Greetings and welcome to the Kandi Technologies' third quarter 2024 financial results call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Kewa Luo, Investor Relations Manager for Kandi Technologies. Thank you. You may begin. 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 2024. 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. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. 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 statement except as required under applicable law. Additionally, unless otherwise stated, all figures mentioned during the conference call are in U.S. dollars. Before we continue, I would like to introduce the team joining me on today's call. Joining us are Dr. Xueqin Dong, our newly appointed Chairman of the Board, Mr. Feng Chen, our new Chief Executive Officer, and Mr. Alan Lim, our Chief Financial Officer. Mr. Chen will deliver his prepared remarks in Chinese, which I will translate afterward. Following that, we will have a Q&A session where our Chairman, Dr. Dong, will also participate. With that, let me now turn the call over to our CEO, Mr. Feng Chen. Go ahead, Mr. Chen. 大家好，感谢大家参加今天的会议。我是康迪科技集团新任CEO陈峰。在分享公司第三季度的业绩之前，我想感谢董事会的信任，并向我们的团队和历任领导致以敬意。他们的努力为康迪创造了今天的发展机遇，能够带领这样一家公司应对挑战，开拓新的增长空间，我深感荣幸。 Good day, everyone, and thank you for joining us. I'm Feng Chen, the newly appointed CEO of Kandi Technologies Group. Before we dive into our Q3 results, I want to thank our board for their trust and recognize the dedication of our team and the leadership of my predecessors, whose efforts have positioned Kandi for the opportunities ahead. It is a privilege to lead this company as we work together to navigate challenges and unlock new growth. 今年以来，由于受纯电动非公路车销售模式调整的影响，公司的业绩出现了暂时的下滑。第三季度收入为2,990万美元，相比去年同期的3,640万美元有所减少。前9个月收入为8,980万美元，同比下降5.7%。非公路车及相关零部件依然是主要收入来源。第三季度收入为2,750万美元，同比下降9.2%。前9个月收入为8,150万美元，同比下降1%。新的管理团队已根据公司的现状编制了2025-2029年发展规划，该规划已获得董事会的批准。随着公司总体战略和经营计划的稳步推进，我们有信心各项业务都将迈上新台阶。 This year, our revenue temporarily declined as a result of changes in the sales model for our fully electric off-road vehicles. Third quarter revenue was $29.9 million, decreased from $36.4 million in the same period of 2023. While nine months' revenue totaled $89.8 million, a decrease of 5.7% year over year, off-road vehicles and associated parts remained the primary revenue source in Q3, contributing $27.5 million, down 9.2% from the prior year quarter. While revenue from the segments for the first nine months slipped 1% to $81.5 million. To address these challenges, the new management team has developed a detailed growth plan for 2025-2029, recently approved by the board, which aligns with our current position. With this planned execution, we are confident that all business segments are well-positioned for stronger growth and new opportunities. 在纯电动非公路车业务领域，我们依然有着巨大的发展潜力。过去几年的积累让我们在技术、产品和市场等方面打下了坚实的基础。我们的高尔夫球车等多种产品具备较强的市场竞争力，得到了消费者的广泛认可，并与LOS等重要客户建立了稳定的合作关系。特别是在近期推出了与NFL32支球队联名的高尔夫球车，并在LOS独家销售，进一步提升了康迪品牌的影响力。未来我们将继续通过科技创新、产品升级和渠道拓展，充分发挥自身优势，提升市场占有率。 The all-electric off-road vehicle segment holds tremendous potential for Kandi. Over the past few years, we have established a strong foundation, advancing our technology, expanding product offerings, and strengthening our market presence. Our golf carts and other models are not only highly competitive but also well-received by consumers. Partnerships with key clients like Lowe's have fostered our reach, and the recent launch of our NFL-branded golf carts, featuring all 32 NFL teams and sold exclusively at Lowe's, has further elevated the Kandi brand. Looking ahead, we will continue leveraging our technological innovation, enhancing our product portfolio, and strengthening our distribution network to expand our market share. 在当前复杂的全球经济环境下，我们深知市场对贸易摩擦的担忧。为此，公司管理层在2025-2029年发展规划中已做出相应的安排。我们计划在美国建设高尔夫球车和农夫车等车型生产线，以及锂电池工厂，主要服务北美市场。这些本地化生产基地将使我们的产品更接近终端市场，显著提升产品交付和售后服务能力。同时，我们也将不断优化全球化布局，拓展东南亚、中东、欧洲等更多国家和地区，以更具竞争力的产品占领市场。 Amid the complexity of today's global economic landscape, we remain mindful of the pressures from trade tensions. Our 2025-2029 growth plan incorporates proactive measures, including establishing U.S.-based production lines for golf carts, utility vehicles, and lithium batteries. These facilities will enable faster deliveries, improved after-sales support, and closer proximity to key North American markets. In parallel, we will continue to expand internationally, targeting growth in Southeast Asia, the Middle East, Europe, and other regions, supported by a competitive and diversified product portfolio. 在应对国际市场变化的同时，我们也明确了国内市场的布局。首先是在智能出行领域的拓展。随着智能出行逐渐成为中国消费者的主流选择，这一市场的潜力巨大。我们将抓住这一领域中的巨大商机，争取在智能出行领域占有一席之地。另外，我们会充分利用智能换电设备的制造优势以及换电运营经验，为国内换电巨头提供智能换电设备和换电运营服务，争取成为国内一流的智能换电设备供应商和换电运营商，以推动公司业绩的进一步增长。 Even as we adapt to changes in international markets, we are focused on growing in China. To start, we are targeting the fast-growing smart mobility sector, which is really taking off with Chinese consumers, and we are aiming to build a strong presence there. On top of that, we will use our expertise in manufacturing battery swapping equipment and running battery swapping operations to support major providers in China. Our goal is to position Kandi as a top supplier and operator in China's battery swapping market, paving the way for even more growth. 基于未来的机遇，我们稳健的财务状况为公司的未来增长提供了必要的资源和稳定保障。截至2024年9月30日，公司持有2.6亿美元的现金及现金等家务，受限制现金、短期投资和定期存款，为推动战略目标的实现奠定了坚实基础。此外，公司已通过股份回购计划回购了1,480,786股普通股，平均价格为每股2.49美元。这体现了我们对公司未来发展的信心。 Building on the opportunities ahead, our strong financial position provides the resources and stability needed for future growth. With $260 million in cash (cash equivalents, restricted cash, short-term investments, and certificates of deposit) as of September 30, 2024, we are well-positioned to pursue our strategic objectives. Our share repurchase program, which has already seen 1,480,786 shares repurchased at an average price of $2.49, underscores our confidence in the company's future. 在未来，我们将专注于高效执行和稳健战略，以支持持续增长并为股东创造价值。凭借清晰的计划和坚实的基础，我们已做好准备迎接挑战，并朝着既定目标不断迈进。 As we move forward, we will stay focused on effective execution and sound strategies to support steady growth and shareholder value. With a clear plan and solid foundation, we are prepared to navigate challenges and make progress toward our goals. 现在开始问答环节。我和董学勤董事长将一起回答大家提出的问题。科娃和林正明先生会提供翻译，请开始提问。 Now, we will move on to the Q&A session. Together with Chairman Dr. Xueqin Dong, I will answer your questions. Ms. Kewa and Ms. Allen Ling will provide translation. Please go ahead and ask your questions. Operator, please go ahead. Thank you. Thank you. At this time, we'll be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Thank you. Our first question comes from the line of Mike Pfeffer with Oppenheimer & Company. Please proceed with your question. Thanks for taking my questions. A few weeks ago, you had the back-to-back press releases on the same day announcing the generational restructuring of the Kandi C-suite and board of directors. And the second one was titled, "Kandi Technologies Board Approves Several Major Initiatives and New Management's 2025 to 2029 Projected Growth Plan." For a dozen years, shareholders have been asking management to accept the norm of the vast majorities of the U.S., Nasdaq-listed companies, and begin giving guidance as well as longer-term forecasts, both integral if a company has any hopes of attracting accredited stock analysts. The five-year detailed forecast, particularly with the disclosure of previously unknown five additional profit centers, was a pleasant surprise. Maybe you could translate that, and I'll continue, please. Okay. 在几周之前，看到公司一天之内，就是连接，一周之内就发布了两个新闻稿。首先是公布了，公司团队和董事会的重组，然后这是个很大的惊喜。第二篇，更是尤为惊喜，因为，是首次在十多年来第一次就是向市场发布了，五年的一个增长计划。然后，这些也是股东们一直希望管理层能像绝大多数的纳斯达克上市公司一样，能够对市场提供业绩的，预测和长期的一个预测。毕竟这是一个吸引专业分析师关注的一个关键点。那这五年的预测，很详细，特别是，在这之前，公司从未披露一个，就是，新的增长的利润中心，这对于市场是个很大的惊喜。接下来他有几个问题。 Please go ahead. Okay. Regarding analysts, Kandi has never had sell-side analyst support, primarily due to never having used a retail broker investment banking group to raise money. The three prior financings since inception were done using a single independent investment banker who retained two to three transactional brokers. The difference is that sell-side analysts work for brokers that sell stocks and stock ideas to clients. Transactional brokers buy blocks of newly registered stock for their accounts, usually to cover prior short sales and a discount to the market. They mainly make their money by covering the original short, as in most cases, they take a large chunk of the three-plus-year stock purchase warrants that they used. Maybe you could just translate that, please. 嗯，我们一直没有这个分析师的关注啊，很大的，嗯，一个原因呢，是在过去我们从来都没有真正的，呃，雇佣一个全方位的投行来给我们融资。我们一直呢都用一个同样的一家，一家比较小型的投行，他们没有全方位的服务，只有只涵盖了几个，嗯，几个银行家。然后呢，每一次的这个，呃，每每一次的这个，嗯，融资呢，都是通过几个，嗯，几个固定的，嗯，固定的，呃，基金，然后当中还包括一个，呃，三年之内能够执行的涡轮。所以这样这样的方式呢，是不会吸引到，嗯，吸引到市场的分析师的。而且这个也这种方式呢，也是一种让他们，嗯，去弥补市场上他们所进行的，啊，卖空的一种手段。 Okay. The fact that you put out five-year forecasts is comforting to analysts, brokers, clients, savvy investors. Compared to only one year, if a company misses its guidance the first year, the analyst doesn't, and investors are not too concerned and look forward to the next year. With this background, a few questions. Go ahead. Please start your question. Okay. So, in that you put out this five-year forecast without giving quarter-to-quarter and full-year revenues and earnings guidance, it creates suspicion that the longer-term guidance is just pure guess. Is it the company's intention to give full-year guidance for full-year 2024, and subsequently for Q1 2025 and the full year? 啊，虽然就是说公司给给出了五年的预测呢，对于市场的投资人是，还有分析师是很，呃，是很高兴看到这样的，啊，公告的。但是你只仅仅是给了一个五年的预测，而没有提供怎么去达到这五年的，就是每个季度每年的一个收入和盈利的指引。这个很就是，就是让人怀疑，就是你这个长期预测可能只是拍脑袋的一个猜测出来的。那公司是否会计划对，呃，接下来每年以及每个季度也提供一个，一个财务预测呢？ 呃，新的管理层制定的2025到2029年的发展规划是经过认真的研究和反复的讨论的，综合考虑了外部环境和整个市场的发展趋势，以及公司的优势和现有资源的各种因素以后才最终得出的。这个计划呢，展示了我们整个管理团队对公司战略方向的信心啊，尽可能的透明的帮大帮助大家了解我们整个2025到2029年增长计划中的短期以及长期的目标。至于年度的指引，我们会根据公司的发展情况适时的披露。 So thank you for your questions. The 2025-2029 projected growth plan prepared by the new management was actually done with careful research and rounds and multiple discussion internally, taking into consideration of various factors such as the external environment of the economy and the market, and we've developed the trends, as well as our own edges, advantages, and existing resources. This plan demonstrates our management team's confidence in the company's strategic direction, and it helps the investors to understand the company's short-term plan and long-term plan and the goals in the 2025-2029 growth plans. We try to present the plan as transparent as possible. As for Q1 2025 and then the whole-year plan and the guidance, we will disclose in due course based on the company's development and our own assessment. Thank you. Just like to add, in addition to earnings and revenue guidance, investors would receive well if the company would also announce off-road vehicle unit delivery guidance or at least breakout unit sales each quarter in the earnings announcement. And that information was usually historically published in 8-Ks and 10-K. Anyway, thanks for your time. 啊，另外就是他，他也想问，除了就是对收入和盈利的这个预测的话，公司是否也能够提供我们非公路用车，非公路车的季度的交付量的一个预测，或者至少在我们的财报当中，嗯，就是明确的分季度的，啊，提供一下销售的，呃，销售数据。这个信息也是投资人很想知道的。通常这些数据都会在以前的，嗯，8K和10K文件里面披露。 Okay. 这个我们也会根据公司的发展事实来进行披露的。 Thanks for your questions, and we will also disclose such information in a timely manner based on the development and company's assessment. Thank you. Thank you. Our next question comes from the line of Arthur Porcheri with Corporate Strategies, Inc. Please proceed with your question. Thank you. Before my questions, I want to welcome the new management and also thank Mr. Hu for his 17-year, quasi-retirement from Chairman of the Board and 20 years of executive service and leadership to Kandi and also a true pioneer of all electric vehicles in China. On to current business. Next month, Kandi will have its annual shareholders' meeting for the past 2023. In fact, the 2023 proxy materials have now started to arrive. While most of the issues are boilerplate, one in particular is not boilerplate. Management is asking shareholders to vote to allow a new 10 million shares to be authorized to reload its 15-year stock option plan as the prior active 2008 plan had finally been fully activated. Employee stock options are usually issued and authorized by shareholders as rewards for outstanding performance. In a public company, a good bit of that performance has to do with stock appreciation. I'm curious, and here's my first question. Does management really expect any shareholders to happily reward management by voluntarily providing a possible 12% increase in shares while the stock is trading at its 15-year low, down 94% of its all-time high? I can assure you shareholders will not be happy, particularly since the company's product distribution base is at an all-time high and growing rapidly, and the company's at its strongest cash and fundamental position of all time. This disconnect can only be blamed on management, not operationally. They're doing a great job there, but public company management of a Nasdaq company. I'm sorry I left you with a lot there, Q. Hopefully you can carry it. Okay. 首先呢，呃，这个问题，呃，开始之前呢，他想就是感谢一下对胡先生这17年对对公司的贡献，嗯，感谢他对公司的领导也，嗯，然后呢，他讲到就是看到公司有有披露在股东大会的这个资料当中，呃，公司呢，嗯，会，嗯，有一个议题是要希望股东批准授权1,000万股用于员工股票期权计划。因为在2008年的旧计划已经完全分配完毕，所以呢，需要这个新的议题需要股东来批准。那员工股票期权呢，通常是作为，嗯，当员工有卓越的表现的奖励，但在上市公司中呢，这些奖励很大程度是基于股票增值的表现。我非常非常的好奇，这是我第一个问题，就是管理层真的会希望股东会非常乐意的去主动的去同意当前股价在大幅低于现金值以及股东权益的情况下批准这项可能会导致12%的股权稀释的计划吗？嗯，就是现在公司的股价是史上最低，而这个问题我觉得是可以去去埋怨我们的管理层的。当然不是管理层对对运营方面的，呃，失利，而是在资本市场的管理上。啊，我我敢肯定就是股东们是不会愿意去同意这项议题。 Okay. Over the past three conference calls, I and other U.S. market professionals have addressed this, but in return, we've only received, quote, "We will look into it, but nothing further." Hopefully the new management will pay more attention because there is a solution to this problem, particularly with Kandi sitting on $260 million in cash and only $25 million in short-term debt and assets that are probably worth, well, book value is $5 a share, but assets are worth probably 50% more than that because of depreciation of the $300 million in facilities that they have. Basically what I'm going to do here, since you've answered a lot of questions in the opening, which I congratulate you also, that's new, usually the opening goes right into questions and we don't get an overview from management. We got it this time, so that's great. Go ahead and tell them that, and then I'll go into some of the question areas. 这次，当然也很高兴看到，就是听到在这个会议上我们的开场白非常详细。通常，这个开场白就很简短。我们也是很高兴听到的。在过去好几次电话会议当中，我都提到了这个，就是股价不断降低，而管理层每次都是比较敷衍，就说我们会进一步看，我们会进一步看，但是一直都迟迟没有付诸于行动。那现在公司以账面价值来看，每股现在是$5，而我们的实际交易价格是每股$1多。而且我们所拥有的现金也大大多于我们的负债。所以，这是很令人不满意的。Go ahead with your question. Okay. Well, a lot of this is going to be basically just informational purposes one more time, because like I said, a lot of questions were answered, but I'll try to make this quick. For the past three years, investor conference call, the issue was raised that Kandi should take advantage of this foolish selling at massive discounts. I should say the past three conference calls, discounts to cash and book value by filing an F-14 stock tender for at least 10 million shares. The price initially discussed on the prior calls was put in around a $3 area. On each occasion, a response by management has been to be effective. We'll look at that, but nothing further. If management wants to fix this and send a signal to Wall Street, do the right thing and create this a win-win-win for all loyal but severely penalized shareholders and incentive for all shareholders to be in favor of the management stock option request. Go ahead and pass that on. Please send everything. I stall your question. Okay. You want me to start over again or just take it from there? No. What's your question? It is, as I said, basically this is more for informational purposes because you've answered a lot of questions already, so there doesn't really have to be a question right there yet. Okay? Okay. Kandi 他还没有提出问题。他说这个只是，一个他的提出的建议。他在过去的三次投资者电话会议当中，有人提出就是Kandi可以趁着目前的，这些抛售提交一个F-14的一个股票收购提议，回购至少1,000万股。这个是，此次此前电话会议当中的讨论价格大概在每股$3左右，然而每次管理层的回应都是说我们，会考虑的态度，但是之后就再无下文。如果管理层真正的想做一件正确的事情，并为我们这些忠诚的，而且现在受到了严重惩罚的这些股东创造一个双赢的局面，同时希望股东全力支持股票期权计划的话，那这个是现在最好的方案，去让股东也受益，公司的股价也得到提升。 Okay. What I'm going to suggest is truly a win-win-win for all loyal but severely penalized shareholders and incentive for all shareholders to be in favor of the stock option request they're asking for in this proxy. Now, so now's the time to do something proactive, accretive to all shareholders and the company value, and that's to quickly file the F-14 tender offer at $2.50 and $3 a share using only 10% of Kandi's cash or even bank borrowing. A few years ago, Kandi had bank borrowings as high as $75 million at the same time, only $50 million in cash. So here is the upside for all involved. Pass that on to him, and then I'll do the rest. 所以我觉得现在是最好的时间呢，呃，来提交这么一个F14的回购建议，可以以两块5到3块美元之间呢去回购1,000万的股票。这个其实最多就用的只能只会用到公司现金，现现有现金的12%到15%。或许公司也可以通过银行借贷，在几年前公司也会通过银行借贷的方式去去去，呃，当公司需要现金的时候，啊，我认为这一行动将会有很多很多方面的，呃，利好。 Okay. The win for the shareholders would be an immediate double in stock price appreciation plus free Wall Street publicity, which will bring the undervalued focus on Kandi by the immediate huge stock percentage jump, showing new investors just how undervalued Kandi really is. Secondly. 啊，所以说。 For the company. You You want to go ahead and pass that? Okay. So going on Kandi，第一个好处呢是对股东的好处，这样这样的一个一番操作之后，那股价将会立即翻倍，同时也会获得华尔街的关注，也会得到一定的宣传，特别是在吸引新投资者方面，可以看到，可以让大家意识到Kandi的股价是如此的被低估. Go ahead. Okay. For the company, with its current $5 share book value, every share bought by the company at $2.50 or half the price of the book value not only drops the outstanding share count, but it also increases the remaining shareholders' equity for each additional remaining shares by $2.50 a share. And the third way. 对公司来说呢，呃，对公司来说呢，好处就在于就是目前我们现在的，呃，每股上面价值呢是5美元。那如果公司每回购一股以两块5的这个价格的话呢，不仅会减少流通股的数量，然后也会将每股股东的权益呢增加额外的两块5。 Okay, and finally, for management and the company, if the company buys back 10 million shares, then the 10 million options they're requesting would initially show a 12% reduction in the issued outstanding, but it will ultimately flatten out to no more shares than we have today. 那最后呢是对对于工，呃，管理管理层以及公司，那如果公司回购1,000万股，那这1,000万股，呃，公司回，呃，那么这1,000万股的股票期权计划呢，就会显示流通股也会减少了12%。那这个最终会，呃，仍然会回到当前的总股本的水平，会避免稀释的，呃，稀稀释的效果。 So my really only question out of all this was, will the company finally pay attention to the ways of Wall Street? It seems like that's what they've forgotten in this company. We've been here for 17 years, undervalued the whole time, and so my question is, will they finally pay attention to Wall Street and get U.S. advisors? And I don't mean Patrick Cowe, I'm sorry to say, get U.S. advisors who can help them along that line. I can give them some advice as well, and I've been with the company 17 years, as you well know, and 51 years as a Wall Street professional. That's my question, and that's all I have to say. 我讲了这么多呢，我就是想最后很真诚的问一下公司，在公司已经上市了17年，股价一经长期处于低估的这种状态，公司是否会真正的静下来听一下，就是华尔街需要什么，是否能真正去寻找，去去听一个美国的，呃，呃，美国的这个，呃，顾问的意见，而不是公司一一直以来所听的，呃，呃，科建的意见。啊，我也，嗯，作为，呃，跟踪公司17年的一个股东，我也给公司提了很多意见。除此之外，我自己也有51年在华尔街的，呃，经验，我就想再一次问一下公司是否会，呃，去做华尔街希望公司做的事情，因为现在公司已经在华尔街被遗忘了。 There was a question in there. 感谢您的问题，首先，我们想讲一下，对于股权激励计划，股权激励是我们吸引留住并激励优秀员工的重要的方式。回购和股权激励计划的结合，可以在一定程度上平衡公司和股东的利益，确保股本结构的合理性和流通股数量的优化。我们理解部分股东对稀释效应的担忧，我们将继续自律平衡这一点，最大程度的实现股东的价值。关于您提议的F-14股票回购，我们理解这也是很多股东的期望。管理层在过往的电话会议中确实提到过会审慎考虑回购的可能性，原因在于此类举措需要结合市场条件、公司长期发展战略和资金使用效率等多方面的因素。我们并非回避这样的建议，而是在综合评估最优解。当前，我们对每一分钱的投入都持审慎态度，以最大程度的为股东带来长期的回报。至于下一步的行动安排，我们会确保财务健康和市场条件合适的情况下，考虑以最有利于公司股东的方式执行，包括您讲到的股票回购。 First of all, thanks very much for your sharing and your thoughts, you know, about your questions we will address them all together. First of all, regarding the equity incentive plan, it is an important approach for us to attract, retain, and motivate our outstanding employees. The combination of the share buyback program and then the equity incentive plan can balance the interest of the shareholders and the company to a certain extent, basically to ensure the rationality of the equity structure and the optimization of the numbers of the outstanding shares. We understand that some shareholders are concerned about the dilution effect, so we will continue to work hard to balance these and maximize the shareholder value. Regarding the tender offer or the share buyback program you mentioned, we understand this is the expectation of many investors and the shareholders. Management did mention in the past that we will carefully consider the possibility of the share buyback and the repurchase because such measures need to be combined with the market conditions, our long-term development strategy, and the capital efficiency. We are not trying to avoid such suggestions, of course, but we are comprehensively evaluating the optimal solution. At present, we are cautious about every investment to maximize the long-term returns for the shareholders of the company. As for the further action arrangement, we will consider executing in the most beneficial way for the company and the shareholders, including the possible share buyback while assuring the financial health and appropriate market conditions. Thank you. Actually, I said I was finished. One last comment. I'm glad to hear that that sounds like Mr. Hu was involved in that call, that response right then. But, seriously, it doesn't get any cheaper than this. I've been in this business 51 years, and I've never seen a stock get down to where it was trading at 40% of cash in the bank, not a company that wasn't effectively going out of business. So I hope you will take my advice, to at least further discuss the situation outside a conference call. I can make the introduction to people that can help you with this. Hope you will take that advice. There's no reason for this stock to be trading at a 15-year low while everything else is closer to its all-time high. Thank you very much. And again, thank Mr. Hu. He's been a great pioneer with this company over the years, innovator of the year in China for EVs in 2014. K17 was the car of the year for all of China in 2015, and Kandi was the first company in China to ever do 25,000 units in one year back also in 2015. So it has a heritage of being very successful in the past. Hopefully, we'll continue it. Thank you. 他最后就说，他说我真的是希望公司不仅仅是收收而已，而会在这样会议之后，能跟我联系。我会给公司介绍能够把这件事情做成的专业人士。就是我这么多年，我从来没有见过公司会以如此低的折扣在交易，仅仅是账面价值的40%。除非这个公司要破产，不然是不会有这样的情况的。现在公司股票是15年最低，而很多其他的公司是历史最高。所以是有办法来解救现在这种情况的。然后再一次，就是感谢胡总在这些年对公司的贡献。他在2014年时候成为中国电动车最有创新的人。而，当同年K17这个这辆车，也获得那一年的一份嘉奖。然后来年2015年的时候，公司Kandi就是排名靠前，是全国生产销售纯电动车销量最高的企业，有25,000的电动车销售。这些都是胡总创下的业绩，就是希望这些能够传承下去。Thank you. Operator, we are ready to take next question. Thank you. Our next question comes from the line of Frank Blatterman, private investor. Please proceed with your question. Yes, and a good evening to those in China. My question is, is there anything in the contract that dissolves the joint venture between Kandi and Geely that prohibits Kandi from entering the electric car business now or in the future? That's my question. 啊，我的问题是呢，就是在当时康迪和吉利，呃，解散就是共同创造的合资公司的合同中，是否有任何条款禁止康迪现在或者将来进入重新进入电动车行业？ 没有这个条款. There's no such clause. Thank you very much. Thank you. Thank you. Thank you. Our next question comes from the line of Steve Miller, private investor. Please proceed with your question. Good morning, Kewa. The bulk of my questions deal with your two October press releases, and I'll sort of work my way through those with questions. In your October press release, you made reference to autonomous driving technologies and projected that China's ride-hailing market is expected to experience significant growth. You then said that Kandi will expand its presence within the smart mobility business industry, a phrase I note you included again in today's press release, by your plan to acquire an established company in, excuse my pronunciation, Hangzhou Honghu. Do you want to go ahead and translate that? I'm sorry, please say one more time. You referenced the press release that we issued in October, right? Yes, you issued two press releases in October. They made reference to autonomous driving technologies, and also ride-hailing, et cetera, and you basically said in those press releases that they would be facilitated by your acquisition of Hangzhou Honghu. Okay, 这个问题的，是说我们在10月份的时候，我们当时发布了两则新闻，说到就是自动驾驶，然后这个技术和这个发展，将会被我们将要有的和Hangzhou Honghu这个公司的并购来支撑。 Please go ahead. Okay, my question, my question is, explain going forward what Kandi's business will have to do with autonomous and ride-hailing, and examples would be helpful, and how, if at all, is Hangzhou Honghu currently involved in those areas? 啊，我的问题呢，就是在之后，嗯，康迪将会将会怎么去去发，呃，将会怎么去发展，就是一个是我们讲的啊，自动驾驶，还有一个就是呃呃，这个呃，ride-hailing，就是嗯，王林，ride-hailing怎么说？ 呃，网约车。 啊，网约车，对，这在这两个方面我们将会怎么去发展，然后呢，呃，我们将要并购的这个杭州洪湖这这家公司呢，将会怎么去支持，将会怎么在中间嗯做，呃，这个将将会成为什么样的角色去帮助这个呃，这件事情的发展。如果你能给我一个具体的一个呃呃例子，将会更好。 呃，首先呢，就是杭州洪湖目前呢，呃，作为一个目标公司，我们还处于竞调的阶段啊，目前呢，进展顺利，但是还没有与这个公司的任何的书面协议或合同，所以现在还不能披露更多的信息。 First of all, about our potential target, the Hangzhou Honghu, the car-hailing platform. Right now, the company is in the stage of due diligence to understand more about the company of this target. The progress is going smoothly. However, there's no written agreement or contract in place yet, so we have no too much information to be disclosed for the time being. Thank you. Okay, Allen, in the October press releases, you made reference that Kandi's business would have something to do with autonomous and ride-hailing. Is that correct? 啊，他说在10月份我们的这个新闻里面呢，我们有提到以后公司的这业务呢，也会在嗯，就是自动驾驶和网约车这部分啊，会会有业务，嗯，这个是正确的吗？ 正确的。 Yeah, this is a question that's correct. We have a plan involving the autopilot and then the ride-hailing platform for businesses. In those press releases, you provided projections for what you call your smart mobility solutions business, and it went from annual revenue projected of $24.37 million in 2025 to a higher number by 2029. And so I guess my question is, what exactly is the business that Kandi will be involved in that will be generating those revenues and profits that you mentioned in those releases? And can you provide greater color how you arrived at those numbers, considering that currently you have none of that business? 啊，我就是想问，就是我们在这新闻里面呢，讲我们将会嗯进入嗯就是智能出行，嗯，而且也预测了在2025年呢，会达到大概是2,400万的收入，然后呢，来年呢会更高。我就是想理解，就是在目前公司还没任何这些业务，那公司康迪将会将会就是做进行什么样的业务，具体做什么啊，来进入这个这个行业。你就是你能不能给我解释一下，嗯，公司将怎么样发展这个智能出行业务，具体是做什么？ 呃，智能出行引擎的业务呢，具体包括地图啊，智能派单系统，客服支持，资源整合，运营管理，司机管理啊，为出行企业提供全场景的一站式技术运营服务。啊，截止到目前为止呢，呃，我们在洽谈的目标公司洪湖已经服务了近百家的出行企业，覆盖了全国200余个城市啊，每天处理的订单是百万级的，有助力了百万的司机就业，通过覆盖从司机筛选到行程保障，确保出行服务的安全性和可靠性，这样来展开。 So basically, this smart mobility solution business plan includes the maps, the smart dispatching system, the customer service support, the resource integration, and the operation management, as well as the driver management, et cetera. It basically provides a one-stop technology and operation service for all the scenarios for those commuting and transportation companies. So far, Honghu has served nearly a hundred of those, you know, transportation companies, covering more than 200 cities across the country, processing over millions of the orders every day and helping millions of the drivers to have their work. By covering everything from driver screening to itinerary guarantee, it ensures the safety and reliability of those transportation services. What is the status of the Honghu acquisition? 啊，现在跟嗯收购洪湖的这个这件事情进展到什么程度了？ 收购洪湖目前还处于竞调阶段啊，目前的进展非常顺利，但还是没有呃签署任何正式的书面协议，所以暂时还不能披露更多的信息。 We believe we answered that question at the beginning that lets us refresh, so we are in the due diligence phase at the moment for this target Honghu. The process goes smoothly, however, there's no imminent written document or contract in place yet, so at the moment we cannot disclose further information. Thank you. Why have we seen no information about the purchase in the media or even statements from Honghu that they've even agreed to be acquired or will have anything to do with Kandi? 啊，我为什么在这个公共的嗯网站上没有看到洪湖发出任何的信息或者向媒体披露他们同意被康迪收购有任何这些和康迪的来往的啊新闻？ 呃，在竞调完全结束之前，呃，我们是不方便披露相关的信息的。 Currently, since our due diligence is still in process, it's a quiet period for both sides, so that's why neither side has disclosed too much information about this deal. Okay, and then did you indicate that until a purchase does go forward, there's currently no other contractual relationship between Kandi and Honghu? 那你能不能这样理解，就是在正式合约还没有签订之前，就是康迪和洪湖之间是没有任何的合作合同关系的？ 是的，可以这么理解。 Yes, your understanding is correct, sir. Okay, and then in the one of the October press releases, you said Kandi will be focusing on expanding two main business lines: electric off-road vehicles and lithium battery production in North America, Europe, and at least you said Southeast Asia. From what I've read about lithium batteries, technology is quickly changing. What gives you the confidence that you can compete with others on lithium battery production, that you can develop new technology, especially with larger companies with greater resources that have research and development? 啊，在10月份的这个新闻里面呢，我看到公司说将接下来将会在嗯，在这个非公务用车，在嗯，在这个电池方面呢，会会出力啊，会发力，而且呢，会就是扩张到我们好像讲到有欧洲，有嗯，有东南亚，就是你有什么信心，就是为什么你觉得你能够和很多大的公司，他们有很多年的，呃，很多年的研发，有很高的技术，你觉得你拿什么来跟他们竞争，你有信心能够占取一定的市场份额？ 呃，首先呢，我们基于中国非常优秀的供应链的成本优势啊，这是一个。其次呢，我们呃康迪的车呃产品在美国市场目前已经获得消费者的认可，我们的产品是非常有竞争力的，甚至在呃这个市场里面呃面对美国市场呃传统的巨头也是呃具备非常强劲的竞争力，所以我们对产品非常有信心啊。因此呃另外一个角度呢，我们目前在美国北美以外的市场，包括欧洲也已经开始了产品的销售，目前市场的表现证明啊，我们的产品依然是有竞争力的啊，所以我们觉得呃这并不是一个呃很大的问题。 We don't believe that will be a big issue to us because from two perspectives. One of them is we have excellent supply chain in China that can ensure our production being you know progress in a proper order. Second of all, our products are well received in the U.S. market and they are competitive even to some other big brand products. Other from the U.S. market like European and Southeast Asia region we have started also sales in those areas as well, so we believe that you know sales and production will go smoothly without any you know large issues. Your press release said that in 2025 you plan to invest $100 million in the U.S. to establish a lithium battery manufacturing and battery pack facility. Will you be exporting those products out of the United States to other locations around the world? 啊，你在新闻里面还提到，就是在2025年你会投资嗯一个亿在美国建这个嗯呃关于电池的厂，你到届时你会考虑就是从美国出口到其他欧洲其他的城市呃其他的这个地区吗？ 呃，美国的电池厂主要供应的是北美的产品，因为呃我们的高尔夫球车呃大家也都知道北美是全球最大的市场，呃在呃其他世界其他地区的车呢，我们目前暂时还是考虑啊中国的呃生产基地生产的车来进行提供。 As for the battery, you know, factory we're gonna invest in the U.S., primarily the plan is to supply to those at the North America market because of our needs and the sales. So basically, and for other regions of the U.S. and North America, primarily our plan is to supply those products with the battery pack produced in China. Okay, and then over the years your battery swap revenues have been minimal to say the least. We've heard of no alliances that Kandi has with major car manufacturers or ride-hailing firms anywhere. Yet in your October press release you gave projections of sales as well as revenues and stated that Kandi aims to establish itself as a strategic supplier and a leading force in this sector. Do you want to go ahead and translate that, Kewa? Okay，在过去的这些时间里面，公司对我们的换电技术就是是几乎是不怎么提的，也从来没有披露过我们跟哪家就是头部的公司，头部的这个供应商或者管理的公司呢进行合作。而我们10月份的这个新闻里面却提到，我们在这个换电技术呢将会引领这个市场，而且也给出了比较详细的销售收入以及利润的一个预测。 Go ahead. Okay, so my fellow shareholders are asking what makes you think that your battery swap business is going to suddenly change when it hasn't in the past? What are your projections based on? What are we not seeing or being told? 啊所以呢就是我以及很多啊我接触到的投资人我们都在啊都在寻思就是什么让你认为你从在这市场从来都没有就是留下任何的脚印，而突然你就能够让我们告诉我们你将会在这个市场里面引领，是什么让你就是认为你有这样的能力和影响能够在这个嗯就是换电技术和换电的提供嗯在市场上呢能够有你的份额？ 呃首先我想说的是康迪科技集团在换电领域已经有很多年的积累啊，尤其在呃侧边换电拥有非常多的专利啊，已经经营从事很多年这方面的业务啊。其次的话呢呃随着电池成本的近几年的大幅的下降，以及换电技术的逐步成功呃逐步呃使用啊，那个市场已经开始慢慢成熟，已经开具备了大规模商业化的基础啊，中国国内已经有好几个单个城市盈利的呃换电的模型出现啊，包括像重庆啊啊，所以因此我们觉得现在是换电业务市场进军的呃最好的时机啊。呃第三呢呃基于我们在跟中国头部的几个换电运营商的呃前期的业务的沟通啊，我们认为我们可以在明年占到相对的非常不错的市场份额啊，谢谢。 First of all, as you may know, our company Kandi has been involved in the battery swap business for a long time. We have accumulated a lot of experiences and knowledge, as well as the patterns from the last years and decade. Right now we believe that's a good time to enter in the market because as you may know now the battery cost has been dropping gradually in the last few years. In China there are a few cities that have actually been implementing the battery swap process, such as Chongqing and some other big cities. We also are in touch with a few leading companies in the battery swap in the field. We believe that we will have quite material market share in the upcoming years. And that's based on our, you know, our expectation as well as our analysis and experience in the market and the discussion with the peers. Thank you. Is the 300,000 government accredited ride-hailing program in China from four years ago that you were involved with, is that still alive? Is it a factor in your projections? Isn't that going to expire in 2025? 嗯我们之前有提过就是30万的那个嗯政府认证的网约车这个项目嗯是否嗯还嗯还是在进行当中的，是否在2025年就会因为是四年之前提到的，是不是在2025年就呃就会结束了就嗯嗯就消失了，这个跟我们现在要推推进的这五年计划有关系吗？ 呃这些内容我们还是会根据我们发布的2025-2029年的发展规划来逐步推进啊，呃请关注公司后续进展的披露吧。那个以上是呃计划的新的项目，以上是计划。 So primarily our upcoming business operation and models will follow our 2025-2029 projected goal plans. So please stay tuned for any further updates and development. Thank you. Okay, and is the battery swap business going to stay in China and will the units be customizable for other for a wide variety of different manufactured vehicles? 啊我们的换电技术只是在中国发展吗？还有就是我们的这个换电技技术是会就是运用到各种品牌的电动车上面吗？ 呃目前肯定是在中国推广啊，呃换电技术呃会应用到很多车企啊，例例如呃这可能放不去了那个那个那个呃肯定是多车企的使用的，对没错。 因为我们是我们我们是出售给换电呃我们的设备是出售给换电的运营商的，不是给那个生产的汽车公司的。 So first of all, our business of the battery swaps definitely, you know, being promoted and implemented in China for the time being. And we are targeting to those companies operating the battery swap businesses and our services, but not really the car production manufacturer. So that's our biggest model for the battery swap. Okay, and then in one of the October press releases you had given revenue and sales projections for your off-road electric vehicles, which shareholders were glad to see after so many years of not willing to divulge that kind of information. And on average it seems like your revenues or your projections are conservative, that they maybe average around 6,000 per vehicle, but you're still able to keep a 30% margin. Does that sound about right? 还有就是在10月份的同样的新闻里面呢，你也总算给市场上提供了嗯非公务用车的这些销售的数据，嗯这些看起来是很保守的啊，就是算下来毛利率呢就在30%以上，嗯就是你觉得嗯呃你你觉得这个这个是这啊这个是这个比较保守吗？就是能够实现是吗？ 呃这些收入确实是比较保守的，6,000美元的平均价是包含了各种高低端的车型，平均30%的毛利率预计是可以实现的。 Yeah, the revenue projection is indeed quite conservative, and then when you mention about the average price of $6,000 eventually is from the product mix of the variety of the high-end and low-end models, so 6,000 is rather average priced, and then the average gross margin of the gross profit margin of 30% is expected to be achievable. Thank you. Okay, and those projections for those off-road electric vehicles I assume that is worldwide and not only in the U.S.? 呃呃我就想确认一下就是你所给的这些嗯非公务用车的数据只是针对在美国境内的销售对吧？ 呃这是针对全球的。 The figures we mentioned are for the overall sales in total not just focus on the U.S. market but overall globally. Okay, okay, and then finally, again from your October press release, you had indicated that you plan to invest $30 million in 2025 to establish a production line in the U.S. for various off-road vehicles, et cetera. Do you plan to build that from scratch or do you plan to lease a facility and then customize it? 呃还有呃继续就是在这10月份的新闻里面呢你提到要会呃美在美国投资3,000万美元建立一条生产线为这个全地形车呃你你这个是从从平地开始修建呢还是你会去呃买一个或者呃买一个然后在那个上面再去改装你是什么样的一个计划？ 呃目前只是初步考虑了选址是初步考虑在达拉斯至于是通过什么样的方式我们也要综合考虑政策的支持基础设施劳动力成本等相关因素以后才能最终确定。 So basically our preliminary plan for the site location will be selected around a Dallas region in Texas, but then the whole setup will be based on the multiple considerations such as a policy report of the local government, the infrastructure, the labor cost, et cetera. So right now we don't have a very concrete plan of the setup yet, and based on management including evaluation, we will announce it after it gets finalized. Thank you. Okay, and until that facility is ready, will all U.S. production be handled by your partner Hartford in Taiwan? Taiwan to produce? 呃这个公司将会综合考虑呃两个基地呃相关的成本啊以及各种呃便利性啊各以及政策各方面的优势啊来进行决定到时候。 Once our site in the U.S. is finalized, then we will still consider the cost and then the policies and other different infrastructure and the supply chain out and the logistics, you know, from the two sites, you know, from Hartford in Taiwan and then the site at our Texas. Okay, I guess I don't understand, so it's going to take a while until the. Yeah, we will basically consider multiple, you know, factors, as I mentioned: the costing, the logistics, the infrastructure, and then the supply chain, and then other factors when we consider both sides. So it's not like we don't have the very final determination yet, and we'll announce later on, you know, when the time is right. Okay, my questions obviously derive from the fact of the possible or pending tariffs on Chinese-manufactured vehicles, including golf carts, and on previous earnings calls you had indicated that 90% of the golf carts were manufactured by Kandi in China. So what I'm wondering is, now that I understand that from you—in fact, I think you even put out a press release that Taiwan is now manufacturing Kandi off-road vehicles—are they manufacturing that 90%, or are they getting those parts from China? Okay啊我们之前呢有讲过就是9%我们这个嗯非公务用车90%是在中国生产的当然我这个是基于就是以后的呃关税的变动哈我就想问就是现在我们后来我们有披露就是跟台湾的哈特福啊合作在那个地方生产那我想问的是哈特福啊生产百分之所有这90%的非公务用车吗还是嗯他只是生产一部分？ 那我们这个在台湾的哈特福的合作的话我们是呃40%啊在这个台湾本地然后呃60%我们是中国这边连线过去的啊谢谢。 So for our process flow right now, it's basically around 40% is done at Hartford and then the rest is taken care of by Kandi, including our China facilities. So, is that, I guess, my basic question: can you assure shareholders and potential investors that the planning that you've done to date, that is, making this arrangement with Hartford in Taiwan pending the completion of the facility in the U.S., that it's not going to have a significant that if tariffs are in fact or additional tariffs are imposed, that those won't be a significant negative factor to your business going forward? 啊我问这个问题我只是想就是你是否能够给我们打个定心丸就是呃我们跟哈特福的这么一个呃一个合作的模式以及我们即将要在美国来修建工厂来就是来本地来生产就是我们这样的操作呢就是不会让即将要呃增加的关税来影响就是对我们会产生对我们的销售对我们的数字啊和我们的业务会产生影响负面影响。 呃可以给你个定心丸就是随着只要是被关税影响的产品我们都会通过台湾生产啊将来在美国基地建成以后啊也会在美国生产啊并不会受到关税的影响。 Yeah, in order to address the concern, it's true that for those the products they have the large impact by the tariff. We will work together with Hartford in Taiwan in order to mitigate this issue, and then when our facilities and production line in U.S. is set up in the future, we will then have the more of the production to be carried out in the U.S. side as well, so basically yeah less an impact, correct. Okay, and then according to my own due diligence, and feel free to correct me if I'm in error, Hartford, your partner in Taiwan, has exported one shipment of golf carts, and that was back on August 13th. The last shipment of golf carts from Kandi Electric Vehicle Hainan Company arrived on October 20th. The last Twitter post from either of Kandi's Twitter sites was on October 29th. Do you want to go ahead and translate that, Kewa? I just want to get this right. You asked that based on your due diligence you saw the last shipment from Hartford to the U.S. was in August 13th, and then from Kandi you saw shipments from August 20, and on the Twitter you saw there is a shipment coming on October 29th that. No, let me try again, so Hartford has sent one shipment to the U.S. and that was on August 13th. Uh-huh. Okay, and then the last shipments from China from Kandi Electric Vehicles Hainan Company, who sends most of your golf carts, those arrived on October 20th. Okay. Okay. What about what you said on Twitter? I did well. Then I also added. I noted that the last Twitter post from either of Kandi's sites was back on October 29th. Today is what, November 18th, so go ahead and translate that first. October 20. Yes, okay, please go ahead. My first question is why has there been only one shipment from Hartford and that was over two months ago? 那我的问题呢就是为什么嗯至今才只有一批货而且是两个月之前从哈特福呃进到美国来的。 呃因为这个税收也是9月底才开始正式的呃生效的呃目前台湾工厂我们前期都一直在做试生产呃包括产线的调试以及产品的调试呃从合规的角度啊包括质量啊都会做呃非常谨慎的验证呃所以你前期看到的只是一个货柜啊那么后续呃随着呃生产的正常化跨税呃都会正常推进的。 So the shipment you noted is actually under only a trial production. They'll ship from Hartford to U.S. that time. As you may know, the tariff policy was not really finalized or posted until the late September. So the shipment you mentioned was just for trial production purposes because it takes multiple rounds of adjustments in terms of the quality control, the compliance, and different other you know factors of consideration. That's why there was only one shipment we had from Taiwan to U.S. in the past back in August. Once the production in Hartford is being more optimal and regulated, there'll be more shipment you know to be carried out from Hartford to U.S. in the future. Okay, and then U.S. imports apparently have paused because the last one was back on October 20th. Are sales in the U.S. being made from your existing inventory in the U.S.? 那你们现在美国的销售就是从上一次进来的这个货柜里面的产品来进行销售的吗？就是销售的现在目前正在销售产品。扣安，你能再重复一下吗？啊，他，他就问，现在我们正在销售产品，就是从之前运过来的这些产品来进行销售的吗？因为他说，就一直没有看到新的这个货柜进来。 呃我们呃第一批货呃目前还在销售过程中啊。 The shipment you mentioned actually right now is the sales of that particular product is still underway along with our other products of the inventory. I'm sorry, I don't understand. Basically the sales of that shipment is underway. Okay, and speaking of existing inventory, last year I know you had a fairly high inventory that you reported. Can you give us any kind of an update on where your inventory levels are at the moment? 嗯他他说我们能不能现在具体讲下我们的存货之前我们披露的存货库存我们是挺多的啊我们能不能讲一下我们现在的嗯存货情况。 呃这个我还是建议按照我们的公开披露的信息为准。 For the inventory levels, I think you'd be the best if you can refer to the financial statements we have included in the earnings release of the 6-K. They can give you the most accurate information. Thank you. Okay, and can you give us a sort of a status update on the proposed Kandi America spinoff IPO? Can you basically tell us what are the factors that are keeping it from going forward today? What needs to happen? 嗯你能不能给我们说一下现在康帝美国IPO的情嗯进展情况是什么嗯在阻止这个IPO就是向前。 呃这个公司肯定是会根据市场和业务发展的情况来进行相关工作的推进呃并根据SEC的要求来进行相关信息的披露。 The related process was being proceeded based on the market conditions, and then the company development and further disclosure will be presented based on the regulation and requirement by the SEC. Thank you. Okay, has Kandi filed any complaint with the SEC, FINRA, or the NASDAQ with regard to trading of its stock? Wait, wait, say one more time about FINRA and Nasdaq about trading? Yeah, has the company filed any complaint with the SEC, FINRA, or the NASDAQ with regard to trading of its stock? 公司是否嗯有向嗯纳斯达克或者金融监管金融监管局或者嗯证监会来就是投呃去投诉我们嗯目前的这个交易交易股票交易情况。 呃扣安你再说一下没明白。 啊就说我们现在公司是否有向SEC呃纳斯达克或金融监管局去就投诉抱怨就是呃我们现在的股票的交易情况。 是哪方面的情况呢？ 为什么抱怨？ 因为他可能觉呃觉得我们这个股票现在的交易不正常吗？ 你要不再问他一下他到底是什么意思？ Okay, we're trying to understand why you think the company should file a complaint to the FINRA, SEC, and NASDAQ. I don't know, I guess I don't have much of a life, but I watch your stock trade every day, and that the service seems rather odd, and the stock is sitting at $1.20 anyway. Let me just ask one other question or just two other questions, and I'll be done. In the past, when we were, I'm talking about international expansion for your off-road products, and on past earnings calls, when asked, when Mr. Hugh replied he usually would reply as if you were just basically testing the waters in different locations. Could you provide any, I guess, guidance or more color in terms of what your business plan is for international expansion? I know in the last couple of days we've noticed or I or some other shareholders have noticed a lot more activity in South Africa as well as the UK, and I just wondered if you could expand on how you're going to be approaching your expansion in Southeast Asia. Of course you're in Thailand in the EU and other locations. Okay。 他刚刚问那个问题他说他也不知道啊为呃他他因为他认为他每天看着公司的股票嗯在一块钱他觉得很奇怪他觉得这个交易不正常所以他就问公司是否也会有同样的想法所以向嗯这个监管部门去提提出疑问啊他说没有关系你不回答也没有关系他还有两个问题第一个呢就是公司在呃过去呢呃都有说了一些公司向国际的市场进行啊扩张的一些计划啊然后呢胡总呢总是会想我们目前还是在试水看看情况怎么样那目前呢我们有些股东也看到公司在嗯南非以及在英国都有看到一些声音那我想具体知道一下现在我们公司对国际市场的扩张有一些什么具体的计划我们将会怎么去做。 我们在现在在英国德国奥地利瑞士黑山斯洛伐克罗马尼亚荷兰呃南非啊以及东南亚的一些国家已经开始销售啊相信明年呃会有一定的销量的。 We have actually started some trial sales in the European region such as the UK, Germany, Austria, Switzerland, Montenegro, Slovakia, Romania, and the Netherlands. We believe that and also some part in the Southeast Asia. We believe that there will be a certain sales volume to be brought up next year. Okay, and finally, I understand that now that you're in BVI, that there is no requirement that any officers or directors report purchases of Kandi shares. The stock traded last week as low as $1.20. There's no indication of any insider buying for the past several years, including this year. To the Kandi company folks on this call and listening to this call, is $1.20 not low enough to entice you to make an insider buy? What kind of a message do you think that sends to shareholders, that insiders seem to have no interest to buy Kandi shares under $2, as low as $1.20? 啊我最后问的是呃我知道就是现在公司是一个BVI的公司嗯对于你买卖这个公司的股票呢你嗯是不需要披露啊我就想问一下就是现在公司的股票这么低上个星期低到一块二就是为什么如此低的股价都不能够吸引公司的内部的管理层来进行购买就是你觉得就是这样的一种啊情况你你如何让这个市场和呃外面的股东去想就是股价如此低了你都不你都不去买那那就是你你如何呈现公司的管理层对公司的啊股价的信心。 呃公司管理层以及呃管理层正在制定管理层以及员工的呃股票呃回购计划呃但是目前还在计划制作过程中。 The company actually is still working on the stock buyback program as planned and then we are setting up another upcoming program but if the process is still underway. Yeah, I'm not talking about the company buyback program. I'm talking about insider buying. 啊他说他不是问你的公司来回购而是问就是公司的管理层公司的内部的成员一个嗯个人。 我说的就是管理层的回购不是公司的回购啊管理层的购买计划管理层和员工的购买计划。 Okay, and let me rephrase. The plan we mentioned is actually addressing the buyback plan by the management and the insider, and so such a plan is underway. Great, thank you very much. Appreciate it. Thank you for taking my questions. Thank you, thank you. Our next question comes from the line of John Ritter, private investor. Please proceed with your question. Hello, thank you for taking my questions. I have a statement to make, and then you can translate it, and then I'll get into a couple of questions, not many. As management's aware, the stock's at $1.25, and it's been trading at a new 15-year low virtually every day. It's been hitting the new low, yet it is by far the strongest fundamental position both in sales growth potential and cash and overall financial condition it's ever been. The stock has been trading under cash value for the last three quarters. Now it's at less than 40% cash value and 25% shareholder equity. As discussed on the last conference call, the replacement value of Kandi's multiple facilities in China alone, though carried on the books only at a depreciated $92 million, would be over $300 million, which if liquidated would raise the book value to about $7 a share. Since the announcement of the new management team, the stock has dropped another 22%. Thank you. questions. Go ahead. So, what is management's opinion as to why the stock has dropped so low, and please don't tell me it's just market forces? What is your opinion why do you think the stock is trading at now today another 15-year low especially since you published such an incredibly bullish 5-year forecast just 6 weeks ago? 啊我想问一下就管理层你们认为就是啊真真实的就是想法为什么这个股价会跌到如此低的水平就是请不要告诉我是因为市场的原因是因为宏观的呃因素尤其是就是在我们披露了这么一个非常呃强劲的五年增长预测之后呃还是有这样的下跌这个下跌很很让人费解你能不能告诉我们就是你你的真实的想法为什么会有为为什么会跌到如此低。 影响股价的因素呢是多样的比如美国大选的结果可能导致国际贸易市场的摩擦的增加资本市场会提前把这些不确定性予以考虑有的时候就会比较悲观所以公司的股价被严重的低估啊但是我们相信随着新管理层制定的二零二五到二零二九年发展规划的实施公司的股价会回归到合理的区间。 There are many factors that will affect the stock price. For example, the result of the U.S. election that led to some sort of increased friction in the international trade market and the capital market. We can see that those uncertainties, and you may see that they are so the so-called pricing effect, you know. So they have included in their pricing already in the stock price, and sometimes they are rather pessimistic. So that's why the company stock price is seriously underestimated at the moment. So, to someone who watches this stock right relatively closely, it seems quite clear that a multi-million share seller ignorant of how stocks trade in the U.S. has really destroyed the morale and buying enthusiasm of U.S. investors for this stock since there are only two reported holders of multi-million share positions, that being Mr. Hugh and Olan Rice and they're certainly not selling because they would have to report sales plus they're involved in the company so therefore any selling is likely coming from Chinese holders who have received shares totaling between five and 10 million mainly through Kandi acquisitions of their companies going back a decade and since the company has an active 10b-5 share purchase program has there been any effort to contact these suspected large sellers with a single bid to buy their whole block because there's no restriction under 10b-5 for negotiated block purchases? 嗯如果你非常仔细的就是观察这个股票的交易啊就是看起来嗯好像是有一位很不熟悉美国股市规则的嗯大卖家正在出售数百万的股票这个对这非常严重的打击了美国投资者对康迪股票的信心有一些原因呢其实包括目前只有两位报告持有数百位的股东一个是啊胡呃胡先生还有一个是Olan Rice而他们都在公司内担任重要职位所以嗯他们应该不会出售股票因为他们出售会呃必须要披露而但是呢看起来这些出售的股票呢呃的人呢呃很可能是来自中国的股东所以可以推测这些中国股东可能通过康迪多年前收购他们公司交易得到那些股份啊总计下来大概是五百万到一千万股那既然公司已经有了一个呃呃就是已经啊活跃的呃十B五的啊股票回购计划有没有尝试联系这些大卖家通过单次报价买下整整呃整块这些股票呢而嗯而且就是十B五规则下谈判性的大宗交易好像是并没有呃规模限制的。 呃我们目前没有掌握到您猜测的那个信息。 Based on the statement that based on your assumption of speculation observation, we currently do not have those information on hand. We are not sure about you know how that comes from, so we have no comments on that. 接下去我们会了解一下相关的信息相关的情况。 Of course, if there's any further development in the market, we'll try to get the information, and, you know, so we can be more sure about how, you know, the development in the stock market. Okay, so with the share repurchase program currently in place in the third quarter, you purchased 58,000 shares. Right now the stock being what it is, is there some reason that you're not purchasing more? Are you waiting for the stock to go lower to get an even better price because this is insanity? What you want to be efficient with your capital, then don't you think you ought to be buying as much as you could possibly get at this price? And then my other question is, what price range does management feel the stock should be trading in? If it's not $1-$1.25, where do you all think it should be trading at? 嗯我看到就是第三季度并没有买很多股票哈就是公司觉得这个股价要掉到什么时候嗯公司才会就是出出来就是开始买卖买卖股票嗯如果如果你觉得这个股票不应该在现在这个一块到一块呃一块五之间你觉得目前的股价应该在哪个价位才是合理的。 呃我们认为目前的股价是被严重低估的至于最低的合理价格是多少我们嗯不便对股价的合理范围进行具体的评价。 We do believe that the stock price is seriously totally undervalued. However, we are not in the position to comment. The minimum price is currently being traded, so no comment on that. Thank you. Okay, I get that, but you're certainly in a position to accelerate the buyback. I think you all need to take real seriously how demoralized your shareholder base is and start taking some actions to rectify this problem. That's all I've got to say. Thank you. 他说，我也理解，但是我认为你是有主动权去加速公司回购计划的，因为现在对于股东的这样的处境，我是觉得你是可以主动一点去做这件事情的，这是啊，这是我的意见啊，谢谢回答我的问题。 Operator, we can take the next question. Thank you. Our next question comes from the line of Steve Silver with Argus Research. Please proceed with your question. Hi and thanks for taking the questions on last quarter's call. A lot was made about the excitement and the momentum about the launch of the golf carts through Lowe's. Just curious as to whether there's been any feedback about the market reception to that launch given the fact that it's now a couple of months out. It just maybe if sales of the Lowe's partnership have met expectations so far. Thank you. 嗯在上一个的季度会嗯财报会议上呢我们有讲到就是和通过Lowe's对NFL的这个嗯车的推嗯高富车的推出就是我想知道一下就是现在已经几个月了这个销售有怎么样一个反馈啊对于和Lowe's这个合作是否嗯在这个产品推出的这个呃这这件事情上面大家都嗯都是都是满意的对对对这个销售的啊进展。 呃我们呃和Lowe's一起然后和NFL推出这款这个联名款的这个这个车然后目前我们在Lowe's里面独家销售目前销售反馈都很好啊那个客户评价也比较好那么我们跟Lowe's的合作也非常愉快啊谢谢。 As for the NFL product, the reception from the customer and the market is pretty good, and then we are working well with Lowe's on this business. Thank you. Thank you, ladies and gentlemen. That concludes our question and answer session. I'll turn the floor back to management for any final comments. Thank you again for joining today's conference call. If you have any further questions, please don't hesitate to contact our IR consultant Gary at Blue Shirt Group dot com, or you can contact us at IR at Kandi Group dot com. We look forward to updating you on our next earnings call. This concludes our call for today. Thank you very much. You may now all disconnect. Thank you. You may now disconnect your lines. This concludes today's call.