Good day and thank you for standing by. Welcome to the Q1 2022 Kingsoft Corporation earnings conference. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded, Tuesday, the 24th of May, 2022. If you require any further assistance, please press star zero. I would now like to turn the conference over to your speaker today, Francie Lu. Please go ahead. Thank you, operator. Ladies and gentlemen, good evening and good morning. I would like to welcome everyone to our 2022 first quarter earnings call. I'm Francie Lu, the IR director of Kingsoft. I would like to start by reminding you that some information provided during the earnings call may include forward-looking statements, which may not be relied upon in the future for various reasons. These forward-looking statements are based on our own information and information from other sources which we believe to be reliable. Please refer to the other publicly disclosed documents for detailed discussion on risk factors which may affect our business and operations. Having said that, please allow me to introduce our management team who joined us today. Mr. Zou Tao, our Executive Director and CEO, Mr. Francis Ng, our Executive Director and CFO. Now I'm turning the call to our Executive Director and CEO, Mr. Zou Tao. Tao Zou. Okay. Okay, I'll translate for Mr. Zou. Amidst the evolving market and new challenges, we have successfully seized the opportunity for digital transformation and achieved a decent start in our core businesses. During the first quarter, Kingsoft Office Group continued to pursue the strategy of multi-screen, cloud, content, AI, and collaboration. As its cloud office services and solutions expanded user base and enhanced market penetration. In the online game business, we continue to focus on the R&D of premium games, promote the long-term development of core games, and the overseas market expansion. The group maintained steady performance across all businesses in the first quarter, with total revenue reaching RMB 1,853 million, increasing by 19% year-on-year. Driven by the continued growth of subscription revenue from individual and institutional users, our office software and services business in the first quarter increased by 13% year-over-year. With the contribution of our new mobile games launched in the fourth quarter of 2021, our online games and other business in the first quarter increased by 25% year-over-year. Now I turn the call to our Executive Director and CFO, Francis Ng. Francis. Thank you, Francie. Good evening, everybody. During the quarter, the robust year-on-year growth of domestic individual subscription business was primarily driven by the ongoing user-base expansion and growth in the number of long-term paying users. Meanwhile, during the COVID-19 pandemic, the highly effective collaboration function of WPS Docs facilitated information sharing and drove a continuous increase in the number of uploaded cloud documents. Regarding the government and enterprise market, Kingsoft Office Group continued to enhance the solution quality of cloud and collaboration, bring brand-new experiences to users, and further promote cloud office migration and penetration. Kingsoft Office Group continued to optimize the solution, enhance the ecosystem construction and channel capabilities, and seize new opportunity arising from digital government and the in-industry digital transformation. JX World III, which has launched at the end of 2021, achieved an excellent performance in the quarter and further demonstrated our strength in R&D and operation of premium games. Meanwhile, we continue to optimize the newly launched titles. In April 2022, we have received a license approval for JX Online III Origin and launched its open beta in May. In view of the globalization, we strive to increase our product presence in international vendors. As such, JX World III was launched in Southeast Asia in March 2022. Wulin Xianxia was launched in Hong Kong, Macau, and Taiwan in April 2022, will also be released in South Korea in the third quarter of the year. I will now discuss the Q1 operational and financial results using RMB as currency. Revenue increased 19% year-over-year and 2% quarter-over-quarter to RMB 1,853 million. The revenue split was 47% for Office software and services, and 53% for online games and others. Revenue from Office software and services business increased 13% year-over-year and decreased 4% quarter-over-quarter to RMB 871 million. The year-over-year increase was mainly due to the continued growth of individual and institutional subscription business, partially offset by the decrease in institutional licensing and Internet advertising business of Kingsoft Office Group. The growth of individual subscription business was mainly driven by the increases in the user base and the proportion of long-term paying users. The increase in institutional subscription business was largely driven by increased cloud Office migration of government and enterprise users and increased market penetration. The decrease in institutional licensing business was largely due to the relatively high base of localization in the first quarter of 2021. The decrease in Internet advertising business was a result of strategic contraction for the purpose of user experience enhancement, and the quarter-over-quarter decrease was mainly due to the lower Internet advertising revenue. Revenue from online games and other business increased 25% year-over-year and 7% quarter-over-quarter to RMB 982 million. The increase was mainly due to the successful launch of several mobile games and to broaden our game portfolio in the fourth quarter of 2021, partially offset by decreased revenue from existing games. Cost of revenue increased 44% year-over-year and decreased 6% quarter-over-quarter to RMB 351 million. The year-over-year increase was mainly due to the following reasons. Firstly, greater channel costs and increased personnel-related expenses of online games business. Secondly, the increases in the servers and bandwidth costs, purchasing costs of service and product, and the channel costs of Kingsoft Group. The quarter-over-quarter decrease was largely due to the decreased channel costs of Kingsoft Office Group. Gross profit increased 14% year-over-year and 4% quarter-over-quarter to RMB 1,502 million. The GP margin decreased by 3 percentage points year-over-year and increased by 1 percentage point quarter-over-quarter to 81%. R&D costs increased 24% year-over-year and decreased 11% quarter-over-quarter to RMB 608 million. The year-over-year increase was mainly attributable to increased headcount as well as personnel-related expenses as our continued investment in research and innovation, aiming to create value for our users. The quarter-over-quarter decrease was largely attributable to decreased accrued bonuses of Kingsoft Office Group. Selling and distribution expenses increased 32% year-over-year and decreased 13% quarter-over-quarter to RMB 269 million. The year-over-year increase was mainly due to greater marketing spending on mobile games, as well as increased personnel-related expenses of Kingsoft Office Group, aiming to expand its presence in enterprise and government markets. The quarter-over-quarter decrease were mainly reflected less marketing spending on mobile games, partially offset by increased personnel-related expenses of Kingsoft Office Group. Administrative expenses kept flat year-over-year and decreased 5% quarter-over-quarter to RMB 147 million. The quarter-over-quarter decrease was mainly due to decreased personnel-related expenses. Share-based compensation costs increased 134% year-over-year and 2% quarter-over-quarter to RMB 74 million. The year-over-year increase was mainly due to the grants of our awarded shares to selected employee of certain subsidiaries of the company in June 2021. Operating profit before share-based compensation costs increased 5% year-over-year and 42% quarter-over-quarter to RMB 574 million. Net other gains for the first quarter of 2022 were RMB 23 million, compared to gain of RMB 33 million and RMB 28 million for the first and fourth quarter of 2021 respectively. Share of losses of associates of RMB 275 million were recorded for the first quarter of 2022, compared with the share of losses of RMB 2,025 million and RMB 518 million for the first and fourth quarter of 2021 respectively. Income tax expense decreased 49% year-over-year and 36% quarter-over-quarter to RMB 34 million. As a result of the reason discussed above, profit attributable to owners of the parent was RMB 99 million for the first quarter of 2022, compared with profit of RMB 117 million for the first quarter of 2021, and the losses of RMB 335 million for the fourth quarter of 2021. Profit attributable to the owners of parent, excluding the ESOP expenses, was RMB 143 million for the first quarter of 2022, compared with profit of RMB 140 million for the first quarter of 2021, and the loss of RMB 292 million for the fourth quarter of 2021. The profit and loss margin, excluding the effect of share-based compensation costs, was 8%, 9% and -16% for the quarter. For this quarter, the first and the fourth quarter of 2021 respectively. Our statement of financial position, we have cash resources of RMB 18.8 billion as at March 31, 2022. Net cash generated from operating activities was RMB 189 million, RMB 238 million, and RMB 861 million for this quarter, the first and the fourth quarter of 2021 respectively. Capital expenditure was RMB 85 million, RMB 75 million and RMB 78 million for this quarter, the first and the fourth quarter of 2021 respectively. The result we achieved in the first quarter lay a solid foundation for the year of 2022. Looking ahead, the group will continue to adhere to the technological empowerment and keep investment in R&D. We will also strengthen our product and services, optimize user experience, and strive to build a brighter future together with our users and partners. This conclude our prepared remarks for this quarter financial performance. I now open the floor for question and answer. Thank you. Thank you, Francis. Hi, operator, we're ready for the Q&A session. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, please press the hash key. Please stand by while we compile the Q&A roster. When asking the question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. Your first question comes from the line of Liping Zhao from CICC. Please ask your question. Mr. Zou, Francis. Good evening, Mr. Zou, Francis and Jesse. Thanks for taking my question. I have three questions here. The first one is related to the gaming business. Since JX3 Origin got license approved a few weeks ago, how does management expect the impact on our gaming sector P&L? Could management share the pipeline of the gaming sector in the coming three quarters? Second question is about the COVID-19 impact. Since March and April, Shanghai and Beijing has tightened COVID-19 controls respectively, and how big will be the impact on our Kingsoft Office and Kingsoft Cloud business? Third question is about the R&D expenses, because last year the company has invest a lot in the R&D, and how should we expect the trend for this year? Thank you. 我来先回答，回到那个Francis补充一下。第一个问题就是关于缘起拿到版号之后的一些情况。总体来讲，这个肯定是对今年的，尤其是剑网三系列的收入提升有很大的帮助。实际上我们从五月十三号已经开始了，应该叫做正式商业化的运营。然后在七月份还会有，应该说暑期，我们会有比较大的推广计划。然后总体来讲，因为我们内部是把剑网三和剑网三缘起都当做剑网三系列，这个比去年整体的情况也会好很多。然后具体的数据，因为五月份才刚开始，尤其是它的收费模式跟以前的剑网三不一样，我们还在做一些摸索，包括原来定的一些收费点，根据实际情况我们还会做一些调整和调优的过程。所以最核心的还是要看一下七月份这次大的暑期推广，我们才能有更好的一个结论。但总体来讲，肯定是对整个剑网三系列的收入提升是有很大的帮助的。 第二个就是关于游戏上线的时间点。其实没有太多变化，原因我上次那个会也谈过，我们已有版号的，像那个全民泡泡超人，我们上次说的也是说六月份上线，目前时间点也还不会变。应该如果大家关注的话也应该能看到，我们已经有一些预热活动。另外魔域手游2已经也是已经有版号的，目前暂时上线时间也是在Q4，也暂时没有调整。然后剩下的，像我们内部以前代号叫T Game，现在对外叫尘白禁区，应该也是今年也刚测完一轮。但是这个版号的不确定性还是存在，因为毕竟我们没拿到。所以它这个上线的不确定性还是有，我们目前暂时也还是依然是把它放到Q4。具体情况就是，等拿到版号，确定拿到版号之后，也许我们还会做调整。其他的像那个笔剑，也是另外一款2D的RPG，其实也是同样的情况，它没有拿到版号。所以我们这个基本上整个的时间点并没有什么大的变化。 第三个，关于疫情对整个办公和云的影响。云这边其实我就不说了，因为他们自己也是有对外的一个口径，我也不方便去说。办公这块，应该是这么说，我们近期也刚对了一下，我们看到的现象就是，我们用户数的增速是非常非常好的，基本上就是完成了我们年初的预定目标，在用户数增长。但是从收费上看，我们确实是，尤其从四月份开始，我们看到了疫情确实还是有一定的影响。但是从全年，目前截止到五月份的数据来看，我们认为这个影响不大。当然我们也要考虑到今年下半年是不是经济形势还会更进一步下行的可能性。所以我们很有可能，这种疫情的影响在下半年也许才会表现得更清晰。所以就是，这是我们自己内部的判断，就从截止到目前来看还好，影响不大，但是下半年可能这个影响还会变大。这是我们的判断。但是用户数的增长还是非常非常好的。 然后第四个，关于费用控制这块，我分两块业务谈。办公这边，其实我上个Q就已经说过了，去年主要是受前年疫情的影响，所以2020年我们基本上很多招聘就停止了，是在2021年我们进行了比较大规模的招聘。这个主要是，你可以简单理解成，以往每年的招聘，2021年的招聘都集中到一年来了，尤其是这个费用在去年Q3、Q4体现就比较明显。但是这种人员的扩张，到今年就会基本上回归到一个正常状态，甚至说应对这种疫情的来临，我们其实在去年年底，包括今年六月份，还会进一步进行一些末位淘汰。所以就是，办公这边如果没有其他意外情况发生的话，我们是不太可能再像去年那样的那种突进式的研发费用的提升。 游戏这边，去年主要，主要核心原因是，我们过去很多年没有对整个的薪资体系做调整。去年年初他们也是为了跟行业线靠拢，所以做过一次调整，这个调整也是阶段性的，它也不会延续到今年，也包括从去年开始，我们甚至对整个一些业务线做了一些调整，所以人员上面其实反而是有一定的下降。所以简单说，游戏这块也不会再有像去年那样的一下子的研发费用的比较大的增长。然后那个Francis，你翻译一下。 Okay. I'll translate for Mr. Zou for the first question regarding the JX Online III Origin, we recently just got the license approval, so overall there will be a big improvement on the game business, especially on the JX Online III series. We started our open beta on May 13th, and there will also be another big promotion in July during the summer vacation. So overall there will be a big improvement on this game series for this entire year. But for the detail financial forecast, since we just recently started the monetization in May, and we are still adjusting and optimizing the monetization details. So after our optimization and also based on our big promotion in July, we will have a more detail financial forecast for the JX Online III Origin game. For the pipeline, we have the games that already have the licenses, for example, [千里坡讨仇人], this one we are still expecting to launch the game in June. Another game we already got the license, which is the Eudemons II, this one we are still planning to launch game in the fourth quarter. There are also some other games that are under development, but we haven't got the license yet. For example, the T- game, the tentative launching day still in the fourth quarter, but we cannot confirm this, because there are still uncertainty regarding when we'll be getting the license for these games. Similarly with the other games that haven't got the license yet, we can't confirm on the date yet. Regarding the question on the pandemic impact, I'll talk more on the KSO business. We have recently reviewed the data, and based on our numbers we have a good improvement in the number of users, which is very positive, and we have already completed our KPI so far. Starting in April, with the recent COVID and pandemic impact, we do see that the monetization is slightly affected, but so far there's not a big impact on our financial performance. Right now we're still monitoring what happens in the second half of the year, with the overall economic condition and the COVID impact, because the COVID impact may start to show more in the second half. So far we haven't seen any big negative impact on our financial business from the pandemic. Regarding the last question on the expenses control, for the KSO business, I have already said that last year we were actually catching up what we halted in the year before in year 2020, because we halted our recruiting in 2020 due to COVID pandemic impact. We actually catch up our recruiting in 2021. There was a big increase in the R&D expenses last year. Starting from 2022, we actually resume to normal. If there's no other special conditions, there won't be any aggressive increase in the R&D expenses in 2022, like what we did in 2021. For the game business, last year in the beginning, we actually have a big adjustment in our level on compensation to match the overall market condition. Other than that, we are not going to have another big increase this year. We actually adjusted some of our businesses in the game business, so the number of employees in the game business actually decreased. Overall there won't be any big increase in terms of R&D expenses in this year. Thank you. Your next question comes from the line of- Yeah, go ahead operator, thank you. Thank you. Your next question comes from the line of Thomas Chong from Jefferies. Please ask your question. Thomas Chong, your line is open. 晚上好，谢谢管理层接受我的提问。我有三个问题，第一个呢是想先问一下在海外游戏发展的未来的一个展望，因为也看到我们有一些游戏的pipeline，在下半年会推出。然后第二个问题呢，是关于WPS那边，国内层可不可以大概说一下我们在未来一段时间的那个信创的预期。最后一个问题是关于我们的股票的回购，还有这个dividend的一个想法。Thanks management for taking my questions. May I ask about the first question is about our overseas gaming strategy. Second is about WPS on Xinchuang, and thirdly, on our share repurchase and dividend policy. Thank you. 我来回答前两个。第三个，Francis来回答，股票回购那个。海外这块呢，主要是，确实，因为我前几期也介绍过，我们有几个品类，一个是科幻机甲的，第二个是二次元的，第三个是宠物养成的，第四个是模拟沙盒的。这几个方向呢，快的话，就是像一些二次元的，我们有可能在今年的Q三、Q四就会对外推出。还有些呢，就大部分，大部分呢，就我刚才谈到的这个四个品类，差不多六个游戏左右，就是大部分还是放到今年Q四到包括明年，陆续上线，好吧。此外呢，还有这边，它主要是第一人称射击，还有二次元卡牌为主的。这个呢，基本上就是要到明年了，今年在海外上线的可能性不大。除了武林闲侠，武林闲侠是已经陆续在海外在发，然后呢，基本上会放在Q三左右。对，这是整个海外游戏的一个展望。然后具体的营收呢，说实话，就我们现在对游戏都要先看它第一月的数据，我们再来做整体的测算。所以我们内部呢，也是把这些都当做不确定性的游戏，所以暂时没有把它当做核心收入来放到整个全年收入里面。这是第一块。第二块呢，关于WPS信创的预期，因为说实话，这个我们一直的口径是，这个受政策的影响很深，我们自己是没有办法把控的，所以我们多次强调说我们只能把控的是这种占有率，对。只不过近期呢，应该是在五月份，是五月初的时候，反正也有这种信息，很基本上就是，这个要求，就是这个党政机关的到区县一级，在未来2025年之前，要做完。反正，这个也是公开的报道，甚至在报道里也有关于台套数的一些推演，这个我们也看到这个消息。对，所以呢，这个跟我们自己当前几个Q的判断是一致的。我们认为，信创一旦启动了，它不可能就半道就终止掉。实际上我们也认为这个它还是会继续推下去，对。但是呢，这个我们自己的判断，这都是我们自己的判断，这个Thomas。然后我们认为就是受中国这个疫情的影响，我觉得这个还是那句话，它会去做，但是呢，时间周期肯定会往后延。因为现在中国各级政府的精力、财力，很大程度都是放在了防疫上，对，所以这是我们对时间点的判断，其实可能会滞后，但是呢，肯定这件事情会发生，好不好？这是前两个问题。要么先翻译一下这两个问题，Francis。 Okay, I'll translate from Mr. Zou. Regarding the overseas gaming expansion, we have a number of new game genres that will be launched in the overseas market. For example, the animation type of games, we're expecting to launch them in the second and the third quarter. For the other type of games, we are going to launch them in the fourth quarter and also next year. Regarding our Kingsoft Shiyou, we have the [FXP] and also the animation card strategy game. These games will be launching in next year, except for Wulin Xianxia. Wulin Xianxia, we are going to launch the game in the third quarter of this year. Regarding the financial forecast, we usually will need to get the data for the first month, and then we can be able to give a more detailed financial forecast for these games. These games so far are still categorized as our uncertain revenue for the game business, and not as our core revenue sources for the game business. For the second question on the KSO localization project, we have emphasized many times in the past that the localization project is government policy driven. It's not controlled on our own by our own company. We usually emphasize on our market share instead of the actual pace of the localization. In the beginning of May, we have heard there are some sources said that the government enterprises localization project will have to complete in the year of 2025. These are just based on some sources in the market. This actually is in-line with our own expectations. We have said that once the localization has starts, we do not think it will stop halfway. We think it will continue to a full completion of the localization project. This all is based on our own viewpoint. Because of the pandemic situation in China right now, so there may be some delay in the We think it will continue to a full completion of the localization project. This all is based on our own viewpoint. Because of the pandemic situation in China right now, so there may be some delay in the We think it will continue to a full completion of the localization project. This all is based on our own viewpoint. Because of the pandemic situation in China right now, so there may be some delay in the localization project, because currently government resources, especially financial resources, are still more focused on the pandemic rather than other projects. Thank you. 那个Francis，你回答第三个吧。 好，Thomas 讲的关于股票回购的事情，你问得真合适，因为就是说我们对上两个 quarter 的时候，你记得的话，我们是批过一个十亿港币的回购。那么在今天刚刚开的董事会上面，我们也重新再批过一个，重新十亿这个额度给到公司管理层，去进行在合适的时间进行股票的回购。所以就是说我们也是密切关注的，最近市场也比较波动，所以我们会结合市场，包括就是说金山本身的股价，以及行业上面对比的一些参数去进行进一步的股票回购。 Francis，你可以翻译一下。 好的, Okay, I'll translate for Francis. Regarding the question on the share repurchase, we have a RMB 1 billion share repurchase budget a couple of quarters ago, and today we just had our director meeting, and we actually issued another RMB 1 billion budget for the repurchase plan. Right now we are closely monitoring the overall market conditions and also our own stock price and also the performance of peer company. We are closely monitor the share repurchase plan. Thank you. Once again, if you do wish to ask a question, please press star one on your telephone. Your next question comes from the line of Yang Linlin from GF Securities. Please ask your question. 晚上好，管理层。非常恭喜这一季的强劲的业绩。就我有几个问题想请教一下，第一个问题是关于我们游戏这一块的一个收入指引，因为上一个季度我们给了大概全年，就是如果版号落地的话，大概是30%的增速。我不知道这个最新的有没有一些变化，对全年包括对于二季度这个游戏的一个指引，还有如果有WPS的话，也再麻烦也分享一下。然后第二个问题就是关于这个，因为我们在2021年四季度上线的这几个游戏表现都非常好，尤其是这个剑侠世界3，这个贡献了比较多的增量，那对后续这款游戏的增长是怎么去展望？然后第三个问题就是关于这个，其实想请教一下，就是虽然说现在云这一块不并表啦，但是对我们的就是利润端，也会还是会有些影响。所以就想请教一下，说就是我们对这个金山云这一块有没有一些什么打算或者是这个计划。 对。那我简单翻译一下。Good evening, management. I have three questions. The first is about the game guidance in 2022 and the second quarter of this year, and also the WPS guidance. The second question is about JX World III, how do you expect its future growth and contribution? The third question is about the strategy about Kingsoft Cloud. Thank you. 谢谢琳琳。周总，我来回答那第一个关于利润指引的问题。 好的。 首先第一，你问到就是说我们的游戏，分别游戏跟办公的指引。首先游戏方面的话，今天周总在开始的开场的时候也讲过，就是说我们去年年底的时候，几款新的上线的游戏，表现都是相当不错的。所以你看到就是一季度的话，我们的同期增加了25%。然后就是说那个但是同时的话，你也看到就是说我们游戏版号方面的话，确实是在四五月份的话也是重新打开。但是整体的就是说我们有几款游戏的话，最终还有两三款在pipeline上面的话，没有最终拿到版号，时间呢，虽然是打开了审批的程序，但是什么时候拿到呢，还是有一个不确定的因素。 关于我们的怀旧服，刚才周总也讲到了，就是说我们拿到版号以后，五月十三号也进行了公测。所以现在这个时间，尚早去判断它整体带来的经济价值。所以游戏方面，我们还是依然保持我们上一个季度所讲的，肯定会在全年增长是20%以上，然后视乎我们几个新的pipeline的游戏的上线时间，跟他们的效果，是有机会进一步把它拉近到30%，甚至说30%以上，这个就是要看后面几款新游戏的表现。其余就是说WPS的话，依于我们之前多次提到的，我们不愿意超越子公司的指引，而且目前办公来讲，它都不对它的未来财务表现去做出指引。所以这个我们也不宜超越它。这个是有关于游戏的指引跟办公的指引的回答。Francis，你先翻译一下吧。 Okay. I'll translate for Francis. So regarding the financial guidance for the gaming and the KSO business. For the game business, like Mr. Zou said in the beginning, by the end of last year, we have launched a number of mobile games and they perform very well so far. For the first quarter, our gaming business have a revenue increase of 25% year-on-year. The licenses reopened in April, and we got a license for the JX Online through our region. There are still another two or three games on our pipeline that haven't yet received the license yet. There are still uncertainty in terms of the timing of when these games will be able to receive the licenses, even though the license approval line have already reopened. Mr. Zou mentioned earlier that the JX Online through our regions have already started open data on May 13th, but it's still too early to say its overall impact on the game for the whole year. We're still monitoring its performance. Like we said in the last quarter, the gaming business overall this year will have a revenue increase of over 20%. Based on this, the games on the pipeline and based on the timing and also the performance of the new games on the pipeline, we may have a chance for our game revenue to have an increase of 30% or even over 30%. This will based on the performance of the new games and also the timing that they will launch. For the KSO business, we have said that many times in the past that we are not able to disclose more than what KSO disclose to the market. Based on our information so far that KSO have not yet given out any specific financial guidance to the market at this point. We can't say the detailed numbers for the KSO business. Thank you. 好，我来回答那个后面两个问题。第一个是关于剑侠世界3，那个后续的展望，那个应该这么说，随着Q1的结束，包括四五月份，我们看到的这个实际的数据来看呢，是比我们这个预期好很多的。对，这个应该说超出我们自己的预期，年初的预期，挺多的，这是第一个。第二个呢，我们通过观察它在马来以及也就是前段时间，前一周左右吧，我们在这个港澳台地区上线的数据来看呢，表现依然非常抢眼。对。下半年那个还会再去越南这个上线。所以呢，总体来讲呢，我觉得剑侠世界3今年呢，应该会是一个表现非常抢眼的我们的一个产品。对。然后，通过国内上线的数据来看呢，它的整个的留存啊，也比我们这个之前预测的好很多。所以呢，综上呢，我们认为剑侠世界3本身呢，这个后续的表现呢，我们认为还是不错的。对，这是关于剑侠世界3的那个情况。云这块呢，我理解啊，就你说的这个关于云我们会有什么计划或者打算啊，我理解的就是说，一来是不是，这个关于我们持有的云，金山云的这个，会不会减持啊等等，这个是肯定没有这种计划的。第二个呢，会不会继续去对云进行投资呢？这个我上次也表达过，就是至少截止到目前呢，我们并没有接到董事会关于这方面的要求，好不好？那至于其他的呢，那个金山云本身的，以他们的披露为主吧，好不好？ 翻译翻译一下。 好的。Okay, I'll translate for Mr. Zou. Regarding the JX World III game performance guidance. Firstly, based on our the performance in the first quarter and also including April and May, this the performance of this game is actually much better than our expectation from early this year. We have launched the game in Malaysia, and a week earlier we also launched the game in Hong Kong, Macau and Taiwan. In the second half of this year, we're going to launch the game in Vietnam. Overall, we have strong confidence in the gaming performance of JX World III this year. Based on the domestic data, the long-term retention rate for this game is also better than our expectation. Regarding the question on the cloud business, I think your question may be related to our shareholding in the cloud business. So far we don't have any plan to decrease our shareholding in the cloud business. Also, regarding whether we will increase our investment in the cloud business. So far we haven't got any direction or any requirements from our board members. So basically we don't have any decrease or increase in shareholding for the cloud business. Thank you. Your next question comes from the line of [Kanki Lee] from CITIC. Please ask your question. [Kanki Lee], your line is open. Please ask your question. 喂。 哎，听得到。 各位管理层好，我是中信证券计算机研究员李刚乔。我这有一个简单问题，就是关于咱们那个联营公司的分占亏损，因为Q1看到有比较明显的一个缩窄嘛，相比去年Q4的这个5.8个亿，有比较大的这个降幅，因为现在这个猎豹的这个公告还没有出来嘛，所以想请问一下，咱们这一季度的这个缩窄应该怎么样理解？我简单翻译一下，就是how to understand the narrowing of losses shared by associates. Thank you. 现在应该是一个比较初步的数据，因为今天董事会也提到，猎豹的审计还在进行当中，没有最终的数据。对比数据有所缩窄的话，我们开始收到在猎豹上面在Q4里面有一个计提减值的影响。金山云的财报，我们现在准备是在六月八号。简单来讲，金山云跟猎豹的财务数据，Q1的还没有准备好。去年看到比较大的话，主要是因为猎豹的减值准备。Francis，你翻译一下。 好的。Okay, I'll translate for Francis. Regarding the question on the narrowing in the loss of associates. So far our numbers on our P&L are preliminary data, because for the Cheetah Mobile game, their financial numbers are still under audit. There's no final audited financial numbers coming out yet. Regarding the narrowing, we have Cheetah Mobile in the fourth quarter, we have adjustment in terms of the impairment for the business. Also for the cloud business, their upcoming financial result will be on the 8th of June. So far our number on the P&L is preliminary data based on the two businesses. Thank you. 谢谢，谢谢。 Thank you. As there are no further questions, I would like to hand the conference back to management for any closing remarks. 非常感谢各个股东、分析师对金山的支持，要是没有什么其他的问题的话，就感谢大家的时间，谢谢大家。 好，谢谢大家。 Okay, thank you for your support. We will conclude our call for today. Thank you. That does conclude our conference for today. Thank you for participating. You may all disconnect.