Good day, and thank you for standing by. Welcome to the Q1 2024 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 will need to press star one and one on your telephone. 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 that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Yinan Li, IR Director of Kingsoft. Please go ahead. Thank you, operator. Ladies and gentlemen, good evening and good morning. I would like to welcome everyone to our 2024 first quarter earnings call. I'm Yinan Li, 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 our 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. Additionally, in today's earnings call, the management will deliver prepared remarks in both Chinese and English. A third party interpreter will provide a consecutive interpretation into English. During the Q&A session, we will accept questions in both English and Chinese, with alternating interpretation provided by the third party interpreter. On-site translation is solely to facilitate communication during the conference call. In case of any discrepancies between the original remarks and the translation, the statements made by the management will prevail. Having said that, please allow me to introduce our management team who joined us today, Mr. Tao Zou, our Executive Director and CEO, and Miss Yi Li, our Acting CFO. Now I'm turning the call to Mr. Tao Zou. 大家好，欢迎参加金山软件2024年第一季度的业绩电话会。2024年集团整体开局稳健，第一季度实现总收入和利润的双增长，总收入达CNY 2.13 billion，同比增长8%，经营利润达CNY 602 million，同比增长31%，经营利润率28%，同比提升5个百分点。规模净利润达CNY 280 million，同比大涨48%。其中，金山办公第一季度收入达CNY 1.23 billion，同比增长16.5%。游戏及其他业务收入CNY 910 million。下面我向大家重点介绍2024年第一季度的业绩情况。本季度，金山办公继续保持稳定的经营态势，围绕多屏、云内容、AI协作战略，持续投入协作和AI的领域研发，通过技术创新、产品迭代、性能提升等举措，不断增强产品竞争力，进一步实现新质生产力在办公领域的切实落地。主要产品月活设备数首次突破6亿，达到6.02亿，同比增长2.2%。其中PC版月活设备数2.7亿，同比增长7.1%。个人订阅方面，通过不断丰富会员权益，提升用户粘性及付费转化，本季度实现收入CNY 730 million，同比增长24.8%。WPS AI于2024年3月底发布了产品定价，进入规模测试，初步开启了商业化。机构订阅方面，我们持续完善产品体系，提升服务体验，拓宽生态渠道，积极推向云和协作办公转化，机构订阅的销售模式进入转型阶段，本季度实现收入CNY 240 million，同比增长13.6%。机构授权方面，受党政信创新增采购订单推动，机构授权业务实现增长，本季度收入CNY 194 million，同比增长6.31%。围绕企业和组织办公的云化、协作化、智能化发展趋势，4月9日，我们推出了全新升级的办公新质生产力平台，WPS 365，涵盖升级的WPS Office、WPS AI企业版和WPS协作，为用户开启一段AI办公。WPS AI企业版为客户打造企业大脑，分为AI Hub、AI Docs和Copilot Pro三大核心产品模块组件。AI Hub降低企业部署大模型的门槛。... 集成了国内主流大模型的AI能力，例如MiniMax、智谱AI、文心一言、商汤日日新、通义千问等等。我们在大模型领域的定位是应用方，以国内上百种模型进行适配磨合，实现基础AI服务的开箱即用，这也让用户克服了大模型选择困难症，并极大降低了使用门槛。AI Docs解决用户数字资产管理的痛点，将传统云文档库一键升级为智能文档库，让智能创作来源有依据，完整的文档权限体系，保障信息不越权。Copilot Pro可以通过自然语言实现任务的自动化，优化用户工作流程，帮助运营人员使用自然语言驱动BI产品分析数据，并可调用Office 365 API和企业自有API，解决办公自动化需求。Office AI企业版为客户提升团队协作效率，管理研发项目、低成本变现、审批流程等提供了重要的支撑。游戏业务在精品战略的总体指导原则下，聚焦于做深做透经典剑侠系列，并持续大力布局新赛道，扩展新品类游戏。旗舰游戏剑网三展现强韧的生命力，保持稳健发展。移动端剑网三无界，目前已开启多轮的测试，为与用户共研打磨，持续调优，产品质量不断提升。该游戏将于六月中上线，给玩家带来多端的融合体验，并顺利实现旗舰端游剑网三的全平台打通。我们在深耕武侠游戏品类的同时，新赛道的探索也有阶段性进展。二次元射击游戏纯白禁区，自2023年7月20号正式上线以来，秉持用户至上的宗旨，与用户真诚交流产品体验，高度重视用户反馈和建议，对画面的表现和玩法持续改进。一季度，该游戏活跃用户数及收入均实现环比显著增长，热度不断提升。科幻机甲游戏解限机，三月已获得版号，并在大陆及海外地区进行测试和持续优化。宣传视频自去年十二月首次曝光，至今仍占据Steam全球心愿单排行榜Top 100，并获得IGN、PC Gamer等国际知名游戏媒体争相专访。展望未来，金山办公将继续秉持多屏云内容协作AI的战略，坚定对AI和协作的研发投入，不断探索Office AI在各行业办公场景的落地。游戏业务将坚定不移地聚焦精品游戏战略，在新品类扩展战略的推行上也卓有成效。我们将继续积极倾听玩家心声，提供更优质的游戏体验，始终坚守用户第一，技术立业，坚持创新的产品理念，坚持为客户、股东和员工创造持续长久的价值。接下来有请李毅为大家介绍2024年一季度财务业绩。谢谢！ Hi, now we are turning the call to translator. So we are come to about achieving double growth in both total income and profit in the first quarter. The total income amounted to CNY 2,136 million, representing a year-on-year increase of 8%. The operating profit amounted to CNY 602 million, representing a year-on-year increase of 31%. Attributable to shareholders of the parent company amounted to CNY 280 million, representing a significant year-on-year increase of 48%. In particular, the revenue of Kingsoft Office Group reached CNY 1,225 million in the first quarter, representing a year-on-year increase of 16.5%. The revenue generated from the games business and other amounted to CNY 912 million. Now, I would like to summarize our performance in the first quarter of 2024. In this quarter, Kingsoft Office Group has maintained its solid operation, focusing on the strategy of multi-screen, cloud, content, collaboration, AI. Kingsoft Office Group continued to invest in R&D of collaboration and AI, and strengthened the competitiveness of its products through technical innovation, product integration, performance enhancements, other initiatives. For the MAU of our key products, it exceeded 600 million for the first time and reached 602 million, representing a year-on-year increase of 2.2%, of which the number of monthly active devices of the PC version product amounted to 270 million, representing a year-on-year increase of 7.1%. In terms of individual subscription, we have continuously enriched membership benefits to enhance user stickiness and paying conversion, and realized the revenue of CNY 734 million in the quarter, representing a year-over-year increase of 24.8%. The pricing of the WPS AI product was announced at the end of March, which is under Gray Box Testing, marking its initial steps towards commercialization. In terms of institutional subscription, we have continued to improve the product offerings, enhance the service experience, broaden their eco channels, and actively promoted application of the cloud and collaboration in office with the sales module of institutional subscription, entering the stage of transformation, achieving the revenue of CNY 242 million in this quarter, representing a year-over-year increase of 13.6%. In terms of institutional licensing, the institutional licensing business achieved growth, driven by increased purchase orders on localization solutions. We achieved the revenue of RMB 194 million in the first quarter, representing a year-on-year increase of 6.31%. To align with development trends of application of the cloud. On April 9, we launched the upgraded new quality productive force in office, WPS 365, converting, covering the upgraded WPS Office, WPS AI for enterprises, and WPS Collaboration, offering a one-stop AI office solution for users. The WPS AI Enterprise Edition designed it as an enterprise brain for clients. Intelligent Document Library, and Copilot for enterprise smart assistants. AI Hub reduces the threshold for enterprises to deploy large modules and integrates the AI capabilities of mainstream large modules in China, such as MiniMax, Zhipu AI, Ernie Bot, SenseNova, and Qwen. Our position in the field of large models is the application provider, and we have accommodated hundreds of models in China to achieve the basic AI services out of the box, which also allows users to overcome the difficulties in the selection of large models, and greatly reduces the thresholds for use. AI Docs solves, absorbs the user's pain points of digital asset management, transferring the traditional cloud document library into an intelligent document library through one-click upgrade, so that the source of the intelligent collection has a basic and the completed document authorization system guarantees that the information is not overstepping the authority. Copilot Pro can automate tasks through natural language, optimize users' workflow, help operational staff to analyze data using BI products driven by natural language, and use WPS 365 API, APIs, and enterprises-owned APIs to address the needs for office automation. WPS AI for enterprises provides feature support for customers to improve their collaboration efficiency, manage their R&D projects, and set up low-cost approval processes, et cetera. In terms of online games business, under the overall guiding principle of prime game strategy, we focuses on cultivating and expanding the classical JX series, and actively exploring new market segments, so as to venture into innovative game genres. Our flagship game, JX3 Online showed strong vitality, maintaining steady development. They conducted multiple rounds of testing the mobile version of JX3 Ultimate for research, elaboration, adjustment, and optimization with users, so that the game quality continues to improve. The game will be launched in June, which will bring about multi-technical integrated experience for players. Achieving accessibility of JX3 Online, our flagship through all platforms. While actively involving the cultivation of the material arts, art genre, we have also made incremental progress in exploring new game genres. Since the official launch of the Snowbreak: Containment Zone shooter game on July 20 last year, we have adhered to the tenet of putting users first, engaged in sincerely co-communication with users to other product experience, attached great importance to user feedbacks and suggestions. After improving its graphics and gameplay, the number of the active users and income in the first quarter achieved a significant quarter-on-quarter growth, indicating a continuous rise in popularity. The sci-fi main game, Mecha Break, has received the license approval in March 2024, and has been tested and continuously optimized in mainland China and overseas regions. It has still been ranked in the top 100 of Steam wish lists since it was first exposed last December, attracting exclusive interviews for internationally renowned gaming media such as IGN, PC Gamer, and Famitsu. Looking ahead, Kingsoft Office will continue to adhere to the strategy of multi-screen, cloud, content, collaboration, AI. Firmly invest in AI and elaboration and development, and continuously explore the application of WPS AI in office scenarios in various industries. In terms of online games business, we will certainly adhere to the strategy of producing prime games, and strive to achieve effective implementation of the strategy of expanding new genres. We will continue to actively listen to the voices of players, striving to provide better gaming experience. Also, we will remain dedicated to the product's philosophy of putting users first, being technology-based, upholding innovation, and strive to create sustainable and long-lasting value for our customers, shareholders and employees. Now let's give it up for Mrs. Yinan Li to present financial results for the first quarter 2024. Thank you. Thank you. Good evening, everyone. I will now discuss the first quarter financial results using RMB as currency. Revenue increased 8% year-on-year and decreased 7% quarter-on-quarter to CNY 2,137 million. The revenue split was 57% for office software and services, and 43% for online games and others. Revenue from the office software and service business increased 17% year-on-year and decreased 5% quarter-on-quarter to CNY 1,225 million. The year-on-year increase was mainly due to the growth of domestic individual office subscription business, institutional subscription business, and institutional licensing business of Kingsoft Office Group, partially offset by the decreased internet advertising business. The growth of domestic individual office subscription business was mainly attributable to the increases in both the user stickiness and the paying ratio, resulting from enriched membership benefits. The growth of domestic institutional subscription business was mainly because we continuously promoted the transformation to a subscription model at the launch of the WPS 365, the new productive forces in office. The increase of institutional licensed business was mainly driven by purchase orders on localization solutions. The decrease of internet advertising business was mainly due to the shutdown of our domestic third-party advertising business at the end of 2023. Revenue from the online games and others business decreased 1% year-on-year and 11% quarter-on-quarter to CNY 912 million. The slightly year-on-year decrease was primarily due to a natural decline in revenue from certain existing games, partially offset by revenue contribution from titles released in the second half of 2023. The quarter-on-quarter decrease mainly reflected the natural decline of certain existing games, partially offset by the growth from proactive operation of the anime shooter game, Snowbreak: Containment Zone. Cost of revenue increased 50% year-on-year and decreased 4% quarter-on-quarter to CNY 396 million. The year-on-year increase was primarily attributable to grid, server, and bandwidth costs, as well as higher service costs of institutional clients, both of which were associated with the business growth of Kingsoft Office Group. Gross profit increased 7% year-on-year and decreased 8% quarter-on-quarter to CNY 1,741 million. Gross profit margin decreased by one percentage point year-on-year and quarter-on-quarter to 81%. Research and development costs increased 8% year-on-year and 4% quarter-on-quarter to CNY 730 million. The year-on-year increase primarily reflected the continued investment in AI and collaboration products and services of Kingsoft Office Group. Selling and distribution expenses decreased 26% year-on-year and 31% quarter-on-quarter to CNY 261 million. The decreases mainly reflected declined promotion spending on online games. Administrative expenses increased 7% year-on-year and decreased 6% quarter-on-quarter to CNY 160 million. The year-on-year increase was mainly due to personnel-related expenses of Kingsoft Office Group. The quarter-on-quarter decrease was largely due to a one-off expense in the fourth quarter of 2023. Share-based compensation costs increased 5% year-on-year and decreased 1% quarter-on-quarter to CNY 76 million. The year-on-year increase was mainly due to the grants of awarded shares to the selected employees of certain subsidiaries of the company. Operating profit before share-based compensation costs increased 27% year-on-year and decreased 14% quarter-on-quarter to CNY 678 million. Net other losses were CNY 4 million for this quarter, compared with gains of CNY 44 million and CNY 80 million for the first quarter and fourth quarter of 2023 respectively. Share of losses of associates of CNY 169 million were recorded for this quarter, compared with losses of CNY 231 million and CNY 286 million for the first quarter and the fourth quarter of 2023 respectively. Income tax expenses increased 63% year-on-year and decreased 66% quarter-on-quarter to CNY 42 million. As a result of the reasons discussed above, profit attributable to owners of the parent was CNY 285 million, compared with profit of CNY 192 million and CNY 205 million for the first quarter and fourth quarter of 2023 respectively. Profit attributable to owners of the parent, excluding share-based compensation cost, was CNY 329 million, compared with a profit of CNY 236 million and CNY 257 million for first and fourth quarter of 2023 respectively. The net profit margin, including the effect of share-based compensation cost, was 50%, 12%, and 11% for this quarter, the first quarter, and the fourth quarter of 2023 respectively. The group had a strong cash position towards the end of the reporting period. As at 31 March 2024, the group had cash resources of CNY 23 billion. Net cash generated from operating activities was CNY 329 million, CNY 363 million, and CNY 1,734 million for this quarter, the first quarter, and the fourth quarter of 2023. Capital expenditure was CNY 150 million, CNY 80 million, and CNY 131 million for this quarter, the first quarter and fourth quarter of 2023. That's all for the brief on our first quarter operational and financial results. Thank you all. Now, operator, we are ready for the Q&A section. Thank you. Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A queue. Our first question comes from the line of Xiao Zhang from CICC. Please go ahead, your line is- 哎，邹总，李总，宜兰，晚上好，感谢接受我的提问。我这边有两个问题想请教一下，第一个问题是关于我们的游戏业务，我们看到这个尘白禁区在四月新版本上线之后，其实引发了市场的关注，那么管理层对于这款游戏表现的持续性如何预期？公司后续在这个二次元赛道的一个运营策略是如何规划的？我的第二个问题是关于我们的办公业务，想请管理层介绍一下 WPS AI 在 C 端的一个规模测试的进展，以及后续的这个 B 端场景落地的规划。谢谢。那我快速翻译一下我的问题。So thanks management for taking my questions, and I got two questions here. So first is regarding the gaming business. The new version of Containment Zone launched in April has become a hit in the market. So how should we think of its performance going onwards, and what is your operational strategies for the anime game sector? And second is on WPS AI. So could you please update us with the commercialization progress of your individual-oriented products as well as the enterprise version? Thank you. 那我来回答一下这个问题啊。先讲一下游戏这个，橙白的禁区的持续性。我们今天刚开完会啊，那个在金山软件的董事会上呢，其实，也对这个问题提出了一个提问。今天正好呢，是那个，Seasun CEO Chris在现场。结论啊，从目前，这个，Chris的反馈来看呢，就是他认为是一个可以持续、持续的这么一个，而不是说这个短期的、一个短暂的现象。然后当然我们也就在这个为什么能持续，做了些追问啊。那本质上是认为我们，这个团队做二次元游戏做了8年了，这是第三代。从少女咖啡枪到双生世界，到橙白，应该来讲是经过8年的积攒的持续的探索和积累吧。我们，我们在这个，虽然二次元这个赛道竞争也是非常激烈的，我们认为我们还是找到一个特定的细分品类，对。所以呢，这个，我们目前这个，还是比较有信心，在这个，这个赛道上，目前的这个还是比较有竞争优势的。当然从四、五月这个数据来看呢，也，至少到目前为止，还是证实了这个我们自己的这种，这种，这种推论吧。所以呢，就是对，对全年的这个橙白的这个，营收呢，我们也重新做了一个update，跟年初对比还是有一个比较大的一个幅度提升。所以呢，这个，这个，这个整体的，这个全年游戏的，这个，那个，那个，这个指引呢，我们也，也，也适当的做了一些调整，我们认为基本上也应该能做到，10个点上下的这个增、增、增、增长吧。当然如果这个，这个其他的这个游戏如果能如、如期再上线的的话，可能结果还会比较更好一点。运营策略上讲呢，就是，因为我们是从去年7月2号上线的，也不断地在摸索吧，从今年2月份开始，逐步逐步地，经过跟玩家这个长达半年多的反复的这个在一起的这个打磨吧，也是充分的听取了用户的反馈和意见，从到今年2月份逐渐反正团队也找到感觉了。所以呢，我，我想我们这个运营的策略的最核心的其实就是持续满足客户本身的需求，围绕用户需求的创新，我觉得这是最核心的运营策略，我觉得这个呢，会继续秉持下去。我想这个，但今天在会上我也表达我的观点，我说这是继剑侠情缘三以来吧，我说我们整个西山居在一个新的品类上的成功，并且是在一个新的品类上，呃，上线之后，通过持续...... 跟用户交朋友，持续改进，持续迭代优化，把一个游戏重新又开始做，做成功的又一案例，这应该说是算是先进这个游戏里程碑上这个又一座丰碑。好吧，这是游戏方面。先翻译一下。 Hi translator, please translate for Mr. Zou. so actually from this game perspective, is that we constantly is kind of improve ourselves, and so this afternoon we just finished the meeting with the Kingsoft board of directors and board meeting, and thank you for this question. We also have raised this. So today, during the CHCCO, CEO Chris is on site. So our conclusion is that according to the Chris feedback, he thinks that we're going to continue to do it. It's not just a short time, we're going to make it as a long term. We're going to constantly to ask ourselves, and our team, actually for this 8 years of the developments we have gotten into the third generation, and from this initially, we started to do this game, to this publishing, and until we have so many games comes out, we're going to have these 8 years of this exploration and experience collection. We believe that for the game industry, the competition is quite heavy, but we probably can see that we have find a dedicated classification, which is suitable for us. We have the confidence that in this trial, currently we are quite competitive enough, which is kind of showing from the data of April and May, which can prove ourselves. And also for this whole total annual income, we also have an update. We're going to have a very big increase, and we got to do some adjustments, which we can think that probably we can make it around 10% increase compared with the... If, of course, the other game is going to launch in time, so the result will be much better. From the strategy perspective, last year, since the game has launched, July 20, we constantly to cooperate, to communicate with our clients, with players, especially from this February, we have listened the suggestions and ideas from the players, and this year our team has found the true feeling that we need to base on those users to continue to do the optimization. We need to firstly make friends with our users, and then constantly have different generations comes out to optimize it constantly. This is we can see that is kind of a milestone for us. OK，第二个问题，关于WPS AI C端的进展与B端的规划。先讲C端啊，我们自从那个灰度测试以来，我们自己总结了一下啊，就是如果用一句话来形容呢，就是达到了预期。如果要展开呢，其实就是说在用户的类型，在用户使用AI的实际的场景，以及这个用户对AI的这个黏度以及活跃度，这几个维度呢，都很好地达到了我们灰度测试之前的预期。当然我们，我们依然会，花相当长时间啊，去针对暴露出来的这个问题，尤其是些体验上的，完善，功能的完善度方面的，我们还会持续去改进和优化，当然也包括这个跟各个接入的大模型厂商在不同场景下的这个进一步的调优，好不好？然后B端上呢，我们的最核心的思路啊，其实就是，说简单就一条，就是叫做跟我们的已有的客户，深度绑定，进行共创。这，这个什么意思啊？这个，大家都清楚啊，AI这个大模型呢，这个自从去年，问世以来吧，在C端这相对来讲，我们也谈得很多啊，像什么AIGC啊，Copilot啊，这个insight等等，这个包括在C端上，我们，我们确实也是围绕着这几个领域在不断的实践，但实际上在B端，针对企业大模型怎么用，这个其实，目前整个行业或者整个这个，都还是在摸索的这个阶段。但是呢，我们，我们，有，这个我们都坚信啊，这个，大模型对企业的赋能应该是很强大的。所以呢，这个，最好的路径呢，我们也认为，未来肯定是利用大模型，去训小模型或者训行业模型，结合这个客户的私有化数据和私有化的场景，去这么整合这么一条路径。实际上从去年Q3开始呢，我们本身跟我们的客户呢，已经是在共创了，共创了也有一些实践，这个案例的，就是案例的落地，好不好？所以呢，其实就B端，总体来，总结下来，其实就是说跟我们的客户进行，围绕这个大模型这个落地的场景进行共创，啊，这是我们的一个，总体的一个B端的一个原则。啊，当然到底，在哪些行业未来能够，取得非常好的成绩或者说成果，目前呢，暂时不好下定论，也不好下定论。只是说，嗯，嗯，我们总体来认为就是AI这波对行业的赋能将是一个非常大的趋势，也具备一定的普适性，所以它的市场规模和这个，应该是会比较巨大的。好吧，翻译一下。 ... Okay. So actually from this WPS AI, C-end, the progress, and also the strategy from this, grayscale testing, we have make a conclusion that we have realized our expectation. If we need to expand it to describe it, like from this, the users module, and also the AI scenarios application, and also for this activities for the users stick with the AI, which has realized our grayscale testing expectation. But we will still spend a very long time, especially for this customer experience, to have different function optimized. We're going to constantly to optimize it, including that some different optimization for different scenarios. From this C-end core point, we think that we already have some existing customers, and then we would like to have a deep connection with them to have a innovation together. So what does that mean is that we all know that for the AI big module, since this comes out into the market last year, for this C-end, we have discussed quite a lot, it's like AIGC or whatever, these type of things. So from the C-end perspective, we constantly to have practice, and also for the B-end, for the enterprises, how they're going to use it for the whole industry? We are constantly trying to understand it, trying to touch it, to get into a certain perspective. But we believe that for the big module, for this enterprises, they're going to have some value added. It's going to be very powerful, but which is going to be the correct road for it? And in the future, how we're going to use this big module to make the small module, to have the industrial module, to have these private customers scenarios, to integrate them together. So from last Q3, we have discussed with our customer that we need to create together. We already have some practices, so we're going to have some localize it. So from the B-end perspective, we think that we're going to have the communication with our customers together, target for this big module to have this creation together. So generally speaking, that for the B-end, what exactly the industry is going to have a very good future, a very good result is, is hard to say, but for the AI industry to have some value added, it's going to be a very big trend, and the market will be very big. Operator, we are ready for the next question. Thank you. Please stand by. Our next question comes from the line of Linlin Yang from Guang Fa. Please go ahead, your line is open. 好的。周总，李总，还有尹总，晚上好。我有两个问题想请教一下，就是刚才关于游戏这边全年10%的增长指引，就是这个能不能帮我们拆解一下？就是包括，那个新游戏这边，像陈白金区，还有剑网三无界，就大概我们在这个10%这边，大概是，能考虑的是带来多大的一个增量。然后第二个问题是关于，就是因为看我们现在啊，就是几块业务，基本上，利润的增速都是在趋于提升的，然后包括金山云那边亏损也是在收窄的，所以那整体利润端其实是在趋好的。那，像分红回购方面，是不是有考虑，就是在我们之前提到的是加大回购基础上啊，有没有一些新的这个回购金额的一些考虑？好的，那我简单翻译一下吧。嗯，My first question is about the growth of game. Can you break down the 10% growth for us? How much incremental growth does Snowbreak: Containment Zone, JX3 Ultimate, each contribute? My second question is about the dividends and share buyback. As the bottom line tends to improve, will you consider to increase the amount of the dividend payout and share buyback? Thank you. 我先回答第一个啊。陈白和剑网三对今年整体的增长的这个贡献度啊，我觉得站在我这个角度，要从不同角度看，如果你是从收入以及利润角度呢，陈白肯定是占的主要。但是呢，我个人反而是更看重剑网三无界的啊，因为，大家都知道，剑网三本身是一个Eups的游戏，所以呢，在今天的会上也谈到了啊，就是包括这几次测试下来，包括预约量，包括我们未来预期的导量啊，那个，剑网三本身，它跟无界其实就是剑网三的手游版吧，就是它本身这个，对我们整个金山游戏的这个用户体量，这个或者用户盘子的增速啊，占的比重会，应该讲是，反而是大头。所以呢，就是，就是说单从财务回报，从利润，收入角度呢，成败的贡献会更大一点，但从那个用户数，这个活跃用户，这个金山用户的群体的这个的增长来看呢，剑网三无界在我们的目前的预测的那个，里面占的比重会更大，好吧？这个第一个问题，先翻译一下。 Okay, so actually for this, and this one is for this contribution for our growth, we need to discuss it from different perspective. If for this the income and also the profit, of course, is probably match and also which is going to be better. The reason is that for the GM is going to be an ERP game, from this test perspective, we believe that the focus, the future is going to be much better. But for this year one thing, which is the Wuji, is the mobile, the version for this total users quantity for this Kingsoft, the game is going to have a much bigger percentage from this, the financial feedback. And also for Chongqing's is going to be much better. So the Kingsoft users to the quality, we think that for GM which is going to be much better, which this is according to our expectation. OK，第二个问题啊，就是那个确实，正如你说啊，就我们整个的金山软件这边的利润是确实是趋好的，主要几个原因，一来是本身办公和游戏啊，这个它的收入利润，这个成长性都比较好。二来也确实就是那个猎豹啊，金山云本身的亏损，它都是在收窄，都是收窄。所以呢，这个总体合在一起呢，作为金山软件集团这边来看呢，它的利，利润这个，这个趋好的这种趋势，是，是确实是已经呈现出来了。OK，你刚才问到的就是关于回购的力度，其实我们今天也刚开完董事会，也刚这个对，这个，这个就是新的股，这个股票回购的额度做了一个批，审批。目前呢，是我，我跟您一是董事会授权是10亿，10亿港币的这么，这么一个额度。实际上我们去年，去年是回购了3.1亿嘛，好吧，当然我，我关于回购这个话题啊，我还是要表达一下我的观点，就是，我，以，以前可能有的场合我也谈过吧，就是我们，我们，我们肯定是认为当下的这个金山软件的这个，这，这这个估值是严重偏低的。啊，对，这个，这个其实每个Q都会回答这个问题啊。所以，但是呢，就整个市场大环境也是我们充分考虑的一个因素，就，就，就，就是，就是如果整个大，大市场环境，这个趋向好的前，前提下，我，我们，我，我们那个，那个，那个，那个本身这种回购的这个，这个，应该说力度也好，这个频次也好，呃，这个，这个就可能会相对来讲啊，就是，就是，呃，低一点。但反过来就是说，如，如，如如果会进一步恶化，呃，这个我们的收，回购的力度和频次就会相对来讲会更高一点，好吧。反正这个呢，这个我也跟大家这个，这个很坦诚地去，去，去表达一下，但实际上过去我们也是这样做的。所以综合来讲，其实就两点，总体来讲现在肯定是严重被低估，但实际上回，到底回购的频率和力度还是取决于整个大，大环境的优劣，好吧，翻译一下。 嗯, 好的。So from this, actually the profits of the entire Kingsoft, Kingsoft where the whole group from this the office and also game, the goods, performances is quite good. And also for 猎豹 and 奔驰, this type of the products we have for this reduction of the losing. From the Kingsoft group, the whole profit is going to get into a better performances. Also for the repurchase i density. Because today we have the board of meeting and also discussed about the total amount of this the stocks. We can, the board of director have the board of meeting has authorized of the HKD 1 billion this amount, and last year the total the repurchase limit is going to be this HKD 310 million. Regarding this topic, my opinion is that I think currently for this Kingsoft, Kingsoft Group, our whole evaluation has been reduced quite a lot, has been evaluated quite low, because every Q we gonna answer this question. The whole market situation is the very important part we need to consider. If the whole market is going to get into a better performances, then of course the repurchase amount limitation, no matter for the amount and also for the frequency, is going to be higher. But if the whole economy of this whole market is going to be getting worse and worse, then our repurchase limit quantity and also the frequency will be higher. This is just a very frankly view to express myself. Comparatively speaking, is that, comprehensively for the conclusion is that our evaluation has be, considered lower than the market, and also for this repurchase limit, mean the total amount and also the frequency is depends on the whole market. Hi operator, we are ready for the last question. Thank you, please stand by. Our last question comes from the line of Bing Duan from Nomura. Please go ahead, your line is open. 谢谢管理层给我这个最后一个提问的机会啊，我是那个野村证券的科技行业的分析师段冰。那我这个就是一个关于AI的一个follow up的问题啊，就是，想请教一下管理层是怎么看待这个AI领域的这个竞争格局？一方面是这个很多基础的，最近看到很多基础的这个大模型都在，降价。... 这个对于咱们的这个，比如说WPS AI的这个成本有没有一些积极的影响？那另一方面就是说，从我们WPS AI本身的这个竞争格局来看，像咱们这个这两天也看到微软的这个Microsoft Build大会推出了一些这个新的Copilot的更新嘛，那国内也有像Kimi Chat一类的这些，这个产品。那，想问一下，就是咱们怎么看在国内和国外的这个我们的AI的相关业务和用户的增长的，会不会受到竞争的影响？那我很快地翻译一下。Thank you management for giving me the opportunity for the last question. So, a follow-up on AI, how do you think about the competition landscape? First, the large language models' pricing is declining. Will that affect our WPS AI's cost positively? The other one is how do we think about other like Copilot, Microsoft's Copilot products or Kimi Chat in China will affect the competition landscape for WPS AI? Thank you. OK，我来回答一下你这个问题。先谈一下整个行业的，确实，正如你所说，反正字节先抛出它，这个成本很低，接着这个阿里和那个百度就跟进了，这种。当然站在金山办公的角度，大家都知道，我们是接入第三方模型的，然后这个本身这个收费是从用户的AI会员去收费的。如果本身这个模型那边的这个成本下降的话，那对金山办公本身肯定是件好事。当然我们今天也在讨论，如果真的是接入这个成本下降，我觉得我们是不是在会员价格上，因为我们还在做灰度测试，是不是也要适当的做一些调整，好吧？这是，从这个降价来看办公本身。从行业来看呢，其实这个预测去年就已经预测到了，刚开始肯定是大家来做，到最后肯定会通过价格这种方式来抢夺市场。这种是一种非常常见的竞争手法，最终大家一致认为不可能长期会有这么多通用大模型的存在，一定是这个相对... 我的观点，也许就只会剩1-2家，3家的可能性很小，这是我的观点。因为这种通用大模型真的没必要那么多，就好比过去在IM的竞争，在搜索引擎的竞争，甚至这个字节出来之后，在这个今日头条这种，应该说，聚合型媒体的竞争，你会发现都是一-2家，尤其是C端的。当然B端的这个不一样，B端的就是行业模型会很多，所以这是第一部分。第二部分呢，就是讲到它是AI本身的，这种，我的理解其实就是说，像这种办公类产品，这个AI办公类产品的竞争吧。你刚才谈到了两个，一个是微软，一个是Kimi，我们自己内部也做过，这个推演和研讨。微软这个说实话，我们从来就不担心它，在我们过去最难的时候，我们也不担心它。到现在，其实说实话，我们，我们自认为我们自己在AI的这个，就office AI化方面，走得并不比微软晚。对，所以呢，就是，特别是经过这么多年的，这，WPS发展了36年吧，到今天我们已经有非常坚实的客户基础，无论 是C端还是B端，加上AI本身，我们跟进的速度和效率也非常非常快，所以至少在中国这个，市场，我们是不太，不太担心的，不太担心的，对。第二个，我们讲到Kimi，说实话，这个是，这个最近这个特别热，热点的，我们也在用啊，包括金山办公，其实也是我们的，Kimi我们也是合作伙伴，对。这个里头就是说实话，就是我，我自己的理解啊，就是，就是它，它跟WPS它不是一样的的产品类型，Kimi更多的是你可以理解，就是我们在讲我们的金山办公的三大块，叫做AIGC copilot，还有那个insight等等，这是第一个。第二个是我们是围绕文字、表格、演示等等，多，多种文档格式。Kimi更像目前更，这个更，更，更像是 在insight的这方面，它，它对长文本的阅读理解，这个，当然它AIGC也很强啊，它，它，它更多的 是这个，而WPS呢，它是基于文档的创，创作、分享、协作的一个AI赋能化的一个，一个，一个过程，所以它，它是不一样的。那个当然它，它有一些是类似的，所以大家就本能地会觉得它是竞品。其实就跟之前我，我在回答飞书一样的，我说我们跟飞书完全是不一样的东 西，你知道吧？你就WPS，它本质上是基于文档的创作，编辑，创，编辑、协作、分享、阅读这么一个，一个，一套，一套，一套体系。对，那个，那个，那个，那个，这个，如果要这个，抛开这个去谈的话，那其实如果泛泛地谈说办公，那其实这个，那，那好像变得都，都，都，都是竞争的样子。... 好吧，所以我个人的，不是我们的观点，其实当然我刚才引用飞书啊，其实你从飞书出来，大家也会觉得，哎呀，飞书是不是会怎么样？但实际上，反正现在我们发展得比飞书好。对。所以呢，这个办公是一个泛的概念，所以我自己，当然我们自己对外也是说我们办公啊，但我的观点是，其实办公本质上是一个围绕文档、创作、分享、协作的这么一个数字化平台，好吧？嗯，然后现在AI这波来了，我们也是围绕这个，在这个平台，在这个基础上，只是AI给它赋能了而已。对，所以这样的话，你就很容易跟其他的产品做一些区隔。实际上在文档的解读、编辑等等，Kimi希望我们能够给它开放这个接口，希望能够跟我们去合作。对，所以也就是說，本质上我们是一个生态的合作关系，好吧？翻译一下。 Okay. So from this industry that is correct, that's for this and also their, like their cost is quite low and also for Alibaba and Byte, they are also followed up with the low-cost. For this Kingsoft Office perspective, we are actually the first to explore the third parties, and also we are charging for these members, for our users from the AI perspective. So for the model itself, of course the cost is going to be decreased. That is going to be good for us. But if we're going to really explore this whole situation to make sure that the cost is lower for this price to the users, and also from this great task, we also have to do the adjustment of quality to reduce the price. And this is only for the office itself. From this industry perspective, lastly, we have already got that. Everybody is trying to do it because they are trying to get a lower price to grab this market. And finally, everybody is thinking that it is impossible that we're going to have such a lot of the big models existing. I personally think that one or two big model existing in the market should be good enough. In the third one is probably not possible. And also, this is very similar like the search engine. The search engine initially is supposed to be a very heavy competition, but currently, there's only one big company or several companies existing in the market, and also for like a comprehensive media competition, is also the same thing. It's like there's a, the TikTok and also the Toutiao. They are the C one or two very big ones. This is from a C perspective. Of course, from B perspective, it is different. Different industries have different models. From the AI perspective, my understanding is that for office products, the AI competition is quite hard. We are discussing about this, the two companies. One is for the software, the other is for the teams. We actually, these are internal discussions. We are not worried about Microsoft yet. Up to now, even we are doing this, Office AI, value added, we are not later than Microsoft, especially after so many years development, up to today, we have a very solid customer foundation. Our AI have a very quickly updating for the Chinese market. We are not worried about that. And also for the Kimi, this is a very like hot topic. We are also just discussing it. Kimi is actually our partner. My understanding is that it is different than WPS. This is different product type. My understanding is that for this Kingsoft, we have three main parts, the AIGC, the cloud and insights, and we have this, the documents, Excel, PowerPoint, etc. To have the multiple documents, profile. And we, for Kimi, that is mostly like, insights, reading, understanding. Of course, their AIGC is quite strong, but for WPS, it's based on this document. We're going to have this innovation for the document, sharing, collaboration to have the value added, value function added. So probably everybody is thinking that we are competitors, superficially, but actually we are completely different. WPS is kind of addition for the document, just sharing, the reading and discussing for this topic and for the office thing, it's become everybody thinks that it's going to be a competitor. But our perspective, our understanding and our idea is that Visio is different. We are definitely much better than Visio, but office, this is a very general concept. So basically is that we're going to based on this, the office to have some collaboration, to have the creation for the boards, and we're going to have using the digital platform. And right now AI is coming, so we're going to have AI to value add on it. In that case, it's going to be easier for us to have division of different products. So Kimi would like to cooperate with us, with us, so they would like us to do this addition for this documentation. So what we are partners, we're not competitors. Hi, thank you for joining us today. This will conclude our presentation for the 2024 first quarter earnings call. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.