Douyu International Holdings Ltd (DOYU) 2022 Q4 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you, and welcome to DouYu International Holdings Limited's Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) I will now turn the call over to the first speaker today, Ms. Lingling Kong, IR Director at DouYu. Please go ahead, ma'am.

女士們先生們，早上好，晚上好。謝謝，歡迎來到鬥魚國際控股有限公司 2022 年第四季度和全年收益電話會議。 （操作員說明）我現在將把電話轉給今天的第一位發言人，鬥魚 IR 總監 Lingling Kong 女士。請繼續，女士。

Thank you. Hello, everyone. Welcome to our fourth quarter and full year 2022 earnings call. Joining us today are, Mr. Shaojie Chen, Chairman and Chief Executive Officer; Mr. Mingming Su, Chief Strategy Officer; and Mr. Hao Cao, Vice President of Finance. You can refer to our fourth quarter and full year 2022 financial results on our IR website at ir.douyu.com. You can also check a replay of this call when it becomes available in a few hours on our IR website.

謝謝。大家好。歡迎來到我們的第四季度和 2022 年全年財報電話會議。今天加入我們的是董事長兼首席執行官陳少傑先生；蘇明明先生，首席戰略官；財務副總裁曹浩先生。您可以在我們的投資者關係網站 ir.douyu.com 上查看我們的第四季度和 2022 年全年財務業績。幾個小時後，您還可以在我們的 IR 網站上查看此通話的重播。

Before we start, please note that this call may contain forward-looking statements made pursuant to safe harbor provision for the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations that involve known and unknown risks, uncertainties and other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or expectations implied by these forward-looking statements.

在我們開始之前，請注意本次電話會議可能包含根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性陳述。這些前瞻性陳述基於管理層當前的預期和觀察，涉及已知和未知的風險、不確定性和其他不受公司控制的因素，這些因素可能導致公司的實際結果、業績或成就與這些前瞻性陳述所暗示的結果、業績或預期存在重大差異。

All forward-looking statements are expressly qualified in their entirety by the cautionary statements, risk factors and details of the company's filings with the SEC. The company undertakes no duty to revise or update any forward-looking statements for selected events or circumstances after the date of this conference call.

所有前瞻性陳述的全部內容均明確符合公司向美國證券交易委員會提交的文件中的警示性陳述、風險因素和詳細信息。公司不承擔在本次電話會議召開後修改或更新選定事件或情況的任何前瞻性陳述的義務。

I will now speak on behalf of our Chairman and CEO, Mr. Shaojie Chen.

我現在代表我們的董事長兼首席執行官陳少傑先生髮言。

[Interpreted] Throughout 2022, against the backdrop of a complex and volatile macro environment, we remain committed to our long-term growth strategy of fostering a vibrant game-centric content ecosystem. We ended the year with a stable business performance achieved through a mix of operational adaptation and innovation that included optimizing our revenue structure, streamlining our operations, creating new services and enhancing monetization capabilities.

[解讀] 整個 2022 年，在復雜多變的宏觀環境背景下，我們將繼續致力於培育充滿活力的以遊戲為中心的內容生態系統的長期增長戰略。通過運營調整和創新的組合，包括優化我們的收入結構、簡化我們的運營、創造新服務和增強貨幣化能力，我們以穩定的業務績效結束了這一年。

In the fourth quarter, we continued to produce premium-gaming content, upgrade our content operating model and improved the interactive features on our platform to further enhance user engagement.

第四季度，我們繼續製作優質遊戲內容，升級我們的內容運營模式並改進我們平台上的互動功能，以進一步提高用戶參與度。

Our mobile MAUs grew slightly on a sequential basis to 57.4 million during the quarter, with the total number of paying users of 5.6 million, and our adjusted net loss was RMB 4.3 million.

我們的移動 MAU 在本季度環比小幅增長至 5740 萬，付費用戶總數為 560 萬，調整後的淨虧損為人民幣 430 萬元。

Through a couple of strategic adjustments over the past few quarters, our ecosystem has been shown to be healthier, which we believe it will empower us to deliver long-term sustainable growth. As we progress further into 2023, we are continuing to enrich our content with community interaction playing a hero in our ecosystem. We are shifting the focus of our user growth strategy from increasing scale to improving quality, without being overly concerned about the short-term growth of our business.

通過過去幾個季度的幾次戰略調整，我們的生態系統已被證明更加健康，我們相信這將使我們能夠實現長期可持續增長。隨著我們進一步進入 2023 年，我們將繼續通過在我們的生態系統中扮演英雄角色的社區互動來豐富我們的內容。我們正在將用戶增長戰略的重點從擴大規模轉向提高質量，而不會過分關注我們業務的短期增長。

Furthermore, we will optimize our marketing strategy to strengthen partnerships with game developers, coupled with our interactive-gaming content community to enhance user engagement. In addition with the price level of copyright procurement gradually returning to a reasonable range, we believe that prudently purchasing some core copyright procurement will help us cement our own competitiveness in the industry.

此外，我們將優化我們的營銷策略以加強與遊戲開發商的合作夥伴關係，並與我們的互動遊戲內容社區相結合以提高用戶參與度。加之版權採購價格水平逐漸回歸合理區間，我們認為謹慎採購一些核心版權採購將有助於鞏固自身在行業中的競爭力。

This investment will also foster the ecosystem of our game-centric community and enhance our core users engagement and retention rates, thereby facilitating the company's long-term development.

這項投資還將培育我們以遊戲為中心的社區生態系統，並提高我們的核心用戶參與度和保留率，從而促進公司的長期發展。

Next, I'd like to share with you our business updates from the fourth quarter in more detail. First of all, our average mobile MAUs for the quarter were 57.4 million, a slight sequential increase despite the year-over-year decline of 8 points. The main reason for the year-over-year and quarter-over-quarter MAU changes include: First, due to the implementation of our selective corporate procurement strategy in early 2022, we experienced a decline in overall MAU since the fourth quarter of the year.

接下來，我想更詳細地與大家分享我們第四季度的業務更新。首先，我們本季度的平均移動 MAU 為 5740 萬，儘管同比下降 8 個百分點，但環比略有增長。 MAU 同比和環比變化的主要原因包括：首先，由於我們在 2022 年初實施了選擇性企業採購策略，自今年第四季度以來我們經歷了整體 MAU 的下降.

Nevertheless, in the fourth quarter despite the negative impact on user traffic from the absence of the world -- of the LoL World Championship Tournament (inaudible) copyright tournament and events effectively attracted and engaged our core users. As a result, mobile MAUs on our platform achieved growth for the third consecutive quarter.

儘管如此，在第四季度，儘管 LoL 世界冠軍錦標賽（聽不清）版權錦標賽和賽事的缺席對用戶流量產生了負面影響，但它有效地吸引並吸引了我們的核心用戶。因此，我們平台上的移動月活躍用戶數連續第三個季度實現增長。

Second, we continued to advance our innovative membership business, extending our game-specific membership services to broader-game segment. By combining game features with users' needs, this initiative has gained traction among both new and existing users.

其次，我們繼續推進我們的創新會員業務，將我們的特定遊戲會員服務擴展到更廣泛的遊戲領域。通過將游戲功能與用戶需求相結合，這一舉措贏得了新用戶和現有用戶的青睞。

Moving on to our content ecosystem. Capitalizing on the widespread popularity of eSports, we continued to sharpen our products and operations, including the consistent upgrades of our game content. Based on gaming features, we continuously created an even broader selection of more interactive and engaging premium content. On top of that, we built a healthy and vibrant interactive ecosystem for users through innovative services, providing them with the community-based platform and the new membership business.

繼續我們的內容生態系統。利用電子競技的廣泛流行，我們繼續加強我們的產品和運營，包括不斷升級我們的遊戲內容。基於遊戲功能，我們不斷創造更廣泛的選擇，更具互動性和吸引力的優質內容。在此基礎上，我們通過創新服務為用戶構建了一個健康、充滿活力的互動生態系統，為用戶提供基於社區的平台和新的會員業務。

These efforts can only ensure long-term retention by meeting certain gamers' needs for upgraded game contents, but also increase overall user engagement and stickiness on our platform, that's driving user growth in the long run.

這些努力不僅可以通過滿足某些遊戲玩家對升級遊戲內容的需求來確保長期留存，還可以提高我們平台的整體用戶參與度和粘性，從長遠來看，這將推動用戶增長。

In the fourth quarter, we continued to improve our diversified self-produced tournament system and organized more than 90 eSports tournaments. Leveraging our top-tier streamer resources, we focused on promoting IP content in partnership with star game streamers.

第四季度，我們繼續完善多元化自產賽事體系，舉辦電競賽事90餘場。利用我們的頂級流媒體資源，我們專注於與明星遊戲流媒體合作推廣 IP 內容。

In this effort, we've created a series of premium-gaming content combined with entertainment-oriented activities in our game segment, such as League of Legends and Honor of Kings. This content in general, coupled with the training topic, is proven to increase users' motivation to engaging interactions and live up our game community, appealing to both new and existing users.

為此，我們在我們的遊戲領域創造了一系列優質遊戲內容與娛樂活動相結合，例如《英雄聯盟》和《王者榮耀》。總體而言，這些內容與培訓主題相結合，經證明可以提高用戶參與互動的積極性，並活躍我們的遊戲社區，吸引新老用戶。

Self-produced tournaments has become one of our net avenues to promote eSports popularity across the Board. For example, based on Honor of Kings large gamer base, we have (inaudible) Honor of Kings (inaudible) challenge. This competition opened enrollment to all Honor of Kings players and both with easy access to rewards and wider user participation. Specifically, we integrated the tournament content with our user community.

自製賽事已成為我們全線推廣電子競技的淨渠道之一。例如，基於王者榮耀的龐大玩家群，我們有（聽不清）王者榮耀（聽不清）挑戰。本次比賽面向所有王者榮耀玩家開放報名，既有輕鬆獲得獎勵的機會，也有更廣泛的用戶參與。具體來說，我們將錦標賽內容與我們的用戶社區整合在一起。

Users were able to enroll, participate and advance in rank within our community channel, while other users could take part in a series of fun activities such as a Quake, a single player competition and interactive reward. Combining game content with our user communities calculated midlife gamers. And at the same time, it tightened the bonds with heavy users.

用戶可以在我們的社區頻道中註冊、參與和提升排名，而其他用戶可以參加一系列有趣的活動，例如 Quake、單人遊戲競賽和互動獎勵。將游戲內容與我們的用戶社區結合起來計算中年遊戲玩家。同時，它加強了與重度用戶的聯繫。

As we improved our self-produce tournament system and further enhanced its value, we launched a series of eSports which had a selection mechanisms based on this tournament. In the year, as mentioned earlier, we unveiled the eSport star project. We're seeing growth opportunities to discover high potential streamers and fortify user stickiness.

隨著我們完善自產賽事體係並進一步提升其價值，我們推出了一系列基於該賽事的選拔機制的電子競技。在這一年，如前所述，我們推出了電競明星項目。我們看到了發現高潛力主播和增強用戶粘性的增長機會。

In the fourth quarter, we launched (inaudible) for school team selection season for colleges. The competition covered three mainstream eSports games and attracted more than 2,000 college teams from 11 provinces, providing more college eSport trends with the platform to showcase their skills. It has also helped us to discover potential eSports talent and enhance stories, appeal and brand influence among college and university. In terms of copyrighted tournaments, we reinforced user engagement and stickiness to reach derivative content and diverse operation activities.

在第四季度，我們啟動了（聽不清）大學校隊選拔季。賽事涵蓋三大主流電競項目，吸引了來自11個省份的2000多支高校電競隊伍參賽，為更多高校電競潮流提供了展示實力的平台。它還幫助我們發現了潛在的電子競技人才，並增強了高校之間的故事、吸引力和品牌影響力。版權賽事方面，我們加強用戶參與度和粘性，實現衍生內容和多元化運營活動。

In the Honor of Kings Champions Cup, KIC, we added a new function such as home team support and watching reminder to further elevate our user experience. Moreover, the team, Wuhan eStar, which we signed and invested in, maintained its excellent performance throughout the year and became the champion of the Champions Cup.

在王者榮耀冠軍杯KIC中，我們新增了主隊支持和觀看提醒等功能，進一步提升了我們的用戶體驗。而且，我們簽約投資的戰隊武漢eStar全年都保持著出色的表現，成為了冠軍杯的冠軍。

With the purchase of some (inaudible) created content, we continue to deepen cooperation with game developers, fully integrating tournament content with our platform's operational characteristics to provide differentiated tournament device content and customized user services. Meanwhile, aligning with the tournament content, we will explore more commercialization channels to improve the ROI of tournament copyright.

通過購買一些（聽不清）創作的內容，我們繼續深化與遊戲開發商的合作，將賽事內容與我們平台的運營特點充分結合，提供差異化的賽事設備內容和定制化的用戶服務。同時，結合賽事內容，探索更多的商業化渠道，提高賽事版權的ROI。

Moving on to our monetization strategy. Our total number of paying users in the fourth quarter was 5.6 million, with a quarterly average ARPPU of RMB 293. We continued our paying user segmentation strategy from last quarter, which included canceling marketing activities for new paying users with low rates of returns, maintaining our core users revenues to pay and promoting more consumption of mid-range payment users. We also made progress in generating revenue from non-virtual gifting.

繼續我們的貨幣化戰略。我們第四季度的付費用戶總數為 560 萬，季度平均 ARPPU 為人民幣 293 元。我們延續了上一季度的付費用戶細分策略，包括取消針對新付費用戶的低迴報率營銷活動，維持我們的核心用戶收入用於支付和促進更多的中檔支付用戶消費。我們在通過非虛擬禮物獲得收入方面也取得了進展。

Furthermore, we continued to refine and promote our platform-wide membership service system, strengthened the companionship and interaction between streamers and platform members and consistently iterated membership features. In the fourth quarter, we launched some effects and privilege gifts for members, leading to a sustained steady increase in members to renew rates compared with the third quarter, some creating high user stickiness among our fans.

此外，我們持續完善和推廣全平台會員服務體系，加強主播與平台會員的陪伴互動，持續迭代會員功能。第四季度，我們推出了一些會員特效和特權禮物，導致會員續費率較第三季度持續穩定增長，部分用戶粘性較高。

Furthermore, we extended our game-specific membership service to multiple segments. Based on the characteristics of each game, we launched a customized-game membership services to meet users' needs for in-game item. Going forward, we will strengthen our cooperation with game developers that fit into users' gaming needs and explore more commercialization channels. In terms of our product R&D and function innovation, we continue to deepen cooperation with game developers.

此外，我們將特定於遊戲的會員服務擴展到多個細分市場。根據各遊戲的特點，我們推出了定制化的遊戲會員服務，以滿足用戶對遊戲內物品的需求。未來，我們將加強與貼合用戶遊戲需求的遊戲開發商的合作，探索更多的商業化渠道。在產品研發和功能創新方面，我們不斷深化與遊戲開發商的合作。

In compliance with laws and regulations and based on our partial game-based sharing partnership with game developers, we integrated gaming data, content and function with DouYu's content and game play, making live streaming content close fit with this game. For example, the Honor of Kings live streaming channel, users can easily team up with streamers and other users to play the game through the join with one-click function, making user-streamer interaction significantly simpler than before.

在遵守法律法規的基礎上，我們與遊戲開發商建立了部分基於遊戲的共享合作關係，將游戲數據、內容和功能與鬥魚的內容和遊戲玩法相結合，使直播內容與該遊戲緊密貼合。比如王者榮耀直播頻道，用戶可以通過一鍵加入功能，輕鬆與主播和其他用戶組隊對戰，讓用戶與主播的互動比以往簡單很多。

In the past, users had to manually add brands into the game to form teams. In addition, with this more game-related data and gaming strategies through partial game data sharing in games such as Battle of Golden Spatula and Peacekeeper Elite further optimizing our user experience and stimulating live streaming engagement.

過去，用戶必須手動將品牌添加到遊戲中才能組隊。此外，通過金鏟之戰和和平精英等遊戲中的部分遊戲數據共享，更多與遊戲相關的數據和遊戲策略進一步優化了我們的用戶體驗並刺激了直播參與。

Overall, in a challenging year of 2022, which created a healthy and wide-gaming content ecosystem through various operational strategies, including adjusting revenue-generating activities and increasing investments in self-produced content, thereby maintaining stability in the company's overall business and financial performance.

總體而言，在充滿挑戰的 2022 年，通過各種運營策略，包括調整創收活動和增加對自製內容的投資，創造了一個健康和廣泛的遊戲內容生態系統，從而保持了公司整體業務和財務業績的穩定.

Going forward, we will continue to execute on our diversified game-centric content strategy and focus on maintaining the scale and quality of our core users by further improving game content and strengthening our connection with core users, where we enhance users' stickiness on our platform and (inaudible) as a gaming content ecosystem. Meanwhile, we will continue to explore more commercialization channels and new growth avenues to maintain our leading position in the domestic game live streaming industry.

展望未來，我們將繼續執行以遊戲為中心的多元化內容戰略，並通過進一步完善遊戲內容和加強與核心用戶的聯繫，專注於保持核心用戶的規模和質量，從而增強用戶對我們平台的粘性和（聽不清）作為遊戲內容生態系統。同時，我們將繼續探索更多的商業化渠道和新的增長點，以保持我們在國內游戲直播行業的領先地位。

With that, I will now turn the call over to our Vice President of Finance, Mr. Hao Cao, to go through the details of our financial performance in the quarter.

有了這個，我現在將把電話轉給我們的財務副總裁曹浩先生，詳細介紹我們本季度的財務業績。

Thank you, Lingling. Hello, everyone. For the full year of 2022, we focused on optimizing cost and developing revenue quality in order to improve financial performance. As we continue to invest in high-quality self-produced content and improve our revenue structure, we enhanced operating efficiency through adjusting our live streaming business, together with effective cost and expense controls. For the full year 2022, our gross margin expanded to 13.9%, adjusted net loss narrowed significantly to RMB 7.6 million.

謝謝你，玲玲。大家好。 2022 年全年，我們專注於優化成本和提高收入質量，以改善財務業績。隨著我們繼續投資於高質量的自製內容並改善我們的收入結構，我們通過調整直播業務以及有效的成本和費用控制來提高運營效率。 2022 年全年，我們的毛利率擴大至 13.9%，調整後的淨虧損大幅收窄至人民幣 760 萬元。

Let's now look at our financial performance for the fourth quarter in more detail. Total net revenues in the fourth quarter of 2022 decreased by 27.8% year-over-year to RMB 1.68 billion. Live streaming revenues were RMB 1.6 billion, a decrease of 27.7% from RMB 2.21 billion in the same period of 2021. The decrease was mainly attributable to 2 factors: our continued implementation of prudent operating strategies and the one-off impact of a decline in streamers activities following the end of COVID-19 restrictions.

現在讓我們更詳細地看一下我們第四季度的財務業績。 2022年第四季度總淨收入同比下降27.8%至16.8億元人民幣。直播收入為人民幣16億元，較2021年同期的人民幣22.1億元下降27.7%。下降主要歸因於2個因素：我們繼續實施穩健的經營策略和一次性下降的影響。 COVID-19 限制結束後的彩帶活動。

As a result, (inaudible) were partially impaired, which caused a year-over-year decrease in quarterly ARPPU. Our quarterly ARPPU was RMB 293, down 4%, from RMB 305 in the same period last year.

結果，（聽不清）部分受損，導致季度 ARPPU 同比下降。我們的季度 ARPPU 為人民幣 293 元，比去年同期的人民幣 305 元下降了 4%。

Advertising and other revenues were RMB 84.3 million, compared with RMB 118.5 million in the same period of 2021. The year-over-year decrease was primarily attributable to the soft demand for brand advertising amid the challenging microeconomic environment. The decline was partially offset by increase in other revenues contributed by game-specific membership services.

廣告及其他收入為人民幣 8,430 萬元，而 2021 年同期為人民幣 1.185 億元。同比下降的主要原因是在充滿挑戰的微觀經濟環境下對品牌廣告的需求疲軟。這一下降被特定遊戲會員服務貢獻的其他收入的增加部分抵消。

Cost of revenues in the fourth quarter of 2022, was RMB 1.5 billion, a decrease of 28.2% compared with RMB 2.08 billion in the same period of 2021. Revenue sharing fees and content costs decreased by 31.2% to RMB 1.27 billion from RMB 1.85 billion in the same period of 2021. The decline was primarily driven by the following two factors: First, the decrease in revenue sharing fees was mainly in accordance with the decrease in live streaming revenues. In addition, the lower revenue share ratio, which was achieved through the implementation of our prudent operating strategies led to a further reduction in revenue sharing fees.

2022 年第四季度的收入成本為 15 億元人民幣，與 2021 年同期的 20.8 億元人民幣相比下降 28.2%。收入分成費用和內容成本從 18.5 億元人民幣下降 31.2% 至 12.7 億元人民幣2021年同期下降主要受以下兩個因素驅動：首先，收入分成費用的減少主要是隨著直播收入的減少。此外，通過實施審慎的經營策略實現較低的收入分成比例，導致收入分成費用進一步減少。

Second, the copyright cost decreased significantly as a result of a selective copyright procurement strategy, whereby we ceased acquiring overpriced content rights for eSports tournaments. The decrease was partially offset by increase in self-produced content costs, driven by additional year-end events launched during the quarter. Bandwidth costs in the fourth quarter of 2022 decreased by 17.6% to RMB 138.4 million from RMB 167.9 million in the same period of 2021. The decrease was mainly due to the year-over-year reduction in peak bandwidth usage in the absence of the purchased copyright of major eSport tournaments.

其次，由於我們採取了選擇性的版權採購策略，版權成本顯著下降，我們不再為電子競技比賽獲取定價過高的內容權。這一減少部分被本季度推出的額外年終活動推動的自製內容成本增加所抵消。 2022 年第四季度帶寬成本從 2021 年同期的人民幣 1.679 億元下降 17.6% 至人民幣 1.384 億元。下降的主要原因是在沒有購買的情況下峰值帶寬使用量同比減少主要電子競技比賽的版權。

Gross profit in the fourth quarter of 2022 was RMB 186.1 million, compared with RMB 244.7 million in the same period of 2021. Gross margin in the fourth quarter of 2022 was 11.1%, compared with 10.5% in the same period of 2021. This margin improvement was mainly driven by the decrease in both revenue sharing fees and copyright costs as a percentage of revenues. The improvement was partially diluted by the rising percentage of revenues attributed to self-produced content costs.

2022 年第四季度毛利為 1.861 億元人民幣，2021 年同期為 2.447 億元人民幣。2022 年第四季度毛利率為 11.1%，2021 年同期為 10.5%。改善的主要原因是收入分成費用和版權成本佔收入的百分比下降。這一改善被歸因於自製內容成本的收入百分比上升部分稀釋。

Sales and marketing expenses in the fourth quarter of 2022 were RMB 123.9 million, a significant decrease of 45.9% in from RMB 229.2 million in the same period of 2021. This was mainly attributable to a decrease in both marketing expenses for user acquisition and branding expenses. Research and development expenses in the fourth quarter of 2022 were RMB 80.6 million representing a 39.2% decrease from RMB 132.6 million in the same period of 2021. This decrease was primarily due to a decrease in personnel-related expenses.

2022 年第四季度的銷售和營銷費用為人民幣 1.239 億元，較 2021 年同期的人民幣 2.292 億元大幅下降 45.9%。這主要是由於用戶獲取營銷費用和品牌費用均有所下降. 2022 年第四季度研發費用為人民幣 8060 萬元，較 2021 年同期的人民幣 132.6 百萬元下降 39.2%。下降的主要原因是人員相關費用的減少。

General and administrative expenses in the fourth quarter of 2022 were RMB 55.2 million, a drop of 44.1% from RMB 98.8 million in the same period of 2021. The decrease was primarily due to decreased share-based compensation expenses as the vast majority of shares and share incentive plans were fully vested as well as decreased professional service fees. Adjusted operating loss, which adds back share-based compensation expenses, was RMB 56 million in the fourth quarter of 2022 compared with RMB 168.7 million in the same period of 2021. Net income in the fourth quarter of 2022 was RMB 41.8 million, compared with net loss of RMB 193.2 million in the same period of 2021.

2022 年第四季度的一般和管理費用為人民幣 5520 萬元，比 2021 年同期的人民幣 9880 萬元下降了 44.1%。減少的主要原因是股權激勵費用減少，因為絕大多數股份和股票激勵計劃已完全歸屬，專業服務費也有所減少。 2022 年第四季度調整後的經營虧損為人民幣 5600 萬元，而 2021 年同期為人民幣 1.687 億元。2022 年第四季度的淨收入為人民幣 4180 萬元，相比之下2021年同期淨虧損人民幣1.932億元。

Adjusted net loss which excludes share-based compensation expenses, share of loss or income in equity method investments and impairment loss of investments was RMB 4.3 million in the fourth quarter of 2022, compared with RMB 150.7 million in the same period of 2021. For the fourth quarter of 2022, basic and diluted net income per ADS were RMB 0.14 and RMB 0.14, respectively. While adjusted basic diluted net loss per ADS were RMB 0.003 and RMB 0.003, respectively.

2022 年第四季度扣除股權激勵費用、應佔權益法投資損失或收益以及投資減值損失後的調整後淨虧損為人民幣 430 萬元，而 2021 年同期為人民幣 1.507 億元。 2022年第四季度，每股ADS基本和稀釋淨收益分別為0.14元和0.14元。而調整後的每股 ADS 基本攤薄淨虧損分別為 0.003 元人民幣和 0.003 元人民幣。

As of December 31, 2022, the company had cash and cash equivalents, restricted cash and short-term and long-term bank deposits of RMB 6.81 billion compared with RMB 6.64 billion, as of December 31, 2021.

截至2022年12月31日，公司擁有現金及現金等價物、受限制現金以及短期和長期銀行存款為人民幣68.1億元，截至2021年12月31日為人民幣66.4億元。

Moving forward, as part of our strategic focus on healthy long-term growth, our revenue may experience some immediate impact, which we believe is critical to our balanced growth. We will also strive to explore more commercialization channels and fine-tune our operations, supporting the sustainable long-term development of our platform while also delivering greater value for our shareholders.

展望未來，作為我們對健康長期增長的戰略重點的一部分，我們的收入可能會受到一些直接影響，我們認為這對我們的平衡增長至關重要。我們也將努力探索更多的商業化渠道和微調我們的運營，支持我們平台的可持續長期發展，同時為我們的股東創造更大的價值。

This concludes our prepared remarks for today. Operator, we are now ready to take questions.

我們今天準備好的發言到此結束。接線員，我們現在準備好接受提問了。

(Operator Instructions) And our first question today will come from Lei Zhang of Bank of America Securities.

（操作員說明）我們今天的第一個問題將來自美國銀行證券的 Lei Zhang。

(foreign language) First question is mainly on your strategy. We noticed that you have invested in eSports contract this year. Can you share with us your strategy for 2023? And how should we deliver operating efficiency will have additional content cost? Secondly, we noted that (inaudible) this year and can you share with us its performance in live streaming? And we also know that there are more new games to be launched this year. Will those games help our user growth and game streaming (inaudible)

（外語）第一個問題主要是關於你的策略。我們注意到您今年投資了電子競技合同。您能與我們分享您的 2023 年戰略嗎？而我們應該如何交付運營效率會產生額外的內容成本？其次，我們注意到今年（聽不清），你能和我們分享一下它在直播方面的表現嗎？而且我們也知道今年會有更多的新遊戲要上線。這些遊戲會幫助我們的用戶增長和遊戲流媒體嗎（聽不清）

(foreign language)

（外語）

[Interpreted] Mr. Chen will take the first question. As a leading game live streaming platform in China, we remain committed to our long-term growth strategy of fostering a wide range of game-centric content ecosystem. We continue to establish a diversified gaming platform by streamlining our operations and creating new services, propelling a vibrant game content ecosystem. Facing the ever-changing macro environment in the past 2 years, we've made some adjustments to pursue long-term sustainable development. Those adjustments include actively modifying our operating strategy to optimize our revenue structure and controlling business spending through fine-tuned operations. All the measures we've taken has not only stabilized the overall company's business, but also improved our financial performance and significantly narrowed our adjusted net loss for the full year 2022.

【翻譯】陳老師先回答第一個問題。作為中國領先的遊戲直播平台，我們將繼續致力於培育廣泛的以遊戲為中心的內容生態系統的長期增長戰略。我們通過簡化運營和創造新服務，繼續建立多元化的遊戲平台，推動充滿活力的遊戲內容生態系統。面對過去兩年不斷變化的宏觀環境，我們做出了一些調整，以追求長期的可持續發展。這些調整包括積極調整我們的經營策略以優化我們的收入結構，並通過微調經營來控制業務支出。我們採取的所有措施不僅穩定了公司整體業務，還改善了我們的財務業績，並顯著收窄了我們 2022 年全年的調整後淨虧損。

Looking ahead to 2023, we will continue to execute prudent operational strategies and focus on the long-term business process. We will reduce our investment in traditional business lines with low ROI and focus on exploring new growth avenues, while pursuing growth in user scale, we will target improving user quality by delivering high-quality content, upgrading our product structure and strengthening our interactive features, we are able to enrich our platform's ecosystem so that we can enhance our user experience and retention rate.

展望2023年，我們將繼續執行審慎的經營策略，並專注於長期業務流程。我們將減少對投資回報率低的傳統業務線的投資，專注於探索新的增長點，在追求用戶規模增長的同時，我們將通過提供優質內容、升級產品結構和加強交互功能來提高用戶質量，我們能夠豐富我們平台的生態系統，從而提高我們的用戶體驗和保留率。

In terms of cost allocation, we conducted a detailed evaluation of the ROI of each of our expenses and allocated company's resources rationally and dynamically, dedicating limited resources to business lines with greater potential. For example, in terms of our user acquisition strategy, when we compare it with content-driven user acquisition, we noticed that channel promotions drove user growth in the short term, but with lower retention rate and conversion rate.

在成本分配方面，我們對各項費用的投資回報率進行了詳細評估，合理、動態地分配公司資源，將有限的資源投入到潛力更大的業務條線。例如，在我們的用戶獲取策略方面，當我們將其與內容驅動的用戶獲取進行比較時，我們注意到渠道促銷在短期內推動了用戶增長，但留存率和轉化率較低。

As users' needs have becoming -- become more diversified, focusing on channel promotion is no longer a sustainable user acquisition strategy. Therefore, we have adjusted our overall marketing strategy in 2023, adhering to a content-driven approach to growth by continuously investing in high-quality content and cooperating with game developers to attract and engage users. Although investing in game -- in content is a more long-term process than channel promotion, we believe is beneficial for our platform's sustainable development.

隨著用戶的需求越來越多樣化，專注於渠道推廣已經不再是可持續的用戶獲取策略。因此，我們調整了2023年的整體營銷策略，堅持內容驅動的增長方式，通過持續投資優質內容並與遊戲開發商合作來吸引和吸引用戶。儘管投資於遊戲——內容是一個比渠道推廣更長期的過程，但我們相信有利於我們平台的可持續發展。

In terms of our core copyright procurement, as we mentioned before, our copyright tournaments still offer great value, and we would repurchase some core copyrighted tournaments if the price level return to a reasonable range. On that basis, we repurchased some core copyrighted events in 2023, such as the LPL and the LoL World Championship Tournament. High-quality streamers content, diversified and self-produced game-centric content along with copyright tournament content enable us to enrich our content ecosystem and foster our game-centric community, thereby solidifying our overall competitiveness in the industry.

在我們的核心版權採購方面，正如我們之前提到的，我們的版權賽事仍然具有很大的價值，如果價格水平回到合理範圍，我們將回購一些核心版權賽事。在此基礎上，我們回購了2023年的一些核心版權賽事，比如LPL和LoL世界冠軍賽。高質量的流媒體內容、多元化和自製的遊戲內容以及版權錦標賽內容使我們能夠豐富我們的內容生態系統並培育我們以遊戲為中心的社區，從而鞏固我們在行業中的整體競爭力。

Meanwhile, in terms of revenue, we will focus on ensuring that our users' willingness to pay on our platform is on a sustainable basis. Such focus shift will have a short-term impact on our revenue. However, our operating leverage is expected to improve in the long run, which, in turn supports the company's long-term profitability. At the same time, we are continuously exploring more innovative commercialization avenues.

同時，在收入方面，我們將重點確保用戶在我們平台上的支付意願是可持續的。這種重心轉移將對我們的收入產生短期影響。但是，從長遠來看，我們的經營槓桿率有望提高，這反過來又會支持公司的長期盈利能力。同時，我們也在不斷探索更多創新的商業化途徑。

Let me answer your second question about Eggy Party. Eggy Party is a casual interactive mobile game, a game that's easy to operate and highly interactive features. For this game, we prepared experienced streamers in advance and adopted a attractive incentive method to encourage more players to engage in the game's live stream. Meanwhile, leveraging the functionality of our user community, we organized the various daily clocking and tuning up activities within our community channel. We also provided plenty of in-game items as rewards to increase players' engagement and interaction.

我來回答你關於蛋蛋派對的第二個問題。 Eggy Party是一款休閒互動手游，是一款操作簡單，互動性強的遊戲。對於這款遊戲，我們提前準備了經驗豐富的主播，並採用了極具吸引力的激勵方式，鼓勵更多玩家參與遊戲直播。同時，利用我們用戶社區的功能，我們在我們的社區頻道內組織了各種日常計時和調整活動。我們還提供了大量遊戲內物品作為獎勵，以增加玩家的參與度和互動度。

This helps us effectively promote the game's popularity and improve overall user stickiness on our platform from general until now. Eggy Party's live streaming volume has ranked at the top of the industry. More than half of the segment's users participated in activities within our community channels during the promotional event. In terms of new games, we eagerly anticipated the launch of more blockbuster games, for game streaming content platform such as DouYu, high-quality games and (inaudible) users are the most important source for content generation and user growth.

這有助於我們有效地提升遊戲的知名度，並提高我們平台上從一般到現在的整體用戶粘性。 Eggy Party的直播量一直位居行業前列。在促銷活動期間，該細分市場一半以上的用戶參與了我們社區渠道內的活動。在新遊戲方面，我們熱切期待更多重磅遊戲的推出，對於鬥魚這樣的遊戲直播內容平台來說，優質遊戲和（聽不清）用戶是內容生成和用戶增長最重要的來源。

Based on game features, we will continue to create premium gaming content with greater interaction -- interactive and engaging features as well as a wide-ranging selection. We can't predict the exact schedule of the launch of this game. But according to our practice, we will cooperate with game developers to promote the new game during the pre-launch stage. We will also select experienced streamers and reach game contenders or players to watch and discuss and then provide interactive content such as game tutorials and the tournament events to increase user engagement, evaluate -- elevate user experience and enhance user stickiness.

基於遊戲特性，我們將繼續打造交互性更強的優質遊戲內容——互動性和吸引力以及廣泛的選擇。我們無法預測這款遊戲推出的確切時間表。但根據我們的慣例，我們會在發布前階段與遊戲開發商合作推廣新遊戲。我們還將選擇經驗豐富的主播並接觸遊戲競爭者或玩家進行觀看和討論，然後提供遊戲教程和錦標賽活動等互動內容，以增加用戶參與度，評估——提升用戶體驗並增強用戶粘性。

Okay. And our next question today will come from Thomas Chong of Jefferies.

好的。我們今天的下一個問題將來自 Jefferies 的 Thomas Chong。

(foreign language) My first question is regarding our strategic direction. Given that the company has made a number of strategic adjustments in the past 2 years, how should we think about the industry trend? Or may I put in this way that, how should I think about the management thoughts regarding the game live broadcasting overall industry environment? And my second question is about the user scale for this year, if there's any qualitative color?

（外語）我的第一個問題是關於我們的戰略方向。鑑於公司近2年進行了多項戰略調整，我們應該如何看待行業趨勢？或者我可以這麼說，對於遊戲直播整個行業環境，我應該如何去思考經營思路？我的第二個問題是關於今年的用戶規模，是否有任何定性色彩？

(foreign language)

（外語）

[Interpreted] Mr. Chen will take the first question. As we mentioned before, the competition we face in our industry has already transitioned from gaming live streaming to gaming content. Gaming content is a much larger market with a broader user base expanding beyond hardcore games watching video game live streaming. This means users needs are evolving, which is both a opportunity and a challenge for us. Given the large scale of our existing user base and revenue base, the challenge is how to adjust our products and operations to acquire new users and explore new commercialization channels.

【翻譯】陳老師先回答第一個問題。正如我們之前提到的，我們在行業中面臨的競爭已經從遊戲直播轉變為遊戲內容。遊戲內容是一個更大的市場，擁有更廣泛的用戶群，超越了觀看視頻遊戲直播的硬核遊戲。這意味著用戶的需求在不斷變化，這對我們來說既是機遇也是挑戰。鑑於我們現有的用戶基礎和收入基礎規模龐大，挑戰在於如何調整我們的產品和運營以獲取新用戶並探索新的商業化渠道。

We insist on achieving success with premium game content. Specifically, we leverage high-quality game content to acquire new users and build a diversified product system to meet users' diverse needs and improve user stickiness. Attracted by wide-ranging content, high-quality users can also generate content through interacting and self-producing, fostering a virtuous cycle on our platform of content production and user development that we have emphasized to build a healthy and sustainable platform. It's what we've done in the past and what we'll continue to do in the future.

我們堅持以優質的遊戲內容取得成功。具體來說，我們通過優質的遊戲內容獲取新用戶，構建多元化的產品體系，滿足用戶多樣化的需求，提升用戶粘性。優質用戶被廣泛的內容所吸引，也可以通過互動和自產產生內容，在我們強調的內容生產和用戶開發平台上形成良性循環，以建立一個健康可持續的平台。這是我們過去所做的，也是我們未來將繼續做的。

Furthermore, for a long time, we paid considerable attention to our revenue scale based on live streaming -- based on our live streaming platform's (inaudible) monetization features. However, we think this may harm our platform's ecosystem and healthy development in the long run. Therefore, we have recently reduced our marketing activities that target revenue growth. Instead, based on our virtual gifting revenue mode, we provided diversified products to cater different users' paying habits and demand while also emphasizing our products' sustainability. In addition, we are exploring new initiatives, such as a membership business. It took time to make these changes. Therefore, we focus on refining our operations and improving our cost and expenses control. In this way, while making the above adjustments, we still managed to maintain our platform's long-term profitability.

此外，長期以來，我們非常關注基於直播的收入規模——基於我們直播平台的（聽不清）貨幣化功能。但是，我們認為從長遠來看，這可能會損害我們平台的生態系統和健康發展。因此，我們最近減少了以收入增長為目標的營銷活動。相反，基於我們的虛擬禮物收入模式，我們提供多樣化的產品以滿足不同用戶的支付習慣和需求，同時也強調我們產品的可持續性。此外，我們正在探索新的舉措，例如會員業務。進行這些更改需要時間。因此，我們專注於優化我們的運營並改善我們的成本和費用控制。這樣，在進行上述調整的同時，我們仍然成功地保持了平台的長期盈利能力。

Let me answer your second question about MAU. As we have consistently communicated to the people, DouYu is a game-centric contender platform that attracts and retains users by providing high-quality game-centric content and adopting user appreciation strategies to face different business environments. In 2023 to navigate the volatile macro environment with agility, we prioritize our long-term business prospects, reduce our investment in traditional business lines with low ROI. Focus our user growth strategy of improving user quality, we strive to strengthen our content operations as well as explore commercialization avenues. Our total revenues are mainly contributed by our contender driven users with heavy playing habit. We plan to largely cut our promotional expenses this year, which will directly affect our platform MAU in the short term. Nevertheless, most of these lower MAUs are short-term users on the platform. This strategy won't affect our contained content operations or our monetization efficiency.

讓我回答你關於 MAU 的第二個問題。正如我們一貫向人們傳達的那樣，鬥魚是一個以遊戲為中心的競爭者平台，通過提供以遊戲為中心的優質內容和採用用戶增值策略來吸引和留住用戶，以面對不同的商業環境。 2023年，為了敏捷應對多變的宏觀環境，我們優先考慮長期業務前景，減少對投資回報率低的傳統業務線的投資。圍繞提高用戶質量的用戶增長戰略，我們努力加強我們的內容運營並探索商業化途徑。我們的總收入主要由我們的競爭者驅動的用戶貢獻，他們玩遊戲的習慣很重。我們計劃今年大幅削減促銷費用，這將在短期內直接影響我們的平台 MAU。儘管如此，這些較低的 MAU 中的大多數都是平台上的短期用戶。該策略不會影響我們的內容運營或貨幣化效率。

In addition, with our purchase of copyrighted content, we expect to gain some tournament users. By observing the traffic on our LoL game segment, we found that the increase in traffic that it brought couldn't offset the decline in user scale, resulting from sustainability, decreased promotional expenses. We delivered that. Operational adjustments will enable us to increase our resource allocation in order to build a more sustainable content ecosystem. Although the return on this investment takes time, we will ultimately enhance our overall competitiveness and support our platform's long-term development.

此外，通過購買版權內容，我們希望獲得一些錦標賽用戶。通過觀察我們英雄聯盟遊戲板塊的流量，我們發現它帶來的流量增長並不能抵消用戶規模的下降，這是因為可持續性、推廣費用的減少。我們做到了。運營調整將使我們能夠增加我們的資源分配，以建立一個更可持續的內容生態系統。雖然這項投資的回報需要時間，但我們最終會提升我們的綜合競爭力，支持我們平台的長期發展。

Our next question today will come from Yiwen Zhang of China Renaissance.

我們今天的下一個問題將來自華興資本的 Yiwen Zhang。

(foreign language) So I have a couple of questions. First question is regarding our licensed copyright content procurement. So can you assure our plan on how we plan to improve ROI on game content? And then secondly, can you give us an update on the 2022 whole year cash flow? Have we achieved positive operating cash inflow?

（外語）所以我有幾個問題。第一個問題是關於我們的許可版權內容採購。那麼你能保證我們計劃如何提高遊戲內容的投資回報率嗎？其次，您能否向我們介紹 2022 年全年現金流量的最新情況？我們是否實現了正的經營現金流入？

Thank you for your questions. As to the first question on copyright procurement, copyrighted tournaments played an important role in stabilizing our platform's traffic and improving our user engagement. In the past year, we adopted a selective copyright procurement strategy due to the overpricing of some copyrighted tournaments. With the price level of copyrighted tournaments gradually returning to a reasonable range, we have increased our investments in purchasing core copyrights in 2023. Major copyrighted tournaments we have purchased so far include League of Legends; Honor of Kings; Peacekeeper Elite, Crossfire, CS:GO and Dota 2. For the tournament copyrights we purchased, we will improve our return on investment through innovative operations.

謝謝你的問題。關於第一個關於版權採購的問題，版權賽事在穩定我們平台的流量和提高我們的用戶參與度方面發揮了重要作用。在過去的一年裡，由於一些有版權的比賽定價過高，我們採取了選擇性的版權採購策略。隨著版權賽事的價格水平逐漸回歸合理區間，我們在2023年加大了購買核心版權的投入。目前我們購買的主要版權賽事包括英雄聯盟；王者榮耀；和平精英、穿越火線、CS:GO、Dota 2，對於我們購買的賽事版權，我們將通過創新運營提高投資回報率。

In terms of enhancing user engagement, we will continue to upgrade interactive features of platform to meet users' diversified needs by building on our accumulated experience in live streaming and operating copyrighted tournaments. For example, in LPL, by leveraging our top-tier streamer resources we selected 12 streamers to do a co-streaming of the tournament events. These streamers included both official tournament commentators and top-tier streamers with massive fan base in these tournaments and our platform. This co-streaming initiative achieved good results. The DAU of live streaming channel is on par with that of our official channel. In addition, the number of auditions is several times higher than that of our official channel.

在提升用戶參與度方面，我們將基於我們在直播和運營版權賽事方面積累的經驗，繼續升級平台的交互功能以滿足用戶的多樣化需求。例如，在 LPL 中，通過利用我們的頂級主播資源，我們選擇了 12 名主播對錦標賽賽事進行聯合直播。這些主播包括官方比賽評論員和在這些比賽和我們的平台上擁有大量粉絲群的頂級主播。此次聯合直播活動取得了良好的效果。直播頻道的 DAU 與我們的官方頻道相當。另外，海選人數是我們官方頻道的數倍。

Furthermore, we featured more user-friendly access to videos and community channels, our live streaming channel, thereby, gaining more exposure for our diverse gaming content and attracted more users to join. In terms of commercialization, we continue to integrate our copyrighted tournaments' content with more refined operations. For example, we promote our game-specific membership services to tournament viewers. Meanwhile, we will explore more direct monetization opportunities based on copyrighted tournaments' content. In addition to discussing the copyright price with copyright owners, we will communicate more proactively with them to explore reasonable long-term cooperation.

此外，我們更方便用戶訪問視頻和社區頻道，即我們的直播頻道，從而讓我們多樣化的遊戲內容獲得更多曝光，並吸引更多用戶加入。在商業化方面，我們繼續將我們的版權賽事內容與更精細的運營相結合。例如，我們向錦標賽觀眾推廣我們的特定遊戲會員服務。同時，我們將探索更多基於版權賽事內容的直接貨幣化機會。除了與版權方商討版權價格外，我們會更加主動地與版權方溝通，探討合理的長期合作。

So on the second question of cash flows. As of December 31, 2022, our overall cash balance, including cash and cash equivalents, restricted cash and deposits amounted to RMB 6.81 billion, a increase of RMB 170 million compared with RMB 6.64 billion in the same period of 2021. This is mainly due to two factors. First, the increase in our cash balance is primarily a result of reporting currency translation as the appreciation of the U.S. dollar increased value of the large amounts of U.S. dollar-denominated cash assets we hold, totaling RMB 480 million. Second, in terms of cash outflow, we used a total of RMB 110 million in cash for the share repurchase. Other total cash outflow was RMB 210 million, of which the operating cash outflow was RMB 77.8 million.

那麼關於現金流量的第二個問題。截至2022年12月31日，包括現金及現金等價物、受限制現金及存款在內的現金餘額為人民幣68.1億元，較2021年同期的人民幣66.4億元增加人民幣1.7億元。這主要是由於到兩個因素。首先，我們現金餘額的增加主要是由於美元升值導致我們持有的大量以美元計價的現金資產價值增加，總計人民幣 4.8 億元。二是在現金流出方面，本次回購股份共使用現金1.1億元。其他現金流出總額為人民幣2.1億元，其中經營性現金流出為人民幣7,780萬元。

Our next question today will come from Raphael Chen of BOCI.

我們今天的下一個問題將來自中銀國際的 Raphael Chen。

(foreign language) My question is regarding the paying user trend. Could the management elaborate on how the current operations strategy will impact the paying users going forward? It would be great if management could share more insight on the paying user trend, especially in the year of 2023?

（外語）我的問題是關於付費用戶趨勢。管理層能否詳細說明當前的運營策略將如何影響未來的付費用戶？如果管理層能夠分享更多關於付費用戶趨勢的見解，尤其是在 2023 年，那就太好了？

Thank you for your question. As mentioned previously, improving user quality is our key focus this year. In the second half of last year, we canceled some marketing activities for new paying users with low rates of return. That reflects the high quality of our current paying users with consistent paying behaviors for our services. In 2023, we plan to further reduce our marketing expenses and acquisition expenses for paying user acquisition, which will have a impact on paying user base. In 2023, we will continue to improve revenue quality and maintain our core paying users business and also their willingness to pay, shifting the focus of revenue generation to the following to 2 areas.

謝謝你的問題。如前所述，提高用戶質量是我們今年的重點。去年下半年，我們取消了一些針對新付費用戶的低迴報率營銷活動。這反映了我們當前付費用戶的高質量以及對我們服務的一致付費行為。 2023年，我們計劃進一步減少用於付費用戶獲取的營銷費用和獲取費用，這將對付費用戶群產生影響。 2023年，我們將繼續提高收入質量，保持核心付費用戶業務和支付意願，將收入產生的重點轉移到以下兩個領域。

First of all, we will put more emphasis on maintaining core paying users to ensure core business stability. We launched various tiers of paying products based on our users' different abilities to pay in order to sustain and improve their willingness to do so. Meanwhile, we rolled out more companionship-oriented functions and activities for our fans, not only maintaining the day-to-day interactions between streamers and the fans but also enhancing the fans willingness to pay.

首先，我們會更加註重核心付費用戶的維護，確保核心業務的穩定性。我們根據用戶不同的支付能力推出了不同層次的支付產品，以維持和提高他們的支付意願。同時，我們為粉絲推出了更多以陪伴為導向的功能和活動，既保持了主播與粉絲之間的日常互動，也提高了粉絲的付費意願。

Last year, we upgraded our user benefits and strengthened our interactive functions, substantially improving fans' stickiness and steadily increasing members' renewal rates. Second, we will explore more new non-virtual gifting business model based on game characteristics to improve our revenue mix. The game-specific membership service that we launched in the second half of 2022 is progressing smoothly despite its relatively small revenue currently.

去年，我們升級了用戶權益，強化了互動功能，粉絲粘性大幅提升，會員續費率穩步提升。其次，我們將根據遊戲特點探索更多新的非虛擬贈送業務模式，以改善我們的收入結構。我們於 2022 年下半年推出的遊戲專屬會員服務雖然目前收入相對較小，但進展順利。

We believe this business can satisfy some gamers' demands for the games themselves. It not only attracts large number of game fans, thereby adding new users to our platform but also appeals to existing users. So promoting a virtuous cycle in our game content ecosystem. In short, developing our membership business will be a priority for 2023.

我們相信這項業務可以滿足部分遊戲玩家對遊戲本身的需求。它不僅吸引了大量遊戲迷，從而為我們的平台增加了新用戶，而且還吸引了現有用戶。因此，在我們的遊戲內容生態系統中促進良性循環。簡而言之，發展我們的會員業務將是 2023 年的首要任務。

Specifically, we will continue strengthening our platform-wide membership service while reinforcing our close cooperation with game developers to delve deep into users' gaming needs and extend our game-specific membership service to multiple segments.

具體而言，我們將繼續加強全平台會員服務，同時加強與遊戲開發商的緊密合作，深入挖掘用戶的遊戲需求，並將我們的特定遊戲會員服務擴展到多個細分市場。

Thank you. That's all the time we have for questions. I will now turn the call back over to management for closing remarks.

謝謝。這就是我們提問的全部時間。我現在將把電話轉回給管理層作結束語。

On behalf of the management, thank you for joining our call. We look forward to speaking with everyone next quarter.

我代表管理層感謝您加入我們的電話會議。我們期待在下個季度與大家交談。

The conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。我們感謝您參加今天的演講。您現在可以斷開線路。