菲利普莫里斯國際 (PM) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Philip Morris International Inc. 2024 Third Quarter Results Conference Call.

歡迎參加菲利普莫里斯國際公司 2024 年第三季業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, James Bushnell, Vice President of Investor Relations and Financial Communications.

現在我想將會議交給今天的發言人、投資者關係和金融傳播副總裁詹姆斯布希內爾 (James Bushnell)。

Please go ahead.

請繼續。

Welcome.

歡迎。

Thank you for joining us.

感謝您加入我們。

Earlier today, we issued a press release containing detailed information on our 2024 third quarter results.

今天早些時候，我們發布了一份新聞稿，其中包含有關 2024 年第三季業績的詳細資訊。

The press release is available on our website at pmi.com. A glossary of terms, including the definition for smoke-free products as well as adjustments, other calculations, and reconciliations to the most directly comparable US GAAP measures for non-GAAP financial measures cited in this presentation are available in Exhibit 99.2 to the company's Form 8-K dated on today's date and on our Investor Relations website.

新聞稿可在我們的網站 pmi.com 上取得。本簡報中所引用的術語表，包括無菸產品的定義以及與最直接可比較的美國公認會計原則(US GAAP) 衡量標準對非公認會計準則(non-GAAP) 財務衡量標準的調整、其他計算和調節，可在公司表格的附錄99.2 中找到。

Today's remarks contain forward-looking statements and projections of future results.

今天的言論包含前瞻性陳述和對未來結果的預測。

I direct your attention to the forward-looking and cautionary statements disclosure in today's presentation and press release for a review of the various factors that could cause actual results to differ materially from projections or forward-looking statements.

我請您注意今天的簡報和新聞稿中揭露的前瞻性和警示性聲明，以審查可能導致實際結果與預測或前瞻性聲明有重大差異的各種因素。

It is now my pleasure to introduce Emmanuel Babeau, our Chief Financial Officer.

現在我很高興向大家介紹我們的財務長 Emmanuel Babeau。

Over to you, Emmanuel.

交給你了，伊曼紐。

Thank you, James, and welcome, everyone.

謝謝詹姆斯，歡迎大家。

Following an excellent first half, we delivered another outstanding performance in Q3.

繼上半年的出色表現之後，我們在第三季度再次取得了出色的表現。

All key elements of the business performed at or above expectations, driving strong double-digit organic top and bottom-line growth, margin expansion, and a significant acceleration in adjusted diluted earnings per share growth in dollar terms.

該業務的所有關鍵要素均達到或高於預期，推動了強勁的兩位數有機頂線和底線增長、利潤率擴張以及以美元計算的調整後攤薄每股收益增長的顯著加速。

As expected, both IQOS and ZYN accelerated on a sequential basis.

如預期，IQOS 和 ZYN 均較上季加速。

IQOS delivered a significant step-up in HTU-adjusted IMS volume in Q3, which is historically a quarter impacted negatively by seasonality.

IQOS 在第三季經 HTU 調整後的 IMS 銷量顯著增加，從歷史上看，這是一個受到季節性負面影響的季度。

This reflects the strong underlying momentum of the business with adjusted IMS close to plus 15% ahead versus prior year with another very strong performance from Japan, reaccelerating momentum in Europe and promising results from a number of global markets.

這反映了該業務強勁的潛在勢頭，調整後的 IMS 較去年增長了近 15%，其中日本的表現再次非常強勁，歐洲的勢頭重新加速，以及許多全球市場的可喜業績。

With ZYN, we continued our efforts to increase US production capacity in response to strong demand, enabling stabilization of share performance, followed by sequential improvement throughout the quarter.

透過 ZYN，我們繼續努力提高美國產能，以應對強勁的需求，從而實現股價表現的穩定，隨後整個季度實現環比改善。

This led to a significant increase in sequential US volumes with over 40% year-on-year growth despite capacity constraints.

儘管產能有限，這導緻美國銷量較上月大幅成長，年增超過 40%。

Outside the US, nicotine pouch can volumes grew by close to 70%.

在美國以外，尼古丁袋裝罐銷量成長了近 70%。

Our combustible business also accelerated to high single-digit net revenue and gross profit growth, led by further very strong pricing, resilient volume, and the benefit of our cost actions.

在進一步非常強勁的定價、有彈性的銷售以及我們的成本行動的好處的帶動下，我們的可燃業務也加速達到高個位數的淨收入和毛利潤增長。

Our overall Q3 performance epitomizes the soundness of our strategy with underlying momentum across categories with strong volumes, pricing and smoke-free mix supported by cost efficiency measures.

我們第三季的整體業績反映了我們策略的穩健性，在成本效率措施的支持下，各個類別的潛在勢頭強勁，銷售、定價和無菸組合都表現強勁。

With double-digit growth in both adjusted operating income and diluted earnings per share in currency-neutral and dollar terms, we are raising our full year guidance.

由於調整後的營業收入和按貨幣中性和美元計算的稀釋每股收益均實現兩位數增長，我們正在上調全年指導。

Turning now to the headline financials for Q3.

現在轉向第三季的主要財務數據。

We delivered excellent organic revenue growth of plus 11.6% driven by shipment volume growth of plus 2.9%, positive smoke-free category mix and pricing.

在出貨量成長 2.9% 以上、積極的無菸品類組合和定價的推動下，我們的有機收入成長了 11.6% 以上。

The combination of this positive top line performance with the additional favorable smoke-free mix impact on profit and ongoing cost efficiencies enable us to achieve growth of plus 13.8% in organic operating income and plus 18% in currency-neutral adjusted diluted earnings per share.

這種積極的營收業績與無菸混合對利潤和持續成本效率的額外有利影響相結合，使我們能夠實現有機營業收入增長 13.8% 以上，貨幣中性調整後稀釋每股收益增長 18% 以上。

This excludes an unfavorable currency impact of $0.06, notably due to weakness in the Egyptian pound, Argentine peso, and the strong Swiss franc, partly offset by the Japanese yen.

這不包括 0.06 美元的不利貨幣影響，主要是由於埃及鎊、阿根廷比索疲軟和瑞士法郎走強（部分被日圓抵消）。

Despite the currency headwind, our proactive measures on pricing and accelerated cost initiatives drove plus 11.2% dollar growth in adjusted operating income and plus 14.4% dollar growth in adjusted diluted earnings per share to a record $1.91. This better-than-expected earnings delivery reflects IQOS and ZYN shipment volume at the higher end of our expectation and a very strong combustible performance.

儘管存在匯率逆風，但我們在定價方面採取的積極措施和加速成本舉措推動調整後營業收入增長 11.2%，調整後攤薄每股收益增長 14.4%，達到創紀錄的 1.91 美元。這一好於預期的獲利交付反映出 IQOS 和 ZYN 的出貨量處於我們預期的較高水平，可燃性表現非常強勁。

In addition, we benefited from a lower net financing cost including increased interest income as well as mark-to-market gains on derivatives that we use to manage the currency profile of our debt driven by interest rate volatility.

此外，我們受益於較低的淨融資成本，包括利息收入的增加以及衍生性商品的以市價計價的收益，我們利用衍生性商品來管理利率波動所驅動的債務的貨幣狀況。

Combined with an excellent H1, this yields an impressive plus 17.2% year-to-date currency-neutral growth in adjusted diluted earnings per share with double-digit organic top line growth and 190 basis points of organic operating income margin expansion.

加上上半年的出色表現，調整後稀釋每股收益實現了令人印象深刻的17.2% 的年初至今的貨幣中性增長，以及兩位數的有機營收增長和190 個基點的有機營業利潤率擴張。

Including currency, we delivered adjusted earnings per share growth of close to plus 8%, which is a testament to our continued focus on delivering strong performance in dollar terms.

包括貨幣在內，我們的調整後每股盈餘成長接近 8%，證明了我們繼續致力於以美元計算實現強勁業績。

Let's turn to the Q3 financial performance by category with both sides of the business producing excellent results.

讓我們以類別來看第三季的財務表現，業務雙方都取得了優異的成績。

Smoke-free net revenue and gross profit grew organically by plus 16.8% and plus 20.2%, respectively, driving 200 basis points of gross margin expansion.

無菸淨收入和毛利分別有機成長+16.8%和+20.2%，帶動毛利率擴張200個基點。

This reflects a robust IQOS performance in the quarter, including manufacturing productivities as well as the continued accretion of ZYN and a small but growing contribution from VEEV.

這反映了本季 IQOS 的強勁表​​現，包括製造生產力以及 ZYN 的持續成長以及 VEEV 的雖小但不斷成長的貢獻。

Smoke-free gross margins were more than 450 basis points higher than combustible in Q3 and more than 200 basis points higher year-to-date.

第三季度，無菸毛利率比可燃毛利率高出 450 個基點以上，今年迄今高出 200 個基點以上。

Combustible net revenue and gross profit growth accelerated to almost plus 9% organically.

可燃淨收入和毛利潤有機成長加速至近 9%。

Combustible gross margin improved by plus 10 basis points organically and by plus 20 basis points in dollar terms marking the second quarter of expansion following a challenging 2023.

可燃毛利率有機提高了+10個基點，以美元計算則提高了+20個基點，標誌著繼充滿挑戰的2023年後第二季的擴張。

We continue to target combustible gross margin expansion for the year in organic and dollar terms as cost pressure, including the impact of the EU single-use plastics directive are more than offset by pricing and ongoing cost initiatives.

我們繼續以有機和美元計算的今年可燃毛利率擴張為目標，因為成本壓力（包括歐盟一次性塑膠指令的影響）被定價和持續的成本措施所抵消。

Focusing now on volumes.

現在關注數量。

We are well on track for our fourth consecutive year of volume growth.

我們預計連續第四年實現銷售成長。

Our business delivered a remarkable performance of around plus 3% total shipment growth both in Q3 and year-to-date, with all categories and all four regions growing over both periods.

我們的業務在第三季和今年迄今的總出貨量成長了約 3% 左右，表現出色，所有類別和所有四個地區在這兩個時期都實現了成長。

Q3 HTU-adjusted adjusted IMS growth of plus 14.8% reflect the underlying dynamism of our IQOS business with a continued strong performance in Japan and a reacceleration in Europe as expected.

第三季經 HTU 調整後的 IMS 成長超過 14.8%，反映了我們 IQOS 業務的潛在活力，在日本持續強勁表現，在歐洲如預期重新加速。

Q3 HTU shipments of 35.3 billion units were at the upper end of our expectation with the superior adjusted in-market sales growth compared to shipments due to shipment phasing as highlighted in H1.

第三季 HTU 出貨量為 353 億台，處於我們預期的上限，與上半年強調的出貨階段相比，調整後的市場銷售成長優於出貨量。

Our oral smoke-free business grew Q3 shipment volumes by plus 22.2%, with ZYN powering US growth of plus 41.4% and very strong international performance.

我們的口腔無菸業務第三季出貨量成長了 22.2%，ZYN 推動了美國成長 41.4%，國際業績也非常強勁。

Our VEEV e-vapor business exhibited continued volume momentum in the quarter reaching the equivalent of 1.2 billion units on year-to-date basis.

我們的 VEEV 電子煙業務在本季度表現出持續的銷售勢頭，年初至今達到 12 億件。

Q3 cigarette shipments grew by plus 1.3%, outpacing the total estimated international cigarette industry, excluding China and the US at plus 0.5%.

第三季捲菸出貨量成長了 1.3%，超過了國際捲菸產業（不包括中國和美國）的成長 0.5%。

The unusually resilient industry performance this year reflects growing volume in markets where smoke-free products are not permitted, such as Turkey, India, and Brazil, alongside a reduction in illicit volumes in a number of markets driven partly by geopolitical factors.

今年產業表現異常堅韌，反映出土耳其、印度和巴西等不允許使用無菸產品的市場銷售量不斷成長，同時部分市場的非法銷售量在地緣政治因素的推動下有所減少。

Our growth includes notable contribution from Turkey, India, and Italy and reflects good category share performance despite robust pricing.

我們的成長包括土耳其、印度和義大利的顯著貢獻，反映了儘管定價強勁，但類別份額表現良好。

Our exceptional Q3 revenue performance reflected our three structural pillars of top line growth, volume, pricing, and smoke-free mix shift.

我們出色的第三季營收表現反映了我們的三大結構性支柱：營收成長、銷售、定價和無菸組合轉變。

Building on our very robust volume growth, pricing contributed plus 7.5 points of growth.

基於我們非常強勁的銷售成長，定價貢獻了 7.5 個百分點的成長。

This was powered by strong combustible pricing of plus 9.7%, plus 3% pricing for IQOS HTUs and a notable contribution from ZYN.

這得益於 9.7% 的強勁可燃物定價、IQOS HTU 3% 的定價以及 ZYN 的顯著貢獻。

The positive mix impact of our smoke-free business delivered plus 1.4 points despite the strong growth of combustible given the higher net revenue per unit of both IQOS and ZYN.

儘管可燃業務強勁成長，但考慮到 IQOS 和 ZYN 的單位淨收入較高，我們的無菸業務的正面組合影響仍增加了 1.4 個百分點。

As in prior quarters, geographic mix was negative but to a lesser degree, as growth stepped up in Europe and the US The year-to-date net revenue drivers were very similar with double-digit organic top line growth built on positive volumes, smoke-free category mix of more than plus 2 points and strong pricing.

與前幾季一樣，隨著歐洲和美國的成長加快，地域組合出現負成長，但程度較輕。免費品類組合加2分以上，定價強勢。

Turning to operating income.

轉向營業收入。

We delivered impressive Q3 organic margin expansion of plus 90 basis points and plus 110 basis points in dollar terms.

我們第三季的有機利潤率令人印象深刻，成長了 90 個基點，以美元計算則增加了 110 個基點。

Gross margin increased organically by 80 basis points and by plus 70 basis points in dollar terms.

毛利率有機成長了 80 個基點，以美元計算則增加了 70 個基點。

This was again driven by our higher-margin smoke-free business, pricing and ongoing productivity savings across the value chain.

這再次受到我們利潤率較高的無菸業務、定價和整個價值鏈持續生產力節省的推動。

Moving now to SG&A.

現在轉向SG&A。

Despite the planned step-up in commercial activity, our organic cost evolution was essentially in line with top line growth with plus 40 basis points of margin expansion in adjusted dollar terms, supported by cost efficiency actions.

儘管計劃加強商業活動，但我們的有機成本演變基本上與營收成長一致，在成本效率行動的支持下，以調整後的美元計算，利潤率擴大了 40 個基點。

As previously communicated, we target an organic increase in SG&A below the rate of net revenue growth for the year while still supporting our smoke-free expansion with continued commercial investments.

如同先前所傳達的，我們的目標是 SG&A 有機成長低於當年淨收入成長率，同時仍透過持續的商業投資支持我們的無菸擴張。

We delivered an incremental $180 million in gross cost efficiencies in Q3, reaching almost $490 million year-to-date with initiatives notably focused on manufacturing and back office costs.

第三季度，我們的總成本效率增加了 1.8 億美元，年初至今已達到近 4.9 億美元，其中主要針對製造和後台成本的措施。

While only the first year, we are progressing nicely towards our '24, '26 target of $2 billion in gross savings.

雖然只是第一年，但我們正在順利實現「24、26 年總節省 20 億美元」的目標。

On a year-to-date basis, our adjusted operating income margin evolution was also very positive with plus 190 basis point organic expansion and plus 40 basis points in dollar terms.

年初至今，我們調整後的營業利潤率演變也非常積極，有機擴張增加了 190 個基點，以美元計算增加了 40 個基點。

We are well set to meet our full year objective of expansion on both bases.

我們已做好充分準備，以實現這兩個基地的全年擴張目標。

Turning now to our IQOS business, which is celebrating the 10-year anniversary of its first launches in Japan and Italy.

現在談談我們的 IQOS 業務，該業務正在慶祝其在日本和義大利首次推出 10 週年。

IQOS is the world's leading smoke-free product, generating over $10 billion in annual net revenues.

IQOS 是世界領先的無菸產品，年淨收入超過 100 億美元。

Notwithstanding the incredible growth and success of the brand over that time, there is a very substantial growth runway over the coming years as more of the world's 1 billion legal-age smokers switch to better alternatives.

儘管該品牌在這段時間內取得了令人難以置信的增長和成功，但隨著全球10 億法定年齡吸煙者中越來越多的人轉向更好的替代品，未來幾年還將有非常可觀的增長。

Indeed, robust growth continued this year.

事實上，今年的強勁成長仍在繼續。

We spoke last quarter about our expectation for a strong H2 delivery with continued user growth momentum supported by our commercial programs, including events to celebrate the 10-year milestone.

上季度我們談到了我們對強勁的 H2 交付的期望，以及我們的商業計劃（包括慶祝 10 週年里程碑的活動）支持的持續用戶增長勢頭。

As expected, Q3 momentum accelerated with plus 14.8% year-on-year growth in HTU-adjusted IMS and a very substantial sequential step-up of 1.8 billion units versus Q2, which is especially impressive in a quarter that is typically negatively impacted by seasonality.

正如預期的那樣，第三季度勢頭加速，經HTU 調整後的IMS 同比增長14.8%，與第二季度相比連續大幅增長18 億台，這在通常受到季節性負面影響的季度中尤其令人印象深刻。

This reflects a return to double-digit growth in Europe, a continued excellent trajectory in Japan and a further acceleration from our global markets.

這反映了歐洲恢復兩位數成長、日本持續良好的發展軌跡以及我們全球市場的進一步加速。

We expect further strong growth in Q4.

我們預計第四季將進一步強勁成長。

The success of IQOS is built on technology, commercial capabilities, brand building and innovation on both devices and consumables.

IQOS 的成功建立在技術、商業能力、品牌建立以及設備和耗材的創新之上。

Following the successful launch of the IQOS ILUMA i device in Japan earlier this year, we are expanding the rollout to more markets, including Italy, Greece, Portugal, Romania, and Switzerland.

繼今年稍早在日本成功推出 IQOS ILUMA i 設備後，我們正在將其推廣範圍擴大到更多市場，包括義大利、希臘、葡萄牙、羅馬尼亞和瑞士。

Focusing now on IQOS in Europe.

現在重點關注歐洲的 IQOS。

I am pleased to report a Q3 reacceleration in adjusted in-market sales growth to plus 11.3% following a slower Q2 progression.

我很高興地報告，繼第二季成長放緩之後，第三季調整後的市場銷售成長再次加速，達到 11.3%。

This includes the resumption of growth in markets passing through the adjustment phase of the characterizing flavor ban.

這包括經歷特色風味禁令調整階段的市場恢復成長。

The majority of EU HTU volume is now covered by the ban, and we observe a return to robust growth in markets such as Greece, Romania, and Portugal.

目前，歐盟 HTU 銷量的大部分已被禁令覆蓋，我們觀察到希臘、羅馬尼亞和葡萄牙等市場恢復了強勁成長。

Following the stronger-than-expected initial impact in Q2, we are pleased to report positive volume momentum in Italy.

繼第二季強於預期的初步影響之後，我們很高興地報告義大利的積極銷售勢頭。

This was supported by the launch of recent HTU variants, including our mainstream-priced offering DELIA and tobacco-free LEVIA jointly accounting for close to 7% of Italy's HTU offtake three months from launch.

這得歸功於最近推出的 HTU 變體，包括我們的主流價格產品 DELIA 和無菸 LEVIA，在推出三個月後合計佔義大利 HTU 銷售量的近 7%。

In addition, we see excellent momentum in markets such as Germany, Spain, and the UK and increasingly balanced growth across markets overall regardless of IQOS penetration.

此外，我們看到德國、西班牙和英國等市場的良好勢頭，無論 IQOS 滲透率如何，整個市場的成長都日益平衡。

Regional Q3 adjusted HTU share was up by 0.8 points year-on-year to 9.5% and modestly lower sequentially due to the typical impact of seasonally higher combustible volume in the summer.

第三季調整後的區域 HTU 份額年增 0.8 個百分點，達到 9.5%，由於夏季可燃物量季節性增加的典型影響，環比略有下降。

HTU adjusted IMS volumes reached 13.2 billion units on a four-quarter moving average maintaining our high share of the category with robust sequential growth.

HTU 調整後的 IMS 銷量以四個季度移動平均數計算，達到 132 億台，保持了我們在該類別中的高份額，並實現了強勁的環比增長。

Looking at our key city offtake shares in Europe, we see continued rapid progress in a large number of cities.

看看我們在歐洲主要城市的承購份額，我們看到許多城市持續快速成長。

An increasing number are posting growth of over 2 points year-on-year, which is the most meaningful comparison given seasonal factors.

越來越多的公司年增超過2個百分點，考慮到季節性因素，這是最有意義的比較。

Particular callouts include Budapest, Athens, Bratislava, Bucharest, London, and Amsterdam.

具體標註包括布達佩斯、雅典、布拉迪斯拉發、布加勒斯特、倫敦和阿姆斯特丹。

Turning now to Japan.

現在轉向日本。

We delivered our eighth consecutive quarter of double-digit progression with adjusted HTU IMS growth of plus 14%, reaching 10.9 billion units on a four-quarter moving average.

我們連續第八個季度實現兩位數成長，調整後的 HTU IMS 成長超過 14%，以四個季度移動平均數計算，達到 109 億台。

Our commercial programs continue to drive meaningful results with innovation on devices and consumables propelling a plus 3.2-point market share increase to 29.8% in Q3 and surpassing the landmark of 30% in September.

我們的商業計劃繼續透過設備和耗材創新推動取得有意義的成果，推動第三季市佔率增加 3.2 個百分點，達到 29.8%，並超過 9 月 30% 的里程碑。

This includes the impact of the IQOS ILUMA i device which was launched in Q1 and delivered enhanced consumer satisfaction.

這包括 IQOS ILUMA i 設備的影響，該設備於第一季推出並提高了消費者滿意度。

As shown on the previous slide, IQOS HTU offtake shares in key cities such as Tokyo continue to advance rapidly.

如上一張投影片所示，IQOS HTU 在東京等重點城市的承購份額持續快速推進。

We have previously flagged that Tokyo offtake share for the overall heat-not-burn category reached 50% earlier this year.

我們先前曾指出，今年早些時候，東京整體加熱不燃燒類別的承購份額達到了 50%。

This is also now true in eight cities overall, including Yokohama, Kawasaki, Sendai, and Fukuoka with several other rapidly approaching the same milestone.

現在，橫濱、川崎、仙台和福岡等八個城市的情況也是如此，其他幾個城市也正在迅速接近同一里程碑。

This is clearly a positive sign of the enduring growth potential in a market with already high penetration.

這顯然是一個正面的訊號，顯示這個滲透率已經很高的市場具有持久的成長潛力。

Taking a more global view, we continue to see very good growth across a number of global markets as highlighted by key city offtake shares.

從更全球化的角度來看，我們繼續看到許多全球市場的良好成長，主要城市的承購份額突顯了這一點。

These includes cities in Saudi Arabia, Mexico, and Egypt where Cairo reached close to 10% share.

其中包括沙烏地阿拉伯、墨西哥和埃及的城市，其中開羅的份額接近 10%。

Offtake share of more than 5% in Jakarta is indicative of the strong acceleration in Indonesia as we continue our geographic and portfolio expansion, including a growing offer of clove TEREA HTU variants.

雅加達超過 5% 的承購份額表明，隨著我們繼續擴大地域和產品組合（包括不斷增加丁香 TEREA HTU 變體的供應），印尼市場的強勁增長。

Finally, I would like to call out duty-free, where the ongoing travel recovery, combined with the strength of our multi-category portfolio, delivered dynamic growth with ZYN and VEEV increasingly offered alongside IQOS.

最後，我想提一下免稅店，持續的旅行復甦，加上我們多類別產品組合的實力，帶來了動態增長，ZYN 和 VEEV 越來越多地與 IQOS 一起提供。

Moving now to ZYN.

現在轉向 ZYN。

The number one US smoke-free brand continues to see very strong underlying momentum.

美國排名第一的無菸品牌繼續保持著非常強勁的潛在勢頭。

As flagged previously, we are working to progressively increase our production volumes, and this was reflected in a sequential acceleration to 149 million cans shipped in Q3.

正如先前所指出的，我們正在努力逐步增加產量，這反映在第三季出貨量連續加速至 1.49 億罐。

As we continued working through this supply constraints, ZYN's category share stabilized and then resumed growth on a sequential basis through the quarter despite a further $0.15 per can list price increase taken at the start of September.

隨著我們繼續解決供應限制問題，儘管 9 月初每罐標價進一步上漲了 0.15 美元，但 ZYN 的品類份額穩定下來，並在整個季度恢復了環比增長。

We continue to expect shipments to match consumer demand at some point during the fourth quarter.

我們仍然預計第四季度的某個時候出貨量將與消費者需求相符。

While gauging the level of underlying demand is not an exact science in the current circumstances, our promotional and commercial activity has naturally been lower as we prioritize meeting existing consumer needs over growing the legal-age user base from other nicotine categories.

雖然在當前情況下衡量潛在需求水平並不是一門精確的科學，但我們的促銷和商業活動自然較低，因為我們優先考慮滿足現有消費者的需求，而不是擴大其他尼古丁類別的法定年齡用戶群。

With ongoing efforts to increase our US production capacity to around 900 million cans for the full year of 2025 and significant expansion beyond 2025 from our planned new facility in Colorado, we believe we are well positioned to capture ZYN's potential over the coming years.

透過不斷努力，在2025 年全年將我們的美國產能提高到約9 億罐，並在2025 年之後從我們計劃的科羅拉多州新工廠大幅擴張，我們相信我們已做好充分準備，在未來幾年抓住ZYN 的潛力。

We remain committed to driving industry standards in under-21 prevention with policies and initiatives designed to prevent youth access.

我們仍致力於透過旨在防止青少年接觸的政策和舉措，推動 21 歲以下兒童預防的行業標準。

Our robust US marketing code prohibits social media influencers, and we refuse requests for such partnership.

我們嚴格的美國行銷準則禁止社群媒體影響者，並且我們拒絕此類合作夥伴的請求。

All our own product websites use age verification technology, and we partner with WeCard and TruAge to support age restriction checks for retail sales.

我們自己的所有產品網站都使用年齡驗證技術，我們與 WeCard 和 TruAge 合作支援零售銷售的年齡限制檢查。

Overall, we are encouraged by the result of our efforts, which I'll come back to.

總體而言，我們對我們的努力感到鼓舞，我將稍後再談。

Combating trade in illicit tobacco and nicotine products remain a top priority, and we dedicate a significant level of resources to support these efforts.

打擊非法菸草和尼古丁產品交易仍然是首要任務，我們投入大量資源來支持這些努力。

We have strong governance and supply chain control in place, and we take appropriate action where necessary, including limiting and/or terminating sales to certain customers in both the online and traditional trade, and we are continuously improving these control measures.

我們擁有強有力的治理和供應鏈控制，並在必要時採取適當行動，包括限制和/或終止線上和傳統貿易中向某些客戶的銷售，並且我們正在不斷改進這些控制措施。

We also closely monitor import of product, which may be illicit or infringing our patent and we are committed to act on our own or in conjunction with the authorities to prevent this product being illegally commercialized.

我們也密切監控可能非法或侵犯我們專利的產品進口，我們致力於自行或與當局聯合採取行動，防止該產品被非法商業化。

Our multi-category approach continues to gain momentum as we leverage the strength of our leading brands whilst expanding the reach of our smoke-free portfolio.

隨著我們利用領先品牌的實力，同時擴大無菸產品組合的覆蓋範圍，我們的多類別方法繼續獲得動力。

For nicotine pouches, we are focused on responsibly building the category with ZYN in international markets.

對於尼古丁袋，我們致力於在國際市場上與 ZYN 一起負責任地打造該品類。

Increasing category awareness and interest among legal-age nicotine users is driving positive traction in a growing number of geographies.

法定年齡尼古丁使用者的品類意識和興趣的提高正在越來越多的地區產生積極的吸引力。

We have increased ZYN's presence year-on-year to 30 markets, including the Philippines, Mexico, several European markets as well as within duty-free.

我們已將 ZYN 的業務逐年增加到 30 個市場，包括菲律賓、墨西哥、幾個歐洲市場以及免稅市場。

Despite still limited distribution in some markets, we see continued strong traction in Mexico, Pakistan, South Africa, the UK, and duty-free.

儘管在一些市場的分銷仍然有限，但我們看到墨西哥、巴基斯坦、南非、英國和免稅市場的吸引力持續強勁。

The category also continues to grow robustly in Scandinavia.

該類別在斯堪的納維亞半島也繼續強勁增長。

E-vapor performance remained dynamic in Q3, and we reached profitability at product contribution level in September on the back of excellent volume momentum and cost of goods sold improvements.

第三季電子煙表現依然活躍，在出色的銷售動能和銷售成本改善的支持下，我們在 9 月實現了產品貢獻水準的獲利。

Europe is at the forefront, as closed pods continue to take share from disposable and we lead the category with our flagship VEEV ONE closed pod system in several markets, including Italy, Romania, and the Czech Republic.

歐洲處於領先地位，封閉式煙彈繼續搶佔一次性煙彈的份額，我們在意大利、羅馬尼亞和捷克共和國等多個市場憑藉旗艦產品 VEEV ONE 封閉式煙彈系統引領這一類別。

We are seeing good repeat purchase and regular usage within a competitive environment as we continue to build distribution and brand awareness.

隨著我們繼續建立分銷和品牌知名度，我們在競爭激烈的環境中看到了良好的重複購買和定期使用。

Outside Europe, we are investing behind VEEV for future profitability in a number of focused markets.

在歐洲以外，我們正在投資 VEEV，以實現許多重點市場的未來獲利能力。

We are underway with the first stage of our IQOS 3 consumer pilots in the US with the launch of our Be The First campaign in Austin, Texas.

我們正在美國進行 IQOS 3 消費者試點的第一階段，並在德克薩斯州奧斯汀啟動 Be The First 活動。

As explained previously, the focus is on adult consumer engagement, building awareness through category and brand education in legal-age smoker communities.

如前所述，重點是成年消費者的參與，透過在法定年齡吸煙者社區中進行類別和品牌教育來建立意識。

We do not anticipate any commercial volume in 2024.

我們預計 2024 年不會出現任何商業量。

The learnings from these pilots in Austin and other cities will be used to fine-tune our approach in anticipation of the at-scale launch of IQOS ILUMA where we continue to assume an FDA authorization in H2 2025.

從奧斯汀和其他城市的這些試點中獲得的經驗教訓將用於微調我們的方法，以預計 IQOS ILUMA 的大規模推出，我們將在 2025 年下半年繼續獲得 FDA 授權。

Finally, a brief comment on our wellness and health care business.

最後，簡要評論一下我們的健康和醫療保健業務。

As we disclosed in September, we have entered into an agreement to sell Vectura Group and expect the transaction to close by the end of the year.

正如我們在 9 月所披露的那樣，我們已簽訂出售 Vectura Group 的協議，預計交易將在今年年底前完成。

Our ownership of Vectura was important to develop the required skill and scientific expertise to advance our inhaled therapeutics pipeline.

我們擁有 Vectura 對於開發所需的技能和科學專業知識以推進我們的吸入治療產品線非常重要。

Significant progress has been made on this front.

這方面已經取得了重大進展。

However, given that Vectura-centric engagement and commercial CDMO relationship were being impacted by unwarranted opposition to PMI's ownership, we believe the overall future of Vectura will be better served under its new ownership.

然而，鑑於以 Vectura 為中心的參與和商業 CDMO 關係受到對 PMI 所有權的無理反對的影響，我們相信 Vectura 的整體未來在其新所有權下將得到更好的服務。

Together with the divestments, we announced the establishment of master service agreements to support the continued development of our inhaled therapeutics proprietary pipeline.

在撤資的同時，我們也宣佈建立主服務協議，以支持我們吸入療法專有管道的持續開發。

Our wellness and health care strategy continues, and we look forward to updating you on future developments, including launches of consumer wellness products.

我們的健康和醫療保健策略仍在繼續，我們期待向您通報未來的發展情況，包括推出消費者健康產品。

Moving now to combustibles, where our portfolio delivered a very strong financial performance.

現在轉向可燃物，我們的投資組合在該領域提供了非常強勁的財務表現。

Net revenue grew plus 8.6% driven by Q3 pricing of plus 9.7%.

在第三季定價上漲 9.7% 的推動下，淨收入成長了 8.6%。

This includes pricing taken during the quarter as we continue to focus on value maximization and was led by markets such as Egypt, Turkey, and Germany.

這包括本季採取的定價，因為我們繼續專注於價值最大化，並以埃及、土耳其和德國等市場為主導。

As covered earlier, this drove a very robust plus 8.7% increase in gross profit.

如前所述，這推動了毛利強勁成長 8.7%。

With better-than-expected pricing of plus 8.8% on a year-to-date basis, we now forecast full year pricing of plus 8% to plus 9%.

由於年初至今的定價優於預期+8.8%，我們現在預測全年定價為+8%至+9%。

Cigarette volumes were resilient as global industry trends remain benign.

由於全球產業趨勢保持良性，捲菸銷售量保持彈性。

As I touched on earlier, this can be largely attributed to markets where smoke-free products are not allowed or are early in their development as well as the impact of significant industry efforts and geopolitical factors on global illicit trade in a number of markets.

正如我之前提到的，這在很大程度上歸因於不允許使用無菸產品或尚處於發展早期的市場，以及重大行業努力和地緣政治因素對許多市場的全球非法貿易的影響。

Our cigarette category share grew by plus 0.1 points in Q3 and year-to-date.

我們的菸品類市佔率在第三季和年初至今成長了 0.1 個百分點。

Both Marlboro and our overall global brands achieved their highest quarterly share since the 2008 spin-off with the corresponding positive impact on value share.

萬寶路和我們的整體全球品牌都實現了自 2008 年分拆以來的最高季度份額，並對價值份額產生了相應的積極影響。

As announced last week, there has been some long-awaited progress towards resolution of the decades-old cigarette-related litigation claims in Canada.

正如上周宣布的那樣，加拿大數十年來與捲菸相關的訴訟索賠在解決方面取得了一些期待已久的進展。

Our Canadian affiliate RBH was deconsolidated in 2019 after entering the mediated CCAA process.

我們的加拿大附屬公司 RBH 在進入 CCAA 調解程序後於 2019 年解散。

The mediator's proposed plan would entail a settlement of around $23.5 billion for the industry, payable from cash and cash equivalents in Canada and future combustible profits in Canada.

調解員提出的計劃將需要為該行業提供約 235 億加元的和解，由加拿大的現金和現金等價物以及加拿大未來的可燃利潤支付。

The reconciliation of RBH's financial result after the plan is implemented, would be subject to the final term of the proposed plan and US GAAP.

該計劃實施後 RBH 財務表現的調節將取決於擬議計劃的最終期限和美國公認會計準則。

We estimate reconsolidation would be incremental to PMI cash and cash equivalents, cash flow and adjusted EBITDA, adjusted operating income and adjusted EPS numbers.

我們估計，重組將增加 PMI 現金和現金等價物、現金流量和調整後 EBITDA、調整後營業收入和調整後每股盈餘數字。

I direct you to last week's press release for further details.

我請您參閱上週的新聞稿以了解更多詳細資訊。

Moving now to sustainability.

現在轉向可持續發展。

We are making continued strong progress towards our product transformation targets, including on access to smoke-free products.

我們正在朝著產品轉型目標不斷取得強勁進展，包括取得無菸產品。

Our smoke-free products are now available in 92 markets, placing us on track for our aspiration of 100 by 2025.

我們的無菸產品現已銷往 92 個市場，這使我們有望實現 2025 年達到 100 個市場的目標。

As a reminder, there remain a notable number of markets where smoke-free products are not yet available due to regulatory constraints, which is the case of heated tobacco make up close to one-fifth of industry volume, excluding China, as covered at our Investor Day last year.

提醒一下，由於監管限制，仍有相當多的市場尚未推出無菸產品，加熱菸草佔行業銷售的近五分之一（不包括中國），如我們的報告所述。

We are also moving nicely towards our objective for low and middle-income countries to comprise over 50% of smoke-free product markets.

我們也正在順利實現低收入和中等收入國家佔據無菸產品市場 50% 以上的目標。

Our efforts to increase access to smoke-free products are specific to legal-age nicotine users and tackling underage nicotine use is a critical area of focus.

我們為增加無菸產品的取得而做出的努力專門針對法定年齡的尼古丁使用者，而解決未成年人尼古丁使用問題是一個關鍵的重點領域。

We are encouraged by the results of the US 2024 National Youth Tobacco survey, which reported youth usage of nicotine pouches remained very low at less than 2% with no statistically significant change year-on-year despite the strong growth of the overall category.

我們對美國 2024 年全國青少年菸草調查的結果感到鼓舞，該調查報告稱，儘管整體類別強勁增長，但青少年尼古丁袋的使用率仍然非常低，低於 2%，同比沒有統計上的顯著變化。

Such results can only be achieved through responsible stewardship of the category, and we are committed to continue driving standards in youth access prevention through a multi-stakeholder approach.

這些成果只能透過對該類別的負責任管理來實現，我們致力於透過多方利害關係人的方法繼續推動青少年接觸預防的標準。

Addressing our company's environmental impact is another key pillar of our sustainability strategy.

解決我們公司的環境影響是我們永續發展策略的另一個關鍵支柱。

We are working towards carbon neutrality in our direct operations including certification of all our manufacturing facilities as carbon neutral.

我們正在努力在直接營運中實現碳中和，包括對我們所有製造設施進行碳中和認證。

Year-to-date, we certified four additional sites, bringing us to a total of 52%.

今年迄今為止，我們又認證了四個站點，使總數達到 52%。

We have concrete plans for the remainder of our footprint in order to achieve the 100% aspiration by 2025.

我們對剩餘足跡制定了具體計劃，以便在 2025 年實現 100% 的願望。

Additionally, we are progressing with the Alliance for Water Stewardship standard certifying one additional factory year-to-date to place us at 86% against our goal of 100% by 2025.

此外，我們正在推進水管理聯盟標準，今年迄今又認證了一家工廠，使我們的目標實現到 2025 年達到 100%，達到 86%。

Combining our ongoing initiatives to address our environmental impact with robust and rigorous reporting processes, we believe we are well prepared for upcoming reporting requirements, including the EU Corporate Sustainability Reporting Directive.

將我們持續採取的解決環境影響的措施與穩健而嚴格的報告流程相結合，我們相信我們已經為即將到來的報告要求做好了充分準備，包括歐盟企業永續發展報告指令。

Okay.

好的。

Turning now to our outlook for the full year.

現在轉向我們對全年的展望。

Following this stronger-than-expected year-to-date performance, we are raising our full year volume organic sales growth, organic OI growth and bottom-line currency-neutral and US dollar forecasts.

繼今年迄今強於預期的業績表現之後，我們上調了全年銷售有機銷售成長、有機 OI 成長以及貨幣中性和美元的底線預測。

First to volumes, where we target record organic growth and increase our outlook to plus 2% to plus 3% total shipment progression.

首先是銷量，我們的目標是創紀錄的有機成長，並將總出貨量成長預期提高到+2%至+3%。

Within this, we continue to expect adjusted IMS HTU volume growth of around plus 13% and shipment volumes of around 140 billion.

其中，我們繼續預計調整後的 IMS HTU 銷量將成長約 13% 以上，出貨量約 1,400 億美元。

This forecast continues to assume an impact from the EU characterizing flavor ban of just over 2 billion units, and no volumes in Taiwan where we continue to await regulatory approval.

這項預測持續受到歐盟的影響，即歐盟的風味禁令數量略高於 20 億份，而台灣地區的銷售量則沒有，我們仍在等待監管部門的批准。

For US ZYN, we forecast shipment volume at the upper end of our prior guidance in the range of 570 million to 580 million cans reflecting the progress made on capacity expansion as well as continued strong demand.

對於美國 ZYN，我們預計出貨量將達到先前指引的上限，在 5.7 億至 5.8 億罐之間，反映了產能擴張所取得的進展以及持續強勁的需求。

Our outlook also factors in a robust combustible performance driven by a resilient total category as previously outlined.

我們的前景也考慮到由先前概述的彈性總體類別所驅動的強勁可燃性能。

Given the combination of strong volumes with accelerated pricing and continued smoke-free mix, we are increasing our forecast organic net revenue growth to around plus 9.5%.

鑑於強勁的銷售、加速的定價和持續的無菸混合，我們將預測的有機淨收入成長提高至 9.5% 左右。

This includes strong double-digit organic growth in smoke-free net revenue and should result in close to $15 billion in total for the year.

其中包括無菸淨收入強勁的兩位數有機成長，預計今年總收入將接近 150 億美元。

With the impact of this improved top line performance, coupled with IQOS and ZYN operating leverage, and further cost efficiencies, we now also raised our forecast adjusted organic OI growth to plus 14% to plus 14.5% for the year.

受營收績效改善的影響，加上 IQOS 和 ZYN 營運槓桿以及進一步的成本效率，我們現在也將今年調整後的有機 OI 成長預測上調至 + 14% 至 + 14.5%。

We continue to target adjusted gross margin expansion for both smoke-free products and combustibles and adjusted OI margin expansion for total PMI, all in both organic and dollar terms.

我們繼續以無菸產品和可燃產品的調整後毛利率擴張為目標，並以總 PMI 調整後的 OI 利潤率擴張為目標，所有這些均以有機和美元計算。

Accordingly, we are raising our forecast for currency-neutral adjusted diluted EPS growth to plus 14% to plus 15%, which also factors in lower-than-anticipated net financing cost including higher interest income.

因此，我們將貨幣中性調整後稀釋每股盈餘成長的預測上調至+14%至+15%，這也考慮到低於預期的淨融資成本，包括更高的利息收入。

This translates into a range of $6.45 to $6.51, including an unfavorable currency impact of $0.40 for the year at prevailing rates.

這相當於 6.45 美元至 6.51 美元的範圍，其中包括以現行匯率計算的今年 0.40 美元的不利貨幣影響。

The $0.06 increase in expected currency headwind largely reflects the same factors as Q3.

預期貨幣逆風增加 0.06 美元，很大程度上反映了與第三季相同的因素。

On a US dollar basis, this forecast represents very robust growth of approximately plus 7% to plus 8%.

以美元計算，這項預測代表著非常強勁的成長，約為 7% 至 8%。

As reflected in this forecast, we expect another robust delivery in Q4 despite a more challenging top line comparison on the mix of shipments between categories.

正如本預測所反映的那樣，儘管不同類別之間的出貨量組合的營收比較更具挑戰性，但我們預計第四季的出貨量將再次強勁。

We also target another quarter of adjusted growth and operating margin expansion including a planned increase in commercial investment behind our smoke-free brands.

我們也瞄準了另一個季度的調整後成長和營業利潤率擴張，包括計劃增加我們無菸品牌背後的商業投資。

Q4 net financing costs are likely to be sequentially higher notably given the mark-to-market benefit in Q3 from the volatility in interest rate markets I mentioned earlier.

考慮到我之前提到的第三季利率市場波動所帶來的市值計價的收益，第四季淨融資成本可能會顯著上升。

Our expectation for strong operating cash flow of around $11 billion for the year are unchanged.

我們對今年約 110 億美元強勁營運現金流的預期保持不變。

And factoring in the most recent currency move, we now target a 0.3, 0.4 times improvement in our net debt to adjusted EBITDA ratio in 2024.

考慮到最近的匯率走勢，我們現在的目標是到 2024 年將淨債務與調整後 EBITDA 比率提高 0.3 至 0.4 倍。

This places us well on track for our target ratio of around 2 times by the end of 2026, with buybacks to be considered subject to Board approval once we are within sight of this goal.

這使我們預計在 2026 年底之前實現約 2 倍的目標比率，一旦我們實現這一目標，回購將被視為需要董事會批准。

In conclusion, we delivered another outstanding quarter, reflecting the strong underlying momentum of our business, coupled with our proactive steps to support superior growth in dollar term.

總之，我們又實現了一個出色的季度，反映了我們業務強勁的潛在動力，以及我們支持美元強勁成長的積極措施。

We are delivering on all key metrics with best-in-class volume and pricing in addition to substantial margin expansion and earnings growth on both a reported and dollar basis.

除了按報告和美元計算的利潤率大幅擴張和獲利成長外，我們還以一流的銷售和定價實現所有關鍵指標。

We are raising our growth outlook for an exceptional 2024, with growth rates comfortably above our '24, '26 targets.

我們正在上調 2024 年的成長前景，成長率將遠高於我們的「24」和「26」目標。

While the industry dynamics affecting combustible volumes may be specific to 2024, the key drivers of our growth are both structural and sustainable.

雖然影響可燃量的產業動態可能只針對 2024 年，但我們成長的關鍵驅動力是結構性的和可持續的。

Legal-age smokers are looking for smoke-free alternatives, and we are building strong and profitable premium brands with IQOS, ZYN, and VEEV to lead the smoke-free category.

法定年齡吸菸者正在尋找無菸替代品，我們正在透過 IQOS、ZYN 和 VEEV 打造強大且盈利的優質品牌，以引領無菸類別。

As we continue our powerful smoke-free transformation, we have significant further opportunities both in the US and internationally.

隨著我們繼續進行強而有力的無菸轉型，我們在美國和國際上都擁有更多的重要機會。

Importantly, we raised our dividend in September for the 17th successive year, in line with our progressive policy.

重要的是，我們在 9 月連續第 17 年提高了股息，這符合我們的進步政策。

We retain a strong and growing cash generation profile, which enables both reinvestment in long-term growth and the capacity for substantial shareholder returns.

我們保持著強勁且不斷成長的現金產生能力，這使得我們能夠對長期成長進行再投資，並有能力為股東帶來豐厚回報。

Thank you very much for your attention, and we are now very happy to answer your questions.

非常感謝您的關注，我們現在很高興回答您的問題。

(Operator Instructions) Bonnie Herzog, Goldman Sachs.

（操作員指示）Bonnie Herzog，高盛。

All right.

好的。

Thank you.

謝謝。

Hi, Emmanuel.

嗨，伊曼紐爾。

Hope you are well.

希望你一切都好。

Good morning, Bonnie.

早上好，邦妮。

I have a question on IQOS.

我有一個關於 IQOS 的問題。

I wonder if you could maybe comment a little bit further on the expected volume trajectory for IQOS, shipment volume growth did decelerate to the high single-digit range in Q3 from double-digit history.

我想知道您是否可以進一步評論 IQOS 的預期銷售軌跡，第三季出貨量成長確實從兩位數歷史減速至高個位數範圍。

So I know there were some timing impacts and seasonality.

所以我知道存在一些時間影響和季節性影響。

But just could you maybe update us a little bit further on that in the quarter then maybe how that will reverse in Q4?

但您能否在本季進一步向我們介紹一下這一情況，然後在第四季這種情況將如何逆轉？

And then also hoping for more color on volume, IQOS volume that is, in East Asia, which has also decelerated just the drivers of that and whether you expect shipments to improve in the region in Q4?

然後還希望在東亞地區的銷量、IQOS 銷量上有更多的色彩，這也減緩了這一驅動因素，您是否預計第四季度該地區的出貨量會有所改善？

Sure, Bonnie, with pleasure, and you're giving me the opportunity to maybe be back on the fact that when you look at IQOS, I really urge you to watch at the in-market shares, the adjusted in-market sales, which is the best proxy we can have from consumer offtake.

當然，邦妮，很高興，你給了我機會，也許可以回到這樣一個事實，當你看 IQOS 時，我真的強烈建議你關注市場份額、調整後的市場銷售額，是我們可以從消費者購買中獲得的最佳代理商。

And on that indicator, the good news was the confirmation of the reacceleration that we were expecting, and we have been flagging the fact that we're expecting accelerated momentum on IQOS in H2.

就該指標而言，好消息是確認了我們預期的重新加速，並且我們一直在強調這樣一個事實，即我們預計下半年 IQOS 的勢頭會加速。

And we are indeed seeing that in our Q3 adjusted in-market shares because we are almost at 15%.

我們確實看到在第三季調整了市場份額，因為我們幾乎達到了 15%。

You were asking the question about East Asia.

你問的是有關東亞的問題。

Actually, Japan delivered again around 14% of adjusted in-market shares.

事實上，日本再次交付了約 14% 的調整後市場份額。

So the market for IQOS remain extremely dynamic despite the fact that we have, of course, already close to 30% market share, but we continue with strong double digit, and that was a very good news.

因此，IQOS 市場仍然非常活躍，儘管我們已經擁有接近 30% 的市場份額，但我們繼續保持強勁的兩位數，這是一個非常好的消息。

What happened in Q3 to explain the acceleration is, as I said, continued very strong dynamism in Japan.

正如我所說，第三季發生的事情可以解釋這種加速是日本持續強勁的活力。

By the way, South Korea is also doing well.

順便說一句，韓國也表現不錯。

And we -- I think we are showing the number in Seoul where we are nicely growing the market share.

我認為我們正在首爾展示這一數字，我們在那裡的市場份額正在大幅增長。

Then there was a reacceleration in Europe.

然後歐洲又重新加速發展。

And I know that we received a lot of questions, okay, how confident can you be in the fact that Europe is going to reaccelerate.

我知道我們收到了很多問題，好吧，你對歐洲將重新加速的事實有多大信心？

We knew that we were going through this transition phase for the flavor ban.

我們知道我們正在經歷口味禁令的過渡階段。

And we see the market progressively exiting the disruption of the ban.

我們看到市場正逐步擺脫禁令的干擾。

With the reacceleration.

隨著重新加速。

Italy was, of course, during the third quarter, the country with the reacceleration and that was nice to see Italy clearly restarting on a very strong foot, the growth on IQOS.

當然，義大利在第三季是重新加速成長的國家，很高興看到義大利明顯以非常強勁的勢頭重新啟動，即 IQOS 的成長。

And we resumed double-digit growth on adjusted IMS in Europe in Q3.

第三季度，我們在歐洲調整後的 IMS 恢復了兩位數的成長。

And then you have a number of other markets in the world.

然後世界上還有許多其他市場。

And I would say we see momentum here building up, which is very good news for the future.

我想說，我們看到這裡的勢頭正在增強，這對未來來說是一個非常好的消息。

I could mention, of course, Indonesia, Saudi Arabia, Mexico, I think EU here as well.

當然，我可以提到印尼、沙烏地阿拉伯、墨西哥，我認為歐盟也在這裡。

I mean, we see a number of markets where there is -- and of course, Egypt but Egypt has been now for more than a year with growth, where we see real momentum emerging behind IQOS with, of course, we're just at the beginning.

我的意思是，我們看到許多市場都有——當然，還有埃及，但埃及已經成長了一年多，我們看到 IQOS 背後出現了真正的動力，當然，我們只是在開始。

So a lot of potential but that is very encouraging on the fact that we have nice growth relay outside Japan and EU for the future.

潛力巨大，但這是非常令人鼓舞的，因為我們未來在日本和歐盟之外擁有良好的成長接力。

So that's really what we've seen in Q3.

這就是我們在第三季看到的情況。

Now, you have the question on the shipment.

現在，您有關於發貨的問題。

Well, we've been flagging the fact that shipment would be -- trajectory would be disconnected from the consumer offtake.

好吧，我們一直在強調這樣一個事實，即運輸軌跡將與消費者的購買脫節。

We had some very strong growth in the first two quarters, which was notably driven by comparison year-on-year.

我們在前兩個季度實現了非常強勁的成長，這主要是由同比推動的。

There was, of course, the Red Sea disruption that generated some shipments in the first part of the year.

當然，紅海的干擾導致今年上半年產生了一些出貨量。

And therefore, today, we have shipments that are a bit lower for the third quarter than the adjusted IMS.

因此，今天我們第三季的出貨量比調整後的 IMS 略低。

And we're just, if you want, here for the nine months going to a situation where gradually, we are equalizing adjusted IMS and the shipments.

如果你願意的話，我們只是在這九個月裡，逐漸平衡調整後的 IMS 和出貨量。

So that's what we are seeing.

這就是我們所看到的。

And in Q4, we're going to be with more equalization because we're going to be facing two elements.

在第四季度，我們將更加均衡，因為我們將面臨兩個因素。

The first one, regarding the Red Sea disruption, we're going to have some reversal in Q4, so that will play negatively on the shipment.

第一個，關於紅海中斷，我們將在第四季度出現一些逆轉，因此這將對出貨量產生負面影響。

And we also are facing some high comps last year as we are building inventory to prepare the transition for the flavor ban in Europe.

去年，我們也面臨一些高競爭，因為我們正在建立庫存，為歐洲風味禁令的過渡做好準備。

So that's high comps in terms of shipments last year.

因此，就去年的出貨量而言，這是一個很高的競爭。

But at the end of the day, you should expect adjusted IMS and shipments through a certain period to evolve in a parallel way.

但歸根結底，您應該預期調整後的 IMS 和一段時間內的出貨量會以並行的方式發展。

And as we said, we continue to expect for Q4, a renewed momentum on a consumer offtake or what we call adjusted in-market shares, which is really what matters.

正如我們所說，我們繼續預期第四季度消費者購買量或我們所說的調整後的市場份額將出現新的勢頭，這才是真正重要的。

That's what is important because that's what is talking about the health of IQOS.

這才是重要的，因為這才是 IQOS 健康的地方。

Yes.

是的。

Okay.

好的。

All of that makes sense and it's really helpful.

所有這些都是有道理的，而且非常有幫助。

And then maybe a second question on ZYN.

然後可能是關於 ZYN 的第二個問題。

So the supply constraints appear to be easing, which is great.

因此，供應限制似乎正在緩解，這很好。

So just wanted to confirm, Emmanuel, that you are on track to fully restore supply levels this quarter?

所以只是想確認一下，伊曼紐爾，你們有望在本季完全恢復供應水準嗎？

Or is there a chance this bleeds into maybe early next year?

或者這種情況有可能延續到明年初嗎？

And then when this happens, how quickly do you expect ZYN to recapture some of the lost market share?

那麼當這種情況發生時，您預計 ZYN 會多快奪回一些失去的市場份額？

And just curious what role will potential stepped up promos play, I guess, if at all?

我只是好奇潛在的促銷活動將發揮什麼作用，如果有的話？

How are you thinking about that?

你覺得怎麼樣？

Thank you.

謝謝。

Sure.

當然。

On ZYN, Bonnie, we said somewhere in Q4, we will have the supply to the market meeting consumer demand.

關於 ZYN，Bonnie，我們在第四季度的某個時候說過，我們將向市場提供滿足消費者需求的供應。

Which to clarify again, doesn't mean that we will have fully been replenishing all level of inventory.

需要再次澄清的是，這並不意味著我們將完全補充所有等級的庫存。

Here at that point, we believe for what we can assess of the consumer demand that what we bring to the trade will correspond to what the consumer will take from the trade, will buy from the trade.

在這一點上，我們相信，根據我們對消費者需求的評估，我們為貿易帶來的東西將與消費者將從貿易中獲取、從貿易中購買的東西相對應。

But then there will certainly be -- and I'm not able to tell you when it's going to happen during this quarter.

但肯定會有——而且我無法告訴你本季什麼時候會發生。

But I think we are still in this perspective then, but that's probably more for 2025, there will be a replenishment of the out-of-stock situation.

但我認為我們當時還是這個角度，但是可能更多的是到2025年，就會出現缺貨情況的補貨。

And we will gradually -- but that's going to happen only gradually probably through 2025, put back the level of inventory to what it should be normally and that certainly will take some months as we continue to increase the capacity.

我們將逐漸發生——但這只會逐漸發生，可能到 2025 年，將庫存水平恢復到正常水平，隨著我們繼續增加產能，這肯定需要幾個月的時間。

Remember, we said that for the full year 2025, we are targeting an overall capacity of around 900 million cans.

請記住，我們說過，2025 年全年，我們的目標是總產能約為 9 億罐。

Of course, that is a capacity that we are going to build gradually.

當然，這是我們要逐步建立的能力。

It won't be there at the beginning of the year.

今年年初它不會出現。

And I would say the replenishment and being back to a fully normal situation is going to happen only gradually through 2025.

我想說，補貨和恢復完全正常的情況只會在 2025 年之前逐步發生。

And of course, when we can be more specific about that, we will be more specific with the topic.

當然，當我們可以更具體地說明這一點時，我們會對這個主題更加具體。

So that's for supply.

所以這是為了供應。

When it comes to regaining share, so what we've seen is that -- in fact, when the availability of ZYN went down, we've seen the category slowing down because, obviously, it seems that a number of buyers of ZYN are not intending to buy another brand.

當談到重新獲得份額時，我們看到的是——事實上，當 ZYN 的可用性下降時，我們看到該類別的成長速度放緩，因為顯然，ZYN 的許多買家似乎不打算購買其他品牌。

And therefore, when they don't find their ZYN, they are maybe probably using or consuming something else.

因此，當他們找不到 ZYN 時，他們可能正在使用或消耗其他東西。

But that probably has been slowing down a bit the category.

但這可能已經讓該類別的發展速度有所放緩。

We will see how we gradually recover.

我們將看到我們如何逐漸康復。

We've seen in the second part of the Q3, some improvement sequentially on our market share, which is good news.

我們在第三季的第二部分看到，我們的市佔率連續有所改善，這是個好消息。

We believe that we have some positive outlook as we regain availability for the product, but it's difficult to be more specific than that at that stage.

我們相信，當我們重新獲得產品的可用性時，我們有一些積極的前景，但在那個階段很難說得更具體。

All right.

好的。

Thank you.

謝謝。

I will pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Gaurav Jain, Barclays.

高拉夫‧賈恩 (Gaurav Jain)，巴克萊銀行。

Hi.

你好。

Good morning, Emmanuel.

早上好，伊曼紐爾。

Good morning, Gaurav.

早安，高拉夫。

A couple of questions from me.

我有幾個問題。

So just looking at the cigarette markets internationally, your pricing guidance, you have increased to 8% to 9% and yet volumes are positive.

因此，只要看看國際捲菸市場，你們的定價指引增加到 8% 到 9%，但銷售量卻是正面的。

The factors that you're mentioning why volumes are so strong, which is lack of NGPs in Brazil and Turkey, lack of smuggling probably from Russia, Belarus, all these countries they should continue in FY25.

您提到的數量如此強勁的因素是巴西和土耳其缺乏 NGP，可能缺乏來自俄羅斯、白俄羅斯的走私，所有這些國家都應該在 25 財年繼續。

So shouldn't then FY25 also be a pretty strong year for cigarette volumes and pricing internationally?

那麼，2025 財年不應該是國際菸銷售和定價相當強勁的一年嗎？

And within that context, can you also touch on if there are any disruptive excise tax hikes happening in the next few months?

在這種背景下，您能否談談未來幾個月是否會出現任何破壞性的消費稅上調？

Thanks, Gaurav, for your question.

謝謝高拉夫的提問。

So I don't want to enter now into commenting 2025.

所以我現在不想評論 2025 年。

And of course, in due course, we'll share with you all the outlook for the year.

當然，在適當的時候，我們將與您分享今年的所有展望。

I think what we are seeing in '24 is well-identified.

我認為我們在 24 年所看到的情況是明確的。

We talk about a number of markets where smoke-free products are not allowed.

我們談論了許多不允許無菸產品的市場。

Sometimes you have increasing the prevalence, sometimes you have demographics that are playing positively for the consumption of cigarettes.

有時吸菸率會增加，有時人口統計對捲菸消費產生正面影響。

I think India is a clear market when it comes to demographic, for instance.

例如，我認為印度在人口方面是一個明顯的市場。

And it's difficult to say how long all that is going to play and what's going to be the continuation of this trajectory.

很難說這一切會持續多久，以及這條軌跡會持續什麼。

I think we need to be a bit cautious on the outlook, but it's true that I cannot say that everything will finish on the December 31, 2024.

我認為我們需要對前景持謹慎態度，但確實，我不能說一切都會在 2024 年 12 月 31 日完成。

So we don't know what's going to be the trajectory in '25.

所以我們不知道 25 年的軌跡會是什麼。

What is certainly good is to see that we are able to actually grow volume, grow share of segment and at the same time, increase price in a very dynamic manner, which is a tribute to the strength of our brand, and it's true that the 9.7% in Q3 was a remarkable price increase.

當然好的事情是看到我們能夠實際增加銷量、增加細分市場份額，同時以非常動態的方式提高價格，這是對我們品牌實力的致敬，而且確實第三季度價格漲幅顯著，達到9.7% 。

Don't take that for Q4 as a guidance, but that was very good in Q3.

不要將第四季度的情況作為指導，但第三季度的情況非常好。

And that shows that in this category, where I think we've been clear on our objective, which is really to maximize the performance on combustibles in order to accompany and help the fastest transition to smoke-free.

這表明，在這一類別中，我認為我們的目標非常明確，即最大限度地提高可燃物的性能，以伴隨並幫助最快地過渡到無菸。

I think this strategy on combustibles is working and delivering.

我認為這項關於可燃物的策略正在發揮作用並取得成效。

And remember, we also said that in 2025, we expect a number of positive evolution for combustible cigarettes when it comes to cost of goods, where we'll have a lower level of headwinds.

請記住，我們也說過，到 2025 年，我們預計可燃捲菸在商品成本方面將出現一些積極的變化，我們將面臨較低的阻力。

So there will be continuation of price increase in the future without a doubt.

因此，未來價格的持續上漲是毫無疑問的。

Nevertheless, don't take the 8% to 9% as the guidance for the future.

不過，不要把8%到9%當作未來的指引。

We always said that we were more mid-single digits on the medium term.

我們總是說，從中期來看，我們的業績更接近個位數。

And we should see less headwind on cost of goods, which is probably good for the combustible cigarette profitability.

我們應該會看到商品成本的阻力減少，這可能有利於可燃捲菸的獲利能力。

On excise tax, at that stage, there is nothing really material I can report, I would say, traditional discussion, but we're still a bit early.

關於消費稅，在那個階段，我可以說，沒有什麼真正重要的材料可以報告，我想說，傳統的討論，但我們還為時過早。

You know that many, many decisions are made in November, if not in December, so probably we'll know more at the end of the year.

你知道，很多很多決定都是在 11 月做出的​​，即使不是在 12 月，所以我們可能會在年底知道更多。

But so far, I would say nothing specific or unusual to flag.

但到目前為止，我不會說任何具體或不尋常的事情。

Sure.

當然。

Thank you.

謝謝。

And my second question is on your e-cigarette comments.

我的第二個問題是關於您對電子煙的評論。

So what you told us is that you have shipped 1.2 billion of sticks year-to-date.

所以你告訴我們的是，今年迄今為止你已經發貨了 12 億根木棒。

And if I understand correctly, you are using the conversion factor of 1 milliliter is 10 sticks.

如果我理解正確的話，你使用的換算係數是 1 毫升是 10 支。

And if I assume 1 pod is 0.7 milliliters then you're shipping 160 million pods.

如果我假設 1 個豆莢是 0.7 毫升，那麼您將運送 1.6 億個豆莢。

So that would suggest that your e-cigarette revenue run rate of $300 million to $400 million, at which your contribution base is breakeven.

因此，這表示您的電子煙收入運作率為 3 億至 4 億美元，此時您的貢獻基礎是損益兩平的。

So am I ballpark correct in all these numbers I have done?

那麼我所做的所有這些數字大致正確嗎？

Yes, I can certainly confirm that 1 milliliter equates to 10 sticks, 10 cigarettes.

是的，我當然可以確認，1毫升相當於10支，10支香菸。

That's the equivalent.

這就是等價的。

And I would say that ballparks, I'm not going to confirm exactly, but you are not million miles away from the reality on volumes.

我想說的是，我不會確切地確認這一點，但你距離現實的數量並不遙遠。

On revenue, I won't comment.

關於收入，我不予評論。

Sure, thank you so much.

當然，非常感謝你。

Thank you.

謝謝。

Faham Baig, UBS.

法漢姆·拜格，瑞銀集團。

Hi, Emmanuel.

嗨，伊曼紐爾。

Hi, James.

嗨，詹姆斯。

Thanks for taking my questions.

感謝您回答我的問題。

A couple from me, please.

請從我這裡來幾張。

I want to start with vapor, particularly because one of your peers highlighted that in Europe, vapor is seeing greater success in sort of fully converting smokers than heated tobacco.

我想從蒸汽開始，特別是因為您的一位同行強調，在歐洲，蒸汽在完全改變吸煙者方面比加熱煙草取得了更大的成功。

I know I've asked this before, but I wanted to get your latest thoughts on this topic as well as whether you're seeing an acceleration in vapor adoption as you sort of roll out VEEV in several markets?

我知道我以前問過這個問題，但我想了解您對此主題的最新想法，以及當您在多個市場推出 VEEV 時，您是否看到蒸汽採用率加速？

And the second question goes back to nicotine pouches in the US, I noted in your prepared remarks, you've also seen some illicit products coming into the market, some that may be infringing your patents.

第二個問題回到美國的尼古丁袋，我在你準備好的發言中指出，你也看到一些非法產品進入市場，其中一些可能侵犯了你的專利。

Could you just maybe expand on what measures you are currently taking or expect to take?

您能否詳細介紹一下您目前正在採取或預計採取的措施？

And how do you think this will differ from the current environment we see in vapor in the US, please?

您認為這與我們目前在美國看到的蒸汽環境有何不同？

Sure, Faham, with pleasure.

當然，法漢姆，很高興。

So on greater success from vaping in converting smoker, we don't see any of that.

因此，我們並沒有看到電子煙在改變吸菸者方面取得更大成功。

The experience is very different.

體驗非常不同。

It's quite obvious that versus heat-not-burn heating a liquid, which has no tobacco is delivering a very, very different experiences.

很明顯，與加熱不燃燒加熱不含煙草的液體相比，它提供了非常非常不同的體驗。

And I think all markets are pointing to the fact that there is clearly a much, much higher and much better conversion from smokers to heat-not-burn than to vaping.

我認為所有市場都指出這樣一個事實，即吸煙者向加熱不燃燒電子煙的轉變明顯比電子煙的轉變要高得多、好得多。

And I think the success of IQOS is brightly illustrating that, I have to say, I'm not coming back on the performance on IQOS.

我認為 IQOS 的成功清楚地表明，我必須說，我不會再關注 IQOS 的表現。

I don't think we are really seeing an acceleration in the adoption of vaping.

我認為我們並沒有真正看到電子煙的普及加速。

The vaping market, the vaping category is impacted today by many, many regulation evolution or potential evolution.

如今，電子煙市場、電子煙類別受到許多法規演變或潛在演變的影響。

We know that one of the problems of the vaping category is that you have unresponsible player going for fancy flavor, unacceptable marketing behavior that can generate underage consumption that can be creating some disruption.

我們知道，電子煙類別的問題之一是，不負責任的玩家追求花哨的口味，不可接受的行銷行為可能會導致未成年人消費，從而造成一些幹擾。

We know that notably the disposable category has been generating some of that.

我們知道，特別是一次性產品類別已經產生了其中的一些。

But if you look at the -- what we can assess of the legal-age nicotine user, I don't think that we can report any acceleration that would be meaningful from vaping.

但如果你看看我們對法定年齡尼古丁使用者的評估，我認為我們無法報告任何因電子煙而有意義的加速。

Regarding the nicotine pouch in the US, and your question on what we do.

關於美國的尼古丁袋，以及你對我們做什麼的問題。

Can you first allow me a general comment?

您能先讓我發表一下一般性評論嗎？

I think that PMI is at the forefront, at the very forefront when it comes to fighting illicit trade.

我認為 PMI 在打擊非法貿易方面處於最前線。

And that is true for the US that is true everywhere in the world.

這對美國來說是這樣，對世界各地來說也是如此。

We commit huge resources, I mean, investments in fighting illicit trade, working with authorities, regulators in many countries to do that.

我們投入了大量資源，我的意思是，投資打擊非法貿易，與許多國家的當局和監管機構合作來做到這一點。

And for us, it's a very, very important battle, a very important fight.

對我們來說，這是一場非常非常重要的戰鬥，非常重要的戰鬥。

So the US make no exception.

所以美國也不例外。

And yes, when we are aware of an illicit, when we are aware of product infringing, potentially our patent, we are acting.

是的，當我們意識到非法行為，當我們意識到產品侵權（可能是我們的專利）時，我們正在採取行動。

I think that in my remarks, I signaled some of the things that we do.

我認為我在演講中表明了我們所做的一些事情。

When we identified sources that are potentially outside the US, we could go to even terminating sales to these sources.

當我們發現潛在的美國境外來源時，我們甚至可以終止對這些來源的銷售。

I said it.

我說過了。

We are working with distributors.

我們正在與經銷商合作。

It can be informing, creating the awareness for illicit product, writing to distributor.

它可以通知、提高對非法產品的認識、寫信給經銷商。

It can be sending cease-and-desist letter to distributor retail where we see an issue.

當我們發現問題時，它可以向分銷商零售部門發送停止函。

And we do that on our own or working with the regulator, as I said, in the US like everywhere in the world.

正如我所說，我們在美國和世界各地都是自行或與監管機構合作這樣做的。

So you can be sure that we take that extremely seriously.

所以你可以確信我們非常重視這一點。

Thanks, Emmanuel.

謝謝，伊曼紐。

Thank you very much.

非常感謝。

(Operator Instructions) Priya Ohri-Gupta, Barclays.

（操作員說明） Priya Ohri-Gupta，巴克萊銀行。

Hi, Emmanuel.

嗨，伊曼紐爾。

Thank you so for receiving me.

非常感謝您接待我。

Hi.

你好。

Great.

偉大的。

Just few quick ones for me.

對我來說只有幾個快速的。

First, it does look like you modestly sort of took down the top end of your potential deleveraging for this year by a little bit, and so if you could address sort of what drove that?

首先，看起來你確實謙虛地降低了今年潛在去槓桿化的上限，所以你是否能解決推動這一趨勢的原因？

And then secondly, you do have a fairly sizable amount of maturities over the course of 2025.

其次，到 2025 年，你確實有相當多的到期日。

Any thoughts on pulling some of that refinancing forward into the remainder of this year, just given where markets are opportunistically?

考慮到市場機會主義的情況，您是否有想法將部分再融資推遲到今年剩餘時間？

Yes, with -- taking these two questions with pleasure.

是的，很高興回答這兩個問題。

So on the slightly and very modestly narrowing the guidance for deleveraging, it's because of the euro strength at the end of September that was -- because as you know, we have a significant part of the debt in euro and therefore, when the euro is going up versus the dollar, that can have a kind of one-off element because we always have this discrepancy between an EBIT that is calculated on an average rate for the year when the debt is going to be calculated on the spot on the December 31.

因此，關於略微且非常適度地收窄去槓桿化指導，這是因為歐元在 9 月底走強——因為如你所知，我們有很大一部分債務是歐元，因此，當歐元兌美元匯率上漲，這可能有一個一次性因素，因為我們總是會在12 月31 日當場計算債務時根據當年平均利率計算的息稅前利潤之間存在差異。

So we'll see where we land.

所以我們會看看我們降落在哪裡。

But the trajectory is clear.

但軌跡是明確的。

And you may have seen that at the end of the third quarter, we have generated a cash flow of $8.2 billion, and that is simply $2.3 billion above the cash flow generation at the end of Q3 2023.

您可能已經看到，第三季末，我們產生了 82 億美元的現金流，僅比 2023 年第三季末的現金流高出 23 億美元。

So we are highly generating cash, of course, on the back of a very strong momentum in the business, but that's good news.

當然，在業務強勁勢頭的支持下，我們正在大量產生現金，但這是個好消息。

Yes, I'm certainly -- I mean, I'm certainly not going to discard the possibility for us to be active on the refinancing market in the coming months.

是的，我當然——我的意思是，我當然不會放棄我們在未來幾個月積極參與再融資市場的可能性。

I'm not going to elaborate now on that, and we have a number of options that are open to us.

我現在不打算詳細說明這一點，我們有很多選擇。

But you can be sure that we are already working on how to put in place the best refinancing again in the coming months for PMI.

但可以肯定的是，我們已經在研究如何在未來幾個月內為 PMI 再次提供最佳的再融資。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Gaurav Jain, Barclays.

高拉夫‧賈恩 (Gaurav Jain)，巴克萊銀行。

Guys, just a follow-up on the Canadian litigation settlement.

夥計們，這只是加拿大訴訟和解的後續行動。

Would these payments be tax-deductible?

這些付款可以免稅嗎？

And what -- when do you think something final will happen in this long-running sort of court case?

你認為這個曠日持久的法庭案件什麼時候會發生最終結果？

Thank you, Gaurav.

謝謝你，高拉夫。

On the Canadian litigation, so you have what we can say at that stage in our press release that we have issued last week.

關於加拿大的訴訟，我們在上週發布的新聞稿中可以看到我們在這個階段可以說的話。

It's too preliminary.

這太初步了。

And as I said, I'm not able to tell you whether it's going to be tax-deductible.

正如我所說，我無法告訴你它是否可以免稅。

Of course, as soon as we know we will let you know.

當然，一旦我們知道，我們會立即通知您。

But for the time being, I'm not able to say.

但暫時我還不能說。

And as you may have seen in our release, where we shared what we can share at that stage, there are still a number of elements in this proposed solution put on the table by the mediators to be finalized.

正如您可能在我們的發布中看到的那樣，我們分享了我們在該階段可以分享的內容，調解員將這個擬議解決方案中的許多要素放在桌面上以待最終確定。

And of course, once we have the final terms, we'll come back to you with this answer, of course, but also all the questions on what's going to be the impact for PMI of a final settlement.

當然，一旦我們確定了最終條款，我們將向您提供這個答案，當然，還有關於最終和解將對 PMI 產生什麼影響的所有問題。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Thank you.

謝謝。

I'm showing no further questions at this time.

我目前沒有提出任何進一步的問題。

I would now like to turn it back to James Bushnell for closing remarks.

現在我想請詹姆斯布希內爾發表閉幕詞。

Thank you for joining us today.

感謝您今天加入我們。

Please reach out to the Investor Relations team if you have any follow-up questions.

如果您有任何後續問題，請聯絡投資者關係團隊。

I'm wishing you a good rest of the week and earnings season.

我祝福您本週休息愉快，財報季節愉快。

Look forward to speaking to you soon.

期待盡快與您交談。

Thank you.

謝謝。

Have a great day.

祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。