SES AI Corp (SES) 2025 Q1 法說會逐字稿

Hello everyone. The SES AI first-quarter 2025 earning base and call will begin shortly. (Operator instructions) Thank you for your patience.

大家好。SES AI 2025 年第一季獲利基礎和預測即將開始。（操作員指示）感謝您的耐心等待。

Hello everyone and welcome to the SES AI first-quarter 2025 earnings release and call. My name is Nadia and I'll be coordinating the call today. (Operator instructions)

大家好，歡迎參加 SES AI 2025 年第一季財報發布和電話會議。我叫納迪亞，今天我將負責協調這場電話會議。（操作員指示）

I will now head over to your host, Kyle Pilkington, Chief Legal Officer to begin. Kyle, please go ahead.

現在我將請主持人、首席法律官 Kyle Pilkington 開始演講。凱爾，請繼續。

Hello everyone and welcome to our conference call covering our first quarter 2025 results. Joining me today are Qichao Hu, Founder and Chief Executive Officer; and Jing Nealis, Chief Financial Officer. We issued our shareholder letter yesterday afternoon after market close, which provides a business update as well as our financial results.

大家好，歡迎參加我們的電話會議，討論我們 2025 年第一季的業績。今天與我一起出席的還有創辦人兼執行長胡啟超；以及財務長 Jing Nealis。我們昨天下午收盤後發布了致股東的信函，其中提供了業務更新以及財務表現。

You'll find a press release with a link to our shareholder letter and today's conference call webcast in the investor relations section of our website at ses.ai. Before we get started, this is a reminder that the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation.

您可以在我們網站 ses.ai 的投資者關係部分找到新聞稿，其中包含我們致股東的信函和今天的電話會議網絡直播的連結。在我們開始之前，需要提醒的是，今天的討論可能包含適用證券立法含義內的前瞻性資訊或前瞻性陳述。

These statements are based on our predictions and expectations as of today. Such statements involve certain risks, assumptions, and uncertainties which may cause our actual or future results and performance to be materially different from those expressed or implied in these statements. The risks and uncertainties that could cause our results to differ materially from our current expectations include, but are not limited to those detailed in the latest earnings releases and in our SEC filings. This morning we will review our business as well as results for the quarter.

這些聲明是基於我們今天的預測和預期。此類聲明涉及某些風險、假設和不確定性，可能導致我們的實際或未來結果和表現與這些聲明中表達或暗示的結果和表現有重大差異。可能導致我們的結果與目前預期有重大差異的風險和不確定因素包括但不限於最新收益報告和美國證券交易委員會文件中詳細說明的風險和不確定因素。今天上午我們將回顧本季的業務和業績。

With that, I'll pass it over to Qichao Hu.

下面，我將把發言權交給胡啟超。

Thanks, Kyle. Good morning and thank you for joining us on our first quarter 2025 earnings call. In the first quarter, SES AI achieved a new record for revenue with $5.8 million. This was a great start to what we expect will be a transformational year for SES AI.

謝謝，凱爾。早安，感謝您參加我們的 2025 年第一季財報電話會議。第一季度，SES AI營收創歷史新高，達到580萬美元。這是一個好的開端，我們預計這將是 SES AI 轉型的一年。

In addition, we have announced a battery materials discovery software and service platform. And on April 29, we will be launching our molecular universe demonstration at 11:00 AM. You can find more details on our website.

此外，我們也發布了電池材料發現軟體和服務平台。4月29日上午11點，我們將啟動分子宇宙演示。您可以在我們的網站上找到更多詳細資訊。

First EV. During the first quarter, we book revenue from contracts with two OEM partners to develop AI enhanced lithium metal and lithium ion batteries for EVs. And some highlights include, we are on track to complete these sample and in discussion about commercial next steps with two OEMs.

第一輛電動車。在第一季度，我們與兩家 OEM 合作夥伴簽訂了合同，開發用於電動車的 AI 增強型鋰金屬和鋰離子電池，從而獲得了收入。其中一些亮點包括，我們正按計劃完成這些樣品，並正在與兩家 OEM 討論下一步的商業行動。

We have deployed our air for science material discovery end to end capability to develop new electrolytes to improve critical battery performance measures such as alkalis and safety of lithium metal and silicon lithium ion batteries for two OEMs.

我們已部署了空氣科學材料發現端到端能力，以開發新的電解質，從而為兩家 OEM 改善關鍵電池性能指標，例如鹼和鋰金屬和矽鋰離子電池的安全性。

And based on the successful track record with these two OEMs, we are packaging our AI for science, material discovery, end to end capability into a software and service platform called Molecular Universe. This allows us to mass produce material discovery and development service, our largest and most profitable revenue component, enabling us to rapidly expand our servers from just one chemistry and only two OEMs in one market to potentially all OEMs, all battery makers, all electronic companies, consumer electronics companies, and many more across all battery chemistries.

基於與這兩家 OEM 廠商的成功合作記錄，我們將把用於科學、材料發現和端對端功能的 AI 打包到一個名為「Molecular Universe」的軟體和服務平台中。這使我們能夠大規模生產材料發現和開發服務，這是我們最大、最賺錢的收入組成部分，使我們能夠將伺服器從一個市場中的一種化學製品和兩家 OEM 迅速擴展到所有 OEM、所有電池製造商、所有電子公司、消費性電子公司以及所有電池化學製品中的更多公司。

And with fierce global EV competition and new safety regulations, through our material discovery and development services, we can deliver commercially practical weaning solutions that help OEMs differentiate. And even before the global release of molecular universe, there are already one dozen companies, including OEMs, battery and electrolyte companies doing early access testing.

隨著全球電動車競爭的激烈和新安全法規的出台，透過我們的材料發現和開發服務，我們可以提供具有商業實用性的脫機解決方案，幫助原始設備製造商脫穎而出。甚至在分子宇宙全球發布之前，已經有十幾家公司（包括 OEM、電池和電解質公司）進行了早期測試。

And now to UAM drones and robotics. I'm very excited about the tremendous response we have received following our introduction of the AI enhanced [2,170] cylindrical cell for humanoid robotics and drones applications.

現在來談談 UAM 無人機和機器人。我們推出用於人形機器人和無人機應用的 AI 增強型 [2,170] 圓柱形電池後，獲得了巨大的反響，對此我感到非常興奮。

We also produce top sales for (technical difficulty) and UAN from our own lines that were previously converted from EVA sample lines. In particular, the strategic value of our facility in [Cheungho], South Korea has proven to be particularly valuable to many of our customers, given the current geopolitical uncertainty and tariff tension. Also these cells use electron materials discovered through the molecular universe.

我們也利用我們自己的生產線（之前由 EVA 樣品生產線改裝而成）生產暢銷產品（技術難度）和 UAN。特別是，鑑於當前的地緣政治不確定性和關稅緊張局勢，我們位於韓國[Cheungho]的工廠的戰略價值已被證明對我們的許多客戶特別有價值。這些細胞也使用透過分子宇宙發現的電子材料。

I'd like to turn to the upcoming launch of our molecular universe software and service platform, as I mentioned, will be released on April 29. The motivation for molecular universe is to mass produce material discovery and development services, our largest and most profitable revenue component.

我想談談我們即將推出的分子宇宙軟體和服務平台，正如我所提到的，將於 4 月 29 日發布。分子宇宙的動機是大規模生產材料發現和開發服務，這是我們最大和最賺錢的收入組成部分。

This platform delivers commercially practical winning solutions that help users compete. Molecule universe is not contract R&D. Rather, it's an end to end servers ranging from material discovery to cell manufacturing. It is A sample, B sample, C sample, SOP at scale. Its benefits are not just applicable to one chemistry, lithium metal and one market EV, but can be applied to all battery chemistries and all battery markets.

該平台提供具有商業實用性的致勝解決方案，幫助用戶參與競爭。分子宇宙不是合約研發。相反，它是一個從材料發現到細胞製造的端到端伺服器。它是按比例的A樣品、B樣品、C樣品、SOP。它的優勢不僅適用於一種化學物質、鋰金屬和一個市場電動車，而且可以應用於所有電池化學物質和所有電池市場。

We will have the global release of the first version of molecular universe, MU0 on April 29. The live demo will explain MU0's features and pricing structures. We look forward to reporting more progress in details on the like universe during the second quarter.

我們將於4月29日在全球發表分子宇宙第一版MU0。現場演示將解釋 MU0 的功能和定價結構。我們期待在第二季度報告有關類似領域的更多詳細進展。

To close, I want to highlight some of our plans for 2025 and beyond. First, we are in a strong cash position to execute on our vision. We have evolved from manufacturing CapEx heavy plans for EV and UAM at scale to a scalable software and services business model.

最後，我想強調一下我們 2025 年及以後的一些計劃。首先，我們擁有充足的現金來實現我們的願景。我們已經從大規模製造 EV 和 UAM 的資本支出重型計劃發展到可擴展的軟體和服務業務模式。

We have focused our operating costs on enhancing our commercial team to pursue greater opportunities to expand revenue in 2025 to 2027. Our new molecular universe software and service platform has proven to be successful with two OEMs already, and can more efficiently deliver commercially practical winning solutions to all OEMs across all battery chemistries, both lithium metal and silicon lithium ion. We expect the [Montial] universe platform to allow us to rapidly grow our largest and most profitable revenue component.

我們將營運成本集中在加強商業團隊上，以尋求在 2025 年至 2027 年擴大收入的更多機會。我們的新分子宇宙軟體和服務平台已經在兩家 OEM 中取得成功，並且可以更有效地為所有電池化學成分（包括鋰金屬和矽鋰離子）的所有 OEM 提供商業上實用的成功解決方案。我們希望 [Montial] 宇宙平台能讓我們快速成長最大、最賺錢的營收部分。

So thank you for your continued interest in SES AI, and now I'll turn it over to Jing for financial updates.

感謝您對 SES AI 的持續關注，現在我將把時間交給 Jing 來提供財務更新資訊。

Good morning everyone. I will discuss a financial performance for the first quarter of 2025 and provide some context on how we are managing capital to support SES's long-term growth strategy.

大家早安。我將討論 2025 年第一季的財務業績，並提供一些有關我們如何管理資本以支持 SES 長期成長策略的背景資訊。

Revenue for the first quarter was $5.8 million. With this strong start to the year, we remain on track to achieve our full year 2025 revenue guidance of $15 million to $25 million. A Q1 revenue was primarily driven by contracts with our automotive OEM customers to develop AI enhanced lithium metal and lithium-ion batteries for EV applications. Importantly, we delivered a strong growth margin of 79% in Q1, which is consistent with our expectations.

第一季的營收為580萬美元。憑藉今年強勁的開局，我們仍有望實現 2025 年全年 1,500 萬至 2,500 萬美元的營收預期。第一季的收入主要來自我們與汽車 OEM 客戶簽訂的合同，該合約旨在開發用於電動車應用的 AI 增強型鋰金屬和鋰離子電池。重要的是，我們在第一季實現了 79% 的強勁成長利潤率，這與我們的預期一致。

The high margin profile is largely a result of our asset life business model driven by our ONAI strategy. Our GAAP operating expenses were $27.8 million for the quarter. We utilized $22.8 million in cash for operations and invested $0.9 million in capital expenditures during the quarter. We concluded the quarter with a strong liquidity position of $240 million with no debt.

高利潤率很大程度上得益於我們的 ONAI 策略所推動的資產壽命業務模式。本季我們的 GAAP 營運費用為 2,780 萬美元。本季度，我們利用 2,280 萬美元現金用於運營，並投資 90 萬美元用於資本支出。本季結束時，我們的流動資金狀況良好，達到 2.4 億美元，且沒有債務。

As we look ahead to the remainder of 2025, our focus remains on this planned execution and building the foundation for long-term and scalable growth. We're seeing top line growth, maintaining a strong growth margin, executing our plan efficiently, and position the business for the next phase of commercial readiness.

展望 2025 年剩餘時間，我們的重點仍然是執行計劃並為長期可擴展的成長奠定基礎。我們看到了營收的成長，保持了強勁的成長幅度，有效地執行了我們的計劃，並為下一階段的商業準備做好了準備。

In summary, we are operating from a position of strength, growing top line revenue, controlling cost, and deploying capital with discipline. We expect to exit 2025 with more than 200 million in liquidity. We appreciate your continued support and confidence in SES AI.

總而言之，我們擁有雄厚的實力，不斷增加營業收入，控製成本，並有紀律地部署資本。我們預計到 2025 年，我們的流動資金將超過 2 億美元。我們感謝您對 SES AI 的持續支持與信任。

Now, I will turn the call back to the operator.

現在，我將把電話轉回給接線生。

(Operator instructions)

（操作員指示）

[Jed Dorsheimer], William Blair.

[傑德·多斯海默]，威廉·布萊爾。

Thank you. You have Mark Shooter on for Jed. Can you remind us of what cell type, the chemistry, and the capacity of your SK facility, because it seems as though that'll be a strategic location now given the tariffs. So what is your strategy there to maximize the value of that facility?

謝謝。馬克舒特 (Mark Shooter) 飾演傑德 (Jed)。您能否提醒我們 SK 工廠的電池類型、化學性質和容量，因為考慮到關稅，那裡似乎是一個戰略位置。那麼，您有什麼策略可以最大化該設施的價值呢？

The DJ facility, (inaudible) facility right in South Korea. So it has two lines. It has the A sample line that we built with the GMJDA and then that got converted to large pot cells and then also a smaller UAM cells. So we have two power cell lines. But then also, because of the new trend, we can also add additional equipment to accommodate cylindrical as well as prismatic cells.

DJ 設施，（聽不清楚）設施就在韓國。所以它有兩條線。它有我們用 GMJDA 建造的 A 樣品線，然後將其轉換為大型電解池，然後轉換為較小的 UAM 電解池。所以我們有兩條電池線。但同時，由於新趨勢，我們還可以添加額外的設備來適應圓柱形和方形電池。

Okay, thank you. And another one here is some of your competitors are pursuing a similar strategy using excess Chinese capacity for 2,170 cells and with silicon. Can you remind us of the performance benefits from SES's 2,170s with your improved electrolyte and can you remind us of the performance and how you compare to others.

好的，謝謝。另一個例子是，你們的一些競爭對手正在採取類似的策略，利用中國過剩的 2,170 塊電池和矽片產能。您能否提醒我們一下，採用改良的電解質後，SES 2,170s 的效能優勢如何？您能否提醒我們一下其性能以及與其他產品的比較？

Yeah, so most 2,170 cells today have 5.5 or less amp hours, and that's typically less than 30% silicon. And then if you go to more silicon, if you get to 6.5 amp hours and a 7, and even more than 7 hours, then you do need more silicon and then the current electrolyte is not stable and the cycle is short and also a lot of times the electrolyte has FEC and that tends to gas and then pop the lid. So all the electrolyte actually works really well with high content silicon. So we're talking about enabling the stable performance and no gas for 2,170 that can achieve more than 6.5 amp hours and even 7 amp hour.

是的，目前大多數 2,170 電池的安培小時數為 5.5 或更少，而且矽含量通常不到 30%。然後，如果你使用更多的矽，如果你達到 6.5 安培小時和 7 安培小時，甚至超過 7 小時，那麼你確實需要更多的矽，而當前的電解質則不穩定，循環很短，而且很多時候電解質有 FEC，這往往會產生氣體，然後彈出蓋子。因此，所有電解質實際上在矽含量高的情況下都能很好地發揮作用。因此，我們正在討論如何實現 2,170 的穩定性能和無氣化，從而實現超過 6.5 安培小時甚至 7 安培小時的電力。

That's great, thank you. One more if I could.

太好了，謝謝。如果可以的話，再多說一句。

Yeah, sure.

是的，當然。

The customer type who would be interested in the molecular universe AI, I mean, what types of customers are you engaged with outside of your two main partners?

對分子宇宙 AI 感興趣的客戶類型，我的意思是，除了兩個主要合作夥伴之外，您還與哪些類型的客戶合作？

Yeah, that's actually really exciting. And then for now, I mean, just the first version is just electrolyte. We're talking about all the major battery companies like tier 1s and tier 2s. We have more than a dozen early access users already before Tuesday launch, next Tuesday, but also car companies. So a lot of these battery companies and car companies and also some chemical and electrical companies are really excited about this.

是的，這確實非常令人興奮。那麼現在，我的意思是，第一個版本只是電解質。我們正在討論所有主要的電池公司，例如一級和二級公司。在下週二發布之前，我們已經擁有十幾位早期訪問用戶，還有汽車公司。因此，許多電池公司、汽車公司以及一些化學和電氣公司對此感到非常興奮。

Great, thank you, Qichao.

太好了，謝謝你，啟蒙。

Yeah, thanks, mark.

是的，謝謝，馬克。

Winnie Dong, Deutsche Bank.

德意志銀行的 Winnie Dong。

Hi, good morning. Thanks so much for taking my question. I guess the first one is on, maybe just, rationale for the authorization of the share buyback. And then the second one is, I know you're going to do a more in-depth session for the pricing related details for the molecular platform.

嗨，早安。非常感謝您回答我的問題。我想第一個問題可能只是關於授權股票回購的理由。第二點是，我知道您將就分子平台的定價相關細節進行更深入的討論。

I was wondering if you can maybe just give us, a tea or maybe like the pricing structure that you guys have in mind for that, and how you plan to sort of roll that out to customers for access and potentially for some, recurring revenue. Thank you.

我想知道您是否可以給我們介紹一下，或者您對此考慮的定價結構，以及您計劃如何將其推廣給客戶以供訪問並可能獲得一些經常性收入。謝謝。

Sure, (multiple speakers). I'll go with the pricing structure first, and then you do the buyback. So, the pricing structure for (inaudible) universe, it has, basically we have fibe tiers and then they're divided into pure software and also software plus servers. So pure software.

當然，（多位發言者）我會先採用定價結構，然後你再進行回購。因此，（聽不清楚）宇宙的定價結構基本上是我們有光纖層，然後它們分為純軟體和軟體加伺服器。所以純粹是軟體。

So it's basically for a subscription per user per month, and then you can get access to a partial molecular universe, the whole molecular universe, different properties, and also you can interact with it and then ask questions. And then these are specific commercial challenges that you face in the market. And then the servers is, for example, some of the large enterprise want us to do on-prem deployment.

因此，它基本上是每個用戶每月訂閱一次，然後您可以訪問部分分子宇宙、整個分子宇宙、不同的屬性，還可以與其互動，然後提出問題。這些就是您在市場上面臨的具體商業挑戰。然後，例如，一些大型企業希望我們進行伺服器內部部署。

We actually train this model with the customer's proprietary database and also in some cases, once we find molecules and then they ask us to synthesize molecules, actually formulate electrolyte, test the molecules in the batteries like A sample, B sample.

我們實際上是使用客戶的專有資料庫來訓練這個模型，而且在某些情況下，一旦我們找到分子，他們就會要求我們合成分子，實際配製電解質，測試電池中的分子，如 A 樣本、B 樣本。

Basically, the JDA and then once we discover new molecules and then we can file IP, we can also hide the molecules in what's called hidden galaxies from other users for a fee. So it's a mix of one time fee that includes the on prime install setup and then recurring in the form of subscription to this tool, as well as once we find this molecule, this almost like a royalty payment for us to hide the molecules.

基本上，一旦我們發現了新的分子，我們就可以提交 IP，我們也可以向其他使用者收取費用，將分子隱藏在所謂的隱藏星系中。因此，它是一次性費用的混合，包括主要安裝設置，然後以訂閱此工具的形式重複，一旦我們找到這個分子，這幾乎就像是我們隱藏分子的特許權使用費。

If you want to go over the buyback.

如果你想回顧一下回購。

I'll answer your first question. So first I wanted to just reaffirming our 2025 revenue guidance and our strong balance sheet as we expect to exit the year with more than $200 million in liquidity. And also we're on a strong revenue growth path while maintaining the high margin and controlling cost. We believe just the share repurchase program would be an efficient capital allocation tool for us. The potential use of the capital would not impact our liquidity runway going forward.

我來回答你的第一個問題。因此，首先我想重申我們 2025 年的收入預期和強勁的資產負債表，因為我們預計今年的流動資金將超過 2 億美元。而且我們在維持高利潤率和控製成本的同時，營收也呈現強勁成長動能。我們相信，股票回購計畫對我們來說將是一種有效的資本配置工具。該資本的潛在用途不會影響我們未來的流動性。

John Roy, Water Tower Research.

約翰·羅伊（John Roy），水塔研究公司。

Thank you very much. I'm interested in the cadence of the revenue through the year. It's going to be mostly back end loaded? Obviously it's growing. I just want to get an idea of how you think it might ramp through the year and then also how that might play into 2026. I'm not asking for guidance, but just kind of a view.

非常感謝。我對全年收入的變化節奏很感興趣。它主要會是後端載入嗎？顯然它正在增長。我只是想知道您認為它會如何在今年內發展，以及它將如何延續到 2026 年。我並不是尋求指導，而只是尋求一種觀點。

Yes, Jing?

是啊，靜？

You want me to take it, I can answer that. So, we at the beginning of the year, when we gave the guidance we mentioned we don't, given this is the first year for us to have a full year, revenue, we don't want to put a quarterly cadence there, but having said that, I think, it's more stable and we are on track to achieve our guidance that we provided which is 2025 revenue between $15 million to $25 million based on our existing pipeline of revenue. We are very confident that we will achieve that goal if not beyond.

你要我回答，我可以回答。因此，我們在年初給出指引時提到，考慮到這是我們第一年實現全年收入，我們不想以季度為節奏，但話雖如此，我認為這樣更穩定，我們有望實現我們提供的指引，即根據我們現有的收入渠道，2025 年的收入在 1500 萬美元至 2500 萬美元之間。我們非常有信心，我們將實現這一目標，甚至超越這一目標。

I think for 2026, not to provide guidance or anything, but this year is very foundational year, transformational year for us. We're laying all the groundwork, the foundation to, significantly grow our revenue in 2026.

我認為對於 2026 年來說，並不是提供指導或任何東西，但今年對我們來說是非常基礎的一年、轉型的一年。我們正在打下所有基礎，為 2026 年大幅增加我們的收入奠定基礎。

Excellent. And one follow-up question on molecular universe. I guess, one of the things that we're all kind of interested in is how we measure the success of that going forward. Are you going to be giving us backlog users? I mean, obviously you've got 12 people looking at it now. That's great. Just wanted to think about how we should measure success of that.

出色的。還有一個關於分子宇宙的後續問題。我想，我們都感興趣的事情之一就是我們如何衡量未來的成功。您會給我們積壓用戶嗎？我的意思是，顯然現在有 12 個人在看它。那太棒了。只是想思考我們應該如何衡量它的成功。

Well, I think it's, it'll come down to revenue, right? Revenue we generate from molecular universe. That's the ultimate metric for success. And also I think just from the battery industry perspective, we're talking about replacing and accelerating R&D. So if this becomes really successful, I think this will be a tremendous tool to help battery companies and car companies instead of hiring thousands of people and spend five years on the new technology. I think you can do that with just 10 people and then a few months. So really accelerates the development of new technology.

嗯，我認為這取決於收入，對嗎？我們從分子宇宙產生的收入。這是成功的最終標準。而且我認為僅從電池產業的角度來看，我們正在談論更換和加速研發。因此，如果這項技術真的成功了，我認為這將成為幫助電池公司和汽車公司的巨大工具，而不必僱用數千人並花費五年時間開發新技術。我認為只需 10 個人，幾個月的時間就可以做到這一點。因此確實加速了新技術的發展。

And maybe one final question then, and thank you for that answer. Gross margins, medium and long term, obviously if you're selling more and more software that might trend up, but 79% is pretty good already. Is that kind of what you're thinking in your longer models is something in the 70% to 80% range?

那麼也許還有最後一個問題，感謝您的回答。就中期和長期毛利率而言，顯然如果你銷售的軟體越來越多，毛利率可能會呈上升趨勢，但 79% 已經相當不錯了。您是否認為在較長的模型中該比例會在 70% 到 80% 之間？

(multiple speakers) So the margin, depending on the mix of services and products, I think, given we're rolling out the software and services, those have a very good margin above 80%. And we are, we also sell products, and those are more like 20% to 30%. So going forward it's a mix of both, but regardless, we're looking at a mix of about 60% margin.

（多位發言者）因此，利潤率取決於服務和產品的組合，我認為，考慮到我們推出的軟體和服務，它們的利潤率非常好，在 80% 以上。我們也銷售產品，這些產品的比例大概在 20% 到 30% 之間。因此，未來將是兩者的混合，但無論如何，我們正在考慮約 60% 的利潤率。

Great, thank you so much.

太好了，非常感謝。

Thank you.

謝謝。

Thank you. There appear to be no additional questions. This now concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。似乎沒有其他問題。今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。