Weibo Corp (WB) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Weibo Reports First Quarter 2024 Financial Results. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎關注微博2024年第一季財務報告。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to our first speaker today, Sandra Zhang, IR Head. Please go ahead.

現在我想將會議交給今天的第一位發言人，IR 主管 Sandra 張。請繼續。

Thank you, operator. Welcome to Weibo first quarter 2024 earnings conference call. Joining me today are 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，接線生。歡迎參加微博2024年第一季財報電話會議。今天與我一起出席的是執行長王高飛；以及我們的財務長曹斐。電話會議也在網路上播出，並可透過微博的IR網站觀看。

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 statement in this conference call and elsewhere.

在管理層發表講話之前，我想向您宣讀與今天的電話會議相關的安全港聲明。在今天的電話會議中，我們可能會做出前瞻性聲明，這些聲明不是歷史事實，包括我們的信念和期望的聲明。前瞻性陳述涉及固有風險和不確定性。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有重大差異。微博不承擔更新本次電話會議和其他地方的前瞻性聲明的義務。

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資訊包含在微博 20-F 表格年度報告以及向 SEC 提交的其他文件中。本新聞稿中提供的所有資訊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資訊的義務。

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 future prospects. Our non-GAAP financials exclude certain expenses, gains or losses, and other items that are not expected to result in future cash payment or are non-recurring in nature, or are 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公認會計原則措施，其中不包括基於股票的薪酬和某些其他費用。我們使用非公認會計準則財務指標來更了解微博的營運績效比較和未來前景。我們的非公認會計準則財務數據不包括某些費用、損益以及其他預計不會導致未來現金支付或非經常性項目，或不代表我們的核心經營業績和前景的項目。請參閱我們的新聞稿，以了解有關我們的非公認會計準則措施的更多資訊。

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

在管理階層準備好發言後，我們將進行簡短的問答環節。

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

在此，我想將電話轉給我們的執行長王高飛。

(foreign language)

（外語）

[Interpreted] Thank you. Hello, everyone. Welcome to Weibo's first quarter 2024 earnings conference call.

[已翻譯] 謝謝。大家好。歡迎參加微博2024年第一季財報電話會議。

(foreign language)

（外語）

[Interpreted] On today's call, I'll share with you highlights on Weibo's product and monetization in the first quarter of 2024.

【解讀】在今天的電話會議上，我將與大家分享2024年第一季微博的產品和變現亮點。

(foreign language)

（外語）

[Interpreted] On the user front, in the first quarter, Weibo's MAU reached 588 million and average daily use reached 255 million. In light of an already sizable user community and increasingly mature user mindset, we have proactively adjusted our user strategy in 2024 with more channel budget allocated to the acquisition and engagement of high-quality users. We are dedicated to further enhancing Weibo's product competitiveness, leveraging optimized channel strategy, social features and differentiation in hot-trends.

【解讀】用戶方面，第一季微博月活躍用戶達5.88億，日均使用量達2.55億。鑑於已經相當龐大的用戶群和日益成熟的用戶心態，我們主動調整了2024年的用戶策略，將更多的通路預算分配給優質用戶的獲取和參與。我們致力於透過優化的通路策略、社群功能和熱門趨勢差異化，進一步提升微博的產品競爭力。

(foreign language)

（外語）

[Interpreted] On the monetization front, in the last 2 years, we have been focusing on increasing commercial value for Weibo's hot-trends through combining entertainment and IP-related hot-trends content with advertising and marketing demand. This quarter, we enhanced the hot-trends effect of the spring festival, leveraging Weibo's advantage in hot-trends marketing.

【解讀】在變現方面，過去兩年，我們一直致力於透過將娛樂、IP相關的熱門內容與廣告和行銷需求結合，增加微博熱點的商業價值。本季度，我們利用微博的熱門行銷優勢，強化了春節的熱門效應。

Despite the overall sluggish end market in the first quarter of 2024, our total revenues reached USD 395.5 million and our total ad revenues reached USD 339 million. On a constant currency basis, both our total revenues and ad revenues will be flat year-over-year. For the first quarter of 2024, our non-GAAP operating income reached USD 125.8 million, representing a non-GAAP operating margin of 32%, a modest pickup year-over-year.

儘管2024年第一季終端市場整體低迷，但我們的總收入達到3.955億美元，廣告總收入達到3.39億美元。以固定匯率計算，我們的總收入和廣告收入將比去年同期持平。 2024 年第一季度，我們的非 GAAP 營業收入達到 1.258 億美元，非 GAAP 營業利潤率為 32%，年比小幅回升。

(foreign language)

（外語）

[Interpreted] Next, I'll introduce our progress in product operation and monetization in the first quarter. In 2024, we still focus on growing user scale and engagement, strengthening the competitiveness of content ecosystem and improving operating efficiency as our key strategic objectives. We keep optimizing channel collaboration, improving the competitiveness of social and hot-trend products and strengthening key content verticals to further enhance the overall competitiveness and healthy development of Weibo's content ecosystem. We believe execution of this strategy will lay a solid foundation for our top line recovery from user, content and monetization side, enabling us to capture market opportunities once macro economy gets better and brand ad demand improves.

【解讀】接下來介紹一下我們第一季在產品營運和變現方面的進展。 2024年，我們仍將擴大用戶規模和參與度、增強內容生態競爭力、提高營運效率作為我們的關鍵策略目標。我們持續優化通路協作，提升社群產品與熱門產品的競爭力，強化重點內容垂直領域，進一步提升微博內容生態的整體競爭力與健康發展。我們相信這項策略的執行將為我們在用戶、內容和變現方面的營收復甦奠定堅實的基礎，使我們能夠在宏觀經濟好轉和品牌廣告需求改善時抓住市場機會。

(foreign language)

（外語）

[Interpreted] On the channel front, we maintained close collaboration with handset manufacturers, focusing on the acquisition of high-value users and promotion of user engagement. We also invested to further refine accuracy of algorithm and targeting capability of our business model in order to create enriched content offerings for our channel users and increase user engagement, which lays foundation for monetization.

【解讀】通路方面，我們與手機廠商保持密切合作，重點抓獲高價值用戶，提升用戶黏性。我們也投資進一步完善演算法的準確性和商業模式的定位能力，以便為通路用戶創造豐富的內容產品並提高用戶參與度，為變現奠定基礎。

(foreign language)

（外語）

[Interpreted] On social attributes, in the first quarter, we continue to execute strategies to focus on the development of content verticals to further recover the vertical content ecosystem. On the one hand, we focus on adjusting the algorithm of relationship-based feed and interest-based feed to distribute personalized vertical content for users reinforce recommendation on real-time feedback and promote social conversion. As a result, the per capita content consumption and interaction efficiency of these 2 feed continue to increase sequentially.

【解讀】在社群屬性上，第一季我們持續執行聚焦內容垂直領域發展的策略，進一步恢復垂直內容生態。一方面，我們專注於調整關係型Feed和興趣型Feed的演算法，為用戶分發個人化垂直內容，加強即時回饋推薦，促進社交轉換。結果，這2個feed的人均內容消費量和互動效率持續較上季成長。

On the other hand, in 2024, we stepped up investment in UGC content and improved generation of high-quality UGC content on Weibo. We encourage users to create more high-quality content around hot-trends and verticals on Weibo to improve user engagement and enrich and diversify content in vertical areas. For example, in the Weibo mobile photography content, we introduced long-term stream tracks, co-created content with media and handset manufacturers and open off-line of photography exhibition to encourage ordinary users to share photography of scenery, culture and life et cetera, on Weibo. As a result, over 6 million users participated in the contest in 5 months and contribute approximately 3 million photos. This year, we will recognize more similar activities and encourage users to participate in the content generation, leveraging Weibo's influence and enrich Weibo's company ecosystem.

另一方面，2024年，我們加大了UGC內容的投入，提高微博優質UGC內容的生成。我們鼓勵用戶在微博上圍繞熱門趨勢和垂直領域創作更多優質內容，以提高用戶參與度，豐富和多元化垂直領域內容。例如，在微博手機攝影內容中，我們引入了長流軌跡，與媒體、手機廠商共同創作內容，開設線下攝影展，鼓勵普通用戶分享風景、文化、生活等攝影作品。 ，在微博上。結果，5個月內就有超過600萬用戶參與了比賽，並貢獻了約300萬張照片。今年，我們將表揚更多類似的活動，鼓勵用戶參與內容創作，發揮微博的影響力，豐富微博的企業生態。

Additionally, we further upgraded the posting and interaction functions for the Super Topic products. In order to boost the user engagement within the community, that is to say users can gain traffic incentives on high-quality content they posted while also enjoy the social interaction around the interest-based content within the Super Topic community. In the first quarter, the number of post users who posted an interaction in the Super Topic community all grew double-digit compared with Q4 last year. The Super Topic has become an important channel to [copy the] interest-based to high-quality content creators.

此外，我們也進一步升級了超級話題產品的發文和互動功能。為了提升社群內的用戶參與度，也就是說用戶可以透過發布的優質內容獲得流量激勵，同時也可以在超級話題社群內圍繞興趣內容進行社交互動。第一季度，超級話題社群發布互動的貼文用戶數較去年第四季均達到兩位數成長。超級話題已成為基於興趣的優質內容創作者的重要管道。

(foreign language)

（外語）

[Interpreted] On content ecosystem, in the first quarter, while maintaining our competitiveness in hot-trends, entertainment and other advantaged IP-related verticals, we focus on increasing investment in verticals such as digital, automobile -- automotive, game, fashion and beauty and healthcare to enhance the competitiveness of Weibo's ecosystem and further improve monetization efficiency.

【解讀】在內容生態方面，一季度，我們在保持熱點、娛樂等優勢IP垂直領域競爭力的同時，重點加大對數字、汽車等垂直領域的投入——汽車、遊戲、時尚、美妝、醫療保健，增強微博生態的競爭力，進一步提高變現效率。

(foreign language)

（外語）

[Interpreted] On hot-trends and IP content, in the first quarter, with about entertainment content released during the Spring Festival, we integrated content operation of hot-trends entertainment and various vertical areas to engage broader users to consume and interact around the content related to the Spring Festival, leveraging our advantages in these areas. As a result, the overall traffic of the platform increased significantly during the period. Total views of content related to Spring Festival Gala this year reached 100 billion, and related discussions surpassed 300 million, up 50% year-over-year.

【解讀】在熱點內容和IP內容上，一季度，針對春節期間發布的娛樂內容，我們將熱點娛樂與各個垂直領域的內容運營進行整合，吸引更廣泛的用戶圍繞內容進行消費和互動。相關，發揮我們在這些方面的優勢。受此影響，期內平台整體流量大幅成長。今年春晚相關內容總瀏覽量達1000億，相關討論量突破3億，較去年同期成長50%。

The increase of traffic in hot-trends in the Spring Festival also created significant commercial value. On the one hand, such cross-vertical operations amplified the hot-trends and the IP effect on the platform and improve the platform's operating efficiency and establish Weibo's influence in key industries. On the other hand, as hot-trends become increasingly standardized and the process of hot-trends marketing becomes smoother we will also bring a sustainable revenue growth going forward. We are confident that Weibo will maintain its leading position in the industry in the future hot-trends operation and marketing.

春節熱門趨勢的流量增加也創造了巨大的商業價值。一方面，這種跨垂直營運放大了平台的熱點趨勢和IP效應，提高了平台的營運效率，建立了微博在重點產業的影響力。另一方面，隨著熱點趨勢的日益標準化，熱點趨勢行銷的流程變得更加順暢，我們也將帶來可持續的收入成長。我們有信心微博在未來的熱門營運和行銷中保持行業領先地位。

(foreign language)

（外語）

[Interpreted] On industry-related content verticals, this year, we will continue to execute against some of the key strategies we adopted in the fourth quarter last year. First, we strive to strengthen the construction of vertical company ecosystem. To elaborate, we will beef up our support of vertical content, engaging cross-vertical accounts and media outlet in the generation and distribution of popular vertical content. Second, we will divert more traffic to vertical accounts to promote the growth of high-quality accounts in vertical areas and empower them to gain higher commercial returns with their own content on Weibo platform.

【解讀】在產業相關的內容垂直領域，今年我們將繼續執行去年第四季採取的一些關鍵策略。一是著力加強垂直公司生態圈建設。具體來說，我們將加強對垂直內容的支持，讓跨垂直帳戶和媒體參與流行垂直內容的生成和分發。其次，我們將更多的流量引向垂直帳戶，促進垂直領域優質帳戶的成長，讓他們在微博平台上憑藉自己的內容獲得更高的商業回報。

In addition to the healthcare industry mentioned in last quarter's conference call, we also achieved notable growth in automobile, digital products and online games in this quarter. We are encouraged to see significant increase in the number of golden and orange verified accounts and their traffic interaction as well as ad revenues generated on an annual basis. In particular, for the online game vertical, the number of golden and orange verified account increased by nearly 50% year-over-year with traffic and interaction increasing over 20% and the revenues from marketing activities yearly triple. As a result, we have gradually integrated the content and monetization ecosystem in a closer and healthy manner for the online game vertical.

除了上季電話會議提到的醫療保健產業外，本季我們在汽車、數位產品和網路遊戲方面也取得了顯著的成長。我們很高興地看到金色和橙色認證帳戶的數量及其流量互動以及每年產生的廣告收入顯著增加。尤其是網路遊戲垂直領域，金橙認證帳號年增近50%，流量和互動成長超過20%，行銷活動收入每年成長三倍。因此，我們逐漸以更緊密、健康的方式整合線上遊戲垂直領域的內容和貨幣化生態系統。

In terms of the cosmetic and beauty vertical, we achieved notable growth in the number of hot-trends and the golden verified accounts in the past 2 quarters, leveraging our traffic support and hot-trends operations. However, due to the fierce competition from other platform and accounts, Weibo's content ecosystem in the cosmetic and beauty vertical has now returned to an effective growth trajectory. We need to keep up our investment, find a stable and effective road map to optimize the content ecosystem in order to reinforce our competitiveness in this vertical.

在美妝垂直領域，憑藉流量支撐和熱點運營，近兩個季度我們的熱點和黃金認證帳號數量實現了顯著增長。然而，由於其他平台和帳戶的激烈競爭，微博在化妝品和美容垂直領域的內容生態系統現已恢復有效的成長軌跡。我們需要持續投入，尋找穩定有效的路線圖來優化內容生態系統，以增強我們在垂直領域的競爭力。

(foreign language)

（外語）

[Interpreted] Moving on to monetization. In 2024, we will continue to beef up our efforts to reinforce our monetization competitively. Leveraging Weibo strength in hot-trends and IPs as well as driving vertical content ecosystem, we will sharpen our competitive edge of our content marketing and performance ad products in the hope of enhancing our capabilities to navigate through business risk in key industries.

[解釋]轉向貨幣化。 2024年，我們將持續加強增強貨幣化競爭力。透過微博的熱點和IP優勢，推動垂直內容生態，我們將增強內容行銷和成效廣告產品的競爭優勢，增強我們應對重點產業業務風險的能力。

(foreign language)

（外語）

[Interpreted] Amid a relative soft end market in the first quarter, our ad revenue were flattish year-over-year on a constant currency basis. During the Spring Festival, we accustomed the platform resources to customers' marketing campaigns by integrating the hot-trends of Weibo and market hype for clients. We seek to accommodate customers' promotion budget as much as possible. As a result, our gross ad revenues related to the Spring Festival ad placements increased by 50% year-over-year, of which gross ad revenues connected to the Spring Festival IPs doubled year-over-year with our diversified marketing offerings and products, customers from more industries can participate in the Spring Festival marketing campaigns.

[解讀]在第一季終端市場相對疲軟的情況下，我們的廣告收入以固定匯率計算較去年同期持平。春節期間，我們結合微博熱點動態和市場炒作，為客戶將平台資源運用到客戶行銷活動中。我們力求盡可能滿足客戶的促銷預算。春節廣告置入相關的廣告總收入年增50%，其中春節IP相關的廣告總收入年增一倍，憑藉多元化的營銷服務和產品，更多行業客戶可以參與春節行銷活動。

Therefore, our gross ad revenue from e-commerce, online games, footwear and apparel, healthcare, digital products and food and beverages sectors, et cetera, all more than doubled year-over-year. For example, during the Spring Festival, the beverage brand (inaudible) launched the Send Good Wishes campaigns on Weibo through the hot topics around the brand ambassador, (inaudible) such as Spring Festival greetings, auspicious words and the popularity of works. Over 300 celebrities posted good wish under the topic of good luck in the Year of the Dragon to create auspicious atmosphere and enhance the brand mindset of the auspicious culture. As a result, the customer successfully built market hype with its brand exposure on Weibo increasing 290 percentage, which drove the growth of e-commerce sales of the brand during the Spring Festival season growing 20% year-over-year.

因此，我們來自電子商務、網路遊戲、鞋服、醫療保健、數位產品和食品飲料等領域的廣告總收入比去年同期成長了一倍以上。例如，春節期間，該飲料品牌（聽不清楚）透過圍繞品牌大使（聽不清楚）的春節祝福、吉祥話、作品熱度等熱門話題，在微博上發起了「送好祝福」活動。 300多位明星以“龍年吉祥”為主題發布美好祝愿，營造吉祥氛圍，提升吉祥文化品牌內涵。由此，該客戶成功進行市場炒作，品牌微博曝光度提升290%，帶動該品牌春節期間電商銷售額年增20%。

(foreign language)

（外語）

[Interpreted] On industry, we are pleased to see the handset online game industry sustained double-digit growth year-over-year. The handset sectors continue to grow off a high base as we capture higher volume share among customers and budget, thanks to the customers' recognition of hot-trends marketing offerings. As for the online games with the tailwinds from game license approval and the client's growing demand in content marketing. Ad revenue from the game sector also grew significantly.

【解讀】產業方面，我們欣喜地看到手機網遊產業年比持續保持兩位數成長。由於客戶對熱門趨勢行銷產品的認可，我們在客戶和預算中獲得了更高的銷售份額，手機行業繼續在高基礎上成長。至於網路遊戲，則受到遊戲牌照審批和客戶對內容行銷需求不斷增長的推動。遊戲領域的廣告收入也大幅成長。

(foreign language)

（外語）

[Interpreted] On the flip side, despite a sequential recovery, the cosmetic and beauty sector continued to decline year-over-year as we previously expected. This was mainly because the consumers concept and trends are gradually shifting toward more cost-effective products. As a result, the sales of the international beauty brands were still under pressure, which negatively affected the pace of new product launch and thus, their scalable budget.

[解讀] 另一方面，儘管化妝品和美容行業連續復甦，但正如我們之前預期的那樣，同比繼續下滑。這主要是因為消費者的觀念和趨勢逐漸轉向更高性價比的產品。因此，國際美容品牌的銷售仍然面臨壓力，這對新產品的推出速度及其可擴展的預算產生了負面影響。

That said, we are pleased to see continuous improvement of domestic beauty brands in product quality and brand marketing, leading to increased brand ad placement on Weibo since the second half of last year. In the first quarter, ad revenues from domestic beauty brands grew over 50% year-over-year. However, the growth still cannot fully offset the impact of the decline in the international brands on our overall revenue yet.

儘管如此，我們很高興看到國內美妝品牌在產品品質和品牌行銷方面不斷提升，導致去年下半年以來品牌在微博上的廣告投放有所增加。一季度，國內美妝品牌廣告收入較去年同期成長超50%。但成長仍無法完全抵銷國際品牌下滑對我們整體營收的影響。

In order to boost client willingness of new product marketing and improve its performance, we will strengthen cooperation with e-commerce platforms and domestic brands and actively explore the synergistic promotion of new product in the FMCG industry on social and e-commerce platforms and provide clients with better marketing support. We hope these efforts will translate into more stable growth in the FMCG industry in the coming quarters.

為提升顧客新品行銷意願，提升新品行銷效果，我們將加強與電商平台、國內品牌的合作，積極探索快消品產業新產品在社群、電商平台的協同推廣，為顧客提供更好的行銷支持。我們希望這些努力將在未來幾季轉化為快速消費品產業更穩定的成長。

In the second quarter, we will test the in-depth cooperation with Tmall focusing on the beauty, footwear and apparel industries, leveraging Weibo's strength in hot-trends marketing, we aim to create full funnel value to customers for their new product launch from social influence to e-commerce conversion and thus enhance customers' perception of Weibo's value in hot-trends marketing.

第二季度，我們將測試與天貓針對美妝、鞋服行業的深度合作，借助微博的熱點營銷優勢，為客戶的社交新品發布創造全渠道價值。博熱點行銷價值的認知。

(foreign language)

（外語）

[Interpreted] Overall speaking, although revenues from certain industries such as cosmetic and beauty industry fell short of expectation and dragged the overall revenue growth, we delivered decent operating profit, which further increased from last year, thanks to solid execution of our efficiency initiatives, leveraging improved operating efficiency, stable profitability and healthy cash flow. We further elevated our financial flexibility, giving us ample room to invest in the vertical company ecosystem to drive user growth and engagement as well as strengthen our monetization competitiveness.

【解讀】整體來看，雖然化妝品、美容等部分行業收入不如預期，拖累了整體收入增長，但得益於效率舉措的紮實執行，我們的營業利潤仍較去年有所增長，運營效率提升、盈利能力穩定、現金流健康。我們進一步提高了財務靈活性，為我們提供了充足的空間來投資垂直公司生態系統，以推動用戶成長和參與度，並增強我們的貨幣化競爭力。

(foreign language)

（外語）

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

[解讀]那麼，讓我把電話轉給曹飛進行財務審查。

Thank you, Gaofei, and hello, everyone. Welcome to Weibo's First Quarter 2024 Earnings Conference Call. Let's start with user metrics. In March 2024, Weibo's MAUs reached 588 million and average DAUs reached 255 million. Given our massive user base and increasingly mature under mindset, we have proactively adjusted our user strategy in 2024, which puts more emphasis on the acquisition and engagement of high-quality users leveraging effective channel investments, optimize the social features and our differentiation in hot-trends.

謝謝高飛，大家好。歡迎參加微博2024年第一季財報電話會議。讓我們從用戶指標開始。 2024年3月，微博月活躍用戶達5.88億，平均每日活躍用戶達2.55億。鑑於我們龐大的用戶基礎和日益成熟的心態，2024年我們主動調整了用戶策略，更加重視利用有效的通路投資來獲取和吸引優質用戶，優化社交功能和熱點差異化。

Turning to financials. As a reminder, my prepared remarks will focus on non-GAAP results. All monetary amounts are in U.S. dollar terms and all the comparisons on a year-over-year basis, unless otherwise noted. We continue to experience happiness to our financials due to the volatility of foreign exchange rates in the last 12 months. Since our business primarily operates in China, while we report our financials in U.S. dollars. Our financial performance was affected by adverse currency movements.

轉向財務。提醒一下，我準備的發言將重點放在非公認會計原則的結果上。除非另有說明，所有貨幣金額均以美元計算，所有比較均以同比為基礎。由於過去 12 個月的外匯匯率波動，我們的財務狀況持續保持良好。由於我們的業務主要在中國運營，而我們以美元報告財務數據。我們的財務表現受到不利貨幣波動的影響。

Now let me walk you through our financial highlights for the first quarter 2024. Weibo's first quarter 2024 net revenue was USD 395.5 million, a decrease of 4% or flattish on a constant currency basis. Operating income was USD 125.8 million, representing an operating margin of 32%. Net income attributable to Weibo reached USD 106.6 million, representing a net margin of 27%. Diluted EPS was USD 0.41.

現在讓我向您介紹我們 2024 年第一季的財務亮點。營業收入為 1.258 億美元，營業利益率為 32%。歸屬於微博的淨利達1.066億美元，淨利率為27%。稀釋後每股收益為 0.41 美元。

Let me give more color on the first quarter 2024 revenue performance. Weibo's advertising and marketing revenues for the first quarter of 2024 was USD 339 million, a decrease of 5% or flattish on constant currency basis, reflecting low seasonality and the past macro environment. Mobile ad revenue was [USD 322.5 million], contributing approximately 95% of total ad revenue.

讓我對 2024 年第一季的營收表現進行更多介紹。微博2024年第一季的廣告和行銷收入為3.39億美元，以固定匯率計算下降5%或持平，反映了低季節性和過去的宏觀環境。行動廣告收入為[3.225 億美元]，約佔廣告總收入的 95%。

In terms of growth, the online game and the [3P] product sector demonstrated strong momentum, both booking double-digit growth. For the online game sector, we benefited from normalization with game license approval and captured ad budget of newly launched blockbuster titles. We are also encouraged to see the solid as well as increase of handset sector continued into 2024, leveraging our years of cultivation around content ecosystem in the (inaudible) vertical. But FMCG categories, it continued on descending trajectory year-over-year, though delivering sequential growth.

從成長來看，網路遊戲和[3P]產品領域表現強勁，均達到兩位數成長。對於網路遊戲領域，我們受益於遊戲牌照審批的常態化以及新推出的熱門遊戲的廣告預算。我們也很高興地看到，利用我們多年來圍繞（聽不清楚）垂直領域內容生態系統的培育，手機產業的穩健成長將持續到 2024 年。但快速消費品類別雖然實現了環比成長，但仍呈現逐年下降的趨勢。

Within the FMCG category, the food and beverage and the apparel sectors already returned to positive growth, while the cosmetic and the personal care sector still faces the challenges from a lack of new product [catalogue] and in turn competition among ad platforms. The ad product, promoting feed ad was the largest, followed by social display and topic and search. Ad revenue from Alibaba for the first quarter was USD 22.6 million, an increase of 23% or 29% on a constant currency basis. We are pleased to see the solid ad growth from Alibaba continue into 2024. (inaudible) moderately pickup in ad budget amidst the intensive by the competition landscape.

在快消品類中，食品飲料、服飾業已恢復正成長，而化妝品、個護產業仍面臨新產品缺乏和廣告平台競爭的挑戰。廣告產品中，推廣資訊流廣告佔比最大，其次是社群展示、主題和搜尋。阿里巴巴第一季廣告營收為2,260萬美元，成長23%，以固定匯率計算成長29%。我們很高興看到阿里巴巴的廣告穩健成長持續到 2024 年。

Before turning to VAS segment, let me share some preliminary color on the trends entering the second quarter of 2024. On the offset, advertisers actively embrace the campaign before the opening of (inaudible) Olympic. Consumption sentiment also seems to be bottoming out with the holiday effect and execution of economic similar packages. We hope for further recovery of our ad business in the second half of the year, driven by (inaudible) event as well as a relatively user comparable base.

在轉向增值服務領域之前，讓我先分享一些有關進入 2024 年第二季度趨勢的初步資訊。隨著假期效應和類似經濟計畫的執行，消費情緒似乎也觸底。我們希望在（聽不清楚）事件以及相對可比較的用戶基礎的推動下，我們的廣告業務在下半年進一步復甦。

Turning to VAS. VAS revenue was USD 56.5 million in the first quarter, a decrease of 3% or an increase of 1% on a constant currency basis. Turning to cost and expenses. Total cost and expenses for the first quarter were USD 269.7 million, a decrease of 5%, mainly due to lower personnel-related expenses and the marketing expense. Operating income in the first quarter was USD 125.8 million, representing an operating margin of 32% compared to 31% in the same period last year.

轉向加值服務。第一季加值服務營收為5,650萬美元，下降3%，以固定匯率計算成長1%。轉向成本和費用。第一季總成本和費用為2.697億美元，下降5%，主要是因為人員相關費用和行銷費用減少。第一季營業收入為1.258億美元，營業利益率為32%，去年同期為31%。

Turning to income tax and the GAAP measure. Income tax expense for the first quarter was USD 25 million compared to USD 21.9 million last year. Net income attributable to Weibo in the first quarter was USD 106.6 million, a decrease of 4% of flattish in renminbi terms. Net margin was 27% flattish versus the same period last year.

轉向所得稅和公認會計原則衡量標準。第一季所得稅費用為 2,500 萬美元，去年同期為 2,190 萬美元。第一季歸屬於微博的淨利為1.066億美元，以人民幣計算，下降4%，持平。淨利潤率為 27%，與去年同期持平。

Turning to our balance sheet and cash flow items as of March 31, 2024. Weibo's cash, cash equivalents and short-term investments totaled USD 3.25 billion. In the first quarter, cash provided by operating activities was USD 139.6 million. Capital expenditures totaled USD 21.7 million and depreciation and amortization expenses amounted to USD 14.8 million.

轉向截至 2024 年 3 月 31 日的資產負債表和現金流量項目。第一季經營活動提供的現金為1.396億美元。資本支出總額為 2,170 萬美元，折舊和攤提費用為 1,480 萬美元。

Before turning to the Q&A session, we are pleased to announce that we have completed the distribution of special dividend of USD 0.82 per ordinary share or ADS to our shareholders with aggregate amount of approximately USD 200 million. Looking forward, we remain highly committed to consistently return value to our shareholders and explore various ways to enhance shareholder returns, including but not limited to, distributing dividends.

在進入問答環節之前，我們很高興地宣布，我們已完成向股東派發每股普通股或美國存託股0.82美元的特別股息，總金額約為2億美元。展望未來，我們仍然高度致力於持續回報股東價值，並探索各種提高股東回報的方式，包括但不限於分配股利。

Besides, I would also like to provide an update on our ESG initiative. In April, we released our third ESG report which details the company's initiatives and progress in key ESG areas such as cyber security and privacy protection, human capital, content quality, social responsibility and operations, et cetera. The ESG practice displayed in the report showcases our long-term commitment to sustainable development, current impact on our users, content creators, employees, business partners and other stakeholders.

此外，我還想介紹一下我們的 ESG 計劃的最新情況。 4月，我們發布了第三份ESG報告，詳細介紹了公司在網路安全和隱私保護、人力資本、內容品質、社會責任和營運等ESG關鍵領域的舉措和進展。報告中所展示的ESG實踐展示了我們對永續發展的長期承諾，以及目前對我們的用戶、內容創作者、員工、業務合作夥伴和其他利害關係人的影響。

Weibo is set up in the region of making the world a better place with the power of Weibo. Looking ahead, we will step to further refine our ESG governance system and enhance our ESG performance. We invite all participants and stakeholders around Weibo's ecosystem to jointly achieve the sustainable development goal of the company as well as the (inaudible). You may visit our IR website to obtain more information of our ESG disclosure.

微博的成立是為了透過微博的力量讓世界變得更美好。展望未來，我們將進一步完善ESG治理體系，提升ESG績效。我們邀請微博生態系統的所有參與者和利害關係人共同實現公司以及（聽不清楚）的永續發展目標。您可以造訪我們的投資者關係網站以獲取有關我們 ESG 揭露的更多資訊。

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

現在，讓我將電話轉給接線員進行問答環節。

(Operator Instructions) We will now take our first question which is from Felix Liu from UBS.

（操作員說明）我們現在回答第一個問題，來自瑞銀集團（UBS）的 Felix Liu。

(foreign language) Congratulations on the first quarter B2 consensus expectations. My question is on your outlook for the advertisement business in second quarter and second half. How is advertiser sentiment trending? And how do you expect your advertisement business to perform? And could you maybe elaborate a little bit more on your ad strategy?

（外文）恭喜第一季B2達成一致預期。我的問題是您對第二季和下半年廣告業務的展望。廣告商情緒趨勢如何？您預計您的廣告業務表現如何？能否詳細說明一下您的廣告策略？

(foreign language)

（外語）

[Interpreted] First of all, let's talk about our expectation on Q2 and also the second half overall speaking. So in last year, from Q1 all the way to Q4, we have been seeing an increasing of the certainties of the advertisement industry. And in 2024, each quarter, but still, we are keeping a very cautious manner in this area in terms of our expectation of the recovery of the sentiment. So of course, in Q1, this was more optimistic than our expectations.

【解讀】首先我們談談對第二季以及下半年整體的預期。所以去年從第一季一直到第四季度，我們看到廣告業的確定性不斷增加。到 2024 年，每個季度，我們仍然對市場情緒復甦的預期保持非常謹慎的態度。當然，在第一季度，這比我們的預期更樂觀。

Apart from the cosmetic and beauty products industry, we've been seeing a slow recovery and also a quite normal sentiment of the rest of the other advertisers from the other industries. And also in Q2, especially in March and also in April, of course, that we have seen some of the positive trend, except that seems that the consumption seems to be slowing down. However, still, we believe that the expectation in the second half in Q3 and Q4 is more optimistic than the Q1 and also Q2 of this year.

除了化妝品和美容產品行業外，我們看到了緩慢的復甦，其他行業的其他廣告商的情緒也很正常。當然，在第二季度，尤其是三月和四月，我們看到了一些積極的趨勢，但消費似乎正在放緩。不過，我們仍然認為下半年第三季和第四季的預期比今年第一季和第二季更樂觀。

And also with the limited budget on the advertising, most of these budgets went to the effective based advertisement, for instance, the live stream advertisement. And also, it is pretty much focusing on the branding as well as some of the promotion of the new brands. This is going to be focused on the, for instance, some of the hot topics like the IP of the entertainment programs or the holidays like the Chinese New Year, et cetera. So we've been seeing a pretty much obvious trend of the indication of the budget in these areas in the past quarters.

而且由於廣告預算有限，大部分預算都花在了基於效果的廣告上，例如直播廣告。而且，它非常注重品牌推廣以及新品牌的一些推廣。比如說一些熱門話題，像是娛樂節目的IP或是春節等節慶。因此，過去幾季我們在這些領域的預算指標中看到了非常明顯的趨勢。

And of course, another very important thing is that we have to refocus on the hot topic marketing and also some of the relevant areas like the hot topics of the festivals and also some of the IPs as well as the e-commerce focus, for instance, the 618 or Double 11 shopping festival. And also, we have to pretty much focus on the new product marketing and also the new brand market as well. So that is to say that against the overall trend, we still need to focus on the core competitiveness areas of Weibo as a whole.

當然，還有一個很重要的事情就是我們要重新關注熱點行銷，還有一些相關的領域，例如節日的熱門話題，還有一些IP以及電商的焦點，例如，618或雙11購物節。而且，我們也必須非常關注新產品行銷和新品牌市場。所以說，逆勢而行，我們還是需要關注微博整體的核心競爭力領域。

And also in terms of the overall industry, we have seen that in Q2 and also in the second half, we've been seeing some of the focuses of the driver of the overall demand from the shoe industry and footwear, for instance, and also the gaming, food and beverage and also the healthcare, et cetera. So in the second half of the year, we are going to pretty much focus on these hot IPs. And also, we're going to have a lot of activities that could pretty much drive up the budget of the advertising like the Olympic Games.

就整個產業而言，我們看到在第二季和下半年，我們看到了鞋業和鞋類整體需求驅動因素的一些焦點，以及遊戲、食品和飲料以及醫療保健等等。所以下半年我們會重點關注這些熱門IP。而且，我們還將舉辦許多活動，這些活動幾乎可以增加廣告預算，例如奧運。

So that is to say that the industry is like the footwear as well as the food and beverage are going to be contributive to the advertiser industry in the second half of the year. And also, we've been seeing a very good effectiveness turning up pretty much the focus on the factor-based advancements from the gaming industry, which used to be the case. But now we've been seeing more and more focus shifted to the content-based advertisement and also some of the hot topic-based advertisements. So that is to say that the overall structure and also the ecosystem of the advertisement from the gaming industry is getting better.

也就是說，這個產業就像鞋類產業一樣，食品飲料產業也會在下半年對廣告主產業做出貢獻。而且，我們已經看到非常好的效果，幾乎將重點放在遊戲產業基於因素的進步上，過去就是這種情況。但現在我們看到越來越多的焦點轉移到基於內容的廣告以及一些基於熱門話題的廣告。也就是說，遊戲產業廣告的整體結構和生態系統正在變得越來越好。

And also, as a result, we are expecting a positive result and more optimistic recovery in the second half of the year. And also, apart from that, for the other kind of industries like the handsets and also automotive, according to our estimation, the base number was still quite high. So we've been seeing some of the challenges in terms of development of these industries. But still, we think that there's still some of the uncertainties that whether we're going to maintain the same growth rate as of 2023. However, still, we need to base on our differentiated strategies and also core competency in terms of the content market share.

因此，我們預計下半年會出現正面的結果和更樂觀的復甦。除此之外，根據我們的估計，對於手機和汽車等其他行業，基數仍然相當高。所以我們已經看到這些產業的發展面臨一些挑戰。但我們認為，到2023年我們是否會保持同樣的成長率仍然存在一些不確定性。

And also, we believe that we still have a very good high ability in terms of the anti-risk availability. And also, we're seeing for the handset industry some of the high-end handsets. We do see a more allocation of the budget of (inaudible). And also in second quarter of the year, we are able to pay attention to the increasing of this particular budget. But still, now we do need to be aware that there is still less new handsets are promoted. And also in the automotive industry, we've been seeing a very good recovery. But an overall trend is like that but still, there is a price win also some subsidies, subsidies policies.

而且，我們認為我們在抗風險可用性方面仍然具有非常好的高能力。此外，我們也看到手機產業出現了一些高階手機。我們確實看到了更多的預算分配（聽不清楚）。同樣在今年第二季度，我們能夠關注這特定預算的增加。但現在我們確實需要意識到，促銷的新手機仍然較少。在汽車產業，我們也看到了非常好的復甦。但整體趨勢是這樣的，但還是有價格取勝，也有一些補貼、補貼政策。

So the profit of the automotive industry is actually getting down. As a result, some of the budget of the development is getting [shrinked]. And also for the other industries, we do see some of the pressures, prices like the cosmetics and also the beauty care products. As I have mentioned, that we've been seeing a very good overall quarterly performance and recovery of the performance, but still, there is a certain reduction over the past. So this is pretty much an understanding of that. So in Q2, we have to focus on different topics of that, like the Olympics and also the others to do more marketing on this.

所以汽車產業的利潤其實是在下降的。結果，一些開發預算正在[縮減]。對於其他行業來說，我們確實看到了一些壓力，例如化妝品和美容護理產品的價格。正如我所提到的，我們已經看到了非常好的整體季度業績和業績復甦，但仍然比過去有一定的下降。所以這基本上就是對此的理解。因此，在第二季度，我們必須專注於不同的主題，例如奧運會以及其他主題，以便對此進行更多行銷。

And also, I would like to share some of the colors on some of the more stressful industries, for instance, cosmetics. As I have already said that in details, we had around 5% reduction in terms of the overall revenue from this particular sector in Q1. And also, we do see -- now we have been shifting our attention to the collaborations with the domestic BD products brands. And also, we've been seeing a kind of a very small percentage against the total revenue contribution, which is only 20%. But still, there is a lot of a stressful situation for the decline of the revenue from the international famous brands of the beauty care products. So this is one of the problems, which is that the international brands are having actually driven down of their overall sales.

另外，我想分享一些壓力較大的行業的一些顏色，例如化妝品。正如我已經詳細說過的，第一季該特定部門的總收入減少了約 5%。而且，我們確實看到──現在我們已經將注意力轉移到與國內BD產品品牌的合作上。而且，我們發現其在總收入貢獻中所佔的比例非常小，僅為 20%。但國際知名美容護理品品牌營收下滑的壓力依然很大。所以這是問題之一，國際品牌的整體銷售實際上正在下降。

And also second, we did not recover fully in terms of our whole ecosystem. And also, we are waiting to fully recover our core competence and competitive edges. So in 2023, the overall revenue from this industry was decreased. And also, you can see that on a year-on-year basis, in Q1, we still had a little bit reduction versus the same period last year. But still, because of the low base in the first half of the year, we are expecting a pretty much positive trend for this cosmetic and beauty product industry in the second half of this year. That's for this industry and sector.

其次，我們的整個生態系統並沒有完全恢復。同時，我們也在等待完全恢復我們的核心能力和競爭優勢。所以2023年這個行業的整體收入是下降的。而且，您可以看到，與去年同期相比，第一季我們仍然比去年同期有所減少。但儘管如此，由於上半年基數較低，我們預計今年下半年化妝品和美容產品產業將出現相當正面的趨勢。這是針對這個行業和部門的。

And also in terms of the overall strategy of boosting its revenue from advertisement industry, first of all, we need to really focus on the particular market trend and also focus on the core business models that we already had, for instance, emphasizing still on the advertisement based on the IP hot topics and also the customer related hot topics, and also increasing the sales and penetration of these areas.

而且從整體的廣告收入成長策略來看，首先我們要真正專注於特定的市場趨勢，同時也要關注我們已經擁有的核心商業模式，例如仍然強調基於IP熱門話題和客戶相關熱門話題進行廣告投放，也提高了這些領域的銷售和滲透率。

So for instance, like the Olympic Games and also increasing our sales and promotion during these competition days and also some of the very important e-commerce festivals. So at the current stage, we've been seeing a very good improvement of the overall penetration of our products in these occasions. But still comparing with some of the other brands like the IQiyi or Youku or Tencent videos still we're accounting for only several -- like only accounting for dozens of percentage against the total customer base. But still, we are having a very positive trend on this area.

例如，像奧運會一樣，在這些比賽日以及一些非常重要的電子商務節日期間也增加我們的銷售和促銷。所以現階段我們已經看到我們的產品在這些場合的整體滲透率有了非常好的提升。但與愛奇藝、優酷或騰訊影片等其他一些品牌相比，我們仍然只佔幾個——例如佔總客戶群的百分之幾十。但儘管如此，我們在這一領域仍呈現出非常正面的趨勢。

And also in terms of the other hot topics related to customers, for instance, some of the new product launches and also like the new handsets and also the new automotive and also some of the e-commerce festivals like 618 or Double 11 festival, we are now having a very good success rate of our product promotion, for instance, 50% to 70%. And also sometimes, if we really focus on these key areas, the overall success rate could be as high as 90%. So still, it takes a little bit of time for us to reach a final economy of scale. But still, what we need to do is that still focus on the overall trend and also know what's the best industry that we have to cover for different years.

還有其他與客戶相關的熱門話題，例如一些新產品的發布，例如新手機、新車，還有一些電商節日，例如618或雙11，我們現在我們的產品推廣成功率非常好，比如說50%到70%。而且有時，如果我們真正專注於這些關鍵領域，整體成功率可能高達 90%。儘管如此，我們仍然需要一點時間才能達到最終的規模經濟。但我們仍然需要做的是，仍然專注於整體趨勢，並了解不同年份我們必須涵蓋的最佳行業是什麼。

For instance, many years ago, we were doing a very good job in terms of the management in industries like entertainment and also movies and TV series and also the handsets. And 2 years ago, we were doing good jobs in the area of automotive and also gaming. And of course, that in recent several quarters, it was not that successful in promoting the advisement business among the cosmetic and beauty products industry, but still, we will keep our eyes on the development trend and the recovery trend of this industry and also really focus on those industries that are -- we believe that are most suitable industries and also sectors for different quarters accordingly.

比如說很多年前，我們在娛樂、影視、手機等產業的管理方面做得非常好。兩年前，我們在汽車和遊戲領域做得很好。當然，最近幾個季度，化妝品及美容產品行業的諮詢業務推廣並不是那麼成功，但我們仍然會密切關注這個行業的發展趨勢和復甦趨勢，並真正關注這個行業的發展趨勢和復甦趨勢。那些我們認為最合適的行業以及相應的不同季度的行業。

And also, now you can see that if we're comparing the brand-based marketing versus the effect-based advertisement still, we've been seeing the latter part, experiencing some of the pressures. And also, you can see that the pricing trend for the kind of brand-based marketing and advertisement is always better than the effectiveness based advertisement.

而且，現在你可以看到，如果我們仍然比較基於品牌的行銷和基於效果的廣告，我們已經看到了後者，經歷了一些壓力。而且，您還可以看到基於品牌的行銷和廣告的定價趨勢總是優於基於效果的廣告。

But still, we have taken some of the measures in coping with that challenge. For instance, we are purchasing the traffic and also using some of the traffic to have a very good recovery of the effective-based development and also to have a stabilized performance within this year. And also in the near future, within this year, we are going to emphasize more on our investment and also the implementation of better and more precise algorithm to really boost the performance of this particular part.

但我們仍然採取了一些措施來應對這項挑戰。比如說我們在購買流量，也使用了一些流量，讓有效的發展有一個很好的恢復，並且在今年內有一個穩定的表現。在不久的將來，在今年內，我們將更加強調我們的投資以及更好、更精確演算法的實施，以真正提高這一特定部分的性能。

Next question is from Daisy Chen from Haitong International.

下一個問題是來自海通國際的Daisy Chen。

My question is about the user base. This quarter, we noted that the number of active users have decreased. But a good point is that the revenue per user has improved in a time. We think that indicates the improvement of our user quality. As you just mentioned that you will adjust your user growth strategy this year, can you tell us more about the adjustment and what kind of user data will be the forecast this year? And maybe is there any -- is there a saving of the user base that you feel comfortable?

我的問題是關於用戶群的。本季度，我們注意到活躍用戶數量有所減少。但好的一點是，每個用戶的收入一度提高。我們認為這表明我們用戶品質的提高。剛才您提到今年將調整用戶成長策略，您能否介紹一下調整的具體情況以及今年的用戶數據預測是怎樣的？或許有沒有--是否有一種讓您感覺舒服的用戶群節省方式？

(foreign language)

（外語）

[Interpreted] So actually, in last year, Q4 and also the overall second half of the year, we were already discussing our strategy on this particular area. And now, of course, that we are focusing on DAU and also MAU but still, we truly believe that not only that, we have seen that the ARPU generated from the different asset types and also different brands is actually pretty much different. For instance, we've been seeing actually the ARPU for those smartphone brands like Huawei and also iPhone is 2x to 4x higher than the other brands.

[解讀]所以實際上，去年第四季以及整個下半年，我們已經在討論我們在這個特定領域的策略。當然，現在我們專注於 DAU 和 MAU，但我們仍然相信，不僅如此，我們看到不同資產類型和不同品牌產生的 ARPU 實際上有很大不同。例如，我們實際上看到華為和 iPhone 等智慧型手機品牌的 ARPU 比其他品牌高出 2 到 4 倍。

So as a result, we have to really focus on those really competitive ones. For instance, especially focusing on those users that is actually able to generate more opinions on the social top or hot-trends and also the -- in terms of the UGC as well. So that is to say that if we need to spend the budget in acquiring those users, we are going to focus on those users with a higher ARPU and also the users that are able to generate more content and also are more interactive. So normally, of course, the overall spending is around 2x to 3x more expensive than those users with a lower performance, but still, we've been seeing a very good positive trend.

因此，我們必須真正關注那些真正有競爭力的企業。例如，特別關注那些實際上能夠在社交熱門或熱門趨勢上產生更多意見的用戶，以及在 UGC 方面。也就是說，如果我們需要花費預算來取得這些用戶，我們將專注於那些ARPU較高的用戶，以及能夠產生更多內容、互動性更強的用戶。當然，通常情況下，整體支出比效能較低的用戶貴 2 到 3 倍左右，但我們仍然看到了非常好的正面趨勢。

So still, we have tested that notion last year, and we're going to keep doing so. So for instance, in Q1 of this year, we purposely gave up on some of the cheap to get or low-cost to get users in terms of their interactivity and also the ARPU generation. So we expect to have a very good DAU increase because of this focus. And also second, we do expect some of the frequency of the use and by switching on the Weibo app, for instance, really will focus on those high-frequency users. For instance, we might have a turn on of the app 10 or more times during the day, and this is really going to contribute to overall ad inventory. And also in the future, we believe that with higher activity and interactivity and also the higher and more content contribution, this is going to increase the core competence of Weibo as a whole.

儘管如此，我們去年已經測試了這個想法，我們將繼續這樣做。例如，在今年第一季度，我們故意放棄了一些廉價取得或低成本獲取用戶的方式，以提高用戶的互動性和 ARPU 值。因此，由於這一重點，我們預計 DAU 會得到很好的成長。其次，我們確實期望一些使用頻率，例如透過打開微博應用程序，確實會關注那些高頻用戶。例如，我們可能在一天中打開應用程式 10 次或更多次，這確實會增加整體廣告庫存。而且在未來，我們相信隨著更高的活躍度和互動性以及更高、更多的內容貢獻，這將提高微博整體的核心競爭力。

And also, we are going to see that in terms of the overall MAUs, we have seen around 20% of the users that have these purchase and also the acquired users. And of course, that now against those particular acquired users, so the percentage of those users with a higher ARPU is quite limited. But still, our strategy is that we want to keep a very stable performance of the DAU figure or a slight increase of the DAU number. And also in the future, we will be focusing on the increasing of those high ARPU-generated users number against the overall DAU.

此外，我們將看到，就整體月活躍用戶數而言，我們看到大約 20% 的用戶進行了這些購買，同時也看到了已獲得的用戶。當然，現在針對的是那些特定的獲取用戶，因此具有較高 ARPU 的用戶比例非常有限。但我們的策略仍然是希望 DAU 數字保持非常穩定的表現，或者 DAU 數字略有增加。未來，我們將重點放在提高 ARPU 生成用戶數量相對於整體 DAU 的成長。

And also, a very important thing is that we really want to focus on the user activity and also the particular content generation capability and also the higher ARPU in order to, on the overall basis, improve and boost the core competence of Weibo as a whole. And also now we've been seeing that against those terminal users and the app users of the brand iPhone and also Huawei, we've been seeing 40% of our users that are using the app and also the terminal.

另外，非常重要的一點是，我們確實要專注於用戶活躍度，專注於特定的內容生成能力，並專注於更高的ARPU，以便從整體上提高和提升微博整體的核心競爭力。現在我們發現，與 iPhone 和華為品牌的終端用戶和應用程式用戶相比，我們看到 40% 的用戶同時使用應用程式和終端。

This is already higher than the other social media platforms. But still, internally, we wish that this particular figure could go up all the way to about 50% or even higher. So in terms of the user generation capability or capability of generating content and also the users' interactivity, et cetera. These performance indicators are really important to us because that is going to help us to drive the overall core competence with a double-digit impact.

這已經高於其他社群媒體平台。但我們內部仍然希望這個數字能夠一路上升到 50% 左右，甚至更高。所以就使用者生成能力或產生內容的能力以及使用者的互動性等等而言。這些績效指標對我們來說非常重要，因為這將有助於我們以兩位數的影響力推動整體核心能力。

And last not least, I would like to say that in terms of the whole channel feed, it is keeping flat throughout the whole year. And also, not only we want to keep a very stable growth of the overall MAU, but still, we really wanted to make sure that we had a very organic growth for it. But sometimes, in June and also in December, we had a lot of hot news happening and also some of the hot social trend happening. So we do not -- we actually have seen the increase of the overall MAU, but not organically but pretty much organically due to the natural incident happening during these 2 months, but not because of our channel strategy.

最後，我想說的是，就整個通路的流量而言，全年都保持穩定。而且，我們不僅希望保持整體月活躍用戶數的穩定成長，而且我們確實希望確保其實現非常有機的成長。但有時，在六月和十二月，我們會發生很多熱門新聞，也會發生一些熱門的社會趨勢。所以我們沒有——我們實際上已經看到了整體月活躍用戶數的增長，但不是有機增長，而是由於這兩個月內發生的自然事件，而不是因為我們的渠道策略而有機增長。

So in the future, of course, our core strategy is that we really want to keep a stable or a slight increase on the DAU number, but more importantly, we have to focus on the percentage of those high ARPU users against the DAU, which could have around 5% to 10% of the increase, which is going to be better. And also, for the whole Weibo platform, we're going to focus on the content, UGC-related content and also the improvement of the overall interactivity and also the content generation. This will be the focus of our effectiveness while taking some of the appropriate channel-related strategies. This is the answer for the strategy of our channel.

所以在未來，當然我們的核心策略是我們確實希望DAU數量保持穩定或小幅增長，但更重要的是，我們必須關注那些高ARPU用戶佔DAU的比例，即能有5%到10%左右的增幅就更好了。另外，對於整個微博平台，我們將重點放在內容、UGC相關內容以及整體互動性和內容生成的提升。這將是我們在採取一些適當的通路相關策略時有效性的重點。這就是我們通路策略的答案。

And we have no further questions. In that case, I will hand the conference back to the speakers for closing remarks.

我們沒有其他問題了。在這種情況下，我將把會議交還給發言人進行閉幕致詞。

Thanks, operator. This wraps up our conference call today. Thank you for joining us. We'll see you next quarter.

謝謝，接線生。我們今天的電話會議到此結束。感謝您加入我們。我們下季見。

Thank you. This does conclude the conference for today. Thank you for participating, and you may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與，您現在可以斷開連接。