Renren,Inc。(RENN) 首席执行官 Joseph Chen 在 2019年 第一季度业绩 - 收益电话会议记录

Renren, Inc. (NYSE:RENN) Q1 2019 Earnings Conference Call June 11, 2019 9:00 PM ET

人人公司(纽约证券交易所代码:[RENN])2019年第一季度收益电话会议2019年6月11日美国东部时间晚上9点

公司参与者

Jintao Ren - CFO
Joseph Chen - Founder, Chairman & CEO

  • 任金涛 - 首席财务官
  • Joseph Chen - 创始人,董事长兼首席执行官

电话会议参与者

Tina Long - Crédit Suisse

  • Tina Long - CréditSuisse

会议主持员

Hello, ladies and gentlemen, thank you for standing by for Renren Inc.'s First Quarter 2019 Earnings Conference Call. [Operator Instructions]. Today's conference call is being recorded.
I will now like to turn the call over to your host, Rachel Wang [ph], Investor Relations for the company. Please go ahead, Rachel.

女士们,先生们,您好,感谢您支持Renren Inc.的2019年第一季度收益电话会议。 [操作员说明]。 今天的电话会议正在录制中。

我现在想把这个电话转给你的主人Rachel Wang [ph],公司投资者关系部。 请继续,雷切尔。

身份不明的公司代表

Hello, everyone, and welcome to Renren Inc.'s First Quarter 2019 Earnings Conference Call. Renren Inc. operates a leading premium used auto business in China, Kaixin Auto Holdings, with NASDAQ ticker KXIN as well as several U.S.-based side businesses. The company's financial and operating results were issued in the press release via newswire services earlier today and are posted online.
Participating in today's call are Mr. Joe Chen, our Chairman of the Board of Directors; and Mr. Thomas Ren, our Chief Financial Officer. The company's management will begin with prepared remarks and the call will conclude with a QA session. Mr. James Liu, our Chief Operating Officer, will join us for the 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 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 views express today. Further information regarding this and other risks and uncertainties is included in the company's annual report on Form 25 and other filings as filed with the U.S. Securities and Exchange Commission. The company does not obtain any obligation to update any forward-looking statements except as required under applicable law.
Please also note that Renren's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Renren's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
I will now turn the call over all over to our Chairman, Mr. Joe Chen. Please go ahead.

大家好,欢迎来到Renren Inc.的2019年第一季度收益电话会议。人人公司在中国经营着一家领先的优质二手汽车业务,开心汽车控股,纳斯达克股票代码KXIN以及多家美国子公司。该公司的财务和经营业绩于今天早些时候通过新闻专线服务在新闻稿中发布,并在线发布。

参加今天的电话会议的是董事会主席Joe Chen先生

Joseph Chen

Thank you, Rachel. Good morning, and good evening to everyone joining us. Welcome to our first quarter 2019 earnings call. We have now hosted conference calls for a few years, and the reason we are doing it this quarter is to better update our shareholders on changes that have been taking place over the past several quarters. These changes include but are not limited to the spinoff of our ZenZone Business and the portfolio that occurred in June 2018; the divestiture of our main social networking business, a business we have had since 2005; and finally the listing of our auto dealership business, Kaixin Auto, on NASDAQ in May this year.
Our remaining business and focus of the newly created or acquired post our IPO in 2011, our Kaixin Auto and our SaaS businesses. Our SaaS businesses are still in the advancement stage so let me focus on Kaixin Auto on this call. Our auto dealership business model has been with each revolutionary move developing as a direct result of our deeper understanding of the industry and where it's headed. We started this business in 2015 within the parent company Renren as a tech-enabled platform that provided floor financing for used car dealers. Supported by the rapid growth of China's used car market and leveraging its own hybrid business model that offers both strong online/offline presence, Kaixin has transformed from its tech-enabled financing platform into a nationwide dealer network that combines self-owned and affiliated dealers along with value-added services.
So how did we get into this business model? From the onset, we realized the central role that financing plays in this industry, while at the same time began developing relationships with prime dealers who are dominating the local markets. In 2017, we established our self-owned dealer network. The goal was to operate in the premium used car segment by providing dealers with access to premium brands, capital, technology and marketing support. In addition, Kaixin began providing financing on the loans to some of our joint venture dealership partnerships in top markets. Over time, Kaixin became the largest premier used car dealership network in China.
In 2018, Kaixin expanded its business model to include a network of affiliated dealers beginning in the city of Wuhan, my hometown. The goal of the expanded business model aimed to establish a national dealership network underpinned by capital and financing resources from multiple channels. Most recently, we expanded our offerings in order to provide customers with the full suite of services in order to capture additional revenue streams. This includes value-added and aftersales services as well as vertically forward integration such as customer auto financing, insurance brokering and the all-important repair and maintenance services. We are prepared to further refine and evolve with this business model as needed with the open objective of deepening our market penetration and increasing our profitability.
So why this particular industry and why this particular niche? China's used car market is still in its infancy because even the new car market in China has been earning a relatively recent development. A typical Chinese consumer did not and does not grow up with a family car and therefore has very little experience with automobiles. However, car ownership and used car ownership has begun exploding in China and is now a huge and rapidly expanding market. In fact, it is on a trajectory to become the biggest in the world.

谢谢你,瑞秋。大家早上好,晚上好,加入我们。欢迎来到2019年第一季度的财报电话会议。我们现在已经举办了几年的电话会议,而我们本季度这样做的原因是为了更好地向股东介绍过去几个季度发生的变化。这些变化包括但不限于我们的ZenZone业务和2018年6月发生的投资组合的分拆

There are two developments occurring that combined are creating a scenario that is ripe for premium used car demand. First one is middle-class workers income rising. Many Chinese consumers are looking to upgrade their vehicles or procure one for the first time with an eye toward the U.S. and international premium brands. At the same time, in light of the challenging macroeconomic conditions, including -- the consumers are looking to hedge their spending exposure with the value proposition offered by the used vehicle. This leads to extraordinary opportunity that Kaixin is well positioned to capture.
Kaixin is focusing on premium car segment which is concentrated in Tier 1 areas and which we believe provides the greatest growth opportunity. With China's used car market still highly fragmented, financing options limited and a lack of skill for others in the market, consumers are presented with a sales environment with inefficient sourcing, poor price transparency and inconsistent quality, which is leading to overall skepticism and distrust. Kaixin's strategy is to provide consumers with the simplest, most comprehensive and transparent service available. We believe this differentiated business model, combined with our size, scale, dealership funding, availability and a multitude of value-added services will give Kaixin a huge competitive advantage.
So where are we today from an infrastructure standpoint? Kaixin has 14 dealers covering 14 different cities in 12 provinces in China. On average Kaixin's dealership operators have over 10 years of experience in the used car business. Kaixin provides used car buyers in China with access to a wide selection of used vehicles across its network of dealers who, as mentioned, are focus on premium brands, such as Audi, BMW, Mercedes, Land Rover and Porsche.
With this current model and the size of the transport market, we have significant growth opportunity ahead. Specifically in order to capture these growth opportunities, here are some high-level initiatives we are focused on: first, leveraging a well-established brand to maintain and increase our online credibility; second, using big data for operational advantages in sourcing, pricing, marketing and enterprise management systems; third, further consolidating the addressable market of 150,000 mom-and-pop shops by acquiring additional dealers that will cover all premium segments; fourth, providing additional resources for capital, technology and scale through affiliated dealers; and finally, driving value-added service such as financing, insurance brokering, and repair and maintenance to further monetize transactions, improve margins and profitability, and fortify both customer and affiliated dealer retention and loyalty.
As we grow this business from quarter-to-quarter and year-to-year, we are continually providing investors with the metrics needed to measure our success in availing Kaixin.
There are three to focus -- focusing on right now. First, units sold. In 2017, 1,830 used units. That's 1,830 used units were sold through Kaixin's network. In 2018, that number jumped to 6,900 -- 6,900 units sold. Second, dealerships. In 2017, Kaixin has 13 dealership in its network which includes both company-owned and affiliated-network dealers. That number rose to 18 dealerships in 2018. Third, average selling price per vehicle, which we anticipate will be around $50,000 in 2019 and 2020.

总共有两个发展趋势正在形成一个适用于优质二手车需求的情景。首先是中产阶级工人收入增加。许多中国消费者希望首次升级他们的车辆或采购一辆,着眼于美国和国际优质品牌。与此同时,鉴于具有挑战性的宏观经济条件,包括 - 消费者希望通过二手车提供的价值主张来对冲其消费风险。这为开心公司提供了抓住机遇的绝佳机会。

开心专注于高端汽车细分市场,专注于一线领域,我们相信这是一个最大的增长机会。由于中国的二手车市场仍然高度分散,融资选择有限,市场上其他人缺乏技能,消费者面临着采购效率低,价格透明度差,质量不稳定的销售环境,这导致整体怀疑和不信任。开心的策略是为消费者提供最简单,最全面,最透明的服务。我们相信这种差异化的商业模式,加上我们的规模,规模,经销商资金,可用性和众多增值服务,将为开心提供巨大​​的竞争优势。

那么从基础设施的角度来看,我们今天在哪里?开心有14家经销商,覆盖中国12个省的14个不同城市。平均而言,开心经销商在二手车业务方面拥有超过10年的经验。开心网为中国的二手车买家提供了经销商网络中的各种二手车,如上所述,他们专注于高端品牌,如奥迪,宝马,梅赛德斯,路虎和保时捷。

凭借目前的模式和运输市场的规模,我们面临着巨大的增长机会。特别是为了抓住这些增长机会,以下是我们关注的一些高层次举措:首先,利用一个完善的品牌来维持和提高我们的在线信誉

These numbers speak for itself, and with first quarter 2019 adjusted net losses cut by more than half from the same period last year, we are confident that with the execution of the plan just laid out, we can begin extracting and delivering shareholder value.
To conclude before I turn the call over to Thomas, I would like to summarize how we differentiate ourselves in the marketplace and how the differentiation can make us successful. We serve the premium car segment, which is a very large percentage of the total market and growing faster than overall used car market in China. We are betting our strong local dealerships who have been successful with organic growth and further marketing spend. We leverage strong proprietary technology both on the customer-facing side and the dealership-facing side. We have a strong team in place who is passionate about the marriage of cars and technology and has history of business execution.
Although we are still in the development and incubation mode, we are the number one dealership network in the premium used car segment in China with much runway and opportunity ahead of us to grow.
Thank you again for joining us today, and I would now turn the call over to our CFO, Thomas Ren.

这些数字不言而喻,随着2019年第一季度调整后的净亏损比去年同期减少一半以上,我们相信,随着刚刚制定的计划的执行,我们可以开始提取并提供股东价值。

最后,在我将调用转交给托马斯之前,我想总结一下我们如何在市场中脱颖而出以及差异化如何使我们取得成功。我们服务于高端汽车市场,占整个市场的很大比例,并且增长速度超过中国整体二手车市场。我们打赌我们强大的本地经销商,他们已经成功实现了有机增长和进一步的营销支出。我们在面向客户和面向经销商方面利用强大的专有技术。我们拥有一支强大的团队,对汽车和技术的结合充满热情,并拥有业务执行的历史。

虽然我们仍处于开发和孵化模式,但我们是中国优质二手车市场的头号经销商网络,我们有很多跑道和机会可以发展。

再次感谢您今天加入我们,现在我将致电我们的首席财务官Thomas Ren。

金涛人

Thank you, Joe. Mindful of the length of this call, I will just highlight the key financial measures for the first quarter of 2019, and we encourage you to refer to our earnings press release for further details regarding our first quarter financial results.
Our total net revenues for the first quarter of 2019 were $110.4 million, representing an 18% decrease from the corresponding period in 2018. Kaixin revenues were $104.6 million, an 8% increase from the corresponding period in 2018. Our auto sales revenue for the first quarter of 2019 were $102.6 million, representing a 17% decrease from the corresponding period in 2018. The decrease was mainly due to the closing of our Jinan dealership in the third quarter of 2018.
Other revenue were $7.7 million, representing a 25% decrease from the corresponding period in 2018. The decrease was mainly due to the decreases of live streaming revenue from our mature business and the shift in Kaixin's business focus to used car sales as opposed to third-party floor financing since the first quarter of 2018. And we do not expect to have any financing income related to that financing business in the near future. Our first quarter 2019 cost of revenue was $101.5 million compared to $123.5 million in the corresponding period of 2018.
Next, operating expenses were $19.9 million, a 42% decrease from the corresponding period of 2018. Our selling and marketing expenses were $6.7 million, a 32% decrease from the corresponding period of 2018. The decrease was primarily due to the decrease in headcount and personnel-related expenses due to the shift in Kaixin's business as described above. Research and development expenses were $6.8 million, a 6% increase from the corresponding period in 2018. The increase was primarily due to an increase in headcount and personnel-related expenses for our U.S. SaaS business.
First quarter 2019 general and administrative expenses were $6.4 million, a 64% decrease from the corresponding period in 2018. The decrease was primarily due to a decrease in share-based compensation expenses and a decrease in headcount and personnel-related expenses. Our share-based compensation expenses, which were all included in operating expenses, were $2.8 million compared to $12.3 million in the corresponding period in 2018. The decrease was mainly due to stock options granted during the first quarter of 2018 by Kaixin, over half of which were vested on the grant base and which led to higher share-based compensation expenses in the first quarter 2018 compared to first quarter 2019.
The company's first quarter 2019 loss from operations was $11.1 million, improved from a loss from operations of $23.7 million in the corresponding period in 2018. Net loss attributable to the company was $27.9 million, improved from a net loss of $41.6 million in the corresponding period in 2018.
Non-GAAP adjusted loss from continuing operations was $8.2 million, improved from an adjusted loss from continuing operations of $11.3 million in the corresponding period in 2018. Adjusted loss from operations is defined as loss from operations, excluding share-based compensation expenses and amortization of intangible assets. Finally, non-GAAP adjusted net loss in first quarter 2019 was $7.4 million, improved from an adjusted net loss of $18.8 million in the corresponding period in 2018. Adjusted net loss is defined as net loss excluding share-based compensation expenses, fair value change of contingent consideration and amortization of intangible assets.

谢谢你,乔。考虑到此次通话的时间长短,我将重点介绍2019年第一季度的主要财务指标,我们建议您参考我们的财报新闻稿,了解有关我们第一季度财务业绩的更多详情。

我们2019年第一季度的净收入总额为1.104亿美元,比2018年同期减少18%。开心收入为1.046亿美元,比2018年同期增长8%。我们的汽车销售收入为第一季度2019年第四季度为1.026亿美元,较2018年同期减少17%。减少主要是由于2018年第三季度济南经销商关闭。

其他收入为770万美元,较2018年同期减少25%。减少主要是由于我们成熟业务的实时流量收入减少以及开心业务重点转向二手车销售而非第三方 - 自2018年第一季度以来的党派融资。我们预计在不久的将来不会有任何与该融资业务相关的融资收入。 2019年第一季度的收入成本为1.015亿美元,而2018年同期为1.235亿美元。

其次,营业费用为1,990万美元,比2018年同期减少42%。我们的销售和营销费用为670万美元,比2018年同期减少32%。减少主要是由于员工人数减少和与上述开心业务转移有关的人事费用。研发费用为680万美元,比2018年同期增长6%。增长主要是由于美国SaaS业务的员工人数和人事费用增加所致。

2019年第一季度的一般和管理费用为640万美元,比2018年同期减少64%。减少的主要原因是股票补偿费用减少以及人员和人事相关费用减少。我们的股权薪酬开支全部包括在经营开支中,为280万美元,而2018年同期为1,230万美元。减少的主要原因是开心于2018年第一季度授予的股票期权,超过一半与2019年第一季度相比,2018年第一季度归属于赠款基础并导致更高的股权奖励支出。

该公司2019年第一季度的运营亏损为1110万美元,比2018年同期的2370万美元的运营亏损有所改善。该公司的净亏损为2790万美元,与同期净亏损4160万美元相比有所改善在2018年。

非美国通用会计准则调整后的持续经营亏损为820万美元,比2018年同期持续经营的调整亏损1130万美元有所改善。调整后的经营亏损被定义为经营亏损,不包括股权奖励支出和摊销。无形资产。最后,2019年第一季度非GAAP调整后的净亏损为740万美元,比2018年同期的调整后净亏损1880万美元有所改善。调整后净亏损定义为净亏损,不包括股权奖励支出,公允价值变动无形资产的或有对价和摊销。

And now our business outlook and guidance. The company expects to generate revenue in an amount ranging from $98 million to $103 million in the second quarter of 2019. This outlook is based on the current market condition and reflects the management's current and preliminary estimates of market and operating conditions and customer demand which are all subject to change.
This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead.

现在我们的业务前景和指导。 该公司预计2019年第二季度的收入将在9800万美元至1.03亿美元之间。这一前景基于当前的市场状况,反映了管理层对市场和运营状况以及客户需求的当前和初步估计。 一切都有可能改变。

以上是我们准备的评论。 我们现在打开问题的电话。 接线员,请继续。

问答环节

[Operator Instructions]. We have our first question from the line of Tina Long of Crédit Suisse.

[操作员说明]。 我们的第一个问题来自CréditSuisse的Tina Long系列。

蒂娜龙

Congratulations on the results. And also I have two questions on the big picture of the company. The first one is what's the Renren's long-term strategy after the OPI spinoff and sale of Renren assets? And the second one is considering the recent fund raised for Kaixin during the recent U.S. IPO listing -- your non-IPO listing, what will be Kaixin's short- and long-term strategy in the used car market?

祝贺结果。 我对公司的整体情况也有两个问题。 第一个是人人在OPI分拆和出售人人资产后的长期战略是什么? 第二个是考虑最近在美国首次公开募股上市期间为开心筹集的资金 - 您的非首次公开募股上市,开心在二手车市场的短期和长期策略是什么?

Joseph Chen

Tina, thanks. This is Joe. Let me take first crack on your questions, but I kind of mixed up the two questions, but let me -- so you're asking for the long-term strategy, all right. So let me answer the first question, long-term strategy.
So we went public in 2011 with a social network business, but obviously that business has very strong network effect, and we are locked up in a very, very intense competition with Tencent. And that's actually almost significantly after we went public, they launched WeChat. So we were competing simultaneously with four competitors, four products that's QQ, which has 10x more users than we have back in 2011. And we were competing -- still competing with Sina Weibo. And we were always competitive with Qzone, with QQ, the homepage services. That's our main competitors when we started. And then finally WeChat.
So with all these four products competing with us, all bigger than us, and we had to fight network effect. And although we were the, number one, online-based network when we went public, and that differentiation somehow wasn't strong enough. It was still -- especially with the launch of WeChat. So we lost that war. And we actually -- in that process we lost a lot of money operationally. And so starting from 2 or 3 years ago, or even before that, we decided to, okay, if we -- we don't want to lose so much money, Renren, so we started management cost and -- to the point that we almost turned profitable, and then last year, we divested the business.
And then that leave us all the businesses that we have left in the public company are brand new. These are businesses that we have started or acquired post-2011. And all the business that we have were sold or discontinued. So we are essentially a new company, even though we still have Renren as the company name and we sold the Renren social networking business. We're a very different company.
So in the long term what we do -- I mean obviously is Kaixin is our main business right now. It has most of the operating asset -- company was out of the business. It had the most employee count as well. And so more than half of the employees and a lot of advertisers on that business. So we want to make sure that this business grow and do well. And we have some other business that we're incubating, still in the incubation stage. The revenue is still relatively small. And so when they become sufficiently big, we'll start reporting the performance of this business.
So to answer the question, clearly the long term is really about -- we're almost becoming a B2B company now. Starting from a B2C company. And B2B, what it means is that Kaixin dealer and network business is partially B2C but also B2B in a sense that we develop software -- enterprise software that supports our internal operations. That means we need to understand how the dealership works and what's the best technology infrastructure to support them. And in the case when we manage the marketing spending, we also need to understand how to drive demand.

蒂娜,谢谢。这是乔。让我先解决你的问题,但我把这两个问题搞混了,但是让我 - 所以你要求长期战略,好吧。那么让我回答第一个问题,即长期战略。

所以我们在2011年上市了一个社交网络业务,但显然业务有很强的网络效应,我们被锁定在与腾讯非常激烈的竞争中。在我们上市后,他们推出了微信,这几乎是显着的。因此,我们与四个竞争对手同时竞争,其中四个产品是QQ,其用户数比2011年增加了10倍。我们竞争 - 仍在与新浪微博竞争。我们总是与Qzone竞争,主页服务QQ。这是我们开始时的主要竞争对手。最后是微信。

因此,所有这四种产品都与我们竞争,都比我们大,我们不得不对抗网络效应。虽然当我们上市时,我们是排名第一的在线网络,但这种差异在某种程度上还不够强大。它仍然 - 特别是微信的推出。所以我们输了那场战争。我们实际上 - 在这个过程中我们在运作上损失了很多钱。所以从2年或3年前开始,或者甚至在此之前,我们决定,好吧,如果我们 - 我们不想失去这么多钱,人人,所以我们开始管理成本和 - 到了我们几乎变成了盈利,然后去年,我们剥离了业务。

然后,我们留在上市公司的所有业务都是全新的。这些是我们在2011年后开始或收购的业务。我们所有的业务都已售出或停产。所以我们基本上是一家新公司,尽管我们仍然将人人公司作为公司名称,并且我们出售人人社交网络业务。我们是一家非常不同的公司。

所以从长远来看我们做的事情 - 我的意思是,开心是我们现在的主要业务。它拥有大部分运营资产 - 公司已经停业。它也是员工人数最多的。因此,超过一半的员工和许多广告客户都参与了这项业务。因此,我们希望确保此业务增长并做得好。我们还有其他一些我们正在孵化的业务,仍处于孵化阶段。收入仍然相对较小。因此,当它们变得足够大时,我们将开始报告此业务的表现。

所以要回答这个问题,很明显长期是真的 - 我们现在几乎成了一家B2B公司。从B2C公司开始。而B2B,这意味着开心经销商和网络业务部分是B2C,但也是B2B,在某种意义上我们开发软件 - 支持我们内部运营的企业软件。这意味着我们需要了解经销商的工作方式以及支持他们的最佳技术基础架构。在我们管理营销支出的情况下,我们还需要了解如何推动需求。

So a lot of that -- at least part of the team is B2B-facing. So as well as our SaaS business which is pure B2B. So I think that's the sort of the direction we're going. We're going towards B2B businesses, and we'll find a niche. And if it makes sense, we invest and try to grow to the business.
And going back to your second question which is related to the strategy of Kaixin. We managed to raise a little bit of money, not too much. I think between $30 million to $40 million, so not a lot of capital. I mean you know that in this business. Because we are fundamentally a retailer because we have inventory. And we turn our inventory really quickly to the tune of less than 2 months of turn. And we have very good gross margins on it, but we need all the capital.
So I think the short-term strategy is to keep on raising capital, especially debt capital, and grow our inventory and grow our business. And as you say that we are approaching a trajectory of profitability as well. So I think as long as we do well on those two, the backdrop of the used car market in China provides a very good wave to ride because there are quite a few large companies that was founded to pursue this opportunity, but I believe we have the most unique model.
I mean everybody else was focused on medium-end priced or low-end priced car because there's a lot of units there, but we focus on premium. And when you focus on premium, offline is 100% more important than online because customers buying a car that's $50,000, they want to touch it, they want to drive it, they want to see it at its house, so is it a good-looking dealership. They want to make sure that car is merchandised together with a bunch of other good-looking cars, and they want to talk to knowledgable, posh-looking salespeople.
So everything is different. I mean when you're selling a premium used car that's priced around $50,000 on average versus a car that's selling less than $10,000, right? You know that it's a very differentiated business strategy. We are the only one that's on the market pursuing this in scale. So I think we have a pretty good thing going for us on Kaixin.

所以很多 - 至少部分团队面向B2B。以及我们的纯粹B2B的SaaS业务。所以我认为这就是我们要走的那种方向。我们将走向B2B业务,我们将找到一个利基市场。如果它有意义,我们会投资并尝试发展业务。

回到你的第二个问题,这个问题与开心战略有关。我们设法筹集了一点钱,而不是太多。我认为在3000万到4000万美元之间,因此资金不多。我的意思是你知道这个行业。因为我们基本上是零售商,因为我们有库存。我们的库存确实快速转向不到2个月的转变。我们的毛利率非常高,但我们需要所有资金。

因此,我认为短期策略是继续筹集资金,特别是债务资本,增加库存和发展业务。正如你所说,我们正在接近盈利的轨迹。所以我认为,只要我们在这两方面表现不错,中国二手车市场的背景就是一个非常好的浪潮,因为有很多大公司是为了抓住这个机会而成立的,但我相信我们有最独特的模特。

我的意思是其他人都专注于中端价格或低端价格的汽车,因为那里有很多单位,但我们专注于溢价。当你专注于高级时,离线比在线重要100%,因为顾客购买价值5万美元的汽车,他们想要触摸它,他们想要驾驶它,他们想在家里看到它,所以它是好的 - 寻找经销商。他们希望确保汽车与其他一些漂亮的汽车一起销售,他们希望与知识渊博,看起来很豪华的销售人员交谈。

所以一切都不同。我的意思是,当你销售的高档二手车平均售价约为50,000美元,而售价低于10,000美元的车,对吧?您知道这是一个非常差异化的业务战略。我们是市场上唯一一个在规模上追求这一目标的人。所以我认为我们在开心上有一件相当不错的事情。

会议主持员

[Operator Instructions]. As there are no further questions now, I'd like to turn the call back over to the company for closing remarks.

[操作员说明]。 由于现在没有其他问题,我想将电话转回公司,以便结束发言。

身份不明的公司代表

Thank you once again for joining us today. If you have further questions, please feel free to contact the Investor Relations department through the contact information provided on our website.
This concludes this conference call. You may now disconnect your lines. Thank you.

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本次电话会议结束。 您现在可以断开线路。 谢谢。

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