Solid Power Inc (SLDP) 2025 Q4 法說會逐字稿

Good day, and welcome to the Solid Power fourth quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Solid Power 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Charlie Van Goetz, Investor Relations analyst. Please go ahead.

現在我將把會議交給投資人關係分析師查理·範·戈茨。請繼續。

Thank you, operator. Welcome, everyone, and thank you for joining us today. I'm joined on today's call by Solid Power's President and Chief Executive Officer, John Van Scoter; and Chief Financial Officer, Linda Heller.

謝謝接線生。歡迎各位，感謝你們今天加入我們。今天與我一同參加電話會議的有 Solid Power 的總裁兼執行長 John Van Scoter 和財務長 Linda Heller。

A copy of today's earnings release is available on the Investor Relations section of Solid Power's website, www.solidpowerbattery.com. I'd like to remind you that parts of our discussion today will include forward-looking statements as defined by US securities laws. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.

現今的獲利報告副本可在Solid Power公司網站www.solidpowerbattery.com的投資者關係欄位中找到。我想提醒各位，我們今天的討論部分內容將包含美國證券法定義的前瞻性陳述。這些前瞻性陳述是基於管理階層對未來事件的當前預期和假設，並且是基於目前可獲得的有關未來事件結果和時間的資訊。

Except as otherwise required by applicable law, Solid Power disclaims any duty to update any forward-looking statements to reflect future events or circumstances. For a discussion of the risks and uncertainties that could cause actual results to differ materially from those expressed in today's forward-looking statements, please see Solid Power's most recent filings with the Securities and Exchange Commission which can be found on the company's website at www.solidpowerbattery.com.

除適用法律另有規定外，Solid Power 不承擔任何更新任何前瞻性聲明以反映未來事件或情況的義務。有關可能導致實際結果與今天前瞻性聲明中表達的結果存在重大差異的風險和不確定性的討論，請參閱 Solid Power 向美國證券交易委員會提交的最新文件，這些文件可在公司網站 www.solidpowerbattery.com 上找到。

With that, let me turn it over to John Van Scoter.

接下來，我將把麥克風交給約翰‧範‧史考特。

Thank you, Charlie, and thank you all for joining us today. We made strong and meaningful progress in 2025, marking an important year of execution for Solid Power. At the outset of the year, we set clear near-term objectives to drive continued innovation and performance in our electrolyte technology, advance our electrolyte development road map.

謝謝你，查理，也謝謝今天所有到場的各位。2025 年，我們取得了強勁而有意義的進展，這標誌著 Solid Power 進入了重要的執行年。今年年初，我們制定了明確的近期目標，以推動電解液技術的持續創新和性能提升，推進電解液開發路線圖。

Ramp sampling activity while identifying and engaging long-term customers, execute against our agreements with SK On and maintain a disciplined approach to capital and spending. I'm proud of our progress our team delivered across each of these priorities. Throughout the year, we translated strategy into tangible milestones and strengthened our technical foundation.

在進行樣品發放活動的同時，識別並吸引長期客戶，履行與 SK On 的協議，並對資本和支出保持嚴謹的態度。我為我們的團隊在這些優先事項上取得的進展感到自豪。在過去一年中，我們將策略轉化為切實可行的里程碑，並加強了我們的技術基礎。

Collectively, our achievements in 2025 advanced our path towards commercialization and positioned us to enter the next phase of growth. Starting with electrolyte sampling, we continued our sampling efforts and saw demand for multiple generations of our material from both existing and new customers.

總而言之，我們在 2025 年的成就推進了我們走向商業化的道路，並使我們進入了下一個成長階段。從電解液取樣開始，我們繼續進行取樣工作，並發現現有客戶和新客戶對我們的多代材料都有需求。

In October 2025, we announced a joint evaluation agreement with Samsung SDI and BMW to advance the development of all solid-state batteries. We view this agreement as validation of our electrolyte sampling efforts. After announcing the agreement, we began executing under the agreement and providing electrolyte to SDI for use in the joint evaluation activities.

2025年10月，我們宣布與三星SDI和寶馬達成聯合評估協議，以推進全固態電池的開發。我們認為該協議是對我們電解質取樣工作的驗證。在宣布協議後，我們開始根據該協議執行，並向 SDI 提供電解液，用於聯合評估活動。

Turning to our electrolyte development road map. We made progress towards installation of our continuous electrolyte production pilot line. In 2025, we finished ordering long lead equipment and conducted detailed design for the line. We expect to install and commission this line by the end of 2026.

接下來，我們來看看電解液開發路線圖。我們在連續電解液生產中試生產線的安裝方面取得了進展。2025年，我們完成了長週期設備的訂購，並對該生產線進行了詳細設計。我們預計將於 2026 年底前完成該生產線的安裝和調試。

This line is designed to support small volume customer programs and allow us to learn and optimize the manufacturing processes ahead of full commercialization. With respect to SK On, we continue to execute under our agreements, a research and development license, a line installation agreement and an electrolyte supply agreement. These agreements are designed to enable SK On to develop solid-state cells based on our technology and to operate a pilot cell manufacturing line using our electrolyte.

這條生產線旨在支援小批量客戶項目，並使我們能夠在全面商業化之前學習和優化製造流程。關於 SK On，我們將繼續履行與 SK On 達成的協議，包括研發許可協議、生產線安裝協議和電解液供應協議。這些協議旨在使 SK On 能夠基於我們的技術開發固態電池，並使用我們的電解液營運中試電池生產線。

In 2025, we completed factory acceptance testing and near completion of site acceptance testing at SK On's facility. This progress demonstrates our ability to deliver against key technical milestones and support our partners' ASSB efforts.

2025年，我們在SK On工廠完成了工廠驗收測試，現場驗收測試也接近完成。這項進展表明我們有能力實現關鍵的技術里程碑，並支持我們的合作夥伴的 ASSB 工作。

Moving on to electrolyte innovation and performance. During 2025, we deepened our understanding of our electrolyte performance, identified process engineering and electrolyte improvements and work to tailor our electrolyte to meet customer specifications.

接下來談談電解液的創新與性能。2025年，我們加深了對電解液性能的了解，確定了製程工程和電解液的改進方向，並致力於調整電解液以滿足客戶的規格要求。

We made this progress through our focus on enhancing feedback between our cell and electrolyte teams and productive customer feedback. Additionally, our cells and solid-state battery technology were demonstrated in a BMW i7 test vehicle in May 2025.

我們透過加強電池和電解液團隊之間的反饋以及積極的客戶回饋，取得了這一進展。此外，我們的電芯和固態電池技術已於 2025 年 5 月在BMW i7 測試車上進行了展示。

BMW's introduction of this test vehicle marked a meaningful achievement in our partnership, and we're proud of our role in this accomplishment. With that, I'll turn it over to Linda to review our financial results and provide an update on our financial discipline goal. Linda?

BMW推出這款測試車標誌著我們合作關係取得了意義重大的成就，我們為自己在這項成就中所扮演的角色感到自豪。接下來，我將把發言權交給琳達，讓她回顧我們的財務業績，並報告我們財務紀律目標的最新進展。琳達？

Thank you, John. We delivered revenue of $21.7 million in 2025, an increase of $1.6 million compared to 2024. The year-over-year growth was driven primarily by work performed under our line installation agreement with SK On, reflecting continued execution against our customer programs. Operating expenses for the year were $122.6 million compared to $125.5 million in 2024.

謝謝你，約翰。2025 年，我們的收入達到 2,170 萬美元，比 2024 年增加了 160 萬美元。年比成長主要得益於我們與 SK On 簽訂的管線安裝協議下的工作，這反映了我們持續推進客戶專案。本年度營運費用為 1.226 億美元，而 2024 年為 1.255 億美元。

The year-over-year decrease reflects our cost discipline partially offset by investments in research and development as well as equipment purchases and services performed in support of the SK On agreements. Operating loss for 2025 was $100.8 million and net loss was $93.4 million or $0.51 per share.

同比下降反映了我們的成本控制，但部分被研發投入、設備採購以及為支援 SK On 協議而提供的服務所抵消。2025 年的營業虧損為 1.008 億美元，淨虧損為 9,340 萬美元，即每股虧損 0.51 美元。

Turning to capital expenditures. 2025 CapEx totaled $10.2 million, primarily representing costs associated with planned construction of our continuous electrolyte production pilot line. Cash investment, which is comprised of cash used in operations and capital expenditures totaled $84.5 million for fiscal year 2025. This came in at the lower end of our revised cash investment guidance, reflecting our continued focus on prioritization and disciplined capital allocation.

接下來談談資本支出。2025 年資本支出總額為 1,020 萬美元，主要包括與計畫建造的連續電解液生產試驗線相關的成本。2025 財政年度現金投資（包括營運現金和資本支出）總計 8,450 萬美元。這一數字處於我們修訂後的現金投資指導範圍的下限，反映了我們持續關注優先事項和嚴格的資本配置。

Moving to the balance sheet. Our total liquidity as of December 31, 2025, was $336.5 million, an increase of $9 million compared to year-end 2024. As of December 31, 2025, contract assets and accounts receivable were $9.6 million and total current liabilities was $16.8 million.

接下來查看資產負債表。截至 2025 年 12 月 31 日，我們的總流動資金為 3.365 億美元，比 2024 年底增加了 900 萬美元。截至 2025 年 12 月 31 日，合約資產和應收帳款為 960 萬美元，流動負債總額為 1,680 萬美元。

During the fourth quarter, we raised $56 million of net proceeds under our at-the-market or ATM program, bringing total 2025 net proceeds from the ATM to $88.8 million. Looking ahead, we expect 2026 cash investment, representing cash used in operations and capital expenditures to be in the range of $85 million to $100 million.

第四季度，我們透過市場或 ATM 計畫籌集了 5,600 萬美元的淨收益，使 2025 年 ATM 的淨收益總額達到 8,880 萬美元。展望未來，我們預計 2026 年現金投資（包括營運和資本支出中使用的現金）將在 8,500 萬美元至 1 億美元之間。

This outlook reflects our continued focus on investing and advancing our electrolyte development road map, including commissioning our continuous pilot line while maintaining financial discipline and preserving liquidity. I will now turn the call back to John.

這項展望反映了我們持續專注於投資和推進電解液開發路線圖，包括調試連續試驗生產線，同時保持財務紀律和流動性。現在我將把電話轉回給約翰。

Thank you, Linda. As we look ahead to 2026, we remain focused on disciplined execution, continued advancement of our electrolyte technology and maintaining a strong financial position as we work towards commercialization. First, we intend to strengthen relationships with our partners through continued execution.

謝謝你，琳達。展望 2026 年，我們將繼續專注於嚴謹的執行、持續推動電解液技術的發展，並在實現商業化的過程中保持穩健的財務狀況。首先，我們計劃透過持續的執行來加強與合作夥伴的關係。

In 2026, we expect to continue providing Samsung SDI with electrolyte under the joint evaluation agreement, while also continuing to develop our technology and pursuing electrolyte innovation. We also expect to complete site acceptance testing of the SK On line in the first quarter of 2026. Following site acceptance testing, we plan to work with SK On to conduct validation activities for the line and begin delivering electrolyte to SK On to support the validation efforts.

2026年，我們預計將繼續根據聯合評估協議向三星SDI提供電解液，同時繼續開發我們的技術並追求電解液創新。我們也預計將於 2026 年第一季完成 SK 線上系統的現場驗收測試。在完成現場驗收測試後，我們計劃與 SK On 合作進行生產線的驗證活動，並開始向 SK On 提供電解液以支援驗證工作。

Second, we will continue executing on our electrolyte development road map. We expect to commission our continuous electrolyte production line by the end of 2026 which we designed to expand our annual electrolyte production capacity to up to 75 metric tons.

其次，我們將繼續執行我們的電解液開發路線圖。我們預計將於 2026 年底前投產我們的連續電解液生產線，旨在將我們的年電解液產能擴大到 75 公噸。

This year, we also intend to pursue a potential partnership for commercial scale electrolyte production in Korea. To complement our technical expertise, we plan to evaluate potential partners with process capabilities and capital to support construction of a facility capable of producing up to 500 metric tons of electrolyte annually.

今年，我們也計劃在韓國尋求潛在的合作關係，進行商業規模的電解液生產。為了補充我們的技術專長，我們計劃評估具有製程能力和資金的潛在合作夥伴，以支持建造一座每年可生產高達 500 公噸電解液的工廠。

Third, we are focused on advancing our electrolyte product competitiveness. During 2026, we will continue to enhance our understanding of how electrolyte performs relative to other sulfide electrolyte products to enable customer success in utilizing our electrolyte.

第三，我們致力於提升電解液產品的競爭力。2026 年，我們將繼續加深對電解液相對於其他硫化物電解液產品性能的理解，以幫助客戶成功使用我們的電解液。

We believe this will support our efforts to develop competitive differentiated products and secure long-term customers. To support these efforts, we will utilize our Electrolyte Innovation Center, or EIC, to develop, improve and test electrolyte manufacturing processes as well as electrolyte products.

我們相信這將有助於我們開發具有競爭力的差異化產品，並確保長期客戶。為了支持這些努力，我們將利用我們的電解質創新中心（EIC）來開發、改進和測試電解質製造流程以及電解質產品。

We also intend to continue focusing on our cell research and development activities on improving our understanding of how and why our electrolyte performs in the solid-state cell and using that knowledge to help our electrolyte customers improve their cell development.

我們還打算繼續專注於電池研發活動，以提高我們對固態電池中電解質性能及其原因的理解，並利用這些知識幫助我們的電解質客戶改進他們的電池開發。

Finally, we expect to remain fiscally disciplined. We believe maintaining and using our strong balance sheet to best position Solid Power to reach commercialization is critical for our success. During 2026, we intend to balance extending our runway through financial discipline, with investing appropriately in technology development and process improvements.

最後，我們希望維持財務紀律。我們相信，保持並利用我們強大的資產負債表，使Solid Power能夠以最佳狀態實現商業化，對我們的成功至關重要。2026 年，我們計劃透過財務紀律來延長資金周轉期，同時適當投資於技術開發和流程改善。

In support of this objective, we successfully completed a $130 million registered direct offering last month which further strengthened our liquidity and enhanced our strategic flexibility. We believe this capital positions us to execute on our objectives while preserving optionality as we progress towards commercialization.

為了實現這一目標，我們上個月成功完成了 1.3 億美元的註冊直接發行，這進一步增強了我們的流動性，並提高了我們的策略靈活性。我們相信，這筆資金使我們能夠在實現目標的同時，在邁向商業化的過程中保持選擇。

I would like to thank our employees, partners and stakeholders for their continued commitment and support. We remain focused on disciplined execution and look forward to continued progress in 2026. We will now take your questions. Operator?

我要感謝我們的員工、合作夥伴和利害關係人一直以來的付出和支持。我們將繼續專注於嚴謹的執行，並期待在 2026 年取得持續進展。現在開始回答各位的問題。操作員？

(Operator Instructions)

（操作說明）

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

We know that you've been able to produce a set of incremental volumes of material and truly are collecting a fair amount of data around that process. Could you talk a little bit about your cycle times and evolving the manufacturing process at this point? And what other levers you have within the platform to continue to accelerate some of that development?

我們知道您已經能夠逐步產出一系列材料，並且確實收集了有關該過程的大量數據。您能否談談貴公司的生產週期以及目前製造流程的改進？您在平台上還有哪些手段可以繼續加速這方面的發展？

Thanks for joining, Colin. Sure. We've run a variety of batch sizes, which will directly affect the cycle times. We have a very rapid turnaround in our electrolyte innovation center. In that center, we do 2 kilograms or less depending on what the customer request is but we can turn those batches in days.

謝謝你的參與，科林。當然。我們嘗試了各種不同的批次大小，這將直接影響週期時間。我們的電解液創新中心週轉速度非常快。在該中心，我們根據客戶要求加工 2 公斤或更少的貨物，但我們可以在幾天內完成這些批次的加工。

When we look to the larger batch sizes, and we typically run between 40 and 50 kilograms in our current SP2 batch facility, and the cycle times on those run approximately a week, again, depending on batch size and the specific parameters that we're trying to control.

當我們考慮更大的批量時，我們目前的 SP2 批量生產設施通常一次生產 40 到 50 公斤，這些批量的周期時間大約為一周，同樣，這取決於批量大小和我們試圖控制的特定參數。

Excellent. And then as you look at the different form factors that could deploy the technology at the cell level, could you talk a little bit about efforts that you're seeing on the horizon and interest that you're seeing from incremental customers to diversify some of the form factors you're working on?

出色的。然後，當您審視可以在單元層級部署該技術的不同外形尺寸時，您能否談談您目前看到的進展以及新客戶對您正在研究的一些外形尺寸多樣化的興趣？

Great question. But quite honestly, Colin, we haven't seen a great diversification yet, although we could envision as some of these newer segments beyond EV are considering all solid-state batteries that they could take prismatic format or others. Right now, it's primarily pouch across all of our engagements with primarily EV customers.

問得好。但說實話，科林，我們還沒有看到真正的多元化，儘管我們可以預見，隨著電動車以外的一些新興領域考慮採用全固態電池，它們可能會採用棱柱形或其他形狀。目前，我們與電動車客戶的所有互動主要都採用袋裝產品。

Chris Pierce with Needham.

克里斯皮爾斯與尼德姆。

Just one. I guess if you're talking about -- I just want to make sure I heard you right, the SK On pilot line is up and running by the end of 2026. And what is that -- how should we think about '27 and '28 as sort of we hear more about ASSB batteries in these vehicles and sort of not in the United States part of the world, but other parts of the world.

就一個。我想如果你指的是——我只是想確認我是否聽對了，SK On 的試點線路將於 2026 年底投入運營。那麼，我們該如何看待 2027 年和 2028 年呢？因為我們聽到更多關於這些車輛中 ASSB 電池的消息，而且不僅僅是在美國，而是在世界其他地區。

I guess should we think of '27 as a jumping off point? And if we do think of '27 as a jumping off point, against the burn that you kind of guided to for this year, should we think about you guys as having enough capital to get to that jumping off point? Or is there still too involved in here to sort of have certainty around that?

我想我們應該把 2027 年看成一個起點嗎？如果我們把 2027 年看作一個起點，以你們今年所引導的燒錢目標為基準，我們是否應該認為你們有足夠的資金達到這個起點？或者說，這裡面牽涉的因素太多，以至於我們無法對此做出確定的判斷？

Chris, again, thanks for joining. Great questions. I'll take the first part and then let Linda address the second burn rate part of the question.

克里斯，再次感謝你的參與。問得好。我先回答第一部分，然後讓琳達來回答關於燃燒率的第二部分問題。

SK On has specifically -- when they did their ribbon cutting at the pilot facility last year stated that they wanted to have SOP for their batteries in 2029 and that's a one-year pull-in from prior public statements around ASSBs.

SK On 去年在試點工廠舉行剪綵儀式時曾明確表示，他們希望在 2029 年為其電池制定標準作業程序 (SOP)，這比先前關於全固態電池 (ASSB) 的公開聲明提前了一年。

So I would envision -- I'll let SK On talk to the details, but just knowing what we know about the time and takes to get from where we are to 2029, I would expect 2027 to be, again, a strong development year at the cell level and then probably '28 being more mature leading up to the SOP in '29.

因此，我設想——我會讓 SK On 來談談細節，但僅憑我們對從現在到 2029 年所需時間和條件的了解，我預計 2027 年將再次成為電池層面的強勁發展之年，然後 2028 年可能會更加成熟，為 2029 年的 SOP 做準備。

And then, Chris, in terms of our runway, you have seen us shore this up. We did give guidance for this upcoming year of $85 million to $100 million in terms of cash investment. And then if you look at where our ending liquidity is plus with our proceeds from the RDO, we think we're well positioned to be able to work with our partners and be sufficient on that, but we are continually looking at our runway and ensuring that we can be there for our partners.

還有，克里斯，就我們的跑道而言，你已經看到我們加固了它。我們確實給出了未來一年現金投資額為 8,500 萬美元至 1 億美元的指導目標。然後，如果你看看我們最終的流動資金，再加上我們從 RDO 獲得的收益，我們認為我們有能力與我們的合作夥伴合作，並且能夠滿足他們的需求，但我們會不斷審視我們的資金儲備，並確保我們能夠為我們的合作夥伴提供支持。

Jake Sekelsky, Alliance Global Partners.

Jake Sekelsky，Alliance Global Partners。

That last question a bit. Looking at the pilot line and the strengthened balance sheet, are you able to leverage the balance sheet at all to kind of accelerate the time line for the line? Or is it less dependent on capital availability.

最後一個問題有點…從試辦生產線和增強的資產負債表來看，您能否利用資產負債表來加快生產線的進度？或者說，它對資金可用性的依賴性較小。

Well, Jake, it's Linda again. I believe we are in a good position in our balance sheet that if there were to be an opportunity that would allow us to shorten the time line to be able to be in commercial production. We certainly are there.

嗨，傑克，我是琳達。我相信，就我們的資產負債表而言，我們處於良好的狀態，如果出現能夠縮短商業化生產時間的機遇，我們就能抓住它。我們當然在那裡。

We can make those long-term investments at this point in time. Obviously, we will continue to be opportunistic in the capital markets and as well, focus on our own cash burn so that we should be in a good place.

我們現在可以進行這些長期投資。顯然，我們將繼續在資本市場尋找機會，同時也專注於自身的現金消耗，這樣我們才能處於良好的狀態。

For clarity's sake, though, the line is installed in SK On's facility in Korea, and they will begin running that line by themselves largely with our just support once SAT is completed. So any additional capital improvements or those sort of things will be their responsibility for that line. But as Linda said, if there's something that we could do to assist, we'll certainly consider that moving forward because of the strength of our balance sheet.

不過，為了清楚起見，這條線路安裝在韓國 SK On 的工廠裡，一旦 SAT 專案完成，他們將主要依靠我們提供支援來獨立運作這條線路。因此，該線路的任何額外資本改進或其他類似事項都將由他們負責。但正如琳達所說，如果我們能做些什麼來提供幫助，鑑於我們強勁的資產負債表，我們肯定會在未來考慮這樣做。

Got it. Okay. That's helpful. And then just on existing partnerships, can you just touch on any upcoming milestones you might keep an eye out for as those processes move forward this year?

知道了。好的。那很有幫助。那麼，就現有合作關係而言，您能否談談今年隨著這些流程的推進，您可能會關注哪些即將到來的里程碑事件？

Well, I think we've established through the announcement last fall with BMW and SDI, our preferred approach moving forward to expand these partnerships where we are dealing directly with the OEMs to create the demand in the platforms, but then really have the Tier 1 battery partners step in and provide the batteries with us providing the material and some of the expertise to achieve performance targets.

我認為，透過去年秋季與寶馬和SDI的合作公告，我們已經確立了我們未來拓展這些合作關係的首選方法，即直接與OEM廠商合作，創造平台需求，然後由一級電池合作夥伴介入並提供電池，而我們提供材料和一些專業知識，以實現性能目標。

So that's our preferred model going forward, and we would like to duplicate that in other areas as we move forward. I would also, though, point to the comments earlier in the prepared remarks, and that is around our intention to explore potential JV partnerships around the electrolyte manufacturing in Korea with a target of a 500 metric ton annually capacity through a partnership with Solid Power bringing the technical expertise, the IP, the process knowledge and then relying on the partner from a manufacturing and capital standpoint.

所以這是我們未來首選的模式，我們希望在未來的發展中將其複製到其他領域。不過，我還想指出先前在準備好的演講稿中提到的內容，那就是我們打算探索在韓國電解液製造領域建立潛在合資夥伴關係，目標是透過與 Solid Power 合作，實現年產能 500 公噸。 Solid Power 將提供技術專長、智慧財產權和製程知識，而我們將依靠合作夥伴在製造和資金方面提供支援。

So that would be the other partnership that I would point to for 2026. I look for some developments there as we move through the year.

所以，這就是我要提到的2026年的另一個合作計畫。我會關註今年稍後這方面的一些進展。

This concludes our question-and-answer session. I would like to turn the call back over to John Van Scoter, President and CEO, for any closing remarks.

我們的問答環節到此結束。我謹將電話轉回給總裁兼執行長約翰·範·斯科特，請他作總結發言。

Thank you for joining the call today and for your interest in Solid Power. We look forward to updating you again next quarter.

感謝您今天參加電話會議，也感謝您對Solid Power的關注。我們期待下季再次向您報告最新情況。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。