JOYY Inc (YY) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc.'s Third Quarter 2021 Earnings Call.

女士們，先生們，感謝你們的支持，歡迎參加 JOYY Inc. 的 2021 年第三季度財報電話會議。

(Operator Instructions) I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations.

（操作員須知）我現在想把今天的會議交給你們的主持人，公司投資者關係高級經理謝簡。

Please go ahead, Jane.

請繼續，簡。

Thank you, operator.

謝謝你，接線員。

Hello, everyone.

大家好。

Welcome to JOYY's Third Quarter 2021 Earnings Conference Call.

歡迎參加 JOYY 2021 年第三季度收益電話會議。

Joining us today are Mr. David Xueling Li, Chairman and CEO of JOYY; Ms. Ting Li, our COO; and Mr. Alex Liu, the General Manager of Finance.

今天加入我們的是JOYY董事長兼CEO李學凌先生；我們的首席運營官李婷女士；和財務部總經理Alex Liu先生。

For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session.

對於今天的電話會議，管理層將首先提供季度回顧，然後我們將進行問答環節。

The third quarter 2021 financial results and webcast of this conference call are available at ir.joyy.com.

本次電話會議的 2021 年第三季度財務業績和網絡直播可在 ir.joyy.com 獲得。

A replay of this call will also be available on our website in a few hours.

幾個小時後，我們的網站上也將提供此電話的重播。

Before we continue, I refer you to our safe harbor statement in our earnings press release, which apply to this call as well as we will make forward-looking statements.

在我們繼續之前，我向您推薦我們在收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，我們將做出前瞻性聲明。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollars.

最後，請注意，除非另有說明，本次電話會議中提到的所有數字均以美元為單位。

I will now turn the call over to our Chairman and CEO, Mr. David Xueling Li.

我現在將把電話轉給我們的董事長兼首席執行官李學玲先生。

Please go ahead, sir.

請繼續，先生。

Hello, everyone.

大家好。

Welcome to our third quarter 2021 earnings call.

歡迎來到我們的 2021 年第三季度財報電話會議。

Despite the increasing uncertainty due to COVID-19, we had another solid quarter as we grew our total quarterly revenues by 21.7% year-over-year to $651 million, while BIGO's revenue increased by 16.1% year-over-year to $569 million.

儘管由於 COVID-19 帶來的不確定性增加，但我們的季度總收入同比增長 21.7% 至 6.51 億美元，而 BIGO 的收入同比增長 16.1% 至 5.69 億美元，我們又迎來了一個穩健的季度。

Notably, we attained a non-GAAP profitability at the group level for the first time, since we deconsolidated YY Live and booked $35.1 million in non-GAAP net profit.

值得注意的是，我們首次在集團層面實現了非 GAAP 盈利，因為我們取消了 YY Live 的合併併計入了 3510 萬美元的非 GAAP 淨利潤。

This was mainly attributed to BIGO's margin expansion and improved operating leverage at the group level.

這主要歸功於BIGO的利潤率擴張和集團層面經營槓桿的提高。

During the quarter, BIGO's non-GAAP net profit expanded to $49.6 million, while its -- non-GAAP net margin improved from 3.3% to 8.7% in the previous quarter.

本季度，BIGO 的非美國通用會計準則淨利潤擴大至 4960 萬美元，而其非美國通用會計準則淨利潤率從上一季度的 3.3% 提高至 8.7%。

The persistent execution of our globalization strategy has enabled us to deliver steady progress across multiple aspects, including, one, the continued expansion of our global business.

我們全球化戰略的持續執行使我們能夠在多個方面取得穩步進展，其中包括我們全球業務的持續擴張。

Two, diversified content offerings on various products that nurture interest-based interactive social connections, three, and better synergy among multiple products that drive steady improvements in profitability at the group level.

二是豐富的產品內容，培育基於興趣的互動社交關係，三是多產品之間更好的協同效應，推動集團層面的盈利能力穩步提升。

Next, let me share greater detail on some quarterly updates for each of our core product line.

接下來，讓我分享一下我們每個核心產品線的一些季度更新的更多細節。

Let's start with BIGO Live.

讓我們從 BIGO Live 開始。

Despite global economy uncertainties and other challenges posed by the resurgence of COVID-19, our business demonstrated resilience as we entered the post-pandemic era.

儘管 COVID-19 的複蘇帶來了全球經濟的不確定性和其他挑戰，但隨著我們進入後大流行時代，我們的業務表現出韌性。

BIGO Live's live streaming revenue increased by 8.6% year-over-year in the third quarter.

BIGO Live第三季度的直播收入同比增長8.6%。

Our efforts to cultivate a global diversified content pool has been effective in further expanding the product reach of BIGO Live as BIGO Live's MAU increased by 10.7% year-over-year to 31 million in the quarter.

隨著BIGO Live的MAU在本季度同比增長10.7%至3100萬，我們為培育全球多元化內容池所做的努力有效地進一步擴大了BIGO Live的產品範圍。

The continued execution of our localized operation strategy has contributed to gradual buildup in the paying behaviors of our users as the number of paying users increased by 16.1% year-over-year.

本地化運營戰略的持續執行，推動了用戶付費行為的逐步積累，付費用戶數量同比增長16.1%。

We also continued to deliver a robust performance of BIGO Live in multiple regions.

我們還繼續在多個地區提供 BIGO Live 的強勁表現。

In particular, on a year-over-year basis, revenue and paying user from Europe increased by 50.8% and 26.7%, respectively.

特別是，歐洲的收入和付費用戶同比分別增長了 50.8% 和 26.7%。

While revenues and pay users from Southeast Asia and other emerging regions increased by [29.4%] (corrected by company after the call) and 31.7%, respectively.

而來自東南亞和其他新興地區的收入和付費用戶分別增長了 [29.4%]（由公司在電話會議後更正）和 31.7%。

As we expand BIGO Live's operations into multiple regions, our revenue mix continued to diversify, avoiding reliance on any individual market.

隨著我們將 BIGO Live 的業務擴展到多個地區，我們的收入組合繼續多樣化，避免了對任何單個市場的依賴。

Looking at the development of the global livestreaming industry, we believe that the penetration rate for livestreaming remains at very low levels, leaving us with tremendous growth opportunities ahead.

縱觀全球直播行業的發展，我們認為直播的滲透率仍然處於非常低的水平，給我們留下了巨大的增長機會。

Going forward, we will continue to deepen penetration in multiple key markets include North America, Europe, Middle East and Eastern Pacific regions, and dedicate more resources towards the emerging markets as well.

展望未來，我們將繼續深化在北美、歐洲、中東和東太平洋地區等多個重點市場的滲透，並將更多資源投入新興市場。

In doing so, we will further solidify our leading global market position in the social and entertainment livestreaming sector.

通過這樣做，我們將進一步鞏固我們在社交和娛樂直播領域的全球領先市場地位。

With regards to our content efforts, in the past few quarters, we have been enlarging our talent pool of content creators and expanding our localized premium content library via various cross-industry partnerships and a series of localized operational activities.

在內容方面，過去幾個季度，我們一直在擴大內容創作者的人才庫，並通過各種跨行業的合作夥伴關係和一系列本地化運營活動來擴展我們的本地化優質內容庫。

We have focused on a handful of categories, including pan-entertainment, gaming and lifestyle and further expanded our product reach.

我們專注於少數類別，包括泛娛樂、遊戲和生活方式，並進一步擴大了我們的產品範圍。

For example, for the pan-entertainment category, the first live broadcast country music competition, VOICE of BIGO, wrapped up recently achieving a huge success in Thailand, attracting more than 100,000 people concurrent relievers for its final event.

比如泛娛樂類，首屆直播鄉村音樂大賽——VOICE of BIGO，近日在泰國圓滿落下帷幕，最終賽事吸引了超過10萬人同時接替。

In North America, BIGO Live launched a new channel feature and attracted many influencers to create their own personal channels on the platform, covering some of the hottest topics and pop culture, including Canadian singer Kreesha Turner's finance channel, Sam Asghari's fitness channel and American variety star and singer Farrah Abraham's mental health channel.

在北美，BIGO Live 推出全新頻道功能，吸引眾多網紅在平台上創建自己的個人頻道，涵蓋一些最熱門的話題和流行文化，包括加拿大歌手 Kreesha Turner 的財經頻道、Sam Asghari 的健身頻道和美國綜藝明星和歌手 Farrah Abraham 的心理健康頻道。

On one hand, we provide a platform for those influencers to showcase their talent and creativity.

一方面，我們為那些有影響力的人提供了一個展示他們才華和創造力的平台。

On the other hand, we leveraged our influencer to promote content diversification and high-quality engagements on BIGO Live platform.

另一方面，我們利用我們的影響者來促進 BIGO Live 平台上的內容多樣化和高質量的參與。

In the gaming category, we partnered with 2 mobile game heavyweights in July, further enriching BIGO Live's gaming content.

在遊戲品類，我們在 7 月與 2 家手游巨頭合作，進一步豐富了 BIGO Live 的遊戲內容。

In France, BIGO Live partnered with a popular mobile RPG, Saint Seiya KotZ, which was published globally by Gtarcade and hosted a series of incentive events for BIGO Live's gaming content creators.

在法國，BIGO Live 與流行的移動 RPG 聖鬥士星矢 KotZ 合作，該遊戲由 Gtarcade 在全球發行，並為 BIGO Live 的遊戲內容創作者舉辦了一系列獎勵活動。

Meanwhile, through our cooperation with Garena, we hosted and streamed the Free Fire League, a national level eSports tournament in South Asia.

同時，通過與 Garena 的合作，我們主辦並直播了南亞國家級電子競技錦標賽 Free Fire League。

As a result, we further enriched our gaming UGC during the quarter.

因此，我們在本季度進一步豐富了我們的遊戲 UGC。

We are also further expanding our connections while unlocking new interactive [scenarios] (corrected by company after the call).

我們還在進一步擴展我們的聯繫，同時解鎖新的互動[場景]（由公司在通話後更正）。

In the lifestyle category, we made our initial foray into e-commerce live streaming in Southeast Asia.

在生活方式方面，我們首次涉足東南亞的電子商務直播。

In August, we launched the Bigo marketplace channel in Indonesia, Malaysia and Thailand.

8 月，我們在印度尼西亞、馬來西亞和泰國推出了 Bigo 市場渠道。

And we conducted a controlled beta test of the "In-app Shop" feature, which enabled a small group of pilot users to complete their purchase through punch out links with registered third-party merchants.

我們對“應用內商店”功能進行了內測，讓一小部分試點用戶通過與註冊的第三方商家打出鏈接完成購買。

While Bigo marketplace is still in its infancy in terms of development, it has the potential to expand our product reach by providing a diversified interactive experience for our users.

雖然 Bigo 市場在發展方面仍處於起步階段，但它有潛力通過為我們的用戶提供多樣化的互動體驗來擴大我們的產品範圍。

During the quarter, we continued to introduce innovative product features on BIGO LIVE to further improve our user experience.

本季度，我們繼續在 BIGO LIVE 上推出創新產品功能，以進一步提升我們的用戶體驗。

New features include the future in picture, new livestreaming mode supporting 12 simultaneous streamers for multiuser chatroom and more.

新功能包括圖片中的未來、支持多用戶聊天室的 12 個同步流媒體的新直播模式等。

As a result, the number of streamers of multiuser chatroom increased by 2.3% and average duration per live streaming session increased by 5.3% sequentially.

結果，多用戶聊天室的主播數量增加了 2.3%，每個直播會話的平均持續時間環比增加了 5.3%。

In addition, we updated BIGO Live's non-real-time content sharing feature BAR and improved its user engagement further, achieving an 8.1% sequential increase in average user time spent viewing BAR postings.

此外，我們更新了 BIGO Live 的非實時內容分享功能 BAR，並進一步提高了用戶參與度，使用戶查看 BAR 帖子的平均用戶時間環比增長 8.1%。

Also, by optimizing its content recommendation algorithm with more precise user profiling, we eased BIGO Live user discovery of interest based content beyond live streaming rooms, increasing its next day user retention rate by 0.5%.

此外，通過更精確的用戶分析優化其內容推薦算法，我們簡化了 BIGO Live 用戶在直播間之外發現基於興趣的內容，將其次日用戶留存率提高了 0.5%。

Going forward, we plan to further enrich our localized content offerings.

展望未來，我們計劃進一步豐富我們的本地化內容產品。

We believe that it will help our users establish more fulfilling interest-based social connections, further expand our product reach, fuel our user base expansion and ultimately help build a diverse inclusive global community.

我們相信，這將幫助我們的用戶建立更充實的基於興趣的社交聯繫，進一步擴大我們的產品範圍，推動我們的用戶群擴張，並最終幫助建立一個多元化、包容的全球社區。

Next, on Likee.

接下來，關於Likee。

In line with our emphasis long-term growth and sustainability, we have been finetuning Likee's marketing strategy since the first quarter of this year and prioritizing our investment on our content and social ecosystem.

根據我們對長期增長和可持續性的重視，我們自今年第一季度以來一直在微調 Likee 的營銷策略，並將我們的投資重點放在我們的內容和社交生態系統上。

As a result, Likee's overall MAU experienced some short-term fluctuations and declined to 76.8 million.

因此，Likee 的整體 MAU 出現了一些短期波動，下降至 7680 萬。

However, we are starting to see a slowdown in the downward trend, especially in the Gulf States from the Middle East region.

然而，我們開始看到下降趨勢放緩，特別是在中東地區的海灣國家。

Therefore, Likee's livestreaming revenue grew further by 58.1% year-over-year, mainly driven by the Middle East region as revenues from the Middle East increased by 1.5x year-over-year.

因此，Likee 的直播收入同比進一步增長 58.1%，主要受中東地區推動，中東地區收入同比增長 1.5 倍。

In the past quarter, our efforts have been centered on identifying, cultivating and supporting talented content creators to cultivate a friendly and vibrant content creation community.

在過去的一個季度，我們的工作重點是識別、培養和支持有才華的內容創作者，以培育一個友好、充滿活力的內容創作社區。

We launched a series of incentive programs offering both user traffic and other economic rewards to influential content creators with more than 10,000 fans.

我們推出了一系列激勵計劃，為擁有超過 10,000 名粉絲的有影響力的內容創作者提供用戶流量和其他經濟獎勵。

At the same time, we continued to uncover the most talented content creators through a variety of localized themed events and challenges.

同時，我們通過各種本地化主題活動和挑戰，不斷發掘最有才華的內容創作者。

As a result, the number of certified creators increased by 17% sequentially in the third quarter.

因此，第三季度獲得認證的創作者數量環比增長了 17%。

As part of the incentive programs, Likee introduced new product feature called "Superlike" in Russia and Indonesia, the Middle East and other regions.

作為激勵計劃的一部分，Likee 在俄羅斯和印度尼西亞、中東等地區推出了名為“Superlike”的新產品功能。

With the new feature, users are able to obtain Superlike either through purchases or viewing in-app commercials and then grant them to their favorite creators and short videos.

借助新功能，用戶可以通過購買或查看應用內廣告獲得 Superlike，然後將其授予自己喜歡的創作者和短視頻。

Essentially, Superlike enables creators to engage with a larger range of fan groups in non-real-time manner, stimulating social interactions and adding a diversified monetization tool for creators, motivating the production of more premium content.

從本質上講，Superlike 讓創作者能夠以非實時方式與更廣泛的粉絲群體互動，刺激社交互動，並為創作者添加多元化的貨幣化工具，從而激發更多優質內容的生產。

As a result, in Russia, for example, Likee's launch of SuperLike garnered widespread interest from creators and evidenced by 7.1% month-to-month increase the number of certified creators joined the Likee community.

因此，例如，在俄羅斯，Likee 推出的 SuperLike 引起了創作者的廣泛興趣，證明加入 Likee 社區的認證創作者數量環比增長 7.1%。

Looking ahead, with the recruitment of an increasing number of talented creators, we should be able to augment Likee's rich and dynamic content ecosystem and pave the way towards the revival of its user base expansion.

展望未來，隨著越來越多有才華的創作者的加入，我們應該能夠增強 Likee 豐富而充滿活力的內容生態系統，並為恢復其用戶群擴展鋪平道路。

Lastly, on Hago.

最後，關於哈戈。

Hago's livestreaming revenue continued its rapid growth momentum as its revenue grew by 78.7% year-over-year, and its number of paying users increased by 1.5x.

Hago的直播收入繼續保持快速增長勢頭，收入同比增長78.7%，付費用戶數增長1.5倍。

In terms of product development, over the last few quarters, we made some strategic change to Hago's positioning, transitioning from the interactive platform primarily focused on casual games to an audio and video multiplayer social interaction and entertainment platform.

在產品開發方面，過去幾個季度，我們對Hago的定位進行了一些戰略性的調整，從以休閒遊戲為主的互動平台轉變為音視頻多人社交和娛樂平台。

We made successive launches of feature updates in the past few quarters, including the Hago 4.0 update with a major revamp for its channel feature focusing on the improvement of multiuser social interactive activities.

在過去的幾個季度中，我們連續推出了功能更新，包括 Hago 4.0 更新，對頻道功能進行了重大改造，重點改進了多用戶社交互動活動。

The virtual family group function and most recently the team up audio livestreaming service for mobile games.

虛擬家庭組功能以及最近為手機遊戲提供的音頻直播服務。

Those new features enable us to continue meeting the evolving entertainment and interactions needs for our users.

這些新功能使我們能夠繼續滿足用戶不斷變化的娛樂和互動需求。

Following the series of adjustments, we have achieved a preliminary transformation in Hago's traffic structure driving significant improvements in user interaction.

經過一系列的調整，我們在Hago的流量結構上實現了初步轉型，用戶交互顯著提升。

On a sequential basis, channel penetration rates increased by 4.0%.

在連續的基礎上，渠道滲透率增加了 4.0%。

In the penetration of our virtual family group function increased by 9.9%.

在我們的虛擬家庭群組功能的滲透率上增加了 9.9%。

The average duration of voice chat room increased by 14.3% to 80 minutes while the penetration rates of team up audio livestreaming service for mobile games increased significantly from 0 to 4.4%.

語音聊天室的平均時長增加了 14.3% 至 80 分鐘，而手游組隊音頻直播服務的滲透率從 0 顯著提升至 4.4%。

In the future, we will continue to provide users with a more diverse multi-player interactive entertainment experience and cultivate an interest-based social entertainment community.

未來，我們將繼續為用戶提供更多元化的多人互動娛樂體驗，培育興趣化的社交娛樂社區。

All in all, during the third quarter, despite the recent volatility in the macro environment and the increased uncertainty during -- due to COVID-19, our persistent execution of our globalization strategy helped us to achieve substantial progress in multiple fronts.

總而言之，在第三季度，儘管近期宏觀環境出現波動，並且由於 COVID-19 導致不確定性增加，但我們對全球化戰略的持續執行幫助我們在多個方面取得了實質性進展。

Our efforts of enhancing our diversified and localized content ecosystem have helped BIGO Live to further expand its product reach and user base while continuing the cultivation of talented content creators and effectively increasing engagement levels in Likee's content community.

我們在加強多元化和本地化的內容生態系統方面所做的努力幫助BIGO Live進一步擴大了產品範圍和用戶群，同時繼續培養有才華的內容創作者，並有效提高Likee內容社區的參與度。

Through the combination of improved synergy among various products, enhanced operating leverage and prudent marketing strategy, we have achieved a steady expansion in profitability for both BIGO segment and for the entire group.

通過提升各產品協同效應、提升經營槓桿和穩健的營銷策略，BIGO板塊和整個集團的盈利能力均實現穩步提升。

Going forward, we will continue to cultivate our localized content and social ecosystems, nurture interest-based interactive social connections, and pursue long-term sustainable growth for our global business.

展望未來，我們將繼續培育本地化內容和社交生態系統，培育基於興趣的互動社交關係，並為我們的全球業務尋求長期可持續增長。

Lastly, in light of the current market conditions, on top of the current USD 200 million new share purchase plan announced in September 2021, our Board of Directors has just authorized additional share repurchase plan, under which the company may purchase up to USD 1 billion of our shares till November [2022] (corrected by company after the call), to demonstrate our confidence in the company's long-term growth prospects, and to reward our shareholders for their long-term support of the company.

最後，鑑於目前的市場情況，在2021年9月公佈的2億美元新股購買計劃的基礎上，我們董事會剛剛批准了額外的股份回購計劃，根據該計劃，公司可以購買最高10億美元的股份。 2022 年 11 月止（由公司在電話會議後更正），以表明我們對公司長期增長前景的信心，並獎勵我們的股東對公司的長期支持。

This concludes my prepared remarks.

我準備的發言到此結束。

I will now turn the call to our General Manager of Finance, Alex Liu, for a more detailed explanation of our quarterly financial results.

我現在將致電我們的財務總經理 Alex Liu，以更詳細地解釋我們的季度財務業績。

Thanks, David.

謝謝，大衛。

Hello everyone.

大家好。

As JOYY's Financial General Manager.

作為JOYY的財務總經理。

I will talk about the financial results.

我將談談財務結果。

Since a majority of our revenues and expenses are now denominated in USD, starting from January 1, 2021, we have changed our reporting currency from RMB to US dollar to better illustrate our operational results.

由於我們的大部分收入和支出現在以美元計價，自 2021 年 1 月 1 日起，我們將報告貨幣從人民幣更改為美元，以更好地說明我們的經營成果。

Please note that the financial information and non-GAAP financial information disclosed in our third quarter earnings press release is presented on a continuing operations basis unless otherwise specifically stated.

請注意，除非另有明確說明，否則我們在第三季度收益新聞稿中披露的財務信息和非公認會計原則財務信息是在持續運營的基礎上呈現的。

As the Sales of YY Live was substantially completed on February 8, 2021 with certain customary matters to be completed in the near future, the historical financial results of YY Live are reflected in the company's consolidated financial statements as discontinued operations accordingly, starting from the fourth quarter of 2020.

由於 YY Live 的銷售已於 2021 年 2 月 8 日基本完成，且某些慣常事項將在近期完成，因此 YY Live 的歷史財務業績在公司合併財務報表中相應反映為終止經營，自 2021 年 4 月2020 年第四季度。

During the third quarter of 2021, despite the recent volatility in the macro environment and increased uncertainty due to COVID-19, we continued to deliver promising financial results.

在 2021 年第三季度，儘管近期宏觀環境出現波動，並且由於 COVID-19 導致不確定性增加，但我們繼續取得可喜的財務業績。

Our total net revenues for the third quarter increased by 21.7% year-over-year to USD 650.5 million from USD 534.4 million in the same period of 2020, primarily attributable to the continued paying users growth of BIGO.

我們第三季度的總淨收入從 2020 年同期的 5.344 億美元同比增長 21.7% 至 6.505 億美元，這主要歸功於 BIGO 的持續付費用戶增長。

In particular, our live streaming revenues for the third quarter increased by 19.7% year-over-year to USD 612.2 million and other revenues in the third quarter increased by 66.8% to USD 38.4 million.

特別是，我們第三季度的直播收入同比增長 19.7% 至 6.122 億美元，第三季度其他收入增長 66.8% 至 3840 萬美元。

Through the combination of improved synergy among multiple products, enhanced operating leverage and prudent marketing strategy, we have achieved a steady expansion in profitability for both BIGO segment and for the entire group.

通過提升多產品協同效應、提升經營槓桿和穩健的營銷策略，BIGO板塊及整個集團的盈利能力均實現穩步提升。

Cost of revenues for the third quarter increased by 16.1% year-over-year to USD 439.8 million.

第三季度的收入成本同比增長 16.1% 至 4.398 億美元。

Revenue sharing fees and content costs increased to USD 290.1 million in the third quarter from USD 234 million in the same period of 2020, which was in line with the increase in live streaming revenues.

收入分成費用和內容成本從 2020 年同期的 2.34 億美元增加到第三季度的 2.901 億美元，這與直播收入的增長保持一致。

Bandwidth costs decreased to USD 19 million from USD 27.6 million in the same period of 2020, primarily due to the company's improved efficiency and the termination of bandwidth usage for Indian users after the Indian government's ban of Chinese apps in late June 2020, partially offset by user-based expansion outside India.

帶寬成本從 2020 年同期的 2,760 萬美元下降至 1,900 萬美元，主要是由於公司提高效率以及在 2020 年 6 月下旬印度政府禁止中國應用程序後終止印度用戶的帶寬使用，部分抵消了印度以外的基於用戶的擴展。

Gross profit increased by 35.5% year-over-year to USD 210.8 million.

毛利潤同比增長 35.5% 至 2.108 億美元。

Gross margin in the third quarter of 2021 improved to 32.4% from 29.1% in the same period of 2020.

2021年第三季度的毛利率從2020年同期的29.1%提高到32.4%。

Operating expenses for the third quarter decreased to USD 208.7 million from USD 249.4 million in the same period of 2020.

第三季度的運營費用從 2020 年同期的 2.494 億美元降至 2.087 億美元。

Among the operating expenses, sales and marketing expenses decreased to USD 106.3 million from USD 134.6 million due to disciplined spending on user acquisition via advertisement for certain products, including Likee and Hago.

在運營費用中，銷售和營銷費用從 1.346 億美元減少至 1.063 億美元，原因是通過對包括 Likee 和 Hago 在內的某些產品的廣告獲取用戶進行了嚴格的支出。

Our GAAP operating income for the third quarter was USD 6.9 million compared to operating loss of USD 89.3 million in the same period of 2020.

我們第三季度的 GAAP 營業收入為 690 萬美元，而 2020 年同期的營業虧損為 8930 萬美元。

Operating income margin for the third quarter was 1.1%, compared to operating loss margin of 16.7% in the same period of 2020.

第三季度的營業利潤率為 1.1%，而 2020 年同期的營業虧損率為 16.7%。

Our non-GAAP operating income for the third quarter, which excludes share-based compensation expenses, amortization of intangible assets from business acquisitions as well as impairment of goodwill and investments and gain on the disposal of subsidiaries and business was USD 31.3 million in the quarter compared to non-GAAP operating loss of USD 39.5 million in the same period of 2020.

我們第三季度的非公認會計準則營業收入為 3130 萬美元，其中不包括股權激勵費用、業務收購的無形資產攤銷以及商譽和投資的減值以及處置子公司和業務的收益為 3130 萬美元相比之下，2020 年同期的非公認會計準則營業虧損為 3950 萬美元。

Our non-GAAP operating income margin for the third quarter was 4.8% compared to non-GAAP operating loss margin of 7.4% in the prior year period.

我們第三季度的非美國通用會計準則營業利潤率為 4.8%，而去年同期的非美國通用會計準則營業虧損率為 7.4%。

GAAP net income from continuing operations attributable to controlling interest of JOYY in the third quarter of 2021 was USD 7.5 million compared to net income of USD 191 million in the same period of 2020.

GAAP 2021年第三季度歸屬於JOYY控股權益的持續經營淨收入為750萬美元，而2020年同期淨收入為1.91億美元。

Net income margin was 1.2% in the third quarter of 2021 compared to 35.7% in the corresponding period of 2020.

2021 年第三季度的淨利潤率為 1.2%，而 2020 年同期為 35.7%。

Our net income was higher in the same period last year, mainly due to the gain from the partial disposal of equity interest in Huya.

去年同期我們的淨利潤較高，主要是由於出售虎牙部分股權的收益。

Non-GAAP net income from continuing operations attributable to controlling interest of JOYY was USD 35.1 million in the third quarter compared to non-GAAP net loss of USD 26.6 million in the same period of 2020.

第三季度非美國通用會計準則歸屬於大悅控股控股權益的持續經營淨收入為 3510 萬美元，而 2020 年同期非美國通用會計準則淨虧損為 2660 萬美元。

Non-GAAP net income margin was 5.4% in the third quarter of 2021 compared to non-GAAP net loss margin of 5% in the same period of 2020.

2021 年第三季度非美國通用會計準則淨利潤率為 5.4%，而 2020 年同期非美國通用會計準則淨利潤率為 5%。

This means that we have attained non-GAAP profitability at group level for the first time this quarter since the consolidated YY Live.

這意味著自合併 YY Live 以來，本季度我們首次在集團層面實現了非 GAAP 盈利能力。

Notably, BIGO continued to achieve a positive non-GAAP net income for 3 quarters as its non-GAAP net income expanded to USD 49.6 million in the third quarter with non-GAAP net income margin improved to 8.7% from non-GAAP net loss margin 2.1% in the prior year period.

值得注意的是，BIGO 在第三季度的非 GAAP 淨利潤擴大到 4960 萬美元，非 GAAP 淨利潤率從非 GAAP 淨虧損率提高到 8.7%，連續三個季度實現了正的非 GAAP 淨利潤去年同期為 2.1%。

Diluted net income per ADS in the third quarter of 2021 was USD 0.07 compared to USD 2.22 in the same period of 2020.

2021 年第三季度每 ADS 的攤薄淨收入為 0.07 美元，而 2020 年同期為 2.22 美元。

Non-GAAP diluted net income per ADS was USD 0.42 compared to non-GAAP diluted net loss of USD 0.33 per ADS in the same period of 2020.

非 GAAP 每 ADS 攤薄淨收益為 0.42 美元，而 2020 年同期非 GAAP 每 ADS 攤薄淨虧損為 0.33 美元。

In addition, in accordance with our quarterly dividend plan approved on August 11, 2020, and on November 16, 2020, we will be distributing a dividend of USD 0.51 per ADS for the third quarter of 2021, which is expected to be paid on December 23, 2021 to shareholders of record as of the close of business on December 10, 2021.

此外，根據我們於 2020 年 8 月 11 日和 2020 年 11 月 16 日批准的季度股息計劃，我們將在 2021 年第三季度分配每股 ADS 0.51 美元的股息，預計將於 12 月支付2021 年 23 月 23 日至 2021 年 12 月 10 日收市時登記在冊的股東。

Also, we would love to provide an update to our execution of the share repurchase program announced in August 2019 and later extended in May 2020.

此外，我們很樂意為我們在 2019 年 8 月宣布並隨後在 2020 年 5 月延長的股票回購計劃的執行提供更新。

The Board of Directors has authorized a share repurchase program under which the company may repurchase up to USD 300 million of its shares to August 2021.

董事會已授權一項股票回購計劃，根據該計劃，公司可以在 2021 年 8 月之前回購最多 3 億美元的股票。

As of September 30, 2021 such share repurchase program already expired.

截至 2021 年 9 月 30 日，該股份回購計劃已到期。

The company had almost fully executed this share repurchase program and repurchased approximately USD 300 million of its shares.

公司幾乎完全執行了本次股份回購計劃，回購了約3億美元的股份。

In September 2021, the company announced that its Board of Directors has authorized a new share repurchase line in which the company may repurchase up to USD 200 million of its shares till September 2022.

2021 年 9 月，公司宣布董事會已授權新的股票回購額度，至 2022 年 9 月，公司最多可回購 2 億美元的股票。

As of September 30, 2021, the company had repurchased approximately USD 16.7 million of its shares under this program.

截至 2021 年 9 月 30 日，公司已根據該計劃回購了約 1670 萬美元的股票。

Earlier today, our Board of Directors has authorized an additional share repurchase plan under which the company may repurchase up to USD 1 billion of our shares until November 2022 to demonstrate our confidence in the company's long-term growth prospects and to reward our shareholders for their long-term support of the company.

今天早些時候，我們的董事會已經批准了一項額外的股票回購計劃，根據該計劃，公司可以在 2022 年 11 月之前回購最多 10 億美元的股票，以表明我們對公司長期增長前景的信心，並獎勵我們的股東公司的長期支持。

As David just mentioned, we will continue to further expand our global market reach, cultivate our highly engaged user community and enhance our high-quality content offerings.

正如大衛剛剛提到的，我們將繼續進一步擴大我們的全球市場範圍，培養我們高度參與的用戶社區，並增強我們的高質量內容產品。

We will also continue to actively explore other ways to maximize shareholder value.

我們還將繼續積極探索實現股東價值最大化的其他途徑。

Beginning in the second quarter, we have anticipated some negative impact on users online social entertainment activities from the gradual lift of pandemic-related lockdowns in certain countries.

從第二季度開始，我們預計某些國家逐漸解除與大流行相關的封鎖將對用戶的在線社交娛樂活動產生一些負面影響。

We expect our net revenues for the fourth quarter to be between USD 652 million and USD 661 million, representing a year-over-year increase between 14.7% to 16.3% on a constant currency basis excluding the revenue contribution from YY Live in the same period of last year.

我們預計第四季度的淨收入將在 6.52 億美元至 6.61 億美元之間，按固定匯率計算，不包括同期 YY Live 的收入貢獻，同比增長 14.7% 至 16.3%去年的。

We currently have limited visibility surrounding the COVID-19 epidemic's long-term impacts and geopolitical uncertainties on our business and the markets in which we operate.

目前，我們對 COVID-19 流行病對我們的業務和經營所在市場的長期影響和地緣政治不確定性的了解有限。

Therefore, this forecast only reflects our current and preliminary views on the market and operational conditions, which are subject to change.

因此，該預測僅反映我們對市場和經營狀況的當前和初步看法，這些情況可能會發生變化。

That concludes our prepared remarks.

我們準備好的發言到此結束。

Operator, we would now like to open up the call to questions.

接線員，我們現在想打開問題電話。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Thomas Chong from Jefferies.

您的第一個問題來自 Jefferies 的 Thomas Chong。

(foreign language)

（外語）

[Interpreted] I have 3 questions.

[解釋] 我有 3 個問題。

The first question is about the COVID situation.

第一個問題是關於 COVID 的情況。

And how would that impact the user behavior in terms of the time spent, engagement, and how that actually affects our monetization?

以及這將如何影響用戶在所花費的時間、參與度方面的行為，以及這實際上如何影響我們的貨幣化？

And can we talk about by geography, how does that impact these metrics?

我們可以按地理位置談談，這對這些指標有何影響？

And then my second question is about the Q4 revenue guidance.

然後我的第二個問題是關於第四季度的收入指導。

Can management elaborate a bit more about the trend for different business lines?

管理層能否詳細說明不同業務線的趨勢？

And my third question is about the cost and expense trend.

我的第三個問題是關於成本和費用趨勢。

How we should think about it going forward?

我們應該如何看待它的未來？

(foreign language)

（外語）

[Interpreted] Thank you, Thomas.

[解釋] 謝謝你，托馬斯。

I will answer your first question.

我會回答你的第一個問題。

So if you recall, last year, we realized very substantial growth in our global business.

因此，如果您還記得，去年，我們的全球業務實現了非常可觀的增長。

Our year-over-year growth in many quarters have actually surpassed 100%.

我們在許多季度的同比增長實際上已經超過了 100%。

So on top of that, when COVID -- there has been some short-term fluctuation caused by COVID-19, it has put some extra pressure for us to realize or maintain such a high level of growth continuously.

因此，最重要的是，當 COVID-19 引起一些短期波動時，它給我們帶來了一些額外的壓力，讓我們持續實現或保持如此高的增長水平。

So you can see that starting since the second -- at the end of second quarter, we have encountered increased uncertainty due to COVID-19.

所以你可以看到，從第二季度開始——在第二季度末，由於 COVID-19，我們遇到了越來越多的不確定性。

On the one hand, you see some countries gradually lifting lockdown bans, and there has been negative impact on users, online social entertainment activity.

一方面，你看到一些國家逐漸解除封鎖禁令，對用戶、在線社交娛樂活動產生了負面影響。

And on the other hand, with the resurgence of COVID-19 in certain areas, we've seen weakened consumer confidence on the economy, which has negative impact on users paying behavior and these varies across different regions as well.

另一方面，隨著 COVID-19 在某些地區的死灰復燃，我們看到消費者對經濟的信心減弱，這對用戶的支付行為產生了負面影響，而且這些影響因地區而異。

But we have seen that with our efforts to continue to introduce diversified content and new product features, which have improved user engagement, we see BIGO Live user time spend and retention rate in key markets have remained stable, but there has been some short-term fluctuation of BIGO's monetization capabilities such as paying ratio in ARPPU in certain regions such as U.S. and the Middle East.

但我們看到，隨著我們不斷推出多元化內容和新產品功能，提高了用戶參與度，我們看到 BIGO Live 在主要市場的用戶時間花費和留存率保持穩定，但出現了一些短期BIGO變現能力的波動，例如在美國、中東等特定地區的ARPPU支付率。

So far, we do have limited visibility into the precise impact related to COVID-19.

到目前為止，我們對與 COVID-19 相關的確切影響的了解有限。

That's why we have provided a relatively conservative estimate for our Q4 revenue, which implies a year-over-year growth of 14.7% to 16.3% at group level.

這就是為什麼我們對第四季度的收入提供了相對保守的估計，這意味著集團層面的同比增長為 14.7% 至 16.3%。

We will provide further updates once we have better visibility.

一旦我們有更好的知名度，我們將提供進一步的更新。

(foreign language)

（外語）

[Interpreted] And this is Alex.

[解釋] 這是亞歷克斯。

I will answer your second question.

我會回答你的第二個問題。

As there would be an increased number of marketing and operating activities in Q4, we expect our content costs and sales and marketing expenses to increase modestly in the fourth quarter, both in terms of absolute amount and expense margin over the third quarter level, resulting in a slight decrease in our gross margin and non-GAAP net margin for BIGO segment in Q4 on a sequential basis.

由於第四季度營銷和運營活動的數量將會增加，我們預計第四季度我們的內容成本以及銷售和營銷費用將在第三季度的絕對金額和費用利潤率方面適度增加，從而導致第四季度我們的 BIGO 部門的毛利率和非公認會計原則淨利潤率環比略有下降。

But as you can notice, BIGO has achieved non-GAAP net profit for consecutive of 3 quarters.

但如您所見，BIGO 已連續三個季度實現非公認會計準則淨利潤。

So for the full year, we believe that BIGO segment will achieve a low single-digit non-GAAP net margin.

因此，對於全年，我們認為 BIGO 部門將實現低個位數的非 GAAP 淨利潤率。

And for year 2022, after a few quarters of marketing spend adjustment to Likee, we have seen some positive preliminary results to the product.

而對於 2022 年，在對 Likee 進行了幾個季度的營銷支出調整後，我們已經看到該產品取得了一些積極的初步成果。

We will continue to observe Likee's user engagement level, retention rate and content ecosystem progress and flexibly adjust Likee's marketing spend in the coming years.

我們將繼續觀察Likee的用戶參與度、留存率和內容生態系統的進展情況，並在未來幾年靈活調整Likee的營銷支出。

So overall speaking, we will ensure a steady and balanced growth strategy, balance growth and profitability of our global business in 2022 and increase investment in sales and marketing activities and further expand our global localized operational team.

所以總體而言，2022年我們將確保穩健均衡的增長戰略，平衡全球業務的增長和盈利能力，加大對銷售和營銷活動的投入，進一步壯大我們的全球本地化運營團隊。

We expect BIGO segment to achieve steady growth in terms of revenue and will remain profitable in 2022.

我們預計 BIGO 板塊的收入將實現穩定增長，並在 2022 年保持盈利。

And in the longer term, with the group's multiple products gradually moving towards breakeven, we believe that the overall profit margin will be gradually increased.

而長期來看，隨著集團多個產品逐漸走向盈虧平衡，我們相信整體利潤率將逐步提升。

Thank you.

謝謝你。

Your next question comes from the line of Alex Poon from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Alex Poon。

(foreign language)

（外語）

[Interpreted] My first question is related to BIGO LIVE and Likee.

【解讀】我的第一個問題是關於BIGO LIVE和Likee的。

Can management share some of the new features and content, the user feedback, revenue contribution from these features in Q3?

管理層能否在第三季度分享一些新功能和內容、用戶反饋以及這些功能的收入貢獻？

And going forward, what new features and content are we looking for to expand into?

展望未來，我們希望擴展到哪些新功能和內容？

My second question is related to our deal progress update with Baidu.

我的第二個問題與我們與百度的交易進度更新有關。

(foreign language)

（外語）

[Interpreted] Thank you, Alex.

[解釋] 謝謝你，亞歷克斯。

This is David.

這是大衛。

I will answer your question.

我會回答你的問題。

So both for BIGO Live and Likee, we have been trying out new content and new product features in the past few quarters.

因此，對於 BIGO Live 和 Likee，我們在過去幾個季度一直在嘗試新內容和新產品功能。

So in early August, I've just mentioned that for BIGO Live, we have beta tested the BIGO Pasar Malam, which is the night market e-commerce live stream channel in Malaysia and received some preliminary positive user reaction with average user views per livestreaming session reached 150,000 to 200,000 per livestreaming session.

所以在八月初，我剛剛提到，對於 BIGO Live，我們已經對馬來西亞夜市電子商務直播頻道 BIGO Pasar Malam 進行了 beta 測試，並收到了一些初步的積極用戶反應，每次直播的平均用戶觀看次數每個直播會話的會話達到 150,000 到 200,000。

In the response, in late August, we officially launched the BIGO marketplace channel in Malaysia, Indonesia and Thailand.

作為回應，我們於8月下旬在馬來西亞、印度尼西亞和泰國正式啟動了BIGO市場渠道。

The viewers DAU penetration rate was as high as 25% in certain regions.

部分地區的觀眾 DAU 滲透率高達 25%。

While BIGO marketplace is still in its infancy in terms of development, it has the potential to expand our product outreach by providing a diversified interactive experience for our users.

雖然 BIGO 市場在發展方面仍處於起步階段，但它有潛力通過為我們的用戶提供多樣化的互動體驗來擴大我們的產品範圍。

We do not charge the merchants any commission at this stage yet.

我們現階段不向商家收取任何佣金。

So there would be no contribution to revenue at this stage.

因此，現階段不會對收入做出貢獻。

In Q4, we would be launching gifting function under our non real-time content community, the BAR feature to further improve the engagement level of BAR feature.

在第四季度，我們將在我們的非實時內容社區下推出送禮功能，即 BAR 功能，以進一步提高 BAR 功能的參與度。

And for Likee, as I've just mentioned in my prepared remarks, we introduced a feature called Superlike in Russia, Indonesia, Middle East, and also in the U.S. in late August.

對於 Likee，正如我剛剛在準備好的發言中提到的那樣，我們在 8 月下旬在俄羅斯、印度尼西亞、中東和美國推出了名為 Superlike 的功能。

We have seen Superlike MAU penetration rate reached 7.7% in the first month in certain regions.

我們已經看到 Superlike MAU 在某些地區的第一個月滲透率達到了 7.7%。

So as the creators could actually obtain revenue share from Superlike, we believe that the feature could motivate the production of more premium content and help creators better engage with their fan groups.

因此，由於創作者實際上可以從 Superlike 獲得收益分成，我們相信該功能可以激發更多優質內容的製作，並幫助創作者更好地與他們的粉絲群體互動。

So as of today, as there is limited data available, revenue contribution from Superlike at this stage is very limited, and we will continue to monitor our user feedback.

所以截至今天，由於可用數據有限，Superlike現階段的收入貢獻非常有限，我們將繼續關注用戶反饋。

And in addition to Superlike in Q4, we are planning to launch subscription feature under Likee to continue our support for the KOLs and to help them pursue content creation as a lifelong career.

除了第四季度的 Superlike，我們還計劃在 Likee 下推出訂閱功能，以繼續我們對 KOL 的支持，並幫助他們將內容創作作為終身事業。

(foreign language)

（外語）

[Interpreted] As for the update of the YY Live deal, there hasn't been new information since our previous communication.

【解讀】關於YY直播交易的更新，自我們上次溝通以來，一直沒有新消息。

As mentioned in the SEC filings that the company released, we have substantially completed the sale of our YY Live to Baidu, and there are still customary matters in progress.

正如公司發布的 SEC 文件中所述，我們已經基本完成了向百度出售我們的 YY Live，並且還有一些慣例事項正在進行中。

So both sides have agreed to extend the long stop date of the proposed transaction to a date mutually agreed upon by the parties.

因此，雙方已同意將擬議交易的最後期限延長至雙方共同商定的日期。

So if there is any further updates, we will disclose it when and as required by applicable security laws.

因此，如果有任何進一步的更新，我們將在適用的安全法要求的時間和要求下披露。

Your next question comes from the line of Zhang from China Renaissance.

你的下一個問題來自華興的張氏。

(foreign language)

（外語）

[Interpreted] So the first question is regarding Likee marketing.

[解讀]所以第一個問題是關於Likee營銷的。

You mentioned more like flexible marketing strategy.

您提到的更像是靈活的營銷策略。

Can you share more color on this?

你能分享更多的顏色嗎？

Does this depend on the landscape or the user acquisition costs or other factors?

這是否取決於環境或用戶獲取成本或其他因素？

And what's our present thoughts on the Likee marketing trend into 2022?

我們目前對 2022 年 Likee 營銷趨勢的看法是什麼？

And then secondly, can you give us an update on the overseas live streaming and short video competition landscape?

其次，能否介紹一下海外直播和短視頻的競爭格局？

(foreign language)

（外語）

[Interpreted] First of all, I'd like to separate 2 questions and begin with some thoughts on live streaming first.

【解讀】首先，我想分開2個問題，先從直播的一些想法說起。

We've got the impression that the market is actually very concerned about the potential negative impact live streaming platforms might have from the mega social platforms with huge traffic.

我們的印像是，市場實際上非常關注直播平台可能對流量巨大的大型社交平台產生的潛在負面影響。

But actually, based on our observation of the Chinese peers and also competitors' data, we've seen that for these larger-scale social platform, their monetization efficiency via live streaming is actually very low.

但實際上，根據我們對中國同行和競爭對手的數據的觀察，我們看到，對於這些規模較大的社交平台來說，他們通過直播變現的效率實際上是非常低的。

It's lower than BIGO Live, and it's lower than their own advertising business.

比BIGO Live還低，比他們自己的廣告業務還要低。

That's why you never see for these social platforms to put live streaming business as their priority of growth engine because they would believe that the efficiency and the ROI is actually lower than them pursuing an advertising-driven model.

這就是為什麼你從來沒有看到這些社交平台將直播業務作為增長引擎的優先事項，因為他們會認為效率和投資回報率實際上低於他們追求廣告驅動的模式。

So what we'd love to emphasize here is that, for these mega relatively larger-scale social platform, they do not actually compete with our business directly because that is by nature of priority of their business growth model.

所以我們在這裡要強調的是，對於這些大型相對較大的社交平台，他們實際上並不直接與我們的業務競爭，因為這本質上是他們業務增長模式的優先級。

And we believe that we will still be able to obtain a longer-term sustainable growth from our live streaming business.

我們相信，我們仍然能夠從我們的直播業務中獲得更長期的可持續增長。

(foreign language)

（外語）

[Interpreted] As for Likee, what I'd like to emphasize is that we've not only adjusted the marketing spend of Likee, we have also changed our product strategy as well.

【解讀】對於Likee，我想強調的是，我們不僅調整了Likee的營銷支出，還改變了我們的產品策略。

You can see that as compared to our competitors, we are actually going through a different direction.

您可以看到，與我們的競爭對手相比，我們實際上正在走不同的方向。

We are advocating private traffic, enabling KOLs, celebrities, gaming companies with existing or established fan groups to establish or to attract their fan groups on to Likee and also to be able to monetize the fan groups via the platform.

我們提倡私人流量，讓KOL、名人、擁有現有或已建立粉絲群的遊戲公司能夠建立或吸引他們的粉絲群到Likee，並能夠通過該平台將粉絲群貨幣化。

If you look at the appearance of Superlike, it looks like a gifting feature on its own.

如果你看 Superlike 的外觀，它本身看起來就像一個送禮功能。

But actually, in nature, it's about helping these KOLs, helping these influencers to be able to locate the fan groups who are willing to pay for their content and be able to enable these KOLs and influencers to monetize their fan group, and the introduction of the new feature subscription is also one of the monetization tools that we will provide for these KOLs.

但實際上，本質上是幫助這些KOL，幫助這些KOL找到願意為其內容付費的粉絲群，並能夠使這些KOL和KOL通過他們的粉絲群獲利，並引入新功能訂閱也是我們將為這些 KOL 提供的變現工具之一。

So you can see that -- if you look at our competitors' platforms, you can see that a lot of the traffic distribution is prioritizing the public domain, centering, emphasizing the platform's control over traffic distribution and diminishing the KOLs and influencers own personal influence on their fan group.

所以你可以看到——如果你看看我們競爭對手的平台，你會發現很多流量分配都在優先考慮公共領域，中心化，強調平台對流量分配的控制，並減少 KOL 和影響者自己的個人影響力在他們的粉絲群裡。

So what we would like to do is the opposite.

所以我們想做的恰恰相反。

We would like to advocate private traffic, help these users, help these KOLs and influencers to drive their own fan group -- established fan groups from other product or platforms to Likee.

我們想提倡私下流量，幫助這些用戶，幫助這些KOL和影響者驅動他們自己的粉絲群——從其他產品或平台建立的粉絲群到Likee。

And we -- by providing such diversifying monetization tools, including the existing live streaming, Superlike, subscription and even e-commerce, a diversified monetization toolbox to these KOLs and influencers so that we will be able to drive the further growth of Likee.

而我們——通過提供多樣化的變現工具，包括現有的直播、Superlike、訂閱甚至電子商務，為這些KOL和影響者提供一個多樣化的變現工具箱，這樣我們就能推動Likee的進一步增長。

So all in all, you can see that we love to see a big change to Likee's business model where not only the marketing strategy is adjusted, but also we have to go for a differentiated product strategy, which avoids direct competition with other platforms.

所以總而言之，大家可以看到，我們樂見Likee的商業模式發生大的變化，不僅要調整營銷策略，還要走差異化的產品策略，避免與其他平台的直接競爭。

So going forward, you'll be able to see that we'll be able continue to grow Likee's revenue with narrowing loss and in the future by continuing centering private domain traffic for these KOLs, we'd be able to further empower these KOLs and influencers and be able to drive further expansion both for our user base and monetization level.

因此，展望未來，您將能夠看到，我們將能夠繼續增加 Likee 的收入，減少虧損，並且在未來通過繼續為這些 KOL 集中私域流量，我們將能夠進一步賦予這些 KOL 和影響者，並能夠推動我們的用戶群和貨幣化水平的進一步擴張。

I would now like to hand the conference back to the management for closing remarks.

我現在想把會議交還給管理層做閉幕詞。

Please continue.

請繼續。

That concludes this call, and we look forward to speaking with everyone next quarter.

本次電話會議到此結束，我們期待在下個季度與大家交談。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

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.]

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]