Netcapital Inc (NCPL) 2026 Q2 法說會逐字稿

Good day and welcome to the Netcapital Inc. Earnings call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Coreen Kraysler. Mam, the floor is yours.

大家好，歡迎參加Netcapital Inc.的財報電話會議。目前，所有參與者已設定為唯讀模式。演講結束後，將開放提問和評論環節。現在，我很高興把發言權交給主持人科琳·克雷斯勒。女士，請您發言。

Thank you, Holly. Good morning, everyone, and thank you for joining Netcapital's second quarter fiscal 2026 financial results conference call. I'm Coreen Kraysler, CFO of Netcapital Inc. I will begin by reviewing our financial results and then our Chief Executive Officer, Rich Wheeless, will share his prepared remarks before we open the Q&A portion of our call.

謝謝你，霍莉。各位早安，感謝各位參加Netcapital 2026財年第二季財務業績電話會議。我是 Netcapital Inc. 的財務長 Coreen Kraysler。我將首先回顧我們的財務業績，然後我們的執行長 Rich Wheeless 將發表他準備好的講話，之後我們將進入電話會議的問答環節。

Before we begin, I'd like to remind everyone of the safe harbor disclosure regarding forward-looking information. Management's discussion may include forward-looking statements. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

在開始之前，我想提醒大家注意有關前瞻性資訊的安全港揭露規定。管理階層的討論可能包含前瞻性陳述。這些聲明涉及未來事件或未來財務業績，並涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與這些前瞻性聲明中明示或暗示的任何未來結果、活動水平、業績或成就存在重大差異。

Any forward-looking statements reflect management's current views with respect to operations, results of operations, growth strategies, liquidity, and future events. Netcapital assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

任何前瞻性陳述均反映管理階層目前對營運、經營績效、成長策略、流動性和未來事件的看法。Netcapital 不承擔因任何原因公開更新或修訂這些前瞻性聲明的義務，也不承擔更新實際結果可能與這些前瞻性聲明中預期結果存在重大差異的原因的義務，即使將來有新的資訊出現。

With that said, I'd like to now turn to our financial results for the second quarter of fiscal 2026. We reported revenues of approximately $51,000 for the three months ended October 31, 2025 as compared to approximately $170,000 during the three months ended October 31, 2024. The decrease in revenues was primarily attributed to a decrease in portal fees during the quarter.

接下來，我想談談我們2026財年第二季的財務表現。截至 2025 年 10 月 31 日止三個月，我們的收入約為 51,000 美元，而截至 2024 年 10 月 31 日止三個月的收入約為 170,000 美元。收入下降的主要原因是本季入口網站費用下降。

I'll add that our revenues can be lumpy quarter over quarter, as the timing of large client funding events can have an outsized impact on results. We reported an operating loss of approximately $2.1 million compared to an operating loss of approximately $2.2 million for the second quarter of fiscal year 2025. We reported a loss per share of $0.44 compared to a loss per share of $2.34 for the second quarter of fiscal year 2025. As of October 3, 2025, the company had cash and cash equivalents of approximately $1.7 million.

我還要補充一點，我們的收入可能會出現季度波動，因為大型客戶融資事件的時間表可能會對業績產生過大的影響。我們報告稱，本季營業虧損約為 210 萬美元，而 2025 財年第二季營業虧損約為 220 萬美元。我們公佈的每股虧損為 0.44 美元，而 2025 財年第二季的每股虧損為 2.34 美元。截至 2025 年 10 月 3 日，該公司擁有現金及現金等價物約 170 萬美元。

I'll now turn the call over to our CEO Rich Wheeless.

現在我將把電話交給我們的執行長里奇·惠勒斯。

Thank you very much, Coreen, and thank you to everybody for joining the call today. This marks my first call with Investors, and I want to start by emphasizing how excited I am to join Netcapital at this pivotal moment in our evolution.

非常感謝Coreen，也感謝今天所有參加電話會議的各位。這是我第一次與投資人通話，首先我想強調的是，我非常興奮能夠在Netcapital發展的關鍵時刻加入公司。

Throughout my career I've been drawn to businesses that use technology to open doors that were previously closed, and Net Capital's mission to democratize access to private investments fits up perfectly. I've been involved in the blockchain and crypto industry for numerous years and I've had success in going back to one of my prior companies, Tal. Which we made the AI chips for crypto miners. For example, in 2018, we were able to raise $33 million and execute on our strategy, which led to a 1,260% increase in our share price in a four month time frame.

在我的職業生涯中，我一直被那些利用科技打開以前緊閉大門的企業所吸引，而 Net Capital 致力於讓更多人獲得私人投資機會的使命與我的理念完美契合。我從事區塊鏈和加密貨幣行業多年，並且成功地回到了我以前的公司之一 Tal。我們為加密貨幣礦工製造了人工智慧晶片。例如，2018 年，我們籌集了 3,300 萬美元，並執行了我們的策略，這使得我們的股價在四個月內上漲了 1,260%。

So given the market size and anticipated growth in the tokenized asset market as well as experience of our team, I do believe that we're very well positioned to be able to be successful with our new strategy and drive value for all shareholders.

鑑於代幣化資產市場的規模和預期成長，以及我們團隊的經驗，我相信我們完全有能力透過新策略取得成功，並為所有股東創造價值。

Quite simply, net capital has significant opportunity for revenue enhancement by helping overall, small businesses integrate crypto and blockchain into their financing and capital market strategy. The company already has a proven regulated platform that connects entrepreneurs with investors in a simple, transparent way, and I see this as a tremendous opportunity for us to build upon that foundation as we expand into new asset classes and blockchain enabled solutions.

簡而言之，淨資本可以透過幫助小型企業將加密貨幣和區塊鏈整合到其融資和資本市場策略中，從而顯著提高收入。該公司已經擁有一個成熟的受監管平台，能夠以簡單、透明的方式將企業家與投資者聯繫起來，我認為這是一個巨大的機會，讓我們能夠以此為基礎，拓展到新的資產類別和區塊鏈解決方案。

I'm really looking forward to working alongside this team and with our issuer and investor communities to make net capital a leading digital ecosystem for founders seeking growth capital and investors looking to participate in the next generation of innovative companies. So I want to spend a few minutes putting our recent results into context, walking through how our strategies evolved, and then talking about where we're focused going forward and emerging market drivers, that may be the wind at our backs.

我非常期待與這個團隊以及我們的發行人和投資者群體合作，將淨資本打造成為領先的數位生態系統，為尋求成長資本的創始人以及希望參與下一代創新公司的投資者提供服務。因此，我想花幾分鐘時間，將我們最近的業績放在一個背景下進行分析，回顧一下我們的策略是如何演變的，然後談談我們未來的重點方向以及可能對我們有利的新興市場驅動因素。

We are in a transition period and our second quarter fiscal 2026 revenues continue to be impacted by the fact that we've exited a consulting for equity model that while it's generated revenue just was not scalable in cash terms, it made it harder for investors to see the underlying economics of our business.

我們正處於轉型期，2026 財年第二季的收入繼續受到以下事實的影響：我們退出了以股權換取諮詢費的模式，雖然這種模式產生了收入，但就現金而言，這種模式無法規模化，而且使投資者更難看到我們業務的潛在經濟效益。

Against that backdrop We made a strategic decision to resettle the company around our core fintech platform and our recently licensed broker dealer. Our funding portal is fundamentally a technology business. We have a generally fixed cost platform and a relatively small employee base. So when we add more offerings and more volume, those incremental values -- incremental revenues will follow with attractive incremental margins.

在此背景下，我們做出了一項策略決定，將公司重新定位為我們的核心金融科技平台和我們最近獲得許可的經紀交易商。我們的融資平臺本質上是一家科技公司。我們擁有成本相對固定的平台和較小的員工規模。因此，當我們增加更多產品和更多銷售時，這些增量價值——增量收入將隨之而來，並帶來可觀的增量利潤。

That is the kind of operating leverage that we want to see in a fintech model. In parallel, our wholly owned subsidiary Netcapital Securities allows us to participate in reggae capital raises, which are typically larger than reg CF offerings and potentially expands the base of issuers and investors we can serve. So as we look ahead, the strategy is straightforward. Grow volume on a platform that is now structurally more scalable fully leverage our broker dealer to unlock larger transactions and a broader product set.

這正是我們希望在金融科技模式中看到的營運槓桿。同時，我們全資擁有的子公司 Netcapital Securities 使我們能夠參與雷鬼資本募集，這些募集通常比 reg CF 發行規模更大，並有可能擴大我們能夠服務的發行人和投資者的範圍。展望未來，我們的策略很簡單。在結構上更具可擴展性的平台上提高交易量，充分利用我們的經紀交易商，解鎖更大的交易和更廣泛的產品組合。

And position the company for emerging opportunities from digital assets and tokenization which we view as a logical extension of our existing business. We plan to focus on where blockchain generally adds value which can encompass how security is recorded, how they're traded, or how liquidity mechanisms are structured.

並使公司能夠抓住數位資產和代幣化帶來的新興機遇，我們認為這是我們現有業務的合理延伸。我們計劃重點關注區塊鏈通常能帶來價值的領域，這包括如何記錄證券、如何交易證券，以及如何建立流動性機制。

And we always evaluate each opportunity with a long-term lens. How does it create durable value for the company and for shareholders? And can it be executed in a way that is consistent within the requisite regulatory framework?

我們始終以長遠的眼光評估每一個機會。它如何為公司和股東創造持久價值？而且，它能否在必要的監管框架內以一致的方式執行？

Lastly, I'll touch on the macroenvironment and why I'm very excited about the timeliness of our push in our position for success. There's an emerging new category for US compliant utility token sales that we believe is decentralizing token ownership and seeing long-term network growth. For example, Coinbase's Monad token sale last month in November. Demonstrated strong pent-up demand for US recap participation and utility token offerings.

最後，我將談談宏觀環境，以及為什麼我對我們推進策略的時機感到非常興奮，因為這關係到我們能否取得成功。我們認為，符合美國標準的實用代幣銷售正在興起一個新的類別，它正在實現代幣所有權的去中心化，並有望實現長期的網路成長。例如，Coinbase 上個月（11 月）進行的 Monad 代幣銷售。市場對美國資本重組和實用代幣發行表現出強烈的潛在需求。

$269 million was raised from 86,000 buyers in less than 24 hours. This was not just speculation, but it was rather, it was a clear market signal. With our position as a broker dealer and deep regulatory expertise, we have a compliant bridge between global token ecosystems and retail US retail investors. This new category has the potential for high margin revenue streams on top of our current business.

不到 24 小時，就有 86,000 名買家籌集了 2.69 億美元。這並非僅僅是猜測，而是一個清晰的市場訊號。憑藉我們作為經紀交易商的地位和深厚的監管專業知識，我們在全球代幣生態系統和美國零售投資者之間搭建了一座合規的橋樑。除了我們現有的業務之外，這個新類別還有可能帶來高利潤的收入來源。

And a single successful token sale may generate revenue that's equivalent to dozens of our regular traditional reg CF offerings with similar compliance lift but higher margins. In addition, with 100,000 US investors in our network and over 300 companies that we've successfully funded, we have the foundation and a track record to succeed in this market.

一次成功的代幣銷售可能會產生相當於數十次常規傳統監管CF發行的收入，合規要求類似，但利潤率更高。此外，我們的網路中有 10 萬名美國投資者，並且我們已經成功投資了 300 多家公司，我們擁有在這個市場取得成功的基礎和業績記錄。

And with all that being said, we'll open the call up for Q&A.

說了這麼多，我們現在開始問答環節。

(Operator Instruction)

（操作說明）

Todd Oberle, Insight Investments.

Todd Oberle，Insight Investments。

Hello, can you hear me, Rich?

你好，里奇，你聽得到我說話嗎？

Yes, morning. I can hear you, morning.

是的，早安。早上好，我聽得到你說話。

So regarding this past quarter, I know you're, newly hired CEO, but there was 51,000 revenues across, what I believe is 20 something employees. I've seen that 20 something reference in the past and -- so, maybe give me your outlook on what's the right employee count considering there's almost zero revenues in this company and not understand how they justified so many employees for so long when there's -- revenue being generated.

關於上個季度，我知道你是新上任的CEO，但據我所知，公司有20多名員工，收入卻達到了51,000美元。我以前也看到過「20多歲」這個說法，所以——鑑於這家公司幾乎沒有收入，我不明白他們是如何證明這麼長時間以來僱用這麼多員工的合理性的，所以請您談談您對合適員工人數的看法。

So that's question one -- and the second question is similar to that and there's been a -- issued a brokerage au license for, I think around one year for the company, and has there been any revenue at all from reg A offerings to this point?

這是第一個問題——第二個問題與此類似，該公司已經獲得了經紀商牌照，我想大概有一年了，到目前為止，該公司是否從A類證券發行中獲得任何收入？

Yeah, do you want me, I can, yes, so in terms of the first one.

是的，你想要我嗎？我可以，是的，所以就第一個問題而言。

Now we're focused on, the pivot we have the regulatory market is very positive right now, and we will look to execute on this new strategy that we've laid out. I'm not too worried about what's really happened in the past, the company's in a -- in a great position and very excited for, where we can be, so I'm not so focused. I'm not worried about where we were prior to this as well because we've made a bit of a pivot and when you make payments. Sometimes in the short-term, revenue will kind of struggle as we do that.

現在我們專注於轉型，監管市場目前情況非常積極，我們將努力執行我們制定的這項新策略。我並不太擔心過去發生的事情，公司現在處境很好，對未來充滿期待，所以我並不太關注過去的事情。我並不擔心我們之前的情況，因為我們已經做了一些調整，而且當你支付款項時。有時，短期內，我們這樣做會導致收入出現一些困難。

I'm going to jump in. I'm going to jump in here. This is Coreen Kraysler. I'm the CFO regarding your question, about the broker dealer. I would point to, I think you should look at the quarter that we will report next, and it wouldn't surprise me. If you saw revenues from the broker dealer in that quarter.

我要加入。我要插一句了。這是科琳·克雷斯勒。關於您提出的關於經紀交易商的問題，我是財務長。我認為你應該看看我們即將發布的下一季財報，如果結果讓我感到意外，我不會感到驚訝。如果你看到了該季度經紀交易商的收入。

Okay, so there's been no revenues to this point. Is that how I can take it from the broker dealer?

好的，所以到目前為止還沒有任何收入。我可以透過這種方式從經紀商那裡拿到這筆錢嗎？

I'm going to reiterate the answer that I just gave you.

我再重申一次我剛才給你的答案。

And then I guess in terms of that employee count, so I guess the takeaway is employee count is going to stay the same, I know that the past is the past, but going forward, what is the right number considering the size of the company, the cash balance, the cash burn.

然後，就員工人數而言，我想結論是員工人數將保持不變。我知道過去的事情已經過去了，但展望未來，考慮到公司的規模、現金餘額和現金消耗，合適的員工人數是多少呢？

So I'm going to -- reiterate what Rich said, which is we're very much focused on our new strategy and generating revenues. You can't cost cut your way to growth.

所以我要重申Rich剛才說的話，那就是我們非常專注於我們的新策略和創造收入。削減成本並不能帶來成長。

So our focus, we're very excited about the new model. And as Rich mentioned, the regulatory environment for tokenized assets appears to be favorable right now, so we are excited about that. We'd also ask, people in the queue for questions, so please limit your question to one question plus one follow-up. Operator, can we move to the next, person in queue, please?

所以，我們非常興奮地表示，我們關注的是新模式。正如 Rich 所提到的，目前代幣化資產的監管環境似乎比較有利，所以我們對此感到興奮。我們也會要求排隊提問的人，所以請將你的問題限制在一個問題和一個後續問題之內。操作員，我們可以叫下一位排隊的人嗎？

Emily McAllen, Private Investor.

艾米麗·麥卡倫，私人投資者。

Hi, I would like this question to the new CEO Rich, and I am just curious how it is justified to give away 20% of the outstanding share count for a defunct software business. I'm just a little puzzled here.

您好，我想問新任執行長 Rich 一個問題，我只是好奇，將一家倒閉的軟體公司 20% 的流通股贈予股東，這種做法有何合理性可言。我有點困惑。

And I'd like Rich to answer that.

我想讓里奇回答這個問題。

Yeah, in short, look, it helps, and good morning Emily. I appreciate the appreciate the question. This helps along with our new strategy with the tokenized asset model to help us to be able to execute on that strategy, and we would not have done this if it did not make sense of our overall plan. So I would ask to give us a little bit of time and appreciate everyone's patience on this and.

總之，這很有幫助，早安，艾蜜莉。感謝您的提問。這有助於我們實施代幣化資產模型的新策略，使我們能夠執行該策略，如果這與我們的整體計劃不符，我們也不會這樣做。所以，我請求大家給我們一點時間，感謝大家的耐心等待。

There is a plan and path forward that we plan on executing. I look forward to executing.

我們已經制定了計劃和前進方向，並計劃執行。我期待執行。

What's the plan? Please elaborate. That's pretty vague.

計劃是什麼？請詳細說明。這說法太籠統了。

Yeah, we'll get, we're going to get more into the in the coming days, but there is a strategy laid out that we're doubling down on the tokenized asset market which I had mentioned and alluded to earlier in the call and utilizing our existing platform that we that we do have the -- crowdfunding platform, our broker -- and our broker dealer as well, and we will continue to look for existing technologies and pieces that fit in place to execute on that strategy.

是的，我們會在接下來的幾天裡更深入地探討這個問題，但我們已經制定了一項策略，即加倍投入代幣化資產市場（我之前在電話會議中提到過），並利用我們現有的平台——眾籌平台、我們的經紀商和經紀交易商——我們將繼續尋找現有技術和組件來執行該戰略。

So giving away 20% of the shares is for is justified for a defunct business.

所以，對於一家已經倒閉的企業來說，贈與 20% 的股份是合理的。

Excuse me, Emily, I'm going to answer your question for you and follow on to what Rich said. So what I'm assuming that you're referring to rivets, and what rivets brings to the table, -- so what rivets brings to the table is both expertise and code plus the system platform and technology stack to produce tokenized assets in a safe and secure manner. So that is why we bought Rivets. We feel that it's very key to our ability to execute our strategy shift to tokenize assets moving forward.

不好意思，艾蜜莉，我來回答你的問題，接著里奇剛才說的話繼續說。所以，我假設你指的是 Rivets，以及 Rivets 能帶來什麼——Rivets 能帶來的是專業知識和程式碼，以及以安全可靠的方式產生代幣化資產的系統平台和技術堆疊。這就是我們購買鉚釘的原因。我們認為，這對於我們未來能否成功執行資產代幣化的策略轉型至關重要。

So what was Horizon purchased for then? Because I thought that was similar.

那麼，收購Horizo​​​​n的目的是什麼呢？因為我覺得那樣很相似。

I'm sorry, I couldn't hear your question.

抱歉，我沒聽清楚你的問題。

So what was the Horizon software purchased for them because I thought that was the purpose of Horizon and you guys gave away 20% of the outstanding shares at that time back in June.

那麼，你們為他們購買的 Horizo​​n 軟體是做什麼用的呢？因為我以為 Horizo​​n 的用途就是如此，而且你們在六月的時候還把當時流通股的 20% 都送出去了。

Jason, do you have a response to that?

傑森，你對此有何回應？

Hi Emily. Yeah, my understanding is that both Horizon and Rivets will work together as part of this pivot, but I would defer to Rich on that, and I would also, point out that.

嗨，艾米麗。是的，我的理解是 Horizo​​​​n 和 Rivets 將會在這次轉型中合作，但我對此會聽取 Rich 的意見，我也想指出這一點。

I understand that you know roughly 20% of the stock is -- a large number, but also when you understand the market cap of the company and you know the company has identified acquisitions that the company believes is critical to the future, the market cap of the company is makes it difficult to do those transactions without a larger percent of the company.

我知道您知道大約 20% 的股份——這是一個很大的數字，但當您了解公司的市值，並且知道公司已經確定了一些它認為對未來至關重要的收購目標時，公司的市值使得如果沒有更大比例的股份，就很難進行這些交易。

All right.

好的。

There are no further questions in queue. Oh, we do have a question from John Davis. John, your line is live.

隊列中已無其他問題。哦，我們收到約翰戴維斯的一個問題。約翰，你的線路已接通。

Just curious how, going back to, I think what the previous person asked is the auditors have to justify this acquisition and also, Nasdaq flags this, which is probable, you also have to justify that and the auditors will have to justify that. Can you walk us through how you justify a defunct 2021 company?

我只是好奇，回到之前的問題，我認為前面那個人問的是，審計師必須證明這次收購的合理性，而且納斯達克也對此發出警告（很有可能），你也必須對此做出解釋，審計師也必須對此做出解釋。你能詳細解釋一下你如何證明一家已於 2021 年倒閉的公司的存在是合理的嗎？

In acquiring this because it should have, since it's been defunct since 2021, this should have been incredibly inexpensive because there's clearly no bidders on it. So how did the auditors justify this from a GAAP accounting and that you could present to Nasdaq to prove that it was worth its value?

既然它自 2021 年以來就已倒閉，那麼收購它的價格應該非常便宜，因為顯然沒有人競標。那麼，審計師是如何根據公認會計準則來證明這一點的，以及你又是如何向納斯達克提交這份文件來證明其價值的呢？

So when that I'm just going to -- let me just add in there but it fits in with our overall strategy with what we're looking with what we're looking to do -- I'm looking forward to where we're going to -- go with this company going forward, and, I love the technology personally. I've been briefed on it. I understand how this fits in with their overall plan, and sometimes you going to pay a little bit for, a very good technology, and there's, and it fits in with what we're looking to do. That's the best I can answer in terms of I know that doesn't exactly address what you're saying in terms of the auditors and all the pieces related to that.

所以，我只想補充一點——但這符合我們的整體策略，符合我們正在尋求和想要做的事情——我期待著我們公司未來的發展方向，而且，我個人非常喜歡這項技術。我已聽取了相關簡報。我明白這如何融入他們的整體計劃，有時你願意為一項非常好的技術付出一些代價，而且這符合我們正在做的事情。這是我能給的最好答案，我知道這並不能完全解答你關於審計人員以及所有相關方面的問題。

I would just add that this technology is actually quite critical to our strategy moving forward and in terms of total dollars paid, it was not that much money.

我還要補充一點，這項技術對我們未來的策略至關重要，而且就支付的總金額而言，並沒有花費太多錢。

There are no further questions in queue.

隊列中已無其他問題。

Rich, you want to come up, please?

Rich，你想上來一下嗎？

Sure, yeah, so thank you everyone. That concludes our Sorry about that. Thank you, operators. To sum it up, basically our mission has not changed. We're here to democratize access to private capital markets for issues who need growth capital and for Investors who want access to opportunities that have historically been hard to reach. Everything that we're doing from product innovation to selective blockchain integration to the pursuit of larger reggae transactions is aimed at building a more open, efficient, and scalable private market ecosystem.

當然，謝謝大家。至此，我們的「抱歉」環節就結束了。謝謝各位操作員。總而言之，我們的使命基本上沒有改變。我們的目標是讓需要成長資本的機構和希望獲得以往難以企及的投資機會的投資者，都能更方便地進入私募資本市場。從產品創新到選擇性地整合區塊鏈，再到追求更大規模的雷鬼音樂交易，我們所做的一切，都是為了建立一個更開放、更有效率和可擴展的私人市場生態系統。

We have made investments in the vital infrastructure and team to execute a strong growth plan and calendar year 2026 and beyond. We've already repositioned that capital around a more scalable combination of a funding portal and a broker dealer, we're laser focused on leveraging these advantages towards profitability.

我們已對關鍵基礎設施和團隊進行了投資，以執行強勁的成長計劃，並實現 2026 年及以後的目標。我們已經將這筆資金重新配置到更具可擴展性的融資入口網站和經紀交易商組合中，我們正全力以赴地利用這些優勢來實現盈利。

I look forward to working with investors, clients, employees, and government to create value. And drive the company's future direction and update you on our progress in the coming months and on our next call in March. And once again thank you to everyone who's joined today. We appreciate your continued interest and supporting Netcapital. Have an amazing day.

我期待與投資者、顧客、員工和政府合作，共同創造價值。並引領公司的未來發展方向，並在未來幾個月以及我們三月的下次電話會議上向您報告我們的進度。再次感謝今天到場的每一位。感謝您一直以來對Netcapital的關注與支持。祝你今天過得愉快。

Thank you. This concludes today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。