NIP Group Inc (NIPG) 2024 Q2 法說會逐字稿

Good morning and good evening. Ladies and gentlemen, thank you for standing by and welcome to NIP Group's earnings conference call at this time. (Operator Instructions) We will be hosting a question-and-answer session after management's prepared remarks. Please note that today's event is being recorded.

早安，晚上好。女士們、先生們，感謝大家的支持，歡迎參加 NIP 集團本次收益電話會議。 （操作員指示）管理階層發表完準備好的發言後，我們將舉辦問答環節。請注意，今天的活動正在記錄。

I will now turn the conference over to the first speaker today, Mr. Ben Li, CFO of the company. Please go ahead, sir.

現在我將會議交給今天的第一位發言者，公司財務長李本先生。先生，請繼續。

Thank you, Sarah. Hello, everyone, and welcome to NIP Group's first half 2024 earnings call. With us today are our Chairman and Co-CEO, Mr. Mario Ho, and our Co-CEO, Mr. Hicham Chahine.

謝謝你，莎拉。大家好，歡迎參加 NIP Group 2024 年上半年收益電話會議。今天與我們在一起的有我們的董事長兼聯席執行長 Mario Ho 先生和我們的聯合執行長 Hicham Chahine 先生。

You can refer to our first half financial results on our IR website. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion.

您可以在我們的 IR 網站上參考我們上半年的財務表現。您也可以在會議結束後幾小時在我們的 IR 網站上存取本次電話會議的重播。

Before we continue, I'd like to refer you to our safe harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please note that all numbers stated in the following measurements, prepared remarks are in US dollar terms. And we will discuss non-GAAP measures today which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC.

在我們繼續之前，我想請您參閱我們收益新聞稿中的安全港聲明，該聲明也適用於本次電話會議，因為我們將做出前瞻性陳述。請注意，以下測量中所述的所有數字、準備好的備註都是以美元計算的。今天我們將討論非公認會計準則指標，這些指標將得到更徹底的解釋，並與我們的收益報告和向美國證券交易委員會提交的文件中最具可比性的指標相協調。

I will now turn the call over to our Chairman and Co-CEO, Mario. Please go ahead.

現在我將把電話轉給我們的董事長兼聯席執行長馬裡奧。請繼續。

Thank you, Ben, and thank you, all, for joining us today for our first earnings call as a publicly listed company. I want to start by expressing our deepest gratitude to our shareholders, partners, and the entire team at NIP Group for their support and dedication in helping us reach this significant milestone. The success of our IPO not only validates the strength of our business model but also equips us with the resources to continue our transformation from esports to a comprehensive gaming company.

謝謝本，也謝謝大家今天參加我們作為一家上市公司的首次財報電話會議。首先，我要向我們的股東、合作夥伴以及 NIP 集團的整個團隊表示最深切的感謝，感謝他們的支持和奉獻，幫助我們實現這一重要的里程碑。我們首次公開募股的成功不僅驗證了我們商業模式的實力，而且為我們提供了資源，以繼續從電子競技向綜合遊戲公司的轉型。

Following our IPO, we took a number of critical steps towards this evolution which extend our gaming ecosystem and diversify our revenue streams by creating complementary verticals and game publishing and hospitality, whilst expanding our operations into new geographies and fortifying our position in talent management.

在我們首次公開募股之後，我們朝著這一發展邁出了一系列關鍵步伐，透過創建互補的垂直行業和遊戲發行及酒店業來擴展我們的遊戲生態系統並使我們的收入來源多樣化，同時將我們的業務擴展到新的地區並鞏固我們在人才管理方面的地位。

For those who are new to our story, I'd like to provide a brief overview of NIP Group's background and our vision for the future. NIP Group is currently a leading digital entertainment company. Our mission is to create a fully integrated digital entertainment ecosystem. Our flagship brand, Ninjas and Pyjamas, founded in year 2000 is one of the most iconic esports organizations worldwide. Over the past two decades, we have built a strong legacy of competitive excellence and a passionate global fan base.

對於那些還不了解我們故事的人，我想簡單介紹一下 NIP 集團的背景和我們對未來的願景。 NIP集團目前是一家領先的數位娛樂公司。我們的使命是創建一個完全整合的數位娛樂生態系統。我們的旗艦品牌 Ninjas and Pyjamas 成立於 2000 年，是全球最具代表性的電競組織之一。在過去的二十年裡，我們建立了卓越的競爭傳統，並擁有熱情的全球粉絲群。

Our business is built around three core pillars. First, our esports teams operations. We manage and operate professional esport teams that compete at the highest levels across multiple game titles. We do this through our two flagship brands; Ninjas and Pyjamas for PC and console, and eStar gaming for mobile esports. Our teams have a rich history of success, capturing numerous championships and establishing NIP as a household name in the esports community. The rise of mobile devices over the past five years have supercharged the competitive mobile games market, opening up a huge opportunity for us to expand into.

我們的業務圍繞著三大核心支柱建立。首先，我們的電競團隊運作。我們管理和經營在多個遊戲中參加最高水準比賽的專業電競團隊。我們透過我們的兩個旗艦品牌來實現這一目標； Ninjas 和 Pyjamas 適用於 PC 和遊戲機，而 eStar gaming 適用於行動電競。我們的團隊擁有豐富的成功歷史，贏得了無數冠軍，並使 NIP 成為電競界的家喻戶曉的名字。過去五年來，行動裝置的興起使得手機遊戲市場競爭更加激烈，為我們拓展市場提供了巨大的機會。

Second is our talent management. We represent a diverse roster of esports athletes, content creators, and influencers. Our talent management division is dedicated to nurturing and promoting these individuals, providing them with the resources and opportunities to grow their personal brands and engage with audiences globally.

第二是我們的人才管理。我們代表著多元化的電競運動員、內容創作者和影響者。我們的人才管理部門致力於培養和提拔這些人才，為他們提供資源和機會，發展他們的個人品牌並與全球觀眾互動。

In October, we strengthened our talent management division and content creation capabilities with the strategic acquisition of Young Will. Young Will is a leader in teen culture themed short video content with over 115 million followers across major social media platforms. This gives us immediate access to engage with Young Will's large audience of young followers, expanding our demographic reach and bringing users more diversified content.

10月份，我們透過策略性收購Young Will，增強了我們的人才管理部門和內容創作能力。 Young Will 是青少年文化主題短影片內容的領導者，在主要社群媒體平台上擁有超過 1.15 億粉絲。這使我們能夠立即與 Young Will 的大量年輕粉絲互動，擴大我們的人口覆蓋範圍並為用戶帶來更加多樣化的內容。

Thirdly is events production. We specialize in organizing and producing high quality esport events and tournaments. Our expertise in event production allows us to deliver immersive experiences for both live audiences and online viewers, enhancing engagement and building stronger connections within the gaming community. Moreover, such confidence enables us to dive into other event opportunities such as music festivals, animation comic game novel, aka ACGN exhibitions and others.

三是活動製作。我們專門組織和製作高品質的電子競技賽事和錦標賽。我們在活動製作方面的專業知識使我們能夠為現場觀眾和線上觀眾提供身臨其境的體驗，增強參與度並在遊戲社群內建立更緊密的聯繫。而且，這樣的信心也讓我們深入其他活動機會，例如音樂節，動漫，遊戲，小說，又名ACGN展覽等等。

Since our IPO in July, we have been actively transforming and expanding our businesses to capture new opportunities and drive growth. Our strategic focus has been on key three areas; revenue diversification, geographic expansion, and innovation.

自7月首次公開募股以來，我們一直積極轉型和擴展業務，以抓住新機會並推動成長。我們的策略重點一直集中在三個關鍵領域；收入多樣化、地理擴張和創新。

Firstly, we are continuing to diversify our revenue streams to reduce reliance on any single segment and to capitalize on emerging opportunities within the gaming and entertainment industry. In August, we launched our first esports themed hotel business through a joint venture partnership with Homeinns' Hotels Group. This venture allows us to create unique gaming centric experiences for guests, blending hospitality with immersive esports and gaming elements.

首先，我們將繼續實現收入來源多元化，以減少對單一部分的依賴，並利用遊戲和娛樂產業內的新興機會。 8月，我們與如家酒店集團合資推出了首個電競主題酒店業務。此次合作使我們能夠為客人創造以遊戲為中心的獨特體驗，將熱情好客與沉浸式電子競技和遊戲元素融為一體。

By leveraging our brand and expertise, we aim to tap into the growing demand for experiential entertainment. In September, we entered the gaming publishing market, a significant step to becoming a fully integrated esports game publisher. Our publishing strategy is multifaceted, focusing on esports oriented titles whilst exploring opportunities in various gaming categories. This move not only diversifies our revenue streams, but also leverages our existing strengths in esports talent management, events productions to create synergies across our business lines.

透過利用我們的品牌和專業知識，我們旨在滿足日益增長的體驗式娛樂需求。 9 月，我們進入遊戲發行市場，這是成為全面整合的電競遊戲發行商的重要一步。我們的出版策略是多方面的，專注於電子競技遊戲，同時探索各種遊戲類別的機會。此舉不僅使我們的收入來源多樣化，而且還利用我們在電競人才管理、活動製作方面的現有優勢，在我們的業務線之間產生協同效應。

We are in a very advanced stage ready to release our first mobile game [Riea tadis] Developed by a local gaming developer, this unique ACGN genre based mobile game marks a significant first milestone in our gaming portfolio. We already secured mainstream publishing platforms such as Taptap and Bilibili as our distribution channels.

我們正處於準備發布我們的第一款手機遊戲 [Riea tadis] 的非常高級的階段。我們已經鎖定Taptap、Bilibili等主流發行平台作為我們的發行管道。

We expect to leverage our three core businesses to build an entire esport ecosystem around the game, where there will be a full fledged league, clubs, and streamers. This shows our continuous strategy to link all business pillars to become a comprehensive gaming company.

我們希望利用我們的三大核心業務圍繞遊戲建立一個完整的電子競技生態系統，其中將有一個成熟的聯盟、俱樂部和主播。這體現了我們持續的策略，即連結所有業務支柱，成為一家綜合性遊戲公司。

The game developer invested over RMB100 million in development costs which is significant in the mobile gaming industry. It boasts a product caliber that is recognized as S level within the industry. Following two comprehensive testing phases, both retention rates and monetization metrics have aligned with our projected benchmarks. Moreover, the game has achieved an A plus rating from many third-party channels showcasing its exceptional quality and market appeal.

該遊戲開發商投入了超過1億元的開發成本，這在行動遊戲產業中具有重要意義。產品品質達到業界公認的S級。經過兩個全面的測試階段，留存率和貨幣化指標都已符合我們預期的基準。此外，遊戲還在多個第三方管道獲得A+評級，展現了其卓越的品質和市場吸引力。

We target to launch [Riea tadis] before the year end. The launch of [Riea tadis] is not only a milestone for our group but also signifies the company's expansion into the competitive gaming market. It demonstrates our ability to diversify business portfolio and tap into the growing demand for unique gaming experiences. This strategic move is expected to strengthen our brand presence in the industry and attract a new demographic of gamers. Moreover, it positions our group as a key player in the gaming market. Setting the stage for future collaborations and innovative gaming experiences that will contribute to the company's long term growth and success.

我們的目標是在年底前推出 [Riea tadis]。 [Riea tadis]的推出不僅是我們集團的一個里程碑，也標誌著公司向競爭激烈的遊戲市場擴張。它證明了我們實現業務組合多元化和滿足對獨特遊戲體驗日益增長的需求的能力。這項策略性舉措可望加強我們在業界的品牌影響力，並吸引新的遊戲玩家群。此外，它使我們集團成為遊戲市場的重要參與者。為未來的合作和創新的遊戲體驗奠定基礎，這將有助於公司的長期發展和成功。

Secondly, we are expanding our geographic footprint to tap into high growth markets into the Middle East. Earlier this year, we entered into a strategic collaboration agreement with Abu Dhabi Department of Culture and Tourism, which involves hiring local staff, promoting the local gaming industry, and boosting the Emirates reputation in the global gaming industry. This November, we are closing the process of entering a non-binding term sheet with the Abu Dhabi Investment Office, ADIO to bring our esports and broader game offerings to this region.

其次，我們正在擴大我們的地理覆蓋範圍，以進入中東的高成長市場。今年早些時候，我們與阿布達比文化和旅遊部簽署了戰略合作協議，內容包括僱用當地員工、推廣當地博彩業以及提升阿聯酋在全球博彩業的聲譽。今年 11 月，我們將與阿布達比投資辦公室 (ADIO) 簽署一份不具約束力的條款清單，將我們的電子競技和更廣泛的遊戲產品帶到該地區。

We are also excited to announce our upcoming plans to establish regional headquarters in Abu Dhabi as a hub for operations in the Middle East. We'll be recruiting a team of professionals with deep industry and regional expertise. Beyond geographic expansion, this partnership provides us with significant financial support and resources to accelerate our global growth initiatives and establish a strong presence in a market poise for a significant expansion with Abu Dhabi as a global base.

我們也很高興地宣布我們即將在阿布達比建立地區總部，作為中東業務的樞紐。我們將招募一支具有深厚產業和區域專業知識的專業團隊。除了地理擴張之外，此次合作還為我們提供了重要的財政支持和資源，以加速我們的全球成長計劃，並以阿布達比為全球基地，在市場上建立強大的影響力，為大規模擴張做好準備。

Thirdly, we continue to drive innovation across all our businesses. Our events production segment has shown remarkable growth, achieving a 376.5% revenue increase year over year in the first half of 2024. This success is a testament to our team's ability to create engaging and high quality events that resonate with audiences globally. We are investing in advanced technology and talent to enhance our production capabilities, which not only elevate the experience for participants and viewers but also strengthens our relationships with sponsors and partners.

第三，我們持續推動所有業務的創新。我們的活動製作部門取得了顯著的成長，2024 年上半年的營收年增 376.5%。我們正在投資先進的技術和人才來增強我們的製作能力，這不僅提升了參與者和觀眾的體驗，而且加強了我們與贊助商和合作夥伴的關係。

Financially, we are pleased with our performance in the first half of the year amidst the challenging macroeconomic environment. We maintain stable revenues reporting $39.3 million in net revenues for the first half of 2024 compared to $38.6 million in the same period last year. Importantly, we significantly narrowed our net loss to $4.7 million from $11.3 million, demonstrating our focus on operational efficiency and a clear path towards profitability.

財務方面，儘管宏觀經濟環境充滿挑戰，我們對上半年的業績感到滿意。我們維持穩定的收入，2024 年上半年的淨收入為 3,930 萬美元，而去年同期為 3,860 萬美元。重要的是，我們將淨虧損從 1,130 萬美元大幅縮小至 470 萬美元，顯示我們注重營運效率並明確了獲利途徑。

Also, our adjusted EBITDA for the first half of 2024 increased by 7% compared with the same period of 2023. Now looking ahead, our recent public listing provides us with greater access to capital markets, enabling us to invest in high potential areas and explore strategic acquisitions that align with our long-term vision. We are excited about the potential of our new initiatives and are confident that our diversified business model positions us well to navigate the evolving landscape of gaming and digital entertainment industry.

此外，我們 2024 年上半年的調整後 EBITDA 與 2023 年同期相比成長了 7%。我們對新措施的潛力感到非常興奮，並相信我們的多元化商業模式能夠讓我們很好地駕馭遊戲和數位娛樂產業不斷變化的格局。

NIP Group is uniquely positioned at the intersection of gaming, entertainment, and technology. Our strategic initiatives are gaining momentum and we are committed to delivering exceptional value to our shareholders, providing unparalleled experiences to our audiences and fostering a dynamic inclusive culture within our organization.

NIP 集團在遊戲、娛樂和科技的交匯處擁有獨特的地位。我們的策略性舉措正在加速推進，我們致力於為股東提供卓越的價值，為觀眾提供無與倫比的體驗，並在我們的組織內培育充滿活力的包容性文化。

Thank you for your continued support. I will now turn the call over to my Co-CEO Mr. Hicham Chahine, who will provide more details on our operational achievements and future plans.

感謝您一直以來的支持。現在，我將電話轉給我的聯合執行長 Hicham Chahine 先生，他將提供有關我們的營運成就和未來計劃的更多詳細資訊。

Thank you, Mario, and hello, everyone. I'm excited to share more detailed insights into our operational progress and the initiatives that are driving our growth. Building uponb the strategic vision Mario outlined, I would like to focus on how we're executing these strategies across our business segments and the tangible results we're achieving.

謝謝你，馬裡奧，大家好。我很高興能夠分享更多有關我們的營運進度以及推動我們成長的舉措的詳細見解。基於馬裡奧概述的策略願景，我想重點介紹我們如何在各個業務部門執行這些策略以及我們所取得的實際成果。

Starting with our event production segment, we have significantly expanded our capabilities and offerings. In the first half of 2024 we successfully obtained more large scale event contracts as a result of our business track record and brand recognition. In our talent management division, we are focused on large profile talent acquisition and development as well as making strategic shift to focus on higher margin platforms.

從我們的活動製作部門開始，我們顯著擴展了我們的能力和產品。 2024 年上半年，憑藉我們的業務業績和品牌認知度，我們成功獲得了更多大型活動合約。在我們的人才管理部門，我們專注於大規模人才的取得和發展，並進行策略轉變以專注於利潤率更高的平台。

During the first half of 2024 we launched successful campaigns featuring our talent on platforms like Doujin and Bilibili, resulting in a new path to higher margin revenues. We continue to invest in talent incubation programs to identify and nurture emerging influencers and esports athletes, ensuring a pipeline of fresh talent for the future. Regarding our game publishing initiative, our team has been actively working on a slate of new initiatives.

2024 年上半年，我們在同人、嗶哩嗶哩等平台上成功開展了以我們的人才為特色的活動，從而開闢了一條提高利潤收入的新途徑。我們持續投資人才孵化計劃，以發現和培養新興影響力人士和電競運動員，確保未來擁有充足的新鮮人才。關於我們的遊戲發行計劃，我們的團隊一直在積極開展一系列新措施。

In the first half of 2024, we took significant steps in building our gaming ecosystem solidifying ourselves as a holistic gaming entertainment company. After listing, we have built a seasoned and experienced publishing team seeking to discover top tier games and bringing them to market as a publisher utilizing our scale and operational capabilities.

2024 年上半年，我們在建立遊戲生態系統方面邁出了重要一步，鞏固了我們作為全方位遊戲娛樂公司的地位。上市後，我們建立了一支經驗豐富的出版團隊，致力於發掘頂級遊戲，並利用我們的規模和營運能力以出版商的身份將它們推向市場。

In addition to Taptap and Bilibili, we're in advanced stages of negotiating with key distribution channels to ensure broad accessibility upon release of our first game. As Mario earlier mentioned, we're in a very advanced stage ready to release our first mobile game before year end, and it has received good feedback during the initial testing phases.

除了Taptap和Bilibili之外，我們還在與主要分銷管道進行後期談判，以確保我們的第一款遊戲發布後能夠得到廣泛的傳播。正如馬裡奧之前提到的，我們目前已做好準備，將在年底前發布我們的第一款手機遊戲，而且它在初始測試階段就獲得了良好的反饋。

Finally, on our expansion into the Middle East, we fundamentally believe in the growth of the Middle East as an emerging global gaming hub, and we have taken concrete steps to establish our presence and taking a leading market position. We opened a regional office in Abu Dhabi earlier this year and are in the process of building a team with deep market knowledge. We're closely collaborating with various local governmental bodies and commercial players to develop, build, and promote esports and gaming initiatives as well as being a corner stone stakeholder in contributing to the Emirates long term vision to become a global hub for esports and gaming.

最後，關於我們向中東擴張的目標，我們從根本上相信中東將發展成為新興的全球遊戲中心，我們已經採取切實措施確立我們的地位並佔據領先的市場地位。我們今年稍早在阿布達比開設了地區辦事處，並正在組建一支具有深厚市場知識的團隊。我們正在與各個地方政府機構和商業參與者密切合作，開發、建立和推廣電子競技和遊戲計劃，並成為阿聯酋成為全球電子競技和遊戲中心的長期願景的基石利益相關者。

Looking ahead, we remain focused on executing our strategic plans with excellence. We are exploring additional markets for expansion, evaluating potential acquisitions that align with our core competencies, and continuously innovate our existing offerings. As always, we remain focused on the efficiency of our operations.

展望未來，我們將繼續專注於卓越地執行我們的策略計劃。我們正在探索其他擴張市場，評估符合我們核心競爭力的潛在收購，並不斷創新我們現有的產品。像往常一樣，我們仍然注重營運效率。

We're confident that our operational advancements combined with our strategic initiatives position us well for sustained long-term growth and profitability. Our dedicated team, robust infrastructure, diversified revenue streams, global presence, strong industry relationships are all key assets that will drive our continued success.

我們相信，我們的營運進步與策略性舉措相結合，將使我們實現長期持續的成長和獲利。我們敬業的團隊、強大的基礎設施、多樣化的收入來源、全球影響力和牢固的行業關係都是推動我們持續成功的關鍵資產。

In closing, I want to thank our employees for their passion and hard work, our partners for their collaboration, and our shareholders for their trust and support. We're enthusiastic about the opportunities ahead and look forward to updating you on our progress in the coming quarters.

最後，我要感謝員工的熱情和努力、我們合作夥伴的合作以及我們股東的信任和支持。我們對未來的機會充滿熱情，並期待在接下來的幾季向您通報我們的進展。

Thank you. I will now turn the call over to Ben Li, who will discuss our financial performance in more detail.

謝謝。現在我將電話轉給 Ben Li，他將更詳細地討論我們的財務表現。

Thank you, Hicham, and hello everyone again. I am pleased to share our financial results for the first half of 2024 which reflect the positive momentum of our strategic transformation. Despite a challenging macroeconomic environment, we maintained stable revenues and made significant strides improving our bottom line. Total net revenue for the first half of 2024 were $39.3 million, a slight increase from $38.6 million in the same period of 2023. The appreciation of the US dollar compared to the RMB had a negative effect on a reported revenue this period of approximately $1.5 million. By excluding the impact of foreign exchange, revenues for the first half 2024 would have been [$40.9 million] implying the year over year growth rate at around 6%.

謝謝你，Hicham，大家好。我很高興分享我們 2024 年上半年的財務業績，這反映了我們策略轉型的正面動能。儘管宏觀經濟環境充滿挑戰，我們仍然保持了穩定的收入，並在提高獲利能力方面取得了重大進展。 2024 年上半年的總淨收入為 3,930 萬美元，較 2023 年同期的 3,860 萬美元略有增加。排除外匯的影響，2024 年上半年的收入將達到 [4,090 萬美元]，這意味著同比增長率約為 6%。

Looking at our revenue breakdown in more detail. Revenues from our event production segment was a primary contributor to our stable revenue this period. It accounted for around 22% of our revenue compared with just 4.7% in the same period last year. Event production revenues increased by an impressive 376.5% a year over year to $8.7 million.

更詳細地了解我們的收入細目。活動製作部門的收入是我們本期穩定收入的主要貢獻者。它占我們收入的22%左右，而去年同期僅為4.7%。活動製作收入年增376.5%，達870萬美元。

Revenues from our esports teams operations were $8.8 million versus $9.9 million in the same period last year. The decline reflects a challenging macroeconomic environment which translate to reduction in marketing budgets by advertisers. Revenues from talent management services were $21.9 million versus $26.9 million in the same period last year reflecting our migration to a high-performance online entertainment platform.

我們的電競團隊營運收入為 880 萬美元，而去年同期為 990 萬美元。這種下降反映了嚴峻的宏觀經濟環境，導致廣告商減少行銷預算。人才管理服務收入為 2,190 萬美元，而去年同期為 2,690 萬美元，這反映了我們向高效能線上娛樂平台的轉變。

While revenues in the segment saw decline, this transition is expected to improve margins and contribute to long term profitability. Our gross profits increased to $2.4 million from $2.3 million in the same period last year, with gross margin improving slightly to 6% from 5.9%. This improvement is mainly attributable to the increase in event production revenues partially offset by the decline in talent management service revenues.

雖然該部門的收入有所下降，但這項轉型預計將提高利潤率並有助於長期獲利。我們的毛利從去年同期的 230 萬美元增至 240 萬美元，毛利率從 5.9% 小幅提高至 6%。這項改善主要歸因於活動製作收入的增加，但人才管理服務收入的下降部分抵消了這種成長。

In terms of operational efficiency, GAAP wise, we significantly narrowed our net loss to $4.7 million in the first half of 2024 compared with a net loss of $11.3 million in the same period of 2023. This substantial reduction reflects our continuous focus on operational efficiency and cost optimization across all business segments.

就營運效率而言，以 GAAP 計算，我們 2024 年上半年的淨虧損大幅收窄至 470 萬美元，而 2023 年同期的淨虧損為 1,130 萬美元。

Our adjusted EBITDA was negative $2.6 million consistent with negative $2.7 million in the same period last year. While we are not yet EBITDA positive, we are making good progress towards our goal of achieving sustainable profitability. Our balance sheet remains solid, providing us with the financial flexibility to execute our growth strategy while maintaining operational stability.

我們的調整後 EBITDA 為負 260 萬美元，與去年同期的負 270 萬美元一致。儘管我們的 EBITDA 尚未實現正值，但我們在實現可持續盈利的目標方面正在取得良好進展。我們的資產負債表依然穩健，為我們提供了執行成長策略同時維持營運穩定性的財務彈性。

The successful IPO in July has strengthened our capital position, enabling us to invest in high potential areas and pursue strategic acquisitions that align with our long-term vision.

7 月的成功 IPO 增強了我們的資本地位，使我們能夠投資於高潛力領域並進行符合我們長期願景的策略性收購。

In conclusion, our financial performance in the first half of 2024 demonstrates the effectiveness of our strategic transformation. We have maintained revenue stability, significantly improved our bottom line, and strengthen our financial position.

總而言之，我們 2024 年上半年的財務表現證明了我們策略轉型的有效性。我們維持了收入穩定，顯著提高了我們的獲利水平，並加強了我們的財務狀況。

Looking ahead, we remain committed to balancing top line growth with operational efficiency and our profitability goals. Our strategic initiatives are beginning to yield positive results, and we are confident in our ability to drive sustainable growth and enhance shareholder value. We will continue to focus on executing our growth strategy, optimizing our operations, and capitalizing on emerging opportunities in the gaming and digital entertainment industry.

展望未來，我們仍致力於平衡營收成長與營運效率和獲利目標。我們的策略性舉措開始取得正面成果，我們有信心推動永續成長並提高股東價值。我們將繼續專注於執行我們的成長策略，優化我們的運營，並利用遊戲和數位娛樂產業的新興機會。

Thank you all for your support and confidence in NIP group. We look forward to delivering continued progress in the quarters ahead.

感謝大家對NIP集團的支持與信任。我們期待在未來幾季繼續取得進展。

Everyone, this concludes our prepared remarks for today. Sarah, operator, we are now ready to take questions. Thank you.

各位，今天的準備發言到此結束。莎拉，接線員，我們現在可以回答問題了。謝謝。

(Operator Instructions)

（操作員指令）

Bo Pei, US Tiger Securities.

裴博，美國老虎證券。

Hi, NIP G management, thanks for taking my questions. I have two. So the first question, could you elaborate on the latest developments of the Esport theme hotel joint venture with Homeinns? We will focus on this model in the future or expand into other offline modes like internet cafes like WYWK? And how much investment will be put into this hospitality JV, including fixed and variable cost, and what is the schedule for this? And what timing can we expect? And what does the revenue share look like? Thank you. That's my first question.

您好，NIP G 管理層，感謝您回答我的問題。我有兩個。那麼第一個問題，您能否介紹一下與如家合資的電競主題酒店的最新進展？我們未來會專注於這個模式還是會拓展到其他線下模式例如WYWK這樣的網吧？這個飯店合資企業將投入多少投資，包括固定成本和變動成本，以及計畫是怎樣的？我們可以期待什麼時間？收入份額是怎樣的？謝謝。這是我的第一個問題。

Thank you. This is Mario. So in terms of latest developments, we have already completed the interior and spacing design work. We have already decided which esports hardware company to work with. We are now going to decide in the next coming month which location the first esport hotel from this company will be at. So that's most of the developments.

謝謝。這是馬裡奧。因此就最新開發而言，我們已經完成了室內和空間設計工作。我們已經決定與哪家電子競技硬體公司合作。我們現在將在下個月決定該公司的第一家電競酒店將位於哪個地點。這就是大部分的發展。

And essentially, your second question about whether we'll focus on this model or expand into similar things like internet cafes, I think we will be focusing on this model as we expect the esport hotel industry to actually overtake internet cafes and to take a majority market share in the offline gaming industry. So we believe in this model.

本質上，你的第二個問題是，我們是否會專注於這種模式，還是擴展到類似網咖之類的領域，我認為我們將專注於這種模式，因為我們預計電子競技酒店行業實際上將超越網吧，並佔據線下遊戲行業的多數市場份額。所以我們相信這個模型。

In terms of how much investment will be put into the JV, we're looking to put between $0.5 million to $1 million. And the schedule will essentially be tied to the development, the actual construction and renovation of the first store. In terms of timing of opening, we expect some time nearing the end of Q2, the latest to be early Q3 for our first esport hotel to be fully launched. And the revenue share would look at -- would look like 60-40, 60 to NIP G and 40 to Homeinns' Hotels Group. Thank you.

關於對合資企業的投資額，我們預計投資 50 萬至 100 萬美元。該時間表基本上與第一家店的開發、實際建設和裝修掛鉤。在開業時間方面，我們預計我們的第一家電競酒店將在第二季末全面開業，最晚將在第三季初開業。收入份額看起來是 60-40，60 給 NIP G，40 給如家酒店集團。謝謝。

Thank you. That's very helpful. And I have another question. So as the game -- as the company enters the game publishing sector, could you share more details about the upcoming games and future publishing plans? And what are the main differences between NIP G and other publishers in the game publishing field? Is the company more inclined to publish competitive games? Would you opt for co publishing or exclusive publishing models? What is the expected pay rate? And how much investment will the game production division need? When do you expect to release your first game? Thank you.

謝謝。這非常有幫助。我還有一個問題。那麼，隨著公司進入遊戲出版領域，您能否分享即將推出的遊戲和未來出版計畫的更多細節？而NIP G與遊戲發行領域的其他發行商的主要差異又是什麼呢？該公司是否更傾向發行競技遊戲？您會選擇聯合出版還是獨家出版模式？期望薪酬率是多少？而遊戲製作部門需要多少投資呢？您預計何時發布您的第一款遊戲？謝謝。

So Mario here. So in terms of our upcoming games, our main one is going to be released by year end, which is our first mobile game, (inaudible). And our future publishing plans will revolve around esport competitive games. But at the same time, we're open to other genres as well.

所以馬裡奧就在這裡。所以就我們即將推出的遊戲而言，我們的主要遊戲將在年底發布，這是我們的第一款手機遊戲，（聽不清楚）。而我們未來的發行計畫也會圍繞著電競競技遊戲展開。但同時，我們也對其他類型持開放態度。

We are also going to look at WeChat mini program games in parallel to launching (inaudible). We expect to have two publishing arms, one for mobile games on the traditional distribution channels like IOS, Huawei, Vivo, Bilibili, Taptap, and then the other arm to be mainly focused on the rapid growing market of Wechat mini games.

我們也將同時研究微信小程式遊戲（聽不清楚）。我們預計將擁有兩個發行部門，一個負責傳統分銷管道上的手機遊戲，如 IOS、華為、Vivo、Bilibili、Taptap，另一個部門則主要專注於快速成長的微信小遊戲市場。

Now, the main differences between NIP Group and other publishers is that we have full-fledged esport capabilities. We know how a league should be built. We know how a league should be promoted online and offline. We have our own events production team which has created numerous events for leagues from other game publishers. So this makes us very special in the sense that we have all the capabilities that's needed for a game, competitive game to have a very well-made competitive league. And that is exactly what we are going to do for (inaudible).

現在，NIP 集團與其他出版商的主要區別在於我們擁有成熟的電子競技技能力。我們知道應該如何建立聯盟。我們知道聯盟應該如何在線上和線下進行推廣。我們有自己的活動製作團隊，已經為其他遊戲發行商的聯盟製作了大量活動。因此，這讓我們變得非常特別，因為我們擁有遊戲所需的所有能力，可以創造一個非常完善的競技聯盟。這正是我們要做的（聽不清楚）。

So right after launch, we will be shortly announcing our plans for the competitive league, how it will be structured, how many clubs and which clubs will be invited to participate, how many permanent franchise slots we will be offering out details like that will come shortly after the game is published. Of course, our events production team will then proceed to create the league offline. We'll also create a professional level league. We'll also create games and events and competitions that take place on the university level and the nonprofessional level as well.

因此，在遊戲發布後，我們很快就會宣布我們的競技聯賽計劃，包括聯賽結構、將邀請多少個俱樂部以及哪些俱樂部參加，我們將提供多少個永久特許經營名額，這些細節將在遊戲發布後不久公佈。當然，我們的活動製作團隊隨後將繼續線下打造聯賽。我們還將創建一個職業級別的聯賽。我們還將創建在大學級別和非專業級別舉行的遊戲、活動和比賽。

And to look at your other questions in terms of co-publishing or exclusive publishing models, I think this really depends on the games that we're able to sign. We're constantly going to look at the best tier S tier games like (inaudible). And depending on the appetite and preference of the game developer, we will decide which publishing model to use, but we are not tied to any single one.

至於您關於聯合出版或獨家出版模式的其他問題，我認為這實際上取決於我們能夠簽約的遊戲。我們將不斷關注最好的 S 級遊戲，例如（聽不清楚）。根據遊戲開發商的興趣和偏好，我們將決定採用哪種出版模式，但我們不會局限於任何一種模式。

The expected take rate should be market standard from $100, we'd make $45 revenue. And then $30 out of the $45 would go to the developers, so we would take that. And in terms of how much investment the game production division will need, we have invested a few million dollars already into this production line. We expected it to yield significant revenues for the company starting Q1 2025 right away as the game launches by year end. And then in terms of further investment will of course be tied to how the game is published and also how many more games we will be signing and publishing at the same time. Thank you.

預期盈利率應為市場標準，從 100 美元開始，我們將獲得 45 美元的收入。然後，45 美元中​​的 30 美元將歸開發商所有，所以我們會拿走這筆錢。至於遊戲製作部門需要多少投資，我們已經在這條生產線上投資了幾百萬美元。我們預計，隨著遊戲在年底推出，它將從 2025 年第一季開始為公司帶來可觀的收入。然後，進一步的投資當然將與遊戲的發布方式以及我們將同時簽約和發布多少款遊戲有關。謝謝。

Got it. That's very helpful. Thank you so much.

知道了。這非常有幫助。太感謝了。

Chi Zhang, [Gwang Fell Securities]

張馳，[光輝證券]

Thank you, Management, for taking my question. I have two questions. My first question is regarding the acquisition of Young Will. Do you plan to expand into the entertainment field? What potential is it between this part of the business and the east part business?

謝謝管理層回答我的問題。我有兩個問題。我的第一個問題是關於收購 Young Will 的。有計劃進軍娛樂領域嗎？這部分業務和東部業務之間有什麼潛力？

Thank you. Mario here. So through the acquisition of Young Will, we are already expanded into the pan entertainment field, and this is definitely a growing market that we are very excited about. Now, in terms of synergies, Young Will has core competitive capabilities when it comes to content creation, when it comes to increasing following for their talent, and also the creation of content that is catered towards a younger audience as well as on a very, very well performing and growing platforms such as Douyin, the Tiktok version in China.

謝謝。這裡是馬裡奧。因此，透過收購 Young Will，我們已經擴展到泛娛樂領域，這絕對是一個令我們非常興奮的成長市場。現在，就協同效應而言，Young Will 在內容創作方面具有核心競爭力，在增加其人才的關注度方面，以及在針對年輕觀眾的內容創作方面，以及在表現非常出色且不斷發展的平台（例如抖音，中國的 Tiktok 版本）上。

So essentially, we see a lot of synergies, but the main one is that we believe content creation and increasing followers is a skill that is universal. So it will be applied for our existing esport talent, for our existing esport athletes, all of their personal branding, their account management, their following will also be increased. The content produced for these esport athletes, these very important assets to our company will now be improved because of the acquisition of Young Will.

因此，從本質上講，我們看到了很多協同作用，但最主要的是，我們相信內容創作和增加粉絲是一項通用的技能。因此，它將應用於我們現有的電競人才、我們現有的電競運動員，他們的所有個人品牌、他們的帳戶管理、他們的追隨者也將增加。為這些電競運動員製作的內容，這些對我們公司來說非常重要的資產，現在因為收購了 Young Will 而得到改善。

So we very are excited of the capabilities that we are acquiring from Young Will. But as well as the assets that come with Young Will, which are many very very famous talents in China already on Douyin, some of which have fans over 10 million. And we will look to see the synergies that that will happen when they stream and create content together with our esports celebrities. Thank you.

因此，我們對從 Young Will 獲得的能力感到非常興奮。但除了 Young Will 帶來的資產之外，抖音上已經有很多中國非常著名的藝人，其中一些的粉絲超過 1000 萬。我們希望看到當他們與我們的電競名人一起直播和創作內容時產生的協同效應。謝謝。

Thank you, management. And my second question is concerning the partnership with (inaudible) office. Could you discuss the specific strategy plans for extension in the Middle East and North Africa region? Can you share more details on operations and the timing for financial contribution? Thank you.

謝謝管理層。我的第二個問題是關於與（聽不清楚）辦公室的合作關係。您能談談中東和北非地區擴展的具體策略計畫嗎？您能否分享更多有關營運和財務貢獻時間的細節？謝謝。

Thank you for the question. Hicham here on that topic, I'll take it. We all have seen over the last two years, the Middle East has become increasingly more important to esports and video games and that is primarily fueled by large state and private investments going into the space. And we recognized this trend about 2.5 years ago and started positioning ourselves for that.

感謝您的提問。希查姆 (Hicham) 在這裡談論這個話題，我會接受。我們都看到，在過去的兩年裡，中東對電子競技和電玩遊戲變得越來越重要，這主要是由於大量國家和私人投資進入該領域。我們在大約兩年半前就認識到了這個趨勢，並開始為此做好準備。

So what does that mean for us and the company, well, we spent a long period of time building up relationships, positioning ourselves with the right stakeholders, both from the government side but also from the private sector in order to be in the best position in the current market landscape of any of our competitors. And we are confident that we have achieved that.

那麼這對我們和公司意味著什麼？我們有信心我們已經實現了這個目標。

Now, what does it mean for the company with us positioning ourselves for the Middle East? Well, we are looking to capitalize on Middle East being one of the frontiers of future esports growth. And to capitalize on that, we have taken the strategic decision to establish global HQ to centralize certain group functions in the region. So you will probably be looking at the financial side. IR, PR, content creation, but also a wide range of local activities when it comes to talent development and esports activities.

那麼，這對我們公司在中東地區的定位意味著什麼？好吧，我們希望利用中東作為未來電競發展的前沿之一。為了利用這一點，我們做出了建立全球總部的策略決策，以集中該地區的某些集團功能。因此您可能會關注財務方面。 IR、PR、內容創作，以及人才培養和電子競技活動方面的廣泛的本地活動。

Now, if you look at the financial terms and agreements that we currently have in place and are entering in the region. From before, we have an agreement with the Department of Culture and Tourism in Abu Dhabi, which is a smaller size agreement than what the Abu Dhabi investment office term sheet is. And the DCT agreement from before subsidizes things like our payroll, leasing, it eases our operational hurdle hurdles and so on.

現在，如果你看一下我們目前在該地區制定的和正在簽訂的財務條款和協議。先前，我們與阿布達比文化和旅遊部達成了一項協議，該協議的規模比阿布達比投資辦公室的條款清單還要小。先前的 DCT 協議對我們的薪資、租賃等方面進行了補貼，減輕了我們的營運障礙等等。

And after a year of operations in out of Abu Dhabi and taking that as the home base for the Middle Eastern growth consolidating global group functions there, we've also arrived that we wanted to take it to the next level. And this is where the agreement with Abu Dhabi Investment Office comes in. And to address your questions on what does it mean in terms of financials. Well, the term sheet that is currently being signed provides the company with a US dollar amount of eight figures per year over a period of four years. And the financial contribution of that begins in 2025. And we do expect the definitive long-term agreement to be completed by end of this year.

在阿布達比營運一年後，我們將其作為中東成長的大本營，鞏固了全球集團的功能，我們也希望將其提升到一個新的水平。這就是與阿布達比投資辦公室達成的協議。嗯，目前正在簽署的條款清單為該公司在四年內每年提供八位數的美元金額。而財務貢獻將從 2025 年開始。

Thank you, very clear.

謝謝，非常清楚。

Robin Chen, [Suel Securities International].

Robin Chen，[Suel Securities International]。

Hi, management. Thanks for taking my questions. I've got two questions, and the first one is concerning the topline growth. Could you please analyze the main drivers behind the high revenue growth in the event production segment? And how will this growth be sustained? And looking forward, how when will the revenues pick up from the esports team operations? And how do you expect the revenue mix from your business lines to be going forward? That's my first question. Thank you.

你好，管理層。感謝您回答我的問題。我有兩個問題，第一個問題涉及營業額成長。您能否分析一下活動製作領域收入高成長的主要驅動力？這種成長如何維持下去？展望未來，電競團隊營運的收入何時能回升？您預期未來您的業務線的收入結構將會如何？這是我的第一個問題。謝謝。

Thank you. Mario here. So the main drivers behind the 376.5% revenue growth in the events production segment has a few reasons. Number one is that we have expanded our product offering. So we used to be doing purely esport tournaments, but now we have started to do anime conventions. We have gone into the markets of music festivals, both of which are growing segments in the market. We've also expanded our footprint across more provinces.

謝謝。這裡是馬裡奧。活動製作部門收入成長 376.5% 的主要驅動因素有幾個。首先，我們擴大了產品供應。所以我們以前只是舉辦純粹的電競錦標賽，但現在我們已經開始舉辦動漫展會了。我們已經進入音樂節市場，這兩個市場都是正在成長的領域。我們的業務範圍也擴展到了更多省份。

So previously, we were mostly doing events in the Hubei province, but now there are only a few provinces on the entire map of China that we do not cover and yet, and we haven't done business as that. So that of course, entails a lot more local governments, SOEs, and major companies that want to work with us. So we expect this pipeline to be very much sustainable and growth to continue at a very fast pace.

以前，我們主要在湖北省舉辦活動，但現在，整個中國地圖上只有幾個省份我們沒有涵蓋，我們還沒有開展這樣的業務。因此，這當然需要更多的地方政府、國有企業和大企業願意與我們合作。因此，我們預計這條管道將非常可持續，並且將繼續快速成長。

And at the same time, we have now further proved ourselves in terms of the quality of the events that we produce as well as the capability of being able to produce massive events. So previously from Tencent, from Netease these game publishers, we do a lot of events for their, for example, university level competitions or their semi-professional competitions. But now that we've proven ourselves, we are able to secure bigger contracts for events such as professional level tour finals that take place. So here is here are basically some of the few reasons as to why we are able to have such a big growth.

同時，我們進一步證明了我們舉辦的活動的品質以及舉辦大型活動的能力。之前我們和騰訊、網易這些遊戲發行商合作，為他們舉辦了許多活動，例如大學級別的比賽或半職業比賽。但現在我們已經證明了自己，我們能夠獲得更大的合同，例如舉辦職業級巡迴賽總決賽等賽事。以下是我們能夠實現如此大成長的幾個基本原因。

And then to your other questions, when will revenues pick up from esport operations? We expect that to happen hopefully when the Olympics for Esports actually take place, I think that will create a much bigger wave of attraction when it comes to dollars being spent back into advertisements in esports. And of course, whenever there are years such as the Asian Games, these major events will create bigger years for esports going forward. And of course, if our results are able to be better in terms of competitive wise, so we win more trophies that would also pick up our revenues there.

然後回答您的其他問題，電子競技營運的收入何時會增加？我們希望當電子競技奧運會真正舉行時，這種情況能夠發生，我認為這將產生更大的吸引力，讓人們把更多的錢投入到電子競技的廣告中。當然，每當有亞運會這樣的年份，這些大型賽事都會為電競的未來創造更大的發展空間。當然，如果我們的成績在競爭方面能夠更好，我們就會贏得更多的獎杯，這也會增加我們的收入。

Now, the revenue mix more business lines going forward is something that we're excited about. Of course, one obvious line is going to be our game publishing business. We expect that to really contribute to our top line and have a very significant percentage of total revenue starting next year. And of course, we expect the same growth for events production. These two will likely become the top one and top two revenue drivers for our 2025. And both are of course growing in very nice and larger profit margin businesses.

現在，我們對未來收入組合和更多業務線的發展感到興奮。當然，一條明顯的主線就是我們的遊戲發行業務。我們預計這將真正促進我們的營業收入，並從明年開始佔據總收入的非常可觀的比例。當然，我們預期活動製作也會有同樣的成長。這兩個很可能成為我們 2025 年最大的和最大的收入驅動因素。

Thank you.

謝謝。

Thank you so much, Mario. And my second question is concerning expenses and costs. Could you please share the specific measures the company has taken to improve operational efficiency and optimize costs? Thank you.

非常感謝，馬裡奧。我的第二個問題是關於費用和成本。請分享一下公司在提高營運效率、優化成本方面採取的具體措施？謝謝。

Yeah, absolutely. Hicham here. I'll take your question. There's a lot of activities that are going on across the group when it comes to cost. I think the most notable dimensions are still a couple of them. The first one is that we're still extracting efficiencies from the merger between ESV5 and NIP Gaming, which led to the creation of NIP Group. And when we look at those synergies, it's a wide range of them, some of them are double functions following the merger. Another part which has been a big, large contributing factor to that is HR efficiency.

是的，絕對是如此。這裡是希查姆。我來回答你的問題。當談到成本時，整個集團正在進行許多活動。我認為最值得注意的維度仍然是其中幾個。第一個是，我們仍在從 ESV5 和 NIP Gaming 的合併中提取效率，這導致了 NIP 集團的成立。當我們審視這些協同效應時，我們會發現它們的範圍非常廣泛，其中一些在合併​​後具有雙重功能。另一個對這現象影響巨大的因素是人力資源效率。

But doing it in a way where we are enabling growth, we're still making sure that we have an optimal resource situation. So especially in particular, in some parts of our business, we have been able to improve that efficiency by up to 40%.

但我們以促進成長的方式去做，仍然要確保我們擁有最佳的資源狀況。特別是在我們業務的某些部分，我們已經能夠將效率提高高達 40%。

On other sides, it's the basic thing that everyone looks at all the time. And we've been very disciplined on making sure expenditures in terms of ordinary business operations have been kept intact, but also having good structures, good routines when it comes to cost control. I think -- and what is very certain is the element of the esports boom that we experienced from 2016 to 2020 is sort of slowing down, and that has significantly contributed to the costs also going in the right direction.

從另一方面來說，這是每個人時時刻刻關注的基本事物。我們非常嚴格地確保日常業務運營方面的支出保持不變，同時在成本控制方面擁有良好的結構和良好的慣例。我認為——可以肯定的是，我們在 2016 年至 2020 年經歷的電子競技熱潮正在逐漸放緩，這極大地促進了成本朝著正確的方向發展。

Simply because we're seeing that talent and player costs are now normalizing and coming down to levels which are sustainable, we've been extremely disciplined in making sure we find the right talent, the right players, but also at the right cost, and what we can benefit from that. So we've been very cautious even before the merger on both sides of the Chinese business, but also the Western business and making sure that we have appropriate talent costs and you're seeing that normalizing and coming down as well.

因為我們看到人才和球員的成本現在正在正常化並下降到可持續的水平，所以我們非常嚴格地確保我們找到合適的人才、合適的球員，同時也要以合適的成本，以及我們可以從中獲益。因此，即使在合併之前，我們對中國業務和西方業務都非常謹慎，並確保我們擁有適當的人才成本，而且你會看到這一成本也在正常化和下降。

So let's say that our probably the two largest contributing factors to what you would say as recurring expenditures. Now, if you look at 2023 you look at 2024 you look at also certain parts of 2022, we have had larger periods with one-time costs. And those onetime cards are mainly related to M&A activity, the IPO activities which has legal fees, it has auditing costs related to it and costs which are more of a one-time nature which we are not expecting to reoccur at the same level going forward as well. I hope that answered your question.

因此，我們可以說，這可能是造成您所說的經常性支出的兩個最大因素。現在，如果你看看 2023 年、2024 年，以及 2022 年的某些部分，我們都會經歷一次性成本較長的時期。這些一次性卡主要與併購活動、IPO 活動有關，這些活動有法律費用、相關的審計費用以及更多一次性的費用，我們預計這些費用今後不會在同一水平上重複出現。我希望這回答了你的問題。

Great. Thanks a lot.

偉大的。多謝。

[Marco Zhang, Gilongri Research]

[Marco Zhang，Gilongri Research]

Hi, thanks for taking my question. This is [Marco from Gilongri] research. Congrats on your first successful reporting post the IPO and your progress in first half of 2024. So looking ahead, what strategic plans or initiatives do you have for business expansion and exploring new markets?

你好，謝謝你回答我的問題。這是 [來自 Gilongri 的 Marco] 的研究。恭喜您首次公開募股後首次成功報告以及您在 2024 年上半年取得的進展。

This is Hicham here. I'll take your question on that.

這是希查姆 (Hicham)。我將回答你關於這個問題的問題。

As always, we have an existing business, right? And having a successful existing business, we will obviously be making sure that we continue the growth trajectory we are in when it comes to our existing business verticals, which are up and running right. That is the esports side, that is the events production side, that is the MCN side but also announcing what we're doing in hospitality. Hospitality, what we're announcing in game publishing, those are significant strategic expansions which we will be focusing resources and efforts on.

像往常一樣，我們有現有的業務，對嗎？有了成功的現有業務，我們顯然會確保在現有的垂直業務領域繼續保持成長軌跡，這些業務都運作正常。這是電子競技的方面，這是活動製作的方面，這是 MCN 的方面，同時也宣布了我們在酒店業所做的事情。我們在遊戲出版領域宣布的酒店業是重大的策略擴張，我們將集中資源和精力進行擴張。

And then obviously, what we said about what we're doing in the Middle East that comes with a strategy of geographically diversifying our business. And that is extremely important to that. So is that America's region to that. But also, the Western business where at the company, we are looking to increase the proportion of revenues that come from the Middle East, from Europe, from Americas as a key priority of the company going forward.

顯然，我們說過我們在中東所做的事情伴隨著我們業務地理多元化的策略。這對此極為重要。那也是美國的地區。但同時，對於公司的西方業務，我們希望增加來自中東、歐洲和美洲的收入比例，這是公司未來的首要任務。

So a lot of activity picked up in other geographic regions and increased focus there. And I will also say just like we communicated during our road show, which we have proven over the last couple of years is our M&A strategy, right? NIP group was built, and part of that building was because we have been extremely disciplined and successful in doing M&A. And also post IPO, We have been continuing the M&A strategy in form of the acquisition of Young Will. And we have a pipeline which we are looking at exploring in terms of M&A to fuel the growth of the company to take it to the next level.

因此，其他地理區域的許多活動也開始活躍起來，並引起了人們的注意。我還要說，就像我們在路演中傳達的那樣，過去幾年我們已經證明這是我們的併購策略，對吧？ NIP 集團之所以能夠成立，部分原因在於我們在併購方面極為嚴謹且成功。首次公開募股後，我們也透過收購 Young Will 繼續推行併購策略。我們有一個管道，正在考慮透過併購的方式進行探索，以推動公司的成長，將其提升到一個新的水平。

I hope that answers your question.

我希望這能回答你的問題。

Okay. Yeah. Okay, that's great. Congrats again on your progress. Operator. I have no more question.

好的。是的。好的，太好了。再次恭喜你的進步。操作員。我沒有其他問題了。

Thank you, Marco.

謝謝你，馬可。

Thank you. If there are no further questions, I'd like to hand the conference back to our management for closing remarks.

謝謝。如果沒有其他問題，我想將會議交還給我們的管理階層，以便他們作結束語。

I guess thank you everybody for your time and looking forward to report more good news in the upcoming quarters. Thank you.

我想感謝大家的時間，並期待在接下來的幾季中報告更多好消息。謝謝。

Thank you, everyone.

謝謝大家。

Thank you. This concludes today's conference call. Thank you for participating and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。