Good evening, ladies and gentlemen. Welcome to China Literature's 2022 interim results conference call. A copy of the interim results announcement can be found and downloaded on its investor relations website at ir.yuewen.com. At this time, all lines have been placed on listen-only mode. The floor will be open for questions following today's presentation. I'd like to hand the call 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 2022 interim 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, Cheng Wu will discuss the company's strategies and business highlights. Hou Xiaonan 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's comments during the call will include forward-looking statements that are based on current expectations. All statements other than statements of historical fact 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 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 2022 interim results earnings release. I'll now turn the call over to our Chief Executive Officer, Cheng Wu. Thank you, Maggie. Hello, everyone. Thank you for joining our earnings call today. I'm pleased to share with you our business focus and achievements in the first half of this year, as well as our upcoming strategic and operational planning. During the first half of the year, the overall macro environment created different challenges for our industry and put pressure on us, which forced us to evolve. The changing market forced us to adopt a more forward-thinking and a flexible approach, and to explore a healthier and a more sustainable growth trajectory. We believe that the short-term challenges have not changed the general trend and the long-term prospects of the culture industry. In the first half of this year, the market responded to outstanding content. Our long-term strategy remains unchanged, which is to focus on the incubation, development, and distribution of high-quality content. Specifically, in terms of the source of our IP in the online reading business, we continued to focus on incubation of top-notch content and expand its influence. In terms of the visualization and the commercialization of IP, we have made great progress in launching compelling content in a variety of media. Our continuing ability to produce high-quality content reflects our strategic advantages and ability to withstand macroeconomic risk. It also highlights our ability to build core competencies and reinforces our confidence that we can create long-lasting IP value. On the operation side, we quickly aligned with industry trends, focused on key business and long-term goals, and adopted a series of measures to control costs and improve operational efficiency. Our financials for this period reflect significant improvements in the company's operating efficiency. Non-IFRS operating profit increased by 8.2% year-on-year to RMB 694 million. The non-IFRS operating margin increased from 14.8% a year ago to 17% in the first half of 2022. Next, let's look at the details of each business segment. First, the IP creation. As mentioned earlier, the online literature business is where our quality IP content begins. We focused on fundamentals of our online business in our core pay-to-read business, and it continued to strengthen our online literature IP ecosystem. During the first half of 2022, the number, quality, and influence of our IP, our online literature platform continued to increase. On the supply side, our online literature platform added approximately 300,000 writers and 600,000 novels, with an increase in word count of 16 billion Chinese characters. At the same time, we accelerated the development of high-quality content in specific categories by improving our system for incubation and operations. For example, at the beginning of this year, we identified through internal analysis the rising potential of science fiction themes, leading us to organize two science fiction writing contests and a series of activities, incubating about 20,000 science fiction works. A number of well-known writers in other thematic areas have also started to create science fiction. During the first half of 2022, a total of 12 platinum and phenomenal writers on our platform started to produce science fiction novels, making science fiction the fastest-growing genre on our platform. While improving the quality and the quantity of our literary IPs, we also implemented cost control measures, proactively reduced certain sales and marketing costs and expenses, and shifted our focus from prioritizing short-term revenue growth to optimizing operational efficiency and cost structure. As a result, we gave up a portion of our revenues for the current period, but we believe these measures will lay a solid foundation for the healthy development of our long-term business. At the same time, in order to protect the rights and interests of writers, China Literature has raised copyright protection to a strategic level. We deployed artificial intelligence, encrypted watermarks, piracy detection, risk controls, and advice to improve our anti-piracy capabilities, and continued to litigate against the piracy sites and IP infringements. China Literature's strong defense of copyright and IP has won the trust and recognition of writers, and is an important part of the ongoing improvement of our content ecosystem. Now let's talk about IP visualization. Currently, IP visualization is a focus of our work. In the first half of 2022, we achieved remarkable results. Continuous release of high-quality content, particularly blockbusters, reflected our strong capabilities in systematically recreating literary content in visual formats, and it supports our strategy to convert text-based IP into visual IP. In the live-action TV and film segments, we maintained the top-tier level and launched several compelling new works in the first half of the year. For example, the drama series, A Lifelong Journey, 人世间, [Foreign language] adapted from the modern literature prize-winning fiction by contemporary writer Liang Xiaosheng, was highly successful. This blockbuster series set an eight-year record for CCTV-1 prime-time drama series ratings and topped all charts across the internet. Another example is the drama series, Life Is a Long Quiet River, 心居. [Foreign language]The viewership of this family drama series ranked second in the popularity list of iQIYI during the first half of this year, only right after A Lifelong Journey, and also ranked first among local TV prime-time drama series ratings nationwide in the first half of the year. We also launched the drama series, The Wind Blows from Longxi, 风起陇西, [Foreign language]which was adapted from the novel by Ma Boyong. The drama series was an innovative exploration of the theme of Asian spycraft, with a score of 8.1 on the Douban platform. Additionally, our romantic drama series, Master of My Own, 请叫我总监, ranked first in local TV prime-time drama series rating nationwide, and first in the list of hot drama series on Youku during its broadcast period. In terms of films, Too Cool to Kill, 这个杀手不太冷静, [Foreign language]achieved box office sales of RMB 2.6 billion, ranking second in the 2022 Spring Festival box office sales. At the same time, we continue to work on serial development of high-value China Literature-sourced dramas, such as Joy of Life season two, 庆余年第二季, [Foreign language] My Heroic Husband season two, and The Dafeng Guardian, 大奉打更人. [Foreign language] We believe that the launch of these works will bring China Literature's IP brand appeal to a higher level. In the animation segment, we launched the new seasons of series Stellar Transformation, 星辰变,[Foreign language] and Martial Universe, 武动乾坤.[Foreign language] At present, the Stellar Transformation and Martial Universe series have had 4 billion and 3 billion video views respectively, and ranked number one in terms of the average video views per episode among newly released animation series on Tencent Video at the time of their launch period in the first half of the year. According to data from Guduo, among the top 20 most-watched domestic animation works released on Tencent Video in the first half of 2022, 11 out of 20 were adapted from China Literature's IP. In the comics segment, we continue to improve production capacity so as to accelerate the process of IP visualization and incubate top IP. Our joint projects with Tencent Animation and Comics to adapt 300 online literary works into comics in three years is making great progress. Right now, over 170 adapted comic works have been launched on the Tencent Animation and Comics platform. Some titles have become blockbusters, such as Thank you, Cheng Wu. Cheng Wu has just spoken about our strategies and some of our operating results. Next, I would like to add more details on our business performance. First, let's look at our online business. Total MAU for our online reading business was 265 million, up 30.8% year-over-year. MPU for our paid content was 8.1 million, down 12.9% year-over-year, but remained stable on a half-year basis. Monthly ARPU for paid reading content was RMB 38.8, up 6.6% year-over-year as we continued to improve content operations, community features, and the recommendation diversity, driving paying users' demand for quality content. For our free reading business, average DAU in June this year was 14 million, up from 13 million a year ago. As an important part of our IP ecosystem, we will continue to focus on incubating high-quality reading content, providing better user experience, and improving our users' stickiness. We continued to expand in the global market with our overseas reading platform, Webnovel. As of this term, Webnovel had about 2,600 works translated from Chinese. 420,000 original works created locally. Turning to the IP business. In addition to the blockbuster titles released in the first half, as Edward just mentioned, we continued to roll out popular content in July and August. We released two new seasons for our animation series, Battle Through the Heavens, Doupo Cangqiong, and both were among the top two on the hot list of Tencent Video during their launch period. At present, the Battle Through the Heavens, Doupo Cangqiong series has altogether reached over 12 billion video views. We also launched drama series, Rose War, Mei Gui Zhi Zhan, a week ago, and it ranked number two on the TV series hot list according to data from Yunhe. Looking ahead, we will continue to produce top-tier content to expand our IP influence and to release full IP value. This ends my session. William will provide more information on our financials. Thank you. Thanks, Hou. Hello, everyone. In the first half of 2022, our total revenues were RMB 4.1 billion compared with RMB 4.3 billion in the first half of 2021. Our online business revenues were RMB 2.3 billion, down 9.2% year-over-year, mainly due to a reduction in marketing spending for user acquisition as we took initiatives to control costs and improve operational efficiency. Revenues of our self-owned platform products decreased 6.3% year-over-year to RMB 1.8 billion accordingly. Revenues from our self-operated channels on Tencent products decreased 1.7% year-over-year to RMB 347 million, owing to the lower monetization efficiency of advertising, which was impacted by the macro environment. We also saw a decline in revenues from third-party platforms from RMB 306 million to RMB 196 million as a result of suspending relationships with certain distribution partners. Turning to IP operations and other businesses. In the first half of 2022, revenues from our IP operations and others decreased 1.2% year-over-year to RMB 1.8 billion, among which revenues from IP operations were probably stable year-over-year at RMB 1.7 billion, and revenues from the other category, consisting mainly of sales of physical books, decreased 21.2% year-over-year to RMB 49 million as we continue to adjust our offline physical book business in tandem with our business development strategy. Now let's look at costs and expenses. In the first half of 2022, our cost of revenues amounted to CNY 1.9 billion, down 5.5% year-over-year as a result of lower amortization of intangible assets of content copyrights, a decline in platform distribution costs for our online business, and lower content costs. Our gross profit decreased 6.2% to CNY 2.1 billion. Gross margin was 52.5% in the first half of 2022, compared with 52.7% for the same period last year. We recorded net other losses of CNY 235 million for the first half of 2022, compared with net other gains of CNY 901 million for the same period last year. The net other losses for the current period were mainly generated from the changes in valuations of our investee companies and the change in the fair value of consideration liabilities related to acquisitions. Our selling and marketing expenses decreased 17.6% year-over-year to CNY 1.1 billion in the first half of 2022. The decrease was primarily due to reduced promotion and advertising expenses for our online business as a result of our cost control and efficiency improvement initiatives, partially offset by greater marketing expenses to promote our films and drama series during the first half of 2022. As a percentage of revenues, our selling and marketing expenses decreased to 27.2% from 31% a year ago. Our G&A expenses decreased 12.2% year-over-year to RMB 558 million in the first half of 2022. Mainly due to a decrease in research and development expenses. As a percentage of revenues, our G&A expenses decreased to 13.6% in the first half of 2022 from 14.6% in the first half of 2021. As a result of factors mentioned above, our operating profit was RMB 251 million in the first half of 2022, compared with RMB 1.3 billion for the same period last year. The difference was mainly due to a gain of RMB 1.1 billion related to the sale of our equity interest in Lazy Audio during the first half of 2021. Non-IFRS operating profit, which excludes share-based compensation, M&A related impacts such as net losses or gains from investee companies, and amortization of intangible assets, as well as related income tax effects, increased 8.2% year-over-year to RMB 694 million. Non-IFRS operating margin was 17%, up from 14.8% for the same period last year. Our profit attributable to equity holders of the company was RMB 229 million, compared with RMB 1.1 billion for the same period last year. Non-IFRS profits attributable to equity holders of the company increased 0.2% to RMB 666 million. Non-IFRS net profit margin increased from 15.3% to 16.3%. In conclusion, although our total revenues decreased in the first half of 2022, owing to several factors, including our cost control measures and the pressure from macro environment, we achieved significant improvements in our operating efficiency. We believe that our cost control and efficiency improvement measures will lay a solid foundation for a healthy development in the long run. That concludes the financial related part. Let's move on to the Q&A session. We will now begin the question and answer session. To ask a question, you may press star then one your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Please ask questions in Chinese that are then translated in English. At this time, we will pause momentarily to assemble our roster. Our first question will come from Zhang Xueqing with CICC. You may now go ahead. 谢谢管理层。我这边主要想请教两个问题。第一个是关于成本控制的，我们公告里面有说到上半年进行了一定的降本增效，想问一下就目前的进展是怎么样的，然后能不能帮我们展望一下下半年在这方面的情况。第二个问题是关于整个IP运营的IP宇宙的，其实提出IP已经是两年多了，想看一下目前我们认为相对成熟的IP宇宙是哪个，可能算是斗罗大陆，那这样的话能不能分享一下，就是这个IP各个形态目前的进展，以及我们对于衍生品的展望。 [Foreign language] I will translate myself. Thanks management. I have two questions. The first one is about cost control. In the first half of this year, the company has made some progress on cost control and efficiency improvement. Could management share how the current progress is and the outlook for cost control in the second half of the year? My second question is about IP universe. Which IP universe do we think is really commercial among the IPs operated by China Literature? Maybe Soul Land. Could management share the current progress of the various forms of this IP as well as the outlook for IP licensing derivatives? Thank you. 今年上半年，公司实施了多项降本增效的举措，营销费的投放也更加注重ROI和效率，对各种管理费用的支出也进行了严格的控制。今年上半年销售费用同比下降了17.6%，环比下降了17.9%，收入占比也降到了27.2%，同比下降了3.9个百分点，环比下降了4.1个百分点。管理费用同比下降了12.2%，环比下降了19.1%，收入占比也降到了13.6%，同比下降了1个百分点，环比下降了2.3个百分点。因此，公司今年上半年的总体经营效率是有所提升的。公司实现了Non-IFRS的经营盈利在6.94亿，同比增长是8.2%，环比的增长是5.4%，经营利润率提升到了17%，同比增长2.2%，环比增长1.8%。在Non-IFRS净利润口径是6.7亿，同比增长0.2%，环比增长17.9%，利润率也提升到了16.3%。[Foreign language] 同比增长1%，环比增长3.2%。总体来说，下半年公司还将继续推行降本增效的多项举措，我们会继续注重业务的高质量发展和运营效率。在销售费用方面，我们会在关注ROI和效率的基础上，继续进行广告营销的一些投放。在管理费用方面，我们也会继续对各类管理费用的支出进行严格的控制。我们认为这些举措都是顺应了当前市场环境宏观形势的一些变化，会对我们的长期业务的健康发展和运营效率的提升打下一个坚实的基础。[Foreign language] Okay, let me first quickly translate. As to your first question. In the first half of the year, we took several initiatives to control costs and improve operational efficiency. We focused more on ROI and efficiency of sales and marketing expenses and controlled G&A expenses strictly. In the first half, our selling and marketing expenses decreased by 17.6% year-over-year and 17.9% sequentially. Selling and marketing expenses as a percentage of revenues decreased to 27.2%, down by 3.9 percentage points year-over-year and 4.1 percentage points sequentially. Our general and administrative expenses decreased by 12.2% year-over-year and 19.1% sequentially. G&A expenses as a percentage of revenues decreased to 13.6%, down by 1 percentage point year over year and 2.3 percentage points sequentially. We saw an improvement of operational efficiency during the first half of the year. Our non-IFRS operating profit reached RMB 694 million, up by 8.2% year over year and 5.4% sequentially. Non-IFRS operating margin increased to 17%, up by 2.2 percentage points year over year and 1.8 percentage points sequentially. Our non-IFRS net margin reached RMB 670 million, up by 0.2% year over year and 17.9% sequentially. Non-IFRS net margin increased to 16.3%, up by 1 percentage point year over year and 3.2 percentage points sequentially. In the second half of the year, in general, we will continue to implement the measures to control costs and improve operational efficiency with the quality of growth and efficiency of operations as our priority. In terms of sales and marketing expenses, we will spend advertising and marketing promotion expenses with a focus on ROI and efficiency. Regarding G&A expenses, we will continue to control our G&A expenses. We believe these measures are a timely response to the changes in the macro environment and will lay a solid foundation for the healthy development of our long-term business and the improvement of our operational efficiency. Thank you. 好，谢谢。然后我来回答一下第二个问题，关于那个IP宇宙我们的一些相关的一些进展，包括一些提到的像斗罗大陆、斗破苍穹的一些IP各个形态的一些进展。那首先呢，我们现在已经拥有了这个多个IP成功转化成其他媒体形态的这样一些案例。那比如说像斗罗大陆已经成功改编成这个漫画、动画、电视剧、游戏多个品类，而且呢，斗罗大陆的现在的动画系列是腾讯视频迄今为止的动画播放量最高的这样的一个作品。动画呢又改编成了游戏，又为改编的游戏提供了人物形象，使得这个动画和游戏呢形成了有效的联动，而斗罗大陆电视剧的热播呢又为游戏带来了更多的关注。因此呢，根据斗罗大陆改编的多款游戏都取得了很大的成功，累计的流水超过了一百亿。但我们觉得这个不是这款IP的终极形态，因为它的动漫、动画、漫画、电视剧都在持续地更新，那这款IP的影响力和商业价值我想还有非常大的增长空间。 那另一款IP斗破苍穹也进行了影视、动漫多种形态的改编，这个动画系列的播放量已经超过了一百二十亿次。今年七月呢，我们也推出了斗破苍穹的年番，目前是腾讯视频动漫品类最热门的作品。年番的推出呢旨在将IP的热度始终保持在高位，将IP的影响力持续扩大。那此外呢，我们也推出了斗破苍穹的美杜莎形象的单款塑像，在国内的预售上线四十分钟就售罄了，那GMV也超过了五百万。那未来呢也将会有更多的斗破苍穹的人物形象以潮玩的形式和大家见面。 那除了斗罗大陆和斗破苍穹的这种影视和电视的改编，那我们其实也输出了像《庆余年》《赘婿》等爆款的作品，那包括像我们的《大奉打更人》这些更多的一些IP的一些动漫剧集都在有序地开发中。那虽然斗罗大陆和斗破苍穹无论是在改编的类型和数量上都走在前面，但我们觉得也不是一个IP价值的终极展现，因为原著的内容实际上非常丰富，为改编提供了非常丰厚的基础，那以后各类改编的作品都会持续地推出。所以我们还是相信这个IP的价值将通过多形态持续化地被改编和放大。 那最后也提一点，这个关于IP的衍生品其实也是我们认为不管是IP宇宙还是IP形态转化的重点之一。那鉴于全球的头部IP其实大部分收入都来自于衍生品的贡献，那我们也认为这个业务的前景是非常巨大的。国内的衍生品的市场呢还是处在一个初级的发展阶段，阅文呢也是想通过跟产业链上下游的合作伙伴协同合作，共同推动这个中国IP形态包括IP衍生品市场的繁荣。谢谢。[Foreign language] As to your second question, I would like to share with you our progress in establishment of our IP universe, as well as the current status of several of our top IPs like Soul Land, 斗罗大陆,[Foreign language] and Battle Through the Heavens, 斗破苍穹.[Foreign language] Several of our IPs have been successfully converted into other media formats. For example, Soul Land has been adapted into a variety of media-rich content, including comics, animations, drama series, games, etc. The animation series of Soul Land is the most watched animation franchise on Tencent Video so far. The animation has established images of characters for game adaptation, creating synergies between animations and games. The release of the hot drama series, adapted from the same IP, has further brought more user attention to its games. As a result, multiple games adapted from Soul Land have achieved great success, with total game grossing of all the Soul Land adapted games exceeding RMB 10 billion. While this is definitely not the ultimate status of this IP, as new chapters and episodes will continue to be released for its comics, animations, and drama series, there is massive room for growth for the influence and commercial value of this IP. Another IP, Battle Through the Heavens, 斗破苍穹, [Foreign language] has also been adapted into multiple content formats, including drama series, comics, and animations. The animation franchise has exceeded 12 billion video views, and in July, we further released its year-long season to be aired throughout the full year, and this new season is now the most popular animation on Tencent Video. The release of the year-long season aims at keeping the popularity of the IP at a high level and further expanding the IP influence. In addition, one single edition of toy sculptures from the theme character Medusa in Battle Through the Heavens sold out within 40 minutes after the presale launch, with the GMV of over RMB 5 million. In the future, we will present more fashion toys based on the theme characters in this IP to users. In terms of drama adaptations, apart from Soul Land and Battle Through the Heavens, we have also successfully produced blockbusters including A Lifelong Journey and My Heroic Husband, and the serialized multi-season development of A Lifelong Journey, My Heroic Husband, and the Dafeng Guardian, 大奉打更人,[Foreign language] is also progressing well. Soul Land and Battle Through the Heavens are leading the IP market thanks to their diversified adapted formats and rich quantity. In terms of the full release of IP value, they still have a long way to go. As the original novels have very rich content and a storyline that set a solid foundation for adaptation, various formats of adaptations will continue to be launched, and we believe the IP value will be further enlarged through adaptation into different media-rich formats constantly. Lastly, it is worth mentioning that development of IP merchandise is one of our key tasks in our IP adaptation business and the establishment of our IP universe. Considering the revenue structure of those top-tier global IPs, a majority of their revenues are generated from IP merchandise. Therefore, we have much confidence in its massive long-term potential. China's IP merchandise industry is still at an early stage, and China Literature hopes to work with partners across the industry chain to promote the prosperity of China's IP merchandise market. Thank you. Our next question will come from Thomas Chong with Jefferies. You may now go ahead. 晚上好，谢谢管理层接受我的提问。我有两个问题。第一个问题是想问一下，就是现在看到宏观的一个不明朗，还有疫情对我们不同板块在下半年的影响，管理层可以分享一下吗？第二个问题是关于我们在下半年的化的剧的排播，还有NCM全年的收入跟盈利的预期，可以再多说一下吗？[Foreign language] Thanks, management, for taking my questions. I have two questions. The first one is about the macro headwinds that we are facing as well as the pandemic. How should we think about the impact to our different business lines in the second half? My second question is about our content release schedule in the second half, as well as our expectation on NCM revenue and profit for the year. Thank you. 好，谢谢你的问题。这个确实上半年的很多宏观的不明朗，还有这个疫情带来的不确定性，对，就是那我们也看到，就是说整个管理层，其实我们还是保持乐观的这么一个心态，而且我们觉得呢，这也是对于我们也是一个降本增效、减肥增肌，包括这个厚积薄发的一个很好的机会。那在这个具体的执行层面呢，实际上我们是一直聚焦我们的关键业务和长期目标。那在今年上半年呢，刚才William讲到了，公司实施了这个降本增效的策略，也取得了明显的成效。那Non-IFRS的经营盈利是RMB 6.94亿，同比增长了8.2%，环比增长了5.4%。那经营利润率呢也升至了17%，同比增长了2.2个百分点，环比增长1.8个百分点。那今年下半年呢，首先我们会继续去推行这个降本增效的战略，然后还是注重这个业务的高质量和可持续的发展，包括这个运营效率。我们也认为呢，这些措施是比较顺应现在整个市场环境的变化，也可以为我们长期业务的健康发展和这个运营效率的提升呢，打下这个坚实的基础。那对于我们的核心能力呢，包括比如说我们的这个IP的原创能力，那我们继续会沿着这个IP生围的战略不断前进。在IP生产的源头，也就是在阅读方面，我们会继续去聚焦这个优质作品和这个优质作家的孵化，然后不断地去提升这个创作生态和作家的体验。那在这个IP的可视化的能力的方面呢，其实我们下半年的pipeline还是比较丰富的。那这个电视剧除了这个已经上线非常成功的《人世间》、《心居》、《风起陇西》、《请叫我总监》之外，那下半年我们也还会像这个已经播出了的《玫瑰之战》。那另外年内有望上线的有新丽制作的项目，还有《纵有疾风起》、《潜伏者》、《卿卿日常》等等这样的作品。那值得一提的是这个由腾讯影业发起主控，阅文影视共同出品的电视剧《人世间》、《心居》、《天才基本法》都获得了非常大的成功。在播出期间呢，也是平台最热门的剧集。所以呢，这个是更加证明了整个阅文影视团队的能力。所以未来呢，我们也会继续加强这个阅文的影视能力，希望能在影视行业有更多的爆款作品，有更多的参与度和曝光。那在这个动画方面呢，其实七月份我们上线了这个《斗破苍穹》元启特别篇，还有《斗破苍穹年番》，包括这个《萌妻食神》第二、第三季。那今年下半年我们还会有更多的一些精品的项目上线。漫画呢也是持续在稳步推出。然后这个下半年也希望有更多的作品和大家见面。那在商业化方面呢，我们继续，就是IP的商业化方面，我们继续去搭建夯实基础的能力，缩短这个从IP到商品的转化的链路和时间，那拓宽这个IP的数量和形态，在题材包括风格设计等多个方面均实现一些突破。那我们也关注这个消费品、潮流玩具，包括线下实景消费的一些新的领域和机会，那希望能促成这个产业上下游合作伙伴的共同合作。那现在呢，也取得了一些初步的进展，刚才讲到也诞生了一些爆款的项目，比如说讲到的我们这个《斗破苍穹》的美杜莎形象的一款雕像，实际上预售的四十分钟就售罄，然后GMV超过了CNY 500万。包括我们也会围绕像这个更多的IP，像《庆余年》、《诡秘之主》、《全职高手》、《鬼吹灯》开发一系列的多形态的衍生品，也配合我们动漫、影视、游戏一些内容上线的大节点，来推出。那总之就像我开头说的，其实我们对于未来还是充满信心，保持一个乐观的心态。谢谢。[Foreign language] Okay, thank you. Despite the macro uncertainties and the pandemic impacts in the first half, our management still holds a very positive view on our long-term prospects of our business. We think actually the challenges in the first half presented us with the opportunities to execute the measures to control costs and improve our operational efficiency. We focused more on our long-term targets and the key business in the first half and in the second half we will continue to carry on these measures to further improve the operational efficiency of our company. As William just mentioned, we saw an improvement of operational efficiency during the first half of the year. Our Non-IFRS operating profit reached RMB 694 million in the first half, up by 8.2% year-over-year, and 5.4% sequentially. Non-IFRS operating margin increased to 17%, up by 2.2 percentage points year-over-year, and 1.8 percentage points sequentially. In general, in the second half, we will continue to implement the measures to control costs and improve operational efficiency with the quality of growth and efficiency of operations as our priority. We believe these measures are a timely response to the changes in the macro environment and will lay a solid foundation for the healthy development of our long term business and the improvement of our efficiency. In terms of our IP strategy, we will continue to execute our IP metamorphosis tactics in terms of the source of IP, that is our online reading business, we will continue to focus on incubating high quality content and the writers, and improving the content creation ecosystem and the writers experience with us. In terms of drama series, in terms of visualization of IP, we have a very rich pipeline for the second half as well. In terms of drama series, in addition to the products already released in the first half, which are all very successful, including "A Lifelong Journey 人世间", [Foreign language]"Life Is a Long Quiet River 心居", "The Wind Blows from Longxi 风起陇西",[Foreign language] and "Master of My Own 请叫我总监".[Foreign language] In the second half, so far we have released drama series "Rose War 玫瑰之战",[Foreign language] and more NCM productions are expected to be released in this year, including "In Spite of the Strong Wind 纵有疾风起",[Foreign language] "The Infiltrator 潜伏者",[Foreign language] "New Life Begins 卿卿日常"[Foreign language] and so on. I t is worth noting that three drama projects led by Tencent Pictures and co-produced by China Literature Pictures, including "A Lifelong Journey 人世间",[Foreign language] "Life Is a Long Quiet River 心居" [Foreign language]and "The Heart of Genius 天才基本法"[Foreign language] all achieved great success, topping the video platform's popularity list during its broadcasting period, which once again prove the capability of China Literature's media production team. In the future, we will continue to further strengthen our capability and increase our involvement and exposure in the media industry, and to present users with even more blockbusters. In terms of animation, in July, we launched 2 new seasons for the Battle Through the Heavens, Doupo Cangqiong animation franchise, including its new special season Yuanqi, and its year-long season, as well as Cinderella Chef Season Three, Meng Qi Shi Shen Ji San Ji. We will release more premium projects in the second half of the year. In terms of comics, our projects are well on track, and more products will be presented to users in the second half. In terms of the commercialization of IP, we continue to build up and strengthen our infrastructure capabilities, shortening the conversion time from IP to offline products, expanding the number of IP and the product types, and achieving breakthroughs in theme, product style and design. We focus on opportunities in consumer goods, fashion, toys and offline retail. We achieved initial success by working together with upstream and downstream partners in the industry. For example, a single edition of toy sculptures of the theme character Medusa in Battle Through the Heavens, sold out immediately after the presale launch with a GMV of RMB 5 million. In the future, we will develop theme characters and merchandise adapted from more IP such as A Lifelong Journey, Lord of the Mysteries, The King's Avatar, and the Candle in the Tomb, and offer a joint promotion for the launch of drama series, film, animation, comics, games and other content. In general, despite all these challenges, we still hold a very positive view on the long-term strategy and the long-term prospects of China Literature. Thank you. Our next question will come from Weiran Wang. You may now go ahead. Hello, hello。你能听见吗？OK。Hello，关系好，我是中信证券分析师王伟然。我有两个问题想请陈武总和Monkey的回答。首先第一个还是关于IP可视化的战略的这样一个进展程度，我们看到其实刚才公司也提到了很多关于一些动漫改编的一些内容规划，内容的一些规划。那我其实想特别问一下，就是目前公司在于内容的这个工业化制作能力上的一个构建是如何的，包括一个团队能力的一个打造上是如何？那其实这里面其实，就是我想提到一点，就是说其实我们的项目同时推进的项目是比较多的，那如何在这样多的项目上，然后能去保质保量的一个完成，这是第一个。第二呢，还是关于衍生品业务的一个规划和进展。那这里面我想特别问一下，就是关于衍生品的这个规划，我们对于这个衍生品的选品，以及这个产品的设计，还有一个渠道的一个构建是如何达成的。因为其实可以看到今年的上半年美杜莎其实是卖得是比较好的这样的一个手办，但是同时我们也看到，其实像一些潮玩的话，其实有了更大的一个空间。那就是公司关于这些一些人物形象上，关于自己的一个供应链和一个销售链体系是如何构建，以及这个目前的一个落地情况。那我翻译一下英文。[Foreign language] The first question is about IP visualization strategy. The first one is how to build our content industrial ability right now and how to make sure that when we make such a lot of programs and also can keep the quality and how to ensure our employees' ability, how we can make sure our employees can be okay for their job. The second one is the derivative and the derivatives strategy, I mean how to choose the specific products and how to sell them, and how to build our supply chain system compared to some other competitors. They have already sold, I mean, billions. You know, we have achieved a great goal in Medusa, but it seems we still have a long way to go and then how we can make our supply chain, the sales systems. Thank you. 好，谢谢您的问题，我和Monkey会分别来回答这两个问题。我回答第一个问题，但在回答这个第一个问题之前，我想再讲一下，从两年多前我和Monkey接手阅文之后，我们怎么定义了这个阅文的核心战略。因为阅文原来的业务，实际上主要是网络文学在线阅读，那可以源源不断地诞生出好的网络文学的作品，那开始进入到以好故事或者是IP为核心的下游产业链。[Foreign language] 其实当我们看到整个这个以内容为核心的不同的文化娱乐产品，其实是消费者的刚需。我们从小到大，还有不同的年龄、不同性别、不同职业的人都喜欢看小说、看动漫、看电影、看电视剧、玩游戏，包括买衍生品。那么从过去从好莱坞，从到日本漫画为核心的这个文化产业内，一直到中国，我们看到这个文化产业本质上是创意产业，那核心是创新。那在文化创意产业的创新里边，它往往在过去的行业实践中，全球都是跟相对比较高的这个失败率是相关的。然后为什么当我们去做一个电影、做一个电视剧的时候，我们要从头去构思它的故事、构思它的世界观、要想它的情节，然后要去构建它的人物。但是在观众里边，他们往往是我们打引号的来讲，他们是求新求变的，如果仍然给他们去老生常谈、讲同样的故事、同样的人物、没有新意的话，往往得不到市场的认可。所以在文化创意产业里边，我们就面临着这样一个悖论，我们需要每一次做的时候都要去创新。那么如何进行系统性的、可以降低失败率、提高成功率，这也就是我们两年前接手阅文之后，我们觉得不管是总结国外的文化创意产业的规律，还是结合国内的实践，那么那之前过去国内的可能更多的文化创意产业在不同的链条，那相对来讲都是只聚焦在自己的这个领域里边，没有把整个行业来打通。那所以说我们一直说过去有两个国外的类似的行业公司做得是比较好的，漫威加这个迪士尼的模式，他们从漫威的漫画一直到整个产业链的后端，到日本的这个动画为源头的IP驱动了整个产业的发展。所以说我们也认为，利用中国特别是这个网络文学所特有的这种商业模式，就是阅文在过去这个从成立起，包括甚至阅文的前身，我们在国内都积累了非常好的一种培养好故事、通过网络文学作品培养好故事、好IP的这样一个好的机制。但过去的遗憾就是我们在动漫这个领域、我们在影视这个领域和后端环节，我们既没有系统性的规划，也没有培养出相应的专业能力来，更没有去把这两个结合起来，然后源源不断地把网络文学的好故事能够转化成其他的更多的媒体形式，去满足观众的需求，同时为公司和股东创造更大的价值。 那所以说在过去两年里边，我们所做的工作就是，一方面我们继续夯实在网络文学里边，特别是付费阅读能够培养出更多的优秀的好故事和好的IP。那像我们之前的斗罗大陆、斗破苍穹，那现在的这个大奉打更人、第一序列、赘婿，在不断地源源不断地去诞生。我们通过反盗版、通过更好的作家激励和扶持政策，那这里边我们看，就在过去两年里边，我们取得了更好，在原来好的基础上取得了更长足的进步。那么在过去两年里边，在下游的衍生产业链里边，就像在影视领域里边，我们非常开心的，其实那么收购了新丽传媒，同时也有曹总带领的新丽的团队，是中国最优秀的影视制作团队，那能够跟阅文的整个的IP和故事结合起来。同时阅文影视也有新的这个团队，能够跟新丽传媒这个团队一起，能够更好地、更系统性地把我们的这些文学IP转化成好的影视作品。那我们在庆余年、赘婿这些例子里边都充分验证了。那同时我们认为，在我们网络文学它更多的有人物、有故事、有世界观、有情节，但它还没有生动化的、视觉化的展现。那所以说，一千个人看了这个，我们一千个不同的用户观众去看了庆余年，可能在心目中会有一千个不同的张小凡这个形象。所以我们认为如何更好地去提高转化效率，把更快、更高效、能够更提高更多的这个成功率，把我们阅文平台上的好的文学故事和成功的IP去转化成其他的这个视觉化的形象，包括为我们提到的游戏这个环节也好，还是衍生品这个环节也好，那能够奠定更好的基础。因为你做衍生品、做游戏都需要有视觉形象，都需要我们做story的等等这些。那我们其实两年前也定了一个关键策略，就是我们的视觉化IP战略的第一步，就是漫画化和动画化。 那我们也非常高兴地，我们过去做了几方面的工作，回答您的问题，可以如何去提高我们的工业化的能力和产能。那一方面呢，我们加大了对阅文动漫团队的这个投入和能力的建设，在我们内部阅文动漫内部也成立了这个动漫的漫画工作室和不同的动画工作室，那提高我们自身的去打造阅文漫画改编的能力和阅文动画制作的能力。那同时我们也非常高兴地，其实从两年前，就像我们来推动腾讯影业和阅文和新丽传媒和这个阅文影视联动形成三驾马车的过程，我们在这个动画这个领域里边，除了加强阅文动漫自身的专业能力之外，我们也非常高兴地和腾讯动漫能够联合起来，那借助腾讯动漫在漫画改编和动画制作的能力，那更快地来增加带宽。那第三个方面呢，其实我们也在行业中通过投资、通过这个战略合作、通过这个招募更多的优秀的动画团队，能够去更好地成为我们的这个生产的产能和带宽。那通过这我们叫三管齐下，我们其实在整个的这个动漫改编的这个内容规划和进展，以及工业化的制作能力方面，都取得了非常积极和非常有效的进展。而且也通过过去这两年的实践呢，我们也认为，那么其实加大网文漫改可以让我们用相对较低的成本，非常成体系地帮助阅文的文学IP完成视觉化转化的第一步，来构建人物形象，构建整个这个生动的世界观，为后续的动画化、影视化和授权业务都打下坚实的基础。那这具体的这个情况我不再赘述了，就刚才这个Monkey也讲了很多。那其实我们阅文动漫跟腾讯动漫合作的三年，把两年前我们宣布用三年时间把至少三百部阅文的头部网文进行漫改的计划，我们持续地推进，目前已经有一百七十多部阅文IP改编的漫画作品已经在腾讯动漫上上线，而且出现了多部的头部一线作品，包括大奉打更人、第一序列、开局一座山。那其实我们现在已经锁定了有两百六十部作品。这个我们相信到明年的这个年底的时候，我们当初制定的三年三百部的网文漫改计划是可以提前甚至可以超额完成。 在动画方面，其实我们通过自己的努力，通过和腾讯动漫的联动呢，我们也上线了刚才提过像星辰变、武动乾坤这样的这个新番，而且呢，也都是名列，分别在他们播出期间都在腾讯视频的这个动画集均播放量播到第一位。而且我们这个斗破苍穹的特别篇和斗破苍穹的年番也是我们，年番是我们应该是这个第一次尝试年番，而且也取得了非常好的这个效果。所以说不管从我们自己过去两年的系统性的布局，我们的这个三管齐下，还是最终的这个漫画的作品的上线表现，还是动画作品的上线，都让我们看到了我们在这个工业化的能力和系统性的规划方面取得了非常积极的进展，也让我们对后续这个业务的推动有更强的信心，也坚定了我们，其实我们从小阅文到大阅文，通过这个视觉化进行网文的IP升维，可以为我们整个IP创造更全面的这个可能性，带来更多的价值。好，我先回答到这，也担心我讲得太长。[Foreign language] Okay, let me quickly translate. Hou and I will address your questions separately, and I will take the first question. Before I answer your question, I would like to talk about our strategy two years ago, when Hou and I joined China Literature. You know, the online literature industry, you know, is a content-centric industry, which is highly demanded by users. Actually, users from different background, different age groups and different career, very different demographic profile, have very strong demand for a variety of cultural products like novel, comic books, animations, games, as well as, merchandise. The culture industry is actually an innovation idea industry, and the nature of the industry is about innovation and idea. If you look at the examples and the cases of IP adaptation and development globally, you can see that actually the rate of failure is very high. Because when we do a TV project or a film project, we need to design the entire process, including the storyline and the story plots, the figures, the characters, the worldview. You know, the audience needs different things all the time. They need new things. If you can't give them new things, they wouldn't recognize your capability and they wouldn't buy your product. We really need to focus on innovation, on the content to improve the rate of success and to decrease the rate of failure. We actually reviewed on the patterns of those domestic and international players in this market. When we look at the domestic innovation industry, we think most of the people in this industry used to focus on their own segment without a linkage across the entire industry. I think in this perspective, we have some very good examples in the overseas market. One is the Marvel plus Disney pattern. They actually started from anime, started from comics, and they moved downstream to more media formats. I think another good example is the Japanese anime. They started from the anime at the very beginning, and they also moved on to more downstream entertainment products, and then they play alongside the entire industry chain. I think taking China Literature as an example, at the very beginning of the foundation of China Literature, our focus was on creating high quality stories, and we have built up a very successful mechanism of accumulating these high quality stories through operating on a reading platform, with a lot of writers update content on a daily basis. Our previous regret was that, we only focus on our reading business itself, but we ignore the opportunities of adapting these novels into more media formats like movies, drama series, and animations and comics. Previously we didn't have the systematic planning for the IP business. We didn't have the professional capabilities to do these things, let alone combining these two things together to adapt our novel into media-rich products. From story to media, I think we can bring more value to the users to cater to the needs of users and also create value for our shareholders. Let me share with you what we did in the past two years. First of all, we further solidify our strength in our content, particularly our pay-to-read content, which we believe is the core for us to incubate high-quality IP. We also took a lot of measures and initiatives in fighting against those piracy issues and providing a lot of incentives and the support to writers. We actually have made very decent progress in these aspects. In terms of the downstream engagement, first of all, we acquired New Classics Media. As you know, New Classics Media, led by Mr. Cao Huayi, is the best team in the media production industry in China. We think the combination of China Literature with New Classics Media will be able to really convert China Literature's text IPs to drama series and films in a very high-quality way. I think this point has been validated by the release of several blockbuster drama series like A Lifelong Journey, Joy of Life and My Heroic Husband. You know, we used to have a lot of strength in our literature in the storyline, in the plots, but we didn't have the ability to visualize all these texts. Because, you know, when readers read a book, they will have a lot of imaginations. Because users are so different, they have different imaginations, for instance, regarding a certain character, for instance, when they read A Lifelong Journey, they will imagine very differently the image of Zhou Bingkun. When we convert this literary text IP to media, to drama series, I think this visualization process actually improved our success rate in this media production industry. Moreover, the adaptation to drama series and films lay a very solid foundation for further adaptation into games and IP merchandise because the drama series have already built up a image for these stories. I think the first step of the visualization process is adaptation into comic books and animations. I think in terms of comics, in the past two years, we have been strengthening China Literature's production capabilities in comics. We have internally established several anime studios inside China Literature, and we have been strengthening our animation production capabilities as well. Utilizing the capabilities of Tencent Comics and strengthening our self-owned anime production capabilities, well, we actually have made very solid progress in the animation production and the comic production in the past two years. In addition to that, we have also made some investments in the animation and comic industry. We invested in several very high-quality studios in the industry to increase our production capacity. I think in this aspect, at the same time, we also improved the industrialization capability and the level of China Literature. As I have mentioned earlier, accelerating the adaptation of text to comic books is a very effective way to realize the first round of visualization of text IPs. This will actually help China Literature's IP to visualize very quickly in a low cost and a systematic manner, and build up the character image to set a solid foundation for further adaptation into animations, drama series, and films, as well as our copyright licensing business. I think I wouldn't really spend a lot of time on elaborating the details, because actually previously Hou Xiaonan have talked about a lot about that. I think I would like to just give you an update on the progress of our comics and animations projects. In terms of comics and animations, we continue to enhance our production capacity. In terms of comics, we continue to initiate more adaptation projects and accelerate the process of visualization of text IP. Our joint project with Tencent Comics to adapt 300 online literature works into comics in three years is making good progress. Right now, over 170 adapted comic works have been launched on the Tencent Comics platform. Some titles have become blockbusters, such as Dafeng Guardian, Guardians of the Dafeng, The First Sequence, Di Yi Xulie, and Start with a Mountain, Kai Ji Yu Shan. Actually, I would like to share with you that there are already 260 comic books that are in progress. We have the confidence that by the end of this year, our previous target of adapting 300 IP adapted comic books in three years of time will be completed in advance of the previous schedule. In terms of animation projects, in July, we further launched more new seasons for our classic IP, Battle Through the Heavens, Doupo Cangqiong, including a special season, Yuan Qi, as well as the year-long season, Nian Fan, which is going to be aired throughout the full year. This year-long season is our first trial in the segment of year-long season for animation projects. We believe the new seasons all achieved very successful results, and now they are the most popular animation projects on Tencent Video. I think this very solid progress really gave us a lot of confidence in our media production IP strategy, and they once again proved our ability to shift to upgrade our positioning as a small China Literature that used to focus only on online reading to a big China Literature that focuses on not only the upstream online reading business, but also the downstream visualization and commercialization of IP. I think we will continue to execute our visualization process, the IP metamorphosis strategy, going forward. This is my answer to your first question. As to your question regarding the IP merchandise business, we have very strong confidence in this business because development of IP merchandise is one of our key tasks in our IP adaptation business. China's IP merchandise industry is still at an early stage, and China Literature hopes to work with partners across the industry chain to promote the prosperity of China's IP merchandise market. Our IP merchandise business aims at exploiting the derivative value of IP to a full extent. Our strategy is centered on building up full capabilities, covering product design, research and development, and user service in a systematic way, with self-development and licensing proceeding in parallel. So far, we have established our business landscape on product categories, including figures, sculptures, fashion toys, blind boxes, and accessories, and we are well on track. In terms of channels, we will start from online channels, including e-commerce platforms and the digital marketplace embedded within our self-owned reading products. For offline channels, we will collaborate with business partners in early stage. As I mentioned before, in the first half, a single edition of toy sculptures from the theme character Medusa in Battle Through the Heavens that we licensed sold out immediately after the pre-sale launch with the GMV of RMB 5 million. That shows that we have made initial success in the IP merchandise business. In 2022, we will continue to further strengthen the relevant capabilities for our IP merchandise business in 2022. In the future, we will develop theme characters and merchandise adapted from more IP, such as A Lifelong Journey, Qing Yu Nian, Lord of the Mysteries, Guimi Zhizhu, The King's Avatar, Quanzhi Gaoshou, and other IPs that are very well known with a very large fan base and offer a joint promotion for the launch of drama series, films, animations, comics, games, and other content. The success of the IP merchandise business in the first half gave us a lot of confidence, considering that most of the revenues of top IPs globally are contributed by their merchandise, we believe in the promising long-term prospects of the business in the long run. Thank you. Thank you. Also Cao Huayi from New Classics Media will answer the question about the drama pipeline and the New Classics Media profit outlook, which hasn't been answered in the last round of the Q&A session. 所以下面的一个问题是请新的陶总来补充一下，就是之前一个问题，是关于新丽的问题。陶总请。[Foreign language] 新丽传媒2022年下半年的电视剧和电影，目前在电视剧方面，除了现在正在播映的电视剧《玫瑰之战》外，我们还有望播出有《纵有疾风起》、《卿卿日常》、《潜伏者》等四部电视剧和网络电视剧。在新丽电影方面，今年上半年已经上映了两部院线电影，目前下半年暂时没有院线电影上映计划，计划有两到三部网络电影上线，在今年下半年。关于新丽2022年全年的业绩预测，我们从目前的业务发展进展来看，我们觉得今年新丽的利润是比较有希望达到五亿的这一组目标上限。好，我就补充到这里。[Foreign language] As to the New Classics Media pipeline and the outlook for the full year. In terms of drama series in the second half, in addition to the drama series 《Rose War 玫瑰之战》,[Foreign language] which is now being broadcast, there are more drama projects that are expected to be further released in the second half, including 《In Spite of the Strong Wind 纵有疾风起》、[Foreign language]《New Life Begins 卿卿日常》[Foreign language] and 《The Infiltrator 潜伏者》. [Foreign language] A total of four-six TV series and the web series are expected to be released in the second half of the year. In terms of films, we released two films in the first half, and currently we don't have new films to be released in theaters in the second half, and we plan to release two-three web films in the second half of the year. Based on the current progress, we think it is possible that New Classics Media will meet the profit target of RMB 500 million this year. Thank you. Our next question will come from Rebecca Xu with Morgan Stanley. You may now go ahead. 各位好，感谢提问机会，也感谢Edward刚才分享对视觉化的思考。我们理解游戏业务会是可视化程度提升了之后的一个自然的结果。那请问公司在今年版号这个审核数量减少的情况下，今年上半年游戏的授权情况是什么样？包括明年的展望是什么样，然后在游戏授权这块业务上，未来的这个driver是什么？[Foreign language] Let me translate my question. Thank you management for sharing your thoughts on visualization. IP licensing is the natural next step of the higher visualization level. Could management share more details in terms of revenue or number of titles on the first half or second half outlook? And can you help us to understand the drivers going forward? Thank you. 谢谢您的问题。我是Monty，我来回答一下这个关于游戏这块的问题。那确实呢，在过去这个版号的收紧呢，实际上是让很多游戏的厂商实际上是更会聚焦在头部的这个项目的开发。那像这个阅文的IP呢，因为它本身就带有非常大的粉丝，实际上对游戏的成功有非常大的助力作用。所以呢，游戏公司其实在现在这个版号收紧的情况下，实际上更需要这个优势的IP。所以呢，整个阅文在上半年，我们整个的游戏授权业务还是比较开展得还是相对比较顺利，那包括我们以往授权出去的游戏IP，那也是有一个制作周期吧，因为一般游戏的制作周期都是两到三年，那目前有一些部分的游戏也是接近完成呢，这个再到上线的时候，我们也会有这个流水的分成。那我们也看到呢，其实从上半年，其实版号已经重新开启发放了，也是逐步进入到一个常态化发放的这么一个形态。所以我们相信呢，这个还是对整个游戏行业是个利好。那未来大家在游戏领域呢，实际上还是以一个精品化的策略，而精品化的策略呢，实际上也是非常需要IP的加持。那对于这个整个的对于IP的、对于游戏的这个driver呢，那我们觉得呢，阅文的优势呢，首先呢，我们有一个非常强的从文字的这样的一个IP的孕育的能力，包括之前讲到的我们的头部作品、我们的头部作家。所以其实在文字的初期、小说的初期就能积累非常多的粉丝。那其次呢，我们也在视觉化这块呢，刚才Edward讲到，我们有非常强的，不管是漫改、动画，以整个的视觉化的能力，那因为有了视觉化的能力呢，实际上就让游戏有了人物的形象，而这些视觉化的能力，不管是通过影视的再次放大，像《斗罗大陆》这个影视剧在去年播出以后，实际上对于整个的游戏的热度，包括就是各个斗罗大陆的游戏、各个类型的游戏其实都有非常强的带动。那同时呢，我们很多的IP实际上都在系列化的开发，那系列化的开发呢，就意味着整个的IP的生命周期可以有一个比较好的延长。那我觉得这几点呢实际上都是对于整个游戏，因为游戏也是一个相对来讲比较长线的一个生命周期，它才有比较好的商业回报，那我觉得都是一些比较好的driver。好，谢谢。[Foreign language] This is Hou Xiaonan. I would like to take a question regarding the game business. Actually, the policy tightening of game approval will drive the game studios to focus more on developing top tier projects. IP could be very helpful to the success rate of games as they have great fan base, so the demand for quality IP could be even stronger than before. Actually, in the first half, our game licensing business progressed very well. Actually, we used to license some IPs to game studios, and in the first half, we continued to license more IP adaptation rights to game studios. As you know, normally the production cycle for game is two to three years. We need to still wait for a certain period of time. Actually, as to the IPs that were licensed out in the past, some of them have already completed adaptation, and we can start to receive revenue sharing after these games are launched. At this moment, the release of game approvals has resumed, which is favorable to the entire gaming industry. I think for the entire gaming industry now, the players in this market now sharpen their focus on the quality of the game. I think IP could be a very strong support to the quality of their games. In terms of the drivers for our gaming business, I think basically we have three drivers. The first one is our content strength. Our ability to incubate high quality literature IP from our online reading platform where we have a lot of top-tier online literature writers and works, and which can actually accumulate a lot of fans from an early stage. The second driver is our capabilities for visualization. We have very strong experience and the capability to adapt literature IPs to comic books, animations, drama series, and the film. For example, last year, the broadcasting of the 斗罗大陆 [Foreign language] Soul Land drama series was very popular and successful, and that brought a lot of user attention and the popularity to the same IP adapted online game. I think our third driver for our gaming business is our serialized IP development and adaptation strategy. I think a serialized development will be able to further extend the lifespan of the game. As you know, the financial return of a game is closely related to its lifespan. I think our serialized capability is also a very big driver for our gaming business. That's my answer to your question. Thank you. Thank you. Due to time constraint, we'll 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 conference call, which is longer than expected. If you have further questions about the company, please feel free to contact us. Thank you and goodbye. Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.