Earnings Call: Q3 2011

Oct 26, 2011

Earnings release

Good afternoon, ladies and gentlemen. On behalf of Huaneng Power International, I would like to welcome you all to the conference call regarding the first three quarter results announcement of 2011 of the company. [Foreign language] Now, may I introduce the management of the company today? [Foreign language] They are Chief Accountant Ms. Zhou Hui. Hello, Ms. Zhou. 你好，大家好。 The chief accountant of the company, Mr. Zhou Hui. 接下来是公司副总经理李树青先生。李总，你好。你好，大家好。 The Vice President of the company, Mr. Li Shuqing. [Foreign language] Ms. Zhu Tao will be the translator today. [Foreign language] The heads of the Department of Budget, Engineering, Production, Marketing, Fuel, Finance and Capital Market, as well as Council Office are also going to be in the meeting. First of all, Ms. Zhou will review the business performance for the first three quarters of 2011 results, followed by Q&A session. May I have the honor to invite Ms. Zhou to start the introduction? Ms. Zhou, please start today's presentation. 女士们、先生们，大家好，欢迎大家参加华能国际的电话会议。 Ladies and gentlemen, good afternoon. Welcome to attend the Huaneng Power Conference Call. 昨天公司刚刚公布了今年前三季度的经营业绩，按照中国会计准则计算，2011年前三季度公司实现合并营业收入998.1亿元人民币，同比增长29.98%。 The company just released its first quarter's results yesterday. Under the PRC, for the first nine months, this company realized operating revenues around CNY 99.811 billion, increasing by 29.98%. 归属于本公司股东的净利润为14.1亿元人民币，同比下降了55.17%。公司境内各运营电厂累计完成发电量2364.28亿千瓦时，同比增长23.85%，累计完成售电量2227.8亿千瓦时，同比增长24.02%。 The net profit attributable to the shareholders of the company is CNY 1.41 billion, decreasing by 55.17% year-on-year, and the company's total power generation volume within China amounted to 236.428 billion kilowatt hour, which increasing by 23.85% year-on-year. The total electricity sold amounted to 222.78 billion kilowatt hour, increasing by 24.02% year-on-year. 今年前三季度，公司电量收入相比2010年同期有不同程度的增长，但是由于燃料价格的上涨以及人民币借款利率的上升，使得公司净利润同比大幅下降。 For the first three quarters of this year, the company's power generation and operating revenues are all increased year-on-year, but the net profits of the company declined substantially because of the high fuel costs and rising interest rates of RMB borrowings. 四季度以来，国内外环境变化给经济平稳发展带来了压力。受国内国际经济形势变化的影响，8月、9月全社会用电量连续环比下降。另外，公司的燃料成本控制方面仍然面临着较大的压力。公司管理层将一如既往地把握机遇，努力克服困难，力争完成全年的发展经营任务。 Entering into the fourth quarter, the social power consumption declined consecutively in August and September, due to the weak economic performance domestically and internationally. The company still faces pressure in terms of the fuel cost control. The company will continue to seize the opportunities and overcome difficulties and endeavor to achieve the whole year's operation target. 下面我和我的同事会一起回答大家的问题。 Next, my colleague and I will answer the questions. Thank you for attending our conference call. 大家好，下面是问答环节。如需提问，请在话机上按星一键等候，再按七号键，再按一。谢谢。大家好，第一位提问的是来自CT Growth的Brian Lau。您好，您可以提问了。谢谢。花旗银行的，我有三个问题想请教。第一个问题是，我们前九个月的经营成本是大概CNY 900.71亿。可不可以把这个数字分为结构、人工、煤的成本、维修等等？这个是第一个问题。第二个问题是，我们可不可以把前九个月的收入、原料成本还有结构，分为多少是在国内，多少是新加坡的。最后一个问题是，我们三季度拟开建两百万，这些利润里头有多少是新加坡，多少是在国内的？好，谢谢。 I have three questions. For the first nine months, the operating cost of the company, could you provide a breakdown of the depreciation cost, labor cost, and maintenance cost? The second is, could you provide the detailed breakdown cost of domestically and for the Tuas Power plant? The third question is what is profit contribution from the Tuas Power plant for the first three quarters profits of the company? 这三个问题请财务部经理黄一青来回答。我来回答这几个问题。今年前三季度我们的营业成本总的是906.9亿，其中境内是763.54亿，境外是143.36亿。 For the first nine months, the total operating cost of the company is CNY 90.6 billion, and among which domestic cost is CNY 71.31 billion. The remaining CNY 14.336 billion comes from the Tuas Power plant. 那主要是这样，燃料成本全口径是676.68亿，其中境内是606.87亿，境外是69.82亿。 For fuel cost, domestic is CNY 67.668 billion and Tuas Power plant fuel cost is CNY 6.982 billion. 维修全口径是16.3亿，其中境内是15.73亿，境外是0.56亿。 For the maintenance cost, the total is CNY 1.63 billion. For the domestic business is CNY 1.573 billion. For the Tuas Power plant is CNY 500 million. 折旧合计是86.61亿，其中境内是82.63亿，境外是3.98亿。其余的项目就不细说了。 The depreciation fee totaling is CNY 8.661 billion, and domestic business is CNY 8.263 billion. For the Tuas Power plant is CNY 398 million. 第三季度的权益利润，境内是负的1.85亿，境外是4.17亿。 For the net profit in the third quarter, the domestic business achieved minus CNY 158 billion, and Tuas Power plant is CNY 417 million. 好，谢谢管理层。下一位提问的是来自中信证券的裴林。你好，您可以提问了。谢谢。谢谢各位管理层，我有三个小问题。第一个是前三季度咱们的标煤单价以及同比增长的一个情况。第二个问题是重点合同煤及市场煤的一个价格以及占比。第三个问题是咱们目前国内的一个亏损面以及前三季度利润的主要来源。好，谢谢。 I have 3 questions. First is, what is the standard coal price for 3 quarters? Second is, what is your split of the key contract coal price and the spot coal price? What is the percentage secured by the key contract and spot price, spot respectively for the first 9 months? The last question is, what is the profitability of each power plant? How many power plants made losses? 这个第二个问题，由我们供管原料的李总来回答。第一个问题和第三个问题，请财务部黄总回答。公司境内的前三季度的不含税标煤单价是859.48元每吨。 The standard coal price for the first nine months is RMB 859.48 per ton, which is excluding the tax. 前三季度，公司运营的三十几家电厂当中，有18家电厂出现亏损。那么主要的我们的利润的来源，排在盈利的前五位是中新电力11.23亿，玉环7.23亿，海门5.04亿，沁北1.73亿，和石洞口二厂2.86亿。 Among the total 39 operating power plants, we got 18 power plants made losses for the first three quarters. The first five profitability power plants is, first power plant achieved RMB 1.123 billion for the first nine months. For the Yuhuan Power Plant, it's RMB 723 million. Haimen is RMB 504 million and Qinbei is RMB 173 million. For Shidongkou second power plant is RMB 286 million. 好，我回答第二个问题。今年1到9月份，重点合同所占的比例是42%，市场采购所占的比例是58%。 For the first nine months, the key contract coal portion is 42% and the remaining 58% we purchase from the spot market. 请问合同跟市场的分别的价格有没有？价格呢，今年1到9月份重点合同价格是CNY 590.95，市场采购这一块是CNY 666.04。好的，谢谢。 For the key contract price for the first nine months is RMB 590.95 per ton. Spot coal price is RMB 666.04 per ton. 大家好，有提问请在话机上按星一键等候，先按机号键再按一。谢谢。大家好，有提问请在话机上按星一键等候，先按机号键再按一。谢谢。下一位提问者是来自民生证券的王小斌，你好，请提问吧。谢谢。黄总你好。这里有两个问题，其实就是接着上的研究员提到的，想问一下前九个月的话，公司内的单位燃料成本怎么样？还有没有第三季度和同期的比较情况？第二，就是想问一下，前九月合同煤的履行率怎么样？谢谢。 I have two questions. Could you please provide the unit fuel cost for the first nine months of the company and also for the third quarter? What is the fulfillment rate for the first nine months of the company? 第一个问题，由财务部黄总回答。公司前三季度单位燃料成本是CNY 269.03元每千千瓦时，同比增加了9.13%。 The unit fuel cost for first three quarters is CNY 269.03 per megawatt hour, which is increasing by 9.13% over the same period of last year. 第二个是合同对千亿的比例，重点合同对千亿的比例。我们1到9月份的合同兑现率是89.22%。 For the first nine months, the fulfillment rate of the company is 89.2%. 谢谢。那对于来自于公司IR说的市场煤还有合同煤这一块有没有什么看法呢？ I would like to know what your expectation for the unit fuel cost and spot coal price in the fourth quarter. 因为现在进入了冬季，在中国的大陆这一块，整个冬储煤的工作现在刚刚都在开始做，这是一块。第二个就是前段时间大秦线检修，秦皇岛这边的整个港口储量也是大幅下降，目前大概500万吨左右。所以从这两个情况来看，应该说现在的价格回落的可能性不会特别大，只能在小幅的窄幅的波动，应该还处在一个高位运行的状态。 Basically, we think the coal price will still keep at relatively high level because of the following two factors. First is with the winter season coming, the power plants begin to power up their coal inventory. Also, the second is because of the maintenance on the Daqin railway line. So the coal inventory at the port declines. Basically, we think there is no room for the coal price declining. 谢谢管理层。下一位提问者是来自中金的陈舒文。您好，您可以提问了。谢谢。你好，管理层。我只有一个问题，我想问一下，咱们1到9月份的营业外收入，同比去年好像增了差不多有1.5个亿，这个亿主要来自于政府补贴吗？ I know that for the first 9 months, the non-operating earnings of the company is CNY 150 million. I just want to know, is this all coming from the government subsidy? 请财务部黄立青经理回答。你的判断是对的，增加主要就是各个电厂收到的环保补贴、电煤补贴，一些政府补助，大概是CNY 1.44亿元。好，谢谢管立成，我没有问题了。 Yes, it mainly comes from the government subsidy in terms of the environmental protection and the thermal coal subsidy for the power plants. 下一位提问者是来自HSBC的Joseph。你好，您可以提问了。谢谢。你好，我是汇丰银行的，谢谢您today下午的这个会。我想咨询一下，关于这个资本支出，前三个季度达到全年的百分之多少的目标，然后目前来看，明年大概资本支出的目标是不是有什么变化？谢谢。 I'd like to know what's the company's CapEx plan for the whole year, and for the first three quarters, how much CapEx expenditure have been realized, and also, what's your CapEx plan for the next year? 资本支出2011年全年的计划是CNY 173.58亿。那么到第三季度末，前三季度一共发生了资本支出CNY 105.5亿，其中资本建设支出CNY 88.94亿，更新改造支出CNY 16.58亿。 For 2011, the total CapEx target of the company is CNY 17.358 billion. For the first nine months, the actual CapEx is CNY 10.55 billion, among which CNY 8.894 billion comes from the construction project, and the remaining CNY 1.658 billion belongs to the renovation, technical renovation. 2012年目前的计划还是我们年中时候的一个数字，200亿左右，具体的还要根据年年相应的项目核准的情况再进行调整。 For the year 2012, our CapEx target is still CNY 20 billion, but it will be adjusted according to the approval procedure of the new projects. 谢谢。下一位提问者是来自Bernstein的Michael。你好，您可以提问了。谢谢。 Thank you. I have three questions. The first one, you mentioned before that you think power consumption growth nationally falling in July and August, obviously picked up in September. Given the slowdown in the economy, you are expecting to see power consumption growth and the rest of the growth slow in the fourth quarter and into 2011. That is the first question. Second question on the CapEx. Given the obviously difficult financial results in the third quarter, would you consider lowering capital spending into 2012? My third question is in relation to tariffs. Obviously, inflation is coming down. What is your view on an increase in power tariffs, either this year or into 2012? Thank you. Partner, what is your first question? The first question is about power generation growth in the fourth quarter and into 2012, given the slowdown in the economy. Mm-hmm. Okay. Thank you. Based on those expectations, we forecast power demand for the fourth quarter will increase 13%, and for the whole year will maintain at 12.5%. But for the power generation growth rate in the fourth quarter, we think we will reach 12.7%. Just to check that you are seeing the economy slowing and power consumption growth accelerating on a year-on-year basis. That is your assumption? Basically, we will expect the GDP growth rate declining in the East coastal area. But because of the winter season, we think we will still have strong power demand for warming. In terms of power supply and demand, basically, we think there will be a balanced situation next year. But for sure, there will be some power shortages occurring in some specific regions. And for the average thermal power plants, the utilization hours we think can reach 5,300 hours, which will be a little bit higher than this year, because this year's figure is 5,260 hours. 从这个角度预测，明年的整个用电增长，就是说如果明年国内国际形势不发生大的变化的情况下，那么GDP按照8%到9%的增长，明年全社会用电将增长10%左右的增长水平。 We think if the GDP growth rate can maintain at 8%-9% next year, the social power consumption rate can maintain at 10% next year. 第二个问题关于电价的问题，就是当前受电力价格大幅上涨的影响，煤电电厂确实面临很大的经营压力，煤电价格的矛盾也非常突出。国家及地方物价部门也十分关注火电企业的生产经营情况，要求我们做好电价调整的一些基础工作。所以根据这个情况，我们预测主要今年10月份，CPI能够控制在5.5%以内，电价调整的可能性还是比较大的。 As you know, because of the high coal prices, the government is very concerned on the safety status of the coal-fired power plants in China. They also require power plants to do the preparation work for the tariff adjustment. Basically, we think if in October the CPI can be controlled within 5%, there will be great possibility for the tariff hike. Does this include below 6% or below 5%? 是在5%以下，6%以下。 Below 5.5%. 5.5% or below. Thank you. [Foreign language] I just mentioned the CapEx plan for 2012 is RMB 20 billion. This CapEx target will be adjusted according to the approval procedure of the new projects and also according to the company's financial status and also the monetary structure of the domestic monetary structure. Would it be greater risk to the downside or the upside for that 20 billion? 那您觉得更有可能是向上还是下降？ [Foreign language] We think we'll have a more clear picture at the fourth quarter because it really depends on the full procedure of the new project. Okay, thanks a lot. 大家好，有提问请在话机上按1键等候。请按号键，再按1。谢谢。大家好，下一位提问者是来自瑞银证券的彭雨潇。你好，你可以提问了。谢谢。你好，我有几个问题，第一想问一下我们收入分国内跟新加坡的数字是多少？然后我们新加坡的购电成本是多少？另一个方面想问一下公司的投资方向，其他公司开始像水电或者煤矿这边转移一些投资，但我们公司好像对煤电、火电方面还是比较集中的投资，所以想问一下我们在这个方面的投资的战略今后的方向是怎么样？然后特别想问一下我们对气电这方面的态度怎么样？是不是天津临港的项目会不会是我们华能国际去做？还有我们北京热电的那个项目现在进展怎么样？是不是今年11月份会投产？谢谢。 First, I would like to know the revenues the company achieved for the domestic gas and the Tuas Power plants. Also, for the Tuas Power plant, what is the electricity purchasing cost for the first 9 months? Second, what is the company's development strategy in terms of the developing of the hydropower and especially for the gas-fired power plant? Could you provide the progressing development of the Tianjin gas-fired power plant? [Foreign language] And for the first 9 months, the total operating revenue for the company is CNY 99.8 billion. Tuas Power plants utilize CNY 16.438 billion. For the domestic business, we achieved CNY 83.373 billion. [Foreign language] Currently, the total generation capacity of the company is 56 GW. Among which, around 6% comes from the gas power plant, and we have small portion of hydropower. 关于煤炭投资，其实公司也一直在做，我们也在山西投了两个煤矿，这个以前也多次介绍过。那么今后总体来说，我们计划到2015年装机容量达到9000万千瓦，其中火电是6500万，水电和气电各1000万，风电500万。清洁能源的比例达到25%。And the company has invested two coal mines in Shanxi provinces, we had introduced before. Our long term development plan is by year 2015, the total generation capacity to reach 90 GW, among which 65 GW comes from the coal-fired power plant and 10 GW will come from wind power. Also for hydropower, we hope to have 10 GW. For the wind power, sorry, is 5 GW, and 10 GW will come from the gas power plant. Generally, we hope to achieve 25% of clean energy assets. [Foreign language] 好，我来回答一下北京热电的投产情况。目前现场正在紧张的调试过程中。预计在外部条件、燃气供需，还有供水的情况受到一些外部限制。但是这个类型，预计我们总体的投产情况在12月能够达到投产。天津的临港的这个项目是两台F级燃机项目。现在我们正在开展前期工作，预计前期工作完成后，我们可以获得天津市的认可，才进行后期建设。 For the Beijing cogeneration project, right now is doing the commissioning of generating units. We think it can meet the requirements of the operation by the end of this year. We hope we will complete construction and put online in December. For the Tianjin project, right now the company is doing the preliminary work. When we got the confirm by the Tianjin municipal government, we can do the following work. 对于跟进的问题，就是新加坡的购电成本是多少？谢谢。 66.84亿。谢谢。 It's CNY 6.684 billion for the Tuas overseas power plant. 下一位提问者是来自Morgan Stanley的彭奇峰。你好，您可以提问了。谢谢。管理层你好。请教一下您对两个Run Rate的判断，我想知道国内跟国外的第一道基站渠道的营收是怎么样的，还有就是利用小时数，谢谢。利用小时，您指的是前三季度的吗？对。 I have two questions. I want to know the breakdown of the fuel cost for the domestic business and Tuas Power plant for first nine months. Second is, do you know what's the average utilization hours for first three quarters? 财务部黄丽馨经理回答第一个问题，第二个问题由营销部傅强经理回答。单位燃料成本第一季度是191亿，第二季度是195亿，第三季度是221亿。 For the domestic business, the fuel cost for fourth quarter is CNY 19.1 billion, second quarter is CNY 19.2 billion, and third quarter is CNY 22.1 billion. 境外燃料成本一季度是18亿，二季度是25亿，三季度是27亿。 For the first power plant, the first quarter is CNY 1.8 billion, second quarter is CNY 2.5 billion, and third quarter is CNY 2.2 billion. 第二个问题，前三季度公司的利用小时数4189个小时，同比增加了110个小时。 The average utilization hours of the company for the first nine months is 4,189 hours, which increased 110 hours compared with the same period last year. 下一位提问者是来自CLSA的李然。你好，请提问吧。谢谢。喂，你好，方晓东你好。喂？喂，你好。方晓东，我有两个问题，第一个问题还是单位燃料成本。刚才我们给了前三季度的，能否给一下第三季度的单位燃料成本以及它的一个同比增幅？然后如果说第四季度煤价基本保持在一个平稳的状态的话，全年大概会是一个怎样的增幅？第二个问题还是关于上网电价的问题。如果政府提这个上网电价的话，我们担心会不会提完电价之后，最快提上的这个价格，同时导致了煤价的一个上涨。那么这个提电价的时间，会是在这个合同煤谈判前还是谈判后，是否跟这个合同煤的谈判时间有关系？好，谢谢。 I have two questions. Could you provide the unit fuel cost for third quarter, and what is the percentage of increase? If the coal price keeps increasing in fourth quarter, what is your expectation for the unit fuel cost for the whole year? The second question is about the on-grid tariff. If government increases on-grid tariff, will that lead to the further rising of the coal price? What is your expectation for the time of the adjustment of the on-grid tariff? Will it be before the National Coal Supply Conference or after that? 关于单位燃料成本，请财务部黄丽馨经理回答。境内的第三季度单位燃料成本是278.7元每千瓦时，环比是增长了4.37%。对于全年的单位燃料成本的涨幅，公司目前还是希望能够控制在10%以内。 For the company's domestic business, the average unit fuel cost for the third quarter is CNY 278.7 per megawatt hour, which is increased 4.37% quarter-over-quarter. For the whole year, we still expect we can control the unit fuel cost within 10%. 电价方面，请营销部傅强经理回答。你的第二个问题所提的就是上网电价是否导致煤价下降。我前面说了，电价这个上调目前呢，国家还没有时间表，只是说这个可能性比较大，看我们这个CPI什么时候能回到5.5%以内。 Currently, there is no definite timetable for the tariff adjustment. I just mentioned, if the CPI can go back to 5.5%, there will be possibility for the tariff hike. 煤价主要是现在煤炭价格全部市场化了，所以它什么时候涨价，不是政府的控制，完全按照市场需求来决定这个价格。 As for the coal price, because the coal price right now is more market-orienting, it will mainly depend on the coal supply and demand situation. The government will not involve in the coal price decision. 原来确实出现过电价上调的时候，电价还没有涨，只是有点红的时候，没再进行调整过。但是我相信政府对于煤炭价格这块也是采取一定措施加以控制的。 It occurs before that when the tariff increase will lead to the further rising of the coal price, but we have the confidence that the government will keep an eye on the controlling of the key contract coal price. 好，谢谢管立成。下一位提问者是来自国泰君安的秦川。你好，请你提问了。谢谢。好，管理层你好。我有三个问题，第一个问题是刚才管理层说的，如果10月份的CPI能降到5.5%以下，然后可能就有一个电价调整的措施。我想知道一下，这个5.5%是目前发改委的一个态度，还是一个什么样的情况？然后第二个问题，我想知道一下，目前我们资本性支出的话，主要是投在什么地方？还是主要以火电为主吗？主要是这两个问题。谢谢。这两个问题，请营销部傅强经理回答。 You just mentioned if the CPI can go back to 5.5%, there will be possibility to have the tariff hike. I just want to check if that attitude of the NDRC. Also the second question is, what's your CapEx for each kind of business? 这个5.5%是根据我们的预设，我们了解的一些情况。 The 5.5% CPI index is according to our own point of view, based on our knowledge of the market. 所以资本支出目前我们还是以火电为主，当然公司也在调整发电的结构，中国本身就是一个多煤缺油少气的国家，资源的状况决定了再调整也是以火电为主。当然了，从公司的目前资本支出来说，除了火电以外，也有少许和煤炭方面的支出，但占的比例来说还是少一些。好。管立成，我想再问一个问题，我们的担心就是煤炭的燃料成本增长这么快，这原因主要是什么？这个请我们原料部的王德学经理回答你。 The company will still focus on the investment on the coal-fired power assets. Right now, we are trying to do the energy structure adjustment. But because China have abundant reserve of coal, a lack of gas and hydro power assets. So basically in the long term, we think we still focus on the coal-fired power generation business, but the company should surely have some investment in the gas and coal mine assets. I have the following question, why are the coal costs increased sharply in the third quarter? 下一位提问者是来自浙商证券的佟晨刚。你好，请你提问了。谢谢。是我吗？对。好，能听清吗？喂？喂。能听清吗？能。我想问一下，刚才副总讲的，有关电价调整的这个，就是说CPI降到5.5%以下就有可能调整。那么这个是不是刚才有的其他人也问了，是我们自己预测的，还是说跟发改委沟通过，他们也比较认可的？就是这个问题。 I still want to make sure whether it's the government's opinion to have the tariff hike if it can control the CPI within 5.5%. 还有一个问题，就是说调的这个幅度有没有一个预测？比如说是一分钱还是两分钱，这个有没有跟发改委的人沟通过？好，谢谢。 Also, I want to know, have the company negotiated with NDRC? Do you have any idea what the magnitude of the tariff increase will be? 前面我也说，由于煤炭价格的上涨，发电企业困难。国家有关部门确实也非常关注。但是现在各媒体啊，或者一些经济专家呀，也有很多相关的评论，所以这个5.5是我们自己一个判断。 Basically, the CPI within 5.5% is based on our own forecast. Because of the surging coal prices, we know that the government is very concerned with the operating status of the coal-fired power plants right now. 再一个，我刚刚说了，如果下个月，10月份CPI能够回归到5.5以下的点，我们认为就有调价的可能。至于调的标准和时间，我们现在都没有得到权威部门的一个明确的说法。 We just see there is this possibility for the tariff hike if the CPI can go back to 5.5%. But as for the timetable and magnitude of the tariff hike, there is no official forecast for that, and we also don't have any official information about that. 我没有这个。 I just want to make a supplementary about the above asked questions. 我回答一下刚才这个有朋友提的关于三季度的煤价的情况。三季度我们原煤采购的市场价格是174，跟前三季度来说是涨了有十来块钱，这主要是受整个的燃料成本的上涨，同时燃料市场的波动造成的。所以今年这个环比来说还是一个上涨的趋势。我回答到这里。 The company's average coal purchasing price for the raw coal is CNY 674 per ton for the third quarter. It increased around CNY 10 per ton compared with that of the first nine months. That basically is because the increase of the CPI and also the coal price drop to 18 in the spot market. So generally, we feel despite the Bohai Rim Coal Price Index will still keep uptrend. 先生您好，目前没有提问的，谢谢。好，谢谢。谢谢 operator，也感谢周总以及各位管理层的解答。再次感谢各位出席华能国际电力股份有限公司 2011 年第三季度业绩发布会，我们期待下一次业绩时再见。Thank you so much for all the questions and participation today. We are looking forward to meeting with all of you in our next result announcement. Thank you all. Goodbye. 谢谢。