Trip.com Group Limited (TCOM) 2020 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Trip.com Group Limited earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 Trip.com Group Limited 業績電話會議。（接線員指示）

I would now like to hand the conference over to Michelle Qi, Head of Investor Relations. Please go ahead.

現在我想把會議交給投資者關係主管 Michelle Qi。請開始。

Thank you, Amanda. Thank you, everyone.

謝謝你，Amanda。也謝謝各位。

Good morning, and welcome to Trip.com Group's Second Quarter 2020 Earnings Conference Call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

各位早安，歡迎參加 Trip.com Group 2020 年第二季業績電話會議。今天與我一同出席的有董事會執行董事長 James Liang 先生；執行長 Jane Sun 女士；以及財務長 Cindy Wang 女士。

During this call, we will discuss our future outlook and performance, which are forward-looking statements made under safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in Trip.com Group's public filings with the Securities and Exchange Committee (sic) [Securities and Exchange Commission]. Trip.com Group does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

在本次電話會議中，我們將討論未來展望與經營表現，其中包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作之前瞻性陳述。前瞻性陳述具有內在風險與不確定性，因此我們的實際結果可能與今日所表達之觀點存在重大差異。多項潛在風險與不確定性已載於 Trip.com Group 向美國證券交易委員會（原文誤稱 Securities and Exchange Committee）提交之公開文件中。除非適用法律另有要求，Trip.com Group 不承擔更新任何前瞻性陳述之義務。

James, Jane and Cindy will share our strategy and business updates, operating highlights and financial performance for the second quarter of 2020 as well as outlook for the third quarter of 2020. After the prepared remarks, we will have a Q&A session.

James、Jane 與 Cindy 將分享我們的策略與業務最新進展、營運重點與 2020 年第二季財務表現，以及 2020 年第三季展望。管理層致詞後，我們將進行問答環節。

With that, I will turn the call over to James. James, please.

接下來我把電話交給 James。James，請。

Thank you for everyone.

謝謝各位。

The travel industry saw the full quarter impact of COVID-19 in the second quarter of 2020. China has been leading the recovery due to effective management of the outbreak across the country. Although many international regions are still battling with the continued spread and the resurgence of COVID-19, we are pleased to see progress across the globe towards managing this pandemic and the subsequent reopening to safe travel.

旅遊產業在 2020 年第二季完整承受了 COVID-19 的季度衝擊。由於全國範圍內對疫情的有效管理，中國在復甦方面走在前列。儘管許多海外地區仍在對抗 COVID-19 的持續擴散與反彈，我們很高興看到全球在控制疫情以及隨後逐步重啟安全旅行方面取得進展。

In the past quarter, we expanded our core competencies and aligned ourselves with the strong recovery momentum in the China domestic market. This was achieved through adapting product offerings and reinforcing supply chains to suit our customers' preference. We further strengthened collaboration with hotel partners by launching new products with attractive deals. These efforts brought our suppliers with much needed incremental demand through increased brand exposure directly to customers. Moreover, our offering expanded from hotels rooms to nonroom products. As a result, we saw further sequential growth for the number of hotels providing guaranteed room allotment as well as a number of high-end hotels designating us as their preferred distributor.

在過去一季，我們擴展核心能力，並與中國國內市場強勁的復甦動能保持一致。這主要透過調整產品供給並強化供應鏈，以符合客戶偏好而達成。我們也透過推出具吸引力優惠的新產品，進一步加強與飯店合作夥伴的協作。這些努力透過提升品牌在客戶端的直接曝光，為供應商帶來其迫切需要的增量需求。此外，我們的供給也從飯店客房擴展至非客房產品。因此，提供保證房量配額的飯店數量，以及指定我們為其優先分銷商的高端飯店數量，均呈現進一步的環比成長。

In recent weeks, reservations for high-end hotels have seen double-digit growth compared to last year, which further strengthened our market leadership. As part of the deal campaign to relaunch travel activities in both China and abroad, we utilized live streaming to reconnect with our customers. Many of you may know that I've been on the road weekly to showcase travel destinations across China as well as to promote our latest and our best deals from hotels to flights to attraction tickets and more. These efforts have created new ways to engage with our customers, attract new users and rekindle their love for travel.

近幾週，高端飯店的預訂量較去年同期呈現雙位數成長，進一步鞏固了我們的市場領導地位。作為在中國及海外重啟旅遊活動的優惠活動之一，我們運用直播與客戶重新連結。許多人可能知道，我每週都在路上，展示中國各地旅遊目的地，同時推廣我們最新、最優惠的產品，從飯店、機票到景點門票等。這些努力創造了與客戶互動的新方式，吸引新用戶，並重新點燃他們對旅行的熱愛。

So far, we have completed dozens of live streaming shows covering most of China's top destinations. These were all well received by our customers, especially outbound travelers who are now turning to domestic alternatives.

截至目前，我們已完成數十場直播，涵蓋中國大多數熱門目的地。這些直播都獲得客戶良好回響，尤其是原本偏好出境旅遊、如今轉向國內替代方案的旅客。

We are delighted to see that the domestic China business is well on track towards full recovery. Despite pockets of outbreaks and a virus resurgence, our China domestic hotel and air bookings have turned positive growth again, significantly outpacing the industry. Outbound and overseas business remained largely subdued given the continued COVID-19 spread. However, we are glad to see that many markets have stabilized and seeing a rebound from the April lows. Leveraging our experience in China's recovery, we have launched programs in selected overseas markets to promote their domestic products.

我們很高興看到中國國內業務正穩步邁向全面復甦。儘管仍有零星疫情與病毒反彈，我們的中國國內飯店與機票預訂已再次轉為正成長，且明顯領先同業。由於 COVID-19 持續擴散，出境與海外業務仍大致低迷。不過，我們很高興看到許多市場已趨於穩定，並自 4 月低點回升。憑藉我們在中國復甦過程中的經驗，我們已在部分海外市場推出計畫，以推廣其國內產品。

In the past 2 months, demand for hotel bookings by non-China customers have more than doubled compared to the same period last year. We are also encouraged to see more countries and regions are carefully reopening their borders. With the fast progress made towards finding a vaccine and effective medical treatment for COVID-19, we remain optimistic in travel resumption around the world.

在過去兩個月，非中國客戶的飯店預訂需求較去年同期增加逾一倍。我們也受到鼓舞，看到更多國家與地區正謹慎地重新開放邊境。隨著疫苗研發與 COVID-19 有效醫療治療的快速進展，我們對全球旅遊恢復仍保持樂觀。

To conclude, I would like to thank our customers, employees, partners and shareholders for your unwavering support during the pandemic. We look forward to seeing you on the road.

最後，我要感謝我們的客戶、員工、合作夥伴與股東在疫情期間始終如一的支持。我們期待在旅途中與各位相見。

With that, I will turn the call over to Jane.

接下來我把電話交給 Jane。

Thank you, James. Good morning, everyone.

謝謝你，James。各位早安。

I would like to start with a quick recap of the previous quarter. Total net revenues in Q2 declined by 64% year-over-year. This reflected the strong sequential recovery of our China domestic businesses, offset by a steep decline in our international operations.

我先簡要回顧上一季。第二季總淨營收年減 64%。這反映了我們中國國內業務強勁的環比復甦，但被國際業務的大幅下滑所抵銷。

Throughout the second quarter, the company quickly adapted operational priorities and mindfully balanced cost control with marketing needs to stimulate consumer demand. We are pleased to have been able to minimize operating expenses in the quarter, while capturing additional market share as the industry recovered.

在整個第二季，公司迅速調整營運優先事項，並審慎在成本控制與刺激消費需求所需的行銷投入之間取得平衡。我們很高興能在本季將營運費用降至最低，同時在產業復甦過程中取得更多市占。

First, domestic travel recovery is well on track. Extending upon the observation we shared in the last call, domestic travel in China saw meaningful recovery during the quarter. This was led initially by short-haul activities, followed by [cross-provincial] long-haul travel, which has picked up substantially since May. Consumer confidence was further boosted by sustained containment of COVID-19 infection across the majority of the country.

第一，中國國內旅遊復甦進展順利。延續我們在上次電話會議分享的觀察，中國國內旅遊在本季出現顯著復甦。復甦初期由短途活動帶動，隨後是【跨省】長途旅行，自 5 月以來明顯回升。由於全國大多數地區持續有效控制 COVID-19 感染，消費者信心也進一步提升。

During the past couple of months, we witnessed full recovery in succession across several of our product line in China domestic market, including accommodation, air ticketing and various in-destination services. On the whole, pricing remained significantly reduced on a year-over-year basis, but the gap has narrowed month-by-month.

過去幾個月，我們在中國國內市場的多條產品線相繼實現全面復甦，包括住宿、機票以及各類目的地服務。整體而言，價格相較去年同期仍大幅下降，但差距正逐月縮小。

Our team quickly identified early shifts in consumer demands and adapted product and marketing strategies accordingly to suit a prevailing preference for short-haul activities. In recent months, we have observed positive year-over-year growth of more than 20% for short-haul travel reservation across accommodations, attractions and car rental services.

我們的團隊迅速識別消費需求的早期變化，並相應調整產品與行銷策略，以符合當前對短途活動的偏好。近幾個月，我們觀察到短途旅行在住宿、景點與租車服務等預訂量年增超過 20%。

We further strengthened our relationship with suppliers, especially high-end hotel partners. The number of the hotels designating us as their preferred distributor increased by more than 10% sequentially from the first quarter. Over the past months, our high-end hotel reservation reached double-digit growth year-over-year. We also affirmed market leadership in the transportation segment.

我們也進一步強化與供應商的關係，特別是高端飯店合作夥伴。指定我們為其優先分銷商的飯店數量較第一季環比增加逾 10%。過去幾個月，我們的高端飯店預訂量達到年增雙位數。我們也在交通運輸領域確認了市場領導地位。

During the month of August, our domestic air ticketing reservation achieved positive year-over-year growth, meaningfully outpacing the industry at a time where overall China domestic flight passenger volume was down 15% to 20% compared to the last year's level.

在 8 月份，我們的國內機票預訂量實現年增轉正，且在中國國內航班整體旅客量較去年同期下降 15% 至 20% 的情況下，仍明顯領先同業。

As James mentioned, we have adopted live streaming as an innovative means of directly engaging with customers, which has allowed us to accurately capture demand amongst our mid- to high-end customer base. To date, products sold through this channel have been priced at an average of RMB 1,200, and more than 60% of customers made repeat purchases throughout one or more live streaming sessions.

如 James 所提到，我們採用直播作為直接與客戶互動的創新方式，使我們能精準掌握中高端客群的需求。截至目前，透過此渠道售出的產品平均價格約為人民幣 1,200 元，且超過 60% 的客戶在一場或多場直播期間進行了重複購買。

In the second quarter, corporate travel also saw strong recovery momentum as business trips resumed. For packaged tour, it was largely restricted throughout the second quarter. However, we were glad to see that the restriction on the domestic group tours were lifted in July.

第二季期間，隨著商務出行恢復，企業差旅也呈現強勁復甦動能。跟團遊在第二季大多仍受限制。不過，我們很高興看到 7 月已解除國內團體旅遊的限制。

Next, on the international business. Overseas market hit the bottom in April, and green shoots of recovery have since been observed in many regions. Customers have started to travel domestically, and hotel reservation have shown initial signs of recovery. In order to further stimulate customer interest, we initiated Travel On campaign and extended our travel revival incentives to overseas market. We reinforced the relationship with global partners to offer attractive deals. Leveraging our successful live stream experience in China, we localized this model for targeted international markets, which earned us both market share and customer loyalty against the current backdrop of turbulence and volatility in these markets.

接下來談國際業務。海外市場在 4 月觸底，此後在許多地區已觀察到復甦的初步跡象。客戶開始進行國內旅行，飯店預訂也出現初步回升。為進一步激發客戶興趣，我們發起 Travel On 活動，並將旅遊復甦激勵延伸至海外市場。我們強化與全球合作夥伴的關係以提供具吸引力的優惠。憑藉我們在中國成功的直播經驗，我們針對特定國際市場進行在地化，並在當前市場動盪與波動的背景下，贏得市占與客戶忠誠度。

In addition, we utilized the business downtime to refine our internal capability. For example, our chatbot has improved its efficiencies to 3x compared to last year's level. Our outbound travel has remained minimal since the initial outbreak in China due to health care concerns, along with limited supply and demand. However, we are glad to see the relaxation to cross-border flight controls coming into effect on the basis of prudent evaluation.

此外，我們也利用業務低迷期來精進內部能力。例如，我們的聊天機器人效率較去年提升至 3 倍。由於醫療健康疑慮，以及供需受限，自中國疫情初期爆發以來，我們的出境旅遊一直維持在極低水平。不過，我們很高興看到在審慎評估的基礎上，跨境航班管制的放寬正開始生效。

Despite an uneven pace of recovery across our international business, we remain optimistic about the long-term growth prospects. We're encouraged by the global efforts in the development of the vaccine and medical treatment, and look forward to the resumption of travel activities worldwide.

儘管國際業務的復甦步伐不均，我們仍對長期成長前景保持樂觀。我們受到全球在疫苗與醫療治療研發方面努力的鼓舞，並期待全球旅遊活動的恢復。

Operationally, we further adapted the company to suit the challenging environment through the comprehensive scrutiny of each expense categories and reexamination of efficiency. Owing to our largely flexible cost and expense structure and efficient operational management, our total cost and expenses decreased by around 50% year-over-year in the second quarter. We continue to take necessary measures to ensure that our organizations remain lean and efficient, while proactively preparing to capture the opportunities during the recovery.

在營運層面，我們透過全面審視各項費用類別並重新檢視效率，進一步調整公司以因應充滿挑戰的環境。憑藉我們高度彈性的成本與費用結構以及高效的營運管理，我們第二季的總成本與費用較去年同期下降約50%。我們將持續採取必要措施，確保組織保持精實與高效率，同時主動為復甦期間把握機會做好準備。

The first half of 2020 has been challenging for the travel industry. I would like to thank all of our staff, again, for their dedication throughout this unprecedented period. As we have said before, our talented employees are our most valuable assets. We are committed to ensuring that Trip.com Group remains an inclusive and attractive workplace, where our employees can reach their full potential.

2020年上半年對旅遊產業而言充滿挑戰。我想再次感謝全體員工在這段前所未有的期間所展現的投入與奉獻。正如我們先前所說，我們優秀的員工是最寶貴的資產。我們致力於確保Trip.com Group仍是一個具包容性且具吸引力的職場，讓員工能充分發揮其潛能。

Overall, taking into consideration of the development of the past few months, we're encouraged by the pace of the recovery in China and look forward to seeing more of our business segment returning to positive growth in the near future. In view of recent progress made by medical community and indication of reopening the borders around the world, we are optimistic about the trajectory towards the incremental recovery for our overseas and outbound businesses.

整體而言，綜合考量過去幾個月的發展，我們對中國復甦的速度感到鼓舞，並期待在不久的將來看到更多業務板塊恢復正成長。鑑於醫療界近期取得的進展，以及全球各地逐步重啟邊境的跡象，我們對海外及出境業務邁向逐步復甦的走勢保持樂觀。

With that, I will now turn the call to Cindy.

接下來，我把電話會議交給Cindy。

Thanks, Jane. Thanks, everyone.

謝謝，Jane。也謝謝各位。

For the second quarter of 2020, Trip.com Group reported net revenue of RMB 3.2 billion, representing a 64% decrease from the same period in 2019. Net revenue for the second quarter of 2020 decreased increased by 33% from the previous quarter. The performance reflects a strong recovery of our China domestic business, offset by a steep decline of our international businesses.

2020年第二季，Trip.com Group淨營收為人民幣32億元，較2019年同期下降64%。2020年第二季淨營收較上一季增加33%。此表現反映中國國內業務強勁復甦，但被國際業務大幅下滑所抵銷。

Accommodation reservation revenue for the second quarter of 2020 was RMB 1.3 billion, representing a 63% decrease from the same period in 2019 and a 9% increase from the previous quarter. Sequential increase of accommodation reservation revenues was mainly driven by the strong recovery momentum of domestic market, offsetting declines in the international markets.

2020年第二季住宿預訂營收為人民幣13億元，較2019年同期下降63%，較上一季增加9%。住宿預訂營收的環比成長主要由國內市場強勁復甦動能帶動，並抵銷國際市場的下滑。

Transportation ticketing revenue for the second quarter of 2020 was RMB 1.2 billion, representing a 66% decrease from the same period in 2019 and a 52% decrease from the previous quarter. The sequential decrease of transportation ticketing revenue from the first quarter of 2020 was mainly due to the significant decline in international business.

2020年第二季交通票務營收為人民幣12億元，較2019年同期下降66%，較上一季下降52%。交通票務營收自2020年第一季起的環比下降，主要由國際業務顯著下滑所致。

Revenues from China domestic transportation revenues increased modestly from the previous quarter. Packaged tour revenue for the second quarter of 2020 was RMB 130 million, representing an 88% decrease from the same period in 2019 and a 75% decrease from the previous quarter. Cross-region and outbound packaged products have been on restricted list for the entire second quarter. Only selected products were permitted to operate, such as same-province tours and attraction ticketing, which resulted in the significant year-over-year and sequential decline. Cross-region packaged products have resumed operations since July, and around 80% of our off-line stores have now reopened.

中國國內交通相關營收較上一季小幅增加。2020年第二季度假產品（打包旅遊）營收為人民幣1.3億元，較2019年同期下降88%，較上一季下降75%。跨區域及出境的打包產品在整個第二季均列為限制清單。僅允許部分產品營運，例如省內遊與景點門票，因而導致同比與環比大幅下滑。跨區域打包產品自7月起已恢復營運，目前約80%的線下門市已重新開業。

Corporate travel revenue for the second quarter of 2020 was RMB 162 million, representing a 47% decrease from the same period in 2019 and a 29% increase from the previous quarter. Revenues from other business declined by 11% year-on-year for the second quarter of 2020 and 13% from the previous quarter, reflecting a full quarter impact of the pandemic. Gross margin was 72% for the second quarter of 2020, which decreased from 79% for the same period in 2019 and 74% for the previous quarter.

2020年第二季企業差旅營收為人民幣1.62億元，較2019年同期下降47%，較上一季增加29%。2020年第二季其他業務營收較去年同期下降11%，較上一季下降13%，反映疫情影響貫穿整個季度。2020年第二季毛利率為72%，低於2019年同期的79%以及上一季的74%。

Sales and marketing expenses for the second quarter of 2020 decreased by 69% to RMB 661 million from the same period in 2019 and decreased by 52% from the previous quarter. Sequential decline from the first quarter is primarily driven by savings for our international markets as well as full quarter impact of domestic savings. Marketing efficiency improved during the quarter due to both new initiatives in more cost-effective channels, such as live streaming as well as improved traffic conversion from increasing competitiveness of product offerings.

2020年第二季銷售與行銷費用較2019年同期下降69%至人民幣6.61億元，並較上一季下降52%。相較第一季的環比下降主要來自國際市場的節省，以及國內節省在整季的完整反映。本季行銷效率提升，原因包括在更具成本效益的渠道推出新舉措（如直播），以及產品供給競爭力提升帶來的流量轉化改善。

Product development expenses and G&A expenses for the second quarter of 2020 decreased 32% and 37%, respectively, from the same period in 2019. A significant portion of the expenses can be considered variable cost.

2020年第二季產品研發費用與一般及行政（G&A）費用分別較2019年同期下降32%與37%。其中相當大一部分費用可視為變動成本。

G&A expenses in the first quarter of 2020 included bad debt provision of RMB 1.2 billion for the increased receivables, mainly due to the refunds for reservation cancellations we paid on behalf of our travel suppliers and increased credit risk as a result of COVID-19. Such provision was minimum during the second quarter, which caused a significant sequential decrease of 74% in G&A expenses. Excluding share-based compensation charges, total non-GAAP operating expenses decreased by 52% year-on-year, thanks to our generally flexible cost structure and efficient operational management. Excluding share-based compensation charges, non-GAAP loss on operations was RMB 200 million.

2020年第一季的G&A費用包含人民幣12億元的壞帳準備，係針對應收款增加所提列，主要因我們代旅遊供應商支付預訂取消退款，以及COVID-19導致信用風險上升。第二季此類提列極少，使G&A費用環比大幅下降74%。剔除股份基礎給付費用後，非GAAP口徑的總營運費用同比下降52%，得益於我們整體彈性的成本結構與高效的營運管理。剔除股份基礎給付費用後，非GAAP營運虧損為人民幣2億元。

Diluted losses per ADS were RMB 0.80 or USD 0.11 for the second quarter of 2020. Excluding share-based compensation charges and fair value changes of equity security investments, non-GAAP diluted losses per ADS were RMB 1.93 or USD 0.27 for the second quarter of 2020. This year, the company has settled USD 250 million, and USD 1.1 billion worth of convertible bonds in May and July 2020, reducing potential diluted ordinary share count by approximately 3.1 million.

2020年第二季每股美國存託股（ADS）攤薄虧損為人民幣0.80元或美元0.11元。剔除股份基礎給付費用及權益證券投資公允價值變動後，2020年第二季非GAAP每股ADS攤薄虧損為人民幣1.93元或美元0.27元。今年公司已於2020年5月與7月結清美元2.5億元及美元11億元的可轉換債券，使潛在攤薄普通股數量約減少310萬股。

As of June 30, 2020, the balance of cash and cash equivalents, restricted cash, short-term investments, held-to-maturity time deposit and financial products was RMB 64.3 billion or USD 9.1 billion. Furthermore, approximately USD 1.1 billion to repay convertible bond due on July 1, was wiped out by the end of the second quarter and was classified under prepayment and other current assets on the balance sheet. In addition, in July, the company issued USD 500 million worth (inaudible) shareholding we have to Huazhu, which further bolstered our capital reserves.

截至2020年6月30日，現金及現金等價物、受限制現金、短期投資、持有至到期定期存款及理財產品餘額合計為人民幣643億元或美元91億元。此外，用於償還7月1日到期可轉換債券的約美元11億元已於第二季末結清，並在資產負債表中列為預付款項及其他流動資產。另外，公司於7月發行了價值美元5億元的（聽不清）股份給華住，進一步強化我們的資本儲備。

Now turning to the third quarter of 2020. We expect to see continued strong recovery from the China domestic business, while the international business remain under pressure due to the pandemic. For the third quarter of 2020, the company currently expects net revenue to decrease by 47% to 52% year-on-year. Excluding share-based compensation charges, the company expects our non-GAAP operating income will be between RMB 1.2 billion to RMB 1.3 billion. This reflects Trip.com Group's current and preliminary view which is subject to change. The increase in uncertainties due to the pandemic further restricted our visibility. We will continue to monitor the market and provide more color to investors in time.

接下來談2020年第三季。我們預期中國國內業務將持續強勁復甦，而國際業務仍將因疫情而承壓。就2020年第三季而言，公司目前預期淨營收將較去年同期下降47%至52%。剔除股份基礎給付費用後，公司預期非GAAP營運利潤將介於人民幣12億元至13億元之間。此反映Trip.com Group目前的初步看法，且可能變動。疫情帶來的不確定性增加，進一步限制了我們的能見度。我們將持續監測市場，並適時向投資人提供更多資訊。

With that, we will open up for questions. Operator, please.

接下來我們開放提問。接線員，麻煩了。

(Operator Instructions) Your first question comes from Alex Yao from JPMorgan.

（接線員指示）第一個問題來自摩根大通（JPMorgan）的Alex Yao。

My question is about the international side of the business. How does the pandemic change your international strategy? And how do you think about the pace of the recovery in outbound travel as restrictions are gradually lifted?

我的問題是關於國際業務。疫情如何改變你們的國際策略？另外，隨著限制逐步解除，你們如何看待出境旅遊復甦的速度？

We remain confident for the long-term prospects of global travel industry. In the short term, we focus on domestic travel. Our teams continue to strengthen core competencies catering to new customer needs in a post-COVID environment, including product and service innovation, supply relationship enhancement and technology upgrades, et cetera.

我們對全球旅遊產業的長期前景仍然充滿信心。短期內，我們聚焦於國內旅遊。我們的團隊持續強化核心能力，以滿足後疫情環境下的新客戶需求，包括產品與服務創新、供應關係強化以及技術升級等。

As a result, we have gained further market share in the past few months. In addition, we are also taking advantage of international business downtime to upgrade our overseas platforms. For example, our instant messaging tool now handles more than 65% of customers' requests for brand Trip.com compared to 20%-plus in the previous year.

因此，我們在過去幾個月進一步提升了市占率。此外，我們也利用國際業務相對停滯的時間來升級海外平台。例如，針對Trip.com品牌，我們的即時通訊工具目前處理了超過65%的客戶需求，而去年僅為20%多。

In terms of recovery so far, we are encouraged to see regional momentum in selected border opening and resumption of travel in certain markets. Domestic hotel bookings [will see] recovery. We believe that pandemic has created a unique opportunity for us to extend leadership in key international and outbound markets, leveraging a strong China domestic rebound. And drawing lessons from recovery in our home market, we will emerge a stronger and a more competitive player once the international markets open up.

就目前的復甦情況而言，我們很高興看到部分邊境在特定地區逐步開放，以及某些市場的旅遊恢復所帶來的區域性動能。國內飯店預訂將出現復甦。我們認為，疫情為我們提供了獨特機會，得以憑藉中國國內市場的強勁反彈，在關鍵國際與出境市場進一步擴大領先優勢。並且，借鑑本土市場的復甦經驗，當國際市場重新開放時，我們將以更強大、更具競爭力的姿態脫穎而出。

Your next question comes from Thomas Chong from Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

Given that we are already at the end of September, can you comment about how we should think about the momentum as we are approaching the national holiday season and Q4? And on the other hand, can you also provide a breakdown of the Q3 revenue guidance?

鑑於我們已經來到 9 月底，您能否評論一下，隨著我們接近國慶假期與第四季（Q4），我們應該如何看待動能？另外，您也能否提供第三季（Q3）營收指引的拆分？

Okay. So for the national holiday, the early booking data for the national holiday is encouraging. The prices in some top destinations, even exceeded prior year level. But given the short booking windows, we expect mainstream orders will come in the following days.

好的。關於國慶假期，國慶的提前預訂數據令人鼓舞。一些熱門目的地的價格甚至超過了去年同期水準。但由於預訂窗口較短，我們預期主流訂單會在接下來幾天陸續進來。

In terms of the breakdown of the Q3 guidance line by line. We expect our total revenue to decrease 47% to 52% year-on-year in Q3, which reflects 60-plus percent improvement from the previous quarter, mainly driven by continued recovery of China domestic travel activities. We expect revenue for accommodation reservations to decrease 40% to 45% year-on-year. China domestic hotel reservations made full recovery in the past months, while price is still under pressure. International hotel revenue remained at very low level compared to 20% to 25% contribution in Q3 last year.

就第三季指引逐項拆分而言，我們預期第三季總營收將年減 47% 至 52%，這反映出相較上一季有 60% 以上的改善，主要由中國國內旅遊活動持續復甦所帶動。我們預期住宿預訂營收將年減 40% 至 45%。中國國內飯店預訂在過去幾個月已完全恢復，但價格仍承受壓力。國際飯店營收相較去年第三季約 20% 至 25% 的貢獻占比，仍維持在非常低的水準。

On the transportation reservation revenues, we expect the revenue will continue to decrease 50% to 55% year-on-year. Our domestic air ticketing reservations achieved positive growth since August. However, the outbound and overseas business remained largely subdued given the continued COVID spread after the initial wave, which contributed about half of our total transportation revenue in Q3 last year.

在交通票務預訂營收方面，我們預期營收將持續年減 50% 至 55%。自 8 月以來，我們的國內機票預訂已實現正成長。然而，受初期一波之後 COVID 持續擴散影響，出境與海外業務仍大致低迷；而該部分在去年第三季約占我們交通營收總額的一半。

We expect our revenue for packaged tour business to decrease 80% to 85% year-on-year. The domestic package tour business picked up gradually, led by local activities and customized tour packages. However, the international packaged tour business has not yet restarted due to travel restrictions, which accounted for more than half of our total packaged tour revenue in Q3 last year.

我們預期度假產品（打包行程）業務營收將年減 80% 至 85%。國內度假產品業務逐步回升，主要由本地活動與客製化行程帶動。然而，由於旅遊限制，國際打包行程業務尚未重啟；而該部分在去年第三季占我們打包行程總營收的一半以上。

With the continuous recovery on the business sectors in domestic travel -- in domestic China market, we expect revenue for corporate travel business to decrease 20% to 25% year-on-year. Thank you.

隨著國內旅遊各業務板塊持續復甦——在中國國內市場，我們預期商旅業務營收將年減 20% 至 25%。謝謝。

Your next question comes from Binnie Wong from HSBC.

您的下一個問題來自 HSBC 的 Binnie Wong。

So my first question is actually on the domestic side of the business because I think that one of the very positive commentary you have made in your remarks was that the reservation for China domestic hotel and flights recovered to a full-level recovery in (inaudible). So just wondering that we are looking at some of the industry data, domestic air seem to be recovered to 85% of like last year's level. So just wanted to see how does the comment reconcile. That's the first question.

我第一個問題其實是關於國內業務，因為我認為您在發言中一個非常正面的評論是，中國國內飯店與航班的預訂已恢復到完全復甦的水準（聽不清）。我只是想確認一下：我們看到一些行業數據顯示，國內航空似乎恢復到去年水準的 85%。想請問這與您的評論如何對應。這是第一個問題。

And then if we are looking at some of the news flow, you also state that Ctrip will also be providing some of the travel coupons, right, to boost the -- especially for the upcoming holidays for 1,800 in terms of like kind of per person, kind of like coupons. So just want to see how would that impact our margin. And I guess your outlook for the domestic recovery.

另外，從一些新聞來看，您也提到攜程將提供一些旅遊券，對吧，用以帶動——尤其是即將到來的假期，據說每人約 1,800 的券。想請問這會如何影響我們的利潤率，以及您對國內復甦的展望。

Thanks, Binnie. First of all, looking to the market growth, we have seen on the air ticket, the market has recovered somewhere between 80% to 85%. However, our team has done an excellent job gaining the market share. The growth for the past months has been double digits, the extra percentage representing the additional customers we have surveyed in this challenging market.

謝謝你，Binnie。首先，從市場成長來看，我們看到機票市場已恢復到約 80% 至 85%。不過，我們的團隊在提升市占率方面做得非常出色。過去幾個月的成長是雙位數；額外的百分比代表我們在這個充滿挑戰的市場中所獲得的新增客戶。

Secondly, we are also using different methods to target at the customers that can generate positive ROI in the long term. So the travel coupons is very much in line with our expectation. We evaluate our market share gain as well as the ROI and making sure all the campaigns we design achieve both on the ROI target as well as the market share gain. So far, the live stream campaign, coupled with the destination partners incentives, plus our team's efforts make a good investment to gain market share in a new area.

第二，我們也在使用不同方法鎖定能在長期帶來正向 ROI 的客群。因此，旅遊券非常符合我們的預期。我們會評估市占率提升以及 ROI，並確保我們設計的所有活動同時達成 ROI 目標與市占率提升。到目前為止，直播活動結合目的地合作夥伴的激勵，再加上團隊的努力，是一項不錯的投資，有助於在新領域取得市占率。

And thirdly, on the outbound business. I think the outbound business -- we have seen certain countries have established the green lane, such as Korea, Singapore, et cetera. So far, it's still in the testing stage. However, if the scientists in the medical field makes breakthrough in vaccines, we would expect these green lanes will be fully utilized, which can be a very good pioneering program leading towards more opening for cross-border transactions. However, at this stage, the cross-border travel volume still is minimal. Thank you, Binnie.

第三，關於出境業務。我認為出境業務——我們看到一些國家已建立「綠色通道」，例如韓國、新加坡等。目前仍處於測試階段。不過，如果醫學領域的科學家在疫苗方面取得突破，我們預期這些綠色通道將被充分利用，這可能是一個非常好的先行試點計畫，帶動跨境往來更進一步開放。然而在現階段，跨境旅遊量仍然很小。謝謝你，Binnie。

Your next question comes from Gregory Zhao from Barclays.

您的下一個問題來自 Barclays 的 Gregory Zhao。

So my question is about the hotel market competition, so especially the high-end hotel. Have you seen any kind of competitors more aggressively expanding to the high-end market? And also what's the current hotel take rate level compared to last year?

我的問題是關於飯店市場競爭，特別是高端飯店。您是否看到有任何競爭對手更積極地擴張高端市場？另外，目前飯店的抽成率（take rate）相較去年處於什麼水準？

For the high-end hotel market, price subsidy have been proved ineffective. We keep focusing on strengthening our core competence especially in the inventories and the service levels. In the past several months, our Boss Live streaming shows and presale channels have helped participating hotels increase their brand awareness and drive incremental volumes for both room and nonroom products. We also launched the channels like short-haul holidays or fresh sale to help hotels run targeted marketing. Our market share increased significantly against -- increased significantly during the pandemic. And we are confident that we can continue to leading the edge. And our take rate on the hotel remains flat compared with before the pandemic level. Thank you.

在高端飯店市場，價格補貼已被證明效果不佳。我們持續專注於強化核心競爭力，特別是在供給庫存與服務水準方面。過去幾個月，我們的 Boss 直播與預售渠道幫助參與飯店提升品牌知名度，並為客房與非客房產品帶來增量。我們也推出如短途度假或清倉特賣等渠道，協助飯店進行精準行銷。我們的市占率在疫情期間顯著提升。我們有信心能持續保持領先優勢。而我們在飯店端的 take rate 與疫情前水準相比保持持平。謝謝。

Your next question comes from Jed Kelly from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Jed Kelly。

Very encouraging to see, a nice domestic rebound gives us some hope in other parts of the world. Just a quick -- couple of quick clarifications or questions. Just when you mentioned hotel reservations, are you talking about bookings or the number of reservation? And then can you just give us an update on how you're thinking about growing the Trip.com brand as borders reopen close to China?

看到國內業務強勁反彈非常令人鼓舞，也讓我們對世界其他地區看到一些希望。我有幾個快速釐清或問題。首先，當您提到飯店預訂時，您指的是訂房（bookings）還是預訂筆數（number of reservation）？另外，能否更新一下，隨著靠近中國的邊境重新開放，您對 Trip.com 品牌成長的思考？

When we talk about hotel, it's on the GAAP basis. So it's taking consideration of the reservation minus the cancellation. Secondly, on the Trip.com brand, I think for the Asian market, we have seen very good control by a lot of countries in Asia. They have demonstrated strong ability to control the outbreak of the virus. So we are hopeful that with the improvement and stabilization in the control procedures for the virus, we will be able to gradually utilize the vaccine plus the confidence in the consumers and be able to increase the outbound business in the Asian market first.

我們談到飯店時，是以 GAAP 口徑計算，也就是考慮預訂減去取消。第二，關於 Trip.com 品牌，我認為在亞洲市場，我們看到許多亞洲國家控制得非常好，展現出很強的疫情控制能力。因此，我們希望隨著防疫管控流程的改善與穩定，我們能逐步結合疫苗，以及消費者信心，先在亞洲市場提升出境業務。

And in certain pockets, our Trip.com brand in certain markets in Asia is also strengthening because of our competitive product offerings. And one-stop shopping platform really offers a very convenient and a strong platform for these markets to extend our leadership. Thank you.

此外，在亞洲某些市場，我們的 Trip.com 品牌也因具競爭力的產品供給而持續強化。而一站式購物平台確實為這些市場提供非常便利且強大的平台，讓我們得以延伸領導地位。謝謝。

Your next question comes from James Lee from Mizuho.

您的下一個問題來自 Mizuho 的 James Lee。

My first question goes to Jane. Maybe Jane, if you help us crystallize maybe some of the government policies that will continue to promote travel. I think last quarter, you mentioned the province of [Fuzhou] was promoting long-weekend travels and Hainan province was designating as free trade zone. You also talked about on the call the recent approval interprovincial travels for packaged tours. I was wondering, are there anything new in the horizon that I think could be helpful for travel industry? And how should we think about this policy in terms of implication heading into the October holiday?

我第一個問題想問 Jane。Jane，能否幫我們更具體梳理一下，未來還有哪些政府政策會持續促進旅遊？我記得上季您提到 [Fuzhou] 省在推動長週末旅遊，海南省被指定為自由貿易區。您也在電話會議中提到近期批准跨省跟團遊。我想問，接下來是否還有新的政策動向，可能對旅遊業有幫助？以及在 10 月假期前，這些政策的影響我們應該如何看待？

And my question for Cindy is more on the hotel pricing trend. Can you be maybe a little bit more specific? I think last quarter, you talked about pricing being down maybe 30% to 40%. Any update for 2Q and also expectation to 3Q?

另外我給 Cindy 的問題更多是關於飯店定價趨勢。您能否更具體一些？我記得上季您提到價格可能下滑約 30% 到 40%。第二季（2Q）有沒有更新，以及對第三季（3Q）的預期？

Thanks, James. I will take the first question. In terms of the government policy, overall, as we work with different provinces, almost every province are very eager to attract the consumers to their province. So we work very closely with the government to make sure we highlight the most popular travel destinations and make sure everyone comes up with incentives to attract our consumers. And our mid- to high-end customers, instead of traveling abroad, now they are turning into different provinces to look for new areas for exploration. So the government's policy is very effective. Provinces such as Hainan really serves as almost Hawaii in China, attracting a lot of leisure travelers. And some other regions also attract a lot of mid- to high-end customers during the golden week holidays. So we were continuously working with each province to make sure we offer the most attractive products to our consumers with very competitive pricing structures.

謝謝你，James。我先回答第一個問題。就政府政策而言，整體來看，當我們與不同省份合作時，幾乎每個省都非常渴望吸引消費者前往。因此我們與政府密切合作，確保我們突出最受歡迎的旅遊目的地，並確保各方提出激勵措施來吸引我們的消費者。我們的中高端客群因無法出國旅遊，現在轉而前往不同省份，尋找新的探索地點。因此政府政策非常有效。像海南這樣的省份，幾乎可視為中國的夏威夷，吸引大量休閒旅客。其他一些地區在黃金週假期也吸引了大量中高端客群。我們將持續與各省合作，確保以非常具競爭力的定價結構，向消費者提供最具吸引力的產品。

Yes. With regard to the ADRs of the hotel accommodation reservation. On average, Q2 probably still -- will be the worst impacted by the pandemic. So we still see, on average, in Q2, the ADR decreased significantly year-over-year. However, from the end of Q2 and especially most recently, with the domestic travel market started picking up, especially the business travel segment started picking up, we saw gradual improvement in the ADRs for the hotel business. Thank you.

是的。關於飯店住宿預訂的 ADR（平均每日房價）。整體而言，第二季可能仍然——會是受疫情影響最嚴重的一季。因此我們仍看到第二季平均 ADR 較去年同期大幅下降。不過，從第二季末開始，尤其是最近，隨著國內旅遊市場開始回溫，特別是商務旅遊區塊開始回升，我們看到飯店業務的 ADR 逐步改善。謝謝。

Your next question comes from Tianxiao Huo from T.H. Capital.

下一個問題來自 T.H. Capital 的 Tianxiao Huo。

Good guidance on the Q3 bottom line. It's not easy to have that kind of a strong bottom line in such a travel environment. I have 2 questions, one is regarding -- since we're finishing Q3, so we're looking into the new quarter which is Q4. So we're starting a longer national day holidays. It used to be like 7 days. Now this year, it's like 8 days. So a lot of young people or families, they will plan ahead. So from the initial booking, so what do you see? People like travel within the province or across the province, what is the trend on that? So that is the first one.

對第三季獲利（bottom line）的指引很不錯。在這樣的旅遊環境下，要做到這麼強的獲利表現並不容易。我有兩個問題，第一個是——既然我們第三季快結束了，我們就看下一季，也就是第四季。我們即將迎來較長的國慶假期，以前大概是 7 天，今年是 8 天。很多年輕人或家庭會提前規劃。那從初期的預訂情況來看，你們觀察到什麼？大家是偏好省內旅遊還是跨省旅遊？趨勢如何？這是第一個問題。

The second one is much more a broader issue. We saw some Chinese companies who are listed much earlier, like (inaudible) those guys. So they choose to be privatized and eventually do something else. So I wonder what the company's thoughts in terms of capital market strategy, privatization or double listing in Hong Kong. What's our plan? What do you see Ctrip's -- or Trip.com is going to do in the future? So that's much more the question for James and Jane.

第二個問題更偏宏觀。我們看到一些較早在海外上市的中國公司，比如（聽不清）那些公司，他們選擇私有化，之後再做其他安排。我想了解公司在資本市場策略方面的想法，例如私有化或在香港雙重上市。我們的計畫是什麼？你們認為攜程——或 Trip.com——未來會怎麼做？這個問題主要想請 James 和 Jane 回答。

Thank you. I will take the first question, and Cindy will take the second question. Regarding the national holiday, we have seen strong demand from our customers because after being locked down in the first quarter and the border is closed, a lot of outbound demand is converting to the domestic demand. So that is very positive. And if our different province capitalize on this demand, it's very positive for our economy. And also, it's going to be very positive for the recovery of the travel industry.

謝謝。我先回答第一個問題，第二個問題由 Cindy 回答。關於國慶假期，我們看到客戶需求很強，因為第一季封控、邊境關閉之後，很多出境需求正在轉化為國內需求。這是非常正面的。而且如果各省能夠把握這波需求，對我們的經濟非常有利，也將非常有利於旅遊產業的復甦。

However, we also have seen different schools has adopted different policies. So for example, some school will advise the parents not to take the kids out of the city or out of their province. That -- as a result of that, if the kids are not allowed to go to different states or different cities, the parents will not be able to go. And therefore, that might be a little bit negative for the demand. However, we believe that the government will be very prudent, release different policies to encourage the cross-province travel. And therefore, these depressed -- this demand will be unleashed eventually as long as the GDP per capita is remained. So we are very much hopeful that different state, different schools will, in a way, gradually open up the policy as the control of the virus has been demonstrated very effective. So we are hopeful that cross-province restrictions will be lifted.

不過，我們也看到不同學校採取了不同政策。例如，有些學校會建議家長不要帶孩子出城或出省。——因此，如果孩子不被允許去不同省份或不同城市，家長也就無法出行，這可能會對需求帶來一些負面影響。然而，我們相信政府會非常審慎，推出不同政策以鼓勵跨省旅遊。因此，只要人均 GDP 維持，這些被壓抑的——這部分需求最終會被釋放。我們對此非常有信心：隨著防疫成效被證明非常有效，不同省份、不同學校會在某種程度上逐步放寬政策。我們也希望跨省限制會被解除。

We noticed some recent market rumors about the potential privatization in the market, but the company does not have any plan for privatization at this moment. And as always, we are always open-minded to evaluate all the possibilities in the capital market in order to maximize the best interest of our company and shareholders. Thank you.

我們注意到市場上近期有一些關於潛在私有化的傳聞，但公司目前沒有任何私有化計畫。並且一如既往，我們始終以開放的態度評估資本市場上的各種可能性，以最大化公司及股東的最佳利益。謝謝。

Your next question comes from Ronald Keung from Goldman Sachs.

下一個問題來自高盛的 Ronald Keung。

I guess my question would be on your kind of significant decline in marketing spend this quarter -- in the second quarter. So I want to hear about your customer acquisition strategies. We've seen James doing live stream, great job there. When we look, our peers kind of leverage some high frequencies, local services or through WeChat. So can you share just how plans in leveraging, maybe mini programs or even short-form video players. And more importantly, I just want to hear, do we see any potential partnerships that you could form beyond your relationship -- close relationship with Baidu.

我想我的問題是關於你們本季——第二季——行銷支出大幅下降。我想聽聽你們的拉新（customer acquisition）策略。我們看到 James 做直播，表現很棒。再看同業，有些會利用高頻的本地服務或透過微信導流。你們能否分享一下在運用小程式，甚至短影音平台方面的計畫？更重要的是，我也想了解，除了與百度的——緊密合作關係之外，我們是否看到任何可能建立的合作夥伴關係？

Yes. So on the marketing strategy, we are very aggressive yet very prudent when we evaluate the effectiveness. There are a couple of things we are doing. First of all, our transportation business serves as the most effective marketing channel for us. The high-speed railway has reached many cities in the third tier, fourth tier cities. And these customers who are using our transportation products will naturally be opened up for using our hotels and local attraction tickets, et cetera. So that's the first thing.

是的。關於行銷策略，我們在評估成效時既非常積極也非常審慎。我們正在做幾件事。首先，我們的交通業務是對我們最有效的行銷渠道。高鐵已覆蓋許多三線、四線城市。使用我們交通產品的客戶，自然也會被帶動去使用我們的飯店與本地景點門票等產品。這是第一點。

The second thing is in the lower-tier cities, we also have opened up off-line stores in the city center. And these are also great marketing channels for us to promote our brands as well as selling products.

第二點是在低線城市，我們也在市中心開設了線下門店。這些同樣是很好的行銷渠道，用於推廣我們的品牌並銷售產品。

And thirdly, we are also very open to work with all the channels. So Baidu, Tencent, Ali, et cetera, all these channels, we are very open as long as it's mutually beneficial for our shared customers. We're very open-minded to work with all of them. So we are very aggressive penetrating into the lower-tier cities and maintain our competitiveness in terms of the penetration as well as the price structure. Thank you.

第三，我們也非常開放與所有渠道合作。百度、騰訊、阿里等等，這些渠道我們都很開放，只要能對我們共同的客戶帶來互利。我們對與他們全部合作都持開放態度。因此，我們會非常積極地滲透低線城市，並在滲透率以及價格體系方面保持競爭力。謝謝。

Your next question comes from Joyce Ju from Bank of America.

下一個問題來自美國銀行的 Joyce Ju。

I have 2 questions. The first one is actually regarding the high end hotel side. Of course, we mentioned in the opening remarks, the high-end domestic hotels actually leading the way in our hotel bookings. Just want to understand like for the volume and also the ADR perspective, how this compared to the overall domestic hotel. And also, like for the low-tier city hotel, what recent trends we have observed. My second question is actually regarding our recently announced future cooperation with JD.com. I just want to know, like with the long-term strategic plan for this cooperation, and what's the progress by now.

我有兩個問題。第一個其實是關於高端飯店端。當然，我們在開場發言中提到，高端國內飯店在我們的飯店預訂中領先復甦。我想了解，從訂單量以及 ADR 的角度，這與整體國內飯店相比如何？另外，對於低線城市飯店，我們近期觀察到哪些趨勢？第二個問題是關於我們最近宣布與京東（JD.com）的未來合作。我想了解這項合作的長期策略規劃，以及目前進展如何。

Thank you. For the high-end hotels, yes, it's -- this segment is now leading the recoveries. As I explained earlier, on average, the ADRs in the high end, including all the segment in the accommodations is still depressed, on average, especially in Q2. However, starting from the end of Q2, moving into the Q3 and especially most recently, we saw gradual recovery improvement on the ADR level, thanks to the strong recovery, especially in the business and high-end leisure travel demand in China.

謝謝。關於高端飯店，是的——這個細分市場目前正引領復甦。如我先前所說，整體而言，包括住宿各細分在內的高端 ADR 平均仍處於低迷，尤其是在第二季。不過，從第二季末開始，進入第三季，尤其是最近，我們看到 ADR 水準逐步回升改善，這得益於中國商務及高端休閒旅遊需求的強勁復甦。

With regard to the low-end hotels, as always, we will continue to lead the price competitiveness in our targeted market and acquire -- aggressively acquire new users with very competitive low-end hotel offerings.

至於低端飯店，一如既往，我們將持續在目標市場保持價格競爭力，並以非常具競爭力的低端飯店供給——積極獲取新用戶。

With JD, we are very positive in our partnership. Again, we are, again, very open-minded, working with our valued partners to offer our competitive products and make sure it's a win-win partnership, which can serve our shared customers and offer the best product and services to them. Thank you.

關於京東，我們對這項合作非常正面。同樣地，我們也再次強調，我們以開放的態度與重要合作夥伴合作，提供具競爭力的產品，並確保這是一個雙贏的合作關係，能服務我們共同的客戶，為他們提供最佳的產品與服務。謝謝。

That does conclude our question-and-answer session at this time. I will now hand back to Michelle for closing remarks.

我們目前的問答環節到此結束。接下來我把時間交回 Michelle 作結語。

Thanks to everyone for joining us today. You can find the transcript and webcast of today's call on investors.trip.com. We look forward to speaking with you on our third quarter 2020 earnings call. Thank you, and have a good day.

感謝各位今天參與。我們今天電話會議的逐字稿與網路直播回放可在 investors.trip.com 查閱。我們期待在 2020 年第三季財報電話會議上再與各位交流。謝謝，祝各位有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。