Good day, and welcome to the NetEase Second Quarter 2025 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brandi Piacente. Please go ahead.

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the future performance of the company and are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect NetEase's business and financial results is included in certain filings of the company with the Securities and Exchange Commission including its annual report on Form 20-F and in announcements and filings on the Hong Kong Stock Exchange's website. The company does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the 2025 Second Quarter Earnings News Release issued earlier today. As a reminder, this conference is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the NetEase corporate website at ir.netease.com. Joining us today on the call from NetEase's senior management are Mr. William Ding, Chief Executive Officer; and Mr. Bill Pang, Vice President of Corporate Development. I will now turn the call over to Bill, who will read the prepared remarks on William's behalf. Bill?

Thank you, Brandi, and thank you, everyone, for participating in today's call. Before we begin, I would like to remind everyone that all percentages are based on RMB. During the second quarter, we advanced each of our businesses through the development of high-quality and innovative offerings. Total revenues increased 9% year-over-year, driven by our diverse portfolio of games. We saw strong player engagement in our established franchises and released new titles that expanded our reach across genres and geographies. Building on our first quarter year-on-year growth momentum, revenue from our games and related VAS rose 14% in the second quarter compared to the same period last year. As we expand our expertise across more genres, we now offer a diverse range of gaming experiences to players around the world, which we believe lays a solid foundation for our global expansion. In the second quarter, we launched several new global titles, while also extending the reach of our well-known domestic franchises. Looking first at our newest releases, our superhero team-based technical RPG MARVEL Mystic Mayhem launched on June 25. The game quickly garnered a passionate group of players eager to collect iconic superheroes and supervillains to battle in the nightmare dimension. Its player base quickly surpassed 1 million, with the game topping the iOS download chart in multiple regions and ranking #2 in the U.S. To further the community's excitement, we plan to introduce more playable characters and expand the storyline approximately every six weeks. The global release of our tactical shooter game, FragPunk on Xbox and PlayStation quickly gained traction after its April 29 debut. In May, it reached the #2 spot on PlayStation's North America free-to-play download chart. Originally launched on PC in March, FragPunk has been winning our players with this groundbreaking Shard Card System. Now, with the signature blend of strategy and high-octane shooting experience available on console, it continues to build momentum. Our commitment to growing our existing hit has also brought fresh energy to games that already resonate with players. Once Human commemorated its Annual Version 2.0, Dreamveil with a major content update and a series of exciting announcements. Players were introduced to Endless Dream, a new nightmare-themed PvE scenario that takes them through multiple layers of dreamscapes, offering a fresh take on the apocalyptic world. A new class system was also unveiled, featuring three classes: Chef, Gardener, and Beastmaster as the first play, each bringing unique abilities to support diverse play styles. This 2.0 update gained massive popularity, propelling the game to #4 on Steam's global top sellers chart. We also rolled out a new PVP spin-off of Once Human on July 30 called RaidZone, which amplifies the thrill of the game's survival open-world experience, allowing unrestricted combat anytime, anywhere. This innovation targets a broader PVP audience through more intense and liberated battles. In June, we began testing a new customer server allowing private servers and customizable seasonal settings that encourage creativity and diversity, giving players even more autonomy. For Marvel Rivals, we launched Season 3 on July 11, introducing Phoenix as a new playable hero alongside a slate of exciting events and team-ups. Second Klyntar were starkly spread. Players join forces and unleash unique skills to save the world. With fast-paced open combat and the fan favorite Phoenix joining the roster, the game quickly climbed to #1 on the team's top seller chart in the U.S. and subsequently reached #2 globally following their summer party events. Beyond in-game updates, we are also deepening community engagement through more offline events at San Diego Comic-Con. An exclusive behind-the-scenes look at the hero creation process generated tremendous excitement among fans. In May, we also kicked off our Marvel Rivals IGNITE e-sports tournament with mid-season finals successfully held at our Guangzhou campus recently. Players from around the world came to compete, and we look forward to crowning the first champion with our finals at the end of the year. With our domestic IP, we continue to extend our player communities and prepare for global expansion. Players of our Wuxia themed open-world RPG, Where Winds Meet, continue to be impressed by our steady stream of high-quality content. In the second quarter, we launched a new Hexi themed update, featuring the exhaustive desert landscape of Shaogan. The storyline centered on the unyielding spirit of both generals and ordinary citizens during the period of unrest resonated deeply with players. By restoring Asian frescos in-game, in collaboration with Tsinghua Art Academy, we brought emotional stories to life with stunning visual effects, further fueling player enthusiasm. By the end of July, it amassed over 40 million total players, while the release of the summer version propelled it to #5 on China's iOS top grossing chart. Furthermore, we are thrilled to have successfully concluded the latest round of overseas testing on PC and PlayStation 5 at the end of July, placing us firmly on track for its global launch. Sword of Justice, previously known as Justice Mobile, marked its second anniversary with a surge in players. We launched a massive update introducing new gameplay features, expanded areas, and a wide selection of new costumes, propelling the title to #3 on China's iOS top grossing chart. Global pre-registration opened in May, and we look forward to bringing this groundbreaking MMORPG experience to more players worldwide. Dunk City Dynastic also met global players on May 22, where it reached #1 on our iOS download chart in multiple regions and #2 in the U.S. As we enhance the global appeal of our games, our established franchises continue to keep players highly engaged, highlighting the strength of our operations and content updates that stand the test of time. In May, Fantasy Westward Journey Online drew a strong interest from the player community with its How to Train Your Dragon collaboration, bringing the movie's iconic costumes and dragon mounts into the game. The momentum continued with the launch of the innovative unlimited server in July. More notably, this evergreen title reached a new all-time high peak in concurrent players in August, surpassing 2.93 million, an impressive milestone after 22 years of operation. Our long-term commitment to innovation and maintaining a healthy in-game ecosystem continues to pay off. Similarly, Fantasy Westward Journey Mobile launched a new faction, which generated strong participation and introduced a vertical screen mode to expand accessibility across play scenarios. Delivering fresh content and elevating player experiences remains central to the game's enduring success. Its revenue posted another record high in the second quarter. The Westward Journey franchise struck an emotional core with players by launching a series of activities centered around the beloved romantic legend featuring themed gameplay, costumes, and crossovers with a theme sound all tied to the 2025 year of snake. Westward Journey Online 2 continues to build excitement through its annual PVP finals and content updates. While Westward Journey Mobile saw strong participation from both loyal and returning players through the launch of a new server. Knives Out continues to showcase our long-term operational capabilities, maintaining its status as a household game in Japan through dedicated content updates and culturally resonant collaborations. This quarter's crossover with Jujutsu Kaisen, the hit Japanese manga that captivates global audiences, was met with strong player enthusiasm and propelled the game to #3 on Japan's iOS top grossing chart. Identity V once again broke its quarterly revenue record in the second quarter, supported by an enthusiastic fan base. On July 3, Identity V teamed up with Paper Bride, a popular Chinese horror mystery puzzle game, to introduce a chilling wedding-themed world featuring immersive labs and new costumes. The crossover drove the game to #7 on China's iOS top grossing chart. Momentum continued in August when the crossover with Frieren: Beyond Journey's End generated significant enthusiasm and propelled it to #4 on China's iOS top grossing chart. For Eggy Party, the third anniversary on June 27 saw us introduce effective in-game updates that transformed Eggy Island with candies, cakes, and toys, adding new maps and equipment to deepen strategic gameplay. A wave of anniversary activities, along with the highly anticipated crossover with DongDong, created strong player excitement and lifted Eggy Party to #5 on China's iOS top grossing chart on July 11. The Naraka: Bladepoint franchise also hit another milestone. Its PC game entered its fourth year with brand-new extraction mode and iconic IP crossovers, including Bruce Lee and The Degenerate Drawing Jianghu. The mobile game also introduced enhancements to extraction-based survival features with dynamic weather and new mechanics. The update excited the player base and pushed the title to #6 on China's iOS top grossing chart. After a year of close collaboration, Blizzard titles continue to captivate players in China. On July 15, World of Warcraft and its community celebrated the game's 20th anniversary of operation in China and announced plans to launch a China exclusive Titan Reforged Server in November. This announcement reignited enthusiasm among local players and attracted significant attention from the broader global community. Meanwhile, Hearthstone launched its latest expansion, The Lost City of Un’Goro on July 9, featuring a brand-new path system. This new adventure invites players to embark on a quest set for the lost city with 145 collectible cards and a new keyword, Kindred, to empower their decks. Shortly after the update, the game climbed to #5 on China's iOS top grossing chart. In April, Overwatch launched its new stadium mode, which has been very popular with players. And in June, they introduced its 17th season featuring a series of updates to enhance the game experience. At Bilibili World 2025, its collaboration with Porsche sparked more excitement, featuring a special in-game skin of the iconic Porsche model. We are also thrilled to announce that Diablo II Resurrected will be returning to China on August 27, with plans for the launch of Diablo IV underway. This will enhance the classic franchise for a dedicated fan base. Innovation remains at the core of how we build and operate games. We bring the same creative ambition and operational rigor to every new title in development. Several exciting new games are in the pipeline, each powered by creative gameplay, bold designs, and cutting-edge technology. These titles reflect our commitment to pushing the boundaries of gaming experiences and will position us to expand our player community and further fuel our long-term growth. Sea of Remnants, our upcoming cross-platform ocean adventure RPG, received encouraging feedback from its first testing at the end of June. The game invites players into an exciting open water exploration where they uncover the truth behind forgotten identities through exhilarating naval combats and turn-based battles. Players recruit a crew of allies, build ships, and interact with characters, adding strategic depth as players shape the fate of the surrounding world based on each decision they make. Currently, we are actively refining the game for its release in 2026. In June, we are excited to unveil plans for Blood Message, our first AAA single-player title. This cinematic story-driven action-adventure will be available on PC and consoles, inviting players to step into the heart of Dunhuang’s uprising as the nameless messenger and his young son. With immersive third-person gameplay, powered by cutting-edge technology, Blood Message is designed to deliver an epic blockbuster experience for players worldwide. Planet Party Time, our cross-platform game blending social simulation and party gameplay has undergone a series of tests to further refine experiences ahead of its official launch. Players can express their creativity on a cosmic journey where they can design, build, and cultivate their own planets while enjoying over 120 exciting mini-games with friends. Destiny: Rising, a new free-to-play mobile sci-fi RPG shooter that delivers players to a new alternative timeline of the Destiny universe, will launch on August 28 across mobile devices. In addition, we plan to launch several licensed titles in China. Most recently, on July 24, we launched SUPERVIVE, an innovative competitive multiplayer game on PC that provides a unique blend of mobile, battle royale, and hero shooter elements. We expect Wildgate, a PVP multiplayer shooter game that blends tactical ship-to-ship combat with fast-paced first-person action to meet players in China later this year. Development for ANANTA, our highly anticipated urban-themed open-world title, is also well underway. Across our portfolio, we remain focused on building lasting success through continuous innovation and high-quality operations that keep our games relevant and exciting for players. From evergreen franchises that keep breaking records to new titles shaping the next generation of gameplay, we are committed to delivering distinctive experiences that players love. As we continue raising the bar of engagement and creativity, we are paving the way for long-term growth domestically and worldwide. Turning to our other businesses. In Q2, Youdao executed its AI-native strategy effectively across both its learning and advertising businesses, delivering its first second-quarter operating profit. For learning services, Youdao Lingshi continues to drive product innovation with our proprietary LLM, Confucius, while we continue to iterate other AI applications such as Mr. P AI Tutor, gaining increasing user traction. The online marketing services, our newly launched AI advertising placement optimizer is an end-to-end AI-driven solution covering demand analytics, strategy formation, data analytics, and iteration optimization, achieving capabilities that previously relied on human expertise. Leveraging our LLM, Confucius, we now offer comprehensive AI-empowered advertisement services, spanning creative ad production, placements, and post-campaign analysis. NetEase Cloud Music remains committed to driving quality development across its core music ecosystem. To build on our unique content offerings, we continue to expand our catalog of copyrighted content while strengthening our original music library. During the second quarter, we expanded collaborations with Korean music labels and renowned Chinese artists while generating strong traction with several in-house tracks such as Liang Nan. We also continue to innovate our product features and optimize our music-centric community to deliver even better music experiences for our users. For example, our innovative music playing feature, Magic Light Player, designed to recreate the immersive feel of live concerts enhanced with landscape orientation support, received widespread acclaim from music lovers. We're constantly advancing our music-centric monetization and further expanding our subscriber base, resulting in healthy growth in subscription-based membership revenues. Turning to Yanxuan. We continue to maintain our leading position in key categories. For example, Yanxuan's products such as bathroom frequency and car refreshers have been widely recognized by consumers, securing a solid market position with leading sales. Other iconic products, such as cat food, also maintained a stable market position. Across our NetEase family of businesses, we are focused on innovation and refining our product and content to deliver long-term value for users and stakeholders. Looking ahead, we will continue to push the boundaries of player experiences, scaling original IP to build lasting franchises and growing alongside collaborative global partners to reinforce our position as a creator of high-impact genre-defining games. That concludes William's comments. I will now provide a brief review of our 2025 second-quarter financial results. Given the limited time on today's call, I will be presenting abbreviated financial highlights. We encourage you to read through our press release issued earlier today for further details. As a reminder, all amounts are in RMB unless otherwise stated. Total net revenue for the second quarter was RMB 27.9 billion or USD 3.9 billion, representing a 9.4% increase year-over-year. Total net revenue from our games and related VAS was RMB 22.8 billion, up 14% year-over-year. Specifically, net revenues from online games were RMB 22.1 billion, a quarter-over-quarter decrease of 6% and a year-over-year increase of 15%. The sequential decline was primarily attributable to decreased revenue following the Chinese New Year push, while the year-over-year growth was mainly driven by increased revenue contributions from newly launched titles such as Where Winds Meet and Marvel Rivals, as well as established games like Identity V. Youdao's net revenue was RMB 1.4 billion, up 7% year-over-year and 9% quarter-over-quarter. This growth was primarily driven by the enhanced utilization of AI technology to boost our learning services and online marketing services. NetEase Cloud Music's net revenue was RMB 2 billion, up 6% from the previous quarter, while declining 4% from the same period last year. Notably, revenues from online music services maintained healthy development, both quarter-over-quarter and year-over-year. Net revenue from innovative businesses and others was RMB 1.7 billion, up 5% from the previous quarter while declining 18% year-over-year. The quarter-over-quarter growth was primarily driven by Yanxuan while the year-over-year decline was mainly due to decreased net revenue from Yanxuan advertising services and certain other businesses in this segment. Gross profit for the second quarter of 2025 was RMB 18.1 billion, up 13% year-over-year. This was primarily driven by increased net revenue from online games, as previously mentioned. This quarter, our total gross profit margin was 64.7%. Looking at our second-quarter margin in more detail, the gross profit margin was 70.2% for our games and related VAS compared with 70% in the same period last year and 68.8% in the last quarter. The quarter-over-quarter improvement was mainly from the higher proportion of net revenues from our self-developed games, which carry a higher margin than licensed games. Our gross profit margin for Youdao was 43% compared with 48.2% in the same period last year. The decrease was mainly due to the increased revenue contribution from online marketing services with relatively lower gross profit margins. Gross profit margin for NetEase Cloud Music was 36.1% in the second quarter versus 32.1% in the same period a year ago. The margin improvement primarily resulted from strong monetization of our core online music business and ongoing cost optimization. For our innovative business and others, gross profit margin was 42.3% compared with 34% in the second quarter of 2024. Total operating expenses for the second quarter were RMB 9 billion or 32% of our net revenues. Taking a closer look at our cost composition, our selling and marketing expenses as a percentage of total net revenue was 12.8% compared with 13.7% for the same period last year, mainly due to increased revenue contribution from games and VAS over the past year. Our R&D expenses as a percentage of total net revenue remained stable year-over-year at 15.6% in the second quarter compared with 15.2% for the last quarter. We remain committed to investing into content creation and product development. The effective tax rate was 14.7% for the second quarter. As a reminder, the effective tax rate is presented on an accrual basis, depending on applicable policies and our operations. Our non-GAAP net income attributable to shareholders for the second quarter totaled RMB 9.5 billion or USD 1.3 billion, up 22% year-over-year. Non-GAAP basic earnings per ADS for the quarter was USD 2.8 or USD 0.42 per share. Additionally, our cash position remains robust, with net cash of approximately RMB 142.1 billion as of June 30, 2025, compared with RMB 137 billion at the end of the last quarter. In accordance with our dividend policy, we are pleased to report that our Board of Directors has approved a dividend of USD 11.4 per share or USD 0.57 per ADS. Lastly, under our current USD 5 billion share repurchase program, which started in mid-January of 2023, we had repurchased approximately 22.1 million ADS as of June 30, 2025, for a total cost of approximately USD 2 billion.

Thank you for your attention. We would now like to open the call to your questions. Operator, please.

Let me translate my questions. My first question is about Where Winds Meet regarding monetization from a management perspective. Is it experiencing early success, meeting expectations, or has it fully ramped up? My second question is about Once Human. What factors are driving the revenue rebound for this title? Does it have the potential to become an evergreen game, and what is the user or revenue split between China and overseas?

Thank you for the answer, and I will provide the translation. The first question is about Where Winds Meet. It has performed well beyond our initial expectations prior to its launch in terms of both active players and monetization. Importantly, we believe its long-term performance has been stable, indicating a strong potential for ongoing success. The game utilizes a unique business model that merges high-quality content with a cosmetic-only monetization strategy. We have a well-structured schedule for releasing high-quality content, and the cosmetic approach does not interfere with character development. We are optimistic about the game’s prospects for healthy and sustainable monetization. Moving forward, we will make continuous, if not greater, investments in the game's development. The second question relates to Once Human. The game saw a positive balance following a significant update we released, which we refer to as the Annual 2.0 version in early July. The new scenario, Endless Dream, and the new class system were well received by players. This update propelled the game to the #4 position on Steam's global top-seller chart, highlighting its popularity. Additionally, we launched a new player-versus-player spin-off called RaidZone at the end of July, providing players with what we term a rule-free combat experience that intensifies PVP gameplay. The success of the new scenario indicates great potential for seasonal content, and we plan to continue releasing new scenarios to fulfill player demand. Furthermore, we have introduced a private server called Custom Server in China, enabling players to personalize their settings. We are excited about future updates and the development of a robust ecosystem surrounding customer service, as the product shows promise for long-term sustainability. In response to your question about user distribution between China and international markets, it is approximately 50-50, while revenue distribution is roughly 2% to 3% in favor of China compared to the rest of the world.

Can management provide more details on the overall performance of Blizzard games on a sequential basis? Do you believe you have targeted both existing and potential gamers? Are there still untapped users for Blizzard titles? Will future growth for Blizzard games primarily rely on content updates and promotional activities for monetization, or will it also come from attracting new users?

Thank you for your question. First of all, our products are of extremely high quality, delivering excellent games. As we have mentioned in this call and previous ones, after a year of revitalizing product operations in the Chinese market through various online and offline engagement activities, our game metrics have exceeded levels seen before the server shutdowns. This is due to our commitment to local operations for both online and offline engagement. As we continue to enhance our collaboration with the Blizzard development team, our mutual trust and coordination are strengthening. Looking ahead, as long as we make more improvements that align with the tastes and habits of local Chinese players, we believe there are significant opportunities to attract new players and re-engage those who have not yet returned. In summary, we see substantial potential for Blizzard games in the Chinese market.

Thank you management. The company has several shooting games scheduled for release in the second half of 2025, including PC and mobile games, along with both self-developed and licensed products. What is your view on the overall competitive landscape in your current shooting game sector?

Yes, thank you for your question. The shooting game genre is quite extensive, and players have very high expectations for game quality. This includes the need for exceptional art production and innovative gameplay, making it a challenging field to enter. At NetEase, we are committed to investing in this genre and believe that we can remain competitive as it continues to grow.

Thank you, management. First of all, regarding Marvel Rivals, after the launch of Season 3, the revenue ranking improved but then fell below the top 10. How would you assess the effectiveness of the new strategy so far? Have we already reached the peak? What new gameplay mechanics or characters are in development that could help the game regain its momentum? Secondly, about Sea of Remnants, could management provide feedback from the initial testing in June? What will the monetization model be? How do you view the addressable market and longevity of this genre of games?

Okay. First, regarding your question about Marvel Rivals, Season 3 has recently launched, and we have also completed the Mid-Season Finals of Marvel Rivals IGNITE. We have seen a positive and stable trend in both daily active users and revenue, which supports our belief that the new seasonal content update and strategy are working well. Moving forward, we plan to introduce more new gameplay mechanics, heroes, and popular costumes following our seasonal update schedule. As for Sea of Remnants, this is a crucial product for us, and we are confident it will become a top-tier successful game. The launch is scheduled for next year, so please stay tuned for more details. Thank you.

I have two questions. First, regarding your evergreen titles, we've seen a recovery in several of them, such as Eggy Party and Fantasy Westward Journey Online. Can management provide more details about the status of these titles and the reasons for their recent recovery? Additionally, how does management view resource allocation between existing titles and intellectual properties versus developing new games? My second question is about ANANTA. What is the current research and development status of ANANTA, when do you expect it to launch, and how should we assess the competition landscape for ANANTA, especially given that some competitors are releasing new games in the same genre?

Okay. Let me break down the answers for you. First, regarding the Westward Journey PC version, after a year of continuous optimization, various metrics for Fantasy Westward Journey Online have shown recovery and stable improvement. The recently launched unlimited server has been very well received by players. We’re excited to share that in early August, we set a new record with peak and current users reaching 2.93 million on PC. We have been running this game for many years, and we believe that with ongoing innovation, Fantasy Westward Journey PC will continue to grow in the future. Next, concerning Eggy Party, it’s a type of UGC platform game. After three years of exploration, we have mastered the methodology for operating this kind of game. In the future, we will continue investing in it and encourage the growth of high-quality UGC content within the ecosystem. We will also increase our marketing efforts to promote the game and make it widely popular in China. As for ANANTA, its research and development is currently in the mass production stage. We are focusing on enhancing the core experience and preparing for a long-term content pipeline. In light of competition, our priority is to create superior gaming quality that sets us apart from existing market offerings. Looking ahead, we expect to review new content and developments around the time of the Tokyo Game Show in late September. Please stay tuned for product updates. Thank you.

Can management share your marketing and operational strategies for your old and new games? What are your key focuses? Are there any changes you would like to highlight this year? What kind of results are you seeing? What are your expectations for sales and marketing expenses?

Yes, we have been in this business for over 20 years. Whether for new games or old ones, we have developed a mature methodology and established operating standards for how to operate and market. We understand how and when to invest in marketing. Additionally, we are adopting new strategies such as social media and the use of AI. We have a clear understanding of when and where to allocate our marketing budget effectively, as well as when to refrain from spending. In the future, you can expect our marketing to be more precise and effective.

I have two questions. The first one is about AI. Recently, the rapid development of AI models has been impressive. Has the company experienced any acceleration in its AI capabilities? What challenges still exist? What are our plans for incorporating AI into our current games, and when can we anticipate truly AI-driven games? My second question pertains to the overseas market. The company has recently released games globally on its own. What key directions or game genres are we focusing on for future international expansion?

Yes. Regarding your first question about AI, there’s a common saying that every major model has a lifespan of only three months because new models are constantly being released. We have invested significantly in integrating AI into our development, operations, and our tool chain. Looking ahead, AI is set to become increasingly important. We envision a future where AI can help create enjoyable games. Concerning your second question about overseas publishing, it's essential for us to be able to release games globally across various regions. The global market is divided into areas like North America, South America, and Japan, each with its unique characteristics. Through our experience with global game operations like Marvel Rivals and Once Human, as well as in the West with Identity V and Knives Out in Japan, we have gained substantial practical experience. In the upcoming years, you will see our global operations continue to expand, driven by new game releases. We believe that global growth will be vital for our success. Thank you for your question. Operator, let's take one last question, please.

I have one question. Can management share the performance of MARVEL Mystic Mayhem in international markets so far? Additionally, are there any updates on the anticipated launch date for the domestic version? What are the company's expectations or specific targets for this game moving forward?

Okay. As you know, MARVEL Mystic Mayhem was officially launched in overseas markets on June 26, featuring a unique art style and innovative game design. The game has received multiple features from Google and the App Store, as well as editor interviews. The update with the full release at the end of July has been well received by players. However, we are facing some long-term growth challenges for the game, and we are currently working on strategies to sustain its growth in the long run. Thank you.

And that concludes the question-and-answer session. I would like to hand the conference back to Brandi Piacente for any additional or closing remarks.

Thank you once again for joining us today. If you have any further questions, please feel free to contact us directly, and have a great day and good evening.