Northern Technologies International Corp (NTIC) 2026 Q2 法說會逐字稿

Good morning. As part of the discussion today, the representatives from NTIC will be making certain forward-looking statements regarding NTIC's future financial and operating results as well as their business plans, objectives and expectations. Please be advised that these forward-looking statements are covered under the safe harbor provisions and of the Private Securities Litigation Reform Act of 1995 and that NTIC desires to avail itself of the protections of the safe harbor for these statements.

早安。作為今天討論的一部分，NTIC 的代表將就 NTIC 未來的財務與營運成果，以及其業務計畫、目標與預期，發表若干前瞻性陳述。敬請注意，這些前瞻性陳述受 1995 年《私人證券訴訟改革法案》之安全港條款所涵蓋，NTIC 希望就此等陳述適用安全港保護。

Please also be advised that the actual results could differ materially from those stated or implied by the forward-looking statements due to certain risks and uncertainties, including those described in NTIC's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q and recent press releases. Please read these reports and other future filings that NTIC will make with the SEC. NTIC disclaims any duty to update or revise its forward-looking statements.

亦請注意，由於若干風險與不確定性，實際結果可能與前瞻性陳述所述或所暗示者存在重大差異，其中包括 NTIC 最近一期 Form 10-K 年度報告、後續 Form 10-Q 季度報告及近期新聞稿中所描述者。請閱讀上述報告以及 NTIC 未來將向美國證券交易委員會（SEC）提交的其他文件。NTIC 不承擔更新或修訂其前瞻性陳述的任何義務。

I would now like to turn the call over to Patrick Lynch, CEO. You may begin.

接下來我想把電話會議交給執行長 Patrick Lynch。您可以開始了。

Good morning. I'm Patrick Lynch, NTIC's CEO, and I'm here with Matt Wolsfeld, NTIC's CFO. Please note that a press release regarding our second-quarter fiscal 2026 financial results was issued earlier this morning. and is available at ntic.com.

早安。我是 NTIC 執行長 Patrick Lynch，與我一同出席的還有 NTIC 財務長 Matt Wolsfeld。請注意，我們已於今天稍早發布有關 2026 財政年度第二季財務結果的新聞稿，並可於 ntic.com 查閱。

During today's call, we will review various key aspects of our fiscal 2026 second-quarter financial results, provide a brief business update and then conclude with a question-and-answer session. Please note that when we discuss year-over-year performance, we are referring to the second quarter of our fiscal 2026 in comparison to the second quarter of last fiscal year. Our results were in line with expectations as we continue to execute against our long-term growth strategy.

在今天的電話會議中，我們將回顧 2026 財政年度第二季財務結果的若干關鍵面向，提供簡要的業務更新，最後進行問答環節。請注意，當我們討論年對年表現時，係指 2026 財政年度第二季與上一財政年度第二季之比較。我們的結果符合預期，並持續依循長期成長策略推進執行。

Second-quarter performance was driven by solid top line growth across our businesses including a record second quarter, (inaudible) gas net sales with year-over-year growth across all geographies, reflecting the investments we've made in our global sales infrastructure and the increasing adoption of our VCI solutions within the global oil and gas industry.

第二季表現主要受各業務穩健的營收成長所帶動，其中包括創下第二季新高的（聽不清）油氣淨銷售額，且各地區均呈現年對年成長，反映我們在全球銷售基礎建設上的投資，以及全球油氣產業對我們 VCI 解決方案的採用度提升。

We have also seen continued strength at NTIC China despite the seasonal impact of the Lunar New Year and achieved another solid quarter of Natur-Tec growth. Overall, second-quarter and year-to-date results reflect the resilience of our business model and the increasing value customers place on our corrosion prevention and compostable plastic solutions.

儘管農曆新年帶來季節性影響，我們也看到 NTIC 中國持續展現強勁動能，並再度達成 Natur-Tec 穩健成長的一季。整體而言，第二季及年初至今的結果反映我們商業模式的韌性，以及客戶對我們防蝕與可堆肥塑膠解決方案日益重視的價值。

While the macro environment, including geopolitical tensions in the Middle East, ongoing supply chain pressures and continued challenges in the European economy has become more uncertain, we remain confident in the direction of our business and the strategies we are executing to drive long-term value.

儘管總體環境（包括中東地緣政治緊張、持續的供應鏈壓力，以及歐洲經濟持續面臨挑戰）變得更不確定，我們仍對業務發展方向以及正在執行、用以驅動長期價值的策略保持信心。

The diversity of our end markets, geographic footprint and product portfolio positions us well to navigate near-term volatility. As we move through the second half of fiscal 2026, we expect continued sales growth and improved profitability, supported by stable trends in North America and ongoing strength in NTIC China (inaudible) Oil & Gas and Natur-Tec.

我們終端市場的多元性、地理布局與產品組合，使我們能妥善因應短期波動。隨著我們進入 2026 財政年度下半年，我們預期在北美趨勢穩定，以及 NTIC 中國（聽不清）、油氣與 Natur-Tec 持續強勁的支持下，銷售將持續成長並提升獲利能力。

So with this overview, let's examine the drivers for the second quarter in more detail. For the second quarter ended February 28, 2026, our total consolidated net sales increased 15.3% to $22 million as compared to the second quarter ended February 28, 2025. Broken down by business unit, this included a 72.1% increase in ZERUST oil and gas net sales, an 11.2% increase in ZERUST industrial net sales and an 8.1% increase in Natur-Tec net sales.

在上述概覽之後，讓我們更詳細檢視第二季的驅動因素。截至 2026 年 2 月 28 日止第二季，我們合併淨銷售額較截至 2025 年 2 月 28 日止第二季增加 15.3%，至 2,200 萬美元。按事業單位拆分，包括 ZERUST 油氣淨銷售額增加 72.1%、ZERUST 工業淨銷售額增加 11.2%，以及 Natur-Tec 淨銷售額增加 8.1%。

Turning to our joint venture sales, which we do not consolidate in our financial statements, total net sales for the fiscal 2026 second-quarter IR joint ventures increased year over year by 18.6% to $23.5 million, reflecting improved year-over-year demand across many of our joint ventures.

接著談到我們的合資企業銷售（我們未在財務報表中合併），2026 財政年度第二季 IR 合資企業的淨銷售額年對年增加 18.6% 至 2,350 萬美元，反映我們多家合資企業的需求較去年同期改善。

We continue to closely monitor trends across our European markets for signs of stabilization following years of subdued demand as governments begin to implement targeted economic stimulus packages. We expect that any economic recovery from these stimulus packages will lead to a positive impact on our joint venture operating income in future periods, especially in Germany. Improving sales trends continued at our wholly owned NTIC China subsidiary Fiscal 2026 second-quarter net sales at NTIC China increased by 18.5% to $4.4 million, demonstrating strong demand in this geography.

我們持續密切關注歐洲市場的趨勢，以觀察在多年需求低迷後，隨著各國政府開始推動具針對性的經濟刺激方案，市場是否出現穩定跡象。我們預期，這些刺激方案帶來的任何經濟復甦，將在未來期間對我們合資企業的營業利益產生正面影響，尤其是在德國。我們全資子公司 NTIC 中國的銷售改善趨勢亦持續。2026 財政年度第二季 NTIC 中國淨銷售額增加 18.5% 至 440 萬美元，顯示該地區需求強勁。

Furthermore, given that the majority of NTIC's China sales are for domestic Chinese consumption, we believe NTIC China -- China's exposure to US tariffs is limited. We expect demand in China will continue to improve in fiscal 2026, helping to support higher incremental sales and profitability in this market. We believe that China will likely become a significant market for our industrial and bioplastic segments. So we will continue to take steps to enhance our operations in this geography.

此外，鑑於 NTIC 在中國的銷售多數用於中國境內消費，我們認為 NTIC 中國對美國關稅的曝險有限。我們預期 2026 財政年度中國需求將持續改善，有助於支撐該市場更高的增量銷售與獲利能力。我們相信中國很可能成為我們工業與生物塑膠業務的重要市場。因此，我們將持續採取措施以強化在該地區的營運。

Now moving on to ZERUST Oil & Gas. ZERUST Oil & Gas sales were $2.7 million, a second-quarter record and increased 72.1% from the same period last year. This growth reflects the investments we've made in our global sales infrastructure and the increasing adoption of our VCI solutions within the global oil and gas industry.

接下來談 ZERUST 油氣業務。ZERUST 油氣銷售額為 270 萬美元，創第二季新高，較去年同期增加 72.1%。此成長反映我們在全球銷售基礎建設上的投資，以及全球油氣產業對我們 VCI 解決方案的採用度提升。

A highlight of increasing ZERUST oil and gas adoption includes the three-year contract with an estimated total value of approximately $13 million we announced in November 2025 and for a major offshore project with a leading global EPC company.

ZERUST 油氣採用度提升的一項亮點，包括我們於 2025 年 11 月宣布、估計總價值約 1,300 萬美元的三年期合約，該合約係與一家全球領先的 EPC 公司合作、用於一項大型離岸專案。

We expect this project to ramp throughout the current fiscal year and continue through calendar 2028. This is a significant validation of our engineering capabilities the scalability of our ZERUST Oil and Gas business and the reputation we've built as a trusted partner to leading offshore operators. Brazil represents one of the fastest-growing deepwater markets globally, and we believe this win provides a strong foundation for continued growth and expansion across international oil and gas markets.

我們預期該專案將在本財政年度逐步放量，並持續至 2028 年曆年。這是對我們工程能力、ZERUST 油氣業務可擴展性，以及我們作為領先離岸營運商可信賴合作夥伴所建立聲譽的重要驗證。巴西是全球成長最快的深水市場之一，我們相信此次得標為我們在國際油氣市場持續成長與擴張奠定了堅實基礎。

During the second quarter, we also experienced higher year-over-year oil and gas sales in the Middle East, North America, India and China from both new and existing customers, reflecting the contribution of recent investments we've made to enhance our sales team and add resources to support future growth.

在第二季，我們也在中東、北美、印度與中國，來自新舊客戶的油氣銷售年對年增加，反映我們近期為強化銷售團隊並增添資源以支援未來成長所做投資的貢獻。

This has improved our sales pipeline and the size and number of opportunities have expanded. Our pipeline includes global opportunities to protect above-ground oil storage tanks, pipeline casings and offshore oil rigs from corrosion.

這已改善我們的銷售管線，機會的規模與數量均有所擴大。我們的管線包含全球性的機會，可用於保護地上原油儲槽、管線套管與離岸鑽油平台免於腐蝕。

The nature of this industry will always cause certain fluctuations in ZERUST Oil and gas sales Nevertheless, we still expect to see serious oil and gas sales and profitability improved significantly in fiscal 2026 as we continue to leverage these investments and rain in operating expense growth.

此產業的特性將一向導致 ZERUST 油氣銷售出現一定波動。儘管如此，隨著我們持續運用這些投資並抑制營運費用成長，我們仍預期 2026 財政年度油氣銷售與獲利能力將顯著改善。

Turning to our Natur-Tec Bioplastics business. Second-quarter Natur-Tec sales were $5.4 million, representing an 8.1% year-over-year increase in (inaudible) sales. We continue to pursue several larger opportunities in North America and India for our Natur-Tec solutions that we believe holds significant promise to benefit our sales in the coming quarters, including advancing the compostable food packaging solution we mentioned on prior calls.

接著談我們的 Natur-Tec 生物塑膠業務。第二季 Natur-Tec 銷售額為 540 萬美元，代表（聽不清）銷售年對年增加 8.1%。我們持續在北美與印度尋求數個較大型的 Natur-Tec 解決方案機會，我們相信這些機會具相當潛力，可在未來幾季帶動銷售成長，其中包括推進我們在先前電話會議中提及的可堆肥食品包裝解決方案。

Overall, we believe Natur-Tec is a best-in-class compostable plastic business that is well positioned for significant future growth in the United States and abroad, and we expect sales to continue to expand throughout the year. Before I turn the call over to Matt, I want to acknowledge the hard work and dedication of our global team of both employees and joint venture partners, our success and our ability to navigate more complex economic periods are in direct results of their efforts.

總體而言，我們認為 Natur-Tec 是同級最佳的可堆肥塑膠業務，在美國及海外皆具備實現顯著未來成長的良好定位，並且我們預期銷售將在全年持續擴張。在我把電話會議交給 Matt 之前，我想先肯定我們全球團隊（包含員工與合資夥伴）的辛勤付出與投入；我們的成功以及在更複雜的經濟時期中仍能順利因應，都是他們努力的直接成果。

With this overview, let me now turn the call over to Matt Wolsfeld to summarize our financial results for the fiscal 2026 second quarter.

在此概述之後，接下來我把電話會議交給 Matt Wolsfeld，請他總結我們 2026 會計年度第二季的財務結果。

Thanks, Patrick. Compared to the prior fiscal year period, NTIC's consolidated net sales increased 15.3% in the fiscal 2026 second quarter, the strongest year-over-year growth rate we've achieved since fiscal 2022 because of the trends Patrick reviewed in his prepared remarks.

謝謝你，Patrick。與上一會計年度同期相比，NTIC 於 2026 會計年度第二季的合併淨銷售額成長 15.3%，這是我們自 2022 會計年度以來達成的最強年增率，原因在於 Patrick 在事先準備的發言中所提到的趨勢。

Sales across our global joint ventures increased 18.6% in the second quarter. Joint venture operating income in the second quarter increased 19.8% compared to the prior fiscal year period, primarily due to higher sales in our joint ventures.

我們全球合資企業的銷售在第二季成長 18.6%。第二季合資企業營業利益較上一會計年度同期增加 19.8%，主要是因為合資企業銷售提高。

Total operating expenses for the fiscal 2026 second quarter increased 7.7% to $9.5 million, primarily due to higher selling and general and administrative expenses partially offset by a reduction in research and development expenses.

2026 會計年度第二季的總營業費用增加 7.7% 至 950 萬美元，主要由於銷售費用及一般與行政費用增加，部分被研發費用下降所抵銷。

Operating expenses as a percentage of second-quarter sales were 43.2% compared to 46.2% in the prior fiscal year period. We expect quarterly sales to grow faster than operating expenses as we continue to leverage recent investments and upgrades across our global operations. Gross profit as a percentage of net sales was 35.7% during the three months ended February 28, 2026, compared to 35.6% during the prior fiscal year period.

第二季營業費用占銷售額比重為 43.2%，相較於上一會計年度同期的 46.2%。隨著我們持續發揮近期在全球營運上的投資與升級效益，我們預期季度銷售成長速度將快於營業費用。截至 2026 年 2 月 28 日止三個月，毛利率（占淨銷售額比重）為 35.7%，相較於上一會計年度同期的 35.6%。

Higher gross margin for the second quarter was primarily due to the increase in sales. We expect gross margin to improve sequentially during fiscal 2026. As a reminder, during the second quarter of last fiscal year, NTIC recognized $1.1 million in other income due to the receipt of a onetime cash employee retention credit payment.

第二季毛利率較高主要是因為銷售增加。我們預期 2026 會計年度毛利率將逐季改善。提醒各位，上一會計年度第二季，NTIC 因收到一次性的現金員工留任抵免款而認列 110 萬美元的其他收益。

No other income was recognized in this fiscal year second quarter. NTIC reported a net loss of $35,000 or $0.00 per share for the fiscal 2026 second quarter compared to a net income of $434,000 or $0.04 per diluted share for the fiscal 2025 second quarter.

本會計年度第二季未認列任何其他收益。NTIC 於 2026 會計年度第二季報告淨損 3.5 萬美元（每股 0.00 美元），相較於 2025 會計年度第二季淨利 43.4 萬美元（稀釋後每股 0.04 美元）。

For the fiscal 2026 second quarter, NTIC's non-GAAP adjusted net income was $70,000 or $0.01 per diluted share compared to a non-GAAP adjusted net loss of $300,000 or a loss of $0.03 per diluted share for the fiscal 2025 second quarter. A reconciliation of GAAP to non-GAAP financial measures is available in our second-quarter fiscal 2026 earnings press release that was issued this morning.

2026 會計年度第二季，NTIC 的非 GAAP 調整後淨利為 7 萬美元（稀釋後每股 0.01 美元），相較於 2025 會計年度第二季的非 GAAP 調整後淨損 30 萬美元（稀釋後每股虧損 0.03 美元）。GAAP 與非 GAAP 財務衡量指標之調節表，已收錄於我們今早發布的 2026 會計年度第二季盈餘新聞稿中。

As of February 28, 2026, working capital was $20.2 million, including $5.6 million in cash and cash equivalents compared to $20.4 million, including $7.3 million in cash and cash equivalents as of August 31, 2025. As of February 28, 2026, we had outstanding debt of $14.3 million. This included $11.3 million in borrowings under our existing revolving line of credit, compared to $12.2 million as of August 31, 2025.

截至 2026 年 2 月 28 日，營運資金為 2,020 萬美元，其中包含 560 萬美元的現金及約當現金；相較於截至 2025 年 8 月 31 日的 2,040 萬美元（其中包含 730 萬美元的現金及約當現金）。截至 2026 年 2 月 28 日，我們的未償還債務為 1,430 萬美元。其中包括在既有循環信用額度下的借款 1,130 萬美元，相較於截至 2025 年 8 月 31 日的 1,220 萬美元。

Reducing debt through positive operating cash flow and improving working capital efficiencies is a strategic focus for fiscal 2026 and beyond. On February 28, 2026, the company had $29.7 million of investments in joint ventures, of which 51.8% or $15.4 million was in cash, with the remaining balance primarily invested in other working capital. In January 2026, NTIC's Board of Directors declared a quarterly cash dividend of $0.01 per common share payable on February 11, 2026, to stockholders of record on January 28, 2026.

透過正向營運現金流降低負債並提升營運資金效率，是 2026 會計年度及未來的策略重點。截至 2026 年 2 月 28 日，公司在合資企業的投資為 2,970 萬美元，其中 51.8%（即 1,540 萬美元）為現金，其餘餘額主要投資於其他營運資金項目。2026 年 1 月，NTIC 董事會宣告每股普通股 0.01 美元的季度現金股利，於 2026 年 2 月 11 日支付給 2026 年 1 月 28 日登記在冊的股東。

To conclude our prepared remarks, we believe our second-quarter results demonstrate the continued strength and resilience of our business, led by strong year-over-year sales growth and improving year-to-date profitability, while the macro environment remains uncertain, we are encouraged by the underlying trends across our business and the momentum we are seeing across our operations.

在結束我們事先準備的發言時，我們認為第二季結果展現了我們業務持續的強勁與韌性，主要由年增銷售強勁成長以及年初至今獲利能力改善所帶動。儘管總體環境仍不確定，我們仍對業務各面向的基本趨勢以及營運所展現的動能感到鼓舞。

As we move through the balance of fiscal 2026, we expect revenue growth to increase -- increasingly translates to improved profitability, supported by operating leverage, disciplined expense management and continued focus on working capital efficiencies and debt reduction. We believe these factors position us well to navigate near-term macro uncertainty while driving stronger financial performance and cash flow generation over time.

隨著我們走過 2026 會計年度剩餘期間，我們預期營收成長將提升——並且將日益轉化為獲利能力的改善，這將受惠於營運槓桿、嚴謹的費用管理，以及持續聚焦於營運資金效率與降低負債。我們相信這些因素使我們能夠在短期總體不確定性下順利因應，同時隨時間推進帶動更強的財務表現與現金流創造。

With this overview, Patrick and I are happy to take your questions.

以上概述後，Patrick 和我很樂意回答各位的問題。

(Operator Instructions) Timothy Clarkson, Van Clemens.

（接線員指示）Timothy Clarkson，Van Clemens。

Obviously, a really good quarter revenues-wise. -- earnings are quite there. But maybe you can talk a little bit about the investments that have been made over the last year or so and the -- if you think the investments have -- are worthwhile.

顯然，就營收而言這是一個非常好的季度。——但獲利還沒有完全跟上。不過也許你們可以談談過去一年左右所做的投資，以及——你們是否認為這些投資——是值得的。

Yeah. I mean, I'd say there's kind of what I'll call the long-term investment and the short-term investments. I mean, the immediate investments that we made over the past two years are the -- it was really the hiring of a lot of people and starting with the new subsidiaries that we have in the UAE, specifically to view with the oil and gas opportunities there. And we have seen success from that entity part of what has fueled the oil and gas revenue increase has been some of the revenues that we have achieved in the Middle East.

是的。我的意思是，我會說大致可分為我所稱的長期投資與短期投資。我們在過去兩年所做的即期投資，主要是——確實是大量招募人員，並從我們在阿聯酋的新子公司開始，特別是為了掌握當地的油氣機會。我們已經看到該實體帶來的成果；推動油氣營收增加的一部分，來自我們在中東所取得的一些營收。

If I look at kind of the breakout of oil and gas revenue, I think part of the expectation was that the increase was due to the Brazil contract, which is true. But we're really looking at, let's say, a non-Brazil increase this quarter of about 85% compared to second quarter last year and a Brazil oil and gas increase of about 5% and this year compared to Q2 of last year.

如果我看油氣營收的拆分，我認為部分預期是成長來自巴西合約，這確實如此。但我們實際上看到的是：本季非巴西部分的增幅約為 85%，相較於去年第二季；而巴西油氣部分的增幅約為 5%，相較於去年第二季。

So the growth that we're seeing in oil and gas is not localized to Brazil. It's happening based on opportunities in North America, in the Middle East, and other regions. So we certainly get the sense that we're starting to get traction in that area from the investments that we've made over the past two years.

因此，我們在油氣領域看到的成長並不僅限於巴西。它是基於北美、中東及其他地區的機會而發生。所以我們確實感覺到，過去兩年所做的投資正開始在該領域帶來進展。

So at this point in time, we're happy with those investments. We're kind of at a point now with oil and gas where it's a transition from the work that we've been doing behind the scenes to really focusing on closing business and adding revenue to the top line that will ultimately slow down to an earnings per share standpoint.

因此就目前而言，我們對這些投資感到滿意。我們在油氣方面正處於一個轉換點：從過去在幕後所做的工作，轉向真正聚焦於成交並把營收加到營收端，最終也將從每股盈餘的角度帶來改善。

The other investments, key investments that we've made are -- will come through the investment section, the cash flow over the past couple of years where you look at purchasing and building next door and making improvements in that building and adding both warehousing capability and manufacturing capability to our facility, which helped us maintain the gross margins on the new products that we have, so we don't have to outsource and can essentially achieve better gross margins on those products.

我們所做的其他投資、關鍵投資——將反映在過去幾年的投資活動現金流項目中；也就是你會看到我們購置並在隔壁興建（或擴建），並對該建物進行改善，為我們的設施增加倉儲能力與製造能力，這有助於我們維持新產品的毛利率，讓我們不必外包，並且基本上能在這些產品上取得更好的毛利率。

So we spent about $4 million plus on that facility and bringing in some manufacturing capabilities here. And additionally, over the past two years, we implemented a new SAP system, which certainly has been a little bit more painful to deal with.

因此，我們在那座設施以及把一些製造能力引進到這裡方面，總共花了大約400萬美元以上。另外，在過去兩年裡，我們導入了一套新的SAP系統，坦白說，處理起來確實比較痛苦一些。

But long term, I think the data that we're getting on an SAP system and the way that we will be able to kind of integrate things worldwide with the kind of how the company has set up with the subsidiaries around the world and joint ventures, it's going to give us much better data to be able to grow from a total global company perspective.

但從長期來看，我認為我們從SAP系統取得的資料，以及我們能夠在全球範圍內整合各項事務的方式——配合公司在全球各地的子公司與合資企業的架構——將會提供我們更好的數據，讓我們能從整體全球化公司的角度來成長。

So those are really the three main investments we've made over the past two years, I think although a lot of them have been, I'll say, difficult and certainly added to operating expense over the past two years. I think that's really what's going to fuel the company for the coming three to five years.

所以我想，這就是我們在過去兩年所做的三項主要投資；雖然其中很多我會說是困難的，而且確實在過去兩年增加了營運費用。但我認為，這些才是真正能在未來三到五年推動公司的動能。

Right, right. Now obviously, China is doing really well. I mean, there was some concern that as they transition to electric cars, there wouldn't be very much demand for zero. So it looks like there's still plenty of demand for 0 electric cars or not.

對，對。那很明顯，中國表現得非常好。我的意思是，之前有人擔心他們轉向電動車之後，對ZERUST的需求會不會不大。所以看起來不管是不是電動車，對ZERUST的需求仍然很充足。

Yeah, China has done well, surprisingly well. They're transitioning -- if I look back at kind of where we were selling in China, when we established this subsidiary in 2014, '15, '16 compared to where we are now, there's been, I'd say, a little bit of a transition between supplying the, let's say, the US-based or European-based automotive company is to now focusing on supplying for domestic consumption, which is good given kind of the volatility of what happens in China from an expectation standpoint.

是的，中國做得很好，出乎意料地好。他們正在轉型——如果我回頭看我們在中國的銷售情況，當我們在2014、2015、2016年成立這家子公司時，跟現在相比，我會說供應結構有一些轉變：從供應給以美國或歐洲為基地的汽車公司，轉為更聚焦於供應國內消費；考量到中國在預期層面上的波動性，這樣的轉變是好事。

So a lot of the increases that we've seen in China have been for domestic consumption of the ZERUST product which is very positive from our standpoint.

因此，我們在中國看到的許多成長，都是來自於國內對ZERUST產品的消費；從我們的角度來看，這是非常正面的。

Right. One last question. Just on -- in general, on the R&D end. I mean, are there any -- is the R&D spend, particularly on ZERUST type products or on the compostable stuff or some of both? Are there some new emerging technologies coming from all the R&D spending?

了解。最後一個問題。就是——一般來說，在研發端。我的意思是，研發支出是否主要用在ZERUST類型產品、可堆肥材料，或兩者都有？在這些研發投入之下，有沒有一些新興技術正在出現？

The textiles, which in particular, we're very positive on what's what happen in the packaging sector. (inaudible) estimate the bit in the next 6 to 12 months.

紡織品這一塊，特別是我們對包裝領域接下來的發展非常看好。（聽不清）我們預估在未來6到12個月會有一些進展。

Okay. And that was, what, creating the compostable packaging that doesn't allow moisture in, right?

好的。那是——也就是在做那種不讓水氣進入的可堆肥包裝，對吧？

It is right.

是的，沒錯。

Right. That's -- no one else has that product, right?

了解。那個——沒有其他人有那個產品，對吧？

Right.

對。

All right. I'm done. I mean, obviously, the -- well, one last question I'll ask it is, I mean, is there still -- I mean, historically, Northern Tech would net 10% net add kind of optimum sales level. Is that still the goal of the company, 10% after tax?

好。我問完了。我的意思是，顯然——嗯，我再問最後一個問題：我的意思是，過去Northern Tech在某種最佳銷售規模下，淨利大概可以做到10%。這仍然是公司的目標嗎？稅後10%？

It's difficult to kind of look at it just from that standpoint of what the traditional net is because, obviously, the joint venture operating income that comes in is not included from a top line standpoint. And so I think the big difficulty we have in the company is if you look back at kind of the historical contributions from the joint venture, it was significantly higher.

如果只從傳統淨利率的角度來看，其實有點難，因為很明顯，合資企業帶進來的營業利益並不會在營收端（top line）反映出來。所以我認為公司面臨的一大難題是：如果回頭看合資企業過去的貢獻，其實顯著更高。

I mean, just looking at what we previously received from the German joint venture, that would be anywhere from $0.10, $0.12 per share per quarter coming in, where now you're looking at $0.05 or $0.06 per quarter coming in. So what we're seeing is that as we get back to getting opportunities, which we expect to see in Q3 and Q4, a significant increase in the earnings compared to Q1 and Q2.

我的意思是，光看我們以前從德國合資企業收到的，單季每股大概會有0.10到0.12美元進來；而現在你看到的是每季大概0.05到0.06美元。所以我們看到的是，當我們重新獲得一些機會——我們預期在第三季和第四季會看到——相較於第一季和第二季，獲利會有顯著提升。

It's really a matter of how the nation business, the oil and gas business and the industrial businesses that we have, how are those really kind of offsetting some of the declines we've seen from the difficulties that the German joint venture, specifically dealing with the German economy.

這真的取決於我們的nation業務、油氣業務以及工業業務，這些業務在多大程度上能抵消我們因德國合資企業的困境（特別是德國經濟狀況）所看到的一些下滑。

They've done a good job of with what they're dealing with, given the difficulties with energy prices and things like that in Germany specifically. But it's really a matter of getting the income from the new businesses and seeing those take off to really augment or would have been kind of a decline in Germany.

就他們所面對的情況而言，他們做得不錯，尤其是在德國能源價格等因素帶來的困難之下。但關鍵還是在於讓新業務帶來的收益進來，並看到它們起飛，才能真正補強、或彌補德國那邊原本可能出現的下滑。

Okay. Well, great. The revenue growth is already showing, so that's good. So I am done.

好的。那很棒。營收成長已經顯現出來了，所以這是好事。那我就問到這裡。

Jake Patterson, Talanta Investment Group.

Jake Patterson，Talanta Investment Group。

Just a couple of quick ones. First off, on gross margin. I know you guided for sequential expansion and are continuing to guide for that. We saw a margin kind of flattish, even down slightly quarter over quarter, it looks like a lot of that was from Natur-Tec. I know one of the weaker margins we've seen in at least the last couple of years.

我有幾個很快的問題。首先，關於毛利率。我知道你們指引是毛利率將逐季擴張，而且目前仍維持這個指引。但我們看到毛利率有點持平，甚至看起來季對季略微下滑，其中很大一部分似乎來自Natur-Tec。我知道這是至少過去幾年裡我們看到較弱的一次毛利率。

So I was kind of curious maybe what happened there and the outlook for the second half going forward on that margin?

所以我有點好奇那邊可能發生了什麼事，以及下半年往後對那個毛利率的展望如何？

Well, there's a lot of different factors that have kind of impacted Natur-Tec, I'd say, over the past if we look back four or five quarters. It's historic -- it's going to be a more volatile gross margin. The reason for the volatility is twofold. One is you have kind of fluctuating input prices from the materials that we're using.

嗯，有很多不同因素在過去——如果回頭看四到五個季度——影響了Natur-Tec。從歷史來看，它的毛利率會比較波動。波動的原因有兩個。第一是我們使用的材料，其投入價格會有波動。

And two, a bigger component of that is that we're doing global manufacturing for the Natur-Tec residents. And so there's been a lot of impact from the tariffs and the change in tariffs that we have in place.

第二，而且是更大的因素，是我們在為Natur-Tec樹脂做全球製造。因此，關稅以及我們所適用的關稅變動，帶來了很大的影響。

So when we were focus more on manufacturing in China. And there was some volatility with Parisar. We saw some increases in the increases. We're now set up where we're going to use up very quickly where we're able to be manufacturing in China, in Vietnam, in India and longer term looking for some North American manufacturing capabilities for Natur-Tec.

所以當我們更專注於在中國製造時，而且Parisar那邊也有一些波動，我們看到一些上升——一些增加。我們現在的布局是：很快會用完我們能在中國製造的產能，同時也能在越南、印度製造；長期來看，也在尋找Natur-Tec在北美的製造能力。

The other component to the gross margin is the selling price. And we certainly have seen that the Natur-Tec end products it is a competitive environment, and we certainly are seeing that the companies we're dealing with are deal with raises and margins.

毛利率的另一個構成因素是售價。我們確實看到Natur-Tec終端產品所處的是競爭環境，而且我們也確實看到我們合作的公司正在面對成本上升與利潤壓力。

And at times, we have had to decrease price to remain competitive in some of those larger bids. So certainly, the goal is to move forward in selling more of the proprietary resins compared to the end products that are in the more competitive space.

有時候，為了在一些較大型的投標案中保持競爭力，我們不得不降價。所以我們的目標當然是，往前推動更多自有配方樹脂的銷售，而不是那些處於更競爭市場的終端產品。

But ultimately, there's just a lot of input factors to what impacts the gross profit for Natur-Tec specifically. Certainly, the goal is to hold it, hold the in gross margin and increased margin as much as possible. It's just sometimes difficult depending on the region.

但歸根究柢，影響Natur-Tec毛利的投入因素很多。我們的目標當然是盡可能維持毛利率並提升毛利率。只是有時候會因地區不同而變得困難。

Okay. Still on the margin side, I mean, ZERUST, I mean, just looking at the oil and gas mix relative to last year, I mean, it's 500 basis points higher and gross margins down year over year there. Is that still any impact from that supplier issue you guys had in the first quarter as doesn't really seem like as much improvement as I would have thought.

好的。還是在毛利率這一塊，我是說，ZERUST，我是說，單看油氣產品組合相較去年，我是說，高了500個基點，但那邊的毛利率卻年對年下滑。這還是第一季你們提到的供應商問題所造成的影響嗎？因為看起來改善幅度沒有我原本以為的那麼大。

Yeah, we did continue to have the impact on inventory and the impact from suppliers as we talked about in Q1 and kind of the carry over to Q2 the other difficulty we have, it hasn't impacted us from a second-quarter standpoint, is what's going to happen in Q3 and Q4 given what's going on with energy prices and polyethylene prices and things like that worldwide.

是的，我們確實持續受到庫存以及供應商端影響，正如我們在第一季所談到的，並且某種程度延續到第二季。另一個我們面臨的困難是——它在第二季的角度尚未影響到我們——但考量到全球能源價格、聚乙烯價格等情況，第三季與第四季會發生什麼。

We've dealt with this before whether during cobot or whether during other time periods. But we do our best to pass through increases in raw material prices to customers as much as possible. But certainly, we're seeing an increase in some of the main base materials that go into our polyethylene-based products. So it's certainly something to kind of watch out for in Q3 and Q4.

我們以前也遇過這種情況，不論是在 cobot 期間或其他時期。但我們會盡最大努力，盡可能把原物料價格上漲轉嫁給客戶。不過可以確定的是，我們看到一些用於聚乙烯基產品的主要基礎材料正在上漲。所以這確實是第三季與第四季需要留意的事情。

Yeah. So all that is down and I think razor prices 60% or so. So that should be interesting to see. I guess one last one. You just mentioned that the Middle East contributed to some of your oil and gas revenue growth, and they were up, I think, like 80% or something year over year.

了解。所以那些都在下跌，我想剃刀價格大概跌了60%左右。所以看看會怎麼發展應該會很有意思。我想最後一個問題。你剛提到中東對你們油氣營收成長有貢獻，而且年對年成長好像有80%之類的。

When you go look at your investor presentation, you guys I think you break out the geographies for ZERUST oil and gas, and it only lists Brazil and North America, at least as of November or our fiscal '25 year. So I was kind of curious -- I mean, it sounded like there was some Middle East revenue from that geography last year, but I'm assuming it's a minute like pretty minimal at this point.

當我去看你們的投資人簡報時，我記得你們有把 ZERUST 油氣的地理區域拆分出來，但至少截至11月或你們2025會計年度，只列了巴西和北美。所以我有點好奇——聽起來去年那個地理區域有一些中東營收，但我猜目前應該只是很小一部分、相當有限。

I mean, I wouldn't say it's minimal. I mean, if I look at kind of what they did, we previously were selling to some of these Middle East opportunities as far as with larger contracts with British Petroleum, in Georgia and some other areas like that.

我不會說它很小。我是說，如果我看他們的表現，我們之前確實有在一些中東機會上銷售，例如與英國石油（British Petroleum）在喬治亞以及其他一些地區的大型合約。

We've historically since sold to Reliance in India. And these sales were happening through North America. Now we're doing is pushing some of these opportunities to be more localized in that area because they're better set up to serve that region.

我們過去也一直有賣給印度的 Reliance。而這些銷售原本是透過北美來進行。我們現在做的是把其中一些機會推向當地化，讓它們更在地，因為那邊的配置更適合服務該區域。

So it's kind of a -- those previously were going through North America. I think kind of going forward, once the once the subsidiary in the UAE, it's fully up and running fully functional and operating completely independently, will break out the revenues for that area in the investor presentation.

所以這有點像——先前那些是透過北美走的。我想未來，一旦阿聯酋的子公司全面啟動、完全具備功能並且能夠完全獨立運作，我們就會在投資人簡報中把該區域的營收拆分揭露出來。

The other thing that's kind of changed is we are using the (inaudible) network that we have in place to go after the oil and gas opportunity. I mentioned specifically opportunities in India. There's opportunities in China, certainly the subsidiary in Brazil.

另外一個改變是，我們正在利用我們已建立的（聽不清）網絡去爭取油氣機會。我特別提到印度的機會。中國也有機會，當然還有巴西的子公司。

These are all areas where we want to go after oil and gas opportunities with those subsidiaries. Some of them are also bringing in and hiring people that specialize in the oil and gas space to be able to go after those opportunities there.

這些都是我們希望透過那些子公司去爭取油氣機會的地區。其中一些也正在引進並聘用專精油氣領域的人才，以便在當地爭取這些機會。

So we'll establish kind of regional hub in Asia as we talked about in the Middle East, it's a sense Ultimately, we're looking to push those oil and gas products out through all the subsidiaries that we have to take advantage of that network that we spent so long to build up.

因此我們會在亞洲建立某種區域樞紐，正如我們在中東所談到的那樣；從整體來看，最終我們希望透過我們所有的子公司把這些油氣產品推向市場，以充分利用我們花了很長時間建立起來的那個網絡。

Got you. No, that makes sense. Cool fares. That's it for me. I appreciate it.

了解。不，這很合理。很好。我這邊就到這裡。謝謝你。

Gus Richard, Northland Capital Markets.

Gus Richard，Northland Capital Markets。

Yeah. I kind of want to focus on the impact of the war you guys reported the last quarter or the last quarter ended before the war started. -- there's been a lot of change in the world. And I'm first curious is that changing regional demand in terms of where companies or countries or regions are getting more active or less active?

是的。我想聚焦在你們上季提到的戰爭影響——而你們上一季結束時其實還在戰爭開始之前。——世界已經發生很多變化。我首先好奇的是，這是否正在改變區域需求，也就是哪些公司、國家或地區變得更活躍或較不活躍？

I guess there's a bunch of different impacts from what's happening kind of across the board. You've got the very, very up and close impact where the individuals that we have with a subsidiary in Dubai are getting array irons and our locked in place and told not to go out at various times, and they're seen, they're seeing this first hand.

我想，整體來看，正在發生的事情帶來了很多不同層面的影響。你有非常、非常直接且近距離的影響：我們在杜拜子公司的員工會收到空襲警報，被要求在某些時段不得外出，他們是親身在第一線看到這些情況。

And so a lot of the areas where they're going to sell products and do installations and things like that are unlocked down. But you do have the opportunity that with some of the infrastructure that's been essentially blown up.

因此，他們原本要去銷售產品、做安裝等工作的許多地區都被封鎖或封控。但同時也存在機會，因為有些基礎設施基本上已被炸毀。

You are going to have opportunities where there's rebuilding and where there's different things going on and increased spending in those areas where they're going to need some gross protection and things like that. So there's a very direct impact from those things.

你將會看到重建的機會，以及在那些地區發生的各種不同事情與支出增加；他們會需要一些防蝕保護之類的產品。所以這些事情帶來非常直接的影響。

Then you have kind of the secondary impact of what's happening with the supply chain, energy price and things like that with what's going on in the straight and what's going on kind of -- from a relationship standpoint, which is causing energy prices increase, which is causing raw material prices to increase, which is obviously impacting not just NTIC, but certainly all the joint ventures and the subsidiaries.

接著是次級影響，也就是供應鏈、能源價格等方面——與海峽局勢以及某種程度上關係面的變化有關——這導致能源價格上升，進而推升原物料價格，這顯然不只影響 NTIC，也同樣影響所有合資企業與子公司。

On top of that, you've got subsidiaries that I'd say are further away, takers in Brazil, where they potentially have supply constraints from the standpoint of the product needs to be shipped. The raw material products need to be shipped there. There's potentially shortages of the product.

除此之外，你還有一些我會說距離更遠的子公司，例如巴西那邊，他們可能在供應面臨限制，因為產品需要運輸。原物料也需要運到那裡。產品可能會出現短缺。

We're not seeing shortages of products in North America. It's -- the prices are going up, but we're not seeing shortages, but we're looking at certain regions around the world where they're potentially seeing we're they're running the issues of even having raw materials in place to be able to make the product, which is different than just seeing price increases.

我們在北美沒有看到產品短缺。價格確實在上漲，但我們沒有看到短缺；不過我們正在觀察全球某些地區，他們可能正面臨甚至連原物料都無法到位、以致無法生產產品的問題，這就不只是價格上漲而已。

And so there's a lot of different ways where -- what's going on in the Middle East of what's going on with the war is kind of impacting the company. But certainly, it's certainly a concern, but we have -- I think we're in a position where we're able to deal with those issues.

因此，中東正在發生的事情、戰爭的情況，會以很多不同方式影響公司。這當然令人擔憂，但我認為我們目前處於能夠應對這些問題的位置。

If I look at kind of what's happening in Brazil, we had a conversation in Brazil that was kind of a supply line -- we're fortunate that we have other subsidiaries and other entities around the world that could potentially be able to meet the -- meet those customers in Brazil if their demand and provide product to them.

如果我看巴西那邊的情況，我們曾與巴西進行過一次對話，內容有點像供應線——我們很幸運，因為我們在全球還有其他子公司與其他實體，可能可以滿足——滿足巴西客戶的需求並向他們供貨。

So we're not sole sourced in areas. It allows us flexibility. It allows us the ability to pick and choose what we want to go after and have options as far as picking lowest-cost suppliers, things like that.

所以我們不是在各地都只有單一來源。這讓我們更有彈性。也讓我們能夠選擇要追求哪些機會，並在選擇最低成本供應商等方面擁有選項。

Got it. And then so you've got increase in input prices. Is that -- are you able to pass that increase on to your customers? How how are you adjusting to higher input costs? And how receptive are your customers today or contractually?

了解。接著你提到投入成本上升。那麼——你們能把這些上升轉嫁給客戶嗎？你們如何因應更高的投入成本？以及目前客戶在接受度上或在合約條款上是怎麼樣的？

Well, the good thing that we have is that one, we have initially when things pick up, we did build up inventory a little bit. We're doing our best to hold prices where we can, but we also don't want to be in a situation like what we had in COVID, where we reacted too slowly and ultimately, we did raise prices for like 6 months, and we had issues.

嗯，我們的好處是，第一，當景氣開始回升時，我們一開始確實把庫存稍微拉高了一點。我們會盡力在可行的地方維持價格，但我們也不希望重演 COVID 時的情況——當時我們反應太慢，最後我們連續大概 6 個月調漲價格，並且遇到一些問題。

So we're kind of in a -- we're in a situation where we're monitoring prices we are looking at raising prices where we can, specifically when we are selling custom-made products that is based off of the price that we pay, it's easy to push that increase on the customers.

所以我們現在有點——我們處在一個會持續監控價格的狀態；在可行的地方我們也在評估調價，特別是當我們銷售客製化產品時，價格是依據我們的採購成本而定，因此把這些上升轉嫁給客戶相對容易。

The other benefit that you have is it's not like this is an anomaly where the customer is going to understand what's going on from an international standpoint from aerogel pricing standpoint. I mean, they see what's happening at the gas pump specifically, they can read and hear what's happening from the supply chain and prices going up.

另外一個好處是，這並不是什麼異常狀況，客戶也能理解從國際面、從氣凝膠（aerogel）定價的角度正在發生什麼。我的意思是，他們尤其在加油站就能看到發生了什麼，也能從供應鏈的消息中讀到、聽到價格正在上漲。

And so it net come in and explain as they look, the price of polyethylene has increased from by $0.20. This is how your price of our product is increasing and why. And so it's a matter of walking the customers through it and explaining what's happening, but we can certainly point to very clear data that shows exactly how long our input prices are increasing and that certainly helps us passing those increases on to customers and an increased final price of the gas.

因此我們可以進去跟他們說明：你看，聚乙烯的價格上漲了 0.20 美元；這就是我們產品價格會如何上調、以及原因。所以重點在於帶著客戶一步步理解並解釋正在發生的事；而且我們確實可以提出非常明確的數據，清楚顯示我們的投入成本上升了多少、上升了多久，這也確實有助於我們把這些上升轉嫁給客戶，並反映在最終價格上。

Got it. And then you talked about operating leverage. Does the operating leverage come from holding OpEx flat and rising revenue? Or is there an opportunity to trim your OpEx and a little color there would be helpful.

了解。接著你提到營運槓桿。營運槓桿是來自於把營業費用（OpEx）維持持平、同時營收上升嗎？還是有機會再精簡一些 OpEx？如果能補充一些細節會很有幫助。

The goal from -- the goal from a leveraging standpoint is to increase revenue. And if we kind of look forward right now with the backlog that we have and the projects that we have, the expectations are that our third and fourth quarter will be significantly better than first and second quarter. We've historically had very strong third and fourth quarter from a revenue standpoint. And I would expect that trend to continue.

從槓桿的角度來看，我們的目標是提升營收。如果我們看目前的在手訂單（backlog）以及手上的專案，預期第三、第四季會明顯優於第一、第二季。從歷史來看，我們第三、第四季在營收面向一直都很強。我也預期這個趨勢會延續。

Second quarter is historically not every second quarter, but traditionally, our second quarters are our slowest quarter from a revenue standpoint. The reason why revenues look good in the second quarter this year is because second quarter last year was was down so much. It was such a bad quarter last year from a comparative standpoint.

第二季在歷史上——不是每一年都如此，但傳統上我們第二季通常是營收最慢的一季。今年第二季看起來不錯，是因為去年第二季基期非常低。從比較基期來看，去年那一季真的很差。

But given where we're at from a backlog and expected projects, we had to close, third and fourth quarter should really show, I think, how the company is going to back on track from an earnings standpoint and a profitability standpoint where we can see how we're going to utilize that leverage and push as many gross margin dollars to the bottom line as possible. So holding OpEx flat or as low as possible is certainly the objective cutting expenses at this point in time.

但以目前的在手訂單與預期要結案的專案來看，第三、第四季應該會真正展現——我認為——公司如何在獲利與盈利能力上回到正軌；屆時我們也能看到如何運用這個槓桿，盡可能把更多毛利金額推到最終損益。因此，把 OpEx 維持持平或盡可能低當然是目標；現階段的重點就是控制／削減費用。

Okay. Got it. And then the last one for me, just looking at the balance sheet, cash has declined last 5 quarters in a row or net cash, right, has declined here and debt has increased, the cash has kind of stayed the same.

好。了解。最後一題，我看資產負債表，現金已經連續 5 個季度下滑，或者說淨現金（net cash）在下降，而負債增加；現金本身大致維持差不多。

And I just want to understand what was driving that decline was the investments in the business and sort of what's the plan to get cash back to a better place, can you (inaudible) some of the cash in some of the JVs, for example? Any thoughts there?

我想了解造成下降的原因是對業務的投資嗎？以及讓現金回到更健康水位的計畫是什麼？例如，能不能（聽不清）把一些合資企業（JV）裡的現金提回來？你們有什麼想法？

Yeah. There's kind of a three-pronged approach. One is certainly to bring back from a dividend standpoint, cash at the subsidiaries and at the JV level to help increased the amount of cash we have here and ultimately get the credit.

是的。大致上有三管齊下的做法。第一，當然是從股利的角度，把子公司與合資層級的現金以股利方式匯回，來增加我們這邊的現金水位，並最終改善信用狀況。

The number one thing that we need to do is we need to increase earnings. If you look back quarter by quarter what we're doing from an earnings standpoint, it's -- you're not going to be able to build your cash back. Obviously, in fiscal '25, we virtually no earnings. The last time in fiscal '24, we generated $0.60 a share, which helped from a cash standpoint.

我們最需要做的第一件事，是提升獲利。如果你逐季回頭看我們的獲利表現——以目前這樣——你是沒辦法把現金累積回來的。很明顯，在 2025 會計年度，我們幾乎沒有獲利。上一次在 2024 會計年度，我們每股賺了 0.60 美元，這對現金面有幫助。

But obviously, everything we did in 2005 from an earnings standpoint hurt us, a big component to our income is the equity income, which obviously isn't cash coming in, it's the dividends that come in from the equity income that ultimately get you there. And so the goal is to increase earnings, which is, I think, what you're going to see in Q3 and Q4, which will help pay down the debt. The other item is investing section from a cash flow standpoint.

但很明顯，我們在 2005 年在獲利面所做的一切對我們造成了傷害；我們損益的一大部分來自權益法投資收益（equity income），而那顯然不是現金流入，真正進來的是由權益法收益所帶來的股利，最終才會反映到現金。因此目標是提升獲利；我認為你會在第三季與第四季看到這點，這也將有助於償還債務。另一項則是現金流量表中的投資活動部分。

We've made -- I kind of explained earlier in the call, we made significant investments in P&E items as far as the building next door and the SAP system that we had cash out the door to fund the actual investments that we're going to be making from a cash flow standpoint, over the next few years is going to be significantly smaller than we've done in the past two years.

我們已經做了——我在電話會議前面也稍微說明過——我們在不動產、廠房及設備（P&E）項目上做了相當大的投資，例如隔壁那棟建物，以及 SAP 系統；我們確實有現金支出來資助這些實際投資。從現金流角度來看，未來幾年我們要投入的金額，將會比過去兩年小得多。

And I think that's going to ultimately -- that's also going to significantly put more cash back on the books. So I think the trend is going to start kind of Q3 and Q4. We work on reducing the debt exposure.

我認為這最終——也會顯著讓更多現金回到帳上。所以我認為這個趨勢大概會從第三季、第四季開始。我們也會著手降低負債曝險。

I'm showing no further questions. I would now like to turn the call back to management for closing remarks.

我這邊顯示沒有其他問題。現在我想把電話會議交回管理層做結語。

I just want to thank everybody for coming good morning and with you today.

我只想感謝大家今天早上撥空參與，並與我們一同出席。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。