Q2 2023 DouYu International Holdings Limited Earnings Call
Good morning and good evening ladies and gentlemen. Thank you and welcome to DU International Holdings Limited's second quarter 2023 earnings conference call.
At this time all participants are in listen only mode.
We will be hosting a question and answer session after management's prepared remarks.
As a reminder, this call is being recorded.
I will now turn the call over to the first speaker today, Ms. Ling Ling Kong, IR Director of DU. Please go ahead, ma'am.
Thank you. Hello everyone, welcome to our second quarter 2023 earnings call. Joining us today are Mr. Xiaojie Chen, Chairman and Chief Executive Officer, Mr. Mingming Su, Chief Strategy Officer, and Mr. Hao Tao, Vice President of Finance.
You can refer to our second quarter 2023 financial results on our IR website at IR.OU.com. You can also check a replay of this call when it becomes available in a few hours on our IR website.
Before we start, please note that this comic and keen forward-looking statement made pursuing two-step poverty provision for the Private Security Education Reform Act of 1995. These forward-looking statements are based on management current expectations and observations.
that involve known and unknown risks, uncertainties, and other factors not under the company's control, which may cause actual results, performance, or treatments of the company to be materially different from the results, performance, or expectations implied by this forward-looking statement.
All forward-looking statements are expressly qualified in their entirety by the cautionary statement, risk factors, and details of the company's filing with the SEC. The company undertakes no duty to revise or update any forward-looking statements for select events or circumstances after the date of this conference call.
I will now speak on behalf of our Chairman and CEO Mr. Xiao Jiechen.
In the second quarter of 2023, the company's top priority was to foster a healthy ecosystem across our game-centric community.
We stepped up the production of premium content to diversify our content metrics and enrich interactions across the community.
We also heightened the importance of content management and strengthened the content review procedures on our platform.
By ensuring the health of our ecosystem, we have solidified the foundation for our strategic long-term sustainable growth.
On the operations side, we placed a heavy emphasis on improving the quality of our users.
We actively refined our monetization and marketing strategies and deepened our cooperation with game developers, with a focus on refining how we promote new games and their operations.
The combination of these adjustments supports the overall stability of our business operations, helps users metrics, and promotes our improved profitability.
In the second quarter, our mobile MAU was 50.3 million, quarterly average paying users were 4 million, and our adjusted net income was RMB 61.4 million, surging 138% quarter all the way so far.
To begin with our user base, our mobile MAUs for the quarter declined 9.8% year-over-year, but were on par with the last quarter. The main reasons for the year-over-year change include, first, early this year we refined our operating strategy to focus on improving user quality.
This means that we have cut back on our low ROI marketing spend.
As a result, our user acquisition expenses for the quarter significantly decreased year-over-year. The quality of our users has improved. However, the lack of user acquisition from promotional channels led to a year-over-year decline in quarterly MAUs.
Second, we adhered to our content-driven approach to user growth.
We attracted and retained users through continuous investment in high quality content.
We expect the regular updates we make to revenue-generating products and deeper cooperation with game developers to drive organic and better quality MAU growth over time.
With our expanded entertainment content offerings, innovative membership services, and the launch and promotion of new games, we successfully attracted new users in the second quarter, which partially offset the year-over-year decrease in mobile MAUs.
resulting from the adjustments we made in our marketing strategy. Moving to our content ecosystem.
In the second quarter, we also continue to refine our diversified tournament system.
We broadcasted over 20 large-scale official events and organized almost 60 self-produced esports tournaments.
This included major worldwide official gaming events, such as the Spring Tournament of LPL, King Pro League, and the Peacekeeper Elite League, as well as CSGO Bluffs Major.
As the peak season for mainstream esports spring tournaments came to an end in the second quarter, we offered an array of premium self-produced tournaments for the offseason, including the Douyu Onofkin National Challenge S7, which has now been held for seven consecutive seasons.
the League of Legends follower contest led by Star Streamers, and the peace cable is made from haruna cups.
With this rich and exciting off-season content offering, we have kept users actively engaged on our platform.
In addition to tournaments, in the second quarter, we rolled out more interactive entertainment content by leveraging our top tier stream of resources.
For example, we work with top LOL streamers on fun club activities, such as singing competitions featuring streamers and users.
Building upon the profound influence of top-tier streamers, a powerful effect was generated by Fun Club activities, which attracted many streamers and users.
We also adopted the BODI chat format to enrich our event scoring system.
This format addition greatly elevated user participation and the frequency of user interactions.
The fun club activities got incredible visibility across and beyond our platform.
Its success gained traction among both new and existing users, further increasing overall user engagement.
We continue to deepen our cooperation with game developers.
particularly on the launch and promotion of new games.
Justice Online, the launch at the end of June , is a major game that we're working on this year.
We build momentum for it, accords our game segments, and through multi-channel promotions.
capitalizing on our outstanding stream resources, rich game-related content such as game news and game guides.
We were pleased to see a good deal of downloads and game activations.
The month that follows a game's launch is considered the golden season for game promotion.
As such, we use this time to work with game developers to promote our diversified live streaming content, community discussions and activities, generating traffic and engagement across our platform.
We also did a second round of promotions of select live streaming content on multiple external channels, driving traffic beyond our platform.
Additionally, we worked more closely with game developers on the development of customization tools, such as the Game Guide library and character customization, building a comprehensive game segment that incorporates multiple content formats.
Furthermore, while we were promoting the new AGC game, Honkai Star Rail, we were deeply involved in the game developers' large-scale offline activities, and we were the only live-streaming platform invited to join the undertaking.
Based on the game's product features, we tailored an area of game segment activity specifically for AGC users.
Through online-offline interactions and audience benefits, we successfully attracted more users to our platform.
In the second quarter of 2023, we optimized our content matrix while also enhancing our content management, review, and approach progress across the platform.
First, we upgraded the review criteria, adding and refining over 30 items.
Second, we applied innovative review technology, improving technical features, such as content monitoring, filtering, and event trigger handling.
Third, we strengthened our management system and staff training and elevated the awareness of content management and regulatory guidelines.
We will further enhance the company's procedural and operational compliance programs to provide our users with better content and service offerings.
improve user experience, and continuously optimize the healthy system of our Game century community.
Moving on to our monetization strategies.
The number of quarterly average paying users in the second quarter was 4 million, with a quarterly R-Pool of RMB 326.
The reason for the change in the number of ping users are threefold.
First, as we executed our strategy of fostering a healthy, sustainable, game-centric community ecosystem, we reduced some of our revenue-generating activities to level up the platform.
including canceling marketing activities aimed at attracting new paying users.
Second, on the revenue side, we improved our operating efficiency by scaling down low-growth margin operating activities.
Third, the decrease in our overall user base was partially the result of reduced marketing spend. No longer needed 2020 commands, Streams and now its default.
To some extent, these adjustments affected our users' willingness to pay, including both new users and price-sensitive users, resulting in an overall decline in paying users.
Nevertheless, we shifted our focus to upgrading our revenue-generating products and maintaining our co-pane users.
Internal data shows that in the second quarter, our co-pane users maintain stable spending habits.
as reflected in our quarter of the op-fu, which rose both year over year and quarter over quarter.
In terms of traditional virtual gifting, we launched our brand new user profiling system based on how much they spend. Any user that spends over a certain stress hold is automatically entitled to exclusive user privileges.
such as identity marks and exclusive services. These identity-based privileges are automatically granted each month.
which improved our pain users' experience and fortified their sickness.
Apart from traditional virtual gifting, we continue to iterate and upgrade membership functions and benefits.
our membership business, which represents a sustainable source of revenue for us.
It's also on track towards steady growth.
This added benefits to our members are a testament to how much we care about our co-paying users, as well as our sustainable relationships with them.
Over the past quarters, we have developed a dual-service system featuring platform-wide membership and game-specific membership. Based on our platform-wide membership service in the second quarter, we offered additional cost-sale membership benefits to users.
Specifically, with each purchase of a platform-wide membership in certain Game Streamer's live streaming channels, users get certain in-game items and game-specific benefits for free.
Owing to the complementary benefits of our dual membership system, our users became more actively engaged and waiting to pay.
We also rolled out innovative privilege gifts, such as gifts with sound effects customization, rewinding our revenue-generating products to elevate user interaction with streamers and to maintain good vibes across our live streaming channels.
In general, our membership renew rate has been steadily under the rise for several consecutive quarters, demonstrating our consistent optimization of the co-paying users' ecosystem.
In terms of our product R&D and functionality innovation in the second quarter, we launched our own new big data system for stream analysis, featuring real-time collection statistics and analysis of data on their live streaming content, ours, BullyChat, and other services.
user traffic changes, etc. The system enabled our operation support team to provide timely measures of the streamers' performance against the various indicators.
so that we can better support our streamers with more precise feedback data.
The system's built-in algorithms enable visualization of the streamer's live streaming data from multiple perspectives.
providing data support for operational decision making.
With the system, our operation support team can directly capture high-quality content and of course videos, images and bully chats from the streamers' live streaming channels.
which helps us identify content that best appeals to audience for more effective recreation, enhancing the visibility of high quality content.
In conclusion, we remain committed to executing our core core strategy of fostering a vibrant game-centric content ecosystem.
Our key objective is long-term sustainable growth.
As we work to enhance our ecosystem, we remain focused on maintaining the scale and quality of our co-users.
attracting more high quality users to our diverse and growing content.
fortifying user interaction and thickness through innovative operations, and stimulating community-wide interactions.
Looking forward, we will continue to look for more commercialization channels and new growth avenues, while maintaining our leading position in the domestic gaming content industry.
With that, I will now turn the call over to our Vice President of Finance, Mr. Haocao, to go through the details of our financial performance in the quarter.
Thank you, Linding. Hello everyone.
In the second quarter, we continue to implement our refined growth strategy aimed at ensuring our healthy and balanced business outlook.
emphasizing the development of healthy margin business and optimizing operations, we continue to adjust our revenue generating activities and streamline operating efficiencies.
including those that optimized content costs and further reduced marketing spending.
As a result, despite some short-term impacts to our revenue, we once again grew our adjusted net profit showing a solid increase quarter of quarter.
Let's now look at our financial performance in more detail.
Total net revenues in the second quarter of 2023 decreased by 24.1% year-over-year to RMB 1.39 billion.
Livestreaming revenues were RMB 1.26 billion, a decrease of 28.8% from RMB 1.77 billion in the same period of 2022.
The decrease was mainly attributable to ongoing operational adjustments in our live streaming business to promote a healthy and sustainable ecosystem in a more cost-effective manner, as well as the challenging microenvironment.
These adjustments impacted spending from new pain users and price-sensitive pain users.
combined with a lower user base caused by scale back promotions.
we saw a year-over-year decrease in the total number of pain users. Amid these changes, our core pain users exhibited relatively stable pain behavior, contributing to an 18.2% increase in up to RMB 326 in the second quarter.
up from RMB 276 in the same period last year.
Advertising and under revenues were RMB $133.9 million, an increase of 106.5% from RMB $64.9 million in the same period of 2022.
The year of year increase was primarily attributable to the increase in other revenues contributed by game-specific membership services.
Cost of revenues in the second quarter of 1923 was RMB 1.2 billion, a decrease of 21.1% compared with RMB 1.52 billion in the same period of 1922.
Revenue share fees and content costs decreased by 25.4% to RMB of RMB$1.31 billion in the same period of 2022.
The decline was primarily driven by a decrease in revenue sharing fees, which were largely aligned with the decrease in live-streaming revenues.
The decrease was partially offset by an increase in copyright costs resulting from the purchase of LPL tournament copyright.
Final waste costs in the second quarter of 2023 increased by 17.3% to RMB 118.8 million from RMB 143.7 million in the same period of 2022.
The decrease was mainly due to enhanced efficiency of peak bandwidth usage.
Despite a year-over-year increase in peak bandwidth usage as a result of the rising tournament viewing demand,
We managed to control binary costs through dynamic binary allocation strategies and other optimization measures.
Gross profit in the second quarter of 2023 was RMB 188.9 million compared with RMB 309 million in the same period of 2022.
The decrease in gross profit was mainly attributable to decreased net revenues and increased other costs.
Other costs include the cost of game-specific membership services, which grew largely in line with the increase in other revenues.
Gross margin in the second quarter of 2023 was 13.6% compared with 16.9% in the same period of 2022.
The decrease in gross margin was mainly attributable to the increase in other costs as a percentage of revenues, which was partially offset by the decreasing percentage of revenues attributed to revenue sharing fees.
Sales and marketing expenses in the second quarter of 2023 were RMB 87.1 million, a significant decrease of 48% from RMB 167.5 million in the same period of 2022.
This was mainly attributable to a decrease in marketing expenses for user acquisition.
Research and development expenses in the second quarter of 2021-2023 were RMB 71 million, representing a 30.2% decrease from RMB 101.9 million in the same period of 2022.
This decrease was primarily due to a decrease in personnel-related expenses.
General and administrative expenses in the second quarter of 2023 were RMB 46.9 million, a drop of 48.2%.
from RMB 90.7 mm in the same period of 2022.
The decrease was primarily due to decreased share-based compensation expenses, as the shares and our share incentive plans were fully vested.
Loss from operations significantly narrowed to RMB 7.5 million in the second quarter of 1923 from RMB 30.6 million in the same period of 2022. Net income in the second quarter of 1993
was RMB 6.8 million compared with a net loss of RMB 38.8 million in the same period of 2022.
Adjusting net income, which excludes share-based compensation expenses.
the share of loss or income in active measure investments.
and impairment loss of investments was RMB 61.4 million in the second quarter of 2023.
Compared with RMB, 23.5 million in the same period of 2002.
For the second quarter of 2023,
Basic and diluted net income per ADS for both RMB 0.02, while adjusted basic and diluted net income per ADS for both RMB 0.19.
As of June 30, 2003, the company had cash and cash equivalents.
restricted cash and short-term and long-term bank deposits of RMB 7.06 billion, compared with RMB 6.81 billion as of December 31, 2022.
Going forward, we remain committed to stabilizing our core business operations.
while actively seeking opportunities to enhance our monetization capabilities and explore more commercialization channels. By improving revenue quality and maintaining a prudent cost management approach, we aim to support the long-term healthy development of our platform with sustainable profitability.
This concludes our prepared remarks for today. Operator, we are now ready to take questions.
Thank you. If you would like to ask a question, please press star and 1 on your telephone keypad.
If your question has already been addressed and you would like to remove yourself from queue, please press star then 2.
For the benefit of all participants on todayís call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English.
Today's first question comes from Lei Zhang with B of A Securities. Please go ahead.
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Thanks for taking my question. Questioningly on the regulatory environment, notice that we have a regulator on set review in May. Any updates on this and how do we look at the current regulatory environment and the impact of business? Thank you.
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During the one-month on-site inspection by the Hubei Bureau of China's Cyberspace Administration Working Group, the Working Group provided supervision and guidance on various matters.
Our team was in complete cooperation and readily represented any company information that was requested.
such as our policies and procedures for content review and our content approval review process.
We also took this opportunity to continue to enhance the capabilities and the skill sets of those content-related support teams.
During the inspection period, our business operations continued at zero.
After the conclusion of the inspection, we have continued to make improvements to relevant rules and procedures across our platform.
More specifically, as we discussed earlier, we improved our content management procedures, particularly on those related to content monitoring, review, and approval. We are now back in our normal internal supervision mode, which has been strengthened by the continued improvements we have made to our...
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In general, regulators have been strengthening and improving their supervision of the live-streaming industry. Our goal is the long-term healthy development of our platform.
We actively operates with regulatory authorities and are committed to fulfel regulatory responsibilities for the safe operation of our users, such as counting, monitoring or across our platformwe have actively participate in and examin the multiple special remediation actions by regulators, including: the nationwide Cha line campaign to purify the online environment. profight against the cyber bullying and the cyber rumor monitoring. The cyber protection initiative to provide a clean online environment for miners.
As a result of a user's found it easier to consume content and help become more willing to engage in paying behaviors, which has those also invigorated our path once ecosystem.
We have also upgraded our revenue generating products to help maintain our coping users and to keep our own revenue stable.
Additionally to improve the company's revenue structure, we explored new potential sustainable revenue streams by stabilizing our revenue scale, we were able to further reduce our LOE I worked with gifting activities and improved the platforms all of our operating efficiency.
Operating about optimizing our cost and expenses were.
We're glad to see progressive improvements in both gross margin and adjusted net margin as it reads out.
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Yeah question or the second half of 2023, we plan to improve our gaming community ecosystem in various ways. This includes increasing.
Increasing our investment in algorithms used for content based recommendation.
To provide more targeted content that better fits our users' diverse preferences, thereby improving the efficiency of compound. The utilization. We will also prioritize operations that he has come in he'd features so a product updates operational innovation et cetera.
What's her a positive community atmosphere for gamers across the platform.
He has seen user engagement and stickiness.
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Our product updates counting them back months ended the exploration of new models, all require time and patience to bear fruit.
Through trial and error and a subsequent improvement we believe the effectiveness of our operational strategy will become more evident of course adjustment to revenue and expenses have a immediate impact our financial performance.
Especially in midst of the current macro uncertainties.
Against this backdrop, we expect our revenue to experience short term pressure, but we are prepared for this and it will can chilcott and expenses to secure our long term profitability.
Thank you next question please.
Yeah.
Thank you and our next question today comes from Rafael <unk> with B O C. Our research. Please go ahead.
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Hi, Thanks management for taking my questions I have two main questions, let's say, we'd have noticed recently got top holes left the platform.
As contracts expired in July could imagine I'm sure some latest updates on the state of Idaho.
The whole platform also can we have more color on the measures that that's what it takes to motivate useful.
My second question as it related to you in the U N paying user trend.
The management give some color regarding the Mou and continues to trend in the near to mid term.
Thanks.
Cynthia Let me answer your first question.
Its high quality cars Screamers, we signed long term exclusive cooperation agreement.
The binding agreements are governed by law and is sponsored by game developers and publishers.
Therefore screamer stability.
Cured during the contract period.
Well more of I'll call streamers.
Whose agreements a router.
<unk> is higher.
<unk>.
Our Tech X T related constantly new okay.
All the time.
We have been doing this for many years and is there a non renewal rate is very low.
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It has are you a partner at a high quantity mode. After three months.
As I actually establish the game content platform, we haven't worked through with three more things in place for many years.
Building three months in the video IP and enhancing doses.
<unk> competitive eight has dirt and does treat environment to enroll and our users.
Consumption and consumption is became more diverse way.
It began.
Producing new Innerwear, Teva streamer cooperation model.
There are what we have been walking off.
Forster.
Under our over all three of our operations strengthen we are strengthening three Michael collaborations and depending our cooperation with game developers.
We regularly go out in order to high quality content and.
Operational activities to maintain and increase user activity in our games segment and is there.
Three months have become more waiting to go long live streaming session.
With notably more new games launched during the first half on half of the year.
We work to atrophy, although streamer recruitment recall Andrew.
Pardon the interruption everybody. This is the conference operator, I do apologize, but looks like we've lost our speaker connection I'm Gonna plays music in the call and we will be right back with you. Please standby.
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Pardon me everyone. This is the conference operator, we have reconnected our speakers. Please proceed with your answer thank you.
Let me continue to answer your first question about the screen Martha ability with notably more new game launches in the first half of the year, we walks on a V O scream out record Big Chromate a recall.
Gross program through operating activities supported by gains you've ever.
We have added new resources to the platform a stream of pool offering I just didn't know contender for new gifts and so that's a good scream orthocaine, Peru, and the prosper in more diversities.
As part of our normal course of operation. So we launched the multi screen more drilling programs as well as they are we at the hour.
Activity is attaching the streamers.
Effectively promote user interactions made our screen work multiple units in a faster our lung screening sessions.
Our second effort has been on the commercialization front.
Throw a marquee dementia no product upgrades, we encountered the interaction between screen Martin users and have further optimized our paying users ecosystem for.
For example.
We ended the gift of collection and display functions such as a gift a collection kit and the gift are affordable.
You there.
Even give it to probably the first time under the yoga or who gave us their motives immediately spatula on.
On live streaming channels and all of the gifts, giving to scream or.
Displayed on the user interface.
We also upgrade to our user profile you see coming in the second quarter, highlighting Pandora, they're pretty good eater.
And further improve the paying user experience.
This product upgrades fertilizer that better scream, our yogurt directions, expanding our monetization opportunities.
Additionally, we provide this framework of it more like screaming broadened our management the tools our contender.
Production towards habits screamers in Peru.
Live streaming quality and efficiency.
Our big data analytics.
Yeah.
And this is.
Enabling us to better support our three market is more precise and it are critical that our feedback to optimize not screaming container in the operations.
Overall streamers, either hot or variable high quality content.
We implemented the.
Completer sits on the photo Scream, our core mental training, both our management and the cooperation and making sure that our screen work are actively engaged and available.
Compensated.
Our enhanced our operations have also strengthened our relationships with streamers.
Let me answer the second question about the use of cranes.
Our operating strategy is focused on long term sustainable growth across the platform.
Regarding revenue.
Assembly adjusted lapsed premium revenue generating activities and reduced promotion frequency.
Which makes grease out some users and some paying users in the short term let me explain this in more detail.
First the quarter over quarter decline in MA Yu was mainly the result of a significant reduction in marketing expenses for promotions and constantly the loss of some low quality users.
Our analysis indicates that most of the user accretion was from users who spend a short time on the platform.
Result of changes in May you will not significantly affect our platforms content operations and monetization efficiency.
Looking at second half of the year, we will continue to execute our prudent marketing strategy.
As the impact of our upcoming product upgrades.
User behavior is still unknown, we expect <unk> to remain at current level in the second half of the year with some degree of fluctuation.
Second.
Regarding paying users.
Amber of paying users was influenced by both internal operations.
External macro environment.
According to our analysis the change in paying users in the first half of the year was mainly attributable to internal operational adjustments.
Adjustments included reduced marketing expenses for customer acquisition and a decreased chasing from some users with line.
No.
Marketing activities that because old.
These changes resulted in a decline on enbrel users and paying users. We believe that the upgrades we have made to our revenue generating products with in house, our ability to maintain our core paying user.
That being said we have stabilized that.
Number of paying users within a comfortable range looking into the second half of the year, we believe that the macro environment could further affect our paying user base. So far theres still no sign of a strong macro recovery users purchase awareness has declined.
Users are more cautious about discretionary spending.
Before we anticipate that in the second half of the year macro uncertainties may lead to slight fluctuation in the number of paying users as.
The receipt based operational adjustments with a focus on investing in content, which offers more sustainable growth.
However, it may take more time to see the benefit of these investments. Meanwhile, we will continue to closely track operational adjustments progress and we look forward to keeping you updated.
Your next question.
Thank you and our next question comes from Kathy pairing of Morgan Stanley . Please go ahead.
Okay.
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Management would you say that that's how the company could improve our profitability through operational adjustment also could you share with us a profitability outlook for the second.
Thank you.
I will answer this question.
So we have constantly noted.
A combination of protest gradually package long term sustainable growth across our platform today.
And we have continuously fine tune our live streaming business.
Improved platform ecosystem and foster a healthy spending landscape.
We have also significantly elevated at the company's overall operating efficiency.
By investing in high quality content refining our business operations and improving our operations.
With this meaningful operational adjustments underway, we have successfully achieved net income and adjusted net income for two consecutive quarters.
Let me elaborate on the two primary areas, where we have improved our pride.
Efficiency.
Regarding our cost of revenues to <unk>.
Offset increase in copyright costs on the cost.
The weighted business.
We optimized the cost of our traditional businesses to effectively keep all of all cost stable.
For revenue sharing fees and content costs, we made a array of adjustments to live streaming activities that help us maintain overall revenue sharing ratio at a current healthy level for us.
Retaining the continued housing environment.
Our sustainable lapsed screaming.
Uh huh.
We're also in house production efficiency.
Hi of self produced content and manage to control payments to streamers.
Which reduced our related content costs year over year.
Overall, we expect our total Cogs as a percentage of revenues to remain flat year over year in <unk> history.
Regarding operating expenses, we actively optimize each corporate expense and significantly reduced our channel related user acquisition expenses.
We also improved staff efficiency by optimizing the company's organizational structure.
Or is it boosting our operating efficiency I'll.
I will go of course is to achieve sustainable adjusted net income.
To summarize we are managing the macro uncertainties by more effectively controlling our costs and expenses and.
And we plan to further stabilize and improve the profitability of our traditional live streaming business.
But we're also focused on identifying and.
Developing new areas within <unk>.
<unk> business with.
We plan to work with.
Game developers all fronts.
Fully leveraging the traffic and content resource advantages, we have accumulated we'd be our traditional lab screaming business to further diversify and empower our commercialization capabilities.
This coordinate it efforts aimed at fixed rate long term sustainable profitability and development across our platform. Thank you.
Thank you.
This is all the time, we have for questions I will now turn the call back over to management for closing remarks.
On behalf of the management. Thank you for joining our call. We look forward to speaking with everyone next quarter.
Thank you. This concludes today's conference call.
Thank you all for attending today's presentation.
You may now disconnect your lines and have a wonderful day.
Okay.