TOYO Co., Ltd (TOYO) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome you to the TOYO Co., Limited second half and full year financial results conference call. (Operator Instructions)

各位女士、先生，感謝您耐心等候。我叫 Christa，今天將擔任本次電話會議的會議接線員。此刻，我謹代表主辦方歡迎各位參加 TOYO Co., Limited 下半年及全年財務業績電話會議。(接線員指示)

I would now like to turn the conference over to Crocker Coulson, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係部的 Crocker Coulson。請開始。

Thank you, Christa. Hello, everyone. Thank you for joining us to review TOYO's 2025 second half and fiscal year results. This morning, TOYO posted both the earnings release and a related investor presentation to our website and you can find it in the Investor Relations section, investors.toyo-solar.com.

謝謝你，Christa。各位好。感謝各位加入我們，一同回顧 TOYO 2025 年下半年及會計年度業績。今天上午，TOYO 已將財報新聞稿及相關投資人簡報發布至我們的網站，您可在投資人關係專區 investors.toyo-solar.com 查閱。

With us on the call today are Mr. Onozuka, TOYO's Chief Executive Officer; Raymond Chung, the company's Chief Financial Officer; and Rhone Resch, TOYO's Chief Strategy Officer, whose appointment was announced just this morning. We also have Simon Shi, who will be available during the Q&A portion. After the prepared remarks are concluded, we'd like to open this call up for your questions.

今天與會者包括 TOYO 執行長小野塚先生；公司財務長 Raymond Chung；以及 TOYO 策略長 Rhone Resch，其任命於今天上午剛剛公布。我們也有 Simon Shi，將在問答環節提供協助。在預先準備的發言結束後，我們將開放各位提問。

But before we begin, I want to make you aware that some statements in this teleconference are forward-looking within the meaning of federal securities laws. Although we believe the statements are reasonable, we can provide no assurance that they will prove to be accurate because they are perspective in nature.

在開始之前，我想提醒各位，本次電話會議中的部分陳述依據聯邦證券法屬於前瞻性陳述。儘管我們認為這些陳述是合理的，但由於其本質為對未來的預期，我們無法保證其最終將被證實為準確。

During this call, we'll also discuss certain non-GAAP financial measures, such as adjusted net income and adjusted EBITDA. We believe these measures provide meaningful supplemental information regarding our operational performance, by excluding noncash items and onetime charges that may not be indicative of our core business. Please refer to the reconciliation tables in our press release and SEC filings for the most directly comparable GAAP measures.

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標，例如調整後淨利與調整後 EBITDA。我們認為，透過排除非現金項目及一次性費用（可能無法反映核心業務狀況），這些指標可就我們的營運表現提供有意義的補充資訊。請參閱我們新聞稿及向 SEC 申報文件中的調節表，以取得與之最直接可比的 GAAP 指標。

Actual results could differ materially from those we discuss today and therefore, we encourage you to carefully review the most recent report on Form 20-F and other SEC filings for risk factors that could materially impact our results. As I mentioned, the earnings release is available today on our website at investors.toyo-solar.com.

實際結果可能與我們今天討論的內容存在重大差異，因此我們建議您仔細閱讀最新的 Form 20-F 年報及其他 SEC 申報文件中所列的風險因素，這些因素可能對我們的業績造成重大影響。如我所提，財報新聞稿今天已發布於我們網站 investors.toyo-solar.com。

With those formalities now out of the way, it's my great pleasure to turn this call over to Onozuka-san, our Chief Executive Officer. Onozuka-san, please go ahead.

在完成上述例行事項後，我非常榮幸把電話會議交給我們的執行長小野塚先生。小野塚先生，請開始。

Thank you, Crocker. 2025 was the year of decisive action for TOYO. We doubled our operational scale while navigating one of the most volatile trade environment in decent memory. By strengthening our position as a particularly integrated solution provider, we have built a resilient foundation capable of navigating persistent market headwinds and rapidly shifting regulatory landscape.

謝謝你，Crocker。2025 年是 TOYO 果斷行動的一年。在應對近年記憶中最為動盪的貿易環境之一的同時，我們將營運規模擴大了一倍。透過強化我們作為高度垂直整合解決方案供應商的定位，我們建立了具韌性的基礎，能夠在持續的市場逆風與快速變動的監管環境中穩健前行。

Our record-breaking revenue of over $427 million, a 142% increase over 2024 is a clear validation of our strategic pivot toward high demand and compliant manufacturing hubs. The primary engine of this growth was the rapid ramp-up of our 4 gigawatt Ethiopia facility, which was completed in October 2025 and is now running at full nameplate capacity.

我們創紀錄的營收超過 4.27 億美元，較 2024 年成長 142%，清楚驗證了我們將策略重心轉向高需求且合規的製造樞紐的成效。推動此成長的主要引擎，是我們位於衣索比亞的 4 吉瓦工廠快速爬坡；該工廠於 2025 年 10 月完工，目前已以核定名義產能滿載運轉。

During fiscal year 2025, we successfully shipped 2.3 gigawatts from Ethiopia to our US end customers while an additional 1.9 gigawatts of solar cells were dispatched from our Vietnam facility to international markets. As we entered 2026, Ethiopia has provided our US utility scale customers with high efficiency, policy-compliant solar cell technology and we are on track to deliver 4 gigawatts of solar cell from this facility in the coming year.

在 2025 會計年度，我們成功自衣索比亞向美國終端客戶出貨 2.3 吉瓦；同時，另有 1.9 吉瓦太陽能電池自我們越南工廠發往國際市場。進入 2026 年後，衣索比亞工廠已為我們的美國公用事業級客戶提供高效率且符合政策要求的太陽能電池技術，我們也正按計畫在未來一年由該工廠交付 4 吉瓦太陽能電池。

In the fourth quarter of 2025, we launched commercial operation at our new 1 gigawatt module facility in Houston. Last year, we delivered 249 megawatts of module, inclusive of American-made module and those supplied by our OEM facility overseas. By scaling our domestic module production, while maintaining our global reach, we ensure that TOYO can provide the right mix of products our customers require from the right location with zero lead time friction.

在 2025 年第四季，我們位於休士頓的新 1 吉瓦模組工廠啟動商業化營運。去年，我們交付了 249 兆瓦的模組，包含美國製造模組以及由海外 OEM 工廠供應的模組。透過擴大國內模組產能並維持全球佈局，我們確保 TOYO 能從正確的地點，以零交期摩擦，提供客戶所需的適當產品組合。

Our intent is to scale up production continuously in 2026 and invest to expand capacity in Houston to 2 gigawatts by 2026. In September 2025, we acquired the well-established VSUN brand from our sister company, a strategic move to streamline and unified TOYO operation by bringing the VSUN plans fully under our umbrella.

我們的目標是在 2026 年持續擴大產量，並投資將休士頓產能於 2026 年擴增至 2 吉瓦。2025 年 9 月，我們自姊妹公司收購了具良好市場基礎的 VSUN 品牌；此為一項策略性舉措，透過將 VSUN 的計畫全面納入我們體系，以精簡並整合 TOYO 的營運。

We have successfully migrated the VSUN sales and marketing team, IP, brand and the certification to TOYO, and we are now innovating all existing customers to become direct customers of TOYO as we complete clarification. Acquiring the VSUN brand has allowed us to accelerate TOYO growth and gives our clients flexibility to choose the sourcing that best fits their individual needs. This acquisition was made without any dilution to TOYO shareholders, while the production assets being with VSUN.

我們已成功將 VSUN 的銷售與行銷團隊、智慧財產、品牌及相關認證移轉至 TOYO；在完成釐清作業的同時，我們也正通知所有既有客戶，將其轉為 TOYO 的直接客戶。收購 VSUN 品牌使我們得以加速 TOYO 的成長，並讓客戶能更有彈性地選擇最符合其個別需求的採購來源。本次收購未對 TOYO 股東造成任何稀釋，而 VSUN 的生產資產亦一併納入。

Looking ahead, we will continue to work closely with our industry partners to migrate the sourcing of key components to the US wherever possible, further strengthening our supply chain and laying forth our commitment to American manufacturing.

展望未來，我們將持續與產業夥伴緊密合作，在可行之處把關鍵零組件的採購來源移轉至美國，進一步強化供應鏈，並彰顯我們對美國製造的承諾。

I will now turn the call over to our [CFO, Rhone Resch], to review our strategy for 2026.

接下來我將把電話會議交給我們的 [財務長，Rhone Resch]，由他說明我們 2026 年的策略。

Thank you, Onozuka-san. It's a great honor to be joining TOYO, and I look forward to meeting our shareholders over the coming months and quarters. As you know, this was a challenging year for many solar companies. To be able to more than double our revenue while dramatically increasing gross margins, EBITDA, and adjusted net income validates that TOYO has the right strategy in place, combined with exceptional execution capability.

謝謝你，小野塚先生。能加入 TOYO 我深感榮幸，也期待在接下來的數月與數季中與各位股東見面交流。如各位所知，這一年對許多太陽能公司而言都相當具挑戰性。我們不僅能將營收增加至兩倍以上，並大幅提升毛利率、EBITDA 與調整後淨利，這驗證了 TOYO 已具備正確的策略，同時也展現了卓越的執行能力。

Turning to our strategic road map for 2026. TOYO is entering a phase of significant operational scaling designed to meet the accelerating demand in the US solar market. For the full year 2026, we are initiating shipment guidance of between 5.5 and 5.8 gigawatts for solar cells and 1 to 1.3 gigawatts for solar modules. This growth is supported by a robust order book and a favorable domestic policy environment that continues to prioritize high-efficiency traceable technology. Our primary operational focus for 2026 is maximizing our existing infrastructure.

接下來談談我們 2026 年的策略藍圖。TOYO 正進入一個顯著擴大營運規模的階段，以因應美國太陽能市場加速成長的需求。就 2026 全年而言，我們首次提供出貨量指引：太陽能電池介於 5.5 至 5.8 吉瓦，太陽能模組介於 1 至 1.3 吉瓦。此成長由強勁的訂單能見度以及有利的國內政策環境所支撐；該環境持續優先支持高效率、可追溯的技術。我們 2026 年的主要營運重點是將既有基礎設施的效益最大化。

Our Ethiopia cell facility is now positioned to run at full nameplate capacity, providing the high-efficiency solar cells that are the backbone of our utility scale offerings. Simultaneously, our Houston module facility is aggressively ramping up its initial 1 gigawatt of module capacity to meet localized demand. To further solidify our domestic footprint, we plan to add an additional 1 gigawatt of module capacity in Houston during 2026, which will bring our total US module capacity to 2 gigawatts.

我們的衣索比亞電池廠目前已具備以滿載名目產能運轉的條件，提供作為我們公用事業級產品核心的高效率太陽能電池。同時，我們的休士頓模組廠正積極加速爬坡其初期 1 吉瓦的模組產能，以滿足在地化需求。為進一步鞏固我們在美國的布局，我們計畫於 2026 年在休士頓新增 1 吉瓦的模組產能，將使我們在美國的模組總產能提升至 2 吉瓦。

The next phase of our US expansion involves building out a domestic cell production. We are currently in the final stages of the planning process and anticipate disclosing further details regarding our operational road map in the near future. Financially, we are targeting a 2026 adjusted net income of approximately $90 million to $100 million despite increasing very substantial investments in R&D and technology this year. These costs are a deliberate choice. They align directly with our core commitment to establish a robust technology leadership position within the United States.

我們美國擴張的下一階段，將是建置本土電池產能。我們目前正處於規劃流程的最後階段，並預期在不久的將來揭露更多關於營運藍圖的細節。在財務面，儘管今年我們在研發與技術上大幅增加投資，我們仍以 2026 年調整後淨利約 9,000 萬至 1 億美元為目標。這些成本是我們刻意的選擇。它們與我們在美國建立穩健技術領導地位的核心承諾直接一致。

We aren't just building capacity, we are building the IP foundation that will define the next generation of American solar energy. TOYO is now uniquely positioned with the domestic capacity, the traceable supply chain and the technical IP to lead this transition profitably.

我們不只是擴建產能，我們也在打造將定義下一代美國太陽能的智慧財產基礎。TOYO 現在憑藉本土產能、可追溯的供應鏈以及技術 IP，具備獨特優勢，能以獲利方式引領這項轉型。

I will now turn the call over to our CFO, Raymond Chung, to review our financial results. Raymond?

接下來我把電話交給我們的財務長 Raymond Chung，請他回顧我們的財務結果。Raymond？

Thank you, Rhone. So for full year 2025, revenues were $427 million, representing 142% year-over-year increase from the prior year. This growth was primarily driven by $241 million increase in solar sales and a $7.6 million increase in module sales.

謝謝你，Rhone。2025 全年營收為 4.27 億美元，較前一年年增 142%。此成長主要來自太陽能銷售增加 2.41 億美元，以及模組銷售增加 760 萬美元。

For the full year 2025, cost of revenue was $331 million, a 113% increase from $155 million in the prior year. Cost of revenue grew at a slower pace than revenue, driven by a higher mix of sales to US end customers with stronger average selling prices. Gross profit increased by 340% to $96.3 million in 2025, up from $21.9 million in 2024. Gross profit margin expanded to 22.5% from 12.4% in 2024. Margin expansion was driven by a higher proportion of sales to US end customers with stronger pricing.

2025 全年營收成本為 3.31 億美元，較前一年的 1.55 億美元增加 113%。營收成本的成長速度低於營收，主因是銷售組合中對美國終端客戶的比重提高，平均售價較佳。2025 年毛利增加 340% 至 9,630 萬美元，高於 2024 年的 2,190 萬美元。毛利率由 2024 年的 12.4% 擴大至 22.5%。毛利率擴張主要由對美國終端客戶銷售占比提高且定價更強所帶動。

For full year 2025, operating expenses were $37.3 million compared to $30 million in the prior year, representing an increase of 186% year over year. Selling and marketing expenses were $5.9 million compared to $1.6 million in 2024. The increase was primarily driven by higher sales commissions in line with revenue growth.

2025 全年營業費用為 3,730 萬美元，較前一年的 3,000 萬美元增加，年增 186%。銷售與行銷費用為 590 萬美元，較 2024 年的 160 萬美元增加。增加主要是因營收成長帶動銷售佣金提高。

General and administrative expenses were $31.4 million an increase from $11.4 million in 2024. The increase was primarily due to $13.7 million in noncash share-based compensation issued to management, directors, and consultants. Administrative costs also rose as the company scaled its workforce and infrastructure to support the full activation of our Ethiopia and Texas manufacturing plants.

一般及行政費用為 3,140 萬美元，較 2024 年的 1,140 萬美元增加。增加主要來自發放給管理層、董事與顧問的 1,370 萬美元非現金股份基礎給付。隨著公司擴大人力與基礎設施，以支援衣索比亞與德州製造工廠的全面啟用，行政成本亦隨之上升。

EBITDA was $95.8 million in 2025, representing a 40% increase from $68.2 million in the prior year. This was driven by record shipment volume and enhanced operational scale across our global facilities. Non-GAAP adjusted EBITDA, excluding share-based compensation and changes in fair value of contingent consideration payable to earnout shares was under $110.8 million for 2025, up by 228% compared to $33.8 million for the same period in the prior year. [GAAP] net income was $37.2 million for 2025 compared to a net income of $40.5 million for the same period last year.

2025 年 EBITDA 為 9,580 萬美元，較前一年的 6,820 萬美元增加 40%。這主要由創紀錄的出貨量，以及我們全球各據點營運規模提升所帶動。2025 年非 GAAP 調整後 EBITDA（排除股份基礎給付，以及與或有對價應付—對應 earnout 股份—之公允價值變動）為 1.108 億美元，較前一年同期的 3,380 萬美元增加 228%。[GAAP] 2025 年淨利為 3,720 萬美元，去年同期淨利為 4,050 萬美元。

Adjusted net income, excluding share-based compensation in 2025 and changes in fair value of contingent consideration payable related to earnout shares in 2024 was $52.2 million compared to $6 million in 2024. Earnings per share basic and diluted was $0.98 compared to earnings per share, basic and diluted of $1.09 in the prior year. Adjusted earnings per share, excluding share-based compensation in 2025 and changes in fair value of contingent consideration payable related to earn-out shares in 2024 was $1.48 per share in 2025 as compared to $0.20 per share in 2024.

調整後淨利（2025 年排除股份基礎給付，以及 2024 年排除與 earnout 股份相關之或有對價應付公允價值變動）為 5,220 萬美元，較 2024 年的 600 萬美元增加。基本及稀釋每股盈餘為 0.98 美元，較前一年的基本及稀釋每股盈餘 1.09 美元為低。調整後每股盈餘（2025 年排除股份基礎給付，以及 2024 年排除與 earn-out 股份相關之或有對價應付公允價值變動）2025 年為每股 1.48 美元，相較 2024 年的每股 0.20 美元。

Turning to our balance sheet. As of December 31, 2025, the company had a $58.9 million in cash and restricted cash in total, compared to $17.2 million as of December 31, 2024. In 2025, TOYO generated cash flow from operations of $133 million with $92 million of CapEx invested across our Ethiopia cell facility and US module operations.

接下來看資產負債表。截至 2025 年 12 月 31 日，公司現金及受限制現金合計為 5,890 萬美元，較 2024 年 12 月 31 日的 1,720 萬美元增加。2025 年，TOYO 來自營運活動的現金流為 1.33 億美元，並投入 9,200 萬美元資本支出（CapEx）於衣索比亞電池廠及美國模組營運。

This level of cash generation provides us with a strong financial flexibility to invest in continuing to expand our fully integrated production platform in the US as we expand our Made in America for American strategy. For 2026, we expect adjusted net income to reach approximately $90 million to $100 million.

此等現金創造能力使我們具備強勁的財務彈性，得以持續投資並擴大我們在美國的全整合式生產平台，推進我們「Made in America for American」策略的擴張。展望 2026 年，我們預期調整後淨利約可達 9,000 萬至 1 億美元。

With that, we will be happy to address your questions.

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Amit Dayal, H.C. Wainwright.

(接線員指示) Amit Dayal，H.C. Wainwright。

Perhaps a fairly strong performance of '25 and a positive outlook for 2026. Just in the context of gross margins, can you provide any color on how we should think about gross margins now that a share of revenues could potentially come from the US market?

或許 2025 年表現相當強勁，且對 2026 年展望正面。就毛利率的脈絡而言，現在若有一部分營收可能來自美國市場，您能否提供一些看法，讓我們理解毛利率應如何看待？

[Sashka], you want to translate that? And then I don't know if Simon or Raymond wants to take that question.

[Sashka]，你要翻譯一下嗎？然後我不確定 Simon 或 Raymond 是否想回答這個問題。

(spoken in foreign language)

(以外語發言)

So we are not currently providing our gross margins hold for the year. But as the Ethiopia facility has come to operate at full capacity and our US factory has come online. We believe that we will be able to continue to achieve very competitive margins in the market.

我們目前不提供本年度毛利率的指引。但隨著衣索比亞工廠已滿載運轉，以及我們的美國工廠已上線。我們相信能夠持續在市場上達成非常具競爭力的毛利率。

Simon, any color you want to provide on that?

Simon，你有什麼想補充的嗎？

Sure. Thanks, Amit, for the question. I think for 2025, we achieved a cross-border average gross margin around 25%, and we -- we do hope to at least maintain these gross margin across group gross margin level going forward. And also just a remark to our -- like our CEO just mentioned, we don't really provide a breakdown of our gross margin for different markets. But we think our gross margin -- our gross margin level is higher than the overall industry number.

當然。Amit，謝謝你的提問。我想在 2025 年，我們達成的跨境平均毛利率約為 25%，而我們——我們確實希望未來至少能在集團層級維持這樣的毛利率。另外補充一下，正如我們的執行長剛提到的，我們不會提供不同市場毛利率的拆分。但我們認為我們的毛利率——我們的毛利率水準高於整體產業的數字。

And also the numbers we have indicated through our -- either historical number -- historical financials and in the 2026 guidance, they are pre the 45x, meaning the $0.07, 45x supposed to receive from -- for our manufacturing are actually not taken into account in the guidance or in the historical financials.

此外，我們透過——不論是歷史數字——歷史財務資料以及 2026 年指引所揭露的數字，都是在 45x 之前，也就是說，製造端本應可取得的 0.07 美元、45x 的款項，實際上並未納入指引或歷史財務資料中。

Yeah, that was -- I was going to ask about the credits in the US market. So for 2026, will you potentially be receiving credits for the 1 gigawatt capacity or potentially 2 gigawatts capacity? Just any color on that would be helpful.

是的，那正是——我原本要問美國市場的抵減額度（credits）。所以在 2026 年，你們可能會就 1 吉瓦產能或可能 2 吉瓦產能取得抵減額度嗎？任何相關說明都會很有幫助。

Sure. Actually, we are running cautious on giving out the guidance for our Houston production. As mentioned, we are currently running -- sorry, 1 gigawatt capacity over there. And we are hoping to achieve at least 60% to 70% utilization of the capacity in Houston based on the current nameplate capacity. And the additional 1 gigawatt, as mentioned by our CEO, this is a new investment plan that's happening in progress in our Houston facility.

好的。其實，我們在提供休士頓產量指引方面會比較審慎。如先前所提，我們目前在那邊運行——抱歉，是 1 吉瓦的產能。並且我們希望在目前的名目產能（nameplate capacity）基礎上，休士頓的產能利用率至少能達到 60% 到 70%。至於額外的 1 吉瓦，如我們執行長所提，這是一項正在休士頓廠區進行中的新投資計畫。

Now we are hoping to see a pilot production for the extra 1 gigawatt from third quarter or latest the fourth quarter of this year. So that could be an actual contribution to the delivery from Houston. However, we are not taking that into account for our guidance for the moment.

我們希望最早在今年第三季、最晚第四季，能看到額外 1 吉瓦的試產。因此，這可能會對休士頓的出貨帶來實際貢獻。不過，目前我們尚未將其納入指引。

Okay. Understood. And just maybe last one for me. Will you be sort of hosting quarterly earnings call going forward? Or will this be sort of every six months? How should investors think about sort of reporting and just engagement with the investor community going forward now that the business is most sums in place to provide a little bit more comment to investors more frequently, I guess?

好的。了解。那我最後一個問題。你們未來會舉辦每季的財報電話會議嗎？還是會每半年一次？投資人應如何看待未來的資訊揭露與溝通互動？畢竟現在業務大致到位，應該可以更頻繁地向投資人提供一些評論，我想是這樣？

Yeah, sure. Thanks. That's very helpful. Yes, Amit, the short answer is, yes, we are planning to report quarterly from this year. So hopefully, we can get our first quarter number released May of this year. And on a going forward basis, where we will continue to report quarterly starting from this year.

好的，當然。謝謝。這個問題很有幫助。是的，Amit，簡短回答是：是的，我們計畫從今年開始按季揭露。因此，希望我們能在今年 5 月公布第一季數字。並且在未來，我們將從今年起持續按季揭露。

We have no further questions at this time. Crocker, I'd like to turn the conference back over to you.

目前沒有進一步的問題。Crocker，我想把會議交回給你。

Yeah. Let's just give one more chance for people to ask questions, operator. And then if we don't have further, I'll wrap it up.

好的。接線員，我們再給大家一次提問的機會。如果沒有更多問題，我就做個總結。

Absolutely. (Operator Instructions) And we have no questions.

當然。(接線員指示) 目前沒有問題。

Great. Thanks, Christa. So we appreciate everyone taking the time to join us on the call today. As you can tell, the whole team is very excited about what's ahead for TOYO in 2026 and in the years beyond. We're also thrilled to have a strengthened management team going into this year with Rhone Resch joining us, and he'll be based primarily in the US.

好的。謝謝你，Christa。因此，我們感謝各位今天撥冗參與電話會議。如各位所見，整個團隊對 TOYO 在 2026 年以及往後幾年的發展都非常振奮。我們也很高興今年管理團隊更為強化，Rhone Resch 加入我們，他將主要駐點在美國。

So we will be more available to meet with investors going forward. If you have questions you'd like to ask that you didn't have a chance to get to on this call, please reach out to me, and I'm happy to either respond or arrange a follow-up call with management or a visit next time that we have a future trip to the US. Thank you, everyone, and have a fantastic day.

因此，未來我們將更方便與投資人會面。如果你有想問但在本次電話會議未及提出的問題，請與我聯繫；我很樂意回覆，或安排與管理團隊的後續電話會議，或在我們未來再次前往美國出差時安排拜訪。謝謝各位，祝大家今天愉快。

Ladies and gentlemen, this does conclude today's call. Thank you for joining, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝您的參與，您現在可以掛線。