NetEase Inc (NTES) 2014 Q4 法說會逐字稿

Good day and welcome to the NetEase fourth-quarter and full-year 2014 earnings conference call. Today's conference is being recorded. At this time, I would 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年第四季及全年財報電話會議。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.

謝謝您，接線生。

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. 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.

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。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 site 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 discussion 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。

2014 was an exciting year for NetEase. We made great strides to broaden the scope of our Internet services, with advancements across our businesses. With our traditional online offerings, we made considerable advancement and expanded the depth of our current games with timely expansion packs.

2014年對網易來說是令人興奮的一年。我們在拓寬網路服務範圍方面取得了長足進步，各項業務也都取得了進展。透過我們傳統的線上產品，我們取得了長足的進步，並透過及時的擴充包擴展了我們當前遊戲的深度。

We also entered the mobile gaming space where we succeeded in releasing 12 self-developed and licensed mobile games in 2014. Our mobile presence is gaining momentum, not only with our mobile games, but also through our top-performing mobile news applications, where we are beginning to benefit from early monetization efforts.

我們也進入了手機遊戲領域，2014年成功發表了12款自主研發和授權的手機遊戲。我們的行動業務正在蓬勃發展，不僅透過我們的手機遊戲，還透過我們表現最佳的行動新聞應用程序，我們開始從早期的貨幣化努力中受益。

We are also pleased with the growth of our portal and e-commerce service lines. Combined, this games and services offerings produced a 27.7% increase in total revenues for the year. For the fourth quarter revenues grew 42.5% year over year, driven by a 35.7% increase in our online games services, a 22.7% increase in advertising services and a 224.2% increase from our expanding email, e-commerce and others business.

我們也對入口網站和電子商務服務線的成長感到高興。總體而言，這些遊戲和服務產品使全年總收入增加了 27.7%。第四季營收年增 42.5%，其中線上遊戲服務成長 35.7%，廣告服務成長 22.7%，以及不斷擴展的電子郵件、電子商務和其他業務成長 224.2%。

Our self-developed games and licensed online games continue to provide a draw for audiences. In the fourth quarter, our online games services revenues increased by 16.4% sequentially. In particular, New Westward Journey Online II reached record user statistics in the fourth quarter. We attribute much of this success to the popularity of the August launch of a new item-based versions of the game.

我們的自主研發遊戲和授權網路遊戲持續吸引觀眾。第四季度，我們的線上遊戲服務收入較上季成長16.4%。其中，《新西遊記II》第四季用戶量創歷史新高。我們將這一成功很大程度歸功於 8 月推出的基於物品的新遊戲版本的受歡迎程度。

Our mobile games have also shown signs of early success. A strong user base has formed for our self-developed mobile battle arena game, Battle to the West or in Chinese [Lontau CO] and mobile 3-D action adventures The World HD or in Chinese Tianxia HD, which was adapted from our online game Tianxia III. Both of these games have become highly ranked in China's mobile game market.

我們的手機遊戲也已初顯成效。我們自主研發的手機戰鬥競技場遊戲《西遊記》中文版（Lontau CO）和 3D 動作冒險手機遊戲《天下高清版》（改編自我們的網路遊戲《天下三國》）已經形成了強大的用戶群。這兩款遊戲均在中國手機遊戲市場中名列前茅。

We also introduced expansion packs for several games in the fourth quarter that supported solid performances from games such as Fantasy Westward Journey II, Tianxia III, Ghost II and Heroes of Tang Dynasty Zero. Looking at our licensed games, the November launch of the fifth expansion set to Blizzard Entertainment's World of Warcraft, Warlords of Draenor, in Mainland China was also met with great player enthusiasm.

我們也在第四季推出了多款遊戲的資料片，支持了《夢幻西遊2》、《天下3》、《倩女幽魂2》、《大唐英雄傳0》等遊戲的強勁表現。看看我們的授權遊戲，暴雪娛樂的《魔獸世界》第五個資料片《德拉諾之王》於 11 月在中國大陸推出，也受到了玩家的熱烈歡迎。

We are well into the first quarter and 2015 is off to a strong start. We initiated the small-scale commercial launch of Revelation, our 3-D oriental fantasy MMORPG, and beta testing for Hegemon-King of Westward Chu (sic - see press release "Western Chu") or in Chinese Xi Chu Ba Wang, our 3-D warfare MMORPG, at the beginning of 2015. The early feedback for both these games has been very positive and we are continuing to progress their development.

我們已經進入第一季度，2015 年開局強勁。2015 年初，我們啟動了 3D 東方奇幻 MMORPG《天諭》的小規模商業發布，並啟動了 3D 戰爭 MMORPG《西楚霸王》（原文如此 - 參見新聞稿“西楚”）的 Beta 測試。這兩款遊戲的早期回饋都非常積極，我們正在繼續推進它們的開發。

In additions, in January Blizzard's free-to-play online team brawler, Heroes of the Storm, began closed beta testing in China. And we continue to work closely with Blizzard to bring this and other exciting game content to Chinese audiences.

此外，1月暴雪的免費線上團隊格鬥遊戲《風暴英雄》在中國開始封閉測試。我們將繼續與暴雪密切合作，將這款遊戲和其他令人興奮的遊戲內容帶給中國觀眾。

We plan to build on this momentum by introducing additional games and new expansion packs later this year for some of our leading self-developed games. We invite you to look for new upgrades and additional features and game play that build on the success of titles such as Fantasy Westward Journey II, New Westward Journey Online II, Tianxia III and Heroes of Tang Dynasty Zero.

我們計劃在今年稍後為一些領先的自主開發遊戲推出更多遊戲和新的擴充包，以延續這一勢頭。我們邀請您尋找新的升級和附加功能以及遊戲玩法，這些遊戲建立在《夢幻西遊 II》、《新西遊 Online II》、《天下 III》和《大唐英雄傳零》等遊戲的成功基礎之上。

As we have discussed on prior calls, mobile Internet is playing an increasing role in China's expanding Internet market. Our expertise makes us well suited to address the growing mobile [practices] and we have made a number of strategic advancements in the mobile space. Our mobile portfolio is expanding and our capabilities in developing and publishing are growing.

正如我們在之前的電話會議中討論過的，行動互聯網在中國不斷擴大的互聯網市場中發揮著越來越重要的作用。我們的專業知識使我們非常適合應對日益增長的行動[實踐]，並且我們在行動領域取得了許多策略進步。我們的行動產品組合正在擴大，我們的開發和發布能力也在增強。

In additions to our plans to introduce more mobile games this year, we also continue to grow our YiChat user base. During the fourth quarter, we introduced a new 3.0 version of YiChat that supported this growth. The features and functionalities such as free call have been well received by users and are helping us build a strong and active mobile social network. We plan to extend our reach even further by introducing an enterprise version of YiChat that serves small and medium-sized enterprises later this year. In additions, our e-commerce business expanded at a healthy pace in 2014.

除了我們今年計劃推出更多手機遊戲之外，我們還將繼續擴大易信的用戶群。在第四季度，我們推出了新的易信 3.0 版本來支援這一成長。免費通話等特性和功能受到了用戶的一致好評，並幫助我們建立了強大而活躍的行動社交網路。我們計劃在今年稍後推出服務中小企業的易信企業版，進一步擴大我們的業務範圍。此外，我們的電子商務業務在2014年也保持健康成長。

Turning to our advertising business, in 2014 our advertising services growth was driven by increased market demand, mainly from the automobile, communication services and foods and beverages sectors, and greater monetizations of our mobile news application. We also benefited from the 2014 FIFA World Cup.

談到我們的廣告業務，2014年我們的廣告服務成長受到市場需求成長的推動，主要來自汽車、通訊服務和食品飲料產業，以及我們的行動新聞應用程式更大的貨幣化。我們也受益於2014年世界盃。

Our top-performing advertising verticals in the fourth quarter were the automobile, financial services and Internet services sectors. Our customers are showing considerable interest in mobile advertisings and we plan to focus on this area for our growth in 2015. Throughout the year, we plan to introduce our mobile portfolio of games and services and diversify our offerings.

我們第四季表現最佳的廣告垂直領域是汽車、金融服務和網路服務業。我們的客戶對行動廣告表現出了極大的興趣，我們計劃在 2015 年將重點放在這一領域以實現成長。我們計劃全年推出我們的行動遊戲和服務組合，並實現產品多樣化。

Chinese audiences have a growing appetite for mobile capabilities, where we believe we can better serve our loyal community and grow our business lines. We plan to bring users more mobile games, including introducing new mobile versions of some of our popular existing PC games, to provide users with entertaining games on the platforms of their choice. We also see an opportunity to further diversify our current online offerings by providing additional services that utilize our capabilities and experience as an online pioneer.

中國觀眾對行動功能的需求日益增長，我們相信我們可以更好地服務我們的忠實粉絲群並擴展我們的業務線。我們計劃為用戶帶來更多手機遊戲，包括推出一些現有熱門PC遊戲的新手機版本，讓用戶在他們選擇的平台上享受娛樂遊戲。我們也看到了進一步豐富我們目前線上產品的機會，即透過提供利用我們作為線上先驅的能力和經驗的附加服務。

In January, we launched Kaola, a cross-border e-commerce platform. Through this self-operated platform and our partnership with Sinotrans to provide speedy delivery services to Chinese consumers purchasing goods from overseas, we can address China's cross-border e-commerce export trade opportunities, which exceeded RMB1b in 2014. Through these new offerings and our innovative games and services that we offer on traditional and mobile platforms, we will continue to expand our community and support healthy growth across our business lines.

一月份，我們推出了跨國電商平台無尾熊。透過這個自營平台以及我們與中國外運的合作，為從海外購買商品的中國消費者提供快速配送服務，我們可以抓住中國跨境電子商務出口貿易機會，2014年該行業的出口額超過10億元。透過這些新產品以及我們在傳統和行動平台上提供的創新遊戲和服務，我們將繼續擴大我們的社區並支持我們各業務線的健康成長。

This concludes William's update. Now I will provide a review of our fourth-quarter and fiscal year financial results. I will primarily focus on the discussions of margins and expense fluctuations, along with net profit.

威廉的更新到此結束。現在我將回顧我們第四季和財年的財務表現。我將主要討論利潤率和費用波動以及淨利潤。

Total sales tax for the fourth quarter of 2014 were RMB220.6m or $35.6m compared to RMB209.2m and RMB162.7m for the preceding quarter and the fourth quarter of 2013 respectively. The year-over-year and quarter-over-quarter increases in sales tax were mainly due to the increase in our total revenues.

2014 年第四季銷售稅總額為 2.206 億元人民幣（3,560 萬美元），上一季和去年同期分別為 2.092 億元人民幣和 1.627 億元。銷售稅的同比和環比增長主要歸因於我們的總收入的增長。

Gross profit for the fourth quarter of 2014 was RMB2.5b or $400.6m compared to RMB2.3b and RMB1.7b for the preceding quarter and the fourth quarter of 2013 respectively.

2014 年第四季毛利為 25 億元（4.006 億美元），上一季及 2013 年第四季毛利分別為 23 億元人民幣及 17 億元。

The year-over-year increase in online games gross profit was primarily driven by increased revenues from certain self-developed games, such as Fantasy Westward Journey II and New Westward Journey Online II and various mobile game products. The quarter-over-quarter increase in online games gross profit was primarily driven by increased revenue from certain self-developed online and mobile games, such as New Westward Journey Online II and Battle to the West, as well as Warlords of Draenor, the fifth expansion [set] to Blizzard's World of Warcraft.

網路遊戲毛利的年增率主要得益於《夢幻西遊2》和《新西遊Online2》等部分自主研發遊戲以及多款手機遊戲產品收入的增加。網路遊戲毛利環比成長主要得益於部分自主研發的網路遊戲和手機遊戲收入的成長，例如《新西遊Online II》和《決戰西部》，以及暴雪娛樂《魔獸世界》第五個資料片《德拉諾之王》。

The year-over-year increase in advertising services gross profit was primarily the result of strong demand from the financial services, communication services and real estate sectors, and monetizations associated with our mobile news applications and other mobile applications. The quarter-over-quarter decrease in advertising services gross profit was mainly due to higher revenue related to the 2014 FIFA World Cup in the preceding quarter.

廣告服務毛利年增率主要得益於金融服務、通訊服務和房地產行業的強勁需求，以及與我們的行動新聞應用程式和其他行動應用程式相關的貨幣化。廣告服務毛利環比下降主要由於上一季2014年世界盃相關收入增加所致。

The year-over-year increase in e-mail, e-commerce and others gross profit was primarily attributable to an increase in revenue from our e-commerce business. The quarter-over-quarter decrease in e-mail, e-commerce and others gross profit was primarily attributable to the decrease in revenue from our e-commerce business.

電子郵件、電子商務及其他毛利的同比增長主要歸因於我們電子商務業務收入的成長。電子郵件、電商及其他業務毛利環比下降主要由於電商業務收入下降。

Gross profit margin for our online games business for the fourth quarter of 2014 was 76% compared to a gross profit margins of 77.2% and 77.7% for the preceding quarter and the fourth quarter of 2013 respectively. The year-over-year and quarter-over-quarter changes in gross profit margins were mainly due to increased revenue contribution from mobile games and licensed games, which have relatively lower gross profit margins as a percentage of our total online game revenues.

2014 年第四季線上遊戲業務的毛利率為 76%，上一季和去年同期分別為 77.2% 和 77.7%。毛利率的同比和環比變化主要是由於手機遊戲和授權遊戲的收入貢獻增加，而這些遊戲的毛利率占我們線上遊戲總收入的比例相對較低。

Gross profit margin for the advertising services business for the fourth quarter of 2014 was 66.8% compared to a gross profit margin of 66.3% and 57.8% for the preceding quarter and the fourth quarter of 2013 respectively. The year-over-year increase in gross profit margin was mainly due to enhanced economies of scale driven by revenue growth.

2014 年第四季廣告服務業務毛利率為 66.8%，上一季和去年同期分別為 66.3% 和 57.8%。毛利率年增主要由於收入成長帶動規模經濟效應增強。

Gross profit margin for the e-mail, e-commerce and others business for the fourth quarter of 2014 was 45.6% compared to a gross profit margin of 49.6% for the preceding quarter and gross loss margin of 4% for the fourth quarter of 2013 respectively. The year-over-year increase in gross profit margin was mainly due to increased revenue from our e-commerce business, which has a relatively high gross profit margin.

2014 年第四季信箱、電商及其他業務毛利率為 45.6%，上一季毛利率為 49.6%，去年同期毛損率為 4%。毛利率年增主要由於電商業務收入增加，該業務毛利率相對較高。

Total operating expenses for the fourth quarter of 2014 were RMB1.2b or $199.8m compared to RMB1.1b and RMB648.3m for the preceding quarter and the fourth quarter of 2013 respectively. The year-over-year increase in operating expenses was mainly due to increased selling and marketing expenses for the promotion of our online and mobile games and Blizzard licensed games, our e-commerce business and advertising services promotions, as well as staff-related research and development costs, resulting from an increase in the number of employees and average compensation. The quarter-over-quarter increase was mainly due to increased selling and marketing expenses for online games and our e-commerce business.

2014 年第四季總營運費用為 12 億元人民幣（1.998 億美元），上一季及 2013 年第四季分別為 11 億元人民幣及 6.483 億元。營業費用年增主要是由於推廣我們的網路遊戲、手機遊戲和暴雪授權遊戲、我們的電子商務業務和廣告服務促銷的銷售和行銷費用增加，以及由於員工數量和平均薪酬增加導致的與員工相關的研發成本增加。環比增長主要由於網路遊戲和電子商務業務的銷售和行銷費用增加。

We recorded a net income tax charge of RMB187.9m or $30.3m for the fourth quarter of 2014 compared to net income tax charges of RMB197.3m and RMB49.4m for the preceding quarter and the fourth quarter of 2013 respectively.

2014 年第四季，我們記錄的淨所得稅費用為 1.879 億元或 3,030 萬美元，而上一季和 2013 年第四季的淨所得稅費用分別為 1.973 億元人民幣和 4,940 萬元人民幣。

The effective tax rate for the fourth quarter of 2014 was 12.8% compared to 14.4% and 3.8% for the preceding quarter and the fourth quarter of 2013 respectively. The year-over-year increase 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 quarter of 2013. Accordingly, they became subject to a preferential tax rate of 10% for the 2013 and 2014 fiscal years, and the resulting 2013 tax credit was recorded in the fourth quarter of 2013.

2014 年第四季有效稅率為 12.8%，上一季和去年同期分別為 14.4% 和 3.8%。有效稅率年增主要由於公司部分子公司於2013年第四季被批准為重點軟體企業。因此，他們在 2013 和 2014 財年享受 10% 的優惠稅率，而由此產生的 2013 年稅收抵免則記錄在 2013 年第四季。

We also had a net foreign exchange loss of RMB7.1m or $1.1m compared to a net foreign exchange gain of RMB2.2m and a net foreign exchange loss of RMB17.6m for the preceding quarter and the fourth quarter of 2013 respectively. The quarter-over-quarter and year-over-year changes in foreign exchange gains and losses were mainly due to exchange gains and losses 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.

我們也出現了淨外匯損失 710 萬元人民幣或 110 萬美元，而上一季和 2013 年第四季的淨外匯收益為 220 萬元人民幣，淨外匯損失為 1,760 萬元。匯兌損益的環比及年比變動主要由於期內美元兌人民幣匯率波動導致本公司外幣銀行存款及短期貸款餘額產生匯兌損益。

Our net profit for the fourth quarter of 2014 totaled RMB1.3b or $204.9m compared to RMB1.2b for both the preceding quarter and the fourth quarter of 2013.

2014 年第四季，我們的淨利潤總計 13 億元人民幣（2.049 億美元），而上一季和 2013 年第四季的淨利潤均為 12 億元。

We reported basic earnings per ADS of $1.57 and diluted earnings per ADS of $1.56 for the fourth quarter of 2014. Our basic earnings per ADS was $1.43 and diluted earnings per ADS was $1.42 for the preceding quarter. This compares to basic and diluted earnings per ADS of $1.53 each for the fourth quarter of 2013.

我們報告 2014 年第四季每股美國存託憑證基本收益為 1.57 美元，每股美國存託憑證稀釋收益為 1.56 美元。上一季度，我們的每股美國存託憑證基本收益為 1.43 美元，每股美國存託憑證攤薄收益為 1.42 美元。相比之下，2013 年第四季每股 ADS 基本收益和攤薄收益均為 1.53 美元。

Now for an overview of the 2014 fiscal year financial results. Our gross profit for fiscal year 2014 was RMB8.5b or $1.4b compared to RMB6.7b for the preceding fiscal year. The increase in gross profit was primarily driven by increased revenues from our online game services, advertising services and e-commerce business.

現在來概述一下 2014 財年的財務表現。我們2014財年的毛利為人民幣85億元（約14億美元），而上一財年為人民幣67億元。毛利的成長主要得益於我們的線上遊戲服務、廣告服務和電子商務業務收入的成長。

The increase in online game services gross profit in 2014 was primarily attributable to increased revenues from our self-developed games such as Fantasy Westward Journey II, New Westward Journey Online II and various mobile games, as well as from Blizzard's Hearthstone, Heroes of Warcraft.

2014年網路遊戲服務毛利的成長主要得益於我們自主研發的遊戲，如《夢幻西遊II》、《新西遊Online II》和多款手機遊戲，以及暴雪的《爐石戰記》、《魔獸英雄傳》等收入的成長。

The increase in advertising services gross profit in 2014 was due to a rise in demand, mainly from the automobile, communication services and food and beverages sectors, as well as from the increased monetizations of our mobile news applications and the impact of the 2014 FIFA World Cup.

2014年廣告服務毛利的成長是由於需求增加，主要來自汽車、通訊服務和食品飲料產業，以及我們的行動新聞應用程式貨幣化的提高和2014年FIFA世界盃的影響。

The improvement in e-mail, e-commerce and others gross profit in 2014 was primarily attributable to an increase in revenue from our e-commerce business.

2014年電子郵件、電子商務及其他毛利的提升主要歸因於電子商務業務收入的增加。

Our total operating expenses for fiscal year 2014 were RMB3.7b or $594.1m compared to RMB2.4b for the preceding fiscal year. Our operating expenses increased due primarily to increased marketing expenses as a result of marketing and promotional activities for our online games, e-commerce and advertising services businesses, mainly related to the 2014 FIFA World Cup and increased research and development expenses, resulting from increased headcount and average compensation.

2014財年，我們的總營運費用為人民幣37億元（約5.941億美元），而上一財年為人民幣24億元。我們的營業費用增加主要是由於我們的網路遊戲、電子商務和廣告服務業務的行銷和促銷活動導致行銷費用增加，主要與 2014 年 FIFA 世界盃有關，以及由於員工人數和平均薪酬增加導致研發費用增加。

For the full year 2014, we recorded a net income tax charge of RMB662.7m or $106.8m compared with RMB530.6m for fiscal year 2013. The effective tax rate was 12.1% for fiscal year 2014 compared to 10.7% for fiscal year 2013. The change in the effective tax rate was mainly due to that in 2013 we recorded a one-off tax benefit of RMB304.6m related to the key software enterprises qualification of fiscal years 2011 and 2012.

2014 年全年，我們記錄的淨所得稅費用為 6.627 億元（1.068 億美元），而 2013 財年為 5.306 億元。2014 財年的有效稅率為 12.1%，而 2013 財年的有效稅率為 10.7%。有效稅率的變動主要由於2013年我們記錄了與2011年和2012年財政年度重點軟體企業資格相關的一次性稅收優惠人民幣3.046億元。

Our net profit for fiscal year 2014 totaled RMB4.8b or $766.6m compared to RMB4.4b for the preceding fiscal year.

我們 2014 財年的淨利潤總計 48 億元或 7.666 億美元，而上一財年為 44 億元。

For fiscal year 2014 we reported a net foreign exchange loss of RMB18m or $2.9m compared to a net foreign exchange loss of RMB15.3m for the preceding fiscal year. The foreign exchange loss for 2014 was mainly due to exchange losses arising from our US dollar denominated bank deposits and short-term loan balances, as the exchange rate of the US dollar against the RMB fluctuated over these periods.

2014財年，我們報告的淨外匯損失為1800萬元或290萬美元，而上一財年的淨外匯損失為1530萬元人民幣。2014 年的匯兌損失主要由於本行美元銀行存款及短期貸款餘額因美元兌人民幣匯率波動而產生的匯兌損失。

Our basic earnings per ADS were $5.87 and diluted earnings per ADS were $5.85 for fiscal year 2014. This compares to basic earnings per ADS of $5.51 and diluted earnings per ADS of $5.5 for 2013.

2014 財年，我們的每股美國存託憑證基本收益為 5.87 美元，每股美國存託憑證稀釋收益為 5.85 美元。相較之下，2013 年每股美國存託憑證基本收益為 5.51 美元，每股美國存託憑證攤薄收益為 5.5 美元。

As of December 31, 2014, our total cash and time deposits balance was RMB21.2b or $3.4b compared to RMB18.6b as of December 31, 2013.

截至 2014 年 12 月 31 日，我們的現金及定期存款總額為 212 億元（34 億美元），而截至 2013 年 12 月 31 日則為 186 億元人民幣。

Our cash flow generated from operating activities was RMB5.9b or $944.1m for fiscal year 2014 compared to RMB5.2b for the preceding fiscal year.

2014財年，我們經營活動產生的現金流為59億元人民幣（9.441億美元），上一財年為52億元。

In addition, as of December 31, 2014, we have a loan from an offshore bank in the principal amount of $90m that was secured by RMB deposits of the Company in an onshore branch of this bank in the amount of RMB614.2m, which was recognized as a short-term investment.

此外，截至 2014 年 12 月 31 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，該貸款以公司在該銀行境內分行的 6.142 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 $0.39 per ADS. We expect to pay this on March 6, 2015 to shareholders of record as of the close of business on February 25, 2015.

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 派發 0.39 美元的股息。我們預計將於 2015 年 3 月 6 日向 2015 年 2 月 25 日營業結束時登記在冊的股東支付這筆款項。

Thank you for your attentions. We would now like to open the call to your questions. Operator, please go ahead.

謝謝您的關注。我們現在想開始回答你們的問題。接線員，請繼續。

(Operator Instructions). George Meng, Morgan Stanley.

（操作員指令）。摩根士丹利的喬治孟（George Meng）。

Hi. Good morning, everyone. Thank you very much for taking my question. Congratulations on a good quarter. I have a question for William, so I will ask in English first and then translate myself. And then I also have a very quick follow-up.

你好。大家早安。非常感謝您回答我的問題。恭喜本季業績良好。我有一個問題要問威廉，所以我會先用英文問，然後自己翻譯。然後我還有一個非常快速的後續行動。

So the question is, after successful mobile game launches, how do you think that big companies like NetEase can retain key talents, especially in the small mobile game studios? Or conversely, how do you think big companies like NetEase can actually offer or add value to the mobile games studios, especially those already with hit mobile games?

那麼問題是，在成功推出手機遊戲後，您認為像網易這樣的大公司如何留住關鍵人才，尤其是在小型手機遊戲工作室中？或者相反，您認為像網易這樣的大公司實際上能夠為手機遊戲工作室提供或增加什麼價值，特別是那些已經擁有熱門手機遊戲的工作室？

(Interpreted). So, regarding your first questions on the -- on this point, basically, we do feel that this was kind of a management-related questions. And for NetEase, we do have our own unique management solutions to it, such that we could excel ourselves in the market. And in 2014, we do also see that we have got two mobile games that have been ranked as the most successful games in the Apple China app store. And to us, we do feel that NetEase has been very stable all along in these business developments and operations. And we do see that we do possess the necessary skills and the expertise to manage our business going forward.

（解釋）。因此，關於您提出的第一個問題——就這一點而言，基本上，我們確實認為這是一個與管理相關的問題。對於網易來說，我們確實有自己獨特的管理解決方案，讓我們在市場上脫穎而出。2014年，我們也確實看到我們有兩款手機遊戲被評為蘋果中國應用商店最成功的遊戲。對我們來說，我們確實感覺到網易在這些業務發展和營運中一直非常穩定。我們確實看到我們擁有管理未來業務所需的技能和專業知識。

(Spoken in Chinese).

（以中文講解）。

So, another supplement that William would like to add is that for the mobile games businesses, although it is a totally new area to us, but we are quite open ourselves in order to share the experiences, to do [the stuff] at the highest qualities in order to get into this new business area. And we do see that we do possess a very long-term visions and view to develop our mobile game business, such that we are also prepared to embrace the failures that may happen all along the process. But in the end, we do believe that we would be able to achieve something meaningful in the long term.

因此，William 想補充的另一點是，對於手機遊戲業務來說，雖然這對我們來說是一個全新的領域，但我們非常開放，願意分享經驗，以最高品質的方式開展業務，以進入這個新的業務領域。我們確實看到，我們確實擁有發展手機遊戲業務的長遠願景和眼光，因此我們也準備好接受在此過程中可能發生的失敗。但最終，我們確實相信我們能夠取得長期有意義的成就。

Okay, thank you very much. And a quick follow-up on the PC game growth outlook for 2015. So, what do you think your growth rate -- or, if you cannot talk about it, what do you think of the industry growth rate for the PC game going forward in 2015?

好的，非常感謝。並快速跟進 2015 年 PC 遊戲成長前景。那麼，您認為您的成長率是多少——或者，如果您不能談論它，您認為 2015 年 PC 遊戲產業的成長率是多少？

(Interpreted). So with regard to our anticipations on the 2015 game outlook or the growth, basically we're quite -- very confident and positive to this growth potentials. And we believe that we would be -- upkeep the momentums to roll out more innovative products to the market, such that they would also exceed the expectations of our targeted audiences or the players in particular. And we do see that in the upcoming years, like 2015 and even 2016, those would be some fruitful years for us to get some meaningful returns in that part of the business.

（解釋）。因此，就我們對 2015 年遊戲前景或成長的預期而言，我們基本上對此成長潛力非常有信心和樂觀。我們相信，我們將保持勢頭，向市場推出更多創新產品，以便它們能夠超越我們的目標受眾或特別是玩家的期望。我們確實看到，在未來幾年，例如 2015 年甚至 2016 年，這些將是豐碩的一年，我們將在該業務領域獲得一些有意義的回報。

Okay, that's very helpful. Thank you very much, (spoken in Chinese).

好的，這非常有幫助。非常感謝（用中文）。

Alex Yao, JP Morgan.

摩根大通 (JP Morgan) 的 Alex Yao。

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

你好。大家早安。非常感謝您回答我的問題，並祝賀您本季業績表現穩健。

The first question is about the sales and marketing which reached a record high level in terms of absolute terms, as well as percentage of total revenue. Is it because you guys are doing something structurally different on the mobile in terms of the sales and marketing, user acquisition? Or it's just in the relatively early stage of building up mobile user base so, over time, this sales and marketing will decline as a percentage of total revenue?

第一個問題是關於銷售和行銷，無論是絕對值還是佔總收入的百分比，都達到了歷史最高水準。是因為你們在行動端的銷售、行銷和用戶獲取方面做了一些結構上不同的事情？或者它只是處於建立行動用戶群的相對早期階段，因此隨著時間的推移，銷售和行銷佔總收入的比例會下降？

(Spoken in Chinese).

（以中文講解）。

Okay. So --

好的。所以 -

(Spoken in Chinese).

（以中文講解）。

So basically with regard to your questions on the sales and marketing expenses, it is true that if you are comparing to the past, this is actually -- it has come to a much higher levels for now. But going forward, especially when we are getting into the futures, we will try to think of a much better and practical ways to control the expenses in these [items].

因此，基本上關於您關於銷售和行銷費用的問題，確實，如果與過去相比，這實際上 - 目前已經達到了更高的水平。但展望未來，特別是當我們進入期貨市場時，我們將嘗試想出更好、更實用的方法來控制這些項目的成本。

And another point that William would like to highlight is that for mobile games, you are well aware that, especially in the Apple Store, there will be revenue-sharing of 30%, which is a [high] cost that we have to pay out. And this wouldn't be happened in the past when we are just doing the promotions for our PC games. And so this would be the kind of stuff that we need to pay attentions to.

威廉想強調的另一點是，對於手機遊戲，您很清楚，特別是在 Apple Store，會有 30% 的收入分成，這是我們必須支付的一筆高昂的成本。過去當我們只是為我們的電腦遊戲做推廣時，這種情況是不會發生的。所以這就是我們需要關注的事情。

Got it. The second question is regarding Heroes of the Storm, which is a mobile type of game. Usually this type of game is capable of generating a very high level of usage, but the monetization tend to be a lot lower than MMORPG. Is Heroes of the Storm a typical such game, or you guys will be doing something different in terms of monetization?

知道了。第二個問題是關於《風暴英雄》的，這是一款手機類型的遊戲。通常這種類型的遊戲能夠產生非常高的使用率，但貨幣化往往比 MMORPG 低很多。《風暴英雄》是一款典型的這類遊戲嗎？或者你們在獲利方面會做一些不同的事情？

(Interpreted). So basically with regard to the Heroes of the Storm, this is one of our major rolled-out games in the mobile area. And we do believe that for games like this type, the game experiences would come first before we consider the next step of how good and how effective would be the way to do the monetizations.

（解釋）。所以基本上就《風暴英雄》而言，這是我們在行動領域推出的主要遊戲之一。我們確實相信，對於這種類型的遊戲，遊戲體驗應該放在第一位，然後我們才會考慮下一步如何以更好、更有效地方式獲利。

We do look forward that going -- that there would be more rooms for adding in more innovative features to the game in order to enrich the gaming experiences of the players. And, right after that, then we will come to a better timeframe of considering the monetizations matter.

我們確實期待著——遊戲中會有更多空間添加更多創新功能，以豐富玩家的遊戲體驗。此後，我們將進入一個更好的時間框架來考慮貨幣化問題。

(Spoken in Chinese).

（以中文講解）。

Alicia Yap, Barclays.

巴克萊銀行的 Alicia Yap。

Hi and good morning, William, Onward, Brandi and Cassia. Thanks for taking my questions. Also congratulations on the strong quarter. I have two questions.

大家好，威廉、昂沃德、布蘭迪和卡西亞。感謝您回答我的問題。也祝賀本季業績強勁。我有兩個問題。

Number one is regarding your mobile games. So I wonder if you could share with us the percentage of mobile games revenue contributions in the fourth quarter.

第一是關於你的手機遊戲。所以我想知道您是否可以與我們分享第四季度手機遊戲收入貢獻的百分比。

And also I wanted to also get a sense, are you recognizing all the gross billing for your new mobile games as the gross revenue during the quarter, or do you actually have some deferred revenues that push off to the later quarter. And, if so, if you can give us the rough difference between gross billing and reported revenue.

另外，我還想了解一下，您是否將所有新手機遊戲的總收入都視為本季度的總收入，或者您是否實際上有一些遞延收入推遲到下個季度。如果是的話，您能否告訴我們總帳單和報告收入之間的大致差異？

And also could you share with us the different tractions on the distribution channel, for example, the split between the iOS and the Android and also the split between your organic traffic versus the third-party app store.

您還可以與我們分享分銷管道上的不同牽引力嗎，例如 iOS 和 Android 之間的劃分，以及您的自然流量和第三方應用商店之間的劃分。

And then, sorry about it, so there's a lot of questions [on it]. Also how do you recognize the iOS 30%? Is that on the cost of revenue, or sales and marketing spend? Thanks.

然後，很抱歉，所以有很多問題。另外你如何辨識 iOS 30%？這是收入成本，還是銷售和行銷支出？謝謝。

So basically with regard to your questions, there would be quite a lot of different parts with regards to our (inaudible) on the mobile game front. Basically, as we mentioned in our last earnings, we have been seeing that there has been a very good and healthy pace of growing our mobile games revenue contributions in the past few quarters. And going into the fourth quarter it has already get into the 14% levels, which we also feel quite encouraging.

因此，基本上關於您的問題，關於我們的（聽不清楚）手機遊戲方面會有很多不同的部分。基本上，正如我們在上次收益中提到的那樣，我們看到過去幾季我們的手機遊戲收入貢獻一直保持著非常好且健康的成長速度。進入第四季度，這一數字已經達到 14% 的水平，這也讓我們感到非常鼓舞。

And with regard to the revenue recognitions, basically we are recognizing those revenue on a gross basis. And this is also true that, while we have some revenue recognized in the current timeframe, we've also got some deferred revenues as well.

關於收入確認，我們基本上是以總額確認這些收入。事實也是如此，雖然我們在當前時間範圍內確認了一些收入，但我們也有一些遞延收入。

And with regard to your questions on the distributions of the iOS and Android, I think so far we do see that they have been performing quite evenly, so to call. But we haven't been breaking down the extent of percentages on how much they are doing for now.

關於您關於 iOS 和 Android 分佈的問題，我認為到目前為止，我們確實看到它們的表現相當均衡，可以這麼說。但目前我們還沒有詳細分析他們所做工作的百分比。

And then how do you recognize the channel fee? Is it under cost of revenue, or sales and marketing?

那麼通路費如何確認呢？它是在收入成本之下，還是在銷售和行銷成本之下？

On the cost of revenue, cost of revenue.

關於收入成本，收入成本。

Okay. And sorry, can I follow up? I may have missed that. You said 40% on mobile games contribution?

好的。抱歉，我可以跟進一下嗎？我可能錯過了。你說 40% 貢獻手機遊戲？

14%, 1-4.

14%，1-4。

14%, sorry. Okay, 1-4. Okay, great. Great. Thank you. So thanks for the color.

14%，抱歉。好的，1-4。好的，太好了。偉大的。謝謝。謝謝你的顏色。

My second question is on -- regarding your cross-border e-commerce platform Kaola. So can you give us some color regarding the overall investment amount that you plan to invest for this cross-border e-commerce?

我的第二個問題是關於你們的跨國電商平台無尾熊。那麼，您能否透露您計劃為這項跨境電子商務投資的總投資金額？

And I also wanted to get a sense because this seems to be a physical goods e-commerce platform rather than virtual goods. So what is the rationale for NetEase to enter this cross-border e-commerce? Will that be the principal model or the marketplace? If it's the principal model, how should we think about the margins outlook going forward? Thank you.

而且我也想了解一下，因為這似乎是一個實體商品電子商務平台，而不是虛擬商品。那麼網易進軍跨境電商的初衷是什麼呢？這會是主要模式還是市場模式？如果這是主要模型，我們該如何看待未來的利潤前景？謝謝。

(Interpreted). So basically I think at this point of time, we are still in the testing phase of this new business initiatives. And so there wouldn't be too much colors that we can add on at this stage.

（解釋）。所以基本上我認為目前我們仍處於這項新業務計畫的測試階段。因此，現階段我們可以添加的顏色不會太多。

But there is a few core visions or the philosophies that we have to uphold in doing or entering into this new business. Like we would be selling just the goods, the true goods, not the fake one. And we would also try to source out those value for money stuff to put through on that place for our users.

但在開展或進入這項新業務時，我們必須堅持一些核心願景或理念。就像我們只賣商品，真貨，而不是假貨。我們也會嘗試尋找那些物有所值的東西，並將其放到那裡供我們的用戶使用。

And, at the same time, we are also getting into partnerships and cooperations with different suppliers, other than doing it on our self-operating platforms. And we would also be getting into some strategic partnerships with other potential companies as well.

同時，除了在自營平台上合作外，我們還與不同的供應商建立了合作關係。我們也將與其他潛在公司建立一些策略合作夥伴關係。

Okay, great. Thank you. (Spoken in Chinese), Ding-zong. Thank you, Onward.

好的，太好了。謝謝。（用中文說）丁宗。謝謝你，Onward。

Eddie Leung, Merrill Lynch.

美林證券的 Eddie Leung。

Hi, good morning. Thank you for taking my questions; two questions.

嗨，早安。感謝您回答我的問題；兩個問題。

The first one is about your mobile games strategy. It seems like in the first quarter, we have seen quite some new games on the mobile side. So I'm just wondering whether there is any seasonal factor behind the quick launch of a number of mobile games in the first quarter? Or is there a change of strategy that you feel more comfortable that in 2015 you can launch many more mobile games relative to the pace in 2014? So that's my first question.

第一個問題是關於你們的手機遊戲策略。看起來在第一季度，我們在行動端看到了不少新遊戲。所以我很好奇，第一季大量手遊的快速上線，是否受到季節因素的影響？或者說，您是否改變了策略，覺得 2015 年您可以推出比 2014 年更多的手機遊戲？這是我的第一個問題。

And then my second question is about your lottery business. I would like to get an update on the progress of the business. And is there any regulation that we need to pay attention to? Thanks.

我的第二個問題是關於你們的彩票業務。我想了解業務進展的最新情況。有沒有什麼規定需要我們注意呢？謝謝。

(Interpreted). So basically with regard to your first questions on the mobile games strategies, basically we will be doing it on both the self-developed and licensed fronts. And in terms of the momentums of rolling out the new mobile games, we believe that we would be making sure that those games would be up to our standards, or the requirements, before we actually launch those new games to the market.

（解釋）。因此，關於您關於手機遊戲策略的第一個問題，基本上我們將在自主開發和授權兩個方面開展工作。就推出新手機遊戲的勢頭而言，我們相信，在將這些新遊戲真正推向市場之前，我們會確保這些遊戲符合我們的標準或要求。

And with regard to your second question on the lottery business developments, basically it has been doing good. And with regard to the regulatory environment, NetEase has always been following the required laws and rules and regulations in order to operate our business operations.

關於您提到的第二個問題，彩票業務的發展基本上是好的。在監管環境方面，網易一直遵守必要的法律法規和規章制度來開展業務。

Thank you.

謝謝。

Tian Hou, TH Capital.

天后，泰合資本。

Good morning everyone. William, I have a question related to your mobile game. In Q4, certainly it was a great success for your mobile games. It is also the [proving] of your R&D capability. I have no doubt that you [guys] continue to gain great success in 2015. However, [I'd say] any game in the past in the PC time, we have this like a hit/miss driven game situation. In the mobile I wonder if we are still going to see hit/miss driven type of situation. And if so, how NetEase is going to prevent such up and downs from happening in the quarters to come.

大家早安。威廉，我有一個與你的手機遊戲相關的問題。在第四季度，你們的手機遊戲無疑取得了巨大的成功。這也是對你們研發能力的證明。我毫不懷疑你們在 2015 年將繼續取得巨大的成功。然而，[我想說] 過去 PC 時代的任何遊戲，都存在這種命中/未命中驅動的遊戲情況。我想知道在移動領域我們是否仍會看到這種命中/未命中類型的情況。如果是這樣，網易將如何防止未來幾季出現類似的波動？

(Spoken in Chinese).

（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

(Interpreted). Okay. So basically we do feel that at all times the challenges would be present in the market. But the more important thing is that whether the company itself, like NetEase ourselves, do possess the required persistence and the innovations capabilities and the passions to go for a quality of our stuff in order to make us in a better positions to excel or succeed in the market. And in the end, this is a matters of who would be doing those things much better than the others in order to survive and also to excel in the industry and in the market.

（解釋）。好的。所以基本上我們確實感覺到市場始終有挑戰。但更重要的是，公司本身是否像網易一樣，具備必要的堅持、創新能力和追求產品品質的熱情，才能讓我們在市場上處於更有利的地位，脫穎而出，取得成功。最終，問題在於誰能比其他人做得更好，從而能夠在行業和市場中生存並脫穎而出。

William, I have a second question. It's about your -- how many mobile games in your pipeline in 2015 possibly?

威廉，我還有第二個問題。這是關於你的——2015 年你可能有多少款手機遊戲在籌備中？

(Interpreted). So the simple answer to it is that this would be a double-digit numbers of mobile games that we are going to roll out in 2015.

（解釋）。所以簡單的回答是，2015 年我們將推出兩位數的手機遊戲。

So I hope it's 99, William.

所以我希望是 99，威廉。

Jialong Shi, Credit Suisse.

史家龍，瑞士信貸。

Good morning, management. Thanks for taking my question. First of all, congratulations on a very solid quarter.

早安，管理層。感謝您回答我的問題。首先，恭喜您本季業績表現穩健。

I notice -- first of all, a quick follow-up on the previous question. Management mentioned 14% of your -- I'm not sure -- your total revenue on mobile -- your total gaming revenue was generated by mobile games in Q4. Can you clarify that? I have one follow on. Thank you.

我注意到——首先，快速跟進一下上一個問題。管理階層提到，第四季你們的行動遊戲總收入的 14%（我不確定）是由行動遊戲產生的。你能澄清一下嗎？我有一個後續行動。謝謝。

This would be a percentage based on the total game revenues.

這將是基於遊戲總收入的百分比。

Thank you. That is very clear.

謝謝。這非常清楚。

And also I notice some of latest popular mobile apps like YiChat, news app and also your Youdao dictionary are all acting like game distribution channels for your mobile games. I just wondered how effective your proprietary mobile games channels compare to third-party app stores. Does NetEase have any plans to enhance your mobile game distribution capability going forward?

我還注意到一些最新流行的手機應用程序，如易信、新聞應用程式以及你們的有道字典，都充當著你們手機遊戲的遊戲分發管道。我只是想知道，與第三方應用程式商店相比，你們的專有手機遊戲管道效果如何。網易未來有什麼計畫來增強手遊發行能力嗎？

(Spoken in Chinese).

（以中文講解）。

So there are certain examples that William would like to share with all of you. Basically, you are well aware that for the Apple Store there is no particular reference point with regard to the distributions, [nor the] particular market there. But you're still seeing that NetEase has been doing very well on this because of our own efforts on those area.

威廉想與大家分享一些例子。基本上，您很清楚，對於 Apple Store 來說，沒有關於分銷的特定參考點，也沒有關於特定市場的參考點。但你仍然會看到，由於我們自己在這些領域的努力，網易在這方面做得非常好。

Thank you for the color. May I ask another follow-up? For Kaola, I understand it is still at a very early stage. But I just wonder if management can share any colors on your competitive edges in this area compared to your many competitors.

謝謝你的顏色。我可以再問一個後續問題嗎？對於無尾熊來說，我理解它仍處於非常早期的階段。但我只是想知道，與許多競爭對手相比，管理階層是否可以分享一下貴公司在這一領域的競爭優勢。

(Interpreted). So basically with regard to our new Kaola cross-border e-commerce business initiatives, first of all, we do have full confidence about our competitive edge on this front. And we also believe that, as a first China e-commerce market, we will be able to do something quite unique and well, [possessing] the competiveness in the market.

（解釋）。因此，就我們新的無尾熊跨境電子商務業務計劃而言，首先，我們對我們在這方面的競爭優勢充滿信心。我們也相信，作為中國電子商務市場的先驅，我們一定能夠做出一些非常獨特、非常好的事情，在市場上擁有競爭力。

And with our focus on the e-commerce businesses, we do see that one things that we wouldn't be doing is that in terms of the stock keeping units or the SKU, we wouldn't be keeping too many of them. But rather I think that we will try to source and identify those SKU with the highest value for money to our targeted customers or the audiences.

由於我們專注於電子商務業務，我們確實發現我們不會做的一件事是，就庫存單位或 SKU 而言，我們不會保留太多的庫存單位。但我認為，我們會嘗試尋找並確定那些對我們的目標客戶或受眾來說性價比最高的 SKU。

Thanks for the answer. Congratulations again.

謝謝你的回答。再次恭喜。

Thomas Chong, Citi.

花旗銀行的 Thomas Chong。

Hi, good morning, William, Onward, Cassia and Brandi. I have two questions.

嗨，早上好，威廉、昂沃德、卡西亞和布蘭迪。我有兩個問題。

My first question is about the mobile advertising contribution to your online advertising revenue this quarter. And how should we think about the trend in 2015?

我的第一個問題是關於本季行動廣告對你們網路廣告收入的貢獻。而我們又該如何看待2015年的趨勢呢？

And my second question is relating to your PC games. Can management give us some color about the user feedback for Crisis 2015, the first person shooter game?

我的第二個問題與您的電腦遊戲有關。管理階層能否向我們透露一些關於第一人稱射擊遊戲《危機 2015》的用戶回饋？

So perhaps maybe I'll just get back to you on your first questions. With regard to the mobile contribution, revenue contributions for the businesses, just as what we have mentioned in prior earnings, basically it is still in the double-digits levels. But -- and we are also seeing that it has been growing in a very nice and healthy pace which we feel quite encouraging. And going forward, when we are now getting into 2015, we are still getting a positive view about the overall potentials of the -- for businesses going ahead.

因此，也許我只會回答您的第一個問題。至於行動業務的貢獻，對業務的收入貢獻，正如我們在先前的收益中提到的那樣，基本上仍然處於兩位數的水平。但是——我們也看到它一直以非常良好和健康的速度增長，這讓我們感到非常鼓舞。展望未來，當我們進入 2015 年時，我們仍然對未來企業的整體潛力持正面看法。

And for the second questions, just a moment.

對於第二個問題，請稍等片刻。

(Interpreted). Okay. So basically so far the feedback from this first person shooter games is quite good.

（解釋）。好的。所以基本上到目前為止這款第一人稱射擊遊戲的回饋相當不錯。

Thanks William and Onward.

感謝 William 和 Onward。

And I'd now like to turn the call back over to management for closing remarks.

現在我想將電話轉回給管理階層，請他們作最後發言。

Thank you once again for joining us today. If you have any further questions, please feel free to contact Cassia Curran, NetEase's IR Manager, based in Hangzhou or the Piacente Group, Investor Relations. 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 集團投資者關係部門。祝您有美好的一天。

This concludes our conference. Thank you for your participation.

我們的會議到此結束。感謝您的參與。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this Event.

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