中国的"硬折扣"超市行业

讨论让世界持续运转。

Discussion keeps the world turning.

这是圆桌会。

This is Roundtable.

您正在收听圆桌会。

You're listening to Roundtable.

我是雍胡玲，与史蒂夫和杨阳一同参与。

I'm Yong Huling, joined by Steve and Yang Yang.

马上开始。

Coming up soon.

没有花哨，没有促销，没有废话。

No frills, no promos, no nonsense.

只有大米、油和饮用水，价格比你想象的还要便宜。

Just rice, oil, and drinking water, cheaper than you ever thought possible.

硬折扣超市正在改写中国零售业的规则。

Hard discount supermarkets are rewriting China's retail playbook.

但店主是如何在保持低价的同时还能维持营业的呢？

But how come shop owners get to keep the lights on while keeping prices low?

这就是今天要探讨的问题。

That is the question today.

但现在，走进一家硬折扣超市，你会注意到缺少了什么。

But now, step inside a hard discount supermarket and you notice what's missing.

没有音乐，没有产品海报，没有销售吆喝，只有摆满日常必需品的货架——大米、牛奶、纸巾，全都堆放在原装纸箱里，仿佛仓库直接搬到了街上。

No music, no product posters, no sales chatter, just shelves lined with daily staples, rice, milk, tissues, and stacked in their shipping boxes as if the warehouse simply slid into the street.

我们现在谈论的是这些硬折扣超市，但这些商家能否持续这种低利润、高销量的模式？又是如何做到的？

Now we're talking about these hard discount supermarkets, but can these players sustain this low margin, high volume mold, and how?

所以，给我们多讲讲这种硬折扣超市吧。

So tell us more about this hard discount supermarket.

它到底是什么？什么是硬折扣？

Exactly what is it and what is hard discount?

对。

Yeah.

这是一种超市的零售模式，其特点是商品价格持续、真实且显著低于市场平均水平。

So it's a retail model for supermarkets and they define it by offering their goods at prices that are continuously and genuinely and significantly below the market average.

简单来说，它比你通常在普通社区里找到的超市更便宜。

Speaking simply, it's a cheaper supermarket than your typical one that you might find in your average neighborhood.

其核心策略是低价，而他们通过极致的成本控制来实现这一低价。

Now, the core strategy behind it is low pricing, and they achieve this low pricing through extreme cost control.

他们也非常注重效率优化。

They're also, big on efficiency optimization.

他们从头到尾审视供应链，寻找节省成本的方法，从而将这些节省传递给顾客，而这与所谓的‘软折扣’商店的理念恰恰相反。

They're looking at supply chains from start to finish, and how to save money there so that they can pass it on to the customer, and this is kind of the opposite idea of what they'll call a soft discount in a store.

商店里的软折扣是指为了给新品腾出空间而清仓处理商品，比如即将过期的蔬菜或其他新进的食品。

A soft discount in a store would be, reliant on getting rid of items in the store that they need to to make room for new merchandise or new clothing or new whatever or in this case supermarkets, new food that would come in like near expired vegetables or something like that.

这是一种临时性的促销。

A temp a temporary sale.

而硬折扣是永久性的，这些商店专注于销售高频日用品，比如你提到的大米、油、水、乳制品、纸制品等。

These are permanent and the stores focus on selling high frequency items, your daily items like you said like rice or oil or water or dairy products or paper goods or or things like that.

他们的理念是尽可能降低成本，从而将这些节省下来的费用让利给顾客，以此吸引大量生意。

And the idea is keep the costs as low as they possibly can, so they can pass those savings on to the customer and drum up a lot of business that way.

这非常有趣，因为我们熟悉史蒂夫已经提到过的临时折扣。

This is very interesting because we are familiar with the soft discount that, Steve has already mentioned.

我们

We

经常看到这种做法。

see it all the time.

经常看到，而且现在有这么多不同的方式来给你折扣。

All the time and there are so many different new ways to give you discounts.

你可以买一个，再免费获得一个。

You can get one and get another one for free.

你可以购买快过期的食品，通常即使是快过期的，你也能以差不多的价格买到远超一两件的大量食品。

You can buy the almost expired food so that you get usually, it's even for the almost expired ones, you get a huge volume of the food, well, usually food, with the similar price that you get for just one or two.

嗯。

Mhmm.

所以这就是这个想法。

So that's the idea.

但这个想法是谁这么聪明想出来的，并且让它成为现实的呢？

But for this one, who's so smart that thought of this idea and made it possible?

它的起源是什么？

What's the origin of it?

实际上，这个概念是从国外传来的。

Well, actually, this concept came abroad.

它始于1948年德国多尔姆恩德，由一家名为LD的德国公司创立。

It started in 1948 in Dormund in Germany, and it was established by a German company called LD.

哦，这家公司今天还存在，是的。

Oh, that company's still around today, as Yeah.

它真的非常受欢迎。

A matter of It's really popular.

这个概念并不算新。

And it's not that new, the concept.

不。

No.

自从1948年以来，它已经存在了几十年，你说过。

It's been around for decades since 1948, you said.

是的。

Yes.

从那时起，我认为这个模式一直在增长。

And since then, the model, I think, it keeps growing.

现在，它实行的是所谓的三无原则。

And now, it's ran on what is called three no principles.

无华丽装饰、无服务、无广告，以降低成本。

No elaborate decoration, no service, and no advertising to minimize the cost.

嗯。

Mhmm.

如果你进入一个几乎像仓库一样简单、没有太多装饰和成本的地方，这很有道理，但在中国，这已经不再那么容易了，或者至少不再是一种简单的模式，不是吗？

That makes a lot of sense if you are stepping into a place that is almost the as simple as a warehouse, not a lot of decoration and a lot of cost, but that is not that easy or at least no longer the simple mode here in China, isn't it?

仅仅减少装饰本身根本无法将价格降至我们今天所看到的水平。

The or minimizing the decoration itself simply cannot lower the price to the level we're looking at today.

是的。

Yeah.

这种模式在中国仍然相对较新。

This kind of model in China is still relatively new.

杨阳说它起源于1948年的德国，但在中国，它仍在努力适应市场。

Yang Yang said it goes back to 1948 in Germany, but in China, it's still kind of still kind of trying to find its its feet in the market, if you will.

因此，虽然我们可以看到这类商店的快速增长，但市场渗透率仅有约8%，这明显偏低。

So this rapid growth of these types of stores, yeah, we can see that there, but there's only a market penetration rate of about 8%, and that's significantly lower.

如果与国际案例相比，比如德国的奥乐齐或其他商店市场渗透率达42%，日本也达到31%，这表明中国仍有巨大的增长潜力。

If you compare it to the international examples, for example, Germany, Aldi and perhaps other stores have a 42% market penetration rate, in Japan as well 31%, indicating though, I think we can say that there is a lot of growth potential here in China.

是的。

Yes.

尽管如此，2024年中国硬折扣市场规模已超过2000亿元人民币。

That being said, the hard discount market in China has already surpassed 200,000,000,000 yuan in scale in 2024.

所以记住，中国有一个巨大的市场。

So remember, China has a huge market.

以这一点为起点，再加上8%的现状，我们看到的是巨大的潜力。

And with this as a start point and also the 8% as the status quo, we are looking at huge potential.

嗯。

Mhmm.

那么这里的关键策略有哪些呢？

So what are some key strategies here?

除了让超市的装饰变得极其简单之外，超市现在还在做些什么？

So what are supermarkets doing these days on top of making the decoration in the supermarket super easy?

我认为首先，他们保持极度精简。

Well, I think the first, they just keep things super lean.

我认为大多数商店只销售大约1000到1500种商品。

I think most stores only sell around 1,000 to 1,500 products.

我的意思是，这比典型的超市少得多。

I mean, that's a lot less than a typical supermarket.

嗯。

Mhmm.

是的。

Yes.

例如，像沃尔玛这样的某些商店将商品总数控制在1300种以内。

And for example, some stores like Walmart, control the total item count to within 1,300.

没错。

Yeah.

所以你不会看到很多商品。

So you're not finding a whole lot of items.

你要记住，如果你走进一家普通的超市，你会看到成千上万种商品在出售。

You remember, if you walk into your average supermarket, you can see thousands and thousands and thousands of items in there for sale.

但在这些硬折扣市场中情况并非如此，他们这样做的原因是简化了供应链流程，降低了库存成本，并且极大地提高了库存周转效率。

That's not the case with these hard discount markets, and the reason that they do that is it simplifies the supply chain process, and it also lowers their inventory costs, and it also really increases inventory turnover very very very efficiently.

因此，如果你是这类硬折扣店的经理，你就能更容易地处理掉现有商品，清楚何时需要补货并将新产品引入店内。

So if you're a manager of one of these hard discount stores, it's very easy to or easier to get rid of the products that you have, know when you need to order new products, to bring them into the store.

所以一切运行得更加高效。

So everything runs more efficiently.

这意味着浪费更少。

So what that means is there's not as much waste.

同时，说起来或理解起来很容易，但一定需要大量的计算和分析。

At the same time, it's easy to say or it's easy to understand as a concept, but there must be a lot of calculation, a lot of analysis to do.

你需要找到一个平衡点，因为人们喜欢选择。

You need to find the sweet spot because people love choices.

嗯，

Well,

他们真的喜欢吗？

do they?

看，这很有趣。

See, this is an interesting thing.

我以韩国的餐厅为例。

So I'll use Korea's restaurants as an example.

我的朋友在那里经营一家餐厅，他还在东南亚的其他地方开了几家店。

My friend was a restaurant owner there and he has places in other spots in Southeast Asia as well.

但他告诉我，关于食品市场和餐饮行业，有时候韩国顾客并不想要太多选择。

But what he told me about the food market, the restaurant industry is that sometimes Korean customers don't want a lot of choice.

也就是说，他们不想要一份有55种不同菜品的菜单，就像典型的美国家庭餐厅那样，因为你会觉得‘我不知道该吃什么’。

Meaning, they don't want a menu with 55 different items on it, like your typical American family restaurant because it's just like, I don't know what I want to eat.

你去韩式烤肉店，是因为你知道自己想吃韩式烤肉。

You go to a Korean barbecue restaurant because you know what you know you want Korean barbecue.

对吧？

Right?

我之所以用这个例子，是因为如果货架上给顾客的选择有限，你就不用在十种不同的花生酱之间做选择。

I use that comparison because if there are a limited number of choices on the shelves for customers, You don't need to choose between 10 different types of peanut butter.

对吧？

Right?

商店可能只有一两种，顾客也能接受，因为他们首先知道自己为什么来这儿。

The store might have just one or two, and the customers might be okay, and they are okay with this because number one, they know why they're there.

他们知道到了那里会得到什么，这也简化了客户的购物体验。

They know what it is when they get there, and it also simplifies the shopping experience for the customer.

这让购物更快。

It makes it faster.

这让购物更方便，同时也为他们节省了钱。

It makes it more convenient, and it also saves them money.

而这正是我不同意你关于购物时做选择的观点的唯一原因。

And that's the only reason those are the only reasons that I would disagree with you when it comes to making choices in the while you're shopping.

是的。

Yeah.

但我们讨论的是这家硬折扣超市的忠实客户，但我并不非得只在这家硬折扣超市购物。

But we're talking about the loyal clients of this hard discount supermarket already, but I do not have to only shop in this hard discount supermarket.

没错。

That's true.

所以对我来说，世界上仍有无数的选择。

So for me, I still have countless choices around the world.

对于超市来说，他们需要从市场上众多的选择中挑选出一定数量的商品上架。

So for the supermarket, they are looking at a certain number of items they wanna put in their supermarket from almost numerous choices in the market.

因此，他们需要做出明智的选择，找出能够吸引足够顾客的产品类型。

So they need to make the smart choices and find out the kind of product they want to put in their supermarket that can draw enough clients.

我明白你的意思。

I see what you're saying.

是的。

Yes.

没错。

Yeah.

顾客对喜欢的米的种类可能会很挑剔。

Customers can be picky about the type of rice that they like.

是的。

Yes.

因此，从商业角度来看，你必须确保自己的选择是明智的。

So therefore, from the business point of view, you'd have to make sure you make your selections wisely.

是的。

Yes.

要做出明智的选择，同时你要确保产品价格能降低到符合你超廉价超市标准的水平。

Smart choices, and at the same time, you wanna make sure the products can be lowered, or the price of the product can be lowered to a point that it fits the standards in your super cheap supermarket.

嗯。

Mhmm.

从我的角度来看，你不需要在同一个类别下放太多不同的商品，但关键策略是让这些产品足够有代表性。

Well, from my perspective, well, you don't need a lot of different items under one same category, but I think the key strategy is to make those products different enough to be representative.

不同的类别？

That Different categories?

在同一个类别下，但每个不同的产品都要具有代表性。

Under one category, but each different product is representative.

比如，一种花生酱是无糖的，另一种则不是。

For example, one peanut butter is sugar free, and one is gone.

类似这样的情况。

Something like that.

是的，这样你既能有选择，又能清楚知道自己想买什么。

Yeah, so you can have the choices, but also be clear about what you wanna buy.

是的。

Yes.

我不知道为什么我选了花生酱，还发展出了一个主题。

I don't know why I chose peanut butter, developed a theme.

这就是那些硬折扣店正在采取的关键策略。

And that is the key strategy those hard discount stores are doing.

他们只卖必需品，也就是你经常购买的东西，而在每个品类中，他们只提供一到两种受欢迎的选择，而不是像传统超市那样提供十种不同品牌的米。

They only sell essentials, stuff you buy all the time and within each category, they offer maybe one or two popular options instead of 10 different rice brands that traditional supermarket might offer.

是的。

Yeah.

而且，他们可以直接连接到源头工厂、农场或主要供应商。

And also, they can connect directly with source factories or farms or major suppliers.

对吧？

Right?

这意味着他们能够获得可能的最低价格，并且通常会签订大规模、有时是长期的合同，以锁定这些成本和供应。

And that means that they can secure the lowest prices possible, and they often will sign large, sometimes long term contracts to lock in those costs as well and to lock in the supply too.

因此，从商业角度来看，这非常令人安心，我认为。

So from a business point of view, that's very comforting, I think.

从顾客的角度来看，这也同样令人安心，因为如果零售商与供应商签订了这种合同，你就无需担心价格波动。

And from a customer's point of view, it's very comforting as well, because if the retailer has that type of contract with their supplier, you don't have to worry about price fluctuations.

企业可以在长时间内提供这些低价，而无需担心价格变化。

The business can, offer those lower prices at a long period of time and not have to worry about price changes.

我们知道，如今全球的食品杂货价格波动令人烦恼。

And we know with, you know, groceries and the price of groceries around the world these days, price fluctuations are annoying.

是的。

Yes.

同时，如果我已经成为这家超市的忠实顾客，我并不介意尝试他们自主研发的产品，因为我信任他们，对他们的产品感到满意。

At the same time, if I have grown into a Lao Yu consumer of this supermarket, I do not mind trying the product that they develop by themselves, because I have faith in them, I am happy about their product.

所以我相信许多品牌也在这么做。

So I'm pretty sure many of the brands are doing that too.

嗯。

Mhmm.

是的。

Yep.

它们确实是，这对这类公司来说是主要的利润来源，同时也为未来的增长提供了机会。

They are, and that's a major source of profitability, for these types of companies, and it offers an opportunity for growth in the future as well.

它们喜欢创建自有品牌或使用这些私有标签的原因是，可以绕过品牌名称的成本。

And why they they like to create their own brands or or use these private labels is because they can bypass the the cost of the brand name.

嗯。

Yeah.

对吧？

Right?

这些标签通常就是你所支付费用的来源。

Often those labels will be what you're paying for.

就像中间商一样。

Like the middleman.

大多数时候。

Most of the time.

所以你会省去这部分成本，去掉传统的营销费用，也省去了中间渠道的成本。

So you'll cut that out, you'll cut out your traditional marketing costs, you'll cut out your intermediate channel costs too.

因此，开发自己的品牌或与自有品牌合作，是这类零售商非常乐意做的事情。

So yeah, developing their own brands or working with private brands is something that these types of of retailers really like to do.

那物流呢？

How about logistics?

他们有没有采取什么聪明的做法来简化流程、降低成本？

Anything they're doing smart, so that they slim up the process and lower the cost?

嗯，说到物流，效率也得到了最大化。

Well, when it comes to logistic, efficiency is also maximized.

有些产品可能会直接摆放在他们的运输集装箱或物流箱中。

Some products may be displayed directly in their shipping containers or logistic boxes.

而且商店的场地通常不设库存存储室。

And the store's premises typically do not include inventory storage rooms.

是的，产品通常直接放在运输箱里展示，无需额外拆箱或装饰，甚至连货架都设计成便于最少补货操作。

Yeah, so products are often displayed directly in the shipping boxes, no extra unpacking or decoration, even the shelves are designed for minimal restocking effort.

我喜欢这种模式，尤其是在买蔬菜的时候。

I kinda like that, especially when I'm shopping in the vegetable section.

如果你走进那个房间，有时是另一个房间，还有那种细小的喷雾装置，是的。

If you go into that room, sometimes it's a different room, and the little misty spray things Yes.

周围会喷着雾，生菜还放在棕色纸箱里，或者番茄仍以原包装成批摆放。

Will be around, and the lettuce is still in the brown cardboard box, or the tomatoes are still in bulk in their original packaging.

我感觉就像走在花园中间，嗯。

I kind of feel like I'm walking in the middle of a garden Mhmm.

在那种时候。

At that kind of time.

我喜欢的是，在这种地方，我不必跟那些过于热情的销售员打交道。

Well, what I like is that I do not have to talk to the overly welcoming sales assistant in these kind of places.

过于热情。

The overly welcoming.

我不知道。

I don't know.

我的意思是，我喜欢和人交谈，但有时候我话太多了。

I mean, I like to talk to people, but sometimes I talk to people too much.

所以在这些情况下，我只是想静静地做决定。

So these in these occasions, I just like to very quietly make my decisions.

我们在这些地方就能看到这一点。

And we see that in these kind of places.

他们肯定会尽量减少员工人数，让每个员工承担多项工作，这样他们就没时间与顾客交谈。

They definitely would make sure they have the smallest staff size they can and having all the staff to do multiple things so they do not have time to talk to consumers.

我的意思是，你可以从积极或消极的角度来看待这一点。

I mean, you can you can look at that in a in a positive or negative light.

对吧？

Right?

如果你说，既然场所不需要那么多员工，那他们就能节省开支，这些节省下来的成本会转嫁给顾客。

If if you're saying, well, if they don't need that many staff at the venue, then they can save money there and that gets passed on to the customers.

但同时，你也减少了那里的员工数量，也就是减少了工作人员的职位，所以。

But also, you know, you're reducing the number of people, the number of jobs of the people that work there too, so.

嗯，他们可以开更多的这种超市。

Well, they can open more of these supermarkets.

对。

Yeah.

我知道。

I know.

我只是说，就这一点而言，是的。

I'm just saying for this particular point Yes.

可以从几个不同的角度来看这个问题。

Can look at this through a couple of different lenses.

但没错，这正是他们节省成本并把这些节省传递给我们的方法之一，因为他们的劳动力效率非常高。

But yeah, that's one of the the ways that they can save money and and pass that on to us as well is because, their labor efficiency is on point.

他们只保留真正需要在现场的员工数量。

They only have the number of employees there that they need, they absolutely need to have on location.

你觉得这种模式可持续吗？

Do you think this model is sustainable?

我们是否面临一些阻碍这些超大型低价超市主导市场的挑战，让我能享受这些便宜的产品？

Are we looking at any challenges that prevent this super huge, hard discount supermarkets for dominating our markets so I can enjoy these cheap products?

我认为，每当我们谈论折扣或低价时，可持续性总是一个问题。

Well, I think whenever we talk about discounts or low price, sustainability is always an issue.

所以我认为，这种模式不仅给我们提供了低价，而且利润率也很低。

So I think this kind of model not only gives us low prices, but also it has low margins as well.

因此，数据显示，这些低价超市的毛利率很低，通常在10%到15%之间。

So, yes, the stats shows that gross margins for those hard discount stores are thin, typically ranging from 10% to 15%.

这远低于传统超市20%到25%的毛利率。

That's significantly lower than the 20% to 25% seen in traditional supermarkets.

所以，是的，我认为这意味着任何微小的成本增加——无论是人工、配送还是包装——都会严重冲击利润。

So, yeah, I think that means every tiny increase in cost, whether it's labor, delivery or packaging hits profits hard.

哇。

Wow.

是的。

Yeah.

你的利润率真的很小。

Your profit margins are really small.

所以，正如你所说，任何劳动力成本、运输成本或任何其他成本，比如能源成本的上升

So, yeah, like you said, any increase in labor costs or shipping costs or anything anything really, energy costs

嗯。

Mhmm.

都会侵蚀你的利润率，这可能会使这种模式在长期内变得难以持续。

That's going to cut into your profit margins and that might make the sustainability of this particular model over the long term kind of a challenge.

随着竞争加剧，也是如此。

The more it becomes competitive too Mhmm.

我认为这会成为一个挑战，因为如果这种模式越来越受欢迎，越来越多的超市连锁加入，就会有更多竞争者进入市场，以类似的价格销售商品，那么顾客在购物地点上就有了更多选择。

I think would make it a challenge, because if this model becomes popular with more and more supermarket chains, then you have a lot more players and in the game, and when they enter into the market with those similarly priced goods, well then the customers have more options, in terms of where to do their shopping.

如果你开始失去顾客，你可能会想，我得进一步降价来吸引顾客回来，而这实际上会进一步压缩你的利润率。

Now, if you start to lose customers, then you might think I better lower my prices even further to draw those customers back, and that would essentially reduce your profit margins even further.

所以，这种利润本就微薄的商业模式，一旦竞争加剧，可能会成为某些企业的致命打击。

So, this particular type of model where the profit margins are already slim, increased competition could be a death knell for for some particular businesses.

我们这里讨论的只是在中国市场开办超市业务的合法策略。

And we're only talking about the legit strategies when it comes to starting a supermarket business in the Chinese market.

我们不能假设每个人都有慈善之心，都会始终遵纪守法。

We cannot say that everybody has a Samaritan's heart and will always do things according to law.

所以，正如史蒂夫所说，如果某家超市想进一步降价，他们也可能因此牺牲产品质量，甚至极端到违法篡改产品保质期等行为，这些都会损害消费者的权益。

So if, like what Steve said, in a certain supermarket, they wanna lower the price a bit even more, it is also possible they might jeopardize the quality of the product and sometimes even go extreme as break the law and change, for example, the expire date on the product, and all these would in turn hurt the consumers' rights.

所以我们不能让这种情况发生。

So we cannot have that from happening.

因此，谈到价格，尤其是降价，作为消费者，我们当然喜欢，特别是当人们以聪明、科学的方式，通过更好的技术和供应链来降低成本时，这种降价是值得肯定的。

So when it comes to prices, especially lowering prices, yes, as a consumer, we we love that, especially when people are now doing it in a smart way, in a scientific way, in a way that they're lowering the cost because of better technology, of better supply chain that they can do so.

但与此同时，超低价格也是一个警示信号，我们需要警惕，确保它不会成为走向不良后果的滑坡起点。

But at the same time, a super low price is also an alert that we need to look out for and make sure it's not going to be the slippery slope starting point for something bad.

但话又说回来，我认为始终是有需求的。

But that being said, I think there's always demand.

需求

The demand

当然。

Of course.

需求始终存在。

Demand will always be there.

这让我想起了我家乡新斯科舍省的那家折扣超市连锁店。

And I'm reminded of the discount supermarket chain that we have in Nova Scotia where I'm from.

它叫无品牌。

It's called No Brand.

哦，真的吗？

Oh, really?

那就是它的名字。

That's the name.

那就是名字

That's the name of That's

它的名字就是无品牌，你可以买到无品牌的薯片，延续我们花生酱的主题，无品牌的花生酱，无品牌的所有产品。

the name of it and you can buy No Brand potato chips, No Bear to continue with our peanut butter theme, No Brand peanut butter, No Brand everything.

这只是一个非常美味的产品。

And it's just the perfectly delicious product.

只是包装上没有大公司的名字。

It's just the label doesn't have a big company's name on it.

它上面只写着‘无品牌’。

It just says no brand.

这也可以成为你企业品牌名称的另一个绝佳选择，没错。

And that can be another great choice for a brand name for your business Yeah.

在中国也是如此。

Here in China as well.

这也就结束了我们今天的圆桌讨论。

And that brings us to the end of today's roundtable.

我们非常期待听到您对今天话题的看法。

We'd love to hear your thoughts on today's topics.

请在您收听播客的平台留下评论，或发送邮件至 roundtablepodcast@qq.com 告诉我们。

Leave us a comment wherever you listen to your podcast or send us an email to roundtablepodcast@qq.com.

下次再见，继续保持对话，让创意不断涌现。

Until next time, keep the conversations going and the ideas flowing.

我是林 NEOHONG，和 Steve 以及 Yang Yang 一起。

I'm Neohong Lin with Steve and Yang Yang.

感谢收听。

Thanks for listening.

再见。

Bye.