iQIYI Inc (IQ) 2019 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing and welcome to the iQIYI Second Quarter 2019 Earnings Conference Call.

女士們，先生們，感謝您的起立，歡迎參加愛奇藝 2019 年第二季度財報電話會議。

(Operator Instructions) I must advise you that this conference is being recorded.

（操作員說明）我必須通知您，這次會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Investor Relations Director of iQIYI, Dahlia Wei.

我現在想把今天的會議交給你今天的第一位演講者，愛奇藝投資者關係總監魏大麗。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線員。

Hello, everyone, and thank you all for joining iQIYI's Second Quarter 2019 Earnings Conference Call.

大家好，感謝大家參加愛奇藝2019年第二季度財報電話會議。

The company's results were released earlier today and are available on the company's investor relations website at ir.iqiyi.com.

該公司的業績今天早些時候發布，可在公司的投資者關係網站 ir.iqiyi.com 上查閱。

On the call today are Dr. Yu Gong, our Founder, Director and CEO; and Mr. Xiaodong Wang, our CFO.

今天的電話會議是我們的創始人、董事兼首席執行官龔宇博士；和我們的首席財務官王曉東先生。

Dr. Gong will give a brief overview of the company's business operations and highlights, followed by Xiaodong, who will go through the financials and guidance.

龔博士將簡要介紹公司的業務運營和亮點，隨後由曉東進行財務和指導。

After their prepared remarks, we will hold a Q&A session.

在他們準備好發言後，我們將舉行問答環節。

Before we proceed, please note that the discussion today will contain forward-looking statements made under the safe harbor provision of the U.S. Private Securities Litigations Reform Act of 1995.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們當前的預期存在重大差異。

Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC.

潛在風險和不確定性包括但不限於我們向 SEC 提交的公開文件中概述的風險和不確定性。

iQIYI does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

除適用法律要求外，愛奇藝不承擔更新任何前瞻性陳述的義務。

With that, I will now turn the call over to Dr. Gong.

有了這個，我現在將把電話轉給龔醫生。

Please go ahead.

請繼續。

Hello, everyone, and thank you for joining us for our second quarter 2019 earnings call.

大家好，感謝您加入我們的 2019 年第二季度財報電話會議。

I would like to begin by briefly going over some recent industry updates.

我想首先簡要回顧一下最近的一些行業更新。

So far this year, China's macroeconomic environment has been challenging amid international trade tension and other headwinds.

今年到目前為止，在國際貿易緊張局勢和其他不利因素的影響下，中國的宏觀經濟環境一直充滿挑戰。

Nevertheless, Chinese users are demonstrating more willingness to pay for high-quality content as they increasingly appreciate the value of premium entertainment experience.

儘管如此，隨著中國用戶越來越欣賞優質娛樂體驗的價值，中國用戶表現出更願意為優質內容付費。

On June 22, our total subscribers surpassed 100 million, marking a historic milestone for the online [video] (added by company after the call) industry.

6 月 22 日，我們的總訂閱人數超過了 1 億，這標誌著在線 [視頻]（由公司在電話會議後添加）行業的歷史性里程碑。

Also, we noted the issuing of the first batch of official 5G license in China, which we believe will bring enormous new opportunities for the online entertainment industry.

此外，我們注意到中國首批5G官方牌照的發放，我們相信這將為在線娛樂行業帶來巨大的新機遇。

As of June 30, 2019, our total subscribers reached 100.5 million, an increase of 50% year-over-year and a net addition of 3.7 million from previous quarter.

截至 2019 年 6 月 30 日，我們的用戶總數達到 1.005 億，同比增長 50%，比上一季度淨增加 370 萬。

The growth was driven by high-quality original content, targeted marketing as well as continuous enhancement of membership experience.

增長得益於優質原創內容、精準營銷以及會員體驗的持續提升。

To take a few examples.

舉幾個例子。

During the second quarter, we launched several original dramas such as The Thunder and the Bureau of Transformer.

第二季度，我們推出了《雷霆》、《變形金剛局》等多部原創劇。

The Thunder was clearly a blockbuster title that attract a massive and broad audience, with the Bureau of Transformer, which incorporates mild science fiction and comic elements, attracted a younger demographic of viewers.

《雷霆》顯然是一部轟動一時的大片，吸引了廣大觀眾，而融合了溫和科幻和漫畫元素的《變形金剛局》則吸引了更年輕的觀眾群。

Our wide variety of content caters to increasingly diversified user tastes, especially since our subscribers have reached a critical mass.

我們種類繁多的內容迎合了日益多樣化的用戶口味，尤其是在我們的訂戶達到臨界質量的情況下。

In addition, we further deploy AI technologies to curate personalized content recommendation for our subscribers.

此外，我們進一步部署人工智能技術，為我們的訂閱者提供個性化的內容推薦。

In recent months, we have observed some slowdown in subscriber growth, resulting in lower net additions than [we expected].

最近幾個月，我們觀察到用戶增長有所放緩，導致淨增加量低於[我們預期]。

This was primarily due to the delayed schedules of some major content.

這主要是由於一些主要內容的延遲時間表。

However, we remain confident in the future growth potential in our subscription business; and expect the growth to be mainly driven by, one, deeper penetration in lower-tier cities and older demographics age groups where the paying ratio is still significantly -- lower than among younger age groups and in first-tier cities; number two, longer average paying period per subscriber per year.

但是，我們對訂閱業務的未來增長潛力仍然充滿信心；預計增長將主要受到以下因素的推動：一是在低線城市和老年人口群體中的更深入滲透，他們的支付率仍然顯著——低於年輕群體和一線城市；第二，每名訂閱者每年的平均付費期更長。

Given the size of China's population and overall demographics, the rapidly developing Internet infrastructure as well as iQIYI's growing brand awareness and reputation for original content quality, we believe our subscription business will continue to grow at a healthy pace and will serve as a major pillar of our revenue streams.

鑑於中國的人口規模和總體人口結構、快速發展的互聯網基礎設施以及愛奇藝不斷提升的品牌知名度和原創內容質量美譽度，我們相信我們的訂閱業務將繼續以健康的速度增長，並將成為我們的收入來源。

Turning next to our advertising business.

轉向我們的廣告業務。

During the second quarter, ad revenues decreased 16% year-over-year mainly due to the challenging [macro] (corrected by company after the call) environment, delay of content launch and the drag from in-feed advertising.

第二季度，廣告收入同比下降 16%，主要是由於環境充滿挑戰（由公司在電話會議後糾正）、內容髮布延遲以及信息流廣告的拖累。

Despite the industry-wide slowdown in advertising market, we continued to law out (sic) [roll out] new, innovative ad solutions to improve monetization.

儘管整個行業的廣告市場都在放緩，但我們繼續通過法律（原文如此）[推出]新的、創新的廣告解決方案來提高盈利能力。

During the second quarter, we created a virtual idol band called RiCH BOOM for our self-produced musical variety show I'm CZR which allows advertisers to promote products soon the (sic) [through the] virtual avatars dancing along to the original music.

在第二季度，我們為自產的音樂綜藝節目《我是CZR》創建了一個名為RiCH BOOM 的虛擬偶像樂隊，它允許廣告商通過（原文如此）[通過] 虛擬化身隨著原創音樂跳舞來盡快推廣產品。

We also developed a Tsingtao Brewery and RiCH BOOM co-branded product, which has been popular among younger demographics.

我們還開發了青島啤酒和瑞馳邦聯名產品，該產品在年輕人群中很受歡迎。

Innovative advertising solutions efficiently unlock the value in our original content, and we are now generating more brand ad revenues from self-produced variety shows than from licensed ones.

創新的廣告解決方案有效地釋放了我們原創內容的價值，我們現在從自產綜藝節目中獲得的品牌廣告收入比從授權節目中獲得的收入更多。

We also introduced a theater-mode advertising product which groups together drama content filtered by types, viewer traffic level or certain AI algorithm.

我們還推出了一種影院模式的廣告產品，它將按類型、觀眾流量水平或某些人工智能算法過濾的戲劇內容組合在一起。

Advertisers can allocate ad placements to various collection of drama content rather than to a single drama.

廣告商可以將廣告展示位置分配給各種劇集內容而不是單個劇集。

This theater-mode advertising solution reduces the reliance on a single show's performance and also partially offsets the uncertainty of content launch schedules.

這種影院模式的廣告解決方案減少了對單個節目表演的依賴，也部分抵消了內容髮佈時間表的不確定性。

It has been very well received by brand advertisers, so far, and we look forward to further expanding the options we offer.

到目前為止，它已受到品牌廣告商的好評，我們期待進一步擴大我們提供的選擇。

For in-feed advertising, the overall competitive landscape remains tough.

對於信息流廣告，整體競爭格局依然嚴峻。

The increasing supply of ad inventory has been putting industry's CPM pricing under pressure, while we are still striving to grow our client base after the cleanup late last year.

廣告庫存供應的增加一直給行業的每千次展示費用定價帶來壓力，而在去年底清理之後，我們仍在努力擴大我們的客戶群。

In the meantime, we are in the process of refining our feed products and are taking proactive initiatives to regain momentum.

與此同時，我們正在改進我們的飼料產品，並正在採取積極主動的措施來恢復勢頭。

Our other business continued to grow significantly during the second quarter, up 82% year-over-year, accounting for 14% of total revenues compared to 9% in the same period of last year.

我們的其他業務在第二季度繼續顯著增長，同比增長 82%，佔總收入的 14%，而去年同期為 9%。

Our IP-centered -- diversification strategy is gradually paying off as we constantly expand the scope of value-added service we offer.

隨著我們不斷擴大我們提供的增值服務範圍，我們以IP為中心的多元化戰略正在逐漸取得成效。

Now our content strategy.

現在我們的內容策略。

We remain dedicated to content self-production with emphasis upon quality, diversity and innovation.

我們仍然致力於內容自我製作，強調質量、多樣性和創新。

Over years, we have been able to continually enhance our content production capabilities underpinned by original ideas, creativity, professionalism and high standards of production.

多年來，我們以原創理念、創意、專業精神和高標準製作為基礎，不斷提升我們的內容製作能力。

For dramas, we launched several original hits during the quarter.

對於電視劇，我們在本季度推出了幾部原創熱播劇。

The Thunder, an anti-drug police and detective drama, quickly becomes the most popular series in the first half of this year.

緝毒警探劇《雷霆》迅速成為今年上半年最火的劇集。

It was critically acclaimed for its quality and positivity by government authorities and a wide array of public audiences.

它的質量和積極性受到政府當局和廣泛的公眾觀眾的一致好評。

We also signed licensing deals to distribute it to CCTV, various satellite TV channels and international markets.

我們還簽署了許可協議，將其分發到中央電視台、各種衛星電視頻道和國際市場。

Bureau of Transformer became a vertical hit among young and urban demographic groups, reflecting the stratification effect that long-tail content can have on various user groups.

《變形金剛局》在年輕人和城市人口群體中成為垂直熱點，反映了長尾內容對各種用戶群體的分層效應。

As we enter the third quarter, we have released a number of hit dramas, including the romance comedy Go Go Squid!; an exclusive costume drama, Love and Destiny; an original survival drama, Last One Standing; an reality-themed drama, A Little Reunion; and a military-themed drama, Arsenal Military Academy, all of which have gained a lot of traction.

進入第三季度，我們推出了多部熱播劇，包括愛情喜劇《Go Go Squid!》；獨家古裝劇《愛與命運》；原創生存劇《最後一站》；真人題材劇《小團圓》；還有一部軍事題材的劇《阿森納軍校》，都獲得了很大的關注。

For variety shows, we have always been a frontrunner.

對於綜藝節目，我們一直是領跑者。

The second quarter was a grand slam for us with the launch of 3 blockbuster shows.

第二季度對我們來說是一個大滿貫，推出了 3 部大片。

I'm CZR, a singer-songwriter show, provides celebrity artists with a platform to perform new songs composed by themselves.

我是CZR，一個唱作人秀，為明星藝人提供了一個平台，可以表演自己創作的新歌。

The Big Band, the first band music show over the past 15 years, brings together 31 top Chinese bands on stage to compete for the final top 5. The Big Band has been widely credited for reviving band music in China.

大樂隊是過去15年來的首場樂隊音樂表演，匯集了31支中國頂級樂隊在舞台上爭奪最後的前5名。大樂隊因複興中國樂隊音樂而廣受讚譽。

And lastly, The Rap of China Season 3, the rap music reality show, embodies the youth trendy lifestyle and fashion.

最後，說唱音樂真人秀《中國說唱第三季》，體現了年輕人的時尚生活方式和時尚。

Going forward, our production of variety shows will focus on 4 major themes: music power, youth fashion, the fun and joy of life and new Chinese culture.

未來，我們的綜藝節目將圍繞四大主題：音樂力量、青春時尚、生活的樂趣和新中國文化。

Today, the majority of our variety shows are in-house produced and exclusively aired on our platform, which is creating an economic moat for us.

如今，我們的綜藝節目大部分都是自產自銷，在我們的平台獨家播出，這為我們創造了一條經濟護城河。

We are exploring multiple ways of monetization, for example, through box office sales of live shows, concert tours as well as talent agency and IP-derivative business.

我們正在探索多種變現方式，例如通過現場演出票房銷售、巡迴演唱會以及人才代理和IP衍生業務。

If you'll take a closer look at our content portfolio and pipeline, you will find that many of them have formed serialized multi-season IPs.

如果您仔細查看我們的內容組合和管道，您會發現其中許多已經形成了連載的多季 IP。

The Rap of China is in its third season now.

《中國說唱》已經到了第三季。

Qipa Talk is entering its sixth season soon, and Idol Producer is -- will shortly begin its third season.

奇葩說即將迎來第六季，偶像製作人——即將開播第三季。

Our original suspense series Tientsin Mystic and animation show Beyond the Ocean will soon release their second seasons later this year.

我們的原創懸疑劇《天津祕境》和動畫《大洋彼岸》將於今年晚些時候推出第二季。

In addition, we continued to leverage the value of our IPs by adapting them to different forms of contents to build a complete IP value chain.

此外，我們繼續發揮IP的價值，將其適應不同形式的內容，構建完整的IP價值鏈。

For example, we adapted our original drama series The Thunder into a digital novel which was simultaneously released on our iQIYI Reading app and quickly recorded (sic) [rocketed] to the top of the best seller list.

例如，我們將原創劇集《雷霆》改編成數字小說，同時在愛奇藝閱讀應用上發布，並迅速記錄（原文如此）[飆升]到暢銷書榜首。

We also extended the monetization life cycle of our original 3D animation Youth Songs by releasing a digital novel and an online game under the same name.

我們還通過發布同名的數字小說和網絡遊戲，延長了原創 3D 動畫青春歌曲的貨幣化生命週期。

Sports content is an important part of our content library.

體育內容是我們內容庫的重要組成部分。

We established a joint venture last year to operate a sports business.

我們去年成立了一家合資企業，經營體育業務。

iQIYI Sports has licensed numerous global sports contents, including La Liga, PGA and WTA this year; as well as UEFA EURO 2020 and La Liga next year, among others.

愛奇藝體育今年授權了包括西甲、PGA、WTA在內的眾多全球體育內容；以及 2020 年歐錦賽和明年的西甲聯賽等。

AI has been integrated into many areas of content production, distribution and monetization.

人工智能已被整合到內容製作、分發和貨幣化的許多領域。

In the second quarter, we applied intelligent transcription technology to the production of various variety shows.

第二季度，我們將智能轉錄技術應用於各類綜藝節目的製作中。

Intelligent transcription employs automatic speech recognition technology, which automatically transcribes subtitles to videos while they are being shot.

智能轉錄採用自動語音識別技術，在拍攝時自動將字幕轉錄到視頻中。

It significantly improves efficiency when compared with the traditional manual transcription process.

與傳統的手動轉錄過程相比，它顯著提高了效率。

We have always prided ourselves in pioneering and creating the technological benchmarks for the industry.

我們一直以開拓和創造行業技術基準而自豪。

It was the first of its kind when we announced the interactive video guidelines, IVG, in May, which provide content producers with standards and tools to create interactive video content.

當我們在 5 月宣布交互式視頻指南 IVG 時，這是同類中的第一個，它為內容製作者提供了創建交互式視頻內容的標準和工具。

We launched our first interactive drama series, Smile Time, with 21 preset storylines and 17 possible endings, leveraging the "branching plot" function of IVG.

借助IVG的“支線劇情”功能，我們推出了首個互動劇集《微笑時光》，預設了21個故事情節和17個可能的結局。

Audiences watched on average 2.5 different endings of the show, reflecting the immersive viewing experience and more options they can enjoy.

觀眾平均觀看了 2.5 個不同的節目結局，反映了身臨其境的觀看體驗和他們可以享受的更多選擇。

During the Mobile World Conference 2019 held in Shanghai in late June, we announced a strategic partnership with China Unicom to establish a joint innovation lab and work on application of video content to 5G terminals.

在 6 月下旬在上海舉行的 2019 年世界移動大會期間，我們宣布與中國聯通建立戰略合作夥伴關係，建立聯合創新實驗室，致力於將視頻內容應用於 5G 終端。

Through this lab, we will jointly explore 5G opportunities, including network slicing, mobile edge computing, big data, mixed reality, augmented reality, virtual reality and 4K/8K ultra-high resolution technologies.

通過這個實驗室，我們將共同探索5G的機遇，包括網絡切片、移動邊緣計算、大數據、混合現實、增強現實、虛擬現實和4K/8K超高分辨率技術。

China Unicom will provide research facilities and experimental 5G infrastructure which will complement our MR, AR, VR technologies.

中國聯通將提供研究設施和實驗性 5G 基礎設施，以補充我們的 MR、AR、VR 技術。

To date, we have partnered with all 3 telecom giants in China on the R&D of 5G technology.

迄今為止，我們已與中國三大電信巨頭合作研發5G技術。

In summary, we pleased -- we are pleased with the solid performance of the quarter and the progress we've made.

總之，我們很高興——我們對本季度的穩健表現和我們取得的進展感到滿意。

Despite some recent challenges, we have further strengthened our platform and our market leadership position in terms of total subscribers and various other metrics.

儘管最近遇到了一些挑戰，但我們在總訂戶和其他各種指標方面進一步加強了我們的平台和市場領導地位。

Our efforts in content production continue to bear fruit, as we accumulated years of valuable experiences in producing high-quality original content.

我們在內容製作方面的努力不斷取得成果，我們在製作優質原創內容方面積累了多年的寶貴經驗。

We are also continually working on AI innovation and application, especially in terms of intelligent content production, distribution and monetization.

我們還不斷致力於人工智能的創新和應用，特別是在智能內容生產、分發和貨幣化方面。

We have established a comprehensive and integrated product matrix that generates strong synergies across our ecosystem.

我們已經建立了一個全面和綜合的產品矩陣，在我們的生態系統中產生強大的協同效應。

China government handed out the first batch of 5G commercial licenses on June, unfolding a brand-new era for us.

中國政府於6月發放了第一批5G商用牌照，為我們開啟了一個全新的時代。

With high bandwidth and low latency, the 5G technology will support more enhanced entertainment experience, making VR and AR more accessible to ordinary user.

5G技術的高帶寬和低延遲，將支持更增強的娛樂體驗，讓普通用戶更容易接觸到VR和AR。

We believe 5G will create enormous growth potential and emerge as a catalyst for the entertainment industry.

我們相信 5G 將創造巨大的增長潛力，並成為娛樂行業的催化劑。

We are excited about the prospects for the future.

我們對未來的前景感到興奮。

And we look forward to embracing this new technological wave and capturing the enormous opportunities to grow together with our users, partners and investors.

我們期待擁抱這一新的技術浪潮，抓住巨大的機會與我們的用戶、合作夥伴和投資者共同成長。

With that, Xiaodong, please...

有了這個，小東，請……

Good morning, everyone.

大家，早安。

Let me go through our financial highlights.

讓我來看看我們的財務亮點。

For the second quarter of the year 2019, iQIYI's total revenues were RMB 7.1 billion, up 15% year-over-year.

2019年第二季度，愛奇藝總收入為71億元人民幣，同比增長15%。

Membership service revenue was RMB 3.4 billion, up 38% year-over-year.

會員服務收入34億元，同比增長38%。

This was driven by the solid growth of number of subscribing members, which reached 100.5 million at the end of second quarter.

這得益於訂閱會員數量的穩健增長，截至第二季度末達到 1.005 億。

This quarter's membership revenue growth was somewhat disproportionate to that of subscribers mainly because of the back-end loaded membership additions.

本季度的會員收入增長與訂戶的增長有些不成比例，主要是因為後端加載的會員增加。

Online advertising service revenue was RMB 2.2 billion, down 16% year-over-year mainly due to the challenging macroeconomic environment in China, delay of certain content launches, as well slower-than-expected recovery of our in-feed advertising.

在線廣告服務收入為人民幣 22 億元，同比下降 16%，主要是由於中國宏觀經濟環境充滿挑戰、某些內容髮布延遲以及我們的信息流廣告恢復慢於預期。

Content distribution revenue was RMB 517.9 million, down 4% year-over-year due to the impact of content delay this quarter.

由於本季度內容延遲的影響，內容分發收入為人民幣 5.179 億元，同比下降 4%。

Other revenue was RMB 979.2 million, up 82% year-over-year.

其他收入為人民幣9.792億元，同比增長82%。

This increase was driven by the strong performance across various business lines, especially the robust growth of our game business after the acquisition of Skymoons.

這一增長是由各業務線的強勁表現推動的，尤其是我們的遊戲業務在收購 Skymoons 後的強勁增長。

Moving to the costs of revenue.

轉向收入成本。

Our costs of revenue were RMB 7 billion, up 14% year-over-year.

我們的收入成本為 70 億元人民幣，同比增長 14%。

The increase was primarily driven by the higher content costs as well as other cost items.

這一增長主要是由較高的內容成本以及其他成本項目推動的。

Content costs were RMB 5 billion, up 7% year-over-year.

內容成本為50億元人民幣，同比增長7%。

Turning to the operating expenses.

轉向運營費用。

SG&A expenses were RMB 1.3 billion, up 42% year-over-year primarily due to the higher marketing spending on games and the increased share-based compensation expenses after the acquisition of Skymoons.

SG&A 費用為人民幣 13 億元，同比增長 42%，主要是由於遊戲營銷支出增加以及收購 Skymoons 後股權補償費用增加。

Our R&D expenses were RMB 654.6 million, up 48% year-over-year.

我們的研發費用為人民幣6.546億元，同比增長48%。

The increase was primarily due to our continued investment in R&D personnel.

增長主要是由於我們對研發人員的持續投資。

Operating loss were RMB 1.9 billion compared with operating loss of RMB 1.3 billion in the same period last year.

經營虧損為人民幣19億元，而去年同期經營虧損為人民幣13億元。

Operating loss margin was 26% compared to operating loss margin of 22% in the same period last year.

營業虧損率為 26%，而去年同期的營業虧損率為 22%。

Total other expenses was RMB 426.7 million compared with a total other expense of RMB 768.3 million during the same period last year.

其他費用總額為人民幣4.267億元，而去年同期其他費用總額為人民幣7.683億元。

The year-over-year variance was a combined result of less foreign exchange loss due to the exchange rate fluctuation and increased interest expense associated with our financing activities.

同比差異是由於匯率波動導致外匯損失減少以及與我們的融資活動相關的利息費用增加的綜合結果。

Loss before income tax was RMB 2.3 billion compared with a loss of RMB 2.1 billion in the same period last year.

所得稅前虧損為人民幣23億元，而去年同期為虧損人民幣21億元。

Income tax expenses was RMB 5.8 million compared to income tax expenses of RMB 4.9 million in the same period last year.

所得稅費用為人民幣580萬元，而去年同期為所得稅費用人民幣490萬元。

Net loss attributable to iQIYI were RMB 2.3 billion compared with a loss of RMB 2.1 billion during the same period in 2018.

歸屬於愛奇藝的淨虧損為人民幣23億元，而2018年同期為虧損人民幣21億元。

Diluted net loss attributable to iQIYI per ADS was RMB 3.22.

每ADS歸屬於愛奇藝的稀釋淨虧損為人民幣3.22元。

As of June 30, 2019, the company had cash, cash equivalents and restricted cash and short-term investments of RMB 16.4 billion.

截至 2019 年 6 月 30 日，公司持有現金、現金等價物及限制性現金及短期投資人民幣 164 億元。

Turning to the third quarter 2019 guidance.

轉向2019年第三季度的指導。

We expect total revenue to be between RMB 7.21 billion and RMB 7.63 billion, representing an increase of 4% to 10% year-over-year.

我們預計總收入將在人民幣 72.1 億元至人民幣 76.3 億元之間，同比增長 4%至 10%。

This forecast reflects iQIYI's current and preliminary view, subject to change.

該預測反映了愛奇藝當前和初步的看法，可能會發生變化。

This concludes our prepared remarks.

我們準備好的評論到此結束。

I will now turn the call to the operator and open the floor for Q&A.

我現在將電話轉給接線員並開始問答環節。

(Operator Instructions) Your first question comes from Ella Ji from China Renaissance.

（操作員說明）您的第一個問題來自華興資本的 Ella Ji。

(foreign language) So my first question is could Dr. Gong please explain the impact of the regulatory environment change and how that's going to impact the relationships between upstream and downstream companies in the industry and your purchase -- trend of purchase decisions going forward.

（外語）所以我的第一個問題是龔博士能否解釋一下監管環境變化的影響以及這將如何影響行業上下游公司之間的關係以及您的採購——未來採購決策的趨勢。

And my second question is just to confirm that, for yourself, is average ARPU stable?

我的第二個問題只是為了確認，對於你自己來說，平均 ARPU 穩定嗎？

Or are you seeing any change to the average ARPU?

或者您是否看到平均 ARPU 有任何變化？

(foreign language)

（外語）

Okay.

好的。

[Interpreted] Thank you for your question.

[解釋] 謝謝你的提問。

Actually, the first question is a very good question.

實際上，第一個問題是一個很好的問題。

Our major upstream partners are content providers, including the licensors and also the customization producers, and outsourced producers for us.

我們的主要上游合作夥伴是內容提供商，包括許可方以及定制生產商，以及我們的外包生產商。

In the past year, the supply has been very stable.

在過去的一年裡，供應一直非常穩定。

And actually because of the previous years -- because of the hot money inflow, the inventory and the -- supply is very sufficient.

而且實際上因為前幾年——因為熱錢流入，庫存和——供應非常充足。

That helped to stabilize the pricing of content procurement.

這有助於穩定內容採購的定價。

And in addition, as you all know, the later half of last year, because of the capped pay for actors, actually the license pricing is on a downward trend.

另外，眾所周知，去年下半年，由於演員片酬封頂，實際上授權價格呈下降趨勢。

And on the other hand, for our original content we have seen an increase in a lot of talent supply, including producers, screen copywriters, directors as well as actors and actress.

另一方面，對於我們的原創內容，我們看到了很多人才供應的增加，包括製片人、編劇、導演以及演員。

I will give you an example here.

我在這裡給你一個例子。

For some major top-tier actor and actress, they're paid -- their salaries used to be somewhere between CNY 80 million to CNY 120 million, but now many of them have come down to a range to RMB 40 million to RMB 50 million, with -- which is in line with our [joint declaration] we make with the other partners.

一些主要的頂級演員，他們是有報酬的——他們的薪水曾經在8000萬元到1.2億元之間，但現在很多人已經下降到4000萬元到5000萬元之間。 , with -- 這符合我們與其他合作夥伴的[聯合聲明]。

So overall, the trend has been very stable and the market has become more mature, so we have gotten more negotiation power or, we'll say, bargaining power.

所以總的來說，趨勢很穩定，市場也越來越成熟，所以我們獲得了更多的談判權，或者，我們會說，議價權。

And we will be more in control of our content costs.

我們將更好地控制我們的內容成本。

However, as you know, some of the content we purchased before over the last year will be aired gradually in Q3.

但是，如您所知，我們去年購買的一些內容將在第三季度逐步播出。

And also because of some [widely-known reason], some of the content will be delayed.

而且也因為一些【眾所周知的原因】，部分內容會延遲。

So potentially some of the very expensive content will even be pushed back to Q4 or even Q1 next year.

所以可能一些非常昂貴的內容甚至會被推遲到明年的第四季度甚至第一季度。

So that will have some impacts on our P&L.

所以這會對我們的損益產生一些影響。

Thank you.

謝謝你。

Ella, I'll try to answer the second question.

Ella，我會試著回答第二個問題。

I think it's mixed results.

我認為這是混合的結果。

And the main reason, as I just said in the earnings, is because of -- backend loaded members.

正如我剛才在收益中所說，主要原因是因為 - 後端加載的成員。

I'll try to give some breakdown of the member addition by month.

我將嘗試按月對成員添加進行細分。

Actually, at end of April, I think, at that time, the total member is even lower than that of in January, so which gave you some rough idea how the pattern -- looks like during second quarter's.

實際上，在 4 月底，我認為當時的會員總數甚至低於 1 月份，所以這讓您大致了解了第二季度的模式。

What I can tell you is actually the true ARPU of the members excludes certain onetime adjustments, and the fluctuation was less than 5%.

我可以告訴你的是，實際上會員的真實ARPU不包括某些一次性調整，波動小於5%。

So it's minor impact from like true ARPU fluctuation.

因此，像真正的 ARPU 波動一樣，影響很小。

It's mainly because of the mix and how it increased during the second quarter.

這主要是因為混合以及第二季度的增長方式。

Thank you.

謝謝你。

Your next question comes from Eddie Leung from Bank of America.

您的下一個問題來自美國銀行的 Eddie Leung。

(foreign language) So my question is more about monetization models.

（外語）所以我的問題更多是關於貨幣化模型。

Beyond memberships and advertising, do management think about what other business models could be more significant in the medium to longer term given the fast growth of other revenue segment in recent quarters?

除了會員和廣告之外，管理層是否考慮過其他業務模式在中長期內可能更重要，因為最近幾個季度其他收入部門的快速增長？

(foreign language)

（外語）

[Interpreted] One of our other revenues come from content distribution.

[解釋] 我們的其他收入之一來自內容分發。

We have made quite some progress there.

我們在那裡取得了相當大的進展。

We have distribute a lot of our original content to other channels and to other overseas market as well as to some OTT terminals.

我們已經將很多原創內容分發到其他渠道和其他海外市場以及一些OTT終端。

So we are very confident in this line, but we also need to bear in mind that there will be some potential limitation here because we need to -- balancing the accessibility of our content on other platforms to the growth of our own subscribers.

所以我們對這條線非常有信心，但我們也需要記住，這裡會有一些潛在的限制，因為我們需要平衡我們在其他平台上的內容的可訪問性和我們自己訂閱者的增長。

And the second one is our online game business in which -- we acquired a game company.

第二個是我們的網絡遊戲業務——我們收購了一家遊戲公司。

And this business has been growing very well, including both domestic and international markets.

並且這項業務一直發展得非常好，包括國內和國際市場。

And we have been trying to make some IP bundled game productions which has bear a lot of fruit.

我們一直在嘗試製作一些IP捆綁的遊戲產品，並取得了很多成果。

And we -- apart from these two, we have other -- a variety of other revenues as well , for example, IP licensing.

我們 - 除了這兩個之外，我們還有其他 - 各種其他收入，例如 IP 許可。

Although the scale of this business is very small, you can imagine the gross margin is actually quite good.

雖然這項業務的規模很小，但可以想像，毛利率其實是相當不錯的。

And we also have some literature subscriptions revenues and other revenues.

我們也有一些文學訂閱收入和其他收入。

Accumulatively, these revenues become an increasing chunk of our revenues.

累積起來，這些收入成為我們收入中越來越大的一部分。

Thank you.

謝謝你。

Your next question comes from Thomas Chong from Jefferies.

您的下一個問題來自 Jefferies 的 Thomas Chong。

(foreign language) I have 2 questions.

（外語）我有兩個問題。

First is about the paying subscribers' trend in Q3 and 2019; as well as, of course, about the long-term paying subs.

首先是關於付費用戶在 Q3 和 2019 年的趨勢；當然，還有關於長期付費的潛艇。

And my second question is about content costs.

我的第二個問題是關於內容成本。

Given that we see content cost as a percentage of revenue is lower than the Street expectations, how should we think about the content costs going into the second half and 2020?

鑑於我們認為內容成本佔收入的百分比低於華爾街的預期，我們應該如何考慮進入下半年和 2020 年的內容成本？

This is Xiaodong.

這是曉東。

I think we didn't provide a specific guidance for [certain] quarter on subscribers.

我認為我們沒有為 [某些] 季度的訂閱者提供具體指導。

What I can tell you is a general guidance of the total year's increase this year.

我可以告訴你的是今年全年增長的總體指導。

I think it will be -- probably would be lower than we previous provided, the guidance we previous provided, but still it will be a robust growth of the total subscribing business.

我認為它會 - 可能會低於我們之前提供的指導，我們之前提供的指導，但仍將是總訂閱業務的強勁增長。

And we are quite confident we are still keeping the leading position of this business in China.

我們非常有信心，我們仍然保持該業務在中國的領先地位。

Back to your question about the content costs: If you look at the pattern last year, definitely you will see a deterioration in second half of the year because typically we tend to launch more content in second half of the year.

回到你關於內容成本的問題：如果你看一下去年的模式，你肯定會看到下半年會惡化，因為通常我們傾向於在下半年推出更多內容。

And sometimes, [the efficiency] will decrease as more content come online.

有時，隨著更多內容上線，[效率]會降低。

And so I think we still keep the previous guidance about the total content cost and subscriber revenue this year but probably close to the high end.

因此，我認為我們仍然保留了之前關於今年內容總成本和訂戶收入的指導，但可能接近高端。

Thank you.

謝謝你。

Your next question comes from Wendy Chen from Goldman Sachs.

您的下一個問題來自高盛的 Wendy Chen。

(foreign language) I have 2 questions.

（外語）我有兩個問題。

First, regarding our next quarter guidance, which is -- has go into a relatively low growth rate compared to the -- to previous quarters.

首先，關於我們下一季度的指導，即與前幾個季度相比，增長率相對較低。

So just wondering where do we see the major pressure coming from, whether that's from the subscription business or the advertising business.

所以只是想知道我們看到的主要壓力來自哪裡，無論是來自訂閱業務還是廣告業務。

Second question is, amid this content delay cycle that we are seeing, whether we see the user time spend growth have changed trend recently.

第二個問題是，在我們所看到的這個內容延遲週期中，我們是否看到用戶時間花費增長最近發生了變化。

(foreign language)

（外語）

[Interpreted] Let me answer your second question first.

[翻譯]讓我先回答你的第二個問題。

In terms of user time spent on our platform, actually we -- saw more than 10% year-over-year growth in first half of '19 versus 2018.

就用戶在我們平台上花費的時間而言，實際上，與 2018 年相比，我們在 19 年上半年看到了超過 10% 的同比增長。

This is actually higher than last year's user time growth versus the year before last year, so you can see the trend.

這實際上高於去年的用戶時間增長與前年相比，因此您可以看到趨勢。

It's pretty well, really good.

這很好，真的很好。

And to your first question: The challenging for -- to our Q3 guidance mainly come from, one, our brand advertising.

對於您的第一個問題：我們第三季度指導的挑戰主要來自我們的品牌廣告。

As you all know, the macro environment in China is not so strong and also because the -- a lot of advertisers constrained their advertising budgets.

眾所周知，中國的宏觀環境並不那麼強勁，也是因為——很多廣告商限制了他們的廣告預算。

So that have put some pressure on advertising business.

這給廣告業務帶來了一些壓力。

And secondly, because of the content delays, especially for our head content.

其次，由於內容延遲，尤其是對於我們的頭部內容。

Some of the schedules have been pushed out to later time.

一些時間表已被推遲到以後。

And our advertising will majorly come into the dramas and the variety shows, those absorbing most of the advertise placements.

而我們的廣告將主要進入戲劇和綜藝節目中，這些廣告佔據了大部分的廣告位。

But because they are delayed, so that will again have some pressure on our brand advertising business.

但是因為他們被推遲了，所以這又會給我們的品牌廣告業務帶來一些壓力。

For in-feed: On the other hand, in-feed advertising is just a small portion of the total advertising revenue, and we expect that will come into a stable growth period.

對於信息流：另一方面，信息流廣告僅佔總廣告收入的一小部分，我們預計這將進入穩定的增長期。

And we will achieve some Q-on-Q growth in Q3.

我們將在第三季度實現一些環比增長。

For our subscription business, again this comes -- the driver mainly comes from the exclusive-type content.

對於我們的訂閱業務，這又來了——驅動主要來自獨家類型的內容。

Again because of the delay of the airing of those exclusive content, the net addition of the subscribers will be lower than we expected in the beginning of the year.

同樣由於這些獨家內容的播出延遲，訂閱者的淨增加量將低於我們年初的預期。

(foreign language)

（外語）

[Interpreted] I will also add some comment on the recent regulation environment in terms of the contents delay.

【解讀】在內容延遲方面，我也會對近期的監管環境進行一些評論。

I think the -- in terms of the short-term or, say, the temporary new regulations, that will have an impact on us, for sure, but that will probably last until mid of October, after the national holidays.

我認為 - 就短期或臨時的新規定而言，這肯定會對我們產生影響，但這可能會持續到 10 月中旬，也就是國定假日之後。

And in the long term, I think, although some of the -- I think most of the temporary constraints will fade away, but some of the regulations will persist in the mid to long term.

從長遠來看，我認為，雖然一些 - 我認為大多數臨時限制會逐漸消失，但一些規定將在中長期持續存在。

But we think the long-term constraints -- or limitation, are very limited because, as you know, the -- our production cycle is very long, 12 to 18 months.

但是我們認為長期的限製或限制是非常有限的，因為如你所知，我們的生產週期非常長，12 到 18 個月。

So after we absorb and understand the regulation changes, we can be better prepared.

所以在我們吸收和了解監管變化之後，我們可以更好地做好準備。

Hence the mismatch of new regulations and our production cycle, but after a few quarters preparation, in the future, we will still have a lot of room, plenty of room to create very innovative new content which is in compliance with the developing regulations.

因此新法規和我們的生產週期不匹配，但是經過幾個季度的準備，未來我們仍然有很大的空間，很大的空間來創造非常創新的新內容，符合發展中的法規。

Your next question comes from Alicia Yap from Citigroup.

您的下一個問題來自花旗集團的 Alicia Yap。

(foreign language) My questions is related to the ARPU for the third quarter.

（外語）我的問題與第三季度的 ARPU 有關。

So given we see some of the pressure.

因此，鑑於我們看到了一些壓力。

And also I think there was some bundling joint venture program, so will that be affecting the ARPU for the third quarter on the membership subscription side?

而且我認為有一些捆綁的合資計劃，那麼這會影響會員訂閱方面第三季度的 ARPU 嗎？

And then for content, do we have any interest into sports content licensing?

然後對於內容，我們對體育內容許可有興趣嗎？

And lastly, any change on the competitive landscape?

最後，競爭格局有什麼變化嗎？

Alicia, this is Xiaodong.

艾麗西亞，這是小冬。

I will answer your first question and then let Dr. Gong Yu comment on your second one.

我會回答你的第一個問題，然後讓宮宇博士評論你的第二個問題。

I think -- for the ARPU in the third quarter, I don't think there will be any major reason you will see, like, significant deterioration on ARPU that I just explained.

我認為 - 對於第三季度的 ARPU，我認為您不會看到任何主要原因，例如我剛剛解釋的 ARPU 顯著惡化。

All the promotion campaign, they will have only minor impact on the total ARPU or earning of every quarter.

所有的促銷活動，它們只會對每個季度的總 ARPU 或收入產生很小的影響。

And I actually will expect the ARPU in the third quarter will be at least about the same or even better than that of last year.

我實際上預計第三季度的 ARPU 將至少與去年相同甚至更好。

So basically I don't see those joint membership or also the promotion campaign will have like significant negative impacts on ARPU.

所以基本上我不認為那些聯合會員或促銷活動會對 ARPU 產生重大的負面影響。

And I will pass to Dr. Gong to comment on your second question, about the sports content.

關於你的第二個問題，關於體育內容，我將轉給龔博士發表評論。

(foreign language)

（外語）

Okay.

好的。

[Interpreted] Thank you for your second question.

[解釋] 謝謝你的第二個問題。

I think sports content is obviously a very important racetrack for us as well, but it's a very expensive one.

我認為體育內容對我們來說顯然也是一個非常重要的賽道，但它是一個非常昂貴的賽道。

And also, this sports content, it's almost impossible for us to self-produce.

而且，這種體育內容，我們自己製作幾乎是不可能的。

We can never produce original tournaments or buy our own tournaments to produce sports content.

我們永遠不能製作原創比賽或購買我們自己的比賽來製作體育內容。

So that's why.

所以這就是為什麼。

Those reasons are why we formed the joint venture last year to operate our sports content, and we even being a minority shareholder of that JV.

這些原因是我們去年成立合資企業來運營我們的體育內容的原因，我們甚至是該合資企業的少數股東。

And whether or not to license or-- what to license is totally in discretion of their own JVs management team.

是否許可或許可什麼完全由他們自己的合資企業管理團隊決定。

As far as we understand, some of the, sports content, the pricing is coming down compared to 2 years ago.

據我們了解，部分體育內容的價格與 2 年前相比有所下降。

Some of them come up.

他們中的一些人上來了。

So I think we will respect to the JV's own management team to make the right decision in terms of which sports content to license.

所以我認為我們會尊重合資公司自己的管理團隊，在許可哪些體育內容方面做出正確的決定。

(foreign language)

（外語）

[Interpreted] For your questions on competitive landscape.

[解釋] 關於競爭格局的問題。

I do not think there's much change now compared to 6 months ago.

我認為現在與 6 個月前相比沒有太大變化。

I will suggest some third-party data for you, among others, of course.

當然，我會為您推荐一些第三方數據。

The first two is iResearch and QuestMobile, which provides the platform matrix, for example, DAU, MAU and total time spent.

前兩個是艾瑞和QuestMobile，它提供了平台矩陣，例如DAU、MAU和總花費時間。

That give you a sense of the market share situation.

這讓您了解市場份額情況。

And if you want more granularity about content， content genres or, individual, vertical channels, I think you can go to Enlightent, in Chinese, (foreign language), to investigate more about the content ranking.

如果你想更詳細地了解內容、內容類型或個別垂直渠道，我想你可以去 Enlightent, in Chinese, (foreign language), 調查更多關於內容排名的信息。

Your next question comes from Tian Hou from T.H. Capital.

您的下一個問題來自 T.H. 的天侯。首都。

(foreign language) So 2 questions.

（外語）所以2個問題。

One is about the content control.

一是關於內容控制。

Will the content control be a little bit less in [3Q] (corrected by company after the call)?

[3Q]的內容控制會不會少一點（通話後由公司更正）？

Or another way to ask the question: The total number of content released in 3Q, will that be higher than 2Q?

或者換個方式問：第三季度發布的內容總數，會比第二季度多嗎？

If so, what's the impact on the content costs?

如果是這樣，對內容成本有什麼影響？

That's the first question.

這是第一個問題。

The second one is about the interaction with users.

第二個是關於與用戶的交互。

We saw a lot of the short video platform.

我們看到了很多短視頻平台。

They have this kind of a function enable user interacting with the short-term videos.

他們具有這種功能，使用戶能夠與短期視頻進行交互。

And so I wonder.

所以我想知道。

iQIYI, do that have any functions or measures to accomplish user interaction.

愛奇藝，有沒有實現用戶交互的功能或措施。

(foreign language)

（外語）

[Interpreted] Thank you for your questions.

[翻譯] 謝謝你的提問。

For your first question.

對於你的第一個問題。

Our -- the content volume in Q3 will definitely be higher than in Q2, but if you compare it to the Q3s in previous years, that will be definitely lower than in previous years.

我們——第三季度的內容量肯定會高於第二季度，但如果與往年的第三季度相比，那肯定會低於往年。

That's why our Q3 guidance is kind of soft compared to previous years.

這就是為什麼我們的第三季度指導與往年相比有點軟。

And for your second question: Our -- the interaction with video content.

對於您的第二個問題：我們的 - 與視頻內容的互動。

One, for our long-form video we did a lot of innovation in our brand advertising.

一，對於我們的長視頻，我們在品牌廣告方面做了很多創新。

So previously a lot of the display ad is not able to be closed.

所以以前很多展示廣告是無法關閉的。

So we now are gradually moving towards more to the true-view format of brand ads, which means people can choose to close or not close that advertisement.

所以我們現在正在逐漸向品牌廣告的真實視圖格式發展，這意味著人們可以選擇關閉或不關閉該廣告。

So this kind of ad solution is more based on big data, and that is more targeted and more result oriented.

所以這種廣告解決方案更多是基於大數據，更有針對性，更注重結果。

So it's well -- very well received by those [APP] download kind of advertisers which are more performance-based advertisers.

所以這很好——很受那些[APP]下載類型的廣告商的歡迎，這些廣告商是更多基於性能的廣告商。

And secondly, for our short-form video, although our expertise mostly is in long-form video, we do have a Redian channel in our main app.

其次，對於我們的短視頻，雖然我們的專長主要是長視頻，但我們的主應用程序中確實有一個 Redian 頻道。

If you click on that, we have both short-form video and mini videos in there.

如果您單擊它，我們會在其中同時提供短視頻和迷你視頻。

And in those in-feed ads, a lot of in-feed advertising format is based on interaction.

而在那些信息流廣告中，很多信息流廣告格式是基於交互的。

Thank you.

謝謝你。

And this is Xiaodong.

這就是曉東。

I just want to clarify Dr. Gong's comments about content costs in the third quarter.

我只是想澄清一下龔博士關於第三季度內容成本的評論。

And what Dr. Gong said is the volume of the content we are going to release in the third quarter will be lower than last year, not the cost.

而龔博士所說的是我們在第三季度要發布的內容量將低於去年，而不是成本。

I think the -- if you're talking about the dollar amount, you see it might be probably slightly increased because of the high unit costs of these drama and other content, but definitely you will see a lower increase rate compared to the previous quarters.

我認為 - 如果您談論的是美元金額，您可能會看到由於這些戲劇和其他內容的高單位成本，它可能會略有增加，但與前幾個季度相比，您肯定會看到較低的增長率.

Thank you.

謝謝你。

We will be taking one final question, and your last question comes from Tina Long from Crédit Suisse.

我們將回答最後一個問題，您的最後一個問題來自瑞士信貸的 Tina Long。

(foreign language) So my question mainly lies on SG&A costs.

（外語）所以我的問題主要在於SG&A成本。

So from a lot of [real costs] from other Internet companies, it seems like their selling and marketing costs are actually on a downtrend.

所以從其他互聯網公司的很多[實際成本]來看，他們的銷售和營銷成本似乎實際上處於下降趨勢。

So I want to know what's actually driving the rise in the selling -- SG&A this quarter.

所以我想知道是什麼真正推動了銷售的增長——本季度的 SG&A。

This is Xiaodong.

這是曉東。

I think the main driver of the SG&A increase is the sales and marketing expense.

我認為 SG&A 增長的主要驅動力是銷售和營銷費用。

You will spend on a lot of things, including game, as we mentioned in the earnings, and other apps and service we try to promote in the -- in recent quarters.

正如我們在收益中提到的那樣，您將花費很多東西，包括遊戲，以及我們在最近幾個季度嘗試推廣的其他應用程序和服務。

Because if you noted, in the other revenue [ I think increase very fast], which actually means we tried to monetize the traffic and IP through our content offerings, which means we try to provide different service for our users.

因為如果您注意到，在其他收入中[我認為增長非常快]，這實際上意味著我們試圖通過我們的內容產品將流量和 IP 貨幣化，這意味著我們試圖為我們的用戶提供不同的服務。

[And in the short period], you will see some promotion investment in this new service.

[並且在短期內]，您將看到對這項新服務的一些推廣投資。

And also, another reason of the increase in SG&A is the acquisition of Skymoons, which result additional about 200 million SBC cost every quarter.

此外，SG&A 增加的另一個原因是收購 Skymoons，導致每季度額外增加約 2 億 SBC 成本。

So that's another reason why you see increase in the recent quarters.

因此，這是您看到最近幾個季度有所增加的另一個原因。

Thank you.

謝謝你。

I would now like to hand the conference back to Dahlia.

我現在想把會議交還給 Dahlia。

Please continue.

請繼續。

Thank you all for joining our call today.

感謝大家今天加入我們的電話會議。

If you have any additional questions, please feel free to contact us later.

如果您有任何其他問題，請隨時與我們聯繫。

Thank you.

謝謝你。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]