Sohu.com Ltd (SOHU) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and good evening. Thank you for joining Sohu's second-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

女士們、先生們，感謝各位的支持，晚上好。感謝您參加搜狐2025年第二季財報電話會議。（操作員指示）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。

I'd 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.

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 second-quarter 2025 results. On the call are Chairman and Chief Executive Officer, Dr. Charles Zhang; CFO, Joanna Lv; and the Vice President of Finance, James Deng. Also with us are Changyou's CEO, Dewen Chen; and CFO, Yaobin Wang.

謝謝，接線生。感謝您與我們一起討論搜狐2025年第二季業績。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 this call may contain forward-looking statements. These statements are based on current plans, estimates, and projections, and therefore, you should not place undue relies on them.

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，本次電話會議討論的事項可能包含前瞻性陳述。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。

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. 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.

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。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 second quarter of 2025, our Marketing Services revenues were in line with our expectations, while our Online Game revenues and the bottom-line performance hit the high end of our guidance. For Sohu Media Platform, we continue to focus on refining products, enhancing the operation of our social networks, and improving synergies across our product matrix.

謝謝黃樸，也謝謝大家參加我們的電話會議。2025 年第二季度，我們的行銷服務收入符合我們的預期，而我們的線上遊戲收入和底線業績達到了我們預期的高端。對於搜狐媒體平台，我們繼續專注於完善產品，增強社交網路的運營，並提高整個產品矩陣的協同效應。

During the quarter, we hosted differentiated events that not only attracted numerous participants with shared interest, but also encouraged them to build social connections and interact vibrantly with each other on our platform. With these efforts, we were able to increase our user engagement, further consolidate our brand influence, and capture more monetization opportunities.

本季度，我們舉辦了差異化活動，不僅吸引了許多有共同興趣的參與者，還鼓勵他們在我們的平台上建立社交聯繫並進行活躍的互動。透過這些努力，我們能夠提高用戶參與度，進一步鞏固品牌影響力，並抓住更多的獲利機會。

Our Online Games delivered solid results, underpinned by our dedication to serving users' needs through compelling new content and continued optimization of our games. Before going through each business unit in more detail, let me first give you a quick overview of our financial performance.

我們的線上遊戲取得了穩健的業績，這得益於我們致力於透過引人入勝的新內容和持續優化遊戲來滿足用戶的需求。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。

For the second quarter of 2025, total revenues were $126 million, down 27% year over year and 7% quarter over quarter. Marketing Services revenues were $16 million, down 21% year over year and up 14% quarter over quarter. Online Game revenues were $106 million, down 28% year over year and 10% quarter over quarter.

2025 年第二季總營收為 1.26 億美元，年減 27%，季減 7%。行銷服務收入為 1,600 萬美元，年減 21%，季增 14%。線上遊戲收入為 1.06 億美元，年減 28%，季減 10%。

GAAP net loss attributable to Sohu.com Limited was $20 million compared with a net loss of $38 million in the second quarter of 2024 and net income of $182 million in the first quarter of 2025. Non-GAAP net loss attributable to Sohu.com Limited was $20 million compared with a net loss of $34 million in the second quarter of last year and a net loss of $16 million in the first quarter of 2025.

以美國通用會計準則計算，歸屬於搜狐公司的淨虧損為 2,000 萬美元，而 2024 年第二季淨虧損為 3,800 萬美元，2025 年第一季淨利為 1.82 億美元。歸屬於搜狐公司的非美國通用會計準則淨虧損為 2,000 萬美元，去年同期淨虧損為 3,400 萬美元，2025 年第一季淨虧損為 1,600 萬美元。

Now I will go through our key businesses in more detail. First, Sohu Media Platform. We kept optimizing our products and refining operations while continuing to enhance its social features. We actively hosted a diverse and distinctive events and activities, generated plenty of premium content and stimulated social distributions and improved the interactive experience inherent in our product matrix. They -- these robustly supported the thriving development of our online communities.

現在我來詳細介紹一下我們的重點業務。一是搜狐媒體平台。我們不斷優化產品、完善運營，同時持續增強其社交功能。我們積極舉辦多采多姿、各具特色的活動，產出大量優質內容，激發社群傳播，提升產品矩陣的互動體驗。它們有力地支持了我們網路社群的蓬勃發展。

This quarter, building on last year's success, we continue to expand our influence in the area of K-pop and the Chinese costume hanfu by hosting a series of attractive events and competitions. For example, in June, in K-pop, we launched the 2025 Sohu K-pop Dancing Festival -- we would often have that thing as we do it every year -- which attracted the participation of numerous K-pop enthusiasts and quickly became a blockbuster event in the field of K-pop dancing.

本季度，我們在去年成功的基礎上，繼續舉辦一系列精彩的活動和比賽，擴大在韓國流行音樂和中國服飾漢服領域的影響力。例如今年6月，在K-pop領域，我們推出了“2025搜狐K-pop舞蹈​​節”，這個活動我們每年都會舉辦，吸引了眾多K-pop愛好者的參與，迅速成為K-pop舞蹈​​領域的重磅盛事。

For this July, we held a special K-pop random dancing event with K-pop superstars (inaudible) WayV with the South Korean NCT, SM Entertainment, which also gained significant traction. During the quarter, we also hosted the 2025 Chinese costume model competition, (spoken in Chinese), which has completed almost 80 contests in nearly 30 regions in China so far this year.

今年 7 月，我們與韓國 NCT、SM Entertainment 以及韓國流行音樂巨星（聽不清楚）WayV 共同舉辦了一場特別的韓國流行音樂隨機舞蹈活動，也獲得了顯著的關注。本季度，我們也舉辦了2025年中國服裝模特兒大賽（中文口語），今年迄今已在中國近30個地區完成近80場比賽。

In addition, we continue to explore new verticals. In June, we held the first Salute to the Ultimate Explorer, (spoken in Chinese), attracting lots of outdoor ultimate explorer, broadcasters, self-media, hosts, and celebrities who share their insights through speeches and panel discussions.

此外，我們也將繼續探索新的垂直領域。6月，我們舉辦了首屆「致敬極限探險家」（中文講演），吸引了許多戶外極限探險家、主播、自媒體、主持人、明星等透過演講、小組討論等形式分享心得。

These events not only provided opportunities for participants to connect and communicate, but also stimulated them to actively interact with each other on our platform in the longer term. With these, we were able to successfully enhance user metrics and foster a vibrant social atmosphere.

這些活動不僅為參與者提供了聯繫和交流的機會，也激發了他們在我們的平台上長期積極互動。透過這些，我們能夠成功提升用戶指標並培育活躍的社交氛圍。

In terms of leading IP, the Physics Class, my Physics Class, is continuing to deliver cutting-edge physics knowledge to a wide range of audiences under various scenarios. During the quarter, Joanna and myself conducted several high-end dialogues with Noble Laureates and famous -- well-known highly achieved physicists and entrepreneurs in topics ranging from physics knowledges to the latest industry trends and social interests, promoting a multidimensional dissemination of Sohu's brand influence and attracting greater traffic to our platform.

在引領IP方面，物理課，我的物理課，正在各種場景下持續向廣大受眾傳遞前沿的物理知識。本季度，我和喬安娜與諾貝爾獎得主、著名物理學家和企業家進行了多場高端對話，話題涵蓋物理知識、最新行業趨勢和社會熱點，促進了搜狐品牌影響力的多維傳播，為我們的平台吸引了更多流量。

These competitions and live broadcasting events not only brought vitality and premium content to our platform, but also brought us more exposure and recognition from advertisers, providing us with additional monetization opportunities. Leveraging the advantages of our product matrix and our brand influence, we were able to satisfy the needs of advertisers by delivering differentiated marketing solutions through targeted campaigns.

這些比賽和直播活動不僅為我們的平台帶來了活力和優質內容，也為我們帶來了更多的曝光和廣告商的認可，為我們提供了額外的獲利機會。我們充分發揮產品矩陣與品牌影響力的優勢，透過精準投放，提供差異化的行銷解決方案，滿足廣告主的需求。

Next, turning to our Online Game business, during the quarter, our Online Game business performed well with revenues reaching the high end of our guidance. In our PC game businesses, we launched an expansion pack regular TLBB PC to celebrate its 18th anniversary, as well as various events for the Dragon Boat Festival, which received an enthusiastic response from the community.

接下來，談談我們的線上遊戲業務，在本季度，我們的線上遊戲業務表現良好，收入達到了我們預期的高位。在PC遊戲業務方面，我們推出了慶祝《天龍八部》PC版18週年的資料片，以及端午節的各項活動，獲得了社區的熱烈反響。

We fully upgraded the skill enhancement system of TLBB Vintage to refresh the combat experience of players of each clan. And we celebrated the eighth anniversary of legacy TLBB Mobile with an expansion pack filled with diverse gameplay and generous rewards, effectively increasing player engagement. Next quarter, we will continue to launch expansion packs and content updates for the TLBB series and other titles for further -- to further keep players engaged.

我們全面升級了TLBB Vintage的技能強化系統，並刷新了各部落玩家的戰鬥體驗。我們用一個充滿多樣化遊戲玩法和豐厚獎勵的擴充包來慶祝經典《天龍八部手遊》八週年，有效地提高了玩家參與度。下個季度，我們將繼續為 TLBB 系列和其他遊戲推出擴充包和內容更新，以進一步吸引玩家。

Amid intensifying market competition, growing user demand for the quality and innovation, we will advance our top games strategy anchored in user-centric principles. By continuously optimizing our research and development system, we aim to enhance efficiency and product success rate. Specifically in product offerings, we are actively exploring opportunities to unlock the potential of our TLBB IP.

面對日益激烈的市場競爭、使用者對品質和創新的需求，我們將堅持以使用者為中心，推動精品遊戲策略。透過不斷優化我們的研發體系，我們的目標是提高效率和產品成功率。具體來說，在產品供應方面，我們正在積極探索釋放天龍八部 IP 潛力的機會。

Meanwhile, building upon our core strengths, in MMORPGs, we are diversifying into multiple types of games, including card-based RPGs, sports games, and casual games, as well as expanding our offerings for global markets.

同時，基於我們在MMORPG領域的核心優勢，我們正在向多種類型的遊戲擴展，包括基於卡片的RPG、運動遊戲和休閒遊戲，並擴大我們在全球市場的產品範圍。

Now I'd like to give an update on the ongoing share repurchase program. As of July 31 this year, 2025, Sohu had repurchased 6.6 million ADS for an aggregate cost of approximately $83 million, so about more than half of the total commitment, yeah.

現在我想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 7 月 31 日，搜狐已回購了 660 萬股美國存託憑證，總成本約為 8,300 萬美元，約佔總承諾金額的一半以上。

With that, I will now turn the call over to Joanna, our CFO.

說完這些，我現在將電話轉給我們的財務長喬安娜。

Thank you, Charles. I will now walk you through the key financials of our major segments for the second quarter of 2025. All the numbers 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 2025 年第二季主要部門的主要財務狀況。所有數字均基於非 GAAP 基礎。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, $19 million compared with $24 million in the same quarter last year. Quarterly operating loss was $69 million compared with an operating loss of $72 million in the same quarter last year.

搜狐媒體平臺本季營收為 1,900 萬美元，去年同期為 2,400 萬美元。季度營運虧損為 6,900 萬美元，而去年同期營運虧損為 7,200 萬美元。

For Changyou, quarterly revenues, $107 million compared with $148 million in the same quarter last year. Quarterly operating profit was $51 million compared with operating profit of $32 million in the same quarter last year.

暢遊本季營收為 1.07 億美元，去年同期為 1.48 億美元。季度營業利潤為 5,100 萬美元，而去年同期的營業利潤為 3,200 萬美元。

For third quarter of 2025, we expect Marketing Services revenues to be between $14 million and $15 million. This implies annual decrease of 20% to 25% and a sequential decrease of 4% to 10%. Online Game revenues to be between $107 million and $117 million.

到 2025 年第三季度，我們預計行銷服務收入將在 1,400 萬美元至 1,500 萬美元之間。這意味著年降幅為20%至25%，季降幅為4%至10%。線上遊戲收入將在 1.07 億美元至 1.17 億美元之間。

This implies annual decrease of 8% to 16% and a sequential increase of 1% to 10%. Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between $25 million and $35 million. This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty.

這意味著年降幅為 8% 至 16%，較上季成長 1% 至 10%。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 2,500 萬美元至 3,500 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。

Hi, good evening. Thanks, management, for taking my question. I mean, first of all, may I ask about our Marketing Services revenue? We talked about our Marketing Services revenue basically largely in line with the low end of the previous guidance. And we saw that in Q3, it seems that the advertising revenue is still suffering some sequential weaknesses.

嗨，晚上好。謝謝管理層回答我的問題。我的意思是，首先，我可以問一下我們的行銷服務收入嗎？我們談到我們的行銷服務收入基本上與先前指導的低端一致。我們看到，在第三季度，廣告收入似乎仍然遭受一些連續的疲軟。

I just want to get some color from management with regard to our thoughts about the recent advertising sentiment. Is there any changes or deterioration because of the macro uncertainties? Any color that can be shared about the trend of different categories like auto, IT, FMCG, these categories? That's on the Marketing Services part.

我只是想從管理層那裡了解我們對最近廣告情緒的看法。是否由於宏觀不確定性而出現變化或惡化？可以分享一下汽車、IT、快速消費品等不同類別的趨勢嗎？這是關於行銷服務的部分。

And then on the AI part, can management comment about how AI is applied into our operations in advertising and gaming? And are we also using our own model or third-party models? And then lastly, regarding the share buyback program, can management share about -- other than share buyback program, are we thinking of any other capital return like a dividend or other program to shareholders? Thank you.

那麼在人工智慧方面，管理階層能否評論一下人工智慧如何應用在我們的廣告和遊戲營運中？我們是否也使用我們自己的模型或第三方模型？最後，關於股票回購計劃，管理層能否分享一下——除了股票回購計劃之外，我們是否考慮過任何其他資本回報，例如股息或其他股東計劃？謝謝。

Okay. All right, Thomas. So the question about the forecast for the future Q3 advertising situation, yes, it's kind of -- there's a weakness because of the -- microeconomic situation is not that good. And a lot of uncertainties and also the downgrade of consumptions because of people who just don't have -- less disposable income to buy things. And also the competition of the companies, the profit margin is lower. And so they are more cautious in investing -- in marketing spending.

好的。好的，托馬斯。所以關於對未來第三季廣告情況的預測，是的，有點——由於微觀經濟狀況不太好，所以存在弱點。而且由於人們的可支配收入減少，購買東西的能力下降，從而帶來了許多不確定性和消費下降。而且公司競爭激烈，利潤率較低。因此他們在投資行銷支出方面更加謹慎。

And as to sectors, still our largest sector is auto sector and followed by FMCG and IT services. For auto sectors, it's -- well, it's now kind of stabilized with the price war is getting steady. And it's the new energy -- I mean, electric cars market share is expanding, while the luxury cars and also joint ventures are kind of shrinking.

就產業而言，我們最大的產業仍然是汽車產業，其次是快速消費品和 IT 服務。對汽車產業來說，現在已經比較穩定，價格戰也趨於穩定。這是新能源——我的意思是，電動車的市場份額正在擴大，而豪華車和合資車的市場份額卻在縮小。

So with this kind of market situation, we are -- have this unique events and IPs, and create or to launch the kind of unique events and combine with our online properties to have some kind of unique marketing opportunities so that they still -- yeah, they do spend still on Sohu.

因此，在這種市場情況下，我們擁有這些獨特的活動和智慧財產權，並創建或啟動這種獨特的活動，並與我們的線上資產相結合，以獲得一些獨特的營銷機會，以便他們仍然——是的，他們仍然在搜狐上花錢。

Yeah. That's about -- we're trying to -- yeah, so the whole macroeconomic situation is really not that good. But since our advertising market share is very small, so if we are successful in our social media success platform, we will just get a larger share. So that we hope. But that will not happen in the next few quarters. We'll continue to build our user base.

是的。這就是——我們正在嘗試——是的，所以整個宏觀經濟狀況確實不是那麼好。但由於我們的廣告市場佔有率很小，所以如果我們在社群媒體成功平台上取得成功，我們就會獲得更大的份額。所以我們希望。但這種情況在未來幾季內不會發生。我們將繼續擴大我們的用戶群。

As to your second question about the AI application, I think, yeah, it's improved, especially in the Online Game part, right? It does improve the efficiency -- productivity, Online Game. But for the Media Platform and social networks, it helps to help our users to get answers or get results with the search capability on each app.

至於你關於人工智慧應用的第二個問題，我認為，是的，它有所改進，特別是在線上遊戲部分，對嗎？它確實提高了效率——生產力，線上遊戲。但對於媒體平台和社交網路來說，它有助於幫助我們的用戶透過每個應用程式的搜尋功能獲得答案或結果。

So now people are actually doing information search on each separate apps, not -- so we're using the AI to improve the -- AI answering question, answering capability of the Sohu Video and Sohu News app. But that apps, mostly social networks, and now we turn it into a social network platform.

所以現在人們實際上是在各個單獨的應用程式上進行資訊搜索，而不是——所以我們正在使用人工智慧來改進——搜狐影片和搜狐新聞應用程式的人工智慧回答問題、回答能力。但那些應用程序，主要是社交網絡，現在我們把它變成了一個社交網絡平台。

So the AI help is only marginal, right? So we are using the open source language model and then build on -- based on that, build on that to develop on that. So we're using various models, language model.

所以人工智慧的幫助只是微不足道的，對嗎？因此，我們使用開源語言模型，然後在此基礎上進行建置、開發。所以我們使用各種模型、語言模型。

About share buyback, yeah, we -- yeah, we are halfway into it, $83 million already consumed. And we don't have any plan to have other investments or capital investment because we are fighting a major user base building and social network wall. So we need a war chest to fight -- to battle -- to do the battle. Yeah. I hope I answered your question.

關於股票回購，是的，我們已經進行了一半，已經消耗了 8,300 萬美元。我們沒有計劃進行其他投資或資本投資，因為我們正在進行大規模的用戶群建設和社交網路障礙鬥爭。因此，我們需要一筆戰爭基金來打仗。是的。我希望我回答了你的問題。

Thank you, Charles, for the detailed answer. Thank you.

謝謝查爾斯的詳細回答。謝謝。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

Hi. Good evening. Can you hear me okay?

你好。晚安.你聽見我說話嗎？

Yeah.

是的。

Hello, can you hear me? Okay. Good evening.

你好，你聽得到我說話嗎？好的。晚安.

Yeah, we can hear you.

是的，我們能聽到你的聲音。

Good evening, Charles and management. Thanks for taking my questions. A few questions from me. First is that, just wondering if you can share with us when should we expect the loss from the Marketing Service revenue to last? In other words, do you have a breakeven timing that you can share with us? This is the first question.

晚上好，查爾斯和管理層。感謝您回答我的問題。我有幾個問題。首先，我只是想知道您是否可以與我們分享我們預計行銷服務收入的損失將持續到什麼時候？換句話說，您能否與我們分享一下損益平衡時間？這是第一個問題。

Second question is related to the Gaming guidance. It seems like sequentially, we are guiding a sequential increase. So if management can elaborate a little bit the reason for the sequential improvement on the Game revenue.

第二個問題與遊戲指導有關。看起來，我們正在引導連續的成長。因此，管理階層是否可以稍微詳細說明一下遊戲收入連續成長的原因？

And then the third question is, I think, Charles, on your opening remarks, you mentioned a little bit on those like K-pop or these events. So just wondering how those events actually able to help you accelerate your user growth for your Sohu app -- I mean, Sohu user app -- sorry, Sohu app user.

第三個問題是，查爾斯，我想，在您的開場白中，您提到了一些關於韓國流行音樂或這些活動的內容。所以我只是想了解這些活動實際上如何幫助您加速搜狐應用程式的用戶增長 - 我的意思是搜狐用戶應用程式 - 抱歉，是搜狐應用程式用戶。

Yeah, sure.

是的，當然。

Yeah. Sorry, yeah. Thank you. That's all my questions, yeah.

是的。抱歉，是的。謝謝。是的，這就是我所有的問題。

Well, so as I said, with the current -- this traditional Internet Media Platform, it's very -- for this kind of user base, it's very hard to break even, especially when we have -- we actually have three products that we're focusing on three products.

嗯，正如我所說的，對於目前這種傳統的網路媒體平台來說，對於這種用戶群來說，很難實現收支平衡，尤其是當我們有三種產品並且我們專注於三種產品時。

So it's kind of a multiple battlefield, so three battlefields to fight. That's why -- and since all the social network products and the user base growth is nonlinear, it could hit a critical point, critical mass, that it explodes or grow exponentially sometime in the future. And we don't know what that critical point is. So we don't know.

所以它就像是一個多戰場，有三個戰場需要戰鬥。這就是為什麼——由於所有社交網路產品和用戶群的增長都是非線性的，它可能會達到一個臨界點，臨界質量，在未來的某個時候爆發式增長或呈指數增長。我們不知道那個臨界點是什麼。所以我們不知道。

So until that happens -- before that, I don't think we will be able to break even because we have (spoken in Chinese). We don't know. But we hope -- I hope -- I'm optimistic. I'm hopeful. I'm optimistic that -- I'm confident that it will happen, the critical point for social network to grow.

所以在那之前，我認為我們無法達到收支平衡，因為我們（以中文講解）。我們不知道。但我們希望——我希望——我很樂觀。我充滿希望。我對此持樂觀態度——我相信這會發生，這是社交網路發展的關鍵點。

As to the gain sequential increase, yeah?

至於收益連續增加，是嗎？

(spoken in Chinese)

（用中文說）

(spoken in Chinese)

（用中文說）

The old games are expected to perform relatively stable during the third quarter. And we also rolled out a new version, a new game, for TLBB PC on July 25, which is called TLBB (inaudible) or TLBB Return in English. We expect the new game will bring some additional revenue.

預計老遊戲在第三季的表現會相對穩定。我們還在 7 月 25 日為 TLBB PC 推出了一個新版本、一款新遊戲，該遊戲名為 TLBB（聽不清楚）或英文名為 TLBB Return。我們預計新遊戲將帶來一些額外的收入。

Well, K-pop events, it's just like the hanfu events and other, yeah. And also the third question. All these events are community builders. Because when people actually -- this competition is continued in the whole-year competition and the events. And then people get to know each other and people -- to become users and broadcasters or self-media. People get into your communities by groups, right?

嗯，韓國流行音樂活動，就像漢服活動和其他活動一樣，是的。還有第三個問題。所有這些活動都是社區建設者。因為當人們實際上——這項比賽在全年的比賽和活動中持續進行。然後人們開始互相了解，成為使用者、廣播員或自媒體。人們以團體的形式進入你們的社區，對嗎？

So now we are the -- Sohu Video is the most top K-pop platform in China. That's why when Korean -- when the South Korean K-pop teams and they're coming to China to do events after competitions among platforms, and then Sohu Video is the designated or chosen platform to do that because we are the number one in this field.

所以現在我們是——搜狐影片是中國最頂級的韓國流行音樂平台。這就是為什麼當韓國 K-pop 團隊在平台之間比賽後來到中國舉辦活動時，搜狐影片是指定或選擇的平台，因為我們是該領域的第一。

And also in Changyou, we are building verticals after verticals and become the best in the verticals. And that helps to help us to consolidate or attract our user base.

在暢遊，我們也不斷打造一個又一個的垂直領域，並努力成為其中的佼佼者。這有助於我們鞏固或吸引我們的用戶群。

I see. Thanks, Charles. Just a follow-up on that. Is there any revenue implication from these events that will contribute to the -- I mean, already second quarter or maybe it can carry forward to the third quarter, yeah?

我懂了。謝謝，查爾斯。這只是對此的一個跟進。這些活動是否會對收入產生影響，從而有助於——我的意思是，已經是第二季度了，或者也許可以延續到第三季度，對嗎？

Yes, they are -- the revenue sponsorship for these events are unlike those Physics Class or other -- unlike those ones, this is a secondary or less -- I mean, it's not a priority. But we do get a sponsorship for the K-pop and for the hanfu events.

是的，這些活動的收入贊助與物理課或其他活動不同，與那些活動不同，這是次要的或較少的，我的意思是，這不是優先事項。但我們確實獲得了韓國流行音樂和漢服活動的贊助。

I see, I see. Okay. All right. Great. Thank you.

我明白了，我明白了。好的。好的。偉大的。謝謝。

(multiple speakers) Yeah, we really accept the top sponsor like the name sponsor. We refuse the name sponsor. I mean, the (spoken in Chinese) title sponsorship, right? Yeah. Because our goal is to develop users and to market our brand, the product brand.

（多位發言者）是的，我們確實接受頂級贊助商，就像接受冠名贊助商一樣。我們拒絕冠名贊助商。我的意思是（用中文說）冠名贊助，對吧？是的。因為我們的目標是發展用戶，推廣我們的品牌，產品品牌。

I see. Okay. Thank you.

我懂了。好的。謝謝。

Thank you. I'm showing no further questions. And with that, we conclude our conference call for today. Thank you for your participation. You may now disconnect your lines.

謝謝。我沒有其他問題。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。