Q4 2024 iQIYI Inc Earnings Call
Thank you for watching!
Thank you for watching!
Thank you for watching!
Thank you for standing by and welcome to the ITE 4th Quarter and Fiscal Year 2024 Earnings Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session.
Before we proceed. Please note that the discussion today will contain forward looking statements made under the safe Harbor provisions of the U S Securities Litigation Reform Act of 1995.
We're looking statements are subject to risks and <unk>.
Certainties that could cause actual results to differ materially from our current expectations potential risks and uncertainties include but are not limited to online.
Filings with the SEC <unk> does not undertake any obligation to update any forward looking statements, except as required under applicable law.
Speaker Change: I would now pass onto a Mr. <unk>. Please go ahead.
Speaker Change: Hello, everyone and that central workflow and coming up with it.
Speaker Change: In late November.
Speaker Change: Absorb a significant then.
Speaker Change: Paul.
Speaker Change: Firmness across multiple metrics.
Speaker Change: Including that addition of stop scrapping members and user time spent.
Speaker Change: Along with our leading Boston, leaving.
Speaker Change: Total drama you'll shift market share according to in license data.
Speaker Change: Well by the way Kumba.
Speaker Change: Come back all top tier content.
Speaker Change: In just a few months to a highly popular popular dramas.
Speaker Change: Criminal players where its usual.
Speaker Change: Good for you away all by itself.
Speaker Change: Hence all of them.
Speaker Change: The popularity of that.
Speaker Change: Our father and solid.
Speaker Change: Hi Chi.
Speaker Change: All right well either ship in the gyro.
Chi: Sorry Raul.
Speaker Change: Yeah.
Speaker Change: We all saw it anyhow.
Speaker Change: All of supply of premium female content, which is also one of our key content.
Speaker Change: With more breadth.
Speaker Change: Our U F shoot exceeding by Solomon and the 500.
Speaker Change: Laughter and needs our ultra.
Speaker Change: Nice all the.
Speaker Change: Popularity.
Speaker Change: Well also have the strong return of our premium long form video content, we have made it in.
Speaker Change: Many of our states.
Speaker Change: Almost all of the terrorists a selection of over 10000 titles. We have also the bass pro that we improve user experiences.
On top of that we have.
Speaker Change: Great Apes all.
Speaker Change: Placement at this time.
Speaker Change: <unk> more effectively monetize our growing traffic of Muni drummers oldest efforts haven't lapped tools with the growth in our user base and our local warrants to what the future holds.
Speaker Change: <unk>.
Speaker Change: In addition to our operational improvements we are encouraged by the healthy recovery in consumer.
Speaker Change: It's meant to worse quality of long form videos.
Speaker Change: St.
Speaker Change: By a historical high so actual movie box office per permit during Chinese new year. This trap.
Speaker Change: And it's all confidence in the quality of long form video content on the we are optimistic for our long form video industry in the coming year.
Speaker Change: As we step into it was all in the 25 Mg.
To boost our membership revenue.
Speaker Change: I'll call it on the shelf and incomes.
Speaker Change: We are also <unk> patent the advertising revenue by logging all humans.
Speaker Change: Humans, Iraq, which well benefit from the growth of Muni driver our business and now that there's two elements what are sort of asked us to Egypt.
Speaker Change: Driving our revenue growth.
Speaker Change: Now, let's move onto the details of our business segments, starting with long form videos.
Speaker Change: That's all from us.
Speaker Change: I'll come to the people.
Ted: But Ted I'll, either email call time around Casper at publishing the highest total market.
Speaker Change: Market share in Q4.
For the full year 2010, before I'll call them to in license.
Speaker Change: This was a nerve.
Speaker Change: <unk>.
Speaker Change: The exceptional performance of our highly acclaimed titles across multiple.
Speaker Change: Ross.
Speaker Change: In Q4, our dominance in that.
Speaker Change: Any chance of that Ross than men and challenged notably Yeah, Let me know place become the 15th drama So great.
Speaker Change: Public <unk> score of 10 solvent.
Speaker Change: On the call today, they called it now has the scale of our platform in 2000 and they fall.
Speaker Change: Additionally.
Speaker Change: Well it is like life being goldfine balloon, okay, yeah from all like on sales there Brian.
Under the scheme fees in school.
Yeah.
Speaker Change: Again, theyre high until they can be worse.
Speaker Change: I'll use financing led offering.
Speaker Change: Beyond Q4, notably 15th update from a flagship on sales for our brands.
Speaker Change: Has the popularity of <unk> call of <unk>. So we can just oh.
Speaker Change: Okay.
Speaker Change: It's released.
Speaker Change: It was also the first Oklahoma.
Speaker Change: I suppose to reach such yeah, hi.
Speaker Change: In Q4 for our premium female oriented.
Speaker Change: <unk> made great progress in.
Stabilize the all covenant relief scandal.
Speaker Change: Captivate.
Speaker Change: Dentists with Landstar as soon.
Speaker Change: Gotcha.
Speaker Change: Nope.
Speaker Change: Notable among these is the issue on custom drama pumps or fortunate Tom Brady.
Speaker Change: But festival that traps.
Speaker Change: Member sign for Us.
Speaker Change: Yeah, Lisa Bolton traveller Lapsang ITAR.
Chris.
Speaker Change: Was praised for its innovative last Oh.
Speaker Change: On the roadmap.
Speaker Change: Keep ikea in popularity.
Speaker Change: <unk> call of over nine solvent.
Speaker Change: Looking at our hats.
Speaker Change: We are committed to further refine your production line.
Speaker Change: It really is timing for both Asia customer cloud Mars and the more than pills that it's all net with all female audiences.
Speaker Change: Turning to our belief in Q4, we have maintained our leading position in real estate well self constructed Honduras caused.
Speaker Change: In school in license data our performance was highlighted.
Speaker Change: Highlighted by all auctions don't production are frozen.
Keisha, Tetra Leishman, which was our best performing come in will be.
Speaker Change: On our platform it's called her.
Speaker Change: I suppose related like upstream.
Speaker Change: Niche in the interim and Charles.
Speaker Change: Basketball.
Speaker Change: At.
To answer that also tilt top positions on the edge of the Atlanta test through fall.
Speaker Change: Well I mentioned in Q4, all production comparability for Chinese animation to continuously improve the legend of Sky and La Quinta.
Speaker Change: Kansas remained its popularity among others.
Speaker Change: So further boosted our offerings with exclusive new IP that's a.
Speaker Change: You may recall software.
Speaker Change: Sure.
Speaker Change: On the lab group.
Speaker Change: Bruce.
Speaker Change: What we can.
Speaker Change: But that Japanese animations.
Speaker Change: Cool thank you.
Speaker Change: Lift a dragon ball Thai baht.
Speaker Change: Oh platform receiving positive feedback.
Speaker Change: Looking for work through 2025 dedicated employees.
Speaker Change: Hence the production and the management of all long form videos, all fiber ranked coal it's creating in.
Speaker Change: That's a non content.
Speaker Change: S commercial potential well optimizing the production.
Speaker Change: Fusion process.
Speaker Change: For increased efficiency.
Speaker Change: Well, we have our focus on improving the pipeline.
Speaker Change: <unk> and shell.
Speaker Change: Top tier premium content.
Speaker Change: To strengthen our leadership.
Speaker Change: I had missed that Penn school seems well enhancing opportunity.
Speaker Change: That appeal to female audiences.
Speaker Change: <unk> has shown strong momentum.
Speaker Change: Linda it's true we are planting.
Speaker Change: Planting crops such as.
Speaker Change: Drifting away. We are also going to be leased households from that on sales growth, including breaking the shadow.
Speaker Change: For sure.
Speaker Change: Just a final vote defense unlit.
Speaker Change: <unk> for a laugh.
Speaker Change: Marshall on the low actual crime feature Shanghai.
Speaker Change: Our strong lineup also future highly anticipated female RM hits drummers more in brief.
Speaker Change: And I assume the fell that isn't true.
Speaker Change: We saw the issue.
Laura.
Speaker Change: Dubai treat should pay off.
Alrighty.
Speaker Change: At least I'm not.
Speaker Change: Again strong traction among female audiences.
Speaker Change: More compelling relative to com.
Speaker Change: Well so our strategy is centered on Paul.
Speaker Change: We are committed to my mind the muscle.
Speaker Change: Muscle Valley of all classic I'm pizza, well volume innovative new Shoals.
Speaker Change: For flagship model.
Our strong.
Speaker Change: <unk> become a farmer.
Speaker Change: Goodbye.
Speaker Change: Uh huh.
Speaker Change: Susan.
Susan: I'll try not to bother them not in the <unk> and the team all the time not accommodate two huge amounts of oncology.
Susan: We are also introducing several fresh new ideas, including the blooming, Germany, you'll often.
Susan: In Asia.
Susan: Okay Sean.
Susan: Great.
Susan: Sure Matt.
Susan: Tom you look young adults.
Susan: Notably the bromine trauma, Germany was released in January.
Susan: Receivable piece actually in popularity.
Susan: Well of about eight to 12 minutes well talking the enlightened grandkids.
Susan: Let me check that.
Susan: Zero building up.
Susan: Oh, the chemo somehow commenting.
Susan: Last year, we had lost steam offshore halfhill off work.
Susan: The Chinese new year holiday, Florida.
Susan: The IP is meaningful.
Four movies premium coming off helpful cars, especially orange oriented not so article related to that.
Susan: It's topped off top box office revenue.
In 2025.
Susan: Original movie, we interrupt with summer you were talking about before.
Susan: Before that they all the sales reps.
And also in July So article Keith.
Susan: B Tran, including of course Star <unk> Morningstar.
Susan: Pushing to your hot Hot Hot off here.
Susan: Yeah.
Susan: Of course, we have broken out.
Susan: Who shop.
Susan: <unk> plan to increase our production capability and unlike films.
Susan: In the field of animation downside two fault in our collection.
Susan: In jewelry.
Susan: So the.
Susan: We had thought is square feet thick collect to a high quality of Chinese animation.
Susan: Our objective is to with both the quality and financial performance.
Susan: There is no major hurdles to be enlarged includes superb fuel.
Susan: How long do they fall over the why real shallow water shop, the fated magical Princess.
Susan: <unk>.
Susan: Fund shelf unknown on the sequel to the law.
Susan: It's a children's animation, including the Rufus.
Susan: And the Princess the store EMEA Susan.
Susan: Yes.
Yes.
Susan: Moving onto many drama.
Susan: We have achieved exciting milestones in just three months.
Susan: First of all the success.
Susan: Successful.
Susan: Rugs.
Susan: So I'll ask now that many drama in the main App focused primarily on subscription based model well like that.
Susan: All right.
Susan: Flat, meaning a driver opponents by an advertising model secondly, we have largely completed the construction of background.
Susan: Especially for content, we have commendations.
Susan: What has been our abilities there.
Susan: <unk> only.
Susan: I'll, let bates the deal.
Susan: Parents, but also unlocks frasch monetization of synergies.
Susan: Furthermore, many of our Pollo Pollo has quickly expanded to over 10000 title is not capturing.
Susan: Capturing 95% of the leading many of our customers are either in the market.
Susan: This is passive.
Susan: Diversifies comes in the pulp and paper.
Susan: For our next stage of development.
Douglas: Douglas and program Luckily and Chris are you will you will surpass and Spanish.
Susan: Any drama.
Susan: In the fourth call Center.
Susan: Positive cats is patents tool continues multiplex in December a plan for <unk>.
Susan: At.
Susan: Its first of many drama generating multiple revenue shower in.
Susan: Tom.
Susan: CD one meeting RMB.
Susan: As we enter the next phase.
Susan: Yeah, I mean truly fine art.
Speaker Change: Dax unnecessarily offerings.
Speaker Change: The alliance recommendation fine tune, our advertising system to go up.
Speaker Change: For all of our pace of new advertisers.
Speaker Change: Then I'll counter nook cut.
Speaker Change: Current law, we had a fracture and elaborate pencils.
Speaker Change: And cultivate user oriented meaning drama ecosystem.
Speaker Change: For wireless that is of high quality accounts.
Speaker Change: Moving on to <unk>.
Speaker Change: So at this membership revenue in the first calls her was RMB four 1 billion.
Speaker Change: Annually on the sequential it.
Speaker Change: Our primary issue too.
Speaker Change: Lives will come and Thats led to Germany in the first two months of the contract.
Speaker Change: However, starting from last November.
Speaker Change: We have a strong comeback in premium content offerings as crew costs.
Speaker Change: Scott driving significant turn our law.
Speaker Change: Our membership business.
Speaker Change: Perfect perfect fit.
Speaker Change: To improve the our long form video content into deals that equals a menu for our members.
Aiming to improve member retention.
Speaker Change: <unk> new subscribers.
Speaker Change: <unk>.
Speaker Change: Tim.
Speaker Change: Right.
Supply of premium content and stepped up our promotional efforts so subscribers can eagerly.
Speaker Change: Net new basis there.
Speaker Change: Thereby driving.
Speaker Change: Laura 10 12.
<unk> platform.
Speaker Change: Beyond content enhancement.
Speaker Change: Hi, please find our membership offering into two primary categories.
Speaker Change: Have a great Taylor for individuals the other floor.
Speaker Change: Both categories in growth.
Speaker Change: And on the <unk>.
Speaker Change: So red tab as well as us under serviced tests.
Speaker Change: Okay.
Speaker Change: So our family category also features a premium service by law basically.
Speaker Change: Ask them.
Speaker Change: This playing grants.
Additional privilege, including unlimited access to express package that provides all the tools.
Speaker Change: Two finals.
Speaker Change: Incumbents.
Speaker Change: Content the ability to logging tool.
Speaker Change: Two eight <unk> devices and the opportunity to participate in major offline events.
Speaker Change: Yes.
Speaker Change: This week's classic vacation benefits all membership goodness in multi base what it simplifies the structure of our membership plan, making they are positioning clear.
And the capture of the Bolivar and <unk> and the use of world long laterals seeking individuals to results.
Speaker Change: More premium perks.
Speaker Change: Sweet.
Speaker Change: It effectively address.
Speaker Change: With that let you feel.
Speaker Change: Also as a password sharing.
Speaker Change: In the first Qualcomm for all four.
Speaker Change: <unk> solutions.
Speaker Change: We introduced the actual bankruptcy truck.
Speaker Change: Additionally, all.
Speaker Change: Ah supported basic plan has seen consistent consistent uptick.
Speaker Change: In subscription.
Speaker Change: Among users in low tier cities for us.
Speaker Change: And we've seen the.
Speaker Change: Young demographic swath of the corner.
Speaker Change: In a move which will further.
Speaker Change: Elevate the value we offer we also yields a more drawn to membership option.
Speaker Change: Okay traction with our members.
Speaker Change: Looking into 2025.
Speaker Change: Strategy if wilkerson.
Speaker Change: Building our membership in there that caters.
Speaker Change: <unk> two mass audiences.
Speaker Change: Intended to optimize <unk>.
Speaker Change: <unk> offerings.
Speaker Change: <unk> operations and improve the distribution channels now.
Speaker Change: While over and to elevate the number of brands and affiliates of standards.
Speaker Change: Ultimate misled hosting valeo.
Its governance by our members.
Speaker Change: Moving on to the advertising business.
Speaker Change: During the cultural.
Speaker Change: RMB one pumps.
Speaker Change: For billing.
Speaker Change: Sandlin person that sequential and assuring a reduced rate of annual decline.
Speaker Change: When compounded through the P&L.
Yes.
Speaker Change: Brian the App revenue show.
Speaker Change: Double digit sequential growth this was primarily driven by double digit.
Speaker Change: Revenue growth generated by our premium charmer.
Speaker Change: In 2000 and attended by <unk>, Inc.
Speaker Change: Well.
Speaker Change: We aim to evolve our brand advertising business by that.
Speaker Change: Worthy flying.
Speaker Change: New streams and.
Speaker Change: New innovative advertising opportunities.
Speaker Change: A client.
Speaker Change: By client surveys.
Speaker Change: Which will help with 10, all carload and <unk> handsets.
Speaker Change: New commerce from sectors like food and beverage.
Speaker Change: Okay.
Speaker Change: <unk>.
Speaker Change: Hi, Chris.
Speaker Change: Communications.
Speaker Change: We are also campus.
Speaker Change: Emerging sectors, such as health care.
Speaker Change: For machine.
Speaker Change: Thank you.
Speaker Change: Sure.
Speaker Change: <unk> increased the of top tier clients.
Speaker Change: Call of <unk> and advertiser.
Mike Schulz: Mike Schulz.
Mike Schulz: Performance at continue to growth, both annual and sequential that Vince was.
Mike Schulz: Locks related driven by operational improvements and the major e-commerce competitors.
Mike Schulz: Yes.
Mike Schulz: Understood.
Speaker Change: But there are still risks provides it will come from Internet services sector.
Mike Schulz: Revenue contribution.
Speaker Change: Commerce factor.
Speaker Change: I believe 11 shopping festival increased by over 40% annually.
Speaker Change: Revenue from the Internet.
Speaker Change: During the quarter increased by over 30% year over year.
Speaker Change: Sure Tim this moment momentum going forward, we are enhancing our exiting.
Speaker Change: <unk> platform comparability toolset.
Speaker Change: Large or larger or shell pockets from top tier clients in sectors such as.
Speaker Change: The E Commerce Internet services on the <unk> sector, we will continue leveraging Aif will lead to the production.
Speaker Change: Expand our clients to improve monetization efficiency. We are also excited about the incremental inventory that immediate driver a cold spring in 2000 and.
Speaker Change: Our new five.
Speaker Change: Moving on to technology and the products they continue.
Speaker Change: Sure.
Speaker Change: Good one.
Speaker Change: But in those 12 light vision video dividend, thereby improving our operational efficiency.
Speaker Change: Our intelligence protection management system.
Speaker Change: Has become essential.
Speaker Change: Duction accruals managing various tax on site, providing them with other ones to protection tools and margin management and accountability.
Speaker Change: In the first call. It further and have the system tool in coverage highly efficient production supplier management the comparability.
Speaker Change: With regard to a virtual protection, we have embraced technology to push the boundaries of content creation, we are proud that our per cap funds.
Speaker Change: And the my journey to you intrigue.
Speaker Change: Both won multiple.
Speaker Change: Industry Award for their excellent views of what drove production.
Yes.
Speaker Change: Okay.
Speaker Change: Meanwhile, we have made impressive progress with our digital asset collection throughout the year.
Speaker Change: Some growth.
Speaker Change: Matt.
Speaker Change: <unk> digital asset library from hundreds of farmers, whereas initial movies anime.
Speaker Change: Okay.
Speaker Change: Obviously, the contact that as one of the leading in collections in China.
Speaker Change: Now leveraging their asset in new B fuel per day.
Speaker Change: Expanding into offline is currencies.
Speaker Change: Looking for work outside team of bias.
Speaker Change: There are applications, including content creation IP value added services.
Speaker Change: In Marseille watchful reality is currencies.
Speaker Change: Moreover, we have been expanding.
Speaker Change: Vacations.
Speaker Change: Production and operation.
Speaker Change: Insurance has come.
Speaker Change: It comes from.
Notably in refining our protective assessment process.
Speaker Change: Arriving.
Speaker Change: In science.
Speaker Change: <unk> five <unk>.
Speaker Change: <unk> and <unk>.
Speaker Change: Green Plains.
Speaker Change: Yes.
Speaker Change: Additionally.
Speaker Change: Hi.
Speaker Change: In parallel <unk> Si.
Speaker Change: Custom selection as the tax approval stage based on the character description from screen players.
Speaker Change: Climbing the hill.
Speaker Change: Perfect.
Speaker Change: Lastly for our audience performance in regions outside of mainland China, We have maintained solid performance in the first.
Speaker Change: This quarter with both total DRAM yields on the membership revenue gain.
Speaker Change: On a sequential growth, notably membership revenue from Hong Kong, UK, Thailand, and Australia.
Speaker Change: <unk> by over 70% year over year.
Speaker Change: So average daily number of scrapping members also increased both annually and sequentially.
Speaker Change: With Hong Kong and Thailand.
Speaker Change: Person year over year.
Speaker Change: Here.
Speaker Change: Okay.
Speaker Change: Five eight.
Speaker Change: 58% year over year.
Speaker Change: Yeah.
The popularity of our original content continue to strengthen.
Speaker Change: <unk>, what's the fastest performing see.
Speaker Change: China drama.
Speaker Change: Or seats platform in 2020.
Speaker Change: Paul.
Speaker Change: Hi, Donald Worthington pulp teams of the ownership.
Speaker Change: In Thailand.
Speaker Change: Additionally, our first orange the OFC is the where are the shoal stylized wise.
Speaker Change: <unk>.
Speaker Change: Beyond our platform achieving top position in low Coca Cola vaccines RNA.
Speaker Change: Sure.
Speaker Change: There were also soft April.
Speaker Change: Furthermore, high drama.
Speaker Change: In March there.
Speaker Change: Our content category.
Speaker Change: International platform ranking second only to see drummers.
Speaker Change: Encouraged by these trends.
Speaker Change: We are planning to increase our investments in regional Pie productions.
Speaker Change: We have been focusing on.
On expanding our international brand combinations soon reaches first to take that.
Speaker Change: That's so called hardware launch to all first to our <unk> Conference OFC.
Speaker Change: Which set a new benchmark at the most comprehensive.
Speaker Change: Ah.
Speaker Change: 10th Press conference ever posted by our Chinese Speedwell plant in Thailand.
Speaker Change: Exceptional our highest participation.
Speaker Change: As we assess all I have.
Speaker Change: On 2025.
Speaker Change: Our main focus umbrella.
Speaker Change: To drive revenue expansion.
Speaker Change: We plan to enhance policy driving our offering and improve our monetization ability.
Speaker Change: <unk>.
Speaker Change: Reaching content, having established for us.
Great.
Speaker Change: Sure.
Speaker Change: Thanks Charlotte.
Speaker Change: Southeast Asia Yeah.
Speaker Change: <unk> patent office's spring into Middle East Latin America, Brazil.
Speaker Change: All approach in cruise we foresee.
Speaker Change: <unk> with telecom partners seeking innovative.
Speaker Change: Collaborative opportunities.
Speaker Change: Wrapping up marketing in Asia to boost all brands and content impact.
Speaker Change: In summary.
Speaker Change: It closed the year by increasing the risk of <unk>.
Speaker Change: We invention and innovation and successful at power.
Speaker Change: Often this for work setting a strong start to 2025.
Speaker Change: We are confident that the strong comeback of premium long form videos, coupled with our continuous innovation in many dramas.
Speaker Change: So as you injured during that 10 the growth we saw on the <unk>.
Speaker Change: Now, let me pass it onto choosing to forego some off of natural performance.
Speaker Change: Thanks, So miserable and Hello, everyone.
Speaker Change: As Mr. Gao mentioned earlier.
Speaker Change: The premium content.
Speaker Change: Have experienced a significant rebound in main operating performance in comparison to November 2004.
Speaker Change: Now, let's take a look at Q4 key numbers.
Speaker Change: In Q4 total revenues were RMB six 6 billion.
Speaker Change: 14% annually.
Speaker Change: Membership services revenue reached RMB, four 1 billion down two.
Speaker Change: 10% annually.
Speaker Change: I'm really due to a lighter incumbents slate.
Speaker Change: However, as Mr. <unk>, just mentioned premium content and a strong rebound.
Speaker Change: From late November 2020.
Speaker Change: For two now.
Speaker Change: So on my head of housing revenue decrease.
Speaker Change: 18% year over year to RMB, one 4 billion.
Speaker Change: It was primarily due to the decrease in brand advertisement business, partially offset by the growth in performance and business.
Speaker Change: Content distribution revenue reached RMB.
Speaker Change: $406 6 million down 20% annually, primarily due to lower revenue from distribution theatrical movies invest if AIG and a decrease in other transactions, partially offset increased the revenue from cash transaction.
Other revenues decreased by 10% annually to RMB $670 2 million.
Speaker Change: Moving on to costs and expenses.
Speaker Change: Covenant costs was RMB, three 4 billion down 9% annually, primarily driven by our improvement in the continent strategy SQL and a lighter slate in the quarter.
Speaker Change: Sure.
Speaker Change: Total operating expenses were RMB, one 3 billion down 5% annually, primarily due to disciplined marketing expanding.
Speaker Change: Turning to profits and cash flows.
Speaker Change: non-GAAP operating operating income was RMB $405 9 million.
Speaker Change: Corresponding margin was 6%.
Speaker Change: Net cash provided by operating activities totaled RMB 519 million positive for 11 consecutive quarters.
Speaker Change: As of the end of Q4, we had a cash cash equivalents short term investments in long term restricted cash, including prepayments and other assets.
Speaker Change: RMB 12 5 billion.
Speaker Change: So these are the financial data please refer to our press release.
Speaker Change: Our web site.
Speaker Change: Now I will open the floor for Q&A.
Speaker Change: Thank you.
Speaker Change: Wish to ask a question. Please press star one on your telephone and wait for your name to be announced.
Speaker Change: If you wish to cancel your request please press star two.
Speaker Change: We're on a speaker phone please pick up the handset to ask your question.
Speaker Change: Ask questions in Chinese first and then translate the questions into English.
Speaker Change: Please also limit yourself to one question at a time.
Speaker Change: Do you wish to ask further questions. Please rejoin the queue.
Speaker Change: Your first question comes from <unk>, Zhang with CIC. Please go ahead.
Scott Anderson: So Scott Anderson, Vishal Keira well.
Speaker Change: It's really dark honey.
Chawla: <unk> Chawla with shop all countries.
Speaker Change: That sounds it doesn't show up on any churn look like.
Chawla: Oh.
Chawla: <unk>.
Chawla: Sure Sandy.
Speaker Change: Thanks management for taking my question I have noticed that actually you had launched the <unk> series.
Chawla: Yes.
Chawla: Okay.
Chawla: Thank you Manny five Oh.
Chawla: Let's see our content in part or type of Oxford <unk> titles.
Chawla: How many of them have the potential to become a cash tax.
Chawla: Thank you.
Speaker Change: Thank you Sir.
Speaker Change: <unk>, our chief content Officer Mystery shop, they want to answer this question.
Speaker Change: Go ahead.
Speaker Change: Thank you all.
Speaker Change: That may not be linear.
Speaker Change: On our.
Speaker Change: And then the OEM at the panel.
Speaker Change: Yes, Sean agenda.
Speaker Change: Due to time, that's looking a callback.
Speaker Change: Yes.
Speaker Change: Sure Mackenzie and vessel LNG.
Speaker Change: Calderon the Delta.
Speaker Change: In Utah.
Speaker Change: So.
Speaker Change: As usual at the end of June.
Speaker Change: Sure.
Speaker Change: Pull out.
Speaker Change: While <unk> will be all on hold.
Speaker Change: You can go with it.
Speaker Change: <unk> opinion Arsenal.
Speaker Change: We had a good start of the year, where it's about 25 with the Nancy is the vitamin theater trauma shifting away launched in January.
Speaker Change: King <unk> popularity index of over 10000 in just six days.
Speaker Change: It is a milestone for us because it is not only the first time of the year.
Speaker Change: The 10000 popularity, but it also.
Speaker Change: Light on theaters and our first trauma with limited number of episodes.
Speaker Change: Cheap it's milestone.
Speaker Change: Our main goal for this year five.
Speaker Change: <unk> is to enhance the both the quality and the share of our premium top.
Speaker Change: Our long form video content.
Speaker Change: Also ensuring greater stability and continued our strong start to the year.
Speaker Change: Thank you.
Steve: Steve Your comment real.
Speaker Change: Real passion in that wholesale distribution.
Speaker Change: John application.
Speaker Change: And again I'll be done.
Speaker Change: We are doing on the Kindle.
Speaker Change: Great.
Speaker Change: Let me kind of a shortage issue.
Speaker Change: We have made to be online.
Speaker Change: And those are the most critical areas.
Speaker Change: Trauma genre.
Speaker Change: The number of premium top tier dominance claim for me at least as well.
Speaker Change: Compared to last year.
Speaker Change: We will also focus on creating a tighter narrative.
Speaker Change: That better align with the current social sentiment.
Speaker Change: Got it.
Speaker Change: Change it.
Speaker Change: So you won't see any funding.
Speaker Change: Can you help me at all Sean.
Speaker Change: Listen the payload.
Speaker Change: While major GC posture say J J.
Speaker Change: J D.
Speaker Change: At 10 nanometer.
Speaker Change: Sounds good.
Speaker Change: Sean can we just stop.
Speaker Change: Awesome features offered with Sweet Eagle <unk>.
Speaker Change: Okay.
Speaker Change: And then for suspense and client promise and a female.
Speaker Change: Content that are.
Speaker Change: Our two main programming.
Speaker Change: For this year, we will continue to maintain our absolute leading advantage.
Speaker Change: <unk> and <unk> and <unk>.
Speaker Change: Yes.
Speaker Change: We have several plans in addition to the already launched drifting away there will be more releases, such as placing shadows justifiable events.
Speaker Change: Right.
Brian: Hello, Brian.
Brian: And that N and beneath the undertone.
Brian: We think it should easily be foam yet for me of receivable of 700 receive high.
Brian: Don't show it yet.
Brian: We also have <unk>.
Brian: And again one champion.
Brian: These young Kim Hong <unk> San Diego.
Brian: In terms of the female oriented.
Brian: Market is entitled we will.
Brian: Turning to strengthen our offering and continuous programming.
Brian: Large titles such as the best thing.
Brian: And failure Fox Spirit matchmaker sort envelope.
Brian: Dream within our playing field and the strange tale of Tang dynasty.
Brian: Okay.
Brian: Yes.
Brian: This is Paul.
Brian: Probably in the user.
Brian: Based on data.
Brian: Yes, Shlomo Bakken Eagle dosing to the job.
Brian: Additionally, we will continue to maintain.
Speaker Change: In the village.
Brian: <unk>.
Brian: The pipeline includes north point, what a wonderful world all things point 8000 miles of Amun.
Brian: The only account.
Brian: Yes.
Brian: Yeah.
Speaker Change: Your next question comes from Lisa <unk> with Bank of America Securities. Please go ahead.
Lisa Bolton: Hi, Bonnie.
Speaker Change: Im cautiously with all of that all.
Lisa Bolton: We'll talk about one five months ago.
Lisa Bolton: In fact over just home I'm sure sounds good.
Lisa Bolton: <unk>.
Lisa Bolton: Uhm.
Lisa Bolton: Yes.
Lisa Bolton: Great.
Lisa Bolton: Oh. Thank you. Thank you thank.
Speaker Change: Thanks management for taking my question want to now for the update.
Lisa Bolton: Hum.
Lisa Bolton: And how do we have any scratch agent plan.
Lisa Bolton: Thank you.
Lisa Bolton: Okay.
Lisa Bolton: Ill start with anything interesting.
Lisa Bolton: One person that can get in.
Lisa Bolton: And then they go eight Israel.
Lisa Bolton: Yeah.
Lisa Bolton: Cheers.
Lisa Bolton: Sure.
Lisa Bolton: Yes.
Lisa Bolton: Yeah.
Lisa Bolton: Hum.
Lisa Bolton: You may all homes.
Lisa Bolton: Dr. Judah.
Lisa Bolton: Cheyenne walked through.
Lisa Bolton: Before.
Lisa Bolton: Good name shale guarantees it Judy.
Lisa Bolton: Sure.
Lisa Bolton: The Cheyenne Moorefield 12 pension issue they're facing.
Lisa Bolton: Yes.
Lisa Bolton: Thank you.
Lisa Bolton: All right.
Lisa Bolton: Thank you for the question keep first of all we'd like to clear the definition of meaningful IMS that we've been talking about opening remarks before many many dramas.
Lisa Bolton: <unk> identified them as the vertical format of one to one.
Lisa Bolton: And then does this mean.
Lisa Bolton: Areas that we're focusing on.
Lisa Bolton: For example.
Lisa Bolton: Thomas.
Lisa Bolton: Hi.
Lisa Bolton: Similar to the long form video content.
Lisa Bolton: I missed that.
Lisa Bolton: Excellent.
Lisa Bolton: Is something different.
Lisa Bolton: Sure Uhm with Shannon Julien.
Lisa Bolton: Yes.
Lisa Bolton: Total backlog at the least you distributed throughout the year.
Lisa Bolton: Oh sure.
Lisa Bolton: Youll portion.
Lisa Bolton: She wasn't yet.
Lisa Bolton: International will get to.
Yes.
Lisa Bolton: Yes.
Lisa Bolton: Hugo.
Lisa Bolton: Would that be.
At ULA as usual downstate health, while the Iowa again.
Lisa Bolton: Right.
Lisa Bolton: Yes, sure Tom wave one for Tony.
Lisa Bolton: Whether it's LNG both.
Lisa Bolton: Hum.
Lisa Bolton: In total if you look at our Capex.
Lisa Bolton: Sure.
Lisa Bolton: Shoot.
Lisa Bolton: So.
Lisa Bolton: Jacob.
Lisa Bolton: Catherine what our comp.
Lisa Bolton: <unk>.
Lisa Bolton: Thank you very much.
Lisa Bolton: Hello.
Lisa Bolton: Jacob.
Lisa Bolton: Sure.
Lisa Bolton: So we decided to invest in the meantime.
Lisa Bolton: About one quarter ago, and the reasons are two aspects first of all right now because.
The users are more.
Lisa Bolton: She is the SaaS case.
Lisa Bolton: And that.
Lisa Bolton: They have a short attention span and then they also enjoy content in a more fragmented.
Lisa Bolton: So that's the first reason and also from the.
Lisa Bolton: Industry perspective, and a market perspective.
Lisa Bolton: For 2024.
Lisa Bolton: Despite what many dramas, although they are different.
Lisa Bolton: Data.
Lisa Bolton: Estimated by third party, but we believe it should be greater than the Chinese opex for 2024.
Lisa Bolton: 2025.
Lisa Bolton: Some rebound.
Lisa Bolton: Theatrical.
Lisa Bolton: During the Chinese new year, however, that youre seeing.
Lisa Bolton: And our market share.
Lisa Bolton: Uh huh.
Lisa Bolton: Cheney.
Lisa Bolton: In 2025.
Lisa Bolton: Accordingly, the board.
Lisa Bolton: No.
Lisa Bolton: To a certain level.
Lisa Bolton: All such as automobile we all.
Lisa Bolton: So the main room Youll you got sure.
Lisa Bolton: Okay.
Lisa Bolton: Yes sure.
Lisa Bolton: Cool.
Lisa Bolton: April is actually a whole.
Lisa Bolton:
Lisa Bolton: Not yet.
Lisa Bolton: <unk> uncommitted.
Lisa Bolton: Traditional payroll.
Lisa Bolton: Well.
Lisa Bolton: J J before I'm sure.
Lisa Bolton: Take a half year cohort.
Yeah.
Lisa Bolton: Okay.
Lisa Bolton: Our maintenance on our business to actually have have successfully completing it does that was that.
Lisa Bolton: For the first phase achieving.
Lisa Bolton: Significantly at all.
Lisa Bolton: Any areas or user product transformation content portfolio and also.
Lisa Bolton: The system development.
Lisa Bolton: Currently actually are many time, our content library has over 10000 idled.
Lisa Bolton: At least that's comparable to the meeting minutes.
Lisa Bolton: Pipelines in the industry.
Lisa Bolton: Thanks, a lot.
Lisa Bolton: Just a a parcel of momentum to each of them to be honest.
Lisa Bolton: Sure.
Lisa Bolton: We're looking at home.
Lisa Bolton: Yes.
Lisa Bolton: Yes.
Normally torture.
Lisa Bolton: You bet, Jim match funding that Shouldnt option Jacob since may of enable your analysis yet.
Lisa Bolton: Okay.
Speaker Change: Dockyard with for <unk>.
It's usually probably into the actual rock.
Speaker Change: <unk> achieved buscher adults.
Speaker Change: Based on that.
Speaker Change: There are two reasons.
Speaker Change: We achieved such a significant improvement.
Speaker Change: Yes.
Speaker Change: There are a short amount of time first of all for our team actually we have a very mature whether it's you know ITE.
Speaker Change: Our team our technology team product and also the operational team.
Speaker Change: Yeah.
Speaker Change: Over 10 years.
Speaker Change: Although.
Speaker Change: The new genre.
A lot of Knowhow that we can replicate.
Speaker Change: The long form video experience that's the first reason.
Speaker Change: Secondly, we have a very deep connection with the industry and also the industry resources.
Speaker Change: Specifically for content providers or the industry most of them we have.
Speaker Change: We have actually collaborated with them in the past, where we have existing collaboration.
Speaker Change: Love seat for a reason.
Speaker Change: To achieve.
Speaker Change: Such progress is what amount of time.
Speaker Change: Actually to ADP.
Speaker Change: We are delayed.
Thomas European Clos.
Speaker Change: Actual linked to oil.
Speaker Change: Sure sure.
Speaker Change: Amit I E.
Speaker Change: The position.
Speaker Change: Focusing on the long form video content and then.
Speaker Change: Okay.
Speaker Change: Our subscriber based revenue model.
Speaker Change: And Sheila diesel dredging way EMEA Fitbit you wait.
Speaker Change: Great.
Speaker Change: So we all are for washer sure have gone up.
Speaker Change: Or like.
Speaker Change: Yeah, we have quickly adapted.
Speaker Change: And then now prioritize.
Speaker Change: Three many comments and then the support model.
Speaker Change: Sure.
Speaker Change: I'm not sure I issued.
Yes.
Speaker Change: We do though Tom Aegean local demand.
Speaker Change: So our fleet Shandong.
Speaker Change: In terms of.
Speaker Change: But may I E.
Speaker Change: In the meantime, a timeshare actually spoke to the scale of our animation.
Speaker Change: And also by any chance.
Speaker Change: Sure <unk>.
Speaker Change: If you're not charging off.
Speaker Change: I'd like Dominion Diamond timeshare, the second largest.
Speaker Change: Constant dollar only second behind lump.
Speaker Change: Company owned company.
Speaker Change: With that Jim I'll get off charter.
Speaker Change: Sure.
Speaker Change: Sure.
Speaker Change: Title called the extra or the panel.
Speaker Change: Sure.
Speaker Change: From the table either from national insurers around creating a new award.
Speaker Change: From shallow.
Speaker Change: Oh quickly introduce the next stage.
Speaker Change: The first one is focused on future use either B E.
Speaker Change: Titles and then.
Speaker Change: Sure.
Speaker Change: Second to build it.
Speaker Change: Ovation of many drama ecosystem.
Speaker Change: The Chinese new year period actually we have already launched.
Speaker Change: Titles.
Speaker Change: Thanks.
Speaker Change: Yes, I mean, I'm not sure of some G&A of each vishal.
Speaker Change: Sure.
Speaker Change: Can you, possibly help whatsoever shouldnt.
Speaker Change: I think what multiples.
Speaker Change: <unk>.
Speaker Change: Yes.
Speaker Change: Sure sure.
Speaker Change: Okay.
Speaker Change: So our user growth the biggest hole.
Speaker Change: Jacob.
Speaker Change: <unk>.
Speaker Change: Gotcha.
Speaker Change: Next.
Speaker Change: <unk> are focusing on.
Speaker Change: Two hopefully we can increase the inventory medium pharma advertising.
Speaker Change: Also to enhance the monetization capability.
Thomas: Thank you Thomas.
We would like to actually explore.
Thomas: Advertising budget and also.
Thomas: Yes.
Thomas: I think budget from.
Thomas: Last but now we are we will try to increase more investments in terms of user friendly.
We can attract more users too.
Speaker Change: When it comes to Ice's marketing Thomas.
Speaker Change: Sure Sean.
Thomas: And that's it thank you.
Speaker Change: Your next question comes from Lincoln Kang with Goldman Sachs. Please go ahead.
Lincoln Kang: Hey, this is going to differ with you on that.
Speaker Change: Once you Glenn.
Speaker Change: Let me try to assure treating children.
Nancy: Oh Gosh Nancy <unk>.
Speaker Change: John.
Speaker Change: If we kind of think you towards.
Speaker Change: Sure.
Speaker Change: When you look at that.
Speaker Change: Sure.
Speaker Change: So thank you management for taking my questions. My question is about the membership business.
Speaker Change: So regarding the reason to content performance and.
Speaker Change: How do we see in <unk>.
Speaker Change: <unk> from those measure like semi card <unk> Diamond member extra content gifts on those.
Speaker Change: On the membership business as well as the strategy for full year 2025.
Lincoln Kang: Thank you Lincoln or like Mr. <unk> Senior Vice President of memory.
Speaker Change: Next question go ahead.
Speaker Change: Or whatever that is linear.
Speaker Change: Yes.
Speaker Change: And that at the low and Thats, all see due to the accounting work that out.
Speaker Change: Yes.
Speaker Change: Yes.
Speaker Change: I'm just kind of comment we absolutely yes.
Speaker Change: Absolutely yes.
Speaker Change: As you will see it women's with water, which as I look when you have a default.
Speaker Change: Oh, just late November 24th the continuous programming premium titles of dramas has actually driven the membership business to a turning point regarding <unk>.
Speaker Change: Increase in subscriber members.
Speaker Change: We rolled out several key initiatives.
Speaker Change: Right.
Speaker Change: These aren't withdrawal.
Speaker Change: Thank you.
Speaker Change: Yes.
Speaker Change: Knievel Yoga Guru.
Speaker Change: So it.
Speaker Change: We haven't.
Speaker Change: Yes.
Speaker Change: Got it.
Speaker Change: Therefore.
Speaker Change: Golar took a hit.
Speaker Change: Not at all limited resources.
Speaker Change: <unk> to debt ratio of Costar either.
Speaker Change: So well.
Speaker Change: <unk> pay that haven't yet.
Speaker Change: We have reclassified our membership offering into two primary categories. One for individuals for individuals and for example.
Speaker Change: Individuals absolutely with no large screen access and for our families. Our three fast with our spring access.
Speaker Change: The membership right and benefits are divided into three tiers basic standard premium the newly ratified a membership system actually allows users seeking either higher cost effectiveness or premium benefits.
Speaker Change: To find products.
Speaker Change: Yes.
Speaker Change: But there are no limits.
Speaker Change: Meanwhile, Vishal.
Speaker Change: Introduces volatility.
Speaker Change: So it was all about.
Speaker Change: On a whim.
Speaker Change: Second we think that the crackdown on password sharing.
Speaker Change: Reducing the excellent service and authorized sharing Felicia effectively spending that membership base and improving member retention.
Speaker Change: At this time.
Speaker Change: You don't go to work.
Speaker Change: It will then case, yes, we have.
Speaker Change: Sure.
Speaker Change: There's a few of our time with those Andrea seemed relatively easy based on kind of Corona.
Speaker Change: Yes.
Speaker Change: Hello, I'm kind of fully outlets locally.
Speaker Change: That is all.
Speaker Change: The third one.
Speaker Change: We did it with how we enhance the benefits for premium members the newly added benefits.
Speaker Change: S Diamond members.
Speaker Change: Limited a complementary early access to the express packages that provide.
Speaker Change: Early access to finale.
Speaker Change: Premium content increased value perception of premium membership after the launch of the new benefits.
Speaker Change: Number of S Diamond members.
Speaker Change: Largely increase but most of the new members are attracted by the express package benefit and the existing S. Diamond members have.
Speaker Change: Also.
Speaker Change: No that's for more assets on our platform.
So I think what we were getting a full quarter with after that either this year that home health overlap.
Speaker Change: Thank you for the Ivy Hill.
Speaker Change: Yes, yes.
Speaker Change: Within Europe.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: We have a seating area that we're focusing on for 2025.
Speaker Change: First all continuously.
Speaker Change: Stability and continuity of our top tier premium content programming and strengthening our pre release promotion for upcoming content established mindshare among users to improve their loyalty.
Speaker Change: Yeah again.
Speaker Change: However, we have work.
Speaker Change: Good luck.
Speaker Change: Well, Eric we are likely listening.
Speaker Change: Yes. He is obviously on the roof.
Speaker Change: Adults.
Speaker Change: Okay.
Speaker Change: So my.
Speaker Change: Second wholesale book.
Speaker Change: I'm getting a mass market.
Speaker Change: Sure.
Speaker Change: Increased membership.
Speaker Change: While focusing on attracting new members will prioritize.
Speaker Change: Improving member retention.
Speaker Change: The engagement and <unk>.
Speaker Change: Also we'll see some revenue and revenue share from external channel.
Speaker Change: These are the elements ocular surgery.
Speaker Change: Yes.
Speaker Change: I don't do that.
Speaker Change: I mean <unk> in Australia.
Speaker Change: I'm not sure either.
Speaker Change: Yes, he is entrepreneur.
Speaker Change: Both were up.
Speaker Change: So that tells you that at all.
Speaker Change: Alright.
Speaker Change: We continue to optimize the membership product and operation.
Speaker Change: Including further refining the membership products system and pricing strategy also engaging membership benefits.
Speaker Change: Excluding the members user experience and also crafting a membership model tailored for many jobs.
Speaker Change: This or that in a moment uhm.
Speaker Change: Ginger.
Speaker Change: Turning to our branch.
Speaker Change: Gotcha.
Speaker Change: Roughly yes.
Speaker Change: Fourth we will strengthen the quality of our membership services and I E.
Speaker Change: Okay.
Speaker Change: Membership benefits and privileges and also improve the overall net promoter score for I E about members.
Speaker Change: Okay.
Speaker Change: Thank you.
Speaker Change: Your next question comes from Maggie with CLSA. Please go ahead.
Speaker Change: Anyway. So okay. So Glenn is that when they go to a 10 dollar goes with a large initiative, Tom Fischer politically and show opens.
Speaker Change: And John just doesn't seem cool down cycles does that mean.
Speaker Change: How are you with your question.
Speaker Change: So as you'll find in Asia, just that we've heard about some encouraging signs.
Speaker Change: Performance in overseas market in terms of.
Speaker Change: Membership revenue and subscribing members ticket.
Speaker Change: Please provide an update on our core strategy for our overseas business in 2025. Thank you.
Speaker Change: Thank you Maggie and we'll invite Mr sounds bad that you get that side of it of our overseas business I think the question go ahead.
Speaker Change: Okay.
Speaker Change: Thank you Wendy.
Speaker Change: On the OEM side.
Speaker Change: On <unk> three.
Speaker Change: <unk> from <unk> Suisse.
Speaker Change: Tom.
Speaker Change: The overall strategy.
Speaker Change: Outside of mainland China.
Speaker Change: Five it's too.
Speaker Change: Pursuing rapid revenue growth, while maintaining profitability.
Speaker Change: Of course, you did see now zoom in on that.
Speaker Change: And I knock on royalty payments in the future.
Speaker Change: Before Jim Young women simply put illness.
Speaker Change: Sure.
Speaker Change: In the past few years, we have focused on several markets, including Southeast Asia, Hong Kong, Macau and North America.
Speaker Change: How achieved satisfactory development and for 2025, we have pets different strategies for different market.
Speaker Change: So you essentially impossible to time.
Speaker Change: Time Warner Monish.
Speaker Change: Man.
Speaker Change: Hum.
Speaker Change: Tom.
Speaker Change: We don't really know.
Speaker Change: So the fundamental.
Speaker Change: For the markets, where we entered it since the early days such as Thailand.
Speaker Change: Alicia in North America, our goal is to achieve both profit and revenue growth.
Speaker Change: We did some contrary hum.
Speaker Change: <unk> NAND fully appreciating that you need.
Speaker Change: <unk>.
Speaker Change: So we simply found their formulas and knockdown.
But then you are in markets, such as Indonesia, and South Korea.
Speaker Change: Revenue growth slowed to about 25.
Speaker Change: Also note coupon rate.
Speaker Change: Maria Lazarus Huntington's.
Speaker Change: Markets have been.
Speaker Change: Kenya is Chicago.
Speaker Change: London Ashish.
Speaker Change: Please enter your votes.
Speaker Change: I was wondering if you could have some time for us.
Speaker Change: At the same time, we're also planning and preparing for the long term growth of our business are healthy to break into new markets in 2025, such as the Middle East that's finished.
Speaker Change: American region and also Brazil.
Speaker Change:
Speaker Change: Ali.
Speaker Change: Sure.
Speaker Change: We absolutely are confident or maybe the least you'll forgive me.
Speaker Change: Sure My question on Chicago.
Speaker Change: Or come from like well, it's strengthened a programming fee dramas in 2025 and to compensate and actually that was due to both what the preferences.
Speaker Change: Already in $2000 compared to the comparable launch last year.
Speaker Change: <unk> timber.
Speaker Change: Tim so until at least the TBM.
Speaker Change: Tissues and high enrollment of shoppers at some point.
Speaker Change: Blue system Silvio amenable.
Speaker Change: In terms of multiple jobs.
Speaker Change: Content.
Speaker Change: After years of effort, we have actually stimulated.
Speaker Change: And that will continue to invest in market, such as Thailand, and Malaysia, which will serve an important support for our user growth.
Speaker Change: Okay.
Speaker Change: Sure Tom.
Speaker Change: Robert <unk> from <unk>.
Speaker Change: Sure probably don't shop with <unk>.
Speaker Change: The seasonality of function.
Speaker Change: Women, some northern sure Tom Jonathan to comment.
Speaker Change: Content promotion advertising placement and also the collaboration with telecom carriers and other channels our core methods.
Speaker Change: The content that we're in.
Speaker Change: 2025, we'll increase our investment in these areas at the moment.
What market.
Speaker Change: Hum.
Speaker Change: So it was sold to firstly related to talk on the phone.
Speaker Change: Hudson in Australia from Cats.
Speaker Change: <unk> also put them into <unk>.
Speaker Change: On the second.
Speaker Change: Second quarter <unk>, our municipal workers on OCC.
Speaker Change: All of our thinking for 2024.
Speaker Change: In terms of the.
Speaker Change: Membership growth and also revenue also maintained a relatively high speed and.
Speaker Change: Since December 2024, with high quality content that overall growth rate of our business that has been a factor in 2024, so which gives us confidence in the revenue growth for 2025.
Speaker Change: Sure.
Speaker Change: Thank you.
Speaker Change: That concludes our question and answer session I'll now hand back to management for closing remarks.
Speaker Change: Thank you everyone for participating in the call today, if you have any questions don't hesitate to contact us. Thank you.
Speaker Change: Right.
Speaker Change: That does conclude our conference for today. Thank you for participating you may now disconnect.
Speaker Change: [music].