Good day, thank you for standing by. Welcome to the Q4 2022 Kingsoft Corporation Earnings Conference Call. 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'll need to press star one and one on your telephone, and you will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Francie Lu, IR Director. Please go ahead. Thank you, operator. Ladies and gentlemen, good evening and good morning. I would like to welcome everyone to our 2022 fourth quarter and annual results 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 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 join us today. Mr. Zou Tao, our Executive Director and CEO, and Ms. Li Yi, our acting CFO. Now I'm turning the call to Mr. Zou. I'll translate for Mr. Zou. 2022 was full of challenges and uncertainties, in which we actively embraced changes, maintained strategic focus, and further strengthened our core competitiveness. Kingsoft Office Group was committed to empowering the digital transformation of institutional customers and enhancing the cloud office user experience for individual users. Our business performance showed resilience with the strategy of multi-screen, cloud, content, AI, and collaboration. Online game business focused on the development of premium games, and our flagship and newly launched titles gained popularity. All these achievements have given us confidence to keep advancing our strategy in the enterprise services and online game sectors. The group's business continued to make robust progress in 2022, with total revenue reaching RMB 7,636.7 million, increasing by 20% year-over-year. In 2022, the office software and service business maintained solid growth with revenue of RMB 3,890.6 million, up 19% year-on-year. Notably, individual and institutional subscription business grew robustly. The online games and other business experienced solid growth, with annual revenue reaching a new record high of RMB 3,746.2 million, up 21% year-on-year. As the result of outstanding performance of JX World III mobile game. Operating profit of the group was RMB 1,868.7 billion in 2022, increasing significantly by 37% year-on-year. These results reflected the resilience of our business model, efficiency of our business execution, as well as years of investment in R&D of our group's core products. Now I'm turning the call to Ms. Li. Thank you, Francie Lu. Good evening and good morning, everybody. Despite the selective shipment of global PC and smartphone market, the number of monthly active devices of Kingsoft Office Group's main products continued to grow against the trend in 2022. We constantly optimize the user experience of our products in cross-platform scenarios such as cloud and collaboration to encourage users to use cloud document services continuously. At the end of 2022, the number of documents uploaded to the public cloud platform has exceeded 175.2 billion, up 35% year-on-year. We continue to add membership privileges of WPS and Docer to attract users to become paying subscribers, enhance user loyalty, achieve stable growth in the number of paying subscribers, increasing the proportion of long-term members, and optimize the membership structure. Kingsoft Office Group deeply served the digital transformation of domestic government and enterprises, catered for the needs of efficiency improvement, data management, information security, and industry scenario applications, and continued to promote the end-to-cloud integration and collaboration process. In response to government demand for standardized, efficient, and long-term electronic document management, we launched an electronic document resource library product. Making full use of cloud computing, big data, AI, and other technologies, we assist party and government agencies in building electronic document resource library platforms, and supported the full life cycle management of electronic documents in digital government construction. For premium enterprise customers, we provided modular digital office empowerment services, continuously advancing the enterprise cloud integration process, addressing core pain points of enterprise, such as improving efficiency, enhancing data security, and controlling costs, and assisting enterprises in achieving cost reduction and efficiency improvement. For the public cloud service, our full range of digital office platform products with tiered versions were utilized to encourage customers to use cloud and collaboration applications in high frequencies, which enhanced user engagement and paying retention. Kingsoft Office Group has closely monitored the localization industry policy changes and the customer demand, and are taking the initiative to tap local government and industry localization markets in advance. Starting from the replacement list of industries such as finance, operators, and energy, we promoted the adoption of the Windows and Linux dual version annual value model and deepened the cloud and collaboration office process. Looking forward, following the strategy of multi-screen, cloud, content, AI, and collaboration, Kingsoft Office Group will stay focused on AI to achieve more breakthroughs in technology applications and continue to explore innovative business models and optimize user experience. At the same time, we will continuously improve service quality, empower government and enterprises with high-quality products and technological services, and assist them in achieving digital transformation more effectively. Online games business continuously cultivated key IP franchises more deeply and broadly, and further enhanced the value of core IPs. Flagship JX Online III marked into its 13th year and remained steady. We put our focus on driving player engagement. We launched two expansion packs and conducted multiple in-game events and campaigns to improve player activities in 2022. In October, the number of daily active accounts achieved a recent high with the successful release of the anniversary expansion pack for JX Online III. To further enrich our game content, we actively incorporated traditional cultural elements and launched a series IP crossover campaigns in this game. JX World III mobile game, one of the classic JX IP, performed strongly in 2022. In order to bring more immersive and authentic wuxia world experience to players, we continue to introduce distinctive game players and content to keep players engaged and entertained. We launched the 3 expansion packs in 2022 on the basis of weekly updates. In August, we released the open beta across all platforms in Chinese mainland. Looking ahead, we will proactively make progress in new genres and overseas markets. Our new animated games, Snowbreak: Containment Zone, and The Other Shore, have received the approval of gaming license and are expected to be released in China and abroad from the second half of 2023. We will focus on long term operation of existing titles. The upgrade version of JX Online III PC game is expected to be launched by the end of 2023, laying the foundation for JX3 Ultimate and ensuring high quality game integration. As for the financial results, I'll starting from the Q4 using renminbi as the currency. Revenue increased 16% year-on-year and 15% quarter-on-quarter to RMB 2,112 million. The revenue split was 52% for office software and services, and 48% for online games and others. Revenue from the office software and services business increased 21% year-over-year and 9% quarter-over-quarter to RMB 1,019 million. The year-over-year increase was mainly due to the sustainable growth of individual subscription business and robust growth of institutional subscription business of Kingsoft Office Group. The solid growth of individual subscription business was mainly driven by the increases in the number of accumulated paying subscribers as a proportion of long-term paying subscribers. The remarkable growth of institutional subscription business was mainly attributable to the increasing demand for the digital office platform products from government and enterprises conforming to the trend of digital transformation. The quarter-over-quarter increase was mainly due to the growth of individual subscription business. Revenue from the online game and others business increased 11% year-over-year and 23% quarter-over-quarter to RMB 1,022 million. The year-over-year increase was mainly due to the revenue contribution from JX World III mobile game released in the fourth quarter of 2021, and the revenue growth from JX Online III, driven by continuously improvement in content, game play, and overall experience, partially offset by decreased revenue from existing games. The quarter-on-quarter increase was mainly due to robust revenue growth from JX Online III in the fourth quarter, reflecting the successful launch of large scale expansion packs well boosted user engagement and in-game consumption. Cost of revenue keeps slight year-over-year and quarter-over-quarter to RMB 372 million. Gross profit increased 20% year-over-year and 90% quarter-over-quarter to RMB 1,741 million. GP margin increased by 2 percentage points year-over-year and quarter-over-quarter to 82%. R&D costs decreased 3% year-over-year and increased 3% quarter-over-quarter to RMB 661 million. The year-over-year decrease mainly reflected fluctuations of outsourced expenses. Selling and distribution expenses increased 9% year-over-year and decreased 6% quarter-over-quarter to RMB 335 million. The year-over-year increase was mainly due to increased marketing spending of Kingsoft Office Group to expand its presence in the domestic enterprise market, partially offset by reduced promotion spending of online games business as a result of fewer new released games in the fourth quarter of 2022. The quarter-over-quarter decrease was mainly due to a large scale of promotion for JX World III mobile game in the third quarter of 2022. Administration expense increased 5% year-over-year and 4% quarter-over-quarter to RMB 160 million. Share-based compensation cost decreased 80% year-over-year and 5% quarter-over-quarter to RMB 60 million. Operating profit before share-based compensation cost increased 68% year-over-year and 72% quarter-over-quarter to RMB 679 million. Net other losses for the fourth quarter of 2022 were RMB 42 million, compared with gains of RMB 28 million for the fourth quarter of 2021, and losses of RMB 6,487 million for the third quarter of 2022 respectively. The losses in the fourth quarter of 2022 were mainly due to the impairment provisions of certain investee companies. The losses in the third quarter of 2022 primarily resulted from the provision for impairment on the investment in Kingsoft. Share of losses of such as were RMB 256 million for the fourth quarter of 2022, compared with losses of RMB 780 million and RMB 440 million for the fourth quarter of 2021 and the third quarter of 2022 respectively. Income tax expense for the fourth quarter of 2022 was RMB 146 million, compared with income tax expense of RMB 53 million for the fourth quarter of 2021, and income tax credit of RMB 788 million for the third quarter of 2022 respectively. The income tax credit for the third quarter of 2022 was mainly attributable to the deferred tax effect of the impairment provision recognized for Kingsoft. As a result of reasons discussed above, profit attributable to owners of the parent was RMB 47 million for the fourth quarter of 2020, compared with a loss of RMB 335 million and RMB 6,055 million for the fourth quarter of 2021 and the third quarter of 2022 respectively. Profit attributable to owners of the parent, excluding ESOP, was RMB 82 million for the fourth quarter of 2022, compared with a loss of RMB 292 million and RMB 6,007 million for the fourth quarter of 2021 and the third quarter of 2022, respectively. The net profit or loss margin, excluding ESOP, was 4%, -60% and -327% for this quarter, the fourth quarter of 2021 and the third quarter of 2022, respectively. Now on the year 2020. Revenue increased 20% year-over-year to RMB 7,637 million. Office software and services made up 51%, increased 19% year-over-year to RMB 3,891 million. Online games and others made up 49% and increased 21% year-over-year to RMB 3,746 million. GP margin decreased 1 percentage point year-over-year to 81%. Operating profit before share-based compensation costs increased 35% year-over-year to RMB 2,129 million. Loss to owners of the parent was RMB 6,048 million, compared with profit of RMB 395 million for last year. The group had a strong cash position towards the end of 2022. As at 31st December 2022, the group had cash resources of RMB 21 billion. Net cash generated from operating activities was RMB 2,774 million, and RMB 2,220 million for the year ended 31st December 2020 and 31st December 2021 respectively. Capital expenditure was RMB 709 million and RMB 364 million for the year ended 31st December 2022 and 31st December 2021 respectively. In 2022, we achieved steady growth. In 2023, we will continue to seek progress while maintaining stability and drive business growth with technology and service innovation. For office software and service business, we will continue to empower enterprise digital transformation, focus on AI to achieve more breakthroughs in technology applications, restructure and optimize the membership system, further promote the transformation of subscription. For online games business, we will continue to expand the longevity of premium game-based original IP, actively expand new game genres, and pursue opportunities in overseas markets. Amid increasingly fierce industry competition, we believe that by rely on technology innovation, product and service enhancement, and operations optimization, we will achieve further high-quality development. Thank you all. Now I turn to Francie. Thank you, Ms. Li. Hi, operator. Hello there. Hi. We're ready for the Q&A session. For the Q&A session for anyone who asks questions, please state your question in English and Chinese Mandarin if possible. Thank you. Thank you. If you would like to ask a question, please press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. That's star 1 if you have questions. Please stand by while we compile the roster. Please stand by for our first question. First question is from the line of Shao Dan Chan from CICC. Please go ahead. Thanks management for taking my questions, and I got two questions here. My first question is regarding our gaming business. We've seen a recovery in the gaming license issuance in the past few months. Could you please update us with your latest gaming pipeline and especially in the overseas market and also the growth outlook for the segment in 2023? My second question is related to our office software business. It seems our monthly active devices dropped a little in the December from the September level. Could you please elaborate on the reasons behind and what's your expected trend for this year? Thank you. 我 来 回 答 一 下 你 的 问 题 。 第 一 个 问 题 啊 ， 就 游 戏 这 块 ， 就 是 确 实 就 如 同 你 所 说 啊 ， 反 正 那 个 这 基 本 上 跟 我 们 当 初 预 期 的 最 好 情 况 吧 ， 基 本 上 就 是 相 当 于 把 号 恢 复 了 那 个 发 放 。 大 家 也 看 到 了 啊 ， 其 实 我 们 那 个 叫 做 The Other Shore 以 及 那 个 Snowbreak: Containment Zone 也 都 拿 到 了 。 对 。 今 年 呢 ， 我 们 也 确 实 会 陆 续 上 线 。 在 整 整 个 今 年 的 游 戏 这 个 目 前 的 排 在 上 线 计 划 里 呢 ， 像 魔域手游2 应 该 就 是 这 几 天 了 ， 在 那 个 之 前 呢 ， 做 过 我 们 小 应 该 说 是 相 对 小 范 围 的 ， 小 范 围 的 一 个 ， 一 个 ， 一 个 ， 一 个 测 试 吧 。 在 应 该 就 是 这 周 了 ， 我 们 会 正 式 地 推 广 。 Snowbreak: Containment Zone 和 The Other Shore 呢 ， 综 合 考 虑 吧 ， 我 们 ， 我 们 目 前 暂 定 的 这 个 上 线 时 间 呢 ， 基 本 上 还 是 把 它 放 到 这 个 今年 7 月份 左右 去 。 对 。 之 所 以 是 这 样 呢 ， 这 主 要 还 是 去 年 大 家 也 都 知 道 啊 ， 这 总体 来 讲 呢 ， 这 个 去 年 那 个 临 近 年底 呢 ， 这 个 ， 这 个 整 个 疫 情 也 放 开 了 ， 这 个 大 家 也 都 体 验 了 一 下 啊 。 然 后 今年 1 月份 又 是 过 年 ， 过 完 年 之 后 呢 ， 其 实 我 们 那 个 拿 到 版号 之 后 呢 ， 还 没 有 进 行 最 后 的 这 个 付 费 测 试 ， 我 们 3 月份 会 开 始 ， 这 个 ， 这 个 也 就 最 近 近 期 吧 ， 我 们 会 开 始 这 个 付 费 测 试 ， 然 后 再 会 根 据 付 费 测 试 的 结 果 ， 目 前 暂 定 是 在 这 个 今年 7 月份 ， 这 是 那 个 。 还 有 一 款 游 戏 呢 ， 其 实 是 我 们 的 叫 JX I: Gui Lai ， 这 款 游 戏 呢 ， 我 目 前 我 们 先 会 去 越 南 上 线 ， 在 国 内 的 上 线 呢 ， 会 根 据 这 个 具 体 拿 的 版 号 的 情 况 再 来 排 ， 总 体 来 看 呢 ， 也 应 该 是 放 在 下 半 年 。 刚 才 你 谈 到 整 个 对 今 年 游 戏 ， 游 戏 的 一 个 ， 一 个 收 益 的 指 引 啊 ， 这 个 我 目 前 呢 ， 根 据 我 目 前 的 这 个 数 据 来 看 呢 ， 其 实 那 个 整 个 JX Online III 呢 ， 是 非 常 的 不 错 的 ， 就 依 然 是 保 持 一 个 很 平 稳 的 一 个 ， 一 个 ， 一 个 ， 一 个 ， 一 个 ， 这 么 一 个 表 现 。 我 们 ， 我 们 去 年 上 的 一 些 像 剑侠世界3 呢 ， JX I: Gui Lai 啊 ， 这 些 呢 ， 就 是 有 一 定 程 度 的 随 着 它 的 这 个 生 命 周 期 ， 它 有 一 定 的 衰 减 。 这 个 ， 那 ， 那 此 外 呢 ， 我 们 几 个 新 游 啊 ， 目 前 来 看 呢 ， 基 本 上 还 是 放 到 了 这 个 ， 这 个 下 半 年 去 ， 而 且 新 游 的 收 入 ， 我 之 前 也 多 次 讲 过 啊 ， 就 是 说 白 了 就 是 在 没 有 第 一 个 月 的 数 据 ， 真 实 数 据 拿 到 之 前 呢 ， 我 们 原 则 上 还 是 会 做 得 相 对 稳 妥 点 ， 整 个 ， 整 个 预 算 。 我 们 目 前 呢 ， 按 照 ， 按 照 这 个 策 略 来 ， 来 ， 来 推 算 呢 ， 我 们 ， 我 们 暂 时 游 戏 给 的 一 个 指 引 呢 ， 其 实 基 本 上 按 照 个位数增长 吧 ， 这 么 一 个 ， 一 个 ， 一 个 。 具 体 的 呢 ， 还 要 看 那 个 新 游 戏 上 线 的 表 现 。 好 吧 ， 你 先 把 这 个 翻 译 一 下 。 好 的。 I'll translate for Mr. Zou. For the game business, it was similar to our expectation. The license approval recovered. We have got the license approval for both Chen Bai Jin Qu and Bi Jie. Right now we have a new game called Mo Yu 2. This game we're planning to launch it in the recent term. We did a small scale testing in the recent past, we are planning to do the official launch probably in this week. For Chen Bai Jin Qu and Bi Jie, these two games, we are planning to launch them in the second half of this year, probably in July. As you all know, close to the end of December. Close to the end of last year, in December, we had the COVID pandemic situation and also, we had the Chinese New Year. We haven't started the monetization testing for these two games. We're planning to do the monetization testing for these two games in March, and we'll launch them in July, or second half of this year. We have another game called JX Gui Lai. This game we're planning to launch it in Vietnam first, and its domestic launching will depend on the license approval progress. We expect to launch it probably in the second half of this year as well. Regarding the outlook of the game business for 2023, the JX3 flagship PC game is still very strong. We expect a stable performance of this game for 2023. For JX World III mobile game and JX Gui Lai, there may be a slight decline in its post billing, due to its life cycle. We, the other new games we are planning to launch them in the second half this year. Until we have our first month data for these mobile games, we will take a more conservative take on the outlook expectation. Now we are expecting a single digit growth rate for the game business in 2023. 我 ， 我 补 充 一 下 ， 刚 才 可 能 是 有 个 口 误 ， 呃 ， 是 那 个 起 源 ， 呃 ， 就 越 南 的 那 款 游 戏 是 - 剑 侠 起 源 。 对 ， 刚 才 一 个 口 误 。 嗯 。 Okay, Miss Li just corrected, the game that we're planning to launch in Vietnam is called JX 起源 instead of JX 归来. 好 ， 第 二 个 问 题 是 关 于 那 个 十 二 月 份 办 公 活 跃 设 备 下 降 的 问 题 啊 。 呃 ， 我 ， 我 ， 我 又 仔 细 看 了 一 下 ， 呃 ， 这 个 应 该 是 这 样 看 啊 ， 其 实 我 们 的 ， 我 ， 我 把 它 分 成 那 个 ， 呃 ，PC 和 移 动 ， 以 及 国 内 和 海 外 ， 这 个 跟 你 分 享 一 下 。 其 实 我 们 的 PC 呢 ， 就 哪 怕 是 ， 是 受 去 年 十 二 月 份 全 ， 全 国 疫 情 放 开 的 影 响 ， 呃 ， 我 们 ， 我 们 去 ， 我 ， 我 们 那 个 这 个 十 二 月 份 相 比 这 个 那 个 去 年 ， 就 我 们 ， 我 们 按 季 度 取 数 据 看 啊 ， 它 依 然 是 增 长 ， 呃 ， 但 是 移 动 端 确 实 是 这 个 总 体 来 讲 ， 这 个 有 相 比 ， 就 ， 就 十 二 月 份 相 比 九 月 份 呢 ， 确 实 有 ， 有 ， 有 ， 有 一 点 点 下 滑 。 然 后 呢 ， 这 个 下 滑 呢 ， 其 实 这 个 移 动 端 ， 国 内 和 海 外 都 有 一 定 的 下 滑 。 这 个 核 心 原 因 啊 ， 我 觉 得 除 了 疫 情 ， 对 整 个 十 二 月 份 的 这 个 ， 这 个 ， 我 ， 我 ， 我 想 这 个 全 国 都 是 疫 情 放 开 啊 ， 十 二 月 份 我 估 计 这 个 ， 这 个 基 本 上 这 个 无 论 是 办 ， 呃 ， 那 个 上 ， 上 ， 上 班 的 还 是 ， 还 是 上 学 的 都 受 到 了 很 大 影 响 ， 这 个 肯 定 是 最 核 心 的 原 因 。 此 外 呢 ， 就 是 移 动 端 的 那 个 还 是 受 总 体 来 讲 的 ， 呃 ， 这 个 移 动 设 备 这 个 ， 这 个 总 ， 总 体 出 货 ， 出 货 量 的 影 响 ， 还 是 这 个 也 是 受 ， 受 全 球 经 济 的 影 响 吧 ， 这 个 还 是 有 。 但 核 心 原 因 ， 主 要 原 因 还 是 因 为 这 个 疫 情 。 好 吧 ， 这 个 我 们 也 ， 也 ， 也 ， 也 注 意 到 了 。 但 是 PC 的 并 没 有 受 太 多 影 响 ， 实 际 上 还 是 保 持 一 个 比 较 好 的 增 速 。 我 们 全 年 的 这 个 活 跃 设 备 数 ， 这 个 PC 端 呢 ， 我 们 ， 我 们 ， 我 ， 我 们 也 ， 就 是 ， 就 是 同 比 还 是 增 长 了 百 分 之 十 一 。 啊 ， 好 吧 ， 我 就 ， 我 就 给 你 拆 细 来 解 ， 解 读 一 下 。 I'll translate for Mr. Zou. Regarding your question on the monthly active devices decline, by the end of December. I will explain this in both PC and mobile and domestic and overseas market. On the PC side, despite the impact of the COVID pandemic by the end of last year, we still have a quarter-on-quarter increase if you look at the data of the PC and MAD data numbers. PC continue to grow quarter-on-quarter. We did experience a slight decline on the mobile side in both domestic and overseas markets. The main reason behind this was due to the COVID pandemic, which affected both employees and also students, in both domestic and overseas markets. The PC maintained stable and the PC year-on-year growth rate was 11%. Thank you. Hi operator, we're ready for the next question. Thank you. We'll now take the next question. Please stand by. This is from the line of Linlin Yang from GF. Please go ahead. 谢谢管理层给我这个提问的机会。我这边也主要是由两个问题想请教一下。一个是，就是怎么去展望我们2023年的这个费用的一个增长情况？第二个问题是关于这个就是GPT这一块的，因为最近也看到就是Microsoft，就GPT把GPT这个技术跟这个办公这一块进行了结合，那怎么去看这一块？对于我们的办公这一块有做了哪些准备，能不能谈谈？再增加一个小问题，就是关于那个，就刚才也谈到说我们魔域2马上要上线了，之前也有做过小范围的测试，就这个有没有一些测试的情况，能不能谈一谈？我简单翻译一下. My first question is about the growth of expenses in 2023. How do you expect? My second question is about GPT-4. Could you share some opinions about GPT-4 and combination with Office and pre-preparation have you made? My third question is about 魔域2. Could you share more details about the testing performance about this game? How do you expect its revenue? Thank you. 你 好 ， 我 来 回 答 第 一 个 问 题 啊 ， 就 是 关 于 费 用 的 增 长 ， 就 是 从 2023 年 整 体 ， 呃 ， 那 个 来 看 的 话 ， 就 是 人 员 方 面 的 话 ， 我 们 应 该 是 保 持 一 个 基 本 的 稳 定 。 你 也 看 到 了 ， 就 是 在 我 们 那 个 年 ， 呃 ， 年 报 里 面 ， 就 是 2022 年 的 那 个 人 数 ， 跟 2021 年 的 那 个 年 底 的 人 数 基 本 上 是 差 不 多 的 。 所 以 我 们 2023 年 的 话 也 没 有 人 员 的 一 个 大 幅 的 增 长 。 呃 ， 人 员 费 用 ， 因 为 我 们 是 一 个 研 发 为 主 的 公 司 ， 所 以 人 员 费 用 的 话 是 基 本 上 保 持 稳 定 的 。 嗯 ， 从 利 润 率 的 水 平 来 讲 的 话 ， 不 论 是 游 戏 还 是 办 公 的 话 ， 会 保 持 一 个 合 理 的 利 润 率 的 水 平 。 对 Okay, I'll translate for Ms. Li. Regarding for the expenses growth of 2023, we expect the number of employees to remain stable. If you look at the number for 2022, which was similar to 2021, this situation will be similar for 2023. Because we focus on the R&D development and the number of employees and developers will remain stable. For the profitability expectation for 2023, we are expecting a reasonable profitability in 2023. 第 2 个 问 题 我 来 探 讨 一 下 ， 就 关 于 GPT 这 个 ， 尤 其 是 Microsoft 以 前 应 该 是 上 周 ， 就 是 把 那 个 GPT-4 那 个 跟 它 的 Office 结 合 。 实 际 上 呢 ， 我 们 对 于 这 个 的 一 直 是 非 常 关 注 。 自 从 去 年 11 月 份 呢 ， 这 个 GPT-3.5 发 布 在 美 国 发 布 以 来 ， 我 们 就 其 实 是 非 常 关 注 这 块 ， 尤 其 是 那个 Microsoft 的 那个 最 新 的 这 次 发 布 会 。 实 际 上 我 们 的 观 点 是 ， 就 是 这 一 次 的 这 个 AI ， 应 该 是 一 次 革 命 性 的 。 这 个 相 比 这 个 5 年 前 的 那 个 这 个 AlphaGo 下 围 棋 ， 我 觉 得 对 人 类 的 影 响 ， 我 想 大 家 都 应 该 能 够 感 受 到 吧 。 应 该 说 大 家 都 是 一 致 的 观 点 ， 就 是 这 一 次 是 确 实 是 能 够 跟 人 类 实 际 的 这 种 的 工 作 生 活 做 非 常 好 的 结 合 。 我 们 的 我 们 也 是 这 么 判 断 的 。 实 际 上 我 们 本 身 呢 ， 关 于 这 块 的 研 讨 ， 以 及 如 何 地 把 它 跟 我 们 的 技 术 产 品 相 结 合 ， 这 个 以 提 高 用 户 的 这 个 产 品 体 验 这 块 呢 ， 我 们 一 直 也 已 其 实 已 经 是 在 非 常 紧 锣 密 鼓 的 这 种 这 个 进 行 当 中 ， 对 。 具 体 的 情 况 呢 ， 应 该 就 是 ， 以 目 前 的 这 个 进 度 来 看 的 话 ， 就 这 个 应 该 是 在 今 年 上 半 年 ， 会 有 一 些 初 步 的 成 果 出 来 。 到 时 候 呢 ， 也 会 通 过 合 适 的 渠 道 吧 ， 去 给 大 家 这 个 展 现 或 者 介 绍 ， 好 吧 。 这 块 呢 ， 其 实 大 家 也 都 清 楚 ， 就 是 毕 竟 是 ， 总 体 来 讲 ， 国 内 的 这 个 大 语 言 模 型 的 能 力 ， 相 比 美 国 还 是 有 一 定 差 距 。 我 们 认 为 ， 这 个 或 者 简 单 说 吧 ， 这 个 跟 GPT 的 水 平 呢 ， 尤 其 是 它 最 新 的 这 个 GPT-4 比 呢 ， 我 觉 得 国 内 要 赶 上 呢 ， 可 能 还 得 花 点 时 间 。 我 们 同 时 也 比 较 有 信 心 ， 就 觉 得 这 种 或 者 叫 做 行 业 模 型 吧 ， 就 是 把 这 种 这 个 新 的 人 工 智 能 技 术 ， 那 个 再 降 低 一 些 参 数 ， 就 针 对 性 的 一 些 行 业 应 用 场 景 上 ， 我 们 自 己 的 判 断 呢 ， 应 该 会 很 快 会 跟 上 。 反 正 这 就 是 基 本 上 就 是 我 们 目 前 的 一 些 核 心 观 点 和 举 措 ， 好 吗 ？ I'll translate for Mr. Zou. To discuss on your question regarding the GPT, we think that especially for Microsoft and GPT-4 and Microsoft combined with its office products, we pay closely close attention on GPT since its 3.5 launched last year, and also on Microsoft's new release. We think that this AI is revolutionary compared with what we had five years ago with AlphaGo on the chess play. This time we think it's closely related to our life and work style. We also want to improve the efficiency of our products and for our users. We are going to invest in the R&D in this sector, and we do have new products under development, and we are planning to show or to introduce our new products in the first half of this year, in appropriate channels and applications. We know that currently our technology compared with GPT-4, it's, we are still behind what GPT-4 could offer. We may take more time to catch up its level, but we think that in certain application scenarios, we are developing quickly and we are going to have new products under development as well. OK， 呃 最 后 介 绍 一 下 魔 域 二 啊 ， 魔 域 二 呢 之 前 呢 就 是 相 当 于 是 在 我 们 ， 呃 ， 叫 ， 我 我 们 自 己 把 它 叫 官 网 吧 ， 就 是 那 个 先 做 了 一 轮 ， 呃 ， 从 ， 从 上 一 轮 的 这 个 整 个 的 这 个 数 据 来 看 呢 ， 我 们 是 认 为 ， 呃 ， 从 这 个 数 据 的 表 现 吧 ， 官 方 ， 官 ， 就 官 ， 官 ， 呃 就 是 官 服 吧 ， 的 表 现 来 看 呢 ， 应 该 是 达 到 了 我 们 自 己 对 这 个 产 品 的 预 期 了 ， 好 吗 ？ 所 以 剩 下 来 其 实 就 是 看 这 个 在 全 平 台 上 线 之 后 的 一 个 ， 一 个 具 体 表 现 。 Okay, I'll translate for Mr. Zou. Regarding your question on 魔域二 the Yuzu two game, we did a small scale testing on our website recently. From its performance and data, we think that the game itself actually met our expectation for the testing. We are going to see how it will perform when they have a full platform release. Thank you. Thank you operator, we're ready for the next question. Thank you.