iQIYI Inc (IQ) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the iQIYI first quarter 2025 earnings conference call.

感謝您的支持，歡迎參加愛奇藝2025年第一季財報電話會議。

I would now like to hand the conference over to Ms. Chang You. Please go ahead.

現在我想把會議交給常友女士。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining iQIYI's first quarter 2025 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2025年第一季財報電話會議。該公司的業績於今天稍早公佈，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; and 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; and Mr. Gang Wu, Senior Vice President of Brand Advertising Business.

今天參加電話會議的有我們的創始人、董事兼首席執行官龔宇先生；我們的首席財務官王軍先生；我們的首席內容官兼首席內容官王曉暉先生；我們的會員業務高級副總裁段有橋先生；我們的電影和海外業務高級副總裁楊向華先生；以及我們的品牌廣告業務高級副總裁吳剛先生。

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。準備好的發言結束後，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. Potential risks 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.

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。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。除適用法律要求外，愛奇藝不承擔更新任何前瞻性聲明的義務。

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

現在我把發言權交給龔先生。請繼續。

Hello, everyone, and thank you for joining us today. We delivered a solid first quarter, gaining sequential growth in both total revenues and profits. This was fueled by a strong rebound in our long-form premium content and strategic investments in vertical format micro dramas.

大家好，感謝大家今天加入我們。我們第一季業績表現穩健，總營收和利潤均達到季增。這得益於我們長篇優質內容的強勁反彈以及對垂直格式微劇的策略性投資。

iQIYI is rapidly cementing its position as the go-to platform for users seeking a seamless blend of long-form and short-form entertainment, creating exciting opportunities for future commercialization. This has strengthened our confidence and commitment to drive even deeper upgrades across our business model, and the content ecosystem in response to evolving market and user demand.

愛奇藝正在迅速鞏固其作為尋求長短娛樂無縫融合的用戶首選平台的地位，為未來的商業化創造了激動人心的機會。這增強了我們的信心和決心，推動我們的商業模式和內容生態系統的更深層升級，以回應不斷變化的市場和用戶需求。

For the core long-form video content, we are committed to delivering, engaging and sought after stories, as reflected in our strong lineup of top-tier dramas. Notably, Drifting Away from our flagship Light On Theater brand surpassed the 10,000 iQIYI popularity index score, while The Demon Hunter’s Romance and Moonlight Mystique both achieved the score of over 9,600.

對於核心長篇影片內容，我們致力於提供引人入勝、受人追捧的故事，這體現在我們強大的頂級劇集陣容中。值得注意的是，我們旗艦品牌Light On Theater的《漂流記》突破了愛奇藝10,000的熱度指數得分，而《獵魔人之戀》和《月光怪陸離》都取得了9,600以上的得分。

Looking ahead, we are dedicated to focusing on premium content with a strong commercial value, while also upholding artistic excellence. Additionally, we will further enhance our content production mechanism to deliver shorter, faster-paced and more captivating storytelling that resonates strongly with audiences.

展望未來，我們致力於專注於具有強大商業價值的優質內容，同時堅持藝術卓越性。此外，我們將進一步加強內容製作機制，以提供更短、更快、更引人入勝的故事，引起觀眾的強烈共鳴。

Through the user-centric approach, we are confident in our ability to unleash our full creative potential and foster a virtuous content ecosystem. For micro dramas, we made notable progress. On iQIYI Lite micro dramas, now rank second in terms of daily time spent and first in the number of daily unique visitors.

透過以使用者為中心的方法，我們有信心釋放我們的全部創造潛力並培育良性的內容生態系統。微劇創作有明顯進展。在愛奇藝Lite微劇上，目前日播放時間排名第二，日獨立訪客數排名第一。

This clearly shows their growing appeal in captivating audiences, reinforcing our confidence in further unlocking their full potential. Moving forward, we are committed to expanding our micro drama portfolio, placing a stronger emphasis on premium micro dramas by enhancing original production and acquisition capabilities. At the same time, we aim to effectively monetize their growing traffic through advertising and e-commerce.

這清楚地表明了它們在吸引觀眾方面的吸引力日益增強，增強了我們進一步釋放其全部潛力的信心。展望未來，我們致力於擴大微劇組合，透過加強原創製作和收購能力，更加重視精品微劇。同時，我們的目標是透過廣告和電子商務有效地將其不斷增長的流量貨幣化。

Beyond our content ecosystem, we are leveraging technical innovation to improve user experience. A standout example is the launch of our AI-powered iJump feature which transform how users engage with long-form videos. With a simple swipe up or down on their mobile screen, users can effortlessly skip between key highlights in each episode without missing any exciting moment, delivering a user-centric, micro drama like experience tailored to today’s fast-paced viewing habits. Highlight points are generated by AI based on videos and personalized behaviors of each user.

除了我們的內容生態系統之外，我們還利用技術創新來改善用戶體驗。一個突出的例子是我們推出的人工智慧 iJump 功能，它改變了用戶與長影片互動的方式。只需在手機螢幕上簡單地向上或向下滑動，用戶就可以輕鬆跳過每集的關鍵亮點，而不會錯過任何精彩時刻，從而提供以用戶為中心的、類似微劇的體驗，以滿足當今快節奏的觀看習慣。精彩片段由AI根據影片和每個使用者的個人化行為產生。

As all investors are aware, the market is becoming increasingly unpredictable as it continues to evolve. However, in such a volatile environment, the ability to create sustainable value is emerging as a rare and valuable asset. With this in mind, we are ramping up our investments in strategic areas such as enriching our content ecosystem and enhancing the user experience. While these investments may lead to short-term costs, they are designed to deliver long-term benefits. Now let's move on to the details of our core business segments.

所有投資者都知道，市場不斷發展，變得越來越難以預測。然而，在如此動盪的環境中，創造永續價值的能力正在成為一種稀有而寶貴的資產。考慮到這一點，我們正在增加對策略領域的投資，例如豐富我們的內容生態系統和增強用戶體驗。雖然這些投資可能會產生短期成本，但它們旨在帶來長期利益。現在讓我們來談談我們核心業務部門的細節。

Starting with long-form videos, which serves as the foundation of our content ecosystem. We maintained leadership in the core drama category, securing the top spot in terms of total viewership market share during the quarter, according to Enlightent data.

從長影片開始，這是我們內容生態系統的基礎。根據 Enlightent 的數據，我們繼續在核心劇集類別中保持領先地位，並在本季的總收視市場份額中佔據首位。

Our strong performance was highlighted by breakthrough in our genre specific theater model as we have now established 5 distinct signature brands, each featuring unique content genres. In the suspense genre, our Light On Theater brand achieved a remarkable milestone with the release of Drifting Away, its first title to surpass the 10,000 iQIYI Popularity Index score. It also generated the third highest single episode revenue in our history, just behind mega hits, The Knockout and My Heroic Husband.

我們強勁的表現得益於我們在特定類型影院模式上的突破，我們現在已經建立了 5 個不同的標誌性品牌，每個品牌都有獨特的內容類型。在懸疑類型中，我們的Light On Theater品牌憑藉《漂流記》的發布取得了非凡的里程碑，這是其首部突破愛奇藝人氣指數10,000分的影片。該劇也創造了我們史上第三高的單集收入，僅次於熱門影集《決勝時刻》和《我的英雄丈夫》。

In the romance genre, our Love On Theater brand made notable progress in this quarter, expanding our portfolio of content for female audiences with release of four captivating titles. Notably, our in-house produced fantasy drama, Moonlight Mystique garnered an impressive popularity index score of over 9,600. Our modern romance drama, The Best Thing was not only a success in the domestic market, but also the best-performing modern romance C-drama on our overseas platform.

在浪漫類型中，我們的「愛情劇場」品牌在本季度取得了顯著進展，透過發布四部引人入勝的作品，擴大了針對女性觀眾的內容組合。值得注意的是，我們自主製作的奇幻劇《月光神秘》獲得了令人印象深刻的超過 9,600 的人氣指數。我們的現代愛情劇《最好的事》不僅在國內市場取得了成功，也是我們海外平台上表現最好的現代愛情劇。

Our Masterpiece Theater brand, specializing in literacy adaptation and realistic stories, debuted its first title Northward. This drama, adapted from Mao Dun Literature Prize winning novel has further strengthened our reputation for top notch drama.

我們的傑作劇院品牌專注於文學改編和現實主義故事，推出了其第一部作品《北上》。這部根據茅盾文學獎獲獎小說改編的電視劇，進一步鞏固了我們一流電視劇的聲譽。

Lastly, our Microcosm Theater and the Laugh On Theater brands focus on innovative drama series with fewer episodes and comedy respectively. Building on the success of past hits such as To the Wonder and The Great Nobody, these brands are set to release an exciting lineup this year.

最後，我們的「微世界劇場」和「歡笑劇場」品牌分別專注於集數較少的創新劇集和喜劇。憑藉《通往仙​​境》和《大無名》等經典電影的成功，這些品牌今年將推出一系列令人興奮的影片。

Turning to movies. We continue to dominate the category during the quarter with the highest viewership market share according to Enlightent. Premium content drives a strong long-tail effect exemplified by the success of Ne Zha 2 during Chinese New Year. The film boosted viewership of the original Ne Zha, making it the most-watched movie on our platform this quarter. In addition, our original production, Bleed For Past, achieved the strong revenue and viewership, especially among male users drawn to action and crime genres.

轉向電影。根據 Enlightent 的數據，我們在本季繼續佔據該類別的主導地位，擁有最高的收視率市場份額。優質內容具有強大的長尾效應，《哪吒之魔童降世》在中國新年期間的成功就是一個例子。這部電影提升了原版《哪吒》的收視率，使其成為本季我們平台上觀看次數最多的電影。此外，我們的原創作品《Bleed For Past》獲得了豐厚的收入和收視率，尤其是在喜歡動作和犯罪類型的男性用戶中。

For variety shows, during the first quarter our flagship multi-season IP Become a Farmer season 3 made a strong comeback, sustaining strong traffic and positive word-of-mouth. Our brand-new IP, The Blooming Journey, excelled with a peak popularity index score of over 8,000, attracting audiences in lower-tier cities and among older audiences beyond conventional variety show viewers.

綜藝節目方面，第一季我們的旗艦多季IP《當農夫》第三季強勢回歸，維持了強勁的流量和良好的口碑。我們的全新IP《花漾年華》表現出色，人氣指數高峰突破8000，除了傳統綜藝節目觀眾外，也吸引了低線城市和老年族群的注意。

In terms of animation, during the first quarter, we continue to improve our production capabilities. Key titles such as Super Cube and The Roofus Season 2 generated positive user feedback during the quarter.

動畫方面，第一季我們持續提升製作能力。《Super Cube》和《The Roofus Season 2》等主要遊戲在本季獲得了正面的用戶回饋。

Moving on to our content strategy and the pipeline. In our core drama category, our focus is on creating a well-balanced content mix that aligns commercial success with artistic excellence. We are committed to three key genres: realistic, suspense and female-focused drama.

繼續討論我們的內容策略和管道。在我們的核心戲劇類別中，我們的重點是創造一個均衡的內容組合，將商業成功與藝術卓越結合。我們致力於三大主要類型：寫實主義、懸疑和以女性為中心的戲劇。

To cater to fast-paced viewing habits, we are enhancing our content creation strategies. This includes reducing the episode counts for long-form dramas and increasing the number of high-quality short dramas, with each episode lasting 5 minutes to 20 minutes. These changes will expand the volume and diversity of our offering, enrich the user experience, and drive deeper audience engagement.

為了迎合快節奏的觀看習慣，我們正在加強內容創作策略。其中包括減少長劇集數，增加優質短劇數量，每集長度為5分鐘至20分鐘。這些變化將擴大我們產品的數量和多樣性，豐富用戶體驗，並推動更深入的受眾參與。

Our drama pipeline features an exceptional lineup of top-tier content. The already released The Demon Hunter's Romance and Love in Pavilion garnered widespread acclaim. Adding to the excitement, the highly anticipated Feud, and A Dream within A Dream will be released soon.

我們的電視劇系列擁有一系列頂級內容。已上映的《獵魔人之戀》、《亭臺情深》等都廣受好評。更令人興奮的是，備受期待的《Feud》和《A Dream within A Dream》即將上映。

In the suspense genre, our renowned Light On Theater brand recently debuted Breaking the Shadows, and A Life for A Life. Fans can also look forward to upcoming release, including Justifiable Defense and Born with Luck, adapted from the renowned novel Low IQ Crime. Additionally, the new science fiction suspense drama, What a Wonderful World will be released shortly as well. Our lineup of realistic drama includes highly anticipated titles, such as The Thriving Land and Gao Xing among others.

在懸疑片類型中，我們著名的 Light On Theater 品牌最近推出了《Breaking the Shadows》和《A Life for A Life》。粉絲們還可以期待即將上映的電影，包括根據著名小說《低智商犯罪》改編的《正當防衛》和《天生幸運》。此外，全新科幻懸疑劇《多麼美好的世界》也即將上映。我們的寫實戲劇陣容包括備受期待的劇目，例如《欣欣向榮的土地》和《高興》等。

For movies, we are increasing investments in original production, focusing on theatrical releases with strong box office potential. Notably, our original production, Mumu, has already achieved the box office revenue of over RMB140 million.

對於電影，我們正在加大對原創製作的投資，專注於具有強大票房潛力的戲院上映。值得一提的是，我們的原創作品《木木》目前已取得超過1.4億元的票房收入。

We have six more titles scheduled for theatrical release throughout the rest of the year, including The Shadow's Edge -- Additionally, we are boosting support for online movies with revenue-sharing models. Our diverse line-up includes eight original online movies, such as Ultimate Mission, Armorded, and Northeastern Bro Season 3, covering popular genres such as Martial Arts, comedy and action.

我們計劃在今年剩餘時間內在影院上映另外六部影片，包括《暗影邊緣》——此外，我們還將透過收益分成模式加強對線上電影的支持。我們多樣化的陣容包括八部原創網路電影，如《終極任務》、《裝甲》和《東北兄弟第三季》，涵蓋武術、喜劇和動作等熱門類型。

For licensed theatrical movies, we launched several hits, including Legends of the Condor Heroes: The Gallants and Detective Chinatown 1900, both of which have successful theatrical runs during the Chinese New Year and are now performing well on our platform.

對於授權院線電影，我們推出了幾部熱門影片，包括《射雕英雄傳之義海豪情》和《唐人街探案1900》，這兩部影片均在農曆新年期間成功上映，目前在我們的平台上表現良好。

For variety shows we will maintain our focus on producing top-quality programs while introducing exciting new content. This includes sequels to a beloved classic like HAHAHAHAHA Season 5 and The Rap of China 2025, alongside fresh IPs such as SING! ASIA, and the Reality Show Smile at You. Building on the success of The Blooming Journey, we also plan to launch a second season later in this year.

對於綜藝節目，我們將繼續專注於製作高品質的節目，同時推出令人興奮的新內容。其中包括《哈哈哈哈哈哈第五季》和《中國新饒舌2025》等深受喜愛的經典作品的續集，以及《新歌聲！亞洲版》等全新 IP，以及真人秀節目《對你微笑》。基於《綻放之旅》的成功，我們也計劃在今年稍後推出第二季。

For animation, we are dedicated to increasing revenue contribution from original productions, especially high-quality Chinese animation. We also aim to broaden our collection of enduring series and optimize our operations to maximize IP value. Major titles to be launched include animation Over The Divine Realms, Embers. Moreover, we are excited to announce that, the highly acclaimed Japanese animation, One Piece has resumed airing for its dedicated fanbase.

動畫方面，我們致力於提升原創作品的收入貢獻，尤其是優質的中國動畫。我們還致力於擴大我們的經典系列的收藏範圍並優化我們的營運以最大化 IP 價值。即將推出的主要作品包括動畫《Over The Divine Realms》、《Embers》等。此外，我們很高興地宣布，備受好評的日本動畫《海賊王》已恢復播出，歡迎其忠實粉絲觀看。

For children's content, we will concentrate on IP commercialization and develop a comprehensive IP ecosystem that spans the entire lifecycle, offering all age services tailored to parents, child audiences. Anticipated title includes Princess Doremi: Season 4, Deer Squad: Season 4, Camem & Bert’s Food Truck.

對於兒童內容，我們將專注於IP商業化，並開發涵蓋整個生命週期的綜合IP生態系統，為父母、兒童觀眾提供量身定制的全年齡段服務。預計的標題包括《哆來咪公主：第 4 季》、《鹿小隊：第 4 季》、《Camem & Bert's Food Truck》。

Moving on to micro dramas, which have demonstrated promising potential within our content ecosystem. Harnessing this powerful momentum, we are poised to amplify our investments in micro drama content and strengthen user acquisition efforts. We have three key objectives, starting with strengthening our user base and boosting business resilience by integrating micro dramas into our content ecosystem.

再來說說微劇，它在我們的內容生態系統中已經展現了巨大的潛力。利用這強勁勢頭，我們準備增加對微劇內容的投資，並加強用戶獲取力度。我們有三個主要目標，首先是透過將微劇整合到我們的內容生態系統中來加強我們的用戶群並增強業務彈性。

Secondly, we perceive micro dramas as a catalyst for attracting new users and driving membership revenue growth, especially in under-tapped lower-tier cities and among older audience.

其次，我們認為微劇是吸引新用戶和推動會員收入成長的催化劑，尤其是在尚未開發的低線城市和老年觀眾群體中。

Lastly, we are actively exploring monetization opportunities for our micro drama through initiatives, such as advertising and commerce. We have successfully achieved the first objective by revamping our apps and rapidly expanding our micro drama portfolio to over 15,000 titles now, with half available for free, and the other half exclusive to members. Our revamped apps are positioned differently in terms of design and targeted audience. The main iQIYI app focuses primarily on long-form videos and mainly uses a subscription model, with micro dramas serving as a complementary value add.

最後，我們正在積極探索透過廣告和商業等措施將微劇貨幣化的機會。透過改進我們的應用程式並將我們的微劇組合迅速擴展到現在的 15,000 多個，其中一半免費提供，另一半僅供會員使用，我們已成功實現了第一個目標。我們改進的應用程式在設計和目標受眾方面定位不同。愛奇藝主應用程式主要專注於長視頻，主要採用訂閱模式，微劇作為補充增值。

The iQIYI Lite app primarily focuses on free micro dramas and monetize them through advertising and e-commerce. This meaningful progress have driven impressive growth in both daily viewing time and unique visitors for micro dramas with substantial increases of over 300% and 110% respectively when comparing the first week of April to last December.

愛奇藝精簡版應用程式主要專注於免費微劇，並透過廣告和電子商務將其貨幣化。這項有意義的進步推動了微劇的每日觀看時間和獨立訪問人數的顯著增長，與去年 12 月相比，今年 4 月第一周微劇的日觀看時間和獨立訪問人數分別大幅增長了 300% 以上和 110%。

In the future, iQIYI Lite will be rebranded as iQIYI micro dramas, and we are confident that, this transformation will tap into its full potential. We pioneered the concept of dedicated Chinese New Year slate for micro dramas, releasing 28 premium titles, hits like My Sweet Home and Please Come into My Heart. By consistently delivering premium content, we are reinforcing our position as the go-to platform for micro dramas.

未來，愛奇藝Lite將更名為愛奇藝微劇，我們相信，這項轉型將充分發揮其潛力。我們首創了農曆新年專門推出微劇的理念，推出了 28 部優質劇集，其中包括《我的甜蜜之家》和《請進我心裡》等熱門劇集。透過持續提供優質內容，我們正在鞏固我們作為微劇首選平台的地位。

As the micro drama industry continues to evolve, the growing user demand for premium titles aligns perfectly with our core strengths. With expertise in premium content, a trusted brand and a loyal user base, we are uniquely positioned to capitalize on this trend. Coupled with our extensive resources, talented teams and advanced technologies, we deliver unique value to the micro drama industry.

隨著微劇產業的不斷發展，用戶對優質劇集日益增長的需求與我們的核心優勢完美契合。憑藉著在優質內容方面的專業知識、值得信賴的品牌和忠實的用戶群，我們擁有獨特的優勢來利用這一趨勢。憑藉豐富的資源、優秀的團隊和先進的技術，我們為微劇產業提供了獨特的價值。

To that end, we are continuously enhancing our ability to produce original micro drama, while exploring innovative genres to broaden our content offerings. Recent initiatives include notable projects such as adapting around 100 classic Hong Kong movies and producing an extensive series of legal educational content, all to be developed as micro dramas. Additionally, we are integrating technologies like AI and virtual production to improve both efficiency and quality.

為此，我們不斷提升原創微劇製作能力，同時探索創新類型以擴大我們的內容供應。最近的舉措包括一些值得注意的項目，例如改編大約 100 部經典香港電影和製作一系列廣泛的法律教育內容，所有這些都將開發為微劇。此外，我們正在整合人工智慧和虛擬生產等技術來提高效率和品質。

Building on these initiatives, we are collaborating with partners to foster a thriving industry ecosystem. In March, we hosted the first Micro Drama Glittering Night, a ceremony, bringing together hundreds of prominent actors, creators and industry professionals. The event sparked meaningful interest from attendees eager for future collaboration. As the first-ever ceremony dedicated to the micro drama industry, it not only enhanced our profile but also reinforce our role as a key industry player.

基於這些舉措，我們正在與合作夥伴合作，培育蓬勃發展的產業生態系統。三月，我們舉辦了首屆微劇閃耀之夜，數百位知名演員、創作者和行業專業人士齊聚一堂。這項活動激發了與會者對未來合作的濃厚興趣。作為首個專注於微劇產業的頒獎典禮，它不僅提升了我們的知名度，也鞏固了我們作為產業重要參與者的地位。

Moving on to membership services. Revenue regained growth momentum during the quarter, increasing 7% sequentially to RMB4.4 billion. We saw healthy growth in subscriber base in Q1, supported by the strong performance of key titles such as DRIFTING AWAY, Moonlight Mystique, and Northward. Average revenue per member remains healthy, thanks to our improved operating initiatives.

繼續介紹會員服務。本季營收恢復成長勢頭，季增 7%，達到 44 億元。由於《漂流記》、《月光神秘》和《北上》等主要作品的強勁表現，我們在第一季看到了訂閱用戶群的健康成長。由於我們改善了營運舉措，每位會員的平均收入仍然保持健康。

Our strategy is focused on developing a membership business that caters to a broad audience, expands our subscriber base, delivers enhanced value and ultimately accelerate revenue growth. At the core of membership business is exceptional content, we strive to boost both member acquisition and retention by maintaining a consistent flow of premium long-form content and engaging micro dramas.

我們的策略重點是發展會員業務，以滿足廣大受眾的需求，擴大我們的用戶群，提供更高的價值，並最終加速收入成長。會員業務的核心是優質的內容，我們致力於透過持續提供優質的長篇內容和引人入勝的微劇來提高會員的獲取率和保留率。

We continue strengthening our membership plans, delivering greater value to our members, while refining product positioning to connect with a broader user base. The family-oriented premium S-Diamond plan saw excellent growth after we introduced free unlimited Express Package benefits.

我們繼續加強我們的會員計劃，為我們的會員提供更大的價值，同時完善產品定位以與更廣泛的用戶群建立聯繫。在我們推出免費無限量 Express Package 優惠後，面向家庭的高級 S-Diamond 計劃實現了出色的增長。

Meanwhile, our ad-supported basic membership plan designed to offer exceptional value at a lower price, reached a historic adoption high. Younger generation and users from lower-tier cities led this surge in new memberships with many joining as first-time subscribers. We focused on enhancing member value through initiatives that boost loyalty and drive upgrades.

同時，我們旨在以較低的價格提供卓越價值的廣告支援基本會員計劃，達到了歷史性的採用率。年輕一代和來自低線城市的用戶引領了新會員數量的激增，其中許多人都是首次加入。我們專注於透過提高忠誠度和推動升級的措施來提升會員價值。

Long-term members now enjoy greater discounts while premium S-Diamond members receive free Express Package. To drive conversions, we expanded options like Express Package, Courtesy Experience Program, group purchases, gift cards and bundled membership plans with added benefits, these steps make our membership services more attractive and valuable, supporting steady revenue growth and a stronger member community.

長期會員現可享更大折扣，而高級 S-Diamond 會員可免費獲得快速套餐。為了推動轉化，我們擴展了快速套餐、禮遇體驗計劃、團購、禮品卡和捆綁會員計劃等選項並增加了額外福利，這些舉措使我們的會員服務更具吸引力和價值，支持穩定的收入增長和更強大的會員社區。

Moving on to the advertising business. Advertising revenue in the first quarter decreased sequentially to RMB1.3 billion, other than the macro pressure Q1 is a typical low season compared to Q4. For brand ads, our top-tier dramas and variety shows remain a strong draw for advertisers, with content-driven ads contributed over half of the revenue. Notably, the sequel to our classic IP Become A Farmer 3 led advertising sales, while the new IP The Blooming Journey and the fantasy drama Moonlight Mystique generated widespread positive feedback.

轉向廣告業務。第一季廣告收入季減至人民幣13億元，除宏觀壓力外，與第四季相比，第一季是典型的淡季。對於品牌廣告，我們的頂級電視劇和綜藝節目仍然對廣告商具有強大的吸引力，內容驅動的廣告貢獻了超過一半的收入。值得一提的是，經典IP《成為農夫3》續集廣告銷售領先，新IP《花開之旅》、奇幻劇《月光下的神秘》等都獲得廣泛好評。

Looking ahead, brand ads are showing encouraging signs of a potential rebound driven by premium content We plan to drive ad sales by leveraging premium dramas and genre specific theater brands. For variety shows, we will focus on delivering high-impact projects and expanding sequel opportunities for classic IP. Additionally, we aim to launch and monetize mini variety shows, micro dramas and customized advertising projects, providing innovative and tailored advertising solutions.

展望未來，品牌廣告在優質內容的推動下顯示出潛在反彈的令人鼓舞的跡像我們計劃利用優質劇集和特定類型的劇院品牌來推動廣告銷售。綜藝節目方面，我們將專注於推出具有影響力的項目，並拓展經典IP的續集機會。此外，我們也致力於推出和貨幣化迷你綜藝節目、微劇和客製化廣告項目，提供創新和客製化的廣告解決方案。

On the performance ad side, we captured budgets from new high-potential customers in the Internet services and the education sector, further diversifying our advertiser base. In addition, incorporating AI into advertising content creation has boosted ROI by over 20%, compared to ads developed without AI. Our future focus is on continuously enhancing our technologies and platform capabilities to drive revenue growth across Internet services, e-commerce, gaming and education. Furthermore, we plan to seize growth opportunities in micro dramas and deepen the integration of AI to maximize monetization efficiency.

在成效廣告方面，我們從網路服務和教育領域的新高潛力客戶那裡獲得了預算，進一步豐富了我們的廣告客戶基礎。此外，與未採用人工智慧開發的廣告相比，將人工智慧融入廣告內容創作可將投資報酬率提高 20% 以上。我們未來的重點是不斷增強我們的技術和平台能力，以推動互聯網服務、電子商務、遊戲和教育領域的收入成長。此外，我們計劃抓住微劇的成長機會，並深化與人工智慧的融合，以最大限度地提高貨幣化效率。

Our commitment to enhancing ad efficiency is further demonstrated by the recent launch of our AI driven Qiju ad placement platform. By integrating resources from both our long-form and micro drama ecosystems, this platform empowers both brand and performance ads with sophisticated smart marketing solutions.

我們最近推出的人工智慧驅動的奇居廣告投放平台進一步證明了我們致力於提高廣告效率的承諾。該平台整合長劇和微劇生態資源，為品牌廣告和成效廣告提供完善的智慧行銷解決方案。

Moving on to technology and products. We continue to advance video production through industrialization, enhancing both efficiency and creativity. For example, by scaling up the reuse of digital assets in major original dramas like Southern Anecdote we have largely reduced production time and costs without compromising quality Moreover, our cutting-edge Text to Speech (TTS) dubbing solutions designed to convey emotional authenticity, has already been applied to the English dubbing for both long form and micro dramas.

繼續討論技術和產品。我們不斷推進影片製作的工業化，提高效率和創造力。例如，透過在《南方軼事》等大型原創劇集中擴大數位資產的重複使用，我們在不影響品質的前提下大幅縮短了製作時間和降低成本；此外，我們旨在傳達情感真實性的尖端TTS配音解決方案已經應用於長劇和微劇的英文配音。

On the user front, we are harnessing AI to redefine the entertainment experience. In addition to the newly launched iJump feature mentioned earlier, we also introduced other AI-powered products to enhance user engagement. Our AI-powered chatbot platform, Taodou World, launched last April, features around 1,000 AI characters from our popular IPs and have engaged with users of over 100 million times. Recently, we introduced the personal AI assistant Taodou within the platform, which users can use to discover content discuss plots and control playback.

在用戶方面，我們正在利用人工智慧重新定義娛樂體驗。除了前面提到的新推出的 iJump 功能外，我們還推出了其他人工智慧產品來增強用戶參與度。我們的人工智慧聊天機器人平台「淘豆世界」於去年 4 月推出，擁有來自我們熱門 IP 的約 1,000 個人工智慧角色，已與用戶互動超過 1 億次。最近，我們在平台內推出了個人AI助手淘豆，用戶可以使用它來發現內容、討論情節並控製播放。

Additionally, we launched Senior Mode feature tailored for mature users, complementing our earlier Kid Mode designed for younger audiences. Moving on to our business performance in regions outside of mainland China, we maintained strong growth momentum in the first quarter, with total revenues increasing by over 30% year-over-year and the average daily number of subscribing members, reaching a new high.

此外，我們還推出了專為成熟用戶量身定制的高級模式功能，以補充我們先前為年輕觀眾設計的兒童模式。展望我們在中國大陸以外地區的業務表現，第一季我們維持了強勁的成長勢頭，總營收年增超過30％，日均訂閱人數再創新高。

Moreover, we are thrilled to see C-dramas, gaining traction with a wider global audience. According to Google Trends Data, worldwide searches for C-drama recently reached a five-year high even surpassing searches for Korean drama. Our original production has played a key role in this growing international appeal, with four of the top 10 overseas C-dramas in the past six months, coming from iQIYI. Our modern romance drama, The Best Thing set records on our international platform, establishing a new revenue benchmark for this genre.

此外，我們很高興看到中國電視劇越來越受到全球更多觀眾的關注。根據Google趨勢數據顯示，全球範圍內對中國電視劇的搜尋量近期達到了五年來的最高水平，甚至超過了對韓劇的搜尋量。我們的原創作品在日益增長的國際吸引力中發揮了關鍵作用，過去六個月排名前十的海外中國劇中有四部來自愛奇藝。我們的現代愛情劇《最好的事》在我們的國際平台上創下了紀錄，為該類型劇集樹立了新的收入標竿。

Additionally, our original Chinese animation Super Cube also achieved the highest single-day revenue for Chinese animation within the first week of its overseas release. The influence of our premium content drove advertising revenues by 40% year-over-year. Our original Thai drama, Gelboy, gained substantial traction from brand advertisers, while our Chinese variety show Become a Farmer also drew interest from overseas clients.

此外，我們的原創中國動畫《超級魔術方塊》在海外上映首周也創下了中國動畫單日票房最高紀錄。我們的優質內容的影響力推動廣告收入年增 40%。我們的原創泰劇《Gelboy》獲得了品牌廣告商的廣泛關注，而我們的中國綜藝節目《成為農民》也引起了海外客戶的興趣。

Looking ahead, we are focused on expanding our investment in original production to create high-quality content tailored to international audiences while integrating micro dramas into our global portfolio. At the same time, we aim to deepen collaboration with local partners and further enhance our brand influence across key markets.

展望未來，我們專注於擴大原創作品的投資，以打造適合國際觀眾的高品質內容，同時將微劇融入我們的全球產品組合中。同時，我們致力於深化與當地合作夥伴的合作，進一步提升我們在主要市場的品牌影響力。

Last but not least, iQIYI consistently pushes the boundaries of business innovation as evidenced by our pursuit of new opportunities and exploration of untapped horizons. We are leveraging cutting-edge digital technologies to seamlessly integrate our IPs, extending their life cycle and unlocking greater commercial potential.

最後但同樣重要的一點是，愛奇藝不斷突破商業創新的界限，這體現在我們追求新機會和探索尚未開發的領域。我們正在利用尖端數位技術無縫整合我們的智慧財產權，延長其生命週期並釋放更大的商業潛力。

We recently expanded our footprint to off-line experience park, the first iQIYI LAND is set to open in Yangzhou this year, with a second project underway in Kaifeng. In addition, our VR immersive theaters are expanding rapidly, featuring popular IPs such as Luoyang, Strange Tales of Tang Dynasty II , and Love Between Fairy and Devil, these VR experiences are now available in over 50 stores across nearly 30 cities.

我們最近將業務擴展到線下體驗樂園，第一家愛奇藝樂園將於今年在揚州開業，第二個項目正在開封開展中。此外，我們的VR沉浸式戲院正在快速擴張，以《洛陽》、《聊齋誌異2》、《仙魔戀》等熱門IP為主題的VR體驗目前已覆蓋近30個城市的50多家門市。

We believe these immersive entertainment experiences will deepen user engagement with our content and IPs. On the e-commerce front, the rise of new content formats such as micro dramas, combined with consumption scenarios driven by vertical content, has unlocked significant opportunity in the sector. To capitalize on these opportunities, we have launched trial operations for iQIYI e-commerce. By leveraging our robust IP portfolio, extensive artist resources and high-quality member base, we hold distinct advantage in this space. This year, we are concentrating on building a solid foundation for content-driven e-commerce with the goal of driving accelerated growth and scaling up in the year ahead.

我們相信這些身臨其境的娛樂體驗將加深用戶對我們的內容和 IP 的參與。在電商領域，微劇等新內容形式的興起，加上垂直內容驅動的消費場景，為電商領域釋放了巨大的機會。為了抓住這些機會，我們已經啟動了愛奇藝電商的試營運。透過利用我們強大的IP組合、廣泛的藝術家資源和高品質的會員基礎，我們在這一領域擁有獨特的優勢。今年，我們致力於為內容驅動的電子商務奠定堅實的基礎，目標是在未來一年推動加速成長和擴大規模。

In summary, as the video entertainment industry continues to evolve, we remain committed to investing in our content ecosystem and elevating the user experience. These strategic efforts will enable us to accelerate our content flywheel will strengthen resilience, lay a solid foundation for sustainable growth and deliver long-term value to our stakeholders.

總而言之，隨著視訊娛樂產業的不斷發展，我們將繼續致力於投資我們的內容生態系統並提升用戶體驗。這些策略努力將使我們能夠加速內容飛輪，增強彈性，為永續成長奠定堅實的基礎，並為我們的利害關係人帶來長期價值。

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

現在，讓我將我們的財務表現轉交給 Jun。

Thank you, Mr. Gong, and hello, everyone. Now let's take a look at the Q1 key numbers. In the first quarter, total revenues were RMB7.2 billion, up 9% sequentially. Membership services revenue reached RMB4.4 billion, up 7% sequentially. The increase was primarily driven by the strong performance of the long-form dramas.

謝謝龔先生，大家好。現在讓我們來看看第一季的關鍵數字。第一季總營收為人民幣72億元，季增9%。會員服務收入達人民幣44億元，較上季成長7%。這一成長主要得益於長篇劇集的強勁表現。

Online advertising revenue decreased by 7% sequentially to RMB1.3 billion, primarily due to macro headwinds and seasonality. Content distribution revenue reached RMB628.7 million, up 55% sequentially, driven by more content titles distributed during the quarter. Other revenues increased by 24% sequentially to RMB830.9 million, primarily driven by the growth of certain business lines.

網路廣告收入較上季下降 7% 至人民幣 13 億元，主要由於宏觀不利因素和季節性因素。內容發行收入達到 6.287 億元，比上一季成長 55%，這得益於本季發行的內容數量增加。其他營收季增 24% 至人民幣 8.309 億元，主要受某些業務線成長的推動。

Moving on to costs and expenses. Content cost was RMB3.8 billion, up 10% sequentially, driven by higher number of premium dramas launched during the quarter. Total operating expenses were RMB1.4 billion, up 8% sequentially, primarily driven by higher marketing spending. Turning to profit and cash flow. Our non-GAAP operating income was RMB458.5 million, up 13% on a sequential basis.

繼續討論成本和費用。內容成本為 38 億元，比上一季成長 10%，這得益於本季推出的優質劇集數量增加。總營運費用為人民幣 14 億元，比上一季成長 8%，主要由於行銷支出增加。轉向利潤和現金流。我們的非美國通用會計準則營業收入為人民幣4.585億元，較上季成長13%。

The non-GAAP operating margin was 6%. The net cash provided by operating activities totaled RMB339 million, positive for 12 consecutive quarters. As of the end of the first quarter, we had cash, cash equivalents, restricted cash, short-term investments, and long-term restricted cash included in the prepayments and other assets, the total of RMB5.7 billion.

非公認會計準則營業利益率為 6%。經營活動產生的現金流量淨額為3.39億元，連續12季為正。截至第一季末，我們預付款項及其他資產所包含的現金、現金等價物、受限現金、短期投資及長期受限現金合計為人民幣57億元。

In addition, the company had a loan of USD522.5 million to PAG, recorded under amounts due from related parties. When reviewing our financial performance, the result of our efforts to optimize the capital structure are very clear. Over the past two years, we have prioritized this goal through a series of initiatives to lower our debt levels, optimize repayment schedules and make our debt structure more manageable.

此外，該公司還向中國平安集團提供了 5.225 億美元的貸款，計入關聯方應收款項。回顧我們的財務業績，我們優化資本結構的努力成果非常明顯。過去兩年來，我們透過一系列措施優先實現這一目標，降低債務水平，優化還款計劃，使債務結構更易於管理。

Notably, the outstanding principal balance of our convertible bond has sharply declined, dropping from RMB2.9 billion at the end of first quarter back in 2023 to RMB1.17 billion this year. And of the current outstanding balance, there is RMB522.5 million, as we mentioned earlier, were resolved early through equivalent loan arrangements with creditor.

值得注意的是，我們的可轉債未償還本金餘額大幅下降，從2023年第一季末的29億元人民幣下降至今年的11.7億元。目前未償還餘額中，有5.225億元，正如我們之前提到的，已透過與債權人等額貸款安排提前解決。

As we continue to optimize our debt structure, we have also achieved a substantial reduction in net interest expense, which has declined from RMB223 million to RMB155 million in the first quarter of this year decreased by over 30% year-over-year.

隨著我們不斷優化債務結構，淨利息支出也實現了大幅下降，由今年第一季的2.23億元下降至1.55億元，年減超過30%。

For detailed financial performance and data, please refer to our press release on our IR website.

有關詳細的財務業績和數據，請參閱我們 IR 網站上的新聞稿。

Now we will open the floor for Q&A.

現在我們開始問答環節。

(Operator Instructions) Xueqing Zhang, CICC.

(操作員指示) 張學慶，CICC。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks for taking my question. My question about micro dramas. Gong mentioned some operational updates on micro dramas in your prepared remarks. Could management elaborate a little more on the latest developments of micro dramas and outline the key focus points for its future development? Thank you.

（翻譯）感謝您回答我的問題。我的問題是關於微劇的。龔先生在剛才的演講中提到了微劇的一些運作更新。管理階層能否詳細介紹微劇的最新發展以及未來發展的重點？謝謝。

(spoken in foreign language)

（用外語說）

Our CEO, Mr. Gong, is answering this question. First of all, the users have gradually developed the habit of watching micro dramas on iQIYI. We now have over 15,000 micro dramas titles with free content and member-exclusive content each accounting for about half. Our two mobile apps have also developed very distinct brand positioning. The main iQIYI app focuses on members watch for free model, primarily using paid micro dramas, while the iQIYI Lite App primarily focuses on free micro dramas supported by advertising.

我們的CEO龔先生正在回答這個問題。首先，使用者逐漸養成了在愛奇藝觀看微劇的習慣。我們現在有超過15,000部微劇，其中免費內容和會員專屬內容各佔一半左右。我們的兩款行動應用程式也形成了非常獨特的品牌定位。愛奇藝主App主打會員免費觀看模式，以付費微劇為主；愛奇藝精簡版App則以廣告支持的免費微劇為主。

(spoken in foreign language)

（用外語說）

This development, as I mentioned earlier, have driven rapid growth in both user time spend and user base for micro dramas, while significantly enhancing the user stickiness. So when we compare the April to December of last year, the number of heavy micro dramas users on iQIYI, which are users who spend 80% of their time watching micro drama has increased about 3 times.

這項發展，正如我之前提到的，推動了微劇用戶使用時間和用戶規模的快速成長，同時顯著增強了用戶黏性。因此，當我們將去年4月到12月進行比較時，愛奇藝的重度微劇用戶（即每天80%的時間都在觀看微劇的用戶）的數量增長了約3倍。

(spoken in foreign language)

（用外語說）

We just step into the micro drama field for not so long and then just started our original production and seeing some impressive progress. For example, a recently released original micro drama called Zhi Ai Nan Tao, Inescapable Scorching Love ranks first in iQIYI's micro drama viewing time for several consecutive weeks and also successfully entered the ADX top 10 list, which is well renowned list in the micro drama field.

我們進入微劇領域時間還不長，剛開始原創製作，就取得了令人矚目的進展。例如，近期上線的原創微劇《致愛難逃，逃不掉的灼熱感》連續數週榮登愛奇藝微劇觀看時長榜首，並成功進入微劇領域權威榜單ADX Top 10。

So among the acquired top-tier titles, for example, like My Sweet Home and Please Come into My Heart each achieved revenue-sharing milestone of over RMB1 million within a week, and this progress reflecting the high user recognition and appreciation of high-quality micro dramas.

因此，在收購的頭部劇集中，例如《我的甜蜜家園》和《請你走進我的心裡》均在一周內實現了超過100萬元的分賬里程碑，這體現了用戶對優質微劇的高度認可和欣賞。

(spoken in foreign language)

（用外語說）

There are some backgrounds I would like to share with everyone. For example, the content cost for each micro drama title, on average cost less than RMB1 million. And the top-tier titles usually will be less than RMB2 million per title.

我想與大家分享一些背景。例如，每部微劇的內容成本，平均不到100萬元。而頂級作品的價格通常低於每部200萬元。

(spoken in foreign language)

（用外語說）

So as such, within a week, the revenue share reached 1 million RMB is actually a very sizable amount.

那麼這樣一週之內分成達到100萬人民幣其實是一個非常可觀的金額。

(spoken in foreign language)

（用外語說）

Going forward, there are two areas we're focusing on. First is to have more and better-quality micro dramas, and second, to invest more on user acquisition, user growth.

展望未來，我們將重點放在兩個領域。第一是要有更多、更好的微劇，第二是要加大對用戶獲取、用戶成長的投入。

(spoken in foreign language)

（用外語說）

In addition, we'll try more ways to monetize the growing traffic, for example, advertising and also e-commerce.

此外，我們將嘗試更多方式將不斷增長的流量貨幣化，例如廣告和電子商務。

Vicky Wei, Citi.

Vicky Wei，花旗銀行。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks management for taking my question. Will management share some color about the change of loan video content strategy and the rationale behind it? Thank you.

（翻譯）感謝管理層回答我的問題。管理層是否會分享一些有關貸款影片內容策略變化及其背後的原因？謝謝。

Thank you. I will invite our Chief Content Officer, Mr. Xiaohui, to answer this question.

謝謝。下面我請我們的首席內容官小暉先生來回答這個問題。

(spoken in foreign language)

（用外語說）

(interpreted) First of all, long-form video are the cornerstone of iQIYI's content ecosystem and our commitment to this remains unwavering.

(翻譯)首先，長影片是愛奇藝內容生態的基石，我們對此的承諾始終堅定不移。

(spoken in foreign language)

（用外語說）

Dramas are at the core of long-form videos. So to better cater to involving user preferences, our future drama strategy will focus on two key areas. First of all, releasing high-quality shorter episode premium dramas and second, producing more high-quality short dramas with each episode lasting 5 minutes to 20 minutes.

劇情是長影片的核心。所以為了更好地迎合用戶的喜好，我們未來的劇集策略將集中在兩個關鍵領域。一是推出優質短集精品劇；二是製作更多每集5分鐘至20分鐘的優質短劇。

(spoken in foreign language)

（用外語說）

Going forward, the total number of drama titles will increase, accompanied by enhanced content quality and greater diversity. This approach will not only improve the flexibility and stability of content scheduling but will also reduce reliance on individual titles and effectively mitigate risk.

未來電視劇總數將會增加，內容品質也會提高，多樣性也會增強。這種方式不僅可以提高內容調度的靈活性和穩定性，還可以減少對單一節目的依賴，有效降低風險。

Maggie Ye, CLSA.

Maggie Ye，里昂證券。

(spoken in foreign language)

（用外語說）

(interpreted) Would just please share more details on the latest of our overseas business such as membership and content distribution as well? From a financial perspective, what is the current situation of the overseas business in terms of revenue and profit contribution? And how should we expect from -- what shall we expect from overseas business in the next one years to three years?

(翻譯) 您能否分享更多有關我們最新的海外業務（例如會員資格和內容分發）的詳細資訊？從財務角度來看，目前海外業務的收入和利潤貢獻如何？我們對未來一至三年的海外業務有何期待？

(spoken in foreign language)

（用外語說）

We started our overseas business in the second half of 2019. And after that, we experienced three years of COVID. So, there were some difficulties in terms of getting head count and also travel between Mainland China and overseas. So the development were actually quite slower than expectation. But after COVID, in the recent two years, the business has been going through a very rapid development phase. However, we do have some restrictions in terms of the financial resources, so there is some limitations to the development.

我們於2019年下半年開始進行海外業務。此後，我們又經歷了三年的新冠疫情。因此，在人數統計以及中國大陸與海外之間的旅行方面存在一些困難。因此，發展實際上比預期的要慢得多。但疫情過後，近兩年來，業務進入了非常快速的發展階段。但是我們在財力上確實存在一些限制，所以發展上有一些限制。

(spoken in foreign language)

（用外語說）

In addition to what I mentioned in the opening remarks that we experienced very rapid growth in terms of the annual revenue growth and also subscriber count, et cetera. So there are some very important progress we made very importantly that we kind of figure out the right content mix for each region, overseas. And also, what can we do from the content mix to drive user growth and also to drive our revenue performance.

除了我在開場白中提到的之外，我們在年收入成長、用戶數等方面都經歷了非常快速的成長。因此，我們取得了一些非常重要的進展，非常重要的是，我們找到了適合每個海外地區的正確內容組合。此外，我們可以從內容組合中做些什麼來推動用戶成長並提高我們的收入表現。

(spoken in foreign language)

（用外語說）

In addition to that, we also figure out how we can really operate in each region, for example, how we can promote our content to acquire a better user growth.

除此之外，我們還研究如何在每個地區真正經營，例如，如何推廣我們的內容以獲得更好的用戶成長。

(spoken in foreign language)

（用外語說）

In terms of the content mix for our overseas business, the Chinese content actually accounts for about half of the content and the other half are the local content.

就我們海外業務的內容組合而言，中文內容實際上佔了大約一半，另一半是本地內容。

(spoken in foreign language)

（用外語說）

Based on the data that we collected, the Chinese video content actually its value are increasing in the global market, which is very beneficial to our overseas business growth.

根據我們收集的數據，中國視訊內容在全球市場上的價值實際上正在增​​加，這對我們的海外業務成長非常有利。

(spoken in foreign language)

（用外語說）

Right now, currently, the revenue contribution from the overseas market is still at a relatively low percentage, but it also depends on the future investment into the overseas business, for example, the scale of our financial support and also the financing source. So, these are the areas where we look out for the overseas business.

目前，海外市場的收入貢獻率仍比較低，但也取決於未來對海外業務的投入，比如說我們的資金支持的規模，還有融資來源。因此，這些是我們關注海外業務的領域。

(spoken in foreign language)

（用外語說）

As the CFO just added to our CEO's comments, so what we really took from the past few years are valuable revenue growth, as well as the right content mix as well as the operating takeaways from each market. These are the key takeaways in the past few years. Of course, these are under a very disciplined investment cycle that we did over the past few years as well.

正如財務長剛剛對我們執行長的評論所補充的那樣，過去幾年我們真正獲得的是寶貴的收入成長，正確的內容組合以及從每個市場獲得的營運收益。這些是過去幾年的關鍵收穫。當然，這些都是在過去幾年中我們遵循的非常嚴格的投資週期下進行的。

And from the management accounting perspective, the overseas business are profitable in the past couple of years. And in the future going forward, of course, maintaining our profitability is important. However, it doesn't have to be a meaningful amount. What we want is to invest, take that profit and invest into the business. Hopefully, it will drive greater growth opportunities in the future.

從管理會計的角度來看，過去幾年海外業務都是獲利的。當然，在未來，保持獲利能力非常重要。然而，這個金額並不一定有意義。我們想要的是投資，獲取利潤，然後投資業務。希望它能在未來帶來更大的成長機會。

There are no further questions at this time. I'll now hand back to management for closing remarks.

目前沒有其他問題。現在我將把發言交還給管理階層，請他們作最後發言。

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

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

Thank you.

謝謝。

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

謝謝。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。

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.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。