Weibo Corp (WB) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Weibo Reports Third Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to the company. Thank you. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到微博報告2022年第三季度財務業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給公司。謝謝你。請繼續。

Thank you, operator. Welcome to Weibo's Third Quarter 2022 Earnings Conference Call. Joining us today are our Chief Executive Officer, Gaofei Wang; and our Chief Financial Officer, Fei Cao. The conference call is also being broadcasted on the Internet and is available through Weibo's IR website.

謝謝你，運營商。歡迎來到微博 2022 年第三季度財報電話會議。今天加入我們的是我們的首席執行官王高飛；以及我們的首席財務官 Fei Cao。電話會議也在互聯網上播出，可通過微博的 IR 網站獲得。

Before the management remarks, I would like to read you the safe harbor statement in connection with today's conference call. During today's conference call, we may make forward-looking statements, statements that are not historical facts, including statements of our beliefs and expectations. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Weibo assumes no obligation to update the forward-looking statements in this conference call and elsewhere.

在管理層發表評論之前，我想向您宣讀與今天的電話會議有關的安全港聲明。在今天的電話會議中，我們可能會做出前瞻性陳述，即非歷史事實的陳述，包括我們的信念和期望的陳述。前瞻性陳述涉及固有的風險和不確定性。許多重要因素可能導致實際結果與任何前瞻性陳述中包含的結果存在重大差異。微博不承擔更新本次電話會議和其他地方的前瞻性陳述的義務。

Further information regarding this and other risks is included in Weibo's Annual Report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as of the date hereof. Weibo assumes no obligation to update such information, except as required under applicable law.

有關此風險和其他風險的更多信息包含在微博的 20-F 表格年度報告和提交給美國證券交易委員會的其他文件中。本新聞稿中提供的所有信息均截至本新聞稿發布之日。除適用法律要求外，微博不承擔更新此類信息的義務。

Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures, which excludes stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo's comparative operating performance and the future prospects. Our non-GAAP financials exclude certain expenses, gains or losses and other items that are not expected to result in future cash payments and are nonrecurring in nature, were not indicative of our core operating results and outlook. Please refer to our press release for more information about our non-GAAP measures.

此外，我想提醒您，我們今天的討論包括某些非 GAAP 措施，其中不包括基於股票的薪酬和某些其他費用。我們使用非 GAAP 財務指標來更好地了解微博的比較經營業績和未來前景。我們的非 GAAP 財務不包括某些費用、收益或損失以及其他預計不會導致未來現金支付且本質上是非經常性的項目，並不代表我們的核心經營業績和前景。有關我們的非 GAAP 措施的更多信息，請參閱我們的新聞稿。

Following management's prepared remarks, we will open the lines for a brief Q&A session.

在管理層準備好發言後，我們將開通簡短的問答環節。

With this, I would like to turn the call over to our CEO, Gaofei Wang.

有了這個，我想把電話轉給我們的首席執行官王高飛。

[Interpreted] Thank you. Hello, everyone, and welcome to Weibo's Third Quarter 2022 Earnings Conference Call. On today's call, I will share with you highlights of Weibo's user, product and monetization in the third quarter of 2022. On the user front, Weibo's MAUs reached 584 million, and average DAUs reached 253 million in September 2022, adding approximately 11 million and 5 million users year-over-year, respectively. In September, 95% of Weibo's MAUs came from mobile.

[翻譯] 謝謝。大家好，歡迎來到微博2022年第三季度財報電話會議。在今天的電話會議上，我將與大家分享微博在 2022 年第三季度的用戶、產品和變現方面的亮點。在用戶方面，2022 年 9 月，微博的 MAU 達到 5.84 億，平均 DAU 達到 2.53 億，新增約 1100 萬，分別有 500 萬用戶同比增長。 9 月份，微博 95% 的月活躍用戶來自移動端。

Monetization with macro economy and consumption weighing on the overall advertising market, our clients remain closed towards their advertising budget spend. In the third quarter, our total revenues reached USD 453.6 million, a decrease of 25% year-over-year and an increase of 1% quarter-over-quarter. Excluding the foreign exchange impact, our total revenues decreased 20% year-over-year and increased 5% quarter-over-quarter as revenues reached USD 393.4 million this quarter and 95% of our ad revenues came from mobile. This year, we have focused on improving our operating efficiency. In the third quarter, our non-GAAP operating income reached USD 162.1 million, representing a non-GAAP operating margin of 36%, up from 32% last quarter.

隨著宏觀經濟和消費對整個廣告市場的影響，貨幣化，我們的客戶對他們的廣告預算支出保持關閉狀態。第三季度，我們的總收入達到 4.536 億美元，同比下降 25%，環比增長 1%。排除外匯影響，我們的總收入同比下降 20%，環比增長 5%，本季度收入達到 3.934 億美元，95% 的廣告收入來自移動端。今年，我們專注於提高運營效率。第三季度，我們的非 GAAP 營業收入達到 1.621 億美元，非 GAAP 營業利潤率為 36%，高於上一季度的 32%。

Next, let me share with you our progress made in product and monetization in the third quarter. Our target on product operations still focused on strengthening the platform's competitiveness through improving operating efficiency, maintaining large user scale and enhancing user engagement. In this quarter, with the summer holiday season and hatred effect, our overall traffic reached its peak level in August this year. Based on our experience, the opening of the fall semester in September usually negatively impact our traffic, especially when Campus promotion suspended this year due to COVID-19 related control measures.

接下來，讓我與大家分享一下我們在第三季度在產品和貨幣化方面取得的進展。我們在產品運營方面的目標仍然是通過提高運營效率、保持龐大的用戶規模和提高用戶參與度來增強平台的競爭力。本季度，隨著暑假和仇恨效應，我們的整體流量在今年八月份達到了峰值。根據我們的經驗，9 月秋季學期的開學通常會對我們的交通產生負面影響，尤其是在今年因 COVID-19 相關控制措施而暫停校園宣傳時。

In response, on the product and operational front, we have stepped up our efforts in the areas of channel investments, community product optimization and cultivation of entertainment and eSports verticals, which resulted in healthy trend of our overall traffic in September.

對此，在產品和運營方面，我們加大了渠道投入、社區產品優化和娛樂電競垂直領域的培育力度，9月份整體流量呈現良好態勢。

On the channel front, the ROI of our channel investment for the third quarter was further improved. We continue to strengthen our cooperation with handset manufacturers in Weibo top trends and social products while focusing on investing in high ROI channels. This quarter, we achieved full coverage for Weibo's hot trends content in the core positions on handset devices of domestic leading manufacturers.

渠道方面，第三季度渠道投資回報率進一步提升。我們繼續加強與手機製造商在微博熱門趨勢和社交產品方面的合作，同時專注於投資高投資回報率的渠道。本季度，我們實現了微博熱點內容在國內龍頭廠商手機設備核心位置的全覆蓋。

Meanwhile, we further upgraded our service for domestic smartphone users and enhance their consumption through improving the quality of hot trends content considering the handset attributes and users' consumption scenarios. In September, the number of our hot trends users from domestic handsets increased 30% quarter-over-quarter. Next, we will continue to deepen our cooperation with handset manufacturers to focus on long-term mutual benefits, expand cooperation to more of use Weibo's core products and content and increase Weibo's user scale through handset tech channels.

同時，我們進一步升級國內智能手機用戶的服務，結合手機屬性和用戶消費場景，通過提升熱點內容的質量來提升用戶的消費。 9月，國產手機熱點用戶數環比增長30%。下一步，我們將繼續深化與手機廠商的合作，著眼於長期的互利共贏，將合作範圍擴大到更多使用微博的核心產品和內容，通過手機技術渠道擴大微博的用戶規模。

On social attributes, this quarter, we continue to enhance social features of our products and increase the scale and engagement of our core users on relationship-based feed while maintaining user traffic. User interaction continued to grow in September, representing improved user thickness. In July and August, which is the peak season of traffic due to the summer holiday, Weibo's content generation largely increased, particularly for verticals, such as celebrities, TV series, variety shows and games (inaudible). We lean our traffic distribution towards these verticals with strong stickiness of young users in the relationship-based feeds, which helped enrich the vertical content ecosystem and enhancing user interaction and consumption in relationship-based feed.

在社交屬性方面，本季度，我們繼續增強產品的社交功能，並在保持用戶流量的同時，增加核心用戶在基於關係的 Feed 上的規模和參與度。 9 月用戶互動持續增長，用戶厚度有所提升。 7、8月因暑假進入流量旺季，微博內容生成量大幅增加，尤其是明星、電視劇、綜藝、遊戲等垂直領域（聽不清）。我們將流量分佈向關係型信息流中年輕用戶粘性強的垂直方向傾斜，豐富了垂直內容生態，增強了關係型信息流中的用戶互動和消費。

In the meantime, we continue to improve the distribution structure of our relationship-based feed, further increase the distribution of content generated by KOLs and community-based content to emphasize the social features of our relationship-based feed. In particular, we made significant upgrades in algorithms to enhance distribution of community content, further integrating the community-based content and user-generated content. As a result, in the relationship-based feed 70% of users were able to consume quality community-based content of their interest directly in the feed.

同時，我們繼續改進基於關係的信息流的分發結構，進一步增加 KOL 生成的內容和基於社區的內容的分發，以強調我們基於關係的信息流的社交特性。特別是，我們對算法進行了重大升級，以加強社區內容的分發，進一步整合基於社區的內容和用戶生成的內容。因此，在基於關係的提要中，70% 的用戶能夠直接在提要中消費他們感興趣的基於社區的優質內容。

In September, traffic generated from community-based content distributor in the relationship-based feed and the number of users who made interactions through community contents have increased more than 50% quarter-over-quarter, which further facilitates users' relationship building and interaction efficiency in a relationship-based feed.

9月，關係流中社區內容分發產生的流量和通過社區內容進行互動的用戶數環比增長超過50%，進一步促進了用戶關係建立和互動效率在基於關係的提要中。

In the third quarter, we continue to beef up our investments in community products to strengthen the perception of community products by all users. On one hand, with the independent tab of super topic at the bottom of main page launched in June, we are able to improve new users' willingness to revisit the tap through prioritizing traffic distribution for quality community content, coupled with our effective user recall strategy.

第三季度，我們繼續加大對社區產品的投入，以加強所有用戶對社區產品的認知。一方面，隨著6月份推出的主頁面底部超級話題獨立標籤，我們能夠通過為優質社區內容優先分配流量，以及我們有效的用戶召回策略，提高新用戶重訪水龍頭的意願.

In September, the DAUs Super Topic tab increased by more than 50% compared to that of [crude], half of which were new users for community products. Now only has the scale of user growth, user consumption stickiness increased significantly with capital consumption of community-related contents increased by 40% from June.

9月份，DAUs超級話題標籤相比【粗略】增長了50%以上，其中一半是社區產品的新增用戶。目前僅用戶規模增長，用戶消費粘性明顯提升，社區相關內容資本消費環比6月增長40%。

On the other hand, we further enhance functions and mechanism of the community products, such as new functions supporting and in action that launched in the third quarter. The increased user stickiness in the community significantly drove the production and interaction of quality content in entertainment and online gaming verticals.

另一方面，我們進一步完善社區產品的功能和機制，例如第三季度推出的新功能支持和行動。社區用戶粘性的增加極大地推動了娛樂和在線遊戲垂直領域優質內容的生產和互動。

In September, the number of users who posted and interactive in the community continued to grow double digits compared to June, while the number of post and interactions increased twice the increase of users. We believe that the constant building of our community products has strengthened the social stickiness of Weibo users, building well for the long-term healthy development of the (inaudible).

9月，社區發帖互動用戶數較6月繼續保持兩位數增長，發帖互動數增幅是用戶增幅的2倍。我們相信，我們社區產品的不斷打造，增強了微博用戶的社交粘性，為微博的長期健康發展奠定了良好的基礎。

On the content front, our strategy this year is to focus on developing social accounts in key verticals to constantly solidify our advantages in key content verticals as well as high quality accounts. And thus drive the improvement of operating efficiency. In terms of the online gaming vertical, we further cultivate our ecosystem around eSports events and deepen cooperation between Weibo and top eSports clubs.

在內容方面，我們今年的策略是重點發展重點垂直領域的社交賬號，不斷鞏固我們在重點內容垂直領域和優質賬號的優勢。從而帶動運營效率的提升。在網絡遊戲垂直領域，我們進一步培育圍繞電競賽事的生態圈，深化微博與頂級電競俱樂部的合作。

In third quarter, the daily number of costs by eSport players has increased by 50% quarter-over-quarter with both traffic and inactions doubled. Coupled with tournaments-related hub trends, the overall traffic from the eSports vertical grew over 50% sequentially. We have also attracted a wider group of young users and generated higher user engagement while helping eSports clubs build up influence and market value on our platform.

第三季度，電子競技玩家每天花費的次數環比增長 50%，流量和不操作量均翻了一番。再加上與錦標賽相關的樞紐趨勢，電子競技垂直領域的整體流量環比增長了 50% 以上。我們還吸引了更廣泛的年輕用戶群體並產生了更高的用戶參與度，同時幫助電競俱樂部在我們的平台上建立影響力和市場價值。

As for the entertainment industry, the summer holiday was the peak season for TV series and variety of shows. We focus on partnership with video platforms and show producers to improve distribution of hot trends and user interactions, driving the volume of blockbusters to grow across the platform.

娛樂圈方面，暑期是電視劇、綜藝節目的旺季。我們專注於與視頻平台和節目製作人的合作，以改善熱門趨勢的分發和用戶互動，從而推動大片的數量在整個平台上增長。

In third quarter, the traffic and the interaction of TV and variety shows continue to trend up compared to that of the last summer holiday. In particular, the traffic for TV shows has reached record high, which more than doubled compared to the same period last year with multiple phenomenal project streamers. TV shows love like (inaudible) and the love between (inaudible) have generated over 40 billion public views and 28 million discussions, reinforcing Weibo's position as a designated platform for show launching and promoting. Going forward, we will continue to actively support our partners and drive healthy development of the entertainment ecosystem.

三季度，與去年暑期相比，電視綜藝的流量和互動繼續呈上升趨勢。尤其是電視劇的流量更是創歷史新高，比去年同期增長了一倍多，多位現象級主播。電視劇love like（聽不清）和love between（聽不清）已經產生了超過400億的瀏覽量和2800萬的討論，鞏固了微博作為節目發布和推廣的指定平台的地位。未來，我們將繼續積極支持合作夥伴，推動娛樂生態健康發展。

Moving on to monetization. In the third quarter, we saw a general recovery trend of ad spend on a sequential basis with various (inaudible) across different industries. For example, in auto industry, thanks to positive support for new energy vehicles industry and enhanced market recognition for Weibo's integrated new car launching marketing solution for automakers over the past 2 quarters. Weibo's index product launch and marketing solutions attracted over 90% of the overall new model launches.

繼續貨幣化。在第三季度，我們看到不同行業的各種（聽不清）廣告支出環比出現總體復甦趨勢。以汽車行業為例，得益於過去兩個季度對新能源汽車行業的積極支持，以及微博為汽車廠商整合的新車上市營銷解決方案的市場認可度提升。微博的指標產品發布和營銷解決方案吸引了90%以上的新車型發布。

On top of regular brand exposure, leveraging the combo of media, vertical KOLs and how trends. Weibo has successfully expanded its market share in new car launches, leading to sustained double-digit year-over-year growth in ad revenue from auto industry in the third quarter. As for the luxury sector, ad revenues also booked significant year-over-year growth due to the intensive launch of new lines and shows in the third quarter.

在常規品牌曝光之上，利用媒體、垂直 KOL 和趨勢的組合。微博成功擴大新車發布市場份額，第三季度汽車行業廣告收入同比持續保持兩位數增長。至於奢侈品行業，由於第三季度新線和節目的密集推出，廣告收入也實現了顯著的同比增長。

In terms of online gaming industry, our differentiated marketing model that we have established over the past 2 years has resonated briefly among game developers. Even though the new games approval this year has shrunk, we have effectively helped these game developers improve user ARPU and life cycle, leveraging cooperation around content with our top-tier game clients and event-based marketing products and services. As a result, Weibo has gained certain ad budgets and further solidified our market position among advertisers in the online gaming sector.

在網絡遊戲行業，我們近兩年建立的差異化營銷模式在遊戲開發商中引起了短暫的共鳴。儘管今年新遊戲的批准量有所減少，但我們有效地幫助這些遊戲開發商改善了用戶 ARPU 和生命週期，利用與我們的頂級遊戲客戶圍繞內容以及基於事件的營銷產品和服務的合作。因此，微博獲得了一定的廣告預算，進一步鞏固了我們在網絡遊戲領域廣告商中的市場地位。

Other industries such as the FMCG industry continued to be impacted by headwinds of COVID-19 control measures and weak consumption season, with brands taking a wait-and-see attitude in their branding budget allocation. E-commerce platforms and the 3C products also experienced varying degrees of decline in the third quarter due to market conditions and the industry slow season.

快速消費品行業等其他行業繼續受到 COVID-19 控制措施和消費旺季疲軟的不利影響，品牌在品牌預算分配上持觀望態度。受市場行情和行業淡季影響，電商平台和3C產品三季度也出現了不同程度的下滑。

Talking about outlook, overall advertising business for the fourth quarter and the first half of next year. There is still relatively high uncertainty under the market circumstance. However, we are pleased to see positive signals with certain industries. For example, e-commerce platforms and FMCG clients have released adverts during the Double 11 shopping festival to various degrees. Although the Double 11 shopping festival was shorter this year as budgets from e-commerce platforms returned to a growth trajectory compared with the same period last year.

談到前景，第四季度和明年上半年的整體廣告業務。市場環境下仍存在較高的不確定性。然而，我們很高興看到某些行業出現積極信號。例如，電商平台和快消品客戶都在雙十一期間不同程度地投放了廣告。儘管今年雙十一購物節的時間較短，但由於電子商務平台的預算與去年同期相比恢復了增長軌跡。

In third quarter, we focused on conforming our algorithm to accurately fulfill the marketing needs of e-commerce platforms on the ad product front and expect to gradually capture certain advertising budgets in the fourth quarter. Meanwhile, the fourth quarter is also a key season for new product launches in the handset sector with all major handset manufacturers launching key models in their pipeline. As such, we are actively working with our clients to develop constant marketing plans to further deep up Weibo's market share in new phone launches.

第三季度，我們專注於整合我們的算法以準確滿足電子商務平台在廣告產品方面的營銷需求，並預計在第四季度逐步獲得一定的廣告預算。同時，第四季度也是手機領域新品發布的關鍵季節，各大手機廠商紛紛推出重點機型。因此，我們正積極與客戶合作制定持續的營銷計劃，以進一步深化微博在新手機發布中的市場份額。

Moreover, the 2022 World Cup in the fourth quarter will be a key advertising window for many of our clients, especially in the food and beverage sectors. We are cooperating with clients and discussing their open marketing fencing details to tap into World Cup-related hot trend in the hope of enhancing app performance and our wallets.

此外，第四季度的 2022 年世界杯將成為我們許多客戶的重要廣告窗口，尤其是在食品和飲料行業。我們正在與客戶合作，討論他們的開放營銷圍欄細節，以挖掘與世界杯相關的熱門趨勢，以期提高應用程序性能和我們的錢包。

Not least, let me briefly recap on Weibo's progress in our initiatives to optimize costs and improve operating efficiency. As mentioned in our last earnings call, we have taken a series of effective measures to optimize our cost and expense structure and enhance efficiency during the year to better control our ROI on cost end. These measures continue to bear fruit, leveraging our solid execution.

尤其是，讓我簡要回顧一下微博在優化成本和提高運營效率方面取得的進展。正如我們在上次財報電話會議中提到的，我們在這一年採取了一系列有效措施來優化我們的成本和費用結構並提高效率，以更好地控制我們在成本端的投資回報率。這些措施繼續取得成果，發揮了我們紮實的執行力。

In the third quarter, we delivered a non-GAAP operating margin of 36%, up nearly 4 percentage points versus 32% in the second quarter, benefiting from solid execution of disciplined spending strategy to further improve operating efficiency. This has demonstrated our improvements in operating efficiency, giving us the opportunity to win our resources towards more potential areas. Taking channel investment as an example, through strategic channel cooperation, we acquired more high-op users and Saas shortened the ROI retrieving period of China investments. Currently, the cost retrieving cycles of most of our channels shortened to nearly half of that in the same period last year.

第三季度，我們的非美國通用會計準則營業利潤率為 36%，比第二季度的 32% 高出近 4 個百分點，這得益於嚴格執行嚴格的支出戰略以進一步提高運營效率。這顯示我們的營運效率有所改善，讓我們有機會爭取資源投向更多有潛力的領域。以渠道投資為例，通過戰略渠道合作，我們獲得了更多的high-op用戶，Saas縮短了中國投資的ROI回收週期。目前，我們大部分渠道的成本回收週期縮短至去年同期的近一半。

On the product operations front, we deepened the strategic cooperation with our content partners focused on social products and strengthen our advantages in hot trends and key verticals such as eSports and sports. We built strategic partnership with video site, mainstream media and eSports club this year to acquire more content and users. Despite potential costs incurred in the short run, we could significantly enhance our competitiveness in content operations and improved the operating efficiency of the platform's traffic.

在產品運營方面，我們深化與內容合作夥伴的戰略合作，專注於社交產品，強化我們在電競、體育等熱點趨勢和重點垂直領域的優勢。今年我們與視頻網站、主流媒體和電競俱樂部建立了戰略合作夥伴關係，以獲得更多的內容和用戶。儘管短期內可能會產生成本，但我們可以顯著增強我們在內容運營方面的競爭力，並提高平台流量的運營效率。

On the ad product front, for one thing, we will tap into market trends and beef up our investments in content marketing to strengthen our differentiation. For another, we focus on delivering breakthroughs in accurate algorithm adaption to capture e-commerce ad budget.

在廣告產品方面，一方面，我們將把握市場趨勢，加大對內容營銷的投入，以加強我們的差異化。另一方面，我們專注於在準確的算法適應方面取得突破，以獲取電子商務廣告預算。

Looking into the fourth quarter, we will continue to execute against our strategy of reducing costs and improving efficiency with more focus on adjusting our cost structure and optimizing resource allocation to ensure efficient operation of our company meet high uncertainty of macro environment and solidify our long-term competitiveness.

展望四季度，我們將繼續貫徹降本增效戰略，更加註重調整成本結構和優化資源配置，確保公司高效運營，應對宏觀環境的高度不確定性，鞏固長期業績。期限競爭力。

With that, let me turn the call over to Fei Cao for a financial review.

有了這個，讓我把電話轉給 Fei Cao 進行財務審查。

Thank you, Gaofei, and hello, everyone. Welcome to Weibo's Third Quarter 2022 Earnings Conference Call. Let's strat with user metrics. In September 2022, Weibo's MAUs and average DAUs reached 584 million and 253 million, respectively, representing a net addition of 11 million and a 5 million users, respectively, on a year-over-year basis. We are pleased to see healthy engagement trends and video consumption despite the back-to-school seasonality and ongoing disciplined channel marketing strategy, demonstrating Weibo's scored by the proposition to users.

謝謝高飛，大家好。歡迎來到微博 2022 年第三季度財報電話會議。讓我們對用戶指標進行分析。 2022 年 9 月，微博的 MAU 和平均 DAU 分別達到 5.84 億和 2.53 億，同比分別淨增 1100 萬和 500 萬用戶。我們很高興看到健康的參與趨勢和視頻消費，儘管有返校季和持續嚴格的渠道營銷策略，向用戶展示了微博的得分。

Turning to financials. As a reminder, my prepared remarks would focus on non-GAAP results or monetary amounts are in U.S. dollar terms and all the comparisons are on a year-over-year basis, unless otherwise noted. Now let me walk you through our financial highlights for the third quarter of 2022.

轉向財務。提醒一下，除非另有說明，否則我準備好的評論將側重於非 GAAP 結果或以美元計算的貨幣金額，所有比較都是按年進行的。現在讓我向您介紹一下我們 2022 年第三季度的財務亮點。

Weibo's third quarter 2022 net revenue was $453.6 million, a decrease of 25% or 30% on a constant currency basis. Operating income was $15.1 million, representing an operating margin of 36%. Net income attributable to Weibo reached around $519 million, representing a net margin of 36%. Diluted EPS was $0.50% compared to $0.90 last year.

微博 2022 年第三季度淨收入為 4.536 億美元，按固定匯率計算下降 25% 或 30%。營業收入為 1510 萬美元，營業利潤率為 36%。歸屬於微博的淨收入達到約5.19億美元，淨利潤率為36%。稀釋後每股收益為 0.50%，而去年為 0.90 美元。

Now let me give you more color on revenues. Weibo's advertising and marketing revenues for the third quarter 2022 reached $383.4 million, a decrease of 27% or 21% on a constant currency basis, reflecting a caveat of marketing advertising market as we expected. Mobile ad revenues were $372 million, contributing approximately 95% of total ad revenues. With COVID resurgence and (inaudible) on the overall demand side, our advertising business continued on descending trajectory year-over-year, while booking a moderate sequential growth during the quarter.

現在讓我給你更多關於收入的顏色。微博 2022 年第三季度的廣告和營銷收入達到 3.834 億美元，按固定匯率計算下降 27% 或 21%，反映了我們預期的營銷廣告市場警告。移動廣告收入為 3.72 億美元，約佔廣告總收入的 95%。隨著 COVID 的複蘇和（聽不清）在整體需求方面，我們的廣告業務繼續同比下降，同時在本季度實現溫和的環比增長。

Our leading verticals in terms of ad revenue contributions in the third quarter for FMCG 3C products and online games. In terms of growth, the luxury and automobile sector exhibited a solid recovery trend, booking double-digit growth both on annual and sequential basis. Benefiting from tailwinds are the electronic vehicle industry, policy similar to the automobile industry and an eventful product launch season for luxury brands. We beefed up sales efforts to capture high value share in this sector with our full spectrum of social ad solutions. The online game sector also demonstrated relative resilience as our brand close performance ad offerings resonated greatly with team developers.

我們在第三季度快速消費品 3C 產品和在線遊戲的廣告收入貢獻方面處於領先地位。在增長方面，奢侈品和汽車行業呈現出穩固的複蘇趨勢，實現了年度和環比兩位數的增長。受益於順風的是電動汽車行業、類似於汽車行業的政策以及奢侈品牌多事的產品發布季。我們加強了銷售力度，以通過我們全方位的社交廣告解決方案在該領域獲得高價值份額。在線遊戲行業也表現出相對的彈性，因為我們的品牌關閉性能廣告產品與團隊開發人員產生了極大的共鳴。

On the flip side, discretionary consumption categories and the e-commerce sector remained sluggish and mid-week consumption sentiment, lukewarm sales data and broad-based initiatives to optimize costs and expenses among our customers. From the ad product perspective, promoting fees continued to be the largest part, followed by social display ad and search and topic ad offerings in less of industry-wide pricing pressure and add execution challenges. We proactively took the window to optimize our ad technology and product in the hope of capturing more performance-driven ad (inaudible), which is more defensive in the current market condition.

另一方面，可自由支配的消費類別和電子商務領域仍然低迷，周中消費情緒低迷，銷售數據不溫不火，以及為優化客戶成本和支出而採取的廣泛舉措。從廣告產品的角度來看，推廣費用仍然是最大的部分，其次是社交展示廣告和搜索以及主題廣告產品，行業定價壓力較小，並增加了執行挑戰。我們主動抓住機會優化我們的廣告技術和產品，希望獲得更多以性能為導向的廣告（聽不清），這在當前市場條件下更具防禦性。

Meanwhile, we are steadfastly focused on highlighting our market differentiation as well as further timing into the visualization change of the ad market. Entering the first quarter, we are seeing sense of advertising market bottoming out in a more moderate and gradual pace. Thus that, leveraging the upcoming e-commerce festival, we will beef up our product and sales execution to capture the potential pent-up market opportunities, while mandate to many headwinds in the near term. We remain confident in our long-term monetization opportunities that our unique value proposition and a diversified content ecosystem will unlock.

同時，我們堅定不移地專注於突出我們的市場差異化以及進一步把握廣告市場可視化變化的時機。進入第一季度，我們看到廣告市場以更溫和、漸進的速度觸底反彈。因此，利用即將到來的電子商務節，我們將加強我們的產品和銷售執行力，以抓住潛在的被壓抑的市場機會，同時在短期內應對許多不利因素。我們對我們獨特的價值主張和多樣化的內容生態系統將釋放的長期貨幣化機會充滿信心。

Ad revenues from Alibaba for the third quarter was $15 million, a decrease of 28% or 22% on a constant currency basis, which is generally in line with our overall advertising business performance. Value-added service, VAS revenues were $16.1 million in the third quarter, a decrease of 14% or 8% on a constant currency basis. The decrease of VAS revenues was mainly due to less revenue contribution from membership services.

阿里巴巴第三季度的廣告收入為 1500 萬美元，按固定匯率計算下降 28% 或 22%，這與我們的整體廣告業務表現基本一致。第三季度增值服務增值服務收入為 1610 萬美元，按固定匯率計算下降 14% 或 8%。增值服務收入減少主要是由於會員服務的收入貢獻減少。

Turning to cost and expenses. Total cost and expenses for the third quarter were $291.5 million, a decrease of 19% as we implemented our efficiency initiatives to stabilize earnings. The decrease was across each cost and expense items, such to ongoing stringent cost control measures on various operational fronts, especially disciplined channel investments and reduced off-line activities.

轉向成本和費用。第三季度的總成本和支出為 2.915 億美元，下降了 19%，因為我們實施了提高效率的舉措以穩定收益。減少涉及每個成本和費用項目，例如在各個運營方面持續採取嚴格的成本控制措施，特別是嚴格的渠道投資和減少的線下活動。

Operating income in the third quarter was $102.1 million, representing operating margin of 36% improved from 32% in the second quarter. Our market performance has exceeded our expectations as our cost optimization initiatives continue to bear fruit despite COVID (inaudible) and macro challenges.

第三季度營業收入為 1.021 億美元，營業利潤率從第二季度的 32% 提高到 36%。儘管 COVID（聽不清）和宏觀挑戰，我們的成本優化計劃繼續取得成果，但我們的市場表現超出了我們的預期。

Turning to income tax. Under GAAP measure, income tax expense for the third quarter was $19.8 million compared to $31.4 million last year. Net income attributable to Weibo in the third quarter was $19 million, representing a net margin of 36% compared to 34% last year.

轉向所得稅。根據 GAAP 衡量標準，第三季度的所得稅費用為 1980 萬美元，而去年同期為 3140 萬美元。第三季度歸屬於微博的淨利潤為 1900 萬美元，淨利潤率為 36%，而去年同期為 34%。

Turning to our balance sheet and the cash flow items. As of September 30, 2022, Weibo's cash, cash equivalents and short-term investments totaled $3 billion compared to $3.1 billion as of December 31, 2021. In the third quarter of 2022, cash provided by operating activities was $74 million. Capital expenditures totaled $4.6 million and depreciation and amortization expenses amounted to $13.2 million.

轉向我們的資產負債表和現金流量項目。截至2022年9月30日，微博的現金、現金等價物和短期投資總額為30億美元，而截至2021年12月31日為31億美元。2022年第三季度，經營活動提供的現金為7400萬美元。資本支出總計 460 萬美元，折舊和攤銷費用為 1320 萬美元。

Before turning to the Q&A session, I would like to provide an update on share repurchase program. Ended up to first $500 million share repurchase program authorized in March this year, we have repurchased a total of approximately 3.1 million ADS for a total cost of $157.7 million as of September 30, 2022, as means to return value to shareholders amid the turmoil market.

在進入問答環節之前，我想提供有關股票回購計劃的最新信息。截至 2022 年 9 月 30 日，我們已經完成了今年 3 月批准的首個 5 億美元股票回購計劃，共回購了約 310 萬股美國存託憑證，總成本為 1.577 億美元，作為在動蕩的市場中向股東回報價值的一種方式.

With that, let me now turn the call over to the operator for Q&A session. Thank you.

有了這個，現在讓我把電話轉給接線員進行問答環節。謝謝你。

(Operator Instructions) First question comes from the line of Alicia Yap from Citi.

（操作員說明）第一個問題來自花旗的 Alicia Yap。

(foreign language) I have a question related to the advertising outlook and sentiment in the fourth quarter as well as into the 2023, given the strict of COVID policy and also the weakness in the macro. How should we think about the growth rate as comparison to the third quarter in terms of the declining magnitude, will the 4-Q year-over-year decline be bigger steeper than what we saw for the third quarter? And then as we go into 2023, can management also kind of split in terms of preliminary review for the first half versus the second half growth? How should we think about whether the first half should be more conservative and then second, how we should see some resumption of the growth?

（外語）鑑於 COVID 政策的嚴格以及宏觀經濟的疲軟，我有一個與第四季度以及 2023 年的廣告前景和情緒有關的問題。就下降幅度而言，我們應該如何看待與第三季度相比的增長率，第四季度同比下降是否會比我們看到的第三季度更大？然後，當我們進入 2023 年時，管理層是否也可以在上半年和下半年增長的初步審查方面有所分歧？我們應該如何考慮上半年是否應該更保守，然後我們應該如何看待增長的一些恢復？

[Interpreted] All right. Thank you for the question. So with regards to the Q4 and also the 2023 performance. So you can see, first of all, I'd like to talk to you about the structure of our basement. So 2/3 of the industries are actually related to consumption, for example, FMCG or 3C products as well as the e-commerce. So you can see that the recoveries is highly related to the macro.

[解釋] 好的。感謝你的提問。所以關於第四季度和 2023 年的表現。所以你可以看到，首先，我想和你談談我們地下室的結構。所以2/3的行業其實是和消費相關的，比如快消品或者3C產品，還有電商。所以你可以看到恢復與宏觀高度相關。

So next of all, I would like to talk to you about the focus. So you can see that we're going to narrow in the kind of a trend in Q4 and also going to realize a quarter-over-quarter improvement. -- in the future. And also now I would like to talk to you about the situation. So as you can see that talking about some of the offline scenarios and also more offline activities.

那麼接下來，我想和大家談談重點。所以你可以看到，我們將縮小第四季度的趨勢，並將實現環比改善。 - 在將來。現在我也想和你談談情況。因此，正如您所看到的，談論一些線下場景以及更多線下活動。

So in October, we had a lot of activities and most events organized for national institutions so that we've got some suspension of the offline activities organized by our customers. So we had a big impact in October. However, you can see that talking about the e-commerce, they had actually great improvements because of the Double 11 shopping festival and also the Double 12 shopping festival as well, so that especially talking about the FMCGs. So they're going to educate more budget actually in these 2 events time frames. And also, the overall trend will be upward.

因此，在 10 月份，我們為國家機構組織了很多活動和大多數活動，因此我們暫停了客戶組織的線下活動。所以我們在十月份產生了很大的影響。但是大家可以看到，說到電商，其實因為雙11，還有雙12，都有很大的提升，尤其是快消品。因此，他們實際上將在這兩個事件時間框架內投入更多預算。而且，總體趨勢將是向上的。

Also, last year, we had a very special category, which is the live stream e-commerce. And due to certain reasons, they had actually a big decline in terms of this particularly this year's performance. And also the next one is that talking about the Q4. On the overall basis, the overall category of e-commerce will be experiencing a very stable trend. And also talking about the World Cup, we can see that on budget is going to be allocated with us in the World Cup. So that's especially FMCG. So that is to say that we're going to receive the same budget of the FMCG allocation of their advertisement in the World Cup session, which is quite equal to the section of the Winter Olympics.

還有，去年我們有一個很特別的品類，就是直播電商。而且由於某些原因，他們在這方面實際上有很大的下滑，尤其是今年的表現。下一個是談論第四季度。從整體上看，電商的整體品類會呈現一個非常穩定的趨勢。還要談到世界杯，我們可以看到預算將在世界杯上分配給我們。所以這尤其是快速消費品。也就是說，我們將在世界杯期間獲得與他們廣告的快速消費品分配相同的預算，這與冬季奧運會的部分相當。

So now I would like to share with you some of the colors. Like, for example, if we are talking about the new control covi-control policy, especially the new 20 items that are issued by the government in controlling the COVID and also some of the similar policies towards the release industry, we are able to see a very good recovery of the consumption side. But that is to say that -- having said that, we are still hoping that it will take time to recover. And also even if we are having a fully open market after the COVID control, still it will not generate the recovery immediately. And I believe that is going to be the case and still takes time to recover.

所以現在我想和你們分享一些顏色。例如，如果我們談論新的控制 covi-control 政策，特別是政府發布的控制 COVID 的新 20 項，以及針對發布行業的一些類似政策，我們能夠看到消費端恢復很好。但這就是說——話雖如此，我們仍然希望恢復需要時間。而且即使我們在 COVID 控制之後擁有一個完全開放的市場，它仍然不會立即產生復蘇。我相信情況會如此，但仍需要時間才能恢復。

And also the next point I would like to talk to you about is talking about the first half of the next year. Still, we are going to experience some of the stress in terms of the advertisement market. And also in 2022, in Q1, we did not have any impact actually from the COVID-19. And also, however, if you're talking about the marketing activities and also some of the allocation of the budget. And in terms of the product promotion, for example, we're going to see a very good situation in the Q2 of 2023 and even in the second half of 2023. So there will be an upward trend.

還有下一點我想和你談的是明年上半年。儘管如此，我們仍將在廣告市場方面承受一些壓力。而且在 2022 年第一季度，我們實際上沒有受到 COVID-19 的任何影響。而且，但是，如果你在談論營銷活動以及一些預算分配。並且在產品推廣方面，例如，我們將在2023年第二季度甚至2023年下半年看到一個非常好的情況。因此會有上升趨勢。

And also, lastly, I would like to say that if you're talking about the next year, so you can see that more people and also more customers are going to act their budget, especially on the performance-based ads. And also, even if we are seeing the slowdown of the new product launch, but still, we are seeing that more customers are actually choosing our platform as their kind of platform to launch the report and also the new product launch of percentage against the rest of the other budget is increasing, especially that it's quite obvious in the industry of luxury products and also the automotives as well.

最後，我想說的是，如果你談論的是明年，那麼你會看到更多的人和更多的客戶將按照他們的預算行事，尤其是在基於效果的廣告上。而且，即使我們看到新產品發布速度放緩，但我們仍然看到更多客戶實際上選擇我們的平台作為他們發布報告的平台，並且新產品發布的百分比相對於其他平台其他預算正在增加，尤其是在奢侈品行業和汽車行業，這一點非常明顯。

So third point is that in the next several quarters and also in the next year, we're going to still focus on the cost reduction as well as the efficiency improvement. So we're going to have a very better situation in that. Thank you.

所以第三點是，在接下來的幾個季度和明年，我們仍將專注於降低成本和提高效率。所以我們在這方面會有更好的情況。謝謝你。

Next question comes from the line of Thomas Chong of Jefferies.

下一個問題來自 Jefferies 的 Thomas Chong。

(foreign language) We have been seeing the cost optimization strategies and emphasis on ROI (inaudible) quite well. In particular, we are seeing that reflects in our operating margin. May I get some more color about our strategies in 2023, our strategies in cost optimization? And how should we think about Q4 margin trend as well as next year margin outlook as well as the measures that we will be undertaken next year?

（外語）我們一直很好地看到成本優化策略和對投資回報率（聽不清）的重視。特別是，我們看到這反映在我們的營業利潤率上。我可以進一步了解我們 2023 年的戰略，我們的成本優化戰略嗎？我們應該如何看待第四季度的利潤率趨勢以及明年的利潤率前景以及我們明年將採取的措施？

[Interpreted] All right. So thanks for this question. Actually, I have been stated quite briefly in the script. That is to say that in Q3, we've been keeping optimizing some of the expenses, for example, marketing and related to R&D and also operation as well. We've had a lot of optimization. And also in Q2 and Q3 due to the COVID management and control policy, a lot of our offline events actually did not have or did not successfully hold. So we are going to move and delay them into Q4. And also the ROI of this offline events will be around 1% to 2% or so. So that is the reason why we're having a slight higher margin in Q3 than it was Q2.

[解釋] 好的。所以感謝這個問題。實際上，我在劇本中已經被簡單地陳述過了。也就是說在第三季度，我們一直在優化一些費用，比如營銷和研發相關的，還有運營方面的。我們進行了很多優化。而且在Q2和Q3因為疫情管控政策，我們的很多線下活動其實沒有或者沒有成功舉辦。所以我們將把它們推遲到第四季度。而且這個線下活動的投資回報率也會在1%到2%左右。這就是為什麼我們在第三季度的利潤率比第二季度略高的原因。

So also, if you're talking about the next year and also Q4 as well. So there are a lot of uncertainties in terms of the control policy of COVID as well as the economic policies as well. So especially in the first half of next year so that, of course, we're going to further reduce the cost and also optimize the cost as well as improve the operational efficiency and also do a lot of work in terms of the optimization of our cost structure. For example, we're going to further concentrate and also doing more optimization works related to the expenses of marketing and also labor and human resources as well, so that we're going to improve our core competence by doing that.

所以，如果你在談論明年和第四季度也是如此。因此，在COVID的控制政策以及經濟政策方面都存在很多不確定性。因此，尤其是在明年上半年，當然，我們將進一步降低成本，優化成本，提高運營效率，並在優化方面做很多工作。成本結構。例如，我們將進一步集中並做更多與營銷費用以及勞動力和人力資源相關的優化工作，以便我們通過這樣做來提高我們的核心競爭力。

And also, if you're a very senior investors and following Weibo for a very long time, you should be nearing the story about 5 years before. So from 2017 to 2020, we had about the operational cost which was about 60% against our revenue and also in 2020, because of launch of new operational events and also businesses. This particular figure improved to about 65%. And also in 2022 first half, because of the reduction of the revenue, this figure figure is going up further. But we don't think that this is actually quite in line with the positioning and also the core strength of Weibo as a social media platform.

而且，如果你是一個非常資深的投資人，並且關注微博很長時間，你應該接近5年前的故事。因此，從 2017 年到 2020 年，由於推出了新的運營活動和業務，我們的運營成本約為我們收入的 60%，而且在 2020 年也是如此。這一特定數字提高到約 65%。而且在 2022 年上半年，由於收入的減少，這個數字還在進一步上升。但我們認為這其實不太符合微博作為社交媒體平台的定位和核心優勢。

So in the future, we're going to really focus on advantages and also the key characteristics as well as further improve our core competence and then having a better situation by doing a lot of further more work on the optimization of our costs and also cost structure, so as to improve our operational efficiency further.

所以在未來，我們將真正專注於優勢和關鍵特徵，進一步提高我們的核心競爭力，然後通過在成本和成本優化方面做更多的工作來獲得更好的局面結構，從而進一步提高我們的運營效率。

So lastly, I would like to say that in Q4, as I have for state is, most of the offline events will happen -- that should have been happening in Q2 and Q3 will be moved to Q4. So that we're not going to see as high operational margin as the previous quarter, but I think that this should be quite similar to Q2. And also in 2023, of course, we're going to have a very stable plan for the growth of our operational margin and also really emphasize more, of course, on the investments to improve our core competency as well as launch most of our new businesses.

最後，我想說的是，在第四季度，正如我所說的那樣，大多數線下事件都會發生——這應該發生在第二季度，而第三季度將移至第四季度。所以我們不會看到像上一季度那樣高的運營利潤率，但我認為這應該與第二季度非常相似。當然，在 2023 年，我們將為我們的運營利潤率的增長制定一個非常穩定的計劃，當然，我們也會更加強調投資以提高我們的核心競爭力，並推出我們的大部分新產品企業。

And also, in the long run, while the market is fluctuating and also uncertain, definitely speaking, we have to keep a very good balance in terms of our development and also investment as well and also generate quite robust cash through all those means and also having a very good flexibility on our financial performance.

而且，從長遠來看，雖然市場在波動，也不確定，但肯定地說，我們必須在我們的發展和投資方面保持一個很好的平衡，並通過所有這些方式產生相當強勁的現金，而且對我們的財務業績有很好的靈活性。

In the interest of time, the last question comes from Timothy Zhao from Goldman Sachs.

由於時間關係，最後一個問題來自高盛的Timothy Zhao。

(foreign language) Could management share your thoughts on the strategy to further diversify the revenue stream beyond advertising? And what are the key initiatives the company is investing to? And what is the management outlook for VAS revenue potential going forward?

（外語）管理層能否分享您對進一步多元化廣告收入來源的戰略的看法？公司投資的主要舉措是什麼？未來 VAS 收入潛力的管理前景如何？

[Interpreted] Thank you for the question. So I have to say that even if you can see that now in the (inaudible) module here Weibo, we do have that VAS. But if you're talking about the first of all, the positioning and also the market influence also Weibo as a big social media platform. And also because of the importance and also the product of advertisement itself as a kind of a necessity or necessary product for the customers to actually launch the new products, we can see that the efficiency of the monetization by using the advertisement is actually the highest.

[翻譯]謝謝你的提問。所以我不得不說，即使您現在可以在微博的（聽不清）模塊中看到它，我們也確實擁有該 VAS。但如果你首先談論的是定位和市場影響力，還有微博作為一個大型社交媒體平台。也因為廣告本身的重要性和產品作為客戶實際推出新產品的一種必需品或必要產品，我們可以看到通過廣告變現的效率實際上是最高的。

And also, of course, that still, if you're talking about a fluctuated market, still, we do see a lot of pressure on the pricing of this particular advertisement. And also, that is the reason why we have to diversify the monetization method. And even if currently speaking, we have our VAS accounting for the total revenue, which is about only 13%, not very high. But actually, I think that is significantly important for us to maintain the fundamental line for our monetization itself and especially based on the traffic.

而且，當然，如果你談論的是一個波動的市場，那麼，我們確實看到這個特定廣告的定價壓力很大。而且，這就是我們必須使貨幣化方法多樣化的原因。即使目前來說，我們的增值服務佔總收入的比例也只有13%左右，不是很高。但實際上，我認為這對我們保持貨幣化本身的基本路線非常重要，尤其是基於流量。

So second thing, in terms of our e-commerce and also the mini shop of Weibo, so actually, we are having a model of combining the platform with the product. And also, as you all know, that we always keep a very good relationship with JD and also Taobao and also the other alliances as well. So in terms of this one, we are always keeping a very good collaboration with those very good e-commerce with a very high ARPU. And also, this is very efficient for us to generate enough cash flow and especially for those scenarios of online plus offline as well.

那麼第二件事，就我們的電子商務以及微博的迷你商店而言，實際上，我們有一個平台與產品相結合的模式。而且，眾所周知，我們與京東、淘寶以及其他聯盟一直保持著良好的關係。所以在這方面，我們一直和那些ARPU非常高的非常好的電商保持很好的合作。而且，這對我們產生足夠的現金流非常有效，特別是對於線上加線下的場景。

And also, we can see that this is especially important for us to leverage the capability and also the advantage of Weibo as a platform and especially helping those offline organizations to actually have a very good select of the merchant and also helping to improve the quality of the users by guaranteeing a very good model of placing order within this particular station and also having to guarantee a very good agreement fulfillment and also the performance. We've been having a very good growth on this particular segment.

而且，我們可以看到，這對我們利用微博作為平台的能力和優勢尤其重要，尤其是幫助那些線下組織實際上有很好的商家選擇，也有助於提高質量。用戶通過保證在該特定站內下訂單的非常好的模型，並且還必須保證非常好的協議履行和性能。我們在這個特定領域一直取得了非常好的增長。

And also, third of all, talking about the members. As you can see that during the past development, we have been actually having a very stable and also mature membership system. So on one hand, this is actually very good to guarantee a benefit that is specifically unique to those loyal members of our Weibo platform. And also, this is very good for us to actually bring a lot of monetization capabilities and opportunities for those content creators as well. So this is actually even going to further boost the activity and also enhance the ability of the monetization.

第三，談論成員。大家可以看到，在過去的發展過程中，我們其實已經有一個非常穩定和成熟的會員體系。所以一方面，這其實很好的保證了一個我們微博平台忠實會員的專屬福利。而且，這對我們實際上也為那些內容創作者帶來了很多貨幣化能力和機會非常有好處。所以這實際上什至會進一步促進活動並增強貨幣化的能力。

And also, previously, in the last year, we had a lot of restrictions from the entertainment industry, and also that was a little bit impactful to our total business. But actually, you can see that while we are upgrading the benefits that we are providing to the users and also the members in specific, in Q3, we have seen that the revenues and also the loyalty of the numbers actually improved in Q3. And also, if you are sharing some of the colors on the V plus membership system, so we are having a kind of a year-over-year growth on this area and especially in the area of health care, Internet and also the other segment, we are keeping a very good growth year-over-year. And also, this is giving us a more space, of course in the future to further enhance this particular segment of the V plus membership system.

而且，在過去的一年裡，我們受到了娛樂行業的很多限制，這對我們的整體業務也有一些影響。但實際上，你可以看到，雖然我們正在升級我們為用戶和具體會員提供的福利，但在第三季度，我們已經看到收入和數字忠誠度在第三季度實際上有所提高。而且，如果你在 V plus 會員系統上分享一些顏色，那麼我們在這個領域有一種同比增長，特別是在醫療保健、互聯網和其他領域，我們保持著非常好的同比增長。而且，這給了我們更多的空間，當然在未來進一步增強 V plus 會員系統的這一特定部分。

And also in our membership system is a very important revenue which we regard as a non-advantageous revenue to Weibo. And this is really significant. So in the future, we are going to further enhance more functions and also dedicating ourselves into, for example, first of all, SVIP and also second is the V plus system, which is targeting in specifics, those are content creators. So this is a very good way for us to improve the monetization and also the revenue of the content creators, and also, this is going to be very beneficial to Weibo in the long run as well.

在我們的會員體系中還有一個非常重要的收入，我們認為這是對微博的非有利收入。這真的很重要。所以未來我們會進一步加強更多的功能，也致力於，比如，首先是SVIP，其次是V+系統，它是針對具體的內容創作者。所以這是我們提高內容創作者的貨幣化和收入的一個很好的方式，而且從長遠來看，這對微博也非常有利。

With that, ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]