JOYY Inc (YY) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc.'s Fourth Quarter and Full Year 2021 Earnings Call. (Operator Instructions).

女士們，先生們，感謝您的支持，歡迎參加 JOYY Inc. 的 2021 年第四季度和全年收益電話會議。 （操作員說明）。

I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

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。請繼續，簡。

Thank you, operator.

謝謝你，接線員。

Hello, everyone. Welcome to JOYY's Fourth Quarter and Full Year 2021 Earnings Conference Call. 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.

大家好。歡迎參加 JOYY 2021 年第四季度和全年收益電話會議。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. The financial results and webcast of this conference call are available at ir.joy.com. A replay of this call will also be available on our website in a few hours.

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。本次電話會議的財務結果和網絡廣播可在 ir.joy.com 獲得。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'll 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. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollars.

在我們繼續之前，我將在我們的收益新聞稿中向您推薦我們的安全港聲明，該聲明適用於本次電話會議，並且我們將做出前瞻性聲明。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. Please go ahead, sir.

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。請繼續，先生。

Hello, everyone. Welcome to our fourth quarter 2021 earnings call. Let me start the call with an overview of our fourth quarter results.

大家好。歡迎來到我們的 2021 年第四季度財報電話會議。讓我先概述一下我們第四季度的業績。

We grew our total revenues by 16.8% year-over-year to $663.7 million. Specifically, BIGO's revenue increased by 30.2% year-over-year to $576.1 million. Meanwhile, we further improved our non-GAAP profitability at the group level when exclude YY Live as we earned a non-GAAP net profit for $98.3 million and improved our non-GAAP net margin to 40.8%.

我們的總收入同比增長 16.8%，達到 6.637 億美元。具體而言，BIGO 的收入同比增長 30.2% 至 5.761 億美元。同時，我們在不包括 YY Live 的情況下進一步提高了集團層面的非 GAAP 盈利能力，因為我們獲得了 9830 萬美元的非 GAAP 淨利潤，並將我們的非 GAAP 淨利潤率提高到 40.8%。

BIGO's non-GAAP net profit expand to $103.5 million, while its non-GAAP net margin improved to 18% from 8.7% in the previous quarter. As a result, for the full year of 2021, we generated $2.62 billion in total revenue, an increase of 36.5% from 2020. Notably, we grew BIGO's full year 2021 revenues by 34.1% to $2.32 billion at the group level.

BIGO 的非 GAAP 淨利潤擴大至 1.035 億美元，而非 GAAP 淨利潤率從上一季度的 8.7% 提高至 18%。因此，在 2021 年全年，我們創造了 26.2 億美元的總收入，比 2020 年增長 36.5%。值得注意的是，我們在集團層面將 BIGO 的 2021 年全年收入增長了 34.1% 至 23.2 億美元。

Our global business reached another major milestone as we attended full year non-GAAP profitability for the first time when exclude YY Live having booked $108.9 million in non-GAAP net profit with a 4.2% non-GAAP net margin. This was mainly attributed to BIGO's strong financial performance as it turned profitable for the full year for the first time by generating $182 million in non-GAAP net profit with a corresponding non-GAAP net margin of 7.8%. Looking back, 2021 as a year marked by growth, strategic adaptation and breakthroughs.

我們的全球業務達到了另一個重要里程碑，因為我們首次實現了全年非公認會計準則盈利能力，其中不包括 YY Live，其非公認會計準則淨利潤為 1.089 億美元，非公認會計準則淨利潤率為 4.2%。這主要歸功於 BIGO 強勁的財務業績，因為它首次實現全年盈利，非 GAAP 淨利潤為 1.82 億美元，相應的非 GAAP 淨利潤率為 7.8%。回顧2021年，是成長、戰略適應、突破的一年。

On the growth front, in 2021, we continued to expand our revenue driven by our enhanced monetization capabilities across multiple social entertainment products. Consequently, for the full year of 2021, BIGO LIVE's revenue grew by 31.3%, Likee's revenue grew by 97.8% and HAGO's revenue grew by 54.6%, all contributing to the 36.5% top line growth at the group level.

在增長方面，2021 年，我們在多種社交娛樂產品的增強貨幣化能力的推動下，繼續擴大收入。因此，在 2021 年全年，BIGO LIVE 的收入增長了 31.3%，Likee 的收入增長了 97.8%，HAGO 的收入增長了 54.6%，均貢獻了集團層面 36.5% 的收入增長。

On the strategic adaptation front, we proactively implemented some strategic elements in early 2021 because we value the long-term growth, health and sustainability of our product. We made certain adjustments to Likee and HAGO's marketing strategies and priorities, investment in their content and social systems, which we believe are fundamental to the user experience and the long-term competitiveness of our products. After a few quarters of executing those adjustments under a more prudent marketing strategy, we are pleased to report a significant improvement in the monetization efficiency, financial and operational health of these products.

在戰略適應方面，我們在 2021 年初主動實施了一些戰略要素，因為我們重視產品的長期增長、健康和可持續性。我們對 Likee 和 HAGO 的營銷策略和優先事項、對其內容和社交系統的投資進行了一定的調整，我們認為這是用戶體驗和產品長期競爭力的基礎。在更審慎的營銷策略下執行這些調整幾個季度後，我們很高興地報告這些產品的貨幣化效率、財務和運營健康狀況有了顯著改善。

As a result, we substantially narrowed their operating losses, even though their MAUs experienced a few short-term fluctuations. The combination of the monetization of the more aforementioned products, our proactive adjustment in marketing strategies, the growing synergy among our products and our enhanced operation efficiency across the board had led us to an important breakthrough, enabling us to achieve full year profitability for our global business for the first time since the de-consolidation of YY Live.

結果，我們大大縮小了他們的經營虧損，儘管他們的月活躍用戶經歷了一些短期波動。上述產品的貨幣化、營銷策略的積極調整、產品協同效應的增強以及全線運營效率的提升，使我們取得了重要突破，使我們在全球實現了全年盈利。 YY Live 分拆後的首次業務。

Our healthy cash flows demonstrate that we have entered into a new phase of sustainable development. Following a positive operating cash flow of $77.6 million in the third quarter, we generated another positive operating cash flow of $150.2 million in the fourth quarter.

我們健康的現金流表明我們已進入可持續發展的新階段。在第三季度實現 7760 萬美元的正經營現金流之後，我們在第四季度又產生了 1.502 億美元的正經營現金流。

Looking back, we continue to achieve innovative breakthroughs as evidenced by our proven track record of incubating, developing and monetization of our products. With our existing global market presence, healthy cash flows and sustainable growth momentum, we are confident in our future prospects as we continue to reinvent ourselves, explore the global market, increase our global market share and capture future growth opportunities in the social entertainment industry.

回顧過去，我們不斷取得創新突破，我們在產品孵化、開發和貨幣化方面的良好記錄證明了這一點。憑藉我們現有的全球市場佔有率、健康的現金流和可持續的增長勢頭，我們對未來前景充滿信心，因為我們將繼續重塑自我、開拓全球市場、增加我們的全球市場份額並抓住社交娛樂行業的未來增長機會。

Next, let me share greater details of the progress we made in each of our product lines during the fourth quarter. Let's start with BIGO LIVE. Our efforts including cultivating a diversified global content ecosystem have been fruitful in expanding our product reach as BIGO LIVE's MAU grew by 11.9% year-over-year to $32.2 million in the fourth quarter, despite macroeconomic uncertainties, challenges posted by the resurgence of COVID-19 and some depreciation of certain currencies against the U.S. dollar, and that partially offset our growth momentum.

接下來，讓我分享一下我們在第四季度在每個產品線中取得的進展的更多細節。讓我們從 BIGO LIVE 開始。儘管宏觀經濟存在不確定性，COVID-19 的複蘇帶來了挑戰，但隨著 BIGO LIVE 的 MAU 在第四季度同比增長 11.9% 至 3220 萬美元，我們包括培育多元化的全球內容生態系統在內的努力在擴大我們的產品範圍方面取得了豐碩的成果。 19 和某些貨幣對美元的一些貶值，這部分抵消了我們的增長勢頭。

Our business demonstrated super resilience on a year-over-year basis. BIGO LIVE's live streaming revenue and paying users increased by 12.5% and 10.3%, respectively, in the fourth quarter as we continued to make headway with BIGO LIVE's growth trajectory in multiple geographic regions. In particular, revenues and paying users from Europe increased by 42.2% and 40.7%, respectively; while revenues and paying users from Southeast Asia and other emerging markets increased by 16.6% and 24.4%, respectively.

我們的業務逐年表現出超強的彈性。 BIGO LIVE 的直播收入和付費用戶在第四季度分別增長了 12.5% 和 10.3%，因為我們繼續推進 BIGO LIVE 在多個地理區域的增長軌跡。特別是來自歐洲的收入和付費用戶分別增長了 42.2% 和 40.7%；而來自東南亞和其他新興市場的收入和付費用戶分別增長了 16.6% 和 24.4%。

In the fourth quarter, we made additional progress in diversifying our content ecosystem in reaching our local live content offerings, increasing our supply of premium content and improving user engagement. In December 2021 and January 2022, we hosted a series of online events in multiple regions across the globe, such as Europe and the Middle East. Those events featured many popular regional artists, musicians, singers and dancers, in addition to the region's top live streamers.

在第四季度，我們在實現內容生態系統多樣化方面取得了額外進展，以達到我們的本地直播內容產品、增加優質內容的供應和提高用戶參與度。 2021 年 12 月和 2022 年 1 月，我們在歐洲和中東等全球多個地區舉辦了一系列在線活動。除了該地區的頂級直播主播外，這些活動還邀請了許多受歡迎的地區藝術家、音樂家、歌手和舞者。

To provide users with refreshing and immersive social experience, we launched innovative product features in the fourth quarter, incorporating computer vision, virtual reality, augmented reality and many other cutting-edge technologies. In December, we introduced a brand-new feature called Virtual Live, which enable users to create custom-made 3D digital avatars as their virtual representations and that mirror their live body movements and facial expressions via camera when streaming on BIGO LIVE. We plan to upgrade the Virtual Live feature continuously in the future to increase our user personalization, boosting user interactions and enhance user engagement.

為了給用戶提供耳目一新的沉浸式社交體驗，我們在第四季度推出了創新的產品功能，融合了計算機視覺、虛擬現實、增強現實等多項前沿技術。 12 月，我們推出了一項名為 Virtual Live 的全新功能，該功能使用戶能夠創建定制的 3D 數字化身作為他們的虛擬表示，並在 BIGO LIVE 上流式傳輸時通過攝像頭反映他們的實時身體動作和麵部表情。我們計劃在未來不斷升級 Virtual Live 功能，以增加我們的用戶個性化，促進用戶交互並提高用戶參與度。

Beyond that, we also introduced into BIGO LIVE a virtual background feature for a single user, live streaming rooms and implemented a tiered system for ranking special user privileges in multiuser live streaming rooms. All these technology innovations have produced encouraging results as average and cumulative duration of live streaming sessions increased year-over-year by 12.1% and 8.3%, respectively, in the fourth quarter.

除此之外，我們還在 BIGO LIVE 中引入了單用戶、直播間的虛擬背景功能，並實施了分層系統，用於對多用戶直播間中的特殊用戶權限進行排名。所有這些技術創新都產生了令人鼓舞的結果，第四季度直播會話的平均和累計持續時間分別同比增長 12.1% 和 8.3%。

To enhance our brand influence, we continue to organize signature events by leveraging the extensive localized operational experience of our international talent. For example, in January this year, we hosted the BIGO LIVE annual gala, inviting around 100 streamers from a variety of cultural background to perform through video feed in front of their global fans during the annual gala through the grand debut of our recently launched Virtual Live 3D avatar feature in collaboration with [Twice], a Thai singer. BIGO LIVE delivered a brand-new view experience through seamless integration of physical and virtual realities. As is the tradition for this annual event, we selected BIGO LIVE's most influential streamers of the year and featured them on advertisement billboards at famous landmarks around the world, including Time Square in New York and many more.

為提升我們的品牌影響力，我們將繼續利用我們國際人才豐富的本地化運營經驗組織標誌性活動。例如，今年 1 月，我們舉辦了 BIGO LIVE 年度盛會，邀請了大約 100 位來自不同文化背景的主播，通過我們最近推出的 Virtual與泰國歌手 [Twice] 合作的實時 3D 頭像功能。 BIGO LIVE 通過物理和虛擬現實的無縫集成提供了全新的觀看體驗。按照這一年度活動的傳統，我們選擇了 BIGO LIVE 年度最有影響力的主播，並將他們展示在世界各地著名地標的廣告牌上，包括紐約時代廣場等。

Going forward, BIGO LIVE will continue executing its globalization strategy to enhance its leadership position in the social and pan-entertainment live streaming industry across the world. It will continue to focus on key regions like North America, Europe and the Middle East and the Eastern Pacific while accelerating investments in emerging markets. BIGO LIVE will also continue to localize, diversify its social content ecosystem with a focus on content categories such as music, dance, comedy, games and e-commerce, and further increase the proportion of its premium content to elevate user expansion and engagement.

展望未來，BIGO LIVE將繼續執行全球化戰略，提升其在全球社交和泛娛樂直播行業的領先地位。它將繼續專注於北美、歐洲和中東以及東太平洋等重點地區，同時加快對新興市場的投資。 BIGO LIVE還將繼續本地化、多元化其社交內容生態系統，重點關注音樂、舞蹈、喜劇、遊戲和電子商務等內容類別，並進一步提高其優質內容的比例，以提升用戶擴展和參與度。

Meanwhile, through content product innovation and localized operations, BIGO LIVE will seek to construct interest-based online communities to help users establish more fulfilling social connections on the platform. We believe that diversified content and positive social relationships on the platform will further enrich our users' social entertainment experience, attract more users on to our community, cultivate their spending habits and ultimately drive BIGO LIVE'S monetization growth.

同時，通過內容產品創新和本土化運營，BIGO LIVE將尋求構建基於興趣的在線社區，幫助用戶在平台上建立更充實的社交聯繫。我們相信平台上多元化的內容和積極的社交關係將進一步豐富我們用戶的社交娛樂體驗，吸引更多用戶加入我們的社區，培養他們的消費習慣，最終推動 BIGO LIVE 的貨幣化增長。

Next, let me share some recent updates on Likee. As discussed on our previous earnings calls, we have been fine-tuning Likee's marketing strategy since the fourth quarter of 2021 and prioritizing our investment in our content and social ecosystem. Also, Likee's overall MAU experienced some short-term fluctuations as a result and reached $67 million. The downward change moderated further during the fourth quarter, especially in the Gulf states in the Middle East region.

接下來，讓我分享一些關於Likee的最新更新。正如我們在之前的財報電話會議上所討論的，自 2021 年第四季度以來，我們一直在微調 Likee 的營銷策略，並優先考慮我們對內容和社交生態系統的投資。此外，Likee 的整體 MAU 也因此經歷了一些短期波動，達到了 6700 萬美元。第四季度下行變化進一步放緩，尤其是在中東地區的海灣國家。

Likee's live streaming revenue continued to grow during the fourth quarter, increasing by to 26.5% year-over-year. Its revenue from the Middle East increased by 59.1% year-over-year. With a focus on identifying and cultivating talented content creators with its comprehensive creator support program, Likee continues its efforts on efforts in fostering friendly and relevant content creation community, motivated by a series of incentive programs.

Likee 的直播收入在第四季度繼續增長，同比增長 26.5%。其來自中東的收入同比增長 59.1%。專注於通過其全面的創作者支持計劃識別和培養有才華的內容創作者，Likee 在一系列激勵計劃的推動下，繼續努力培養友好和相關的內容創作社區。

The number of certified creators of Likee increased by 22% consequently in the fourth quarter. The number of certified creators for the gaming category, which are widely popular among generation Z users, increased by 173% consequently. And the average quantity of premium gaming content produced per day increased by 97% consequently.

因此，在第四季度，Likee 的認證創建者數量增加了 22%。在 Z 代用戶中廣受歡迎的遊戲類別的認證創作者數量因此增加了 173%。因此，每天產生的優質遊戲內容的平均數量增加了 97%。

As part of our effort to cultivate and support creators, Likee rolled out a series of upgrades of its product features. During the fourth quarter, Likee expanded the implementation of Superlike future to a broader user base, leading Superlike to become a unique icon for users to publicly endorse their favorite creators and support premium content. Meanwhile, certified creators received nearly 6x more incentives through the Superlike feature in December than September.

作為我們培養和支持創作者的努力的一部分，Likee 推出了一系列產品功能升級。在第四季度，Likee 將 Superlike 未來的實施擴展到更廣泛的用戶群，使 Superlike 成為用戶公開認可他們喜愛的創作者並支持優質內容的獨特圖標。與此同時，經過認證的創作者在 12 月通過 Superlike 功能獲得的獎勵是 9 月的近 6 倍。

In addition, we introduced another feature called Superfollow to enable creators to publish exclusive content for their Superfollowers by earning monthly subscription fee on Likee. All these new features provide more diverse monetization channels to creators, enrich their interactions with fans and incentive them to produce more individualized and high-quality content.

此外，我們還引入了另一個名為 Superfollow 的功能，讓創作者能夠通過在 Likee 上賺取每月訂閱費來為他們的 Superfollow 發布獨家內容。所有這些新功能都為創作者提供了更多樣化的變現渠道，豐富了他們與粉絲的互動，並激勵他們製作更多個性化和高質量的內容。

In 2022, we will continue to invest more resources in identifying and nurturing talented creators. We will provide these creators across various content verticals with abundant user traffic support, sufficient content creation through professional support for our localized operation teams and diverse monetization methods to pave a path for their long-term personal growth and career development. We believe a vibrant content community and likely interactions between creators and fans are fundamental to sustaining Likee's monetization growth and changing Likee's user downward trend in the future.

2022年，我們將繼續投入更多資源，發掘和培養優秀的創作者。我們將為這些跨內容垂直領域的創作者提供豐富的用戶流量支持，通過對本地化運營團隊的專業支持和多樣化的變現方式，為他們的長期個人成長和職業發展鋪平道路。我們認為，一個充滿活力的內容社區以及創作者和粉絲之間可能的互動對於維持 Likee 的貨幣化增長和改變 Likee 未來的用戶下降趨勢至關重要。

In addition to monetization via live streaming, we are also steadily steering the rules of Likee's brand advertising business and further diversifying its revenue stream. Going forward, we are confident that Likee will be able to maintain its top line growth trajectory, further narrow its operation loss and gradually resume user expansion over a long period of time.

除了通過直播變現外，我們還在穩步引導 Likee 品牌廣告業務的規則，並進一步豐富其收入來源。展望未來，我們有信心Likee能夠在很長一段時間內保持其收入增長軌跡，進一步縮小經營虧損並逐步恢復用戶擴張。

Last on HAGO. During the fourth quarter, HAGO continued its monetization growth momentum as its live streaming revenue and paying user increased by to 32.1% and 33.9% year-over-year, respectively, mainly driven by the optimizing of several engagement features and the launch of a new couple features in dating-themed live streaming rooms. We also upgraded HAGO's product to better satisfy the user demand for multiple players' social interactions. Considering the difference in user live circles and user regions, we implement and update recommendation algorithms for users to easily locate their favorite live streaming rooms. As a result, in the fourth quarter, the penetration rates for HAGO's feature channels increased by 2.2% sequentially.

最後是HAGO。第四季度，HAGO 繼續保持盈利增長勢頭，直播收入和付費用戶同比分別增長 32.1% 和 33.9%，這主要得益於多項互動功能的優化和新功能的推出。約會主題直播間中的情侶功能。我們還對HAGO的產品進行了升級，以更好地滿足用戶對多玩家社交互動的需求。考慮到用戶直播圈和用戶區域的差異，我們實現和更新推薦算法，方便用戶輕鬆定位自己喜歡的直播間。因此，在第四季度，HAGO 特色頻道的滲透率環比增長了 2.2%。

In 2022, HAGO will continue to provide users with better multiplayers' interactive entertainment experience by optimizing its product features, enhancing user matching capabilities and diversifying user interactions through culture and increased social entertainment community. We believe that we will continue to drive HAGO's monetization growth, further narrow its operation loss and make further progress on its path towards breakeven in 2022.

2022年，HAGO將繼續通過優化產品功能、增強用戶匹配能力、通過文化和增加社交娛樂社區來豐富用戶交互，為用戶提供更好的多人互動娛樂體驗。我們相信，我們將繼續推動 HAGO 的貨幣化增長，進一步縮小其經營虧損，並在 2022 年實現盈虧平衡的道路上取得進一步進展。

In summary, 2021 was a fruitful year for JOYY. The enhanced monetization capability across multi products helped us achieve full year revenue growth of 36.5%. The combination of our increased monetization from aforementioned products, proactive adjustment in marketing strategies, better synergy among multiple products and enhanced operation efficiency across the board led us to full year profitability, not only for BIGO but also for the whole group.

綜上所述，2021年對於JOYY來說是碩果累累的一年。多產品變現能力的增強幫助我們實現了 36.5% 的全年收入增長。上述產品貨幣化程度的提高、營銷策略的積極調整、多種產品之間更好的協同效應以及全線運營效率的提高，使我們全年實現盈利，不僅為BIGO，而且為整個集團。

On capital return front, for the full year, our Board of Directors has authorized the additional share purchase program for an aggregate of $1.2 billion. As of December 31, 2021, we have bought back a cumulative 393 million of our shares, 236 million of which was out of the $1.2 billion newly added purchase plan. Additionally, we have paid out a total of $160 million in dividends. These efforts are to demonstrate our confidence in the company's long-term growth perspectives and to reward our shareholders for their long-term support of the company.

在資本回報方面，我們的董事會已批准全年總額為 12 億美元的額外股票購買計劃。截至 2021 年 12 月 31 日，我們累計回購 3.93 億股，其中 2.36 億股來自新增的 12 億美元購買計劃。此外，我們已經支付了總計 1.6 億美元的股息。這些努力是為了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。

Looking ahead, we will continue to localize our diversified global social entertainment ecosystem, expand our market reach and fortify our leadership position in core geographic regions. As an innovator and a pioneer, we remain committed to our vision of bridging communications among people from around the globe and bring them joyful and youthful experience.

展望未來，我們將繼續本地化我們多元化的全球社交娛樂生態系統，擴大我們的市場範圍並鞏固我們在核心地理區域的領導地位。作為創新者和先驅者，我們始終致力於在全球各地的人們之間架起溝通的橋樑，並為他們帶來快樂和年輕的體驗。

This concludes my prepared remarks. I will now turn the call to our General Manager of Finance, [Alex Liu] for a more detailed explanation of our financial results.

我準備的發言到此結束。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財務業績。

Thanks, David. Hello, everyone. As JOYY's Finance General Manager, I will talk about the financial results.

謝謝，大衛。大家好。作為JOYY的財務總經理，我會談談財務業績。

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 renminbi to U.S. dollar to better illustrate our operational results.

由於自 2021 年 1 月 1 日起，我們的大部分收入和支出現在都以美元計價，我們已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業績。

Please note that the financial information and non-GAAP financial information disclosed in our 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經營的基礎上呈現的。

As the (inaudible) of YY LIVE was substantially completed on February 8, 2021, with certain customer 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（聽不清）於 2021 年 2 月 8 日基本完成，部分客戶事項將在近期完成，YY LIVE 的歷史財務業績在公司合併財務報表中作為終止經營反映，因此，從2020年第四季度開始。

During the fourth quarter of 2021, despite the recent volatility in the macro environment and increased uncertainty due to COVID-19 and some depreciation of certain currencies against the U.S. dollar that partially offset our growth momentum, our business growth remains resilient. Our total revenues for the fourth quarter increased by 16.8% year-over-year to USD 663.7 million, from USD 568.2 million in the same period of 2020, primarily attributable to the enhanced monetization capabilities across multiple products, including BIGO LIVE, Likee and HAGO.

在 2021 年第四季度，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，以及某些貨幣對美元的貶值部分抵消了我們的增長勢頭，但我們的業務增長仍然保持彈性。我們第四季度的總收入從 2020 年同期的 5.682 億美元同比增長 16.8% 至 6.637 億美元，這主要歸功於增強了多種產品的貨幣化能力，包括 BIGO LIVE、Likee 和 HAGO .

In particular, our live streaming revenues for the fourth quarter increased by 15% year-over-year to USD 620.9 million, and other revenues in the fourth quarter increased by 50.3% to USD 42.8 million.

特別是，我們第四季度的直播收入同比增長 15% 至 6.209 億美元，第四季度其他收入增長 50.3% 至 4280 萬美元。

Cost of revenues for the fourth quarter increased by 9.6% year-over-year to USD 440.2 million. Revenue sharing fees and content costs increased to USD 297.3 million in the fourth quarter from USD 254.2 million in the same period of 2020, which was in line, based the increase in live streaming revenues. Bandwidth costs decreased to USD 20.6 million from USD 27 million in the same period of 2020, primarily due to the company's improved emphasis in bandwidth usage, partially offset by the increased bandwidth usage as a result of continued user base expansion of BIGO LIVE.

第四季度的收入成本同比增長 9.6% 至 4.402 億美元。基於直播收入的增長，收入分成費用和內容成本從 2020 年同期的 2.542 億美元增加到第四季度的 2.973 億美元，符合預期。帶寬成本從 2020 年同期的 2,700 萬美元降至 2,060 萬美元，主要是由於公司對帶寬使用的重視程度有所提高，但部分被 BIGO LIVE 用戶群持續擴大導致的帶寬使用增加所抵消。

Gross profit increased by 34.2% year-over-year to USD 223.5 million. Gross margin in the fourth quarter of 2021 improved to 33.7% from 29.3% in the same period of 2020. Operating expenses for the fourth quarter decreased to USD 168.2 million from USD 251.6 million in the same period of 2020. Among the operating expenses, sales and marketing expenses decreased to USD 112.6 million from USD 146.4 million due to disciplined spending on user acquisition via advertisement for certain products, including Likee and HAGO.

毛利潤同比增長 34.2% 至 2.235 億美元。 2021年第四季度毛利率從2020年同期的29.3%提高至33.7%。第四季度營業費用從2020年同期的2.516億美元減少至1.682億美元。營業費用中，銷售額營銷費用從 1.464 億美元減少至 1.126 億美元，原因是通過對某些產品（包括 Likee 和 HAGO）的廣告獲取用戶進行了嚴格的支出。

Through the combination of improved synergy among multiple products, enhanced operating leverage and prudent marketing strategy, we continued to achieve 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板塊和整個集團的盈利能力持續穩步提升。

Our GAAP operating income for the fourth quarter was USD 16.6 million compared to operating loss of USD 83.8 million in the same period of 2020. Operating income margin for the fourth quarter was 9.9% compared to operating loss margin of 14.7% in the same period of 2020. Our non-GAAP operating income for the fourth 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 disposal of subsidiaries and business, was USD 83.5 million in the quarter compared to non-GAAP operating loss of USD 33.2 million in the same period of 2020.

我們第四季度的 GAAP 營業收入為 1660 萬美元，而 2020 年同期的營業虧損為 8380 萬美元。第四季度的營業利潤率為 9.9%，而同期的營業虧損率為 14.7% 2020 年，我們第四季度的非公認會計準則營業收入為 8350 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，與 2020 年同期的非公認會計原則營業虧損 3320 萬美元相比。

Our non-GAAP operating income margin for the fourth quarter was 12.6% compared to non-GAAP operating loss margin of 5.8% in the prior year period. GAAP net income from continuing operations attributable to controlling interest of JOYY in the fourth quarter of 2021 was USD 73.2 million compared to net loss of USD 118.9 million in the same period of 2020. Net income margin was 11% in the fourth quarter of 2021 compared to net loss margin of 20.9% in the corresponding period of 2020.

我們第四季度的非 GAAP 營業利潤率為 12.6%，而去年同期的非 GAAP 營業虧損率為 5.8%。 GAAP 2021年第四季度歸屬於JOYY控股權益的持續經營淨收入為7320萬美元，而2020年同期為淨虧損1.189億美元。與2021年第四季度相比，淨利潤率為11% 2020 年同期淨虧損率為 20.9%。

At the group level, we continued to achieve a positive non-GAAP net income from continued operations attributable to controlling interest of JOYY in the fourth quarter, with a non-GAAP net income of USD 98.3 million compared to non-GAAP net loss of USD 22.4 million in the same period of 2020. Group non-GAAP net income margin was 14.8% in the fourth quarter of 2021 compared to non-GAAP net loss margin of 3.9% in the same period of 2020.

在集團層面，我們在第四季度繼續實現了歸因於JOYY控股權益的持續經營的非GAAP淨收入為正，非GAAP淨收入為9830萬美元，而非GAAP淨虧損為美元2020 年同期為 2240 萬美元。2021 年第四季度集團非公認會計準則淨利潤率為 14.8%，而 2020 年同期非公認會計準則淨利潤率為 3.9%。

Notably, BIGO also continued to achieve a positive non-GAAP net income as its non-GAAP net income expanded to $103.5 million in the fourth quarter, with non-GAAP net income margin improved to 18% from non-GAAP net loss margin of 0.4% in the prior year period.

值得注意的是，BIGO 的非 GAAP 淨收入在第四季度擴大至 1.035 億美元，非 GAAP 淨收入利潤率從 0.4 % 在上一年期間。

Now turning to our results for the full year of 2021. Our total net revenues increased by 36.5% year-over-year to USD 2.62 billion. Our net loss attributable to controlling interest of JOYY for the full year 2021 was USD 115.9 million compared to USD 18.7 million in 2020. We have changed the first full year non-GAAP profitability at group level since the de-consolidated YY LIVE.

現在轉向我們 2021 年全年的業績。我們的總淨收入同比增長 36.5% 至 26.2 億美元。我們在 2021 年全年歸屬於 JOYY 控股權益的淨虧損為 1.159 億美元，而 2020 年為 1870 萬美元。我們已經改變了自取消合併 YY LIVE 以來集團層面的第一個全年非公認會計原則盈利能力。

Our non-GAAP net income attributable to controlling interest and common shareholders of JOYY for the full year of 2021 was USD 108.9 million compared to non-GAAP net loss of USD 164 million in 2020. Non-GAAP net income margin for the full year of 2021 was 4.2% compared to non-GAAP net loss margin of 8.6% in 2020. 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 fourth quarter of 2021, which is expected to be paid on April 29, 2022, to shareholders of record as of the close of business on April 14, 2022.

2021年全年我們歸屬於JOYY控股權益和普通股股東的非GAAP淨利潤為1.089億美元，而2020年非GAAP淨虧損為1.64億美元。 2021 年為 4.2%，而 2020 年非 GAAP 淨虧損率為 8.6%。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，我們將分配美元股息2021 年第四季度每 ADS 0.51，預計將於 2022 年 4 月 29 日支付給截至 2022 年 4 月 14 日收盤時在冊的股東。

Next, an update on our execution of the share repurchase program. In September and November 2021, our Board of Directors has authorized additional share repurchase plan in which the company may repurchase up to USD 1.2 billion of shares in total. As of December 31, 2021, the company had repurchased approximately USD 235.7 million of its shares under this program. This means that for the full year of 2021, we bought back a cumulative USD 393 million of our shares.

接下來，我們執行股票回購計劃的更新。 2021 年 9 月和 2021 年 11 月，我們的董事會批准了額外的股票回購計劃，其中公司可能回購總額不超過 12 億美元的股票。截至 2021 年 12 月 31 日，公司已根據該計劃回購了約 2.357 億美元的股票。這意味著，在 2021 年全年，我們累計回購了 3.93 億美元的股票。

These efforts demonstrate our confidence in the company's long-term growth prospects and our sincerity to reward our shareholders for their long-term support of the company. We will continue to actively utilize share repurchases to create value for our shareholders. Going forward, we will continue to further expand our global market rates, cultivate our highly engaged user community and enhance our high-quality content offerings.

這些努力表明了我們對公司長期增長前景的信心，以及我們回報股東長期以來對公司的支持的誠意。我們將繼續積極利用股份回購為股東創造價值。展望未來，我們將繼續進一步擴大我們的全球市場價格，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。

Beginning in the second quarter of 2021, we have anticipated some negative impact on users' online social entertainment activities from the gradual lift of pandemic-related lockdowns in certain countries. We expect average net revenues for the first quarter of 2022 to be between USD 601 million and USD 616 million, excluding the revenue contribution from YY LIVE in the same period of last year.

從 2021 年第二季度開始，我們預計某些國家/地區逐步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。我們預計 2022 年第一季度的平均淨收入在 6.01 億美元至 6.16 億美元之間，不包括去年同期來自 YY LIVE 的收入貢獻。

We currently have limited visibility surrounding the COVID-19 pandemic's long-term impacts and geopolitical uncertainties on our business and the market in which we operate. Therefore, this forecast only reflects our current and preliminary views on the market and operational business which are subject to change.

目前，我們對 COVID-19 大流行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。因此，該預測僅反映我們對可能發生變化的市場和經營業務的當前和初步看法。

That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks.

我們準備好的發言到此結束。接線員，我們現在想打開問題電話。謝謝。

(Operator Instructions) Our first question comes from Alex Poon at Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Alex Poon。

(foreign language) My first question is related to our revenue growth outlook in 2022, how are the major countries' performance doing and what's the outlook for 2022?

（外語）我的第一個問題與我們2022年的收入增長前景有關，主要國家的表現如何，2022年的前景如何？

And my second question is regarding our margins. Margin in the last few quarters have been on an uptrend. And from here onwards, any cost savings we can continue to do? And for the YY core segment, when can we see a breakeven point?

我的第二個問題是關於我們的利潤。過去幾個季度的利潤率一直處於上升趨勢。從這裡開始，我們可以繼續節省任何成本嗎？而對於YY核心板塊，何時才能看到盈虧平衡點？

[Interpreted] Thank you, Alex, for your question. As the world enters the post-pandemic area, the macro environment that we encounter has become of increased uncertainty and volatility. On the one hand, you see that with multiple countries gradually lifting lockdown bans, there has been negative impact on users' online social entertainment activity. And on the other hand, the resurgence of COVID-19 in certain areas, both increased uncertainty on the potential economic growth, and together with the ongoing high inflation pressure across multiple regions, we do see weakened consumer confidence and capacity which have negative impact on users' paying behavior.

[解釋]謝謝你，亞歷克斯，你的問題。隨著世界進入後疫情時代，我們面臨的宏觀環境變得不確定性和波動性增加。一方面，你看到隨著多個國家逐步解除封鎖禁令，對用戶的在線社交娛樂活動產生了負面影響。另一方面，COVID-19 在某些地區的死灰復燃，既增加了潛在經濟增長的不確定性，又加上多個地區持續的高通脹壓力，我們確實看到消費者信心和能力減弱，這對經濟產生負面影響用戶的付費行為。

Despite the above complex macro environment, we have achieved a 36.5% revenue growth for the year 2021, which indicates that our diversified globalization strategy, which focus on various numbers of different regions across the world, and our diversified growth engines, empowered by multiple social entertainment products, are effective, enabling our global business to have greater resilience.

儘管存在上述複雜的宏觀環境，但我們在 2021 年實現了 36.5% 的收入增長，這表明我們以全球多個不同地區為重點的多元化全球化戰略和多元化的增長引擎，由多種社會賦能娛樂產品是有效的，使我們的全球業務具有更大的彈性。

So looking forward to '22, we will continue to execute the above-mentioned strategy. We expect to have a resilient and steady top line growth driven by multiple key regions, including Europe, North America, Middle East, East Pacific and Southeast Asia, and also by monetization growth across multiple products, including BIGO LIVE, Likee, HAGO and other products. But we'd like to remind you that the current outlook for our first quarter 2022 do reflect some fluctuation related to seasonality of our business. So we expect our business growth to accelerate gradually in the second half of '22.

所以期待'22，我們將繼續執行上述戰略。我們預計，在包括歐洲、北美、中東、東太平洋和東南亞在內的多個關鍵地區以及包括 BIGO LIVE、Likee、HAGO 等在內的多個產品的貨幣化增長的推動下，我們將實現彈性和穩定的收入增長產品。但我們想提醒您，我們 2022 年第一季度的當前前景確實反映了與我們業務的季節性相關的一些波動。因此，我們預計我們的業務增長將在 22 年下半年逐漸加速。

So in terms of the latest growth trend for the key regions, we do see promising trends in Europe, East Pacific, including countries like Japan, South Korea, Australia and New Zealand, and also the Southeast Asia region to be good in Q4. In 2022, we expect our business to continue to be diversified among the above-mentioned regions. Thank you.

因此，就關鍵地區的最新增長趨勢而言，我們確實看到歐洲、東太平洋地區（包括日本、韓國、澳大利亞和新西蘭等國家）以及東南亞地區的良好趨勢在第四季度表現良好。 2022年，我們預計我們的業務將在上述地區繼續多元化。謝謝你。

(foreign language)

（外語）

[Interpreted] and this is Alex Liu. I will take your second question. As David just mentioned, we proved the profitability of our global business by achieving a 7.8% non-GAAP net profit margin for BIGO segment for the full year for the -- and also a 4.2% non-GAAP net profit margin for the whole group in 2021. So this means that we have officially entered into a sustainable growth stage.

[解釋] 這是 Alex Liu。我會回答你的第二個問題。正如大衛剛剛提到的那樣，我們通過實現 BIGO 部門全年 7.8% 的非公認會計準則淨利潤率以及整個集團 4.2% 的非公認會計準則淨利潤率證明了我們全球業務的盈利能力2021年。所以這意味著我們正式進入了可持續增長階段。

In 2022, we want to balance growth and profit. And this means that on the one hand, we will seize the opportunity, continue to invest and explore the global markets and continue to increase the influencer market share of our products. And on the other hand, we expect to remain profitable and steadily improve the profitability level of our business.

2022年，我們要平衡增長和利潤。而這意味著，一方面，我們將抓住機遇，繼續投資和開拓全球市場，不斷提升我們產品的網紅市場份額。另一方面，我們希望保持盈利並穩步提高我們業務的盈利水平。

So specifically, for BIGO segment, on top of the non-GAAP net margin that we achieved in the year of '21, we expect to continue to steadily improve BIGO's non-GAAP profitability for the full year in the year '22. And this is based on the assumption that BIGO LIVE continues to maintain a relatively stable level of operating profitability, while the losses of other product lines, such as Likee, are continuing to narrow.

因此，具體而言，對於 BIGO 部門，除了我們在 21 年實現的非 GAAP 淨利潤率之外，我們預計將在 22 年全年繼續穩步提高 BIGO 的非 GAAP 盈利能力。而這是基於BIGO LIVE繼續保持相對穩定的運營盈利水平，而Likee等其他產品線的虧損繼續收窄的假設。

In terms of the cost and expense margins, with the increased monetization across multiple products and the improvement of enhanced operational efficiency, we believe that cost savings could happen across various expense items. And for the other segment, we have successfully narrowed its full year non-GAAP loss by 35% in the year '21. In '22, as the monetization of HAGO and of the other products continue to pick up, we expect that the non-GAAP net losses of this segment should be further narrowed in the year '22. Thank you.

在成本和費用利潤率方面，隨著多種產品貨幣化程度的提高以及運營效率的提高，我們認為可以在各種費用項目上實現成本節約。而對於其他部分，我們在 21 年成功地將其全年非公認會計準則虧損縮小了 35%。 22 年，隨著 HAGO 和其他產品的貨幣化繼續回升，我們預計該部門的非公認會計原則淨虧損應在 22 年進一步收窄。謝謝你。

Our next question comes from Thomas Chong at Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

(foreign language) My first question is about the competitive landscape in overseas market. How should we envision the changes in this year? And how should we think about the seasonality?

（外語）我的第一個問題是關於海外市場的競爭格局。我們應該如何設想今年的變化？我們應該如何看待季節性？

And my second question is about the YY LIVE transaction. Can management share about the progress as well as any contingency plan or any strategies that can be shared?

我的第二個問題是關於 YY LIVE 的交易。管理層能否分享進度以及任何應急計劃或任何可以分享的策略？

(foreign language)

（外語）

[Interpreted] Thank you, Thomas. Regarding your first question on the competitive landscape, I've shared my views multiple times in our previous earnings calls as well. So I've just mentioned that our global business turned profitable in the year '21, we have officially entered into a sustainable growth stage. So this means that under the current complex -- increasingly complex macro environment, this makes our business more resilient and allow us to gain additional competitive advantages on top of our already existing extensive global business presence and also our proven global localized operational capacity.

[解釋] 謝謝你，托馬斯。關於你關於競爭格局的第一個問題，我在之前的財報電話會議中也多次分享了我的觀點。所以我剛才提到，我們的全球業務在 21 年實現了盈利，我們正式進入了可持續增長階段。因此，這意味著在當前複雜 - 日益複雜的宏觀環境下，這使我們的業務更具彈性，並使我們能夠在我們已經存在的廣泛的全球業務存在以及我們經過驗證的全球本地化運營能力之上獲得額外的競爭優勢。

So turning losses into profits means that we have more space and time to think and plan our business from a longer-term development perspective. As we have said before, there is still a lot of potential for the global social entertainment market. We believe that with the support of our abundant cash flow and also with our healthy growth model, we will be better positioned to seize market opportunity and further increase the market share and influence of our multiple products.

所以扭虧為盈意味著我們有更多的空間和時間從更長遠的發展角度來思考和規劃我們的業務。正如我們之前所說，全球社交娛樂市場仍有很大潛力。我們相信，在我們充裕的現金流和健康的增長模式的支持下，我們將能夠更好地抓住市場機遇，進一步提升多個產品的市場份額和影響力。

And regarding our business seasonality, we have to admit that the outbreak and resurgence of the pandemic has actually disrupted the normal patterns from time to time. And according to our limited observation of our business trends in the past, the first half of the year is usually a lower season and business growth usually accelerate in the second half of the year. The current outlook for our first quarter 2022 reflects such seasonality fluctuation, and we expect our business growth to accelerate gradually in the second half of '22.

而關於我們的業務季節性，我們不得不承認，大流行的爆發和捲土重來實際上不時地擾亂了正常模式。而根據我們過去對業務趨勢的有限觀察，上半年通常是淡季，下半年業務增長通常會加速。目前我們對 2022 年第一季度的展望反映了這種季節性波動，我們預計我們的業務增長將在 22 年下半年逐漸加速。

(foreign language)

（外語）

[Interpreted] And regarding your second question about the sale of YY LIVE, the deal is still ongoing. And if there's any update, further information will be disclosed when and as required by applicable law. Thank you.

【解讀】關於你第二個關於出售YY LIVE的問題，交易仍在進行中。如果有任何更新，將在適用法律要求的時間和要求下披露更多信息。謝謝你。

Our next question comes from Yiwen Zhang at China Renaissance.

我們的下一個問題來自華興資本的張藝文。

(foreign language) So I have a couple of questions. Firstly, regarding Likee. So what's our plan for marketing acceleration pace this year? And additionally, what's our expectation for the Likee monetization loss controlling and also user trend? Secondly, what is your mobile live streaming monetization target for this year?

（外語）所以我有幾個問題。首先，關於Likee。那麼我們今年的營銷加速計劃是什麼？另外，我們對 Likee 變現損失控制和用戶趨勢的預期是什麼？其次，你們今年的移動直播變現目標是什麼？

(foreign language)

（外語）

[Interpreted] Regarding your first question about Likee, as I just mentioned in the prepared remarks, in the year '21, we took some proactive changes to adjust Likee's marketing strategy and focus on the identification and cultivation of content creators. As a result, although Likee's MAU did suffer some fluctuation, after several quarters of executing the marketing adjustment, Likee has also achieved several key results. In the past year, we see that Likee's live streaming revenue has increased by nearly 100%, and its operating loss for the full year was significantly narrowed by 67% compared to the year of 2020, meaning that the product's overall growth model has become much more healthier.

【解讀】關於你第一個關於Likee的問題，正如我剛才在準備發言中提到的，21年我們進行了一些積極的改變，調整Likee的營銷策略，專注於內容創作者的識別和培養。因此，雖然Likee的MAU確實出現了一些波動，但經過幾個季度的營銷調整，Likee也取得了幾個關鍵的成果。過去一年，我們看到Likee的直播收入增長近100%，全年營業虧損較2020年大幅收窄67%，意味著產品的整體增長模式變得更加更健康。

So for 2022, we believe that Likee will continue to invest more resources into identifying and nurturing the content creators. We believe that a vibrant content community and the lively interaction between the creators and the fans is fundamental to sustaining Likee's monetization growth and also reversing Likee's user downward trend in the future.

因此，對於 2022 年，我們相信 Likee 將繼續投入更多資源來識別和培養內容創作者。我們認為，一個充滿活力的內容社區以及創作者和粉絲之間的活躍互動是維持 Likee 貨幣化增長以及扭轉 Likee 未來用戶下降趨勢的基礎。

And in terms of monetization, Likee will continue to increase the penetration rate of live streaming and improve its monetization efficiency in the year '22. So we expect Likee to maintain steady monetization growth in the year '22.

而在變現方面，Likee將在22年繼續提升直播滲透率，提升變現效率。因此，我們預計 Likee 在 22 年將保持穩定的貨幣化增長。

In terms of its marketing strategy, we'll continue to observe the performance of Likee multiple core markets, including the Middle East and Southeast Asia, and its user engagement level, retention and also content progress in these markets. At the right time, we might consider re-increasing investment on its user acquisition. But we do expect Likee's operating loss for the full year to be further narrowed, and we'll have the opportunity to be one step closer towards self sustainability.

在營銷策略方面，我們將繼續觀察Likee在中東、東南亞等多個核心市場的表現，以及在這些市場的用戶參與度、留存率和內容進度。在適當的時候，我們可能會考慮重新增加對用戶獲取的投資。但我們確實預計 Likee 全年的經營虧損將進一步收窄，我們將有機會向自我可持續發展更近一步。

(foreign language)

（外語）

[Interpreted] And regarding your second question about our nonlive streaming revenue, our nonlive streaming revenue in the year '21 increased by 39% throughout the year, accounting for 5.4% of our total revenue, mainly from our advertising and also membership subscription revenues. So monetization contribution from the recently launched features, such Likee's Superlike and Superfollow are still very, very small as their primary focus at this stage is still to provide additional support to our KOL pool.

【解讀】關於你關於我們非直播收入的第二個問題，我們的非直播收入在 21 年全年增長了 39%，占我們總收入的 5.4%，主要來自我們的廣告和會員訂閱收入。因此，最近推出的功能，如 Likee 的 Superlike 和 Superfollow 的貨幣化貢獻仍然非常非常小，因為他們現階段的主要重點仍然是為我們的 KOL 池提供額外的支持。

So as mentioned before in the previous quarters, the growth of our advertising revenue is closely related to our content pool and also the scale of our user base. So at this stage, we will prioritize the cultivation of our content pool and our product experience and also steadily advancing our diversified monetization plan. I believe that the newly introduced -- the latest product features have demonstrated our efforts towards this direction. Thank you.

因此，如前幾個季度所述，我們廣告收入的增長與我們的內容池以及我們的用戶群規模密切相關。所以在這個階段，我們會優先考慮我們的內容池和產品體驗的培養，同時穩步推進我們的多元化變現計劃。我相信新推出的——最新的產品功能已經證明了我們朝著這個方向努力。謝謝你。

And that's the end of our Q&A.

我們的問答到此結束。

Thank you, management. I'll hand back to you for closing comments.

謝謝你，管理層。我會交還給你結束評論。

So thank you for joining our call. We look forward to speaking with everyone next quarter. Thank you.

因此，感謝您加入我們的電話。我們期待在下個季度與大家交談。謝謝你。

[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。]