Good evening, ladies and gentlemen. Welcome to China Literature's 2021 annual results call. A copy of the annual results announcement can be found and downloaded from its investor relations website, http://ir.yuewen.com. At this time, all lines 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, Miss 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 annual results conference call. Joining us today on the call are Mr. Cheng Wu, our CEO, Mr. Hou Xiaonan, our President, and Mr. William Sun, our VP of Finance. For today's call, Edward will discuss the company's strategies and business highlights. Monkey will provide more operational details, and William will go through the financials. We will then open the call for questions. Before we begin, I would also like to remind you that management 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 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 general market conditions is coming from a variety of sources outside of the company. This presentation also contains some audited non-IFRS financial measures that should be considered in addition to, but not as a 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 annual results earnings release. I'll now turn the call over to our Chief Executive Officer, Edward Chen. Thank you, Maggie. Hello, everyone. Thank you for joining our earnings call today. Actually, not very long ago, during the Chinese New Year holidays, the TV series A Lifelong Journey was hugely successful in China. As one of the Tencent Pictures' premium series, jointly produced by China Literature and New Classics Media, A Lifelong Journey set an eight-year record in China Central Television channel one prime-time ratings, topped all charts across the internet, and it was acclaimed widely. The drama series tells the life story of an ordinary Chinese, Mr. Zhou, and it spans several decades. From his childhood in 1970s to the present day of 2010s, he and his family witnessed drastic social changes in China over time, experienced ups and downs, and made different choices in their lives. The expansive historic scope of the series resonated widely with audience across all over China. The drama series was based on the story of the same name, written by a famous author, Mr. Liang Xiaosheng. Actually, I first read the book four years ago and was deeply impressed. After acquiring the rights to put the novel on the big screen, I had the privilege of working closely with the whole team during the entire production process, during which I gradually developed a new perspective. Similar to Mr. Zhou, a person of the present day tends to believe that the current era is full of unique and distinctive challenges. If we move along a timeline that spans decades, we can see that what we thought was unique and challenging about the current era is a ripple in time. Time is forever evolving forward. The most important decision any individual or business organization needs to make is to be on the right track, do the right thing, and keep pace with the times. China Literature is keeping pace with the times, and this year, Reading for All was included in the government work report for the ninth time. The work report highlighted promotion of press and publishing, broadcasting, film and television, literature and art industries, and expansion of the supply quality, cultural products, and services. The policy provides China Literature with very promising long-term development prospects for the sector in which it operates. Digital reading is a key pillar and a driver for society built around Reading for All. The entire industry chain around the China Literature will help to achieve this goal as an integral part of the process of building higher culture. This will ultimately generate both commercial and social value, even if it cannot be reflected immediately in short-term, six months to one-year financials. The creation of timeless stories and the creation of IP that can be passed on from generation to generation are key to our core value proposition. In 2021, we realized total revenue of RMB 8.7 billion. Revenues from online business increased 10% year-over-year, and revenues from IP operation, business increased over 30% year-over-year, excluding the revenue contribution from New Classics Media. Profit attributable to equity holders of the company under non-IFRS measures increased 34% year-over-year to RMB 1.23 billion. What was even more encouraging was the announcement of our IP metamorphosis strategy, which articulates the three stages we use to evaluate the value of our literary IP. These three stages are. First, we adapt our literary IPs to media-rich products, or as we call it, the visualization of IP. Second, we enhance the commercial value of our IP. Third, we create timeless IP that can be passed down from one generation to the next. We are of the view that this strategy will lay the foundation for the evolution of China Literature over the next decade and provide IP with opportunity to generate dividends over time. Now, I will follow this strategic framework to explain how we will create IP and how we will enhance the value of IP over time. First, IP creation. Our literature platform is the engine of our huge portfolio of IP content. On the supply side, the boundless creativity of our writers allows us to accumulate high-quality IP efficiently. In 2021, our platform added 700,000 writers and 1.2 million literary works. The increase in word count for the year was 36 billion Chinese characters. In addition to quantity, quality is constantly improving. Thanks to the healthy ecosystem we have developed, which helps writers to fulfill their creative potential. Young writers will find it particularly attractive, and their performance in 2021 was outstanding. Among all the newly added writers of China Literature, approximately 80% were born after 1995. Out of the top 12 rookies of the year, five are under age 27. On the user side, the monthly active user, MAU, of our online business in 2021 was 249 million, a historical high, positioning us as a major force executing the Reading for All policy. We attribute this to our tireless effort to improve content ecosystem, content incubation, community features, and as well as to our recommendation efficiency. Now let's talk about how to convert text IP into visual IP. Visualization from text to image is crucial for text IP to tap into new audiences and extend its influence. By visualizing stories, we also create a mutually reinforcing environment, where high-quality stories enjoy a higher chance of success during the visualization. The visualized IP, once successful, can attract more audience to the original story. Currently, IP visualization is the focus of our work. In the TV and film segment, China Literature and the New Classics Media have rolled out numerous blockbusters. Following the success of My Heroic Husband, Soul Land, The Rebel, and Hi, Mom, we have again released several highly well-rated and popular works. As previously mentioned, the drama series, A Lifelong Journey, was adapted from the modern literature prize-winning fiction by contemporary writer, Mr. Liang Xiaosheng, of the same name. It examines history through the lens of the life of an ordinary man and depicts the life of ordinary people in faithful, empathetic, in-depth, and extensive manner. We also released the IP adapted drama series, Sword Snow Stride, which demonstrates the modern wuxia spirit. Actually, you can also kind of call it a kung fu and the culture of Jianghu with contemporary characteristics. The drama series had nearly 7 billion video views and had extremely high popularity in the market. In film, we released Too Cool to Kill during the 2022 Spring Festival. The film stood out during this highly competitive period with total box office sales of RMB 2.6 billion, coming second in box office sales during the year's Spring Festival period. Our excellent story also reached international markets. For example, the overseas broadcasting rights of Lifelong Journey have been licensed to Disney. My Heroic Husband was licensed to Watcha, a Korean streaming media platform, for a live-action adaptation. Looking ahead, we will continue to work on serial development of high-value IP dramas, such as Joy of Life, My Heroic Husband, and The Dolphin Garden, and others, as well as producing realistic masterpieces that reflect our era. In the animation segment, we launched the 2 new seasons of Battle Through the Heavens, including Battle Through the Heavens Season Four and the special episode, Three-Year Agreement, which had over 4 billion video views in aggregate. As of the present, the Battle Through the Heavens series has exceeded 10 billion video views. In addition to Battle Through the Heavens, Stellar Transformation emerged as a heavyweight IP in China. With four seasons and the total video views of over 3 billion, we also released several quality productions in 2021, including Da Wang Rao Ming and Cinderella Chef Season Two. Among the top 10 newly released animations on Tencent Video platform in 2021, five were adapted from China Literature IPs. In the comics segment, our production capacity increased rapidly last year. In late 2020, we and Tencent Comics jointly announced a joint project to adapt 300 online literary works into comics in three years. Right now, over 100 already adapted comic works have been released or launched on Tencent Comics platform. Some titles have become blockbusters, such as Dolphin Garden, which hit 100,000 favorite reviews within 44 hours after launch. Converting literary works into comics before further adaptation into animations and dramas has multiple benefits. It will help China Literature build a character universe at a lower cost, while systematically testing the response of a core audience group, which will improve the hit rate of subsequent adaptations into other media formats. In the games segment, we continued to license our IPs to quality game R&D teams and companies to explore the potential and the value of our IPs. Let me turn next to our progress with downstream commercialization of IP through theme characters and merchandise. In 2021, we focused on building a foundation for the business, including IP planning, setting up an image database, and building up design capacity of IP merchandise. We also selectively worked with partners in costume goods, fashion toys, and the retail sectors to kick off pilot projects. As users increasingly value copyright protection, have a greater spending power, and are more willing to spend on IP merchandise, we definitely will capture the trends to develop the IP derivatives and work closely with our partners to drive the growth of the business. This will create more headroom for China Literature's IP merch business by transforming IP into physical products that are accessible everywhere. Last but not least, we would like to talk about our ultimate goal, building IPs that have staying power. Last June, we announced that our mission for the company was to create good stories that never end. This consists of two layers of meaning. The first meaning is to create, that is, through incubation and cultivation of our literary ecosystem, to help the best stories continue to emerge and become the source of quality IPs. The second meaning is never end. That is, through comics, animation, film and television, games, merchandise, and other forms to pass on our best stories so that they become the shared memory of generations of people. Today, many of our IPs have lasted for more than a decade already. Soul Land was first created in 2008, 14 years ago. The King's Avatar is 11 years old. Their success was not an accident, but a result of 5-10 years of hard work. What we are doing now is providing support to cultivate the best content so that literary hits can turn into comics, animation, film and television hits, as well as in other media, and eventually become the hits of each generation with the staying power to last from one generation to the next. Currently, many classical IPs of China Literature are being adapted into new versions. We're also working on IP series development, for example, producing sequels for both TV series, Joy of Life and My Heroic Husband, and we will continue to launch new seasons for our animation and comics series. At the same time, more products and IPs are being created and developed on our platform. We hope that in each era, there will be new interpretations of these IPs, with each carrying the distinctive characteristics of the particular era. If this dream is realized, such IP will become the core cornerstone assets of China Literature's long-term value. This will best reward all the efforts we have made today. In conclusion, China Literature focuses on seizing the historic opportunity offered by the present. We have created our own unique IP, and have established a rich cultural ecosystem that reflects the era. We will withstand the changing tides and become a pioneer voice of the times, do our part to create Chinese stories that will live forever. This is a mission that we fight, and we will fight to achieve. That concludes my session. Please join me to welcome Monkey, our president, to provide further information to our businesses. Thank you. Thank you, Edward. Edward has just spoken about our strategies and some of our operating results. Next, I would like to add some details on our business performance in 2021. First, our online reading business. Last year, MAU increased 8.6% year-over-year to 249 million for our own platform products and Tencent channels. Average DAU for free content increased 50% year-over-year to 15 million by last December. As our free content attracted users, MAU declined 15.7% year-over-year to 8.7 million. However, monthly ARPU for paid content increased 15.4% year-over-year to RMB 39.7. Reflecting users increased willingness to pay for our quality content. This is a result of further improvements to our content operations or titles, community features and recommendation diversity. In 2022, we will work to create user stickiness and improve user experience and continuing to provide quality content, products and services. We continue to expand in the global markets with our overseas reading platform, Webnovel. By the end of last year, Webnovel had about 2,100 works translated from Chinese, and 370,000 original works created locally. We hope that we will be able to explore new possibilities for global cultural ecosystem and cultural exchange through our online reading business and our continuing innovation and creativity. This ends my remarks. William will provide more on the company's performance results. Thank you all. Thanks, Monkey. Hello, everyone. In 2021, our total revenues increased by 1.7% year-over-year to RMB 8.7 billion. Our online business revenues were RMB 5.3 billion, up 9.6% year-over-year. Higher advertising revenues from free-to-read business on our self-operated channels from Tencent products contributed to the growth as we continue to expand the user base for free reading. Revenues from third-party platforms also increased owing to the revenue increase from existing partners and the expansion of distribution channels. On the other hand, we saw a slight decline in revenues from cell phone platform products, primarily due to a higher base driven by a rise in online traffic during the COVID-19 pandemic period in the first half of 2020. Turning to IP operations and other businesses. In 2021, our IP operations and other revenues decreased by 8.7% year-over-year to RMB 3.4 billion. Excluding the revenues generated by New Classics Media, revenue from IP and other operations increased 30% year-over-year to RMB 2.1 billion. The decrease in revenues of New Classics Media on an annual basis was a result of a change in product mix with different revenues, cost structures and business models. Despite the decrease in revenues, net income for New Classics Media increased 24.3% year-over-year to RMB 534 million. Now let's look at costs and expenses. In 2021, our total cost of goods sold amounted to RMB 4.1 billion, down 5.2% year-over-year as a result of lower production costs, partially offset by a higher content cost and amortization of intangible assets comprising content copyrights during the expansion of our online reading businesses. In 2021, our gross profit increased by 8.6% to RMB 4.6 billion, representing a gross margin of 53.1%, up from 49.7% in 2020. We recorded net other gains of RMB 1.4 billion for 2021 compared with net other losses of RMB 5.3 billion in 2020. The net other gain for 2021 mainly generated from gains of RMB 1.3 billion related to the sale of our equity interest in investee companies and other miscellaneous gains. Our selling and marketing expenses increased by 8.1% year-over-year to RMB 2.7 billion in 2021. The increase was primarily due to greater marketing expenses to promote our online businesses and films and dramas businesses, as well as an increase in employee benefits expenses and share-based compensation expenses. As a percentage of revenues, our selling and marketing expenses increased to 31.2% in 2021 from 29.3% in 2020. Our G&A expenses increased by 51.5% year-over-year to RMB 1.3 billion in 2021. Mainly due to one, the net increase in compensation cost of RMB 167 million, mainly driven by service expenses, retro reviews of certain employees and former owners of NCM in the prior year relating to the modification of earn-out mechanism for NCM in 2020. Two, an increase in employee benefits expenses and share-based compensation expenses. Three, an increase in research and development expenses related to our self-operated online game as revenue increased. As a percentage of revenues, our G&A expenses increased to 15.3% in 2021 from 10.2% in 2020. As a result of factors mentioned above, our operating profit was RMB 2.17 billion in 2021 compared with an operating loss of RMB 4.47 billion in 2020. non-IFRS operating profit, which excludes share-based compensation, M&A related impacts such as net gain or losses from investee companies, amortization of intangible assets, and the impairment provisions increased 39.1% year-over-year to RMB 1.3 billion. non-IFRS operating margin was 15%. Net profit was RMB 1.85 billion in 2021, compared with the net loss of RMB 4.48 billion in 2020. non-IFRS net profit attributable to equity holders of the company increased 34.1% year-over-year to RMB 1.23 billion with a non-IFRS net margin of 14.2%. In conclusion, we deliver promising growth in our user base and profitability. We will continue to strengthen our operating and financial performance by focusing on quality content, community experience, and IP operations in the longer term. That concludes the financial related parts. Let's move to the Q&A session. Thank you for the presentation. Now we will start the Q&A session. Please feel free to raise any questions. When asking the question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. To ask a question, you will need to press star one on your telephone. To withdraw your question, press the hash key. Your first question comes from the line of Thomas Chong from Jefferies. Please ask your question. Thanks, management, for taking my questions. My first question is about the driver for different parts of the business. Can management share about the 2022 revenue and profitability outlook? My second question is about the scheduling of our drama series. How should we think about the timetable as well as the revenue and profitability for NCM? My first question is relating to our free reading. Can management comment about the user growth as well as the trend for advertising in China. My last question is about the approval for the drama series. How should we think about the impact of regulations on the approval process? Thank you. 好，谢谢你的问题。我是Monkey，我来回答一下。关于你问的我们今年的一些具体规划，包括在免费阅读方面的一些我们的打法，其中新丽的问题，可能请陶总回答一下。那首先我分享一下我们在今年的规划，因为阅文的核心是文学平台，大家也知道文学平台是故事的源泉，所以我们在2021年也升级了我们的写文化，我们的整个的愿景叫做让好故事生生不息。我们会继续地孵化优质的作家和作品，不断地提升作家的创作生态和创作的体验，我想这是阅文应该说不变的一个使命。Edward也多次提到，阅文，我们实际上是基于IP做三层的这样的一个升维，包括从IP的可视化到IP的商品化，最终实现IP代际的这样的流传，这个理念也会推进我们从小阅文到大阅文整体的一个蜕变。所以我也想讲一下这三层，要不先请我们同事翻译一下。 Okay, hi, and this is Monkey, and I would like to address your questions regarding our business plan for 2022 and your question about our free reading. Mr. Cao from New Classics Media will address the questions related to New Classics Media. First of all, regarding your question about our business plan for this year, we are happy to share some of our thoughts. You know, our core business lies in our reading platform, and our literature platform gives rise to a huge portfolio of IP content. You know, last year we formally proposed our vision, which is to make high quality stories that live forever. We will continue to constantly incubate high quality writers and literature works and keep improving writer experience with our platform. These are our unchanged missions. Previously, Edward Chen mentioned about the IP metamorphosis strategy, a three stage approach covering the visualization of IP, downstream commercialization of IP, and passing on IP from generations to generations and creating stories that will live forever. This approach has driven China Literature's strategic upgrade. Okay. 第一层呢，IP的这个。那这个公司也在去年提出了这个腾讯影业、新丽传媒、阅文影视三驾马车，包括也成立了这个阅文动漫和腾讯动漫的联合委员会，那发挥这样的协同效力和这个持续优化和这个外部合作伙伴，那去共建这样的一个生态系统，那从而去推动这个文字的IP，这个像这个动漫、影视、游戏这样多样化的这种改编的这个，然后也来促进整个这个IP的影响力的提升。 Okay, I will translate. The first stage of IP metamorphosis is the visualization of IP. China Literature will continue to leverage the three-way partnership consisting of Tencent Pictures, New Classics Media and Tencent Penguin Pictures, and joint anime community consisting of China Literature Comics and Tencent Comics to unleash the synergies, and at the same time continue to work closely with external business partners and optimize the IP ecosystem in order to drive the text IPs to be adapted into a variety of content formats, including comics, animations, games, etc., and enhance the influence of IP. Okay. 那我也讲一下今年我们在影视和动漫这块、动画这块的这个pipeline。那在电视剧这块呢，新丽的开赴战中，除了这个人世间以外，我们还年内有望上线这个纵有疾风起、风起陇西、请叫我总监、斗破苍穹2、玫瑰之战、潜伏者、锦川日常、女特警等等。我们预计今年会有这个六到八部的电视剧。 I would like to share with you our pipeline for drama series, films and animations in 2021, 2022. In terms of New Classics Media, drama series, in addition to A Lifelong Journey, we expect to further release more projects including In Spite of the Strong Winds, 纵有疾风起, The Wind Blows from Longxi, 风起陇西, Master of My Own, 请叫我总监, Battle Through the Heavens Season 2, 斗破苍穹2, War of Roses, 玫瑰之战, The Infiltrator, 潜伏者, 锦川日常, and Special Police Woman, 女特警. In total, New Classics Media expects to release approximately six to eight drama series altogether in 2022. 电影方面，我们在2022年的春节档也上映了这个杀手不太冷静，包括元旦档也上映了狸猫换太子。那这两部呢，都是喜剧的电影，那今年我们也会总共有两到三部的电影。 In terms of films, we released Too Cool to Kill, 这个杀手不太冷静 during the 2022 Spring Festival, and Another Me, 狸猫换太子 during the New Year holiday, both of which were comedy films. We expect to release a total of approximately two to three films this year. 动画方面，我们包括现有的动画有武动乾坤、斗破苍穹的续集，另外也有一些新番，比如说像这个修真四万年等。 In terms of animations, we will release more seasons for existing series such as Martial Universe 武动乾坤, and Battle Through the Heavens 斗破苍穹, and some new titles such as Forty Millenniums of Cultivation 修真四万年. 刚才讲到，那第二层呢，在这个商品上，那公司呢，在不断的这个自主能力的这个建设当中，将首选这个消费品，这个包括去作为上下游的合作伙伴联手互动的这些事情。我们也会在IP衍生环节进行深度的参与和开发，和合作伙伴共同去推动这个IP衍生业务的这个开展，把IP真正能落成实际，能让好故事也能触手可及。 The second stage of IP metamorphosis is the downstream commercialization of IP. We will constantly solidify our fundamental capabilities in the prioritized areas, including consumer goods, fashion, toys and offline retail sectors as our pilot project for collaboration and interaction with our upstream and downstream partners. We are determined to engage in in-depth participation and intensive development of IP derivatives and work with our partners to drive the development of this business. Transform IP into physical products that can be accessible everywhere. 那第三层呢，就是这个IP的跨代际的流传，就是我们说好故事生生不息，那我们会坚持用长期主义的态度呢，做这个IP的长线价值的创造。那长期来呢，我们这个也是基于腾讯的新文创的生态，以网络文学为基石，以IP生态开发作为驱动力，那非常开放地和全行业的合作伙伴去共建这个IP的生态业务的矩阵，那也会把它变成我们的一个长期的愿景，那就是为创作者打造最有价值的IP产业链，成为全球顶尖的文化产业集团。 The third stage of IP metamorphosis is passing on IPs from generations to generations, as we call it, to create stories that will live forever. We are devoted to the long-term value creation for IP with the long-term framework. From a long-term perspective, the China Literature Plus strategy based on Tencent's new cultural creation ecosystem, leverage our literature platform as the cornerstone in conjunction with the discovery and development of premium IP as the driving force to build an open and inclusive ecosystem that allows creative talents and business partners to collaborate seamlessly, unleashing the full power and commercial value of the best IPs. To realize our long-term vision, which is to create the world's best IP value chain for constant creative and to become a world-leading cultural and creative platform. 接下来，我再给大家讲解一下我们在阅读的免费业务的相关表现。在2021年的12月份，阅文的免费阅读的DAU达到了1,500万，相比2020年的12月份增长了50%。未来，我们还是会继续用我们的优质内容去吸引更多的用户，这也是阅文一贯以来的优势。 Now let me share with you about the updates on our free reading business. The DAU for our free to read content in December 2021 reached 15 million, with a 50% increase over December 2020. Going forward, we will continue to attract more users with our high quality content and this is also one of our competitive advantages. 对于阅文而言，其实不管是这个免费阅读还是付费，我们最关心的还是这个好内容的产出，这也是我们一直坚持的战略。所以，商业模式可以是多样的，我们其实心态也非常开放。本质上，我们觉得这个还是内容和质量的优劣，其实决定我们未来的用户规模可以做到多大，收入可以做到多大，以及后续的IP运营的价值可以释放到多大的程度。 From our perspective, our top priority is the incubation of high-quality content, regardless of free reading or paid reading. This is the strategy that we are always devoted to. We are quite open-minded towards different business models as they really can be much diversified. In essence, it is the content quality that determines the scale of users and revenues we will be able to achieve. To what extent can we unleash the value of IP at the end of the day? 2022年，也就是目前，我们的免费业务的重点还是在整个这个内容生态的建设方面，包括就是说这个优质的作家和作品的孵化，包括这个用户的体验，还有这个用户留存的改善。 Currently, our free to read business focuses on the establishment of the ecosystem, including the incubation of quality writers and works, and the improvement in user experience and retention. 对，所以我们现在比较关注用户的体验，我们在广告的加载率实际上还是比较有限的，那这个整个在广告的变现的水平也相对比较克制。那未来我们觉得商业化的提升主要取决于整个行业和市场的一些变化，以及我们对这个实际情况的判断。那我们觉得在用户规模、用户粘性，包括内容建设相对更加成熟的时候，我们也会逐步去提升这个广告的加载率，也同时平衡好用户的体验。 Currently, we pay much attention to the user experience and the app load is relatively limited and the monetization in general is still restrained. In the future, the potential increase in monetization depends on the changes that may happen in the industry and the market, as well as our judgment of user coverage, user stickiness and our content library establishment. If we think these factors are mature, then we will gradually increase the ad load and also balance it with our user experience at the same time. 接下来请曹总讲讲新丽的情况。 正如刚刚 Monkey 总介绍了一下我们新丽 2022 年的电视剧和电影的排播、片单的情况。2022 年，我们新丽传媒的片单是非常丰富的。就目前的进展来看，开年像喜剧电影《狸猫换太子》、春节档的电影《这个杀手不太冷静》，以及中央台的开年大剧《人世间》，这么多的电影剧目已经取得了很好的佳绩。我们预测今年新丽传媒的业绩是比较有希望接近或者达到五亿人民币的这个水平的。接下来我回答一下关于审批时间和监管的问题。据我们了解到，现在中国大陆的电视剧剧集的审批时间，还是没有变长，还是没有变化，还是与之前一样的审查标准，没有变化。至于在监管方面对我们的一些影响，当前的内容监管确实也是日趋正规，并回归到以优质内容创作为核心的生态。政策层面规范行业的秩序，促进了行业的良性健康的发展。所以我们相信优质的精品剧将占据制胜的地位，市场将会以内容为王，以质量取胜。我们认为这种趋势会利好新丽这样的以精品剧剧集制作的公司。在这种形势之下，我们会密切关注市场的变化趋势，遵守监管的要求，尊重创作规律，严控质量标准，并善用行业的人才。新丽有信心稳扎稳打，潜心打造更多的口碑剧目，保持行业优秀的头部公司的地位，会坚持精品化、多元化、系列化的战略目标，同时会更加谨慎决策，控制成本，在确保质量的前提下追求业绩。谢谢大家。 Okay, I would like to share the updates on New Classics Media. Monkey just now introduced the pipeline of New Classics Media for 2022. So far we have already released several successful projects, including films, Another Me, 狸猫换太子, and Too Cool to Kill, 这个杀手不太冷静, and the blockbuster drama series, A Lifelong Journey, 人世间. We think it is possible that New Classics Media will be able to reach the high end or meet the profit target of RMB 500 million this year. As to your question about the content censorship. As we know that the time span of content review of drama series by authorities in China remain quite stable, the same as before. You know, in a current market environment, the industry is undergoing upgrade with higher standard in content review, under which only the high quality content producer can survive. The focus is driven back to the quality content creation. The regulatory policies will help set up a better order of the industry and promote a healthy development of the market. We believe the premium media production will secure a more solid position in this content and quality oriented market, and this will eventually benefit those production houses who are able to produce high quality content such as New Classics Media. We will pay close attention to the market trends, comply with regulatory requirements, respect the content creation pattern, strictly control quality standards, and engage industry talents. New Classics Media is confident to maintain its leading position with introducing more blockbuster works and achieving sustainable growth. We will persistently execute on the strategy of producing high quality, diversified and serialized content. We will also be more cautious in project initiation and cost control, so we will ensure our product quality while pursuing better financial performance. Thank you. 谢谢。 在这个曹总关于 关于审查和包括送审时间的基础上，我再做一点补充。其实刚才像曹总分享的，其实在目前的日趋成熟的和全面的监管政策下，其实新丽在电视剧和电影领域里边，不断地用头部的优秀作品，用精品，用爆款证明了自己能够持续产出优秀作品的能力。那我想在这个对于整个阅文来讲，这样的不断地证明自己的优秀作品和持续的产出，其实在我们的文学领域，在我们的动漫领域，在我们的影视领域都是得到了充分的验证。所以我们相信，其实在当下的市场环境里边，阅文相比于单一业务模式的其他的制作公司，我们是有独特的优势。首先，其实像Monkey介绍的，其实阅文的文学创作平台是我们的IP的起点，当然能够非常低成本、高效率和源源不断地孵化优质内容和优质IP，为我们整个后续IP产业链的拓展奠定非常扎实的基础。那第二个，就是我们能够通过我们自己搭建IP的生态链，通过自身能力的环节的能力建设，与外部合作伙伴的开放性的合作，推动了IP的细化，那进一步能够释放IP的价值。那刚才Monkey提到，其实我们在动漫领域里边，跟腾讯动漫的联合项目组，那已经快速提升了IP漫画改编的产能，那我们阅文IP改编的动画的表现是非常突出的，那优秀的动画也非常多来自于阅文的改编作品。那像腾讯影业、新丽传媒和阅文影视三驾马车，其实我不再赘述了，在过去两年的电视剧和电影里边，应该说是中国产出头部影视剧最多的公司和公司组合。那所以，总体而言，我们觉得虽然行业处于一定的调整期间，但是由于阅文自己的独特的业务模式，独特的竞争力，还有自身能力的不断增强，我们相比于缺乏细分领域产业链优势的这些同行公司，我们产出爆款的确定性和整体的抗风险能力都要强很多。 Okay, let me translate. This is Edward, and I would like to add more points in addition to the comments from Mr. Cao. As Mr. Cao mentioned, actually the time span for content censorship in China has remained quite stable, and actually the industry is going through an upgrade and adjustment, which makes it more mature. New Classics Media has really demonstrated its excellent media production capability by presenting users with numerous blockbusters, which actually validated New Classics Media's ability to constantly produce blockbusters. China Literature, you know, is quite similar. We have validated our capabilities in different media formats, production capacity and capability, including comics, animation, literature work, as well as other media production capabilities. I think compared with our peers with a single type of business model, I think we have a lot of competitive advantages. As you know, our literature business is the starting point for our IP. Our reading platform is a creation platform that constantly incubate quality content in a low cost and high efficient manner. China Literature drives the visualization of IP through the establishment of an IP ecosystem to further unleash the IP value based on the text IPs that we created from our literature platform. In terms of the visualization of IP, actually we have a lot of organizational structure designs to realize the visualization. For example, the joint project team of China Literature and the Tencent Comics has quickly enhanced the production capacity of IP adapted comics. In addition, our IP adapted animations also achieve strong performance and represented a big portion in the top animations ranking list. In terms of media productions, the three-way partnership of Tencent Pictures, New Classics Media, and the China Literature actually delivered many blockbuster drama series and films in the past few years. We can say that we are one of those companies with the most number of high quality blockbusters produced in the past two to three years in the industry. In general, even if the industry is going through an adjustment period, but as China Literature has a very unique business model and our unique competitive advantage, we continue to strengthen our own capabilities, and therefore we enjoy a higher hit rate, and we can better manage the production risks than our peers, which do not own the value chain competitive advantages that China Literature has. This is my sharing. Thank you. 谢谢。 Your next question comes from the line of Xueqing Zhang from CICC. Please ask your question. 谢谢管理层。我这边有两个问题想请教一下。第一个问题是我们提出IP生态已经有两年了，想了解一下我们目前IP开发的一个人才建设的情况，以及是怎么样的一个中台体系。然后第二个问题是关于出海的，我们在业绩里面有提到海外在线阅读Webnovel取得了一些进展，那人世间这些剧集也分销到了海外。那想请管理层整体介绍一下阅文出海的战略，我们是怎么样向世界讲好中国故事的。 I have two questions. Firstly, it has been two years since we proposed the IP ecosystem strategy. Can management share more on the progress of the talent building on IP development and operation, and what is our IP operation middle ground system? My second question is that we saw the Webnovel have made some progress and some TV dramas have also been distributed overseas. Can management share more color on China Literature's overseas strategy? Thank you. 好，谢谢你的问题，然后这两个问题我来回答一下。首先呢，是关于这个IP运营，包括人才储备，那应该说呢，这两年呢，确实发生了很大的变化。那应该说在之前呢，阅文的IP运营呢，主要还是以这个授权为主，那我觉得还是缺乏对于这个IP的一个长期的这个系统化的梳理和管理，那这个相对自制的IP的这个改编的这个数量是比较少的，那由第三方改编的作品呢，往往因为各种原因，比如说对于原著的这个理解比较缺乏，那也会出现一些改编作品这个质量良莠不齐的情况。 This is Monkey, and I will take your question. So yes, in the past two years, the company really has gone through a lot of changes. Previously, we heavily relied on IP licensing, but lacked a system to review and manage the licensing business. We had very limited engagement in the downstream IP adaptation. As a result, in the past, the adaptations by third-party partners, due to various reasons, such as lack of understanding of the original novels, were not satisfying in terms of quality. 最近两年，在Edward的带领下，我们其实对于IP的整个运营做了一系列的调整。我们实际上是，这个IP的运营实际上从梳理IP的思路开始，逐步建立一个系统性、长期性的IP授权管理流程。我们也大力提升IP改编下游的产业效率、产出效率和控制力，加深阅文在下游环节的自制和自营业务。首先，阅文的内容库里边，包括我们作家生态里面，实际上有非常多的好的作品，题材也非常丰富，风格迥异。我们也会根据这些作品的数据，包括市场反馈以及编辑的一些推荐，对于整个IP价值进行多维度的综合评估和判断，为各个IP制定出符合它自身特点的长期开发路径。在制定长期规划之后，我们就会和产业链上下游的合作伙伴通力合作，在影视、动漫、游戏，包括衍生品等各个领域，对IP的开发进行实际落地。最终，实际上是为用户呈现一系列的精品佳作。比如说在动漫领域，刚才Edward也提到，我们阅文动漫和腾讯动漫组成联合委员会，非常好地提升了漫改的产能数量，包括产出的效率，也提升了整个动画的自制能力和改编的数量。在影视领域，我们的三驾马车实际上实现了更多IP的精品影视化创作。在游戏领域，我们也和业内最优秀的研发团队合作，帮助我们的IP开发，打造多类型的精品游戏。 In the recent two years, under the leadership of Edward, we made a series of adjustment in organizational structure and strategy for our IP business. Starting from reviewing the IP business and our operational tactics, we have gradually established a systematic working procedure for IP licensing and management, and greatly enhanced the productivity and control in the downstream adaptation process, and strengthened our engagement in self-production and self-operation in the downstream. First of all, IPs in our content library are quite diversified in genres and styles, so we design different paths to develop each of them. Taking into consideration various factors including the novel's data points, market feedback, editors recommendation, and IP commercial value, we come up with a comprehensive judgment of the IP, based on which we determine a long-term path of development that matches the nature and features of the IP. After that, we work closely with both business partners across the industry to actually adapt the IPs into various content formats, including drama series, films, comics, animations, games, and merchandise, and present users with a series of quality media products. Just as Edward has mentioned, China Literature Comics and Tencent Comics have co-established a joint work group to adapt IP adapted literature to comic books, and we have enhanced through this joint working team our production capability, capacity and efficiency for comics and animation. Through the joint anime committee consisting of China Literature Comics and Tencent Comics, we have produced more quality drama series and films through the three-way partnership consisting of Tencent Pictures, New Classics Media, and the Tencent Penguin Pictures. We have collaborated with excellent game studios to adapt our IP into different types of quality games. 所以呢，我们现在通过这两年的建设呢，我们有了更加完备的IP的人才梯队和业务团队。那现在我们整个IP的组织呢，包括规划中心、IP的授权中心、IP的运营团队，整个的IP业务团队也接近两百人。 So far, we have established a relatively comprehensive IP business team, which mainly includes functions of IP planning, IP licensing, and IP operation. Now the IP business team has close to 200 headcounts. 那好的，那我再回答一下第二个问题，就是关于阅文在内容出海，包括剧集出海相关的进展。那刚才前面我也讲到了，那过去两年在Edward的带领下，其实我们是持续地关注，也非常重视拓展这个国际市场。那截至去年的十二月三十一号，我们的海外阅读平台Webnovel那已经向海外的用户提供了大约是两千一百部的中文的翻译作品，那还有接近三十七万部的当地的原创作品。那我们也希望，以网络文学的这种产业创新来为全球文化的模式探索以及文化的交流，创造出更多的一些可能性。 To answer your question regarding our overseas business. In the past two years, under the leadership of Edward, we paid much attention to our expansion to the overseas market. As of December 31st, 2021, Webnovel, our overseas reading platform, offered approximately 2,100 works translated from Chinese, and around 370,000 original content works created locally. We hope that we will be able to explore new possibilities for the global cultural ecosystem and the cultural exchange through our online reading business and our continuing innovation and creativity. 除了刚才讲的我们自己的Webnovel，我们还投资了海外头部的在线阅读平台，比如说泰国的Ookbee，还有韩国的Munpia。同时，我们和非洲的手机之王Transsion成立了合资公司来推广在非洲的阅读市场。此外，我们还跟新加坡电信建立了新加坡网络文学的业务合作。 In addition to our self-owned Webnovel platform, we have also made equity investments in top-tier online reading platforms in overseas markets such as Ookbee in Thailand, and Munpia in South Korea. Also, we have established a joint venture with Transsion, a leading mobile phone manufacturer in Africa, to tap into the African online literature market. In addition, we have entered into a strategic partnership with Singtel to expand the online reading business in Southeast Asia. 这个网文的IP改编成这个影视剧呢，除了在这个中国很受欢迎，其实现在在很多国家都非常受到这个热捧，那带来了这个更加广泛的这个文化影响。那比如说像现在欧美主流的这个视频网站，包括东南亚各个这个地区的一些各大电视台，其实都能看到，像我们的《庆余年》、《赘婿》这样的这个通过知名网文IP改编的这个剧集。那2022年初呢，韩国的这个媒体平台Watcha，然后也购买了《赘婿》的真人剧的这个翻拍权，那也是成为这个平台它首部的这个翻拍的作品。那《人世间》呢，刚才也讲到了《人世间》的这个海外的播映权现在也授权给了Disney。 The IP adapted drama series are well received and enjoy great popularity in many overseas countries and have brought wider cultural influence to the overseas market. For example, IP adapted drama series such as "Joy of Life" 《庆余年》 and "My Heroic Husband" 《赘婿》 are available on the mainstream European and U.S. online video platforms as well as various TV channels in Southeast Asia. In the beginning of 2022, "My Heroic Husband" 《赘婿》 was licensed to Watcha, a Korean streaming media platform, for a live action adaptation, and this is Watcha's first ever adaptation work. The overseas broadcasting rights of "A Lifelong Journey" 《人世间》 have been licensed to Disney. 阅文的整个的出海，也是获得了官方的认可。去年2021年，阅文也入选了相关部委和广电总局共同认定的《2021-2022年度国家文化出口重点企业》。这也是阅文第四次获得这个荣誉。阅文的IP改编电视剧《庆余年》在海外发行的运营，也荣获了2021-2022年度的国家文化出口重点项目。 In general, China Literature's overseas operation is well recognized by authorities. In 2021, China Literature was awarded Key National Cultural Export Enterprise for 2021-2022 by the National Radio and Television Administration and other official authorities in China, and it was the fourth time that China Literature won the award. The overseas distribution and operation of "Joy of Life" 《庆余年》 was listed as a major cultural export program for 2021-2022. 以上是我们的进展，谢谢。 Thank you. Thank you. Your next question comes from the line of Garrett from CITIC. Please ask your question. 你好，能听见吗？ Yes, please go ahead. 回答我的提问。首先非常恭喜这个公司在又一次取得了非常优异的成绩了。过去连续两个财报在新任管理层的带领下都取得了非常好的成绩。从小英文到大英文就看了非常多的IP进展。然后我这边有一个问题，就是也是关于行业端的对阅文的可能的一个影响，就是首先我们看到，其实现在不管是爱奇艺，包括像腾讯视频，都其实在这个选剧上的这个投入和预算上会更加的谨慎。那这一块的话，我们想请管理层了解一下，对于这一块，就是我们的行业下游端，对我们的这个合作，因为我们看到其实爱奇艺和阅文、腾讯阅文的话都还是有蛮多的合作的，那这一块的合作的话，目前是不是受到一个影响？另外，第二问题呢，其实关于成本端，其实我们也看到了，其实很多的国家出台的一些政策，对于这个明星片酬的一些限制，包括其实对于现在很多的一些演员的这个，一些管理的力度在加大，那这一块的话，这…… 会不会对我们的成本，改善会有... The platform like iQIYI and Tencent Video has already cut their budget or take more caution on their investment on the on the drama or movie. We know that the China Literature has had a collaboration with the iQIYI and the Tencent Video. Will this move from iQIYI and Tencent Video affect China Literature? The second question is that we know that the Chinese government has give some limitation to the actors, so were there any positive effect to China Literature's cost? Thank you. 这个问题我们请曹总来回答一下。 好，我来回答这个问题。当前的影视行业正在回归以优质内容创作为核心的生态，这很有利于行业的良性健康可持续的发展。在内容为王的大环境下，优质精品剧集将占据制胜的位置。电视台和视频网站对精品剧的需求始终是非常旺盛的，因为精品剧的投资回报率也是高于品质不高的剧集。而新丽传媒专注于制作精品剧。市场上由于精品剧集的稀缺，视频网站、电视台这些播出平台对精品剧集的刚需，使得新丽传媒的产品销售是有保证的。受政策和市场变化的影响，这几年电视台和视频网站的版权剧的采购价格出现了一定程度的下滑。但是由于我们刚刚讲的这个刚需和对精品剧的旺盛需求，我们新丽传媒制作的精品剧的单片的利润率也是有保障的，这是行业的影响。第二个就是关于明星片酬。确实国家出台了很多限制明星片酬的一些政策，我觉得这些政策对于形成行业的良性的、健康的可持续的发展是非常好的举措，应该有利于聚集成本的控制，而且也可以让我们把更多的财力、物力、精力投入到精致的制作、内容的开发上面。我就讲这些。 Okay, currently the industry is becoming more quality-focused, which is favorable to the positive, healthy and sustainable development of the industry. We believe the premium media productions will secure a more solid position in this content- and quality-oriented market. The TV stations and online video platforms always have a strong demand for high-quality dramas. For them, the ROI of these good quality dramas is much higher than that of those bad quality ones. New Classics Media is focused on producing only quality dramas which are scarce but highly demanded in the market. With that, the sales of New Classics Media's drama series are guaranteed. Affected by policy and market changes, the purchase prices of drama series from TV stations and the video platforms have declined to a certain extent if compared with three years ago. However, NCM specializes in the production of high quality content that is scarce and highly demanded in the market. With that, the sales of New Classics Media's drama series are guaranteed. At the same time, New Classics Media's project margin can also be guaranteed, thanks to its high quality. As to your question regarding the remuneration of actors, actually, in recent years, the government has issued several policies to restrict the remunerations of actors and actresses. We think this is a very favorable policy and measures to promote the healthy and sustainable development of the long term growth of the industry. It is very effective to control our production costs and allows us to put more of our efforts, our financial resources, our other energy and time to other production aspects like the content development. Thank you. Thank you. I would now like to hand back to Maggie Zhou for closing remarks. Thank you, operator. Due to time constraints, we will have to 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. That does conclude our conference for today. Thank you for participating, you may all disconnect.