Good day, and welcome to the Kandi Technologies third quarter 2022 financial results call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Kewa Luo, Manager, Investor Relations at Kandi Technologies Group. Please go ahead. Thank you, operator. Hello, everyone. Thank you all for joining us on today's conference call to discuss Kandi's results for the third quarter of 2022. Earlier today, we issued a press release covering the results. You can find the press release on the company's website as well as from Newswire Services. On the call with me today are Mr. Xiaoming Hu, Chief Executive Officer, and Mr. Alan Lim, Chief Financial Officer. Mr. Hu will deliver prepared remarks in Chinese, which I will then translate. After that, we will have a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please note that unless otherwise stated, all figures mentioned during the call are in US dollars. With that, let me now turn the call over to our CEO, Xiaoming Hu. Go ahead, Mr. Hu. Thank you, Kewa. Hello, everyone, and welcome to Kandi's Earnings Conference Call today. Let's start with financial results, which were promising. We doubled Q3 revenue versus last year, growing to $33.7 million from $15.8 million in Q3 2021. This was our highest quarterly sales since the start of 2021. As important, if not more so, net income turned positive midway through the quarter. We are excited about this performance considering the global economic slowdown and ongoing supply chain demands, as well as resurgence of COVID. The solid performance was driven by the strategic pivot we initiated a couple years ago when we redirected resources in reaction to the pandemic. I would like to thank all our shareholders for their understanding and support during this transitional period. Also, I'm grateful to our dedicated employees for their hard work in delivering this positive performance. The swing to positive net income was a function of better margins. Gross margin improved largely due to the higher gross margin earned by off-road vehicles and associated parts. Disciplined operating expense control also contributed to the bottom line performance. 随着我们产业调整的逐步到位，我们的产品组合将会越来越健康，对此我们充满信心。三季度，非公路用车及其相关零部件的销售占总收入的60%以上。究其原因，主要是成功的产业调整以及我们在美国的SC公司打通了美国的销售渠道。随着消费者对我们产品越来越感兴趣，我们预计2023年的销售收入和净利润都会有较大幅度的增长。科瓦。 We were pleased with the product mix, which improved as we executed our strategy. Off-road vehicle and associated parts sales contributed over 60% of total revenue in the third quarter. Rising sales were primarily driven by our strategic pivot and the onboarding of new sales channel in the US established by Kandi America. Consumer interest is accelerating for our golf cars, UTVs and other off-road vehicles. We expect to see higher sales and net income in 2023. 最后，我们相信我们健康的现金状况使我们能够对各种机会持开放的态度。基于我们多元化和富有弹性的商业模式，我们预计会有更多的收入增长。尽管经济疲软可能影响消费者的需求，但我们仍将陆续推出各种纯电动的车辆和新产品，以获得更大的市场份额，争取为股东创造更好的效益。 Finally, we believe that our healthy cash position enables us to be open to opportunities. We expect more top line growth based on our diversified and resilient business models. Despite possible economic weakness that could affect consumer demand, we will constantly launch new products in the electric vehicle business to gain market share and create more value for our shareholders. 现在开始问答环节，Kewa会对英语的问题提供翻译。请开始提问。 Let's now start the Q&A session. Q&A will take any English questions and translate for me. Operator please go ahead, we can start Q&A session. Thank you. To join this session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Harold Gabou, a private investor. Please go ahead. Thank you. Hello everyone, my questions have to do with the status of Kandi's off-road products like the K32 off-road trucks or bikes. I heard that dealers want the K32 truck, but it's not yet available almost a year later. If true, why? Besides that I have three short questions. How about the various go-karts which I believe are gas powered? Are we going to consider making an electric go-kart? Another question, what about our electric bikes? Are they currently available for purchase? How are the sales doing? My last question is, since off-road looks like a majority, like a major primary business in the U.S. for Kandi, I would think it's time for the company to start breaking down each of the segments in the SEC filings instead of all together under off-road vehicles. I see some of the stuff has been done in the latest quarter three report, but still, we think that we should separate go-karts, golf carts, bikes and scooters so that we see the numbers for each group. Thank you. 这道问题是问关于我们K32等其他一些非公路车产品的现状。他听说经销商很早就想要这些产品了，但是过了一年之后还是在缺货。如果这是真实的话，那原因是什么？以下有几个相关的简短问题。第一个是各种卡丁车，就是那种汽油驱动的，卖得怎么样？我们是否会考虑销售电动的卡丁车？第二个问题是，关于电动自行车呢，是否也是可以供购买的，目前销售状况如何？最后一个问题就是，非公路车现在是康迪美国的主要业务，我认为我们应该在对于SEC的文件披露中，对这部分车进行更细化，比如说像卡丁车、非公路车、高尔夫车进行分类，来分别披注他们的销售收入，而不是全部混成一块，作为一个非公路车来披露。这些是我的问题。 好的，非常感谢你的问题。你提的这么几个问题是这样啊，关于康迪K32非公路用车，那么过去呢，确实在这前几个月呢，都一直在完善，那现在呢，已经完全具备批量生产的条件。现在呢，已经逐步已经正常发货了，我们将会根据市场的需求安排生产，这是第一个问题，关于K32的。关于燃油卡丁车今年的销量是有所下降的。目前我们生产的所有车辆都逐步会实现电动化，也就是你说第二个问题，其里面是不是会电动化，所以我们现在的所有产品啊，都会逐步的电动化。那么现在呢，国际上燃油车电气化的趋势已经越来越明显，所以我们这一步会比人家走得更早一些。您说到的那个电动自行车，我们现在是还没有生产电动自行车。那么还有一个呢，确实我们的重点会转向纯电动非公路用车上。关于披露问题，我们会根据SEC的要求来进行的。这个你提的我们会注意这个问题，今后会根据这个SEC相关要求的话做准确的披露。谢谢你的问题。 First of all, thank you for your questions. Regarding the production conditions for the K32 off-road trucks, we have been refining the whole production workflow in the past few months, and right now we are capable of the full and mass productions. As a matter of fact, we have been gradually started to ship, you know, in a normal process. We will arrange the production plan according to the market demand. As for the go-kart powered by gas, indeed the sales volume is also for the whole market has declined this year. All vehicles, including the go-karts are currently produced by us will be gradually electrified, which is the trend for the whole market that we are in the more advanced position. Besides, we do not produce the electric bicycles at the moment. Finally, our focus are really stick on the pure electric off-highway vehicles. As for the disclosure, you know, issues, we actually stick with the requirements and the guidance from the SEC. We'll make sure we have accurate reporting and disclosure, but we'll consider your points and consider how we can refine down the road. Thanks again. Thank you very much. The next question comes from Frank Blatterman, a private investor. Please go ahead. Yes, good evening to those in China, and good morning to those in the other time zones. I have two questions. Has Kandi solved the airbag issue regarding the K23 and K27, and either self-certified or submitted to the DOT for certification for highway use? Number two, on July the 19th, 2021, a press release was issued announcing the purchase of Jiangxi Huiyi Battery Company. Forgive my pronunciation. What was the contribution of revenue of that acquired company in the third quarter? Thank you for your questions。他的这个问题，第一个是有关K23和K27的安全气囊的问题，他问这个是否已经得到解决，并提交给了安全局来获得高速公路使用的认证。第二个问题是在2021年的7月19号，公司有宣布一则收购江西汇亿电池公司的新闻。那我想知道的是这个本季度的收入贡献中有多少是这家被收购的公司所贡献的。 好，谢谢你的问题。那个，这两个问题啊，K23和K27的安全气囊问题呢，到目前为止还没有解决，还在努力中。第二个，三季度会议的销售收入大约在六百三十万美金左右。 Thanks for your questions. The first question regarding the airbag problem for K23 and K27. At the moment we have not been able to resolve that and we are trying hard to do so. We'll keep you posted for any new update. As for the sales revenue from the Jiangxi Huiyi, the revenue generated for the third quarter was about $6.3 million. Thank you. Okay, thank you very much. Just one moment. The next question comes from Mike Pfeffer with Oppenheimer. Please go ahead. Good morning. Based on Q3 2022 financials to date, it appears that 2022 could be the strongest year ever for Kandi. Yet to date, the company has only put out one breaking news type of PR back on January 10th, 2022. Kandi PR announced Kandi enters framework agreement to produce battery swap-enabled electric vehicles, referencing a signed framework agreement with Hunan Hengrun Automobile Co., Ltd. to jointly produce battery swap-enabled pure electric vehicles. Let me ask a few questions regarding this relationship. First, on the last conference call, Mr. Hu said, "Our cooperation with Hengrun is mainly that we are responsible for the production of the electric vehicles that enable that battery swap mode. We produce the motors, parts, and then Hengrun will take our parts and assemble to be a whole vehicle." What does it mean that we are responsible for the production of the electric vehicles, but on the next line you say Hengrun will take our parts and assembly to be a whole vehicle? What is the difference between production by Kandi and assembly by Hengrun? Is the final assembly at Hengrun or Kandi Haikou facility? If this is a JV, what is the detailed sharing arrangement? Thank you for your question. Let me translate to you right now then you can ask after that, okay? 他这个问题是说，从数据上看起来，2022年第三个季度是今年以来最强劲的一个季度。但是迄今为止，康迪仅仅在今年年初一月十号发布了公司新闻，而其他新闻都是一些有关季报的常规新闻。当时康迪发布了，说是公司跟公司签订了框架协议，将生产换电版的纯电动汽车。在新闻中也提到与湖南恒润汽车有限公司签署了框架协议，将联合生产换电版的电动汽车。那对此我有几个问题。第一个是，在上次电话会议当中，胡总说我们与恒润的合作，主要是我们负责生产能够实现换电模式电动汽车，康迪生产电机零部件，然后恒润将我们的这些零件组装成整车。那这句话中就是怎么理解，您说的我们负责生产电动车，因为你后面紧接着又说恒润将我们的零件组装成整车，那康迪的所谓的生产和恒润的组装有什么实质的区别？最后，这个组装是发生在恒润还是在康迪的海口工厂？那如果是合资公司的话，协议里的具体分工安排是如何的？ 好，谢谢你的问题。这个问题就是跟中国的相关政策有关系。我们与恒润的合作呢，换电版的纯电动汽车，其主要零部件就由康迪，海南生产，再由恒润负责整车总装后，利用恒润生产资质进行销售，是这么一个分工。 Okay. The cooperation it really depends on the regulation from China's system. The way we work is basically for all the key and main components are all produced by us of the Kandi Hainan, and our partner Hengrun is responsible for the final assembly of the vehicles, and those vehicles are sold with the Hengrun's production qualifications or the license. That's how we cooperate. Okay. One other question. From a PR by Hengrun on its website in China, October 13th, 2022, they announced their Hengrun H23, formerly the Kandi K23, with quick battery exchange, has been officially released for sale at CNY 139,800, around $19,800. Can you give us some details on this? And if true, why didn't Kandi put this news out in the US? U.S. holders have been waiting for years for Kandi to be back in the China EV market. 下一个问题是，我们看到中国恒润在今年的十月十三号发布了一条新闻，新闻上说快速换电版的恒润H23这款车，原先称为康迪K23，已正式发售，售价为十三万九千八百元人民币，约一万九千八百美元。你能给我们提供一些更多的细节吗？如果这个消息属实，为什么康迪没有在美国同步发表这个新闻？美国的股东一直都在拭目以待，希望康迪能够重返中国的电动车市场。 谢谢。我们跟恒润合作生产的H23已于今年的五月十一号上了工信部的公告，并在二季度和三季度都有小量的销售。由于中国国内电动汽车市场还没有进入到健康有序的发展阶段，现在这几家头部企业都在拼亏这么一个阶段。那么该业务呢，我们在现阶段呢，是保持着，过去我也说过，就保持跟踪、完善、小规模运行，等到中国国内电动车市场进入健康有序发展的阶段，也就是说能赚钱的阶段，和我们再加快进入，加快推进这个项目。 The update is, the model H 23 that we manufacture along with Hengrun was actually announced by the Ministry of Industry and Information Technology on May eleventh this year. Basically, we are approved and qualified to produce and manufacture such model in the PRC market. There were small amount of the sales that incur in the second and third quarters of this year. At the moment, the China's domestic electric vehicle market is still not in a healthy or orderly development stage. Many companies, they even try to sell with deficit or loss in order to occupy the market. Right now, we will keep track and try to improve. However, we're trying to keep and retain the small scale operation at the moment in order to keep our budget and our cash. We will definitely accelerate the progress when the China market become more healthy and profitable. We will keep you posted for any further update, of course. Thank you. All right. Just the last question and thanks for your time. What does this really mean to Kandi? i.e., is this part of the 300,000 EV program? What specific revenue amount and sources does Kandi get from each sale? With Geely, we knew we got paid for the parts and 50% initially of the profit and loss. How is this the same or different? Thank you. 谢谢你的时间。我还有最后一个问题，就是关于和恒润的合作，你其中提到就是这三十万辆电动车计划的一部分，这对康迪是意味着什么？还有就是从每次销售当中，康迪得到的相关收入及能够获得的来源是什么？比如说对于吉利的话，我们知道我们得到了一部分，即我们得到它50%的最终利润，或者也会承受它50%的损益。那恒润，与恒润相比的话，有什么不同的地方和相同的地方？ 谢谢。你这两个问题啊，都提得很好。那么我们与恒润合作意味着我们合作生产的车型可以上工信部的公告，也就是说它能够在市场上销售。现在因为这本身康迪自己还没有这个生产资质，这是第一个问题。第二个，我们得到的收益是来自于我们销售给恒润的整套这个纯电动汽车部件的收入。吉利与恒润相比的，那么我这个相比之差异呢，是我们跟吉利合作是合资关系，那合资关系呢，不管赚钱亏本都是根据股比来承担或是获利。那与恒润的合作呢，就是一种买卖关系，就是我们卖给他就能够产生利润，大概就这么样。也就是说跟吉利的合作是合资关系，跟恒润的合作是买卖关系。 First of all, our cooperation with Hengrun means now our electric model H23 produced by our cooperation, also announced by the Ministry of Industry and Information Technology. Meaning we are now officially approved and capable of manufacturing and selling such model in the PRC market. You know, we don't have such qualification ourselves. That's why we are working with Hengrun to work together in order to get such a qualified process in place. As for the income and the revenue, we basically get all the income generated from the complete sets of the parts we sell to Hengrun. Unlike the cooperation with Geely, which we are in the joint venture relationship, meaning we will share and split whether there's profit or loss. The relationship with Hengrun is a partnership and then the trading relationship, meaning we will generate the revenue as long as we deliver the sets of the EV parts to them, and then they will go and sell from their own resources. Basically, the revenue generated once we deliver to Hengrun. Hope that can address your questions. Thank you. Just one moment. The next question comes from Arthur Porcari with Corporate Strategies. Please go ahead. Good morning, Mr. Hu. Really nice quarter. I'm glad to see you beat the street's estimate by about 15%, and went from a negative to a positive on net. That brings me to my question today. It's gonna be a little lengthy. I know they usually are, but this one is important. Because this is primarily to do with new U.S. Kandi electric golf cart crossovers and some recent discoveries made. This may require me to lay down some background first. Let's start with that. Kewa, tell him that. 他说首先很祝贺这个季度获得的优异非常让人吃惊的业绩，而且这个业绩呢，也超出了，超出了华尔街对，对公司的预计。嗯，特别让人兴奋的是，净——而且产生了净利润，从亏损转为净利润。那我这个问题呢，今天有点长，但是非常的重要，是有关我们的高尔夫车的一些问题。Go ahead. Okay. On our last conference call, Mr. Hu confirmed that in the earlier 10-Q also, that Kandi had at that time received two contracts for electric golf carts totaling some $70 million for this year, with almost all in the second half. He told us he was anticipating strong immediate production in the vicinity of 2,000 golf carts per month. What he didn't tell us was who was going to be buying all those golf carts. A few weeks ago, on info I got from an excited Kandi independent dealer who was patiently waiting for his own golf cart order and a truck, by the way, that Lowe's Corp was now selling Kandi's golf carts. Initially I doubted him as I couldn't conceive such a huge contract would not have been announced by the company. As a regular at Lowe's, I'd never seen golf carts of any brand there being sold. This time, to my surprise, a really sharp golf cart was right outside the front door. A quick look around, I noticed the front plate said Coleman. Then I saw a small inspection plate behind the front right wheel. To my amazement, it said Kandi Kruiser with a K and SC Autosports, which is Kandi's subsidiary company, along with Kandi America's Dallas address. I'll stop right now. You can pass that on to Mr. Hu. I have more to say. 他的问题呢，主要是关于我们的高尔夫卡丁车啊，他因为在上次电话会议上呢，胡先生就是特别地说明，就是在康迪，截止当时我们报10-Q的时候，收到了两份电动高尔夫球车的合约，总价值为七千万美元，几乎都会在下半年中实现。而且胡先生呢，也提到，预计每月将会有近两千辆高尔夫球车的强劲产量，但是呢，却没有提到这些车会卖给谁，就是说谁来购买这些，最终谁来购买这些高尔夫球车。那几周前，从一个康迪的独立经销商那个地方得知，就是美国的Lowe's公司正在销售康迪的高尔夫球车。起初其实我是很怀疑的，因为公司不会不公布这么大的一个合同，但是然而我亲自去Lowe's商店的时候呢，却从…… 我经常也去这个地方，但是从未见过任何品牌的高尔夫球车在Lowe's出售，所以我感到很惊讶。但是前门外有一辆电动高尔夫球车，我注意到了上面的车牌写着Coleman。当我正要开走的时候，我注意到了，就是在这个车的右前轮的一个小检查板上面写着了康迪，K-A-N-D-I，Kruiser和SC Autosports，以及康迪美国达拉斯的地址。然后我就回到了商店，并在花园区看到了第二辆康迪的高尔夫球车，也停在那里，然后也是同样地方写着了Coleman。这两辆车价格都是$9,999，似乎低于了康迪在其官网上公开的$10,999的建议零售价。然后我接着就去了视频网站YouTube，发现这辆从Lowe's购买的Coleman的高尔夫球车，有几条非常正面的评价，而且几家YouTube的内容提供商在价格和质量上都给予了非常良好的好评。我从这些视频当中了解到，Lowe's卖的高尔夫球车比独立经销商卖的更加便宜，因为它的功能少了一些，比如说一些冰柜、颜色等这些在选择上面。后来我去了，就是—— 哇，他没讲那么多吧。 Go ahead, you. Okay. I went back into the store in the garden section, saw a second similar cart parked there, both were priced at $9,999, which was under the Kandi's $10,999 MSRP that you have on your website. I then checked YouTube and found that actually a couple of very positive reviews had already come out on the Coleman Kandi electric cart purchased at Lowe's. Positive in both price and quality by several YouTube providers, and most impressive was confirming its 35-mile range and 25-30 mile an hour top speed. Go ahead and pass that on. Why don't you keep going, then let's finish this part. Oh, you want me to finish it? Finish this part, yes please. Okay. I learned from these videos that the Lowe's carts were cheaper than the independent dealers due to less features: front rack, ice chest and only two colors. I then went to two other Lowe's in my area. Both had the golf carts. One of them actually had four on site just received. The carts are also available through Lowe's online. The U.S. alone has some 2,250 Lowe's stores. I posted on the private chat board about this, and shortly members from all over the country were reporting back that golf carts were also in many but not all of their local Lowe's stores. With this setup, I have more to add on the subject, but let me stop now and here, and I'll have a question for him now. 然后他就是这辆车发现在这家Lowe's商店里面的价格呢，比公司在网站上的价格要便宜，在商店里面是$9,999，但是官网上呢，是一万零$10,999。而且在视频网站上面呢，也看到了很多相关的一些视频以及很正面的评价。然后呢，我又去到另外几家同样的Lowe's的连锁店，也看到同样的车，而且他们还有几辆存货。之后我就在我们的康迪投资者的私人聊天板块上也发布了我所察觉到的这些内容。那，我对此呢，有几个相关的问题。Go ahead, please. Okay. My first question is, why were shareholders not told about this? It's incomprehensible that Kandi would do a private label deal with multibillion-dollar Coleman for Lowe's, one of the world's largest big box stores, and not put out a press release. I'm sure even E-Z-GO, the largest golf cart maker in the world, would have put news out on something like this. 我的第一个问题呢，就是我难以置信，为什么没有来披露这么大一个交易。Coleman是一个数亿、数十亿美元的一个公司，能够跟他合作达成就是自有品牌的交易，而且在Lowe's这么大的卖场里面去进行销售，我们没有看到任何的新闻。即使是一家像E-Z-GO这样的公司，如果有一个潜在的合同，肯定会对此进行披露。 谢谢你。在这个问题上，其实这件事情我们虽然没有在发单独的新闻，但是我们在E-Z-GO的财报中里面是都有披露的。讲实话，我们还没有你那么了解这个重要性，所以今后我们会注意这个问题。 For such transaction, even though we have not released individual news separately about the matters you mentioned, we did include such transaction in the earnings press release of the first quarterly report of this year. That was released back in May 2022. Ongoing, we will, you know, consider such transaction and maybe consider how to improve our press release channel. Thank you. Okay, well, here's something else too. You might have heard about it now, but you probably know about it, but you probably didn't know the shareholders could get access to this. Additionally, members of the private chat board recently discovered a publicly available subscription service tracking all commercial container movements globally. Through this service, it appears that Kandi's already shipped almost 500 containers in the past 4 months with either 20 or 12 carts in each container, depending on whether they were 4-seater carts or 6-seater. With this level of information easily available to the public for a few-dollar subscription, it seems almost unfair to unaware shareholders to be left in the dark on the information. I appreciate the fact you say you're gonna start looking at putting out more news on this. Let me go on. A few weeks ago, with Kandi in the low twos and 30% discount to cash, 60% discount to book value with no news for 8 months, it appeared to many that Kandi was going out of business. I even know some long-term holders that threw in the towel, sold the stock. However, with this information available, it's easy to see that Kandi has already embarked on an incredible future in just this very hot sector alone that could pass $80 million in sales, the second half of this year, surpassing all of last year's revenues. I mean, you've already said earlier in the year we should do $70 million on the first two contracts, and we did about $20 million so far, so we should probably do the balance, I'm sure, in the fourth quarter. Anyway, it's very rare that blue chip companies such as Coleman and Lowe's would risk their reputation and give such a vote of confidence on such a new provider as Kandi in this high-ticket market unless they saw a bright future together. Let me wrap this up with a few more questions. Go ahead and pass that on to Mr. Hu, and then I'll have just three more quick questions. 我很高兴听到你说你会在新闻披露上面能够进行改进。我还告诉你的是，就是在康迪的投资人论坛上面，在很多成员的深挖帮助下，发现在网站上面有一项就是花几美元就能订阅的服务，可以跟踪全球所有的这些商业集装箱到美国的情况，所以他们能够看到康迪在过去四个月当中已经运送了近四百个集装箱，而且每个集装箱的具体的数量都写得很清楚。取决于集装箱里面四座还是六座的，每个集装箱可以装二十或者十二个高尔夫球车。那我就觉得当一些投资人可以花几美元就能获到这样的信息，但很多股东其实是蒙在鼓里不知道的，这样的信息是很不公平的。而且呢，在几周前，康迪的股价降到了只有$2，相当于现金折价30%，账面价值的60%。在许多人看来，公司又没有新闻，就在这么低的股价上面，会认为公司可能都快倒闭了。我知道一些股东都可能想套现，卖了康迪的股票，这个是很让人理解的，因为在近十个月内都没有任何信息。可是呢，事实上其实康迪已经踏入了一个非常热门的领域，而且开启了令人难以置信的未来，跟像Lowe's或者是Coleman这样的很大的蓝筹公司，他们在美国甚至全球有很好的名誉。那请公开出来吗？Go ahead。 你说的这些啊。 要不要先回答这个。 我先回答这个吧。 Oh, go ahead. Okay, in addition to the Kandi, two additional variations, the six-seater aforementioned and a new modified version of the four-seater which gives up the back seat and replaces it with a hydraulic dump bed and includes a 3,000-pound electric winch on the front. This utility version would seem like a natural for Lowe's. Do you anticipate that Coleman Lowe's would also be taking on these new variations, or will these be mainly for independent dealers? Hello? 除了康迪的这个四座跨界车外，而且许多的独立经销商，这些也是在康迪美国上的网站有出现的。现在展示了两种不同的版本，一个是六座，一个是四座的新改进版。这些都放弃了后座，并用这种某种液压翻斗式来取而代之。并包括一个大概有三千磅的电动绞盘。这个UTV版本对于Lowe's来说是非常自然的，您是否希望将其添加到Coleman和康迪这辆车在Lowe's的购物架上面进行销售。 这是两个问题啊。这个第一个呢，是你说的那个集装箱啊，我们确实在前四个月是有四百多个集装箱发到美国。你说的这些虽然我们没有单独的这个发布新闻，但是在季报里面呢，都是有披露的。根据你的提议呢，今后我们会尽可能地多披露。至于你说的这个，其他产品啊，那个，后面再走的这些产品，嗯，我只能这么说吧。请你关注接下来的我们的披露，这些我们都在进行中，但是现在还不能细说，接下来的新闻，这个披露里面会有这些问，这些答案。嗯，我们都在做。First of all about the sales information, you know, and any update development, even though we may not have the individual press release separately. However, we have always disclosed such the sales information and related analysis in our quarterly reports. Based on your opinion, we'll definitely take note of that and try to refine our disclosure as much as possible in the future. Regarding the product information and the questions about the models that you talk about, I guess we are still working on the details with our partners in US market, so we may not be able to disclose too much at the moment, but please pay attention to upcoming disclosure for any new development. Stay tuned please. Thank you. That's very encouraging. Okay, a couple more. I seem to remember from a prior call that Kandi has a China partner with this project. If so, who is it? What facility is making the carts? And what are each company's responsibility, each company's revenue and profit sharing terms and percentages? 第二个问题是，我记得在之前电话会议当中，康迪有提到，这个项目呢，我们还有一个中国的合作伙伴，如果有的话，这个合作伙伴是谁？是在哪家工厂来进行生产的？而且每家合作公司他们分的责任是什么？以及每家公司的收入最终的利润分享的条款百分比是什么？ 对了，我们在一季报中披露过，今年二月份，康迪海南和江苏新驰签署了一份合资协议，双方共同出资人民币三千万，约合四百六十万美金。 在海口，在海南的海口市成立叫海南康迪控股新能源科技有限公司。那么，康迪海南在这个公司里面持股是66.7%，江苏新驰持股是33.3%。目前夸佳车高尔夫球车是由海南康迪控股在生产，但是厂呢，厂址呢，是在海南这个康迪海南的工厂里面。根据我们更新，我们跟新驰利润的分享是按照公司的持股比例来分成的。 As for the questions, our partner is called Jiangsu Xingchi. Regarding such transaction, we have actually fully disclosed you know quarterly reports since the first quarter of this year. In February of this year, we and Jiangsu Xingchi signed a joint venture agreement to jointly invest approximately $4.6 million to establish a new entity is called Hainan Kandi Holding New Energy Technology Company Limited at the Haikou City of Hainan province. Our group, Kandi Hainan, holds 66.7% of such entity, whereas the Jiangsu Xingchi holds 33.3% of the entity. At the moment, the crossover golf cart is manufactured by the new entity, Hainan Kandi Holding, even though the production was taking place in our Hainan facilities of Kandi. The profit sharing scheme is based on the sharing rate, the sharing ratio of such entity. Meaning we will have 66.7% of such revenue generated from this entity. That's excellent. I remember Jinzhou. That's a huge operation. I remember we talked about dealing with them a few years back. Fantastic. Okay, just about finished here. Are there any more major clients like this expected in the near future? Can you give the shareholders the company's revenue growth forecast for Q4 and to 2023. You know, you already said 2023, this should continue into, so maybe a forecast for 2023 as well. I know he doesn't like giving forecasts, but I can ask. 他想问下一个问题是，像这么大这样的客户，我们在还有期待合作的对象也是这么大的客户吗？另外就是你给予了2023年会有很好的期望，我知道你不爱给预期，就是你……但是我也还是想问一下，对于2024年呢，就是你对我们的销售有什么样的预期？ 应该这么说，这个大客户呢，还会有，我们现在也要在谈。具体呢，请关注我们接下来的披露。另外你说那个应该是2023年吧，2023年我前面在开场白上已经说了，2023年会有大幅度的增长，总是在翻番以上吧，这个会比较大的增长，现在具体数字我还不好说。 Okay. As for the major customers, there are some parties they are working with and in the negotiation. Please stay tuned to our upcoming disclosure for further development and the details. For the 2023, as we mentioned in the past, we do believe that there will be a large increase of the revenue for upcoming year. However, we said we don't have such detailed figures at the moment. Well, fantastic. Y'all finally looks like you've hit your stride, and Mr. Hu has handled this COVID situation magnificently, in spite of what the stock has done. Okay, my last question is just, it's kinda off topic. I noticed that Kandi has put out an excellent new investor presentation deck on its parent website IR section recently without any shareholder notice. Usually Kandi does this when they're getting ready to attend a stockbroker or analyst symposium of sorts. Any particular reason why it was quietly put out now? 我的最后一个问题呢，是一个题外话哈。我注意到康迪最近啊，在母公司网站上面发布了一个新的投资者简报PPT，与此同时呢，但是没有给予任何的新闻或者股东的通知。在我的印象当中，通常只有康迪要准备参加一些分析师座谈会或者股东会议的时候才会这样做。那为什么这次是悄悄地推出来，有什么特别的原因吗？ 非常感谢你这么细心。我们是根据企业发展情况，对网站上内容进行一些更新，这我们觉得是非常正常的事情，并没有什么特别的原因。谢谢你的提问。 Thanks for your attention to our website. Actually from time to time, we are updating the content and the information on the website according to the key development of the companies. It's just a routine process, and without really a specific reason of doing that. It's just routine, you know, a task for us to update the website. Thank you. Okay. Looks very good. Anyway, congratulations to both Mr. Hu and the quiet person back in the US, Johnny Tai, I think, maybe Mr. Hu should bring him on the next conference call, introduce him to the shareholders. Seems like he's done a pretty phenomenal job. 感谢胡总，这个季度非常的好，而且康迪美国的CEO Johnny也做得非常好，但是他非常的不多话，很少的话，也许他很忙，希望胡总下次能把他也一起带到电话会议上来介绍给大家。 好的，谢谢，谢谢你的提议。 Thanks again for your opinion and suggestions. Thank you all. Again, if you have a question, please press star then one on a touchtone phone. The next question comes from Mark Miller, a private investor. Please go ahead. Good evening, Kandi management. Just a quick one here. On your wholly owned battery subsidiary that you announced in December of 2021, in your first quarter filings, you achieved $8 million in revenue from it. Slight drop-off in quarter two. In comparison to what you guys paid, it seems like you did a really great transaction here for the Kandi shareholders. Was the sales decline in Q2, what was the reason for it? Well, you had $8 million in quarter one and $6.3 million in quarter two. Go ahead. 这个问题是讲关于我们的电动车的电池收购的事情，是什么让我们的电池的销售下降了。 电池厂确实这样，受到疫情的持续影响，今年锂电池的销售会有所下降。全年销售收入也会在两亿人民币左右。 OK. 下降主要是疫情的原因，封城，这个供应链不畅通，所以今年二季度也有所下降的。 Yeah. About the issue you mentioned, due to the continuous impact of the pandemic, and the lockdown, there's disruption of the market for the demand and the whole production chain. So it brings the whole, you know, decline of the supply and demand in the market. Subsequently, of course, sales of the lithium batteries was impacted, you know, proportionally. Although we have a more stable revenue since quarter three compared to quarter two, we stayed around $6.3 million. For the whole fiscal year of 2022, we expect it will generate roughly $27 million-$28 million of sales from this Jiangxi Huiyi entity. Oh, that's good news. Okay, one quick one here. Does Kandi OEM, do they make their own batteries for their own golf carts, bikes, cars, et cetera? 他想问就是康迪有没有自己OEM自己的这个，为自己的高尔夫球车或者电动的产品，嗯，提供自己OEM电池。 现在我们会议的电池，锂电池是我们高尔夫球车、跨界车是有两种电池，以前都是铅酸电池，现在我们已经逐步推行了锂电池，那锂电池呢，是用我们自己的电池。 Yeah. Basically, the golf cart, they adopt two types of the battery. One is the lead-acid battery, and the other one is the lithium battery. We are now gradually switch the models from lead-acid battery to the lithium battery. Upcoming Huiyi will manufacture more batteries for our golf cart. Okay, great. Last one here. How am I pronouncing the subsidiary name? Huiyi, H-U-I-Y-I. How are we pronouncing that name? Huiyi. Huiyi. Okay. Do they do any private labeling for other battery companies? 他想知道这家汇亿公司是否跟其他的合作伙伴做一些贴牌的合作。 没有，他那个在宁山千里这个三元电池里面，他在国内还是比较有名气，他有自己独特的市场，但是他很少贴牌，都是用自己的为主。 Yeah. Huiyi, they have their own market share, and so they have their own brand. That's why they usually just manufacture their own brand of batteries without the OEM to other companies. Okay, great. Listen, thanks for taking my question. I wish you guys all the best, and keep up the great work. Thank you. The next question comes from Frank Blatterman, a private investor. Please go ahead. Yes, thank you for taking my second major question here. With regard to your reorganization plan, part one. What is the current status? Part two. If it goes forward, will your shares continue to be listed on the Nasdaq? And if not, where? And at what stage will shareholders know? Part three. What is the legal impact of Kandi incorporated in the British Virgin Islands on its obligations to keep shareholders apprised of material development? Legal obligations aside, what do you intend to do once you're incorporated in the British Virgin Islands with communication to shareholders? And number four here, the last part. What will be the impact on Kandi filing and communicating quarterly earnings reports once you are incorporated in the BVI? 他首先他想知道我们现在的这个注册地转移现在是进展到什么程度了，啊，如果这件事情继续往前推进，啊，那我们的股票将会发生什么样…… 那现在处于什么阶段，我们作为股东可以知晓。第二个问题是，康迪转移注册地到BVI，对于股东来说，就是在公司的披露职责上面会有什么样的变化，迁移成功之后会有，在信息披露上面会有什么变化，特别是和股东之间的这些沟通。下一个问题是如果BVI注册成功的话，I'm sorry, can you repeat your last question? Yes. What will be the impact on Kandi filing and communicating? Oh, okay. Quarterly earnings reports? 他最后问题是如果康迪的这个转型注册转移地成功的话，对于康迪继续披露每一个季度的财报会有什么样的变化。 谢谢你的问题。关于在这个BVI注册的事宜，我们还在推进当中，我们正在完成重组计划相关的F4文件申报。这个文件生效后呢，就会开股东大会，届时会通过投票来确定是否在那个BVI注册。如果重组计划由股东大会批准后，我们在纳斯达克上市的地位保持不变。此次如果重组成功，公司的法律框架架构将更加准确地体现康迪的总体业务和运营发展，此举将会更大程度地保护股东的长期利益。这个就算迁到BVI，我们仍然是一家纳斯达克的上市公司，我们对股东沟通和披露不会有很大的变化。如果这个BVI注册成功，我们会继续按SEC的申报和信息披露的要求，定时申报相关的文件和财务报告，以及其他的公开披露。谢谢。 Regarding the status of the reorganization and the domiciliation to BVI, our company is still in the process of taking such task. In the meantime, we are completing the Form F4, the filing that is necessary for the reorganization plan. Once the Form F4 gets effective, we will then plan to hold a general meeting for the shareholders, at that time, we will have the voting to determine whether the registration to BVI and the domiciliation can be completed. Once the reorganization plan is approved by the general meeting of the shareholders, our listing status on the Nasdaq actually remain unchanged. Basically, the legal structures can more accurately reflect our operations, our development, and then our other plans upcoming. We believe with such reorganization can protect the long-term interest of the shareholders to a great extent. Even though we move to BVI, no worry, we are still a regular Nasdaq-listed company, so our communication and the disclosure to the shareholders actually will remain pretty much the same without much material changes. Because for all the disclosures and such as the financial reports, we have to file quarterly or regularly based on the Nasdaq requirements, and all other public information will be submitted and filed to the public as per the requirements of the SEC regulations. That's pretty much it for our status update for the reorganization plan. Thank you. Thank you. Thank you very much. The conference call is coming to an end. I would like to turn the conference back over to Kewa Luo for any closing remarks. Thank you again for attending today's conference call. If you have any more questions, please feel free to contact us via the email ir@kandigroup.com. You can also contact our IR advisor, Blueshirt Group. We look forward to updating you on our next earnings call. This concludes our call for today. You may now all disconnect. Thank you.