36.6%，比去年同期提高了 7.3 個百分點。

Operating expenses increased to $33.5 million for the quarter compared to $27.5 million in Q3 '24, a 22% increase year over year. The G&A increase was primarily due to $3.7 million of exchange loss attributed to the unfavourable Euro RMB rate and $5.6 million in litigation expense partially offset by $2.9 million of decreased non-cash share-based compensation expenses, or SBC.

本季營運支出增至 3,350 萬美元，而 2024 年第三季為 2,750 萬美元，年增 22%。一般及行政費用增加主要是由於歐元兌人民幣匯率不利導致的 370 萬美元匯兌損失，以及 560 萬美元的訴訟費用，部分被減少的 290 萬美元非現金股份支付費用（SBC）所抵銷。

The decrease in R&D expenses was primarily due to $1.5 million of decreased SBC expense and $1 million associated with lower employee headcount. The increase in sales related expenses for the quarter was primarily due to $1.1 million of service fees from business development efforts, partially offset by [0.5 million] decrease in SBC expense. [OpEx] decreased for the year-to-date period to $75 million, down from $195 million last year. For the nine-month period, the decrease in G&A expenses was primarily due to $17.7 million of decreased SBC expense and $7.7 million of decreased exchange loss from favourable fluctuation in the Euro RMB rate.

研發費用的減少主要是由於 SBC 費用減少了 150 萬美元，以及員工人數減少導致的 100 萬美元減少。本季銷售相關費用增加主要是因為業務拓展服務費增加110萬美元，部分被SBC費用減少50萬美元抵銷。年初至今的營運支出降至7,500萬美元，低於去年的1.95億美元。在前九個月期間，一般及行政費用的減少主要是由於 SBC 費用減少了 1,770 萬美元，以及歐元兌人民幣匯率有利波動導致匯兌損失減少了 770 萬美元。

The decrease in R&D expenses was primarily due to $5.4 million of decreased SBC expense and a $1.9 million reduction associated with a lower employee headcount. Selling and marketing expenses were largely flat for the period.

研發費用的減少主要是由於 SBC 費用減少了 540 萬美元，以及員工人數減少帶來的 190 萬美元費用減少。該期間的銷售和行銷費用基本上持平。

There was also a substantial reduction in impairment loss compared to the prior period down to $1.4 million from $88 million. We reported a GAAP net loss of $1.5 million in the quarter after adjusting for non-cash expenses such as FDC of $0.7 million and fair value changes to our warrant liability and convertible loan of $12.6 million. We achieved an adjusted net profit of $11.9 million. For the nine-month period, GAAP net loss was $45.8 million compared to a net loss of $113.1 million in the prior year period.

與上期相比，減損損失也大幅減少，從 8,800 萬美元降至 140 萬美元。在調整了 FDC 70 萬美元等非現金支出以及認股權證負債和可轉換貸款的公允價值變動 1,260 萬美元後，我們報告本季 GAAP 淨虧損為 150 萬美元。我們實現了經調整後的淨利潤1190萬美元。前九個月，以美國通用會計準則計算的淨虧損為 4,580 萬美元，而去年同期淨虧損為 1.131 億美元。

Non-GAAP adjusted net profit year-to-date was $47.5 million, a major improvement from an adjusted net loss of $84.1 million last year. We are also displaying improved operational results as we report yet another consecutive quarter of positive adjusted EBITDA reaching $21.9 million. Year-to-date, our positive adjusted EBITDA reached $76.3 million, a substantial improvement compared to a negative adjusted EBITDA of $53.5 million in the prior year period.

今年迄今為止，非GAAP調整後淨利為4,750萬美元，較去年調整後淨虧損8,410萬美元有了顯著改善。我們的營運表現也得到改善，連續第二季實現調整後 EBITDA 為正，達到 2,190 萬美元。今年迄今為止，我們的調整後 EBITDA 為正值，達到 7,630 萬美元，與去年同期調整後 EBITDA 為負值 5,350 萬美元相比，有了顯著改善。

The financial reconciliations of these non-GAAP metrics can be found in the tables at the end of our earnings press release and this slide presentation. On slide 12, we showed the geographic breakdown of our revenue mix compared to the prior year period.

這些非GAAP指標的財務調節表可以在我們獲利新聞稿和此投影片簡報末尾的表格中找到。在第 12 張投影片中，我們展示了與去年同期相比，我們的收入組成在地理上的分佈。

Our EMEA business accounted for 64% of quarterly revenue. This is up year-over-year from 59%. Revenue growth over the nine-month period saw an improvement of 31%, increasing to $176.8 million in the region. The US revenue share increased from 3% to 5% for the quarter when compared to the prior year period. We continue to focus on making inroads with domestic customers and year-to-date revenue is $17.8 million in the region.

我們的 EMEA 業務佔季度收入的 64%。這一比例較去年同期上升了59%。過去九個月，該地區的收入成長了 31%，達到 1.768 億美元。本季美國營收份額較上年同期成長了 3% 至 5%。我們繼續專注於開拓國內市場，今年迄今，該地區的收入為 1,780 萬美元。

Our APAC region also grew year over year, up 9% year-to-date to $136.5 million while we also successfully target higher margin opportunities. Please turn to slide 13 and we will review our cash flow for the year-to-date. We are pleased to have generated positive operating cash flow of $59.5 million for the nine-month period. Net loss was primarily offset by $17.4 million decrease in inventory and non-cash adjustment of $24.7 million in D&A and $91 million from changes in fair value of warrant liability and convertible loan.

我們的亞太地區也實現了同比增長，今年迄今為止增長了 9%，達到 1.365 億美元，同時我們也成功地抓住了利潤率更高的機會。請翻到第 13 頁，我們將回顧今年迄今的現金流量。我們很高興在過去九個月中實現了 5,950 萬美元的正經營現金流。淨虧損主要被存貨減少 1,740 萬美元、折舊和攤銷非現金調整 2,470 萬美元以及認股權證負債和可轉換貸款公允價值變動 9,100 萬美元所抵銷。

This was partially decreased by $41.2 million increases in net receivables and a $12.3 million decrease in net liabilities and accrued expenses. From investing activities, we had a net outflow of $15.5 million primarily related to CapEx at our Huzhou facility, including our phase 3.2 production line expansion. Financing cash flow resulted in a net outflow of $9.5 million. Overall, after accounting for a negative foreign exchange adjustment of $1.5 million, we had an increase in cash of $33 million.

淨應收帳款增加 4,120 萬美元，淨負債和應計費用減少 1,230 萬美元，部分減少了上述損失。在投資活動中，我們淨流出 1,550 萬美元，主要與湖州工廠的資本支出有關，包括我們的 3.2 期生產線擴建。融資現金流導致淨流出950萬美元。整體而言，扣除 150 萬美元的外匯負調整後，我們的現金增加了 3,300 萬美元。

This resulted in a total cash equivalent and restricted cash of $142.6 million at quarter's end. Now, I will hand it back over to Mr. Wu to go over our outlook for the final quarter of the year and closing remarks.

這使得季末現金等價物和受限現金總額達到 1.426 億美元。現在，我將把發言權交還給吳先生，讓他介紹一下我們對今年最後一個季度的展望並作總結發言。

Thank you, Rodney.

謝謝你，羅德尼。

Please turn to slide 15, which provides a summary of our outlook for the rest of the year. We are pleased to affirm our initial annual revenue guidance, which positions our projected revenue in the range of $450 million to $475 million. Due to our focus on stronger performing segments and a successful margin expansion effort, we are also Raising our four-year gross margin target from 32% to a new range of 32% to 35%.

請翻到第 15 頁，其中概述了我們對今年剩餘時間的展望。我們很高興重申我們最初的年度收入預期，預計收入將在 4.5 億美元至 4.75 億美元之間。由於我們專注於表現更強勁的業務板塊，並成功擴大了利潤率，因此我們將四年毛利率目標從 32% 上調至 32% 至 35% 的新區間。

For APAC, our focus remains on completion of the phase 3.2 expansion at our Huzhou facility. We anticipate completing the production line by year end and beginning initial production operation in Q1, '26. As previously stated, this critical additional of up to 2GWh annually is intended to address the robust customer demand for our cutting-edge solutions and position us to capture upcoming opportunities. We expect a strong sales growth for the year, and our development teams are making significant progress on the next wave of advanced products.

對於亞太地區，我們的重點仍然是完成湖州工廠的 3.2 期擴建工程。我們預計在年底前完成生產線建設，並於 2026 年第一季開始初步生產營運。如前所述，每年新增高達 2GWh 的電力供應旨在滿足客戶對我們尖端解決方案的強勁需求，並使我們能夠抓住即將到來的機會。我們預計今年銷售額將強勁成長，我們的研發團隊在下一代先進產品方面取得了重大進展。

Our EMEA business is expected to maintain momentum. We are constantly pursuing new strategic partnerships such as the Skoda partnership discussed earlier to support both current and upcoming product lines in the region. In America, we anticipate further revenue growth year-over-year as we continue to proactively pursue customer acquisitions while simultaneously assessing our financing needs to support additional strategic objectives.

預計我們的歐洲、中東和非洲業務將保持成長動能。我們不斷尋求新的策略夥伴關係，例如前面提到的與斯柯達的合作關係，以支持該地區現有和即將推出的產品線。在美國，我們預計收入將逐年成長，因為我們將繼續積極尋求客戶，同時評估我們的融資需求，以支持其他策略目標。

Our sights remain on achieving three primary financial objectives for the final quarter Securing sustained positive cash flow, Maintaining gross margins and expanding our market reach powered by our R&D innovation engine. We remain confident that we can continue to bolster our business by capitalizing on global electrification trends. With the ultimate goal to deliver long-term value to our shareholders.

我們仍將著眼於實現最後一個季度的三個主要財務目標：確保持續的正現金流、維持毛利率以及透過研發創新引擎擴大市場覆蓋範圍。我們仍然有信心，透過掌握全球電氣化趨勢，繼續加強我們的業務。最終目標是為股東創造長期價值。

Thank you very much, everyone, for joining us today to review another historical quarter of Microvast . We look forward to updating you again with our four year '25 results and additional news in the coming months.

非常感謝各位今天與我們一起回顧Microvast的另一個歷史性季度。。我們期待在接下來的幾個月裡再次向您報告我們四年來的 '25' 業績以及其他新聞。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接了。