Good day, and thank you for standing by. Welcome to the Weibo Results Report, Third Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Sandra Zhang. Please go ahead. Thank you, operator. Welcome to Weibo's third quarter 2023 earnings conference call. Joining us today are our Chief Executive Officer, Gaofei Wang, and our Chief Financial Officer, Fei Cao. The conference call is also being broadcasted on the Internet, and is available through Weibo's IR website. Before the management remarks, I would like to read you the safe harbor statement in connection with today's conference call. During today's conference call, we may make forward-looking statements, statements that are not historical facts, including statements of our beliefs and expectations. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Weibo assumes no obligation to update the forward-looking statements in this conference call and elsewhere. Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other filings with the SEC. All the information provided in this press release is occurring as of the date hereof. Weibo assumes no obligation to update such information, except as required under applicable law. Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures, which excludes stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo's comparative operating performance and the future prospects. Our non-GAAP financials exclude certain expenses, gains or losses, and other items that are not expected to result in future cash payments or non-recurring in nature, or not indicators of our core operating results and outlook. Please refer to our press release for more information about our non-GAAP measures. Following management prepared remarks, we will open the lines for a brief Q&A session. With that, let me turn over the call to our CEO, Gaofei Wang. [Foreign language] 大家好，欢迎大家参加微博财报电话会议。 Thank you. Hello, everyone. Welcome to Weibo's third quarter 2023 earnings conference call. [Foreign language] 本次财报会向大家重点介绍2023年第三季度微博的产品运营以及商业化方面的进展。 Today, I will share with you highlights in Weibo's product, operation, and monetization in the third quarter of 2023. [Foreign language] 用户方面，截止三季度末，我们的月活跃用户达到6.05亿，年底年净增2100万，日活跃用户达到2.6亿，年底年净增约800万。 On the user front, Weibo's monthly active users reached 605 million, and average daily active users reached 260 million in third quarter, adding approximately 21 million and 8 million users year-over-year, respectively. [Foreign language] In terms of commercialization, from the supply side, Q3 coincided with the summer vacation period. At the same time, due to the superposition of hot drama and movie hotspot effects, user activity further increased. The platform's overall traffic reached this year's peak in July and August, and advertising traffic inventory was guaranteed. From the demand side, due to the macroeconomic economy and consumption rhythm not meeting expectations, plus at the end of August being affected by some factors outside of expectations interference, superimposed on last year same period after the epidemic lockdown opened up, customers intensively launched new ones, advertising placement was active. Q3 overall advertising revenue year-over-year growth amplitude was not obvious. July year-over-year appeared a decline, August and September presented a trend of recovering more as it falls more. [Foreign language] Q3 total revenue reached $442.2 million, year-over-year decline of 3%, quarter-over-quarter flat. Excluding exchange rate factors, total revenue year-over-year growth of 2%, quarter-over-quarter growth of 2%. Advertising revenue reached $389.3 million, year-over-year decline of 1%. Excluding exchange rate factors, advertising revenue year-over-year growth of 3%, the proportion from the mobile end reached 95%. We continued to focus resources on improving operational efficiency this year. Company adjusted net profit reached $163.9 million, adjusted operating profit margin was 37%. On monetization, from the supply side, in third quarter, benefiting from the promotions of popular TV series and movies during the summer vacation, our user engagement continued to improve, and the overall traffic on Weibo reached peak levels this year in July and August, providing sufficient ad inventories on the platform. From the demand side, a few factors negatively impacted on our revenues growth. First, the macro economy and consumption fell short of expectations. Secondly, a few unexpected adverse factors in late August negatively impacted on some clients' budgets. Thirdly, in Q3 last year, after the pandemic lockdown, advertisers have been intensively launching new products and increased ad placements. Due to these factors, our ad revenues in Q3 pick up modestly year-over-year, with ad performance a slight decline, and the performance of August and September recovering month-over-month. In Q3, our total revenues reached $442.2 million, a decrease of 3% year-over-year, and a slight quarter-over-quarter. On a constant currency basis, our total revenues would have increased 2% year-over-year and 2% quarter-over-quarter. Our total ad revenues reached $389.3 million, a decrease of 1%, or an increase of 3% on a constant currency basis. 95% of our ad revenues came from mobile. This year, we continued to focus on improving operating efficiency, and our non-GAAP operating income reached $163.9 million, representing a non-GAAP operating margin of 37%. [Foreign language] 接下来，我具体先给大家介绍微博第三季度在产品运营和商业化方面的情况。我们今年产品运营的重点从过去三年疫情相关的热点转向垂直领域流量的恢复，加强垂直领域内容生态的发展，强化用户和客户心智，旨在提升用户活跃的同时，实现与商业营销的价值共赢。 Next, let me share with you our progress in product operation and monetization in third quarter. This year, on product operations, we shifted our focus from hot topics around the pandemic in the past three years to traffic recovery of content verticals, reinforcing the development of content ecosystems for vertical areas, aiming to improve user engagement on the platform and drive monetization value for our clients. [Foreign language] 在渠道方面，我们继续保持和厂商的合作，借势三季度热点规模的扩大，我们适当增加了投入，提升了高UP用户的获取规模和转化能力。三季度来自于厂商的日均活跃规模环比提升两位数，特别是在苹果渠道上的推广，这让苹果这类高UP用户群体在DAU的占比达到了46%，这也提升了平台整体的用户活跃度。 On the channel front, leveraging increased sale of hot trends on Weibo in Q3, we continued to collaborate with handset manufacturers and step up our channel investments moderately, and thus improving the scale of high-value users acquired through channels and the conversion rate of these high-value users to DAUs. In third quarter, the average DAUs acquired from handset manufacturers achieved double-digit growth quarter-over-quarter. In particular, with the promotion on iOS channels, the proportion of high-value users from Apple handsets reached 46% of our total DAUs, which also boosted user engagement on Weibo. [Foreign language] 在社交活跃方面，上半年我已经完成关系网络的架构升级，关系流的分发效率得到进一步提升，人均日发现持续提升。随着平台更加关注垂直领域内容生态的发展，关系流产品在三季度着重强化了博主与粉丝的互动效率，促使社交型博主在平台进一步提升活跃度，从而也提升用户的社交粘性。主要一方面是算法模型以提升互动的目标进行迭代，对有效带动粉丝活跃的博主和内容进行流量倾斜。另一方面，完善针对博主活跃的正向反馈机制，结合流量激励和荣誉激励，实时给予博主积极反馈，使得博主内容生产与粉丝互动品质得以同步提升。以上工作不仅带动了三季度关系流，关系流三季度日均互动用户数和互动效率环比提升，同时也提升了博主内容生产的活跃度。另外，对于其他推荐新用户场景，我们一直做精细提升效率的工作，通过完善内容标签和用户画像、升级推荐算法，推荐流和视频的人均消费规模同比提升20%。 On social activities, in the first half of the year, we completed the structure upgrade of social network products, which improved the distribution efficiency of relationship-based feed and continuously increased the average daily refreshes per user. As we pay more attention to the development of vertical content ecosystems, the interaction efficiency between KOLs and their followers improved in Q3 for relationship-based feeds. It motivated engagement of social content creators and thereby improved users' social signals. To elaborate, on one hand, we upgraded the algorithm model to drive user interaction and effectively divert more traffic to KOLs and content with more fans interaction. On the other hand, we improved the positive feedback mechanism for KOL activities, which means to reward KOLs in real time based on traffic and honor incentive system to encourage their content generation and fans interaction frequency. Our efforts in these two aspects not only lead to a quarter-over-quarter increase in the number of average daily engaged users and the engagement efficiency of relationship-based feeds, but also boosted KOLs content generation in third quarter. For interest-based feeds, we have also been refining its user interaction efficiency and have upgraded recommendation algorithms by modifying content tags and user demographics. As a result, the consumption of interest-based feed and video feeds per user grew 20% year-over-year. [Foreign language] 在内容生态方面，我们今年在垂直领域的运营策略主要是两方面。一 是稳固微博优势IP生态领域，例如社会热点、文娱、ACGN、体育，这样我们可以持续提升从市场上获取用户能力的竞争力。二 是我们将部分增量流量倾斜投入到一些垂直领域，其中就包括具备较强商业属性，更好支撑行业市场的垂直领域，例如数码、汽车、时尚美妆、医疗健康，以及其他能促进用户活跃的兴趣垂直领域，例如美食、搞笑幽默等。 ...On the content front, this year, we mainly focused on two aspects of our vertical content operation. First, we further solidify Weibo's advantage in the IP-related content ecosystem, such as hot social topics, entertainment, ACGN, and sports, to continue to improve our competitiveness in the user acquisition market. Secondly, we allocated incremental traffic support to certain content verticals with strong commercial attributes to better support the industry market, such as digital products, automobiles, fashion and beauty, and healthcare verticals as well as other interest-based verticals that will drive user engagement, such as food and humor verticals. [Foreign language] 先介绍一下微博IP生态领域的情况。受暑期文艺作品供给充足，亚运会、大型赛事等热点带动，微博整体IP生态领域的流量和用户互动量环比持续提升。文艺领域借助剧综和电影热点，带动明星文艺生态账号的活跃，三季度日均流量、互动用户、互动人数、互动量环比增长两位数，同比也有所增长。另外，暑期也是游戏厂商新品发布和活动的推广时期，ACGN领域的流量、互动量环比持续增长。在体育领域，借助与亚运会组委会达成的战略合作，权威媒体对亚运会充分的热点报道，超过600名明星运动员在微博分享比赛心得，实现了全站亚运会讨论量突破1亿人次。 Regarding Weibo's IP-related content ecosystem, driven by numerous TV series and movies in summer and hot topics around the Asian Games, the traffic and user engagement of Weibo's IP-related content continued to increase quarter-over-quarter. In the entertainment vertical, engagement of celebrity and KOL was stimulated by the hot topics related to TV series, variety shows, and movies. In Q3, the average daily traffic, the number of interactive users, and total interactions grow year-over-year and achieved double-digit growth quarter-over-quarter. For ACGN vertical, as it's peak season in summer for game developers to launch and promote new games, the traffic and user engagement for this vertical continued to grow quarter-over-quarter. For sports vertical, thanks to our strategic cooperation with the Asian Games Organizing Committee, the hot contents of the Asian Games were fully covered by mainstream media, and over 600 star athletes shared their competition experience on Weibo, which led to the total discussion of the Asian Games exceeding 100 million times on Weibo. [Foreign language] 商业垂直领域方面，数码汽车领域在过去三年通过持续加强行业专业账号的引入和活跃，协同汽车数码商业体系，加强客户对新品发布的热点心智，构建了完善的内容和商业生态。数码汽车流量在三年持续增长。这个领域，数码领域结合行业热点，例如小米、华为秋季新品发布会，微博手机影像年活动，数码领域的流量、用户互动量实现同比双位数的增长。在下半年，我们将这体系扩展到其他与客户营销生态高度协同的垂直领域，例如美妆、运动鞋服、医疗健康等，重点解决这些领域中具备行业影响力人士和专业KOL的入驻和活跃。结合微博行业热点运营，让微博成为专业KOL成长、行业热点发酵的土壤，提升行业合作伙伴对微博平台的价值的感知，进一步恢复和提升我们客户市场的竞争力。目前来看，在医疗健康领域已经初见成效。我们通过与行业协会扩展和活跃真人医生的入驻规模和活跃，协同媒体跨领域的账号，提升医疗专业内容的影 响力。真人医生的入驻规模、活跃度和流量较去年大幅提升，也更好地支撑我们医疗健康客户在微博营销生态的发展。 For the commercial vertical content areas, traffic from digital products and automobiles sustained solid growth momentum in the past three years, leveraging the robust content and monetization ecosystem we built. As we focus on increasing the number and engagement of professional accounts in these verticals and strengthening clients' mindset for new product releases. In this quarter, both traffic and user interactions generated from the digital product vertical with double-digit growth year-over-year and quarter-over-quarter. As we tap into the industry health trends, such as the fall launches of Xiaomi and Huawei and Weibo mobile photography year. In the second half of the year, we expanded this system to other synergetic verticals with the client marketing ecosystems such as beauty, apparel, healthcare, etc. We're focused on inviting people with industry influence and professional KOLs to join Weibo and driving their engagement. Leveraging Weibo's strength in operation around hot topics will build Weibo into the go-to platform for the growth of professional KOLs and distribution and discussion of industry health topics, and thus enhance clients' recognition of Weibo and further reinforce on our market competitiveness. At present, we are pleased with the early results in the healthcare vertical. We have expanded partnerships with industry associations, increased the number and engagement of professional doctors on the platform, and collaborated with media and top accounts across these to elevate the influence of medical professional content. As a result, the number, engagement, and traffic from professional doctors grew significantly year-over-year, which also supported the sustainable development of healthcare clients in Weibo's marketing ecosystem. [Foreign language]... 从作者生态方面，今年我们的重点是筛选出更多在微博具有高影响力和高社交价值的头部账号，对他们给予流量、运营以及变现的支撑，打造更健康的作者生态体系。我们针对于博主的认证体系，二季度上线了金V认证，定位平台高影响力的创作者。三季度上线的橙V认证，更定位平台优质创作者。在上线金橙V体系后，平台除了在流量给予倾斜之外，重点解决他们的商业变现能力，让他们更容易获得商业推荐，优质的商业内容也有机会获得流量扶持。三季度，在微任务的博主广告收入中，金橙V博主的收入比例提升明显，博主收入金额同比增长近50%，也推动了博主活跃度的提升。三季度，金橙V博主的规模、日均发博量、日均互动人数和互动量环比均有双位数的提升。平台会在未来继续坚持这个方向，持续完善不同垂直领域KOL和客户的商业协同效率，让更多真正有内容原创能力、社交能力的博主在微博上获得收入，也更好地支持行业商业生态。 On top content creators, we focus on selecting more top KOLs with higher influence and social value, and offer support to them in terms of traffic, operation, and monetization, aiming to build a healthier ecosystem. As such, we introduced the Golden V badge for influential content creators in the second quarter and the Orange V badge for high quality content creators in third quarter. Since then, apart from traffic support, we also focused on enhancing the monetization capabilities of the Golden V and Orange V accounts, so that they could obtain business recognition more easily, and high quality commercial content stands a better chance of traffic support. In third quarter, the Golden and Orange V accounts generated a significantly higher proportion of all ad revenue derived from our V tag system, with income to these accounts ramped up by 50% year-over-year, which further boosted their engagement. Additionally, the scale, average daily posts, average daily interactive users, and interaction of the Golden V and Orange V accounts achieved double-digit growth quarter-over-quarter. We will adhere to this direction in the future and continue to facilitate the synergy between vertical KOLs and clients on the monetization front, and thus empower more accounts with original content and social value to earn income on Weibo, and better support the business ecosystem. [Foreign language] 下面我谈一下商业化的进展。二季度在五一假期和商业节点的作用下，消费需求得到一定的释放，我们大部分行业客户得到一定的生意修复。但从全年来看，整体消费市场恢复节奏不及预期，我们部分行业客户仍保持对市场不确定性的犹豫和观望。我们看到内部的核心商，核心行业客户在三季度的预算投放也较为波动，大部分行业的七月份缩减了预算，较六月回调明显。但得益于暑期热点IP营销和新品营销的优势，保持了微博在广告市场的核心竞争力。我们大部分行业在八、九月逐步恢复了预算投入，呈现月比月的二十以上的增幅。 Moving on to monetization. In the second quarter, driven by the Labor Day holiday and e-commerce festivals, we are encouraged to see pent-up consumption demand released to markets, leading to a broad-based ad recovery across verticals. Nonetheless, the recovery pace of the overall consumer market fell short of the expectations for the full year. Customers from certain sectors remained cautious and hesitated towards market uncertainties, considering the soft consumption environment and sentiment. In third quarter, we saw a volatility of ad budgets from Weibo's key sectors, with a notable pullback of ad spend in July versus June. That said, benefiting from advantages in hot IP and new product marketing, we highlighted Weibo's core competitiveness in the ad market, which resulted in gradual ad recovery in August and September, with a month-over-month growth of over 20% respectively. [Foreign language] 从行业看，随着线上和线下文娱活动和体育赛事的恢复，我们在第三季度看到有更多的热点内容在微博上得到广泛的传播和讨论。文娱体育相关的热点IP在微博上层出不穷。在这个过程中，我们在第三季度持续优化商业产品体系和营销体系，充分借势热点IP内容的流量和用户的热议讨论氛围，将热点内容和客户的营销内容组合呈现给用户，满足客户品牌与曝光营销的目的的同时，也进一步提升了微博热点流量变现效率，直接带动了食品饮料行业、影视文化和娱乐行业预算明显恢复，在第三季度均实现了同比两位数的增长。 By industry, the further resumption of online and offline entertainment activities and sports events, we are encouraged to see numerous blockbuster IP content widely distributed and discussed on Weibo in the third quarter, especially in the areas of entertainment and sports. As such, we'll continue to optimize our monetization product system and marketing models. To elaborate, we'll leverage Weibo's hot IP traffic and heated discussion to show the combo of organic hot topics and marketing content to users. This approach enabled us to better fulfill customers' brand exposure campaign goals, and also built up our monetization efficiency around hot trends. As a result, ad revenue generated from the food and beverage and entertainment sectors demonstrated notable recovery trends, both delivering double-digit growth year-over-year in third quarter. [Foreign language]... 另外，数码行业在第三季度持续呈现亮眼的成绩，收入同比增长超过50%，这主要是由于数码垂直领域形成的内容和商业的相辅相成。当客户有新品或者品牌发布时，微博成为他们必选的营销平台。正如之前介绍，我们也在其他商业垂直领域重点投入运营，医疗健康也处于稳步增长的轨道之中。第三季度，医疗健康行业广告收入保持同步两位数增长，行业客户的数量和丰富度也越来越高。从原来聚焦效果导向的医美机构，到现在包括上游设备厂商、制药企业、健康平台的大健康领域的各类客户均在微博有所投放，并保持着增长趋势。 Moreover, the digital product sector continued to outperform in the quarter, with over 50% year-over-year growth in revenue, mainly thanks to the synergy between content and monetization ecosystem. Weibo has become the go-to platform for new products or brand launch. As mentioned before, we also beef up operation efforts in these business verticals. For example, the healthcare industry is on the trajectory of steady growth, with ad revenue maintaining double-digit growth year-over-year in the quarter. We are also encouraged to see greater quantity and diversity as customers in the healthcare sector. Some performance-oriented aesthetic medical institutions originally, and now to various kinds of clients across upstream equipment manufacturers, pharmaceutical companies, healthcare platforms, etc., all campaigning on Weibo with a growing trend. [Foreign language] 最后，我介绍一下美妆护肤和游戏行业的情况。美妆护肤行业今年整体的恢复节奏较为波折，客户受资金经营的影响，对新品投入的节奏不及预期，营销环境不佳，直接影响了我们收入恢复的速度。针对这样的客户市场环境，我们主要 是紧抓暑期明星相关的热点流量，强化微博明星营销的竞争力，这支撑了三季度美妆护肤收入的大盘，促进了收入较二季度环比增长。游戏行业随着下半年新游版号常态化发行，我们加大了新游覆盖度，与重点的客户尝试更多生态内容营销合作，在新游公测期加强生态基建和热点运作。同时针对精品老游戏长效运营，加强常态化的生态构建，结合广告产品技术，对游戏的客户效果优化。三季度在暑期游戏推广高峰期和游戏周年庆等活动的营销环境 下，游戏行业较二季度增长了超过两位数。 Finally, let me share some color on the beauty and personal care, as well as online gaming sectors. This year, the beauty and personal care industry has experienced twists and turns in its overall recovery pace, which was negatively impacted by the choppy brand marketing environment. We saw customers cut back investments in new products due to headwinds from their own operations. In response to such marketing environments, on the demand side, we focused on capturing opportunities brought by hot topic traffic related to celebrities during the summer vacation, and strengthening Weibo's competitive edge around celebrity marketing. Consequently, we effectively solidified ad wallets as the overall beauty and personal care sector, booking sequential growth in the third quarter. As for the gaming industry, with normalization in game license approval, we expanded the coverage of new games and built more partnerships with key customers. On the content marketing front, we not only strengthened content ecosystem and hot topic operations during the public testing period of new game, but also reinforced the routine buildup of content ecosystem and optimized technology to improve ad performance of game campaigns for existing blockbuster titles. In third quarter, driven by the summer vacation peak season and anniversary celebration, ad revenue from gaming industry booked a double-digit growth from the second quarter. [Foreign language] Next, let Sandra Zhang and Fei Cao introduce the third quarter's financial results. With that, let me turn the call over to Fei Cao for financial review. Thank you, Gaofei, and hello everyone. Welcome to Weibo's third quarter 2023 earnings conference call. Let's start with user metrics. In September 2023, Weibo's MAU crossed the 600 million milestone, reaching 605 million, and average DAU reached 260 million, representing a net addition of 21 million and 8 million users on a year-on-year basis, respectively. Turning to financials. As a reminder, my prepared remarks would focus on non-GAAP results. All monetary amounts are in U.S. dollar term, and all comparisons are on a year-on-year basis, unless otherwise noted. We continued to experience headwinds to our financials due to the volatility of foreign exchange rates this quarter. Since our business primarily operates in China, while we report our financials in U.S. dollars, our financial performance was affected by adverse currency movements. Now, let me walk you through our financial highlights for the third quarter 2023. Weibo's third quarter 2023 net revenues were $442.2 million, a decrease of 3%, or an increase of 2% on a constant currency basis. Operating income was $163.9 million, representing an operating margin of 37%. Net income attributable to Weibo reached $136.6 million, up 15%... or 17%, on a constant currency basis, representing a net margin of 31%. Diluted EPS was $0.57, compared to $0.50 last year. Let me give you more color on the third quarter 2023 revenue performance. Weibo's advertising and marketing revenues for the third quarter 2023 were $389.3 million, a decrease of 1% or an increase of 3% on a constant currency basis, with a relatively soft July, while accelerated growth in August and September. Mobile ad revenues were 368.9 million, contributing approximately 95% of total ad revenues. In terms of growth, we are encouraged to see strong momentum of handset, entertainment, and online services sector as the largest contributors to top line growth. For the handset sector, our years of cultivation around the content ecosystem in the 3C vertical continued to pay off, which enable handset manufacturers to target high-value users and build market hype during high-end product launch. We also benefited from solid traffic performance, built upon the blockbuster effect during the summer vacation, leading to further ad recovery from the entertainment sector and the online platforms. On the flip side, the automobile and the luxury sectors showed weakness this quarter, reflecting the seasonal pullback, post an eventful first half of the year. By ad product, promoted feed ad was the largest, followed by social display on the topic and search. Ad revenues from Alibaba for the third quarter were $21.7 million, an increase of 44% or 50% on a constant currency basis of a relatively low base, driven by incremental ad spend on brand exposure, seasonal shopping festivals, as well as the Asian Games. Before turning to ad segment, let me share preliminary color on the trends entering the fourth quarter of 2023. On the app side, advertising market continued to demonstrate welcoming uptrend post a slip in July, in line with the macro and consumption data trajectory. We hope to close this year with further recovery of our ad business in the fourth quarter, benefited from the opportunities brought from the Manga Fest e-commerce festival. That said, we may have to wait a while for a turning point of consumption sentiment, especially in certain discretionary categories, to pick up in light of current macroeconomic conditions. Value-added service revenues were $52.9 million in the third quarter, a decrease of 12% or 7% on a constant currency basis, primarily due to decrease of game-related revenues. Turning to costs and expenses. Total costs and expenses for the third quarter were $278.3 million, a decrease of 5%. Operating income in the third quarter was $163.9 million, representing operating margin of 37%, compared to 36% in the same period last year. Turning to income tax. Under GAAP measure, income tax expense for the third quarter was $25.4 million, compared to $19.8 million last year. Net income attributable to Weibo in the third quarter increased 15% or 17% on a constant currency basis to $136.6 million, representing a net margin of 31%, compared to 26% in the same period last year. Turning to our balance sheet and the cash flow items. As of September 30, 2023, Weibo's cash, cash equivalents, and short-term investments totaled $2.77 billion. In the third quarter, cash provided by operating activities was $131.6 million. Capital expenditures totaled $7.8 million, and depreciation and amortization expenses amounted to $13.9 million. With that, let me now turn the call over to the operator for the Q&A session. Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will take our first question. Please stand by. Your first question comes from the line of Miranda Zhuang from Bank of America. Please go ahead. Your line is open. Thank you. [Foreign language] 晚上好，感谢管理层接受我的提问，这边就是想请管理层可否再分享更多，就是最近我们的广告业务在进入四季度以来的一个恢复情况，然后尤其是刚才有提到，比如说双十一的一个电商的这个节的这个推广的情况，那公司如何提高我们在广告业务这块的竞争力？谢谢。那我翻译一下。 So can management provide more details- ... on the recent ad business recovery in the fourth quarter, especially given we have the double eleven e-commerce promotions. And then how will the company increase the competitiveness of the ad business? Thank you. [Foreign language] OK，那，从三季度其实刚才也简单讲过了，那三季度收入同比大概都是人民币计增长3%，和我们的预期基本上是稳，稳合的。那主要还是在618节点这个释放之后，今年七八月份，其实特别是七月份，整个的市场相对来讲还是比较淡的，但是八九月份其实还是逐步得到了恢复。Got it。 All right, thanks for the question. So first of all, as we have already stated in terms of the Q3 performance of the advertising performance, so in the third quarter, advertising revenue increased on the basis of the RMB by 3% year-on-year, and also quarter-on-quarter, which is actually basically in line with our expectations. And also this was primarily due to the concentrated release of the consumer demand and advertising placement requirements to any e-commerce event on June 18. And also, you know, after that, we've been seeing a quite weak performance during the July and also August, and also a much better performance in August and also September. [Foreign language] 从具体四季度的行业情况下来，我简单总结一下吧。然后，双十一和电商平台今年毫无疑问是竞争比较激烈的一个年份。那三季度的时候，阿里同比的增长大概在百分之，因为亚运会大概增长50%左右，而且进入四季度呢，我们看到双十一目前电商平台的投放，各平台投放都比较积极，那而且包括我们的除了效果广告之外，品牌曝光的产品，然后呢均看到不错的一个投放态势。我们估计双十一跟双十二两个电商节点驱动之下，那我们的电商行业的这种广告收入应该保持一个年年增长的一个情况。Got it。 And also let me share some of the colors on the Q4 expectations. So actually for the Double Eleven shopping festival and also the e-commerce events, we've been seeing a very good trend. For instance, we expect to have also in Q3, we've got over 50% of the growth because of Asian Games by Alibaba. And also in Q4, we've been seeing also activation of the ad placements by all kinds of different e-commerce platforms, like the Double Eleven and also Double Twelve shopping festivals. So that we are expecting a year-on-year growth for the Double Eleven and also Double Twelve e-commerce events, especially for the e-commerce, including all kinds of different brands and also platforms. OK. [Foreign language] 另外一些行业来看的话呢，就像汽车呀，数码，这个我们会看，今年包括食品、饮料、医疗健康，这刚才William提到的一些行业，在今年的下半年还是可以保持不错的一个增长的情况。因为整体不管是这些行业，不管是我们整体流量恢复的速度，以及这些行业里面生态内容招商的建设都是处于一个良性恢复的过程中。汽车的情况可能会稍微特殊一些，上半年增速是比较快的，但是下半年我们会看到燃油车的销售在七月份，包括一些电动车的销售，在七月份还是有一些明显的下滑。所以说，现在电动车的广告收入还在增长，但是燃油车的广告收入其实很明显的出现了下降，会导致整体我们汽车下半年增幅是没有上半年快的，但是全年应该能够保持一个双位数以上的增长。 And also, let me talk to you about some of the verticals. So first of all, in the second half of this year, we had a very good momentum of the growth for the verticals like the automotives and also digital products, food and beverages, as well as the healthcare, as we have already stated. So you can see that because of a very good recovery of the traffic for those verticals and a very good works around the ecosystem building and also the accounts recovery as well. It's quite special, in terms of the automotive industry, because we really had a very good growth in the first half of this year. However, in the second half of the year, we've been seeing a slowdown of the sales, both for the ICE vehicles and also the electric vehicles. But of course, for the electric vehicles, we do see actually a revenue increase, especially for the ad revenue increase, but actually the ad revenue for the ICE vehicles actually was decreasing. So as a result, we are expecting a lower performance in the second half of the year in terms of the ad revenue from the automotive industry than the first half. But throughout the whole year, we expect to have a double-digit growth for the automotive industry as a whole. OK. [Foreign language] 另外就是上半年大家讲得比较多的，挑战非常大的两个行业，一个是时尚美妆，还有一个是游戏。游戏的话呢，在三季度其实恢复了正增长，主要还是游戏本身的这种，新游的规模在提升，另外来讲的话，我们通过加强这种广告算法的优化，针对用户付费这种行为的优化，让游戏的这个存量的客户，包括一些游戏中腰部的游戏，都开始在微博里面进行效果广告的投放，它带动了游戏在三季度的一个恢复，应该四季度也还会保持这样的一个状况。那美妆护肤挑战还是比较大的。因为，三季度我们会看，这个一方面是客户本身的经营情况在今年都出现了明显的下滑，那客户对于新品营销的投入，出现了一些明显的下降。那同时来讲的话，微博本身在这个领域里面的内容生态的恢复，其实确实来讲的话呢，是不如我们...... [Foreign language] 在上半年的预期中，虽然公司也投入了比较多的资源和运营的工作，但是我们会看现在流量整体恢复了，就是美妆的这个流量已经恢复到了疫情前的一个整体的流量占比。但是这里面的账号的结构，就是这个美妆行业里面账号的结构还是跟疫情之前，不能比，我们没有一些真正市场里面有影响力，有社交传播力的一些账号，比之前还是，比疫情前还是下降的。那这部分我们认为恢复还需要一段时间。所以说我们对于这个美妆护肤的行业，今年肯定是要出现年对年主要是出现下降的，那跟上半年的情况类似。Got it。 All right, and also, in the first half of the year, we do see some of the challenge in verticals. For instance, the fashion and also the beauty products, and also the gaming industry. And of course, for the gaming industry, we returned to the track of a positive growth in Q3, because of the growth of some of the new games and also the optimizations in terms of the algorithms and also the paid gamers. So, as a result, we do actually see a very good recovery starting from Q3, for the, you know, gaming industry, because of the better performance and also the better allocation of the advertisement budget for some of the medium to high-end games. And also it is going to be the momentum that is continued all the way to Q4 for gaming industries. And also it's pretty much challenging for the beauty and cosmetics industry, because as you know, in Q3, the operational effects as was decreased. As a result, the budgeting, the budget for the marketing of some of the new products, for the cosmetic and also beauty industry was also decreased. So, you can see that, in well, for Weibo, of course, we do actually now see a lower than expected, recovery of the ecosystem or the content ecosystem. And, and also, of course, we've been dedicated a lot on the investment of our resources and also the operational effects, to this particular area. And also we do see a traffic that actually has recovered before, to the level before the COVID. However, still the account structure-wise, it is not as good as, the situation before COVID. So, still, meaning that we are a lack of, the number of those influential and also impactful, accounts in this area. So this, you know, does take time for us to see a full recovery for this, you know, industry of fashion and also beauty care products. So as a result, we expect to have a year-on-year decrease for this one. OK. [Foreign language] 那另外刚才您围绕微博关于在广告整个生态里面的竞争力的情况，其实从我们自己的角度看，还是围绕几个方面在做，建设和投入。第一个就是还是要提升微博本身我们用户的这种价值含金量和价值吧。刚才我也提了，就是在今年下半年 的主要的一个营销策略，不是追求用户规模的一个多快的增长，而是追求我们用户结构的一个提升，特别是高ARPU值用户的提升。这里面刚才你们讲到的一个代表性，就是iPhone用户的占比，包括华为用户的占比，因为这些用户的ARPU值是比较高的。那这些其实是等同于用户规模的用户的价值，价值是高价值用户的规模，如果能够保持一个在市场里面比较好的竞争力，其实它在类似于今年像双十一营销的时候，它从客户反馈还是可以明显地看到，那客户在微博投放广告，他的用户引流过去之后产生的购买行为是要远远高于其他平台的，客户也愿意花更多的钱在微博，不管是投放品牌还是投放效果预算，我觉得这是，一方面。 And also, second part of your question was, pretty much about the enhancement of our competitiveness of our ecosystem, of the advertisement. So I had several points to be sharing with you. The first one is that, still, we are going to be focusing on the value and also the RPU of the Weibo users. So in the second half of this year, our strategy was not only focusing on the volume or the number of users, but actually on the total structure of the users, meaning that we have to focus on those high RPU users. For instance, the users of, the Huawei and also the iPhone users. So these, if we can, you know, really increase the number of those, high RPU and also high value users, we do see a more willingness, for them to allocate their budget, on Weibo for the advertisements. Also judging from the feedback that we've got, for the Double Eleven shopping festival, of last year, we did see that particular effectiveness if we're trying to focus on those, high RPU and also the high value, users. OK. [Foreign language] 那另外一个在本身的这种针对客户的服务能力，就是说我们的广告产品的竞争力方面，其实我们主要是做两个方面的能力提升。首先，针对品牌客户而言，无疑，今天不单纯购买曝光或者纯粹的品牌曝光的客户越来越少。对，那微博之所以我们在市场里面的竞争力还能够保持或者，或者说有提升的话，是因为微博本身的这种热点和我们的KOL生态是相对于其他平台而言，是一个更有竞争力的一个策略。比如说我们现在不管是把客户的产品变成热点，还是结合了热点，把客户的产品做植入，通过KOL来进行背书和用户心智的这种塑造方面，其实我们相对于其他的品牌平台，品牌广告平台，不管是电视台还是报纸，还是这种视频平台，我相信我们这方面的优势还是。 [Foreign language] 存在，而且在持续增长的，我觉得这方面的能够会不断地进行建设，好的。 And also, second one on the service provision capabilities, especially, you know, talking about the competitiveness of our advertisement service. I have two points to be sharing with you. The first one is that actually for those branded consumers and also customers, you know, nowadays, we did see fewer and fewer customers of those brands that were actually, you know, procuring the advertisement for the purpose of exposing their brands only. So we do see actually, you know, because of our very unique competitiveness, in terms of the KOL ecosystem and also the hot trends and also hot topics on Weibo, we do see actually those customers choosing the Weibo as a platform for them to place the advertisement. For instance, we did have a very good endorsement of those important accounts or the KOLs, to really emphasize on the advertisement and also some of the, for instance, placements of their products in the advertisement. So because of this, we do see a very good competitive edge comparing with the other media, like the newspapers or video accounts, or some of the other, like television and also radio stations, for instance, we did see. Still, Weibo is keeping our competitiveness and also the competitive edge over the other platforms, for those branded consumers or customers. OK， [Foreign language] 那效果广告方面，我觉得未来这个趋势，包括从今年，其实从游戏行业的恢复，我们已经看到，就整个算法的，就是趋势都是如何帮客户在微博的广告投放可以产生正向的这种ROI的收益。我们整体的算法的优化都是向着那做深度的付费转换的优化，这一方跟我们的用户本身的结构，高价值用户的占比是有直接关系的。那同时来讲的话呢，我们整体的算法也在各个行业里面，不管是游戏行业，还是电商行业，以及我们的一些影视文娱消费的行业，在去做优化，都是沿着深度的消费购买，由我给客户带过去用户，是不是能够在客户侧产生购买行为来去做算法优化。那这方面来讲的话呢，进展还是相对来讲比较快的，而且我们认为这方面的 一个持续的 一个技术投入，对于我们 在效果广告方面 可以保持一个稳定，或者说明年的一个持续的增长还是会更有帮助。因为今年主要是在游戏行业，得以实施，那现在来讲的话，已经在影视文娱消费的行业，包括电商行业也在这么做，这是效果广告方面的投入。 And also second point is on those performance-based ads. So, especially I would like to make an example of the recovery of our gaming in this, gaming vertical. So as I have already stated, that we have been optimizing on the, you know, algorithms and also which is going to generate a positive ROI for the customers. And, for instance, we are really now focusing on the conversion and also the increasing, increasement of those conversion rate, for those, you know, paid users in this area. And also this particular thing is also related, to our strategy of focusing on those high ARPU value users. And, and for instance, you know, the very important thing is that not only for gaming industry, but also for e-commerce and entertainment, and also the other relevant, you know, for consumption, for instance, as verticals, we do actually see the, better optimization of our algorithm, which is around the area of, you know, making those, you know, paid users to actually you know, consume the contents, in those, different verticals. And also you can see that this is advancing very much well in this gaming industry first, and also by, heavily and continuously investing into the technologies around this area. This is also, helping us to gain a sustainable growth for the future. So this year, we do see a very good outcome, from the gaming industry and also from this year onward, so we are going to see a very positive impact to the business of the, entertainment and the consumption and e-commerce, etc. OK. [Foreign language] 好，谢谢。 [Foreign language] 哎, 好, 谢谢. 谢谢. Thank you. Thank you. We will take our next question. Your next question comes from the line of Daisy Chen from Haitong International. Please go ahead. Your line is open. [Foreign language] 好，谢谢，谢谢管理层接受我的提问。就是我想请教一下实名制这边的问题。我们有注意到近期有多个社交媒体平台，包括咱们微博，都发布了这个公告，要对一些特定领域的一百万粉丝或者五十万粉丝以上的自媒体账号进行隐藏的实名展示。所以关于这个的话，想请教管理层目前微博在大V实名制的进展情况，以及我们如何去评估实名制对于微博的内容生态和内容和用户的活跃度的影响。谢谢。I'll translating myself, thanks management for taking my question. My question is about the real name display rule. We have noticed that many social media platforms in China, including Weibo, have recently announced that they will display the real names of the online influencers on their front account pages. So about this, I would like to ask the management, what is the progress of Weibo's real name display work over those degrees, and how we should evaluate the impact of real name rules on Weibo's content ecosystem and user activity? Thank you。 [Foreign language]... [Foreign language] 这个，首先，前台实名制呢，在微博也不是，某种程度上也不是新的一个规则嘛。就微博严格意义上从微博出现的时候，我们早期的加V的认证本身就是一种前台实名，这是因为在当时有效解决了社交媒体早期互联网平台的一个信任度的问题。但大家也知道，随着后来，社交媒体平台越来越多，行业平台之间去竞争，而且互联网用户对于隐私要求也不断提升。所以说呢，就是之前执行前台实名制并不是特别的严格，因为最早微博的加V认证是要在前台显示姓名或者公司加职，加这个职务信息的，基本上也就是一个前台实名制的，形式。过得。 So for this question, first of all, since the birth of Weibo, we've been always emphasizing on the real name registration mechanism. So I don't believe that this is actually a kind of a new rule or new regulation for Weibo. And also, for instance, if you want to be identified as a V account, normally you have to provide the real name and also the other relevant information to facilitate this accreditation process. So, Weibo actually did that when we were appearing this market to solve the issue of the trust. However, in the future, after that, we did see the emergence of many different social platforms, and also because of the requirement of the personal and privacy information protection, this is becoming less stringent as we required before. But still, you know, we still are performing the regulation of the front end real name registration. For instance, if you still apply for the certification of your account, you need to provide the name or the position and also your company's name. So this is kind of a real name registration process. OK. [Foreign language] 然后呢，这次前台实名的目的呢，主要是增强各个平台上头部自媒体账号的可信度和权威性。对，然后呢，我们相信可以推动这些大V承担起与话语能量相匹配的一些责任，从而推动一些安全、文明、和谐的网络生态环境。那具体执行方面呢，我们近期引导了社会、时事、军事、财经、法律这几个主要领域的100万粉丝以上的自媒体填写实名信息。那，需要说明的是呢，就普通用户和以日常分享为主的一些领域，比如说美食啊，然后汽车呀和时尚美妆啊，这些是不受此次前台实名制的影响的。 And also for this time, for the real name registration process of this time, actually, the major purpose is actually to emphasize on the authoritativeness and also the responsibilities, and also the obligations that should be shouldered by those top-notch We Media accounts in specifics, so that we are able to facilitate and also lead the process of creating a more harmonious environment of the Internet. So of course, that at this particular round of the real name registration process, especially those kind of channels of news and the military, and also the legal and the counsel related, you know, accounts are in the forefront of this round of the real name registration rule. But of course, that this is not going to impact the accounts of the food and beverage or the automotives and also cosmetics and beauty products, etc. OK. [Foreign language] 那，本次这个实名制呢，我觉得影响来看的话呢，第一个呢，现在这次呢，实名制领域比较有限，大概5-6个领域，那再加上我们部分大V在前台已经实名，这部分我们内部统计过，就是这些领域里面100万粉丝以上的大V，我们自己统计有超过40%的大V，其实现在已经在了，通过他的加V认证的时候，已经实现了前台实名的这个标准。那总体来说，对这部分大V跟垂直领域的影响有限，而且这次的前台实名制是分阶段实行的，而且是非强制。大V严格意义上它是自愿的方式选择前台实名，那不实名的账号呢，确实会在流量和广告方收益方面会有一些限制。那因为这个实名制呢，刚刚上线，可能在正式开始，前台实名应该是11月10号才开始。我们预期呢，短期可能对头部账号的活跃有一些影响，但是长期来看的话呢，对于增强这些账号的可信度和权威性，以及提升像社交媒体平台的内容的公信力，我们相信都是有帮助的。所以说我们会继续再观察一段时间。 Also another thing is that for this round of this, you know, regulation, so, the impact is quite limited. For instance, it is only influencing 5-6 different areas. And also, you know, as I have already stated, those Big Vs already had their real name registration conducted before. So over 40% of those Big V accounts actually had already realized this real name registration and also the real name demonstration on the front end or on the front page. So we believe that this particular round of the impact is pretty much limited. And also, another thing is that this round of the real name registration process is not compulsory, and also is going to be carried out by different phases. So, if this round, the account is choosing not to go on this particular process, their particular traffic and also certain revenue are going to be impacted. And also, this for this round it started in about the tenth of October of October, and also in the short period of time, this will, you know, generate a certain impact and limitation in terms of the traffic and some of the others. But in the longer run, I think that it's beneficial for us to create a more trustworthy environment with a more trusted information and public information. So we will be still observing the impact for a while. Thank you. We will take our next question. Your next question comes from the line of Timothy Zhao from Goldman Sachs. Please go ahead. Your line is open. Thank you very much for taking my question. I have two questions. First is regarding the progress in building the vertical ecosystem. Could management elaborate more on what is the Weibo progress so far, and how does that affect your monetization capabilities? Secondly, it's regarding AIGC applications. I think we discussed last time, but I'm just wondering if there's any updates regarding content generation and also the efficiency improvement in your monetization capabilities. Thank you. [Foreign language] 其实刚才哥们我我也讲了，就是在垂直，生态方面的一个，简单的 一个情况吧。其实，从微博的本身的策略来讲的话呢，我觉得也比较...... [Foreign language] 我们，这几次财报里面也讲了，应该 是疫情 之后，整个公司的战略严格意义上几点，一个是，通过一些生态，我们讲的叫IP生态领域，就是像大家都知道的热点啊、文娱啊、体育啊、游戏啊这些行业，我们更多的给我们的在市场里面可以带来，比较多的用户规模的和用户关注度的一些行业，我们把它叫做IP生态领域，这些领域呢，也是微博比较强的行业。这部分呢，其实在疫情三年里面，其实也都在持续稳定地在增长。那这部分行业，它其实我们很多行业的收入，也包括客户影响力也是保持一个不错的一个增长。 All right. So for this particular question, we will always, you know, trying to emphasize on the Weibo's strategy for the past several earnings report sessions, and also especially touching upon the concept of the building of a vertical ecosystem. So, for instance, after the COVID, we had several strategies of focus. The first one is that focusing on the establishment of the IP ecosystem, the definition of which is actually for those areas that could attract a lot of eyeballs and also attentions from the society. For instance, the hot topics, and also the entertainment and culture, and also, sports as well as the gaming industry as well. So, you can see that, these, you know, verticals were regarded as the IP ecosystem, and also, these IP ecosystems were growing still, even during the COVID period for the past three years. So that you can see that both in terms of the revenue and also the influential power, we've been seeing a very good growth and a very good momentum. OK. 那我给你一个大致的数据，就是说其实到第三季度，我们刚才说的这些，我们讲IP生态领域的流量较疫情前大概增长超过70%。对，也就是说，以前其实微博的这些IP生态领域，占我们整个流量的比例在45%，40%-60%之间的这么一个水平。但是在疫情期间来讲的话，毫无疑问，这些领域的增速将要远远超过我们讲的，呃，行业垂直领域，比如像汽车啊、数码啊，呃，时尚美妆啊、医疗，那这是一个。但是呢，也确实因为这些领域，我们相对来讲的话呢，竞争优势比较强，也驱动了微博的用户的一个整体用户的一个稳定的一个增长。那-那但今年的一个重心就是我们要把需要在疫情之后去改变我们的流量结构，这些我们不能再去依赖这些IP生态领域，因为这些生态领域太偏热点了，那我们会把大量的流量去倾斜到这些我们讲的行业垂直领域里面去，像美妆啊、汽车啊、数码啊这些这些行业。因为这些行业一方面来讲的话呢，可以它的用户的互动和用户的粘性和KOL的生态，它对我们的未来的一个是用户的粘性有正向的影响。再一个呢，这些行业垂直领域也是很多是我们的行业客户和我们的收入相对来讲，呃，也比较依赖的这些领域，这是我们今年整体的一个运营的策略。 And also by Q3, we've been seeing the statistics showing that, you know, we had over 70% of the growth in terms of the traffic for this particular, what we call the IP ecosystem, and also for the past several years during the COVID. So, you know, originally the traffic from the IP ecosystems actually was accounting for about 40%-60% of the total traffic of Weibo. And also during the COVID period, still, we had a much better growth from the IP ecosystems than the verticals of automotives and digital, or cosmetics and beauty, and also the other like electronics area. So, this particular growth was pretty much stable in the past. However, this year we would like to shift our attention of our strategy. So after the COVID, we would like to change the traffic structure, meaning that we should not be too dependent on the traffic gain from the IP ecosystem, because this is too much, you know, hot trend and hot topic oriented. So, since this year onward and after the COVID, we would like to, you know, focus and also divert more traffics to the other vertical industries, for instance, the cosmetics and beauty, digital products and also automotives, etc. Because the users are more interactive and also the user stickiness is better, and also the KOL ecosystem is much better for those vertical industries. And also we do have our own advertisement customers that are actually from these different verticals. So if we actually, you know, divert and also try to get more traffic to those verticals, this is also going to help us to increase our revenue of the budget, the revenue of the advertisement as well. ...OK。 [Foreign language] 那刚才我说到这些，今年我们倾斜的这些行业趋势来看的话呢，今年在今年下半年，特别在第三季度，都在流量方面有一些不错的一个增长。那比如说美妆可能环比大概流量，流量增长超过50%，那数码呀，医疗呀，基本上它的流量，环比就是说就第三季度比第二季度大概也增长在30%左右。但是我们会看到，那不同的行业，它在这种生态的恢复上其实还是有所差异的。有的行业来讲的话，在流量恢复的同时，它的KOL生态也迅速得到了恢复，比如说像数码，包括医疗健康，但是像时尚美妆领域，它虽然流量恢复，但是它的KOL的生态，也就是说我们这个领域里面，我们讲的真正有商业价值的精准位的规模，其实还是比疫情前，包括比去年其实还是有一些明显的下降的。我们觉得需要大概再有两个季度来讲的话，我们希望它能恢复到疫情前的一个用户消费的水平，这样才能更好地支持客户市场。过去了。 And also for those you know verticals as I have already shared a color on upon, so we've been seeing a very good recovery and also the growth for the traffic in Q3 and also in the whole second half as we expected. So of course, for instance, for the cosmetics and beauty vertical, we had an over 50% of the growth quarter by quarter, and also around 30% and more growth to the digital products and also healthcare verticals in Q2. So but of course, having said that, still we've been seeing actually a quite a differentiated performance across different verticals for those areas, in terms of the recovery speed. So there are actually two points that we are making comparison upon. The first one is the recovery of the ecosystem as a whole and or or the KOL system ecosystem, and another one is the traffic recovery. So for the verticals like the electronics and the healthcare, we actually have observed a very good recovery of both the KOL ecosystem and also the traffic. However, for the fashion and cosmetics vertical, the traffic has recovered, but not for the KOL system, meaning that the you know, influential accounts and some of the really, you know, valuable accounts recovery was not as good as that of the traffic. So we still need to have another two quarters more for us to have a you know, total recovery, both on the KOL ecosystem and also the traffic. OK. [Foreign language] 那AIGC方面来看的话呢，其实上个季度也做过介绍，我们今年的重心还是一个是基于微博目前这种，数据方面的一些积累，我们致力于训练独具微博特色的一些垂直的一些模型，而且把它运用于帮助大V进行内容生产的一些辅助工具，那提升这样的话呢，提升我们垂直领域的内容丰富性，以及，博主和用户之间的互动和粘性，这是我们其实现在今年主要的 一个，工作重心。那在三季度的情况看，刚才上季度其实我也提了，一方面就是 在垂直领域里面，我们用了这种内容大模型去帮助博主进行内容生产效率的提升。那，我举个例子，在Q3来讲的话，我们主要是在美妆跟游戏这两个领域，在内容生产方面，帮博主内容生产方面取得了一些进展吧。那现在每天可以帮助博主平均生产内容超过5,000条。那从内容阅读效率来看的话呢，它目前AIGC生产的内容，较博主自然生产的内容，其实互动率大概高50%以上。对，那这方面来讲的话呢，我们还会进一步拓展更多的领域和风格，因为这个不同的领域其实去学习的话，其实还是有，还是有必要有一些差异性的吧。然后呢，我们未来可能一个是会集中在，美妆啊，游戏啊，数码啊这几个领域去持续进行内容生产工具的这种投入。另外方面来讲的话，可能在明年再看，扩展到更多的领域吧。然后，过来。 And also in terms of AIGC, as we have already stated in the past, that we have several focus of this year. First one is still we have to focus continuously on the accumulation and also the collection of data by using and applying AIGC, so that it is going to help those bloggers in generating the content in a more efficient and higher quality way. So for instance, that you know the contents generated by AIGC have more stickiness, user stickiness, and also interactive rates, and very efficient as well. So in Q3, so we have been actively applying the LLM, a large language model, on different verticals to increase the efficiency of the content generation. Let me give you an example. So in Q3, in the area of the fashion and cosmetics, and also in the gaming industry, on a daily basis, AIGC is facilitating the blogger in generating over 5,000 pieces of information a day. And also, if you're comparing the content generated by AIGC, versus naturally or written by the bloggers themselves, you can see a 50% better interactive rate and also user stickiness for the AIGC generated content. So, we of course, plan to apply the AIGC well in the beauty and cosmetics, vertical, gaming vertical, and also the digital and electronics products area. And next year, we are thinking about rolling this technology out to the rest of the other verticals. OK. [Foreign language] 那另外一方面来讲的话呢，我们就是，围绕着一些针对大V学习，大V历史的内容，我们在三季度尝试做一些AI聊天机器人，去帮助这种包括剧中的一些虚拟角色，去探索一些创新的一些应用场景。比如说AIGC技术去，学习一些名人、明星，包括大V的这种语言风格，来跟粉丝进行一些情感的互动的交流。那八月份呢，其实上线了大概，4-5个明星吧，然后呢，日用户互动量大概......... [Foreign language] 几万条左右，但是目前这个东西还没有完全的对所有大V进行开放，我们这个会看一下整个系统的完善程度，再决定开放的时间。谢谢。 And also last but not least, we are also having some innovative trials and experiments. For instance, using the, you know, AI, to learn the, characteristics and also the features or the, languages that those Big V's they, always use, to generate a AI chatbot or some of the virtual characters. So we did that in Q3, to actually, you know, really, you know, using AIGC to learn from those, important KOLs and influencers, learning the way that they talk and also the style of their, you know, interaction, so that, the AI chatbot was interacting with the fans. So in August, for instance, we had, you know, experiment this bigger technology upon 4-5 KOLs, and also on a daily basis, generating tens of thousands of interactions, together with the fans, with the fans and followers, using AI chatbot feature. But of course, at the current moment, we are not opening this to the rest of the ecosystem of the all Big V's, but still we are thinking about doing that in the future still. And nowadays, we are trying to perfect the whole system and also trying to really, you know, find out the final effectiveness of this application. Okay. [Foreign language] 谢谢。 Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.