Q2 2024 Tencent Music Entertainment Group Earnings Call

August 13, 2024

Millicent T: Shelley Wu, Alex Befo, will discuss our financial results before we open the call for questions. Before we continue, I refer you to the Safe Harper statement in our earnings release, which applies to this call as well made for looking statements. Please note that we've discussed known IFRS measures today, which are more authority-pointing and reconciled to the most comparable measures reported under IFRS in our earnings release and filing for the SEC.

We'll discuss our financial results before we open the call for questions.

Unknown Executive: Alex Befo will discuss our financial results before we open the call for questions. Before we continue, I refer you to the Safe Harbor Statement in our earnings release, which applies to this call as we make the following statement. Please note that we discuss non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under IFRS in our earnings release and filings with the SEC.

Unknown Executive: Before we continue, I refer you to the Safe Harbor Statement in our earnings release, which applies to this call as we make the following statement. Please note that we discuss non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under IFRS in our earnest release and filings with the SEC. All participants are muted at this time.

Before we continue I refer you to the Safe Harbor statement in our earnings release, which applies to this call will make forward looking statements.

Please note that we'll discuss non <unk> measures today.

With Shambaugh authority explained and reconciled to the most comparable measures reported under Ifr S and our earnings release and filings with the SEC.

Operator: All participants are muted at this time. After management's remarks, there will be a Q&A session. Please be advised that today's call is being recorded. With that, I'm very pleased to turn the call over to Cushion, the Executive Chairman of TME Group. Thank you, Millicent.

Unknown Executive: All participants are merely at this time. Some management's remarks, there will be a Q&A session. And please be advised that today's call is being recorded.

Speaker Change: All participants somebody at this time.

Unknown Executive: After management's remarks, there will be a Q&A session, and please be advised that today's call is being recorded. With that, I'm very pleased to turn the call over to Cushion, the Executive Chairman of TME Group. Thank you, Millicent.

Speaker Change: Management's remarks, there'll be a Q&A session and please be advised that today's call is being recorded with.

Cushion: With that, I'm very pleased to turn the call over to Cushion, Executive Chairman of TME Cushion. Thank you, Millicent. Hello everyone, and thank you for joining our call today.

caution: With that I'm very pleased to turn the call over to cushion executive chairman of <unk> caution. Thank you Melissa Hello, everyone and thank you for joining our call today.

Cushion: Thank you, Millicent. Hello, everyone, and thank you for joining our call today. We are excited to report another solid quarter, underpinned by a 28% year-over-year growth in online music services, as well as a 26% year-over-year growth increase in adjusted net profit. The outstanding net addition of over 10 million music subscribers in the first half of 2024, coupled with a rise in ARPPU, once again demonstrates our strong ability to break new ground within China's streaming landscape.

Cushion: Hello, everyone, and thank you for joining our call today. We are excited to report another solid quarter, underpinned by 28% year-over-year growth in online music services, as well as a 26% year-over-year increase in adjusted net profit. The outstanding net addition of over 10 million music subscribers in the first half of 2024, coupled with a rise in ARPPU, once again demonstrates our strong ability to break new ground within China's streaming landscape.

Cushion: We are excited to report another solid quarter. Underpin the buyer, 28% year-over-year growth in online news services, as well as a 26% year-over-year growth increase in adjusted that profit. The outstanding net addition of over 10 million newslet subscribers in the first half of 2024. Couple to be revised in ARPPU. Once again, demonstrate our strong ability to break new ground within China's streaming landscape.

Speaker Change: We are excited to report another solid quarter underpinned by a 28% year over year growth in online music services as well as a 26% year over year growth increased adjusted net profit.

Speaker Change: Outstanding Net addition of over 10 million music subscribers in the first half of 2024, coupled with a rise in Arpus. Once again demonstrated our strong ability to break new ground within China's streaming landscape.

Cushion: We remain optimistic about the music industry's long-term potential and are committed to our win-to-long-term goal. In the meantime, we are consistently adjusting ourselves to better adapt to changing external environments, evolving user mindsets, and our different business development stages to continuously innovate and achieve sustainable growth at a healthy pace and with the right balance.

Cushion: We remain optimistic about the music industry's long-term potential and are committed to our long-term goal. In the meantime, we are consistently adjusting ourselves to better adapt to changing external environments, evolving user mindsets, and our different business development stages to continuously innovate and achieve sustainable growth at a healthy pace and with the right balance.

Cushion: We remain optimistic about the music industry's long-term potential and are committed to our weak to long-term goals. In the meantime, we are consistently adjusting ourselves to better adapt to changing external environments, evolving user mindsets, and our different business development stage to continuously innovate and achieve sustainable growth at a healthy pace and with the right balance.

Speaker Change: We remain optimistic about the music industry has long term potential and are committed to our mid to long term goals.

Speaker Change: In the meantime, we are consistently adjusting ourselves to better adapt to changing external environment.

Speaker Change: Walgreens user mindset, and our disciplined business development stage to continuously innovate and achieve sustainable growth at a healthy pace and we have the right balance.

Cushion: Let me now share some recent highlights on our expansive content ecosystem, which is getting increasingly rewarding. First of all, we continue to expand and reinforce partnerships with artists and record labels to enrich our music library and to bring the best content available to our users. Our longstanding and extensive win-win partnerships with music labels enable us to secure more content-centric preferences for users, including but not limited to early access to the latest hits.

Cushion: Let me now share some recent highlights on our extensive content ecosystem, which is getting increasingly rewarding. First of all, we continue to expand and reinforce partnerships with actors and record labels to enrich our music library, and to bring the best content available to our users. Our long-standing and extensive wing-wing partnerships with music labels enable us to secure more content-centric prefigures for users, including the lot limited to early access to the latest case.

Speaker Change: Let me now share some recent highlights on our expensive content ecosystem, which is getting increasingly rewarding.

Cushion: This quarter, we extended our collaborative licensing agreements with some well-known Chinese bands, such as Soda Green and Suda Lyu, and a top Korean label, CJ E&M, which will send the highly popular K-pop boy band, Zero Base One. All these contract renewals include a 30-day head start on their new song.

Cushion: This quarter, we extended our collaborative licensing agreements with some well-known Chinese bands, such as Soda Green and Suda Lyu, and a top Korean label, CJ E&M, which would send the highly popular K-pop boy band, Zero Base One.

Speaker Change: First of all we continue to expand and reinforce partnerships with octave and record labels to enrich our music library.

Speaker Change: And to bring the best content available to our users.

Speaker Change: Our long standing and extensive win win partnerships with music labels enable us to secure more content centric prefectures for users.

Speaker Change: <unk>, but not limited to early access to the latest.

Cushion: This quarter, we expanded our collaborative licensing agreements with some well-known Chinese fans, such as Soda Green, Souda Liu, and a top Korean label, CJDNM, which would send the highly popular tape of Boyband Q811. All these content renews include a 30-day head start prefigures of their new songs. Overall, we are pleased to see that such prefigures has effectively improved the membership's conversion and engagement.

Speaker Change: This quarter, we extended our collaborative licensing agreements with some well known Chinese spend such as so the green shoot.

And the top Korean enable CGI now, which was the SaaS the highly popular paper.

Speaker Change: She always what.

Cushion: All these contract renewals include a 30-day head start on their new song. Overall, we are pleased to see that such a privilege has effectively improved the membership's conversion and engagement. We continue to explore more engaging ways for users to enjoy music. During the quarter, we combined the proprietary fans-artists interaction benefits, such as live video calls with digital album releases, and we have effectively increased sales. Sun Xiao...

All of these contract renewals include a 30 day headstart P for each of their new songs.

Cushion: Overall, we are pleased to see that such a privilege has effectively improved membership conversion and engagement. We continue to explore more engaging ways for users to enjoy music. During the quarter, we combined proprietary fans-artists interaction benefits, such as live video calls with digital album releases, and it has effectively increased sales. Sun Shao.

Speaker Change: Overall, we are pleased to see that such proof Asia has effectively improve their memberships conversion and engagement.

Cushion: Second, we continue to explore more engaging ways for users to enjoy music. During the quarter, we combine the proprietary band artist's interaction benefits, such as live video calls, with digital album releases, and you tap effectively increases sales. Third, self, the new digital album of a popular Chinese singer, so it's a recent effect. It features artistry in-app declarations and virtual souvenirs, and exceeded 1 million copies in sales within three months of release, ranking as the top seller here today on our platform. We have also seen solid digital album sales results from other artists, such as Chinese singer Lei Zhang, Jiang Yixing, and the popular K-pop group Aspa.

Speaker Change: Second.

We continue to explore more engaging ways for users to enjoy music.

Speaker Change: During the quarter.

Combined our proprietary fence active interaction benefits such as slides, we do of course with digital album releases and effectively increase the sales.

Speaker Change: So in yourself.

Cushion: The new digital album of a popular Chinese singer, Zhou Shen, is a recent success. It features artist-themed in-app decorations and virtual souvenirs and exceeded one million copies in sales within three months of release, ranking as the top seller here today on our platform. We have also seen solid digital album sales results from other artists, such as Chinese singer Lei Zhang, Zhang Yixing, and the popular K-pop girl group Aespa. Meanwhile, as the demand for offline live performances continues to surge, we stepped up our efforts to host concerts and music festivals with more value-added services.

Speaker Change: Fats and died with.

Speaker Change: With new digital album of a popular Chinese thing.

Speaker Change: Susan is a recent success.

Speaker Change: These features artists beam the in App declarations and virtuoso than years and exceeded 1 million copies in sales within three months of relief.

Speaker Change: Ranking as the top seller year to date on our platform.

Speaker Change: We have also seen solid digital album sales results from other actors such as high single agent that you're seeing and the popular Cape Opco Group ASP up.

Cushion: Third, as the demand for offline life performances continue to search, we set up our efforts to host concerts and music festivals with more our upgraded fashion and new events, TMA, Tencent Music Entertainment Awards, 2024, in the car. The importance of our horizons is time, featuring a list of domestic singers and rising musicians, as well as international idols, notably over 60 households' names, including Jocen, Xiong Wei, Jiang Leng Ying, and the K-pop group Baby Monster, performed at each year's event.

Speaker Change: Third as the demand for offline life performances continues to search we stepped up our efforts to host <unk> concepts and music festivals with more value added services.

Cushion: In July, we hosted our upgraded flagship annual event, TMEA Tencent Music Entertainment Awards 2024 in Macau. We broadened our horizons this time, featuring A-list domestic singers and rising musicians, as well as international idols. Notably, over 60 household names, including Zhou Shen, Liu Wei, Yuan Yawei, Jane Zhang, Zhang Liangying, and the K-pop girl group Babymonster, performed at this year's event.

Speaker Change: In July we host our upgraded fashion and new event EMEA Tencent Music Entertainment Awards 2024 in Macau.

Speaker Change: Broadened our horizons this kind of.

Featuring a least the domestic thickness and rising musicians.

Speaker Change: Well as international idled, notably over 60, how host names, including chosen.

Speaker Change: That way.

Speaker Change: Jean Jacques challenging and the Cape off to a good baby Monster performed at this year's event.

Cushion: TMEA 2024 sparked billions of social media buzz, showcasing our elevated industry. We are also fostering our capabilities to organize large-scale concerts for top-notch singers. For instance, we hosted a tier-raised landmark concert tour and helped her achieve a milestone of over 10,000 attending fans. We are happy to see a significant year-over-year growth in our revenues from offline performances in the second quarter.

Cushion: TMEA 2024 sparked billions of social media buzz, showcasing our elevated industry. We are also bolstering our capabilities to organize large-scale concerts for top-notch singers. For instance, we hosted Wei's landmark concert tour here and helped her achieve a milestone of over 10,000 attending fans.

Cushion: TMA, 2024 sparked billions of social media, but showcasing our elevated industry influence. We are also bolstering our capabilities to organize large-scale concerts for top-notch singers. For instance, the host here raised landmark concert tour and helped her achieve a milestone of over 10,000 attending fans. We are happy to see a significant year-over-year growth in our web news from offline performances in the second quarter. This quarter, as a new initiative, we customized the event-fimmed-the-artist merchandise for Karen Moff, more one week. Concerts will head south to sales on our platform. We also provided our subscribers with member-only access to the online premiere concerts of a popular Chinese band, Teens in Time, Shilai Xiaoyang and Pan, as remarkable benefits.

Speaker Change: <unk> 2020 for spark of billions of social media Buzz.

Speaker Change: So casing, our elevated industry inputs.

Speaker Change: We are also both bolstering our capabilities to organize large scale concepts for top singers.

Speaker Change: For instance.

Speaker Change: <unk> landmark concert tool and help her all achieved a milestone of over 10000 attending fence, we're happy to see a significant year over year growth in our revenues from offline performances in the second quarter.

Cushion: We are happy to see a significant year-over-year growth in our revenues from offline performances in the second quarter. This quarter, as a new initiative, we customized event-themed artist merchandise for Karen Mok, and Mo Wen Hui concerts with head-started sales on our platform. We also provided our subscribers with member-only access to the online premiere concerts of a popular Chinese band, Teens in Time,, as a remarkable benefit. Fourth, our self-produced content continues to gain popularity and boost user conversion.

Cushion: This quarter, as a new initiative, we customized the event-themed artist merchandise for Karen Mok's, Mo Wen Hui's, concerts with head-started sales on our platform. We also provided our subscribers with member-only access to the online premiere concerts of a popular Chinese band, Teens in Time,, as a remarkable benefit. Fourth, our self-produced content continued to gain popularity and boost user conversion. We strategically leveraged our extensive resources, efforts, and advantages in TV, film ideas, and artists to elevate the production, promotion, and success of our self-produced content.

This quarter.

Speaker Change: New initiated we customize the event famed actress merchandise for carrying a lot more runway.

Speaker Change: On says we have factor sales on our platform.

Speaker Change: Also provide our subscribers with member only access to the online premier conscious of our popular Chinese spend teens in times should I shall empire actually remarkable benefits.

Cushion: For our self-produced content, continue to win popularity and boost user-conversion. We strategically leveraged our extensive resources as an asset, band-aid in TV, dreams, ideas, and artists to elevate production, promotion, and success of our self-produced content. For example, we invited popular artists Zhou Shen, Tian Jingwu, Wu Keqing, and Bixia to form the original soundtrack for Tanshan's video-stoppers television series. So I applied to Qing Ling and Dior Jing at the tail of the road, for the故事.

Speaker Change: For our self produced content continue to win popularity and boost usual convention conversion.

Cushion: We strategically leveraged our extensive resources, efforts, and advantages in TV, film ideas, and artists to elevate the production, promotion, and success of our self-produced content. For example, we invited popular artists Zhou Shen, Tianjin Wu, Wu Keqin, and Mika to perform the original soundtracks for Tencent Video's blockbuster TV series Joy of Life 2, Qing Yun and DLG, and The Tale of the Rose.

Speaker Change: Strategically languish that our extensive sources.

Ben: Ben HGTV beams IV.

Ben: To allocate production promotion and success of our self produced content for.

Cushion: For example, we invited popular artists Zhou Shen, Kenji Wu, Wu Keqin, and Mika to perform the original soundtracks for Tencent Video's Blockbuster TV series Joy of Life 2, Qing Yun and DLG, and The Tale of the Rose. It is quite a story.

Ben: For example, we buy the popular artist Jonathan as you well Gucci and beta.

Ben: The original context, or Tencent video's blockbuster Tvs.

Ben: So it looked like to changing your team at.

Ben: At the tail of growth.

Cushion: It is quite a story. These self-produced songs have lasted over 200 million streams in total on our platform within three months of their debut, ranking top three on the OSD charts used today. In addition, our self-produced pop songs Heard of You and Who Am I went viral on short video platforms soon after being featured on the national music variety show The Treasured Voice Season 5 Can't See the Sunny in You. Let them help me push the change on our platform. Our high-quality original content combined with unique fan-artist interaction fulfills diverse music tastes and entertainment needs, fostering an increasingly dynamic content ecosystem.

Ben: She.

Cushion: These self-produced songs have lasted over 200 million streams in total on our platform within three months of debut, ranking top three on the OSD charts today. In addition, our self-produced pop songs Heard of You and Who Am I went viral on short video platforms soon after being featured on the national music variety show The Treasured Voice Season 5. Can't hear the sound in you, which let them help me push the change on our platform. Our high-quality original content combined with unique fan-artist interaction fulfills diverse music tastes and entertainment needs, fostering an increasingly dynamic content ecosystem.

Cushion: His self-produced songs are master over 200 million shades in total on platform within three months of coverage, ranging top three on OSD charts in today. In addition, our self-produced pop songs, third of you, Qing Suo Ni, and who am I? He Wu, when viral on short video-compulsion after being featured on the national music radio show, the stretch of the voice season 5, can see the sun in beauty, which significantly boosted dreams on our platform. Our high-quality original content, combined with unique band-acres interactions, fulfills diversity, success, and entertainment needs, fostering and increasingly dynamic content in the position. We always try to inspire society and share our loveful music.

Speaker Change: T cell phone use songs Alaska over 200 media industry in total has fallen within three months of babies banking cop three OSC chart today.

Speaker Change: In addition, our self produced the pop songs heard of you think Shlomi and who am I cool went viral on short video platforms. Soon after being featured on the National music variety show stretches of voices and five <unk>.

Speaker Change: Which significantly boosted streams on our platform.

Speaker Change: Our high quality original content.

Speaker Change: <unk> unique bank office interactions.

Speaker Change: Bills that worsened music and.

Speaker Change: In entertainment.

Speaker Change: Fostering an increasingly dynamic content ecosystem.

Cushion: We always try to inspire society and share our love through music. In the second quarter, we jointly launched another Little Red Flower Concert with Tencent Charity, partnering with volunteer artists and teachers to support local education for children in rural areas through online and offline performances. It amplified its online reach and social influence this time by deeply collaborating with Weixin video accounts to live stream the concert. In summary, you delivered a solid second quarter performance.

Speaker Change: We always try to inspire society and share our love for music in the second quarter, we jointly launched another lead to Red power concert with Tencent charity.

Cushion: In the second quarter, we jointly launched another lead to Red Fowl Concerts with Tencentarity, partnering with volunteer artists and teachers to support the local education for children through rural areas through online and offline performances. The amplifier is online wish and social instruments this time by deeply collaborating with wasting radio accounts to last stream the concerts.

Speaker Change: Wondering reported tier artist and teachers to support the local education for children from Google.

Speaker Change: Online and offline deposits.

Cushion: It amplified its online reach and social influence this time by deeply collaborating with Weixin video accounts to live stream the concert. In summary, you delivered a solid second quarter performance. Finishing the first half of the year on a strong note, both operationally and financially, we believe the power of our platform, the value of premium music content, and expanding members' privileges will have a snowball effect, leading to a healthy and sustainable world.

Speaker Change: The amplify that is online wish and social influence this time by deeply collaborating with wasting video accounts to livestream the concepts.

Cushion: In summary, we record a solid second quarter performance finishing the first half of the year on a strong note both operationally and financially. We believe the power of our platform, the value of premium music content and expanding members privileges will have a snowball effect, leading to a healthy and sustainable goal.

Speaker Change: In summary.

Speaker Change: Greg caused a solid second quarter performance, finishing the first half of the year on a strong note.

Ross: Finishing the first half of the year on a strong note, both operationally and financially, we believe the power of our platform, the value of premium music content, and expanding members' privileges will have a snowball effect, leading to a healthy and sustainable world. Guided by a long-term view, our goal is to lay a strong, solid foundation for future progress and to promote the vibrant, win-win development of the industry. Now, I would like to turn the call over to Ross for more details on our overall platform development. Ross, please go ahead.

Speaker Change: Both operationally and financially.

Speaker Change: We believe the power of our platform the value of premium music content and expanding member's privileges will have a snowball effect leads.

Speaker Change: Leading to a healthy and sustainable growth guide.

Cushion: Guided by a long-term view, our goal is to lay a strong, solid foundation for future progress and to promote the vibrant, win-win development of the industry. Now, I would like to turn the call over to Ross for more details on our overall platform development. Ross, please go ahead.

Cushion: Guided by a long-term view, our goal is to lay a strong solid foundation for future progress and to promote the ribbon-winning development of the industry.

Guided by our long term view our goal is to lay a strong solid foundation for future progress and to promote the ryzen win win development of the industry.

Ross: Now, I would like to turn the call over to Ross for more details on our overall platform development. Ross, please go ahead. Thank you. Thank you, caution. Hello, everyone. Our focus on user-centric innovation has effectively increased the music subscribers and the enhanced attention during this quarter. This reflects the ongoing efforts to advance our products and services, especially the focus on the high-value subscription plan, the super VIP membership. Our approach to continually delight users keeps us at the forefront of the streaming industry.

Speaker Change: Now I would like to turn the call over to Ross for more details on our overall platform development Ross. Please go ahead. Thank you.

Ross: Thank you. Thank you for your attention. Hello, everyone.

Ross: Hello, everyone.

Ross: Our focus on user-centric innovation has effectively increased music subscribers and enhanced retention during this quarter. This reflects our ongoing efforts to advance our products and services, especially our focus on the high-value subscription plan, the Super VIP Membership. Our approach to continuously delight users keeps us at the forefront of the streaming industry. A few quarterly highlights to share. First, we further enhanced sound quality and effects as part of our premium offering. For example, QQ Music upgraded its self-developed Audio 3D 2.0, Zhen Pin Quan Jing Sheng 2.0, and Kugoo Music launched the Viper Alto Sound, Kui She Chao Qing Yin Zhi, both featuring ultra-clear sound quality.

Ross: Our focus on user centric innovation.

Chris: If I could play in Chris the music subscribers I know you have an intention joined this quarter.

Speaker Change: This reflects our ongoing efforts to advance our product and our services.

Speaker Change: It's a laser focus on the higher value subscription the plan the superb actually membership.

Our approach will continue with late July the authors cables lot's, either as a full round of the streaming industry.

Ross: A failed call to lay highlights to share. First, we further enhance sound quality and the effects as part of our premium offerings. For example, QQ Music upgrade is self-developed audio 3D-2Zero, JNPing-Chuan-Ying-Shen-Er-Jerling, and the QQ Music Launcher-Viper-Auto-Sound, which is a challenging image, both facing a total clear sound quality. We also presented users with new ways to enjoy the music, including sound quality for certain high-end headphones and playlists with best-in-class audio quality. This improvement has led to not only higher user adoption, but also increased music consumption.

Speaker Change: Our first quarter highlights to share.

Ross: First, we further enhanced sound quality and effects as part of our premium offering. For example, QQ Music upgraded its self-developed Audio 3D 2.0, Zhen Pin Quan Jing Sheng 2.0, and Kugoo Music launched the Viper Altro Sound and Kui She Chao Qing Yin Zhi, both featuring Altro Clear Sound Quality. They also presented users with new ways to enjoy the music, including sound quality for certain high-end headphones and a playlist with best-in-class audio quality. These improvements have led to not only higher user adoption but also increased music consumption. Second, to meet users' personalized needs.

Ross: Second, to meet users' personal needs, we have launched a series of benefits, including customized players and rune-tones, based on well-known IPs and artists. These features resonate with users' desire for self-expression and the proven effect in user commission and extension. Third, our premium SVIP membership is gaining more traction, employing a holistic and seamless listening experience across virus devices and multiple scenarios. SVIP integrates music with long-form audio and online karaoke services. Always superior sound quality. It wins the hearts of all her active members with comprehensive online and offline privileges, such as priority access to digital albums and ticket booking for live music events, including over the M.A.

Speaker Change: First we further enhance the pharmacology and the effects as part of our premium offerings.

Speaker Change: Example, QQ music upgraded is a self developed audio <unk> towards our own champion joining us on our journey.

Speaker Change: <unk> bunch of bipolar I havent profiled pleasure talking in nature.

Speaker Change: Featuring our Tau clear pharma quality.

Ross: They also presented users with new ways to enjoy the music, including sound quality for certain high-end headphones and a playlist with best-in-class audio quality. These improvements have led to not only higher user adoption but also increased music consumption.

But I also present data users with new ways to enjoy the music, including pharmacology for certain high on.

Speaker Change: <unk> strong on the playlist with best in class audio quality.

Speaker Change: This improvement means.

Speaker Change: I would like to not only higher user adoption, but also increased music consumption.

Speaker Change: Secondly.

Speaker Change: Well immediately ulcers personal lives needs.

Ross: We have launched a series of benefits, including customized players and ringtones based on well-known IPs and artists. These features resonate with users' desire for self-expression and have proven effective in user conversion and retention. Third, our premium SVIP membership is gaining more traction, employing a holistic and seamless listening experience across various devices and multiple scenarios. SVIP integrates music with long-form audio and online karaoke services, always with superior sound quality. It wins the hearts of our higher-active members with comprehensive online and offline privileges, such as priority access to digital albums and ticket booking for live music events, including our TMEA. We are pleased with the early progress of SVIP membership adoption and are looking forward to sharing more exciting news down the road.

Ross: We have launched a series of benefits, including customized players and ringtones based on well-known IPs and artists. These features resonate with users' desire for self-expression and have proven effective in user conviction and retention. Third, our premium SVIP membership is gaining more traction, employing a holistic and seamless listening experience across various devices and multiple scenarios. SVIP integrates music with long-form audio and online karaoke services, always with superior sound quality. It wins the hearts of our higher-active members with comprehensive online and offline privileges, such as priority access to digital albums and ticket booking for live music events, including our TMEA.

Speaker Change: We have launched a series of benefits, including customize the trailers.

Speaker Change: Holmes based on well known Ips on the artist.

Speaker Change: This feature.

Speaker Change: Rhythm database Yosef desire for self expression and abroad effecting in Eurozone convention annually.

Speaker Change: Yes.

Omar: Sure Omar.

Premiums as VIP membership is gaining more traction employee.

Omar: Holistic.

Omar: Similarly listening experience across virus devices and articles scenarios as we're integrating music with long form audio and online karaoke services always so clear so furious on quality.

Omar: These events have half of our active members with comprehensive online and offline privileges.

Omar: <unk> priority access to digital our bonds and the ticket booking for live music events, including our EMEA.

Ross: We are pleased with the early progress of SVIP membership adoption and are looking forward to sharing more exciting news down the road. Next, I'll more personalize the music discovery and optimize the listening experiences, a few key projects to spotlight. We upgraded our recommendation middleware across our music apps, enabling users to discover songs better by the card to their taste. During the quarter, nearly 40% of streams were generated from recommendations.

Ross: We are pleased with the early progress of S.W.F.E membership adoption and are looking forward to sharing more exciting news down the road.

Speaker Change: We are pleased with the early progress of iceberg membership adoption and are looking forward to sharing more exciting news down the road.

Ross: Next, our more personalized music discovery and optimized listening experiences. A field key project to spotlight. We upgraded over-recommendation mid-well across over-music apps, enabling users to discover strong fighter by the car to their test. During the culture, nearly 40% of streams were generated from recommendations. With all the annoying large audio models, we continue to involve more offenses, music distribution and the discovery of new and long-tailed content. We also animated all platforms all around the experience with AIG applications.

Ross: Next, I'll more personalize the music discovery and optimize the listening experiences, a few key projects to spotlight. We upgraded our recommendation middleware across our music apps, enabling users to discover songs better by the card to their taste. During the quarter, nearly 40% of streams were generated from recommendations.

Speaker Change: Now a more personalized music discovery under optimize the listening experiences.

Speaker Change: Field K protest to spotlight.

Speaker Change: We operated our recommendation made a well across all of our music apps.

Speaker Change: Enabling users for these power falsified her buy the car.

Speaker Change: They are testing.

Speaker Change: During the quarter nearly 40% of streams were generated from recommendations.

Ross: With our large audio models, we continue to improve more efficient music distribution and the discovery of new and long-tailed content. We also improved our platform's overall experience with AIGC applications. For example, we introduced a data-saving, AI-enhanced SQLite mode,, which preserves superior sound quality, and Kugoo Music Virtual DJ filters, and QQ Music 3D Avata, which offers users a sense of companionship. On the visual side, we refined our streaming UI design to offer a more inviting and effortless experience.

Ross: With our large audio models, we continue to improve more efficient Music Distribution and Discovery of New and Long-Tail Concerts. We also improved our platform's overall experience with AIGC applications. For example, we introduced a data-saving, AI-enhanced SQLite mode,, which preserves superior sound quality, and Kugoo Music Virtual DJ Filters and QQ Music 3D Avata, which offer users a sense of companionship. On the visual side, we refined our streaming UI design to offer a more inviting and effortless experience. For example, QQ Music launched an industry-first multi-device matching playback feature, so users can now enjoy seamless music streaming when switching between different devices and applications.

Speaker Change: With all the moving large audio models.

Speaker Change: Continue to import more intensity.

Speaker Change: Distribution and the discovery of new and the long tail content.

Speaker Change: We also activated our platform all insurance with Aig's applications for.

Ross: For example, we introduced a data saving AI enhanced SQL live mode, Wu Sun Shen-Yu Mo Shi. We are preserving superior sound quality and the Google music virtual DJ filter and the QQ music 3D Amata, offer users a sense of companionship. On the visual side, we refined all streaming UI design to offer a more emitting and effortless experience. For example, QQ music launched in that first multi-device matching play-by feature and a compact hot-screen music player.

Speaker Change: For example, leading toward the ulcer data saving AI enhanced our skills light mode also ensure mill moisture.

Speaker Change: The ring, so premier pharmacology and <unk>.

Speaker Change: P J filters on our Coke, you'll know that it's really about half of our users our sense of companionship.

Speaker Change: On the visual side later, we refined our streaming UI designed to offer a more inviting us.

Speaker Change: Inherence.

Ross: For example, QQ Music launched an industry-first multi-device matching playback feature, so users can now enjoy seamless music streaming when switching between different devices and applications. Last but not least... We further expanded our rewards program to include more benefits, such as artist merchandise, which is growing popularity among users, has effectively boosted music content consumption and increased user engagement. To sum up, all the above efforts contributed to high stickiness on our platform, as reflected by both year-over-year and quarter-over-quarter increases in time spent per user in the second quarter.

Speaker Change: For example, Kilkeel music launched industry first Marty device matching playback feature in our compact half screening.

Speaker Change: Sure.

Ross: Users can now enjoy seamless music streaming when switching across different devices and applications. Last but not least, we further expanded over-reward programs to include more benefits such as artistic merchandise. It's growing popularity among users. As effectively, both the music content construction and the increased user engagement.

Speaker Change: You also can now enjoy seamless music streaming months, reaching across different devices and applications.

Ross: Last but not least... We further expanded our rewards program to include more benefits, such as artist's merchandise, which is growing popularity among users, has effectively boosted music content consumption and increased user engagement. To sum up, all the above efforts contributed to a high user engagement on our platform, as reflected by both year-over-year and quarter-over-quarter increases in time spent per user in the second quarter. Moving forward, we are committed to offering more compelling services that better align with the needs of diverse music lovers and ultimately, to expanding our paying user base and increasing user loyalty. With that, I would like to turn the call over to Shirley, our CFO, for a deep dive into our financials. Thank you, Ross.

Last but not least we further expanded our rewards program to include more benefits such as autism merchandize.

Early in popularity among users.

Speaker Change: And so if I could easily pass Taylor miele their content consumption and the increased user engagement.

Ross: To sum up, all the ball efforts contributed to a high-stick stimulus on our platform. We reflected by both year-over-year and the culture over-covers increases in time spend per user in the second culture. Moving forward, we are committed to offering more comparing services like Biter Alain with needs of diverse music libraries. Automated is funded over paying user base and increasing user loyalty.

Speaker Change: To sum up although.

Speaker Change: Paul efforts contributing to our highest tick stickiness on our platform.

Speaker Change: As reflected by both year over year and quarter over cover in classes in time spent per user in the cycling of cover.

Ross: Moving forward, we are committed to offering more compelling services that better align with the needs of diverse music lovers, ultimately expanding our paying user base and increasing user loyalty. With that, I would like to turn the call over to Shirley, our CFO, for a deep dive into our financials.

Speaker Change: Moving forward.

We are committed to offering more compelling services that are better aligned with the needs of a diverse meals like flowers.

Speaker Change: Automated a panel or paying user base and increasing user loyalty.

Shirley: This night, I would like to turn the call over to Shirley, ourselves for a deep dive into our financials. Thank you, Ross. I'm agreeing to everyone.

Speaker Change: With that I would like to turn the call or push any of a sample for a deep dive into our financials.

Shirley: Thank you, Ross. And greetings to everyone. I will now turn to our financial results. Our effective monetization of online milk services and operational efficiency management continued to drive strong financial results in the second quarter of 2024. Non-authorized net profit increased by 33% year-over-year to RMB 1.8 billion, and the non-authorized net profit rose by 26% to RMB 2 billion. Our total revenues were RMB 7.2 billion, down by 2% year-over-year. However, revenues from the online mail service had strong growth, largely offsetting the decline in revenues from social entertainment and other services.

Shirley: And greetings to everyone. I will now turn to our financial results. Our effective monetization of online milk services and operational efficiency management continued to drive strong financial results in the second quarter of 2024. Non-authorized net profit increased by 33% year-over-year to RMB 1.8 billion, and the non-authorized net profit rose by 26% to RMB 2 billion. Our total revenues were RMB7.2 billion, down by 2% year-over-year. Revenues from online mail services had strong growth, largely offsetting the decline in revenues from social entertainment and other services.

Jimmy Kimmel, Roth and greetings to everyone.

Shirley: I will now turn to our financial results, our effective monetization of online music services, and the operational effacence and management continue to drive strong financial results in the second culture of 2024. Our price net profit increased by 33% year-over-year, to R&B 1.8 billion, and the amount of price net profit rose by 26% to R&B 2 billion. Our total revenues were R&B 7.2 billion, down by 2% year-over-year. R&Bs from online mail service had strong growth, largely offsetting the decline in revenues from social entertainment and other services.

Jimmy Kimmel: Now turning to our financial results, our effective monetization of unearned Millstone ethane.

Speaker Change: And the operational management.

Paul: Management continued to drive strong financial results in the second quarter of 2019 Paul.

Net profit increased by 33% year over year to RMB, one eighth inning and Amar. Thanks, and then quickly rose 26% to RMB 2 billion.

Speaker Change: Our total revenues were RMB, seven 2 billion down by 2% year over year.

Speaker Change: Revenues from online music service had a sit down growth largely offsetting.

Speaker Change: The decline in revenues from social entertainment and other services.

Shirley: In the second quarter of 2024, our online music revenues increased by 28% to RMB 5.4 billion on a year-over-year basis. This increase was driven by the strong expansion of our music subscription revenues, supplemented by growth in advertising revenues, as well as growth in revenues from offline performances. Millicent's subscription revenues in the second quarter of 2024 reached RMB3.7 billion, marking a 29% increase year-over-year and a 3% rise sequentially. Last year's ARTPU was 10.7, up from 9.7 in the same period last year. The number of online milk paying users was one hundred and... 17 million, representing an 18% increase year-over-year, with quarterly net ads of 3.5 million paying users.

Shirley: In the second quarter of 2024, our online music revenues increased by 28% to RMB 5.4 billion on a year-over-year basis. This increase was driven by the strong expansion of our music subscription revenues, supplemented by growth in advertising revenues, as well as growth in revenues from offline performances. Millicent subscription revenues in the second quarter of 2024 reached RMB3.7 billion, marking a 29% increase year-over-year and a 3% rise sequentially. Master ARTPU was 10.7, up from 9.7 in the same period last year. The number of online milk paying users was one hundred and 17 million, representing an 18% increase year-over-year, with quarterly net ads of 3.5 million paying users.

Shirley: In the second quarter of 2024, our online mail service increased by 28% to R&B 5.4 billion only year-over-year basis. This increase was driven by the general expansion of our rail as growth in revenues from offline performances. Millic subscribed to revenues in the second quarter of 2024, reached R&B 3.7 billion, marking a 29% increase year-over-year, and a 3% rise sequentially. Mostly ARPPU was 10.7, up from line-point segment in the same period the last year.

Speaker Change: In the second quarter of 2020 for our online revenues increased by 28% to RMB five 4 billion on a year over year basis.

Speaker Change: This increase was driven by the expansion of our mill subtraction revenues supplemented by growth in advertising revenues as well as growth in Daniels from offline performances.

Speaker Change: Network subscription revenues in the second quarter of 2024 reached RMB Saint <unk> 7 billion, marking a 29% increase year over yet and as 3% rise sequentially.

Speaker Change: Musty MTP was 10 seven upper from nine point Sustainment innocent payer agnostic yet.

Shirley: The number of online mail-spaying users were 117 meaning, representing an 18% increase year-over-year, with quarterly net ads of 3.5 million paying users. With a large scale of music subscribers, our focus is to manage music subscription revenue growth with the right balance and peace to achieve growth in both subscribers and monthly ARPPUs. Our enriched content offerings and enhance the member privileges, such as QQ Music introducing audio 3D, 2, and the Google music rolling out to wipe without recent, have made our products more attractive and improve the users' thickness.

Speaker Change: The number of online music paying user as well.

Speaker Change: 100 <unk>.

Speaker Change: 17 inning.

Speaker Change: 18% increase year over year with a quarterly net adds of same point defined meaning paying users.

Shirley: With a large scale of music subscribers, our focus is to manage music subscription revenue growth with the right balance and peace to achieve growth in both subscribers and monthly ARPG use. Our enriched content offerings and enhanced member privileges, such as QQ Music introducing Audio3D 2 and Kugoo Music rolling out Vipo Ultrasound, have made our products more attractive and improved user stickiness. And our SYP membership program is our strategic focus operationally and will lead to ARTPU improvement in the long run.

Speaker Change: With a large scale of music subscribers, our focus is to manage a music subscription revenue growth. It makes the right balance and peace.

Speaker Change: Annual growth in both subscribers and <unk>.

Speaker Change: Our enriched content offerings and enhanced our member equivalent tests, such as QQ music, introducing audio same thing too and the Cougars milk Rolling out <unk> ultrasound has made our products more attractive and improve the user stickiness.

Shirley: And our SYP membership program is our strategic focus operationally and will lead to ARTPU improvement in the long run. Advertising revenues also had strong year-on-year growth, primarily due to the growth in AD-supported advertising. We provided more attractive interactive filters to our users, which helped improve the interest rate for our AD-supported advertising. Promotions for the 618 Mid-Year Shopping Festival also contributed to increased advertising revenue.

Shirley: Our SRIP membership program is our stretchable focus, originally, and will lead to ARPPU improvement in the long run. The advertising companies also had strong year-over-year growth, primarily due to the growth in AD supported, otherwise advertising. We provided more attractive interactive filters to our users, which helps improving interest rates for our AD supported audio advertising. For emotions for the 618, either year short-infestival, also contributed to increase audio advertising revenues. Moreover, our interactive rewards program opened new avenues for commercializing relations in AD advertising for our users. Additionally, we continued to innovate and demonstrate our product offerings and advertising for men, while, depending, the integration of broader sponsorships with our offline performances.

Speaker Change: And our ramping membership program is our strategical focus operationally and where needed to absolutely no improvement in the long run.

Shirley: Advertising revenues also had strong year-on-year growth, primarily due to the growth in AD-supported advertising. We provided more attractive interactive filters to our users, which helped improve the interest rate for our AD-supported advertising. Promotions for the 618 Mid-Year Shopping Festival also contributed to increased advertising revenues.

Speaker Change: Although it has seen revenues also had a strong year over year.

Speaker Change: Rose primarily due to the growth in <unk> supported.

Speaker Change: I think that type of thing.

Speaker Change: We provided a more attractive and active still trust to our USS which helped improve the <unk>.

Speaker Change: Great for our 80 supported advertising.

Speaker Change: Promotions for the 618, neither Yay shopping festival also contributed to increased advertising revenues.

Shirley: Moreover, our interactive rewards program opened new avenues for commercialization in advertising for our users. Additionally, we continue to innovate and diversify our product offerings and advertising formats while deepening the integration of broader sponsorships with our offline performances. Social entertainment services and other revenues will earn $ 1.7 billion, down by 43% year-over-year.

Speaker Change: Moreover, our Interactively Awards program opened new avenues for commercial lines nation under what.

I think for our USS <unk>.

Speaker Change: Additionally, we continued to innovate and diversify our product offerings and advertising format.

Speaker Change: Depending the integration of brown, the sponsorships with our offline perform assays.

Shirley: Social entertainment services and other revenues will be 1.7 billion down by 43% year-over-year.

Speaker Change: Social and 10 managed services and other revenues were RMB, one <unk> billion.

Speaker Change: Bank, 43% year over year Cleveland.

Shirley: We will continually monitor market conditions, the competitive landscape, the regulatory environment, and our product structures for social entertainment services. Our gross margin for Q2 reached 42%, marking an increase of 7.7 percentage points year-over-year due to the following factors. First, the expansion of the paying user base and improved monthly ARPPU for online music, as well as increased advertising revenues, had a favorable impact on our growth margin. Second, we have been focused on ROC as a key metric to manage our costs.

Shirley: We will continue to monitor market conditions, the competitive landscape, regulatory environment, and our product Our gross margin for Q2 reached 42%, marking an increase of 7.7 percentage points year-over-year, due to the following factors. First, the expansion in paying use of base and improved monthly ARPVU for online music, as well as increased advertising revenues, had a favorable impact on our gross margin. Second, we have been focused on RLC as a key magic to manage our costs.

Speaker Change: Cleveland continually monitor market conditions, the competitive landscape, the regulatory environment, and our targets still trust for social and Tim into services.

Shirley: Our gross margin for Q2 reached 42%, marking an increase of 7.7 percentage points year-over-year due to the following factors. First, the expansion of the paying user base and improved monthly ARPPU for online music, as well as increased advertising revenues, had a favorable impact on our growth margin. Second, we have been focused on ROC as a key metric to manage our costs.

Speaker Change: Our gross margin for Q2 reached 42%, marking an increase of 7.7 percentage points year over year due to the following factors cluster the expansion in paying user base and improve the monthly <unk> for online music as well as increased.

Shirley: Third, the ramping up of our own content continue to help improve our gross margin. Lastly, we have enhanced my integration of racing membership and advertising within social entertainment, which is positively impact our gross margin. All about factors have collectively enabled us to move to a housing margin.

Speaker Change: <unk> revenues had a favorable impact on our gross margin.

Speaker Change: Second we havent been forecasting RFC as a key metric to manage our costs.

Shirley: Third, the ramping up of our own content continues to help improve our growth margin. Lastly, we have enhanced monetization of WeSing membership and advertising WeSing social entertainment, which positively impacts our growth margin. All of our factors have collectively enabled us to move to a healthy margin. Moving on to operating expenses, in the second quarter of 2024, they amounted to RMB 1.0 billion. 1.1 billion, representing 16% of our total revenues, compared with 17.2% in the same period last year.

Speaker Change: Third the ramping up of our own content to continue to help improve our gross margin.

Speaker Change: Lastly, we have enhanced monetization of waste in membership and advertising listening, social and Tim mentioned, which should positively impact our gross margin.

Speaker Change: All about factors have collectively and I would ask you to move to a sales and margin.

Shirley: Moving on to operating expenses, in the second quarter of 2024, they amounted to RMB 1.0 billion and 1.1 billion, representing 16% of our total revenues, compared with 17.2% in the same period of last year. Selling and marketing expenses were RMB210 million and remained relatively stable when compared with the same period last year. We continue to maintain an ROI-focused approach for promotion expenses and will continue to invest in areas such as online music with a long-term growth perspective as well as in content promotion. General and administrative expenses were RMB 938 million, down by 10% year-over-year, primarily driven by lower employee-related expenses.

Shirley: Moving on to operating expenses in the second quarter of 2024, they amounted to R&B 1.0 building, 1.1 building, representing 16% of our total revenues compared with 17.2% in the same period of last year. Stating and marketing expenses were R&B 210 million, and the remains relatively stable comparing with the same period of last year. We continue to maintain our eye-focused approach for promotion expenses and will continue to invest in errors, such as online music, with a long-term gross perspective, as well as encountering promotions. General and other administrative expenses were R&B 938 million, found by 10% year-over-year, primarily driven by lower employee-related expenses.

Tim: Moving onto operating expenses in the second quarter of 2024.

Tim: Amounting to RMB, one point appealing.

Tim: One point to 1 billion, representing 16% of our total revenues compared with 17 point at 2% in the same period.

As of yet.

Shirley: Selling and marketing expenses were RMB210 million and remained relatively stable when compared with the same period of last year. We continue to maintain an ROI-focused approach for promotion expenses and will continue to invest in areas such as online music with a long-term growth perspective as well as in content promotion. General and administrative expenses were RMB 938 million, down by 10% year-over-year, primarily driven by lower employee-related expenses.

Tim: And marketing expenses were RMB 210, meaning.

Tim: And remained relatively stable comparing with the same period last year.

Tim: We continue to maintain our focused approach for promotion capacities and will continue to invest in areas such as online music with long term growth perspective, as well as in content promotions.

Tim: And the ultimate administrative expenses were RMB 938 of meaning and by 10% year over year.

Tim: Primarily driven by lower employee related expenses.

Shirley: Our effective tax rate for Q2 was 19.4% compared to 10% of Q1 and 12.2% for the same period of 2023. This increase was primarily attributable to the accrual of withholding tax of RMB 111 million related to the earnings to be remitted by our PIC subsidiaries to offshore entities. Additionally, changes in provincial tax rates for certain entities also impact our effective tax rates.

Shirley: Our effective tax rate for Q2 was 19.4% compared to 10.5% and 12.2% in the same period of 2023. This increase was primarily attributable to the accrual of withholding tax of RMB 111 million related to the earnings to be remitted by our PRC subsidiaries to offshore entities. Additionally, changes in provincial tax rates for certain entities also impact our effective tax rates. For Q2 2024, our net profit and net profit attributable to equity holders of the company will be RMB 1.8 billion and RMB 1.7 billion, respectively.

Shirley: Our effective tax rate for Q2 was 19.4%, compared to 10.2% in the same period of 2023. This increase was primarily attributable to the accural of withholding tax of R&B 111 million related to the earnings to be remitted by our PRC subsidiaries to offer short entities. Additionally, changes in provincial tax rates for certain entities also impact our effective tax rates.

Tim: Our effective tax rate for Q2 was 19 point to four percentage compared to talent.

Tim: 0.2% in the same period of 'twenty 'twenty thing.

Tim: This increase was primarily attributable to the accrual of withholding tax of RMB 111, meaning that nature to the earnings to be limited by our PRC subsidiaries to offer Shaw entities.

Tim: Additionally, changes in propylene nisha text needs for certain any tests also impact our effective tax rate.

Shirley: For Q2 2024, our net profit and net profit are also beautiful to equity holders of the company, where R&B 1.8 building and R&B 1.7 building respectively. Our average net profit and net profit are also beautiful to equity holders of the company, where R&B 2 building and R&B 1.9 building respectively. Our diluted earnings per ADS reached a record high this quarter at R&B 1.07 up 30% year-over-year. Our average diluted earnings per ADS increased to R&B 1.19 up 23% year-over-year. This result underscored our report's financial performance, enhanced operating basis, and the beneficial impact of our shared repurchase program.

Shirley: For Q2 2024, our net profit and net profit attributable to equity holders of the company will be RMB 1.8 billion and RMB 1.7 billion, respectively. Non-authorized net profit and non-authorized net profit attributable to equity holders of the company will be RMB 2 billion and RMB 1.9 billion, respectively. Our diluted earnings per ADS reached a record high this quarter at RMB 1.07, up 30% year-over-year. Non-authorized downloaders per ADS increased to RMB 1.2%. 19%, up 23% year-over-year.

Tim: For Q2 of 2024, our net profile and not appropriate to attributable to equity holders of the company.

Tim: One 8 billion and RMB, one 7 billion respectively.

Shirley: Non-authorized net profit and non-authorized net profit attributable to equity holders of the company will be RMB 2 billion and RMB 1.9 billion, respectively. Our diluted earnings per ADS reached a record high this quarter at RMB 1.07, up 30% year-over-year.

Tim: Non <unk> net profit and not offer it's not appropriate to attributable to equity holders of the company, while RMB 2 billion and RMB 119, respectively.

Speaker Change: Our diluted earnings per ads reached a record high this quarter at RMB 1.0, Stalon up 30% year over year.

Shirley: Non-authors that noted earnings per ADS increase to RMB 1.2% and 19%, up 23% year-over-year. These results underscore our robust financial performance, enhanced operating efficiency, and the beneficial impact of our share repurchase program, as discussed during Q1 2024. On this call, we declare that a new cash dividend for the fiscal year 2023 in May and have made a payment of US$212 million in June 2024. As of June 30, 2024, our combined balance of cash equivalents, term deposits, and short-term investments was RMB 35 billion as compared with RMB 34.2 billion as of March 31, 2024. This combined balance was also affected by changes in the exchange rate of RMB to USD at different balance sheet dates.

Diluted earnings per ads increased to RMB 1.9.

Shirley: These results underscore our robust financial performance, enhanced operating efficiency, and the beneficial impact of our share repurchase program, as discussed during Q1 2024. On this call, we declare that a new cash dividend for the fiscal year 2023 in May and have made a payment of US$212 million in June 2024. As of June 30, 2024, our combined balance of cash equivalents, term deposits, and short-term investments was RMB 35 billion as compared with RMB 34.2 billion as of March 31, 2024. This combined balance was also affected by changes in the exchange rate of RMB to USD at different balance sheet dates.

Speaker Change: <unk> 19 up 23% year over year. These results underscored our robust financial performance enhanced operating efficiency and the beneficial impact of our share repurchase program.

Shirley: As discussed during Q1 2020-24, twenty-four, we declared a new cash agreement for the physical year, 2023 in May, and have made a payment of your dollar, two hundred trillion meaning in June, 2024. As of June 30, 2024, our combined balance of cash, cash equivalence, term divorce and short term investment, were R&B 35-billion, as compared with R&B 34.2 billion as of March 31, 2024. This combined balance was also evaluated by changes in the exchange rate of R&B to USD at different balance should base.

As discussed with you in Q1 2024.

Speaker Change: Turning to coal we declared a new cash.

Speaker Change: And for the field physical year 2020 in May and have made a payment of U S. Dollar 200 retail meaning in June 2024.

Speaker Change: As of June 32024 hour combined balance of cash cash equivalents term deposits and short term investments were RMB 35 billion as compared with RMB 34.2 billion as of March 31st 2024 is a combined balance was.

Speaker Change: Also impacted by changes in the exchange rate.

Speaker Change: <unk> to USD at deeper into balance sheet dates.

Shirley: Looking forward, we will continue to focus on high-quality growth in our music business, such as expanding SVIP membership, as well as operational efficiency improvement. We will continue to invest in high-quality content, original content production, as well as innovative technologies to further improve user engagement and enhance the user experience. This concludes our prepared remarks. We are now ready to take your questions. Thank you.

Shirley: Looking forward, we will continue to focus on high-quality growth in our music business, such as expanding SVIP membership, as well as Operation Efficient Improvement. We will continue to invest in high-quality content, original content production, as well as innovative technologies to further improve user engagement and enhance the user experience. This concludes our prepared remarks. We are now ready to take your questions. Thank you, Shelly. If you are dialing in by phone, please press 5 to ask a question and then press 6 to unmute yourself.

Shirley: Looking forward, we will continue to focus on high quality growth in our music buildings, such as expanding SREP membership. As well as operating efficiency improvement, we will continue to invest in high quality content, foreign content production, as well as innovative technologies to further improve user engagement, and enhance user experience.

Speaker Change: Looking forward, we will continue to focus on high quality growth in our newest capabilities such as expanding <unk> membership.

Speaker Change: That's available as operating efficiency improvements, we will continue to invest in high quality content original content production as well as innovative technologies to further improve user engagement and enhancing user experience.

Unknown Executive: This concludes our prepared remarks. We are now ready to take your questions. Thank you, Shelley. If you are down in by phone, please press five to ask a question and then press six to unmute yourself. If you are accessing the call from the transfer meeting of the application, please click the raise button at the button there. The benefit of all participants on today's call please leave yourself to one question and then if you have additional one, please re-enter. Thank you. If you ask questions in Chinese, please can we ask you to repeat English?

Speaker Change: This concludes our prepared remarks, we are now ready to take your questions.

Operator: Thank you, Shelly. If you are dialing in by phone, please press 5 to ask a question and then press 6 to unmute yourself. If you are accessing the call from the Tencent meeting or voting in the application, please click the raise button at the bottom left. For the benefit of all participants on today's call, please limit yourself to one question and then, if you have an additional one, please re-enter. Thank you. If you ask questions in Chinese, please can we ask you to repeat in English? And the first question comes from the line of Citigroup, Alicia. Alicia, please go ahead.

Shelly: Thank you Shelly.

Speaker Change: Our dialing in by phone. Please press <unk> to ask a question and then perhaps six to EMEA yourself, if youre accessing the call from the Tencent meeting a real need to application. Please click the race button.

Operator: If you are accessing the call from the Tencent Meeting of World Meeting application, please click the raise button at the bottom left. For the benefit of all participants on today's call, please limit yourself to one question, and then if you have an additional one, please re-enter. Thank you. If you have questions in Chinese, please, can we ask you to repeat them in English? And the first question comes from the line of Citigroup, Alicia. Alicia, please go ahead.

Speaker Change: And apart from that.

All participants on today's call. Please limit yourself to one question and if you had additional one please reenter the queue. If you ask questions in Chinese. Please can we ask you to repeat in English.

Alicia Yap: And the first question comes from the line of Alicia. Alicia, please go ahead. Hi. Thank you. So good evening management. Thanks for taking my questions, congrats on the solid result.

Speaker Change: The first question comes from the line of Citigroup Alicia Alicia. Please go ahead.

Alicia Yap: Hi, thank you. So good evening, management. Thanks for taking my questions. Congratulations on the solid results. I'm going to ask you questions in Chinese first, and I'll translate myself.

Alicia: Hi, thank.

Doug: Thank you Doug.

Alicia Yap: Hi, thank you. So, good evening, management. Thanks for taking my questions. Congratulations on the solid results. I'm going to ask you in Chinese first, then I will translate myself. Good evening, management. Thanks for taking my questions.

Alicia: Good evening management, Thanks for taking my questions Congrats on the solid results.

Alicia Yap: I'm going to ask in Chinese first and I translate myself. Guan Yi Chen, good evening. Thank you for your question. My question is, can you share your experience with us? Next half a year, the focus is on the development of the application. And the development of the application in English. How do we look at the development of the application? And then the next question is, is this NAS or this ARPPU? It's not going to be as important as this should only.

Speaker Change: I think Chinese sites in that trial.

Speaker Change: Myself clientele at Shanghai Disney Resort.

Alicia Yap: My question is, can you share with us how we should look at the overall income, profit, and growth rate of building music in the second half of the year? And then, is it NetX or ARPPU? Which one will become a more important driving force? So can management share with us and discuss the second half of this year and the second half of 2024 outlook for top-line growth, profitability trend, and also the online music growth rate? Will the NetX or the ARPPU be the more important growth driver?

Unknown Executive: Thank you.

Speaker Change: What are when he shares some buying 10 number now just shook them up again, yeah juices, Jack I'm Yan Jin.

Speaker Change: Ooh needle in high yield.

Speaker Change: That's for sure.

Speaker Change: Well like Atlanta, a whole shade on watches and took a nap.

Unknown Executive: So can management please share with us and discuss the second half of this year, second half 2024 outlook for top line growth, profitability trend, and also the online music growth rate. Will NetApp or ARPPU be the more important growth driver? Thank you. Thank you so much, Alicia, for your questions.

Speaker Change: This took our arpus macrophage consume yeah, so cut sheet elite.

Alicia Yap: So can management share with us at the second half, this year, second half, 24 outlook for the top-line growth, probability trend, and also the online music growth rate? Will the NAS or ARPPU to be the more important growth driver? Thank you. Thank you so much, Alicia, for your questions.

Speaker Change: Can management.

Speaker Change: Sure It does.

Speaker Change: The second half.

Second half 'twenty outlook for the topline growth.

Speaker Change: Profitability trend and also the online music growth rate well, the Nasdaq or the <unk> to be the more important growth driver. Thank you.

Unknown Executive: Thank you so much, Alicia, for your questions. And our view and outlook for the year 2024 actually remained unchanged, which means that we are expecting to achieve healthy and positive revenue and profit growth this year. For the online music businesses, as mentioned, we have over 10 million net subscriber ads in the first half of 2024, and also the ARPPU has reached 10.7 RMB, up from 9.7 RMB in the same quarter last year, which has laid a very good foundation for us, and we are confident that our online music growth will continue to be solid, fueled by both of the net ads and also the ARPPU expansion.

Speaker Change: Okay. Thank you so much Alicia for your questions.

Unknown Executive: And our view and outlook for the year 2024 actually remains unchanged, which means that we are expecting to achieve healthy and positive revenue and profit growth this year. For the online music businesses, as mentioned, we have over 10 million net subscriber ads in the first half of 2024, and also the ARPPU has reached 10.7 RMB, up from 9.7 RMB in the same quarter last year, which has laid a very good foundation for us, and we are confident that our online music growth will continue to be solid, fueled by both of the net ads and also the ARPPU expansion.

Cushion: And our view and outlook for the year 2024 actually remains unchanged, which means that we are expecting to achieve a healthy and positive revenue and public growth this year. For the online music businesses, as mentioned that we have over 10 million NAS subscribers in the first half of 2024. And also the ARPPU has reached 10 from 7RMB up from 9 from 7RMB in the same quarter last year. Which later were good foundation for us and we are confident that our online music growth will continue to be solid, filled by both of the NAS and also the ARPPU extension.

Speaker Change: In our view and outlook for the year 2024 actually remained unchanged, which means that we are expecting to achieve a healthy and positive revenue and profit growth this year.

Speaker Change: The online music businesses as mentioned that we have over 10 million net subscriber adds in the first half of 2024 and also the Arpus. We showed 10 seven hour RMB <unk> nine.

Speaker Change: <unk> 907, RMB in the same quarter last year.

Speaker Change: Which laid a good foundation for us and we are confident that our online music go through continued to be solid fueled by both of the net adds and also the ERP you extension.

Cushion: So over the past few quarters, our net S comes in much better than expected, primarily due to the accelerated increase of the pay contents and also the effective marketing strategies. So as a pace of the net S will return to a normal level and grow in a steadier pace, we will be more focusing on growing the ARPPU which expected to have a faster growth than the net S. One of the good news that we are pleased to see that our and reach the privileges and holistic service offerings have started to gain more popularity among our existing uses.

Unknown Executive: So over the past few quarters, our net S has come in much better than expected, primarily due to the accelerated increase in pay content and also effective marketing strategies. So as the pace of the Net-S will return to a normal level and grow at a steadier pace, we will be more focusing on growing the ARPPU, which is expected to have faster growth than the Net-S. One of the good news is that we are pleased to see that our enriched privileges and holistic service offerings have started to gain more popularity among our existing users.

Unknown Executive: So over the past few quarters, our net S comes in much better than expected, primarily due to the accelerated increase in pay content and also the effective marketing strategies. So as the pace of the NetS will return to a normal level and grow at a steadier pace, we will be more focusing on growing the ARPPU, which is expected to have faster growth than the NetS. One of the good things is that we are pleased to see that our enriched privileges and holistic service offerings have started to gain more popularity among our existing users.

Speaker Change: So over the past few quarters, our net S comes in much better than expected.

Speaker Change: Similarly, due to the accelerated increase of the pay content and also the effective marketing strategies.

Speaker Change: So as the pace of the net.

Speaker Change: Turn to a normal level and grow in a steady pace.

Speaker Change: It will be more focusing on growing the arpus, we should expect it to have a faster we'll get into that.

Speaker Change: One of the good news that we.

Speaker Change: We have pieces seeing that our enriched the pictures and holistic service offerings have started to gain more popularity among our existing users. So our S. VIP plan has very good momentum and which give us confidence on the arpus grow in the future.

Unknown Executive: So our SVIP plan has very good momentum, which gives us confidence in the ARPBU's growth in the future. As a result, in the near term, I think that the net S in the second half of 2024 will be smaller compared to the first half, but the ARPPU will expand at a more noticeable pace moving into 2025, which helps to further improve our margin as well. In terms of advertising revenue, I think it's expected to have a good performance in the coming quarters due to the growth in ad support, advertising, and also the sponsorships of the offline event, etc.

Unknown Executive: So our SVIP plan has very good momentum, which gives us confidence in the ARPPU growth in the future. So, as a result, in the near term, I think that the net S in the second half of 2024 will be smaller compared to the first half, but the ARPPU will expand at a more noticeable pace moving into 2025, which helps to further improve our margin as well. Um, in terms of advertising revenue, I think it's expected to have a good performance in the coming quarters due to the growth in ad support, advertising, and also the sponsorships of offline events, uh, events, etc.

Cushion: So our SVIT plan has very good momentum and which gives us confidence on the ARPPU grow in the future. So as we saw in the near term, I think that the net S in the second half of 2024 will be smaller compared to the first half, but the ARPPU will expand as a more noticeable pace moving into the 2025, which helped to further improve our margin as well. In terms of advertising, I think it's expected to have a good performance in the coming quarters due to growth in the support of the advertisement and also the sponsorships of the offline event, etc.

Speaker Change: As a result in the near term I think that the net ASP in the second half of 2024.

Speaker Change: Smaller compared to the first half.

Speaker Change: ETE will expand at a more noticeable.

Speaker Change: Moving into 2025, which helped to further improve our margin as well.

Speaker Change: In terms of the advertising revenue I think it is expected to have a good performance in the coming quarters due to the globe and to add support to apply for months and also the sponsorships of the offline you bet you band et cetera.

Unknown Executive: For the social entertainment side, we expect to have continuous challenges from competition, macro, and other factors, but with this contribution to our total revenue becoming much smaller, the impact will be larger offset by the solid growth of the online music business. So in terms of profitability, our strategy is to focus on high quality growth in profiling that is effective and proven to be effective, and we are now expected to have a slightly better full year net profit than the previous forecast. Thank you. And the next question comes from Lincoln Kong from Goldman Sachs. Lincoln, please.

Cushion: For the social entertainment side, we expect to have the continuous challenges from the competition, macro and other factors, but with this contribution to our total revenue becomes much smaller. In fact, we will be largely upset by the solid growth from online music business. So in terms of the profitability, our strategy is to focus on the high quality growth in providing the effective and proven to be effective and we are now expected a slightly better full-year net profit than the previous forecast. Thank you.

Speaker Change: For the social entertainment side, we expect to have a continuous challenges from the competition macro and other factors, but with this contribution to our total revenue becomes much smaller impact will be largely offset by the solid growth from online music business. So in terms of.

Speaker Change: Profitability, our strategy is to focus on the high.

Speaker Change: Quality globe in providing effective.

Speaker Change: And proven to be effective and we are now expected a slightly better full year net profit than the previous forecast.

Lincoln Kong: Thank you. And the next question comes from Lincoln Kong from Goldman Sachs. Lincoln, please.

Speaker Change: Thank you and our next question comes from Lincoln come from Goldman Sachs and incomplete.

Lincoln Kong: And the next question comes from Lincoln, come from Goldman Sachs, Lincoln, please. Thank you, ladies and gentlemen, for taking my question and congrats on the short report. I just want to follow up in terms of the up when the net S in the high ARPPU, I think coming to mention, we will have a more meaningful increase into the second half.

Speaker Change: Okay.

Lincoln Kong: Hi. Thank you, management, for taking my question, and congratulations on a solid quarter. I just want to follow up in terms of the upward edge. In the IRPPU, I think, as you mentioned, we will have a more meaningful increase in the second half. So, could Benjamin just elaborate a bit more on, you know, in what way we would plan to do that, in terms of price hike, promotion, you know, reduction, or can we elaborate a bit more in terms of the super VIP progress or other high value-added service here? What kind of magnitude of the increase do we expect, and would that result in any, a lot higher group of the members because of this increase amid this, you know, overall Thank you.

Lincoln Kong: Hi, management, for taking my question, and congratulations on a solid quarter. I just want to follow up on the upward edge. In the IRPPU, I think, as you mentioned, we will have a more meaningful increase in the second half. So could management just elaborate a bit more on, you know, in what way we would plan to do that in terms of price hike, promotion, you know, reduction, or again, can we elaborate a bit more in terms of the super VIP progress or the high-value added service here? What kind of magnitude of the increase should we expect? And would that result in any, a lot higher group of the members? Chris.

Lincoln: Hi, Thank you management for taking my question and congrats on a solid quarter just want to follow up.

Speaker Change: Uh huh.

Speaker Change: Hum.

Speaker Change: I think I mentioned, we will.

Speaker Change: Maybe for increasing into the second half.

Cushion: So good management just to elaborate a bit more on, you know, in a way we plan to do that in terms of price hike, you know, promotion reduction or again, can we elaborate a bit more in terms of the super VIP progress or at the high value added service here. What kind of magnitude of the increase we expect at the end with that resulting in a lot of higher treatment of the members because of this increase in the middle, you know, overall week and growth backdrop.

Speaker Change: So perhaps you can just elaborate a bit more.

Speaker Change: The way to do that.

Speaker Change: Alright.

Speaker Change: The propulsion.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Goodbye.

Speaker Change: The IP progress all at the high value added.

Speaker Change: So risk here.

Speaker Change: What kind of magnitude.

Speaker Change: Chris.

Speaker Change: Correct.

Speaker Change: Yes.

Speaker Change: With that result.

Speaker Change: It's got a higher.

After birth.

Unknown Executive: I mean, there's a, you know, overall, we can back off. Thank you very much, Management Team. I have a question.

Chris: Hi, Chris.

Speaker Change: Overall.

Carl: Carl backdrop. Thanks.

Cushion: Thank you. Thank you very much. Thank you. Thank you very much. Thank you for your question. Yes indeed. I think the key driver of the C.C. The future of our growth in the future of Asia, truly rest with the S.V.I.P, plan we are going to do much. In the S.V.I.P, plan, besides providing the content privilege, we also hope that we are going to offer other privilege, providing higher value to our members.

Lincoln Kong: Thank you, Management Team. I have a question.

Glenn: Thank you Glenn anytime to declining like identify mango galinsky contact Hudson Danielle merchandising until the 18 hour taking Yankee candle.

Lincoln Kong: As Custon mentioned in his speech, in the second half of this year, we will see more meaningful growth in ARPPU. I would like to ask, what is the driving force behind this growth? What is its main growth method? Is it to adjust the price? Or is it to adjust the membership rights? Or, including what you mentioned in your speech just now, the super VIP and SVIP projects, what is the company's current consideration? Especially from the perspective of high-value services, what methods do you have to use to further promote ARPPU's growth in the second half of this year? Thank you.

Unknown Executive: Just now, in the course of your speech, you mentioned that in the second half of this year, we will see a more meaningful growth in ARPPU. I would like to ask, what is the driving force behind such a growth? What is its main growth method?

Speaker Change #100: <unk> I think I wish I wish John Davidson shopping without your attitude on niche and I can't actually at the center of our transition to better attack affirming the couch Apache that totally unchanged finally, you're talking about when he <unk> other thing you're talking VIP has the foundation to close.

Unknown Executive: Is it to adjust the price? Or is it to adjust the membership rights? Or, including what you mentioned in the speech just now, what is the company's current consideration for super VIP and SVIP projects, especially from the perspective of high-value services? What methods do you have in place to further promote ARPPU's growth in the second half of this year? Thank you.

Speaker Change #101: Well so much on currency financials on Comcast was up in actual fact, EMEA owners, such as Egfr protein with agitate on sponsorship and ticketing.

Speaker Change #100: Yes.

Unknown Executive: As Karen said, the most important factor in the growth of our app is the SVIP project that we are going to launch in the future. We hope that in addition to maintaining the basic content privilege in the SVIP system, we can also give users a higher value in other privilege modes. Thank you very much. Thank you for your question. And yes, indeed, I think the key driver of future Arab growth in H2O this year truly rests with the SVIP plan we are going to launch. In the SVIP plan, besides providing content privileges, we also hope that we are going to offer other privileges, providing higher value to our members. Currently, there are three main aspects of SOIP.

Speaker Change #102: So going to drove on current performance somewhat.

Speaker Change #102: Some are offered at sungard.

Speaker Change #102: So you're talking another <unk> hosted by Twilio to answer I actually thought you want our machines are.

Speaker Change #104: Using a PC doing non Gold's Fuller, chief Boucher Keytruda and they don't switch.

Speaker Change #105: She'd holiday, particularly towards our most resilient gave you and we will conduct a challenge.

Unknown Executive: Thank you very much. Thank you for your question. And yes, indeed, I think the key driver of future Arab growth in H2O this year truly rests with the SVIP plan we are going to launch. In the SVIP plan, besides providing content privileges, we also hope that we are going to offer other privileges, providing higher value to our members.

Speaker Change #106: Thank you very much. Thank you for your question and yes, Indeed, I think the key driver of our future other crafts in HCM actually lastly, the CIP pack without going into much in the STI plan. Besides providing the content percentage will also help Adam I'm going to kick off our other presidents providing higher.

Speaker Change #107: That is two elements.

Unknown Executive: At present, there are three main aspects of SOIP. The first aspect is that digital albums have the right to be listened to in advance. For high-value users, if they want to listen to a song in advance, it is a good contribution.

Speaker Change #108: With another thought.

Speaker Change #109: Only less controversial sarcomere, the Johan <unk> audio show in Michigan, and I'm going to answer that one Sheila in Angola. So you're also asking them what are the chances MQ <unk> Charlie.

Unknown Executive: The first aspect is that digital albums have the right to be listened to in advance. For high-value users, if they want to be able to listen to a song in advance, it is a good contribution to this aspect. When talking about the key drivers of SVIP's business, there are three points. The first point is that our existing digital album business allows SVIP to enjoy the start-to-hatch listening privilege. This can allow us to engage high-value customers. If our SVIP customers said they'd like to hear certain music ahead of the start, that would be a great contribution to the value of the members.

Speaker Change #108: Sure.

Speaker Change #110: <unk> called out or do you know why.

Shimon: Shimon the more charged centinela cumulative godfrey's I was wondering where you got some other questions.

Unknown Executive: When talking about the key drivers of the SVIP business, there are three points. The first point is that our existing digital album business allows SVIP to enjoy the start to hatch listening privilege. This can allow us to engage high-value customers. If our SVIP customers tell us they'd like to hear certain music ahead of the start, that would be a great contribution to the value of the members.

Cushion: We are talking about the key drivers of S.V.I.P, business. There are three points. The first point is that our existing digital album business allows S.V.I.P, to enjoy the start to have listening privilege. This can allow us to engage the high value customers. If our S.V.I.P, customers they'd like to hear certain music out of the start, that would be a great contribution to the value of the members. The second point is that we also found that high value users can see very high value in the digital album business.

Speaker Change #112: But talking about the key drivers of CRT basis, there are three points. The first appointed at our existing digital outbound business allows us to enjoy these start to hatch deepening privilege data can allow us to engage the high value cross connects if our ask VIP customer data to hit certain.

Speaker Change #113: Zinc head start that would be a great contribution to the body of the amendment.

Unknown Executive: In the second part, we also found that high-value users have a very high demand for sound quality and sound effects. We can see in the actual operating data that their usage is also very high, so we will continue to upgrade our sound quality and sound effects later.

Unknown Executive: Secondly, we found that high-value users have a high demand for sound quality and sound effects. We can see in the actual operating data that their usage is also very high. So we will continue to upgrade our sound quality and sound effects in the future. Well, my second point is that for those high-value customers, or SEITs, they also pursue higher and better sound quality and sound effects. And we can also see that from our actual operational data, they also have a very high adoption rate for high-quality sound and high-quality sound effects.

Dr. Baum: Dr. Baum I call me in a bunch and.

Speaker Change #115: Calgary on full time until you're into the schedule in the Intel sorta fit and all that volatile one was actually the even food demand could handle.

Speaker Change #115: Permanent shown here a bit on the golf so elements I home.

Speaker Change #116: Oh sure Yeah tissues, you shouldn't view on when the engine in Asia.

Unknown Executive: Well, my second point is that for those high-value customers or SEITs, they also pursue higher and better sound quality and sound effects. And we can also see that from our actual operational data, they also have a very high adoption rate for high-quality sound and high-quality sound effects. This is also what we are going to do in the near future, continue to upgrade sound quality and sound effects.

Cushion: My second point is that for those high value customers who S.V.I.P, they also pursue higher and better sound quality and sound effect. We can also see that from our actual operational data, they also have a very high adoption rate for the high quality sound and high quality sound effect. This is also what we are going to do in the near future. Continue to operate the sound quality and sound effect. In the last half of the year, we launched the digital album business.

Speaker Change #117: Well my second point is that for those high value customer who <unk>.

Speaker Change #118: They also pursue higher and better sound quality and find APAC and we can also see that from our actual operational data. They also have a very high adoption rate for the high quality sand and high quality sound. Ethan. This is also what am I going to do in the near future continuing to operate the sound quality and from APAC.

Unknown Executive: This is also what we are going to do in the near future, continue to upgrade the sound quality and sound effect. In terms of the actual operation, the Doobie sound we launched in the first half of the year, our own genuine sound 2.0, and the DTS we just launched in July, these all have a very good contribution to the SYP in terms of the actual operation effect.

Unknown Executive: From a practical point of view, the Dolby Surround Sound we launched in the first half of the year and our own genuine Surround Sound 2.0 and the DTS we just launched in July are all very good contributions to the SYP.

Sean: I don't want to own iPhone Shang Danielle so I'll switch over to be joining Sean video women.

Cushion: We also launched the digital album business 2.0. From the application perspective, in each one of these years, we launched the Dolby audit. We also launched the audit 3.0. In July, we just launched the DTS. All those very primary sound quality will help to further contribute the value to our S.V.I.P, members. The third point is that for those low value users, S.V.I.P, we can provide the entire sound quality and sound effect to S.V.I.P, members.

Speaker Change #119: You don't want to do the same.

Speaker Change #120: <unk> continues in our Darling.

Speaker Change #122: She doesn't come onto <unk>.

Speaker Change #123: Tahira torturers functions, either getting shot one eikon do you asked if I actually thought we got hit on Hollywood content available.

Unknown Executive: Well, from the application perspective, in H1 of this year, we launched Adobe Audit, and we also launched Audio 3D 2.0, and in July, we just launched DTS. All those very primary sound quality will help to further contribute value to our SVIP members.

Unknown Executive: Well, from the application perspective, in H1, the fifth year, we launched Adobe Audit, and we also launched Audio 3D 2.0, and in July, we just launched ETS. All those very primary sound quality will help to further contribute value to our SVIP members. The third part is for the content part. For SYIP, we have integrated the original long audio content into the content to provide services to SYIP. At the same time, it can also provide them with the privilege of listening to multiple devices.

So from the applications are starting in a 12 month Acs we launched all the audits and we also launched the audience <unk> two point town and in July we just launched Etfs or those that are a primary sand quality helped to further contribute to our CIP Memphis.

Unknown Executive: The third part is for the content part. For SYIP, we will further combine the original long audio content to provide services to SYIP. This means that we can also provide them with a multi-device listening privilege. That is to say, for SYIP, on the entire TME platform, for content, music content, and long audio content, and for multi-devices, we can build a comprehensive listening privilege.

Speaker Change #124: That is ample and urinate on book and I was wondering.

Speaker Change #125: So actually a woman jabil bought and where your Thunder.

Speaker Change #125: <unk> the needle it also being Dol Lehman.

Speaker Change #126: Lehman bounce you pay I sort of answered your tool for U S. Poultry in Angola to get them to you. When you go towards somebody that Youre talking about culture.

Cushion: [inaudible] But at the same time regarding the content creation for SIP, we make sure they can enjoy the long-form audio content in their existing privilege. We provided them the primary service. In other words, they can enjoy the simplest listening experience from device to device. In other words, for SIP on TME platform, they can enjoy a mutant content, the long-form radio, and also enjoy the simplest listening experience from device to device.

Unknown Executive: That is to say, for SYIP, on the entire TME platform, for content, music, and long-form audio content, and on multiple devices, we can build a comprehensive listening capability. But at the same time, regarding content creation for SVIP, we make sure they can enjoy the long-form audio content in their existing way. We provide them with the primary service. In other words, they can enjoy the seamless listening experience from device to device. In other words, for SVIP, on the TME platform, they can enjoy muted content, long-form video, and also enjoy the seamless listening experience from device to device.

Speaker Change #126: So the IP <unk> science and Lucky Army looking ISR. So your needle even in Oregon, Yoshiaki Yoshida names Huntington in immuno <unk> communicated bojangles', even Jimmy and function, where you're going to but you can touch on enemy.

Unknown Executive: But at the same time, regarding content creation for SVIP, we make sure they can enjoy the long-form audio content in their existing privileges. We provide them with the primary service. In other words, they can enjoy the seamless listening experience from device to device. For SVIP, on the TME platform, they can enjoy muted content, long-form video, and also enjoy the seamless listening experience from device to device.

Speaker Change #127: But at the same time regarding the content creation for CIP, we make sure. They can enjoy the long form audio content in the existing presidential we provided the primary study in other that they can enjoy the assembly listening experience from device to device in out of that for our CIP.

Speaker Change #128: <unk> platform. They can enjoy unlimited content the long form media and also enjoy the Sydney listening experience from the rise pretty much when you ask what I actually that aren't coming down to the Sofia zombie issue.

Unknown Executive: S&IP is priced at 40 yuan. Compared to the 15-yuan green diamond, the green diamond is more luxurious. For ordinary members, we have a bigger operating space, which can help us to make more operations with the contribution of ARP.

Unknown Executive: SVIP is priced at 40 yuan. Compared to 15 yuan, the green diamond and the luxury, for ordinary members, we have a bigger operating space, which can help us to make more operations on the contribution of ARP. You can see that for SAP, the membership fee is around RMB40 per month, which actually allows us to have more room to provide better benefits and more experience to SAP users compared with normal subscribers.

Cushion: Because SIP's整個看力價是在四十元,相比於十五元的整個的預算來,預算跟豪華就普通的包約回來說,其實我們有一個比較大的一個運營的空間,也能幫助我們去更好的去在UP的貢獻上去做更多的運營的動作. I can say that for SIP, the membership phase is around R&B 4T per month, and which is actually allowed us to have more room to provide better benefits and more experience to the SIP, compared with normal sub-whibers. In addition, we are the most basic part of the membership phase. Because it is our biggest群體, and we will also be able to continue to do more精細化的內容驅動跟運營, so that we can keep a more stable change of the整個.

Speaker Change #128: John.

Speaker Change #129: These are the harder pudong volume, whereas what do you want me are you going to be a body with Nokia and unbundle ominous Yokohama, two <unk> going to add onto is automotive and intermodal.

Unknown Executive: You can see that for SAP, the membership fees are around RMB40 per month, which actually allows us to have more room to provide better benefits and more experience to our customers compared with normal subscribers.

You can see that for Etsy IPA. The membership fee is around RMB 42 months and we can actually allow us to have a model to provide a better benefits and more external banks to the S&P compiled ways normal subscriber number.

Unknown Executive: In addition, we will continue to refine the content driving and operation of the basic members because they are still the largest group of us. This will allow us to maintain stable growth in the basic members' app.

Unknown Executive: In addition, we will continue to refine the content driving and operation of the basic membership because it is still our largest group. This will allow us to maintain stable growth in the basic membership app. Well, at the same time, for our paying users, they are still the majority of our user base. We're going to continue to refine the content and the operation and make sure they're going to have steady growth.

Speaker Change #129: Meanwhile, the wrong, so Egypt, we enabled David Hydro Rifleman fancied Aqua model, you're going to change now EMEA, which either choose all continue to harden. It when she doesn't go your young Nomura elements Aikido, who underwent the oven and laboratory you'll be all Magennis I'm done.

Unknown Executive: Well, at the same time, for our paying users, they are still the majority of our user base. We're going to continue to refine the content and the operation and make sure they're going to have steady growth. R.I.P.

Cushion: We are at the same time for our paying users, there is still the majority of our user base. We are going to continue to refine the content and the operation, and making sure that we are going to have a steady growth within R&B 4T.

Speaker Change #130: But at the same time for our paying users. They are still the majority of our user base, we're going to continue to refine the content and the operations and making sure theyre going to have a steady brands.

Unknown Executive: We hope to share more data and rhythm with you in the next quarter. I believe in next quarter's earnings call, we're going to share with you more data and more strategies within SVIP. Thank you. And the next question comes from Alex Poon, Morgan Stanley. Alex, please.

Unknown Executive: We hope to share more data and rhythm with you in the next quarter.

Speaker Change #131: Either they don't want you to do a psychology goes on and then go into phase II development.

Cushion: We are going to be able to share our next record, and we are going to be able to share our next record, and we are going to be able to share our next record, and we are going to be able to share our next record, and we are going to be able to share our next[inaudible] and we are going to be able to share our next record, and we are going to be able to share our next record Thank you very much. Thank you for the question.

Speaker Change #132: <unk> been looking to help them.

Speaker Change #133: Intra Asia soldier then gisele.

Unknown Executive: I believe in next quarter's earnings poll, we're going to share with you more data and more strategies within SVIP.

Speaker Change #134: At least in next quarter's earnings call one thing I can share with you more data and more strategies with the CIP.

Unknown Executive: Thank you.

Speaker Change #135: Thank you and our next question comes from Alex Poon Morgan Stanley Alex Pete.

Alex Poon: Thank you, Director Cheng, for accepting my question. Congratulations on your excellent performance. My question is about SVIP.

Unknown Executive: ???????????,????,??????

Physical anytime there's all the tier one based on currency.

Speaker Change #136: What they want.

Speaker Change #136: Understood.

Speaker Change #137: S VIP the.

Alex Poon: I'm glad to hear that it will start to increase our output in the second half of the year. How should we think about the penetration rate of SVIP? In 2019, we had green money, basic VIP, 8 yuan, and 12 yuan. At that time, it was a 5-5 ratio.

Speaker Change #138: <unk> hydrogel weighted casualty, some woman or a pool.

Unknown Executive: Our pool, uh, take a, uh, take a.

Speaker Change #138: Doug.

Unknown Executive: How should we think about the penetration rate of VIPs?

Speaker Change #138: Peter centrally woman Guy it's emerged through the call.

Unknown Executive: We have green money, basic VIP, 8 yuan, and 12 yuan. At that time, it was a 5-5 ratio. After several years, now most of the members have become green money. So how should we think about this super member?

Speaker Change #138: LNG junior and well known Youll lose drawing youll basically VIP clients to our client.

Speaker Change #138: <unk> thousand <unk> water, you got believe Cola Hudson yards, and that Appleton that will not be entirely John.

Unknown Executive: After several years, most of the members have now become green money. So, as a super member, how should we think about the rate of penetration in the next few years? Thank you. My question is related to super VIP. How should we think about the penetration as a percentage of total paying users, the trajectory in the coming few years? Thank you very much.

Speaker Change #139: So you go talk to your question no problem and you guys are most of the calls ago.

Unknown Executive: This is the end of the last few years. This is the end of the last few years.

Speaker Change #139: So I told you we like the Nando <unk> T summit the adult.

Unknown Executive: My question is related to Super VIP. How should we think about the penetration as a percentage of total paying users, and the trajectory in the coming few years?

Speaker Change #139: Yes.

Speaker Change #140: My question is related to Super VIP.

Speaker Change #141: How should we think about the penetration.

Speaker Change #142: As a percentage of total paying user the trajectory in the coming few years. Thank you very much.

Unknown Executive: Thank you very much.

Unknown Executive: Yes, we should say that this year, it is equivalent to this year's attempt, because in addition to the sound quality and sound effect and the drive of the three aspects, we are now maintaining a relatively rapid growth. We should start from zero from last year and make a relatively optimistic increase. But we may want to reveal this in the next season.

Unknown Executive: This year, in addition to the audio-visual effects and the three-way drive, we have maintained a relatively rapid growth. We have made a relatively optimistic increase from zero since last year, but we will probably reveal this in the next season.

Speaker Change #143: Great women in guys Jinyan sort of I'd say.

Speaker Change #144: And then they got functionally about yard for engineering Chaco trying to just kind of signs on a street onshore and I'm going to answer about it you'll be all cars with them.

Speaker Change #144: Congrats on Shanghai's wounding Paul Eagle Sunday development can be although one thing that's unusual.

Speaker Change #145: I think all American hometown Lawrence you Peter why don't you take the table table home economics, Shanghai passionate golfer Diazoamino Mackenzie someone's life would be doubtful you'd see that.

Unknown Executive: This part, we may still, but I can only tell you that our current increase is still more in line with expectations. In the long run, of course, as you just said, most of our members are already basic members, including Kugoo's Huawei and QAAM's Lvzuan. Tencent Music Entertainment Group's eight members are relatively few, but this is the current trend. You said that in the next ten years, it may become our long-term goal, and, of course, we will think that SYIP will be more in line with the previous Lvzuan mode to operate the rhythm.

Unknown Executive: But I can only tell you that our current increase is more in line with expectations. In the long run, most of our members are already basic members, including KuGo's Hao Wei and QAAM's Lv Zhuan. Tencent Music Entertainment Group's eight members are relatively few.

Speaker Change #146: No other Italian column is the turnaround in gaslog for that being a woman.

Speaker Change #147: Hi, Bob wouldn't do anything and so digital who ensure bagua kubota hallway EGEN QM at least right now if we have all the Bahrain consolidate is going to be awesome.

Unknown Executive: This is the current trend. In the next ten years, it is likely to be a long-term trend. Of course, we think that SYP will be a rhythm that operates in the same way as Lv Zhuan. Thank you very much.

Now.

Speaker Change #148: Turning now to our institution, which I know, you're not globalized hominid Cheniere Horney, Oakland I'll wait until it goes along.

Speaker Change #148: Turning to <unk>.

Speaker Change #148: So actually the way Shlomi you got conga condition. These lockdown Moshe Dayan ligature XOMA.

Unknown Executive: Thank you very much. Thanks for the question. And I have to say that for SVIP, and as I mentioned in the previous answer, because they always upgrade the sound quality, the sound effects, along with other drivers, we will be able to maintain a relatively fast growth of the SVIP members. Well, at the same time, I have to say we started SVIP almost from zero. So far, we see that the growth is pretty satisfactory, but I think we still need to give some time before we disclose further information to you.

Unknown Executive: Thanks for the question. And I have to say that for SVIP, and as I mentioned in the previous answer, because every upgrade, the sound quality, the sound effects, along with other drivers, we will be able to maintain a relatively fast growth among the SVIP members. At the same time, I have to say, we started SVIP almost from zero. So till now, we see the growth is pretty satisfactory, but I think we still need some time before we disclose further information to you.

Speaker Change #149: Thank you very much. Thanks for the question and I have to say that for CIP and because as I mentioned in the province answer it as <unk> upgraded the sound quality assigned a factor along with other diverse we will be able to maintain relatively faster grants.

Cushion: And I have to say that for SEIT, and because as I mentioned in the previous answer, because it ever upgraded the sound quality, the sound effect, along with other drivers, who will be able to maintain a relatively fast growth of the SEID members. So further information to you, what I can share with you is that SEIT, the growth is still in my with our expectation. We're looking into the future, and you just mentioned those used to be eight RMB amounts user has already been converted into Google user and cooking music, paying user, and they are now majority of our user base. This is what we see now. We're looking forward to the next 10 years, or in a very long time, I think maybe SEIT, we're going to be our future driver of the growth trajectory.

Speaker Change #149: As CIP Mendes, where at the same time I have to say, we start as CIP almost from zero.

Speaker Change #149: We see the growth is pretty satisfactory, but I think withstand it took us some time here with this transfer that information to you what I can share with you is that S. VIP. The grants is still in line with our expectation.

Unknown Executive: What I can share with you is that SVIP's growth is still in line with our expectation. We are looking to the future, as you just mentioned. Those used to be eight RMB per month users have already been converted into Google users and QQ Music paying users, and they are now the majority of our user base. This is what we see now.

Unknown Executive: What I can share with you is that SVIP's growth is still in line with our expectations. We are looking into the future. As you just mentioned, those used to be eight RMB per month users have already been converted into Google users and QQ Music paying users, and they are now the majority of our user base. This is what we see now. We are looking forward to the next 10 years or in the very long term. I think maybe SVIP will be our future driver of growth.

Speaker Change #149: Into the future and the adjusted NIM changing those.

Speaker Change #150: Used to be eight RMB amongst skus that has already been converted into cocoa user and kitchen music paying user and they are now majority of our user base. This is what we're seeing now we're looking forward to the next 10 years or in a very long time, I think maybe CIP welcome that should be our future driver of that.

Unknown Executive: We are looking forward to the next 10 years or in the very long term. I think maybe SVIP will be our future driver of growth. We hope to see steady growth in the market every year. We will let you know the details later. We hope that we can still maintain a steady and solid growth of SEIP, but we will need to disclose the corresponding data in due time. Thank you. Okay, the next question comes from Zhang Lei from Band of America Mail. Lei, please. Hi, good evening, management team. I'd like to follow up on the number of members.

Speaker Change #150: Brands trajectory.

Unknown Executive: We hope to see steady growth in the market every year. However, we may not be able to give you the exact information at this time.

Speaker Change #152: So you should always all mature dominion Anglepod enrolment.

Development journalism thoughtful maturity the video and content.

Speaker Change #152: Okay.

Unknown Executive: We hope that we can still maintain a steady and solid growth of SEIP, but we will need to disclose the corresponding data in due time. Thank you.

Cushion: We hope that we can still maintain a steady and afforded growth of SEIT, but we're going to disclose the corresponding data in due time.

Speaker Change #153: They have how do we can still maintain a steady and assorted grants.

Speaker Change #154: But I'm not going to disclose a corresponding.

Speaker Change #155: Data in due time thank you.

Cushion: Thank you.

Unknown Executive: Okay, the next question comes from Zhang Lei from Band of America. May I ask Lei, please?

Lei Zhang: Okay, the next question comes from Zhang Lei, from Ben of America Mail. Lei, please. Thanks, Matt, for taking my question and congrats on the solid quarter. I want to follow up on the membership net and trend of three million quarter to hold things we enter the steady growth stage. And how to look at our long-term paying user penetration. Thank you. Thank you so much.

Speaker Change #156: Okay. The next question comes from Charlie <unk> from Bank of America Merrill Lynch.

Speaker Change #155: Lately.

Unknown Executive: Good evening, Manager Chen. Thank you for accepting my question and congratulating you on your long-term performance. I would like to follow up on the number of members. As you just mentioned, there has been steady growth in the second half of the year. So I would like to ask, I don't know if the 3 million members we talked about in each quarter can still be maintained. Also, Manager Chen, do you have any new considerations for the penetration rate of long-term membership fees?

Speaker Change #155: Oh, Hi, Glen as Elisa.

Q1: Q1, you're going to say downtown.

So not exactly sure James Clark Gagan Comanche, the offshore colors that banyan kashered oxygen, who they go with Jonathan.

Lei Zhang: As you just mentioned, there has been steady growth in the second half of the year. I'd like to ask if we can maintain the 3 million members per quarter. Is there any new consideration for the long-term membership fee penetration rate? Thanks, Madman, for taking my question.

Speaker Change #158: Uh-huh talk to why that was at all a J golar metric Danielle.

Corey Shea: What kind of threat, meaning that you like that sure Hi, Corey Shea.

Speaker Change #158: Sure.

Speaker Change #158: Since that deal with Medtronic.

Speaker Change #160: Got it.

Speaker Change #160: And told you you all know chasing dog, how even Nokia that would be fine.

Unknown Executive: Thanks, Manager Chen, for taking my question. And congrats on a solid quarter. I want to follow up on the membership net ad trend. If 3 million per quarter, do you hope things will enter the steady growth stage? And how do you look at our long-term paying user penetration? Thank you.

Mad men: Oh, Thanks Mad men for taking my question Congrats on a solid quarter want to follow up on a mainbocher that's added Chan.

Lei Zhang: Congratulations on a solid quarter. I want to follow up on the membership net ad trend. If 3 million per quarter, do you hold? Since we entered a steady growth stage. And how do you look at our long-term paying user penetration? Thank you.

Speaker Change #162: So a meeting for Cologuard.

Speaker Change #163: I think we answered that a grill H and how do you look at our long term pay user penetration. Thank you.

Unknown Executive: As Kane mentioned, we expect that in the future, the growth of ARP will be more optimistic than the growth of NetX. Because we had a holiday in the first half of the year, we hope to maintain a more stable growth in the second half of the year. So, in terms of our operations, we basically guarantee that ARP will have better growth and NetX will also grow. At the same time, of course, the main goal is still our income and profits.

Speaker Change #164: Thank you Sean I think I answered all your will mirror, what you would use all women, earning off of those <unk>.

Susana: Or is it off it doesn't go away you can always switch Susana I hope that happens along the way.

Amit Sharma: Given what you thought you Amit Sharma.

Speaker Change #167: <unk>, you'll recall, our Eagle you got Jaguar selling your home Michelle Hydrogel animal box eking out Magennis on Gaba.

Speaker Change #167: Changes in our K homeless, so that once they want they don't let me answer that although it will be all sung <unk> songs are all cogent answer to automobile hydrogel, most Oregon, neither Joe our middle on the solo film the leaner and stronger element in <unk>, China, and then John I know you'd see that sungard, that's a lot of heart in a moment.

Unknown Executive: If our income and profits are in line with the expected growth of the whole year, we are more interested in what will happen to the high-quality users of ARP after the growth. This is the current operating rhythm.

Unknown Executive: If our income and profits are in line with the expected growth of the whole year, we are more interested in the results of ARP's high-quality user growth. This is the current operating rhythm. In the second half of the year, we still want to make our users' scale more stable. In addition to the new startup, there is also a problem with user memory. Only high-quality user growth can ensure a very strong memory of ARP in the future, and even small-scale growth.

Speaker Change #168: It's coming out can you tell us at all on the Alberta coal Jolyon whittled down the hall not always fun.

Speaker Change #168: Clearly this amount you want to go to <unk>.

Unknown Executive: In the second half of the year, we should still be very clear. We still hope that we can make our users more stable. At the same time, in addition to the new startup, there is mainly a problem with user memory. Because only this kind of high-quality growth can allow us to have a very strong memory of ARP in the future, and even a small amount of growth. Thank you very much. Thanks for your question. And I think the cousin has already shared his feelings in his remarks.

Speaker Change #169: Oh, no I was just showing that our drilling guys are all well know Ingo Hydrogenize treated me if a major issue on AMOLED Malone your whole basin agreement on volume when you go to India than Jim.

Speaker Change #170: There isn't even swallow syncarp a waiver so our hiring goal for lots of uncertainty.

Speaker Change #170: You may just Julie on Gulf run it until that Venezuelan wholesale borrowing levels and the longer you go bid on changing the Eagle made traditional design.

Speaker Change #171: So there are some Gaba.

Unknown Executive: Thank you very much. Thanks for your question, and I think the cousin has already shared in his remarks, and when we look into the ROP, we hope that in the near future, the growth will be much better than what we have at that age, but to be sure, in H1 of this year, after a few holidays, we see the ROP and net age will grow, but in H2 of this year, we're still going to make very solid growth. And from the operational strategy perspective, we still would like to maintain the good growth of Arup. We will naturally grow NetEase.

Speaker Change #172: Thank you very much. Thanks for your question and I think the Carson has already shared in his remarks, and then we will look into that Rob we heard about in the near future the growth would be much better than what we have on that age but to be sure in each one of our few holidays.

Cushion: Thank you for your question. And I think the cousin has already shared in his remarks. And when we look into the graph, we hope that in the near future, the growth would be much better than what we have on that date. But the most important thing we have to keep in mind is always the revenue and the profit. We do hope that the revenue and the profit, as we discussed with other few, would hit our full year target.

Unknown Executive: And when we look into the ROP, we hope that in the near future, the growth will be much better than what we have on NET-8. But to be sure, in H1 of this year, after a few holidays, we will see the ROP and NET-8 grow. But in H2 of this year, we're still going to make very solid growth. And from the operational strategy perspective, we still would like to maintain a good growth rate in Arab. We will naturally grow NetEase.

And Oh crap.

Speaker Change #172: Yes.

Speaker Change #173: And that is starting to catch and from the outpatient strategy perspective, we still would like to maintain a good grasp of either.

Speaker Change #173: Well naturally grow then that eight.

Unknown Executive: But the most important thing we have to keep in mind is always revenue and profit. We do hope that revenue and profit, as we discussed with all of you, will hit our full-year target. If we are able to do so, then we will be able to continue to grow our subscriber base in a quality way. Then you can expect what the result might be.

Speaker Change #174: The most important thing we have to keep in mind is always Nebraska and at a profit.

Speaker Change #174: Now for the revenue and the profit and we discussed with all of you. We would hit our full year target people will be able to do. So then we will be able to continue to grow our subscriber base in a quality approach. Then you can expect what the ways out might be well from the operational strategy perspective, I think we have already.

Cushion: If we will be able to do so, then we will be able to continue to grow our subscriber base in a quality approach. Then you can expect what the result might be. Well, from the operational strategy perspective, I think we have already made it very clear, we would like to maintain the steady growth of our user base. Besides paying attention to that net page, we should also pay attention to the user retention because only by having the high quality growth of the subscriber, we will be able to maintain a very strong retention of our high quality subscribers.

Unknown Executive: Well, from the operational strategy perspective, I think we have already made it very clear. We would like to maintain a steady growth in our user base. Besides paying attention to NetEase, we should also pay attention to user retention because only by having high-quality growth of the subscriber will we be able to maintain a very strong retention of our high-quality subscribers. That will help us to further grow our business substantially.

Unknown Executive: Well, from the operational strategy perspective, I think we have already made it very clear. We would like to maintain the steady growth of our user base. Besides paying attention to NetEase, we should also pay attention to user retention because only by having high-quality growth of the subscriber will we be able to maintain a very strong retention of our high-quality subscribers. That will help us to further grow our business substantially. As we mentioned earlier, we haven't changed our penetration rate.

Speaker Change #174: Made it very clear we would like to maintain the status quo grants of our user base besides that pay attention to that and that we should also pay attention to that user retention because I mean by having a high quality brands at a subsequent that we'll be able to maintain a very strong retention of our high quality subscribers that will happen.

Cushion: That will help us to further grow our business substantially. If we are doing H2 of this year, what we are trying to do is that, besides growing our subscriber base, we will also continue to intensify ourselves and the promotion strategy, making sure we will be able to engage new customers and then to grow our subscriber base even higher. And this is also what I mentioned. In the long term, we are still very confident to hit our subscriber number and help will be able to honor our commitment to the market.

Speaker Change #174: To further grow our business substantially.

Unknown Executive: As we mentioned earlier, we haven't changed our penetration rate. We are confident that we can still achieve the medium-to-long-term goal of users according to our pace. In terms of our pace for the second half of the year, in addition to maintaining our current scale of growth, we will also promote sales and promotion to a certain extent. In terms of promotion strategy, we can also pay more attention to the growth of the number of users for Baoyue. So, in summary, our penetration rate for Baoyue and the number of users for Baoyue for a long time will basically be the same as our previous goal.

Speaker Change #175: So it's only got <unk> hit other womens, but you shouldnt really a formula that I can may or may not be online enrollment one region theyre going to ours.

Unknown Executive: We are confident that we can still achieve medium-to-long-term users. In terms of the pace of what we are going to do in the second half of the year, besides maintaining our current growth scale, we will also promote our sales to a certain extent. In terms of the entire promotion strategy, we can also pay more attention to the growth of the number of users for Baoyue. So, in general, we still maintain our previous goal of Baoyue penetration and long-term users.

Speaker Change #176: I don't know, Washington, and Northern and Almaty, That's all she says element to consider partnering on hold for now.

Speaker Change #176: Tony.

Speaker Change #176: Somebody that will be helpful, whether you're going to see that's all I can just a woman I assure you we follow them until each of Asia, One Shanda John He got some other way more until you without being treated with <unk>.

Speaker Change #176: <unk> fleet in one shot.

So a lot of sales to them what are they going to prewar.

Speaker Change #177: So it will take longer.

Speaker Change #177: And what you can get a bundle was at memorial day last year. So.

Speaker Change #177: So you probably hear that you've got.

Speaker Change #177: Obviously got them down please.

Speaker Change #178: So we are not kind of a woman so it probably isn't all you do on the <unk> biomarker with you, but I honestly don't have a schulman dietary channels with all of them will be onno.

Unknown Executive: Regarding the subscriber penetration rate, we still would like to maintain what we used to promise to the market, and we also have every confidence that we are going to hit our mid and long-term subscriber targets. Regarding H2O Aphasia, what we are trying to do is that, besides growing our subscriber base, we will also continue to intensify the sales and promotion strategy, making sure that we will be able to engage new customers and then grow our subscriber base even more. And this is also what I mentioned. In the long term, we are still very confident of hitting our subscriber number and hope we will be able to honor our commitment to the market.

Unknown Executive: Regarding the subscriber penetration rate, we still would like to maintain what we used to promise to the market, and we also have every confidence that we are going to hit our mid- and long-term subscriber targets. Regarding H2O Aphasia, what we are trying to do is that, besides growing our subscriber base, we will also continue to intensify the sales and promotion strategy, making sure that we will be able to engage new customers and then grow our subscriber base even more. And this is also what I mentioned.

Speaker Change #179: But regarding the subscriber penetration bank will start with an up to maintain what we used to promise to the market and we also have our confidence that we're going into heat Amit on the long term subsequent by number.

Regarding HQ of Acs, what am I trying to do that besides growing our subscriber base. We will also continue to intensify the cells and the promotion strategy, making sure. We've got the able to engage new customers and then to grow our subscriber base, even higher and this is also what I mentioned in the long term.

Unknown Executive: In the long term, we are still very confident of hitting our subscriber number and hope we will be able to honor our commitment to the market. Thank you. The next question comes from Wei Xiong from UBS. Mr. Xiong, please.

Speaker Change #179: Still very confident to compete our subscriber number and hope we won't be able to honor our commitments to the market.

Unknown Executive: Thank you. The next question comes from Wei Xiong from UBS.

Wayne <unk>: Thank you. The next question comes from Wayne <unk> from UBS.

L B.

Unknown Executive: Thank you for accepting my question. Good evening, management team. My question is about the profit margin. We can see that the company's growth in terms of profit margin and net profit margin continues to be healthy this quarter. I would like to ask how we should think about the speed and space for profit margin to continue to improve in the second half of the year and next year. What do we think about the level of profit margin that can be achieved in the mid-term? In terms of net profit margin, how should we consider the space for cost control and the trend of net profit margin in the future? Thank you, management team. I will also translate it myself.

Wei Xiong: Thank you for accepting my question. Good evening, management team. My question is about the profit margin. We can see that the company's growth in terms of the profit margin and the net profit margin has been healthy. I would like to ask how we should think about the speed and space for profit margin to continue to improve in the second half of the year and next year. What do we think about the level of profit margin that can be achieved in the mid-term?

Speaker Change #181: She said plenty of times, they sell at X U N climate.

Speaker Change #182: Well the one his squad Judy when new though I'm kind of going with central actually do without more to your question. If I may is actually she's Jim comments on job with answering does that woman guys. On this call shall Danielle let me, yes knowledge you called out you guys still do have closed yet, but I'm doing it once you know about that.

Shirley: Thank you the next question comes from Wei Xiong from EBS. My question is about our profitability and margin trend. Just wondering, commencement share, how should we think about the pace of growth margin expansion in the second half this year and next year? And what's the level of the growth margin level that we might be achieving in the media term? For the net margin, how should we think about any further room for cost optimization as well as the net margin trend going forward?

Speaker Change #182: Automotive friction or something else.

Wei Xiong: In terms of net profit margin, how should we manage it? How should we consider the space for cost management and the trend of net profit margin in the future? Thank you, management team. I will also translate it myself.

Speaker Change #184: That's the only thing that you heard me on a woman gets them Aqua collagen and collagen film got hold up well.

Speaker Change #185: Or do you would you only do that honestly no one is home with a defined nature of.

Wei Xiong: My question is about our profitability and margin trend. Just wondering, could management share what we should think about the pace of gross margin expansion in the second half this year and next year? And what's the level of the gross margin that we might be achieving in the medium term? For the net margin, how should we think about any further room for cost optimization? as well as the net margin trend going forward. Thank you.

Unknown Executive: My question is about our profitability and margin trend. Just wondering, could management share what we should think about the pace of gross margin expansion in the second half this year and next year? And what's the level of the gross margin that we might be achieving in the medium term? For the net margin, how should we think about any further room for cost optimization? as well as the net margin trend going forward. Thank you.

Speaker Change #186: My question is about our profitability and margin trend.

Speaker Change #187: Just wondering can management share how should we think about the pace of gross margin expansion in the second half this year and next year and what's the level of the gross margin level that we might be achieving in the medium term for.

Speaker Change #187: For the net margin and how should we think about any further room for cost optimization.

Speaker Change #187: As well as the net margin trend going forward. Thank you.

Speaker Change #187: Okay.

Unknown Executive: The company's net profit and net profit have increased continuously in the past nine quarters. We are very confident that our net profit and net profit will perform better in the whole year. You can see the growth margin and the net margin of the company continue to grow for the past nine quarters consecutively. So, overall, speaking, we're still very confident we're going to have a good performance on the GP margin and the net margin. On the one hand, the growth of Maoling is due to the rapid growth of packaging and advertising in terms of revenue.

Unknown Executive: The company's net profit and net profit have increased continuously in the past nine quarters. We are confident that our net profit and net profit will perform better in the whole year.

Speaker Change #188: Most of them are leery of classical accumulates at Kochi that youll get all the issue, but something that.

Speaker Change #189: Women inside China, and kind of out women's yesterday talking about changing the millennium switching meeting.

Shirley: Thank you. We can see the growth margin and the net margin of the company continue to grow for the past nine quarters' complexity. The overall speaking was still very confident. We're going to have a good performance on the GP margin and net margin. We're going to have a good performance on the GP margin and the net margin of the company. The subscription business and advertising business, the revenue continue to grow. What at the same time in the near future, if our SBIT program could be well executed, it's also going to be another positive contribution to our GP margin.

Speaker Change #189: Yes.

Unknown Executive: You can see the growth margin and the net margin of the company continue to grow for the past nine quarters consecutively. So, overall, speaking, we're still very confident we're going to have a good performance on the GP margin and the net margin.

Speaker Change #190: You can see the gross margin and net margin of the company continue to grow for the past nine quarters combat Inthe. So over to speaking last year that we're confident we're going to have a good performance on the GP margin.

Unknown Executive: The growth of Maoling is due to the rapid growth of our advertising and packaging business. If our SVIP is successful in the future, it will make a great contribution to Maoling.

Speaker Change #189: <unk>.

Oh amount even it didnt not you can find me a loss is that I think are sold with black women certainty about political Guangdong is a good question.

Speaker Change #191: Oh cheap jumped on late.

Nomura: <unk> Nomura.

Nomura: Let me Daniel J vocal about not doing the money if we go to a halt.

Nomura: Melodious.

Unknown Executive: Especially in the future, if our SVIP operates well, it will be a good contribution to Maoling. Regarding the growth of the GP margin, on the one side, from the revenue perspective, you continue to see the subscription business and the advertising business; revenue continues to grow. But at the same time, in the near future, if our SVIP program can be well executed, it's also going to be another positive contribution to our GP margin.

Unknown Executive: Regarding the growth of the GP margin, on the one hand, from the revenue perspective, you continue to see the subscription business and the advertising business growing. But at the same time, in the near future, if our SVIP program could be well-executed, it's also going to be another positive contribution to our GP margin.

Speaker Change #193: Regarding the brands of the GP margin on one side from a revenue perspective and continue to state a subscription business and advertising business revenue continued to grow but at the same time in the near future. If our VIP program could be well executed. It's also going to be another positive contribution to our GP margin.

Unknown Executive: On the other hand, in terms of cost, we have been working with the music industry for many years to deepen and contribute a lot. We have also established a good cooperation relationship with the copyright group. We gradually see the results of these large-scale investments. We have also conducted ROC management on copyright to improve the efficiency of copyright.

Unknown Executive: On the other hand, in terms of cost, we have been working with the music industry for many years and have made a lot of investment. We have also established a good cooperation relationship with the copyright group. We gradually see the results of these large-scale investments. We have also conducted ROC management on copyright to improve the efficiency of copyright.

Speaker Change #194: And then why you Didnt know that somebody doing a woman told me and I think so yes.

Speaker Change #195: And convention I think in a dynamic although some banks and banking in that you've got there how does it go.

Speaker Change #196: Now with me and to really kind of push it down for the total we tightened the tongue what elements do you think about Pennsylvania, changing I think honestly, the Guarani T cell patronage out it.

Unknown Executive: Another point is that from the cost perspective, we continue to be committed to the music industry, and we have made a heavy investment in the industry. We also maintain very close cooperation with the copyright holder. Well, you can say that those substantial investments were yielded with very fruitful results. And we also did ROC management over the copyright and IP, and continue to improve the utilization rate and efficacy. The third point is that we have our own content, which will also play a better role for us.

Unknown Executive: Another point is that from the cost perspective, we continue to be committed to the music industry, and we made a heavy investment in the industry. We also maintain very close cooperation with the copyright holder. Well, you can say that those substantial investments have yielded very fruitful results. We also did the ROC management over the copyright and IP to continue to improve the utilization rate and efficacy.

Shirley: Another point is that from the cost perspective, we continue to be committed in the music industry, and we made a heavy investment in the industry. We also maintain very close cooperation with the copyright holder, but we can say that those substantial investments were yielded with very fruitful results. We also did the RFC management over the copyright and IT continue to improve the utilization rate and efficacy. The third point is that the contribution from our self-produce account continues to grow, which will also produce the energy to our GP margin.

Speaker Change #197: Another pointed out from the cost perspective will continue to be committed in the music industry and we made a heavy investment in the industry, but also maintain very close cooperation with the copyright hold yet, but I can say that those substantial investment will yell debate very fruitful lays out and then also to get the RFC management.

Speaker Change #198: Over a coffee lab and IP continue to improve that utilization rate Andi think Casey.

Unknown Executive: The third point is that the increase in the content of our free content will also play a better role for our

Unknown Executive: Our third point is that the contributions from our self-produced content continue to grow, which will also positively benefit our GP market. Fourth, although our social income is declining, the growth of our K-pop ads and members will also lead to an overall growth in our gross profit. At the fourth point, even if we see a slight decrease in the social business, but we still waste advertisements, as well as the membership numbers continue to grow, which will also benefit the overall GP margin. Specifically, in terms of operating costs and sales costs, we can see that in the past...???? We're specifically talking about the operational costs.

Speaker Change #199: And then I've got a resort will manage to the old Lady that they go to assembly.

Speaker Change #200: The Maline Itchy dog.

Speaker Change #201: That's really helpful.

Unknown Executive: A third point is that the contributions from our stock to produce the content continue to grow, which will also positively benefit our GP margin.

Speaker Change #202: At that point in that the contribution from our south of produced content continue to grow which will also positively benefit our GP margin.

Unknown Executive: Although our social income is declining, the growth of our K-pop ads and members will also drive the overall growth of our gross profit.

Speaker Change #202: As.

Speaker Change #203: Jim not to.

Speaker Change #204: So download the gala solar losses, I shall not as a woman a paygo Guangdong. So we are not in that number and get placed with the 10-Q that I don't want and send him underneath it because in that.

Unknown Executive: At the fourth point, even if we see a slight decrease in the social business, but we still waste advertisements as well as the membership number continues to grow, which will also benefit the overall GP margin.

Shirley: At first point, even if we see a slight decrease on the social business, but still are wasting advertisement, as well as the membership number continue to grow, which will also benefit the overall GP margin. At the same time, we can see that in the past few years, it's also a great effect. First, specifically talking about the operational cost, if we take a look at the sales distance, we can say that for the positive quarters, we will be quite a sales discipline and well-managed sales expenses, which also should very good result.

Speaker Change #205: Our first point, even if we see a slight decline on the social business, but if there are wasting advertisement as well as the membership number continued to grow which will also benefit the overall GP margin.

Unknown Executive: In terms of operating costs, in terms of sales costs, we can see that in the past, in Hong Kong and Vietnam.

Speaker Change #206: T E anything unless it the timing thing it's a good Ah shall fulfill nijab lamenting a cheese cake.

Speaker Change #206: So that puts you that's it.

Speaker Change #208: But it doesn't mean that those are the three.

Speaker Change #209: Suddenly put on conga that Daiichi building I think a shovel.

Unknown Executive: We're specifically talking about operational costs. If we take a look at the sales expense, you can see that for the past few quarters, we have been quite self-disciplined and well-managed in sales expenses, which also shows very good results.

Speaker Change #210: Specifically talking about the operational cost if we take a little catheter sales expense you can say that for the positive potash, whether it'd be quite itself disciplined and well manage it sounds expenses, which also showed very good results.

Unknown Executive: If we take a look at the sales expense, we can say that for the past few quarters, we have been quite self-disciplined and well-managed in sales expenses, which also show very good results. We expect that our revenue will be basically the same as last year in terms of overall revenue. At the same time, we foresee market expenses for the year, and the total contribution from market expenses to revenue would be the same as what we saw last year.

Unknown Executive: We expect that our revenue will be basically the same as last year in terms of overall revenue.

Well, thank you Regina.

Shirley: In general, we will use our impact, and we will continue to work together with the overall proportion of the overall proportion of the overall proportion. At the same time, we foresee for the market expenses for the year and the total contribution from the market expenses to the revenue would maintain the same as what we saw last year.

Speaker Change #211: Each of them are.

70, titanium Ghansham I think are central to the bdcs given heightened to that.

Unknown Executive: At the same time, we foresee market expenses for the year, and the total contribution from market expenses to revenue would be the same as what we saw last year.

Speaker Change #212: At the same time, we foresee for the marketing expenses for the year and the total contribution from the marketing expenses to the revenue would maintain the same as what we saw last year.

Unknown Executive: We can see that global GDP is relatively low compared with last year.

Unknown Executive: In terms of GNA, we can see from the data from the last few years that GNA has dropped a little compared to last year. Specifically, if we take a look at the GMA expenses, if you take a look at the H1 performance of this year, you can see we still registered a small decline compared with last year. To improve the efficiency of the A-share tax. We expect that the overall A-share tax and income ratio will be much lower than last year.

Speaker Change #212: It sounds like the.

Gen eight if I want to say you know, what you're seeing or you're kind of coming in absolutely no amendments and peanuts at the generation during each union I can't use the hiseq.

For the Shandong.

Unknown Executive: Specifically, if we take a look at the G&A expenses, and if you take a look at the H1 performance of this year, you can see we still registered a small decline compared with last year.

Speaker Change #213: More specifically, if we take a look at our G&A expenses. If you take a look at it H one performance updates here you can see it's clear we registered a small decline compared with last year.

Speaker Change #214: Well my isolated issue.

Speaker Change #215: N T shop.

Unknown Executive: Thank you for improving the efficiency of J&A. We expect that the overall J&A income ratio will be much lower than last year.

Speaker Change #216: Keith I think agenda again filling the shouting no manoogian suddenly adjourn the Ada.

And so to the P D C.

Speaker Change #217: So what are your chin.

Unknown Executive: We will continue to improve our operational efficiency and our extensive management efficiency. In other words, for this year, we believe the G&A extensive ratio to total revenue will be lower than what we saw last year.

Unknown Executive: [inaudible] you.

Unknown Executive: We will continue to improve our operational efficiency and expenses management efficiency. In other words, for this year, we believe the GNA expenses ratio to total revenue will be lower than what we saw last year. Overall, we think that the overall profit and net profit of our group will have good room to improve this year. So, overall speaking, we believe, no matter the GDP margin or the net margin, we're going to have a good improvement compared with what we saw last year.

Speaker Change #218: So we'll continue to improve our operational efficiency and expense management inefficiency in Ottawa with Acs, We believe the gen eight percentage ratio to that total revenue will be lower than what they saw last year.

Unknown Executive: Overall, we believe that the overall profit and net profit of our group will have good room for improvement this year.

Speaker Change #219: So you can hear you now a minimum 270, the millennials, let jeanie banking in.

Speaker Change #219: The portfolio, they've got a T cell <unk>.

Unknown Executive: So, overall speaking, we believe, no matter the GDP margin or the net margin, we are going to have a good improvement compared with what we saw last year.

Speaker Change #219: No.

Speaker Change #221: So overall speaking we believe no matter for the GP margin or the net margin welcome until it has a good improvement compared to waste so nasty.

Unknown Executive: The performance of Jin Li and Jin Li Lv is better than that of Mao Li Lv.

Unknown Executive: The performance of net profit and net profit margin will be better than the performance of net profit. But at the same time, the performance of net profit and the net profit margin would be better than the GDP margin.

Jimmy Kimmel: Jimmy her jeanie.

Speaker Change #222: To be honest, yes, you're halfway youll you take them all either gotcha.

Unknown Executive: But at the same time, net profit and the net profit margin would have growth that would be better than the GP margin.

Speaker Change #222: But at the same time, the net profit and the net profit margin difference would be better.

J.P. Morgan: D J P Morgan.

Unknown Executive: In the long run, with the steady growth of our music business, we are confident in the growth of the and the.

Unknown Executive: From a long-term perspective, with the steady growth of our music business, we have also seen a slight increase in gross profit and net profit. In the longer run, as our online music business continues to grow steadily and positively, we also have every confidence in the future growth of the GP margin and the market. Thank you. And the last question comes from Thomas Chong from Jefferies. Thomas, please.

100, and I cannot what money 60.

Speaker Change #224: The woman.

Speaker Change #225: That took a long time chairman, Jim the Shanghai now EMEA doing take a holiday I think opens up the community docs.

Speaker Change #225: So changing that.

Unknown Executive: In the longer run, as our online music business continues to grow steadily and positively, we also have every confidence in the future growth of the GP margin and the music industry.

Speaker Change #226: And the longer bound as our online music business continue to grow Saturday and positively. We also have every confidence to the tier two brands of the GP margin.

Unknown Executive: Thank you. And the last question comes from Thomas Chong from Jefferies. Thomas, please.

Speaker Change #226: Thank you and then last question comes from Thomas Chong from Jefferies.

Thomas Chong: Hi, good evening. Thanks, management, for taking my question. My question is about macro headwinds.

Speaker Change #226: Please.

Thomas Chong: Hi, good evening. Thanks, management, for taking my question. My question is about macro headwinds.

Thomas Chong: Hi, Good evening, Thanks management for taking my question. My question is about macro headwinds occupants.

Speaker Change #228: Well macro uncertainties.

Thomas Chong: Given that we have been seeing macro uncertainties these days, how should we think about the impact on our different business segments, subscription, advertising, and social entertainment? And my second question is about competition. Are we actually seeing any changes in the competitive landscape? Thank you. Thank you, Guan Yicheng, for accepting my question. My first question is about the situation in Hongguan. I would like to ask about the uncertainties of Hongguan affecting our different sectors. My second question is about the real pattern of re-enactment music.

Speaker Change #229: How should we think about the impact to our business segments.

Speaker Change #230: At the pricing and the social entertainment and.

Speaker Change #229: And my second question is about competition.

Speaker Change #229: You have to be seeing any changes in the competitive landscape. Thank you.

Thomas Chong: Thank you. Thank you, Guan Yicheng, for answering my question. My first question is about the situation in Hongguan. I would like to ask about the uncertainties in Hongguan affecting our different sectors. My second question is about the real pattern of re-enactment music. Guan Yicheng, could you share your future trend? Thank you.

Speaker Change #229: Okay.

Speaker Change #231: It's all whether it's you and what are you going to your last one you've got some lump sum of money.

Oh sure also under pressure at the moment.

Speaker Change #232: Alright, thank you.

Speaker Change #233: So you'll know what you're going to issue something we don't ship goods I sent in your ecosystem could you what it is.

Unknown Executive: Guan Yicheng, could you share the future trend? Thank you. Okay, I'll take the first question regarding the macro environment.

Speaker Change #234: Could you bring somebody subway like the tree that to simplicity.

Unknown Executive: Okay, I'll take the first question regarding the macro environment. Frankly speaking, the downturn in the macro environment will definitely bring some challenges to different aspects of the business. But I think that for the TME's online music business, frankly speaking, it is really good value for the money. So which is, frankly speaking, really relatively low cost entertainment that is very affordable to all users. So you can see that all the subscription business for us, the online music, does not have very much impact on the macro environment.

Speaker Change #235: Okay I'll take the first question is regarding the macro environment. Thanks speaking the downturn in the macro environment definitely III will bring some challenges to different aspects of the business, but I think therefore, the <unk> online music business practice.

Unknown Executive: Frankly speaking, the downturn in the macro environment definitely will bring some challenges to different aspects of the business. But I think that for the TME's online music business, it is really value for the money. So which is, frankly speaking, really relatively low cost entertainment that is very affordable to all users.

Speaker Change #236: Frankly speaking is really value for the money, so which is speaking with.

Speaker Change #236: Relatively low cost entertainment that is very affordable to all users. So you can see that all of the subscription business for us the online music.

Unknown Executive: So you can see that all of the subscription business for us, the online music, does not have very much impact on the macro environment. In terms of advertising, we are also doing a great job in the reporters, even though some of the advertisers may have some impact on spending on advertising dollars, but we are seeing that we are still doing a good job, especially in some of the sectors that are related to, for example, and also related to some of our offline concert sponsorships.

Do not have to.

Speaker Change #236: Very much impacted by the macro environment in terms of advertising. We are also doing a great job on the two quarters.

Unknown Executive: In terms of advertising, we are also doing a great job at headquarters. Even though some of the advertisers may have some impact on spending on advertising dollars, we are seeing that we are still doing a good job, especially in some of the sectors that are related to, for example, tourists and also related to some of our offline concert sponsorships. So I think that advertising, besides the sponsorships, we are also doing some new formats of advertising as well, which can help us to further grow our advertising business at a very good pace.

Speaker Change #237: Even though.

Speaker Change #237: Some of the advertisers may have some impact in spending on the advertising dollars, but we are seeing that we are still doing a good job, especially in some of the sectors that is related to for example to US and also your Brexit related to some of our offline.

Speaker Change #237: John says sponsorships, so I think that the advertising beside the sponsorships. We also doing some of the new format of advertising as well, so which can help us to further grow our advertising business very good momentum.

Unknown Executive: So I think that the advertising, besides the sponsorships, we are also doing some new formats of advertising as well, which can help us to further grow our advertising business at a very good momentum. So I think that the overall macro environment does not have such a big impact on TME, and we still have very confidence for the long-term health of the business to go up.

Unknown Executive: So I think that the overall macro environment does not have such a big impact on TME, and we are still very confident about the long-term health of our business. From the perspective of online music competition, everyone should be aware that we are still the regular players.

Cushion: Thank you. [inaudible] We found to your second question regarding the online music, especially the competition landscape. I think everyone's been clear, we still have the players or those players we usually say in this market. So regarding the competition, you can say that for the Asia, it marks our 8th anniversary of studying the business. So our focus is still to do our right business, to do the business right. We are still going to follow our strategy of having the content and the platform at the same time.

Speaker Change #237: So I think that.

Speaker Change #238: The overall macro environment do not have such effect impact to TMA and feel we have a very competitive for the long term health of global offices.

Speaker Change #237: Yeah.

Unknown Executive: In terms of online music competition, we should all be aware that we are still the regular players. To respond to your second question regarding online music, especially the competition landscape, I think everyone's been clear, we still have the players, or those players we usually say in this market. The most important thing is to be yourself.

So that's one.

Speaker Change #239: So it's primarily been the Chengdu Shanghai like hiring a tougher in doing our children to assure harsher cheaper have Shawn moon.

Speaker Change #240: <unk> hired some weather changes John Gigamon genre.

Unknown Executive: To respond to your second question regarding online music, especially the competition landscape, I think everyone's been clear: we still have the players, or those players we usually say in this market.

Speaker Change #241: Based on to your second question regarding the online music, especially the competition landscape I think everyone's been clear with there has no pay yes. Those play yes, we usually say in this market and so we don't see any real woman is actually Eagle Julien <unk>, Tony the Bonnier will materialize, it's only.

Unknown Executive: So in terms of competition, it's actually almost... This year we have established our 8th year, and we're still concentrated... The most important thing is to be yourself. We are a team of 200 million people, and we will continue to stick to this strategy.

Uh huh.

Speaker Change #242: I should tell you saw switches to a mystery pinged highest tornado in ramping our ETR.

Unknown Executive: We are a team of 200 million people, and our strategy is to stick to it. Well, regarding the competition, you can say that this year marks our 8th anniversary of starting the business. So our focus is still to do our business right, to do the business right. We are still going to follow our strategy of having content and the platform at the same time. We believe that if we continue to improve our content competitiveness and continue to optimize the user experience, we can still maintain this trend across the entire industry.

Ginger: Thank you Ginger.

Unknown Executive: Well, regarding the competition, you can say that this year marks our 8th anniversary of starting the business, so our focus is still to do the right business, to do the business right. We are still going to follow our strategy of having content and the platform at the same time.

Speaker Change #244: So regarding the competition you can say that for this year. It marks our eighth annual estimate of starting the business. So our forecast started to write business to grow the business right. We are stepping in to follow our strategy of having the content and the platform at the same time.

Unknown Executive: We believe that if we continue to improve the competitiveness of our content and continue to optimize the user experience, we can still maintain this trend across the entire industry.

Speaker Change #245: Turning to enrollment tissue pilots they Logan joint venture the truth is all of them and they know what you know me.

Speaker Change #244: Sure.

Speaker Change #244: Tissues, Johan <unk>, and you won't see that general hydro scenarios and Gulf onshore Megami attrition.

Unknown Executive: So we firmly believe, as long as we continue to improve our content and improve our competitive capacity, we're at the same time further refining and optimizing the user experience. We're still going to keep our position in this market.

Unknown Executive: So we firmly believe as long as we continue to improve our content and improve our competitive capacity, we're at the same time further refining and optimizing the user experience. We're still going to keep our position in this market.

Cushion: So we believe as long as we continue to improve our content and improve our competition capacity, we are at the same time to further refine and optimize the user experience, we are still going to keep our position in this market.

Speaker Change #244: So with so many delays as long as we continue to improve our content and improve our competition our capacity while at the same time to further refine and optimize the user experience, we're still gonna to keep our position in this market.

Operator: Okay, since there are no further questions in the queue, I would like to wrap up the call. Thank you everyone for joining us today and, if you have any further questions, please feel free to reach our IR team. And this concludes today's call, and thank you very much again, and I look forward to speaking to you next quarter. Thank you.

Operator: Okay, since there are no further questions on the queue, I would like to wrap up the call. Thank you everyone for joining us today and, if you have any further questions, please feel free to reach out to our IR team. And this concludes today's call, and thank you very much again, and I look forward to speaking to you next quarter. Thank you, and goodbye.

Speaker Change #246: Okay. Since then no further questions in the queue I would like to wrap up the call. Thank you everyone for joining us today and if you have any further questions. Please feel free to reach our IR team and this concludes today's call and thank you very much again and look forward to speaking to you next quarter. Thank you.

Unknown Executive: Okay, since there are no further questions on the queue, I would like to wrap up the call. Thank you everyone for joining us today and if you have any further questions, please feel free to reach our IIT.

Unknown Executive: And this concludes today's call and thank you very much again and look forward to speaking to you next quarter. Thank you and goodbye.

Operator: Thank you, goodbye.

Speaker Change #247: Goodbye, Thank you goodbye.

Speaker Change #246: Okay.

Q2 2024 Tencent Music Entertainment Group Earnings Call

Request a DemoDemo

TME

Tencent Music

Earnings