Sohu.com Ltd (SOHU) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and good evening. Thank you for joining Sohu's first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝各位的支持，晚上好。感謝您參加搜狐2025年第一季財報電話會議。（操作員指示）

Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Huang Pu, Investor Relations Director of Sohu. Please go ahead.

今天的電話會議正在錄音。如果您有任何異議，您可以立即斷開連接。現在，我想將今天的電話會議主持人交給搜狐公司投資者關係總監黃樸。請繼續。

Thanks, operator. Thank you for joining us to discuss Sohu's first quarter 2025 results. On the call are Chairman and Chief Executive Officer, Dr. Charles Zhang; CFO, Joanna Lv; and Vice President of Finance, James Deng. Also with us are Changyou's CEO, Dewen Chen; and CFO of Yaobin Wang.

謝謝，接線生。感謝您與我們一起討論搜狐2025年第一季業績。參加電話會議的有董事長兼執行長張朝陽博士、財務長 Joanna Lv 和財務副總裁 James Deng。與我們一起出席的還有暢遊執行長陳德文和財務長王耀斌。

Before management begins their prepared remarks, I would like to remind you of the company's safe harbor statement in connection with today's conference call. Except for the historical information contained herein, the matters discussed on the call may contain forward-looking statements.

在管理階層開始發表準備好的演講之前，我想提醒大家注意公司在今天的電話會議上發布的安全港聲明。除本文所載的歷史資訊外，電話會議中討論的事項可能包含前瞻性陳述。

These statements are based on the current plans, estimates and projections, and therefore, you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statements.

這些聲明是基於當前的計劃、估計和預測，因此，您不應過度依賴它們。前瞻性陳述涉及固有風險和不確定性。我們提醒您，許多重要因素可能導致實際結果與任何前瞻性陳述中的結果有重大差異。

For more information about the potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission, including the most recent Annual Report on Form 20-F.

有關潛在風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括最新的 20-F 表年度報告。

With that, I will now turn the call over to Dr. Charles Zhang. Charles, please proceed.

現在，我將把電話轉給張朝陽博士。查爾斯，請繼續。

Thanks, Huang Pu, and thank you, everyone, for joining our call. In the first quarter of 2025, both our marketing services revenues, this is formerly known as the brand advertising revenue, and non-GAAP bottom line performance reached the high end of our previous guidance, while our online game revenues were well above our expectations.

謝謝黃樸，也謝謝大家參加我們的電話會議。2025 年第一季度，我們的行銷服務收入（以前稱為品牌廣告收入）和非 GAAP 底線業績均達到了我們之前指引的高端，而我們的線上遊戲收入遠高於我們的預期。

For the Sohu Media platform, in addition to devoting efforts in product refinements and technology improvements, we continued to concentrate on strengthening the distinctive social features, social network features of our platform. Through various unique events, we were able to engage with more users, while promoting vigorous social interactions and distributions on our platform and generating massive premium content at the same time.

對於搜狐媒體平台，除了致力於產品改進和技術改進之外，我們還繼續致力於加強我們平台獨特的社交功能和社交網路功能。透過各種獨特的活動，我們能夠與更多的用戶互動，同時促進我們平台上活躍的社交互動和傳播，並同時產生大量優質內容。

Leveraging our competitive advantage as a mainstream media platform and our unique IPs, we proactively explored greater monetization opportunities. Online games business also achieved a satisfactory performance, thanks to the high-quality content updates and continual improvements to our games.

憑藉主流媒體平台的競爭優勢和獨特的IP，我們積極探索更大的獲利機會。網路遊戲業務憑藉高品質的內容更新和對遊戲的持續改進也取得了令人滿意的業績。

Before going into each business unit in more detail, let me first give you a quick overview of our financial performance. For the first quarter of 2025, total revenues $136 million, down 3% year-over-year and up 1% quarter-over-quarter. Marketing services revenues were $14 million, down 15% year-over-year and 27% quarter-over-quarter. Online game revenues, $117 million, flat year-over-year and up 7% quarter-over-quarter.

在詳細介紹每個業務部門之前，讓我先簡單概述一下我們的財務表現。2025 年第一季度，總營收 1.36 億美元，年減 3%，季增 1%。行銷服務收入為 1,400 萬美元，年減 15%，季減 27%。線上遊戲營收 1.17 億美元，與去年同期持平，比上一季成長 7%。

GAAP net income attributable to Sohu.com Limited was $182 million compared with a net loss of $25 million in the first quarter of 2024 and a net loss of $21 million in the fourth quarter of 2024. In this quarter, the company reversed a tax expense that had been previously recognized as an uncertain tax position and its related accrued interest expense at approximately $199 million. Excluding this, non-GAAP net loss attributable to Sohu.com Limited was $16 million compared with a net loss of $22 million in the first quarter of 2024 and a net loss of $15 million in the fourth quarter of 2024.

以美國通用會計準則計算，歸屬於搜狐公司的淨利潤為 1.82 億美元，而 2024 年第一季淨虧損為 2,500 萬美元，2024 年第四季淨虧損為 2,100 萬美元。本季度，該公司沖銷了先前被確認為不確定稅務狀況的稅費及其相關應計利息費用約1.99億美元。剔除此項，非美國通用會計準則下歸屬於搜狐公司的淨虧損為1,600萬美元，而2024年第一季淨虧損為2,200萬美元，2024年第四季淨虧損為1,500萬美元。

Now I will go through our key businesses in more detail. First, Sohu Media platform. We continuously optimized our products and with cutting-edge technologies while further strengthening the social features -- social network features.

現在我來詳細介紹一下我們的重點業務。第一，搜狐媒體平台。我們不斷優化我們的產品並採用尖端技術，同時進一步加強社交功能—社交網路功能。

By strategically integrating resources across our platforms and leveraging the synergies created by our unique offline events, we successfully attracted a wide range of broadcasters, who are also our users from diverse fields and greatly increased their engagement.

透過策略性地整合平台資源，並發揮線下活動的獨特協同效應，我們成功吸引了來自不同領域的廣大主播和用戶，大大提高了他們的參與度。

These helped to generate more high-quality content, further promote online social interaction and distribution and ultimately build a vibrant and dynamic social community on our platform. In April, we successfully hosted the 2025 Spring Convention of the Sohu Video influencers (spoken in foreign language) in Beijing, where we gathered hundreds of pop stars, KOLs and broadcasters and users in diverse verticals such as K-pop and Chinese customers among others.

這些有助於產生更多高品質的內容，進一步促進線上社交互動和傳播，並最終在我們的平台上建立一個充滿活力和活力的社交社群。今年4月，我們在北京成功舉辦了搜狐視訊影響力人士2025春季大會（外語版），雲集了數百名流行歌星、KOL、主播以及K-pop和中國客戶等不同垂直領域的用戶。

This event offered a chance not only for enthusiastic participants with similar interest to connect and share in person, but also for them to get to know and interact with those in different fields and thus further boosted the vitality of our platform. This quarter, we also hosted our traditional flagship event, the 17th Sohu News Marathon, Sohu News Marathon in Weihai City.

本次活動不僅讓具有相同興趣和熱情的參與者有機會面對面交流分享，也讓他們與不同領域的人士相識、互動，進一步增強了平台的活力。本季度，我們也舉辦了我們的傳統旗艦賽事—第十七屆搜狐新聞馬拉松—威海搜狐新聞馬拉松。

As an influential cross-border marathon in China, this season's event continued to be presented through immersive live broadcasting, attracting both online and offline participants -- participation. This event not only generated a large amount of content from real-time updates posted by runners during the marathon and other derivative content after the race, they also promoted continuous social disseminations of related content and supported by the active social atmosphere on our platform.

作為國內頗具影響力的跨國馬拉松賽事，本季賽事延續沉浸式直播呈現方式，吸引線上線下雙重參與。本次活動不僅產生了大量的馬拉松賽事中跑者即時更新的內容以及賽後的衍生內容，還促進了相關內容的持續社交傳播，並得到了平台活躍的社交氛圍的支持。

And we also -- we continue to attract users and audiences as well as advertisers with a distinctive physics class, Charles Physics class IP. In April, I was invited to give a physical physics lecture at Beijing Planetarium, (spoken in foreign language), reflecting a wide recognition of the class of the physics class brand and Sohu's leading position in popularization of physics sciences.

而且我們也繼續透過獨特的實體課程、查爾斯物理課程 IP 吸引用戶、觀眾和廣告商。今年4月，我受邀在北京天文館做物理講座（外語），體現了物理課品牌的廣泛認可和搜狐在物理科普領域的領先地位。

At the same time, we continue to explore the monetization potential of this IP and its derivatives such as everything has physics physical principles along [maturity] in various scenarios. For example, we combined the physics class with famous exhibitions such as the 2025 China AWE, the Appliance and Electronics World Expo in Shanghai and also 2025 Shanghai International Auto Industry Exhibition -- Automobile Industry Exhibition Shanghai (inaudible). In these exhibitions, we provided audiences with live explanations of the physics principles involved in integrating the exhibited products and which effectively build up connections between advertisers and audiences.

同時，我們也不斷探索這個IP以及它的衍生品，例如萬物有物理原理等在各個場景下的變現潛力。例如，我們將物理課程與2025年中國AWE、上海中國家電及消費電子博覽會、2025年上海國際汽車工業博覽會等著名展會結合——上海汽車工業展覽會（聽不清楚）。在這些展會中，我們透過現場講解展示產品整合的物理原理，有效地建立了廣告主與觀眾之間的連結。

Through these efforts, we were able to provide advertisers with customized marketing solutions and further demonstrated our unique monetization value. Besides the content generated from the above events, we also proactively expanded our content library.

透過這些努力，我們能夠為廣告主提供客製化的行銷解決方案，並進一步展現我們獨特的商業化價值。除了上述活動產生的內容之外，我們也積極擴展我們的內容庫。

During the quarter, we released several original dramas and American TV series, while introducing a large number of short dramas, among which Mystic Tales, Bu Si Yi, Zhi Gua and other American TV episodes like Mandalorian were well received by our audiences.

本季度，我們推出了多部原創劇集和美劇，同時引進了大量短劇，其中《Mystic Tales》、《不思議》、《智卦》以及《曼達洛人》等美劇受到觀眾的熱烈歡迎。

Next, turning to our online game business. During the quarter, our online game business performed well with revenues exceeding our prior guidance. In our PC game business, we rolled out various holiday events around Chinese New Year and Valentine's Day as well as promotional events for regular TLBB PC. In addition to holiday events, we upgraded a character development system for TLBB Vintage to give players a whole new gaming experience.

接下來談談我們的線上遊戲業務。本季度，我們的線上遊戲業務表現良好，收入超過了我們先前的預期。在PC遊戲業務方面，我們圍繞著春節和情人節推出了各種節日活動，並為《天龍八部》PC版常規版推出了促銷活動。除了節慶活動外，我們還升級了《天龍八部Vintage》的角色養成系統，為玩家帶來全新的遊戲體驗。

For legacy TLBB Mobile, we launched an expansion pack to celebrate the Chinese New Year, featuring a variety of festival theme the gameplay and rich benefit for players. Thanks to these efforts, both player engagement and revenue for this game remained stable on a sequential basis.

對於舊版《天龍八部手遊》，我們推出了一個擴充包來慶祝中國新年，其中包含各種節日主題的遊戲玩法和豐富的玩家福利。由於這些努力，該遊戲的玩家參與度和收入均保持穩定。

Next quarter, we will continue to launch expansion packs and content updates for the TLBB series and other titles to further keep players engaged. As market competition intensifies and user demand for quality and innovation continues to rise, we will forge ahead with our top game strategy, staying true to our user-centric philosophy.

下個季度，我們將繼續推出《天龍八部》系列和其他遊戲的擴充包和內容更新，以進一步保持玩家的參與度。隨著市場競爭的加劇，使用者對品質和創新的需求不斷提高，我們將繼續堅持以使用者為中心的理念，並推動精品遊戲策略。

We'll continue to optimize our R&D process and enhance execution to improve efficiency and product success rate. With these efforts, we look to bring more high-quality games to the market. Specifically, in terms of product development, we are actively exploring opportunities to unlock the potential of our TLBB IP.

我們將持續優化研發流程，加強執行力，以提高效率和產品成功率。透過這些努力，我們希望為市場帶來更多高品質的遊戲。具體來說，在產品開發方面，我們正在積極探索釋放天龍八部 IP 潛力的機會。

Meanwhile, as we maintain our core competitiveness in MMORPGs, we will diversify our portfolio with multiple types of games, including card-based RPGs, sports games and casual games and expand our portfolio for global markets.

同時，在維持MMORPG核心競爭力的同時，我們將豐富產品組合，推出卡牌RPG、運動遊戲、休閒遊戲等多種遊戲類型，拓展全球市場。

Now let me give an update on the ongoing share repurchase program. As of May 15 this year, 2025, Sohu had repurchased 5.5 million ADS for an aggregate cost of approximately $67 million.

現在讓我介紹一下正在進行的股票回購計劃的最新情況。截至今年2025年5月15日，搜狐已回購550萬股美國存託憑證，總成本約6,700萬美元。

With that, I will now turn to our CFO, Joanna. Joanna, please.

現在，我將轉向我們的財務長喬安娜。喬安娜，請。

Thank you, Charles. I will now walk you through the key financials of our major segments for the first quarter of 2025. All numbers are on a non-GAAP basis. You may find a reconciliation of non-GAAP to GAAP measures on our IR website.

謝謝你，查爾斯。現在，我將向您介紹我們主要部門 2025 年第一季的關鍵財務狀況。所有數字均基於非 GAAP。您可以在我們的 IR 網站上找到非 GAAP 與 GAAP 指標的對帳表。

For Sohu Media platform, quarterly revenues were $70 million compared with $20 million in the same quarter last year. Quarterly operating loss was $70 million compared with an operating loss of $74 million in the same quarter last year. For Changyou, quarterly revenues, $180 million compared with $190 million in the same quarter last year.

搜狐媒體平臺本季營收為 7,000 萬美元，去年同期為 2,000 萬美元。季度營運虧損為 7,000 萬美元，而去年同期營運虧損為 7,400 萬美元。暢遊本季營收為 1.8 億美元，去年同期為 1.9 億美元。

Quarterly operating profit, $55 million, flat with the same quarter last year. For the second quarter of 2025, we expect marketing services revenues to be between $60 million and $70 million. This implies annual decrease of 14% to 19% and a sequential increase of 17% to 24%. Online game revenues to be between $96 million and $106 million. This implies an annual decrease of 28% to 35% and a sequential decrease of 10% to 18%.

季度營業利潤5500萬美元，與去年同期持平。對於 2025 年第二季度，我們預計行銷服務收入將在 6,000 萬美元至 7,000 萬美元之間。這意味著年降幅為 14% 至 19%，較上季成長 17% 至 24%。線上遊戲收入將在 9,600 萬美元至 1.06 億美元之間。這意味著年降幅為 28% 至 35%，季降幅為 10% 至 18%。

Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between $20 million and $30 million. This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty.

歸屬於搜狐公司的非美國通用會計準則和美國通用會計準則淨虧損均介於 2,000 萬美元至 3,000 萬美元之間。這項預測反映了搜狐管理階層目前的初步觀點，具有很大的不確定性。

This concludes our prepared remarks. Operator, we would now like to open the call to questions.

我們的準備好的演講到此結束。接線員，我們現在想開始提問。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

My first question is about our marketing services. Can management comment about the recent trend in advertising sentiments? And how is it across different categories such as FMCG, IT, auto, food and electronics? And what should -- how should we think about the second half advertising outlook? Should we expect a recovery trend in advertising momentum in the second half?

我的第一個問題是關於我們行銷服務。管理階層能否評論一下最近的廣告情緒趨勢？在快速消費品、IT、汽車、食品和電子等不同類別的表現又如何呢？我們該如何看待下半年的廣告前景？我們是否應該期待下半年廣告動能出現復甦趨勢？

And my second question is about AI. Can management comment about how AI benefit our advertising and online games operations? Are we seeing our eCPM or traffic benefits from better recommendation? And also, for gaming, we are seeing efficiencies or productivity increase in our gaming business?

我的第二個問題是關於人工智慧的。管理層能否評論一下人工智慧如何使我們的廣告和線上遊戲營運受益？我們是否從更好的推薦中看到了 eCPM 或流量收益？另外，對於遊戲而言，我們的遊戲業務的效率或生產力是否有所提升？

Okay. The first question is about the marketing services, which is formerly called advertising. And in this quarter, the sector-wise, auto is doing better and yeah, 26%. So auto is doing better, and IT services stay stable and FMCG is stable, but luxury goods and alcohol is not -- is that the spending is dropping a little bit. So that's the overall situation.

好的。第一個問題是關於行銷服務，以前稱為廣告。本季度，從產業來看，汽車產業表現較好，成長了 26%。因此，汽車業表現較好，IT 服務保持穩定，快速消費品也保持穩定，但奢侈品和酒類的支出卻略有下降。這就是總體情況。

And yeah, so we have auto advertising or marketing services 26% and IT services 17% and FMCG 16%. For the second half, I think, well, probably similar, right? The economy is still not doing well, and so we will only expect -- look forward to talk to our -- the social network platform to have an accelerated growth so that we have a much larger platform so that we can get a larger market share of the advertising market.

是的，我們的汽車廣告或行銷服務佔 26%，IT 服務佔 17%，快速消費品佔 16%。對於下半部分，我想，嗯，可能類似，對吧？經濟狀況仍然不佳，因此我們只期望——期待與我們交談——社交網路平台能夠加速成長，以便我們擁有更大的平台，從而能夠在廣告市場中獲得更大的市場份額。

Your second question is about the AI impact, right? So first of all, AI and DeepSeek development. So first of all, the -- since our platform -- media platform now take the social network as our center strategy, and social network is really people-to-people interaction, it has relatively less exposure to AI and large model or DeepSeek -- large language model and DeepSeek unlike those information retrieval services like search engines or the recommendations.

你的第二個問題是關於人工智慧的影響，對嗎？首先是AI和DeepSeek的開發。首先，由於我們的平台——媒體平台現在以社交網路為中心策略，而社交網路實際上是人與人之間的互動，因此它對人工智慧和大型模型或 DeepSeek——大型語言模型和 DeepSeek 的接觸相對較少，不像搜尋引擎或推薦等資訊檢索服務。

Yeah, we do have the recommendations on our Sohu News app and the Sohu Video. But now we -- those video and news app, the strategy is centered around the social network. So it has less exposure or less impact by this.

是的，我們的搜狐新聞應用程式和搜狐影片確實有推薦。但現在我們——那些影片和新聞應用程序，策略是圍繞著社交網路的。因此，其曝光度和影響較小。

So of course, we can take advantage of the AI development or the advent of AI to improve some efficiency, but it's kind of like generation of content or some abstracts of the articles and also for the live streaming and video tools to do live streaming and the subtitles or the digital image or all those kind of things to help our users to -- with better tools. That's kind of beneficial, but it's marginal.

因此，當然，我們可以利用人工智慧的發展或人工智慧的出現來提高一些效率，但這有點像內容的生成或文章的摘要，也可以用於直播和視訊工具進行直播和字幕或數位圖像或所有這些東西來幫助我們的用戶 - 使用更好的工具。這有一定的好處，但作用不大。

It's not that big. So what I'm saying is that the AI development pose as kind of a threat or kind of impact to certain companies that mainly depend on information retrieval -- providing retrieval. But for us, now with the social network strategy, we have less exposure to this kind of threat. Yeah. On online game, I think AI impact, it's beneficial, right?

它沒那麼大。所以我想說的是，人工智慧的發展對某些主要依賴資訊檢索（提供檢索）的公司構成了一種威脅或影響。但對我們來說，現在有了社群網路策略，我們受到這種威脅的機會就減少了。是的。對於網路遊戲來說，我認為人工智慧的影響是有益的，對嗎？

It's better, right? It helps.

這樣更好，對吧？這有幫助。

(interpreted) We have largely applied AI technology in terms of art design, art production, UI design, the audio effect design and the material for marketing. It has greatly improved our efficiency. We've also achieved some progress in terms of the planning in terms -- through the ways to make AI to learn by themselves.

(翻譯) 我們在美術設計、美術製作、UI設計、音效設計、市場素材等方面都大量運用了AI技術。大大提高了我們的效率。我們在規劃方面也取得了一些進展——透過讓人工智慧自我學習的方式。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

I have two, three questions. First is that I wanted to follow up on the AI. Just wondering which AI model Sohu is currently integrating or incorporate into your gaming? Are you using DeepSeek or other comparable AI large language models?

我有兩三個問題。首先，我想跟進人工智慧。我只是想知道搜狐目前正在將哪種 AI 模型整合或融入您的遊戲中？您是否使用 DeepSeek 或其他類似的 AI 大型語言模型？

And then I understand you mentioned about social network on your media, which is less impacted. But if you were to incorporate that into your search and recommended functions within your Sohu portal, which -- again, which AI models or tools that you will be using? I assume you're not going to develop your own large language model. So this is the first question.

然後我了解到您提到了媒體上的社交網絡，它受到的影響較小。但是，如果您將其納入搜狐入口網站的搜尋和推薦功能中，那麼您將使用哪些人工智慧模型或工具？我認為你不會發展自己的大型語言模型。這是第一個問題。

Yes, both in our Sohu Video app and the Sohu News app, both now are social network centered application, but it also has this recommendation channels and also search engine search box. Both of them are integrating some DeepSeek and also some open -- we actually developed -- based on some open source language model -- we developed ourselves based on some open source language model.

是的，我們的搜狐視訊應用程式和搜狐新聞應用程式現在都是以社交網路為中心的應用程序，但它也有這個推薦頻道和搜尋引擎搜尋框。它們都整合了一些 DeepSeek 和一些開放式的——我們實際上是基於一些開源語言模型開發的——我們基於一些開源語言模型自己開發的。

(interpreted) For online gaming business, we've employed different kinds of AI tools, a lot of different AI large language models to be used in the production of different aspects, for example, for the art design, for the audio or music, for video production. We also developed our own AI agent that can vary conveniently based on our own needs and demand to integrate different AI tools to automatically finish the job.

(翻譯) 對於線上遊戲業務，我們採用了不同種類的人工智慧工具，許多不同的人工智慧大型語言模型用於不同方面的製作，例如藝術設計、音訊或音樂、視訊製作。我們還開發了自己的AI代理，它可以根據我們自己的需求和要求方便地變化，以整合不同的AI工具來自動完成工作。

Okay. My second question (technical difficulty) my second question is, I actually not quite understand the tax reversal. So can you elaborate again what is -- which business is that is related to that tax reversal that you have to gain this quarter?

好的。我的第二個問題（技術難題）我的第二個問題是，我其實不太了解稅收逆轉。那麼，您能否再次詳細說明哪些業務與您本季必須獲得的稅收減免有關？

Tax reversal.

稅收逆轉。

The tax gain that you actually have.

您實際獲得的稅收收益。

Okay. Tax. It's -- I think it's accounting issue. So let me let Joanna to expand.

好的。稅。我認為這是一個會計問題。所以讓我讓喬安娜來擴展一下。

This is mainly accounting treatment. The nature is on certain tax method, which is calculated by weighted average basis according to different possibilities. Now the uncertainty is gone. So in this quarter, we totally reversed the expense.

這主要是會計處理。其本質是確定一定的課稅方法，根據不同的可能性採用加權平均法計算。現在不確定性已經消失了。因此，在本季度，我們完全扭轉了支出。

I see. Is that related to the Sohu Media business or it's the gaming business?

我懂了。這與搜狐媒體業務或遊戲業務有關嗎？

Sohu --

搜狐--

Sohu company. Sohu Company.

搜狐公司。搜狐公司。

Okay. I see.

好的。我懂了。

It's (multiple speakers) yeah, it's accounting issue. So it's not -- just the uncertainty now become a certainty. So there's no actually cash flow or real money flowing. So it's just accounting.

是的（多位發言者），這是會計問題。所以事實並非如此——只是不確定性現在變成了確定性。因此實際上沒有現金流或真正的資金流動。所以這只是會計。

I see. Okay. And then last question. I know -- I mean, maybe now we have less risk, but obviously, this whole ADR delisting risk is on and off, right, as the headwinds or the noises. Just in the event is that risks go up again, it's -- the management or are we thinking about any of the alternatives like, for example, coming back to Hong Kong for the secondary listing? I appreciate any comment on that.

我懂了。好的。最後一個問題。我知道——我的意思是，也許現在我們的風險較小，但顯然，整個 ADR 退市風險時斷時續，就像逆風或噪音一樣。如果風險再次上升，管理層會考慮其他選擇嗎？或者，我們是否考慮過其他替代方案，例如回到香港進行二次上市？我很感激對此的任何評論。

Well, it's still up in the air, basically, it's not -- it's -- we will just -- when anything happens, we will have -- now we don't have any -- because it's not happening, right? It's just a kind of speculation. So --

嗯，基本上，這仍然懸而未決，它不是——它是——我們只是——當任何事情發生時，我們會有——現在我們沒有任何——因為它沒有發生，對吧？這只是一種猜測。所以--

I see. But if there's really coming, then you obviously have an alternative plan that you actually are already thinking about it.

我懂了。但如果真的發生了，那麼你顯然有一個替代計劃，實際上你已經在考慮它了。

Not thinking about it. So when it happens, we'll start thinking about it.

沒想過。所以當它發生時，我們就會開始考慮它。

Okay. Alright. Great. Thank you.

好的。好吧。偉大的。謝謝。

We always have time, right? We don't -- we are not in -- we are not a company that has to be listed, right? We can have a period of time that is not listed, right? So we always have time to think about those things, right?

我們總是有時間的，對吧？我們不是一家必須上市的公司，對嗎？我們可以有一段未列出的時間，對嗎？所以我們總是有時間去思考這些事情，對嗎？

(Operator Instructions) There are currently no further questions at this time. That concludes today's conference call. Thank you all for participating. You may now disconnect your lines.

（操作員指示）目前沒有其他問題。今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。