ATRenew Inc (RERE) 2023 Q4 法說會逐字稿

Good morning and good evening, ladies and gentlemen.

早安，晚上好，女士們先生們。

Thank you for standing by, and welcome to ATRenew Inc.'s fourth-quarter and full-year 2023 earnings conference call.

感謝您的耐心等待，並歡迎參加 ATRenew Inc. 的第四季和 2023 年全年財報電話會議。

(Operator Instructions) Please note, today's event is being recorded.

（操作員說明）請注意，今天的活動正在錄製中。

I will now turn the call over to the first speaker today, Mr. Jeremy Ji, Director of Corporate Development and Investor Relations of the company.

我現在將電話轉給今天第一位發言者，該公司企業發展和投資者關係總監 Jeremy Ji 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Hello, everyone, and welcome to ATRenew's fourth-quarter and full-year 2023 earnings conference call.

大家好，歡迎參加 ATRenew 第四季和 2023 年全年財報電話會議。

Speaking first today is Kerry Chen, our Founder, Chairman, and CEO, and he will be followed by Rex Chen, our CFO.

今天首先發言的是我們的創辦人、董事長兼執行長 Kerry Chen，隨後是我們的財務長 Rex Chen。

After that, we will open the call to questions from analysts.

之後，我們將開放分析師提問電話。

The fourth-quarter and full-year 2023 financial results were released earlier today.

今天早些時候發布了 2023 年第四季度和全年財務業績。

The earnings release and investor slides accompanying this call are available at our IR website, ir.atrenew.com. There will also be a transcript following this call for your convenience.

本次電話會議附帶的收益發布和投資者幻燈片可在我們的投資者關係網站 ir.atrenew.com 上取得。為了您的方便，本次通話後還會有一份文字記錄。

For today's agenda, Kerry will share his thoughts of our quarterly performance and business strategy, followed by Rex, who will address the financial highlights.

在今天的議程中，克里將分享他對我們季度業績和業務策略的看法，隨後雷克斯將討論財務亮點。

Both Kerry and Rex will join the Q&A session.

克里和雷克斯都將參加問答環節。

Let me cover the Safe Harbor statements.

讓我來介紹一下安全港聲明。

Some of the information you will hear during our discussion today will consist of forward-looking statements, and I refer you to our Safe Harbor statements in the earnings press release.

您在今天的討論中將聽到的一些資訊將包含前瞻性陳述，我建議您參閱收益新聞稿中的安全港聲明。

Any forward-looking statement that management makes on this call are based on assumptions as of today and that ATRenew does not take any obligations to upgrade our assumptions on these statements.

管理階層在本次電話會議中所做的任何前瞻性聲明均基於截至今天的假設，ATRenew 不承擔任何義務來升級我們對這些聲明的假設。

Also, this call includes discussion of certain non-GAAP financial measures.

此外，本次電話會議也討論了某些非公認會計準則財務指標。

Please refer to our earnings press release, which contains a reconciliation of non-GAAP measures to GAAP measures.

請參閱我們的收益新聞稿，其中包含非 GAAP 衡量標準與 GAAP 衡量標準的調整表。

Finally, please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB and all comparisons are on a year-over-year basis.

最後請注意，除非另有說明，本次電話會議中提到的所有數據均以人民幣為單位，所有比較均以同比為基礎。

I'd now like to turn the call over to Kerry for business and strategy updates.

我現在想將電話轉給凱瑞，以了解業務和策略的最新情況。

(interpreted) Hello, everyone, and welcome to ATRenew's fourth-quarter and full-year 2023 earnings conference call.

（譯文）大家好，歡迎參加ATRenew第四季及2023年全年財報電話會議。

In 2023, ATRenew achieved record-breaking revenues and profits with a continuously strengthened pre-owned supply chain capability and an ongoing increase in brand recognition.

2023年，ATRenew憑藉著不斷強化的二手供應鏈能力和不斷提升的品牌知名度，實現了創紀錄的收入和利潤。

Our total revenues reached RMB13 billion, representing a year-over-year increase of 31.4%, significantly outpacing the growth rate of the secondhand industry and consumer sector as a whole.

總收入達130億元，年增31.4%，明顯高於二手業及消費業整體成長速度。

I would like to express my gratitude to our colleagues on the frontline and in all departments for their hard work.

向奮戰在一線、各部門的同事們表示感謝，感謝你們的辛勤付出。

Our total transaction volume in 2023 was 32.3 million units.

2023 年我們的總交易量為 3,230 萬台。

We adhere to the strategy of prioritizing self-operated business that provides better services and user experience.

我們堅持自營業務優先的策略，提供更好的服務和使用者體驗。

This focus has yielded significant results, with our 1P transaction volume increasing by 50% year over year in 2023.

這項重點已取得顯著成果，2023 年我們的 1P 交易量年增 50%。

Regarding third-party platform businesses, we actively adjusted our development strategy and made efforts to develop merchant ecosystem and service capabilities.

第三方平台業務積極調整發展策略，著力打造商戶生態與服務能力。

The overall platform take rate increased by 92 basis points to 5.39% in 2023.

2023 年，整體平台利用率成長 92 個基點，達到 5.39%。

The number of registered merchants on PJT Marketplace reached 596,000, a strong growth of 46.2% compared to the previous year, which laid solid foundations for future development.

PJT Marketplace註冊商戶數量達到59.6萬家，較上年強勁成長46.2%，為未來發展奠定了堅實的基礎。

2023 was also a year of consolidation and efficiency.

2023年也是整合和效率的一年。

We further solidified our secondhand supply chain capabilities, providing more valuable services on our platforms.

我們進一步夯實二手供應鏈能力，在平台上提供更多有價值的服務。

At the same time, we were also more disciplined at the pace of our expansion and investment in new initiatives.

同時，我們在擴張和投資新措施的步伐上也更加自律。

At the profit level, we achieved a solid non-GAAP operating profit of RMB252 million, with a non-GAAP operating profit margin of 1.9%, exceeding our target for the year.

利潤層面，我們實現了穩健的非美國通用會計準則營業利潤人民幣2.52億元，非美國通用會計準則營業利潤率為1.9%，超出了我們的年度目標。

Those achievements are firmly grounded in our strategic focus.

這些成就牢牢紮根於我們的策略重點。

Firstly, we adhere to effective customer acquisition scenarios on the recycling front; secondly, strengthening robust supply chain capabilities as a foundation; thirdly, driving efficiency improvements through technology; and fourthly, being agile in seizing new traffic opportunities and capturing new customer demand.

首先，我們在回收領域堅持有效的獲客場景；二是強化供應鏈能力作為基礎；第三是透過科技推動效率提升。四是敏捷抓住新流量機會、捕捉新客戶需求。

Now, I will walk you through these four strategic perspectives.

現在，我將帶您了解這四個策略視角。

First, on the recycling front, we continue to successfully execute our customer acquisition strategy by leveraging our precise recycling scenarios.

首先，在回收方面，我們利用精確的回收場景繼續成功執行我們的客戶獲取策略。

By the end of 2023, we have presence in 268 cities in China, reaching consumers through 1,819 AHS stores offline.

截至2023年底，我們的業務已覆蓋中國268個城市，透過1,819家AHS線下門店觸達消費者。

We have constantly enhanced our service accessibility in high-quality business districts and communities.

我們不斷提升優質商圈和社區的服務可及性。

We further penetrated the market by combining offline stores with online platforms.

我們透過線下門市與線上平台結合，進一步滲透市場。

Over the past year, consumer awareness and trust in our AHS Recycle brand have steadily improved, especially in big cities where recycling rates are improving.

在過去的一年裡，消費者對我們 AHS Recycle 品牌的認知度和信任度穩步提高，尤其是在回收率不斷提高的大城市。

By leveraging our physical stores, premium service reputation, and retail partner teams, we precisely target users' mainstream recycling scenarios.

透過實體店、優質服務口碑以及零售合作夥伴團隊，精準定位用戶主流回收場景。

With competitive prices and higher efficiency, we obtain high-quality sources of free-on-goods, further fortifying the group's supply chain capability in the main business lines.

以具競爭力的價格和更高的效率，獲得優質的免費貨源，進一步強化集團在主要業務上的供應鏈能力。

In June 2023, we were pleased to announce the official collaboration with Apple for its recycling and trade-in services in Mainland China.

2023年6月，我們很高興地宣布與Apple就中國大陸的回收和以舊換新服務達成正式合作。

Our partnership is designed to meet user demand for convenient recycling and low-cost upgrades to brand-new iPhone products.

我們的合作關係旨在滿足用戶對便利回收和低成本升級全新 iPhone 產品的需求。

This service is now available at the brand's official website and online flagship stores.

該服務現已在品牌官網和線上旗艦店推出。

Notably, during the fourth quarter, despite flat iPhone sales, this collaboration contributed RMB300 million to our revenues.

值得注意的是，第四季度，儘管 iPhone 銷量持平，但這項合作為我們貢獻了 3 億元的收入。

Additionally, in terms of e-commerce partners, we have solidified our collaboration with JD's mobile and electronics retail departments, offering one-stop, single-device and multi-device trade-in services.

此外，在電商合作夥伴方面，我們加強了與京東移動和電子零售部門的合作，提供一站式、單設備和多設備以舊換新服務。

This caters to JD's wide user base who seek more cost-effective shopping options and better recycling experiences when upgrading their gadgets.

這迎合了京東廣泛的用戶群，他們在升級設備時尋求更具成本效益的購物選擇和更好的回收體驗。

Overall, the gross recycling value of trade-in business on JD channels doubled in 2023.

整體而言，2023年京東通路以舊換新業務的總回收價值翻了一番。

By expanding our multi-category recycling efforts, we have further strengthened the appeal of our recycling scenarios for users.

透過拓展多品類回收力度，我們進一步增強了回收場景對使用者的吸引力。

The updated slogan (inaudible), recycling more for you, reflects our commitment to expanding into additional categories beyond our core focus on consumer electronics.

更新後的口號（聽不清楚），“為您回收更多”，反映了我們致力於擴展到消費性電子產品以外的其他類別的承諾。

We are dedicated to fulfilling the growing demand for recycling and cashback for high-value categories such as luxury goods, gold, and vintage wines.

我們致力於滿足奢侈品、黃金和年份葡萄酒等高價值類別日益增長的回收和現金回饋需求。

Looking ahead, we aim to expand to lower-value item recycling while promoting the recycle and reuse of more idle goods.

展望未來，我們的目標是擴大低價值物品回收範圍，同時促進更多閒置物品的回收和再利用。

Building multi-category recycling capabilities primarily involves upgrading store experiences and IT systems while co-establishing fulfillment capabilities with professional service providers.

打造多品類回收能力主要涉及升級門市體驗與IT系統，同時與專業服務商共建造履約能力。

Our fulfillment strategies vary with the residual value of goods.

我們的履行策略根據商品的剩餘價值而改變。

With in-store, drop-off, and doorstep pickup options, users could circulate more used products with ease.

透過店內、送貨和到府取貨選項，使用者可以輕鬆流通更多二手產品。

By the end of 2023, we have introduced multi-category recycling services into 252 AHS stores.

到2023年底，我們已在252家AHS門市引進多品類回收服務。

During the year, the GMV for non-electronic products at the recycling front exceeded RMB1 billion.

年內，非電子產品回收領域GMV突破10億元。

At the same time, we bring AHS Recycle brand closer to communities and users' daily lives.

同時，我們讓AHS Recycle品牌更貼近社群與使用者的日常生活。

Our extended presence in communities and commercial areas, coupled with an increasing density of multi-category recycling stores, encourages customers to reuse our services more often.

我們在社區和商業區的業務範圍不斷擴大，加上多類別回收店的密度不斷增加，鼓勵客戶更頻繁地重複使用我們的服務。

Moving on to our supply chain processing capabilities, our highly efficient supply chain management ensures recycled goods are inspected at a lower cost while achieving accurate grading and pricing results.

繼續我們的供應鏈處理能力，我們高效的供應鏈管理確保以較低的成本檢查回收貨物，同時實現準確的分級和定價結果。

This allows a consistent and stable supply of goods.

這可以實現持續穩定的商品供應。

We have also improved our operation center's shipping and receiving capacity and enhanced their space utilization efficiency.

我們也提高了營運中心的出貨和接收能力，提高了空間利用效率。

Furthermore, our main operation centers are equipped with compliant refurbishment capabilities.

此外，我們的主要營運中心均具備合規的翻新能力。

The annual revenue from our self-operated compliant refurbishment business reached RMB810 million, accounting for 9.4% of the core 1P recycling business segment's revenue.

自營合規翻新業務年收入達人民幣8.1億元，佔核心1P回收業務板塊收入的9.4%。

Notably, in the fourth quarter of 2023, revenue from the refurbishment business increased by 41.5% compared with the previous year, while the gross profit margin was 1.6 percentage point higher.

值得注意的是，2023年第四季，翻新業務收入較前一年成長41.5%，毛利率則提高1.6個百分點。

This is mainly attributable to our intelligent supply chain system, which enables more accurate identification of devices suitable for refurbishment, resulting in a higher number of devices in various conditions being selected for the project.

這主要歸功於我們的智慧供應鏈系統，可以更準確地識別適合翻新的設備，從而為專案選擇更多不同條件的設備。

We actively participated in [taking] advantages to drive industry prosperity.

我們積極參與，優勢帶動產業繁榮。

In 2023, as a major drafting party, ATRenew played a key role in establishing the Electronic Product Refurbishment Industry Committee initiated by the Shenzhen Electronics Industry Association.

2023年，ATRenew作為主要起草方，在深圳市電子產業協會發起成立電子產品翻新產業委員會中發揮了關鍵作用。

We contributed to various group standards, including general requirements for refurbishment, labeling and information disclosure, quality management, and technical specifications.

我們為各種團體標準做出了貢獻，包括翻新、標籤和資訊揭露、品質管理和技術規範的一般要求。

These standards serve as industry references for intellectual property protection, product data security quality, as well as user rights protection.

這些標準為智慧財產權保護、產品資料安全品質、使用者權益保護等方面提供了產業參考。

On distribution, our advantages of an integrated B2C-plus-B2B platform were further magnified.

經銷方面，B2C+B2B一體化平台優勢進一步放大。

In 2023, GMV of the core self-operated retail business totaled RMB2.88 billion.

2023年，核心自營零售業務GMV總計28.8億元。

Leveraging our supply chain strengths, Paipai has strengthened its 1P2 consumer retail capabilities, meeting consumer demand for high-quality pre-owned products.

拍拍憑藉著供應鏈優勢，強化1P2消費者零售能力，滿足消費者對高品質二手產品的需求。

To highlight, 1P2 consumer-compliant refurbished product sales contributed RMB560 million in revenue.

值得強調的是，1P2消費者合規翻新產品銷售貢獻了人民幣5.6億元的收入。

In 2023, we introduced a new consignment model to address the challenges faced by secondhand industry merchants, difficulties in operating to consumer e-commerce stores, and the struggles of small businesses.

2023年，我們推出了新的寄售模式，以解決二手產業商家面臨的挑戰、消費性電商經營的困難以及小型企業的困境。

Through PJT Marketplace, we effectively connect Paipai stores with small- and medium-sized merchants, thus removing barriers that previously hindered small merchants from integrating their supply into our platform.

透過PJT Marketplace，我們有效連結了拍拍店鋪和中小型商家，從而消除了先前阻礙小型商家將貨源整合到我們平台的障礙。

Merchants now only need to list their products and confirm pricing, while the platform takes care of the store operations, sales, customer services, and after-sales support.

商家現在只需列出產品並確認定價，而平台負責商店營運、銷售、客戶服務和售後支援。

This initiative significantly lowers the entry barrier for B2C merchants, enriches the platform's supply sources, and ensures a seamless purchasing experience for users.

這項措施大大降低了B2C商家的進入門檻，豐富了平台的貨源，保障了使用者無縫的購買體驗。

GMV for the consignment business summed up [RMB17 million] in 2023.

2023年寄售業務GMV總計[人民幣1,700萬元]。

In the fourth quarter of 2023, the overall business of PJT Marketplace rebounded, primarily due to a recovery in trade-in activities and the 35.3% year-over-year increase in the number of active merchant users.

2023年第四季，PJT Marketplace整體業務出現反彈，主要得益於以舊換新活動的復甦以及活躍商家用戶數量年增35.3%。

Additionally, we took the strategic decision to restructure the low-commission-rate spare stock business, and this reduced our costs and optimized the overall take rate of B2B platform.

此外，我們也做出策略決策，重組低佣金備貨業務，降低了成本，優化了B2B平台的整體使用率。

As a result, in the fourth quarter of 2023, service revenues from PJT Marketplace increased by 14.9% year on year, and the overall take rate rose by 69 basis points to 6.02%.

結果，2023年第四季，PJT Marketplace的服務營收年增14.9%，整體採用率上升69個基點至6.02%。

On an annual basis, its overall take rate reached 6.17%, a significant improvement of 189 basis points compared to the 2022 level.

以年度計算，其整體利用率達6.17%，較2022年水準顯著提高189個基點。

We are proud of the proven business model of PJT Marketplace, as it is an indispensable infrastructure of the industry.

我們為 PJT Marketplace 成熟的商業模式感到自豪，因為它是該行業不可或缺的基礎設施。

Looking ahead, we will further open up our supply chain advantages and become a high-quality supplier for pre-owned products in the industry.

展望未來，我們將進一步打通供應鏈優勢，成為業界優質二手產品供應商。

At the same time, we will provide models suitable for B2C retail and steady supply through online e-commerce platforms, live streaming channels, as well as offline mobile phone retail networks and service stations.

同時，我們將透過線上電商平台、直播管道以及線下手機零售網路和服務站，提供適合B2C零售的模式和穩定的供貨。

In an environment where consumers are more cautious with their expenses, ATRenew aims to leverage its competitive pricing and quality assurance of pre-owned products to foster mutual success with our partners.

在消費者對開支更加謹慎的環境下，ATRenew 旨在利用其有競爭力的價格和二手產品的品質保證來促進與合作夥伴的共同成功。

[Thirdly], in terms of technology and efficiency, we continue to promote the application of automation technology.

【第三】，在技術和效率上，我們持續推進自動化技術的應用。

Firstly, we have enhanced the accuracy of quality inspection.

一是提高品質檢驗的準確性。

The automated quality inspection system, represented by Matrix 3.0, has reduced losses caused by quality inspection errors by 19% throughout the year.

以Matrix 3.0為代表的自動化質檢系統，全年因質檢失誤造成的損失減少了19%。

Secondly, with our focus on 1P business, we improved capacity utilization in our automated operation centers in South and East China.

其次，聚焦1P業務，提高華南、華東自動化營運中心的產能利用率。

Thirdly, through optimizing supply chain management for receiving and delivering goods in different locations, we reduced logistics costs.

第三是透過優化異地收出貨供應鏈管理，降低物流成本。

As a result of these initiatives, our non-GAAP fulfillment expense as a percentage of total revenue has continued its downward trend, reaching 8.5% for the full year 2023, significantly down from 10.9% in 2022, and this underscores our dedication to achieving further cost reduction at scale.

由於這些舉措，我們的非 GAAP 履行費用佔總收入的百分比持續呈下降趨勢，2023 年全年達到 8.5%，遠低於 2022 年的 10.9%，這突顯了我們致力於實現進一步目標大規模降低成本。

In the overseas market, we are delighted to see strong interest in our automated technology for pre-owned consumer electronics.

在海外市場，我們很高興看到人們對我們的二手消費性電子產品自動化技術產生濃厚興趣。

Beyond the Mainland China market, our quality inspection technology has been successfully deployed in Hong Kong and Japan.

除中國大陸市場外，我們的品質檢測技術已成功應用於香港和日本。

In November 2023 -- in October 2023, we expanded our global footprint by collaborating with a European partner to bring our one-stop recycling kiosk solution to Sweden.

2023 年 11 月—2023 年 10 月，我們與歐洲合作夥伴合作，將我們的一站式回收亭解決方案引入瑞典，擴大了我們的全球足跡。

Our one-stop solution effectively addresses the international demand for C2B recycling services.

我們的一站式解決方案有效滿足了國際上對C2B回收服務的需求。

Moving forward, we remain committed to our growth trajectory and will continue to support global circulation of pre-owned products.

展望未來，我們將繼續致力於我們的成長軌跡，並將繼續支持二手產品的全球流通。

Looking ahead to the first quarter and the full year of 2024, we believe that ATRenew operates in a sustained circular economy that is impervious to economic fluctuations and technological changes.

展望2024年第一季和全年，我們相信ATRenew以持續的循環經濟運作，不受經濟波動和技術變革的影響。

We identify several key trends in the sector.

我們確定了該行業的幾個主要趨勢。

On the recycling front, we see a definite demand for convenient, high-priced, and trustworthy recycling services.

在回收方面，我們看到了對便利、高價和值得信賴的回收服務的明確需求。

On the purchasing end, we see a stronger demand for value-for-money goods from service consumers.

在購買端，我們看到服務消費者對物有所值的商品的需求更加強勁。

On the fulfillment end, we see an unchanging need from secondhand merchants for efficient and hassle-free trading and logistics solutions.

在履行方面，我們看到二手商家對高效率、無憂的交易和物流解決方案的需求始終不變。

In late February this year, President Xi emphasized the promotion of a new round of (technical difficulty) As a leading company in this field, we are strategically positioned to capitalize on this upward trend and better facilitate JD and brand owners training programs.

今年2月下旬，習主席強調要推動新一輪（技術難度）作為該領域的領導企業，我們有策略定位，要抓住這一上升趨勢，更好地推動京東和品牌商培訓計畫。

Once again, it demonstrates that recycling and trade-in are encouraged by national policies as a long-term stable industry with high certainty and low policy risks.

再次表明，回收和以舊換新作為長期穩定的行業，受到國家政策的鼓勵，確定性高，政策風險低。

Going forward, we will adhere to our long-term core strategy and fortify our business foundations.

展望未來，我們將堅持長期核心策略，夯實業務基礎。

While enhancing brand awareness for AHS Recycle, we aim to address users' fundamental pain points and collaborate with industry partners to explore the untapped potential of high-quality secondhand products.

在提升AHS Recycle品牌知名度的同時，我們致力於解決用戶的根本痛點，並與產業合作夥伴合作，探索優質二手產品的未開發潛力。

We will maintain patience in the long run while steadily releasing profits and achieving growth.

我們將長期保持耐心，穩定釋放利潤、實現成長。

Finally, I am delighted to announce an international accolade.

最後，我很高興地宣布一項國際榮譽。

In November 2023, ATRenew was honored and highly commended by the judging panel at the Reuters Global Business Responsibility Awards in the circular transition category.

2023年11月，ATRenew在路透社全球商業責任獎循環轉型類別中獲得評審團的高度讚揚。

This marks a milestone for ATRenew, as it is the first time we have stood shoulder to shoulder with global multinational companies such as Oracle, Schneider Electric, and PepsiCo.

這對ATRenew來說是一個里程碑，因為這是我們第一次與甲骨文、施耐德電機、百事可樂等全球跨國公司並肩作戰。

The recognition from Reuters and the expert panel is a testament to our innovation and our technological achievements.

路透社和專家小組的認可是對我們創新和技術成就的證明。

Moving forward, we will continue to deepen our commitment to the circular economy, driving sustainable industry development through technological innovation.

未來，我們將持續深化循環經濟，透過技術創新推動產業永續發展。

Now, I'd like to turn the call over to our CFO, Rex, for financial updates.

現在，我想將電話轉給我們的財務長雷克斯，以了解最新的財務狀況。

Okay.

好的。

Hello, everyone.

大家好。

I'm pleased to report that 2023 was a year of significant achievements for our company.

我很高興地向大家報告，2023 年是我們公司取得重大成就的一年。

Both revenue and operating income saw better-than-expected results.

收入和營業收入均優於預期。

Total net revenue increased by 31.4% to RMB13 billion, and adjusted operating income of 2023 totaled RMB251.7 million, a remarkable 36.5 times the number of 2022.

淨收入總額成長31.4%，達到人民幣130億元，2023年調整後營業收入總計人民幣2.517億元，是2022年的36.5倍。

Cash inflow from operating activities was healthy, totaling RMB236 million.

經營活動現金流入穩健，達人民幣2.36億元。

As Kerry said, 2023 was our year of consolidation and efficiency.

正如克里所說，2023 年是我們整合和提高效率的一年。

Moving on to the fourth quarter of 2023, we are pleased to announce another profitable quarter as we recorded another new record non-GAAP operating income on revenues that, once again, exceeded the top end of our guidance.

進入 2023 年第四季度，我們很高興地宣布又一個盈利季度，因為我們的非公認會計原則營業收入再創歷史新高，再次超過了我們指導的上限。

Now, let's take a detailed look at our financials.

現在，讓我們詳細看看我們的財務狀況。

Please note that all amounts are in RMB and all comparisons are on a year-over-year basis, unless otherwise stated.

請注意，除非另有說明，所有金額均以人民幣為單位，所有比較均以同比為基礎。

In the fourth quarter, total revenues increased by 29.9% to RMB3,873.6 million, driven by strong growth in net product revenues and rebounding service revenues.

第四季度，在淨產品收入強勁成長和服務收入反彈的推動下，總營收成長29.9%至人民幣38.736億元。

Net product revenues increased by 31.1% to RMB3,522.5 million, while net service revenues was RMB351.1 million, representing an increase of 19.7%.

產品淨收入成長31.1%至人民幣3,522.5百萬元，而服務淨收入為人民幣351.1百萬元，成長19.7%。

Growth in net product revenues was primarily driven by an increase in the sales of pre-owned consumer electronics through both PJT and Paipai marketplaces, as well as offline channels, of which sales of 1P refurbished devices totaled RMB278.2 million, which increased by 41.5% sequentially.

產品淨收入的成長主要得益於PJT、拍拍市場以及線下通路二手消費性電子產品銷售的成長，其中1P翻新設備的銷售額總計人民幣2.782億元，成長41.5% % 依序。

The increase in service revenues was primarily due to the recovery of Paipai and the PJT marketplaces with efficient online and offline customer acquisition and better execution.

服務收入的成長主要是由於拍拍和PJT市場的復甦以及高效的線上和線下客戶獲取以及更好的執行。

Overall take rate of our marketplaces went up 56 basis points from the fourth quarter of 2022 to 5.36% in the fourth quarter 2023.

我們市場的整體成交率較 2022 年第四季上升 56 個基點，至 2023 年第四季的 5.36%。

Now, let's discuss our operating expenses to provide greater clarity on the trends in our actual operating base expenses.

現在，讓我們討論一下我們的營運費用，以便更清楚地了解我們實際營運基礎費用的趨勢。

We will also discuss our non-GAAP operating expenses, which better reflect how management views our results of operations.

我們還將討論我們的非公認會計準則營運費用，這更能反映了管理層如何看待我們的營運表現。

The reconciliations of GAAP and non-GAAP results are available in our earnings release and the corresponding Form 6-K furnished with the SEC.

GAAP 和非 GAAP 業績的對帳可在我們的收益報告以及向 SEC 提供的相應 6-K 表格中找到。

Merchandise costs increased by 32.9% to

商品成本增加 32.9%

[RMB3,115 million].

[人民幣31.15億元]。

The increase was in line with the growth in product sales.

這一增長與產品銷售的成長一致。

Gross margin at the group level was 18.7% in the fourth quarter.

第四季集團毛利率為18.7%。

Gross margin for our 1P business was 10.6%.

我們 1P 業務的毛利率為 10.6%。

In the fourth quarter, AHS Recycle (technical difficulty) release of the iPhone 15 services, we implemented a proactive approach to attract customers with aggressive pricing strategies causing gross margin compression.

在第四季度，AHS Recycle（技術難度）發布iPhone 15服務時，我們採取了主動的方式來吸引客戶，透過激進的定價策略導致毛利率壓縮。

We believe that as our market share within these channels grows, the gross profit will gradually return to normal levels.

我們相信，隨著我們在這些管道中的市場份額的增長，毛利將逐漸恢復到正常水平。

Fulfillment expenses increased by 9.5% to RMB301.1 million, excluding share-based compensation expenses, which we will refer to as SPC from PR.

履約費用增加 9.5% 至人民幣 3.011 億元，不包括基於股份的補償費用，我們稱之為 PR 中的 SPC。

Non-GAAP fulfillment expenses increased by 14% to RMB295.6 million.

非公認會計準則履行費用增加 14% 至 2.956 億元。

Under the non-GAAP measures, the increase was primarily due to an increase in personnel and logistical costs as we conducted more recycling and transaction activities year on year.

根據非公認會計準則衡量標準，此成長主要是由於我們較去年同期進行更多回收和交易活動，導致人員和物流成本增加。

Non-GAAP fulfillment expenses as a percentage of total revenues decreased to 7.6% from 8.7%.

非 GAAP 履行費用佔總收入的百分比從 8.7% 下降至 7.6%。

The overall decrease in the rate of fulfillment expenses reflects the impact of economies of scale and efficiency improvements through automated operations, specifically as the number of [1C] orders grow, the average fulfillment cost per order was reduced.

履行費用率的整體下降反映了規模經濟和透過自動化操作提高效率的影響，特別是隨著[1C]訂單數量的增長，每個訂單的平均履行成本降低。

Selling and marketing expenses decreased by 46.6% to RMB317 million.

銷售及行銷費用下降46.6%至人民幣3.17億元。

Excluding SPC expenses and amortization and impairment loss of goodwill and intangible assets, non-GAAP selling and marketing expenses increased by 11.0% to RMB246.6 million, primarily due to an increase in expenses related to marketing activities.

不計SPC費用以及商譽和無形資產的攤銷和減損損失，非公認會計原則銷售和行銷費用增加11.0%至人民幣2.466億元，主要是由於與行銷活動相關的費用增加。

Non-GAAP selling and marketing expenses as a percentage of total revenues decreased to 6.4% from 7.5%.

非 GAAP 銷售和行銷費用佔總收入的百分比從 7.5% 下降至 6.4%。

General and administrative expenses decreased by 18.8% to RMB62.2 million.

一般及行政費用下降18.8%至人民幣6,220萬元。

Excluding SPC expenses, non-GAAP G&A expenses decreased by 17.4% to RMB45.2 million, primarily due to a decrease in headquarter office expenses and fees related to professional services.

不計SPC費用，非公認會計原則G&A費用下降17.4%至人民幣4,520萬元，主要是由於總部辦公費用和與專業服務相關的費用減少。

Non-GAAP G&A expenses as a percentage of total revenues decreased to 1.2% from 1.8%.

非 GAAP G&A 費用佔總收入的百分比從 1.8% 下降至 1.2%。

Technology and content expenses increased by 17.1% to RMB63.8 million.

技術及內容支出成長17.1%至人民幣6,380萬元。

Excluding SPC expenses and amortization and impairment loss of goodwill and intangible assets, non-GAAP technology and content expenses increased by 58.6% to RMB58.3 million.

剔除SPC費用以及商譽和無形資產的攤銷和減損損失，非公認會計原則技術和內容費用增加58.6%至人民幣5,830萬元。

The increase was primarily due to an increase in personnel costs in connection with the upgrades of the company's operation center and systems.

增加的主要原因是公司營運中心和系統升級導致人員成本增加。

Non-GAAP technology and content expenses as a percentage of total revenues increased to 1.5% from 1.3%.

非 GAAP 技術和內容支出佔總收入的百分比從 1.3% 增加到 1.5%。

As a result, our non-GAAP operating income was RMB81.6 million in the fourth quarter of 2023, representing a significant increase of 135.8% year on year.

因此，2023年第四季我們的非公認會計原則營業收入為人民幣8,160萬元，較去年同期大幅成長135.8%。

Non-GAAP operating profit margin was 2.1% compared to 1.2% in 4Q 2022.

非 GAAP 營業利潤率為 2.1%，而 2022 年第四季為 1.2%。

To provide some context regarding our balance sheet, our inventories amounted to RMB1 billion at the end of the fourth quarter of 2023, representing a sequential increase of RMB344.8 million compared with the end of the third quarter of 2023.

為了提供有關我們資產負債表的一些背景信息，截至 2023 年第四季末，我們的庫存達人民幣 10 億元，較 2023 年第三季末環比增加人民幣 3.448 億元。

This increase was primarily due to a surge in recycling volume generated from Apple's official trade-in program.

這一增長主要是由於蘋果官方以舊換新計劃產生的回收量激增。

However, it had a limited impact on our operating cash flow since we have a payment term of 45 days and effectively managed loans payable through bank guarantees.

然而，由於我們的還款期限為 45 天，並且透過銀行擔保有效管理應付貸款，因此對我們的營運現金流量影響有限。

As of December 31, 2023, cash and cash equivalents, restricted cash, short-term investments, and funds receivable from third-party payment service providers totaled RMB2.9 billion.

截至2023年12月31日，現金及現金等價物、限制性現金、短期投資以及應收第三方支付服務提供者資金合計人民幣29億元。

Our strong cash position safeguards (technical difficulty) 2023.

我們強大的現金狀況保障了 2023 年（技術難度）。

We repurchased 4.5 million ADSs in the open market for a total consideration of USD8.1 million.

我們在公開市場回購了450萬股ADS，總代價為810萬美元。

By December 31, 2023, we had repurchased a total of 18.4 million ADSs for USD56.5 million under our share repurchase programs.

截至 2023 年 12 月 31 日，我們已根據股票回購計畫以 5,650 萬美元回購了總計 1,840 萬股美國存託股。

Today, we are delighted to announce a new share buyback program that allows us to repurchase up to USD20 million worth of our shares over the next 12 months based on our confidence in our value creation, business growth momentum, and strong cash flow.

今天，我們很高興宣布一項新的股票回購計劃，基於我們對價值創造、業務成長勢頭和強勁現金流的信心，我們可以在未來 12 個月內回購價值高達 2000 萬美元的股票。

Now, turning to the business outlook, for the first quarter of 2024, we anticipate total revenues to be between RMB3,550 million and RMB3,650 million, representing an increase of 23.6% to 27.1% year over year.

現在轉向業務展望，我們預計2024年第一季總收入將在人民幣35.5億元至人民幣36.5億元之間，年增23.6%至27.1%。

Please note that this forecast only reflects our current and preliminary views on the market and operational conditions, which are subject to change.

請注意，該預測僅反映我們對市場和營運狀況的當前和初步看法，這些看法可能會改變。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator instructions) Joyce Ju, Bank of America.

（操作員指示）Joyce Ju，美國銀行。

Thank you for taking my questions, and congratulations on the very solid results this quarter.

感謝您回答我的問題，並祝賀本季取得的非常紮實的業績。

I would like to ask about your overall growth guidance for 2024.

我想問一下你們2024年的整體成長指引。

Additionally, I also want to have some colors on what is the growth target for the multi-category recycling business.

此外，我還想對多類別回收業務的成長目標有一些了解。

Thanks a lot.

多謝。

(interpreted) Thank you for your question.

（翻譯）謝謝你的提問。

During 2022 and 2023, we saw a shift in consumer behavior.

2022 年和 2023 年期間，我們看到了消費者行為的轉變。

Our users focused transition from consumption upgrades to an emphasis on value for money.

我們的用戶關注點從消費升級轉向注重性價比。

During this transformation, we noticed a swift rise in user demand for trade-ins and recycling in exchange for cash.

在這轉型過程中，我們注意到用戶以舊換新和回收換取現金的需求迅速成長。

As we mentioned, our 1P revenue grew 34.4% year over year in 2023, with trade-ins through JD more than doubling compared to the previous year.

正如我們所提到的，2023 年我們的 1P 收入年增 34.4%，透過京東進行的以舊換新比前一年增加了一倍多。

We will continue to drive the core growth flywheel of 1P recycling business and to extend our industry investment (technical difficulty) operating profit margin further by bringing our operational efficiency to the next level.

我們將繼續推動1P回收業務的核心成長飛輪，並透過將我們的營運效率提升到一個新的水平，進一步擴大我們的產業投資（技術難度）營運利潤率。

We are steadfast in investing in the brand of AHS Recycle to unleash growth of traffic and economy of scale further.

我們堅定地投資AHS Recycle品牌，以進一步釋放流量和規模經濟的成長。

In terms of our platform business, we strengthened the synergies between PJT Marketplace and Paipai marketplaces and provided small merchants with upgraded consignment services.

平台業務方面，加強PJT Marketplace與拍拍市場的綜效，為小型商家提供升級的寄售服務。

This helped us build up a more robust 2C supply and meant we could offer a more diverse selection of high-quality secondhand products to our users.

這幫助我們建立了更強大的2C供應，這意味著我們可以為使用者提供更多樣化的優質二手產品選擇。

Looking ahead to 2024, we place user experience as our top priority while providing the utmost support to the recycling and trade-in offerings of JD.com and Apple's official trade-in program.

展望2024年，我們將使用者體驗放在首位，同時為京東的回收和以舊換新服務以及蘋果官方以舊換新計畫提供最大的支援。

We believe that the support from the central government for large-scale trade-in policies on consumer goods will benefit our collaborations with JD and brand partners.

我們相信，中央政府對大規模消費品以舊換新政策的支持將有利於我們與京東及品牌合作夥伴的合作。

Together, we elevate consumer awareness of trade-in and cost [wage] is as the mainstream consumption twice.

我們共同提高消費者的舊換新意識，成本[薪資]是主流消費的兩倍。

Because of this, we are confident in achieving a 30% year-over-year revenue growth for our 1P business.

正因如此，我們有信心實現 1P 業務收入年增 30%。

In 2023, GMV for our multi-category recycling business surpassed RMB1 billion.

2023年，多品類回收業務GMV突破10億元。

This business has grown rapidly in scale.

該業務規模增長迅速。

We set a model take rate for this business segment in 2023.

我們為該業務部門設定了 2023 年的模型採用率。

We trust there is ample growth potential in the take rate.

我們相信採用率有足夠的成長潛力。

In 2024, our focus is enhancing user awareness of AHS Recycle as the leading national recycling brand.

2024年，我們的重點是提高用戶對AHS Recycle作為全國領先回收品牌的認知度。

Our core strategy is still to build an even better user experience.

我們的核心策略仍然是打造更好的用戶體驗。

To achieve this, we will provide more structured product data on our platform and improve our pricing capabilities.

為了實現這一目標，我們將在我們的平台上提供更結構化的產品數據並提高我們的定價能力。

This will drive more recycling transactions across a wider range of categories.

這將推動更多類別的回收交易。

Thank you for the question.

感謝你的提問。

Jiajing Chen, CICC.

陳嘉靖，中金公司。

Thanks for taking my questions, and congratulations on good results.

感謝您回答我的問題，並祝賀您取得了良好的成績。

I have two questions.

我有兩個問題。

First, could you provide more color on the higher-than-expected profitability this year?

首先，您能否為今年高於預期的獲利能力提供更多資訊？

And what's your profitability target for 2024 and for the medium to long term?

你們2024年和中長期的獲利目標是多少？

Second, in late 2023 and early 2024, the iPhone 15 series faced some challenges from Huawei.

其次，2023年底和2024年初，iPhone 15系列面臨華為的一些挑戰。

How does management view the challenging competitive landscape among the mobile phone manufacturers?

管理階層如何看待手機製造商之間充滿挑戰的競爭格局？

And how did your Apple trade-in business perform in Q4 2023?

2023 年第四季你們的 Apple 以舊換新業務表現如何？

And what are your scale and profit targets for 2024?

2024年的規模和利潤目標是多少？

Thank you.

謝謝。

Okay, thank you.

好的謝謝。

So I will take your first question, and Kerry, our CEO, will take your second questions.

我將回答你的第一個問題，我們的執行長克里將回答你的第二個問題。

Okay, so for the first question, in 2023, we once again achieved breakthroughs in terms of cost efficiencies, and then the GAAP measures, fulfillment, selling and marketing, G&A and other administrative, and technology and content expenses as a percentage of revenues for 8.5%, 7.3%, 1.5%, and 1.3%, respectively.

好的，第一個問題，2023 年，我們在成本效率方面再次取得突破，然後是 GAAP 措施、履行、銷售和行銷、G&A 和其他管理、技術和內容費用佔收入的百分比分別為8.5%、7.3 %、1.5% 和1.3%。

These figures correspond to a year-over-year decrease of 2.4%, 1.6%, 0.1%, and 0.6%, respectively.

這些數字分別較去年同期下降 2.4%、1.6%、0.1% 和 0.6%。

In terms of fulfillment, we achieved a remarkable efficiency improvement.

在履行方面，我們實現了顯著的效率提升。

Our efficient system of regional operating centers and centralized self-operated operation stations have further improved our inspection quality and cost controls.

高效率的區域營運中心和集中自營營運站系統進一步提升了我們的檢驗品質和成本控制。

The skew effect created by the use of automation technology at shopping centers has also had a positive impact.

購物中心使用自動化技術所產生的傾斜效應也產生了正面的影響。

We are now seeing lower costs related to sorting, quality inspection, and warehousing.

我們現在看到與分類、品質檢驗和倉儲相關的成本降低。

When compared to our previous approach of using decentralized, jointly operated stations, we have also leveraged big data to optimize small-item delivery with low-cost shipping.

與我們之前使用分散的聯合營運站的方法相比，我們還利用大數據以低成本運輸來優化小件物品的交付。

This has driven down shipping and receiving costs.

這降低了運輸和接收成本。

Overall, our operating center expenses and logistics costs decreased by 9% and 8%, respectively, during 2023.

整體而言，2023 年我們的營運中心費用和物流成本分別下降了 9% 和 8%。

This resulted in a non-GAAP fulfillment expense of RMB1.1 billion, a year-over-year increase of over 2%.

這導致非美國通用會計準則履行費用為人民幣11億元，較去年同期成長超過2%。

Our total non-GAAP selling and marketing expenses in 2023 were RMB940 million.

2023 年，我們的非公認會計準則銷售和行銷費用總額為 9.4 億元。

This was a year-over-year increase of 7.8%, also a lot lower than our revenue growth rate over the same period.

年增7.8%，也遠低於我們同期的營收成長率。

This was mainly driven by HR efficiency improvements from deploying advanced digital CRM tools of the B2B sales team.

這主要是由於 B2B 銷售團隊部署先進的數位 CRM 工具而提高了人力資源效率。

The result was a 19% cost reduction compared to the previous year.

與前一年相比，成本降低了 19%。

In 2023, non-GAAP general and administrative expenses were RMB190 million, a year-over-year increase of 21.9%.

2023年，非美國通用會計準則一般及管理費用為人民幣1.9億元，較去年同期成長21.9%。

This was mainly due to office rent and various other administrative costs, including employee travel, training, and benefits.

這主要是由於辦公室租金和各種其他管理成本，包括員工差旅、培訓和福利。

Our non-GAAP technology and content expenses were RMB170 million in 2023, thanks to the gradual maturation of our platforms technology and the official launch of our South China automation operating center.

由於採用平台技術的逐步成熟以及華南自動化營運中心的正式啟動，2023年我們的非公認會計準則技術和內容支出為人民幣1.7億元。

We did not see significant cost growth in this category.

我們沒有看到這一類別的成本顯著成長。

In addition, the cloud migration initiative we launched in 2022 was completed in 2023.

此外，我們在2022年啟動的雲端遷移計畫已於2023年完成。

This contributed to an overall decrease in technology and content expenses as a percentage of revenue, representing an improvement in skew effects.

這導致技術和內容支出佔收入的比例整體下降，顯示傾斜效應有所改善。

The breakdown above highlights the enhancements that led to the increase in our non-GAAP operating profit in 2023.

上述細分突顯了導致我們 2023 年非 GAAP 營業利潤增加的增強措施。

For path to profitability growth, our primary focus are 1P gross margin and operating efficiency.

為了實現獲利成長，我們的主要關注點是 1P 毛利率和營運效率。

Our long-term goal is to improve our non-GAAP operating profit margin by 1% every year.

我們的長期目標是每年將非 GAAP 營業利潤率提高 1%。

In terms of our 1P business, we prioritize the ability to control firsthand supply while also enhancing user awareness of our C2B brand, AHS Recycle.

在我們的1P業務方面，我們優先考慮控制第一手供應的能力，同時也增強用戶對我們的C2B品牌AHS Recycle的認知。

We saw the firsthand suppliers with competitive recycling prices.

我們看到了具有競爭力的回收價格的第一手供應商。

Meanwhile, we continue to unleash our self-operated refurbishment businesses.

同時，我們持續拓展自營翻新業務。

While we diversify the standard of supply to Paipai, we expect a larger proportion of 2C sales as we seek a higher profit margin of 1P revenue.

雖然我們對拍拍的供應標準多樣化，但我們預計 2C 銷售的比例會更大，因為我們尋求更高的 1P 收入利潤率。

I'd also like to add more color on our collaboration with Apple.

我還想為我們與蘋果的合作增添更多色彩。

In the fourth quarter, our Apple business achieved sales of RMB300 million.

第四季度，我們的蘋果業務實現銷售3億元。

However, as this business is relatively new and is still being refined, its gross profit margin is below an ideal level.

但由於該業務較新且仍在完善中，其毛利率低於理想水準。

Going forward, we plan to optimize our pricing mechanism to strike a balance between profitability and growth.

展望未來，我們計劃優化定價機制，以在獲利能力和成長之間取得平衡。

In terms of operating efficiency, we are constantly optimizing our full cost-to-revenue ratios.

在營運效率方面，我們不斷優化整體成本收入比。

Our automation capabilities will continue to improve our fulfillment efficiency, especially cost per device was diluted due to an increase in ASP.

我們的自動化能力將繼續提高我們的履行效率，特別是每台設備的成本由於平均售價的增加而被稀釋。

In terms of selling and marketing, we try to maximize the effectiveness of our B2B sales team.

在銷售和行銷方面，我們努力最大限度地提高 B2B 銷售團隊的效率。

At the same time, we plan to strategically leverage social media traffic to attract customers.

同時，我們計劃策略性地利用社群媒體流量來吸引客戶。

The algorithms and the location-based service capabilities of short video platforms, such as Douyin, will help us target potential users with great accuracy.

抖音等短視訊平台的演算法和位置服務能力將幫助我們非常精準地鎖定潛在用戶。

This approach has the added benefit to further strengthen our sourcing capabilities and the market position.

這種方法具有進一步增強我們的採購能力和市場地位的額外好處。

We recognize that the key to building a successful secondhand business also lies in our ability to acquire suppliers through brand power.

我們認識到，建立成功的二手業務的關鍵還在於我們透過品牌力獲取供應商的能力。

As such, our AHS Recycle brand is pivotal to our long-term development path.

因此，我們的 AHS Recycle 品牌對於我們的長期發展道路至關重要。

At this stage, we believe strategically allocating appropriate resources to social media traffic will solidify our long-term competitive position in this dynamic market.

在現階段，我們相信，策略性地為社群媒體流量分配適當的資源將鞏固我們在這個充滿活力的市場中的長期競爭地位。

(interpreted) I will answer the second question.

（解釋）我回答第二個問題。

We have systematically rolled out our recycling and trade-in services on Apple's official website and at 47 flagship stores.

我們在蘋果官網和47家旗艦店系統性地推出了回收和以舊換新服務。

The service and pricing were highly commended by users on social media spontaneously.

服務和定價在社交媒體上自發性地受到用戶的高度讚揚。

In terms of scale, we secured a significant amount of firsthand supply by leveraging the substantial volume of new iPhone shipments in the fourth quarter and by maintaining competitive recycling prices.

從規模上看，我們利用第四季度新iPhone的大量出貨量以及保持有競爭力的回收價格，獲得了大量的一手供應。

The business contributed RMB300 million in product sales revenue during the fourth quarter.

該業務第四季貢獻產品銷售收入3億元。

This was a mindful increase compared to the third quarter.

與第三季相比，這是一個值得關注的成長。

Our recycling volume is greater than our sales volume.

我們的回收量大於我們的銷售量。

This proves that users' acceptance of Apple's trade-in for new products is increasing, and there is still much room for improvement in the penetration rate of trade-in products.

這證明使用者對蘋果以舊換新產品的接受度正在提高，以舊換新產品的滲透率還有很大的提升空間。

We will maintain flexible adjustments to our pricing strategy based on market feedback to optimize our gross profit margin.

我們將根據市場回饋靈活調整定價策略，以優化毛利率。

Importantly, we do not handle front-end fulfillment and marketing for the Apple business.

重要的是，我們不負責 Apple 業務的前端履行和行銷。

As a result, even though this business segment has a narrow gross profit margin, it has the potential to contribute a relatively higher operating profit margin.

因此，儘管該業務板塊毛利率較窄，但有潛力貢獻相對較高的營業利潤率。

Thank you for the question.

感謝你的提問。

Due to the time limit on the call, I'd like to hand the conference back to management for closing remarks.

由於電話會議的時間限制，我想將會議交回管理階層進行閉幕致詞。

Thank you.

謝謝。

Thank you all again for joining us today.

再次感謝大家今天加入我們。

A replay of today's call will be available on our IR website shortly, followed by a transcript.

今天的電話會議的重播很快就會在我們的投資者關係網站上發布，隨後還會有文字記錄。

If you have any additional questions, please feel free to e-mail us at ir@atrenew.com. Have a nice day.

如果您有任何其他問題，請隨時發送電子郵件至 ir@atrenew.com。祝你今天過得愉快。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。

Editor^ Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

編輯^ 本筆錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。