NetEase Inc (NTES) 2014 Q2 法說會逐字稿

Good day and welcome to the NetEase second quarter 2014 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Brandi Piacente. Please go ahead, ma'am.

大家好，歡迎參加網易2014年第二季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給布蘭迪·皮亞森特女士。請繼續，女士。

Thank you, Operator. Please note the discussion today will contain forward-looking statements relating to future performance of the Company and are intended to qualify for the Safe Harbor from liability, as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the Company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion.

謝謝您，接線生。請注意，今天的討論將包含與公司未來業績有關的前瞻性陳述，並旨在符合美國私人證券訴訟改革法案所規定的免於承擔責任的安全港條款。此類聲明並非對未來績效的保證，且受某些風險和不確定性、假設和其他因素的影響。其中一些風險超出了公司的控制範圍，可能導致實際結果與今天的新聞稿和本次討論中提到的結果有重大差異。

A general discussion of the risk factors that could affect NetEase's business and financial results is included in certain filings of the Company with the Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update this forward-looking information, except as required by law.

有關可能影響網易業務和財務業績的風險因素的一般性討論包含在公司向美國證券交易委員會提交的某些文件中，包括其 20-F 表年度報告。除法律要求外，本公司不承擔更新此前瞻性資訊的任何義務。

As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on the NetEase corporate website at ir.netease.com.

提醒一下，本次會議正在錄製中。此外，本次電話會議的網路直播將在網易公司網站ir.netease.com上提供。

I will now turn the conference over to Mr. Onward Choi, acting Chief Financial Officer, who will read the prepared remarks on behalf of Mr. William Ding, Chief Executive Officer of NetEase.

現在，我將會議交給代理財務長崔安華先生，他將代表網易執行長丁磊先生宣讀準備好的演講稿。

Okay. Thank you, Brandi. Before I begin, please note that for the purposes of this discussions, all percentages are based on renminbi.

好的。謝謝你，布蘭迪。在我開始之前，請注意，為了討論的目的，所有百分比都是基於人民幣。

We are making excellent strides in China's thriving online marketplace. The trends in online gaming continue to demonstrate steady growth, with mobile usage increasing at an exciting pace. With our long-standing history of technological innovations, our core business lines continue to thrive in this expanding marketplace that is increasingly focused on quality and a comprehensive user experience.

我們在中國蓬勃發展的網路市場中取得了長足的進步。網路遊戲持續呈現穩定成長趨勢，行動裝置使用量正以驚人的速度成長。憑藉我們悠久的技術創新歷史，我們的核心業務在這個日益注重品質和全面用戶體驗的不斷擴大的市場中繼續蓬勃發展。

During the second quarter, we saw robust growth across our online and mobile games, advertising services and e-commerce businesses, with total revenue increasing by 17.2% sequentially and 22.3% year over year. Compared with the second quarter of 2013, revenues from our online games business increased by 13.1%. Revenues from advertising services increased by 42.9%. And revenues from e-mail, e-commerce and other segments increased by 201.5%.

第二季度，我們的線上及手機遊戲、廣告服務以及電子商務業務均實現強勁成長，總營收季增 17.2%，年增 22.3%。與2013年第二季相比，我們的網路遊戲業務收入成長了13.1%。廣告服務收入成長42.9%。其中郵箱、電商等業務收入成長201.5%。

The heavy gains from our self-developed and licensed online games were driven by standout performances from our flagship online game, Fantasy Westward Journey II, its mobile versions and Mini Westward Journey, as well as Blizzard Entertainment's Hearthstone, Heroes of Warcraft.

我們自主研發及代理的網路遊戲實現了大幅成長，這得益於我們的旗艦網路遊戲《夢幻西遊2》及其手機版和《小西遊》以及暴雪娛樂的《爐石戰記》、《魔獸英雄傳》的出色表現。

Following the launch of the iPad versions in April, Hearthstone continued to thrive during the second quarter, and we released Curse of Naxxramus, the first single-player adventure for this game, which we began to roll out in July. We are also working closely with Blizzard Entertainment to bring their free-to-play online team brawler, Heroes of the Storm and their award-winning action role-playing game, Diablo III to audiences in China.

繼 4 月推出 iPad 版本後，《爐石戰記》在第二季繼續蓬勃發展，我們發布了該遊戲的首款單人冒險遊戲《納克薩姆斯的詛咒》，並於 7 月開始推出。我們也與暴雪娛樂密切合作，將其免費線上團隊格鬥遊戲《風暴英雄》和屢獲殊榮的動作角色扮演遊戲《暗黑破壞神 III》帶給中國觀眾。

The introductions of expansion packs and new original content remains an integral part of our strategies to advance the popularity of our games and bring new playing experiences to our users. To further this strategy, we introduced expansion packs in the second quarter for a number of our popular games, including Ghost II, Tianxia III, Legend of Fairy and Kung Fu Master.

推出擴充包和新的原創內容仍然是我們提升遊戲知名度和為用戶帶來全新遊戲體驗的策略的重要組成部分。為進一步推動這項策略，我們在第二季推出了多款熱門遊戲的資料片，包括《倩女幽魂2》、《天下三國》、《仙俠傳》和《功夫大師》。

We will continue to introduce fresh story lines and characters to attract new users and further engage those currently playing our games. To that end, our upcoming plans call for expansion packs and updates later this year for Fantasy Westward Journey II, New Westward Journey Online II, New Westward Journey Online III, Tianxia III, Heroes of Tang Dynasty II, and Heroes of Three Kingdoms.

我們將繼續推出新的故事情節和角色來吸引新用戶並進一步吸引那些正在玩我們遊戲的用戶。為此，我們即將在今年稍後推出《夢幻西遊 II》、《新西遊 Online II》、《新西遊 Online III》、《天下 III》、《大唐英雄傳 II》和《三國英雄傳》的擴充包和更新。

Bringing new games to market that expand and diversify our portfolio is also an important theme for us. We expect to launch two new games before the end of the year, Crisis 2015, our first person shooter game, as well as Revelation, our 3D Oriental fantasy MMORPG. The initial user feedback we have received from small group testing of Revelation has been positive, and we are planning to begin second round testing in late August.

將新遊戲推向市場以擴大和多樣化我們的產品組合也是我們的一個重要主題。我們預計在今年年底前推出兩款新遊戲，即我們的第一人稱射擊遊戲《危機 2015》以及我們的 3D 東方奇幻 MMORPG《天諭》。我們從《啟示錄》小組測試中收到的初步使用者回饋是正面的，我們計劃在 8 月底開始第二輪測試。

Our complementary mobile portfolio is also growing. In additions to our first mobile card battle game, Mini Westward Journey, delivering an excellent performance during the second quarter, we also released two new licensed mobile games, Ninja Must Die 2 and KONAMI World Soccer Collections. The introductions of these games were followed by the launch of our self-developed mobile farm business game, NetEase Farm in July.

我們的互補行動產品組合也在不斷擴大。除了我們第一款卡牌戰鬥手遊《迷你西遊》在第二季度取得優異表現外，我們還推出了兩款新授權手遊《忍者必須死2》和《科樂美世界足球合輯》。繼這些遊戲推出之後，我們在7月推出了自主研發的農場經營手遊《網易農場》。

We will continue to introduce new and exciting mobile games in the coming months that further build out our portfolio, as we work to diversify our mobile offerings and increase revenue contributions from our growing mobile platforms.

我們將在未來幾個月繼續推出新的、令人興奮的手機遊戲，進一步擴大我們的產品組合，同時致力於使我們的手機產品多樣化，並增加不斷增長的手機平台的收入貢獻。

We are already seeing these opportunities take shape through our social messaging platforms, where the early integrations of our -- of some of our mobile games with YiChat have been well received. Our theme for YiChat is presenting our community with a fresh social life. This strategy focuses on integrating unique and innovative social networking functions into YiChat, like Crowd Ask and Rideshare to have users stay connected and bring ease and simplicity to their lives on the go and their increasing mobile needs. These advancements are proving interactive to our community, drawing in new and existing users. And we are on track to launch other key services, such as an online payment system, to our YiChat users later this year.

我們已經看到這些機會透過我們的社群訊息平台逐漸成形，我們的一些手機遊戲與易信的早期整合已經獲得了好評。我們對YiChat的主題是向我們的社區呈現新鮮的社交生活。該策略專注於將獨特和創新的社交網路功能整合到 YiChat 中，例如 Crowd Ask 和 Rideshare，以使用戶保持聯繫並為他們的旅途生活和日益增長的行動需求帶來便利和簡單。這些進步證明了我們社群的互動性，吸引了新用戶和現有用戶。我們計劃在今年稍後向易信用戶推出其他重要服務，例如線上支付系統。

Our advertising business also continues to perform well. During the second quarter, we saw growth, both sequentially and year over year, with automobile, Internet services and food and beverages as the top-performing sectors. This growth was supported by strong industry demand, as well as monetizations associated with our mobile applications and the 2014 FIFA World Cup.

我們的廣告業務也持續表現良好。在第二季度，我們看到了環比和同比增長，其中汽車、互聯網服務以及食品和飲料是表現最好的行業。這一增長得益於強勁的行業需求以及與我們的行動應用程式和 2014 年 FIFA 世界盃相關的貨幣化。

The popularity of our mobile news applications continued to grow. And according to iResearch, this app was ranked as the leading news applications used by consumers in China, in terms of time spent.

我們的行動新聞應用程式的普及度持續成長。而根據艾瑞諮詢的數據，以使用時間計算，這款應用程式被評為中國消費者使用的領先的新聞應用程式。

The development of our email services is encouraging, attaining 680m email users and about 200m mobile phone mailbox users by the end of the period.

我們的信箱業務發展令人鼓舞，期末信箱用戶數達到6.8億，手機信箱用戶數約2億。

Our e-commerce services also demonstrated remarkable revenue growth in the second quarter.

我們的電子商務服務在第二季也實現了顯著的營收成長。

As we move through the year, we will continue to pursue opportunities that diversify our traditional online and mobile platforms by leveraging our in-house development capabilities, as well as exploring overseas licensing and expansion opportunities that fuel our growth.

隨著時間的推移，我們將繼續尋求機會，利用我們的內部開發能力來實現我們傳統線上和行動平台的多樣化，並探索推動我們成長的海外授權和擴張機會。

This concludes William's updates. Now I will provide a review of our second quarter financial results.

威廉的更新到此結束。現在我將回顧我們第二季的財務表現。

I will primarily focus on the discussions of margins and expense fluctuations, along with net profits.

我將主要討論利潤率和費用波動以及淨利潤。

Total sales tax for the second quarter of 2014 were RMB184.4m or $29.7m, compared to RMB153.5m and RMB149.3m for the preceding quarter and the second quarter of 2013 respectively. The year-over-year and quarter-over-quarter increase in sales tax was mainly to do the increase in our total revenues.

2014 年第二季銷售稅總額為 1.844 億元人民幣（2,970 萬美元），上一季和去年同期分別為 1.535 億元人民幣和 1.493 億元。銷售稅的同比和環比增長主要是為了增加我們的總收入。

Gross profit for the second quarter of 2014 was RMB2b or $322.3m, compared to RMB1.7b for the preceding quarter and RMB1.7b for the second quarter of 2013.

2014 年第二季毛利為 20 億元（3.223 億美元），上一季為 17 億元人民幣，去年同期為 17 億元。

The year-over-year and quarter-over-quarter increase in online games gross profit was primarily driven by increased revenues from certain of our self-developed games, such as Fantasy Westward Journey II and its mobile versions, Mini Westward Journey, our first mobile card game battle game launched in March 2014, as well as Blizzard Entertainment's Hearthstone and its iPad versions.

網路遊戲毛利較去年同期成長主要得益於部分自主研發遊戲收入的成長，例如《夢幻西遊2》及其手機版、2014年3月推出的首款卡牌對戰手機遊戲《迷你西遊》以及暴雪娛樂的《爐石戰記》及其iPad版。

The year-over-year increase in advertising services revenues and gross profit was primarily the result of strong demand from the automobile, Internet services, and food and beverage sectors and our monetization efforts for its mobile applications, as well as our partnership with the national football teams of Brazil and Spain to broadcast the 2014 FIFA World Cup on our portal and mobile news applications.

廣告服務收入和毛利的同比增長主要得益於汽車、互聯網服務和食品飲料行業的強勁需求、我們針對這些行業的行動應用所做的貨幣化努力，以及我們與巴西和西班牙國家足球隊合作在我們的門戶網站和行動新聞應用程式上轉播2014年FIFA世界盃。

The quarter-over-quarter increase in advertising services revenues and gross profit were primarily due to the 2014 FIFA World Cup, as well as seasonality.

廣告服務收入和毛利的環比成長主要得益於2014年世界盃以及季節性因素。

The year-over-year and quarter-over-quarter increase in email, e-commerce and others gross profit was primarily attributable to a revenue increase from our e-commerce business, which was led by e-commerce services related to third-party lottery products.

電子郵件、電子商務及其他業務毛利同比和環比增長主要歸因於電子商務業務收入的增長，該業務收入主要來自與第三方彩票產品相關的電子商務服務。

Gross profit margins for our online games business for the second quarters of 2014 was 77.6%, compared to a gross profit margins of 78.5% and 80.9% for the preceding quarter and the second quarter of 2013, respectively. The changes in gross profit margins were mainly due to the increased revenue contributions from licensed games, such as a percentage of our total online game revenues.

2014 年第二季線上遊戲業務的毛利率為 77.6%，上一季和去年同期分別為 78.5% 和 80.9%。毛利率的變化主要是由於代理遊戲的收入貢獻增加，例如我們線上遊戲總收入的一定比例。

Gross profit margins for our advertising services business for the second quarter of 2014 was 60.9%, compared to a gross profit margins of 47.8% and 55.5% for the preceding quarter and the second quarters of 2013, respectively. The year-over-year and quarter-over-quarter increase in gross profit margins was mainly due to revenue growth.

2014 年第二季廣告服務業務毛利率為 60.9%，上一季及去年同期分別為 47.8% 及 55.5%。毛利率年增率和環比成長主要得益於收入成長。

Gross profit margins for our email, e-commerce and others business for the second quarter of 2014 was 35.7%, compared to a gross profit margins of 6.7% and gross loss margins of 21% for the preceding quarter and the second quarter of 2013, respectively. The year-over-year and quarter-over-quarter improvements in gross profit margins were mainly due to increased revenue from our e-commerce services, related to third-party lottery and insurance products, which have a relatively high gross profit margin.

2014 年第二季信箱、電商及其他業務的毛利率為 35.7%，上一季及去年同期的毛利率分別為 6.7% 及 21%。毛利率較去年同期提高主要由於與第三方彩票和保險產品相關的電子商務服務收入增加，這些產品的毛利率相對較高。

Total operating expenses for the second quarter of 2014 were RMB823.7m or $132.8m, compared to RMB563.6m and RMB626m for the preceding quarter and the second quarter of 2013, respectively.

2014 年第二季總營運費用為 8.237 億元人民幣（1.328 億美元），上一季和去年同期分別為 5.636 億元人民幣和 6.26 億元。

The year-over-year increase in operating expenses was mainly due to increased selling and marketing expenses for e-commerce services related to third-party lottery products, as well as advertising services promotions, some of which were related to our mobile news applications and the 2014 FIFA World Cup and staff related costs resulting from an increase in the number of employees and average compensations.

營業費用年增主要由於與第三方彩券產品相關的電子商務服務的銷售和行銷費用增加，以及廣告服務促銷費用增加，其中一些與我們的行動新聞應用程式和2014年FIFA世界盃有關，以及由於員工數量和平均薪酬增加導致的員工相關成本。

The quarter-over-quarter increase was mainly due to increased selling and marketing expenses for e-commerce services related to third-party lottery products, advertising services, Ghost II and Mini Westward Journey, as well as higher research and development expenditures.

環比成長主要由於與第三方彩券產品、廣告服務、《倩女幽魂2》和《迷你西遊》相關的電子商務服務的銷售和行銷費用增加，以及研發支出增加。

We recorded a net income tax charge of RMB97.9m or $15.8m for the second quarter of 2014, compared to RMB179.6m and RMB131.8m for the preceding quarter and the second quarters of 2013, respectively.

2014 年第二季度，我們記錄的淨所得稅費用為人民幣 9,790 萬元（約合 1,580 萬美元），而上一季和 2013 年第二季度的淨所得稅費用分別為人民幣 1.796 億元和人民幣 1.318 億元。

The effective tax rate for the second quarter of 2014 was 7.4%, compared to 13.8% and 10.8% for the preceding quarter and the second quarter of 2013, respectively. The year-over-year decrease in the effective tax rate was mainly due to the fact that certain of our subsidiaries were approved as key software enterprises in the fourth quarters of 2013 and are subject to a preferential tax rate of 10% for 2014.

2014 年第二季有效稅率為 7.4%，上一季及去年同期分別為 13.8% 及 10.8%。有效稅率年減主要由於本公司部分子公司於 2013 年第四季被認定為重點軟體企業，2014 年可享有 10% 的優惠稅率。

The quarter-over-quarter decrease in the effective tax rate was mainly due to the recognitions of RMB58.4m in tax credits in the second quarter of 2014, related to our annual tax filing benefits, most of which comprise extra tax deductions for research and development expenses, approved by the tax authorities.

有效稅率季減的主要原因是2014年第二季確認了人民幣5,840萬元的稅收抵免，這些抵免與我們的年度納稅申報優惠有關，其中大部分是稅務機關批准的研發費用額外稅收抵免。

During the second quarter of 2014, we had a net foreign exchange loss of RMB20.2m or $3.3m, compared to net foreign exchange gains of RMB7.1m and RMB5.6m for the preceding quarter and the second quarter of 2013, respectively. The quarter-over-quarter and year-over-year changes were mainly due to exchange gains arising from our foreign currency denominated bank deposits and short-term loan balances, as the exchange rate of the US dollar against the RMB fluctuated over the periods

2014 年第二季度，我們錄得淨匯兌損失 2,020 萬元或 330 萬美元，而上一季及 2013 年第二季的淨匯兌收益分別為 710 萬元人民幣及 560 萬元人民幣。環比和年比變動主要由於期內美元兌人民幣匯率波動，導致本行外幣銀行存款和短期貸款餘額產生匯兌收益。

Our net profit for the second quarter of 2014 totaled RMB1.2b or $193.8m, compared to RMB1.1b and RMB1.1b for the preceding quarter and the second quarters of 2013 respectively.

2014 年第二季度，我們的淨利潤總計 12 億元人民幣（1.938 億美元），而上一季和 2013 年第二季度的淨利潤分別為 11 億元人民幣和 11 億元。

We reported basic and diluted earnings per ADS of $1.48 each for the second quarter of 2014. Our basic and diluted earnings per ADS were $1.39 each for the preceding quarter. And basic and diluted earnings per ADS were $1.36 each for the second quarter of 2013.

我們報告 2014 年第二季每股 ADS 基本收益和稀釋收益為 1.48 美元。上一季度，我們的每股美國存託憑證基本收益和稀釋收益均為 1.39 美元。2013 年第二季每股 ADS 基本收益和稀釋收益均為 1.36 美元。

As of June 30, 2014, our total cash and time deposits balance were RMB19.9b or $3.2b, compared to RMB18.6b as of December 31, 2013.

截至 2014 年 6 月 30 日，我們的現金及定期存款總額為人民幣 199 億元（32 億美元），而截至 2013 年 12 月 31 日為人民幣 186 億元。

Our cash flow generated from operating activities were -- was RMB1.2b or $186.5m for the second quarter of 2014, compared to RMB1.7b and RMB1b for the preceding quarter and the second quarters of 2013, respectively.

2014 年第二季度，經營活動產生的現金流為 12 億元人民幣（1.865 億美元），而上一季及 2013 年第二季分別為 17 億元人民幣及 10 億元人民幣。

In addition, as of June 30, 2014, we have a loan from an offshore bank in the principal amount of $90m, which was secured by RMB deposits of the Company in an onshore branch of this bank in the amount of RMB605.1m which was recognized as a short-term investment.

此外，截至 2014 年 6 月 30 日，我們從一家境外銀行獲得了一筆本金為 9,000 萬美元的貸款，該貸款由公司在該銀行境內分行的 6.051 億元人民幣存款作為擔保，並被確認為短期投資。

We continue to return value to our shareholders and are pleased to announce that in line with our quarterly dividend policy, the Board of Directors has approved a dividend of $0.37 per ADS. We expect to pay this on September 5, 2014 to shareholders of record as of the close of business on August 29, 2014.

我們繼續為股東帶來價值，並高興地宣布，根據我們的季度股息政策，董事會已批准每股 ADS 0.37 美元的股息。我們預計將於 2014 年 9 月 5 日向 2014 年 8 月 29 日營業結束時登記在冊的股東支付這筆款項。

Thank you for your attentions and we would now like to take your questions. Operator, please go ahead.

感謝您的關注，現在我們想回答您的問題。接線員，請繼續。

Thank you, sir. (Operator Instructions). Alicia Yap, Barclays.

謝謝您，先生。（操作員指令）。巴克萊銀行的 Alicia Yap。

Hi. Thank you. Good morning, William, Onward, Brandi and Cassia. Thanks for taking my questions. I have a couple of questions. Number one is on your Diablo III license. So while it is a well-known global franchise and attract a good global sales, however I think the tractions that you had in some of the Asian market was not as high as expected and the interest level dropped shortly after the launch. So just wonder, for the Chinese -- China versions that we have, are we making any game play or content adjustment with Blizzard, as part of our localization, in order to ensure this IP is well captured for the Chinese gamer?

你好。謝謝。早上好，威廉、昂沃德、布蘭迪和卡西亞。感謝您回答我的問題。我有幾個問題。第一名是你的《暗黑破壞神 III》許可證。因此，儘管它是一個知名的全球特許經營品牌，並吸引了良好的全球銷售，但我認為你在部分亞洲市場的吸引力並不像預期的那麼高，而且在推出後不久，人們的興趣水平就下降了。所以我想知道，對於我們擁有的中文版本，作為本地化的一部分，我們是否會與暴雪一起對遊戲玩法或內容進行調整，以確保中國玩家能夠很好地掌握這個 IP？

And then, related to that also, is that, given we also have another Blizzard game, Heroes of the Storm, how have we planned and scheduled the launch timing of these two Blizzard games?

然後，與此相關的是，鑑於我們還有另一款暴雪遊戲《風暴英雄》，我們是如何規劃和安排這兩款暴雪遊戲的發佈時間的？

(Spoken in Chinese).

（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So with regard to the first questions from Alicia is regarding the Diablo III license, definitely the China versions will got some new changes that we will be incorporating into it. And as for the exact details of it, we would suggest you to wait until we get a formal announcement at a later point of time.

（解釋）。因此，關於艾莉西亞提出的第一個問題是關於《暗黑破壞神 III》的授權，中國版肯定會有一些新的變化，我們會將這些變化融入其中。至於具體細節，我們建議您等到我們稍後發布正式公告。

With regard to the Heroes of Storm, basically same as what Diablo III we would be doing as well. Please stay tuned with our official announcement, and we will give you more updates, in terms of the plan and schedules of launching this new game.

對於《風暴英雄》，我們所做的基本上和《暗黑破壞神 III》相同。請繼續關注我們的官方公告，我們將為您提供有關推出這款新遊戲的計劃和時間表的更多更新。

(Spoken in Chinese).

（以中文講解）。

Okay. Another supplement that William would like to highlight is with regard to the China Joy that has just finished lately. There has been quite a lot of players that bring about their positive feedback and expectations about the upcoming launch of Diablo III and Heroes of Storm. And along this line, we are quite happy and looking forward to the launch of this game.

好的。William 想要強調的另一個補充是關於最近剛結束的中國國際歡樂展。有相當多的玩家對即將推出的《暗黑破壞神3》和《風暴英雄》提出了正面的回饋和期待。沿著這個思路，我們非常高興並期待這款遊戲的推出。

Thank you, Onward. And William, (Spoken in Chinese). My question is on the launch timing, yes.

謝謝你，Onward。還有威廉（用中文講話）。我的問題是關於發佈時間的，是的。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So with regard to the probable launch time of those new game titles, basically we will find the most optimal timing of doing so, given the fact that we have [plan] to launch of rich, full experiences in these markets.

（解釋）。因此，關於這些新遊戲的可能發佈時間，基本上我們會找到最佳時機，因為我們計劃在這些市場推出豐富、完整的體驗。

Thank you, Onward. And my second question is related to the e-commerce lottery business. So can you help us understand your marketing spend -- expenses that related to the lottery products. Is that commissions that we pay to the agents or revenue sharing or is it something on the promotional spend that we are spending to drive the user awareness of the products? And will these be always a [correlations] to the revenue growth?

謝謝你，Onward。我的第二個問題是關於電商彩票業務的。那麼，您能幫助我們了解您的行銷支出－與彩券產品相關的費用嗎？這是我們向代理商支付的佣金還是收入分成，還是我們為提高用戶對產品的認知而花費的促銷費用？這些是否總是與收入成長相關？

(Spoken in Chinese).

（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So basically, with regard to our e-commerce businesses, this is a platform strategies that we have been adopting and operating. And along these platforms, what we are doing is not just the lottery products that you mentioned just now. And apart from that, we would also be doing stuff in other areas, like the [point cast] and the [phone cast] and other stuff, perhaps even including the insurance policy and stuff like that.

（解釋）。所以基本上，就我們的電子商務業務而言，這是我們一直採用和經營的平台策略。而且沿著這些平台，我們做的不僅僅是您剛才提到的彩票產品。除此之外，我們也會在其他領域開展工作，例如 [point cast] 和 [phone cast] 等，甚至可能包括保險政策之類的東西。

And basically, for the Company, we have been -- we are serious and conservative in setting our strategies, in executing these business strategies and for whatever marketing dollars that we are going to spend in promoting our various business activities, where we would be looking forward to the efficiency that are going to achieve. And we would make sure that the overall business model would work out in a very well-planned manners.

基本上，對於公司而言，我們在製定策略、執行這些業務策略以及在推廣各種業務活動上投入的任何行銷資金時都是認真而保守的，我們期待著實現效率。我們會確保整體商業模式以非常周全的方式運作。

Okay, great. Thank you, William. Thank you, Onward. Congrats on the solid results.

好的，太好了。謝謝你，威廉。謝謝你，Onward。祝賀您取得如此豐碩的成果。

Okay. Thank you.

好的。謝謝。

Jialong Shi, Credit Suisse.

史家龍，瑞士信貸。

Excuse me. Good morning William, Onward. Thanks for taking my question. I just wonder if management can provide some colors on the size of your mobile business. Particularly I wonder how much of your gaming and advertising revenue was contributed by mobile. And also just wonder if management can update us, the latest pipeline for mobile and PC games. And for mobile, how much of -- how many of the games, new games are in-house developed and how many are from third-party licensing? (Spoken in Chinese).

打擾一下。早上好，威廉，繼續前進。感謝您回答我的問題。我只是想知道管理層是否可以提供有關您的行動業務規模的一些資訊。我特別想知道你們的遊戲和廣告收入有多少來自行動端。另外，我只是想知道管理層是否可以向我們更新最新的手機和電腦遊戲管道。對於行動遊戲來說，有多少遊戲、新遊戲是內部開發的，有多少是從第三方授權取得的？（以中文講解）。

So with regard to your first questions, Jialong, about our mobile games revenue contributions, I think at this point perhaps we wouldn't give out the very specific numbers on how big it is. But based on what we have observed, based on the past year, we do see that there has been a very meaningful growth, in terms of our revenue contributions from our mobile games' initiatives.

因此，關於你的第一個問題，賈龍，關於我們的手機遊戲收入貢獻，我認為現在我們可能不會給出非常具體的數字。但根據我們過去一年的觀察，我們確實看到，就我們手機遊戲的收入貢獻而言，取得了非常有意義的成長。

And for the second questions, about the pipelines on -- for our PC and mobile games, basically, for the PC games, it's what we have already mentioned in today's earnings. We are looking forward to the launch of [new] games. One is called the Crisis 2015, which is our first-person shooter games. And the other one is the Revelation, which is our 3D Oriental fantasy themed MMORPG games, both of which are having good initial user feedback. And we are looking forward to roll out those games in the second half of the year.

第二個問題是關於我們的 PC 和手機遊戲的管道，基本上，對於 PC 遊戲來說，我們在今天的收益中已經提到過。我們期待[新]遊戲的推出。一個叫做《危機2015》，這是我們第一人稱的射擊遊戲。另一款遊戲是《天諭》，這是我們的 3D 東方奇幻主題 MMORPG 遊戲，兩款遊戲都獲得了良好的初始用戶回饋。我們期待在今年下半年推出這些遊戲。

And with regard to the pipelines or the numbers of those new games for the -- on the mobile front, basically we would be rolling out quite [a coverage] of new mobile games, with different kind of game types or genres in the market. And we would also be -- got a mix of both the self developments and the licensed games ones. And obviously, William, (spoken in Chinese).

至於行動端新遊戲的管道或數量，基本上我們會推出相當多的新手機遊戲，市場上有不同類型的遊戲。我們也將—將自主開發的遊戲和授權遊戲結合在一起。顯然，威廉（用中文講話）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted) Okay. So what William would also like to supplement is, apart from the self-developed games, on the license front, just like what we have discussed earlier, the Diablo III and the Heroes of the Storm would be also others currently in the pipelines, game titles that we're going to launch.

（翻譯）好的。因此，William 也想補充的是，除了自主開發的遊戲之外，在授權方面，就像我們之前討論過的，《暗黑破壞神 III》和《風暴英雄》也是我們目前正在籌備的其他遊戲，也是我們即將推出的遊戲。

Thanks William and Onward for the answer. And my second question is about the tax rate. The Q2 tax rate was substantially lower than in previous quarters, due to the tax rebate. Just wonder if this kind of tax rate is sustainable, over the next few quarters. (Spoken in Chinese).

感謝 William 和 Onward 的回答。我的第二個問題是關於稅率。由於退稅，第二季的稅率大幅低於前幾季。只是想知道在接下來的幾個季度裡，這種稅率是否可持續。（以中文講解）。

Okay, so basically, I think the simple answer to it is that our current anticipations or expectations on the annualized ETR will still be around 15% for this year. And the fact that we have a relatively low effective tax rate for the second quarter is due to the fact that we have recognized certain tax credits in the second quarter related to the annual tax [accounting] benefits and most of which will be comprised of the extra tax deductions for R&D expenses approved by the tax authorities.

好的，基本上，我認為簡單的答案是，我們目前對今年年度化 ETR 的預期或期望仍將在 15% 左右。我們第二季的有效稅率相對較低，是因為我們在第二季確認了與年度稅收[會計]優惠相關的某些稅收抵免，其中大部分將由稅務機關批准的研發費用額外稅收減免組成。

Thank you.

謝謝。

Eddie Leung, Merrill Lynch.

美林證券的 Eddie Leung。

Hi, good morning. Thank you for taking my questions. Just two questions. The first one is about mobile games. After launch of some of these successful mobile games, I'm just wondering if you can comment on the product lifecycle of mobile games versus PC games.

嗨，早安。感謝您回答我的問題。僅兩個問題。第一個是關於手機遊戲的。在一些成功的手機遊戲推出之後，我只是想知道您是否可以評論一下手機遊戲與 PC 遊戲的產品生命週期。

And then, secondly, just a housekeeping question. I'm wondering if, Onward, you can update us on the total number of headcounts at the moment and what is the plan for the rest of the year? Thanks.

其次，這只是一個常規問題。我想知道，Onward，您能否向我們介紹一下目前的總員工人數以及今年剩餘時間的計劃是什麼？謝謝。

So William, (Spoken in Chinese).

所以威廉（用中文講話）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So with regard to the first question about the lifecycles of the mobile games versus the PC games, basically we do intend and also want to see that their lifecycles would last as long as what our currently PC games has been doing. But, frankly speaking, we are still in the stage of exploring on how we could effectively achieve this growth [in these games].

（解釋）。因此，關於第一個問題，即手機遊戲與 PC 遊戲的生命週期，基本上我們確實希望並且也希望看到它們的生命週期能夠與我們目前的 PC 遊戲一樣長。但坦白說，我們仍處於探索如何有效實現（這些遊戲中的）成長的階段。

And apart from that, currently what we are doing is that we are trying to work out a more comprehensive service delivery in order to enrich the user experiences and -- such that it would be able to upkeep a good lifecycle for those games. And at the same time, we do also see that this would also be a challenging task for us to work out in the upcoming period.

除此之外，我們目前正在努力製定更全面的服務交付方案，以豐富用戶體驗，並且能夠維持這些遊戲的良好生命週期。同時，我們也看到，這對我們未來一段時期而言也是一個具有挑戰性的任務。

And with regard to your second question on the total headcounts of the companies, the total headcounts would be around 8,000 by the end of the quarters of -- second quarters of 2014.

關於您關於公司總員工人數的第二個問題，到 2014 年第二季末，公司總員工人數將達到 8,000 人左右。

(Spoken in Chinese).

（以中文講解）。

(Spoken in Chinese). And so another supplement that William would like to highlight is that for our launch of the various mobile games, what we are doing is not just a single type or a single genre so to call. In fact, we would be trying to make it into a more comprehensive offerings with different kind of game types and game genres to take in the demand or the expectations from the market.

（以中文講解）。因此，William 想要強調的另一個補充是，對於我們推出的各種手機遊戲，我們所做的不僅僅是單一類型或單一流派。事實上，我們會嘗試將其打造成一個更全面的產品系列，提供不同類型的遊戲和遊戲類型，以滿足市場的需求或期望。

At the same time, for the Company on operating various games, whether it is the mobile games or PC games, we have different kind of [achievement] systems to keep track on how the players would be doing in a particular games. And we are also using the group concept in order to offset the impact on how the people would be doing on a particular games. And we do see that with all this kind of initiatives, we would be working out a much better ecosystem for our various mobile games' initiatives.

同時，對於公司經營的各種遊戲，無論是手機遊戲還是電腦遊戲，我們都有不同類型的[成就]系統來追蹤玩家在特定遊戲中的表現。我們也使用群體概念來抵消人們對特定遊戲表現的影響。我們確實看到，透過所有這些舉措，我們將為我們的各種手機遊戲計劃建立一個更好的生態系統。

Thank you.

謝謝。

George Meng, Morgan Stanley

摩根士丹利的喬治孟

Hi. Good morning, everyone. Thank you very much for taking my question. Congratulations on a solid quarter.

你好。大家早安。非常感謝您回答我的問題。恭喜本季業績穩健。

So my first question is regarding your -- the overall mobile games environment in China and also NetEase's strategy. It seems that the industry is trending towards more sophisticated games as compared to casual games. I think this trend already happened in Korea and even Tencent is talking about introducing more mid-core games.

所以我的第一個問題是關於您的——中國的整體手機遊戲環境以及網易的策略。與休閒遊戲相比，該行業似乎正趨向於製作更複雜的遊戲。我認為這種趨勢已經在韓國出現，甚至騰訊也在談論推出更多中核遊戲。

So for NetEase, you have already tried quite a lot of mobile games in all kinds of different genres already. And I believe -- but I believe that most of the money actually comes from Mini Westward Journey and also Hearthstone iPad version. Do you think that this trend, meaning trending towards more sophisticated games is valid and, going forward, you will focus more on you know, more heavier games such as Tianxia III. (Spoken in Chinese).

所以對於網易來說，你們已經嘗試了各種不同類型的手機遊戲。我相信——但我相信大部分錢實際上來自《迷你西遊》和《爐石戰記》iPad 版。您是否認為這種趨勢，即趨向於更複雜的遊戲是有效的，並且展望未來，您將更加專注於更重量級的遊戲，例如《天下三》。（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

Okay. So basically William do share your view about how you look upon on the mobile game strategies that is currently in place in the market. And to supplement your view, basically, we also see that for the casual type mobile games, those games will be quite easy to pick up and to learn and to play, but in terms of monetization, this will be the area that would be more challenging.

好的。所以基本上 William 確實同意你對目前市場上的手機遊戲策略的看法。為了補充您的觀點，基本上，我們還看到，對於休閒類型的手機遊戲來說，這些遊戲將很容易上手、學習和玩，但在貨幣化方面，這將是更具挑戰性的領域。

Whereas if we are looking on so-called, the sophisticated mobile games or the so-called mid to hard-core mobile games, those games would rely on the strength and the competitiveness of the Company in order to define and to plan how the games would be working out. And it also depends on how strong the Company's R&D capabilities would be. And we believe that for NetEase, so far, we have been able to position ourselves to work into this area quite effectively and quite successfully so far.

而如果我們關注的是所謂的複雜手機遊戲或所謂的中硬派手機遊戲，那麼這些遊戲將依賴公司的實力和競爭力來定義和規劃遊戲如何運作。這也取決於公司的研發能力有多強。我們相信，對於網易而言，到目前為止，我們已經能夠相當有效且成功地進入這一領域。

And overall, in terms of our mobile game strategy, so to call, we would be making use of a blended or a mixed strategy by rolling out both the casual type and the mid to hard-core type mobile games to the market in order to make a more [rich full] entertainment experiences to our targeted audiences. And at the same time, we do build that with a more comprehensive product lines where we would also be able to tap into the markets to fit into the different pace and the demand from the market as such.

整體而言，就我們的手機遊戲策略而言，我們將採用混合策略，向市場推出休閒類型和中硬派類型的手機遊戲，以便為我們的目標受眾提供更豐富的娛樂體驗。同時，我們確實建立了更全面的產品線，以便我們能夠進入市場以適應不同的步伐和市場需求。

Okay, thank you. And my second question is regarding your PC game and the gaming of [offline] Crisis 2015. I noticed that you introduced like a hero system in the traditional FPS game, but do you think that you can take market share from competitors with this innovation especially in your, the competitors, the FPS game is already ageing? (Spoken in Chinese).

好的，謝謝。我的第二個問題是關於您的 PC 遊戲和《2015 年危機》[離線] 遊戲。我注意到你們在傳統的 FPS 遊戲中引入了英雄系統，但你是否認為可以透過這種創新從競爭對手那裡奪取市場份額，尤其是在競爭對手的 FPS 遊戲已經老化的情況下？（以中文講解）。

(Spoken in Chinese). Okay, with regard to the FPS game, basically we do believe that it has got a huge market there. But so far, from our observations, we do see that most of the relatively successful game titles would be coming from overseas, like those games from Korea or the US. And even on the other hand, for another game mode like the PlayStation, FPS game is also a very important component of the business model.

（以中文講解）。好的，關於 FPS 遊戲，基本上我們確實相信它在那裡擁有巨大的市場。但到目前為止，從我們的觀察來看，我們確實看到大多數相對成功的遊戲來自海外，例如來自韓國或美國的遊戲。而即使另一方面，對於像PlayStation這樣的另一種遊戲模式來說，FPS遊戲也是商業模式中非常重要的組成部分。

And by taking a step back on how NetEase would be doing in working out in the FPS market, we would be doing kinds of new innovations inside the games such that we will be able to effectively attract our targeted audiences or the players. And with the fact that we have also built in some systems like the social features and also the achievement features, we do see that those would be quite interesting elements that we are projecting to our audiences in the China market.

透過回顧 FPS 市場中網易的做法，我們將在遊戲內部進行各種新的創新，以便能夠有效地吸引我們的目標受眾或玩家。事實上，我們也內建了一些系統，例如社交功能和成就功能，我們確實認為這些將是我們向中國市場觀眾展示的非常有趣的元素。

Tian Hou, TH Capital.

天后，泰合資本。

Hi, William and Onward. Congratulations on the good quarter. I have a couple of questions too. And on the mobile front, I believe you guys have done a great job. And there is a press release coming from you and talking about in terms of YiChat users has been reaching 100m user basis. And also your mobile new applications and a lot of people use it. I also use it; it's a really good app.

嗨，威廉和 Onward。恭喜本季取得良好業績。我也有幾個問題。在行動領域，我相信你們已經做得很好了。您剛剛發布了一則新聞稿，談到易信用戶數量已達到 1 億。還有你們的新行動應用程序，很多人都在使用它。我也使用它；它是一款非常好的應用程式。

And also you have the dictionaries and so many mobile users use your mobile product and now you have mobile games. So I wonder how all of those things are going to be integrated together. And is there any ways that's different than what you did on PC game and the PC, how to say it, like your email, your portals. And PC seems like it is not really that integrated, so on mobile, are you going to have a different strategy? William, (Spoken in Chinese).

而且你們還有字典，很多手機用戶使用你們的手機產品，現在你們還有手機遊戲。所以我想知道所有這些東西將如何整合在一起。這與 PC 遊戲和 PC 上的做法有什麼不同嗎？怎麼說呢，例如您的電子郵件、您的入口網站。而且 PC 端似乎還沒有真正整合起來，那麼在行動端，你們會採取不同的策略嗎？威廉（中文演講）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So with regard to your questions about the integration of our various mobile initiatives, basically, we are still keeping our momentum to explore and trying out new stuff. And basically we are quite confident that we will be able to find a very good way in order to integrate a different kind of mobile products and services alike.

（解釋）。因此，關於您所問的有關我們各項移動計劃整合的問題，基本上，我們仍在保持探索和嘗試新事物的勢頭。基本上，我們非常有信心，我們能夠找到一種非常好的方法來整合不同類型的行動產品和服務。

And just as what William has highlighted earlier for the dictionaries, our -- the cloud notes and the cloud music and even the mobile news applications, those will be the kind of products or services related to the contents. Whereas for the YiChat, this will be more related to the communications or the social stuff. And we do see that we would be able to, in the upcoming periods, to find out some new and interesting ways to integrate different products in a good manners.

正如威廉之前強調的，我們的字典、雲端筆記、雲端音樂甚至行動新聞應用程序，都是與內容相關的產品或服務。而對於易聊來說，這將更與溝通或社交相關。我們確實看到，在接下來的一段時間裡，我們能夠找到一些新的、有趣的方式，以良好的方式整合不同的產品。

And to supplement on the latest performances of the YiChat, basically we do see that, apart from a very encouraging user base that we have been seeing, we also see that the activity levels has been coming up as well. And we do see that those would be quite positive initiatives that we have seen so far in order to bring about a positive impact to our mobile strategies going forward.

關於易信的最新表現，我們基本上看到，除了我們看到的非常令人鼓舞的用戶群之外，我們還看到活躍度也在上升。我們確實看到，這些都是迄今為止非常積極的舉措，將為我們未來的行動策略帶來正面的影響。

Okay, that's good. And the second question is related to the Hearthstone and I realize this game has been pretty popular in China and is well-received by gamers. So I would like to know some color, some more details on this game such as how many users and what is the trend and how -- what is the payment behavior? Is that different than PC? And so all this -- whatever detail you can share with us.

好的，那很好。第二個問題與《爐石戰記》有關，我知道這款遊戲在中國非常受歡迎，受到玩家的好評。所以我想了解一些關於這個遊戲的詳細信息，例如有多少用戶、趨勢如何以及支付行為如何？這與 PC 有什麼不同嗎？因此，所有這些——無論什麼細節，您都可以與我們分享。

(Spoken in Chinese).

（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So basically, with regard to the performances of Hearthstone, basically, on a global basis, the China would have got the highest numbers of users or players in general. And we also see that in terms of the -- of this type of card games, this also got a very good traction to the audiences or the players in the market. And with regard to more details about the exact numbers and stuff like that, I think we wouldn't disclose as such.

（解釋）。因此，就《爐石戰記》的表現而言，從全球範圍來看，中國擁有最多的用戶或玩家。我們也看到，就這類紙牌遊戲而言，它也對市場上的觀眾或玩家產生了很好的吸引力。至於具體數字等更多細節，我想我們不會透露。

Thomas Chong, Citigroup.

花旗集團的 Thomas Chong。

Hi, good morning. I have two questions. My first question is about our console games. Does management have any plan to enter into this segment and whether management consider console games is a big potential in the future.

嗨，早安。我有兩個問題。我的第一個問題是關於我們的遊戲機遊戲。管理層是否有進入該領域的計劃以及管理層是否認為主機遊戲在未來具有巨大潛力。

And my second question is about our mobile games. Should we see that -- how should we think about the comparative landscape for the mobile games in the second half compared to the first half? And, on the other hand, is there any color about the mobile games revenue contribution over the long term? Thanks.

我的第二個問題是關於我們手機遊戲的。我們是否應該看到—我們該如何看待下半年與上半年手機遊戲的對比情況？另一方面，從長期來看，手機遊戲的收入貢獻是否有任何亮點？謝謝。

(Spoken in Chinese).

（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So with regard to your first question about our view and strategies upon the console game, basically we are still in -- observing how it goes. And basically the major differences about the console games versus the mobile games is the screen size or the display size, because for the console game, maybe they would be playing using the TV whereas, for the mobile games, they will be using their pocket or the smartphones, the handsets, as such.

（解釋）。因此，關於您的第一個問題，即我們對主機遊戲的看法和策略，基本上我們仍在觀察其進展。基本上，主機遊戲和手機遊戲的主要區別在於螢幕尺寸或顯示尺寸，因為對於主機遊戲，他們可能會使用電視來玩，而對於手機遊戲，他們會使用口袋或智慧型手機、手持設備等。

And very much those would depend on how the players would determine on the experiences while playing those games. If the players would still find that the user experience or the playing speed that experiences while they are playing the mobile games is very good, we do not see there is much initiative for us to go for the console game areas. But, simply speaking, we are still observing how the market would be doing, as such.

這很大程度上取決於玩家如何決定玩遊戲時的體驗。如果玩家仍然認為玩手機遊戲時的使用者體驗或遊戲速度非常好，我們認為我們就沒有太大的動力去進軍主機遊戲領域。但簡單來說，我們仍在觀察市場將如何表現。

And with regard to the competitive landscape in the second half of this year, on the mobile games area, basically what we would be doing is that, on a monthly basis, we will still upkeep our current momentums of rolling out some new mobile game titles to the market in order to tap into the potential demands and expectations from the market.

至於今年下半年手機遊戲領域的競爭格局，我們基本上會每月保持目前的勢頭，向市場推出一些新的手機遊戲，以挖掘市場的潛在需求和期望。

Thanks William, thanks Onward.

謝謝威廉，謝謝 Onward。

Natalie Wu, CICC.

中金公司 Natalie Wu。

Hi, good morning. Thanks for taking my questions and congratulations on a solid quarter. I have two questions. The first one, can you give us some color on the licensing agreement with World Soccer, Ninja Must Die 2, etc. Is there a revenue-sharing, a lump-sum licensing fee, and what will be the revenue-sharing scheme? And how would the mobile game business development affect your margin? And I will follow up with another question. (Spoken in Chinese).

嗨，早安。感謝您回答我的問題，並祝賀本季業績穩健。我有兩個問題。第一個問題，您能否向我們介紹與 World Soccer、Ninja Must Die 2 等的授權協議？是否有收入分成、一次性授權費、收入分成方案是怎樣的？手機遊戲業務的發展會如何影響你們的利潤率？我接下來會問另一個問題。（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). So basically, with regard to the licensing arrangements, basically there would be some license fee there and some royalties and minimum guarantees, stuff like that. And basically, when we are working out the specific terms on the various licensing agreements, we would be seriously to look into it by making reference to the potential return on the investments. And we -- but because of the business intelligence regarding various licensing agreements, we are not going to disclose as such.

（解釋）。因此，基本上，就許可安排而言，基本上會有一些許可費、一些版稅和最低擔保等等。基本上，當我們制定各種授權協議的具體條款時，我們會認真研究並參考投資的潛在回報。但由於涉及各種許可協議的商業情報，我們不會透露此類資訊。

Vivian Hao, Deutsche Bank.

德意志銀行的 Vivian Hao。

Hi, thank you for taking my question. Hi. My question is regarding our other revenues. What was the lottery and Internet finance revenue as a percentage of other revenue, if you could elaborate?

你好，謝謝你回答我的問題。你好。我的問題是關於我們的其他收入。彩票和網路金融收入佔其他收入的比例是多少，請詳細說明一下？

And, also, do we plan to establish a dedicated department focusing on transaction business? Thank you.

另外，我們是否計劃建立一個專注於交易業務的專門部門？謝謝。

Okay, with regard to your questions about the revenue contributions from lottery in our e-commerce, email and other business segments, what we would share with you is that we do see that and those would be made up of a reasonable proportion out of our (inaudible) segments. And -- but for the sake of disclosures, we are not going to do so, as such, but from a year-over-year growth, we do see that there has been a very nice growth in terms of the revenue contributions in this area.

好的，關於您關於彩票對我們的電子商務、電子郵件和其他業務部門的收入貢獻的問題，我們可以告訴您的是，我們確實看到了這一點，而且這些收入在我們的（聽不清楚）部門中佔了合理的比例。而且 - 但為了披露，我們不會這樣做，但從同比增長來看，我們確實看到該領域的收入貢獻有了非常好的增長。

And that does conclude today's question and answer session. I would like to turn the conference back to our speakers for any additional or closing remarks.

今天的問答環節到此結束。我想將會議交還給我們的演講者，請他們發表任何補充或結束語。

Thank you, once again, for joining us today. If you have further questions, please feel free to contact Cassia Curran, NetEase's IR manager based in Hangzhou or the Piacente Group. Thank you and have a wonderful day.

再次感謝您今天加入我們。如果您還有其他問題，請隨時聯絡網易杭州投資者關係經理 Cassia Curran 或 Piacente 集團。謝謝您，祝您有美好的一天。

Again, that does conclude today's presentation, thank you for your participation.

今天的演講到此結束，感謝您的參與。