PowerBank Corp (SUUN) 2025 Q4 法說會逐字稿

Right, hello, everyone. Thank you so much for standing by. Good afternoon and welcome to the PowerBank fiscal year and 2025 financial results and corporate update conference call. My name is Megan Haley. At this time, all participants are in a listen-only mode. After today's presentation, there will be a question-and-answer session which will feature previously received questions.

好的，大家好。非常感謝您的耐心等待。下午好，歡迎參加PowerBank本財年及2025年財務表現及公司最新動態電話會議。我的名字是梅根·海莉。目前，所有參與者均處於唯讀模式。今天的演講結束後，將進行問答環節，回答先前收到的問題。

Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately 1 hour after the end of the call, and accessible on the investor relations portion of our website for access for 30 days.

本次電話會議的參與者請注意，本次電話會議的音訊正在透過網路進行即時直播，並且也會被錄音以備回放之用。電話會議結束後約 1 小時，即可在網站投資者關係版塊觀看電話會議的網路直播回放，有效期為 30 天。

So today, the company issued a press release for its financial results for the fiscal year ended June 2025. A copy of that press release can be found on the company's website at powerbankcorp.com under the investors tab.

今天，該公司發布了截至 2025 年 6 月的財政年度財務業績新聞稿。新聞稿的副本可在公司網站 powerbankcorp.com 的「投資者」標籤下找到。

Joining me on today's earnings call from Powerbank's management team are Dr. Richard Lu, Chief Executive Officer, and Sam Sun, Chief Financial Officer.

今天與我一同參加Powerbank管理團隊財報電話會議的有執行長陸正博士和財務長孫山姆。

During this call, management will be making forward-looking statements, including statements that address Powerbank's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Power PowerBank's annual information form.

在本次電話會議中，管理層將發表前瞻性聲明，包括有關 Powerbank 對未來業績或營運結果的預期聲明。前瞻性陳述涉及風險和其他因素，這些因素可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Power PowerBank 年度資訊表中所述的風險因素。

Most recently filed Annual Report on Forms 40-F, and subsequent periodic reports filed with the SEC, SEDAR, and PowerBanks press release that accompanies this call, particularly the cautionary statements made in it. The content of this call contains time sensitive information that is accurate only as of today, October 2, 2025.

最近提交的 40-F 表格年度報告，以及隨後向美國證券交易委員會 (SEC)、證券交易和評估報告機構 (SEDAR) 提交的定期報告，以及 PowerBanks 隨本次電話會議發布的新聞稿，特別是其中作出的警示性聲明。本次通話內容包含時效性訊息，僅截至 2025 年 10 月 2 日有效。

Except as required by law, PowerBank disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to CEO Dr. Richard Lu.

除法律另有規定外，PowerBank 不承擔任何公開更新或修改任何資訊以反映本通話後發生的事件或情況的義務。現在我很高興將電話轉交給執行長理查德·盧博士。

Hi. Thank you, Megan. Good afternoon, everyone on the call. So prior to turning the call over to our CFO, I'd like to highlight some of our existing progress to accompany our filing and the financial report for the year-to-date and the physical third quarter of 2025.

你好。謝謝你，梅根。各位通話中的朋友們，下午好。因此，在將電話轉交給我們的財務長之前，我想重點介紹我們目前取得的一些進展，以配合我們提交的截至目前以及 2025 年第三季的實際財務報告。

We are going to focus our presentation today on our fiscal year end results. As of today, we are sitting with projects representing approximately 84 megawatts of solar and 44 megawatt hour of battery energy storage that are expected to reach notice to proceed within the next 12 months, which we believe has the potential to grow by an order of magnitude in the coming years.

我們今天的報告將重點介紹我們的財政年度最終業績。截至目前，我們手頭上有約 84 兆瓦的太陽能項目和 44 兆瓦時的電池儲能項目，預計將在未來 12 個月內獲得開工許可，我們相信這些項目在未來幾年內有潛力實現十倍增長。

So Power is undeniably a source of energy that has unique significant cost and environmental benefits to power producers and consumers alike as technologies continue, people, solar proration across the globe.

因此，毫無疑問，電力是一種能源，隨著技術的進步，電力生產者和消費者都能從中獲得獨特的、顯著的成本和環境效益，而全球範圍內的太陽能配給制也在不斷發展。

For the full 12 months of fiscal 2025, we reported $41.5 million of revenue. This is $16.9 million lower than the last year for the same period. Our EPC services, was the most area has the reduction of $30.8 million to $23.3 million right. This is, as we discussed previously, PowerBank went public for the purpose of being able to own more assets and grow its IPP business. This strategy is going to provide a very high margin, occurring, recurring revenue over a long time and the historical develop to sell the model has been successful, because we were looking for working capital, we're looking for revenue growth, but those revenues are very lumpy and only one time when the project itself is sold and then there's no more revenue, right? So keeping more of the asset that we are developing is necessarily going to mean a reduction in EPC revenue and you will see the correlation in the financials.

2025 財年全年（12 個月），我們的營收為 4,150 萬美元。這比去年同期減少了1690萬美元。我們的EPC服務，是其中受影響最大的領域，費用從3,080萬美元降至2,330萬美元。正如我們之前討論過的，PowerBank上市的目的是為了能夠擁有更多資產並發展其IPP業務。這種策略將帶來非常高的利潤率，在很長一段時間內產生持續的收入，而且歷史上銷售該模式的發展也取得了成功，因為我們一直在尋找營運資金，也在尋找收入增長，但這些收入非常不穩定，而且只有在項目本身售出後才會產生一次收入，之後就沒有收入了，對吧？因此，保留更多我們正在開發的資產必然意味著EPC收入的減少，您將在財務報表中看到這種相關性。

So this strategy is starting to show result as though, even though the revenue were down, our gross profit actually was only $1.2 million less than last year. I think about the significant drop in revenue and think about the not so much drop on the gross profit, right? And then the first fiscal years and the gross margin improved by 5% to 25%. So the profitability is increasing on the projects, right.

所以這項策略開始顯現成效，儘管收入下降，但我們的毛利實際上只比去年少了 120 萬美元。我想到收入大幅下降，但毛利下降幅度卻不大，對吧？然後，第一個財政年度毛利率提高了 5%，達到 25%。所以這些項目的獲利能力正在提高，對吧。

Our IPP production generated $9.3 million of high margin revenue and last year this time we only had $0.6 million of recurring revenue. Now we are at 9.3%, okay. This revenue presents recurring asset-based revenue for zero emitting electricity supplied to our customers, such as the electrical system operators and municipal governments, and, I would say to end the score, we believe our IPP revenue will grow over time, in lockstep with the solar power plants we built that we choose to own upon completion.

我們的 IPP 生產創造了 930 萬美元的高利潤收入，而去年同期我們只有 60 萬美元的經常性收入。現在我們達到了 9.3%，好的。這項收入代表著我們向客戶（例如電力系統營運商和市政當局）提供的零排放電力所帶來的經常性資產收入。最後，我想說，我們相信我們的 IPP 收入會隨著時間的推移而增長，與我們建造的、我們選擇在完工後擁有的太陽能發電廠的收入同步增長。

I would like to also highlight some of the announcements, events, and the milestones in the fiscal year that support the conviction that we are well positioned for growth. So as you know we closed our acquisition of the solar flow through fund for a total value of $45 million in a all stock transaction, so it's closed.

我還想重點介紹一下本財年的一些公告、活動和里程碑，這些都印證了我們已做好充分準備迎接成長的信念。如您所知，我們已完成對太陽能流通基金的收購，總價值為 4500 萬美元，全部以股票交易方式完成，交易已經完成。

As you also remember that the CIM Group, which is a real estate and infrastructure owner operator, lander and developer, and us have entered into a mandate letter providing up to 100 million in project-based financing for a portion. Portfolio of 97 megawatts of solar projects located in the States, right? So now portfolio is going very well and moving projects to construction, I would say, start construction before July 3, 2026, right?

您可能還記得，CIM 集團（一家房地產和基礎設施所有者、營運商、土地所有者和開發商）與我們簽訂了一份委託書，為部分專案提供高達 1 億美元的專案融資。在美國境內擁有97兆瓦的太陽能專案組合，對嗎？所以現在投資組合進展非常順利，專案正在推進到建設階段，我想說，在 2026 年 7 月 3 日之前開工建設，對嗎？

We continue to execute on the company's development pipeline for solar project that currently, it's about 942 megawatts. The battery is at 864 megawatt hours. We categorize our pipeline into, as the following, and the construction, means already, in construction, advanced development. That we're -- will reach notice to proceed with the next 6 to 12 months and the development is greater than 12 months, right? So those are in our corporate presentation on the website has clearly illustrated, right.

我們正在繼續推進公司太陽能專案開發計劃，目前總裝置容量約為 942 兆瓦。電池容量為 864 兆瓦時。我們將管道分為以下幾類，其中建設是指已經建設中，高級開發是指已經進入建設階段。我們將收到通知，在接下來的 6 到 12 個月內繼續推進，而開發週期超過 12 個月，對嗎？這些內容在我們的公司網站上的介紹中都有清晰的說明，對吧。

The next update is really about our relationship with Qcells. As you see, we have announced a relationship with Qcells in Upper New York that represents about 25.58 megawatts, a total transaction of $49.5 million. Those contracts are under construction. We also expect it will retain an operation maintenance contract for those projects following completion. Currently 2 of the 4 are under construction and the 2 of them are in late stage, permitting. Okay.

下次更新主要是關於我們與Qcells的關係。如您所見，我們已宣布與位於紐約上城區的 Qcells 公司建立合作關係，該項目涉及約 25.58 兆瓦的電力，總交易額為 4950 萬美元。這些合約正在製定中。我們也預計，在專案完成後，該公司將繼續保留這些專案的營運維護合約。目前這 4 個項目中有 2 個正在建設中，另外 2 個已進入後期審核階段。好的。

We also announced a strategic expansion into the data market. We do not have an actual contract in terms of being a power supplier to a data center yet, but the conversations has going fairly well that You will see continued effort for us to provide the needed power in a timely fashion to data centers, whether it's more power from the grid through our insight of getting power from the grid or building behind the meter power solutions.

我們也宣布了進軍數據市場的策略擴張計畫。我們目前還沒有與資料中心簽訂正式的電力供應商合同，但雙方的洽談進展順利，我們將繼續努力及時為數據中心提供所需的電力，無論是透過我們對電網的了解從電網獲取更多電力，還是構建用戶側電力解決方案。

We have a 3.26 megawatts Camillus solar project and that project, as usual, as always, every year we have one or two projects going to Charleys, which is one of the subsidiary is called Solar Advocate, and that one is also under construction for Charleys demonstrating the year after year satisfactory customers returning business for us. The company closed a registered direct offering with a single institutional investor for $8.5 million and marked the first time after IPO that we raise capital on the capital market. Okay.

我們有一個 3.26 兆瓦的卡米勒斯太陽能項目，而且像往常一樣，每年我們都會向 Charleys 公司交付一到兩個項目，Charleys 公司的子公司之一叫做 Solar Advocate，該項目也在為 Charleys 公司建設中，這表明我們年復一年地獲得滿意的客戶，並為他們帶來回頭客。該公司與一家機構投資者完成了一筆 850 萬美元的註冊直接發行，這是我們在 IPO 後首次在資本市場籌集資金。好的。

We are very active in the US. However, we are a -- we started in Canada, so we always have activities in Canada. So the company announced that we have 3 community solar projects in Nova Scotia. That, not only we get the contract, we also have $1.74 million of funding through the Nova Scotia Department Environment, climate change, provided to us and also from Net zero Atlantic program. Those contracts are now in the permitting and design stage. We expect the construction in 2026. So it's commercial operation in 2026, right?

我們在美國非常活躍。但是，我們是一家——我們起源於加拿大，所以我們一直都有在加拿大開展業務的公司。因此，該公司宣布我們在新斯科細亞省有 3 個社區太陽能專案。不僅如此，我們還獲得了新斯科細亞省環境、氣候變遷部門提供的 174 萬美元資金，以及來自大西洋淨零排放計畫的資金。這些合約目前正處於審批和設計階段。我們預計將於 2026 年動工。所以是在2026年投入商業運營，對嗎？

Continue the development of the best projects in Ontario. Two of them are backed by Royal Bank's financing of $25.8 million. The SFF-06 is under construction, which we have announced already, and then the other ones are being permitted and will continue to bring them to commercial operation, right.

繼續推動安大略省最優秀項目的開發。其中兩家公司獲得了皇家銀行 2,580 萬美元的融資支持。SFF-06 正在建造中，我們已經宣布了這一點，然後其他艦艇正在獲得許可，並將繼續投入商業運營，對吧。

So having give you those, in single individual items and before I hand it to Sam, I will say, I want to highlight that the one big beautiful Bill Act has also created an opportunity for Power bank to accelerate our development pipeline based on the new deadline, right?

既然我已經逐項介紹了這些內容，在把它交給 Sam 之前，我想強調的是，這項意義重大的法案也為 Power bank 創造了一個機會，可以根據新的截止日期加快我們的開發進程，對吧？

We have prioritized our development pathway in the key US states where site control, interconnection, and permitting are sufficiently advanced to qualify for the full ITC treatment and the new rules, right? In other words, we will have projects starting before December this year, so there will be no foreign entity of concern issues.

我們已將發展路徑優先考慮美國關鍵州，在這些州，場地控制、互聯互通和許可方面已足夠成熟，符合全面享受 ITC 待遇和新規的條件，對嗎？換句話說，我們將在今年12月之前啟動一些項目，因此不會出現外國實體關注的問題。

And the majority of our project will start construction past the physical work test before July 3, 2026 that we can execute to deliver to commercial operation by end of 2030. So I can have a clear visual about our passing solar, in the states to 2030, right? Having said so, as you also know, we have diversified our footprint across Canada, to, counter the, I will say the, policy risk, right? We are now in the IESO's LT2, procurement.

我們專案的大部分工作將在 2026 年 7 月 3 日之前通過實際施工測試後開始建設，以便我們能夠在 2030 年底前交付並投入商業運營。這樣我就可以清楚地了解美國到 2030 年的太陽能發展趨勢，對吧？話雖如此，正如您所知，我們已經在加拿大各地實現了業務多元化，以應對政策風險，對吧？我們現在處於IESO的LT2階段，採購階段。

We have hundreds of megawatts of solar into the LT2 procurement, filing end of this month. We also have gigawatt hours of battery, bid into the capacity market in Ontario, finding, by end of December. Right.

我們已將數百兆瓦的太陽能納入LT2採購計劃，將於本月底提交申請。我們還擁有數吉瓦時的電池，已在安大略省的容量市場中競標，預計到 12 月底即可完成。正確的。

So taking this parallel approach in both markets, right, and I would say, give us tremendous ability, not only, sitting on reasonable number of cash, but also opens doors to, I would say, giving the current market condition in the states, harvesting what we have done before in 2030 meantime grow the battery storage and other technologies because in the US we need all forms of power to counter electricity price increasing, counter the demand of data centers or digital economy, but in Canada we are focusing on key markets such as Nova Scotia, Ontario, Alberta, and BC, right?

因此，在兩個市場採取這種並行策略，對吧？我認為這不僅賦予我們強大的能力，讓我們擁有相當可觀的現金儲備，而且還為我們打開了大門。我認為，鑑於美國目前的市場狀況，我們可以利用先前在 2030 年取得的成果，同時發展電池儲能和其他技術，因為在美國，我們需要各種形式的電力來應對電價上漲，應對資料中心或數位經濟的需求，但在加拿大，我們專注於新斯科細亞省、安大略省、阿爾伯塔省和不列顛哥倫比亞省等關鍵市場，對哥倫比亞吧？

So those will able us hold significant market share and, we are actively expanding. So, even though our top revenue reduced, but as client, we now focus on asset building versus top-line, and we are both doing the same in the US and Canada, right?

因此，這些措施將使我們能夠佔據相當大的市場份額，而且我們正在積極擴張。所以，儘管我們的主要收入減少了，但作為客戶，我們現在專注於資產累積而不是營收成長，我們在美國和加拿大都採取了同樣的做法，對嗎？

So now I'd like to turn the call over to Sam, who will review our financial results in more detail for you. Sam, please.

現在我想把電話交給 Sam，他將為大家更詳細地介紹我們的財務表現。山姆，拜託了。

Thank you, Richard. First, please note that all the figures are in CAD and again, we are going to cover the 12 month numbers with the quarterly numbers available in the filings. As was submitted today, our total revenue for the 12 months was approximately $41.5 million, compared to the $58.4 million in a prior year, decrease about 29%.

謝謝你，理查。首先，請注意所有數字均為加元，並且我們將根據文件中提供的季度數據來涵蓋 12 個月的數據。根據今天提交的數據，我們過去 12 個月的總收入約為 4,150 萬美元，而前一年為 5,840 萬美元，下降了約 29%。

[Delta] revenue increased significantly, rising from $2 million to $7 million driven by the sale of $5 million solar projects in fiscal 2025 versus the three lower margin projects in fiscal 2024. The EPC services revenue declined by about 57% to $23.3 million in fiscal 2025 compared to the $54.1 million in fiscal 2024. This decrease was primarily due to the lower construction activity, reflecting the timing differences. The six project totaling 36 megawatts in fiscal '25 versus the 4 projects totaling 24. It was in fiscal 2024.

[Delta] 營收大幅成長，從 200 萬美元增至 700 萬美元，這主要得益於 2025 財年售出價值 500 萬美元的太陽能項目，而 2024 財年僅售出三個利潤較低的項目。2025 財年 EPC 服務收入較 2024 財年的 5,410 萬美元下降約 57%，至 2,330 萬美元。這一下降主要是由於建築活動減少，反映了時間上的差異。2025 財年，六個專案總裝置容量為 36 兆瓦，而 4 個專案總裝置容量為 24 兆瓦。那是在2024財年。

Our IPP revenue increased by $8.7 million reaching $9.3 million in current fiscal year following the acquisition of solar flow through fund at the beginning of this year. The other service revenue remains relatively unchanged. The gross margin improved to approximately 25% in current fixed compared to 20% in the last year.

今年年初收購太陽能過剩基金後，本財年我們的 IPP 收入增加了 870 萬美元，達到 930 萬美元。其他服務收入基本上維持不變。本年度固定收益毛利率從去年的 20% 提高到約 25%。

The improvement was driven by a shift in our revenue mix, with a large proportion coming from IPP, which generates more stable and higher margin revenue. In current year gross margin for IPP includes approximately $2.8 million in depreciation expenses. In addition, the gross margin for EPC service revenue improved from 18% to 30% a year over year.

這項改善得益於我們收入結構的轉變，其中很大一部分來自獨立發電項目（IPP），該項目能夠產生更穩定、利潤率更高的收入。本年度IPP的毛利包含約280萬美元的折舊費用。此外，EPC服務收入的毛利率較去年同期從18%提高到30%。

Operating expenses were around $49.6 million in current year compared to $16.1 million in the prior year. The big increase was mainly due to the non-cash impairment losses, totaling about $30.4 million to the goodwill and long-lived assets in the IPP segment as well as approximately $3.5 million of additional expenses related to the solar flow through fund acquisition.

本年度營運費用約為 4,960 萬美元，而上年度為 1,610 萬美元。大幅成長主要是由於非現金減損損失，總計約 3,040 萬美元計入 IPP 業務部門的商譽和長期資產，以及約 350 萬美元與太陽能流通基金收購相關的額外支出。

While lower sales in this year increased operating expenses as a percentage of revenue, we expect this ratio to decline going forward as we continue scaling both the business and asset base.

雖然今年銷售額下降導致營運費用佔收入的比例上升，但我們預期隨著業務和資產規模的不斷擴大，這一比例未來將會下降。

As noted in today's press release, adjusted EBITDA was negative about $0.7 million compared to $0.8 million in the prior fiscal year. Net loss for the year was around $31.1 million or $0.97 per basic share compared with a net loss of $3.6 million or $0.13 per share in a prior year.

正如今天的新聞稿所述，調整後的 EBITDA 為負 70 萬美元，而上一財年為負 80 萬美元。本年度淨虧損約 3,110 萬美元，即每股虧損 0.97 美元，而前一年淨虧損為 360 萬美元，即每股虧損 0.13 美元。

Net loss was primarily the result of non-recovering impairment losses and the higher cost associated with the Solar Flow-Through Funds acquisition. As of June 30, 2025, current assets totaled $41.3 million, an increase of $23.7 million or [1.134%] from the end of fiscal 24, primarily driven by higher cash receivable and inventory.

淨虧損主要是由於無法收回的減損損失以及與收購太陽能流通基金相關的較高成本造成的。截至 2025 年 6 月 30 日，流動資產總額為 4,130 萬美元，比 24 財年末增加了 2,370 萬美元，增幅為 1.134%，主要原因是應收現金和存貨增加。

Current liability were $43.1 million up $29.7 million from the prior year, mainly reflecting higher payables and the current portion of long-term debt, which is almost entirely non-recourse that that assumed in the surfa through acquisition. Long-term debt was $63 million, an increase of around $58.2 million year over year also driven by the acquisition of more than 70 projects from flow through acquisition.

目前負債為 4,310 萬美元，比上年增加 2,970 萬美元，主要反映了應付帳款增加以及長期債務的流動部分，其中幾乎全部是無追索權債務，這些債務是透過收購在 surfa 中承擔的。長期債務為 6,300 萬美元，比前一年增加了約 5,820 萬美元，這主要是由於透過收購獲得了 70 多個項目。

Importantly, our debt is primarily non-recourse project debt, and we believe the current level is manageable. Our largest lender are leading North America financial institutions. For example, as announced in last November, RBC provided a $25 million loan to support the construction operation and maintenance of the 4.99 megawatts battery system project in Ontario. We continue to secure highly verbal financing terms relative to our site, which are detail in our filings.

重要的是，我們的債務主要是無追索權項目債務，我們認為目前的水平是可控的。我們最大的貸款方是北美領先的金融機構。例如，正如去年 11 月宣布的那樣，加拿大皇家銀行提供了 2500 萬美元的貸款，以支持安大略省 4.99 兆瓦電池系統項目的建設、運營和維護。我們繼續就我們的網站爭取非常有利的融資條款，詳情請參閱我們的文件。

Our cash and the short-term investments total around $15 million as June 30 225 compared to the last year $6 million. A portion of these cash balances is restricted under credit agreement assumed with the sort of acquisition.

截至 2025 年 6 月 30 日，我們的現金和短期投資總額約為 1,500 萬美元，而去年同期為 600 萬美元。根據此類收購所簽訂的信貸協議，這些現金餘額的一部分受到限制。

We remain confident in our ability to execute our strategy for our next fiscal year and beyond with a focus on continued growth of IPP portfolio and advancing our pipelines. Okay, that's everything for me and we're back to you, Richard.

我們仍然有信心執行下一財年及以後的策略，重點是持續成長獨立發電專案組合併推進我們的專案儲備。好了，我的部分就到這裡，現在把鏡頭交還給理查。

Thank you.

謝謝。

Wonderful. Thank you, Sam. So, I would say, before we opening up the call to questions and answers, I'd like to make some remarks on the market, right, as we know that, And not only the micro cap have endured sustained difficulties in the market, specifically the, clean and renewable energy market, also endured, continued headwind and if you look at the industry. Index, most companies have dropped values more than 60%, including PowerBank. A lot of company hit the market, for sale, you kind of looking at a very, discouraging, environment, right?

精彩的。謝謝你，山姆。所以，我想說，在正式開始問答環節之前，我想先談談市場狀況。眾所周知，不僅微型股市場持續面臨困境，清潔和再生能源市場也持續遭受逆風，如果你觀察整個產業就會發現這一點。指數顯示，大多數公司的市值下跌超過 60%，包括 PowerBank。很多公司都進入市場待售，你看到的其實是一個非常令人沮喪的環境，對吧？

But on the other hand, not only every time when I speak to the market, I tell people the future is bright, and we do see, a very, I would say stabilization of the market. You can see that from the low of the industry. Probably we improved by the 30% and continue trending up, right? The fact is supply demand. The fact is cost of electricity, right?

但另一方面，我每次與市場對話時都會告訴人們未來一片光明，我們也確實看到了市場出現了非常明顯的穩定跡象。從業界低谷就能看出這一點。我們可能已經提高了 30%，並且繼續保持上升趨勢，對嗎？事實是供需關係。事實是電費，對吧？

So from my perspective, I would say, how is this company doing, is this company, Going to continue to deliver shareholder values. Is this company going to be very stable or is this company, going to follow, the rest of the players? I would say. This company is not only going to stabilize, but also trending up, for three reasons, right? As you can see, I shared with you, our IPP grow about 1,500%, right, at the cost of reducing our top revenue.

所以從我的角度來看，我會問，這家公司經營狀況如何？這家公司是否會繼續為股東創造價值？這家公司會非常穩定嗎？還是會像其他公司一樣步上後塵？我會這麼說。這家公司不僅會趨於穩定，還會呈現上升趨勢，原因有三，對吧？正如我之前提到的，我們的IPP成長了約1500%，對吧？但代價是我們的最高收入下降了。

Top revenue in my view, when Renewables on clean energy is not the topic of the day. It will not convert into capital market values. So we build assets to, increase our bank strength. Our gross margin is 25%, and to continue to improve, right, cash at this moment, it's about 140% better than last year. How much cash I'm sitting on about $150 million cash at this moment, right? That will last year from a perspective for our bank, right?

在我看來，當再生能源和清潔能源不是當下的熱門話題時，它就是收入最高的領域。它不會轉化為資本市場價值。因此，我們透過累積資產來增強銀行實力。我們的毛利率為 25%，為了持續提高，目前的現金流比去年同期成長了約 140%。我現在手邊大概有1.5億美元的現金，對吧？從我們銀行的角度來看，這種情況會持續一年，對吧？

And also most significantly, as I mentioned, we have been talking about the things going to the public that we are going to gradually increase our asset value and our assets increased by 250%, right? And it was $40 million and now it's $138 million, right? So those are the things we do, but so what? Right? You do all of those things. I will see the so what reflecting the three things. The number one is the strategy. I think in this turmoil market, the company to have a clear strategy to share with our investors, our shareholders. What's the path, right, to profitability? What's the path to long-term sustainable competitive profitability, right?

而且最重要的是，正如我剛才提到的，我們一直在向公眾宣布，我們將逐步提高資產價值，而我們的資產已經成長了 250%，對吧？之前是 4000 萬美元，現在是 1.38 億美元，對吧？所以，這就是我們所做的事情，但那又怎樣呢？正確的？你做了所有這些事。我將觀察這三件事的最終結果。第一要務是策略。我認為在當前動盪的市場環境下，公司需要製定清晰的策略，並與我們的投資者和股東分享。那麼，通往獲利的正確途徑是什麼？實現長期可持續競爭獲利能力的途徑是什麼？

And you can see we are executing the strategy, even risking the perceptions of the revenue reduction, right. I think the second thing is that this company is looking for long-term stability, right? We did not go out to spend all the cash for Promotions for marketing for just to grow the top-line, and so on and so forth because, we might have to endure another two or three years of difficulties and we are prepared for it, as together with industry, as the market already stabilization, we are certainly, going to the upside of growing this company out of the stitch created by this, I would say OBBBA, right, should we say, right? And the so what also reflects our third, I would say comment is about execution, right.

你可以看到我們正在執行這項策略，即使冒著收入減少的風險，對吧。我認為第二點是，這家公司尋求的是長期穩定，對嗎？我們沒有把所有的錢都花在促銷和行銷上，只是為了提高營收等等，因為我們可能還要經歷兩三年的困難，我們已經做好了準備。隨著產業的發展，隨著市場趨於穩定，我們肯定會從由此產生的困境中走出來，發展壯大這家公司。我會說 OBBBA，對吧，我們應該這麼說，對吧？所以，這也反映了我們的第三個觀點，我認為是關於執行的，對吧。

Power bank is built by the people who are merchants in the power industry, developers, builders, financiers, and we are proud of our ability to execute. And I would love to have you visit our office someday. You wouldn't see a lot of people sitting around because most of us are very mobile and because we know our customer needs us, the project needs us, and the industry, the demand is there for us.

行動電源是由電力行業的商家、開發商、建築商、金融家們打造的，我們為我們的執行能力感到自豪。我非常希望您有一天能來我們辦公室參觀。你不會看到很多人閒坐著，因為我們大多數人都很靈活，而且我們知道我們的客戶需要我們，專案需要我們，產業也需要我們，所以市場對我們是有需求的。

So that's what we would say this company is certainly have a bright future and I would say, stay tuned and with the $15 million in hand, we wouldn't be going to the market at such a lower time for capital. I think I might get into trouble with my lawyer now for telling you this, but the future is bright. So thank you.

所以我們認為這家公司肯定擁有光明的前景，敬請期待。有了這1500萬美元的資金，我們不會在這個市場低迷的時候去融資。我覺得我告訴你這些可能會惹惱我的律師，但未來一片光明。所以，謝謝你。

Now I will turn the questions.

現在輪到提問者了。

All right, thank you, Richard. So everyone, we are now just going to take a minute to conduct a question-and-answer session. Please allow us a moment to pause and collect all of the questions and put them to management for comment.

好的，謝謝你，理查。各位，現在我們花一分鐘進行問答環節。請允許我們稍作停頓，收集所有問題，然後提交給管理層徵求意見。

All right. So, Richard, our first question is, we saw a major increase in IPP revenue year over year. Are you able to provide a bit more color on how you see this revenue mix shaping up over the next year and resulting impact on margins? How has the regulatory environment in the US changed your medium-term growth plans from a US and Canadian perspective?

好的。理查德，我們的第一個問題是，我們看到 IPP 收入比去年同期大幅成長。您能否更詳細地闡述一下您對未來一年收入結構變化趨勢以及由此對利潤率產生的影響的看法？從美國和加拿大的角度來看，美國的監管環境對貴公司的中期成長計畫產生了哪些影響？

So there are two questions. One is about IPP forward-looking and hopefully you don't get me into trouble. And the secondly is about the OBBBA, right?

所以這裡有兩個問題。一個是關於 IPP 的前瞻性問題，希望你不要讓我惹上麻煩。其次是關於 OBBBA 的，對吧？

So, let me not tell you how we have announced, right? So, we have the acquisition of solar flow through, right? And since the acquisition, the team has strengthened our operation maintenance, functions. In the past that we contracted out and have less hands-on, but now we are taking a very hands-on approach.

所以，我就不告訴你們我們是如何宣布的了，對吧？所以，我們已經實現了太陽能流通的獲取，對吧？自收購以來，團隊加強了我們的營運維護和職能。過去我們傾向於外包，較少親力親為，但現在我們採取了非常注重親力親為的方式。

So that's the foundation, I would say, we'll bring CAD10 million every year for the remaining 15 years, right? And the residual value after that, even though in this time, in the valuation, we cut it into a very low forecast which, I am not on board, but should I.

所以這就是基礎，我想說，在接下來的15年裡，我們每年都會投入1000萬加元，對吧？之後的殘值，即使在這次估值中，我們將其削減到非常低的預測值，我並不認同，但我應該認同嗎？

Auditors say this is the industry is going, we may be okay, but even at such a low future energy curve, post-FY contract, that the government already start considering a local generation program in Ontario. That's where most of the projects are that to renew or continue the contract, right? So that's the foundation of their CAD10 million a year, let's say.

審計人員表示，這就是產業的發展方向，我們或許還能應付，但即便未來能源曲線如此低迷，在財政年度合約到期後，政府也已經開始考慮在安大略省推行本地發電計畫。大部分的項目都是關於續約或繼續履行合約的，對吧？所以，這就是他們每年1000萬加元收入的基礎，假設是這樣。

The second, as you can see that we have the Royal Bank already backing two of the three energy storage and those are the capacity payment $1,500 per megawatt per day for 21 years. One of them, SFO6, should be commissioned before the end of the year, commercial operation starts generating revenue and the other two in the years to follow, right? So that's the another layer.

第二點，正如你所看到的，皇家銀行已經為三個儲能項目中的兩個提供了支持，容量支付方式為每天每兆瓦 1500 美元，為期 21 年。其中一輛 SFO6 應該在年底前投入使用，開始商業運營並產生收入，另外兩座則將在接下來的幾年內投入使用，對嗎？這是另一層含義。

Then on top of that, we own two municipal PPAs in the states. We also own one community solar in the states and even in addition to that, there's a CIM mandate letter for $100 million of project financing enable us to. The 97 megawatts of community solar in New York and other states. That's a T flip that as we people on this call understand that at the end of the day, we'll be owning them, right?

除此之外，我們在美國也擁有兩份市政購電協議。我們在美國還擁有一個社區太陽能項目，除此之外，還有一份 CIM 授權書，提供 1 億美元的項目融資，使我們能夠…紐約州和其他州共有 97 兆瓦的社區太陽能發電裝置容量。這是一個T型翻轉，正如我們這些參加電話會議的人所理解的那樣，最終我們將擁有它們，對吧？

So if I look at those things, from now till 2030, you will say, Probably a similar percentage of the increase of our IPP revenue, right? So that's a in terms of IPP you can see we are executing what we're telling the market that we will only sell if our customers such as Honeywell, such as QCells, such as Charleys, so on and so forth, want us to. The rest of them, we will try our best to keep it for the long-term recurring profitability to our shareholders, okay.

所以，如果我從現在到 2030 年來看這些情況，你會說，我們的獨立發電企業收入的成長百分比可能與此類似，對吧？所以，就獨立生產者而言，你可以看到我們正在執行我們對市場的承諾，只有當我們的客戶（例如霍尼韋爾、QCells、Charleys 等）希望我們這樣做時，我們才會出售。其餘的，我們會盡力維持，以確保股東的長期持續獲利，好嗎？

So now if I turn into the OBBBA, it comes down to two things. Number one is the Incentive, ITC; number 2 is down to the tariff. So what is the ITC? So the investment tax credit is said that it will be finished, if we don't start construction by July 3, 2026.

所以，如果我變成 OBBBA，那就歸結為兩件事。第一點是激勵措施，即投資稅收抵免；第二點是關稅。那麼，ITC是什麼？據說，如果我們在 2026 年 7 月 3 日之前不開始建設，投資稅收抵免政策就會結束。

So as I mentioned, we have, I would say a significant pipeline will pass the physical work test before July 3. That will last until 2030. So the tax credit will continue to play till 23, even I assume there's no policy change, which is a big assumption because Mr. President is known for, directing new approaches, right?

正如我之前提到的，我認為，一條重要的管道將在7月3日之前通過實際施工測試。這種情況將持續到2030年。所以，即使我假設政策沒有改變，稅收抵免政策仍將持續到 23 年。這是一個很大的假設，因為眾所周知，總統先生喜歡採取新的方法，對吧？

So now We have focused our development team in the states on batteries, battery storage, and other technologies, and those ITC applications will continue to 2036. So we do have a clear path forward on the first impact of the OBBBA in terms of the, tax credits.

所以現在我們已將美國研發團隊的重點放在電池、電池儲能和其他技術上，這些 ITC 應用將持續到 2036 年。因此，就 OBBBA 的首要影響（即稅收抵免）而言，我們已經有了明確的前進方向。

The second impact is on tariff. The tariff does increase cost. They increase our cost too, right. However, as our income, from a community solar perspective is a stack that of many components, a major stack there is the commodity cost, which is electricity. You can probably see today on Bloomberg somewhere saying that the electricity price in certain areas, grew significantly 30%, 40%, 50%, right? What does that do to us?

第二個影響體現在關稅方面。關稅確實會增加成本。它們也會增加我們的成本，對吧。然而，從社區太陽能的角度來看，我們的收入是由許多組成部分構成的，其中一個主要組成部分是商品成本，即電力。你今天可能在彭博社的某個地方看到報道說，某些地區的電價大幅上漲了 30%、40%、50%，對吧？這會對我們造成什麼影響？

It actually increased my profitability for the community solar program we're building, right. In the meantime, we understand there are demands for domestic products and that we have a very good working relationship with Qcells.

實際上，它提高了我們正在建立的社區太陽能專案的盈利能力，對吧。同時，我們了解到市場對國產產品有需求，我們與 Qcells 公司保持著非常良好的合作關係。

Why we choose Qcells because Qcells has a huge production facility in the states and we are turning to them for domestic content, module supplies, and we also turned into domestic content of the inverter and the battery and let alone the vacuum we have always been using maybe in the US batteries, right? So those are the two impacts from OBBBA and this is how we see it and how we modify our own, I would say tactic and moving forward in the states.

我們選擇 Qcells 的原因是，Qcells 在美國擁有龐大的生產設施，我們正在向他們尋求國產組件供應，我們也轉向國產逆變器和電池，更不用說我們一直以來在美國電池中使用的真空了，對吧？所以以上就是 OBBBA 帶來的兩個影響，這就是我們看待這個問題的方式，也是我們如何調整自己的策略，並在美國繼續前進的方式。

Megan, I know it's a long answer. Hopefully I don't -- I'm not leaving too little time for everyone.

梅根，我知道答案很長。希望不會——我不會給每個人太少的時間。

Oh, sorry, I'd like to add the one point here. So in terms of the, on top of what Richard just mentioned, in terms of EPC services revenue, please keep in mind that we still have around USD30 million to unrealized contract value for the kill cells and also as mentioned by the Richard, because of the OBBBA, the impact, the NTP project -- from our bank becoming the harder commodity in this, the industry.

哦，抱歉，我想補充一點。所以，除了理查德剛才提到的，就EPC服務收入而言，請記住，我們還有大約3000萬美元的殺傷單元合約價值尚未實現，而且正如理查德提到的，由於OBBBA的影響，NTP項目——使我們的銀行在這個行業中變得更加稀缺。

So our clients, they are trying to secure the project from us as soon as possible. So that can speed up our cash out and the monetization of this project in the US and to speed up our IPP strategy in Canada. Thank you.

所以我們的客戶正試著盡快從我們這裡拿下這個項目。這可以加快我們在美國實現該專案的現金流和貨幣化，並加快我們在加拿大的獨立發電策略。謝謝。

All right, thank you both so much. So moving on to our next question, how do you view the integration and synergies following the acquisition of solar flow through funds? Additionally, could you explain the significant impairment loss recorded in relation to the solar flow through fund acquisition?

好的，非常感謝你們兩位。那麼，接下來我們的問題是，您如何看待收購太陽能流水基金後的整合與綜效？此外，能否解釋一下與太陽能資金收購相關的重大減損損失？

And that's a very good question. A lot of people are asking me, why I paid so much for Solar Flow-Through Funds. I started this company as a developer, we have to sell, you have to grind every day, make development cost development profit. I know the margins are very good. That's how we grew this company from nothing, a $1 million a year all the way till $58 million a year in let's say 12 years, right?

這是一個非常好的問題。很多人問我，為什麼我為太陽能過載基金支付了這麼多錢。我當新創辦這家公司的時候就是一名開發者，我們必須銷售產品，你必須每天努力工作，才能收回開發成本並實現盈利。我知道利潤率非常高。我們就是這樣把公司從零發展起來的，年收入從 100 萬美元一路成長到 5,800 萬美元，大概花了 12 年時間，對吧？

But If we, if we're happy with it, we wouldn't be going to public, so we're going to public because our shareholders are saying that, where's the recurring revenue, right? So that's the foundation we made a deal with the Solar Flow-Through Funds and the same the closing of last year -- over the last year, we are getting very hands-on enhancement and so on and so forth, right?

但是，如果我們對現狀滿意，我們就不會上市，所以我們上市是因為我們的股東在問，經常性收入在哪裡，對吧？所以這就是我們與太陽能過剩基金達成協議的基礎，也是去年交易結束時的基礎——在過去一年裡，我們得到了非常實際的改進等等，對吧？

So for me that this is a strategic and a profitable from a long-term perspective, it produces $10 million. We don't burn $10 million after paying everything, it's become a foundation for this company to survive on, right, let alone the other, the battery storage, the CIM portfolio, right? You can see not only we have a base to survive, no matter what happens in this industry, but also give us a foundation to grow, right?

所以對我來說，從長遠來看，這是一個具有戰略意義且有利可圖的項目，它可以產生 1000 萬美元的收入。我們不會在支付所有費用後就把 1000 萬美元燒掉，這已經成為這家公司生存的基礎，對吧，更不用說其他業務了，比如電池儲能和 CIM 產品組合，對吧？您可以看到，這不僅為我們提供了生存的基礎，無論這個行業發生什麼，而且還為我們的發展奠定了基礎，對嗎？

So now, if you look at this one, well, if that's such a valuable thing, why, your filings are seeing a different picture. I'm a master of business demonstration. I think I understand the management content, accounting, but I certainly, not understanding everything in the, auditing world, and they have a lot of consideration. They do a lot of work.

所以現在，如果你看看這個，如果這真的那麼重要，那麼你的申報文件就會呈現出不同的景象。我是商業簡報大師。我認為我理解管理學和會計學的內容，但我肯定不了解審計領域的方方面面，他們有很多需要考慮的因素。他們做了很多工作。

I really appreciate everyone on the team can put this through, in such a complex item. So having said complex, I think the significant accounting treatment are coming from three areas. The first of all, giving the industry's volatility, everyone is in a turmoil here and our auditors and the management team discussed that decided to take a, I would say, a very conservative approach, including using a higher discount rate.

我非常感謝團隊裡的每個人能夠完成這項如此複雜的工作。綜上所述，複雜之處在於，我認為重要的會計處理主要來自三個面向。首先，鑑於行業的波動性，每個人都處於動盪之中，我們的審計師和管理團隊對此進行了討論，決定採取一種非常保守的方法，包括使用更高的折現率。

When you have a long asset, when you're changing the discount rate, I think mathematically we know what it will result, okay. The second reason is that the future projection is based on the past history as we see, I see that is before the acquisition that we have a contract out of operation maintenance, right?

對於長期資產，當你改變折現率時，我想從數學上講，我們知道結果會是什麼，好嗎？第二個原因是，未來的預測是基於過去的歷史，正如我們所看到的，我看到在收購之前，我們有一個營運維護合同，對吧？

And since the acquisition, we are taking it in-house, we continue to work through our original team there, bettering the financing conditions, right? So the production is improving. However, the historical production was just meeting the coverage ratios, meeting the agreements, but not not necessarily driving for bonus payment, right? So when you're using historical data looking at the future, not taking into consideration the operation maintenance approach going forward, right, it certainly would deliver a less valuable picture, right, so that's the second reason.

收購完成後，我們將業務收歸內部，繼續透過我們原有的團隊進行運作，改善融資條件，對吧？所以生產情況正在改善。然而，歷史產量只是達到了覆蓋率，達到了協議要求，但並不一定能帶來獎金，對吧？所以，當你使用歷史數據展望未來，而不考慮未來的營運維護方法時，對吧，那肯定會得出價值較低的結論，對吧，所以這是第二個原因。

The third reason I was also comply with that should I say is the energy curve. We had an energy curve from our advisors when acquisition about more than 12 months ago, giving us the valuation of $41 million. And this time, the energy curve was different. When you're pushing for difference, the major difference is the post-FY contract revenue, right? Could it be $0.18, could it be $0.23, or could it be $0.06, could be $0.08 and the decision was regardless of the McKenzie's forecast, regardless of other industry forecasts, regardless of the data center, things on so forth.

我同意的第三個原因，或者說，是能量曲線。大約 12 個月前收購時，我們的顧問為我們提供了一份能源曲線圖，當時的估值為 4,100 萬美元。這一次，能量曲線有所不同。當你追求差異化時，主要差異化體現在財年後的合約收入上，對嗎？可能是 0.18 美元，可能是 0.23 美元，也可能是 0.06 美元，或 0.08 美元，而最終的決定與麥肯齊的預測無關，與產業預測無關，與資料中心無關，等等。

And a data curve was taken with very low post-contra revenue, right? So you can see this layers and the layers and the layers of this conservatism got us here. I'm not unhappy because we do value assets on an annual basis, right? And the fact is, we have very good Contract we have a very good operation. We shall see a correction I would say by next year this time.

而且，在抵銷後收入非常低的情況下，也採集了數據曲線，對吧？所以你可以看到，正是這種保守主義的層層疊加才把我們帶到了今天這個地步。我並不感到不高興，因為我們每年都會對資產進行估值，對吧？事實上，我們簽訂了非常好的合同，我們的營運也非常出色。我認為到明年這個時候，情況應該會有所改善。

So that's another long answer to your second question.

所以，這就是你第二個問題的另一個較長的答案。

That's great. Thank you so much. I think the next question here is our last question. So, can you please provide any updates on the company's plans for data center expansion and its crypto treasury strategy?

那太棒了。太感謝了。我認為接下來的問題就是我們的最後一個問題了。那麼，您能否提供一下公司資料中心擴建計畫和加密貨幣資金管理策略的最新進展？

Okay. So this is, more of a, I would say, action and progress, right? We announced our interest in data center, beginning of the year, and we have been in discussion with a lot of data center developers, including tenants.

好的。所以，這更像是一種行動和進步，對吧？今年年初，我們宣布了對資料中心的興趣，並且已經與許多資料中心開發商（包括租戶）進行了討論。

So I think at this moment, we do not have an actual contract working with a data center, but I will say we have reiterated our approach and to a point now we're comfortable moving forward. At the very beginning, we said, we're going to build a large micro grid, in Arizona, for example, providing data centers so on and so forth. And now we're realizing that's probably is not going to happen in five or seven years' time frame.

所以我覺得目前我們還沒有與資料中心簽訂正式的合同，但我們已經重申了我們的方法，現在我們已經準備好繼續推進了。一開始我們就說過，我們要在亞利桑那州等地建造一個大型微電網，為資料中心等提供服務。而現在我們意識到，這在五到七年內可能不會發生。

Then we thought about this one, what if we actually, buy a data center, probably already built, so on and so forth, right, and run it and realizing that we may not be the ones that actually running those media racks and so on and so forth, right.

然後我們想到，如果我們真的買下一個資料中心，可能已經建成了，等等等等，對吧，然後運營它，意識到我們可能並不是實際運營那些媒體機架等等的人，對吧。

So now what we landed is become the power partner to the data centers. In other words, we stay outside of the shell, providing power from the grid because we know how to send the power to the grid. We also know how to get the power from the grid, right?

所以現在我們成功成為了資料中心的強大合作夥伴。換句話說，我們置身於電網之外，透過電網供電，因為我們知道如何將電力輸送到電網。我們也知道如何從電網獲取電力，對吧？

In addition to that, because the reliability requirement, we will build for reliable purposes behind the meter, generation wherever possible, we have done combined heat and power gas turbines. I understand this will take five years now, so probably was not as immediate as possible, but solar is certainly possible immediately in, I would say, 6 to 12 months, but solar is not significant if you don't have land to put the solar panels.

此外，由於可靠性要求，我們將盡可能在表後建造可靠的發電設施，我們已經建造了熱電聯產燃氣渦輪機。我知道這需要五年時間，所以可能不是最直接的方案，但太陽能肯定可以在6到12個月內立即實現，但如果你沒有土地來安裝太陽能電池板，太陽能就沒什麼意義。

So we put bat. Storage, giving, for example, in Ontario, they have this ultra-low rate in the night and let's say the $0.02 in the day could shot up to the top teams and so on and so forth and there's a certain way to not only RB charge but also provide a backup power, right, certain areas because I think about 50% of the power is used for conditioning of the shell and that can be solved by geothermal and other technologies, energy efficiency.

所以我們放了蝙蝠。例如，在安大略省，夜間電價非常低，假設白天電價為 0.02 美元，那麼頂級球隊的電價可能會飆升，等等等等。而且，有一種方法不僅可以為 RB 充電，還可以提供備用電源，對吧？在某些地區，因為我認為大約 50% 的電力用於外殼的調節，而這可以透過地熱和其他技術以及能源效率來解決。

So those are the ones that we are moving forward on the data center part and we start getting tractions even so much so now we are in discussion about a distributed the data center or distribute AI versus centralized AI, right?

所以，這些就是我們在資料中心方面正在推進的項目，而且我們已經開始取得進展，甚至現在我們正在討論分散式資料中心或分散式人工智慧與集中式人工智慧的對比，對吧？

So for the interest of speedy delivery of an actionable data center, instead of having hundreds of megawatts a site, we might have to do more of this distributed 1,020 megawatts each in a time -- in a shorter time frame. So that's where we are in data centers. The crypto side actually moving more significantly, as you can see, the agreements we entered with the Intellistake Technologies, ITK.

因此，為了盡快交付可用的資料中心，我們可能必須在更短的時間內，以每個站點 1,020 兆瓦的分散式方式，而不是每個站點數百兆瓦。這就是我們目前在資料中心所處的狀況。正如你所看到的，加密貨幣領域實際上發展更為顯著，例如我們與 Intellistake Technologies (ITK) 達成的協議。

What we are doing now there is really avoid making PowerBank a crypto treasury company, because we do have real business, we do have assets, we do have revenue and we love to be a power producer, right? But we do see the future of the digital assets, right? And at the end of the day, all the coins are a sum of kilowatt-hour. We produce kilowatt hours, right? So we are, here to bridge the traditional power business with the future financial instruments, right?

我們現在所做的，就是避免將 PowerBank 打造成一家加密貨幣金庫公司，因為我們有真正的業務，我們有資產，我們有收入，而且我們喜歡成為電力生產商，對吧？但我們確實看到了數位資產的未來，對吧？歸根結底，所有這些硬幣加起來就是千瓦時。我們生產的是千瓦時，對吧？所以，我們來到這裡是為了將傳統電力業務與未來的金融工具連接起來，對吧？

So number one is we announced that the Gaddes project, now it's commissioning is running. Sam, I'm looking forward to telling me how much money do I have at the end of the day so I can buy a few coins. Okay. So that's going very well. That's the first thing you need the custodian, you need this and that entire the team will provide that.

首先，我們宣布加德斯專案目前正在調試運行。山姆，我期待你告訴我一天結束時我手頭上有多少錢，這樣我就可以買些硬幣了。好的。一切進展順利。首先你需要管理員提供這些，你需要這個那個，整個團隊都會提供。

The second thing is that everyone, talking about, the AI application, right? As this company is vertically integrated, we have development, we have EPC, we have asset management, we also have operation maintenance.

第二點是，大家都在談論人工智慧應用，對吧？由於本公司是垂直整合型企業，我們擁有開發、EPC、資產管理和營運維護等業務。

So far as a traditional power company, we do it manually. We do it with humanoids, right? We have analysts, including you, Megan, that you have to read a lot of policies and so on and so forth, eventually identify a shortlist of sites so that our field people can go to secure them for future construction.

目前，作為一家傳統電力公司，我們都是人工操作。我們用人形機器人做這件事，對吧？我們有分析師，包括你，梅根，你需要閱讀大量的政策等等，最終確定一個候選地點名單，以便我們的現場人員可以去確保這些地點用於未來的建設。

Those things can actually be more efficiently done by a PowerBank specific AI agents, right? And I can tell you we are in the midst of one of them. I think you probably saw the announcement that we are in beta testing. Right, so that's the second thing along the crypto digital venture, right?

這些事情其實可以由行動電源專用的AI代理更有效率地完成，對吧？我可以告訴你，我們正處於其中之一。我想你可能已經看到了我們正在進行beta測試的公告。沒錯，這就是加密貨幣數位事業的第二件事，對吧？

Obviously, lastly, we haven't do it yet. We'll continue to watch the industry, listen to experts from Wall Street, Bay Street, and so on and so forth. It is about the real world assets, right, about the tokenization of either physical or financial assets, and I shall keep everyone posted, going forward. So that's the answer for the master question.

顯然，最後一點，我們還沒做到。我們將持續關注產業動態，聽取華爾街、灣街等地專家的意見。這關乎現實世界的資產，對吧？關乎實體資產或金融資產的代幣化？接下來我會隨時向大家報告最新進展。所以，這就是主要問題的答案。

Great, thank you so much. Thank you all for your questions, and the team is available for further questions over email or phone, so please feel free to reach out to us at any time.

太好了，非常感謝。感謝大家的提問，我們的團隊隨時可以透過電子郵件或電話解答其他問題，歡迎隨時與我們聯絡。

Okay I really appreciate everyone showed up. And you know my email, my phone, I certainly looking forward to speaking with every one of you and I tell you, the future is bright. Thank you.

非常感謝大家的到來。你們都知道我的信箱和電話號碼，我非常期待與你們每個人交談，我告訴你們，未來一片光明。謝謝。