JOYY Inc (JOYY) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to JOYY Inc's fourth quarter 2024 earnings call. (Operator Instructions)

女士們，先生們，感謝大家的支持，歡迎參加 JOYY Inc 2024 年第四季財報電話會議。（操作員指令）

I would now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

現在，我想將會議交給今天的主持人、公司投資者關係高級經理 Jane Xie。請繼續，簡。

Thank you, operator. Hello everyone. Welcome to JOYY's fourth quarter 2024 earnings conference call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; and Mr. Alex Liu, the Vice President of Finance.

謝謝您，接線生。大家好。歡迎參加歡聚時代2024年第四季財報電話會議。今天與我們一起出席的有歡聚時代董事長兼執行長李婷女士；以及財務副總裁 Alex Liu 先生。

For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours.

在今天的電話會議上，管理層將首先對本季度進行回顧，然後我們將進行問答環節。本次電話會議的財務結果和網路直播可在ir.joyy.com上查閱。這次通話的重播也將在幾個小時後在我們的網站上提供。

Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the SEC.

在我們繼續之前，我想提醒您，我們可能會做出前瞻性的陳述，這些陳述本質上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不同。有關風險和不確定性的詳細討論，請參閱我們最新的 20-F 表年度報告以及向美國證券交易委員會提交的其他文件。

We will also discuss certain non-GAAP financial measures. They are included as additional clarifying items to aid investors in further understanding the company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. You may find a reconciliation of differences between GAAP and non-GAAP financial measures in narrow earnings release.

我們也將討論某些非公認會計準則財務指標。它們作為額外的澄清項目，以幫助投資者進一步了解公司的表現以及這些項目和事件對財務結果的影響。上述非公認會計準則財務指標不應被視為替代或優於根據公認會計準則編制的財務績效指標。您可能會在狹義的收益報告中發現 GAAP 和非 GAAP 財務指標之間的差異的調整。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in US dollars.

最後，請注意，除非另有說明，本次電話會議中提到的所有數字均為美元。

I will now turn the call over to our chairperson and CEO, Ms. Ting Li. Please go ahead, Ms. Li.

現在，我將把電話轉給我們的董事長兼執行長李婷女士。李小姐，請說。

Hello, everyone. I'm Li Ting. Welcome to our fourth quarter 2024 earnings call. As we recently announced on February 25, 2025, we successfully completed the sale of our live streaming business for mainland China, YY Live. I believe the foreclosing of this transaction makes the beginning of a new chapter for JOYY's corporate development.

大家好。我是李婷。歡迎參加我們的 2024 年第四季財報電話會議。正如我們最近在 2025 年 2 月 25 日宣布的那樣，我們成功完成了中國大陸直播業務 YY Live 的出售。我相信此交易的完成，將為歡聚時代企業發展開啟新的篇章。

As a first step, we are excited to announce that effective from March 31, our Nasdaq ticker symbol will be changed from YY to JOYY. This aligns with our strategic vision and our globalization strategy entering into the new era. Over the past few years, JOYY's position as a global technology company has [solidly faced], thanks to our global growth strategy. We have focused our resources and attention on markets across the world with the emphasis on developed countries that demonstrate higher monetization, efficiency, and the ROI.

作為第一步，我們很高興地宣布，自 3 月 31 日起，我們的納斯達克股票代碼將從 YY 更改為 JOYY。這與我們進入新時代的策略願景和全球化策略一致。過去幾年，得益於我們的全球成長策略，歡聚時代作為全球科技公司的地位已經穩固提升。我們將資源和注意力集中在全球市場，並專注於貨幣化、效率和投資報酬率更高的已開發國家。

This strategic approach has yielded strong results. In 2024, our global market revenue, excluding mainland China accounted for 89.6% of our total revenue. Notably, developed countries saw a year over year revenue increase of 24.6% boosting their share of the group's revenue to 53.9%. Moving forward, we will continue to defend our penetration in key markets to build on this success. Improved the global infrastructure, a diversified product portfolio, and the localized operations will build our brand, influence, and reinforce our status as a global technology company.

這項策略方針已取得顯著成果。2024年，除中國大陸以外的全球市場收入占我們總收入的89.6%。值得注意的是，已開發國家的營收年增24.6%，佔集團收入的份額提升至53.9%。展望未來，我們將繼續鞏固我們在主要市場的滲透力，以鞏固這一成功。完善全球基礎設施、多元化產品組合和在地化營運將打造我們的品牌和影響力，鞏固我們作為全球科技公司的地位。

As we drive our development of regional efficiency, we'll remain a key forecast. We will pursue a balance between growth and efficiency, driving high quality top line growth while maintaining profitability and a positive cash flow. AI remains a key component of our strategy. The rapid advancement of AI has brought both transformative changes and the new opportunities. With our accumulated proprietary data and the in-house algorithm team, we are well-positioned to capitalize on this new trends.

隨著我們推動區域效率的發展，我們仍將是關鍵的預測。我們將追求成長與效率之間的平衡，在保持獲利能力和正現金流的同時推動高品質的營收成長。人工智慧仍然是我們策略的關鍵組成部分。人工智慧的快速發展既帶來了變革性的變化，也帶​​來了新的機會。憑藉我們累積的專有數據和內部演算法團隊，我們完全有能力利用這一新趨勢。

AI will empower our business by enhancing product development, optimizing data analysis, and improving our customer service. This advancements will directly improve both our operational efficiency and our users' experience, taking our global operations to new heights.

人工智慧將透過增強產品開發、優化數據分析和改善客戶服務來增強我們的業務。這些進步將直接提高我們的營運效率和用戶體驗，將我們的全球營運推向新的高度。

As AI usage rapidly increases, we also recognize that people will seek more emotional, interpersonal connection. Providing users with meaningful connections, and they can truly value will be essential to long term success for social media platforms in the AI age. This notion will inform our long term strategic direction.

隨著人工智慧的應用迅速增加，我們也意識到人們將尋求更多的情感和人際關係連結。為用戶提供有意義的聯繫並讓他們真正重視這一點對於人工智慧時代社交媒體平台的長期成功至關重要。這一理念將指導我們的長期策略方向。

Empowered by AI, we can build a more comprehensive user profile which will ultimately improve content recommendation and matching among our users. We will continue to drive product optimization and optimal improvation, leveraging AI in combination with the personal touch of talented creators on our platform to provide users with emotionally resonant connections and interactive experiences.

在人工智慧的賦能下，我們可以建立更全面的使用者檔案，最終改善使用者之間的內容推薦和配對。我們將繼續推動產品優化和最佳改進，利用人工智慧結合我們平台上才華橫溢的創作者的個人風格，為用戶提供情感共鳴的聯繫和互動體驗。

As we begin this important new chapter, we also want to reform that as a leading global technology company, JOYY will hold itself to higher standard of responsibility towards our users and the community. As a guardian of global community of 263.1 million users, we remain committed to strictly adhere to our regulatory requirements where in the writing social responsibility, and sustainably into our global operations. We will continue to update our community guidelines and enhance our technology capabilities to create a safe platform for our users. Well, actively calibrating with industry partners to promote industry standards that support sustainable, responsible growth.

當我們開始這重要的新篇章時，我們也希望改革，作為一家全球領先的科技公司，歡聚時代將對我們的用戶和社群承擔更高的責任。作為全球2.631億用戶社群的守護者，我們始終致力於嚴格遵守監管要求，履行社會責任，並可持續地融入我們的全球運營中。我們將繼續更新我們的社群指南並增強我們的技術能力，為我們的用戶創建一個安全的平台。嗯，積極與行業合作夥伴進行協調，以促進支持可持續、負責任成長的行業標準。

Now let's review our overall performance for the fourth quarter and the full year. In the fourth quarter, our group revenue reached $549.4 million, achieving a non-GAAP net profit of $96.1 million, up 57.1% quarter over quarter, our core business segment BIGO achieved revenues to $480 million. BIGO’s non-GAAP operating profit reached $81 million, up 11.2% quarter over quarter.

現在讓我們回顧一下第四季和全年的整體表現。第四季度，我們集團營收達5.494億美元，實現非GAAP淨利9,610萬美元，季增57.1%，核心業務部門BIGO實現營收4.8億美元。BIGO非GAAP營業利潤達8,100萬美元，較上季成長11.2%。

For the full year 2024, our group revenue was $2.24 billion. The BIGO segment achieved revenues of $1.99 billion. A year over year increase of 3.3%. Thanks to strong operational execution throughout 2024, we made progress across multiple core objectives. We constantly enhanced our localized operations worldwide, delivering steady growth and group profitability.

2024 年全年，我們集團營收為 22.4 億美元。BIGO部門實現收入19.9億美元。較去年同期成長3.3%。由於 2024 年全年強大的營運執行力，我們在多個核心目標上取得了進展。我們不斷加強全球在地化運營，實現穩定成長和集團獲利。

For the full year 2024, the group achieved a non-GAAP of trading profit of $136 million, a year over year increase of 4.2% and a non-GAAP net profit of $298.5 million, a year over year increase of 2%.

2024年全年，集團實現非公認會計準則交易利潤1.36億美元，年增4.2%，非公認會計準則淨利2.985億美元，較去年同期成長2%。

The BIGO segment full year of operating profit reached to $286.3 million exceeding our previous expectation BIGO’s non-GAAP [net profit reached $314.6 million], a year-over-year increase of 4.2%. This profit growth was achieved despite significant adjustments to our audio live streaming products in non-core markets in 2024, which had a [dozen million] negative impact on our bottom line.

BIGO部門全年營業利潤達到2.863億美元，超乎我們先前預期，BIGO的非GAAP[淨利達3.146億美元]，較去年同期成長4.2%。儘管 2024 年我們對非核心市場的音訊直播產品進行了重大調整，對我們的利潤產生了 [一千萬] 負面影響，但我們仍實現了這一利潤增長。

The upward change in our operating profit in spite of these adjustments indicated that our core business profitability has improved sustainably, potentially. Meanwhile, the group's non-live streaming revenue mean the high growth throughout the year. This primarily include bigger advertising and all other segments such revenue. For the full year 2024, the group's non-live streaming revenue increased 55.9% year over year to $449.8 million. According to [Forbe] for 20.1% of total group revenue, an increase of 7.4% points compared to 2023.

儘管進行了這些調整，但我們的營業利潤仍實現上升，顯示我們的核心業務獲利能力已獲得持續、潛在的改善。同時，集團非直播收入也呈現全年高成長。這主要包括更大的廣告收入和所有其他部分的收入。2024年全年，該集團非直播收入較去年同期成長55.9%至4.498億美元。根據[福布斯]報道，佔集團總收入的20.1％，比2023年增加了7.4個百分點。

In 2025, we expect that the group's non-live streaming revenue will maintain double digit growth with its proportion of group revenue increasing [intended]. We expect this will provide momentum for the recovery of our revenue growth at the group level. Meanwhile, we expect the economics of our non-live streaming business to be meaningfully improved, given enhanced monetization and disciplined spending in 2025.

2025年，我們預期集團非直播收入將維持雙位數成長，佔集團營收比例將提升[故意的]。我們預計這將為集團層面的收入成長復甦提供動力。同時，鑑於 2025 年貨幣化程度的提高和嚴格的支出，我們預計非直播業務的經濟效益將顯著改善。

As we set the stage for ongoing growth, shareholders' returns remain a high priority for management. In 2024, we purchased 2.21 million (sic – see press release, "9.21 million") ADS for a total of [$309.2 million], representing 15.1% of our total outstanding shares as of the end of last year.

在我們為持續成長奠定基礎的同時，股東回報仍是管理階層的首要任務。2024 年，我們購買了 221 萬股（原文如此 - 參見新聞稿「921 萬股」）ADS，總額為 [3.092 億美元]，佔截至去年年底我們總流通股的 15.1%。

As of December 31, 2024, our net cash position stood at $3.3 billion. We believe the current market valuation significantly undervalues our company, especially when considering our profitable live streaming business and the gradually growing non-live streaming business. We are happy to announce that our Board has approved a quarterly cash dividend program for the following three years. The aggregate amount of the cash dividend is expected to about $600 million, consisting of about $200 million per year.

截至 2024 年 12 月 31 日，我們的淨現金狀況為 33 億美元。我們認為當前的市場估值嚴重低估了我們的公司，尤其是考慮到我們盈利豐厚的直播業務和逐步成長的非直播業務。我們很高興地宣布，董事會已經批准了未來三年的季度現金股利計畫。預計現金股利總額約 6 億美元，每年約 2 億美元。

Additionally, our Board has approved additional share repurchase programs under which we may repurchase up to $300 million of our share until December 2027. This program replaces our previous share repurchase program which would expire in November this year. We remain firmly committed to unlocking shareholder value through our consistent capital return initiative.

此外，我們的董事會已批准額外的股票回購計劃，根據該計劃，我們可以在 2027 年 12 月之前回購最多 3 億美元的股票。該計劃取代了我們先前的股票回購計劃，該計劃將於今年 11 月到期。我們始終堅定地致力於透過持續的資本回報計劃來釋放股東價值。

Next, let me share more specific progress across our product lines. Let's begin with BIGO Live in line with our goal of providing meaningful personal experiences to our users. We continue to focus on cultivating a safe, high quality, and diversity content ecosystem on BIGO Live.

接下來，讓我分享我們產品線的更多具體進展。讓我們從 BIGO Live 開始，秉持為使用者提供有意義的個人體驗的目標。我們將繼續致力於在 BIGO Live 上培育安全、高品質和多樣化的內容生態系統。

In the fourth quarter, we updated the BIGO Live's community guidelines and comprehensively enhanced its community safety technological capabilities. We introduced our exclusive multimodal content migration model, which was fine-tuned with our scenario special fix data, and leveraged third party light models to further strengthen our content moderation capabilities.

第四季度，我們更新了BIGO Live的社群指南，全面增強了社群安全技術能力。我們推出了獨特的多模式內容遷移模型，該模型根據我們的場景特殊修復資料進行了微調，並利用第三方輕量級模型進一步增強了我們的內容審核能力。

On the product filter front, we refined user verification processes and stratification motion systems to direct traffic towards high quality, verified user content. At the same time, we exercised its stricter measurement of user generated content to ensure our users would have safe, high quality experiences.

在產品過濾方面，我們改進了使用者驗證流程和分層運動系統，以將流量引導至高品質、經過驗證的使用者內容。同時，我們對用戶生成內容實施更嚴格的衡量，以確保我們的用戶獲得安全、高品質的體驗。

In addition, we formed partnerships with multiple industry players and worked with relevant authorities to jointly prevent and punish any potential malicious use of platform. We remain committed to constantly improving our safety feature to ensure secure experience for our users.

此外，我們也與多家產業參與者建立了合作夥伴關係，並與相關部門合作，共同防範和懲處任何潛在的惡意使用平台的行為。我們始終致力於不斷改進我們的安全功能，以確保使用者的安全體驗。

On the content front, BIGO Live continued to deliver the level of quality users have come to expect. The annual BIGO Awards Gala was held at Marina Bay Sands Theatre in Singapore. Over 1,000 guests from around the world attended in person and nearly 500,000 viewers tuned in via live stream. The event honored over 200 outstanding content creators and families for their contributions to BIGO Live's vibrant user community, and filtered performances from certified global artists across various genres.

在內容方面，BIGO Live 繼續提供使用者所期望的品質水準。一年一度的BIGO頒獎晚會於新加坡濱海灣金沙劇院舉行。來自全球各地的1,000多位賓客親臨現場，近50萬名觀眾透過直播觀看。這項活動表彰了 200 多位傑出的內容創作者和家庭為 BIGO Live 充滿活力的用戶社群所做的貢獻，並篩選了來自各個流派的認證全球藝術家的表演。

The BIGO Awards Gala has become a core tradition for the platform, and has helped countless talented creators expand their influence and reach the global stage. In addition to the main global venue, BIGO Live also held regional galas in Dubai, Thailand, and elsewhere.

BIGO 頒獎晚會已成為該平台的核心傳統，並幫助無數才華橫溢的創作者擴大影響力、登上全球舞台。除了全球主會場外，BIGO Live 還在杜拜、泰國等地舉辦了區域巡迴演出。

In 2025, BIGO Live will expand its community initiatives through creator partnerships, forecast on diversity, philosophy, education, and more. We remain dedicated to building value for the platform’s creator base and helping our global creators grow.

2025 年，BIGO Live 將透過創作者合作夥伴關係、多元化預測、哲學、教育等方式擴大其社區計畫。我們始終致力於為平台的創作者群體創造價值，並幫助我們的全球創作者成長。

During the quarter, we utilized our proprietary AI model to analyze ultra-long user behavior sequences and refined our content recommendations on BIGO Live. This improvement together with our containers efforts to expand BIGO Live’s high quality content offering and optimize its live streaming room viewing filters drove a 2.1% sequential increase in average viewing time per user during the fourth quarter.

在本季度，我們利用專有的 AI 模型來分析超長用戶行為序列，並改進了 BIGO Live 上的內容推薦。這項改進加上我們為擴展 BIGO Live 的高品質內容供應和優化其直播室觀看過濾器所做的努力，推動第四季度每位用戶的平均觀看時間環比增長 2.1%。

By strategically directing traffic to mid-tier hosts and optimizing life driving tools such as beauty and body filters, BIGO Live achieved a 1.2% increase in host next-day retention and a 2.9% increase in average live streaming time per host, both quarter over quarter.

透過策略性地將流量引導至中階主播，並優化美顏、身體濾鏡等生活驅動工具，BIGO Live 的主播隔日留存率較上一季度提升了 1.2%，每位主播的平均直播時長較上一季度提升了 2.9%。

Next, let's look at Likee. Likee remains forecast on two core markets, The Middle East and the Europe. In the fourth quarter, Likee's DAUs in core European countries increased by 4.4% quarter over quarter, driven by growth in paying users. Likee’s live streaming revenue grew 2.2% sequentially. In 2024, Likee recorded its second consecutive profitable year.

接下來我們來看看Likee。Likee 仍然專注於兩個核心市場，即中東和歐洲。第四季度，由於付費用戶的成長，Likee 在歐洲核心國家的 DAU 環比增長了 4.4%。Likee的直播收入較上季成長2.2%。2024年，Likee實現連續第二年獲利。

We continued to elevate Likee’s content and community engagement in its core markets. In January, Likee partnered with a globally popular game, Genshin Impact to deepen its penetration among Gen Z users. The campaign featured Genshin themed short video and live streaming content with special prizes and the co-branded offline event in Europe.

我們持續提升 Likee 在核心市場的內容和社群參與度。今年 1 月，Likee 與全球熱門遊戲《原神》合作，以加深其在 Z 世代用戶的滲透。活動以原神為主題的短片和直播內容為主，並設有特別獎品以及在歐洲舉辦的聯合品牌線下活動。

During the campaign, the initiative generated over 5,700,000 viewers and the offline event attracted 11,000 participants, even [prompting] several popular creatures with millions of followers to join Likee. Beyond these targeted operational activities, Likee increased support for quality creatures, driving a 13% quarter over quarter increase in viewer time spent on short videos. The proportion of content creators as a percentage of daily active users grew steadily compared to the third quarter, indicating healthy levels of engagement.

活動期間，活動觀賞人數超過570萬，線下活動參與人數達1.1萬人，甚至帶動多位百萬粉絲的偶像加入Likee。除了這些有針對性的營運活動之外，Likee還加大了對優質生物的支持，推動短視頻觀看時長環比增長13%。與第三季相比，內容創作者佔每日活躍用戶的比例穩定成長，顯示參與度處於健康水平。

Last quarter, we mentioned that we have redirected some of Likee's operational resources, including personnel and traffic to a new product to unlock our monetization potential in Likee's core market. We are pleased to report that the new product has launched smoothly and is currently generating small scale revenue. We look forward to building the scale of this new product over the next few quarters, at which time we will share more updates.

上個季度，我們提到，我們已經將Likee的一些營運資源，包括人員和流量重新導向到新產品，以釋放我們在Likee核心市場的貨幣化潛力。我們很高興地報告，新產品已經順利推出，目前正在產生小規模收入。我們期待在接下來的幾個季度內擴大這個新產品的規模，屆時我們將分享更多更新。

Finally, on Hago. In the fourth quarter, driven by its blockbuster year and operational event, Hago’s quarterly live streaming revenue achieved quarter over quarter growth. In the fourth quarter, Hago’s cash flow remained positive, achieving its goal of positive cash flow for the second consecutive year. Hago’s user engagement further improved during the fourth quarter as well. Average time spent in channels increased by 8.6% quarter over quarter to [108.2 minutes]. The product’s next-day retention rate also continued to improve.

最後，談談 Hago。第四季度，在重磅賽事和營運活動的推動下，Hago當季直播營收將營收成長。第四季度，Hago的現金流保持正值，連續第二年實現正現金流的目標。Hago 的用戶參與度在第四季也進一步提升。平均頻道使用時間較上季成長 8.6%[108.2分鐘]。產品的隔日留存率也持續提升。

In 2024 we made substantial progress in improving operational efficiency and diversifying our revenue stream. Looking ahead, we remain deeply committed to driving diversified growth across our global operations and solidifying our position as a leading global technology company. Through AI driven innovation, we are comprehensively enhancing our operational efficiency and the cultivating meaningful experiences for our users.

2024年，我們在提高營運效率和實現收入來源多元化方面取得了實質進展。展望未來，我們將繼續堅定致力於推動全球業務的多元化成長，鞏固我們作為全球領先科技公司的地位。透過人工智慧驅動的創新，我們全面提高營運效率並為用戶培養有意義的體驗。

We will continue to prioritize platform safety and integrate social responsibility into our global operations. Based on our solid operational execution, we remain confident in driving sustainable growth in our global business and creating long-term value for our shareholders. Thank you.

我們將繼續優先考慮平台安全，並將社會責任融入我們的全球營運中。基於我們穩健的營運執行，我們仍然有信心推動全球業務的永續成長並為股東創造長期價值。謝謝。

Thank you. Next, we will now turn the call over to Mr. Alex Liu, the Vice President of finance, to provide our financial updates.

謝謝。接下來，我們將把電話轉給財務副總裁 Alex Liu 先生，提供我們的財務最新動態。

Thanks, Missy. Hello, everyone. I will now provide a recap of some key financial highlights for the fourth quarter. Our total net revenues were $549.4 million in the fourth quarter compared with $569.8 million in the same period last year. Revenues from BIGO segment were $480 million In particular, group’s non-live streaming revenues were $127 million up by 51.9% year over year, primarily due to the increase of BIGO’s advertising revenues.

謝謝，小姐。大家好。現在我將回顧第四季的一些關鍵財務亮點。我們第四季的總淨收入為 5.494 億美元，而去年同期為 5.698 億美元。BIGO部門收入為4.8億美元其中，集團非直播收入為1.27億美元，較去年同期成長51.9%，主要由於BIGO廣告收入的增加。

Geographically speaking, as we prioritized to allocate our operational resources towards developed countries and the acquisition of premium users, this greater monetization potential and group revenues from developed countries and regions was up by [13.7%] year over year, while revenues from Middle East sustained a sequential growth of 0.7%.

從地域上看，由於我們優先將營運資源投放在已開發國家及優質用戶獲取上，帶來更大的盈利潛力，來自已開發國家和地區的集團收入同比增長[13.7%]，其中中東地區收入保持環比增長0.7%。

Cost of revenues for the quarter decreased by 6.2% year over year to $345.7 million. BIGO’s cost of revenues was $304.9 million which was down by 1.3% year over year, driving by a $5.5 million decrease in payment handling costs. Our other cost of revenues were $40.8 million, down by 31.4% year over year, consistent with its revenue trend.

本季營收成本年減 6.2% 至 3.457 億美元。 BIGO 的收入成本為 3.049 億美元，年減 1.3%，其中支付處理成本減少 550 萬美元。我們的其他收入成本為 4,080 萬美元，年減 31.4%，與其收入趨勢一致。

Gross profit was $203.8 million in the quarter, with a gross margin of 37.1%. BIGO's gross profit was $175 million with a gross margin of 36.5%. BIGO's gross margin was lower year over year and quarter over quarter due to a safety in our revenue mix, which saw an increased contribution from our lower margin [all base network advertising] revenues. Our gross operating expenses for the quarter was $633.5 million compared with $199.4 million in the same period of 2023.

本季毛利為2.038億美元，毛利率為37.1%。BIGO毛利為1.75億美元，毛利率為36.5%。BIGO 的毛利率年比和季比均有所下降，原因是我們的收入結構較為安全，利潤率較低的（所有基礎網路廣告）收入貢獻都有所增加。本季的總營運費用為 6.335 億美元，而 2023 年同期為 1.994 億美元。

Among the operating expenses, we recorded non-cash goodwill impairment charged $454.9 million. This impairment was primarily attributable to goodwill associated with our prior acquisitions, mainly driving by lower valuation amid current market conditions. Sales and marketing expenses decreased to $67 million from $92.3 million in the same period of 2023, primarily due to our reduced spending on user acquisition through advertising.

在營業費用中，我們記錄了 4.549 億美元的非現金商譽減損費用。此減損主要歸因於與我們先前的收購相關的商譽，主要原因是當前市場條件下的估值較低。銷售和行銷費用從 2023 年同期的 9,230 萬美元減少至 6,700 萬美元，這主要是因為我們減少了透過廣告獲取用戶的支出。

General and administrative expenses increased to $44 million from $34.6 million in the same period of 2023, primarily due to increase in expected credit loss of receivables. BIGO’s total operating expenses for the quarter were $105.7 million decreased from $131.3 million in the same period of 2023, primarily due to decreased in sales and marketing expenses.

一般及行政開支從 2023 年同期的 3,460 萬美元增至 4,400 萬美元，主要原因是應收帳款預期信用損失增加。BIGO 本季的總營運費用為 1.057 億美元，低於 2023 年同期的 1.313 億美元，主要原因是銷售和行銷費用減少。

Our disciplined execution has driven enhanced operational efficiency at both the group and BIGO segment. Our group’s non-GAAP operating income for the quarter was $46.4 million in this quarter, up by 66.2% from $27.9 million year over year. BIGO’s non-GAAP operating income was $81 million up by 21% from $67 million year over year. Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $96.1 million up by 49.7% from $64.2 million in the same period of 2023.

我們嚴格的執行推動了集團和 BIGO 部門的營運效率的提升。本季度，我們集團的非 GAAP 營業收入為 4,640 萬美元，較去年同期的 2,790 萬美元成長 66.2%。BIGO 的非 GAAP 營業收入為 8,100 萬美元，較去年同期的 6,700 萬美元成長 21%。本季歸屬於歡聚時代控股股東的非公認會計準則淨利潤為 9,610 萬美元，較 2023 年同期的 6,420 萬美元增長 49.7%。

The gross non-GAAP net income margin was 17.5% in the quarter compared to 11.3% in the same period of 2023. BIGO’s non-GAAP net income was $98.4 million up by 55% from $63.5 million in the same period of 2023. BIGO’s non-GAAP net margin was 20.5% in the quarter compared with 12.9% in the same period last year.

本季非公認會計準則淨收入毛利率為 17.5%，而 2023 年同期為 11.3%。BIGO 的非 GAAP 淨收入為 9,840 萬美元，較 2023 年同期的 6,350 萬美元成長 55%。BIGO 本季非 GAAP 淨利潤率為 20.5%，而去年同期為 12.9%。

For the fourth quarter of 2024, we booked net cash inflows from operating activities of $110.5 million Our balance sheet remains healthy with a strong net cash producing of $3.3 billion as of December 31, 2024.

2024 年第四季度，我們錄得來自經營活動的淨現金流入 1.105 億美元。截至 2024 年 12 月 31 日，我們的資產負債表依然健康，淨現金產生量強勁，達到 33 億美元。

Now, I would like to briefly walk through the full year financial highlights. Our total net revenues for the full year were $2,237.8 million compared to $2,267.9 million in 2023. BIGO’s revenues for the full year were [$1,988.3 million] up from [$1,924.3 million] in 2023.

現在，我想簡單介紹一下全年財務亮點。我們全年的總淨收入為 22.378 億美元，而 2023 年為 22.679 億美元。BIGO 全年營收為 [19.883 億美元]，高於 2023 年的 [19.243 億美元]。

Our non-GAAP net income attributable to controlling interest and common shareholders of JOYY for the full year of 2024 was $298.5 million, up by 2% from $292.5 million in 2023. Non-GAAP net income margin for the full year of 2024 was 13.3% up from 12.9% in 2023. Notably, BIGO’s non-GAAP net income expanded to $314.6 million in 2024, up by 4.2% from $302 million in 2023. This non-GAAP net income margin slightly improved to 15.8%.

2024 年全年歸屬於歡聚時代控股股東和普通股股東的非 GAAP 淨利為 2.985 億美元，較 2023 年的 2.925 億美元成長 2%。2024 年全年非 GAAP 淨收入利潤率較 2023 年的 12.9% 上升 13.3%。值得注意的是，BIGO 的非 GAAP 淨收入在 2024 年擴大至 3.146 億美元，較 2023 年的 3.02 億美元成長 4.2%。非公認會計準則淨收入率小幅提高至 15.8%。

Importantly, shareholder return continued to be an important component of our capital allocation strategy. In the full year of 2024, we have retained an aggregate amount of $309.2 million to our shareholders through share buyback, which altogether represents 103.6% of our non-GAAP net income. We remain confident in our company’s long term growth prospects and believe that our share price has been treating substantially below its intrinsic value.

重要的是，股東回報仍然是我們資本配置策略的重要組成部分。2024 年全年，我們透過股票回購為股東保留了總計 3.092 億美元的資金，占我們非 GAAP 淨收入的 103.6%。我們對公司的長期成長前景仍然充滿信心，並相信我們的股價一直遠低於其內在價值。

Accordingly, our Board of Directors approved quarterly dividend policy for the next three years, commencing indirectly. And such policy, the total cash dividend amount expected to be paid will be approximately USD600 million and quarterly dividend will be set at a fixed amount of approximately $50 million. It seems $0.93 per ADS in each fiscal quarter.

因此，我們的董事會批准了未來三年的季度股利政策，間接開始。此政策預計支付的現金股利總額約為6億美元，季度股利固定為約5,000萬美元。每個財政季度每股 ADS 似乎為 0.93 美元。

Additionally, our Board has approved an additional share repurchase program, and which we will repurchase up to $300 million of our shares until December 2027. This program replaces our previous share repurchase program, which would expire in November this year. Moving forward, we remain firmly committed to unlocking shareholder value through our capital return initiatives.

此外，我們的董事會已批准一項額外的股票回購計劃，我們將在 2027 年 12 月之前回購最多 3 億美元的股票。該計劃取代了我們先前的股票回購計劃，該計劃將於今年 11 月到期。展望未來，我們將繼續堅定地致力於透過資本回報計畫釋放股東價值。

Turning now to our business outlook. At the group level, we expected our net revenues for the first quarter of 2025 to be between $482 million and $490 million. Our guidance accounts for certain seasonality fluctuations and it reflects our preliminary views on the current market of regional competence and business adjustment decisions, which are subject to changes.

現在談談我們的業務展望。在集團層面，我們預期 2025 年第一季的淨收入將在 4.82 億至 4.9 億美元之間。我們的指引考慮了一定的季節性波動，反映了我們對當前市場區域能力和業務調整決策的初步看法，這些看法可能會改變。

In closing, with the deal behind us, we are ready to turn to a new chapter for JOYY. Looking forward, we will remain dedicated to our strategic priorities, building our influence as a global technology company, exploring diverse growth and actively driving operational efficiency at all levels. We are well positioned to deliver sustainable profitable growth and create long term value for our shareholders. That concludes our prepared remarks.

最後，隨著交易的完成，我們已經準備好開啟歡聚時代新的篇章。展望未來，我們將持續堅定策略定力，提升全球科技公司的影響力，探索多角化成長，積極推動各層面的營運效率。我們有能力實現可持續的獲利成長並為股東創造長期價值。我們的準備好的演講到此結束。

Operator, we will now like to open up the calls for questions.

接線員，我們現在開始回答提問。

(Operator Instructions)

（操作員指令）

Thomas Chung, Jeffreys.

托馬斯·鐘，杰弗里斯。

(spoken in foreign language). Let me translate myself. My question is about the user and the revenue trend in 2025.

（用外語說）。讓我自己翻譯一下。我的問題是關於2025年的用戶和收入趨勢。

Okay. (spoken in foreign language).

好的。（用外語說）。

Thank you for your question. This is Li Ting. I will take your question. First of all, I'd like to add a few more, colors regarding our performance in Q4. In Q4, the group's non-live streaming revenues continued to grow substantially both year over year and quarter over quarter while our live streaming revenue experienced a decline.

感謝您的提問。這是李婷。我願意回答你的問題。首先，我想補充一些關於我們第四季表現的內容。第四季度，集團非直播收入較去年同期持續大幅成長，直播收入則下滑。

The reason behind the decline was primarily due to two factors. First, we've mentioned this in our last quarter as well that we made certain adjustments to interactive features of BIGO's non-core audio live streaming product in late Q3 to enhance compliance and Q4 is the first full quarter reflecting those adjustments. And secondly, we -- BIGO Live experienced an unexpected temporary removal from platforms in Q4, and that has caused additional short term fluctuation in its live streaming revenue.

下降的原因主要有兩個因素。首先，我們在上個季度也提到過，我們在第三季末對 BIGO 非核心音訊直播產品的互動功能進行了某些調整，以增強合規性，而第四季是反映這些調整的第一個完整季度。其次，BIGO Live 在第四季意外從各平台暫時下架，這導致其直播收入出現了額外的短期波動。

However, despite the disruption of that temporary event, our annual gala, which we believe has delivered stronger than expected results and that is why we're still able to deliver a revenue within our previously given guidance. I think that it reflects the stickiness of our core paying user group and also the resilience of our global business.

然而，儘管該臨時活動造成了乾擾，但我們相信我們的年度盛會取得了比預期更強勁的業績，這也是為什麼我們仍然能夠在先前給出的指導範圍內實現收入。我認為這反映了我們核心付費用戶群的黏性，也反映了我們全球業務的韌性。

(spoken in foreign language).

（用外語說）。

Looking ahead to the first quarter of 2025, we do expect a stronger than usual negative seasonality impact due to the coinciding Lunar New Year and Ramadan. With BIGO Life fully back on both platforms in January, we also expect BIGO Live to take a certain time to resume its normal pace of youth acquisition and operational events during the quarter and therefore if there will be lagging impact on its monetization which we do not believe it's going to affect the long term sustainable growth of that product. And our current revenue guidance has considered the potential impacts from the above mentioned factors.

展望 2025 年第一季度，我們預計由於農曆新年和齋月恰逢，季節性負面影響將比往常更強烈。隨著 BIGO Life 於 1 月在兩個平台上全面回歸，我們也預計 BIGO Live 需要一定的時間才能在本季度恢復正常的年輕人獲取和營運活動速度，因此，即使其貨幣化受到滯後影響，我們認為也不會影響該產品的長期可持續增長。我們目前的收入指引已經考慮了上述因素可能帶來的影響。

In 2024 we know that we have implemented a number of adjustments on our two-hour operations including our optimization over content cost, optimization of user acquisition on strategies, as well as the mentioned adjustment to non-core audio live streaming and the unexpected temporary incident drove us to accelerate the update of our previously planned global community guidelines and safety capabilities, enabling us to align and upgrade our community guidelines and safety requirements across different global regions ahead of our schedule.

我們知道，2024年我們對兩小時的營運進行了一系列的調整，包括對內容成本的優化、對用戶獲取策略的優化，以及前面提到的對非核心音頻直播的調整，而這次突發的臨時事件，促使我們加快了之前計劃的全球社區準則和安全能力的更新，使我們能夠提前調整和升級全球不同地區的社區準則和安全要求。

We believe that this altogether has provided our business with a more efficient and healthier foundation to start for the year '25.

我們相信，這一切為我們在2025年的業務發展奠定了更有效率、更健康的基礎。

(spoken in foreign language).

（用外語說）。

Looking ahead, for the full year of '25 for BIGO segments, we will continue to concentrate our operational resources on developed countries and premium users with greater monetization potential. We expect the paying users and our pool of BIGO will gradually return to sequential growth in Q2 and additionally we anticipate that the non-live streaming revenue will continue to maintain the strong growth momentum, likely double digits, year over year.

展望未來，對於 BIGO 部門的 25 年全年，我們將繼續將營運資源集中在具有更大貨幣化潛力的已開發國家和優質用戶。我們預計付費用戶和 BIGO 用戶群將在第二季度逐漸恢復連續成長，此外，我們預計非直播收入將繼續保持強勁的成長勢頭，同比增長率可能達到兩位數。

However, our adjustments to the non-core audio live streaming product would still -- might still exert certain negative impact on BIGO's overall top line growth, especially when compared with the high base, during the first three quarters of 2024.

然而，我們對非核心音訊直播產品的調整仍然可能會對 BIGO 的整體營收成長產生一定的負面影響，尤其是與 2024 年前三個季度的高基數相比。

For all other segments, we expect, it's non-live streaming revenue continue to flow and drive -- continue to grow by double digits and drive the top line recovery of the whole segment.

對於所有其他細分市場，我們預計非直播收入將繼續流動並推動——繼續以兩位數成長，並推動整個細分市場的收入復甦。

Regarding our MAU outlook, when the stood that BIGO Live experienced some fluctuation, over its -- of its for its MAU over the past several quarters, a year over year decline was primarily due to our recurrent strategy of optimizing our advertising spend and operational resources towards developed countries and premium users. And sequentially speaking, the Q-on-Q decline was primarily due to the short-term disruption of new user acquisition during the temporary suspension period. However, we expect that with the optimization of BIGO Live's user base gradually takes effect, it's MAU will likely return to sequential growth in the second half of the year.

關於我們的 MAU 前景，當 BIGO Live 經歷了一些波動時，其過去幾季的 MAU 同比下降主要是由於我們一貫的策略，即優化我們的廣告支出和營運資源，面向已開發國家和高端用戶。從環比來看，環比下降主要是由於暫停期間新用戶獲取的短期中斷。不過，我們預期隨著BIGO Live用戶群優化的逐步見效，其MAU可能會在下半年恢復季增。

Next question please.

請回答下一個問題。

Yuan Zhang, China Renaissance

張遠，華興資本

(spoken in foreign language). So thanks for taking my question. My question is about our outlook on 2025 experience and the profitability trend. Thank you.

（用外語說）。感謝您回答我的問題。我的問題是關於我們對2025年經驗和獲利趨勢的展望。謝謝。

(spoken in foreign language). Thank you for the question. This is Alex. In the fourth quarter, our discipline execution has driven operational efficiency enhancement at both the group and the legal segment.

（用外語說）。感謝您的提問。這是亞歷克斯。第四季度，我們的紀律執行推動了集團和法律部門的營運效率的提升。

Looking specifically at the BIGO segment in Q4, the non-GAAP gross margin was 36.5%, which was down QoQ due to a shifts in our revenue mix, which saw increased contribution from our lower margin, audience network advertising revenue.

具體來看第四季的 BIGO 部門，非 GAAP 毛利率為 36.5%，環比下降是由於我們的收入結構發生了變化，其中利潤率較低的受眾網路廣告收入貢獻增加。

The BIGO's operating margin increased to 16.9%, which is up 2.2 percentage points as compared to the last quarter, and it's non-GAAP operating profit amount increased by 11.2% on Q-on-Q and the improvement was primarily due to decrease in our sales and marketing expenses, particularly our user acquisition spending during the temporary suspension period and excluding that impact, BIGO's non-GAAP op was still up QoQ, which is better than our original expectation.

BIGO的營業利潤率增至16.9%，比上一季增長了2.2個百分點，其非GAAP營業利潤環比增長了11.2%，這一改善主要由於我們的銷售和營銷費用減少，特別是暫停期間我們的用戶獲取支出減少，除去這一影響，BIGO的非GAAP營業利潤仍然環比增長，好於我們最初的營業利潤。

Looking at the all other segment, its non-GAAP gross margin also saw substantial improvement during the quarter, rising from 40% in Q3 to 41.8% in Q4, which is up by 1.8 percentage points. And that was mainly benefiting from a QoQ acceleration in its monetization.

縱觀其他所有部門，其非公認會計準則毛利率在本季也大幅改善，從第三季的40％上升至第四季的41.8％，上升了1.8個百分點。這主要受益於其貨幣化的環比加速。

The non-GAAP operating loss for the all other segment was narrowed by 8.9% compared to the previous quarter to $34.6 million, and that was mainly due to effective control over our operating expenses and that a steady decline in R&D expenses, both in terms of absolute amount and also as the percentage of revenue.

所有其他部門的非美國通用會計準則營業虧損較上一季度收窄 8.9% 至 3,460 萬美元，這主要得益於我們對營業費用的有效控制以及研發費用的穩步下降（無論從絕對金額還是佔收入的比例來看）。

(spoken in foreign language).

（用外語說）。

Looking ahead to the first quarter of 2025 for BIGO segment due to the impact of seasonality, we expect a decline in its non-GAAP operating process when compared to Q4. For all other segments, we expect its non-GAAP operating costs to further narrow on a sequential basis during the quarter.

展望 2025 年第一季度，由於季節性的影響，BIGO 部門預計其非 GAAP 營運流程與第四季相比將有所下降。對於所有其他部門，我們預計其非公認會計準則營運成本將在本季按季度進一步縮小。

For the full year of 2025, we'll continue to execute our ROI oriented strategies, persistently optimizing our cost and operational expenses within the segment. Nonetheless, adjustments made to the non-core audio live streaming product in the segment may still have a negative impact on its profit, and the one-off user acquisition expense savings during the temporary suspension period in Q4 has made BIGO's non-GAAP Op for the full year of 2024 quite a high base. Considering those factors, we expect the overall non-GAAP Op in terms of absolute amount for the BIGO segment to remain roughly stable with certain potential for growth for the full year of 2025.

2025年全年，我們將繼續執行以投資回報率為導向的策略，持續優化該部門的成本和營運費用。儘管如此，該分部對非核心音訊直播產品的調整仍可能對其利潤產生負面影響，且第四季度暫停期間一次性用戶獲取費用的節省，使得BIGO 2024年全年非GAAP運營基數相當高。考慮到這些因素，我們預計 BIGO 部門的整體非 GAAP 營業利潤（以絕對金額計算）將保持大致穩定，並具有一定的成長潛力。

In terms of all other segments, we expect with improving monetization and discipline spending, our R&D expenses as a percentage of revenue will continue to decline, and we foresee a meaningful reduction in its operating -- in its non-GAAP operating loss in '25 compared to the last year. Overall speaking at group level, we expect the group's non-GAAP operating process will continue to show an improving trend in the year '25.

就所有其他部門而言，我們預計，隨著貨幣化和紀律支出的提高，我們的研發費用佔收入的百分比將繼續下降，我們預計其 25 年非 GAAP 營業虧損將與去年相比大幅減少。整體從集團層級來講，我們預期集團的非 GAAP 營運流程將在 25 年繼續呈現改善趨勢。

Next question please.

請回答下一個問題。

Brian Gong, Citi.

花旗銀行的 Brian Gong。

(spoken in foreign language). I will translate myself. Thanks for taking my question. A very quick question on shareholder return plan. We just announced the new plan including dividends and the share repurchase program, and management elaborate a little bit more on our rationale and this new shareholder return plan. Thank you.

（用外語說）。我會自己翻譯。感謝您回答我的問題。關於股東回報計畫的一個非常簡單的問題。我們剛剛宣布了包括股利和股票回購計劃在內的新計劃，管理層進一步闡述了我們的理由和新的股東回報計劃。謝謝。

(spoken in foreign language).

（用外語說）。

Thank you, Brian, for your question. This is Alex. In the year 2024, we continue to be very active in shareholder return. During the year, we bought back a total number of 9.21 million ADS for a total of USD309 million, accounting for an impressive 15.1% of our total shares outstanding as of the end of last year. Between 2020 and 2024, we have in total return USD1.684 billion to our shareholders. This is a very sizable amount, especially when compared to our current market cap.

布萊恩，謝謝你的提問。這是亞歷克斯。2024年，我們繼續非常積極地回報股東。本年度，我們共回購了 921 萬股 A​​DS，價值 3.09 億美元，佔去年底總流通股數的 15.1%。2020年至2024年間，我們為股東帶來的回報總計16.84億美元。這是一個非常可觀的金額，特別是與我們目前的市值相比。

Looking ahead, we will continue to consider shareholder returns as an important component of our capital allocation. And the board of directors has just approved an additional $600 million dividend policy and a $300 million buyback program for the following three years, totaling $900 million and that represents approximately 35% of our current market cap, which we believe represents a relatively competitive level within the industry.

展望未來，我們將繼續將股東回報作為資本配置的重要組成部分。董事會剛剛批准了額外的 6 億美元股息政策和未來三年 3 億美元的回購計劃，總額為 9 億美元，約占我們當前市值的 35%，我們認為這代表了行業內相對有競爭力的水平。

Through our well communicated, consistent, quantified, and sustainable shareholder commitment, we would like to demonstrate our determination in persistent sustainable shareholder return and our confidence in the long term prospects of the company. On top of that, we also from time to time consider other shareholder options subject to ongoing operational updates and also market conditions.

透過我們良好溝通、一致、量化和可持續的股東承諾，我們希望展示我們持續實現可持續股東回報的決心以及對公司長期前景的信心。除此之外，我們也會根據持續的營運更新和市場條件不時考慮其他股東選擇。

In the long term we need both growth in the company's core business and also just stable shareholder return in order to create a sustainable value for our shareholders, we remain confident in our ability to continuously drive ongoing diversified growth, especially profit growth in our global operations while maintaining a competitive and sustainable shareholder return.

從長遠來看，我們既需要公司核心業務的成長，也需要穩定的股東回報，以便為股東創造可持續的價值，我們對自己持續推動多元化成長的能力充滿信心，特別是全球業務的利潤成長，同時保持有競爭力和可持續的股東回報。

Thank you.

謝謝。

Maybe one last question, please.

請問還有最後一個問題嗎？

Raphael Chen, BOCI Research

陳偉明，中銀國際研究

(spoken in foreign language). I will translate myself. Thank you for taking my question. Could management elaborate more on the strategic priority and the positioning for the initiatives? For example, what if I had advertising business in the future.

（用外語說）。我會自己翻譯。感謝您回答我的問題。管理階層能否進一步闡述這些措施的策略重點和定位？比如說，如果我將來做廣告生意會怎麼樣？

(spoken in foreign language).

（用外語說）。

Thank you. This is Li Ting. In the fourth quarter, BIGO's advertising revenue maintained robust growth, which significantly increased its contribution to the segment's total revenue, now reaching 16.6%. Specifically, revenues from our advertising platform, BIGO audience network, continue to show a strong momentum, primarily driven by North America and European Markets.

謝謝。這是李婷。第四季度，BIGO的廣告收入保持強勁成長，對該部門總收入的貢獻顯著提升，目前已達到16.6%。具體來說，我們的廣告平台 BIGO 受眾網路的收入持續呈現強勁勢頭，主要受北美和歐洲市場的推動。

Looking ahead to 2025, we expect BIGO audience network to continue it's strong growth momentum double digit year over year, driven by a number of factors including expansion of its networks DAU pool, expansion of advertiser base, and exploring into new verticals. We also expect its operating profit and OP margin trend to improve during the year.

展望 2025 年，我們預計 BIGO 受眾網路將繼續保持強勁的成長勢頭，同比增長兩位數，這得益於其網路 DAU 池的擴大、廣告商基礎的擴大以及探索新的垂直領域等多種因素。我們也預期其營業利潤和營業利潤率趨勢將在今年改善。

As compared to 2024, with regards to our cash usage for our new initiatives, we'd like to clarify that we have set a consistent goal for each business unit, which is to enhance monetization efficiency, continuously optimizing their cost structure, and aiming a positive cash flow and break even as soon as possible. We expect that both the BIGO audience network and our [SAS] business under all other segments to show significant improvement in their operating cash flows in 2025.

與2024年相比，關於新措施的現金使用情況，我們想澄清的是，我們為每個業務部門設定了一個一致的目標，即提高貨幣化效率，不斷優化成本結構，並儘快實現正現金流和收支平衡。我們預計，BIGO 受眾網路和我們所有其他部門下的 [SAS] 業務在 2025 年的營運現金流量都將顯著改善。

So that was the last question, and thank you so much for joining our call. We look forward to speaking with everyone next quarter.

這是最後一個問題，非常感謝您參加我們的電話會議。我們期待下個季度與大家交談。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。