TuanChe Ltd (NASDAQ:TC) Q2 2019 Earnings Conference Call August 20, 2019 8:00 AM ET
Cynthia Tan - IR, Director
Wei Wen - CEO
Troy Mao - CFO
- Cynthia Tan - IR，主任
- 魏文 - CEO
- 特洛伊毛 - 首席财务官
Allen Klee - Maxim Group
Laura Liu - Stone Street Group
- Allen Klee - Maxim Group
- 劳拉刘 - 石街集团
Good morning and good evening everyone. Thank you for standing by and welcome to TuanChe Limited Second Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. After today's presentation, there will be an opportunity to ask questions.
Now, I'll turn the call over to your speaker host today, Ms. Cynthia Tan, IR Director of the Company. Please go ahead, ma'am.
大家早上好，晚上好。 感谢您的支持，欢迎来到TuanChe Limited 2019年第二季度收益电话会议。 此时，所有参与者都处于只听模式。 在今天的演讲之后，将有机会提问。
现在，我将把这个电话转给你的发言人主持人，公司的IR主任Cynthia Tan女士。 请继续，女士。
Hello, everyone, and welcome to TuanChe's second quarter 2019 earnings conference call. The Company's earnings results were released earlier today and are available on our website, as well as on newswire services. Before we continue, please note that the discussion today 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, our future results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in our earnings release and our registration statement filed with the SEC. TuanChe does not assume any obligation to update any forward-looking statements, except as required by law.
Today, you'll hear from Mr. Wei Wen, the Company's Chief Executive Officer, who will comment on our operating results. He will be followed by Mr. Troy Mao, the Company's Chief Financial Officer, who will provide additional details on TuanChe's performance, review the Company's financial results, and discuss the financial outlook. Following management's prepared remarks, we will open up the call for questions.
With that said, I would now like to turn the call over to our CEO, Mr. Wen. Please go ahead, sir.
Hello and thank you everyone for joining us on our second quarter earnings call today. During the quarter, car sales in China continued to plunge due to the uncertainties in the macroeconomic environment and unexpected regulatory changes. According to the Chinese Association of Automobile Manufacturers, passenger vehicle sales further dropped by more than 14% in the first half of 2019. Despite these adverse market conditions, we continued to execute our prudent expansion strategies into lower-tier cities and sustained our growth momentum.
Importantly, our net revenues in the second quarter of 2019 increased by 11.9% to RMB203.5 million, that growth was driven by the strong performance of our offline market services, which generated RMB196.4 million in revenues during the quarter and increased by 8% year-over-year. In addition, the continued ramp-up of new business initiatives, including virtual dealership and online marketing services, also contributed to our growth in the quarter.
During the second quarter of 2019, we achieved success in three key areas; one, expanding our core auto show business into lower-tier city markets; two, accelerating the development of customized special events; and three, progressing in our virtual dealership and online marketing services. Our success in these areas and a strong brand equity enabled us to maintain a healthy growth trajectory throughout the market downturn in the quarter.
First, for our core auto show business, we continued to expand into lower-tier cities while maintaining our industry-leading market share in first- and second-tier cities. Despite China's economic slowdown continuing in the first half of 2019, lower-tier cities have experienced a significant consumption upgrade. In fact, while big-city residents have more disposable income, it is their peers in lower-tier cities and county districts who are more willing to spend a premium on aspirational purchases. In view of this marketing trend, we proactively worked to continue establishing our first-mover advantage in these high growth potential markets during the quarter.
As a result, we successfully organized 344 auto shows across 186 cities during the second quarter of 2019, compared to 219 auto shows in 116 cities in the prior-year period. This consistent improvement to auto show geographic coverage once again demonstrated the effectiveness of our prudent expansion strategy, possessiveness of our brand recognition, and the force of our market leadership.
Secondly, we continued to accelerate the development of customized special promotion events during the quarter. Due to unexpected changes in government automobile regulations and the challenging macroeconomic environment, both OEMs and 4S dealers are currently under significant pressure to reduce their inventory. By accelerating the development of our customized special promotional events, we help customers to optimize both their consumer experience and the sales conversion rate. As a result, service fees generated from our special promotional events exceeded our previous expectations in the quarter, contributing RMB5.8 million to our total revenues.
重要的是，我们在2019年第二季度的净收入增长了11.9％至人民币203.5百万元，这一增长主要得益于我们的线下市场服务的强劲表现，该季度收入产生了人民币196.4百万元，增长了8倍。 ％ 年复一年。此外，包括虚拟经销商和在线营销服务在内的新业务计划的持续增长也为我们本季度的增长做出了贡献。
Further, our recently announced acquisition of Longye International has made meaningful progress. Longye is a leading systems developer that creates and implements social CRM cloud systems for China's automotive industry. Longye's flagship SaaS product, Cheshangtong, provides auto dealers with social CRM services by facilitating the effective flow of information between auto dealers and customers.
This acquisition will enable us to help auto dealers digitize their operations, produce actionable analytics, enhance their sales capabilities, and optimize their social media marketing campaigns. Longye has also recently developed an AI-powered, in-store traffic solution and maximized auto dealers' in-store monetization capabilities. This system uses high definition cameras equipped with AI-based facial recognition and biometric technology to produce precise multifaceted user profiles.
Based on its profile analysis, the system matches customers to the most suitable sales representative in the dealership while storing the profiles for future follow-up and inspection. This system improves the efficiency and results of an auto dealer's in-store traffic management process while reducing labor costs and mitigating the risks of losing valuable sales leads. We are confident that the unique value provided to auto dealers through these social CRM services will enhance our dealers' stickiness.
In summary, our strategy to expand into lower-tier city markets with high growth potential has shown promising results in the second quarter. As we continue to enhance our service offerings to OEMs and auto dealers, we improve our ability to capture additional market share in turn. Despite the current adverse market conditions, we are confident that this work combined with our nationwide service coverage, diversified revenue streams and strong brand equity will fortify our market-leading position going forward.
Now, let's turn the call to our CFO, Mr. Troy Mao. Please go ahead, sir.
Thank you, Wei. Hello, everyone. Before I start, please be reminded that beginning January 1st, 2019, we changed our revenue classifications and decided to report our net revenues under the following new segments; first, offline marketing services, auto shows; second, offline marketing services, special promotion events; and third, auto dealership, online marketing services, and others.
Now, before I move on to our second-quarter financial results, please also note that all numbers stated here are in RMB terms and all percentage comparisons are on a year-over-year basis unless otherwise noted. Despite challenging market conditions in the second quarter, our revenues increased by 11.9% to RMB203.5 million from RMB181.9 million in the same period last year, primarily driven by the revenue growth from our offline marketing services, which increased by 8% year-over-year to RMB196.4 million from 181.8 million in the same period last year.
It is worth highlighting that offline marketing services revenues generated from our special promotion events reached RMB5.8 million in the second quarter compared to RMB0.8 million in the first quarter of 2019. Based on the performance of our special promotion events, we have confidence in the business growth prospects and expect that it will continue to contribute to our long-term growth going forward.
Despite new car sales in China continuing to decline in the second quarter, the total gross merchandise volume of new automobiles sold through our offline events increased by 7.8% to RMB15.2 billion from RMB14.1 billion in the same period last year. Thanks to our prudent expansion strategies. Meanwhile, the number of automobile sales transactions facilitated during the quarter increased by 12% to RMB110,400 from RMB98,600 in the same period last year.
In addition to our offline marketing services business, we also continued ramp-up of new growth initiatives during the second quarter. Revenues from auto dealerships, online marketing services, and others increased to RMB7.1 million during the second quarter. Our gross profit in the second quarter increased by 9% to RMB144.0 million from RMB132.2 million, and our gross margin fell slightly to 70.8% from 72.6% in the same period last year.
In the second quarter, selling and marketing expenses increased to RMB217.5 million from RMB109.6 million in the same period last year, primarily due to an increase in staff compensation expenses as well as our advertising and promotional activities, which not only continued to boost our growth, but also further strengthened our brand influence. Selling and marketing expenses for the second quarter included share-based compensation expenses of RMB71.5 million compared to RMB7.1 million in the same period last year.
General and administrative expenses increased to RMB28.1 million from RMB22.9 million in the same period last year, which was due to a headcount increase as a result of our business expansion during the second quarter. To a lesser extent, we also incurred higher professional fees and other ongoing expenses as a public company in the second quarter of 2019.
现在，在我进入第二季度财务业绩之前，请注意，除非另有说明，否则此处所述的所有数字均以人民币计算，所有百分比均按年度计算。尽管第二季度市场环境充满挑战，但我们的收入由去年同期的人民币181.9百万元增加11.9％至人民币203.5百万元，主要受我们的线下营销服务收入增长所带动，年增长8％ - 去年同期的人民币1.96亿元，从去年同期的1.818亿。
General and administrative expenses included share-based compensation expenses of RMB7.5 million and a bad debt allowance of RMB6.8 million in the second quarter. Research and development expenses increased to RMB9.9 million from RMB3.9 million in the same period last year as a result of efforts to improve and innovates our product and service offerings.
Consequently, our loss from continued operations was RMB111.4 million in the second quarter compared with RMB4.2 million in the same period last year. Excluding the effect of share-based compensation expenses, fair value loss of warrant and the impairment of investments, adjusted net loss attributable to the Company's shareholders was RMB29.3 million in the second quarter compared to an income of RMB16.1 million in the same period last year.
Adjusted diluted loss per share was RMB0.10 in the second quarter compared to a gain of RMB0.17 in the same period last year. Adjusted EBITDA was a loss of RMB30.4 million in the second quarter compared to an adjusted EBITDA of RMB17.7 million in the same period last year.
Now, turning to our balance sheet, at the end of June 2019, we had RMB364.3 million in cash and cash equivalents. Let me also give a brief overview of our half-year results. For the first half of 2019, our net revenues increased by 21.2% year-over-year to RMB326.4 million, driven by the 17.4% year-over-year revenue growth in offline marketing services.
Gross profit for the first half of 2019 increased by 19.3% year-over-year to RMB232.9 million, and gross margin was 71.4% compared to 72.5% in the first half of 2018. Adjusted net loss attributable to the Company's shareholders for the first half of 2019 was RMB44.8 million compared to an income of RMB3.3 million in the first half of 2018. Adjusted EBITDA for the first half of 2019 was a loss of RMB48.2 million compared to an adjusted EBITDA of RMB6.5 million in the first half of 2018.
Before I discuss our outlook for the third quarter, I would like to provide some color on the recent regulatory changes and how they have impacted the auto industry in China. Originally planned for July 2020, China unexpectedly released new national six standards, some of the world's strictest standards for auto emissions, on July 1st, 2019.
These auto emissions standards have already been introduced in 15 seriously polluted cities and provinces and will soon be introduced to other cities as well. Due to these regulations, cars that have failed to meet a new emissions standard have been barred from production, sales, and registration in targeted areas.
During the second quarter, the majority of individuals planning to purchase cars delayed their vehicle purchases to wait until the new emissions standards took effect. As a result, OEMs and auto dealers desperately reduced their inventories of cars, unable to meet new standards, rushed to introduce unprecedented vehicle discounts, and in doing so, temporarily boosted their car sales in June.
However, as the Chinese carmakers have begun the process of building engines and auto parts that comply with the new standards, the supply of new cars has been slow to catch up, further creating uncertainties for car sales in the remainder of 2019.
2019年上半年毛利润同比增长19.3％至人民币232.9百万元，毛利率为71.4％，而2018年上半年为72.5％。调整后公司股东应占净亏损为人民币。 2019年上半年为人民币44.8百万元，而2018年上半年收入为人民币3,300万元。经调整EBITDA为人民币6.5元，2019年上半年的调整后EBITDA为人民币48.2百万元。 2018年上半年万元。
Mindful of these marketplace trends, in the third quarter of 2019, we expect net revenues to be between approximately RMB160-170 million, represented approximated year-over-year growth of 3.0-9.5%. Please note that these forecasts reflect our current and preliminary views of the market operational conditions, which are subject to change. This concludes our prepared remarks for the day.
Operator, we are now ready to take questions.
考虑到这些市场趋势，在2019年第三季度，我们预计净收入约为人民币160-170百万元，相当于同比增长3.0-9.5％。 请注意，这些预测反映了我们对市场运营状况的当前和初步观点，这些观点可能会有所变化。 以上是我们为当天准备的评论。
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] We have our first question coming from the line of Allen Klee of Maxim Group. Please go ahead.
谢谢。 女士们，先生们，我们现在开始问答环节。 [操作员说明]我们的第一个问题来自Maxim Group的Allen Klee。 请继续。
I'd like to start with what you just finished talking about the regulatory changes. Could you help us maybe how you think the path will be of getting through this uncertainty kind of your best guess of how long it might last and then get back to a little bit more clear situation and higher sales, hopefully?
Let me translate to Mr. Wei Wen.
About regarding your question on how long we'll get to a normal market standard, we expect the impact from national five standard transition to national six standard will last for about one quarter. The impact will be mainly on the third quarter of 2019.
Okay, but then, just to follow up. Does it have an impact on cars that -- what about -- there's a bunch of cars that will not meet the standard, so does that mean that the overall demand will naturally drop, or your understanding is that they'll get reconfigured to meet the standard?
好的，但接下来，只是为了跟进。 它是否会对汽车产生影响 - 那么 - 有很多汽车不符合标准，所以这意味着整体需求会自然下降，或者你的理解是它们会被重新配置以满足 标准？
Let me translate.
The national No. 6 standard is not implemented in all areas of China. We expect about 70% of the highly polluted cities and areas already implemented the standard, but still, there are remaining areas where the No. 5 standard vehicles can be sold and registered. So, we expect the automakers will move the inventory to other areas to sell through.
国家第6号标准未在中国所有地区实施。 我们预计大约70％的高污染城市和地区已经实施了该标准，但仍然有剩下的地区可以出售和注册5号标准车辆。 因此，我们预计汽车制造商会将库存转移到其他区域进行销售。
And then, just if I look at the number of auto shows you put on, it was quite impressive -- the growth rate year-over-year -- but it looks like for each auto show, I'm guessing you're making less money. Is that a function that you're moving into smaller cities, or that there's less booths that are being taken up? How should we think about the growth rate in auto shows, and then, the revenue that you'll make per auto show?
然后，如果我看一下你所播放的车展数量，那就非常令人印象深刻 - 同比增长率 - 但看起来每个车展都有，我猜你正在制作 少钱。 这是一个你正在进入较小城市的功能，还是那些被占用的摊位较少？ 我们应该如何考虑车展的增长率，然后是每个车展的收入？
Let me translate first.
The two factors you mentioned are actually part of the reason, but the most prioritized reason is that our industry customers' marketing budgets are greatly reduced due to current market conditions. The secondary reason for the unparalleled growth in our revenue-per-hour auto show growth is, as you mentioned, we actually turned into smaller cities, where there will be less brands and less booths, and thus, lower revenue per auto show.
Does that answer your question?
Yes, thank you. And then, for virtual dealerships, could you perhaps -- is there any metrics of the number of virtual dealers that you've done, and how that compares, and how you think about how that can potentially grow going forward?
是的，谢谢。 然后，对于虚拟经销商，您可能 - 是否有任何关于您已经完成的虚拟经销商数量的指标，以及相比之处，以及您如何看待未来可能会如何发展？
Let me translate first.
We have launched our auto dealership business in various cities across China, but actually, we are more focused on the iteration and exploration of the product and business model for now. We successfully launched a whole new groundbreaking flagship store of our virtual dealership at the end of the second quarter. This flagship store covers an area of over 1,000 square meters, with independent showcases for 10 different auto brands, which will break the traditional limits of single-brand 4S dealership stores.
It is also fully digitalized, equipped with our AI-based in-store traffic management system together with our Cheshangtong system, which is part of our synergy from our acquisition of Longye Corporation in progress. This will allow us to efficiently manage the store and improve the sales conversion rate.
We define this new business model as the new car supermarket or new car more. We are seeing very promising progress for now in our flagship store model, and we will further expand the model into other suitable locations once ready.
Does that answer your question?
Yes. Thank you so much. Maybe just following up on what you've mentioned on Longye. Can you fill us in, in terms of -- is this at the point that it -- has it closed, and have the shares been issued? If they have been, maybe related to that, in terms of the $20 million buyback you've announced, can you say how much of that has been utilized?
是。 非常感谢。 也许只是跟进你在Longye上提到的内容。 您是否可以填写我们 - 这是否已经关闭，并且已经发行了股票？ 如果他们已经，或许与此有关，就你已宣布的2000万美元的回购而言，你能说出已经使用了多少回购？
Allen, let me answer your question. Even though there are still uncertainties in terms of regulatory requirements, we expect to close the acquisition of Longye by the end of Q3, so right now, we have not consolidated Longye yet. Regarding the $20 million buyback program, since the board approval, we have initiated buyback activities from the open market. You will definitely expect to see the results from Q3 financials. Right now, we cannot disclose more than that.
艾伦，让我回答你的问题。 尽管监管要求仍存在不确定性，但我们预计到第三季度末将完成对Longye的收购，所以目前我们还没有整合Longye。 关于2000万美元的回购计划，自董事会批准以来，我们已经开放了公开市场的回购活动。 您肯定会期望看到Q3财务报告的结果。 现在，我们不能透露更多。
Okay, thank you. And then, maybe my last one, and then I'll get back in the queue. Last quarter, you talked about a partnership you were going to be entering in with Easyhome, which I think had around 200 potential locations. Could you maybe provide an update of where that stands?
好的谢谢你。 然后，也许是我的最后一个，然后我会回到队列中。 上个季度，您谈到了您将与Easyhome合作的合作伙伴关系，我认为该合作伙伴关系有大约200个潜在地点。 你能否提供最新资料？
Let me translate.
Actually, our cooperation with Easyhome is progressing very smoothly for now. We already have 42 other shows in 40 cities, with our venue cost since our cooperation announced in late April. We will further bring our auto show to Easyhome's over 300 home furnishing malls in 200 cities across China and improve the consumer experience and cost efficiency of our future auto shows and virtual dealerships.
实际上，我们与Easyhome的合作目前进展顺利。 自4月下旬宣布合作以来，我们已经在40个城市举办了42场其他演出。 我们将进一步将我们的车展带到Easyhome在中国200个城市的300多家家居用品商场，并改善未来车展和虚拟经销商的消费者体验和成本效益。
Does that answer your question?
Yes, thank you so much.
Thank you. Next question is from the line of Laura Liu of Stone Street Group. Please go ahead.
谢谢。 接下来的问题来自Stone Street Group的Laura Liu。 请继续。
Thank you. This is Laura. Can you please tell us a bit more the color of the background and the role of the new COO, Mr. Yuan, like his expertise? And also, how is he going to help the Company to grow in the long run?
谢谢。 这是劳拉。 您能否告诉我们更多背景的颜色以及新任首席运营官袁先生的作用，就像他的专业知识一样？ 而且，他如何帮助公司长远发展？
Thank you, Laura. Let me translate the question first.
First of all, we warmly welcome Mr. Hui Yuan to join our TuanChe family. Mr. Yuan has over 18 years of experience in China's automotive industry. He specializes in the management of product development operations, sales, and marketing. Mr. Yuan was once President and Chairman of the Product and Technology Committee of Bitauto Holdings, and after leaving Bitauto, as Founder and CEO of Huimaicho. He co-founded XiongmaoCar.
Before launching his career in the automotive industry, Mr. Yuan also held product R&D positions in several Chinese internet companies, including Dangdang.com. As our new COO of the Company, Mr. Yuan will oversee the development of our omni-channel marketplace as well as the ongoing optimization of user experience. In addition, he will lead the Company's efforts in product research and development, online marketing, big data operations, and new sales and marketing initiatives.
首先，我们热烈欢迎汇源先生加入我们的团车家庭。 袁先生在中国汽车行业拥有超过18年的经验。 他专注于产品开发运营，销售和营销的管理。 袁先生曾担任Bitauto Holdings的产品和技术委员会主席兼主席，离开Bitauto后，担任Huimaicho的创始人兼首席执行官。 他是XiongmaoCar的共同创始人。
在开始他在汽车行业的职业生涯之前，袁先生还曾在包括当当网在内的多家中国互联网公司担任产品研发职位。 作为本公司的新首席运营官，袁先生将监督我们的全渠道市场的发展以及持续优化的用户体验。 此外，他还将领导公司在产品研发，在线营销，大数据运营以及新的销售和营销计划方面的努力。
Does that answer your question, Laura?
Yes. Thank you very much. Also, I'm interested in the synergy of the merger with Longye. I'm not sure if you can just tell us more about the synergy of this acquisition?
是。 非常感谢你。 此外，我对与Longye合并的协同作用感兴趣。 我不确定您是否可以告诉我们更多有关此次收购的协同效应的信息？
Let me translate first.
As we mentioned in previous remarks, the acquisition is still ongoing.
Longye is a leading SaaS provider in the auto industry, we believe its rich product line not only efficiently complements and enriches the existing business line of TuanChe, but also provides great strategic value and synergy for future developments.
First of all, Longye's flagship Cheshangtong CRM product allows the sales personnel to directly interact with highly targeted consumers. This will provide a one-stop, one-on-one service from pre-sale consultation to post-sale maintenance. By providing direct interaction and reducing unnecessary levels in the sales funnel, the Cheshangtong CRM systems not only greatly improves the consumer conversion rate, but also provides an efficient tool in sales and stock management.
In addition, as we mentioned in previous remarks, Longye also recently developed an AI digital store solutions that maximizes auto dealers' in-store monetization capabilities. This system is using high-definition cameras equipped with AI-based facial recognition to produce precise, multifaceted user profiles to facilitate sales personnel to enhance consumer conversion rate and management efficiency.
We are confident that this product offer will enable us to help our industry customers to digitize their operation, utilize the big data analytics, optimize their social media marketing campaigns, improve their sales capabilities, and eventually broaden our industry customer base and enhance user techniques.
On the other hand of the synergy, we will also implement the Cheshangtong CRM and AI system for the operation and management of our own virtual dealership flagship stores and achieve efficient remote control and management.
首先，朗业的旗舰产品Cheshangtong CRM产品使销售人员能够直接与目标明确的消费者进行互动。这将提供从售前咨询到售后维护的一站式一对一服务。通过在销售渠道中提供直接互动并减少不必要的水平，Cheshangtong CRM系统不仅大大提高了消费者转化率，而且还提供了销售和库存管理的有效工具。
Does that answer your question, Laura?
Yes, that's great. Yes, thank you.
Thank you. We have a question from Allen Klee of Maxim Group. Please go ahead.
谢谢。 我们有来自Maxim Group的Allen Klee的问题。 请继续。
Yes, hi. I had two follow-ups. The first was your sales and marketing expense in the second quarter of '19 increased to RMB217.5 million, but tell me if it's correct that this had an unusual amount of stock-based comp, so if I took a more normalized amount of stock-based comp that would be more of a reasonable run rate going forward? Thank you.
是的，嗨。 我有两次跟进。 首先是你在19世纪第二季度的销售和营销费用增加到人民币217.5百万元，但告诉我这是不正确的，这是一个不寻常的基于股票的比例，所以如果我采取更正常的数量的股票 基于比较的合并后续运行费率是多少？ 谢谢。
Hi, Allen. This is Troy. Let me take your question. You noted there's a significant increase in Q2 in terms of share-based compensation expense for sales and marketing personnel. Even though we cannot make a guarantee, we will treat it as a one-time event, so we don't expect a similar pattern will be maintained going forward.
嗨，艾伦。 这是特洛伊。 让我来看看你的问题。 您注意到第二季度销售和营销人员的股票薪酬支出大幅增加。 即使我们无法做出保证，我们也会将其视为一次性事件，因此我们预计未来会保持类似的模式。
That's great. Thank you so much. My last question, this is really not a fair question; I apologize, but I'm going to do it anyway. If you did not see the regulatory change impact on the results during this quarter, even given the tough macro environment you're in, do you think that you would have hit your guidance for 2Q '19?
那很棒。 非常感谢。 我的最后一个问题，这不是一个公平的问题; 我道歉，但无论如何我都会去做。 如果你没有看到监管变化对本季度业绩的影响，即使你处于艰难的宏观环境中，你认为你会在19年第二季度达到你的指引吗？
Let me translate the question first.
Hi, Allen. Actually, this regarding the national six standard implementation impacts, the macro economy slowdown is still our major reason for our revenue slowdown. So, even excluding that impact, we are still seeing stronger-than-expected market headwinds, so this is why we missed our guidance.
嗨，艾伦。 实际上，这对于国家六项标准实施的影响，宏观经济放缓仍是我们收入增速放缓的主要原因。 因此，即使排除这种影响，我们仍然看到市场逆风强于预期，因此这就是我们错过指引的原因。
Okay, thank you so much.
As a follow-up the national six standard implementations actually enlarged our pressures in meeting our guidance.
Thank you. [Operator Instructions] No more questions as of this time. I would now like to hand the conference back to the management. Please go ahead.
谢谢。 [操作员说明]此时不再有任何问题。 我现在想把会议交给管理层。 请继续。
Okay, thank you for joining us on today's call and looking forward to seeing you next quarter. Thank you.
Thank you. Ladies and gentlemen, that does conclude the conference today, and thank you for participating. You may now all disconnect.
谢谢。 女士们，先生们，今天的会议结束了，并感谢您的参与。 你现在可能都断开了。
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