iQIYI Inc (IQ) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to the iQIYI's fourth quarter and fiscal year 2024 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加愛奇藝2024財年第四季和2024財年財報電話會議。（操作員指令）

I would now like to hand the conference over to Ms. Chang You, IR Director of the company. Please go ahead.

現在我想將會議交給公司的投資人關係總監常友女士。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining iQIYI's fourth quarter and fiscal year 2024 earnings conference call. The company's results were released earlier today and available on the company's Investor Relations website at ir.iqiyi.com.

謝謝您，接線生。大家好，感謝您參加愛奇藝2024財年第四季及2024財年財報電話會議。該公司的業績已於今日早些時候公佈，並可在公司投資者關係網站ir.iqiyi.com上查閱。

On the call today are Mr. Yu Gong, our Founder, Director, and CEO; Mr. Jun Wang, our CFO; Mr. Xiaohui Wang, our CCO, Chief Content Officer; Mr. Youqiao Duan, Senior Vice President of our Membership Business; and Mr. Xianghua Yang, Senior Vice President of Movies and Overseas Business.

今天參加電話會議的有我們的創辦人、董事兼執行長龔宇先生；王軍先生，我們的財務長；王曉暉先生，我們的首席文化長、首席內容長；我們的會員業務資深副總裁段友橋先生；以及電影及海外業務資深副總裁楊向華先生。

Mr. Gong will give a brief overview of the company's business operations and highlights, followed by Jun, who will go through the financials. After the prepared remarks, the management team will participate in the Q&A session.

龔先生將簡要介紹公司的業務運作和亮點，隨後俊將介紹公司的財務狀況。在準備好的發言之後，管理團隊將參加問答環節。

Before we proceed, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

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做出的前瞻性陳述。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目前的預期有重大差異。

Potential risk and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. IQIYI does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性。愛奇藝不承擔更新任何前瞻性陳述的義務，除非適用法律要求。

I will now pass on to Mr. Gong. Please go ahead.

現在我將發言權交給龔先生。請繼續。

Hello, everyone, and thank you for joining us today. Starting from late November, we have observed a significant rebound in business performance across multiple metrics, including net additions of subscribing members and user time spent, along with a reinforced leading position in the total drama viewership market share according to Enlightent data. This was boosted by the robust comeback of our top-tier content.

大家好，感謝大家今天加入我們。根據 Enlightent 的數據，從 11 月下旬開始，我們觀察到多個指標的業務表現均顯著反彈，包括訂閱會員淨增數和用戶使用時間，同時在總電視劇收視率市場份額中領先地位得到鞏固。這得歸功於我們頂級內容的強勢回歸。

In just the three months, two of our highly popular dramas, We Are Criminal Police (spoken in Chinese) and Drifting Away (spoken in Chinese) surpassed 10,000 in the iQIYI popularity index, further solidifying iQIYI's unrivaled leadership in the suspense genre. We also enhanced our supply of premium female-oriented content, which is also one of our key content categories, with [Moon Embracer] (spoken in Chinese) exceeding 9,500 and Love Song in Winter (spoken in Chinese) exceeding 9,000 in iQIYI popularity index.

短短三個月內，愛奇藝兩部熱播劇《我們是刑警》和《飄渺》熱度突破1萬，進一步鞏固了愛奇藝在懸疑劇領域的領先地位。我們也加強了優質女性向內容的供給，這也是我們的重點內容類別之一，其中《擁抱月亮的人》 (中文版) 愛奇藝熱度指數突破 9,500，《冬日戀歌》 (中文版) 突破 9,000。

Alongside the strong return of our premium long-form video content, we have made breakthrough in the mini-drama space. Now, our portfolio carries a selection of over 10,000 titles. We have also revamped our products to improve user experiences.

隨著優質長影片內容的強勢回歸，我們在迷你劇領域也取得了突破。現在，我們的產品組合涵蓋超過 10,000 種書籍。我們也改進了我們的產品以改善用戶體驗。

On top of that, we have upgraded our ad placement system to more effectively monetize the growing traffic of mini-dramas. All these efforts have led to swift growth in our user base, and I look forward to what the future holds.

除此之外，我們也升級了廣告投放系統，以便更有效地將迷你影集不斷增長的流量貨幣化。所有這些努力使得我們的用戶群迅速成長，我對未來的發展充滿期待。

In addition, for operational improvements, we are encouraged by the healthy recovery in consumer sentiment towards quality long-form videos, as evidenced by historical high (inaudible) movie box office performance during the Chinese New Year. This trend reinforced our confidence in the quality long-form video content, and we are optimistic for long-form video industry in the coming year.

此外，在營運改善方面，消費者對優質長影片的情緒正在健康復甦，這讓我們感到鼓舞，農曆新年期間電影票房創下歷史新高（聽不清楚）。這個趨勢增強了我們對優質長影片內容的信心，我們對未來一年的長影片產業充滿信心。

As we step into 2025, we aim to boost membership revenue by increasing the quality and the share of streaming content. We also aim to expand the advertising revenue by enlarging our app inventory, which will benefit from the growth of mini-drama business. Together, these two elements will serve as the growth engine driving our revenue growth.

邁入 2025 年，我們的目標是透過提高串流內容的品質和份額來增加會員收入。我們還計劃透過擴大應用程式庫存來增加廣告收入，這將受益於迷你劇業務的成長。這兩個因素將共同成為推動我們收入成長的成長引擎。

Now let's move on to the details of our core business segments, starting with long-form videos, which is a cornerstone of our content ecosystem. We have sustained our leadership in the core drama category, capturing the highest total viewership market share in Q4 and for the full year 2024 according to Enlightent data. This was underpinning the exceptional performance of our highly acclaimed titles across multiple genres.

現在讓我們詳細了解我們的核心業務部門，從長影片開始，這是我們內容生態系統的基石。根據 Enlightent 的數據，我們繼續在核心戲劇類別中保持領先地位，在第四季度和 2024 年全年佔據了最高的總收視率市場份額。這為我們在多個遊戲類型中廣受好評的作品的出色表現奠定了基礎。

In Q4, our dominance in the (inaudible) of suspense genres remain unchallenged. Notably, We Are Criminal Police become the 15th drama to break the iQIYI popularity index score of 10,000 and recorded the highest score of our platform in 2024. Additionally, new releases like Let Wind Goes By (spoken in Chinese) from our Light on Theater brand and Under the Skin Season 2 (spoken in Chinese) garnered high acclaim from viewers.

在第四季度，我們在（聽不清楚）懸疑題材的主導地位依然無人能撼動。值得一提的是，《我們是刑警》成為第15部愛奇藝熱度指數破萬的電視劇，並創下2024年愛奇藝平台最高分。此外，由我們劇院之光品牌推出的《讓風吹過》（中文版）和《皮囊之下第二季》（中文版）等新劇也獲得了觀眾的高度好評。

Our exciting slate of offering goes beyond Q4, notably [building our way] from our flagship Light on Theater brand surpassed a popularity index score of 10,000 within just six days of its release. It was also the first drama with fewer episodes to reach such highs.

我們令人興奮的產品陣容超越了第四季度，尤其是我們的旗艦品牌 Light on Theater 在其發布僅六天后就突破了 10,000 的受歡迎程度指數得分。這也是第一部集數較少卻達到如此高收視率的電視劇。

In Q4, for premium female-oriented content, we made great progress in stabilizing our content release schedule and captivating audiences with love stories from Love On Theater. Notable among this is Asian custom drama, Fangs of Fortune (spoken in Chinese) which successfully attract new members setup.

第四季度，對於優質女性向內容，我們在穩定內容發佈時間表和用《愛情劇場》中的愛情故事吸引觀眾方面取得了很大進展。其中最引人注目的是亞洲風俗劇《財富之牙》（中文版），成功吸引了新成員。

In addition, modern drama, Love Song in Winter, was praised for its innovative blend of suspense and romance, hitting our peak iQIYI popularity index score of over 9,000. Looking ahead, we are committed to further refining our production line up and release timing for both Asian custom dramas and modern tales that resounded with our female audiences.

此外，現代劇《冬之戀曲》因其將懸疑與浪漫相結合的創新性而受到好評，在愛奇藝熱度指數中突破9,000的高點。展望未來，我們致力於進一步完善我們的製作陣容和發佈時間，以推出受到女性觀眾共鳴的亞洲客製化劇和現代故事。

Turning to movies. In Q4, we have maintained our leading position in viewership for self-constructed cultures according to Enlightent data. The performance was highlighted by our original production, [Frozen Wind] (spoken in Chinese) which was the best-performing comedy movie on our platform this quarter. The other releases, like [Upstream] (spoken in Chinese) and Volunteers, The Battle of Life and Death (spoken in Chinese) also secured top positions on iQIYI popularity chart during Q4.

轉向電影。根據 Enlightent 的數據，第四季我們在自建文化收視率方面繼續保持領先地位。我們的原創作品《冰風》 (中文對白) 是本季我們平台上表現最好的喜劇電影，表現最為亮眼。另外上映的《逆流而上》（中文版）、《志願者，生死戰》（中文版）等片也都位居第四季愛奇藝熱度排行榜前列。

For animations in Q4, our production capabilities for Chinese animations continue to improve. The Legend of Sky Lord (spoken in Chinese) remains its popularity among audiences. We also further boosted our offerings with exclusive new IPs such as Urban Miracle Doctor (spoken in Chinese) and (inaudible) for Japanese animation, we exclusively released Dragon Ball DAIMA on our platform, receiving positive feedback.

對於第四季的動畫，我們的中國動畫製作能力持續提升。《天龍八部》中文版繼續受到觀眾的熱捧。我們也透過獨家新 IP 進一步擴大了我們的產品範圍，例如《都市奇蹟醫》（中文配音）和（聽不清楚）對於日本動畫，我們在我們的平台上獨家發布了《七龍珠 DAIMA》，並獲得了積極的反饋。

Looking forward to 2025, we are dedicated to enhancing the production and the management of our long-form videos. Our primary goal is creating exceptional content, elevating its commercial potential while optimizing the production and the distribution process for increased efficiency. For dramas, we will focus on improving the pipeline capability and the share of our top-tier premium content.

展望2025年，我們致力於加強長影片的製作與管理。我們的主要目標是創造出色的內容，提升其商業潛力，同時優化生產和發行流程以提高效率。對於電視劇方面，我們將專注於提升通路能力和頂級優質內容的份額。

We aim to strengthen our leadership in realistic and suspenseful themes while enhancing our premium content that appeals to female audiences, which have shown strong momentum. Other than the titles previously discussed, such as Drifting Away, we are also going to release titles from like Light on Theater, including Breaking the Shadow (spoken in Chinese), Justifiable Defense (spoken in Chinese), A Life for a Life (spoken in Chinese), and Low IQ Crimes (spoken in Chinese).

我們的目標是加強在現實主義和懸疑主題方面的領導地位，同時增強吸引女性觀眾的優質內容，這些內容已顯示出強勁的發展勢頭。除了先前討論過的《漂泊》等作品外，我們還將發布 Light on Theater 等公司的作品，包括《打破陰影》（中文口述）、《正當防衛》（中文口述）、《以命償命》（中文口述）和《低智商犯罪》（以中文朗讀）。

Our strong lineup also features highly anticipated female-oriented dramas, Moon Embracer (spoken in Chinese), The Fearless Season 2 (spoken in Chinese), and Love of the Divine Tree (spoken in Chinese) have already been released and have gained strong traction among female audiences, while more compelling releases to come.

我們強大的陣容還包括備受期待的女性向電視劇，《擁抱月亮的人》（中文版）、《霍元甲第二季》（中文版）和《神樹之戀》（中文版）已經上映，並在女性觀眾中獲得了強烈的吸引力，同時還有更多引人注目的劇集即將上映。

For variety shows, our strategy is centered on profitability. We are committed to maximizing the commercial value of our classic IPs while exploring innovative new shows. For flagship multi-season IPs, our strong lineup includes Become a Farmer (spoken in Chinese), Five HA Season 5, The Rap of China 2025, and The Kind of Stand-Up Comedy 2 (spoken in Chinese).

對於綜藝節目，我們的策略是以盈利為中心。我們致力於最大化經典IP的商業價值，同時探索創新的新節目。對於旗艦多季 IP，我們強大的陣容包括《當個農民》（中文版）、《五哈第五季》、《中國新說唱2025》和《那種單口喜劇2》（中文版）。

We are also introducing several fresh new IPs, including The Blooming Journey (spoken in Chinese), [Sing Asia] (spoken in Chinese), The Greatest Showman (spoken in Chinese). Notably, The Blooming Journey was released in January and quickly received a peak iQIYI popularity index of above 8,000 while topping the Enlightent rankings.

我們也將推出幾個全新的 IP，包括《花開旅程》（中文版）、《亞洲之歌》（中文版）、《馬戲之王》（以中文朗讀）。值得一提的是，《花開富貴》1月上映後，迅速在愛奇藝熱度指數突破8000，同時榮登啟蒙榜榜首。

For the comedy genre, building up the success of The Kind of Stand-Up Comedy, last year, we launched a spin-off show Happy Off Work during the Chinese New Year holiday, further strengthening the IPs interest. For movies, premium content is our top focus, especially original theatrical releases that can generate top box office revenue.

喜劇類型方面，在《喜劇之王》大獲成功的基礎上，我們去年在春節假期推出了衍生劇《下班快樂》，進一步增強了對IP的關注。對電影來說，優質內容是我們的重點，尤其是可以創造最高票房收入的原創院線電影。

In 2025, our original movie Winter to Summer (spoken in Chinese) and (inaudible) will hit the theaters. Audiences can also enjoy theatrical hits on our movie champions, including Her Story (spoken in Chinese), Burning Star (spoken in Chinese), Hot Pot Artist (spoken in Chinese), and Octopus with Broken Arms (spoken in Chinese). We also plan to increase our production capabilities for online films.

2025年，我們的原創電影《冬至夏》（中文朗讀）和（聽不清楚）將上映。觀眾還可以欣賞我們電影冠軍的劇場熱門劇，包括《她的故事》（中文口述）、《燃燒的星星》（中文口述）、《火鍋師》（中文口述）和《斷臂章魚》（以中文朗讀）。我們也計劃提高網路電影的製作能力。

In the field of animation, we are planning to broaden our collection of enduring, serious, and devoted resources specifically to high-quality Chinese animation. Our objective is to raise both the quality and financial performance of our original work.

在動畫領域，我們計劃擴大我們持久、嚴肅、專注的資源收藏，特別是高品質的中國動畫。我們的目標是提高原創作品的品質和財務表現。

Major titles to be launched include Super Cube (spoken in Chinese), Over the Divine Realms (spoken in Chinese), The Fated Magical Princess (spoken in Chinese), and the sequels to beloved children's animations, including [The Rufus] (spoken in Chinese) and Princess Doremi Season 4 (spoken in Chinese).

即將推出的主要作品包括《超魔方》（中文口語）、《超越神界》（中文口語）、《命中註定的魔法公主》（中文口語），以及深受兒童喜愛的動畫續集，包括《魯弗斯》（中文口語）和《哆啦 A 夢第四季》（中文口語）。

Moving on to mini-dramas, we achieved exciting milestones in just three months. Firstly, we have successfully revamped our apps. Now, the mini-dramas in the iQIYI main app focus primarily on subscription-based models, while the iQIYI Lite app provides all key dramas, free mini-dramas supported by advertising models.

說到迷你劇，我們僅用三個月就取得了令人興奮的里程碑。首先，我們成功地改進了我們的應用程式。目前，愛奇藝主App中的迷你劇主要以訂閱模式為主，愛奇藝Lite則提供所有重點劇集，以及透過廣告模式支援的免費迷你劇。

Secondly, we have largely completed the construction of back-end systems, especially for content recommendations and advertising capabilities. This not only elevates the viewing experience, but also unlocks fresh monetization opportunities.

其次，我們基本上完成了後端系統的建設，特別是內容推薦和廣告能力。這不僅提升了觀看體驗，也開啟了新的獲利機會。

Furthermore, our mini-drama portfolio has quickly expanded to over 10,000 titles now, capturing 95% of the leading mini-drama content providers in the market. This expansive and diversified content portfolio has paved for our next stage of development.

此外，我們的迷你劇組合現已迅速擴展到超過 10,000 部，佔據了市場上 95% 的領先迷你劇內容提供商。這種廣泛而多樣化的內容組合為我們下一階段的發展鋪平了道路。

The recent program has largely increased our user base and the viewing time spent on mini-dramas in the fourth quarter, with these positive trends expected to continue. Notably, in December, our platform had its first mini-drama generating monthly revenue sharing income exceeding RMB1 million.

最近的計劃大大增加了我們的用戶群和第四季度迷你劇的觀看時間，預計這些積極的趨勢將繼續下去。值得注意的是，12月，我們平台首部微劇的月分成收入突破100萬元。

As we enter the next phase, we are aiming to refine our products and service offerings with personalized recommendations, finetune our advertising systems to appeal to a broader base of new advertisers, broaden our content catalog with fresh and elaborate titles, and cultivate iQIYI's original mini-drama ecosystem to provide a steady stream of high-quality content.

隨著我們進入下一階段，我們的目標是透過個人化推薦來改進我們的產品和服務，微調我們的廣告系統以吸引更廣泛的新廣告商，用新鮮和精心製作的標題拓寬我們的內容目錄，並培育愛奇藝的原創迷你劇生態系統，以提供源源不斷的優質內容。

Moving on to membership services. Membership revenue in the first quarter was RMB4.1 billion, down annually and sequentially primarily due to a lighter content slate during the first two months of the quarter. However, starting from late November, we have observed a strong comeback in premium content offerings, as previously discussed, driving a significant turnaround in our membership business.

繼續介紹會員服務。第一季會員收入為人民幣 41 億元，年比和季減，主要由於本季前兩個月內容較少。然而，如前所述，從11月下旬開始，我們觀察到優質內容產品強勢回歸，推動了我們的會員業務的重大轉變。

To be specific, we have improved our long-form video content and introduced exclusive mini-drama for members, aiming to improve member retention and attracting new subscribers. Additionally, we have maintained a tighter supply of premium content and stepped up our promotional efforts so subscribers can eagerly anticipate new releases, thereby driving their loyalty to our platform.

具體來說，我們改進了長影片內容，並推出了會員專屬迷你劇，旨在提高會員保留率並吸引新訂閱者。此外，我們保持了更嚴格的優質內容供應，並加大了推廣力度，以便訂閱者能夠熱切期待新內容的發布，從而提高他們對我們平台的忠誠度。

Beyond content enhancement, we have reclassified our membership offerings into two primary categories, one category tailored for individuals, the other for families. Both categories include an ad-supported basic service tier as well as a standard service tier.

除了內容增強之外，我們還將會員服務重新分為兩個主要類別，一個類別針對個人，另一個類別針對家庭。這兩個類別都包括廣告支援的基本服務層以及標準服務層。

Moreover, the family category also features a premium service level, which is the ad-standard plan. This plan grants additional privileges, including unlimited access to express packages that provide early access to finals of our premium content, the ability to log in on up to eight supported devices, and opportunities to participate in major offline events.

此外，家庭類別還提供優質服務級別，即廣告標準計劃。此計劃授予額外的特權，包括無限存取快速套餐（可提前存取我們的優質內容的最終版本）、在最多八台受支援設備上登入的能力以及參加大型線下活動的機會。

This week's classification benefits are membership building in multiple ways. One, it simplifies the structure of our membership plan, making their positioning clear. Two, it captures broader user needs and user groups, from value-seeking individuals to those desiring more premium perks. Three, it effectively addresses the issue of unauthorized password sharing.

本週的分類福利是多種方式的會員建設。一是簡化了我們的會員計畫結構，使其定位更加明確。其次，它滿足了更廣泛的用戶需求和用戶群，從追求價值的個人到渴望更多高級福利的人。三、有效解決密碼非法共享問題。

In the first quarter, to offer an improved solution to account sharing, we introduced the extra member feature. Additionally, our ad-supported basic plan has seen a consistent uptick in subscriptions, especially among users in low-tier cities and within the young demographic throughout the quarter. In a move to further elevate the value we offer, we also introduced more joint membership options, which gained traction with our members.

第一季度，為了提供更好的帳戶共享解決方案，我們推出了額外會員功能。此外，我們廣告支援的基本計劃的訂閱量持續上升，尤其是在整個季度的低線城市和年輕群體中。為了進一步提升我們提供的價值，我們也推出了更多的聯合會員選擇，從而吸引了我們的會員。

Looking into 2025, our strategy focuses on building a membership business that better caters to mass audiences. We also intend to optimize member offerings, streamline operations, and improve distribution channels. Moreover, we aim to elevate the iQIYI member brand and service standards, ultimately boosting the value experienced by our members.

展望2025年，我們的策略重點在於打造更適合大眾的會員業務。我們還打算優化會員服務、簡化營運並改善分銷管道。此外，我們旨在提升愛奇藝會員品牌與服務標準，最終提升會員體驗的價值。

Moving on to the advertising business. Revenue during the quarter came in at RMB1.4 billion, growing 7% sequentially and showing a reduced rate of annual decline when compared to the prior period. For brand ad revenue show, a double-digit sequential growth. This was primarily driven by the double-digit brand ad revenue growth generated by our premium drama.

轉向廣告業務。本季營業收入為人民幣14億元，較上一季成長7%，年減幅度較上年同期收窄。就品牌廣告收入來看，實現了兩位數的連續成長。這主要得益於我們的優質劇集帶來的兩位數品牌廣告收入成長。

In 2025, we aim to evolve our brand advertising business by diversifying our revenue streams and exploring new, innovative advertising opportunities. We plan to refine client service, which will help retain our current advertisers and attract newcomers from sectors like food and beverage, cosmetics and toiletries, and communications.

2025 年，我們的目標是透過多元化收入來源和探索新的創新廣告機會來發展我們的品牌廣告業務。我們計劃改善客戶服務，這將有助於我們留住現有的廣告商並吸引來自食品飲料、化妝品和洗漱用品以及通訊等行業的新客戶。

We will also keep an eye on emerging sectors such as healthcare, home furnishings, and tourism. Additionally, we aim to increase the arc of healthcare clients and explore opportunities in mini-dramas and advertiser-customized shows.

我們也將關注醫療保健、家居裝飾和旅遊等新興產業。此外，我們還旨在擴大醫療保健客戶的範圍，並探索迷你劇和廣告商客製化節目的機會。

Performance ads continue to grow both annually and sequentially. This was largely driven by operational improvements and major e-commerce campaigns and the robust service provided to clients from the internet services sector.

效果廣告的年度和季度銷售量均持續成長。這主要得益於營運的改進、大型電子商務活動以及互聯網服務業為客戶提供的強大服務。

Notably, revenue contributions from the e-commerce sector during the 11.11 Shopping Festival increased by over 40% annually, and the revenue from the internet services during the quarter increased by over 30% year over year.

值得注意的是，雙十一電商業務營收貢獻年增超過40%，當季網路服務營收年增超過30%。

To sustain this momentum, going forward, we are enhancing our technical and platform capabilities to secure a larger share of budgets from healthcare clients in sectors such as e-commerce, internet services, and video game sectors. We will continue leveraging AI for video and production and expand our clients to improve monetization efficiency. We are also excited about the incremental ad inventory that mini-drama could bring in 2025.

為了保持這一勢頭，未來我們將增強技術和平台能力，以確保從電子商務、互聯網服務和視頻遊戲等領域的醫療保健客戶那裡獲得更大的預算份額。我們將繼續利用人工智慧進行影片和製作，並擴大客戶群，以提高貨幣化效率。我們也對2025年迷你劇可能帶來的增量廣告庫存感到興奮。

Moving on to technology and products. We continue to advance the industrialization of the video business, thereby improving our operational efficiency. Our intelligent production management system has become essential for production crews managing various tasks on site, providing them with advanced production tools and management capabilities.

繼續討論技術和產品。我們不斷推進視訊業務產業化，進而提高營運效率。我們的智慧生產管理系統已成為生產團隊管理現場各項任務的必需品，為他們提供先進的生產工具和管理能力。

In the first quarter, we further enhanced the system to incorporate highly efficient production supply management capability. With regard to virtual production, we have increased the technology to push the boundary of content creation. We are proud that our projects Fangs of Fortune and My Journey to You (spoken in Chinese) have both won multiple prestigious industry awards for their excellent use of virtual production.

第一季度，我們進一步完善體系，實現高效率的生產供應管理能力。在虛擬製作方面，我們加強了技術投入，不斷突破內容創作的界限。我們感到自豪的是，我們的專案《財富之牙》和《我的尋你之旅》（中文版）都因出色地運用虛擬製作而贏得了多個著名的行業獎項。

Meanwhile, we have made impressive progress with our digital asset collection. Throughout the year, we have assembled an immense digital asset library from hundreds of dramas, variety shows, movies, and animations. iQIYI is recognized as one of the leading collections in China.

同時，我們的數位資產收集也取得了令人矚目的進展。全年我們累積了數百部電視劇、綜藝節目、電影、動畫等，建立了龐大的數位資產庫。愛奇藝被公認為中國領先的收藏品之一。

We are now leveraging their assets in new video projects and expanding into offline experiences. Looking forward, we are setting our sights on wider applications, including content creation, IP value-added services, and immersive virtual reality experiences.

我們現在正在利用他們的資產開展新的視訊專案並擴展到線下體驗。展望未來，我們著眼於更廣泛的應用，包括內容創作、IP增值服務、沉浸式虛擬實境體驗等。

Moreover, we have been expanding AI applications across content production and operations. AI's influence has been transformative, notably in refining our project assessment process, providing valuable insights for appraising nearly 5,000 screenplays and novels. Additionally, AI aids in character design and custom selection as the project approval stage based on the character description from screenplays, thus streamlining the creative process.

此外，我們一直在擴展AI在內容製作和營運領域的應用。人工智慧的影響是變革性的，特別是在改進我們的專案評估流程方面，為評價近 5,000 部劇本和小說提供了寶貴的見解。此外，AI還可以根據劇本中的角色描述，在專案審批階段協助進行角色設計和自訂選擇，從而簡化創作過程。

Lastly, for our business performance in regions outside of mainland China, we maintained solid performance in the first quarter with both total revenues and membership services revenue gained annual and sequential growth. Notably, membership revenue from Hong Kong, UK, Thailand, and Australia grew by over 30% year over year.

最後，就我們在中國大陸以外地區的業務表現而言，我們在第一季保持了穩健的表現，總收入和會員服務收入均實現了同比和環比的增長。值得注意的是，來自香港、英國、泰國、澳洲等地的會員收入年增超過30%。

The average daily number of subscribing members also increased both annually and sequentially, with Hong Kong and Thailand growing over 50% year over year. The popularity of our original content continues to strengthen.

每日平均訂閱會員數量也較去年同期和較上季均有所增加，其中香港和泰國的成長率超過 50%。我們的原創內容的受歡迎程度不斷增強。

Fangs of Fortune was the best-performing China drama on our overseas platform in 2024, with a Thai-dubbed version topping the viewership rankings in Thailand. Additionally, our first original overseas variety show, Starlight Boys, extended its success beyond our platform, achieving top positions in local Google rankings for variety shows across numerous Southeast Asian countries.

《福星高照》是2024年我們海外平台上表現最好的中國電視劇，其泰語配音版本位居泰國收視率榜首。此外，我們首檔原創海外綜藝節目《星光少年》的成功也延伸到了我們平台之外，在東南亞多個國家的谷歌本地綜藝節目排名中名列前茅。

Furthermore, Thai dramas have emerged as a popular content category on our international platform, ranking second only to C-dramas. Encouraged by this trend, we are planning to increase our investments in original Thai productions.

此外，泰劇已成為我們國際平台上的熱門內容類別，排名僅次於中國劇。受此趨勢的鼓舞，我們計劃增加對泰國原創作品的投資。

We have been focusing on expanding our international brand recognition through region-specific events. Last quarter, we launched our first-ever iQIYI conference overseas, which set a new benchmark as the most comprehensive and best-attended press conference ever hosted by our Chinese video platform in Thailand, with exceptional artist participation.

我們一直致力於透過特定地區的活動來擴大我們的國際品牌知名度。上個季度，我們在海外舉辦了首場愛奇藝發布會，這是泰國華人視訊平台史上內容最豐富、參與人數最多的新聞發布會，吸引了眾多藝人參與，樹立了新標竿。

As we set our eyes on 2025, our main focus abroad will be to drive revenue expansion. We plan to enhance our C-drama offerings and improve the monetization ability of region content.

放眼 2025 年，我們在海外的主要重點將是推動營收擴張。我們計劃增強我們的華語電視劇產品並提高區域內容的貨幣化能力。

Having established a strong presence in Asia, especially Southeast Asia, we are set to expand our footprint into the Middle East, Latin America, and Brazil. Our approach includes reinforcing ties with telecom partners; seeking innovative, collaborative opportunities; and wrapping up marketing initiatives to boost our brand and content impact.

我們已經在亞洲，特別是東南亞建立了強大的影響力，並準備將業務擴展到中東、拉丁美洲和巴西。我們的方法包括加強與電信合作夥伴的聯繫；尋求創新、合作機會；並完成行銷計劃以提升我們的品牌和內容影響力。

In summary, we closed the year by embracing a series of reinventions and innovations that successfully propelled our business forward, setting a strong start to 2025. We are confident that the strong comeback of premium long-form videos, coupled with our continuous innovation in mini-dramas, will serve as fuel engines during the tentative growth for 2025.

總而言之，我們在過去的一年裡進行了一系列的改造和創新，成功推動了我們的業務向前發展，為 2025 年打下了良好的開端。我們相信，精品長影片的強勢回歸，加上微劇的不斷創新，將成為2025年預期成長的動力引擎。

Now, let me pass it on to Jun to go through our financial performance.

現在，讓我將報告交給 Jun 來報告我們的財務表現。

Thank you, Mr. Gong, and hello, everyone. As Mr. Gong mentioned earlier, driven by the premium content, we have experienced a significant rebound in main operating performance in comparison to November 2024. Now let's take a look at Q4 key numbers.

謝謝龔先生，大家好。正如龔先生剛才提到的，在優質內容的推動下，我們主營業務表現相對於2024年11月有了明顯的反彈。現在讓我們來看看第四季的關鍵數字。

In Q4, the total revenues were RMB6.6 billion, down 14% annually. Membership services revenue reached RMB4.1 billion, down 15% annually, primarily due to a lighter content slate. However, as Mr. Gong has mentioned, premium content had a strong rebound from late November 2024 to now.

第四季，總營收為66億元，年減14%。會員服務收入達 41 億元，年減 15%，主要因內容減少。不過，正如龔先生所提到的，優質內容從2024年11月下旬到現在出現了強勁反彈。

For online advertising, revenue decreased by 13% year over year to RMB1.4 billion. This was primarily due to the decrease in brand advertisement business, partially offset by the growth in performance ad business.

網路廣告收入較去年同期下降13%至人民幣14億元。這主要是由於品牌廣告業務的減少，但卻被成效廣告業務的成長部分抵銷。

Content distribution revenue reached RMB406.6 million, down 20% annually, primarily due to a lower revenue from distribution of theatrical movies invested by iQIYI and a decrease in other transactions, partially offset by increased revenue from cash transaction. Other revenues decreased by 10% annually to RMB670.2 million.

內容發行收入達到人民幣4.066億元，年減20%，主要由於愛奇藝投資的院線電影發行收入下降以及其他交易收入的減少，但現金交易收入的增加部分抵銷了這一下降。其他收入較去年同期下降10%至人民幣6.702億元。

Moving on to cost and expenses. Content cost was RMB3.4 billion, down 9% annually, primarily driven by our improvement in the content strategy as well as a lighter content slate in the quarter. Total operating expenses were RMB1.3 billion, down 5% annually, primarily due to disciplined marketing spending.

繼續討論成本和費用。內容成本為人民幣 34 億元，年減 9%，主要由於我們內容策略的改進以及本季內容數量的減少。總營業費用為人民幣13億元，年減5％，主要由於嚴謹的營銷支出。

Turning to profits and cash flows. Non-GAAP operating income was RMB405.9 million and its corresponding margin was 6%. Net cash provided by operating activities totaled RMB519 million, positive for 11 consecutive quarters.

轉向利潤和現金流。非美國通用會計準則營業收入為4.059億元人民幣，利潤率為6%。營業活動淨現金流5.19億元，連續11季為正。

As of the end of Q4, we had cash, cash equivalents, short-term investments, and long-term restricted cash included in the pre-payments and other assets around RMB4.5 billion. For detailed financial data, please refer to our press release on our IR website.

截至第四季末，我們預付款項及其他資產中的現金、現金等價物、短期投資及長期受限現金約為人民幣45億元。有關詳細的財務數據，請參閱我們 IR 網站上的新聞稿。

Now, I will open the floor for Q&A.

現在，我將開始問答環節。

(Operator Instructions) Xueqing Zhang, CICC.

(操作員指示) 張學清，CICC。

(spoken in Chinese) We have noticed that iQIYI had launched many drama series since the beginning of this year. Looking ahead to 2025, what's your content pipeline about the quality of these titles? How many of them have the potential to become blockbusters?

（中文）我們注意到，愛奇藝今年以來已經推出了多部劇集。展望 2025 年，您對這些作品的品質有何規劃？其中有多少有潛力成為賣座影片呢？

We will invite our Chief Content Officer, Mr. Xiaohui Wang to answer this question. Go ahead.

我們將邀請我們的首席內容長王曉暉先生來回答這個問題。前進。

(spoken in Chinese)

(以中文說)

We had a good start of the year for 2025 with the new season of the Light on Theater drama, Drifting Away, launched in January, reaching iQIYI popularity index of over 10,000 in just six days. It is a milestone for us because it is not only the first drama of the year to break the 10,000 in popularity, but it also is iQIYI's on Light on Theater's and our first drama with limited number of episodes to achieve this milestone.

2025年開年伊始，劇場版之光新季《漂泊》於1月開播，僅6天便斬獲愛奇藝熱度破萬的佳績。這對我們來說是一個里程碑，因為它不僅是今年第一部突破1萬點擊量的電視劇，也是愛奇藝和我們第一部集數有限的電視劇實現這一里程碑。

Our main goal for this year, 2025, is to intend both the quality and the share of our premium top long-form video content, also ensuring a greater stability and continued the strong start to the year.

我們今年（2025 年）的主要目標是確保優質長影片內容的品質和份額，同時確保更高的穩定性並延續今年的強勁開局。

(spoken in Chinese)

(以中文說)

In most -- the most critical areas such as the drama genre, the number of premium top-tier dramas claims for release this year was significantly increased compared to last year. We will also focus on creating a tighter narrative pace that better aligns with the current social sentiment and users embedded changes.

在大多數——例如電視劇類型等最關鍵的領域中，今年即將上映的優質頂級劇集數量較去年相比有顯著增加。我們還將致力於創造更緊湊的敘事節奏，以更好地適應當前的社會情緒和用戶嵌入的變化。

(spoken in Chinese)

(以中文說)

And then for suspense and crime drama and female-oriented content that our two main programming pillars, for this year, we will continue to maintain our absolute leading advantage in the suspense and crime genre.

然後對於我們的兩個主要節目支柱——懸疑和犯罪劇以及女性主題內容，今年，我們將繼續在懸疑和犯罪類型中保持絕對領先優勢。

And for this year, the Light on Theater has several works planned. In addition to the already launched Drifting Away, there will be more releases, such as Breaking the Shadows, Justifiable Defense, A Life for a Life, Low IQ Crimes, Dead End, and Beneath the [Undertone].

今年，《光之劇場》計畫推出多部作品。除了已經上映的《漂流》之外，還會有更多影片上映，例如《打破陰影》、《正當防衛》、《以命償命》、《低智商犯罪》、《死胡同》和《潛伏之下》[底色]。

(spoken in Chinese)

(以中文說)

In terms of the female-oriented content and market season title, we will further strengthen our offering and continuous programming. We plan to launch titles such as The Best Thing, Love in Pavilion, Fox Spirit Matchmaker, Sword and Beloved, A Dream Within a Dream, Feud, and The Strange Tale of Tang Dynasty Season 3.

在女性主題內容和市場季刊方面，我們將進一步加強產品供應和持續節目製作。計畫推出《至愛如山》、《情定亭亭》、《狐妖小紅娘》、《劍與春閨》、《夢中之夢》、《世仇》、《聊齋誌異第三季》等作品。

(spoken in Chinese)

(以中文說)

Additionally, we will continue to maintain our investment in the realistic genre. The pipeline includes Northward, What a Wonderful, All Things Born, 8,000 Miles of Cloud and Moon, [Shaoxing, Lonely Old Town].

此外，我們將繼續保持對寫實題材作品的投入。這部作品包括《向北》、《多麼美妙》、《萬物誕生》、《8000 英里的雲和月亮》，[紹興，孤獨的古城]。

Xie xie.

謝謝。

Thank you.

謝謝。

Lei Zhang, Bank of America Securities.

美國銀行證券張雷。

(spoken in Chinese) I want to know further updates on your mini-drama area. And do we have any strategic plan on mini-drama in 2025?

（中文）我想進一步了解你的迷你劇領域的動態。2025年我們對迷你影集有什麼策略規劃嗎？

(spoken in Chinese)

(以中文說)

Our CEO is actually taking this question. He, first of all, would like to clear the definition of mini-dramas that we've been talking about in his opening remarks. So for mini-dramas, we identified them as the vertical format, one to three minutes long. And then this is the main area that we're focusing on.

我們的執行長實際上正在回答這個問題。首先，他在開場白中明確了我們一直在談論的迷你劇的定義。因此對於迷你劇，我們將其確定為垂直格式，時長為一到三分鐘。這是我們關注的主要領域。

For the horizontal mini dramas, which is quite similar to the video content that we have the edge on, so this is something different.

對於橫向的迷你劇來說，它和我們優勢的影片內容比較相似，所以這是不一樣的。

(spoken in Chinese)

(以中文說)

So we decided to invest in the mini-drama business about one quarter ago. The reason, there are two aspects.

所以我們大約在一個季度前決定投資迷你劇業務。究其原因，有兩方面。

First of all, right now, because the users are more up to the fast pace content and they have a shorter attention span. And then they also enjoy content in a more fragmented time as well. So that's the first reason.

首先，就目前而言，因為使用者更適應快節奏的內容，他們的注意力持續時間較短。而且他們也能在更碎片化的時間內欣賞內容。這是第一個原因。

And also from the industry perspective and a market perspective, for 2024, the market size for mini-dramas -- although there are different data that estimated by third parties. But we believe it should be greater than the Chinese box office for 2024.

而且從產業和市場的角度來看，到2024年，迷你影集的市場規模——儘管第三方估計的數據有所不同。但我們相信它應該會比2024年的中國票房更高。

For 2025, we are glad to see some rebound of the theatrical box office to the Chinese New Year. However, we still think the mini-drama market should still exceed the Chinese box office in 2025.

對於2025年，我們很高興看到農曆新年期間影院票房反彈。不過，我們仍然認為2025年迷你劇市場仍應超過中國電影票房。

(spoken in Chinese)

(以中文說)

Our mini drama business actually have successfully completed the key tasks that we set for the first phase, achieving significant results in three areas for user product transformation, content portfolio, and also building a objective system development. Currently, actually, our mini-drama content library has over 10,000 titles, and it has reached that's comparable to the leading mini drama platforms in the industry.

我們的微劇業務其實已經圓滿完成了第一階段確定的重點任務，在使用者產品轉換、內容體系建構、目標體系建構三個方面都取得了顯著的成效。目前我們的微劇內容庫已經超過1萬部，已經達到了業界領先微劇平台的水準。

(spoken in Chinese)

(以中文說)

There are two reasons how we achieved such a significant improvement in a very short amount of time. First of all, for our team, actually, we have a very mature, whether it's IT team, a technology team, product team also the operational team. All these have over 10 years for experiences.

我們之所以能在很短的時間內取得如此顯著的進步有兩個原因。首先，對於我們的團隊來說，實際上我們有一個非常成熟的團隊，無論是IT團隊，技術團隊，產品團隊還是營運團隊。所有這些都有超過10年的經驗。

Although mini-drama is a new genre, but there are a lot of know-how that we can replicate from the long-form video experience. That's the first reason.

雖然微劇是一個新的題材，但從長篇影片的經驗中，有很多know-how是可以藉鏡的。這是第一個原因。

The second reason is we have a very deep connection with the industry and also the industry resources. Specifically for content providers for the industry, most of them, we have existing -- we have actually collaborated with them in the past or we have existing collaborations. So two reasons help us achieve such progress in short amount of time.

第二個原因是我們和產業有很深的聯繫，也有產業資源。具體來說，對於行業的內容提供者，其中大多數，我們過去實際上已經與他們合作過，或者我們目前有合作。有兩個原因幫助我們在短時間內取得如此進步。

(spoken in Chinese)

(以中文說)

For our main idea, the position is still focusing on the long-form video content and then focusing on the subscriber-based revenue models.

對於我們的主要想法，立場仍然是專注於長影片內容，然後專注於基於訂閱者的收入模式。

(spoken in Chinese)

(以中文說)

For iQIYI lite, we have quickly revamped this app. And then now, it's prioritized in three mini-dramas, and then it's supported by the advertising model.

針對愛奇藝精簡版，我們對此應用程式進行了快速改版。然後現在，它以三部迷你劇為優先，然後透過廣告模式進行支援。

(spoken in Chinese)

(以中文說)

In terms of the user time spent for the main iQIYI app, the mini-drama account share now is actually to the sale of animation, carton, and also variety shows.

從愛奇藝主APP的使用者時間長度來看，現在迷你影集的播放量佔已經相當於動畫、卡通、綜藝節目的播放量。

(spoken in Chinese)

(以中文說)

For iQIYI lite, the mini-drama time share and the second largest content drama, only second behind long-form video content.

對於愛奇藝Lite來說，迷你劇分時播放量排名第二，僅次於長影片內容。

(spoken in Chinese)

(以中文說)

I'll quickly introduce the next stage, a key cap. The first one is we'll focus on introducing the leading drama titles, and then -- for iQIYI. Second is to build the iQIYI original mini-drama ecosystem. For the Chinese New Year period, actually, we have already launched quite a few titles.

我將快速介紹下一個階段，鍵帽。第一個是我們會專注於引進熱門的電視劇，然後是愛奇藝。二是打造愛奇藝原創微劇生態。事實上，在農曆新年期間，我們已經推出了不少作品。

(spoken in Chinese)

(以中文說)

The next two tasks are focusing to -- hopefully, we can increase the inventory of mini-drama advertising. And also, to enhance the monetization capabilities of mini-drama, we would like to actually explore more advertising budget and also the new formats of advertising budget from the app space.

接下來的兩個任務是重點——希望能夠增加迷你劇廣告的庫存。此外，為了增強迷你劇的貨幣化能力，我們實際上想探索更多的廣告預算以及應用程式領域的廣告預算的新格式。

Last, but not least, we will try to increase more investment in terms of user growth. Hopefully, we can attract more users to bring them to iQIYI to watch mini-dramas.

最後，但同樣重要的一點是，我們將努力在用戶成長方面加大投入。希望我們能吸引更多的用戶來到愛奇藝觀看微劇。

(spoken in Chinese)

(以中文說)

That's it. Thank you.

就是這樣。謝謝。

Lincoln Kong, Goldman Sachs.

高盛的林肯孔（Lincoln Kong）。

(spoken in Chinese) My question is about the membership business. So regarding the recent content performance and how is the impact from those measures like a semi card or a Star Diamond member. Extra content please on those -- the impact on the membership business as well as the strategy for full year 2025.

（中文）我的問題是關於會員業務的。那麼關於最近的內容表現以及半卡或星鑽會員等措施的影響如何。請提供額外內容－對會員業務的影響以及 2025 年全年策略。

I will invite Mr. Youqiao Duan, the Senior Vice President of Membership Business, who will take this question. Go ahead.

下面我將請會員業務高級副總裁段友橋先生來回答這個問題。前進。

(spoken in Chinese)

(以中文說)

Since late November 2024, the continuous programming of premium titles -- dramas have actually driven the membership business to a turning point, resulting in a significant increase in subscribing members. We actually rolled out several key initiatives for 2024.

自2024年11月下旬以來，優質劇集——電視劇的不斷播出，實際上已經將會員業務推向了轉折點，訂閱會員數量大幅增加。實際上，我們針對 2024 年推出了幾項關鍵措施。

(spoken in Chinese)

(以中文說)

We have reclassified our membership offering into two primary categories, one for individuals -- for individuals and for families. For individuals, there are actually two plans with no large-string access. And for families, there's three plans with large-string access.

我們已將會員資格重新分為兩個主要類別：一類是針對個人，另一類是針對家庭。對於個人而言，實際上有兩種不具備大字串存取權限的計劃。對於家庭來說，有三種可提供大容量存取權限的計劃。

The membership rights and benefits are divided into three tiers: basic, standard, and premium. The new reclassified membership system actually allows users seeking either high cost effectiveness or premium benefits experience to find products that suite their needs.

會員權利及福利分為基本會員、標準會員、高級會員三種等級。新的重新分類會員制度，其實是讓那些既追求高性價比，又追求優質福利體驗的用戶，能夠找到符合自己需求的產品。

(spoken in Chinese)

(以中文說)

Second, we strengthened the crackdown on password sharing while introducing the actual account service as an authorized sharing solution, effectively expanding the membership base and improving member retention.

二是加強對密碼共享的打擊力度，推出實名帳戶服務作為授權共享解決方案，有效擴大會員規模，提高會員留存率。

(spoken in Chinese)

(以中文說)

The third point that we did was we enhanced the benefits for members. The newly added benefit for S Diamond members, the limited complementary early access to the express packages that provide early access to of a premium content, increased value and perception of premium membership.

第三點，我們提升了會員的福利。新增 S 鑽石會員的福利是限時免費提前享用快速套餐，可提前享用優質內容，提升優質會員的價值和認知。

After the launch of the new benefits, the number of S Diamond members have largely increased with most of the new members attracted by the express package benefits. And the existing S Diamond members have also been noticeably more active on the platform.

新福利推出後，S鑽會員數量大幅增加，大部分新會員都是被快遞套餐福利吸引而來。現有的 S Diamond 會員在平台上的活躍度也明顯提高。

(spoken in Chinese)

(以中文說)

We have a few areas that we're focusing on for 2025. First, we'll continuously enhance the stability and continuity of our top care premium content programming and strengthening the prerelease promotion for upcoming content, establish mindshare among users to improve their loyalty to iQIYI.

2025 年我們將重點放在幾個領域。首先，我們將持續增強頂級優質內容節目的穩定性和連續性，加強即將推出的內容的預發布推廣，在用戶中建立心智，提高他們對愛奇藝的忠誠度。

(spoken in Chinese)

(以中文說)

Second, we'll build -- focusing on building a mass-market membership service to increase membership sales and revenue, while focusing on attracting new members will prioritize improving member retention and user engagement and also will increase the revenue scale and revenue share from external channels.

第二，我們將專注於打造大眾市場的會員服務，以增加會員銷售和收入，同時專注於吸引新會員，優先提高會員保留率和用戶參與度，同時也將增加來自外部管道的收入規模和收入份額。

(spoken in Chinese)

(以中文說)

Third, we will systematically continue to optimize the membership product and operations, including further refining the membership product system and pricing strategy, also enriching membership benefits and for improving the member user experience and also crafting a membership model tailored for mini dramas.

第三，我們會系統性地持續優化會員產品和運營，包括進一步完善會員產品體系和定價策略，豐富會員權益和提升會員用戶體驗，以及打造針對微劇的會員模式。

(spoken in Chinese)

(以中文說)

The fourth, we will strengthen the quality of membership services and iQIYI brand, enhance the perception of membership benefits and privileges, and also improve the overall net promoter score for iQIYI members.

第四，我們將加強會員服務和愛奇藝品牌的品質，提升會員權益和特權的感知，並提高愛奇藝會員的整體淨推薦值。

Xie xie.

謝謝。

Thank you.

謝謝。

Maggie Ye with CLSA.

里昂證券的 Maggie Ye。

(spoken in Chinese) Just now we heard about some encouraging performance in overseas markets in terms of both membership revenue and subscribing members. Could you please provide an update on the core strategy for our overseas business in 2025?

（中文）剛才我們聽說了海外市場在會員收入和訂閱會員方面都取得了令人鼓舞的表現。您能否介紹一下我們2025年海外業務的核心策略？

We'll invite Mr. Xianghua, the Senior Vice President of our Overseas Business to take those questions. Go ahead.

我們將邀請我們海外業務高級副總裁項華先生來回答這些問題。前進。

(spoken in Chinese)

(以中文說)

(interpreted) The overall strategy for our business outside of Mainland China in 2025 is to pursue rapid revenue growth while maintaining profitability.

(翻譯) 2025年我們在中國大陸以外業務的整體策略是追求收入的快速成長，同時保持獲利能力。

(spoken in Chinese)

(以中文說)

In the past few years, we have focused on several markets, including Southeast Asia, Hong Kong, Macau, and North America and have achieved satisfactory development. And for 2025, we have set different strategies for different markets.

過去幾年，我們專注於東南亞、港澳、北美等多個市場，並取得了令人滿意的發展。而對於2025年，我們針對不同的市場制定了不同的策略。

(spoken in Chinese)

(以中文說)

For the markets we entered since the early days, such as Thailand, Malaysia, and North America, our goal is to achieve both profit and revenue growth.

對於我們早期進入的市場，如泰國、馬來西亞、北美等，我們的目標是實現利潤和收入的雙重成長。

(spoken in Chinese)

(以中文說)

For the new explored markets such as Indonesia and South Korea, the focus is on revenue growth for 2025.

對於印尼和韓國等新開發的市場，重點是2025年的收入成長。

(spoken in Chinese)

(以中文說)

At the same time, we're also plenty and preparing for the long-term growth of our business, I hope, to break into new markets in 2025, such as the Middle East, the Spanish-speaking Latin American region and also Brazil.

同時，我們也為業務的長期成長做好了充分的準備，希望在 2025 年打入新的市場，例如中東、講西班牙語的拉丁美洲地區以及巴西。

(spoken in Chinese)

(以中文說)

For content--wise, we will strengthen the programming for C-dramas in 2025, and the content slate is actually more suitable for the preferences of overseas viewers in 2025 compared to the content we launched last year.

內容方面，2025年我們會加強中國劇的製作，比起去年推出的內容，2025年的內容其實更適合海外觀眾的喜好。

(spoken in Chinese)

(以中文說)

In terms of local drama, local content, after years of efforts, we have actually simulated some experience that we'll continue to invest in markets such as Thailand and Malaysia, which will serve an important support for our user growth in the future.

在本地劇集、本地內容方面，我們經過這些年的努力，其實也累積了一些經驗，我們會繼續在泰國、馬來西亞等市場進行投入，這對我們未來用戶的成長起到一個重要的支撐作用。

(spoken in Chinese)

(以中文說)

For content promotion, advertising placement, and also the collaboration with telecom carriers and other channels, our core methods of at least the content value, so in 2025, we will increase our investment in these areas and in more markets.

對於內容推廣、廣告投放，還有跟電信業者等管道的合作，我們最核心的方法至少是內容的價值，所以2025年我們會加大對這些領域的投入，加大對更多市場的投入。

(spoken in Chinese)

(以中文說)

So overall speaking for 2024 for overseas business, in terms of -- membership growth and also revenue also maintained a relatively high-speed growth. And since December 2024, with the ongoing month of high-quality content, the overall growth rate of our business has been even faster than 2024, which gives us more confidence in the revenue growth for 2025.

所以整體來說，2024年的海外業務，無論是會員成長或收入都維持了相對高速的成長。而且自2024年12月以來，隨著優質內容的持續投放，我們業務的整體成長速度甚至比2024年還要快，這讓我們對2025年的營收成長更有信心。

That concludes our question-and-answer session. I'll now hand back to management for closing remarks.

我們的問答環節到此結束。現在我將把發言交還給管理階層，請他們作結束語。

Thank you, everyone, for participating in the call today. If you have any questions, don't hesitate to contact us. Thank you, and see you next quarter.

感謝大家參加今天的電話會議。如果您有任何疑問，請隨時與我們聯繫。謝謝，下個季度再見。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。