Good morning and good evening, ladies and gentlemen. Thank you and welcome to DouYu International Holdings Limited's first quarter 2021 earnings conference call. At this time, all participants are in listen only mode. We will be hosting a question and answer session after management's prepared remarks. Please note this call is being recorded. I will now turn the call over to the first speaker today, Ms. Mao Mao, Vice President of Capital Markets of DouYu. Please go ahead, ma'am. Thank you. Hello, everyone. Welcome to our first quarter 2021 earnings call. Joining us today are Mr. Shaojie Chen, Chairman and the Chief Executive Officer, Mr. Mingming Su, Chief Strategy Officer, and Mr. Hao Cao, Vice President of Finance. You can refer to our first quarter 2021 financial results on our IR website at ir.douyu.com. You can also check a replay of this call when it becomes available in a few hours on our IR website. Before we start, please note that this call may contain forward-looking statements made pursuant to the safe harbor provision for the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations that involve known and unknown risks, uncertainties, and other factors not under the company's control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or expectations implied by these forward-looking statements. All forward-looking statements are expressly qualified in their entirety by the cautionary statements with factors and details of the company's filing with the SEC. The company undertakes no duty to revise or update any forward-looking statements for selected events or circumstances after the date of this conference call. I will now speak on behalf of our Chairman and CEO, Mr. Shaojie Chen. In the first quarter of 2021, we upgraded our operational system and steadily improved our operational performance with our average MAUs reaching 191.9 million and average mobile MAUs reaching 59.1 million. Meanwhile, our quarterly paying user count was seven million, and total revenues were RMB 2.15 billion. In this quarter, without the influence of COVID-19, users' tipping habits have normalized, which caused our overall revenue growth to be relatively subdued in the period. The breadth and depth of our game-centric live streaming platform continues to perform well, attracting more users and fueling our platform expansion. During the quarter, our total average MAUs increased by 21.3% year-over-year to 191.9 million, while our average mobile MAUs increased by 4.5% year-over-year to 59.1 million. Such MAU growth was mainly driven by five factors. First, our broadcast of large-scale eSport tournaments such as LPL Spring 2021, KPL Spring 2021, and CROSSFIRE Pro League Spring 2021 continued to drive our user base expansion. We explored deeper partnerships with games developers and refined our operations through jointly produced events for different game titles, such as Peacekeeper, Honor of Kings, and League of Legends. We explored more organic synergies between game and pay entertainment segments. For example, during Chinese New Year, we facilitated streamer collaborations with both movie crew and celebrities to produce premium live streaming content in our Peacekeeper and PUBG segments. We ramped up our efforts to provide a broader content mix through our video and communities business, and thus provided users with better viewing experience through diverse content. As the pandemic subsided and China successfully brought the virus under control, the reopening of in-person internet cafes led to a year-over-year uptick in our PC MAUs. Turning to our content updates. During the quarter, we continued to expand our influence up and down the e-sport industry value chain. Moreover, to fuel the growth engine of our content ecosystem, we further refined our game-centric live streaming business while diversifying our video and community content initiatives. In order to develop more quality e-sport content, we utilized the large-scale e-sport tournament broadcast, self-organized events and programs, and sponsored and invested more in top e-sport teams. We achieved the superior results during the quarter by broadcasting over 50 large-scale e-sport tournaments and self-producing over 40 high-quality e-sport tournaments. We also implemented several innovative features for large-scale tournament broadcasts to better satisfy users' wide range of content viewing demands, differentiate our platform offerings, and boost user engagement. During KPL Spring 2021, for example, we provided users with a diverse set of viewing options around video, community, and live streaming. Such options included Mingxing guan sai tuan, watching games with celebrity groups, KPL Wang zhe zhan bao, tournament highlight reporting, specialized programs designed for key game streamers, as well as video and text posts on game programs. Additionally, during the LPL Spring 2021 broadcast, we supplied users with exclusive game commentary and a supplemental live streaming room through which our exclusive top-tier streamers delivered high-level analysis and commentary to provide better user experience and enrich their content broadcast viewing options. Finally, we also added more interactive events to our CROSSFIRE Pro League Spring 2021 broadcast, which helped to better circulate traffic between tournaments and pre-game shows, create better viewing experience for our users, and stimulate user engagement. Beyond such platform innovation, we also worked to develop more in-house tournament IP. Consider our self-produced DouYu DNF All-Star tournament, for example. Through this event, we maintained high level of user engagement during the quiet period after the official tournament end, supplied DNF segment streamers with a large repository of tournaments, and provide users with more premium and fresh engaging content. As we continue to accumulate more quality video content, we have also established a pyramid structure consisting of three content tiers. Our top-tier video content features PGC content produced through our partner collaborations and by top-tier streamers periodically, while our mid-tier content features those produced by mid-tier streamers and platform signed video content creators. At the bottom is video content produced by long tail streamers and video content creators, as well as other high-quality UGC content. Meanwhile, by leveraging the monetization and engagement advantages of live streaming, we encourage video content creators to live stream on our platform, which help them improve their overall income and increase the user engagement. We also recognize video's advantage in content accumulation, distribution, as well as retention, and encourage our streamers to build up their video content profiles on our platform. For our community business, the two main functions are growing games and facilitating more interaction between players, game developers, streamers, and video content creators. With our particular emphasis on game developer collaborations and increasing our influence among gamers. In fact, during the quarter, we organized several events such as [Non-English content], to bring gamers, streamers, video content creators, game media outlets, and game developers together, bolster the community engagement, and better facilitate interaction. Now turning to monetization. In the first quarter, our quarterly paying users were seven million, with our paying ratio reaching 3.6%. Meanwhile, our ARPPU increased steadily on a year-over-year basis to RMB 285. Although we saw the reversion of users' tipping behaviors to that of pre-pandemic levels, as the pandemic was gradually brought under control in China, we continued to execute a proactive operating strategy centered on increasing user interaction to further stimulate user paying habits and grow ARPPU. Going forward, we will work to further optimize our product mix matrix, diversify our paying scenarios, and enhance our users' overall paying experience. Through such measures, we should be able to better attract and retain a base of high-quality paying users and achieve a healthy ARPPU growth rate. Finally, we remain committed to refining our content operation across different segments, which should help to further boost our segment monetization efficiency. We are also making good progress on the R&D front. During the quarter, we released a new feature that allows streamers to live stream directly through their internet browsers. By eliminating the process of downloading applications in advance, such as OBS and DouYu live streaming tool, we have further reduced the threshold for new streamers to start live streaming on our platform. For cloud games, we tested cloud game live streaming tool, which made it easier for web of games users to simultaneously play and live stream games in full HD video quality on our platform, thereby lowering the hardware barrier traditionally in place for these streamers. We have also continued to solidify our foothold overseas. During the quarter, we continued to explore and increase our investment in the overseas market. As a result, our Japanese game live streaming product, Mildom, currently maintains its leading position in Japan. In summary, during the quarter, we maintained our rigorous operating strategy and continued to develop an integrated content operation system around our three core business: live streaming, video, and community. Such efforts have helped us to better position our platform for more sustainable growth over the long term. By successfully implementing these strategies, we have provided our core user group with significant benefits and thus paved the way for their steady growth. Looking ahead, we remain committed to refining our video and community business models to create an integrated content ecosystem with our gaming-centric live streaming business as its foundation. We also plan to further execute several initiatives in product, streamer, and content to consciously improve our overall monetization ability in the long run. With that, I will now turn the call to our Vice President of Finance, Mr. Hao Cao, to go through the details of our financial performance in the first quarter. Thank you, Mao Mao. Hello, everyone. Total net revenues in the first quarter of 2021 were RMB 2.15 billion. Live streaming revenues were RMB 2 billion, compared with RMB 2.11 billion in the same period of 2020. Advertising and other revenues were RMB 154.1 million, compared with RMB 165 million in the same period of 2020. The year-over-year decrease in live streaming revenues was mainly due to the reversion of a user's paying behavior to that of the pre-pandemic level, as the pandemic was gradually brought under control in China. This decline was partially offset by our implementation of more effective operational strategies, which helped to improve the engagement level and paying behavior of key paying users on our platform in the period. The year-over-year decline in advertising and other revenues was mainly due to the trend of game advertisers normalizing their marketing expenditures, which were relatively higher in the same period last year due to the COVID-19 pandemic. As China has gradually brought the pandemic under control, advertisers' expenditures have also returned to their pre-pandemic level. Cost of revenues in the first quarter of 2021 increased by 5.6% to RMB 1.89 billion from RMB 1.79 billion in the same period of 2020. More specifically, revenue share fees and content cost increased by 5.4% year-over-year to RMB 1.66 billion. This was because of the company's increased investments in the broadcasting rights for e-sports tournaments, in-house production of proprietary content, and quality streamers in the overseas market. Bandwidth cost in the first quarter of 2021 increased by 12.6% to RMB 172.1 million from RMB 152.9 million in the same period of 2020. This was mainly due to the promotion of more high-quality viewing options and was partially offset by our ongoing development of P2P and CDN technologies, which have helped to improve our bandwidth efficiency. Gross profit in the first quarter of 2021 was RMB 260.2 million, compared with RMB 485.9 million in the same period of 2020. Gross margin in the first quarter of 2021 decreased to 12.1% from 21.3% in the same period of 2020. This was mainly due to the decrease in our total net revenues, which resulted in an increased proportion of revenue share fees and content cost to total net revenues in the period. Sales and marketing expenses in the first quarter of 2021 increased by 95.5% to RMB 209.9 million. This was mainly due to our increased sponsorships and promotions of e-sports tournaments as compared to the same period of 2020 during the COVID-19 pandemic, as well as our increased promotional activities for user acquisition. Research and development expenses in the first quarter of 2021 increased by 19.8% to RMB 111.3 million from RMB 92.9 million in the same period of 2020. This increase was primarily due to our additional investments in technical personnel, particularly in the overseas market. General and administrative expenses in the first quarter of 2021 increased by 4.1% to RMB 88.1 million from RMB 84.6 million in the same period of 2020. Adjusted operating loss in the first quarter of 2021, which excludes share-based compensation expenses, was RMB 91.8 million, compared with an adjusted operating income of RMB 259.5 million in the same period of 2020. Net loss in the first quarter of 2021 was RMB 101.8 million, compared with a net income of RMB 254.5 million in the same period of 2020. Adjusted net loss in the first quarter of 2021, which excludes share-based compensation expenses, share loss in equity method investments, and impairment loss of investments, was RMB 17.7 million, compared with adjusted net income of RMB 296.9 million in the same period of 2020. For the first quarter of 2021, basic and diluted net loss per ADS were RMB 0.19 and RMB 0.19 respectively, while adjusted basic and diluted net loss per ADS were RMB 0.10 and RMB 0.10 respectively. Going forward, we plan to continue exploring new methods of upgrading our monetization capacity and efficiency. Additionally, as we continue to grow, we will focus on further utilizing our operating leverage and fueling the sustainable development of our platform. This concludes our prepared remarks for today. Operator, we are now ready to take questions. We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing a key. To withdraw from the question queue, please press star then two. Please ask your question first in Chinese and then repeat the question in English. The first question is from Daniel Chen of JP Morgan. Please go ahead. I will translate myself. My first question is on the first quarter mobile MAU. We have seen a slowdown in the growth rate to a 4.5% year-over-year. What's the reason behind? My second question is on the overall user engagement level in the first quarter. Also, we are launching some of the new business models such as short video. What's the implication to the overall user behavior? Thank you. Thank you for the question. The year-over-year increase in MAU in the first quarter was mainly due to broadcasting major tournaments and self-produced tournament content. It was also caused by the further diversification of content in our video and community segments, which had a positive impact on our user base. However, the pandemic recovery has led to lower year-over-year growth in our mobile MAU as compared to their rapid growth in the same period last year during the pandemic. In the long term, we expect our PC MAU to remain stable. Most user growth will be driven by the mobile side. In fact, we believe there is plenty of opportunities in the mobile market as moderate and light game user growth are still under-penetrated. In the future, we will continue to improve our content development systems for live streaming, video, and community business to foster the steady growth of our mobile MAU. As for the second question, user behavior is consistent with the trends we have seen over the past few quarters, and our platform continues to be highly sticky for users. To date, the average next month active user retention rate remains about 75%, which is stable in comparison with the previous quarter. Our user behavior data shows that as the number of yearly users spent on our platform increases, their average monthly time spent on our platform also increases. This shows curve remains consistent for users who join us at different times as they gradually become our high quality and loyal fans over time. As our video and community business demonstrates, our user data shows that the amount of time spent by each user on our recording and video segments also increased quarter-over-quarter. This demonstrates the effectiveness of our video business in retaining users and converting them into our loyal users. Thank you. Thank you. The next question is from Lei Zhang of Bank of America. Please go ahead. [Non-English content] Thanks management for taking my question. Two questions here. First, any updates on the merger deal with Huya, and do we see an impact from the tightening anti-trust regulation? Secondly, can you give us more color on the video and the community new initiatives we launched the last year? For the video business, how should we compete with other video players? Thank you. [Non-English content] Regarding your first question on the merger progress. Currently the potential merger between us and Huya is still on track, we believe that the exact timing for this deal to be closed depends on the approval process by the relevant Chinese regulators. With the rapid development of the domestic internet industry over the past two years, we have seen that authorities have gradually improved industry policies and regulations, we believe that the anti-trust regulations are in line with the government's goal of promoting healthy and fair competition environment among internet companies, encouraging a level playing field across the industry, which will also help to support our long-term development. For the entire entertainment segment, we also believe that the industry competition is still relatively fierce at this stage, we have the potential to further improve both our user scale as well as revenue side. The goal of our merger is to further integrate the high quality resources on both sides to improve our operational efficiency and increase the overall value of the combined platform, and ultimately unlock the greater growth potential in the future. [Non-English content] Regarding your second question on our video and community business. Since last quarter, we have continued to diversify our content pathways through these two new business segments. As we mentioned earlier, we established a pyramid content structure for our video business. On the top is our top tier video content, which contributed to a significant amount of viewership, which included video programs that we self-produced and tailored for streamers. In the mid-tier level, we hosted large-scale self-organized events such as DouYu Video Contest Spring Season, to maintain a steady supply of high-quality content and doubled the number of daily active video content creators on our platform on a sequential basis. To date, we have accomplished our near-term goal of establishing a stable supply of content for all mainstream video categories on our platform. Going forward, combined with the continuous content enrichment and more targeted promotional activities for users, we expect our video-based viewership to further improve. Regarding the community business, we launched the functions such as Find Game to promote more activities among users. Our users spontaneously developed their own player circles for different popular games such as LOL and Honor of Kings for game discussion and social purpose. In addition, majority of professional tournament media outlets joined our community as well, and produced a large amount of exciting reports during the tournament periods, which further diversified our content and contributed to an engaging community environment. As a large community with the greatest density of game players, our community naturally built into an effective marketing and promotion channel for the game developers. For this quarter, we helped with the presentation and introduction for over 30 kinds of different console games and mobile games, and successfully converted a significant amount of users into game players. [Non-English content] On the last question on the differentiation on the video business. As a leading game-centric integrated content platform in China, we have already established a relatively high barrier for both the top-tier live streaming content as well as the quality streamers resources. During the quarter, we gradually explored the organic synergies between the live streaming and video content. We leveraged our strength from the live streaming business in user engagement and monetization, encouraged more video content creators to live stream on our platform and helped them increase their overall income. By utilizing features like Super Chat, we also improved the user engagement. At the same time, we recognized the video's advantage in content distribution, accumulation as well as extension, and we encouraged our streamers to improve their platform influence by building up the video content profiles on our platform. Furthermore, we have also gradually built a connection between our video and community business. In our community, we attracted and established a close partnership with a large number of game developers and professional tournament media outlets. We also collaborate with a large number of official game accounts to produce exclusive high-quality PGC for improving our influence in the game industry. While users watch the high-quality PGC game content, we provide them with the opportunities to directly interact with those game developers and tournament media outlets. This helps to improve the user engagement and monetization. Next question, please. The next question is from Feiya Zhao of Haitong International. Please go ahead. [Non-English content] Thanks management for taking my questions. I have three questions. First, we noticed that we all have signed five-year exclusive media rights with LPL, what's the impact to DouYu? Are you going to incur additional content cost? Second question is, what is the sequential growth of the broadcasting rights cost, and how should we think about DouYu's future investment in the cost, considering the fierce competition right now? Lastly, could you please elaborate more about the reason on the sequential decline of live streaming revenue? Thanks. Thank you for your question. For the League of Legends Pro League, we expect to broadcast this tournament as well. In terms of broadcasting official tournaments, our content will not experience any negative impact. As one of our most popular game segments, League of Legends has a larger pool of famous streamers, loyal game players, as well as different tiers of streamers and content types. We believe that we will be the go-to platform that users choose first to watch the tournament. We plan to develop a multi-angle tournament viewing experience for users. We will accomplish this by generating game content through our video, community, and live streaming segments, and provide users with more fun to watch tournaments on DouYu with different content options. We believe our League of Legends segment will maintain content creativity and industry leadership, while continue to generate greater user traffic. Regarding your question on the expenditures, in the first quarter of 2021, our broadcasting right cost decreased on a sequential basis. T his was due to the fact that we amortized most of our broadcasting rights cost for the League of Legends World Championship in the first quarter of 2020. In the first quarter of 2021, our broadcasting rights cost returned to their regular levels. As a leading game live streaming platform in China, we are committed to enriching our content categories and improving our content quality. We will continue to purchase broadcasting rights for quality esports tournaments. As new game titles continue to increase and our platform's tournament category coverage improves, the absolute amount of broadcasting rights will also continue to increase at a steady pace for this year. The live streaming revenues, the first quarter, which includes the Spring Festival holiday, is traditionally the off-season. During the period, streamers usually chose to spend more time with their families, and the overall live streaming volume is generally at its lowest in a given year. The overall number of paying users also declined in the first quarter of 2021. We were affected by seasonal factors, we maintained an active and effective operating strategy to stimulate our core paying users' interactions and purchase willingness, which helped to create sequential increase in our ARPU. Going forward, we will continue to improve each segment's monetization efficiency by refining our operations. We will deepen our collaborations with talent agencies and customize monetization products to increase the income and monetization efficiency of our mid-tier streamers. Thank you. The next question is from Ricky Sin of HSBC. Please go ahead. [Non-English content]. Thank you for taking my questions. Two questions. First is for the revenue sharing ratio, can management comment on the drivers behind it, and what will be the trend going forward? Second of all is sales and marketing and G&A expense. Can management comment on the change in 1Q and what would be the trend going forward? Thank you. We will maintain our 50/50 revenue split sharing policy for our platform and streamers, as well as our platform and talent agencies. During promotional periods, we will offer certain incentives to streamers and talent agencies. While the overall revenue sharing ratio may fluctuate slightly quarter-over-quarter, it will remain stable in general. As a game-centric live streaming platform, we will continue to invest in content related to esports games and potential blockbuster titles, especially for top esports tournaments and premium self-produced content. content. At the same time, we will actively enhance our overseas streamers resources and enroll new streamers in new game segments. Our content costs will show upward trend. Sales and marketing expenses include staff salaries, channel promotion costs, esports team sponsorship fees, and expenses for offline and online activities. In the first quarter of 2021, sales and marketing expenses increased on sequential basis. This increase was due to our increased investments in user promotional activities, which was in line with the development of our new businesses, including video and community. We are quite positive about the development of the esports industry in the long run. We will continue to increase our investments in esports-related activities and esports team sponsorships going forward. Meanwhile, we will upgrade our product features to improve the efficiency of traffic conversion. We also intend to enhance our channel promotions. In the future, we expect our sales and marketing expenses will increase steadily. For the first quarter of 2021, G&A expenses decreased on sequential basis, mainly due to the fact that most of our merger-related professional service fees were booked in the fourth quarter of 2020. These expenses had already returned to their regular levels by the first quarter. Going forward, we expect G&A expenses to grow at a slow and steady rate. Thank you. The next question is from Sabrina Chong of Jefferies. Please go ahead. Are we expecting a rising trend of users watching matches, events? Do our users switch to other platforms for esports? Thank you. Thank you for your question. According to our platform data, our official tournament viewership has increased steadily, especially for larger scale official tournaments like LPL streams. We have launched interactive events, imagined timelines, and customized videos. We have also introduced unique live streaming rooms through which streamers and commentators can live stream during tournaments. Our broader portfolio of content initiatives has helped to increase users viewing options and engagement, leading to year-over-year increase in our overall UV and number of acquired users. Today, we already have a relatively complete and mature broadcasting system for official tournaments. We also continue to innovate in content through surrounding programs. As a result, we believe that we can bring more high-quality new users to our platform going forward. We noticed that our users have shown more loyalty to high-quality live streaming content on a relative basis with our competitive live broadcasters in the industry. Therefore, despite the factor that nowadays some larger scale esports tournaments chose to broadcast on multiple platforms, we haven't seen any traffic diversion occur on our platform. Thank you. This concludes our question and answer session. I would like to turn the conference back over to management for closing remarks. Thank you for joining us today. Have a good day. The conference has now concluded. Thank you for attending today's presentation.