Hello, ladies and gentlemen. Thank you for standing by for the third quarter 2022 earnings conference call for HUYA Inc. At this time, all participants are in a listen-only mode. Today's conference call is being recorded. I would now like to turn the call over to Ms. Hanyu Liu, Company Investor Relations. Please go ahead. Hello, everyone, and welcome to HUYA's third quarter 2022 earnings conference call. The company's financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website in a few hours. Participants on today's call will be Mr. Rongjie Dong, Chief Executive Officer of HUYA, and then Ms. Ashley Wu, Vice President of Finance. Management will begin with prepared remarks and the call will conclude with a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that HUYA's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. HUYA's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. I will now turn the call over to our VP of Finance, Ashley Wu, who will read today's prepared remarks on behalf of Mr. Dong. Please go ahead. Hello, everyone. Thank you for joining our conference call today. I'm pleased to deliver the following brief remarks on behalf of Mr. Dong. Although macro having continued to impact us during the third quarter of 2022, we managed to further grow our active user base year-over-year and quarter-over-quarter, and improve our top and bottom line on a sequential quarter basis. Our total net revenues were approximately RMB 2.4 billion, and our non-GAAP net income was RMB 106 million for the third quarter. In terms of user growth, HUYA Live average mobile MAUs reached 86 million for the third quarter, a low single-digit increase from a relatively high base in the summer of last year due to the heavy ad promotions. This growth is encouraging, particularly as we have implemented more stringent marketing channel spending strategies to help contain costs. Also, our efforts to enhance user interactive experience and offer attractive gaming and entertainment content not only contributed to the increase in user scale, but also through user engagement across our platform. In the third quarter, users average daily time and the app next month user retention rate stabilized at above 17%. Next, let me share with you some updates about our product and technology advancements. We have been embracing the trend of virtual live streaming, including developing digital humans and providing a virtual live broadcasting tools on our platform. In addition, we have recently focused on further integrating virtual streaming technologies with our broadcasting sessions. Our goal here is to create more immersive viewing experiences and inspire more interesting interactions and high-quality content production for our users. Specifically, we recently introduced a virtual live house tool on Huya Mini-program Open Platform. It brings streamers a new live scene in which the image and actions of the streamers are automatically recognized. The background and the streamer can also be separated and cut out, which lets streamers transform the live scene to a performance stage where they can sing, dance, and play musical instruments on a virtual stage. The audience also has their virtual characters that they can control and use to interact with the streamer. This feature has been well received by our broadcasters, and during the summer, more than 100 scene virtual events were held on our platform, including live concerts and fan meetups, which strengthened bonds between broadcasters and users. Moreover, by partnering with the game CrossFire and building on virtual reality technology, HUYA launched the industry's first virtual viewing feature for tournament live broadcasting during the finals of CrossFire Pro League in August. After entering the virtual esports venue, Panic for this game, users were able to choose which game they wanted to support, create an avatar, wear the corresponding team uniform, and get together with fellow viewers. In addition to watching the competition, users could also freely move their avatars around the venue and view the scenes in the game just as you would in a live event. Additionally, users could express support for their favorite team by sending out virtual firework gifts. As the competition evolves, so does the background of the venue, bringing the audience an even more immersive competitive atmosphere. This new viewing feature gained solid traction, spurring a 30% increase in viewers' engagement in interactive activities during the finals. In the 2022 season of League of Legends World Championship, Worlds 2022, which just ended earlier this month, we also initiated several industry-leading upgrades. First, building on our success in the CrossFire event, we set up an enhanced virtual venue specifically designed for Worlds 2022 to provide an immersive virtual viewing option. We also extended the HDR capable display support for watching to include our mobile app, web page, and PC client for both live streaming and on-demand video, offering users more precise game scenes across different devices. Furthermore, we introduced a tournament assistant feature for the event that greatly simplifies users' ability to obtain tournament-related information. It allows users to access the historical match data covering teams and players, their skill values, and other key data in real time without leaving the live page. Users can simply touch their mobile screen, or move the mouse over a player's profile image or team name. During the Worlds 2022, many matches were played either late night or early morning in China due to the time zone differences. In addition, the replay videos of those competitions were very popular among users, the replays of last year's event with those replays taking top spots in our video ranking. Meanwhile, we introduced incentive activities to encourage original video content creation in relation to the World's 2022 theme. Those UGCs are available in this tournament's discussion board of our Tiger Chit Chat community, allowing users to easily participate in event discussions and interactions. With all of our efforts and operational expertise in esports, HUYA continued to achieve leading market share for this highly anticipated event. Following the domestic live streaming regulations introduced in May, our technical product and operation adjustments impacted our live streaming revenues. As a result, our domestic live streaming revenues in Q3 slightly decreased by low single digits% compared with the second quarter. We have been working to mitigate the impact by dramatically adjusting our monetization strategies. We will also continue to comply with regulations and improve our corresponding technologies and operating practices to support the healthy and sustainable development of our platform. In summary, we believe our relentless effort to improve live streaming technologies, explore new product features, and enrich our quality content will help us better engage with our users. These measures are designed to place us in a stronger position to capture future opportunities in the game and live streaming market. In light of the persistent challenging market conditions, it is also vital for us to continue to exercise prudence and strengthen our business and financial foundation. We will strive to further optimize our operations throughout the organization and maintain our competitive edge while we continue to navigate the fluctuating market. This concludes Mr. Dong's remarks. Now I'll continue with some updates on our content enrichment and diversification. In the third quarter of 2022, we broadcasted around 55 third-party professional esports tournaments. The most popular included the summer season of League of Legends Pro League, LPL, King Pro League, KPL, and CrossFire Pro League, CFPL, as well as ESL Pro League Season 16. Notably, the number of peak concurrent users of the LPL summer improved by 57% compared with the previous edition. As we continue our ROI-led strategy for tournament procurement, we have fewer licensed esports tournaments in the third quarter of 2022 compared with the same period last year. However, total viewership of those events reached approximately 660 million, representing growth of 12% year-over-year. On the front end of our self-organized esports tournaments and entertainment producer shows, we broadcasted 23 events during the third quarter, generating total viewership of approximately 100 million. The Fantasy Series of Honor of Kings and the Peacekeeper Elite All-Star Summer Cup, both our major HUYA-branded tournaments, continued to perform well this summer, demonstrating the appeal of our mobile esports events. It is also worth mentioning that our long-standing Huya Kung Fu Carnival, a mixed martial arts competition, held its sixth season and became an influential IP for us, linking the live broadcasting industry and the physical sports. This time, the event also featured competition in the virtual setting of Henan Songyang Academy, adding elements of Chinese traditional culture. It was well received by our audience, with the number of event viewers on our platform almost doubling compared with the previous season. Let me provide some updates on our operational optimization efforts. Beginning in April, we strategically adjusted our overseas business to allocate resources to key areas. This initiative has resulted in a more streamlined and efficient business, narrowing our operating loss in this segment. We are looking forward to further benefiting from this adjustment in our overseas business. Additionally, in the third quarter, our optimization initiatives with broadcaster related costs and bandwidth usage help us to reduce the quarter's total cost. Driven by savings from sales and marketing expenses, we are encouraged by the decline in total operating expenses in Q3, saving approximately 27% year-on-year. Next, moving on to our Q3 financial details. Our total net revenues were RMB 2.38 billion for Q3, a decline from RMB 2.98 billion for the same period last year. Live streaming revenues were RMB 2.02 billion for Q3, compared with RMB 2.6 billion for the same period last year. The decrease was primarily due to a decline in the number of paying users and average spending per paying user on HUYA Live, as the recent macro and regulatory environment adversely affected paying user sentiment. Advertising and other revenues were RMB 361 million for Q3, compared with RMB 374 million for the same period last year, primarily due to soft demand for advertising services resulting from the challenging macro environment. In Q3 2022, content sub-licensing revenues make a relatively large contribution to advertising and other revenues, mainly due to the fact that revenues from sub-licensing of esports tournaments broadcasting rights are recognized according to event schedules and experience fluctuations between different periods. Cost of revenue decreased by 17.6% year-over-year to RMB 2.04 billion for Q3, primarily due to revenue sharing fees and content costs, as well as bandwidth costs. Revenue sharing fees and content costs decreased by 15.7% year-over-year to RMB 1.79 billion for Q3, primarily due to the decrease in revenue sharing fees associated with the decline in live streaming revenues and lower costs. The bandwidth costs decreased by 35.4% year-over-year to RMB 115 million for Q3, primarily due to improved bandwidth cost management and continued decrease in overall bandwidth usage. Here, I would like to note the cost of LOL broadcasting in 2022 with our Q4 and ran through the period last year. Gross profit was lower for Q3, primarily due to lower revenues. Gross margin was 14.4% for Q3. Excluding share-based non-GAAP gross profit was RMB 351 million, and non-GAAP gross margin was 14.6% for Q3. Research and development expense decreased by 16.0% year-over-year to RMB 279 million for Q3, primarily due to decreased personnel-related expenses and share-based compensation expenses. Sales and marketing expenses decreased by 45.8% year-over-year to RMB 124 million for Q3, primarily due to decreased marketing and promotional fees, as well as personnel-related expenses. General and administrative expenses decreased by 1.8% year-over-year to RMB 79 million for Q3. Other income was RMB 44 million for Q3, compared with RMB 95 million for the same period of 2021, primarily due to lower tax refunds and government subsidies. As a result, operating income was RMB 12 million for Q3, compared with RMB 83 million for the same period of 2021. Interest and short-term investment income were RMB 72 million for Q3, compared with RMB 63 million for the same period of 2021. Income tax expenses were RMB 20 million for Q3, compared with RMB 41 million for the same period of 2021, primarily due to lower taxable income. Share of income in equity method investments, net of income taxes, was RMB 0.05 million for Q3, compared with RMB 379 million for the same period of 2021, primarily due to the investment income related to a disposal of equity investment in the third quarter of 2021. Net income attributable to HUYA Inc., was RMB 60 million for Q3, compared with RMB 524 million for the same period of 2021. Non-GAAP net income attributable to HUYA Inc. was RMB 106 million for Q3, compared with RMB 180 million for the same period of 2021. Non-GAAP net margin was 4.5% for Q3. Diluted net income per ADS was RMB 0.25 for Q3. Non-GAAP diluted net income per ADS was RMB 0.44 for Q3. As of September 30, 2022, the company had cash and cash equivalents, short-term deposits, short-term investments, and long-term deposits of approximately RMB 11 billion, compared with RMB 10.7 billion as of June 30, 2022. With that, I would now like to open the call to your questions. Thank you, management. We will now begin the question and answer session. To ask a question, please press star one one on your telephone and wait for your name to be announced. For the benefit of all participants on today's call, if you wish to ask your questions to management in Chinese, please immediately repeat your questions in english. One moment for the first question. We have our first question, comes from the line of Yiwen Zhang of China Renaissance. Please proceed. Hey, thanks for taking my question. Well, I have a couple questions. Firstly, regarding the LPL's tournament performance. How much did it help on user traffic side? Secondly, a related question will be how do we evaluate this tournament cost versus benefit? Thank you. S12 ended in early November. During this year's event, we once again maintained our leading market share throughout the entire tournament. Although the event was held in the United States and the time zone differences between China and the U.S. had a certain impact on the users watching the live broadcast, the overall viewing data of our core users remained stable, especially some key data even improved. These achievements came as a result of our continuous optimization of the technical products and operations, and our years of experience in cultivating the esports content. 然后包括设立了S12专属的虚拟观看的一个场馆，将那个HDR的画质的功能扩展到了能够支持app、网页以及PC客户端的直播和视频点播的观看，以及通过线上音频的实时分析，帮助用户选择语音解说。而基于和腾讯的深度的合作，我们也新增了赛事助手的功能，这个方便了用户对于赛事数据信息的获取。 More specifically, HUYA has brought several industry leading live broadcast technology product upgrades to this event, and these differentiated services have further enhanced the user's viewing experience. These include the establishment of S12 exclusive virtual live house, the expansion of HDR capable display support for live broadcast and video on demand viewing on app, web pages and PCs, and the realization of user selected voice commentary through the online audio real-time analysis technology. Based on the in-depth cooperation with TJ Sports, we have also added to the tournament assistant feature, which greatly simplified viewers' access to historical match data. 此外，我们与英雄联盟游戏合作的运营活动，以及赛事联动英雄联盟电竞经理的活动继续受到用户的欢迎。同时，我们之前上线的涵盖了视频、图文交流的虎扯社区，也有利于用户参与赛事相关的讨论，并且能够创造相关的视频，让用户有更全面的参与感。 In addition, our cooperation with the League of Legends and the League of Legends Esports Manager continues to be welcomed by users. At the same time, the Tiger Chit Chat community that we have launched earlier covers video and graphic communication, which is conducive to users' participation in the event-related discussions. The creation of events-related videos and other content allow a more in-depth community participation from the users. 作为头部的赛事，S12对于这个Q4的用户的流量有正面的作用，但是今年受到赛事时差这些原因，它对于这个移动MAU的作用可能没有像往年那么好。对，当然这个用户的水平也受到其他因素的一些影响，比如说非季节的，就非暑假的季节性以及其他活动的影响。 As a top tier tournament, S12 has a positive effect on the user traffic of the overall Q4 platform. This year, due to the time difference of the events and other reasons, its effect on mobile MAU may not be as obvious as in previous years. Of course, the user level is also subject to other factors, such as post summer seasonality and other activities. 好的，那我来回答一下关于S12的成本和收益的影响。S12赛事的成本的确比较高，并且比赛集中在Q4，因此对我们Q4的内容成本会带来明显的提升，这和去年S11对于内容成本影响的季节性类似，因此也会影响到我们整体Q4的成本和毛利水平。在收益方面，赛事直播直接的收入目前仍然比较小，但我们今年在招商合作以及推出一些创新的赛事专属虚拟礼物方面做出了更多的尝试。后续我们也会继续进行探索赛事的多元变现。就像我们以前提到过的，对于一些重要的内容，我们考虑的不仅是短期的直接成本和收入，更着眼于其对用户价值、品牌形象、平台合作等多方的影响。同时我们也会持续争取获得更好的合作条款，实现长期的收益。 Let me answer the cost and revenue impact of the event. The cost of S12 tournaments is indeed relatively high, and the competition took place mostly in Q4, so it brought about a significant increase in our Q4 content costs. This is similar to the seasonality impact of S11 on the content costs last year, so it might also affect our overall Q4 costs and margins. In terms of revenue, the direct income from live events is still relatively small. Of course, this year we have made more attempts in business promotion and cooperation and launched some innovative event specific virtual gifts. In the future, we'll continue to explore the diversified approach for monetization. As we mentioned before, for some important content, we not only consider short term direct costs and income, but also focus on its impact on user value, brand image, platform cooperation and et cetera. At the same time, we'll continue to strive for better terms of cooperation to achieve long-term benefits. Hi, Desmond. Please take next question. Thank you very much. One moment for the next question. I'd like to invite the next questions from Thomas Chong of Jefferies. Please proceed with your question, Thomas. Thanks, management, for taking my questions. My question is about the near-term outlook about live streaming revenue. On the other hand, given the macro backdrop these days, what are the measures that we will be taking to mitigate the impact coming from the reduced user spending? Thank you. Thank you for your question. Recently, the monetization of our domestic live broadcast business has been affected by the overall macro environment and adjustments based on the latest industry regulations. This relative weakness of the game industry and the lack of new major game titles for a long time have also had a certain impact on the game live broadcast businesses. Q3's live broadcast revenue declined. At present, due to the continuous impact of the above reasons, we will keep an eye on the trend of live streaming income changes. Although there are still some uncertainties in the macro environment, we'll pay more attention to the improvement of the company's own capabilities. To continue to optimize the content and technological products and serve our users well by providing rich content in games, esports, and other entertainment, bringing users and content creators with better experiences. For example, in the third quarter, we further upgraded the application of virtual live broadcast technology on our platform. Through our virtual live house scene, the streamers can intensify their interactions with the users. We launched the industry's first virtual tournament, Lighthouse, in August, which fully upgraded the experience of watching events. These technologies bring users a new viewing and interaction experience, making live broadcast content more interesting, and are also conducive to the introduction of novel interactive gameplay and monetization scenarios. We are also optimizing the video content ecology of the platform, and through the synergy between the live broadcasters and video content, we can prolong the duration and add to the richness of our user content consumption. In addition, we'll also continue to strengthen the compliance capabilities of the platform and invest in corresponding technologies to establish a better foundation for the long-term healthy development of the platform. 反正整体而言，我们在用户主播与这个游戏为核心的前提下面，希望通过能够更沉浸式、更社区化、更互动化的这个产品的策略，能够进一步提升用户的这个互动的体验和流程。然后这个从而最终能够提升用户的在平台的消费能力。 On the whole, with users, streamers, games as the core, we'll continue to improve the user interaction indicators and retention rates through more immersive, more community-based, and more interactive product strategies, so as to gradually increase the consumption power of the users on the platform. Thank you. Can we have the next question please? Certainly. One moment for the next question. Our next question comes from the line of Lei Zhang from Bank of America Merrill Lynch. Please proceed. 好，hi，管理层晚上好，谢谢接受我的提问。我有两个问题，第一个是想问一下，因为我们今年也还是投了挺多的电竞内容的，所以不知道2023年我们整体的这个电竞内容投资的策略是什么。再一个就是可以跟我们分享一下未来主播的这个分成到整体的趋势吗？谢谢。我自己翻译一下。Thanks management for taking my question. Two questions here. Firstly, can you share with us your esports content strategy for next year given we have invested a lot this year, and secondly, how should we look at our revenue sharing ratio trend? Thank you. As far as e-sports content strategy is concerned, overall, we will continue to strive for the copyright of mainstream high quality e-sports events in the market in the year 2023. At the same time will remain as selective as we have been this year. The ROI of the project is analyzed and evaluated in detail and dynamically adjust our strategy according to the market situation. At present, the acquisition of the copyright of the main events for the next year has not yet been decided. The specific form also depends on the decision of the copyright owner and the negotiation with each broadcasting platform. If there is any major updates, we will also synchronize with the market in time. 近期游戏直播竞争格局整体没有发生较大的变化，虎牙继续保持在游戏直播领域的领先市场份额。2022年至今，我们的主播分成比例比较平稳，通过更精细的数据分析，在主播签约上我们也取得一些节约，我们预期短期内还会是这样的一个趋势。当然我们也将在持续优化主播的这个合作费用结构，并且通过给主播带来更加全面的培养、支持和服务，例如提供运营分析工具，推动主播多元化收入渠道，加强主播和平台的绑定合作关系，以此继续保持并加强虎牙平台对于主播的竞争力。 The overall competitive landscape of game live streaming has not changed significantly recently. Huya continues to maintain its leading market share in the field. Since the beginning of this year, our streamer revenue sharing ratio remained relatively stable. Through more detailed data analysis, we have achieved some savings in assigning costs. We expect this trend to continue in the short term, and of course, we will keep optimizing the cooperation fee structure with the streamers. At the same time, by providing them with more comprehensive training, support, and services, such as providing operation analysis tools, promoting diversified income channels for streamers, and strengthening the binding partnership between live streamers and platforms in order to maintain and strengthen the competitiveness of Huya platform for live broadcasters. Thank you. Let's have next question, please. Questions, one moment for the next questions. Our next question comes from Ritchie Sun of HSBC. Please ask your question. I'll translate it myself. My question is about overseas business. We have been tweaking the strategy recently. Can management update us on the progress and specifically on revenue and also the losses? What is our goal into 2023 for this business? Thank you. 好的，我来回答一下这个问题。我们之前有提过，基于国内外市场环境的一些变化，从今年四月起，我们对于Nimo TV这项业务进行了战略调整与优化，将集中资源聚焦重点海外区域的发展，希望通过优化成本和费用来减少海外业务的亏损，实现海外业务的可持续发展。目前主要的调整已经基本完成，缩减了一些地区的业务运营。从目前来看，我们已经取得了一些初步的成效。尽管海外收入和用户规模受到一定的影响，但海外业务更加聚焦，其亏损金额和比例也有明显的降低。As we mentioned before, based on the changes in the domestic and foreign market environment, we have made strategic adjustments and optimized the Nimo TV business since April. With concentrated resources on the development of key overseas regions, it is hoped that by optimizing costs and expenses to reduce the loss of overseas business and achieve overseas business sustainability. Major adjustments are now largely completed with reduced business operations in some certain regions. So far, we have achieved some initial results, although overseas revenue and user scale have been affected to a certain extent. Overseas business has become more focused, and the amount and proportion of losses have also significantly reduced. 在海外业务，我们除了提供游戏直播内容之外，也会提供更多丰富的泛娱乐的内容，同时也做更多的本地化工作，提供适合当地市场的特色互动功能和运营活动。在这些努力下，我们希望海外业务能尽快实现业务的自给自足。当然，我们也会根据整体的市场环境，动态地调整运营策略。未来我们还是希望Nimo能够在全球游戏直播市场的发展中持续占据一席之地。In addition to live game broadcasting, we also provide richer pan-entertainment content as well. At the same time, with more localization work, we can provide characteristic interactive features and operational activities targeting the local markets. With these effort, we hope that overseas business can achieve self-sufficiency business-wise as soon as possible. Moreover, we'll also dynamically adjust the operation strategy according to the overall market environment. In the future, we hope to, Nimo being able to broadcast live games around the world as a key participant in the market. Thank you. Next, please. One moment for the next question. Next question comes from Brian Gong from Citi. Please proceed. 晚上好，管理层。我有两个问题，第一个问题就是想问一下我们成本费用优化的情况，就是我们费用这边是否有进一步优化的空间，以及我们应该怎么看待未来的利润率的趋势？另外就是不知道管理层能否更新一下，跟腾讯的合作这一边有没有什么特别的进展。I will translate myself. Thanks, management for taking my question. My question is regarding about cost and margin trend. Can management elaborate the progress on cost and expense optimization? How should we expect margin trend ahead? Also, can management give some updates on latest collaboration with Tencent? Thank you. 好的，我来回答一下关于成本费用优化的一些问题。今年以来，我们在控制成本和提升运营效率方面持续努力。从海外整体战略调整到国内业务的更加关注重点，同时加大了技术资源的有效利用，我们均取得了初步的一些成果。在第三季度，主播相关成本以及带宽成本均有所优化，而在销售费用节省的推动下，本季度的总体运营成本，运营费用下降了27%。Since the beginning of this year, we have made continuous efforts to control costs and improve operational efficiency. From overseas strategic adjustments to more focused strategies for domestic businesses, and at the same time increase the effective use of technical resources. We have achieved some initial results. In the third quarter, streamer-related costs as well as bandwidth costs were both optimized. The total operating expenses for the quarter were down approximately by 27% year-over-year, driven by sales expenses savings. 因此，在保持核心业务稳定性以及领先优势的前提下，我们将继续实行包括在主播和赛事内容的ROI优化、精简运营支出等的降本措施。这也能帮助我们在当前环境下更好地巩固公司的业务和财务基础，以支持业务的长期发展。刚才已经提到过，由于大型赛事的原因，今年Q4的利润水平会受到影响，出现亏损，但我们预计后续利润水平将会得以逐步改善。Therefore, on the premise of maintaining the stability and leading edge of our core businesses, we'll continue to implement cost reduction measures, including ROI optimizations of streamers and event content and live streaming of operating expenses. This will also help us to better consolidate the company's businesses and financial foundation in the current environment to support the long term development. As mentioned earlier, due to the large scale events, the margin level of Q4 this year might expect a loss, but we expect also that the subsequent profit margin level will gradually improve. 除了持续推进降本，虎牙也会在未来积极探索业务生态以及产品商业化的升级，立足于直播，但不限于直播的形式，通过增强变现能力，更好地提升利润趋势。在 addition to continuing to promote cost reduction, HUYA will also actively explore and upgrade to our business ecology, products and commercialization in the future. Based on, but not limited to live broadcast. We'll keep strengthening our profit level by enhancing monetization ability. 好，我来回答一下跟腾讯合作的相关的一些进展。虎牙跟腾讯的合作还在积极地进行。在这一面，包括游戏、赛事、内容、产品上面都有紧密的合作。比如说我们这个游戏里面跟我们的直播的互动功能相互结合，然后加深这个账号数据的互动，能够希望这个实际上推动了用户在游戏和直播平台之间的互动的转换。然后在这个游戏以及视频的 The cooperation between HUYA and Tencent continues to be actively carried out, and there is close cooperation in games, events, content and products. Specifically in terms of the combination of games and interactive features by continuously deepening the interaction of the account data, users can interact and flow between the platforms. 对，然后在游戏跟赛事的合作方面，虎牙跟英雄联盟手游从这个产品运营、社区多方面做了一些尝试，然后包括共建英雄联盟手游的游戏内的直播以及赛事的互动的玩法。然后在这个推广英雄联盟电竞经理这个游戏过程中，我们在联动了这个LPL等等，在这个赛事直播间推出了互动合作，并且送出了虎牙的独家的虚拟道具。这些都有助于我们提升用户的体验，然后巩固用户，虎牙在这些游戏的这个领先的地位。 In terms of the in-depth cooperation in games and tournaments, HUYA and the League of Legends: Wild Rift have collectible products, collaborated and product promotion, as well as operation and community, including jointly building in-game live streaming and interactions, and in the promotion of the League of Legends Esports Manager game, in cooperation with LOL major tournaments such as LPL, interactions in the live broadcast room will lead to HUYA's exclusive virtual props provided by the game owner. All this will help us to improve the user experience and consolidate HUYA's leading position in these games. 对我们在音视频游戏这个内容产业链的一些积累，有助于跟腾讯进行更深度的协同，这也将推动公司的这个商业模式的一些升级。 Our technology and operation know-how and accumulation in the audio, video and game content industry is conducive to more and deeper collaboration with Tencent Group, which will also help promote an upgrade of our company's business format and model. Yeah, that's all for our answers. Questions. If there are no further questions, now I would like to turn the call back over to the company for closing remarks. Yeah, thank you once again for joining us today. If you have further questions, please feel free to contact HUYA Investor Relations through the contact information provided on our website or Piacente Financial Communications. Thank you. This concludes this conference call. You may now disconnect your line. Thank you.