Good evening, ladies and gentlemen. Welcome to China Literature's 2021 interim results conference call. A copy of the interim results announcement can be found and downloaded from its investor relations website, http://ir.yuewen.com. At this time, all participants have been placed on listen-only mode, and the floor will be open for questions following today's presentation. I would now like to hand the conference over to your host today, Ms. Maggie Zhou, Head of Capital Markets and Investor Relations at China Literature. Maggie, please go ahead. Thank you, operator. Ladies and gentlemen, welcome to our 2021 interim results conference call. Joining us today on the call are Mr. Edward Cheng, our CEO, Mr. Monkey Hou, our President, and Mr. William Sun, our VP of Finance. For today's call, Edward will discuss the company's strategies, Monkey will review the company's business, and William will go through the financials. We will open the call for questions. Before we begin, I would also like to remind you that management's comments during the call will include forward-looking statements that are based on our current expectations. All statements other than statements of historical facts during the conference call are forward-looking statements, which are subject to a number of risks and uncertainties, and may not be realized in the future for various reasons. Information about the general market conditions is coming from a variety of sources outside of the company. This presentation also contains some unaudited, non-IFRS financial measures that should be considered in addition to, but not to substitute for, measures of the company's financial performance prepared in accordance with IFRS. Please do take a minute to read the risk factors and non-IFRS measures discussion in China Literature's 2021 interim results earnings filing. I'll now turn the call over to our Chief Executive Officer, Edward. Ladies and gentlemen, thank you for joining our earnings call today. I'm pleased to share with you what we have learned in the past six months and, more importantly, what we plan to do operationally and strategically to build the next phase of China Literature. Six months ago, during our 2020 annual results conference call, we focused our discussion on two topics. The first topic was how to tackle operational challenges at that time. The answer was to focus relentlessly on three key areas: content, platform, and ecosystem. We believed that the overall enhancement of these three areas would defend our leadership today. The second topic was to ask ourselves, what was the value driver of future growth? The answer was IP development, with a growing universe of IP franchises that could deliver long-lasting value over time and shape what China Literature would become tomorrow. Based on this belief, we instigated a reorganization to support actions and decisions with a view to long-term aims. Another way of approaching this was that we should look at our business through two lenses. One lens would focus on precise and efficient execution as a response to day-to-day challenges. The other would bring out the critical value of storytelling by looking deeply into the history and future of our ever-evolving social and cultural dynamics, with storytelling as the link between the deep values and the physical connections from one generation to the next. This dual approach to value creation has guided us since the second half of last year, and we believe we are on the right track. Now, we are experiencing the payoff of a unique strategic framework. During the first half of 2021, our total revenues increased 33% to RMB 4.3 billion year-over-year. Revenues from the segment of IP operations and others increased by 125% to RMB 1.8 billion, accounting for 42% of total revenues. Our non-IFRS net profit was RMB 655 million, an increase of 30x over RMB 21.7 million in the corresponding period last year. Together with this encouraging result, we found out our content and platform leadership continued to grow. As discussed, literary content and platforms are both critically important. Metrics in these two areas measure our ability to produce high-quality reading content and to generate our user reach and engagement. Allow me to share with you some details. During the first half of 2021, both the number and the quality of writers and literary works continued to increase. As of June 30th, 2021, China Literature had more than 9.4 million writers on the platform, with a total of 14.5 million literary works. Over 18 billion Chinese characters were added to our platform during the first half of this year. According to the search engine Baidu search rankings, in June 2021, 17 of the top 20 online literary works originated from our platform. The market share of our high-quality works is higher than our market share in terms of the number of users, which reflects the excellent ability of our platform to incubate prime literary works. The monthly active users, MAU, of our online business amounted to 233 million, an increase of 3.7% from the previous six months, and approximately the same year-over-year. User traffic on our platform peaked during COVID-19 pandemic outbreak in early last year and experienced some pullback in the second half of 2020, which was quite normal as overall online user traffic dropped. However, during the first half of 2021, our MAU regained momentum and approached the peak level of last year. It benefited from emerging top-notch content, enhanced community operations, increasing efficiency of our recommendation system, and the growing popularity of our free-to-read business. In June 2021, daily active users, DAU, of our free-to-read business reached 30 million, an increase of 30% compared to December 2020. During the first half of this year, China Literature and Tencent set up a joint product team to promote the free-to-read business and to facilitate cooperation within the Tencent ecosystem in a more efficient manner. Our free content creation platform also continue to produce high-quality free novels and attract more and more writers. Leadership in both content and platform ensures that we can generate quality literary IPs continuously in our mechanism. The next big question is, given the numerous high-quality IPs we already own and that we will create in the future, how to build an ecosystem to increase the value of these IPs during their lifetimes. Specifically, when converting a literary IP into other media formats, the content needs to be reimagined. The new recreated content has to be distributed over different channels, and the monetization model has to be redesigned to unleash the full power of the IP. Using analogy, we would call this process a metamorphosis of the original IP. Step one of the metamorphosis comes through the conversion of literary IP into media-rich products such as comics, animations, movies, TV dramas, and games. The combination of the sound and the visual effects and the potentially digital interactions essentially expand the user base and redefine the user experience for the same IP. Based on a common storyline, creative artists from each media segment can add their own touch to create unique audience connections and increase the impact of the original IP. From 2020 onwards, China Literature has been actively working with external teams while also building its own capabilities in content conversion, and has made significant progress. Just to give some examples, in the comic segment, China Literature Comic and Animation Department and Tencent Comics jointly announced a three-year project to adapt at least 300 works of online fictions into comics. Currently, more than 70 of our literary works has already been adapted into comics and released on Tencent Comics platform. In addition, we will collaborate with Kuaikan Comics, another leading online comics platform, to adapt 30 online literary works into comics. In the animation segment, we continue to produce and launch animated series adapted from our IP. Among them, a semiannual animation work adapted from our popular title, "Battle Through the Heavens," generated over 1.9 billion video views and it gained 7.8 points on Douban platform. We currently have more than 50 animation projects in pipeline, including animated series adapted from top-tier IPs such as the "Da Feng Guardian," "Forty Millenniums of Cultivation," "The First Order," and "World's Best Martial Artist." In the film and TV drama segment, which draws everyone's attention, the drama series, "My Heroic Husband," actually it's Zhui Xu, jointly produced by New Classics Media, Tencent Pictures, and China Literature Pictures, was one of the year's blockbusters. It ranked the number one on many TV series ranking charts and won praise from respected critics. Another drama series, "Soul Land," "Douluo Dalu," topped Tencent Video's hot list and TV series list during its broadcast period, enjoying very wild market popularity. The Rebel" from Xinli, ranked number one on the playlist of Enlightent’s TV series, number one on Guduo's hotlist for TV series, and was the most-watched program on prime time of CCTV-8 for 20 consecutive days. The drama series was also widely acclaimed by viewers, and it gained 8.3 stars on Douban platform. As for films, New Classics Media participates in the production of the hot movie, "Hi, Mom," with box office sales of over RMB 5 billion. The second highest-ranking box office sales ever in the history of the China film industry. Looking forward, China Literature, New Classics Media, and Tencent Pictures will continue to work together closely and focus on the serial development of premium IP franchises, including "Joy of Life," "Qing Yu Nian," "My Heroic Husband Zhui Xu," and "Da Feng Guardian," "Da Feng Da Geng Ren." As well as launching high-quality contemporary-themed TV series like "A Lifelong Journey," "Ren Shi Jian." We will also explore opportunities in new areas such as online movies and short dramas. In the game segment, a lot of the series we mentioned, "A Record of a Mortal's Journey to Immortality," "Fanren Xiu Xian Zhuan," "My Heroic Husband," and other high-quality IPs have been licensed already to the industry-leading game developers. The games adapted from these IPs will be launched sequentially sometime in the coming several years. The second stage of IP metamorphosis is to evaluate the commercial value of IP. We hope our premium IP will work out connected screens and digital devices into every consumer's everyday life in various types of products and services. Currently, the influence of Chinese IP is still at an early stage, while the global IP licensing and merchandising industry is still led by entertainment giants from the U.S. and from Japan. The top-ranking Chinese IP licensor in the global market is number 39 according to [audio distortion]. We believe in the long-term vitality and the great commercial prospects of Chinese IP. At the beginning of this year, China Literature established an IP Power Center to promote the visual characters created based on our premium IP content. Starting with those that have already established a wide user base. We will build a symbiotic relationship with our upstream and downstream partners to explore new opportunities, such as IP licensing in consumer products, fashion toys, and offline business. We hope China Literature will become one of the top IP licensors globally in the future. The third stage of IP metamorphosis is where IP and the characters from the IP not only connected to, but become an integrated part of the life experience of consumers. At this stage, IP is ever useful and can be passed down from one generation to the next, and this is our target. We hope to create an IP that can grow together with audience, bearing a unique timestamp from its date of creation, but evolving over time. For example, the handsome Monkey King in the 1950s was [audio distortion] in China, while the Monkey King in the 1980s was Liu Xiao Ling Tong, Zhou Xingchi. Each character is distinct, but both are classic. We hope that the relationship between China Literature's IP and the consumers is interactive, intimate, enduring, and eventually inseparable, hence invaluable. The two stage of metamorphosis, the conversion of IP into media-rich formats, and the increase in additional value of IP, support the stage three, that is IP immortality. Our leadership in content platform and our understanding of the metamorphosis stage potential of IP forms a solid foundation for our mission, which is to create good stories that will live a long time, maybe forever. The ultimate goal of the China Literature IP ecosystem is to create compelling and inspirational stories. The success of these goals relies on China Literature's online platform to discover and distribute premium literary IP. It also relies on our open and inclusive ecosystem within which creative talent and business partners collaborate seamlessly to promote IP metamorphosis and unleash the full power and the commercial value of the best IP. To get there, in the near- term, we will focus on three things. First, we will make China Literature an infrastructure of talents and for talents. We will identify and nurture creative talents for the entire IP ecosystem, from writers, animators, to directors and playwrights. Secondly, we will tell stories visually and create convincing characters out of our premium IP. The successful experience of China Literature in animation, film, and television have proven that the media-rich format can amplify monetization of the IP. We will build up our in-house production capabilities. We will also, at the same time, cooperate more openly with leading industry partners to enhance the impact of our IPs. Thirdly, look at IP development as a long-term project. For each premium IP, we should tailor-make a development plan and pick up the most appropriate partners to work with over time. We will continue to upgrade and strengthen our organizational capability and enhance the long-term operational potential of our IP through various mechanisms such as mixed platform construction, external partner, joint decision-making, and green light committees. China Literature vision is to become a world-leading platform for cultural creativity. Down the road, we will build an unparalleled collection of IP franchises and characters that will unite the users across their daily lives. We will assemble a strong army of creative talents that delivers not only various formats of entertainment products and services, but also brings the IP and its characters to life. China Literature, from day one, has been an organization built by creative talent. We will continue to maintain our support for the talents to bring out their maximum potential. Their ideas, combined with our business network, will be brought to consumers in the form of creative products that no one has ever seen before. In sum, we believe the success of our IPs and our creative talents will eventually make China Literature a top culture and entertainment group globally. That concludes my session. Now, I would like to invite Monkey to continue our business presentation. Thank you. Thanks, Edward. Edward has discussed our strategy and provided some key business updates. Let me add more details about our business development. First, let's look at our online business. In the first half of 2021, total MAU of online reading business was relatively stable year-over-year at 232.7 million. Average DAU for our free reading content was up 30% from last December to 13 million in June 2021. As we continued to expand our free reading business and attracted more users to free content, average ARPU for our paid reading content decreased 12% year-over-year to RMB 9.3 million. However, our monthly ARPU increased 7% year-over-year to RMB 36.4. As we further improve our content operations, enrich community features, and improve the compensation system for paid reading product, and our paying users showed greater interest to pay for high-quality content. While strengthening our reading community and user engagement, we also improved the content and the quality of work on our platform. We will continue to expand our online reading business through both paid and free business models. Turning to the IP operation business. During the first half of this year, we licensed around 190 IP rights for adaptation to partners. Besides our top-ranking film and drama series, as Edward just mentioned, we released a number of adapted animated series, including new seasons of "Full-Time Magister," "Quán Zhí Gāo Shǒu," and "Battle Through the Heavens," "Dòu Pò Cāng Qióng," which received positive feedback from large audience. This concludes my session. Now I will hand over to William for the financial performance. Thank you. Thanks, Monkey. Hello, everyone. The first half of 2021 saw a strong reduction of top-line and bottom-line growth compared to the same period in 2020. Our total revenues increased by 33.2% year-over-year to RMB 4.3 billion. Our online business revenues were RMB 2.5 billion, up 3.4% year-over-year, accounting for 58.5% of total revenues. The revenue growth was attributed to an increase in advertising revenues as we expanded our free-to-read business. Additionally, we experienced an increase in revenues from third-party platforms as certain existing platform partners performed well, and new distribution channels were added. These increases were partially offset by a decrease of 5.5% in revenues from our cell phone platform product. Since the first half revenue base was higher last year due to a rise in online traffic during the COVID-19 pandemic period. Turning to the IP operation and other business. In the first half of 2021, our IP operations and other revenues increased 124.5% year-over-year to RMB 1.8 billion, primarily due to the growth in revenues generated from our TV and web series, film, IP licensing, and self-operated online game business during the first half of 2021. Now let's look at costs and expenses. In the first half of 2021, our total cost of goods sold amounted to RMB 2.1 billion, an increase of 34.4% year-over-year. The main three components of the increases were, one, higher content cost as we expanded our IP licensing and free-to-read business. Two, higher production cost for TV series, web series, and films that went along with revenue increase. And three, higher amortization of intangible assets of content copyrights. In the first half of 2021, our gross profit increased by 32.2% year-over-year to RMB 2.3 billion, representing a gross margin of 52.7% compared to 53.1% in the first half of 2020. We recorded net other gains of RMB 901 million for the first half of 2021 compared with net other losses of RMB 3.5 billion in the first half of 2020. The net other gains for the first half of 2021 consists of, one, a gain of RMB 1.1 billion related to the sale of our equity interest in Lazy Audio. Two, gains of RMB 134 million on disposal of certain intangible assets. Three, fair value gains of RMB 55 million resulting from increased valuation of investee companies. These gains were partially offset by a fair value loss of RMB 383.2 million due to a change in fair value of consideration liabilities related to the acquisition of New Classics Media. In terms of operating expenses, our selling and marketing expenses were RMB 1.3 billion in the first half of 2021, up 6.1% year-over-year, driven by greater promotion and advertising expenses for our films and drama series during the first half of 2021. Selling and marketing expenses as a percentage of revenues increased to 31% in the first half of 2021 from 39% in the first half of 2020. Our G&A expenses increased 81.1% year-over-year to RMB 635 million in the first half of 2021, primarily due to a reversal of compensation costs of RMB 117 million related to the service expense of certain employees and former owners of New Classics Media in the prior period of last year, and increases in expenses for employee benefits, research and development, and office, travel, and entertainment. As a percentage of revenues, our G&A expenses were 14.6% in the first half of 2021, up from 10.8% in the first half of 2020. As a result of the factors mentioned above, our operating profit was RMB 1.3 billion, compared to an operating loss of RMB 3.6 billion in the first half of 2020. Non-IFRS operating profit, which excludes share-based compensation, M&A related impacts such as net gains from investee companies and amortization of intangible assets, was RMB 641 million, with a non-IFRS operating margin of 14.8%. Our net profit was RMB 1.1 billion, and our non-IFRS net profit attributable to equity holders of the company was RMB 665 million, with a non-IFRS net margin of 15.3%. In conclusion, our business yielded strong performance in the first half of 2021, benefiting from the effective execution and our growth strategy. That concludes the financial related part. Let's move to our Q&A session. This Q&A session is not intended for the media. Media representatives will be able to participate and listen on the mode. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. For the benefit of all participants on today's call, analysts who have questions, please ask your question in Chinese, then immediately translate your question in English. Your first question comes from the line of Thomas Chong of Jefferies. Please ask your question. [Non-English content] Thanks management for taking my questions and congratulations on a very strong set of results. I have three questions. The first question is about our free reading initiative. Given that we have seen a 30% growth in terms of the DAU to 13 million in the first half, can management comment about the future user growth driver as well as the advertising potential? My second question is about NCM. Given the strong performance in the first half, how should we think about the second half outlook as well as our 2022 drivers in terms of revenue and profitability? My final question is about our online reading business. Can management comment about the user growth trend, revenue and profitability drivers in second half and 2022? Thank you. [Non-English content] Okay. Thank you for the question, and I will take your questions as to the free reading business and the growth driver. As to the question from NCM, we will take this question. First of all, as you can see, the DAU for our free reading business in June this year reached 30 million. Currently our focus of free reading business is on user coverage expansion, and we expect to see a continuous user growth. On one hand, we have established a joint project team to promote the free-to-read business and to facilitate channel of cooperation within the Tencent ecosystem in a more efficient manner. On the other hand, our free content creation platform also continues to produce high-quality free novels attractive to users. I think you might also be very interested in our monetization levels. At this moment, the ad load is relatively limited, and monetization is still restrained. Our current business focus is on user base expansion, user retention enhancement, and high quality free content incubation and selection, which are very important foundations for monetization. In the future, when we think of the user coverage, user stickiness, and content delivery as mature, we will gradually increase the ad load and increase the monetization level and at the same time balance it with user experience. [Non-English content] As to your question about the growth engine in the future, I will discuss in two parts. First of all, in terms of the reading business, the focus of our online reading business is on cultivating good writers and quality content to set a solid foundation in users and content for IP operations. This is also our core competitive advantage. As to the paid read business, we will continue to conduct in-depth operations in content innovation, genre diversification, and incubation of Generation Z writers. We will further enhance community operations by launching more community features to strengthen the interactive elements in our community, increase user engagement and stickiness. In addition, we will improve user satisfaction through the continuous improvement in our recommendation engine. While solidifying our paid reading business, we will actively explore opportunities in free reading business as well. As free reading model could bring us more users, which we believe is also very important. This free-to-read business is also a potential for our business. As to the free-to-read business, our current focus is still on user base expansion, user retention enhancement, and high quality content integration. [Non-English content] Next, let me talk about our IP business outlook. Our strategy is to openly collaborate with business partners across the entertainment industry to build up a symbiotic ecosystem. Our online literature business will be the cornerstone that provides a large library of prime IP, and IP development business will be the growth accelerator. We believe that in the long run, IP business will contribute new revenue growth and account for a bigger portion in our total revenue with quicker growth rate than the online business. In the short- term, drama series, films, and IP licensing will be the major revenue contributors. Anime is strategically important for its ability to quickly visualize the literary IP for market validation in spite of relatively small revenue size. In the mid to long- term, we expect the game revenue to increase and bring us more room for growth. From an even longer term perspective, we also expect the IP merchandise business and offline consumption to contribute larger revenues. [Non-English content] [Non-English content] Let me introduce the growth driver for NCM in the second half of this year and the next year. We expect a total of four to five drama series to be released in the second half of this year, including 'The Demi-Gods and Semi-Devils', which is now being well broadcasted on CCTV-8 and Tencent Video. Apart from that, we expect other projects to be released, including 'Sword Snow Stride' In Spite of the Strong Wind' I Am a Superstar' or, 'Please Call Me Director'. We expect to release a total of approximately six to eight drama series in 2022, including 'A Lifelong Journey' Apprentice Lawyer' The Wind Blows from Longxi' War of Roses' Battle Through the Heavens Season 2' The Infiltrator'. Infiltrator'. In addition, we will also have one to two movies in 2022 pipeline. The revenue and the profit growth comes from NCM's abundance and high quality pipeline. NCM will consistently execute on the strategy of producing high quality, diversified and serialized content, and ensure product quality while pursuing better financial performance. The profit targets set in the earning mechanism revised last year could be a reference to its profitability in the next few years. Thank you. Thank you. Your next question comes from the line of Xueqing Zhang of CICC. Please ask your question. [Non-English content] You just mentioned the three stage of IP metamorphosis, and the second stage related to IP licensing in consumer products, fashion toys and offline business. Considering we have invested on a live action role playing game platform, could you please give us more color on details? Thank you. [Non-English content] Okay, the foundation of China Literature's business is our online reading platform, which can continuously intake high quality stories. Among these stories, the top tier content can be called IP. As prepared in my remarks, we have three stages of the metamorphosis of the IP, which is actually a process of the continuous appreciation of the IP value other than just monetization. When we talk about the first stage of IP metamorphosis, we talk about the conversion of the literature IP into a variety of entertainment formats, including comics, animations, drama series, films, and games. This will convert the literature IP into visualized images, and this visualization will give the IP more power and influence. The visualization of the literature IP through these different entertainment formats creates the visual characters and scenes capable of further expanding the influence of IP when combined with stories, and bringing brand new opportunities of IP adaptation into various types of offline products and services. This is the second stage of IP metamorphosis. [Non-English content] So far, we have made positive and significant progress in the first stage of IP metamorphosis based on our accumulation in the past. In order to reach the second stage, at the beginning of the year, China Literature set up the IP Power Center, focusing on cultivating infrastructure capability, corporate IP planning, IP graphics library establishment, IP merchandise design, and other capabilities at this moment to lay a solid foundation for long-term development. We believe this stage will provide us with more room for growth in the future. Going forward, we will build a symbiotic relationship, leveraging China Literature's advantages in IP reserve and IP visualization capability with our upstream and downstream partners to explore new opportunities such as IP licensing in consumer goods, fashion toys, and offline business to drive the growth of our IP merchandise business and create more room for growth for China Literature's IP business ultimately. [Non-English content] With the social development and the technology development, nowadays there are more connections between IP and the offline life of users, which actually has sought us with more probability in our business. Live action role playing game, [audio distortion], is gaining higher popularity among users as an emerging interactive entertainment activity. China Literature's high quality IP can contribute to the production of premium scripts that are able to attract users to play with. We hope to further expand the influence of our IPs while getting involved in this trendy and rising sector. Our judgment is made based on the trend of the user entertainment industry. Our exploration in the consumer product, fashion toys and offline business is to serve the second stage of IP metamorphosis, which is to enable our premium IPs to walk out of connected screens and digital devices into every consumer's everyday life in the form of various types of products and services to enhance IP monetization in offline merchandises and consumption. We believe in the long-term vitality and great commercial prospects of Chinese IP, and we hope China Literature will become one of the top IP licensors globally in the future based on our exploration in domestic China and in the overseas market as well. [Non-English content] Our ultimate target is the third stage of IP metamorphosis, along with our IP ecosystem, which is to create IPs that are immortal. We hope to bring users with high quality products, high quality content, and high quality experience. We hope to become a world leading platform for cultural creativity through creating good stories that can become an integral part of the life experience of consumers, and can be passed down from one generation to the next. As you know, things can't change overnight, and the Roman city wasn't built overnight as well. We need to take a path, including our content incubation and our visualization, and the development of our offline IP merchandisers. By establishing and continuing to explore in this systematic IP adaptation ecosystem, we hope that China Literature will finally become a world leading platform for cultural creativity, through creating good stories that live forever and can be passed down from one generation to the next. Thank you. Once again, if you wish to ask a question, please press star and the number one on your telephone keypad. For the benefit of on today's call, analysts who have questions, please ask your question in Chinese, then immediately translate your question in English. Your next question comes from the line of Eddie Leung of Bank of America. Please ask your question. [Non-English content] I have two questions. The first one is probably a bit related to long- term vision. Wondering conceptually how important of the third- party production and distribution partners outside New Classics and Tencent would be for China Literature in the long- term. Secondly, just a quick question on our cost structure. Would like management share the competitive landscape for content creators and how should we think about the cost structure going forward? Thank you. [Non-English content] Okay. The basic and core asset on our platform is the high quality stories, the high quality IPs that we incubated in our reading platform. We have incubated a lot of excellent writers, continuously providing high quality stories to our platform. Compared with the great number of high quality literary works on our platform, due to the scarcity of the downstream entertainment producers in the entire IP value chain in China, I think the supply of the high quality media productions, including drama series, films, animation, comics, and games, is far less than the demand from the market. In order to solve this issue, we actually are devoted to two paths. The first path is to build up our internal production capability to convert our literature works into media-rich content formats, including our acquisition of New Classics Media. We will continue to build up our capacity and capability in the content formats adaptation. We will collaborate more intensively with Tencent ecosystem, but by only collaborating with Tencent ecosystem is not enough. We will also take the second path, which is to openly collaborate with a number of third-party IP entertainment producers in the industry. In terms of comics, we not only collaborate with Tencent Comics on comics production and distribution, we also collaborate with third-party comics producers like Bilibili. In terms of animation, we cooperate with both Tencent Video and also Bilibili as third-party distributors for our animation. In terms of TV series and films, we collaborate with Tencent Video, iQIYI, and other online streaming platforms in China. In terms of games, we collaborate intensively with the Tencent Games research and development team, as well as the distribution team. Also, in addition to that, we also openly collaborate with third-party game players in the industry, including the Shengqu Games, the 37 Interactive, and the Perfect World, and a lot of other top quality game producers in the market. I think we will continue to utilize both our internal production capabilities and the third-party resources to adapt a great number of our literary IPs into more downstream entertainment formats. The two paths that I mentioned, actually they do not compete with each other, they actually are supplementary to each other. By leveraging these capabilities and the resources from these two paths, we will be able to convert more our IP into more diversified entertainment formats. Thank you. [Non-English content] Okay. To your second question, we think it is just normal for Internet industry, including the online reading business, to be intensively competitive. We keep an open mind on the manifestation model for our reading content. We believe the strategic value of our online business lies in cultivating good writers and quality content, and providing good quality services and writing experience for writers to set a solid foundation in research and content for IP operation, which is also one of our competitive edges. Previously, we were the original China Literature, but now we have upgraded our strategy to become China Literature Plus. The IP operation services that we can provide to the writers are also very attractive. Normally, we have a very strong competitive advantage in terms of pay-to-read business. As I mentioned previously, we have set up a joint project team with the Tencent ecosystem to facilitate channel expansion, channel cooperation within the Tencent ecosystem. While solidifying our pay-to-read business, in the future, we will actively explore the opportunities in free reading business as well, combining China Literature's advantage in high quality content and Tencent's advantage in user traffic. I think the returns that can be provided to the writers not only includes the financial returns from the digital reading, but at the same time, the financial returns from the IP operation services is also very huge. That's why we always emphasize the establishment of an IP ecosystem and IP value chain. In the future, we will further integrate our resources on IP, on content, and on our business network. We think the most important thing is not the cost, but the most important thing is about our ability to provide the best quality services to our writers and to incubate the best quality writing platform for the writers. Thank you. [Non-English content] I would now like to hand the conference back to the management for the closing remarks. Thank you operator. Due to time constraints, we will now conclude today's call. On behalf of the entire China Literature management team, I would like to thank you for your participation on today's earnings call. If you have further questions about the company, please feel free to contact us. Thank you and goodbye. Thank you. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.