Douyu International Holdings Ltd (DOYU) 2024 Q3 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you, and welcome to DouYu International Holdings Limited's third quarter 2024 earnings conference call. (Operator Instructions)

早安，晚上好，女士們先生們。謝謝，歡迎參加鬥魚國際控股有限公司 2024 年第三季財報電話會議。（操作員說明）

I would now turn the conference over to the first speaker today, Ms. Lingling Kong, IR Director at DouYu. Please go ahead.

現在我將會議交給今天的第一位發言者，鬥魚IR總監孔玲玲女士。請繼續。

Thank you. Hello, everyone. Welcome to our third quarter 2024 earnings call. Joining us today are Mr. Mingming Su, Chief Strategy Officer; Mr. Hao Cao, Vice President of Finance; and Ms. Simin Ren, Vice President from Interim Management Committee.

謝謝。大家好。歡迎參加我們的 2024 年第三季財報電話會議。今天加入我們的是首席策略長蘇明明先生；曹浩先生，財務副總裁；臨時管理委員會副主任任思敏女士。

You can refer to our third quarter 2024 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.

您可以在我們的IR網站ir.douyu.com上參考我們2024年第三季的財務表現。您也可以在幾個小時後在我們的 IR 網站上查看此電話會議的重播。

Before we start, please note that this call may contain forward-looking statements made pursuant to the 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》的安全港條款做出的前瞻性陳述。這些前瞻性陳述是基於管理階層目前的預期和觀察，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，可能導致公司的實際結果、績效或成就與結果有重大差異，這些前瞻性陳述所暗示的表現或期望。

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.

所有前瞻性陳述均完全符合公司向 SEC 提交的文件中的警示性陳述、風險因素和詳細資訊。在本次電話會議日期之後，本公司不承擔修改或更新針對選定事件或情況的任何前瞻性陳述的責任。

I will now speak on behalf of our Interim Management Committee on our business update. The call will then be handed to our Vice President of Finance, Mr. Hao Cao for financial discussion.

我現在將代表我們的臨時管理委員會就我們的業務最新情況發言。然後電話將轉交給我們的財務副總裁曹浩先生進行財務討論。

In the third quarter, we stayed closely aligned with market dynamics and proactively adopted our operational strategies. First, we focused on maximizing our core competitive edge to enhance our commercialization capabilities and diversify our revenue stream. In addition, we further refined our business model and optimized our resources to reduce expenses. While solidifying our fundamentals, we continued to systematically invest in our streamer resources and new initiatives, further enriching the premium content and gaming service line across our platform. All these initiatives reinforce our platform's game-centric content ecosystem.

第三季度，我們緊密結合市場動態，積極制定經營策略。首先，我們專注於最大化我們的核心競爭優勢，以增強我們的商業化能力並實現收入來源多元化。此外，我們進一步完善業務模式，優化資源，降低開支。在夯實基礎的同時，我們繼續有系統地投資主播資源和新舉措，進一步豐富我們平台的優質內容和遊戲服務線。所有這些舉措都加強了我們平台以遊戲為中心的內容生態系統。

In the third quarter, our mobile MAUs were 42.1 million, a decrease of 18.6% year-over-year. We are seeing increased competition from short video platforms, particularly during the peak summer season when these platforms ramped up their user acquisition promotions. Our data analysis continue to indicate that user attrition was predominantly from low-frequency users with short video hours and low stickiness.

第三季度，我們的行動端月活躍用戶數為4,210萬，年減18.6%。我們看到來自短視頻平台的競爭日益激烈，尤其是在暑期旺季，這些平台加大了用戶獲取促銷。我們的數據分析繼續表明，用戶流失主要來自視訊時長短、黏性低的低頻用戶。

Despite certain short-term pressure on our user base, the engagement patterns of our core user group, especially their viewing hours and activity levels, remained relatively stable. Thanks to our consistent and strategic content operation optimization. Moreover, our gaming commercialization ventures have been actively drawing in fresh users and reengaging active ones, fostering a more vibrant gaming ecosystem.

儘管我們的用戶群面臨一定的短期壓力，但我們核心用戶群的參與模式，特別是他們的觀看時間和活動量仍然相對穩定。得益於我們一貫的、策略性的內容營運優化。此外，我們的遊戲商業化企業一直在積極吸引新用戶並重新吸引活躍用戶，培育更有活力的遊戲生態系統。

During the quarter, we broadcasted nearly 30 large-scale official tournaments, including the LPL Summer split, the KPL and CFPL Summer tournaments, the PEL Spring tournament, the CS: GO Blast Fall tournament and the eSports World Cup, among others. Capitalizing on this official event broadcast, we regularly rolled out innovative derivative content.

本季度，我們轉播了近 30 場大型官方賽事，包括 LPL 夏季賽、KPL 和 CFPL 夏季賽、PEL 春季賽、CS:GO Blast 秋季賽、電競世界盃等。利用這次官方活動轉播的機會，我們定期推出創新的衍生內容。

For example, during the eSports World Cup, we initiated targeted activities across gaming segments aligned with EWC events. Curating distinctive content tailored to highlight our streamers' individual styles. This included a mix of streamer vlogs paired with live streaming, outdoor shows featuring streamers with event commentary, streamer coaching and celebrations for [champion] streamers. Through these activities, we enriched the user viewing experience and fostered more robust engagement between streamers and their audiences.

例如，在電競世界盃期間，我們根據EWC賽事在遊戲細分領域發起了有針對性的活動。精心策劃獨特的內容，以突顯主播的個人風格。其中包括與直播相結合的主播視訊部落格、主播帶活動評論的戶外節目、主播指導和[冠軍]主播慶祝活動。透過這些活動，我們豐富了用戶觀看體驗，並促進了主播與其觀眾之間更強有力的互動。

Additionally, we have been actively expanding our gaming event content portfolio. Recognizing our users' enthusiasm for hardcore eSports titles, we exclusively broadcasted the CS: GO XSE Pro League this quarter, enriching the professional gaming content lineup for shooting game enthusiasts. With our self-produced content, we broadcasted close to 80 self-produced eSports tournaments during the quarter.

此外，我們一直在積極擴展我們的遊戲活動內容組合。認識到用戶對硬核電競遊戲的熱情，本季我們獨家直播了CS:GO XSE職業聯賽，豐富了射擊遊戲愛好者的專業遊戲內容陣容。透過自製內容，我們在本季度直播了近 80 場自製電競比賽。

We expanded our core platform content co-creation partnerships. Leveraging our platform's unique assets, we launched an array of collaborative tournaments across official event cycles spanning a broad spectrum of gaming segments like League of Legends, King Pro League, CrossFire and Teamfight Tactics as well as DnF Mobile.

我們擴大了核心平台內容共創合作關係。利用我們平台的獨特資產，我們在官方活動週期中推出了一系列合作錦標賽，涵蓋英雄聯盟、King Pro League、CrossFire 和 Teamfight Tactics 以及 DnF Mobile 等廣泛的遊戲領域。

Another standout was our League of Legends event, the [Legendary Cup], known for bringing veteran streamers and seasoned professional players together over the past decade and innovative play format featuring a [ban exception] card, all while preserving streamers' distinctive play styles.

另一個亮點是我們的英雄聯盟賽事“傳奇杯”，該賽事以在過去十年中將資深主播和經驗豐富的職業玩家聚集在一起以及以“禁止例外”卡為特色的創新比賽形式而聞名，同時保留了主播獨特的比賽風格。

This dynamic and engaging tournament format garnered enthusiastic user feedback, sparking widespread discussion and engagement. It not only sustained the buzz and appeal of our earlier collaborative tournaments, but also facilitated user increased engagement, elevated streamer visibility and breathed new life into our gaming segment.

這種充滿活力且引人入勝的錦標賽形式獲得了熱情的用戶回饋，引發了廣泛的討論和參與。它不僅維持了我們早期合作錦標賽的熱度和吸引力，而且還促進了用戶增加參與度、提高了主播可見度並為我們的遊戲領域注入了新的活力。

Blockbuster new games also bolstered our gaming ecosystem. With the high-profile launch of the much anticipated Black Myth: Wukong in August, we rolled out promotional incentives and tapped into our robust network of PC game streamers to deliver exceptional streaming content.

重磅新遊戲也支撐了我們的遊戲生態系統。隨著備受期待的《黑神話：悟空》於 8 月高調推出，我們推出了促銷激勵措施，並利用我們強大的 PC 遊戲串流媒體網絡來提供卓越的串流內容。

Thanks to the games' immense popularity, numerous streamers spontaneously took to live streaming, dramatically boosting the content supply during the initial launch phase. To expand on streamer content, we rolled out waves of event-driven content like gaming strategies and interactive challenges, which boosted user reengagement and drew in new users, elevating the overall user activity across our platform.

由於遊戲的火爆，許多主播自發性開始直播，上線初期的內容供應量大幅增加。為了擴展串流內容，我們推出了一系列事件驅動的內容，例如遊戲策略和互動挑戰，這提高了用戶的重新參與並吸引了新用戶，從而提高了整個平台的整體用戶活動。

We have long been committed to optimizing our platform's content ecosystem by acquiring official tournament copyright, signing top-tier streamers and innovating self-produced content. Each piece aims to provide users with high-grade content and viewing experience. With the shifting macro dynamics and revenue pressure on the platform in mind, we needed to maintain adequate investments in premium content while simultaneously enacting new cost-saving strategies by improving content efficiency.

我們長期致力於透過取得官方賽事版權、簽約頂級主播、創新自製內容等方式優化平台內容生態。每部作品都旨在為使用者提供高品味的內容和觀看體驗。考慮到宏觀動態的變化和平台的收入壓力，我們需要保持對優質內容的充足投資，同時透過提高內容效率來制定新的成本節約策略。

To begin with, we enhanced the commercialization of our gaming event content. We have continually deepened our collaborations with game developers, harnessing game resources to explore and stage more diverse marketing initiatives. During the quarter, we continued to promote our game-specific membership program during the PEL official tournament. We also offered time-limited game promotions during broadcasts of official CrossFire events.

首先，我們加強了遊戲活動內容的商業化。我們不斷深化與遊戲開發商的合作，利用遊戲資源探索並進行更多元化的行銷活動。本季度，我們繼續在 PEL 官方錦標賽期間推廣我們的遊戲特定會員計劃。我們也在穿越火線官方活動轉播期間提供限時遊戲促銷。

In addition, we executed similar game commercialization initiatives in our self-produced events, such as the DouYu Commentary Cup and the collaborative event -- Cup, both in the CrossFire gaming segment, all of which had successful outcomes and boosted our gaming content commercialization efficiency.

此外，我們在穿越火線遊戲領域的自產賽事，如斗魚解說杯和合作賽事——杯賽等中也執行了類似的遊戲商業化舉措，均取得了成功，提高了我們的遊戲內容商業化效率。

We also focused on enhancing our streamer management efficiency to reduce costs, which promoted us to refine our streamer management strategy. First, we performed an in-depth ROI analysis for our existing streamers and modified their compensation assessment criteria. This new approach emphasized live streaming content quality and commercialization capabilities, motivating streamers to actively engage in more commercialization programs while pursuing their creative endeavors. So far, we have noted an uptick in the ROI for streamers after implementing the updated assessment criteria.

我們也專注於提升主播管理效率，降低成本，促使我們完善主播管理策略。首先，我們對現有主播進行了深入的投資報酬率分析，並修改了他們的薪酬評估標準。這種新方式強調直播內容品質和商業化能力，激勵主播在追求創意的同時積極參與更多商業化專案。到目前為止，我們注意到實施更新的評估標準後，主播的投資報酬率上升。

Second, our summer recruitment campaign for streamers successfully attracted new streamers. By widening the recruitment scope, diversifying recruitment channels and improving streaming incentives, we notably increased the daily average number of streams in the third quarter compared to June's daily average, coupled with substantially enhanced streamer retention rates. Overall, the ROI from our streamer recruitment initiatives was higher than expected.

其次，我們的夏季主播招募活動成功吸引了新主播。透過擴大招募範圍、多元化招募管道以及完善直播獎勵措施，我們第三季的日均直播數量較6月份顯著增加，主播留存率也大幅提升。整體而言，我們的主播招募計畫的投資報酬率高於預期。

Moving on to commercial monetization. Our total number of paying users in the third quarter was 3.4 million with a quarterly ARPU of RMB237. The year-over-year decline in paying users was caused by prolonged macroeconomic challenges and our strategic decision to scale back promotional activities and incentives that carry high operational costs. These initiatives were unlikely to result in sustained spending by the users they attracted as these users typically have low stickiness to our platform, consequently leading to low ROI and higher operational costs. The number of paying users remained stable quarter-over-quarter as we focused on maintaining our core users' spending habits.

轉向商業貨幣化。第三季我們的付費用戶總數為 340 萬，季 ARPU 為 237 元人民幣。付費用戶的同比下降是由於長期的宏觀經濟挑戰以及我們縮減促銷活動和激勵措施的策略決定造成的，這些活動和激勵措施帶來了高昂的營運成本。這些舉措不太可能導致所吸引的用戶持續支出，因為這些用戶通常對我們的平台黏性較低，從而導致投資回報率較低和營運成本較高。由於我們專注於維持核心用戶的消費習慣，付費用戶數量則是環比保持​​穩定。

To address the macroeconomic impact on users' willingness to spend, we introduced more budget-friendly paid products tied to platform rewards and game props, while continuously promoting traditional affordably priced revenue-generating products. This approach encouraged gamers' diversified spending and helped maintain the overall spending patterns of our paying users. As a result, while quarterly ARPU was down year-over-year, it remained relatively stable quarter-over-quarter.

為了因應宏觀經濟對用戶消費意願的影響，我們推出了更多與平台獎勵和遊戲道具掛鉤的經濟實惠的付費產品，同時繼續推廣傳統的價格實惠的創收產品。這種方法鼓勵了遊戲玩家的多元化支出，並有助於維持付費用戶的整體支出模式。因此，雖然季度 ARPU 年比下降，但環比保持相對穩定。

During the quarter, we deepened our commercialization collaborations with game developers, consistently promoting game prop sales through various models.

本季度，我們深化與遊戲開發商的商業化合作，透過多種模式持續推動遊戲道具銷售。

The first model was a seasonal sales-driven approach based on collaborative promotions. We worked closely with game developers on large-scale promotional initiatives featuring DouYu's top-tier streamers. Our promotional strategy prioritized fun and appealing marketing initiatives as well as our platform incentives and benefits. We also harnessed cross-platform marketing channels to maximize our reach.

第一種模式是基於協作促銷的季節性銷售驅動方法。我們與遊戲開發商密切合作，進行以鬥魚頂級主播為主角的大規模促銷活動。我們的促銷策略優先考慮有趣且有吸引力的行銷活動以及我們的平台激勵和福利。我們也利用跨平台行銷管道來最大限度地擴大我們的影響力。

Since piloting this sales-driven promotional model in late 2021, we have successfully attracted substantial external traffic and boosted gaming users' impression of DouYu's game prop offerings. Whenever a similar promotion takes place, gamers associate it with DouYu's initiatives, successfully positioning our platform as the to-go destination for game prop purchases and setting the stage for rolling out our diversified game prop sales models in the future.

自2021年底試行這種銷售驅動的促銷模式以來，我們成功吸引了大量外部流量，並提升了遊戲用戶對鬥魚遊戲道具產品的印象。每當類似的促銷活動發生時，玩家都會將其與鬥魚的舉措聯繫起來，成功地將我們的平台定位為遊戲道具購買的首選目的地，並為未來推出多元化的遊戲道具銷售模式奠定了基礎。

The second model is DouYu's game-specific membership program. We established long-term partnerships with game developers to market game props. Our membership offerings integrated game props with platform incentives, aligning seamlessly with our streamers' marketing style and the needs of our users. Since its launch in the second half of 2022, this model has consistently driven stable revenue growth.

第二種模式是鬥魚的遊戲專屬會員計畫。我們與遊戲開發商建立了長期合作夥伴關係來行銷遊戲道具。我們的會員服務將遊戲道具與平台激勵相結合，與主播的營銷風格和用戶的需求無縫結合。自2022年下半年推出以來，該模式持續推動營收穩定成長。

The third model featured a multi-platform marketing approach led by game developers. Game prop stores were set up by game developers and embedded with links in our partnered live streaming channels. By leveraging our platform's content promotion and streamers' outreach efforts, we drew users into streamers' channels where they could click links to access game prop stores and complete their purchases. This promotional model standardized streamer participation and better facilitated streamer engagement, bringing shared revenue opportunities for both streamers and the platform from game prop sales.

第三種模式採用由遊戲開發商主導的多平台行銷方式。遊戲道具商店由遊戲開發商建立，並嵌入我們合作的直播頻道中的連結。透過利用我們平台的內容推廣和主播的推廣工作，我們將用戶吸引到主播頻道，他們可以點擊連結訪問遊戲道具商店並完成購買。這種推廣模式規範了主播的參與，更能促進了主播的參與，為主播和平台帶來了遊戲道具銷售收入共享的機會。

In general, within these three models for game promotions, we strategically planned our marketing initiatives to capitalize on the timing of game updates, new prop launches, festivals and seasonal events, increasing our game prop marketing visibility while expanding our diversified revenue streams.

總體而言，在這三種遊戲促銷模式中，我們策略性地規劃了行銷活動，以利用遊戲更新、新道具發布、節日和季節性活動的時機，提高遊戲道具行銷的知名度，同時擴大多元化的收入來源。

Moving forward, we will replicate these models for game prop promotions through a more comprehensive selection of gaming content scenarios, further reinforcing the commercialization capabilities across our platform.

下一步，我們將透過更全面的遊戲內容場景選擇，將這些模式複製到遊戲道具促銷中，進一步增強全平台的商業化能力。

In summary, we proactively navigated various challenges during the third quarter, steadily advancing our revenue diversification strategy while reducing costs through adopted operational strategies and optimized resource allocation. We pursued balanced growth across traditional and new business segments, strategically allocating corporate resources to secure solid business fundamentals while consistently investing in new ventures with promising growth prospects.

綜上所述，第三季我們積極應對各種挑戰，穩步推進收入多元化策略，同時透過營運策略和優化資源配置降低成本。我們追求傳統業務和新興業務的平衡成長，策略性地配置企業資源，確保業務基礎穩固，同時持續投資具有良好成長前景的新企業。

Each of these steps was underpinned by our commitment to our long-term development strategy for cultivating a vibrant, diverse game-centric content ecosystem. We believe these initiatives position us well to overcome short-term challenges and lay a solid foundation for the company's long-term sustainable growth.

這些步驟中的每一步都以我們對長期發展策略的承諾為基礎，以培養充滿活力、多樣化的以遊戲為中心的內容生態系統。我們相信這些舉措將使我們能夠很好地克服短期挑戰，並為公司的長期永續成長奠定堅實的基礎。

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.

現在，我將把電話轉給我們的財務副總裁曹浩先生，詳細介紹我們本季的財務表現。

Thank you, Lingling. Hello, everyone.

謝謝你，玲玲。大家好。

This quarter, we focused on strengthening our new revenue streams and tightening cost control measures in line with our long-term development strategy. Despite a challenging macroeconomic environment, our revenue diversification efforts have already shown a promising growth trajectory.

本季度，我們根據我們的長期發展策略，專注於加強新的收入來源並加強成本控制措施。儘管宏觀經濟環境充滿挑戰，我們的收入多元化努力已經顯示出有希望的成長軌跡。

Let's take a closer look at our financial performance for the third quarter. Our total net revenues decreased by 21.8% year-over-year in the third quarter to RMB1.06 billion. However, supported by increased revenue contribution from our innovative business, we achieved a 3% quarter-over-quarter increase in our total net revenues, making our first sequential growth in the past eight consecutive quarters.

讓我們仔細看看我們第三季的財務表現。第三季淨收入總額較去年同期下降21.8%至人民幣10.6億元。然而，在創新業務收入貢獻增加的支持下，我們的總淨收入環比成長了3%，這是我們在過去連續八個季度中首次實現連續成長。

Live streaming revenues were RMB0.75 billion, down 34.7% from RMB1.15 billion in the same period of 2023. Prolonged macroeconomic challenges and shifts in user spending behavior primarily impacted live streaming revenues. In response, we continued to scale back paying user acquisition promotions and provide more affordable product offerings to promote ongoing spending from our existing paying users. As a result, there was a year-over-year decline in both the total number of paying users and our quarterly ARPU, which decreased by 22.5% to RMB237 from RMB306 in the same period last year.

直播收入為人民幣7.5億元，較2023年同期的人民幣11.5億元下降34.7%。長期的宏觀經濟挑戰和用戶消費行為的轉變主要影響了直播收入。作為回應，我們繼續縮減付費用戶獲取促銷活動，並提供更實惠的產品，以促進現有付費用戶的持續支出。因此，付費用戶總數和季度 ARPU 均年減，從去年同期的 306 元人民幣下降 22.5% 至 237 元。

Meanwhile, our efforts to enhance our innovative business segment delivered continued growth. Innovative business, advertising and other revenues increased significantly in the third quarter by 49.4% to RMB311 million, up from RMB208.2 million in the same period of 2023, contributing 29.3% of our total revenue. The year-over-year increase was primarily driven by increased revenues from our voice-based social networking service and game membership service.

同時，我們加強創新業務的努力實現了持續成長。第三季創新業務、廣告及其他收入大幅成長49.4%至人民幣3.11億元，高於2023年同期的人民幣2.082億元，占我們總營收的29.3%。年比成長主要是由於我們基於語音的社交網路服務和遊戲會員服務的收入增加所致。

Cost of revenues in the third quarter of 2024 decreased by 14.1% to RMB1 billion compared with RMB1.17 billion in the same period of 2023. These cost reductions were largely due to a decline in our revenue sharing fees and content costs, which dropped 6.2% to RMB0.87 billion from RMB0.93 billion in the same period of 2023.

2024年第三季營收成本為10億元人民幣，較2023年同期的11.7億元下降14.1%。這些成本下降主要是由於我們的收入分成費用和內容成本下降，從2023年同期的人民幣9.3億元下降6.2%至人民幣8.7億元。

Revenue sharing fees deductions were largely from decreased live streaming revenues, which were partially offset by increased revenue sharing fees related to increased innovative business. In addition, the decrease in content costs primarily came from improved cost controls in streamer payments.

收入分成費用的扣除主要是由於直播收入的減少，而與創新業務增加相關的收入分成費用的增加部分抵消了收入分成費用的減少。此外，內容成本的下降主要來自於串流媒體付費成本控制的改善。

Bandwidth costs in the third quarter of 2024 decreased by 32% to RMB72.2 million from RMB106.1 million in the same period of 2023, primarily due to a year-over-year decrease in peak bandwidth usage.

2024年第三季的頻寬成本從2023年同期的人民幣1.061億元下降32%至人民幣7,220萬元，主要是由於尖峰頻寬使用量較去年同期下降。

Gross profit in the third quarter of 2024 was RMB60.8 million compared with RMB192.4 million in the same period of 2023. The decline in gross profit was primarily due to live streaming revenues decreasing faster than the cost of revenues, resulting in reduced gross margin efficiency. Gross margin in the third quarter of 2024 was 5.7% compared with 14.2% in the same period of 2023.

2024年第三季毛利為人民幣6,080萬元，而2023年同期毛利為人民幣1.924億元。毛利下降的主要原因是直播收入下降速度快於收入成本，導致毛利率效率下降。2024年第三季毛利率為5.7%，而2023年同期毛利率為14.2%。

In line with our strategic initiatives to streamline our operations, we reduced staff-related expenses across the Board, leading to a 23% year-over-year decline in total operating expenses. Breaking this down further, sales and marketing expenses declined by 11.9% in the third quarter of 2024 to RMB79.3 million from RMB90 million in the same period of 2023. Research and development expenses were reduced by 42% to RMB43.2 million from RMB74.5 million in the same period of 2023. General and administrative expenses decreased by 18.7% in the third quarter of 2024 to RMB41.5 million from RMB51 million in the same period of 2023.

根據我們精簡營運的策略舉措，我們全面減少了員工相關費用，導致總營運費用年減 23%。進一步細分，2024年第三季銷售及行銷費用下降11.9%，從2023年同期的9,000萬元降至7,930萬元。研發費用由2023年同期的人民幣7,450萬元減少42%至人民幣4,320萬元。2024年第三季的一般及管理費用下降18.7%，從2023年同期的人民幣5,100萬元至人民幣4,150萬元。

Loss from operations was RMB94.2 million in the third quarter of 2024 compared with RMB8.8 million in the same period of 2023.

2024 年第三季營運虧損為 9,420 萬元，而 2023 年同期為 880 萬元人民幣。

Net income for the third quarter of 2024 was RMB3.4 million compared with RMB76.4 million in the same period of 2023.

2024年第三季淨利為人民幣340萬元，而2023年同期淨利為人民幣7,640萬元。

Adjusted net loss, which excludes share of loss or income in equity method investments, gain on disposal of investment and impairment loss and fair value adjustments on investments, was RMB39.8 million in the third quarter of 2024 compared with an adjusted net income of RMB71.9 million in the same period of 2023.

2024年第三季調整後淨虧損為人民幣3,980萬元（不包括應佔權益法投資損失或收入、投資處置收益以及投資減損損失及公允價值調整），而調整後淨利為人民幣71元2023年同期為90 萬。

For the third quarter of 2024, basic and diluted net income per ADS were both RMB0.11 while adjusted basic and diluted net loss per ADS were both RMB1.32.

2024年第三季度，每股美國存託憑證基本及稀釋淨利均為人民幣0.11元，調整後每股美國存託憑證基本及稀釋淨虧損均為人民幣1.32元。

As of September 30, 2024, the company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets and short-term and long-term bank deposits of RMB4.38 billion or USD624.7 million compared with RMB6.86 billion as of December 31, 2023. The decrease was primarily due to our special cash dividend distribution of USD300 million and USD20 million allocated to the share repurchase program.

截至2024年9月30日，本公司持有現金及現金等價物、限制性現金、其他非流動資產中的限制性現金以及短期及長期銀行存款為人民幣43.8億元（合6.247億美元），而同期為人民幣6.24億元。減少的主要原因是我們分配了3億美元的特別現金股利和分配給股票回購計畫的2,000萬美元。

Finally, I would like to update you on our share repurchase program. At the end of last year, we announced our 2024 share repurchase program for up to USD20 million. As of September 30, 2024, we have completed the program, repurchasing an aggregate of USD20 million in ADS under this program.

最後，我想向您介紹我們的股票回購計劃的最新情況。去年年底，我們宣布了 2024 年高達 2,000 萬美元的股票回購計畫。截至2024年9月30日，我們已完成該計劃，根據該計劃回購了總計2000萬美元的ADS。

Looking ahead, we are committed to navigating macro-economic challenges and a shifting business landscape with resilience and agility. We will continue to use our new revenue streams to drive growth and sharpen our focus on cost efficiencies to mitigate near-term financial pressure. By pursuing new growth opportunities and reinforcing our fundamental strengths, we aim to support sustainable development of our platform while delivering enduring value for our stakeholders.

展望未來，我們致力於以韌性和敏捷性應對宏觀經濟挑戰和不斷變化的商業格局。我們將繼續利用新的收入來源來推動成長，並加強對成本效率的關注，以減輕近期的財務壓力。透過尋求新的成長機會並增強我們的基本優勢，我們的目標是支持我們平台的可持續發展，同時為我們的利害關係人提供持久的價值。

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

我們今天準備好的演講到此結束。接線員，我們現在準備好回答問題。

(Operator Instructions) Lei Zhang, Bank of America.

（操作員指令） Lei Zhang，美國銀行。

(interpreted) My question is mainly regarding your live streaming business. And how should we look at the future growth of live streaming business and any strategic change here? Thank you.

（已解釋）我的問題主要是關於你們的直播業務。我們又該如何看待直播業務未來的成長以及這裡的策略變化？謝謝。

Thank you for your question. As discussed earlier, ending 2024, we faced two key challenges: fierce market competition and a softer macro-economic environment, both of which have impacted our platform's traffic and revenue. The decline in traffic was mainly due to persistent market competition as short video platforms aggressively stepped up their promotions of gaming content and gaming services during the summer vacation, accelerating user trend, in particular by low-frequency users. As a result, our mobile MAU for the third quarter decreased both year-over-year and quarter-over-quarter.

謝謝你的提問。如前所述，到 2024 年底，我們面臨兩個關鍵挑戰：激烈的市場競爭和疲軟的宏觀經濟環境，這兩者都影響了我們平台的流量和收入。流量下降的主要原因是市場競爭持續，短視頻平台在暑假期間大力加強遊戲內容和遊戲服務的推廣，用戶加速成長，尤其是低頻用戶。因此，我們第三季的行動月活躍用戶數較去年同期和較上季均有所下降。

On a related note, the scale of our revenue was mainly impacted by the macroeconomic sluggishness with a notable drop in paying users' willingness to spend on live streaming virtual gifts, placing continued pressure on revenues from our traditional live streaming business. To tackle these challenges, we actively adapted our operational strategies.

另一方面，我們的收入規模主要受到宏觀經濟低迷的影響，付費用戶購買直播虛擬禮物的意願明顯下降，對我們傳統直播業務的收入造成持續壓力。為了因應這些挑戰，我們積極調整營運策略。

On the traffic side, we have been consistently adjusting our user acquisition strategies based on market competition and evolving user habits. For example, in 2021, recognizing the maturing market and established gamer base, we put an end to the purely channel-driven customer acquisition approach at a relatively earlier stage.

在流量方面，我們一直根據市場競爭和不斷變化的用戶習慣不斷調整用戶獲取策略。例如，2021年，隨著市場的成熟和玩家基礎的建立，我們較早結束了純通路驅動的獲客方式。

By 2023, we took a further step to scale back investments in low-ROI marketing initiatives. Rather than solely chasing user growth, we placed a strong emphasis on retaining our core users. We further upgraded this user strategy in 2024, focusing on maintaining core users and improving user operational efficiency, which all aim at ROI enhancement.

到 2023 年，我們進一步縮減對低投資報酬率行銷計畫的投資。我們不是只追求用戶成長，而是非常重視留住核心用戶。2024年，我們進一步升級了這個用戶策略，聚焦核心用戶的維護和用戶營運效率的提升，一切都是為了提高投資報酬率。

This involves increasing the appeal of our platform's content offerings, retaining and attracting users through distinctive premium content and diversifying user traffic monetization channels to offer a variety of content consumption scenarios, including through game props and other engaging offerings. We also upgraded our content strategy. We continued to enhance our different content metrics enriching official tournaments and innovating our derivative content.

這包括提高平台內容的吸引力，透過獨特的優質內容留住和吸引用戶，並多樣化用戶流量變現管道，以提供多種內容消費場景，包括透過遊戲道具和其他引人入勝的產品。我們也升級了內容策略。我們持續增強不同的內容指標，豐富官方錦標賽並創新我們的衍生內容。

Based on the content consumption patterns of our hardcore users, we tailored niche content targeting their needs, reinforcing our leading edge in these gaming segments. Additionally, we actively advanced resource sharing partnerships in cross-platform content collaborations, enhancing both the depth and breadth of our alliance. Amid fierce market competition, we believe high-quality content and a healthy, vibrant content ecosystem are the foundation for sustainable growth.

根據鐵桿用戶的內容消費模式，我們針對他們的需求量身定制了利基內容，增強了我們在這些遊戲領域的領先優勢。此外，我們積極推動跨平台內容合作的資源共享合作，增強聯盟的深度與廣度。在激烈的市場競爭中，我們相信高品質的內容和健康、充滿活力的內容生態系統是永續成長的基礎。

Since content initiatives may not yield immediate results in the short term, our platform's traffic may continue to face competitive challenges for the foreseeable future. Nevertheless, our core users' consistent and stable content consumption behavior has afforded us more time and opportunities for exploring new ventures.

由於內容措施可能不會在短期內產生即時的效果，因此在可預見的未來，我們平台的流量可能會繼續面臨競爭挑戰。儘管如此，我們的核心用戶持續穩定的內容消費行為為我們提供了更多的時間和機會來探索新的業務。

Regarding new ventures, leveraging our deep partnerships with game developers, our strategy mainly focused on launching diverse marketing products related to game props. We have long recognized our platform's reliance on revenue from live streaming, and we have made an array of attempts to diversify our revenue streams. So far, the most effective commercialization channel to align with our user base has been monetization initiatives that leverage game props.

在新業務方面，利用與遊戲開發商的深厚合作關係，我們的策略主要集中在推出與遊戲道具相關的多元化行銷產品。我們很早就認識到我們的平台對直播收入的依賴，並且我們已經做出了一系列嘗試來實現收入來源多元化。到目前為止，與我們的用戶群保持一致的最有效的商業化管道是利用遊戲道具的貨幣化舉措。

Since late 2021, we have been actively engaging with game developers and implementing a phased approach, which has proven successful. The commercialization of game props is largely facilitated through content promotions with a small share tied to official event content and the majority driven by platform operations and streaming content.

自 2021 年底以來，我們一直積極與遊戲開發商合作並實施分階段的方法，事實證明這是成功的。遊戲道具的商業化很大程度上是透過內容推廣來推動的，其中一小部分與官方活動內容相關，而大部分則由平台運營和串流內容推動。

With the implementation of multiple business models, we have established our platform as the preferred choice for users thinking to purchase game props. And we will consistently and methodically invest in new content and new ventures, seizing opportunities to drive renewed growth and prioritizing our platform for long-term development. Thank you.

透過多種商業模式的實施，我們已將我們的平台打造成想要購買遊戲道具的用戶的首選。我們將持續、有條不紊地投資新內容和新企業，抓住機會推動新的成長，並優先考慮我們的平台以實現長期發展。謝謝。

Ritchie Sun, HSBC.

孫瑞奇，匯豐銀行。

(interpreted) Can management elaborate in detail about the strategy to optimize our cost structure as well as the streamers' operations? And what are the detailed measures and goals and achievements? Thank you.

（解釋）管理階層能否詳細闡述我們優化成本結構以及主播營運的策略？具體措施、目標和成效是什麼？謝謝。

Thank you, Ritchie. So to answer your question, let's first review our relatively fixed cost, specifically the content costs within our primary business expenses, which have constantly accounted for 20% to 25% of our total revenues. Our content costs include streamer compensation, copyright fees and costs associated with our self-produced content with the first two making up the bulk of our content cost. To optimize our content structure, we have implemented a series of adjustments to our content cost, including refining our streamer management strategies.

謝謝你，里奇。因此，為了回答你的問題，我們首先回顧我們相對固定的成本，特別是我們主要業務支出中的內容成本，它一直占我們總收入的20%至25%。我們的內容成本包括串流補償、版權費和與我們自製內容相關的成本，前兩者構成了我們內容成本的大部分。為了優化我們的內容結構，我們對內容成本進行了一系列調整，包括完善我們的主播管理策略。

So let's get into the details. Firstly, we refined the control of copyright content cost. We dynamically evaluated the value of our platform's content through the lens of both traffic and monetization and adjusted our content strategy based on ROI. For example, in 2022, amid rising copyright cost of official tournaments, we adopted a selective purchasing approach, foregoing certain high-cost official tournaments.

那麼讓我們來詳細了解一下。一是細化版權內容成本控制。我們從流量和變現兩個角度動態評估平台內容的價值，並根據投資報酬率調整內容策略。例如，2022年，在官方賽事版權成本上升的情況下，我們採取了選擇性購買的方式，放棄了某些高成本的官方賽事。

As price of these tournaments normalized in 2023, we resumed the strategy acquisition of the copyrights for key official tournaments. And then in 2024, navigating intensifying competition and industry shifts, we engaged actively with copyright holders to negotiate lower royalties for cost saving, exploring sustainable long-term commercialization models for copyrighted content. These initiatives directly reduced copyright costs and enhanced ROI for our copyrighted content.

隨著2023年這些賽事的價格正常化，我們恢復了重點官方賽事版權的策略性收購。到了2024年，為了因應日益激烈的競爭和行業變革，我們積極與版權方協商降低版權費以節省成本，探索版權內容可持續的長期商業化模式。這些措施直接降低了版權成本並提高了我們版權內容的投資報酬率。

And secondly, we optimized the cost of our self-produced content. By proactively balancing the supply of copyright events and our self-produced tournaments, analyzing the ROI for self-produced and PGC content and scaling back on low-ROI self-produced content, we effectively controlled our overall content cost.

其次，我們優化了自製內容的成本。透過主動平衡版權賽事和自製賽事的供給，分析自製內容和PGC內容的投資報酬率，縮減投資報酬率低的自製內容，有效控制了整體內容成本。

In 2024, embracing the trend of collaborative content creation and content sharing, we actively pursued cross-platform partnerships and integrating each of the parties' advantageous resources, with these enhancements, we delivered more high-quality content, amplified streamer visibility and lowered the cost of our self-produced content.

2024年，我們順應內容協同創作與內容分享的趨勢，積極尋求跨平台合作，整合各方優勢資源，交付更多優質內容，擴大主播曝光度，降低成本我們自製的內容。

Second, we restructured our streamer compensation framework under our long-term exclusive contract with core streamers. The average base compensation for those signed in recent years has been relatively high. This has been particularly impactful during period of revenue decline for the company, resulting in a rising share of overall streamer compensation cost related to our revenue.

其次，我們根據與核心主播的長期獨家合約重組了主播薪酬框架。近年來簽約人員的平均基本薪資相對較高。這在公司收入下降期間影響尤其大，導致與我們收入相關的整體串流補償成本的份額不斷上升。

To improve the efficiency of streamer management and achieve better cost control, we have implemented a series of targeted adjustments. We conducted an in-depth ROI analysis for our existing streamers and revised their performance assessment criteria, placing greater emphasis on the quality of live streaming content and their ability to drive commercialization.

為了提高流光管理效率，更好地控製成本，我們實施了一系列有針對性的調整。我們對現有主播進行了深入的投資報酬率分析，並修改了他們的績效評估標準，更加重視直播內容的品質及其推動商業化的能力。

We offered support by aligning platform resources with streamers' needs. We encouraged streamers to actively engage in more commercialization programs while creating high-quality content, taking part in collaboration with game developers, cross-platform content partnerships, new game promotions and game marketing, et cetera. All aimed at enhancing streamers' personal brand values and generating additional revenue for our platform. We have been gradually phasing in our adjustment to the streamer compensation system with ongoing improvements based on streamers' feedback to ensure a smooth transition to the new framework.

我們透過將平台資源與主播的需求結合來提供支援。我們鼓勵主播在創作優質內容的同時積極參與更多的商業化項目，參與與遊戲開發人員的合作、跨平台內容合作、新遊戲推廣和遊戲行銷等。所有這些都是為了提高主播的個人品牌價值並為我們的平台創造額外收入。我們正在逐步對主播補償制度進行調整，並根據主播的回饋不斷進行改進，以確保順利過渡到新框架。

Fourth, we adjusted our approach to streamer contract renewal and recruitment. For streamers nearing the end of their contract, we renegotiated their compensation terms, primarily focused on lowering base compensation while elevating performance-based incentives. This strategy tiered streamer compensation to performance, fostering greater creativities and marketing effectiveness.

第四，我們調整了主播續約和招募方式。對於合約即將到期的主播，我們重新協商了他們的薪酬條款，主要集中在降低基本薪酬，同時提高基於績效的激勵措施。這項策略將主播薪酬與表現掛鉤，從而培養更大的創造力和行銷效率。

Under the updated compensation framework, we comprehensively evaluated the signing cost and operational efficiencies of our streamers, negotiating and selectively renewing their contracts. In the meantime, we continue to recruit and nurture new streamers to inject fresh vitalities into our content offering. During their initial onboarding phase, we assessed new streamers' performance based on the ROI achieved through our resource support to better align streamer compensation with ROI.

在更新後的薪資框架下，我們全面評估了主播的簽約成本和營運效率，談判並選擇性地續約他們的合約。同時，我們繼續招募和培養新的主播，為我們的內容注入新的活力。在新主播的初始入職階段，我們根據透過我們的資源支援實現的投資報酬率評估新主播的績效，以便更好地將主播薪酬與投資報酬率結合。

So all these initiatives are designed to drive efficiency improvements and cost control through strategy adjustment and refined management. All will preserve the high quality and appeal of our platform content. We seek to secure the company's financial health through these measures, allowing us more time to adapt our business strategies to emerging industry shifts and to continue to deliver premium content and services to our users, thereby maintaining DouYu's leading position in the crowded live streaming market. Thank you.

所以所有這些措施都是為了透過策略調整和精細化管理來推動效率提升和成本控制。一切都將保持我們平台內容的高品質和吸引力。我們力求透過這些措施確保公司的財務健康，讓我們有更多時間調整業務策略以適應新興產業的轉變，並繼續為用戶提供優質內容和服務，從而保持鬥魚在擁擠的直播市場中的領先地位。謝謝。

Thomas Chong, Jefferies.

托馬斯莊，杰弗里斯。

(interpreted) My question is about the GP margin. So we see the change of GP margin in third quarter. So how should we think about gross profit margin and also the profit for the whole year of 2024? And also with the adjustment of the operating strategies, so do we expect the profit improvement in 2025?

（解釋）我的問題是關於毛利的。所以我們看到第三季毛利率的變化。那我們該如何看待毛利率以及2024年全年的利潤呢？而且隨著經營策略的調整，我們預計2025年的利潤會有所改善嗎？

Thank you for your question. In the third quarter, the year-over-year decline in gross margin was still mostly due to the decrease in live streaming revenues. Revenue sharing fees and content costs as a percentage of revenue significantly increased year-over-year from 68.2% in the third quarter of 2023 to 81.8% this quarter.

謝謝你的提問。第三季毛利率年減仍主要是直播營收下降所致。營收分成費用和內容成本佔營收的百分比年增率大幅成長，從 2023 年第三季的 68.2% 增至本季的 81.8%。

First, to look at revenue share fees, revenue share ratio of live streaming business increased year-over-year, primarily driven by the increased incentives over the summer relating to user retention. In addition, revenue from our voice-based social networking business significantly increased year-over-year, leading to a substantial rise in relevant cost of revenues.

首先，從收入分成費用來看，直播業務的收入分成比例較去年同期上升，主要是因為夏季與用戶留任相關的激勵措施增加所致。此外，語音社交業務收入較去年同期大幅成長，導致相關收入成本大幅上升。

Then regarding content costs, the changes in relatively fixed cost within our live streaming business, such as copyright fees and streamer-based compensation, et cetera, did not align with the year-over-year shift in our live streaming revenues. Consequently, as live streaming revenues declined, this cost continued to weigh on our gross margin.

然後就內容成本而言，我們的直播業務中相對固定成本的變化，例如版權費和基於主播的補償等，與我們的直播收入的同比變化並不相符。因此，隨著直播收入下降，這筆成本繼續影響我們的毛利率。

While we have implemented diverse measures to optimize content costs and streamer compensation, the effect of our gross margin improvement remained modest. On a quarter-over-quarter basis, the increase in content costs as a percentage of revenue was primarily driven by higher copyright fees due to more copyright events being broadcasted during the summer.

儘管我們採取了多種措施來優化內容成本和串流補償，但毛利率改善的效果仍然有限。從季度環比來看，內容成本佔收入百分比的增加主要是由於夏季轉播更多版權活動而導致版權費上漲。

Regarding bottom line, by continuing to control operational expenses, the company's net loss did not widen sequentially in the third quarter despite a sequential decrease in gross margin and reduced interest income. Specifically, our research and development expenses as well as general and administrative expenses continued to decline, driven by workforce optimization, while sales and marketing expenses slightly increased quarter-over-quarter, largely resulting from the promotional ramp-up for our innovative business during the summer.

在獲利方面，透過繼續控制營運費用，儘管毛利率環比下降、利息收入減少，但該公司第三季淨虧損並未季減。具體來說，在勞動力優化的推動下，我們的研發費用以及一般和管理費用持續下降，而銷售和行銷費用則是環比略有增長，這主要是由於我們的創新業務在本季度的促銷力度加大。夏天。

In general, as we continue to refine the revenue mix, we have been taking a series of proactive measures to tackle the challenges posed by revenue decline. On the cost side, we managed content costs through a variety of strategies, including controlling copyright costs, balancing the supply of our self-produced tournaments, increasing partnership content and adjusting the streamer compensation structure. We also leveraged technological solutions to reduce bandwidth costs.

總體而言，隨著我們不斷改善收入結構，我們一直在採取一系列積極措施來應對收入下降的挑戰。在成本方面，我們透過多種策略來管理內容成本，包括控製版權成本、平衡自製賽事供給、增加合作內容以及調整主播薪酬結構等。我們也利用技術解決方案來降低頻寬成本。

All these endeavors are aimed at minimizing the impact of relatively fixed costs on gross margin. However, restructuring cost is a gradual process and positive effects take time to materialize. In the near term, we aim to contain the extent of losses and refine our revenue cost structure through ongoing operational adjustments, steadily improving the company's financial performance over time. Thank you.

所有這些努力都是為了盡量減少相對固定的成本對毛利率的影響。然而，重組成本是一個漸進的過程，積極效果需要時間才能顯現。短期內，我們的目標是透過持續的營運調整來控制損失程度並完善我們的收入成本結構，隨著時間的推移穩步改善公司的財務表現。謝謝。

(Operator Instructions) Nelson Cheung, Citibank.

（操作員指令）Nelson Cheung，花旗銀行。

(interpreted) My question is regarding the domestic new console TV game Black Myth: Wukong. Given the strong popularity of the title, can management share more details regarding the performance on DouYu platform? And how should we think of the future promotion and operation strategy for this type of game title?

（解釋）我的問題是關於國產新主機電視遊戲《黑神話：悟空》。鑑於遊戲的受歡迎程度，管理層能否分享更多有關鬥魚平台表現的細節？又該如何思考這類遊戲未來的推廣與營運策略？

Thank you for your question. So Black Myth: Wukong has become a breakout hit among both domestic and international gamers for its stunning graphics and classic journey to the vast narratives and innovative gameplay experience. As a highly anticipated single-player blockbuster, Black Myth not only amplified the appeal of China's single-player game, but also drove traffic growth on our platform.

謝謝你的提問。因此，《黑神話：悟空》以其令人驚嘆的畫面、經典的旅程、廣闊的敘事和創新的遊戲體驗，在國內外遊戲玩家中引起了巨大的轟動。作為備受期待的單機大作，《黑神話》不僅放大了中國單機遊戲的吸引力，也帶動了我們平台的流量成長。

On its launch day, 23% of all streamers who went live across the DouYu platform were those in the Black Myth segment, and viewers of Black Myth content [comprised] nearly half of our platform's daily active user base. Additionally, among our new and returning mobile users, 37% were drawn in by Black Myth, making the game our traffic engine for that day.

上線當天，鬥魚平台所有直播主播中有 23% 是黑神話部分的主播，黑神話內容的觀眾占我們平台日活躍用戶群的近一半。此外，在我們的新行動用戶和回訪行動用戶中，有 37% 的人被《黑神話》吸引，使該遊戲成為當天的流量引擎。

So to fully capitalize on its buzz, we partnered with the developer for Black Myth before it released, creating excitement for its debut through diverse promotions like downloading rewards, viewing giveaways and community discussions, et cetera. We also recruited streamers and rolled out streaming incentive plans, facilitating significant streamer participation with a wealth of content offerings, which drove a surge of interest on the release day.

因此，為了充分利用它的熱度，我們在《黑神話》發布前與開發商合作，透過下載獎勵、觀看贈品和社區討論等多種促銷活動，為它的首次亮相創造興奮點。我們還招募了主播並推出了串流媒體激勵計劃，透過豐富的內容促進了主播的大量參與，這使得發布當天的興趣激增。

For Black Myth, we employed a diverse content operation strategy and catering to different user needs. We offered speed running streams for viewers eager to quickly grasp the storyline while also supporting streamers who engaged in slower exploratory streamers, highlighting the intricate details of the game, enhancing user immersion and retention.

對於《黑神話》，我們採取了多元化的內容營運策略，滿足不同使用者的需求。我們為渴望快速掌握故事情節的觀眾提供快速直播，同時也支持那些從事較慢探索性直播的主播，突出遊戲的複雜細節，增強用戶沉浸感和保留度。

This immersive streaming approach resonated particularly well with console gamers and traditional players, fostering deeper interactions through stream viewing and game experience sharing, and thereby elevating user stickiness to our platform.

這種身臨其境的直播方式特別能引起主機遊戲玩家和傳統玩家的共鳴，透過直播觀看和遊戲體驗分享促進更深入的互動，從而提高用戶對我們平台的黏性。

This in-depth content consumption model underscore DouYu's differentiated advantages appealing to our core user base of hardcore gamers. Their engagement with game content is more profound and enduring with more frequent interactions with streamers, which benefits the development and refinement of our overall gaming ecosystem.

這種深度的內容消費模式凸顯了鬥魚的差異化優勢，吸引了硬派玩家這個核心用戶群。他們與遊戲內容的互動更加深刻和持久，與主播的互動更加頻繁，這有利於我們整個遊戲生態系統的發展和完善。

In addition, we initiated interactive activities such as game reviews and challenge competitions, continually encouraging community engagement and discussions to extend the game's popularity. We also shared created highlights and standout moments in short video from live streams within and beyond our platform, driving additional traffic growth.

此外，我們也發起了遊戲評測、挑戰賽等互動活動，不斷鼓勵社群參與與討論，擴大遊戲的知名度。我們也分享了平台內外直播的短影片亮點和精彩時刻，推動了流量的額外成長。

While the excitement surrounding Black Myth as a single-player narrative game might be challenging to sustain in the long term, we proactively channeled users to more (technical difficulty)

雖然《黑神話》作為一款單人敘事遊戲的興奮感可能難以長期維持，但我們主動引導用戶接觸更多內容（技術難度）

Are we still on the line?

我們還在線上嗎？

Yes, you are connected. Please go ahead.

是的，您已連線。請繼續。

Yes, please continue.

是的，請繼續。

Okay. So with our comprehensive and sophisticated content recommendation capability, we guided users from the Black Myth segment to other top-performing gaming segments such as classic PC games and other console gaming segments and further enhancing user retention.

好的。因此，透過我們全面而成熟的內容推薦能力，我們將用戶從黑神話細分市場引導到其他表現最好的遊戲細分市場，例如經典PC遊戲和其他主機遊戲細分市場，並進一步提高了用戶保留率。

For example, we encouraged streamers in these top-performing gaming segments to actively feature Black Myth in their live streams, providing them with traffic support and facilitating initiatives like collaborative live streams with other gaming streamers to boost content visibilities. As users assessed any streamers' content, they could further explore the streamers' distinct style, sparking new interest and gradually converting them into long-term users of our platform.

例如，我們鼓勵這些表現最好的遊戲領域的主播在直播中積極展示《黑神話》，為他們提供流量支持，並促進與其他遊戲主播協作直播等舉措，以提高內容的可見性。當用戶評估主播的內容時，他們可以進一步探索主播的獨特風格，激發新的興趣，並逐漸將他們轉化為我們平台的長期用戶。

So in summary, Black Myth: Wukong delivered fresh content to our platform and boosted traffic growth in the short term. Harnessing this opportunity with our carefully created content and tiered content operations, we effectively directed this influx of traffic from the high-quality new title to other gaming segments, contributing to our platform's ongoing traffic retention. Even as the buzz of the new game close down, we expect to retain this user stickiness and activity, reinforcing the development of DouYu's stable, sustainable and diverse platform ecosystem.

總而言之，《黑神話：悟空》為我們的平台帶來了新鮮的內容，並在短期內推動了流量成長。透過精心創建的內容和分層內容運營，我們利用這一機會，有效地將流量從高品質新遊戲引導到其他遊戲細分市場，從而有助於我們平台的持續流量保留。即使新遊戲的熱度逐漸平息，我們仍希望保留這種用戶黏性和活躍度，加強鬥魚穩定、永續和多元化平台生態系統的發展。

At this time, we have no further questions. I will now turn back over to management for closing remarks.

目前，我們沒有其他問題了。我現在將請管理層致閉幕詞。

Thank you all for joining our call today. We look forward to speaking with everyone next quarter. Thank you.

感謝大家今天加入我們的電話會議。我們期待下個季度與大家交談。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演示，您現在可以掛斷電話了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。