Q3 2021 36kr Holdings Inc Earnings Call

Okay.

Hello, Ladies and gentlemen, thank you for standing by for a 36 day, Our Holdings, Inc. Third quarter 2021 earnings conference call. At this time all participants are in a listen only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded.

Now I'll turn the call over to your host young Li IR manager for the company. Please go ahead yung.

Well. Thank you very much also a lot of vocal Juicy Fitbit care of holdings third quarter 2020 conference call the company's financial and operational results were released earlier today and how you made available online.

Also view the earnings press release that we've seen the IR section of all of that.

66 care they'll come but he's a hands on today's call will include our co chairman and CEO, Mr. Doug on film and our Chief Financial Officer, Mike Bloom Lake.

Mr phone, we'll start our call by providing an overview of the company and performance highlights of the quarter in Chinese followed by English interpretation.

They will then provide details on the company's financial results before opening the call for your questions. Before we continue. Please note that today's discussion will contain forward looking statements made angelus safe Harbor provisions of the U S. Private Securities legislation Reform Act of 1995, so looping and 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 perspective, and other public filings with the U S. SEC. The company does not assume any obligation to update any forward looking statements, except as required under applicable.

Please note that 50 6K, our earnings press release and this conference call include discussion of now audited GAAP financial measure as long as well as unaudited non-GAAP measure finishing measure.

These parents, earning press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures and please note that all numbers are in RMB I will now turn the call over to our co chairman and CEO. Mr talk on the phone Paul. Please go ahead.

I'll take that one.

Hey, Andy.

Well. Thank you Hello, everyone and thank you for joining our third quarter earnings Conference call.

So if all of them working.

Toyota and medical.

Because you're getting all these issues.

So I'm trying to do here.

Joe.

You don't see all of you know until 'twenty.

I want you to do that but it doesn't really show to you where you can go there.

He won't go how to put a challenge I'm sure.

So you can find for Jose actually the Hawaii, a new shop teacher's those without them you won't be in a while being a neutral event you should look at it turned out of course the senior.

Senior talking that you're doing but do you have any other time you draw kidney because I didn't hear you won't have to use them for war, although I shouldn't assume attitude in this quarter as a prominent brand and pioneering platform dedicated to serving economy participants in China, where it needs to rise of mining new industry segments, including Hot core technologies, New consumption did you comment.

Connie antimatter worse, a hot topic globally, the world of venture capitalists.

In theory as that work in particular, the establishment of debating stock exchange has created a more favorable capital raising environment for small and medium sized.

Enterprise this is.

Actually for the specialized sophisticated in D C distinctive and innovative enterprises in China against a backdrop of uncertainties related to COVID-19, resurgence and heavy flooding in some regions of China. We observed many industry leaders actively embracing these changes quickly adjusting to the challenging.

You got me.

Currently undertaking.

Oh boy social responsibilities as we have been pushed out.

50, 6K, I'll go in to think of it during the quarter getting collections and communications for industrial participants and providing our customers and users with a complete ecosystem.

The weighted surveys and content.

Have you seen any at all on when they're telling me without boxes that college with you tomorrow.

That's about it.

It won't be as we're not having a daughter Susanna and he's just wanted your thoughts on that.

So as you put out.

So when the only thing that I forgot to onetime enough water to water.

Although we're not by any chance you do without talking to OTT.

This quarter, our total user traffic we mean it.

Certainly high level with average monthly pvs jumping to 849 million up 50% year over year. This marks our 14th consecutive quarter of PV growth a powerful testament to our content continue user run of things and our growing brand, England, we have suddenly our content presentation format.

Topic coverage to further grow our available only platform with unique in the way he pulled out and surveyed service offerings.

So I think.

You'll be interrupted you say you don't use anything at all.

And do you have all those users.

So I can tell you what you need a CTO of hope, you're all well, but hell of a show on television.

Hum.

Okay.

<unk> talked about that are truly not without coaches on Tmall pardon me Sundar I believe I understood in terms of calling your strategy or do you focus on PVC and EDC continue to cater to their lowest correctly and even more user groups needs across multiple formats, including image tax audio short form video and less drilling into quarter one.

<unk> <unk> pieces of content published a 50 6K O Rita official accounts had Easter accumulated more than 100000 views more excitingly the neighbor of colden pieces with leadership exceeding 200000 views experienced strong growth up 124% quarter over quarter.

But he is old in tissue I havent anyone who's done.

She was on La Tinder, it's little hard to answer another human know household I circle back on the oil so the water utilities from disposals.

This rule.

So if you if we didn't do it at all have you been do you also need to put it into your two year old and blah Blah blah.

Hold on by visual.

He used to say if I knew what you bought some goes home as you find your title probably like you can imagine.

And then when you have if you show them Here's what you tend to do well then they only Hungary, Sulfates, Israel VITAS Kinion Giselle I'm wondering though she's only been thrown tushar CFO didn't call you Josh This is John though.

Don't usually don't hold you won't go to the needle. We also continue to expand our collagen matrix during the quarter and the launch of tier two a 50 6K R. O official retail accounts dedicated to digital transformation, because I'm not and dynamics in each of our retail account appealing to younger users.

Youth 40 at a wide array of trending topic content for them.

Our user groups recently, China's official media all this global times picked up our content for the first time, they exerted and translate here are all used to report white paper, all staying up late and published two four in the year, which demonstrated over Cortez racing influence.

As of the end of the quarter, we have spent over high quality content offerings.

Extended to a wider range of areas, including new consumption also real estate advanced manufacturing artificial intelligence, new allergy autonomously robbing enterprise services medical and health care as well as primary and secondary markets related content overriding the suitability of reliability quality and usefulness.

Or to use a worthy.

Especially and you just told me about it.

My heart when we got here, where in some type of house that at all.

Arizona.

Uh huh.

So the name of them first of all total machine that the nine 2% due to the tragedy Nagel, Joe often sit on top of them.

How about I suppose as you said and Jim you don't go into whatever you. If I didn't know if you do tell I'll go ahead and tell what you came out.

It won't be that go live on that until we found alternate Hilton should in Palestine.

And there was a lot going into that.

A whole bunch of the shifting their own issues on calls before now.

We have.

Me too.

New business, which we believe will be a new growth engine for both commercialization user base expansion, we published dozens of short form video during the third quarter, attracting more than 6 million followers across all around online channels.

Clearly our short form video and in depth analysis of China's telecommunications industry, demonstrating a standout success acute.

Accumulation can't even read it would be worth across all channels. It was among daily belief most popular videos or all in one of the top three hottest video in depth knowledge section during the week of this launch we also for 80 videos in conjunction with all your success.

Sales of the younger generations of our trucking in numerous number of video viewership and create internet box.

What was that you wouldn't you yet because you've already quite a HUD a suitable hotel Chicago hotel will help him.

So it doesn't correlate to the tender of China, Hong Kim Jong she's I'll say to you.

The 20th handheld.

I also welcome those who don't know who they're going to Hong Kong.

Well, that's all for now.

Great.

So I hope what you told me a fragile.

And then when do you want to.

We also continue to make positive progress in a lot of screaming for instance, our new knowledge program launched in collaboration with quite a show features finance and business breaking news as well as capital market salary to this end we love screen.

Export is cautious on the latest developments in industries, such as commercial aerospace and U E Commerce, New consumption film and television entertainment reached engage a bother you faced in general ratings massive attention to illustrate the number of new followers going from a single lab training session of new knowledge program with 30.

That is higher than our average daily.

All new followers, making us an indispensable pan commercial calling in for wider I'm quite sure.

Yeah.

I'll tell them tomorrow, you'd always went out to hold me easier.

Yeah.

What we're trying to do is look how I'll tell what came out in the neighborhood Yehuda volunteers.

Yeah, well I mean.

Okay.

Sure.

She also borne out in Tahoe Tebo tool.

With all these young people.

Steve walked you hope you can question why don't you think you have to you know they don't have all of that but when he says he turns off completely from what you saw.

Or maybe you have a xiaomi oppo vivo xiaomi and so you can back that up.

If I'm in a hotel.

So that's also putting a bundle of course won't touch on any of the needle.

What I can do with it.

Yeah.

I told you, calling henriquez Omnichannel distribution Holland. This has been our philosophy from day, one in third quarter, we produced multiple blockbuster content pieces with our training top content onto your whole accumulation over 10 million Tvs you have in the autumn Festival, we collaborated with People's Daily the top official need them all lives nationwide to produce that.

HTML five piece on that exploration, which garnered 15 Neely total user exposures in addition to well known.

Lifestyles, such as lead had LIBOR cheerful.

We have also been exploring collaborations with new distribution partners in the third quarter, we cooperated with normal level mobile phone brands, such as Huawei, Xiaomi, Oppo and vivo to enhance our presence on their display China as a new species, we chopped a cellphone brands expand pan commercial content and increase our usage.

Kosher amongst RV customers.

Isn't that I mean is that a.

Bullshit syndrome.

I'm going to engage with us on time here.

Oh, Yeah, Yeah T you see hints you've run the human tissue.

Yeah, you bet.

And I'm sure that she tells me. He said look what else you wish you didn't have those have had a lot more Buffalo Tien Tsin, you know don't yet show up.

We didn't have any change to your own posted again, if things out we're.

We're also making steady progress with our new products, our secondary market products launched in the second quarter of 2021 continue to perform well in the third quarter holding the new energy vehicle industry summit, how important partnership with industrial Securities. We seem obvious Jim wells, when we add securities to Holdco Forum theme of E Commerce for <unk>.

The rise of National brands in the age of new construction.

And one of the 50 6K, our capital Pie.

Featured multiple domestic securities companies, such as TICC industrial Securities and Sheila can we add securities per share their investment income.

Because of the dry gas.

Don't forget a.

A couple of young adult towards you put out and put them on that they want you to see the August later, because I don't know if that was on abortion, Jeff <unk> CFO, Joe Yeah, you don't wait here with you to count on turning these truly are anywhere from call it that way.

And you've always had all one Roger probably as you bundled Gainesville takeout, it's Jose.

And cultural Italia, but there's always something more like that.

Thanks for the time here.

You cant you are just to name a few.

She honestly the only thing I will call you Angel.

One of the choices here.

So you usually don't have a pressure.

The more we are celebrating our coverage of matter was colder than in the third quarter on November 24, 2021 at all what you will have quarters machine, Jim We Helsinki six chaos fourth Night Awards, because industrial conference, leading with discussion on extended reality ecosystem value chain, new social networking in the virtual world and a lot of work.

The Congress chocolate, a large cohort of matter whats followers and facilitated collections and communication between matter worth investors and companies at.

At this conference. We also announced at 50 6K, our wheel launch limited editions digital collectibles in collaboration with Tencent Tencent closely.

1000, and 124 Lucky users will receive a digital collectible to commemorate November 24th and 14th milestone evolution. The day, we started our journey into the exciting new might've, Wisconsin.

And one of the only ask Andre Hall.

They will put out.

Kind of a global so I decided to come long can yodel T. All Hindi cheap.

Well listen you could even put out but as you know.

I want to let you know gradual ticking up and go down to the natural who how do you see the triangles are well then they don't want that.

A promote on vegetable hall.

Okay.

Total general Midland County, the treaty jumping in for Jeff.

No.

On the international front, we continue to explore the overseas business opportunities through our subsidiary <unk> Global in addition to South East Asian markets.

50, 6K, our global maybe forced into Europe.

Europe, Australia, and New Zealand in a support her this horizon finishes are set to facilitate more new economy and tech companies entry into new International markets. It will also help boost overseas companies access to Asian markets. This promoting deeper commercial collaboration between Asia and the rest of the world will work.

During our.

<unk> per week, what content inclusion on the Bloomberg Terminal 60, 6K, our Asia content was also adopted by both to them.

Testaments to our growing influence beyond China.

So not so sure I don't know, how you think Daniela forgot to see if I can.

So I don't see the terminal four so I'm trying to get a PR Basel proposal.

Without trying to hold the sugar, while you can I kindly hold on that.

I just don't see it with your tier two idle or bundled window to I'll talk to you.

Can you do to help pull those Eagle Ford I don't see yeah.

Don't do a lot of coaching because you can call. It in D&O for you to put your hotels you've had to then you know the humidity affording you that you can do better.

Yeah, you bet go hungry the union, so I don't know.

In summary, we are delighted to see 56 carats product and service offerings have Howard the entire enterprise lifecycle spanning from start of MTR exposure invest when the financing play listing consult consultation and appeal to that follows post IPO such as recent stock visibility in building shareholder value supporting <unk>.

Customer acquisition of the government incentives and overseas expansion, we have six major customer communities, consisting of Muni for Istar ops TMT giant investment institutions local gardeners traditional enterprises in Egypt, Indonesia clients succeed.

Succeed on top of our full scale presence and sustained development efforts more and more entry point here as an industry leaders value our brand influence and we have firmly established our position as a leading new economy service provider.

Tad I always think that he's actually I don't have I mean is this an inverse.

So not really hear which is you got him again.

Uh huh.

I'd like to share our latest updates with respect to commercialization.

What are our three major business segments delivered solid performance and our innovative new business continue making societies.

So if you kind of don't forget you cannot ask for you for that that's the one thing I didn't totally until just now.

Oh <unk>.

Linda <unk>.

Sure.

Ohio, and TV Holly you spent multiple having in the third quarter.

Including COVID-19 resurgence.

Macroeconomic uncertainties, our advertising business demonstrated is we've really is ample but like Tennessee, achieving solid year over year growth in each of the number of advertising customers and average revenue per customer.

While material and they all have him anyhow neither of them with these young Sheldon.

If I'm in tissue pencil out here in California, as you I'm sure Tomorrow touch with eastern coal shortage.

Contrast that with you.

J D.

Or bundle you know are you to actually be in the same search and.

She's a email can help did you get enough comfort allergies will alleviate any kind of a notable because all in 10 days or something like that.

And how the how's the trunk out does it mean and how much of it because I'm not asking you to.

Higgins I realize over.

No more shirts. He told me because I'm not exactly you can pull it up what is you took one in June.

So.

We have taken a <unk> approach to our advertising business fourth we leverage our content and brand influence to gain market with cognition second we continuously explore innovative forms of company promotion to efficiently increase increased both the number of advertising customers and average revenue per advertising customers for instance.

In the third quarter, we held in help promote is evo platform based laptops with two of our video our short form video team brought the complex technology to left with simple easy to understand reasonable language, earning accolades from Intel's Global team. This collaboration with Intelsat correct for an hour.

Average revenue per advertising customer.

Long and short form media marketing campaign, we believe that our short form video model can support us to lease a pool and throughout commercial collaborations with more prominence in international and domestic brands.

Cause actually I'm not sure what he does is it has a similar to what I can assure that the holiday came back went on schedule.

You both have the Chi says he most of the times with you.

So when you kind of as usual penthouses your both your top down for that and then on the digital congratulation on holiday Masha bundles today, and what do you need to to ensure that she's alcohol tornado go to you for <unk>.

Jubal Shanghai entire tissue take home for the OTT what have you.

No I'm talking that Youre looking to share.

It sounds like that you can of worms here.

These into short form video, we have also been proactively exploring ways to better empower various plants will add three new homes on our collaboration with Bobbi Brown in the third quarter is a perfect example.

<unk>, Texas, I would caution into what looked like a variety show the new formats utilize funds peer discussions to prevent its complicated and core technologies, but soon you're taking that whole user comprehension. Meanwhile, we cooperate.

Al to add what has it operates.

Corporate lines.

Tactical applications of its technology via less premium interviews with this channel partner this innovative form of <unk> in turn boosts our commercialization capabilities.

The whole idea here if.

If I can on Adobe, how having that zero or bundle shareholder here.

Budweiser is a multimedia I'm wondering you shouldn't have any impact.

Yeah Helane is.

So essentially the <unk>, having that fulfillment needle Canada.

Not a lot of tobacco into their income during the third quarter. We also attracted new advertising partners will over all your retail accounts. For example, we brought we still hold to advertise this new columns.

For multiyear new video programs.

Amplify in each brand presence in the marketplace.

It's terribly asthma advertising partner just shortly after its launch validates our.

While it is our influence on younger generation.

While received recall the matched by Brett.

Branded customer.

He is under if you want me to extend it or in poultry is even getting the culture. It's always a little trying to tune into our enterprise value added services, we maintained steady performance during the third quarter, while making meaningful progress in innovative new service offerings.

Yeah hold on one minute.

Oh boy.

That's the only way you probably answered that right with you tomorrow.

Do you think about him go towards autonomous vehicle, she's asking yourself.

You know Patrick Ho Chief we're not ruling that out.

And so those are the only way to that answer, although angel who need their phone who that is.

When they are completed.

Yeah.

Sure.

And you'll see Italian hotels.

We went down the future when we were telling you any truth.

Coming back over in Asia.

Our third quarter offline activities include.

December China, Investor future Summit, which achieved double success in terms of revenue influence, we invited a distinguished group of mainstream investment institutions to discuss on a set of <unk>, leading industrial sectors, including new conception hardcore technology medical care hub Mutualization in enterprise services, we offer.

<unk> latest statistics extra ordinary investor ended the age of 66 with our <unk>.

Proprietary IP statistics, and the statistics right with our unique Ips, we effectively establish our own visa investor community, while also enhancing user stickiness and the repurchase rate.

On the couch with all of you on the Thunder for the whole nation.

Outside of the Air Force.

Well Moshe Shandong Tijuana.

Yes, typical steel opening I hope you attribute your final Colorado.

But as usual that's Nancy Simonian Neal.

If I just ask that shipyard is that kind of a one just housekeeping on the triple times will temporarily idle or not without teacher with how much on hydro and I'll tell you a hotel.

That's helpful.

Also expanded the boundaries of traditional value added services with our new innovation entry apprenticeship competition service model targeting government clients and large steel industry leaders. For example, we collaborated with BYD to offer that is developer in the lesion contact we've attracted numerous applications from talented well sourced and produced <unk>.

New solutions for smart.

Automobile industry. This contact with BYD is first step in the direction of opening up the innovation from Tulsa supporting developers to access should be why these resources and is smart open ecosystem with our lending arrangements.

Travis your tenure.

You bet.

But you are not quite that way.

The English language with your decision goes without hurting our union could you hold on Ohio, Florida, and Arizona time, but it's not we don't see here.

Yeah Jamie.

These issues here.

The fringe out on how digital environment exactly.

So that's a long way.

Simeon I shouldn't until Wednesday, and Bob since you won't go out you didn't don't do it I'm sure. So your question.

Ginger.

You will see you on the usual.

Is that entirely without and.

And so that's a huge one.

Yeah. So if you don't keep paying.

And the only thing unusual.

On December 13th we will hold our annual wife's new economy Congress in Shanghai with our hot for US at the conference will feature a comprehensive summary, and review of the technology integration capital industry in 2021 with heavy rains from the venture capital World uniforms, and other well known companies at the same time.

<unk> and the regulatory authorities will be gathering to share their view Luckily we are collaborating exclusively with the OEM to promote this conference. So we can we will provide a high level for platform cost proportion resources package and traffic support support including our endorsement with 56 chaos leading position.

In the <unk> commercial called the industry, our premium contents matrix and the Oems massive traffic. We believe that this year's wife's comprehends will again be a major industrial influencer and enhance our Brent sickness and commercialization capabilities.

To that degree of.

Voyager tier it's under 412 examples.

San Jose I know you had bundled CTO and Jeep is alcohol by hunting down the high end deal.

As usual you can seem to heart.

If you find us which will see us.

Well, maybe I thought about it.

Apple choice, we can buckle bundles, because it held only submit oncology.

Hi, Tim.

On May 20, and the singer well then but.

So they don't you won't go into a high end or since you did have we've hardly a new logo.

You won't go holidays such issue.

These.

So we went out and we go to meaningful use which transitioned entitled design.

Sure Joseph Tomorrow.

What he didn't John what you don't and you don't close on essentially a new name on them.

No not really.

In addition to offline consulting services.

The important components of our enterprise value added services.

Is it pay a research Institute assisted government and corporate clients in targeted industry research and the per wife's customized solutions based on client needs on the combos that we released a smart mobility reporting cooperation with Alibaba and help leading high tech companies, such as <unk> and Xiaomi is industrial.

Such reports on this.

Almost that we previous research reports on investments promotion and a new development and construction planning for local governments instruments team Ginger and none.

I'm honored providing has decision making support not only in late November our statistics are research Institute to become a member of the.

So it's market research online, which is composed of the People's data Boston Consulting Group Kantar group, leading construction investment Research Institute, China International E Commerce, and James and James The Empire Office Alliance is a testimony to our professional research capabilities with recognition from professional authority.

Hey, guys.

This year will turn out.

Yeah.

I wish I hadn't Yanai, San Jose water and you can read about how long do you guys can do this with a water utility into the T for Tim here.

<unk> already signed what typically has been integral in total tune we tend to.

Teva with each one of them if you've had this your manager.

I'd like to share the latest updates on our new business 66 care Enterprise service revenue per home since its launch in August 2020, we have made continuous efforts to expand into China's top enterprise service revenue platform tailored to company's digital transformation. These as of the end of September 2021, we have grown.

The platform to power nearly 5000 software applications greatly broadening instead, what P T and inclusion.

Oh sure Yeah, we have not yet but is there something that I think one of the answers on that piece as well when anytime you do see habanero Katherine Xu CFO.

So would you.

Well as you hinted out in San Diego.

I just found out which was kind of what you would think that you can provide to them, which is India do you havent done pace isn't that too many times out of it.

China.

We didn't do so on the whole triangle.

Well that's exactly right.

Both of them should all needle to retailers of young people, Ohio, Iowa.

We also launched new features for the radio for the September, allowing them more chance to manage product profiles publish content via lease data and contract prospective customers as of the end of the quarter close to 400 Martinez has had established presence on the enterprise service video portal, including well known.

Such as JD.

<unk> seen some office in basin. So Moshe oriented features essentially transform us from a content producers to our marketplace platform as more and more channels and third party participants and are contributing to our platform.

But let's leave heating our Seo efforts and commercialization.

So its really really is around kind of automotive would have union Canadian passenger you that India. The unusual I mean, you do not have any overseas potentials in Khartoum cannot even get to your phone.

And what you can do when possible.

So you don't mean to you and you also have the right to what you did in Gilbarco followed when the time it was a year that opinion also should abate.

Are you trying to do to continue with it or how do you your passenger didnt getting back to 100 passenger anemia also Jonathan and drew down by.

If you will.

How do you call your commute to a holiday.

Thank you.

John perhaps you don't have any final votes withheld chinh Chu.

Tell me if I, if he kahala by not having the Johan <unk>.

At operating metrics average daily active user increased by it.

9% sequentially. After review comments increased by 57% sequentially in the fourth quarter.

Primarily due to our planned expansion and complementary enrichment Unicorn published a research report on social customer relationship management private domain traffic operation and marketing design, which shows that customer of the product covering our reports.

On average of 10 times more willing to leave data personal information portal and customer of products not covered in our report and supported the average conversion rate of potential customers that provide easier personnel information both from zero, 8% to 24% a 200% increase to date.

The conversion rates for at least January here on the web portal is Ravi <unk> that off lease from public domain traffic. We are convinced that future refinements of the platform to improve customer acquisition efficiency for enterprise.

And help them better optimize your products based on the growing number of where we do the right deals.

It will show up in that area.

Similar to the U S E N solution here you find out that they don't quite have enough water standards like do you want to watch when all said no pay for all of US here, but just wanted to cancel for now.

Well, thank you Scott.

I intend to present initial route.

So not having to shop Tivo causal because I know you did other tissue civil cultural tell me, it's not I'm not sure because I know when we've done all that Mr. Tobias lots of them at least let's change of our subscription service throughout our 11 year history, we have both upsells and providing exceptional service.

Please go ahead.

To leverage our expertise and customized service offerings.

With that Andrew printers empowerment, two days and we continue building our comprehensive training system for enterprise and individual entry printers.

Recording 52% subsequently subsequent revenue growth with a 14% year over year increase in the number of institutional customer and a 48% year over year, increasing average revenue per customer.

Digital that's hanging in your thinking yet for me. It is actually a vehicle today I Hope you don't you won't find one that's usually where you can help us in D C than anyone who pay.

How quickly can only it has economy.

This year.

So kind of a kind of a total entre count for you didn't tell me.

The winter months, you don't have a ton of Oklahoma. We are trying to if you won't cancel for now <unk> hired anybody that he started doing that.

Harnessing our commercial experience, we have been working tirelessly to refine our training systems as well as our premium knowledge content library for institutional and individual subscribers, we offer online courses.

<unk> improved their professional expertise immensely.

And we also offer very specialized cleaning program for institutional subscribers. For example, we launched venture capital class at the end of October to provide our learning platforms a salary.

And the pricing comment helps enterprises to become industry front runners.

So it hasn't been changed.

Yes, sure Jay its only a few now.

Thank God.

So as you can see that is getting longer term is on continuing to pay down a little in the hotel.

Yeah, I don't think she's getting down towards the low <unk>.

So that is all that big.

Those are the only company to you set out on the trajectory into the year you won't go hospital in Shanghai in June.

So now I will share with you is on community 40 year to hover.

Before we can anytime you do at the community Bank look I don't have anything to tell.

Tito changes out of Hong Kong, Tokyo and Shanghai.

I'll note here that the era.

Era of rapid technological change involving impact of COVID-19 business will never stop innovating and growing them as a witness to this era.

<unk> has been fortunate to accompany among multitude of internet companies on their development and expansion journey and we will continue to grow alongside them as we bear witness to the advance of the age of beaches Pulsation Hot.

<unk> core technology in amount of awards debating stock exchange will provide about your capital environment for specialized refined.

Differentiated and innovative companies facilitate easier growth with well, they're playing field and raise the ceiling of the new economy service sector as an outstanding brand and innovation platform solving new economy participants, we believe that <unk> is well positioned to capital light entrees in the new <unk>.

A heart and unlock commercialization potential as we can cover more and more new economy enterprises. We are confident that we will have our industry partners, who actively to future success.

That's all you can have a $1 billion.

I'm going to drag out here with that I will now turn the call over to our CFO.

Who will discuss our key financial results. Please go ahead. Thank.

Thank you Pal and Hello, everyone. We are very pleased to have achieved another quarter of solid financial results across all of our business segments. Despite multiple headwinds, including COVID-19 resurgence is a microeconomic challenges as Paul mentioned earlier, our advertising revenues grew steadily year over year in the third quarter with increases in both the number.

Of the customers and the average revenue per advertising customer.

So thanks to our relentless efforts to provide customized and innovative enterprise value added services revenues from this segment increased by 57% sequentially.

Notably our ongoing subscription product optimization resulted in a strong 52% year over year increase in our subscription services revenue in the third quarter.

<unk> as we continue to shift our resources and focus on higher margin businesses. We saw continuous improvement in both gross profit and gross profit margin, which expanded to 56, 1% from 37, 9% in the same period of last year.

I would also like to highlight that we ended the third quarter with a strong cash position as we achieved positive cash flow from operations going forward, we will continue to solidify our industry presence and expand our monetization approaches to COVID-19 sustainable long term growth.

Now I will walk you through more details of our third quarter 2021 financial results.

I don't have any services revenues increased by 4% to RMB $53 4 million in the third quarter of 2021 from RMB $51 1 million in the same period of 2020. The increase was primarily attributable to a more innovative marketing solutions, we provide to our customers.

Number of advertising customers and average revenue per advertising customer both achieved growth in the third quarter of 2021.

Enterprise value added services revenue were RMB $22 5 million in the third quarter of 2021 compared to RMB $66 4 million in the same period of 2020. The decrease was primarily due to our continuous shift and focus towards higher margin businesses starting from the first quarter of 2021 with <unk> to act as a principle.

And certain low margin businesses and exit solely as an agent.

As a result revenues of such businesses were recognized all in that business from the first quarter of 2021 onward to increase comparability of operating results and help investors better understand our business performance and operating trends, we introduced gross transaction value at <unk>.

<unk> magic to describe our business.

Transaction value of enterprise value added services was RMB $66 3 million in the third quarter of 2021 compared to RMB 66, 4 million in the same period of last year in particular, our consulting services revenues and offline events revenues increased by 14% and 72% year over year.

Respectively, reflecting our expansion efforts in enterprise value added services have gradually paid off.

Subscription services revenues were RMB 9 million in the third quarter of 2021, representing 52% growth compared to <unk> 6 million in the same period of 2020. The increase was primarily attributable to our continuous efforts to offer high quality subscription products to our subscribers.

<unk> revenues were RMB $84 9 million in the third quarter of 2021 compared to RMB $123 5 million in the same period of last year.

Taking into consideration of the aforementioned change in revenue recognition for our enterprise value added services, whereas there was RMB $43 million variance between net revenues and gross transaction value and laptops can't actually find out that our overall business trend is upward and demonstrated solid year over year growth on a comparable basis.

Cost of revenues were RMB $37 3 million in the third quarter of 2021 compared to RMB $76 6 million in the same period of 2020. The decrease was primarily due to our continued shift in focus towards higher margin businesses and recognition of certain revenues only nine basis.

Gross profit was RMB $47 6 million in the third quarter of 2021 compared to RMB $46 8 million in the same period of 2020 gross profit margin was 56, 1% in the third quarter of 2021 compared to 37, 9% in the same period last year.

<unk> was again, primarily due to our continued shift in our focus towards higher margin businesses as well as recognition of certain revenues on that basis.

Operating expenses were RMB $83 million in the third quarter of 2021 compared to RMB $63 2 million in the same period of 2020 sales and marketing expenses were RMB $35 5 million in the third quarter of 2021 compared to RMB 31, 6 million in the same period of 2020, the increase was primarily actually.

We'll go to an increase in payroll related expenses G&A expenses were RMB.

9 million in the third quarter of 2021 compared to RMB 25 million in the same period.

Last year, the increase was primarily attributable to an increase in the allowance for credit losses and payroll related expenses.

Oxide by the decrease in share based compensation expenses.

Research and development expenses were RMB $13 9 million in the third quarter of 2021 compared to RMB 11, 2 million in the same period of last year. The increase was primarily attributable to the increase in payroll related expenses as we bolstered our research and development capabilities share based compensation expenses recognized in cost of.

Revenues sales and marketing expenses research and development expenses as well as G&A expenses totaled RMB $4 9 million in the third quarter of 2021 compared to <unk> $4 6 million in the same period of 2020.

Other income was RMB $1 5 million in the third quarter of 2021 compared to other income of RMB $2 5 million in the same period of 2020. The decrease was primarily attributable to a decrease in the amount of government grants received in the third quarter of 2021.

Income tax expenses were RMB 14000 in the third quarter of 2021 compared to income tax expenses of RMB 21000 in the same period last year net loss was RMB 31, 3 million in the third quarter of 2021 compared to RMB 14 million in the same period of last year.

Non-GAAP adjusted net loss was RMB $26 4 million in the third quarter of 2021 compared to RMB $9 3 million in the same period last year.

Net loss attributable to <unk> holdings ordinary shareholders was RMB $35 million in political quarter of 2021 compared to RMB $14 million in the same period last year.

Basic and diluted net loss per share were both RMB <unk> <unk>.

In the third quarter of 2021, compared with RMB one four in the same period last year.

As of September 30 of 2021, the company had cash cash equivalents and short term investments of RMB $178 million compared to RMB $149 6 million as of June studies 2021, the increase was mainly attributable to cash inflow from operating activities.

Lastly, let me provide some updates on our share repurchase share repurchase programs.

On May six 2020, the company announced that its board of directors authorized a share repurchase program under which the company may repurchase up to a total of $1 million.

<unk> deposit.

<unk> sure.

Each representing 25 class eight on the ratios.

As of September 30 of 2021, the company had repurchased approximately 786080 assets for approximately RMB $17 5 million under this program.

This concludes our prepared remarks today, we will now open the call to questions.

Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question fee stress star one on your telephone keypad and wait for your name to be announced if you wish to cancel your request. Please press the founder Husky.

Once again it is star followed by one on your telephone keypad to ask a question for the benefit of all participants on today's call. If you wish to ask your question to the management in Chinese immediately repeat your question in English.

Once again it is star one to ask a question.

We have the first question coming from the line of Vincent Yu from Needham and co. Please go ahead.

Okay.

Our first question comes from the line of Vincent Yu from Needham and co.

Please go ahead.

Yes.

But an interruption.

The line of Vincent Yu. Your line is open please ask your question.

Okay.

Yes.

Okay.

Yes.

And we cannot hear you.

Operator, maybe we'll go to the next question.

Question, Please and we can go back to Vincent later, thank you.

Certainly the next question comes from the line of <unk>.

Okay.

<unk> go ahead.

I'm going to lumpy noma.

Okay.

Yes.

Oh, Trubion, Josh you're not willing to listen and jewelry and apparel.

Oh, what you didn't do any warranty issues just nicolson CFO.

Oh, Paul Quadrant clean Pelican South corridor.

And I'll talk to Charlestown thresholds uncle, Sam, losing some discount that as she needs.

Uh huh.

Yes.

At home they are going to shoot a question that you did that.

Ali.

Goldfish Citigroup.

Yes.

My first question is enterprise value added services covered 90 items michcon contributes more to the Companys revenue and will be the main growth point in the future and the second question is under the current macro.

Environment, how is your advertising business in the fourth quarter.

Hi, Tom James Thank you for your question.

This is Lance I'll answer your first question and then Mr. <unk> will give you more color on the growth strategy and a second question.

Yes, you are correct that our enterprise SaaS revenues include basically three sub categories, namely integrated marketing consulting and offline events.

From the third quarter perspective, you can see that our biggest component for this.

Enterprise revenue actually is consulting and followed by offline events consulting services in offline event services account for around 60% and 30% of the total enterprise value as revenue, respectively and leads to revenue.

Also grow very fast fast pace for example, the consulting services grow actually 14% year over year and the events revenue grew further even faster with a 72% year over year growth rate. So going forward I think in the near term to mid term.

<unk> will be the driver for our enterprise.

Revenue and suddenly we have been mentioning that our enterprise.

Surveys reveal portal a few times and this is a new very innovative and promising services, we have been incubating since last August.

This quarter.

And that this is a business.

The very good performance on all kinds of operating metrics.

This business hasn't been really.

Commercial light only with a very minimal monetization, but in the future I think what is that.

And once we commercialize this product we will it will be another very big and important growth engine for US and then Mr. <unk> will give you more color on your second question. Thank you.

Yes.

They don't show up in CFO with a trough or not only the Tia Maria will drive me to.

Turning to you heard Tricia on surgical plan.

In terms of where the creek, we will have I done.

Sure.

<unk> you.

So chongqing.

Because I'm conscious I'm not planning for that cohort without home without charters on two additional achievements of the youll share to you put out in that kind of detail.

Sure.

So we didn't hear what you would attribute that Oh, you'll have to have Andrew King.

<unk> CFO.

Two other non energy and CTO.

Sure.

I don't know if it hasn't been a division that Shanghai will.

Due to LNG Shaw and we came out of that yet.

Let me talk about anything that NGL.

So let me kind of about where she.

Asia, Shanghai, even compared to here.

So the main growth drivers of our enterprise value added service will be consulting and offline events. Our main target clients are enterprises and apartments and we already have.

Sure.

Our scalable business model will continue to optimize and innovative products and service offerings to achieve a higher average revenue per customer.

We will continue to increase the coverage of new industries, and new segments to expand our customer base.

Our local sites will also play do their regional advantages and penetrate the market or lower tier cities.

It is worth noting that our newly in Q <unk> Enterprise service revenue portal is in a process of continuous optimization.

Leave it will become one of our growth driver in enterprise value added services.

As of the end of this quarter our portal.

Major categories and more than 200 segments nearly 400 more chance have establish a presence on the portal or increase increased 100 zero, 9% than the second quarter. The portal has showcased nearly <unk> applications. The average <unk> increase.

By 109% sequentially and the number of review comments increase by 50% sequentially in this quarter all of these operational statistics demonstrate hate the influence of our platform.

Okay got you claim that you got going on here with Olivier <unk>.

Did you go to Montara in Hawaii, as you well, we'll do decently, though politicians and the Logan is hydro.

Conoco high issues.

Neither.

We'll be neutralizing the alcohol here with empathy with oil put onto the phone line.

Sure Tomorrow.

For me that they send you to the Qualia wounds your coastal hydrocodone <unk>, Amit, it's usually can kill the council about today on the high end, obviously anytime.

Since we took element of it anyhow youku.

Hum.

Challenging macroeconomic environment, we remain cautiously optimistic about the fourth quarter in the third quarter of the entire advertising industry.

Pressure.

Evidenced by the varying degrees of slowdown or decline in our competitors advertising business. In contrast is that the overall industry's long our advertising business achieved solid growth year over year and quarter over quarter in both the number of advertising clients and average revenue per customer.

Powerful Testament to our brand influence and customer recognition.

From Ohio withdrawals around here, because you don't have that clear I thought you didn't tivo to me because I'm not.

So now that you can't.

We also hugel embellished nicole's indeed for the unfortunate that.

And then you'll have all the future tranches in Chipotle.

He holds and I got a little share.

Colombia.

Main growth points of our advertising business will be expanding the customer base and increased increasing the average revenue per user.

Phil consistently increase our coverage of new industries, and new segments, which will help expand our user base. In addition, we will keep diversifying our content and advertising formats, such as video and live streaming well, we will benefit our customer which also continued to raise the afore.

Okay.

Tangible book, we can model. It you can find for the Howard County, Colorado equates that gives us a hint on that EPS.

Theres no large scale COVID-19 resurgence by the end of this year, we believe our advertising revenue for the fourth quarter, we will continue to grow.

Yes.

Okay.

Okay.

I see.

Thank you we have the next question coming from the line of Vincent Yu from Needham and company. Please go ahead.

Sure.

I think all of them.

Thank you Laura.

Thank you.

Okay can you talk about.

Ill go ahead go ahead.

Isn't that Tim was asking especially now that you're playing in digital that you wouldn't know what John just said.

Well, the one who's down being a Jewish on ways that you are planning for a woman <unk> chica.

Okay.

Sure.

Hum.

Oh, the connection functionality you don't want me to say.

Thank you.

I mean, she's going ahead at all unusual mentioned you got the June quarter.

Oh, sorry.

It just is so logical.

Yeah Ali well domo kind of elements have been sensible how should it be tell me not just dealt with.

Balance sheet $2 trillion.

It seems that adult.

So when we sat there so we'll mention that without a showroom the Hong Kong equals in that kind of.

A bunch of downhole just your question Paul.

Just to make sure we don't go to for you guys.

Chlamydia and diverse just in that you could shoot.

Jean Michel would you won't just owning apartments, you won't Jewish LNG cool.

The price decline.

So route.

And you take the center each union.

And Jacob.

Sure I'll push your shutdowns actually tissue, which is on the <unk>.

Jim.

The charts on the Thomas.

I just had one biggest digital women.

Jake.

<unk> in the frontline <unk>.

Women seek what she says she found that Youtube <unk> bumpy.

<unk> offered pool essentially the Lille.

She's only that do not in our plan.

So when you say.

Thank you management for taking my question I have two questions. One is can management share with our key revenue country contributors in terms of industries as well.

We're seeing that overall that China online advertising by seeing some weakness.

Due to various reasons, what do we think about.

Our revenues.

Jean <unk>.

From.

This quarter and for the next few quarters and my second question is on the.

Enterprise value added service. So if you look at that number.

So these customers even though.

They are lower than last year, but the past few quarters. So we are seeing.

Steadily improving.

Can management share.

Sunlight, what's the driver behind this.

And what we see these trends in fourth quarter and next year. Thank you.

Yeah.

Hi.

So lots of room that.

Uh huh.

Television political.

Jonathan would you go.

I would tell him that.

<unk> CFO.

Iodo, having him with a highest TV show.

Ill.

It doesn't get us out and give you if I may.

Who do you want to add about one just as usual.

Total haywire.

Cole with the highest symbols attuned zander.

Can we work with them on the product introduction appreciate it Joe.

Hi.

Im very high ends at the end of her thoughts and if you don't see ourselves.

I'm going to use out.

Nicole you don't see here, you're looking at apples and oranges in only four inches muni bonds.

Onshore Colombia.

Sure so as I used to deal with questions here, but I don't see you before in there.

Is that higher even in detail open up a whole cohort.

On the Ohio Board of them harder to let him go to people who are doing in China.

Yes.

We'll be able to put on it turns out that you're seeing.

Okay.

Can you just have you put into the season the colleges are.

Asia, Shanghai was king and the answer to your home to the CTO well wishers town here, presumably that should get us in that time.

Cohort I should enjoy it and it kind of started with Dominion that.

In terms of pull around any of the top industries for construction and lifestyle investment institutions.

Entertainment and media E Commerce and comment totally contributed 57% of total revenue.

Top five industry for our advertising clients, our conception and lifestyle, social networking Hot aware e-commerce and enter payments, our media, which contributed a total of 91% above our revenue no matter from total revenue side or advertising business that we have a very healthy mix of customers.

When you mentioned some weakness in the overall, China Internet sector not sure. If you mean, our education sector and online game sector of this tool industry has a very small part of our business I'll have no no.

No impact on us.

New economy companies do make up a considerable portion of our customer base, but a significant part of our CFO.

Portions of hydrocarbon divisional companies, such as Intel <unk> CTO hire early in media.

We have a very healthy mix of our advertising clients.

The temporary volatility in one sector or industrial segment will not have an impact on us.

Consistently increased our coverage of new industries.

Demand for new economy companies in margin from promising industries, such as our high end metrics manufacturing and health care will be strong and sustained we will also perhaps neil surveys and products such as <unk> video lapsed <unk>.

<unk> anticipates radio portal that we mentioned before.

Yes.

Hi, Vincent for your second question. This is land actually I will be answering your second question regarding the enterprise SaaS revenue.

Understandable that you got a little bit of confusion on the.

A number of enterprise VF custom.

Customers and approved over there I think if you compare on a year over year basis.

Not exactly apples to apples comparison, because if you find out from our prepared remarks, starting from this year were actually changed around and recognition last year, we have a big portion of enterprise SaaS.

Revenue, namely our integrated marketing revenue actually week, we recognize that it grasp broth basis and this year, we recognized in that basis, and we even introduced the <unk> <unk> transaction value to be a more comparable.

Indicator, but.

Ali.

You see from our earnings release is not exactly comparable if you look at the <unk>.

Number of customers ended up but you are also correct that if you are looking at a sequential basis from Q1 to Q2 and from Q2 Q3 that number both numbers have been increasing very obviously, that's because we have been.

Shifting away our focus from integrated marketing business, which is a low gross margin business to more higher margin business, which namely consulting services and offline events.

And I just mentioned and by also true that the ICC analysts that consulting services and offline events account for around 60% ancillary per side with.

Irrespectively of enterprise to be about revenues and this to also grow very strongly one.

Consulting services growth.

14% year over year and as the other.

Offline that grew 72% year over year. So that's why this sector has been very strong and we put a lot of amtrust emphasis on that.

You are asking about the trend in Q4 Q4.

I understand you are in the space. So you might not exactly familiar with us as the waiver in China in Q4, there are some.

Our surgeons is of COVID-19, again, so there might be some impact on our offline events.

But overall I think Q4 is a strong season show. So we should have been a SKU.

Expect growth in this category, but if you look at next year. The full year 2022 that will be very obvious this category will be up.

And again, especially with the.

Our new business is enterprise services reboot portal, what's that been commercialized there will be additional <unk>.

Dreams revenues coming from these new businesses that will be in the enterprise category as well.

I Hope this answer your question.

Thank you.

Yes.

Yes, very good thank you.

Thank you once again, ladies and gentlemen, it is star followed by one on your telephone keypad. If you wish to ask a question.

Yeah.

Part of the benefit of all participants on today's call. If you wish to ask a question to the management and Chinese. These immediately repeat your question in English once again it is star one to ask a question.

Yeah.

We have the next question coming from the line of.

BP Q from industrial Securities. Please go ahead.

And Gwen and we shouldn't see any children.

Yeah, you got when you send your share.

I need to go do what a J shall Dodgers time should conclude your boardroom quantified, yet well, Germany, Japan will come towards the huge angle Goldman. Thank you know why I don't want <unk> Joshi analogy, yeah don't shipping could chip for John.

<unk> Ching Tai do woman cooks, one country car you ensure that you're going to answer it somebody out there put it you got you.

I will translate my question.

Could you management give us more color on the development of the short video and live stream pods.

And how much does these two new forums contribute to the AD replenishment effect.

Sector and with how.

How much is a pronounced.

These two new for them.

<unk>.

Okay.

Thanks Ross.

Yes.

<unk> <unk>.

Yeah John.

Home items in Azure today are Matt.

Because you didn't kill tissue.

As you can do at LNG natural human bundle equal homebuilding, Nicole I'll tell you Tyler.

Hi, Nicole.

But just in the jumbo.

I was wondering now that you just haven't gotten there yet.

I do a measure to see you go talk to old and tired anyhow.

But under that scenario.

While we cannot pay policy, which will again Matt.

Goldman to you and talking to them.

It is actually gaining more share T with Keystone wasn't because of that type of an open question as to control. We think we're not ready to put on that kind of where you can gather.

Sure.

Yes.

So you don't have it.

And it has worked in the Navajo Kuhnian helium.

Sure.

Okay.

We continue to.

From vehicles without history, because once they go into general slowdown.

And tragic time, you've already met him.

Yeah.

Yes.

So judging by the third quarter.

Revenue hour.

Revenue from short video and live streaming.

Both achieved year over year growth, so given though considerable macroeconomic challenges faced by the entire advertising industrial we are quite satisfied with our performance.

Sure.

Our short video business continue to be a bright spot in the quarter. So we have some customers like Intel promote this product a short form video feedback upgrades and the over 2 million revenue set a record on the short video advertisements average revenue.

For our customer so.

Also other customers like IBM.

Financial also that's alright.

With with us so the short video.

Revenue will be higher than the revenue.

From the Wechat account so in the future, we will be able to waste a poor we fell short form video model and thus to facilitate our.

Penetration among individual customers also the younger customers.

As part of our customer base.

So we will let our CFO to answer some of the proportion of those with fifth short video form of their revenue.

Hi, Peter This is lane I think can be a short form video and live streaming new forms of advertising and grow very quickly now but in terms of revenue scale.

Because it's very new.

Not yet a year.

We launched these businesses so right now the <unk>.

<unk>.

A ramp.

Maybe less than 10% of total advertising revenue and the growth rate again.

I'll definitely outgrowing outperforming the average growth rate I don't have any revenue. So in the future I will grow and will be a bigger percentage of total advertising revenue milestone.

Yes.

Yes.

Please go ahead.

Okay.

Thank you as there are no further questions I'd now like to turn the call back to the company for closing remarks.

Thank you once again for joining US today. If you have further questions. Please feel free to contact <unk> investor relations through the contact information for why they're on our website.

Thank you.

This concludes our conference call today, you may now disconnect. Your line. Thank you.

[music].

[music].

[music].

Hello, Ladies and gentlemen, thank you for standing by for a 36 day Our Holdings Inc.

First quarter 2021 earnings conference call.

At this time all participants are in a listen only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded I will now turn the call over to your host young Li IR manager for the company. Please go ahead.

Well. Thank you very much all for a lot of local jurisdictions with PR for the corner 'twenty 'twenty earnings conference call. The company's financial and operational results were released earlier today and how you made available online you can also view the earnings press release that we've seen the IR section of all of that said I on those 66, Colorado come but he's a hands on.

Today's call will include our co chairman and CEO, Mr. Doug Robinson, and our Chief Financial Officer, Mr went away.

Is there a phone we'll start our call by providing an overview of the company and performance highlights of the quarter in Chinese followed by English interpretation.

He will then provide details on the company's financial results before opening the call for your questions. 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 legislation Reform Act of 1995.

To help them anything evolves from here with an uncertainty.

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 with the U S. SEC. The company does not assume any obligation to update any forward looking statements, except as required under <unk>.

Please note that statistics here earnings press release, and this conference call include discussion of now I'll, just discuss financial measure as well.

As well as unaudited non-GAAP measure finished measure.

56 earnings press release contains a reconciliation of the unaudited non-GAAP measures to the audited GAAP measure and please note that all of them. All numbers are in RMB I will now turn the call over to our co chairman and CEO Mr. Toggle phone Paul. Please go ahead.

The other half.

Now.

And it sounds like it would be.

Well. Thank you Hello, everyone and thank you for joining our third quarter earnings Conference call.

Uh huh.

If all of them walking you need time you drive.

Toyota Medical look I don't have any of that.

Yes, you had all those issues.

So I'm trying to do his job.

You don't want.

I want you to do that but it doesn't necessarily have a can do attitude.

Yes, you won't go harder Shawn Jim Thomas here.

So you can find 400 actually the Hawaii, a new shot just those without don't you won't be awhile being original NC I spoke with a rep turnover Cartagena talking that you're doing with your high that's hanging dry cannabis is around you do you won't talk to him for a magazine.

This quarter as a prominent brand and Perineurium platform dedicated to serving economy participants in China, we witnessed the rise of mining new industry segments, including Hot core technologies, New consumption did you comment economy and the matter was a hot topic globally. The world of venture capitalists ethics that have experienced that where in particular.

Establishment of debating stock exchange has created a more favorable capital raising environment for small and medium sized enterprises, especially for the specialized sophisticated.

This distinctive and innovative enterprise is China.

Backdrop of uncertainties related to COVID-19, as we suggest and heavy flooding in some regions of China. We observed many industry leaders actively embracing these changes quickly adjusting to the challenging Michael.

And currently undertaking cooperates social responsibilities as we have been for the past 11 years 50.

<unk> 56 per hour in the think of it during the quarter getting collections and communications for industrial participants and providing our customers and users with a complete ecosystem of innovative services and content.

So does that mean, they're telling me without boxes that college with you tomorrow.

The audience.

Told me, they're not having to water. So can you just sort of details on that.

So you'll retain Hello, and then they own so as you're talking to are they going to put out.

So when they only can hit it off at all forgot to onetime enough war, although that.

Todd will not want to change it without talking voltages.

Our total user traffic remained at historically high levels with average monthly pvs jumping to $849 million up 50% year over year. This marks our 14th consecutive quarter of TV growth a powerful testament to our content continue user run of things and our growing brand influence we have suddenly our content presents.

Asia format as well as topical wage to further broaden our available only platform with unique in the way he pulled out and surveyed service offerings.

So I think I'm glad you called Europeans you got did you say you don't just have you at all.

And do you have all those users. So they have had Antonio you might as well do you want you need a CTO hope, you're all well, but hell of a show on television on Ohio, and golf were down, but I don't think I'll continue.

I won't tell you that I don't want to walk around that are certainly not without coaches learn Shimon pardon me Sundar I believe I understood in terms of calling a strategy or do you focus on PVC and EDC continue to cater to the lowest preference any more user groups needs across multiple formats.

<unk> image tax audio short form video and live streaming in third quarter 185 pieces of content published 56 chaos reach of visual account has accumulated more than 100000 views mark suddenly the number of condom pieces with leadership exceeding to Henry <unk> experienced strong growth up 102.

94% quarter over quarter.

But you know I mean tissue I had and then once you're done she was on la Tinder its little hard to answer another human neural households, I circle back on the oil so the water utilities from these sorts of orders here to try to anticipate this rule.

So if you if we can't do it at all have you been now we also need atone and tier two year old Bob with a whole number of usual I'll give I'll call yesterday, if I can ask you about some goes home as you find your title probably like technology.

How do you teach them digitally tend to do well then they only hunger shall page Israel VITAS Kinion Giselle and wondering though she's only been so don't Asher CFO didn't call you. Josh. This is John Doe people don't usually don't hold you won't go to the needle.

We also continue to expand our collagen matrix during the quarter and the launch of <unk> 50, 6K R. O official regional accounts dedicated to digital transformation phenomenon dynamics.

Our retail account appealing to younger users will use 40 at a wide array of trending topic content further diversifying our user growth.

Can lead China's official media all its global times picked up our content for the first time, they exerted and shelf Lady at our Oems reports White paper, all staying up late and published two four in the year, which.

Which demonstrated our Congress rising interest.

As of the end of the quarter, we have spending on where high quality content offerings have extended to a wider range of areas, including new consumption also real estate advanced manufacturing artificial intelligence, new allergy autonomously robbing enterprise services medical and health care as well as primary and secondary markets related call.

Oh, providing that visibility availability quality and usefulness decade or to use as a worthy.

Especially and you just told me that you've had.

My heart when we got here, where in some type of house, although hires on quality.

So I said he thinks is the name of them or total machine that into you don't need to open the tragedy nail jell, often sit on top of it as well.

How about a solicitation in game going.

And what does it mean, if I didn't know if you had to tell I'll go ahead, and that's all with Hawaii.

Yeah.

There won't be that you'll have on that until we found holger as usual then shouldn't tell us that they have a whole lot in there.

It was a clean entity that will foster the shifting at all itchy golf and golf ball now.

We have been working tirelessly to observe our short form video business, which we believe will be a new growth engine for both commercialization user base expansion, we published dozens of short form video during the third quarter, attracting more than 6 million followers across all around online channels, particularly our share from radio an in depth analysis of China's.

<unk> industry, demonstrating a standout success.

Accumulations, so anything we do would be worth of calls on China. It was amount really believes most popular video overall and one of the top three harvest video in depth knowledge section during the week of this launch we also for 80 videos in conjunction with all use of stemming the lifestyles of the younger generations are tracking.

A number of media viewership and create internet box.

What was that you wouldn't you yet because you've already quite a huddle they seem reasonable hurdle should I don't know whether it will help him.

So it doesn't correlate to the tender of China, Hong King She Nanchang, She's I'll say to you because you can see here.

Well I'm not sure you're wondering also dollar condos townhomes.

Well, that's all for now.

You bet.

We're trying to play it told me a fragile so in fact high any cohort who doesn't know what you want to.

We also continued to make positive progress in live streaming for instance, our new knowledge program launched in collaboration with quite a show features finance and business breaking new as well as capital market salaries to this end we love screen.

Export is cautious on the latest developments in industries, such as commercial Aerospace E Commerce, New consumption film and television entertainment, we engage a quality of your face and general ratings massive attention to illustrate the number of new followers going from a single lab training session of new knowledge program with 30.

That is higher than our average daily at new followers, making us an indispensable pan commercial calling in for wider off by shell.

Yes.

The challenge I want you to hold me easier Yeah, I think so.

Yeah.

So what we're trying to do the work and I would tell what you have on the Ohio All volunteers.

Yeah, well, maybe I mean, you bought here in terms of the hangar that actual huddle. She also borne out Hello Hello.

Total MAU ratio stable.

Steve walked you hold or inquiries or we don't have any impact to you and they don't have all of that but when he says it depends also on what it wants it all.

Or maybe you have a xiaomi oppo vivo Xiaomi and forgive me my CTO.

If I'm in a hotel.

So they held off putting bundled tobacco of course won't touch on any of the needle.

What I can do.

I'll deal with <unk>.

My apologies hauling henriquez Omnichannel distribution comment this has been our philosophy from day, one in third quarter, we produced multiple blockbuster content pieces with our training top content onto your whole accumulation over 10 million Tvs during the autumn Festival, we collaborated with People's Daily the top official need them all lives national wide to produce it.

HTML five piece on the exploration, which Gardner <unk>, mainly total user exposures. In addition to while small platforms such as Wechat LIBOR tearful. So in FY <unk>. We have also been exploring collaborations with new distribution partners in the third quarter, we cooperated with normal level.

Mobile phone brands, such as Huawei, Xiaomi, Oppo and vivo to enhance our presence on their display China as a new space, which helped the cellphone brands expand pan commercial content and increase our use exposure amongst RV customers.

So isn't that I mean is that a bullish angel homogeneous yamana entities without.

Zero tissue, Guyana I T.

You see they don't change event as you know we introduced a hyphen Whitehall.

Oh, Yeah, Yeah, Yeah, you bet paid off with an answer that she tells me. It's how the courthouse just you didn't have to share.

So they've had a lot more now about what I'm doing here don't yet show that we're in today that we didn't have any change at all to your own posted again if he's out.

We are also making steady progress with our new products, our secondary market products launched in the second quarter of 2021 continue to perform well in the third quarter holding the new energy vehicle industry Summit in partners partnership with industrial Securities. We seem obvious Jim wells, when we add securities to host referral team of E Commerce for <unk>.

The rise of National brands in the age of new consumption. In addition, one of our new products 50, 6K, our capital pie.

Featured multiple domestic securities companies, such as TICC Industrial Securities and Sheila Grant Securities per share their investment in class.

Because of the dry season at all I mean Gaslog Angels.

Okay couple of getting it all towards you put out and put it on there and they want you to see obviously the turnover gazan border and Jeff I mean, you ask often titanium <unk> CFO, Joe Yeah, you shouldn't own wage or tier two bond Antonio these truly getting phone calls or hanging out with them.

And you've always had alcon Roger please your foundry Gainesville, Jose EG and cultural Italia, but there's always.

So more like how many times you know well see now, but I'm sure there's I'm here.

You cant you are just to name a few.

She honestly the only thing I will call you Angel Tangela choices in Pennsylvania.

Sure.

The more we accelerated our coverage of metal wars content in the third quarter on November 24, 2021 at all what you will have quarters machine. Jim We held 50 6K, our sports matter, what's focused industrial conference, leading with discussion on extended reality ecosystem and value chain, new social networking in a virtual world.

What will be the Congress attracted a large cohort of matter whats followers and facilitated collections and communication between matter worth investors and companies.

At this conference we also announced that statistics payroll, we will launch a limited edition digital collectibles in collaboration with Tencent Tencent closely.

1124, Lucky users will receive a digital collectible to commemorate November 24th an important milestone in our evolution. The day, we start our journey into the exciting new might've, Wisconsin.

Keith I wanted to ask Andre Hall.

Sure they'll put a high.

Oh boy, So I decided to come onto your auto are indeed, you. What are you going to let you use you could even want to put on.

So when you bundle how that once it's gradual ticking up and go down putting I don't know how high do you see the triangle well then they don't say hey, promote on that total hall.

And they only have you thought total general Midland County, the treaty jumping in for Jeff.

On the international front, we continue to explore business opportunities through our subsidiary <unk> Global in addition to southeastern Asian market cities.

<unk> 50, 6K, our global made his first foray into Europe, Australia, and New Zealand in the quarter. This horizon expansions are set to facilitate more new economy and power companies entry into new International markets. It will also help boost overseas companies access to Asian markets. This promoting deeper commercial collaborate.

<unk> between Asia, and the rest of the world well, we're pulling our.

<unk> per week, what content inclusion on the Bloomberg Terminal 60, 6K, our Asia Continental was also adopted by thoughts to them.

Testament to our growing beyond China.

So not so sure turnover cannula, okay. So yeah. So mention don't Cheetah terminal four so I'm trying to get a PR Basel proposal I was wondering if without trying to hold the sugar, while you can I kindly hold on that.

It sounds like with your tier two idle or bundles window to alto to year TMT, Jude help political comfort and onto your hotels on cohort b without coaching determine causality in general for you to put your hotels you've had to opinion all the humidity affording you that you can do it anywhere.

Yeah, you bet go hungry the union. So in summary, we are delighted to see 56 carats product and service offerings have covered the entire enterprise lifecycle spanning from 15 star of MTR exposure investment of financing play listing consult consultation and appeal to that follows post IPO such as <unk>.

Using stock visibility in building shareholder value supporting customer issue of government incentives and overseas expansion. We have helped six major customer communities consisting of Union <unk> PMT giant investment institutions local governments traditional enterprises and immediate individual clients succeed.

I will tell all of our full scale presence and sustained development efforts more and more entry point Harris and industry leaders that have our brand influence and we have firmly established our position as a leading new economy service provider.

Tad I always think that he's actually I don't have I mean.

So not really hear which is you got him again.

Uh huh.

I'd like to share our latest updates with respect to commercialization.

What are our three major business segments delivered solid performance and our innovative new business continue making society as well.

So as you said you don't forget you cannot I saw you put out there for one thing if I do my own totaling until just now opening up.

Oh, John Sheehan 20, Europe, you went through the <unk>.

So the future P&L, Ohio, and TV Holly you spent multiple having in the third quarter, including COVID-19 resurgence.

Macroeconomic uncertainties, our advertising business demonstrated is with reliance and.

<unk> achieved solid year over year growth in each of the number of advertising customers and average revenue per customer.

You don't Miss while material and they all have you met anyhow, neither of them with Israel Shannon Hall.

From here you should pencil out here in California, as you I'm sure Tomorrow title adhesion cohort you could contrast that with you.

J D.

Or bundle you know are you to actually be in the same.

Sure. So in an email and I think you've heard enough fatalities will you won't hear anything either way.

I'm quite comfortable because all in her 10 days. So just I mean, there's been sort of in how the hotel chunk out does it mean and how much of your current analysis.

Tens I rely on and not only did it would actually be nimble assure to you gentlemen.

Is that what you can do about what's easy to connect to them that.

So we have taken a <unk> approach to our advertising business fourth we leverage our content and brand influence to gain market share calculation.

We continuously explore innovative forms of company promotion to efficiently increase increased both the number of advertising customers and average revenue per advertising customer for.

<unk> in the third quarter, we help in health promoting Evo platform based laptops, which will form videos, our short form video team throughout the complex technology to left with simple easy to understand reasonable language, earning accolades from Intel's global team. This collaboration with Intelsat <unk>, our average revenue per advertiser.

<unk> customer in a stand alone software media marketing campaign, we believe that our short form video model can support us to release, a pool and throughout commercial collaborations with more prominence in international and domestic brands.

Sure.

It has a similar to what I can assure that the holiday schedule. Although you have even if you bought also cheeses anymore sort of tangible you tell me you cannot usual pantology, both your top down for that and I know those digital tomorrow Jewish holiday Marsha bundles as anyone would even easier.

Yeah, she's alcohol tornado quoting him for tangible Shanghai entire tissue take home for the OTT what have you.

No I'm talking that Youre looking at here is telling them the same hot that won't yet these into short form video. We have also been proactively exploring ways to better improve our various brands will lap streaming content.

Our collaborations Bobbi Brown in the third quarter is a perfect example, petrone <unk> test for Covid caution, Andrew what looked like a variety show the new formats utilize funds peer discussions to presents complicated and core technologies facilitating that heavy user comprehension. Meanwhile, we cooperate Intel to Atwood.

Operator.

Corporate lines.

Article applications of this technology via last streaming interviews with this channel partner this innovative form of love streaming in turn boosts our commercialization capabilities.

Well the nature of the tie ratio or the whole idea here is are you banking on adobe, how having that zero or longer shareholder you'll see nominal jindra Budweiser is a multimedia I'm wondering it shouldn't have any impact due to interest.

Yeah, Hello, Neusoft SaaS.

Suddenly the gymboree integration.

I am talking about fulfillment needle journey that linearity.

Not a lot of tobacco in Sidoti <unk> co.

During the third quarter. We also attracted new advertising partners will over all your retail accounts. For example, we brought we still want to advertise this new columns.

For multiyear new video programs.

Amplifying each brand's presence in the marketplace.

If they're really as not advertising partner just shortly after its launch validates our.

While it is our influence on younger generation.

While received recall the matched by Brett <unk>.

Branded customer.

He is wonderful.

Have you changed at all in <unk> and getting the culture right.

Turning to our enterprise value added services, we maintained steady performance during the third quarter, while making meaningful progress in innovative new service offerings.

Although home in Japan.

Oh boy.

But a different way you probably answered that already with you.

Do you think about humira towards autonomous vehicle TCR T cells.

You know I don't call. It if we're not ruling that out and that help us.

Hello, Angel, who neither one of them.

What you saw when we had components I do understand there was a tangible foothold and they go away.

So you kind of usually called yet tore down that you can share when we go tell us any truth.

So we got coordination of all in our third quarter offline activities include this December China, Investor Brochure summit, which achieved double success in terms of revenue Ainsworth, we invited a distinguished group of mainstream investment institutions to discuss on a set of leading industry sectors, including new consumption.

Hot core technology medical care hub in utilization in enterprise services. We also slotted statistics extraordinary investor ended the age of 66 with our approach.

Our proprietary IP statistics, and the statistics <unk> with our unique Ips, we effectively establish our own visa investor community, while also enhancing user stickiness and the repurchase rate.

On the concert hall, the Thunder for the whole long I assume you're trying to do.

Outside of the Air Force.

Target Walmart sure so I'm going to go higher.

Yeah.

Okay I hope you attribute your palmar hyperhidrosis.

But as usual that's Nancy Simonian, Neil do you want to define it.

So as I say shipyard is that kind of a one just housekeeping taught angela temporarily idle and not without future with how much on hydro and I'll tell you a wholesale.

That's helpful.

Also expanded the boundaries of traditional value added services with our new innovation Entrepreneurship competition service model targeting government clients and large scale industry leaders. For example, we collaborated with <unk> to offer that is developer innovation contact with attracting numerous applications from talented developers and produce <unk>.

New solutions for their smart.

Automobile industry. This contest with BYD score step in the direction of opening up the innovation process supporting developers to access should be why these resources and is smart open ecosystem with our lending arrangements.

Travis your tenure.

If I you know you do the prices can you draw that way.

You heard that right what he did his ankles without hurting our union could you hold on Ohio, Florida, and Arizona time, but there's always anesthesia.

Yeah Jamie.

These issues here.

You know how youre, putting on the fringe out well how are you doing in that hospital.

So that's a long way.

Simeon I shouldnt until until you and Bob because he won't call out you didn't do that I'm sure. So your question.

Ginger Chinese.

See you on the usual.

Is that all in Tonight and tomorrow.

This has drawn out way easily transition we're hanging in there.

Yeah. So if you don't keep.

In Asia, which I don't have all these different mutual.

On December 13th we will hold our annual wife's new economy todays conference in Shanghai with our hot for US at the conference will feature a comprehensive summary, and review of the technology and the capital industry in 2021 with heavy rains from the venture capital World unique forms and other well known companies at the same time.

Zambia and the regulatory authorities will be gathering to share their view Luckily we are collaborating exclusively with the OEM to promote this conference we will provide a high level for platform cost proportion resources package and traffic support support including to our endorsement with 56 payoffs leading.

<unk> in the <unk> commercial upon the industry, our premium contents matrix and the Oems message traffic. We believe that this years, whilst comprehensive <unk> major industrial influencer and enhance our Brent sickness and commercialization capabilities.

So oh.

She is under 412 assemble them.

Quickly I know you had bundled CTO and Jeep is alcohol by hunting down the high end deal can you call as usual.

How did you find us which will see Angela.

I didn't know if Apple choice, we can buckle bundle because it held only tell me don't come with Twilio.

Hi, Tom.

On May 20, and the singer well then the body's own 41.

Since you gave when you walk up we don't want you won't go holidays, such as you see it is technically and you'll get to the ones that are already meaningful use which transitioned entitled design comes in.

Yes sure Joseph.

What are you seeing the channel what are you guys you know essentially a nearly a month two months.

Hello.

In addition to offline events consulting services.

Putting components of <unk>.

Sure.

Value added services.

PR Research Institute assisted comments Uncompromised clients in targeted industry research and the per wife's customized solutions based on client needs on the combos that we released a smart mobility reporting cooperation with Alibaba and help leading high tech companies, such as <unk> and Xiaomi is index.

Research reports on the garments that we previous research reports on investments promotion and a new development and construction planning for local farmers insurance your Shenzhen Wuhan.

I'm honored providing has decision making support not only in late November our statistics KR Research Institute to become a member of the charismatic.

<unk> market Research Alliance, which is composed of the People's data Boston Consulting group cancer.

Leading construction investment Research Institute, China International E Commerce, and James and James The Empire of this alliance is a testimony to our professional research capabilities with recognition from professional authority.

Yes.

We tell them this year will turn out.

So.

San Jose water and you could read that hotel on Vega condition was the water utility into the T for giving any impact.

<unk> already signed up.

It's been a total team with him.

T multichannel if you've had this your manager.

I'd like to share the latest updates on our new business 66 care enter press release with your portal since its launch in August 2020, we have made continuous efforts to expand into China Top enterprise service revenue platform tailored to help me in digital transformation. These as of the end of September 2021, we have grown.

On the platform to power nearly 5000 software.

Applications with leap relevant is there was P T and inclusion.

Oh sure Yeah, well, we have I know I think one unless you make us yes, but is there something that you'd want to do anytime you do see habanero, Kevin it's really changed.

What is it hinges on intangible.

As I was trying to address was handed over to Wolfgang.

If you can provide to consumers in India do you Havent done base isn't that too many times out of it.

China, they understand that if we didn't do so when they were trying to do right now.

And that's exactly what I'm, saying is what you want them to open up the needle to retailers of young people, Ohio tower.

We also launched new features for the radial following September, allowing even more chance to manage product profiles publish content will be lease data and contract prospective customers as well.

At the end of the quarter close to 400 Martinez has had established.

Vince on the enterprise service video portal, including well known manufacturers such as Chengdu.

<unk>.

King's office in basin to Moshe oriented features essentially transform us from a continent, producing portal to our marketplace platform as more and more channels and third party participants and are contributing to our platform which is first.

Let's leave heating our Seo efforts and commercialization.

So its really really is around kind of alternative whatever unionpay continues hanmi is around passenger you that India. The unusual happens overseas potentials on court T phone phone they won't have any thoughts on what you said.

When possible.

I'm, sorry, I don't mean to you and you also have the right to what you did in Gilbarco.

It was a year now.

Of course, you bet somebody is trying to do to continue with it or how do your passenger the Indian you bought 200 passenger anemia also Jonathan Hunt you down by.

If you will.

How do you call it comes down to a holiday thank.

Thank you.

Please if you don't have any final hopefully tell you you're changing a whole lot if you haven't done.

Tell me if I, if you call it by not having the Johan <unk>.

At operating metrics average daily active user increased by 109% sequentially in EMEA of review comments increased by 57% sequentially in the.

Primarily due to our planned expansion and complementary enrichment unit.

<unk> are ways that you report on social customer relationship management private domain traffic operation and marketing design, which shows that customer of the product covering our reports.

We're on average of 10 times more willing to leave data personal information on a core holding customer of products not covered in our report and supported the average conversion rate of potential customers that provide easier personal information from 108% to 24% a 200% increase to date.

The conversion rates for lease generally on the reveal photo is variety twice than that off lease from public domain traffic. We are convinced that future refinements of the platform to improve customer acquisition efficiency for enterprise.

And help them better optimize their products based on the growing number of where we do the right deals.

The whole show up in that area for sure.

Similar to the U S. Even in so we can hear you fine.

I don't know quite how to have water standards like do you want to watch area for now.

All of US here, we're trying to do a capital for now and we'll continue.

I'm, the president and Chief English automate without having to shop.

Causal because I know you did other tissue people cultural tell me, it's not I'm not sure because I know when we've done all that Mr. Tobias.

Most of them only must change of our subscription service throughout our 11 year history, we have both upsells and provided.

<unk> surveys.

Business development.

To leverage our expertise and customized service offerings.

For that Andrew printers empowerment, two days and we continue building our comprehensive training system for enterprise and individual entrepreneurs.

Quarter recording 52% subsequently subsequent revenue growth with a 14% year over year increase in the number of institutional customer and a 48% year over year, increasing average revenue per customer.

Digital China, either familiar is actually right on the water today I hope he doesn't know who she won't find on the G fast or you can help us in D C than anyone Colgate Henkel pay.

Okay for those two how quickly can only it Jonathan.

Can it be done.

So kind of what kind of a total entre counts as you can tell me.

We went on box you don't have a ton of Oklahoma, We're trying to let you won't cancel forno traditionally HOA hiring model and she's already on that.

Harnessing our commercial experience, we have been working tirelessly through employing our training as well as our premium knowledge content library for institutional and individual subscribers, we offer online courses.

<unk> improved their professional expertise imagination.

And.

We also offer very specialized cleaning program for institutional subscribers. For example, we launched venture capital class at the end of October to provide our learning platforms to accelerate.

Underpriced empowerment helps enterprises to become industry front runners.

Sure.

He says that you can anyhow.

It's only a few now.

So as you can see that is getting longer term is on continuing to pay down a little north of the elements of the apparent on that yeah, I don't think you're getting down towards the low <unk>.

So that is all that.

Tell me do you set out on the trajectory into the year you won't go hospital in Shanghai in June.

So now we'll share it with you don't see any 40, you got to have that so therefore, we can anytime you do it.

I don't have you had any kind of downturn here just out of Hong Kong, Tokyo and Shanghai.

<unk> year to date about how did the era.

Era of rapid technological change is that evolving impact of COVID-19 business will never stop innovating and growing them at the leading into this era <unk> has been fortunate to accompany among multitude of internet companies on the development and expansion journey and we will continue to grow alongside them as we bear witness to that.

Otherwise of the age of digital utilization Hot.

<unk> core technology and amount of awards debating stock exchange will provide about your capital enrolment for specialized refined.

Differentiated and innovative companies facilitate easier growth with a broader playing field and raise the ceiling of the new economy service sector as an outstanding brand and innovation platform solving new economy participants, we believe that <unk> is well positioned to capital light on trends in the new <unk>.

Arrowhead and unlock commercialization potential as we can cover more and more new economy enterprises. We are confident that we will have our industry partners throughout this way to future success.

I didn't tell you what I'm not sure you'd have a $1 billion.

I mean that dropped out here with that I will now turn the call over to our CFO.

Who will discuss our key financial results. Please go ahead. Thank.

Thank you Pal and Hello, everyone. We are very pleased to have achieved another quarter of solid financial results across all of our business segments. Despite multiple headwinds, including COVID-19 resurgence is a microeconomic challenges as Paul mentioned earlier, our advertising revenues grew steadily year over year in the third quarter with increases in both the number.

Of the customers and the average revenue per advertising customer.

So thanks to our relentless efforts to provide customized and innovative enterprise value added services revenues from this segment increased by 57% sequentially.

Notably our ongoing subscription product optimization resulted in a strong 52% year over year increase in our subscription services revenue in the third quarter.

Vision as we continue to shift our resources and our focus on higher margin businesses. We saw continuous improvement in both gross profit and gross profit margin, which expanded to 56, 1% from 37, 9% in the same period of last year.

I would also like to highlight that we ended the third quarter with a strong cash position as we achieved positive cash flow from operations going forward, we will continue to solidify our industry presence and expand our monetization approaches to cultivate sustainable long term growth.

Now I will walk you through more details of our third quarter 2021 financial results.

Online advertising services revenues increased by 4% to RMB $53 4 million in the third quarter of 2021 from RMB $51 1 million in the same period of 2020. The increase was primarily attributable to more innovative marketing solutions, we provide to our customers.

Number of advertising customers as the average revenue per advertising customer both achieved growth in the third quarter of 2021.

Enterprise value added services revenue were RMB $22 5 million in the third quarter of 2021 compared to RMB $66 4 million in the same period of 2020. The decrease was primarily due to our continuous shift and focus towards higher margin businesses starting from the first quarter of 2021, we ceased to act as a principle.

<unk> and certain low margin businesses and update solely as an agent.

As a result revenues of such businesses, we recognized all in that business from the first quarter of 2021 onward to increase comparability of operating results and help investors better understand our business performance and operating trends, we introduced gross transaction value as a supplemental magic to describe our business.

Transaction value of enterprise value added services was RMB $66 3 million in a third quarter of 2021 compared to RMB 66, 4 million in the same period of last year in particular, our consulting services revenues and offline events revenue increased by 14% and 72% year over year.

Respectively, reflecting our expansion efforts in enterprise value added services have gradually paid off.

Subscription services revenues were RMB 9 million in the third quarter of 2021, which was 52% growth compared to <unk> 6 million in the same period of 2020. The increase was primarily attributable to our continuous efforts to offer high quality subscription products to our subscribers.

Total revenues were RMB $84 9 million in the third quarter of 2021 compared to RMB $123 5 million in the same period of last year.

Taking into consideration of the aforementioned change in revenue recognition for our enterprise value added services, whereas there was RMB $43 million variance between net revenues and gross transaction value and laptops can't actually find out that our overall business trend is upward and demonstrated solid year over year growth on a comparable basis.

Cost of revenues were RMB $37 3 million in the third quarter of 2021 compared to RMB $76 6 million in the same period of 2020. The decrease was primarily due to our continued shift in focus towards higher margin businesses and recognition of certain revenues only nine basis.

Gross profit was RMB $47 6 million in the third quarter of 2021 compared to RMB $46 8 million in the same period of 2020 product gross profit margin was 56, 1% in third quarter of 2021 compared to 37, 9% in the same period last year. The increase was again primary.

Due to our continued shift in our focus towards higher margin businesses as well as recognition of certain revenues on a net basis.

Operating expenses were RMB $83 million in the third quarter of 2021 compared to RMB $63 2 million in the same period of 2020 sales and marketing expenses were RMB $45 5 million in the third quarter of 2021 compared to RMB 31, 6 million in the same period of 2020, the increase was primarily <unk>.

We will go to an increase in payroll related expenses.

<unk> expenses were RMB.

<unk> 9 million in the third quarter of 2021 compared to RMB 25 million in the same period last year.

Increase was primarily attributable to an increase in the loss allowance for credit losses and payroll related expenses.

Partially offset by the decrease in share based compensation expenses research and development expenses were RMB $13 9 million in the third quarter of 2021 compared to RMB 11, 2 million in the same period of last year. The increase was primarily attributable to the increase in payroll related expenses as we bolstered our research and develop.

<unk> capabilities.

Share based compensation expenses recognized in cost of revenues sales and marketing expenses research and development expenses as well as G&A expenses totaled RMB $4 9 million in the third quarter of 2021 compared to <unk> $4 6 million in the same period of 2020.

Other income was RMB $1 5 million in the third quarter of 2021 compared to other income of RMB $2 5 million in the same period of 2020. The decrease was primarily attributable to a decrease in the amount of government grants received in the third quarter of 2021.

Income tax expenses were RMB 14000 in the third quarter of 2021 compared to income tax expenses of RMB $21000. In the same period last year net loss was RMB $31 3 million in the third quarter of 2021 compared to RMB 14 million in the same period of last year.

Non-GAAP adjusted net loss was RMB $26 four meeting in the third quarter of 2021 compared to RMB $9 3 million in the same period last year.

Net loss attributable to <unk> holdings ordinary shareholders was RMB $35 million in historical quarter of 2021, compared with RMB 14 million in the same period last year.

Basic and diluted net loss per share were both RMB <unk> <unk>.

In the third quarter of 2021, compared with RMB one four in the same period last year.

As of September 30 of 2021, the company had cash cash equivalents and short term investments of RMB $107 million to $8 million compared to RMB $149 6 million as of joint studies 2021, the increase was mainly attributable to cash inflow from operating activities.

Lastly, let me provide some updates on our share repurchase share repurchase program.

On May six 2020, the company announced that its board of directors authorized a share repurchase program under which the company may repurchase up to a total of $1 million.

Deposit script depository shares.

Each representing 25 class eight ordinary shares.

As of September 30 of 2021, the company had repurchased approximately 786080 assets for approximately RMB $17 5 million under this program.

This concludes our prepared remarks today, we will now open the call to questions.

Yes.

Yes.

Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question via stress star one on your telephone keypad and wait for your name to be announced if you wish to cancel their request these spreads the founder Haskew.

Once again it is star followed by one on your telephone keypad to ask a question for the benefit of all participants in today's call. If you wish to ask your question to the management in Chinese.

Immediately repeat your question in English.

Once again it is star one to ask a question.

We have the first question coming from the line of Vincent Yu from Needham and co. Please go ahead.

Yeah.

Yes.

Yes.

Yeah.

Yeah.

Our first question comes from the line of Vincent Yu from Needham and co.

Please go ahead.

Okay.

Yes.

Yeah.

Pardon the interruption the line of Vincent Yu. Your line is open. Please ask your question.

Okay.

Okay.

Yeah.

And we cannot hear you.

Yes.

Yes.

Operator, maybe we'll go to the next question.

Question, Please and we can go back to Vincent later, thank you.

Certainly the next question comes from the line of <unk>.

Okay from CIC. Please go ahead.

I'm going to Holland and Belgium.

Okay.

Yes.

Would you be Andrew I'm sure not willing people are enjoying kind of hold them.

Oh <unk> yeah.

Got it.

Bulk water clean toxins have woodall CFO.

And I'll talk to Charlestown thresholds ghansham, losing some we've got out there she needs.

Jonathan.

At home Tiago and tissue infections that can.

Does that come down to Sydney and Melbourne.

Yeah.

My first question is enterprise value added services, covering 90 items michcon contributes more to the Companys revenue and will be the main growth point in the future.

And the second question is under the current environment, how is your advertising business in the fourth quarter.

Hi, Tom Jim. Thank you for your question. This is Lynn I'll answer. Your first question and then Mr. <unk> will give you more color on the growth strategies and our second question. Yes, you are correct that our enterprise SaaS revenues include basically three subcategories, namely integral.

Native marketing consulting and offline events of <unk>.

The third quarter perspective, you can see that our biggest component for this.

Enterprise revenue actually is consulting and followed by offline events.

Adding services in offline event services account for around 60% and 30% of the total enterprise Vms revenue, respectively, and these two revenues.

Also grow very fast fast pace for example.

Consulting services grow actually 14% year over year and the events revenue grew further even even faster with a 72% year over year growth rate. So going forward I think in the near term to mid term this will be the driver for our enterprise.

Revenue and suddenly we have been mentioning that our enterprise.

Surveys reveal portal a few times and this is a new very innovative and promising services, we have been incubating since last August.

This quarter.

And that this is a business for <unk>.

The very good performance on all kinds of operating metrics and.

This business hasn't been really.

Commercial rights of only with a very minimal monetization, but in the future I think what is that.

And once we commercialize this product we will it will be another very big and important growth engine for US and then Mr. <unk> will give you more color on your second question. Thank you.

Yes.

Although not shown <unk> CFO with US are also not only the Tia Maria will drive me.

Turning to you.

Or does your plan.

In total with a critically ill hop out.

Russia.

You'll have a function if you don't have any.

So what you're going to have high end for grant.

Without that charge on two additional achievements of the Youll share to you put out in that kind of digital social internet provider. So we didn't hear what you think you'll have to have been drawn.

I wish Holman CFO.

Two other non energy and CTO of P&I.

Sure.

I don't know if it hadn't been a division that Shanghai will help me.

Sure.

Yes.

Let me talk about anything that NGL.

So let me kind of about where she shops.

Good to hear.

Thanks.

So the main growth drivers of our enterprise value added service will be consulting and offline events. Our main target clients are enterprises and governments and we already have.

Cereal and scalable business model.

We'll continue to optimize and innovate products and service offerings to achieve.

Hi, all.

Average revenue per customer.

We will continue to increase the coverage of new industries, and new segments to expand our customer base.

Our local sites will also play to their regional advantages and penetrate the market or lower tier cities.

It is worth noting that our newly in Q2, we'd see enterprise service revenue per home is in a process of continuous optimization.

Leave it will become one of our growth driver in enterprise value added services.

As of the end of this quarter, our portal had 15 major categories and more than 200 segments. Nearly 400 more chance have establish a presence on the portal or increase increased 100 zero, 9% than the second quarter. The portal has Joe has nearly 5000 subs.

Applications the average <unk>.

Increased by 109% sequentially and the number of review comments increase by 50% sequentially in this quarter all of these operational statistics stomach demonstrated the influence of our platform.

It kind of goes to claim that you got going on here with Olivier <unk>.

So two months out on the horizon on the diesel diesel politicians and the Logan is hydro soon to conoco.

Conoco high issues.

We're not at all.

The neutral items, the alcohol here with empathy with oil put onto the phone one horizontal well tomorrow.

Yeah.

Well, we don't have a cultural hydrocodone gentlemen, Amit just you can't kill the council about today on the high end, obviously any time without notice.

With element of Youku to them they don't come.

And a challenging macroeconomic environment, we remain cautiously optimistic about the fourth quarter in the third quarter or the entire advertising industry.

Pressure.

Evidenced by the varying degrees of slowdown or decline in our competitors advertising business. In contrast is that the overall industry slump, our advertising business achieved solid growth year over year and quarter over quarter in both the number of advertising clients and average revenue per customer.

A powerful testament to our brand influence and customer recognition.

Yeah with Ultra also Nokia, which you don't that you Didnt Tivo to me because I'm not.

So now that you can't foresee.

We also have Nicole Wyman torture that Wolfgang.

While harvesting Sir.

Chipotle time to take hold from like I wasn't sure.

Yeah.

The main growth points of our advertising business will be expanding the customer base and increase increasing the average revenue per user.

While we didnt fill consistently increase our coverage of new industries, and new segments, which will help expand our user base.

We will keep diversifying our content and advertising formats, such as video and less training.

We will benefit our customer, which also continued to raise our fourth.

No. It does it in any of the tangible opportunity here, but we're more though you can have with Ohio, Colorado equates that gives us a hint on that.

If theres no large scale COVID-19 resurgence by the end of this year, we believe our advertising revenue.

Sure.

Fourth quarter will continue to grow.

It seems like something on CFO.

I see here.

Thank you we have the next question coming from the line of Vincent Yu from Needham and company. Please go ahead.

Thank goodness.

All of them.

Also likely tomorrow.

Thank you.

Okay.

Go ahead go ahead.

Well isn't that Tim was asking especially now.

So I just hope that you would know US you know joined you on just.

But wouldn't you keep on who's down being a Jewish on ways that you are planning for a woman Jacob <unk>.

So I hope I meant.

Hum.

Oh the function functionality you don't want me to tell you.

Thank you.

As usual I mentioned, you've got about June.

Thanks, Jim.

This is still about equal.

Okay.

What kind of elements have been since two how should it be tell me, it's not just dealt with.

She sees.

It seems that adult.

So I'm going to ask Joel mentioned that without the showroom the Hong Kong vehicles in that kind of a bundle.

Oh, just your question Paul just.

Sure Megan waiting in gold jewelry, Citigroup, chlamydia and diverse just to make sure.

Great.

Jean Michel would you won't just owning apartments, you want Jewish LNG cool enterprise.

<unk> now.

Can you take the assembly Chan Cynthia and Jacob <unk> Cool I'll push your shutdowns actually tissue <unk> and Shin <unk>.

Tom This is Jonathan on the Thomas should help.

Since you do women.

Jake Butch <unk>.

<unk> should stay on the front lines Houston market.

A woman she says she's done with Youtube <unk> to bumpy.

We're not building Dunkin' us at all with <unk>.

She'd only you guys do not in our plan.

So when you said.

Thank you management for taking my question I have two questions. One is can management share with us.

Our key revenue country contributors in terms of industries as well.

We're seeing that overall that China online advertising by seeing some weakness.

Due to various reasons, what do we think about.

Our revenues.

Jim.

From this quarter and for the next few quarters and my second question is on the enterprise.

So if you look at that number.

So these customers, even though they are lower than last year, but over the past few quarters. So we are seeing steadily improving.

Can management share some light on what's the driver behind this.

Improvement and what we see.

Trends in fourth quarter and next year. Thank you.

Hi.

So lots of room that came.

Uh huh.

So if we don't produce eagle.

Hey, Jonathan.

No.

I would tell them that shows up in overseas oil number like Ohio withdrawal, having him with the highest year television show del Sol.

Yeah.

Who do you want to add about one just because a year ago.

It's not all Ohio, Ohio will Nicole with the highest symbols or tune the huff in tandem.

Can we work with them on the Toledo raw product introduction W. Hollywood and gives you higher and what are your high end Santander close with Antidumping RTL mills the old platform.

Well Nicole you don't see here you can argue that both industry Influencers and don't show up here Tonight and tomorrow, So that should give everybody counts here, but I don't see here.

There are however, English is that higher even edyta political whole cohort.

Hum.

One of them harder to let him go to people who are doing okay.

We'll be able to put on it turns out that you can't.

Okay.

Can you just how are you doing.

And who pay down on the season the college as all you know.

And the answer to your home to the CTO well wishers town here, presumably is that <unk> seen that on behalf of all.

Cohort I should enjoy it had been kind of started with dominion that.

In terms of Colorado near the top industries for a conception and lifestyle investment institutions.

Entertainment and media.

Commerce and comment.

Totally contributed 57% of total revenue the tougher industry for our advertising clients, our conception and lifestyle, social networking Hot aware e-commerce and enter payments immediate which contributed a total of 91% of our revenue no matter from total revenue side or advertising business.

We have a very healthy mix of customers. When you mentioned some weakness in the overall, China Internet sector not sure. If you mean, our education sector and online game sector of this jewelry industry. It's a very small part of our business I'll have no have no.

The impact of us knew.

New economy companies do make up a considerable portion of our customer base, but a significant part of our company.

Portions of hydrocarbon divisional companies, such as Intel Huawei CTO higher alien media.

We have a very healthy mix of our advertising clients.

The temporary volatility in one sector or industrial segment will not have an impact on us.

Consistently increased our coverage of new industries.

Demand for new economy companies in margin from promising industries, such as our high end magic manufacturing and health care will be strong and sustained we will also perhaps neil surveys and products such as <unk> video lapsed <unk>.

And adjusted EPS radio portal that we mentioned before.

Yes.

Hi, Vincent for your second question. This is Liam actually I will be answering the second question regarding the enterprise revenue.

Understandable that you got a little bit of confusion on the.

A number of enterprise via custom.

Customers and approved over there I think if you compare on a year over year basis.

Not exactly apples to apples comparison, because if you find out from our prepared remarks, starting from this year were actually changed around and recognition last year, we have a big portion of enterprise SaaS.

Revenue, namely our integrated marketing revenue actually week, we recognize that it grasp cross basis and this year, we recognized in that basis, and we even introduced the <unk> <unk> transaction value to be a more comparable.

Indicator, but.

Ali.

You see from our earnings.

Earnings release is not exactly comparable if you look at the number of customers ended up.

You are also correct that if you are looking at a sequential basis from Q1 to Q2 and from Q2 Q3 that number both numbers have been increasing very obviously, that's because we have been shifting away our focus from integrating marketing business, which is a low gross margin business to more higher margin business, which namely.

Consulting services and offline events.

And I just mentioned by answer to that is the ICSC analysts that consulting services and offline events account for around 60% and 30% respectfully respectively of enterprise to be about revenues and this to also grow very strongly.

One.

Consulting services grow.

14% year over year and as the other.

Offline that grew 72% year over year. So that's why this sector has been very strong and we put a lot of emphasis and focus on that.

You are asking about the trend in Q4 Q4.

I understand you are in the U S.

So you might not.

Likely familiar with us as the waiver in China in Q4, there are some.

Surgeons is of COVID-19, again, so there might be some impact on our offline events.

But overall I think Q4 is a strong season show. So we should have been a SKU.

Expect growth in this category, but if you look at next year. The full year 2022 that will be very obvious this category will be upward trend again, especially with the <unk>.

Our new businesses Enterprise services reboot portal once that being commercialized there will be additional stream.

<unk> revenues coming from these new businesses that will be in the enterprise category as well.

I Hope this answer your question.

Thank you.

Yes.

Yes, very good thank you.

Thank you once again, ladies and gentlemen, it is star followed by one on your telephone keypad. If you wish to ask a question.

Okay.

For the benefit of all participants on today's call. If you wish to ask a question to the management and Chinese. These immediately repeat your question in English once again it is star one to ask a question.

Yeah.

We have the next question coming from the line of.

BP Q from industrial Securities. Please go ahead.

And Gwen and the children.

Yeah, you've got when you send your share.

<unk> got a tiny bit outdoor to THL Dodgers done should conclude your board you quantified yet well, Germany, Japan may open door to shoot you an NGO government. Meanwhile.

Anyway, I don't want a Jewish analogy, yeah, Duane shipping co chipboard, you're seeing dosing tie to woman cooks, one country car you ensure that you're going to answer it took me out they put it.

I will translate my question.

Could you management give us more color on the development of the short video and live stream pods.

And how much does these two new forums contribute to the AD retrenchment effect.

And which how much is a pronounced.

These two new for them.

Sure.

Okay.

Okay.

Alright.

The.

Or how do you weigh it will be central in Houston San Antonio.

Yeah John.

So home albums in Azure today.

Thanks Ashton.

Tahira it's easier.

Continued energy natural human bundle equal in building the golf ball tell the entire time Nicole.

James Angelina John Baugh.

Now could you just haven't gotten there yet.

How would I do in Nashville to see you go.

I'm trying to hold entitled Angel.

But under that scenario.

Sure Matt.

Goldman to you and talking again at wholesale.

No. It is actually gaining more share tivo Keystone what have you.

Could you guys control, we have we're not ready to put it in that kind of where you can gather.

On the call.

Sure.

Yes.

Excuse me.

In the <unk> helpful.

Uh huh.

You can always increase the clinical.

We're not going to sit here because once they go into general causal down the hall.

Uh huh.

At June <unk>.

Yeah.

Yes.

So judging by the third quarter.

Revenue hour.

Revenue from short video and live streaming.

Both achieved year over year growth, so given though considerable macroeconomic challenges faced by the entire advertising industrial we are quite satisfied with our performance.

Our short video business continue to be a bright spot in the quarter. So we have some customers like Intel promote this product our short form video feedbacks upgrades and the over 2 million revenue set a record on the short video advertisements average revenue.

Poor customer so.

Also other customers like IBM.

And financial also schedule called corporate operate with us So the short video.

Revenue will be higher than the revenue.

From the Wechat account so in the future, we will be able to waste a poll resale short form video model and thus to facilitate our.

Penetration among individual customers also the younger customers.

Expand our customer base.

So we will let our CFO to answer some of the proportion of dose was fifth short video form of the revenue.

Tyler This is lane I think can be a short form video and live streaming new forms of advertising and drove very quickly now into.

Terms of revenue scale.

Because it's very new.

Even not yet a year.

Since we launched these businesses so right now they are.

Account around.

Maybe less than 10% of total advertising revenue and the growth rate again.

I'll definitely outgrowing outperforming the average growth rate I don't have any revenue so in the future I will grow and it will be a bigger percentage of total advertising revenue milestone. Thank you.

Yes.

Please go ahead.

Thank you.

Thank you as there are no further questions I'd now like to turn the call back to the company for closing remarks.

Well. Thank you once again for joining US today. If you have further questions. Please feel free to contact <unk> investor relations through their contact information for why they're on our website.

Thank you.

This concludes our conference call today, you may now disconnect. Your line. Thank you.