Yalla Group Ltd (YALA) 2024 Q4 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by for Yalla Group Limited's fourth-quarter and full-year 2024 earnings conference call.

女士們、先生們，早安，晚上好。感謝您參加 Yalla Group Limited 2024 年第四季和全年財報電話會議。

(Operator Instructions) Today's conference call is being recorded.

（操作員指示）今天的電話會議正在錄音。

Now, I will turn the call over to your speaker host today, Ms. Kerry Gao, IR Director of the company. Please go ahead.

現在，我將把電話轉給今天的演講主持人、公司投資者關係總監 Kerry Gao 女士。請繼續。

Hello, everyone, and welcome to Yalla's fourth-quarter and full-year 2024 earnings conference. We issued our earnings release earlier today and it is now available on our IR website, as well as our Newswire outlets.

大家好，歡迎參加Yalla 2024年第四季和全年收益會議。我們今天早些時候發布了收益報告，現在可以在我們的 IR 網站以及我們的新聞線上查閱。

Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，我們未來的結果可能與今天表達的觀點有重大差異。

Further information regarding these and other risks and uncertainties is included in our earnings release and our annual report filed with the SEC. Yalla does not assume any obligation to update any forward-looking statements except as required by law.

有關這些和其他風險和不確定性的更多資訊包含在我們的收益報告和向美國證券交易委員會提交的年度報告中。除法律要求外，Yalla 不承擔更新任何前瞻性聲明的義務。

Please also note that Yalla's earnings press release and this conference call include a discussion of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. Yalla's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.

另請注意，Yalla 的收益新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。 Yalla 的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對帳。

Today, you will hear from Mr. Tao Yang, our Chairman and Chief Executive Officer, who will provide an overview of our latest achievements and growth strategies. He will be followed by Mr. Saifi Ismail, the company's President, who will briefly review our recent business developments. Mrs. Karen Hu, our Chief Financial Officer, will then provide additional details on the company's financial results and discuss our financial outlook.

今天，我們將邀請我們的董事長兼執行長陶揚先生為您概述我們的最新成就和成長策略。隨後，公司總裁賽菲·伊斯梅爾 (Saifi Ismail) 先生將簡要回顧我們最近的業務發展。我們的財務長 Karen Hu 女士將提供有關公司財務業績的更多詳細資訊並討論我們的財務前景。

Following management's prepared remarks, we will open the call to questions. Mr. Jianfeng Xu, our Chief Operating Officer, will join the Q&A session.

在管理階層發表完準備好的發言後，我們將開始提問。我們的營運長徐建鋒先生將參加問答環節。

With that said, I would now like to turn the call over to our Chairman and Chief Executive Officer, Mr. Tao Yang. Please go ahead, sir.

說了這麼多，現在我想把電話轉給我們的董事長兼執行長陶揚先生。先生，請繼續。

Thank you, everyone, for joining our fourth-quarter and full-year 2024 conference call. We concluded 2024 with robust fourth-quarter results. Our revenue rose to USD91 million, reaching a new record high for the second consecutive culture, and once again, beating the upper end of our guidance.

感謝大家參加我們的 2024 年第四季和全年電話會議。我們以強勁的第四季業績結束了 2024 年。我們的收入成長至 9,100 萬美元，連續第二次創下新高，並再次超過了我們預期的上限。

We are bringing our annual revenue to USD340 million. This exceptional performance is a testament to our deep commitment to enhancing user experiences and boosting user engagement across our ecosystem with content tailored to the local culture.

我們的年收入達到 3.4 億美元。這一出色的表現證明了我們致力於透過適合當地文化的內容來增強用戶體驗和提高整個生態系統的用戶參與度。

Additionally, we have made significant in improving our operational efficiency by enhancing management practices with our service providers, optimizing user acquisition strategies and refining our internal processes, which led to a 26% year-over-year increase in operating profitability for full year 2024. This impressive result further demonstrate our ability to drive high quality growth and fulfill MENA users evolving online social networking and gaming needs.

此外，我們透過加強與服務提供者的管理實務、優化用戶獲取策略和改善內部流程，在提高營運效率方面取得了重大進展，導致 2024 年全年營運獲利能力年增 26%。這一令人印象深刻的成績進一步證明了我們推動高品質成長和滿足中東和北非用戶不斷發展的線上社交網路和遊戲需求的能力。

Looking back at 2024, the thriving digital economy in the MENA region continued to attract attention globally. The increasing number of global leading internet companies are investing more resources and talent into the MENA market, driving evolving demand trends among local users. This vibrant landscape underscores MENA's potential as one of the fastest growing mobile internet markets.

回顧2024年，中東和北非地區蓬勃發展的數位經濟持續受到全球關注。越來越多的全球領先網路公司向中東和北非市場投入了更多的資源和人才，推動了當地用戶的需求趨勢不斷變化。這種充滿活力的局面凸顯了中東和北非地區作為成長最快的行動互聯網市場之一的潛力。

On a related note, according to industry research, the digital transformation market in MENA was valued at USD55 billion in 2024, and it is expected to grow at a compound annual growth rate of 22.5%, reaching USD418.54 billion by 2034. This dynamic expansion creates tremendous profit and growth opportunities for businesses.

相關方面，根據產業研究，2024年中東和北非地區的數位轉型市場價值為550億美元，預計年複合成長率為22.5%，到2034年將達到4,185.4億美元。這種動態擴張為企業創造了巨大的利潤和成長機會。

Leveraging nearly a decade of experience in the MENA region, a well-established product portfolio and flourishing online social and gaming community, Yalla is well positioned for continued market leadership in the MENA region. We remain dedicated to serving local users evolving needs for social interaction and entertainment. And we will stay closely at the turn to local trends as we create and launch new products tailored to MENA users' preference.

憑藉在中東和北非地區近十年的經驗、成熟的產品組合和蓬勃發展的線上社交和遊戲社區，Yalla 有能力繼續保持中東和北非地區的市場領先地位。我們將繼續致力於滿足本地用戶不斷變化的社交和娛樂需求。我們將密切關注當地趨勢，創造和推出符合中東和北非用戶偏好的新產品。

The MENA region has also experienced significant advancement in artificial intelligence with countries such as Saudi Arabia and the UAE at the forefront of AI infrastructure investments. In the first half of 2024, Abu Dhabi's AI sector grew by 41.3%, bringing the total number of AI companies to 400.

中東和北非地區在人工智慧方面也取得了重大進步，沙烏地阿拉伯和阿聯酋等國家處於人工智慧基礎設施投資的前沿。 2024年上半年，阿布達比的人工智慧產業成長了41.3%，人工智慧公司總數達到400家。

Doing upon Yalla's decade of expertise in MENA's Internet industry and our deep understanding of local culture and user behaviors, we continued to strengthen our capabilities in developing AI algorithm models that are tailored to local culture and user preference. Our dedicated AI team is rapidly integrating AI-driven automation and data analytics into our products and operations to optimize R&D efficiency and improve the user experience across our product offerings.

基於Yalla十餘年在中東和北非地區網路產業的深耕以及對當地文化和使用者行為的深刻理解，我們不斷加強針對當地文化和使用者偏好的AI演算法模式的開發能力。我們專門的人工智慧團隊正在將人工智慧驅動的自動化和數據分析迅速整合到我們的產品和營運中，以優化研發效率並改善我們產品的用戶體驗。

For example, we have increased the role of our self-developed AI art platform in virtual product design, training it to better align with the MENA users' aesthetic preference. This has significantly enhanced design efficiency and accuracy.

例如，我們增強了自主研發的AI藝術平台在虛擬產品設計中的作用，訓練它更好地符合中東和北非用戶的美學偏好。這大大提高了設計效率和準確性。

Additionally, we utilize AI algorithm to comprehensively analyze users' characteristics and they provide personalized recommendations to improve user interaction and re-engage dormant users. This enhanced features not only boost user engagement, but also drive profitability. And going forward, we will continue to drive innovation in AI applications to provide local users more efficient and engaging services.

此外，我們利用人工智慧演算法全面分析用戶特徵，並提供個人化推薦，以改善用戶互動並重新吸引休眠用戶。這些增強的功能不僅可以提高用戶參與度，還可以提高獲利能力。未來，我們將持續推動人工智慧應用創新，為本地用戶提供更有效率、更具吸引力的服務。

At the same time, MENA's gaming industry continues to maintain a strong growth trend. As one of the fastest growing regions in terms of global gaming industry revenue, the MENA market shows a high willingness to download and pay for various types of games. As always, we remain committed to enriching our gaming product portfolio with a continuous focus on R&D for Yalla game.

同時，中東和北非地區的遊戲產業持續保持強勁的成長趨勢。作為全球遊戲產業收入成長最快的地區之一，中東和北非市場對各類遊戲表現出較高的下載和付費意願。像往常一樣，我們將繼續致力於豐富我們的遊戲產品組合，並持續專注於 Yalla 遊戲的研發。

As we've shared previously, Yalla game's product line is vibrant with several self-developed middle games in the pipeline. Two of these games have completed development and are in the testing phase. We are also consistently discussing collaboration opportunities proactively with potential partners from gaming studios around the world. We look forward to seeing these new products capture their corresponding user base and drive revenue growth in the coming year.

正如我們之前所分享的，Yalla 遊戲的產品線非常豐富，其中有幾款自主開發的中游正在籌備中。其中兩款遊戲已經完成開發並處於測試階段。我們也一直在積極與來自世界各地遊戲工作室的潛在合作夥伴討論合作機會。我們期待這些新產品能夠贏得相應的用戶群並在未來一年推動營收成長。

2025 marks the 10th anniversary of Yalla Group. We are excited to see our new products and the diverse efforts we've made recently come to fruition this milestone year. The MENA market is experiencing incredible opportunity for growth, with local government support for digital development, laying a solid foundation for future expansion. As MENA's largest online social networking and gaming company, we remain confident in our ability to navigate the ever-evolving digital landscape and deliver value to all of our stakeholders.

2025年是Yalla集團成立10週年。我們很高興看到我們的新產品和我們最近所做的多方努力在這一里程碑之年取得了成果。中東和北非市場正經歷著令人難以置信的成長機會，當地政府對數位化發展的支持為未來的擴張奠定了堅實的基礎。作為中東和北非地區最大的線上社交網路和遊戲公司，我們對自己駕馭不斷發展的數位環境並為所有利益相關者創造價值的能力充滿信心。

Now I will turn this call over to our President, Mr. Saifi Ismail, for a closer look at our recent developments.

現在，我將把這個電話轉交給我們的總統賽菲·伊斯梅爾先生，以便更仔細地了解我們最近的發展。

Hello, everyone. Thanks for joining us today. Let's take a closer look at our fourth quarter operations and our products performance. As of December 31, 2024, our MAU increased by 14.4% year over year to 41.4 million, paying users increased by 3.2% year over year to 12.3 million, with ARPPU reaching [$7.24], an increase of 10.2% year over year.

大家好。感謝您今天加入我們。讓我們仔細看看我們第四季的營運狀況和產品表現。截至 2024 年 12 月 31 日，我們的 MAU 年成長 14.4% 至 4,140 萬，付費用戶年增 3.2% 至 1,230 萬，ARPPU 達到 [7.24 美元]，年增 10.2%。

During the quarter, we continue to launch innovative features and engaging operational events for our flagship products, strengthening users' engagements, and maintaining these products' profitability. For our regional products, we continue to unleash their immense potential with iterations and upgrades.

本季度，我們持續為旗艦產品推出創新功能和引人入勝的營運活動，加強用戶參與度，並維持這些產品的獲利能力。對於我們的區域產品，我們透過迭代和升級不斷釋放其巨大潛力。

Revenue from 101 Okey Yalla reached a new record high, contributing to our overall growth. We are delighted to see our legacy products exhibits during popularity and generate strong results, as we continue to invest in new opportunities to drive future growth.

101 Okey Yalla 的收入創下新高，為我們的整體成長做出了貢獻。我們很高興看到我們的傳統產品廣受歡迎並取得強勁業績，我們將繼續投資新機會以推動未來成長。

We continue to strengthen Yalla Ludo's momentum with a series of outstanding offline events this year. In December 2024, we held our Yalla Ludo Champion Tournament in Riyadh, in Saudi Arabia, featuring a host of customized experiences inspired by local culture traditions to suit local gamer's state.

今年，我們繼續透過一系列精彩的線下活動來加強Yalla Ludo的勢頭。 2024 年 12 月，我們在沙烏地阿拉伯利雅德舉辦了 Yalla Ludo 冠軍錦標賽，推出了一系列受當地文化傳統啟發的客製化體驗，以適應當地遊戲玩家的狀態。

We also provided VR gaming experiences and other immersive activities to strengthen user engagement. With these influential events, we create unique opportunities for talented gamers and game enthusiasts to connect while cementing our bond with users and extending our reach to the border gaming community.

我們也提供 VR 遊戲體驗和其他沉浸式活動來增強用戶參與度。透過這些有影響力的活動，我們為才華橫溢的遊戲玩家和遊戲愛好者創造了獨特的交流機會，同時鞏固了我們與用戶的聯繫，並將我們的影響力擴大到邊境遊戲社群。

In terms of regional products, we announced in the third quarter of 2024 that 101 Okey Yalla had set a new quarterly revenue record, a milestone. It swiftly surpassed this quarter. Meanwhile, the product achieved a significant year-over-year increase in monthly average MAU during quarter four. These remarkable results have inspired us to remain laser focused on crafting high quality regional products and challenge ourselves to seize every opportunity for success in their respective markets.

區域產品方面，我們在2024年第三季宣布101 Okey Yalla創下了新的季度收入記錄，這是一個里程碑。它迅速超越了本季度。同時，該產品第四季的月平均MAU年增率大幅成長。這些卓越的成績激勵我們繼續專注於打造高品質的區域產品，並挑戰自己，抓住各自市場中取得成功的每一個機會。

Our dedication to enhancing MENA's digital lifestyles continues to win social recognition. On the group level, we are proud to announce that Yalla Group was awarded the Powerhouse Partnership Award at the AppGallery Developer Conference 2024 in Abu Dhabi in November 2024. The award was presented by the Co-Chairman of the UAE Esports Federation in recognition of Yalla's pivotal contributions to the AppGallery ecosystem, including an array of innovative digital experiences tailored to MENA users' unique needs.

我們致力於提升中東和北非地區的數位生活方式，並持續贏得社會認可。在集團層面，我們很自豪地宣布，Yalla 集團在 2024 年 11 月於阿布達比舉行的 2024 年 AppGallery 開發者大會上榮獲 Powerhouse 合作夥伴獎。該獎項由阿聯酋電子競技聯合會聯合主席頒發，以表彰 Yalla 對 AppGallery 生態系統的關鍵貢獻，包括一系列針對 MENA 用戶獨特需求量身定制的創新數位體驗。

Additionally, Yalla Ludo won a GOLD Stevie Award for innovation in entertainment applications at the sixth annual Middle East and North Africa Stevie Awards in 2025. The Stevie Awards are widely considered to be the world's premier business awards and are the only business awards to recognize innovation in the workplace in 18 nations in MENA. This marks the third consecutive win for Yalla's industry-leading social apps, underscoring our unwavering commitment to the pursuit of innovation, excellence, and the ultimate in user experience.

此外，Yalla Ludo 在 2025 年第六屆中東和北非史蒂夫獎頒獎典禮上榮獲金史蒂夫獎，以表彰其在娛樂應用方面的創新。史蒂夫獎被廣泛認為是世界頂級商業獎項，也是唯一表彰中東和北非地區 18 個國家職場創新的商業獎項。這是 Yalla 業界領先的社交應用程式連續第三次獲獎，彰顯了我們堅定不移地追求創新、卓越和極致用戶體驗的承諾。

In short, as the largest MENA-based online social networking and gaming company, Yalla stands at the forefront of MENA's digital transformation. Looking ahead, we will remain dedicated to pushing the boundaries of innovation, delivering unparalleled experience to meet our users' evolving needs and desires. As MENA digital economy continues to grow and thrive, we will leverage our core strengths and strategic partnerships to explore new opportunities and shape the future of social networking and online entertainment.

簡而言之，作為中東和北非地區最大的線上社交網路和遊戲公司，Yalla 站在中東和北非地區數位轉型的最前線。展望未來，我們將繼續致力於突破創新的界限，提供無與倫比的體驗，以滿足用戶不斷變化的需求和願望。隨著中東和北非數位經濟的持續成長和繁榮，我們將利用我們的核心優勢和策略合作夥伴關係探索新的機遇，塑造社交網路和線上娛樂的未來。

With that, I will now turn the call over to our CFO, Karen, who will discuss our key financial and operational results.

說完這些，我現在將電話轉給我們的財務長凱倫 (Karen)，她將討論我們的主要財務和營運結果。

Thank you, Saifi, and hello, everyone. Thank you for joining us today. We delivered record robust 2024 results, reflecting our unwavering commitment to driving high quality growth in dynamic and rapidly evolving market.

謝謝你，Saifi，大家好。感謝您今天加入我們。我們取得了創紀錄的強勁 2024 年業績，體現了我們在充滿活力且快速發展的市場中推動高品質成長的堅定承諾。

For full year 2024 our revenues reach USD339.7 million. In the fourth quarter alone, our revenue increases by 12.2% year over year to USD90.8 million exceeding the up end of our guidance and underscoring the ongoing success of our user acquisition and monetization strategies.

2024 年全年我們的收入將達到 3.397 億美元。僅在第四季度，我們的營收就年增 12.2%，達到 9,080 萬美元，超過了我們的預期，並凸顯了我們的用戶獲取和貨幣化策略的持續成功。

Moreover, we remained focused on enhancing our operational efficiency and optimizing costs, which has significantly contributed to our operating profitability. Our operating income increased by 29.4% year over year to USD30.1 million the fourth quarter, and by 26% year over year to USD121.4 million for the full year. This meaningfully boosted our overall profitability with net income increasing by 18.7% to USD134.2 million for the four year 2024.

此外，我們持續致力於提高營運效率和優化成本，這對我們的營運獲利能力有很大的貢獻。第四季營業收入年增29.4%至3,010萬美元，全年營業收入較去年同期成長26%至1.214億美元。這顯著提升了我們的整體獲利能力，2024年四年的淨收入成長了18.7%，達到1.342億美元。

As we move into 2025, we will continue to prioritize quality development focusing on both product innovation and the refined operational processes. We will also deepen our commitment to enriching the user experience and expanding our services to cater to the region's evolving needs. With our deep local insights and strong financial fundamentals, we are well positioned to navigate the market dynamics and seize future growth opportunities.

邁入2025年，我們將繼續優先考慮品質發展，並專注於產品創新和精細化營運流程。我們還將進一步致力於豐富用戶體驗和擴展我們的服務以滿足該地區不斷變化的需求。憑藉我們對本地市場的深刻洞察和強大的財務基礎，我們能夠更好地駕馭市場動態並抓住未來的成長機會。

Let's move on to our detailed financials for the fourth quarter of 2024. Our revenues were USD90.8 million in the fourth quarter of 2024, a 12.2% increase from USD80.9 million in the same period last year. The increase was primarily driven by our burning user base and enhanced monetization capability. Our solid revenue growth was also partially attributable to the substantial increase in the number of paying users, which grew to 12.3 million in the fourth quarter of 2024 from 11.9 million in the same period last year.

讓我們來看看 2024 年第四季的詳細財務狀況。 2024 年第四季度，我們的營收為 9,080 萬美元，比去年同期的 8,090 萬美元成長 12.2%。這一成長主要得益於我們不斷成長的用戶群和增強的貨幣化能力。我們穩健的營收成長也部分歸功於付費用戶數量的大幅增加，付費用戶數量從去年同期的 1,190 萬人成長到 2024 年第四季的 1,230 萬人。

Turning to our costs and expenses, our total costs and expenses were USD6.7 million in the fourth quarter of 2024, a 5.3% increase from USD57.6 million in the same period last year. Cost of revenues was USD31 million in the fourth quarter of 2024, a 1.5% increase from USD30.6 million in the same period last year.

談到我們的成本和費用，2024 年第四季我們的總成本和費用為 670 萬美元，比去年同期的 5,760 萬美元增加 5.3%。 2024年第四季營收成本為3,100萬美元，較去年同期的3,060萬美元成長1.5%。

Primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated. Cost of revenues as percentage of total revenues decreased from 34.2% in the fourth quarter of 2024 from 37.8% in the same period last year.

主要是由於收入增加導致向第三方支付平台支付的佣金增加。收入成本佔總收入的百分比從 2024 年第四季的 34.2% 下降到去年同期的 37.8%。

Our selling and the marketing expenses were USD7.4 million in the fourth quarter of 2024, a 28.5% decrease from USD10.4 million in the same period last year, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as percentage of total revenues decreased to 8.2% in the fourth quarter of 2024 from 12.8% in the same period last year.

2024 年第四季度，我們的銷售和行銷費用為 740 萬美元，較去年同期的 1,040 萬美元下降 28.5%，這主要得益於我們更規範的廣告和促銷方式。銷售和行銷費用佔總收入的百分比從去年同期的 12.8% 下降至 2024 年第四季的 8.2%。

Our general and administrative expenses were USD13.1 million in the fourth quarter of 2024, a 15.6% increase from USD11.3 million in the same period last year, primarily due to an increase in incentive compensation. General and administrative expenses as percentage of total revenues increased to 14.4% in the fourth quarter of 2024 from 14% in the same period last year.

2024 年第四季，我們的一般及行政開支為 1,310 萬美元，較去年同期的 1,130 萬美元增加 15.6%，主要由於激勵薪酬增加。一般及行政開支佔總收入的百分比從去年同期的 14% 上升至 2024 年第四季的 14.4%。

Our technology and the product development expenses were USD9.2 million in the fourth quarter of 2024, a 69.6% increase fromUSD5.4 million in the same period last year, primarily due to an increase in salaries and benefits for our technology and product development staff driven by an increase in the headcounts of these staff to support the development of new businesses and expansion of our product portfolio.

2024 年第四季度，我們的技術和產品開發費用為 920 萬美元，較去年同期的 540 萬美元增長 69.6%，這主要是由於我們的技術和產品開發人員的薪酬和福利增加，而這些員工的數量增加是為了支持新業務的發展和產品組合的擴大。

Technology and product development expenses as percentage of total revenues increased to 10.1% in the fourth quarter of 2024, from 6.7% in the same period last year. As such, our operating income was USD30.1 million in the fourth quarter of 2024, a 29.4% increase from USD23.3 million in the same period last year.

技術和產品開發費用佔總收入的百分比從去年同期的 6.7% 上升至 2024 年第四季的 10.1%。因此，我們的 2024 年第四季營業收入為 3,010 萬美元，較去年同期的 2,330 萬美元成長 29.4%。

Interest income was USD7.1 million in the fourth quarter of 2024 compared with USD6.5 million in the fourth quarter of 2023. Income tax expense was USD3.35 million in the fourth quarter of 2024 compared with USD0.54 million in the fourth quarter of 2023. The increase was primarily due to an increase in income tax expenses, the recognized for recognition of differed tax liabilities for the undistributed retained earnings on consolidated subsidiaries.

2024 年第四季的利息收入為 710 萬美元，而 2023 年第四季為 650 萬美元。 2024 年第四季的所得稅費用為 335 萬美元，而 2023 年第四季為 54 萬美元。增加的主要原因是所得稅費用增加，即確認合併子公司未分配保留收益的遞延所得稅負債。

As a result of our foregoing, our net income was USD32.5 million in the fourth quarter of 2024, a 9.7% increase from USD29.7 million in the fourth quarter of 2023. And our non-GAAP net income in the fourth quarter of 2024 was USD35.7 million, a 6.8% increase from USD33.4 million in the same period last year.

由於上述因素，我們 2024 年第四季的淨收入為 3,250 萬美元，較 2023 年第四季的 2,970 萬美元成長 9.7%。我們 2024 年第四季的非 GAAP 淨收入為 3,570 萬美元，較去年同期的 3,340 萬美元成長 6.8%。

Moving on to our liquidity and capital resources, our cash position remains solid and healthy. As of December 31, 2024, we had cash and cash equivalents, restricted cash, term deposits, and short-term investments of USD656.3 million compared with USD535.7 million as of December 31, 2023. We continued to return value through our share repurchase program.

談到我們的流動性和資本資源，我們的現金狀況仍然穩固和健康。截至 2024 年 12 月 31 日，我們的現金和現金等價物、受限現金、定期存款和短期投資為 6.563 億美元，而截至 2023 年 12 月 31 日為 5.357 億美元。我們繼續透過股票回購計畫回報價值。

Our Board of Directors has approved an extensions of the expiration date of the share repurchase program to May 21, 2026, for the company's share repurchase program beginning on May 21, 2021. During the fourth quarter, we repurchased 1,595,879 ADS, or Class A ordinary shares from the open market, totaling approximately USD6.9 million. Cumulatively, as of December 31, 2024, we had completed cash repurchases in the open market of 7,305,138 ADS, or Class A ordinary shares, totaling approximately USD49.4 million.

我們董事會已批准將股票回購計畫的到期日延長至 2026 年 5 月 21 日，公司股票回購計畫於 2021 年 5 月 21 日開始執行。第四季度，我們從公開市場回購了 1,595,879 股 ADS 或 A 類普通股，總額約 690 萬美元。累計截至 2024 年 12 月 31 日，我們已在公開市場完成 7,305,138 股 ADS 或 A 類普通股的現金回購，總額約 4,940 萬美元。

Moving to our outlook. For the first quarter of 2025, we expect our revenues to be between USD75 million and USD82 million. The above outlook is based on the current market conditions and reflects the company's management's current and preliminary estimates of the market and operating conditions and customer demand, which are all subject to change.

轉向我們的展望。 2025 年第一季度，我們預計營收在 7,500 萬美元至 8,200 萬美元之間。上述展望基於當前市場狀況，反映了公司管理層對市場和經營狀況以及客戶需求的當前和初步估計，這些都可能發生變化。

In the interest of time, please refer to our earnings press release for further details on our first quarter and four-year 2024 financial results.

為了節省時間，請參閱我們的收益新聞稿，以了解有關我們 2024 年第一季和四年財務業績的更多詳細資訊。

This concludes our prepared remarks for today. Operator, we are now ready to take questions.

今天的準備發言到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions) Xueqing Zhang, CICC.

(操作員指示) 張學清，CICC。

Good morning, management. Thanks for taking my question. My question about your game business. Could management share the latest progress of new game products and what's our insights into commercialization's expectations? Thank you.

早安，管理層。感謝您回答我的問題。我有一個關於你們遊戲業務的問題。管理階層能否分享新遊戲產品的最新進度以及我們對商業化的期望有何見解？謝謝。

Thanks, Xueqing, for your question. This is Jeff. I'll take your question. Throughout 2024, we focused on advancing the research and development of our new gaming product, consistently exploring new avenues to expand our product portfolio. We have completed the version 1.0 development of two mid-core games and are now in the process of fine-tuning them.

謝謝雪清的提問。這是傑夫。我來回答你的問題。在整個 2024 年，我們專注於推動新遊戲產品的研發，不斷探索擴展產品組合的新途徑。我們已完成兩款中核遊戲1.0版本的開發，目前正處於微調階段。

Meanwhile, we have been proactively pursuing external collaborations that complement our business, leveraging Yalla's extensive experience in the Middle East. We are working with more potential partners to unlock the local market opportunities and establish a deeper foothold in the Middle East.

同時，我們一直在積極尋求與我們的業務相輔相成的外部合作，利用 Yalla 在中東的豐富經驗。我們正在與更多潛在合作夥伴合作，發掘當地市場機會並在中東地區建立更深的立足點。

As the largest MENA-based online social networking and entertainment platform, we aim to curate top tier games and offer game players a richer entertainment experience. We hope Yalla Games' recent achievement will contribute new revenue streams to the group this year. The specific financial guidance will be disclosed in due course.

作為中東和北非地區最大的線上社交網路和娛樂平台，我們的目標是精選頂級遊戲並為遊戲玩家提供更豐富的娛樂體驗。我們希望Yalla Games最近的成就能為集團今年帶來新的收入來源。具體財務指引將適時揭露。

Thank you very much about your question.

非常感謝您提出這個問題。

Xiaoyue Hu, Haitong International.

胡曉月，海通國際。

Hello, management. Thank you for taking my question. So can management elaborate on the company's strategy priorities and the key initiatives for 2025? Thank you.

您好，管理層。感謝您回答我的問題。那麼管理階層能否詳細說明公司的策略重點和2025年的關鍵措施？謝謝。

Thank you, Xiaoyue. This is Yang. I will answer this question. I think 2025 marks the 10th anniversary of our company's founding. Our two flagship products continue to thrive. And we are immensely grateful for our MENA-based users and neighboring support and in socialism over the years. We will continue to iterate this flagship app by enhancing gamification and rolling out innovative new contents while leveraging advanced technology to offer diverse and engaging experience for our users.

謝謝你，小月。這是楊。我來回答這個問題。我認為2025年是我們公司成立10週年。我們的兩款旗艦產品持續蓬勃發展。我們非常感謝中東和北非地區使用者以及鄰國多年來對社會主義的支持。我們將繼續迭代這款旗艦應用程序，增強遊戲化並推出創新的新內容，同時利用先進的技術為我們的用戶提供多樣化和引人入勝的體驗。

Additionally, as we mentioned earlier, we have a number of new apps in our pipeline that have potential to contribute to the company's revenue growth in the second half of this year. Going forward, we plan to further expand our local team in the Middle East to enhance our local presence and align with the region's sweeping digital transformation trend.

此外，正如我們之前提到的，我們正在開發許多新的應用程序，這些應用程式有可能為該公司今年下半年的收入成長做出貢獻。展望未來，我們計劃進一步擴大中東地區的本地團隊，以增強我們的本地影響力，順應該地區全面的數位轉型趨勢。

We will keep a sharp eye on MENA's evolving user needs and stay open to the new market opportunities while consistently delighting local users with products that appeal to their culture, values, and tastes. Thank you, Xiaoyue.

我們將密切關注中東和北非地區不斷變化的用戶需求，並對新的市場機會保持開放態度，同時不斷以符合當地文化、價值觀和品味的產品取悅當地用戶。謝謝你，小月。

[Kaifang Jia, Citic].

[賈開方，中信證券]。

Hi, management. Thanks for taking the question. I have question about how should we think about the revenue and margin trades in 2025? Thank you.

你好，管理層。感謝您回答這個問題。我有一個問題，我們該如何看待2025年的收入和保證金交易？謝謝。

Hello, Kaifang, glad to see you here. This is Karen. For 2025, even without factoring in potential revenue from new products, we anticipate at least maintaining our current revenue size. We also think that maintaining a net profit margin of around 40% is reasonable.

你好，凱芳，很高興在這裡見到你。這是凱倫。展望 2025 年，即使不考慮新產品的潛在收入，我們也預期至少能維持目前的收入規模。我們也認為維持40%左右的淨利潤率是合理的。

Of course, our upcoming products are likely to generate new revenue streams this year, but we wait until -- we will wait until these products are launched to provide revenue guidance. Given the necessary self-marketing investments for these new products, we expect a margin of around 35%, but we will adjust our investment budget depending on the specifics of these new products launches. Thank you.

當然，我們即將推出的產品可能會在今年創造新的收入來源，但我們會等到這些產品推出後再提供收入指引。考慮到這些新產品必要的自我行銷投入，我們預期利潤率約為35%，但我們將根據這些新產品發布的具體情況調整投資預算。謝謝。

Rachel Guo, Nomura.

Rachel Guo，野村證券。

Hi. Good morning, management. Thanks for taking your question. My question is about the shareholder returns. Can management provide an update on the share reproduced plan?

你好。早安，管理層。感謝您的提問。我的問題是關於股東回報。管理層能否提供有關股票複製計劃的最新資訊？

Thank you, Rachel. This is Yang. I think we are committed to delivering value to our shareholders through our share repurchase program. In 2024, we repurchase around 3 million ADS amount into approximately USD14 million.

謝謝你，Rachel。這是楊。我認為我們致力於透過股票回購計劃為股東創造價值。 2024年，我們回購約300萬股ADS，價值約1,400萬美元。

Moving into this year, we will accelerate shareholders returns through our share repurchase program. We are fully committed to achieving our target of at least doubling our buyback activities to USD28 million this year.

進入今年，我們將透過股票回購計畫加速股東回報。我們全力致力於實現今年將回購金額增加一倍至少 2,800 萬美元的目標。

We may escalate this amount later this year and we'll provide quarterly updates on the plan's progress. We host strong confidence in Yalla's long-term potential and are dedicated to generating sustainable long-term value for all stakeholders. I hope that helps. Thank you.

我們可能會在今年稍後增加這個數額，並且我們將每季更新該計劃的進展。我們對Yalla的長期潛力充滿信心，並致力於為所有利害關係人創造可持續的長期價值。我希望這能有所幫助。謝謝。

Lincoln Kong, Goldman Sachs.

高盛的林肯孔（Lincoln Kong）。

Thank you management for taking my question. So can management elaborate about our strategic vision for leveraging AI to drive our growth and innovation here? Thank you.

感謝管理層回答我的問題。那麼管理階層能否詳細說明我們利用人工智慧推動我們在這裡的成長和創新的策略願景？謝謝。

Hi Lincoln, this is Yang. Thank you for raising this. As we noted earlier, we have a dedicated algorithm team and a proprietary AI task platform. And we are already capitalizing on AI to empower our products, boosting efficiency and elevating user experience.

你好，林肯，我是楊。感謝您提出這個問題。正如我們之前提到的，我們有一個專門的演算法團隊和一個專有的AI任務平台。我們已經利用人工智慧來增強我們的產品，提高效率並提升用戶體驗。

Meanwhile, we see tremendous upside potential in further integrating AI into our ecosystem. We are actively evaluating various user cases across our products, exploring how to synergize our internal teams with external AI resources to deepen user engagement and expand our market reach.

同時，我們看到將人工智慧進一步融入我們的生態系統的巨大上升潛力。我們正在積極評估我們產品的各種用戶案例，探索如何協同我們的內部團隊與外部人工智慧資源，以加深用戶參與度並擴大我們的市場覆蓋範圍。

We aim to harness AI, not only as a tool for enhancing efficiency, but also as a catalyst for innovation, our products remain at the forefront of Nina's digital entertainment market. I hope this offers a clear picture.

我們的目標是利用人工智慧，不僅作為提高效率的工具，而且作為創新的催化劑，我們的產品始終處於尼娜數位娛樂市場的前沿。我希望這能提供一個清晰的畫面。

Thank you, Lincoln.

謝謝你，林肯。

Jenny Wang, UBS.

瑞銀的 Jenny Wang。

Thanks, the management, for taking my question. My question is regarding our regional strategy. So could you please provide any update on whether our company's future development will still be MENA-focused or if we have any plans to expand our portions to other regions? Thank you.

謝謝管理層回答我的問題。我的問題是關於我們的區域戰略。那麼，您能否提供最新消息，我們公司未來的發展是否仍將以中東和北非地區為重點，或者我們是否有計劃將業務擴展到其他地區？謝謝。

Thanks, Jenny. This is Saifi, and I'll take this question. We have always viewed MENA as our core market and strategic home base making it the solid foundation supporting our business growth. At the same time, as our products portfolio expands, we may reach users elsewhere, diversifying our user base.

謝謝，珍妮。我是賽菲，我來回答這個問題。我們始終將中東和北非視為我們的核心市場和策略大本營，並使其成為支持我們業務成長的堅實基礎。同時，隨著我們產品組合的擴大，我們可能會接觸到其他地方的用戶，從而實現用戶群的多樣化。

Some of our new products may also have the potential for distribution in other regions. We will also carefully evaluate such situations based on the market data and market prudent decisions that maximize our potential and enhance our ROI. However, wherever else we may go, the MENA region will always remain at the heart of our business, and we will continue to deepen our business in this region to strengthen our market leadership. Thank you.

我們的一些新產品可能也具有在其他地區分銷的潛力。我們還將根據市場數據和市場審慎決策仔細評估此類情況，以最大限度地發揮我們的潛力並提高我們的投資回報率。然而，無論我們走向何方，中東和北非地區始終是我們業務的核心，我們將繼續深化在該地區的業務，以加強我們的市場領導地位。謝謝。

Thank you. And this concludes our question-and-answer session. I'd like to turn the conference back over to the company for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給公司，以便發表結束語。

Thank you once again for joining us today. We look forward to speaking with you in the next quarter. If you have further questions, please feel free to contact Yalla's Investor Relations, or Piacente Financial Communications. Both parties' contact information is available in today's press release, as well as on our company website.

再次感謝您今天的參與。我們期待下個季度與您交談。如果您還有其他問題，請隨時聯絡 Yalla 的投資者關係部或 Piacente Financial Communications。雙方的聯絡資訊可在今天的新聞稿以及我們公司的網站上找到。

Thank you. This concludes today's conference call. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。現在您可以斷開連接，享受美好的一天。