Ternium SA (TX) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Ken. I will be your conference operator today. At this time. I would like to welcome everyone to the turning on third quarter. 2024 results call, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

謝謝你的支持。我叫肯。今天我將擔任你們的會議操作員。此時。我謹歡迎大家來到即將到來的第三季。 2024 年結果公佈時，所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。

If you would like to withdraw your question again, press the star and one I would now like to turn the call over to Sebastian Marti. You may begin.

如果您想再次撤回您的問題，請按星號和一個「我現在想將電話轉給塞巴斯蒂安·馬蒂」。你可以開始了。

Good morning and thank you for joining us.

早安，感謝您加入我們。

My name is Sebastian Marti term Global Ir and Compliance senior director yesterday turn released financial results for the third quarter and first nine months of 2024. This call is intended to complement that presentation.

我是塞巴斯蒂安·馬蒂(Sebastian Marti)，擔任全球Ir 與合規部高級總監，昨天發布了2024 年第三季度和前9 個月的財務業績。簡報。

I'm joined today by Maximo Vedoya, turns Chief Executive Officer and Pablo Rio turns Chief Financial Officer will discuss turns business environment and performance.

今天，現任執行長 Maximo Vedoya 和現任財務長巴勃羅·裡奧 (Pablo Rio) 將與我一起討論商業環境和業績。

We will open up the floor to questions following our prepared remarks before we begin. I would like to remind you that this conference call contains forward-looking information and that actual results may vary from those expressed or implied factors that could affect results are contained in our filings with the securities and exchange commission. And on page 2 in today's webcast presentation, you will also find any reference to non IFRS financial measures reconciled to the most directly comparable IIFRS measures in the press release issued yesterday.

在我們開始之前準備好發言後，我們將開始提問。我想提醒您，本次電話會議包含前瞻性訊息，實際結果可能與我們向美國證券交易委員會提交的文件中包含的可能影響結果的明示或暗示因素有所不同。在今天的網路廣播簡報的第 2 頁上，您還可以找到與昨天發布的新聞稿中最直接可比較的 IIFRS 指標一致的非 IFRS 財務指標的參考內容。

With that, I'll turn the call over to Mr Vedoya.

這樣，我會將電話轉給 Vedoya 先生。

Good morning. And thank you very much for participating in today's 3rd quarter earning calls turn reported an adjusted ABDA of 368 million and a net income of $93 million for the third quarter.

早安.非常感謝您參加今天的第三季財報電話會議，報告調整後的第三季 ABDA 為 3.68 億美元，淨利潤為 9,300 萬美元。

We experience increased shipments across all our primary markets and as anticipated in the last quarter's call, our margins declined primary due to the decrease in realized price in our main market.

我們所有主要市場的出貨量均有所增加，正如上季電話會議所預期的那樣，由於我們主要市場的實現價格下降，我們的利潤率主要下降。

Let's review the status of these markets.

讓我們回顧一下這些市場的現況。

The steel market in Mexico remains healthy, operating at a consistent levels after last year, significant 14% year over year increase in steel consumption.

墨西哥鋼鐵市場保持健康，與去年持平，鋼鐵消費量較去年同期大幅成長14%。

In fact, in the third quarter of 2024 we had record high shipments in this market for the fourth quarter. We expect a decline in shipments as a result of this period being the seasonally week of the year.

事實上，2024 年第三季我們在該市場的第四季出貨量創下歷史新高。由於這段時期是一年中的季節性一周，我們預計出貨量將會下降。

Additionally, public investment has been sought recently which is common in Mexico following a change of administration. Once this process is completed, we expect demand from infrastructure projects to return. As the new government has announced plans to launch several projects aimed at enhancing the competitiveness of Mexican industry.

此外，最近尋求公共投資，這在墨西哥政府更迭後很常見。一旦這一過程完成，我們預計基礎設施項目的需求將會回歸。新政府宣布計劃啟動多個項目，旨在提高墨西哥工業的競爭力。

Looking ahead, our road group has several bright spots in the first quarter of next year. We expect sequential shipment growth in this market. In part, this will be the result of our new picking nine which is pushing our capacity for automotive and industrial markets as a ramp up production. Furthermore, I am optimistic about the Mexican market in the year to come. Automatic production increased by 7% year over year in the first nine months of 2024 and is expected to reach 4.2 million units in 2025 which would be a record high.

展望未來，我們的公路集團明年第一季有幾個亮點。我們預計該市場的出貨量將持續成長。在某種程度上，這將是我們新採收九個產品的結果，隨著產量的增加，這將推動我們在汽車和工業市場的產能。此外，我對未來一年的墨西哥市場持樂觀態度。 2024年前9個月自動產量年增7%，預計2025年將達到420萬台，創歷史新高。

Finally, in ensuring trends are expected to persist benefiting the steel market on both sides of the border. The new administration in Mexico recognized this opportunity for the country and has stated its commitment to pursuing a policy of industrialization and import substitution very much in line with what we have been advocating for many years.

最後，為了確保趨勢預計將持續有利於邊境兩側的鋼鐵市場。墨西哥新政府認識到該國的這一機遇，並表示致力於奉行工業化和進口替代政策，這與我們多年來一直倡導的政策非常一致。

Moving to Brazil, we see healthy industrial activity and a dynamic distribution market. Steel consumption in Brazil market has been growing during the year, increasing 9% year over year. In the first nine months of this year, vehicle production is growing as well with an expected 5% increase in 2024.

轉向巴西，我們看到健康的工業活動和充滿活力的分銷市場。巴西市場鋼材消費量年內持續成長，年增9%。今年前 9 個月，汽車產量也在成長，預計 2024 年將成長 5%。

On the other hand, flat steel import jumped 20% year over year in this first nine months, mainly from China. As this country significantly increases steel shipments to the international markets as it has already happened in other countries. The Brazilian government noticed this increase in unfair trade from China and as a result of their still excess capacity and put in place a one year quote system under which still imports above certain quarter are subject to a 25% tariff. Unfortunately, these measures hasn't yielded the expected results. Following this several anti dumping investigation have been initiated over import of cold steel co steel and pre painted steel mainly from China. These measures are promising we encourage the brazilian government to continue this path to prevent more distros this industrialization in Brazil.

另一方面，前9個月扁鋼進口量較去年同期成長20%，主要來自中國。正如其他國家已經發生的那樣，該國大幅增加了對國際市場的鋼鐵出口量。巴西政府注意到來自中國的不公平貿易增加，並且由於其產能仍然過剩，並實施了一年期報價制度，根據該制度，超過特定季度的進口仍需繳納25%的關稅。不幸的是，這些措施並沒有達到預期效果。此後，針對主要來自中國的進口冷鋼和彩塗鋼發起了多起反傾銷調查。這些措施是有希望的，我們鼓勵巴西政府繼續這條道路，以防止巴西的工業化進一步惡化。

Finally, let's review Argentina steel volumes in Argentina market has shown a recovery over the past several quarters, both within the industrial and the commercial market.

最後，讓我們回顧一下阿根廷 過去幾個季度，阿根廷市場的工業和商業市場鋼材銷售都出現了復甦。

In the fourth quarter. We expect to maintain a stable level of ship steel shipments despite seasonally slow down in activity towards the end of the year.

在第四季。儘管接近年底活動季節性放緩，但我們預計船舶鋼材出貨量將保持穩定水準。

With a long term view. I think on the Argentina industrial and construction activity will improve in 2025 favoring a recovery in local steel demand. The Argentine government is implementing an ambition reform program that we expect will promote investment in the country. However, there is a risk in this market of an increase in input of unfair trade and products made with steel. This will be an important issue to follow up with the Argentina authorities. During next year, our wind farm in Argentina will begin operation by year end, boosting our use of self generated renewable energy and reducing reliance on external sources.

著眼長遠。我認為阿根廷工業和建築活動將在 2025 年改善，有利於當地鋼鐵需求的復甦。阿根廷政府正在實施一項雄心勃勃的改革計劃，我們預計該計劃將促進對該國的投資。但該市場存在不公平貿易和鋼鐵產品投入增加的風險。這將是阿根廷當局需要跟進的重要議題。明年，我們在阿根廷的風電場將於年底投入運營，從而提高我們對自產再生能源的利用，減少對外部能源的依賴。

The project is progressing as planning with the completion of 22 basis and the installation of 14 wind turbines. Today, we anticipate that the first unit will begin delivering energy in December with a project expected to reach full completion by January. This represents a significant milestone in our commitment to renewable energy and decarbonization.

該工程正在按計畫推進，已完成22個基礎工程和14颱風力發電機的安裝。今天，我們預計第一台機組將於 12 月開始供電，工程預計將於 1 月全面完成。這是我們致力於再生能源和脫碳的一個重要里程碑。

Let me now give you an update on the progress of our pension projects. The clicking line and three of the five lines in the new finishing center in Pescia has started operation and are currently ramping up. These lines are at 550,000 tons per year of clicking capacity and 310,000 tons a year of customized products capacity. During the next two months, we plan to start up the two remaining lines in the finishing center.

下面我就來跟大家介紹一下退休金計畫的最新進展。位於佩西亞的新精加工中心的點擊生產線和 5 條生產線中的 3 條已開始運營，目前正在加緊生產。這些生產線的點擊產能為每年 55 萬噸，客製化產品產能為每年 31 萬噸。在接下來的兩個月裡，我們計劃啟動精加工中心的剩餘兩條生產線。

In addition, we are making steady progress on the 600,000 per year galvanizing line and the 1.6 million tons per year cold rolling mill. We plan to start this operation at the end of 2025 and early 2026 respectively.

此外，年產60萬噸鍍鋅線和年產160萬噸冷軋線正在穩定地推進。我們計劃分別於2025年底和2026年初開始這項營運。

We have completed the soil movement and the civil work and assembly of structure and buildings are advancing rapidly. Equipment, shipping shipments have already commenced.

我們已經完成了土方移動，結構和建築物的土木工程和組裝工作正在迅速推進。設備裝運出貨已經開始。

Lastly for the construction of the 2.6 million ton per slab making facility in Pesqueria. We have completed the cleaning and soil movement in most areas. We are making progress in the civil work foundation and structural installations. Also key operational contracts have been awarded and are underway. We expect to start up this lab facility by mid 2026.

最後是在 Pesqueria 建造每塊 260 萬噸的板坯製造設施。我們已經完成了大部分區域的清潔和運土工作。我們正在土建基礎和結構安裝方面取得進展。重要的營運合約也已授予並正在進行中。我們預計在 2026 年中期啟動該實驗室設施。

The new production lines in Pesqueria project will enable the company to enhance its product offering with a broader range of high quality steel products and cater to believe diverse customer needs more effectively meeting the high quality requirements of the automotive and appliance sectors. Moreover, the new lab facility is expected to significantly increase the raw steel production capacity in Mexico, ensuring a steady supply of labs from downstream processing. This facility will also enhance term operation efficiency and reduce dependency on external suppliers leading to cost savings and improved profit margin.

Pesqueria專案的新生產線將使該公司能夠透過更廣泛的高品質鋼鐵產品來增強其產品供應，並滿足不同客戶的需求，更有效地滿足汽車和家電行業的高品質要求。此外，新的實驗室設施預計將顯著提高墨西哥的原鋼產能，確保下游加工實驗室的穩定供應。該設施還將提高長期營運效率並減少對外部供應商的依賴，從而節省成本並提高利潤率。

Finally, I would like to highlight the publications of term latest sustainability report. This report includes among other new features, an update on term's decol target detailing several enhancements introduced since our initial target was set in 2021 for the first time. Our target includes scope three emissions which are not directly associated with our company. This include company one emission related to the production of semi finished products such as slabs and village produced from third party and category 10 emissions generated by our customers doing the processing for our slabs and villages.

最後，我想重點介紹一下本學期最新永續發展報告的出版品。除其他新功能外，本報告還包括 decol 目標一詞的更新，詳細介紹了自 2021 年首次設定初始目標以來引入的多項增強功能。我們的目標包括與我們公司不直接相關的第三類排放。這包括與第三方生產的平板和村莊等半成品生產相關的公司一排放，以及我們的客戶對我們的平板和村莊進行加工所產生的第 10 類排放。

In addition we have expanded the boundaries of our CO2 emissions reporting beyond crude steel to include hot rolled seal production and we migrate to Gaghg protocols, methodology to improve comparability with other industries and prepare for future regulatory requirements.

此外，我們已將二氧化碳排放報告的範圍擴大到粗鋼以外的範圍，包括熱軋密封件生產，並且我們遷移到Gaghg 協議，該方法旨在提高與其他行業的可比性，並為未來的監管要求做好準備。

The target is a 15% reduction in emissions intensity by 2030 using 2023 as a baseline as in previous years, our greenhouse inventory for 2023 was audited by a third party following, as I said, both the GHC protocols and word still methodology.

我們的目標是到 2030 年將排放強度減少 15%，與往年一樣，以 2023 年為基準，我們 2023 年的溫室清單由第三方按照我所說的 GHC 協議和 word still 方法進行了審計。

With these changes to our reporting, we're among the very few companies that include scope three emissions in their target. Our aim with this decision is to significantly increase transparency and accuracy in our emission report. We invite you to download the report from our website and review the extensive information on our sustainability initiatives. The deep detailed insights will offer a comprehensive understanding of our commitment to sustainability, sustainable practices.

隨著我們報告的這些變化，我們成為極少數將範圍三排放納入其目標的公司之一。我們做出這項決定的目的是顯著提高排放報告的透明度和準確性。我們邀請您從我們的網站下載報告並查看有關我們可持續發展舉措的廣泛資訊。深入細緻的見解將使我們全面了解我們對永續發展和永續實踐的承諾。

To wrap up. My initial report marks, I'd like to say, I'm confident in Italian performance in 2025. I believe our main markets, we offer several opportunities for a company with the strength of a neutral market in Mexico, the recovery of steel consumption in Brazil and the significant reforms to Argentina's economy. In addition, I expect our market to gradually improve, improve during the year with lower cost of raw material and flas and I'll continue work in cost cutting initiatives with this. Please, Pablo, you can now proceed with the review of standing performance of the third quarter.

總結一下。我想說的是，我的初步報告表明，我對義大利 2025 年的表現充滿信心。阿根廷經濟的重大改革。此外，我預計我們的市場將在今年隨著原材料和火焰成本的降低而逐步改善，我將繼續致力於削減成本措施。巴勃羅，現在請您繼續審查第三季的長期業績。

Thanks Maximo and thanks everybody for participating in our conference call. Let's move to the webcast presentation for the overview of our operations and financial results.

感謝 Maximo 並感謝大家參與我們的電話會議。讓我們轉向網路廣播演示，概述我們的營運和財務表現。

If we start by page 3, we see that as anticipated our adjusted ed a decline this quarter, the main factors driving this result were lower prices across our main market which were partially upset by a small decline in still cost up to and an increase in shipment.

如果我們從第3 頁開始，我們會看到，正如預期的那樣，本季調整後的價格有所下降，推動這一結果的主要因素是我們主要市場的價格較低，部分原因是蒸餾成本的小幅下降和成本的增加運輸。

Looking ahead to the fourth quarter, we expect the most increase in adjusting the BDA driven by slightly better margins. Although they will be positive upset by a seasonal decrease in ship turn to the next slide. Net income for the third quarter was $93 million.

展望第四季度，我們預期 BDA 調整的增幅最大，是由於利潤率略有提高。儘管他們會對船舶的季節性減少感到不安，但轉向下一張投影片。第三季淨利為 9,300 萬美元。

When comparing second quarter adjusted net income to the third quarter, net income, we see lower deferred tax losses and improved financial results in the third quarter.

將第二季調整後淨利與第三季淨利進行比較時，我們看到遞延稅損失較低，第三季財務表現有所改善。

Perfect upset by a decline in operating income.

營業收入下降讓他非常沮喪。

The effects gain in the quarter reflect the federal effect of the Mexican peso depreciation and the brazilian real appreciation against the US dollar costing effects gain on Mexico, met your local currency positions and usually mean as US dollar debt.

本季的影響收益反映了墨西哥比索貶值和巴西實際升值對墨西哥的成本影響收益對墨西哥的聯邦影響，符合您的當地貨幣頭寸，通常意味著美元債務。

Let's turn to our segment performance on page 5 this quarter with significant increases in our key markets. Looking ahead, we anticipate the increased achievements in the fourth quarter due the usual m seasonality both in Mexico and in Brazil.

讓我們看看本季第 5 頁的細分市場業績，我們的主要市場出現了顯著成長。展望未來，由於墨西哥和巴西通常的季節性因素，我們預計第四季度的業績將會增加。

Now let's take a look at the consolidated sale and profitability as a segment on the next page despite an increase in the shipment sales health steady compared to the previous quarter due to the decline in revenue at all.

現在，我們來看看下一頁的綜合銷售額和獲利能力，儘管由於收入下降，出貨量銷售健康狀況與上一季相比保持穩定成長。

Given by a decrease in real still prices in our primary market which affected our margins.

由於我們的主要市場實際蒸餾價格下降影響了我們的利潤。

The price decline was partly upset by small decreasing field cost per ton as we continue to use previously, both raw material and slab in the third quarter. And then using that f operations record the efficiency gains in the p particularly in fuel consumption. In addition, labor and maintenance cost decreased essentially in the third quarter.

價格下跌的部分原因是每噸現場成本小幅下降，因為我們在第三季繼續使用先前的原料和板坯。然後使用該 f 操作記錄 p 中的效率增益，特別是在燃料消耗方面。此外，第三季人工和維護成本也大幅下降。

Let's move on to slide 7 to review the performance of our mining segment in the third quarter, shipments grow by 13% sequentially given by higher production in our Mexican and brazilian operations.

讓我們繼續看投影片 7，回顧第三季採礦部門的業績，由於我們墨西哥和巴西業務的產量增加，出貨量較上季成長了 13%。

Despite this quarter over quarter growth, net states were relatively stable due to the upset of lower iron ore market prices.

儘管本季環比成長，但由於鐵礦石市場價格下跌的影響，淨狀態相對穩定。

Our margins in the mining segment decreased in this quarter mainly due to this drop in iron ore prices. While slight reduction in cost per ton helped to soften the impact of this decrease.

本季我們採礦業務的利潤率下降，主要是因為鐵礦石價格下跌。而每噸成本的小幅下降有助於緩解這種下降的影響。

Let's move. Let's move on to the next slide to review our cash flow performance.

我們走吧。讓我們轉到下一張投影片來回顧我們的現金流表現。

As of the end of September, turning net cash position declined to 1.7 billion. We decrease in cash flow from operation compared to the second quarter, primarily to decrease in the BD A and increase in working capital together with higher capital expenditure.

截至9月底，淨現金部位下降至17億。與第二季相比，我們的營運現金流量有所減少，主要是由於 BDA 減少、營運資本增加以及資本支出增加。

Moving to the finance light. We can see a summary of our performance over the past five years in the first nine months of 2024 our capital expenditure so a significant year over year increase, we continue making progress as much. You explained in the construction of new facilities in AA industrial center as well. In the new wind farm in Argentina. We expect to have a total CapEx of between 1.7 billion to 1.8 billion dollars in 2024. To conclude this presentation, I would like to highlight that yesterday. The board of board of director announced the payment of an interim dividend of 90¢ per eight years totaling $177 million.

轉向金融之光。我們可以在 2024 年前 9 個月看到我們過去五年業績的總結，我們的資本支出同比大幅增長，我們繼續取得進步。您在AA工業中心新設施的建設中也做出了解釋。在阿根廷的新風力發電場。我們預計 2024 年的資本支出總額將在 17 億至 18 億美元之間。董事會宣布每八年派發中期股利90美分，總計1.77億美元。

Over the past three years, the company has structured dividends so that the interest payment in November represents roughly a third of the total annual amount with the remaining 30 you may following shareholders approval.

在過去的三年裡，該公司製定了股息結構，使得11月份的利息支付約佔年度總額的三分之一，剩餘的30%則可以在股東批准後支付。

We expect this time to follow the similar approach. So our total dividend payment corresponded to the fiscal year 2024 will represent the DN yield of about 8% based on the current share price and the 68 payout ratio based on adjusted net income for the past 12 months.

我們預計這次也會遵循類似的方法。因此，我們2024財年對應的總股息支付將代表基於當前股價的約8%的DN收益率以及基於過去12個月調整後淨利潤的68%的派息率。

Over the past three years. Originally, the work consistently decided to distribute a substantial dividend annually. The current dividend decision aligned with this established practice of providing an attractive dividend yield and allocated a significant portion of net income even during periods of increased capital expenditure.

過去三年。最初，該工作一貫決定每年派發大量紅利。目前的股息決策符合提供有吸引力的股息殖利率的既定做法，即使在資本支出增加期間也分配了很大一部分淨收入。

This capability is a result of our solid financial position.

這種能力是我們穩健的財務狀況的結果。

With this, we have concluded that with initial prepared remarks would like now to, to go and to take any questions that you may have operator. Please begin the Q & A. Thanks.

至此，我們得出的結論是，在初步準備好的評論後，我們現在想回答您可能有的任何問題。請開始問答。

At this time, I would like to remind everyone in order to ask a question, press star and the number one on your telephone keypad. Our first question comes from the line of Marcio Farid with Goldman Sachs. Your line is open, right?

此時，我想提醒大家，要問，請按電話鍵盤上的星號和數字一。我們的第一個問題來自高盛的馬西奧·法里德（Marcio Farid）。你的線路是開放的，對嗎？

A Couple of questions on my side.

我這邊有幾個問題。

Yes. Can you.

是的。你可以嗎。

Sorry Mario?

對不起馬裡奧？

Yeah, now, yes, I think.

是的，現在，是的，我想。

All right.

好的。

Let me know if it's not good. Yeah, morning. Thanks for the opportunity. A couple of things on my side. I think we started the call by showing still good conviction on Mexico's demand going into next year and somewhat profitability improvement as well as well, lower costs. Argentina seems to be performing well and you also showed some some good conviction as well. I understand obviously, prices benchmark prices have been lower. And that's you know, the main reason for, for weer earnings in the, in the third quarter, right? But, but then the surprise was the the dividend cut. Our initial understanding is that you sustain stable to growing dividends through the cycle even if the cycle turn. And that's one of the reason why balance sheet leverage has been kept at low levels to allow you to execute cutbacks. And at the same time, keep the commitment on a flat to growing dividends, right? So it was a bit of a surprise to us. And when we hear about, the constructive outlook, we're just trying to understand, you know, the, the reason why, you know, the board decided to cut and dividends this year. And if you can assume, you know, eventually we'll resume the $3.3 a share that you paid last year as well. And, and secondly, I mean, obviously a big topic today is the outcome of the US election. I think you've laid out some of the important actions that the Mexican administration is taking to support our industrial activity in Mexico to some extent we are showing but also in parts of the institution as well. So obviously, we've, we've, we've seen some of the headlines suggesting higher taxation and potential, for instance, on Mexico's as it relates to the negotiation of the USCMA agreement. So if you can talk about that as well, your initial thoughts and risks and opportunities for, for turning, being in Mexico and directly and indirectly exposed to the US and North America. That would be great. Thank you.

如果不好請告訴我。是的，早上。感謝您提供的機會。我這邊有幾件事。我認為我們在電話會議開始時就表現出了對明年墨西哥需求的良好信心，並且盈利能力有所改善，成本也有所降低。阿根廷似乎表現不錯，你們也表現出了一些好的信念。我顯然明白，價格基準價格已經較低。您知道，這就是第三季收益增加的主要原因，對吧？但是，令人驚訝的是股息削減。我們最初的理解是，即使週期發生轉變，您也能在整個週期中維持穩定成長的股息。這就是資產負債表槓桿率保持在較低水平以允許您執行削減的原因之一。同時，維持股息成長不變的承諾，對嗎？所以這對我們來說有點意外。當我們聽到建設性的前景時，我們只是想了解董事會決定今年削減股利和股利的原因。如果你可以假設，你知道，最終我們也會恢復你去年支付的每股 3.3 美元的價格。其次，我的意思是，顯然今天的一個大主題是美國大選的結果。我認為您已經列出了墨西哥政府正在採取的一些重要行動，以支持我們在墨西哥的工業活動，在某種程度上我們正在展示，但也在該機構的某些部分。顯然，我們已經看到一些頭條新聞暗示對墨西哥徵收更高的稅收和潛力，因為這與 USCMA 協議的談判有關。因此，如果您也能談談您最初的想法以及轉向墨西哥並直接或間接接觸美國和北美的風險和機會。那太好了。謝謝。

Thank you very much, Marcio. I I will start with the second part of your question and then we, we go to the dividends if, if, if you allow me the, the outcome of the US election and, and, and you were very clear, I, I mean, I see this as a, as an opportunity to be H1st, I think first of all, we are out of the, the uncertainty. We have two new administrations, one in Mexico, there already is a month in the job and now we have now one in the US. So I think that's something good because now people can start talking and can and can start working together.

非常感謝你，馬西奧。我將從你問題的第二部分開始，然後我們，我們討論股息，如果，如果，如果你允許我，美國大選的結果，並且，你說得很清楚，我，我的意思是，我認為這是一個成為H1st 的機會，我認為首先，我們已經擺脫了不確定性。我們有兩屆新政府，一屆在墨西哥，任期已經一個月了，現在又有一屆在美國。所以我認為這是一件好事，因為現在人們可以開始交談，並且可以開始一起工作。

I think from the Mexican point of view, the the new administration, President Shamba, I think she understands and share very much the concern than the US and the Trump administration, especially Trump have with China and with and fair trade. She has been very clear and very vocal about this as you know, we probably know several weeks ago, we, we, we participate in the US Mexico co dialogue, which is a dialogue that's been going on for quite a few years between CEOs of Mexico and the US.

我認為從墨西哥的角度來看，新政府尚巴總統，我認為她比美國和川普政府，特別是川普對中國和公平貿易的擔憂更加理解和認同。她對此非常明確、非常直言不諱，正如你所知，我們可能幾週前就知道，我們、我們、我們參加了美國和墨西哥的共同對話，這是一個在首席執行官之間持續了好幾年的對話。

And this was with the new administration in Mexico. I think there was a big consensus of all the participants that the the opportunity to strengthen the North American region and to save what against violation of trade, especially by Asia. And in that meeting also, people were very positive about the good outcome of the new US MCA, I mean, the new SMCA which was negotiated in 2018, bring a lot of benefits both from Mexico but also from the US which increased exports to Mexico by more than 30% in that period of time.

這是墨西哥新政府的事。我認為所有與會者都有一個很大的共識，那就是有機會加強北美地區的實力，並防止貿易侵犯，特別是亞洲的貿易侵犯。在那次會議上，人們對新的美國MCA 的良好成果也非常積極，我的意思是，2018 年談判的新的SMCA 為墨西哥帶來了很多好處，也為美國帶來了很多好處，增加了對墨西哥的出口在那段時間增加了30%以上。

The other thing that the President of Mexico show up in said in that meeting was she was very firm about the, the vision she had of of again strong in North America and reducing. I'm I'm using her words, the trade deficit that Mexico has with Asia about two $100 billion. So I think the the alignments are quite similar. I think that it's positive the, the discussion has to start, there's going to be a revision of the US MC A which again, I think it's very good the USMCA but clearly it has room to improve.

墨西哥總統在那次會議上說的另一件事是，她對北美再次強大和減少的願景非常堅定。我用她的話來說，墨西哥對亞洲的貿易逆差約為兩千億美元。所以我認為對齊方式非常相似。我認為這是積極的，必須開始討論，美國 MC A 將會進行修訂，我認為 USMCA 非常好，但顯然它還有改進的空間。

So I'm positive about the outcome of these elections.

所以我對這些選舉的結果持​​正面態度。

I, I hope I answered the question of that part of the question, Mario.

我，我希望我回答了那部分問題，馬裡奧。

That was great.

那很棒。

Thank you very detailed.

謝謝你非常詳細。

And Pablo why on the call about dividends? Yeah. Okay.

巴勃羅為什麼在電話會議上討論股利問題？是的。好的。

Yes, I will do that. So if, if you want the, the board decision was for a nominal reduction of dividend payment. But if you consider on, the broad second, you will see that the, that the dividend that was proposed and that was approved is, is a dividend that not only maintain or increase the dividend yield of the company, but significantly increase the payout ratio that the company is or is having. And we have taken into consideration not only that the company has reduced the generation during the year, but also has reduced a little bit the total net cash position. But also taking into consideration that we are entering into the part of the CapEx plan next year, which will be higher as you know that this year. So all in all, what the company is doing is sustaining a very strong deal agreement with a very high level of distribution. And as I said on the opening remarks, this is possible because as you know, we discussed many times the strong financial position that the company is having, that allow us to sustain a very strong financial position. What we are doing is very, very important and transformation type of topics like the one that we're doing in, in Pescar. So in our view, what we have done with this approval of the dividend payment is basically sustain the high level of dividend payment that the company is having, we have increased substantially even payments in the last three or four years. And this continues to be the case. Of course, if you look just by the nominal number that has been more reduction on that one. But if you look at the old comparisons and no ratio, the impairment continues to be very high.

是的，我會這麼做。因此，如果你願意的話，董事會的決定是名義上減少股利支付。但如果你考慮廣義的第二點，你會發現所提議和批准的股息是一種股息，不僅可以維持或增加公司的股息收益率，而且可以顯著提高派息率公司正在或正在擁有的。我們不僅考慮到該公司在年內減少了發電量，而且還稍微減少了淨現金部位總額。但也要考慮到我們明年將進入資本支出計畫的一部分，正如你所知，今年的資本支出計畫將會更高。總而言之，該公司正在做的是維持非常強大的交易協議和非常高的分銷水準。正如我在開場白中所說，這是可能的，因為如您所知，我們多次討論了公司擁有的強勁財務狀況，這使我們能夠維持非常強勁的財務狀況。我們正在做的事情是非常非常重要的，並且是轉型類型的主題，就像我們在佩斯卡所做的那樣。因此，在我們看來，我們透過批准股息支付所做的基本上是維持公司目前的高股息支付水平，在過去的三、四年裡，我們大幅增加了股息支付。情況仍然如此。當然，如果只看名目數字的話，就會發現這個數字減少得更多。但如果你看看舊的比較，沒有比率，減值仍然非常高。

We hope to answer your question. Imagine. Yeah. No.

我們希望回答您的問題。想像。是的。不。

That's great. Is it fair to assume that you should, we then should look at more of the different uses because obviously the share price is down by about 20% here today. And that's helping the yields? Right? But is it fair to say we should look more at the yields and the payout rather than the nominal term?

那太棒了。假設您應該這樣做是否公平，那麼我們應該考慮更多不同的用途，因為顯然今天的股價下跌了約 20%。這有助於提高產量嗎？正確的？但是，我們應該更專注於收益率和支出而不是名目期限，這樣說公平嗎？

A Lot of Exactly because again, the the payout ratio basically is about around 70% which is quite high in comparison to any other companies and what we have done in the past in the past three or four years. So we are we are intriguing significant amount of what we have generated during the year.

很多正是因為，派息率基本上約為 70% 左右，與任何其他公司以及我們過去三四年的做法相比，這是相當高的。因此，我們對這一年中產生的大量成果很感興趣。

Okay. That's great. Thank you very much.

好的。那太棒了。非常感謝。

You're very welcome.

非常不客氣。

And your next question comes from the line of Alfonso Salazar with Scotia Bank. Your line is open.

你的下一個問題來自豐業銀行的阿方索·薩拉查。您的線路已開通。

Yes. Thank you for for the call and for taking the question, Maxim, I have another question for you. And this is regarding the the the steel industry in North America, not only Mexico and what is the outlook here? Because what we know is that North America is a big net importer of steel. There is more capacity needed for all these efforts for reshoring and new showing.

是的。感謝您打電話並提出問題，Maxim，我還有一個問題要問您。這是關於北美鋼鐵業，不僅僅是墨西哥，這裡的前景如何？因為我們知道北美是鋼鐵淨進口大國。所有這些回流和新放映的努力都需要更多的能力。

But at the same time, we have this overcapacity problem globally and it's only getting worse as China weakens demand in China is weakening.

但同時，我們在全球範圍內面臨產能過剩問題，隨著中國經濟的疲軟，中國的需求正在減弱，這個問題只會變得更加嚴重。

And there are tariffs that could be implemented, but that is going to impact competitiveness in the, in the, in the region. And even there is a risk that there are tariffs within the North American region. We cannot rule out that possibility.

可以實施一些關稅，但這將影響該地區的競爭力。甚至北美地區也存在關稅的風險。我們不能排除這種可能性。

So how do you see the global steel market going to balance? Are we going to have two separate steel markets globally? One by China and another one by, by North America and Europe or how this is going to unfold over the next 3 to 5 years?

那麼您如何看待全球鋼鐵市場的平衡呢？我們將在全球擁有兩個獨立的鋼鐵市場嗎？一個由中國發起，另一個由北美和歐洲發起，或未來 3 到 5 年這將如何發展？

I I would like to.

我我願意。

I thought so that's a great question which I don't know if I have a great answer for you. But clearly there is an overcapacity in China. There is an overcapacity in China that was made not because of market forces but because of a chinese government policy or you can call it industrial policy whatever you want. But it was a government incentives that create an overcapacity not only still on many industries.

我認為這是一個很好的問題，我不知道我是否能為你提供一個很好的答案。但中國顯然存在產能過剩。中國存在產能過剩，這不是市場力量造成的，而是中國政府政策造成的，或者你可以稱之為產業政策，無論你喜歡什麼。但政府的激勵措施不僅在許多行業造成了產能過剩。

So that's a problem in itself and, and, and as I always said, it's impossible to compete with China with all the subsidies and all the schemes that the Chinese state owned enterprises has in skill or in many, many other products.

所以這本身就是一個問題，而且，正如我一直說的，中國國有企業在技術或許多其他產品方面擁有的所有補貼和所有計劃是不可能與中國競爭的。

What will happen or what is happening is that most of the regions are reacting to this North America is reacting to this. The US Canada and Mexico has implemented a series of actions. Brazil is starting to react. Europe has already react. So I think we we are going to have many regional markets and that's how it's going to operate in the future in the case of North America. And particularly I think the North America region is a very competitive region to produce steel, especially low carbon intensity steel. I mean, as you know, Mexico, probably of the big markets of the big producer is the lowest of CO2 emission per ton followed by the US. So and in a competitive way. So I think that North American itself is very competitive. And again, most or some of the companies in North America including Tanium is invested in more capacity is investing in and be able to supply all the needs of the region in a competitive way. Again, no one can compete with the state like China. And I think that it's because of that, that reaction is that the governments are taking place.

將會發生或正在發生的事情是，大多數地區正在對此做出反應，北美正在對此做出反應。美國、加拿大和墨西哥已實施了一系列行動。巴西開始做出反應。歐洲已經做出反應。所以我認為我們將擁有許多區域市場，這就是北美未來的運作方式。我特別認為北美地區是一個生產鋼鐵（尤其是低碳強度鋼）非常有競爭力的地區。我的意思是，如您所知，墨西哥可能是大生產國的大市場中每噸二氧化碳排放量最低的，其次是美國。因此，以一種競爭的方式。所以我認為北美本身就非常有競爭力。同樣，包括 Tanium 在內的北美大多數或部分公司都投資了更多產能，並能夠以有競爭力的方式滿足該地區的所有需求。再說一遍，沒有人可以跟中國這樣的國家競爭。我認為正是因為如此，政府才做出了反應。

I hope I give a short answer of a very long topic.

我希望我能對一個很長的話題做出簡短的回答。

Yes, thank you. That, that helps just 11 question on on this you know, the risk of tariffs for for still going to enter in the the US. And there is a risk in your view. What you know, what can 10 does do to if that that happen or what could be the strategy.

是的，謝謝。這對 11 個問題有幫助，你知道，仍然進入美國的關稅風險。您認為有風險。據你所知，如果這種情況發生，10 會做什麼，或者可能採取什麼策略。

Look iiii I cannot speculate today about studies in the U SI think as I said in the beginning, I think that this is more of an opportunity to strengthen all the North American supply chain. And I think that the administration in Mexico and the new administration or the future administration in the US has a common objective in this. I'm very confident that of course, there will be discussions and negotiations, but at the end, they are looking the same. So I guess things are going to be resolved.

看，我今天無法推測美國的研究，正如我一開始所說的那樣，我認為這更多的是加強整個北美供應鏈的機會。我認為墨西哥政府和美國新政府或未來政府在這方面有一個共同的目標。我非常有信心，當然會進行討論和談判，但最終，它們看起來都是一樣的。所以我想事情將會得到解決。

Okay. So basically what North America needs is to be, you know, reduce imports from, from other regions. That that would be the goal.

好的。所以基本上北美需要的是減少來自其他地區的進口。這就是目標。

Well, that, that's a clear objective of the President of Mexico and she was very public about this in several things and, and she even put the number of $200 billion in in in the public. I think it's also the objective of, of the new, of the future administration of the U SI. Think President Trump was very clear about this and, and, and the US in general is very clear that the dependence of China, it's not the way to go and, and the strangles of a North America supply change, I think is beneficiary for everyone. I mean, there's a lot of positive things to discuss the integration of the energy sector in the North America. That's also a very important subject that can benefit a lot of the US and Mexico. So I think they are very positive things to discuss which I think will be the the way.

嗯，這是墨西哥總統的明確目標，她在幾件事上對此非常公開，她甚至公開了 2000 億美元的數字。我認為這也是美國情報機構新一屆、未來政府的目標。認為川普總統對此非常清楚，而且，美國總體上非常清楚，對中國的依賴，這不是正確的出路，而且北美供應變化的扼殺，我認為對每個人來說都是受益者。我的意思是，討論北美能源產業的整合有很多積極的事情。這也是一個非常重要的主題，可以讓美國和墨西哥受益匪淺。所以我認為這些都是值得討論的非常積極的事情，我認為這將是正確的方式。

So I I'm very, I'm very positive about this.

所以我對此非常非常樂觀。

Okay. Last one, I promise. And this question is you in the near term, you and then the region will need to continue import and still from elsewhere from other countries. There is no way around it, right? So it, it may.

好的。最後一張，我保證。這個問題是在短期內，您和該地區將需要繼續從其他國家進口。沒有辦法解決它，對嗎？所以它，它可能。

Not be sure about that.

對此不太確定。

I'm not sure about that.

我對此不太確定。

I mean, I think the region if you count Canada us and Mexico, I think we can supply most of the steel that is consumed in the region.

我的意思是，我認為如果算上加拿大、美國和墨西哥，我們可以供應該地區消耗的大部分鋼材。

Yeah, but net net 44 million last year. So it's a, it's a big amount.

是的，但去年淨收入為 4,400 萬。所以這是一個很大的數字。

But there you have the inputs of between both countries.

但那裡有兩國之間的投入。

Right?

正確的？

So you have to discount that.

所以你必須打折扣。

Correct.

正確的。

So the net imports, you're talking about net import of steel of less than 15 million or 20 million. And I think if we increase capacity, most of that comes on and some of the imports come from Europe and Japan and, and, and that's things that you can manage.

所以淨進口，你說的是鋼鐵淨進口量少於1500萬或2000萬。我認為，如果我們增加產能，大部分都會出現，其中一些進口來自歐洲和日本，而且，這是你可以管理的事情。

Correct? Okay. Yeah, that, that, that's just what I wanted to, to understand. Thank you so much, Max.

正確的？好的。是的，那個，那個，這正是我想要理解的。非常感謝你，麥克斯。

No, thank you to you also.

不，也謝謝你。

And your next question comes from the line of Henrique Braga with Morgan Stanley. Your line is open.

你的下一個問題來自摩根士丹利的恩里克·布拉加 (Henrique Braga)。您的線路已開通。

Well, one.

嗯，一個。

Morning. Thanks for taking my question. I have two questions on my side. First one is regarding the steel imports in Brazil. I know, you mentioned that in your initial thought much more about the, how the, the, the, the government is now, stu studying and making, re re revisiting the, the quota system. I just wanted to know from you, what are the, what is the company doing now, if you're working closely with the government and what's the outcome that you expect from that if the, the quota system is going to reduce somehow, if it's going to extend for, for a longer period of time or if the tariffs are going to increase in some way. And the other one is about the future investments. I know you have an ongoing CapEx plan. But I I if you have a so some thoughts about what's the next step for Daniel after the investments in, in Mexico, we will plan to continue in, in the Americas or an expansion in any other regions. I is a possibility.

早晨。感謝您提出我的問題。我這邊有兩個問題。第一個是關於巴西的鋼鐵進口。我知道，您提到，在您最初的想法中，更多的是關於政府現在如何研究和發展、重新審視配額制度。我只是想知道你的情況，公司現在在做什麼，如果你與政府密切合作，你期望的結果是什麼，如果配額制度會以某種方式減少，如果它將延長更長的時間，或者關稅是否會以某種方式增加。另一個是關於未來的投資。我知道您有一個持續的資本支出計劃。但如果您對丹尼爾在墨西哥投資後的下一步有任何想法，我們將計劃繼續在美洲或在任何其他地區進行擴張。我是一種可能性。

Thank you.

謝謝。

Thank you.

謝謝。

Enrique steel imports in Brazil. I.

巴西恩里克鋼材進口。我。

Mean.

意思是。

This, I mean, the government implement this quota system, it implemented in June. So it's very early but I don't know if you, I mean maybe you know it, but it's a system that you have a quota a four month quarter.

我的意思是，政府實施了這個配額制度，它在六月實施。所以現在還很早，但我不知道你是否知道，我的意思是也許你知道這一點，但這是一個每四個月季度都有配額的系統。

So you cannot surplus supposedly that quarter.

所以那個季度你不可能有盈餘。

Let me give you an example. This is a real numbers. The quota for the flat product was around 400,000 tons.

讓我舉個例子。這是一個實數。扁平材配額約40萬噸。

That's the quota for the four, the 5st month, the imports mainly from China because 80% of that is China of that quarter, instead of 4,400 was 900,000. So it's more than double and most of those didn't pay taxes in this tariff of 25%. So what we are saying to the government, not, not that you, in particular, the association is saying to the government is as it is implemented, it's a good, I mean, I don't know, it's a good first step, but it's not working because there are some loopholes in, in the system. So for one side, we're saying, okay, we, we should continue working to close those, those loopholes. The second thing that turn and other companies are doing is filing dumping cases. I think that's the, the the long term view as most of the countries are doing, but that takes a long time. But we are doing that as a second.

這是第 4 個月的配額，第 5 個月的進口主要來自中國，因為該季度 80% 是中國，而不是 4,400 個，而是 90 萬個。所以這個數字是兩倍多，而且大多數人沒有按照 25% 的關稅繳稅。所以我們對政府說的，不是，不是你們，特別是協會對政府說的是，它已經實施了，這是一個很好的，我的意思是，我不知道，這是一個很好的第一步，但它不起作用，因為系統中存在一些漏洞。因此，一方面，我們說，好吧，我們應該繼續努力堵住那些漏洞。 Turn 和其他公司正在做的第二件事是提起傾銷訴訟。我認為這是大多數國家正在採取的長期觀點，但這需要很長時間。但我們只是暫時這樣做。

I I hope this is clear from, from the first question. Enrique.

我希望從第一個問題就可以清楚地了解這一點。恩里克.

Yeah, just very quickly.

是的，很快。

Yeah. Future investments. I mean, A as we always said, we are going to be focused in America. We are not going to go to other regions. I think we have a go a place or, or opportunity in the Americas in the countries, especially in Latin America where we are to continue growing to continue investment today. As you know, we are focused in mainly in the increase of the Pescar project as you know, is the biggest project we have ever had in our history. So we are not focused in the next two years in completing this project on time and, and, and with the quality, as you know, it's it's going to be really the first steel shop of their kind. So we are very focused on completely in this and be successful in this.

是的。未來的投資。我的意思是，正如我們常說的，我們將把重點放在美國。我們不會去其他地區。我認為我們在美洲國家有一個地方或機會，特別是在拉丁美洲，我們今天將繼續成長以繼續投資。如您所知，我們主要關注 Pescar 項目的成長，這是我們歷史上最大的項目。因此，我們不會在接下來的兩年裡集中精力按時完成這個項目，而且，就品質而言，正如你所知，這將是同類中的第一家鋼鐵廠。所以我們非常專注於這件事並在這方面取得成功。

And once again, if you would like to ask a question, please press star and one on your telephone keypad. Our next question comes from the line of Camilla Barter with Posco BBI your line is open.

再次強調，如果您想提問，請按電話鍵盤上的星號和一。我們的下一個問題來自 Camilla Barter 與 Posco BBI 的線路，您的線路已開通。

Hi, good morning. Thank you for the opportunity for for taking my questions. Just two quick questions first on CapEx and not sure if it too early to say, but is there any estimate for CapEx in 2024 5 and on cost 44 you mentioned you, you we could expect a drop as lower more material inventors flow for results. But looking at 2025 what can you expect in terms of cost? And also if you could provide your expectations for free cash flow in the coming quarterly, it would be great as well. Thank You.

嗨，早安。感謝您給我機會回答我的問題。首先是關於資本支出的兩個簡單問題，不確定現在說是否為時過早，但是您提到的2024 年資本支出5 和成本44 是否有任何估計，我們預計隨著越來越多的材料發明者流向結果，成本會下降。但展望 2025 年，您對成本有何期望？此外，如果您能提供下個季度自由現金流的預期，那就太好了。謝謝。

Thank you, Camila very much for your questions, topics in in 2025. I I think that was your first question.

非常感謝卡米拉提出的問題，2025 年的主題。

Yes. Yes.

是的。是的。

A total cap will be around $2.3 billion. This is including Usiminas. A, a big part of that is going to the Pesqueria project. Of course, 2025 will be probably the year of, of more CapEx in our history because of the Pesqueria project.

總上限約23億美元。這其中就包括烏西米納斯。答，其中很大一部分將用於 Pesqueria 專案。當然，由於 Pesqueria 項目，2025 年可能是我們歷史上資本支出較多的一年。

Oh then, yeah, sorry. But we hear that that was your question. But I think the second one was in respect to our expectation for free cash flow generation in the coming in the coming quarters. Let me take that one.

哦，那麼，是的，抱歉。但我們聽說這是你的問題。但我認為第二個是關於我們對未來幾季自由現金流產生的預期。讓我拿走那個。

Yeah. So okay.

是的。那麼好吧。

Yeah, both, both. Yeah, you're right. That's what your your question. So in, in respect to free cash flow, what we're expecting is first of all, to continue increasing our CapEx investment as you have already asked a maximum, we gave you the the amount. So without taking that into consideration, which clear is a very significant amount, we shouldn't have that significant changes in working capital. It was quite special, the increase in working capital this quarter. It was basically account payables and increasing account payable and nothing else. No, no increase of inventories or in in our account receivables. So shouldn't be that the the we should, we shouldn't have that case in, in the coming quarter. So to have a positive operating cash flow and then continue increasing in the in the CapEx. So all in all should be in a better position than the one that we have this quarter. Secondly, and we are, as we have already mentioned, both Maximo and myself, our expectation is to continue reducing cost different ways to, do that.

是的，兩個，兩個。是的，你是對的。這就是你的問題。因此，就自由現金流而言，我們首先期望的是，繼續增加我們的資本支出投資，因為您已經要求了最高限額，我們給了您該金額。因此，如果不考慮這一點（這顯然是一個非常大的數額），我們就不應該對營運資金進行如此重大的變化。本季營運資金的增加非常特別。基本上就是應付帳款和增加應付帳款，僅此而已。不，我們的庫存或應收帳款沒有增加。因此，我們不應該在下個季度出現這種情況。因此，要有正的營運現金流，然後繼續增加資本支出。因此，總而言之，我們的處境應該比本季更好。其次，正如我們已經提到的，Maximo 和我自己，我們的期望是繼續以不同的方式降低成本，做到這一點。

One of them is something that we discuss almost every quarter, which is that we are still utilizing raw material and specialist lab bought the entire quarter. But the higher that have a higher price than the current one that and that's why we should see a reduction in cost coming in the the next and the following quarter. So that was that, that is one of the reason why we said that we have just or we can have a slightly better generation in the in the coming in the coming quarter. And also, as was mentioned, we are always and we especially in this, in this situation, working very hard in continuing our cost reaction program in all the facilities where we operate. So we tend to be a positive in that respect, the numbers that we already mentioned for the fourth quarter, especially for 2025.

其中之一是我們幾乎每個季度都會討論的問題，那就是我們仍在使用整個季度購買的原材料和專業實驗室。但越高的價格比目前的價格越高，這就是為什麼我們應該看到下一個和下一個季度的成本下降。這就是為什麼我們說我們剛剛或可以在下個季度擁有稍微更好的一代的原因之一。而且，正如我們所提到的，我們始終，特別是在這種情況下，非常努力地在我們運營的所有設施中繼續我們的成本反應計劃。因此，我們在這方面傾向於持正面態度，我們已經提到了第四季度的數字，尤其是 2025 年的數字。

Very Clear. Thank you.

非常清楚。謝謝。

Thank you Camilla.

謝謝卡米拉。

And there are no further questions at this time. I would like to turn the call back over to the CEO Maximo Vedoya.

目前沒有其他問題。我想將電話轉回給執行長 Maximo Vedoya。

Okay. Thank you very much all for joining us in, in this call. We welcome your feedback and have a great day. See you in three months.

好的。非常感謝大家參加我們的這次電話會議。我們歡迎您的回饋並祝您有美好的一天。三個月後見。

This concludes today's conference call. You may now.

今天的電話會議到此結束。你現在可以了。