Q1 2023 Lizhi Inc Earnings Call
Speaker 1: Hello, ladies and gentlemen. Thank you for standing by for Li Zhiying's first quarter 2023 earnings conference call. At this time, all participants are in listen-only mode. After speak management's remarks, there will be a question and answer session. Today's conference call is being recorded.
Speaker 1: I will now turn the call over to your host, S.E. Kang, Head of Capital Markets for the company. Please go ahead.
Speaker 2: Thank you very much. Hello everyone and welcome to the EJ Inc. first quarter 2023 earnings conference call. We released our financial and operating results via news wire services earlier today and they are available online. Participants on today's call will include our founder and CEO Mr. Marco Lai.
Speaker 2: our COO, Mr. Zilong Li, and our acting CFO , Ms. Chen Fanglu. Mr. Li and Ms. Lu will begin with prepared remarks, and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, our earnings highlights presentation and the webcast replay of this...
Speaker 2: the U.S. Private Securities Litigation Reform Act of 1995. These statements technically contain words such as may, will, expect, target, estimate, intent, belief, potential, continue, or other similar expressions. Overlooking statements involving heavy risks and uncertainties.
Speaker 2: Underwriters, advisors, representatives, and underwriters do not undertake any obligation to update this overlooking information, except as required under the applicable law. Please also note that the adjacent earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as...
Speaker 3: go ahead.
Speaker 2: Hello everyone and thank you for joining BJ Inc's first quarter 2022 earnings conference call.
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Speaker 2: While the first quarter of 2023 marked a fresh start, we remain committed to building a more competitive audio-based ecosystem, enriching our diversified product matrix, further unleashing our business commercialization potential, and propelling our global business expansion.
Speaker 2: In the first quarter, the company's revenue increased by 22% year-over-year to RMB 631 million. Our total average mobile MAUs amounted to 49.6 million and our average monthly paying users totaled 471.5 thousand.
Speaker 2: Powered by our core technologies and versatile technology platforms, and supported by our effective operational strategies, our net income surged by 54% sequentially and 194% over year to RMB 48.33 million.
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Speaker 2: In the first quarter, we continue innovating and upgrading our audio entertainment product features and functions, boosting our audio entertainment's commercialization efficiency.
Speaker 2: By launching an array of highly interactive online modules, we encourage the users and content creators to interact, aiming to strengthen connections between them as well as drive up user participation and engagement.
Speaker 2: Meanwhile, we continue expanding our core content categories, bringing differentiated audio entertainment experiences to our users through innovative features, leveraging dynamic adjustments to our operations and marketing strategies. We also effectively improve the core users' willingness to pay.
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Speaker 4: Thank you. I would like to thank you for your time. I hope you will continue to watch my videos. I hope you will continue to watch my videos. I hope you will continue to watch my videos.
Speaker 2: With regard to our content creator ecosystem, we remain focused on cultivating the creator experience, refining operations, and continuously improving the creation tools available to them to help them grow and flourish on our platform.
Speaker 2: By implementing a creator partnership mechanism for quality content creators, we have attracted more creators to generate content while boosting their engagement and creative output.
Speaker 2: Furthermore, through our refined operations management and diversified themed activities, we succeeded in giving full play to the value creativity of our quality content creators.
Speaker 2: For example, we launched the same activities such as special sessions featuring quality hosts and linked them to trending topics in order to enhance interaction in the audio-centric community.
Speaker 2: helping our content creators attract more followers and generate income.
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Speaker 2: Regarding our global business, we remain committed to relentlessly approach the innovation by applying our core technologies. We aim to build an AI chatbot platform and ultimately promote further development of our global business. This February , we launched a chatbot module in our global...
Speaker 2: online companionship experience.
Speaker 2: The newly unwailled My AI Friend Chatbot is designed for users to create their ideal online friends and have a more tailored AI-enabled chat experience.
Speaker 2: Users may create a dedicated AI grant and generate tailored profiles by leveraging the customization functions of my AI grant.
Speaker 2: With the launch of the upgraded version, we are pleased to see that more users are willing to share MyAS brand with their peers, enhancing engagement and significantly improving the usage time.
Speaker 2: Building upon the company's strong technical capabilities in the audio field, we recently tested my AI brand's voice function, aiming to provide users with a more differentiated AI voice chat experience.
Speaker 2: Going forward, we will further optimize and upgrade MyAI brand features, as well as enrich our AI chatbot usage scenarios, aiming to effectively integrate our AI chatbot into our original social networking protocols, and provide users with more valuable emotional support and companionship.
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Speaker 4: Thank you for watching.
Speaker 4: As we pursue the development of our global capabilities,
Speaker 2: We always follow the principle of establishing localized operations across our globalized organizations. As such, we have effectively enhanced our on-the-ground business operations by establishing localized operational management teams.
Speaker 2: Technology-wise, we have made progress with the R&D of self-developed core technologies to fully power our product innovation, building upon the company's technology capabilities.
Speaker 2: strong expertise in the field of voice-based social networking and online companionship, and years of operational experience.
Speaker 2: coupled with technological breakthroughs in ASR, TTS, and other voice AI areas. We intend to further explore the application of audio-based AI chatbots. We also remain committed to bringing a more differentiated online companionship experience to our users.
Speaker 2: with technological breakthroughs in ASR, TTS, and other voice AI areas. We intend to further explore the application of audio-based AI chatbots. We also remain committed to bringing a more differentiated online companionship experience to our users.
Speaker 4: Thank you for watching and see you in the next video.
Speaker 2: In summary, Li Zhi achieved a solid growth in the first quarter of 2023 across all business segments. Looking ahead, we will continue to power product innovation through technology development, while actively advancing our global positioning.
Speaker 4: Thank you for your attention.
Speaker 2: Thank you all. With that, I will now turn the call over to our Acting CFO , Ms. Chenfang Yu, who will discuss our financial results in more detail.
Speaker 2: Thank you, Guo. Hello, everyone. We are delighted to see that in the first quarter of 2023, our revenue increased by 22% year-over-year to new high of RMB 631 billion.
Speaker 4: In addition, we achieved ongoing profitability with net income of RMB 48.3 million, up 54% sequentially and 194% year-over-year. Looking ahead, we'll continue to improve our operating efficiency.
Speaker 2: Now, I'd like to provide a brief overview of our financial results for the first quarter of 2023.
Speaker 2: In the first quarter, our total net revenue through R&D set counter at 31 million, representing an increase of 22% year-over-year, primarily due to the growth in the average user spending on our audio entertainment products, driven by diversified themed activities and optimization of market strategy.
Speaker 2: Cost of revenue was armed with $434.6 million in the first quarter, representing an increase of 25% year-over-year. Many attributed to an increase in revenue share fees to account creators, payment handling costs, and bandwidth costs as we expanded our business.
Speaker 5: partially offset by a decline in other miscellaneous costs.
Speaker 5: Gross profit was RMB 196.4 million in the first quarter of 2023, compared with RMB 168.1 million in the same period of last year.
Speaker 5: Long-gap growth profit was RMB198.2 million in the first quarter of this year, compared with RMB170.7 million in the first quarter of last year.
Speaker 5: Growth margin for the first quarter of 2023 was 31%, compared with 32% in the same period of last year.
Speaker 5: Long-gap growth margin for the first quarter of 2023 was 31%, compared with 33% in the sample of last year.
Speaker 5: Operating expenses were RMB 100 at 53.7 million in the first quarter of 2023, compared with RMB 100 at 53.5 million in the same period of last year.
Speaker 5: Research and development expenses were RMB 71.9 million in the first quarter of 2023, compared with RMB 71.1 million in the first quarter of last year. Primarily due to the increase in salary and welfare benefits expenses and share-based compensation expenses partially opposite by declining expenses.
Speaker 5: related to research and development services provided by third parties.
Speaker 5: Selling and marketing expenses were RMB 58.8 million in the first quarter of 2023, compared with RMB 60 million in the first quarter of last year.
Speaker 5: Primarily attributable to the decrease in branding and marketing expenses.
Speaker 5: partially opposite by increased scenery and welfare benefits expenses.
Speaker 5: The company will monitor our discretionary advertising and promotion expenses and adjust the quality depending on market conditions.
Speaker 5: General and administrative expenses were RMB 23 million in the first quarter of 2023, compared with RMB 22.4 million in the same period of last year. Many are surrounded by the increase in probation, political contingencies, and professional service fees.
Speaker 5: partially offset by decrease in other miscellaneous expenses. Operating income was RMB 42.7 million in the first quarter, compared with RMB 14.6 million in the first quarter of last year.
Speaker 5: Land gap operating income was RMB52.9 million in the first quarter of 2023, compared with RMB23.4 million in the same period of last year.
Speaker 5: The income was RMB48.3 million in the first quarter of 2023, compared with RMB16.4 million in the sample of last year.
Speaker 5: And non-capable income was RMB 58.5 million in the first quarter of 2023, compared with RMB 25.2 million in the same period of last year.
Speaker 5: Faisal and diluting the income per ADS were RMB 93 cents and 92 cents respectively in the first quarter of 2033, compared with RMB 32 cents in the same period of last year.
Speaker 5: Long gap-based and dilutive income per ADS were RMB 1.12 and 1.11 respectively in the first quarter of 2023, compared with RMB 14 licenses in the first quarter of last year.
Speaker 5: As of March 31, 2023, we have cash and cash equivalents, shorter investments, and restricted cash of RMB 731.3 million.
Speaker 5: Okay, this concludes all of our prepared remarks today and I will now open the call for questions. Operator, please go ahead.
Speaker 1: We will now begin the question and answer session.
Speaker 1: If you would like to ask a question on the phone, please press star 1 1 and with her name to be announced
Speaker 1: For the benefit of all participants on today's call, if you wish to ask your questions to management in Chinese, please immediately repeat your question in English.
Speaker 1: For the sake of clarity and order, please ask one question at a time. It will respond and then feel free to follow up with your next question.
Speaker 1: One moment for the first question.
Speaker 1: Now the first question comes from the line of Vicky Wei from Citi. Please go ahead.
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Speaker 6: Good evening, management. Thanks for taking my question. I have two small questions. One is how should we think of the monetization scale of overseas products in this year and the investment stage.
Speaker 6: And my second question is, does management notice any change of regulatory environment on the audio live streaming sector? Thank you.
Speaker 7: Thank you Ricky.
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Speaker 1: So, again, I would like to thank you for your time. We are very happy to have you here. We are very happy to have you here. We are very happy to have you here. Thank you for your time.
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Speaker 2: Thank you, Vicky. The first question is answered by Marco and I will translate for him. The first question of Vicky is about the monetization scale of the overseas products.
Speaker 2: Regarding the monetization of the overseas products, we have actually launched certain monetization models in some of those products and mostly subscription models for now. Users can access the value-added services with the subscription.
Speaker 2: Currently, we are still in the early stage of the monetization testing. So based on user feedback and market research, we will continue optimizing the monetization models and including the revenue generating functions and subscription services.
Speaker 1: Suresh, do you have a question on this shHarry? 54, yes sorry sorry a couple minutes below, sp harvest these uh born in China three weeks ago and I'll give you the live there's the video and then let's start next mic
Speaker 2: We expected to see a smaller proportion of the overseas revenue scale this year.
Speaker 2: And there are still some uncertainties. And generally, our overseas business is still in its early stage, and we plan to make further investments in marketing and localized operations. And we will continue to optimize our products and validate a business model.
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The second question is about the regulatory environment in the live streaming sector. Regarding the industry regulations, we have noticed that some live streaming peers were facing some regulatory monitoring recently.
and we have noticed that the regulatory efforts have been strengthened with stricter standards and regulations.
So for Li Zhi, we will reinforce the overall compliance management, including the content safety and security, and the management of internal systems, etc. Ensuring the content safety and security is actually our top priority.
So we will conduct regular self-examinations in accordance with the latest policies to meet the overall compliance requirements.
Next question, please. Once again, to ask questions, please press star 11 and wait for our name to be announced.
As a reminder, to ask a question, please press star 1-1.
If there are no further questions now, I'd like to turn the call back. I beg your pardon. One moment for the next question.
We have the questions from the line of Serena Li from China Securities. Please ask your question. Please ask your question.
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Thanks for taking my question and shall the management share more about the progress of the overseas business including operational level and the sum of the user metrics.
and as well as the outlook for the overseas business for the full year. Thanks.
Thank you.
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Our overseas business is steadily developing. And on the product side, we have been focused on user experience optimization and the function upgrades and iterations.
And since the launch of my AI brand chatbot in the TI app in the first quarter of this year, we have noted the increase in user engagement.
Currently, we are continuously enhancing the relevant functions, including the recent launch of the multiple preset AI characters to provide users with an enriched online companionship experience. We are also working on iterations of the waste-based functions.
and we hope to see you again soon. Thank you for your attention. Thank you for your attention.
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And additionally, we are focusing on building our global capabilities by improving our international teams to support more localized product operations and marketing and other aspects.
So we will also step up investments in our overseas business, but it will be in line with the business growth. And in general, it will remain within a well-managed range.
Okay, thank you. Thank you. If there are no further questions now, I'd like to turn the call back to the company for closing remarks.
Well, thank you once again for joining us today. If you have any further questions, please feel free to contact the LIG's investor relations through the contact information provided on our website at ir.lig.fm or the Pionty Group investor relations. Thank you. Thank you. This concludes the conference call. You may now disconnect your line.
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Hello, ladies and gentlemen. Thank you for standing by for Li Zhiying's first quarter 2023 earnings conference call. At this time, all participants are in listen-only mode. After speak 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, Effiecs.
Head of Capital Markets for the company. Please go ahead. Thank you very much. Hello everyone and welcome to Li Zhiying's first quarter 2023 earnings conference call. We released our financial and operating results via newswire services earlier today and they are available online.
Participants on today's call will include our founder and CEO , Mr. Mark Coli, our COO, Mr. Zilong Li, and our acting CFO , Ms. Chen Fanglu. Mr. Li and Ms. Lu will begin with prepared remarks, and the call will conclude with a Q&A session. As a reminder, this conference is being recorded.
In addition, our earnings highlights presentation and the webcast replay of this conference call will be available on the IR section of our website at ir.litch.fm.
Before we continue, please note that today's discussions will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Education Reform Act of 1995.
These statements technically contain words such as may, will, expect, target, estimate, intent, belief, potential, continue or other similar expressions. Overlooking statements involve inherent risks and uncertainties. The accuracy of these statements may be impacted by a number of business risks.
and uncertainties that could cause actual results to differ materially from those projected or anticipated, many of which factors are beyond our control. The company is affiliated with advisors, representatives, and underwriters do not undertake any obligation to update this overlooking information, except as required under the applicable law.
Please also note that Li Zhi's earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. This refers to Li Zhi's earnings press release for reconciliation of unaudited non-GAAP measures to unaudited GAAP measures.
I will now turn the call over to our CEO , Mr. Zalondi. Please go ahead.
Hello everyone and thank you for joining Bijin Inc's first quarter 2020 Surya earnings conference call. Hello everyone and thank you for joining Bijin Inc's first quarter 2020 Surya earnings conference call.
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While the first quarter of 2023 marked a fresh start, we remain committed to building a more competitive audio-based ecosystem in reaching our diversified product matrix, further unleashing our business commercialization potential, and propelling our global business expansion.
In the first quarter, the company's revenue increased by 22% year-over-year to RMB 631 million. Our total average mobile MAUs amounted to 49.6 million and our average multi-plane users totaled 471.5 thousand.
Powered by our core technologies and versatile technology platforms and supported by our effective operational strategies, our net income surged by 54% sequentially and 194% year-over-year to RMB 48.33 million. chants of 0 Speaking ofOOK Port dictators create power
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Thank you for watching.
Please like and subscribe to our channel.
Please continue to watch the video. Thank you. Please continue to watch the video. Please continue to watch the video.
Thank you.
Thank you for your attention.
In the first quarter, we continue innovating and upgrading our audio entertainment product features and functions, boosting our audio entertainment's commercialization efficiency.
By launching an array of highly interactive online modules, we encourage the users and content creators to interact and to strengthen connections between them as well as drive up user participation and engagement. Meanwhile, we continue expanding our core content categories.
bringing differentiated audio entertainment experiences to our users through innovative features. Leveraging dynamic adjustments to our operations and marketing strategies, we also effectively improved the core users willingness to pay.
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Please subscribe to our channel10 solicitation Also follow our LinkedIn page Thank you. Goodbye. Have a good day. Thank you.
Cloud services angels about I stand by you. Chanso, Chanso Lee.
We hope to see you in the next video. Thank you for your attention. We hope to see you in the next video. We hope to see you in the next video.
We remain focused on cultivating the creator experience, refining operations, and continuously improving the creation tools available to them to help them grow and flourish on our platform. By implementing a creator partnership mechanism for quality content creators, we have attracted more creators to generate content.
while boosting their engagement and creative output. Furthermore, through our refined operations management and diversified themed activities, we succeeded in giving full play to the value creativity of our quality content creators. For example,
We launched the same activities such as special sessions featuring quality hosts and linked them to trending topics in order to enhance interaction in the audio-centric community.
helping our content creators attract more followers and generate income.
Thank you for your attention.
Thank you for your attention.
For more information, please go to he.osu. yea.iso.com
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Please check the description of this video to know what it is about. Thank you for watching.
We are committed to the development of our global business. Regarding our global business, we remain committed to relentlessly approach our innovation by applying our core technologies. We aim to build an AI travel platform and ultimately promote further development of our global business.
chatbot to better enrich the app's online companionship experience.
The newly unwailled My AI Brand chatbot is designed for users to create their ideal online brands and have a more tailored AI-enabled chat experience. Users may create dedicated AI brands and generate tailored profiles by leveraging the customization functions of My AI Brand.
With the launch of the upgraded version, we are pleased to see that more users are willing to share my AI brand with their peers, enhancing engagement and significantly improving the usage time. Building upon the company's strong technical capabilities in the audio field, we are pleased
We recently tested my AI brand's voice function, aiming to provide users with a more differentiated AI voice chat experience.
Going forward, we will further optimize and upgrade MyAI brand features, as well as enrich our AI chatbot usage scenarios, aiming to effectively integrate our AI chatbots into our original social networking protocols, and provide users with more valuable emotional support and companionship.
Thank you for your attention.
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As we pursue the development of our global capabilities, we always follow the principle of establishing localized operations across our globalized organizations. As such, we have effectively enhanced our underground business operations by establishing localized operational management teams.
Technology-wise, we have made progress with the R&D of self-developed core technologies to fully power our product innovation, building upon the company's technology capabilities.
strong expertise in the field of voice-based social networking and online companionship, and years of operational experience.
coupled with technological breakthroughs in ASR, TTS, and other voice AI errors. We intend to further explore the application of audio-based AI chatbots. We also remain committed to bringing a more differentiated online companionship experience to our users.
with technological breakthroughs in ASR, TTS, and other voice AI errors. We intend to further explore the application of audio-based AI chatbots. We also remain committed to bringing a more differentiated online competitive experience to our users.
Thank you, Mr. Liu, for your time today. Thank you. I would like to thank you for your time today. I hope you will continue to grow. In summary, Li Zhi achieved solid growth in the first quarter of 2023 across all business segments. Looking ahead, we will continue to power product innovation through technology development, while actively advancing our global positioning.
Thank you all. With that, I will now turn the call over to our acting CFO , Ms. Chenfang Lu, who will discuss our financial results in more detail.
Thank you, Guo. Hello, everyone. We are delighted to see that in the first quarter of 2023, our revenue increased by 22% year-over-year to a new high of RMB 631 million.
In addition, we achieved ongoing profitability with net income of RMB 48.3 million, R54% sequentially and 194% year-over-year. Looking ahead, we'll continue to improve our operating efficiency. Now, I'd like to provide a brief overview of our financial results for the first quarter of 2023.
the next optimization of market strategy.
Cost of revenue was armed with $434.6 million in the first quarter, representing an increase of 25% year-over-year. Many attributed to an increase in revenue share fees to account creators, payment handling costs, and bandwidth costs as we expanded our business.
partially offset by a decline in other miscellaneous costs. Gross profit was RMB 100 at 96.4 million in the first quarter of 2023, compared with RMB 100 at 68.1 million in the same period of last year.
Long-gap growth profit was RMB198.2 million in the first quarter of this year, compared with RMB170.7 million in the first quarter of last year.
Growth margin for the first quarter of 2023 was 31% compared with 32% in the same period of last year. Long gap growth margin for the first quarter of 2023 was 31% compared with 33% in the same period of last year. Operating expenses were only $153.7 million in the past year.
year. Primary due to the increase in scenario and welfare benefits expenses and share-based compensation expenses, partially offset by declining expenses related to research and development services provided by third parties. Selling and marketing expenses were on the 58.8 million.
monitor our discretionary advertising and promotion expenses and adjust the quality depending on market conditions. General and administrative expenses were on the 23 million in the first quarter of 2023.
compared with ARMv22 formula in the same period of last year. Many are surrounded by the increasing provision, political contingencies, and professional service fees.
partially offset by decrease in other miscellaneous expenses. Operating income was RMB 42.7 million in the first quarter, compared with RMB 14.6 million in the first quarter of last year. Land-gap operating income was RMB 52.9 million in the first quarter of 2023.
compared with RMB 23.4 million in the same period of last year. Net income was RMB 48.3 million in the first quarter of 2023, compared with RMB 16.4 million in the same period of last year.
And non-gap net income was RMB 58.5 million in the first quarter of 2023, compared with RMB 25.2 million in the same period of last year. PACE and diluting net income per ADS were RMB 93.0 and 92.0 respectively in the first quarter of 2023.
compared with RMB 32 cents in the same period of last year. Long gap phases and diluting the income per ADS were RMB 1.12 and 1.11 respectively in the first quarter of 2023, compared with RMB 14.9 cents in the first quarter of last year. As of March 31, 2023, we have cash and cash equivalents.
shorting investments and restricted cash of RMB 731.3 million. Okay, this concludes all of our prepared remarks today. And I will now open the call for questions. Operator, please go ahead.
your question in English. For the sake of clarity and order, please ask one question at a time. Management will respond and then feel free to follow up with your next question.
For the sake of clarity and order, please ask one question at a time. Management will respond and then feel free to follow up with your next question. One moment for the first question.
Now the first question comes from the line of Vicky Wei from Citi. Please go ahead. Thank you for your attention.
any change of regulatory environment on the audio live streaming sector. Thank you.
Thank you, Ricky.
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Thank you, Vicky. The first question is answered by Marco, and I will translate for him. The first question of Vicky is about the monetization scale of the overseas products.
Regarding the monetization of the overseas products, we have actually launched certain monetization models in some of those products and mostly subscription models for now. And users can access the value-added services with the subscription. Currently, we are still in the early stage of the monetization task.
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We expected to see a smaller proportion of the overseas revenue scale this year. And there are still some uncertainties. Generally, our overseas business is still in its early stage, and we plan to make further investments in marketing and localised operations.
and we will continue to optimize our products and validate our business model.
Thank you very much for your attention.
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and the development of the new technology and the new technology to be used in the future. The second question is about the regulatory environment in the live streaming sector. Regarding the industry regulations, we have noticed that there are some
were facing some regulatory monitoring recently. And we have noticed that the regulatory efforts have been strengthened with stricter standards and regulations.
So for Li Zhi, we will reinforce the overall compliance management, including the content safety and security, and the management of internal systems, et cetera. Ensuring the content safety and the security is actually our top priority. So we will conduct regular self-examinations.
As a reminder, to ask a question, please press star 1 1. If there are no further questions now, I'd like to turn the call back. I beg your pardon. We have one moment for the next question.
We have the questions from the line of Serena Li from China Securities. Please ask your question. Hi, my name is Serena Li from China Securities.
Thank you.
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The AI team is a great team. We are very proud to be part of the AI team. We are very proud to be part of the AI team. We are very proud to be part of the AI team.
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we have noticed an increase in user engagement.
Currently, we are continuously enhancing the relevant functions, including the recent launch of the multiple preset AI characters to provide users with an enriched online companionship experience.
We are also working on iterations of the waste-based functions. Users can now experience the native.grays on the TIS.
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This is a very hard timing to you to have in your government. So you highlight here with a whole new one, please. This is a very hard timing to you to have in your government.
We have launched the monetization models for commercialization. We will keep optimizing these models for effective validation. And additionally, we are focusing on building our global capabilities.
by improving our international teams to support more localized product operations, and marketing and other aspects.
So we will also step up investments in our overseas business, but it will be in line with the business growth. And in general, it will remain within a well-managed range.
So we will also step up investment in our overseas business, but it will be in line with the business growth. And in general, it will remain within a well-managed range. Okay, thank you.
Thank you. As there are no further questions now, I'd like to turn the call back to the company for closing remarks.
Well, thank you once again for joining us today. If you have any further questions, please feel free to contact the LIG's investor relations through the contact information provided on our website at ir.lig.fm or the P&T Group investor relations. Thank you.
Thank you. This concludes the conference call. You may now disconnect your lines. Thank you.